0000912593-23-000229 | 10-Q | XBRL Viewer

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Earnings Per Share - Schedule of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator
Net income attributable to SUI common shareholders	$ 163.1	$ 162.6	$ 222.8	$ 237.3
Less: allocation to restricted stock awards	1.2	1.1	1.6	1.5
Basic earnings - net income attributable to common shareholders after allocation to restricted stock awards	161.9	161.5	221.2	235.8
Diluted earnings - net income attributable to common shareholders after allocation to common and preferred OP units(1)	$ 161.9	$ 162.0	$ 221.2	$ 240.7
Denominator
Weighted average common shares outstanding (in shares)	123.5	122.4	123.4	119.2
Add: common shares dilutive effect: Forward Equity Offering (in shares)	0.0	0.0	0.0	0.2
Add: dilutive restricted stock (in shares)	0.0	0.0	0.0	0.0
Add: common and preferred OP units dilutive effect (in shares)	0.0	0.4	0.0	2.5
Diluted weighted average common shares and securities (in shares)	123.5	122.8	123.4	121.9
Basic earning per share (in dollars per share)	$ 1.31	$ 1.32	$ 1.79	$ 1.98
Diluted earning per share (in dollars per share)	$ 1.31	$ 1.32	$ 1.79	$ 1.97
Restricted Stock
Numerator
Add: allocation to restricted stock awards	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Common and Preferred OP Units
Numerator
Add: allocation to restricted stock awards	$ 0.0	$ 0.5	$ 0.0	$ 4.9

Basis of Presentation Basis of Presentation (Details)	9 Months Ended
Basis of Presentation Basis of Presentation (Details)	Sep. 30, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3

Real Estate Acquisitions and Dispositions - Pro Forma (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Total Revenues	$ 983.2	$ 932.6	$ 2,497.9	$ 2,295.4
Net income	$ 163.1	$ 162.6	$ 222.8	$ 237.3
Total revenues					$ 3,091.3
Net income attributable to SUI common shareholders					$ 241.2
Net income per share attributable to SUI common stockholders - basic (in dollars per share)					$ 1.99
Net income per share attributable to SUI common stockholders - diluted (in dollars per share)					$ 1.99
Park Holidays, Park Leisure, Jarrett Bay, and Montauk Yacht Club
Business Acquisition [Line Items]
Total Revenues					$ 353.6
Net income					$ 13.8

- Definition

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

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+ Details

- 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

Consolidated Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Assets
Investment property, net	$ 13,990.7	$ 13,971.0
Cash, cash equivalents and restricted cash	62.0	90.4	$ 112.0	$ 78.2
Other intangible assets, net	374.7	402.0
Other assets, net	929.0	655.1
Total Assets	17,605.3	17,084.2
Liabilities and Other Equity
Secured debt	3,359.5	3,217.8
Advanced reservation deposits and rent	372.7	352.1
Accrued expenses and accounts payable	380.2	396.3
Other liabilities	928.9	935.9
Total Liabilities	9,465.0	8,992.8
Variable Interest Entity, Primary Beneficiary
Assets
Investment property, net	834.1	739.7
Cash, cash equivalents and restricted cash	16.6	14.1
Other intangible assets, net	12.1	13.0
Other assets, net	5.7	10.5
Total Assets	868.5	777.3
Liabilities and Other Equity
Secured debt	21.8	22.2
Unsecured debt	35.2	35.2
Advanced reservation deposits and rent	15.6	13.8
Accrued expenses and accounts payable	27.9	11.8
Other liabilities	1.2	1.4
Total Liabilities	101.7	84.4
Temporary equity	47.0	41.3
Total Liabilities and Other Equity	$ 148.7	$ 125.7

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16. Commitments and Contingencies

Legal Proceedings - Class Action Litigation

Since August 31, 2023, several putative class action complaints have been filed in the U.S. District Court for the Northern District of Illinois, Eastern Division, against Datacomp Appraisal Systems, Inc., us, and nine other large MH operators in the United States. The complaint alleges that the defendants have violated federal antitrust laws by sharing and receiving competitively sensitive non-public information to maintain artificially high site rents. The plaintiffs have moved to consolidate the complaints into the case captioned Carla Hajek and Gregory Hammerlund v. Datacomp Appraisal Systems, Inc., et al., No. 1:23-cv-6715.

Plaintiffs seek both injunctive and monetary damages, as well as attorneys' fees. We are unable to estimate a range of loss, if any, that could result were there to be an adverse final decision in this litigation. If an unfavorable result were to occur, it is possible that the impact could be material to our results of operations in the periods in which any such outcome becomes probable and estimable.

We believe that the plaintiffs' allegations are without merit and intend to defend against them vigorously. However, litigation is inherently uncertain and there can be no assurance regarding the likelihood that our defense of this litigation will be successful.

We are involved in various other 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 - Hurricane Ian

When Hurricane Ian made landfall on Florida's western coast in September 2022, the storm primarily affected three 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, docks, buildings, and landscaping sustained wind and water damage.

We maintain property, casualty, flood and business interruption insurance for our community portfolio, subject to customary deductibles and limits.

Estimated property insurance recoveries, excluding business interruption recoveries, of $52.2 million related to Hurricane Ian were recorded in Notes and other receivables, net on the Consolidated Balance Sheets as of September 30, 2023. The table below sets forth changes estimated property insurance recoveries, excluding business interruption recoveries (in millions):


	Nine Months Ended September 30, 2023
Total estimated insurance receivable - December 31, 2022	$	54.9
Change in estimated property insurance recoveries	40.2
Proceeds received from insurer	(42.9)
Total estimated insurance receivable - September 30, 2023	$	52.2

Changes in estimated property insurance recoveries related to Hurricane Ian during the nine months ended September 30, 2023 were primarily the result of $45.0 million of incremental costs that exceeded the applicable deductible, net of a $4.8 million reduction due to a decrease in the estimated property impairment. 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.

We are actively working with our insurance providers on claims for business interruption recoveries. During the three months ended September 30, 2023, we received and recognized $12.9 million, net of deductibles, for the lost earnings covering the date of the hurricane event through April 30, 2023. These recoveries were included in Brokerage commissions and other, net on our Consolidated Statements of Operations during the three months ended September 30, 2023. The related communities are under redevelopment. As such, we currently cannot estimate a date when operating results will be restored to pre-hurricane levels. Our business interruption insurance policy provides for up to 60 months of coverage from the date of restoration.

Subsequent Event (Details) £ in Millions		1 Months Ended	3 Months Ended	9 Months Ended
Subsequent Event (Details) £ in Millions	Oct. 12, 2023 USD ($)	Oct. 26, 2023 USD ($) loan Rate	Sep. 30, 2022 USD ($) Rate	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($) Rate shares	Oct. 05, 2023 USD ($)	Mar. 31, 2023 USD ($) loan Rate	Mar. 31, 2023 GBP (£) loan Rate	Dec. 31, 2022 USD ($)
Subsequent Event [Line Items]
Total Notes and Other Receivables, net				$ 832,200,000					$ 617,300,000
Loan Amount				3,400,000,000
Reduction in secured borrowing balance				$ 0
Interest Rate Swap \| Cash Flow Hedging \| Designated as Hedging Instrument
Subsequent Event [Line Items]
Effective interest rate				4.771%
Derivative, average fixed interest rate plus spread				5.6814%			4.808%	4.808%
Aggregate notional value \| £								£ 100.0
Derivative, fixed rate							3.865%	3.865%
Sungenia JV
Subsequent Event [Line Items]
Ownership interest				50.00%					50.00%
Secured Debt
Subsequent Event [Line Items]
Loan Amount			$ 3,400,000		$ 3,400,000
Interest Rate \| Rate			3.65%		3.65%
Reduction in secured borrowing balance			$ 318,000,000.0
Mortgage Term Loan Maturing February 2026
Subsequent Event [Line Items]
Number of loans \| loan							5	5
Loan Amount							$ 85,000,000.0
Mortgage Term Loan Maturing February 2026 \| Secured Debt
Subsequent Event [Line Items]
Interest Rate \| Rate							5.00%	5.00%
Aspen preferred OP units
Subsequent Event [Line Items]
Conversion of OP units (in shares) \| shares				191,223
Preferred Stock \| Aspen preferred OP units
Subsequent Event [Line Items]
Conversion of OP units (in shares) \| shares				943,885	0
Conversion of OP units				$ 18,200,000
Subsequent Event \| Interest Rate Swap \| Cash Flow Hedging \| Designated as Hedging Instrument
Subsequent Event [Line Items]
Effective interest rate						4.684%
Derivative, average fixed interest rate plus spread						5.594%
Aggregate notional value		$ 50,000,000				$ 25,000,000
Net settlement payment received		6,000,000
Subsequent Event \| Ingenia Communities Group \| Marketable securities
Subsequent Event [Line Items]
Proceeds from Sale and Maturity of Marketable Securities	$ 102,500,000
Number of Shares Sold, Investment	41,800,000
Marketable Security, Realized Gain (Loss)	$ 9,000,000
Subsequent Event \| Secured Debt
Subsequent Event [Line Items]
Reduction in secured borrowing balance		$ 117,800,000
Subsequent Event \| Mortgage Term Loan Maturing November 2030
Subsequent Event [Line Items]
Number of loans \| loan		2
Loan Amount		$ 252,800,000
Subsequent Event \| Mortgage Term Loan Maturing November 2030 \| Secured Debt
Subsequent Event [Line Items]
Interest Rate \| Rate		6.49%

Equity and Temporary Equity - Narrative (Details)					1 Months Ended	3 Months Ended				9 Months Ended	12 Months Ended
Equity and Temporary Equity - Narrative (Details)	Apr. 15, 2022 USD ($)	Apr. 08, 2022 USD ($) shares	Dec. 17, 2021 USD ($)	Nov. 16, 2021 $ / shares USD ($) shares	Apr. 30, 2022 shares	Sep. 30, 2022 USD ($) shares	Jun. 30, 2022 USD ($) shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2021 shares	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Class of Stock [Line Items]
Shares availability for issuance (in shares)										380,000,000
Common stock authorized (in shares)										360,000,000	360,000,000.0
Preferred stock available for issuance (in shares)										20,000,000
Preferred stock par value (in dollars per share) \| $ / shares										$ 0.01
Common stock outstanding (in shares)										124,447,044	124,000,000.0
Preferred stock outstanding (in shares)										0
Forward sale agreements \| $				2
Aggregate net proceeds received \| $						$ 275,500,000	$ 229,500,000
Aggregate gross sales price \| $			$ 1,250,000,000
Percentage of gross price per share of shares sold			2.00%
Temporary and permanent equity \| $											$ 37,700,000
Park Holidays
Class of Stock [Line Items]
Shares issued (in shares)		186,044
Temporary and permanent equity \| $		$ 33,900,000									$ 33,900,000
Public Offering
Class of Stock [Line Items]
underwritten registered public offering (in shares)				4,025,000
Public offering price (in dollars per share) \| $ / shares				$ 185.00
Issuance of stock and units (in shares)					4,025,000
Aggregate net proceeds received \| $	$ 705,400,000
December 2021 Sales Agreement
Class of Stock [Line Items]
underwritten registered public offering (in shares)						15,000	290,600	600,503
Forward sales agreement \| $						$ 2,600,000	$ 50,100,000	$ 107,900,000		$ 160,600,000
Shares settled (in shares)						1,526,212
June 2021 Sales Agreement
Class of Stock [Line Items]
underwritten registered public offering (in shares)									620,109			1,820,109
Forward sales agreement \| $												$ 356,500,000
Shares settled (in shares)						620,109	1,200,000

Goodwill and Other Intangible Assets- Intangibles Future Amortization Expense (Details) $ in Millions	Sep. 30, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Remainder 2023	$ 8.0
2024	30.3
2025	29.3
2026	24.0
2027	22.0
In-place leases
Finite-Lived Intangible Assets [Line Items]
Remainder 2023	2.0
2024	7.1
2025	6.2
2026	3.5
2027	2.0
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Remainder 2023	0.5
2024	2.1
2025	2.1
2026	0.1
2027	0.0
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Remainder 2023	1.3
2024	5.2
2025	5.2
2026	5.2
2027	5.2
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Remainder 2023	3.2
2024	12.7
2025	12.7
2026	12.3
2027	12.2
Franchise agreements and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Remainder 2023	1.0
2024	3.2
2025	3.1
2026	2.9
2027	$ 2.6

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 180.4	$ 177.0	$ 245.0	$ 259.8
Foreign Currency Translation
Foreign currency translation gain / (loss) arising during period	(25.5)	(84.2)	7.1	(151.2)
Adjustment for accumulated foreign currency translation loss reclassified into earnings	0.0	0.0	11.9	0.0
Net foreign currency translation gain / (loss)	(25.5)	(84.2)	19.0	(151.2)
Cash Flow Hedges
Change in unrealized gain / (loss) on interest rate derivatives	(3.7)	40.7	6.7	75.7
Less: Interest rate derivative (gain) / loss reclassified to earnings	(4.5)	0.2	(10.0)	(0.6)
Net unrealized gain / (loss) on interest rate derivatives	(8.2)	40.9	(3.3)	75.1
Total Comprehensive Income	146.7	133.7	260.7	183.7
Less: Comprehensive income attributable to noncontrolling interests	(12.7)	(10.2)	(13.8)	(10.8)
Comprehensive Income attributable to SUI	$ 134.0	$ 123.5	$ 246.9	$ 172.9

Real Estate Acquisitions and Dispositions - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Millions			1 Months Ended				3 Months Ended	9 Months Ended	12 Months Ended
	Jan. 10, 2023	Apr. 08, 2022	Jan. 31, 2023	Dec. 31, 2022	May 31, 2022	Feb. 28, 2022	Sep. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Investment in property								$ 107.4
Inventory of manufactured homes, boat parts and retail related items								0.1
In-place leases, goodwill and other intangible assets								0.4
Other assets, net				$ (801.5)				4.2	$ (801.5)
Total identifiable assets acquired net of liabilities assumed								112.1
Cash and escrow								7.1
Temporary and permanent equity								105.0
Total consideration								112.1
Issuance of common stock and common OP units, net							$ 275.3
Investment in property				2,213.9					2,213.9
Inventory of manufactured homes, boat parts and retail related items				44.3					44.3
In-place leases, goodwill and other intangible assets				729.2					729.2
Total identifiable assets acquired net of liabilities assumed				2,185.9					2,185.9
Temporary and permanent equity									37.7
Total consideration									2,185.9
Cash and escrow									2,148.2
Secured Debt \| Blue Water Loan
Business Acquisition [Line Items]
Long-term debt				12.9					12.9
Loan balance forgiven				7.9
Jarrett Bay Boatworks
Business Acquisition [Line Items]
Other assets, net				1.0					1.0
Investment in property				21.3					21.3
Inventory of manufactured homes, boat parts and retail related items				1.4					1.4
In-place leases, goodwill and other intangible assets				47.5					47.5
Total identifiable assets acquired net of liabilities assumed				71.2					71.2
Cash and escrow									68.4
Temporary and permanent equity						$ 2.8
Total consideration									71.2
Park Holidays
Business Acquisition [Line Items]
Other assets, net				(624.9)					(624.9)
Investment in property				1,254.7					1,254.7
Inventory of manufactured homes, boat parts and retail related items				29.5					29.5
In-place leases, goodwill and other intangible assets				574.5					574.5
Total identifiable assets acquired net of liabilities assumed				1,233.8					1,233.8
Cash and escrow									1,199.9
Temporary and permanent equity		$ 33.9							33.9
Total consideration									1,233.8
Amortization of acquired intangible assets									$ 70.2
Weighted average amortization period of acquired intangible assets									14 years 7 months 6 days
Park Leisure
Business Acquisition [Line Items]
Other assets, net				(110.1)					$ (110.1)
Investment in property				259.5					259.5
Inventory of manufactured homes, boat parts and retail related items				0.0					0.0
In-place leases, goodwill and other intangible assets				76.4					76.4
Total identifiable assets acquired net of liabilities assumed				225.8					225.8
Cash and escrow									225.8
Temporary and permanent equity									0.0
Total consideration									225.8
Montauk Yacht Club
Business Acquisition [Line Items]
Other assets, net				0.3					0.3
Investment in property				163.6					163.6
Inventory of manufactured homes, boat parts and retail related items				0.3					0.3
In-place leases, goodwill and other intangible assets				26.3					26.3
Total identifiable assets acquired net of liabilities assumed				190.5					190.5
Cash and escrow									190.5
Temporary and permanent equity									0.0
Total consideration									190.5
Fox Run
Business Acquisition [Line Items]
Investment in property								7.2
Inventory of manufactured homes, boat parts and retail related items								0.0
In-place leases, goodwill and other intangible assets								0.0
Other assets, net								0.0
Total identifiable assets acquired net of liabilities assumed								7.2
Cash and escrow								2.8
Temporary and permanent equity								4.4
Total consideration								7.2
Fox Run \| Common OP units
Business Acquisition [Line Items]
Issuance of stock and units (in shares)			31,289
Issuance of common stock and common OP units, net	$ 4.4							4.4
Savannah Yacht Center
Business Acquisition [Line Items]
Investment in property								100.2
Inventory of manufactured homes, boat parts and retail related items								0.1
In-place leases, goodwill and other intangible assets								0.4
Other assets, net								4.2
Total identifiable assets acquired net of liabilities assumed								104.9
Cash and escrow								4.3
Temporary and permanent equity								100.6
Total consideration								$ 104.9
Savannah Yacht Center \| Series K preferred OP units
Business Acquisition [Line Items]
Issuance of stock and units (in shares)								1,000,000
Issuance of common stock and common OP units, net								$ 100.6
Harrison Yacht Yard
Business Acquisition [Line Items]
Investment in property				5.8					5.8
Inventory of manufactured homes, boat parts and retail related items				0.0					0.0
In-place leases, goodwill and other intangible assets				0.0					0.0
Other assets, net				0.0					0.0
Total identifiable assets acquired net of liabilities assumed				5.8					5.8
Cash and escrow									5.8
Temporary and permanent equity									0.0
Total consideration									5.8
Outer Banks
Business Acquisition [Line Items]
Investment in property				5.2					5.2
Inventory of manufactured homes, boat parts and retail related items				0.0					0.0
In-place leases, goodwill and other intangible assets				0.0					0.0
Other assets, net				0.4					0.4
Total identifiable assets acquired net of liabilities assumed				4.8					4.8
Cash and escrow									4.8
Temporary and permanent equity									0.0
Total consideration									4.8
Tower Marine
Business Acquisition [Line Items]
Investment in property				20.2					20.2
Inventory of manufactured homes, boat parts and retail related items				0.0					0.0
In-place leases, goodwill and other intangible assets				0.2					0.2
Other assets, net				2.1					2.1
Total identifiable assets acquired net of liabilities assumed				18.3					18.3
Cash and escrow									18.3
Temporary and permanent equity									0.0
Total consideration									18.3
Sandy Bay
Business Acquisition [Line Items]
Investment in property				247.9					247.9
Inventory of manufactured homes, boat parts and retail related items				9.4					9.4
In-place leases, goodwill and other intangible assets				2.1					2.1
Other assets, net				68.3					68.3
Total identifiable assets acquired net of liabilities assumed				191.1					191.1
Cash and escrow									191.1
Temporary and permanent equity									0.0
Total consideration									191.1
Christies Parks
Business Acquisition [Line Items]
Investment in property				10.1					10.1
Inventory of manufactured homes, boat parts and retail related items				0.0					0.0
In-place leases, goodwill and other intangible assets				0.0					0.0
Other assets, net				2.1					2.1
Total identifiable assets acquired net of liabilities assumed				12.2					12.2
Cash and escrow									12.2
Temporary and permanent equity									0.0
Total consideration									12.2
Bluewater
Business Acquisition [Line Items]
Investment in property				25.3					25.3
Inventory of manufactured homes, boat parts and retail related items				1.3					1.3
In-place leases, goodwill and other intangible assets				0.1					0.1
Other assets, net				1.3					1.3
Total identifiable assets acquired net of liabilities assumed				28.0					28.0
Cash and escrow									28.0
Temporary and permanent equity									0.0
Total consideration									28.0
Bodmin Holiday Park
Business Acquisition [Line Items]
Investment in property				13.1					13.1
Inventory of manufactured homes, boat parts and retail related items				0.0					0.0
In-place leases, goodwill and other intangible assets				0.0					0.0
Other assets, net				0.0					0.0
Total identifiable assets acquired net of liabilities assumed				13.1					13.1
Cash and escrow									13.1
Temporary and permanent equity									0.0
Total consideration									13.1
Kittery Point
Business Acquisition [Line Items]
Investment in property				8.0					8.0
Inventory of manufactured homes, boat parts and retail related items				0.1					0.1
In-place leases, goodwill and other intangible assets				0.0					0.0
Other assets, net				0.1					0.1
Total identifiable assets acquired net of liabilities assumed				8.0					8.0
Cash and escrow									7.0
Temporary and permanent equity					$ 1.0
Total consideration									8.0
Kittery Point \| Common OP units
Business Acquisition [Line Items]
Issuance of stock and units (in shares)					5,605
Spanish Trails MHC
Business Acquisition [Line Items]
Investment in property				20.6					20.6
Inventory of manufactured homes, boat parts and retail related items				1.8					1.8
In-place leases, goodwill and other intangible assets				0.0					0.0
Other assets, net				0.0					0.0
Total identifiable assets acquired net of liabilities assumed				22.4					22.4
Cash and escrow									22.4
Temporary and permanent equity									0.0
Total consideration									22.4
Pine Acre Trails
Business Acquisition [Line Items]
Investment in property				29.7					29.7
Inventory of manufactured homes, boat parts and retail related items				0.0					0.0
In-place leases, goodwill and other intangible assets				0.0					0.0
Other assets, net				0.0					0.0
Total identifiable assets acquired net of liabilities assumed				29.7					29.7
Cash and escrow									29.7
Temporary and permanent equity									0.0
Total consideration									29.7
Bel Air Estates & Sunrise Estates
Business Acquisition [Line Items]
Investment in property				39.3					39.3
Inventory of manufactured homes, boat parts and retail related items				0.0					0.0
In-place leases, goodwill and other intangible assets				0.7					0.7
Other assets, net				0.0					0.0
Total identifiable assets acquired net of liabilities assumed				40.0					40.0
Cash and escrow									40.0
Temporary and permanent equity									0.0
Total consideration									40.0
Callaly Leisure
Business Acquisition [Line Items]
Investment in property				23.8					23.8
Inventory of manufactured homes, boat parts and retail related items				0.1					0.1
In-place leases, goodwill and other intangible assets				0.0					0.0
Other assets, net				0.3					0.3
Total identifiable assets acquired net of liabilities assumed				23.6					23.6
Cash and escrow									23.6
Temporary and permanent equity									0.0
Total consideration									23.6
Newhaven
Business Acquisition [Line Items]
Investment in property				6.2					6.2
Inventory of manufactured homes, boat parts and retail related items				0.0					0.0
In-place leases, goodwill and other intangible assets				0.0					0.0
Other assets, net				0.0					0.0
Total identifiable assets acquired net of liabilities assumed				6.2					6.2
Cash and escrow									6.2
Temporary and permanent equity									0.0
Total consideration									6.2
Bayfront Marina
Business Acquisition [Line Items]
Investment in property				11.3					11.3
Inventory of manufactured homes, boat parts and retail related items				0.0					0.0
In-place leases, goodwill and other intangible assets				0.9					0.9
Other assets, net				0.5					0.5
Total identifiable assets acquired net of liabilities assumed				11.7					11.7
Cash and escrow									11.7
Temporary and permanent equity									0.0
Total consideration									11.7
Marina Bay Yacht Harbor
Business Acquisition [Line Items]
Investment in property				16.2					16.2
Inventory of manufactured homes, boat parts and retail related items				0.0					0.0
In-place leases, goodwill and other intangible assets				0.2					0.2
Other assets, net				0.7					0.7
Total identifiable assets acquired net of liabilities assumed				15.7					15.7
Cash and escrow									15.7
Temporary and permanent equity									0.0
Total consideration									15.7
Jellystone Lincoln
Business Acquisition [Line Items]
Investment in property				17.0					17.0
Inventory of manufactured homes, boat parts and retail related items				0.0					0.0
In-place leases, goodwill and other intangible assets				0.0					0.0
Other assets, net				1.2					1.2
Total identifiable assets acquired net of liabilities assumed				18.2					18.2
Cash and escrow									18.2
Temporary and permanent equity									0.0
Total consideration				17.0					18.2
Cash consideration				5.0
Acquisition price				3.7
Vacation rental unit consideration				0.4
Norway Commons
Business Acquisition [Line Items]
Investment in property				15.1					15.1
Inventory of manufactured homes, boat parts and retail related items				0.4					0.4
In-place leases, goodwill and other intangible assets				0.3					0.3
Other assets, net				0.0					0.0
Total identifiable assets acquired net of liabilities assumed				15.8					15.8
Cash and escrow									15.8
Temporary and permanent equity									0.0
Total consideration									15.8
Jarrett Bay Bluewater Yacht Sales
Business Acquisition [Line Items]
Investment in property				0.1					0.1
In-place leases, goodwill and other intangible assets				17.6					17.6
Other assets, net				$ 0.4					$ 0.4

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of Shares Granted

During the nine months ended September 30, 2023 and 2022, shares were granted as follows:


Grant Period	Type	Plan	Shares Granted	Grant Date Fair Value Per Share			Vesting Type
2023	Key Employees	2015 Equity Incentive Plan	220,858	$	137.14	(1)	Time Based
2023	Executive Officers	2015 Equity Incentive Plan	62,800	$	144.88	(1)	Time Based
2023	Executive Officers	2015 Equity Incentive Plan	82,200	$	108.60	(2)	Market Condition	(3)
2023	Directors	2004 Non-Employee Director Option Plan	16,000	$	148.12	(1)	Time Based

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

(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 shares expected to vest using a Monte Carlo simulation to determine fair value.

Schedule of Share-based Compensation Costs

We recognized the following share-based compensation costs (in millions):


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Share-based compensation - expensed(1)	$	9.9	$	9.5	$	29.4	$	28.4
Share-based compensation - capitalized(2)	$	0.6	$	—	$	1.9	$	—

(1) Recorded within General and Administrative Expense on the Consolidated Income Statements.

(2) Capitalized to Land Improvements and Buildings on the Consolidated Balance Sheets.

Consolidated Statement Of Shareholders' Equity - USD ($)	Total	Common OP units	Series K preferred OP units	Total Equity	Total Equity Common OP units	Total Equity Series K preferred OP units	Temporary Equity	Temporary Equity Common OP units	Temporary Equity Series K preferred OP units	Total Stockholders' Equity	Total Stockholders' Equity Common OP units	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Common OP units	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Income / (Loss)	Non-controlling Interests	Non-controlling Interests Common OP units
Beginning balance at Dec. 31, 2021							$ 288,900,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of OP units					$ 0									$ 700,000				$ (700,000)
Share-based compensation - amortization and forfeitures				$ 9,800,000						$ 9,800,000			$ 9,700,000		$ 100,000
Issuance of stock and units				2,600,000						2,600,000			(200,000)				$ 2,800,000
Net income / (loss)							(3,100,000)
Distributions							(2,100,000)
Temporary Equity, Accretion of Interest				(100,000)			(200,000)			100,000					100,000
Ending balance at Mar. 31, 2022							283,900,000
Beginning balance (in shares) at Dec. 31, 2021												116,000,000.0
Beginning Balance at Dec. 31, 2021				7,019,500,000						6,730,600,000		$ 1,200,000	8,175,600,000		(1,556,000,000)	$ 3,100,000	106,700,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock and units (in shares)												300,000
Issuance of stock and units				2,600,000						2,600,000			(200,000)				2,800,000
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards (in shares)												(100,000)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards				(16,400,000)						(16,400,000)			(16,400,000)
Conversion of OP units					0									700,000				(700,000)
Share-based compensation - amortization and forfeitures				9,800,000						9,800,000			9,700,000		100,000
Other comprehensive income				23,900,000						23,900,000						22,800,000	1,100,000
Net income / (loss)				1,500,000						4,600,000					3,700,000		900,000
Distributions				(107,500,000)						(105,400,000)					(102,300,000)		(3,100,000)
Ending balance (in shares) at Mar. 31, 2022												116,200,000
Ending Balance at Mar. 31, 2022				6,933,500,000						6,649,600,000		$ 1,200,000	8,169,400,000		(1,654,600,000)	25,900,000	107,700,000
Beginning balance at Dec. 31, 2021							288,900,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of third party equity interests in consolidated entities	$ (9,800,000)
Ending balance at Sep. 30, 2022							206,800,000
Beginning balance (in shares) at Dec. 31, 2021												116,000,000.0
Beginning Balance at Dec. 31, 2021				7,019,500,000						6,730,600,000		$ 1,200,000	8,175,600,000		(1,556,000,000)	3,100,000	106,700,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of third party equity interests in consolidated entities	(9,800,000)
Net income / (loss)	237,300,000
Ending balance (in shares) at Sep. 30, 2022												123,900,000
Ending Balance at Sep. 30, 2022				8,130,000,000						7,923,200,000		$ 1,200,000	9,536,400,000		(1,628,900,000)	(69,900,000)	84,400,000
Beginning balance at Mar. 31, 2022							283,900,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of third party equity interests in consolidated entities				9,700,000			9,700,000
Other redeemable noncontrolling interests							100,000
Share-based compensation - amortization and forfeitures				9,200,000						9,200,000			9,100,000		100,000
Issuance of stock and units				971,300,000						971,300,000			968,600,000				2,700,000
Net income / (loss)							1,500,000
Distributions							(2,000,000.0)
Temporary Equity, Accretion of Interest				100,000			(100,000)			200,000					200,000
Ending balance at Jun. 30, 2022							293,300,000
Beginning balance (in shares) at Mar. 31, 2022												116,200,000
Beginning Balance at Mar. 31, 2022				6,933,500,000						6,649,600,000		$ 1,200,000	8,169,400,000		(1,654,600,000)	25,900,000	107,700,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock and units (in shares)												5,500,000
Issuance of stock and units				971,300,000						971,300,000			968,600,000				2,700,000
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards (in shares)												(100,000)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards				(1,200,000)						(1,200,000)			(1,200,000)
Issuance of third party equity interests in consolidated entities				9,700,000			9,700,000
Other redeemable noncontrolling interests				0						(100,000)					(100,000)
Acquisition of third party equity interest in consolidated entities				(3,300,000)						(3,300,000)			13,200,000				(16,500,000)
Share-based compensation - amortization and forfeitures				9,200,000						9,200,000			9,100,000		100,000
Other comprehensive income				(56,700,000)						(56,700,000)						(54,200,000)	(2,500,000)
Net income / (loss)				81,300,000						79,800,000					77,100,000		2,700,000
Distributions				(112,200,000)						(110,200,000)					(107,000,000.0)		(3,200,000)
Ending balance (in shares) at Jun. 30, 2022												121,600,000
Ending Balance at Jun. 30, 2022				7,831,500,000						7,538,200,000		$ 1,200,000	9,159,100,000		(1,684,700,000)	(28,300,000)	90,900,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of OP units					0			$ (92,600,000)			$ 92,600,000			95,000,000.0				(2,400,000)
Share-based compensation - amortization and forfeitures				9,300,000						9,300,000			9,300,000
Issuance of stock and units	275,300,000			275,300,000									275,300,000
Net income / (loss)							7,100,000
Distributions							(1,200,000)
Temporary Equity, Accretion of Interest				100,000			(200,000)			300,000					300,000
Ending balance at Sep. 30, 2022							206,800,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock and units (in shares)												1,500,000
Issuance of stock and units	275,300,000			275,300,000									275,300,000
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards				(800,000)						(800,000)			800,000
Conversion of OP units (in shares)												800,000
Conversion of OP units					0			(92,600,000)			92,600,000			95,000,000.0				(2,400,000)
Acquisition of third party equity interest in consolidated entities				(5,600,000)						(5,600,000)			(1,500,000)				(4,100,000)
Share-based compensation - amortization and forfeitures				9,300,000						9,300,000			9,300,000
Other comprehensive income				(43,300,000)						(43,300,000)						(41,600,000)	(1,700,000)
Net income / (loss)	162,600,000			177,000,000.0						169,900,000					165,100,000		4,800,000
Distributions	(112,100,000)			(113,300,000)											(109,000,000.0)		(3,100,000)
Ending balance (in shares) at Sep. 30, 2022												123,900,000
Ending Balance at Sep. 30, 2022				8,130,000,000						7,923,200,000		$ 1,200,000	9,536,400,000		(1,628,900,000)	(69,900,000)	84,400,000
Beginning balance at Dec. 31, 2022			$ 0				202,900,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of OP units				7,300,000						7,300,000			7,300,000
Issuance of third party equity interests in consolidated entities				1,700,000			1,700,000
Share-based compensation - amortization and forfeitures				10,400,000						10,400,000			10,400,000
Issuance of stock and units				4,400,000		$ 100,000,000.0			$ 100,000,000.0	4,400,000							4,400,000
Net income / (loss)							(4,400,000)
Distributions							(1,600,000)
Temporary Equity, Accretion of Interest				0			(300,000)			300,000					300,000
Ending balance at Mar. 31, 2023							298,900,000
Beginning balance (in shares) at Dec. 31, 2022												124,000,000.0
Beginning Balance at Dec. 31, 2022	7,888,500,000			8,091,400,000						7,888,500,000		$ 1,200,000	9,549,700,000		(1,731,200,000)	(9,900,000)	78,700,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock and units (in shares)												400,000
Issuance of stock and units				4,400,000		100,000,000.0			100,000,000.0	4,400,000							4,400,000
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards (in shares)												(100,000)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards				(11,000,000.0)						(11,000,000.0)			(11,000,000.0)
Conversion of OP units (in shares)												100,000
Conversion of OP units				7,300,000						7,300,000			7,300,000
Issuance of third party equity interests in consolidated entities				1,700,000			1,700,000
Share-based compensation - amortization and forfeitures				10,400,000						10,400,000			10,400,000
Other comprehensive income				18,200,000						18,200,000						17,600,000	600,000
Net income / (loss)				(32,900,000)						(28,500,000)					(27,700,000)		(800,000)
Distributions				(120,500,000)						(118,900,000)					(115,800,000)		(3,100,000)
Ending balance (in shares) at Mar. 31, 2023												124,400,000
Ending Balance at Mar. 31, 2023				8,069,000,000						7,770,100,000		$ 1,200,000	9,556,400,000		(1,875,000,000)	7,700,000	79,800,000
Beginning balance at Dec. 31, 2022			0				202,900,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of third party equity interests in consolidated entities	(1,900,000)
Distributions			(0.040)
Ending balance at Sep. 30, 2023			99,700,000				304,500,000
Beginning balance (in shares) at Dec. 31, 2022												124,000,000.0
Beginning Balance at Dec. 31, 2022	7,888,500,000			8,091,400,000						7,888,500,000		$ 1,200,000	9,549,700,000		(1,731,200,000)	(9,900,000)	78,700,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of third party equity interests in consolidated entities	(1,900,000)
Net income / (loss)	$ 222,800,000
Ending balance (in shares) at Sep. 30, 2023	3,260,628	2,632,368										124,400,000
Ending Balance at Sep. 30, 2023	$ 7,835,800,000			8,140,300,000						7,835,800,000		$ 1,200,000	9,581,600,000		(1,848,200,000)	5,200,000	96,000,000.0
Beginning balance at Mar. 31, 2023							298,900,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of OP units					0			(2,000,000.0)			2,000,000.0			2,100,000				(100,000)
Issuance of third party equity interests in consolidated entities				200,000			200,000
Other redeemable noncontrolling interests							100,000
Share-based compensation - amortization and forfeitures				10,500,000						10,500,000			10,300,000		200,000
Issuance of stock and units				(200,000)		600,000			600,000	(200,000)			(200,000)				0
Net income / (loss)							1,900,000
Distributions							(2,300,000)
Temporary Equity, Accretion of Interest				0			(700,000)			700,000					700,000
Ending balance at Jun. 30, 2023							298,100,000
Beginning balance (in shares) at Mar. 31, 2023												124,400,000
Beginning Balance at Mar. 31, 2023				8,069,000,000						7,770,100,000		$ 1,200,000	9,556,400,000		(1,875,000,000)	7,700,000	79,800,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock and units				(200,000)		$ 600,000			$ 600,000	(200,000)			(200,000)				0
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards				(1,100,000)						(1,100,000)			(1,100,000)
Conversion of OP units					$ 0			$ (2,000,000.0)			$ 2,000,000.0			$ 2,100,000				$ (100,000)
Issuance of third party equity interests in consolidated entities				200,000			200,000
Other redeemable noncontrolling interests				0						(100,000)					(100,000)
Share-based compensation - amortization and forfeitures				10,500,000						10,500,000			10,300,000		200,000
Other comprehensive income				31,200,000						31,200,000						29,900,000	1,300,000
Net income / (loss)				97,500,000						95,600,000					93,100,000		2,500,000
Distributions				(121,100,000)						(118,800,000)					(115,700,000)		(3,100,000)
Ending balance (in shares) at Jun. 30, 2023												124,400,000
Ending Balance at Jun. 30, 2023				8,086,600,000						7,788,500,000		$ 1,200,000	9,567,500,000		(1,898,200,000)	37,600,000	80,400,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of OP units				2,300,000			(1,200,000)			3,500,000			3,900,000				(400,000)
Share-based compensation - amortization and forfeitures				10,400,000						10,400,000			10,400,000
Issuance of stock and units				15,900,000						15,900,000			(100,000)				16,000,000.0
Net income / (loss)							9,400,000
Distributions							(2,500,000)
Temporary Equity, Accretion of Interest				0			700,000			(700,000)					(700,000)
Ending balance at Sep. 30, 2023			$ 99,700,000				304,500,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock and units				15,900,000						15,900,000			(100,000)				16,000,000.0
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards				(100,000)						(100,000)			100,000
Conversion of OP units				2,300,000			$ (1,200,000)			3,500,000			3,900,000				(400,000)
Share-based compensation - amortization and forfeitures				10,400,000						10,400,000			10,400,000
Other comprehensive income				(33,700,000)						(33,700,000)						(32,400,000)	(1,300,000)
Net income / (loss)	$ 163,100,000			180,400,000						171,000,000.0					166,400,000		4,600,000
Distributions				(121,500,000)						(119,000,000.0)					(115,700,000)		(3,300,000)
Ending balance (in shares) at Sep. 30, 2023	3,260,628	2,632,368										124,400,000
Ending Balance at Sep. 30, 2023	$ 7,835,800,000			$ 8,140,300,000						$ 7,835,800,000		$ 1,200,000	$ 9,581,600,000		$ (1,848,200,000)	$ 5,200,000	$ 96,000,000.0

Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Fixed lease income	$ 618.8	$ 585.7	$ 1,586.4	$ 1,461.6
Interest	15.2	11.2	40.6	25.3
Brokerage commissions and other, net	26.0	10.8	45.3	27.4
Total Revenues	983.2	932.6	2,497.9	2,295.4
Expenses
Property operating and maintenance	195.5	184.7	530.7	469.2
Real estate tax	29.3	29.4	89.4	83.2
Home costs and selling	80.5	96.4	224.9	235.2
Service, retail, dining and entertainment	178.7	144.9	450.4	363.3
General and administrative	66.2	69.1	192.4	187.0
Catastrophic event-related charges, net	(3.1)	12.2	(2.2)	12.3
Business combinations	0.0	8.4	3.0	23.9
Depreciation and amortization	162.6	149.7	482.3	447.7
Asset impairments	1.2	1.6	10.1	2.3
Loss on extinguishment of debt	0.0	4.0	0.0	4.4
Interest	84.1	61.7	239.9	162.2
Interest on mandatorily redeemable preferred OP units / equity	0.8	1.0	2.7	3.1
Total Expenses	795.8	763.1	2,223.6	1,993.8
Income Before Other Items	187.4	169.5	274.3	301.6
Gain / (loss) on remeasurement of marketable securities	6.1	(7.2)	(8.0)	(74.0)
Gain / (loss) on foreign currency exchanges	(6.5)	14.9	(6.5)	21.7
Gain / (loss) on dispositions of properties	(0.7)	(0.8)	(2.9)	12.5
Other income / (expense), net	(3.7)	2.8	(5.5)	2.6
Gain / (loss) on dispositions of properties	(1.3)	(0.1)	(3.1)	0.1
Income / (loss) from nonconsolidated affiliates	1.4	2.0	0.5	3.8
Gain on remeasurement of investment in nonconsolidated affiliates	0.0	(0.4)	(4.5)	0.1
Current tax expense	(4.6)	(7.3)	(13.9)	(12.5)
Deferred tax benefit	2.3	3.6	14.6	3.9
Net Income	180.4	177.0	245.0	259.8
Less: Preferred return to preferred OP units / equity interests	3.3	2.5	9.0	8.6
Less: Income attributable to noncontrolling interests	14.0	11.9	13.2	13.9
Net Income Attributable to SUI Common Shareholders	$ 163.1	$ 162.6	$ 222.8	$ 237.3
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic (in shares)	123.5	122.4	123.4	119.2
Diluted weighted average common shares outstanding - diluted (in shares)	123.5	122.8	123.4	121.9
Earnings per share:
Basic earning per share (in dollars per share)	$ 1.31	$ 1.32	$ 1.79	$ 1.98
Diluted earning per share (in dollars per share)	$ 1.31	$ 1.32	$ 1.79	$ 1.97
Home sales
Revenues
Real property	$ 117.8	$ 150.7	$ 326.7	$ 358.1
Service, retail, dining and entertainment
Revenues
Real property	$ 205.4	$ 174.2	$ 498.9	$ 423.0

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating Activities
Net Cash Provided By Operating Activities	$ 672.9	$ 689.8
Investing Activities
Investment in properties	(790.3)	(656.6)
Acquisitions, net of cash acquired	(51.4)	(2,140.5)
Proceeds from deposit on acquisition	0.7	0.8
Proceeds from insurance	8.0	0.0
Proceeds from disposition of assets and depreciated homes, net	52.1	80.2
Proceeds related to disposition of properties	6.7	43.5
Issuance of notes and other receivables	(33.4)	(46.3)
Repayments of notes and other receivables	8.4	3.8
Investments in nonconsolidated affiliates	(33.7)	(37.9)
Distributions of capital from nonconsolidated affiliates	15.1	12.2
Net Cash Used For Investing Activities	(817.8)	(2,740.8)
Financing Activities
Issuance and costs of common stock, OP units and preferred OP units, net	(0.3)	1,209.8
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	(12.2)	(18.4)
Borrowings on lines of credit	1,288.6	3,093.5
Payments on lines of credit	(1,342.8)	(2,051.7)
Proceeds from issuance of other debt	583.0	600.9
Contributions from noncontrolling interest	1.9	9.8
Payments on other debt	(42.5)	(390.2)
Payments on financial liability	0.0	(5.0)
Fees paid in connection with extinguishment of debt	0.0	(4.8)
Proceeds received from return of prepaid deferred financing costs	2.0	0.0
Distributions	(355.2)	(320.7)
Payments for deferred financing costs	(6.2)	(20.4)
Distributions for redemption of noncontrolling interests	0.0	(7.3)
Net Cash Provided By Financing Activities	116.3	2,095.5
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.2	(10.7)
Net change in cash, cash equivalents and restricted cash	(28.4)	33.8
Cash, cash equivalents and restricted cash, beginning of period	90.4	78.2
Cash, Cash Equivalents and Restricted Cash, End of Period	62.0	112.0
Supplemental Information
Cash paid for interest, net	240.0	151.9
Cash paid for interest on mandatorily redeemable debt	2.7	3.1
Cash paid for income taxes	17.7	4.1
Noncash investing and financing activities
Change in distributions declared and outstanding	7.9	12.7
Conversion of common and preferred OP units	13.3	95.7
Assets held for sale, net (included within Other Assets, net and Other Liabilities)	196.0	0.0
ROU asset obtained from new operating lease liabilities	0.2	0.0
Issuance of notes and other receivables in relation to disposition of properties	111.2	0.0
Noncash investing and financing activities at the date of acquisition
Acquisitions - Finance lease liabilities	0.0	13.3
Acquisitions - Financial liabilities	0.0	359.8
Acquisitions - Deferred tax liabilities	0.0	313.9
Common OP units
Noncash investing and financing activities
Common OP units issued for redemption of noncontrolling interests	0.0	1.8
Common Stock And OP Units
Noncash investing and financing activities at the date of acquisition
Acquisitions	4.4	37.7
Series K preferred OP units
Noncash investing and financing activities at the date of acquisition
Acquisitions	$ 100.6	$ 0.0

Debt and Line of Credit - Schedule of Unsecured Debt (Details) - USD ($)	1 Months Ended
	Jan. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Apr. 15, 2022	Oct. 05, 2021
Debt Instrument [Line Items]
Unsecured debt		$ 4,305,500,000	$ 3,979,400,000
Senior Unsecured Notes - January 2033 Maturity
Debt Instrument [Line Items]
Interest Rate	5.70%
Principal Amount	$ 400,000,000.0
Unsecured debt		395,600,000
Term	10 years
Net proceeds from offering	$ 395,300,000
Senior Unsecured Notes - April 2032 Maturity
Debt Instrument [Line Items]
Interest Rate				4.20%
Principal Amount				$ 600,000,000.0
Unsecured debt		592,400,000	591,800,000
Senior Unsecured Notes - November 2028 Maturity
Debt Instrument [Line Items]
Interest Rate					2.30%
Principal Amount					$ 450,000,000.0
Unsecured debt		446,600,000	446,200,000
Senior Unsecured Notes - July 2031 Maturity - First Tranche
Debt Instrument [Line Items]
Interest Rate					2.70%
Principal Amount					$ 750,000,000.0
Unsecured debt		742,300,000	741,600,000
Senior Unsecured Notes
Debt Instrument [Line Items]
Principal Amount		2,200,000,000
Unsecured debt		$ 2,176,900,000	$ 1,779,600,000

Segment Reporting - Schedule of Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Operating revenues	$ 983.2	$ 932.6	$ 2,497.9	$ 2,295.4
Brokerage commissions and other, net	26.0	10.8	45.3	27.4
General and administrative expense	(66.2)	(69.1)	(192.4)	(187.0)
Asset impairments	1.2	1.6	10.1	2.3
Loss on Extinguishment of Debt	0.0	(4.0)	0.0	(4.4)
Interest on mandatorily redeemable preferred OP units / equity	(0.8)	(1.0)	(2.7)	(3.1)
Gain / (loss) on remeasurement of marketable securities	6.1	(7.2)	(8.0)	(74.0)
Gain / (loss) on foreign currency exchanges	(6.5)	14.9	(6.5)	21.7
Gain / (loss) on dispositions of properties	(0.7)	(0.8)	(2.9)	12.5
Other income / (expense), net	(3.7)	2.8	(5.5)	2.6
Loss on remeasurement of notes receivable	(1.3)	(0.1)	(3.1)	0.1
Income / (loss) from nonconsolidated affiliates	1.4	2.0	0.5	3.8
Total Income from Nonconsolidated Affiliates	1.4	2.0	0.5	3.8
Gain on remeasurement of investment in nonconsolidated affiliates	0.0	(0.4)	(4.5)	0.1
Deferred tax benefit	2.3	3.6	14.6	3.9
Net Income	180.4	177.0	245.0	259.8
Less: Preferred return to preferred OP units / equity interests			9.0	8.6
Less: Income attributable to noncontrolling interests			13.2	13.9
Net income attributable to SUI common shareholders	163.1	162.6	222.8	237.3
MH
Segment Reporting Information [Line Items]
Operating revenues	434.2	436.1	1,194.9	1,112.3
Brokerage commissions and other, net	14.1	6.6	22.8	15.6
RV
Segment Reporting Information [Line Items]
Operating revenues	280.3	268.4	590.6	582.2
Brokerage commissions and other, net	8.2	4.2	16.7	10.7
Marina
Segment Reporting Information [Line Items]
Operating revenues	268.7	228.1	712.4	600.9
Brokerage commissions and other, net	3.7	0.0	5.8	1.1
Operating Segments
Segment Reporting Information [Line Items]
Operating revenues	942.0	910.6	2,412.0	2,242.7
Operating expenses / Cost of sales	484.0	455.4	1,295.4	1,150.9
NOI	458.0	455.2	1,116.6	1,091.8
Operating Segments \| MH
Segment Reporting Information [Line Items]
Operating revenues	406.4	419.1	1,135.4	1,073.4
Operating expenses / Cost of sales	190.6	200.5	542.4	489.9
NOI	215.8	218.6	593.0	583.5
Operating Segments \| RV
Segment Reporting Information [Line Items]
Operating revenues	270.7	263.4	570.5	569.5
Operating expenses / Cost of sales	119.7	118.1	285.0	284.8
NOI	151.0	145.3	285.5	284.7
Operating Segments \| Marina
Segment Reporting Information [Line Items]
Operating revenues	264.9	228.1	706.1	599.8
Operating expenses / Cost of sales	173.7	136.8	468.0	376.2
NOI	91.2	91.3	238.1	223.6
Segment Reconciling Items
Segment Reporting Information [Line Items]
Interest income	15.2	11.2	40.6	25.3
Brokerage commissions and other, net	26.0	10.8	45.3	27.4
General and administrative expense	(66.2)	(69.1)	(192.4)	(187.0)
Catastrophic event-related charges, net	3.1	(12.2)	2.2	(12.3)
Business combination expense, net	0.0	(8.4)	(3.0)	(23.9)
Depreciation and amortization	(162.6)	(149.7)	(482.3)	(447.7)
Asset impairments	1.2	1.6	10.1	2.3
Loss on Extinguishment of Debt	0.0	(4.0)	0.0	(4.4)
Interest expense	(84.1)	(61.7)	(239.9)	(162.2)
Interest on mandatorily redeemable preferred OP units / equity	(0.8)	(1.0)	(2.7)	(3.1)
Gain / (loss) on remeasurement of marketable securities	6.1	(7.2)	(8.0)	(74.0)
Gain / (loss) on foreign currency exchanges	(6.5)	14.9	(6.5)	21.7
Gain / (loss) on dispositions of properties	(0.7)	(0.8)	(2.9)	12.5
Other income / (expense), net	(3.7)	2.8	(5.5)	2.6
Loss on remeasurement of notes receivable	(1.3)	(0.1)	(3.1)	0.1
Income / (loss) from nonconsolidated affiliates			0.5	3.8
Total Income from Nonconsolidated Affiliates	1.4	2.0
Gain on remeasurement of investment in nonconsolidated affiliates	0.0	(0.4)	(4.5)	0.1
Current tax expense	(4.6)	(7.3)	(13.9)	(12.5)
Deferred tax benefit	2.3	3.6	14.6	3.9
Net Income	180.4	177.0	245.0	259.8
Less: Preferred return to preferred OP units / equity interests	3.3	2.5
Less: Income attributable to noncontrolling interests	14.0	11.9
Net income attributable to SUI common shareholders	$ 163.1	$ 162.6	$ 222.8	$ 237.3

Consolidated Variable Interest Entities - Narrative (Details)	Sep. 30, 2023 Rate	Dec. 31, 2022 Rate
Disclosure of Variable Interest Entities [Abstract]
Assets related to VIEs, percentage	4.90%	4.50%
Liabilities related to VIEs, percentage	1.10%	0.90%
Equity interests and noncontrolling interests related to VIEs, percentage	1.00%	1.00%

Debt and Line of Credit

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt and Line of Credit

8. Debt and Line of Credit

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
	September 30, 2023		December 31, 2022		September 30, 2023	December 31, 2022	September 30, 2023		December 31, 2022








Secured Debt(1)	$	3,359.5	$	3,217.8	9.3	10.2	3.81	%	3.723	%

Unsecured Debt
Senior unsecured notes(2)	2,176.9		1,779.6		7.7	8.1	3.375	%	2.9	%

Line of credit and other debt(3)	2,084.9		2,130.6		2.0	2.8	5.394	%	4.417	%
Preferred equity - Sun NG Resorts - mandatorily redeemable	35.2		35.2		1.0	1.8	6.0	%	6.0	%
Preferred OP units - mandatorily redeemable	8.5		34.0		0.3	3.1	6.5	%	5.921	%
Total Unsecured Debt	4,305.5		3,979.4
Total Debt	$	7,665.0	$	7,197.2	6.8	7.4	4.131	%	3.746	%

(1) Balances at September 30, 2023 and December 31, 2022 include $0.1 million of net debt premium, respectively, and $15.1 million and $14.6 million of deferred financing costs, respectively.

(2) Balances at September 30, 2023 and December 31, 2022 include $6.7 million and $6.1 million of net debt discount, respectively, and $16.4 million and $14.3 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity.

(3) Balances at September 30, 2023 and December 31, 2022 include $2.0 million and $3.0 million 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 nine months ended September 30, 2023, no mortgage term loans were repaid. During the year ended December 31, 2022, we repaid 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	$	—

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

During the nine months ended September 30, 2023 and 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):


Period	Loan Amount			Term (in years)	Interest Rate		Maturity Date
Three months ended March 31, 2023	$	85.0	(1)	3	5.0	%	February 13, 2026
	$	99.1	(2)	7 - 10	5.72	%	April 1, 2030 - April 1, 2033
Three months ended December 31, 2022	$	226.0	(3)	4 - 7	4.5	%	June 15, 2026 - December 15, 2029
Three months ended September 30, 2022	$	20.6	(4)(5)	25	3.65	%	August 10, 2047
	$	3.4	(5)	25	3.65	%	August 10, 2047

(1)Includes five existing encumbered properties.

(2)Includes 22 existing encumbered properties.

(3)Includes 18 existing encumbered properties.

(4)Represents a construction loan (undrawn as of September 30, 2023).

(5)Represents loans jointly secured by one property.

The mortgage term loans, which total $3.4 billion as of September 30, 2023, are secured by 154 properties comprised of 61,653 sites representing approximately $2.7 billion of net book value. Refer to Note 19, "Subsequent Events," for activity subsequent to September 30, 2023.

Unsecured Debt

Senior Unsecured Notes

The following table sets forth certain information regarding our outstanding senior unsecured notes (in millions, except for statistical information). All senior unsecured notes include interest payments on a semi-annual basis in arrears, and are recorded in the Unsecured debt line item on the Consolidated Balance Sheets.


			Carrying Amount
	Principal Amount		September 30, 2023		December 31, 2022
5.7% notes, issued in January 2023 and due in January 2033(1)	$	400.0	$	395.6	N/A
4.2% notes, issued in April 2022 and due in April 2032	600.0		592.4		591.8
2.3% notes, issued in October 2021 and due in November 2028	450.0		446.6		446.2
2.7% notes, issued in June 2021 and October 2021, and due in July 2031	750.0		742.3		741.6
Total	$	2,200.0	$	2,176.9	$	1,779.6

(1) 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.

Line of Credit

In April 2022, the Operating Partnership (as borrower), 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, Pound 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.

The Senior Credit Facility bears interest at a floating rate based on the Adjusted Term Secured Overnight Financing Rate ("SOFR"), the Adjusted Eurocurrency Rate, the Australian Bank Bill Swap Bid Rate ("BBSY"), the Daily Sterling Overnight Index Average ("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 September 30, 2023, 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 nine months ended September 30, 2023 and year ended December 31, 2022, we achieved sustainability related requirements resulting in a favorable 0.04% and 0.01% adjustments, respectively, 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 Amendment. We had $1.0 billion and $1.1 billion of borrowings outstanding under the revolving loan as of September 30, 2023 and December 31, 2022, respectively. We also had $1.1 billion of borrowings outstanding under the term loan on the Senior Credit Facility as of September 30, 2023 and December 31, 2022, respectively. 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 $16.7 million and $2.6 million of outstanding letters of credit at September 30, 2023 and December 31, 2022, respectively.

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, we amended the agreement to release the associated collateral, extend the term loan facility maturity date to October 29, 2025 and adjust 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 September 30, 2023, the margin based on our credit rating was 0.95%. The outstanding balance was $9.2 million at September 30, 2023 and $19.8 million at December 31, 2022, 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, unrelated third parties purchased $35.3 million of mandatorily redeemable Preferred Equity ("Preferred Equity - Sun NG Resorts") that carries a preferred rate of return of 6.0% per annum and has a seven-year term ending June 1, 2025. If we terminate the property management agreement related to the property, we must acquire NG Sun LLC's interest in such property, which, in addition to its Series B preferred equity interests and common equity interests allocated to such property, may include its and certain unrelated third parties' Preferred Equity - Sun NG Resorts allocated to such property. The Preferred Equity - Sun NG Resorts as of September 30, 2023 and December 31, 2022, respectively, was $35.2 million. This balance is recorded in Unsecured debt 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

At September 30, 2023 and December 31, 2022, respectively, our Preferred OP units include $8.5 million and $34.0 million of Aspen preferred OP units. These balances are recorded in Unsecured debt on the Consolidated Balance Sheets. As of September 30, 2023, 314,934 of Aspen preferred OP units were outstanding and convertible into 104,544 common OP units.

In January 2020, we amended the Operating Partnership's partnership agreement to extend the automatic redemption date and reduce the annual distribution rate for 270,000 of the Aspen preferred OP units (the "Extended Units"). The Extended Units redemption date was extended to January 1, 2034, and their distribution rate was lowered to 3.8%. During the three months ended March 31, 2023, all of the Extended Units, representing $7.3 million of unsecured debt, converted into common equity.

For the remaining Aspen preferred OP units, subject to certain limitations, at any time prior to January 1, 2024, the holder of each Aspen preferred OP unit may, at its option, convert such 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, a number of common OP units determined by dividing (i) the sum of (A) $27.00 plus (B) 25.0% of the amount by which the 10-day average closing price exceeds $68.00 per share, by (ii) the 10-day average closing price. The current preferred distribution rate on the remaining Aspen preferred OP units is 6.5%. On January 2, 2024, we are required to redeem for cash all Aspen preferred OP units that have not been converted to common OP units. During the nine months ended September 30, 2023, unit holders converted 673,885 of the remaining Aspen preferred OP units, representing $18.2 million of unsecured debt, into common equity and common OP units. Refer to Note 9, "Equity and Temporary Equity," for additional details related to Aspen preferred OP unit conversions.

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 maximum leverage ratio, minimum fixed charge coverage ratio and maximum secured leverage ratio, 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 ratio. At September 30, 2023, we were in compliance with all financial 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.

Interest Capitalized

We capitalize interest during the construction and development of our communities. Capitalized interest costs associated with construction and development activities during the three and nine months ended September 30, 2023 and 2022 were as follows (in millions):


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Interest capitalized	$	3.8	$	1.3	$	8.9	$	4.1

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Leases - Schedule of Lease Term, Discount Rates and Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Weighted - average remaining lease term - finance leases	35 years 11 months 23 days
Weighted - average remaining lease term - operating leases	34 years 9 months 18 days
Weighted - average discount rate - finance leases	3.39%
Weighted - average discount rate - operating leases	3.78%
Operating cash flow from operating leases	$ 10.0	$ 8.3
Financing cash flow from finance leases	0.7	4.7
Total Cash Paid on Lease Liabilities	$ 10.7	$ 13.0

Real Estate Acquisitions and Dispositions - Schedule of Business Acquisitions, by Acquisition (Details)	3 Months Ended
	Mar. 31, 2023 property manufactured_home	Sep. 30, 2023 site development_site	Dec. 31, 2022 site development_site
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces		92	24,347
Development Sites \| development_site		72	2,655
Number of managed properties \| property	2
Number of properties \| property	2
Jarrett Bay Boatworks
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			12
Development Sites \| development_site			0
Park Holidays
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			15,906
Development Sites			608
Number of community properties \| manufactured_home	40
Bluewater Yacht Sales
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			0
Development Sites			0
Park Leisure
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			2,914
Development Sites			123
Number of community properties \| manufactured_home	11
Fox Run
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces		68
Development Sites \| development_site		72
Savannah Yacht Center
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces		24
Development Sites \| development_site		0
Harrison Yacht Yard
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			21
Development Sites \| development_site			0
Outer Banks
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			196
Development Sites \| development_site			0
Tower Marine
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			446
Development Sites \| development_site			0
Sandy Bay
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			730
Development Sites \| development_site			456
Christies Parks
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			249
Development Sites			0
Bluewater
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			200
Development Sites			0
Bodmin Holiday Park
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			69
Development Sites			0
Kittery Point
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			62
Development Sites			0
Spanish Trails MHC
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			195
Development Sites			6
Pine Acre Trails
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			251
Development Sites			603
Bel Air Estates & Sunrise Estates
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			379
Development Sites			0
Montauk Yacht Club
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			232
Development Sites			0
Callaly Leisure
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			380
Development Sites			823
Number of development properties \| development_site			1
Newhaven
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			224
Development Sites			14
Bayfront Marina
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			583
Development Sites			0
Marina Bay Yacht Harbor
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			800
Development Sites			0
Jellystone Lincoln
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			267
Development Sites			0
Norway Commons
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces			231
Development Sites			22

Notes And Other Receivables

9 Months Ended

Sep. 30, 2023

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

Notes And Other Receivables

4. Notes and Other Receivables

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


	September 30, 2023		December 31, 2022
Installment notes receivable on manufactured homes, net	$	56.0	$	65.9
Notes receivable from real estate developers and operators	477.5		305.2
Other receivables, net	298.7		246.2
Total Notes and Other Receivables, net	$	832.2	$	617.3

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 $56.0 million (gross installment notes receivable of $60.5 million less fair value adjustment of $4.5 million) and $65.9 million (gross installment notes receivable of $67.3 million less fair value adjustment of $1.4 million) as of September 30, 2023 and December 31, 2022, 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 7.5% and 13.1 years as of September 30, 2023, and 7.6% and 13.8 years as of December 31, 2022, respectively. Refer to Note 15, "Fair Value of Financial Instruments," for additional details.

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 September 30, 2023 and December 31, 2022, the notes receivable balances include a fully drawn loan provided to Royale Holdings Group HoldCo Limited, a real estate development owner and operator in the UK, and certain other parties, to fund investing and financing activities totaling $361.1 million and $217.6 million, respectively (the "Note"). At December 31, 2022, the Note had a net weighted average interest rate of 15.3% and maturity of 0.1 years. At September 30, 2023, the Note had a net weighted average interest rate of 12.4%. The Note matured on July 31, 2023, and remained due at September 30, 2023.

At September 30, 2023, the Note was collateralized by a first-priority security interest in three real estate properties and three MH manufacturers in the UK. The real estate collateral consists of MH development properties that comprised a significant majority of the total appraised value of all collateral securing the Note at September 30, 2023. Since inception of the Note in December 2021, and on a periodic basis thereafter, we have engaged third party valuation specialists to appraise the collateral in order to assess the fair value of the Note.

On September 29, 2023, we appointed receivers over the real estate collateral and are assessing courses of action with respect to the other collateral. We expect the receivers to start to market the real estate collateral for sale during the fourth quarter of 2023. Upon completion of the marketing process, we may elect to credit bid certain amounts due under the Note for the real estate collateral. If that were to occur and no third-party bid is received that exceeds our credit bid, we may elect to receive the real estate collateral in satisfaction of related amounts due under the Note. If a third-party bid is received that exceeds our bid, we will receive the cash proceeds of that bid up to the outstanding loan amount including interest, fees and penalties, as applicable.

Other acquisition and construction loans provided to real estate developers total $116.4 million with a net weighted average interest rate and maturity of 9.2% and 2.6 years as of September 30, 2023, and total $87.6 million with a net weighted average interest rate and maturity of 7.8% and 2.3 years as of December 31, 2022. As of September 30, 2023, the additional acquisition and construction loans provided to real estate developers have $44.5 million of undrawn funds.

There were no adjustments to the fair value of notes receivable from real estate developers and operators during the nine months ended September 30, 2023 and year ended December 31, 2022. 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):


	September 30, 2023		December 31, 2022
MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net(1)	$	102.9	$	61.5
Insurance receivables	63.4		78.0
Marina customers for storage, service and lease payments, net(2)	49.3		41.8
Home sale proceeds	32.7		28.9
Other receivables(3)	50.4		36.0
Total Other Receivables, net	$	298.7	$	246.2

(1)Net of allowance of $5.1 million and $5.9 million as of September 30, 2023 and December 31, 2022, respectively.

(2)Net of allowance of $2.6 million and $2.2 million as of September 30, 2023 and December 31, 2022, respectively.

(3)Includes receivable from Rezplot Systems LLC, a nonconsolidated affiliate, in which we had 49.0% and 48.9% ownership interest as of September 30, 2023 and December 31, 2022, 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%, matures in June 2024, 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, bears an interest rate of 3.0% and matures in January 2025. The outstanding balances were $12.4 million and $12.7 million as of September 30, 2023 and December 31, 2022, respectively. Refer to Note 6, "Investments in Nonconsolidated Affiliates," for additional information on Rezplot Systems LLC.

Notes And Other Receivables (Tables)

9 Months Ended

Sep. 30, 2023

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

Schedule of Notes and Other Receivables

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


	September 30, 2023		December 31, 2022
Installment notes receivable on manufactured homes, net	$	56.0	$	65.9
Notes receivable from real estate developers and operators	477.5		305.2
Other receivables, net	298.7		246.2
Total Notes and Other Receivables, net	$	832.2	$	617.3

Schedule Of Other Receivables

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


	September 30, 2023		December 31, 2022
MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net(1)	$	102.9	$	61.5
Insurance receivables	63.4		78.0
Marina customers for storage, service and lease payments, net(2)	49.3		41.8
Home sale proceeds	32.7		28.9
Other receivables(3)	50.4		36.0
Total Other Receivables, net	$	298.7	$	246.2

(1)Net of allowance of $5.1 million and $5.9 million as of September 30, 2023 and December 31, 2022, respectively.

(2)Net of allowance of $2.6 million and $2.2 million as of September 30, 2023 and December 31, 2022, respectively.

Share-Based Compensation - Narrative (Details)	9 Months Ended
Share-Based Compensation - Narrative (Details)	Sep. 30, 2023 plan shares	Sep. 30, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans \| plan	2
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) \| shares	225,879	257,663
Restricted Stock \| Directors \| Time Based \| 2004 Non-employee Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted Stock \| Key Employees and Executive Officers \| Time Based \| 2015 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Restricted Stock \| Executive Officers \| Market Condition \| 2015 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Commitments and Contingencies (Details) - Hurricane Ian $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 28, 2022 development_site property
Loss Contingencies [Line Items]
Number of affected properties in Florida \| property				3
Number of affected sites \| development_site				2,500
Estimated insurance recoveries	$ 52.2	$ 52.2	$ 54.9
Change in estimated property insurance recoveries		40.2
Proceeds received from insurer		42.9
Incremental costs		45.0
Impairment, Reversal due to Change in Estimate		$ 4.8
Insurance Settlement
Loss Contingencies [Line Items]
Proceeds received from insurer	$ 12.9

Leases - Schedule of Future Minimum Rental Payments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Fixed lease income	$ 618.8	$ 585.7	$ 1,586.4	$ 1,461.6
Park Holidays \| UNITED KINGDOM
Lessee, Lease, Description [Line Items]
2023 (excluding nine months ended September 30, 2023)	2.8		2.8
2024	11.4		11.4
2025	11.5		11.5
2026	11.6		11.6
2027	11.7		11.7
Thereafter	1,697.8		1,697.8
Total Payments	1,746.8		1,746.8
Less: Imputed interest	(1,402.4)		(1,402.4)
Present Value of Financial Liability	$ 344.4		$ 344.4		$ 339.7

Equity and Temporary Equity - Schedule of Issuances (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended			3 Months Ended	9 Months Ended	12 Months Ended
	Jan. 10, 2023	Jan. 31, 2023	May 31, 2022	Feb. 28, 2022	Sep. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Dividends Payable [Line Items]
Value at Issuance (in millions)					$ 275.3
Temporary and permanent equity						$ 105.0
Temporary and permanent equity							$ 37.7
Investment						$ 114.5	101.3
OP Units Outstanding						3,260,628
Common and preferred OP units						$ 96.0	$ 78.7
Preferred OP Units, Issuance Price						$ 100.00
Jarrett Bay Boatworks
Dividends Payable [Line Items]
Temporary and permanent equity				$ 2.8
Rudgate Properties
Dividends Payable [Line Items]
Ownership interest							100.00%
Investment							$ 13.2
Common OP units
Dividends Payable [Line Items]
OP Units Outstanding						2,632,368
Common and preferred OP units						$ 50.0	31.5
Common OP units \| Common OP units
Dividends Payable [Line Items]
Conversion Rate						1.0000
Common OP units \| Series A-1 preferred OP units
Dividends Payable [Line Items]
Conversion Rate						2.4390
Preferred Stock \| Series A-1 preferred OP units
Dividends Payable [Line Items]
OP Units Outstanding						202,144
Conversion Rate						2.4390
Annual distribution rate						6.00%
Common and preferred OP units						$ 13.6	14.0
Preferred Stock \| A-3 preferred OP units
Dividends Payable [Line Items]
OP Units Outstanding						40,268
Conversion Rate						1.8605
Annual distribution rate						4.50%
Common and preferred OP units						$ 2.7	2.7
Preferred Stock \| Series C preferred OP units
Dividends Payable [Line Items]
OP Units Outstanding						305,848
Conversion Rate						1.1100
Annual distribution rate						5.00%
Common and preferred OP units						$ 23.0	23.6
Preferred Stock \| Series E preferred OP units
Dividends Payable [Line Items]
OP Units Outstanding						80,000
Conversion Rate						0.6897
Annual distribution rate						5.50%
Common and preferred OP units						$ 6.7	$ 6.9
Rudgate Properties
Dividends Payable [Line Items]
Purchase price			$ 3.1
Fox Run
Dividends Payable [Line Items]
Temporary and permanent equity						4.4
Fox Run \| Common OP units
Dividends Payable [Line Items]
Units issued (in shares)		31,289
Value at Issuance (in millions)	$ 4.4					$ 4.4
Rudgate Properties
Dividends Payable [Line Items]
Temporary and permanent equity			$ 1.8
Rudgate Properties \| Common OP units
Dividends Payable [Line Items]
Units issued (in shares)			10,854
Kittery Point
Dividends Payable [Line Items]
Temporary and permanent equity			$ 1.0
Kittery Point \| Common OP units
Dividends Payable [Line Items]
Units issued (in shares)			5,605
Jarrett Bay Boatworks \| Common OP units
Dividends Payable [Line Items]
Units issued (in shares)				14,683

Subsequent Events (Tables)	9 Months Ended
Subsequent Events (Tables)	Sep. 30, 2023
Subsequent Events [Abstract]
Schedule of Subsequent Events	Marketable Securities In October 2023, we sold our 41.8 million share position in Ingenia Communities Group (ASX: INA), generating $102.5 million of proceeds, net of underwriting and other estimated fees, with an estimated realized loss of $9.0 million. The proceeds were used to pay down amounts drawn under our Senior Credit Facility. Derivatives In October 2023, we entered into an interest rate swap contract to hedge variable rate borrowings of $25.0 million under the term loan of the Senior Credit Facility. The interest rate swap locks in a weighted average SOFR rate of 4.684%, and inclusive of spread, an all-in rate of 5.594% through the term loan maturity date of April 7, 2026. In October 2023, we terminated one $50.0 million SOFR swap and received a cash settlement payment of $6.0 million. As of September 30, 2023, the net accumulated gain is included in Accumulated other comprehensive income on our Consolidated Balance Sheets, and will be amortized as a reduction to Interest expense over the term of the hedged transaction. Secured Debt In October 2023, we entered into new mortgage term loans for $252.8 million that mature in November 2030 and bear interest at a fixed rate of 6.49%. As a result of the new mortgage term loans, two additional properties are encumbered. We used the proceeds to repay $117.8 million of mortgage term loans that mature in 2023 and pay down amounts drawn under our Senior Credit Facility. The effective interest rate on the new mortgage term loans is 6.251%, inclusive of the impact of the aforementioned terminated swap of $50.0 million. We have evaluated our Consolidated Financial Statements for subsequent events through the date that this Form 10-Q was issued.

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 19, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	1-12616
Entity Registrant Name	SUN COMMUNITIES, INC
Entity Incorporation, State or Country Code	MD
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		124,445,238
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000912593
Current Fiscal Year End Date	--12-31

Debt and Line of Credit - Schedule of Interest Capitalized (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Disclosure [Abstract]
Interest capitalized	$ 3.8	$ 1.3	$ 8.9	$ 4.1

Equity and Temporary Equity - Schedule of Distributions (Details) - Common Stock, Restricted Stock, and Common OP Units $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2023 USD ($) $ / shares
Dividends Payable [Line Items]
Dividends per share (in dollars per share) \| $ / shares	$ 0.93
Total Distribution (in Millions) \| $	$ 118.1

Notes and Other Receivables - Schedule of Notes and Other Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	$ 832.2	$ 617.3
Installment notes receivable on manufactured homes, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	56.0	65.9
Notes receivable from real estate developers and operators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	477.5	305.2
Other receivables, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	298.7	246.2
Total Notes and Other Receivables, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	$ 832.2	$ 617.3

Real Estate Acquisitions and Dispositions - Narrative (Details) $ in Millions	1 Months Ended		3 Months Ended				9 Months Ended		12 Months Ended
	Aug. 31, 2023 USD ($) development_site	Feb. 28, 2023 USD ($) property	Sep. 30, 2023 USD ($) site	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($) development_site	Mar. 31, 2022 USD ($) development_site	Sep. 30, 2023 USD ($) site development_site	Sep. 30, 2022 USD ($) development_site	Dec. 31, 2022 USD ($) site development_site landParcel
Business Acquisition [Line Items]
Capitalized transaction costs			$ 3.1				$ 3.1		$ 19.2
Business combinations			0.0		$ 8.4		3.0	$ 23.9
Number of land parcels acquired \| landParcel									6
Aggregate purchase price									$ 26.2
Asset impairments			1.2		1.6		10.1	2.3
Gain / (loss) on dispositions of properties			$ 0.7		0.8		$ 2.9	$ (12.5)
Sites, Wet Slips and Dry Storage Spaces \| site			92				92		24,347
Marina
Business Acquisition [Line Items]
Number of land parcels acquired \| development_site									2
Aggregate purchase price									$ 13.9
Cabrillo Isle and Emerald Coast
Business Acquisition [Line Items]
Business combinations									$ 24.7
Notes receivable from real estate developers and operators
Business Acquisition [Line Items]
Weighted average interest rate							9.20%		7.80%
UK Non-Operating Properties \| Notes receivable from real estate developers and operators
Business Acquisition [Line Items]
Weighted average interest rate		11.90%
The Sands RV & Golf Course
Business Acquisition [Line Items]
Gain / (loss) on dispositions of properties					$ (0.8)
Sites, Wet Slips and Dry Storage Spaces \| development_site					514			514
Proceeds related to disposition of properties					$ 15.0
New Ranch
Business Acquisition [Line Items]
Number of communities sold \| development_site						2
Gain / (loss) on dispositions of properties						$ (13.3)
Proceeds related to disposition of properties						$ 29.5
Southern Pines
Business Acquisition [Line Items]
Number of communities sold \| development_site						2
Gain / (loss) on dispositions of properties						$ (13.3)
Proceeds related to disposition of properties						$ 29.5
Country Squire
Business Acquisition [Line Items]
Number of communities sold \| development_site						1
Gain / (loss) on dispositions of properties						$ (13.3)
Sites, Wet Slips and Dry Storage Spaces \| development_site						323
Proceeds related to disposition of properties						$ 29.5
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| UK Non-Operating Properties
Business Acquisition [Line Items]
Number of communities sold \| property		2
Consideration received		$ 111.5
Note receivable		$ 108.8
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| UK Non-Operating Properties \| Gain / (loss) on disposition of properties
Business Acquisition [Line Items]
Gain / (loss) on dispositions of properties							$ 2.2
Release of foreign currency translation losses							$ 11.9
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| MH Operating Community
Business Acquisition [Line Items]
Number of communities sold \| development_site	1
Number of sites sold \| development_site	155
Assets held for sale				$ 6.8
Proceeds related to disposition of properties	$ 6.8
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| MH Operating Community \| Other Assets
Business Acquisition [Line Items]
Assets held for sale				13.1
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| MH Operating Community \| Asset Impairments
Business Acquisition [Line Items]
Asset impairments				$ 6.3
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| UK MH Operating Community
Business Acquisition [Line Items]
Number of sites sold \| development_site							730
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| UK MH Operating Community \| Other Assets
Business Acquisition [Line Items]
Assets held for sale			$ 259.1				$ 259.1
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| UK MH Operating Community \| Other Liabilities
Business Acquisition [Line Items]
Liabilities held for sale			$ 63.1				$ 63.1
UNITED STATES
Business Acquisition [Line Items]
Number of land parcels acquired \| development_site							4
Aggregate purchase price							$ 35.4
Park Holidays
Business Acquisition [Line Items]
Business combinations							$ 3.0
Sites, Wet Slips and Dry Storage Spaces \| site									15,906

Investment in Nonconsolidated Affiliates (Tables)

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Nonconsolidated Affiliates

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



Investment	September 30, 2023		December 31, 2022

Investment in Sungenia JV	$	55.3	$	44.5
Investment in GTSC	57.4		54.5
Investment in SV Lift	1.8		2.3
Total	$	114.5	$	101.3

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


	Three Months Ended				Nine Months Ended
Income from Nonconsolidated Affiliates	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
RezPlot equity loss	$	(0.5)	$	(0.9)	$	(2.8)	$	(3.0)
Sungenia JV equity income	1.6		1.6		2.2		2.6
GTSC equity income	0.8		1.6		2.4		4.6
OFS equity income	—		—		—		0.3
SV Lift equity loss	(0.5)		(0.3)		(1.3)		(0.7)
Total Income from Nonconsolidated Affiliates	$	1.4	$	2.0	$	0.5	$	3.8

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


	Nine Months Ended		Year Ended
	September 30, 2023		December 31, 2022
Beginning balance	$	44.5	$	36.2
Cumulative translation adjustment	(1.0)		(3.0)
Contributions	9.6		9.1

Equity earnings	2.2		2.2

Ending Balance	$	55.3	$	44.5

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


	Nine Months Ended		Year Ended
	September 30, 2023		December 31, 2022
Beginning balance	$	54.5	$	35.7


Contributions	22.5		37.4
Distributions	(17.5)		(22.5)
Equity earnings	2.4		5.9
Fair value adjustment	(4.5)		(2.0)
Ending Balance	$	57.4	$	54.5

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Values

The table below sets forth our financial assets and liabilities (in millions) that required disclosure of fair value on a recurring basis as of September 30, 2023. The table presents the carrying values and fair values of our financial instruments as of September 30, 2023 and December 31, 2022, that were measured using the valuation techniques described above. 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 financial instruments are classified as Level 1 in the hierarchy.



	September 30, 2023
	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
Financial Assets
Cash, cash equivalents and restricted cash	$	62.0	$	62.0	$	—	$	—	$	62.0
Marketable securities	112.8		112.8		—		—		112.8
Installment notes receivable on manufactured homes, net	56.0		—		—		56.0		56.0

Notes receivable from real estate developers and operators	477.5		—		—		477.5		477.5

Derivative assets	24.8		—		24.8		—		24.8
Total assets measured at fair value	$	733.1	$	174.8	$	24.8	$	533.5	$	733.1

Financial Liabilities
Secured debt	$	3,359.5	$	—	$	3,359.5	$	—	$	2,857.9


Unsecured debt
Senior unsecured notes	2,176.9		—		2,176.9		—		1,836.0

Line of credit and other unsecured debt	2,128.6		—		2,128.6		—		2,128.6
Total unsecured debt	4,305.5		—		4,305.5		—		3,964.6

Derivative liabilities	0.3		—		0.3		—		0.3
Other financial liabilities (contingent consideration)	20.2		—		—		20.2		20.2
Total liabilities measured at fair value	$	7,685.5	$	—	$	7,665.3	$	20.2	$	6,843.0



	December 31, 2022
	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
Financial Assets
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

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



	Nine Months Ended		Year Ended
Marketable Securities	September 30, 2023		December 31, 2022
Beginning Balance	$	127.3	$	186.9

Change in fair value measurement	(8.0)		(53.4)
Foreign currency exchange losses	(6.5)		(7.7)
Dividend reinvestment, net of tax	—		1.5

Ending Balance	$	112.8	$	127.3

Schedule of Charges in Fair Values

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 three and nine months ended September 30, 2023 and 2022 (in millions):


	Three Months Ended
	September 30, 2023							September 30, 2022
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		Warrants
Level 3 beginning balance at June 30, 2023 and 2022	$	59.5		$	462.4	$	—	$	73.1		$	292.3	$	—

Realized gains / (losses)	(1.3)		(1)	—		—		(0.1)		(1)	—		(0.6)		(2)
Purchases and issuances	0.2			31.9		—		—			17.8		0.6
Sales and settlements	(2.4)			(3.5)		—		(3.6)			(4.3)		—

Foreign currency exchange gains / (losses)	—			(13.4)		—		—			(17.5)		—
Other adjustments	—			0.1		—		—			—		—
Level 3 ending balance at September 30, 2023 and 2022	$	56.0		$	477.5	$	—	$	69.4		$	288.3	$	—

(1) Realized losses recorded within Gain / (loss) on remeasurement of notes receivable on the Consolidated Statements of Operations.

(2) Realized losses recorded within Income from nonconsolidated affiliates within on the Consolidated Statements of Operations.


	Nine Months Ended
	September 30, 2023								September 30, 2022
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		Warrants
Level 3 beginning balance at December 31, 2022 and 2021	$	65.9		$	305.2	$	—		$	79.1		$	284.0	$	—

Realized gains / (losses)	(3.1)		(1)	—		(0.4)		(2)	0.1		(1)	—		(2.6)		(2)
Purchases and issuances	0.4			179.3		0.4			1.0			65.6		2.6
Sales and settlements	(7.2)			(10.4)		—			(10.8)			(21.1)		—
Dispositions of properties	—			—		—			—			—		—
Foreign currency exchange gains / (losses)	—			3.3		—			—			(40.2)		—
Other adjustments	—			0.1		—			—			—		—
Level 3 ending balance at September 30, 2023 and 2022	$	56.0		$	477.5	$	—		$	69.4		$	288.3	$	—

(1) Realized gain / (losses) recorded within Gain / (loss) on remeasurement of notes receivable on the Consolidated Statements of Operations.

(2) Realized losses recorded within Income from nonconsolidated affiliates within on the Consolidated Statements of Operations.


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Liabilities	Contingent Consideration		Contingent Consideration		Contingent Consideration		Contingent Consideration
Level 3 beginning balance June 30, 2023 and 2022, December 31, 2022 and 2021	$	20.2	$	20.2	$	20.2	$	20.2






Level 3 ending balance at September 30, 2023 and 2022(1)	$	20.2	$	20.2	$	20.2	$	20.2

(1) There was no activity related to the Contingent consideration liability during the three and nine months ended September 30, 2023 and 2022.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Numerator
Net income attributable to SUI common shareholders	$	163.1	$	162.6	$	222.8	$	237.3
Less: allocation to restricted stock awards	1.2		1.1		1.6		1.5
Basic earnings - net income attributable to common shareholders after allocation to restricted stock awards	$	161.9	$	161.5	$	221.2	$	235.8
Add: allocation to restricted stock awards	—		—		—		—

Add: allocation to common and preferred OP units dilutive effect	—		0.5		—		4.9
Diluted earnings - net income attributable to common shareholders after allocation to common and preferred OP units(1)	$	161.9	$	162.0	$	221.2	$	240.7


Denominator
Weighted average common shares outstanding	123.5		122.4		123.4		119.2
Add: common shares dilutive effect from Forward Equity Offering	—		—		—		0.2

Add: dilutive restricted stock	—		—		—		—
Add: common and preferred OP units dilutive effect	—		0.4		—		2.5
Diluted weighted average common shares and securities(1)	123.5		122.8		123.4		121.9
EPS Available to Common Shareholders After Allocation
Basic earnings per share	$	1.31	$	1.32	$	1.79	$	1.98
Diluted earnings per share(1)	$	1.31	$	1.32	$	1.79	$	1.97

(1) For the three and nine months ended September 30, 2023 and 2022, diluted earnings per share was calculated using the two-class method for restricted common shares as the application of this method resulted in a more diluted earnings per share during those periods.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents the outstanding securities that were excluded from the computations of diluted EPS as of September 30, 2023 and 2022 (in thousands):


	As of
	September 30, 2023	September 30, 2022
Common OP units	2,632	2,429	(1)
A-1 preferred OP units	202	270
A-3 preferred OP units	40	40
Aspen preferred OP units	315	1,284	(2)
Series C preferred OP units	306	306
Series D preferred OP units	489	489
Series E preferred OP units	80	80
Series F preferred OP units	90	90
Series G preferred OP units	211	241
Series H preferred OP units	581	581

Series J preferred OP units	238	240
Series K preferred OP units	1,000	N/A

Total Securities	6,184	6,050

(1) For the three months ended September 30, 2022, Common OP units were excluded from the computation of diluted earnings per share because the inclusion of those securities would have been anti-dilutive for the period. For the nine months ended September 30, 2022, Common OP units were included in the computation of diluted earnings per share because they were dilutive for the period.

(2) For the three months ended September 30, 2022, Aspen preferred OP units were included in the computation of diluted earnings per share because the inclusion of those securities was dilutive for the period. For the nine months ended September 30, 2022, Aspen preferred OP units were excluded from the computation of diluted earnings per share because the inclusion of those securities would have been anti-dilutive for the period.

Share-Based Compensation - Schedule of Grants (Details) - Restricted Stock - 2015 Equity Plan - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Time Based \| Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	220,858	203,210
Grant date fair value per share (in dollars per share)	$ 137.14	$ 179.23
Time Based \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	62,800	66,000
Grant date fair value per share (in dollars per share)	$ 144.88	$ 178.20
Time Based \| Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	16,000	11,900
Grant date fair value per share (in dollars per share)	$ 148.12	$ 197.00
Market Condition \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	82,200	91,500
Grant date fair value per share (in dollars per share)	$ 108.60	$ 124.88

Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share-based compensation - expensed	$ 9.9	$ 9.5	$ 29.4	$ 28.4
Share-based compensation - capitalized	$ 0.6	$ 0.0	$ 1.9	$ 0.0

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

14. Derivative Financial Instruments

Our objective and strategy in using interest rate derivatives is to manage exposure to interest rate movements, thereby minimizing the effect of interest rate changes and the effect they could have on future cash outflows (forecasted interest payments), on a forecasted issuance of long-term debt, or on outstanding floating rate debt. We typically enter into treasury locks and interest rate swaps 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.

As of September 30, 2023, we held six interest rate swap contracts, which have each been designated as cash flow hedges under ASC Topic 815, "Derivatives and Hedging." The risks being hedged are the interest rate risk related to outstanding floating rate debt and forecasted debt issuance transactions, and the benchmark interest rates used are the SOFR and the SONIA Rate The unrealized gains or losses on the derivative instruments are recorded in AOCI 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 $19.0 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.

During the three months ended September 30, 2023, we entered into two interest rate swap contracts to hedge variable rate borrowings of $125.0 million in aggregate. The interest rate swaps lock in a weighted average SOFR rate of 4.771%, for an all-in rate of 5.6814% through the maturity date of April 7, 2026. Refer to Note 19, "Subsequent Events," for activity subsequent to September 30, 2023.

During the three months ended March 31, 2023, we entered into one interest rate swap contract to hedge variable rate borrowings of £100.0 million (equivalent to $122.0 million as of September 30, 2023). The interest rate swap locked in a SONIA rate of 3.865% for an all-in rate of 4.808% through the maturity date of April 7, 2025. We also entered into one forward starting interest rate swap contract with an aggregate notional value of $50.0 million to hedge interest rate risk associated with a potential future debt offering.

During the three months ended March 31, 2023, in connection with the 2033 Notes issuance, we terminated two $100.0 million 10-year treasury rate lock contracts and one $50.0 million 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.

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


	September 30, 2023						December 31, 2022
Derivatives designated as cash flow hedges	Notional		Fair Value of Assets(1)		Fair Value of Liabilities(2)		Notional		Fair Value of Assets(1)		Fair Value of Liabilities
Interest rate derivatives	$	785.1	$	24.8	$	0.3	$	733.6	$	32.0	$	—

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

(2)Included within Other Liabilities 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 / (losses) on derivatives in cash flow hedging relationships recognized in Other comprehensive income (in millions):


	Three Months Ended				Nine Months Ended
Derivatives designated as cash flow hedges	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Interest rate derivatives	$	(3.7)	$	40.7	$	6.7	$	75.7

The following table presents the amount of gains / (losses) on derivative instruments reclassified from AOCI into earnings (in millions):


	Financial Statement Classification	Three Months Ended				Nine Months Ended
Derivatives designated as cash flow hedges		September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Interest rate derivatives	Interest expense	$	4.5	$	(0.2)	$	10.0	$	0.6

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

17. Leases

Lessee Accounting

We lease land under non-cancelable operating leases at certain MH, RV and Marina properties expiring at various dates through 2100. 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 2042.

Future minimum lease payments under non-cancellable leases as of September 30, 2023 where we are the lessee include (in millions):



Maturity of Lease Liabilities	Finance Leases		Operating Leases		Total
2023 (excluding nine months ended September 30, 2023)	$	0.3	$	3.8	$	4.1
2024	4.6		14.1		18.7
2025	0.5		13.6		14.1
2026	0.5		12.2		12.7
2027	0.5		10.1		10.6
Thereafter	20.0		248.1		268.1
Total Lease Payments	$	26.4	$	301.9	$	328.3
Less: Imputed interest	(12.4)		(139.8)		(152.2)
Present Value of Lease Liabilities	$	14.0	$	162.1	$	176.1

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		September 30, 2023		December 31, 2022
Lease Assets
Finance lease, right-of-use asset, net of accumulated amortization	Investment property, net	$	34.8	$	32.2
Operating lease, right-of-use asset, net	Other assets, net	$	181.5	$	189.4
Below market operating leases, net	Other assets, net	$	96.1	$	90.9
Lease Liabilities
Finance lease liabilities	Other liabilities	$	14.0	$	15.0
Operating lease liabilities	Other liabilities	$	162.1	$	160.3

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


		Three Months Ended				Nine Months Ended
Description	Financial Statement Classification	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Finance Lease Cost
Amortization of ROU assets	Depreciation and amortization	$	0.4	$	1.3	$	1.7	$	2.2
Interest on lease liabilities	Interest expense	0.2		0.2		0.5		0.3
Operating lease cost	General and administrative expense, Property operating and maintenance, Depreciation and amortization	7.8		4.8		14.7		12.6
Variable lease cost	Property operating and maintenance	3.9		2.0		6.6		5.4

Total Lease Cost		$	12.3	$	8.3	$	23.5	$	20.5

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


	As of
	September 30, 2023
Lease Term and Discount Rate
Weighted-average Remaining Lease Terms (years)
Finance lease	35.98
Operating lease	34.80
Weighted-average Discount Rate
Finance lease	3.39	%
Operating lease	3.78	%


	Nine Months Ended
	September 30, 2023		September 30, 2022
Other Information (in millions)
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash flow from operating leases	$	10.0	$	8.3

Financing cash flow from finance leases	0.7		4.7
Total Cash Paid on Lease Liabilities	$	10.7	$	13.0

Lessor Accounting

We are not the lessor for any finance leases at our MH, RV or Marina properties as of September 30, 2023.

Nearly all of our operating leases with our residents and customers 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 September 30, 2023, future minimum lease payments with our residents or customers would not exceed 12 months.

We do not have any operating leases with real estate operators on our MH properties. At our RV communities and marinas, future minimum lease payments under non-cancellable leases with real estate operators where we are the lessor include the following as of September 30, 2023 (in millions):


Maturity of Lease Payments	Operating Leases
2023 (excluding the nine months ended September 30, 2023)	$	7.3
2024	20.5
2025	11.2
2026	7.1
2027	6.1
Thereafter	58.6
Total Undiscounted Cash Flows	$	110.8

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


		Three Months Ended				Nine Months Ended
Description	Financial Statement Classification	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Operating Leases

Fixed lease income	Income from real property; Brokerage commissions and other revenue, net	$	10.8	$	7.0	$	24.0	$	21.0
Variable lease income(1)	Income from real property; Brokerage commissions and other revenue, net	$	0.8	$	0.8	$	3.1	$	2.3

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

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 in Other Liabilities on the Consolidated Balance Sheets. The financial liability was $344.4 million and $339.7 million as of September 30, 2023 and December 31, 2022, respectively. The following table presents the future minimum rental payments for this financial liability as of September 30, 2023 (in millions):


Maturity of Financial Liability	September 30, 2023
2023 (excluding nine months ended September 30, 2023)	$	2.8
2024	11.4
2025	11.5
2026	11.6
2027	11.7
Thereafter	1,697.8
Total Payments	$	1,746.8
Less: Imputed interest	(1,402.4)
Present Value of Financial Liability	$	344.4

Leases

17. Leases

Lessee Accounting

Future minimum lease payments under non-cancellable leases as of September 30, 2023 where we are the lessee include (in millions):



Maturity of Lease Liabilities	Finance Leases		Operating Leases		Total
2023 (excluding nine months ended September 30, 2023)	$	0.3	$	3.8	$	4.1
2024	4.6		14.1		18.7
2025	0.5		13.6		14.1
2026	0.5		12.2		12.7
2027	0.5		10.1		10.6
Thereafter	20.0		248.1		268.1
Total Lease Payments	$	26.4	$	301.9	$	328.3
Less: Imputed interest	(12.4)		(139.8)		(152.2)
Present Value of Lease Liabilities	$	14.0	$	162.1	$	176.1

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		September 30, 2023		December 31, 2022
Lease Assets
Finance lease, right-of-use asset, net of accumulated amortization	Investment property, net	$	34.8	$	32.2
Operating lease, right-of-use asset, net	Other assets, net	$	181.5	$	189.4
Below market operating leases, net	Other assets, net	$	96.1	$	90.9
Lease Liabilities
Finance lease liabilities	Other liabilities	$	14.0	$	15.0
Operating lease liabilities	Other liabilities	$	162.1	$	160.3

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


		Three Months Ended				Nine Months Ended
Description	Financial Statement Classification	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Finance Lease Cost
Amortization of ROU assets	Depreciation and amortization	$	0.4	$	1.3	$	1.7	$	2.2
Interest on lease liabilities	Interest expense	0.2		0.2		0.5		0.3
Operating lease cost	General and administrative expense, Property operating and maintenance, Depreciation and amortization	7.8		4.8		14.7		12.6
Variable lease cost	Property operating and maintenance	3.9		2.0		6.6		5.4

Total Lease Cost		$	12.3	$	8.3	$	23.5	$	20.5

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


	As of
	September 30, 2023
Lease Term and Discount Rate
Weighted-average Remaining Lease Terms (years)
Finance lease	35.98
Operating lease	34.80
Weighted-average Discount Rate
Finance lease	3.39	%
Operating lease	3.78	%


	Nine Months Ended
	September 30, 2023		September 30, 2022
Other Information (in millions)
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash flow from operating leases	$	10.0	$	8.3

Financing cash flow from finance leases	0.7		4.7
Total Cash Paid on Lease Liabilities	$	10.7	$	13.0

Lessor Accounting

We are not the lessor for any finance leases at our MH, RV or Marina properties as of September 30, 2023.


Maturity of Lease Payments	Operating Leases
2023 (excluding the nine months ended September 30, 2023)	$	7.3
2024	20.5
2025	11.2
2026	7.1
2027	6.1
Thereafter	58.6
Total Undiscounted Cash Flows	$	110.8

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


		Three Months Ended				Nine Months Ended
Description	Financial Statement Classification	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Operating Leases

Fixed lease income	Income from real property; Brokerage commissions and other revenue, net	$	10.8	$	7.0	$	24.0	$	21.0
Variable lease income(1)	Income from real property; Brokerage commissions and other revenue, net	$	0.8	$	0.8	$	3.1	$	2.3

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

Failed Sale Leaseback


Maturity of Financial Liability	September 30, 2023
2023 (excluding nine months ended September 30, 2023)	$	2.8
2024	11.4
2025	11.5
2026	11.6
2027	11.7
Thereafter	1,697.8
Total Payments	$	1,746.8
Less: Imputed interest	(1,402.4)
Present Value of Financial Liability	$	344.4

Leases

17. Leases

Lessee Accounting

Future minimum lease payments under non-cancellable leases as of September 30, 2023 where we are the lessee include (in millions):



Maturity of Lease Liabilities	Finance Leases		Operating Leases		Total
2023 (excluding nine months ended September 30, 2023)	$	0.3	$	3.8	$	4.1
2024	4.6		14.1		18.7
2025	0.5		13.6		14.1
2026	0.5		12.2		12.7
2027	0.5		10.1		10.6
Thereafter	20.0		248.1		268.1
Total Lease Payments	$	26.4	$	301.9	$	328.3
Less: Imputed interest	(12.4)		(139.8)		(152.2)
Present Value of Lease Liabilities	$	14.0	$	162.1	$	176.1

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		September 30, 2023		December 31, 2022
Lease Assets
Finance lease, right-of-use asset, net of accumulated amortization	Investment property, net	$	34.8	$	32.2
Operating lease, right-of-use asset, net	Other assets, net	$	181.5	$	189.4
Below market operating leases, net	Other assets, net	$	96.1	$	90.9
Lease Liabilities
Finance lease liabilities	Other liabilities	$	14.0	$	15.0
Operating lease liabilities	Other liabilities	$	162.1	$	160.3

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


		Three Months Ended				Nine Months Ended
Description	Financial Statement Classification	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Finance Lease Cost
Amortization of ROU assets	Depreciation and amortization	$	0.4	$	1.3	$	1.7	$	2.2
Interest on lease liabilities	Interest expense	0.2		0.2		0.5		0.3
Operating lease cost	General and administrative expense, Property operating and maintenance, Depreciation and amortization	7.8		4.8		14.7		12.6
Variable lease cost	Property operating and maintenance	3.9		2.0		6.6		5.4

Total Lease Cost		$	12.3	$	8.3	$	23.5	$	20.5

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


	As of
	September 30, 2023
Lease Term and Discount Rate
Weighted-average Remaining Lease Terms (years)
Finance lease	35.98
Operating lease	34.80
Weighted-average Discount Rate
Finance lease	3.39	%
Operating lease	3.78	%


	Nine Months Ended
	September 30, 2023		September 30, 2022
Other Information (in millions)
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash flow from operating leases	$	10.0	$	8.3

Financing cash flow from finance leases	0.7		4.7
Total Cash Paid on Lease Liabilities	$	10.7	$	13.0

Lessor Accounting

We are not the lessor for any finance leases at our MH, RV or Marina properties as of September 30, 2023.


Maturity of Lease Payments	Operating Leases
2023 (excluding the nine months ended September 30, 2023)	$	7.3
2024	20.5
2025	11.2
2026	7.1
2027	6.1
Thereafter	58.6
Total Undiscounted Cash Flows	$	110.8

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


		Three Months Ended				Nine Months Ended
Description	Financial Statement Classification	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Operating Leases

Fixed lease income	Income from real property; Brokerage commissions and other revenue, net	$	10.8	$	7.0	$	24.0	$	21.0
Variable lease income(1)	Income from real property; Brokerage commissions and other revenue, net	$	0.8	$	0.8	$	3.1	$	2.3

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

Failed Sale Leaseback


Maturity of Financial Liability	September 30, 2023
2023 (excluding nine months ended September 30, 2023)	$	2.8
2024	11.4
2025	11.5
2026	11.6
2027	11.7
Thereafter	1,697.8
Total Payments	$	1,746.8
Less: Imputed interest	(1,402.4)
Present Value of Financial Liability	$	344.4

Debt and Line of Credit - Schedule of Secured Debt (Details)	3 Months Ended			9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($) loan Rate	Jun. 30, 2022 USD ($) Rate	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($) loan Rate
Debt Instrument [Line Items]
Repayment Amount				$ 0
Loss on Extinguishment of Debt	$ 0	$ (4,000,000.0)		$ 0	$ (4,400,000)
Collateralized Term Loan 1
Debt Instrument [Line Items]
Number of loans \| loan		17			17
Number of secured properties		35			35
Secured Debt
Debt Instrument [Line Items]
Repayment Amount		$ 318,000,000.0
Fixed Interest Rate \| Rate		4.81%			4.81%
Loss on Extinguishment of Debt		$ 4,000,000.0
Secured Debt \| Matures on October 1, 2022 3.89% Interest Rate
Debt Instrument [Line Items]
Repayment Amount			$ 15,800,000
Fixed Interest Rate \| Rate			3.89%
Loss on Extinguishment of Debt			$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax Examination [Line Items]
Percentage of gross income			95.00%
Percentage of REIT taxable income			90.00%
Net deferred tax liabilities	$ 215,800,000		$ 215,800,000		$ 308,600,000
Valuation allowance	46,400,000		46,400,000		32,200,000
Deferred tax liabilities	262,200,000		262,200,000		$ 340,800,000
Unrecognized tax benefits	0	$ 0	0	$ 0
Withholding taxes current tax expense	4,600,000	7,300,000	13,900,000	12,500,000
Deferred tax benefit	2,300,000	$ 3,600,000	14,600,000	$ 3,900,000
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| MH Operating Community \| Other Liabilities
Income Tax Examination [Line Items]
Deferred tax liabilities	$ 58,100,000		$ 58,100,000

Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Cash Flows [Abstract]
Interest capitalized	$ 3.8	$ 1.3	$ 8.9	$ 4.1

Notes And Other Receivables - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) development_site numberofproperties	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	$ 832.2	$ 832.2	$ 617.3
Undrawn funds	44.5	44.5
Installment notes receivable on manufactured homes, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	56.0	56.0	65.9
Gross installment notes receivable	60.5	$ 60.5	$ 67.3
Weighted average interest rate		7.50%	7.60%
Maturity		13 years 1 month 6 days	13 years 9 months 18 days
Installment notes receivable on manufactured homes, net \| Fair Value, Recurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value adjustments	4.5	$ 4.5	$ (1.4)
Notes due from Real Estate Operators \| Royale Holdings Group HoldCo Limited
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	$ 361.1	$ 361.1	$ 217.6
Weighted average interest rate		12.40%	15.30%
Maturity			1 month 6 days
Notes due from Real Estate Operators \| Royale Holdings Group HoldCo Limited \| UNITED KINGDOM
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Properties Securing Note Receivable \| numberofproperties	3
Number of MH Manufacturers Securing Note \| development_site	3
Notes receivable from real estate developers and operators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	$ 116.4	$ 116.4	$ 87.6
Weighted average interest rate		9.20%	7.80%
Maturity		2 years 7 months 6 days	2 years 3 months 18 days

Derivative Financial Instruments - Schedule of Gains (Losses) on Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Change in unrealized gain / (loss) on interest rate derivatives	$ (3.7)	$ 40.7	$ 6.7	$ 75.7
Gains / (losses) on derivative instruments reclassified form AOCI into earnings	4.5	(0.2)	10.0	0.6
Designated as Hedging Instrument \| Cash Flow Hedging \| Treasury Lock and Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Gains / (losses) on derivative instruments reclassified form AOCI into earnings	$ 4.5	$ (0.2)	$ 10.0	$ 0.6

Consolidated Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2023

Disclosure of Variable Interest Entities [Abstract]

Schedule of Variable Interest Entities

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


	September 30, 2023		December 31, 2022
Assets
Investment property, net	$	834.1	$	739.7
Cash, cash equivalents and restricted cash	16.6		14.1
Other intangible assets, net	12.1		13.0
Other assets, net	5.7		10.5
Total Assets	$	868.5	$	777.3

Liabilities and Other Equity
Secured debt	$	21.8	$	22.2
Unsecured debt	35.2		35.2
Advanced reservation deposits and rent	15.6		13.8
Accrued expenses and accounts payable	27.9		11.8
Other liabilities	1.2		1.4
Total Liabilities	101.7		84.4
Temporary equity	47.0		41.3

Total Liabilities and Other Equity	$	148.7	$	125.7

- 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

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments

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


	September 30, 2023						December 31, 2022
Derivatives designated as cash flow hedges	Notional		Fair Value of Assets(1)		Fair Value of Liabilities(2)		Notional		Fair Value of Assets(1)		Fair Value of Liabilities
Interest rate derivatives	$	785.1	$	24.8	$	0.3	$	733.6	$	32.0	$	—

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

(2)Included within Other Liabilities on the Consolidated Balance Sheets.

Schedule of Gains on Derivatives

The following table presents the gains / (losses) on derivatives in cash flow hedging relationships recognized in Other comprehensive income (in millions):


	Three Months Ended				Nine Months Ended
Derivatives designated as cash flow hedges	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Interest rate derivatives	$	(3.7)	$	40.7	$	6.7	$	75.7

The following table presents the amount of gains / (losses) on derivative instruments reclassified from AOCI into earnings (in millions):


	Financial Statement Classification	Three Months Ended				Nine Months Ended
Derivatives designated as cash flow hedges		September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Interest rate derivatives	Interest expense	$	4.5	$	(0.2)	$	10.0	$	0.6

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill during the nine months ended September 30, 2023 by reportable segment were as follows (in millions):


Goodwill by Segment	December 31, 2022		Currency Translation Adjustment		Other(1)		September 30, 2023
MH	$	467.4	$	5.0	$	60.7	$	533.1
RV	9.5		—		—		9.5
Marina	541.5		—		—		541.5
Total	$	1,018.4	$	5.0	$	60.7	$	1,084.1	(2)

(1) During the nine months ended September 30, 2023, adjustments in purchase price allocations resulted in the recognition of additional goodwill of $60.7 million in the MH segment, related to the Park Leisure business combination.

(2) During the year ended December 31, 2022, we recognized goodwill from acquisitions of $516.0 million which is expected to be deductible for tax purposes. There were no acquisitions accounted for as business combination during the nine months ended September 30, 2023.

Schedule of Finite-Lived Intangible Assets

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


		September 30, 2023				December 31, 2022
Other Intangible Asset	Useful Life	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
In-place leases	2 months - 13 years	$	166.1	$	(144.3)	$	165.7	$	(135.4)
Non-competition agreements	5 years	10.5		(5.6)		10.5		(4.1)
Trademarks and trade names	3 - 15 years	80.0		(9.7)		81.2		(5.5)
Customer relationships	4 - 17 years	131.5		(34.1)		131.5		(24.7)
Franchise agreements and other intangible assets	1 - 27 years	48.3		(12.0)		48.3		(8.9)
Total finite-lived assets		$	436.4	$	(205.7)	$	437.2	$	(178.6)
Indefinite-lived assets - Trademarks and trade names	N/A	141.0		—		140.9		—
Indefinite-lived assets - Other	N/A	3.0		—		2.5		—
Total indefinite-lived assets		$	144.0	$	—	$	143.4	$	—
Total		$	580.4	$	(205.7)	$	580.6	$	(178.6)

Schedule of Intangible Assets Amortization Expense

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


	Three Months Ended				Nine Months Ended
Other Intangible Asset Amortization Expense	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
In-place leases	$	2.2	$	3.4	$	9.0	$	11.8
Non-competition agreements	0.5		0.5		1.6		1.5
Trademarks and trade names	1.5		1.7		4.6		3.0
Customer relationships	3.2		3.2		9.5		9.1
Franchise fees and other intangible assets	0.9		0.7		2.6		2.0
Total	$	8.3	$	9.5	$	27.3	$	27.4

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

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


Other Intangible Asset Future Amortization Expense	Remainder 2023		2024		2025		2026		2027
In-place leases	$	2.0	$	7.1	$	6.2	$	3.5	$	2.0
Non-competition agreements	0.5		2.1		2.1		0.1		—
Trademarks and trade names	1.3		5.2		5.2		5.2		5.2
Customer relationships	3.2		12.7		12.7		12.3		12.2
Franchise agreements and other intangible assets	1.0		3.2		3.1		2.9		2.6
Total	$	8.0	$	30.3	$	29.3	$	24.0	$	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/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Operating Leases
2023 (excluding nine months ended September 30, 2023)	$ 3.8
2024	14.1
2025	13.6
2026	12.2
2027	10.1
Thereafter	248.1
Total Lease Payments	301.9
Less: Imputed interest	(139.8)
Present Value of Lease Liabilities	162.1	$ 160.3
Finance Leases
2023 (excluding nine months ended September 30, 2023)	0.3
2024	4.6
2025	0.5
2026	0.5
2027	0.5
Thereafter	20.0
Total Lease Payments	26.4
Less: Imputed interest	(12.4)
Present Value of Lease Liabilities	14.0	$ 15.0
Total
2023 (excluding nine months ended September 30, 2023)	4.1
2024	18.7
2025	14.1
2026	12.7
2027	10.6
Thereafter	268.1
Total Lease Payments	328.3
Less: Imputed interest	(152.2)
Present Value of Lease Liabilities	$ 176.1

Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Financial Assets
Cash, cash equivalents and restricted cash	$ 62.0		$ 90.4	$ 112.0		$ 78.2
Total Notes and Other Receivables, net	832.2		617.3
Financial Liabilities
Secured debt	3,359.5		3,217.8
Total unsecured debt	4,305.5		3,979.4
Interest Rate Swap and Forward Contracts \| Cash Flow Hedging \| Designated as Hedging Instrument
Financial Liabilities
Derivative liabilities	0.3		0.0
Installment notes receivable on manufactured homes, net
Financial Assets
Total Notes and Other Receivables, net	56.0		65.9
Significant Other Observable Inputs (Level 2) \| Interest Rate Swap and Forward Contracts \| Cash Flow Hedging \| Designated as Hedging Instrument
Financial Assets
Derivative assets	24.8		32.0
Fair Value, Recurring \| Marketable securities
Financial Assets
Marketable securities	112.8		127.3			186.9
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net
Financial Assets
Total assets measured at fair value	56.0	$ 59.5	65.9	69.4	$ 73.1	79.1
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Notes Receivable from Real Estate Developers and Operators
Financial Assets
Total assets measured at fair value	477.5	$ 462.4	305.2	$ 288.3	$ 292.3	$ 284.0
Fair Value, Recurring \| Carrying Value
Financial Assets
Cash, cash equivalents and restricted cash	62.0		90.4
Derivative assets	24.8		32.0
Total assets measured at fair value	733.1		620.8
Financial Liabilities
Secured debt	3,359.5		3,217.8
Senior unsecured notes	2,176.9		1,779.6
Line of credit and other unsecured debt	2,128.6		2,199.8
Total unsecured debt	4,305.5		3,979.4
Derivative liabilities	0.3
Other financial liabilities (contingent consideration)	20.2		20.2
Total liabilities measured at fair value	7,685.5		7,217.4
Fair Value, Recurring \| Carrying Value \| Installment notes receivable on manufactured homes, net
Financial Assets
Total Notes and Other Receivables, net	56.0		65.9
Fair Value, Recurring \| Carrying Value \| Notes receivable from real estate developers and operators
Financial Assets
Total Notes and Other Receivables, net	477.5		305.2
Fair Value, Recurring \| Carrying Value \| Marketable securities
Financial Assets
Marketable securities	112.8		127.3
Fair Value, Recurring \| Estimate of Fair Value Measurement
Financial Assets
Cash, cash equivalents and restricted cash	62.0		90.4
Derivative assets	24.8		32.0
Total assets measured at fair value	733.1		620.8
Financial Liabilities
Secured debt	2,857.9		2,814.1
Senior unsecured notes	1,836.0		1,432.7
Line of credit and other unsecured debt	2,128.6		2,199.8
Total unsecured debt	3,964.6		3,632.5
Derivative liabilities	0.3
Other financial liabilities (contingent consideration)	20.2		20.2
Total liabilities measured at fair value	6,843.0		6,466.8
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Installment notes receivable on manufactured homes, net
Financial Assets
Total Notes and Other Receivables, net	56.0		65.9
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Notes receivable from real estate developers and operators
Financial Assets
Total Notes and Other Receivables, net	477.5		305.2
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Marketable securities
Financial Assets
Marketable securities	112.8		127.3
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Financial Assets
Cash, cash equivalents and restricted cash	62.0		90.4
Derivative assets	0.0		0.0
Total assets measured at fair value	174.8		217.7
Financial Liabilities
Secured debt	0.0		0.0
Senior unsecured notes	0.0		0.0
Line of credit and other unsecured debt	0.0		0.0
Total unsecured debt	0.0		0.0
Derivative liabilities	0.0
Other financial liabilities (contingent consideration)	0.0		0.0
Total liabilities measured at fair value	0.0		0.0
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) \| Installment notes receivable on manufactured homes, net
Financial Assets
Total Notes and Other Receivables, net	0.0		0.0
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) \| Notes receivable from real estate developers and operators
Financial Assets
Total Notes and Other Receivables, net	0.0		0.0
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) \| Marketable securities
Financial Assets
Marketable securities	112.8		127.3
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2)
Financial Assets
Cash, cash equivalents and restricted cash	0.0		0.0
Derivative assets	24.8		32.0
Total assets measured at fair value	24.8		32.0
Financial Liabilities
Secured debt	3,359.5		3,217.8
Senior unsecured notes	2,176.9		1,779.6
Line of credit and other unsecured debt	2,128.6		2,199.8
Total unsecured debt	4,305.5		3,979.4
Derivative liabilities	0.3
Other financial liabilities (contingent consideration)	0.0		0.0
Total liabilities measured at fair value	7,665.3		7,197.2
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2) \| Installment notes receivable on manufactured homes, net
Financial Assets
Total Notes and Other Receivables, net	0.0		0.0
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2) \| Notes receivable from real estate developers and operators
Financial Assets
Total Notes and Other Receivables, net	0.0		0.0
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2) \| Marketable securities
Financial Assets
Marketable securities	0.0		0.0
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3)
Financial Assets
Cash, cash equivalents and restricted cash	0.0		0.0
Derivative assets	0.0		0.0
Total assets measured at fair value	533.5		371.1
Financial Liabilities
Secured debt	0.0		0.0
Senior unsecured notes	0.0		0.0
Line of credit and other unsecured debt	0.0		0.0
Total unsecured debt	0.0		0.0
Derivative liabilities	0.0
Other financial liabilities (contingent consideration)	20.2		20.2
Total liabilities measured at fair value	20.2		20.2
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net
Financial Assets
Total Notes and Other Receivables, net	56.0		65.9
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3) \| Notes receivable from real estate developers and operators
Financial Assets
Total Notes and Other Receivables, net	477.5		305.2
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3) \| Marketable securities
Financial Assets
Marketable securities	$ 0.0		$ 0.0

Notes and Other Receivables - Schedule of Other Receivables (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Jan. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net	$ 102.9	$ 61.5
Insurance receivables	63.4	78.0
Marina customers for storage, service and lease payments, net	49.3	41.8
Home sale proceeds	32.7	28.9
Other receivables	$ 298.7	246.2
Draw down period	3 years
Total Notes and Other Receivables, net	$ 832.2	$ 617.3
RezPlot
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ownership interest	49.00%	48.90%
Principal Amount	$ 10.0		$ 5.0
Interest Rate	3.00%
Total Notes and Other Receivables, net	$ 12.4	$ 12.7
Marina
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net allowance	2.6	2.2
Total Notes and Other Receivables, net	56.7	45.6
MH and RV Segments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net allowance	5.1	5.9
Installment notes receivable on manufactured homes, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other receivables	50.4	36.0
Total Notes and Other Receivables, net	$ 56.0	$ 65.9

Fair Value of Financial Instruments - Schedule of Level 3 Instruments at Fair Value (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Assets
Foreign currency exchange gains / (losses)	$ (6.5)	$ 14.9	$ (6.5)	$ 21.7
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Contingent Consideration
Liabilities
Beginning balance	20.2	20.2	20.2	20.2
Ending balance	20.2	20.2	20.2	20.2
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net
Assets
Beginning balance	59.5	73.1	65.9	79.1
Foreign currency exchange gains / (losses)	0.0	0.0	0.0	0.0
Ending balance	56.0	69.4	56.0	69.4
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net \| Realized gains / (losses)
Assets
Changes to fair value	(1.3)	(0.1)	(3.1)	0.1
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net \| Purchases and issuances
Assets
Changes to fair value	0.2	0.0	0.4	1.0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net \| Sales and settlements
Assets
Changes to fair value	(2.4)	(3.6)	(7.2)	(10.8)
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net \| Dispositions of properties
Assets
Changes to fair value			0.0	0.0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net \| Other Adjustments
Assets
Changes to fair value	0.0	0.0	0.0	0.0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Warrants
Assets
Beginning balance	0.0	0.0	0.0	0.0
Foreign currency exchange gains / (losses)	0.0	0.0	0.0	0.0
Ending balance	0.0	0.0	0.0	0.0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Warrants \| Realized gains / (losses)
Assets
Changes to fair value	0.0	(0.6)	(0.4)	(2.6)
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Warrants \| Purchases and issuances
Assets
Changes to fair value	0.0	0.6	0.4	2.6
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Warrants \| Sales and settlements
Assets
Changes to fair value	0.0	0.0	0.0	0.0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Warrants \| Dispositions of properties
Assets
Changes to fair value			0.0	0.0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Warrants \| Other Adjustments
Assets
Changes to fair value	0.0	0.0	0.0	0.0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Notes Receivable from Real Estate Developers and Operators
Assets
Beginning balance	462.4	292.3	305.2	284.0
Foreign currency exchange gains / (losses)	(13.4)	(17.5)	3.3	(40.2)
Ending balance	477.5	288.3	477.5	288.3
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Notes Receivable from Real Estate Developers and Operators \| Realized gains / (losses)
Assets
Changes to fair value	0.0	0.0	0.0	0.0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Notes Receivable from Real Estate Developers and Operators \| Purchases and issuances
Assets
Changes to fair value	31.9	17.8	179.3	65.6
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Notes Receivable from Real Estate Developers and Operators \| Sales and settlements
Assets
Changes to fair value	(3.5)	(4.3)	(10.4)	(21.1)
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Notes Receivable from Real Estate Developers and Operators \| Dispositions of properties
Assets
Changes to fair value			0.0	0.0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Notes Receivable from Real Estate Developers and Operators \| Other Adjustments
Assets
Changes to fair value	$ 0.1	$ 0.0	$ 0.1	$ 0.0

Fair Value of Financial Instruments - Narrative (Details)		3 Months Ended
	Apr. 12, 2022	Mar. 31, 2023
Designated as Hedging Instrument \| Cash Flow Hedging \| Treasury Lock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term of derivates	10 years	10 years

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	18. Recent Accounting Pronouncements Recent Accounting Pronouncements - Adopted 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 were available for election through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, "Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848," which defers the sunset date for 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 September 30, 2023, all of our debt and derivative instruments have been converted from LIBOR to alternative reference rates. The adoption of this ASU 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
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-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
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-URI https://asc.fasb.org//1943274/2147480530/250-10-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480530/250-10-S99-6

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivative Financial Instruments - Narrative (Details) - Designated as Hedging Instrument - Cash Flow Hedging £ in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) contract	Mar. 31, 2023 USD ($) contract	Sep. 30, 2023 USD ($) contract	Mar. 31, 2023 GBP (£) contract	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Value of derivatives settled		$ 250.0
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Number of derivatives held \| contract	6		6
Number of derivatives entered into \| contract	2	1
Aggregate notional value \| £				£ 100.0
Effective interest rate	4.771%		4.771%
Derivative, average fixed interest rate plus spread	5.6814%	4.808%	5.6814%	4.808%
Derivative, fixed rate		3.865%		3.865%
Treasury Lock and Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification of derivatives			$ 19.0
Effective interest rate		5.50%		5.50%	5.70%
Net settlement payment received		$ 7.4
InterestRateSwapMemberQ3 2023
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate notional value	$ 125.0		125.0
InterestRateSwapMember Q1 2023
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate notional value	$ 122.0		$ 122.0
Forward Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Number of derivatives entered into \| contract		1
Aggregate notional value		$ 50.0
Number of derivatives settled \| contract		1		1
Value of derivatives settled		$ 50.0
Treasury Lock
Derivative Instruments, Gain (Loss) [Line Items]
Number of derivatives settled \| contract		2		2
Value of derivatives settled		$ 100.0

Segment Reporting

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

11. Segment Reporting

ASC Topic 280, "Segment Reporting," establishes standards for the way that business enterprises report information about operating segments in its financial statements. As described in Note 1, "Basis of Presentation," we analyze our operating results through the following segments: (i) Manufactured home ("MH") communities, (ii) Recreational vehicle ("RV") communities and (iii) Marina. We evaluate segment operating performance based on NOI.

The MH segment owns, operates, develops, or has an interest in, a portfolio of MH communities in 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 in the U.S. also provides manufactured home sales and leasing services to tenants and prospective tenants of our communities. The MH segment in the UK provides holiday home sales and associated site license activities to holiday homeowners in 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. 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.

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


	Three Months Ended
	September 30, 2023								September 30, 2022
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Operating revenues	$	406.4	$	270.7	$	264.9	$	942.0	$	419.1	$	263.4	$	228.1	$	910.6
Operating expenses / Cost of sales	190.6		119.7		173.7		484.0		200.5		118.1		136.8		455.4
NOI	$	215.8	$	151.0	$	91.2	$	458.0	$	218.6	$	145.3	$	91.3	$	455.2
Adjustments to arrive at net income
Interest income							15.2								11.2
Brokerage commissions and other revenues, net							26.0								10.8

General and administrative expense							(66.2)								(69.1)
Catastrophic event-related charges, net							3.1								(12.2)
Business combination expense, net							—								(8.4)
Depreciation and amortization							(162.6)								(149.7)
Asset impairments							(1.2)								(1.6)
Loss on extinguishment of debt (see Note 8)							—								(4.0)
Interest expense							(84.1)								(61.7)
Interest on mandatorily redeemable preferred OP units / equity							(0.8)								(1.0)
Gain / (loss) on remeasurement of marketable securities							6.1								(7.2)
Gain / (loss) on foreign currency exchanges							(6.5)								14.9
Loss on dispositions of properties							(0.7)								(0.8)
Other income / (expense), net							(3.7)								2.8
Loss on remeasurement of notes receivable							(1.3)								(0.1)
Income from nonconsolidated affiliates (see Note 6)							1.4								2.0
Gain on remeasurement of investment in nonconsolidated affiliates							—								(0.4)
Current tax expense							(4.6)								(7.3)
Deferred tax benefit							2.3								3.6
Net Income							180.4								177.0
Less: Preferred return to preferred OP units / equity interests							3.3								2.5
Less: Income attributable to noncontrolling interests							14.0								11.9



Net Income Attributable to SUI Common Shareholders							$	163.1							$	162.6



	Nine Months Ended
	September 30, 2023								September 30, 2022
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Operating revenues	$	1,135.4	$	570.5	$	706.1	$	2,412.0	$	1,073.4	$	569.5	$	599.8	$	2,242.7
Operating expenses / Cost of sales	542.4		285.0		468.0		1,295.4		489.9		284.8		376.2		1,150.9
Net Operating Income / Gross Profit	$	593.0	$	285.5	$	238.1	$	1,116.6	$	583.5	$	284.7	$	223.6	$	1,091.8
Adjustments to arrive at net income
Interest income							40.6								25.3
Brokerage commissions and other revenues, net							45.3								27.4

General and administrative expense							(192.4)								(187.0)
Catastrophic event-related charges, net							2.2								(12.3)
Business combination expense, net							(3.0)								(23.9)
Depreciation and amortization							(482.3)								(447.7)
Asset impairments							(10.1)								(2.3)
Loss on extinguishment of debt (see Note 8)							—								(4.4)
Interest expense							(239.9)								(162.2)
Interest on mandatorily redeemable preferred OP units / equity							(2.7)								(3.1)
Loss on remeasurement of marketable securities							(8.0)								(74.0)
Gain / (loss) on foreign currency exchanges							(6.5)								21.7
Gain / (loss) on dispositions of properties							(2.9)								12.5
Other income / (expense), net							(5.5)								2.6
Gain / (loss) on remeasurement of notes receivable							(3.1)								0.1
Income from nonconsolidated affiliates (see Note 6)							0.5								3.8
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates							(4.5)								0.1
Current tax expense							(13.9)								(12.5)
Deferred tax benefit							14.6								3.9
Net Income							245.0								259.8
Less: Preferred return to preferred OP units / equity interests							9.0								8.6
Less: Income attributable to noncontrolling interests							13.2								13.9



Net Income Attributable to SUI Common Shareholders							$	222.8							$	237.3


	September 30, 2023								December 31, 2022
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Identifiable Assets
Investment property, net	$	6,903.2	$	3,881.1	$	3,206.4	$	13,990.7	$	7,181.7	$	3,744.3	$	3,045.0	$	13,971.0
Cash, cash equivalents and restricted cash	34.2		17.0		10.8		62.0		49.4		30.3		10.7		90.4
Marketable securities	71.2		41.6		—		112.8		82.4		44.9		—		127.3
Inventory of manufactured homes	195.6		24.2		—		219.8		189.1		13.6		—		202.7
Notes and other receivables, net	659.5		116.0		56.7		832.2		475.2		96.5		45.6		617.3
Goodwill	533.1		9.5		541.5		1,084.1		467.4		9.5		541.5		1,018.4
Other intangible assets, net	88.0		29.8		256.9		374.7		97.9		32.6		271.5		402.0
Other assets, net	633.3		50.2		245.5		929.0		356.1		63.0		236.0		655.1
Total Assets	$	9,118.1	$	4,169.4	$	4,317.8	$	17,605.3	$	8,899.2	$	4,034.7	$	4,150.3	$	17,084.2

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Paragraph 32
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes We have elected to be taxed as a real estate investment trust ("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% of our gross income in any year must be derived from qualifying sources. In addition, a REIT must distribute annually at least 90% of its REIT taxable income (calculated without any deduction for dividends paid and excluding capital gains) 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 during the nine months ended September 30, 2023. 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. 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, depreciation, interest and basis differences between tax and GAAP. Our deferred tax assets that have a full valuation allowance relate to our taxable REIT subsidiaries. As of September 30, 2023, we had $215.8 million of net deferred tax liabilities, comprised of deferred tax assets, net of valuation allowance of $46.4 million, and deferred tax liabilities of $262.2 million. Additionally, we have $58.1 million of deferred tax liabilities that have been reclassified as real estate held for sale. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional information. The deferred tax liability balance is comprised primarily of basis differences in our foreign investment in properties in the UK and Canada. As of December 31, 2022, we had $308.6 million of net deferred tax liabilities, comprised of deferred tax assets, net of valuation allowance of $32.2 million, and deferred tax liabilities of $340.8 million. The net deferred tax assets and deferred tax liabilities are recorded within Other assets and Other liabilities, respectively, on our Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022. We had no unrecognized tax benefits as of September 30, 2023 and 2022. We do not expect significant changes in tax positions that would result in unrecognized tax benefits within one year of September 30, 2023. For the three and nine months ended September 30, 2023, we recorded current tax expense for federal, state, Canadian, Puerto Rican, and UK income taxes and Australian withholding taxes totaling $4.6 million and $13.9 million, respectively. For the three and nine months ended September 30, 2022, we recorded current tax expense for federal, state, Canadian, Puerto Rican, and UK income taxes and Australian withholding taxes totaling $7.3 million and $12.5 million, respectively. For the three and nine months ended September 30, 2023, we recorded a deferred tax benefit of $2.3 million and $14.6 million, respectively. For the three and nine months ended September 30, 2022, we recorded a deferred tax benefit of $3.6 million and $3.9 million, respectively.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 436.4	$ 437.2
Accumulated Amortization	(205.7)	(178.6)
Total indefinite-lived assets	144.0	143.4
Total	580.4	580.6
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Total indefinite-lived assets	141.0	140.9
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Total indefinite-lived assets	3.0	2.5
In-place leases
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	166.1	165.7
Accumulated Amortization	$ (144.3)	(135.4)
In-place leases \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	2 months
In-place leases \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	13 years
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Useful Life	5 years
Gross Carrying Amount	$ 10.5	10.5
Accumulated Amortization	(5.6)	(4.1)
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	80.0	81.2
Accumulated Amortization	$ (9.7)	(5.5)
Trademarks and trade names \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	3 years
Trademarks and trade names \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	15 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 131.5	131.5
Accumulated Amortization	$ (34.1)	(24.7)
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	4 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	17 years
Franchise agreements and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 48.3	48.3
Accumulated Amortization	$ (12.0)	$ (8.9)
Franchise agreements and other intangible assets \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	1 year
Franchise agreements and other intangible assets \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	27 years

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation Sun Communities, Inc. and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership, (the "Operating Partnership"), Sun Home Services, Inc., ("SHS"), Safe Harbor Marinas, LLC ("Safe Harbor") and Sun UK Holding LLC (together with its subsidiaries, "Park Holidays") are referred to herein as the "Company," "SUI," "we," "us," or "our." We follow accounting standards set by the Financial Accounting Standards Board ("FASB"). FASB establishes accounting principles generally accepted in the United States of America ("GAAP"), which we follow to ensure that we consistently report our financial condition, results of operations and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification ("ASC"). These unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information and in accordance with GAAP. We present interim disclosures and certain information and footnote disclosures as required by SEC rules and regulations. Accordingly, the unaudited Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying unaudited Consolidated Financial Statements reflect, in the opinion of management, all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of the interim financial statements. All significant intercompany transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period financial statements in order to conform to current period presentation. There was no impact to prior period net income for any of the reclassifications. The results of operations for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the SEC on February 23, 2023 (our "2022 Annual Report"). These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our 2022 Annual Report. Our three reportable segments are: (i) Manufactured home ("MH") communities, (ii) Recreational vehicle ("RV") communities and (iii) Marinas.

Debt and Line of Credit - Schedule of Debt (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Secured debt	$ 3,359.5	$ 3,217.8
Weighted Average Years to Maturity	6 years 9 months 18 days	7 years 4 months 24 days
Weighted Average Interest Rates	4.131%	3.746%
Unsecured debt	$ 4,305.5	$ 3,979.4
Total debt	7,665.0	7,197.2
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit and other	2,084.9	2,130.6
Deferred financing costs	$ (2.0)	$ (3.0)
Secured Debt
Debt Instrument [Line Items]
Weighted Average Years to Maturity	9 years 3 months 18 days	10 years 2 months 12 days
Weighted Average Interest Rates	3.81%	3.723%
Net debt discount (premium)	$ 0.1	$ 0.1
Deferred financing costs	$ (15.1)	$ (14.6)
Senior Unsecured Notes
Debt Instrument [Line Items]
Weighted Average Years to Maturity	7 years 8 months 12 days	8 years 1 month 6 days
Weighted Average Interest Rates	3.375%	2.90%
Unsecured debt	$ 2,176.9	$ 1,779.6
Net debt discount (premium)	6.7	6.1
Deferred financing costs	$ (16.4)	$ (14.3)
Line of Credit and Other Debt \| Revolving Credit Facility
Debt Instrument [Line Items]
Weighted Average Years to Maturity	2 years	2 years 9 months 18 days
Weighted Average Interest Rates	5.394%	4.417%
Preferred equity - Sun NG Resorts - mandatorily redeemable
Debt Instrument [Line Items]
Weighted Average Years to Maturity	1 year	1 year 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 months 18 days	3 years 1 month 6 days
Weighted Average Interest Rates	6.50%	5.921%
Preferred OP units - mandatorily redeemable	$ 8.5	$ 34.0

Consolidated Variable Interest Entities

9 Months Ended

Sep. 30, 2023

Disclosure of Variable Interest Entities [Abstract]

Consolidated Variable Interest Entities

7. Consolidated Variable Interest Entities

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 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.


	September 30, 2023		December 31, 2022
Assets
Investment property, net	$	834.1	$	739.7
Cash, cash equivalents and restricted cash	16.6		14.1
Other intangible assets, net	12.1		13.0
Other assets, net	5.7		10.5
Total Assets	$	868.5	$	777.3

Liabilities and Other Equity
Secured debt	$	21.8	$	22.2
Unsecured debt	35.2		35.2
Advanced reservation deposits and rent	15.6		13.8
Accrued expenses and accounts payable	27.9		11.8
Other liabilities	1.2		1.4
Total Liabilities	101.7		84.4
Temporary equity	47.0		41.3

Total Liabilities and Other Equity	$	148.7	$	125.7

Total assets related to the consolidated VIEs, with the exception of the Operating Partnership, comprised 4.9% and 4.5% of our consolidated total assets at September 30, 2023 and December 31, 2022, respectively. Total liabilities comprised 1.1% and 0.9% of our consolidated total liabilities at September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022, respectively.

Earnings Per Share - Schedule of Antidilutive Securities Excluded from EPS (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	6,184	6,050
Common OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	2,632	2,429
Series A-1 preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	202	270
A-3 preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	40	40
Aspen preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	315	1,284
Series C preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	306	306
Series D preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	489	489
Series E preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	80	80
Series F preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	90	90
Series G preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	211	241
Series H preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	581	581
Series J preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	238	240
Series K preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	1,000

Equity and Temporary Equity - Schedule of Redeemable Preferred Units (Details)	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)
Class of Stock [Line Items]
Issue price (in dollars per share) \| $ / shares	$ 100.00
Series D preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) \| shares	488,958
Exchange rate	0.8000
Annual distribution rate	$ 0.040
Redeemable preferred stock	$ 48,200,000	$ 48,100,000
Series F preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) \| shares	90,000
Exchange rate	0.6250
Annual distribution rate	$ 0.030
Redeemable preferred stock	$ 8,700,000	8,700,000
Series G preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) \| shares	210,710
Exchange rate	0.6452
Annual distribution rate	$ 0.032
Redeemable preferred stock	$ 21,100,000	24,400,000
Series H preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) \| shares	581,238
Exchange rate	0.6098
Annual distribution rate	$ 0.030
Redeemable preferred stock	$ 56,500,000	56,700,000
Series J preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) \| shares	238,000
Exchange rate	0.6061
Annual distribution rate	$ 0.0285
Redeemable preferred stock	$ 23,300,000	23,600,000
Series K preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) \| shares	1,000,000
Exchange rate	0.5882
Annual distribution rate	$ 0.040
Redeemable preferred stock	$ 99,700,000	0
Redeemable Preferred OP Units
Class of Stock [Line Items]
OP units outstanding (in shares) \| shares	2,608,906
Redeemable preferred stock	$ 257,500,000	$ 161,500,000

Share-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-Based Compensation

10. Share-Based Compensation

As of September 30, 2023, we had two share-based compensation plans: the Sun Communities, Inc. first amended 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.

During the nine months ended September 30, 2023 and 2022, shares were granted as follows:


Grant Period	Type	Plan	Shares Granted	Grant Date Fair Value Per Share			Vesting Type
2023	Key Employees	2015 Equity Incentive Plan	220,858	$	137.14	(1)	Time Based
2023	Executive Officers	2015 Equity Incentive Plan	62,800	$	144.88	(1)	Time Based
2023	Executive Officers	2015 Equity Incentive Plan	82,200	$	108.60	(2)	Market Condition	(3)
2023	Directors	2004 Non-Employee Director Option Plan	16,000	$	148.12	(1)	Time Based

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

(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 shares expected to vest using a Monte Carlo simulation to determine fair value.

The vesting requirements for 225,879 and 257,663 restricted shares granted to our executives, directors and employees were satisfied during the nine months ended September 30, 2023 and 2022, respectively.

We capitalize a portion of share-based compensation costs for employees who work directly on construction and development of our communities. We recognized the following share-based compensation costs (in millions):


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Share-based compensation - expensed(1)	$	9.9	$	9.5	$	29.4	$	28.4
Share-based compensation - capitalized(2)	$	0.6	$	—	$	1.9	$	—

(1) Recorded within General and Administrative Expense on the Consolidated Income Statements.

(2) Capitalized to Land Improvements and Buildings on the Consolidated Balance Sheets.

Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Three Months Ended
	September 30, 2023								September 30, 2022
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Revenues
Real property	$	282.5	$	210.5	$	125.8	$	618.8	$	260.3	$	209.6	$	115.8	$	585.7
Home sales	104.1		13.7		—		117.8		140.9		9.8		—		150.7
Service, retail, dining and entertainment	19.8		46.5		139.1		205.4		17.9		44.0		112.3		174.2
Interest	13.7		1.4		0.1		15.2		10.4		0.8		—		11.2
Brokerage commissions and other, net	14.1		8.2		3.7		26.0		6.6		4.2		—		10.8
Total Revenues	$	434.2	$	280.3	$	268.7	$	983.2	$	436.1	$	268.4	$	228.1	$	932.6



	Nine Months Ended
	September 30, 2023								September 30, 2022
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Revenues
Real property	$	801.4	$	458.4	$	326.6	$	1,586.4	$	711.4	$	461.2	$	289.0	$	1,461.6
Home sales	293.1		33.6		—		326.7		328.5		29.6		—		358.1
Service, retail, dining and entertainment	40.9		78.5		379.5		498.9		33.5		78.7		310.8		423.0
Interest	36.7		3.4		0.5		40.6		23.3		2.0		—		25.3
Brokerage commissions and other, net	22.8		16.7		5.8		45.3		15.6		10.7		1.1		27.4
Total Revenues	$	1,194.9	$	590.6	$	712.4	$	2,497.9	$	1,112.3	$	582.2	$	600.9	$	2,295.4

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,018.4
Currency Translation Adjustment	5.0
Other	60.7
Goodwill, ending balance	1,084.1	$ 1,018.4
Goodwill from acquisitions		516.0
MH
Goodwill [Roll Forward]
Goodwill, beginning balance	467.4
Currency Translation Adjustment	5.0
Other	60.7
Goodwill, ending balance	533.1	467.4
RV
Goodwill [Roll Forward]
Goodwill, beginning balance	9.5
Currency Translation Adjustment	0.0
Other	0.0
Goodwill, ending balance	9.5	9.5
Marina
Goodwill [Roll Forward]
Goodwill, beginning balance	541.5
Currency Translation Adjustment	0.0
Other	0.0
Goodwill, ending balance	$ 541.5	$ 541.5

- 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

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure

5. Goodwill and Other Intangible Assets

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 during the nine months ended September 30, 2023 by reportable segment were as follows (in millions):


Goodwill by Segment	December 31, 2022		Currency Translation Adjustment		Other(1)		September 30, 2023
MH	$	467.4	$	5.0	$	60.7	$	533.1
RV	9.5		—		—		9.5
Marina	541.5		—		—		541.5
Total	$	1,018.4	$	5.0	$	60.7	$	1,084.1	(2)

Other Intangible Assets, net

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


		September 30, 2023				December 31, 2022
Other Intangible Asset	Useful Life	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
In-place leases	2 months - 13 years	$	166.1	$	(144.3)	$	165.7	$	(135.4)
Non-competition agreements	5 years	10.5		(5.6)		10.5		(4.1)
Trademarks and trade names	3 - 15 years	80.0		(9.7)		81.2		(5.5)
Customer relationships	4 - 17 years	131.5		(34.1)		131.5		(24.7)
Franchise agreements and other intangible assets	1 - 27 years	48.3		(12.0)		48.3		(8.9)
Total finite-lived assets		$	436.4	$	(205.7)	$	437.2	$	(178.6)
Indefinite-lived assets - Trademarks and trade names	N/A	141.0		—		140.9		—
Indefinite-lived assets - Other	N/A	3.0		—		2.5		—
Total indefinite-lived assets		$	144.0	$	—	$	143.4	$	—
Total		$	580.4	$	(205.7)	$	580.6	$	(178.6)

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


	Three Months Ended				Nine Months Ended
Other Intangible Asset Amortization Expense	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
In-place leases	$	2.2	$	3.4	$	9.0	$	11.8
Non-competition agreements	0.5		0.5		1.6		1.5
Trademarks and trade names	1.5		1.7		4.6		3.0
Customer relationships	3.2		3.2		9.5		9.1
Franchise fees and other intangible assets	0.9		0.7		2.6		2.0
Total	$	8.3	$	9.5	$	27.3	$	27.4

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


Other Intangible Asset Future Amortization Expense	Remainder 2023		2024		2025		2026		2027
In-place leases	$	2.0	$	7.1	$	6.2	$	3.5	$	2.0
Non-competition agreements	0.5		2.1		2.1		0.1		—
Trademarks and trade names	1.3		5.2		5.2		5.2		5.2
Customer relationships	3.2		12.7		12.7		12.3		12.2
Franchise agreements and other intangible assets	1.0		3.2		3.1		2.9		2.6
Total	$	8.0	$	30.3	$	29.3	$	24.0	$	22.0

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets
Land	$ 3,996.4	$ 4,322.3
Land improvements and buildings	11,418.4	10,903.4
Rental homes and improvements	725.6	645.2
Furniture, fixtures and equipment	995.1	839.0
Investment property	17,135.5	16,709.9
Accumulated depreciation	(3,144.8)	(2,738.9)
Investment property, net	13,990.7	13,971.0
Cash, cash equivalents and restricted cash	62.0	90.4
Marketable securities	112.8	127.3
Inventory of manufactured homes	219.8	202.7
Notes and other receivables, net	832.2	617.3
Goodwill	1,084.1	1,018.4
Other intangible assets, net	374.7	402.0
Other assets, net	929.0	655.1
Total Assets	17,605.3	17,084.2
Liabilities
Secured debt	3,359.5	3,217.8
Unsecured debt	4,305.5	3,979.4
Distributions payable	118.2	111.3
Advanced reservation deposits and rent	372.7	352.1
Accrued expenses and accounts payable	380.2	396.3
Other liabilities	928.9	935.9
Total Liabilities	9,465.0	8,992.8
Commitments and contingencies
Temporary equity	304.5	202.9
Shareholders' Equity
Common stock, $0.01 par value. Authorized: 360.0 shares; Issued and outstanding: 124.4 at September 30, 2023 and 124.0 at December 31, 2022	1.2	1.2
Additional paid-in capital	9,581.6	9,549.7
Accumulated other comprehensive income / (loss)	5.2	(9.9)
Distributions in excess of accumulated earnings	(1,848.2)	(1,731.2)
Total SUI shareholders' equity	7,739.8	7,809.8
Noncontrolling interests
Common and preferred OP units	96.0	78.7
Total noncontrolling interests	96.0	78.7
Total Shareholders' Equity	7,835.8	7,888.5
Total Liabilities, Temporary Equity and Shareholders' Equity	$ 17,605.3	$ 17,084.2

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

15. Fair Value of Financial Instruments

Our financial instruments consist primarily of cash, cash equivalents and restricted cash, marketable securities, notes and other receivables, derivative 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." 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:

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 assumptions. 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.

Assets by Hierarchy Level



	September 30, 2023
	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
Financial Assets
Cash, cash equivalents and restricted cash	$	62.0	$	62.0	$	—	$	—	$	62.0
Marketable securities	112.8		112.8		—		—		112.8
Installment notes receivable on manufactured homes, net	56.0		—		—		56.0		56.0

Notes receivable from real estate developers and operators	477.5		—		—		477.5		477.5

Derivative assets	24.8		—		24.8		—		24.8
Total assets measured at fair value	$	733.1	$	174.8	$	24.8	$	533.5	$	733.1

Financial Liabilities
Secured debt	$	3,359.5	$	—	$	3,359.5	$	—	$	2,857.9


Unsecured debt
Senior unsecured notes	2,176.9		—		2,176.9		—		1,836.0

Line of credit and other unsecured debt	2,128.6		—		2,128.6		—		2,128.6
Total unsecured debt	4,305.5		—		4,305.5		—		3,964.6

Derivative liabilities	0.3		—		0.3		—		0.3
Other financial liabilities (contingent consideration)	20.2		—		—		20.2		20.2
Total liabilities measured at fair value	$	7,685.5	$	—	$	7,665.3	$	20.2	$	6,843.0



	December 31, 2022
	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
Financial Assets
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

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

The fair value of marketable securities is measured by the quoted unadjusted share price which is readily available in active markets (Level 1). The change in the marketable securities balance was as follows (in millions):



	Nine Months Ended		Year Ended
Marketable Securities	September 30, 2023		December 31, 2022
Beginning Balance	$	127.3	$	186.9

Change in fair value measurement	(8.0)		(53.4)
Foreign currency exchange losses	(6.5)		(7.7)
Dividend reinvestment, net of tax	—		1.5

Ending Balance	$	112.8	$	127.3

Refer to Note 19, "Subsequent Events," for activity related to this investment subsequent to September 30, 2023.

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 primarily by underlying real estate and other collateral and / or personal guarantees. Refer to Note 4, "Notes and Other Receivables," for additional information.

Derivative Assets and Liabilities - 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, the SOFR and SONIA Rates, 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 (Level 2). The estimated fair value of our debt as of September 30, 2023 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 nine months ended September 30, 2023.


	Three Months Ended
	September 30, 2023							September 30, 2022
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		Warrants
Level 3 beginning balance at June 30, 2023 and 2022	$	59.5		$	462.4	$	—	$	73.1		$	292.3	$	—

Realized gains / (losses)	(1.3)		(1)	—		—		(0.1)		(1)	—		(0.6)		(2)
Purchases and issuances	0.2			31.9		—		—			17.8		0.6
Sales and settlements	(2.4)			(3.5)		—		(3.6)			(4.3)		—

Foreign currency exchange gains / (losses)	—			(13.4)		—		—			(17.5)		—
Other adjustments	—			0.1		—		—			—		—
Level 3 ending balance at September 30, 2023 and 2022	$	56.0		$	477.5	$	—	$	69.4		$	288.3	$	—

(1) Realized losses recorded within Gain / (loss) on remeasurement of notes receivable on the Consolidated Statements of Operations.

(2) Realized losses recorded within Income from nonconsolidated affiliates within on the Consolidated Statements of Operations.


	Nine Months Ended
	September 30, 2023								September 30, 2022
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		Warrants
Level 3 beginning balance at December 31, 2022 and 2021	$	65.9		$	305.2	$	—		$	79.1		$	284.0	$	—

Realized gains / (losses)	(3.1)		(1)	—		(0.4)		(2)	0.1		(1)	—		(2.6)		(2)
Purchases and issuances	0.4			179.3		0.4			1.0			65.6		2.6
Sales and settlements	(7.2)			(10.4)		—			(10.8)			(21.1)		—
Dispositions of properties	—			—		—			—			—		—
Foreign currency exchange gains / (losses)	—			3.3		—			—			(40.2)		—
Other adjustments	—			0.1		—			—			—		—
Level 3 ending balance at September 30, 2023 and 2022	$	56.0		$	477.5	$	—		$	69.4		$	288.3	$	—

(1) Realized gain / (losses) recorded within Gain / (loss) on remeasurement of notes receivable on the Consolidated Statements of Operations.

(2) Realized losses recorded within Income from nonconsolidated affiliates within on the Consolidated Statements of Operations.


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Liabilities	Contingent Consideration		Contingent Consideration		Contingent Consideration		Contingent Consideration
Level 3 beginning balance June 30, 2023 and 2022, December 31, 2022 and 2021	$	20.2	$	20.2	$	20.2	$	20.2






Level 3 ending balance at September 30, 2023 and 2022(1)	$	20.2	$	20.2	$	20.2	$	20.2

(1) There was no activity related to the Contingent consideration liability during the three and nine months ended September 30, 2023 and 2022.

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 September 30, 2023. 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

Equity and Temporary Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Redeemable Noncontrolling Interest

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 September 30, 2023 and December 31, 2022 and the related terms, and summarizes the balance included within Temporary Equity 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	Carrying Amount
	September 30, 2023						September 30, 2023		December 31, 2022
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	$	48.2	$	48.1
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		8.7
Series G preferred OP units	210,710	0.6452	3.2	%	Holder's Option	Any time after earlier of September 30, 2025 or death of holder	21.1		24.4
Series H preferred OP units	581,238	0.6098	3.0	%	Holder's Option	Any time after earlier of October 30, 2025 or death of holder	56.5		56.7
Series J preferred OP units	238,000	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	23.3		23.6
Series K preferred OP units	1,000,000	0.5882	4.0	%	Holder's Option	Within 60 days after March 23, 2028	99.7		—
Total	2,608,906						$	257.5	$	161.5

(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.

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


		Carrying Amount
Equity Interest	Description	September 30, 2023		December 31, 2022
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	4.9		4.2
Solar Energy Project LLC	A joint venture that operates and maintains solar energy equipment in select California communities	2.2		1.9
Solar Energy Project III LLC	A joint venture that operates and maintains solar energy equipment in select Arizona and California communities	2.3		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	2.9		3.2
NG Sun LLC(1)	In connection with the investment in Sun NG Resorts, a joint venture that operates a portfolio of RV communities in the U.S.	34.1		31.1
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.	0.4		0.5
Total		$	47.0	$	41.4

(1) 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 portions can be redeemed in the fourth quarters of 2024, 2025 or 2026 at the holders' option.

During the fourth quarter of 2024, NG Sun LLC may offer Sun NG LLC to purchase its entire interest in Sun NG Resorts, which includes its Equity Interest - NG Sun LLC and may include certain unrelated third parties' Preferred Equity - Sun NG Resorts. If we exercise this option, the related property management agreements will be terminated, and we are required to purchase the interests of NG Sun LLC and the property management agreements at fair value. If we elect not to purchase NG Sun LLC's interest in Sun NG Resorts, we must cause a sale of Sun NG Resorts. If such sale does not close within 90 days and NG Sun LLC does not agree to extend such period, then we are obligated to purchase NG Sun LLC's interest in Sun NG Resorts. Certain properties would be excluded from this process and would instead be transferred to new limited liability companies held jointly by NG Sun LLC and us.

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 $34.1 million and $31.1 million as of September 30, 2023 and December 31, 2022, respectively. Refer to Note 7, "Consolidated Variable Interest Entities," and Note 8, "Debt and Line of Credit," for additional information.

Schedule of Issuances


Nine Months Ended September 30, 2023 and 2022	Common OP Units Issued		Value at Issuance (in millions)		Related Acquisition
January 2023	31,289		$	4.4	Fox Run
May 2022	10,854	(1)	$	1.8	Rudgate
May 2022	5,605		$	1.0	Kittery Point
February 2022	14,683		$	2.8	Jarrett Bay Boatworks

(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 100.0% controlling interest in Rudgate. The acquisition was accounted for as an equity transaction in accordance with ASC 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 7, "Consolidated Variable Interest Entities," for additional information.

Schedule of Noncontrolling Interests

The following table summarizes the common and preferred OP units included within Noncontrolling interests on our Consolidated Balance Sheets (in millions, except for shares and statistical information):


Description	OP Units Outstanding	Exchange Rate(1)	Annual Distribution Rate(2)		Cash Redemption	Redemption Period	Carrying Amount
	September 30, 2023						September 30, 2023		December 31, 2022
Common OP units	2,632,368	1.0000	Same distribution rate for common stock		N/A	N/A	$	50.0	$	31.5
Series A-1 preferred OP units	202,144	2.4390	6.0	%	N/A	N/A	13.6		14.0
Series A-3 preferred OP units	40,268	1.8605	4.5	%	N/A	N/A	2.7		2.7
Series C preferred OP units	305,848	1.1100	5.0	%	N/A	N/A	23.0		23.6
Series E preferred OP units	80,000	0.6897	5.5	%	N/A	N/A	6.7		6.9
Total	3,260,628						$	96.0	$	78.7

(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.

Schedule of Conversions

Conversions to Common Stock and Common OP Units - Subject to certain limitations, holders can convert certain series of OP units to shares of our common stock and to common OP units at any time. Below is the activity of conversions during the nine months ended September 30, 2023 and 2022:


		Nine Months Ended
		September 30, 2023			September 30, 2022
Series	Conversion Rate	Units / Shares Converted	Common Stock(1)	Common OP Units(1)	Units / Shares Converted	Common Stock(1)
Aspen preferred OP units	Various(2)	943,885	113,972	191,223	—	—
Common OP units	1.0000	8,848	8,848	—	139,841	139,841
Series A-1 preferred OP units	2.4390	5,404	13,177	—	4,695	11,444


Series C preferred OP units	1.1100	165	183	—	150	166
Series E preferred OP units	0.6897	—	—	—	10,000	6,896

Series G preferred OP units	0.6452	30,000	19,353	—	—	—
Series H preferred OP units	0.6098	129	78	—	—	—
Series I preferred OP units	0.6098	—	—	—	922,000	562,195
Series J preferred OP units	0.6061	2,000	1,212	—	—	—

(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.

Schedule of Distributions Declared

Distributions declared for the three months ended September 30, 2023 were as follows:

Common Stock, Common OP units and Restricted Stock Distributions

Record Date

Payment Date

Distribution Per Share

Total Distribution (in Millions)

September 30, 2023

9/29/2023

10/16/2023

0.93

118.1

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Segment Reporting - Schedule of Identifiable Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Investment property, net	$ 13,990.7	$ 13,971.0
Cash, cash equivalents and restricted cash	62.0	90.4	$ 112.0	$ 78.2
Marketable securities	112.8	127.3
Inventory of manufactured homes	219.8	202.7
Total Notes and Other Receivables, net	832.2	617.3
Goodwill	1,084.1	1,018.4
Other intangible assets, net	374.7	402.0
Other assets, net	929.0	655.1
Total Assets	17,605.3	17,084.2
MH
Segment Reporting Information [Line Items]
Investment property, net	6,903.2	7,181.7
Cash, cash equivalents and restricted cash	34.2	49.4
Marketable securities	71.2	82.4
Inventory of manufactured homes	195.6	189.1
Total Notes and Other Receivables, net	659.5	475.2
Goodwill	533.1	467.4
Other intangible assets, net	88.0	97.9
Other assets, net	633.3	356.1
Total Assets	9,118.1	8,899.2
RV
Segment Reporting Information [Line Items]
Investment property, net	3,881.1	3,744.3
Cash, cash equivalents and restricted cash	17.0	30.3
Marketable securities	41.6	44.9
Inventory of manufactured homes	24.2	13.6
Total Notes and Other Receivables, net	116.0	96.5
Goodwill	9.5	9.5
Other intangible assets, net	29.8	32.6
Other assets, net	50.2	63.0
Total Assets	4,169.4	4,034.7
Marina
Segment Reporting Information [Line Items]
Investment property, net	3,206.4	3,045.0
Cash, cash equivalents and restricted cash	10.8	10.7
Marketable securities	0.0	0.0
Inventory of manufactured homes	0.0	0.0
Total Notes and Other Receivables, net	56.7	45.6
Goodwill	541.5	541.5
Other intangible assets, net	256.9	271.5
Other assets, net	245.5	236.0
Total Assets	$ 4,317.8	$ 4,150.3

Fair Value of Financial Instruments - Schedule of Marketable Securities (Details) - Fair Value, Recurring - Marketable securities - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 127.3	$ 186.9
Change in fair value measurement	(8.0)	(53.4)
Investment, Foreign Current Translation Adjustment	(6.5)	(7.7)
Dividend reinvestment, net of tax	0.0	1.5
Ending Balance	$ 112.8	$ 127.3

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Information

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


	Three Months Ended
	September 30, 2023								September 30, 2022
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Operating revenues	$	406.4	$	270.7	$	264.9	$	942.0	$	419.1	$	263.4	$	228.1	$	910.6
Operating expenses / Cost of sales	190.6		119.7		173.7		484.0		200.5		118.1		136.8		455.4
NOI	$	215.8	$	151.0	$	91.2	$	458.0	$	218.6	$	145.3	$	91.3	$	455.2
Adjustments to arrive at net income
Interest income							15.2								11.2
Brokerage commissions and other revenues, net							26.0								10.8

General and administrative expense							(66.2)								(69.1)
Catastrophic event-related charges, net							3.1								(12.2)
Business combination expense, net							—								(8.4)
Depreciation and amortization							(162.6)								(149.7)
Asset impairments							(1.2)								(1.6)
Loss on extinguishment of debt (see Note 8)							—								(4.0)
Interest expense							(84.1)								(61.7)
Interest on mandatorily redeemable preferred OP units / equity							(0.8)								(1.0)
Gain / (loss) on remeasurement of marketable securities							6.1								(7.2)
Gain / (loss) on foreign currency exchanges							(6.5)								14.9
Loss on dispositions of properties							(0.7)								(0.8)
Other income / (expense), net							(3.7)								2.8
Loss on remeasurement of notes receivable							(1.3)								(0.1)
Income from nonconsolidated affiliates (see Note 6)							1.4								2.0
Gain on remeasurement of investment in nonconsolidated affiliates							—								(0.4)
Current tax expense							(4.6)								(7.3)
Deferred tax benefit							2.3								3.6
Net Income							180.4								177.0
Less: Preferred return to preferred OP units / equity interests							3.3								2.5
Less: Income attributable to noncontrolling interests							14.0								11.9



Net Income Attributable to SUI Common Shareholders							$	163.1							$	162.6



	Nine Months Ended
	September 30, 2023								September 30, 2022
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Operating revenues	$	1,135.4	$	570.5	$	706.1	$	2,412.0	$	1,073.4	$	569.5	$	599.8	$	2,242.7
Operating expenses / Cost of sales	542.4		285.0		468.0		1,295.4		489.9		284.8		376.2		1,150.9
Net Operating Income / Gross Profit	$	593.0	$	285.5	$	238.1	$	1,116.6	$	583.5	$	284.7	$	223.6	$	1,091.8
Adjustments to arrive at net income
Interest income							40.6								25.3
Brokerage commissions and other revenues, net							45.3								27.4

General and administrative expense							(192.4)								(187.0)
Catastrophic event-related charges, net							2.2								(12.3)
Business combination expense, net							(3.0)								(23.9)
Depreciation and amortization							(482.3)								(447.7)
Asset impairments							(10.1)								(2.3)
Loss on extinguishment of debt (see Note 8)							—								(4.4)
Interest expense							(239.9)								(162.2)
Interest on mandatorily redeemable preferred OP units / equity							(2.7)								(3.1)
Loss on remeasurement of marketable securities							(8.0)								(74.0)
Gain / (loss) on foreign currency exchanges							(6.5)								21.7
Gain / (loss) on dispositions of properties							(2.9)								12.5
Other income / (expense), net							(5.5)								2.6
Gain / (loss) on remeasurement of notes receivable							(3.1)								0.1
Income from nonconsolidated affiliates (see Note 6)							0.5								3.8
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates							(4.5)								0.1
Current tax expense							(13.9)								(12.5)
Deferred tax benefit							14.6								3.9
Net Income							245.0								259.8
Less: Preferred return to preferred OP units / equity interests							9.0								8.6
Less: Income attributable to noncontrolling interests							13.2								13.9



Net Income Attributable to SUI Common Shareholders							$	222.8							$	237.3

Schedule of Segment Assets


	September 30, 2023								December 31, 2022
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Identifiable Assets
Investment property, net	$	6,903.2	$	3,881.1	$	3,206.4	$	13,990.7	$	7,181.7	$	3,744.3	$	3,045.0	$	13,971.0
Cash, cash equivalents and restricted cash	34.2		17.0		10.8		62.0		49.4		30.3		10.7		90.4
Marketable securities	71.2		41.6		—		112.8		82.4		44.9		—		127.3
Inventory of manufactured homes	195.6		24.2		—		219.8		189.1		13.6		—		202.7
Notes and other receivables, net	659.5		116.0		56.7		832.2		475.2		96.5		45.6		617.3
Goodwill	533.1		9.5		541.5		1,084.1		467.4		9.5		541.5		1,018.4
Other intangible assets, net	88.0		29.8		256.9		374.7		97.9		32.6		271.5		402.0
Other assets, net	633.3		50.2		245.5		929.0		356.1		63.0		236.0		655.1
Total Assets	$	9,118.1	$	4,169.4	$	4,317.8	$	17,605.3	$	8,899.2	$	4,034.7	$	4,150.3	$	17,084.2

Derivative Financial Instruments - Schedule of Fair Value of Derivatives (Details) - Designated as Hedging Instrument - Cash Flow Hedging - Interest Rate Swap and Forward Contracts - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional	$ 785.1	$ 733.6
Derivative liabilities	0.3	0.0
Significant Other Observable Inputs (Level 2)
Derivative [Line Items]
Fair value of assets	$ 24.8	$ 32.0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Estimated Insurance Recoveries

The table below sets forth changes estimated property insurance recoveries, excluding business interruption recoveries (in millions):


	Nine Months Ended September 30, 2023
Total estimated insurance receivable - December 31, 2022	$	54.9
Change in estimated property insurance recoveries	40.2
Proceeds received from insurer	(42.9)
Total estimated insurance receivable - September 30, 2023	$	52.2

Revenue

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

2. Revenue

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


	Three Months Ended
	September 30, 2023								September 30, 2022
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Revenues
Real property	$	282.5	$	210.5	$	125.8	$	618.8	$	260.3	$	209.6	$	115.8	$	585.7
Home sales	104.1		13.7		—		117.8		140.9		9.8		—		150.7
Service, retail, dining and entertainment	19.8		46.5		139.1		205.4		17.9		44.0		112.3		174.2
Interest	13.7		1.4		0.1		15.2		10.4		0.8		—		11.2
Brokerage commissions and other, net	14.1		8.2		3.7		26.0		6.6		4.2		—		10.8
Total Revenues	$	434.2	$	280.3	$	268.7	$	983.2	$	436.1	$	268.4	$	228.1	$	932.6



	Nine Months Ended
	September 30, 2023								September 30, 2022
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Revenues
Real property	$	801.4	$	458.4	$	326.6	$	1,586.4	$	711.4	$	461.2	$	289.0	$	1,461.6
Home sales	293.1		33.6		—		326.7		328.5		29.6		—		358.1
Service, retail, dining and entertainment	40.9		78.5		379.5		498.9		33.5		78.7		310.8		423.0
Interest	36.7		3.4		0.5		40.6		23.3		2.0		—		25.3
Brokerage commissions and other, net	22.8		16.7		5.8		45.3		15.6		10.7		1.1		27.4
Total Revenues	$	1,194.9	$	590.6	$	712.4	$	2,497.9	$	1,112.3	$	582.2	$	600.9	$	2,295.4

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," in our 2022 Annual Report.

- 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.

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+ Details

Investment in Nonconsolidated Affiliates

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investment in Nonconsolidated Affiliates

6. Investments in Nonconsolidated Affiliates

Investments in joint ventures that are not consolidated, nor recorded at cost, are accounted for using the equity method of accounting as prescribed in 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 Income / (loss) from nonconsolidated affiliates on the Consolidated Statements of Operations.

RezPlot Systems LLC ("Rezplot")

At September 30, 2023 and December 31, 2022, we had a 49.0% and 48.9% ownership interest, respectively, in Rezplot, a RV reservation software technology company, operating under the Campspot brand, which we acquired in January 2019. Our investment balance in Rezplot was zero as of September 30, 2023 and December 31, 2022, respectively, with subsequent equity losses being applied as a reduction to our notes receivable balance with Rezplot. Refer to Note 4, "Notes and Other Receivables," for additional information on the notes receivable.

Sungenia Joint Venture ("Sungenia JV")

At September 30, 2023 and December 31, 2022, we had a 50.0% 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 September 30, 2023 and December 31, 2022, we had a 40.0% 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 September 30, 2023 and December 31, 2022, we had no ownership interest, in OFS, an end-to-end online resident screening and document management suite. During the three months ended June 30, 2022, we sold our ownership interest in OFS for $0.6 million. The gain from the sale was $0.3 million, which was recorded in Income / (loss) from nonconsolidated affiliates on the Consolidated Statements of Operations.

SV Lift, LLC ("SV Lift")

At September 30, 2023 and December 31, 2022, we had a 50.0% ownership interest in SV Lift, which owns, operates and leases an aircraft.

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



Investment	September 30, 2023		December 31, 2022

Investment in Sungenia JV	$	55.3	$	44.5
Investment in GTSC	57.4		54.5
Investment in SV Lift	1.8		2.3
Total	$	114.5	$	101.3

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


	Three Months Ended				Nine Months Ended
Income from Nonconsolidated Affiliates	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
RezPlot equity loss	$	(0.5)	$	(0.9)	$	(2.8)	$	(3.0)
Sungenia JV equity income	1.6		1.6		2.2		2.6
GTSC equity income	0.8		1.6		2.4		4.6
OFS equity income	—		—		—		0.3
SV Lift equity loss	(0.5)		(0.3)		(1.3)		(0.7)
Total Income from Nonconsolidated Affiliates	$	1.4	$	2.0	$	0.5	$	3.8

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


	Nine Months Ended		Year Ended
	September 30, 2023		December 31, 2022
Beginning balance	$	44.5	$	36.2
Cumulative translation adjustment	(1.0)		(3.0)
Contributions	9.6		9.1

Equity earnings	2.2		2.2

Ending Balance	$	55.3	$	44.5

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


	Nine Months Ended		Year Ended
	September 30, 2023		December 31, 2022
Beginning balance	$	54.5	$	35.7


Contributions	22.5		37.4
Distributions	(17.5)		(22.5)
Equity earnings	2.4		5.9
Fair value adjustment	(4.5)		(2.0)
Ending Balance	$	57.4	$	54.5

Debt and Line of Credit (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

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
	September 30, 2023		December 31, 2022		September 30, 2023	December 31, 2022	September 30, 2023		December 31, 2022








Secured Debt(1)	$	3,359.5	$	3,217.8	9.3	10.2	3.81	%	3.723	%

Unsecured Debt
Senior unsecured notes(2)	2,176.9		1,779.6		7.7	8.1	3.375	%	2.9	%

Line of credit and other debt(3)	2,084.9		2,130.6		2.0	2.8	5.394	%	4.417	%
Preferred equity - Sun NG Resorts - mandatorily redeemable	35.2		35.2		1.0	1.8	6.0	%	6.0	%
Preferred OP units - mandatorily redeemable	8.5		34.0		0.3	3.1	6.5	%	5.921	%
Total Unsecured Debt	4,305.5		3,979.4
Total Debt	$	7,665.0	$	7,197.2	6.8	7.4	4.131	%	3.746	%

(1) Balances at September 30, 2023 and December 31, 2022 include $0.1 million of net debt premium, respectively, and $15.1 million and $14.6 million of deferred financing costs, respectively.

During the year ended December 31, 2022, we repaid 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	$	—

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


Period	Loan Amount			Term (in years)	Interest Rate		Maturity Date
Three months ended March 31, 2023	$	85.0	(1)	3	5.0	%	February 13, 2026
	$	99.1	(2)	7 - 10	5.72	%	April 1, 2030 - April 1, 2033
Three months ended December 31, 2022	$	226.0	(3)	4 - 7	4.5	%	June 15, 2026 - December 15, 2029
Three months ended September 30, 2022	$	20.6	(4)(5)	25	3.65	%	August 10, 2047
	$	3.4	(5)	25	3.65	%	August 10, 2047

(1)Includes five existing encumbered properties.

(2)Includes 22 existing encumbered properties.

(3)Includes 18 existing encumbered properties.

(4)Represents a construction loan (undrawn as of September 30, 2023).

(5)Represents loans jointly secured by one property.


			Carrying Amount
	Principal Amount		September 30, 2023		December 31, 2022
5.7% notes, issued in January 2023 and due in January 2033(1)	$	400.0	$	395.6	N/A
4.2% notes, issued in April 2022 and due in April 2032	600.0		592.4		591.8
2.3% notes, issued in October 2021 and due in November 2028	450.0		446.6		446.2
2.7% notes, issued in June 2021 and October 2021, and due in July 2031	750.0		742.3		741.6
Total	$	2,200.0	$	2,176.9	$	1,779.6

Schedule of Interest Capitalized

Interest Capitalized


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Interest capitalized	$	3.8	$	1.3	$	8.9	$	4.1

Leases - Schedule of ROU Assets and Lease Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Leases [Abstract]
Finance lease, right-of-use asset, net of accumulated amortization	$ 34.8		$ 34.8		$ 32.2
Operating lease, right-of-use asset, net	181.5		181.5		189.4
Below market operating leases, net	96.1		96.1		90.9
Finance lease liabilities	14.0		14.0		15.0
Operating lease liabilities	162.1		162.1		$ 160.3
Amortization of ROU assets	0.4	$ 1.3	1.7	$ 2.2
Interest on lease liabilities	0.2	0.2	0.5	0.3
Operating lease cost	7.8	4.8	14.7	12.6
Variable lease cost	3.9	2.0	6.6	5.4
Total Lease Cost	$ 12.3	$ 8.3	$ 23.5	$ 20.5

Leases - Narrative (Details) - Park Holidays - UNITED KINGDOM $ in Millions	Sep. 30, 2023 USD ($) development_site	Sep. 30, 2023 GBP (£) development_site	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Number of ground leases \| development_site	34	34
Lease repurchase amount \| £		£ 1.00
Ground lease financial liability \| $	$ 344.4		$ 339.7

Investment in Nonconsolidated Affiliates - Schedule of Nonconsolidated Affiliate (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investment	$ 114,500,000		$ 114,500,000		$ 101,300,000
Total Income from Nonconsolidated Affiliates	1,400,000	$ 2,000,000.0	500,000	$ 3,800,000
Sungenia JV
Schedule of Equity Method Investments [Line Items]
Investment	55,300,000		55,300,000		44,500,000	$ 36,200,000
Total Income from Nonconsolidated Affiliates	1,600,000	1,600,000	2,200,000	2,600,000	2,200,000
Cumulative translation adjustment			(1,000,000.0)		(3,000,000.0)
Contributions			9,600,000		9,100,000
GTSC
Schedule of Equity Method Investments [Line Items]
Investment	57,400,000		57,400,000		54,500,000	$ 35,700,000
Total Income from Nonconsolidated Affiliates	800,000	1,600,000	2,400,000	4,600,000	5,900,000
Contributions			22,500,000		37,400,000
Distributions			(17,500,000)		(22,500,000)
Fair value adjustment			(4,500,000)		(2,000,000.0)
SV Lift
Schedule of Equity Method Investments [Line Items]
Investment	1,800,000		1,800,000		2,300,000
Total Income from Nonconsolidated Affiliates	(500,000)	(300,000)	(1,300,000)	(700,000)
RezPlot
Schedule of Equity Method Investments [Line Items]
Investment	0		0		$ 0
Total Income from Nonconsolidated Affiliates	(500,000)	(900,000)	(2,800,000)	(3,000,000.0)
OFS
Schedule of Equity Method Investments [Line Items]
Total Income from Nonconsolidated Affiliates	$ 0	$ 0	$ 0	$ 300,000

Real Estate Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2023

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

During the nine months ended September 30, 2023, we acquired the following properties:

Community Name

Type

Sites, Wet Slips and
Dry Storage Spaces

Development Sites

State, Province or Country

Month Acquired

Fox Run

MH: asset acquisition

January

Savannah Yacht Center

Marina: asset acquisition

—

March

Total

For the year ended December 31, 2022, we acquired the following properties:

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.

Schedule of Purchase Price Allocation

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 nine months ended September 30, 2023 (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		Other assets, net		Total identifiable assets acquired net of liabilities assumed		Cash and escrow		Temporary and permanent equity(1)		Total consideration
Asset Acquisition
Fox Run(2)	$	7.2	$	—	$	—	$	—	$	7.2	$	2.8	$	4.4	$	7.2
Savannah Yacht Center(3)	100.2		0.1		0.4		4.2		104.9		4.3		100.6		104.9



Total	$	107.4	$	0.1	$	0.4	$	4.2	$	112.1	$	7.1	$	105.0	$	112.1

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

(2) In conjunction with the acquisition, the Operating Partnership issued 31,289 common OP units valued at $4.4 million.

(3) In conjunction with the acquisition, the Operating Partnership issued one million Series K preferred OP units valued at $100.6 million.

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 2022 (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 assets / (liabilities), net		Total identifiable assets acquired net of liabilities assumed		Cash and escrow		Temporary and permanent equity		Total consideration
Asset Acquisition
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	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)	17.0		—		—		1.2		18.2		18.2		—		18.2
Norway Commons	15.1		0.4		0.3		—		15.8		15.8		—		15.8
Business Combination
Jarrett Bay Boatworks(6)	21.3		1.4		47.5		1.0		71.2		68.4		2.8		71.2
Park Holidays(7)	1,254.7		29.5		574.5		(624.9)		1,233.8		1,199.9		33.9		1,233.8
Park Leisure	259.5		—		76.4		(110.1)		225.8		225.8		—		225.8
Montauk Yacht Club	163.6		0.3		26.3		0.3		190.5		190.5		—		190.5

Total	$	2,213.9	$	44.3	$	729.2	$	(801.5)	$	2,185.9	$	2,148.2	$	37.7	$	2,185.9

(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) 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.

(6) 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.

(7) 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.

Schedule of Pro Forma Information

Total 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 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, 2021 (in millions, except for per share data):


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

Leases - Schedule of Future Lease Payments Under Non-Cancellable Leases (Details) $ in Millions	Sep. 30, 2023 USD ($)
Leases [Abstract]
2023 (excluding the nine months ended September 30, 2023)	$ 7.3
2024	20.5
2025	11.2
2026	7.1
2027	6.1
Thereafter	58.6
Total Undiscounted Cash Flows	$ 110.8

Debt and Line of Credit - Schedule of Mortgage Loans (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) property loan Rate	Dec. 31, 2022 USD ($) loan Rate	Sep. 30, 2022 USD ($) Rate	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Loan Amount				$ 3,400.0
Term (in years)			25 years
Construction loan			$ 20.6
Minimum
Debt Instrument [Line Items]
Term (in years)	7 years	4 years
Maximum
Debt Instrument [Line Items]
Term (in years)	10 years	7 years
Secured Debt
Debt Instrument [Line Items]
Loan Amount			$ 3.4
Interest Rate \| Rate			3.65%
Debt Securities
Debt Instrument [Line Items]
Loan Amount		$ 226.0
Term (in years)			25 years
Collateralized Mortgage Backed Securities
Debt Instrument [Line Items]
Number of properties jointly secured \| property	1
Mortgage Term Loan Maturing February 2026
Debt Instrument [Line Items]
Loan Amount	$ 85.0
Number of loans \| loan	5
Mortgage Term Loan Maturing February 2026 \| Secured Debt
Debt Instrument [Line Items]
Term (in years)	3 years
Interest Rate \| Rate	5.00%
Mortgage Term Loans Maturing in 2030 through 2033
Debt Instrument [Line Items]
Number of loans \| loan	22
Mortgage Term Loans Maturing in 2030 through 2033 \| Secured Debt
Debt Instrument [Line Items]
Interest Rate \| Rate	5.72%
Mortgage Term Loans Maturing in 2030 through 2033 \| Debt Securities
Debt Instrument [Line Items]
Loan Amount	$ 99.1
Mortgage Term Loans
Debt Instrument [Line Items]
Number of loans \| loan		18
Mortgage Term Loans \| Secured Debt
Debt Instrument [Line Items]
Interest Rate \| Rate		4.50%
Mortgage Term Loans \| Debt Securities
Debt Instrument [Line Items]
Interest Rate \| Rate			3.65%

Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

19. Subsequent Events

Marketable Securities

In October 2023, we sold our 41.8 million share position in Ingenia Communities Group (ASX: INA), generating $102.5 million of proceeds, net of underwriting and other estimated fees, with an estimated realized loss of $9.0 million. The proceeds were used to pay down amounts drawn under our Senior Credit Facility.

Derivatives

In October 2023, we entered into an interest rate swap contract to hedge variable rate borrowings of $25.0 million under the term loan of the Senior Credit Facility. The interest rate swap locks in a weighted average SOFR rate of 4.684%, and inclusive of spread, an all-in rate of 5.594% through the term loan maturity date of April 7, 2026.

In October 2023, we terminated one $50.0 million SOFR swap and received a cash settlement payment of $6.0 million. As of September 30, 2023, the net accumulated gain is included in Accumulated other comprehensive income on our Consolidated Balance Sheets, and will be amortized as a reduction to Interest expense over the term of the hedged transaction.

Secured Debt

In October 2023, we entered into new mortgage term loans for $252.8 million that mature in November 2030 and bear interest at a fixed rate of 6.49%. As a result of the new mortgage term loans, two additional properties are encumbered. We used the proceeds to repay $117.8 million of mortgage term loans that mature in 2023 and pay down amounts drawn under our Senior Credit Facility. The effective interest rate on the new mortgage term loans is 6.251%, inclusive of the impact of the aforementioned terminated swap of $50.0 million.

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

Equity and Temporary Equity - Schedule of Conversions (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Aspen preferred OP units
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	191,223
Aspen preferred OP units \| Preferred Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	943,885	0
Aspen preferred OP units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	113,972	0
Common OP units \| Common OP units
Conversion of Stock [Line Items]
Conversion Rate	1.0000
Conversion of OP units (in shares)	8,848	139,841
Common OP units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	8,848	139,841
Series A-1 preferred OP units \| Preferred Stock
Conversion of Stock [Line Items]
Conversion Rate	2.4390
Series A-1 preferred OP units \| Common OP units
Conversion of Stock [Line Items]
Conversion Rate	2.4390
Conversion of OP units (in shares)	5,404	4,695
Series A-1 preferred OP units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	13,177	11,444
Series C preferred OP units \| Preferred Stock
Conversion of Stock [Line Items]
Conversion Rate	1.1100
Conversion of OP units (in shares)	165	150
Series C preferred OP units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	183	166
Series E preferred OP units \| Preferred Stock
Conversion of Stock [Line Items]
Conversion Rate	0.6897
Conversion of OP units (in shares)	0	10,000
Series E preferred OP units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	0	6,896
Series G preferred OP units \| Preferred Stock
Conversion of Stock [Line Items]
Conversion Rate	0.6452
Conversion of OP units (in shares)	30,000	0
Series G preferred OP units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	19,353	0
Series H preferred OP units \| Preferred Stock
Conversion of Stock [Line Items]
Conversion Rate	0.6098
Conversion of OP units (in shares)	129	0
Series H preferred OP units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	78	0
Series I Preferred OP Units \| Preferred Stock
Conversion of Stock [Line Items]
Conversion Rate	0.6098
Conversion of OP units (in shares)	0	922,000
Series I Preferred OP Units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	0	562,195
Series J preferred OP units \| Preferred Stock
Conversion of Stock [Line Items]
Conversion Rate	0.6061
Conversion of OP units (in shares)	2,000	0
Series J preferred OP units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	1,212	0

Real Estate Acquisitions and Dispositions

9 Months Ended

Sep. 30, 2023

Business Combinations [Abstract]

Real Estate Acquisitions and Dispositions

3. Real Estate Acquisitions and Dispositions

2023 Acquisitions

During the nine months ended September 30, 2023, we acquired the following properties:

Community Name

Type

Sites, Wet Slips and
Dry Storage Spaces

Development Sites

State, Province or Country

Month Acquired

Fox Run

MH: asset acquisition

January

Savannah Yacht Center

Marina: asset acquisition

—

March

Total


	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		Other assets, net		Total identifiable assets acquired net of liabilities assumed		Cash and escrow		Temporary and permanent equity(1)		Total consideration
Asset Acquisition
Fox Run(2)	$	7.2	$	—	$	—	$	—	$	7.2	$	2.8	$	4.4	$	7.2
Savannah Yacht Center(3)	100.2		0.1		0.4		4.2		104.9		4.3		100.6		104.9



Total	$	107.4	$	0.1	$	0.4	$	4.2	$	112.1	$	7.1	$	105.0	$	112.1

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

(2) In conjunction with the acquisition, the Operating Partnership issued 31,289 common OP units valued at $4.4 million.

(3) In conjunction with the acquisition, the Operating Partnership issued one million Series K preferred OP units valued at $100.6 million.

As of September 30, 2023, we have incurred and capitalized $3.1 million of transaction costs, which have been allocated among various fixed asset categories for purchases that meet the asset acquisition criteria. During the nine months ended September 30, 2023, we recognized $3.0 million of business combination expenses in connection with transactions completed during 2022.

2023 Development and Expansion Activities

During the nine months ended September 30, 2023, we acquired four land parcels located in the United States ("U.S.") and United Kingdom ("UK") for an aggregate purchase price of $35.4 million.

2023 Dispositions

In August 2023, we sold one MH community located in Maine with 155 developed sites at its net carrying value for cash consideration of $6.8 million. The property was previously classified as held for sale during the three months ended June 30, 2023, with its net carrying value of $13.1 million written down by $6.3 million within Asset impairments on our Consolidated Statements of Operations, to a fair value less cost to sell of $6.8 million.

In February 2023, we sold two parcels of land in the UK for total consideration of $111.5 million, which primarily consisted of $108.8 million in the form of an operator note receivable that was added to an existing facility with a weighted average interest rate of 11.9% per annum, due May 31, 2023 and subsequently extended to July 31, 2023 as part of the operator's total facility. On the date of sale, the carrying value of the note receivable approximated its fair value due to its short term nature. The dispositions resulted in a loss on sale totaling $2.2 million during the nine months ended September 30, 2023, net of the release of foreign currency translation losses from Accumulated other comprehensive income / (loss) ("AOCI") of $11.9 million. The total loss on sale was recorded in Gain / (loss) on dispositions of properties on the Consolidated Statements of Operations. Refer to Note 4, "Notes and Other Receivables," for additional information on the notes receivable.

Real Estate Held For Sale

We periodically classify real estate 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.

In February 2023, the criteria was met to classify Sandy Bay, an operating MH community in the UK, with 730 developed sites, as held for sale. Previously, this property had been under contract. At September 30, 2023, the sale contract is no longer in effect. However, the criteria for classification as held for sale were still met. Accordingly, the property remained classified as held for sale at September 30, 2023, with a carrying value of total assets of $259.1 million and total liabilities of $63.1 million. The held for sale assets primarily consist of Land and Land improvements and buildings and are recorded within Other assets, net on the Consolidated Balance Sheets. The held for sale liabilities primarily consist of Deferred tax liabilities and are recorded within Other liabilities on the Consolidated Balance Sheets.

2022 Acquisitions

For the year ended December 31, 2022, we acquired the following properties:

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 amounts of assets acquired, net of liabilities assumed at the acquisition date and the consideration paid for the acquisitions completed in 2022 (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 assets / (liabilities), net		Total identifiable assets acquired net of liabilities assumed		Cash and escrow		Temporary and permanent equity		Total consideration
Asset Acquisition
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	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)	17.0		—		—		1.2		18.2		18.2		—		18.2
Norway Commons	15.1		0.4		0.3		—		15.8		15.8		—		15.8
Business Combination
Jarrett Bay Boatworks(6)	21.3		1.4		47.5		1.0		71.2		68.4		2.8		71.2
Park Holidays(7)	1,254.7		29.5		574.5		(624.9)		1,233.8		1,199.9		33.9		1,233.8
Park Leisure	259.5		—		76.4		(110.1)		225.8		225.8		—		225.8
Montauk Yacht Club	163.6		0.3		26.3		0.3		190.5		190.5		—		190.5

Total	$	2,213.9	$	44.3	$	729.2	$	(801.5)	$	2,185.9	$	2,148.2	$	37.7	$	2,185.9

(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.

As of December 31, 2022, we incurred $19.2 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, 2022, we also incurred $24.7 million of business combination expenses, which were expensed for acquisitions deemed to be business combinations.


	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 year ended December 31, 2022, 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.


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

2022 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.

2022 Dispositions

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.

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.

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Future Minimum Operating Lease Payments

Future minimum lease payments under non-cancellable leases as of September 30, 2023 where we are the lessee include (in millions):



Maturity of Lease Liabilities	Finance Leases		Operating Leases		Total
2023 (excluding nine months ended September 30, 2023)	$	0.3	$	3.8	$	4.1
2024	4.6		14.1		18.7
2025	0.5		13.6		14.1
2026	0.5		12.2		12.7
2027	0.5		10.1		10.6
Thereafter	20.0		248.1		268.1
Total Lease Payments	$	26.4	$	301.9	$	328.3
Less: Imputed interest	(12.4)		(139.8)		(152.2)
Present Value of Lease Liabilities	$	14.0	$	162.1	$	176.1

Schedule of Future Minimum Finance Lease Payments

Future minimum lease payments under non-cancellable leases as of September 30, 2023 where we are the lessee include (in millions):



Maturity of Lease Liabilities	Finance Leases		Operating Leases		Total
2023 (excluding nine months ended September 30, 2023)	$	0.3	$	3.8	$	4.1
2024	4.6		14.1		18.7
2025	0.5		13.6		14.1
2026	0.5		12.2		12.7
2027	0.5		10.1		10.6
Thereafter	20.0		248.1		268.1
Total Lease Payments	$	26.4	$	301.9	$	328.3
Less: Imputed interest	(12.4)		(139.8)		(152.2)
Present Value of Lease Liabilities	$	14.0	$	162.1	$	176.1

The following table presents the future minimum rental payments for this financial liability as of September 30, 2023 (in millions):


Maturity of Financial Liability	September 30, 2023
2023 (excluding nine months ended September 30, 2023)	$	2.8
2024	11.4
2025	11.5
2026	11.6
2027	11.7
Thereafter	1,697.8
Total Payments	$	1,746.8
Less: Imputed interest	(1,402.4)
Present Value of Financial Liability	$	344.4

Schedule of Balance Sheet Lease Info

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


	Financial Statement Classification	As of
Description		September 30, 2023		December 31, 2022
Lease Assets
Finance lease, right-of-use asset, net of accumulated amortization	Investment property, net	$	34.8	$	32.2
Operating lease, right-of-use asset, net	Other assets, net	$	181.5	$	189.4
Below market operating leases, net	Other assets, net	$	96.1	$	90.9
Lease Liabilities
Finance lease liabilities	Other liabilities	$	14.0	$	15.0
Operating lease liabilities	Other liabilities	$	162.1	$	160.3

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


	As of
	September 30, 2023
Lease Term and Discount Rate
Weighted-average Remaining Lease Terms (years)
Finance lease	35.98
Operating lease	34.80
Weighted-average Discount Rate
Finance lease	3.39	%
Operating lease	3.78	%

Schedule of Lease Expense

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


		Three Months Ended				Nine Months Ended
Description	Financial Statement Classification	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Finance Lease Cost
Amortization of ROU assets	Depreciation and amortization	$	0.4	$	1.3	$	1.7	$	2.2
Interest on lease liabilities	Interest expense	0.2		0.2		0.5		0.3
Operating lease cost	General and administrative expense, Property operating and maintenance, Depreciation and amortization	7.8		4.8		14.7		12.6
Variable lease cost	Property operating and maintenance	3.9		2.0		6.6		5.4

Total Lease Cost		$	12.3	$	8.3	$	23.5	$	20.5

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


		Three Months Ended				Nine Months Ended
Description	Financial Statement Classification	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Operating Leases

Fixed lease income	Income from real property; Brokerage commissions and other revenue, net	$	10.8	$	7.0	$	24.0	$	21.0
Variable lease income(1)	Income from real property; Brokerage commissions and other revenue, net	$	0.8	$	0.8	$	3.1	$	2.3

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

Schedule of Lease Terms


	Nine Months Ended
	September 30, 2023		September 30, 2022
Other Information (in millions)
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash flow from operating leases	$	10.0	$	8.3

Financing cash flow from finance leases	0.7		4.7
Total Cash Paid on Lease Liabilities	$	10.7	$	13.0

Schedule of Future Minimum Lease Receivables

At our RV communities and marinas, future minimum lease payments under non-cancellable leases with real estate operators where we are the lessor include the following as of September 30, 2023 (in millions):


Maturity of Lease Payments	Operating Leases
2023 (excluding the nine months ended September 30, 2023)	$	7.3
2024	20.5
2025	11.2
2026	7.1
2027	6.1
Thereafter	58.6
Total Undiscounted Cash Flows	$	110.8

Goodwill and Other Intangible Assets - Schedule of Intangible Asset Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	$ 8.3	$ 9.5	$ 27.3	$ 27.4
In-place leases
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	2.2	3.4	9.0	11.8
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	0.5	0.5	1.6	1.5
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	1.5	1.7	4.6	3.0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	3.2	3.2	9.5	9.1
Franchise agreements and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	$ 0.9	$ 0.7	$ 2.6	$ 2.0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	360,000,000	360,000,000.0
Common stock issued (in shares)	124,400,000	124,000,000.0
Common stock outstanding (in shares)	124,447,044	124,000,000.0

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Interest	$ 15.2	$ 11.2	$ 40.6	$ 25.3
Brokerage commissions and other, net	26.0	10.8	45.3	27.4
Total Revenues	983.2	932.6	2,497.9	2,295.4
Fixed lease income	618.8	585.7	1,586.4	1,461.6
Home sales
Disaggregation of Revenue [Line Items]
Revenues	117.8	150.7	326.7	358.1
Service, retail, dining and entertainment
Disaggregation of Revenue [Line Items]
Revenues	205.4	174.2	498.9	423.0
MH
Disaggregation of Revenue [Line Items]
Interest	13.7	10.4	36.7	23.3
Brokerage commissions and other, net	14.1	6.6	22.8	15.6
Total Revenues	434.2	436.1	1,194.9	1,112.3
Fixed lease income	282.5	260.3	801.4	711.4
MH \| Home sales
Disaggregation of Revenue [Line Items]
Revenues	104.1	140.9	293.1	328.5
MH \| Service, retail, dining and entertainment
Disaggregation of Revenue [Line Items]
Revenues	19.8	17.9	40.9	33.5
RV
Disaggregation of Revenue [Line Items]
Interest	1.4	0.8	3.4	2.0
Brokerage commissions and other, net	8.2	4.2	16.7	10.7
Total Revenues	280.3	268.4	590.6	582.2
Fixed lease income	210.5	209.6	458.4	461.2
RV \| Home sales
Disaggregation of Revenue [Line Items]
Revenues	13.7	9.8	33.6	29.6
RV \| Service, retail, dining and entertainment
Disaggregation of Revenue [Line Items]
Revenues	46.5	44.0	78.5	78.7
Marina
Disaggregation of Revenue [Line Items]
Interest	0.1	0.0	0.5	0.0
Brokerage commissions and other, net	3.7	0.0	5.8	1.1
Total Revenues	268.7	228.1	712.4	600.9
Fixed lease income	125.8	115.8	326.6	289.0
Marina \| Home sales
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0	0.0
Marina \| Service, retail, dining and entertainment
Disaggregation of Revenue [Line Items]
Revenues	$ 139.1	$ 112.3	$ 379.5	$ 310.8

Investment in Nonconsolidated Affiliates - Narrative (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investment		$ 114,500,000	$ 101,300,000
RezPlot
Schedule of Equity Method Investments [Line Items]
Ownership interest		49.00%	48.90%
Investment		$ 0	$ 0
Sungenia JV
Schedule of Equity Method Investments [Line Items]
Ownership interest		50.00%	50.00%
Investment		$ 55,300,000	$ 44,500,000	$ 36,200,000
GTSC
Schedule of Equity Method Investments [Line Items]
Ownership interest		40.00%	40.00%
Investment		$ 57,400,000	$ 54,500,000	$ 35,700,000
OFS
Schedule of Equity Method Investments [Line Items]
Sale of ownership interest	$ 600,000
Gain on sale of ownership interest	$ 300,000
SV Lift
Schedule of Equity Method Investments [Line Items]
Ownership interest		50.00%	50.00%
Investment		$ 1,800,000	$ 2,300,000

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

13. Earnings Per Share

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, Series K 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 for per share data):


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Numerator
Net income attributable to SUI common shareholders	$	163.1	$	162.6	$	222.8	$	237.3
Less: allocation to restricted stock awards	1.2		1.1		1.6		1.5
Basic earnings - net income attributable to common shareholders after allocation to restricted stock awards	$	161.9	$	161.5	$	221.2	$	235.8
Add: allocation to restricted stock awards	—		—		—		—

Add: allocation to common and preferred OP units dilutive effect	—		0.5		—		4.9
Diluted earnings - net income attributable to common shareholders after allocation to common and preferred OP units(1)	$	161.9	$	162.0	$	221.2	$	240.7


Denominator
Weighted average common shares outstanding	123.5		122.4		123.4		119.2
Add: common shares dilutive effect from Forward Equity Offering	—		—		—		0.2

Add: dilutive restricted stock	—		—		—		—
Add: common and preferred OP units dilutive effect	—		0.4		—		2.5
Diluted weighted average common shares and securities(1)	123.5		122.8		123.4		121.9
EPS Available to Common Shareholders After Allocation
Basic earnings per share	$	1.31	$	1.32	$	1.79	$	1.98
Diluted earnings per share(1)	$	1.31	$	1.32	$	1.79	$	1.97

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 computations of diluted EPS as of September 30, 2023 and 2022 (in thousands):


	As of
	September 30, 2023	September 30, 2022
Common OP units	2,632	2,429	(1)
A-1 preferred OP units	202	270
A-3 preferred OP units	40	40
Aspen preferred OP units	315	1,284	(2)
Series C preferred OP units	306	306
Series D preferred OP units	489	489
Series E preferred OP units	80	80
Series F preferred OP units	90	90
Series G preferred OP units	211	241
Series H preferred OP units	581	581

Series J preferred OP units	238	240
Series K preferred OP units	1,000	N/A

Total Securities	6,184	6,050

Leases - Schedule of Lease Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lessor, Lease, Description [Line Items]
Variable lease income	$ 0.8	$ 0.8	$ 3.1	$ 2.3
Real Estate Operator
Lessor, Lease, Description [Line Items]
Fixed lease income	$ 10.8	$ 7.0	$ 24.0	$ 21.0

Debt and Line of Credit- Narrative (Details)		1 Months Ended		3 Months Ended					9 Months Ended		12 Months Ended
Debt and Line of Credit- Narrative (Details)	Apr. 07, 2022 USD ($) extensionOption Rate	Oct. 31, 2019 USD ($) Rate	Jun. 30, 2018 USD ($)	Sep. 30, 2023 USD ($) site property $ / shares Rate	Mar. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) site	Sep. 30, 2022 USD ($)	Mar. 31, 2020 shares	Sep. 30, 2023 USD ($) shares site property $ / shares Rate	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) site Rate
Debt Instrument [Line Items]
Loan Amount				$ 3,400,000,000					$ 3,400,000,000
Sites, Wet Slips and Dry Storage Spaces \| site				92		24,347			92		24,347
Loss on extinguishment of debt				$ 0			$ 4,000,000.0		$ 0	$ 4,400,000
Term (in years)							25 years
Margin adjustments \| Rate				0.01%					0.01%
Preferred rate of return			6.00%
Convertible units to shares (in shares) \| shares									314,934
Average closing price of units (in dollars per share)									$ 12,200,000	$ 18,400,000
Aspen Preferred OP Units Non-Extended \| Preferred Stock
Debt Instrument [Line Items]
Conversion of OP units (in shares) \| shares									673,885
Minimum
Debt Instrument [Line Items]
Term (in years)					7 years	4 years
Maximum
Debt Instrument [Line Items]
Term (in years)					10 years	7 years
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit and other				$ 2,084,900,000		$ 2,130,600,000			$ 2,084,900,000		$ 2,130,600,000
Long-term debt				1,100,000,000		1,100,000,000			1,100,000,000		1,100,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, borrowing capacity	$ 4,200,000,000
Line of credit, additional borrowing capacity	$ 800,000,000
Number of credit facility extension options \| extensionOption	2
Extension period for credit facility extension option	6 months
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis points \| Rate	0.725%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Basis points \| Rate	1.60%
Collateralized Mortgage Backed Securities
Debt Instrument [Line Items]
Number of properties jointly secured \| property					1
Net book value				2,700,000,000					2,700,000,000
Revolving Loan \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit and other				1,000,000,000		1,100,000,000			$ 1,000,000,000		1,100,000,000
Revolving Loan \| Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity	$ 3,050,000,000.00
Basis points \| Rate									0.85%
Term Loan \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit and other		$ 58,000,000
Term (in years)		4 years
Term Loan \| Unsecured Term Loan Facility
Debt Instrument [Line Items]
Long-term debt				9,200,000		19,800,000			$ 9,200,000		$ 19,800,000
Term Loan \| Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity	$ 1,150,000,000
Basis points \| Rate									0.95%
Term Loan Adjustment \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis points \| Rate									0.04%		0.01%
Line of Credit and Other Debt
Debt Instrument [Line Items]
Outstanding letters of credit				16,700,000		2,600,000			$ 16,700,000		$ 2,600,000
Line of Credit and Other Debt \| Term Loan \| Eurodollar
Debt Instrument [Line Items]
Basis points									0.95%
Line of Credit and Other Debt \| Term Loan \| Minimum \| Eurodollar
Debt Instrument [Line Items]
Basis points \| Rate									0.80%
Fixed Interest Rate \| Rate		1.20%
Line of Credit and Other Debt \| Term Loan \| Maximum \| Eurodollar
Debt Instrument [Line Items]
Basis points \| Rate									1.60%
Fixed Interest Rate \| Rate		2.05%
Preferred equity - Sun NG Resorts - mandatorily redeemable
Debt Instrument [Line Items]
Mandatorily redeemable preferred equity			$ 35,300,000
Term			7 years
Preferred OP units - mandatorily redeemable				35,200,000		35,200,000			$ 35,200,000		35,200,000
Preferred OP units - mandatorily redeemable
Debt Instrument [Line Items]
Preferred OP units - mandatorily redeemable				8,500,000		34,000,000.0			$ 8,500,000		34,000,000.0
Convertible units to shares (in shares) \| shares								270,000
Preferred distribution rate \| Rate									6.50%
Conversion of OP units					$ 7,300,000
Preferred OP units - mandatorily redeemable \| Convertible debt - Aspen Preferred OP Units January 2024 [Member]
Debt Instrument [Line Items]
Principal Amount				$ 8,500,000		$ 34,000,000			$ 8,500,000		$ 34,000,000
Convertible units to shares (in shares) \| shares									104,544
Average closing price of shares (in dollars per share) \| $ / shares				$ 68.00					$ 68.00
Shares converted (in shares) \| shares									0.397
Average closing price of units (in dollars per share)									$ 27.00
Percentage of overage closing price \| Rate									25.00%
Preferred distribution rate \| Rate									3.80%
Mandatorily Redeemable Preferred Stock
Debt Instrument [Line Items]
Preferred OP units - mandatorily redeemable				$ 35,200,000					$ 35,200,000
Properties Securing Debt \| Collateralized Mortgage Backed Securities
Debt Instrument [Line Items]
Number of properties jointly secured \| property				154					154
Sites, Wet Slips and Dry Storage Spaces \| site				61,653					61,653

Equity and Temporary Equity - Schedule of Redeemable Equity Units (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended	9 Months Ended
	Jun. 30, 2018	Sep. 30, 2020	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
NG Sun LLC \| Sun NG RV Resorts
Class of Stock [Line Items]
Rate of return			5.00%
NG Sun LLC \| Common Stock \| Sun NG RV Resorts
Class of Stock [Line Items]
Value of interest purchased	$ 6.5
Sun NG RV Resorts \| Common Stock
Class of Stock [Line Items]
Value of interest purchased		$ 3.0
Sun NG RV Resorts \| Common Stock \| Sun NG RV Resorts
Class of Stock [Line Items]
Value of interest purchased	$ 15.4
Contingent consideration earnout					$ 38.3
FPG Sun Moreno Valley 66 LLC
Class of Stock [Line Items]
Redeemable preferred stock			$ 0.1	$ 0.1
Solar Energy Project CA II LLC
Class of Stock [Line Items]
Redeemable preferred stock			4.9	4.2
Solar Energy Project LLC
Class of Stock [Line Items]
Redeemable preferred stock			2.2	1.9
Solar Energy Project III LLC
Class of Stock [Line Items]
Redeemable preferred stock			2.3	0.3
FPG Sun Menifee 80 LLC
Class of Stock [Line Items]
Redeemable preferred stock			0.1	0.1
NG Sun Whitewater LLC
Class of Stock [Line Items]
Redeemable preferred stock			2.9	3.2
NG Sun LLC
Class of Stock [Line Items]
Redeemable preferred stock			34.1	31.1
NG Sun Beaver Brook LLC
Class of Stock [Line Items]
Redeemable preferred stock			0.4	0.5
Total
Class of Stock [Line Items]
Redeemable preferred stock			$ 47.0	$ 41.4

Equity and Temporary Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Equity and Temporary Equity

9. Equity and Temporary Equity

Temporary Equity

Redeemable Preferred OP Units


Description	OP Units Outstanding	Exchange Rate(1)	Annual Distribution Rate(2)		Cash Redemption(3)	Redemption Period	Carrying Amount
	September 30, 2023						September 30, 2023		December 31, 2022
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	$	48.2	$	48.1
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		8.7
Series G preferred OP units	210,710	0.6452	3.2	%	Holder's Option	Any time after earlier of September 30, 2025 or death of holder	21.1		24.4
Series H preferred OP units	581,238	0.6098	3.0	%	Holder's Option	Any time after earlier of October 30, 2025 or death of holder	56.5		56.7
Series J preferred OP units	238,000	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	23.3		23.6
Series K preferred OP units	1,000,000	0.5882	4.0	%	Holder's Option	Within 60 days after March 23, 2028	99.7		—
Total	2,608,906						$	257.5	$	161.5

(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.

Redeemable Equity Interests

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


		Carrying Amount
Equity Interest	Description	September 30, 2023		December 31, 2022
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	4.9		4.2
Solar Energy Project LLC	A joint venture that operates and maintains solar energy equipment in select California communities	2.2		1.9
Solar Energy Project III LLC	A joint venture that operates and maintains solar energy equipment in select Arizona and California communities	2.3		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	2.9		3.2
NG Sun LLC(1)	In connection with the investment in Sun NG Resorts, a joint venture that operates a portfolio of RV communities in the U.S.	34.1		31.1
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.	0.4		0.5
Total		$	47.0	$	41.4

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. At our 2023 Annual Meeting of Shareholders on May 16, 2023, our shareholders approved the Articles of Amendment to the Company's charter, which increased the authorized number of shares of capital stock to 380,000,000 shares, of which 360,000,000 shares are common stock and 20,000,000 shares are preferred stock, par value $0.01 per share. As of September 30, 2023, we had 124,447,044 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.

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 September 30, 2023, 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 to 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 in Connection with the Acquisition of Certain Properties

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 in Connection with the Acquisition of Certain Properties


Nine Months Ended September 30, 2023 and 2022	Common OP Units Issued		Value at Issuance (in millions)		Related Acquisition
January 2023	31,289		$	4.4	Fox Run
May 2022	10,854	(1)	$	1.8	Rudgate
May 2022	5,605		$	1.0	Kittery Point
February 2022	14,683		$	2.8	Jarrett Bay Boatworks

Noncontrolling Interests - Common and Preferred OP Units


Description	OP Units Outstanding	Exchange Rate(1)	Annual Distribution Rate(2)		Cash Redemption	Redemption Period	Carrying Amount
	September 30, 2023						September 30, 2023		December 31, 2022
Common OP units	2,632,368	1.0000	Same distribution rate for common stock		N/A	N/A	$	50.0	$	31.5
Series A-1 preferred OP units	202,144	2.4390	6.0	%	N/A	N/A	13.6		14.0
Series A-3 preferred OP units	40,268	1.8605	4.5	%	N/A	N/A	2.7		2.7
Series C preferred OP units	305,848	1.1100	5.0	%	N/A	N/A	23.0		23.6
Series E preferred OP units	80,000	0.6897	5.5	%	N/A	N/A	6.7		6.9
Total	3,260,628						$	96.0	$	78.7

(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.

Conversions


		Nine Months Ended
		September 30, 2023			September 30, 2022
Series	Conversion Rate	Units / Shares Converted	Common Stock(1)	Common OP Units(1)	Units / Shares Converted	Common Stock(1)
Aspen preferred OP units	Various(2)	943,885	113,972	191,223	—	—
Common OP units	1.0000	8,848	8,848	—	139,841	139,841
Series A-1 preferred OP units	2.4390	5,404	13,177	—	4,695	11,444


Series C preferred OP units	1.1100	165	183	—	150	166
Series E preferred OP units	0.6897	—	—	—	10,000	6,896

Series G preferred OP units	0.6452	30,000	19,353	—	—	—
Series H preferred OP units	0.6098	129	78	—	—	—
Series I preferred OP units	0.6098	—	—	—	922,000	562,195
Series J preferred OP units	0.6061	2,000	1,212	—	—	—

(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 September 30, 2023 were as follows:

Common Stock, Common OP units and Restricted Stock Distributions

Record Date

Payment Date

Distribution Per Share

Total Distribution (in Millions)

September 30, 2023

9/29/2023

10/16/2023

0.93

118.1

- Definition

The entire disclosure for equity.

+ References

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+ Details