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Consolidated Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2024

Disclosure of Variable Interest Entities [Abstract]

The following table summarizes the assets and liabilities of our consolidated VIEs after eliminations, with the exception of the Operating Partnership, included in our Consolidated Balance Sheets (in millions):


	June 30, 2024		December 31, 2023
Assets
Investment property, net	$	127.6	$	132.3
Cash, cash equivalents and restricted cash	5.0		2.9
Other intangible assets, net	0.1		0.1
Other assets, net	0.7		0.4
Total Assets	$	133.4	$	135.7

Liabilities and Other Equity
Secured debt	$	3.2	$	3.2

Advanced reservation deposits and rent	1.6		0.4
Accrued expenses and accounts payable	0.4		24.1

Total Liabilities	5.2		27.7
Temporary equity	10.9		10.7
Noncontrolling interests	0.7		—
Total Liabilities and Other Equity	$	16.8	$	38.4

Schedule of Variable Interest Entities, Ownership Percentages

The table below shows their respective ownership percentages as of June 30, 2024, representing the common equity interests:


	Sun NG LLC		Third Party Interest
Sun NG Cisco Grove RV LLC	95.4	%	4.6	%
Sun NG Coyote Ranch RV LLC	96.1	%	3.9	%
Sun NG Kittatinny RV LLC	96.0	%	4.0	%
Sun NG River Beach RV LLC	96.1	%	3.9	%
Sun NG Beaver Brook RV LLC	98.6	%	1.4	%

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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