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Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Future Minimum Operating Lease Payments

Future minimum lease payments under non-cancellable leases as of June 30, 2024 where we are the lessee include (in millions):

Maturity of Lease Liabilities						Finance Leases						Operating Leases						Total
2024 (excluding six months ended June 30, 2024)						$	4.4					$	7.2					$	11.6
2025						0.5						14.3						14.8
2026						0.5						13.0						13.5
2027						0.5						11.0						11.5
2028						0.5						10.2						10.7
Thereafter						20.7						245.9						266.6
Total Lease Payments						$	27.1					$	301.6					$	328.7
Less: Imputed interest						(13.0)						(137.8)						(150.8)
Present Value of Lease Liabilities						$	14.1					$	163.8					$	177.9

Schedule of Future Minimum Finance Lease Payments

Future minimum lease payments under non-cancellable leases as of June 30, 2024 where we are the lessee include (in millions):

Maturity of Lease Liabilities						Finance Leases						Operating Leases						Total
2024 (excluding six months ended June 30, 2024)						$	4.4					$	7.2					$	11.6
2025						0.5						14.3						14.8
2026						0.5						13.0						13.5
2027						0.5						11.0						11.5
2028						0.5						10.2						10.7
Thereafter						20.7						245.9						266.6
Total Lease Payments						$	27.1					$	301.6					$	328.7
Less: Imputed interest						(13.0)						(137.8)						(150.8)
Present Value of Lease Liabilities						$	14.1					$	163.8					$	177.9

The following table presents the future minimum rental payments for this financial liability as of June 30, 2024 (in millions):

Maturity of Financial Liability						June 30, 2024
2024 (excluding six months ended June 30, 2024)						$	5.6
2025						11.9
2026						12.0
2027						12.1
2028						12.0
Thereafter						1,744.0
Total Payments						$	1,797.6
Less: Imputed interest						(1,440.6)
Present Value of Financial Liability						$	357.0

Schedule of Balance Sheet Lease Info

Right-of-use ("ROU") assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in millions):

						Financial Statement Classification						As of
Description												June 30, 2024																		December 31, 2023
Lease Assets
Finance lease - ROU asset, net of accumulated amortization						Investment property, net						$	31.2																	$	32.6
Operating lease - ROU asset, net						Other assets, net						$	182.6																	$	176.0
Below market operating leases, net						Other assets, net						$	92.7																	$	95.0
Lease Liabilities
Finance lease liabilities						Other liabilities						$	14.1																	$	14.3
Operating lease liabilities						Other liabilities						$	163.8																	$	159.5

Lease term, discount rates and additional information for finance and operating leases are as follows:

						As of
						June 30, 2024						December 31, 2023
Lease Term and Discount Rate
Weighted-average Remaining Lease Terms (years)
Finance lease						36.86						36.63
Operating lease						34.59						27.71
Weighted-average Discount Rate
Finance lease						3.59		%				3.59		%
Operating lease						3.82		%				3.82		%

Schedule of Lease Expense

The components of lease costs for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in millions):

												Three Months Ended												Six Months Ended
Description						Financial Statement Classification						June 30, 2024						June 30, 2023						June 30, 2024						June 30, 2023
Finance Lease Cost
Amortization of ROU assets						Depreciation and amortization						$	0.7					$	0.6					$	1.4					$	1.3
Interest on lease liabilities						Interest expense						0.2						0.1						0.4						0.3
Operating lease cost						General and administrative expense, Property operating and maintenance, Depreciation and amortization						3.9						2.3						8.3						6.9
Variable lease cost						Property operating and maintenance						2.2						1.1						4.2						2.7
Total Lease Cost												$	7.0					$	4.1					$	14.3					$	11.2

The components of lease income for our operating leases, as included in our Consolidated Statement of Operations are as follows (in millions):

												Three Months Ended												Six Months Ended
Description						Financial Statement Classification						June 30, 2024						June 30, 2023						June 30, 2024						June 30, 2023
Operating Leases
Fixed lease income						Income from real property; Brokerage commissions and other revenue, net						$	8.1					$	5.3					$	16.8					$	13.2
Variable lease income(1)						Income from real property; Brokerage commissions and other revenue, net						$	4.5					$	0.8					$	7.9					$	2.3

(1)Consists of rent primarily based on a percentage of operating revenues beyond target thresholds.

Schedule of Lease Terms

						Six Months Ended
						June 30, 2024						June 30, 2023
Other Information (in millions)
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases						$	5.9					$	6.6
Financing cash outflows for finance leases						0.4						0.5
Total Cash Paid on Lease Liabilities						$	6.3					$	7.1

Schedule of Future Minimum Lease Receivables

At our RV communities and marinas, future minimum lease payments under non-cancellable leases with real estate operators where we are the lessor include the following as of June 30, 2024 (in millions):

Maturity of Lease Payments						Operating Leases
2024 (excluding the six months ended June 30, 2024)						$	12.2
2025						18.8
2026						13.4
2027						9.4
2028						8.1
Thereafter						84.8
Total Undiscounted Cash Flows						$	146.7

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Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6

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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4

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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6

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Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479773/842-30-50-12

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