0000912593-23-000080 | 10-K | XBRL Viewer

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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2022	Feb. 16, 2023	Jun. 30, 2022
Cover Page [Abstract]
Document Type	10-K
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Entity Registrant Name	SUN COMMUNITIES, INC
Entity Incorporation, State or Country Code	MD
Entity File Number	1-12616
Entity Tax Identification Number	38-2730780
Entity Address, Address Line One	27777 Franklin Rd,
Entity Address, Address Line Two	Suite 300,
Entity Address, City or Town	Southfield,
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48034
City Area Code	248
Local Phone Number	208-2500
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	SUI
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 19,130,159,251
Entity Common Stock, Shares Outstanding		124,099,219
Documents Incorporated by Reference	Unless provided in an amendment to this Annual Report on Form 10-K, the information required by Part III is incorporated by reference to the registrant's proxy statement to be filed pursuant to Regulation 14A, with respect to the registrant's 2023 annual meeting of shareholders.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0000912593
Document Annual Report	true
Document Transition Report	false

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Philadelphia, Pennsylvania

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets
Land	$ 4,322.3	$ 2,556.3
Land improvements and buildings	10,903.4	9,958.3
Rental homes and improvements	645.2	591.7
Furniture, fixtures and equipment	839.0	656.4
Investment property	16,709.9	13,762.7
Accumulated depreciation	(2,738.9)	(2,337.2)
Investment property, net	13,971.0	11,425.5
Cash, cash equivalents and restricted cash	90.4	78.2
Marketable securities	127.3	186.9
Inventory of manufactured homes	202.7	51.1
Notes and other receivables, net	617.3	469.6
Goodwill	1,018.4	495.4
Other intangible assets, net	402.0	306.8
Other assets, net	655.1	480.6
Total Assets	17,084.2	13,494.1
Liabilities
Secured debt	3,217.8	3,380.7
Unsecured debt	3,979.4	2,291.1
Distributions payable	111.3	98.4
Advanced reservation deposits and rent	352.1	242.8
Accrued expenses and accounts payable	396.3	237.5
Other liabilities	935.9	224.1
Total Liabilities	8,992.8	6,474.6
Temporary equity	202.9	288.9
Shareholders' Equity
Common stock	1.2	1.2
Additional paid-in capital	9,549.7	8,175.6
Accumulated other comprehensive income / (loss)	(9.9)	3.1
Distributions in excess of accumulated earnings	(1,731.2)	(1,556.0)
Total SUI shareholders' equity	7,809.8	6,623.9
Noncontrolling interests
Common and preferred OP units	78.7	86.8
Consolidated entities	0.0	19.9
Total noncontrolling interests	78.7	106.7
Total Shareholders' Equity	7,888.5	6,730.6
Total Liabilities, Temporary Equity and Shareholders' Equity	$ 17,084.2	$ 13,494.1

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	180,000,000
Common stock, shares issued (in shares)	124,044,803	116,000,000.0
Common stock, shares outstanding (in shares)	124,044,803	116,000,000.0

Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Real property	$ 1,902.2	$ 1,598.2	$ 1,130.1
Home sales	465.8	280.2	175.7
Service, retail, dining and entertainment	531.6	351.8	65.2
Interest	35.2	12.2	10.1
Brokerage commissions and other, net	34.9	30.2	17.2
Total Revenues	2,969.7	2,272.6	1,398.3
Expenses
Property operating and maintenance	624.6	500.8	336.2
Real estate tax	110.6	94.8	72.6
Home costs and selling	311.2	205.8	147.1
Service, retail, dining and entertainment	472.7	307.9	58.0
General and administrative	256.8	181.3	109.5
Catastrophic event-related charges, net	17.5	2.2	0.9
Business combinations	24.7	1.4	23.0
Depreciation and amortization	604.8	522.7	376.9
Loss on Extinguishment of Debt	(4.4)	(8.1)	(5.2)
Interest	229.8	158.6	129.1
Interest on mandatorily redeemable preferred OP units / equity	4.2	4.2	4.2
Total Expenses	2,661.3	1,987.8	1,262.7
Income Before Other Items	308.4	284.8	135.6
Gain / (loss) on remeasurement of marketable securities	(53.4)	33.5	6.1
Gain / (loss) on foreign currency exchanges	5.4	(3.7)	7.7
Gain on dispositions of properties	12.2	108.1	5.6
Other expense, net	(2.1)	(12.1)	(5.2)
Gain / (loss) on remeasurement of notes receivable	(0.8)	0.7	(3.3)
Income from nonconsolidated affiliates	2.9	4.0	1.7
Loss on remeasurement of investment in nonconsolidated affiliates	(2.7)	(0.2)	(1.6)
Current tax expense	(10.3)	(1.2)	(0.8)
Deferred tax benefit / (expense)	4.2	(0.1)	1.6
Net Income	263.8	413.8	147.4
Less: Preferred return to preferred OP units / equity interests	11.0	12.1	6.9
Less: Income attributable to noncontrolling interests	10.8	21.5	8.9
Net Income Attributable to SUI Common Shareholders	$ 242.0	$ 380.2	$ 131.6
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic (in shares)	120.2	112.6	97.5
Weighted average common shares outstanding - diluted (in shares)	122.9	115.1	97.5
Earnings (loss) per share:
Basic earnings per share (in USD per share)	$ 2.00	$ 3.36	$ 1.34
Diluted earnings per share (in USD per share)	$ 2.00	$ 3.36	$ 1.34

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net Income	$ 263.8	$ 413.8	$ 147.4
Foreign currency translation gain / (loss) adjustment	(76.9)	(0.5)	4.2
Change in unrealized gain on interest rate derivatives	64.3	0.4	0.0
Less: interest rate derivative gain reclassified to earnings	(1.3)	0.0	0.0
Net unrealized gain on interest rate derivatives	63.0	0.4	0.0
Total Comprehensive Income	249.9	413.7	151.6
Less: Comprehensive income attributable to noncontrolling interests	(9.9)	(21.5)	(8.5)
Comprehensive Income attributable to SUI	$ 240.0	$ 392.2	$ 143.1

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Consolidated Statement Of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Series G preferred OP units	Series H preferred OP units	Series I preferred OP units	Series J Preferred OP Units	Temporary Equity	Temporary Equity Series F preferred OP units	Temporary Equity Series G preferred OP units	Temporary Equity Series H preferred OP units	Temporary Equity Series I preferred OP units	Temporary Equity Series J Preferred OP Units	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Series E preferred OP units	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Income / (loss)	Noncontrolling Interests	Noncontrolling Interests Series E preferred OP units	Noncontrolling Interests Series H preferred OP units	Total Shareholders' Equity	Total Shareholders' Equity Series E preferred OP units	Total Shareholders' Equity Series H preferred OP units	Total Equity	Total Equity Series E preferred OP units	Total Equity Series F preferred OP units	Total Equity Series G preferred OP units	Total Equity Series H preferred OP units	Total Equity Series I preferred OP units	Total Equity Series J Preferred OP Units
Beginning balance at Dec. 31, 2019	$ 3,876.0					$ 78.0						$ 0.9	$ 5,213.3		$ (1,393.1)	$ (1.3)	$ 56.2						$ 3,954.0
Beginning balance (in shares) at Dec. 31, 2019												93.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock and common OP units, net (in shares)												14.4
Issuance of common stock and common OP units, net												$ 0.2	1,863.2				37.5			$ 1,900.9			1,900.9
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards (in shares)												(0.1)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards													(12.8)							(12.8)			(12.8)
Conversion of OP units (in shares)												0.1
Conversion of OP units													1.0				(1.0)
Other redeemable noncontrolling interests						1.5									(0.3)					(0.3)			1.2
Issuance of third party equity interests in consolidated entities	0.0
Share-based compensation - amortization and forfeitures													22.7		0.3					23.0			23.0
Issuance of preferred OP Units		$ 27.3	$ 58.1	$ 94.6	$ 0.0		$ 9.0	$ 27.3	$ 58.1	$ 94.5				$ 0.2				$ 8.8	$ 4.3		$ 9.0	$ 4.3		$ 9.0	$ 9.0	$ 27.3	$ 62.4	$ 94.5
Redemption of OP units								$ (2.0)																		$ (2.0)
Foreign currency translation																4.5	(0.3)			4.2			4.2
Remeasurement of notes receivable and equity method investment															2.0					2.0			2.0
Net Income	147.4					0.5									138.6		8.4			147.0			147.5
Distributions						(2.5)									(314.1)		(11.9)			(326.0)			(328.5)
Ending balance at Dec. 31, 2020	5,627.3					264.4						$ 1.1	7,087.6		(1,566.6)	3.2	102.0						5,891.7
Ending balance (in shares) at Dec. 31, 2020												107.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock and common OP units, net (in shares)												8.4
Issuance of common stock and common OP units, net												$ 0.1	1,075.6				3.6			1,079.3			1,079.3
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards (in shares)												(0.1)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards													(18.2)							(18.2)			(18.2)
Conversion of OP units (in shares)												0.1
Conversion of OP units													2.9				(2.9)
Other redeemable noncontrolling interests						0.2									(0.2)					(0.2)
Issuance of third party equity interests in consolidated entities	(2.5)					2.7											0.5			0.5			3.2
Share-based compensation - amortization and forfeitures													27.7		0.3					28.0			28.0
Issuance of preferred OP Units		0.0	0.0	0.0	24.0						$ 24.0																		$ 24.0
Other comprehensive loss																(0.1)				(0.1)			(0.1)
Net Income	413.8					5.5									392.2		16.0			408.2			413.7
Distributions						(8.0)									(381.6)		(12.5)			(394.1)			(402.1)
OP Units accretion						(0.1)									0.1					0.1
Ending balance at Dec. 31, 2021	6,730.6					288.9						$ 1.2	8,175.6		(1,556.0)	3.1	106.7						7,019.5
Ending balance (in shares) at Dec. 31, 2021												116.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock and common OP units, net (in shares)												7.2
Issuance of common stock and common OP units, net													1,243.6				5.5			1,249.1			1,249.1
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards (in shares)												(0.1)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards													(19.3)							(19.3)			(19.3)
Conversion of OP units (in shares)												0.9
Conversion of OP units						(92.6)							100.8				(7.5)			93.3			0.7
Issuance of third party equity interests in consolidated entities	(10.3)					10.3																	10.3
Other redeemable noncontrolling interests						0.1									(0.1)					(0.1)
Acquisition of third party equity interest in consolidated entities													11.7				(21.1)			(9.4)			(9.4)
Share-based compensation - amortization and forfeitures													37.3		0.3					37.6			37.6
Issuance of preferred OP Units		$ 0.0	$ 0.0	$ 0.0	$ 0.0
Other comprehensive loss																(13.0)	(0.9)			(13.9)			(13.9)
Net Income	263.8					2.4									252.9		8.5			261.4			263.8
Distributions						(7.0)									(427.5)		(12.5)			(440.0)			(447.0)
OP Units accretion						(0.8)									0.8					$ 0.8
Ending balance at Dec. 31, 2022	$ 7,888.5					$ 202.9						$ 1.2	$ 9,549.7		$ (1,731.2)	$ (9.9)	$ 78.7						$ 8,091.4
Ending balance (in shares) at Dec. 31, 2022												124.0

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Activities
Net Income	$ 263.8	$ 413.8	$ 147.4
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of assets	(27.3)	(49.3)	(15.2)
Gain on disposition of properties	(12.2)	(108.1)	(5.6)
(Gain) / loss on remeasurement of marketable securities	53.4	(33.5)	(6.1)
Contingent gain	(3.4)	0.0	0.0
Loss on remeasurement of contingent liabilities	0.0	11.0	3.0
Catastrophic event-related impairment	11.2	0.0	0.0
Share-based compensation	37.6	28.0	23.0
Depreciation and amortization	579.1	511.7	371.9
Deferred tax (benefit) expense	(4.2)	0.1	(1.6)
Other amortization and accretion	0.0	(2.9)	(4.9)
Loss on extinguishment of debt	4.4	8.1	5.2
(Gain) / loss on remeasurement of notes receivable	0.8	(0.7)	3.3
Loss on remeasurement of investment in nonconsolidated affiliates	2.7	0.2	1.6
Income from nonconsolidated affiliates	(2.9)	(4.0)	(1.7)
Distributions of income from nonconsolidated affiliates	5.9	6.2	4.1
Cash flow hedge gains reclassified to earnings	(2.6)	0.0	0.0
Proceeds from gain on derivative settlement	35.3	0.0	0.0
Early lease termination	4.9	0.0	0.0
Change in notes receivable from financed sales of inventory homes, net of repayments	5.2	(1.2)	(0.2)
Change in inventory, other assets and other receivables, net	(274.0)	(76.0)	5.2
Change in other liabilities	62.6	46.5	21.6
Net Cash Provided By Operating Activities	734.9	753.6	543.3
Investing Activities
Investment in properties	(921.0)	(672.6)	(538.5)
Acquisitions, net of cash acquired	(2,213.5)	(1,648.7)	(1,946.0)
Proceeds from deposit on acquisition	2.7	0.0	0.0
Proceeds from disposition of assets and depreciated homes, net	100.0	113.8	55.4
Proceeds related to disposition of properties	43.5	162.1	12.6
Issuance of notes and other receivables	(53.0)	(242.6)	(45.6)
Repayments of notes and other receivables	12.5	5.3	12.2
Investments in marketable securities	0.0	(35.5)	(11.8)
Investments in nonconsolidated affiliates	(51.1)	(36.9)	(35.5)
Distributions of capital from nonconsolidated affiliates	17.3	16.9	10.7
Net Cash Used For Investing Activities	(3,062.6)	(2,338.2)	(2,486.5)
Financing Activities
Issuance and costs of common stock, OP units and preferred OP units, net	1,209.6	1,075.7	1,863.4
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	(19.3)	(18.2)	(12.8)
Borrowings on lines of credit	3,704.7	3,762.1	1,585.9
Payments on lines of credit	(2,504.0)	(3,960.9)	(1,361.6)
Proceeds from issuance of other debt	827.9	1,202.5	491.7
Contributions from noncontrolling interest	10.3	2.5	0.0
Payments on other debt	(400.8)	(76.8)	(230.3)
Payments on financial liability	(6.0)	0.0	0.0
Fees paid in connection with extinguishment of debt	(4.8)	(0.2)	(6.2)
Distributions	(434.2)	(390.8)	(313.1)
Payments for deferred financing costs	(27.2)	(15.7)	(14.2)
Payment of contingent liability	0.0	(9.8)	0.0
Distributions for redemption of noncontrolling interests	(7.6)	0.0	0.0
Net Cash Provided By Financing Activities	2,348.6	1,570.4	2,000.8
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(8.7)	(0.2)	0.2
Net change in cash, cash equivalents and restricted cash	12.2	(14.4)	57.8
Cash, cash equivalents and restricted cash, beginning of period	78.2	92.6	34.8
Cash, Cash Equivalents and Restricted Cash, End of Period	90.4	78.2	92.6
Supplemental Information
Cash paid for interest (net of capitalized interest)	218.3	147.0	136.0
Cash paid for interest on mandatorily redeemable debt	4.2	4.2	4.2
Cash paid for income taxes	5.8	1.3	1.1
Noncash investing and financing activities
Change in distributions declared and outstanding	12.8	11.2	15.3
Conversion of common and preferred OP units	100.8	2.9	1.0
Assets held for sale	0.0	0.7	32.1
ROU asset obtained from new operating lease liabilities	11.1	0.0	0.0
Release of note receivable and accrued interest	12.9	7.3	0.0
Noncash investing and financing activities at the date of acquisition
Acquisitions - Common stock and OP units issued	37.7	3.6	37.6
Acquisitions - Debt	0.0	0.0	837.8
Acquisitions - Holdback	0.0	9.4	0.0
Acquisitions - Deferred liability	0.0	4.3	9.0
Acquisitions - Finance lease liabilities	13.3	0.0	0.0
Park Holidays [Member]
Noncash investing and financing activities at the date of acquisition
Acquisitions - Financial liabilities	359.8	0.0	0.0
Acquisitions - Deferred tax liabilities	313.8	0.0	0.0
Series F preferred OP units
Noncash investing and financing activities at the date of acquisition
Acquisitions - Series D preferred interest	0.0	0.0	9.0
Series E preferred OP units
Noncash investing and financing activities at the date of acquisition
Acquisitions - Series D preferred interest	0.0	0.0	9.0
Series G Preferred Stock
Financing Activities
Redemption of Series G preferred OP units	0.0	0.0	(2.0)
Common OP units \| Rudgate
Noncash investing and financing activities
Common OP units issued for redemption of noncontrolling interests	1.8	0.0	0.0
Noncash investing and financing activities at the date of acquisition
Issuance of preferred OP Units	$ 1.8	$ 0.0	$ 0.0

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Capitalized interest	$ 7,000	$ 4,500	$ 9,400

Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

Business

Sun Communities, Inc., a Maryland corporation, and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership, a Michigan limited partnership (the "Operating Partnership"), Sun Home Services, Inc., a Michigan corporation ("SHS"), Safe Harbor Marinas, LLC, a Delaware limited liability company ("Safe Harbor") and Sun UK Holding LLC (together with its subsidiaries, "Park Holidays") are referred to herein as the "Company," "SUI," "us," "we," and "our."

We are a fully integrated, self-administered and self-managed REIT. As of December 31, 2022, we owned and operated or held an interest in a portfolio of 669 MH and RV communities and marinas (collectively, the "properties") located in the U.S., the UK, and Canada, including 353 MH communities, 182 RV communities, and 134 marinas. As of December 31, 2022, the properties contained an aggregate of 227,541 developed sites comprised of 118,204 developed MH sites, 30,333 annual RV sites (inclusive of both annual and seasonal usage rights), 31,181 transient RV sites, and 47,823 Marina wet slips and dry storage spaces.

Principles of Consolidation

We consolidate our majority-owned subsidiaries in which we have the ability to control the operations of our subsidiaries and all variable interest entities with respect to which we are the primary beneficiary. We also consolidate entities in which we have a direct or indirect controlling or voting interest. All significant intercompany transactions have been eliminated in consolidation. Any subsidiaries in which we have an ownership percentage equal to or greater than 50%, but less than 100%, or are considered to be a consolidated VIE, represent subsidiaries with a non-controlling interest. The non-controlling interests in our subsidiaries are allocated their proportionate share of the subsidiaries' financial results.

Certain prior period amounts have been reclassified on our Consolidated Financial Statements to conform with current year presentation, with no effect on net income. These include reclassification of certain revenues and expenses between Real property and Service, retail, dining and entertainment within our Marina segment. There was no impact to prior period net income, shareholders equity or cash flows for any of the reclassifications. Further, the reclassification had no impact on previously reported total marina net operating income ("NOI").

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions related to the reported amounts included in our Consolidated Financial Statements and accompanying footnotes thereto. Actual results could differ from those estimates.

Segment Information

FASB Accounting Standards Codification ("ASC") Topic 280, "Segment Reporting," establishes standards for the way that business enterprises report information about operating segments in their financial statements. In accordance with ASC 280, management has determined that we have three operating segments: (i) Manufactured home ("MH") communities, (ii) Recreational vehicle ("RV") communities and (iii) Marinas.

The MH segment owns, operates, develops or has an interest in, a portfolio of MH communities, throughout the U.S. and the UK, and is in the business of acquiring, operating and developing ground up MH communities to provide affordable housing solutions to residents. The MH segment also provides manufactured home sales and leasing services to tenants and prospective tenants of our communities.

The RV segment owns, operates, develops or has an interest in, a portfolio of RV communities and is in the business of acquiring, operating and developing ground-up RV communities in the U.S., the UK, and Canada. It also provides leasing services for vacation rentals within the RV communities.

The Marina segment owns, operates and develops marinas, and is in the business of acquiring and operating marinas in the U.S., with the majority of such marinas concentrated in coastal regions, and others located in various inland regions.

We evaluate segment operating performance based on NOI. Refer to Note 11, "Segment Reporting," for additional information.

Investment Property

Investment property is recorded at cost, less accumulated depreciation.

Impairment of long-lived assets - we review the carrying value of long-lived assets to be held and used for impairment quarterly or whenever events or changes in circumstances indicate a possible impairment. Future events could occur which would cause us to conclude that impairment indicators exist, and significant adverse changes in national, regional, or local market conditions or trends may cause us to change the estimates and assumptions used in our impairment analysis. The results of an impairment analysis could be material to our financial statements. Our primary indicator for potential impairment is based on NOI trends period over period. Circumstances that may prompt a test of recoverability may include a significant decrease in the anticipated market price, an adverse change to the extent or manner in which an asset may be used or in its physical condition or other events that may significantly change the value of the long-lived asset. An impairment loss is recognized when a long-lived asset's carrying value is not recoverable and exceeds estimated fair value.

We estimate the fair value of our long-lived assets based on discounted future cash flows and any potential disposition proceeds for a given asset. Forecasting cash flows requires management to make estimates and assumptions about such variables as the estimated holding period, rental rates, occupancy, development and operating expenses during the holding period, as well as disposition proceeds. Management uses its best judgment when developing these estimates and assumptions, but the development of the projected future cash flows is based on subjective variables.

Real estate held for sale - we periodically classify real estate as "held for sale." An asset is classified as held for sale after an active program to sell an asset has commenced and when the sale is probable. Subsequent to the classification of assets as held for sale, no further depreciation expense is recorded. There were no real estate assets held for sale as of December 31, 2022. Within Other assets, net on the Consolidated Balance Sheets, was $0.7 million of real estate held for sale at one property, as of December 31, 2021.

Acquisitions - we evaluate acquisitions pursuant to ASC 805, "Business Combinations," to determine whether the acquisition should be classified as either an asset acquisition or a business combination.

Acquisitions for which substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or a group of similar identifiable assets are accounted for as an asset acquisition. The majority of our property acquisitions are accounted for as asset acquisitions. For asset acquisitions, we allocate the purchase price of these properties on a relative fair value basis and capitalize direct acquisition related costs as part of the purchase price. Acquisition costs that do not meet the criteria to be capitalized are expensed as incurred and presented as General and administrative costs in our Consolidated Statements of Operations.

Acquisitions that meet the definition of a business combination are recorded at fair value using a fair value model under which the assets and liabilities are generally recognized at their fair values and the difference between the consideration transferred, excluding transaction costs, and the fair values of the assets and liabilities is recognized as goodwill. For acquisitions that meet the definition of a business combination, we allocate the purchase price of those properties on a fair value basis and expense the acquisition related transaction costs as incurred. Transaction costs are presented as Business combinations in our Consolidated Statements of Operations.

For asset acquisitions and business combinations, we allocate the purchase price to net tangible and identified intangible assets acquired based on their fair values. In making estimates of fair values for purposes of allocating purchase price, we utilize an independent third-party to value the net tangible and identified intangible assets in connection with the acquisition of the respective property. We provide historical and pro forma financial information obtained about each property, as well as any other information needed in order for the third-party to ascertain the fair value of the tangible and intangible assets acquired.

Capitalized Costs

We capitalize certain costs incurred in connection with the development, redevelopment, capital enhancement and leasing of our properties. Management is required to use professional judgment in determining whether such costs meet the criteria for capitalization or immediate expense. The amounts are dependent on the volume and timing of such activities, and the costs associated with such activities:

Maintenance, repairs and minor improvements to properties are expensed when incurred.

Renovations and improvements to our properties are capitalized and depreciated over their estimated useful lives and real estate project costs related to the development of new community or expansion sites are capitalized until the property is substantially complete and available for occupancy. Costs incurred to initially renovate pre-owned and repossessed homes that we acquire for our Rental Program are capitalized, and the majority of costs incurred to refurbish the homes at turnover and repair the homes while occupied, are expensed unless they extend the life of the home. Renovations and improvements to marinas are capitalized and depreciated over their estimated useful lives. Improvements made to docks, buildings, systems, equipment, shorelines and site improvements are capitalized until the project is substantially complete and available for use.

Certain expenditures to dealers and residents related to obtaining lessees in our communities are capitalized and amortized based on the anticipated term of occupancy of a resident.

Costs incurred to develop internal-use software are capitalized and amortized on a straight-line basis over the estimated useful life of the related software (typically three to five years).

Costs associated with purchases of furniture, fixtures and equipment, major replacements and improvements are capitalized and subsequently depreciated over their respective underlying assets estimated useful lives.

Costs incurred to obtain new debt financing (i.e. deferred financing costs) are capitalized and amortized over the terms of the underlying loan agreement using the effective interest method for senior unsecured notes and the straight-line method (which approximates the effective interest method) for other financing. Deferred financing costs include fees and costs incurred to obtain long-term financing. Unamortized deferred financing costs are written off when debt is retired before the maturity date. Upon amendment of the line of credit or refinancing of mortgage debt, unamortized deferred financing costs and any related discounts or premiums are accounted for in accordance with ASC 470-50-40, "Modifications and Extinguishments." Deferred financing costs, discounts and premiums as included in our Consolidated Balance Sheets are as follows (in millions):


	Financial Statement Classification	Year ended
Description		December 31, 2022		December 31, 2021
Secured debt - premium	Secured debt	$	0.1	$	1.7
Secured debt - deferred financing cost	Secured debt	(14.6)		(14.7)
Senior unsecured note - discount	Unsecured debt	(6.1)		(3.3)
Senior unsecured note - deferred financing cost	Unsecured debt	(14.3)		(10.3)
Lines of credit - deferred financing costs	Lines of credit and other debts	(3.0)		—
Total Deferred financing costs, discounts and premium included in Debt		$	(37.9)	$	(26.6)
Lines of credit - deferred financing costs	Other assets, net	13.1		6.4
Total Deferred financing costs, discounts and premium		$	(51.0)	$	(33.0)

Cash and Cash Equivalents

We consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash and cash equivalents. At December 31, 2022 and 2021, $72.8 million and $65.8 million of cash and cash equivalents, respectively, was included as a component of Cash, cash equivalents and restricted cash on the Consolidated Balance Sheets. The maximum amount of credit risk arising from cash deposits in excess of federally insured amounts was approximately $86.8 million and $58.9 million as of December 31, 2022 and 2021, respectively. The maximum amount of credit risk arising from Park Holidays' cash deposits in excess of insured amounts through the Financial Services Compensation Scheme ("FSCS") was approximately £7.7 million ($9.3 million) as of December 31, 2022.

Restricted Cash

Restricted cash consists primarily of utility deposits and amounts held in deposit for tax, insurance and repair escrows held by lenders in accordance with certain debt agreements. At December 31, 2022 and 2021, $17.6 million and $12.4 million of restricted cash, respectively, was included as a component of Cash, cash equivalents and restricted cash on the Consolidated Balance Sheets. Changes in the restricted cash are reported in our Consolidated Statements of Cash Flows as operating, investing or financing activities based on the nature of the underlying activity. Restricted cash and restricted cash equivalents are included with cash and cash equivalents in the reconciliation of the beginning of period and the end of period cash balance on the Consolidated Statements of Cash Flows.

Marketable Securities

Marketable securities are recorded at fair value with changes in fair value recorded in Gain / (loss) on remeasurement of marketable securities on the Consolidated Statement of Operations. The values of marketable securities as of December 31, 2022 and 2021 were $127.3 million and $186.9 million, respectively, and are disclosed on the Consolidated Balance Sheets.

Inventory

Inventory of manufactured homes is stated at lower of specific cost or net realizable value based on the specific identification method and the balance is separately disclosed on our Consolidated Balance Sheets. Other inventory at our MH and RV properties consists primarily of service and merchandise related items, grocery, food and beverage products and are stated at the lower of cost or net realizable value. Physical inventory counts are performed where inventory exists. Inventory records are adjusted accordingly to reflect actual inventory counts and any resulting shortage is recognized. Inventory at our marinas consists primarily of boats for sale at certain marinas, boat parts used in our service centers and retail related items such as merchandise used in our ship stores, gasoline and diesel fuel, and food and beverage products. Inventories at our marinas are stated at the lower of cost or net realizable value with cost determined using the weighted-average method. Physical inventory counts are performed where inventory exists. Inventory records are adjusted accordingly to reflect actual inventory counts and any resulting shortage is recognized. The other inventory balance is included in Other assets, net on our Consolidated Balance Sheet.

Investments in Nonconsolidated Affiliates

We apply the equity method of accounting to entities in which we do not have a direct or indirect controlling interest or for variable interest entities where we are not considered the primary beneficiary but can exercise influence over the entity with respect to its operations and major decisions. Under the equity method of accounting, the cost of an investment is adjusted for our share of the equity in net income or loss from the date of acquisition, reduced by distributions received and increased by contributions made. The income or loss of each entity is allocated in accordance with the provisions of the applicable operating agreements. The allocation provisions in these agreements may differ from the ownership interests held by each investor. The cost method is applied when (a) the investment is minimal (typically less than 5.0%) and (b) our investment is passive. Our exposure to losses associated with nonconsolidated joint ventures is primarily limited to the carrying value of these investments. Accordingly, distributions from a joint venture in excess of our carrying value are recognized in earnings. We review the carrying value of our investments in nonconsolidated affiliates for other than temporary impairment whenever events or changes in circumstances indicate a possible impairment. Financial condition, operational performance and other economic trends are among the factors we consider when we evaluate the existence of impairment indicators. Refer to Note 6, "Investments in Nonconsolidated Affiliates," for additional information.

Notes and Other Receivables

Notes receivable - includes installment loans for manufactured homes purchased from us and notes receivable from real estate developers and operators.

Installment notes receivable on manufactured homes - represent notes receivable for the purchase of manufactured homes primarily located in our communities, which are secured by the underlying manufactured home sold. Interest income is accrued based on the unpaid principal balance of the loans. Past due status of our notes receivable is determined based on the contractual terms of the note. When a note receivable becomes 60 days delinquent, we stop accruing interest on the note receivable. The interest on nonaccrual loans is accounted for on the cash basis until qualifying for return to accrual.

Notes receivable from real estate developers and operators - represent short-term construction loans provided to real estate developers and loans provided to real estate operators to finance acquisition and development costs.

We elected to fair value our installment notes receivable on manufactured homes, and notes receivable from real estate developers and operators in accordance with ASU 2016-13, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("CECL"). Installment notes receivable on manufactured homes and notes receivable from real estate developers and operators are measured at fair value pursuant to FASB ASC 820, "Fair Value Measurements and Disclosures." The fair value is evaluated quarterly, and any fair value adjustments are recorded in Gain / (loss) on remeasurement of notes receivable on the Consolidated Statement of Operations. Refer to Note 15, "Fair Value of Financial Instruments," for additional information regarding the estimates and assumptions used to estimate the fair value of each financial instrument class.

Other receivables - are generally comprised of sale proceeds receivable from home sales near year end, amounts due from marina customers for storage, service and lease payments, amounts due from MH and annual RV residents for rent and related charges (utility charges, fees and other pass-through charges), insurance receivables and various other miscellaneous receivables. These receivables do not require incremental CECL reserves as we believe that the risk of future expected loss on those accounts is immaterial due to the short-term nature of the accounts, history of collectability, past relationships and various other mitigating factors. Accounts outstanding longer than the contractual payment terms are considered past due.

Accounts receivable from marina customers are stated at amounts due net of an allowance for doubtful accounts. Receivables related to our marina rents are reserved when we believe that collection is less than probable, which is generally 50% for certain receivable balances over 180 days, and 60% after the balance reaches 60 days past due for all other receivables.

Accounts receivable from residents are typically due within 30 days and stated at amounts due from residents net of an allowance for doubtful accounts. We evaluate the recoverability of our receivables whenever events occur or there are changes in circumstances such that management believes it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan and lease agreements. Receivables related to MH community rents are reserved when we believe that collection is less than probable, which is generally after a resident balance reaches 60 to 90 days past due. In the UK, annual rents are noticed in full during the fourth quarter and due by January 31st of the following year. Payment can be made upfront or in monthly installments. Accounts receivable are reviewed regularly for collectability, with related reserves set annually for outstanding receivables.

Refer to Note 4, "Notes and Other Receivables," for additional detail on receivables.

Goodwill

We account for goodwill pursuant to ASC 350, "Intangibles—Goodwill and Other." ASC 350-20, "Goodwill and Other," allows entities testing goodwill for impairment the option of performing a qualitative assessment before calculating the fair value of a reporting unit (i.e. the first step of the goodwill impairment test). If entities determine, on the basis of qualitative factors, that the fair value of the reporting unit is more-likely-than-not greater than the carrying amount, a quantitative calculation would not be needed. Goodwill represents the excess of costs of an acquired business over the fair value of the identifiable assets acquired less identifiable liabilities assumed. Goodwill is not amortized. Goodwill is tested for impairment at the operating segment level. If the fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated and goodwill is written down to its implied fair value. We assess our goodwill for impairment on an annual basis or more frequently if events or changes in circumstances arise and impairment indicators are identified. As of December 31, 2022 and 2021, we had $1.0 billion and $495.4 million of goodwill from the acquisitions accounted for as business combinations, respectively. The goodwill is attributable to the intellectual capital and going concern value of the acquired businesses.

Goodwill is deductible for income tax purposes. As such, the goodwill portion allocated to our U.S. taxable REIT subsidiaries will reduce their taxable income. However, the resulting tax benefits will be offset by a valuation allowance. Goodwill allocated to the UK taxable REIT subsidiaries will reduce their U.S. dividends to the REIT in the future. Given that REITs do not customarily report any taxable income (due to the dividends paid deduction), we do not expect any significant tax benefits arising from the goodwill allocable to the REIT.

The carrying amount of goodwill is separately disclosed on our Consolidated Balance Sheets. Refer to Note 5, "Goodwill and Other Intangible Assets," for additional information on goodwill.

We account for implementation costs in a hosting arrangement in accordance with ASU 2018-15, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)," which aligns requirements for capitalizing implementation costs in a hosting arrangement as a service contract with internally developed software, and expense capitalized costs of the hosting arrangement over the term of the arrangement.

Other Intangible Assets

Other intangible assets primarily comprise in-place leases (including slip in-place leases), non-competition agreements, trademarks and trade names, customer relationships and franchise agreements. Other intangible assets are reviewed for impairment on an annual basis or more frequently if indicators of impairment are identified.

Intangible assets with finite lives - we amortize identified intangible assets that are determined to have finite lives over the period the assets are expected to contribute directly or indirectly to the future cash flows of the property or business.

Trademarks and trade names - we account for trademarks and trade names pursuant to ASC 350, "Intangibles-Goodwill and Other." Some trademarks and trade names have an indefinite useful life and some have a three to 15 year useful life. Trademarks and trade names with finite lives are amortized over their useful life. Trademarks and trade names with indefinite-lives are not amortized. Trademarks and trade names are reviewed for impairment on an annual basis or more frequently if indicators of impairment are identified. We first review qualitative factors to determine if a quantitative impairment test is necessary. If the qualitative assessment reveals that it's "more likely than not" that the asset is impaired, a calculation of the fair value is performed and the asset is written down to its implied fair value, if it is lower than its carrying amount. As of December 31, 2022 and 2021, the carrying amounts of trademarks and trade names related to acquisitions accounted for as business combinations were $216.6 million and $119.1 million, respectively.

The carrying amounts of the other identified intangible assets are included in Other intangible assets, net on our Consolidated Balance Sheets. Refer to Note 5, "Goodwill and Other Intangible Assets," for additional information on other intangible assets.

Deferred Taxes

We are subject to certain state taxes that are considered to be income taxes and have certain subsidiaries that are taxed as regular corporations for U.S. (i.e., federal, state, local, etc.) and non-U.S. income tax purposes. Deferred tax assets or liabilities are recognized for temporary differences between the tax basis of assets and liabilities and their carrying amounts in the financial statements and net operating loss carryforwards in certain subsidiaries, including those domiciled in foreign jurisdictions, which may be realized in future periods if the respective subsidiary generates sufficient taxable income. Deferred tax assets and liabilities are measured using currently enacted tax rates. A valuation allowance is established if, based on the available evidence, it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. Refer to Note 12, "Income Taxes," for additional information.

Temporary Equity

Temporary equity includes preferred securities that are redeemable for cash at the option of the holder or upon the occurrence of an event that is not solely within our control based on a fixed or determinable price. These preferred securities are not mandatorily redeemable for cash nor do they contain a fixed maturity date. Temporary equity is classified between Liabilities and Shareholders' Equity on the Consolidated Balance Sheets.

Share-Based Compensation

We account for awards of restricted stock in accordance with ASC 718-10, "Compensation-Stock Compensation." ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). The fair value of restricted stock awards with service vesting is equal to the fair value of our stock on the grant date. Share-based compensation cost for service vesting restricted stock awards is measured based on the closing share price of our common stock on the date of grant. We measure the fair value of awards with performance conditions based on an estimate of shares expected to vest using the closing price of our common stock as of the grant date. If it is not probable that the performance conditions will be satisfied, we do not recognize compensation expense. We estimate the fair value of share-based compensation for restricted stock with market conditions using a Monte Carlo simulation. We recognize compensation cost ratably over each tranche of shares based on the fair value estimated by the model. We also recognize related estimated award forfeitures ratably over each tranche of shares We estimate forfeitures at the time of grant based on the historical turnover rate of employees and non-employees that are recipients of an award. We update our assumptions annually for the subsequent year awards. Refer to Note 10, "Share-Based Compensation," for additional information.

Fair Value of Financial Instruments

Our financial instruments consist primarily of cash, cash equivalents and restricted cash, marketable securities, notes and other receivables, derivatives assets, debt, warrants and other liabilities. We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures, pursuant to ASC 820, "Fair Value Measurements and Disclosures."

ASC 820, "Fair Value Measurements and Disclosures," requires disclosure regarding determination of fair value for assets and liabilities and establishes a hierarchy under which these assets and liabilities must be grouped, based on significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumption. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair value hierarchy:

Level 1 - Quoted unadjusted prices for identical instruments in active markets that we have the ability to access;

Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severity, etc.) in active markets or can be corroborated by observable market data; and

Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The unobservable inputs reflect our assumptions about the assumptions that market participants would use.

Refer to Note 15, "Fair Value of Financial Instruments," for additional information on methods and assumptions used to estimate the fair value of each financial instrument class.

Revenue Recognition

As a real estate owner and operator, the majority of our revenue is derived from site and home leases, and wet slip and dry storage space leases that are accounted for pursuant to ASC 842, "Leases." We account for revenue from contracts with customers following ASC 606, "Revenue from Contracts with Customers," except for those that are within the scope of other topics in the FASB ASC. The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. A five-step transactional analysis is required to determine how and when to recognize revenue. For transactions in the scope of ASC 606, we recognize revenue when control of goods or services transfers to the customer, in the amount that we expect to receive for the transfer of goods or provision of services. Due to the nature and timing of our identified revenue streams, there were no material outstanding performance obligations as of December 31, 2022. Refer to Note 2, "Revenue," for additional information.

Income from real property at our MH and RV properties includes revenue from residents and guests in our communities, who lease the site on which their home or RV is located and either own or lease their home or RV, rental home revenue, and short-term vacation home and site rentals. Revenues from residents and guests includes revenues from site leases to annual MH residents and annual RV guests, and site rentals to transient RV guests. Resident leases are generally for one-year, but may range from month-to-month to two year terms and are renewable by mutual agreement between the parties, or in some cases, as provided by statute. Revenues from site and home leases fall under the scope of ASC 842, and are accounted for as operating leases with straight-line recognition. Non-lease components of our site lease contracts, which are primarily provision of utility services, are accounted for with the site lease as a single lease component per ASC 842. In accordance with the practical expedient criteria to combine lease and non-lease components, we noted that the timing and pattern of transfer for the lease and non-lease components are the same, and the leases qualify as operating leases. Accordingly, we present rental revenues and utility recoveries as a single lease component within Income from real property in the Consolidated Statement of Operations. Rental home revenues which comprise rental agreements whereby we lease homes to residents in our communities, and short-term vacation home and site rentals are accounted for under ASC 842. Additionally, we include collections of real estate taxes from residents and guests within Income from real property. When payment of revenue is received in advance of being earned, those amounts are classified as deferred revenues.

Income from real property at our marinas includes rental income which consists primarily of storage revenues, derived from leasing out wet slips and storage spaces. The majority of our slip and storage space leases have annual terms that are generally billed seasonally and are renewable by mutual agreement between the parties. Slip and storage space leases are paid annually, seasonally, quarterly, monthly or transient by night. In accordance with ASC 842, slip and storage space lease revenues are typically earned on a monthly basis over the course of the term of the lease and are accounted for as operating leases with straight-line recognition. Storage income is earned when services have been rendered. When payment is received in advance of being earned, those amounts are classified as deferred revenues. There are commercial buildings that we lease out in annual or multi-year arrangements. In accordance with ASC 842, commercial lease revenue is typically earned on a monthly basis. We recognize lease revenue on a straight-line basis when rental agreements contain material escalation clauses. As a lessor, we have a significant amount of variable lease payments that it receives, usually from revenue derived from percentage-based leases. The revenue from these leases is accounted for on an as earned basis. We also have a number of short-term leases that are accounted for on an as earned basis. All our revenues are recognized net of taxes collected from customers and submitted to taxing authorities. Real estate taxes are recorded as a liability when collected and released when payments are remitted to tax authorities.

Revenue from home sales - SHS, our U.S. taxable REIT subsidiary, and Park Holidays sell manufactured homes to current and prospective residents in our communities. We recognize revenue for home sales pursuant to ASC 606 as manufactured homes are tangible personal property that can be located on any land parcel. Manufactured homes are not permanent fixtures or improvements to the underlying real estate and we therefore do not consider them to be subject to the guidance in ASC 360-20, "Real Estate Sales." In accordance with the core principle of ASC 606, we recognize revenue from home sales at the time of closing when control of the home transfers to the customer. After closing of the sale transaction, we have no remaining performance obligation. As of December 31, 2022 and 2021, we had $28.9 million and $33.5 million, respectively, of receivables from contracts with customers, which consists of home sales proceeds, and are presented as a component of Notes and other receivables, net on our Consolidated Balance Sheets. These receivables represent balances owed to us for previously completed performance obligations for sales of manufactured homes. We report real estate taxes collected from residents and remitted to taxing authorities in revenue.

Service, retail, dining and entertainment revenue - is primarily composed of proceeds from restaurant, golf, merchandise, retail, fuel, service and other activities at our RV communities and marinas, and is accounted for in accordance with ASC 606. Revenues are recognized at the point of sale when control of the good or service transfers to the customer and our performance obligation has been satisfied. In addition, Marina rental income, which includes boat rentals is earned when the customer takes control of the good or service and is included in Service, retail, dining and entertainment revenue. Sales and other taxes that we collect concurrent with revenue-producing activities are excluded from the transaction price.

Interest income - is earned primarily on our notes receivable, which include installment notes receivables on manufactured homes purchased by us from loan originators and notes receivable from real estate developers and operators. Interest income on these receivables is accrued based on the unpaid principal balances of the underlying loans on a level yield basis over the life of the loans. Interest income is not in the scope of ASC 606. Refer to Note 4, "Notes and Other Receivables," for additional information.

Brokerage commissions and other - comprise (a) brokerage commissions for sales of manufactured homes at our MH and RV communities, and (b) brokerage commissions at our marinas, where we act as agent and arrange for a third party to transfer a manufactured home, a park model or a boat to a customer within one of our properties. Brokerage commission revenues are accounted for in accordance with ASC 606 and are recognized on a net basis at closing, when the transaction is completed and our performance obligations have been fulfilled. Other revenues primarily include prepaid rent adjustments, proceeds from business interruption, dividend income and management fee earned from managing third-party-owned holiday parks and third-party-owned marinas.

Advertising Costs

Advertising costs are expensed as incurred. As of December 31, 2022, 2021 and 2020, we had advertising costs of $15.6 million, $9.9 million and $8.3 million, respectively.

Depreciation and Amortization

Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the assets, ranging from two months to 53 years depending upon the asset classification.

Asset Class

Useful Life

Land improvements and buildings

15 years

53 years

Rental homes

10 years

Furniture, fixtures and equipment

2 years

40 years

Computer hardware and software

3 years

5 years

Dock improvements

15 years

40 years

Site improvements

7 years

30 years

Leasehold improvements

Lesser of lease term or useful life of assets

Goodwill

Indefinite

In-place leases (including slip in-place leases)

2 months

13 years

Non-competition agreements

5 years

Trademarks and trade names

Various(1)

Customer relationships

4 years

17 years

Franchise agreements and other intangible assets

1 year

27 years

(1)All trademarks and trade names have an indefinite life or a three to 15 year useful life as of the acquisition date.

Foreign Currency

The assets and liabilities of our operations in the UK, Australia and Canada, where the functional currency is the Pound sterling, Australian dollar and Canadian dollar, respectively, are translated into U.S. dollars using the exchange rate in effect as of the balance sheet date. Income statement amounts are translated at the average exchange rate prevailing during the period. The resulting translation adjustments are recorded as a component of Accumulated other comprehensive income / (loss). Foreign currency exchange gains and losses arising from fluctuations in currency exchange rates on transactions and the effects of remeasurement of monetary balances denominated in currencies other than the functional currency are recorded in earnings.

For the year ended December 31, 2022, we recorded a foreign currency exchange gain of $5.4 million as compared to a foreign currency exchange loss of $3.7 million and a foreign currency exchange gain of $7.7 million for the years ended December 31, 2021 and 2020, respectively, on our Consolidated Statements of Operations.

Derivative Instruments and Hedging Activities

We enter into derivatives for risk management purposes to minimize the effect of interest rate changes on future cash outflows related to outstanding floating rate debt and forecasted issuances of long-term debt. Treasury rate lock contracts, interest rate swaps and forward swaps are used to accomplish this objective. We do not enter into derivative instruments for speculative purposes.

We recognize derivative instruments at fair value on a recurring basis on the Consolidated Balance Sheets and classify the derivatives within Level 2 of the fair value hierarchy. We adjust our Consolidated Balance Sheets on a quarterly basis to reflect the current fair market value of the derivative instruments. Refer to Note 15, "Fair Value of Financial Instruments," for additional information related to the fair value methodology used for derivative financial instruments.

As of December 31, 2022, all outstanding derivative instruments have been designated as cash flow hedges under ASC Topic 815, "Derivatives and Hedging." These contracts have maturities of 10 years or less. The risk being hedged is the interest rate risk related to forecasted transactions and outstanding floating rate debt. We assess the effectiveness of the derivative instruments in hedging the underlying interest rate exposure both at inception and on an ongoing basis. The unrealized gains or losses on the derivative instruments are recorded in Accumulated other comprehensive income / (loss) and are reclassified to Interest expense on the Consolidated Statements of Operations during the same period in which the hedged transaction affects earnings. We estimate that $11.3 million will be reclassified as a reduction to Interest expense over the next 12 months for all of our outstanding cash flow hedges. Cash flow from these derivative instruments is classified in the same category as the cash flow items being hedged on the Consolidated Statements of Cash Flows. Refer to Note 14, "Derivative Financial Instruments," for additional information regarding derivative activity.

Accounting for Leases

Lessee Accounting

Pursuant to ASC Topic 842, "Leases," we determine if an arrangement is a lease at inception. Our operating lease agreements are primarily for land and submerged land under non-cancelable operating leases at certain properties, executive office spaces and certain equipment leases. The ROU asset and liabilities are included within Other assets, net and Other liabilities on the Consolidated Balance Sheets.

For operating leases with a term greater than one year, we recognize the ROU assets and liabilities related to the lease payments on the Consolidated Balance Sheets. The lease liabilities are initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The ROU assets represent our right to use the underlying assets for the term of the lease and the lease liabilities represent our obligation to make lease payments arising for the agreements. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received, and any adjustments to reflect favorable or unfavorable terms of the lease when compared with market terms. The ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus unamortized initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The ROU asset is periodically reduced by impairment losses.

Variable lease payments, except for the ones that depend on index or rate, are excluded from the calculation of the ROU assets and lease liabilities and are recognized as variable lease expense in the Consolidated Statements of Operations in the period in which they are incurred. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Many of our lessee agreements include options to extend the lease, which we do not include in our minimum lease terms unless they are reasonably certain to be exercised. The lease liability costs are amortized over the straight-line method over the term of the lease. Operating leases with a term of less than one year are recognized as a lease expense over the term of the lease, with no asset or liability recognized on the Consolidated Balance Sheets.

Finance leases where we are the lessee are included in Other assets, net and Other liabilities on our Consolidated Balance Sheets. The lease liabilities are initially measured in the same manner as operating leases and are subsequently measured at amortized cost using the effective interest method. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received, and any adjustments to reflect favorable or unfavorable terms of the lease when compared with market terms. For finance leases, the ROU asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of its useful life or the end of the lease term unless the lease transfers ownership of the underlying asset to us, or we are reasonably certain to exercise an option to purchase the underlying asset. In those cases, the ROU asset is amortized over the useful life of the underlying asset. We do not recognize an amortization of finance lease ROU asset on land as land is not amortizable. ROU assets are periodically assessed and adjusted for impairment. As of December 31, 2022, we have had no impairment losses. Refer to Note 17, "Leases," for information regarding leasing activities.

Lessor Accounting

Our income from real property at our MH and RV properties is derived from rental agreements where we are the lessor. ASC 842 limits the definition of initial direct costs to only the incremental costs of signing a lease. Internal sales employees' compensation, payroll-related fringe benefits, certain legal fees rendered prior to the execution of a lease, negotiation costs, advertising and other origination effort costs do not meet the definition of initial direct cost and therefore, are accounted for as General and administrative expense or Property operating and maintenance expense in our Consolidated Statements of Operations. ASC 842 permits the capitalization of direct commission costs.

Our MH and RV sites are typically leased to customers on an annual basis. Seasonal RV sites are generally leased to customers for a period less than one year. Transient RV sites are leased to customers on a short-term basis. In addition, customers may lease homes that are located in our MH communities. Our MH and RV leases with customers are classified as operating leases. Fixed lease income from tenants is recognized on a straight-line basis over the terms of the relevant lease agreement and is included within Income from real property and Brokerage commissions and other revenue, net on the Consolidated Statements of Operations. Variable lease income consists of rent primarily based on a percentage of revenues at the related properties and is included within Income from real property and Brokerage commissions and other revenue, net on the Consolidated Statements of Operations. When collectability is not reasonably assured, the resident is placed on non-accrual status and revenue is recognized when cash payments are received.

Our income from customers for wet slips and dry storage space leases at our marinas is accounted for pursuant to ASC 842. Wet slips and dry storage spaces are typically leased to customers on an annual basis. Seasonal wet slips and dry storage spaces are generally leased to customers for a period less than one year. Transient wet slips and dry storage spaces are leased to customers on a short-term basis. Our wet slips and dry storage space leases are classified as operating leases with lease income recognized over the term of the respective operating lease or the length of a customer's stay.

Revenue

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue [Text Block]

Disaggregation of Revenue

The following table disaggregates our revenue by major source and segment (in millions):


	Year Ended
	December 31, 2022								December 31, 2021								December 31, 2020
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Revenues
Real property	$	954.2	$	563.3	$	384.7	$	1,902.2	$	805.4	$	499.5	$	293.3	$	1,598.2	$	742.4	$	359.5	$	28.2	$	1,130.1
Home sales	428.3		37.5		—		465.8		247.1		33.1		—		280.2		154.0		21.7		—		175.7
Service, retail, dining and entertainment	40.3		89.1		402.2		531.6		7.2		73.8		270.8		351.8		5.9		39.9		19.4		65.2
Interest	32.1		2.9		0.2		35.2		10.0		2.2		—		12.2		8.3		1.8		—		10.1
Brokerage commissions and other, net	19.8		13.7		1.4		34.9		12.9		16.0		1.3		30.2		8.6		8.3		0.3		17.2
Total Revenues	$	1,474.7	$	706.5	$	788.5	$	2,969.7	$	1,082.6	$	624.6	$	565.4	$	2,272.6	$	919.2	$	431.2	$	47.9	$	1,398.3

Our revenue consists of real property revenue at our MH, RV and Marina properties, revenue from Home sales, Service, retail, dining and entertainment revenue, Interest income, and Brokerage commissions and other revenue.

The majority of our revenue is derived from site and home leases, and wet slip and dry storage space leases that are accounted for pursuant to ASC 842, "Leases." We account for all revenue from contracts with customers following ASC 606, "Revenue from Contracts with Customers," except for those that are within the scope of other topics in the FASB ASC. For additional information, refer to Note 1, "Significant Accounting Policies."

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Real Estate Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Real Estate Acquisitions and Dispositions [Text Block]

2022 Acquisitions and Dispositions

For the year ended December 31, 2022, we acquired the following MH communities, RV communities and marinas:

Property Name(1)

Type

Sites, Wet Slips and
Dry Storage Spaces

Development Sites

State, Province or Country

Month Acquired

Harrison Yacht Yard(2)

Marina: asset acquisition

—

January

Outer Banks

Marina: asset acquisition

196

—

January

Jarrett Bay Boatworks

Marina: business combination

—

February

Tower Marine

Marina: asset acquisition

446

—

March

Sandy Bay

MH: asset acquisition

730

456

March

Park Holidays(3)

MH: business combination

15,906

608

April

Christies Parks(2)

MH: asset acquisition

249

—

April

Bluewater

Marina: asset acquisition

200

—

Multiple

April

Bluewater Yacht Sales(2)

Marina: business combination

—

Multiple

April

Bodmin Holiday Park

MH: asset acquisition

—

April

Kittery Point

Marina: asset acquisition

—

May

Spanish Trails MHC

MH: asset acquisition

195

June

Pine Acre Trails

MH: asset acquisition

251

603

June

Bel Air Estates & Sunrise Estates(4)

MH: asset acquisition

379

—

June

Park Leisure(5)

MH: business combination

2,914

123

June

Montauk Yacht Club

Marina: business combination

232

—

July

Callaly Leisure(6)

MH: asset acquisition

380

823

September

Newhaven

MH: asset acquisition

224

October

Bayfront Marina

Marina: asset acquisition

583

—

November

Marina Bay Yacht Harbor

Marina: asset acquisition

800

—

December

Jellystone Lincoln

RV: asset acquisition

267

—

December

Norway Commons

MH: asset acquisition

231

December

Total

24,347

2,655

(1) Property names are subject to changes subsequent to acquisition.

(2) Combined with an existing property.

(3) Includes 40 owned and two managed properties.

(4) Includes two properties.

(5) Includes 11 properties.

(6) Includes one development property.

The following table summarizes the amount of assets acquired net of liabilities assumed at the acquisition date and the consideration paid for the acquisitions completed during the year ended December 31, 2022 (in millions):


	At Acquisition Date										Consideration
	Investment in property		Inventory of manufactured homes, boat parts and retail related items		Goodwill and other intangible assets(1)		Other assets / (liabilities), net		Total identifiable assets acquired net of liabilities assumed		Cash and escrow		Temporary and permanent equity(2)		Total consideration
Asset Acquisitions(3)
Harrison Yacht Yard(4)	$	5.8	$	—	$	—	$	—	$	5.8	$	5.8	$	—	$	5.8
Outer Banks	5.2		—		—		(0.4)		4.8		4.8		—		4.8
Tower Marine	20.2		—		0.2		(2.1)		18.3		18.3		—		18.3
Sandy Bay	247.9		9.4		2.1		(68.3)		191.1		191.1		—		191.1
Christies Parks(4)	10.1		—		—		2.1		12.2		12.2		—		12.2
Bluewater	25.3		1.3		0.1		1.3		28.0		28.0		—		28.0
Bodmin Holiday Park	13.1		—		—		—		13.1		13.1		—		13.1
Kittery Point	8.0		0.1		—		(0.1)		8.0		7.0		1.0		8.0
Spanish Trails MHC	20.6		1.8		—		—		22.4		22.4		—		22.4
Pine Acre Trails	29.7		—		—		—		29.7		29.7		—		29.7
Bel Air Estates & Sunrise Estates	39.3		—		0.7		—		40.0		40.0		—		40.0
Callaly Leisure	23.8		0.1		—		(0.3)		23.6		23.6		—		23.6
Newhaven(5)	6.2		—		—		—		6.2		6.2		—		6.2
Bayfront Marina	11.3		—		0.9		(0.5)		11.7		11.7		—		11.7
Marina Bay Yacht Harbor	16.2		—		0.2		(0.7)		15.7		15.7		—		15.7
Jellystone Lincoln(5)(6)	17.0		—		—		1.2		18.2		18.2		—		18.2
Norway Commons(5)	15.5		0.4		—		—		15.9		15.9		—		15.9

Business Combinations(3)
Jarrett Bay Boatworks(7)(8)	21.3		1.4		47.5		1.0		71.2		68.4		2.8		71.2
Park Holidays(7)(9)	1,254.7		29.5		574.5		(624.9)		1,233.8		1,199.9		33.9		1,233.8
Park Leisure(7)	342.7		0.7		15.1		(132.7)		225.8		225.8		—		225.8
Montauk Yacht Club	163.6		0.3		26.3		0.3		190.5		190.5		—		190.5

Total	$	2,297.5	$	45.0	$	667.6	$	(824.1)	$	2,186.0	$	2,148.3	$	37.7	$	2,186.0

(1) Refer to Note 5, "Goodwill and Other Intangible Assets," for additional detail on goodwill and other intangible assets.

(2) Refer to Note 9, "Equity and Temporary Equity," for additional detail.

(3) Property names are subject to changes subsequent to acquisition.

(4) Combined with an existing property.

(5) The above allocations are estimates pending purchase price allocations.

(6) In December 2020, we entered into a loan agreement pursuant to which we extended credit to Blue Water to finance the construction of Jellystone Lincoln (the "RV Park"). In December 2022, we entered into a purchase and sale agreement pursuant to which we purchased the RV Park for cash consideration of $5.0 million, which was applied toward the existing Blue Water loan balance of $12.9 million, and the remaining loan balance of $7.9 million was forgiven. Upon acquisition of the RV Park, we agreed to loan Blue Water an amount equal to $3.7 million, accounted as consideration based on the loan forgiveness terms. Additional consideration for vacation rental units of $0.4 million, resulted in a total purchase price of $17.0 million. In addition, we entered into a lease agreement pursuant to which Blue Water will pay rent to us and continue to operate the park.

(7) The Purchase price allocation is preliminary as of December 31, 2022, subject to revision based on the final purchase price allocations to be finalized one year from the acquisition date.

(8) The balance includes the marina acquired in February and the yacht sales business acquired in April of which $0.1 million was recorded in Investment property, $17.6 million in Goodwill and other intangible assets, and $0.4 million in Other assets / (liabilities), net.

(9) Includes acquired intangible assets subject to amortization of $70.2 million with a weighted average amortization period of 14.6 years, consisting of trademarks and trade names, customer relationships and other intangible assets.

As of December 31, 2022, we had incurred and capitalized $19.2 million of transaction costs, which have been allocated among various fixed asset categories for purchases that meet the asset acquisition criteria. As of December 31, 2022, we also incurred $24.7 million of business combination expenses, which are expensed for acquisitions deemed to be business combinations.

The total amount of Revenues and Net income included in the Consolidated Statements of Operations for the year ended December 31, 2022 related to business combinations completed in 2022 are set forth in the following table (in millions):


	Year Ended
	December 31, 2022
Total revenues	$	353.6
Net income	$	13.8

The following unaudited pro forma financial information presents the results of our operations for the years ended December 31, 2022 and 2021, as if the properties combined through business combinations in 2022 had been acquired on January 1, 2021. The unaudited pro forma results reflect certain adjustments for items that are not expected to have a continuing impact, such as adjustments for transaction costs incurred, management fees and acquisition accounting.

The information presented below has been prepared for comparative purposes only and does not purport to be indicative of either future results of operations or the results of operations that would have actually occurred had the acquisition been consummated on January 1, 2021 (in millions, except for per share data):


	Year Ended (unaudited)
	December 31, 2022		December 31, 2021
Total revenues	$	3,091.3	$	2,726.4
Net income attributable to SUI common shareholders	$	241.2	$	440.5
Net income per share attributable to SUI common shareholders - basic	$	1.99	$	3.89
Net income per share attributable to SUI common shareholders - diluted	$	1.99	$	3.88

Development and Expansion Activities

During the year ended December 31, 2022, we acquired six land parcels located in the U.S. and the UK for an aggregate purchase price of $26.2 million and two buildings and land parcels related to our marinas located in the U.S. for an aggregate purchase price of $13.9 million.

Dispositions

Management continually evaluates properties within the portfolio for potential disposition opportunities. When a given property no longer fits our desired growth profile, we seek to redeploy capital to properties and geographies fit to provide greater future returns. From time to time, strategic reductions to the portfolio are deemed necessary to reduce exposure to less desirable locations, and support long-term positioning of the Company.

During the three months ended September 30, 2022, we sold an RV community containing 514 sites located in California for $15.0 million. The disposition resulted in a loss on sale of $0.8 million, inclusive of selling costs. This property, together with a second property, was intended to be part of a combined sale as the properties originally qualified as held for sale in July 2022. However, the sale of the second property was not completed, and as such, the properties no longer qualified as held for sale as of September 30, 2022. Accordingly, the second property was classified as held for investment at September 30, 2022 on our Consolidated Balance Sheets.

During the three months ended March 31, 2022, we sold two MH communities and one community containing MH and RV sites, each located in Florida, with a total of 323 sites for $29.5 million. The gain from the sale of the properties was $13.3 million.

2021 Acquisitions and Dispositions

For the year ended December 31, 2021, we acquired the following MH and RV communities and marinas:

Community Name(1)

Type

Sites, Wet Slips and Dry Storage Spaces

Development Sites

State, Province or Country

Month Acquired

Sun Outdoors Association Island

RV: asset acquisition

294

—

January

Blue Water Beach Resort

RV: asset acquisition

177

—

February

Tranquility MHC

MH: asset acquisition

—

February

Islamorada and Angler House(2)

Marina: asset acquisition

251

—

February

Prime Martha's Vineyard(2)

Marina: asset acquisition

395

—

March

Pleasant Beach Campground

RV: asset acquisition

102

—

ON, Canada

March

Sun Outdoors Cape Charles

RV: asset acquisition

669

—

March

Beachwood Resort

RV: asset acquisition

672

—

March

ThemeWorld RV Resort

RV: asset acquisition

148

—

April

Sylvan Glen Estates

MH: asset acquisition

476

—

April

Shelter Island Boatyard

Marina: asset acquisition

—

May

Lauderdale Marine Center

Marina: asset acquisition

206

—

May

Apponaug Harbor

Marina: asset acquisition

348

—

June

Cabrillo Isle

Marina: business combination

476

—

June

Marathon

Marina: asset acquisition

135

—

June

Allen Harbor

Marina: asset acquisition

176

—

July

Cisco Grove Campground & RV

RV: asset acquisition

407

July

Four Leaf Portfolio(3)

MH: asset acquisition

2,545

340

MI / IN

July

Harborage Yacht Club

Marina: asset acquisition

300

—

July

Zeman Portfolio(4)

RV: asset acquisition

686

—

IL / NJ

July

Southern Leisure RV Resort

RV: asset acquisition

496

—

August

Sunroad Marina

Marina: asset acquisition

617

—

August

Lazy Lakes RV Resort

RV: asset acquisition

—

August

Puerto del Rey

Marina: asset acquisition

1,746

—

Puerto Rico

September

Stingray Point

Marina: asset acquisition

222

—

September

Detroit River

Marina: asset acquisition

440

—

September

Jetstream RV Resort at NASA

RV: asset acquisition

202

—

September

Beaver Brook Campground

RV: asset acquisition

204

150

October

Emerald Coast

Marina: business combination

311

—

November

Tall Pines Harbor Campground

RV: asset acquisition

241

—

November

Wells Beach Resort Campground

RV: asset acquisition

231

—

November

Port Royal

Marina: asset acquisition

167

—

November

Podickory Point

Marina: asset acquisition

209

—

December

Sunroad Marina (restaurant)

Marina: asset acquisition

—

December

Jellystone Park at Mammoth Cave

RV: asset acquisition

315

—

December

South Bay

Marina: asset acquisition

333

—

December

Wentworth by the Sea

Marina: asset acquisition

155

—

December

Rocky Mountain RV Park

RV: asset acquisition

—

December

Haas Lake RV Park Campground

RV: asset acquisition

492

—

December

Pearwood RV Resort

RV: asset acquisition

144

—

December

Holly Shores Camping Resort

RV: asset acquisition

310

—

December

Pheasant Ridge RV Park

RV: asset acquisition

130

—

December

Coyote Ranch Resort

RV: asset acquisition

165

December

Jellystone Park at Whispering Pines

RV: asset acquisition

131

—

December

Hospitality Creek Campground

RV: asset acquisition

230

—

December

Total

15,816

1,062

(1) Property names are subject to changes subsequent to acquisition.

(2) Includes two marinas.

(3) Includes nine MH communities.

(4) Includes two RV Resorts.

The following table summarizes the amounts of assets acquired net of liabilities assumed at the acquisition date and the consideration paid for the acquisitions completed in 2021 (in millions):


	At Acquisition Date										Consideration
	Investment in property		Inventory of manufactured homes, boat parts and retail related items		Goodwill and other intangible assets(1)		Other assets / (liabilities), net		Total identifiable assets acquired net of liabilities assumed		Cash and escrow		Temporary and permanent equity		Total consideration
Asset Acquisition(2)
Sun Outdoors Association Island	$	15.0	$	—	$	—	$	(0.2)	$	14.8	$	14.8	$	—	$	14.8
Blue Water Beach Resort	9.0		—		—		(0.3)		8.7		8.7		—		8.7
Tranquility MHC	1.2		—		—		—		1.2		1.2		—		1.2
Islamorada and Angler House	18.0		—		0.3		(0.3)		18.0		18.0		—		18.0
Prime Martha's Vineyard	22.3		0.2		0.1		(0.7)		21.9		21.9		—		21.9
Pleasant Beach Campground	1.5		—		0.1		—		1.6		1.6		—		1.6
Sun Outdoors Cape Charles	59.7		—		0.2		(2.0)		57.9		57.9		—		57.9
Beachwood Resort	14.0		—		0.2		(7.6)		6.6		6.6		—		6.6
ThemeWorld RV Resort	25.0		—		—		(0.1)		24.9		24.9		—		24.9
Sylvan Glen Estates	23.6		—		0.5		(0.3)		23.8		(0.2)		24.0		23.8
Shelter Island Boatyard	9.6		0.1		0.4		(0.1)		10.0		10.0		—		10.0
Lauderdale Marine Center	336.9		—		3.3		1.0		341.2		341.2		—		341.2
Apponaug Harbor	6.5		—		0.1		(0.7)		5.9		5.9		—		5.9
Marathon	19.1		—		0.3		(0.2)		19.2		19.2		—		19.2
Allen Harbor	4.0		—		—		(0.1)		3.9		3.9		—		3.9
Cisco Grove Campground & RV	6.6		—		—		—		6.6		6.6		—		6.6
Four Leaf Portfolio	210.7		0.3		4.0		(0.5)		214.5		214.5		—		214.5
Harborage Yacht Club	17.3		0.1		4.7		(0.5)		21.6		21.6		—		21.6
Zeman Portfolio	14.2		—		0.7		(0.5)		14.4		14.4		—		14.4
Southern Leisure RV Resort	17.4		—		0.3		(0.3)		17.4		17.4		—		17.4
Sunroad Marina(3)	47.8		—		0.5		65.0		113.3		113.3		—		113.3
Lazy Lakes RV Resort	11.3		—		—		(0.1)		11.2		11.2		—		11.2
Puerto del Rey	94.5		0.5		1.0		(4.1)		91.9		91.9		—		91.9
Stingray Point	2.9		—		—		(0.3)		2.6		2.6		—		2.6
Detroit River	8.7		—		0.2		(0.6)		8.3		8.3		—		8.3
Jetstream RV Resort at NASA	17.0		—		0.5		(0.2)		17.3		17.3		—		17.3
Beaver Brook Campground	4.4		—		0.1		—		4.5		4.5		—		4.5
Tall Pines Harbor Campground	10.5		—		—		—		10.5		10.5		—		10.5
Wells Beach Resort Campground	12.2		—		—		—		12.2		12.2		—		12.2
Port Royal	20.5		—		0.1		(0.3)		20.3		20.3		—		20.3
Podickory Point	3.3		—		—		(0.2)		3.1		3.1		—		3.1
Jellystone Park at Mammoth Cave	32.5		—		—		(0.6)		31.9		31.9		—		31.9
South Bay	14.0		—		0.2		(2.5)		11.7		11.7		—		11.7
Wentworth by the Sea	14.1		0.1		0.1		(1.1)		13.2		13.2		—		13.2
Rocky Mountain RV Park	12.5		—		—		—		12.5		12.5		—		12.5
Haas Lake RV Park Campground	20.1		—		—		—		20.1		16.5		3.6		20.1
Pearwood RV Resort	10.2		—		—		—		10.2		10.2		—		10.2


Holly Shores Camping Resort(4)	27.0		—		0.5		(0.5)		27.0		27.0		—		27.0
Pheasant Ridge RV Park	19.0		—		—		—		19.0		19.0		—		19.0
Coyote Ranch Resort	12.6		—		—		(0.2)		12.4		12.4		—		12.4
Jellystone Park at Whispering Pines	13.8		—		—		(0.2)		13.6		13.6		—		13.6
Hospitality Creek Campground(4)	15.0		—		0.6		(0.6)		15.0		15.0		—		15.0
Business Combination(2)
Cabrillo Isle	37.6		—		10.1		(0.7)		47.0		47.0		—		47.0
Emerald Coast	9.0		2.7		41.9		(0.6)		53.0		53.0		—		53.0

Total	$	1,302.1	$	4.0	$	71.0	$	38.8	$	1,415.9	$	1,388.3	$	27.6	$	1,415.9

(1) Refer to Note 5, "Goodwill and Other Intangible Assets," for additional detail on goodwill and other intangible assets.

(2) Property names are subject to changes subsequent to acquisition.

(3) The balance includes the marina acquired in August and the restaurant acquired in December of which $9.2 million was recorded in Investment property and $21.0 million in Other assets / (liabilities), net.

(4) The allocation was estimated as of December 2021 and was adjusted as of March 2022, based on final purchase price allocation.

As of December 31, 2021, we incurred $18.0 million of transaction costs, which were capitalized and allocated among the various fixed asset categories for purchases that meet the asset acquisition criteria. As of December 31, 2021, we also incurred $1.4 million of business combination expenses, which were expensed for acquisitions deemed to be business combinations.

Total revenues and Net income included in the Consolidated Statements of Operations for the year ended December 31, 2021 related to business combinations completed in 2021 are set forth in the following table (in millions):


	Year Ended
	December 31, 2021
Total revenues	$	6.4
Net income	$	0.5

The following unaudited pro forma financial information presents the results of our operations for the years ended December 31, 2021 and 2020, as if the properties combined through business combinations in 2021 had been acquired on January 1, 2020. The unaudited pro forma results reflect certain adjustments for items that are not expected to have a continuing impact, such as adjustments for transaction costs incurred, management fees and acquisition accounting.

The information presented below has been prepared for comparative purposes only and does not purport to be indicative of either future results of operations or the results of operations that would have actually occurred had the acquisitions been consummated on January 1, 2020 (in millions, except for per share data):


	Year Ended (unaudited)
	December 31, 2021
Total revenues	$	2,330.0
Net income attributable to SUI common shareholders	$	390.9
Net income per share attributable to SUI common shareholders - basic	$	3.47
Net income per share attributable to SUI common shareholders - diluted	$	3.40

Land for Expansion / Development

During the year ended December 31, 2021, we acquired 11 land parcels, which are located across the U.S. and the UK for a total purchase price of $172.8 million.

Other Acquisitions

In December 2021, we acquired Leisure Systems, Inc., the franchisor of the Jellystone Park™ system, and accounted for the transaction as a business combination. The following table summarizes the amounts of assets acquired, net of liabilities assumed at the acquisition date and the consideration paid for the acquisition (in millions):


	At Acquisition Date										Consideration
	Investment in property		Inventory of manufactured homes, boat parts and retail related items		In-place leases, goodwill and other intangible assets(1)		Other liabilities, net		Total identifiable assets acquired net of liabilities assumed		Cash and escrow		Temporary and permanent equity		Total consideration
Leisure Systems, Inc(1)	$	—	$	—	$	24.0	$	(2.3)	$	21.7	$	21.7	$	—	$	21.7

(1) The allocation was preliminary as of December 31, 2021, and was adjusted as of March 2022 based on the final purchase price allocation.

Dispositions

In July 2021, we sold two MH communities located in Indiana and Missouri, containing a combined 677 sites, for $67.5 million. The gain from the sale of the properties was $49.4 million.

In August 2021, we sold four MH communities located in Arizona, Illinois and Missouri, containing a combined 1,137 sites, for $94.6 million. The gain from the sale of the properties was $58.7 million.

Refer to Note 20, "Subsequent Events," for information regarding acquisitions and dispositions completed after December 31, 2022.

Notes And Other Receivables

12 Months Ended

Dec. 31, 2022

Notes and Loans Payable, by Type, Current and Noncurrent [Abstract]

Notes And Other Receivables [Text Block]

The following table sets forth certain information regarding notes and other receivables (in millions):


	December 31, 2022		December 31, 2021
Installment notes receivable on manufactured homes, net	$	65.9	$	79.1
Notes receivable from real estate developers and operators	305.2		284.0
Other receivables, net	246.2		106.5
Total Notes and Other Receivables, net	$	617.3	$	469.6

Installment Notes Receivable on Manufactured Homes

Installment notes receivable are measured at fair value, using indicative pricing models from third party valuation specialists, in accordance with ASC Topic 820, "Fair Value Measurements and Disclosures." The balances of installment notes receivable of $65.9 million (net of fair value adjustment of $1.4 million) and $79.1 million (net of fair value adjustment of $0.6 million) as of December 31, 2022 and 2021, respectively, are secured by manufactured homes. The notes represent financing to purchasers of manufactured homes located in our communities and require monthly principal and interest payments. The notes had a net weighted average interest rate (net of servicing costs) and maturity of 7.6% and 13.8 years as of December 31, 2022, and 7.6% and 14.7 years as of December 31, 2021, respectively. Refer to Note 15, "Fair Value of Financial Instruments," for additional detail.

Notes Receivable from Real Estate Developers and Operators

Notes receivable from real estate developers and operators are measured at fair value, using indicative pricing models from third party valuation specialists, in accordance with ASC Topic 820, "Fair Value Measurements and Disclosures." As of December 31, 2022 and 2021, the notes receivable balances are comprised primarily of a loan provided to a real estate operator to finance its acquisition and development costs, and construction loans provided to real estate developers. The notes receivable from real estate developers and operators had a net weighted average interest rate and maturity of 13.1% and 0.8 years as of December 31, 2022, and 7.2% and 0.9 years as of December 31, 2021, respectively.

In February 2023, the maturity date on $217.6 million of notes receivable due in December 2022 was extended to May 31, 2023. Refer to Note 20, "Subsequent Events," for additional information regarding notes receivable activity after December 31, 2022.

As of December 31, 2022, real estate developers and operators collectively have $47.4 million of undrawn funds on their loans. There were no adjustments to the fair value of notes receivable from real estate developers and operators for the years ended December 31, 2022 and 2021. Refer to Note 15, "Fair Value of Financial Instruments," for additional information.

Other Receivables, net

Other receivables, net were comprised of amounts due from the following categories (in millions):


	December 31, 2022		December 31, 2021
Insurance receivables	$	78.5	$	9.0
MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net(1)	61.5		10.0
Marina customers for storage, service and lease payments, net(2)	40.0		29.3
Home sale proceeds	28.9		33.5
Other receivables(3)	37.3		24.7
Total Other Receivables, net	$	246.2	$	106.5

(1)Net of allowance of $5.9 million and $5.5 million as of December 31, 2022 and 2021, respectively.

(2)Net of allowance of $2.2 million and $1.5 million as of December 31, 2022 and 2021, respectively.

(3)Includes receivable from Rezplot Systems LLC, a nonconsolidated affiliate, in which we had 48.9% and 49.2% ownership interest as of December 31, 2022 and 2021, respectively. In June 2020, we made a convertible secured loan to Rezplot Systems LLC. The note allows for a principal amount of up to $10.0 million to be drawn down over a period of three years, bears an interest rate of 3.0% and is secured by all the assets of Rezplot Systems LLC. In January 2022, we made an additional loan to Rezplot Systems LLC that allows for a principal amount of up to $5.0 million to be drawn over a period of three years and bears an interest rate of 3.0%. The outstanding balances were $12.7 million and $10.2 million as of December 31, 2022 and 2021, respectively. Refer to Note 6, "Investments in Nonconsolidated Affiliates," for additional information on Rezplot Systems LLC.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets [Text Block]

Our intangible assets include goodwill, in-place leases, non-competition agreements, trademarks and trade names, customer relationships, franchise agreements and other intangible assets. These intangible assets are recorded in Goodwill and Other intangible assets, net on the Consolidated Balance Sheets.

Goodwill

The measurement periods for the valuation of assets acquired and liabilities assumed in a business combination end as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available but do not exceed 12 months. Adjustments in purchase price allocations may require a change in the amounts allocated to goodwill during the periods in which the adjustments are determined. These purchase accounting adjustments are presented under Other in the table below. Changes in the carrying amount of goodwill by reportable segment were as follows (in millions):


	December 31, 2020		Acquisitions(1)		Other(2)		December 31, 2021		Acquisitions(3)		Currency Translation Adjustment		Other(4)		December 31, 2022
Segment
MH	$	—	$	—	$	—	$	—	$	465.0	$	(36.7)	$	39.1	$	467.4
RV	—		—		—		—		9.5		—		—		9.5
Marina	428.8		36.8		29.8		495.4		41.5		—		4.6		541.5
Total	$	428.8	$	36.8	$	29.8	$	495.4	$	516.0	$	(36.7)	$	43.7	$	1,018.4	(5)

(1) During the year ended December 31, 2021, we recorded goodwill of $36.8 million in the Marina segment related to the acquisition of Emerald Coast and Cabrillo Isle, primarily attributed to enterprise value and the assembled workforce value associated with existing operations.

(2) During the year ended December 31, 2021, Adjustments in purchase price allocations resulted in goodwill increase of $29.8 million in the Marina segment, related to the acquisition of Safe Harbor marina.

(3) During the year ended December 31, 2022, we recorded goodwill of $465.0 million in the MH segment related to the acquisition of Park Holidays, primarily attributed to the acquired platform and assembled workforce value associated with the scale of Park Holidays' existing operations in the UK. Additionally, we recorded goodwill of $41.5 million in the Marina segment related to the acquisition of Jarrett Bay Boatworks and Montauk Yacht Club, primarily attributed to enterprise value and the assembled workforce value associated with existing operations, and $9.5 million in the RV segment related to the acquisition of Leisure Systems, Inc, primarily attributed to its licensing arrangements, ability to obtain new franchise relationships and assembled workforce.

(4) During the year ended December 31, 2022, adjustments in purchase price allocations resulted in goodwill increase of $39.1 million in the MH segment, related to the acquisition of Park Holidays.

(5) During the year ended December 31, 2022 and 2021, we recognized goodwill from acquisitions of $516.0 million and $36.8 million, respectively, which is expected to be deductible for tax purposes.

Other Intangible Assets, net

The gross carrying amounts and accumulated amortization of our intangible assets were as follows (in millions):


		December 31, 2022				December 31, 2021
Other Intangible Asset	Useful Life	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
In-place leases	2 months - 13 years	$	165.7	$	(135.4)	$	162.6	$	(120.8)
Non-competition agreements	5 years	10.5		(4.1)		10.0		(2.0)
Trademarks and trade names	3 - 15 years	81.2		(5.5)		5.8		(0.9)
Customer relationships	4 - 17 years	131.5		(24.7)		122.4		(12.3)
Franchise agreements and other intangible assets	1 - 27 years	48.3		(8.9)		31.1		(5.8)
Total finite-lived assets		$	437.2	$	(178.6)	$	331.9	$	(141.8)
Indefinite-lived assets - Trademarks and trade names	N/A	140.9		—		114.2		—
Indefinite-lived assets - Other	N/A	2.5		—		2.5		—
Total indefinite-lived assets		$	143.4	$	—	$	116.7	$	—
Total		$	580.6	$	(178.6)	$	448.6	$	(141.8)

Amortization expenses related to our Other intangible assets were as follows (in millions):


	Year Ended
Other Intangible Asset Amortization Expense	December 31, 2022		December 31, 2021		December 31, 2020
In-place leases	$	15.3	$	28.5	$	18.2
Non-competition agreements	2.1		2.0		—
Trademarks and trade names	4.5		0.9		—
Customer relationships	12.3		9.9		2.4
Franchise fees and other intangible assets	2.7		2.2		0.8
Total	$	36.9	$	43.5	$	21.4

We anticipate amortization expense for Other intangible assets to be as follows for the next five years (in millions):


	2023		2024		2025		2026		2027
In-place leases	$	10.6	$	7.1	$	6.2	$	3.5	$	2.0
Non-competition agreements	2.1		2.1		2.1		0.1		—
Trademarks and trade names	6.3		5.5		5.5		5.1		5.2
Customer relationships	12.7		12.7		12.7		12.2		12.2
Franchise agreements and other intangible assets	4.0		3.2		3.1		2.8		2.6
Total	$	35.7	$	30.6	$	29.6	$	23.7	$	22.0

Investment in Nonconsolidated Affiliates

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investment in Nonconsolidated Affiliates [Text Block]

Investments in joint ventures that are not consolidated, nor recorded at cost, are accounted for using the equity method of accounting as prescribed in FASB ASC Topic 323, "Investments - Equity Method and Joint Ventures." Investments in nonconsolidated affiliates are recorded within Other assets, net on the Consolidated Balance Sheets. Equity income and loss are recorded in the Income / (loss) from nonconsolidated affiliates line item on the Consolidated Statements of Operations.

RezPlot Systems LLC ("Rezplot")

At December 31, 2022 and December 31, 2021, we had a 48.9% and 49.2% ownership interest, respectively, in RezPlot, a RV reservation software technology company, which interest we acquired in January 2019.

Sungenia joint venture ("Sungenia JV")

At December 31, 2022 and December 31, 2021, we had a 50% ownership interest in Sungenia JV, a joint venture formed between us and Ingenia Communities Group in November 2018, to establish and grow a manufactured housing community development program in Australia.

GTSC LLC ("GTSC")

At December 31, 2022 and December 31, 2021, we had a 40% ownership interest in GTSC, which engages in acquiring, holding and selling loans secured, directly or indirectly, by manufactured homes located in our communities.

Origen Financial Services, LLC ("OFS")

At December 31, 2022 and December 31, 2021, we had no ownership interest and a 22.9% ownership interest, respectively, in OFS, an end-to-end online resident screening and document management suite. During the year ended December 31, 2022, we sold our ownership interest in OFS for $0.6 million. The gain from the sale was $0.3 million, which was recorded within Income from nonconsolidated affiliates on the Consolidated Statements of Operations.

SV Lift, LLC ("SV Lift")

At December 31, 2022 and December 31, 2021, we had a 50% ownership interest in SV Lift, which owns, operates and leases an aircraft.

The investment balance in each nonconsolidated affiliate is as follows (in millions):


	Year Ended
Investment	December 31, 2022		December 31, 2021
Investment in RezPlot	$	—	$	0.1
Investment in Sungenia JV	44.5		36.2
Investment in GTSC	54.5		35.7
Investment in OFS	—		0.2
Investment in SV Lift	2.3		2.9
Total	$	101.3	$	75.1

The income / (loss) from each nonconsolidated affiliate is as follows (in millions):


	Year Ended
Income / (Loss) from Nonconsolidated Affiliates	December 31, 2022		December 31, 2021		December 31, 2020
RezPlot equity loss	$	(4.7)	$	(2.9)	$	(1.9)
Sungenia JV equity income	2.2		1.8		0.3
GTSC equity income	5.9		6.1		3.9
OFS equity income	0.6		0.2		0.2
SV Lift equity loss	(1.1)		(1.2)		(0.8)
Total equity income	$	2.9	$	4.0	$	1.7

The change in the GTSC investment balance is as follows (in millions):


	Year Ended
	December 31, 2022		December 31, 2021
Beginning balance	$	35.7	$	25.5

Contributions	37.4		27.3
Distributions	(22.5)		(23.0)
Equity earnings	5.9		6.1
Fair value adjustment	(2.0)		(0.2)
Ending Balance	$	54.5	$	35.7

The change in the Sungenia JV investment balance is as follows (in millions):


	Year Ended
	December 31, 2022		December 31, 2021
Beginning balance	$	36.2	$	26.9
Cumulative translation adjustment	(3.0)		(1.5)
Contributions	9.1		9.0

Equity earnings	2.2		1.8

Ending Balance	$	44.5	$	36.2

Consolidated Variable Interest Entities

12 Months Ended

Dec. 31, 2022

Disclosure of Variable Interest Entities [Abstract]

Variable Interest Entities [Text Block]

The Operating Partnership

We consolidate the Operating Partnership under the guidance set forth in ASC 810 "Consolidation." We evaluated whether the Operating Partnership met the criteria for classification as a variable interest entity ("VIE") or, alternatively, as a voting interest entity and concluded that the Operating Partnership met the criteria of a VIE. Our significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership. We are the sole general partner and generally have the power to manage and have complete control over the Operating Partnership and the obligation to absorb its losses or the right to receive its benefits.

Other Consolidated VIEs

We consolidate Sun NG RV Resorts LLC ("Sun NG Resorts"), Sun NG Whitewater RV Resorts LLC, Sun NG Beaver Brook LLC, FPG Sun Menifee 80 LLC, Solar Energy Project LLC, Solar Energy Project CA II LLC, Solar Energy Project III LLC and FPG Sun Moreno Valley 66 LLC under the guidance set forth in ASC Topic 810 "Consolidation." We concluded that each entity is a VIE where we are the primary beneficiary, as we have the power to direct the significant activities of, and absorb the significant losses and receive the significant benefits from each entity. Refer to Note 8, "Debt and Line of Credit," and Note 9, "Equity and Temporary Equity," for additional information on Sun NG Resorts.

During the three months ended September 30, 2022, we acquired the noncontrolling equity interest held by third parties in a joint venture created for the purpose of acquiring land and constructing a marina in Fort Lauderdale, Florida ("SHM South Fork JV, LLC"). The transaction resulted in the Company owning a 100% ownership interest in the joint venture and we concluded that SHM South Fork JV, LLC was no longer a VIE. The acquisition was accounted for as an equity transaction in accordance with ASC Topic 810, "Consolidation," with the difference between the purchase price and the noncontrolling interest of $1.9 million recorded as a decrease to Additional Paid-in Capital on the Consolidated Balance Sheets.

During the three months ended June 30, 2022, we acquired the noncontrolling equity interest held by third parties in Rudgate Village SPE LLC, Rudgate Clinton SPE LLC and Rudgate Clinton Estates, LLC (collectively, "Rudgate"), an MH community, which resulted in the Company owning a 100% ownership interest in Rudgate. We concluded that Rudgate was no longer a VIE. The acquisition was accounted for as an equity transaction in accordance with ASC Topic 810, "Consolidation," with the difference between the purchase price and the acquired noncontrolling interest of $13.2 million recorded as an increase to Additional Paid-in Capital on the Consolidated Balance Sheets. Refer to Note 9, "Equity and Temporary Equity," for additional information.

The following table summarizes the assets and liabilities of our consolidated VIEs, with the exception of the Operating Partnership,

included in our Consolidated Balance Sheets after eliminations (in millions):


	December 31, 2022		December 31, 2021
Assets
Investment property, net	$	739.7	$	623.5
Cash, cash equivalents and restricted cash	14.1		13.6
Other intangible assets, net	13.0		13.4
Other assets, net	10.5		5.3
Total Assets	$	777.3	$	655.8

Liabilities and Other Equity
Secured debt	$	22.2	$	52.6
Unsecured debt	35.2		35.2
Advanced reservation deposits and rent	13.8		13.5
Accrued expenses and accounts payable	11.8		78.3
Other liabilities	1.4		2.2
Total Liabilities	84.4		181.8
Temporary equity	41.3		35.4
Noncontrolling interests	—		19.4
Total Liabilities and Other Equity	$	125.7	$	236.6

Total assets related to the consolidated VIEs, with the exception of the Operating Partnership, comprised 4.5% and 4.9% of our consolidated total assets at December 31, 2022 and 2021, respectively. Total liabilities comprised 0.9% and 2.8% of our consolidated total liabilities at December 31, 2022 and 2021, respectively. Equity Interests and Noncontrolling interests related to the consolidated VIEs, on an absolute basis, comprised less than 1.0% of our consolidated total equity at December 31, 2022 and 2021, respectively.

Debt And Lines Of Credit

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt and Line of Credit [Text Block]

The following table sets forth certain information regarding debt including premiums, discounts and deferred financing costs (in millions, except for statistical information):


	Carrying Amount				Weighted Average Years to Maturity		Weighted Average Interest Rates
	December 31, 2022		December 31, 2021		December 31, 2022	December 31, 2021	December 31, 2022		December 31, 2021







Secured Debt(1)	$	3,217.8	$	3,380.7	10.2	10.6	3.723	%	3.779	%
Unsecured Debt
Senior unsecured notes(2)	1,779.6		1,186.4		8.1	8.5	2.9	%	2.55	%

Line of credit and other debt(3)	2,130.6		1,034.8		2.8	3.5	4.417	%	0.978	%
Preferred equity - Sun NG Resorts - mandatorily redeemable	35.2		35.2		1.8	2.8	6.0	%	6.0	%
Preferred OP units - mandatorily redeemable	34.0		34.7		3.1	4.1	5.921	%	5.932	%
Total Unsecured Debt	3,979.4		2,291.1
Total Debt	$	7,197.2	$	5,671.8	7.4	8.8	3.746	%	3.038	%

(1)Balances at December 31, 2022 and 2021 include $0.1 million and $1.7 million of net debt premium, respectively, and $(14.6) million and $(14.7) million of deferred financing costs, respectively.

(2)Balances at December 31, 2022 and 2021 include $(6.1) million and $(3.3) million of net debt discount, respectively, and $(14.3) million and $(10.3) million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity.

(3)Balance at December 31, 2022 and 2021 includes $(3.0) million and $0 of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity.

Secured Debt

Secured debt consists of mortgage term loans. During the years ended December 31, 2022 and 2021, we paid off the following mortgage term loans during the quarters presented below (in millions, except for statistical information):


Period	Repayment Amount			Fixed Interest Rate		Maturity Date	Loss on Extinguishment of Debt
Three months ended September 30, 2022	$	318.0	(1)	4.81	%	December 6, 2022 - September 6, 2024	$	4.0
Three months ended June 30, 2022	$	15.8		3.89	%	October 1, 2022	$	—
Three months ended December 31, 2021	$	11.6	(2)	4.3	%	February 1, 2022	$	—

(1)Includes 17 mortgage term loans which were scheduled to mature from December 6, 2022 to September 6, 2024 that are secured by 35 properties.

(2)Includes two mortgage term loans which were scheduled to mature on February 1, 2022.

During the year ended December 31, 2022, we entered into the following mortgage term loans during the quarters presented below (in millions, except for statistical information). During the year ended December 31, 2021, we did not enter into any mortgage term loans.


Period	Loan Amount			Term (in years)	Interest Rate		Maturity Date
Three months ended December 31, 2022	$	226.0	(1)	4 - 7	4.5	%	June 15, 2026 - December 15, 2029
Three months ended September 30, 2022	$	20.6	(2)(4)	25	3.65	%	August 10, 2047
	$	3.4	(3)(4)	25	3.65	%	August 10, 2047

(1)Includes 18 existing encumbered properties. Refer to Note 20, "Subsequent Events," for information regarding additional mortgage term loans entered into subsequent to year end.

(2)Represents a construction loan (undrawn as of December 31, 2022).

(3)Represents mortgage term loan.

(4)Represents loans jointly secured by one property.

The mortgage term loans, which total $3.2 billion as of December 31, 2022, are secured by 154 properties comprised of 59,178 sites representing approximately $2.6 billion of net book value.

Unsecured Debt

Senior Unsecured Notes

In April 2022, the Operating Partnership issued $600.0 million of senior unsecured notes with an interest rate of 4.2% and a 10-year term, due April 15, 2032 (the "2032 Notes"). Interest on the 2032 Notes is payable semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2022. The net proceeds from the offering were $592.3 million after deducting underwriters' discounts and estimated offering expenses. We used the net proceeds from the offering to repay borrowings outstanding under our Senior Credit Facility (as defined below).

In October 2021, the Operating Partnership issued $450.0 million of senior unsecured notes with an interest rate of 2.3% and a seven-year term, due November 1, 2028 (the "2028 Notes"). Interest on the 2028 Notes is payable semi-annually in arrears on May 1 and November 1 of each year, beginning on May 1, 2022. The Operating Partnership also issued an additional $150.0 million of its 2031 Notes (as defined below). The net proceeds from both offerings were approximately $595.5 million after deducting underwriters' discounts and estimated offering expenses. The proceeds were used to pay down borrowings under our Senior Credit Facility.

In June 2021, the Operating Partnership issued $600.0 million of senior unsecured notes with an interest rate of 2.7% and a 10-year term, due July 15, 2031 (the "2031 Notes"). Interest on the 2031 Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2022. The net proceeds from the offering were approximately $592.4 million, after deducting underwriters' discounts and estimated offering expenses. The proceeds were used to pay down borrowings under our Senior Credit Facility.

The total outstanding principal balance of senior unsecured notes was $1.8 billion at December 31, 2022. This balance is recorded in the Unsecured debt line item on the Consolidated Balance Sheets.

Line of Credit

In April 2022, in connection with the closing of the Park Holidays acquisition, the Operating Partnership as borrower, and SUI, as guarantor, and certain lenders entered into Amendment No. 1 to the Fourth Amended and Restated Credit Agreement and Other Loan Documents (the "Credit Facility Amendment"), which amended our senior credit facility (the "Senior Credit Facility").

The Credit Facility Amendment increased the aggregate amount of our Senior Credit Facility to $4.2 billion with the ability to upsize the total borrowings by an additional $800.0 million, subject to certain conditions. The increased aggregate amount under the Senior Credit Facility consists of the following: (a) a revolving loan in an amount up to $3.05 billion and (b) a term loan facility of $1.15 billion, with the ability to draw funds from the combined facilities in U.S. dollars, Pounds sterling, Euros, Canadian dollars and Australian dollars, subject to certain limitations. The Credit Facility Amendment extended the maturity date of the revolving loan facility to April 7, 2026. At our option that maturity date may be extended two additional six-month periods. In addition, the Credit Facility Amendment established the maturity date of the term loan facility under the Credit Facility Amendment as April 7, 2025, which may not be further extended.

Prior to the Credit Facility Amendment, the Senior Credit Facility permitted aggregate borrowings of up to $2.0 billion, with an accordion feature that allowed for additional commitments of up to $1.0 billion, subject to the satisfaction of certain conditions. Prior to the amendment, $500.0 million of available borrowings under the Senior Credit Facility were scheduled to mature on October 11, 2024, with the remainder scheduled to mature on June 14, 2025. We had no loss on extinguishment of debt during the year ended December 31, 2022. During the year ended December 31, 2021, we recognized losses on extinguishment of debt in our Consolidated Statements of Operations of $0.1 million related to the amendment of the Senior Credit Facility, and $0.2 million and $7.9 million, related to the termination of our $750.0 million credit facility and the $1.8 billion credit facility between Safe Harbor and certain lenders, respectively.

The Senior Credit Facility bears interest at a floating rate based on Adjusted Term SOFR, the Adjusted Eurocurrency Rate, the Daily RFR, the Australian BBSY, the Daily SONIA Rate or the Canadian Dollar Offered Rate, as applicable, plus a margin, in all cases, which can range from 0.725% to 1.6%, subject to certain adjustments. As of December 31, 2022, the margins based on our credit ratings were 0.85% on the revolving loan facility and 0.95% on the term loan facility. During the year ended December 31, 2022, we achieved sustainability related requirements resulting in a favorable 0.01% adjustment to both margins.

At the lenders' option, the Senior Credit Facility will become immediately due and payable upon an event of default under the Credit Facility Agreement. We had $1.1 billion of borrowings outstanding under the revolving loan and $1.1 billion of borrowings outstanding under the term loan on the Senior Credit Facility as of December 31, 2022. We had $1.0 billion of revolving borrowings on our prior Senior Credit Facility as of December 31, 2021. These balances are recorded in Unsecured debt on the Consolidated Balance Sheets.

The Senior Credit Facility provides us with the ability to issue letters of credit. Our issuance of letters of credit does not increase our borrowings outstanding under the Senior Credit Facility, but does reduce the borrowing amount available. We had $2.3 million and $2.2 million of outstanding letters of credit at December 31, 2022 and 2021, respectively.

Bridge Loan Termination

In March 2022, we terminated our commitment letter with Citigroup Global Markets, Inc. ("Citigroup"), pursuant to which, Citigroup (on behalf of its affiliates), previously committed to lend us up to £950.0 million, or approximately $1.2 billion converted at the March 31, 2022 exchange rate (the "Bridge Loan"). As of the date of termination, we did not have any borrowings outstanding under the Bridge Loan. During the year ended December 31, 2022, we recognized a Loss on extinguishment of debt in our Consolidated Statement of Operations of $0.3 million related to the termination of the Bridge Loan.

Unsecured Term Loan

In October 2019, we assumed a $58.0 million secured term loan facility related to an acquisition. The term loan initially had a four-year term ending October 29, 2023, and bore interest at a floating rate based on the Eurodollar rate or Prime rate plus a margin ranging from 1.2% to 2.05%. Effective July 1, 2021, the agreement was amended to release the associated collateral. The amendment extended the term loan facility maturity date to October 29, 2025 and adjusted the interest rate margin to a range from 0.8% to 1.6%. In August 2022, we amended the secured term loan facility to transition from the Eurodollar rate to SOFR. As of December 31, 2022, the margin based on our credit rating was 0.95%. The outstanding balance was $19.8 million at December 31, 2022 and $31.6 million at December 31, 2021, respectively. In accordance with the amended agreement, we achieved sustainability related requirements resulting in a favorable 0.01% adjustment to the margins. These balances are recorded in Unsecured debt on the Consolidated Balance Sheets.

Preferred Equity - Sun NG Resorts - Mandatorily Redeemable

In connection with the investment in Sun NG Resorts in June 2018, $35.3 million of mandatorily redeemable Preferred Equity ("Preferred Equity - Sun NG Resorts") was purchased by unrelated third parties. The Preferred Equity - Sun NG Resorts carries a preferred rate of return of 6.0% per annum. The Preferred Equity - Sun NG Resorts has a seven-year term ending June 1, 2025 and can be redeemed in the fourth quarter of 2024 at the holders' option. The Preferred Equity - Sun NG Resorts as of December 31, 2022 was $35.2 million. This balance is recorded within the Unsecured debt line item on the Consolidated Balance Sheets. Refer to Note 7, "Consolidated Variable Interest Entities," and Note 9, "Equity and Temporary Equity," for additional information.

Preferred OP Units - Mandatorily Redeemable

Preferred OP units at December 31, 2022 and 2021 include $34.0 million and $34.7 million of Aspen preferred OP units issued by the Operating Partnership, respectively. As of December 31, 2022, these units are convertible indirectly into 403,306 shares of our common stock.

In January 2020, we amended the Operating Partnership's partnership agreement. The amendment extended the automatic redemption date and reduced the annual distribution rate for 270,000 of the Aspen preferred OP units (the "Extended Units"). Subject to certain limitations, at any time prior to January 1, 2024 (or prior to January 1, 2034 with respect to the Extended Units), the holder of each Aspen preferred OP unit at its option may convert such Aspen preferred OP unit into: (a) if the average closing price of our common stock for the preceding ten trading days is $68.00 per share or less, 0.397 common OP units; or (b) if the 10-day average closing price is greater than $68.00 per share, the number of common OP units is determined by dividing (i) the sum of (A) $27.00 plus (B) 25.0% of the amount by which the ten-day average closing price exceeds $68.00 per share, by (ii) the 10-day average closing price. The current preferred distribution rate is 3.8% on the Extended Units and 6.5% on all other Aspen preferred OP units. On January 2, 2024 (or January 2, 2034 with respect to the Extended Units), we are required to redeem for cash all Aspen preferred OP units that have not been converted to common OP units. As of December 31, 2022, 270,000 of the Extended Units and 988,819 other Aspen preferred units were outstanding. These balances are recorded within the Unsecured debt line item on the Consolidated Balance Sheets.

Covenants

The mortgage term loans, senior unsecured notes and Senior Credit Facility are subject to various financial and other covenants. The most restrictive covenants are pursuant to (a) the terms of the Senior Credit Facility, which contains a minimum fixed charge coverage ratio, maximum leverage ratio, distribution ratio and variable rate indebtedness, and (b) the terms of the senior unsecured notes, which contain a total debt to total assets ratio, secured debt to total assets ratio, consolidated income available for debt service to debt service ratio and unencumbered total asset value to unsecured debt covenants ratio. At December 31, 2022, we were in compliance with all covenants.

In addition, certain of our subsidiary borrowers own properties that secure loans. These subsidiaries are consolidated within our accompanying Consolidated Financial Statements, however, each of these subsidiaries' assets and credit are not available to satisfy our debts and other obligations, and any of our other subsidiaries or any other person or entity.

Long-term Debt Maturities

As of December 31, 2022, the total of maturities and amortization of our secured debt (excluding premiums and deferred financing costs) and unsecured debt (excluding discounts and deferred financing costs) by year were as follows (in millions):


	Maturities and Amortization By Year
	Total Due		2023		2024		2025		2026		2027		Thereafter
Secured Debt
Mortgage loans payable
Maturities	$	2,352.9	$	117.8	$	128.8	$	50.6	$	573.4	$	4.0	$	1,478.3
Principal amortization	879.4		55.6		56.4		54.2		46.2		40.5		626.5
Secured debt total	3,232.3		173.4		185.2		104.8		619.6		44.5		2,104.8
Unsecured Debt
Senior unsecured notes	1,800.0		—		—		—		—		—		1,800.0
Line of credit and other debt	2,133.6		10.0		9.8		1,058.6		1,055.2		—		—
Preferred equity - Sun NG Resorts - mandatorily redeemable	35.2		—		33.4		1.8		—		—		—
Preferred OP units - mandatorily redeemable	34.0		—		26.7		—		—		—		7.3
Total Unsecured Debt	4,002.8		10.0		69.9		1,060.4		1,055.2		—		1,807.3
Total Debt	$	7,235.1	$	183.4	$	255.1	$	1,165.2	$	1,674.8	$	44.5	$	3,912.1

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Equity and Temporary Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Equity and Temporary Equity [Text Block]

Temporary Equity

Redeemable Preferred OP Units

Temporary equity includes preferred securities that are redeemable for cash at the holder's option or upon the occurrence of an event that is not solely within our control based on a fixed or determinable price. These securities are not mandatorily redeemable for cash nor do they contain a fixed maturity date. The following table sets forth the various series of redeemable preferred OP units that were outstanding as of December 31, 2022 and 2021 and the related terms, and summarizes the balance included on our Consolidated Balance Sheets (in millions, except for statistical information):


Description	OP Units Outstanding	Exchange Rate(1)	Annual Distribution Rate(2)		Cash Redemption(3)	Redemption Period	December 31, 2022		December 31, 2021
Series D preferred OP units	488,958	0.8000	4.0	%	Holder's Option	Any time after earlier of January 31, 2024 or death of holder	$	48.1	$	49.0
Series F preferred OP units	90,000	0.6250	3.0	%	Holder's Option	Any time after earlier of May 14, 2025 or death of holder	8.7		8.8
Series G preferred OP units	240,710	0.6452	3.2	%	Holder's Option	Any time after earlier of September 30, 2025 or death of holder	24.4		24.8
Series H preferred OP units	581,367	0.6098	3.0	%	Holder's Option	Any time after earlier of October 30, 2025 or death of holder	56.7		57.4
Series I preferred OP units(4)	—	0.6098	3.0	%	Holder's Option	Any time after earlier of December 31, 2025 or death of holder	—		93.7
Series J preferred OP units	240,000	0.6061	2.85	%	Holder's Option	During the 30-day period following a change of control of the Company or any time after April 21, 2026	23.6		23.9
Total	1,641,035						$	161.5	$	257.6

(1) Exchange rates are subject to adjustment upon stock splits, recapitalizations and similar events. The exchange rates of certain series of OP units are approximated to four decimal places.

(2) Distributions are payable on the issue price of each OP unit which is $100.00 per unit for all these preferred OP units.

(3) The redemption price for each preferred OP unit redeemed will be equal to its issue price plus all accrued but unpaid distributions.

(4) All of our outstanding series I preferred OP units converted during the year ended December 31, 2022.

Redeemable Equity Interests

The following table summarizes the redeemable equity interests included in Temporary Equity on our Consolidated Balance Sheets (in millions):


Equity Interest	Description	December 31, 2022		December 31, 2021
FPG Sun Moreno Valley 66 LLC	In connection with the investment in land for future development in the city of Moreno Valley, California, at the property known as FPG Sun Moreno Valley 66 LLC	$	0.1	$	0.1
Solar Energy Project CA II LLC	A joint venture that operates and maintains solar energy equipment in select California communities	4.2		0.5
Solar Energy Project LLC	A joint venture that operates and maintains solar energy equipment in select California communities	1.9		1.6
Solar Energy Project III LLC	A joint venture that operates and maintains solar energy equipment in select Arizona and California communities	0.3		—
FPG Sun Menifee 80 LLC	In connection with the investment in land for future development in the city of Menifee in California, at the property known as FPG Sun Menifee 80 LLC	0.1		0.1
NG Sun Whitewater LLC	In connection with the investment in land at the property known as Whitewater	3.2		4.3
NG Sun LLC	In connection with the investment in Sun NG Resorts, a joint venture that operates a portfolio of RV communities in the U.S.	31.1		24.7
NG Sun Beaver Brook LLC	In connection with the investment in Sun NG Beaver Brook LLC, a joint venture that operates one RV communities in the U.S.	0.5		—
Total		$	41.4	$	31.3

Equity Interest - NG Sun LLC - In June 2018, in connection with the investment in Sun NG Resorts, unrelated third parties purchased $6.5 million of Series B preferred equity interests and $15.4 million of common equity interests in Sun NG Resorts (herein jointly referred to as "Equity Interest - NG Sun LLC"). In April and September 2020, in connection with certain acquisitions, $3.0 million of Series B preferred equity interests were converted to common equity interests. The Series B preferred equity interests carry a preferred return at a rate that, at any time, is equal to the interest rate on Sun NG Resorts' indebtedness at such time. The current rate of return is 5.0%. The Equity Interest - NG Sun LLC does not have a fixed maturity date and can be redeemed in the fourth quarters of 2024, 2025 or 2026 at the holders' option. Sun NG LLC, our subsidiary, has the right during certain periods each year, with or without cause, or for cause at any time, to elect to buy NG Sun LLC's interest. During a limited period in 2024, NG Sun LLC has the right to put its interest to Sun NG LLC. If either party exercises its option, the property management agreement will be terminated, and we are required to purchase the remaining interests of NG Sun LLC and the property management agreement at fair value. In December 2021, the operating agreement was amended and we paid Sun NG Resorts a contingent consideration earnout in the amount of $38.3 million. The contingent consideration payment was recognized as an additional purchase price payment within Land improvements and buildings in the Consolidated Balance Sheets, and within Acquisition of properties, net of cash acquired in the Consolidated Statement of Cash Flows. The Equity Interest - NG Sun LLC balance was $31.1 million and $24.7 million as of December 31, 2022 and 2021, respectively. Refer to Note 7, "Consolidated Variable Interest Entities," and Note 8, "Debt and Line of Credit," for additional information.

Equity Interest - Solar Energy Project III LLC - In November 2022, as the managing member, we entered into a joint venture with SC CA Investor II, LLC to operate and maintain solar energy equipment in select Arizona and California communities. SC CA Investor II, LLC will make an equity contribution of $2.5 million (referred to as "Equity Interest - Solar Energy Project III LLC"), and we will make an equity contribution of $5.8 million. Per the contractual terms of the arrangement, SC CA Investor II, LLC can elect to have us purchase its interest for an agreed upon exercise price at any time after the last day of the 60th full calendar month following the placed in-service date. Terms of the agreement are dependent on final project costs. The Equity Interest - Solar Energy Project III LLC balance was $0.3 million as of December 31, 2022. Refer to Note 7, "Consolidated Variable Interest Entities," for additional information.

Permanent Equity

Universal Shelf Registration Statement

In April 2021, we filed a new universal shelf registration statement on Form S-3 with the SEC. The shelf registration statement was deemed automatically effective and provides for the registration of unspecified amounts of equity and debt securities. We have the authority to issue 200,000,000 shares of capital stock, of which 180,000,000 shares are common stock and 20,000,000 are shares of preferred stock, par value $0.01 per share. As of December 31, 2022, we had 124,044,803 shares of common stock issued and outstanding and no shares of preferred stock were issued and outstanding.

Public Equity Offerings

In November 2021, we entered into two forward sale agreements relating to an underwritten registered public offering of 4,025,000 shares of our common stock at a public offering price of $185.00 per share and completed the offering on November 18, 2021 (the "November 2021 Forward Sale Agreements"). We did not initially receive any proceeds from the sale of shares of our common stock by the forward purchaser or its affiliates. In April 2022, we completed the physical settlement of the 4,025,000 shares of common stock and received aggregate net proceeds of $705.4 million. We used the net proceeds to repay borrowings outstanding under our Senior Credit Facility, and for working capital and general corporate purposes.

In March 2021, we priced a $1.1 billion underwritten public offering of an aggregate of 8,050,000 shares at a public offering price of $140.00 per share, before underwriting discounts and commissions. The offering consisted of 4,000,000 shares offered directly by us and 4,050,000 shares offered under a forward equity sales agreement. We sold the 4,000,000 shares on March 9, 2021 and received net proceeds of $537.6 million after deducting expenses related to the offering. In May and June 2021, we completed the physical settlement of the remaining 4,050,000 shares and received net proceeds of $539.7 million after deducting expenses related to the offering. Proceeds from the offering were used to acquire assets and pay down borrowings under our revolving line of credit.

At the Market Offering Sales Agreement

In December 2021, we entered into an At the Market Offering Sales Agreement with certain sales agents and forward sellers pursuant to which we may sell, from time to time, up to an aggregate gross sales price of $1.25 billion of our common stock (the "Sales Agreement"), through the sales agents, acting as our sales agents or, if applicable, as forward sellers, or directly to the sales agents as principals for their own accounts. The sales agents and forward sellers are entitled to compensation in an agreed amount not to exceed 2.0% of the gross price per share for any shares sold under the Sales Agreement. We simultaneously terminated our prior sales agreement upon entering into the Sales Agreement. Through December 2022, we had entered into forward sales agreements under our Sales Agreement for an aggregate gross sales price of $160.6 million.

During the three months ended September 30, 2022, we entered into forward sale agreements with respect to 15,000 shares of common stock under our Sales Agreement for $2.6 million. Additionally, we settled all of our outstanding forward sale agreements with respect to 1,526,212 shares of common stock which includes 620,109; 600,503; 290,600; and 15,000 shares of common stock from the three months ended December 31, 2021, March 31, June 30 and September 30, 2022 forward sale agreements, respectively. The net proceeds of $275.5 million from the settlement of these forward sale agreements were used to repay borrowings outstanding under our Senior Credit Facility.

During the three months ended June 30, 2022, we completed the physical settlement of 1,200,000 shares of common stock under our prior at the market offering program and received net proceeds of $229.5 million. Additionally, we entered into forward sales agreements with respect 290,600 shares of common stock for $50.1 million, under our Sales Agreement. These forward sale agreements were settled during the three months ended September 30, 2022.

During the three months ended March 31, 2022, we entered into forward sales agreements with respect to 600,503 shares of common stock for $107.9 million, under our Sales Agreement. These forward sale agreements were settled during the three months ended September 30, 2022.

During the year ended December 31, 2021, we entered into forward sale agreements with respect to 1,820,109 shares of common stock under our prior at the market offering program for $356.5 million. We completed the physical settlement of 1,200,000 and 620,109 shares of common stock during the three months ended June 30, 2022 and September 30, 2022, respectively.

Issuances of Common Stock and OP Units in Connection with the Acquisition of Certain Properties

Issuances of Common Stock

In April 2022, we issued 186,044 shares of common stock with a value of $33.9 million in connection with the acquisition of Park Holidays.

Issuances of Common OP Units

Year Ended December 31, 2022 and 2021

Common OP Units Issued

Related Acquisition

May 2022

10,854

(1)

Rudgate

May 2022

5,605

Kittery Point

February 2022

14,683

Jarrett Bay Boatworks

December 2021

17,707

Haas Lake RV Campground

(1)During the three months ended June 30, 2022, we acquired the noncontrolling equity interest held by third parties in Rudgate for a total purchase price of $3.1 million. As consideration, we issued 10,854 common OP units and paid the remainder of the purchase price in cash. The acquisition resulted in the Company owning a 100% controlling interest in Rudgate. Refer to Note 7, "Consolidated Variable Interest Entities," for additional information.

Issuances of Preferred OP Units

Issuance of Series E Preferred OP Units - In January 2020, we issued 90,000 Series E preferred OP units in connection with the acquisition of Sun Outdoors Cape Cod. The Series E preferred OP units have a stated issuance price of $100.00 per OP unit and carry a preferred return of 5.25% until the second anniversary of the issuance date. Commencing with the second anniversary of the issuance date, the Series E preferred OP units carry a preferred return of 5.5%. Commencing with the first anniversary of the issuance date, subject to certain limitations, each Series E preferred OP unit can be exchanged for our common stock equal to the quotient obtained by dividing $100.00 by $145.00 (as such ratio is subject to adjustments for certain capital events). As of December 31, 2022, 80,000 Series E preferred OP units were outstanding.

Conversions

Conversions to Common Stock - Subject to certain limitations, holders can convert certain series of OP units to shares of our common stock at any time. Below is the activity of conversions during the years ended December 31, 2022 and 2021:


		Year Ended
		December 31, 2022		December 31, 2021
Series	Conversion Rate	Units / Shares Converted	Common Stock(1)	Units / Shares Converted	Common Stock(1)
Aspen preferred OP units	Various(2)	25,000	8,007	—	—
Common OP units	1.0000	150,393	150,393	86,364	86,364
Series A-1 preferred OP units	2.4390	67,476	164,566	19,710	48,067


Series C preferred OP units	1.1100	150	166	140	155
Series E preferred OP units	0.6897	10,000	6,896	—	—
Series H preferred OP units	0.6098	40	24	—	—
Series I preferred OP units	0.6098	922,000	562,195	—	—

(1)Calculation may yield minor differences due to rounding incorporated in the above numbers.

(2)Refer to Note 8, "Debt and Line of Credit," for additional detail on Aspen preferred OP unit conversions.

Distributions

Distributions declared for the three months ended December 31, 2022 were as follows:

Common Stock, Common OP units and Restricted Stock Distributions

Record Date

Payment Date

Distribution Per Share

Total Distribution
(in Millions)

December 31, 2022

12/30/2022

1/17/2023

0.88

111.3

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Share-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-Based Compensation [Text Block]

As of December 31, 2022, we had two share-based compensation plans: the Sun Communities, Inc. 2015 Equity Incentive Plan (as amended, the "2015 Equity Incentive Plan") and the First Amended and Restated 2004 Non-Employee Director Option Plan (as amended, the "2004 Non-Employee Director Option Plan"). We believe granting equity awards will provide certain executives, key employees and directors additional incentives to promote our financial success and promote employee and director retention by providing an opportunity to acquire or increase the direct proprietary interest of those individuals in our operations and future. Time based awards for directors generally vest over three years. Time based awards for key employees and executives generally vest over five years. Market condition awards for executives generally vest after three years.

Restricted Stock

The majority of our share-based compensation is awarded as service vesting restricted stock grants to executives and key employees. We have also awarded restricted stock to our non-employee directors. We measure the fair value associated with these awards using the closing price of our common stock as of the grant date to calculate compensation cost. Employee awards typically vest over several years and are subject to continued employment by the employee. Award recipients receive distribution payments on unvested shares of restricted stock.

First Amendment to the 2015 Equity Incentive Plan

At our 2022 Annual Meeting on May 17, 2022, our shareholders approved the First Amendment to the 2015 Equity Incentive Plan. This amendment increased the number of shares of common stock that may be issued under the 2015 Equity Incentive Plan to 4,750,000. As of December 31, 2022, there were 3,124,561 shares available for future issuance.

UK Sub-Plan

In April 2022, the Board of Directors adopted the UK Sub-Plan under the 2015 Equity Incentive Plan, which is solely applicable to employee participants located in the UK, and establishes certain rules and limitations for participation in the 2015 Equity Incentive Plan by UK employees for the purpose of complying with applicable UK laws.

Non-Employee Director Plans

2021 Non-Employee Directors Deferred Compensation Plan - In November 2021, we adopted the 2021 Non-Employee Directors Deferred Compensation Plan ("2021 Deferred Compensation Plan"). The 2021 Deferred Compensation Plan entitles a non-employee director to annually submit an election to defer all or a portion of his or her eligible share-based and cash compensation, effective starting January 2022.

2004 Non-Employee Director Option Plan - The director option plan was approved by our shareholders at the Annual Meeting of Shareholders held on July 19, 2012. The director option plan amended and restated in its entirety our 2004 Non-Employee Director Stock Option Plan. At the Annual Meeting of the Shareholders held on May 17, 2018, the shareholders approved the First Amendment to the Sun Communities, Inc. First Amended and Restated 2004 Non-Employee Director Option Plan to increase the number of authorized shares under the plan by 200,000 shares.

The types of awards that may be granted under the director option plan are options, restricted stock and OP units. Only non-employee directors are eligible to participate in the director option plan. The maximum number of options, restricted stock and OP units that may be issued under the director option plan is 375,000 shares. As of December 31, 2022, 157,965 shares remained available for future issuance.

During the years ended December 31, 2022 and 2021, shares were granted as follows:


Grant Period	Type	Plan	Shares Granted	Grant Date Fair Value Per Share			Vesting Type
2022	Key Employees	2015 Equity Incentive Plan	203,210	$	179.23	(1)	Time Based
2022	Executive Officers	2015 Equity Incentive Plan	66,000	$	178.20	(1)	Time Based
2022	Executive Officers	2015 Equity Incentive Plan	91,500	$	124.88	(2)	Market Condition(3)
2022	Directors	2004 Non-Employee Director Option Plan	11,900	$	197.00	(1)	Time Based
2021	Key Employees	2015 Equity Incentive Plan	93,910	$	147.98	(1)	Time Based
2021	Executive Officers	2015 Equity Incentive Plan	83,888	$	157.79	(1)	Time Based
2021	Executive Officers	2015 Equity Incentive Plan	101,100	$	93.41	(2)	Market Condition(3)
2021	Directors	2004 Non-Employee Director Option Plan	11,709	$	148.28	(1)	Time Based

(1)Represents the weighted average fair value per share of the closing price of our common stock on the dates the shares were awarded.

(2)Represents the weighted average fair value per share of the Monte Carlo simulation fair value price of our market condition awards on the dates the shares were awarded.

(3)Share-based compensation for restricted stock awards with market conditions is measured based on an estimate of shares expected to vest using a Monte Carlo simulation to determine fair value.

The following table summarizes our restricted stock activity for the years ended December 31, 2022, 2021 and 2020 (in millions, except share and per share data):


	Number of Shares	Weighted Average Grant Date Fair Value		Fair Value of Shares Vested
Unvested restricted shares at January 1, 2020	813,041	$	83.10
Granted	261,731	$	144.89
Vested	(258,280)	$	73.47	$	19.0
Forfeited	(5,678)	$	111.04
Unvested restricted shares at December 31, 2020	810,814	$	105.92
Granted	290,607	$	131.84
Vested	(305,747)	$	91.06	$	27.8
Forfeited	(7,654)	$	113.02
Unvested restricted shares at December 31, 2021	788,020	$	121.18
Granted	372,610	$	166.27
Vested	(278,359)	$	106.98	$	29.8
Forfeited	(27,504)	$	157.11
Unvested restricted shares at December 31, 2022	854,767	$	144.19

Stock based compensation expense for restricted stock reported in General and Administrative Expenses in the accompanying Consolidated Statements of Operations was $37.6 million, $28.0 million and $22.7 million for the years ended December 31, 2022, 2021 and 2020.

The remaining unrecognized share-based compensation cost, net related to our unvested restricted shares, which includes estimated forfeitures, as of December 31, 2022 was approximately $81.6 million and is expected to be recognized over a weighted average period of 1.7 years. Forfeitures are estimated at the grant date and are included monthly within compensation cost. The following table summarizes our expected share-based compensation cost, net related to our unvested restricted shares, in millions:


	2023		2024		2025		Thereafter
Expected share-based compensation costs, net	$	31.6	$	23.5	$	14.9	$	11.6

Segment Reporting

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Reporting [Text Block]

We group our segments into reportable segments that provide similar products and services. Each operating segment has discrete financial information evaluated regularly by our chief operating decision maker in managing the business, making operating decisions, allocating resources and evaluating operating performance. As described in Note 1, "Significant Accounting Policies," our three reportable segments are: (i) MH communities, (ii) RV communities and (iii) Marinas. Hybrid properties are classified to a segment based on the predominant site counts at the properties. We evaluate segment operating performance based on NOI.

A presentation of our segment financial information is summarized as follows (amounts in millions):


	Year Ended
	December 31, 2022								December 31, 2021								December 31, 2020
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Operating revenues	$	1,422.8	$	689.9	$	786.9	$	2,899.6	$	1,059.7	$	606.4	$	564.1	$	2,230.2	$	902.3	$	421.1	$	47.6	$	1,371.0
Operating expenses / Cost of sales	661.1		359.6		498.4		1,519.1		438.7		318.8		351.8		1,109.3		362.6		221.2		30.1		613.9
NOI	$	761.7	$	330.3	$	288.5	$	1,380.5	$	621.0	$	287.6	$	212.3	$	1,120.9	$	539.7	$	199.9	$	17.5	$	757.1
Adjustments to arrive at net income
Interest income							35.2								12.2								10.1
Brokerage commissions and other revenues, net							34.9								30.2								17.2

General and administrative expense							(256.8)								(181.3)								(109.5)
Catastrophic event-related charges, net							(17.5)								(2.2)								(0.9)
Business combination expense, net							(24.7)								(1.4)								(23.0)
Depreciation and amortization							(604.8)								(522.7)								(376.9)
Loss on extinguishment of debt (see Note 8)							(4.4)								(8.1)								(5.2)
Interest expense							(229.8)								(158.6)								(129.1)
Interest on mandatorily redeemable preferred OP units / equity							(4.2)								(4.2)								(4.2)
Gain / (loss) on remeasurement of marketable securities							(53.4)								33.5								6.1
Gain / (loss) on foreign currency exchanges							5.4								(3.7)								7.7
Gain on dispositions of properties							12.2								108.1								5.6
Other expense, net							(2.1)								(12.1)								(5.2)
Gain / (loss) on remeasurement of notes receivable							(0.8)								0.7								(3.3)
Income from nonconsolidated affiliates (see Note 6)							2.9								4.0								1.7
Loss on remeasurement of investment in nonconsolidated affiliates							(2.7)								(0.2)								(1.6)
Current tax expense (see Note 12)							(10.3)								(1.2)								(0.8)
Deferred tax benefit / (expense) (see Note 12)							4.2								(0.1)								1.6
Net Income							263.8								413.8								147.4
Less: Preferred return to preferred OP units / equity interests							11.0								12.1								6.9
Less: Income attributable to noncontrolling interests							10.8								21.5								8.9



Net Income Attributable to SUI Common Shareholders							$	242.0							$	380.2							$	131.6


	December 31, 2022								December 31, 2021
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Identifiable Assets
Investment property, net	$	7,181.7	$	3,744.3	$	3,045.0	$	13,971.0	$	5,172.2	$	3,639.0	$	2,614.3	$	11,425.5
Cash, cash equivalents and restricted cash	49.4		30.3		10.7		90.4		36.7		19.9		21.6		78.2
Marketable securities	82.4		44.9		—		127.3		121.0		65.9		—		186.9
Inventory of manufactured homes	189.1		13.6		—		202.7		44.3		6.8		—		51.1
Notes and other receivables, net	475.2		96.5		45.6		617.3		374.2		55.5		39.9		469.6
Goodwill	467.4		9.5		541.5		1,018.4		—		—		495.4		495.4
Other intangible assets, net	97.9		32.6		271.5		402.0		27.4		22.7		256.7		306.8
Other assets, net	356.1		63.0		236.0		655.1		198.0		63.6		219.0		480.6
Total Assets	$	8,899.2	$	4,034.7	$	4,150.3	$	17,084.2	$	5,973.8	$	3,873.4	$	3,646.9	$	13,494.1

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes [Text Block]

We have elected to be taxed as a REIT pursuant to Section 856(c) of the Internal Revenue Code of 1986, as amended ("Code"). In order for us to qualify as a REIT, at least 95.0% of our gross income in any year must be derived from qualifying sources. In addition, a REIT must distribute annually at least 90.0% of its REIT taxable income (calculated without any deduction for dividends paid and excluding capital gain) to its shareholders and meet other tests.

Qualification as a REIT involves the satisfaction of numerous requirements (on an annual and quarterly basis) established under highly technical and complex Code provisions for which there are limited judicial or administrative interpretations and involves the determination of various factual matters and circumstances not entirely within our control. In addition, frequent changes occur in the area of REIT taxation, which requires us to continually monitor our tax status. We analyzed the various REIT tests and confirmed that we continued to qualify as a REIT for the year ended December 31, 2022.

As a REIT, we generally will not be subject to U.S. federal income taxes at the corporate level on the ordinary taxable income we distribute to our shareholders as dividends. If we fail to qualify as a REIT in any taxable year, our taxable income could be subject to U.S. federal income tax at regular corporate rates. Even if we qualify as a REIT, we may be subject to certain state and local income taxes, as well as U.S. federal income and excise taxes on our undistributed income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state and local income taxes. We are also subject to local income taxes in Canada, Puerto Rico and the UK due to certain properties located in those jurisdictions. We do not provide for withholding taxes on our undistributed earnings from our Canadian subsidiaries as they are reinvested and will continue to be reinvested indefinitely outside of the U.S. However, we are subject to Australian withholding taxes on distributions from our investment in Ingenia Communities Group. As currently structured, we are not subject to UK withholding taxes on distributions from our UK properties.

For income tax purposes, distributions paid to common shareholders consist of ordinary income, capital gains, and return of capital. For the years ended December 31, 2022, 2021 and 2020, distributions paid per share were taxable as follows (unaudited / rounded):


	Year Ended

	December 31, 2022				December 31, 2021				December 31, 2020
	Amount		Percentage		Amount		Percentage		Amount		Percentage
Ordinary income(1)	$	2.55	73.62	%	$	2.31	70.47	%	$	2.14	68.54	%
Capital gain	—		—	%	—		—	%	0.06		1.92	%
Return of capital	0.92		26.38	%	0.97		29.53	%	0.92		29.54	%
Total distributions declared	$	3.47	100.00	%	$	3.28	100.00	%	$	3.12	100.00	%

(1)98.9356% of the ordinary taxable dividend qualifies as a Section 199A dividend for 2022 and 1.0644% of the ordinary taxable dividend qualifies as a Qualified Dividend for 2022.

The components of our provision / (benefit) for income taxes attributable to continuing operations for the years ended December 31, 2022, 2021 and 2020 are as follows (amounts in millions):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Federal
Current	$	—	$	—	$	(0.8)
Deferred	—		—		(0.6)
State and Local
Current	2.3		1.1		1.5
Deferred	—		(0.1)		—
Foreign
Current	8.0		0.1		0.1
Deferred	(4.2)		0.2		(1.0)
Total provision / (benefit)	$	6.1	$	1.3	$	(0.8)

A reconciliation of the provision / (benefit) for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the years ended December 31, 2022, 2021 and 2020 is as follows (amounts in millions):


	Year Ended
	December 31, 2022				December 31, 2021				December 31, 2020
Pre-tax income / (loss) attributable to taxable subsidiaries	$	11.4			$	(5.2)			$	8.4

Federal provision / (benefit) at statutory tax rate	2.4		21.0	%	(1.1)		21.0	%	(1.8)		21.0	%
State and local taxes, net of federal benefit	0.7		6.5	%	0.2		(3.8)	%	0.7		(8.6)	%

Rate differential	(0.4)		(3.5)	%	0.1		(2.7)	%	(0.2)		2.8	%
Change in valuation allowance	2.8		24.5	%	3.4		(65.0)	%	1.3		(15.8)	%

Others	(1.0)		(8.5)	%	(2.1)		39.8	%	(1.6)		19.5	%
Tax provision / (benefit) - taxable subsidiaries	4.5		40.0	%	0.5		(10.7)	%	(1.6)		18.9	%
Other state taxes - flow through subsidiaries	1.6				0.8				0.8
Total provision / (benefit)	$	6.1			$	1.3			$	(0.8)

Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the basis of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced, if necessary, by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence. Our temporary differences primarily relate to net operating loss carryforwards, and depreciation and basis differences between tax and GAAP. Our deferred tax assets that have a full valuation allowance relate to our taxable REIT subsidiaries.

The deferred tax assets and liabilities included in the Consolidated Balance Sheets are comprised of the following tax effects of temporary differences and based on the most recent tax rate legislation (amounts in millions):


	As of
	December 31, 2022		December 31, 2021		December 31, 2020
Deferred Tax Assets
NOL carryforwards	$	25.9	$	26.2	$	19.5
Depreciation and basis differences	26.0		23.7		32.9
Restricted interest carryforwards	25.2		—		—
Other	4.9		0.1		(0.6)
Gross deferred tax assets	82.0		50.0		51.8
Valuation allowance	(49.8)		(47.0)		(44.0)
Net deferred tax assets(1)	32.2		3.0		7.8

Deferred Tax Liabilities
Basis differences - US assets	—		(1.2)		(5.7)
Basis differences - foreign investment(2)	(340.8)		(22.5)		(22.7)
Gross deferred tax liabilities(3)	(340.8)		(23.7)		(28.4)

Net Deferred Tax Liability	$	(308.6)	$	(20.7)	$	(20.6)

(1)Net deferred tax assets are included within Other assets, net in our Consolidated Balance Sheets.

(2)Balance as of December 31, 2022 relates to basis differences in our foreign investments in properties in the UK and Canada.

(3)Gross deferred tax liabilities are included within Other liabilities in our Consolidated Balance Sheets.

Our U.S. taxable REIT subsidiaries operating loss carryforwards are $120.8 million, or $25.1 million after tax, including SHS loss carryforwards of $118.2 million, or $24.8 million after tax, as of December 31, 2022. The loss carryforwards will begin to expire in 2023 through 2035 if not offset by future taxable income. In addition, our Canadian subsidiaries have operating loss carryforwards of $3.1 million, or $0.8 million after tax, as of December 31, 2022. The loss carryforwards will begin to expire in 2036 through 2040 if not offset by future taxable income.

We had no unrecognized tax benefits as of December 31, 2022 and 2021. We expect no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2022.

We classify certain state taxes as income taxes for financial reporting purposes. We recorded a provision for state income taxes of $2.3 million for the year ended December 31, 2022, $1.1 million for the year ended December 31, 2021, and $1.5 million for the year ended December 31, 2020.

Our policy is to report income tax penalties and income tax related interest expense as a component of income tax expense. No interest or penalty associated with any unrecognized income tax provision or benefit was accrued, nor was any income tax related interest or penalty recognized during the years ended December 31, 2022, 2021 and 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Earnings per share ("EPS") is computed by dividing net income by the weighted average number of common shares outstanding during the period on a basic and diluted basis. We calculate diluted EPS using the more dilutive of the treasury stock method and the two-class method for stock option and restricted common shares, the treasury stock method for forward equity sales and the if converted method for convertible units.

From time to time, we enter into forward equity sales agreements, which are discussed in Note 9, "Equity and Temporary Equity." We considered the potential dilution resulting from the forward equity sales agreements on the EPS calculations. At inception, the agreements do not have an effect on the computation of basic EPS as no shares are delivered unless there is a physical settlement. Common shares issued upon the physical settlement of the forward equity sales agreements, weighted for the period these common shares are outstanding, are included in the denominator of basic EPS. To determine the dilution resulting from the forward equity sales agreements during the period of time prior to settlement, we calculate the number of weighted-average shares outstanding - diluted in accordance with the treasury stock method.

Our potentially dilutive securities include our potential common shares related to our forward equity offerings, our unvested restricted common shares, and our Operating Partnership outstanding common OP units, Series A-1 preferred OP units, Series A-3 preferred OP units, Series C preferred OP units, Series D preferred OP units, Series E preferred OP units, Series F preferred OP units, Series G preferred OP units, Series H preferred OP units, Series J preferred OP units and Aspen preferred OP Units, which, if converted or exercised, may impact dilution.

Diluted EPS considers the impact of potentially dilutive securities except when the potential common shares have an anti-dilutive effect. Our unvested restricted stock common shares contain rights to receive non-forfeitable distributions and participate equally with common stock with respect to distributions issued or declared, and thus, are participating securities, requiring the two-class method of computing EPS. In calculating the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average number of shares outstanding during the period. The two-class method determines EPS by (1) dividing the sum of distributed earnings allocated to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of shares of common stock outstanding for the period; and (2) dividing the sum of distributed earnings allocated to participating securities and undistributed earnings allocated to participating securities by the weighted average number of shares of participating securities for the period. The remaining potential dilutive common shares do not contain rights to distributions and are included in the computation of diluted EPS.

Computations of basic and diluted EPS were as follows (in millions, except per share data):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Numerator
Net Income Attributable to SUI Common Shareholders	$	242.0	$	380.2	$	131.6
Less: allocation to restricted stock awards	1.4		2.4		0.8
Basic earnings - Net Income attributable to common shareholders after allocation to restricted stock awards	$	240.6	$	377.8	$	130.8
Add: allocation to common and preferred OP units dilutive effect	4.7		8.6		—
Add: allocation to restricted stock awards	—		—		—
Diluted earnings - Net income attributable to common shareholders after allocation to common and preferred OP units(1)	$	245.3	$	386.4	$	130.8


Denominator
Weighted average common shares outstanding	$	120.2	$	112.6	$	97.5
Add: common shares dilutive effect: Forward Equity Offering	0.2		—		—

Add: dilutive restricted stock	—		—		—
Add: common and preferred OP units dilutive effect	2.5		2.5		—
Diluted weighted average common shares and securities(1)	$	122.9	$	115.1	$	97.5

EPS Available to Common Shareholders After Allocation
Basic EPS	$	2.00	$	3.36	$	1.34
Diluted EPS(1)	$	2.00	$	3.36	$	1.34

(1) For the years ended December 31, 2022, 2021 and 2020, diluted earnings per share was calculated using the two-class method for restricted stock awards as the application of this method resulted in a more diluted earnings per share during those periods.

We have excluded certain convertible securities from the computation of diluted EPS because the inclusion of those securities would have been anti-dilutive for the periods presented. The following table presents the outstanding securities that were excluded from the computation of diluted EPS as of December 31, 2022, 2021 and 2020 (amounts in thousands):


	Year Ended
	December 31, 2022	December 31, 2021	December 31, 2020
Common OP units	—	—	2,607

A-1 preferred OP units	208	275	295
A-3 preferred OP units	40	40	40
Aspen preferred OP units	1,259	1,284	1,284

Series C preferred OP units	306	306	306
Series D preferred OP units	489	489	489
Series E preferred OP units	80	90	90
Series F preferred OP units	90	90	90
Series G preferred OP units	241	241	241
Series H preferred OP units	581	581	581
Series I preferred OP units	—	922	922
Series J preferred OP units	240	240	—
Total Securities	3,534	4,558	6,945

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments [Text Block]

We hold treasury rate lock contracts, interest rate swaps, and forward swaps for interest rate risk management purposes. We do not enter into derivative instruments for speculative purposes.

During the three months ended June 30, 2022, in connection with the 2032 Notes issuance, we settled four 10-year treasury rate lock contracts totaling $600.0 million and received a settlement payment of $35.3 million. As of the settlement date, the net accumulated gain included in AOCI is being reclassified into earnings as a reduction to interest expense on a straight-line basis over the 10-year term of the hedged transaction.

During the year ended December 31, 2022, we entered into two treasury rate lock contracts and one forward swap contract with an aggregate notional value of $250.0 million to hedge interest rate risk associated with the future issuance of long-term debt. We also entered into two interest rate swap agreements to hedge variable rate borrowings of £400.0 million (equivalent to $483.6 million as of December 31, 2022) under the term loan on our Senior Credit Facility. The interest rate swaps locked in a total fixed rate, inclusive of spread, of 3.66% through the term loan maturity date of April 7, 2025.

Refer to Note 20, "Subsequent Events," for information regarding additional derivatives transactions subsequent to year end.

The following table presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts (in millions):


	December 31, 2022						December 31, 2021
Derivatives designated as cash flow hedges	Notional		Fair Value of Assets(1)		Fair Value of Liabilities		Notional		Fair Value of Assets(1)		Fair Value of Liabilities
Interest rate derivatives	$	733.6	$	32.0	$	—	$	150.0	$	0.4	$	—

(1)Included within Other Assets, net on the Consolidated Balance Sheets.

Refer to Note 15, "Fair Value of Financial Instruments," for additional information related to the fair value methodology used for derivative financial instruments.

The following table presents the gains on derivatives in cash flow hedging relationships recognized in Other Comprehensive Income (in millions):


	Year Ended
Derivatives designated as cash flow hedges	December 31, 2022		December 31, 2021		December 31, 2020
Interest rate derivatives	$	64.3	$	0.4	$	—

The following table presents the amount of gains on derivative instruments reclassified from Accumulated Other Comprehensive Income into earnings (in millions):


		Year Ended
Derivatives designated as cash flow hedges	Financial Statement Classification	December 31, 2022		December 31, 2021		December 31, 2020
Interest rate derivatives	Interest expense	$	1.3	$	—	$	—

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments [Text Block]

Assets by Hierarchy Level

The table below sets forth our financial assets and liabilities (in millions) that required disclosure of fair value on a recurring basis as of December 31, 2022. The table presents the carrying values and fair values of our financial instruments as of December 31, 2022 and 2021, that were measured using the valuation techniques described in Note 1, "Significant Accounting Policies,". The table excludes other financial instruments such as other receivables and accounts payable as the carrying values associated with these instruments approximate their fair value since their maturities are less than one year. These are classified as Level 1 in the hierarchy.


	December 31, 2022
Financial Assets	Carrying Value		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
Cash, cash equivalents and restricted cash	$	90.4	$	90.4	$	—	$	—	$	90.4
Marketable securities	127.3		127.3		—		—		127.3
Installment notes receivable on manufactured homes, net	65.9		—		—		65.9		65.9

Notes receivable from real estate developers and operators	305.2		—		—		305.2		305.2
Derivative assets	32.0		—		32.0		—		32.0
Total assets measured at fair value	$	620.8	$	217.7	$	32.0	$	371.1	$	620.8

Financial Liabilities
Secured debt	$	3,217.8	$	—	$	3,217.8	$	—	$	2,814.1

Unsecured debt
Senior unsecured notes	1,779.6		—		1,779.6		—		1,432.7

Line of credit and other unsecured debt	2,199.8		—		2,199.8		—		2,199.8
Total unsecured debt	3,979.4		—		3,979.4		—		3,632.5
Other financial liabilities (contingent consideration)	20.2		—		—		20.2		20.2
Total liabilities measured at fair value	$	7,217.4	$	—	$	7,197.2	$	20.2	$	6,466.8


	December 31, 2021
Financial Assets	Carrying Value		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
Cash, cash equivalents and restricted cash	$	78.2	$	78.2	$	—	$	—	$	78.2
Marketable securities	186.9		186.9		—		—		186.9
Installment notes receivable on manufactured homes, net	79.1		—		—		79.1		79.1

Notes receivable from real estate developers and operators	284.0		—		—		284.0		284.0
Derivative assets	0.4		—		0.4		—		0.4
Total assets measured at fair value	$	628.6	$	265.1	$	0.4	$	363.1	$	628.6

Financial Liabilities
Secured debt	$	3,380.7	$	—	$	3,380.7	$	—	$	3,405.9
Unsecured debt
Senior unsecured notes	1,186.4		—		1,186.4		—		1,201.8


Line of credit and other unsecured debt	1,104.7		—		1,104.7		—		1,104.7
Total unsecured debt	2,291.1		—		2,291.1		—		2,306.5
Other financial liabilities (contingent consideration)(1)	20.2		—		—		20.2		20.2
Total liabilities measured at fair value	$	5,692.0	$	—	$	5,671.8	$	20.2	$	5,732.6

(1) Balance updated during the three months ended March 31, 2022 to include contingent consideration related to a marina acquisition. This contingent consideration was included within Other liabilities on the Consolidated Balance Sheets at December 31, 2021.

We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The following methods and assumptions were used in order to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:

Cash, Cash Equivalents and Restricted Cash

The carrying values of cash, cash equivalents and restricted cash approximate their fair market values due to the short-term nature of the instruments. These are classified as Level 1 in the hierarchy.

Marketable Securities

Marketable securities held by us and accounted for under ASC 321 "Investments - Equity Securities" are measured at fair value. Any change in fair value is recognized in the Consolidated Statement of Operations in Gain / (loss) on remeasurement of marketable securities in accordance with ASU 2016-01 "Financial Instruments - Overall (Subtopic 825-10): Recognition and measurement of financial assets and financial liabilities." The fair value is measured by the quoted unadjusted share price which is readily available in active markets (Level 1).

The change in the marketable securities balance is as follows (in millions):


	Year Ended
	December 31, 2022		December 31, 2021
Beginning Balance	$	186.9	$	124.7
Additional purchases	—		35.5
Change in fair value measurement	(53.4)		33.4
Foreign currency translation adjustment	(7.7)		(9.2)
Dividend reinvestment, net of tax	1.5		2.5
Ending Balance	$	127.3	$	186.9

Installment Notes Receivable on Manufactured Homes

Installment notes receivable on manufactured homes are recorded at fair value and are measured using model-derived indicative pricing using primarily unobservable inputs, inclusive of default rates, interest rates and recovery rates (Level 3). Refer to Note 4, "Notes and Other Receivables," for additional information.

Notes Receivable from Real Estate Developers and Operators

Notes receivable from real estate developers and operators are recorded at fair value and are measured using model-derived indicative pricing using primarily unobservable inputs including interest rates and counterparty performance (Level 3). The carrying values of the notes generally approximate their fair market values either due to the nature of the note and / or the note being secured by underlying collateral and / or personal guarantees. Refer to Note 4, "Notes and Other Receivables," for additional information.

Derivatives Assets - Interest Rate Derivatives

Interest rate derivatives are recorded at fair value and consist of treasury rate lock contracts, interest rate swaps and forward swaps. The fair value of these financial instruments are measured using observable inputs based on the 10 year Treasury note rate and the weighted average Daily SONIA Rate, respectively (Level 2).

Secured Debt

Secured debt consists primarily of our mortgage term loans. The fair value of mortgage term loans is based on the estimates of management and on rates currently quoted, rates currently prevailing for comparable loans and instruments of comparable maturities (Level 2). Refer to Note 8, "Debt and Line of Credit," for additional information.

Unsecured Debt

Senior unsecured notes - the fair value of senior unsecured notes is based on the estimates of management and on rates currently quoted, rates currently prevailing for comparable loans and instruments of comparable maturities (Level 2). Refer to Note 8, "Debt and Line of Credit," for additional information.

Line of credit and other unsecured debt - consists primarily of our Senior Credit Facility. We have variable rates on our Senior Credit Facility. The fair value of the debt with variable rates approximates carrying value as the interest rates of these amounts approximate market rates. The estimated fair value of our indebtedness as of December 31, 2022 approximated its gross carrying value.

Other Financial Liabilities

We estimate the fair value of contingent consideration liabilities based on valuation models using significant unobservable inputs that generally consider discounting of future cash flows using market interest rates and adjusting for non-performance risk over the remaining term of the liability (Level 3).

Level 3 Reconciliation, Measurements and Transfers

We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. Availability of secondary market activity and consistency of pricing from third-party sources impacts our ability to classify securities as Level 2 or Level 3. There were no transfers into or out of Level 3 during the year ended December 31, 2022. During the year ended December 31, 2021, our assessment resulted in a net transfer into Level 3 of $138.5 million related to installment notes receivable on manufactured homes and notes from real estate developers.

The following tables summarize changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the year ended December 31, 2022 and 2021 (in millions):


	Year Ended
	December 31, 2022						December 31, 2021
Assets:	Installment Notes Receivable on MH, net		Notes Receivable From Real Estate Developers and Operators		Warrants		Installment Notes Receivable on MH, net		Notes Receivable From Real Estate Developers and Operators
Level 3 beginning balance at December 31, 2022 and 2021	$	79.1	$	284.0	$	—	$	—	$	—
Transfer to level 3	—		—				85.9		52.6

Realized gains / (losses)(1)	(0.8)		—		(3.4)		0.7		—
Purchases and issuances	1.0		79.3		3.4		8.6		239.7
Sales and settlements	(13.4)		(34.9)		—		(14.6)		(13.0)
Dispositions of properties	—		—		—		(1.9)		—
Foreign currency exchange losses	—		(23.3)		—		—		—
Other adjustments	—		0.1		—		0.4		4.7
Level 3 ending balance at December 31, 2022 and 2021	$	65.9	$	305.2	$	—	$	79.1	$	284.0


	Year Ended
	December 31, 2022		December 31, 2021
Liabilities:	Other Liabilities (Contingent Consideration)		Other Liabilities (Contingent Consideration)
Level 3 beginning balance at December 31, 2022 and 2021	$	20.2	$	15.8


Realized losses(1)	—		9.3
Purchases and issuances	—		26.5
Sales and settlements	—		(33.7)

Other adjustments	—		2.3
Level 3 ending balance at December 31, 2022 and 2021	$	20.2	$	20.2

(1) Includes realized gains / losses recorded in earnings within the following line items on the Consolidated Income Statements: Warrants - Income from nonconsolidated affiliates; Installment Notes Receivable on MH, net - Gain / (loss) on remeasurement of notes receivable; Contingent Consideration - Other expense, net.

Although we have determined the estimated fair value amounts using available market information and commonly accepted valuation methodologies, considerable judgment is required in interpreting market data to develop fair value estimates. The fair value estimates are based on information available as of December 31, 2022. As such, our estimates of fair value could differ significantly from the actual carrying value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments And Contingencies	12 Months Ended
Commitments And Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies [Text Block]	Legal Proceedings We are involved in various legal proceedings arising in the ordinary course of business. All such proceedings, taken together, are not expected to have a material adverse impact on our results of operations or financial condition. Catastrophic Event-Related Charges In September 2022, Hurricane Ian made landfall on Florida's western coast. The storm primarily affected three RV properties in the Fort Myers area, comprising approximately 2,500 sites. These properties sustained significant flooding and wind damage from the hurricane. At other affected MH and RV properties, most of the damage was limited to trees, roofs, fences, skirting and carports. At affected marina properties, seawalls, docks, buildings, and landscaping sustained wind and water damage. During the year ended December 31, 2022, we recognized charges totaling $72.2 million comprised of $43.6 million for debris and tree removal, common area repairs and minor flooding damage, as well as $28.6 million for impaired assets, comprised of $22.5 million primarily in the RV segment and $6.1 million in the Marina segment. These charges were partially offset by estimated insurance recoveries of $54.9 million, resulting in net charges of $17.3 million related to Hurricane Ian, recognized as Catastrophic event-related charges, net in our Consolidated Statements of Operations for the year ended December 31, 2022. We maintain property, casualty, flood and business interruption insurance for our community portfolio, subject to customary deductibles and limits. As of December 31, 2022, we had not received any insurance recoveries. Refer to Note 20, "Subsequent Events," for information regarding insurance recoveries received subsequent to year end. The foregoing estimates are based on current information available, and we continue to assess these estimates. Actual charges and insurance recoveries could vary significantly from these estimates. Any changes to these estimates will be recognized in the period(s) in which they are determined.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases [Text Block]

Lessee Accounting

We lease land under non-cancelable operating leases at certain MH, RV and marina properties expiring at various dates through 2085. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of revenues at those properties. We also have other operating leases, primarily office space and equipment expiring at various dates through 2027.

Future minimum lease payments under non-cancellable leases as of December 31, 2022 where we are the lessee include:



Maturity of Lease Liabilities (in millions)	Operating Leases		Finance Leases		Total
2023	$	13.6	$	1.0	$	14.6
2024	13.6		4.6		18.2
2025	13.2		0.5		13.7
2026	11.6		0.5		12.1
2027	9.6		0.5		10.1
Thereafter	237.6		21.8		259.4
Total Lease Payments	$	299.2	$	28.9	$	328.1
Less: Imputed interest	(138.9)		(13.9)		(152.8)
Present Value of Lease Liabilities	$	160.3	$	15.0	$	175.3

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		December 31, 2022		December 31, 2021
Lease Assets
Finance lease, ROU asset, net of accumulated amortization	Investment property, net	$	32.2	$	4.3
Operating lease, ROU asset, net	Other assets, net	$	189.4	$	138.2
Below market operating leases, net	Other assets, net	$	90.9	$	93.1
Lease Liabilities
Finance lease liabilities	Other liabilities	$	15.0	$	4.2
Operating lease liabilities	Other liabilities	$	160.3	$	129.2

Lease expense for finance and operating leases, and variable and short term lease costs as included in our Consolidated Statements of Operations are as follows (in millions):



		Year Ended
Description	Financial Statement Classification	December 31, 2022		December 31, 2021		December 31, 2020
Finance Lease Expense
Amortization of ROU assets	Depreciation and amortization	$	2.7	$	—	$	—
Interest on lease liabilities	Interest expense	0.5		0.2		0.1
Operating lease cost	General and administrative expense, Property operating and maintenance, Depreciation and amortization	8.5		11.4		4.3
Operating lease impairment(1)	Other expense, net	4.0		—		—
Variable lease cost	Property operating and maintenance	2.9		6.6		2.3
Short term lease cost	Property operating and maintenance	0.1		0.2		—
Total Lease Expense		$	18.7	$	18.4	$	6.7

(1)Refer to Note 1, "Significant Accounting Policies," for additional detail.

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


	As of
Lease Term and Discount Rate	December 31, 2022
Weighted-average Remaining Lease Terms (years)
Finance lease	37.87
Operating lease	33.97
Weighted-average Discount Rate
Finance lease	3.38	%
Operating lease	3.80	%


	Year Ended
Other Information (in millions)	December 31, 2022		December 31, 2021		December 31, 2020
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash flow from operating leases	$	12.1	$	6.6	$	2.7

Financing cash flow from finance leases	6.2		0.3		0.1
Total Cash Paid On Lease Liabilities	$	18.3	$	6.9	$	2.8

During the quarter ended December 31, 2022, we vacated certain of our leased spaces to better align with our needs and workplace strategies. As a result, we impaired the corresponding operating lease right of use assets, resulting in a charge of $4.0 million recorded within Other expense, net within the Consolidated Statement of Operations.

Lessor Accounting

We are not the lessor for any finance leases at our MH, RV or marina properties as of December 31, 2022.

Nearly all of our operating leases at our MH and RV properties where we are the lessor are either month to month or for a time period not to exceed one year. As of December 31, 2022, future minimum lease payments would not exceed 12 months.

Future minimum lease payments under non-cancellable leases at our RV communities and marinas at the year ended December 31, 2022 where we are the lessor include:


Maturity of Lease Payments (in millions)	Operating Leases
2023	$	26.7
2024	17.0
2025	8.9
2026	5.1
2027	4.4
Thereafter	40.7
Total Undiscounted Cash Flows	$	102.8

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


		Year Ended
Description	Financial Statement Classification		December 31, 2022		December 31, 2021		December 31, 2020
Operating Leases

Fixed lease income	Income from real property; Brokerage commissions and other revenue, net		$	28.9	$	23.0	$	3.3
Variable lease income(1)	Income from real property; Brokerage commissions and other revenue, net		$	2.9	$	5.7	$	2.0

(1)Consists of rent primarily based on a percentage of acquisition costs and net operating income.

During the year ended December 31, 2021, we terminated our operating ground lease agreements at two properties and settled a contingent consideration earn-out provision in the amount of $17.2 million. As these properties were deemed asset acquisitions, the contingent consideration payment was recognized as an additional purchase price within Land improvements and buildings in the Consolidated Balance Sheets, and within Acquisition of properties, net of cash acquired, in the Consolidated Statement of Cash Flows.

In conjunction with the termination, we entered into management agreements with the previous operators to manage these properties effective January 1, 2022.

During the year ended December 31, 2021, we terminated our operating ground lease agreement at one property and settled a contingent consideration earnout provision in the amount of $20.1 million. The initial contingent consideration liability of $9.8 million was recognized at acquisition within Investment property in the Consolidated Balance Sheets, and within financing in the Consolidated Statement of Cash Flows. As this property was deemed a business combination, incremental contingent consideration expense of $10.3 million was recognized within Other expense, net in the Consolidated Statement of Operations and within Operating in the Consolidated Statement of Cash Flows. In conjunction with the termination, we entered into a management agreement with the previous operator to manage the property effective January 1, 2022.

Failed Sale Leaseback

In connection with our acquisition of Park Holidays, we assumed ground lease arrangements for 34 UK properties that we concluded to be failed sale-leaseback transactions under ASC Topic 842, "Leases." The arrangements have maturities ranging from 2117 through 2197 with an option to repurchase for £1.00 at the end of the term. The obligation related to the underlying ground leases has been recorded as a financial liability of $339.7 million as of December 31, 2022. The financial liability is recorded within Other Liabilities on the Consolidated Balance Sheets. The following table presents the future minimum rental payments for this financial liability as of December 31, 2022:


Maturity of Financial Liability (in millions)	December 31, 2022
2023	$	8.0
2024	11.2
2025	11.2
2026	11.3
2027	11.4
Thereafter	1,685.7
Total Payments	$	1,738.8
Less: Imputed interest	(1,399.1)
Present Value of Financial Liability	$	339.7

Leases [Text Block]

Lessee Accounting

Future minimum lease payments under non-cancellable leases as of December 31, 2022 where we are the lessee include:



Maturity of Lease Liabilities (in millions)	Operating Leases		Finance Leases		Total
2023	$	13.6	$	1.0	$	14.6
2024	13.6		4.6		18.2
2025	13.2		0.5		13.7
2026	11.6		0.5		12.1
2027	9.6		0.5		10.1
Thereafter	237.6		21.8		259.4
Total Lease Payments	$	299.2	$	28.9	$	328.1
Less: Imputed interest	(138.9)		(13.9)		(152.8)
Present Value of Lease Liabilities	$	160.3	$	15.0	$	175.3

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		December 31, 2022		December 31, 2021
Lease Assets
Finance lease, ROU asset, net of accumulated amortization	Investment property, net	$	32.2	$	4.3
Operating lease, ROU asset, net	Other assets, net	$	189.4	$	138.2
Below market operating leases, net	Other assets, net	$	90.9	$	93.1
Lease Liabilities
Finance lease liabilities	Other liabilities	$	15.0	$	4.2
Operating lease liabilities	Other liabilities	$	160.3	$	129.2

Lease expense for finance and operating leases, and variable and short term lease costs as included in our Consolidated Statements of Operations are as follows (in millions):



		Year Ended
Description	Financial Statement Classification	December 31, 2022		December 31, 2021		December 31, 2020
Finance Lease Expense
Amortization of ROU assets	Depreciation and amortization	$	2.7	$	—	$	—
Interest on lease liabilities	Interest expense	0.5		0.2		0.1
Operating lease cost	General and administrative expense, Property operating and maintenance, Depreciation and amortization	8.5		11.4		4.3
Operating lease impairment(1)	Other expense, net	4.0		—		—
Variable lease cost	Property operating and maintenance	2.9		6.6		2.3
Short term lease cost	Property operating and maintenance	0.1		0.2		—
Total Lease Expense		$	18.7	$	18.4	$	6.7

(1)Refer to Note 1, "Significant Accounting Policies," for additional detail.

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


	As of
Lease Term and Discount Rate	December 31, 2022
Weighted-average Remaining Lease Terms (years)
Finance lease	37.87
Operating lease	33.97
Weighted-average Discount Rate
Finance lease	3.38	%
Operating lease	3.80	%


	Year Ended
Other Information (in millions)	December 31, 2022		December 31, 2021		December 31, 2020
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash flow from operating leases	$	12.1	$	6.6	$	2.7

Financing cash flow from finance leases	6.2		0.3		0.1
Total Cash Paid On Lease Liabilities	$	18.3	$	6.9	$	2.8

Lessor Accounting

We are not the lessor for any finance leases at our MH, RV or marina properties as of December 31, 2022.

Future minimum lease payments under non-cancellable leases at our RV communities and marinas at the year ended December 31, 2022 where we are the lessor include:


Maturity of Lease Payments (in millions)	Operating Leases
2023	$	26.7
2024	17.0
2025	8.9
2026	5.1
2027	4.4
Thereafter	40.7
Total Undiscounted Cash Flows	$	102.8

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


		Year Ended
Description	Financial Statement Classification		December 31, 2022		December 31, 2021		December 31, 2020
Operating Leases

Fixed lease income	Income from real property; Brokerage commissions and other revenue, net		$	28.9	$	23.0	$	3.3
Variable lease income(1)	Income from real property; Brokerage commissions and other revenue, net		$	2.9	$	5.7	$	2.0

(1)Consists of rent primarily based on a percentage of acquisition costs and net operating income.

In conjunction with the termination, we entered into management agreements with the previous operators to manage these properties effective January 1, 2022.

Failed Sale Leaseback


Maturity of Financial Liability (in millions)	December 31, 2022
2023	$	8.0
2024	11.2
2025	11.2
2026	11.3
2027	11.4
Thereafter	1,685.7
Total Payments	$	1,738.8
Less: Imputed interest	(1,399.1)
Present Value of Financial Liability	$	339.7

Leases [Text Block]

Lessee Accounting

Future minimum lease payments under non-cancellable leases as of December 31, 2022 where we are the lessee include:



Maturity of Lease Liabilities (in millions)	Operating Leases		Finance Leases		Total
2023	$	13.6	$	1.0	$	14.6
2024	13.6		4.6		18.2
2025	13.2		0.5		13.7
2026	11.6		0.5		12.1
2027	9.6		0.5		10.1
Thereafter	237.6		21.8		259.4
Total Lease Payments	$	299.2	$	28.9	$	328.1
Less: Imputed interest	(138.9)		(13.9)		(152.8)
Present Value of Lease Liabilities	$	160.3	$	15.0	$	175.3

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		December 31, 2022		December 31, 2021
Lease Assets
Finance lease, ROU asset, net of accumulated amortization	Investment property, net	$	32.2	$	4.3
Operating lease, ROU asset, net	Other assets, net	$	189.4	$	138.2
Below market operating leases, net	Other assets, net	$	90.9	$	93.1
Lease Liabilities
Finance lease liabilities	Other liabilities	$	15.0	$	4.2
Operating lease liabilities	Other liabilities	$	160.3	$	129.2

Lease expense for finance and operating leases, and variable and short term lease costs as included in our Consolidated Statements of Operations are as follows (in millions):



		Year Ended
Description	Financial Statement Classification	December 31, 2022		December 31, 2021		December 31, 2020
Finance Lease Expense
Amortization of ROU assets	Depreciation and amortization	$	2.7	$	—	$	—
Interest on lease liabilities	Interest expense	0.5		0.2		0.1
Operating lease cost	General and administrative expense, Property operating and maintenance, Depreciation and amortization	8.5		11.4		4.3
Operating lease impairment(1)	Other expense, net	4.0		—		—
Variable lease cost	Property operating and maintenance	2.9		6.6		2.3
Short term lease cost	Property operating and maintenance	0.1		0.2		—
Total Lease Expense		$	18.7	$	18.4	$	6.7

(1)Refer to Note 1, "Significant Accounting Policies," for additional detail.

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


	As of
Lease Term and Discount Rate	December 31, 2022
Weighted-average Remaining Lease Terms (years)
Finance lease	37.87
Operating lease	33.97
Weighted-average Discount Rate
Finance lease	3.38	%
Operating lease	3.80	%


	Year Ended
Other Information (in millions)	December 31, 2022		December 31, 2021		December 31, 2020
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash flow from operating leases	$	12.1	$	6.6	$	2.7

Financing cash flow from finance leases	6.2		0.3		0.1
Total Cash Paid On Lease Liabilities	$	18.3	$	6.9	$	2.8

Lessor Accounting

We are not the lessor for any finance leases at our MH, RV or marina properties as of December 31, 2022.

Future minimum lease payments under non-cancellable leases at our RV communities and marinas at the year ended December 31, 2022 where we are the lessor include:


Maturity of Lease Payments (in millions)	Operating Leases
2023	$	26.7
2024	17.0
2025	8.9
2026	5.1
2027	4.4
Thereafter	40.7
Total Undiscounted Cash Flows	$	102.8

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


		Year Ended
Description	Financial Statement Classification		December 31, 2022		December 31, 2021		December 31, 2020
Operating Leases

Fixed lease income	Income from real property; Brokerage commissions and other revenue, net		$	28.9	$	23.0	$	3.3
Variable lease income(1)	Income from real property; Brokerage commissions and other revenue, net		$	2.9	$	5.7	$	2.0

(1)Consists of rent primarily based on a percentage of acquisition costs and net operating income.

In conjunction with the termination, we entered into management agreements with the previous operators to manage these properties effective January 1, 2022.

Failed Sale Leaseback


Maturity of Financial Liability (in millions)	December 31, 2022
2023	$	8.0
2024	11.2
2025	11.2
2026	11.3
2027	11.4
Thereafter	1,685.7
Total Payments	$	1,738.8
Less: Imputed interest	(1,399.1)
Present Value of Financial Liability	$	339.7

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions [Text Block]	Lease of Executive Offices - Gary A. Shiffman, together with certain of his family members, indirectly owns an equity interest of approximately 28.1% in American Center LLC, the entity from which we lease office space for our principal executive offices. Each of Brian M. Hermelin, Ronald A. Klein and Arthur A. Weiss indirectly owns less than one percent interest in American Center LLC. Mr. Shiffman is our Chief Executive Officer and Chairman of the Board. Each of Mr. Hermelin, Mr. Klein and Mr. Weiss is a director of the Company. Under this agreement, we lease approximately 60,261 rentable square feet of permanent space. The lease agreement includes annual graduated rent increases through the initial end date of October 31, 2026. As of December 31, 2022, the average gross base rent was $20.45 per square foot. Each of Mr. Shiffman, Mr. Hermelin, Mr. Klein and Mr. Weiss may have a conflict of interest with respect to his obligations as our officer and / or director and his ownership interest in American Center LLC. Use of Airplane - Gary A. Shiffman is the beneficial owner of an airplane that we use from time to time for business purposes. During the years ended December 31, 2022, 2021 and 2020, we paid $0.7 million, $0.7 million and $0.3 million for the use of the airplane, respectively. Mr. Shiffman may have a conflict of interest with respect to his obligations as our officer and director and his ownership interest in the airplane. Telephone Services - Brian M. Hermelin is a principal and a beneficial owner of an entity that installs and maintains emergency telephone systems at our properties. During the years ended December 31, 2022, 2021 and 2020, we paid $0.2 million for these services, respectively. Mr. Hermelin may have a conflict of interest with respect to his obligations as our director and his position with and ownership interest in the provider of these services. Legal Counsel - Arthur A. Weiss is a partner at Taft Stettinius & Hollister LLP (formerly Jaffe, Raitt, Heuer, & Weiss, Professional Corporation) which acts as our general counsel and represents us in various matters. We incurred legal fees and expenses owed to this law firm of approximately $9.7 million, $10.3 million and $13.3 million in the years ended December 31, 2022, 2021, and 2020, respectively. Tax Consequences Upon Sale of Properties - Gary A. Shiffman holds limited partnership interests in the Operating Partnership which were received in connection with the contribution of properties from partnerships previously affiliated with him. Prior to any redemption of these limited partnership interests for our common stock, Mr. Shiffman will have tax consequences different from those on us and our public shareholders upon the sale of any of these partnerships. Therefore, we and Mr. Shiffman may have different objectives regarding the appropriate pricing and timing of any sale of those properties. Transactions with Immediate Family Members - Adam Shiffman, the son of Gary A. Shiffman, the Company's Chairman, President and Chief Executive Officer, was appointed as the Company's Regional Vice President of Operations and Sales in September 2021. Adam Shiffman's aggregate annual compensation was approximately $135,000 for the fiscal year ended December 31, 2022.

Recent Accounting Pronouncements	12 Months Ended
Recent Accounting Pronouncements	Dec. 31, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronoucements [Text Block]	Recent Accounting Pronouncements - Adopted In August 2020, the FASB issued ASU 2020-06, "Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity." This update simplifies the accounting for convertible instruments by eliminating the models that require separation of a cash conversion or beneficial conversion feature from the host contract. Under the amended guidance, a convertible debt instrument is treated as one liability accounted for at its amortized cost and convertible preferred stock is considered one equity instrument accounted for at its historical cost, unless (a) there are other features that require bifurcation as a derivative, or (b) convertible debt was issued at a substantial premium. This update also eliminates several triggers for derivative accounting, including a requirement to settle certain contracts by delivering registered shares. Additionally, this update provides clarifications to improve the consistency of EPS calculations. We adopted the ASU on January 1, 2022. The adoption of this ASU did not have an impact on our Consolidated Financial Statements. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting," which provides optional guidance for accounting for contracts, hedging relationships and other transactions affected by the reference rate reform, if certain criteria are met. The provisions of this standard are available for election through December 31, 2022. In December 2022, FASB issued ASU 2022-06, "Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848," which defers the sunset date of Topic 848 from December. 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. As of December 31, 2022, all of our debt and derivative instruments have been converted from LIBOR to alternative reference rates. The transition did not have a material impact on our Consolidated Financial Statements as the majority of our debt has fixed interest rates.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Acquisitions

Subsequent to the year ended December 31, 2022, we acquired four land parcels located in the U.S. and UK for an aggregate purchase price of $35.8 million.

Dispositions

In February 2023, we sold two non-operating properties in the UK for total consideration of $112.0 million, in the form of notes receivable, with a weighted average interest rate of 11.9% per annum, due May 31, 2023. The dispositions resulted in gains on sale totaling approximately $1.5 million.

Assets Held for Sale

In February 2023, we reached an agreement to sell an operating MH community in the UK with 730 developed sites for approximately $241.0 million in the form of a note receivable. As a result, subsequent to year end, the community has been classified as held for sale with an expected closing in March 2023, at which point financial statement impacts will be determined.

Catastrophic Event

As of February 21, 2023, we received $3.5 million of insurance recoveries in connection with property damage at our Fort Myers, Florida area communities resulting from Hurricane Ian in September 2022. Refer to Note 16, "Commitments and Contingencies," for additional information regarding impacts to our consolidated financial statements from Hurricane Ian.

Secured Debt

In January 2023, we entered into mortgage term loans of $85.0 million related to five existing encumbered properties which mature February 13, 2026 and have a fixed interest rate of 5.0%. We used the net proceeds from the offering to repay borrowings outstanding under our Senior Credit Facility.

Senior Unsecured Notes

In January 2023, the Operating Partnership issued $400.0 million of senior unsecured notes with an interest rate of 5.7% and a 10-year term, due January 15, 2033 (the "2033 Notes"). Interest on the notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2023. The net proceeds from the offering were $395.3 million, after deducting underwriters' discounts and estimated offering expenses. We used the net proceeds from the offering to repay borrowings outstanding under our Senior Credit Facility.

Derivatives Transactions

In January 2023, in connection with the 2033 Notes issuance, we settled two 10-year treasury rate lock contracts and one forward swap totaling $250.0 million and received a net settlement payment of $7.4 million. This lowered the effective interest rate on the 2033 Notes from 5.7% to 5.5%. As of the settlement date, the net accumulated gain included in AOCI is being reclassified into earnings as a reduction to interest expense on a straight-line basis over the 10-year term of the hedged transaction.

We have evaluated our Consolidated Financial Statements for subsequent events through the date that this Form 10-K was issued.

SCHEDULE III

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation Disclosure [Text Block]

The following tables set forth real estate and accumulated depreciation relating to our MH and RV properties.


				Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)					Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances(4)		Land		Depreciable Assets		Land			Depreciable Assets		Land		Depreciable Assets		Total		Accumulated Depreciation		Date	Acquired (A) or Constructed (C)
47 North(5)	Cle Elum, WA	$	—	$	19.7	$	—	$	6.8		$	7.9	$	26.5	$	7.9	$	34.4	$	—	2021	(C)
49'er Village RV Resort	Plymouth, CA	—		2.2		10.7		—			3.0		2.2		13.7		15.9		(2.9)		2017	(A)
Academy / West Point	Canton, MI	33.2		1.5		14.3		—			10.5		1.5		24.8		26.3		(14.9)		2000	(A)
Allendale Meadows	Allendale, MI	22.8		0.4		3.7		—			7.5		0.4		11.2		11.6		(7.9)		1996	(A)
Alpine Meadows	Grand Rapids, MI	—		0.7		6.7		—			9.3		0.7		16.0		16.7		(10.5)		1996	(A&C)
Alta Laguna	Rancho Cucamonga, CA	38.3		23.7		21.1		—			1.8		23.7		22.9		46.6		(5.2)		2016	(A)
Andover	Grass Lake, MI	—		2.1		11.2		—			0.8		2.1		12.0		14.1		(0.6)		2021	(A)
Apple Carr Village	Muskegon, MI	—		0.8		6.2		0.3			28.6		1.1		34.8		35.9		(8.7)		2011	(A&C)
Apple Creek	Amelia, OH	7.1		0.5		5.5		—			3.6		0.5		9.1		9.6		(5.4)		1999	(A)
Arbor Terrace RV Park	Bradenton, FL	16.0		0.4		4.4		—			7.2		0.4		11.6		12.0		(6.4)		1996	(A)
Arbor Woods	Ypsilanti, MI	—		3.3		12.4		—			11.4		3.3		23.8		27.1		(6.7)		2017	(A)
Ariana Village	Lakeland, FL	4.9		0.2		2.2		—			2.3		0.2		4.5		4.7		(2.7)		1994	(A)
Augusta Village	Augusta, ME	—		0.8		3.1		—			0.7		0.8		3.8		4.6		(0.3)		2020	(A)
Austin Lone Star RV Resort	Austin, TX	—		0.6		7.9		—			2.4		0.6		10.3		10.9		(2.4)		2016	(A)
Autumn Ridge	Ankeny, IA	23.0		0.8		8.1		—			7.8		0.8		15.9		16.7		(9.7)		1996	(A)
Bahia Vista Estates	Sarasota, FL	—		6.8		17.7		—			3.3		6.8		21.0		27.8		(4.5)		2016	(A)
Baker Acres RV Resort	Zephyrhills, FL	6.7		2.1		11.9		—			3.6		2.1		15.5		17.6		(3.4)		2016	(A)
Beechwood	Killingworth, CT	—		7.9		18.4		—			1.6		7.9		20.0		27.9		(2.4)		2019	(A)
Bear Lake Development Land(5)	Garden City, UT	—		6.1		—		—			2.3		6.1		2.3		8.4		—		2022	(C)
Bel Air Estates	Menifee, CA	—		4.3		14.4		—			—		4.3		14.4		18.7		(0.3)		2022	(A)
Bell Crossing	Clarksville, TN	8.8		0.7		1.9		—			6.9		0.7		8.8		9.5		(5.9)		1999	(A&C)
Big Tree RV Resort	Arcadia, FL	—		1.2		13.5		—			3.2		1.2		16.7		17.9		(3.9)		2016	(A)
Birch Hill Estates	Bangor, ME	—		2.0		29.5		—			1.0		2.0		30.5		32.5		(2.6)		2020	(A)
Blue Heron Pines	Punta Gorda, FL	16.9		0.4		35.3		—			6.3		0.4		41.6		42.0		(10.1)		2015	(A&C)
Blue Jay MH & RV Resort	Dade City, FL	—		2.0		9.7		—			2.4		2.0		12.1		14.1		(2.6)		2016	(A)
Blue Star(7)	Apache Junction, AZ	2.4		5.1		12.7		(4.1)		(7)	(9.4)		1.0		3.3		4.3		(0.8)		2014	(A)
Blueberry Hill	Bushnell, FL	13.0		3.8		3.2		—			4.3		3.8		7.5		11.3		(3.0)		2012	(A)
Bluebonnet Lake(5)	Austin, TX	—		8.5		—		—			2.7		8.5		2.7		11.2		—		2021	(C)
Boulder Ridge	Pflugerville, TX	25.1		1.0		0.5		3.3			58.9		4.3		59.4		63.7		(20.1)		1998	(C)
Branch Creek	Austin, TX	21.9		0.8		3.7		—			8.1		0.8		11.8		12.6		(7.5)		1995	(A&C)
Brentwood Estates	Hudson, FL	5.5		1.1		9.4		0.1			2.2		1.2		11.6		12.8		(3.1)		2015	(A)
Brentwood Village	Kentwood, MI	9.6		0.4		3.6		—			2.0		0.4		5.6		6.0		(3.7)		1996	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land		Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Brentwood West	Mesa, AZ	27.2	13.6	24.2	—		1.4	13.6	25.6	39.2	(7.5)	2014	(A)
Broadview Estates	Davison, MI	—	0.7	6.1	—		24.4	0.7	30.5	31.2	(15.4)	1996	(A&C)
Brook Ridge	Hooksett, NH	—	1.0	6.0	—		0.3	1.0	6.3	7.3	(0.8)	2019	(A)
Brookside Manor	Goshen, IN	—	0.3	1.1	0.3		20.0	0.6	21.1	21.7	(11.8)	1985	(A&C)
Brookside Village	Kentwood, MI	6.2	0.2	5.6	—		0.6	0.2	6.2	6.4	(2.3)	2011	(A)
Buena Vista	Buckeye, AZ	—	9.2	14.4	—		2.6	9.2	17.0	26.2	(2.3)	2019	(A)
Buttonwood Bay MH & RV Resort	Sebring, FL	29.0	1.9	18.3	0.1		8.5	2.0	26.8	28.8	(17.4)	2001	(A)
Byron Center	Byron Center, MI	—	0.3	2.4	—		1.9	0.3	4.3	4.6	(2.8)	1996	(A)
Caliente Sands	Cathedral City, CA	—	1.9	6.7	(0.1)		0.7	1.8	7.4	9.2	(1.4)	2017	(A)
Camelot Villa	Macomb, MI	—	0.9	21.2	—		13.4	0.9	34.6	35.5	(11.6)	2013	(A)
Camp Fimfo	New Braunfels, TX	—	5.2	—	1.8		71.2	7.0	71.2	78.2	(4.2)	2019	(C)
Candlelight Manor	South Daytona, FL	—	3.1	3.9	—		2.7	3.1	6.6	9.7	(1.5)	2016	(A)
Cape May Crossing	Cape May, NJ	—	0.3	1.7	—		0.5	0.3	2.2	2.5	(0.5)	2016	(A)
Carolina Pines RV Resort	Conway, SC	—	5.9	—	0.7		104.7	6.6	104.7	111.3	(13.6)	2017	(A&C)
Carriage Cove	Sanford, FL	15.7	6.1	21.2	—		2.0	6.1	23.2	29.3	(6.6)	2014	(A)
Carrington Pointe	Fort Wayne, IN	19.8	1.1	3.6	—		24.3	1.1	27.9	29.0	(11.2)	1997	(A&C)
Cave Creek	Evans, CO	23.1	2.2	15.3	—		9.5	2.2	24.8	27.0	(12.3)	2004	(C)
Cedar Haven	Holden, ME	—	2.5	10.5	—		1.2	2.5	11.7	14.2	(1.0)	2020	(A)
Cedar Springs	Southington, CT	—	2.9	10.3	—		0.5	2.9	10.8	13.7	(1.3)	2019	(A)
Central Park MH & RV Resort	Haines City, FL	—	2.6	10.4	—		4.8	2.6	15.2	17.8	(3.4)	2016	(A)
Charlevoix Estates	Charlevoix, MI	—	0.4	12.0	—		0.5	0.4	12.5	12.9	(0.6)	2021	(A)
Cherrywood	Clinton, NY	—	0.7	9.6	(0.2)	(3)	2.7	0.5	12.3	12.8	(1.3)	2019	(A)
Chisholm Point	Pflugerville, TX	21.9	0.6	5.3	—		6.7	0.6	12.0	12.6	(7.7)	1995	(A&C)
Cider Mill Crossings	Fenton, MI	—	0.5	1.6	—		44.3	0.5	45.9	46.4	(14.7)	2011	(A&C)
Cider Mill Village	Middleville, MI	—	0.3	3.6	—		1.5	0.3	5.1	5.4	(1.8)	2011	(A)
Cisco Grove Campground & RV	Emigrant Gap, CA	—	1.7	4.8	—		4.8	1.7	9.6	11.3	(0.3)	2021	(A)
Citrus Hill RV Resort	Dade City, FL	—	1.2	2.4	—		2.4	1.2	4.8	6.0	(0.9)	2016	(A)
Clear Water	South Bend, IN	12.2	0.1	1.3	—		5.8	0.1	7.1	7.2	(4.3)	1986	(A)
Club Naples	Naples, FL	—	5.8	5.0	—		3.6	5.8	8.6	14.4	(3.8)	2011	(A)
Club Wildwood	Hudson, FL	21.2	14.2	21.3	—		3.0	14.2	24.3	38.5	(5.2)	2016	(A)
Coastal Estates	Hampstead, NC	—	3.3	6.5	—		8.0	3.3	14.5	17.8	(1.0)	2019	(A)
Cobus Green	Osceola, IN	—	0.8	7.0	—		8.3	0.8	15.3	16.1	(10.6)	1993	(A)
Colony in the Wood	Port Orange, FL	—	5.7	26.8	—		3.6	5.7	30.4	36.1	(4.5)	2017	(A&C)
Comal Farms	New Braunfels, TX	—	1.4	1.7	0.1		8.9	1.5	10.6	12.1	(5.9)	2000	(A&C)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land	Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Country Acres	Cadillac, MI	—	0.4	3.5	—	2.9	0.4	6.4	6.8	(4.3)	1996	(A)
Country Hills Village	Hudsonville, MI	—	0.3	3.9	(0.1)	0.6	0.2	4.5	4.7	(1.6)	2011	(A)
Country Lakes	Little River, SC	—	1.7	5.5	—	0.4	1.7	5.9	7.6	(0.7)	2019	(A)
Country Meadows	Flat Rock, MI	42.5	0.9	7.6	0.3	21.0	1.2	28.6	29.8	(19.0)	1994	(A&C)
Country Meadows Village	Caledonia, MI	—	0.5	5.6	0.1	5.4	0.6	11.0	11.6	(3.5)	2011	(A&C)
Country Village Estates	Oregon City, OR	—	22.0	42.6	—	1.1	22.0	43.7	65.7	(5.4)	2019	(A)
Countryside Estates	Mckean, PA	6.2	0.3	11.6	(0.1)	4.3	0.2	15.9	16.1	(4.2)	2014	(A)
Countryside Village of Atlanta	Lawrenceville, GA	—	1.3	11.0	—	9.8	1.3	20.8	22.1	(9.3)	2004	(A&C)
Countryside Village of Gwinnett	Buford, GA	26.0	1.1	9.5	—	2.5	1.1	12.0	13.1	(6.3)	2004	(A)
Countryside Village of Lake Lanier	Buford, GA	25.4	1.9	16.4	—	5.5	1.9	21.9	23.8	(12.5)	2004	(A)
Coyote Ranch Resort	Wichita Falls, TX	—	—	12.6	0.5	1.9	0.5	14.5	15.0	(0.7)	2021	(A)
Creek Wood	Burton, MI	17.5	0.8	2.0	0.4	14.6	1.2	16.6	17.8	(11.3)	1997	(C)
Creeks Crossing	Kyle, TX	—	3.5	—	—	21.0	3.5	21.0	24.5	(0.8)	2019	(C)
Crestwood	Concord, NH	—	1.8	22.4	—	0.8	1.8	23.2	25.0	(2.8)	2019	(A)
Crossroads	Aiken, SC	—	0.8	3.7	—	9.7	0.8	13.4	14.2	(2.7)	2019	(A&C)
Cutler Estates	Grand Rapids, MI	13.2	0.7	6.9	—	4.1	0.7	11.0	11.7	(7.2)	1996	(A)
Cypress Greens	Lake Alfred, FL	7.0	1.0	17.5	—	2.8	1.0	20.3	21.3	(5.0)	2015	(A)
Deep Run	Cream Ridge, NJ	—	2.0	13.1	—	0.6	2.0	13.7	15.7	(1.7)	2019	(A)
Deerwood	Orlando, FL	36.1	6.9	37.6	—	4.3	6.9	41.9	48.8	(10.9)	2015	(A)
Desert Harbor	Apache Junction, AZ	10.5	3.9	14.9	—	0.6	3.9	15.5	19.4	(4.5)	2014	(A)
Dutton Mill Village	Caledonia, MI	—	0.3	9.0	0.1	1.6	0.4	10.6	11.0	(4.0)	2011	(A)
Eagle Crest	Firestone, CO	30.3	2.0	0.2	—	31.0	2.0	31.2	33.2	(19.7)	1998	(C)
East Fork Crossing	Batavia, OH	—	1.3	6.3	—	17.2	1.3	23.5	24.8	(14.4)	2000	(A&C)
East Village Estates	Washington Twp., MI	—	1.4	25.4	—	6.3	1.4	31.7	33.1	(11.1)	2012	(A)
Egelcraft	Muskegon, MI	18.1	0.7	22.6	—	3.6	0.7	26.2	26.9	(7.7)	2014	(A)
El Capitan Canyon	Goleta, CA	—	42.1	6.8	—	5.2	42.1	12.0	54.1	(1.3)	2020	(A)
Ellenton Gardens RV Resort	Ellenton, FL	4.4	2.1	7.8	(0.1)	3.4	2.0	11.2	13.2	(2.7)	2016	(A)
Fairfield Village	Ocala, FL	—	1.2	18.7	—	1.3	1.2	20.0	21.2	(5.1)	2015	(A)
Farmwood Village	Dover, NH	—	1.2	12.3	—	0.7	1.2	13.0	14.2	(1.5)	2019	(A)
Fisherman's Cove	Flint Twp., MI	—	0.4	3.4	—	4.8	0.4	8.2	8.6	(5.9)	1993	(A)
Flamingo Lake RV Resort	Jacksonville, FL	—	4.5	31.9	0.1	2.0	4.6	33.9	38.5	(3.2)	2020	(A)
Fond du Lac East / Kettle Moraine KOA	Glenbeulah, WI	—	1.0	5.6	0.1	3.3	1.1	8.9	10.0	(3.2)	2013	(A)
Forest Hill	Southington, CT	—	5.1	10.8	—	1.5	5.1	12.3	17.4	(1.5)	2019	(A)
Forest Meadows	Philomath, OR	—	1.0	2.1	—	6.7	1.0	8.8	9.8	(1.9)	1999	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land	Depreciable Assets		Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Forest Springs	Grass Valley, CA	—	9.3	43.7	—	2.4		9.3	46.1	55.4	(4.1)	2020	(A)
Forest View	Homosassa, FL	—	1.3	22.1	—	1.1		1.3	23.2	24.5	(6.0)	2015	(A)
Fort Dupont(5)	Delaware City, DE	—	1.9	—	0.8	—		2.7	—	2.7	—	2021	(C)
Four Seasons	Elkhart, IN	11.2	0.5	4.8	(0.1)	3.2		0.4	8.0	8.4	(4.8)	2000	(A)
Frenchtown Villa / Elizabeth Woods	Newport, MI	27.5	1.4	52.3	0.1	35.8		1.5	88.1	89.6	(26.6)	2014	(A&C)
Friendly Village of La Habra	La Habra, CA	45.9	27.0	25.2	—	1.8		27.0	27.0	54.0	(6.2)	2016	(A)
Friendly Village of Modesto	Modesto, CA	22.8	6.3	20.9	—	1.6		6.3	22.5	28.8	(5.0)	2016	(A)
Friendly Village of Simi	Simi Valley, CA	23.1	14.9	16.0	—	1.1		14.9	17.1	32.0	(3.9)	2016	(A)
Friendly Village of West Covina	West Covina, CA	17.0	14.5	5.2	—	1.1		14.5	6.3	20.8	(1.5)	2016	(A)
Glen Ellis Family Campground	Glen, NH	13.3	0.4	5.8	—	18.4		0.4	24.2	24.6	(2.6)	2019	(A)
Glen Haven RV Resort	Zephyrhills, FL	5.0	2.0	8.4	(0.1)	2.3		1.9	10.7	12.6	(2.4)	2016	(A)
Glen Laurel	Concord, NC	—	1.6	0.5	—	9.9		1.6	10.4	12.0	(6.4)	2001	(A&C)
Goldcoaster	Homestead, FL	—	0.4	4.2	0.2	6.0		0.6	10.2	10.8	(6.2)	1997	(A)
Grand Bay	Dunedin, FL	—	3.5	6.3	—	1.8		3.5	8.1	11.6	(1.7)	2016	(A)
Grand Lake RV & Golf Resort	Citra, FL	—	5.3	4.5	0.1	6.8		5.4	11.3	16.7	(3.9)	2012	(A)
Grand Village	Grand Rapids, MI	8.9	0.4	3.6	—	3.5		0.4	7.1	7.5	(4.3)	1996	(A)
Grove Beach	Westbrook, CT	—	1.2	10.2	—	0.3		1.2	10.5	11.7	(1.3)	2019	(A)
Grove Ridge RV Resort	Dade City, FL	3.1	1.3	5.4	—	2.6		1.3	8.0	9.3	(1.8)	2016	(A)
Groves RV Resort(9)	Ft. Myers, FL	16.1	0.2	2.4	—	(2.4)	(9)	0.2	—	0.2	—	1997	(A)
Gulfstream Harbor	Orlando, FL	—	14.5	78.9	—	5.6		14.5	84.5	99.0	(21.5)	2015	(A)
Hacienda Del Rio	Edgewater, FL	—	33.3	80.3	—	12.4		33.3	92.7	126.0	(10.4)	2019	(A)
Hamlin	Webberville, MI	10.0	0.1	1.7	0.6	13.1		0.7	14.8	15.5	(8.9)	1984	(A&C)
Hancock Heights Estates	Hancock, ME	—	0.7	9.4	—	—		0.7	9.4	10.1	(0.9)	2020	(A)
Hannah Village	Lebanon, NH	—	0.3	4.7	0.1	0.3		0.4	5.0	5.4	(0.6)	2019	(A)
Hemlocks	Tilton, NH	—	1.0	7.2	—	0.5		1.0	7.7	8.7	(0.9)	2019	(A)
Heritage	Temecula, CA	18.2	13.2	7.9	—	1.2		13.2	9.1	22.3	(2.1)	2016	(A)
Hickory Hills Village	Battle Creek, MI	—	0.8	7.7	—	2.4		0.8	10.1	10.9	(3.7)	2011	(A)
Hidden River RV Resort	Riverview, FL	—	4.0	6.4	—	10.0		4.0	16.4	20.4	(2.5)	2016	(A)
High Point Park	Frederica, DE	—	0.9	7.0	—	7.1		0.9	14.1	15.0	(7.0)	1997	(A)
Highland Greens Estates	Highland, MI	—	3.1	38.0	—	20.0		3.1	58.0	61.1	(5.3)	2020	(A)
Hillcrest	Uncasville, CT	—	10.6	9.6	—	1.5		10.6	11.1	21.7	(1.4)	2019	(A)
Holiday Park Estates	Bangor, ME	8.8	1.1	13.9	—	1.5		1.1	15.4	16.5	(1.3)	2020	(A)
Holiday West Village	Holland, MI	13.1	0.3	8.1	—	0.7		0.3	8.8	9.1	(3.2)	2011	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land	Depreciable Assets		Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Holly Forest	Holly Hill, FL	23.3	0.9	8.4	—	1.6		0.9	10.0	10.9	(7.6)	1997	(A)
Holly Village / Hawaiian Gardens	Holly, MI	18.5	1.5	13.6	—	9.4		1.5	23.0	24.5	(11.2)	2004	(A)
Homosassa River RV Resort	Homosassa Springs, FL	—	1.5	5.0	—	3.6		1.5	8.6	10.1	(1.9)	2016	(A)
Horseshoe Cove RV Resort	Bradenton, FL	18.6	9.5	32.6	—	6.2		9.5	38.8	48.3	(8.5)	2016	(A)
Hospitality Creek Campground	Williamstown, NJ	—	—	15.6	0.8	0.6		0.8	16.2	17.0	(0.8)	2021	(A)
Hunters Crossing	Capac, MI	—	0.4	1.1	(0.1)	1.2		0.3	2.3	2.6	(0.7)	2012	(A)
Hunters Glen	Wayland, MI	—	1.1	11.9	0.3	16.1		1.4	28.0	29.4	(13.0)	2004	(C)
Huntington Run	Kalamazoo, MI	—	0.6	11.7	—	0.7		0.6	12.4	13.0	(0.6)	2021	(A)
Hyde Park	Easton, MD	—	6.6	18.3	—	1.2		6.6	19.5	26.1	(2.2)	2019	(A)
Indian Creek Park(9)	Ft. Myers Beach, FL	57.5	3.8	34.7	—	(34.7)	(9)	3.8	—	3.8	—	1996	(A)
Indian Wells RV Resort	Indio, CA	—	2.9	19.5	—	7.0		2.9	26.5	29.4	(5.6)	2016	(A)
Island Lakes	Merritt Island, FL	10.7	0.7	6.4	—	1.4		0.7	7.8	8.5	(6.1)	1995	(A)
Jellystone Park™ Androscoggin Lake(8)	North Monmouth, ME	3.4	0.5	4.1	—	4.6		0.5	8.7	9.2	(0.4)	2021	(A)
Jellystone Park™ at Barton Lake	Fremont, IN	—	—	—	4.7	26.0		4.7	26.0	30.7	(2.3)	2020	(A)
Jellystone Park™ at Birchwood Acres MH & RV Resort	Greenfield Park, NY	—	0.5	5.5	0.1	10.3		0.6	15.8	16.4	(5.7)	2013	(A)
Jellystone Park™ of Chicago	Millbrook, IL	—	0.5	4.3	—	1.1		0.5	5.4	5.9	(0.3)	2021	(A)
Jellystone Park™ Chincoteague Island(8)	Chincoteague, VA	—	5.7	13.8	—	15.9		5.7	29.7	35.4	(2.8)	2019	(A)
Jellystone Park™ at Gardiner	Gardiner, NY	—	0.9	28.4	—	16.8		0.9	45.2	46.1	(7.7)	2018	(A)
Jellystone Park™ at Golden Valley	Bostic, NC	—	4.8	4.3	—	58.2		4.8	62.5	67.3	(8.3)	2018	(A&C)
Jellystone Park™ at Guadalupe River	Kerrville, TX	—	2.5	23.9	—	11.9		2.5	35.8	38.3	(6.5)	2018	(A)
Jellystone Park™ at Hill Country	Canyon Lake, TX	—	2.0	20.7	—	6.4		2.0	27.1	29.1	(4.5)	2018	(A)
Jellystone Park™ at Larkspur	Larkspur, CO	—	1.9	5.5	0.4	103.8		2.3	109.3	111.6	(13.3)	2016	(A&C)
Jellystone Park™ at Luray	East Luray, VA	—	3.2	29.6	—	8.3		3.2	37.9	41.1	(6.6)	2018	(A)
Jellystone Park™ at Mammoth Cave	Cave City, KY	—	—	32.5	2.2	(0.9)		2.2	31.6	33.8	(2.0)	2021	(A)
Jellystone Park™ at Maryland	Williamsport, MD	—	2.1	23.7	—	10.1		2.1	33.8	35.9	(5.7)	2018	(A)
Jellystone Park™ at Memphis	Horn Lake, MS	2.4	0.9	6.8	—	1.7		0.9	8.5	9.4	(1.4)	2018	(A)
Jellystone Park™ at Natural Bridge	Natural Bridge Station, VA	—	0.9	11.7	—	4.1		0.9	15.8	16.7	(1.5)	2020	(A)
Jellystone Park™ Petoskey(8)	Petoskey, MI	—	0.2	8.7	0.7	9.6		0.9	18.3	19.2	(2.3)	2018	(A)
Jellystone Park™ at Quarryville	Quarryville, PA	—	3.9	33.8	—	8.7		3.9	42.5	46.4	(7.4)	2018	(A)
Jellystone Park™ at Tower Park(2)	Lodi, CA	—	2.6	29.8	—	34.0		2.6	63.8	66.4	(8.8)	2018	(A)
Jellystone Park™ of Western New York	North Java, NY	—	0.9	8.9	—	8.0		0.9	16.9	17.8	(6.6)	2013	(A)
Jellystone Park™ at Whispering Pines	Tyler, TX	—	—	13.8	1.7	2.6		1.7	16.4	18.1	(0.7)	2021	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land	Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Jellystone Lincoln	Delaware City, DE	—	—	17.0	—	0.4	—	17.4	17.4	—	2022	(A)
Jetstream RV Resort at NASA	Houston, TX	—	3.0	14.5	—	0.3	3.0	14.8	17.8	(0.8)	2021	(A)
Kensington Meadows	Lansing, MI	17.7	0.3	2.7	—	10.4	0.3	13.1	13.4	(8.5)	1995	(A&C)
Kimberly Estates	Newport, MI	—	1.3	6.2	—	13.7	1.3	19.9	21.2	(6.0)	2016	(A)
King's Court	Traverse City, MI	65.0	1.5	13.8	0.2	20.1	1.7	33.9	35.6	(17.9)	1996	(A&C)
King's Lake	DeBary, FL	8.2	0.3	2.5	—	3.4	0.3	5.9	6.2	(4.2)	1994	(A)
Kings Manor	Lakeland, FL	—	2.3	5.6	—	5.6	2.3	11.2	13.5	(3.1)	2016	(A)
Kings Pointe	Lake Alfred, FL	—	0.5	16.7	—	0.8	0.5	17.5	18.0	(4.4)	2015	(A)
Kissimmee Gardens	Kissimmee, FL	—	3.3	14.4	—	1.9	3.3	16.3	19.6	(3.7)	2016	(A)
Kissimmee South MH & RV Resort	Davenport, FL	—	3.7	6.8	—	6.4	3.7	13.2	16.9	(2.7)	2016	(A)
Kittatinny Campground & RV Resort	Barryville, NY	—	—	—	3.1	18.5	3.1	18.5	21.6	(1.3)	2020	(A)
Knollwood Estates	Allendale, MI	9.2	0.4	4.1	—	3.0	0.4	7.1	7.5	(3.9)	2001	(A)
La Casa Blanca	Apache Junction, AZ	—	4.4	14.1	—	0.8	4.4	14.9	19.3	(4.4)	2014	(A)
La Costa Village	Port Orange, FL	48.2	3.6	62.3	—	2.6	3.6	64.9	68.5	(16.7)	2015	(A)
Lafayette Place	Warren, MI	13.2	0.7	6.0	—	7.1	0.7	13.1	13.8	(8.3)	1998	(A)
Lake Josephine RV Resort	Sebring, FL	—	0.5	2.8	—	3.1	0.5	5.9	6.4	(0.9)	2016	(A)
Lake Juliana Landings	Auburndale, FL	—	0.3	3.0	—	2.2	0.3	5.2	5.5	(3.8)	1994	(A)
Lake Pointe Village	Mulberry, FL	17.2	0.5	29.8	—	0.8	0.5	30.6	31.1	(7.7)	2015	(A)
Lake San Marino RV Park	Naples, FL	23.0	0.7	5.7	—	6.5	0.7	12.2	12.9	(7.1)	1996	(A)
Lakefront	Lakeside, CA	34.5	21.6	17.4	—	1.4	21.6	18.8	40.4	(4.3)	2016	(A)
Lakeland RV Resort	Lakeland, FL	—	1.7	5.5	—	3.8	1.7	9.3	11.0	(1.9)	2016	(A)
Lakeshore Landings	Orlando, FL	12.2	2.6	19.5	—	1.9	2.6	21.4	24.0	(6.2)	2014	(A)
Lakeshore Villas	Tampa, FL	—	3.1	19.0	—	1.7	3.1	20.7	23.8	(5.2)	2015	(A)
Lakeside	Terryville, CT	—	1.3	3.4	—	0.2	1.3	3.6	4.9	(0.4)	2019	(A)
Lakeside Crossing	Conway, SC	11.8	3.5	31.6	—	20.5	3.5	52.1	55.6	(10.6)	2015	(A&C)
Lakeview	Ypsilanti, MI	—	1.2	10.9	—	8.6	1.2	19.5	20.7	(10.3)	2004	(A)
Lakeview CT	Danbury, CT	—	2.5	8.9	—	1.5	2.5	10.4	12.9	(1.2)	2019	(A)
Lakeview Mobile Estates	Yucaipa, CA	—	—	—	4.1	21.6	4.1	21.6	25.7	(1.8)	2020	(A)
Lamplighter	Port Orange, FL	—	1.3	12.8	—	1.1	1.3	13.9	15.2	(3.5)	2015	(A)
Lantana Ranch South(5)	Brookshire, TX	—	14.4	—	—	0.6	14.4	0.6	15.0	—	2022	(A)
Laurel Heights	Uncasville, CT	—	1.7	0.7	—	0.2	1.7	0.9	2.6	(0.1)	2019	(A)
Lazy J Ranch	Arcata, CA	—	7.1	6.8	—	0.8	7.1	7.6	14.7	(1.4)	2017	(A)
Leaf Verde RV Resort	Buckeye, AZ	—	3.4	8.4	—	1.3	3.4	9.7	13.1	(1.6)	2018	(A)
Leisure Village	Belmont, MI	—	0.4	8.2	0.1	2.8	0.5	11.0	11.5	(3.7)	2011	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land	Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Lemon Wood	Ventura, CA	23.9	19.5	6.9	—	1.4	19.5	8.3	27.8	(1.9)	2016	(A)
Liberty Farm	Valparaiso, IN	—	0.1	1.2	0.1	5.2	0.2	6.4	6.6	(3.6)	1985	(A&C)
Lincoln Estates	Holland, MI	—	0.5	4.2	—	1.7	0.5	5.9	6.4	(4.1)	1996	(A)
Lone Star Jellystone Park	Waller, TX	—	1.8	19.4	—	12.3	1.8	31.7	33.5	(2.7)	2020	(A)
Lost Dutchman	Apache Junction, AZ	3.6	—	—	4.1	15.2	4.1	15.2	19.3	(4.1)	2014	(A)
Majestic Oaks RV Resort	Zephyrhills, FL	4.2	3.9	4.7	0.1	2.4	4.0	7.1	11.1	(1.8)	2016	(A)
Maple Brook	Matteson, IL	39.5	8.5	48.8	—	0.8	8.5	49.6	58.1	(14.3)	2014	(A)
Maplewood Manor	Brunswick, ME	7.4	1.8	13.0	—	1.7	1.8	14.7	16.5	(4.1)	2014	(A)
Marco Naples RV Resort	Naples, FL	—	2.8	10.5	—	5.7	2.8	16.2	19.0	(3.3)	2016	(A)
Marina Cove	Uncasville, CT	—	0.3	0.4	—	0.3	0.3	0.7	1.0	(0.1)	2019	(A)
Meadow Lake Estates	White Lake, MI	—	1.2	11.5	0.1	7.4	1.3	18.9	20.2	(14.6)	1994	(A)
Meadowbrook	Charlotte, NC	—	1.3	6.6	—	10.7	1.3	17.3	18.6	(10.6)	2000	(A&C)
Meadowbrook Estates	Monroe, MI	—	0.4	3.3	0.4	18.0	0.8	21.3	22.1	(13.5)	1986	(A)
Meadowbrook Village	Tampa, FL	10.9	0.5	4.7	—	1.4	0.5	6.1	6.6	(5.1)	1994	(A)
Meadowlands of Gibraltar	Gibraltar, MI	17.6	0.6	7.7	—	2.9	0.6	10.6	11.2	(2.9)	2015	(A)
Meadowstone	Hastings, MI	—	0.7	20.3	—	0.5	0.7	20.8	21.5	(1.1)	2021	(A)
Menifee Development(5)	Menifee, CA	—	2.3	—	—	10.1	2.3	10.1	12.4	—	2020	(C)
Merrymeeting	Brunswick, ME	—	0.3	1.0	—	0.8	0.3	1.8	2.1	(0.5)	2014	(A)
Mi-Te-Jo Campground	Milton, NH	—	1.4	7.6	—	13.0	1.4	20.6	22.0	(2.9)	2018	(A)
Mill Creek MH & RV Resort	Kissimmee, FL	—	1.4	4.8	—	5.9	1.4	10.7	12.1	(2.3)	2016	(A)
Millwood	Uncasville, CT	—	2.4	—	—	2.6	2.4	2.6	5.0	(0.1)	2019	(A&C)
Moreno 66 Development(5)	Moreno Valley, CA	—	5.0	—	—	4.5	5.0	4.5	9.5	—	2021	(C)
Mountain View	Mesa, AZ	—	5.5	12.3	—	0.8	5.5	13.1	18.6	(3.8)	2014	(A)
Napa Valley	Napa, CA	27.5	17.7	11.7	—	1.1	17.7	12.8	30.5	(3.0)	2016	(A)
Naples RV Resort	Naples, FL	6.6	3.6	2.0	—	3.2	3.6	5.2	8.8	(1.7)	2011	(A)
New England Village	Westbrook, CT	—	4.2	1.4	—	0.1	4.2	1.5	5.7	(0.2)	2019	(A)
North Lake Estates	Moore Haven, FL	—	4.2	3.5	—	2.1	4.2	5.6	9.8	(2.3)	2011	(A)
North Point Estates	Pueblo, CO	—	1.6	3.0	—	4.2	1.6	7.2	8.8	(4.2)	2001	(C)
Northville Crossing	Northville, MI	—	1.2	29.5	—	5.5	1.2	35.0	36.2	(12.9)	2012	(A)
Norway Commons	Norway, ME	—	—	15.9	—	—	—	15.9	15.9	—	2022	(A)
Oak Creek	Coarsegold, CA	—	4.8	11.2	—	2.7	4.8	13.9	18.7	(4.0)	2014	(A)
Oak Crest	Austin, TX	20.4	4.3	12.6	4.4	26.6	8.7	39.2	47.9	(13.1)	2002	(C)
Oak Grove	Plainville, CT	—	1.0	1.7	—	—	1.0	1.7	2.7	(0.2)	2019	(A)
Oak Island Village	East Lansing, MI	16.4	0.3	6.8	—	3.5	0.3	10.3	10.6	(4.0)	2011	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land		Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Oak Ridge	Manteno, IL	28.4	1.1	36.9	—		5.6	1.1	42.5	43.6	(12.4)	2014	(A)
Oakview Estates	Arcadia, FL	—	0.9	3.9	—		1.5	0.9	5.4	6.3	(1.2)	2016	(A)
Oakwood Village	Miamisburg, OH	31.5	2.0	6.4	—		14.0	2.0	20.4	22.4	(13.0)	1998	(A&C)
Ocean Breeze Jensen Beach MH & RV Resort	Jensen Beach, FL	—	19.0	13.9	—		35.0	19.0	48.9	67.9	(9.1)	2016	(A&C)
Ocean Breeze MH & RV Resort(6)	Marathon, FL	—	2.3	1.8	—		6.2	2.3	8.0	10.3	(0.8)	2016	(A)
Ocean Pines	Garden City, SC	—	7.6	35.3	—		1.7	7.6	37.0	44.6	(5.5)	2019	(A)
Ocean View(8)	Jensen Beach, FL	—	4.6	—	0.2		9.3	4.8	9.3	14.1	(0.3)	2020	(A)
Ocean West	McKinleyville, CA	4.4	5.0	4.4	0.4		1.2	5.4	5.6	11.0	(0.9)	2017	(A)
Orange City MH & RV Resort	Orange City, FL	11.2	0.9	5.5	—		6.9	0.9	12.4	13.3	(3.6)	2011	(A)
Orange Tree Village	Orange City, FL	9.4	0.3	2.5	—		1.5	0.3	4.0	4.3	(3.2)	1994	(A)
Orchard Lake	Milford, OH	—	0.4	4.0	—		3.6	0.4	7.6	8.0	(4.1)	1999	(A)
Paddock Park South	Ocala, FL	—	0.6	6.6	—		2.2	0.6	8.8	9.4	(1.9)	2016	(A)
Palm Creek Golf & RV Resort	Casa Grande, AZ	90.8	11.8	76.1	—		28.0	11.8	104.1	115.9	(39.7)	2012	(A&C)
Palm Key Village	Davenport, FL	15.0	3.8	15.7	—		0.6	3.8	16.3	20.1	(4.2)	2015	(A)
Palm Village	Bradenton, FL	—	3.0	2.8	—		1.9	3.0	4.7	7.7	(1.0)	2016	(A)
Palos Verdes Shores MH & Golf Community(2)	San Pedro, CA	34.4	—	21.8	—		6.0	—	27.8	27.8	(5.5)	2016	(A)
Park Place	Sebastian, FL	—	1.4	48.7	0.1		4.4	1.5	53.1	54.6	(13.1)	2015	(A)
Park Royale	Pinellas Park, FL	14.4	0.7	29.0	—		1.0	0.7	30.0	30.7	(7.6)	2015	(A)
Parkside Village	Cheektowaga, NY	—	0.6	10.4	—		0.4	0.6	10.8	11.4	(3.1)	2014	(A)
Pearwood RV Resort	Pearland, TX	—	—	10.3	1.2		(0.7)	1.2	9.6	10.8	(0.5)	2021	(A)
Pebble Creek	Greenwood, IN	—	1.0	5.1	—		11.0	1.0	16.1	17.1	(8.5)	2000	(A&C)
Pecan Branch	Georgetown, TX	—	1.4	—	0.2		20.5	1.6	20.5	22.1	(6.1)	1999	(C)
Pecan Park RV Resort	Jacksonville, FL	—	2.0	5.0	1.4		12.8	3.4	17.8	21.2	(2.8)	2016	(A&C)
Pelican Bay	Micco, FL	6.0	0.5	10.5	—		1.7	0.5	12.2	12.7	(3.2)	2015	(A)
Pembroke Downs	Chino, CA	13.1	9.6	7.3	—		1.0	9.6	8.3	17.9	(1.8)	2016	(A)
Pheasant Ridge	Lancaster, PA	41.3	2.0	19.3	—		1.4	2.0	20.7	22.7	(13.3)	2002	(A)
Pine Acre Trails	Conroe, TX	—	15.6	16.7	—		3.1	15.6	19.8	35.4	(0.3)	2022	(A)
Pine Hills	Middlebury, IN	—	0.1	0.5	—		4.2	0.1	4.7	4.8	(2.7)	1980	(A)
Pine Ridge	Prince George, VA	11.0	0.4	2.4	—		24.5	0.4	26.9	27.3	(9.4)	1986	(A&C)
Pine Trace	Houston, TX	—	2.9	17.2	(0.2)	(3)	13.9	2.7	31.1	33.8	(16.6)	2004	(A&C)
Pinebrook Village	Kentwood, MI	—	0.1	5.7	—		1.7	0.1	7.4	7.5	(2.8)	2011	(A)
Pineview Estates	Flint, MI	—	1.9	57.4	—		27.8	1.9	85.2	87.1	(4.5)	2021	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land		Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Pismo Dunes RV Resort	Pismo Beach, CA	18.7	11.1	10.2	—		1.5	11.1	11.7	22.8	(2.3)	2017	(A)
Pleasant Beach Campground	Sherkston, ON	—	1.6	0.6	(0.4)	(1)	—	1.2	0.6	1.8	—	2021	(A)
Pleasant Lake RV Resort	Bradenton, FL	11.8	5.2	20.4	—		4.6	5.2	25.0	30.2	(5.7)	2016	(A)
Presidential Estates	Hudsonville, MI	23.0	0.7	6.3	—		5.5	0.7	11.8	12.5	(7.4)	1996	(A)
Rainbow MH & RV Resort	Frostproof, FL	—	1.9	5.7	—		4.9	1.9	10.6	12.5	(3.9)	2012	(A)
Rainbow Village of Largo	Largo, FL	8.5	4.4	12.5	—		4.0	4.4	16.5	20.9	(4.0)	2016	(A)
Rainbow Village of Zephyrhills	Zephyrhills, FL	8.7	1.8	9.9	—		2.7	1.8	12.6	14.4	(2.8)	2016	(A)
Rancho Alipaz(2)	San Juan Capistrano, CA	12.2	—	2.9	16.2		0.9	16.2	3.8	20.0	(0.8)	2016	(A)
Rancho Caballero	Riverside, CA	21.9	16.6	12.4	—		1.5	16.6	13.9	30.5	(3.0)	2016	(A)
Rancho Mirage	Apache Junction, AZ	—	7.5	22.2	—		1.1	7.5	23.3	30.8	(6.7)	2014	(A)
Red Oaks MH & RV Resort(2)	Bushnell, FL	—	5.2	20.5	—		7.7	5.2	28.2	33.4	(6.4)	2016	(A)
Regency Heights	Clearwater, FL	26.0	11.3	15.7	—		3.7	11.3	19.4	30.7	(4.0)	2016	(A)
Reserve at Fox Creek	Bullhead City, AZ	15.0	2.0	20.1	—		1.1	2.0	21.2	23.2	(6.1)	2014	(A)
Richmond Place	Richmond, MI	6.4	0.5	2.0	—		3.7	0.5	5.7	6.2	(3.3)	1998	(A)
River Beach Campsites & RV	Milford, PA	—	—	—	0.3		4.5	0.3	4.5	4.8	(0.5)	2020	(A)
River Haven Village	Grand Haven, MI	—	1.8	16.9	—		18.3	1.8	35.2	37.0	(18.4)	2001	(A)
River Pines	Nashua, NH	—	2.7	37.8	—		0.9	2.7	38.7	41.4	(4.7)	2019	(A)
River Ranch	Austin, TX	—	4.7	0.8	0.2		38.9	4.9	39.7	44.6	(14.2)	2000	(A&C)
River Ridge	Saline, MI	—	1.0	26.9	—		0.7	1.0	27.6	28.6	(1.4)	2021	(A)
River Ridge Estates	Austin, TX	39.5	3.2	15.1	—		6.4	3.2	21.5	24.7	(12.7)	2002	(C)
Riverside Club	Ruskin, FL	37.5	1.6	66.2	—		14.7	1.6	80.9	82.5	(18.9)	2015	(A)
Riverside Drive Park	Augusta, ME	—	1.2	12.1	—		1.2	1.2	13.3	14.5	(1.1)	2020	(A)
Rock Crusher Canyon RV Resort	Crystal River, FL	—	0.4	5.5	0.2		6.5	0.6	12.0	12.6	(3.0)	2015	(A)
Rolling Hills	Storrs, CT	—	4.0	3.7	—		4.5	4.0	8.2	12.2	(0.6)	2019	(A)
Roxbury Park	Goshen, IN	—	1.1	9.9	—		7.5	1.1	17.4	18.5	(9.0)	2001	(A)
Royal Country	Miami, FL	58.5	2.3	20.8	—		3.6	2.3	24.4	26.7	(21.3)	1994	(A)
Royal Palm Village	Haines City, FL	10.6	1.7	27.4	—		4.7	1.7	32.1	33.8	(8.0)	2015	(A)
Royal Palms MH & RV Resort(2)	Cathedral City, CA	—	—	21.6	—		2.7	—	24.3	24.3	(5.2)	2016	(A)
Rudgate Clinton	Clinton Township, MI	—	1.1	23.7	—		11.1	1.1	34.8	35.9	(12.3)	2012	(A)
Rudgate Manor	Sterling Heights, MI	—	1.4	31.1	—		15.1	1.4	46.2	47.6	(16.6)	2012	(A)
Saddle Oak Club	Ocala, FL	18.8	0.7	6.7	—		2.0	0.7	8.7	9.4	(7.2)	1995	(A)
Saddlebrook	San Marcos, TX	—	1.7	11.8	—		25.1	1.7	36.9	38.6	(16.1)	2002	(C)
Sandy Lake MH & RV Resort	Carrollton, TX	—	0.7	17.8	—		2.0	0.7	19.8	20.5	(4.4)	2016	(A)
Saralake Estates	Sarasota, FL	—	6.5	11.4	—		1.4	6.5	12.8	19.3	(2.9)	2016	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land		Depreciable Assets		Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Savanna Club	Port St. Lucie, FL	63.2	12.8	79.9	—		0.8		12.8	80.7	93.5	(20.7)	2015	(A&C)
Scio Farms	Ann Arbor, MI	52.9	2.3	22.7	—		15.9		2.3	38.6	40.9	(26.6)	1995	(A&C)
Sea Air Village	Rehoboth Beach, DE	—	1.2	10.2	0.4		3.3		1.6	13.5	15.1	(8.2)	1997	(A)
Serendipity	North Fort Myers, FL	—	1.2	23.5	—		3.6		1.2	27.1	28.3	(6.8)	2015	(A)
Settler's Rest RV Resort	Zephyrhills, FL	—	1.8	7.7	—		2.3		1.8	10.0	11.8	(2.2)	2016	(A)
Shadow Wood Village	Hudson, FL	—	4.5	3.9	0.8		12.5		5.3	16.4	21.7	(2.2)	2016	(A)
Shady Pines MH & RV Resort	Galloway Township, NJ	—	1.1	3.8	—		1.5		1.1	5.3	6.4	(1.2)	2016	(A)
Shady Road Villas	Ocala, FL	—	0.5	2.8	—		4.7		0.5	7.5	8.0	(1.5)	2016	(A)
Sheffield Estates	Auburn Hills, MI	—	0.8	7.2	—		3.1		0.8	10.3	11.1	(5.4)	2006	(A)
Shelby Forest	Shelby Twp., MI	—	4.0	42.4	—		0.1		4.0	42.5	46.5	(5.4)	2019	(A)
Shelby West	Shelby Twp., MI	—	5.7	38.9	—		0.8		5.7	39.7	45.4	(5.0)	2019	(A)
Shell Creek RV Resort & Marina	Punta Gorda, FL	6.0	2.2	9.7	—		3.6		2.2	13.3	15.5	(2.9)	2016	(A)
Siesta Bay RV Park(9)	Ft. Myers, FL	65.0	2.1	18.5	—		(18.5)	(9)	2.1	—	2.1	—	1996	(A)
Silver Springs	Clinton Township, MI	—	0.9	16.6	—		2.4		0.9	19.0	19.9	(7.2)	2012	(A)
Sky Harbor	Cheektowaga, NY	—	2.3	24.3	—		7.4		2.3	31.7	34.0	(8.6)	2014	(A)
Skyline	Fort Collins, CO	9.3	2.3	12.1	—		1.2		2.3	13.3	15.6	(3.8)	2014	(A)
Smith Creek Crossing	Granby, CO	—	1.4	—	—		47.7		1.4	47.7	49.1	(3.3)	2018	(C)
Southern Charm MH & RV Resort	Zephyrhills, FL	11.0	4.9	17.4	—		3.4		4.9	20.8	25.7	(4.9)	2016	(A)
Southern Hills / Northridge Place	Stewartville, MN	7.1	0.4	12.7	—		11.9		0.4	24.6	25.0	(7.3)	2014	(A&C)
Southern Leisure RV Resort	Chiefland, FL	—	3.1	14.8	—		2.5		3.1	17.3	20.4	(0.9)	2021	(A)
Southern Palms	Ladson, SC	—	2.4	9.4	—		0.5		2.4	9.9	12.3	(4.3)	2019	(A)
Southport Springs Golf & Country Club	Zephyrhills, FL	32.6	15.1	17.2	—		4.5		15.1	21.7	36.8	(5.5)	2015	(A&C)
Southside Landing	Cambridge, MD	—	1.0	2.5	—		1.7		1.0	4.2	5.2	(0.5)	2019	(A)
Southwood Village	Grand Rapids, MI	—	0.3	11.5	—		2.4		0.3	13.9	14.2	(4.8)	2011	(A)
Spanish Main MH & RV Resort	Thonotosassa, FL	—	2.4	8.1	—		6.2		2.4	14.3	16.7	(2.9)	2016	(A)
Spanish Trails West	Casa Grande, AZ	—	6.6	15.3	—		0.3		6.6	15.6	22.2	(0.3)	2022	(A)
St. Clair Place	St. Clair, MI	—	0.5	2.0	—		2.5		0.5	4.5	5.0	(2.6)	1998	(A)
Stonebridge (MI)(5)	Richfield Twp., MI	—	2.0	—	0.3		2.2		2.3	2.2	4.5	(0.4)	1998	(C)
Stonebridge (TX)	San Antonio, TX	—	2.5	2.1	(0.6)	(3)	6.6		1.9	8.7	10.6	(5.2)	2000	(A&C)
Stonebrook	Homosassa, FL	—	0.7	14.1	—		1.0		0.7	15.1	15.8	(3.8)	2015	(A)
Stoneridge Villas(5)	Gardnerville, NV	—	5.3	—	—		0.3		5.3	0.3	5.6	—	2022	(A)
Strafford / Lake Winnipesaukee South KOA	Strafford, NH	—	—	—	0.3		8.6		0.3	8.6	8.9	(0.7)	2019	(A)
Summit Ridge	Converse, TX	—	2.6	2.1	(0.9)	(3)	18.2		1.7	20.3	22.0	(10.5)	2000	(A&C)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land	Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Sun Outdoors Arches Gateway(8)	Moab, UT	—	3.7	8.7	—	2.8	3.7	11.5	15.2	(1.9)	2018	(A)
Sun Outdoors Association Island	Henderson, NY	—	1.7	14.7	—	4.6	1.7	19.3	21.0	(1.0)	2021	(A)
Sun Outdoors Bend(8)	Bend, OR	—	4.0	13.3	—	0.7	4.0	14.0	18.0	(1.3)	2020	(A)
Sun Outdoors Canyonlands Gateway(8)	Moab, UT	—	6.3	8.4	—	0.8	6.3	9.2	15.5	(1.5)	2018	(A)
Sun Outdoors Cape Charles	Cape Charles, VA	—	19.1	38.7	—	4.9	19.1	43.6	62.7	(2.5)	2021	(A)
Sun Outdoors Cape May(8)	Cape May, NJ	—	—	27.5	2.2	(1.6)	2.2	25.9	28.1	(1.5)	2021	(A)
Sun Outdoors Central Coast Wine Country(8)	Paso Robles, CA	—	1.7	11.5	—	4.4	1.7	15.9	17.6	(5.2)	2014	(A&C)
Sun Outdoors Chesapeake Bay(2)(8)	Temperanceville, VA	—	2.3	8.8	—	2.4	2.3	11.2	13.5	(0.5)	2021	(A)
Sun Outdoors Coos Bay(8)	Coos Bay, OR	—	2.7	3.2	—	2.1	2.7	5.3	8.0	(0.9)	2018	(A)
Sun Outdoors Chincoteague Bay(5)	Chincoteague, VA	—	7.5	—	—	1.9	7.5	1.9	9.4	—	2021	(C)
Sun Outdoors Frontier Town	Berlin, MD	—	19.0	43.2	—	38.5	19.0	81.7	100.7	(18.8)	2015	(A)
Sun Outdoors Garden City Utah(8)	Garden City, UT	—	2.1	7.9	—	1.5	2.1	9.4	11.5	(0.5)	2021	(A)
Sun Outdoors Gig Harbor(8)	Gig Harbor, WA	—	3.4	11.9	—	0.5	3.4	12.4	15.8	(1.1)	2020	(A)
Sun Outdoors Islamorada(6)	Islamorada, FL	—	10.5	7.0	2.3	20.0	12.8	27.0	39.8	(0.1)	2016	(A)
Sun Outdoors Kensington Valley(8)	New Hudson, MI	—	—	20.1	2.9	(0.7)	2.9	19.4	22.3	(1.0)	2021	(A)
Sun Outdoors Key Largo	Key Largo, FL	—	2.4	1.0	—	2.5	2.4	3.5	5.9	(0.8)	2016	(A)
Sun Outdoors Lake Rudolph	Santa Claus, IN	—	2.3	28.1	—	12.9	2.3	41.0	43.3	(16.1)	2014	(A&C)
Sun Outdoors Lake Travis	Austin, TX	—	3.7	22.2	—	1.4	3.7	23.6	27.3	(7.0)	2015	(A)
Sun Outdoors Marathon	Marathon, FL	—	4.8	4.7	—	4.7	4.8	9.4	14.2	(1.9)	2016	(A)
Sun Outdoors Moab Downtown(8)	Moab, UT	—	3.7	7.4	—	0.8	3.7	8.2	11.9	(1.5)	2018	(A)
Sun Outdoors Mystic	Old Mystic, CT	—	0.1	0.3	—	2.6	0.1	2.9	3.0	(1.5)	2013	(A)
Sun Outdoors North Moab(8)	Moab, UT	—	—	—	3.2	12.0	3.2	12.0	15.2	(1.1)	2019	(A)
Sun Outdoors New Orleans North Shore(8)	Ponchatoula, LA	—	7.7	16.1	—	11.2	7.7	27.3	35.0	(3.1)	2019	(A)
Sun Outdoors Ocean City	Berlin, MD	—	14.3	22.3	—	8.2	14.3	30.5	44.8	(9.9)	2014	(A&C)
Sun Outdoors Ocean City Gateway	Whaleyville, MD	—	0.5	5.2	—	18.4	0.5	23.6	24.1	(4.3)	2015	(A)
Sun Outdoors Old Orchard Beach Downtown	Old Orchard Beach, ME	—	2.0	10.0	—	2.1	2.0	12.1	14.1	(1.6)	2019	(A)
Sun Outdoors Orange Beach	Orange Beach, AL	—	12.7	7.5	0.9	19.4	13.6	26.9	40.5	(1.1)	2019	(A)
Sun Outdoors Orlando ChampionsGate	Davenport, FL	—	—	—	3.6	15.9	3.6	15.9	19.5	(1.3)	2020	(A)
Sun Outdoors Panama City Beach(2)	Panama City Beach, FL	14.4	10.3	9.1	—	3.3	10.3	12.4	22.7	(2.1)	2017	(A)
Sun Outdoors Paso Robles(8)	Paso Robles, CA	—	1.4	—	—	41.9	1.4	41.9	43.3	(8.6)	2014	(C)
Sun Outdoors Petoskey Bay Harbor	Petoskey, MI	—	0.2	3.3	—	5.0	0.2	8.3	8.5	(2.1)	2016	(A)
Sun Outdoors Pigeon Forge(2)	Sevierville, TN	—	3.7	19.7	—	2.7	3.7	22.4	26.1	(2.7)	2019	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land		Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Sun Outdoors Portland South(2)(8)	Wilsonville, OR	—	—	19.0	9.3		(8.7)	9.3	10.3	19.6	(0.6)	2021	(A)
Sun Outdoors Rocky Mountains(8)	Granby, CO	—	8.6	—	(3.1)	(3)	144.4	5.5	144.4	149.9	(15.1)	2018	(C)
Sun Outdoors Rehoboth Bay	Millsboro, DE	—	2.8	17.9	2.2		18.7	5.0	36.6	41.6	(4.1)	2019	(A)
Sun Outdoors Saco Old Orchard Beach(8)	Saco, ME	—	0.8	3.6	—		5.6	0.8	9.2	10.0	(3.3)	2014	(A)
Sun Outdoors Salt Lake City(8)	North Salt Lake, UT	—	3.4	4.6	—		2.4	3.4	7.0	10.4	(1.3)	2018	(A)
Sun Outdoors San Antonio West	San Antonio, TX	—	0.8	6.2	—		2.1	0.8	8.3	9.1	(3.2)	2012	(A)
Sun Outdoors San Diego Bay(2)	San Diego, CA	—	—	—	—		69.2	—	69.2	69.2	(5.4)	2019	(A)
Sun Outdoors Santa Barbara(8)	Goleta, CA	—	16.0	6.2	—		0.7	16.0	6.9	22.9	(0.7)	2020	(A)
Sun Outdoors Sarasota	Sarasota, FL	139.3	51.0	117.5	(0.2)	(3)	15.7	50.8	133.2	184.0	(32.3)	2016	(A)
Sun Outdoors St. Augustine	St. Augustine, FL	—	4.2	10.5	—		0.9	4.2	11.4	15.6	(1.8)	2018	(A)
Sun Outdoors Sugarloaf Key(2)(8)	Summerland Key, FL	—	7.7	4.4	0.1		2.6	7.8	7.0	14.8	(0.3)	2021	(A)
Sun Outdoors Texas Hill Country	New Braunfels, TX	—	3.8	27.2	—		4.4	3.8	31.6	35.4	(7.7)	2016	(A&C)
Sun Outdoors Wells Beach(2)(8)	Wells, ME	—	1.4	11.4	—		—	1.4	11.4	12.8	(0.6)	2021	(A)
Sun Outdoors Yellowstone North(2)(8)	Gardiner, MT	—	—	12.5	5.6		(5.4)	5.6	7.1	12.7	(0.4)	2021	(A)
Sun Retreats Adirondack Gateway(8)	Gansevoort, NY	—	0.6	2.0	—		2.9	0.6	4.9	5.5	(1.3)	2016	(A)
Sun Retreats Amherstburg(8)	Amherstburg, ON	—	1.1	1.5	—		1.8	1.1	3.3	4.4	(0.7)	2016	(A)
Sun Retreats Arran Lake(8)	Allenford, ON	—	1.1	1.2	—		0.4	1.1	1.6	2.7	(0.4)	2016	(A)
Sun Retreats Avalon	Cape May Court House, NJ	—	0.6	21.3	—		4.9	0.6	26.2	26.8	(8.4)	2013	(A)
Sun Retreats Blue Mountains(8)	Clarksburg, ON	—	0.4	0.7	—		0.8	0.4	1.5	1.9	(0.2)	2016	(A)
Sun Retreats Birch Bay(8)	Blaine, WA	—	7.5	7.6	—		1.1	7.5	8.7	16.2	(0.5)	2021	(A)
Sun Retreats Cape Cod(8)	East Falmouth, MA	—	3.7	10.8	—		1.1	3.7	11.9	15.6	(1.5)	2020	(A)
Sun Retreats Cape May Wildwood	Cape May, NJ	—	0.7	7.7	—		9.3	0.7	17.0	17.7	(6.2)	2013	(A)
Sun Retreats Cayuga(8)	Cayuga, ON	—	1.0	4.2	(0.1)	(1)	3.0	0.9	7.2	8.1	(1.5)	2016	(A)
Sun Retreats Daytona Beach(8)	Port Orange, FL	—	2.3	7.2	—		5.2	2.3	12.4	14.7	(2.7)	2016	(A)
Sun Retreats Dennis Port(8)	Dennisport, MA	15.4	14.3	11.9	—		15.2	14.3	27.1	41.4	(4.7)	2016	(A)
Sun Retreats Dunedin(8)	Dunedin, FL	9.4	4.4	16.9	—		3.1	4.4	20.0	24.4	(4.7)	2016	(A)
Sun Retreats Flamborough(8)	Millgrove, ON	—	3.0	3.0	(0.2)	(1)	2.4	2.8	5.4	8.2	(0.9)	2016	(A)
Sun Retreats Georgian Bay(8)	Seguin, ON	—	3.7	3.7	(0.2)	(1)	0.7	3.5	4.4	7.9	(1.0)	2016	(A)
Sun Retreats Geneva on the Lake	Geneva on the Lake, OH	—	0.4	20.8	—		9.5	0.4	30.3	30.7	(9.5)	2013	(A&C)
Sun Retreats Gwynn's Island(8)	Gwynn, VA	—	0.8	0.6	—		1.9	0.8	2.5	3.3	(0.9)	2013	(A)
Sun Retreats Gun Lake	Hopkins, MI	—	0.4	0.9	—		5.2	0.4	6.1	6.5	(2.0)	2011	(A)
Sun Retreats Hay Bay(8)	Napanee, ON	—	0.9	2.1	(0.1)	(1)	2.0	0.8	4.1	4.9	(0.9)	2016	(A)
Sun Retreats Huntsville(8)	Huntsville, ON	—	2.8	4.3	(0.1)	(1)	0.6	2.7	4.9	7.6	(1.1)	2016	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land		Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Sun Retreats Ipperwash(8)	Lambton Shores, ON	—	0.9	1.5	(0.1)	(1)	0.6	0.8	2.1	2.9	(0.5)	2016	(A)
Sun Retreats Lancaster County(8)	Narvon, PA	—	7.4	7.1	—		4.4	7.4	11.5	18.9	(3.9)	2012	(A)
Sun Retreats Long Beach Island(8)	Barnegat, NJ	—	0.7	3.4	—		1.8	0.7	5.2	5.9	(1.1)	2016	(A)
Sun Retreats Nantahala(8)	Sylva, NC	—	0.1	0.8	—		1.0	0.1	1.8	1.9	(0.4)	2016	(A)
Sun Retreats New Point(8)	New Point, VA	—	1.6	5.3	—		4.7	1.6	10.0	11.6	(3.6)	2013	(A)
Sun Retreats Old Orchard Beach	Old Orchard Beach, ME	—	0.6	7.7	—		3.6	0.6	11.3	11.9	(4.1)	2013	(A)
Sun Retreats Penetanguishene(8)	Tiny, ON	—	1.3	2.1	(0.1)	(1)	2.5	1.2	4.6	5.8	(0.9)	2016	(A)
Sun Retreats Peters Pond(8)	Sandwich, MA	—	4.7	22.8	—		4.4	4.7	27.2	31.9	(10.2)	2013	(A)
Sun Retreats Pleasant Acres Farm	Sussex, NJ	—	3.6	6.2	—		0.7	3.6	6.9	10.5	(0.4)	2021	(A)
Sun Retreats Rehoboth Bay(8)	Millsboro, DE	—	3.6	41.3	—		1.8	3.6	43.1	46.7	(5.1)	2019	(A)
Sun Retreats Rock River	Hillsdale, IL	—	1.8	6.0	—		3.9	1.8	9.9	11.7	(1.9)	2017	(A)
Sun Retreats Sandbanks(8)	Cherry Valley, ON	—	0.6	1.3	—		1.3	0.6	2.6	3.2	(0.4)	2016	(A)
Sun Retreats Sea Isle(8)	Clermont, NJ	29.5	1.5	29.9	—		4.5	1.5	34.4	35.9	(10.7)	2014	(A)
Sun Retreats Seashore(8)	Cape May, NJ	14.0	1.0	23.2	—		3.3	1.0	26.5	27.5	(8.3)	2014	(A)
Sun Retreats Shenandoah Valley(8)	Stuarts Draft, VA	—	—	—	1.9		18.9	1.9	18.9	20.8	(1.6)	2020	(A)
Sun Retreats Sherkston Shores(8)	Sherkston, ON	—	22.8	97.2	(1.0)	(1)	33.0	21.8	130.2	152.0	(25.7)	2016	(A)
Sun Retreats Silver Lake	Mears, MI	—	0.6	7.0	—		1.7	0.6	8.7	9.3	(1.5)	2018	(C)
Sun Retreats Stratford(8)	Bornholm, ON	—	1.7	2.2	(0.2)	(1)	0.5	1.5	2.7	4.2	(0.6)	2016	(A)
Sun Retreats Turkey Point(8)	Normandale, ON	—	2.6	4.2	(0.2)	(1)	2.0	2.4	6.2	8.6	(1.2)	2016	(A)
Sun Retreats at Wild Acres	Old Orchard Beach, ME	—	1.6	26.8	—		7.0	1.6	33.8	35.4	(13.4)	2013	(A)
Sun Retreats Willow Lake(8)	Scotland, ON	—	1.2	2.3	—	(1)	1.1	1.2	3.4	4.6	(0.6)	2016	(A)
Sun Valley	Apache Junction, AZ	11.2	2.8	18.4	—		1.7	2.8	20.1	22.9	(5.7)	2014	(A)
Sun Villa Estates	Reno, NV	22.9	2.4	11.8	(1.1)	(3)	2.8	1.3	14.6	15.9	(10.3)	1998	(A)
Suncoast Gateway	Port Richey, FL	—	0.6	0.3	—		1.1	0.6	1.4	2.0	(0.5)	2016	(A)
Sundance	Zephyrhills, FL	—	0.9	25.3	—		1.3	0.9	26.6	27.5	(6.8)	2015	(A)
Sunlake Estates	Grand Island, FL	20.1	6.3	24.1	—		3.1	6.3	27.2	33.5	(6.8)	2015	(A)
Sunrise Estates	Banning, CA	—	5.5	17.2	—		—	5.5	17.2	22.7	(0.3)	2022	(A)
Sunset Beach RV Resort	Cape Charles, VA	—	3.8	24.0	—		1.0	3.8	25.0	28.8	(5.5)	2016	(A)
Sunset Harbor at Cow Key Marina	Key West, FL	—	8.6	7.6	—		1.8	8.6	9.4	18.0	(1.9)	2016	(A)
Sunset Ridge (MI)	Portland, MI	—	2.0	—	—		35.7	2.0	35.7	37.7	(13.6)	1998	(C)
Sunset Ridge (TX)	Kyle, TX	—	2.2	2.8	—		25.4	2.2	28.2	30.4	(6.3)	2000	(A&C)
Swan Meadow Village	Dillon, CO	12.7	2.1	19.7	—		0.6	2.1	20.3	22.4	(5.5)	2014	(A)
Sweetwater RV Resort	Zephyrhills, FL	5.1	1.3	9.1	—		2.6	1.3	11.7	13.0	(2.7)	2016	(A)
Sycamore Village	Mason, MI	—	0.4	13.3	—		4.5	0.4	17.8	18.2	(7.1)	2011	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land	Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Sylvan Crossing	Chelsea, MI	—	2.2	22.4	—	1.1	2.2	23.5	25.7	(1.2)	2021	(A)
Sylvan Glen Estates	Brighton, MI	—	2.7	22.7	—	1.6	2.7	24.3	27.0	(1.3)	2021	(A)
Tallowwood Isle	Coconut Creek, FL	—	13.8	20.8	—	2.7	13.8	23.5	37.3	(4.9)	2016	(A)
Tamarac Village MH & RV Resort	Ludington, MI	18.1	0.4	12.0	—	3.4	0.4	15.4	15.8	(5.4)	2011	(A)
Tampa East MH & RV Resort	Dover, FL	—	0.7	6.3	—	9.6	0.7	15.9	16.6	(7.4)	2005	(A)
Tanglewood Village	Brownstown, MI	—	0.5	21.6	—	1.1	0.5	22.7	23.2	(1.2)	2021	(A)
The Colony(2)	Oxnard, CA	—	—	6.4	—	1.1	—	7.5	7.5	(1.7)	2016	(A)
The Foothills(5)	Fort Collins, CO	—	3.8	—	0.7	2.1	4.5	2.1	6.6	—	2021	(C)
The Grove at Alta Ridge	Thornton, CO	25.4	5.4	37.1	—	0.7	5.4	37.8	43.2	(10.8)	2014	(A)
The Hamptons Golf & Country Club	Auburndale, FL	65.2	15.9	67.6	—	4.9	15.9	72.5	88.4	(18.3)	2015	(A)
The Hideaway	Key West, FL	—	2.7	1.0	—	1.1	2.7	2.1	4.8	(0.5)	2016	(A)
The Hills	Apopka, FL	—	1.8	3.9	—	1.6	1.8	5.5	7.3	(1.2)	2016	(A)
The Landings at Lake Henry	Haines City, FL	11.3	3.1	31.0	—	2.9	3.1	33.9	37.0	(8.6)	2015	(A)
The Ridge	Davenport, FL	35.3	8.4	35.5	—	2.4	8.4	37.9	46.3	(10.0)	2015	(A)
The Valley	Apopka, FL	—	2.5	5.7	—	1.7	2.5	7.4	9.9	(1.6)	2016	(A)
The Villas at Calla Pointe	Cheektowaga, NY	—	0.4	11.0	—	0.2	0.4	11.2	11.6	(3.2)	2014	(A)
The Willows	Goshen, IN	—	0.7	15.8	—	0.8	0.7	16.6	17.3	(0.8)	2021	(A)
Themeworld RV Resort	Davenport, FL	—	2.9	24.1	—	2.5	2.9	26.6	29.5	(1.4)	2021	(A)
Three Gardens	Southington, CT	—	2.0	6.7	—	0.4	2.0	7.1	9.1	(0.8)	2019	(A)
Three Lakes	Hudson, FL	—	5.1	3.4	—	3.6	5.1	7.0	12.1	(2.8)	2012	(A)
Thunderhill Estates	Sturgeon Bay, WI	5.1	0.6	9.0	0.5	2.9	1.1	11.9	13.0	(3.5)	2014	(A)
Timber Ridge	Ft. Collins, CO	37.0	1.0	9.2	—	4.1	1.0	13.3	14.3	(9.5)	1996	(A)
Timberline Estates	Coopersville, MI	18.8	0.5	4.9	—	3.7	0.5	8.6	9.1	(5.6)	1994	(A)
Town & Country	Traverse City, MI	—	0.4	3.7	—	2.3	0.4	6.0	6.4	(3.8)	1996	(A)
Town & Country Village	Lisbon, ME	2.4	0.2	4.5	—	1.1	0.2	5.6	5.8	(1.6)	2014	(A)
Tranquility MHC	Bushnell, FL	—	1.3	—	—	0.6	1.3	0.6	1.9	—	2021	(C)
Traveler's World MH & RV Resort	San Antonio, TX	—	0.8	8.0	—	2.3	0.8	10.3	11.1	(2.5)	2016	(A)
Treetops RV Resort	Arlington, TX	—	0.7	9.8	—	2.4	0.7	12.2	12.9	(2.7)	2016	(A)
Troy Villa	Troy, MI	—	5.6	16.5	—	2.2	5.6	18.7	24.3	(1.8)	2020	(A)
Vallecito	Newbury Park, CA	28.2	25.8	9.8	—	1.2	25.8	11.0	36.8	(2.4)	2016	(A)
Victor Villa	Victorville, CA	17.0	2.5	20.4	—	1.9	2.5	22.3	24.8	(5.0)	2016	(A)
Vines RV Resort	Paso Robles, CA	—	0.9	7.1	—	2.1	0.9	9.2	10.1	(3.4)	2013	(A)
Vista Del Lago	Scotts Valley, CA	24.4	17.8	9.5	—	1.6	17.8	11.1	28.9	(2.4)	2016	(A)
Vista Del Lago MH & RV Resort	Bradenton, FL	3.9	3.6	5.3	—	2.3	3.6	7.6	11.2	(1.6)	2016	(A)


				Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances(4)		Land		Depreciable Assets		Land		Depreciable Assets		Land		Depreciable Assets		Total		Accumulated Depreciation		Date	Acquired (A) or Constructed (C)
Vizcaya Lakes	Port Charlotte, FL	—		0.7		4.2		—		1.1		0.7		5.3		6.0		(1.2)		2015	(A)
Walden Woods I(10)	Homosassa, FL	10.3		1.6		26.4		(0.9)		(11.9)		0.7		14.5		15.2		(3.7)		2015	(A)
Walden Woods II(10)	Homosassa, FL	—		—		—		0.8		13.8		0.8		13.8		14.6		(3.5)		2015	(A)
Warren Dunes Village	Bridgman, MI	—		0.3		3.4		—		10.8		0.3		14.2		14.5		(4.5)		2011	(A&C)
Water Oak Country Club Estates	Lady Lake, FL	74.7		2.8		16.7		2.7		64.5		5.5		81.2		86.7		(28.7)		1993	(A&C)
Waters Edge RV Resort	Zephyrhills, FL	3.4		1.2		5.5		—		2.9		1.2		8.4		9.6		(1.9)		2016	(A)
Waverly Shores Village	Holland, MI	13.7		0.3		7.3		0.5		5.6		0.8		12.9		13.7		(3.8)		2011	(A&C)
West Village Estates	Romulus, MI	—		0.9		19.8		—		3.4		0.9		23.2		24.1		(8.4)		2012	(A)
Westbrook Senior Village	Toledo, OH	5.5		0.4		3.3		—		0.7		0.4		4.0		4.4		(2.7)		2001	(A)
Westbrook Village	Toledo, OH	24.0		1.1		10.5		—		6.0		1.1		16.5		17.6		(10.9)		1999	(A)
Westside Ridge	Auburndale, FL	8.1		0.8		10.7		—		1.1		0.8		11.8		12.6		(3.0)		2015	(A)
Westward Shores Cottages & RV Resort	West Ossipee, NH	—		1.9		15.3		—		13.8		1.9		29.1		31.0		(4.0)		2018	(A)
White Lake	White Lake, MI	24.2		0.7		6.2		—		10.0		0.7		16.2		16.9		(10.6)		1997	(A&C)
Wildwood Community	Sandwich, IL	22.2		1.9		37.7		—		1.5		1.9		39.2		41.1		(11.2)		2014	(A)
Willow Bend	Fort Lupton, CO	—		5.1		—		—		14.9		5.1		14.9		20.0		—		2021	(C)
Willowbrook Place	Toledo, OH	17.4		0.8		7.1		—		6.2		0.8		13.3		14.1		(8.4)		1997	(A)
Windham Hills	Jackson, MI	—		2.7		2.4		—		18.1		2.7		20.5		23.2		(11.9)		1998	(A&C)
Windmill Village	Davenport, FL	43.5		7.6		36.3		—		1.6		7.6		37.9		45.5		(9.7)		2015	(A)
Windsor Woods Village	Wayland, MI	—		0.3		5.8		—		2.4		0.3		8.2		8.5		(3.7)		2011	(A)
Woodhaven Place	Woodhaven, MI	13.7		0.5		4.5		—		7.6		0.5		12.1		12.6		(6.9)		1998	(A)
Woodlake Trails	San Antonio, TX	—		1.1		0.3		—		20.8		1.1		21.1		22.2		(7.9)		2000	(A&C)
Woodland Park Estates	Eugene, OR	—		1.6		14.4		—		1.4		1.6		15.8		17.4		(12.2)		1998	(A)
Woodlands at Church Lake	Groveland, FL	—		2.5		9.1		—		5.0		2.5		14.1		16.6		(3.3)		2015	(A)
Woodside Terrace	Holland, OH	25.1		1.1		9.6		—		14.3		1.1		23.9		25.0		(14.1)		1997	(A)
Woodsmoke Camping Resort	Fort Myers, FL	—		4.9		20.6		—		2.4		4.9		23.0		27.9		(2.0)		2020	(A)
Wymberly	Martinez, GA	—		3.1		14.5		—		7.8		3.1		22.3		25.4		(2.0)		2019	(A)
Yankee Village	Old Saybrook, CT	—		1.6		0.4		—		—		1.6		0.4		2.0		(0.1)		2019	(A)
		$	3,232.3	$	1,660.6	$	6,138.6	$	91.5	$	3,376.6	$	1,752.1	$	9,515.2	$	11,267.3	$	(2,471.2)
Corporate Headquarters and Other Fixed Assets	Southfield, MI	—		—		—		1.1		212.4		1.1		212.4		213.5		(44.0)
		$	3,232.3	$	1,660.6	$	6,138.6	$	92.6	$	3,589.0	$	1,753.2	$	9,727.6	$	11,480.8	$	(2,515.2)

(1) Gross amount carried at December 31, 2022, at our Canadian properties, reflects the impact of foreign currency translation.

(2) All or part of this property is subject to a ground lease.

(3) Gross amount carried at December 31, 2022 has decreased at this property due to a partial disposition of land or depreciable assets, as applicable.

(4) Balance outstanding represents total amount due at maturity and excludes any premiums or discounts and deferred financing costs.

(5) This property was not included in our community count as of December 31, 2022 as it was not fully developed.

(6) This property was impaired as a result of Hurricane Irma in September 2017.

(7) This property was split into two separate properties in 2021.

(8) This property had a name change during the year ended December 31, 2022.

(9) This property was impaired as a result of Hurricane Ian in October 2022.

(10) This property is one physical property but was split into two separate properties for encumbrance reporting purposes.

The following tables set forth real estate and accumulated depreciation relating to our MH properties in the UK.


				Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)					Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances		Land		Depreciable Assets		Land			Depreciable Assets		Land		Depreciable Assets		Total		Accumulated Depreciation		Date	Acquired (A) or Constructed (C)
Alberta	Whitstable, Kent, England	$	—	$	22.2	$	2.2	$	—		$	—	$	22.2	$	2.2	$	24.4	$	(0.1)	2022	(A)
Amble Links	Amble, Northumberland, England	—		75.8		5.8		—			—		75.8		5.8		81.6		(0.1)		2022	(A)
Ashbourne Heights	Ashbourne, Derbyshire, England	—		6.6		2.3		—			0.2		6.6		2.5		9.1		(0.1)		2022	(A)
Beauport	Hastings, Sussex, England	—		69.2		4.9		—			0.1		69.2		5.0		74.2		(0.1)		2022	(A)
Birchington Vale(3)	Birchington, Kent, England	—		3.4		11.6		—			(0.2)		3.4		11.4		14.8		(0.4)		2022	(A)
Bodmin Holiday Park (formerly Cornwall)	Bodmin, Cornwall, England	—		6.5		6.3		—			0.7		6.5		7.0		13.5		(0.1)		2022	(A)
Bowland Fell	Skipton, Yorkshire, England	—		8.7		4.3		—			1.3		8.7		5.6		14.3		(0.2)		2022	(A)
Broadland Sands	Lowestoft, Suffolk, England	—		34.4		13.9		1.7			0.5		36.1		14.4		50.5		(0.7)		2022	(A)
Brynteg	Llanryg, Caernafon, Wales	—		31.7		8.6		—			0.1		31.7		8.7		40.4		(0.2)		2022	(A)
Burghead / Lossiemouth / Silver Sands	Burghead, Moray, Scotland	—		32.6		7.6		—			2.4		32.6		10.0		42.6		(0.3)		2022	(A)
Carlton Meres	Saxmundham, Suffolk, England	—		32.2		9.7		—			1.3		32.2		11.0		43.2		(0.4)		2022	(A)
Chantry	West Witton, Yorkshire, England	—		13.8		1.7		—			—		13.8		1.7		15.5		—		2022	(A)
Chichester Lakeside	Chichester, Sussex, England	—		67.5		8.8		—			1.0		67.5		9.8		77.3		(0.4)		2022	(A)
Coghurst Hall	Hastings, Sussex, England	—		45.0		6.6		—			(1.3)		45.0		5.3		50.3		(0.2)		2022	(A)
Dawlish Sands	Dawlish, Devon, England	—		9.7		3.7		—			—		9.7		3.7		13.4		(0.2)		2022	(A)
Dovercourt	Harwich, Essex, England	—		36.0		9.6		—			(0.1)		36.0		9.5		45.5		(0.4)		2022	(A)
Felixstowe Beach	Felixstowe, Suffolk, England	—		15.2		6.0		—			0.3		15.2		6.3		21.5		(0.3)		2022	(A)
Glendale	Wigton, Cumbria, England	—		17.1		11.4		—			—		17.1		11.4		28.5		(0.1)		2022	(A)
Golden Sands	Dawlish, Devon, England	—		32.7		7.8		—			2.2		32.7		10.0		42.7		(0.4)		2022	(A)
Harts	Isle of Sheppey, Kent, England	—		27.4		8.4		—			0.6		27.4		9.0		36.4		(0.3)		2022	(A)
Hedley Wood	Holsworthy, Devon, England	—		2.3		2.3		—			1.5		2.3		3.8		6.1		(0.1)		2022	(A)
Henfold(1)(2)	Dorking, Surrey, England	—		108.1		—		(10.9)		(1)	0.2		97.2		0.2		97.4		—		2021	(A)
Hengar Manor	Bodmin, Cornwall, England	—		7.6		5.2		—			1.3		7.6		6.5		14.1		(0.2)		2022	(A)
Littondale	Skipton, Yorkshire, England	—		2.4		2.0		—			—		2.4		2.0		4.4		—		2022	(A)
Malvern View	Stanford Bishop, Worcester, England	—		22.2		11.7		—			0.6		22.2		12.3		34.5		(0.2)		2022	(A)
Marlie	Romney, Kent, England	—		38.9		7.8		—			0.8		38.9		8.6		47.5		(0.4)		2022	(A)
Martello Beach	Clacton on Sea, Essex, England	—		16.4		7.5		—			9.5		16.4		17.0		33.4		(0.2)		2022	(A)
New Beach	Dymchurch, Kent, England	—		49.9		9.2		—			0.5		49.9		9.7		59.6		(0.5)		2022	(A)


				Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)					Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances		Land		Depreciable Assets		Land			Depreciable Assets		Land		Depreciable Assets		Total		Accumulated Depreciation		Date	Acquired (A) or Constructed (C)
Newhaven	Buxton, Derbyshire, England	—		—		6.9		—			—		—		6.9		6.9		—		2022	(A)
Oaklands	Clacton on Sea, Essex, England	—		19.4		1.8		—			—		19.4		1.8		21.2		—		2022	(A)
Oyster Bay	Truro, Cornwall, England	—		23.8		3.1		—			0.5		23.8		3.6		27.4		(0.1)		2022	(A)
Pakefield(3)	Pakefield, Suffolk, England	—		11.7		3.4		—			0.2		11.7		3.6		15.3		(0.1)		2022	(A)
Par Sands(3)	Par, Cornwall, England	—		—		5.3		—			—		—		5.3		5.3		(0.1)		2022	(A)
Pentire	Bude, Cornwall, England	—		21.9		4.3		—			0.9		21.9		5.2		27.1		(0.1)		2022	(A)
Pevensey Bay	Pevensey Bay, Sussex, England	—		41.9		5.8		—			1.1		41.9		6.9		48.8		(0.3)		2022	(A)
Plas Coch	Llanedwen, Anglesey, Wales	—		39.3		13.4		—			—		39.3		13.4		52.7		(0.2)		2022	(A)
Polperro	Looe, Cornwall, England	—		3.3		4.3		—			0.7		3.3		5.0		8.3		(0.2)		2022	(A)
Ribble Valley	Clitheroe, Lancashire, England	—		32.4		2.6		—			0.2		32.4		2.8		35.2		(0.1)		2022	(A)
Rye Harbour	Rye, Sussex, England	—		31.0		2.0		—			0.5		31.0		2.5		33.5		(0.1)		2022	(A)
Sand le Mere	Hull, Yorkshire, England	—		23.9		10.9		—			1.4		23.9		12.3		36.2		(0.4)		2022	(A)
Sandhills	Christchurch, Dorset, England	—		34.4		2.0		—			—		34.4		2.0		36.4		(0.1)		2022	(A)
Sandy Bay(1)	Canvey Island, Essex, England	—		235.7		12.3		(12.5)		(1)	12.4		223.2		24.7		247.9		(0.7)		2022	(A)
Seaview	Whitstable, Kent, England	—		51.3		4.2		—			0.2		51.3		4.4		55.7		(0.2)		2022	(A)
Seawick	Clacton on Sea, Essex, England	—		28.2		9.1		—			(0.1)		28.2		9.0		37.2		(0.2)		2022	(A)
Solent Breezes	Fareham, Hampshire, England	—		28.8		2.9		—			0.2		28.8		3.1		31.9		(0.1)		2022	(A)
St. Osyth Beach	Clacton on Sea, Essex, England	—		33.7		5.8		—			0.1		33.7		5.9		39.6		(0.3)		2022	(A)
Steeple Bay	Sothminster, Essex, England	—		22.5		5.6		—			(0.1)		22.5		5.5		28.0		(0.1)		2022	(A)
Suffolk Sands(3)	Felixstowe, Suffolk, England	—		—		0.6		—			—		—		0.6		0.6		—		2022	(A)
Tarka	Barnstaple, Devon, England	—		7.8		2.1		—			(0.1)		7.8		2.0		9.8		(0.1)		2022	(A)
Trevella(3)	Newquay, Cornwall, England	—		—		8.7		—			0.5		—		9.2		9.2		(0.2)		2022	(A)
Turnberry	Girvan, Ayrshire, Scotland	—		5.1		2.1		—			0.5		5.1		2.6		7.7		(0.1)		2022	(A)
Vernon Dene(1)(2)	North Ripley, Bransgore, England	—		13.5		—		(2.5)		(1)	1.8		11.0		1.8		12.8		—		2021	(A)
Waterside(3)	Paignton, Devon, England	—		—		5.5		—			0.6		—		6.1		6.1		(0.1)		2022	(A)
West Mersea	West Mersea, Essex, England	—		18.9		2.6		—			0.1		18.9		2.7		21.6		(0.1)		2022	(A)
Winchelsea Sands	Winchelsea, Sussex, England	—		15.2		3.1		—			0.1		15.2		3.2		18.4		(0.1)		2022	(A)
Wood Farm	Charmouth, Dorset, England	—		11.3		3.6		—			0.2		11.3		3.8		15.1		(0.1)		2022	(A)
Yorkshire Dales	Leyburn, Yorkshire, England	—		12.6		1.3		—			—		12.6		1.3		13.9		—		2022	(A)
		$	—	$	1,603.1	$	322.2	$	(24.2)		$	45.4	$	1,578.9	$	367.6	$	1,946.5	$	(10.8)
UK Headquarters and Other(3)	Sussex, England	—		0.7		13.6		1.9			9.9		2.6		23.5		26.1		(1.4)


				Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances		Land		Depreciable Assets		Land		Depreciable Assets		Land		Depreciable Assets		Total		Accumulated Depreciation		Date	Acquired (A) or Constructed (C)
		$	—	$	1,603.8	$	335.8	$	(22.3)	$	55.3	$	1,581.5	$	391.1	$	1,972.6	$	(12.2)

(1) Gross amount carried at December 31, 2022 reflects the impact of foreign currency translation.

(2) This property was not included in our community count as of December 31, 2022 as it was not fully developed.

(3) All or part of this property is subject to a ground lease.

The following tables set forth real estate and accumulated depreciation relating to our Safe Harbor marinas.


				Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances		Land		Depreciable Assets		Land		Depreciable Assets		Land		Depreciable Assets		Total		Accumulated Depreciation		Date	Acquired (A) or Constructed (C)
Allen Harbor(3)	North Kingstown, RI	$	—	$	—	$	4.0	$	—	$	1.5	$	—	$	5.5	$	5.5	$	(0.3)	2021	(A)
Anacapa Isle(3)	Oxnard, CA	—		—		10.9		—		1.9		—		12.8		12.8		(1.0)		2020	(A)
Angler House	Islamorada, FL	—		3.5		2.5		—		0.3		3.5		2.8		6.3		(0.4)		2021	(A)
Annapolis	Annapolis, MD	—		12.5		12.4		—		2.2		12.5		14.6		27.1		(1.2)		2020	(A)
Aqua Yacht	Iuka, MS	—		1.2		15.8		—		1.6		1.2		17.4		18.6		(2.7)		2020	(A)
Aqualand(3)	Flowery Branch, GA	—		—		35.9		—		15.6		—		51.5		51.5		(5.9)		2020	(A)
Bahia Bleu	Thunderbolt, GA	—		2.4		8.1		—		1.1		2.4		9.2		11.6		(1.0)		2020	(A)
Ballena Isle	Alameda, CA	—		0.7		21.3		—		2.1		0.7		23.4		24.1		(2.5)		2020	(A)
Bayfront(3)(5)	Chula Vista, CA	—		—		11.3		—		—		—		11.3		11.3		(0.1)		2022	(A)
Beaufort(3)	Beaufort, SC	—		—		1.8		—		0.4		—		2.2		2.2		(0.4)		2020	(A)
Beaver Creek(3)	Monticello, KY	—		—		10.8		—		1.0		—		11.8		11.8		(1.2)		2020	(A)
Belle Maer	Harrison Township, MI	—		4.1		14.6		—		0.7		4.1		15.3		19.4		(2.2)		2020	(A)
Bluewater(5)	Hampton, VA	—		14.1		8.3		—		0.4		14.1		8.7		22.8		(0.4)		2022	(A)
Bohemia Vista	Chesapeake Bay, MD	—		1.3		1.3		—		1.5		1.3		2.8		4.1		(0.5)		2020	(A)
Brady Mountain(3)	Royal, AR	—		—		22.3		—		3.2		—		25.5		25.5		(4.3)		2020	(A)
Bristol	Charleston, SC	—		1.3		7.5		—		0.5		1.3		8.0		9.3		(0.7)		2020	(A)
Bruce & Johnsons	Branford, CT	—		9.3		25.4		—		1.3		9.3		26.7		36.0		(2.6)		2020	(A)
Burnside(3)	Somerset, KY	—		—		11.8		—		0.7		—		12.5		12.5		(1.6)		2020	(A)
Burnt Store(9)	Punta Gorda, FL	—		17.6		16.5		0.1		9.1		17.7		25.6		43.3		(2.1)		2020	(A)
Cabrillo Isle(3)	San Diego, CA	—		—		37.7		—		1.6		—		39.3		39.3		(1.9)		2021	(A)
Calusa Island(9)	Goodland, FL	—		18.5		6.9		—		3.2		18.5		10.1		28.6		(1.2)		2020	(A)
Cape Harbour(9)	Cape Coral, FL	—		5.5		6.0		—		1.2		5.5		7.2		12.7		(0.7)		2020	(A)
Capri	Port Washington, NY	—		7.7		16.0		—		1.2		7.7		17.2		24.9		(1.5)		2020	(A)
Carroll Island	Baltimore, MD	—		1.2		1.6		—		2.6		1.2		4.2		5.4		(0.9)		2020	(A)
Charleston City(3)(8)	Charleston, SC	—		—		40.5		—		21.6		—		62.1		62.1		(4.3)		2020	(A)
City Boatyard	Charleston, SC	—		3.4		7.9		—		2.0		3.4		9.9		13.3		(1.1)		2020	(A)
Cove Haven	Barrington, RI	—		10.0		9.8		—		3.1		10.0		12.9		22.9		(1.3)		2020	(A)
Cowesett(7)	Warwick, RI	—		22.8		23.0		—		3.0		22.8		26.0		48.8		(2.5)		2020	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances	Land	Depreciable Assets	Land	Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Crystal Point	Point Pleasant, NJ	—	1.3	2.3	—	2.0	1.3	4.3	5.6	(0.3)	2020	(A)
Dauntless(1)	Essex, CT	—	4.2	18.7	—	2.1	4.2	20.8	25.0	(1.8)	2020	(A)
Dauntless Shipyard(1)	Essex, CT	—	—	—	—	—	—	—	—	—	2020	(A)
Deep River	Deep River, CT	—	4.7	5.0	—	0.9	4.7	5.9	10.6	(0.8)	2020	(A)
Detroit River	Detroit, MI	—	1.5	7.4	—	1.7	1.5	9.1	10.6	(0.7)	2021	(A)
Eagle Cove(3)	Byrdstown, TN	—	—	4.6	—	0.8	—	5.4	5.4	(1.6)	2020	(A)
Edgartown	Edgartown, MA	—	7.6	5.1	—	0.5	7.6	5.6	13.2	(0.7)	2021	(A)
Emerald Coast	Niceville, FL	—	2.6	5.8	—	1.1	2.6	6.9	9.5	(0.6)	2021	(A)
Emerald Point(3)	Austin, TX	—	—	18.1	—	4.0	—	22.1	22.1	(4.0)	2020	(A)
Emeryville(3)	Emeryville, CA	—	—	17.2	—	1.6	—	18.8	18.8	(1.7)	2020	(A)
Essex Island(1)	Essex, CT	—	—	—	—	—	—	—	—	—	2020	(A)
Ferry Point	Old Saybrook, CT	—	1.6	7.4	—	2.2	1.6	9.6	11.2	(0.8)	2020	(A)
Fiddler's Cove	North Falmouth, MA	—	13.7	11.9	—	1.1	13.7	13.0	26.7	(1.2)	2020	(A)
Gaines	Rouses Point, NY	—	0.4	2.7	—	0.6	0.4	3.3	3.7	(0.9)	2020	(A)
Glen Cove	Glen Cove, NY	—	8.2	16.9	—	1.8	8.2	18.7	26.9	(1.9)	2020	(A)
Grand Isle	Grand Haven, MI	—	6.0	5.2	—	4.4	6.0	9.6	15.6	(1.9)	2020	(A)
Great Island	Harpswell, ME	—	9.8	13.0	0.9	11.1	10.7	24.1	34.8	(1.5)	2020	(A)
Great Lakes	Muskegon, MI	—	6.1	5.7	—	3.0	6.1	8.7	14.8	(1.7)	2020	(A)
Great Oak Landing	Chestertown, MD	—	1.1	3.9	—	6.5	1.1	10.4	11.5	(1.5)	2020	(A)
Green Harbor	Marshfield, MA	—	8.3	5.6	—	4.0	8.3	9.6	17.9	(0.7)	2020	(A)
Greenport(2)	Greenport, NY	—	31.1	10.2	—	2.5	31.1	12.7	43.8	(1.8)	2020	(A)
Greenwich Bay	Warwick, RI	—	5.3	4.5	0.2	5.4	5.5	9.9	15.4	(1.6)	2020	(A)
Grider Hill(3)	Albany, KY	—	—	11.0	—	2.2	—	13.2	13.2	(3.6)	2020	(A)
Hacks Point	Chesapeake Bay, MD	—	0.3	1.0	—	1.3	0.3	2.3	2.6	(0.3)	2020	(A)
Harbor House	Stamford, CT	—	—	3.3	—	—	—	3.3	3.3	(0.6)	2020	(A)
Harborage Yacht Club	Stuart, FL	—	4.1	13.4	—	1.6	4.1	15.0	19.1	(0.9)	2021	(A)
Harbors View(3)	Afton, OK	—	0.3	1.2	—	0.3	0.3	1.5	1.8	(0.4)	2020	(A)
Harbortown	Fort Pierce, FL	—	23.2	12.9	—	6.0	23.2	18.9	42.1	(1.9)	2020	(A)
Haverstraw(3)	West Haverstraw, NY	—	—	17.1	0.1	1.0	0.1	18.1	18.2	(2.2)	2020	(A)
Hawthorne Cove	Salem, MA	—	1.8	11.6	—	4.4	1.8	16.0	17.8	(1.7)	2020	(A)
Hideaway Bay(3)	Flowery Branch, GA	—	—	26.1	—	2.3	—	28.4	28.4	(2.8)	2020	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances	Land	Depreciable Assets	Land	Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Holly Creek(3)	Celina, TN	—	0.1	7.0	—	3.2	0.1	10.2	10.3	(1.1)	2020	(A)
Islamorada	Islamorada, FL	—	3.7	8.4	—	0.9	3.7	9.3	13.0	(0.9)	2021	(A)
Island Park	Portsmouth, RI	—	7.5	3.6	—	1.8	7.5	5.4	12.9	(0.4)	2020	(A)
Jamestown(3)	Jamestown, KY	—	—	32.0	—	2.3	—	34.3	34.3	(3.7)	2020	(A)
Jamestown Boatyard	Jamestown, RI	—	3.9	3.4	—	1.2	3.9	4.6	8.5	(0.5)	2020	(A)
Jarrett Bay Boatworks(5)	Beaufort, NC	—	10.0	11.3	—	1.3	10.0	12.6	22.6	(1.0)	2022	(A)
Jefferson Beach	St. Clair Shores, MI	—	19.2	18.1	—	2.8	19.2	20.9	40.1	(3.0)	2020	(A)
Kings Point	Cornelius, NC	—	10.7	14.1	—	2.4	10.7	16.5	27.2	(1.6)	2020	(A)
Kittery Point(5)	Kittery, ME	—	4.0	4.0	—	0.6	4.0	4.6	8.6	(0.2)	2022	(A)
Lakefront	Port Clinton, OH	—	0.5	1.8	—	3.3	0.5	5.1	5.6	(0.8)	2020	(A)
Lauderdale Marine Center	Fort Lauderdale, FL	—	179.7	158.7	—	13.2	179.7	171.9	351.6	(10.9)	2021	(A)
Loch Lomond	San Rafael, CA	—	5.2	7.4	—	7.1	5.2	14.5	19.7	(1.5)	2020	(A)
Manasquan River	Brick Township, NJ	—	2.0	1.7	—	1.9	2.0	3.6	5.6	(0.4)	2020	(A)
Marathon	Marathon, FL	—	6.2	13.1	—	0.8	6.2	13.9	20.1	(1.1)	2021	(A)
Marina Bay	Quincy, MA	—	10.6	19.6	—	4.2	10.6	23.8	34.4	(1.8)	2020	(A)
Marina Bay Yacht Harbor(5)	Richmond, CA	—	0.8	15.4	—	—	0.8	15.4	16.2	—	2022	(C)
Montauk Yacht Club(5)	Montauk, NY	—	65.8	97.9	—	2.1	65.8	100.0	165.8	(1.8)	2022	(A)
Mystic	Mystic, CT	—	1.3	13.5	1.0	2.3	2.3	15.8	18.1	(1.5)	2020	(A)
Narrows Point	Grasonville, MD	—	9.1	11.5	—	5.3	9.1	16.8	25.9	(2.6)	2020	(A)
New England Boatworks	Portsmouth, RI	—	21.9	17.4	—	9.0	21.9	26.4	48.3	(3.8)	2020	(A)
New Port Cove	Riviera Beach, FL	—	19.0	2.5	—	0.4	19.0	2.9	21.9	(0.8)	2020	(A)
Newport Shipyard	Newport, RI	—	17.7	52.2	—	6.5	17.7	58.7	76.4	(5.3)	2020	(A)
North Palm Beach	North Palm Beach, FL	—	16.6	11.6	—	4.9	16.6	16.5	33.1	(1.0)	2020	(A)
Old Port Cove	North Palm Beach, FL	—	27.8	26.8	—	1.8	27.8	28.6	56.4	(2.5)	2020	(A)
Onset Bay	Buzzards Bay, MA	—	5.9	5.1	—	1.4	5.9	6.5	12.4	(0.8)	2020	(A)
Outer Banks(5)	Wanchese, NC	—	—	9.2	—	1.3	—	10.5	10.5	(0.5)	2022	(A)
Oxford	Oxford, MD	—	0.9	4.9	—	1.5	0.9	6.4	7.3	(0.8)	2020	(A)
Peninsula Yacht Club	Cornelius, NC	—	9.5	19.0	—	3.2	9.5	22.2	31.7	(1.7)	2020	(A)
Pier 121(3)	Lewisville, TX	—	—	66.2	—	6.9	—	73.1	73.1	(9.1)	2020	(A)
Pier 77	Bradenton, FL	—	1.1	4.1	—	0.3	1.1	4.4	5.5	(0.6)	2020	(A)
Pilots Point	Westbrook, CT	—	12.7	43.8	—	3.6	12.7	47.4	60.1	(4.2)	2020	(A)
Pineland(9)	Bokeelia, FL	—	10.8	6.4	—	1.2	10.8	7.6	18.4	(1.2)	2020	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances	Land	Depreciable Assets	Land	Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Plymouth	Plymouth, MA	—	7.0	14.4	—	3.0	7.0	17.4	24.4	(1.3)	2020	(A)
Podickory Point	Annapolis, MD	—	1.8	1.5	—	0.8	1.8	2.3	4.1	(0.2)	2021	(A)
Port Phoenix(3)(5)	North Fort Myers, FL	—	—	—	—	1.3	—	1.3	1.3	—	2022	(A)
Port Royal	Port Royal, SC	—	16.0	4.9	—	2.6	16.0	7.5	23.5	(0.7)	2021	(A)
Port Royal Landing	Port Royal, SC	—	1.5	1.7	—	1.0	1.5	2.7	4.2	(0.5)	2020	(A)
Post Road(4)	Mamaroneck, NY	—	4.2	2.5	(0.3)	1.4	3.9	3.9	7.8	(0.4)	2020	(A)
Puerto del Rey	Fajardo, Puerto Rico	—	15.9	77.4	—	5.1	15.9	82.5	98.4	(4.0)	2021	(A)
Regatta Pointe(3)	Palmetto, FL	—	—	21.7	—	3.7	—	25.4	25.4	(1.7)	2020	(A)
Reserve Harbor	Pawleys Island, SC	—	2.9	4.7	—	1.0	2.9	5.7	8.6	(0.7)	2020	(A)
Riviera Beach	Riviera Beach, FL	—	46.2	20.2	0.8	4.9	47.0	25.1	72.1	(2.8)	2020	(A)
Rockland	Rockland, ME	—	5.3	10.1	—	3.8	5.3	13.9	19.2	(1.3)	2020	(A)
Sakonnet(4)	Portsmouth, RI	—	5.2	8.5	(0.1)	2.4	5.1	10.9	16.0	(0.8)	2020	(A)
Sandusky(3)	Sandusky, OH	—	0.2	2.9	—	3.6	0.2	6.5	6.7	(1.0)	2020	(A)
Shelburne Shipyard	Shelburne, VT	—	2.3	1.7	—	3.2	2.3	4.9	7.2	(0.7)	2020	(A)
Shelter Island(3)	San Diego, CA	—	—	9.6	—	0.9	—	10.5	10.5	(0.9)	2021	(A)
Siesta Key	Sarasota, FL	—	3.4	6.2	—	4.2	3.4	10.4	13.8	(1.7)	2020	(A)
Silver Spring	Wakefield, RI	—	3.1	2.8	—	1.6	3.1	4.4	7.5	(0.5)	2020	(A)
Skippers Landing	Troutman, NC	—	5.0	2.8	—	1.9	5.0	4.7	9.7	(0.8)	2020	(A)
Skull Creek	Hilton Head, SC	—	1.1	5.6	—	2.9	1.1	8.5	9.6	(0.6)	2020	(A)
South Bay(3)	Chula Vista, CA	—	—	11.9	—	0.5	—	12.4	12.4	(0.7)	2021	(A)
South Fork(6)	Fort Lauderdale, FL	—	8.0	5.3	—	17.5	8.0	22.8	30.8	(0.5)	2020	(C)
South Harbour Village	Southport, NC	—	0.7	3.8	—	3.8	0.7	7.6	8.3	(0.5)	2020	(A)
Sportsman	Orange Beach, AL	—	22.1	18.9	3.5	16.4	25.6	35.3	60.9	(3.2)	2020	(A)
Stingray Point	Deltaville, VA	—	1.7	1.3	—	0.2	1.7	1.5	3.2	(0.2)	2021	(A)
Stirling(2)	Greenport, NY	—	—	—	—	—	—	—	—	—	2020	(A)
Stratford	Stratford, CT	—	2.3	17.9	—	1.4	2.3	19.3	21.6	(1.7)	2020	(A)
Sunroad(3)	San Diego, CA	—	—	48.2	—	2.2	—	50.4	50.4	(2.3)	2021	(A)
Sunset Bay	Hull, MA	—	2.5	7.6	—	4.5	2.5	12.1	14.6	(0.7)	2020	(A)
Toledo Beach	La Salle, MI	—	1.1	2.5	—	10.0	1.1	12.5	13.6	(0.9)	2020	(A)
Tower Marine(5)	Douglas, MI	—	7.1	13.1	—	0.6	7.1	13.7	20.8	(0.7)	2022	(A)
Trade Winds(3)	Appling, GA	—	—	10.8	—	1.8	—	12.6	12.6	(1.5)	2020	(A)
Ventura Isle(3)	Ventura, CA	—	—	23.9	—	2.7	—	26.6	26.6	(1.5)	2020	(A)


				Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at December 31, 2022
Property Name	Location	Encumbrances		Land		Depreciable Assets		Land		Depreciable Assets		Land		Depreciable Assets		Total		Accumulated Depreciation		Date	Acquired (A) or Constructed (C)
Vineyard Haven	Vineyard Haven, MA	—		6.1		3.9		0.8		3.8		6.9		7.7		14.6		(0.8)		2021	(A)
Walden(3)	Montgomery, TX	—		1.1		4.2		—		1.0		1.1		5.2		6.3		(0.5)		2020	(A)
Wentworth by the Sea	New Castle, NH	—		7.4		6.8		—		0.7		7.4		7.5		14.9		(0.3)		2021	(A)
West Palm Beach	West Palm Beach, FL	—		15.1		33.0		—		9.1		15.1		42.1		57.2		(4.9)		2020	(A)
Westport	Denver, NC	—		3.2		5.8		—		2.5		3.2		8.3		11.5		(1.3)		2020	(A)
Wickford	Wickford, RI	—		1.1		2.4		—		—		1.1		2.4		3.5		—		2020	(A)
Wickford Cove	Wickford, RI	—		7.2		13.0		—		4.9		7.2		17.9		25.1		(1.4)		2020	(A)
Willsboro Bay	Willsboro, NY	—		0.6		3.1		—		1.3		0.6		4.4		5.0		(1.9)		2020	(A)
Wisdom Dock(3)	Albany, KY	—		0.3		3.3		—		0.6		0.3		3.9		4.2		(1.0)		2020	(A)
Yacht Haven	Stamford, CT	—		5.6		4.3		—		3.1		5.6		7.4		13.0		(0.9)		2020	(A)
Zahnisers	Solomons, MD	—		1.8		3.6		—		3.0		1.8		6.6		8.4		(0.6)		2020	(A)
		$	—	$	980.6	$	1,820.2	$	7.0	$	400.6	$	987.6	$	2,220.8	$	3,208.4	$	(204.3)
Marinas Headquarters and Other Fixed Assets	Dallas, TX	—		—		10.3		—		37.8		—		48.1		48.1		(7.2)
		$	—	$	980.6	$	1,830.5	$	7.0	$	438.4	$	987.6	$	2,268.9	$	3,256.5	$	(211.5)

(1) All costs from Dauntless Shipyard and Essex Island are grouped into Dauntless.

(2) All costs from Stirling are grouped into Greenport.

(3) All or part of this property is subject to a ground lease.

(4) Gross amount carried at December 31, 2022 has decreased at this property due to a partial disposition of land or depreciable assets, as applicable.

(5) This property was acquired during 2022.

(6) Property currently under development.

(7) All costs related to Apponaug Harbour are grouped into Cowesett.

(8) All costs related to Ashley Fuels are grouped into Charleston City.

(9) This property was impaired as a result of Hurricane Ian in October 2022.

Depreciation of our buildings, improvements, furniture, fixtures and equipment is calculated over the following useful lives, on a straight-line basis:

•Land improvement and buildings: 15 years - 53 years

•Furniture, fixtures, and equipment: 2 years - 40 years

•Dock improvements: 15 years - 40 years

•Site improvements: 7 years - 30 years

The aggregate cost of total real estate for federal income tax purposes was approximately $10.7 billion as of December 31, 2022.

The change in investment property for the years ended December 31, 2022, 2021 and 2020 is as follows (in millions):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Beginning balance	$	13,762.7	$	11,684.6	$	8,919.6
Property and land acquisitions, including immediate improvements	2,657.0		1,730.5		2,410.9
Property expansion and development	261.8		201.6		246.4
Improvements	418.4		300.3		249.3
Asset impairment(1)	(87.3)		—		—
Dispositions and other	(302.7)		(154.3)		(141.6)
Ending balance	$	16,709.9	$	13,762.7	$	11,684.6

The change in accumulated depreciation for the years ended December 31, 2022, 2021 and 2020 is as follows (in millions):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Beginning balance	$	2,337.2	$	1,968.8	$	1,686.9
Depreciation for the period	528.6		457.3		344.5
Asset impairments(1)	(58.7)		—		—
Dispositions and other	(68.2)		(88.9)		(62.6)
Ending balance	$	2,738.9	$	2,337.2	$	1,968.8

(1)Represents the gross impact due to property impairment charges of

Significant Accounting Policies Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Segment Reporting, Policy [Policy Text Block]

Segment Information

We evaluate segment operating performance based on NOI. Refer to Note 11, "Segment Reporting," for additional information.

Investment Property, Policy [Policy Text Block]

Investment Property

Investment property is recorded at cost, less accumulated depreciation.

Acquisitions, Policy [Policy Text Block]

Capitalized Costs, Policy [Policy Text Block]

Capitalized Costs

Maintenance, repairs and minor improvements to properties are expensed when incurred.

Certain expenditures to dealers and residents related to obtaining lessees in our communities are capitalized and amortized based on the anticipated term of occupancy of a resident.

Costs incurred to develop internal-use software are capitalized and amortized on a straight-line basis over the estimated useful life of the related software (typically three to five years).


	Financial Statement Classification	Year ended
Description		December 31, 2022		December 31, 2021
Secured debt - premium	Secured debt	$	0.1	$	1.7
Secured debt - deferred financing cost	Secured debt	(14.6)		(14.7)
Senior unsecured note - discount	Unsecured debt	(6.1)		(3.3)
Senior unsecured note - deferred financing cost	Unsecured debt	(14.3)		(10.3)
Lines of credit - deferred financing costs	Lines of credit and other debts	(3.0)		—
Total Deferred financing costs, discounts and premium included in Debt		$	(37.9)	$	(26.6)
Lines of credit - deferred financing costs	Other assets, net	13.1		6.4
Total Deferred financing costs, discounts and premium		$	(51.0)	$	(33.0)

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

Cash and Cash Equivalents and Restricted Cash, Policy[Table Text Block]

Restricted Cash

Marketable Securities, Policy [Policy Text Block]

Marketable SecuritiesMarketable securities are recorded at fair value with changes in fair value recorded in Gain / (loss) on remeasurement of marketable securities on the Consolidated Statement of Operations.

Inventory, Policy [Text Block]

Inventory

Investments in Affiliates, Policy [Policy Text Block]

Investments in Nonconsolidated Affiliates

Notes and Other Receivables, Policy [Policy Text Block]

Notes and Other Receivables

Notes receivable - includes installment loans for manufactured homes purchased from us and notes receivable from real estate developers and operators.

Refer to Note 4, "Notes and Other Receivables," for additional detail on receivables.

Goodwill, Policy [Policy Text Block]

Goodwill

The carrying amount of goodwill is separately disclosed on our Consolidated Balance Sheets. Refer to Note 5, "Goodwill and Other Intangible Assets," for additional information on goodwill.

Other Intangible Assets, Policy [Policy Text Block]

Other Intangible Assets

Deferred Taxes, Policy [Policy Text Block]

Deferred Taxes

Share-Based Compensation, Policy [Policy Text Block]

Share-Based Compensation

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

Level 1 - Quoted unadjusted prices for identical instruments in active markets that we have the ability to access;

Refer to Note 15, "Fair Value of Financial Instruments," for additional information on methods and assumptions used to estimate the fair value of each financial instrument class.

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

Advertising Cost, Policy [Policy Text Block]

Advertising Costs

Advertising costs are expensed as incurred. As of December 31, 2022, 2021 and 2020, we had advertising costs of $15.6 million, $9.9 million and $8.3 million, respectively.

Depreciation and Amortization, Policy [Policy Text Block]

Depreciation and Amortization

Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the assets, ranging from two months to 53 years depending upon the asset classification.

Foreign Currency, Policy [Policy Text Block]

Foreign Currency

Derivative Instruments and Hedging Activities, Policy [Policy Text Block]

Derivative Instruments and Hedging Activities

Accounting for Leases, Lessee Accounting, Policy [Policy Text Block]

Accounting for Leases

Lessee Accounting

Accounting for Leases, Lessor Accounting, Policy [Policy Text Block]

Lessor Accounting

Significant Accounting Policies Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Deferred Financing Costs, Discounts and Premiums [Table Text Block]

Deferred financing costs, discounts and premiums as included in our Consolidated Balance Sheets are as follows (in millions):


	Financial Statement Classification	Year ended
Description		December 31, 2022		December 31, 2021
Secured debt - premium	Secured debt	$	0.1	$	1.7
Secured debt - deferred financing cost	Secured debt	(14.6)		(14.7)
Senior unsecured note - discount	Unsecured debt	(6.1)		(3.3)
Senior unsecured note - deferred financing cost	Unsecured debt	(14.3)		(10.3)
Lines of credit - deferred financing costs	Lines of credit and other debts	(3.0)		—
Total Deferred financing costs, discounts and premium included in Debt		$	(37.9)	$	(26.6)
Lines of credit - deferred financing costs	Other assets, net	13.1		6.4
Total Deferred financing costs, discounts and premium		$	(51.0)	$	(33.0)

Revenue (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue [Table Text Block]

The following table disaggregates our revenue by major source and segment (in millions):


	Year Ended
	December 31, 2022								December 31, 2021								December 31, 2020
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Revenues
Real property	$	954.2	$	563.3	$	384.7	$	1,902.2	$	805.4	$	499.5	$	293.3	$	1,598.2	$	742.4	$	359.5	$	28.2	$	1,130.1
Home sales	428.3		37.5		—		465.8		247.1		33.1		—		280.2		154.0		21.7		—		175.7
Service, retail, dining and entertainment	40.3		89.1		402.2		531.6		7.2		73.8		270.8		351.8		5.9		39.9		19.4		65.2
Interest	32.1		2.9		0.2		35.2		10.0		2.2		—		12.2		8.3		1.8		—		10.1
Brokerage commissions and other, net	19.8		13.7		1.4		34.9		12.9		16.0		1.3		30.2		8.6		8.3		0.3		17.2
Total Revenues	$	1,474.7	$	706.5	$	788.5	$	2,969.7	$	1,082.6	$	624.6	$	565.4	$	2,272.6	$	919.2	$	431.2	$	47.9	$	1,398.3

Real Estate Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

For the year ended December 31, 2022, we acquired the following MH communities, RV communities and marinas:

Property Name(1)

Type

Sites, Wet Slips and
Dry Storage Spaces

Development Sites

State, Province or Country

Month Acquired

Harrison Yacht Yard(2)

Marina: asset acquisition

—

January

Outer Banks

Marina: asset acquisition

196

—

January

Jarrett Bay Boatworks

Marina: business combination

—

February

Tower Marine

Marina: asset acquisition

446

—

March

Sandy Bay

MH: asset acquisition

730

456

March

Park Holidays(3)

MH: business combination

15,906

608

April

Christies Parks(2)

MH: asset acquisition

249

—

April

Bluewater

Marina: asset acquisition

200

—

Multiple

April

Bluewater Yacht Sales(2)

Marina: business combination

—

Multiple

April

Bodmin Holiday Park

MH: asset acquisition

—

April

Kittery Point

Marina: asset acquisition

—

May

Spanish Trails MHC

MH: asset acquisition

195

June

Pine Acre Trails

MH: asset acquisition

251

603

June

Bel Air Estates & Sunrise Estates(4)

MH: asset acquisition

379

—

June

Park Leisure(5)

MH: business combination

2,914

123

June

Montauk Yacht Club

Marina: business combination

232

—

July

Callaly Leisure(6)

MH: asset acquisition

380

823

September

Newhaven

MH: asset acquisition

224

October

Bayfront Marina

Marina: asset acquisition

583

—

November

Marina Bay Yacht Harbor

Marina: asset acquisition

800

—

December

Jellystone Lincoln

RV: asset acquisition

267

—

December

Norway Commons

MH: asset acquisition

231

December

Total

24,347

2,655

(1) Property names are subject to changes subsequent to acquisition.

(2) Combined with an existing property.

(3) Includes 40 owned and two managed properties.

(4) Includes two properties.

(5) Includes 11 properties.

(6) Includes one development property.

For the year ended December 31, 2021, we acquired the following MH and RV communities and marinas:

Community Name(1)

Type

Sites, Wet Slips and Dry Storage Spaces

Development Sites

State, Province or Country

Month Acquired

Sun Outdoors Association Island

RV: asset acquisition

294

—

January

Blue Water Beach Resort

RV: asset acquisition

177

—

February

Tranquility MHC

MH: asset acquisition

—

February

Islamorada and Angler House(2)

Marina: asset acquisition

251

—

February

Prime Martha's Vineyard(2)

Marina: asset acquisition

395

—

March

Pleasant Beach Campground

RV: asset acquisition

102

—

ON, Canada

March

Sun Outdoors Cape Charles

RV: asset acquisition

669

—

March

Beachwood Resort

RV: asset acquisition

672

—

March

ThemeWorld RV Resort

RV: asset acquisition

148

—

April

Sylvan Glen Estates

MH: asset acquisition

476

—

April

Shelter Island Boatyard

Marina: asset acquisition

—

May

Lauderdale Marine Center

Marina: asset acquisition

206

—

May

Apponaug Harbor

Marina: asset acquisition

348

—

June

Cabrillo Isle

Marina: business combination

476

—

June

Marathon

Marina: asset acquisition

135

—

June

Allen Harbor

Marina: asset acquisition

176

—

July

Cisco Grove Campground & RV

RV: asset acquisition

407

July

Four Leaf Portfolio(3)

MH: asset acquisition

2,545

340

MI / IN

July

Harborage Yacht Club

Marina: asset acquisition

300

—

July

Zeman Portfolio(4)

RV: asset acquisition

686

—

IL / NJ

July

Southern Leisure RV Resort

RV: asset acquisition

496

—

August

Sunroad Marina

Marina: asset acquisition

617

—

August

Lazy Lakes RV Resort

RV: asset acquisition

—

August

Puerto del Rey

Marina: asset acquisition

1,746

—

Puerto Rico

September

Stingray Point

Marina: asset acquisition

222

—

September

Detroit River

Marina: asset acquisition

440

—

September

Jetstream RV Resort at NASA

RV: asset acquisition

202

—

September

Beaver Brook Campground

RV: asset acquisition

204

150

October

Emerald Coast

Marina: business combination

311

—

November

Tall Pines Harbor Campground

RV: asset acquisition

241

—

November

Wells Beach Resort Campground

RV: asset acquisition

231

—

November

Port Royal

Marina: asset acquisition

167

—

November

Podickory Point

Marina: asset acquisition

209

—

December

Sunroad Marina (restaurant)

Marina: asset acquisition

—

December

Jellystone Park at Mammoth Cave

RV: asset acquisition

315

—

December

South Bay

Marina: asset acquisition

333

—

December

Wentworth by the Sea

Marina: asset acquisition

155

—

December

Rocky Mountain RV Park

RV: asset acquisition

—

December

Haas Lake RV Park Campground

RV: asset acquisition

492

—

December

Pearwood RV Resort

RV: asset acquisition

144

—

December

Holly Shores Camping Resort

RV: asset acquisition

310

—

December

Pheasant Ridge RV Park

RV: asset acquisition

130

—

December

Coyote Ranch Resort

RV: asset acquisition

165

December

Jellystone Park at Whispering Pines

RV: asset acquisition

131

—

December

Hospitality Creek Campground

RV: asset acquisition

230

—

December

Total

15,816

1,062

(1) Property names are subject to changes subsequent to acquisition.

(2) Includes two marinas.

(3) Includes nine MH communities.

(4) Includes two RV Resorts.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]


	At Acquisition Date										Consideration
	Investment in property		Inventory of manufactured homes, boat parts and retail related items		Goodwill and other intangible assets(1)		Other assets / (liabilities), net		Total identifiable assets acquired net of liabilities assumed		Cash and escrow		Temporary and permanent equity(2)		Total consideration
Asset Acquisitions(3)
Harrison Yacht Yard(4)	$	5.8	$	—	$	—	$	—	$	5.8	$	5.8	$	—	$	5.8
Outer Banks	5.2		—		—		(0.4)		4.8		4.8		—		4.8
Tower Marine	20.2		—		0.2		(2.1)		18.3		18.3		—		18.3
Sandy Bay	247.9		9.4		2.1		(68.3)		191.1		191.1		—		191.1
Christies Parks(4)	10.1		—		—		2.1		12.2		12.2		—		12.2
Bluewater	25.3		1.3		0.1		1.3		28.0		28.0		—		28.0
Bodmin Holiday Park	13.1		—		—		—		13.1		13.1		—		13.1
Kittery Point	8.0		0.1		—		(0.1)		8.0		7.0		1.0		8.0
Spanish Trails MHC	20.6		1.8		—		—		22.4		22.4		—		22.4
Pine Acre Trails	29.7		—		—		—		29.7		29.7		—		29.7
Bel Air Estates & Sunrise Estates	39.3		—		0.7		—		40.0		40.0		—		40.0
Callaly Leisure	23.8		0.1		—		(0.3)		23.6		23.6		—		23.6
Newhaven(5)	6.2		—		—		—		6.2		6.2		—		6.2
Bayfront Marina	11.3		—		0.9		(0.5)		11.7		11.7		—		11.7
Marina Bay Yacht Harbor	16.2		—		0.2		(0.7)		15.7		15.7		—		15.7
Jellystone Lincoln(5)(6)	17.0		—		—		1.2		18.2		18.2		—		18.2
Norway Commons(5)	15.5		0.4		—		—		15.9		15.9		—		15.9

Business Combinations(3)
Jarrett Bay Boatworks(7)(8)	21.3		1.4		47.5		1.0		71.2		68.4		2.8		71.2
Park Holidays(7)(9)	1,254.7		29.5		574.5		(624.9)		1,233.8		1,199.9		33.9		1,233.8
Park Leisure(7)	342.7		0.7		15.1		(132.7)		225.8		225.8		—		225.8
Montauk Yacht Club	163.6		0.3		26.3		0.3		190.5		190.5		—		190.5

Total	$	2,297.5	$	45.0	$	667.6	$	(824.1)	$	2,186.0	$	2,148.3	$	37.7	$	2,186.0

(1) Refer to Note 5, "Goodwill and Other Intangible Assets," for additional detail on goodwill and other intangible assets.

(2) Refer to Note 9, "Equity and Temporary Equity," for additional detail.

(3) Property names are subject to changes subsequent to acquisition.

(4) Combined with an existing property.

(5) The above allocations are estimates pending purchase price allocations.

(7) The Purchase price allocation is preliminary as of December 31, 2022, subject to revision based on the final purchase price allocations to be finalized one year from the acquisition date.

The following table summarizes the amounts of assets acquired net of liabilities assumed at the acquisition date and the consideration paid for the acquisitions completed in 2021 (in millions):


	At Acquisition Date										Consideration
	Investment in property		Inventory of manufactured homes, boat parts and retail related items		Goodwill and other intangible assets(1)		Other assets / (liabilities), net		Total identifiable assets acquired net of liabilities assumed		Cash and escrow		Temporary and permanent equity		Total consideration
Asset Acquisition(2)
Sun Outdoors Association Island	$	15.0	$	—	$	—	$	(0.2)	$	14.8	$	14.8	$	—	$	14.8
Blue Water Beach Resort	9.0		—		—		(0.3)		8.7		8.7		—		8.7
Tranquility MHC	1.2		—		—		—		1.2		1.2		—		1.2
Islamorada and Angler House	18.0		—		0.3		(0.3)		18.0		18.0		—		18.0
Prime Martha's Vineyard	22.3		0.2		0.1		(0.7)		21.9		21.9		—		21.9
Pleasant Beach Campground	1.5		—		0.1		—		1.6		1.6		—		1.6
Sun Outdoors Cape Charles	59.7		—		0.2		(2.0)		57.9		57.9		—		57.9
Beachwood Resort	14.0		—		0.2		(7.6)		6.6		6.6		—		6.6
ThemeWorld RV Resort	25.0		—		—		(0.1)		24.9		24.9		—		24.9
Sylvan Glen Estates	23.6		—		0.5		(0.3)		23.8		(0.2)		24.0		23.8
Shelter Island Boatyard	9.6		0.1		0.4		(0.1)		10.0		10.0		—		10.0
Lauderdale Marine Center	336.9		—		3.3		1.0		341.2		341.2		—		341.2
Apponaug Harbor	6.5		—		0.1		(0.7)		5.9		5.9		—		5.9
Marathon	19.1		—		0.3		(0.2)		19.2		19.2		—		19.2
Allen Harbor	4.0		—		—		(0.1)		3.9		3.9		—		3.9
Cisco Grove Campground & RV	6.6		—		—		—		6.6		6.6		—		6.6
Four Leaf Portfolio	210.7		0.3		4.0		(0.5)		214.5		214.5		—		214.5
Harborage Yacht Club	17.3		0.1		4.7		(0.5)		21.6		21.6		—		21.6
Zeman Portfolio	14.2		—		0.7		(0.5)		14.4		14.4		—		14.4
Southern Leisure RV Resort	17.4		—		0.3		(0.3)		17.4		17.4		—		17.4
Sunroad Marina(3)	47.8		—		0.5		65.0		113.3		113.3		—		113.3
Lazy Lakes RV Resort	11.3		—		—		(0.1)		11.2		11.2		—		11.2
Puerto del Rey	94.5		0.5		1.0		(4.1)		91.9		91.9		—		91.9
Stingray Point	2.9		—		—		(0.3)		2.6		2.6		—		2.6
Detroit River	8.7		—		0.2		(0.6)		8.3		8.3		—		8.3
Jetstream RV Resort at NASA	17.0		—		0.5		(0.2)		17.3		17.3		—		17.3
Beaver Brook Campground	4.4		—		0.1		—		4.5		4.5		—		4.5
Tall Pines Harbor Campground	10.5		—		—		—		10.5		10.5		—		10.5
Wells Beach Resort Campground	12.2		—		—		—		12.2		12.2		—		12.2
Port Royal	20.5		—		0.1		(0.3)		20.3		20.3		—		20.3
Podickory Point	3.3		—		—		(0.2)		3.1		3.1		—		3.1
Jellystone Park at Mammoth Cave	32.5		—		—		(0.6)		31.9		31.9		—		31.9
South Bay	14.0		—		0.2		(2.5)		11.7		11.7		—		11.7
Wentworth by the Sea	14.1		0.1		0.1		(1.1)		13.2		13.2		—		13.2
Rocky Mountain RV Park	12.5		—		—		—		12.5		12.5		—		12.5
Haas Lake RV Park Campground	20.1		—		—		—		20.1		16.5		3.6		20.1
Pearwood RV Resort	10.2		—		—		—		10.2		10.2		—		10.2


Holly Shores Camping Resort(4)	27.0		—		0.5		(0.5)		27.0		27.0		—		27.0
Pheasant Ridge RV Park	19.0		—		—		—		19.0		19.0		—		19.0
Coyote Ranch Resort	12.6		—		—		(0.2)		12.4		12.4		—		12.4
Jellystone Park at Whispering Pines	13.8		—		—		(0.2)		13.6		13.6		—		13.6
Hospitality Creek Campground(4)	15.0		—		0.6		(0.6)		15.0		15.0		—		15.0
Business Combination(2)
Cabrillo Isle	37.6		—		10.1		(0.7)		47.0		47.0		—		47.0
Emerald Coast	9.0		2.7		41.9		(0.6)		53.0		53.0		—		53.0

Total	$	1,302.1	$	4.0	$	71.0	$	38.8	$	1,415.9	$	1,388.3	$	27.6	$	1,415.9

(1) Refer to Note 5, "Goodwill and Other Intangible Assets," for additional detail on goodwill and other intangible assets.

(2) Property names are subject to changes subsequent to acquisition.

(4) The allocation was estimated as of December 2021 and was adjusted as of March 2022, based on final purchase price allocation.

The following table summarizes the amounts of assets acquired, net of liabilities assumed at the acquisition date and the consideration paid for the acquisition (in millions):


	At Acquisition Date										Consideration
	Investment in property		Inventory of manufactured homes, boat parts and retail related items		In-place leases, goodwill and other intangible assets(1)		Other liabilities, net		Total identifiable assets acquired net of liabilities assumed		Cash and escrow		Temporary and permanent equity		Total consideration
Leisure Systems, Inc(1)	$	—	$	—	$	24.0	$	(2.3)	$	21.7	$	21.7	$	—	$	21.7

(1) The allocation was preliminary as of December 31, 2021, and was adjusted as of March 2022 based on the final purchase price allocation.

Business Acquisition, Pro Forma Information [Table Text Block]


	Year Ended
	December 31, 2022
Total revenues	$	353.6
Net income	$	13.8


	Year Ended (unaudited)
	December 31, 2022		December 31, 2021
Total revenues	$	3,091.3	$	2,726.4
Net income attributable to SUI common shareholders	$	241.2	$	440.5
Net income per share attributable to SUI common shareholders - basic	$	1.99	$	3.89
Net income per share attributable to SUI common shareholders - diluted	$	1.99	$	3.88


	Year Ended
	December 31, 2021
Total revenues	$	6.4
Net income	$	0.5

The information presented below has been prepared for comparative purposes only and does not purport to be indicative of either future results of operations or the results of operations that would have actually occurred had the acquisitions been consummated on January 1, 2020 (in millions, except for per share data):


	Year Ended (unaudited)
	December 31, 2021
Total revenues	$	2,330.0
Net income attributable to SUI common shareholders	$	390.9
Net income per share attributable to SUI common shareholders - basic	$	3.47
Net income per share attributable to SUI common shareholders - diluted	$	3.40

Notes And Other Receivables (Tables)

12 Months Ended

Dec. 31, 2022

Notes and Loans Payable, by Type, Current and Noncurrent [Abstract]

Schedule of notes and other receivables [Table Text Block]

The following table sets forth certain information regarding notes and other receivables (in millions):


	December 31, 2022		December 31, 2021
Installment notes receivable on manufactured homes, net	$	65.9	$	79.1
Notes receivable from real estate developers and operators	305.2		284.0
Other receivables, net	246.2		106.5
Total Notes and Other Receivables, net	$	617.3	$	469.6

Schedule of Other Receivables [Table Text Block]

Other receivables, net were comprised of amounts due from the following categories (in millions):


	December 31, 2022		December 31, 2021
Insurance receivables	$	78.5	$	9.0
MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net(1)	61.5		10.0
Marina customers for storage, service and lease payments, net(2)	40.0		29.3
Home sale proceeds	28.9		33.5
Other receivables(3)	37.3		24.7
Total Other Receivables, net	$	246.2	$	106.5

(1)Net of allowance of $5.9 million and $5.5 million as of December 31, 2022 and 2021, respectively.

(2)Net of allowance of $2.2 million and $1.5 million as of December 31, 2022 and 2021, respectively.

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill [Table Text Block]

Changes in the carrying amount of goodwill by reportable segment were as follows (in millions):


	December 31, 2020		Acquisitions(1)		Other(2)		December 31, 2021		Acquisitions(3)		Currency Translation Adjustment		Other(4)		December 31, 2022
Segment
MH	$	—	$	—	$	—	$	—	$	465.0	$	(36.7)	$	39.1	$	467.4
RV	—		—		—		—		9.5		—		—		9.5
Marina	428.8		36.8		29.8		495.4		41.5		—		4.6		541.5
Total	$	428.8	$	36.8	$	29.8	$	495.4	$	516.0	$	(36.7)	$	43.7	$	1,018.4	(5)

(4) During the year ended December 31, 2022, adjustments in purchase price allocations resulted in goodwill increase of $39.1 million in the MH segment, related to the acquisition of Park Holidays.

(5) During the year ended December 31, 2022 and 2021, we recognized goodwill from acquisitions of $516.0 million and $36.8 million, respectively, which is expected to be deductible for tax purposes.

Schedule of Finite-Lived Intangible Assets [Table Text Block]

The gross carrying amounts and accumulated amortization of our intangible assets were as follows (in millions):


		December 31, 2022				December 31, 2021
Other Intangible Asset	Useful Life	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
In-place leases	2 months - 13 years	$	165.7	$	(135.4)	$	162.6	$	(120.8)
Non-competition agreements	5 years	10.5		(4.1)		10.0		(2.0)
Trademarks and trade names	3 - 15 years	81.2		(5.5)		5.8		(0.9)
Customer relationships	4 - 17 years	131.5		(24.7)		122.4		(12.3)
Franchise agreements and other intangible assets	1 - 27 years	48.3		(8.9)		31.1		(5.8)
Total finite-lived assets		$	437.2	$	(178.6)	$	331.9	$	(141.8)
Indefinite-lived assets - Trademarks and trade names	N/A	140.9		—		114.2		—
Indefinite-lived assets - Other	N/A	2.5		—		2.5		—
Total indefinite-lived assets		$	143.4	$	—	$	116.7	$	—
Total		$	580.6	$	(178.6)	$	448.6	$	(141.8)

Schedule of Intangible Assets Amortization Expense [Table Text Block]

Amortization expenses related to our Other intangible assets were as follows (in millions):


	Year Ended
Other Intangible Asset Amortization Expense	December 31, 2022		December 31, 2021		December 31, 2020
In-place leases	$	15.3	$	28.5	$	18.2
Non-competition agreements	2.1		2.0		—
Trademarks and trade names	4.5		0.9		—
Customer relationships	12.3		9.9		2.4
Franchise fees and other intangible assets	2.7		2.2		0.8
Total	$	36.9	$	43.5	$	21.4

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

We anticipate amortization expense for Other intangible assets to be as follows for the next five years (in millions):


	2023		2024		2025		2026		2027
In-place leases	$	10.6	$	7.1	$	6.2	$	3.5	$	2.0
Non-competition agreements	2.1		2.1		2.1		0.1		—
Trademarks and trade names	6.3		5.5		5.5		5.1		5.2
Customer relationships	12.7		12.7		12.7		12.2		12.2
Franchise agreements and other intangible assets	4.0		3.2		3.1		2.8		2.6
Total	$	35.7	$	30.6	$	29.6	$	23.7	$	22.0

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Investments, Equity Method and Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Affiliates [Table Text Block]

The investment balance in each nonconsolidated affiliate is as follows (in millions):


	Year Ended
Investment	December 31, 2022		December 31, 2021
Investment in RezPlot	$	—	$	0.1
Investment in Sungenia JV	44.5		36.2
Investment in GTSC	54.5		35.7
Investment in OFS	—		0.2
Investment in SV Lift	2.3		2.9
Total	$	101.3	$	75.1

The income / (loss) from each nonconsolidated affiliate is as follows (in millions):


	Year Ended
Income / (Loss) from Nonconsolidated Affiliates	December 31, 2022		December 31, 2021		December 31, 2020
RezPlot equity loss	$	(4.7)	$	(2.9)	$	(1.9)
Sungenia JV equity income	2.2		1.8		0.3
GTSC equity income	5.9		6.1		3.9
OFS equity income	0.6		0.2		0.2
SV Lift equity loss	(1.1)		(1.2)		(0.8)
Total equity income	$	2.9	$	4.0	$	1.7

The change in the GTSC investment balance is as follows (in millions):


	Year Ended
	December 31, 2022		December 31, 2021
Beginning balance	$	35.7	$	25.5

Contributions	37.4		27.3
Distributions	(22.5)		(23.0)
Equity earnings	5.9		6.1
Fair value adjustment	(2.0)		(0.2)
Ending Balance	$	54.5	$	35.7

The change in the Sungenia JV investment balance is as follows (in millions):


	Year Ended
	December 31, 2022		December 31, 2021
Beginning balance	$	36.2	$	26.9
Cumulative translation adjustment	(3.0)		(1.5)
Contributions	9.1		9.0

Equity earnings	2.2		1.8

Ending Balance	$	44.5	$	36.2

Consolidated Variable Interest Entities Consolidated Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of Variable Interest Entities [Abstract]

Schedule of Variable Interest Entities [Table Text Block]

The following table summarizes the assets and liabilities of our consolidated VIEs, with the exception of the Operating Partnership,

included in our Consolidated Balance Sheets after eliminations (in millions):


	December 31, 2022		December 31, 2021
Assets
Investment property, net	$	739.7	$	623.5
Cash, cash equivalents and restricted cash	14.1		13.6
Other intangible assets, net	13.0		13.4
Other assets, net	10.5		5.3
Total Assets	$	777.3	$	655.8

Liabilities and Other Equity
Secured debt	$	22.2	$	52.6
Unsecured debt	35.2		35.2
Advanced reservation deposits and rent	13.8		13.5
Accrued expenses and accounts payable	11.8		78.3
Other liabilities	1.4		2.2
Total Liabilities	84.4		181.8
Temporary equity	41.3		35.4
Noncontrolling interests	—		19.4
Total Liabilities and Other Equity	$	125.7	$	236.6

- 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.

+ References + Details

Debt And Lines Of Credit (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of debt and lines of credit [Table Text Block]

The following table sets forth certain information regarding debt including premiums, discounts and deferred financing costs (in millions, except for statistical information):


	Carrying Amount				Weighted Average Years to Maturity		Weighted Average Interest Rates
	December 31, 2022		December 31, 2021		December 31, 2022	December 31, 2021	December 31, 2022		December 31, 2021







Secured Debt(1)	$	3,217.8	$	3,380.7	10.2	10.6	3.723	%	3.779	%
Unsecured Debt
Senior unsecured notes(2)	1,779.6		1,186.4		8.1	8.5	2.9	%	2.55	%

Line of credit and other debt(3)	2,130.6		1,034.8		2.8	3.5	4.417	%	0.978	%
Preferred equity - Sun NG Resorts - mandatorily redeemable	35.2		35.2		1.8	2.8	6.0	%	6.0	%
Preferred OP units - mandatorily redeemable	34.0		34.7		3.1	4.1	5.921	%	5.932	%
Total Unsecured Debt	3,979.4		2,291.1
Total Debt	$	7,197.2	$	5,671.8	7.4	8.8	3.746	%	3.038	%

(1)Balances at December 31, 2022 and 2021 include $0.1 million and $1.7 million of net debt premium, respectively, and $(14.6) million and $(14.7) million of deferred financing costs, respectively.

(3)Balance at December 31, 2022 and 2021 includes $(3.0) million and $0 of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity.

During the year ended December 31, 2021, we did not enter into any mortgage term loans.


Period	Loan Amount			Term (in years)	Interest Rate		Maturity Date
Three months ended December 31, 2022	$	226.0	(1)	4 - 7	4.5	%	June 15, 2026 - December 15, 2029
Three months ended September 30, 2022	$	20.6	(2)(4)	25	3.65	%	August 10, 2047
	$	3.4	(3)(4)	25	3.65	%	August 10, 2047

(1)Includes 18 existing encumbered properties. Refer to Note 20, "Subsequent Events," for information regarding additional mortgage term loans entered into subsequent to year end.

(2)Represents a construction loan (undrawn as of December 31, 2022).

(3)Represents mortgage term loan.

(4)Represents loans jointly secured by one property.

Schedule of Extinguishment of Debt [Table Text Block]

During the years ended December 31, 2022 and 2021, we paid off the following mortgage term loans during the quarters presented below (in millions, except for statistical information):


Period	Repayment Amount			Fixed Interest Rate		Maturity Date	Loss on Extinguishment of Debt
Three months ended September 30, 2022	$	318.0	(1)	4.81	%	December 6, 2022 - September 6, 2024	$	4.0
Three months ended June 30, 2022	$	15.8		3.89	%	October 1, 2022	$	—
Three months ended December 31, 2021	$	11.6	(2)	4.3	%	February 1, 2022	$	—

(1)Includes 17 mortgage term loans which were scheduled to mature from December 6, 2022 to September 6, 2024 that are secured by 35 properties.

(2)Includes two mortgage term loans which were scheduled to mature on February 1, 2022.

Maturities and Amortization of debt and lines of credit [Table Text Block]


	Maturities and Amortization By Year
	Total Due		2023		2024		2025		2026		2027		Thereafter
Secured Debt
Mortgage loans payable
Maturities	$	2,352.9	$	117.8	$	128.8	$	50.6	$	573.4	$	4.0	$	1,478.3
Principal amortization	879.4		55.6		56.4		54.2		46.2		40.5		626.5
Secured debt total	3,232.3		173.4		185.2		104.8		619.6		44.5		2,104.8
Unsecured Debt
Senior unsecured notes	1,800.0		—		—		—		—		—		1,800.0
Line of credit and other debt	2,133.6		10.0		9.8		1,058.6		1,055.2		—		—
Preferred equity - Sun NG Resorts - mandatorily redeemable	35.2		—		33.4		1.8		—		—		—
Preferred OP units - mandatorily redeemable	34.0		—		26.7		—		—		—		7.3
Total Unsecured Debt	4,002.8		10.0		69.9		1,060.4		1,055.2		—		1,807.3
Total Debt	$	7,235.1	$	183.4	$	255.1	$	1,165.2	$	1,674.8	$	44.5	$	3,912.1

Equity and Temporary Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Preferred Units [Table Text Block]

The following table sets forth the various series of redeemable preferred OP units that were outstanding as of December 31, 2022 and 2021 and the related terms, and summarizes the balance included on our Consolidated Balance Sheets (in millions, except for statistical information):


Description	OP Units Outstanding	Exchange Rate(1)	Annual Distribution Rate(2)		Cash Redemption(3)	Redemption Period	December 31, 2022		December 31, 2021
Series D preferred OP units	488,958	0.8000	4.0	%	Holder's Option	Any time after earlier of January 31, 2024 or death of holder	$	48.1	$	49.0
Series F preferred OP units	90,000	0.6250	3.0	%	Holder's Option	Any time after earlier of May 14, 2025 or death of holder	8.7		8.8
Series G preferred OP units	240,710	0.6452	3.2	%	Holder's Option	Any time after earlier of September 30, 2025 or death of holder	24.4		24.8
Series H preferred OP units	581,367	0.6098	3.0	%	Holder's Option	Any time after earlier of October 30, 2025 or death of holder	56.7		57.4
Series I preferred OP units(4)	—	0.6098	3.0	%	Holder's Option	Any time after earlier of December 31, 2025 or death of holder	—		93.7
Series J preferred OP units	240,000	0.6061	2.85	%	Holder's Option	During the 30-day period following a change of control of the Company or any time after April 21, 2026	23.6		23.9
Total	1,641,035						$	161.5	$	257.6

(1) Exchange rates are subject to adjustment upon stock splits, recapitalizations and similar events. The exchange rates of certain series of OP units are approximated to four decimal places.

(2) Distributions are payable on the issue price of each OP unit which is $100.00 per unit for all these preferred OP units.

(3) The redemption price for each preferred OP unit redeemed will be equal to its issue price plus all accrued but unpaid distributions.

(4) All of our outstanding series I preferred OP units converted during the year ended December 31, 2022.

Issuances of Common OP Units

Year Ended December 31, 2022 and 2021

Common OP Units Issued

Related Acquisition

May 2022

10,854

(1)

Rudgate

May 2022

5,605

Kittery Point

February 2022

14,683

Jarrett Bay Boatworks

December 2021

17,707

Haas Lake RV Campground

Schedule of Redeemable Equity [Table Text Block]

The following table summarizes the redeemable equity interests included in Temporary Equity on our Consolidated Balance Sheets (in millions):


Equity Interest	Description	December 31, 2022		December 31, 2021
FPG Sun Moreno Valley 66 LLC	In connection with the investment in land for future development in the city of Moreno Valley, California, at the property known as FPG Sun Moreno Valley 66 LLC	$	0.1	$	0.1
Solar Energy Project CA II LLC	A joint venture that operates and maintains solar energy equipment in select California communities	4.2		0.5
Solar Energy Project LLC	A joint venture that operates and maintains solar energy equipment in select California communities	1.9		1.6
Solar Energy Project III LLC	A joint venture that operates and maintains solar energy equipment in select Arizona and California communities	0.3		—
FPG Sun Menifee 80 LLC	In connection with the investment in land for future development in the city of Menifee in California, at the property known as FPG Sun Menifee 80 LLC	0.1		0.1
NG Sun Whitewater LLC	In connection with the investment in land at the property known as Whitewater	3.2		4.3
NG Sun LLC	In connection with the investment in Sun NG Resorts, a joint venture that operates a portfolio of RV communities in the U.S.	31.1		24.7
NG Sun Beaver Brook LLC	In connection with the investment in Sun NG Beaver Brook LLC, a joint venture that operates one RV communities in the U.S.	0.5		—
Total		$	41.4	$	31.3

Schedule of Conversions of Stock [Table Text Block]

Below is the activity of conversions during the years ended December 31, 2022 and 2021:


		Year Ended
		December 31, 2022		December 31, 2021
Series	Conversion Rate	Units / Shares Converted	Common Stock(1)	Units / Shares Converted	Common Stock(1)
Aspen preferred OP units	Various(2)	25,000	8,007	—	—
Common OP units	1.0000	150,393	150,393	86,364	86,364
Series A-1 preferred OP units	2.4390	67,476	164,566	19,710	48,067


Series C preferred OP units	1.1100	150	166	140	155
Series E preferred OP units	0.6897	10,000	6,896	—	—
Series H preferred OP units	0.6098	40	24	—	—
Series I preferred OP units	0.6098	922,000	562,195	—	—

Schedule of Sale of Common Stock [Table Text Block]

Distributions declared for the three months ended December 31, 2022 were as follows:

Common Stock, Common OP units and Restricted Stock Distributions

Record Date

Payment Date

Distribution Per Share

Total Distribution
(in Millions)

December 31, 2022

12/30/2022

1/17/2023

0.88

111.3

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-Based Payment Arrangement, Restricted Stock, Grants [Table Text Block]

During the years ended December 31, 2022 and 2021, shares were granted as follows:


Grant Period	Type	Plan	Shares Granted	Grant Date Fair Value Per Share			Vesting Type
2022	Key Employees	2015 Equity Incentive Plan	203,210	$	179.23	(1)	Time Based
2022	Executive Officers	2015 Equity Incentive Plan	66,000	$	178.20	(1)	Time Based
2022	Executive Officers	2015 Equity Incentive Plan	91,500	$	124.88	(2)	Market Condition(3)
2022	Directors	2004 Non-Employee Director Option Plan	11,900	$	197.00	(1)	Time Based
2021	Key Employees	2015 Equity Incentive Plan	93,910	$	147.98	(1)	Time Based
2021	Executive Officers	2015 Equity Incentive Plan	83,888	$	157.79	(1)	Time Based
2021	Executive Officers	2015 Equity Incentive Plan	101,100	$	93.41	(2)	Market Condition(3)
2021	Directors	2004 Non-Employee Director Option Plan	11,709	$	148.28	(1)	Time Based

(1)Represents the weighted average fair value per share of the closing price of our common stock on the dates the shares were awarded.

(2)Represents the weighted average fair value per share of the Monte Carlo simulation fair value price of our market condition awards on the dates the shares were awarded.

(3)Share-based compensation for restricted stock awards with market conditions is measured based on an estimate of shares expected to vest using a Monte Carlo simulation to determine fair value.

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]

The following table summarizes our restricted stock activity for the years ended December 31, 2022, 2021 and 2020 (in millions, except share and per share data):


	Number of Shares	Weighted Average Grant Date Fair Value		Fair Value of Shares Vested
Unvested restricted shares at January 1, 2020	813,041	$	83.10
Granted	261,731	$	144.89
Vested	(258,280)	$	73.47	$	19.0
Forfeited	(5,678)	$	111.04
Unvested restricted shares at December 31, 2020	810,814	$	105.92
Granted	290,607	$	131.84
Vested	(305,747)	$	91.06	$	27.8
Forfeited	(7,654)	$	113.02
Unvested restricted shares at December 31, 2021	788,020	$	121.18
Granted	372,610	$	166.27
Vested	(278,359)	$	106.98	$	29.8
Forfeited	(27,504)	$	157.11
Unvested restricted shares at December 31, 2022	854,767	$	144.19

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block]

The following table summarizes our expected share-based compensation cost, net related to our unvested restricted shares, in millions:


	2023		2024		2025		Thereafter
Expected share-based compensation costs, net	$	31.6	$	23.5	$	14.9	$	11.6

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

A presentation of our segment financial information is summarized as follows (amounts in millions):


	Year Ended
	December 31, 2022								December 31, 2021								December 31, 2020
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Operating revenues	$	1,422.8	$	689.9	$	786.9	$	2,899.6	$	1,059.7	$	606.4	$	564.1	$	2,230.2	$	902.3	$	421.1	$	47.6	$	1,371.0
Operating expenses / Cost of sales	661.1		359.6		498.4		1,519.1		438.7		318.8		351.8		1,109.3		362.6		221.2		30.1		613.9
NOI	$	761.7	$	330.3	$	288.5	$	1,380.5	$	621.0	$	287.6	$	212.3	$	1,120.9	$	539.7	$	199.9	$	17.5	$	757.1
Adjustments to arrive at net income
Interest income							35.2								12.2								10.1
Brokerage commissions and other revenues, net							34.9								30.2								17.2

General and administrative expense							(256.8)								(181.3)								(109.5)
Catastrophic event-related charges, net							(17.5)								(2.2)								(0.9)
Business combination expense, net							(24.7)								(1.4)								(23.0)
Depreciation and amortization							(604.8)								(522.7)								(376.9)
Loss on extinguishment of debt (see Note 8)							(4.4)								(8.1)								(5.2)
Interest expense							(229.8)								(158.6)								(129.1)
Interest on mandatorily redeemable preferred OP units / equity							(4.2)								(4.2)								(4.2)
Gain / (loss) on remeasurement of marketable securities							(53.4)								33.5								6.1
Gain / (loss) on foreign currency exchanges							5.4								(3.7)								7.7
Gain on dispositions of properties							12.2								108.1								5.6
Other expense, net							(2.1)								(12.1)								(5.2)
Gain / (loss) on remeasurement of notes receivable							(0.8)								0.7								(3.3)
Income from nonconsolidated affiliates (see Note 6)							2.9								4.0								1.7
Loss on remeasurement of investment in nonconsolidated affiliates							(2.7)								(0.2)								(1.6)
Current tax expense (see Note 12)							(10.3)								(1.2)								(0.8)
Deferred tax benefit / (expense) (see Note 12)							4.2								(0.1)								1.6
Net Income							263.8								413.8								147.4
Less: Preferred return to preferred OP units / equity interests							11.0								12.1								6.9
Less: Income attributable to noncontrolling interests							10.8								21.5								8.9



Net Income Attributable to SUI Common Shareholders							$	242.0							$	380.2							$	131.6


	December 31, 2022								December 31, 2021
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Identifiable Assets
Investment property, net	$	7,181.7	$	3,744.3	$	3,045.0	$	13,971.0	$	5,172.2	$	3,639.0	$	2,614.3	$	11,425.5
Cash, cash equivalents and restricted cash	49.4		30.3		10.7		90.4		36.7		19.9		21.6		78.2
Marketable securities	82.4		44.9		—		127.3		121.0		65.9		—		186.9
Inventory of manufactured homes	189.1		13.6		—		202.7		44.3		6.8		—		51.1
Notes and other receivables, net	475.2		96.5		45.6		617.3		374.2		55.5		39.9		469.6
Goodwill	467.4		9.5		541.5		1,018.4		—		—		495.4		495.4
Other intangible assets, net	97.9		32.6		271.5		402.0		27.4		22.7		256.7		306.8
Other assets, net	356.1		63.0		236.0		655.1		198.0		63.6		219.0		480.6
Total Assets	$	8,899.2	$	4,034.7	$	4,150.3	$	17,084.2	$	5,973.8	$	3,873.4	$	3,646.9	$	13,494.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Tax Characterization of Dividends [Table Text Block]

For the years ended December 31, 2022, 2021 and 2020, distributions paid per share were taxable as follows (unaudited / rounded):


	Year Ended

	December 31, 2022				December 31, 2021				December 31, 2020
	Amount		Percentage		Amount		Percentage		Amount		Percentage
Ordinary income(1)	$	2.55	73.62	%	$	2.31	70.47	%	$	2.14	68.54	%
Capital gain	—		—	%	—		—	%	0.06		1.92	%
Return of capital	0.92		26.38	%	0.97		29.53	%	0.92		29.54	%
Total distributions declared	$	3.47	100.00	%	$	3.28	100.00	%	$	3.12	100.00	%

(1)98.9356% of the ordinary taxable dividend qualifies as a Section 199A dividend for 2022 and 1.0644% of the ordinary taxable dividend qualifies as a Qualified Dividend for 2022.

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The components of our provision / (benefit) for income taxes attributable to continuing operations for the years ended December 31, 2022, 2021 and 2020 are as follows (amounts in millions):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Federal
Current	$	—	$	—	$	(0.8)
Deferred	—		—		(0.6)
State and Local
Current	2.3		1.1		1.5
Deferred	—		(0.1)		—
Foreign
Current	8.0		0.1		0.1
Deferred	(4.2)		0.2		(1.0)
Total provision / (benefit)	$	6.1	$	1.3	$	(0.8)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]


	Year Ended
	December 31, 2022				December 31, 2021				December 31, 2020
Pre-tax income / (loss) attributable to taxable subsidiaries	$	11.4			$	(5.2)			$	8.4

Federal provision / (benefit) at statutory tax rate	2.4		21.0	%	(1.1)		21.0	%	(1.8)		21.0	%
State and local taxes, net of federal benefit	0.7		6.5	%	0.2		(3.8)	%	0.7		(8.6)	%

Rate differential	(0.4)		(3.5)	%	0.1		(2.7)	%	(0.2)		2.8	%
Change in valuation allowance	2.8		24.5	%	3.4		(65.0)	%	1.3		(15.8)	%

Others	(1.0)		(8.5)	%	(2.1)		39.8	%	(1.6)		19.5	%
Tax provision / (benefit) - taxable subsidiaries	4.5		40.0	%	0.5		(10.7)	%	(1.6)		18.9	%
Other state taxes - flow through subsidiaries	1.6				0.8				0.8
Total provision / (benefit)	$	6.1			$	1.3			$	(0.8)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]


	As of
	December 31, 2022		December 31, 2021		December 31, 2020
Deferred Tax Assets
NOL carryforwards	$	25.9	$	26.2	$	19.5
Depreciation and basis differences	26.0		23.7		32.9
Restricted interest carryforwards	25.2		—		—
Other	4.9		0.1		(0.6)
Gross deferred tax assets	82.0		50.0		51.8
Valuation allowance	(49.8)		(47.0)		(44.0)
Net deferred tax assets(1)	32.2		3.0		7.8

Deferred Tax Liabilities
Basis differences - US assets	—		(1.2)		(5.7)
Basis differences - foreign investment(2)	(340.8)		(22.5)		(22.7)
Gross deferred tax liabilities(3)	(340.8)		(23.7)		(28.4)

Net Deferred Tax Liability	$	(308.6)	$	(20.7)	$	(20.6)

(1)Net deferred tax assets are included within Other assets, net in our Consolidated Balance Sheets.

(2)Balance as of December 31, 2022 relates to basis differences in our foreign investments in properties in the UK and Canada.

(3)Gross deferred tax liabilities are included within Other liabilities in our Consolidated Balance Sheets.

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block]

Computations of basic and diluted EPS were as follows (in millions, except per share data):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Numerator
Net Income Attributable to SUI Common Shareholders	$	242.0	$	380.2	$	131.6
Less: allocation to restricted stock awards	1.4		2.4		0.8
Basic earnings - Net Income attributable to common shareholders after allocation to restricted stock awards	$	240.6	$	377.8	$	130.8
Add: allocation to common and preferred OP units dilutive effect	4.7		8.6		—
Add: allocation to restricted stock awards	—		—		—
Diluted earnings - Net income attributable to common shareholders after allocation to common and preferred OP units(1)	$	245.3	$	386.4	$	130.8


Denominator
Weighted average common shares outstanding	$	120.2	$	112.6	$	97.5
Add: common shares dilutive effect: Forward Equity Offering	0.2		—		—

Add: dilutive restricted stock	—		—		—
Add: common and preferred OP units dilutive effect	2.5		2.5		—
Diluted weighted average common shares and securities(1)	$	122.9	$	115.1	$	97.5

EPS Available to Common Shareholders After Allocation
Basic EPS	$	2.00	$	3.36	$	1.34
Diluted EPS(1)	$	2.00	$	3.36	$	1.34

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

The following table presents the outstanding securities that were excluded from the computation of diluted EPS as of December 31, 2022, 2021 and 2020 (amounts in thousands):


	Year Ended
	December 31, 2022	December 31, 2021	December 31, 2020
Common OP units	—	—	2,607

A-1 preferred OP units	208	275	295
A-3 preferred OP units	40	40	40
Aspen preferred OP units	1,259	1,284	1,284

Series C preferred OP units	306	306	306
Series D preferred OP units	489	489	489
Series E preferred OP units	80	90	90
Series F preferred OP units	90	90	90
Series G preferred OP units	241	241	241
Series H preferred OP units	581	581	581
Series I preferred OP units	—	922	922
Series J preferred OP units	240	240	—
Total Securities	3,534	4,558	6,945

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments [Table Text Block]

The following table presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts (in millions):


	December 31, 2022						December 31, 2021
Derivatives designated as cash flow hedges	Notional		Fair Value of Assets(1)		Fair Value of Liabilities		Notional		Fair Value of Assets(1)		Fair Value of Liabilities
Interest rate derivatives	$	733.6	$	32.0	$	—	$	150.0	$	0.4	$	—

(1)Included within Other Assets, net on the Consolidated Balance Sheets.

The following table presents the gains on derivatives in cash flow hedging relationships recognized in Other Comprehensive Income (in millions):


	Year Ended
Derivatives designated as cash flow hedges	December 31, 2022		December 31, 2021		December 31, 2020
Interest rate derivatives	$	64.3	$	0.4	$	—

The following table presents the amount of gains on derivative instruments reclassified from Accumulated Other Comprehensive Income into earnings (in millions):


		Year Ended
Derivatives designated as cash flow hedges	Financial Statement Classification	December 31, 2022		December 31, 2021		December 31, 2020
Interest rate derivatives	Interest expense	$	1.3	$	—	$	—

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]


	December 31, 2022
Financial Assets	Carrying Value		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
Cash, cash equivalents and restricted cash	$	90.4	$	90.4	$	—	$	—	$	90.4
Marketable securities	127.3		127.3		—		—		127.3
Installment notes receivable on manufactured homes, net	65.9		—		—		65.9		65.9

Notes receivable from real estate developers and operators	305.2		—		—		305.2		305.2
Derivative assets	32.0		—		32.0		—		32.0
Total assets measured at fair value	$	620.8	$	217.7	$	32.0	$	371.1	$	620.8

Financial Liabilities
Secured debt	$	3,217.8	$	—	$	3,217.8	$	—	$	2,814.1

Unsecured debt
Senior unsecured notes	1,779.6		—		1,779.6		—		1,432.7

Line of credit and other unsecured debt	2,199.8		—		2,199.8		—		2,199.8
Total unsecured debt	3,979.4		—		3,979.4		—		3,632.5
Other financial liabilities (contingent consideration)	20.2		—		—		20.2		20.2
Total liabilities measured at fair value	$	7,217.4	$	—	$	7,197.2	$	20.2	$	6,466.8


	December 31, 2021
Financial Assets	Carrying Value		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
Cash, cash equivalents and restricted cash	$	78.2	$	78.2	$	—	$	—	$	78.2
Marketable securities	186.9		186.9		—		—		186.9
Installment notes receivable on manufactured homes, net	79.1		—		—		79.1		79.1

Notes receivable from real estate developers and operators	284.0		—		—		284.0		284.0
Derivative assets	0.4		—		0.4		—		0.4
Total assets measured at fair value	$	628.6	$	265.1	$	0.4	$	363.1	$	628.6

Financial Liabilities
Secured debt	$	3,380.7	$	—	$	3,380.7	$	—	$	3,405.9
Unsecured debt
Senior unsecured notes	1,186.4		—		1,186.4		—		1,201.8


Line of credit and other unsecured debt	1,104.7		—		1,104.7		—		1,104.7
Total unsecured debt	2,291.1		—		2,291.1		—		2,306.5
Other financial liabilities (contingent consideration)(1)	20.2		—		—		20.2		20.2
Total liabilities measured at fair value	$	5,692.0	$	—	$	5,671.8	$	20.2	$	5,732.6

Fair Value, by Balance Sheet Grouping [Table Text Block]

The change in the marketable securities balance is as follows (in millions):


	Year Ended
	December 31, 2022		December 31, 2021
Beginning Balance	$	186.9	$	124.7
Additional purchases	—		35.5
Change in fair value measurement	(53.4)		33.4
Foreign currency translation adjustment	(7.7)		(9.2)
Dividend reinvestment, net of tax	1.5		2.5
Ending Balance	$	127.3	$	186.9

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]


	Year Ended
	December 31, 2022						December 31, 2021
Assets:	Installment Notes Receivable on MH, net		Notes Receivable From Real Estate Developers and Operators		Warrants		Installment Notes Receivable on MH, net		Notes Receivable From Real Estate Developers and Operators
Level 3 beginning balance at December 31, 2022 and 2021	$	79.1	$	284.0	$	—	$	—	$	—
Transfer to level 3	—		—				85.9		52.6

Realized gains / (losses)(1)	(0.8)		—		(3.4)		0.7		—
Purchases and issuances	1.0		79.3		3.4		8.6		239.7
Sales and settlements	(13.4)		(34.9)		—		(14.6)		(13.0)
Dispositions of properties	—		—		—		(1.9)		—
Foreign currency exchange losses	—		(23.3)		—		—		—
Other adjustments	—		0.1		—		0.4		4.7
Level 3 ending balance at December 31, 2022 and 2021	$	65.9	$	305.2	$	—	$	79.1	$	284.0


	Year Ended
	December 31, 2022		December 31, 2021
Liabilities:	Other Liabilities (Contingent Consideration)		Other Liabilities (Contingent Consideration)
Level 3 beginning balance at December 31, 2022 and 2021	$	20.2	$	15.8


Realized losses(1)	—		9.3
Purchases and issuances	—		26.5
Sales and settlements	—		(33.7)

Other adjustments	—		2.3
Level 3 ending balance at December 31, 2022 and 2021	$	20.2	$	20.2

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Finance Lease, Liability, Maturity [Table Text Block]

Future minimum lease payments under non-cancellable leases as of December 31, 2022 where we are the lessee include:



Maturity of Lease Liabilities (in millions)	Operating Leases		Finance Leases		Total
2023	$	13.6	$	1.0	$	14.6
2024	13.6		4.6		18.2
2025	13.2		0.5		13.7
2026	11.6		0.5		12.1
2027	9.6		0.5		10.1
Thereafter	237.6		21.8		259.4
Total Lease Payments	$	299.2	$	28.9	$	328.1
Less: Imputed interest	(138.9)		(13.9)		(152.8)
Present Value of Lease Liabilities	$	160.3	$	15.0	$	175.3

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Future minimum lease payments under non-cancellable leases as of December 31, 2022 where we are the lessee include:



Maturity of Lease Liabilities (in millions)	Operating Leases		Finance Leases		Total
2023	$	13.6	$	1.0	$	14.6
2024	13.6		4.6		18.2
2025	13.2		0.5		13.7
2026	11.6		0.5		12.1
2027	9.6		0.5		10.1
Thereafter	237.6		21.8		259.4
Total Lease Payments	$	299.2	$	28.9	$	328.1
Less: Imputed interest	(138.9)		(13.9)		(152.8)
Present Value of Lease Liabilities	$	160.3	$	15.0	$	175.3

Lease, Supplemental Balance Sheet Information [Table Text Block]

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		December 31, 2022		December 31, 2021
Lease Assets
Finance lease, ROU asset, net of accumulated amortization	Investment property, net	$	32.2	$	4.3
Operating lease, ROU asset, net	Other assets, net	$	189.4	$	138.2
Below market operating leases, net	Other assets, net	$	90.9	$	93.1
Lease Liabilities
Finance lease liabilities	Other liabilities	$	15.0	$	4.2
Operating lease liabilities	Other liabilities	$	160.3	$	129.2

Lease, Cost [Table Text Block]

Lease expense for finance and operating leases, and variable and short term lease costs as included in our Consolidated Statements of Operations are as follows (in millions):



		Year Ended
Description	Financial Statement Classification	December 31, 2022		December 31, 2021		December 31, 2020
Finance Lease Expense
Amortization of ROU assets	Depreciation and amortization	$	2.7	$	—	$	—
Interest on lease liabilities	Interest expense	0.5		0.2		0.1
Operating lease cost	General and administrative expense, Property operating and maintenance, Depreciation and amortization	8.5		11.4		4.3
Operating lease impairment(1)	Other expense, net	4.0		—		—
Variable lease cost	Property operating and maintenance	2.9		6.6		2.3
Short term lease cost	Property operating and maintenance	0.1		0.2		—
Total Lease Expense		$	18.7	$	18.4	$	6.7

(1)Refer to Note 1, "Significant Accounting Policies," for additional detail.

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


		Year Ended
Description	Financial Statement Classification		December 31, 2022		December 31, 2021		December 31, 2020
Operating Leases

Fixed lease income	Income from real property; Brokerage commissions and other revenue, net		$	28.9	$	23.0	$	3.3
Variable lease income(1)	Income from real property; Brokerage commissions and other revenue, net		$	2.9	$	5.7	$	2.0

(1)Consists of rent primarily based on a percentage of acquisition costs and net operating income.

Leases, Additional Information [Table Text Block]

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


	As of
Lease Term and Discount Rate	December 31, 2022
Weighted-average Remaining Lease Terms (years)
Finance lease	37.87
Operating lease	33.97
Weighted-average Discount Rate
Finance lease	3.38	%
Operating lease	3.80	%


	Year Ended
Other Information (in millions)	December 31, 2022		December 31, 2021		December 31, 2020
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash flow from operating leases	$	12.1	$	6.6	$	2.7

Financing cash flow from finance leases	6.2		0.3		0.1
Total Cash Paid On Lease Liabilities	$	18.3	$	6.9	$	2.8

Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block]

Future minimum lease payments under non-cancellable leases at our RV communities and marinas at the year ended December 31, 2022 where we are the lessor include:


Maturity of Lease Payments (in millions)	Operating Leases
2023	$	26.7
2024	17.0
2025	8.9
2026	5.1
2027	4.4
Thereafter	40.7
Total Undiscounted Cash Flows	$	102.8

Lease, Financial Liability, Future Minimum Rental Payments, Fiscal Year Maturity [Table Text Block]

The following table presents the future minimum rental payments for this financial liability as of December 31, 2022:


Maturity of Financial Liability (in millions)	December 31, 2022
2023	$	8.0
2024	11.2
2025	11.2
2026	11.3
2027	11.4
Thereafter	1,685.7
Total Payments	$	1,738.8
Less: Imputed interest	(1,399.1)
Present Value of Financial Liability	$	339.7

Significant Accounting Policies Significant Accounting Policies (Details) £ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) property site	Dec. 31, 2020 USD ($)	Dec. 31, 2022 property	Dec. 31, 2022 segment	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 site
Significant Accounting Policies [Line Items]
Number of sites			15,816			227,541		24,347
Total Deferred financing costs, discounts and premium		$ (51,000,000.0)	$ (33,000,000.0)
Cash and cash equivalents		72,800,000	65,800,000
Cash depots in excess of insured amounts		86,800,000	58,900,000
Restricted cash		17,600,000	12,400,000
Marketable securities		$ 127,300,000	186,900,000
Minimal cost of investment method, percentage		5.00%
Goodwill		$ 1,018,400,000	495,400,000	$ 428,800,000
Receivables from contracts with customers		28,900,000	33,500,000
Advertising costs		15,600,000	9,900,000	8,300,000
Gain / (loss) on foreign currency exchanges		5,400,000	(3,700,000)	7,700,000
Operating lease impairment		4,000,000.0	0	$ 0
Impairment losses		0
Revolving Credit Facility [Member]
Significant Accounting Policies [Line Items]
Deferred financing costs		3,000,000.0	0
Total Deferred financing costs, discounts and premium		(37,900,000)	(26,600,000)
Secured debt total
Significant Accounting Policies [Line Items]
Discounts and premium		100,000	1,700,000
Deferred financing costs		14,600,000	14,700,000
Senior unsecured notes
Significant Accounting Policies [Line Items]
Discounts and premium		(6,100,000)	(3,300,000)
Deferred financing costs		14,300,000	10,300,000
Treasury Lock [Member] \| Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member]
Significant Accounting Policies [Line Items]
Maximum maturities of contracts	10 years
Treasury Lock and Interest Rate Swap [Member] \| Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member]
Significant Accounting Policies [Line Items]
Reduction to interest expense expected to be reclassified		$ 11,300,000
Non-competition agreements
Significant Accounting Policies [Line Items]
Useful Life		5 years
Safe Harbor [Member]
Significant Accounting Policies [Line Items]
Goodwill			495,400,000
Safe Harbor [Member] \| Trademarks and trade names
Significant Accounting Policies [Line Items]
Intangibles related to acquisitions			$ 119,100,000
Safe Harbor and Park Holidays [Member]
Significant Accounting Policies [Line Items]
Goodwill		$ 1,000,000,000
Safe Harbor and Park Holidays [Member] \| Trademarks and trade names
Significant Accounting Policies [Line Items]
Intangibles related to acquisitions		216,600,000
Park Holidays Cash Deposit [Member]
Significant Accounting Policies [Line Items]
Cash depots in excess of insured amounts		9,300,000					£ 7.7
Disposal Group, Not Discontinued Operations [Member]
Significant Accounting Policies [Line Items]
Number of properties \| property			1
Other Assets [Member]
Significant Accounting Policies [Line Items]
Real estate held for sale		0	$ 700,000
Other Assets [Member] \| Revolving Credit Facility [Member]
Significant Accounting Policies [Line Items]
Deferred financing costs		$ 13,100,000	$ 6,400,000
Rental properties [Member]
Significant Accounting Policies [Line Items]
Useful life of assets		10 years
Maximum [Member]
Significant Accounting Policies [Line Items]
Resident balances days past due		90 days
Useful life of assets		53 years
Maximum [Member] \| Customer relationships
Significant Accounting Policies [Line Items]
Useful Life		17 years
Maximum [Member] \| Franchise Agreements and Other Intangible Assets [Member]
Significant Accounting Policies [Line Items]
Useful Life		27 years
Maximum [Member] \| Trademarks and trade names
Significant Accounting Policies [Line Items]
Useful Life		15 years
Maximum [Member] \| In-place leases
Significant Accounting Policies [Line Items]
Useful Life		13 years
Maximum [Member] \| Land improvements and buildings [Member]
Significant Accounting Policies [Line Items]
Useful life of assets		53 years
Maximum [Member] \| Furniture and Fixtures [Member]
Significant Accounting Policies [Line Items]
Useful life of assets		40 years
Maximum [Member] \| Computer Equipment [Member]
Significant Accounting Policies [Line Items]
Useful life of assets		5 years
Maximum [Member] \| Building and Building Improvements [Member]
Significant Accounting Policies [Line Items]
Useful life of assets		40 years
Maximum [Member] \| Land Improvements [Member]
Significant Accounting Policies [Line Items]
Useful life of assets		30 years
Minimum [Member]
Significant Accounting Policies [Line Items]
Resident balances days past due		60 days
Useful life of assets		2 months
Minimum [Member] \| Customer relationships
Significant Accounting Policies [Line Items]
Useful Life		4 years
Minimum [Member] \| Franchise Agreements and Other Intangible Assets [Member]
Significant Accounting Policies [Line Items]
Useful Life		1 year
Minimum [Member] \| Trademarks and trade names
Significant Accounting Policies [Line Items]
Useful Life		3 years
Minimum [Member] \| In-place leases
Significant Accounting Policies [Line Items]
Useful Life		2 months
Minimum [Member] \| Land improvements and buildings [Member]
Significant Accounting Policies [Line Items]
Useful life of assets		15 years
Minimum [Member] \| Furniture and Fixtures [Member]
Significant Accounting Policies [Line Items]
Useful life of assets		2 years
Minimum [Member] \| Computer Equipment [Member]
Significant Accounting Policies [Line Items]
Useful life of assets		3 years
Minimum [Member] \| Building and Building Improvements [Member]
Significant Accounting Policies [Line Items]
Useful life of assets		15 years
Minimum [Member] \| Land Improvements [Member]
Significant Accounting Policies [Line Items]
Useful life of assets		7 years
Motor Home Community, RV Resort and Marina [Member]
Significant Accounting Policies [Line Items]
Number of properties \| property					669
Marina
Significant Accounting Policies [Line Items]
Number of properties \| property					134
Manufactured home community [Member]
Significant Accounting Policies [Line Items]
Number of properties \| property					353
Number of sites \| segment						118,204
RV community [Member]
Significant Accounting Policies [Line Items]
Number of properties \| property					182
Annual Rv Sites [Member]
Significant Accounting Policies [Line Items]
Number of sites \| segment						30,333
Transient RV site [Member]
Significant Accounting Policies [Line Items]
Number of sites \| segment						31,181
Manufactured Home And Rv Community [Member]
Significant Accounting Policies [Line Items]
Number of sites \| segment						47,823

Revenue (Details) - USD ($) $ in Millions	12 Months Ended
Revenue (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Real property	$ 1,902.2	$ 1,598.2	$ 1,130.1
Home sales	465.8	280.2	175.7
Service, retail, dining and entertainment	531.6	351.8	65.2
Interest	35.2	12.2	10.1
Brokerage commissions and other, net	34.9	30.2	17.2
Revenues	2,969.7	2,272.6	1,398.3
MH
Disaggregation of Revenue [Line Items]
Revenues	1,474.7	1,082.6	919.2
RV
Disaggregation of Revenue [Line Items]
Revenues	706.5	624.6	431.2
Marina
Disaggregation of Revenue [Line Items]
Revenues	788.5	565.4	47.9
Real Property [Member]
Disaggregation of Revenue [Line Items]
Real property	1,902.2	1,598.2	1,130.1
Real Property [Member] \| MH
Disaggregation of Revenue [Line Items]
Real property	954.2	805.4	742.4
Real Property [Member] \| RV
Disaggregation of Revenue [Line Items]
Real property	563.3	499.5	359.5
Real Property [Member] \| Marina
Disaggregation of Revenue [Line Items]
Real property	384.7	293.3	28.2
Home Sales [Member]
Disaggregation of Revenue [Line Items]
Home sales	465.8	280.2	175.7
Home Sales [Member] \| MH
Disaggregation of Revenue [Line Items]
Home sales	428.3	247.1	154.0
Home Sales [Member] \| RV
Disaggregation of Revenue [Line Items]
Home sales	37.5	33.1	21.7
Home Sales [Member] \| Marina
Disaggregation of Revenue [Line Items]
Home sales	0.0	0.0	0.0
Service, retail, dining and entertainment [Member]
Disaggregation of Revenue [Line Items]
Service, retail, dining and entertainment	531.6	351.8	65.2
Service, retail, dining and entertainment [Member] \| MH
Disaggregation of Revenue [Line Items]
Service, retail, dining and entertainment	40.3	7.2	5.9
Service, retail, dining and entertainment [Member] \| RV
Disaggregation of Revenue [Line Items]
Service, retail, dining and entertainment	89.1	73.8	39.9
Service, retail, dining and entertainment [Member] \| Marina
Disaggregation of Revenue [Line Items]
Service, retail, dining and entertainment	402.2	270.8	19.4
Interest [Member]
Disaggregation of Revenue [Line Items]
Interest	35.2	12.2	10.1
Interest [Member] \| MH
Disaggregation of Revenue [Line Items]
Interest	32.1	10.0	8.3
Interest [Member] \| RV
Disaggregation of Revenue [Line Items]
Interest	2.9	2.2	1.8
Interest [Member] \| Marina
Disaggregation of Revenue [Line Items]
Interest	0.2	0.0	0.0
Brokerage commissions and other, net [Member]
Disaggregation of Revenue [Line Items]
Brokerage commissions and other, net	34.9	30.2	17.2
Brokerage commissions and other, net [Member] \| MH
Disaggregation of Revenue [Line Items]
Brokerage commissions and other, net	19.8	12.9	8.6
Brokerage commissions and other, net [Member] \| RV
Disaggregation of Revenue [Line Items]
Brokerage commissions and other, net	13.7	16.0	8.3
Brokerage commissions and other, net [Member] \| Marina
Disaggregation of Revenue [Line Items]
Brokerage commissions and other, net	$ 1.4	$ 1.3	$ 0.3

Real Estate Acquisitions and Dispositions, Schedule Of Acquisitions (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2022 segment manufactured_home	Dec. 31, 2022 property segment manufactured_home	Dec. 31, 2021 segment site development_site	Dec. 31, 2022 site	Dec. 31, 2022 development_site
Business Acquisition [Line Items]
Number of sites	227,541	227,541	15,816	24,347
Development Sites \| development_site			1,062		2,655
Number of MH communities \| segment			9
Number of managed properties \| property		2
Number of properties \| property		2
Number of marinas owned \| segment			2
Number of RV resorts \| segment			2
Jarrett Bay Boatworks
Business Acquisition [Line Items]
Number of sites				12
Development Sites \| development_site					0
Park Holidays [Member]
Business Acquisition [Line Items]
Number of sites				15,906
Development Sites				608
Number of MH communities \| manufactured_home		40
Bluewater Yacht Sales
Business Acquisition [Line Items]
Number of sites				0
Development Sites				0
Park Leisure
Business Acquisition [Line Items]
Number of sites				2,914
Development Sites				123
Number of MH communities \| manufactured_home	11
Callaly Leisure
Business Acquisition [Line Items]
Number of development sites \| development_site					1
Cabrillo Isle
Business Acquisition [Line Items]
Number of sites			476
Development Sites \| development_site			0
Emerald Coast
Business Acquisition [Line Items]
Number of sites			311
Development Sites \| development_site			0
Harrison Yacht Yard
Business Acquisition [Line Items]
Number of sites				21
Development Sites \| development_site					0
Outer Banks
Business Acquisition [Line Items]
Number of sites				196
Development Sites \| development_site					0
Tower Marine
Business Acquisition [Line Items]
Number of sites				446
Development Sites \| development_site					0
Sandy Bay
Business Acquisition [Line Items]
Number of sites				730
Development Sites \| development_site					456
Christies Parks
Business Acquisition [Line Items]
Number of sites				249
Development Sites				0
Bluewater
Business Acquisition [Line Items]
Number of sites				200
Development Sites				0
Bodmin Holiday Park
Business Acquisition [Line Items]
Number of sites				69
Development Sites				0
Kittery Point
Business Acquisition [Line Items]
Number of sites				62
Development Sites				0
Spanish Trails MHC
Business Acquisition [Line Items]
Number of sites				195
Development Sites				6
Pine Acre Trails
Business Acquisition [Line Items]
Number of sites				251
Development Sites				603
Bel Air Estates & Sunrise Estates
Business Acquisition [Line Items]
Number of sites				379
Development Sites				0
Montauk Yacht Club
Business Acquisition [Line Items]
Number of sites				232
Development Sites				0
Callaly Leisure
Business Acquisition [Line Items]
Number of sites				380
Development Sites				823
Newhaven
Business Acquisition [Line Items]
Number of sites				224
Development Sites				14
Bayfront Marina
Business Acquisition [Line Items]
Number of sites				583
Development Sites				0
Marina Bay Yacht Harbor
Business Acquisition [Line Items]
Number of sites				800
Development Sites				0
Jellystone Lincoln
Business Acquisition [Line Items]
Number of sites				267
Development Sites				0
Norway Commons
Business Acquisition [Line Items]
Number of sites				231
Development Sites				22
Sun Outdoors Association Island
Business Acquisition [Line Items]
Number of sites			294
Development Sites			0
Blue Water Beach Resort
Business Acquisition [Line Items]
Number of sites			177
Development Sites \| development_site			0
Tranquility MHC
Business Acquisition [Line Items]
Number of sites			25
Development Sites \| development_site			0
Islamorada and Angler House
Business Acquisition [Line Items]
Number of sites			251
Development Sites \| development_site			0
Prime Martha's Vineyard
Business Acquisition [Line Items]
Number of sites			395
Development Sites \| development_site			0
Pleasant Beach Campground
Business Acquisition [Line Items]
Number of sites			102
Development Sites \| development_site			0
Sun Outdoors Cape Charles
Business Acquisition [Line Items]
Number of sites			669
Development Sites \| development_site			0
Beachwood Resort
Business Acquisition [Line Items]
Number of sites			672
Development Sites \| development_site			0
ThemeWorld RV Resort
Business Acquisition [Line Items]
Number of sites			148
Development Sites \| development_site			0
Sylvan Glen Estates
Business Acquisition [Line Items]
Number of sites			476
Development Sites \| development_site			0
Shelter Island Boatyard
Business Acquisition [Line Items]
Number of sites			52
Development Sites \| development_site			0
Lauderdale Marine Center
Business Acquisition [Line Items]
Number of sites			206
Development Sites \| development_site			0
Apponaug Harbor
Business Acquisition [Line Items]
Number of sites			348
Development Sites \| development_site			0
Marathon Marina
Business Acquisition [Line Items]
Number of sites			135
Development Sites \| development_site			0
Allen Harbor
Business Acquisition [Line Items]
Number of sites			176
Development Sites \| development_site			0
Cisco Grove Campground & RV
Business Acquisition [Line Items]
Number of sites			18
Development Sites \| development_site			407
Four Leaf Portfolio
Business Acquisition [Line Items]
Number of sites			2,545
Development Sites \| development_site			340
Harborage Yacht Club
Business Acquisition [Line Items]
Number of sites			300
Development Sites \| development_site			0
Zeman Portfolio
Business Acquisition [Line Items]
Number of sites			686
Development Sites \| development_site			0
Southern Leisure RV Resort
Business Acquisition [Line Items]
Number of sites			496
Development Sites \| development_site			0
Sunroad Marina
Business Acquisition [Line Items]
Number of sites			617
Development Sites \| development_site			0
Lazy Lakes RV Resort
Business Acquisition [Line Items]
Number of sites			99
Development Sites \| development_site			0
Puerto del Rey
Business Acquisition [Line Items]
Number of sites			1,746
Development Sites \| development_site			0
Stingray Point
Business Acquisition [Line Items]
Number of sites			222
Development Sites \| development_site			0
Detroit River
Business Acquisition [Line Items]
Number of sites			440
Development Sites \| development_site			0
Jetstream RV Resort at NASA
Business Acquisition [Line Items]
Number of sites			202
Development Sites \| development_site			0
Beaver Brook Campground
Business Acquisition [Line Items]
Number of sites			204
Development Sites \| development_site			150
Tall Pines Harbor Campground
Business Acquisition [Line Items]
Number of sites			241
Development Sites \| development_site			0
Sun Outdoors Wells Beach
Business Acquisition [Line Items]
Number of sites			231
Development Sites \| development_site			0
Port Royal
Business Acquisition [Line Items]
Number of sites			167
Development Sites \| development_site			0
Podickory Point
Business Acquisition [Line Items]
Number of sites			209
Development Sites \| development_site			0
Sunroad Marina (restaurant)
Business Acquisition [Line Items]
Number of sites			0
Development Sites \| development_site			0
Jellystone Park at Mammoth Cave
Business Acquisition [Line Items]
Number of sites			315
Development Sites \| development_site			0
South Bay
Business Acquisition [Line Items]
Number of sites			333
Development Sites \| development_site			0
Wentworth by the Sea
Business Acquisition [Line Items]
Number of sites			155
Development Sites \| development_site			0
Rocky Mountain RV Park
Business Acquisition [Line Items]
Number of sites			75
Development Sites \| development_site			0
Haas Lake RV Park Campground
Business Acquisition [Line Items]
Number of sites			492
Development Sites \| development_site			0
Pearwood RV Resort
Business Acquisition [Line Items]
Number of sites			144
Development Sites \| development_site			0
Holly Shores Camping Resort
Business Acquisition [Line Items]
Number of sites			310
Development Sites \| development_site			0
Pheasant Ridge RV Park
Business Acquisition [Line Items]
Number of sites			130
Development Sites \| development_site			0
Coyote Ranch Resort
Business Acquisition [Line Items]
Number of sites			165
Development Sites \| development_site			165
Jellystone Park at Whispering Pines
Business Acquisition [Line Items]
Number of sites			131
Development Sites \| development_site			0
Hospitality Creek Campground
Business Acquisition [Line Items]
Number of sites			230
Development Sites \| development_site			0

Real Estate Acquisitions and Dispositions, Schedule Of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Mar. 31, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Business combinations, investment in property					$ 1,302,100
Business combinations, inventory of manufactured homes boat parts and retail related items					4,000
Business combinations, goodwill and other intangible assets					71,000
Business combinations, other assets / (liabilities), net					(38,800)
Total identifiable assets and liabilities assumed					1,415,900
Business combinations, temporary and permanent equity					27,600
Business combinations, total consideration					1,415,900
Investment in property	$ 2,297,500			$ 2,297,500
Inventory of manufactured homes, boat parts and retail related items	45,000			45,000
Goodwill and other intangible assets	667,600			667,600
Other assets / (liabilities), net	(824,100)			(824,100)
Total identifiable assets acquired net of liabilities assumed	2,186,000			2,186,000
Cash and escrow				2,148,300	1,388,300
Temporary and permanent equity				37,700
Total consideration				2,186,000
Loan balance	7,235,100			7,235,100
Secured debt total
Business Acquisition [Line Items]
Loan balance	3,232,300			3,232,300
Secured debt total \| Blue Water Loan
Business Acquisition [Line Items]
Loan balance	12,900			12,900
Forgiveness of remaining loan balance	7,900
Jarrett Bay Boatworks
Business Acquisition [Line Items]
Business combinations, investment in property	21,300			21,300
Business combinations, inventory of manufactured homes boat parts and retail related items	1,400			1,400
Business combinations, goodwill and other intangible assets	47,500			47,500
Business combinations, other assets / (liabilities), net	(1,000)			(1,000)
Total identifiable assets and liabilities assumed	71,200			71,200
Business combinations, cash and escrow				68,400
Business combinations, temporary and permanent equity				2,800
Business combinations, total consideration				71,200
Park Holidays [Member]
Business Acquisition [Line Items]
Business combinations, investment in property	1,254,700			1,254,700
Business combinations, inventory of manufactured homes boat parts and retail related items	29,500			29,500
Business combinations, goodwill and other intangible assets	574,500			574,500
Business combinations, other assets / (liabilities), net	(624,900)			(624,900)
Total identifiable assets and liabilities assumed	1,233,800			1,233,800
Business combinations, cash and escrow				1,199,900
Business combinations, temporary and permanent equity				33,900
Business combinations, total consideration				1,233,800
Acquired intangible assets subject to amortization				$ 70,200
Acquired intangible assets weighted average amortization period				14 years 7 months 6 days
Montauk Yacht Club
Business Acquisition [Line Items]
Business combinations, investment in property	163,600			$ 163,600
Business combinations, inventory of manufactured homes boat parts and retail related items	300			300
Business combinations, goodwill and other intangible assets	26,300			26,300
Business combinations, other assets / (liabilities), net	(300)			(300)
Total identifiable assets and liabilities assumed	190,500			190,500
Business combinations, cash and escrow				190,500
Business combinations, temporary and permanent equity				0
Business combinations, total consideration				190,500
Cabrillo Isle
Business Acquisition [Line Items]
Cash and escrow		$ (47,000)
Business combinations, investment in property					37,600
Business combinations, inventory of manufactured homes boat parts and retail related items					0
Business combinations, goodwill and other intangible assets					10,100
Business combinations, other assets / (liabilities), net					(700)
Total identifiable assets and liabilities assumed					47,000
Business combinations, temporary and permanent equity		0
Business combinations, total consideration		47,000
Emerald Coast
Business Acquisition [Line Items]
Cash and escrow		(53,000)
Business combinations, investment in property					9,000
Business combinations, inventory of manufactured homes boat parts and retail related items					2,700
Business combinations, goodwill and other intangible assets					41,900
Business combinations, other assets / (liabilities), net					(600)
Total identifiable assets and liabilities assumed					53,000
Business combinations, temporary and permanent equity		0
Business combinations, total consideration		53,000
Leisure Systems, Inc.
Business Acquisition [Line Items]
Cash and escrow			$ (21,700)
Business combinations, investment in property					0
Business combinations, inventory of manufactured homes boat parts and retail related items					0
Business combinations, goodwill and other intangible assets					24,000
Business combinations, other assets / (liabilities), net					(2,300)
Total identifiable assets and liabilities assumed					21,700
Business combinations, temporary and permanent equity			0
Business combinations, total consideration			$ 21,700
Park Leisure
Business Acquisition [Line Items]
Business combinations, investment in property	342,700			342,700
Business combinations, inventory of manufactured homes boat parts and retail related items	700			700
Business combinations, goodwill and other intangible assets	15,100			15,100
Business combinations, other assets / (liabilities), net	(132,700)			(132,700)
Total identifiable assets and liabilities assumed	225,800			225,800
Business combinations, cash and escrow				225,800
Business combinations, temporary and permanent equity				0
Business combinations, total consideration				225,800
Harrison Yacht Yard
Business Acquisition [Line Items]
Asset acquisitions, investment in property	5,800			5,800
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items	0			0
Asset acquisitions, goodwill and other intangible assets	0			0
Asset acquisitions, other assets / (liabilities), net	0			0
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed	5,800			5,800
Asset acquisitions, cash in escrow				5,800
Asset acquisitions, temporary and permanent equity				0
Asset acquisitions, total consideration				5,800
Outer Banks
Business Acquisition [Line Items]
Asset acquisitions, investment in property	5,200			5,200
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items	0			0
Asset acquisitions, goodwill and other intangible assets	0			0
Asset acquisitions, other assets / (liabilities), net	(400)			(400)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed	4,800			4,800
Asset acquisitions, cash in escrow				4,800
Asset acquisitions, temporary and permanent equity				0
Asset acquisitions, total consideration				4,800
Tower Marine
Business Acquisition [Line Items]
Asset acquisitions, investment in property	20,200			20,200
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items	0			0
Asset acquisitions, goodwill and other intangible assets	200			200
Asset acquisitions, other assets / (liabilities), net	(2,100)			(2,100)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed	18,300			18,300
Asset acquisitions, cash in escrow				18,300
Asset acquisitions, temporary and permanent equity				0
Asset acquisitions, total consideration				18,300
Sandy Bay
Business Acquisition [Line Items]
Asset acquisitions, investment in property	247,900			247,900
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items	9,400			9,400
Asset acquisitions, goodwill and other intangible assets	2,100			2,100
Asset acquisitions, other assets / (liabilities), net	(68,300)			(68,300)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed	191,100			191,100
Asset acquisitions, cash in escrow				191,100
Asset acquisitions, temporary and permanent equity				0
Asset acquisitions, total consideration				191,100
Christies Parks
Business Acquisition [Line Items]
Asset acquisitions, investment in property	10,100			10,100
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items	0			0
Asset acquisitions, goodwill and other intangible assets	0			0
Asset acquisitions, other assets / (liabilities), net	(2,100)			(2,100)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed	12,200			12,200
Asset acquisitions, cash in escrow				12,200
Asset acquisitions, temporary and permanent equity				0
Asset acquisitions, total consideration				12,200
Bluewater
Business Acquisition [Line Items]
Asset acquisitions, investment in property	25,300			25,300
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items	1,300			1,300
Asset acquisitions, goodwill and other intangible assets	100			100
Asset acquisitions, other assets / (liabilities), net	(1,300)			(1,300)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed	28,000			28,000
Asset acquisitions, cash in escrow				28,000
Asset acquisitions, temporary and permanent equity				0
Asset acquisitions, total consideration				28,000
Bodmin Holiday Park
Business Acquisition [Line Items]
Asset acquisitions, investment in property	13,100			13,100
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items	0			0
Asset acquisitions, goodwill and other intangible assets	0			0
Asset acquisitions, other assets / (liabilities), net	0			0
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed	13,100			13,100
Asset acquisitions, cash in escrow				13,100
Asset acquisitions, temporary and permanent equity				0
Asset acquisitions, total consideration				13,100
Kittery Point
Business Acquisition [Line Items]
Asset acquisitions, investment in property	8,000			8,000
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items	100			100
Asset acquisitions, goodwill and other intangible assets	0			0
Asset acquisitions, other assets / (liabilities), net	(100)			(100)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed	8,000			8,000
Asset acquisitions, cash in escrow				7,000
Asset acquisitions, temporary and permanent equity				1,000
Asset acquisitions, total consideration				8,000
Spanish Trails MHC
Business Acquisition [Line Items]
Asset acquisitions, investment in property	20,600			20,600
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items	1,800			1,800
Asset acquisitions, goodwill and other intangible assets	0			0
Asset acquisitions, other assets / (liabilities), net	0			0
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed	22,400			22,400
Asset acquisitions, cash in escrow				22,400
Asset acquisitions, temporary and permanent equity				0
Asset acquisitions, total consideration				22,400
Pine Acre Trails
Business Acquisition [Line Items]
Asset acquisitions, investment in property	29,700			29,700
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items	0			0
Asset acquisitions, goodwill and other intangible assets	0			0
Asset acquisitions, other assets / (liabilities), net	0			0
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed	29,700			29,700
Asset acquisitions, cash in escrow				29,700
Asset acquisitions, temporary and permanent equity				0
Asset acquisitions, total consideration				29,700
Bel Air Estates & Sunrise Estates
Business Acquisition [Line Items]
Asset acquisitions, investment in property	39,300			39,300
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items	0			0
Asset acquisitions, goodwill and other intangible assets	700			700
Asset acquisitions, other assets / (liabilities), net	0			0
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed	40,000			40,000
Asset acquisitions, cash in escrow				40,000
Asset acquisitions, temporary and permanent equity				0
Asset acquisitions, total consideration				40,000
Callaly Leisure
Business Acquisition [Line Items]
Asset acquisitions, investment in property	23,800			23,800
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items	100			100
Asset acquisitions, goodwill and other intangible assets	0			0
Asset acquisitions, other assets / (liabilities), net	(300)			(300)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed	23,600			23,600
Asset acquisitions, cash in escrow				23,600
Asset acquisitions, temporary and permanent equity				0
Asset acquisitions, total consideration				23,600
Newhaven
Business Acquisition [Line Items]
Asset acquisitions, investment in property	6,200			6,200
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items	0			0
Asset acquisitions, goodwill and other intangible assets	0			0
Asset acquisitions, other assets / (liabilities), net	0			0
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed	6,200			6,200
Asset acquisitions, cash in escrow				6,200
Asset acquisitions, temporary and permanent equity				0
Asset acquisitions, total consideration				6,200
Bayfront Marina
Business Acquisition [Line Items]
Asset acquisitions, investment in property	11,300			11,300
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items	0			0
Asset acquisitions, goodwill and other intangible assets	900			900
Asset acquisitions, other assets / (liabilities), net	(500)			(500)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed	11,700			11,700
Asset acquisitions, cash in escrow				11,700
Asset acquisitions, temporary and permanent equity				0
Asset acquisitions, total consideration				11,700
Marina Bay Yacht Harbor
Business Acquisition [Line Items]
Asset acquisitions, investment in property	16,200			16,200
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items	0			0
Asset acquisitions, goodwill and other intangible assets	200			200
Asset acquisitions, other assets / (liabilities), net	(700)			(700)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed	15,700			15,700
Asset acquisitions, cash in escrow				15,700
Asset acquisitions, temporary and permanent equity				0
Asset acquisitions, total consideration				15,700
Jellystone Lincoln
Business Acquisition [Line Items]
Asset acquisitions, investment in property	17,000			17,000
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items	0			0
Asset acquisitions, goodwill and other intangible assets	0			0
Asset acquisitions, other assets / (liabilities), net	(1,200)			(1,200)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed	18,200			18,200
Asset acquisitions, cash in escrow				18,200
Asset acquisitions, temporary and permanent equity				0
Asset acquisitions, total consideration	17,000			18,200
Purchase and sale agreement, cash consideration payment	5,000
Consideration transferred, loaned amount	3,700
Additional consideration transferred for vacation rental units	400
Norway Commons
Business Acquisition [Line Items]
Asset acquisitions, investment in property	15,500			15,500
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items	400			400
Asset acquisitions, goodwill and other intangible assets	0			0
Asset acquisitions, other assets / (liabilities), net	0			0
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed	15,900			15,900
Asset acquisitions, cash in escrow				15,900
Asset acquisitions, temporary and permanent equity				0
Asset acquisitions, total consideration				15,900
Bluewater Yacht Sales
Business Acquisition [Line Items]
Asset acquisitions, investment in property	100			100
Asset acquisitions, goodwill and other intangible assets	17,600			17,600
Asset acquisitions, other assets / (liabilities), net	$ (400)			$ (400)
Sun Outdoors Association Island
Business Acquisition [Line Items]
Asset acquisitions, investment in property					15,000
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					0
Asset acquisitions, other assets / (liabilities), net					(200)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					14,800
Cash and escrow		(14,800)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		14,800
Blue Water Beach Resort
Business Acquisition [Line Items]
Asset acquisitions, investment in property					9,000
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					0
Asset acquisitions, other assets / (liabilities), net					(300)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					8,700
Cash and escrow		(8,700)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		8,700
Tranquility MHC
Business Acquisition [Line Items]
Asset acquisitions, investment in property					1,200
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					0
Asset acquisitions, other assets / (liabilities), net					0
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					1,200
Cash and escrow		(1,200)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		1,200
Islamorada and Angler House
Business Acquisition [Line Items]
Asset acquisitions, investment in property					18,000
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					300
Asset acquisitions, other assets / (liabilities), net					(300)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					18,000
Cash and escrow		(18,000)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		18,000
Prime Martha's Vineyard
Business Acquisition [Line Items]
Asset acquisitions, investment in property					22,300
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					200
Asset acquisitions, goodwill and other intangible assets					100
Asset acquisitions, other assets / (liabilities), net					(700)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					21,900
Cash and escrow		(21,900)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		21,900
Pleasant Beach Campground
Business Acquisition [Line Items]
Asset acquisitions, investment in property					1,500
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					100
Asset acquisitions, other assets / (liabilities), net					0
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					1,600
Cash and escrow		(1,600)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		1,600
Sun Outdoors Cape Charles
Business Acquisition [Line Items]
Asset acquisitions, investment in property					59,700
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					200
Asset acquisitions, other assets / (liabilities), net					(2,000)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					57,900
Cash and escrow		(57,900)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		57,900
Beachwood Resort
Business Acquisition [Line Items]
Asset acquisitions, investment in property					14,000
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					200
Asset acquisitions, other assets / (liabilities), net					(7,600)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					6,600
Cash and escrow		(6,600)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		6,600
ThemeWorld RV Resort
Business Acquisition [Line Items]
Asset acquisitions, investment in property					25,000
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					0
Asset acquisitions, other assets / (liabilities), net					(100)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					24,900
Cash and escrow		(24,900)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		24,900
Sylvan Glen Estates
Business Acquisition [Line Items]
Asset acquisitions, investment in property					23,600
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					500
Asset acquisitions, other assets / (liabilities), net					(300)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					23,800
Cash and escrow		(200)
Asset acquisitions, temporary and permanent equity		24,000
Asset acquisitions, total consideration		23,800
Shelter Island Boatyard
Business Acquisition [Line Items]
Asset acquisitions, investment in property					9,600
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					100
Asset acquisitions, goodwill and other intangible assets					400
Asset acquisitions, other assets / (liabilities), net					(100)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					10,000
Cash and escrow		(10,000)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		10,000
Lauderdale Marine Center
Business Acquisition [Line Items]
Asset acquisitions, investment in property					336,900
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					3,300
Asset acquisitions, other assets / (liabilities), net					(1,000)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					341,200
Cash and escrow		(341,200)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		341,200
Apponaug Harbor
Business Acquisition [Line Items]
Asset acquisitions, investment in property					6,500
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					100
Asset acquisitions, other assets / (liabilities), net					(700)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					5,900
Cash and escrow		(5,900)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		5,900
Marathon Marina
Business Acquisition [Line Items]
Asset acquisitions, investment in property					19,100
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					300
Asset acquisitions, other assets / (liabilities), net					(200)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					19,200
Cash and escrow		(19,200)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		19,200
Allen Harbor
Business Acquisition [Line Items]
Asset acquisitions, investment in property					4,000
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					0
Asset acquisitions, other assets / (liabilities), net					(100)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					3,900
Cash and escrow		(3,900)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		3,900
Cisco Grove Campground & RV
Business Acquisition [Line Items]
Asset acquisitions, investment in property					6,600
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					0
Asset acquisitions, other assets / (liabilities), net					0
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					6,600
Cash and escrow		(6,600)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		6,600
Four Leaf Portfolio
Business Acquisition [Line Items]
Asset acquisitions, investment in property					210,700
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					300
Asset acquisitions, goodwill and other intangible assets					4,000
Asset acquisitions, other assets / (liabilities), net					(500)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					214,500
Cash and escrow		(214,500)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		214,500
Harborage Yacht Club
Business Acquisition [Line Items]
Asset acquisitions, investment in property					17,300
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					100
Asset acquisitions, goodwill and other intangible assets					4,700
Asset acquisitions, other assets / (liabilities), net					(500)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					21,600
Cash and escrow		(21,600)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		21,600
Zeman Portfolio
Business Acquisition [Line Items]
Asset acquisitions, investment in property					14,200
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					700
Asset acquisitions, other assets / (liabilities), net					(500)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					14,400
Cash and escrow		(14,400)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		14,400
Southern Leisure RV Resort
Business Acquisition [Line Items]
Asset acquisitions, investment in property					17,400
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					300
Asset acquisitions, other assets / (liabilities), net					(300)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					17,400
Cash and escrow		(17,400)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		17,400
Sunroad Marina
Business Acquisition [Line Items]
Asset acquisitions, investment in property					47,800
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					500
Asset acquisitions, other assets / (liabilities), net					65,000
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					113,300
Cash and escrow		(113,300)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		113,300
Lazy Lakes RV Resort
Business Acquisition [Line Items]
Asset acquisitions, investment in property					11,300
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					0
Asset acquisitions, other assets / (liabilities), net					(100)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					11,200
Cash and escrow		(11,200)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		11,200
Puerto del Rey
Business Acquisition [Line Items]
Asset acquisitions, investment in property					94,500
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					500
Asset acquisitions, goodwill and other intangible assets					1,000
Asset acquisitions, other assets / (liabilities), net					(4,100)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					91,900
Cash and escrow		(91,900)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		91,900
Stingray Point
Business Acquisition [Line Items]
Asset acquisitions, investment in property					2,900
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					0
Asset acquisitions, other assets / (liabilities), net					(300)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					2,600
Cash and escrow		(2,600)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		2,600
Kean's Marina
Business Acquisition [Line Items]
Asset acquisitions, investment in property					8,700
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					200
Asset acquisitions, other assets / (liabilities), net					(600)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					8,300
Cash and escrow		(8,300)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		8,300
Jetstream RV Resort at NASA
Business Acquisition [Line Items]
Asset acquisitions, investment in property					17,000
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					500
Asset acquisitions, other assets / (liabilities), net					(200)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					17,300
Cash and escrow		(17,300)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		17,300
Beaver Brook Campground
Business Acquisition [Line Items]
Asset acquisitions, investment in property					4,400
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					100
Asset acquisitions, other assets / (liabilities), net					0
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					4,500
Cash and escrow		(4,500)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		4,500
Tall Pines Harbor Campground
Business Acquisition [Line Items]
Asset acquisitions, investment in property					10,500
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					0
Asset acquisitions, other assets / (liabilities), net					0
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					10,500
Cash and escrow		(10,500)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		10,500
Sun Outdoors Wells Beach
Business Acquisition [Line Items]
Asset acquisitions, investment in property					12,200
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					0
Asset acquisitions, other assets / (liabilities), net					0
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					12,200
Cash and escrow		(12,200)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		12,200
Port Royal
Business Acquisition [Line Items]
Asset acquisitions, investment in property					20,500
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					100
Asset acquisitions, other assets / (liabilities), net					(300)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					20,300
Cash and escrow		(20,300)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		20,300
Podickory Point
Business Acquisition [Line Items]
Asset acquisitions, investment in property					3,300
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					0
Asset acquisitions, other assets / (liabilities), net					(200)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					3,100
Cash and escrow		(3,100)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		3,100
Jellystone Park at Mammoth Cave
Business Acquisition [Line Items]
Asset acquisitions, investment in property					32,500
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					0
Asset acquisitions, other assets / (liabilities), net					(600)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					31,900
Cash and escrow		(31,900)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		31,900
South Bay
Business Acquisition [Line Items]
Asset acquisitions, investment in property					14,000
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					200
Asset acquisitions, other assets / (liabilities), net					(2,500)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					11,700
Cash and escrow		(11,700)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		11,700
Wentworth by the Sea
Business Acquisition [Line Items]
Asset acquisitions, investment in property					14,100
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					100
Asset acquisitions, goodwill and other intangible assets					100
Asset acquisitions, other assets / (liabilities), net					(1,100)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					13,200
Cash and escrow		(13,200)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		13,200
Rocky Mountain RV Park
Business Acquisition [Line Items]
Asset acquisitions, investment in property					12,500
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					0
Asset acquisitions, other assets / (liabilities), net					0
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					12,500
Cash and escrow		(12,500)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		12,500
Haas Lake RV Park Campground
Business Acquisition [Line Items]
Asset acquisitions, investment in property					20,100
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					0
Asset acquisitions, other assets / (liabilities), net					0
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					20,100
Cash and escrow		(16,500)
Asset acquisitions, temporary and permanent equity		3,600
Asset acquisitions, total consideration		20,100
Pearwood RV Resort
Business Acquisition [Line Items]
Asset acquisitions, investment in property					10,200
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					0
Asset acquisitions, other assets / (liabilities), net					0
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					10,200
Cash and escrow		(10,200)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		10,200
Holly Shores Camping Resort
Business Acquisition [Line Items]
Asset acquisitions, investment in property					27,000
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					500
Asset acquisitions, other assets / (liabilities), net					(500)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					27,000
Cash and escrow		(27,000)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		27,000
Pheasant Ridge RV Park
Business Acquisition [Line Items]
Asset acquisitions, investment in property					19,000
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					0
Asset acquisitions, other assets / (liabilities), net					0
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					19,000
Cash and escrow		(19,000)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		19,000
Coyote Ranch Resort
Business Acquisition [Line Items]
Asset acquisitions, investment in property					12,600
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					0
Asset acquisitions, other assets / (liabilities), net					(200)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					12,400
Cash and escrow		(12,400)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		12,400
Jellystone Park at Whispering Pines
Business Acquisition [Line Items]
Asset acquisitions, investment in property					13,800
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					0
Asset acquisitions, other assets / (liabilities), net					(200)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					13,600
Cash and escrow		(13,600)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		13,600
Hospitality Creek Campground
Business Acquisition [Line Items]
Asset acquisitions, investment in property					15,000
Asset acquisitions, inventory of manufactured homes, boat parts and retail related items					0
Asset acquisitions, goodwill and other intangible assets					600
Asset acquisitions, other assets / (liabilities), net					(600)
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					15,000
Cash and escrow		(15,000)
Asset acquisitions, temporary and permanent equity		0
Asset acquisitions, total consideration		$ 15,000
Sunroad Marina and Restaurant \| Investment Property
Business Acquisition [Line Items]
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					9,200
Sunroad Marina and Restaurant \| Other Assets and Liabilities
Business Acquisition [Line Items]
Asset acquisitions, Total indemnifiable assets acquired net of liabilities assumed					$ 21,000

Real Estate Acquisitions and Dispositions, Narrative (Details) $ in Millions			3 Months Ended			12 Months Ended
	Aug. 18, 2021 USD ($) site development_site	Jul. 02, 2021 USD ($) site development_site	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($) development_site	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) development_site landParcel	Dec. 31, 2021 USD ($) site landParcel	Dec. 31, 2020 USD ($)	Dec. 31, 2022 segment	Dec. 31, 2022 site	Dec. 31, 2022 development_site
Business Acquisition [Line Items]
Transaction costs			$ 19.2			$ 19.2	$ 18.0
Business combinations						$ 24.7	$ 1.4	$ 23.0
Number of land parcels \| landParcel						6	11
Payments to acquire land						$ 26.2	$ 172.8
Number of sites							15,816		227,541	24,347
Gain on dispositions of properties						12.2	$ 108.1	$ 5.6
Cabrillo Isle and Emerald Coast [Member]
Business Acquisition [Line Items]
Business combinations					$ 1.4
The Sands RV & Golf Course [Member]
Business Acquisition [Line Items]
Number of sites \| development_site											514
Proceeds from sale of real estate			15.0
Gain on dispositions of properties			$ 0.8
Southern Pines [Member]
Business Acquisition [Line Items]
Proceeds from sale of real estate				$ 29.5
Gain on dispositions of properties				$ 13.3
Number of properties sold \| development_site				2
New Ranch [Member]
Business Acquisition [Line Items]
Proceeds from sale of real estate				$ 29.5
Gain on dispositions of properties				$ 13.3
Number of properties sold \| development_site				2
Country Squire [Member]
Business Acquisition [Line Items]
Number of sites \| development_site				323
Proceeds from sale of real estate				$ 29.5
Gain on dispositions of properties				$ 13.3
Number of properties sold \| development_site				1
Pin Oak [Member]
Business Acquisition [Line Items]
Gain on dispositions of properties		$ 49.4
Number of properties sold \| development_site		2
Number of housing sites sold \| site		677
Value of house sits sold		$ 67.5
Deerfield Run [Member]
Business Acquisition [Line Items]
Gain on dispositions of properties						$ 49.4
Number of properties sold \| development_site		2
Value of house sits sold		$ 67.5
Verde Plaza [Member]
Business Acquisition [Line Items]
Gain on dispositions of properties	$ 58.7
Number of properties sold \| development_site	4
Number of housing sites sold \| site	1,137
Value of house sits sold	$ 94.6
Fiesta Village [Member]
Business Acquisition [Line Items]
Gain on dispositions of properties	$ 58.7
Number of properties sold \| development_site	4
Value of house sits sold	$ 94.6
Southfork [Member]
Business Acquisition [Line Items]
Gain on dispositions of properties	$ 58.7
Number of properties sold \| development_site	4
Value of house sits sold	$ 94.6
Candlelight Village [Member]
Business Acquisition [Line Items]
Gain on dispositions of properties	$ 58.7
Number of properties sold \| development_site	4
Value of house sits sold	$ 94.6
Marina
Business Acquisition [Line Items]
Number of land parcels \| development_site						2
Payments to acquire land						$ 13.9
Cabrillo Isle and Emerald Coast [Member]
Business Acquisition [Line Items]
Business combinations						$ 24.7

Real Estate Acquisitions and Dispositions, Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Revenues		$ 2,969,700	$ 2,272,600	$ 1,398,300
Net income attributable to Sun Communities, Inc. common stockholders		242,000	380,200	$ 131,600
Revenue	$ 2,330,000	3,091,300	2,726,400
Net income	$ 390,900	$ 241,200	$ 440,500
Net income per share attributable to SUI common shareholders - basic	$ 3.47	$ 1.99	$ 3.89
Net income per share attributable to SUI common shareholders - diluted	$ 3.40	$ 1.99	$ 3.88
Cabrillo Isle and Emerald Coast [Member]
Business Acquisition [Line Items]
Revenues	$ 6,400	$ 353,600
Net income attributable to Sun Communities, Inc. common stockholders	$ 500	$ 13,800

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Notes And Other Receivables, Schedule of notes and other receivables (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes and other receivables, net	$ 617.3	$ 469.6
Installment notes receivable on manufactured homes, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes and other receivables, net	65.9	79.1
Notes receivable from real estate developers and operators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes and other receivables, net	305.2	284.0
Other receivables, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes and other receivables, net	246.2	106.5
Total Notes and Other Receivables, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes and other receivables, net	$ 617.3	$ 469.6

Notes And Other Receivables, Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Feb. 23, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes and other receivables, net	$ 617.3	$ 469.6
Undrawn funds	47.4
Subsequent Event [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes and other receivables, net			$ 217.6
Installment notes receivable on manufactured homes, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes and other receivables, net	65.9	79.1
Fair value adjustment	$ (1.4)	$ (0.6)
Weighted average interest rate	7.60%	7.60%
Maturity	13 years 9 months 18 days	14 years 8 months 12 days
Notes receivable from real estate developers and operators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes and other receivables, net	$ 305.2	$ 284.0
Weighted average interest rate	13.10%	7.20%
Maturity	9 months 18 days	10 months 24 days

Notes And Other Receivables, Schedule of Other Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Jan. 31, 2022	Dec. 31, 2021	Nov. 13, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Insurance receivables	$ 78.5		$ 9.0
MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net	61.5		10.0
Marina customers for storage, service and lease payments, net	40.0		29.3
Home sale proceeds	28.9		33.5
Other receivables	37.3		24.7
Total Other Receivables, net	246.2		106.5
Allowances	$ 5.9		5.5
Principal amount				$ 1,200.0
Drawn period	3 years
Notes and other receivables, net	$ 617.3		$ 469.6
RezPlot [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ownership interest	48.90%		49.20%
Principal amount	$ 10.0	$ 5.0
Interest Rate	3.00%
Notes and other receivables, net	$ 12.7		$ 10.2
Marina
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowances	$ 2.2		$ 1.5

Goodwill and Other Intangible Assets, Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill	$ 1,018.4	$ 495.4	$ 428.8
Acquisitions	516.0	36.8
Currency Translation Adjustment	(36.7)
Other	43.7	29.8
MH
Goodwill [Line Items]
Goodwill	467.4	0.0	0.0
Acquisitions	465.0	0.0
Currency Translation Adjustment	(36.7)
Other	39.1	0.0
RV
Goodwill [Line Items]
Goodwill	9.5	0.0	0.0
Acquisitions	9.5	0.0
Currency Translation Adjustment	0.0
Other	0.0	0.0
Marina
Goodwill [Line Items]
Goodwill	541.5	495.4	$ 428.8
Acquisitions	41.5	36.8
Currency Translation Adjustment	0.0
Other	$ 4.6	$ 29.8

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Other Intangible Assets, Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	$ 437.2	$ 331.9
Accumulated Amortization	(178.6)	(141.8)
Indefinite-lived intangible assets	143.4	116.7
Total	580.6	448.6
Trademarks and trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	140.9	114.2
Indefinite-lived assets - Other
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	2.5	2.5
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	165.7	162.6
Accumulated Amortization	$ (135.4)	(120.8)
Non-competition agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	5 years
Finite-lived intangible assets, gross carrying amount	$ 10.5	10.0
Accumulated Amortization	(4.1)	(2.0)
Trademarks and trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	81.2	5.8
Accumulated Amortization	(5.5)	(0.9)
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	131.5	122.4
Accumulated Amortization	(24.7)	(12.3)
Franchise agreements and other intangible assets
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	48.3	31.1
Accumulated Amortization	$ (8.9)	$ (5.8)
Minimum [Member] \| In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	2 months
Minimum [Member] \| Trademarks and trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	3 years
Minimum [Member] \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	4 years
Minimum [Member] \| Franchise agreements and other intangible assets
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	1 year
Maximum [Member] \| In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	13 years
Maximum [Member] \| Trademarks and trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	15 years
Maximum [Member] \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	17 years
Maximum [Member] \| Franchise agreements and other intangible assets
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	27 years

Goodwill and Other Intangible Assets, Schedule of Intangible Asset Amortization Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Finite-Lived Intangible Assets, Amortization Expense [Line Items]
Other Intangible Asset Amortization Expense	$ 36.9	$ 43.5	$ 21.4
2023	35.7
2024	30.6
2025	29.6
2026	23.7
2027	22.0
In-place leases
Schedule of Finite-Lived Intangible Assets, Amortization Expense [Line Items]
Other Intangible Asset Amortization Expense	15.3	28.5	18.2
2023	10.6
2024	7.1
2025	6.2
2026	3.5
2027	2.0
Non-competition agreements
Schedule of Finite-Lived Intangible Assets, Amortization Expense [Line Items]
Other Intangible Asset Amortization Expense	2.1	2.0	0.0
2023	2.1
2024	2.1
2025	2.1
2026	0.1
2027	0.0
Trademarks and trade names
Schedule of Finite-Lived Intangible Assets, Amortization Expense [Line Items]
Other Intangible Asset Amortization Expense	4.5	0.9	0.0
2023	6.3
2024	5.5
2025	5.5
2026	5.1
2027	5.2
Customer relationships
Schedule of Finite-Lived Intangible Assets, Amortization Expense [Line Items]
Other Intangible Asset Amortization Expense	12.3	9.9	2.4
2023	12.7
2024	12.7
2025	12.7
2026	12.2
2027	12.2
Franchise agreements and other intangible assets
Schedule of Finite-Lived Intangible Assets, Amortization Expense [Line Items]
Other Intangible Asset Amortization Expense	2.7	$ 2.2	$ 0.8
2023	4.0
2024	3.2
2025	3.1
2026	2.8
2027	$ 2.6

Investment in Nonconsolidated Affiliates, Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
RezPlot [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest		48.90%	49.20%
Sungenia JV [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest		50.00%	50.00%
GTSC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest		40.00%	40.00%
Origen Financial Services [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest		0.00%	22.90%
Proceeds from sale of investment	$ 0.6
Gain from sale of investment	$ 0.3
SV Lift, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest		50.00%	50.00%

Investment in Nonconsolidated Affiliates, Schedule of Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity earnings	$ 2.9	$ 4.0	$ 1.7
Investment carrying value	101.3	75.1
RezPlot [Member]
Schedule of Equity Method Investments [Line Items]
Equity earnings	(4.7)	(2.9)	(1.9)
Investment carrying value	0.0	0.1
Sungenia JV [Member]
Schedule of Equity Method Investments [Line Items]
Equity earnings	2.2	1.8	0.3
Investment carrying value	44.5	36.2	26.9
Cumulative translation adjustment	(3.0)	(1.5)
Contributions	9.1	9.0
GTSC [Member]
Schedule of Equity Method Investments [Line Items]
Equity earnings	5.9	6.1	3.9
Investment carrying value	54.5	35.7	25.5
Contributions	37.4	27.3
Distributions	(22.5)	(23.0)
Fair value adjustment	(2.0)	(0.2)
Origen Financial Services [Member]
Schedule of Equity Method Investments [Line Items]
Equity earnings	0.6	0.2	0.2
Investment carrying value	0.0	0.2
SV Lift, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity earnings	(1.1)	(1.2)	$ (0.8)
Investment carrying value	$ 2.3	$ 2.9

Consolidated Variable Interest Entities, Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Percentage of consolidated assets			4.50%	4.90%
Percentage of consolidated liabilities			0.90%	2.80%
Percentage of consolidated equity			1.00%	1.00%
Additional Paid-in Capital
Variable Interest Entity [Line Items]
Difference in purchase price and noncontrolling interest			$ (11,700,000)
SHM South Fork JV, LLC [Member]
Variable Interest Entity [Line Items]
Ownership interest			100.00%
SHM South Fork JV, LLC Properties [Member] \| Additional Paid-in Capital
Variable Interest Entity [Line Items]
Difference in purchase price and noncontrolling interest	$ 1,900,000
Rudgate
Variable Interest Entity [Line Items]
Ownership interest			100.00%
Rudgate \| Additional Paid-in Capital
Variable Interest Entity [Line Items]
Difference in purchase price and noncontrolling interest		$ 13,200,000

Consolidated Variable Interest Entities, Schedule of VIE (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Cash, cash equivalents and restricted cash	$ 90.4	$ 78.2	$ 92.6	$ 34.8
Other assets, net	655.1	480.6
Total Assets	17,084.2	13,494.1
Secured debt	3,217.8	3,380.7
Unsecured debt	3,979.4	2,291.1
Advanced reservation deposits and rent	352.1	242.8
Accrued expenses and accounts payable	396.3	237.5
Other liabilities	935.9	224.1
Total Liabilities	8,992.8	6,474.6
Noncontrolling interests	0.0	19.9
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Investment property, net	739.7	623.5
Cash, cash equivalents and restricted cash	14.1	13.6
Other intangible assets, net	13.0	13.4
Other assets, net	10.5	5.3
Total Assets	777.3	655.8
Secured debt	22.2	52.6
Unsecured debt	35.2	35.2
Advanced reservation deposits and rent	13.8	13.5
Accrued expenses and accounts payable	11.8	78.3
Other liabilities	1.4	2.2
Total Liabilities	84.4	181.8
Temporary equity	41.3	35.4
Noncontrolling interests	0.0	19.4
Total Liabilities and Other Equity	$ 125.7	$ 236.6

Debt And Lines Of Credit, Schedule of debt and lines of credit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Secured debt	$ 3,217.8	$ 3,380.7
Weighted Average Years to Maturity	7 years 4 months 24 days	8 years 9 months 18 days
Weighted Average Interest Rates	3.746%	3.038%
Unsecured debt	$ 3,979.4	$ 2,291.1
Total Debt	$ 7,197.2	$ 5,671.8
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Weighted Average Years to Maturity	2 years 9 months 18 days	3 years 6 months
Weighted Average Interest Rates	4.417%	0.978%
Line of credit and other	$ 2,130.6	$ 1,034.8
Deferred financing costs	$ (3.0)	$ 0.0
Secured debt total
Debt Instrument [Line Items]
Weighted Average Years to Maturity	10 years 2 months 12 days	10 years 7 months 6 days
Weighted Average Interest Rates	3.723%	3.779%
Discounts and premium	$ 0.1	$ 1.7
Deferred financing costs	$ (14.6)	$ (14.7)
Senior unsecured notes
Debt Instrument [Line Items]
Weighted Average Years to Maturity	8 years 1 month 6 days	8 years 6 months
Weighted Average Interest Rates	2.90%	2.55%
Unsecured debt	$ 1,779.6	$ 1,186.4
Discounts and premium	(6.1)	(3.3)
Deferred financing costs	$ (14.3)	$ (10.3)
Preferred equity - Sun NG Resorts - mandatorily redeemable
Debt Instrument [Line Items]
Weighted Average Years to Maturity	1 year 9 months 18 days	2 years 9 months 18 days
Weighted Average Interest Rates	6.00%	6.00%
Preferred OP units - mandatorily redeemable	$ 35.2	$ 35.2
Preferred OP units - mandatorily redeemable
Debt Instrument [Line Items]
Weighted Average Years to Maturity	3 years 1 month 6 days	4 years 1 month 6 days
Weighted Average Interest Rates	5.921%	5.932%
Preferred OP units - mandatorily redeemable	$ 34.0	$ 34.7

Debt And Lines Of Credit, Schedule of Debt Extinguishment (Details) $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2022 USD ($) property loans Rate	Sep. 30, 2022 USD ($) loans Rate	Jun. 30, 2022 USD ($) Rate	Dec. 31, 2021 USD ($) loans Rate	Dec. 31, 2022 USD ($) property loans Rate	Dec. 31, 2021 USD ($) loans Rate	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Loss on Extinguishment of Debt					$ (4.4)	$ (8.1)	$ (5.2)
Loan Amount		$ 20.6
Debt term		25 years
Collateralized Term Loan 1 [Member]
Debt Instrument [Line Items]
Number of mortgage term loans \| loans		17
Number of properties securing a debt instrument \| loans		35
Collateralized Term Loan 2 [Member]
Debt Instrument [Line Items]
Number of mortgage term loans \| loans				2		2
Mortgage Term Loans [Member]
Debt Instrument [Line Items]
Number of mortgage term loans \| loans	18				18
Secured debt total
Debt Instrument [Line Items]
Reduction in secured borrowing balance		$ 318.0
Fixed Interest Rate \| Rate		4.81%
Loan Amount	$ 226.0	$ 3.4			$ 226.0
Debt term		25 years
Interest Rate \| Rate		3.65%
Secured debt total \| Minimum [Member]
Debt Instrument [Line Items]
Debt term	4 years
Secured debt total \| Maximum [Member]
Debt Instrument [Line Items]
Debt term	7 years
Secured debt total \| Matures October 1, 2022 3.89% Interest Rate [Member]
Debt Instrument [Line Items]
Reduction in secured borrowing balance			$ 15.8
Fixed Interest Rate \| Rate			3.89%
Loss on Extinguishment of Debt		$ 4.0	$ 0.0
Secured debt total \| Matures December 1, 2022, 4.3 Percent Interest Rate [Member]
Debt Instrument [Line Items]
Reduction in secured borrowing balance				$ 11.6
Fixed Interest Rate \| Rate				4.30%		4.30%
Loss on Extinguishment of Debt				$ 0.0
Secured debt total \| Mortgage Term Loans [Member]
Debt Instrument [Line Items]
Interest Rate \| Rate	4.50%	3.65%			4.50%
Collateralized Mortgage Backed Securities [Member]
Debt Instrument [Line Items]
Number of properties securing a debt instrument \| property	1				1

Debt And Lines Of Credit, Narrative (Details)					1 Months Ended		3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
Debt And Lines Of Credit, Narrative (Details)	Jun. 30, 2022	Apr. 15, 2022 USD ($)	Oct. 05, 2021 USD ($)	Jun. 28, 2021 USD ($)	Oct. 31, 2019 USD ($)	Jun. 30, 2018	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($) Rate	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) shares Rate	Dec. 31, 2022 USD ($) Rate	Dec. 31, 2021 USD ($) site Rate	Dec. 31, 2020 USD ($)	Dec. 31, 2022 $ / shares	Dec. 31, 2022 property	Dec. 31, 2022 segment	Dec. 31, 2022 site	Dec. 31, 2022 Rate	Apr. 07, 2022 USD ($)	Nov. 13, 2021 USD ($)	Jun. 14, 2021 USD ($)	Dec. 22, 2020 USD ($)
Line of Credit Facility [Line Items]
Secured debt							$ 3,217,800,000					$ 3,217,800,000	$ 3,380,700,000
Number of sites													15,816				227,541	24,347
Principal amount																					$ 1,200,000,000
Debt term								25 years
Unsecured debt							3,979,400,000					3,979,400,000	$ 2,291,100,000
Loss on extinguishment of debt												4,400,000	8,100,000	$ 5,200,000
Revolving borrowings							7,235,100,000					7,235,100,000
Preferred rate of return						6.00%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit and other							2,130,600,000					2,130,600,000	1,034,800,000
Loss on extinguishment of debt													100,000
Revolving borrowings													1,000,000,000
Revolving Credit Facility [Member] \| Safe Harbor [Member]
Line of Credit Facility [Line Items]
Aggregate amount of credit facility																							$ 1,800,000,000
Loss on extinguishment of debt												(7,900,000)
Unsecured Term Loan Facility [Member]
Line of Credit Facility [Line Items]
Revolving borrowings							19,800,000					19,800,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Aggregate amount of credit facility																				$ 4,200,000,000
Line of credit facility, additional borrowing capacity																				800,000,000
A&R Facility [Member] \| Revolving Credit Facility [Member] \| Safe Harbor [Member]
Line of Credit Facility [Line Items]
Loss on extinguishment of debt												(200,000)
Collateralized Mortgage Backed Securities [Member]
Line of Credit Facility [Line Items]
Number of properties securing a debt instrument \| property																1
Net book value							2,600,000,000					2,600,000,000
Senior Unsecured Notes - April 2032 Maturity [Member]
Line of Credit Facility [Line Items]
Principal amount		$ 600,000,000
Interest Rate		4.20%
Debt term		10 years
Net proceeds from offering		$ 592,300,000
Senior Unsecured Notes - November 2028 Maturity [Member]
Line of Credit Facility [Line Items]
Principal amount			$ 450,000,000
Interest Rate			2.30%
Debt term			7 years
Senior Unsecured Notes - July 2031 Maturity - 2nd Tranche [Member]
Line of Credit Facility [Line Items]
Principal amount			$ 150,000,000
Senior unsecured notes
Line of Credit Facility [Line Items]
Net proceeds from offering			$ 595,500,000	$ 592,400,000
Unsecured debt							1,779,600,000					1,779,600,000	1,186,400,000
Senior Unsecured Notes - July 2031 Maturity - First Tranche
Line of Credit Facility [Line Items]
Principal amount				$ 600,000,000
Interest Rate				2.70%
Debt term			10 years
Revolving Loan [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit and other							1,100,000,000					1,100,000,000
Revolving Loan [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Revolving loan amount																				3,050,000,000.00
Term Loan [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Debt term					4 years
Aggregate amount of credit facility							500,000,000					500,000,000										$ 1,000,000,000
Line of credit and other					$ 58,000,000		$ 1,100,000,000					$ 1,100,000,000										$ 2,000,000,000
Term Loan [Member] \| Revolving Credit Facility [Member] \| Eurodollar [Member]
Line of Credit Facility [Line Items]
Basis points												0.85%
Term Loan [Member] \| Revolving Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Basis points												0.725%
Term Loan [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Basis points												1.60%
Term Loan [Member] \| Unsecured Term Loan Facility [Member]
Line of Credit Facility [Line Items]
Revolving borrowings													31,600,000
Term Loan [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Revolving loan amount																				$ 1,150,000,000
Basis points	0.95%						0.01%
Line of credit and other debt
Line of Credit Facility [Line Items]
Revolving loan amount							$ 750,000,000					$ 750,000,000
Revolving borrowings							2,133,600,000					$ 2,133,600,000
Outstanding letters of credit								$ 2,300,000			$ 2,300,000		$ 2,200,000
Line of credit and other debt \| Revolving Credit Facility [Member] \| Eurodollar [Member]
Line of Credit Facility [Line Items]
Credit rating \| Rate								0.95%			0.95%
Line of credit and other debt \| Term Loan [Member] \| Minimum [Member] \| Eurodollar [Member]
Line of Credit Facility [Line Items]
Basis points												0.80%
Fixed Interest Rate \| Rate													1.20%
Line of credit and other debt \| Term Loan [Member] \| Maximum [Member] \| Eurodollar [Member]
Line of Credit Facility [Line Items]
Basis points												1.60%
Fixed Interest Rate \| Rate																			2.05%
Bridge Loan [Member]
Line of Credit Facility [Line Items]
Principal amount																					$ 950,000,000
Loss on extinguishment of debt									$ (300,000)
Preferred Equity, Mandatorily Redeemable [Member]
Line of Credit Facility [Line Items]
Revolving borrowings							34,000,000.0					$ 34,000,000.0
Mandatorily redeemable preferred equity										$ 35,300,000
Preferred equity term										7 years
Preferred OP units - mandatorily redeemable							35,200,000					35,200,000	$ 35,200,000
Aspen and Series B-3 Preferred OP Units [Member]
Line of Credit Facility [Line Items]
Preferred OP units - mandatorily redeemable							34,000,000.0					34,000,000.0	34,700,000
Aspen and Series B-3 Preferred OP Units [Member] \| Convertible debt - Aspen Preferred OP Units January 2024 [Member]
Line of Credit Facility [Line Items]
Principal amount							$ 34,000,000					$ 34,000,000	$ 34,700,000
Converted shares (in shares) \| shares											403,306
Annual distribution rate change (in shares) \| shares											270,000
Conversion price (in dollars per share) \| $ / shares															$ 68.00
Price of stock converted ( in dollars per share) \| $ / shares															27.00
Debt Instrument, Convertible, Percent Of Amount By Which The Market Price Of Common Stock Exceeds Threshold												25.00%
Distribution rate \| Rate												3.80%
Preferred units outstanding (in shares) \| shares											988,819
Aspen and Series B-3 Preferred OP Units [Member] \| Convertible debt - Aspen Preferred OP Units January 2024 [Member] \| Common OP units
Line of Credit Facility [Line Items]
Conversion price (in dollars per share) \| $ / shares															$ 0.397
Aspen Series B3 Preferred Operating Partnership OP Units [Member] \| Convertible debt - Aspen Preferred OP Units January 2024 [Member]
Line of Credit Facility [Line Items]
Distribution rate \| Rate												6.50%
Properties securing debt [Member] \| Collateralized Mortgage Backed Securities [Member]
Line of Credit Facility [Line Items]
Number of properties securing a debt instrument \| property																154
Number of sites \| site																		59,178

Debt And Lines Of Credit, Schedule of Maturities and Amortization of debt and lines of credit (Details) $ in Millions	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Total Due	$ 7,235.1
2023	183.4
2024	255.1
2025	1,165.2
2026	1,674.8
2027	44.5
Thereafter	3,912.1
Maturities
Debt Instrument [Line Items]
Total Due	2,352.9
2023	117.8
2024	128.8
2025	50.6
2026	573.4
2027	4.0
Thereafter	1,478.3
Principal amortization
Debt Instrument [Line Items]
Total Due	879.4
2023	55.6
2024	56.4
2025	54.2
2026	46.2
2027	40.5
Thereafter	626.5
Secured debt total
Debt Instrument [Line Items]
Total Due	3,232.3
2023	173.4
2024	185.2
2025	104.8
2026	619.6
2027	44.5
Thereafter	2,104.8
Total Unsecured Debt
Debt Instrument [Line Items]
Total Due	4,002.8
2023	10.0
2024	69.9
2025	1,060.4
2026	1,055.2
2027	0.0
Thereafter	1,807.3
Total Unsecured Debt \| Senior unsecured notes
Debt Instrument [Line Items]
Total Due	1,800.0
2023	0.0
2024	0.0
2025	0.0
2026	0.0
2027	0.0
Thereafter	1,800.0
Line of credit and other debt
Debt Instrument [Line Items]
Total Due	2,133.6
2023	10.0
2024	9.8
2025	1,058.6
2026	1,055.2
2027	0.0
Thereafter	0.0
Preferred Equity, Mandatorily Redeemable [Member]
Debt Instrument [Line Items]
Total Due	34.0
2023	0.0
2024	26.7
2025	0.0
2026	0.0
2027	0.0
Thereafter	7.3
Preferred Equity, Mandatorily Redeemable [Member] \| Sun NG RV Resorts [Member]
Debt Instrument [Line Items]
Total Due	35.2
2023	0.0
2024	33.4
2025	1.8
2026	0.0
2027	0.0
Thereafter	$ 0.0

Equity and Temporary Equity, Schedule of Preferred Units (Details) - USD ($)	1 Months Ended		3 Months Ended	12 Months Ended
	May 31, 2022	Feb. 28, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Issuance price (in dollars per share)				$ 100.00
Rudgate
Class of Stock [Line Items]
Ownership interest				100.00%
Rudgate
Class of Stock [Line Items]
Purchase price			$ 3,100,000
Series D preferred OP units
Class of Stock [Line Items]
OP Units Outstanding				488,958
Exchange rate				0.8000
Annual distribution rate				$ 0.040
Total				$ 48,100,000	$ 49,000,000.0
Series F preferred OP units
Class of Stock [Line Items]
OP Units Outstanding				90,000
Exchange rate				0.6250
Annual distribution rate				$ 0.030
Total				$ 8,700,000	8,800,000
Series G preferred OP units
Class of Stock [Line Items]
OP Units Outstanding				240,710
Exchange rate				0.6452
Annual distribution rate				$ 0.032
Total				$ 24,400,000	24,800,000
Series H preferred OP units
Class of Stock [Line Items]
OP Units Outstanding				581,367
Exchange rate				0.6098
Annual distribution rate				$ 0.030
Total				$ 56,700,000	57,400,000
Series I preferred OP units
Class of Stock [Line Items]
OP Units Outstanding				0
Exchange rate				0.6098
Annual distribution rate				$ 0.030
Total				$ 0	93,700,000
Series J preferred OP units
Class of Stock [Line Items]
OP Units Outstanding				240,000
Exchange rate				0.6061
Annual distribution rate				$ 0.0285
Total				$ 23,600,000	23,900,000
Redeemable Preferred OP Units
Class of Stock [Line Items]
OP Units Outstanding				1,641,035
Total				$ 161,500,000	$ 257,600,000
Common OP units
Class of Stock [Line Items]
Common OP Units Issued					17,707
Common OP units \| Kittery Point
Class of Stock [Line Items]
Issuance of common stock and common OP units, net (in shares)	5,605
Common OP units \| Jarrett Bay Boatworks
Class of Stock [Line Items]
Issuance of common stock and common OP units, net (in shares)		14,683
Common OP units \| Rudgate
Class of Stock [Line Items]
Issuance of common stock and common OP units, net (in shares)	10,854
Stock issued (in shares)			10,854

Equity and Temporary Equity, Schedule of Redeemable Equity (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
FPG Sun Moreno Valley 66 LLC
Class of Stock [Line Items]
Total	$ 0.1	$ 0.1
Solar Energy Project CA II LLC
Class of Stock [Line Items]
Total	4.2	0.5
Solar Energy Project LLC
Class of Stock [Line Items]
Total	1.9	1.6
Solar Energy Project III LLC
Class of Stock [Line Items]
Total	0.3	0.0
FPG Sun Menifee 80 LLC
Class of Stock [Line Items]
Total	0.1	0.1
NG Sun Whitewater LLC
Class of Stock [Line Items]
Total	3.2	4.3
NG Sun LLC
Class of Stock [Line Items]
Total	31.1	24.7
NG Sun Beaver Brook LLC
Class of Stock [Line Items]
Total	0.5	0.0
Total
Class of Stock [Line Items]
Total	$ 41.4	$ 31.3

Equity and Temporary Equity, Narrative (Details) $ / shares in Units, $ in Millions					1 Months Ended				2 Months Ended	3 Months Ended						9 Months Ended	12 Months Ended
	Apr. 15, 2022 USD ($)	Apr. 08, 2022 shares	Dec. 17, 2021 USD ($)	Nov. 16, 2021 $ / shares salesAgreement shares	Apr. 30, 2022 shares	Mar. 31, 2021 USD ($) $ / shares shares	Jan. 31, 2020	Jun. 30, 2018 USD ($)	Jun. 30, 2021 USD ($) shares	Dec. 31, 2022 USD ($) $ / shares Rate shares	Sep. 30, 2022 USD ($) shares	Jun. 30, 2022 USD ($) shares	Mar. 31, 2022 USD ($) shares	Sep. 30, 2021 shares	Jun. 30, 2021 USD ($)	Sep. 30, 2022	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 shares
Class of Stock [Line Items]
Share of capital stock issued (in shares)										200,000,000							200,000,000	200,000,000
Common stock, shares authorized (in shares)										180,000,000							180,000,000	180,000,000
Common stock, par value (in USD per share) \| $ / shares										$ 0.01							$ 0.01	$ 0.01	$ 0.01
Common stock, shares outstanding (in shares)										124,044,803							124,044,803	124,044,803	116,000,000.0
Common stock, shares issued (in shares)										124,044,803							124,044,803	124,044,803	116,000,000.0
Preferred shares issued (in shares)										0							0	0
Preferred shares outstanding (in shares)										0							0	0
Number of forward agreements \| salesAgreement				2
Proceeds from offering \| $											$ 275.5	$ 229.5
Aggregate gross sales price \| $			$ 1,250.0
Percentage of gross price per share			2.00%
Shares issued in agreement (in shares)											1,526,212
Issuance price (in dollars per share) \| $ / shares																	$ 100.00
Park Holidays [Member]
Class of Stock [Line Items]
Shares issued (in shares)		186,044
Series E preferred OP units
Class of Stock [Line Items]
Common OP Units Issued										90,000							90,000	90,000
Issuance price (in dollars per share) \| $ / shares										$ 100.00
Preferred return										5.25%
Preferred return \| Rate										5.50%
OP Units Outstanding										80,000							80,000	80,000
Series E preferred OP units \| Minimum [Member]
Class of Stock [Line Items]
conversion price (in dollars per share)							100.00
Series E preferred OP units \| Maximum [Member]
Class of Stock [Line Items]
conversion price (in dollars per share)							145.00
Public Offering [Member]
Class of Stock [Line Items]
Shares issued in offering (in shares)				4,025,000		4,050,000
Offering price (in dollars per share) \| $ / shares				$ 185.00		$ 140.00
Issuance of common stock and common OP units, net (in shares)					4,025,000				4,050,000
Proceeds from offering \| $	$ 705.4					$ 537.6			$ 539.7
Underwritten public offering \| $						$ 1,100.0
Aggregate shares at public offering (in shares)						8,050,000
Shares sold (in shares)						4,000,000
December 2021 Sales Agreement [Member]
Class of Stock [Line Items]
Shares issued in offering (in shares)											15,000	290,600	600,503
Aggregate gross sales price \| $																		$ 160.6
Sales agreement \| $											$ 2.6	$ 50.1	$ 107.9
June 2021 Sales Agreement [Member]
Class of Stock [Line Items]
Shares issued in offering (in shares)														620,109					1,820,109
Sales agreement \| $																			$ 356.5
Shares issued in agreement (in shares)												1,200,000
Common Stock
Class of Stock [Line Items]
Issuance of common stock and common OP units, net (in shares)																	7,200,000		8,400,000	14,400,000
Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)										20,000,000							20,000,000	20,000,000
NG Sun LLC
Class of Stock [Line Items]
Total \| $										$ 31.1							$ 31.1	$ 31.1	$ 24.7
Solar Energy Project III LLC
Class of Stock [Line Items]
Total \| $										0.3							0.3	0.3	$ 0.0
NG Sun LLC \| Sun NG RV Resorts [Member]
Class of Stock [Line Items]
Current rate of return																5.00%
NG Sun LLC \| Common Stock \| Sun NG RV Resorts [Member]
Class of Stock [Line Items]
VIE purchased \| $															$ 6.5
Sun NG RV Resorts [Member] \| Common Stock
Class of Stock [Line Items]
VIE purchased \| $								$ 3.0
Sun NG RV Resorts [Member] \| Common Stock \| Sun NG RV Resorts [Member]
Class of Stock [Line Items]
VIE purchased \| $															$ 15.4
Contingent consideration earnouts \| $										$ 38.3							38.3	$ 38.3
Solar Energy Project III LLC
Class of Stock [Line Items]
VIE purchased \| $																	5.8
Equity contribution \| $																	$ 2.5

Equity and Temporary Equity, Schedule of Conversions (Details)	12 Months Ended
	Dec. 31, 2022 shares	Dec. 31, 2021 shares
Aspen preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	8,007	0
Common OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	150,393	86,364
Series A-1 preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	67,476	19,710
Series C preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	150	140
Series E preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	6,896	0
Series H preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	24	0
Series I preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	562,195	0
Preferred Stock [Member] \| Aspen preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	25,000	0
Preferred Stock [Member] \| Series A-1 preferred OP units
Class of Stock [Line Items]
Conversion Rate	2.4390
Conversion of OP units (in shares)	164,566	48,067
Preferred Stock [Member] \| Series C preferred OP units
Class of Stock [Line Items]
Conversion Rate	1.1100
Conversion of OP units (in shares)	166	155
Preferred Stock [Member] \| Series E preferred OP units
Class of Stock [Line Items]
Conversion Rate	0.6897
Conversion of OP units (in shares)	10,000	0
Preferred Stock [Member] \| Series H preferred OP units
Class of Stock [Line Items]
Conversion Rate	0.6098
Conversion of OP units (in shares)	40	0
Preferred Stock [Member] \| Series I preferred OP units
Class of Stock [Line Items]
Conversion Rate	0.6098
Conversion of OP units (in shares)	922,000	0
Common OP units \| Common OP units
Class of Stock [Line Items]
Conversion Rate	1.0000
Conversion of OP units (in shares)	150,393	86,364

Equity and Temporary Equity, Schedule of Distributions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Distribution Per Share		$ 3.47	$ 3.28	$ 3.12
Common Stock \| Subsequent Event [Member]
Class of Stock [Line Items]
Total Distribution (in Millions)	$ 111.3
Forecast [Member] \| Common Stock
Class of Stock [Line Items]
Distribution Per Share	$ 0.88

Share-Based Compensation, Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
Share-Based Compensation, Narrative (Details) $ in Millions	Jun. 30, 2018 shares	Dec. 31, 2022 USD ($) numberOfPlans shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans \| numberOfPlans		2
Stock based compensation expense \| $		$ 37.6	$ 28.0	$ 22.7
Unrecognized share-based compensation costs \| $		$ 81.6
Expected period of recognition for unrecognized share-based compensation costs		1 year 8 months 12 days
2004 Non-Employee Director Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Change in number of shares authorized under plan (in shares)	200,000
2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued under plan (in shares)		4,750,000
Number of shares available for future issuance under plan (in shares)		3,124,561
Director Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued under plan (in shares)		375,000
Number of shares available for future issuance under plan (in shares)		157,965
Time Based \| Directors \| Restricted Stock [Member] \| 2004 Non-Employee Director Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Time Based \| Key Employees and Executive Officers [Member] \| Restricted Stock [Member] \| 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		5 years
Market Condition [Member] \| Executive Officers \| Restricted Stock [Member] \| 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years

Share-Based Compensation, Schedule of Granted Shares (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted	372,610	290,607	261,731
Grant Date Fair Value Per Share	$ 166.27	$ 131.84	$ 144.89
Time Based \| Key Employees \| 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted	203,210	93,910
Grant Date Fair Value Per Share	$ 179.23	$ 147.98
Time Based \| Executive Officers \| 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted	66,000	83,888
Grant Date Fair Value Per Share	$ 178.20	$ 157.79
Time Based \| Directors \| 2004 Non-Employee Director Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted	11,900	11,709
Grant Date Fair Value Per Share	$ 197.00	$ 148.28
Market Condition [Member] \| Executive Officers \| 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted	91,500	101,100
Grant Date Fair Value Per Share	$ 124.88	$ 93.41

Share-Based Compensation, Schedule of Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair Value of Shares Vested	$ 29.8	$ 27.8	$ 19.0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of unvested shares (in shares)	854,767	788,020	810,814	813,041
Weighted average grant date fair value of unvested shares (in dollars per share)	$ 144.19	$ 121.18	$ 105.92	$ 83.10
Number of shares granted (in shares)	372,610	290,607	261,731
Weighted average grant date fair value of granted shares (in dollars per share)	$ 166.27	$ 131.84	$ 144.89
Number of vested shares (in shares)	(278,359)	(305,747)	(258,280)
Weighted average grant date fair value of vested shares (in dollars per share)	$ 106.98	$ 91.06	$ 73.47
Number of forfeited shares (in shares)	(27,504)	(7,654)	(5,678)
Weighted average grant date fair value of forfeited shares (in dollars per share)	$ 157.11	$ 113.02	$ 111.04

Share-Based Compensation, Schedule of Expected Share Based Compensation (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Share-Based Payment Arrangement [Abstract]
2023	$ 31.6
2024	23.5
2025	14.9
Thereafter	$ 11.6

Segment Reporting (Details) - USD ($) $ in Millions	12 Months Ended
Segment Reporting (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 2,969.7	$ 2,272.6	$ 1,398.3
Interest	35.2	12.2	10.1
Brokerage commissions and other, net	34.9	30.2	17.2
General and administrative expense	(256.8)	(181.3)	(109.5)
Catastrophic event-related charges, net	(17.5)	(2.2)	(0.9)
Business combinations	24.7	1.4	23.0
Depreciation and amortization	(604.8)	(522.7)	(376.9)
Loss on Extinguishment of Debt	(4.4)	(8.1)	(5.2)
Interest expense	(229.8)	(158.6)	(129.1)
Interest on mandatorily redeemable preferred OP units / equity	(4.2)	(4.2)	(4.2)
Gain / (loss) on remeasurement of marketable securities	(53.4)	33.5	6.1
Gain / (loss) on foreign currency exchanges	5.4	(3.7)	7.7
Gain on dispositions of properties	12.2	108.1	5.6
Other expense, net	(2.1)	(12.1)	(5.2)
Gain / (loss) on remeasurement of notes receivable	(0.8)	0.7	(3.3)
Income from nonconsolidated affiliates	2.9	4.0	1.7
Loss on remeasurement of investment in nonconsolidated affiliates	(2.7)	(0.2)	(1.6)
Current tax expense	(10.3)	(1.2)	(0.8)
Deferred tax (benefit) expense	4.2	(0.1)	1.6
Net Income	263.8	413.8	147.4
Less: Preferred return to preferred OP units / equity interests	11.0	12.1	6.9
Less: Income attributable to noncontrolling interests	10.8	21.5	8.9
Net income attributable to Sun Communities, Inc. common stockholders	242.0	380.2	131.6
Investment property, net	13,971.0	11,425.5
Cash, cash equivalents and restricted cash	90.4	78.2	92.6	$ 34.8
Marketable securities	127.3	186.9
Inventory of manufactured homes	202.7	51.1
Notes and other receivables, net	617.3	469.6
Goodwill	1,018.4	495.4	428.8
Other intangible assets, net	402.0	306.8
Other assets, net	655.1	480.6
Total Assets	17,084.2	13,494.1
MH
Segment Reporting Information [Line Items]
Revenues	1,474.7	1,082.6	919.2
Investment property, net	7,181.7	5,172.2
Cash, cash equivalents and restricted cash	49.4	36.7
Marketable securities	82.4	121.0
Inventory of manufactured homes	189.1	44.3
Notes and other receivables, net	475.2	374.2
Goodwill	467.4	0.0	0.0
Other intangible assets, net	97.9	27.4
Other assets, net	356.1	198.0
Total Assets	8,899.2	5,973.8
RV
Segment Reporting Information [Line Items]
Revenues	706.5	624.6	431.2
Investment property, net	3,744.3	3,639.0
Cash, cash equivalents and restricted cash	30.3	19.9
Marketable securities	44.9	65.9
Inventory of manufactured homes	13.6	6.8
Notes and other receivables, net	96.5	55.5
Goodwill	9.5	0.0	0.0
Other intangible assets, net	32.6	22.7
Other assets, net	63.0	63.6
Total Assets	4,034.7	3,873.4
Marina
Segment Reporting Information [Line Items]
Revenues	788.5	565.4	47.9
Investment property, net	3,045.0	2,614.3
Cash, cash equivalents and restricted cash	10.7	21.6
Marketable securities	0.0	0.0
Inventory of manufactured homes	0.0	0.0
Notes and other receivables, net	45.6	39.9
Goodwill	541.5	495.4	428.8
Other intangible assets, net	271.5	256.7
Other assets, net	236.0	219.0
Total Assets	4,150.3	3,646.9
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues	2,899.6	2,230.2	1,371.0
Operating expenses / Cost of sales	1,519.1	1,109.3	613.9
NOI	1,380.5	1,120.9	757.1
Operating Segments [Member] \| MH
Segment Reporting Information [Line Items]
Revenues	1,422.8	1,059.7	902.3
Operating expenses / Cost of sales	661.1	438.7	362.6
NOI	761.7	621.0	539.7
Operating Segments [Member] \| RV
Segment Reporting Information [Line Items]
Revenues	689.9	606.4	421.1
Operating expenses / Cost of sales	359.6	318.8	221.2
NOI	330.3	287.6	199.9
Operating Segments [Member] \| Marina
Segment Reporting Information [Line Items]
Revenues	786.9	564.1	47.6
Operating expenses / Cost of sales	498.4	351.8	30.1
NOI	288.5	212.3	17.5
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Interest	35.2	12.2	10.1
Brokerage commissions and other, net	34.9	30.2	17.2
General and administrative expense	(256.8)	(181.3)	(109.5)
Catastrophic event-related charges, net	(17.5)	(2.2)	(0.9)
Business combinations	(24.7)	(1.4)	(23.0)
Depreciation and amortization	(604.8)	(522.7)	(376.9)
Loss on Extinguishment of Debt	(4.4)	(8.1)	(5.2)
Interest expense	(229.8)	(158.6)	(129.1)
Interest on mandatorily redeemable preferred OP units / equity	(4.2)	(4.2)	(4.2)
Gain / (loss) on remeasurement of marketable securities	(53.4)	33.5	6.1
Gain / (loss) on foreign currency exchanges	5.4	(3.7)	7.7
Gain on dispositions of properties	12.2	108.1	5.6
Other expense, net	(2.1)	(12.1)	(5.2)
Gain / (loss) on remeasurement of notes receivable	(0.8)	0.7	(3.3)
Income from nonconsolidated affiliates	2.9	4.0	1.7
Loss on remeasurement of investment in nonconsolidated affiliates	(2.7)	(0.2)	(1.6)
Current tax expense	(10.3)	(1.2)	(0.8)
Deferred tax (benefit) expense	$ 4.2	$ (0.1)	$ 1.6

Income Taxes, Narrative (Details) - USD ($)	12 Months Ended
Income Taxes, Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2022
Operating Loss Carryforwards [Line Items]
Percentage of gross income	95.00%
Percentage of REIT taxable income	90.00%
Operating loss carryforwards	$ 120,800,000
Operating loss carryforwards after tax	25,100,000
Deferred operating loss carryforwards after tax	25,900,000	$ 26,200,000	$ 19,500,000
Unrecognized tax benefits				$ 0
Changes in unrecognized tax benefits	0
Provision for state income taxes	2,300,000	1,100,000	1,500,000
Interest or penalty associated with unrecognized income tax provision	0	0	$ 0
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	118,200,000
Deferred operating loss carryforwards after tax	$ 24,800,000
Foreign Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		3,100,000
Deferred operating loss carryforwards after tax		$ 800,000

Income Taxes, Schedule of Characterization of Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Distribution Per Share	$ 3.47	$ 3.28	$ 3.12
Percentage	100.00%	100.00%	100.00%
Ordinary annual taxable dividend	9893.56%
Ordinary quarterly taxable dividend	1.0644%
Ordinary Income [Member]
Income Tax Contingency [Line Items]
Distribution Per Share	$ 2.55	$ 2.31	$ 2.14
Percentage	73.62%	70.47%	68.54%
Capital gain
Income Tax Contingency [Line Items]
Distribution Per Share	$ 0	$ 0	$ 0.06
Percentage	0.00%	0.00%	1.92%
Return of capital
Income Tax Contingency [Line Items]
Distribution Per Share	$ 0.92	$ 0.97	$ 0.92
Percentage	26.38%	29.53%	29.54%

Income Taxes, Schedule of Components of Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal, current	$ 0.0	$ 0.0	$ (0.8)
Federal, deferred	0.0	0.0	(0.6)
State and local, current	2.3	1.1	1.5
State and local, deferred	0.0	(0.1)	0.0
Foreign, current	8.0	0.1	0.1
Foreign, deferred	(4.2)	0.2	(1.0)
Total provision / (benefit)	$ 6.1	$ 1.3	$ (0.8)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes, Reconciliation of the Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Pre-tax income / (loss) attributable to taxable subsidiaries	$ 11.4	$ (5.2)	$ 8.4
Federal provision / (benefit) at statutory tax rate	$ 2.4	$ (1.1)	$ (1.8)
Federal provision / (benefit) at statutory tax rate, percentage	21.00%	21.00%	21.00%
State and local taxes, net of federal benefit	$ 0.7	$ 0.2	$ 0.7
State and local taxes, net of federal benefit, percentage	6.50%	(3.80%)	(8.60%)
Rate differential	$ (0.4)	$ 0.1	$ (0.2)
Rate differential, percentage	(3.50%)	(2.70%)	2.80%
Change in valuation allowance	$ 2.8	$ 3.4	$ 1.3
Change in valuation allowance, percentage	24.50%	(65.00%)	(15.80%)
Others	$ (1.0)	$ (2.1)	$ (1.6)
Other, percentage	(8.50%)	39.80%	19.50%
Tax provision / (benefit) - taxable subsidiaries	$ 4.5	$ 0.5	$ (1.6)
Tax provision / (benefit) - taxable subsidiaries, percentage	40.00%	(10.70%)	18.90%
Other state taxes - flow through subsidiaries	$ 1.6	$ 0.8	$ 0.8
Total provision / (benefit)	$ 6.1	$ 1.3	$ (0.8)

Income Taxes, Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
NOL carryforwards	$ 25.9	$ 26.2	$ 19.5
Depreciation and basis differences	26.0	23.7	32.9
Restricted interest carryforwards	25.2	0.0	0.0
Other	4.9	0.1	(0.6)
Gross deferred tax assets	82.0	50.0	51.8
Valuation allowance	(49.8)	(47.0)	(44.0)
Net deferred tax assets	32.2	3.0	7.8
Basis differences - US assets	0.0	(1.2)	(5.7)
Basis differences - foreign investment	(340.8)	(22.5)	(22.7)
Gross deferred tax liabilities	(340.8)	(23.7)	(28.4)
Net Deferred Tax Liability	$ (308.6)	$ (20.7)	$ (20.6)

Earnings Per Share. Schedule of Calculation of Numerator and denominator (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Sun Communities, Inc. common stockholders	$ 242.0	$ 380.2	$ 131.6
Less: allocation to restricted stock awards	1.4	2.4	0.8
Basic earnings - Net Income attributable to common shareholders after allocation to restricted stock awards	240.6	377.8	130.8
Diluted earnings - Net income attributable to common stockholders after allocation to common and preferred OP units	$ 245.3	$ 386.4	$ 130.8
Weighted average common shares outstanding - basic (in shares)	120.2	112.6	97.5
Add: common shares dilutive effect: Forward Equity Offering	0.2	0.0	0.0
Add: dilutive restricted stock	0.0	0.0	0.0
Add: common and preferred OP units dilutive effect	2.5	2.5	0.0
Diluted weighted average common shares and securities	122.9	115.1	97.5
Basic (in USD per share)	$ 2.00	$ 3.36	$ 1.34
Diluted (in USD per share)	$ 2.00	$ 3.36	$ 1.34
Common OP units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Allocation of income to restricted stock awards	$ 4.7	$ 8.6	$ 0.0
Restricted Stock [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Allocation of income to restricted stock awards	$ 0.0	$ 0.0	$ 0.0

Earnings Per Share, Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	3,534	4,558	6,945
Common OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	0	0	2,607
Series A-1 preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	208	275	295
A-3 preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	40	40	40
Aspen preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	1,259	1,284	1,284
Series C preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	306	306	306
Series D preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	489	489	489
Series E preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	80	90	90
Series F preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	90	90	90
Series G preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	241	241	241
Series H preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	581	581	581
Series I preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	0	922	922
Series J Preferred OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	240	240	0

Derivative Financial Instruments, Narrative (Details) - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] £ in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2022 USD ($) contract	Dec. 31, 2022 USD ($) contract	Dec. 31, 2022 GBP (£) contract	Dec. 31, 2021 USD ($)
Treasury Lock [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivatives settled	4
Maximum maturities of contracts	10 years
Notional \| $	$ 600.0			$ 150.0
Settlement payments \| $	$ 35.3
Number of derivative instruments		2	2
Forward Contracts [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional \| $		$ 250.0
Number of derivative instruments		1	1
Interest Rate Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional		$ 483.6	£ 400.0
Number of derivative instruments		2	2
Fixed rate		3.66%	3.66%

Derivative Financial Instruments, Schedule of Derivative Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Change in unrealized gain on interest rate derivatives	$ 64.3	$ 0.4	$ 0.0
Less: interest rate derivative gain reclassified to earnings	1.3	0.0	0.0
Treasury Lock and Interest Rate Swap [Member] \| Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional	733.6
Change in unrealized gain on interest rate derivatives	64.3	0.4	0.0
Less: interest rate derivative gain reclassified to earnings	1.3	0.0	$ 0.0
Treasury Lock and Interest Rate Swap [Member] \| Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member] \| Significant Other Observable Inputs (Level 2)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of assets	32.0
Fair Value of Liabilities	$ 0.0
Treasury Lock [Member] \| Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional		150.0		$ 600.0
Treasury Lock [Member] \| Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member] \| Significant Other Observable Inputs (Level 2)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of assets		0.4
Fair Value of Liabilities		$ 0.0

Fair Value of Financial Instruments, Schedule of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash, cash equivalents and restricted cash	$ 90.4	$ 78.2	$ 92.6	$ 34.8
Notes and other receivables, net	617.3	469.6
Notes receivable from real estate developers and operators	$ 305.2	$ 284.0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Marketable securities	Marketable securities
Unsecured debt	$ 3,979.4	$ 2,291.1
Installment notes receivable on manufactured homes, net
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notes and other receivables, net	65.9	79.1
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notes receivable from real estate developers and operators	0.0	0.0
Derivative assets	0.0
Significant Other Observable Inputs (Level 2)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notes receivable from real estate developers and operators	0.0	0.0
Significant Unobservable Inputs (Level 3)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notes receivable from real estate developers and operators	305.2	284.0
Derivative assets	0.0
Fair Value, Recurring [Member] \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	65.9	79.1	0.0
Fair Value, Recurring [Member] \| Marketable securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable securities	127.3	186.9	$ 124.7
Reported Value Measurement [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative assets	32.0
Senior unsecured notes	1,779.6	1,186.4
Lines of credit	2,199.8	1,104.7
Unsecured debt	3,979.4	2,291.1
Other financial liabilities (contingent consideration)	20.2	20.2
Total liabilities measured at fair value	7,217.4	5,692.0
Reported Value Measurement [Member] \| Secured debt total
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Secured debt	3,217.8	3,380.7
Reported Value Measurement [Member] \| Installment notes receivable on manufactured homes, net
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notes and other receivables, net		79.1
Reported Value Measurement [Member] \| Fair Value, Recurring [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash, cash equivalents and restricted cash	90.4
Derivative assets		0.4
Total assets measured at fair value	620.8	628.6
Reported Value Measurement [Member] \| Fair Value, Recurring [Member] \| Installment notes receivable on manufactured homes, net
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notes and other receivables, net	65.9
Reported Value Measurement [Member] \| Fair Value, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash, cash equivalents and restricted cash	90.4
Unsecured debt	0.0	0.0
Total liabilities measured at fair value	0.0	0.0
Reported Value Measurement [Member] \| Fair Value, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) \| Secured debt total
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Secured debt	0.0	0.0
Reported Value Measurement [Member] \| Fair Value, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) \| Installment notes receivable on manufactured homes, net
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notes and other receivables, net	0.0	0.0
Reported Value Measurement [Member] \| Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 2)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash, cash equivalents and restricted cash	0.0
Unsecured debt	3,979.4	2,291.1
Total liabilities measured at fair value	7,197.2	5,671.8
Reported Value Measurement [Member] \| Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 2) \| Secured debt total
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Secured debt	3,217.8	3,380.7
Reported Value Measurement [Member] \| Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 2) \| Installment notes receivable on manufactured homes, net
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notes and other receivables, net	0.0	0.0
Reported Value Measurement [Member] \| Fair Value, Recurring [Member] \| Significant Unobservable Inputs (Level 3)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash, cash equivalents and restricted cash	0.0
Unsecured debt	0.0	0.0
Total liabilities measured at fair value	20.2	20.2
Reported Value Measurement [Member] \| Fair Value, Recurring [Member] \| Significant Unobservable Inputs (Level 3) \| Secured debt total
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Secured debt	0.0	0.0
Reported Value Measurement [Member] \| Fair Value, Recurring [Member] \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notes and other receivables, net	65.9	79.1
Reported Value Measurement [Member] \| Fair Value, Recurring [Member] \| Marketable securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash, cash equivalents and restricted cash		78.2
Marketable securities	127.3	186.9
Reported Value Measurement [Member] \| Fair Value, Recurring [Member] \| Marketable securities \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash, cash equivalents and restricted cash		78.2
Marketable securities	127.3	186.9
Reported Value Measurement [Member] \| Fair Value, Recurring [Member] \| Marketable securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash, cash equivalents and restricted cash		0.0
Marketable securities	0.0	0.0
Reported Value Measurement [Member] \| Fair Value, Recurring [Member] \| Marketable securities \| Significant Unobservable Inputs (Level 3)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash, cash equivalents and restricted cash		0.0
Marketable securities	0.0	0.0
Estimate of Fair Value Measurement [Member] \| Fair Value, Recurring [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash, cash equivalents and restricted cash	90.4
Notes receivable from real estate developers and operators	305.2
Derivative assets	32.0	0.4
Total assets measured at fair value	620.8	628.6
Senior unsecured notes	1,432.7	1,201.8
Lines of credit	2,199.8	1,104.7
Unsecured debt	3,632.5	2,306.5
Other financial liabilities (contingent consideration)	20.2	20.2
Total liabilities measured at fair value	6,466.8	5,732.6
Estimate of Fair Value Measurement [Member] \| Fair Value, Recurring [Member] \| Secured debt total
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Secured debt	2,814.1	3,405.9
Estimate of Fair Value Measurement [Member] \| Fair Value, Recurring [Member] \| Installment notes receivable on manufactured homes, net
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notes and other receivables, net	65.9	79.1
Estimate of Fair Value Measurement [Member] \| Fair Value, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative assets		0.0
Total assets measured at fair value	217.7	265.1
Senior unsecured notes	0.0	0.0
Lines of credit	0.0	0.0
Other financial liabilities (contingent consideration)	0.0	0.0
Estimate of Fair Value Measurement [Member] \| Fair Value, Recurring [Member] \| Significant Other Observable Inputs (Level 2)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative assets	32.0	0.4
Total assets measured at fair value	32.0	0.4
Senior unsecured notes	1,779.6	1,186.4
Lines of credit	2,199.8	1,104.7
Other financial liabilities (contingent consideration)	0.0	0.0
Estimate of Fair Value Measurement [Member] \| Fair Value, Recurring [Member] \| Significant Unobservable Inputs (Level 3)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative assets		0.0
Total assets measured at fair value	371.1	363.1
Senior unsecured notes	0.0	0.0
Lines of credit	0.0	0.0
Other financial liabilities (contingent consideration)	20.2	20.2
Estimate of Fair Value Measurement [Member] \| Fair Value, Recurring [Member] \| Marketable securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash, cash equivalents and restricted cash		78.2
Marketable securities	$ 127.3	$ 186.9

Fair Value of Financial Instruments, Schedule of Balance Sheet Grouping (Details) (Details) - Fair Value, Recurring [Member] - Marketable securities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	$ 127.3	$ 186.9	$ 124.7
Additional purchases	0.0	35.5
Change in fair value measurement	(53.4)	33.4
Foreign currency translation adjustment	(7.7)	(9.2)
Dividend reinvestment, net of tax	$ 1.5	$ 2.5

Fair Value of Financial Instruments, Narrative (Details) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Collateralized Receivables [Member] \| Fair Value, Recurring [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value measurement	$ 138.5

Fair Value of Financial Instruments, Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Income from nonconsolidated affiliates	Income from nonconsolidated affiliates
Gain / (loss) on foreign currency exchanges	$ 5.4	$ (3.7)	$ 7.7
Contingent Consideration Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	20.2	20.2
Sales and settlements	0.0	(33.7)
Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring [Member] \| Contingent Consideration Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities		20.2	15.8
Realized losses	0.0	9.3
Purchases and issuances	0.0	26.5
Other adjustments	0.0	2.3
Installment notes receivable on manufactured homes, net \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	65.9	79.1	0.0
Gain / (loss) on foreign currency exchanges	0.0	0.0
Installment notes receivable on manufactured homes, net \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring [Member] \| Transfer to level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer to level 3	0.0	85.9
Installment notes receivable on manufactured homes, net \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring [Member] \| Net Earnings (Loss) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized gains / (losses)	(0.8)	0.7
Installment notes receivable on manufactured homes, net \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring [Member] \| Purchases and issuances
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchases and issuances	1.0	8.6
Installment notes receivable on manufactured homes, net \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring [Member] \| Sales and settlements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales and settlements	(13.4)	(14.6)
Installment notes receivable on manufactured homes, net \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring [Member] \| Dispositions of properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Dispositions of properties	0.0	(1.9)
Installment notes receivable on manufactured homes, net \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring [Member] \| Other adjustments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other adjustments	0.0	0.4
Notes Receivable From Real Estate Developers and Operators \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	305.2	284.0	$ 0.0
Gain / (loss) on foreign currency exchanges	(23.3)	0.0
Notes Receivable From Real Estate Developers and Operators \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring [Member] \| Transfer to level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer to level 3	0.0	52.6
Notes Receivable From Real Estate Developers and Operators \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring [Member] \| Net Earnings (Loss) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized gains / (losses)	0.0	0.0
Notes Receivable From Real Estate Developers and Operators \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring [Member] \| Purchases and issuances
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchases and issuances	79.3	239.7
Notes Receivable From Real Estate Developers and Operators \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring [Member] \| Sales and settlements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales and settlements	(34.9)	(13.0)
Notes Receivable From Real Estate Developers and Operators \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring [Member] \| Dispositions of properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Dispositions of properties	0.0	0.0
Notes Receivable From Real Estate Developers and Operators \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring [Member] \| Other adjustments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other adjustments	0.1	4.7
Warrants \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0.0	$ 0.0
Transfer to level 3
Gain / (loss) on foreign currency exchanges	0.0
Warrants \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring [Member] \| Net Earnings (Loss) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized gains / (losses)	(3.4)
Warrants \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring [Member] \| Purchases and issuances
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchases and issuances	3.4
Warrants \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring [Member] \| Sales and settlements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales and settlements	0.0
Warrants \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring [Member] \| Dispositions of properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Dispositions of properties	0.0
Warrants \| Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring [Member] \| Other adjustments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other adjustments	$ 0.0

Commitments and Contingencies (Details) $ in Millions	12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2022 USD ($) development_site	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 28, 2022 property
Loss Contingencies [Line Items]
Number of affected properties \| property				3
Number of sites affected \| development_site	2,500
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Catastrophic event-related charges, net
Catastrophic event-related charges, net	$ 17.5	$ 2.2	$ 0.9
Hurricane Ian [Member]
Loss Contingencies [Line Items]
Charges recognized	72.2
Estimated insurance recoveries	54.9
Catastrophic event-related charges, net	17.3
Hurricane Ian [Member] \| RV [Member]
Loss Contingencies [Line Items]
Impaired assets	22.5
Hurricane Ian [Member] \| Marina
Loss Contingencies [Line Items]
Impaired assets	6.1
Hurricane Ian [Member] \| Debris Removal, Repairs And Flood Damage [Member]
Loss Contingencies [Line Items]
Charges recognized	43.6
Hurricane Ian [Member] \| RV and Marina Properties [Member]
Loss Contingencies [Line Items]
Impaired assets	$ 28.6

Leases, Schedule of Future Minimum Lease Payments (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease, 2023	$ 13.6
Finance lease, 2023	1.0
2023	14.6
Operating lease, 2024	13.6
Finance lease, 2024	4.6
2024	18.2
Operating lease, 2025	13.2
Finance lease, 2025	0.5
2025	13.7
Operating lease, 2026	11.6
Finance lease, 2026	0.5
2026	12.1
Operating lease, 2027	9.6
Finance lease, 2027	0.5
2027	10.1
Operating lease, thereafter	237.6
Finance lease, thereafter	21.8
Thereafter	259.4
Operating lease, total lease payments	299.2
Finance lease, total lease payments	28.9
Total Lease Payments	328.1
Operating lease, imputed interest	(138.9)
Finance lease, imputed interest	(13.9)
Less: Imputed interest	(152.8)
Operating lease, present value of lease liabilities	160.3	$ 129.2
Finance lease, present value of lease liabilities	15.0	$ 4.2
Present Value of Lease Liabilities	$ 175.3

Leases, Schedule of ROU Assets and Lease liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Finance lease, ROU asset, net of accumulated amortization	$ 32.2	$ 4.3
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Investment property, net	Investment property, net
Operating lease, ROU asset, net	$ 189.4	$ 138.2
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, net	Other assets, net
Below market operating leases, net	$ 90.9	$ 93.1
Finance lease liabilities	$ 15.0	$ 4.2
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Operating lease liabilities	$ 160.3	$ 129.2
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities

Leases, Schedule of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Amortization of ROU assets	$ 2.7	$ 0.0	$ 0.0
Interest on lease liabilities	0.5	0.2	0.1
Operating lease cost	8.5	11.4	4.3
Operating lease impairment	4.0	0.0	0.0
Variable lease cost	2.9	6.6	2.3
Short term lease cost	0.1	0.2	0.0
Total Lease Expense	$ 18.7	$ 18.4	$ 6.7

Leases, Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term, finance lease	37 years 10 months 13 days
Weighted-average remaining lease term, operating lease	33 years 11 months 19 days
Weighted-average discount rate, finance lease	3.38%
Weighted-average discount rate, operating lease	3.80%
Operating cash flow from operating leases	$ 12.1	$ 6.6	$ 2.7
Financing cash flow from finance leases	6.2	0.3	0.1
Total Cash Paid On Lease Liabilities	18.3	6.9	2.8
Fixed lease income	28.9	23.0	3.3
Variable lease income	$ 2.9	$ 5.7	$ 2.0

Leases, Lessor Future Lease Payments (Details) $ in Millions	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 26.7
2024	17.0
2025	8.9
2026	5.1
2027	4.4
Thereafter	40.7
Total Undiscounted Cash Flows	$ 102.8

Leases, Narrative (Details) $ in Millions	12 Months Ended
Leases, Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($) property	Dec. 31, 2022 USD ($) development_site	Dec. 31, 2022 GBP (£) development_site
Lessor, Lease, Description [Line Items]
Number of ground leases terminated \| property	2
Contingent consideration earnout provision	$ 17.2
Contingent consideration expense	$ 10.3
UNITED KINGDOM \| Park Holidays [Member]
Lessor, Lease, Description [Line Items]
Number of UK properties \| development_site		34	34
Option to repurchase \| £			£ 1.00
Finance liability on underlying ground lease		$ 339.7
Second Terminated Lease [Member]
Lessor, Lease, Description [Line Items]
Number of ground leases terminated \| property	1
Contingent consideration earnout provision	$ 20.1
Contingent consideration liability	$ 9.8

Leases, Schedule of Maturities of Financial Liability (Details) - UNITED KINGDOM - Park Holidays [Member] $ in Millions	Dec. 31, 2022 USD ($)
Sale Leaseback Transaction [Line Items]
2023	$ 8.0
2024	11.2
2025	11.2
2026	11.3
2027	11.4
Thereafter	1,685.7
Total Payments	1,738.8
Less: Imputed interest	(1,399.1)
Present Value of Financial Liability	$ 339.7

Related Party Transactions (Details)	12 Months Ended
Related Party Transactions (Details)	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Related Party Transaction [Line Items]
Indirect percentage of equity interest	0.01
Average gross base rent	20.45
Airplane Usage [Member]
Related Party Transaction [Line Items]
Related party payment	$ 700,000	$ 700,000	$ 300,000
Telephone Service [Member]
Related Party Transaction [Line Items]
Related party payment	$ 200,000	200,000	200,000
Permanent space
Related Party Transaction [Line Items]
Rentable square feet \| ft²	60,261
Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Indirect percentage of equity interest	0.281
Directors
Related Party Transaction [Line Items]
Legal fees	$ 9,700,000	$ 10,300,000	$ 13,300,000

Subsequent Events, Narrative (Details) $ in Millions		1 Months Ended		3 Months Ended		12 Months Ended
Subsequent Events, Narrative (Details) $ in Millions	Feb. 21, 2023 USD ($)	Feb. 23, 2023 USD ($) property site	Jan. 31, 2023 USD ($) property landParcel contract Rate	Sep. 30, 2022 USD ($) Rate	Jun. 30, 2022 USD ($) contract	Dec. 31, 2022 USD ($) landParcel	Dec. 31, 2021 USD ($) landParcel	Dec. 31, 2020 USD ($)	Nov. 13, 2021 USD ($)
Subsequent Event [Line Items]
Number of land parcels \| landParcel						6	11
Gain on dispositions of properties						$ 12.2	$ 108.1	$ 5.6
Principal amount									$ 1,200.0
Debt term				25 years
Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member] \| Treasury Lock [Member]
Subsequent Event [Line Items]
Number of derivatives settled \| contract					4
Notional					$ 600.0		$ 150.0
Settlement payments					$ 35.3
Maximum maturities of contracts					10 years
Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member] \| Forward Contracts [Member]
Subsequent Event [Line Items]
Notional						$ 250.0
Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member] \| Treasury Lock and Forward Swap [Member]
Subsequent Event [Line Items]
Effective interest rate on derivative						5.70%
Secured debt total
Subsequent Event [Line Items]
Loan Amount				$ 3.4		$ 226.0
Interest Rate \| Rate				3.65%
Debt term				25 years
Notes receivable from developers
Subsequent Event [Line Items]
Weighted average interest rate						13.10%	7.20%
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of land parcels \| landParcel			4
Insurance recoveries	$ 3.5
Subsequent Event [Member] \| Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member] \| Treasury Lock [Member]
Subsequent Event [Line Items]
Number of derivatives settled \| contract			2
Derivative term			10 years
Subsequent Event [Member] \| Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member] \| Forward Contracts [Member]
Subsequent Event [Line Items]
Number of derivatives settled \| contract			1
Subsequent Event [Member] \| Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member] \| Treasury Lock and Forward Swap [Member]
Subsequent Event [Line Items]
Notional			$ 250.0
Settlement payments			$ 7.4
Effective interest rate on derivative			5.50%
Subsequent Event [Member] \| Secured debt total
Subsequent Event [Line Items]
Loan Amount			$ 85.0
Interest Rate \| Rate			5.00%
Subsequent Event [Member] \| Senior Unsecured Notes - January 2033 Maturity [Member]
Subsequent Event [Line Items]
Interest Rate			5.70%
Principal amount			$ 400.0
Debt term			10 years
Net proceeds from offering			$ 395.3
Subsequent Event [Member] \| Properties securing debt [Member] \| Secured debt total
Subsequent Event [Line Items]
Number of properties securing a debt instrument \| property			5
Subsequent Event [Member] \| UK Non-Operating Properties
Subsequent Event [Line Items]
Number of properties sold \| property		2
Value of house sits sold		$ 112.0
Gain on dispositions of properties		$ 1.5
Subsequent Event [Member] \| UK Non-Operating Properties \| Notes receivable from developers
Subsequent Event [Line Items]
Weighted average interest rate		11.90%
Subsequent Event [Member] \| UK MH Operating Community
Subsequent Event [Line Items]
Value of house sits sold		$ 241.0
Number of housing sites sold \| site		730
Subsequent Event [Member] \| Ranch Adjacent to Current Property
Subsequent Event [Line Items]
Asset acquisitions, total consideration			$ 35.8

SCHEDULE III, Investment property reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Aggregate cost of total real estate for federal income tax purposes	$ 10,700.0
Investment property	16,709.9	$ 13,762.7	$ 11,684.6	$ 8,919.6
Property and land acquisitions, including immediate improvements	2,657.0	1,730.5	2,410.9
Property expansion and development	261.8	201.6	246.4
Improvements	418.4	300.3	249.3
Asset impairment	(87.3)	0.0	0.0
Dispositions and other	$ (302.7)	$ (154.3)	$ (141.6)
Minimum [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Useful life of assets	2 months
Minimum [Member] \| Land improvements and buildings [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Useful life of assets	15 years
Minimum [Member] \| Furniture and Fixtures [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Useful life of assets	2 years
Minimum [Member] \| Building and Building Improvements [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Useful life of assets	15 years
Minimum [Member] \| Land Improvements [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Useful life of assets	7 years
Maximum [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Useful life of assets	53 years
Maximum [Member] \| Land improvements and buildings [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Useful life of assets	53 years
Maximum [Member] \| Furniture and Fixtures [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Useful life of assets	40 years
Maximum [Member] \| Building and Building Improvements [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Useful life of assets	40 years
Maximum [Member] \| Land Improvements [Member]
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Useful life of assets	30 years

SCHEDULE III, Accumulated depreciation reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate and Accumulated Depreciation [Line Items]
Accumulated Depreciation	$ 2,738.9	$ 2,337.2	$ 1,968.8	$ 1,686.9
Depreciation for the period	528.6	457.3	344.5
Asset impairment	(58.7)	0.0	0.0
Dispositions and other	(68.2)	$ (88.9)	$ (62.6)
RV and Marina Properties [Member] \| Hurricane Ian [Member]
Real Estate and Accumulated Depreciation [Line Items]
Property impairment charges	$ 28.6