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Share-Based Compensation - Schedule of Expected Share Based Compensation (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Share-Based Payment Arrangement [Abstract]
2026	$ 28.3
2027	21.4
2028	11.4
Thereafter	$ 9.6

Leases - Schedule of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finance Lease Cost
Amortization of ROU assets	$ 0.6	$ 0.8	$ 1.6
Interest on lease liabilities	0.3	0.5	0.6
Operating lease cost	5.0	2.9	6.1
Variable lease cost	1.6	1.5	1.6
Total Lease Cost	$ 7.5	$ 5.7	$ 9.9

Share-Based Compensation - Schedule of Granted Shares (Details) - Restricted Stock - $ / shares	1 Months Ended	12 Months Ended
	Oct. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted (in shares)		404,518	343,240	381,858
Grant Date Fair Value Per Share (in dollars per share)		$ 123.36	$ 127.17	$ 132.73
Time Based \| Key Employees \| 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted (in shares)		156,851	230,040
Grant Date Fair Value Per Share (in dollars per share)		$ 132.33	$ 131.10
Time Based \| Executive Officers \| 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted (in shares)	31,128	119,041	51,800
Grant Date Fair Value Per Share (in dollars per share)		$ 128.70	$ 131.99
Time Based \| Directors \| 2004 Non-Employee Director Option Plan
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
Market Condition \| Executive Officers \| 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted (in shares)	27,626	114,626	41,400
Grant Date Fair Value Per Share (in dollars per share)		$ 106.41	$ 98.14

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Future Minimum Finance Lease Payments

Future minimum lease payments under non-cancellable leases as of December 31, 2025 where we are the lessee include (in millions):



Maturity of Lease Liabilities	Finance Leases		Operating Leases		Total
2026	$	0.9	$	5.6	$	6.5
2027	0.9		5.0		5.9
2028	0.9		4.5		5.4
2029	0.7		4.0		4.7
2030	0.6		3.4		4.0
Thereafter	37.3		75.2		112.5
Total Lease Payments	$	41.3	$	97.7	$	139.0
Less: Imputed interest	(30.7)		(58.7)		(89.4)
Present Value of Lease Liabilities	$	10.6	$	39.0	$	49.6

Schedule of Future Minimum Operating Lease Payments

Future minimum lease payments under non-cancellable leases as of December 31, 2025 where we are the lessee include (in millions):



Maturity of Lease Liabilities	Finance Leases		Operating Leases		Total
2026	$	0.9	$	5.6	$	6.5
2027	0.9		5.0		5.9
2028	0.9		4.5		5.4
2029	0.7		4.0		4.7
2030	0.6		3.4		4.0
Thereafter	37.3		75.2		112.5
Total Lease Payments	$	41.3	$	97.7	$	139.0
Less: Imputed interest	(30.7)		(58.7)		(89.4)
Present Value of Lease Liabilities	$	10.6	$	39.0	$	49.6

Schedule of Right-of-Use Assets and Liabilities

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 December 31,
Description		2025		2024
Lease Assets
Finance lease, ROU asset, net of accumulated amortization	Investment property, net	$	26.6	$	31.3
Operating lease, ROU asset, net	Other assets, net	$	59.9	$	52.4

Lease Liabilities
Finance lease liabilities	Other liabilities	$	10.6	$	14.2
Operating lease liabilities	Other liabilities	$	39.0	$	34.5

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):



		Year Ended December 31,
Description	Financial Statement Classification	2025		2024		2023
Finance Lease Cost
Amortization of ROU assets	Depreciation and amortization	$	0.6	$	0.8	$	1.6
Interest on lease liabilities	Interest expense	0.3		0.5		0.6
Operating lease cost	General and administrative expense, Property operating and maintenance, Depreciation and amortization	5.0		2.9		6.1

Variable lease cost	Property operating and maintenance	1.6		1.5		1.6

Total Lease Cost		$	7.5	$	5.7	$	9.9

Additional Information for Finance and Operating Leases

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


	As of December 31,
Lease Term and Discount Rate	2025		2024
Weighted-average Remaining Lease Terms (years)
Finance lease	64.60		33.79
Operating lease	52.07		42.59
Weighted-average Discount Rate
Finance lease	6.15	%	3.63	%
Operating lease	5.24	%	3.90	%


	Year Ended December 31,
Other Information (in millions)	2025		2024		2023
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases	$	3.4	$	3.4	$	4.8

Financing cash outflows for finance leases	4.3		0.8		0.8
Total Cash Paid on Lease Liabilities	$	7.7	$	4.2	$	5.6

Income Taxes - Reconciliation of the Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income / (loss) before provision for income taxes	$ (257.4)	$ (122.9)	$ (54.4)
Federal provision / (benefit) at statutory tax rate	(13.6)	(25.8)	(11.4)
Nontaxable REIT income	(40.4)
State and local taxes, net of federal benefit	3.0	1.4	1.1
Change in valuation allowance		3.4	0.5
Foreign tax effects		(19.0)	0.2
Others		3.0	(1.1)
Tax provision / (benefit) - taxable subsidiaries		(37.0)	(10.7)
Other state taxes - flow through subsidiaries		1.0	1.5
Total provision / (benefit)	$ (49.2)	$ (36.0)	$ (9.2)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Federal provision / (benefit) at statutory tax rate	21.00%	21.00%	21.00%
Nontaxable REIT income	62.20%
State and local taxes, net of federal benefit	(4.60%)	(1.10%)	(2.10%)
Change in valuation allowance		(2.80%)	(0.90%)
Foreign tax effects		15.50%	(0.40%)
Others		(0.90%)	1.80%
Effective Income Tax Rate Reconciliation, Percent	75.60%	31.70%	19.40%
UNITED STATES
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Change in valuation allowance	$ 12.9
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Change in valuation allowance	(19.90%)
United Kingdom
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Change in valuation allowance	$ 1.4
Foreign tax effects	(7.8)
Foreign basis differences	(4.3)
Deferred true ups	4.1
Return to provision	(3.2)
Nondeductible other expenses	1.4
Others	$ (2.1)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Change in valuation allowance	(2.20%)
Foreign tax effects	12.00%
Foreign basis differences	6.60%
Deferred true ups	(6.30%)
Return to provision	4.90%
Nondeductible other expenses	(2.20%)
Others	3.20%
All other countries
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Foreign tax effects	$ (0.6)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Foreign tax effects	0.90%

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Activities
Income / (loss) from continuing operations	$ 600,000	$ 32,900,000	$ (291,400,000)
Income from discontinued operations, net	1,429,600,000	74,200,000	82,300,000
Net Income / (Loss)	1,430,200,000	107,100,000	(209,100,000)
Adjustments to reconcile net income / (loss) to net cash provided by operating activities:
Gain on disposition of assets	(14,900,000)	(27,100,000)	(9,100,000)
Gain on disposition of properties	(5,100,000)	(202,900,000)	(11,000,000.0)
(Gain) / loss on foreign currency exchanges	(26,700,000)	25,800,000	300,000
Asset impairments	386,700,000	66,700,000	5,600,000
Catastrophic event-related impairment	1,200,000	23,600,000	(3,400,000)
Goodwill impairment	0	180,800,000	369,900,000
Share-based compensation	37,400,000	33,100,000	35,100,000
Depreciation and amortization	507,900,000	490,500,000	494,100,000
Deferred tax benefit (see Note 11)	(60,000,000.0)	(39,600,000)	(22,900,000)
Loss on extinguishment of debt (see Note 7)	104,000,000.0	1,400,000	0
Loss on remeasurement of notes receivable (see Note 4)	1,600,000	36,400,000	106,700,000
Gain on insurance proceeds related to property damage	(30,800,000)	0	0
Gain on early lease termination	(51,800,000)	0	(200,000)
Other, net	(29,900,000)	(26,100,000)	12,400,000
Change in notes receivable from financed sales of inventory homes, net of repayments	(33,900,000)	(47,700,000)	(7,900,000)
Change in inventory, other assets and other receivables, net	146,300,000	26,900,000	(117,600,000)
Change in other liabilities	(124,600,000)	35,600,000	(10,700,000)
Net cash provided by operating activities - continuing operations	808,000,000.0	610,300,000	549,900,000
Net cash provided by operating activities - discontinued operations	56,200,000	250,700,000	240,600,000
Net Cash Provided By Operating Activities	864,200,000	861,000,000.0	790,500,000
Investing Activities
Investment in properties	(460,900,000)	(469,600,000)	(786,400,000)
Acquisitions, net of cash acquired	(461,700,000)	(22,100,000)	(47,200,000)
Proceeds from insurance	43,700,000	2,400,000	9,800,000
Proceeds from disposition of assets and depreciated homes, net	16,900,000	21,100,000	59,700,000
Proceeds related to disposition of properties	161,900,000	421,800,000	9,900,000
Repayments of notes and other receivables	86,600,000	7,800,000	9,000,000.0
Proceeds from sale of marketable securities	0	0	103,600,000
Investments in nonconsolidated affiliates	(900,000)	(22,400,000)	(39,500,000)
Other investing activities	11,500,000	18,400,000	(19,400,000)
Net cash used for investing activities - continuing operations	(602,900,000)	(42,600,000)	(700,500,000)
Net cash provided by / (used for) investing activities - discontinued operations	5,528,700,000	(224,800,000)	(219,000,000.0)
Net Cash Provided By / (Used For) Investing Activities	4,925,800,000	(267,400,000)	(919,500,000)
Financing Activities
Issuance and costs of common stock, OP units and preferred OP units, net	1,100,000	361,100,000	(600,000)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock	(12,100,000)	(7,800,000)	(11,300,000)
Repurchases of common stock	(539,100,000)	0	0
Borrowings on lines of credit	624,500,000	2,630,700,000	1,635,000,000
Payments on lines of credit	(2,106,500,000)	(3,286,300,000)	(1,775,600,000)
Proceeds from secured borrowing	0	0	53,400,000
Proceeds from issuance of other debt	0	499,800,000	835,700,000
Payments on other debt	(2,093,300,000)	(269,200,000)	(174,200,000)
Distributions	(1,044,300,000)	(491,400,000)	(475,200,000)
Net capital transfer from consolidated affiliates	5,557,200,000	21,000,000.0	20,400,000
Other Financing Activities	(15,300,000)	(5,200,000)	(4,100,000)
Net cash provided by / (used for) financing activities - continuing operations	372,200,000	(547,300,000)	103,500,000
Net cash used for financing activities - discontinued operations	(5,591,600,000)	(24,300,000)	(23,200,000)
Net Cash Provided By / (Used For) Financing Activities	(5,219,400,000)	(571,600,000)	80,300,000
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1,600,000	(800,000)	1,000,000.0
Net change in cash, cash equivalents and restricted cash	572,200,000	21,200,000	(47,700,000)
Cash, cash equivalents and restricted cash, beginning of period	63,900,000	42,700,000	90,400,000
Cash, cash equivalents and restricted cash, end of period	636,100,000	63,900,000	42,700,000
Less: Cash, cash equivalents and restricted cash - discontinued operations	0	(6,800,000)	(6,400,000)
Cash, Cash Equivalents and Restricted Cash - Continuing Operations	636,100,000	57,100,000	36,300,000
Supplemental Information
Cash paid for interest (net of capitalized interest of $3.5, $8.6, and $12.9, respectively)	245,900,000	342,200,000	326,700,000
Noncash Investing and Financing Activities
Change in distributions declared and outstanding	8,500,000	4,400,000	7,900,000
Reduction in note receivable balance in exchange for redemption of preferred OP units	33,900,000	47,700,000	7,900,000
Release of note receivable and accrued interest in relation to acquisition of real estate collateral	0	0	263,800,000
Issuance of notes and other receivables in relation to disposition of properties	0	42,400,000	111,200,000
Properties transferred in exchange for noncontrolling interests	0	0	159,200,000
Equity interest and note receivable transferred in exchange for noncontrolling interests	0	0	27,500,000
Settlement of preferred equity interests in connection with exchange for noncontrolling interests	0	0	39,100,000
Noncash Investing and Financing Activities at the Date of Acquisition
Acquisitions - Common stock and OP units issued	0	35,900,000	4,400,000
Issuance of preferred OP Units	3,400,000
Notes due from other real estate developers
Adjustments to reconcile net income / (loss) to net cash provided by operating activities:
Change in notes receivable from financed sales of inventory homes, net of repayments	(23,800,000)	0	0
Noncash Investing and Financing Activities
Reduction in note receivable balance in exchange for redemption of preferred OP units	23,800,000	0	0
Series K preferred OP units
Noncash Investing and Financing Activities at the Date of Acquisition
Issuance of preferred OP Units	$ 0	$ 0	$ 100,600,000

Debt and Line of Credit - Schedule of Debt and Line of Credit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Mortgage loans payable	$ 2,429.0	$ 3,212.2
Secured borrowings on collateralized receivables	43.2	51.2
Secured Debt, Total	2,472.2	3,263.4
Senior unsecured notes	1,786.5	2,676.3
Total Unsecured Debt	1,786.5	4,089.4
Total Debt	$ 4,258.7	$ 7,352.8
Weighted Average Years to Maturity at December 31,	7 years 1 month 6 days	6 years 2 months 12 days
Weighted Average Interest Rates at December 31,	3.376%	4.09%
Transfers accounted for as secured borrowings, associated liabilities, fair value adjustment	$ 3.8	$ 3.9
Collateralized Receivables
Debt Instrument [Line Items]
Weighted Average Years to Maturity at December 31,	12 years 3 months 18 days	13 years 2 months 12 days
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit and other	$ 0.0	$ 1,413.1
Weighted Average Years to Maturity at December 31,	0 years	1 year 4 months 24 days
Weighted Average Interest Rates at December 31,	0.00%	4.744%
Loans Payable
Debt Instrument [Line Items]
Weighted Average Years to Maturity at December 31,	8 years 6 months	8 years 3 months 18 days
Weighted Average Interest Rates at December 31,	3.634%	3.991%
Deferred financing costs	$ 9.6	$ 15.2
Secured Borrowings
Debt Instrument [Line Items]
Weighted Average Interest Rates at December 31,	8.538%	8.575%
Senior unsecured notes
Debt Instrument [Line Items]
Weighted Average Years to Maturity at December 31,	5 years 1 month 6 days	6 years
Weighted Average Interest Rates at December 31,	2.901%	3.778%
Discount (premium)	$ (4.2)	$ (6.3)
Deferred financing costs	$ 9.3	$ 17.4

Debt and Line of Credit - Schedule of Maturities and Amortization of Debt and Line of Credit (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total Due	$ 4,278.0
2026	534.8
2027	37.3
2028	667.0
2029	351.6
2030	47.9
Thereafter	2,639.4
Transfers accounted for as secured borrowings, associated liabilities, fair value adjustment	3.8	$ 3.9
Maturities
Debt Instrument [Line Items]
Total Due	1,794.2
2026	492.0
2027	0.0
2028	175.7
2029	310.7
2030	7.5
Thereafter	808.3
Principal amortization
Debt Instrument [Line Items]
Total Due	644.4
2026	40.6
2027	34.9
2028	38.8
2029	38.2
2030	37.4
Thereafter	454.5
Secured Debt
Debt Instrument [Line Items]
Total Due	2,478.0
2026	534.8
2027	37.3
2028	217.0
2029	351.6
2030	47.9
Thereafter	1,289.4
Secured borrowings on collateralized receivables
Debt Instrument [Line Items]
Total Due	39.4
2026	2.2
2027	2.4
2028	2.5
2029	2.7
2030	3.0
Thereafter	26.6
Unsecured Debt
Debt Instrument [Line Items]
Total Due	1,800.0
2026	0.0
2027	0.0
2028	450.0
2029	0.0
2030	0.0
Thereafter	1,350.0
Unsecured Debt \| Senior unsecured notes
Debt Instrument [Line Items]
Total Due	1,800.0
2026	0.0
2027	0.0
2028	450.0
2029	0.0
2030	0.0
Thereafter	$ 1,350.0

Notes and Other Receivables

12 Months Ended

Dec. 31, 2025

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

Notes and Other Receivables

4. Notes and Other Receivables

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


	December 31, 2025		December 31, 2024
Installment notes receivable on manufactured homes, net	$	139.2	$	93.9
Notes receivable from real estate developers and operators	44.5		148.5
Other receivables, net	148.4		187.7
Total Notes and Other Receivables, net	$	332.1	$	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 $139.2 million (principal of installment notes receivable of $142.1 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 December 31, 2025 and 2024, respectively, are secured by manufactured homes. The notes had a net weighted average interest rate (net of servicing costs) and maturity of 7.5% and 17.3 years as of December 31, 2025, and 6.4% and 18.6 years as of December 31, 2024, respectively. Refer to Note 14, "Fair Value Measurements," for additional details.

Notes Receivable from Real Estate Developers and Operators

The note receivable from a real estate operator consists 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 $44.5 million with a net weighted average interest rate and maturity of 5.0% and one year as of December 31, 2025, and was $42.4 million with a net weighted average interest rate and maturity of 5.0% and two years as of December 31, 2024. Refer to Note 14, "Fair Value Measurements," for additional information.

As of December 31, 2025, we did not have any outstanding acquisition and construction loans provided to real estate developers. As of December 31, 2024, acquisition and construction loans provided to real estate developers totaled $106.1 million with a net weighted average interest rate and maturity of 8.0% and 1.9 years.

During the three months ended December 31, 2025, we settled a note receivable from a real estate developer of $48.7 million as part of the acquisition of one MH property in Florida. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional information.

During the three months ended March 31, 2025, we settled a note receivable from a real estate developer of $36.5 million as part of a sale of a portfolio of RV communities. We also entered into a non-monetary transaction with a real estate developer to settle a note receivable of $23.8 million in conjunction with one RV property in California. Refer to Note 3, "Real Estate Acquisitions and Dispositions," and Note 8, "Equity and Temporary Equity," respectively, for additional information.

Other Receivables, net

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


	December 31, 2025		December 31, 2024
Receivables from residents and customers(1)	$	80.6	$	62.2
Insurance receivables(2)	42.4		67.2
Home sale proceeds	15.6		24.5
Other receivables	9.8		33.8
Total Other Receivables, net	$	148.4	$	187.7

(1)Net of allowance for credit losses of $5.0 million and $5.6 million as of December 31, 2025 and 2024, respectively.

(2)Primarily consists of receivables from insurance providers related to Hurricanes Helene, Milton, and Ian. Refer to Note 15, "Commitments and Contingencies," for additional details.

Goodwill and Other Intangible Assets - Schedule of Intangible Asset Amortization Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Finite-Lived Intangible Assets, Amortization Expense [Line Items]
Other Intangible Asset Amortization Expense	$ 12.9	$ 13.3	$ 17.1
In-place leases
Schedule of Finite-Lived Intangible Assets, Amortization Expense [Line Items]
Other Intangible Asset Amortization Expense	5.7	6.2	8.7
Trademarks and trade names
Schedule of Finite-Lived Intangible Assets, Amortization Expense [Line Items]
Other Intangible Asset Amortization Expense	6.0	5.8	5.7
Customer relationships
Schedule of Finite-Lived Intangible Assets, Amortization Expense [Line Items]
Other Intangible Asset Amortization Expense	0.5	0.5	0.5
Franchise agreements and other intangible assets
Schedule of Finite-Lived Intangible Assets, Amortization Expense [Line Items]
Other Intangible Asset Amortization Expense	$ 0.7	$ 0.8	$ 2.2

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

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-Section 45
-Paragraph 2
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-Section 50
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+ Details

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

13. Derivative Financial Instruments

We have utilized 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. At December 31, 2025, we did not have any outstanding derivative contracts. At December 31, 2024, we held 11 derivative contracts, which were designated as cash flow hedges under ASC Topic 815, "Derivatives and Hedging." The risk being hedged is the interest rate risk related to outstanding floating rate debt and forecasted debt issuance transactions, and the benchmark interest rate used is the SOFR Rate.

Derivative Contract Activity

During the year ended December 31, 2025, we entered into six forward swap contracts with a notional amount totaling $1.0 billion (equivalent to £768.0 million) to economically hedge a planned repayment of a GBP debt borrowing. In conjunction with the repayment of the debt during the same period, we settled the forward swap contracts and recognized a gain of $14.4 million within Gain / (loss) on foreign currency exchanges on the Consolidated Statements of Operations.

During the year ended December 31, 2025, we also terminated eight interest rate swap contracts with an aggregate notional amount of $300.0 million in conjunction with the settlement of outstanding debt obligations on our Senior Credit Facility. We recorded a loss on termination of $1.2 million within Other income / (expense), net on the Consolidated Statements of Operations.

During the year ended December 31, 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):


	December 31, 2025						December 31, 2024
Derivatives Designated as Cash Flow Hedges	Notional		Fair Value of Assets		Fair Value of Liabilities		Notional		Fair Value of Assets(1)		Fair Value of Liabilities(2)
Interest rate derivatives	$	—	$	—	$	—	$	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.

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


	Year Ended December 31,
Derivatives Designated as Cash Flow Hedges	2025		2024		2023
Interest rate derivatives	$	(2.8)	$	13.2	$	(4.9)

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


		Year Ended December 31,
Derivatives Designated as Cash Flow Hedges	Financial Statement Classification	2025		2024		2023
Interest rate derivatives	Interest expense / Other income / (expense), net	$	16.4	$	19.0	$	14.9

During the year ended December 31, 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.

Refer to Note 1, "Significant Accounting Policies," for our accounting policies pertaining to derivative financial instruments. Refer to Note 14, "Fair Value Measurements," for additional information related to the fair value methodology used for derivative financial instruments

- 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

Income Taxes - Schedule of Components of Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
State and Local
Current	$ 3.0	$ 2.4	$ 2.7
Foreign
Current	7.8	1.2	11.0
Deferred	(60.0)	(39.6)	(22.9)
Total provision / (benefit)	$ (49.2)	$ (36.0)	$ (9.2)

- Definition

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

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+ Details

Investment in Nonconsolidated Affiliates - Schedule of Income (Loss) from Nonconsolidated Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total Income from Nonconsolidated Affiliates	$ 16.4	$ 9.5	$ 16.0
Sungenia JV
Schedule of Equity Method Investments [Line Items]
Total Income from Nonconsolidated Affiliates	14.0	7.5	3.2
GTSC
Schedule of Equity Method Investments [Line Items]
Total Income from Nonconsolidated Affiliates	2.3	3.3	3.3
SV Lift, LLC
Schedule of Equity Method Investments [Line Items]
Total Income from Nonconsolidated Affiliates	$ 0.1	$ (1.3)	$ 9.5

- 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

Debt and Line of Credit (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt and Lines 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 at December 31,				Weighted Average Years to Maturity at December 31,		Weighted Average Interest Rates at December 31,
	2025		2024		2025	2024	2025		2024
Secured Debt








Mortgage loans payable(1)	$	2,429.0	$	3,212.2	8.5	8.3	3.634	%	3.991	%
Secured borrowings on collateralized receivables(2)	43.2		51.2		12.3	13.2	8.538	%	8.575	%
Total Secured Debt	2,472.2		3,263.4
Unsecured Debt
Senior unsecured notes(3)	1,786.5		2,676.3		5.1	6.0	2.901	%	3.778	%

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


Total Unsecured Debt	1,786.5		4,089.4
Total Debt	$	4,258.7	$	7,352.8	7.1	6.2	3.376	%	4.090	%

(1)Balances at December 31, 2025 and 2024 include $9.6 million and $15.2 million of deferred financing costs, respectively.

(2)Balances at December 31, 2025 and 2024 include fair value adjustments of $3.8 million and $3.9 million, respectively.

(3)Balances at December 31, 2025 and 2024 include $4.2 million and $6.3 million of net debt discount, respectively, and $9.3 million and $17.4 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity.

Schedule of Extinguishment of Debt

During the years ended December 31, 2025 and 2024, we repaid the following mortgage term loans (in millions, except for statistical information, all loans were paid off on or before their respective maturity dates):


Period	Repayment Amount			Weighted Average Interest Rate		Maturity Date	Number of Properties by which Debt was Secured	Loss on Extinguishment of Debt
Three months ended June 30, 2025	$	691.8	(1)	5.346	%	February 13, 2026 - September 10, 2044	44	$	45.9
Three months ended March 31, 2025	$	48.4		4.013	%	February 01, 2025 - March 31, 2025	5	$	—
Three months ended December 31, 2024	$	119.4		4.041	%	December 1, 2024 - February 6, 2025	12	$	—
Three months ended September 30, 2024	$	93.5	(2)	4.096	%	December 1, 2024 - January 15, 2044	7	$	0.8

(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.

(2)Includes six mortgage term loans, which included two mortgage term loan payoffs and partial pay downs on four pooled mortgage term loans, that were secured by seven properties. The repayments occurred in conjunction with the disposition of real estate assets. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional information.

Maturities and Amortization of Debt and Lines of Credit

As of December 31, 2025, the total of our secured debt (excluding premiums and deferred financing costs) and unsecured debt (excluding discounts and deferred financing costs) by year of maturity were as follows (in millions):


	Maturities and Amortization By Year
	Total Due		2026		2027		2028		2029		2030		Thereafter
Secured Debt
Mortgage loans payable
Maturities	$	1,794.2	$	492.0	$	—	$	175.7	$	310.7	$	7.5	$	808.3
Principal amortization	644.4		40.6		34.9		38.8		38.2		37.4		454.5
Secured borrowings on collateralized receivables(1)	39.4		2.2		2.4		2.5		2.7		3.0		26.6
Total Secured Debt	2,478.0		534.8		37.3		217.0		351.6		47.9		1,289.4
Unsecured Debt
Senior unsecured notes	1,800.0		—		—		450.0		—		—		1,350.0

Total Unsecured Debt	1,800.0		—		—		450.0		—		—		1,350.0
Total Debt	$	4,278.0	$	534.8	$	37.3	$	667.0	$	351.6	$	47.9	$	2,639.4

(1)Balance at December 31, 2025 excludes fair value adjustments of $3.8 million.

Schedule of Senior Unsecured Notes

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 at December 31,
	Principal Amount		2025		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		594.1		593.2
2.3% notes, issued in October 2021 and due in November 2028	450.0		448.1		447.4
2.7% notes, issued in June 2021 and October 2021, and due in July 2031	750.0		744.3		743.4
Total	$	2,700.0	$	1,786.5	$	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

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-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 69B
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Fair Value of Financial Instruments - Fair Value Measurements, Nonrecurring (Details) $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2025 USD ($) property	Sep. 30, 2025 USD ($) property	Jun. 30, 2025 USD ($) property	Mar. 31, 2025 USD ($) property	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of Properties \| property		6	3	7
Asset Impairment Charges		$ 165.0	$ 32.2	$ 20.5
Deferred tax benefit					$ 60.0	$ 39.6	$ 22.9
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
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
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
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
United Kingdom
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of Properties \| property	3		3
Asset Impairment Charges	$ 30.6		$ 132.7
Aggregate Estimated Fair Value	$ 14.7		8.9		$ 14.7
Deferred tax benefit			29.5
North America(1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate Estimated Fair Value				$ 93.4
North America(1) \| RV Segment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate Estimated Fair Value		$ 22.9	$ 86.4

Fair Value of Financial Instruments - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Assets
Gain / (loss) on foreign currency exchanges	$ 26.7	$ (25.8)	$ (0.3)
Liabilities
Derivative Liability Statement Of Financial Position Extensible Enumeration Not Disclosed Flag	true	true
Secured Borrowing on Collateralized Receivables
Liabilities
Level 3 beginning balance	$ 51.2	$ 55.8
Level 3 ending balance	43.2	51.2	55.8
Other Liabilities (Contingent Consideration)
Liabilities
Level 3 beginning balance	11.3
Level 3 ending balance	0.2	11.3
Other Liabilities (Contingent Consideration) \| Significant Unobservable Inputs (Level 3)
Liabilities
Sales and settlements	(14.0)	0.0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales	(2.3)	0.0
Fair Value, Recurring \| Reported Value Measurement
Assets
Level 3 beginning balance	299.9
Level 3 ending balance	226.9	299.9
Fair Value, Recurring \| Estimate of Fair Value Measurement
Assets
Level 3 beginning balance	299.9
Level 3 ending balance	226.9	299.9
Fair Value, Recurring \| Secured Borrowing on Collateralized Receivables \| Significant Unobservable Inputs (Level 3)
Liabilities
Realized (gains) / losses(1)	(0.2)	2.1
Purchases and issuances	0.0	0.4
Sales and settlements	(7.8)	(7.1)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales	0.0	0.0
Fair Value, Recurring \| Other Liabilities (Contingent Consideration) \| Significant Unobservable Inputs (Level 3)
Liabilities
Level 3 beginning balance	11.3	11.3
Realized (gains) / losses(1)	0.0	0.0
Purchases and issuances	0.0	0.0
Other adjustments(2)	5.2	0.0
Level 3 ending balance		11.3	11.3
Servicing Liability at Fair Value, Other Changes in Fair Value	0.0	0.0
Installment notes receivable on manufactured homes, net \| Fair Value, Recurring \| Significant Unobservable Inputs (Level 3)
Assets
Level 3 beginning balance	93.9	19.6
Gain / (loss) on foreign currency exchanges	0.0	0.0
Level 3 ending balance	139.2	93.9	19.6
Installment notes receivable on manufactured homes, net \| Fair Value, Recurring \| Realized gains / (losses) \| Significant Unobservable Inputs (Level 3)
Assets
Realized gains / (losses)	$ (1.6)	$ (0.5)
Liabilities
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income / (expense), net, Loss on remeasurement of notes receivable	Other income / (expense), net, Loss on remeasurement of notes receivable
Installment notes receivable on manufactured homes, net \| Fair Value, Recurring \| Purchases and issuances \| Significant Unobservable Inputs (Level 3)
Assets
Purchases and issuances	$ 57.4	$ 81.4
Installment notes receivable on manufactured homes, net \| Fair Value, Recurring \| Sales and settlements \| Significant Unobservable Inputs (Level 3)
Assets
Sales and settlements	(10.1)	(4.6)
Installment notes receivable on manufactured homes, net \| Fair Value, Recurring \| Other adjustments \| Significant Unobservable Inputs (Level 3)
Assets
Other adjustments	0.0	0.0
Installment notes receivable on manufactured homes, net \| Fair Value, Recurring \| Dispositions of properties \| Significant Unobservable Inputs (Level 3)
Assets
Dispositions of properties	(0.4)	(2.0)
Notes Receivable From Real Estate Developers and Operators \| Fair Value, Recurring \| Significant Unobservable Inputs (Level 3)
Assets
Level 3 beginning balance	148.5	134.5
Gain / (loss) on foreign currency exchanges	2.1	(0.5)
Level 3 ending balance	44.5	148.5	134.5
Notes Receivable From Real Estate Developers and Operators \| Fair Value, Recurring \| Realized gains / (losses) \| Significant Unobservable Inputs (Level 3)
Assets
Realized gains / (losses)	$ 0.0	$ (35.8)
Liabilities
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income / (expense), net, Loss on remeasurement of notes receivable	Other income / (expense), net, Loss on remeasurement of notes receivable
Notes Receivable From Real Estate Developers and Operators \| Fair Value, Recurring \| Purchases and issuances \| Significant Unobservable Inputs (Level 3)
Assets
Purchases and issuances	$ 6.5	$ 63.2
Notes Receivable From Real Estate Developers and Operators \| Fair Value, Recurring \| Sales and settlements \| Significant Unobservable Inputs (Level 3)
Assets
Sales and settlements	(112.6)	(13.3)
Notes Receivable From Real Estate Developers and Operators \| Fair Value, Recurring \| Other adjustments \| Significant Unobservable Inputs (Level 3)
Assets
Other adjustments	0.0	0.4
Notes Receivable From Real Estate Developers and Operators \| Fair Value, Recurring \| Dispositions of properties \| Significant Unobservable Inputs (Level 3)
Assets
Dispositions of properties	0.0	0.0
Collateralized Receivables, net \| Fair Value, Recurring \| Significant Unobservable Inputs (Level 3)
Assets
Level 3 beginning balance	51.2	56.2
Gain / (loss) on foreign currency exchanges	0.0	0.0
Level 3 ending balance	43.2	51.2	$ 56.2
Collateralized Receivables, net \| Fair Value, Recurring \| Realized gains / (losses) \| Significant Unobservable Inputs (Level 3)
Assets
Realized gains / (losses)	$ (0.2)	$ 2.1
Liabilities
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income / (expense), net, Loss on remeasurement of notes receivable	Other income / (expense), net, Loss on remeasurement of notes receivable
Collateralized Receivables, net \| Fair Value, Recurring \| Purchases and issuances \| Significant Unobservable Inputs (Level 3)
Assets
Purchases and issuances	$ 0.0	$ 0.0
Collateralized Receivables, net \| Fair Value, Recurring \| Sales and settlements \| Significant Unobservable Inputs (Level 3)
Assets
Sales and settlements	(5.7)	(7.1)
Collateralized Receivables, net \| Fair Value, Recurring \| Other adjustments \| Significant Unobservable Inputs (Level 3)
Assets
Other adjustments	0.0	0.0
Collateralized Receivables, net \| Fair Value, Recurring \| Dispositions of properties \| Significant Unobservable Inputs (Level 3)
Assets
Dispositions of properties	$ (2.1)	$ 0.0

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

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

Schedule of Derivative Instruments


	December 31, 2025						December 31, 2024
Derivatives Designated as Cash Flow Hedges	Notional		Fair Value of Assets		Fair Value of Liabilities		Notional		Fair Value of Assets(1)		Fair Value of Liabilities(2)
Interest rate derivatives	$	—	$	—	$	—	$	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.

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


	Year Ended December 31,
Derivatives Designated as Cash Flow Hedges	2025		2024		2023
Interest rate derivatives	$	(2.8)	$	13.2	$	(4.9)

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


		Year Ended December 31,
Derivatives Designated as Cash Flow Hedges	Financial Statement Classification	2025		2024		2023
Interest rate derivatives	Interest expense / Other income / (expense), net	$	16.4	$	19.0	$	14.9

Real Estate Acquisitions and Dispositions - Schedule of 2025 Acquisitions and Dispositions (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) developmentSite	Dec. 31, 2025 USD ($) numberofproperties	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Business Combination [Line Items]
Gain on dispositions of properties, net		$ 5.1			$ 202.9	$ 11.0
Net foreign currency translation gains / (losses)		8.8	$ 8.8	$ 8.8	(44.1)
Asset Acquisition, Consideration Transferred, Transaction Cost		6.5
Notes receivable from real estate developers and operators
Business Combination [Line Items]
Notes receivable net of fair value adjustment		44.5	44.5	44.5	148.5
Notes due from other real estate developers
Business Combination [Line Items]
Notes receivable net of fair value adjustment		0.0	0.0	0.0	106.1
Fair value adjustment	$ 36.5
Canadian Portfolio \| Notes receivable from real estate developers and operators
Business Combination [Line Items]
Notes receivable net of fair value adjustment		44.5	44.5	44.5	$ 42.4
Net foreign currency translation gains / (losses)		2.3	$ 2.3	$ 2.3
Two RV portfolio
Business Combination [Line Items]
Proceeds from sale of real estate		92.9
Two RV portfolio \| RV
Business Combination [Line Items]
Number of properties sold \| developmentSite			2
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments		92.6
Gain on dispositions of properties, net		(0.2)
Three MH portfolio
Business Combination [Line Items]
Proceeds from sale of real estate		27.8
Three MH portfolio \| MH
Business Combination [Line Items]
Number of properties sold \| developmentSite			3
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments		27.2
Gain on dispositions of properties, net		(2.8)
Sun Retreats Millbrook
Business Combination [Line Items]
Proceeds from sale of real estate		3.5
Sun Retreats Millbrook \| MH
Business Combination [Line Items]
Number of properties sold \| developmentSite			1
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments		2.8
Gain on dispositions of properties, net		(3.8)
Pine Hills [Member]
Business Combination [Line Items]
Proceeds from sale of real estate		10.3
Pine Hills [Member] \| MH
Business Combination [Line Items]
Number of properties sold \| developmentSite			1
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments		9.5
Gain on dispositions of properties, net		$ 4.8
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Virginia, Delaware, And Florida
Business Combination [Line Items]
Number of properties sold			2	2
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Portfolio Of RV Properties
Business Combination [Line Items]
Number of properties sold \| developmentSite			3
Number of Properties Owned \| property					4

Income Taxes - Schedule of Components of Income / (Loss) Attributable to Taxable Subsidiaries (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Domestic	$ (61.4)	$ (41.6)	$ 1.6
Income (Loss) from Continuing Operations before Income Taxes, Foreign	(196.0)	(81.3)	(56.0)
Income / (loss) before provision for income taxes	$ (257.4)	$ (122.9)	$ (54.4)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

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+ Details

Assets Held for Sale and Discontinued Operations

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale and Discontinued Operations

2. Assets Held for Sale and Discontinued Operations

In February 2025, we entered into the Safe Harbor Sale, which represented a strategic shift in operations. 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 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 approximately $5.25 billion of pre-tax cash proceeds, net of transaction costs. 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. Subsequent to the initial closing through June 30, 2025, we completed the sale of six Delayed Consent Subsidiaries for $136.7 million. On August 29, 2025, we completed the closing of the final nine Delayed Consent Subsidiaries for $117.5 million and fully divested our investment in the Safe Harbor business. In connection with the Safe Harbor Sale, we recorded a gain of $1.5 billion during the year ended December 31, 2025

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


	December 31, 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 included within Income from discontinued operations, net (in millions):


	Year Ended December 31,
		2025		2024		2023
Revenues
Real property		$	145.9	$	460.3	$	431.6
Service, retail, dining and entertainment revenue		164.7		494.4		501.3
Interest, brokerage commissions and other, net		1.6		5.9		7.6
Total Revenues		312.2		960.6		940.5
Expenses
Property operating and maintenance		53.6		148.3		137.1
Real estate tax		7.9		21.9		21.7
Service, retail, dining and entertainment expenses		155.4		461.8		462.1
General and administrative(1)		81.2		64.8		58.6
Interest expense		—		0.1		0.1
Catastrophic event-related charges, net		—		3.5		7.2

Business combination costs		0.2		0.4		—
Depreciation, amortization, and loss on disposal of assets		36.3		190.2		165.9
Asset impairments		2.3		4.7		4.5
Total Expenses		336.9		895.7		857.2
Income / (Loss) Before Other Items		(24.7)		64.9		83.3
Gain on disposition of properties, net		1,463.2		—		—
Other income / (expense), net(2)		(5.4)		10.0		(0.2)
Income from Discontinued Operations, Before Income Taxes		1,433.1		74.9		83.1
Current tax expense (see Note 11)		(3.5)		(0.7)		(0.8)
Income from Discontinued Operations, net		$	1,429.6	$	74.2	$	82.3

(1) Includes transaction costs of $63.1 million recognized during the year ended December 31, 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. During the three months ended December 31, 2025, we recorded a benefit of $9.4 million after completing our 1031 exchange transactions using proceeds from the Safe Harbor Sale and remeasuring the remaining tax liability to a fair value of $0.2 million. Refer to Note 14, "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):


	Year Ended December 31,
		2025		2024
Depreciation		$	31.9	$	168.1
Amortization		$	4.4	$	22.1
Capital Expenditures		$	73.3	$	183.3

Assets Held for Sale and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 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):


	December 31, 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 included within Income from discontinued operations, net (in millions):


	Year Ended December 31,
		2025		2024		2023
Revenues
Real property		$	145.9	$	460.3	$	431.6
Service, retail, dining and entertainment revenue		164.7		494.4		501.3
Interest, brokerage commissions and other, net		1.6		5.9		7.6
Total Revenues		312.2		960.6		940.5
Expenses
Property operating and maintenance		53.6		148.3		137.1
Real estate tax		7.9		21.9		21.7
Service, retail, dining and entertainment expenses		155.4		461.8		462.1
General and administrative(1)		81.2		64.8		58.6
Interest expense		—		0.1		0.1
Catastrophic event-related charges, net		—		3.5		7.2

Business combination costs		0.2		0.4		—
Depreciation, amortization, and loss on disposal of assets		36.3		190.2		165.9
Asset impairments		2.3		4.7		4.5
Total Expenses		336.9		895.7		857.2
Income / (Loss) Before Other Items		(24.7)		64.9		83.3
Gain on disposition of properties, net		1,463.2		—		—
Other income / (expense), net(2)		(5.4)		10.0		(0.2)
Income from Discontinued Operations, Before Income Taxes		1,433.1		74.9		83.1
Current tax expense (see Note 11)		(3.5)		(0.7)		(0.8)
Income from Discontinued Operations, net		$	1,429.6	$	74.2	$	82.3

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


	Year Ended December 31,
		2025		2024
Depreciation		$	31.9	$	168.1
Amortization		$	4.4	$	22.1
Capital Expenditures		$	73.3	$	183.3

The following dispositions of real estate properties for our continuing operations occurred during the year ended December 31, 2025:


Property Name	Segment	Number of Properties	State, Province or Country	Month Disposed	Gross Sales Proceeds		Cash Consideration, net(1)		Gain / (Loss) on Disposition(2)
RV Portfolio(3)	RV	2	Various	January	$	92.9	$	92.6	$	(0.2)
MH Portfolio	MH	3	FL	March	$	27.8	$	27.2	$	(2.8)
Sun Retreats Millbrook	RV	1	IL	April	$	3.5	$	2.8	$	(3.8)
Pine Hills	MH	1	IN	December	$	10.3	$	9.5	$	4.8

(1) Cash consideration, net of settlement of the associated mortgage debt, when applicable, and other closing adjustments. Refer to Note 7, "Debt and Line of Credit," for additional detail.

(2) Recorded in Gain on dispositions of properties, net on the Consolidated Statements of Operations.

(3) 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.

The following dispositions of real estate properties for our continuing operations occurred during the year ended December 31, 2024 (in millions, except for property and site count):


Property Name	Segment	Number of Properties	State, Province or Country	Month Disposed	Gross Sales Proceeds		Cash Consideration, net(1)		Gain / (Loss) on Disposition(2)
Spanish Trails and Sundance	MH	2	AZ & FL	February	$	48.5	$	51.7	$	6.2
Littondale	UK	1	UK	May	$	5.9	$	5.4	$	2.2
Six Community MH Portfolio	MH	6	Various	July	$	224.6	$	150.7	$	142.0
Lake Pointe Village	MH	1	FL	July	$	38.0	$	20.3	$	16.0
Reserve at Fox Creek	MH	1	AZ	September	$	38.0	$	22.7	$	22.2
Turnberry	UK	1	UK	November	$	7.6	$	7.0	$	(1.1)
Canadian RV Portfolio(3)(4)	RV	13	ON	December	$	64.0	$	20.1	$	9.1

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

(2) Recorded in Gain on dispositions of properties, net on the Consolidated Statements of Operations.

(3) As part of the terms of the disposition, we provided financing to the counterparty in the form a note receivable of $42.4 million. Refer to Note 4, "Notes and Other Receivables," for additional details.

(4) Gain on disposition is net of the release of foreign currency translation losses from AOCI of $2.3 million.

- 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

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+ Details

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of Shares Granted

During the years ended December 31, 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	156,851	$	132.33	(1)	Time Based
2025	Executive Officers	2015 Equity Incentive Plan	119,041	$	128.70	(1)	Time Based
2025	Executive Officers	2015 Equity Incentive Plan	114,626	$	106.41	(2)	Market Condition
2025	Directors	2004 Non-Employee Director Option Plan	14,000	$	122.78	(1)	Time Based
2024	Key Employees	2015 Equity Incentive Plan	230,040	$	131.10	(1)	Time Based
2024	Executive Officers	2015 Equity Incentive Plan	51,800	$	131.99	(1)	Time Based
2024	Executive Officers	2015 Equity Incentive Plan	41,400	$	98.14	(2)	Market Condition
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.

Schedule of Share-Based Payment Award, Equity Instruments Other Than Stock Options, Valuation Assumptions

The following table summarizes the weighted average assumptions utilized to calculate the grant date fair value of these awards during the periods presented:


	Grant Year
	2025	2024		2023
Risk-free interest rate	3.5% - 4.0%	4.4	%	4.5	%
Dividend yield	2.8% - 3.2%	2.9	%	2.4	%
Volatility	24.8% - 26.6%	25.9	%	28.1	%
Expected term (in years)	2.25 - 3	3		3

Schedule of Restricted Stock Activity

The following table summarizes our restricted stock activity for the years ended December 31, 2025, 2024, and 2023 (in millions, except share and per share data):


	Number of Shares	Weighted Average Grant Date Fair Value		Fair Value of Shares Vested
Unvested restricted shares at January 1, 2023	854,767	$	144.19
Granted	381,858	$	132.73
Vested	(243,776)	$	139.03	$	33.9
Forfeited	(55,198)	$	153.68
Unvested restricted shares at December 31, 2023	937,651	$	140.30
Granted	343,240	$	127.17
Vested	(222,842)	$	150.36	$	33.5
Forfeited	(148,161)	$	109.12
Unvested restricted shares at December 31, 2024	909,888	$	137.39
Granted	404,518	$	123.36
Vested	(251,061)	$	147.01	$	36.9
Forfeited	(260,036)	$	134.47
Unvested restricted shares at December 31, 2025	803,309	$	128.91

Schedule of Share-Based Compensation Cost

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


	2026		2027		2028		Thereafter
Expected share-based compensation costs, net	$	28.3	$	21.4	$	11.4	$	9.6

Earnings / (Loss) Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Income / (loss) from continuing operations	$ 0.6	$ 32.9	$ (291.4)
Less: Preferred return to preferred OP units / equity interests	(12.6)	(12.8)	(12.3)
Less: Income / (loss) attributable to noncontrolling interests	(56.4)	(5.3)	8.1
Net income / (loss) from continuing operations attributable to SUI common shareholders	(68.4)	14.8	(295.6)
Less: allocation to restricted stock awards	7.7	0.4	(1.8)
Net income attributable to common shareholders after restricted stock allocation	1,353.5	88.6	(211.5)
Basic earnings - net income from discontinued operations	1,429.6	74.2	82.3
Net Income (Loss) Available to Common Stockholders, Diluted	$ 1,353.5	$ 89.8	$ (213.3)
Denominator
Weighted average common shares outstanding - basic (in shares)	124.9	124.5	123.4
Add: dilutive restricted stock	0.0	0.0	0.4
Add: common and preferred OP units dilutive effect	0.0	2.7	0.0
Diluted weighted average common shares and securities	124.9	127.2	123.8
EPS Available to Common Shareholders After Allocation
Basic earnings / (loss) per share from continuing operations (in USD per share)	$ (0.61)	$ 0.12	$ (2.38)
Basic earnings per share from discontinued operations (in USD per share)	11.45	0.59	0.67
Basic earnings/(loss) per share (in USD per share)	10.84	0.71	(1.71)
Diluted earnings / (loss) per share from continuing operations (in USD per share)	(0.61)	0.12	(2.39)
Diluted earnings per share from discontinued operations (in USD per share)	11.45	0.59	0.67
Diluted earnings/(loss) per share (in USD per share)	$ 10.84	$ 0.71	$ (1.72)
Continuing Operations
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net income attributable to common shareholders after restricted stock allocation	$ (76.1)	$ 14.4	$ (293.8)
Net Income (Loss) Available to Common Stockholders, Diluted	(76.1)	15.6	(295.6)
Common OP units
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Allocation of income to restricted stock awards	0.0	1.2	0.0
Restricted Stock
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Allocation of income to restricted stock awards	$ 0.0	$ 0.0	$ (1.8)

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Percentage of gross income	95.00%
Percentage of REIT taxable income	90.00%
Operating loss carryforwards	$ 77,500
Operating loss carryforwards after tax	15,800
Deferred operating loss carryforwards after tax	15,800	$ 32,000	$ 28,700
Provision for state income taxes	3,000	2,400	2,700
Interest or penalty associated with unrecognized income tax provision	0	$ 0	$ 0
Domestic
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	71,400
Deferred operating loss carryforwards after tax	15,000
Foreign
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	400
Deferred operating loss carryforwards after tax	$ 100

Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
(Loss) gain on derivatives	$ (2.8)	$ 13.2	$ (4.9)
Gains on derivative instruments reclassified from Accumulated Other Comprehensive Income into earnings	16.4	19.0	14.9
Treasury Rate Lock and Interest Rate Swap \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional	0.0
(Loss) gain on derivatives	(2.8)	13.2	(4.9)
Gains on derivative instruments reclassified from Accumulated Other Comprehensive Income into earnings	16.4	19.0	$ 14.9
Treasury Rate Lock and Interest Rate Swap \| Cash Flow Hedging \| Designated as Hedging Instrument \| Significant Other Observable Inputs (Level 2)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value of Assets	0.0
Fair Value of Liabilities	$ 0.0
Treasury Rate Lock \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional		927.6
Treasury Rate Lock \| Cash Flow Hedging \| Designated as Hedging Instrument \| Significant Other Observable Inputs (Level 2)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value of Assets		6.3
Fair Value of Liabilities		$ 1.3

SCHEDULE III - Investment Property Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Real Estate and Accumulated Depreciation [Line Items]
Aggregate cost of total real estate for federal income tax purposes	$ 7,200.0
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Beginning balance	14,093.5	$ 14,149.8	$ 13,453.4
Property and land acquisitions, including immediate improvements	478.9	49.7	182.4
Property expansion and development	100.6	123.0	250.3
Improvements	335.1	327.1	387.9
Asset impairments	(429.6)	(59.9)	2.8
Dispositions and other	(78.5)	(496.2)	(127.0)
Ending balance	$ 14,500.0	$ 14,093.5	$ 14,149.8
Minimum
Real Estate and Accumulated Depreciation [Line Items]
Useful life of assets	4 years
Minimum \| Land improvements and buildings
Real Estate and Accumulated Depreciation [Line Items]
Useful life of assets	15 years
Minimum \| Furniture, fixtures, and equipment
Real Estate and Accumulated Depreciation [Line Items]
Useful life of assets	5 years
Minimum \| Dock improvements
Real Estate and Accumulated Depreciation [Line Items]
Useful life of assets	30 years
Minimum \| Site improvements
Real Estate and Accumulated Depreciation [Line Items]
Useful life of assets	7 years
Maximum
Real Estate and Accumulated Depreciation [Line Items]
Useful life of assets	30 years
Maximum \| Land improvements and buildings
Real Estate and Accumulated Depreciation [Line Items]
Useful life of assets	30 years
Maximum \| Furniture, fixtures, and equipment
Real Estate and Accumulated Depreciation [Line Items]
Useful life of assets	30 years
Maximum \| Site improvements
Real Estate and Accumulated Depreciation [Line Items]
Useful life of assets	30 years

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives

Asset Class

Useful Life

Land improvements and buildings

15 years

30 years

Rental homes and improvements

10 years

Furniture, fixtures, and equipment

5 years

30 years

Computer hardware and software

4 years

Site improvements

7 years

30 years

Leasehold improvements

Lesser of lease term or useful life of assets

In-place leases

7 years

Trademarks and trade names

15 years

Customer relationships

4 years

Franchise agreements and other intangible assets

10 years

27 years

Equity and Temporary Equity - Schedule of Common OP Units Issued in Connection with Acquisitions of Certain Properties (Details) - USD ($) $ in Millions	1 Months Ended			12 Months Ended
	Sep. 30, 2024	Apr. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Fair Value at Issuance (in millions)				$ 1.1	$ 397.0	$ 28.3
Marina Village Yacht Harbor \| Common OP units
Class of Stock [Line Items]
Common OP Units Issued (in shares)	243,273
Fair Value at Issuance (in millions)	$ 31.5
Port Milford \| Common OP units
Class of Stock [Line Items]
Common OP Units Issued (in shares)		19,326
Fair Value at Issuance (in millions)		$ 2.5
Land For Development \| Common OP units
Class of Stock [Line Items]
Common OP Units Issued (in shares)			4,452
Fair Value at Issuance (in millions)			$ 0.6

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Real Estate Acquisitions and Dispositions - Schedule of 2024 Acquisitions and Dispositions (Details)	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Business Combination [Line Items]
Gain on dispositions of properties, net	$ 5,100,000	$ 202,900,000	$ 11,000,000.0
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| Spanish Trails MHC
Business Combination [Line Items]
Number of properties sold \| property		2
Proceeds from sale of real estate		$ 48,500,000
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments		51,700,000
Gain on dispositions of properties, net		$ 6,200,000
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| Littondale
Business Combination [Line Items]
Number of properties sold \| property		1
Proceeds from sale of real estate		$ 5,900,000
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments		5,400,000
Gain on dispositions of properties, net		$ 2,200,000
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| Six Community MH Portfolio
Business Combination [Line Items]
Number of properties sold \| property		6
Proceeds from sale of real estate		$ 224,600,000
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments		150,700,000
Gain on dispositions of properties, net		$ 142,000,000.0
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| Lake Pointe Village
Business Combination [Line Items]
Number of properties sold \| property		1
Proceeds from sale of real estate		$ 38,000,000.0
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments		20,300,000
Gain on dispositions of properties, net		$ 16,000,000.0
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| Reserve at Fox Creek
Business Combination [Line Items]
Number of properties sold \| property		1
Proceeds from sale of real estate		$ 38,000,000.0
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments		22,700,000
Gain on dispositions of properties, net		$ 22,200,000
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| Turnberry
Business Combination [Line Items]
Number of properties sold \| property		1
Proceeds from sale of real estate		$ 7,600,000
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments		7,000,000.0
Gain on dispositions of properties, net		$ (1,100,000)
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| Canadian Portfolio
Business Combination [Line Items]
Number of properties sold \| property		13
Proceeds from sale of real estate		$ 64,000,000.0
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments		20,100,000
Gain on dispositions of properties, net		$ 9,100,000

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Series K preferred OP units	Series L preferred OP units	Series G preferred OP units	Total Equity	Total Equity Series K preferred OP units	Total Equity Series L preferred OP units	Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Income / (Loss)	Noncontrolling Interests	Noncontrolling Interests Series L preferred OP units
Beginning balance at Dec. 31, 2022	$ 202,900
Temporary Equity
Conversions	(3,200)
Issuance of third-party equity interests in consolidated entities	1,900
Other redeemable noncontrolling interests	200
Acquisition of third-party equity interest in consolidated entities	(28,200)
Sale of consolidated affiliates	(5,000)				$ (5,000)
Issuance of preferred OP Units		$ 100,600				$ 100,600
Redemptions				$ (23,500)
Net income (loss)	(2,200)
Distributions	(8,600)
OP Units accretion	2,500
Ending balance at Dec. 31, 2023	260,900
Beginning balance (in shares) at Dec. 31, 2022								124,000,000.0
Beginning balance at Dec. 31, 2022	7,888,500				8,091,400			$ 1,200	$ 9,549,700	$ (1,731,200)	$ (9,900)	$ 78,700
Shareholders' Equity
Issuance of common stock and common OP units, net (in shares)								400,000
Issuance of common stock, common OP units, and other securities, net	28,300				28,300				(600)			28,900
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	(12,800)				(12,800)				(12,800)
Conversion of OP units (in shares)								100,000
Conversions	12,800								13,300			(500)
Issuance of third-party equity interests in consolidated entities					1,900
Other redeemable noncontrolling interests	(200)				0					(200)
Acquisition of third-party equity interest in consolidated entities	(125,300)				(153,500)				(125,300)
Share-based compensation - amortization and forfeitures	42,900				42,900				42,600	300
Issuance of Series L preferred OP units			$ 2,000				$ 2,000						$ 2,000
Other comprehensive income / (loss)	21,900				21,900						22,100	(200)
Net income (loss)	(206,900)				(209,100)					(201,000)		(5,900)
Distributions	(475,700)				(484,300)					(462,900)		(12,800)
OP Units accretion	(2,500)									(2,500)
Ending balance (in shares) at Dec. 31, 2023								124,400,000
Ending balance at Dec. 31, 2023	7,173,000				7,433,900			$ 1,200	9,466,900	(2,397,500)	12,200	90,200
Beginning balance at Dec. 31, 2022	7,888,500				8,091,400			1,200	9,549,700	(1,731,200)	(9,900)	78,700
Total Equity
Issuance of common stock, common OP units, and other securities, net	28,300				28,300				(600)			28,900
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	12,800				12,800				12,800
Conversions					9,600
Issuance of third-party equity interests in consolidated entities					1,900
Other redeemable noncontrolling interests	(200)				0					(200)
Acquisition of third-party equity interest in consolidated entities	(125,300)				(153,500)				(125,300)
Share-based compensation - amortization and forfeitures	42,900				42,900				42,600	300
Issuance of Series L preferred OP units			$ 2,000				$ 2,000						$ 2,000
Other comprehensive income / (loss)	21,900				21,900						22,100	(200)
Net income (loss)	(206,900)				(209,100)					(201,000)		(5,900)
Distributions	(475,700)				(484,300)					(462,900)		(12,800)
OP Units accretion					0
Ending balance at Dec. 31, 2023	7,173,000				7,433,900			$ 1,200	9,466,900	(2,397,500)	12,200	90,200
Temporary Equity
Conversions	(1,500)
Sale of consolidated affiliates	(200)				(200)
Issuance of preferred OP Units		0
Net income (loss)	3,500
Distributions	(9,700)
OP Units accretion	6,800
Ending balance at Dec. 31, 2024	259,800	94,100		19,800
Shareholders' Equity
Issuance of common stock and common OP units, net (in shares)								3,100,000
Issuance of common stock, common OP units, and other securities, net	397,000				397,000			$ 100	361,000			35,900
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	(9,800)				(9,800)				(9,800)
Conversion of OP units (in shares)								100,000
Conversions	1,500								4,600			(3,100)
Share-based compensation - amortization and forfeitures	41,900				41,900				41,500	400
Other comprehensive income / (loss)	(20,200)				(20,200)						(20,100)	(100)
Net income (loss)	103,600				107,100					101,800		1,800
Distributions	(487,400)				(497,100)					(473,800)		(13,600)
OP Units accretion	(6,800)									(6,800)
Ending balance (in shares) at Dec. 31, 2024								127,400,000
Ending balance at Dec. 31, 2024	7,192,800				7,452,600			$ 1,300	9,864,200	(2,775,900)	(7,900)	111,100
Beginning balance at Dec. 31, 2023	7,173,000				7,433,900			1,200	9,466,900	(2,397,500)	12,200	90,200
Total Equity
Issuance of common stock, common OP units, and other securities, net	397,000				397,000			100	361,000			35,900
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	9,800				9,800				9,800
Conversions					0
Share-based compensation - amortization and forfeitures	41,900				41,900				41,500	400
Other comprehensive income / (loss)	(20,200)				(20,200)						(20,100)	(100)
Net income (loss)	103,600				107,100					101,800		1,800
Distributions	(487,400)				(497,100)					(473,800)		(13,600)
OP Units accretion					0
Ending balance at Dec. 31, 2024	7,192,800				7,452,600			$ 1,300	9,864,200	(2,775,900)	(7,900)	111,100
Temporary Equity
Issuance of preferred OP Units	3,400	0
Net income (loss)	16,300
Distributions	(9,300)
OP Units accretion	9,000
Ending balance at Dec. 31, 2025	255,700	$ 98,200		3,300
Shareholders' Equity
Issuance of common stock and common OP units, net (in shares)								400,000
Issuance of common stock, common OP units, and other securities, net	1,100				4,500				1,100
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards (in shares)								(400,000)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	$ (12,100)				(12,100)				(12,100)
Stock Repurchased and Retired During Period, Shares	(4,300,000)							(4,200,000)
Stock Repurchased and Retired During Period, Value	$ (539,100)				(539,100)			$ (100)	(332,400)	(206,600)
Conversion of OP units (in shares)								300,000
Conversions	0								8,000			(8,000)
Share-based compensation - amortization and forfeitures	37,400				37,400				36,700	700
Adjustments to Additional Paid in Capital, Other	(2,400)								(2,400)
Other comprehensive income / (loss)	33,700				33,700						34,400	(700)
Net income (loss)	1,413,900				1,430,200					1,373,900		40,000
Distributions	(1,043,500)				(1,052,800)					(1,017,800)		(25,700)
OP Units accretion	$ (9,000)									(9,000)
Ending balance (in shares) at Dec. 31, 2025	3,239,892							123,500,000
Ending balance at Dec. 31, 2025	$ 7,072,800				7,328,500			$ 1,200	9,563,100	(2,634,700)	26,500	116,700
Beginning balance at Dec. 31, 2024	7,192,800				7,452,600			1,300	9,864,200	(2,775,900)	(7,900)	111,100
Total Equity
Issuance of common stock, common OP units, and other securities, net	1,100				4,500				1,100
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	12,100				12,100				12,100
Conversions					0
Share-based compensation - amortization and forfeitures	37,400				37,400				36,700	700
Adjustments to Additional Paid in Capital, Redemption of Stock				$ (25,900)
Other comprehensive income / (loss)	33,700				33,700						34,400	(700)
Net income (loss)	1,413,900				1,430,200					1,373,900		40,000
Distributions	(1,043,500)				(1,052,800)					(1,017,800)		(25,700)
OP Units accretion					0
Ending balance at Dec. 31, 2025	$ 7,072,800				$ 7,328,500			$ 1,200	$ 9,563,100	$ (2,634,700)	$ 26,500	$ 116,700

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Real Estate Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2025

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

Schedule of Business Acquisitions

The following acquisitions of real estate properties occurred during the year ended December 31, 2025:

Property Name

Type

State, Province or Country

Month Acquired

Five MH / Two RV Portfolio

MH / RV

Various

October

Marysville Farm

October

Three MH Portfolio

October

Reflections on Silver Lake

MH / RV

October

The Preserve

October

Lakeridge of Eugene

October

Business Combination, Recognized Asset Acquired and Liability Assumed

The following table summarizes the amount of assets acquired, net of liabilities assumed, at the acquisition date and the consideration paid for the acquisitions completed during the years ended December 31, 2025 and 2024 (in millions):


	At Acquisition Date										Consideration
	Investment in property		Inventory of manufactured homes and retail related items		Other intangible assets(1)		Other assets / (liabilities), net		Total identifiable assets acquired net of liabilities assumed		Cash and escrow		Temporary and permanent equity(2)		Total consideration
Asset Acquisitions
Five MH / Two RV Portfolio	$	175.7	$	—	$	2.7	$	(1.1)	$	177.3	$	177.3	$	—	$	177.3
Marysville Farm	20.5		0.1		0.5		(0.1)		21.0		21.0		—		21.0
Three MH Portfolio	95.1		2.1		2.5		(1.0)		98.7		98.7		—		98.7
Reflections on Silver Lake	69.9		—		1.2		(0.8)		70.3		70.3		—		70.3
The Preserve(3)	57.0		—		0.6		—		57.6		57.6		—		57.6
Lakeridge of Eugene	31.3		—		0.5		0.3		32.1		32.1		—		32.1



Total 2025 Acquisitions	$	449.5	$	2.2	$	8.0	$	(2.7)	$	457.0	$	457.0	$	—	$	457.0

Total 2024 Acquisitions	$	63.4	$	0.5	$	1.9	$	(0.2)	$	65.6	$	30.2	$	35.4	$	65.6

(1) Includes acquired intangible assets subject to amortization of $8.0 million with a weighted average amortization period of seven years, primarily consisting of in-place leases.

(2) Refer to Note 8, "Equity and Temporary Equity," for additional detail.

(3) In conjunction with the acquisition, we entered into a leaseback transaction with the counterparty as a buyer-lessor. We concluded that both the purchase and lease were distinct and accounted for the lease in accordance with ASC 842, "Leases." Refer to Note 16, "Leases," for additional information.

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):


	December 31, 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 included within Income from discontinued operations, net (in millions):


	Year Ended December 31,
		2025		2024		2023
Revenues
Real property		$	145.9	$	460.3	$	431.6
Service, retail, dining and entertainment revenue		164.7		494.4		501.3
Interest, brokerage commissions and other, net		1.6		5.9		7.6
Total Revenues		312.2		960.6		940.5
Expenses
Property operating and maintenance		53.6		148.3		137.1
Real estate tax		7.9		21.9		21.7
Service, retail, dining and entertainment expenses		155.4		461.8		462.1
General and administrative(1)		81.2		64.8		58.6
Interest expense		—		0.1		0.1
Catastrophic event-related charges, net		—		3.5		7.2

Business combination costs		0.2		0.4		—
Depreciation, amortization, and loss on disposal of assets		36.3		190.2		165.9
Asset impairments		2.3		4.7		4.5
Total Expenses		336.9		895.7		857.2
Income / (Loss) Before Other Items		(24.7)		64.9		83.3
Gain on disposition of properties, net		1,463.2		—		—
Other income / (expense), net(2)		(5.4)		10.0		(0.2)
Income from Discontinued Operations, Before Income Taxes		1,433.1		74.9		83.1
Current tax expense (see Note 11)		(3.5)		(0.7)		(0.8)
Income from Discontinued Operations, net		$	1,429.6	$	74.2	$	82.3

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


	Year Ended December 31,
		2025		2024
Depreciation		$	31.9	$	168.1
Amortization		$	4.4	$	22.1
Capital Expenditures		$	73.3	$	183.3

The following dispositions of real estate properties for our continuing operations occurred during the year ended December 31, 2025:


Property Name	Segment	Number of Properties	State, Province or Country	Month Disposed	Gross Sales Proceeds		Cash Consideration, net(1)		Gain / (Loss) on Disposition(2)
RV Portfolio(3)	RV	2	Various	January	$	92.9	$	92.6	$	(0.2)
MH Portfolio	MH	3	FL	March	$	27.8	$	27.2	$	(2.8)
Sun Retreats Millbrook	RV	1	IL	April	$	3.5	$	2.8	$	(3.8)
Pine Hills	MH	1	IN	December	$	10.3	$	9.5	$	4.8

(1) Cash consideration, net of settlement of the associated mortgage debt, when applicable, and other closing adjustments. Refer to Note 7, "Debt and Line of Credit," for additional detail.

(2) Recorded in Gain on dispositions of properties, net on the Consolidated Statements of Operations.

The following dispositions of real estate properties for our continuing operations occurred during the year ended December 31, 2024 (in millions, except for property and site count):


Property Name	Segment	Number of Properties	State, Province or Country	Month Disposed	Gross Sales Proceeds		Cash Consideration, net(1)		Gain / (Loss) on Disposition(2)
Spanish Trails and Sundance	MH	2	AZ & FL	February	$	48.5	$	51.7	$	6.2
Littondale	UK	1	UK	May	$	5.9	$	5.4	$	2.2
Six Community MH Portfolio	MH	6	Various	July	$	224.6	$	150.7	$	142.0
Lake Pointe Village	MH	1	FL	July	$	38.0	$	20.3	$	16.0
Reserve at Fox Creek	MH	1	AZ	September	$	38.0	$	22.7	$	22.2
Turnberry	UK	1	UK	November	$	7.6	$	7.0	$	(1.1)
Canadian RV Portfolio(3)(4)	RV	13	ON	December	$	64.0	$	20.1	$	9.1

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

(2) Recorded in Gain on dispositions of properties, net on the Consolidated Statements of Operations.

(4) Gain on disposition is net of the release of foreign currency translation losses from AOCI of $2.3 million.

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

- Definition

+ References

+ Details

Income Taxes - Schedule of Income Taxes Paid (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments, Owned, Federal Income Tax Note [Line Items]
Federal	$ 0.0
Cash paid for income taxes	5.0	$ 2.9	$ 20.3
Texas
Investments, Owned, Federal Income Tax Note [Line Items]
State and local	0.7
New Hampshire
Investments, Owned, Federal Income Tax Note [Line Items]
State and local	0.5
New York
Investments, Owned, Federal Income Tax Note [Line Items]
State and local	0.3
All other state and local
Investments, Owned, Federal Income Tax Note [Line Items]
State and local	0.3
Canada
Investments, Owned, Federal Income Tax Note [Line Items]
Foreign	2.1
United Kingdom
Investments, Owned, Federal Income Tax Note [Line Items]
Foreign	$ 1.1

Equity and Temporary Equity - Schedule of Conversions (Details)	12 Months Ended
	Dec. 31, 2025 shares	Dec. 31, 2024 shares
Common OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	268,595	96,164
Common Stock \| Series A-1 preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	16,788	61,811
Common Stock \| Series C preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	4,782	10,104
Common Stock \| Series G preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	0	3,160
Common Stock \| Series H preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	465	5
Common Stock \| Series J preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	0	1,212
Common OP units \| Common OP units
Class of Stock [Line Items]
Conversion Rate	1.0000
Conversion of OP units (in shares)	268,595	96,164
Preferred Stock \| Series A-1 preferred OP units
Class of Stock [Line Items]
Conversion Rate	2.4390
Conversion of OP units (in shares)	6,884	25,347
Preferred Stock \| Series C preferred OP units
Class of Stock [Line Items]
Conversion Rate	1.1100
Conversion of OP units (in shares)	4,309	9,103
Preferred Stock \| Series G preferred OP units
Class of Stock [Line Items]
Conversion Rate	0.6452
Conversion of OP units (in shares)	0	4,898
Preferred Stock \| Series H preferred OP units
Class of Stock [Line Items]
Conversion Rate	0.6098
Conversion of OP units (in shares)	765	9
Preferred Stock \| Series J preferred OP units
Class of Stock [Line Items]
Conversion Rate	0.6061
Conversion of OP units (in shares)	0	2,000

Consolidated Statements of Operations - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Real property	$ 1,765,800,000	$ 1,703,100,000	$ 1,628,200,000
Home sales	333,800,000	369,900,000	419,900,000
Ancillary	134,000,000.0	132,500,000	137,600,000
Interest	48,500,000	20,100,000	44,800,000
Brokerage commissions and other, net	24,000,000.0	34,900,000	53,600,000
Total Revenues	2,306,100,000	2,260,500,000	2,284,100,000
Expenses
Property operating and maintenance	595,900,000	584,000,000.0	555,900,000
Real estate tax	111,100,000	103,800,000	95,700,000
Home costs and selling	263,800,000	273,100,000	305,600,000
Ancillary	106,000,000.0	108,900,000	108,300,000
General and administrative	236,700,000	230,500,000	213,500,000
Catastrophic event-related charges, net	1,200,000	23,600,000	(3,400,000)
Business combinations	0	0	3,000,000.0
Depreciation and amortization	507,900,000	490,500,000	494,100,000
Asset impairments	386,700,000	66,700,000	5,600,000
Goodwill impairment	0	180,800,000	369,900,000
Loss on extinguishment of debt (see Note 7)	104,000,000.0	1,400,000	0
Interest	221,000,000.0	350,300,000	325,700,000
Interest on mandatorily redeemable preferred OP units / equity	0	0	3,300,000
Total Expenses	2,534,300,000	2,413,600,000	2,477,200,000
Loss Before Other Items	(228,200,000)	(153,100,000)	(193,100,000)
Loss on remeasurement of marketable securities	0	0	(16,000,000.0)
Gain / (loss) on foreign currency exchanges	26,700,000	(25,800,000)	(300,000)
Gain on dispositions of properties, net	5,100,000	202,900,000	11,000,000.0
Other income / (expense), net	133,900,000	(6,800,000)	(7,300,000)
Loss on remeasurement of notes receivable	(1,600,000)	(36,400,000)	(106,700,000)
Total Income from Nonconsolidated Affiliates	16,400,000	9,500,000	16,000,000.0
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates	(900,000)	6,600,000	(4,200,000)
Current tax expense (see Note 11)	(10,800,000)	(3,600,000)	(13,700,000)
Deferred tax benefit (see Note 11)	60,000,000.0	39,600,000	22,900,000
Net Income / (Loss) from Continuing Operations	600,000	32,900,000	(291,400,000)
Income from discontinued operations, net	1,429,600,000	74,200,000	82,300,000
Net Income / (Loss)	1,430,200,000	107,100,000	(209,100,000)
Less: Preferred return to preferred OP units / equity interests	12,600,000	12,800,000	12,300,000
Less: Income / (loss) attributable to noncontrolling interests	56,400,000	5,300,000	(8,100,000)
Net Income / (Loss) Attributable to SUI Common Shareholders - Basic	$ 1,361,200,000	$ 89,000,000.0	$ (213,300,000)
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic (in shares)	124.9	124.5	123.4
Weighted average common shares outstanding - diluted (in shares)	124.9	127.2	123.8
Earnings (loss) per share:
Basic earnings / (loss) per share from continuing operations (in USD per share)	$ (0.61)	$ 0.12	$ (2.38)
Basic earnings per share from discontinued operations (in USD per share)	11.45	0.59	0.67
Basic earnings/(loss) per share (in USD per share)	10.84	0.71	(1.71)
Diluted earnings / (loss) per share from continuing operations (in USD per share)	(0.61)	0.12	(2.39)
Diluted earnings per share from discontinued operations (in USD per share)	11.45	0.59	0.67
Diluted earnings/(loss) per share (in USD per share)	$ 10.84	$ 0.71	$ (1.72)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Share-Based Compensation - Narrative (Details) $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2025 shares	Dec. 31, 2025 USD ($) plan shares	Dec. 31, 2024 shares	Dec. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans \| plan		2
Unrecognized share-based compensation costs \| $		$ 70.7
Expected period of recognition for unrecognized share-based compensation costs		1 year 8 months 12 days
Share-Based Payment Arrangement, Accelerated Cost \| $		$ 7.7
2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued under plan (in shares)		4,750,000
Number of shares available for future issuance under plan (in shares)		2,508,340
Director Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued under plan (in shares)		375,000
Number of shares available for future issuance under plan (in shares)		107,965
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted (in shares)		404,518	343,240	381,858
Restricted Stock \| 2004 Non-Employee Director Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Executive Officers \| Common Stock Inducement Award \| 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted (in shares)	7,782
Time Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Accelerated Vesting, Number		48,134
Time Based \| Directors \| Restricted Stock \| 2004 Non-Employee Director Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted (in shares)		14,000	20,000
Time Based \| Key Employees and Executive Officers \| Restricted Stock \| 2015 Equity Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		5 years
Time Based \| Key Employees and Executive Officers \| Restricted Stock \| 2015 Equity Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Time Based \| Executive Officers \| Restricted Stock \| 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Shares Granted (in shares)	31,128	119,041	51,800
Market Condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Accelerated Vesting, Number		21,000
Market Condition \| Executive Officers \| Restricted Stock \| 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years	3 years
Shares Granted (in shares)	27,626	114,626	41,400
Time Based and Market Condition \| Executive Officers \| Restricted Stock \| 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted (in shares)	58,754

Equity and Temporary Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Equity and Temporary Equity

8. 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 December 31, 2025 and 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 at December 31,
	December 31, 2025						2025		2024
Series D preferred OP units	488,958	0.8000	4.0	%	Holder's Option	Any time	$	51.3	$	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	3.3		19.8
Series H preferred OP units	560,968	0.6098	3.0	%	Holder's Option	Any time	59.6		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	24.2		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	11.6		11.9
Total	2,360,824						$	255.7	$	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 December 31, 2025, we had 123,486,747 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. During the three months ended September 30, 2024, we entered into forward sale agreements with respect to 2,713,571 shares of common stock under the ATM. We completed the physical settlement of these shares for an aggregate gross sales price of $364.3 million and received net proceeds of $361.7 million, or $133.31 per share. The net proceeds were used to repay borrowings outstanding under the senior credit facility. Through December 31, 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 December 31, 2025, we repurchased and retired 4.3 million shares of our outstanding common stock for $539.1 million. As of December 31, 2025, we had $460.9 million remaining authorized for purchase under this program.

Issuances of Common OP Units

During the year ended December 31, 2025, we did not issue any common OP units. During the year ended December 31, 2024, we issued common OP units in connection with the acquisition of certain properties:


Month	Common OP Units Issued	Fair Value at Issuance (in millions)		Related Acquisition
September 2024	243,273	$	31.5	Marina Village Yacht Harbor
April 2024	19,326	$	2.5	Port Milford
March 2024	4,452	$	0.6	Land for development

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):


	December 31, 2025		December 31, 2024
Net foreign currency translation gains / (losses)	$	8.8	$	(44.1)
Accumulated net gain on derivatives	17.7		36.2
Accumulated other comprehensive income / (loss)	$	26.5	$	(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 at December 31,
	December 31, 2025						2025		2024
Common OP units	2,637,275	1.0000	Same distribution rate for common stock		N/A	N/A	$	71.6	$	71.5
Series A-1 preferred OP units	169,913	2.4390	6.0	%	N/A	N/A	12.3		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	3,239,892						$	116.3	$	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) Except for Common OP units, 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 years ended December 31, 2025 and 2024:


		Year Ended December 31,
		2025		2024
Series	Conversion Rate	Units / Shares Converted	Common Stock(1)		Units / Shares Converted	Common Stock(1)

Common OP units	1.0000	268,595	268,595		96,164	96,164
Series A-1 preferred OP units	2.4390	6,884	16,788		25,347	61,811



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.

Non-Monetary Transaction and Redemption of Preferred OP Units

In January 2025, we entered into a non-monetary transaction with a real estate developer to settle a note receivable of $23.8 million in exchange for settlement of contingent consideration of $9.0 million in conjunction with one RV property in California, and redemption of 200,914 Series G preferred OP units held by the developer at a carrying value of $19.6 million. We also provided the developer with a redemption right to repurchase the Series G preferred OP units at an option price per unit of $84.42 through the option expiration date of January 1, 2026. The redemption right was not exercised and expired subsequent to January 1, 2026. In accordance with ASC 815, "Derivatives and Hedging," we accounted for the redemption right as an equity-linked financial instrument that is indexed to our own shares, thus qualifying for the scope exception to account for the option as a freestanding derivative financial instrument, and recorded the option to Temporary Equity at its transaction date fair value of $3.4 million. During the year ended December 31, 2025, we recorded a gain of $3.7 million within Other income / (expense), net on our Consolidated Statements of Operations in conjunction with the non-monetary transaction.

Redemption of Preferred OP Units

Subject to certain limitations, holders can redeem certain series of preferred OP units for cash, provided that the applicable contractual requirements are met. During the year ended December 31, 2025, 20,000 Series F preferred OP units and 19,496 Series H preferred OP units were redeemed for a total net cash payment of $3.9 million, inclusive of all distributions on the redeemed units that were accrued and unpaid as of the redemption date, in accordance with the terms and conditions set forth in the redemption agreement.

Distributions

Common stock, common OP unit, and restricted stock distributions declared for the year ended December 31, 2025 were as follows (in millions, except for per share amounts):


Period	Record Date	Payment Date	Distribution Per Share		Total Distribution
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
December 31, 2025	12/31/2025	2/2/2026	$	1.04	$	131.2

(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

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+ Details

Leases - Schedule of Future Minimum Lease Payments (Detail) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Finance Leases
2026	$ 0.9
2027	0.9
2028	0.9
2029	0.7
2030	0.6
Thereafter	37.3
Total Lease Payments	41.3
Less: Imputed interest	(30.7)
Present Value of Lease Liabilities	10.6	$ 14.2
Operating Leases
2026	5.6
2027	5.0
2028	4.5
2029	4.0
2030	3.4
Thereafter	75.2
Total Lease Payments	97.7
Less: Imputed interest	(58.7)
Present Value of Lease Liabilities	39.0	$ 34.5
Total
2026	6.5
2027	5.9
2028	5.4
2029	4.7
2030	4.0
Thereafter	112.5
Total Lease Payments	139.0
Less: Imputed interest	(89.4)
Present Value of Lease Liabilities	$ 49.6

Investment in Nonconsolidated Affiliates - Schedule of Changes in Investment Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Changes in Investment Balance [Roll Forward]
Equity Method Investments	$ 125.1
Payments to Acquire Equity Method Investments	0.9	$ 22.4	$ 38.4
Proceeds from Equity Method Investment, Distribution	14.5	31.1	20.7
Income (Loss) from Equity Method Investments	16.4	9.5	16.0
Equity Method Investments	129.0	125.1
Sungenia JV
Schedule of Changes in Investment Balance [Roll Forward]
Equity Method Investments	75.1
Income (Loss) from Equity Method Investments	14.0	7.5	3.2
Equity Method Investments	91.1	75.1
GTSC
Schedule of Changes in Investment Balance [Roll Forward]
Equity Method Investments	48.9
Income (Loss) from Equity Method Investments	2.3	3.3	$ 3.3
Equity Method Investments	$ 37.9	$ 48.9

- 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

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Property Insurance Recoveries, excluding Business Interruption Recoveries

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


	Year Ended December 31, 2025
Total estimated insurance receivable - December 31, 2024	$	16.7
Change in estimated property insurance recoveries	36.1
Proceeds received from insurer	(10.8)
Total estimated insurance receivable - December 31, 2025	$	42.0

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The table below sets forth our financial assets and liabilities (in millions) that require disclosure of fair value on a recurring basis as of December 31, 2025. The valuation techniques are described in Note 1, "Significant Accounting Policies." 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.


		December 31, 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	$	139.2		$	139.2	$	93.9	$	93.9

Notes receivable from real estate developers and operators	3	44.5			44.5		148.5		148.5
Collateralized receivables, net	3	43.2			43.2		51.2		51.2
Derivative assets	2	—			—		6.3		6.3
Total assets measured at fair value		$	226.9		$	226.9	$	299.9	$	299.9

Financial Liabilities
Mortgage loans payable	2	$	2,429.0		$	2,193.0	$	3,212.2	$	2,952.4
Secured borrowings on collateralized receivables	3	43.2			43.2		51.2		51.2
Total secured debt		2,472.2			2,236.2		3,263.4		3,003.6
Unsecured debt
Senior unsecured notes	2	1,786.5			1,655.1		2,676.3		2,476.8

Line of credit	2	—			—		1,413.1		1,413.1
Total unsecured debt		1,786.5			1,655.1		4,089.4		3,889.9
Derivative liabilities	2	—			—		1.3		1.3
Other financial liabilities (contingent consideration)	3	0.2			0.2		11.3		11.3
Total liabilities measured at fair value		$	4,258.9		$	3,891.5	$	7,365.4	$	6,906.1

Schedule of Changes of Level 3 Financial Instruments

The following tables summarize changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy (in millions):


	Year Ended December 31,
	2025								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 January 1, 2025 and 2024	$	93.9		$	148.5	$	51.2		$	19.6		$	134.5		$	56.2


Realized gains / (losses)	(1.6)		(1)	—		(0.2)		(2)	(0.5)		(1)	(35.8)		(1)	2.1		(2)
Purchases and issuances	57.4			6.5		—			81.4			63.2			—
Sales and settlements	(10.1)			(112.6)		(5.7)			(4.6)			(13.3)			(7.1)
Dispositions of properties	(0.4)			—		(2.1)			(2.0)			—			—
Foreign currency exchange gains / (losses)	—			2.1		—			—			(0.5)			—

Other adjustments	—			—		—			—			0.4			—
Level 3 ending balance at December 31, 2025 and 2024	$	139.2		$	44.5	$	43.2		$	93.9		$	148.5		$	51.2

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

(2) Realized gains / (losses) recorded within Other income / (expense), net on the Consolidated Statements of Operations.


	Year Ended December 31,
	2025				2024
Liabilities:	Secured Borrowing on Collateralized Receivables		Other Liabilities (Contingent Consideration)		Secured Borrowing on Collateralized Receivables		Other Liabilities (Contingent Consideration)
Level 3 beginning balance at January 1, 2025 and 2024	$	51.2	$	11.3	$	55.8	$	11.3


Realized (gains) / losses(1)	(0.2)		—		2.1		—
Purchases and issuances	—		—		0.4		—
Sales and settlements	(7.8)		(14.0)		(7.1)		—
Dispositions of properties	—		(2.3)		—		—
Other adjustments(2)	—		5.2		—		—
Level 3 ending balance at December 31, 2025 and 2024	$	43.2	$	0.2	$	51.2	$	11.3

(1) Realized losses are recorded within Other income / (expense), net on the Consolidated Statements of Operations.

(2) Represents contingent consideration from a tax protection agreement that we entered into with former owners of certain marina properties at the time of acquisition. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," for additional information.

Fair Value Measurements, Nonrecurring

During the year ended December 31, 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			Aggregate Estimated Fair Value
Three months ended December 31, 2025	3	(2)	3	UK	$	30.6		$	14.7
Three months ended September 30, 2025	3	(1)	6	RV	$	165.0		$	22.9
Three months ended June 30, 2025	3	(2)	3	UK	$	132.7	(3)	$	8.9
Three months ended June 30, 2025	3	(2)	3	RV	$	32.2		$	86.4
Three months ended March 31, 2025	3	(4)	7	MH / RV	$	20.5		$	93.4

(1) 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%.

(2) 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.

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

(4) 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.

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Business interruption insurance, period of coverage	60 months
Other income / (expense), net	$ 133.9	$ (6.8)	$ (7.3)
Insurance Settlement
Loss Contingencies [Line Items]
Other income / (expense), net	68.5
Hurricane Ian
Loss Contingencies [Line Items]
Estimated insurance recoveries	43.7
Proceeds received from insurer	80.2
Hurricane Ian \| Insurance Settlement
Loss Contingencies [Line Items]
Proceeds received from insurer	10.7	16.7
Hurricane Helene and Milton
Loss Contingencies [Line Items]
Estimated insurance recoveries	42.0	$ 16.7
Proceeds received from insurer	$ 10.8

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Land	$ 3,503.2	$ 3,461.5
Land improvements and buildings	9,286.8	9,058.7
Rental homes and improvements	940.2	834.1
Furniture, fixtures and equipment	769.8	739.2
Investment property	14,500.0	14,093.5
Accumulated depreciation	(3,598.3)	(3,228.4)
Investment property, net	10,901.7	10,865.1
Cash, cash equivalents and restricted cash	636.1	57.1
Inventory of manufactured homes	142.9	129.8
Collateralized receivables, net	43.2	51.2
Goodwill	9.5	9.5
Other intangible assets, net	101.5	102.5
Other assets, net	355.9	442.4
Assets held for sale and discontinued operations, net (see Note 2)	0.0	4,461.7
Total Assets	12,522.9	16,549.4
Liabilities
Mortgage loans payable (see Note 7)	2,429.0	3,212.2
Secured borrowings on collateralized receivables	43.2	51.2
Unsecured debt (see Note 7)	1,786.5	4,089.4
Distributions payable	131.1	122.6
Advanced reservation deposits and rent	255.9	249.4
Accrued expenses and accounts payable	228.1	265.8
Other liabilities	320.6	819.3
Liabilities held for sale and discontinued operations, net (see Note 2)	0.0	286.9
Total Liabilities	5,194.4	9,096.8
Commitments and contingencies (see Note 15)
Temporary equity (see Note 8)	255.7	259.8
Shareholders' Equity
Common stock, $0.01 par value. Authorized: 360.0 shares; Issued and outstanding: 123.5 at December 31, 2025 and 127.4 at December 31, 2024	1.2	1.3
Additional paid-in capital	9,563.1	9,864.2
Accumulated other comprehensive income / (loss)	26.5	(7.9)
Distributions in excess of accumulated earnings	(2,634.7)	(2,775.9)
Total SUI Shareholders' Equity	6,956.1	7,081.7
Noncontrolling interests
Common and preferred OP units	116.3	110.4
Consolidated entities	0.4	0.7
Total noncontrolling interests	116.7	111.1
Total Shareholders' Equity	7,072.8	7,192.8
Total Liabilities, Temporary Equity and Shareholders' Equity	$ 12,522.9	$ 16,549.4

Share-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-Based Compensation

9. Share-Based Compensation

As of December 31, 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. Award recipients receive non-forfeitable distribution payments on unvested shares of restricted stock.

Time based awards for key employees and executives granted under the 2015 Equity Incentive Plan generally vest over four to five years. Market condition awards for executives generally vest after three years. As of December 31, 2025, the number of shares of common stock that may be issued under the 2015 Equity Incentive Plan is 4,750,000. As of December 31, 2025, there were 2,508,340 shares available for future issuance under the 2015 Equity Incentive Plan.

The types of awards that may be granted under the 2004 Non-Employee Director Option Plan are options, restricted stock, and OP units. Only non-employee directors are eligible to participate in this plan. All outstanding awards under this plan are time based awards of restricted stock, which generally vest over three years. The maximum number of options, restricted stock, and OP units that may be issued under this plan is 375,000 shares. As of December 31, 2025, 107,965 shares remained available for future issuance.

During the years ended December 31, 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	156,851	$	132.33	(1)	Time Based
2025	Executive Officers	2015 Equity Incentive Plan	119,041	$	128.70	(1)	Time Based
2025	Executive Officers	2015 Equity Incentive Plan	114,626	$	106.41	(2)	Market Condition
2025	Directors	2004 Non-Employee Director Option Plan	14,000	$	122.78	(1)	Time Based
2024	Key Employees	2015 Equity Incentive Plan	230,040	$	131.10	(1)	Time Based
2024	Executive Officers	2015 Equity Incentive Plan	51,800	$	131.99	(1)	Time Based
2024	Executive Officers	2015 Equity Incentive Plan	41,400	$	98.14	(2)	Market Condition
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.

In October 2025, we appointed Charles D. Young as our new 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.

Share-based compensation for performance-based RSAs with market conditions is measured based on shares expected to vest using a Monte Carlo simulation to determine fair value. The following table summarizes the weighted average assumptions utilized to calculate the grant date fair value of these awards during the periods presented:


	Grant Year
	2025	2024		2023
Risk-free interest rate	3.5% - 4.0%	4.4	%	4.5	%
Dividend yield	2.8% - 3.2%	2.9	%	2.4	%
Volatility	24.8% - 26.6%	25.9	%	28.1	%
Expected term (in years)	2.25 - 3	3		3

The following table summarizes our restricted stock activity for the years ended December 31, 2025, 2024, and 2023 (in millions, except share and per share data):


	Number of Shares	Weighted Average Grant Date Fair Value		Fair Value of Shares Vested
Unvested restricted shares at January 1, 2023	854,767	$	144.19
Granted	381,858	$	132.73
Vested	(243,776)	$	139.03	$	33.9
Forfeited	(55,198)	$	153.68
Unvested restricted shares at December 31, 2023	937,651	$	140.30
Granted	343,240	$	127.17
Vested	(222,842)	$	150.36	$	33.5
Forfeited	(148,161)	$	109.12
Unvested restricted shares at December 31, 2024	909,888	$	137.39
Granted	404,518	$	123.36
Vested	(251,061)	$	147.01	$	36.9
Forfeited	(260,036)	$	134.47
Unvested restricted shares at December 31, 2025	803,309	$	128.91

During the years ended December 31, 2025, 2024, and 2023 we recognized total share-based compensation expense from continuing operations of $39.6 million, $31.7 million, and $32.6 million, respectively, within General and administrative expense on the Consolidated Statements of Operations.

The remaining unrecognized share-based compensation cost, net related to our unvested restricted shares, which includes estimated forfeitures, as of December 31, 2025 was approximately $70.7 million and is expected to be recognized over a weighted average period of 1.7 years. Forfeitures are estimated at the grant date and are included monthly within compensation cost. The following table summarizes our expected share-based compensation cost, net related to our unvested restricted shares, in millions:


	2026		2027		2028		Thereafter
Expected share-based compensation costs, net	$	28.3	$	21.4	$	11.4	$	9.6

Modifications

During the year ended December 31, 2025, we modified certain unvested RSAs to accelerate the vesting terms such that the respective awards vested in connection with the termination or retirement of the eligible grantees ("accelerated vestings"). We accounted for the accelerated vestings as modifications under ASC 718, "Compensation-Stock Compensation," and recognized compensation expense based on the incremental fair value of the modified awards. Accordingly, we recognized accelerated share-based compensation expense of $7.7 million within General and administrative expense related to 48,134 time based restricted shares and 21,000 performance-based restricted shares previously subject to a market condition.

Recent Accounting Pronouncements	12 Months Ended
Recent Accounting Pronouncements	Dec. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	18. Recent Accounting Pronouncements Recent Accounting Pronouncements - Adopted 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 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. We adopted ASU 2023-09 for the year ended December 31, 2025 and applied the new disclosure requirements prospectively for the current annual period. Refer to Note 11, "Income Taxes," for additional information. 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 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
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Real Estate Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2025

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

Real Estate Acquisitions and Dispositions

3. Real Estate Acquisitions and Dispositions

2025 Acquisitions and Dispositions

The following acquisitions of real estate properties occurred during the year ended December 31, 2025:

Property Name

Type

State, Province or Country

Month Acquired

Five MH / Two RV Portfolio

MH / RV

Various

October

Marysville Farm

October

Three MH Portfolio

October

Reflections on Silver Lake

MH / RV

October

The Preserve

October

Lakeridge of Eugene

October


	At Acquisition Date										Consideration
	Investment in property		Inventory of manufactured homes and retail related items		Other intangible assets(1)		Other assets / (liabilities), net		Total identifiable assets acquired net of liabilities assumed		Cash and escrow		Temporary and permanent equity(2)		Total consideration
Asset Acquisitions
Five MH / Two RV Portfolio	$	175.7	$	—	$	2.7	$	(1.1)	$	177.3	$	177.3	$	—	$	177.3
Marysville Farm	20.5		0.1		0.5		(0.1)		21.0		21.0		—		21.0
Three MH Portfolio	95.1		2.1		2.5		(1.0)		98.7		98.7		—		98.7
Reflections on Silver Lake	69.9		—		1.2		(0.8)		70.3		70.3		—		70.3
The Preserve(3)	57.0		—		0.6		—		57.6		57.6		—		57.6
Lakeridge of Eugene	31.3		—		0.5		0.3		32.1		32.1		—		32.1



Total 2025 Acquisitions	$	449.5	$	2.2	$	8.0	$	(2.7)	$	457.0	$	457.0	$	—	$	457.0

Total 2024 Acquisitions	$	63.4	$	0.5	$	1.9	$	(0.2)	$	65.6	$	30.2	$	35.4	$	65.6

(1) Includes acquired intangible assets subject to amortization of $8.0 million with a weighted average amortization period of seven years, primarily consisting of in-place leases.

(2) Refer to Note 8, "Equity and Temporary Equity," for additional detail.

During the year ended December 31, 2025, we incurred and capitalized $6.5 million of transaction costs, which have been allocated among various Investment property and other asset classes for purchases that meet the asset acquisition criteria.

During the year ended December 31, 2025, we also acquired one operating asset in the UK adjacent to an existing property for $2.6 million.

2025 Disposition Activity

The following dispositions of real estate properties for our continuing operations occurred during the year ended December 31, 2025:


Property Name	Segment	Number of Properties	State, Province or Country	Month Disposed	Gross Sales Proceeds		Cash Consideration, net(1)		Gain / (Loss) on Disposition(2)
RV Portfolio(3)	RV	2	Various	January	$	92.9	$	92.6	$	(0.2)
MH Portfolio	MH	3	FL	March	$	27.8	$	27.2	$	(2.8)
Sun Retreats Millbrook	RV	1	IL	April	$	3.5	$	2.8	$	(3.8)
Pine Hills	MH	1	IN	December	$	10.3	$	9.5	$	4.8

(1) Cash consideration, net of settlement of the associated mortgage debt, when applicable, and other closing adjustments. Refer to Note 7, "Debt and Line of Credit," for additional detail.

(2) Recorded in Gain on dispositions of properties, net on the Consolidated Statements of Operations.

During the year ended December 31, 2025, we sold three developmental land parcels in the U.S. and UK for total consideration of $68.1 million and recorded a total gain on sale of $6.5 million. We previously recorded asset impairment charges of $97.4 million related to one of the development land parcels in the UK during the three months ended June 30, 2025. Refer to Note 14, "Fair Value Measurements," for additional information.

2024 Dispositions Activity

The following dispositions of real estate properties for our continuing operations occurred during the year ended December 31, 2024 (in millions, except for property and site count):


Property Name	Segment	Number of Properties	State, Province or Country	Month Disposed	Gross Sales Proceeds		Cash Consideration, net(1)		Gain / (Loss) on Disposition(2)
Spanish Trails and Sundance	MH	2	AZ & FL	February	$	48.5	$	51.7	$	6.2
Littondale	UK	1	UK	May	$	5.9	$	5.4	$	2.2
Six Community MH Portfolio	MH	6	Various	July	$	224.6	$	150.7	$	142.0
Lake Pointe Village	MH	1	FL	July	$	38.0	$	20.3	$	16.0
Reserve at Fox Creek	MH	1	AZ	September	$	38.0	$	22.7	$	22.2
Turnberry	UK	1	UK	November	$	7.6	$	7.0	$	(1.1)
Canadian RV Portfolio(3)(4)	RV	13	ON	December	$	64.0	$	20.1	$	9.1

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

(2) Recorded in Gain on dispositions of properties, net on the Consolidated Statements of Operations.

(4) Gain on disposition is net of the release of foreign currency translation losses from AOCI of $2.3 million.

In addition, during the year ended December 31, 2024, we sold three development land parcels in the U.S. for total consideration of $50.2 million and recorded a total gain on sale of $11.5 million.

Share-Based Compensation - Schedule of Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted Average Grant Date Fair Value
Fair Value of Shares Vested	$ 36.9	$ 33.5	$ 33.9
Restricted Stock
Number of Shares
Unvested restricted shares, beginning balance (in shares)	909,888	937,651	854,767
Granted (in shares)	404,518	343,240	381,858
Vested (in shares)	(251,061)	(222,842)	(243,776)
Forfeited (in shares)	(260,036)	(148,161)	(55,198)
Unvested restricted shares, ending balance (in shares)	803,309	909,888	937,651
Weighted Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share)	$ 128.91	$ 137.39	$ 140.30	$ 144.19
Granted (in dollars per share)	123.36	127.17	132.73
Vested (in dollars per share)	147.01	150.36	139.03
Forfeited (in dollars per share)	134.47	109.12	153.68
Unvested, ending balance (in dollars per share)	$ 128.91	$ 137.39	$ 140.30

Earnings / (Loss) Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings / (Loss) Per Share

12. 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 per share data):


	Year Ended December 31,
	2025		2024		2023
Numerator for basic EPS
Net income / (loss) from continuing operations	$	0.6	$	32.9	$	(291.4)
Preferred return to preferred OP units equity interests	(12.6)		(12.8)		(12.3)
(Income) / loss attributable to noncontrolling interests	(56.4)		(5.3)		8.1
Net income / (loss) from continuing operations attributable to SUI common shareholders	(68.4)		14.8		(295.6)
Less: allocation to restricted stock awards	7.7		0.4		(1.8)
Basic earnings - net income / (loss) from continuing operations after allocation to restricted stock awards	(76.1)		14.4		(293.8)
Basic earnings - net income from discontinued operations	1,429.6		74.2		82.3
Basic earnings - net income / (loss) attributable to common shareholders after allocation to restricted stock awards	$	1,353.5	$	88.6	$	(211.5)

Numerator for diluted EPS
Basic earnings - net income / (loss) from continuing operations after allocation to restricted stock awards	$	(76.1)	$	14.4	$	(293.8)
Add: allocation to common and preferred OP units dilutive effect	—		1.2		—
Add: allocation to restricted stock awards	—		—		(1.8)
Diluted net income / (loss) from continuing operations attributable to SUI common shareholders	(76.1)		15.6		(295.6)
Diluted net income from discontinued operations	1,429.6		74.2		82.3
Diluted earnings - net income / (loss) attributable to common shareholders after allocation to common and preferred OP units(1)	$	1,353.5	$	89.8	$	(213.3)

Denominator
Weighted average common shares outstanding	124.9		124.5		123.4


Add: dilutive restricted stock	—		—		0.4
Add: common and preferred OP units dilutive effect	—		2.7		—
Diluted weighted average common shares and securities(1)	124.9		127.2		123.8

EPS Available to Common Shareholders After Allocation
Basic earnings / (loss) per share from continuing operations	$	(0.61)	$	0.12	$	(2.38)
Basic earnings per share from discontinued operations	11.45		0.59		0.67
Basic earnings / (loss) per share	$	10.84	$	0.71	$	(1.71)

Diluted earnings / (loss) per share from continuing operations	$	(0.61)	$	0.12	$	(2.39)
Diluted earnings per share from discontinued operations	11.45		0.59		0.67
Diluted earnings / (loss) per share(1)	$	10.84	$	0.71	$	(1.72)

(1) For the years ended December 31, 2025 and 2024, diluted earnings per share was calculated using the two-class method for RSAs as the application of this method resulted in a more diluted earnings per share during those periods. For the year ended December 31, 2023, diluted earnings per share was calculated using the treasury stock method for RSAs as the application of this method resulted in a more diluted earnings per share during this period.

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 computation of diluted EPS (in thousands):


	Year Ended December 31,
	2025	2024	2023
Common OP units	2,637	—	2,735
A-1 preferred OP units	170	177	202
A-3 preferred OP units	40	40	40
Series C preferred OP units	292	297	306
Series D preferred OP units	489	489	489
Series E preferred OP units	80	80	80
Series F preferred OP units	70	90	90
Series G preferred OP units	5	206	211
Series H preferred OP units	561	581	581
Series J preferred OP units	236	236	238
Series K preferred OP units	1,000	1,000	1,000
Series L preferred OP units	20	20	20
Redemption rights - Series G preferred OP units	201	N/A	N/A

Total Securities	5,801	3,216	5,992

N/A = Not applicable.

Real Estate Acquisitions and Dispositions - Narrative (Details) $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2025 USD ($)	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) developmentSite	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Business Combination [Line Items]
Gain on dispositions of properties, net					$ 5.1	$ 202.9	$ 11.0
Asset impairments					386.7	$ 66.7	$ 5.6
Asset Impairment Charges		$ 165.0	$ 32.2	$ 20.5
United Kingdom
Business Combination [Line Items]
Asset Impairment Charges	$ 30.6		$ 132.7
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]			Asset impairments
Payments to Acquire Other Productive Assets					$ 2.6
MH Developmental Land Parcel \| United Kingdom
Business Combination [Line Items]
Asset Impairment Charges			$ 97.4
Boulder Ridge
Business Combination [Line Items]
Number of properties sold \| property						3
Gain on dispositions of properties, net						$ 11.5
Proceeds from sale of real estate						50.2
Portfolio Of RV Properties \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Business Combination [Line Items]
Number of properties sold \| developmentSite					3
Asset impairments						12.1
Total assets measured at fair value						$ 47.5
MH Developmental Land Parcel \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Combination [Line Items]
Number of properties sold \| developmentSite					3
Gain on dispositions of properties, net					$ 6.5
Proceeds from sale of real estate					$ 68.1

Investment in Nonconsolidated Affiliates

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investment in Nonconsolidated Affiliates

6. Investments in Nonconsolidated Affiliates

Our investments in joint ventures that are accounted for using the equity method of accounting are as follows:

Sungenia joint venture ("Sungenia JV")

At December 31, 2025 and 2024, we had a 50% ownership interest in Sungenia JV, a joint venture formed between us and Ingenia Communities Group (ASX:INA) to establish and operate a MH community development program in Australia.

GTSC LLC ("GTSC")

At December 31, 2025 and 2024, we had a 40% ownership interest in GTSC, which engages in acquiring, holding and selling loans secured, directly or indirectly, by manufactured homes located in our communities.

SV Lift, LLC ("SV Lift")

During the year ended December 31, 2025 we disposed of the primary asset held by SV Lift, a 50% owned joint venture which owned, operated and leased an aircraft. The disposition did not result in material activity on the Consolidated Statements of Operations, and we expect to dissolve the joint venture in 2026.

Our investment balances in nonconsolidated affiliates are as follows (in millions):



Investment	December 31, 2025		December 31, 2024

Investment in Sungenia JV	$	91.1	$	75.1
Investment in GTSC(1)	37.9		48.9

Investment in SV Lift	—		1.1
Total	$	129.0	$	125.1

(1) Balances are net of fair value adjustment gains / (losses) of $(0.9) million and $6.6 million during the years ended December 31, 2025 and 2024.

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


	Year Ended December 31,
Income / (Loss) from Nonconsolidated Affiliates	2025		2024		2023

Sungenia JV equity income	$	14.0	$	7.5	$	3.2
GTSC equity income	2.3		3.3		3.3

Equity income / (loss) from other nonconsolidated affiliates	0.1		(1.3)		9.5
Total Income from Nonconsolidated Affiliates	$	16.4	$	9.5	$	16.0

During the years ended December 31, 2025, 2024, and 2023, we received distributions of $14.5 million, $31.1 million, and $20.7 million, respectively, and made contributions of $0.9 million, $22.4 million, and $38.4 million, respectively, with our nonconsolidated affiliates.

Debt and Line of Credit - Narrative (Details)	1 Months Ended	3 Months Ended		12 Months Ended
Debt and Line of Credit - Narrative (Details)	Sep. 30, 2025 USD ($) term Rate	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) property	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Apr. 07, 2022 USD ($)
Line of Credit Facility [Line Items]
Mortgage loans payable (see Note 7)				$ 2,472,200,000	$ 3,263,400,000
Loss on extinguishment of debt (see Note 7)				104,000,000.0	1,400,000	$ 0
Repayments of Long-term Debt				2,093,300,000	269,200,000	$ 174,200,000
Mortgage loans payable (see Note 7)				2,429,000,000	3,212,200,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit and other				0	$ 1,413,100,000
Collateralized Mortgage Backed Securities
Line of Credit Facility [Line Items]
Net book value				1,800,000,000
Revolving Loan \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving loan amount							$ 3,050,000,000.00
Loss on extinguishment of debt (see Note 7)		$ 1,600,000
Line of credit
Line of Credit Facility [Line Items]
Outstanding letters of credit				13,700,000
Line of credit \| Revolving Credit Facility \| New Credit Facility
Line of Credit Facility [Line Items]
Aggregate amount of credit facility	$ 2,000,000,000.0	2,000,000,000.0
Line of credit and other				0
Line of Credit Facility, Accordion Feature, Increase Limit	$ 1,000,000,000.0	1,000,000,000.0
Debt Instrument, Number Of Extension Terms \| term	2
Debt Instrument, Extension Term	6 months
Debt Issuance Costs, Gross				$ 11,600,000
Line of credit \| Revolving Credit Facility \| Minimum \| New Credit Facility \| All Interest Rates Except ABR Loans
Line of Credit Facility [Line Items]
Basis points \| Rate	0.725%
Line of credit \| Revolving Credit Facility \| Minimum \| New Credit Facility \| Alternate Base Rate (ABR)
Line of Credit Facility [Line Items]
Basis points \| Rate	0.00%
Line of credit \| Revolving Credit Facility \| Maximum \| New Credit Facility \| All Interest Rates Except ABR Loans
Line of Credit Facility [Line Items]
Basis points \| Rate	1.40%
Line of credit \| Revolving Credit Facility \| Maximum \| New Credit Facility \| Alternate Base Rate (ABR)
Line of Credit Facility [Line Items]
Basis points \| Rate	0.40%
Line of credit \| Letter of Credit \| New Credit Facility
Line of Credit Facility [Line Items]
Aggregate amount of credit facility	$ 100,000,000.0	$ 100,000,000.0
Unsecured Debt \| 2029 Notes And 2030 Notes
Line of Credit Facility [Line Items]
Loss on extinguishment of debt (see Note 7)			$ 56,500,000
Repayments of Long-term Debt			$ 900,000,000.0
Properties Securing Debt \| Collateralized Mortgage Backed Securities
Line of Credit Facility [Line Items]
Number of properties securing a debt instrument \| property				110

Assets Held for Sale and Discontinued Operations - Disposal Groups, Including Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
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	$ 4,461.7
Liabilities held for sale and discontinued operations, net (see Note 2)	0.0		0.0	286.9
Discontinued Operation, Tax Effect of Discontinued Operation	9.4
Disposal Group Including Discontinued Operation Transaction Costs			63.1
Disposal Group, Including Discontinued Operation, Contingent Consideration expense		$ 14.6
Disposal Group including discontinued operations, Depreciation			31.9	168.1
Disposal Group including discontinued operations, Amortization			4.4	22.1
Capital Expenditure, Discontinued Operations			73.3	183.3
Reported Value Measurement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other financial liabilities (contingent consideration)	0.2		0.2	11.3
Discontinued Operations, Disposed of by Sale \| Safe Harbor
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, Furniture, fixtures and equipment	0.0		0.0	369.2
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment	0.0		0.0	3,820.6
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	4,414.5
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
Disposal Group, Including Discontinued Operation, Lease Income			145.9	460.3	$ 431.6
Disposal Group, Including Discontinued Operation, Service revenue			164.7	494.4	501.3
Disposal Group, Including Discontinued Operation, Interest, brokerage commissions and other, net			1.6	5.9	7.6
Disposal Group, Including Discontinued Operation, Revenue			312.2	960.6	940.5
Disposal Group, Including Discontinued Operation, Property operating and maintenance			53.6	148.3	137.1
Disposal Group, Including Discontinued Operation, Real estate tax			7.9	21.9	21.7
Disposal Group, Including Discontinued Operation, Service, retail, dining and entertainment expenses			155.4	461.8	462.1
Disposal Group, Including Discontinued Operation, General and Administrative Expense			81.2	64.8	58.6
Disposal Group, Including Discontinued Operation, Interest Expense			0.0	0.1	0.1
Disposal Group, Including Discontinued Operation, Catastrophic Event-Related Charges, Net			0.0	3.5	7.2
Disposal Group, Including Discontinued Operation, Business Combination Costs			0.2	0.4	0.0
Disposal Group, including Discontinued Operation, Depreciation, amortization and disposal on sale of assets			36.3	190.2	165.9
Disposal Group, Including Discontinued Operation, Asset impairments			2.3	4.7	4.5
Disposal Group, Including Discontinued Operation, Operating Expense			336.9	895.7	857.2
Disposal Group, Including Discontinued Operation, Operating Income (Loss)			(24.7)	64.9	83.3
Gain on disposition of business			1,463.2	0.0	0.0
Disposal Group, Including Discontinued Operation, Other Income				10.0
Disposal Group, Including Discontinued Operation, Other Expense			(5.4)		(0.2)
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax			1,433.1	74.9	83.1
Discontinued Operation, Tax Effect of Discontinued Operation			(3.5)	(0.7)	(0.8)
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax			$ 1,429.6	$ 74.2	$ 82.3

Debt and Line of Credit

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt and Line of Credit

7. 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 at December 31,				Weighted Average Years to Maturity at December 31,		Weighted Average Interest Rates at December 31,
	2025		2024		2025	2024	2025		2024
Secured Debt








Mortgage loans payable(1)	$	2,429.0	$	3,212.2	8.5	8.3	3.634	%	3.991	%
Secured borrowings on collateralized receivables(2)	43.2		51.2		12.3	13.2	8.538	%	8.575	%
Total Secured Debt	2,472.2		3,263.4
Unsecured Debt
Senior unsecured notes(3)	1,786.5		2,676.3		5.1	6.0	2.901	%	3.778	%

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


Total Unsecured Debt	1,786.5		4,089.4
Total Debt	$	4,258.7	$	7,352.8	7.1	6.2	3.376	%	4.090	%

(1)Balances at December 31, 2025 and 2024 include $9.6 million and $15.2 million of deferred financing costs, respectively.

(2)Balances at December 31, 2025 and 2024 include fair value adjustments of $3.8 million and $3.9 million, respectively.

Secured Debt

Mortgage term loans


Period	Repayment Amount			Weighted Average Interest Rate		Maturity Date	Number of Properties by which Debt was Secured	Loss on Extinguishment of Debt
Three months ended June 30, 2025	$	691.8	(1)	5.346	%	February 13, 2026 - September 10, 2044	44	$	45.9
Three months ended March 31, 2025	$	48.4		4.013	%	February 01, 2025 - March 31, 2025	5	$	—
Three months ended December 31, 2024	$	119.4		4.041	%	December 1, 2024 - February 6, 2025	12	$	—
Three months ended September 30, 2024	$	93.5	(2)	4.096	%	December 1, 2024 - January 15, 2044	7	$	0.8

During the year ended December 31, 2025, we did not enter into any mortgage term loans.

The mortgage term loans, which total $2.4 billion as of December 31, 2025, are secured by 110 properties representing approximately $1.8 billion of net book value.

Secured Borrowings on Collateralized Receivables

Refer to Note 1, "Significant Accounting Policies," for information on secured borrowings on collateralized receivables.

Unsecured Debt

Senior Unsecured Notes


			Carrying Amount at December 31,
	Principal Amount		2025		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		594.1		593.2
2.3% notes, issued in October 2021 and due in November 2028	450.0		448.1		447.4
2.7% notes, issued in June 2021 and October 2021, and due in July 2031	750.0		744.3		743.4
Total	$	2,700.0	$	1,786.5	$	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. 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, 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 these note redemptions. Refer to Note 13, "Derivative Financial Instruments," for cash flow hedge activity resulting from the redemptions.

New Credit Agreement

In September 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 senior credit facility. The New Credit Agreement also permits, subject to the satisfaction of certain conditions, additional borrowings of $1.0 billion. The senior 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 senior credit facility offers various interest rates for borrowings under U.S. dollars (at the ABR, Term SOFR, and Daily Effective SOFR), euros (at the Adjusted EURIBOR), British pound sterling (at the Daily Simple SONIA Rate), Canadian dollars (at the Term CORRA) and the Daily Simple CORRA), and Australian dollars (at the Australian 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 December 31, 2025, there were no borrowings under the senior 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 December 31, 2025, we also recorded deferred financing costs of $11.6 million in connection with the senior credit facility, which was recorded within Other assets, net on the Consolidated Balance Sheet.

The senior credit facility provides us with the ability to issue up to $100.0 million of letters of credit. We had $13.7 million of outstanding letters of credit at December 31, 2025.

Covenants

The mortgage term loans, senior unsecured notes, and our senior credit facility are subject to various financial and other covenants. At December 31, 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.

Long-term Debt Maturities


	Maturities and Amortization By Year
	Total Due		2026		2027		2028		2029		2030		Thereafter
Secured Debt
Mortgage loans payable
Maturities	$	1,794.2	$	492.0	$	—	$	175.7	$	310.7	$	7.5	$	808.3
Principal amortization	644.4		40.6		34.9		38.8		38.2		37.4		454.5
Secured borrowings on collateralized receivables(1)	39.4		2.2		2.4		2.5		2.7		3.0		26.6
Total Secured Debt	2,478.0		534.8		37.3		217.0		351.6		47.9		1,289.4
Unsecured Debt
Senior unsecured notes	1,800.0		—		—		450.0		—		—		1,350.0

Total Unsecured Debt	1,800.0		—		—		450.0		—		—		1,350.0
Total Debt	$	4,278.0	$	534.8	$	37.3	$	667.0	$	351.6	$	47.9	$	2,639.4

(1)Balance at December 31, 2025 excludes fair value adjustments of $3.8 million.

- 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
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-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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Reporting (Details)	12 Months Ended
Segment Reporting (Details)	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	3	4
Home sales	$ 333,800,000	$ 369,900,000	$ 419,900,000
Ancillary	134,000,000.0	132,500,000	137,600,000
Total Revenues	2,306,100,000	2,260,500,000	2,284,100,000
Real estate tax	111,100,000	103,800,000	95,700,000
Ancillary	106,000,000.0	108,900,000	108,300,000
Adjustments to arrive at net income
Interest	48,500,000	20,100,000	44,800,000
Brokerage commissions and other, net	24,000,000.0	34,900,000	53,600,000
General and administrative expense	(236,700,000)	(230,500,000)	(213,500,000)
Business combinations	0	0	(3,000,000.0)
Depreciation and amortization	(507,900,000)	(490,500,000)	(494,100,000)
Asset impairments	(386,700,000)	(66,700,000)	(5,600,000)
Goodwill impairment	0	(180,800,000)	(369,900,000)
Loss on extinguishment of debt (see Note 7)	(104,000,000.0)	(1,400,000)	0
Interest expense	(221,000,000.0)	(350,300,000)	(325,700,000)
Interest on mandatorily redeemable preferred OP units / equity	0	0	(3,300,000)
Loss on remeasurement of marketable securities	0	0	(16,000,000.0)
Gain / (loss) on foreign currency exchanges	26,700,000	(25,800,000)	(300,000)
Gain on dispositions of properties, net	5,100,000	202,900,000	11,000,000.0
Other income / (expense), net	133,900,000	(6,800,000)	(7,300,000)
Loss on remeasurement of notes receivable	(1,600,000)	(36,400,000)	(106,700,000)
Total Income from Nonconsolidated Affiliates	16,400,000	9,500,000	16,000,000.0
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates	(900,000)	6,600,000	(4,200,000)
Current tax expense (see Note 11)	(10,800,000)	(3,600,000)	(13,700,000)
Deferred tax benefit	60,000,000.0	39,600,000	22,900,000
Income / (loss) from continuing operations	600,000	32,900,000	(291,400,000)
Income from discontinued operations, net	1,429,600,000	74,200,000	82,300,000
Net Income / (Loss)	1,430,200,000	107,100,000	(209,100,000)
Less: Preferred return to preferred OP units / equity interests	12,600,000	12,800,000	12,300,000
Less: Income / (loss) attributable to noncontrolling interests	56,400,000	5,300,000	(8,100,000)
Net Income / (Loss) Attributable to SUI Common Shareholders	1,361,200,000	89,000,000.0	(213,300,000)
Identifiable Assets
Investment property, net	10,901,700,000	10,865,100,000
Cash, cash equivalents and restricted cash	636,100,000	57,100,000	36,300,000
Inventory of manufactured homes	142,900,000	129,800,000
Notes and other receivables, net	332,100,000	430,100,000
Collateralized receivables, net	43,200,000	51,200,000
Goodwill	9,500,000	9,500,000
Other intangible assets, net	101,500,000	102,500,000
Other assets, net	355,900,000	442,400,000
Total Assets	12,522,900,000	16,549,400,000
Assets held for sale and discontinued operations, net (see Note 2)	0	4,461,700,000
MH
Identifiable Assets
Investment property, net	5,279,400,000	5,114,700,000
Cash, cash equivalents and restricted cash	400,200,000	32,300,000
Inventory of manufactured homes	65,700,000	52,400,000
Notes and other receivables, net	199,600,000	233,400,000
Collateralized receivables, net	43,200,000	51,200,000
Goodwill	0	0
Other intangible assets, net	10,600,000	9,500,000
Other assets, net	273,300,000	261,100,000
Total Assets	6,272,000,000	5,754,600,000
RV
Identifiable Assets
Investment property, net	3,339,100,000	3,505,800,000
Cash, cash equivalents and restricted cash	206,500,000	16,700,000
Inventory of manufactured homes	19,000,000.0	15,300,000
Notes and other receivables, net	61,000,000.0	121,400,000
Collateralized receivables, net	0	0
Goodwill	9,500,000	9,500,000
Other intangible assets, net	26,100,000	26,300,000
Other assets, net	35,900,000	37,000,000.0
Total Assets	3,697,100,000	3,779,200,000
Assets held for sale and discontinued operations, net (see Note 2)		47,200,000
UK
Identifiable Assets
Investment property, net	2,283,200,000	2,244,600,000
Cash, cash equivalents and restricted cash	29,400,000	8,100,000
Inventory of manufactured homes	58,200,000	62,100,000
Notes and other receivables, net	71,500,000	75,300,000
Collateralized receivables, net	0	0
Goodwill	0	0
Other intangible assets, net	64,800,000	66,700,000
Other assets, net	46,700,000	144,300,000
Total Assets	2,553,800,000	2,601,100,000
Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	2,233,600,000	2,205,500,000	2,185,700,000
Total NOI	1,156,800,000	1,135,700,000	1,120,200,000
Operating Segments \| MH
Segment Reporting Information [Line Items]
Income from real property	1,012,500,000	956,200,000	906,100,000
Income from real property - transient	1,000,000.0	1,200,000	1,400,000
Home sales	116,900,000	149,900,000	188,600,000
Ancillary	7,400,000	7,600,000	8,400,000
Total Revenues	1,137,800,000	1,114,900,000	1,104,500,000
Payroll - real property	58,600,000	57,700,000	58,900,000
Utilities - real property	99,100,000	95,100,000	89,000,000.0
Legal, taxes, and insurance - real property	32,400,000	32,900,000	34,300,000
Supplies and repairs - real property	47,100,000	45,700,000	38,500,000
Other expenses - real property	10,400,000	12,900,000	10,400,000
Real estate tax	74,200,000	69,800,000	65,900,000
Other segment items	107,500,000	133,300,000	155,100,000
Total NOI	708,500,000	667,500,000	652,400,000
Operating Segments \| RV
Segment Reporting Information [Line Items]
Income from real property	337,200,000	318,800,000	287,100,000
Income from real property - transient	229,400,000	249,700,000	277,300,000
Home sales	23,500,000	31,200,000	45,200,000
Ancillary	78,500,000	81,000,000.0	89,200,000
Total Revenues	668,600,000	680,700,000	698,800,000
Payroll - real property	90,100,000	92,400,000	96,400,000
Utilities - real property	73,100,000	69,600,000	67,800,000
Legal, taxes, and insurance - real property	12,800,000	13,700,000	13,800,000
Supplies and repairs - real property	31,900,000	31,900,000	28,500,000
Other expenses - real property	43,900,000	41,500,000	34,700,000
Real estate tax	28,400,000	26,500,000	23,800,000
Other segment items	70,700,000	77,600,000	93,000,000.0
Total NOI	317,700,000	327,500,000	340,800,000
Operating Segments \| UK
Segment Reporting Information [Line Items]
Income from real property	133,300,000	132,200,000	114,200,000
Income from real property - transient	52,400,000	45,000,000.0	42,100,000
Home sales	193,400,000	188,800,000	186,100,000
Ancillary	48,100,000	43,900,000	40,000,000.0
Total Revenues	427,200,000	409,900,000	382,400,000
Payroll - real property	30,700,000	29,400,000	25,000,000.0
Utilities - real property	32,200,000	30,600,000	27,300,000
Legal, taxes, and insurance - real property	1,400,000	1,400,000	1,300,000
Supplies and repairs - real property	17,800,000	16,300,000	15,100,000
Other expenses - real property	14,400,000	12,900,000	14,900,000
Real estate tax	8,500,000	7,500,000	6,000,000.0
Home sales - Cost of sales	123,500,000	107,500,000	107,600,000
Ancillary	16,800,000	15,700,000	14,400,000
Other segment items	51,300,000	47,900,000	43,800,000
Total NOI	130,600,000	140,700,000	127,000,000.0
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Adjustments to arrive at net income
General and administrative expense	(236,700,000)	(230,500,000)	(213,500,000)
Catastrophic event-related charges, net	(1,200,000)	(23,600,000)	3,400,000
Business combinations	0	0	(3,000,000.0)
Depreciation and amortization	(507,900,000)	(490,500,000)	(494,100,000)
Asset impairments	(386,700,000)	(66,700,000)	(5,600,000)
Loss on extinguishment of debt (see Note 7)	(104,000,000.0)	(1,400,000)	0
Interest expense	(221,000,000.0)	(350,300,000)	(325,700,000)
Interest on mandatorily redeemable preferred OP units / equity	0	0	(3,300,000)
Loss on remeasurement of marketable securities	0	0	(16,000,000.0)
Gain / (loss) on foreign currency exchanges	26,700,000	(25,800,000)	(300,000)
Gain on dispositions of properties, net	5,100,000	202,900,000	11,000,000.0
Other income / (expense), net	133,900,000	(6,800,000)	(7,300,000)
Loss on remeasurement of notes receivable	(1,600,000)	(36,400,000)	(106,700,000)
Total Income from Nonconsolidated Affiliates	16,400,000	9,500,000	16,000,000.0
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates	(900,000)	6,600,000	(4,200,000)
Current tax expense (see Note 11)	(10,800,000)	(3,600,000)	(13,700,000)
Deferred tax benefit	$ 60,000,000.0	$ 39,600,000	$ 22,900,000

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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


	Year Ended December 31,
	2025								2024								2023
	MH		RV		UK		Total		MH		RV		UK		Total		MH		RV		UK		Total
Revenue
Income from real property	$	1,012.5	$	337.2	$	133.3			$	956.2	$	318.8	$	132.2			$	906.1	$	287.1	$	114.2
Income from real property - transient	1.0		229.4		52.4				1.2		249.7		45.0				1.4		277.3		42.1
Home sales	116.9		23.5		193.4				149.9		31.2		188.8				188.6		45.2		186.1
Ancillary	7.4		78.5		48.1				7.6		81.0		43.9				8.4		89.2		40.0
Total Operating Revenues	$	1,137.8	$	668.6	$	427.2	$	2,233.6	$	1,114.9	$	680.7	$	409.9	$	2,205.5	$	1,104.5	$	698.8	$	382.4	$	2,185.7

Expenses
Payroll - real property	58.6		90.1		30.7				57.7		92.4		29.4				58.9		96.4		25.0
Utilities - real property	99.1		73.1		32.2				95.1		69.6		30.6				89.0		67.8		27.3
Legal, taxes, and insurance - real property	32.4		12.8		1.4				32.9		13.7		1.4				34.3		13.8		1.3
Supplies and repairs - real property	47.1		31.9		17.8				45.7		31.9		16.3				38.5		28.5		15.1
Other expenses - real property	10.4		43.9		14.4				12.9		41.5		12.9				10.4		34.7		14.9
Real estate taxes - real property	74.2		28.4		8.5				69.8		26.5		7.5				65.9		23.8		6.0
Home sales - Cost of sales					123.5								107.5								107.6

Ancillary - Cost of goods sold					16.8								15.7								14.4

Other segment items(1)	107.5		70.7		51.3				133.3		77.6		47.9				155.1		93.0		43.8
Total NOI	$	708.5	$	317.7	$	130.6	$	1,156.8	$	667.5	$	327.5	$	140.7	$	1,135.7	$	652.4	$	340.8	$	127.0	$	1,120.2

Adjustments to arrive at net income
Interest income							48.5								20.1								44.8
Brokerage commissions and other revenues, net							24.0								34.9								53.6
General and administrative expense							(236.7)								(230.5)								(213.5)
Catastrophic event-related charges, net							(1.2)								(23.6)								3.4
Business combination expense, net							—								—								(3.0)
Depreciation and amortization							(507.9)								(490.5)								(494.1)
Asset impairments							(386.7)								(66.7)								(5.6)
Goodwill impairment							—								(180.8)								(369.9)
Loss on extinguishment of debt							(104.0)								(1.4)								—
Interest expense							(221.0)								(350.3)								(325.7)
Interest on mandatorily redeemable preferred OP units / equity							—								—								(3.3)
Loss on remeasurement of marketable securities							—								—								(16.0)
Gain / (loss) on foreign currency exchanges							26.7								(25.8)								(0.3)
Gain on dispositions of properties, net							5.1								202.9								11.0
Other income / (expense), net							133.9								(6.8)								(7.3)


Loss on remeasurement of notes receivable	(1.6)		(36.4)		(106.7)
Income from nonconsolidated affiliates	16.4		9.5		16.0
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates	(0.9)		6.6		(4.2)
Current tax expense	(10.8)		(3.6)		(13.7)
Deferred tax benefit	60.0		39.6		22.9
Net Income / (Loss) from Continuing Operations	0.6		32.9		(291.4)
Income from discontinued operations, net	1,429.6		74.2		82.3
Net Income / (Loss)	1,430.2		107.1		(209.1)
Less: Preferred return to preferred OP units / equity interests	12.6		12.8		12.3
Less: Income / (loss) attributable to noncontrolling interests	56.4		5.3		(8.1)


Net Income / (Loss) Attributable to SUI Common Shareholders	$	1,361.2	$	89.0	$	(213.3)

(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.

Long-Lived Assets by Geographic Areas

Our total assets by segment and by principal geographical area were as follows (in millions):


	December 31, 2025								December 31, 2024
	MH		RV		UK		Consolidated		MH		RV		UK		Consolidated
Identifiable Assets
Investment property, net	$	5,279.4	$	3,339.1	$	2,283.2	$	10,901.7	$	5,114.7	$	3,505.8	$	2,244.6	$	10,865.1
Cash, cash equivalents and restricted cash	400.2		206.5		29.4		636.1		32.3		16.7		8.1		57.1
Inventory of manufactured homes	65.7		19.0		58.2		142.9		52.4		15.3		62.1		129.8
Notes and other receivables, net	199.6		61.0		71.5		332.1		233.4		121.4		75.3		430.1
Collateralized receivables, net	43.2		—		—		43.2		51.2		—		—		51.2
Goodwill	—		9.5		—		9.5		—		9.5		—		9.5
Other intangible assets, net	10.6		26.1		64.8		101.5		9.5		26.3		66.7		102.5
Other assets, net	273.3		35.9		46.7		355.9		261.1		37.0		144.3		442.4
Assets held for sale and discontinued operations, net	—		—		—		—		—		47.2		—		4,461.7
Total Assets	$	6,272.0	$	3,697.1	$	2,553.8	$	12,522.9	$	5,754.6	$	3,779.2	$	2,601.1	$	16,549.4


	Year Ended December 31,
	2025		% of Total		2024		% of Total
North America(1)	$	9,969.1	79.6	%	$	13,948.3	84.3	%
United Kingdom	2,553.8		20.4	%	2,601.1		15.7	%
Total Assets	$	12,522.9	100.0	%	$	16,549.4	100.0	%

(1)Includes $0.0 million and $4.4 billion of total assets from discontinued operations as of December 31, 2025 and December 31, 2024, respectively. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," for additional information.

Equity and Temporary Equity - Schedule of Preferred Units (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Class of Stock [Line Items]
Equity interest	$ 255.7	$ 259.8	$ 260.9	$ 202.9
Issuance price (in dollars per share) \| $ / shares	$ 100.00
Redeemable Preferred OP Units
Class of Stock [Line Items]
OP Units Outstanding (in shares) \| shares	2,360,824
Equity interest	$ 255.7	259.8
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
Equity interest	$ 51.3	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
Equity interest	$ 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
Equity interest	$ 3.3	19.8
Series H preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares) \| shares	560,968
Exchange Rate	0.6098
Annual Distribution Rate	0.030
Equity interest	$ 59.6	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
Equity interest	$ 24.2	22.4
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
Equity interest	$ 98.2	94.1
Exchange period	60 days
Other Redeemable Equity Interests
Class of Stock [Line Items]
Equity interest	$ 11.6	$ 11.9

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) developmentSite	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 GBP (£)
Lessor, Lease, Description [Line Items]
Gain on early lease termination	$ 51.8	$ 0.0	$ 0.2
United Kingdom \| Park Holidays
Lessor, Lease, Description [Line Items]
Option to repurchase \| £				£ 1.00
Finance liability on underlying ground lease	$ 0.0	$ 355.9
Failed Sale And Leaseback Transaction, Number of Properties Repurchased \| developmentSite	32
Failed Sale And Leaseback Transaction, Cash Paid for Ground Lease Termination	$ 386.8

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

10. Segment Reporting

ASC Topic 280, "Segment Reporting," establishes standards for the way that business enterprises report information about operating segments in its financial statements. In 2025, following the Safe Harbor Sale, we revised our reporting structure from four segments to three segments, which consist of (i) MH communities, (ii) RV communities, and (iii) the communities in the UK. The new structure reflects how the chief operating decision maker ("CODM"), a committee comprised of our CEO, President, COO, and CFO, manages the business, makes operating decisions, allocates resources and evaluates operating performance. 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. Certain reclassifications have been made to the prior period financial statements and related notes in order to conform to the current period presentation. There was no impact to prior period net income, shareholders' equity, or cash flows for any of the reclassifications.

Our three reportable segments are: (i) MH, (ii) RV, and (iii) UK. Each operating segment has discrete financial information evaluated regularly by our CODM in managing the business, making operating decisions, allocating resources, and evaluating operating performance.

The CODM uses NOI to allocate resources (including employees, property, and financial or capital resources) for each segment predominately in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a monthly basis for both profit measures when making decisions about allocating capital and personnel to the segments. The CODM also uses NOI for evaluating product pricing and segment profit and in the compensation of certain employees. The CODM reviews balance sheet information at a consolidated level.

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 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 our segment financial information is summarized as follows (in millions):


	Year Ended December 31,
	2025								2024								2023
	MH		RV		UK		Total		MH		RV		UK		Total		MH		RV		UK		Total
Revenue
Income from real property	$	1,012.5	$	337.2	$	133.3			$	956.2	$	318.8	$	132.2			$	906.1	$	287.1	$	114.2
Income from real property - transient	1.0		229.4		52.4				1.2		249.7		45.0				1.4		277.3		42.1
Home sales	116.9		23.5		193.4				149.9		31.2		188.8				188.6		45.2		186.1
Ancillary	7.4		78.5		48.1				7.6		81.0		43.9				8.4		89.2		40.0
Total Operating Revenues	$	1,137.8	$	668.6	$	427.2	$	2,233.6	$	1,114.9	$	680.7	$	409.9	$	2,205.5	$	1,104.5	$	698.8	$	382.4	$	2,185.7

Expenses
Payroll - real property	58.6		90.1		30.7				57.7		92.4		29.4				58.9		96.4		25.0
Utilities - real property	99.1		73.1		32.2				95.1		69.6		30.6				89.0		67.8		27.3
Legal, taxes, and insurance - real property	32.4		12.8		1.4				32.9		13.7		1.4				34.3		13.8		1.3
Supplies and repairs - real property	47.1		31.9		17.8				45.7		31.9		16.3				38.5		28.5		15.1
Other expenses - real property	10.4		43.9		14.4				12.9		41.5		12.9				10.4		34.7		14.9
Real estate taxes - real property	74.2		28.4		8.5				69.8		26.5		7.5				65.9		23.8		6.0
Home sales - Cost of sales					123.5								107.5								107.6

Ancillary - Cost of goods sold					16.8								15.7								14.4

Other segment items(1)	107.5		70.7		51.3				133.3		77.6		47.9				155.1		93.0		43.8
Total NOI	$	708.5	$	317.7	$	130.6	$	1,156.8	$	667.5	$	327.5	$	140.7	$	1,135.7	$	652.4	$	340.8	$	127.0	$	1,120.2

Adjustments to arrive at net income
Interest income							48.5								20.1								44.8
Brokerage commissions and other revenues, net							24.0								34.9								53.6
General and administrative expense							(236.7)								(230.5)								(213.5)
Catastrophic event-related charges, net							(1.2)								(23.6)								3.4
Business combination expense, net							—								—								(3.0)
Depreciation and amortization							(507.9)								(490.5)								(494.1)
Asset impairments							(386.7)								(66.7)								(5.6)
Goodwill impairment							—								(180.8)								(369.9)
Loss on extinguishment of debt							(104.0)								(1.4)								—
Interest expense							(221.0)								(350.3)								(325.7)
Interest on mandatorily redeemable preferred OP units / equity							—								—								(3.3)
Loss on remeasurement of marketable securities							—								—								(16.0)
Gain / (loss) on foreign currency exchanges							26.7								(25.8)								(0.3)
Gain on dispositions of properties, net							5.1								202.9								11.0
Other income / (expense), net							133.9								(6.8)								(7.3)


Loss on remeasurement of notes receivable	(1.6)		(36.4)		(106.7)
Income from nonconsolidated affiliates	16.4		9.5		16.0
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates	(0.9)		6.6		(4.2)
Current tax expense	(10.8)		(3.6)		(13.7)
Deferred tax benefit	60.0		39.6		22.9
Net Income / (Loss) from Continuing Operations	0.6		32.9		(291.4)
Income from discontinued operations, net	1,429.6		74.2		82.3
Net Income / (Loss)	1,430.2		107.1		(209.1)
Less: Preferred return to preferred OP units / equity interests	12.6		12.8		12.3
Less: Income / (loss) attributable to noncontrolling interests	56.4		5.3		(8.1)


Net Income / (Loss) Attributable to SUI Common Shareholders	$	1,361.2	$	89.0	$	(213.3)

(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.

Our total assets by segment and by principal geographical area were as follows (in millions):


	December 31, 2025								December 31, 2024
	MH		RV		UK		Consolidated		MH		RV		UK		Consolidated
Identifiable Assets
Investment property, net	$	5,279.4	$	3,339.1	$	2,283.2	$	10,901.7	$	5,114.7	$	3,505.8	$	2,244.6	$	10,865.1
Cash, cash equivalents and restricted cash	400.2		206.5		29.4		636.1		32.3		16.7		8.1		57.1
Inventory of manufactured homes	65.7		19.0		58.2		142.9		52.4		15.3		62.1		129.8
Notes and other receivables, net	199.6		61.0		71.5		332.1		233.4		121.4		75.3		430.1
Collateralized receivables, net	43.2		—		—		43.2		51.2		—		—		51.2
Goodwill	—		9.5		—		9.5		—		9.5		—		9.5
Other intangible assets, net	10.6		26.1		64.8		101.5		9.5		26.3		66.7		102.5
Other assets, net	273.3		35.9		46.7		355.9		261.1		37.0		144.3		442.4
Assets held for sale and discontinued operations, net	—		—		—		—		—		47.2		—		4,461.7
Total Assets	$	6,272.0	$	3,697.1	$	2,553.8	$	12,522.9	$	5,754.6	$	3,779.2	$	2,601.1	$	16,549.4


	Year Ended December 31,
	2025		% of Total		2024		% of Total
North America(1)	$	9,969.1	79.6	%	$	13,948.3	84.3	%
United Kingdom	2,553.8		20.4	%	2,601.1		15.7	%
Total Assets	$	12,522.9	100.0	%	$	16,549.4	100.0	%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

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

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

15. 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 several other large MH operators in the U.S. The complaints allege 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 relief 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 regions of the U.S.

Estimated property insurance recoveries, excluding business interruption recoveries, of $42.0 million related to Hurricane Helene and Hurricane Milton, were recorded in Notes and other receivables, net, on the Consolidated Balance Sheets as of December 31, 2025. The table below sets forth changes in estimated property insurance recoveries, excluding business interruption recoveries (in millions):


	Year Ended December 31, 2025
Total estimated insurance receivable - December 31, 2024	$	16.7
Change in estimated property insurance recoveries	36.1
Proceeds received from insurer	(10.8)
Total estimated insurance receivable - December 31, 2025	$	42.0

The foregoing estimates for each respective event 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 in which they are determined.

Hurricane Ian - During the year ended December 31, 2025, we received a settlement of $80.2 million from an insurance provider to settle all remaining claims related to property, casualty, flood, and business interruption insurance recoveries from Hurricane Ian. We concluded that $43.7 million and $36.5 million were attributable to property and casualty recoveries and business interruption recoveries, respectively. The business interruption recoveries represent lost earnings from Hurricane Ian through the year ending December 31, 2027. In conjunction with the settlement, we recorded a gain of $68.5 million within Other income / (expense), net. Prior to the settlement, during the years ended December 31, 2025 and 2024, we recognized $10.7 million and $16.7 million, respectively, as business interruption recoveries for the lost earnings from Hurricane Ian within Brokerage commissions and other revenue, net. Our business interruption insurance policy provides for up to 60 months of coverage from the date of restoration.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2025
Related Party Transactions [Abstract]
Related Party Transactions	17. Related Party Transactions Lease of Executive Offices - Gary A. Shiffman, together with certain of his family members, indirectly owns an equity interest of approximately 28.1% in American Center LLC, the entity from which we lease office space for our principal executive offices. Brian M. Hermelin, indirectly owns less than a 1% interest in American Center LLC. Mr. Shiffman is our Chairman of the Board and former CEO. Mr. Hermelin is a director of the Company. Under this agreement, we lease approximately 60,261 rentable square feet of permanent space. The lease agreement includes annual graduated rent increases through the contract end date. During the year ended December 31, 2025, we extended the agreement through October 31, 2033. As of December 31, 2025, the average gross base rent was $21.95 per square foot. Each of Mr. Shiffman and Mr. Hermelin may have a conflict of interest with respect to his obligations as our director and his ownership interest in American Center LLC. Tax Consequences Upon Sale of Properties - Gary A. Shiffman holds limited partnership interests in the Operating Partnership which were received in connection with the contribution of properties from partnerships previously affiliated with him. Prior to any redemption of these limited partnership interests for our common stock, Mr. Shiffman will have tax consequences different from those on us and our public shareholders upon the sale of any of these partnerships. Therefore, we and Mr. Shiffman may have different objectives regarding the appropriate pricing and timing of any sale of those properties.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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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 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 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Significant Accounting Policies - Narrative (Details) £ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) property	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 GBP (£) property	Dec. 31, 2024 GBP (£)
Significant Accounting Policies [Line Items]
Number of properties \| property	513			513
Cash and cash equivalents	$ 569.6	$ 47.9
Cash depots in excess of insured amounts	523.7	46.4
Restricted cash	66.5	9.2
Receivables from contracts with customers	15.6	24.5
Advertising costs	28.8	34.1	$ 33.8
Gain (loss) on foreign currency exchanges	26.7	(25.8)	(0.3)
Cash, cash equivalents and restricted cash	636.1	57.1	$ 36.3
Tangible Asset Impairment Charges	386.7	66.7
Restricted escrow cash
Significant Accounting Policies [Line Items]
Cash, cash equivalents and restricted cash	$ 57.2	0.0
Variable Interest Entity, Primary Beneficiary
Significant Accounting Policies [Line Items]
Ownership percentage	95.70%
Treasury Rate Lock and Interest Rate Swap \| Cash Flow Hedging \| Designated as Hedging Instrument
Significant Accounting Policies [Line Items]
Reduction to interest expense expected to be reclassified	$ 3.5
Park Holidays Cash Deposit
Significant Accounting Policies [Line Items]
Cash depots in excess of insured amounts	$ 19.3	$ 1.0		£ 14.3	£ 0.8
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Safe Harbor Business
Significant Accounting Policies [Line Items]
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Income from discontinued operations, net
Gain on sale	$ 1,500.0
Value of house sites sold	$ 5,500.0
Maximum
Significant Accounting Policies [Line Items]
Useful life of assets	30 years			30 years
Resident balances days past due	90 days
Minimum
Significant Accounting Policies [Line Items]
Useful life of assets	4 years			4 years
Resident balances days past due	60 days
Manufactured Home Community
Significant Accounting Policies [Line Items]
Number of properties \| property	294			294
RV Community
Significant Accounting Policies [Line Items]
Number of properties \| property	166			166
UK Community
Significant Accounting Policies [Line Items]
Number of properties \| property	53			53

Investment in Nonconsolidated Affiliates - Schedule of Investment in Nonconsolidated Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Investment carrying value	$ 129.0	$ 125.1
Fair value adjustment gain (loss)	(0.9)	6.6
Sungenia JV
Schedule of Equity Method Investments [Line Items]
Investment carrying value	91.1	75.1
GTSC
Schedule of Equity Method Investments [Line Items]
Investment carrying value	37.9	48.9
SV Lift, LLC
Schedule of Equity Method Investments [Line Items]
Investment carrying value	$ 0.0	$ 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

Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets Future Amortization Expense (Details) $ in Millions	Dec. 31, 2025 USD ($)
Intangible Asset, Acquired, Finite-Lived [Line Items]
2026	$ 12.1
2027	10.3
2028	9.0
2029	8.2
2030	8.1
In-place leases
Intangible Asset, Acquired, Finite-Lived [Line Items]
2026	4.7
2027	3.2
2028	1.9
2029	1.2
2030	1.1
Trademarks and trade names
Intangible Asset, Acquired, Finite-Lived [Line Items]
2026	6.1
2027	5.8
2028	5.8
2029	5.7
2030	5.7
Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
2026	0.0
2027	0.0
2028	0.0
2029	0.0
2030	0.0
Franchise agreements and other intangible assets
Intangible Asset, Acquired, Finite-Lived [Line Items]
2026	1.3
2027	1.3
2028	1.3
2029	1.3
2030	$ 1.3

Debt and Line of Credit - Schedule of Mortgage Loans Repaid (Details) $ in Millions	3 Months Ended				12 Months Ended
	Jun. 30, 2025 USD ($) property Rate	Mar. 31, 2025 USD ($) property Rate	Dec. 31, 2024 USD ($) property Rate	Sep. 30, 2024 USD ($) property loan Rate	Dec. 31, 2025 USD ($) property	Dec. 31, 2024 USD ($) property Rate	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Number of properties \| property					513
Loss on Extinguishment of Debt					$ 104.0	$ 1.4	$ 0.0
Repayments of Long-term Debt					$ 2,093.3	$ 269.2	$ 174.2
Matures December 1, 2024 - January 15, 2044
Debt Instrument [Line Items]
Number of mortgage term loans \| loan				6
Debt Instrument, number of properties securing a debt instrument \| property				7
Matures December 1, 2024 - January 15, 2044 \| Mortgage Loan Payoffs
Debt Instrument [Line Items]
Number of mortgage term loans \| loan				2
Matures December 1, 2024 - January 15, 2044 \| Mortgage Loan Paydowns
Debt Instrument [Line Items]
Number of mortgage term loans \| loan				4
Secured Debt \| Matures February 13, 2026 - September 10, 2044
Debt Instrument [Line Items]
Repayment Amount	$ 691.8
Weighted Average Interest Rate \| Rate	5.346%
Number of properties \| property	44
Loss on Extinguishment of Debt	$ 45.9
Payment for Debt Extinguishment or Debt Prepayment Cost	45.9
Repayments of Long-term Debt	$ 737.7
Secured Debt \| Matures February 1, 2025 - March 31, 2025
Debt Instrument [Line Items]
Repayment Amount		$ 48.4
Weighted Average Interest Rate \| Rate		4.013%
Number of properties \| property		5
Loss on Extinguishment of Debt		$ 0.0
Secured Debt \| Matures December 1, 2024 - February 6, 2025
Debt Instrument [Line Items]
Repayment Amount			$ 119.4
Weighted Average Interest Rate \| Rate			4.041%			4.041%
Number of properties \| property			12			12
Loss on Extinguishment of Debt			$ 0.0
Secured Debt \| Matures December 1, 2024 - January 15, 2044
Debt Instrument [Line Items]
Repayment Amount				$ 93.5
Weighted Average Interest Rate \| Rate				4.096%
Number of properties \| property				7
Loss on Extinguishment of Debt				$ 0.8

Leases - Lease Term and Discount Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Weighted-average Remaining Lease Terms (years)
Finance lease	64 years 7 months 6 days	33 years 9 months 14 days
Operating lease	52 years 25 days	42 years 7 months 2 days
Weighted-average Discount Rate
Finance lease	6.15%	3.63%
Operating lease	5.24%	3.90%
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases	$ 3.4	$ 3.4	$ 4.8
Financing cash outflows for finance leases	4.3	0.8	0.8
Total Cash Paid on Lease Liabilities	$ 7.7	$ 4.2	$ 5.6

Notes and Other Receivables - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2025	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from Collection of Notes Receivable		$ 48.7
Notes Reduction	$ 23.8
Secured Installment Notes Receivable on Manufactured Homes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable net of fair value adjustment		139.2		$ 139.2	$ 93.9
Gross notes receivable		142.1		$ 142.1	$ 95.2
Weighted average interest rate				7.50%	6.40%
Maturity				17 years 3 months 18 days	18 years 7 months 6 days
Secured Installment Notes Receivable on Manufactured Homes \| Fair Value, Recurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value adjustment				$ (2.9)	$ (1.3)
Notes receivable from real estate developers and operators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable net of fair value adjustment		44.5		44.5	148.5
Notes receivable from real estate developers and operators \| Canadian Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable net of fair value adjustment		44.5		$ 44.5	$ 42.4
Weighted average interest rate				5.00%	5.00%
Maturity				1 year	2 years
Notes due from other real estate developers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable net of fair value adjustment		$ 0.0		$ 0.0	$ 106.1
Fair value adjustment			$ 36.5
Weighted average interest rate					8.00%
Maturity					1 year 10 months 24 days

Investment in Nonconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Affiliates

Our investment balances in nonconsolidated affiliates are as follows (in millions):



Investment	December 31, 2025		December 31, 2024

Investment in Sungenia JV	$	91.1	$	75.1
Investment in GTSC(1)	37.9		48.9

Investment in SV Lift	—		1.1
Total	$	129.0	$	125.1

(1) Balances are net of fair value adjustment gains / (losses) of $(0.9) million and $6.6 million during the years ended December 31, 2025 and 2024.

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


	Year Ended December 31,
Income / (Loss) from Nonconsolidated Affiliates	2025		2024		2023

Sungenia JV equity income	$	14.0	$	7.5	$	3.2
GTSC equity income	2.3		3.3		3.3

Equity income / (loss) from other nonconsolidated affiliates	0.1		(1.3)		9.5
Total Income from Nonconsolidated Affiliates	$	16.4	$	9.5	$	16.0

Investment in Nonconsolidated Affiliates - Narrative (Details)	Dec. 31, 2025	Dec. 31, 2024
Sungenia JV
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%	50.00%
GTSC
Schedule of Equity Method Investments [Line Items]
Ownership interest	40.00%	40.00%
SV Lift, LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest		50.00%

- 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

Share-Based Compensation - Valuation Assumptions (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	3.50%
Risk-free interest rate, maximum	4.00%
Risk-free interest rate		4.40%	4.50%
Dividend yield		2.90%	2.40%
Volatility, minimum	24.80%
Volatility, maximum	26.60%
Volatility		25.90%	28.10%
Expected term (in years)		3 years	3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	2.80%
Expected term (in years)	2 years 3 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	3.20%
Expected term (in years)	3 years

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Southfield, Michigan

SCHEDULE III

12 Months Ended

Dec. 31, 2025

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

Real Estate and Accumulated Depreciation, Schedule III

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


				Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at December 31, 2025
Property Name	Location	Encumbrances(1)		Land		Depreciable Assets		Land		Depreciable Assets		Land		Depreciable Assets		Total		Accumulated Depreciation		Date	Acquired (A) or Constructed (C)
49'er Village	Plymouth, CA	$	—	$	2.2	$	10.7	$	—	$	7.0	$	2.2	$	17.7	$	19.9	$	(4.6)	2017	(A)
Academy / West Point	Canton, MI	50.3		1.5		14.3		—		14.7		1.5		29.0		30.5		(18.1)		2000	(A)
Allendale Meadows	Allendale, MI	3.4		0.4		3.7		—		7.5		0.4		11.2		11.6		(8.3)		1996	(A)
Alpine Meadows	Grand Rapids, MI	—		0.7		6.7		—		10.6		0.7		17.3		18.0		(11.5)		1996	(A&C)
Alta Laguna	Rancho Cucamonga, CA	35.9		23.7		21.1		—		1.9		23.7		23.0		46.7		(7.5)		2016	(A)
Andover	Grass Lake, MI	—		2.1		11.2		—		0.8		2.1		12.0		14.1		(1.9)		2021	(A)
Apple Carr Village	Muskegon, MI	—		0.8		6.2		0.2		31.1		1.0		37.3		38.3		(14.3)		2011	(A&C)
Apple Creek	Amelia, OH	5.5		0.5		5.5		—		5.2		0.5		10.7		11.2		(6.8)		1999	(A)
Arbor Terrace	Bradenton, FL	18.3		0.4		4.4		0.1		7.2		0.5		11.6		12.1		(6.6)		1996	(A)
Arbor Woods	Ypsilanti, MI	—		3.3		12.4		—		13.8		3.3		26.2		29.5		(10.5)		2017	(A)
Austin Lone Star	Austin, TX	—		0.6		7.9		—		2.5		0.6		10.4		11.0		(3.3)		2016	(A)
Bahia Vista Estates	Sarasota, FL	—		6.8		17.7		—		4.2		6.8		21.9		28.7		(6.9)		2016	(A)
Baker Acres	Zephyrhills, FL	—		2.1		11.9		—		4.4		2.1		16.3		18.4		(4.8)		2016	(A)
Bay Country Estates	Rising Sun, MD	—		10.8		5.9		—		0.3		10.8		6.2		17.0		—		2025	(A)
Bear Lake Resort(5)(7)	Garden City Utah	—		6.1		—		—		—		6.1		—		6.1		—		2022	(C)
Beechwood	Killingworth, CT	—		7.9		18.4		—		2.3		7.9		20.7		28.6		(4.5)		2019	(A)
Bel Air Estates	Menifee, CA	—		4.3		14.4		—		2.4		4.3		16.8		21.1		(2.0)		2022	(A)
Big Tree	Arcadia, FL	—		1.2		13.5		0.1		3.4		1.3		16.9		18.2		(5.3)		2016	(A)
Birch Hill Estates	Bangor, ME	—		2.0		29.5		—		1.9		2.0		31.4		33.4		(5.9)		2020	(A)
Blue Heron Pines	Punta Gorda, FL	—		0.4		35.3		—		8.2		0.4		43.5		43.9		(14.8)		2015	(A&C)
Blue Jay	Dade City, FL	—		2.0		9.7		—		2.9		2.0		12.6		14.6		(3.9)		2016	(A)
Blueberry Hill	Bushnell, FL	14.3		3.8		3.2		—		5.3		3.8		8.5		12.3		(3.4)		2012	(A)
Bluebonnet Lake(5)(7)	Austin, TX	—		8.5		—		—		—		8.5		—		8.5		—		2021	(C)
Boulder Ridge	Pflugerville, TX	44.2		—		—		2.8		63.8		2.8		63.8		66.6		(27.8)		1998	(C)
Branch Creek	Austin, TX	21.3		0.8		3.7		—		9.1		0.8		12.8		13.6		(8.7)		1995	(A&C)
Brentwood Estates	Hudson, FL	—		1.1		9.4		0.1		2.5		1.2		11.9		13.1		(4.3)		2015	(A)
Brentwood Village	Kentwood, MI	6.6		0.4		3.6		—		3.3		0.4		6.9		7.3		(4.2)		1996	(A)
Brentwood West	Mesa, AZ	25.5		13.6		24.2		—		1.9		13.6		26.1		39.7		(10.0)		2014	(A)
Broadview Estates	Davison, MI	—		0.7		6.1		—		27.6		0.7		33.7		34.4		(20.6)		1996	(A&C)
Brookside Manor	Goshen, IN	—		0.3		1.1		0.3		22.4		0.6		23.5		24.1		(14.5)		1985	(A&C)
Brookside Village	Kentwood, MI	5.5		0.2		5.6		—		0.7		0.2		6.3		6.5		(2.9)		2011	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2025
Property Name	Location	Encumbrances(1)	Land	Depreciable Assets	Land		Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Buena Vista	Buckeye, AZ	—	9.2	14.4	—		5.4	9.2	19.8	29.0	(4.9)	2019	(A)
Bush River Manor	Aberdeen, MD	—	16.4	18.1	—		0.4	16.4	18.5	34.9	(0.1)	2025	(A)
Buttonwood Bay	Sebring, FL	25.4	1.9	18.3	0.1		11.6	2.0	29.9	31.9	(19.7)	2001	(A)
Camelot Villa	Macomb, MI	—	0.9	21.2	—		20.2	0.9	41.4	42.3	(16.8)	2013	(A)
Candlelight Manor	South Daytona, FL	—	3.1	3.9	—		3.0	3.1	6.9	10.0	(2.3)	2016	(A)
Cape Island Resort	Cape May, NJ	—	14.5	54.5	—		0.7	14.5	55.2	69.7	(0.3)	2025	(A)
Carol Lynn Resorts East	Woodbine, NJ	—	2.4	4.4	—		0.3	2.4	4.7	7.1	—	2025	(A)
Carriage Cove	Sanford, FL	—	6.1	21.2	—		2.7	6.1	23.9	30.0	(9.0)	2014	(A)
Carrington Pointe	Fort Wayne, IN	23.6	1.1	3.6	—		25.8	1.1	29.4	30.5	(16.0)	1997	(A&C)
Cave Creek	Evans, CO	21.7	2.2	15.3	—		10.0	2.2	25.3	27.5	(14.8)	2004	(C)
Cedar Springs	Southington, CT	—	2.9	10.3	—		0.7	2.9	11.0	13.9	(2.4)	2019	(A)
Central Park	Haines City, FL	—	2.6	10.4	—		9.1	2.6	19.5	22.1	(5.1)	2016	(A)
Charlevoix Estates	Charlevoix, MI	—	0.4	12.0	—		1.0	0.4	13.0	13.4	(2.0)	2021	(A)
Cherrywood	Clinton, NY	—	0.7	9.6	(0.2)	(3)	3.4	0.5	13.0	13.5	(2.7)	2019	(A)
Chesapeake Bay KOA Resort(6)	Cape Charles, VA	—	3.8	24.0	—		(2.8)	3.8	21.2	25.0	(6.6)	2016	(A)
Chisholm Point	Pflugerville, TX	20.5	0.6	5.3	—		8.8	0.6	14.1	14.7	(9.1)	1995	(A&C)
Cider Mill Crossings	Fenton, MI	—	0.5	1.6	—		44.7	0.5	46.3	46.8	(21.5)	2011	(A&C)
Cisco Grove Campground & RV(7)	Emigrant Gap, CA	—	1.7	4.8	—		(0.9)	1.7	3.9	5.6	(0.2)	2021	(A)
Clear Water	South Bend, IN	11.8	0.1	1.3	—		7.6	0.1	8.9	9.0	(4.9)	1986	(A)
Clinton River	Mt Clemens, MI	—	1.3	9.0	—		1.4	1.3	10.4	11.7	(0.1)	2025	(A)
Club Wildwood	Hudson, FL	19.5	14.2	21.3	—		3.5	14.2	24.8	39.0	(7.6)	2016	(A)
Coastal Estates	Hampstead, NC	—	3.3	6.5	—		13.0	3.3	19.5	22.8	(2.3)	2019	(A)
Cobus Green	Osceola, IN	—	0.8	7.0	—		10.3	0.8	17.3	18.1	(11.6)	1993	(A)
Colony in the Wood	Port Orange, FL	—	5.7	26.8	—		5.2	5.7	32.0	37.7	(7.5)	2017	(A&C)
Comal Farms	New Braunfels, TX	—	1.4	1.7	0.1		9.1	1.5	10.8	12.3	(6.5)	2000	(A&C)
Country Acres	Cadillac, MI	—	0.4	3.5	—		6.1	0.4	9.6	10.0	(5.4)	1996	(A)
Country Meadows	Flat Rock, MI	42.5	0.9	7.6	0.3		27.4	1.2	35.0	36.2	(22.8)	1994	(A&C)
Country Meadows Village	Caledonia, MI	—	0.5	5.6	0.1		4.4	0.6	10.0	10.6	(4.0)	2011	(A&C)
Country Village Estates	Oregon City, OR	—	22.0	42.6	—		1.5	22.0	44.1	66.1	(10.2)	2019	(A)
Countryside Estates	Mckean, PA	—	0.3	11.6	—		5.6	0.3	17.2	17.5	(6.0)	2014	(A)
Countryside Village of Atlanta	Lawrenceville, GA	—	1.3	11.0	—		9.2	1.3	20.2	21.5	(11.2)	2004	(A&C)
Countryside Village of Gwinnett	Buford, GA	21.8	1.1	9.5	—		3.9	1.1	13.4	14.5	(7.5)	2004	(A)
Countryside Village of Lake Lanier	Buford, GA	9.5	1.9	16.4	—		5.9	1.9	22.3	24.2	(14.2)	2004	(A)
Creek Wood	Burton, MI	20.2	0.8	2.0	0.4		15.4	1.2	17.4	18.6	(12.7)	1997	(C)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2025
Property Name	Location	Encumbrances(1)	Land	Depreciable Assets	Land		Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Creeks Crossing	Kyle, TX	—	3.5	—	—		54.3	3.5	54.3	57.8	(7.7)	2019	(C)
Crestwood	Concord, NH	—	1.8	22.4	—		1.4	1.8	23.8	25.6	(5.2)	2019	(A)
Crossroads	Aiken, SC	—	0.8	3.7	—		10.4	0.8	14.1	14.9	(6.2)	2019	(A&C)
Cutler Estates	Grand Rapids, MI	19.6	0.7	6.9	—		5.3	0.7	12.2	12.9	(8.5)	1996	(A)
Cypress Greens	Lake Alfred, FL	—	1.0	17.5	—		3.0	1.0	20.5	21.5	(7.1)	2015	(A)
Deep Run	Cream Ridge, NJ	—	2.0	13.1	—		0.6	2.0	13.7	15.7	(3.1)	2019	(A)
Deerwood	Orlando, FL	33.7	6.9	37.6	—		5.2	6.9	42.8	49.7	(15.1)	2015	(A)
Desert Harbor	Apache Junction, AZ	—	3.9	14.9	—		0.8	3.9	15.7	19.6	(6.1)	2014	(A)
Dutton Mill Village	Caledonia, MI	—	0.3	9.0	0.1		2.5	0.4	11.5	11.9	(4.8)	2011	(A)
Eagle Crest	Firestone, CO	30.8	2.0	0.2	—		31.7	2.0	31.9	33.9	(22.7)	1998	(C)
East Fork Crossing	Batavia, OH	—	1.3	6.3	—		16.6	1.3	22.9	24.2	(16.4)	2000	(A&C)
East Village Estates	Washington Twp, MI	—	1.4	25.4	—		11.3	1.4	36.7	38.1	(15.1)	2012	(A)
Egelcraft	Muskegon, MI	17.9	0.7	22.6	—		5.1	0.7	27.7	28.4	(10.8)	2014	(A)
El Capitan Canyon(7)	Goleta, CA	—	57.8	6.8	(15.9)	(7)	3.8	41.9	10.6	52.5	(3.1)	2020	(A)
Ellenton Gardens	Ellenton, FL	—	2.1	7.8	—		3.6	2.1	11.4	13.5	(3.4)	2016	(A)
Fairfield Village	Ocala, FL	—	1.2	18.7	—		1.1	1.2	19.8	21.0	(7.1)	2015	(A)
Farmwood Village	Dover, NH	—	1.2	12.3	—		0.8	1.2	13.1	14.3	(2.9)	2019	(A)
Flamingo Lake	Jacksonville, FL	—	4.5	31.9	0.1		3.7	4.6	35.6	40.2	(6.9)	2020	(A)
Fond du Lac East / Kettle Moraine KOA	Glenbeulah, WI	—	1.0	5.6	0.1		3.3	1.1	8.9	10.0	(4.0)	2013	(A)
Forest Hill	Southington, CT	—	5.1	10.8	—		2.1	5.1	12.9	18.0	(2.9)	2019	(A)
Forest Meadows	Philomath, OR	—	1.0	2.1	—		16.5	1.0	18.6	19.6	(4.1)	1999	(A)
Forest Springs	Grass Valley, CA	—	9.3	43.7	—		4.3	9.3	48.0	57.3	(9.3)	2020	(A)
Forest View	Homosassa, FL	—	1.3	22.1	—		1.2	1.3	23.3	24.6	(8.4)	2015	(A)
Forest View Village	Elkton, MD	—	4.5	2.5	—		0.3	4.5	2.8	7.3	—	2025	(A)
Four Seasons	Elkhart, IN	13.9	0.5	4.8	—		4.5	0.5	9.3	9.8	(5.8)	2000	(A)
Fox Run	Boyne City, MI	—	0.4	6.8	—		13.4	0.4	20.2	20.6	(1.9)	2023	(A)
Frenchtown Villa / Elizabeth Woods	Newport, MI	—	1.4	52.3	0.1		43.9	1.5	96.2	97.7	(39.6)	2014	(A&C)
Friendly Village of La Habra	La Habra, CA	43.0	27.0	25.2	—		1.9	27.0	27.1	54.1	(9.0)	2016	(A)
Friendly Village of Modesto	Modesto, CA	21.4	6.3	20.9	—		1.4	6.3	22.3	28.6	(7.0)	2016	(A)
Friendly Village of Simi Valley	Simi Valley, CA	21.6	14.9	16.0	—		1.3	14.9	17.3	32.2	(5.6)	2016	(A)
Friendly Village of West Covina	West Covina, CA	15.9	14.5	5.2	—		1.4	14.5	6.6	21.1	(2.1)	2016	(A)
Glen Haven	Zephyrhills, FL	—	2.0	8.4	—		3.1	2.0	11.5	13.5	(3.4)	2016	(A)
Glen Laurel	Concord, NC	—	1.6	0.5	—		9.6	1.6	10.1	11.7	(7.0)	2001	(A&C)
Goldcoaster	Homestead, FL	—	0.4	4.2	0.2		6.1	0.6	10.3	10.9	(7.1)	1997	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2025
Property Name	Location	Encumbrances(1)	Land	Depreciable Assets	Land	Depreciable Assets		Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Grand Bay	Dunedin, FL	—	3.5	6.3	—	1.4		3.5	7.7	11.2	(2.4)	2016	(A)
Grand Village	Grand Rapids, MI	6.7	0.4	3.6	—	4.7		0.4	8.3	8.7	(5.0)	1996	(A)
Grove Beach	Westbrook, CT	—	1.2	10.2	—	0.5		1.2	10.7	11.9	(2.4)	2019	(A)
Grove Ridge	Dade City, FL	—	1.3	5.4	—	3.4		1.3	8.8	10.1	(2.6)	2016	(A)
Gulfstream Harbor	Orlando, FL	—	14.5	78.9	—	5.9		14.5	84.8	99.3	(29.9)	2015	(A)
Hacienda Del Rio	Edgewater, FL	—	33.3	80.3	—	23.0		33.3	103.3	136.6	(21.4)	2019	(A)
Hamlin	Webberville, MI	7.3	0.1	1.7	0.6	15.6		0.7	17.3	18.0	(10.6)	1984	(A&C)
Hancock Heights	Hancock, ME	—	0.7	9.4	—	0.5		0.7	9.9	10.6	(1.9)	2020	(A)
Hawaiian Gardens / Holly Village	Holly, MI	12.6	1.5	13.6	—	13.4		1.5	27.0	28.5	(14.8)	2004	(A)
Hawk Hollow	Coolidge, AZ	—	11.7	—	4.0	—		15.7	—	15.7	—	2024	(A)
Heritage	Temecula, CA	17.0	13.2	7.9	—	1.3		13.2	9.2	22.4	(3.0)	2016	(A)
Hickory Hills Village	Battle Creek, MI	—	0.8	7.7	—	4.1		0.8	11.8	12.6	(4.9)	2011	(A)
Hidden River RV Resort	Riverview, FL	—	4.0	6.4	—	10.6		4.0	17.0	21.0	(4.4)	2016	(A)
High Point Park	Frederica, DE	—	0.9	7.0	—	9.0		0.9	16.0	16.9	(9.6)	1997	(A)
Highland Greens Estates	Highland, MI	—	3.1	38.0	—	44.4		3.1	82.4	85.5	(17.2)	2020	(A)
Hillcrest	Uncasville, CT	—	10.6	9.6	0.1	1.6		10.7	11.2	21.9	(2.6)	2019	(A)
Holiday Park Estates	Bangor, ME	8.4	1.1	13.9	—	3.5		1.1	17.4	18.5	(3.3)	2020	(A)
Holiday West Village	Holland, MI	14.0	0.3	8.1	—	0.8		0.3	8.9	9.2	(4.1)	2011	(A)
Holly Forest	Holly Hill, FL	21.6	0.9	8.4	—	2.2		0.9	10.6	11.5	(8.6)	1997	(A)
Horseshoe Cove RV Resort	Bradenton, FL	—	9.5	32.6	—	7.8		9.5	40.4	49.9	(11.9)	2016	(A)
Hunters Glen	Wayland, MI	—	1.1	11.9	0.3	19.8		1.4	31.7	33.1	(15.1)	2004	(C)
Huntington Run	Kalamazoo, MI	—	0.6	11.7	—	4.4		0.6	16.1	16.7	(2.1)	2021	(A)
Hyde Park	Easton, MD	—	6.6	18.3	—	1.4		6.6	19.7	26.3	(4.2)	2019	(A)
Independence Commons	Potterville, MI	—	1.7	34.1	—	5.0		1.7	39.1	40.8	(0.2)	2025	(A)
Indian Wells	Indio, CA	—	2.9	19.5	—	6.8		2.9	26.3	29.2	(7.9)	2016	(A)
Jellystone Park™ Androscoggin Lake	North Monmouth, ME	3.3	0.5	4.1	0.1	5.2		0.6	9.3	9.9	(1.9)	2021	(A)
Jellystone Park™ at Birchwood Acres	Greenfield Park, NY	—	0.5	5.5	0.1	11.3		0.6	16.8	17.4	(7.5)	2013	(A)
Jellystone Park™ Barton Lake	Fremont, IN	—	—	—	4.7	32.3		4.7	32.3	37.0	(7.5)	2020	(A)
Jellystone Park™ Canyon Lake(6)	Canyon Lake, TX	—	2.0	20.7	—	7.6		2.0	28.3	30.3	(8.0)	2018	(A)
Jellystone Park™ Gardiner(6)	Gardiner, NY	—	0.9	28.4	—	19.1		0.9	47.5	48.4	(14.8)	2018	(A)
Jellystone Park™ Glen Ellis	Glen, NH	—	0.4	5.8	—	14.4		0.4	20.2	20.6	(5.4)	2019	(A)
Jellystone Park™ Golden Valley	Bostic, NC	—	4.8	4.3	—	65.9		4.8	70.2	75.0	(20.0)	2018	(A&C)
Jellystone Park™ Guadalupe River	Kerrville, TX	—	2.5	23.9	—	13.3		2.5	37.2	39.7	(12.1)	2018	(A)
Jellystone Park™ Larkspur	Larkspur, CO	—	1.9	5.5	0.4	108.8	(9)	2.3	114.3	116.6	(30.8)	2016	(A&C)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at December 31, 2025
Property Name	Location	Encumbrances(1)	Land	Depreciable Assets	Land	Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Jellystone Park™ Luray	East Luray, VA	—	3.2	29.6	—	12.4	3.2	42.0	45.2	(11.8)	2018	(A)
Jellystone Park™ Mammoth Cave	Cave City, KY	—	—	32.5	2.3	0.7	2.3	33.2	35.5	(6.3)	2021	(A)
Jellystone Park™ Natural Bridge	Natural Bridge Station, VA	—	0.9	11.7	—	6.0	0.9	17.7	18.6	(4.1)	2020	(A)
Jellystone Park™ of Western New York	North Java, NY	—	0.9	8.9	—	14.0	0.9	22.9	23.8	(8.3)	2013	(A)
Jellystone Park™ Petoskey	Petoskey, MI	—	0.2	8.7	0.4	11.0	0.6	19.7	20.3	(5.4)	2018	(A)
Jellystone Park™ Quarryville	Quarryville, PA	—	3.9	33.8	—	13.6	3.9	47.4	51.3	(13.1)	2018	(A)
Jellystone Park™ South Jersey	Williamstown, NJ	—	—	15.6	0.8	5.3	0.8	20.9	21.7	(3.6)	2021	(A)
Jellystone Park™ Tower Park(2)	Lodi, CA	—	2.6	29.8	—	37.3	2.6	67.1	69.7	(17.7)	2018	(A)
Jellystone Park™ Waller	Waller, TX	—	1.8	19.4	—	21.2	1.8	40.6	42.4	(9.1)	2020	(A)
Jellystone Park™ Wichita Falls	Wichita Falls, TX	—	—	12.6	0.5	6.9	0.5	19.5	20.0	(2.6)	2021	(A)
Jellystone Park™ Williamsport	Williamsport, MD	—	2.1	23.7	—	11.0	2.1	34.7	36.8	(10.4)	2018	(A)
Jellystone Park™ Chincoteague Island	Chincoteague, VA	—	5.7	13.8	—	16.9	5.7	30.7	36.4	(6.5)	2019	(A)
Kensington Meadows	Lansing, MI	15.9	0.3	2.7	—	12.5	0.3	15.2	15.5	(10.1)	1995	(A&C)
Kimberly Estates	Newport, MI	—	1.3	6.2	—	17.9	1.3	24.1	25.4	(9.6)	2016	(A)
King's Court	Traverse City, MI	58.5	1.5	13.8	0.2	22.9	1.7	36.7	38.4	(22.6)	1996	(A&C)
Kings Manor	Lakeland, FL	—	2.3	5.6	—	6.1	2.3	11.7	14.0	(4.5)	2016	(A)
Kings Pointe	Lake Alfred, FL	—	0.5	16.7	—	1.0	0.5	17.7	18.2	(6.2)	2015	(A)
Kissimmee Gardens	Kissimmee, FL	—	3.3	14.4	—	1.9	3.3	16.3	19.6	(5.3)	2016	(A)
Kissimmee South	Davenport, FL	—	3.7	6.8	—	7.1	3.7	13.9	17.6	(4.2)	2016	(A)
Kittatinny K-Camp(7)	Barryville, NY	—	—	—	3.1	1.3	3.1	1.3	4.4	(0.4)	2020	(A)
Knollwood Estates	Allendale, MI	8.6	0.4	4.1	—	3.3	0.4	7.4	7.8	(4.6)	2001	(A)
La Casa Blanca	Apache Junction, AZ	—	4.4	14.1	—	1.1	4.4	15.2	19.6	(5.8)	2014	(A)
La Costa Village	Port Orange, FL	45.5	3.6	62.3	—	4.0	3.6	66.3	69.9	(23.4)	2015	(A)
Lafayette Place	Warren, MI	12.5	0.7	6.0	—	8.5	0.7	14.5	15.2	(9.9)	1998	(A)
Lake San Marino RV Resort	Naples, FL	30.2	0.7	5.7	—	6.0	0.7	11.7	12.4	(7.7)	1996	(A)
Lakefront	Lakeside, CA	32.4	21.6	17.4	—	1.7	21.6	19.1	40.7	(6.2)	2016	(A)
Lakeland	Lakeland, FL	—	1.7	5.5	—	4.2	1.7	9.7	11.4	(2.7)	2016	(A)
Lakeridge of Eugene	Eugene, OR	—	6.8	23.7	—	0.7	6.8	24.4	31.2	(0.1)	2025	(A)
Lakeshore Landings	Orlando, FL	10.5	2.6	19.5	—	2.4	2.6	21.9	24.5	(8.4)	2014	(A)
Lakeshore Villas	Tampa, FL	—	3.1	19.0	—	2.3	3.1	21.3	24.4	(7.3)	2015	(A)
Lakeside Crossing	Conway, SC	10.3	3.5	31.6	—	22.5	3.5	54.1	57.6	(16.1)	2015	(A&C)
Lakeview	Ypsilanti, MI	—	1.2	10.9	—	12.2	1.2	23.1	24.3	(13.2)	2004	(A)
Lakeview CT	Danbury, CT	—	2.5	8.9	—	1.9	2.5	10.8	13.3	(2.3)	2019	(A)
Lakeview Estates	Yucaipa, CA	—	—	—	4.1	22.9	4.1	22.9	27.0	(4.3)	2020	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at December 31, 2025
Property Name	Location	Encumbrances(1)	Land	Depreciable Assets	Land	Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Lamplighter	Port Orange, FL	—	1.3	12.8	—	2.0	1.3	14.8	16.1	(5.0)	2015	(A)
Lantana Ranch(5)(7)	Brookshire, TX	—	33.1	1.3	0.3	(1.3)	33.4	—	33.4	—	2022/2023	(A)
Lazy J Ranch	Arcata, CA	—	7.1	6.8	—	1.0	7.1	7.8	14.9	(2.2)	2017	(A)
Leaf Verde	Buckeye, AZ	—	3.4	8.4	—	1.6	3.4	10.0	13.4	(2.7)	2018	(A)
Leisure Village	Belmont, MI	—	0.4	8.2	0.1	3.7	0.5	11.9	12.4	(4.8)	2011	(A)
Lemon Wood	Ventura, CA	22.4	19.5	6.9	—	1.7	19.5	8.6	28.1	(2.8)	2016	(A)
Lost Dutchman	Apache Junction, AZ	—	—	—	4.1	17.5	4.1	17.5	21.6	(6.1)	2014	(A)
Majestic Oaks	Zephyrhills, FL	—	3.9	4.7	0.2	2.7	4.1	7.4	11.5	(2.2)	2016	(A)
Maple Brook	Matteson, IL	34.5	8.5	48.8	—	1.0	8.5	49.8	58.3	(19.1)	2014	(A)
Maplewood Manor	Brunswick, ME	—	1.8	13.0	—	2.4	1.8	15.4	17.2	(5.5)	2014	(A)
Marco Naples	Naples, FL	—	2.8	10.5	—	5.9	2.8	16.4	19.2	(4.7)	2016	(A)
Marysville Farms	Port Huron, MI	—	3.2	14.9	—	2.3	3.2	17.2	20.4	(0.1)	2025	(A)
Meadow Lake	White Lake, MI	—	1.2	11.5	0.1	10.2	1.3	21.7	23.0	(15.7)	1994	(A)
Meadowbrook	Charlotte, NC	—	1.3	6.6	—	9.3	1.3	15.9	17.2	(11.1)	2000	(A&C)
Meadowbrook Estates	Monroe, MI	—	0.4	3.3	0.4	25.3	0.8	28.6	29.4	(16.3)	1986	(A)
Meadowbrook Village	Tampa, FL	8.4	0.5	4.7	—	1.7	0.5	6.4	6.9	(5.4)	1994	(A)
Meadowlands	Gibraltar, MI	16.6	0.6	7.7	—	3.8	0.6	11.5	12.1	(3.9)	2015	(A)
Meadowstone	Hastings, MI	—	0.7	20.3	—	0.6	0.7	20.9	21.6	(3.3)	2021	(A)
Mill Creek	Kissimmee, FL	—	1.4	4.8	—	6.2	1.4	11.0	12.4	(2.9)	2016	(A)
Mountain View	Mesa, AZ	—	5.5	12.3	—	1.7	5.5	14.0	19.5	(5.2)	2014	(A)
Napa Valley	Napa, CA	25.8	17.7	11.7	—	1.4	17.7	13.1	30.8	(4.3)	2016	(A)
Navarre Village	Navarre, OH	—	11.4	15.2	—	0.3	11.4	15.5	26.9	(0.1)	2025	(A)
North Lake	Moore Haven, FL	—	4.2	3.5	—	4.1	4.2	7.6	11.8	(2.7)	2011	(A)
Northville Crossing	Northville, MI	59.6	1.2	29.5	—	8.1	1.2	37.6	38.8	(16.1)	2012	(A)
Norway Commons	Norway, ME	—	—	15.9	0.7	2.3	0.7	18.2	18.9	(2.1)	2022	(A)
Oak Creek	Coarsegold, CA	—	4.8	11.2	—	2.5	4.8	13.7	18.5	(5.2)	2014	(A)
Oak Crest	Austin, TX	23.7	4.3	12.6	4.4	29.7	8.7	42.3	51.0	(18.0)	2002	(C)
Oak Island Village	East Lansing, MI	17.5	0.3	6.8	—	5.6	0.3	12.4	12.7	(5.5)	2011	(A)
Oak Ridge	Manteno, IL	27.5	1.1	36.9	—	5.5	1.1	42.4	43.5	(16.9)	2014	(A)
Oakwood Village	Miamisburg, OH	32.7	2.0	6.4	—	16.3	2.0	22.7	24.7	(15.0)	1998	(A&C)
Ocean Breeze Resort	Jensen Beach, FL	—	19.0	13.9	—	45.5	19.0	59.4	78.4	(14.4)	2016	(A&C)
Ocean Pines	Garden City, SC	—	7.6	35.3	—	2.3	7.6	37.6	45.2	(10.2)	2019	(A)
Ocean View	Jensen Beach, FL	—	4.6	—	0.2	22.1	4.8	22.1	26.9	(2.2)	2020	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2025
Property Name	Location	Encumbrances(1)	Land	Depreciable Assets	Land		Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Ocean West	McKinleyville, CA	—	5.0	4.4	0.4		0.7	5.4	5.1	10.5	(1.5)	2017	(A)
Orange City	Orange City, FL	26.1	0.9	5.5	—		7.3	0.9	12.8	13.7	(4.5)	2011	(A)
Orange Tree Village	Orange City, FL	8.2	0.3	2.5	—		1.8	0.3	4.3	4.6	(3.5)	1994	(A)
Paddock Park South	Ocala, FL	—	0.6	6.6	—		4.4	0.6	11.0	11.6	(3.2)	2016	(A)
Palm Creek Resort & Residences	Casa Grande, AZ	84.3	11.8	76.1	—		33.7	11.8	109.8	121.6	(50.9)	2012	(A&C)
Palm Key Village	Davenport, FL	14.0	3.8	15.7	—		0.9	3.8	16.6	20.4	(5.9)	2015	(A)
Palos Verdes Shores MH & Golf Community(2)	San Pedro, CA	32.4	—	21.8	—		8.9	—	30.7	30.7	(8.5)	2016	(A)
Park Place	Sebastian, FL	—	1.4	48.7	0.3		5.4	1.7	54.1	55.8	(18.5)	2015	(A)
Park Royale	Pinellas Park, FL	12.0	0.7	29.0	—		1.8	0.7	30.8	31.5	(10.7)	2015	(A)
Parkside Village	Cheektowaga, NY	—	0.6	10.4	—		0.7	0.6	11.1	11.7	(4.2)	2014	(A)
Pearwood	Pearland, TX	—	—	10.3	1.2		0.3	1.2	10.6	11.8	(1.6)	2021	(A)
Pebble Creek	Greenwood, IN	—	1.0	5.1	—		11.4	1.0	16.5	17.5	(10.6)	2000	(A&C)
Pecan Branch	Georgetown, TX	—	1.4	—	0.2		19.5	1.6	19.5	21.1	(8.6)	1999	(C)
Pecan Park	Jacksonville, FL	—	2.0	5.0	1.4		12.9	3.4	17.9	21.3	(4.8)	2016	(A&C)
Pelican Bay	Micco, FL	6.2	0.5	10.5	—		3.3	0.5	13.8	14.3	(4.6)	2015	(A)
Pembroke Downs	Chino, CA	12.3	9.6	7.3	—		1.2	9.6	8.5	18.1	(2.6)	2016	(A)
Pheasant Ridge	Lancaster, PA	45.4	2.0	19.3	—		3.9	2.0	23.2	25.2	(15.4)	2002	(A)
Pine Acre Trails	Conroe, TX	—	15.6	16.7	—		36.5	15.6	53.2	68.8	(6.0)	2022	(A)
Pine Ridge	Prince George, VA	12.1	0.4	2.4	—		25.1	0.4	27.5	27.9	(13.7)	1986	(A&C)
Pine Trace	Houston, TX	—	2.9	17.2	(0.2)	(3)	17.8	2.7	35.0	37.7	(20.2)	2004	(A&C)
Pineview Estates	Flint, MI	—	1.9	57.4	—		46.9	1.9	104.3	106.2	(21.1)	2021	(A)
Pismo Dunes Resort	Pismo Beach, CA	17.4	11.1	10.2	—		1.9	11.1	12.1	23.2	(3.5)	2017	(A)
Pleasant Lake RV Resort	Bradenton, FL	10.9	5.2	20.4	—		4.4	5.2	24.8	30.0	(7.7)	2016	(A)
Presidential Estates	Hudsonville, MI	24.6	0.7	6.3	—		7.2	0.7	13.5	14.2	(8.6)	1996	(A)
Rainbow	Frostproof, FL	—	1.9	5.7	—		5.3	1.9	11.0	12.9	(4.7)	2012	(A)
Rainbow Village Largo	Largo, FL	7.8	4.4	12.5	—		4.4	4.4	16.9	21.3	(5.2)	2016	(A)
Rainbow Village Zephyrhills	Zephyrhills, FL	8.1	1.8	9.9	—		3.0	1.8	12.9	14.7	(3.9)	2016	(A)
Rancho Alipaz	San Juan Capistrano, CA	11.2	—	2.9	16.2		1.0	16.2	3.9	20.1	(1.2)	2016	(A)
Rancho Caballero	Riverside, CA	20.5	16.6	12.4	—		2.0	16.6	14.4	31.0	(4.5)	2016	(A)
Rancho Mirage	Apache Junction, AZ	—	7.5	22.2	—		1.4	7.5	23.6	31.1	(9.0)	2014	(A)
Red Oaks(2)	Bushnell, FL	—	5.2	20.5	—		8.8	5.2	29.3	34.5	(8.9)	2016	(A)
Reflections on Silver Lake	Avon Park, FL	—	14.2	54.6	—		0.9	14.2	55.5	69.7	(0.3)	2025	(A)
Regency Heights	Clearwater, FL	24.3	11.3	15.7	—		5.0	11.3	20.7	32.0	(6.0)	2016	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2025
Property Name	Location	Encumbrances(1)	Land	Depreciable Assets	Land		Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Richmond Place	Richmond, MI	7.2	0.5	2.0	—		4.4	0.5	6.4	6.9	(4.1)	1998	(A)
River Beach Campsites and RV(7)	Milford, PA	—	—	—	0.3		0.3	0.3	0.3	0.6	(0.1)	2020	(A)
River Haven	Grand Haven, MI	—	1.8	16.9	—		18.3	1.8	35.2	37.0	(22.7)	2001	(A)
River Pines	Nashua, NH	—	2.7	37.8	—		1.3	2.7	39.1	41.8	(8.7)	2019	(A)
River Ranch	Austin, TX	—	4.7	0.8	0.2		39.4	4.9	40.2	45.1	(17.4)	2000	(A&C)
River Ridge	Saline, MI	—	1.0	26.9	—		1.1	1.0	28.0	29.0	(4.4)	2021	(A)
River Ridge Estates	Austin, TX	31.5	3.2	15.1	—		10.0	3.2	25.1	28.3	(14.8)	2002	(C)
Riverside Club	Ruskin, FL	38.4	1.6	66.2	—		22.3	1.6	88.5	90.1	(28.2)	2015	(A)
Riverside Drive Park	Augusta, ME	—	1.2	12.1	—		4.0	1.2	16.1	17.3	(3.0)	2020	(A)
Rolling Hills	Storrs, CT	—	4.0	3.7	—		6.3	4.0	10.0	14.0	(1.5)	2019	(A)
Roxbury Park	Goshen, IN	—	1.1	9.9	—		12.7	1.1	22.6	23.7	(11.7)	2001	(A)
Royal Country	Miami, FL	—	2.3	20.8	—		4.5	2.3	25.3	27.6	(22.5)	1994	(A)
Royal Palm Village	Haines City, FL	—	1.7	27.4	—		10.9	1.7	38.3	40.0	(11.9)	2015	(A)
Royal Palms(2)	Cathedral City, CA	—	—	21.6	—		3.0	—	24.6	24.6	(7.6)	2016	(A)
Rudgate Clinton	Clinton Township, MI	—	1.1	23.7	—		18.6	1.1	42.3	43.4	(17.3)	2012	(A)
Rudgate Manor	Sterling Heights, MI	—	1.4	31.1	—		26.5	1.4	57.6	59.0	(23.2)	2012	(A)
Saddle Oak Club	Ocala, FL	16.1	0.7	6.7	—		1.1	0.7	7.8	8.5	(7.1)	1995	(A)
Saddlebrook	San Marcos, TX	—	1.7	11.8	—		25.8	1.7	37.6	39.3	(19.2)	2002	(C)
Sandy Lake	Carrollton, TX	—	0.7	17.8	—		2.3	0.7	20.1	20.8	(6.4)	2016	(A)
Saralake Estates	Sarasota, FL	—	6.5	11.4	—		1.6	6.5	13.0	19.5	(4.2)	2016	(A)
Savanna Club	Port St. Lucie, FL	54.4	12.8	79.9	2.3		2.9	15.1	82.8	97.9	(28.9)	2015	(A&C)
Scio Farms	Ann Arbor, MI	38.1	2.3	22.7	—		20.0	2.3	42.7	45.0	(30.6)	1995	(A&C)
Sea Air Village	Rehoboth Beach, DE	—	1.2	10.2	0.4		4.8	1.6	15.0	16.6	(10.7)	1997	(A)
Serendipity	North Fort Myers, FL	—	1.2	23.5	(0.3)	(3)	9.5	0.9	33.0	33.9	(10.2)	2015	(A)
Settler's Rest	Zephyrhills, FL	—	1.8	7.7	—		3.1	1.8	10.8	12.6	(3.2)	2016	(A)
Shadow Wood Village	Hudson, FL	—	4.5	3.9	0.8		17.2	5.3	21.1	26.4	(5.0)	2016	(A)
Sheffield Estates	Auburn Hills, MI	—	0.8	7.2	—		5.2	0.8	12.4	13.2	(6.7)	2006	(A)
Shelby Forest	Shelby Twp, MI	—	4.0	42.4	—		2.1	4.0	44.5	48.5	(10.5)	2019	(A)
Shelby West	Shelby Twp, MI	—	5.7	38.9	—		1.3	5.7	40.2	45.9	(9.3)	2019	(A)
Shell Creek	Punta Gorda, FL	—	2.2	9.7	—		5.1	2.2	14.8	17.0	(4.4)	2016	(A)
Sherwood Forest	Elkton, MD	—	8.0	3.8	—		0.2	8.0	4.0	12.0	—	2025	(A)
Silver Springs	Clinton Township, MI	—	0.9	16.6	—		5.4	0.9	22.0	22.9	(9.3)	2012	(A)
Sky Harbor	Cheektowaga, NY	—	2.3	24.3	—		10.4	2.3	34.7	37.0	(12.4)	2014	(A)
Skyline	Fort Collins, CO	—	2.3	12.1	—		1.3	2.3	13.4	15.7	(5.1)	2014	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at December 31, 2025
Property Name	Location	Encumbrances(1)	Land	Depreciable Assets	Land		Depreciable Assets		Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Smith Creek Crossing	Granby, CO	—	1.4	—	—		64.3		1.4	64.3	65.7	(11.5)	2018	(C)
Southern Charm	Zephyrhills, FL	10.1	4.9	17.4	—		4.1		4.9	21.5	26.4	(6.8)	2016	(A)
Southern Leisure RV Resort	Chiefland, FL	—	3.1	14.8	—		6.6		3.1	21.4	24.5	(3.2)	2021	(A)
Southern Palms	Ladson, SC	—	2.4	9.4	—		0.7		2.4	10.1	12.5	(7.7)	2019	(A)
Southport Springs Golf & Country Club	Zephyrhills, FL	30.5	15.1	17.2	—		6.4		15.1	23.6	38.7	(8.2)	2015	(A&C)
Southwood Village	Grand Rapids, MI	—	0.3	11.5	—		4.3		0.3	15.8	16.1	(6.6)	2011	(A)
Space City Ellington	Houston, TX	—	3.0	14.5	—		0.6		3.0	15.1	18.1	(2.5)	2021	(A)
Spanish Main	Thonotasassa, FL	—	2.4	8.1	—		6.7		2.4	14.8	17.2	(4.1)	2016	(A)
Springrove	Davisburg, MI	—	2.6	34.4	—		6.7		2.6	41.1	43.7	(0.2)	2025	(A)
Stonebridge	San Antonio, TX	—	2.5	2.1	(0.6)	(3)	6.7		1.9	8.8	10.7	(6.0)	2000	(A&C)
Stonebrook	Homosassa, FL	—	0.7	14.1	—		1.6		0.7	15.7	16.4	(5.4)	2015	(A)
Stoneridge Villas(5)(7)	Gardnerville, NV	—	5.3	—	0.1		—		5.4	—	5.4	—	2022	(A)
Summit Ridge	Converse, TX	—	2.6	2.1	(0.9)	(3)	18.5		1.7	20.6	22.3	(11.9)	2000	(A&C)
Sun Outdoors Arches Gateway	Moab, UT	—	3.7	8.7	—		2.9		3.7	11.6	15.3	(3.4)	2018	(A)
Sun Outdoors Association Island	Henderson, NY	—	1.7	14.7	—		5.3		1.7	20.0	21.7	(3.8)	2021	(A)
Sun Outdoors Bend(2)	Bend, OR	—	4.0	13.3	—		0.9		4.0	14.2	18.2	(2.9)	2020	(A)
Sun Outdoors Canyonlands Gateway	Moab, UT	—	6.3	8.4	—		1.1		6.3	9.5	15.8	(2.6)	2018	(A)
Sun Outdoors Cape Charles	Cape Charles, VA	—	19.1	38.7	—		12.7		19.1	51.4	70.5	(8.4)	2021	(A)
Sun Outdoors Cape May	Cape May, NJ	—	—	27.5	2.2		(0.2)		2.2	27.3	29.5	(4.8)	2021	(A)
Sun Outdoors Central Coast Wine Country	Paso Robles, CA	—	1.7	11.5	—		5.0		1.7	16.5	18.2	(7.2)	2014	(A&C)
Sun Outdoors Frontier Town	Berlin, MD	—	19.0	43.2	—		40.0		19.0	83.2	102.2	(28.9)	2015	(A)
Sun Outdoors Garden City Utah	Garden City, UT	—	2.1	7.9	—		2.2		2.1	10.1	12.2	(1.7)	2021	(A)
Sun Outdoors Gig Harbor	Gig Harbor, WA	—	3.4	11.9	—		2.0		3.4	13.9	17.3	(2.5)	2020	(A)
Sun Outdoors Islamorada	Islamorada, FL	—	10.5	7.0	2.3		37.3		12.8	44.3	57.1	(4.5)	2016	(A)
Sun Outdoors Kensington Valley	New Hudson, MI	—	—	20.1	2.9		1.6		2.9	21.7	24.6	(3.5)	2021	(A)
Sun Outdoors Lake Rudolph	Santa Claus, IN	—	2.3	28.1	—		16.7	(9)	2.3	44.8	47.1	(22.3)	2014	(A&C)
Sun Outdoors Lake Travis	Austin, TX	—	3.7	22.2	—		0.6		3.7	22.8	26.5	(8.2)	2015	(A)
Sun Outdoors Marathon	Marathon, FL	—	4.8	4.7	—		6.4		4.8	11.1	15.9	(3.3)	2016	(A)
Sun Outdoors Moab Downtown	Moab, UT	—	3.7	7.4	—		0.8		3.7	8.2	11.9	(2.6)	2018	(A)
Sun Outdoors Myrtle Beach	Conway, SC	—	5.9	—	0.7		107.6		6.6	107.6	114.2	(28.7)	2017	(A&C)
Sun Outdoors New Orleans North Shore	Ponchatoula, LA	—	7.7	16.1	—		11.8		7.7	27.9	35.6	(7.0)	2019	(A)
Sun Outdoors North Moab	Moab, UT	—	—	—	3.2		12.4		3.2	12.4	15.6	(2.9)	2019	(A)
Sun Outdoors Ocean City	Berlin, MD	—	14.3	22.3	—		9.2		14.3	31.5	45.8	(13.8)	2014	(A&C)
Sun Outdoors Ocean City Gateway	Whaleyville, MD	—	0.5	5.2	—		19.0		0.5	24.2	24.7	(7.7)	2015	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at December 31, 2025
Property Name	Location	Encumbrances(1)	Land	Depreciable Assets	Land		Depreciable Assets		Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Sun Outdoors Old Orchard Beach Downtown	Old Orchard Beach, ME	—	2.0	10.0	—		3.2		2.0	13.2	15.2	(3.4)	2019	(A)
Sun Outdoors Orange Beach	Orange Beach, AL	—	12.7	7.5	0.9		34.8		13.6	42.3	55.9	(6.2)	2019	(A)
Sun Outdoors Panama City Beach(2)	Panama City Beach, FL	13.4	10.3	9.1	—		3.9		10.3	13.0	23.3	(3.5)	2017	(A)
Sun Outdoors Paso Robles	Paso Robles, CA	—	1.4	—	—		44.7		1.4	44.7	46.1	(14.7)	2014	(C)
Sun Outdoors Pigeon Forge	Sevierville, TN	—	3.7	19.7	—		3.6		3.7	23.3	27.0	(5.5)	2019	(A)
Sun Outdoors Portland South	Wilsonville, OR	—	—	19.0	9.3		(8.5)		9.3	10.5	19.8	(1.8)	2021	(A)
Sun Outdoors Rehoboth Bay	Millsboro, DE	—	2.8	17.9	2.2		21.7		5.0	39.6	44.6	(9.4)	2019	(A)
Sun Outdoors Rocky Mountains(7)	Granby, CO	—	8.6	—	(3.1)	(7)	9.5		5.5	9.5	15.0	(6.0)	2018	(C)
Sun Outdoors Saco Old Orchard Beach	Saco, ME	—	0.8	3.6	—		6.3		0.8	9.9	10.7	(4.3)	2014	(A)
Sun Outdoors Salt Lake City	North Salt Lake, UT	—	3.4	4.6	—		2.4		3.4	7.0	10.4	(2.4)	2018	(A)
Sun Outdoors San Diego Bay(2)	San Diego, CA	—	—	—	—		69.1		—	69.1	69.1	(15.8)	2019	(A)
Sun Outdoors Santa Barbara	Goleta, CA	—	16.0	6.2	—		0.8		16.0	7.0	23.0	(1.6)	2020	(A)
Sun Outdoors Sarasota	Sarasota, FL	—	51.0	117.5	(0.2)	(3)	19.6		50.8	137.1	187.9	(46.9)	2016	(A)
Sun Outdoors St. Augustine	St. Augustine, FL	—	4.2	10.5	—		2.2		4.2	12.7	16.9	(3.1)	2018	(A)
Sun Outdoors Wells Beach	Wells, ME	—	1.4	11.4	—		1.8		1.4	13.2	14.6	(2.0)	2021	(A)
Sun Outdoors Yellowstone North	Gardiner, MT	—	—	12.5	5.6		(5.3)		5.6	7.2	12.8	(1.2)	2021	(A)
Sun Resorts & Residences Fort Myers Beach(6)	Ft. Myers Beach, FL	—	3.8	34.7	—		6.5		3.8	41.2	45.0	(10.1)	1996	(A)
Sun Resorts & Residences Sanibel Gateway(6)	Ft. Myers, FL	—	2.1	18.5	—		11.9		2.1	30.4	32.5	(5.8)	1996	(A)
Sun Retreats Amherstburg(7)	Amherstburg, ON	—	1.1	1.5	(0.7)	(4)	(1.5)	(7)	0.4	—	0.4	—	2016	(A)
Sun Retreats Avalon	Cape May Court House, NJ	—	0.6	21.3	—		5.0		0.6	26.3	26.9	(10.4)	2013	(A)
Sun Retreats Birch Bay(7)	Blaine, WA	—	7.5	7.6	(7.5)	(7)	(7.6)	(7)	—	—	—	—	2021	(A)
Sun Retreats Cape Cod	East Falmouth, MA	—	3.7	10.8	—		1.5		3.7	12.3	16.0	(2.8)	2020	(A)
Sun Retreats Cape May Wildwood	Cape May, NJ	—	0.7	7.7	—		9.1		0.7	16.8	17.5	(7.3)	2013	(A)
Sun Retreats Crystal River	Crystal River, FL	—	0.4	5.5	0.3		7.5		0.7	13.0	13.7	(3.7)	2015	(A)
Sun Retreats Daytona Beach	Port Orange, FL	—	2.3	7.2	—		5.8		2.3	13.0	15.3	(3.6)	2016	(A)
Sun Retreats Dennis Port	Dennisport, MA	14.4	14.3	11.9	—		9.4		14.3	21.3	35.6	(6.0)	2016	(A)
Sun Retreats Dunedin	Dunedin, FL	8.7	4.4	16.9	—		1.4		4.4	18.3	22.7	(5.8)	2016	(A)
Sun Retreats Estero Bay	Fort Myers, FL	—	4.9	20.6	—		2.9		4.9	23.5	28.4	(4.6)	2020	(A)
Sun Retreats Fort Myers Beach	Ft. Myers, FL	—	0.2	2.4	—		13.4		0.2	15.8	16.0	(1.4)	1997	(A)
Sun Retreats Geneva on the Lake	Geneva on the Lake, OH	—	0.4	20.8	—		11.6		0.4	32.4	32.8	(12.6)	2013	(A&C)
Sun Retreats Homosassa River	Homosassa Springs, FL	—	1.5	5.0	—		3.8		1.5	8.8	10.3	(2.7)	2016	(A)
Sun Retreats Lancaster County	Narvon, PA	—	7.4	7.1	—		3.5		7.4	10.6	18.0	(5.3)	2012	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2025
Property Name	Location	Encumbrances(1)	Land	Depreciable Assets	Land		Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Sun Retreats Naples	Naples, FL	10.6	3.6	2.0	—		3.0	3.6	5.0	8.6	(2.0)	2011	(A)
Sun Retreats Naples East	Naples, FL	—	5.8	5.0	—		3.1	5.8	8.1	13.9	(4.0)	2011	(A)
Sun Retreats New Point	New Point, VA	—	1.6	5.3	—		4.6	1.6	9.9	11.5	(4.4)	2013	(A)
Sun Retreats Ocala Orange Lake	Citra, FL	—	5.3	4.5	0.1		8.1	5.4	12.6	18.0	(5.0)	2012	(A)
Sun Retreats Old Orchard Beach	Old Orchard Beach, ME	—	0.6	7.7	—		3.5	0.6	11.2	11.8	(4.8)	2013	(A)
Sun Retreats Orlando ChampionsGate	Davenport, FL	—	—	—	3.6		20.1	3.6	20.1	23.7	(3.4)	2020	(A)
Sun Retreats Peters Pond	Sandwich, MA	—	4.7	22.8	—		4.7	4.7	27.5	32.2	(11.9)	2013	(A)
Sun Retreats Pleasant Acres Farm	Sussex, NJ	—	3.6	6.2	—		2.8	3.6	9.0	12.6	(1.5)	2021	(A)
Sun Retreats Rehoboth Bay	Millsboro, DE	—	3.6	41.3	—		2.3	3.6	43.6	47.2	(9.6)	2019	(A)
Sun Retreats Rock River	Hillsdale, IL	—	1.8	6.0	—		4.1	1.8	10.1	11.9	(3.1)	2017	(A)
Sun Retreats Sea Isle	Clermont, NJ	—	1.5	29.9	—		4.3	1.5	34.2	35.7	(13.4)	2014	(A)
Sun Retreats Seashore	Cape May, NJ	12.3	1.0	23.2	—		3.8	1.0	27.0	28.0	(11.0)	2014	(A)
Sun Retreats Shenandoah Valley	Stuarts Draft, VA	—	—	—	1.9		20.5	1.9	20.5	22.4	(4.1)	2020	(A)
Sun Retreats Sherkston Shores	Sherkston, ON	—	22.8	97.2	(1.3)	(4)	43.7	21.5	140.9	162.4	(40.5)	2016	(A)
Sun Retreats Texas Hill Country	New Braunfels, TX	—	3.8	27.2	—		3.1	3.8	30.3	34.1	(10.6)	2016	(A&C)
Sun Retreats Westward Shores	West Ossipee, NH	—	1.9	15.3	—		15.3	1.9	30.6	32.5	(8.0)	2018	(A)
Sun Retreats Wild Acres	Old Orchard Beach, ME	—	1.6	26.8	—		9.1	1.6	35.9	37.5	(16.2)	2013	(A)
Sun Valley	Apache Junction, AZ	10.5	2.8	18.4	—		2.3	2.8	20.7	23.5	(7.6)	2014	(A)
Sun Villa Estates	Reno, NV	16.7	2.4	11.8	(1.1)	(3)	3.7	1.3	15.5	16.8	(11.9)	1998	(A)
Sunlake Estates	Grand Island, FL	20.5	6.3	24.1	0.6		4.3	6.9	28.4	35.3	(9.7)	2015	(A)
Sunrise Estates	Banning, CA	—	5.5	17.2	—		1.7	5.5	18.9	24.4	(2.3)	2022	(A)
Sunset Ridge	Portland, MI	—	2.0	—	—		48.8	2.0	48.8	50.8	(21.0)	1998	(C)
Sunset Ridge TX	Kyle, TX	—	2.2	2.8	—		51.9	2.2	54.7	56.9	(11.9)	2000	(A&C)
Swan Meadow Village	Dillon, CO	—	2.1	19.7	—		0.7	2.1	20.4	22.5	(7.5)	2014	(A)
Sweetwater	Zephyrhills, FL	—	1.3	9.1	—		3.2	1.3	12.3	13.6	(3.8)	2016	(A)
Sycamore Village	Mason, MI	—	0.4	13.3	—		5.9	0.4	19.2	19.6	(9.4)	2011	(A)
Sylvan Crossing	Chelsea, MI	—	2.2	22.4	—		5.8	2.2	28.2	30.4	(4.0)	2021	(A)
Sylvan Glen Estates	Brighton, MI	—	2.7	22.7	—		5.7	2.7	28.4	31.1	(4.4)	2021	(A)
Tallowwood Isle	Coconut Creek, FL	—	13.8	20.8	0.3		3.5	14.1	24.3	38.4	(7.3)	2016	(A)
Tamarac Village	Ludington, MI	16.9	0.4	12.0	—		4.1	0.4	16.1	16.5	(6.9)	2011	(A)
Tampa East	Dover, FL	—	0.7	6.3	0.9		11.7	1.6	18.0	19.6	(7.8)	2005	(A)
Tanglewood Village	Brownstown, MI	—	0.5	21.6	1.0		1.5	1.5	23.1	24.6	(3.6)	2021	(A)
The Foothills(5)(7)	Fort Collins, CO	—	3.8	—	1.1		—	4.9	—	4.9	—	2021	(C)
The Grove at Alta Ridge	Thornton, CO	—	5.4	37.1	—		1.1	5.4	38.2	43.6	(14.5)	2014	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2025
Property Name	Location	Encumbrances(1)	Land	Depreciable Assets	Land	Depreciable Assets		Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
The Hamptons Golf & Country Club	Auburndale, FL	60.9	15.9	67.6	—	7.4	(9)	15.9	75.0	90.9	(26.1)	2015	(A)
The Landings at Lake Henry	Haines City, FL	—	3.1	31.0	—	3.7		3.1	34.7	37.8	(12.1)	2015	(A)
The Preserve(2)	Lake Suzy, FL	—	40.5	16.8	—	—		40.5	16.8	57.3	—	2025	(A)
The Ridge	Davenport, FL	33.0	8.4	35.5	—	2.9		8.4	38.4	46.8	(13.7)	2015	(A)
The Valley	Apopka, FL	—	2.5	5.7	—	1.9		2.5	7.6	10.1	(2.5)	2016	(A)
The Villas at Calla Pointe	Cheektowaga, NY	—	0.4	11.0	—	0.2		0.4	11.2	11.6	(4.3)	2014	(A)
The Willows	Goshen, IN	—	0.7	15.8	—	2.8		0.7	18.6	19.3	(2.9)	2021	(A)
Themeworld RV Resort	Davenport, FL	—	2.9	24.1	—	5.3		2.9	29.4	32.3	(4.8)	2021	(A)
Three Lakes	Hudson, FL	—	5.1	3.4	—	3.1		5.1	6.5	11.6	(2.6)	2012	(A)
Timber Ridge	Ft. Collins, CO	33.2	1.0	9.2	—	5.4		1.0	14.6	15.6	(10.7)	1996	(A)
Timberline Estates	Coopersville, MI	19.9	0.5	4.9	—	5.5		0.5	10.4	10.9	(6.4)	1994	(A)
Traveler's World(7)	San Antonio, TX	—	0.8	8.0	—	(6.1)	(7)	0.8	1.9	2.7	(0.7)	2016	(A)
Treetops	Arlington, TX	—	0.7	9.8	—	2.8		0.7	12.6	13.3	(3.9)	2016	(A)
Troy Villa	Troy, MI	—	5.6	16.5	—	7.4		5.6	23.9	29.5	(4.7)	2020	(A)
Vallecito	Newbury Park, CA	26.5	25.8	9.8	—	1.5		25.8	11.3	37.1	(3.5)	2016	(A)
Victor Villa	Victorville, CA	16.1	2.5	20.4	—	1.5		2.5	21.9	24.4	(6.9)	2016	(A)
Vista Del Lago	Scotts Valley, CA	22.9	17.8	9.5	—	1.9		17.8	11.4	29.2	(3.5)	2016	(A)
Vista Del Lago MH & RV Resort	Bradenton, FL	—	3.6	5.3	—	2.5		3.6	7.8	11.4	(2.4)	2016	(A)
Walden Woods	Homosassa, FL	8.1	1.6	26.4	(0.1)	2.5		1.5	28.9	30.4	(10.1)	2015	(A)
Warren Dunes Village	Bridgman, MI	—	0.3	3.4	0.8	11.4		1.1	14.8	15.9	(5.9)	2011	(A&C)
Water Oak Country Club Estates	Lady Lake, FL	69.1	2.8	16.7	3.1	91.6		5.9	108.3	114.2	(35.9)	1993	(A&C)
Waverly Shores Village	Holland, MI	16.0	0.3	7.3	0.5	5.9		0.8	13.2	14.0	(5.3)	2011	(A&C)
West Village Estates	Romulus, MI	—	0.9	19.8	—	8.1		0.9	27.9	28.8	(11.2)	2012	(A)
Westbrook Senior Village	Toledo, OH	4.9	0.4	3.3	—	1.0		0.4	4.3	4.7	(3.1)	2001	(A)
Westbrook Village	Toledo, OH	22.7	1.1	10.5	—	8.9		1.1	19.4	20.5	(13.3)	1999	(A)
Westside Ridge	Auburndale, FL	7.6	0.8	10.7	—	1.3		0.8	12.0	12.8	(4.2)	2015	(A)
White Lake	White Lake, MI	22.4	0.7	6.2	—	15.1		0.7	21.3	22.0	(12.9)	1997	(A&C)
Willow Crossing	Fort Lupton, CO	—	5.1	—	—	80.7		5.1	80.7	85.8	(6.6)	2021	(C)
Willowbrook Place	Toledo, OH	17.0	0.8	7.1	—	10.5		0.8	17.6	18.4	(10.8)	1997	(A)
Windham Hills	Jackson, MI	—	2.7	2.4	—	22.4		2.7	24.8	27.5	(14.6)	1998	(A&C)
Windmill Village	Davenport, FL	40.7	7.6	36.3	—	1.7		7.6	38.0	45.6	(13.5)	2015	(A)
Woodhaven Place	Woodhaven, MI	14.3	0.5	4.5	—	10.7		0.5	15.2	15.7	(8.9)	1998	(A)
Woodlake Trails	San Antonio, TX	—	1.1	0.3	—	24.2		1.1	24.5	25.6	(10.9)	2000	(A&C)
Woodland Park Estates	Eugene, OR	—	1.6	14.4	—	1.5		1.6	15.9	17.5	(13.7)	1998	(A)


				Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at December 31, 2025
Property Name	Location	Encumbrances(1)		Land		Depreciable Assets		Land		Depreciable Assets		Land		Depreciable Assets		Total		Accumulated Depreciation		Date	Acquired (A) or Constructed (C)
Woodlands at Church Lake	Groveland, FL	—		2.5		9.1		—		8.3		2.5		17.4		19.9		(5.5)		2015	(A)
Woodside Terrace	Holland, OH	26.2		1.1		9.6		—		19.8		1.1		29.4		30.5		(17.9)		1997	(A)
Wymberly	Martinez, GA	—		3.1		14.5		—		13.5		3.1		28.0		31.1		(4.9)		2019	(A)
		$	2,438.7	$	1,676.3	$	5,957.7	$	72.6	$	3,862.6	$	1,748.9	$	9,820.3	$	11,569.2	$	(3,308.0)
Corporate Headquarters and Miscellaneous Investments(8)	Southfield, MI	—		63.2		209.7		(1.9)		283.7		61.6		493.4		555.0		(197.6)
		$	2,438.7	$	1,739.5	$	6,167.4	$	70.7	$	4,146.3	$	1,810.5	$	10,313.7	$	12,124.2	$	(3,505.6)

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

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

(3)Gross amount carried at December 31, 2025 has decreased at this property due to a partial disposition of land or depreciable assets, as applicable.

(4)Gross amount carried at December 31, 2025 at our Canadian properties reflects the impact of foreign currency translation.

(5)This property was not included in our community count as of December 31, 2025 as it was not fully developed.

(6)This property had a name change during the year ended December 31, 2025.

(7)We recorded asset impairment charges during the year ended December 31, 2025 in association with the specified property. Refer to Note 14, "Fair Value Measurements," for additional information.

(8)We classified certain smaller operating properties within this category in an amount not exceeding 5% of the Total Gross Amount Carried at December 31, 2025, in accordance with SEC Regulation S-X, Item 12.

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


				Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)					Gross Amount Carried at December 31, 2025
Property Name	Location	Encumbrances		Land		Depreciable Assets		Land			Depreciable Assets		Land		Depreciable Assets		Total		Accumulated Depreciation		Date	Acquired (A) or Constructed (C)
Alberta	Whitstable, Kent, England	$	—	$	24.7	$	2.5	$	1.0		$	3.8	$	25.7	$	6.3	$	32.0	$	(0.5)	2022	(A)
Amble Links	Amble, Northumberland, England	—		62.8		4.8		—			1.5		62.8		6.3		69.1		(1.2)		2022	(A)
Ashbourne Heights	Ashbourne, Derbyshire, England	—		7.3		2.6		—			2.2		7.3		4.8		12.1		(0.6)		2022	(A)
Beauport	Hastings, Sussex, England	—		76.9		5.4		—			1.4		76.9		6.8		83.7		(0.9)		2022	(A)
Birchington Vale(3)	Birchington, Kent, England	—		3.7		12.9		—			1.2		3.7		14.1		17.8		(1.9)		2022	(A)
Bodmin Holiday Park (formerly Cornwall)	Bodmin, Cornwall, England	—		7.3		7.0		—			4.9		7.3		11.9		19.2		(1.5)		2022	(A)
Bowland Fell	Skipton, Yorkshire, England	—		9.7		4.8		—			11.0		9.7		15.8		25.5		(2.0)		2022	(A)
Broadland Sands	Lowestoft, Suffolk, England	—		38.2		15.4		1.9			5.2		40.1		20.6		60.7		(2.6)		2022	(A)
Brynteg	Llanryg, Caernafon, Wales	—		26.3		7.2		—			3.9		26.3		11.1		37.4		(1.8)		2022	(A)
Burghead / Lossiemouth / Silver Sands	Burghead, Moray, Scotland	—		36.2		8.4		—			13.9		36.2		22.3		58.5		(3.1)		2022	(A)
Carlton Meres	Saxmundham, Suffolk, England	—		35.8		10.8		—			8.0		35.8		18.8		54.6		(2.3)		2022	(A)
Chantry(1)	West Witton, Yorkshire, England	—		11.4		1.4		(8.0)		(1)	(0.9)		3.4		0.5		3.9		(0.1)		2022	(A)
Chichester Lakeside	Chichester, Sussex, England	—		75.1		9.8		—			7.4		75.1		17.2		92.3		(2.1)		2022	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2025
Property Name	Location	Encumbrances	Land	Depreciable Assets	Land		Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Coghurst Hall	Hastings, Sussex, England	—	50.0	7.3	—		2.6	50.0	9.9	59.9	(1.5)	2022	(A)
Dawlish Sands	Dawlish, Devon, England	—	10.8	4.1	—		—	10.8	4.1	14.9	(0.7)	2022	(A)
Dovercourt	Harwich, Essex, England	—	40.0	10.6	—		3.4	40.0	14.0	54.0	(1.7)	2022	(A)
Felixstowe Beach	Felixstowe, Suffolk, England	—	16.8	6.7	—		2.0	16.8	8.7	25.5	(1.0)	2022	(A)
Glendale	Wigton, Cumbria, England	—	19.0	12.7	0.1		5.3	19.1	18.0	37.1	(1.6)	2022	(A)
Golden Sands	Dawlish, Devon, England	—	36.3	8.7	—		6.1	36.3	14.8	51.1	(2.5)	2022	(A)
Harts	Isle of Sheppey, Kent, England	—	30.5	9.3	—		2.9	30.5	12.2	42.7	(1.5)	2022	(A)
Hedley Wood	Holsworthy, Devon, England	—	2.6	2.6	—		14.4	2.6	17.0	19.6	(2.0)	2022	(A)
Hengar Manor(1)	Bodmin, Cornwall, England	—	8.5	5.7	(6.4)	(1)	(2.9)	2.1	2.8	4.9	(0.4)	2022	(A)
Malvern View	Stanford Bishop, Worcester, England	—	18.4	9.6	—		5.2	18.4	14.8	33.2	(1.9)	2022	(A)
Marlie	Romney, Kent, England	—	43.2	8.6	—		2.7	43.2	11.3	54.5	(1.5)	2022	(A)
New Beach	Dymchurch, Kent, England	—	55.5	10.2	—		6.0	55.5	16.2	71.7	(2.4)	2022	(A)

Oaklands	Clacton on Sea, Essex, England	—	21.5	2.0	—		2.6	21.5	4.6	26.1	(0.4)	2022	(A)
Old Kerrow(1)(2)(4)	Llfracombe, Devon, England	—	—	28.0	2.5		(27.7)	2.5	0.3	2.8	—	2023	(A)
Oyster Bay	Truro, Cornwall, England	—	19.7	2.6	—		1.9	19.7	4.5	24.2	(0.6)	2022	(A)
Pakefield	Pakefield, Suffolk, England	—	13.0	3.8	—		20.4	13.0	24.2	37.2	(1.2)	2022	(A)

Pentire	Bude, Cornwall, England	—	18.1	3.8	—		2.8	18.1	6.6	24.7	(1.1)	2022	(A)
Pevensey Bay	Pevensey Bay, Sussex, England	—	46.5	6.5	—		6.6	46.5	13.1	59.6	(2.2)	2022	(A)
Plas Coch	Llanedwen, Anglesey, Wales	—	32.5	10.9	—		2.5	32.5	13.4	45.9	(2.3)	2022	(A)

Ribble Valley	Clitheroe, Lancashire, England	—	26.9	2.2	—		1.5	26.9	3.7	30.6	(0.5)	2022	(A)
Rye Harbour	Rye, Sussex, England	—	34.5	2.2	—		8.4	34.5	10.6	45.1	(1.0)	2022	(A)
Sand le Mere	Hull, Yorkshire, England	—	26.5	12.2	—		7.0	26.5	19.2	45.7	(3.4)	2022	(A)
Sandhills	Christchurch, Dorset, England	—	38.2	2.2	—		1.3	38.2	3.5	41.7	(0.4)	2022	(A)
Sandy Bay	Canvey Island, Essex, England	—	235.7	12.3	12.4		22.9	248.1	35.2	283.3	(4.1)	2022	(A)
Seaview	Whitstable, Kent, England	—	57.1	4.6	—		2.4	57.1	7.0	64.1	(0.9)	2022	(A)
Seawick	Clacton on Sea, Essex, England	—	31.4	10.2	—		1.9	31.4	12.1	43.5	(1.6)	2022	(A)
Solent Breezes	Fareham, Hampshire, England	—	32.1	3.2	—		2.5	32.1	5.7	37.8	(0.5)	2022	(A)
St. Osyth Beach / Martello Beach	Clacton on Sea, Essex, England	—	55.7	14.8	—		18.3	55.7	33.1	88.8	(4.4)	2022	(A)
Steeple Bay	Sothminster, Essex, England	—	25.0	6.2	—		1.6	25.0	7.8	32.8	(1.0)	2022	(A)
Stowford(4)	Llfracombe, Devon, England	—	—	145.4	151.6		(107.7)	151.6	37.7	189.3	(2.9)	2023	(A)


Trevella(3)	Newquay, Cornwall, England	—	—	9.7	—		3.8	—	13.5	13.5	(1.5)	2022	(A)
Waterside(3)	Paignton, Devon, England	—	—	6.1	—		5.8	—	11.9	11.9	(1.0)	2022	(A)
West Mersea	West Mersea, Essex, England	—	21.0	2.9	—		0.6	21.0	3.5	24.5	(0.6)	2022	(A)


				Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)					Gross Amount Carried at December 31, 2025
Property Name	Location	Encumbrances		Land		Depreciable Assets		Land			Depreciable Assets		Land		Depreciable Assets		Total		Accumulated Depreciation		Date	Acquired (A) or Constructed (C)
Winchelsea Sands	Winchelsea, Sussex, England	—		16.9		3.4		—			5.8		16.9		9.2		26.1		(0.9)		2022	(A)
Wood Farm	Charmouth, Dorset, England	—		12.6		4.1		—			3.9		12.6		8.0		20.6		(1.0)		2022	(A)
Yorkshire Dales(1)	Leyburn, Yorkshire, England	—		10.5		1.1		(6.1)		(1)	0.4		4.4		1.5		5.9		(0.2)		2022	(A)
		$	—	$	1,522.4	$	489.5	$	149.0		$	100.7	$	1,671.4	$	590.2	$	2,261.6	$	(73.0)
UK Headquarters and Miscellaneous Investments(3)(5)	Sussex, England	—		13.0		34.7		8.3			58.2		21.3		92.9		114.2		(19.6)
		$	—	$	1,535.4	$	524.2	$	157.3		$	158.9	$	1,692.7	$	683.1	$	2,375.8	$	(92.6)

(1) We recorded asset impairment charges during the year ended December 31, 2025 in association with the specified property. Refer to Note 14, "Fair Value Measurements," for additional information.

(2) This property was not included in our community count as of December 31, 2025 as it was not fully developed.

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

(4) These properties were reacquired in exchange for settlement of a related note receivable. Refer to Note 4, "Notes and Other Receivables," for additional information. Unallocated acquisition costs were reclassified between Land and Depreciable Assets as of December 31, 2025.

(5)

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

•Land improvement and buildings: 15 years - 30 years

•Furniture, fixtures, and equipment: 5 years - 30 years

•Dock improvements: 30 years

•Site improvements: 7 years - 30 years

The aggregate cost of total real estate for federal income tax purposes was approximately $7.2 billion as of December 31, 2025.

The change in investment property for the years ended December 31, 2025, 2024, and 2023 is as follows (in millions):


	Year Ended December 31,
	2025			2024		2023
Beginning balance	$	14,093.5		$	14,149.8	$	13,453.4
Property and land acquisitions, including immediate improvements	478.9			49.7		182.4
Property expansion and development	100.6			123.0		250.3
Improvements	335.1			327.1		387.9
Asset impairments	(429.6)		(1)	(59.9)		2.8
Dispositions and other	(78.5)			(496.2)		(127.0)
Ending balance	$	14,500.0		$	14,093.5	$	14,149.8

The change in accumulated depreciation for the years ended December 31, 2025, 2024, and 2023 is as follows (in millions):


	Year Ended December 31,
	2025			2024		2023
Beginning balance	$	3,228.4		$	2,920.6	$	2,527.4
Depreciation for the period	464.6			461.4		448.1
Asset impairments	(41.4)		(1)	(10.0)		12.3
Dispositions and other	(53.3)			(143.6)		(67.2)
Ending balance	$	3,598.3		$	3,228.4	$	2,920.6

(1)Consists of asset impairment charges primarily related to certain RV and UK properties. Refer to Note 14, "Fair Value Measurements," for additional information.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Significant Accounting Policies

1. Significant Accounting Policies

Business

Sun Communities, Inc., a Maryland corporation, and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership, a Michigan limited partnership (the "Operating Partnership"), Sun Home Services, Inc., a Michigan corporation ("SHS"), and our Park Holidays subsidiaries and the other entities through which we operate our business in the UK are referred to herein as the "Company," "SUI," "us," "we," or "our."

We are a fully integrated, self-administered, and self-managed REIT. As of December 31, 2025, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 513 MH and RV properties located in the U.S., Canada, and the UK, including 294 MH communities, 166 RV communities, and 53 UK communities.

Principles of Consolidation

We consolidate our majority-owned and controlled subsidiaries and all variable interest entities with respect to which we are the primary beneficiary. We also consolidate entities in which we have a direct or indirect controlling or voting interest. All significant intercompany transactions have been eliminated in consolidation. Any subsidiaries in which we have an ownership percentage equal to or greater than 50%, but less than 100%, or are considered to be a consolidated variable interest entity ("VIE"), represent subsidiaries with a non-controlling interest. The noncontrolling interests in our subsidiaries are allocated their proportionate share of the subsidiaries' financial results. Certain reclassifications have been made to prior period financial statements and related notes in order to conform to current period presentation.

We consolidate the Operating Partnership under the guidance set forth in ASC 810, "Consolidation." We evaluated whether the Operating Partnership met the criteria for classification as a VIE or, alternatively, as a voting interest entity, and concluded that the Operating Partnership met the criteria of a VIE. Our significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership. We are the sole general partner and controlling owner of the Operating Partnership, with an ownership percentage of 95.7% as of December 31, 2025. Additionally, we have the power to direct the Operating Partnership's activities and the obligation to absorb its losses or the right to receive its benefits. Accordingly, we are the primary beneficiary, and we have continued to consolidate the Operating Partnership. Total assets, liabilities, and equity related to consolidated VIEs, with the exception of the Operating Partnership, were immaterial at December 31, 2025 and 2024, respectively.

Use of Estimates

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

Safe Harbor Sale and Discontinued Operations Presentation

In February 2025, we entered into the Safe Harbor Sale. During the year ended December 31, 2025, we completed the closing of the Safe Harbor Sale for total net cash proceeds of $5.5 billion and recorded a gain on sale of $1.5 billion. 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. Unless otherwise noted, the information disclosed in Note 3 through Note 19 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.

Investment Property

Investment property is recorded at cost, less accumulated depreciation.

Impairment of long-lived assets - we review the carrying value of long-lived assets to be held for use for impairment quarterly or whenever events or changes in circumstances indicate a possible impairment. Future events could occur which would cause us to conclude that impairment indicators exist, and significant adverse changes in national, regional, or local market conditions or trends may cause us to change the estimates and assumptions used in our impairment analysis. The results of an impairment analysis could be material to our financial statements. Our primary indicators for potential impairment include a reduction in projected future cash flows and deteriorating NOI trends period over period. Circumstances that may prompt a test of recoverability may include a significant decrease in the anticipated market price, an adverse change to the extent or manner in which an asset may be used or in its physical condition, or other events that may significantly change the value of the long-lived asset. Any adverse change in these factors could cause an impairment in our assets, including our investment in real estate.

An impairment loss is recognized when a long-lived asset's carrying value is not recoverable and exceeds estimated fair value. We estimate the fair value of our long-lived assets based on discounted future cash flows and any potential disposition proceeds for a given asset. Forecasting cash flows requires management to make estimates and assumptions about such variables as the estimated holding period, rental rates, occupancy, development and operating expenses during the holding period, as well as capitalization rates. Management uses its best judgment when developing these estimates and assumptions.

During the years ended December 31, 2025 and 2024, we recognized long-lived asset impairment charges of $386.7 million and $66.7 million, respectively. Refer to Note 14, "Fair Value Measurements," for additional information.

Real estate held for sale - we periodically classify real estate as held for sale. An asset is classified as held for sale after an active program to sell an asset has commenced and when the sale is probable. Subsequent to the classification of assets as held for sale, no further depreciation expense is recorded.

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

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

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

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

Capitalized Costs

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

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

•Renovations and improvements to our properties are capitalized and depreciated over their estimated useful lives, and real estate project costs related to the development of new community or expansion sites are capitalized until the property is substantially complete and available for occupancy.

•Costs incurred to initially renovate pre-owned and repossessed homes that we acquire for our Rental Program are capitalized, and the majority of costs incurred to refurbish the homes at turnover and repair the homes while occupied, are expensed unless they extend the life of the home.

•Improvements made to buildings, systems, equipment, and site improvements are capitalized until the project is substantially complete and available for use.

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

•Costs incurred to develop internal-use software, including certain implementation costs in hosting arrangements accounted for as service contracts, are capitalized and amortized on a straight-line basis over the estimated useful life of the related software (typically four years).

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

Deferred Financing Costs

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

Cash and Cash Equivalents

We consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash and cash equivalents. At December 31, 2025 and 2024, $569.6 million and $47.9 million of cash and cash equivalents, respectively, was included as a component of Cash, cash equivalents and restricted cash on the Consolidated Balance Sheets. The maximum amount of credit risk arising from cash deposits in excess of federally insured amounts was approximately $523.7 million and $46.4 million as of December 31, 2025 and 2024, respectively. The maximum amount of credit risk arising from cash deposits in the UK in excess of insured amounts through the Financial Services Compensation Scheme ("FSCS") was approximately £14.3 million ($19.3 million) and £0.8 million ($1.0 million) as of December 31, 2025 and 2024, respectively.

Restricted Cash

Restricted cash includes amounts generated from the Safe Harbor Sale and other dispositions and held in escrow accounts that have been designated to fund potential future MH and RV acquisitions in accordance with Section 1031 of the 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. At December 31, 2025 and 2024, $66.5 million and $9.2 million of restricted cash, respectively, was included as a component of Cash, cash equivalents and restricted cash on the Consolidated Balance Sheets, including $57.2 million and $0.0 million, respectively, held in escrow accounts for 1031 exchange transactions. Changes in the restricted cash are reported in our Consolidated Statements of Cash Flows as operating, investing, or financing activities based on the nature of the underlying activity. Restricted cash and restricted cash equivalents are included with cash and cash equivalents in the reconciliation of the beginning of period and the end of period cash balance on the Consolidated Statements of Cash Flows.

Inventory

Inventory of manufactured homes is stated at lower of specific cost or net realizable value based on the specific identification method and the balance is separately disclosed on our Consolidated Balance Sheets. Other inventory at our MH and RV properties consists primarily of service and merchandise related items, grocery, food, and beverage products and are stated at the lower of cost or net realizable value. Physical inventory counts are performed where inventory exists. Inventory records are adjusted accordingly to reflect actual inventory counts and any resulting shortage is recognized. The other inventory balance is included in Other assets, net on our Consolidated Balance Sheet.

Investments in Nonconsolidated Affiliates

Investments in joint ventures that are not consolidated are accounted for using the equity method of accounting as prescribed in ASC Topic 323, "Investments - Equity Method and Joint Ventures." Investments in nonconsolidated affiliates are recorded within Other assets, net on the Consolidated Balance Sheets. Equity income and loss are recorded in the Income from nonconsolidated affiliates on the Consolidated Statements of Operations. The allocation provisions in these agreements may differ from the ownership interests held by each investor. Our exposure to losses associated with nonconsolidated affiliates is primarily limited to the carrying value of these investments. Accordingly, distributions from a nonconsolidated affiliate in excess of our carrying value are recognized in earnings. We review the carrying value of our investments in nonconsolidated affiliates for other than temporary impairment whenever events or changes in circumstances indicate a possible impairment. Financial condition, operational performance, and other economic trends are among the factors we consider when we evaluate the existence of impairment indicators. Refer to Note 6, "Investments in Nonconsolidated Affiliates," for additional information.

Notes and Other Receivables

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

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

We elected to apply the fair value option to our installment notes receivable on manufactured homes and notes receivable from real estate developers and operators in accordance with ASC 820, "Fair Value Measurements and Disclosures." The fair value is evaluated quarterly, and any fair value adjustments are recorded in Loss on remeasurement of notes receivable on the Consolidated Statement of Operations. Refer to Note 14, "Fair Value Measurements," for additional information regarding the estimates and assumptions used to estimate the fair value of each financial instrument class.

Other receivables - are generally comprised of home sale proceeds receivable, amounts due from MH, annual RV, and UK residents for rent, and related charges (utility charges, fees, and other pass-through charges), insurance receivables and various other miscellaneous receivables. Accounts outstanding longer than the contractual payment terms are considered past due.

Accounts receivable from residents are typically due within 30 days and stated at amounts due from residents net of an allowance for credit losses. We evaluate the recoverability of our receivables whenever events occur or there are changes in circumstances such that management believes it is probable that it will be unable to collect all amounts due according to the contractual terms. Receivables related to MH community rents are reserved when we believe that collection is less than probable, which is generally after a resident balance reaches 60 to 90 days past due. In the UK, annual rents are noticed in full during the fourth quarter and due by January 31st of the following year. Payment can be made upfront or in monthly installments. Accounts receivables are reviewed regularly for collectability, with related reserves set quarterly for outstanding receivables. Refer to Note 4, "Notes and Other Receivables," for additional detail on receivables.

Collateralized Receivables

We account for transferred loans that have not met the requirements for sale accounting as collateralized receivables under ASC 860, "Transfers and Servicing." We are subject to certain recourse provisions related to previously transferred loans 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 transferred assets are classified as Collateralized receivables, net and the cash proceeds received from the transaction are 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." Refer to Note 7, "Debt and Line of Credit" and Note 14, "Fair Value Measurements" for additional information.

Goodwill

We account for goodwill pursuant to ASC 350, "Intangibles—Goodwill and Other." Goodwill is not amortized but rather is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it is more likely than not that an impairment exists. We perform our annual goodwill assessment at the reporting unit level on October 31st. An impairment exists if quantitative testing indicates that the carrying amount of a reporting unit exceeds its fair value.

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

Other Intangible Assets

Other intangible assets primarily comprise in-place leases, trademarks and trade names, customer relationships, and franchise agreements. We amortize finite-lived intangible assets on a straight-line basis over the period the assets are expected to contribute directly or indirectly to the future cash flows of the property or business. We evaluate the recoverability of intangible assets on an annual basis, or more frequently if indicators of impairment are identified, by reviewing events or circumstances that may warrant revised estimates of useful lives or that indicate that the asset may be impaired. The carrying amounts of other intangible assets are included in Other intangible assets, net on our Consolidated Balance Sheets. Refer to Note 5, "Goodwill and Other Intangible Assets," for additional information.

Deferred Taxes

We are subject to certain state and foreign income taxes and have certain subsidiaries that are taxed as regular corporations for U.S. and non-U.S. income tax purposes. Deferred tax assets or liabilities are recognized for temporary differences between the tax basis of assets and liabilities and their carrying amounts in the financial statements and net operating loss carryforwards in certain subsidiaries, including those domiciled in foreign jurisdictions, which may be realized in future periods if the respective subsidiary generates sufficient taxable income. Deferred tax assets and liabilities are measured using currently enacted tax rates. A valuation allowance is established if, based on the available evidence, it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. Refer to Note 11, "Income Taxes," for additional information.

Temporary Equity and Noncontrolling Interests

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

Our noncontrolling interest primarily consists of common and preferred OP units that are owned by limited partners of the Operating Partnership. The common and preferred OP units are exchangeable for shares of our common stock based on the exchange ratio for each OP unit class outstanding. Each exchange is treated as a capital transaction, which results in an allocation between Stockholders' equity, temporary equity, and noncontrolling interest to account for the change in the respective ownership of the underlying equity of the Operating Partnership. We allocate Net income (after allocating to preferred returns) between our common stock and the noncontrolling interests based on the respective ownership interests in the Operating Partnership. The noncontrolling interest allocation is adjusted for issuances, conversions, and any other applicable equity activity.

Share-Based Compensation

We account for restricted stock awards ("RSAs"), which include time based RSAs and performance-based RSAs subject to a market condition, in accordance with ASC 718, "Compensation-Stock Compensation." Compensation cost is measured at the fair value on the grant date and recognized as expense, net of estimated forfeitures, on a straight-line basis over the service or performance period. The fair value of time based RSAs is measured based on the quoted price of our common stock on the grant date. The fair value of performance-based RSAs subject to a market condition is measured using a Monte Carlo valuation model. We estimate forfeitures at the time of grant based on the historical turnover rate of employees and non-employees that are recipients of an award. We update our assumptions annually, or sooner, if subsequent information indicates that the actual number of instruments subject to forfeiture is likely to differ from previous estimates. Refer to Note 9, "Share-Based Compensation," for additional information.

Fair Value Measurements

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

ASC 820, "Fair Value Measurements and Disclosures," requires disclosure regarding the 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.

Refer to Note 14, "Fair Value Measurements," for additional information on methods and assumptions used to estimate the fair value of each financial instrument class.

Revenue Recognition

As a real estate owner and operator, the majority of our revenue consists of Income from real property from site and home leases that are accounted for pursuant to ASC 842, "Leases." Other revenue streams, such as those generated from home sales and ancillary activities, are accounted for pursuant to ASC 606, "Revenue from Contracts with Customers," except for those that are within the scope of other topics in the FASB ASC. For transactions in the scope of ASC 606, we recognize revenue when control of goods or services transfers to the customer, in the amount that we expect to receive for the transfer of goods or provision of services. Due to the nature and timing of our identified revenue streams, there were no material outstanding performance obligations as of December 31, 2025.

Income from real property - includes revenue from residents and guests in our communities, who lease the site on which their home or RV is located and either own or lease their home or RV, rental home revenue, and short-term vacation home and site rentals. Resident leases are generally for a time period not to exceed one year or month to month and are renewable by mutual agreement between the parties, or in some cases, as provided by statute. Revenues from site and home leases fall under the scope of ASC 842, and are accounted for as operating leases with straight-line recognition. We combine fixed lease and non-lease components and account for them as a single lease component per ASC 842. The non-lease components primarily consist of reimbursement for utility services at our communities. In accordance with the practical expedient criteria, we noted that the timing and pattern of transfer for the lease and non-lease components are the same, and the leases qualify as operating leases. Accordingly, we present rental revenues and utility recoveries as a single lease component within Income from real property in the Consolidated Statement of Operations. Additionally, we include collections of real estate taxes from residents and guests within Income from real property. As a lessor, we also receive variable lease payments, usually from revenue derived from percentage-based leases. The revenue from these leases is accounted for on an as earned basis. We also have a number of short-term leases that are accounted for on an as earned basis. All our revenues are recognized net of taxes collected from customers and submitted to taxing authorities. Real estate taxes are recorded as a liability when collected and released when payments are remitted to tax authorities.

Revenue from home sales - SHS, our U.S. taxable REIT subsidiary, and Park Holidays sell manufactured homes to current and prospective residents in our communities. We recognize revenue from home sales pursuant to ASC 606. Manufactured homes are not permanent fixtures or improvements to the underlying real estate and we therefore do not consider them to be subject to the guidance in ASC 360-20, "Real Estate Sales." In accordance with ASC 606, we recognize revenue from home sales at the time of closing when control of the home transfers to the customer. After closing of the sale transaction, we have no remaining performance obligation. As of December 31, 2025 and 2024, we had $15.6 million and $24.5 million, respectively, of receivables from contracts with customers, which consists of home sales proceeds, and are presented as a component of Notes and other receivables, net on our Consolidated Balance Sheets. These receivables represent balances owed to us for previously completed performance obligations for sales of manufactured homes.

Ancillary - ancillary revenues are primarily composed of proceeds from restaurant, golf, merchandise, retail, service, and other activities at our MH and RV communities. Revenues at communities in the UK are recognized at the point of sale when control of the good or service transfers to the customer and our performance obligation has been satisfied.

Interest income - is earned primarily on our cash balances and notes receivable. For our notes receivable, interest income is accrued based on the unpaid principal balances of the underlying loans on a contractual yield basis over the life of the loan. Refer to Note 4, "Notes and Other Receivables," for additional information.

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

Advertising Costs

Advertising costs are expensed as incurred. As of December 31, 2025, 2024, and 2023, we had advertising costs of $28.8 million, $34.1 million, and $33.8 million, respectively.

Depreciation and Amortization

Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the assets, ranging from four years to 30 years depending upon the asset classification.

Asset Class

Useful Life

Land improvements and buildings

15 years

30 years

Rental homes and improvements

10 years

Furniture, fixtures, and equipment

5 years

30 years

Computer hardware and software

4 years

Site improvements

7 years

30 years

Leasehold improvements

Lesser of lease term or useful life of assets

In-place leases

7 years

Trademarks and trade names

15 years

Customer relationships

4 years

Franchise agreements and other intangible assets

10 years

27 years

Foreign Currency

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

For the years ended December 31, 2025, 2024, and 2023, we recorded a foreign currency exchange gain of $26.7 million, a loss of $25.8 million, and a loss of $0.3 million, respectively, on our Consolidated Statements of Operations.

Derivative Instruments and Hedging Activities

We enter into derivative instruments for risk management purposes to minimize the effect of interest rate changes on future cash outflows related to outstanding floating rate debt and forecasted issuances of long-term debt, and the benchmark interest rates used are the SOFR and the SONIA Rates. Treasury rate lock contracts, interest rate swaps, and forward swaps are used to accomplish this objective. We do not enter into derivative instruments for speculative purposes. At December 31, 2025, we did not have any outstanding derivative contracts. Refer to Note 13, "Derivative Financial Instruments," for additional information regarding derivative activity.

We recognize derivative instruments at fair value on a recurring basis on the Consolidated Balance Sheets and classify the derivatives within Level 2 of the fair value hierarchy. We adjust our Consolidated Balance Sheets on a quarterly basis to reflect the current fair market value of the derivative instruments. Refer to Note 14, "Fair Value Measurements," for additional information related to the fair value methodology used for derivative financial instruments.

We assess the effectiveness of the derivative instruments in hedging the underlying interest rate exposure both at inception and on an ongoing basis. The unrealized gains or losses on the derivative instruments are recorded in 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, net over the next 12 months for all of our settled cash flow hedges. Cash flow from these derivative instruments is classified in the same category as the cash flow items being hedged on the Consolidated Statements of Cash Flows.

Accounting for Leases

Lessee Accounting

Our operating lease agreements are primarily for land under non-cancelable operating leases at certain properties, executive office spaces, and certain equipment leases. Pursuant to ASC Topic 842, "Leases," we determine if an arrangement contains a lease at inception and most of our leases contain lease and non-lease components. We combine fixed lease and non-lease components and account for them as a single lease component.

For operating leases with a term greater than 12 months, ROU assets and lease liabilities are recognized at the commencement date within Other assets, net and Other liabilities on the Consolidated Balance Sheets. The lease liabilities are measured at the present value of the fixed lease payments at the lease commencement date. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred, less any lease incentives received, and any adjustments to reflect favorable or unfavorable terms of the lease when compared with market terms. Operating lease costs are recognized on a straight-line basis over the lease term.

Variable lease payments, except for payments that depend on an index or rate, are excluded from the calculation of the ROU assets and lease liabilities and are expensed as incurred. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Many of our lessee agreements include options to extend the lease, which we do not include in our minimum lease terms unless the extension is reasonably certain of being exercised. For operating leases with a term of 12 months or less, we elected the practical expedient to recognize lease expense on a straight-line basis over the term of the lease, with no asset or liability recognized on the Consolidated Balance Sheets.

Finance leases where we are the lessee primarily relate to ground leases for land and are included in Investment property, net and Other liabilities on our Consolidated Balance Sheets. The lease liabilities are initially measured in the same manner as operating leases and are subsequently measured at amortized cost using the effective interest method. Refer to Note 16, "Leases," for information regarding leasing activities.

Lessor Accounting

As detailed in the Revenue Recognition section, our income from real property at our communities is derived from rental agreements with our residents and customers where we are the lessor, which we classify as operating leases under ASC Topic 842, "Leases." Nearly all of our operating leases are for a time period not to exceed one year or month-to-month.

Fixed lease income from customers is recognized on a straight-line basis over the term of the relevant lease agreement and is included within Income from real property and Brokerage commissions and other revenue, net on the Consolidated Statements of Operations. When collectability is not reasonably assured, the resident is placed on non-accrual status and revenue is recognized when cash payments are received.

Equity and Temporary Equity - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended	12 Months Ended
	Jan. 31, 2025	Dec. 31, 2021	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 31, 2025	May 16, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Issuance price (in dollars per share)				$ 100.00
Equity interest				$ 255,700,000	$ 259,800,000	$ 260,900,000			$ 202,900,000
Share of capital stock issued (in shares)								380,000,000
Common stock, shares authorized (in shares)				360,000,000.0	360,000,000.0			360,000,000
Common stock, shares outstanding (in shares)				123,486,747	127,400,000
Common stock, shares issued (in shares)				123,486,747	127,400,000
Preferred shares issued (in shares)				0
Preferred shares outstanding (in shares)				0
Aggregate gross sales price		$ 1,250,000,000		$ 725,200,000
Share Repurchase Program, Authorized, Amount							$ 1,000,000,000.0
Stock Repurchased and Retired During Period, Shares				4,300,000
Stock Repurchased and Retired During Period, Value				$ 539,100,000
Share Repurchase Program, Remaining Authorized, Amount				460,900,000
Notes Reduction	$ 23,800,000
Issuance of preferred OP Units				3,400,000
Proceeds From Redemption Of Temporary Equity				$ 3,900,000
RV Property In California
Class of Stock [Line Items]
Settlement of contingent consideration	$ 9,000,000.0
Series K preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares)				1,000,000
Equity interest				$ 98,200,000	$ 94,100,000
Issuance of preferred OP Units				$ 0	0	$ 100,600,000
Series G preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares)				4,898
Equity interest				$ 3,300,000	19,800,000
Shares redeemed (in shares)	200,914
Temporary Equity, Carrying Amount, Attributable to Parent	$ 19,600,000
Temporary Equity, Redemption Price Per Share	$ 84.42
Issuance of preferred OP Units	$ 3,400,000
Option Indexed to Issuer's Equity, Noncash Gain (Loss)				$ 3,700,000
Series F preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares)				70,000
Equity interest				$ 7,500,000	8,700,000
Shares redeemed (in shares)				20,000
Series H preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares)				560,968
Equity interest				$ 59,600,000	$ 55,400,000
Shares redeemed (in shares)				19,496
December 2021 Sales Agreement
Class of Stock [Line Items]
Offering price (in dollars per share)			$ 133.31
Aggregate gross sales price				$ 524,800,000
Shares issued in agreement (in shares)			2,713,571
Sale of Stock, Consideration Received on Transaction			$ 364,300,000
Sale of Stock, Consideration Received on Transaction, Net			$ 361,700,000
Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)								20,000,000

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets
NOL carryforwards	$ 15.8	$ 32.0	$ 28.7
Depreciation and basis differences	58.7	24.7	24.1
Restricted interest carryforwards	102.4	81.3	51.9
Other	17.2	16.7	5.2
Gross deferred tax assets	194.1	154.7	109.9
Valuation allowance	(53.7)	(61.2)	(51.8)
Net deferred tax assets	140.4	93.5	58.1
Deferred Tax Liabilities
Basis differences - US assets	0.0	0.0	0.0
Basis differences - foreign investment	(365.7)	(360.3)	(335.2)
Gross deferred tax liabilities	(365.7)	(360.3)	(335.2)
Net Deferred Tax Liability	$ (225.3)	$ (266.8)	$ (277.1)

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

We have elected to be taxed as a REIT pursuant to Section 856(c) of the Internal Revenue Code of 1986, as amended ("Code"). In order for us to qualify as a REIT, at least 95% 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 for the year ended December 31, 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. We are also subject to local income taxes in Canada and the UK due to certain properties located in those jurisdictions. We do not provide for withholding taxes on our undistributed earnings from our Canadian subsidiaries as they are reinvested and will continue to be reinvested indefinitely outside of the U.S. As currently structured, we are not subject to UK withholding taxes on distributions from our UK properties.

For income tax purposes, distributions paid to common shareholders consist of ordinary income, capital gains, and return of capital. Distributions paid per share were taxable as follows (unaudited / rounded):


	Year Ended December 31,

	2025				2024				2023
	Amount		Percentage		Amount		Percentage		Amount		Percentage
Ordinary income(1)	$	2.97	37.25	%	$	1.98	52.70	%	$	2.30	62.62	%
Capital gain	4.29		53.94	%	1.63		43.50	%	—		—	%
Return of capital	0.70		8.81	%	0.14		3.80	%	1.37		37.38	%
Total distributions declared	$	7.96	100.00	%	$	3.75	100.00	%	$	3.67	100.00	%

(1)99.9995% of the ordinary taxable dividend qualifies as a Section 199A dividend for 2025 and 0.0005% of the ordinary taxable dividend qualifies as a Qualified Dividend for 2025.

The components of income / (loss) attributable to taxable subsidiaries before provision for income taxes are as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Domestic	$	(61.4)	$	(41.6)	$	1.6
Foreign	(196.0)		(81.3)		(56.0)
Income / (loss) before provision for income taxes	$	(257.4)	$	(122.9)	$	(54.4)

The components of income tax expense / (benefit) attributable to continuing operations are as follows (in millions):


	Year Ended December 31,
	2025		2024		2023



State and Local
Current	$	3.0	$	2.4	$	2.7

Foreign
Current	7.8		1.2		11.0
Deferred	(60.0)		(39.6)		(22.9)
Total expense / (benefit)(1)	$	(49.2)	$	(36.0)	$	(9.2)

(1)We did not incur any income tax expense / (benefit) at the federal level for any of the periods presented.

A reconciliation of the provision / (benefit) for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes after the adoption of ASU 2023-09 is as follows (amounts in millions):


	Year Ended December 31,
	2025


Federal provision / (benefit) at statutory tax rate	$	(13.6)	21.0	%
Nontaxable or nondeductible items
Nontaxable REIT income	(40.4)		62.2	%
State and local taxes, net of federal benefit(1)	3.0		(4.6)	%

Change in valuation allowance	12.9		(19.9)	%

Foreign tax effects
United Kingdom
Statutory tax rate difference between the UK and the U.S.	(7.8)		12.0	%
Change in valuation allowance	1.4		(2.2)	%
Foreign basis differences	(4.3)		6.6	%
Deferred true ups	4.1		(6.3)	%
Return to provision	(3.2)		4.9	%
Nondeductible other expenses	1.4		(2.2)	%
Other	(2.1)		3.2	%
All other countries	(0.6)		0.9	%




Total provision / (benefit)	(49.2)		75.6	%

(1)The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include New Hampshire, New York, and Texas.

(2)The was no impact to the total provision / (benefit) from the effect of changes in tax laws, cross-border tax laws, tax credits, and changes in unrecognized tax benefits for the period presented.

A reconciliation of the provision / (benefit) for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes prior to the adoption of ASU 2023-09 is as follows (amounts in millions):


		Year Ended December 31,
	2024			2023
Pre-tax income / (loss) attributable to taxable subsidiaries		$	(122.9)			$	(54.4)

Federal provision / (benefit) at statutory tax rate		(25.8)		21.0	%	(11.4)		21.0	%
State and local taxes, net of federal benefit(1)		1.4		(1.1)	%	1.1		(2.1)	%

Change in valuation allowance		3.4		(2.8)	%	0.5		(0.9)	%

Foreign tax effects		(19.0)		15.5	%	0.2		(0.4)	%





Others		3.0		(0.9)	%	(1.1)		1.8	%
Tax provision / (benefit) - taxable subsidiaries		(37.0)		31.7	%	(10.7)		19.4	%
Other state taxes - flow through subsidiaries		1.0				1.5
Total provision / (benefit)		$	(36.0)			$	(9.2)

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

The components of cash paid for income taxes was as follows (amounts in millions):


	Year Ended December 31, 2025
Federal	$	—
State and local
Texas	0.7
New Hampshire	0.5
New York	0.3
All other state and local	0.3
Foreign
Canada	2.1
United Kingdom	1.1
Total cash paid for income taxes	$	5.0

During the years ended December 31, 2024 and 2023, total cash paid for incomes taxes for our continuing operations was $2.9 million and $20.3 million, respectively.

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


	As of December 31,
	2025		2024		2023
Deferred Tax Assets
NOL carryforwards	$	15.8	$	32.0	$	28.7
Depreciation and basis differences	58.7		24.7		24.1
Restricted interest carryforwards	102.4		81.3		51.9
Other	17.2		16.7		5.2
Gross deferred tax assets	194.1		154.7		109.9
Valuation allowance	(53.7)		(61.2)		(51.8)
Net deferred tax assets(1)	140.4		93.5		58.1
Deferred Tax Liabilities
Basis differences - US assets	—		—		—
Basis differences - foreign investment(2)	(365.7)		(360.3)		(335.2)
Gross deferred tax liabilities(1)	(365.7)		(360.3)		(335.2)
Net Deferred Tax Liability	$	(225.3)	$	(266.8)	$	(277.1)

(1)Net deferred tax assets and Gross deferred tax liabilities are netted and presented within Other liabilities in our Consolidated Balance Sheets, as they pertain to the same tax-paying component of the entity and the same tax jurisdiction.

(2)Balance as of December 31, 2025 relates to basis differences in our foreign investments in properties in the UK and Canada.

Our U.S. taxable REIT subsidiaries operating loss carryforwards are $77.5 million, or $15.8 million after tax, including SHS loss carryforwards of $71.4 million, or $15.0 million after tax, as of December 31, 2025. Our U.S. loss carryforwards arose in tax years after 2017 and can be carried forward indefinitely, but are subject to an 80% limit in future years. In addition, our Canadian subsidiaries have operating loss carryforwards of $0.4 million, or $0.1 million after tax, as of December 31, 2025. The loss carryforwards will begin to expire in 2040 through 2042 if not offset by future taxable income.

Our policy is to report income tax penalties and income tax related interest expense as a component of income tax expense. No interest or penalty associated with any unrecognized income tax provision or benefit was accrued, nor was any income tax related interest or penalty recognized during the years ended December 31, 2025, 2024, and 2023.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

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

+ Details

Subsequent Events - Narrative (Details) - USD ($) $ in Millions	2 Months Ended	12 Months Ended
	Feb. 25, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Proceeds From Redemption Of Temporary Equity		$ 3.9
Series H preferred OP units
Subsequent Event [Line Items]
Shares redeemed (in shares)		19,496
Series F preferred OP units
Subsequent Event [Line Items]
Shares redeemed (in shares)		20,000
Subsequent Event \| Series H preferred OP units
Subsequent Event [Line Items]
Shares redeemed (in shares)	430,089
Subsequent Event \| Series F preferred OP units
Subsequent Event [Line Items]
Shares redeemed (in shares)	10,000
Subsequent Event \| Series H and Series F Preferred OP Units
Subsequent Event [Line Items]
Proceeds From Redemption Of Temporary Equity	$ 44.1

Earnings / (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted EPS (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	5,801	3,216	5,992
Common OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	2,637	0	2,735
Series A-1 preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	170	177	202
A-3 preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	40	40	40
Series C preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	292	297	306
Series D preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	489	489	489
Series E preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	80	80	80
Series F preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	70	90	90
Series G preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	5	206	211
Series H preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	561	581	581
Series J preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	236	236	238
Series K preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	1,000	1,000	1,000
Series L preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	20	20	20
Redemption rights - Series G preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	201

Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financial Assets
Installment notes receivable on manufactured homes, net	$ 332.1	$ 430.1
Collateralized receivables, net	$ 43.2	$ 51.2
Derivative Asset, Statement of Financial Position Extensible Enumeration Not Disclosed Flag	true	true
Financial Liabilities
Mortgage loans payable	$ 2,429.0	$ 3,212.2
Secured borrowings on collateralized receivables	43.2	51.2
Secured Debt, Total	2,472.2	3,263.4
Unsecured debt
Senior unsecured notes	$ 1,786.5	$ 2,676.3
Derivative Liability Statement Of Financial Position Extensible Enumeration Not Disclosed Flag	true	true
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net
Financial Assets
Total assets measured at fair value	$ 139.2	$ 93.9	$ 19.6
Reported Value Measurement
Financial Assets
Notes receivable from real estate developers and operators	44.5	148.5
Collateralized receivables, net	43.2	51.2
Derivative assets	0.0	6.3
Financial Liabilities
Secured Debt, Total	2,472.2	3,263.4
Unsecured debt
Senior unsecured notes	1,786.5	2,676.3
Lines of credit	0.0	1,413.1
Total unsecured debt	1,786.5	4,089.4
Derivative liabilities	0.0	1.3
Other financial liabilities (contingent consideration)	0.2	11.3
Total liabilities measured at fair value	4,258.9	7,365.4
Reported Value Measurement \| Secured Debt
Financial Liabilities
Mortgage loans payable	2,429.0	3,212.2
Secured borrowings on collateralized receivables	43.2	51.2
Reported Value Measurement \| Fair Value, Recurring
Financial Assets
Total assets measured at fair value	226.9	299.9
Reported Value Measurement \| Fair Value, Recurring \| Installment notes receivable on manufactured homes, net
Financial Assets
Installment notes receivable on manufactured homes, net	139.2	93.9
Estimate of Fair Value Measurement \| Fair Value, Recurring
Financial Assets
Notes receivable from real estate developers and operators	44.5	148.5
Collateralized receivables, net	43.2	51.2
Derivative assets	0.0	6.3
Total assets measured at fair value	226.9	299.9
Financial Liabilities
Secured borrowings on collateralized receivables	43.2	51.2
Secured Debt, Total	2,236.2	3,003.6
Unsecured debt
Senior unsecured notes	1,655.1	2,476.8
Lines of credit	0.0	1,413.1
Total unsecured debt	1,655.1	3,889.9
Derivative liabilities	0.0	1.3
Other financial liabilities (contingent consideration)	0.2	11.3
Total liabilities measured at fair value	3,891.5	6,906.1
Estimate of Fair Value Measurement \| Fair Value, Recurring \| Secured Debt
Financial Liabilities
Mortgage loans payable	2,193.0	2,952.4
Estimate of Fair Value Measurement \| Fair Value, Recurring \| Installment notes receivable on manufactured homes, net
Financial Assets
Installment notes receivable on manufactured homes, net	$ 139.2	$ 93.9

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 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):


		December 31, 2025				December 31, 2024
Other Intangible Asset	Useful Life	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
In-place leases	7 years	$	146.5	$	(132.1)	$	138.8	$	(126.4)
Trademarks and trade names	15 years	87.4		(22.6)		81.7		(15.4)
Customer relationships	4 years	1.9		(1.9)		1.8		(1.3)
Franchise agreements and other intangible assets	10 - 27 years	32.9		(11.3)		32.7		(10.0)
Total finite-lived assets		$	268.7	$	(167.9)	$	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		$	269.4	$	(167.9)	$	255.6	$	(153.1)

Schedule of Intangible Assets Amortization Expense

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


	Year Ended December 31,
Other Intangible Asset Amortization Expense	2025		2024		2023
In-place leases	$	5.7	$	6.2	$	8.7
Trademarks and trade names	6.0		5.8		5.7
Customer relationships	0.5		0.5		0.5
Franchise fees and other intangible assets	0.7		0.8		2.2
Total	$	12.9	$	13.3	$	17.1

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	2026		2027		2028		2029		2030
In-place leases	$	4.7	$	3.2	$	1.9	$	1.2	$	1.1
Trademarks and trade names	6.1		5.8		5.8		5.7		5.7
Customer relationships	—		—		—		—		—
Franchise agreements and other intangible assets	1.3		1.3		1.3		1.3		1.3
Total	$	12.1	$	10.3	$	9.0	$	8.2	$	8.1

Assets Held for Sale and Discontinued Operations - Narrative (Details) - Discontinued Operations, Held-for-Sale or Disposed of by Sale - Safe Harbor Business $ in Millions		3 Months Ended	12 Months Ended
	Aug. 29, 2025 USD ($) subsidiaries	Jun. 30, 2025 USD ($) subsidiaries	Dec. 31, 2025 USD ($) subsidiaries
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses		$ 5,250.0
Disposal Group, Including Discontinued Operation, Number Of Delayed Consent Subsidiaries Sold \| subsidiaries	9	6	15
Disposal Group, Including Discontinued Operation, Aggregate Value Of Delayed Consent Subsidiaries Subject To Receipt Of Third-Party Consents		$ 250.0
Disposal Group, Including Discontinued Operation, Aggregate Value Of Delayed Consent Subsidiaries Sold	$ 117.5	$ 136.7
Gain on sale			$ 1,500.0

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Principles of Consolidation

Use of Estimates

Segment Information

Investment Property

Investment property is recorded at cost, less accumulated depreciation.

Acquisitions

Capitalized Costs

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

•Improvements made to buildings, systems, equipment, and site improvements are capitalized until the project is substantially complete and available for use.

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

Deferred Financing Costs

Cash and Cash Equivalents

Restricted Cash

Inventory

Investments in Nonconsolidated Affiliates

Notes and Other Receivables

Collateralized Receivables

Goodwill

Other Intangible Assets

Deferred Taxes

Temporary Equity

Temporary Equity and Noncontrolling Interests

Share-Based Compensation

Fair Value of Financial Instruments

Fair Value Measurements

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

Refer to Note 14, "Fair Value Measurements," for additional information on methods and assumptions used to estimate the fair value of each financial instrument class.

Revenue Recognition

Advertising Costs

Advertising costs are expensed as incurred. As of December 31, 2025, 2024, and 2023, we had advertising costs of $28.8 million, $34.1 million, and $33.8 million, respectively.

Depreciation and Amortization

Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the assets, ranging from four years to 30 years depending upon the asset classification.

Asset Class

Useful Life

Land improvements and buildings

15 years

30 years

Rental homes and improvements

10 years

Furniture, fixtures, and equipment

5 years

30 years

Computer hardware and software

4 years

Site improvements

7 years

30 years

Leasehold improvements

Lesser of lease term or useful life of assets

In-place leases

7 years

Trademarks and trade names

15 years

Customer relationships

4 years

Franchise agreements and other intangible assets

10 years

27 years

Foreign Currency

Derivative Instruments and Hedging Activities

Accounting for Leases

Lessee Accounting

Lessor Accounting

Leases - Schedule of Right-of-Use Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Finance lease, ROU asset, net of accumulated amortization	$ 26.6	$ 31.3
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Investment property, net	Investment property, net
Operating lease, ROU asset, net	$ 59.9	$ 52.4
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, net	Other assets, net
Finance lease liabilities	$ 10.6	$ 14.2
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Operating lease liabilities	$ 39.0	$ 34.5
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

5. Goodwill and Other Intangible Assets

Our intangible assets include goodwill, in-place leases, trademarks and trade names, customer relationships, franchise agreements, and other intangible assets.

Goodwill

The measurement periods for the valuation of assets acquired and liabilities assumed in a business combination end as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available on the earlier of (i) the dates of acquisition, or (ii) 12 months after the acquisition dates. Adjustments in purchase price allocations may require a change in the amounts allocated to goodwill during the periods in which the adjustments are determined.

Our entire goodwill balance of $9.5 million at December 31, 2025 is attributable to the RV segment. During the year ended December 31, 2025, goodwill of $541.7 million associated with the Safe Harbor subsidiary was allocated to discontinued operations and derecognized in conjunction with the closing of the Safe Harbor Sale. There were no other changes in our goodwill balance during the year ended December 31, 2025.

At October 31, 2025, we performed our annual goodwill impairment test for the RV segment and no impairment of goodwill was identified. During the years ended December 31, 2024 and 2023, we incurred impairment charges of $180.8 million and $369.9 million, respectively, related to the UK segment, primarily driven by a deterioration in the macroeconomic environment in the region, causing a decline in projected future cash flows for our Park Holidays business, bringing the balance associated with the UK segment to zero. As of December 31, 2025 and 2024, the accumulated impairment losses were $550.7 million.

Other Intangible Assets, net

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


		December 31, 2025				December 31, 2024
Other Intangible Asset	Useful Life	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
In-place leases	7 years	$	146.5	$	(132.1)	$	138.8	$	(126.4)
Trademarks and trade names	15 years	87.4		(22.6)		81.7		(15.4)
Customer relationships	4 years	1.9		(1.9)		1.8		(1.3)
Franchise agreements and other intangible assets	10 - 27 years	32.9		(11.3)		32.7		(10.0)
Total finite-lived assets		$	268.7	$	(167.9)	$	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		$	269.4	$	(167.9)	$	255.6	$	(153.1)

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


	Year Ended December 31,
Other Intangible Asset Amortization Expense	2025		2024		2023
In-place leases	$	5.7	$	6.2	$	8.7
Trademarks and trade names	6.0		5.8		5.7
Customer relationships	0.5		0.5		0.5
Franchise fees and other intangible assets	0.7		0.8		2.2
Total	$	12.9	$	13.3	$	17.1

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	2026		2027		2028		2029		2030
In-place leases	$	4.7	$	3.2	$	1.9	$	1.2	$	1.1
Trademarks and trade names	6.1		5.8		5.8		5.7		5.7
Customer relationships	—		—		—		—		—
Franchise agreements and other intangible assets	1.3		1.3		1.3		1.3		1.3
Total	$	12.1	$	10.3	$	9.0	$	8.2	$	8.1

Notes and Other Receivables - Schedule of Other Investments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Notes and Loans Payable, by Type, Current and Noncurrent [Abstract]
Insurance receivables	$ 42.4	$ 67.2
MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net	80.6	62.2
Home sale proceeds	15.6	24.5
Other receivables	9.8	33.8
Total Other Receivables, net	148.4	187.7
Allowances	$ 5.0	$ 5.6

Earnings / (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings per Share

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


	Year Ended December 31,
	2025		2024		2023
Numerator for basic EPS
Net income / (loss) from continuing operations	$	0.6	$	32.9	$	(291.4)
Preferred return to preferred OP units equity interests	(12.6)		(12.8)		(12.3)
(Income) / loss attributable to noncontrolling interests	(56.4)		(5.3)		8.1
Net income / (loss) from continuing operations attributable to SUI common shareholders	(68.4)		14.8		(295.6)
Less: allocation to restricted stock awards	7.7		0.4		(1.8)
Basic earnings - net income / (loss) from continuing operations after allocation to restricted stock awards	(76.1)		14.4		(293.8)
Basic earnings - net income from discontinued operations	1,429.6		74.2		82.3
Basic earnings - net income / (loss) attributable to common shareholders after allocation to restricted stock awards	$	1,353.5	$	88.6	$	(211.5)

Numerator for diluted EPS
Basic earnings - net income / (loss) from continuing operations after allocation to restricted stock awards	$	(76.1)	$	14.4	$	(293.8)
Add: allocation to common and preferred OP units dilutive effect	—		1.2		—
Add: allocation to restricted stock awards	—		—		(1.8)
Diluted net income / (loss) from continuing operations attributable to SUI common shareholders	(76.1)		15.6		(295.6)
Diluted net income from discontinued operations	1,429.6		74.2		82.3
Diluted earnings - net income / (loss) attributable to common shareholders after allocation to common and preferred OP units(1)	$	1,353.5	$	89.8	$	(213.3)

Denominator
Weighted average common shares outstanding	124.9		124.5		123.4


Add: dilutive restricted stock	—		—		0.4
Add: common and preferred OP units dilutive effect	—		2.7		—
Diluted weighted average common shares and securities(1)	124.9		127.2		123.8

EPS Available to Common Shareholders After Allocation
Basic earnings / (loss) per share from continuing operations	$	(0.61)	$	0.12	$	(2.38)
Basic earnings per share from discontinued operations	11.45		0.59		0.67
Basic earnings / (loss) per share	$	10.84	$	0.71	$	(1.71)

Diluted earnings / (loss) per share from continuing operations	$	(0.61)	$	0.12	$	(2.39)
Diluted earnings per share from discontinued operations	11.45		0.59		0.67
Diluted earnings / (loss) per share(1)	$	10.84	$	0.71	$	(1.72)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents the outstanding securities that were excluded from the computation of diluted EPS (in thousands):


	Year Ended December 31,
	2025	2024	2023
Common OP units	2,637	—	2,735
A-1 preferred OP units	170	177	202
A-3 preferred OP units	40	40	40
Series C preferred OP units	292	297	306
Series D preferred OP units	489	489	489
Series E preferred OP units	80	80	80
Series F preferred OP units	70	90	90
Series G preferred OP units	5	206	211
Series H preferred OP units	561	581	581
Series J preferred OP units	236	236	238
Series K preferred OP units	1,000	1,000	1,000
Series L preferred OP units	20	20	20
Redemption rights - Series G preferred OP units	201	N/A	N/A

Total Securities	5,801	3,216	5,992

N/A = Not applicable.

Debt and Line of Credit - Schedule of Senior Unsecured Notes (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Jan. 11, 2024	Jan. 31, 2023	Apr. 15, 2022	Oct. 05, 2021	Jun. 28, 2021
Senior unsecured notes
Debt Instrument [Line Items]
Principal amount	$ 2,700.0
Unsecured debt	1,786.5	$ 2,676.3
5.5% notes, issued in January 2024 and due in January 2029 (the "2029 Notes")
Debt Instrument [Line Items]
Interest Rate			5.50%
Principal amount			$ 500.0
Unsecured debt	0.0	496.2
5.7% notes, issued in January 2023 and due in January 2033 (the "2033 Notes")
Debt Instrument [Line Items]
Interest Rate				5.70%
Principal amount				$ 400.0
Unsecured debt	0.0	396.1
4.2% notes, issued in April 2022 and due in April 2032
Debt Instrument [Line Items]
Interest Rate					4.20%
Principal amount					$ 600.0
Unsecured debt	594.1	593.2
2.3% notes, issued in October 2021 and due in November 2028
Debt Instrument [Line Items]
Interest Rate						2.30%
Principal amount						$ 450.0
Unsecured debt	448.1	447.4
2.7% notes, issued in June 2021 and October 2021, and due in July 2031
Debt Instrument [Line Items]
Interest Rate							2.70%
Principal amount							$ 750.0
Unsecured debt	$ 744.3	$ 743.4

Related Party Transactions (Details)	12 Months Ended
Related Party Transactions (Details)	Dec. 31, 2025 ft² $ / ft²
Related Party Transaction [Line Items]
Indirect percentage of equity interest	0.01
Average gross base rent per square foot \| $ / ft²	21.95
Permanent space
Related Party Transaction [Line Items]
Rentable square feet \| ft²	60,261
Chief Executive Officer
Related Party Transaction [Line Items]
Indirect percentage of equity interest	0.281

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: 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 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	360,000,000.0	360,000,000.0
Common stock, shares issued (in shares)	123,486,747	127,400,000
Common stock, shares outstanding (in shares)	123,486,747	127,400,000
Installment Notes on Manufactured Homes & Notes Receivable from Real Estate Developers
Notes receivable from real estate developers and operators	$ 183.7	$ 242.4

Income Taxes - Schedule of Characterization of Distributions (Details) - $ / shares	3 Months Ended				12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Distribution Per Share	$ 1.04	$ 1.04	$ 1.04	$ 0.94	$ 7.96	$ 3.75	$ 3.67
Percentage					100.00%	100.00%	100.00%
Ordinary annual taxable dividend					99.9995%
Ordinary quarterly taxable dividend					0.0005%
Ordinary income
Income Tax Contingency [Line Items]
Distribution Per Share					$ 2.97	$ 1.98	$ 2.30
Percentage					37.25%	52.70%	62.62%
Capital gain
Income Tax Contingency [Line Items]
Distribution Per Share					$ 4.29	$ 1.63	$ 0
Percentage					53.94%	43.50%	0.00%
Return of capital
Income Tax Contingency [Line Items]
Distribution Per Share					$ 0.70	$ 0.14	$ 1.37
Percentage					8.81%	3.80%	37.38%

Equity and Temporary Equity - Schedule of Distributions (Details) - USD ($) $ / shares in Units, $ in Millions						3 Months Ended				12 Months Ended
	Feb. 02, 2026	Oct. 15, 2025	Jul. 15, 2025	May 22, 2025	Apr. 15, 2025	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Distribution Per Share						$ 1.04	$ 1.04	$ 1.04	$ 0.94	$ 7.96	$ 3.75	$ 3.67
Total Distribution		$ 131.5	$ 133.8		$ 122.6
S 2025 Q2 Dividends
Class of Stock [Line Items]
Distribution Per Share								$ 4.00
Total Distribution				$ 521.3
Subsequent Event
Class of Stock [Line Items]
Total Distribution	$ 131.2

- 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

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill impairment	$ 0	$ 180,800,000	$ 369,900,000
Goodwill	9,500,000	9,500,000
UK
Goodwill [Line Items]
Goodwill	0	0
Goodwill, impaired, accumulated impairment loss	$ 550,700,000	$ 550,700,000

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ 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.

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+ Details

Equity and Temporary Equity - Schedule of Accumulated Other Comprehensive (Income) Loss (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Equity [Abstract]
Net foreign currency translation gains / (losses)	$ 8.8	$ (44.1)
Accumulated net gain on derivatives	17.7	36.2
Accumulated other comprehensive income / (loss)	$ 26.5	$ (7.9)

- Definition

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

+ References + Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Taxable Dividends Paid

istributions paid per share were taxable as follows (unaudited / rounded):


	Year Ended December 31,

	2025				2024				2023
	Amount		Percentage		Amount		Percentage		Amount		Percentage
Ordinary income(1)	$	2.97	37.25	%	$	1.98	52.70	%	$	2.30	62.62	%
Capital gain	4.29		53.94	%	1.63		43.50	%	—		—	%
Return of capital	0.70		8.81	%	0.14		3.80	%	1.37		37.38	%
Total distributions declared	$	7.96	100.00	%	$	3.75	100.00	%	$	3.67	100.00	%

(1)99.9995% of the ordinary taxable dividend qualifies as a Section 199A dividend for 2025 and 0.0005% of the ordinary taxable dividend qualifies as a Qualified Dividend for 2025.

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense / (benefit) attributable to continuing operations are as follows (in millions):


	Year Ended December 31,
	2025		2024		2023



State and Local
Current	$	3.0	$	2.4	$	2.7

Foreign
Current	7.8		1.2		11.0
Deferred	(60.0)		(39.6)		(22.9)
Total expense / (benefit)(1)	$	(49.2)	$	(36.0)	$	(9.2)

(1)We did not incur any income tax expense / (benefit) at the federal level for any of the periods presented.

Schedule of Components of Income / (Loss) Attributable to Taxable Subsidiaries

The components of income / (loss) attributable to taxable subsidiaries before provision for income taxes are as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Domestic	$	(61.4)	$	(41.6)	$	1.6
Foreign	(196.0)		(81.3)		(56.0)
Income / (loss) before provision for income taxes	$	(257.4)	$	(122.9)	$	(54.4)

Schedule of Effective Income Tax Rate Reconciliation


	Year Ended December 31,
	2025


Federal provision / (benefit) at statutory tax rate	$	(13.6)	21.0	%
Nontaxable or nondeductible items
Nontaxable REIT income	(40.4)		62.2	%
State and local taxes, net of federal benefit(1)	3.0		(4.6)	%

Change in valuation allowance	12.9		(19.9)	%

Foreign tax effects
United Kingdom
Statutory tax rate difference between the UK and the U.S.	(7.8)		12.0	%
Change in valuation allowance	1.4		(2.2)	%
Foreign basis differences	(4.3)		6.6	%
Deferred true ups	4.1		(6.3)	%
Return to provision	(3.2)		4.9	%
Nondeductible other expenses	1.4		(2.2)	%
Other	(2.1)		3.2	%
All other countries	(0.6)		0.9	%




Total provision / (benefit)	(49.2)		75.6	%

(1)The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include New Hampshire, New York, and Texas.

(2)The was no impact to the total provision / (benefit) from the effect of changes in tax laws, cross-border tax laws, tax credits, and changes in unrecognized tax benefits for the period presented.

A reconciliation of the provision / (benefit) for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes prior to the adoption of ASU 2023-09 is as follows (amounts in millions):


		Year Ended December 31,
	2024			2023
Pre-tax income / (loss) attributable to taxable subsidiaries		$	(122.9)			$	(54.4)

Federal provision / (benefit) at statutory tax rate		(25.8)		21.0	%	(11.4)		21.0	%
State and local taxes, net of federal benefit(1)		1.4		(1.1)	%	1.1		(2.1)	%

Change in valuation allowance		3.4		(2.8)	%	0.5		(0.9)	%

Foreign tax effects		(19.0)		15.5	%	0.2		(0.4)	%





Others		3.0		(0.9)	%	(1.1)		1.8	%
Tax provision / (benefit) - taxable subsidiaries		(37.0)		31.7	%	(10.7)		19.4	%
Other state taxes - flow through subsidiaries		1.0				1.5
Total provision / (benefit)		$	(36.0)			$	(9.2)

Schedule of Income Taxes Paid

The components of cash paid for income taxes was as follows (amounts in millions):


	Year Ended December 31, 2025
Federal	$	—
State and local
Texas	0.7
New Hampshire	0.5
New York	0.3
All other state and local	0.3
Foreign
Canada	2.1
United Kingdom	1.1
Total cash paid for income taxes	$	5.0

Schedule of Deferred Tax Assets and Liabilities


	As of December 31,
	2025		2024		2023
Deferred Tax Assets
NOL carryforwards	$	15.8	$	32.0	$	28.7
Depreciation and basis differences	58.7		24.7		24.1
Restricted interest carryforwards	102.4		81.3		51.9
Other	17.2		16.7		5.2
Gross deferred tax assets	194.1		154.7		109.9
Valuation allowance	(53.7)		(61.2)		(51.8)
Net deferred tax assets(1)	140.4		93.5		58.1
Deferred Tax Liabilities
Basis differences - US assets	—		—		—
Basis differences - foreign investment(2)	(365.7)		(360.3)		(335.2)
Gross deferred tax liabilities(1)	(365.7)		(360.3)		(335.2)
Net Deferred Tax Liability	$	(225.3)	$	(266.8)	$	(277.1)

(2)Balance as of December 31, 2025 relates to basis differences in our foreign investments in properties in the UK and Canada.

Commitments and Contingencies - Schedule of Changes in Estimated Property Insurance Recoveries (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Hurricane Ian
Schedule of Changes in Estimated Insurance Recoveries [Roll Forward]
Change in estimated property insurance recoveries	$ 36.5
Proceeds received from insurer	(80.2)
Total estimated insurance receivable - December 31, 2025	43.7
Hurricane Helene and Milton
Schedule of Changes in Estimated Insurance Recoveries [Roll Forward]
Total estimated insurance receivable - December 31, 2024	16.7
Change in estimated property insurance recoveries	36.1
Proceeds received from insurer	(10.8)
Total estimated insurance receivable - December 31, 2025	$ 42.0

Equity and Temporary Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Preferred Units

The following table sets forth the various series of redeemable preferred OP units and other redeemable equity interests that were outstanding as of December 31, 2025 and 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 at December 31,
	December 31, 2025						2025		2024
Series D preferred OP units	488,958	0.8000	4.0	%	Holder's Option	Any time	$	51.3	$	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	3.3		19.8
Series H preferred OP units	560,968	0.6098	3.0	%	Holder's Option	Any time	59.6		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	24.2		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	11.6		11.9
Total	2,360,824						$	255.7	$	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.

Issuances of Common OP Units


Month	Common OP Units Issued	Fair Value at Issuance (in millions)		Related Acquisition
September 2024	243,273	$	31.5	Marina Village Yacht Harbor
April 2024	19,326	$	2.5	Port Milford
March 2024	4,452	$	0.6	Land for development

Schedule of Accumulated Other Comprehensive Income (Loss)

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


	December 31, 2025		December 31, 2024
Net foreign currency translation gains / (losses)	$	8.8	$	(44.1)
Accumulated net gain on derivatives	17.7		36.2
Accumulated other comprehensive income / (loss)	$	26.5	$	(7.9)

Schedule of Common and Preferred OP Units included within Noncontrolling Interests


Description	OP Units Outstanding	Exchange Rate(1)	Annual Distribution Rate(2)		Cash Redemption	Redemption Period	Carrying Amount at December 31,
	December 31, 2025						2025		2024
Common OP units	2,637,275	1.0000	Same distribution rate for common stock		N/A	N/A	$	71.6	$	71.5
Series A-1 preferred OP units	169,913	2.4390	6.0	%	N/A	N/A	12.3		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	3,239,892						$	116.3	$	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) Except for Common OP units, 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 of Stock

Below is the activity of conversions during the years ended December 31, 2025 and 2024:


		Year Ended December 31,
		2025		2024
Series	Conversion Rate	Units / Shares Converted	Common Stock(1)		Units / Shares Converted	Common Stock(1)

Common OP units	1.0000	268,595	268,595		96,164	96,164
Series A-1 preferred OP units	2.4390	6,884	16,788		25,347	61,811



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 Sale of Common Stock

Common stock, common OP unit, and restricted stock distributions declared for the year ended December 31, 2025 were as follows (in millions, except for per share amounts):


Period	Record Date	Payment Date	Distribution Per Share		Total Distribution
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
December 31, 2025	12/31/2025	2/2/2026	$	1.04	$	131.2

(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.

Significant Accounting Policies - Estimated Use Lives (Details)	Dec. 31, 2025
Minimum
Property, Plant and Equipment [Line Items]
Useful life of assets	4 years
Maximum
Property, Plant and Equipment [Line Items]
Useful life of assets	30 years
In-place leases \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of finite-lived intangible assets	7 years
Customer relationships \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of finite-lived intangible assets	4 years
Franchise agreements and other intangible assets \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of finite-lived intangible assets	10 years
Franchise agreements and other intangible assets \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of finite-lived intangible assets	27 years
Land improvements and buildings \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of assets	15 years
Land improvements and buildings \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of assets	30 years
Rental homes and improvements
Property, Plant and Equipment [Line Items]
Useful life of assets	10 years
Furniture, fixtures, and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of assets	5 years
Furniture, fixtures, and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of assets	30 years
Computer hardware and software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of assets	4 years
Site improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of assets	7 years
Site improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of assets	30 years

Notes and Other Receivables (Tables)

12 Months Ended

Dec. 31, 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):


	December 31, 2025		December 31, 2024
Installment notes receivable on manufactured homes, net	$	139.2	$	93.9
Notes receivable from real estate developers and operators	44.5		148.5
Other receivables, net	148.4		187.7
Total Notes and Other Receivables, net	$	332.1	$	430.1

Schedule of Other Receivables

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


	December 31, 2025		December 31, 2024
Receivables from residents and customers(1)	$	80.6	$	62.2
Insurance receivables(2)	42.4		67.2
Home sale proceeds	15.6		24.5
Other receivables	9.8		33.8
Total Other Receivables, net	$	148.4	$	187.7

(1)Net of allowance for credit losses of $5.0 million and $5.6 million as of December 31, 2025 and 2024, respectively.

(2)Primarily consists of receivables from insurance providers related to Hurricanes Helene, Milton, and Ian. Refer to Note 15, "Commitments and Contingencies," for additional details.

Share-Based Compensation - Schedule of Share-Based Compensation Expensed and Capitalized (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-based compensation - expensed	$ 39.6	$ 31.7	$ 32.6

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

19. Subsequent Events

Redemption of Preferred OP Units

Subject to certain limitations, holders can redeem certain series of preferred OP units for cash, provided that the applicable contractual requirements are met. In January and February 2026, 10,000 Series F preferred OP units and 430,089 Series H preferred OP units were redeemed for a total net cash payment of $44.1 million, inclusive of all distributions on the redeemed units that were accrued and unpaid as of the redemption date, in accordance with the terms and conditions set forth in the redemption agreement.

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

Equity and Temporary Equity - Schedule of Redeemable Equity (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Equity interest	$ 255.7	$ 259.8	$ 260.9	$ 202.9

- 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

- Definition

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References

Reference 1: 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 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (01)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

+ Details

Equity and Temporary Equity - Schedule of Common and Preferred OP Units Included in Noncontrolling Interest (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($)
Class of Stock [Line Items]
OP Units Outstanding (in shares) \| shares	3,239,892
Carrying Amount \| $	$ 116.3	$ 110.4
Preferred OP units, issuance price (in dollars per share) \| $ / shares	$ 100.00
Common OP units \| Common OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares) \| shares	2,637,275
Exchange Rate	1.0000
Carrying Amount \| $	$ 71.6	71.5
Preferred Stock \| Series A-1 preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares) \| shares	169,913
Exchange Rate	2.4390
Annual Distribution Rate	6.00%
Carrying Amount \| $	$ 12.3	9.2
Preferred Stock \| A-3 preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares) \| shares	40,268
Exchange Rate	1.8605
Annual Distribution Rate	4.50%
Carrying Amount \| $	$ 2.9	2.3
Preferred Stock \| Series C preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares) \| shares	292,436
Exchange Rate	1.1100
Annual Distribution Rate	5.00%
Carrying Amount \| $	$ 21.3	19.5
Preferred Stock \| Series E preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares) \| shares	80,000
Exchange Rate	0.6897
Annual Distribution Rate	5.50%
Carrying Amount \| $	$ 6.2	6.0
Preferred Stock \| Series L preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares) \| shares	20,000
Exchange Rate	0.6250
Annual Distribution Rate	3.50%
Carrying Amount \| $	$ 2.0	$ 1.9

Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible assets, gross carrying amount	$ 268.7	$ 255.0
Accumulated Amortization	(167.9)	(153.1)
Indefinite-lived intangible assets	0.7	0.6
Total	269.4	255.6
Trademarks and trade names
Intangible Asset, Acquired, Finite-Lived [Line Items]
Indefinite-lived intangible assets	0.7	0.6
In-place leases
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible assets, gross carrying amount	146.5	138.8
Accumulated Amortization	(132.1)	(126.4)
Trademarks and trade names
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible assets, gross carrying amount	87.4	81.7
Accumulated Amortization	(22.6)	(15.4)
Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible assets, gross carrying amount	1.9	1.8
Accumulated Amortization	(1.9)	(1.3)
Franchise agreements and other intangible assets
Intangible Asset, Acquired, Finite-Lived [Line Items]
Finite-lived intangible assets, gross carrying amount	32.9	32.7
Accumulated Amortization	$ (11.3)	$ (10.0)
Minimum \| In-place leases
Intangible Asset, Acquired, Finite-Lived [Line Items]
Useful Life	7 years
Minimum \| Trademarks and trade names
Intangible Asset, Acquired, Finite-Lived [Line Items]
Useful Life	15 years
Minimum \| Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Useful Life	4 years
Minimum \| Franchise agreements and other intangible assets
Intangible Asset, Acquired, Finite-Lived [Line Items]
Useful Life	10 years
Maximum \| Franchise agreements and other intangible assets
Intangible Asset, Acquired, Finite-Lived [Line Items]
Useful Life	27 years

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

16. Leases

Lessee Accounting

We lease land under non-cancelable operating leases at certain 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 December 31, 2025 where we are the lessee include (in millions):



Maturity of Lease Liabilities	Finance Leases		Operating Leases		Total
2026	$	0.9	$	5.6	$	6.5
2027	0.9		5.0		5.9
2028	0.9		4.5		5.4
2029	0.7		4.0		4.7
2030	0.6		3.4		4.0
Thereafter	37.3		75.2		112.5
Total Lease Payments	$	41.3	$	97.7	$	139.0
Less: Imputed interest	(30.7)		(58.7)		(89.4)
Present Value of Lease Liabilities	$	10.6	$	39.0	$	49.6

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 December 31,
Description		2025		2024
Lease Assets
Finance lease, ROU asset, net of accumulated amortization	Investment property, net	$	26.6	$	31.3
Operating lease, ROU asset, net	Other assets, net	$	59.9	$	52.4

Lease Liabilities
Finance lease liabilities	Other liabilities	$	10.6	$	14.2
Operating lease liabilities	Other liabilities	$	39.0	$	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):



		Year Ended December 31,
Description	Financial Statement Classification	2025		2024		2023
Finance Lease Cost
Amortization of ROU assets	Depreciation and amortization	$	0.6	$	0.8	$	1.6
Interest on lease liabilities	Interest expense	0.3		0.5		0.6
Operating lease cost	General and administrative expense, Property operating and maintenance, Depreciation and amortization	5.0		2.9		6.1

Variable lease cost	Property operating and maintenance	1.6		1.5		1.6

Total Lease Cost		$	7.5	$	5.7	$	9.9

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


	As of December 31,
Lease Term and Discount Rate	2025		2024
Weighted-average Remaining Lease Terms (years)
Finance lease	64.60		33.79
Operating lease	52.07		42.59
Weighted-average Discount Rate
Finance lease	6.15	%	3.63	%
Operating lease	5.24	%	3.90	%


	Year Ended December 31,
Other Information (in millions)	2025		2024		2023
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases	$	3.4	$	3.4	$	4.8

Financing cash outflows for finance leases	4.3		0.8		0.8
Total Cash Paid on Lease Liabilities	$	7.7	$	4.2	$	5.6

Lessor Accounting

We are not the lessor for any finance leases at our properties as of December 31, 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 December 31, 2025, future minimum lease payments with our residents or customers would not exceed 12 months.

Future minimum lease payments for operating leases with real estate operators at our properties were not material as of December 31, 2025.

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 Topic 842, "Leases." As of December 31, 2024, we maintained these ground lease arrangements for 32 UK properties. The arrangements had 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 was recorded as a financial liability in Other Liabilities on the Consolidated Balance Sheets.

During the year ended December 31, 2025, we repurchased the titles to all 32 UK properties that were previously controlled via ground leases for total cash payments of $386.8 million, inclusive of fees and recoverable VAT taxes. In conjunction with the ground lease terminations, we recorded a gain of $51.8 million within Other income / (expense), net on the Consolidated Statements of Operations. The financial liability was $0.0 million and $355.9 million as of December 31, 2025 and December 31, 2024, respectively.

Leases

16. Leases

Lessee Accounting

Future minimum lease payments under non-cancellable leases as of December 31, 2025 where we are the lessee include (in millions):



Maturity of Lease Liabilities	Finance Leases		Operating Leases		Total
2026	$	0.9	$	5.6	$	6.5
2027	0.9		5.0		5.9
2028	0.9		4.5		5.4
2029	0.7		4.0		4.7
2030	0.6		3.4		4.0
Thereafter	37.3		75.2		112.5
Total Lease Payments	$	41.3	$	97.7	$	139.0
Less: Imputed interest	(30.7)		(58.7)		(89.4)
Present Value of Lease Liabilities	$	10.6	$	39.0	$	49.6

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 December 31,
Description		2025		2024
Lease Assets
Finance lease, ROU asset, net of accumulated amortization	Investment property, net	$	26.6	$	31.3
Operating lease, ROU asset, net	Other assets, net	$	59.9	$	52.4

Lease Liabilities
Finance lease liabilities	Other liabilities	$	10.6	$	14.2
Operating lease liabilities	Other liabilities	$	39.0	$	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):



		Year Ended December 31,
Description	Financial Statement Classification	2025		2024		2023
Finance Lease Cost
Amortization of ROU assets	Depreciation and amortization	$	0.6	$	0.8	$	1.6
Interest on lease liabilities	Interest expense	0.3		0.5		0.6
Operating lease cost	General and administrative expense, Property operating and maintenance, Depreciation and amortization	5.0		2.9		6.1

Variable lease cost	Property operating and maintenance	1.6		1.5		1.6

Total Lease Cost		$	7.5	$	5.7	$	9.9

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


	As of December 31,
Lease Term and Discount Rate	2025		2024
Weighted-average Remaining Lease Terms (years)
Finance lease	64.60		33.79
Operating lease	52.07		42.59
Weighted-average Discount Rate
Finance lease	6.15	%	3.63	%
Operating lease	5.24	%	3.90	%


	Year Ended December 31,
Other Information (in millions)	2025		2024		2023
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases	$	3.4	$	3.4	$	4.8

Financing cash outflows for finance leases	4.3		0.8		0.8
Total Cash Paid on Lease Liabilities	$	7.7	$	4.2	$	5.6

Lessor Accounting

Future minimum lease payments for operating leases with real estate operators at our properties were not material as of December 31, 2025.

Failed Sale Leaseback

Leases

16. Leases

Lessee Accounting

Future minimum lease payments under non-cancellable leases as of December 31, 2025 where we are the lessee include (in millions):



Maturity of Lease Liabilities	Finance Leases		Operating Leases		Total
2026	$	0.9	$	5.6	$	6.5
2027	0.9		5.0		5.9
2028	0.9		4.5		5.4
2029	0.7		4.0		4.7
2030	0.6		3.4		4.0
Thereafter	37.3		75.2		112.5
Total Lease Payments	$	41.3	$	97.7	$	139.0
Less: Imputed interest	(30.7)		(58.7)		(89.4)
Present Value of Lease Liabilities	$	10.6	$	39.0	$	49.6

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 December 31,
Description		2025		2024
Lease Assets
Finance lease, ROU asset, net of accumulated amortization	Investment property, net	$	26.6	$	31.3
Operating lease, ROU asset, net	Other assets, net	$	59.9	$	52.4

Lease Liabilities
Finance lease liabilities	Other liabilities	$	10.6	$	14.2
Operating lease liabilities	Other liabilities	$	39.0	$	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):



		Year Ended December 31,
Description	Financial Statement Classification	2025		2024		2023
Finance Lease Cost
Amortization of ROU assets	Depreciation and amortization	$	0.6	$	0.8	$	1.6
Interest on lease liabilities	Interest expense	0.3		0.5		0.6
Operating lease cost	General and administrative expense, Property operating and maintenance, Depreciation and amortization	5.0		2.9		6.1

Variable lease cost	Property operating and maintenance	1.6		1.5		1.6

Total Lease Cost		$	7.5	$	5.7	$	9.9

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


	As of December 31,
Lease Term and Discount Rate	2025		2024
Weighted-average Remaining Lease Terms (years)
Finance lease	64.60		33.79
Operating lease	52.07		42.59
Weighted-average Discount Rate
Finance lease	6.15	%	3.63	%
Operating lease	5.24	%	3.90	%


	Year Ended December 31,
Other Information (in millions)	2025		2024		2023
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases	$	3.4	$	3.4	$	4.8

Financing cash outflows for finance leases	4.3		0.8		0.8
Total Cash Paid on Lease Liabilities	$	7.7	$	4.2	$	5.6

Lessor Accounting

Future minimum lease payments for operating leases with real estate operators at our properties were not material as of December 31, 2025.

Failed Sale Leaseback

Consolidated Statements of Comprehensive Income / (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income / (Loss)	$ 1,430.2	$ 107.1	$ (209.1)
Foreign Currency Translation
Foreign currency translation gain / (loss) arising during period	52.9	(16.7)	29.8
Adjustment for accumulated foreign currency translation loss reclassified into earnings	0.0	2.3	11.9
Net foreign currency translation gain / (loss)	52.9	(14.4)	41.7
Cash Flow Hedges:
Change in unrealized gain / (loss) on interest rate derivatives	(2.8)	13.2	(4.9)
Less: Interest rate derivative gain reclassified to earnings	(16.4)	(19.0)	(14.9)
Net unrealized loss on interest rate derivatives	(19.2)	(5.8)	(19.8)
Total Comprehensive Income / (Loss)	1,463.9	86.9	(187.2)
Less: Comprehensive (income) / loss attributable to noncontrolling interests	(55.7)	(5.2)	8.3
Comprehensive Income / (Loss) Attributable to SUI	$ 1,408.2	$ 81.7	$ (178.9)

Segment Reporting - Total Assets by Segment and by Principal Geographic Area (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Assets	$ 12,522.9	$ 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(1)
Segment Reporting Information [Line Items]
Assets	$ 9,969.1	$ 13,948.3
Assets held for sale and discontinued operations, net (see Note 2)	$ 0.0	$ 4,400.0
North America(1) \| Assets, Total \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	79.60%	84.30%
United Kingdom
Segment Reporting Information [Line Items]
Assets	$ 2,553.8	$ 2,601.1
United Kingdom \| Assets, Total \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	20.40%	15.70%

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(1))
-Publisher FASB
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+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

SCHEDULE III - Accumulated Depreciation Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Beginning balance	$ 3,228.4	$ 2,920.6	$ 2,527.4
Depreciation for the period	464.6	461.4	448.1
Asset impairments	(41.4)	(10.0)	12.3
Dispositions and other	(53.3)	(143.6)	(67.2)
Ending balance	$ 3,598.3	$ 3,228.4	$ 2,920.6

Real Estate Acquisitions and Dispositions - Schedule of 2025 Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Asset Acquisitions
Investment in property	$ 449.5	$ 63.4
Inventory of manufactured homes and retail related items	2.2	0.5
Other intangible assets	8.0	1.9
Other assets / (liabilities), net	2.7	0.2
Total identifiable assets acquired net of liabilities assumed	457.0	65.6
Cash and escrow	457.0	30.2
Temporary and permanent equity	0.0	35.4
Total consideration	$ 457.0	$ 65.6
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life	7 years
Seven Community Portfolio
Asset Acquisitions
Investment in property	$ 175.7
Inventory of manufactured homes and retail related items	0.0
Other intangible assets	2.7
Other assets / (liabilities), net	1.1
Total identifiable assets acquired net of liabilities assumed	177.3
Cash and escrow	177.3
Temporary and permanent equity	0.0
Total consideration	177.3
Marysville Farm
Asset Acquisitions
Investment in property	20.5
Inventory of manufactured homes and retail related items	0.1
Other intangible assets	0.5
Other assets / (liabilities), net	0.1
Total identifiable assets acquired net of liabilities assumed	21.0
Cash and escrow	21.0
Temporary and permanent equity	0.0
Total consideration	21.0
Three Community Portfolio
Asset Acquisitions
Investment in property	95.1
Inventory of manufactured homes and retail related items	2.1
Other intangible assets	2.5
Other assets / (liabilities), net	1.0
Total identifiable assets acquired net of liabilities assumed	98.7
Cash and escrow	98.7
Temporary and permanent equity	0.0
Total consideration	98.7
Reflections on Silver Lake
Asset Acquisitions
Investment in property	69.9
Inventory of manufactured homes and retail related items	0.0
Other intangible assets	1.2
Other assets / (liabilities), net	0.8
Total identifiable assets acquired net of liabilities assumed	70.3
Cash and escrow	70.3
Temporary and permanent equity	0.0
Total consideration	70.3
The Preserve MHP
Asset Acquisitions
Investment in property	57.0
Inventory of manufactured homes and retail related items	0.0
Other intangible assets	0.6
Other assets / (liabilities), net	0.0
Total identifiable assets acquired net of liabilities assumed	57.6
Cash and escrow	57.6
Temporary and permanent equity	0.0
Total consideration	57.6
Lakeridge Estates
Asset Acquisitions
Investment in property	31.3
Inventory of manufactured homes and retail related items	0.0
Other intangible assets	0.5
Other assets / (liabilities), net	(0.3)
Total identifiable assets acquired net of liabilities assumed	32.1
Cash and escrow	32.1
Temporary and permanent equity	0.0
Total consideration	$ 32.1

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management Our business operations rely on the consistent availability of our communication platforms, enterprise applications, and related systems. We have implemented protocols to ensure the secure collection, storage, and transmission of data and have invested in the development and enhancement of controls designed to prevent, detect, and respond to unauthorized access, computer viruses, malware, data exfiltration, and other threats. Cybersecurity risk management is integrated into the Company's broader enterprise risk management framework and is evaluated alongside other operational, financial, and strategic risks. We have established an Information Security Management Committee to manage information security in accordance with the ISO 27001.2022 standard to ensure the consistent application of security principles, policy statements, and controls. By adhering to this industry standard, we manage and mitigate material risks from threats to our systems and data through the following actions: •Partnering with reputable, recognized security firms •Conducting regular internal and external audits and risk assessments •Providing frequent employee security awareness training •Conducting tabletop exercises •Running anti-phishing and social engineering campaigns •Deploying tools for continuous vulnerability monitoring and management •Performing penetration testing and continuous system monitoring activities •Conducting recovery simulations for core systems and data centers Our comprehensive policies and procedures address critical areas including: •Vulnerability management •Business continuity planning •Incidence response •Encryption of sensitive data •Backup and recovery •Physical security •User access controls •Vendor risk management •Teleworking protocols •Mobile device management •Comprehensive system monitoring These initiatives collectively reinforce our commitment to safeguarding information and ensuring the resilience of our security infrastructure. Comprehensive contingency and recovery plans are in place to ensure the ongoing provision of services to customers in the event of a cybersecurity incident. These are tested on a regular basis against scenarios of varying degrees by both internal and external resources. Our resilience planning is designed to maintain critical business operations and customer services during and following a cybersecurity incident. To manage vendor risk, we conduct ongoing risk assessments based on the vendor's published Systems and Operational Controls ("SOC") reports, information provided in vendor security questionnaires, and any publicly available information including ongoing litigation or external disclosures. We evaluate third-party service providers prior to engagement and perform ongoing monitoring throughout the vendor lifecycle based on risk tiering, contractual security requirements, and review of independent assurance reports. Our incident response framework includes defined escalation protocols designed to ensure that significant cybersecurity events are promptly evaluated for potential materiality and reported to senior leadership and the Board of Directors, as appropriate. We also maintain cybersecurity insurance coverage intended to help mitigate potential losses associated with certain cybersecurity incidents. As of the time of this filing, we are not aware of any cybersecurity incidents that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial conditions. Refer to "Risk Factors" in Part I, Item 1A in this Annual Report on Form 10-K under the heading "Cybersecurity breaches and other disruptions could compromise our information and expose us to liability, which would cause our business and reputation to suffer," for additional discussion about cybersecurity related risks.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our business operations rely on the consistent availability of our communication platforms, enterprise applications, and related systems. We have implemented protocols to ensure the secure collection, storage, and transmission of data and have invested in the development and enhancement of controls designed to prevent, detect, and respond to unauthorized access, computer viruses, malware, data exfiltration, and other threats. Cybersecurity risk management is integrated into the Company's broader enterprise risk management framework and is evaluated alongside other operational, financial, and strategic risks. We have established an Information Security Management Committee to manage information security in accordance with the ISO 27001.2022 standard to ensure the consistent application of security principles, policy statements, and controls. By adhering to this industry standard, we manage and mitigate material risks from threats to our systems and data through the following actions: •Partnering with reputable, recognized security firms •Conducting regular internal and external audits and risk assessments •Providing frequent employee security awareness training •Conducting tabletop exercises •Running anti-phishing and social engineering campaigns •Deploying tools for continuous vulnerability monitoring and management •Performing penetration testing and continuous system monitoring activities •Conducting recovery simulations for core systems and data centers Our comprehensive policies and procedures address critical areas including: •Vulnerability management •Business continuity planning •Incidence response •Encryption of sensitive data •Backup and recovery •Physical security •User access controls •Vendor risk management •Teleworking protocols •Mobile device management •Comprehensive system monitoring
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Senior leadership provides the Board of Directors with ongoing security updates, which include notable changes to program plans, changes to the risk environment, information regarding material incidents that may have occurred, third-party audit reports on recent assessments of our security controls, and details regarding forward-looking plans and strategies to mitigate cyber risk. The Audit Committee of the Board of Directors provides oversight and is responsible for assessing risks to our business, in accordance with its charter. The Audit Committee engages in regular conversations with senior leadership about our security systems in order to monitor and mitigate risks from cybersecurity incidents, in accordance with our security principles and protocols. The Board of Directors and the Audit Committee receive periodic briefings, and additional updates are provided as needed in response to emerging threats or significant incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of the Board of Directors provides oversight and is responsible for assessing risks to our business, in accordance with its charter. The Audit Committee engages in regular conversations with senior leadership about our security systems in order to monitor and mitigate risks from cybersecurity incidents, in accordance with our security principles and protocols. The Board of Directors and the Audit Committee receive periodic briefings, and additional updates are provided as needed in response to emerging threats or significant incidents.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Senior leadership provides the Board of Directors with ongoing security updates, which include notable changes to program plans, changes to the risk environment, information regarding material incidents that may have occurred, third-party audit reports on recent assessments of our security controls, and details regarding forward-looking plans and strategies to mitigate cyber risk.
Cybersecurity Risk Role of Management [Text Block]	The Chief Information Officer (CIO) and the Director of Information Security are directly responsible for managing cyber risk on a daily basis. The CIO reports to the Chief Administrative Officer (CAO), who oversees the Company's overall information technology strategy and governance. Executive oversight, spearheaded by the CAO, ensures strategic alignment across the organization. These leaders collectively bring significant experience across public and private sector organizations in information technology operations, cybersecurity, and risk management, including experience managing enterprise security programs and responding to cybersecurity incidents. The Information Security Management Committee (ISMC) and Enterprise Risk Management Committees (ERM) meet regularly to provide oversight of cyber risk management functions. Committee composition includes members from cross-functional departments, including technology, innovation, human resources, accounting and finance, internal audit, operations, and executive management. Various members of these committees hold industry certifications representing expertise in information security risk and compliance management, including the Certified Information Technology Professional (CITP), Certified Information Systems Security Professional (CISSP), Certified Information Security Auditor (CISA), and Certified in Risk and Information Systems Control (CRISC) designations.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Chief Information Officer (CIO) and the Director of Information Security are directly responsible for managing cyber risk on a daily basis. The CIO reports to the Chief Administrative Officer (CAO), who oversees the Company's overall information technology strategy and governance. Executive oversight, spearheaded by the CAO, ensures strategic alignment across the organization.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Various members of these committees hold industry certifications representing expertise in information security risk and compliance management, including the Certified Information Technology Professional (CITP), Certified Information Systems Security Professional (CISSP), Certified Information Security Auditor (CISA), and Certified in Risk and Information Systems Control (CRISC) designations.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Information Security Management Committee (ISMC) and Enterprise Risk Management Committees (ERM) meet regularly to provide oversight of cyber risk management functions. Committee composition includes members from cross-functional departments, including technology, innovation, human resources, accounting and finance, internal audit, operations, and executive management.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Notes and Other Receivables - Schedule of Notes and Other Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Total Notes and Other Receivables, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable net of fair value adjustment	$ 332.1	$ 430.1
Notes receivable from real estate developers and operators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable net of fair value adjustment	44.5	148.5
Other receivables, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable net of fair value adjustment	$ 148.4	$ 187.7

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2025	Feb. 17, 2026	Jun. 30, 2025
Cover Page [Abstract]
Document Type	10-K
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 15,745,164,541
Entity Common Stock, Shares Outstanding		123,184,632
Documents Incorporated by Reference	Unless provided in an amendment to this Annual Report on Form 10-K, the information required by Part III is incorporated by reference to the Registrant's proxy statement to be filed pursuant to Regulation 14A, with respect to the Registrant's 2026 annual meeting of shareholders.
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0000912593
Document Annual Report	true
Document Transition Report	false

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Capitalized interest	$ 3.5	$ 8.6	$ 12.9

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

14. Fair Value Measurements


		December 31, 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	$	139.2		$	139.2	$	93.9	$	93.9

Notes receivable from real estate developers and operators	3	44.5			44.5		148.5		148.5
Collateralized receivables, net	3	43.2			43.2		51.2		51.2
Derivative assets	2	—			—		6.3		6.3
Total assets measured at fair value		$	226.9		$	226.9	$	299.9	$	299.9

Financial Liabilities
Mortgage loans payable	2	$	2,429.0		$	2,193.0	$	3,212.2	$	2,952.4
Secured borrowings on collateralized receivables	3	43.2			43.2		51.2		51.2
Total secured debt		2,472.2			2,236.2		3,263.4		3,003.6
Unsecured debt
Senior unsecured notes	2	1,786.5			1,655.1		2,676.3		2,476.8

Line of credit	2	—			—		1,413.1		1,413.1
Total unsecured debt		1,786.5			1,655.1		4,089.4		3,889.9
Derivative liabilities	2	—			—		1.3		1.3
Other financial liabilities (contingent consideration)	3	0.2			0.2		11.3		11.3
Total liabilities measured at fair value		$	4,258.9		$	3,891.5	$	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 instrument 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 4, "Notes and Other Receivables" for additional information.

Notes Receivable from Real Estate Developers and Operators

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

Derivatives 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 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 7, "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, "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 7, "Debt and Line of Credit," for additional information.

Line of credit and other unsecured debt - consists primarily of our senior credit facility. We have variable rates on our senior credit facility. The fair value of the debt with variable rates approximates carrying value as the interest rates of these amounts approximate market rates (Level 2). The estimated fair value of our debt as of December 31, 2025 approximated its gross carrying value.

Other Financial Liabilities

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

Level 3 Reconciliation, Measurements, and Transfers

We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. Availability of secondary market activity and consistency of pricing from third-party sources impacts our ability to classify securities as Level 2 or Level 3. There were no transfers into or out of Level 3 during the years ended December 31, 2025 and 2024.

The following tables summarize changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy (in millions):


	Year Ended December 31,
	2025								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 January 1, 2025 and 2024	$	93.9		$	148.5	$	51.2		$	19.6		$	134.5		$	56.2


Realized gains / (losses)	(1.6)		(1)	—		(0.2)		(2)	(0.5)		(1)	(35.8)		(1)	2.1		(2)
Purchases and issuances	57.4			6.5		—			81.4			63.2			—
Sales and settlements	(10.1)			(112.6)		(5.7)			(4.6)			(13.3)			(7.1)
Dispositions of properties	(0.4)			—		(2.1)			(2.0)			—			—
Foreign currency exchange gains / (losses)	—			2.1		—			—			(0.5)			—

Other adjustments	—			—		—			—			0.4			—
Level 3 ending balance at December 31, 2025 and 2024	$	139.2		$	44.5	$	43.2		$	93.9		$	148.5		$	51.2

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

(2) Realized gains / (losses) recorded within Other income / (expense), net on the Consolidated Statements of Operations.


	Year Ended December 31,
	2025				2024
Liabilities:	Secured Borrowing on Collateralized Receivables		Other Liabilities (Contingent Consideration)		Secured Borrowing on Collateralized Receivables		Other Liabilities (Contingent Consideration)
Level 3 beginning balance at January 1, 2025 and 2024	$	51.2	$	11.3	$	55.8	$	11.3


Realized (gains) / losses(1)	(0.2)		—		2.1		—
Purchases and issuances	—		—		0.4		—
Sales and settlements	(7.8)		(14.0)		(7.1)		—
Dispositions of properties	—		(2.3)		—		—
Other adjustments(2)	—		5.2		—		—
Level 3 ending balance at December 31, 2025 and 2024	$	43.2	$	0.2	$	51.2	$	11.3

(1) Realized losses are recorded within Other income / (expense), net on the Consolidated Statements of Operations.

Fair Value Measurements on a Nonrecurring Basis

As of December 31, 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 year ended December 31, 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			Aggregate Estimated Fair Value
Three months ended December 31, 2025	3	(2)	3	UK	$	30.6		$	14.7
Three months ended September 30, 2025	3	(1)	6	RV	$	165.0		$	22.9
Three months ended June 30, 2025	3	(2)	3	UK	$	132.7	(3)	$	8.9
Three months ended June 30, 2025	3	(2)	3	RV	$	32.2		$	86.4
Three months ended March 31, 2025	3	(4)	7	MH / RV	$	20.5		$	93.4

(3) 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 December 31, 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

Derivative Financial Instruments - Narrative (Details) £ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) developmentSite contract swap	Dec. 31, 2025 GBP (£)	Dec. 31, 2025 GBP (£) developmentSite contract swap	Dec. 31, 2024 USD ($) contract
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	$ 8.7
Interest Rate Swap and Forward Swap Contracts \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Contracts \| contract	0		0	11
Forward Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Contracts \| developmentSite	3		3
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Contracts \| swap	6		6
Treasury Rate Lock \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional				$ 927.6
Treasury Rate Lock and Interest Rate Swap \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional	$ 0.0
Interest Rate Swap, GBP
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional	1,000.0		£ 768.0
Gain (Loss) on Hedging Activity	14.4
Derivative Expired Notional Amount	$ 646.4	£ 500.0
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Contracts \| swap	8		8
Secured Overnight Financing Rate (SOFR) \| Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional	$ 300.0
Net settlement payment	$ 1.2