XML 26 R11.htm IDEA: XBRL DOCUMENT
v3.23.4

Leases | 12 Months Ended
--- | ---
Dec. 31, 2022
Leases [Abstract] |
Leases | Lessor Rental income derived from customers renting our Sites is accounted for in accordance with ASC 842, Leases, and is recognized over the term of the respective operating lease or the length of a customer's stay. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina Sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina Sites are leased to customers generally for one to six months. Transient RV and marina Sites are leased to customers on a short-term basis. In addition, customers may lease homes that are located in our communities. The leases entered into between the customer and us for a rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenants are in effect at certain Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain conditions. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases:
(amounts in thousands) |  | As of December 31, 2022
2023 |  | $ | 108,979 |
2024 |  | 109,666 |
2025 |  | 42,875 |
2026 |  | 23,725 |
2027 |  | 22,329 |
Thereafter |  | 56,557 |
Total |  | $ | 364,131 |
Lessee We lease land under non-cancelable operating leases at 10 Properties expiring at various dates between 2028 and 2054. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties. We also have other operating leases, primarily office space expiring at various dates through 2032. For the years ended December 31, 2022, 2021 and 2020, total operating lease payments were $9.3 million, $10.4 million and $9.9 million, respectively. The following table presents the operating lease payments for the year ended December 31, 2022, 2021 and 2020:
|  | Years Ended December 31,
(amounts in thousands) |  | 2022 |  | 2021 |  | 2020
Fixed lease cost: |  |  |  |  |  |
Ground leases (1) |  | $ | 3,601 |  |  | $ | 5,906 |  |  | $ | 5,912 |
Office and other leases |  | 3,739 |  |  | 3,529 |  |  | 3,243 |
Variable lease cost: |  |  |  |  |  |
Ground leases (1) |  | 1,938 |  |  | 871 |  |  | 652 |
Office and other leases |  | — |  |  | 50 |  |  | 111 |
Total lease cost |  | $ | 9,278 |  |  | $ | 10,356 |  |  | $ | 9,918 |
__________________ (1)The Westwinds ground leases expired August 31, 2022, for additional information see Part I. Item 1. Financial Statements—Note 17. Commitments and Contingencies. The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of December 31, 2022:
(amounts in thousands) |  | Ground Leases |  | Office and Other Leases |  | Total
2023 |  | $ | 668 |  |  | $ | 3,770 |  |  | $ | 4,438 |
2024 |  | 675 |  |  | 3,407 |  |  | 4,082 |
2025 |  | 680 |  |  | 3,108 |  |  | 3,788 |
2026 |  | 684 |  |  | 2,612 |  |  | 3,296 |
2027 |  | 689 |  |  | 2,424 |  |  | 3,113 |
Thereafter |  | 4,525 |  |  | 10,794 |  |  | 15,319 |
Total undiscounted rental payments |  | 7,921 |  |  | 26,115 |  |  | 34,036 |
Less imputed interest |  | (2,075) |  |  | (3,920) |  |  | (5,995) |
Total lease liabilities |  | $ | 5,846 |  |  | $ | 22,195 |  |  | $ | 28,041 |
ROU assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $25.9 million and $28.0 million, respectively, as of December 31, 2022. The weighted average remaining lease term for our operating leases was nine years and the weighted average incremental borrowing rate was 3.8% at December 31, 2022. ROU assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $30.3 million and $30.7 million, respectively, as of December 31, 2021. The weighted average remaining lease term for our operating leases was seven years and the weighted average incremental borrowing rate was 3.8% at December 31, 2021.
Leases | Lessor Rental income derived from customers renting our Sites is accounted for in accordance with ASC 842, Leases, and is recognized over the term of the respective operating lease or the length of a customer's stay. MH Sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina Sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina Sites are leased to customers generally for one to six months. Transient RV and marina Sites are leased to customers on a short-term basis. In addition, customers may lease homes that are located in our communities. The leases entered into between the customer and us for a rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenants are in effect at certain Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain conditions. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases:
(amounts in thousands) |  | As of December 31, 2022
2023 |  | $ | 108,979 |
2024 |  | 109,666 |
2025 |  | 42,875 |
2026 |  | 23,725 |
2027 |  | 22,329 |
Thereafter |  | 56,557 |
Total |  | $ | 364,131 |
Lessee We lease land under non-cancelable operating leases at 10 Properties expiring at various dates between 2028 and 2054. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties. We also have other operating leases, primarily office space expiring at various dates through 2032. For the years ended December 31, 2022, 2021 and 2020, total operating lease payments were $9.3 million, $10.4 million and $9.9 million, respectively. The following table presents the operating lease payments for the year ended December 31, 2022, 2021 and 2020:
|  | Years Ended December 31,
(amounts in thousands) |  | 2022 |  | 2021 |  | 2020
Fixed lease cost: |  |  |  |  |  |
Ground leases (1) |  | $ | 3,601 |  |  | $ | 5,906 |  |  | $ | 5,912 |
Office and other leases |  | 3,739 |  |  | 3,529 |  |  | 3,243 |
Variable lease cost: |  |  |  |  |  |
Ground leases (1) |  | 1,938 |  |  | 871 |  |  | 652 |
Office and other leases |  | — |  |  | 50 |  |  | 111 |
Total lease cost |  | $ | 9,278 |  |  | $ | 10,356 |  |  | $ | 9,918 |
__________________ (1)The Westwinds ground leases expired August 31, 2022, for additional information see Part I. Item 1. Financial Statements—Note 17. Commitments and Contingencies. The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of December 31, 2022:
(amounts in thousands) |  | Ground Leases |  | Office and Other Leases |  | Total
2023 |  | $ | 668 |  |  | $ | 3,770 |  |  | $ | 4,438 |
2024 |  | 675 |  |  | 3,407 |  |  | 4,082 |
2025 |  | 680 |  |  | 3,108 |  |  | 3,788 |
2026 |  | 684 |  |  | 2,612 |  |  | 3,296 |
2027 |  | 689 |  |  | 2,424 |  |  | 3,113 |
Thereafter |  | 4,525 |  |  | 10,794 |  |  | 15,319 |
Total undiscounted rental payments |  | 7,921 |  |  | 26,115 |  |  | 34,036 |
Less imputed interest |  | (2,075) |  |  | (3,920) |  |  | (5,995) |
Total lease liabilities |  | $ | 5,846 |  |  | $ | 22,195 |  |  | $ | 28,041 |
ROU assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $25.9 million and $28.0 million, respectively, as of December 31, 2022. The weighted average remaining lease term for our operating leases was nine years and the weighted average incremental borrowing rate was 3.8% at December 31, 2022. ROU assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $30.3 million and $30.7 million, respectively, as of December 31, 2021. The weighted average remaining lease term for our operating leases was seven years and the weighted average incremental borrowing rate was 3.8% at December 31, 2021.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=77888252 + Details
Name: | us-gaap_OperatingLeasesOfLessorDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration