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Fair Value of Financial Instruments - Narrative (Details) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2025 USD ($) property	Jun. 30, 2025 USD ($) property	Mar. 31, 2025 USD ($) property	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment adjustment	$ 165.0	$ 32.2	$ 20.5
Number of properties impaired \| property	6	3	7
Deferred tax benefit	$ 2.1			$ 7.1	$ 39.4	$ 16.5
Contingent consideration expense			$ 14.6
Payment for contingent consideration liability	5.0
Contingent consideration liability	$ 9.6				$ 9.6
North America
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Assets, Carrying Value of Asset			$ 93.4
UNITED KINGDOM
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment adjustment		$ 132.7
Number of properties impaired \| property		3
Impaired Assets, Carrying Value of Asset		$ 8.9
Deferred tax benefit		29.5
Minimum \| Measurement Input, Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived asset, held-for-use, measurement input	0.095				0.095
Minimum \| Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived asset, held-for-use, measurement input	0.110				0.110
Maximum \| Measurement Input, Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived asset, held-for-use, measurement input	0.100				0.100
Maximum \| Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived asset, held-for-use, measurement input	0.130				0.130
RV \| North America
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Assets, Carrying Value of Asset	$ 22.9	$ 86.4			$ 22.9

Other Intangible Assets - Schedule of Intangible Asset Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	$ 3.4	$ 3.5	$ 9.8	$ 10.0
In-place leases
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	1.4	1.6	4.3	4.7
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	1.6	1.5	4.5	4.3
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	0.2	0.2	0.4	0.4
Franchise agreements and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	$ 0.2	$ 0.2	$ 0.6	$ 0.6

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

- Definition

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+ Details

Debt and Line of Credit - Schedule of Debt (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2025	Sep. 30, 2025	Dec. 31, 2024	Dec. 31, 2024
Debt Instrument [Line Items]
Loans Payable	$ 2,440.4	$ 3,212.2
Secured borrowings on collateralized receivables (See Note 7)	45.4	51.2
Mortgage loans payable	2,485.8	3,263.4
Senior unsecured notes	1,785.9	2,676.3
Unsecured Debt And Other	1,785.9	4,089.4
Debt And Other	$ 4,271.7	$ 7,352.8
Weighted Average Years to Maturity	7 years 4 months 24 days	6 years 2 months 12 days
Weighted Average Interest Rates				3.38%		4.09%
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Fair Value Adjustment	$ 3.7	$ 3.9
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit and other	$ 0.0	$ 1,413.1
Weighted Average Years to Maturity	0 years	1 year 4 months 24 days
Weighted Average Interest Rates				0.00%		4.744%
Collateralized Receivables
Debt Instrument [Line Items]
Weighted Average Years to Maturity	12 years 7 months 6 days	13 years 2 months 12 days
Senior Unsecured Notes
Debt Instrument [Line Items]
Weighted Average Years to Maturity	5 years 4 months 24 days	6 years
Weighted Average Interest Rates				2.901%		3.778%
Net debt discount (premium)	$ 4.3	$ 6.3
Deferred financing costs	$ (9.8)	$ (17.4)
Loans Payable
Debt Instrument [Line Items]
Weighted Average Years to Maturity	8 years 8 months 12 days	8 years 3 months 18 days
Weighted Average Interest Rates				3.635%		3.991%
Deferred financing costs	$ (10.0)	$ (15.2)
Secured Borrowings
Debt Instrument [Line Items]
Weighted Average Interest Rates			8.50%	8.542%	8.60%	8.575%

Real Estate Acquisitions and Dispositions

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Real Estate Acquisitions and Dispositions

5. Real Estate Acquisitions and Dispositions

2025 Development and Expansion Activities

We did not acquire any operating properties during the nine months ended September 30, 2025. Refer to Note 21, "Subsequent Events," for acquisitions that closed subsequent to September 30, 2025.

2025 Disposition Activity

The following dispositions of real estate properties for our continuing operations occurred during the nine months ended September 30, 2025 (in millions, except for *):


Property Name(1)	Segment	Number of Properties*	Total Sites*	State, Province, or Country	Month Disposed	Gross Sales Proceeds		Cash Consideration, net(2)		Loss on Disposition(3)
RV Portfolio(4)	RV	2	815	Various	January	$	92.9	$	92.6	$	(0.2)
MH Portfolio	MH	3	136	FL	March	$	27.8	$	27.2	$	(2.8)
Sun Retreats Millbrook	RV	1	394	IL	April	$	3.5	$	2.8	$	(3.8)

(1) Pertains to our continuing operations. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," for additional details related to the Safe Harbor Sale, which is classified as a discontinued operation.

(2) Cash consideration, net of settlement of the associated mortgage debt, when applicable, and other closing adjustments.

(3) Recorded in Gain / (loss) on dispositions of properties on the Consolidated Statements of Operations.

(4) Total sales proceeds include the disposition of two operating properties and two development properties that we owned along with the settlement of a developer note receivable of $36.5 million pertaining to three additional properties in which we had provided financing to the developer that were classified as held for sale as of December 31, 2024. During the year ended December 31, 2024, we recognized asset impairment charges of $12.1 million to reduce the carrying value of the four owned RV properties to an aggregate fair value of $47.5 million.

In June 2025, we sold one MH developmental land parcel in Washington for total consideration of $40.0 million and recorded a gain on sale of $2.6 million. The property was previously classified as held for sale.

In September 2025, we sold one RV development land parcel in California for total consideration of $18.0 million and recorded a loss on sale of $0.1 million.

2024 Disposition Activity

The following dispositions of real estate properties for our continuing operations occurred during the nine months ended September 30, 2024 (in millions, except for *):


Property Name	Segment	Number of Properties*	Total Sites*	State, Province or Country	Month Disposed	Gross Sales Proceeds		Cash Consideration, net(1)		Gain Disposition(2)
Spanish Trails and Sundance	MH	2	533	AZ & FL	February	$	48.5	$	51.7	$	6.2
Littondale	UK	1	114	UK	May	$	5.9	$	5.4	$	2.2
Six Community MH Portfolio	MH	6	2,090	Various	July	$	224.6	$	150.7	$	142.0
Lake Pointe Village	MH	1	361	FL	July	$	38.0	$	20.3	$	16.0
Reserve at Fox Creek	MH	1	311	AZ	September	$	38.0	$	22.7	$	22.2

(1) Cash consideration, net of settlement of the associated mortgage debt and other closing adjustments.

(2) Recorded in Gain / (loss) on dispositions of properties on the Consolidated Statements of Operations.

Collateralized Receivables and Transfers of Financial Assets, Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Sep. 30, 2025	Sep. 30, 2025	Dec. 31, 2024	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateralized receivables	$ 45.4		$ 45.4		$ 51.2
Gross collateralized receivable					52.0
Secured borrowings on collateralized receivables	45.4		45.4		51.2
Gross secured borrowings	41.7		41.7		47.3
Secured borrowings, fair value adjustment	3.7		$ 3.7		$ 3.9
Weighted Average Interest Rates							3.38%		4.09%
Weighted Average Years to Maturity			7 years 4 months 24 days		6 years 2 months 12 days
Collateralized Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Years to Maturity			12 years 7 months 6 days		13 years 2 months 12 days
Installment notes receivable on manufactured homes, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateralized receivables	45.4		$ 45.4
Gross collateralized receivable	46.5		46.5
Collateralized Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income and expense, net	1.0	$ 1.1	3.0	$ 3.5
Fair Value, Recurring \| Installment notes receivable on manufactured homes, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, fair value adjustment	$ 1.1		$ 1.1		$ 0.8
Secured Borrowings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Interest Rates						8.50%	8.542%	8.60%	8.575%

Earnings Per Share - Schedule of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net Income (Loss) Attributable to Parent [Abstract]
Net income / (loss) from continuing operations	$ (3,700)	$ 278,400	$ (119,000)	$ 274,400
Less: allocation to restricted stock awards	0	2,000	7,000	2,000
Net income attributable to common shareholders after restricted stock allocation	8,500	286,700	1,232,300	311,400
Diluted earnings - net income attributable to common shareholders after allocation to common and preferred OP units(1)	$ 8,500	$ 286,700	$ 1,232,300	$ 318,000
Denominator
Weighted average common shares outstanding (in shares)	123.9	124.0	125.6	123.8
Add: dilutive restricted stock (in shares)	0.2	0.0	0.0	0.0
Add: common and preferred OP units dilutive effect (in shares)	0.0	0.0	0.0	2.7
Diluted weighted average common shares and securities (in shares)	124.1	124.0	125.6	126.5
Basic earning per share (in dollars per share)	$ 0.07	$ 2.31	$ 9.81	$ 2.52
Diluted earning per share (in dollars per share)	0.07	2.31	9.81	2.51
Income (Loss) from Continuing Operations, Per Basic Share	(0.05)	2.09	(1.48)	2.01
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0.12	0.22	11.29	0.51
Income (Loss) from Continuing Operations, Per Diluted Share	(0.05)	2.09	(1.48)	2.01
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share	$ 0.12	$ 0.22	$ 11.29	$ 0.50
Less: Preferred stock distribution	$ (3,200)	$ (3,200)	$ (9,500)	$ (9,600)
Less: Income / (loss) attributable to noncontrolling interests	800	(13,300)	(50,800)	(15,100)
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic	(6,100)	261,900	(179,300)	249,700
Income from discontinued operations, net	14,600	26,800	1,418,600	63,700
Continuing Operations
Net Income (Loss) Attributable to Parent [Abstract]
Net income attributable to common shareholders after restricted stock allocation	(6,100)	259,900	(186,300)	247,700
Diluted earnings - net income attributable to common shareholders after allocation to common and preferred OP units(1)	(6,100)	259,900	(186,300)	254,300
Common OP units
Net Income (Loss) Attributable to Parent [Abstract]
Add: allocation to restricted stock awards	$ 0	$ 0	$ 0	$ 6,600

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Assets
Land	$ 3,388.1	$ 3,461.5
Land improvements and buildings	8,949.2	9,058.7
Rental homes and improvements	897.8	834.1
Furniture, fixtures and equipment	746.4	739.2
Investment property	13,981.5	14,093.5
Accumulated depreciation	(3,495.6)	(3,228.4)
Investment property, net	10,485.9	10,865.1
Cash, cash equivalents and restricted cash	1,180.0	57.1
Inventory of manufactured homes	155.1	129.8
Notes and other receivables, net (includes $221.6 and $242.4 at fair value, respectively)	468.4	430.1
Collateralized receivables, net	45.4	51.2
Goodwill	9.5	9.5
Other intangible assets, net (see Note 8)	97.0	102.5
Other assets, net	359.0	442.4
Assets held for sale and discontinued operations, net (see Note 2)	0.0	4,461.7
Total Assets	12,800.3	16,549.4
Liabilities
Mortgage loans payable (see Note 10)	2,440.4	3,212.2
Secured borrowings on collateralized receivables (See Note 7)	45.4	51.2
Unsecured debt	1,785.9	4,089.4
Distributions payable	131.4	122.6
Advanced reservation deposits and rent	308.3	249.4
Accrued expenses and accounts payable	282.0	265.8
Other liabilities	444.6	819.3
Liabilities held for sale and discontinued operations, net (see Note 2)	0.0	286.9
Total Liabilities	5,438.0	9,096.8
Commitments and contingencies (see Note 18)
Temporary equity (see Note 11)	256.2	259.8
Shareholders' Equity
Common stock, $0.01 par value. Authorized: 360.0 shares; Issued and outstanding: 123.6 at September 30, 2025 and 127.4 at December 31, 2024	1.2	1.3
Additional paid-in capital	9,573.0	9,864.2
Accumulated other comprehensive income / (loss)	25.9	(7.9)
Distributions in excess of accumulated earnings	(2,615.0)	(2,775.9)
Total SUI Shareholders' Equity	6,985.1	7,081.7
Noncontrolling interests
Common and preferred OP units	120.6	110.4
Consolidated entities	0.4	0.7
Total noncontrolling interests	121.0	111.1
Total Shareholders' Equity	7,106.1	7,192.8
Total Liabilities, Temporary Equity and Shareholders' Equity	$ 12,800.3	$ 16,549.4

Equity and Temporary Equity - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2025	May 31, 2025	Dec. 31, 2024	May 16, 2023
Class of Stock [Line Items]
Shares availability for issuance (in shares)							380,000,000
Common stock authorized (in shares)		360,000,000.0		360,000,000.0		360,000,000.0	360,000,000
Common stock outstanding (in shares)		123,608,071		123,608,071		127,400,000
Preferred Stock, Shares Issued		0		0
Preferred stock outstanding (in shares)		0		0
Aggregate gross sales price	$ 1,250,000,000			$ 725,200,000
Common stock issued (in shares)		123,608,071		123,608,071		127,400,000
Share repurchase program, authorized, amount					$ 1,000,000,000
Stock repurchased and retired during period, shares (in shares)				4,000,000
Stock repurchased and retired during period, value		$ 297,500,000	$ 202,800,000	$ 500,300,000
Share repurchase program, remaining authorized, amount		$ 499,700,000		499,700,000
Preferred Stock
Class of Stock [Line Items]
Preferred stock available for issuance (in shares)							20,000,000
December 2021 Sales Agreement
Class of Stock [Line Items]
Value of Shares Sold in Forward Sale Transactions				$ 524,800,000

Notes and Other Receivables - Schedule of Notes and Other Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Total Notes and Other Receivables, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	$ 468.4	$ 430.1
Secured Installment Notes Receivable on Manufactured Homes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	129.2	93.9
Notes receivable from real estate developers and operators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	92.4	148.5
Other receivables, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	$ 246.8	$ 187.7

Notes And Other Receivables

9 Months Ended

Sep. 30, 2025

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

Notes And Other Receivables

6. Notes and Other Receivables

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


	September 30, 2025		December 31, 2024
Installment notes receivable on manufactured homes, net	$	129.2	$	93.9
Notes receivable from real estate developers and operators	92.4		148.5
Other receivables, net	246.8		187.7
Total Notes and Other Receivables, net	$	468.4	$	430.1

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 820, "Fair Value Measurements and Disclosures." The balances of installment notes receivable of $129.2 million (principal of installment notes receivable of $132.1 million less fair value adjustment of $2.9 million) and $93.9 million (principal of installment notes receivable of $95.2 million less fair value adjustment of $1.3 million) as of September 30, 2025 and December 31, 2024, 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 7.3% and 17.5 years as of September 30, 2025, and 6.4% and 18.6 years as of December 31, 2024, respectively. Refer to Note 17, "Fair Value Measurements," 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 820, "Fair Value Measurements and Disclosures." Refer to Note 17, "Fair Value Measurements," for additional information.

Notes Receivable from Real Estate Operators

The notes receivable from real estate operators at September 30, 2025 consist of a loan provided to a real estate operator to fund the Canadian RV Portfolio disposition (the "Canadian RV Note"). The balance on the Canadian RV Note was $43.8 million with a net weighted average interest rate and maturity of 5.0% and 1.2 years as of September 30, 2025, and was $42.4 million with a net weighted average interest rate and maturity of 5.0% and 2.0 years as of December 31, 2024.

Notes Receivable from Real Estate Developers

Other acquisition and construction loans provided to real estate developers total $48.6 million with a net weighted average interest rate and maturity of 8.7% and 0.4 years as of September 30, 2025, and total $106.1 million with a net weighted average interest rate and maturity of 8.0% and 1.9 years as of December 31, 2024. As of September 30, 2025 and December 31, 2024, the additional acquisition and construction loans provided to real estate developers had $11.6 million and $36.8 million of undrawn funds, respectively.

Other Receivables, net

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


	September 30, 2025		December 31, 2024
Receivables from residents and customers(1)	$	128.4	$	62.2
Insurance receivables(2)	51.2		67.2
Home sale proceeds	28.4		24.5
Other receivables	38.8		33.8
Total Other Receivables, net	$	246.8	$	187.7

(1)Net of allowance for credit losses of $4.9 million and $5.6 million as of September 30, 2025 and December 31, 2024, respectively.

(2)Primarily consists of receivables from insurance providers related to Hurricanes Ian, Helene, and Milton. Refer to Note 18, "Commitments and Contingencies," for additional details.

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025						December 31, 2024
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(2)
Interest rate derivatives	$	150.0	$	0.6	$	1.6	$	927.6	$	6.3	$	1.3

(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 OCI (in millions):


	Three Months Ended				Nine Months Ended
Derivatives Designated as Cash Flow Hedges	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Interest rate derivatives	$	(0.3)	$	(9.7)	$	(3.9)	$	1.7

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


Derivatives Designated as Cash Flow Hedges	Financial Statement Classification	Three Months Ended				Nine Months Ended
		September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Interest rate derivatives	Interest expense / Other income / (expense), net	$	0.9	$	4.9	$	14.2	$	14.8

Transfers and Servicing (Tables)

9 Months Ended

Sep. 30, 2025

Transfers and Servicing [Abstract]

Transfer of Certain Financial Assets Accounted for as Secured Borrowings

The following table sets forth certain information regarding collateralized receivables and the related secured borrowings (in millions, except interest rates and maturities):


	Collateralized Receivables						Secured Borrowings on Collateralized Receivables
	September 30, 2025			December 31, 2024			September 30, 2025			December 31, 2024
Gross Balance	$	46.5		$	52.0		$	41.7		$	47.3
Fair Value Adjustments	(1.1)			(0.8)			3.7			3.9
Carrying Balance	$	45.4		$	51.2		$	45.4		$	51.2
Net Weighted Average Interest Rates	8.5		%	8.6		%	8.5		%	8.6		%
Weighted Average Years to Maturity	12.6 years			13.2 years			12.6 years			13.2 years

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	360,000,000.0	360,000,000.0
Common stock issued (in shares)	123,608,071	127,400,000
Common stock outstanding (in shares)	123,608,071	127,400,000
Assets held for sale and discontinued operations, net (see Note 2)	$ 0.0	$ 4,461.7
Installment Notes on Manufactured Homes & Notes Receivable from Real Estate Developers
Notes Receivable, Fair Value Disclosure	$ 221.6	$ 242.4

Leases - Narrative (Details) - Park Holidays - UNITED KINGDOM $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2025 USD ($) developmentSite	Sep. 30, 2025 USD ($) developmentSite	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($) developmentSite	Mar. 31, 2025 GBP (£) developmentSite	Dec. 31, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Number of ground leases \| developmentSite				32	32
Lease repurchase amount \| £					£ 1.00
Ground lease financial liability	$ 86.6	$ 86.6				$ 355.9
Gain (Loss) on Termination of Lease	$ 19.2	$ 45.2
Value Added Tax Receivable			$ 31.4	$ 16.1
Number of properties repurchased \| developmentSite	6	27
Cash paid for ground lease termination	$ 101.2	$ 300.4
Failed Sale And Leaseback Transaction, Increase (Decrease) In Financial Liability	$ 298.1

Share-Based Compensation - Narrative (Details)	9 Months Ended
Share-Based Compensation - Narrative (Details)	Sep. 30, 2025 plan shares	Sep. 30, 2024 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	189,679	198,244
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

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Fixed lease income	$ 517.7	$ 502.2	$ 1,352.3	$ 1,315.3
Home sales	95.6	105.3	262.9	281.7
Ancillary	60.8	61.0	115.4	114.9
Interest	17.3	5.3	38.2	15.0
Brokerage commissions and other, net	5.8	6.6	22.1	19.0
Total Revenues	697.2	680.4	1,790.9	1,745.9
MH
Disaggregation of Revenue [Line Items]
Fixed lease income	254.7	240.4	754.0	718.0
Home sales	32.0	37.7	88.7	113.6
Ancillary	1.6	1.5	5.6	6.0
Interest	11.5	3.7	25.6	10.2
Brokerage commissions and other, net	1.9	2.5	12.8	9.9
Total Revenues	301.7	285.8	886.7	857.7
RV
Disaggregation of Revenue [Line Items]
Fixed lease income	202.4	205.6	453.2	458.4
Home sales	5.7	9.3	19.6	24.4
Ancillary	39.0	40.4	68.8	71.5
Interest	5.6	1.6	12.3	4.5
Brokerage commissions and other, net	1.4	1.9	5.4	5.5
Total Revenues	254.1	258.8	559.3	564.3
UK
Disaggregation of Revenue [Line Items]
Fixed lease income	60.6	56.2	145.1	138.9
Home sales	57.9	58.3	154.6	143.7
Ancillary	20.2	19.1	41.0	37.4
Interest	0.2	0.0	0.3	0.3
Brokerage commissions and other, net	2.5	2.2	3.9	3.6
Total Revenues	$ 141.4	$ 135.8	$ 344.9	$ 323.9

Investment in Nonconsolidated Affiliates

9 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investment in Nonconsolidated Affiliates

9. 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 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 from nonconsolidated affiliates on the Consolidated Statements of Operations.

Sungenia Joint Venture ("Sungenia JV")

At September 30, 2025 and December 31, 2024, we had a 50.0% ownership interest in Sungenia JV, a joint venture formed between us and Ingenia to establish and grow a manufactured housing community development program in Australia.

GTSC LLC ("GTSC")

At September 30, 2025 and December 31, 2024, 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.

SV Lift, LLC ("SV Lift")

At September 30, 2025 and December 31, 2024, 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, 2025		December 31, 2024

Investment in Sungenia JV	$	86.6	$	75.1
Investment in GTSC	38.8		48.9
Investment in SV Lift	0.7		1.1
Total	$	126.1	$	125.1

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


	Three Months Ended				Nine Months Ended
Income / (Loss) from Nonconsolidated Affiliates	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024

Sungenia JV equity income	$	4.2	$	1.7	$	10.5	$	4.9
GTSC equity income	0.4		0.6		1.7		2.5

SV Lift equity loss	(0.3)		(0.2)		(1.1)		(0.9)
Total Income from Nonconsolidated Affiliates	$	4.3	$	2.1	$	11.1	$	6.5

During the nine months ended September 30, 2025 and 2024, we received distributions of $10.7 million and $26.3 million, respectively, and made contributions of $0.7 million and $13.9 million, respectively, with our nonconsolidated affiliates.

Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Financial Assets
Total Notes and Other Receivables, net	$ 468,400	$ 430,100
Collateralized receivables, net	45,400	51,200
Financial Liabilities
Loan Amount	2,440,400	3,212,200
Secured borrowings on collateralized receivables (See Note 7)	45,400	51,200
Mortgage loans payable	2,485,800	3,263,400
Senior unsecured notes	1,785,900	2,676,300
Total unsecured debt	1,785,900	4,089,400
Installment notes receivable on manufactured homes, net
Financial Assets
Collateralized receivables, net	45,400
Fair Value, Recurring \| Carrying Value
Financial Assets
Collateralized receivables, net	45,400	51,200
Derivative assets	600	6,300
Total Assets Measured at Fair Value	267,600	299,900
Financial Liabilities
Loan Amount	2,440,400	3,212,200
Secured borrowings on collateralized receivables (See Note 7)	45,400	51,200
Mortgage loans payable	2,485,800	3,263,400
Senior unsecured notes	1,785,900	2,676,300
Line of credit	0	1,413,100
Total unsecured debt	1,785,900	4,089,400
Derivative liabilities	1,600	1,300
Other financial liabilities (contingent consideration)	9,600	11,300
Total Liabilities Measured at Fair Value	4,282,900	7,365,400
Fair Value, Recurring \| Carrying Value \| Installment notes receivable on manufactured homes, net
Financial Assets
Total Notes and Other Receivables, net	129,200	93,900
Fair Value, Recurring \| Carrying Value \| Notes receivable from real estate developers and operators
Financial Assets
Total Notes and Other Receivables, net	92,400	148,500
Fair Value, Recurring \| Estimate of Fair Value Measurement
Financial Assets
Collateralized receivables, net	45,400	51,200
Derivative assets	600	6,300
Total Assets Measured at Fair Value	267,600	299,900
Financial Liabilities
Loan Amount	2,232,900	2,952,400
Secured borrowings on collateralized receivables (See Note 7)	45,400	51,200
Mortgage loans payable	2,278,300	3,003,600
Senior unsecured notes	1,667,400	2,476,800
Line of credit	0	1,413,100
Total unsecured debt	1,667,400	3,889,900
Derivative liabilities	1,600	1,300
Other financial liabilities (contingent consideration)	9,600	11,300
Total Liabilities Measured at Fair Value	3,956,900	6,906,100
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Installment notes receivable on manufactured homes, net
Financial Assets
Total Notes and Other Receivables, net	129,200	93,900
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Notes receivable from real estate developers and operators
Financial Assets
Total Notes and Other Receivables, net	$ 92,400	$ 148,500

Cash and Cash Equivalents - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents and restricted cash	$ 1,180.0	$ 57.1	$ 64.6
Restricted escrow member
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents and restricted cash	$ 629.5

Equity and Temporary Equity

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Equity and Temporary Equity

11. Equity and Temporary Equity

Temporary Equity

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 and other redeemable equity interests. 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 and other redeemable equity interests that were outstanding as of September 30, 2025 and December 31, 2024, 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, 2025						September 30, 2025		December 31, 2024
Series D preferred OP units	488,958	0.8000	4.0	%	Holder's Option	Any time	$	51.4	$	47.5
Series F preferred OP units	70,000	0.6250	3.0	%	Holder's Option	Any time	7.5		8.7
Series G preferred OP units	4,898	0.6452	3.2	%	Holder's Option	Any time after earlier of September 30, 2025 or death of holder	3.4		19.8
Series H preferred OP units	580,464	0.6098	3.0	%	Holder's Option	Any time after earlier of October 30, 2025 or death of holder	60.4		55.4
Series J preferred OP units	236,000	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	24.0		22.4
Series K preferred OP units	1,000,000	0.5882	4.0	%	Holder's Option	Within 60 days after March 23, 2028	98.2		94.1
Other redeemable equity interests(4)	N/A	N/A	N/A		N/A	N/A	11.3		11.9
Total	2,380,320						$	256.2	$	259.8

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

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

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

(4) Includes redeemable equity interests related to joint ventures that primarily operate and maintain solar energy equipment in select communities and portfolios of RV communities in the U.S.

Permanent Equity

Universal Shelf Registration Statement

We have filed a universal shelf registration statement on Form S-3 with the SEC, which provides for the registration of unspecified amounts of equity and debt securities. The authorized number of shares of our capital stock is 380,000,000 shares, of which 360,000,000 shares are common stock and 20,000,000 shares are preferred stock. As of September 30, 2025, we had 123,608,071 shares of common stock issued and outstanding and no shares of preferred stock were issued and outstanding.

At the Market Offering Sales Agreement

We have entered into an At the Market Offering Sales Agreement (the "ATM") 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. Through September 30, 2025, we had entered into and settled forward sales agreements under the ATM for an aggregate gross sales price of $524.8 million, leaving $725.2 million available for sale under the ATM.

Stock Repurchase Program

In May 2025, our Board of Directors authorized a stock repurchase program (the "Stock Repurchase Program") under which we may repurchase up to $1.0 billion in shares of our outstanding common stock through April 30, 2026. Under the Stock Repurchase Program, we may repurchase shares of our common stock in open market transactions, through privately negotiated transactions, through one or more accelerated repurchases, or otherwise, in accordance with the terms set forth in Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and other applicable legal requirements. The Stock Repurchase Program does not obligate us to repurchase any specific number of shares, and we may initiate, suspend, or discontinue purchases under the Stock Repurchase Program at any time.

We account for stock repurchases in accordance with ASC 505, "Equity," by allocating the repurchase price to Common Stock, Additional paid-in-capital, and Distributions in excess of accumulated earnings on the Consolidated Balance Sheets. Under Maryland corporate law, our state of incorporation, there is no concept of treasury shares. As a result, all repurchased shares are retired and returned to the status of authorized but unissued shares upon settlement. Through September 30, 2025, we repurchased and retired 4.0 million shares of our outstanding common stock for $500.3 million. As of September 30, 2025, we had $499.7 million remaining authorized for purchase under this program.

Accumulated Other Comprehensive Income

AOCI attributable to SUI common shareholders is separately presented on our Consolidated Balance Sheets as a component of total SUI shareholders' equity. Other Comprehensive Income ("OCI") attributable to noncontrolling interests is allocated to, and included within, Noncontrolling interests on our Consolidated Balance Sheets. Refer to the Consolidated Statements of Comprehensive Income / (Loss) for complete details related to OCI activity in the reporting period.

AOCI attributable to SUI common shareholders consisted of the following, net of tax (in millions):


	September 30, 2025		December 31, 2024
Net foreign currency translation income / (loss)	$	7.1	$	(44.1)
Accumulated net gain on derivatives	18.8		36.2
Accumulated other comprehensive income / (loss)	$	25.9	$	(7.9)

Noncontrolling Interests - Common and Preferred OP Units

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


Description	OP Units Outstanding	Exchange Rate(1)	Annual Distribution Rate(2)		Cash Redemption	Redemption Period	Carrying Amount
	September 30, 2025						September 30, 2025		December 31, 2024
Common OP units	2,797,150	1.0000	Same distribution rate for common stock		N/A	N/A	$	76.1	$	71.5
Series A-1 preferred OP units	169,913	2.4390	6.0	%	N/A	N/A	12.1		9.2
Series A-3 preferred OP units	40,268	1.8605	4.5	%	N/A	N/A	2.9		2.3
Series C preferred OP units	292,436	1.1100	5.0	%	N/A	N/A	21.3		19.5
Series E preferred OP units	80,000	0.6897	5.5	%	N/A	N/A	6.2		6.0
Series L preferred OP units	20,000	0.6250	3.5	%	N/A	N/A	2.0		1.9
Total	3,399,767						$	120.6	$	110.4

(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

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, 2025 and 2024:


		Nine Months Ended
		September 30, 2025		September 30, 2024
Series	Conversion Rate	Units / Shares Converted	Common Stock(1)		Units / Shares Converted	Common Stock(1)

Common OP units	1.0000	108,720	108,720		80,096	80,096
Series A-1 preferred OP units	2.4390	6,884	16,788		24,563	59,900



Series C preferred OP units	1.1100	4,309	4,782		9,103	10,104



Series G preferred OP units	0.6452	—	—		4,898	3,160
Series H preferred OP units	0.6098	765	465		9	5

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.

Distributions

Distributions declared for the nine months ended September 30, 2025 were as follows:


Common Stock, Common OP units and Restricted Stock Distributions	Record Date	Payment Date	Distribution Per Share		Total Distribution (in millions)
March 31, 2025	3/31/2025	4/15/2025	$	0.94	$	122.6
May 14, 2025 Special Distribution(1)	5/14/2025	5/22/2025	$	4.00	$	521.3
June 30, 2025	6/30/2025	7/15/2025	$	1.04	$	133.8
September 30, 2025	9/30/2025	10/15/2025	$	1.04	$	131.5

(1) In connection with the closing of the Safe Harbor Sale, our Board of Directors authorized a one-time special cash distribution of $4.00 per common share and common unit.

- Definition

The entire disclosure for equity.

+ References

+ Details

Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

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


		September 30, 2025				December 31, 2024
Other Intangible Asset	Useful Life	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
In-place leases	7 years	$	138.4	$	(130.5)	$	138.8	$	(126.4)
Trademarks and trade names	15 years	87.5		(21.1)		81.7		(15.4)
Customer relationships	4 years	1.9		(1.8)		1.8		(1.3)
Franchise agreements and other intangible assets	10 - 27 years	32.9		(11.0)		32.7		(10.0)
Total finite-lived assets		$	260.7	$	(164.4)	$	255.0	$	(153.1)
Indefinite-lived assets - Trademarks, trade names, and other	N/A	0.7		—		0.6		—
Total indefinite-lived assets		$	0.7	$	—	$	0.6	$	—
Total		$	261.4	$	(164.4)	$	255.6	$	(153.1)

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, 2025		September 30, 2024		September 30, 2025		September 30, 2024
In-place leases	$	1.4	$	1.6	$	4.3	$	4.7
Trademarks and trade names	1.6		1.5		4.5		4.3
Customer relationships	0.2		0.2		0.4		0.4
Franchise fees and other intangible assets	0.2		0.2		0.6		0.6
Total	$	3.4	$	3.5	$	9.8	$	10.0

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 2025		2026		2027		2028		2029
In-place leases	$	1.4	$	3.7	$	2.1	$	0.8	$	0.1
Trademarks and trade names	3.0		6.1		5.8		5.7		5.7
Customer relationships	0.2		—		—		—		—
Franchise agreements and other intangible assets	0.3		1.3		1.3		1.3		1.3
Total	$	4.9	$	11.1	$	9.2	$	7.8	$	7.1

Share-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-Based Compensation

12. Share-Based Compensation

As of September 30, 2025, we had two share-based compensation plans: the Sun Communities, Inc. 2015 Equity Incentive Plan (as amended, the "2015 Equity Incentive Plan") and the First Amended and Restated 2004 Non-Employee Director Option Plan (as amended, the "2004 Non-Employee Director Option Plan"). We believe granting equity awards will provide certain executives, key employees and directors additional incentives to promote our financial success and promote employee and director retention by providing an opportunity to acquire or increase the direct proprietary interest of those individuals in our operations and future. Time based awards for directors generally vest over three years. Time based awards for key employees and executives generally vest over five years. Market condition awards for executives generally vest after three years.

During the nine months ended September 30, 2025 and 2024, shares were granted as follows:


Grant Period	Type	Plan	Shares Granted	Grant Date Fair Value Per Share			Vesting Type
2025	Key Employees	2015 Equity Incentive Plan	156,101	$	132.36	(1)	Time Based
2025	Executive Officers	2015 Equity Incentive Plan	87,913	$	128.76	(1)	Time Based
2025	Executive Officers	2015 Equity Incentive Plan	87,000	$	106.62	(2)	Market Condition	(3)
2025	Directors	2004 Non-Employee Director Option Plan	14,000	$	122.78	(1)	Time Based

2024	Key Employees	2015 Equity Incentive Plan	205,540	$	132.10	(1)	Time Based
2024	Executive Officers	2015 Equity Incentive Plan	31,800	$	132.13	(1)	Time Based
2024	Executive Officers	2015 Equity Incentive Plan	41,400	$	98.14	(2)	Market Condition	(3)
2024	Directors	2004 Non-Employee Director Option Plan	20,000	$	129.47	(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.

Refer to Note 21, "Subsequent Events," for restricted share activity subsequent to September 30, 2025. The vesting requirements for 189,679 and 198,244 restricted shares granted to our executives, directors, and employees were satisfied during the nine months ended September 30, 2025 and 2024, respectively.

We recognized the following share-based compensation costs for our continuing operations (in millions):


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Share-based compensation - expensed(1)	$	8.9	$	6.7	$	26.4	$	23.4

(1) Recorded within General and administrative expense on the Consolidated Statements of Operations.

Equity and Temporary Equity - Schedule of Conversions (Details)	9 Months Ended
	Sep. 30, 2025 shares	Sep. 30, 2024 shares
Common OP units \| Common OP units
Conversion of Stock [Line Items]
Preferred Stock, Convertible, Conversion Ratio	1.0000
Conversion of OP units (in shares)	108,720	80,096
Common OP units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	108,720	80,096
Series A-1 preferred OP units \| Preferred Stock
Conversion of Stock [Line Items]
Preferred Stock, Convertible, Conversion Ratio	2.4390
Conversion of OP units (in shares)	6,884	24,563
Series A-1 preferred OP units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	16,788	59,900
Series C preferred OP units \| Preferred Stock
Conversion of Stock [Line Items]
Preferred Stock, Convertible, Conversion Ratio	1.1100
Conversion of OP units (in shares)	4,309	9,103
Series C preferred OP units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	4,782	10,104
Series G preferred OP units \| Preferred Stock
Conversion of Stock [Line Items]
Preferred Stock, Convertible, Conversion Ratio	0.6452
Conversion of OP units (in shares)	0	4,898
Series G preferred OP units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	0	3,160
Series H preferred OP units \| Preferred Stock
Conversion of Stock [Line Items]
Preferred Stock, Convertible, Conversion Ratio	0.6098
Conversion of OP units (in shares)	765	9
Series H preferred OP units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	465	5
Series J preferred OP units \| Preferred Stock
Conversion of Stock [Line Items]
Preferred Stock, Convertible, Conversion Ratio	0.6061
Conversion of OP units (in shares)	0	2,000
Series J preferred OP units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	0	1,212

Debt and Line of Credit (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025		December 31, 2024		September 30, 2025	December 31, 2024	September 30, 2025		December 31, 2024
Secured Debt




Mortgage loans payable(1)	$	2,440.4	$	3,212.2	8.7	8.3	3.635	%	3.991	%
Secured borrowings on collateralized receivables(2)	45.4		51.2		12.6	13.2	8.542	%	8.575	%


Total Secured Debt	$	2,485.8	$	3,263.4
Unsecured Debt
Senior unsecured notes(3)	$	1,785.9	$	2,676.3	5.4	6.0	2.901	%	3.778	%

Line of credit	—		1,413.1		0.0	1.4	—	%	4.744	%


Total Unsecured Debt	$	1,785.9	$	4,089.4
Total Debt	$	4,271.7	$	7,352.8	7.4	6.2	3.380	%	4.090	%

(1) Balances at September 30, 2025 and December 31, 2024 include $10.0 million and $15.2 million of deferred financing costs, respectively.

(2) Balances at September 30, 2025 and December 31, 2024 include fair value adjustments of $3.7 million and $3.9 million, respectively.

(3) Balances at September 30, 2025 and December 31, 2024 include $4.3 million and $6.3 million of net debt discount, respectively, and $9.8 million and $17.4 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity.

During the nine months ended September 30, 2025, we repaid the following mortgage term loans (in millions, except for statistical information):


Period	Repayment Amount			Weighted Average Interest Rate		Maturity Date	Loss on Extinguishment of Debt

Three months ended June 30, 2025	$	691.8	(1)	5.346	%	February 13, 2026 - September 10, 2044	$	45.9
Three months ended March 31, 2025	$	48.4	(2)	4.013	%	February 01, 2025 - March 31, 2025	$	—

(1) We settled $737.7 million of secured mortgage debt, inclusive of $45.9 million of prepayment costs and deferred financing cost write offs, resulting in a repayment of $691.8 million of net secured mortgage debt. The various mortgage term loans were secured by 44 properties.

(2) Includes five mortgage term loans, which were secured by five properties, and were paid off on the maturity dates in accordance with the loan documents.

Schedule of Long-Term Debt Instruments

The following table sets forth certain information regarding our 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 within the Unsecured debt line item on the Consolidated Balance Sheets.


			Carrying Amount
	Principal Amount		September 30, 2025		December 31, 2024
5.5% notes, issued in January 2024 and due in January 2029 (the "2029 Notes")	$	500.0	$	—	$	496.2
5.7% notes, issued in January 2023 and due in January 2033 (the "2033 Notes")	400.0		—		396.1
4.2% notes, issued in April 2022 and due in April 2032	600.0		593.9		593.2
2.3% notes, issued in October 2021 and due in November 2028	450.0		447.9		447.4
2.7% notes, issued in June 2021 and October 2021, and due in July 2031	750.0		744.1		743.4
Total	$	2,700.0	$	1,785.9	$	2,676.3

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Statement of Cash Flows [Abstract]
Capitalized interest	$ 2.9	$ 6.8

Segment Reporting - Schedule of Identifiable Assets (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024
Segment Reporting Information [Line Items]
Investment property, net	$ 10,485.9	$ 10,865.1
Cash, cash equivalents and restricted cash	1,180.0	57.1	$ 64.6
Inventory of manufactured homes	155.1	129.8
Total Notes and Other Receivables, net	468.4	430.1
Collateralized receivables, net	45.4	51.2
Goodwill	9.5	9.5
Other intangible assets, net (see Note 8)	97.0	102.5
Other assets, net	359.0	442.4
Total Assets	12,800.3	16,549.4
Assets held for sale and discontinued operations, net (see Note 2)	$ 0.0	$ 4,461.7
Assets, Total \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration Risk, Percentage	100.00%	100.00%
North America
Segment Reporting Information [Line Items]
Total Assets	$ 10,149.8	$ 13,948.3
North America \| Assets, Total \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration Risk, Percentage	79.30%	84.30%
UNITED KINGDOM
Segment Reporting Information [Line Items]
Total Assets	$ 2,650.5	$ 2,601.1
UNITED KINGDOM \| Assets, Total \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration Risk, Percentage	20.70%	15.70%
MH
Segment Reporting Information [Line Items]
Investment property, net	$ 4,982.2	$ 5,114.7
Cash, cash equivalents and restricted cash	759.8	32.3
Inventory of manufactured homes	67.8	52.4
Total Notes and Other Receivables, net	254.7	233.4
Collateralized receivables, net	45.4	51.2
Goodwill	0.0	0.0
Other intangible assets, net (see Note 8)	6.1	9.5
Other assets, net	270.0	261.1
Total Assets	6,386.0	5,754.6
Assets held for sale and discontinued operations, net (see Note 2)	0.0	0.0
RV
Segment Reporting Information [Line Items]
Investment property, net	3,199.7	3,505.8
Cash, cash equivalents and restricted cash	394.4	16.7
Inventory of manufactured homes	24.7	15.3
Total Notes and Other Receivables, net	74.6	121.4
Collateralized receivables, net	0.0	0.0
Goodwill	9.5	9.5
Other intangible assets, net (see Note 8)	24.4	26.3
Other assets, net	36.5	37.0
Total Assets	3,763.8	3,779.2
Assets held for sale and discontinued operations, net (see Note 2)	0.0	47.2
Marinas
Segment Reporting Information [Line Items]
Total Assets		4,400.0
UK
Segment Reporting Information [Line Items]
Investment property, net	2,304.0	2,244.6
Cash, cash equivalents and restricted cash	25.8	8.1
Inventory of manufactured homes	62.6	62.1
Total Notes and Other Receivables, net	139.1	75.3
Collateralized receivables, net	0.0	0.0
Goodwill	0.0	0.0
Other intangible assets, net (see Note 8)	66.5	66.7
Other assets, net	52.5	144.3
Total Assets	2,650.5	2,601.1
Assets held for sale and discontinued operations, net (see Note 2)	$ 0.0	$ 0.0

Derivative Financial Instruments - Schedule of Gains (Losses) on Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]
Change in unrealized gain / (loss) on interest rate derivatives	$ (0.3)	$ (9.7)	$ (3.9)	$ 1.7
Gains / (losses) on derivative instruments reclassified form AOCI into earnings	0.9	4.9	14.2	14.8
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	$ 0.9	$ 4.9	$ 14.2	$ 14.8

- 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.

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-Paragraph 4CCC
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (g)
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Publisher FASB
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

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-Topic 815
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
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-Publisher FASB
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-Topic 815
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

+ Details

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025 and December 31, 2024:



		September 30, 2025		December 31, 2024
	Fair Value Level	Carrying Value			Fair Value		Carrying Value		Fair Value
Financial Assets


Installment notes receivable on manufactured homes, net	3	$	129.2		$	129.2	$	93.9	$	93.9

Notes receivable from real estate developers and operators	3	92.4			92.4		148.5		148.5
Collateralized receivables, net	3	45.4			45.4		51.2		51.2
Derivative assets	2	0.6			0.6		6.3		6.3
Total Assets Measured at Fair Value		$	267.6		$	267.6	$	299.9	$	299.9

Financial Liabilities
Mortgage loans payable	2	$	2,440.4		$	2,232.9	$	3,212.2	$	2,952.4
Secured borrowings on collateralized receivables	3	45.4			45.4		51.2		51.2
Total secured debt		2,485.8			2,278.3		3,263.4		3,003.6
Unsecured debt
Senior unsecured notes	2	1,785.9			1,667.4		2,676.3		2,476.8
Line of credit	2	—			—		1,413.1		1,413.1
Total unsecured debt		1,785.9			1,667.4		4,089.4		3,889.9

Derivative liabilities	2	1.6			1.6		1.3		1.3
Other financial liabilities (contingent consideration)	3	9.6			9.6		11.3		11.3
Total Liabilities Measured at Fair Value		$	4,282.9		$	3,956.9	$	7,365.4	$	6,906.1

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, 2025 and 2024 (in millions):


	Three Months Ended
	September 30, 2025						September 30, 2024
Assets	Installment Notes Receivable on MH, net		Notes Receivable From Real Estate Developers and Operators		Collateralized Receivables, net				Installment Notes Receivable on MH, net			Notes Receivable From Real Estate Developers and Operators		Collateralized Receivables, net
Level 3 beginning balance at June 30, 2025 and 2024	$	116.3	$	93.1	$	46.6			$	54.5		$	131.3	$	54.3

Realized gains	—		—		0.2			(2)	0.1		(1)	—		0.5		(2)
Purchases and issuances	15.3		1.6		—				22.2			8.5		—
Sales and settlements	(2.4)		(1.6)		(0.9)				(1.3)			(0.9)		(2.0)
Dispositions of properties	—		—		(0.5)				(1.8)			—		—
Foreign currency exchange gains	—		(0.8)		—				—			0.1		—
Other adjustments	—		0.1		—				—			0.1		—
Level 3 ending balance at September 30, 2025 and 2024	$	129.2	$	92.4	$	45.4			$	73.7		$	139.1	$	52.8

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

(2) Recorded within Other income / (expense), net on the Consolidated Statements of Operations.


	Nine Months Ended
	September 30, 2025								September 30, 2024
Assets	Installment Notes Receivable on MH, net			Notes Receivable From Real Estate Developers and Operators		Collateralized Receivables, net			Installment Notes Receivable on MH, net			Notes Receivable From Real Estate Developers and Operators			Collateralized Receivables, net
Level 3 beginning balance at December 31, 2024 and 2023	$	93.9		$	148.5	$	51.2		$	19.6		$	134.5		$	56.2

Realized gains / (losses)	(1.6)		(1)	—		(0.3)		(2)	(0.2)		(1)	(0.8)		(1)	2.1		(2)
Purchases and issuances	43.0			5.7		—			59.5			17.7			—
Sales and settlements	(6.1)			(63.3)		(4.0)			(3.2)			(12.4)			(5.5)
Dispositions of properties	—			—		(1.5)			(2.0)			—			—

Foreign currency exchange gains	—			1.4		—			—			—			—
Other adjustments(3)	—			0.1		—			—			0.1			—
Level 3 ending balance at September 30, 2025 and 2024	$	129.2		$	92.4	$	45.4		$	73.7		$	139.1		$	52.8

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

(2) Recorded within Other income / (expense), net on the Consolidated Statements of Operations.


	Three Months Ended
	September 30, 2025				September 30, 2024
Liabilities	Secured Borrowing on Collateralized Receivables		Contingent Consideration		Secured Borrowing on Collateralized Receivables		Contingent Consideration
Level 3 beginning balance June 30, 2025 and 2024	$	46.6	$	—	$	54.3	$	11.3

Realized losses(1)	0.2		—		—		—
Purchases and issuances	—		—		0.5		—
Sales and settlements	(1.4)		(5.0)		(2.0)		—
Dispositions of properties	—		—		—		—
Other adjustments	—		14.6		—		—
Level 3 ending balance at September 30, 2025 and 2024	$	45.4	$	9.6	$	52.8	$	11.3

(1) Recorded within Other income / (expense), net on the Consolidated Statements of Operations.


	Nine Months Ended
	September 30, 2025				September 30, 2024
Liabilities	Secured Borrowing on Collateralized Receivables		Contingent Consideration		Secured Borrowing on Collateralized Receivables		Contingent Consideration
Level 3 beginning balance December 31, 2024 and 2023	$	51.2	$	11.3	$	55.8	$	11.3

Realized (gains) / losses(1)	(0.3)		—		2.1		—
Purchases and issuances	—		—		0.4		—
Sales and settlements	(5.5)		(14.0)		(5.5)		—
Dispositions of properties	—		(2.3)		—
Other adjustments	—		14.6		—		—
Level 3 ending balance at September 30, 2025 and 2024	$	45.4	$	9.6	$	52.8	$	11.3

(1) Recorded within Other income / (expense), net on the Consolidated Statements of Operations.

Fair Value Measurements, Nonrecurring

During the nine months ended September 30, 2025, due to a contemplated change in strategic plan for certain assets, as well as a reduction in projected future cash flows and deteriorating NOI trends for certain other assets, we recognized the following asset impairment charges (in millions, except for number of properties):


Period	Fair Value Level		Number of Properties	Segment	Asset Impairment Charges(1)			Aggregate Estimated Fair Value
Three months ended September 30, 2025	3	(2)	6	RV	$	165.0		$	22.9
Three months ended June 30, 2025	3	(3)	3	UK	$	132.7	(4)	$	8.9
Three months ended June 30, 2025	3	(3)	3	RV	$	32.2		$	86.4
Three months ended March 31, 2025	3	(5)	7	MH / RV	$	20.5		$	93.4

(1) Recorded in Asset impairments on the Consolidated Statements of Operations.

(2) The non-recurring fair value measurement was driven by a reduction in projected future cash flows and deteriorating NOI trends for the impaired properties and was determined using an income and market approach. The analysis was based upon market conditions, expectations for future growth and comparable transactions, and utilized unobservable quantitative inputs, including capitalization rates ranging from 9.5% to 10.0% and discount rates ranging from 11.0% to 13.0%.

(3) The non-recurring fair value measurement was driven by our contemplated change in strategic plan for the properties and was determined using an income approach. The fair value methodology included a probability weighted holding period and estimated sale price for the assets based on current market conditions and comparable transactions in the applicable geographic location.

(4) Recorded a deferred tax benefit of $29.5 million in conjunction with the impairment.

(5) The fair value measurement was driven by pre-construction development costs and determined by estimating discounted cash flows based on the expectation that the development projects are no longer probable of being realized.

Equity and Temporary Equity - Schedule of Redeemable Preferred Units (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($) $ / shares shares	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Class of Stock [Line Items]
Redeemable preferred stock	$ 256.2	$ 257.9	$ 244.3	$ 259.8	$ 263.3	$ 259.7	$ 259.7	$ 260.9
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	$ 51.4			47.5
Series F preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) \| shares	70,000
Exchange rate	0.6250
Annual distribution rate	0.030
Redeemable preferred stock	$ 7.5			8.7
Series G preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) \| shares	4,898
Exchange rate	0.6452
Annual distribution rate	0.032
Redeemable preferred stock	$ 3.4			19.8
Series H preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) \| shares	580,464
Exchange rate	0.6098
Annual distribution rate	0.030
Redeemable preferred stock	$ 60.4			55.4
Series J preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) \| shares	236,000
Exchange rate	0.6061
Annual distribution rate	0.0285
Redeemable preferred stock	$ 24.0			22.4
Temporary Equity, Exchange Period	30 days
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	$ 98.2			94.1
Temporary Equity, Exchange Period	60 days
Other Redeemable Equity Interests
Class of Stock [Line Items]
Redeemable preferred stock	$ 11.3			11.9
Redeemable Preferred OP Units
Class of Stock [Line Items]
OP units outstanding (in shares) \| shares	2,380,320
Redeemable preferred stock	$ 256.2			$ 259.8

Real Estate Acquisitions and Dispositions - Summary of Real Estate Dispositions (Details) $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended				12 Months Ended
	Sep. 30, 2025 USD ($) developmentSite	Jun. 30, 2025 USD ($) developmentSite	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2025 USD ($) developmentSite	Sep. 30, 2025 USD ($) numberofproperties	Sep. 30, 2024 USD ($) developmentSite	Dec. 31, 2024 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain / (loss) on dispositions of properties			$ (1.3)	$ 178.7	$ (3.7)			$ 186.6
Asset impairments (see Note 17)			165.9	$ 0.0	356.0			$ 30.4
Notes Due From Other Real Estate Developers
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Notes receivable, fair value adjustment	$ 36.5		$ 36.5		36.5	$ 36.5	$ 36.5
Florida Keys MH Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain / (loss) on dispositions of properties					(2.8)
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Florida Keys MH Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of communities sold \| developmentSite						3
Number of sites sold \| developmentSite						136
Proceeds related to disposition of properties					27.8
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments					27.2
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Virginia, Delaware, and Florida
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of communities sold						2	2
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Portfolio of RV Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of communities sold \| developmentSite						3
Asset impairments (see Note 17)									$ 12.1
Number of properties owned \| property									4
Assets, Fair Value Disclosure									$ 47.5
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Sun Retreats Millbrook \| Sun Retreats Millbrook
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of communities sold \| developmentSite						1
Number of sites sold \| developmentSite						394
Proceeds related to disposition of properties					3.5
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments					2.8
Gain / (loss) on dispositions of properties					(3.8)
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Haven Park \| Haven Park
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of communities sold \| developmentSite						2
Number of sites sold \| developmentSite						815
Proceeds related to disposition of properties					92.9
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments					92.6
Gain / (loss) on dispositions of properties					$ (0.2)
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Spanish Trails MHC \| Spanish Trails MHC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of communities sold \| developmentSite								2
Number of sites sold \| developmentSite								533
Proceeds related to disposition of properties								$ 48.5
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments								51.7
Gain / (loss) on dispositions of properties								$ 6.2
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Littondale \| Spanish Trails MHC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of communities sold \| developmentSite								1
Number of sites sold \| developmentSite								114
Proceeds related to disposition of properties								$ 5.9
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments								5.4
Gain / (loss) on dispositions of properties								$ 2.2
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Six Community \| Spanish Trails MHC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of communities sold \| developmentSite								6
Number of sites sold \| developmentSite								2,090
Proceeds related to disposition of properties								$ 224.6
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments								150.7
Gain / (loss) on dispositions of properties								$ 142.0
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Lake Pointe Village \| Spanish Trails MHC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of communities sold \| developmentSite								1
Number of sites sold \| developmentSite								361
Proceeds related to disposition of properties								$ 38.0
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments								20.3
Gain / (loss) on dispositions of properties								$ 16.0
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Reserve at Fox Creek \| Spanish Trails MHC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of communities sold \| developmentSite								1
Number of sites sold \| developmentSite								311
Proceeds related to disposition of properties								$ 38.0
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments								22.7
Gain / (loss) on dispositions of properties								$ 22.2
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| MH Developmental Land Parcel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of communities sold \| developmentSite		1
Proceeds related to disposition of properties		$ 40.0
Gain / (loss) on dispositions of properties		$ 2.6
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| RV Development Land Parcel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of communities sold \| developmentSite	1
Proceeds related to disposition of properties	$ 18.0
Gain / (loss) on dispositions of properties	$ (0.1)

Notes and Other Receivables - Schedule of Other Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Notes and Loans Payable, by Type, Current and Noncurrent [Abstract]
MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net	$ 128.4	$ 62.2
Insurance receivables	51.2	67.2
Other Receivables, Other	38.8	33.8
Home sale proceeds	28.4	24.5
Other receivables	246.8	187.7
Allowance for rent, water, sewer usage receivables	$ 4.9	$ 5.6

Fair Value of Financial Instruments - Schedule of Level 3 Instruments at Fair Value (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)
Assets
Foreign currency exchange gains	$ (22.6)	$ (4.5)	$ 25.5	$ (6.2)
Measurement Input, Discount Rate \| Minimum
Liabilities
Long-lived asset, held-for-use, measurement input	0.110		0.110
Measurement Input, Discount Rate \| Maximum
Liabilities
Long-lived asset, held-for-use, measurement input	0.130		0.130
Transfers Accounted for as Secured Borrowings, Associated Liabilities
Liabilities
Beginning balance	$ 46.6	54.3	$ 51.2	55.8
Ending balance	45.4	52.8	45.4	52.8
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Contingent Consideration Liability
Liabilities
Beginning balance	0.0	11.3	11.3	11.3
Ending balance	9.6	11.3	9.6	11.3
Realized losses	0.0	0.0	0.0	0.0
Purchases and issuances	0.0	0.0	0.0	0.0
Servicing Liability at Fair Value, Other Changes in Fair Value	14.6	0.0	14.6	0.0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Transfers Accounted for as Secured Borrowings, Associated Liabilities
Liabilities
Realized losses	0.2	0.0	(0.3)	2.1
Purchases and issuances	0.0	0.5	0.0	0.4
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Other Adjustments	0.0	0.0	0.0	0.0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	(1.4)	(2.0)	(5.5)	(5.5)
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Sales and settlements \| Contingent Consideration Liability
Liabilities
Purchases and issuances	(5.0)	0.0	(14.0)
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Dispositions of properties \| Contingent Consideration Liability
Liabilities
Purchases and issuances	0.0	0.0	(2.3)
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Dispositions of properties \| Transfers Accounted for as Secured Borrowings, Associated Liabilities
Liabilities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	0.0	0.0	0.0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net
Assets
Beginning balance	116.3	54.5	93.9	19.6
Foreign currency exchange gains	0.0	0.0	0.0	0.0
Ending balance	129.2	73.7	129.2	73.7
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net \| Realized gains / (losses)
Assets
Changes to fair value	0.0	0.1	(1.6)	(0.2)
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net \| Purchases and issuances
Assets
Changes to fair value	15.3	22.2	43.0	59.5
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)	(1.3)	(6.1)	(3.2)
Liabilities
Purchases and issuances				0.0
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	(1.8)	0.0	(2.0)
Liabilities
Purchases and issuances				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) \| 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
Assets
Beginning balance	93.1	131.3	148.5	134.5
Foreign currency exchange gains	(0.8)	0.1	1.4	0.0
Ending balance	92.4	139.1	92.4	139.1
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	(0.8)
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Notes Receivable from Real Estate Developers and Operators \| Purchases and issuances
Assets
Changes to fair value	1.6	8.5	5.7	17.7
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Notes Receivable from Real Estate Developers and Operators \| Sales and settlements
Assets
Changes to fair value	(1.6)	(0.9)	(63.3)	(12.4)
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	0.1	0.1	0.1
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Transfers Accounted For As Secured Borrowings, Asset
Assets
Beginning balance	46.6			54.3
Foreign currency exchange gains	0.0	0.0
Ending balance	45.4	52.8	45.4	52.8
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Transfers Accounted For As Secured Borrowings, Asset \| Realized gains / (losses)
Assets
Changes to fair value	0.2	0.5
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Transfers Accounted For As Secured Borrowings, Asset \| Purchases and issuances
Assets
Changes to fair value	0.0	0.0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Transfers Accounted For As Secured Borrowings, Asset \| Sales and settlements
Assets
Changes to fair value	(0.9)	(2.0)
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Transfers Accounted For As Secured Borrowings, Asset \| Dispositions of properties
Assets
Changes to fair value	(0.5)	0.0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Transfers Accounted For As Secured Borrowings, Asset \| Other Adjustments
Assets
Changes to fair value	0.0	0.0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Collateralized Receivables, net
Assets
Beginning balance			51.2	56.2
Foreign currency exchange gains			0.0	0.0
Ending balance	$ 45.4	$ 52.8	45.4	52.8
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Collateralized Receivables, net \| Realized gains / (losses)
Assets
Changes to fair value			(0.3)	2.1
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Collateralized Receivables, net \| Purchases and issuances
Assets
Changes to fair value			0.0	0.0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Collateralized Receivables, net \| Sales and settlements
Assets
Changes to fair value			(4.0)	(5.5)
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Collateralized Receivables, net \| Dispositions of properties
Assets
Changes to fair value			(1.5)	0.0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Collateralized Receivables, net \| Other Adjustments
Assets
Changes to fair value			$ 0.0	$ 0.0

Consolidated Statements Of Comprehensive Loss - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net Income	$ 10.9	$ 305.2	$ 1,299.6	$ 338.1
Foreign Currency Translation
Net foreign currency translation gain / (loss)	(16.3)	41.9	51.3	34.3
Cash Flow Hedges
Change in unrealized gain / (loss) on interest rate derivatives	(0.3)	(9.7)	(3.9)	1.7
Less: Interest rate derivative gain reclassified to earnings	(0.9)	(4.9)	(14.2)	(14.8)
Net unrealized loss on interest rate derivatives	(1.2)	(14.6)	(18.1)	(13.1)
Total Comprehensive Income / (Loss)	(6.6)	332.5	1,332.8	359.3
Less: Comprehensive income attributable to noncontrolling interests	0.0	(12.7)	(50.2)	(14.6)
Comprehensive Income / (Loss) Attributable to SUI	$ (6.6)	$ 319.8	$ 1,282.6	$ 344.7

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Numerator for basic EPS
Net income / (loss) from continuing operations	$	(3.7)	$	278.4	$	(119.0)	$	274.4
Preferred return to preferred OP units equity interests	(3.2)		(3.2)		(9.5)		(9.6)
Income / (loss) attributable to noncontrolling interests	0.8		(13.3)		(50.8)		(15.1)
Net income / (loss) from continuing operations attributable to SUI common shareholders	(6.1)		261.9		(179.3)		249.7
Less: allocation to restricted stock awards	—		2.0		7.0		2.0
Basic earnings - net income / (loss) from continuing operations after allocation to restricted stock awards	(6.1)		259.9		(186.3)		247.7
Basic earnings - net income from discontinued operations	14.6		26.8		1,418.6		63.7
Basic earnings - net income attributable to common shareholders after allocation to restricted stock awards	$	8.5	$	286.7	$	1,232.3	$	311.4

Numerator for diluted EPS
Basic earnings - net income / (loss) from continuing operations after allocation to restricted stock awards	$	(6.1)	$	259.9	$	(186.3)	$	247.7
Add: allocation to common and preferred OP units dilutive effect	—		—		—		6.6

Diluted net income / (loss) from continuing operations attributable to SUI common shareholders	(6.1)		259.9		(186.3)		254.3
Diluted net income from discontinued operations	14.6		26.8		1,418.6		63.7
Diluted earnings - net income attributable to common shareholders after allocation to common and preferred OP units(1)	$	8.5	$	286.7	$	1,232.3	$	318.0


Denominator
Weighted average common shares outstanding	123.9		124.0		125.6		123.8


Add: dilutive restricted stock	0.2		—		—		—
Add: common and preferred OP units dilutive effect	—		—		—		2.7
Diluted weighted average common shares and securities(1)	124.1		124.0		125.6		126.5

EPS Available to Common Shareholders After Allocation
Basic earnings / (loss) per share from continuing operations	$	(0.05)	$	2.09	$	(1.48)	$	2.01
Basic earnings per share from discontinued operations	0.12		0.22		11.29		0.51
Basic earnings per share	$	0.07	$	2.31	$	9.81	$	2.52

Diluted earnings / (loss) per share from continuing operations	$	(0.05)	$	2.09	$	(1.48)	$	2.01
Diluted earnings per share from discontinued operations	0.12		0.22		11.29		0.50
Diluted earnings per share(1)	$	0.07	$	2.31	$	9.81	$	2.51

(1) For the three months ended September 30, 2025, diluted earnings per share was calculated using the treasury stock method for restricted common shares as the application of this method resulted in a more diluted earnings per share during this period. For the nine months ended September 30, 2025 and 2024, and the three months ended September 30, 2024, diluted earnings per share was calculated using the two-class stock method for restricted common shares as the application of this method resulted in a more diluted earnings per share during those periods.

We have excluded certain potentially dilutive 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, 2025 and 2024 (in thousands):


	As of
	September 30, 2025	September 30, 2024
Common OP units	2,797	2,922
A-1 preferred OP units	170	178
A-3 preferred OP units	40	40
Series C preferred OP units	292	297
Series D preferred OP units	489	489
Series E preferred OP units	80	80
Series F preferred OP units	70	90
Series G preferred OP units	5	206
Series H preferred OP units	581	581
Series J preferred OP units	236	236
Series K preferred OP units	1,000	1,000
Series L preferred OP units	20	20
Redemption rights - Series G preferred OP units(1)	201	N/A
Total Securities	5,981	6,139

(1)In January 2025, we issued a redemption right to repurchase Series G preferred OP units to a real estate developer as part of a non-monetary transaction. The redemption right was antidilutive during the three and nine months ended September 30, 2025.

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, 2025 and 2024 (in thousands):


	As of
	September 30, 2025	September 30, 2024
Common OP units	2,797	2,922
A-1 preferred OP units	170	178
A-3 preferred OP units	40	40
Series C preferred OP units	292	297
Series D preferred OP units	489	489
Series E preferred OP units	80	80
Series F preferred OP units	70	90
Series G preferred OP units	5	206
Series H preferred OP units	581	581
Series J preferred OP units	236	236
Series K preferred OP units	1,000	1,000
Series L preferred OP units	20	20
Redemption rights - Series G preferred OP units(1)	201	N/A
Total Securities	5,981	6,139

Consolidated Statement Of Shareholders' Equity - USD ($) $ in Millions	Total	Series G Preferred Stock	Series F Preferred Stock	Total Equity	Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Income / (Loss)	Noncontrolling Interests
Beginning balance at Dec. 31, 2023	$ 260.9
Temporary Equity
Conversions	(0.5)
Net loss	(0.3)
Distributions	2.3
Other redeemable noncontrolling interests	1.9
Ending balance at Mar. 31, 2024	259.7
Beginning balance (in shares) at Dec. 31, 2023					124,400,000
Beginning Balance at Dec. 31, 2023	7,173.0			$ 7,433.9	$ 1.2	$ 9,466.9	$ (2,397.5)	$ 12.2	$ 90.2
Shareholders' Equity
Issuance of stock and units (in shares)					300,000
Issuance of stock and units	0.3			0.3		(0.3)			0.6
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards (in shares)					(200,000)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	(7.6)			(7.6)		(7.6)
Conversion of OP units (in shares)					100,000
Conversions	0.5			0.0		2.1			(1.6)
Share-based compensation - amortization and forfeitures	10.4			10.4		10.3	0.1
Other comprehensive income / (loss)	(5.3)			(5.3)				(5.5)	0.2
Net loss	(25.2)			(25.5)			(24.2)		(1.0)
Distributions	(120.6)			(122.9)			(117.1)		(3.5)
OP units accretion	(1.9)			0.0			(1.9)
Ending balance (in shares) at Mar. 31, 2024					124,600,000
Ending Balance at Mar. 31, 2024	7,023.6			7,283.3	$ 1.2	9,471.4	(2,540.6)	6.7	84.9
Beginning balance at Dec. 31, 2023	260.9
Ending balance at Sep. 30, 2024	263.3
Beginning balance (in shares) at Dec. 31, 2023					124,400,000
Beginning Balance at Dec. 31, 2023	7,173.0			7,433.9	$ 1.2	9,466.9	(2,397.5)	12.2	90.2
Ending balance (in shares) at Sep. 30, 2024					127,400,000
Ending Balance at Sep. 30, 2024	7,576.1			7,839.4	$ 1.3	9,853.6	(2,433.3)	33.9	120.6
Beginning balance at Mar. 31, 2024	259.7
Temporary Equity
Conversions	(0.8)
Net loss	1.7
Distributions	2.5
Other redeemable noncontrolling interests	1.6
Ending balance at Jun. 30, 2024	259.7
Beginning balance (in shares) at Mar. 31, 2024					124,600,000
Beginning Balance at Mar. 31, 2024	7,023.6			7,283.3	$ 1.2	9,471.4	(2,540.6)	6.7	84.9
Shareholders' Equity
Issuance of stock and units	2.2			2.2		(0.3)			2.5
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	(1.3)			(1.3)		(1.3)
Conversion of OP units (in shares)					100,000
Conversions	0.8			0.0		0.8
Share-based compensation - amortization and forfeitures	10.7			10.7		10.6	0.1
Other comprehensive income / (loss)	(0.8)			(0.8)				(0.7)	(0.1)
Net loss	56.7			58.4			55.3		1.4
Distributions	(120.5)			(123.0)			(117.3)		(3.2)
OP units accretion	(1.6)			0.0			(1.6)
Ending balance (in shares) at Jun. 30, 2024					124,700,000
Ending Balance at Jun. 30, 2024	6,969.8			7,229.5	$ 1.2	9,481.2	(2,604.1)	6.0	85.5
Temporary Equity
Conversions	(0.2)
Net loss	4.7
Distributions	2.3
Other redeemable noncontrolling interests	1.6
Ending balance at Sep. 30, 2024	263.3
Shareholders' Equity
Issuance of stock and units (in shares)					2,700,000
Issuance of stock and units	393.1			393.1	$ 0.1	361.6			31.4
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	(0.2)			(0.2)		(0.2)
Conversions	0.2			0.0		1.1			(0.9)
Share-based compensation - amortization and forfeitures	10.0			10.0		9.9	0.1
Other comprehensive income / (loss)	27.3			27.3				27.9	(0.6)
Net loss	300.5			305.2			292.0		8.5
Distributions	(123.0)			(125.3)			(119.7)		(3.3)
OP units accretion	(1.6)			0.0			(1.6)
Ending balance (in shares) at Sep. 30, 2024					127,400,000
Ending Balance at Sep. 30, 2024	7,576.1			7,839.4	$ 1.3	9,853.6	(2,433.3)	33.9	120.6
Shareholders' Equity
Temporary Equity, Sale of Subsidiary	(0.2)
Temporary Equity, Sale of Subsidiary				0.2
Beginning balance at Dec. 31, 2024	259.8
Temporary Equity
Issuance of Series E preferred OP units	3.4
Conversion of Series A-4 preferred stock		$ (19.6)		(22.0)
Net loss	(0.4)
Distributions	2.2
Other redeemable noncontrolling interests	3.3
Ending balance at Mar. 31, 2025	244.3
Beginning balance (in shares) at Dec. 31, 2024					127,400,000
Beginning Balance at Dec. 31, 2024	7,192.8			7,452.6	$ 1.3	9,864.2	(2,775.9)	(7.9)	111.1
Shareholders' Equity
Issuance of stock and units (in shares)					300,000
Issuance of stock and units	(0.1)			3.3		(0.1)
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	(8.4)			(8.4)		(8.4)
Conversions	0.0			0.0		1.2			(1.2)
Share-based compensation - amortization and forfeitures	11.0			11.0		10.9	0.1
Adjustments to Additional Paid in Capital, Other	(2.4)					(2.4)
Other comprehensive income / (loss)	0.8			0.8				1.3	(0.5)
Net loss	(41.2)			(41.6)			(39.7)		(1.5)
Distributions	(123.3)			(125.5)			(119.9)		(3.4)
OP units accretion	(3.3)			0.0			(3.3)
Ending balance (in shares) at Mar. 31, 2025					127,600,000
Ending Balance at Mar. 31, 2025	7,025.9			7,270.2	$ 1.3	9,865.4	(2,938.7)	(6.6)	104.5
Beginning balance at Dec. 31, 2024	259.8
Ending balance at Sep. 30, 2025	256.2
Beginning balance (in shares) at Dec. 31, 2024					127,400,000
Beginning Balance at Dec. 31, 2024	$ 7,192.8			7,452.6	$ 1.3	9,864.2	(2,775.9)	(7.9)	111.1
Shareholders' Equity
Common stock repurchased (in shares)	(4,000,000)
Common stock repurchased	$ (500.3)
Ending balance (in shares) at Sep. 30, 2025	3,399,767				123,600,000
Ending Balance at Sep. 30, 2025	$ 7,106.1			7,362.3	$ 1.2	9,573.0	(2,615.0)	25.9	121.0
Beginning balance at Mar. 31, 2025	244.3
Temporary Equity
Conversion of Series A-4 preferred stock			$ (2.0)	(2.0)
Net loss	16.2
Distributions	2.4
Other redeemable noncontrolling interests	1.8
Ending balance at Jun. 30, 2025	257.9
Beginning balance (in shares) at Mar. 31, 2025					127,600,000
Beginning Balance at Mar. 31, 2025	7,025.9			7,270.2	$ 1.3	9,865.4	(2,938.7)	(6.6)	104.5
Shareholders' Equity
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards (in shares)					(200,000)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	(0.6)			(0.6)		(0.6)
Common stock repurchased (in shares)					(1,600,000)
Common stock repurchased	(202.8)			(202.8)		(126.8)	(76.0)
Conversion of OP units (in shares)					100,000
Conversions	0.0			0.0		1.5			(1.5)
Share-based compensation - amortization and forfeitures	5.7			5.7		5.2	0.5
Other comprehensive income / (loss)	49.9			49.9				50.8	(0.9)
Net loss	1,314.1			1,330.3			1,276.7		37.4
Distributions	(656.2)			(658.6)			(641.0)		(15.2)
OP units accretion	(1.8)			0.0			(1.8)
Ending balance (in shares) at Jun. 30, 2025					125,900,000
Ending Balance at Jun. 30, 2025	7,534.2			7,792.1	$ 1.3	9,744.7	(2,380.3)	44.2	124.3
Temporary Equity
Net loss	(1.2)
Distributions	2.5
Other redeemable noncontrolling interests	2.0
Ending balance at Sep. 30, 2025	256.2
Shareholders' Equity
Issuance of stock and units	(0.1)			(0.1)		(0.1)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	0.3			0.3		0.3
Common stock repurchased (in shares)					(2,300,000)
Common stock repurchased	(297.5)			(297.5)	$ (0.1)	(181.4)	(116.0)
Conversions	0.0			0.0		0.8			(0.8)
Share-based compensation - amortization and forfeitures	8.7			8.7		8.7
Other comprehensive income / (loss)	(17.5)			(17.5)				(18.3)	0.8
Net loss	12.1			10.9			11.7		0.4
Distributions	(132.1)			(134.6)			(128.4)		(3.7)
OP units accretion	$ (2.0)			0.0			(2.0)
Ending balance (in shares) at Sep. 30, 2025	3,399,767				123,600,000
Ending Balance at Sep. 30, 2025	$ 7,106.1			$ 7,362.3	$ 1.2	$ 9,573.0	$ (2,615.0)	$ 25.9	$ 121.0

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2025	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Percentage of gross income		95.00%
Percentage of REIT taxable income		90.00%
Decrease in valuation allowance	$ 17.7

Subsequent Event (Details) $ in Millions		1 Months Ended	3 Months Ended	9 Months Ended
Subsequent Event (Details) $ in Millions	Oct. 01, 2025 shares	Oct. 30, 2025 USD ($) developmentSite site community	Sep. 30, 2025 USD ($) developmentSite	Sep. 30, 2025 USD ($) developmentSite shares	Sep. 30, 2024 shares
UNITED KINGDOM \| Park Holidays
Subsequent Event [Line Items]
Number of properties repurchased			6	27
Cash paid for ground lease termination \| $			$ 101.2	$ 300.4
Executive Officers \| Restricted Stock \| Time Based \| 2015 Equity Plan
Subsequent Event [Line Items]
Shares granted (in shares) \| shares				87,913	31,800
Executive Officers \| Restricted Stock \| Market Condition \| 2015 Equity Plan
Subsequent Event [Line Items]
Shares granted (in shares) \| shares				87,000	41,400
Vesting period				3 years
Subsequent Event
Subsequent Event [Line Items]
Sites		3,605
Development Sites		567
Total Purchase Price (in millions) \| $		$ 457.0
Cash consideration, restricted \| $		399.0
Cash consideration, unrestricted \| $		$ 58.0
Subsequent Event \| UNITED KINGDOM \| Park Holidays
Subsequent Event [Line Items]
Number of properties repurchased		1
Cash paid for ground lease termination \| $		$ 23.2
Subsequent Event \| MH / RV Portfolio
Subsequent Event [Line Items]
Sites \| site		1,193
Development Sites		0
Total Purchase Price (in millions) \| $		$ 175.2
Number of MH and RV communities \| community		7
Subsequent Event \| Marysville Farm
Subsequent Event [Line Items]
Sites		185
Development Sites		152
Total Purchase Price (in millions) \| $		$ 20.5
Subsequent Event \| MH Portfolio
Subsequent Event [Line Items]
Sites		936
Development Sites		0
Total Purchase Price (in millions) \| $		$ 100.3
Number of MH communities \| community		3
Subsequent Event \| The Preserve MHP
Subsequent Event [Line Items]
Sites		506
Development Sites		415
Total Purchase Price (in millions) \| $		$ 60.0
Subsequent Event \| Lakeridge Estates
Subsequent Event [Line Items]
Sites		192
Development Sites		0
Total Purchase Price (in millions) \| $		$ 31.0
Subsequent Event \| Reflections on Silver Lake
Subsequent Event [Line Items]
Sites		593
Development Sites		0
Total Purchase Price (in millions) \| $		$ 70.0
Subsequent Event \| Executive Officers \| Restricted Stock \| Time Based and Market Condition \| 2015 Equity Plan
Subsequent Event [Line Items]
Shares granted (in shares) \| shares	58,754
Subsequent Event \| Executive Officers \| Restricted Stock \| Time Based \| 2015 Equity Plan
Subsequent Event [Line Items]
Shares granted (in shares) \| shares	31,128
Vesting period	4 years
Subsequent Event \| Executive Officers \| Restricted Stock \| Market Condition \| 2015 Equity Plan
Subsequent Event [Line Items]
Shares granted (in shares) \| shares	27,626
Vesting period	3 years
Subsequent Event \| Executive Officers \| Common Stock Inducement Award \| 2015 Equity Plan
Subsequent Event [Line Items]
Shares granted (in shares) \| shares	7,782

Leases

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases

19. Leases

Lessee Accounting

We lease land under non-cancelable operating leases at certain MH, RV, and UK 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, 2025 where we are the lessee include (in millions):



Maturity of Lease Liabilities	Finance Leases		Operating Leases		Total
2025 (excluding nine months ended September 30, 2025)	$	0.3	$	1.3	$	1.6
2026	0.9		5.6		6.5
2027	0.9		5.0		5.9
2028	0.9		4.5		5.4
2029	0.6		4.0		4.6
Thereafter	38.0		79.3		117.3
Total Lease Payments	$	41.6	$	99.7	$	141.3
Less: Imputed interest	(31.1)		(59.4)		(90.5)
Present Value of Lease Liabilities	$	10.5	$	40.3	$	50.8

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, 2025		December 31, 2024
Lease Assets
Finance lease - ROU asset, net of accumulated amortization	Investment property, net	$	26.7	$	31.3
Operating lease - ROU asset, net	Other assets, net	$	60.8	$	52.4
Below market operating leases, net	Other assets, net	$	24.1	$	24.6
Lease Liabilities
Finance lease liabilities	Other liabilities	$	10.5	$	14.2
Operating lease liabilities	Other liabilities	$	40.3	$	34.5

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


	Financial Statement Classification	Three Months Ended				Nine Months Ended
Description		September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Finance Lease Cost
Amortization of ROU assets	Depreciation and amortization	$	0.3	$	0.7	$	0.6	$	2.1
Interest on lease liabilities	Interest expense	0.1		—		0.3		0.4
Operating lease cost	General and administrative expense, Property operating and maintenance, Depreciation and amortization	1.3		0.9		3.8		9.2
Variable lease cost	Property operating and maintenance	0.4		0.4		1.2		4.6

Total Lease Cost		$	2.1	$	2.0	$	5.9	$	16.3

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


	As of
	September 30, 2025		December 31, 2024
Lease Term and Discount Rate
Weighted-average Remaining Lease Terms (years)
Finance lease	43.32		33.79
Operating lease	30.87		42.59
Weighted-average Discount Rate
Finance lease	3.78	%	3.63	%
Operating lease	3.89	%	3.90	%


	Nine Months Ended
	September 30, 2025		September 30, 2024
Other Information (in millions)
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases	$	2.5	$	9.3

Financing cash outflows for finance leases	4.3		0.7
Total Cash Paid on Lease Liabilities	$	6.8	$	10.0

Lessor Accounting

We are not the lessor for any finance leases at our properties as of September 30, 2025. Nearly all of our operating leases with our residents and customers at our properties where we are the lessor are for a time period not to exceed one year or month-to-month. As of September 30, 2025, 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 properties.

Failed Sale Leaseback

In connection with our acquisition of Park Holidays, we assumed ground lease arrangements for certain UK properties that we concluded to be failed sale-leaseback transactions under ASC 842, "Leases." As of March 31, 2025, we maintained these ground lease arrangements for 32 UK properties. 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.

During the three and nine months ended September 30, 2025, we repurchased the titles to six and 27 UK properties, respectively, that were previously controlled via ground leases for cash payments of $101.2 million and $300.4 million, respectively, inclusive of taxes and fees. The ground lease terminations reduced our financial liability by $298.1 million in 2025. We recorded long-term lease termination gains of $19.2 million and $45.2 million, respectively, during the three and nine months ended September 30, 2025, which were recorded within Other income / (expense), net on the Consolidated Statements of Operations. In conjunction with the ground lease terminations, we recorded a receivable of $16.1 million for Value-added Taxes as of September 30, 2025. Our receivable for Value-added Taxes as of June 30, 2025 of $31.4 million was subsequently collected during the three months ended September 30, 2025. Refer to Note 22, "Subsequent Events" for additional activity subsequent to September 30, 2025.

The financial liability was $86.6 million and $355.9 million as of September 30, 2025 and December 31, 2024, respectively. The following table presents the future minimum rental payments for this financial liability as of September 30, 2025 (in millions):


Maturity of Financial Liability	September 30, 2025
2025 (excluding nine months ended September 30, 2025)	$	0.7
2026	2.8
2027	2.9
2028	2.9
2029	2.9
Thereafter	428.9
Total Payments	441.1
Less: Imputed interest	(354.5)
Present Value of Financial Liability	$	86.6

Leases

19. Leases

Lessee Accounting

Future minimum lease payments under non-cancellable leases as of September 30, 2025 where we are the lessee include (in millions):



Maturity of Lease Liabilities	Finance Leases		Operating Leases		Total
2025 (excluding nine months ended September 30, 2025)	$	0.3	$	1.3	$	1.6
2026	0.9		5.6		6.5
2027	0.9		5.0		5.9
2028	0.9		4.5		5.4
2029	0.6		4.0		4.6
Thereafter	38.0		79.3		117.3
Total Lease Payments	$	41.6	$	99.7	$	141.3
Less: Imputed interest	(31.1)		(59.4)		(90.5)
Present Value of Lease Liabilities	$	10.5	$	40.3	$	50.8

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, 2025		December 31, 2024
Lease Assets
Finance lease - ROU asset, net of accumulated amortization	Investment property, net	$	26.7	$	31.3
Operating lease - ROU asset, net	Other assets, net	$	60.8	$	52.4
Below market operating leases, net	Other assets, net	$	24.1	$	24.6
Lease Liabilities
Finance lease liabilities	Other liabilities	$	10.5	$	14.2
Operating lease liabilities	Other liabilities	$	40.3	$	34.5

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


	Financial Statement Classification	Three Months Ended				Nine Months Ended
Description		September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Finance Lease Cost
Amortization of ROU assets	Depreciation and amortization	$	0.3	$	0.7	$	0.6	$	2.1
Interest on lease liabilities	Interest expense	0.1		—		0.3		0.4
Operating lease cost	General and administrative expense, Property operating and maintenance, Depreciation and amortization	1.3		0.9		3.8		9.2
Variable lease cost	Property operating and maintenance	0.4		0.4		1.2		4.6

Total Lease Cost		$	2.1	$	2.0	$	5.9	$	16.3

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


	As of
	September 30, 2025		December 31, 2024
Lease Term and Discount Rate
Weighted-average Remaining Lease Terms (years)
Finance lease	43.32		33.79
Operating lease	30.87		42.59
Weighted-average Discount Rate
Finance lease	3.78	%	3.63	%
Operating lease	3.89	%	3.90	%


	Nine Months Ended
	September 30, 2025		September 30, 2024
Other Information (in millions)
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases	$	2.5	$	9.3

Financing cash outflows for finance leases	4.3		0.7
Total Cash Paid on Lease Liabilities	$	6.8	$	10.0

Lessor Accounting

Failed Sale Leaseback


Maturity of Financial Liability	September 30, 2025
2025 (excluding nine months ended September 30, 2025)	$	0.7
2026	2.8
2027	2.9
2028	2.9
2029	2.9
Thereafter	428.9
Total Payments	441.1
Less: Imputed interest	(354.5)
Present Value of Financial Liability	$	86.6

Leases

19. Leases

Lessee Accounting

Future minimum lease payments under non-cancellable leases as of September 30, 2025 where we are the lessee include (in millions):



Maturity of Lease Liabilities	Finance Leases		Operating Leases		Total
2025 (excluding nine months ended September 30, 2025)	$	0.3	$	1.3	$	1.6
2026	0.9		5.6		6.5
2027	0.9		5.0		5.9
2028	0.9		4.5		5.4
2029	0.6		4.0		4.6
Thereafter	38.0		79.3		117.3
Total Lease Payments	$	41.6	$	99.7	$	141.3
Less: Imputed interest	(31.1)		(59.4)		(90.5)
Present Value of Lease Liabilities	$	10.5	$	40.3	$	50.8

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, 2025		December 31, 2024
Lease Assets
Finance lease - ROU asset, net of accumulated amortization	Investment property, net	$	26.7	$	31.3
Operating lease - ROU asset, net	Other assets, net	$	60.8	$	52.4
Below market operating leases, net	Other assets, net	$	24.1	$	24.6
Lease Liabilities
Finance lease liabilities	Other liabilities	$	10.5	$	14.2
Operating lease liabilities	Other liabilities	$	40.3	$	34.5

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


	Financial Statement Classification	Three Months Ended				Nine Months Ended
Description		September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Finance Lease Cost
Amortization of ROU assets	Depreciation and amortization	$	0.3	$	0.7	$	0.6	$	2.1
Interest on lease liabilities	Interest expense	0.1		—		0.3		0.4
Operating lease cost	General and administrative expense, Property operating and maintenance, Depreciation and amortization	1.3		0.9		3.8		9.2
Variable lease cost	Property operating and maintenance	0.4		0.4		1.2		4.6

Total Lease Cost		$	2.1	$	2.0	$	5.9	$	16.3

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


	As of
	September 30, 2025		December 31, 2024
Lease Term and Discount Rate
Weighted-average Remaining Lease Terms (years)
Finance lease	43.32		33.79
Operating lease	30.87		42.59
Weighted-average Discount Rate
Finance lease	3.78	%	3.63	%
Operating lease	3.89	%	3.90	%


	Nine Months Ended
	September 30, 2025		September 30, 2024
Other Information (in millions)
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases	$	2.5	$	9.3

Financing cash outflows for finance leases	4.3		0.7
Total Cash Paid on Lease Liabilities	$	6.8	$	10.0

Lessor Accounting

Failed Sale Leaseback


Maturity of Financial Liability	September 30, 2025
2025 (excluding nine months ended September 30, 2025)	$	0.7
2026	2.8
2027	2.9
2028	2.9
2029	2.9
Thereafter	428.9
Total Payments	441.1
Less: Imputed interest	(354.5)
Present Value of Financial Liability	$	86.6

Share-Based Compensation - Schedule of Grants (Details) - Restricted Stock - $ / shares	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
2015 Equity Plan \| Time Based \| Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	156,101	205,540
Grant date fair value per share (in dollars per share)	$ 132.36	$ 132.10
2015 Equity Plan \| Time Based \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	87,913	31,800
Grant date fair value per share (in dollars per share)	$ 128.76	$ 132.13
2015 Equity Plan \| Market Condition \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	87,000	41,400
Grant date fair value per share (in dollars per share)	$ 106.62	$ 98.14
Two Thousand and Four Director Plan \| Time Based \| Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	14,000	20,000
Grant date fair value per share (in dollars per share)	$ 122.78	$ 129.47

Discontinued Operations and Disposal Groups (Details) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2025 USD ($) subsidiaries	Jun. 30, 2025 USD ($) subsidiaries	Mar. 31, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) subsidiaries	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Capital Expenditure, Discontinued Operations					$ 73.3	$ 146.3
Disposal Group, Including Discontinued Operation, Depreciation and Amortization					31.9	126.6
Disposal Group including discontinued operations, Amortization					4.4	15.8
Disposal Group, Including Discontinued Operation, Asset impairments	$ 0.0			$ 0.2	2.3	2.1
Disposal Group, Including Discontinued Operation, Other Expense	0.0			0.0	(14.8)
Disposal Group, Including Discontinued Operation, Other Income						9.9
Discontinued Operation, Tax Effect of Discontinued Operation	(1.7)			(0.1)	(2.3)	(0.5)
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	14.6			26.8	1,418.6	63.7
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax	16.3			26.9	1,420.9	64.2
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group Including Discontinued Operation Land	0.0				0.0		$ 1,049.5
Disposal Group, Including Discontinued Operation,, Land improvements and buildings	0.0				0.0		2,401.9
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment	0.0				0.0		3,820.6
Disposal Group, Including Discontinued Operation, Furniture, fixtures and equipment	0.0				0.0		369.2
Disposal Group, Including Discontinued Operation, Accumulated depreciation	0.0				0.0		(512.6)
Disposal Group Including Discontinued Operation, Investment property, net	0.0				0.0		3,308.0
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	0.0				0.0		6.8
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net	0.0				0.0		53.9
Disposal Group, Including Discontinued Operation, Goodwill	0.0				0.0		541.7
Disposal Group, Including Discontinued Operation, Intangible Assets	0.0				0.0		236.4
Disposal Group, Including Discontinued Operation, Other Assets	0.0				0.0		267.7
Assets held for sale and discontinued operations, net (see Note 2)	0.0				0.0		4,461.7
Disposal Group, Including Discontinued Operation,, Advanced reservation deposits and rent	0.0				0.0		81.6
Disposal Group, Including Discontinued Operation, Accounts Payable and Accrued Liabilities	0.0				0.0		44.3
Disposal Group, Including Discontinued Operation, Other Liabilities	0.0				0.0		161.0
Liabilities held for sale and discontinued operations, net (see Note 2)	0.0				0.0		286.9
Contingent consideration expense			$ 14.6
Gain on disposition of discontinued operations	14.6			26.8	1,418.6	63.7
Disposal Group, including Discontinued Operation, Depreciation, amortization and disposal on sale of assets	0.2			48.3	36.3	142.4
Disposal Group, Including Discontinued Operation, General and Administrative Expense	0.4			16.1	81.2	48.3
Interest expense	0.0			0.1	0.0	0.1
Catastrophic event-related charges, net	0.0			0.1	0.0	0.1
Disposal Group Including Discontinued Operation Transaction Costs					63.1
Disposal Group Including Discontinued Operation Transaction Costs					63.1
Business combination costs	0.0			0.2	0.2	0.4
Disposal Group, including Discontinued Operation, Depreciation, amortization and disposal on sale of assets	0.2			48.3	36.3	142.4
Disposal Group, Including Discontinued Operation, Revenue	4.4			259.5	312.2	729.3
Disposal Group, Including Discontinued Operation, Property operating and maintenance	1.4			41.2	53.6	110.8
Disposal Group, Including Discontinued Operation, Operating Expense	3.5			232.6	336.9	675.0
Disposal Group, Including Discontinued Operation, Operating Income (Loss)	0.9			26.9	(24.7)	54.3
Gain on disposition of properties, net	15.4			0.0	1,460.4	0.0
Disposal Group, Including Discontinued Operation, Real estate tax	0.0			5.6	7.9	16.6
Disposal Group, Including Discontinued Operation, Service, retail, dining and entertainment expenses	1.5			120.8	155.4	354.2
Disposal Group, Including Discontinued Operation, General and Administrative Expense	0.4			16.1	81.2	48.3
Disposal Group, Including Discontinued Operation, Lease Income	2.8			131.9	145.9	347.1
Disposal Group, Including Discontinued Operation, Service revenue	1.6			125.2	164.7	377.8
Disposal Group, Including Discontinued Operation, Interest, brokerage commissions and other, net	$ 0.0			$ 2.4	$ 1.6	$ 4.4
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Safe Harbor Business
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax		$ 1,400.0
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses		$ 5,250.0
Number of delayed consent subsidiaries sold \| subsidiaries		6
Aggregate value of delayed consent subsidiaries sold		$ 136.7
Number of delayed consent subsidiaries subject To receipt of third-party consents \| subsidiaries	9				9
Aggregate value of delayed consent subsidiaries subject to receipt of third-party consents	$ 117.5				$ 117.5
Gain on sale	15.4
Gain on disposition of discontinued operations		$ 1,400.0
Discontinued Operations, Held-for-Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale and discontinued operations, net (see Note 2)	$ 0.0				$ 0.0		$ 4,414.5

Discontinued Operations and Disposal Groups

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure

2. Assets Held for Sale and Discontinued Operations

In February 2025, we entered into an agreement to sell Safe Harbor, which represents a strategic shift in operations that is expected to have a major effect on our operations and financial results. Accordingly, the results of the Marina business and assets and liabilities included in the Safe Harbor Sale have been presented as discontinued operations through the final transaction closing date of August 29, 2025 under ASC 205-20, "Presentation of Financial Statements: Discontinued Operations."

During the three months ended June 30, 2025, we completed the initial closing of the Safe Harbor Sale, which generated pre-tax cash proceeds of approximately $5.25 billion, net of transaction costs. Subsequent to the initial closing through June 30, 2025, we completed the sale of six Delayed Consent Subsidiaries for $136.7 million. In connection with the closings of the Safe Harbor Sale and the six Delayed Consent Subsidiaries, we recorded a gain on sale of $1.4 billion within Income from discontinued operations, net during the three months ended June 30, 2025. During the three months ended September 30, 2025, we completed the sale of the remaining nine Delayed Consent Subsidiaries for $117.5 million and recorded a gain on sale of $15.4 million within Income from discontinued operations, net.

The proceeds and related gain from the closing of the Safe Harbor Sale may be adjusted in future periods based on provisions in the agreement that allow for adjustments for working capital amounts and other miscellaneous items subsequent to the final transaction closing date of August 29, 2025.

The following table sets forth a summary of assets and liabilities attributable to discontinued operations related to Safe Harbor (in millions):


	September 30, 2025		December 31, 2024
Assets
Land	$	—	$	1,049.5
Land improvements and buildings	—		2,401.9
Furniture, fixtures and equipment	—		369.2
Investment property	—		3,820.6
Accumulated depreciation	—		(512.6)
Investment property, net	—		3,308.0
Cash, cash equivalents and restricted cash	—		6.8
Notes and other receivables, net	—		53.9
Goodwill	—		541.7
Other intangible assets, net	—		236.4
Other assets, net	—		267.7

Total Assets	$	—	$	4,414.5
Liabilities
Advanced reservation deposits and rent	$	—	$	81.6
Accrued expenses and accounts payable	—		44.3
Other liabilities	—		161.0

Total Liabilities	$	—	$	286.9

The following table sets forth a summary of the operating results of Safe Harbor included within Income from discontinued operations, net through the final transaction closing date (in millions):


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Revenues
Real property	$	2.8	$	131.9	$	145.9	$	347.1
Service, retail, dining, and entertainment	1.6		125.2		164.7		377.8
Interest, brokerage commissions and other, net	—		2.4		1.6		4.4
Total Revenues	4.4		259.5		312.2		729.3
Expenses
Property operating and maintenance	1.4		41.2		53.6		110.8
Real estate tax	—		5.6		7.9		16.6
Service, retail, dining and entertainment	1.5		120.8		155.4		354.2
General and administrative(1)	0.4		16.1		81.2		48.3
Interest expense	—		0.1		—		0.1
Catastrophic event-related charges, net	—		0.1		—		0.1

Business combination costs	—		0.2		0.2		0.4
Depreciation, amortization and loss on disposal of assets	0.2		48.3		36.3		142.4
Asset impairments	—		0.2		2.3		2.1
Total Expenses	3.5		232.6		336.9		675.0
Income / (Loss) Before Other Items	0.9		26.9		(24.7)		54.3
Gain on disposition of properties, net	15.4		—		1,460.4		—
Other income / (expense), net(2)	—		—		(14.8)		9.9
Income from discontinued operations, before income taxes	16.3		26.9		1,420.9		64.2
Current tax expense (see Note 14)	(1.7)		(0.1)		(2.3)		(0.5)
Income from discontinued operations, net	$	14.6	$	26.8	$	1,418.6	$	63.7

(1) Includes transaction costs of $63.1 million recognized during the nine months ended September 30, 2025 that were directly attributable to the Safe Harbor Sale, including legal and advisory fees, employee separation costs, and other expenses.

(2) During the three months ended March 31, 2025, we recorded a contingent consideration expense of $14.6 million related to a tax protection agreement that we entered into with former owners of certain Marina properties at the time of acquisition. The tax protection agreement stipulates that we indemnify those owners for certain tax obligations incurred related to the sale of certain Marina properties. As a result of the Safe Harbor Sale, we concluded that our tax liability to the former owners was probable of being realized and estimable. Refer to Note 17, "Fair Value Measurements" for additional information.

The following table presents depreciation, amortization, and capital expenditures attributable to discontinued operations related to Safe Harbor (in millions):


	Nine Months Ended
		September 30, 2025		September 30, 2024
Depreciation		$	31.9	$	126.6
Amortization		$	4.4	$	15.8
Capital Expenditures		$	73.3	$	146.3

Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

18. 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 U.S. 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 complaints have been consolidated into the case captioned In re Manufactured Home Lot Rents Antitrust Litigation, No. 1:23-cv-06715.

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.

Other Legal Proceedings

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

Hurricanes Helene and Milton - In September and October 2024, Hurricane Helene and Hurricane Milton, respectively, made landfall in Florida and subsequently impacted several of our properties in the Southeastern and Mid-Atlantic region of the U.S. Estimated property insurance recoveries, excluding business interruption recoveries, of $39.5 million related to Hurricane Helene and Hurricane Milton, were recorded in Notes and other receivables, net, on the Consolidated Balance Sheets as of September 30, 2025. The table below sets forth changes in estimated property insurance recoveries, excluding business interruption recoveries (in millions):


	Nine Months Ended September 30, 2025
Total estimated insurance receivable - December 31, 2024	$	16.7
Change in estimated property insurance recoveries	33.4
Proceeds received from insurer	(10.6)
Total estimated insurance receivable - September 30, 2025	$	39.5

Hurricane Ian - In September 2022, Hurricane Ian primarily affected three RV properties in the Fort Myers area, comprising approximately 2,500 sites. We maintain property, casualty, flood, and business interruption insurance for our community portfolio, subject to customary deductibles and limits.

Estimated property insurance recoveries of $11.3 million related to Hurricane Ian, were recorded in Notes and other receivables, net, on the Consolidated Balance Sheets as of September 30, 2025. The table below sets forth changes in estimated property insurance recoveries, excluding business interruption recoveries (in millions):


	Nine Months Ended September 30, 2025
Total estimated insurance receivable - December 31, 2024	$	49.2
Change in estimated property insurance recoveries	1.4
Proceeds received from insurer	(39.3)
Total estimated insurance receivable - September 30, 2025	$	11.3

We are actively working with our insurance providers on claims for business interruption recoveries. During the nine months ended September 30, 2025 we received and recognized $10.7 million, net of deductibles, as business interruption recoveries for lost earnings from Hurricane Ian. The related communities are under redevelopment and we have gradually started to lease developed sites at these communities to customers. However, 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.

Other - In December 2023, one of our RV properties with approximately 300 sites sustained property damage due to heavy rainfall and flooding in the North Conway, New Hampshire area. During the year ended December 31, 2024, we recognized incremental charges of $12.0 million related to the impacted property, comprised of $3.1 million for impaired assets and $8.9 million for debris removal, cleanup, and repairs. We received $6.4 million in insurance proceeds during the year ended December 31, 2024 related to the flood event. The charges and related proceeds were recorded within Catastrophic event-related charges, net in our Consolidated Statements of Operations. The foregoing estimates are based on current information available after the preliminary review of the damages incurred. Actual charges and insurance recoveries could differ from these estimates. Any changes to these estimates will be recognized in the period(s) in which they are determined.

The foregoing estimates are based on current information available, and we continue to assess these estimates. Actual charges and insurance recoveries could vary significantly from these estimates. Any changes to these estimates will be recognized in the period(s) in which they are determined.

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Operating Leases
2025 (excluding nine months ended September 30, 2025)	$ 1.3
2026	5.6
2027	5.0
2028	4.5
2029	4.0
Thereafter	79.3
Total Lease Payments	99.7
Less: Imputed interest	(59.4)
Present Value of Lease Liabilities	40.3	$ 34.5
Finance Leases
2025 (excluding nine months ended September 30, 2025)	0.3
2026	0.9
2027	0.9
2028	0.9
2029	0.6
Thereafter	38.0
Total Lease Payments	41.6
Less: Imputed interest	(31.1)
Present Value of Lease Liabilities	10.5	$ 14.2
Total
2025 (excluding nine months ended September 30, 2025)	1.6
2026	6.5
2027	5.9
2028	5.4
2029	4.6
Thereafter	117.3
Total Lease Payments	141.3
Less: Imputed interest	(90.5)
Present Value of Lease Liabilities	$ 50.8

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Operating Activities
Net cash provided by operating activities - continuing operations	$ 641.3	$ 550.0
Net cash provided by operating activities - discontinued operations	56.4	193.0
Net Cash Provided By Operating Activities	697.7	743.0
Investing Activities
Investment in properties	(327.9)	(343.5)
Acquisitions, net of cash acquired	(1.6)	(26.1)
Payments from deposit on acquisition	5.0	2.5
Proceeds from insurance	4.5	2.3
Proceeds from disposition of assets and depreciated homes, net	13.7	1.3
Proceeds related to disposition of properties	142.3	382.1
Issuance of notes and other receivables	0.9	8.4
Repayments of notes and other receivables	38.7	7.6
Investments in nonconsolidated affiliates	(0.7)	(13.8)
Distributions of capital from nonconsolidated affiliates	9.0	23.8
Net cash provided by / (used for) investing activities - continuing operations	(127.9)	22.8
Net cash provided by / (used for) investing activities - discontinued operations	5,511.9	(188.4)
Net Cash Provided By / (Used For) Investing Activities	5,384.0	(165.6)
Financing Activities
Issuance and costs of common stock, OP units and preferred OP units, net	(0.2)	361.0
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	(8.7)	(7.8)
Repurchases of common stock	(500.3)	0.0
Redemption of Series F preferred OP units	(2.0)	0.0
Borrowings on lines of credit	624.5	2,147.2
Payments on lines of credit	(2,106.5)	(3,028.6)
Proceeds from issuance of other debt	0.0	499.8
Payments on other debt	(2,025.6)	(136.1)
Distributions	(909.8)	(366.9)
Payments for deferred financing costs, net of prepaid return	(11.3)	(5.1)
Net capital transfer from consolidated affiliates	5,546.3	(6.2)
Net cash provided by / (used for) financing activities - continuing operations	606.4	(542.7)
Net cash provided by / (used for) financing activities - discontinued operations	(5,573.5)	3.8
Net Cash Used For Financing Activities	(4,967.1)	(538.9)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1.5	0.6
Net change in cash, cash equivalents and restricted cash	1,116.1	39.1
Cash, cash equivalents and restricted cash, beginning of period	63.9	42.7
Cash, cash equivalents and restricted cash, end of period	1,180.0	81.8
Less: Cash, cash equivalents and restricted cash - discontinued operations	0.0	(17.2)
Cash, Cash Equivalents and Restricted Cash - Continuing Operations	1,180.0	64.6
Supplemental Information
Cash paid for interest, net	203.6	267.8
Cash paid for income taxes	4.6	3.0
Noncash Investing and Financing Activities
Reduction in secured borrowing balance	5.5	5.5
Change in distributions declared and outstanding	8.9	3.2
Conversion of common and preferred OP units	3.5	4.0
Noncash Investing and Financing Activities at the Date of Acquisition
Acquisitions - Common stock and OP units issued	0.0	34.5
Notes Due From Other Real Estate Developers
Noncash Investing and Financing Activities
Reduction in note receivable balance in exchange for redemption of preferred OP units	$ 23.8	$ 0.0

Debt and Line of Credit

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt and Line of Credit

10. 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, 2025		December 31, 2024		September 30, 2025	December 31, 2024	September 30, 2025		December 31, 2024
Secured Debt




Mortgage loans payable(1)	$	2,440.4	$	3,212.2	8.7	8.3	3.635	%	3.991	%
Secured borrowings on collateralized receivables(2)	45.4		51.2		12.6	13.2	8.542	%	8.575	%


Total Secured Debt	$	2,485.8	$	3,263.4
Unsecured Debt
Senior unsecured notes(3)	$	1,785.9	$	2,676.3	5.4	6.0	2.901	%	3.778	%

Line of credit	—		1,413.1		0.0	1.4	—	%	4.744	%


Total Unsecured Debt	$	1,785.9	$	4,089.4
Total Debt	$	4,271.7	$	7,352.8	7.4	6.2	3.380	%	4.090	%

(1) Balances at September 30, 2025 and December 31, 2024 include $10.0 million and $15.2 million of deferred financing costs, respectively.

(2) Balances at September 30, 2025 and December 31, 2024 include fair value adjustments of $3.7 million and $3.9 million, respectively.

Secured Debt

Mortgage term loans

During the nine months ended September 30, 2025, we repaid the following mortgage term loans (in millions, except for statistical information):


Period	Repayment Amount			Weighted Average Interest Rate		Maturity Date	Loss on Extinguishment of Debt

Three months ended June 30, 2025	$	691.8	(1)	5.346	%	February 13, 2026 - September 10, 2044	$	45.9
Three months ended March 31, 2025	$	48.4	(2)	4.013	%	February 01, 2025 - March 31, 2025	$	—

(2) Includes five mortgage term loans, which were secured by five properties, and were paid off on the maturity dates in accordance with the loan documents.

During the nine months ended September 30, 2025 we did not enter into any mortgage term loans.

The mortgage term loans, which total $2.4 billion as of September 30, 2025, are secured by 110 properties representing approximately $1.8 billion of net book value.

Secured Borrowings on Collateralized Receivables

Refer to Note 7, "Collateralized Receivables and Transfers of Financial Assets," for information on secured borrowings on collateralized receivables.

Unsecured Debt

Senior Unsecured Notes


			Carrying Amount
	Principal Amount		September 30, 2025		December 31, 2024
5.5% notes, issued in January 2024 and due in January 2029 (the "2029 Notes")	$	500.0	$	—	$	496.2
5.7% notes, issued in January 2023 and due in January 2033 (the "2033 Notes")	400.0		—		396.1
4.2% notes, issued in April 2022 and due in April 2032	600.0		593.9		593.2
2.3% notes, issued in October 2021 and due in November 2028	450.0		447.9		447.4
2.7% notes, issued in June 2021 and October 2021, and due in July 2031	750.0		744.1		743.4
Total	$	2,700.0	$	1,785.9	$	2,676.3

During the three months ended June 30, 2025, we redeemed the aggregate principal amount of $900.0 million on the 2029 Notes and the 2033 Notes using cash proceeds generated from the Safe Harbor Sale (the "2029 and 2033 Note Redemptions"). In accordance with the terms of each series of Notes, the redemption price was inclusive of a customary make-whole premium and accrued and unpaid interest. As a result, during the three months ended June 30, 2025, we recorded charges of $56.5 million to Loss on extinguishment of debt on the Consolidated Statements of Operations in connection with early extinguishment premiums on the 2029 and 2033 Note Redemptions. Refer to Note 16, "Derivative Financial Instruments," for cash flow hedge activity resulting from the redemptions.

New Credit Agreement

On September 17, 2025, we entered into a Credit Agreement (the "New Credit Agreement"), which replaced our previous $3.05 billion senior credit facility.

Pursuant to the New Credit Agreement, we may borrow up to $2.0 billion under a revolving loan (the "New Credit Facility"). The New Credit Agreement also permits, subject to the satisfaction of certain conditions, additional borrowings of $1.0 billion. The New Credit Facility's maturity date is January 31, 2030, and, at our option, may be extended for two additional six-month periods subject to the satisfaction of certain conditions.

The New Credit Facility offers various interest rates for borrowings under U.S. dollars (at the Alternate Base Rate ("ABR"), Term Secured Overnight Financing Rate ("SOFR"), and Daily Effective SOFR), euros (at the Adjusted Euro Interbank Offered Rate ("EURIBOR")), pound sterling (at the Daily Simple Sterling Overnight Index Average ("SONIA") Rate), Canadian dollars (at the Term Canadian Overnight Repo Rate Average ("CORRA") and the Daily Simple CORRA), and Australian dollars (at the Australian Bank Bill Swap Bid ("BBSY") Rate,) plus a margin, which can range from 0.725% to 1.40% for all interest rates except ABR loans, which can range from 0.000% to 0.400%. As of September 30, 2025, there were no borrowings under the New Credit Facility.

During the three months ended September 30, 2025, we recorded charges of $1.6 million to Loss on extinguishment of debt on the Consolidated Statements of Operations related to the write off of deferred financing costs in connection with the termination of our previous senior credit facility. As of September 30, 2025, we also recorded deferred financing costs of $11.4 million in connection with the New Credit Facility, which was recorded within Other assets, net on the Consolidated Balance Sheets.

The New Credit Facility provides us with the ability to issue up to $100.0 million of letters of credit. We had $10.3 million and $11.5 million of outstanding letters of credit at September 30, 2025 and December 31, 2024, respectively.

Covenants

The mortgage term loans, senior unsecured notes, and New Credit Facility are subject to various financial and other covenants. At September 30, 2025, 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, or 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, 2025 were $0.2 million and $2.9 million, respectively, and during the three and nine months ended September 30, 2024 were $1.9 million and $6.8 million, respectively.

- 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 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: 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 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: 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 15: 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 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1B
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: 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 20: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

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-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

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-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Information

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


	Three Months Ended
	September 30, 2025								September 30, 2024
	MH		RV		UK		Total		MH		RV		UK		Total
Revenue
Income from real property	$	254.6	$	96.2	$	33.4			$	240.2	$	91.5	$	32.4
Income from real property - transient	0.1		106.2		27.2				0.2		114.1		23.8
Home sales	32.0		5.7		57.9				37.7		9.3		58.3
Ancillary	1.6		39.0		20.2				1.5		40.4		19.1
Total Functional Revenue	$	288.3	$	247.1	$	138.7	$	674.1	$	279.6	$	255.3	$	133.6	$	668.5
Expenses
Payroll - Real property	14.3		28.1		8.9				14.9		30.3		8.7
Utilities - Real property	25.6		23.8		7.6				24.5		23.1		7.3
Legal, taxes, and insurance - Real property	8.9		3.4		0.3				7.6		3.0		0.3
Supplies and repairs - Real property	12.9		10.1		3.4				13.0		11.0		4.3
Other expenses - Real property	1.8		14.4		5.3				4.6		14.8		4.8
Real estate taxes - Real property	19.4		7.1		2.2				17.5		6.4		2.0
Home sales - Cost of sales					33.9								30.4

Ancillary - Cost of goods sold					6.6								7.5

Other segment items(1)	27.1		25.4		16.8				34.6		29.5		14.8
Total NOI	$	178.3	$	134.8	$	53.7	$	366.8	$	162.9	$	137.2	$	53.5	$	353.6

Adjustments to arrive at net income
Interest income							17.3								5.3
Brokerage commissions and other revenues, net							5.8								6.6
General and administrative expense							(55.8)								(58.7)
Catastrophic event-related charges, net							(0.8)								(0.8)

Depreciation and amortization							(126.2)								(124.1)
Asset impairments							(165.9)								—

Loss on extinguishment of debt							(1.6)								(0.8)
Interest expense							(41.5)								(87.6)


Loss on foreign currency exchanges							(22.6)								(4.5)
Gain / (loss) on dispositions of properties							(1.3)								178.7
Other income / (expense), net							19.1								(0.8)
Gain on remeasurement of notes receivable							—								0.1
Income from nonconsolidated affiliates							4.3								2.1
Gain on remeasurement of investment in nonconsolidated affiliates							0.4								1.2
Current tax benefit / (expense)							(3.8)								1.0
Deferred tax benefit							2.1								7.1
Net Income / (Loss) from Continuing Operations							(3.7)								278.4
Income from discontinued operations, net							14.6								26.8
Net Income							10.9								305.2
Less: Preferred return to preferred OP units / equity interests							3.2								3.2
Less: Income attributable to noncontrolling interests							(0.8)								13.3


Net Income Attributable to SUI Common Shareholders							$	8.5							$	288.7

(1)Other segment items for each reportable segment include:

MH and RV – costs related to home sales and ancillary, specifically payroll, utilities, legal, taxes and insurance, supplies and repairs, and other expenses.

UK – other costs related to home sales and ancillary, specifically home sales commission expense, payroll, utilities, legal, taxes, and insurance, supplies and repairs, and other expenses.



	Nine Months Ended
	September 30, 2025								September 30, 2024
	MH		RV		UK		Total		MH		RV		UK		Total
Revenue
Income from real property	$	753.2	$	255.5	$	98.2			$	717.1	$	242.1	$	98.9
Income from real property - transient	0.8		197.7		46.9				0.9		216.3		40.0
Home sales	88.7		19.6		154.6				113.6		24.4		143.7
Ancillary	5.6		68.8		41.0				6.0		71.5		37.4
Total Functional Revenue	$	848.3	$	541.6	$	340.7	$	1,730.6	$	837.6	$	554.3	$	320.0	$	1,711.9

Expenses
Payroll - Real property	43.8		70.7		23.5				44.5		73.5		22.9
Utilities - Real property	74.0		57.0		23.6				69.9		54.4		22.6
Legal, taxes, and insurance - Real property	24.4		9.8		1.0				25.5		10.5		1.0
Supplies and repairs - Real property	34.3		25.2		14.7				33.5		24.3		13.4
Other expenses - Real property	8.3		35.9		11.8				10.7		33.7		10.6
Real estate taxes - Real property	56.3		21.5		6.3				52.4		19.6		5.6
Home sales - Cost of sales					92.8								78.4

Ancillary - Cost of goods sold					13.9								14.6

Other segment items(1)	80.1		58.7		42.6				100.1		63.2		37.6
Total NOI	$	527.1	$	262.8	$	110.5	$	900.4	$	501.0	$	275.1	$	113.3	$	889.4

Adjustments to arrive at net income
Interest income							38.2								15.0
Brokerage commissions and other revenues, net							22.1								19.0
General and administrative expense							(174.0)								(170.3)
Catastrophic event-related charges, net							(1.1)								(10.3)

Depreciation and amortization							(377.3)								(368.1)
Asset impairments							(356.0)								(30.4)

Loss on extinguishment of debt							(104.0)								(1.4)
Interest expense							(181.8)								(267.1)


Gain / (loss) on foreign currency exchanges							25.5								(6.2)
Gain / (loss) on dispositions of properties							(3.7)								186.6
Other income / (expense), net							56.7								(4.3)
Loss on remeasurement of notes receivable							(1.6)								(1.0)
Income from nonconsolidated affiliates							11.1								6.5
Gain / (loss) on remeasurement of marketable securities							(1.1)								6.5
Current tax expense							(11.8)								(6.0)
Deferred tax benefit							39.4								16.5
Net Income / (Loss) from Continuing Operations							(119.0)								274.4
Income from discontinued operations, net							1,418.6								63.7
Net Income							1,299.6								338.1
Less: Preferred return to preferred OP units / equity interests							9.5								9.6
Less: Income attributable to noncontrolling interests							50.8								15.1


Net Income Attributable to SUI Common Shareholders							$	1,239.3							$	313.4

(1)Other segment items for each reportable segment include:

MH and RV – costs related to home sales and ancillary, specifically payroll, utilities, legal, taxes and insurance, supplies and repairs, and other expenses.

UK – other costs related to home sales and ancillary, specifically home sales commission expense, payroll, utilities, legal, taxes, and insurance, supplies and repairs, and other expenses.

Schedule of Segment Assets


	September 30, 2025								December 31, 2024
	MH		RV		UK		Consolidated		MH		RV		UK		Consolidated
Identifiable Assets
Investment property, net	$	4,982.2	$	3,199.7	$	2,304.0	$	10,485.9	$	5,114.7	$	3,505.8	$	2,244.6	$	10,865.1
Cash, cash equivalents and restricted cash	759.8		394.4		25.8		1,180.0		32.3		16.7		8.1		57.1

Inventory of manufactured homes	67.8		24.7		62.6		155.1		52.4		15.3		62.1		129.8
Notes and other receivables, net	254.7		74.6		139.1		468.4		233.4		121.4		75.3		430.1
Collateralized receivables, net	45.4		—		—		45.4		51.2		—		—		51.2
Goodwill	—		9.5		—		9.5		—		9.5		—		9.5
Other intangible assets, net	6.1		24.4		66.5		97.0		9.5		26.3		66.7		102.5
Other assets, net	270.0		36.5		52.5		359.0		261.1		37.0		144.3		442.4
Assets held for sale & discontinued operations, net	—		—		—		—		—		47.2		—		4,461.7
Total Assets	$	6,386.0	$	3,763.8	$	2,650.5	$	12,800.3	$	5,754.6	$	3,779.2	$	2,601.1	$	16,549.4

Long-Lived Assets by Geographic Areas



	September 30, 2025		% of Total		December 31, 2024		% of Total
North America(1)	$	10,149.8	79.3	%	$	13,948.3	84.3	%
United Kingdom	2,650.5		20.7	%	2,601.1		15.7	%
Total Assets	$	12,800.3	100.0	%	$	16,549.4	100.0	%

(1)Includes $4.4 billion of total assets from discontinued operations as of December 31, 2024. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," for additional information.

Notes And Other Receivables (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025		December 31, 2024
Installment notes receivable on manufactured homes, net	$	129.2	$	93.9
Notes receivable from real estate developers and operators	92.4		148.5
Other receivables, net	246.8		187.7
Total Notes and Other Receivables, net	$	468.4	$	430.1

Schedule Of Other Receivables

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


	September 30, 2025		December 31, 2024
Receivables from residents and customers(1)	$	128.4	$	62.2
Insurance receivables(2)	51.2		67.2
Home sale proceeds	28.4		24.5
Other receivables	38.8		33.8
Total Other Receivables, net	$	246.8	$	187.7

(1)Net of allowance for credit losses of $4.9 million and $5.6 million as of September 30, 2025 and December 31, 2024, respectively.

(2)Primarily consists of receivables from insurance providers related to Hurricanes Ian, Helene, and Milton. Refer to Note 18, "Commitments and Contingencies," for additional details.

Notes And Other Receivables - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Undrawn funds	$ 11.6	$ 36.8
Notes receivable from real estate developers and operators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	$ 92.4	$ 148.5
Notes receivable from real estate developers and operators \| Canadian Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted average interest rate	5.00%	5.00%
Maturity	1 year 2 months 12 days	2 years
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	$ 43.8	$ 42.4
Secured Installment Notes Receivable on Manufactured Homes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross installment notes receivable	$ 132.1	$ 95.2
Weighted average interest rate	7.30%	6.40%
Maturity	17 years 6 months	18 years 7 months 6 days
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	$ 129.2	$ 93.9
Secured Installment Notes Receivable on Manufactured Homes \| Fair Value, Recurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, fair value adjustment	2.9	$ 1.3
Notes Due From Other Real Estate Developers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, fair value adjustment	$ 36.5
Weighted average interest rate	8.70%	8.00%
Maturity	4 months 24 days	1 year 10 months 24 days
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	$ 48.6	$ 106.1

Leases - Schedule of Lease Term, Discount Rates and Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Leases [Abstract]
Weighted - average remaining lease term - finance leases	43 years 3 months 25 days		33 years 9 months 14 days
Weighted - average remaining lease term - operating leases	30 years 10 months 13 days		42 years 7 months 2 days
Weighted - average discount rate - finance leases	3.78%		3.63%
Weighted - average discount rate - operating leases	3.89%		3.90%
Operating cash outflows for operating leases	$ 2.5	$ 9.3
Financing cash outflows for finance leases	4.3	0.7
Total Cash Paid on Lease Liabilities	$ 6.8	$ 10.0

Discontinued Operations and Disposal Groups (Tables)

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table sets forth a summary of assets and liabilities attributable to discontinued operations related to Safe Harbor (in millions):


	September 30, 2025		December 31, 2024
Assets
Land	$	—	$	1,049.5
Land improvements and buildings	—		2,401.9
Furniture, fixtures and equipment	—		369.2
Investment property	—		3,820.6
Accumulated depreciation	—		(512.6)
Investment property, net	—		3,308.0
Cash, cash equivalents and restricted cash	—		6.8
Notes and other receivables, net	—		53.9
Goodwill	—		541.7
Other intangible assets, net	—		236.4
Other assets, net	—		267.7

Total Assets	$	—	$	4,414.5
Liabilities
Advanced reservation deposits and rent	$	—	$	81.6
Accrued expenses and accounts payable	—		44.3
Other liabilities	—		161.0

Total Liabilities	$	—	$	286.9

The following table sets forth a summary of the operating results of Safe Harbor included within Income from discontinued operations, net through the final transaction closing date (in millions):


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Revenues
Real property	$	2.8	$	131.9	$	145.9	$	347.1
Service, retail, dining, and entertainment	1.6		125.2		164.7		377.8
Interest, brokerage commissions and other, net	—		2.4		1.6		4.4
Total Revenues	4.4		259.5		312.2		729.3
Expenses
Property operating and maintenance	1.4		41.2		53.6		110.8
Real estate tax	—		5.6		7.9		16.6
Service, retail, dining and entertainment	1.5		120.8		155.4		354.2
General and administrative(1)	0.4		16.1		81.2		48.3
Interest expense	—		0.1		—		0.1
Catastrophic event-related charges, net	—		0.1		—		0.1

Business combination costs	—		0.2		0.2		0.4
Depreciation, amortization and loss on disposal of assets	0.2		48.3		36.3		142.4
Asset impairments	—		0.2		2.3		2.1
Total Expenses	3.5		232.6		336.9		675.0
Income / (Loss) Before Other Items	0.9		26.9		(24.7)		54.3
Gain on disposition of properties, net	15.4		—		1,460.4		—
Other income / (expense), net(2)	—		—		(14.8)		9.9
Income from discontinued operations, before income taxes	16.3		26.9		1,420.9		64.2
Current tax expense (see Note 14)	(1.7)		(0.1)		(2.3)		(0.5)
Income from discontinued operations, net	$	14.6	$	26.8	$	1,418.6	$	63.7

The following table presents depreciation, amortization, and capital expenditures attributable to discontinued operations related to Safe Harbor (in millions):


	Nine Months Ended
		September 30, 2025		September 30, 2024
Depreciation		$	31.9	$	126.6
Amortization		$	4.4	$	15.8
Capital Expenditures		$	73.3	$	146.3

The following dispositions of real estate properties for our continuing operations occurred during the nine months ended September 30, 2025 (in millions, except for *):


Property Name(1)	Segment	Number of Properties*	Total Sites*	State, Province, or Country	Month Disposed	Gross Sales Proceeds		Cash Consideration, net(2)		Loss on Disposition(3)
RV Portfolio(4)	RV	2	815	Various	January	$	92.9	$	92.6	$	(0.2)
MH Portfolio	MH	3	136	FL	March	$	27.8	$	27.2	$	(2.8)
Sun Retreats Millbrook	RV	1	394	IL	April	$	3.5	$	2.8	$	(3.8)

(2) Cash consideration, net of settlement of the associated mortgage debt, when applicable, and other closing adjustments.

(3) Recorded in Gain / (loss) on dispositions of properties on the Consolidated Statements of Operations.

2024 Disposition Activity

The following dispositions of real estate properties for our continuing operations occurred during the nine months ended September 30, 2024 (in millions, except for *):


Property Name	Segment	Number of Properties*	Total Sites*	State, Province or Country	Month Disposed	Gross Sales Proceeds		Cash Consideration, net(1)		Gain Disposition(2)
Spanish Trails and Sundance	MH	2	533	AZ & FL	February	$	48.5	$	51.7	$	6.2
Littondale	UK	1	114	UK	May	$	5.9	$	5.4	$	2.2
Six Community MH Portfolio	MH	6	2,090	Various	July	$	224.6	$	150.7	$	142.0
Lake Pointe Village	MH	1	361	FL	July	$	38.0	$	20.3	$	16.0
Reserve at Fox Creek	MH	1	311	AZ	September	$	38.0	$	22.7	$	22.2

(1) Cash consideration, net of settlement of the associated mortgage debt and other closing adjustments.

(2) Recorded in Gain / (loss) on dispositions of properties on the Consolidated Statements of Operations.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 205
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Future Minimum Operating Lease Payments

Future minimum lease payments under non-cancellable leases as of September 30, 2025 where we are the lessee include (in millions):



Maturity of Lease Liabilities	Finance Leases		Operating Leases		Total
2025 (excluding nine months ended September 30, 2025)	$	0.3	$	1.3	$	1.6
2026	0.9		5.6		6.5
2027	0.9		5.0		5.9
2028	0.9		4.5		5.4
2029	0.6		4.0		4.6
Thereafter	38.0		79.3		117.3
Total Lease Payments	$	41.6	$	99.7	$	141.3
Less: Imputed interest	(31.1)		(59.4)		(90.5)
Present Value of Lease Liabilities	$	10.5	$	40.3	$	50.8

Schedule of Future Minimum Finance Lease Payments

Future minimum lease payments under non-cancellable leases as of September 30, 2025 where we are the lessee include (in millions):



Maturity of Lease Liabilities	Finance Leases		Operating Leases		Total
2025 (excluding nine months ended September 30, 2025)	$	0.3	$	1.3	$	1.6
2026	0.9		5.6		6.5
2027	0.9		5.0		5.9
2028	0.9		4.5		5.4
2029	0.6		4.0		4.6
Thereafter	38.0		79.3		117.3
Total Lease Payments	$	41.6	$	99.7	$	141.3
Less: Imputed interest	(31.1)		(59.4)		(90.5)
Present Value of Lease Liabilities	$	10.5	$	40.3	$	50.8

The following table presents the future minimum rental payments for this financial liability as of September 30, 2025 (in millions):


Maturity of Financial Liability	September 30, 2025
2025 (excluding nine months ended September 30, 2025)	$	0.7
2026	2.8
2027	2.9
2028	2.9
2029	2.9
Thereafter	428.9
Total Payments	441.1
Less: Imputed interest	(354.5)
Present Value of Financial Liability	$	86.6

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, 2025		December 31, 2024
Lease Assets
Finance lease - ROU asset, net of accumulated amortization	Investment property, net	$	26.7	$	31.3
Operating lease - ROU asset, net	Other assets, net	$	60.8	$	52.4
Below market operating leases, net	Other assets, net	$	24.1	$	24.6
Lease Liabilities
Finance lease liabilities	Other liabilities	$	10.5	$	14.2
Operating lease liabilities	Other liabilities	$	40.3	$	34.5

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


	As of
	September 30, 2025		December 31, 2024
Lease Term and Discount Rate
Weighted-average Remaining Lease Terms (years)
Finance lease	43.32		33.79
Operating lease	30.87		42.59
Weighted-average Discount Rate
Finance lease	3.78	%	3.63	%
Operating lease	3.89	%	3.90	%

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):


	Financial Statement Classification	Three Months Ended				Nine Months Ended
Description		September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Finance Lease Cost
Amortization of ROU assets	Depreciation and amortization	$	0.3	$	0.7	$	0.6	$	2.1
Interest on lease liabilities	Interest expense	0.1		—		0.3		0.4
Operating lease cost	General and administrative expense, Property operating and maintenance, Depreciation and amortization	1.3		0.9		3.8		9.2
Variable lease cost	Property operating and maintenance	0.4		0.4		1.2		4.6

Total Lease Cost		$	2.1	$	2.0	$	5.9	$	16.3

Schedule of Lease Terms


	Nine Months Ended
	September 30, 2025		September 30, 2024
Other Information (in millions)
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases	$	2.5	$	9.3

Financing cash outflows for finance leases	4.3		0.7
Total Cash Paid on Lease Liabilities	$	6.8	$	10.0

Other Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Other Intangible Assets

8. Other Intangible Assets

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


		September 30, 2025				December 31, 2024
Other Intangible Asset	Useful Life	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
In-place leases	7 years	$	138.4	$	(130.5)	$	138.8	$	(126.4)
Trademarks and trade names	15 years	87.5		(21.1)		81.7		(15.4)
Customer relationships	4 years	1.9		(1.8)		1.8		(1.3)
Franchise agreements and other intangible assets	10 - 27 years	32.9		(11.0)		32.7		(10.0)
Total finite-lived assets		$	260.7	$	(164.4)	$	255.0	$	(153.1)
Indefinite-lived assets - Trademarks, trade names, and other	N/A	0.7		—		0.6		—
Total indefinite-lived assets		$	0.7	$	—	$	0.6	$	—
Total		$	261.4	$	(164.4)	$	255.6	$	(153.1)

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, 2025		September 30, 2024		September 30, 2025		September 30, 2024
In-place leases	$	1.4	$	1.6	$	4.3	$	4.7
Trademarks and trade names	1.6		1.5		4.5		4.3
Customer relationships	0.2		0.2		0.4		0.4
Franchise fees and other intangible assets	0.2		0.2		0.6		0.6
Total	$	3.4	$	3.5	$	9.8	$	10.0

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 2025		2026		2027		2028		2029
In-place leases	$	1.4	$	3.7	$	2.1	$	0.8	$	0.1
Trademarks and trade names	3.0		6.1		5.8		5.7		5.7
Customer relationships	0.2		—		—		—		—
Franchise agreements and other intangible assets	0.3		1.3		1.3		1.3		1.3
Total	$	4.9	$	11.1	$	9.2	$	7.8	$	7.1

Revenue

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

3. Revenue

Our revenue consists of real property revenue at our MH, RV, and UK properties, revenue from home sales, ancillary revenue, interest income, and brokerage commissions and other revenue.

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


	Three Months Ended
	September 30, 2025								September 30, 2024
	MH		RV		UK		Consolidated		MH		RV		UK		Consolidated
Revenues
Real property	$	254.7	$	202.4	$	60.6	$	517.7	$	240.4	$	205.6	$	56.2	$	502.2
Home sales	32.0		5.7		57.9		95.6		37.7		9.3		58.3		105.3
Ancillary	1.6		39.0		20.2		60.8		1.5		40.4		19.1		61.0
Interest	11.5		5.6		0.2		17.3		3.7		1.6		—		5.3
Brokerage commissions and other, net	1.9		1.4		2.5		5.8		2.5		1.9		2.2		6.6
Total Revenues	$	301.7	$	254.1	$	141.4	$	697.2	$	285.8	$	258.8	$	135.8	$	680.4


	Nine Months Ended
	September 30, 2025								September 30, 2024
	MH		RV		UK		Consolidated		MH		RV		UK		Consolidated
Revenues
Real property	$	754.0	$	453.2	$	145.1	$	1,352.3	$	718.0	$	458.4	$	138.9	$	1,315.3
Home sales	88.7		19.6		154.6		262.9		113.6		24.4		143.7		281.7
Ancillary	5.6		68.8		41.0		115.4		6.0		71.5		37.4		114.9
Interest	25.6		12.3		0.3		38.2		10.2		4.5		0.3		15.0
Brokerage commissions and other, net	12.8		5.4		3.9		22.1		9.9		5.5		3.6		19.0
Total Revenues	$	886.7	$	559.3	$	344.9	$	1,790.9	$	857.7	$	564.3	$	323.9	$	1,745.9

The majority of our revenue is derived from site and home 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 2024 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

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+ Details

Investment in Nonconsolidated Affiliates (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025		December 31, 2024

Investment in Sungenia JV	$	86.6	$	75.1
Investment in GTSC	38.8		48.9
Investment in SV Lift	0.7		1.1
Total	$	126.1	$	125.1

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


	Three Months Ended				Nine Months Ended
Income / (Loss) from Nonconsolidated Affiliates	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024

Sungenia JV equity income	$	4.2	$	1.7	$	10.5	$	4.9
GTSC equity income	0.4		0.6		1.7		2.5

SV Lift equity loss	(0.3)		(0.2)		(1.1)		(0.9)
Total Income from Nonconsolidated Affiliates	$	4.3	$	2.1	$	11.1	$	6.5

Derivative Financial Instruments - Narrative (Details) £ in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2025 USD ($) developmentSite swap	Jun. 30, 2025 GBP (£)	Sep. 30, 2025 USD ($) Contract	Jun. 30, 2025 GBP (£) developmentSite swap	Dec. 31, 2024 Contract
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification from AOCI to earnings	$ 8.7
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Number of Contracts \| swap	6			6
Interest Rate Swap, GBP
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate notional value	$ 1,000.0			£ 768.0
Derivative Expired Notional Amount	646.4	£ 500.0
Derivative, Number of Instruments Held [Abstract]
Gain (Loss) on Hedging Activity	$ 14.4
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivative Instruments, Gain (Loss) [Line Items]
Number of Contracts \| swap	3			3
Forward Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Number of Contracts \| developmentSite	3			3
Cash Flow Hedging \| Secured Overnight Financing Rate (SOFR)
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate notional value	$ 150.0
Payments for Hedge, Financing Activities	$ 1.3
Designated as Hedging Instrument \| Cash Flow Hedging \| Treasury Lock and Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Number of Contracts \| Contract			5		11
Derivative, Number of Instruments Held [Abstract]
Cash Flow Hedge Gain (Loss) to be Reclassified within 12 Months			$ 3.5

Revenue (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025								September 30, 2024
	MH		RV		UK		Consolidated		MH		RV		UK		Consolidated
Revenues
Real property	$	254.7	$	202.4	$	60.6	$	517.7	$	240.4	$	205.6	$	56.2	$	502.2
Home sales	32.0		5.7		57.9		95.6		37.7		9.3		58.3		105.3
Ancillary	1.6		39.0		20.2		60.8		1.5		40.4		19.1		61.0
Interest	11.5		5.6		0.2		17.3		3.7		1.6		—		5.3
Brokerage commissions and other, net	1.9		1.4		2.5		5.8		2.5		1.9		2.2		6.6
Total Revenues	$	301.7	$	254.1	$	141.4	$	697.2	$	285.8	$	258.8	$	135.8	$	680.4


	Nine Months Ended
	September 30, 2025								September 30, 2024
	MH		RV		UK		Consolidated		MH		RV		UK		Consolidated
Revenues
Real property	$	754.0	$	453.2	$	145.1	$	1,352.3	$	718.0	$	458.4	$	138.9	$	1,315.3
Home sales	88.7		19.6		154.6		262.9		113.6		24.4		143.7		281.7
Ancillary	5.6		68.8		41.0		115.4		6.0		71.5		37.4		114.9
Interest	25.6		12.3		0.3		38.2		10.2		4.5		0.3		15.0
Brokerage commissions and other, net	12.8		5.4		3.9		22.1		9.9		5.5		3.6		19.0
Total Revenues	$	886.7	$	559.3	$	344.9	$	1,790.9	$	857.7	$	564.3	$	323.9	$	1,745.9

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	14. 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 three and nine months ended September 30, 2025. 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. However, we have a valuation allowance on our taxable REIT subsidiaries' deferred tax assets. During the three months ended June 30, 2025, we released a valuation allowance of $17.7 million to partially offset the Safe Harbor Marina gain on sale. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," for additional details related to the Safe Harbor Sale. We are also subject to local income taxes in Canada and the United Kingdom 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. As currently structured, we are not subject to United Kingdom withholding taxes on distributions from our United Kingdom properties. We also may be subject to Australian withholding taxes on dividends from our Australian subsidiaries.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Debt and Line of Credit - Schedule of Mortgage Loans (Details) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($) property Rate	Mar. 31, 2025 USD ($) loan Rate	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Reduction in secured borrowing balance					$ 5.5	$ 5.5
Loss on Extinguishment of Debt	$ (1.6)			$ (0.8)	(104.0)	(1.4)
Termination of term loan					$ 2,025.6	$ 136.1
Matures February 1, 2025 - March 31, 2025
Debt Instrument [Line Items]
Number of Collateralized Term Loans \| loan			5
Debt Instrument, number of properties securing a debt instument \| loan			5
Secured Debt \| Matures February 1, 2025 - March 31, 2025
Debt Instrument [Line Items]
Reduction in secured borrowing balance		$ 691.8	$ 48.4
Weighted Average Interest Rate \| Rate		5.346%	4.013%
Loss on Extinguishment of Debt		$ 45.9	$ 0.0
Debt Instrument, number of properties securing a debt instument \| property		44
Termination of term loan		$ 737.7

- 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.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cash and Cash Equivalents - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 542.7	$ 47.9
Restricted Cash	637.3	9.2
Total Cash, Cash Equivalents and Restricted Cash	1,180.0	57.1	$ 64.6
Cash and time deposits
Cash and Cash Equivalents [Line Items]
Restricted Cash	637.3	9.2
Cash and time deposits
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 542.7	$ 47.9

Debt and Line of Credit - Schedule of Interest Capitalized (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Debt Disclosure [Abstract]
Interest costs capitalized	$ 0.2	$ 1.9	$ 2.9	$ 6.8

Subsequent Events (Tables)

9 Months Ended

Sep. 30, 2025

Subsequent Events [Abstract]

Asset Acquisition

Subsequent to the three months ended September 30, 2025, we acquired the following properties (in millions, except site information):



Property Name	Property Type	Sites	Development Sites	State, Province or Country	Total Purchase Price (in millions)
MH / RV Portfolio(1)	MH / RV	1,193	—	Various	$	175.2
Marysville Farm	MH	185	152	MI	20.5
MH Portfolio(2)	MH	936	—	MI	100.3
Reflections on Silver Lake	MH / RV	593	—	FL	70.0
Lakeridge Estates	MH	192	—	OR	31.0
The Preserve MHP	MH	506	415	FL	60.0
Total Subsequent Acquisitions(3)		3,605	567		$	457.0

(1) Contains seven MH and RV communities.

(2) Contains three MH communities.

(3) The acquisitions were funded using $399.0 million of restricted cash from our 1031 exchange escrow account and $58.0 million of unrestricted cash.

Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Estimated Insurance Recoveries

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


	Nine Months Ended September 30, 2025
Total estimated insurance receivable - December 31, 2024	$	16.7
Change in estimated property insurance recoveries	33.4
Proceeds received from insurer	(10.6)
Total estimated insurance receivable - September 30, 2025	$	39.5

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


	Nine Months Ended September 30, 2025
Total estimated insurance receivable - December 31, 2024	$	49.2
Change in estimated property insurance recoveries	1.4
Proceeds received from insurer	(39.3)
Total estimated insurance receivable - September 30, 2025	$	11.3

Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 260.7	$ 255.0
Accumulated Amortization	(164.4)	(153.1)
Total indefinite-lived assets	0.7	0.6
Total	261.4	255.6
Indefinite-lived assets - Trademarks, Trade Names and Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Total indefinite-lived assets	0.7	0.6
In-place leases
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	138.4	138.8
Accumulated Amortization	$ (130.5)	(126.4)
In-place leases \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	7 years
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 87.5	81.7
Accumulated Amortization	$ (21.1)	(15.4)
Trademarks and trade names \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	15 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1.9	1.8
Accumulated Amortization	$ (1.8)	(1.3)
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	4 years
Franchise agreements and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 32.9	32.7
Accumulated Amortization	$ (11.0)	$ (10.0)
Franchise agreements and other intangible assets \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	10 years
Franchise agreements and other intangible assets \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	27 years

Cash and Cash Equivalents

9 Months Ended

Sep. 30, 2025

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalent, and Marketable Security

4. Cash, Cash Equivalents and Restricted Cash

The following table summarizes the fair value of cash, cash equivalents and restricted cash by significant investment category, which approximates cost (in millions):


	September 30, 2025		December 31, 2024
Cash and Cash Equivalents
Cash and time deposits	$	542.7	$	47.9

Total cash and cash equivalents	$	542.7	$	47.9
Restricted Cash
Cash and time deposits	$	637.3	$	9.2

Total restricted cash	$	637.3	$	9.2

Total Cash, Cash Equivalents and Restricted Cash	$	1,180.0	$	57.1

Restricted cash balances in the table above include $629.5 million as of September 30, 2025, generated from the Safe Harbor Sale and held in escrow accounts that have been designated to fund potential future MH and RV acquisitions in accordance with Section 1031 of the Internal Revenue Code ("1031 exchange transactions"). Restricted cash also includes utility deposits and amounts held in deposit for tax, insurance, and repair escrows held by lenders in accordance with certain debt agreements. Restricted cash is included in cash and cash equivalents in the reconciliation of the beginning of period and the end of period cash balance on the Consolidated Statements of Cash Flows. Refer to Note 21, "Subsequent Events," for 1031 exchange transaction activity subsequent to September 30, 2025.

Cash and Cash Equivalents (Tables)

9 Months Ended

Sep. 30, 2025

Cash and Cash Equivalents [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash

The following table summarizes the fair value of cash, cash equivalents and restricted cash by significant investment category, which approximates cost (in millions):


	September 30, 2025		December 31, 2024
Cash and Cash Equivalents
Cash and time deposits	$	542.7	$	47.9

Total cash and cash equivalents	$	542.7	$	47.9
Restricted Cash
Cash and time deposits	$	637.3	$	9.2

Total restricted cash	$	637.3	$	9.2

Total Cash, Cash Equivalents and Restricted Cash	$	1,180.0	$	57.1

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2025	Oct. 23, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
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		123,668,389
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000912593
Current Fiscal Year End Date	--12-31

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

16. Derivative Financial Instruments

We utilize treasury rate lock contracts, interest rate swaps, and forward swaps for interest rate risk management purposes. We have also periodically entered into forward swaps to hedge foreign currency exchange risk exposures. We do not enter into derivative instruments for speculative purposes. As of September 30, 2025 and December 31, 2024, we held 5 and 11 derivative contracts, respectively, which have each been designated as cash flow hedges under ASC 815, "Derivatives and Hedging." The risk being hedged is the interest rate risk related to forecasted debt issuance transactions, and the benchmark interest rates used is the SOFR 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 $3.5 million will be reclassified as a reduction to Interest expense over the next 12 months for all of our outstanding cash flow hedges.

Derivative Contract Activity

During the three months ended June 30, 2025, we entered into six forward swap contracts with a notional amount totaling $1.0 billion (equivalent to £768.0 million) to hedge a planned repayment of a GBP debt borrowing. In conjunction with the repayment of the debt borrowing during the same period, we settled the forward swap contracts and recognized a gain of $14.4 million, which was recorded within Gain / (loss) on foreign currency exchanges on the Consolidated Statements of Operations.

During the three months ended June 30, 2025, we also terminated three interest rate swap contracts with an aggregate notional amount of $150.0 million in conjunction with the settlement of outstanding debt obligations on our Senior Credit Facility. We recorded a loss on termination of $1.3 million, which was recorded to Other income / (expense), net on the Consolidated Statements of Operations.

During the three months ended June 30, 2025, three forward swaps with a notional amount totaling $646.4 million (equivalent to £500.0 million) expired upon reaching their respective maturity dates.

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


	September 30, 2025						December 31, 2024
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(2)
Interest rate derivatives	$	150.0	$	0.6	$	1.6	$	927.6	$	6.3	$	1.3

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

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

Refer to Note 17, "Fair Value Measurements," 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 OCI (in millions):


	Three Months Ended				Nine Months Ended
Derivatives Designated as Cash Flow Hedges	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Interest rate derivatives	$	(0.3)	$	(9.7)	$	(3.9)	$	1.7

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


Derivatives Designated as Cash Flow Hedges	Financial Statement Classification	Three Months Ended				Nine Months Ended
		September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Interest rate derivatives	Interest expense / Other income / (expense), net	$	0.9	$	4.9	$	14.2	$	14.8

During the three months ended June 30, 2025, we released net accumulated gains of $8.7 million from AOCI to earnings in conjunction with the settlement of the 2029 and 2033 Note Redemptions and the repayment of certain mortgage term loans. The debt instruments were previously classified as hedged transactions under ASC 815, "Derivatives and Hedging," and the extinguishment of the related debt obligations resulted in the discontinuation of the cash flow hedge relationship. The net accumulated gains were recorded to Other income / (expense), net on the Consolidated Statements of Operations.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-based compensation - expensed	$ 8.9	$ 6.7	$ 26.4	$ 23.4

Subsequent Events

9 Months Ended

Sep. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

21. Subsequent Events

Acquisitions

Subsequent to the three months ended September 30, 2025, we acquired the following properties (in millions, except site information):



Property Name	Property Type	Sites	Development Sites	State, Province or Country	Total Purchase Price (in millions)
MH / RV Portfolio(1)	MH / RV	1,193	—	Various	$	175.2
Marysville Farm	MH	185	152	MI	20.5
MH Portfolio(2)	MH	936	—	MI	100.3
Reflections on Silver Lake	MH / RV	593	—	FL	70.0
Lakeridge Estates	MH	192	—	OR	31.0
The Preserve MHP	MH	506	415	FL	60.0
Total Subsequent Acquisitions(3)		3,605	567		$	457.0

(1) Contains seven MH and RV communities.

(2) Contains three MH communities.

(3) The acquisitions were funded using $399.0 million of restricted cash from our 1031 exchange escrow account and $58.0 million of unrestricted cash.

UK Ground Lease Terminations

In October 2025, we repurchased the title to one additional UK property, that was previously controlled via a ground lease, for a cash payment of $23.2 million, inclusive of taxes and fees.

Appointment of Chief Executive Officer and Restricted Stock Awards

As previously announced, on October 1, 2025, we appointed Charles D. Young as our new Chief Executive Officer ("CEO"). Pursuant to Mr. Young's appointment, we issued 58,754 shares of restricted common stock, 31,128 of which will vest in equal annual installments over four years, and 27,626 are subject to performance vesting after three years based on certain market performance criteria. We also issued 7,782 shares of common stock that vested on October 1, 2025 as an inducement to Mr. Young's employment with the Company under New York Stock Exchange Listed Company Manual Rule 303A.08.

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

Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

13. Segment Reporting

ASC 280, "Segment Reporting," establishes standards for the way that business enterprises report information about operating segments in their financial statements.

As described in Note 1, "Basis of Presentation," effective March 31, 2025, we revised our reporting structure from four segments to three segments as a result of the Safe Harbor Sale, consisting of (i) MH communities, (ii) RV communities, and (iii) the UK. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," for additional details regarding discontinued operations. Beginning with the three months ended March 31, 2025, we report our financial results consistent with our realigned operating segments and have recast prior period amounts to conform to the way we internally manage our business and monitor segment performance.

The MH segment owns, operates, develops, or has an interest in, a portfolio of MH communities in the U.S., 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 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 UK segment owns, operates, develops, or has an interest in, a portfolio of communities, referred to as holiday parks, and is in the business of acquiring, operating, and developing communities in the United Kingdom. It also provides home sales and associated site license activities to owners and tenants within the communities.

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


	Three Months Ended
	September 30, 2025								September 30, 2024
	MH		RV		UK		Total		MH		RV		UK		Total
Revenue
Income from real property	$	254.6	$	96.2	$	33.4			$	240.2	$	91.5	$	32.4
Income from real property - transient	0.1		106.2		27.2				0.2		114.1		23.8
Home sales	32.0		5.7		57.9				37.7		9.3		58.3
Ancillary	1.6		39.0		20.2				1.5		40.4		19.1
Total Functional Revenue	$	288.3	$	247.1	$	138.7	$	674.1	$	279.6	$	255.3	$	133.6	$	668.5
Expenses
Payroll - Real property	14.3		28.1		8.9				14.9		30.3		8.7
Utilities - Real property	25.6		23.8		7.6				24.5		23.1		7.3
Legal, taxes, and insurance - Real property	8.9		3.4		0.3				7.6		3.0		0.3
Supplies and repairs - Real property	12.9		10.1		3.4				13.0		11.0		4.3
Other expenses - Real property	1.8		14.4		5.3				4.6		14.8		4.8
Real estate taxes - Real property	19.4		7.1		2.2				17.5		6.4		2.0
Home sales - Cost of sales					33.9								30.4

Ancillary - Cost of goods sold					6.6								7.5

Other segment items(1)	27.1		25.4		16.8				34.6		29.5		14.8
Total NOI	$	178.3	$	134.8	$	53.7	$	366.8	$	162.9	$	137.2	$	53.5	$	353.6

Adjustments to arrive at net income
Interest income							17.3								5.3
Brokerage commissions and other revenues, net							5.8								6.6
General and administrative expense							(55.8)								(58.7)
Catastrophic event-related charges, net							(0.8)								(0.8)

Depreciation and amortization							(126.2)								(124.1)
Asset impairments							(165.9)								—

Loss on extinguishment of debt							(1.6)								(0.8)
Interest expense							(41.5)								(87.6)


Loss on foreign currency exchanges							(22.6)								(4.5)
Gain / (loss) on dispositions of properties							(1.3)								178.7
Other income / (expense), net							19.1								(0.8)
Gain on remeasurement of notes receivable							—								0.1
Income from nonconsolidated affiliates							4.3								2.1
Gain on remeasurement of investment in nonconsolidated affiliates							0.4								1.2
Current tax benefit / (expense)							(3.8)								1.0
Deferred tax benefit							2.1								7.1
Net Income / (Loss) from Continuing Operations							(3.7)								278.4
Income from discontinued operations, net							14.6								26.8
Net Income							10.9								305.2
Less: Preferred return to preferred OP units / equity interests							3.2								3.2
Less: Income attributable to noncontrolling interests							(0.8)								13.3


Net Income Attributable to SUI Common Shareholders							$	8.5							$	288.7

(1)Other segment items for each reportable segment include:

MH and RV – costs related to home sales and ancillary, specifically payroll, utilities, legal, taxes and insurance, supplies and repairs, and other expenses.

UK – other costs related to home sales and ancillary, specifically home sales commission expense, payroll, utilities, legal, taxes, and insurance, supplies and repairs, and other expenses.



	Nine Months Ended
	September 30, 2025								September 30, 2024
	MH		RV		UK		Total		MH		RV		UK		Total
Revenue
Income from real property	$	753.2	$	255.5	$	98.2			$	717.1	$	242.1	$	98.9
Income from real property - transient	0.8		197.7		46.9				0.9		216.3		40.0
Home sales	88.7		19.6		154.6				113.6		24.4		143.7
Ancillary	5.6		68.8		41.0				6.0		71.5		37.4
Total Functional Revenue	$	848.3	$	541.6	$	340.7	$	1,730.6	$	837.6	$	554.3	$	320.0	$	1,711.9

Expenses
Payroll - Real property	43.8		70.7		23.5				44.5		73.5		22.9
Utilities - Real property	74.0		57.0		23.6				69.9		54.4		22.6
Legal, taxes, and insurance - Real property	24.4		9.8		1.0				25.5		10.5		1.0
Supplies and repairs - Real property	34.3		25.2		14.7				33.5		24.3		13.4
Other expenses - Real property	8.3		35.9		11.8				10.7		33.7		10.6
Real estate taxes - Real property	56.3		21.5		6.3				52.4		19.6		5.6
Home sales - Cost of sales					92.8								78.4

Ancillary - Cost of goods sold					13.9								14.6

Other segment items(1)	80.1		58.7		42.6				100.1		63.2		37.6
Total NOI	$	527.1	$	262.8	$	110.5	$	900.4	$	501.0	$	275.1	$	113.3	$	889.4

Adjustments to arrive at net income
Interest income							38.2								15.0
Brokerage commissions and other revenues, net							22.1								19.0
General and administrative expense							(174.0)								(170.3)
Catastrophic event-related charges, net							(1.1)								(10.3)

Depreciation and amortization							(377.3)								(368.1)
Asset impairments							(356.0)								(30.4)

Loss on extinguishment of debt							(104.0)								(1.4)
Interest expense							(181.8)								(267.1)


Gain / (loss) on foreign currency exchanges							25.5								(6.2)
Gain / (loss) on dispositions of properties							(3.7)								186.6
Other income / (expense), net							56.7								(4.3)
Loss on remeasurement of notes receivable							(1.6)								(1.0)
Income from nonconsolidated affiliates							11.1								6.5
Gain / (loss) on remeasurement of marketable securities							(1.1)								6.5
Current tax expense							(11.8)								(6.0)
Deferred tax benefit							39.4								16.5
Net Income / (Loss) from Continuing Operations							(119.0)								274.4
Income from discontinued operations, net							1,418.6								63.7
Net Income							1,299.6								338.1
Less: Preferred return to preferred OP units / equity interests							9.5								9.6
Less: Income attributable to noncontrolling interests							50.8								15.1


Net Income Attributable to SUI Common Shareholders							$	1,239.3							$	313.4

(1)Other segment items for each reportable segment include:

MH and RV – costs related to home sales and ancillary, specifically payroll, utilities, legal, taxes and insurance, supplies and repairs, and other expenses.

UK – other costs related to home sales and ancillary, specifically home sales commission expense, payroll, utilities, legal, taxes, and insurance, supplies and repairs, and other expenses.


	September 30, 2025								December 31, 2024
	MH		RV		UK		Consolidated		MH		RV		UK		Consolidated
Identifiable Assets
Investment property, net	$	4,982.2	$	3,199.7	$	2,304.0	$	10,485.9	$	5,114.7	$	3,505.8	$	2,244.6	$	10,865.1
Cash, cash equivalents and restricted cash	759.8		394.4		25.8		1,180.0		32.3		16.7		8.1		57.1

Inventory of manufactured homes	67.8		24.7		62.6		155.1		52.4		15.3		62.1		129.8
Notes and other receivables, net	254.7		74.6		139.1		468.4		233.4		121.4		75.3		430.1
Collateralized receivables, net	45.4		—		—		45.4		51.2		—		—		51.2
Goodwill	—		9.5		—		9.5		—		9.5		—		9.5
Other intangible assets, net	6.1		24.4		66.5		97.0		9.5		26.3		66.7		102.5
Other assets, net	270.0		36.5		52.5		359.0		261.1		37.0		144.3		442.4
Assets held for sale & discontinued operations, net	—		—		—		—		—		47.2		—		4,461.7
Total Assets	$	6,386.0	$	3,763.8	$	2,650.5	$	12,800.3	$	5,754.6	$	3,779.2	$	2,601.1	$	16,549.4



	September 30, 2025		% of Total		December 31, 2024		% of Total
North America(1)	$	10,149.8	79.3	%	$	13,948.3	84.3	%
United Kingdom	2,650.5		20.7	%	2,601.1		15.7	%
Total Assets	$	12,800.3	100.0	%	$	16,549.4	100.0	%

(1)Includes $4.4 billion of total assets from discontinued operations as of December 31, 2024. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," for additional information.

- 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
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Intangible Assets- Intangibles Future Amortization Expense (Details) $ in Millions	Sep. 30, 2025 USD ($)
Finite-Lived Intangible Assets [Line Items]
Remainder 2025	$ 4.9
2026	11.1
2027	9.2
2028	7.8
2029	7.1
In-place leases
Finite-Lived Intangible Assets [Line Items]
Remainder 2025	1.4
2026	3.7
2027	2.1
2028	0.8
2029	0.1
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Remainder 2025	3.0
2026	6.1
2027	5.8
2028	5.7
2029	5.7
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Remainder 2025	0.2
2026	0.0
2027	0.0
2028	0.0
2029	0.0
Franchise agreements and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Remainder 2025	0.3
2026	1.3
2027	1.3
2028	1.3
2029	$ 1.3

Leases - Schedule of ROU Assets and Lease Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Leases [Abstract]
Finance lease - ROU asset, net of accumulated amortization	$ 26.7		$ 26.7		$ 31.3
Operating lease - ROU asset, net	60.8		60.8		52.4
Below market operating leases, net	24.1		24.1		24.6
Finance lease liabilities	10.5		10.5		14.2
Operating lease liabilities	40.3		40.3		$ 34.5
Amortization of ROU assets	0.3	$ 0.7	0.6	$ 2.1
Interest on lease liabilities	0.1	0.0	0.3	0.4
Operating lease cost	1.3	0.9	3.8	9.2
Variable lease cost	0.4	0.4	1.2	4.6
Total Lease Cost	$ 2.1	$ 2.0	$ 5.9	$ 16.3

Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues
Fixed lease income	$ 517.7	$ 502.2	$ 1,352.3	$ 1,315.3
Home sales	95.6	105.3	262.9	281.7
Ancillary	60.8	61.0	115.4	114.9
Interest	17.3	5.3	38.2	15.0
Brokerage commissions and other, net	5.8	6.6	22.1	19.0
Total Revenues	697.2	680.4	1,790.9	1,745.9
Expenses
Property operating and maintenance	168.8	172.2	458.0	451.0
Real estate tax	28.7	25.9	84.1	77.6
Home costs and selling	71.1	74.3	200.5	203.0
Ancillary	38.7	42.5	87.6	90.9
General and administrative	55.8	58.7	174.0	170.3
Catastrophic event-related charges, net	0.8	0.8	1.1	10.3
Depreciation and amortization	126.2	124.1	377.3	368.1
Asset impairments (see Note 17)	165.9	0.0	356.0	30.4
Loss on extinguishment of debt (see Note 10)	1.6	0.8	104.0	1.4
Interest	41.5	87.6	181.8	267.1
Total Expenses	699.1	586.9	2,024.4	1,670.1
Income / (Loss) Before Other Items	(1.9)	93.5	(233.5)	75.8
Gain / (loss) on foreign currency exchanges	(22.6)	(4.5)	25.5	(6.2)
Gain / (loss) on dispositions of properties	(1.3)	178.7	(3.7)	186.6
Other income / (expense), net	19.1	(0.8)	56.7	(4.3)
Gain / (loss) on remeasurement of notes receivable (see Note 6)	0.0	0.1	(1.6)	(1.0)
Total Income from Nonconsolidated Affiliates	4.3	2.1	11.1	6.5
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates (see Note 9)	0.4	1.2	(1.1)	6.5
Current tax benefit / (expense)	3.8	(1.0)	11.8	6.0
Deferred tax benefit	2.1	7.1	39.4	16.5
Net Income / (Loss) from Continuing Operations	(3.7)	278.4	(119.0)	274.4
Income from discontinued operations, net	14.6	26.8	1,418.6	63.7
Net Income	10.9	305.2	1,299.6	338.1
Less: Preferred stock distribution	3.2	3.2	9.5	9.6
Less: Income / (loss) attributable to noncontrolling interests	(0.8)	13.3	50.8	15.1
Net income attributable to SUI common shareholders	$ 8.5	$ 288.7	$ 1,239.3	$ 313.4
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic (in shares)	123.9	124.0	125.6	123.8
Diluted weighted average common shares outstanding - diluted (in shares)	124.1	124.0	125.6	126.5
Earnings per share:
Income (Loss) from Continuing Operations, Per Basic Share	$ (0.05)	$ 2.09	$ (1.48)	$ 2.01
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0.12	0.22	11.29	0.51
Basic earning per share (in dollars per share)	0.07	2.31	9.81	2.52
Income (Loss) from Continuing Operations, Per Diluted Share	(0.05)	2.09	(1.48)	2.01
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share	0.12	0.22	11.29	0.50
Diluted earning per share (in dollars per share)	$ 0.07	$ 2.31	$ 9.81	$ 2.51

Equity and Temporary Equity - Schedule of Distributions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025
Dividends Payable [Line Items]
Dividends per share (in dollars per share)	$ 1.04		$ 0.94
Total Distribution (in millions)	$ 131.5		$ 122.6
S 2025 Q2 Dividends
Dividends Payable [Line Items]
Dividends per share (in dollars per share)		$ 4.00
Total Distribution (in millions)		$ 521.3
O 2025 Q2 Dividends
Dividends Payable [Line Items]
Dividends per share (in dollars per share)		$ 1.04
Total Distribution (in millions)		$ 133.8

Leases - Schedule of Future Minimum Rental Payments (Details) - Park Holidays - UNITED KINGDOM - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
2025 (excluding nine months ended September 30, 2025)	$ 0.7
2026	2.8
2027	2.9
2028	2.9
2029	2.9
Thereafter	428.9
Total Payments	441.1
Less: Imputed interest	(354.5)
Present Value of Financial Liability	$ 86.6	$ 355.9

Equity and Temporary Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ 7.1	$ (44.1)
Accumulated net gain on derivatives	18.8	36.2
Accumulated other comprehensive income / (loss)	$ 25.9	$ (7.9)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Derivative Financial Instruments - Schedule of Fair Value of Derivatives (Details) £ in Millions, $ in Millions	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($) swap	Jun. 30, 2025 GBP (£) swap	Dec. 31, 2024 USD ($)
Interest Rate Swap and Forward Contracts \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Notional	$ 150.0			$ 927.6
Derivative liabilities	1.6			1.3
Interest Rate Swap and Forward Contracts \| Significant Other Observable Inputs (Level 2) \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Fair value of assets	$ 0.6			$ 6.3
Interest Rate Swap
Derivative [Line Items]
Number of Contracts \| swap		6	6
Interest Rate Swap, GBP
Derivative [Line Items]
Notional		$ 1,000.0	£ 768.0

Collateralized Receivables and Transfers of Financial Assets

9 Months Ended

Sep. 30, 2025

Transfers and Servicing [Abstract]

Transfers Of Financial Assets

7. Collateralized Receivables and Transfers of Financial Assets

We previously completed various transactions with an unrelated entity involving our installment notes receivable under which we received cash proceeds in exchange for relinquishing our right, title, and interest in certain notes receivables. We have no further obligations or rights with respect to the control, management, administration, servicing, or collection of the installment notes receivables. However, we are subject to certain recourse provisions requiring us to purchase the underlying manufactured homes collateralizing such notes at a price calculated based on the agreed upon terms, in the event of a note default and subsequent repossession of the home by the unrelated entity. The recourse provisions are considered to be a form of continuing involvement which precludes establishing legal isolation, and therefore these transferred loans do not meet the requirements for sale accounting under ASC 860, "Transfers and Servicing."

The transaction has been accounted for in accordance with ASC 860-30, with the transferred assets classified as Collateralized receivables, net and the cash proceeds received from this transaction classified as Secured borrowings on collateralized receivables within the Consolidated Balance Sheets. We have elected to apply the fair value option to the collateralized receivables and related secured borrowings under ASC 820, "Fair Value Measurements and Disclosures."

The following table sets forth certain information regarding collateralized receivables and the related secured borrowings (in millions, except interest rates and maturities):


	Collateralized Receivables						Secured Borrowings on Collateralized Receivables
	September 30, 2025			December 31, 2024			September 30, 2025			December 31, 2024
Gross Balance	$	46.5		$	52.0		$	41.7		$	47.3
Fair Value Adjustments	(1.1)			(0.8)			3.7			3.9
Carrying Balance	$	45.4		$	51.2		$	45.4		$	51.2
Net Weighted Average Interest Rates	8.5		%	8.6		%	8.5		%	8.6		%
Weighted Average Years to Maturity	12.6 years			13.2 years			12.6 years			13.2 years

The collateralized receivables earn interest income and the secured borrowings accrue interest expense in equal amounts. The amount of interest income and interest expense recognized during the three and nine months ended September 30, 2025 was $1.0 million and $3.0 million, respectively, and during the three and nine months ended September 30, 2024 was $1.1 million and $3.5 million, respectively. Refer to Note 17, "Fair Value Measurements," for additional details.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480591/815-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: 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 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 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/2009/role/commonPracticeRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of Shares Granted

During the nine months ended September 30, 2025 and 2024, shares were granted as follows:


Grant Period	Type	Plan	Shares Granted	Grant Date Fair Value Per Share			Vesting Type
2025	Key Employees	2015 Equity Incentive Plan	156,101	$	132.36	(1)	Time Based
2025	Executive Officers	2015 Equity Incentive Plan	87,913	$	128.76	(1)	Time Based
2025	Executive Officers	2015 Equity Incentive Plan	87,000	$	106.62	(2)	Market Condition	(3)
2025	Directors	2004 Non-Employee Director Option Plan	14,000	$	122.78	(1)	Time Based

2024	Key Employees	2015 Equity Incentive Plan	205,540	$	132.10	(1)	Time Based
2024	Executive Officers	2015 Equity Incentive Plan	31,800	$	132.13	(1)	Time Based
2024	Executive Officers	2015 Equity Incentive Plan	41,400	$	98.14	(2)	Market Condition	(3)
2024	Directors	2004 Non-Employee Director Option Plan	20,000	$	129.47	(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 for our continuing operations (in millions):


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Share-based compensation - expensed(1)	$	8.9	$	6.7	$	26.4	$	23.4

(1) Recorded within General and administrative expense on the Consolidated Statements of Operations.

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2025
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	20. Recent Accounting Pronouncements Recent Accounting Pronouncements - Not Yet Adopted In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative," which adds interim and annual disclosure requirements to the US GAAP codification at the request of the SEC. The new guidance is intended to align GAAP requirements with those of the SEC and to facilitate the application of GAAP for all entities. These disclosure requirements are currently included in either SEC Regulation S-X or SEC Regulation S-K. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. Early adoption is prohibited and the amendments should be applied prospectively. If the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K by June 30, 2027, the amendments will be removed from the US GAAP codification and will not be effective. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which requires disclosure of specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, this amendment requires certain disclosure of income taxes paid disaggregated by federal, state and foreign taxes, and the amount of income taxes paid disaggregated by individual jurisdiction in which income taxes paid meet a quantitative threshold. The new guidance is intended to enhance the transparency and decision usefulness of income tax disclosures. This ASU is effective for fiscal years beginning after December 15, 2024 and will be effective for our annual reporting for the year ending December 31, 2025. Early adoption is permitted and the amendments should be applied prospectively. We are currently evaluating the provisions of this amendment and the impact on our Consolidated Financial Statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Topic 220-40)," which requires disaggregated disclosure of certain expense captions into specified categories within the footnotes to the financial statements. This ASU is effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the provisions of this amendment and the impact on our Consolidated Financial Statements and related disclosures.

- 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 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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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+ Details

Real Estate Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Disposal Groups, Including Discontinued Operations

The following table sets forth a summary of assets and liabilities attributable to discontinued operations related to Safe Harbor (in millions):


	September 30, 2025		December 31, 2024
Assets
Land	$	—	$	1,049.5
Land improvements and buildings	—		2,401.9
Furniture, fixtures and equipment	—		369.2
Investment property	—		3,820.6
Accumulated depreciation	—		(512.6)
Investment property, net	—		3,308.0
Cash, cash equivalents and restricted cash	—		6.8
Notes and other receivables, net	—		53.9
Goodwill	—		541.7
Other intangible assets, net	—		236.4
Other assets, net	—		267.7

Total Assets	$	—	$	4,414.5
Liabilities
Advanced reservation deposits and rent	$	—	$	81.6
Accrued expenses and accounts payable	—		44.3
Other liabilities	—		161.0

Total Liabilities	$	—	$	286.9

The following table sets forth a summary of the operating results of Safe Harbor included within Income from discontinued operations, net through the final transaction closing date (in millions):


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Revenues
Real property	$	2.8	$	131.9	$	145.9	$	347.1
Service, retail, dining, and entertainment	1.6		125.2		164.7		377.8
Interest, brokerage commissions and other, net	—		2.4		1.6		4.4
Total Revenues	4.4		259.5		312.2		729.3
Expenses
Property operating and maintenance	1.4		41.2		53.6		110.8
Real estate tax	—		5.6		7.9		16.6
Service, retail, dining and entertainment	1.5		120.8		155.4		354.2
General and administrative(1)	0.4		16.1		81.2		48.3
Interest expense	—		0.1		—		0.1
Catastrophic event-related charges, net	—		0.1		—		0.1

Business combination costs	—		0.2		0.2		0.4
Depreciation, amortization and loss on disposal of assets	0.2		48.3		36.3		142.4
Asset impairments	—		0.2		2.3		2.1
Total Expenses	3.5		232.6		336.9		675.0
Income / (Loss) Before Other Items	0.9		26.9		(24.7)		54.3
Gain on disposition of properties, net	15.4		—		1,460.4		—
Other income / (expense), net(2)	—		—		(14.8)		9.9
Income from discontinued operations, before income taxes	16.3		26.9		1,420.9		64.2
Current tax expense (see Note 14)	(1.7)		(0.1)		(2.3)		(0.5)
Income from discontinued operations, net	$	14.6	$	26.8	$	1,418.6	$	63.7

The following table presents depreciation, amortization, and capital expenditures attributable to discontinued operations related to Safe Harbor (in millions):


	Nine Months Ended
		September 30, 2025		September 30, 2024
Depreciation		$	31.9	$	126.6
Amortization		$	4.4	$	15.8
Capital Expenditures		$	73.3	$	146.3

The following dispositions of real estate properties for our continuing operations occurred during the nine months ended September 30, 2025 (in millions, except for *):


Property Name(1)	Segment	Number of Properties*	Total Sites*	State, Province, or Country	Month Disposed	Gross Sales Proceeds		Cash Consideration, net(2)		Loss on Disposition(3)
RV Portfolio(4)	RV	2	815	Various	January	$	92.9	$	92.6	$	(0.2)
MH Portfolio	MH	3	136	FL	March	$	27.8	$	27.2	$	(2.8)
Sun Retreats Millbrook	RV	1	394	IL	April	$	3.5	$	2.8	$	(3.8)

(2) Cash consideration, net of settlement of the associated mortgage debt, when applicable, and other closing adjustments.

(3) Recorded in Gain / (loss) on dispositions of properties on the Consolidated Statements of Operations.

2024 Disposition Activity

The following dispositions of real estate properties for our continuing operations occurred during the nine months ended September 30, 2024 (in millions, except for *):


Property Name	Segment	Number of Properties*	Total Sites*	State, Province or Country	Month Disposed	Gross Sales Proceeds		Cash Consideration, net(1)		Gain Disposition(2)
Spanish Trails and Sundance	MH	2	533	AZ & FL	February	$	48.5	$	51.7	$	6.2
Littondale	UK	1	114	UK	May	$	5.9	$	5.4	$	2.2
Six Community MH Portfolio	MH	6	2,090	Various	July	$	224.6	$	150.7	$	142.0
Lake Pointe Village	MH	1	361	FL	July	$	38.0	$	20.3	$	16.0
Reserve at Fox Creek	MH	1	311	AZ	September	$	38.0	$	22.7	$	22.2

(1) Cash consideration, net of settlement of the associated mortgage debt and other closing adjustments.

(2) Recorded in Gain / (loss) on dispositions of properties on the Consolidated Statements of Operations.

- Definition

+ References

+ Details

Segment Reporting - Schedule of Segments (Details) $ in Millions	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2025 USD ($)	Mar. 31, 2025 segment	Sep. 30, 2024 USD ($)	Sep. 30, 2025 segment	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)
Segment Reporting Information [Line Items]
Home sales	$ 95.6		$ 105.3		$ 262.9	$ 281.7
Ancillary	60.8		61.0		115.4	114.9
Revenues	697.2		680.4		1,790.9	1,745.9
Real estate tax	28.7		25.9		84.1	77.6
Ancillary	38.7		42.5		87.6	90.9
Interest	17.3		5.3		38.2	15.0
Brokerage commissions and other, net	5.8		6.6		22.1	19.0
General and Administrative Expense	(55.8)		(58.7)		(174.0)	(170.3)
Depreciation and amortization	126.2		124.1		377.3	368.1
Asset impairments (see Note 17)	165.9		0.0		356.0	30.4
Loss on Extinguishment of Debt	(1.6)		(0.8)		(104.0)	(1.4)
Interest	41.5		87.6		181.8	267.1
Gain / (loss) on dispositions of properties	(1.3)		178.7		(3.7)	186.6
Other income / (expense), net	19.1		(0.8)		56.7	(4.3)
Gain (Loss) on Remeasurement of Notes Receivable	0.0		0.1		(1.6)	(1.0)
Total Income from Nonconsolidated Affiliates	4.3		2.1		11.1	6.5
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates (see Note 9)	0.4		1.2		(1.1)	6.5
Current Income Tax Expense (Benefit)	(3.8)		1.0		(11.8)	(6.0)
Net income / (loss) from continuing operations	(3.7)		278.4		(119.0)	274.4
Income from discontinued operations, net	14.6		26.8		1,418.6	63.7
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	10.9		305.2		1,299.6	338.1
Less: Preferred return to preferred OP units / equity interests	3.2		3.2		9.5	9.6
Less: Income / (loss) attributable to noncontrolling interests	(0.8)		13.3		50.8	15.1
Net income attributable to SUI common shareholders	8.5		288.7		1,239.3	313.4
Number of Reportable Segments \| segment		4		3
MH
Segment Reporting Information [Line Items]
Home sales	32.0		37.7		88.7	113.6
Ancillary	1.6		1.5		5.6	6.0
Revenues	301.7		285.8		886.7	857.7
Interest	11.5		3.7		25.6	10.2
Brokerage commissions and other, net	1.9		2.5		12.8	9.9
RV
Segment Reporting Information [Line Items]
Home sales	5.7		9.3		19.6	24.4
Ancillary	39.0		40.4		68.8	71.5
Revenues	254.1		258.8		559.3	564.3
Interest	5.6		1.6		12.3	4.5
Brokerage commissions and other, net	1.4		1.9		5.4	5.5
UK
Segment Reporting Information [Line Items]
Home sales	57.9		58.3		154.6	143.7
Ancillary	20.2		19.1		41.0	37.4
Revenues	141.4		135.8		344.9	323.9
Interest	0.2		0.0		0.3	0.3
Brokerage commissions and other, net	2.5		2.2		3.9	3.6
Operating Segments
Segment Reporting Information [Line Items]
Revenues	674.1		668.5		1,730.6	1,711.9
Operating Income (Loss), Total	366.8		353.6		900.4	889.4
Operating Segments \| MH
Segment Reporting Information [Line Items]
Lease Income, Nontransient	254.6		240.2		753.2	717.1
Lease Income, Transient	0.1		0.2		0.8	0.9
Home sales	32.0		37.7		88.7	113.6
Ancillary	1.6		1.5		5.6	6.0
Revenues	288.3		279.6		848.3	837.6
Cost, Direct Labor	14.3		14.9		43.8	44.5
Utilities Expense	25.6		24.5		74.0	69.9
Professional Fees	8.9		7.6		24.4	25.5
Cost of Property Repairs and Maintenance	12.9		13.0		34.3	33.5
Other Expenses	1.8		4.6		8.3	10.7
Real estate tax	19.4		17.5		56.3	52.4
Segment Reporting, Other Segment Item, Amount	27.1		34.6		80.1	100.1
Operating Income (Loss), Total	178.3		162.9		527.1	501.0
Operating Segments \| RV
Segment Reporting Information [Line Items]
Lease Income, Nontransient	96.2		91.5		255.5	242.1
Lease Income, Transient	106.2		114.1		197.7	216.3
Home sales	5.7		9.3		19.6	24.4
Ancillary	39.0		40.4		68.8	71.5
Revenues	247.1		255.3		541.6	554.3
Cost, Direct Labor	28.1		30.3		70.7	73.5
Utilities Expense	23.8		23.1		57.0	54.4
Professional Fees	3.4		3.0		9.8	10.5
Cost of Property Repairs and Maintenance	10.1		11.0		25.2	24.3
Other Expenses	14.4		14.8		35.9	33.7
Real estate tax	7.1		6.4		21.5	19.6
Segment Reporting, Other Segment Item, Amount	25.4		29.5		58.7	63.2
Operating Income (Loss), Total	134.8		137.2		262.8	275.1
Operating Segments \| UK
Segment Reporting Information [Line Items]
Lease Income, Nontransient	33.4		32.4		98.2	98.9
Lease Income, Transient	27.2		23.8		46.9	40.0
Home sales	57.9		58.3		154.6	143.7
Ancillary	20.2		19.1		41.0	37.4
Revenues	138.7		133.6		340.7	320.0
Cost, Direct Labor	8.9		8.7		23.5	22.9
Utilities Expense	7.6		7.3		23.6	22.6
Professional Fees	0.3		0.3		1.0	1.0
Cost of Property Repairs and Maintenance	3.4		4.3		14.7	13.4
Other Expenses	5.3		4.8		11.8	10.6
Real estate tax	2.2		2.0		6.3	5.6
Cost of Revenue	33.9		30.4		92.8	78.4
Ancillary	6.6		7.5		13.9	14.6
Segment Reporting, Other Segment Item, Amount	16.8		14.8		42.6	37.6
Operating Income (Loss), Total	53.7		53.5		110.5	113.3
Segment Reconciling Items
Segment Reporting Information [Line Items]
General and Administrative Expense	(55.8)		(58.7)		(174.0)	(170.3)
Loss from Catastrophes	(0.8)		(0.8)		(1.1)	(10.3)
Depreciation and amortization	126.2		124.1		377.3	368.1
Asset impairments (see Note 17)	165.9		0.0		356.0	30.4
Loss on Extinguishment of Debt	1.6		0.8		104.0	1.4
Interest	41.5		87.6		181.8	267.1
Realized Gain (Loss), Foreign Currency Transaction, before Tax	(22.6)		(4.5)		25.5	(6.2)
Gain / (loss) on dispositions of properties	1.3		(178.7)		3.7	(186.6)
Other income / (expense), net	(19.1)		0.8		(56.7)	4.3
Gain (Loss) on Remeasurement of Notes Receivable	0.0		0.1		(1.6)	(1.0)
Total Income from Nonconsolidated Affiliates	4.3		2.1		11.1	6.5
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates (see Note 9)	0.4		1.2		(1.1)	6.5
Current Income Tax Expense (Benefit)	3.8		(1.0)		11.8	6.0
Income Tax Expense (Benefit)	$ 2.1		$ 7.1		$ 39.4	$ 16.5

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting, Policy	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"), and our Park Holidays subsidiaries and the other entities through which we operate our business in the United Kingdom ("UK") are referred to herein as the "Company," "SUI," "us," "we," 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. 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, 2024 as filed with the SEC on February 28, 2025 (our "2024 Annual Report"). These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our 2024 Annual Report. Real Estate Held for Sale and Discontinued Operations In February 2025, we entered into a definitive agreement to sell Safe Harbor Marinas LLC ("Safe Harbor") for an aggregate purchase price of approximately $5.65 billion, subject to certain adjustments (the "Safe Harbor Sale"). In April 2025, we completed the initial closing of the Safe Harbor Sale. The subsequent closing of the transfer of subsidiaries owning 15 of Safe Harbor's properties (the "Delayed Consent Subsidiaries") with an aggregate agreed value of approximately $250.0 million was further subject to the receipt of certain third-party consents. On August 29, 2025, we completed the final closing of the Delayed Consent Subsidiaries and fully divested our investment in the Safe Harbor business. As a result, the results of the Marina business and assets and liabilities included in the disposition are presented as held for sale and as discontinued operations through the final transaction closing date. Certain reclassifications have been made to prior period financial statements and related notes in order to conform to current period presentation. Unless otherwise noted, the information disclosed in Note 3 through Note 20 refers only to our continuing operations and do not include discussion of balances or activity related to Safe Harbor, which is included within discontinued operations. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," for additional information related to Safe Harbor and the Safe Harbor Sale.
Segment Reporting, Policy	Reportable Segments As a result of the Safe Harbor Sale, we revised our reporting structure from a four-segment to a three-segment structure, which consists of (i) manufactured home ("MH") communities, (ii) recreational vehicle ("RV") communities, and (iii) communities in the United Kingdom ("UK"). Refer to Note 13, "Segment Reporting," for additional information. Furthermore, service, retail, dining and entertainment revenues and expenses have been renamed as ancillary revenues and expenses to more appropriately reflect the nature of this activity for our continuing operations, after reclassifying the Marina results to discontinued operations. There was no impact to prior period net income, stockholders' equity, or cash flows due to the change in naming convention.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 36
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-36

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

+ Details

Debt and Line of Credit- Narrative (Details)		3 Months Ended			9 Months Ended
Debt and Line of Credit- Narrative (Details)	Sep. 17, 2025 USD ($) term Rate	Sep. 30, 2025 USD ($) property	Jun. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) property	Sep. 30, 2024 USD ($)	Mar. 31, 2025 loan	Dec. 31, 2024 USD ($)	Apr. 07, 2022 USD ($)
Debt Instrument [Line Items]
Loans Payable		$ 2,440,400,000			$ 2,440,400,000			$ 3,212,200,000
Termination of term loan					2,025,600,000	$ 136,100,000
Loss on extinguishment of debt (see Note 10)		1,600,000		$ 800,000	104,000,000.0	1,400,000
Interest costs capitalized		200,000		$ 1,900,000	2,900,000	$ 6,800,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit and other		0			0			1,413,100,000
Matures February 1, 2025 - March 31, 2025
Debt Instrument [Line Items]
Number of Collateralized Term Loans \| loan							5
Debt Instrument, number of properties securing a debt instument \| loan							5
Collateralized Mortgage Backed Securities
Debt Instrument [Line Items]
Pledged Assets, Real Estate, Not Separately Reported		1,800,000,000			1,800,000,000
Revolving Loan \| Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity									$ 3,050,000,000.00
Loss on extinguishment of debt (see Note 10)		(1,600,000)
Line of Credit and Other Debt
Debt Instrument [Line Items]
Outstanding letters of credit		10,300,000			10,300,000			$ 11,500,000
Line of Credit and Other Debt \| New Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit and other		0			0
Line of credit facility, maximum borrowing capacity	$ 2,000,000,000
Line of credit facility, accordion feature, increase limit	$ 1,000,000,000
Number of extension periods \| term	2
Extension period	6 months
Deferred financing costs		$ 11,400,000			$ 11,400,000
Line of Credit and Other Debt \| New Credit Facility \| Revolving Credit Facility \| Minimum \| All Interest Rates Except ABR Loans
Debt Instrument [Line Items]
Basis points \| Rate	0.725%
Line of Credit and Other Debt \| New Credit Facility \| Revolving Credit Facility \| Minimum \| Alternate Base Rate (ABR)
Debt Instrument [Line Items]
Basis points \| Rate	0.00%
Line of Credit and Other Debt \| New Credit Facility \| Revolving Credit Facility \| Maximum \| All Interest Rates Except ABR Loans
Debt Instrument [Line Items]
Basis points \| Rate	1.40%
Line of Credit and Other Debt \| New Credit Facility \| Revolving Credit Facility \| Maximum \| Alternate Base Rate (ABR)
Debt Instrument [Line Items]
Basis points \| Rate	0.40%
Line of Credit and Other Debt \| New Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 100,000,000
Unsecured Debt \| 2029 Notes And 2030 Notes
Debt Instrument [Line Items]
Termination of term loan			$ 900,000,000
Loss on extinguishment of debt (see Note 10)			$ 56,500,000
Properties Securing Debt \| Collateralized Mortgage Backed Securities
Debt Instrument [Line Items]
Number of properties jointly secured \| property		110			110

Investment in Nonconsolidated Affiliates - Schedule of Nonconsolidated Affiliate (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Investment	$ 126.1		$ 126.1		$ 125.1
Total Income from Nonconsolidated Affiliates	4.3	$ 2.1	11.1	$ 6.5
Contributions			0.7	13.9
Distributions			(10.7)	(26.3)
Sungenia JV
Schedule of Equity Method Investments [Line Items]
Investment	86.6		86.6		75.1
Total Income from Nonconsolidated Affiliates	4.2	1.7	10.5	4.9
GTSC
Schedule of Equity Method Investments [Line Items]
Investment	38.8		38.8		48.9
Total Income from Nonconsolidated Affiliates	0.4	0.6	1.7	2.5
SV Lift
Schedule of Equity Method Investments [Line Items]
Investment	0.7		0.7		$ 1.1
Total Income from Nonconsolidated Affiliates	$ (0.3)	$ (0.2)	$ (1.1)	$ (0.9)

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- 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 + Details

Basis of Presentation (Details) $ in Millions	3 Months Ended	6 Months Ended
Basis of Presentation (Details) $ in Millions	Mar. 31, 2025 segement	Sep. 30, 2025 USD ($) subsidiaries segement	Apr. 30, 2025 USD ($)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Number of Operating Segments \| segement	4	3
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Safe Harbor Business
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Consideration received			$ 5,650.0
Disposal group, including discontinued operation, delayed consideration		$ 250.0
Number of delayed consent subsidiaries \| subsidiaries		15

- 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 + Details

Equity and Temporary Equity (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Preferred Units


Description	OP Units Outstanding	Exchange Rate(1)	Annual Distribution Rate(2)		Cash Redemption(3)	Redemption Period	Carrying Amount
	September 30, 2025						September 30, 2025		December 31, 2024
Series D preferred OP units	488,958	0.8000	4.0	%	Holder's Option	Any time	$	51.4	$	47.5
Series F preferred OP units	70,000	0.6250	3.0	%	Holder's Option	Any time	7.5		8.7
Series G preferred OP units	4,898	0.6452	3.2	%	Holder's Option	Any time after earlier of September 30, 2025 or death of holder	3.4		19.8
Series H preferred OP units	580,464	0.6098	3.0	%	Holder's Option	Any time after earlier of October 30, 2025 or death of holder	60.4		55.4
Series J preferred OP units	236,000	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	24.0		22.4
Series K preferred OP units	1,000,000	0.5882	4.0	%	Holder's Option	Within 60 days after March 23, 2028	98.2		94.1
Other redeemable equity interests(4)	N/A	N/A	N/A		N/A	N/A	11.3		11.9
Total	2,380,320						$	256.2	$	259.8

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

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

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

(4) Includes redeemable equity interests related to joint ventures that primarily operate and maintain solar energy equipment in select communities and portfolios of RV communities in the U.S.

Schedule of Accumulated Other Comprehensive Income (Loss)

AOCI attributable to SUI common shareholders consisted of the following, net of tax (in millions):


	September 30, 2025		December 31, 2024
Net foreign currency translation income / (loss)	$	7.1	$	(44.1)
Accumulated net gain on derivatives	18.8		36.2
Accumulated other comprehensive income / (loss)	$	25.9	$	(7.9)

Schedule of Noncontrolling Interests


Description	OP Units Outstanding	Exchange Rate(1)	Annual Distribution Rate(2)		Cash Redemption	Redemption Period	Carrying Amount
	September 30, 2025						September 30, 2025		December 31, 2024
Common OP units	2,797,150	1.0000	Same distribution rate for common stock		N/A	N/A	$	76.1	$	71.5
Series A-1 preferred OP units	169,913	2.4390	6.0	%	N/A	N/A	12.1		9.2
Series A-3 preferred OP units	40,268	1.8605	4.5	%	N/A	N/A	2.9		2.3
Series C preferred OP units	292,436	1.1100	5.0	%	N/A	N/A	21.3		19.5
Series E preferred OP units	80,000	0.6897	5.5	%	N/A	N/A	6.2		6.0
Series L preferred OP units	20,000	0.6250	3.5	%	N/A	N/A	2.0		1.9
Total	3,399,767						$	120.6	$	110.4

(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


		Nine Months Ended
		September 30, 2025		September 30, 2024
Series	Conversion Rate	Units / Shares Converted	Common Stock(1)		Units / Shares Converted	Common Stock(1)

Common OP units	1.0000	108,720	108,720		80,096	80,096
Series A-1 preferred OP units	2.4390	6,884	16,788		24,563	59,900



Series C preferred OP units	1.1100	4,309	4,782		9,103	10,104



Series G preferred OP units	0.6452	—	—		4,898	3,160
Series H preferred OP units	0.6098	765	465		9	5

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.

Schedule of Distributions Declared

Distributions declared for the nine months ended September 30, 2025 were as follows:


Common Stock, Common OP units and Restricted Stock Distributions	Record Date	Payment Date	Distribution Per Share		Total Distribution (in millions)
March 31, 2025	3/31/2025	4/15/2025	$	0.94	$	122.6
May 14, 2025 Special Distribution(1)	5/14/2025	5/22/2025	$	4.00	$	521.3
June 30, 2025	6/30/2025	7/15/2025	$	1.04	$	133.8
September 30, 2025	9/30/2025	10/15/2025	$	1.04	$	131.5

(1) In connection with the closing of the Safe Harbor Sale, our Board of Directors authorized a one-time special cash distribution of $4.00 per common share and common unit.

Earnings Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Share

15. Earnings / (Loss) Per Share

Earnings / (loss) per share ("EPS") is computed by dividing net earnings / (loss) 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. 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 and 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 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 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, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Numerator for basic EPS
Net income / (loss) from continuing operations	$	(3.7)	$	278.4	$	(119.0)	$	274.4
Preferred return to preferred OP units equity interests	(3.2)		(3.2)		(9.5)		(9.6)
Income / (loss) attributable to noncontrolling interests	0.8		(13.3)		(50.8)		(15.1)
Net income / (loss) from continuing operations attributable to SUI common shareholders	(6.1)		261.9		(179.3)		249.7
Less: allocation to restricted stock awards	—		2.0		7.0		2.0
Basic earnings - net income / (loss) from continuing operations after allocation to restricted stock awards	(6.1)		259.9		(186.3)		247.7
Basic earnings - net income from discontinued operations	14.6		26.8		1,418.6		63.7
Basic earnings - net income attributable to common shareholders after allocation to restricted stock awards	$	8.5	$	286.7	$	1,232.3	$	311.4

Numerator for diluted EPS
Basic earnings - net income / (loss) from continuing operations after allocation to restricted stock awards	$	(6.1)	$	259.9	$	(186.3)	$	247.7
Add: allocation to common and preferred OP units dilutive effect	—		—		—		6.6

Diluted net income / (loss) from continuing operations attributable to SUI common shareholders	(6.1)		259.9		(186.3)		254.3
Diluted net income from discontinued operations	14.6		26.8		1,418.6		63.7
Diluted earnings - net income attributable to common shareholders after allocation to common and preferred OP units(1)	$	8.5	$	286.7	$	1,232.3	$	318.0


Denominator
Weighted average common shares outstanding	123.9		124.0		125.6		123.8


Add: dilutive restricted stock	0.2		—		—		—
Add: common and preferred OP units dilutive effect	—		—		—		2.7
Diluted weighted average common shares and securities(1)	124.1		124.0		125.6		126.5

EPS Available to Common Shareholders After Allocation
Basic earnings / (loss) per share from continuing operations	$	(0.05)	$	2.09	$	(1.48)	$	2.01
Basic earnings per share from discontinued operations	0.12		0.22		11.29		0.51
Basic earnings per share	$	0.07	$	2.31	$	9.81	$	2.52

Diluted earnings / (loss) per share from continuing operations	$	(0.05)	$	2.09	$	(1.48)	$	2.01
Diluted earnings per share from discontinued operations	0.12		0.22		11.29		0.50
Diluted earnings per share(1)	$	0.07	$	2.31	$	9.81	$	2.51


	As of
	September 30, 2025	September 30, 2024
Common OP units	2,797	2,922
A-1 preferred OP units	170	178
A-3 preferred OP units	40	40
Series C preferred OP units	292	297
Series D preferred OP units	489	489
Series E preferred OP units	80	80
Series F preferred OP units	70	90
Series G preferred OP units	5	206
Series H preferred OP units	581	581
Series J preferred OP units	236	236
Series K preferred OP units	1,000	1,000
Series L preferred OP units	20	20
Redemption rights - Series G preferred OP units(1)	201	N/A
Total Securities	5,981	6,139

Investment in Nonconsolidated Affiliates - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Investment	$ 126.1	$ 125.1
Sungenia JV
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%	50.00%
Investment	$ 86.6	$ 75.1
GTSC
Schedule of Equity Method Investments [Line Items]
Ownership interest	40.00%	40.00%
Investment	$ 38.8	$ 48.9
SV Lift
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%	50.00%
Investment	$ 0.7	$ 1.1

- Definition

+ References + Details

- 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 + Details

Commitments and Contingencies (Details) $ in Millions	1 Months Ended	3 Months Ended			9 Months Ended	12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2023 developmentSite property	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Aug. 31, 2023 defendant	Sep. 30, 2022 developmentSite
Loss Contingencies [Line Items]
Number of affected properties in Florida \| developmentSite								3
Number of affected sites \| developmentSite								2,500
Impairment adjustment		$ 165.0	$ 32.2	$ 20.5
Business Interruption Insurance, Period of Coverage		60 months			60 months
In Re Manufactured Home Lot Rents Antitrust Litigation No.123 Cv06715 Member
Loss Contingencies [Line Items]
Number of additional defendants \| defendant							9
Hurricane Ian
Loss Contingencies [Line Items]
Estimated insurance recoveries		$ 11.3			$ 11.3	$ 49.2
Change in estimated property insurance recoveries					1.4
Proceeds received from insurer					39.3
Hurricane Ian \| Insurance Settlement
Loss Contingencies [Line Items]
Proceeds received from insurer					10.7
Flood \| RV
Loss Contingencies [Line Items]
Number of affected sites \| developmentSite	300
Proceeds received from insurer						(6.4)
Impairment adjustment						3.1
Catastrophic event-related charges, net						12.0
Number of properties affected by natural disasters \| property	1
Flood \| Debris Removal and Clean up \| RV
Loss Contingencies [Line Items]
Catastrophic event-related charges, net						8.9
Hurricane Helene and Milton
Loss Contingencies [Line Items]
Estimated insurance recoveries		$ 39.5			39.5	$ 16.7
Change in estimated property insurance recoveries					33.4
Proceeds received from insurer					$ 10.6

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2025
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"), and our Park Holidays subsidiaries and the other entities through which we operate our business in the United Kingdom ("UK") are referred to herein as the "Company," "SUI," "us," "we," 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. 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, 2024 as filed with the SEC on February 28, 2025 (our "2024 Annual Report"). These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our 2024 Annual Report. Real Estate Held for Sale and Discontinued Operations In February 2025, we entered into a definitive agreement to sell Safe Harbor Marinas LLC ("Safe Harbor") for an aggregate purchase price of approximately $5.65 billion, subject to certain adjustments (the "Safe Harbor Sale"). In April 2025, we completed the initial closing of the Safe Harbor Sale. The subsequent closing of the transfer of subsidiaries owning 15 of Safe Harbor's properties (the "Delayed Consent Subsidiaries") with an aggregate agreed value of approximately $250.0 million was further subject to the receipt of certain third-party consents. On August 29, 2025, we completed the final closing of the Delayed Consent Subsidiaries and fully divested our investment in the Safe Harbor business. As a result, the results of the Marina business and assets and liabilities included in the disposition are presented as held for sale and as discontinued operations through the final transaction closing date. Certain reclassifications have been made to prior period financial statements and related notes in order to conform to current period presentation. Unless otherwise noted, the information disclosed in Note 3 through Note 20 refers only to our continuing operations and do not include discussion of balances or activity related to Safe Harbor, which is included within discontinued operations. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," for additional information related to Safe Harbor and the Safe Harbor Sale. Reportable Segments As a result of the Safe Harbor Sale, we revised our reporting structure from a four-segment to a three-segment structure, which consists of (i) manufactured home ("MH") communities, (ii) recreational vehicle ("RV") communities, and (iii) communities in the United Kingdom ("UK"). Refer to Note 13, "Segment Reporting," for additional information. Furthermore, service, retail, dining and entertainment revenues and expenses have been renamed as ancillary revenues and expenses to more appropriately reflect the nature of this activity for our continuing operations, after reclassifying the Marina results to discontinued operations. There was no impact to prior period net income, stockholders' equity, or cash flows due to the change in naming convention.

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

17. Fair Value Measurements

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 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.

The carrying values of cash, cash equivalents, and restricted cash, other receivables, and accounts payable approximate their fair market values since their maturities are less than one year. These financial instruments are classified as Level 1 in the hierarchy and are excluded from the table below.

Assets by Hierarchy Level

The table below sets forth our financial assets and liabilities (in millions) that required disclosure of fair value on a recurring basis as of September 30, 2025 and December 31, 2024:



		September 30, 2025		December 31, 2024
	Fair Value Level	Carrying Value			Fair Value		Carrying Value		Fair Value
Financial Assets


Installment notes receivable on manufactured homes, net	3	$	129.2		$	129.2	$	93.9	$	93.9

Notes receivable from real estate developers and operators	3	92.4			92.4		148.5		148.5
Collateralized receivables, net	3	45.4			45.4		51.2		51.2
Derivative assets	2	0.6			0.6		6.3		6.3
Total Assets Measured at Fair Value		$	267.6		$	267.6	$	299.9	$	299.9

Financial Liabilities
Mortgage loans payable	2	$	2,440.4		$	2,232.9	$	3,212.2	$	2,952.4
Secured borrowings on collateralized receivables	3	45.4			45.4		51.2		51.2
Total secured debt		2,485.8			2,278.3		3,263.4		3,003.6
Unsecured debt
Senior unsecured notes	2	1,785.9			1,667.4		2,676.3		2,476.8
Line of credit	2	—			—		1,413.1		1,413.1
Total unsecured debt		1,785.9			1,667.4		4,089.4		3,889.9

Derivative liabilities	2	1.6			1.6		1.3		1.3
Other financial liabilities (contingent consideration)	3	9.6			9.6		11.3		11.3
Total Liabilities Measured at Fair Value		$	4,282.9		$	3,956.9	$	7,365.4	$	6,906.1

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:

Installment Notes Receivable on Manufactured Homes and Collateralized Receivables

Installment notes receivable on manufactured homes and collateralized receivables 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 6, "Notes and Other Receivables," and Note 7, "Collateralized Receivables and Transfers of Financial Assets," 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 6, "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 interest rate swaps and forward swaps. The fair value of these financial instruments are measured using observable inputs based on 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 management estimates and on rates currently quoted, rates currently prevailing for comparable loans and instruments of comparable maturities (Level 2). Refer to Note 10, "Debt and Line of Credit," for additional information.

Secured borrowings on collateralized receivables - recorded at fair value and adjusted based on the same interest rates as the related collateralized receivables (Level 3). Refer to Note 7, "Collateralized Receivables and Transfers of Financial Assets," and Note 10, "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 10, "Debt and Line of Credit," for additional information.

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, 2025.


	Three Months Ended
	September 30, 2025						September 30, 2024
Assets	Installment Notes Receivable on MH, net		Notes Receivable From Real Estate Developers and Operators		Collateralized Receivables, net				Installment Notes Receivable on MH, net			Notes Receivable From Real Estate Developers and Operators		Collateralized Receivables, net
Level 3 beginning balance at June 30, 2025 and 2024	$	116.3	$	93.1	$	46.6			$	54.5		$	131.3	$	54.3

Realized gains	—		—		0.2			(2)	0.1		(1)	—		0.5		(2)
Purchases and issuances	15.3		1.6		—				22.2			8.5		—
Sales and settlements	(2.4)		(1.6)		(0.9)				(1.3)			(0.9)		(2.0)
Dispositions of properties	—		—		(0.5)				(1.8)			—		—
Foreign currency exchange gains	—		(0.8)		—				—			0.1		—
Other adjustments	—		0.1		—				—			0.1		—
Level 3 ending balance at September 30, 2025 and 2024	$	129.2	$	92.4	$	45.4			$	73.7		$	139.1	$	52.8

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

(2) Recorded within Other income / (expense), net on the Consolidated Statements of Operations.


	Nine Months Ended
	September 30, 2025								September 30, 2024
Assets	Installment Notes Receivable on MH, net			Notes Receivable From Real Estate Developers and Operators		Collateralized Receivables, net			Installment Notes Receivable on MH, net			Notes Receivable From Real Estate Developers and Operators			Collateralized Receivables, net
Level 3 beginning balance at December 31, 2024 and 2023	$	93.9		$	148.5	$	51.2		$	19.6		$	134.5		$	56.2

Realized gains / (losses)	(1.6)		(1)	—		(0.3)		(2)	(0.2)		(1)	(0.8)		(1)	2.1		(2)
Purchases and issuances	43.0			5.7		—			59.5			17.7			—
Sales and settlements	(6.1)			(63.3)		(4.0)			(3.2)			(12.4)			(5.5)
Dispositions of properties	—			—		(1.5)			(2.0)			—			—

Foreign currency exchange gains	—			1.4		—			—			—			—
Other adjustments(3)	—			0.1		—			—			0.1			—
Level 3 ending balance at September 30, 2025 and 2024	$	129.2		$	92.4	$	45.4		$	73.7		$	139.1		$	52.8

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

(2) Recorded within Other income / (expense), net on the Consolidated Statements of Operations.


	Three Months Ended
	September 30, 2025				September 30, 2024
Liabilities	Secured Borrowing on Collateralized Receivables		Contingent Consideration		Secured Borrowing on Collateralized Receivables		Contingent Consideration
Level 3 beginning balance June 30, 2025 and 2024	$	46.6	$	—	$	54.3	$	11.3

Realized losses(1)	0.2		—		—		—
Purchases and issuances	—		—		0.5		—
Sales and settlements	(1.4)		(5.0)		(2.0)		—
Dispositions of properties	—		—		—		—
Other adjustments	—		14.6		—		—
Level 3 ending balance at September 30, 2025 and 2024	$	45.4	$	9.6	$	52.8	$	11.3

(1) Recorded within Other income / (expense), net on the Consolidated Statements of Operations.


	Nine Months Ended
	September 30, 2025				September 30, 2024
Liabilities	Secured Borrowing on Collateralized Receivables		Contingent Consideration		Secured Borrowing on Collateralized Receivables		Contingent Consideration
Level 3 beginning balance December 31, 2024 and 2023	$	51.2	$	11.3	$	55.8	$	11.3

Realized (gains) / losses(1)	(0.3)		—		2.1		—
Purchases and issuances	—		—		0.4		—
Sales and settlements	(5.5)		(14.0)		(5.5)		—
Dispositions of properties	—		(2.3)		—
Other adjustments	—		14.6		—		—
Level 3 ending balance at September 30, 2025 and 2024	$	45.4	$	9.6	$	52.8	$	11.3

(1) Recorded within Other income / (expense), net on the Consolidated Statements of Operations.

During the three months ended March 31, 2025, we recorded a contingent consideration expense of $14.6 million related to a tax protection agreement that we entered into with former owners of certain Marina properties at the time of acquisition. During the three months ended September 30, 2025, we disbursed settlement payments of $5.0 million to former owners, with a remaining liability balance of $9.6 million as of September 30, 2025. Refer to Note 2, "Assets Held for Sale and Discontinued Operations" for additional information.

Fair Value Measurements on a Nonrecurring Basis

As of September 30, 2025, assets measured at fair value on a non-recurring basis consisted of real estate assets that have been written down to an estimated fair value for impairment purposes. We review the carrying value of long-lived assets to be held for use for impairment quarterly or whenever events or changes in circumstances indicate a possible impairment. During the nine months ended September 30, 2025, due to a contemplated change in strategic plan for certain assets, as well as a reduction in projected future cash flows and deteriorating NOI trends for certain other assets, we recognized the following asset impairment charges (in millions, except for number of properties):


Period	Fair Value Level		Number of Properties	Segment	Asset Impairment Charges(1)			Aggregate Estimated Fair Value
Three months ended September 30, 2025	3	(2)	6	RV	$	165.0		$	22.9
Three months ended June 30, 2025	3	(3)	3	UK	$	132.7	(4)	$	8.9
Three months ended June 30, 2025	3	(3)	3	RV	$	32.2		$	86.4
Three months ended March 31, 2025	3	(5)	7	MH / RV	$	20.5		$	93.4

(1) Recorded in Asset impairments on the Consolidated Statements of Operations.

(4) Recorded a deferred tax benefit of $29.5 million in conjunction with the impairment.

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, 2025. 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Debt and Line of Credit - Schedule of Unsecured Debt (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024	Jan. 11, 2024	Jan. 31, 2023	Apr. 15, 2022	Apr. 07, 2022	Oct. 05, 2021	Jun. 28, 2021
Debt Instrument [Line Items]
Unsecured debt	$ 1,785.9	$ 4,089.4
Senior Unsecured Notes - January 2033 Maturity
Debt Instrument [Line Items]
Interest Rate				5.70%
Principal Amount				$ 400.0
Unsecured debt	0.0	396.1
Senior Unsecured Notes - April 2032 Maturity
Debt Instrument [Line Items]
Interest Rate					4.20%
Principal Amount					$ 600.0
Unsecured debt	593.9	593.2
Senior Unsecured Notes - November 2028 Maturity
Debt Instrument [Line Items]
Interest Rate							2.30%
Principal Amount							$ 450.0
Unsecured debt	447.9	447.4
Senior Unsecured Notes - July 2031 Maturity - First Tranche
Debt Instrument [Line Items]
Interest Rate								2.70%
Principal Amount								$ 750.0
Unsecured debt	744.1	743.4
Senior Unsecured Notes
Debt Instrument [Line Items]
Principal Amount	2,700.0
Unsecured debt	1,785.9	2,676.3
Senior Unsecured Notes - January 2029 Maturity
Debt Instrument [Line Items]
Interest Rate			5.50%
Principal Amount			$ 500.0
Unsecured debt	0.0	496.2
Line of Credit and Other Debt
Debt Instrument [Line Items]
Outstanding letters of credit	$ 10.3	$ 11.5
Revolving Loan \| Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity						$ 3,050.0

Equity and Temporary Equity Noncontrolling Interests - Common and Preferred OP Units (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($)
Conversion of Stock [Line Items]
OP Units Outstanding \| shares	3,399,767
Common and preferred OP units \| $	$ 120.6	$ 110.4
Preferred OP Units, Issuance Price \| $ / shares	$ 100.00
Common OP units \| Common OP units
Conversion of Stock [Line Items]
OP Units Outstanding \| shares	2,797,150
Conversion Of Stock, Exchange Rate	1.0000
Common and preferred OP units \| $	$ 76.1	71.5
Preferred Stock \| Series A-1 preferred OP units
Conversion of Stock [Line Items]
OP Units Outstanding \| shares	169,913
Conversion Of Stock, Exchange Rate	2.4390
Annual distribution rate	6.00%
Common and preferred OP units \| $	$ 12.1	9.2
Preferred Stock \| A-3 preferred OP units
Conversion of Stock [Line Items]
OP Units Outstanding \| shares	40,268
Conversion Of Stock, Exchange Rate	1.8605
Annual distribution rate	4.50%
Common and preferred OP units \| $	$ 2.9	2.3
Preferred Stock \| Series C preferred OP units
Conversion of Stock [Line Items]
OP Units Outstanding \| shares	292,436
Conversion Of Stock, Exchange Rate	1.1100
Annual distribution rate	5.00%
Common and preferred OP units \| $	$ 21.3	19.5
Preferred Stock \| Series E preferred OP units
Conversion of Stock [Line Items]
OP Units Outstanding \| shares	80,000
Conversion Of Stock, Exchange Rate	0.6897
Annual distribution rate	5.50%
Common and preferred OP units \| $	$ 6.2	6.0
Preferred Stock \| Series L Preferred OP Units
Conversion of Stock [Line Items]
OP Units Outstanding \| shares	20,000
Conversion Of Stock, Exchange Rate	0.6250
Annual distribution rate	3.50%
Common and preferred OP units \| $	$ 2.0	$ 1.9

Earnings Per Share - Schedule of Antidilutive Securities Excluded from EPS (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	5,981	6,139
Common OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	2,797	2,922
Series A-1 preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	170	178
A-3 preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	40	40
Series C preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	292	297
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)	70	90
Series G preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	5	206
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)	236	236
Series K preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	1,000	1,000
Series L
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	20	20
Redemption Rights - Series G Preferred OP Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	201