Sun Communities (SUI) 10-Q7 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-12616
Entity Registrant Name	SUN COMMUNITIES, INC
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	38-2730780
Entity Address, Address Line One	27777 Franklin Rd,
Entity Address, Address Line Two	Suite 300,
Entity Address, City or Town	Southfield,
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48034
City Area Code	248
Local Phone Number	208-2500
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	SUI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		127,390,307
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000912593
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Land	$ 4,646.2	$ 4,278.2
Land improvements and buildings	11,608.6	11,682.2
Rental homes and improvements	782.2	744.4
Furniture, fixtures and equipment	1,090.2	1,011.7
Investment property	18,127.2	17,716.5
Accumulated depreciation	(3,635.7)	(3,272.9)
Investment property, net	14,491.5	14,443.6
Cash, cash equivalents and restricted cash	81.8	42.7
Inventory of manufactured homes	174.8	205.6
Notes and other receivables, net	494.4	421.6
Collateralized receivables, net	52.8	56.2
Goodwill	742.6	733
Other intangible assets, net	350.7	369.5
Other assets, net	696.5	668.5
Total Assets	17,085.1	16,940.7
Liabilities
Mortgage loans payable (see Note 9; Note 8 at VIEs)	3,344.5	3,478.9
Secured borrowings on collateralized receivables (see Note 5)	52.8	55.8
Unsecured debt	3,927.5	4,242.6
Distributions payable	122.3	118.2
Advanced reservation deposits and rent	382.4	344.5
Accrued expenses and accounts payable	390.9	313.7
Other liabilities	1,025.3	953.1
Total Liabilities	9,245.7	9,506.8
Commitments and contingencies
Temporary equity	263.3	260.9
Shareholders' Equity
Common stock, $0.01 par value. Authorized: 360.0 shares; Issued and outstanding: 127.4 at September 30, 2024 and 124.4 at December 31, 2023	1.3	1.2
Additional paid-in capital	9,853.6	9,466.9
Accumulated other comprehensive income	33.9	12.2
Distributions in excess of accumulated earnings	(2,433.3)	(2,397.5)
Total SUI Shareholders' Equity	7,455.5	7,082.8
Noncontrolling interests
Common and preferred OP units	119.8	90.2
Consolidated entities (see Note 8 at VIEs)	0.8	0
Total noncontrolling interests	120.6	90.2
Total Shareholders' Equity	7,576.1	7,173
Total Liabilities, Temporary Equity and Shareholders' Equity	$ 17,085.1	$ 16,940.7

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	360,000,000	360,000,000
Common stock issued (in shares)	127,396,596	124,400,000
Common stock outstanding (in shares)	127,396,596	124,400,000
Installment Notes on Manufactured Homes & Notes Receivable from Real Estate Developers \| Significant Unobservable Inputs (Level 3) \| Estimate of Fair Value Measurement \| Fair Value, Recurring
Notes Receivable, Fair Value Disclosure	$ 212.8	$ 154.1

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Fixed lease income	$ 634.1	$ 618.8	$ 1,662.4	$ 1,586.4
Home sales	105.3	117.8	281.7	326.7
Service, retail, dining and entertainment	186.2	205.5	492.7	498.9
Interest	5.5	15.2	15.4	40.6
Brokerage commissions and other, net	8.8	26	23	45.3
Total Revenues	939.9	983.3	2,475.2	2,497.9
Expenses
Property operating and maintenance	213.4	196.1	561.8	532.9
Real estate tax	31.5	29.3	94.2	89.4
Home costs and selling	74.3	84.5	203	233.5
Service, retail, dining and entertainment	163.3	173.4	445.1	438.2
General and administrative	74.8	67	218.6	193.8
Catastrophic event-related charges, net	0.9	(3.1)	10.4	(2.2)
Business combinations	0.2	0	0.4	3
Depreciation and amortization	172.4	162.6	510.5	482.3
Asset impairments (see Note 16)	0.2	1.2	32.5	10.1
Goodwill impairment (see Note 6)	0	44.8	0	369.9
Loss on extinguishment of debt	0.8	0	1.4	0
Interest	87.7	84.1	267.2	239.9
Interest on mandatorily redeemable preferred OP units / equity	0	0.8	0	2.7
Total Expenses	819.5	840.7	2,345.1	2,593.5
Income / (Loss) Before Other Items	120.4	142.6	130.1	(95.6)
Gain / (loss) on remeasurement of marketable securities	0	6.1	0	(8)
Loss on foreign currency exchanges	(4.5)	(6.5)	(6.2)	(6.5)
Gain / (loss) on dispositions of properties	178.7	(0.7)	186.6	(2.9)
Other income / (expense), net	(0.8)	(3.7)	5.6	(5.5)
Gain / (loss) on dispositions of properties	0.1	(1.3)	(1)	(3.1)
Total Income / (Loss) from Nonconsolidated Affiliates	2.1	1.4	6.5	0.5
Gain on remeasurement of investment in nonconsolidated affiliates	1.2	0	6.5	(4.5)
Current tax benefit / (expense) (see Note 13)	(0.9)	4.6	6.5	13.9
Deferred tax benefit	7.1	2.3	16.5	14.6
Net Income / (Loss)	305.2	135.6	338.1	(124.9)
Less: Preferred stock distribution	3.2	3.4	9.6	9
Less: Income / (loss) attributable to noncontrolling interests	13.3	12.1	15.1	(1.5)
Net income / (loss) attributable to SUI common shareholders	$ 288.7	$ 120.1	$ 313.4	$ (132.4)
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic (in shares)	124	123.5	123.8	123.4
Diluted weighted average common shares outstanding - diluted (in shares)	124	123.5	126.5	123.8
Earnings per share:
Basic earning per share (in dollars per share)	$ 2.31	$ 0.97	$ 2.52	$ (1.06)
Diluted earning per share (in dollars per share)	$ 2.31	$ 0.97	$ 2.51	$ (1.07)

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Loss - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income / (Loss)	$ 305.2	$ 135.6	$ 338.1	$ (124.9)
Foreign Currency Translation
Foreign currency translation gain / (loss) arising during period	41.9	(12.9)	34.3	18.3
Adjustment for accumulated foreign currency translation loss reclassified into earnings	0	0	0	11.9
Net foreign currency translation gain / (loss)	41.9	(12.9)	34.3	30.2
Cash Flow Hedges
Change in unrealized gain / (loss) on interest rate derivatives	(9.7)	(3.7)	1.7	6.7
Less: Interest rate derivative gain reclassified to earnings	(4.9)	(4.5)	(14.8)	(10)
Net unrealized loss on interest rate derivatives	(14.6)	(8.2)	(13.1)	(3.3)
Total Comprehensive Income / (Loss)	332.5	114.5	359.3	(98)
Less: Comprehensive (income) / loss attributable to noncontrolling interests	(12.7)	(10.8)	(14.6)	0.9
Comprehensive Income / (Loss) Attributable to SUI	$ 319.8	$ 103.7	$ 344.7	$ (97.1)

Consolidated Statement Of Share

Consolidated Statement Of Shareholders' Equity - USD ($) $ in Millions	Total	Series K preferred OP units	Total Equity	Total Equity Series K preferred OP units	Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Income / (Loss)	Noncontrolling Interests	Total Shareholders' Equity
Beginning balance at Dec. 31, 2022	$ 202.9
Temporary Equity
Issuance of third party equity interests in consolidated entities	1.7
Issuance of Series E preferred OP units		$ 100		$ 100
Net loss	(4.6)
Distributions	1.5
OP units accretion	0.3
Ending balance at Mar. 31, 2023	298.8
Beginning balance (in shares) at Dec. 31, 2022					124,000,000
Beginning Balance at Dec. 31, 2022	7,888.5		$ 8,091.4		$ 1.2	$ 9,549.7	$ (1,731.2)	$ (9.9)	$ 78.7
Shareholders' Equity
Issuance of stock and units (in shares)					400,000
Issuance of stock and units	4.4		4.4						4.4
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards (in shares)					(100,000)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	(11)		(11)			(11)
Conversion of OP units (in shares)					100,000
Conversions	7.3		7.3			7.3
Issuance of third party equity interests in consolidated entities			1.7
Share-based compensation - amortization and forfeitures	10.4		10.4			10.4
Other comprehensive income / (loss)	17.9		17.9					17.3	0.6
Net loss	(43.7)		(48.3)				(42.5)		(1.2)
Distributions	(118.9)		(120.4)				(115.8)		(3.1)
OP units accretion	(0.3)		0				(0.3)
Ending balance (in shares) at Mar. 31, 2023					124,400,000
Ending Balance at Mar. 31, 2023	7,754.6		8,053.4		$ 1.2	9,556.4	(1,889.8)	7.4	79.4
Beginning balance at Dec. 31, 2022	202.9
Temporary Equity
Issuance of Series E preferred OP units		100.6
Ending balance at Sep. 30, 2023	299.8
Beginning balance (in shares) at Dec. 31, 2022					124,000,000
Beginning Balance at Dec. 31, 2022	7,888.5		8,091.4		$ 1.2	9,549.7	(1,731.2)	(9.9)	78.7
Ending balance (in shares) at Sep. 30, 2023					124,400,000
Ending Balance at Sep. 30, 2023	7,481.9		7,781.7		$ 1.2	9,581.6	(2,203.4)	16.4	86.1
Beginning balance at Mar. 31, 2023	298.8
Temporary Equity
Conversions	(2)
Issuance of third party equity interests in consolidated entities	0.2
Other redeemable noncontrolling interests	0.1
Issuance of Series E preferred OP units		0.6		$ 0.6
Net loss	(2)
Distributions	2.4
OP units accretion	0.7
Ending balance at Jun. 30, 2023	294
Beginning balance (in shares) at Mar. 31, 2023					124,400,000
Beginning Balance at Mar. 31, 2023	7,754.6		8,053.4		$ 1.2	9,556.4	(1,889.8)	7.4	79.4
Shareholders' Equity
Issuance of stock and units	(0.2)		(0.2)			(0.2)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	(1.1)		(1.1)			(1.1)
Conversions	2		0			2.1			(0.1)
Issuance of third party equity interests in consolidated entities			(0.2)
Other redeemable noncontrolling interests			0				(0.1)			$ (0.1)
Share-based compensation - amortization and forfeitures	10.5		10.5			10.3	0.2
Other comprehensive income / (loss)	30.1		30.1					28.8	1.3
Net loss	(210.2)		(212.2)				(204.4)		(5.8)
Distributions	(118.7)		(121.1)				(115.6)		(3.1)
OP units accretion	(0.7)		0				(0.7)
Ending balance (in shares) at Jun. 30, 2023					124,400,000
Ending Balance at Jun. 30, 2023	7,466.2		7,760.2		$ 1.2	9,567.5	(2,210.4)	36.2	71.7
Temporary Equity
Conversions	(1.2)
Net loss	8.6
Distributions	2.3
OP units accretion	0.7
Ending balance at Sep. 30, 2023	299.8
Shareholders' Equity
Issuance of stock and units	15.9		15.9			(0.1)			16
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	(0.1)		(0.1)			0.1
Conversions	3.5		2.3			3.9			(0.4)
Share-based compensation - amortization and forfeitures	10.4		10.4			10.4
Other comprehensive income / (loss)	(21.1)		(21.1)					(19.8)	(1.3)
Net loss	127		135.6				123.5		3.5
Distributions	(119.2)		(121.5)				(115.8)		(3.4)
OP units accretion	(0.7)		0				(0.7)
Ending balance (in shares) at Sep. 30, 2023					124,400,000
Ending Balance at Sep. 30, 2023	7,481.9		7,781.7		$ 1.2	9,581.6	(2,203.4)	16.4	86.1
Beginning balance at Dec. 31, 2023	260.9	96.7
Temporary Equity
Conversions	(0.5)
Net loss	(0.3)
Distributions	2.3
OP units accretion	1.9
Ending balance at Mar. 31, 2024	259.7
Beginning balance (in shares) at Dec. 31, 2023					124,400,000
Beginning Balance at Dec. 31, 2023	7,173		7,433.9		$ 1.2	9,466.9	(2,397.5)	12.2	90.2
Shareholders' Equity
Issuance of stock and units (in shares)					300,000
Issuance of stock and units	0.3		0.3		$ 0	(0.3)			0.6
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards (in shares)					(200,000)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	(7.6)		(7.6)			(7.6)
Conversion of OP units (in shares)					100,000
Conversions	0.5		0			2.1			(1.6)
Share-based compensation - amortization and forfeitures	10.4		10.4			10.3	0.1
Other comprehensive income / (loss)	(5.3)		(5.3)					(5.5)	0.2
Net loss	(25.2)		(25.5)				(24.2)		(1)
Distributions	(120.6)		(122.9)				(117.1)		(3.5)
OP units accretion	(1.9)		0				(1.9)
Ending balance (in shares) at Mar. 31, 2024					124,600,000
Ending Balance at Mar. 31, 2024	7,023.6		7,283.3		$ 1.2	9,471.4	(2,540.6)	6.7	84.9
Beginning balance at Dec. 31, 2023	260.9	96.7
Ending balance at Jun. 30, 2024	259.7
Beginning balance (in shares) at Dec. 31, 2023					124,400,000
Beginning Balance at Dec. 31, 2023	7,173		7,433.9		$ 1.2	9,466.9	(2,397.5)	12.2	90.2
Ending balance (in shares) at Jun. 30, 2024					124,700,000
Ending Balance at Jun. 30, 2024	6,969.8		7,229.5		$ 1.2	9,481.2	(2,604.1)	6	85.5
Beginning balance at Dec. 31, 2023	260.9	96.7
Temporary Equity
Issuance of Series E preferred OP units		0
Ending balance at Sep. 30, 2024	263.3	95.9
Beginning balance (in shares) at Dec. 31, 2023					124,400,000
Beginning Balance at Dec. 31, 2023	$ 7,173		7,433.9		$ 1.2	9,466.9	(2,397.5)	12.2	90.2
Ending balance (in shares) at Sep. 30, 2024	3,536,532				127,400,000
Ending Balance at Sep. 30, 2024	$ 7,576.1		7,839.4		$ 1.3	9,853.6	(2,433.3)	33.9	120.6
Beginning balance at Mar. 31, 2024	259.7
Temporary Equity
Conversions	(0.8)
Net loss	1.7
Distributions	2.5
OP units accretion	1.6
Ending balance at Jun. 30, 2024	259.7
Beginning balance (in shares) at Mar. 31, 2024					124,600,000
Beginning Balance at Mar. 31, 2024	7,023.6		7,283.3		$ 1.2	9,471.4	(2,540.6)	6.7	84.9
Shareholders' Equity
Issuance of stock and units	2.2		2.2			(0.3)			2.5
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	(1.3)		(1.3)			(1.3)
Conversion of OP units (in shares)					100,000
Conversions	0.8		0			0.8
Share-based compensation - amortization and forfeitures	10.7		10.7			10.6	0.1
Other comprehensive income / (loss)	(0.8)		(0.8)					(0.7)	(0.1)
Net loss	56.7		58.4				55.3		1.4
Distributions	(120.5)		(123)				(117.3)		(3.2)
OP units accretion	(1.6)		0				(1.6)
Ending balance (in shares) at Jun. 30, 2024					124,700,000
Ending Balance at Jun. 30, 2024	6,969.8		7,229.5		$ 1.2	9,481.2	(2,604.1)	6	85.5
Temporary Equity
Conversions	(0.2)
Net loss	4.7
Distributions	2.3
OP units accretion	1.6
Ending balance at Sep. 30, 2024	263.3	$ 95.9
Shareholders' Equity
Issuance of stock and units (in shares)					2,700,000
Issuance of stock and units	393.1		393.1		$ 0.1	361.6			31.4
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	(0.2)		(0.2)			0.2
Conversions	0.2		0			1.1			(0.9)
Share-based compensation - amortization and forfeitures	10		10			9.9	0.1
Other comprehensive income / (loss)	27.3		27.3					27.9	(0.6)
Net loss	300.5		305.2				292		8.5
Distributions	(123)		(125.3)				(119.7)		(3.3)
OP units accretion	$ (1.6)		0				(1.6)
Ending balance (in shares) at Sep. 30, 2024	3,536,532				127,400,000
Ending Balance at Sep. 30, 2024	$ 7,576.1		7,839.4		$ 1.3	$ 9,853.6	$ (2,433.3)	$ 33.9	$ 120.6
Shareholders' Equity
Temporary Equity, Sale of Subsidiary			$ 0.2
Temporary Equity, Sale of Subsidiary	$ (0.2)

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities
Net Cash Provided By Operating Activities	$ 743	$ 672.9
Investing Activities
Investment in properties	489.8	790.3
Acquisitions, net of cash acquired	(72.1)	(51.4)
Proceeds / (payment) from deposit on acquisition	(2.5)	0.7
Proceeds from insurance	5.6	8
Proceeds from disposition of assets and depreciated homes, net	1.6	52.1
Proceeds related to disposition of properties	382.1	6.7
Issuance of notes and other receivables	(8.4)	(33.4)
Repayments of notes and other receivables	7.9	8.4
Investments in nonconsolidated affiliates	(13.8)	(33.7)
Distributions of capital from nonconsolidated affiliates	23.8	15.1
Net Cash Used For Investing Activities	(165.6)	(817.8)
Financing Activities
Issuance and costs of common stock, OP units and preferred OP units, net	361	(0.3)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	(9.1)	(12.2)
Borrowings on lines of credit	2,147.2	1,288.6
Payments on lines of credit	(3,028.6)	(1,342.8)
Proceeds from issuance of other debt	499.8	583
Contributions from noncontrolling interest	0	1.9
Payments on other debt	(136.1)	(42.5)
Distributions	(368)	(355.2)
Payments for deferred financing costs, net of prepaid return	(5.1)	(4.2)
Net Cash Provided By / (Used For) Financing Activities	(538.9)	116.3
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.6	0.2
Net change in cash, cash equivalents and restricted cash	39.1	(28.4)
Cash, cash equivalents and restricted cash, beginning of period	42.7	90.4
Cash, Cash Equivalents and Restricted Cash, End of Period	81.8	62
Supplemental Information
Cash paid for interest, net	267.8	240
Cash paid for interest on mandatorily redeemable debt	0	2.7
Cash paid for income taxes	3	17.7
Noncash investing and financing activities
Reduction in secured borrowing balance	5.5	0
Change in distributions declared and outstanding	3.2	7.9
Conversion of common and preferred OP units	4	13.3
Assets held for sale, net (included within Other Assets, net and Other Liabilities)	0	196
ROU asset obtained from new operating lease liabilities	3.6	0.2
Issuance of notes and other receivables in relation to disposition of properties	0	111.2
Noncash investing and financing activities at the date of acquisition
Acquisitions - Common stock and OP units issued	34.5	4.4
Series K preferred OP units
Noncash investing and financing activities at the date of acquisition
Common OP units issued for acquisition of noncontrolling interests	$ 0	$ 100.6

Consolidated Statements Of Ca_2

Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Cash Flows [Abstract]
Capitalized interest	$ 6.8	$ 8.9

Basis of Presentation

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation Sun Communities, Inc., and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership (the "Operating Partnership"), Sun Home Services, Inc. ("SHS"), Safe Harbor Marinas, LLC ("Safe Harbor") and the entities through which we operate our business in the United Kingdom (collectively, "Park Holidays") are referred to herein as the "Company," "SUI," "us," "we," or "our." We follow accounting standards set by the Financial Accounting Standards Board ("FASB"). FASB establishes accounting principles generally accepted in the United States of America ("GAAP"), which we follow to ensure that we consistently report our financial condition, results of operations and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification ("ASC"). These unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information and in accordance with GAAP. We present interim disclosures and certain information and footnote disclosures as required by SEC rules and regulations. Accordingly, the unaudited Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying unaudited Consolidated Financial Statements reflect, in the opinion of management, all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of the interim financial statements. All significant intercompany transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period financial statements in order to conform to current period presentation. There was no impact to prior period net income for any of the reclassifications. The results of operations for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC on February 28, 2024 (our "2023 Annual Report"). These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our 2023 Annual Report. Reportable Segments During the three months ended March 31, 2024, we expanded our organizational structure from three segments, which consisted of (i) manufactured home ("MH") communities, (ii) recreational vehicle ("RV") communities, and (iii) Marinas, to a four-segment structure that now includes (iv) communities in the United Kingdom ("UK"). The new structure reflects how the chief operating decision maker manages the business, makes operating decisions, allocates resources and evaluates operating performance. Beginning with the three months ended March 31, 2024, we are reporting our financial results consistent with our newly 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. Restatement of Previously Issued Financial Statements As disclosed in our 2023 Annual Report, we restated the unaudited financial information as of and for the three months ended March 31, 2023, the three and six months ended June 30, 2023, and the three and nine months ended September 30, 2023 (collectively, the "2023 Interim Financial Statements"). Accordingly, certain prior period balances within our consolidated financial statements and the accompanying notes have been restated, where applicable. In 2022, we acquired a portfolio of holiday park properties located in the United Kingdom, which we refer to as our Park Holidays business, classified within our UK reporting segment. As disclosed in our Current Report on Form 8-K filed with the SEC on February 20, 2024, during the course of management's 2023 year-end procedures, we reviewed the controls relating to the valuation of the Park Holidays business and the associated goodwill at March 31, 2023, June 30, 2023 and September 30, 2023. In connection with that review, we concluded that there were triggering events relevant to the valuation of the Park Holidays business, including reduced financial projections and a higher weighted average cost of capital due to increases in interest rates, that should have been taken into account when preparing the 2023 Interim Financial Statements. Management undertook a full review of the valuations and determined that at each of March 31, 2023, June 30, 2023 and September 30, 2023, we should have recognized non-cash impairments to goodwill for the Park Holidays business. For the three months ended March 31, 2023, we recorded non-cash goodwill impairment charges of $15.4 million, which increased Net loss on our Consolidated Statements of Operations. For the three and six months ended June 30, 2023, we recorded non-cash goodwill impairment charges of $309.7 million and $325.1 million, respectively, which changed Net income to Net loss on our Consolidated Statements of Operations by these corresponding amounts. For the three and nine months ended September 30, 2023, we recorded non-cash goodwill impairment charges of $44.8 million and $369.9 million, respectively, which reduced Net income on our Consolidated Statements of Operations during the three months ended September 30, 2023, and changed Net income to Net loss on our Consolidated Statements of Operations during the nine months ended September 30, 2023, by these corresponding amounts.

Revenue

Revenue	9 Months Ended
Revenue	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	2. Revenue Our revenue consists of real property revenue at our MH, RV, Marina and UK properties, revenue from home sales, revenue from service, retail, dining and entertainment, interest income, and brokerage commissions and other revenue. The following table disaggregates our revenue by major source and segment (in millions): Three Months Ended September 30, 2024 September 30, 2023 (1) MH RV Marina UK Consolidated MH RV Marina UK Consolidated Revenues Real property $ 240.4 $ 205.7 $ 131.8 $ 56.2 $ 634.1 $ 229.7 $ 211.0 $ 125.8 $ 52.3 $ 618.8 Home sales 37.7 9.3 — 58.3 105.3 48.8 13.6 — 55.4 117.8 Service, retail, dining and entertainment 1.5 40.4 125.2 19.1 186.2 1.8 46.7 139.1 17.9 205.5 Interest 3.7 1.6 0.2 — 5.5 13.7 1.4 0.1 — 15.2 Brokerage commissions and other, net 2.5 1.8 2.3 2.2 8.8 12.0 8.4 3.8 1.8 26.0 Total Revenues $ 285.8 $ 258.8 $ 259.5 $ 135.8 $ 939.9 $ 306.0 $ 281.1 $ 268.8 $ 127.4 $ 983.3 (1) Recast to reflect segment changes. Nine Months Ended September 30, 2024 September 30, 2023 (1) MH RV Marina UK Consolidated MH RV Marina UK Consolidated Revenues Real property $ 718.0 $ 458.4 $ 347.1 $ 138.9 $ 1,662.4 $ 678.0 $ 458.8 $ 326.6 $ 123.0 $ 1,586.4 Home sales 114.1 23.9 — 143.7 281.7 138.4 33.5 — 154.8 326.7 Service, retail, dining and entertainment 6.0 71.5 377.8 37.4 492.7 6.4 78.5 379.5 34.5 498.9 Interest 10.2 4.5 0.4 0.3 15.4 36.7 3.4 0.5 — 40.6 Brokerage commissions and other, net 9.5 5.9 4.0 3.6 23.0 18.8 17.5 5.8 3.2 45.3 Total Revenues $ 857.8 $ 564.2 $ 729.3 $ 323.9 $ 2,475.2 $ 878.3 $ 591.7 $ 712.4 $ 315.5 $ 2,497.9 (1) Recast to reflect segment changes. The majority of our revenue is derived from site and home leases, and wet slip and dry storage space leases that are accounted for pursuant to ASC 842, " Leases ." We account for all revenue from contracts with customers following ASC 606, " Revenue from Contracts with Customers ," except for those that are within the scope of other topics in the FASB ASC. For additional information, refer to Note 1, "Significant Accounting Policies" in our 2023 Annual Report.

Real Estate Acquisitions and Di

Real Estate Acquisitions and Dispositions	9 Months Ended
Real Estate Acquisitions and Dispositions	Sep. 30, 2024
Business Combinations [Abstract]
Real Estate Acquisitions and Dispositions	3. Real Estate Acquisitions and Dispositions 2024 Acquisitions For the nine months ended September 30, 2024, we acquired the following properties: Property Name Type Sites, Wet Slips and State, Province or Country Month Acquired Port Milford Marina 92 CT April Oak Leaf (1) Marina 89 CT April Berth One Palm Beach (1) Marina 4 FL April Marina Village Yacht Harbor Marina 732 CA September Ventura Harbor Fuel (1) Marina — CA September Total 917 (1) Combined with an existing property. The following table summarizes the amount of assets acquired, net of liabilities assumed, at the acquisition date and the consideration paid for the acquisitions completed during the nine months ended September 30, 2024 (in millions): At Acquisition Date Consideration Investment in property Inventory of manufactured homes, boat parts Goodwill and other intangible assets Other assets / (liabilities), net Total identifiable assets acquired net of liabilities assumed Cash and escrow Temporary and permanent equity (1) Total consideration Asset Acquisition Port Milford (2) $ 3.9 $ — $ 0.1 $ (0.4) $ 3.6 $ 1.1 $ 2.5 $ 3.6 Berth One Palm Beach (3) 2.9 — 0.1 0.2 3.2 3.2 — 3.2 Marina Village Yacht Harbor (4) 50.3 — — (0.2) 50.1 18.6 31.5 50.1 Business Combination Oak Leaf (3) 4.8 0.1 0.3 — 5.2 5.2 — 5.2 Venture Harbor Fuel (3)(5) 1.8 0.4 — 0.6 2.8 2.8 — 2.8 Total $ 63.7 $ 0.5 $ 0.5 $ 0.2 $ 64.9 $ 30.9 $ 34.0 $ 64.9 (1) Refer to Note 10, "Equity and Temporary Equity," for additional detail. (2) In conjunction with this acquisition, we issued 19,326 common Operating Partnership units ("OP units") valued at $2.5 million. (3) Combined with an existing property. (4) In conjunction with this acquisition, we issued 243,273 common OP units valued at $31.5 million. (5) The purchase price allocation is preliminary as of September 30, 2024, subject to revision based on the final purchase price allocations to be finalized one year from the acquisition date. During the three months ended March 31, 2024, we entered into a ground lease that can support one marina with eight wet slips and dry storage spaces. 2024 Development and Expansion Activities During the nine months ended September 30, 2024, we acquired two land parcels located in the United States ("U.S.") for an aggregate purchase price of $12.9 million. In conjunction with one of the land parcel acquisitions, we issued 4,452 common OP units valued at $0.6 million. We also acquired two buildings related to our marinas located in the U.S. for an aggregate purchase price of $13.7 million. During the nine months ended September 30, 2024, we acquired one land parcel located in the United Kingdom ("U.K.") for an aggregate purchase price of $9.6 million. 2024 Disposition Activity The following dispositions of real estate properties occurred during the nine months ended September 30, 2024: Property Name Segment Number of Properties Total Sites State, Province or Country Month Disposed Gross Sales Proceeds Cash Consideration, net (1) Gain on Disposition (2) Spanish Trails and Sundance MH 2 533 AZ & FL February $ 48.5 $ 51.7 $ 6.2 Littondale UK 1 114 UK May $ 5.9 $ 5.4 $ 2.2 Six Community MH Portfolio MH 6 2,090 Various July $ 224.6 $ 150.7 $ 142.0 Lake Pointe Village MH 1 361 FL July $ 38.0 $ 20.3 $ 16.0 Reserve at Fox Creek MH 1 311 AZ September $ 38.0 $ 22.7 $ 22.2 (1) Cash consideration, net of settlement of the associated mortgage debt and other closing adjustments. Refer to Note 9, "Debt and Line of Credit," for additional detail. (2) Recorded in Gain / (loss) on dispositions of properties on the Consolidated Statements of Operations. In addition, in September 2024, we sold two development properties in the U.S. for total consideration of $37.2 million and recorded a gain on sale of $0.6 million. The two development properties were previously classified as held for sale. During the three months ended June 30, 2024, we recognized asset impairment charges of $10.8 million within the MH segment to reduce the carrying value of the two properties to an aggregate fair value of $36.1 million, driven by our change in strategic plan for these properties. The fair value measurement was determined using an income approach and Level 3 inputs based on a probability weighted holding period and estimated sale price for the assets. The asset impairment charges were recorded within Asset impairments on our Consolidated Statements of Operations. 2023 Disposition Activity In August 2023, we sold one MH community located in Maine with 155 developed sites at its net carrying value for cash consideration of $6.8 million. The property was previously classified as held for sale during the three months ended June 30, 2023, with its net carrying value of $13.1 million written down by $6.3 million within Asset impairments on our Consolidated Statements of Operations, to a fair value less cost to sell of $6.8 million. In February 2023, we sold two parcels of land in the United Kingdom for total consideration of $111.5 million. The consideration consisted of $108.8 million in the form of an operator note receivable that was added to an existing facility with a weighted average interest rate of 11.9% per annum, due May 31, 2023 and subsequently extended to July 31, 2023 as part of the operator's total facility. On the date of sale, the carrying value of the note receivable approximated its fair value due to its short term nature. The dispositions resulted in a loss on sale totaling $2.2 million during the year ended December 31, 2023, net of the release of foreign currency translation losses from Accumulated other comprehensive income ("AOCI") of $11.9 million. The total loss on sale was recorded in Gain / (loss) on dispositions of properties on the Consolidated Statements of Operations. As of December 31, 2023, we have reacquired these two parcels of land at fair value as part of the settlement of the related note receivable, with no remeasurement gain or loss recognized. Refer to Note 4, "Notes and Other Receivables," for additional information on the settlement of the notes receivable.

Notes And Other Receivables

Notes And Other Receivables	9 Months Ended
Notes And Other Receivables	Sep. 30, 2024
Notes and Loans Payable, by Type, Current and Noncurrent [Abstract]
Notes And Other Receivables	4. Notes and Other Receivables The following table sets forth certain information regarding notes and other receivables (in millions): September 30, 2024 December 31, 2023 Installment notes receivable on manufactured homes, net $ 73.7 $ 19.6 Notes receivable from real estate developers and operators 139.1 134.5 Other receivables, net 281.6 267.5 Total Notes and Other Receivables, net $ 494.4 $ 421.6 Installment Notes Receivable on Manufactured Homes Installment notes receivable are measured at fair value, using indicative pricing models from third party valuation specialists, in accordance with ASC 820, " Fair Value Measurements and Disclosures ." During the three months ended December 31, 2023, we transferred a group of installment notes receivable to an unrelated party. Refer to Note 5, "Collateralized Receivables and Transfers of Financial Assets," for additional details. The balances of installment notes receivable of $73.7 million (gross installment notes receivable of $74.7 million less fair value adjustment of $1.0 million) and $19.6 million (gross installment notes receivable of $20.4 million less fair value adjustment of $0.8 million) as of September 30, 2024 and December 31, 2023, respectively, are secured by manufactured homes. The notes represent financing to purchasers of manufactured homes located in our communities and require monthly principal and interest payments. The notes had a net weighted average interest rate (net of servicing costs) and maturity of 6.4% and 18.6 years as of September 30, 2024, and 6.9% and 17.2 years as of December 31, 2023, respectively. Refer to Note 16, "Fair Value Measurements," for additional details. Notes Receivable from Real Estate Developers and Operators Notes receivable from real estate developers and operators are measured at fair value, using indicative pricing models from third party valuation specialists, in accordance with ASC 820, " Fair Value Measurements and Disclosures. " Refer to Note 16, "Fair Value Measurements," for additional information. Note Receivable from a Real Estate Operator The note receivable from a real estate operator was comprised of a fully drawn loan provided to Royale Holdings Group HoldCo Limited, a real estate development owner and operator in the United Kingdom, and certain other parties, to fund investing and financing activities (the "Note"). The Note was collateralized by a first-priority security interest in three real estate assets and three MH manufacturers in the United Kingdom. As of September 30, 2024, there was no remaining balance due on the note receivable. After the maturity date of July 31, 2023, the Note became past due. On September 29, 2023, we appointed receivers over the real estate assets. The receivers marketed the real estate assets for sale during the fourth quarter of 2023. Upon completion of the marketing process, on December 28, 2023, we appointed administrators over the real estate assets and acquired such assets through a credit bid. During the fourth quarter, we engaged third party valuation specialists to appraise the real estate assets in accordance with ASC 820. The appraisals were completed using the discounted cash flow method (income approach), with the significant assumptions being development density, estimated absorption rate, home sale price and discount rate. The real estate assets appraised at fair value totaling $263.8 million. The Note balance was reduced by this amount, with an offsetting adjustment to Investment property, net on our Consolidated Balance Sheets as of December 31, 2023. As of December 31, 2023, the balance remaining on the Note, which was in nonaccrual status, collateralized by a first-priority security interest in three MH manufacturers in the United Kingdom, was adjusted to fair value totaling $10.8 million (gross notes receivable of $114.3 million, inclusive of accrued interest of $10.4 million, less a fair value adjustment of $103.5 million). The note had a weighted average interest rate of 12.5% as of December 31, 2023. During the three months ended March 31, 2024, we completed a receivership process related to the three MH manufacturers in the United Kingdom. The receivers sold such assets for a total consideration of $10.7 million, resulting in cash proceeds to the Company of $7.0 million, net of non-cash consideration and fees. The sale of these assets resulted in an incremental fair value remeasurement adjustment of $0.8 million that was recorded in Loss on remeasurement of notes receivable on the Consolidated Statements of Operations. Notes Receivable from Real Estate Developers Other acquisition and construction loans provided to real estate developers total $139.1 million with a net weighted average interest rate and maturity of 9.3% and 2.1 years as of September 30, 2024, and total $123.7 million with a net weighted average interest rate and maturity of 9.2% and 2.6 years as of December 31, 2023. As of September 30, 2024 and December 31, 2023, the additional acquisition and construction loans provided to real estate developers had $36.8 million and $39.5 million of undrawn funds, respectively. There were no adjustments to the fair value of notes receivable from real estate developers during the nine months ended September 30, 2024 and the year ended December 31, 2023. Other Receivables, net Other receivables, net were comprised of amounts due from the following categories (in millions): September 30, 2024 December 31, 2023 MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net (1) $ 110.7 $ 65.9 Insurance receivables (2) 51.4 77.8 Marina customers for storage, service and lease payments, net (3) 44.0 46.8 Home sale proceeds 37.9 28.2 Other receivables 37.6 48.8 Total Other Receivables, net $ 281.6 $ 267.5 (1) Net of allowance of $4.8 million and $4.8 million as of September 30, 2024 and December 31, 2023, respectively. (2) During the three months ended September 30, 2024, we recorded a charge of $8.9 million to write off a receivable balance related to expected insurance proceeds from a prior litigation matter. We concluded that the loss recovery was no longer probable of being realized and recorded the charge within General and administrative expense on the Consolidated Statements of Operations. (3) Net of allowance of $3.0 million and $2.9 million as of September 30, 2024 and December 31, 2023, respectively.

Collateralized Receivables and

Collateralized Receivables and Transfers of Financial Assets	9 Months Ended
	Sep. 30, 2024
Transfers and Servicing [Abstract]
Transfers Of Financial Assets	5. Collateralized Receivables and Transfers of Financial Assets During the three months ended December 31, 2023, we completed a transfer of our installment notes receivable to an unrelated entity and received net cash proceeds of $53.4 million from the third-party servicer, in exchange for relinquishing our right, title and interest in the receivables. During the nine months ended September 30, 2024, we received a subsequent cash payment of $1.1 million from the servicer in accordance with the terms of the transfer. We have no further obligations or rights with respect to the control, management, administration, servicing or collection of the installment notes receivables. However, we are subject to certain recourse provisions requiring us to purchase the underlying manufactured homes collateralizing such notes at a price calculated based on the agreed upon terms, in the event of a note default and subsequent repossession of the home by the unrelated entity. The recourse provisions are considered to be a form of continuing involvement which precluded establishing legal isolation, and therefore these transferred loans do not meet the requirements for sale accounting under ASC 860, " Transfers and Servicing ." The transaction has been accounted for in accordance with ASC 860-30, with the transferred assets classified as Collateralized receivables, net and the cash proceeds received from this transaction classified as Secured borrowings on collateralized receivables within the Consolidated Balance Sheets. We have elected to apply the fair value option to the collateralized receivables and related secured borrowings under ASC 820, " Fair Value Measurements and Disclosures ." The balance of collateralized receivables was $52.8 million (gross collateralized receivable of $53.6 million less fair value adjustments of $0.8 million) and $56.2 million (gross collateralized receivable of $59.1 million less fair value adjustments of $2.9 million) as of September 30, 2024 and December 31, 2023, respectively. The balance of secured borrowings on collateralized receivables was $52.8 million (gross secured borrowings of $48.8 million plus fair value adjustments of $4.0 million) and $55.8 million (gross secured borrowings of $53.9 million plus fair value adjustments of $1.9 million) as of September 30, 2024 and December 31, 2023, respectively. The notes represent financing to purchasers of manufactured homes located in our communities and require monthly principal and interest payments. The notes had a net weighted average interest rate and maturity of 8.6% and 13.5 years as of September 30, 2024 and 8.6% and 14.2 years as of December 31, 2023. Refer to Note 16, "Fair Value Measurements," for additional details. The collateralized receivables earn interest income and the secured borrowings accrue interest expense at the same amount. The amount of interest income and interest expense recognized during the three and nine months ended September 30, 2024 was $1.1 million and $3.5 million, respectively.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
Goodwill and Other Intangible Assets	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure	6. Goodwill and Other Intangible Assets Our intangible assets include goodwill, in-place leases, non-competition agreements, trademarks and trade names, customer relationships, franchise agreements and other intangible assets. These intangible assets are recorded in Goodwill and Other intangible assets, net on the Consolidated Balance Sheets. Goodwill The measurement periods for the valuation of assets acquired and liabilities assumed in a business combination end as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available 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. Changes in the carrying amount of goodwill during the nine months ended September 30, 2024 by reportable segment were as follows (in millions): RV Marina UK Total Balance as of December 31, 2023 (1) $ 9.5 $ 541.5 $ 182.0 $ 733.0 Acquisitions (2) — 0.2 — 0.2 Currency translation adjustments — — 9.4 9.4 Balance as of September 30, 2024 $ 9.5 $ 541.7 $ 191.4 $ 742.6 Accumulated impairment losses as of September 30, 2024 (3) $ — $ — $ 369.9 $ 369.9 (1) Recast to reflect segment changes. (2) During the three months ended September 30, 2024, we recorded goodwill of $0.2 million in the Marina segment related to the acquisition of Oak Leaf, primarily attributed to the enterprise value. The total recognized goodwill of $0.2 million is expected to be deductible for income tax purposes. (3) During the three and nine months ended September 30, 2023, we recorded aggregate non-cash goodwill impairment charges of $44.8 million and $369.9 million, respectively, within Goodwill impairment on the Consolidated Statements of Operations. The decline in fair value of the UK reporting segment was primarily driven by a higher weighted average cost of capital due to increases in interest rates, as well as inflationary pressures in the UK causing a decline in financial projections. Other Intangible Assets, net The gross carrying amounts and accumulated amortization of our intangible assets were as follows (in millions): September 30, 2024 December 31, 2023 Other Intangible Asset Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization In-place leases 2 months - 13 years $ 164.1 $ (149.0) $ 166.0 $ (146.2) Non-competition agreements 5 years 10.5 (7.7) 10.5 (6.2) Trademarks and trade names 3 - 15 years 89.7 (17.4) 85.3 (12.3) Customer relationships 4 - 17 years 131.7 (46.9) 131.6 (37.3) Franchise agreements and other intangible assets 1 - 27 years 48.4 (16.7) 48.4 (14.3) Total finite-lived assets $ 444.4 $ (237.7) $ 441.8 $ (216.3) Indefinite-lived assets - Trademarks, trade names and other N/A 144.0 — 144.0 — Total indefinite-lived assets $ 144.0 $ — $ 144.0 $ — Total $ 588.4 $ (237.7) $ 585.8 $ (216.3) Amortization expenses related to our Other intangible assets were as follows (in millions): Three Months Ended Nine Months Ended Other Intangible Asset Amortization Expense September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 In-place leases $ 1.8 $ 2.2 $ 5.5 $ 9.0 Non-competition agreements 0.5 0.5 1.6 1.6 Trademarks and trade names 1.5 1.5 4.3 4.6 Customer relationships 3.1 3.2 9.5 9.5 Franchise fees and other intangible assets 0.7 0.9 2.0 2.6 Total $ 7.6 $ 8.3 $ 22.9 $ 27.3 We anticipate amortization expense for Other intangible assets to be as follows for the next five years (in millions): Other Intangible Asset Future Amortization Expense Remainder 2024 2025 2026 2027 2028 In-place leases $ 3.2 $ 6.1 $ 3.9 $ 2.3 $ 0.9 Non-competition agreements 0.5 2.1 0.1 — — Trademarks and trade names 1.5 6.1 6.1 5.7 5.7 Customer relationships 3.2 12.7 12.3 12.2 12.1 Franchise agreements and other intangible assets 1.1 3.0 2.7 2.5 2.5 Total $ 9.5 $ 30.0 $ 25.1 $ 22.7 $ 21.2

Investment in Nonconsolidated A

Investment in Nonconsolidated Affiliates	9 Months Ended
Investment in Nonconsolidated Affiliates	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investment in Nonconsolidated Affiliates	7. Investments in Nonconsolidated Affiliates Investments in joint ventures that are not consolidated, nor recorded at cost, are accounted for using the equity method of accounting as prescribed in ASC 323, " Investments - Equity Method and Joint Ventures ." Investments in nonconsolidated affiliates are recorded within Other assets, net on the Consolidated Balance Sheets. Equity income and loss are recorded in Income from nonconsolidated affiliates on the Consolidated Statements of Operations. Sungenia Joint Venture ("Sungenia JV") At September 30, 2024 and December 31, 2023, we had a 50.0% ownership interest in Sungenia JV, a joint venture formed between us and Ingenia Communities Group (ASX:INA) ("Ingenia") in November 2018, to establish and grow a manufactured housing community development program in Australia. GTSC LLC ( "GTSC" ) At September 30, 2024 and December 31, 2023, we had a 40.0% ownership interest in GTSC, which engages in acquiring, holding and selling loans secured, directly or indirectly, by manufactured homes located in our communities. SV Lift, LLC ("SV Lift") At September 30, 2024 and December 31, 2023, we had a 50.0% ownership interest in SV Lift, which owns, operates and leases an aircraft. The investment balance in each nonconsolidated affiliate was as follows (in millions): Investment September 30, 2024 December 31, 2023 Investment in Sungenia JV $ 75.3 $ 56.8 Investment in GTSC 44.5 60.4 Investment in SV Lift 1.2 1.7 Total $ 121.0 $ 118.9 The income / (loss) from each nonconsolidated affiliate is as follows (in millions): Three Months Ended Nine Months Ended Income / (Loss) from Nonconsolidated Affiliates September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 RezPlot Systems LLC equity loss (1) $ — $ (0.5) $ — $ (2.8) Sungenia JV equity income 1.7 1.6 4.9 2.2 GTSC equity income 0.6 0.8 2.5 2.4 SV Lift equity loss (0.2) (0.5) (0.9) (1.3) Total Income / (Loss) from Nonconsolidated Affiliates $ 2.1 $ 1.4 $ 6.5 $ 0.5 (1) Represents an RV reservation software technology company, operating under the Campspot brand, which we invested into in January 2019 and disposed of our ownership interest in December 2023. The change in the Sungenia JV investment balance is as follows (in millions): Nine Months Ended Year Ended September 30, 2024 December 31, 2023 Beginning balance $ 56.8 $ 44.5 Cumulative translation adjustment 1.6 (0.5) Contributions 12.0 9.6 Equity earnings 4.9 3.2 Ending Balance $ 75.3 $ 56.8 The change in the GTSC investment balance is as follows (in millions): Nine Months Ended Year Ended September 30, 2024 December 31, 2023 Beginning balance $ 60.4 $ 54.5 Contributions 1.4 27.5 Distributions (26.3) (20.7) Equity earnings 2.5 3.3 Fair value adjustment 6.5 (4.2) Ending Balance $ 44.5 $ 60.4

Consolidated Variable Interest

Consolidated Variable Interest Entities	9 Months Ended
Consolidated Variable Interest Entities	Sep. 30, 2024
Disclosure of Variable Interest Entities [Abstract]
Consolidated Variable Interest Entities	8. Consolidated Variable Interest Entities The Operating Partnership We consolidate the Operating Partnership under the guidance set forth in ASC 810, " Consolidation ." We evaluated whether the Operating Partnership met the criteria for classification as a variable interest entity ("VIE") or, alternatively, as a voting interest entity and concluded that the Operating Partnership met the criteria of a VIE. Our significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership. We are the sole general partner and generally have the power to manage and have complete control over the Operating Partnership and the obligation to absorb its losses or the right to receive its benefits. Other Consolidated VIEs We consolidate Sun NG Cisco Grove RV LLC, Sun NG Coyote Ranch RV LLC, Sun NG Kittatinny RV LLC, Sun NG River Beach LLC, Sun NG Beaver Brook LLC, Solar Energy Project LLC, Solar Energy Project CA II LLC and Solar Energy Project III LLC under the guidance set forth in ASC 810, " Consolidation ." We concluded that each entity is a VIE where we are the primary beneficiary, as we have the power to direct the significant activities of and absorb the significant losses and receive the significant benefits from each entity. Refer to Note 10, "Equity and Temporary Equity," for additional information on consolidated VIEs. Sun NG Cisco Grove RV LLC, Sun NG Coyote Ranch RV LLC, S un NG Kittatinny RV LLC and Sun NG River Beach RV LLC were formed in December 2023 and Sun NG Beaver Brook RV LLC was formed in September 2022 to engage in the sourcing, due diligence, acquisition, management, construction, leasing and disposition of certain RV parks and resorts (collectively, "the Sun NG Resorts joint ventures"). The table below shows their respective ownership percentages as of September 30, 2024, representing the common equity interests: Sun NG LLC Third Party Interest Sun NG Cisco Grove RV LLC 95.8 % 4.2 % Sun NG Coyote Ranch RV LLC 96.1 % 3.9 % Sun NG Kittatinny RV LLC 96.1 % 3.9 % Sun NG River Beach RV LLC 96.2 % 3.8 % Sun NG Beaver Brook RV LLC 98.5 % 1.5 % The following table summarizes the assets and liabilities of our consolidated VIEs after eliminations, with the exception of the Operating Partnership, included in our Consolidated Balance Sheets (in millions): September 30, 2024 December 31, 2023 Assets Investment property, net $ 95.4 $ 132.3 Cash, cash equivalents and restricted cash 5.2 2.9 Other intangible assets, net 0.1 0.1 Other assets, net 0.6 0.4 Total Assets $ 101.3 $ 135.7 Liabilities and Other Equity Mortgage loans payable $ 3.2 $ 3.2 Advanced reservation deposits and rent 0.3 0.4 Accrued expenses and accounts payable — 24.1 Total Liabilities 3.5 27.7 Temporary equity 11.6 10.7 Noncontrolling interests 0.8 — Total Liabilities and Other Equity $ 15.9 $ 38.4 Total assets related to the consolidated VIEs, with the exception of the Operating Partnership, comprised 0.6% and 0.8% of our consolidated total assets at September 30, 2024 and December 31, 2023, respectively. Total liabilities comprised less than 1.0% of our consolidated total liabilities at September 30, 2024 and December 31, 2023, respectively. Equity Interests and Noncontrolling interests related to the consolidated VIEs, on an absolute basis, comprised less than 1.0% of our consolidated total equity at September 30, 2024 and December 31, 2023, respectively.

Debt and Line of Credit

Debt and Line of Credit	9 Months Ended
Debt and Line of Credit	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt and Line of Credit	9. Debt and Line of Credit The following table sets forth certain information regarding debt, including premiums, discounts and deferred financing costs (in millions, except for statistical information): Carrying Amount Weighted Average Weighted Average September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Secured Debt Mortgage loans payable (1) $ 3,344.5 $ 3,478.9 8.3 9.2 3.993 % 3.994 % Secured borrowings on collateralized receivables (2) 52.8 55.8 13.5 14.2 8.583 % 8.556 % Total Secured Debt $ 3,397.3 $ 3,534.7 Unsecured Debt Senior unsecured notes (3) 2,675.5 2,177.5 6.3 7.5 3.778 % 3.375 % Line of credit and other debt (4) 1,252.0 2,065.1 1.5 1.7 4.725 % 5.428 % Total Unsecured Debt 3,927.5 4,242.6 Total Debt $ 7,324.8 $ 7,777.3 6.4 6.8 4.072 % 4.234 % (1) Balances at September 30, 2024 and December 31, 2023 include zero net debt premiums, as of each such date, and $15.8 million and $16.9 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. (2) Balances at September 30, 2024 and December 31, 2023 include fair value adjustments of $4.0 million and $1.9 million, respectively. (3) Balances at September 30, 2024 and December 31, 2023 include $6.5 million of net debt discount, respectively, and $18.0 million and $16.0 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. (4) Balances at September 30, 2024 and December 31, 2023 include zero and $1.6 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. Secured Debt Mortgage term loans During the nine months ended September 30, 2024, we paid off or paid down the following mortgage term loans during the quarters presented below (in millions, except for statistical information): Period Repayment Amount Fixed Interest Rate Maturity Date Loss on Extinguishment of Debt Three months ended September 30, 2024 $ 93.5 (1) 4.10 % December 1, 2024 - January 15, 2044 $ 0.8 (1) 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. During the nine months ended September 30, 2024 we did not enter into any mortgage term loans. The mortgage term loans, which total $3.3 billion as of September 30, 2024, are secured by 149 properties comprised of 60,389 sites representing approximately $2.6 billion of net book value. Secured Borrowings on Collateralized Receivables Refer to Note 5, "Collateralized Receivables and Transfers of Financial Assets," for information on Secured borrowings on collateralized receivables. Unsecured Debt Senior Unsecured Notes The following table sets forth certain information regarding our outstanding senior unsecured notes (in millions, except for statistical information). All senior unsecured notes include interest payments on a semi-annual basis in arrears, and are recorded within the Unsecured debt line item on the Consolidated Balance Sheets. Carrying Amount Principal Amount September 30, 2024 December 31, 2023 5.5% notes, issued in January 2024 and due in January 2029 (1) $ 500.0 $ 496.0 $ — 5.7% notes, issued in January 2023 and due in January 2033 400.0 396.0 395.7 4.2% notes, issued in April 2022 and due in April 2032 600.0 593.0 592.6 2.3% notes, issued in October 2021 and due in November 2028 450.0 447.3 446.8 2.7% notes, issued in June 2021 and October 2021, and due in July 2031 750.0 743.2 742.4 Total $ 2,700.0 $ 2,675.5 $ 2,177.5 (1) In January 2024, the Operating Partnership issued $500.0 million of senior unsecured notes with an interest rate of 5.5% and a five-year term, due January 15, 2029 (the "2029 Notes"). Interest on the 2029 Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2024. The net proceeds from the offering were $495.4 million, after deducting underwriters' discounts and offering expenses. We used the majority of the net proceeds to repay borrowings outstanding under our Senior Credit Facility. Line of Credit The Operating Partnership (as borrower), SUI (as guarantor), and certain lenders are parties to a credit agreement which governs our senior credit facility (the "Senior Credit Facility"). Prior to March 2024, the aggregate amount of our Senior Credit Facility was $4.2 billion with the ability to upsize the total borrowings by an additional $800.0 million, subject to certain conditions. The aggregate amount under the Senior Credit Facility consisted of the following: (a) a revolving loan in an amount up to $3.05 billion and (b) a term loan facility of $1.15 billion, with the ability to draw funds from the combined facilities in U.S. dollars, pound sterling, euros, Canadian dollars and Australian dollars, subject to certain limitations. The maturity date of the revolving loan facility is April 7, 2026. At our option that maturity date may be extended two additional six-month periods. In March 2024, we terminated the term loan facility and settled the associated $1.1 billion of borrowings outstanding under the term loan by increasing our borrowings under the revolving loan of the Senior Credit Facility. By terminating the term loan, we reduced our aggregate borrowing capacity under the Senior Credit Facility to $3.05 billion under the revolving loan. During the three months ended March 31, 2024, we recognized a Loss on extinguishment of debt in our Consolidated Statements of Operations of $0.6 million related to the termination of the term loan facility. In June 2024, we amended the Senior Credit Facility to replace the Canadian Dollar Offered Rate with the Canadian Overnight Repo Rate Average ("CORRA") as the benchmark rate for borrowings denominated in Canadian dollars, with no other significant changes to the terms of the Senior Credit Facility. The Senior Credit Facility bears interest at a floating rate based on the Adjusted Term Secured Overnight Financing Rate ("SOFR"), the Adjusted Eurocurrency Rate, the Australian Bank Bill Swap Bid Rate ("BBSY"), the Daily Sterling Overnight Index Average ("SONIA") Rate or the CORRA, as applicable, plus a margin, in all cases, which can range from 0.725% to 1.6%, subject to certain adjustments. As of September 30, 2024, the margins based on our credit ratings were 0.85% on the revolving loan facility. At the lenders' option, the Senior Credit Facility will become immediately due and payable upon an event of default under the Credit Facility Agreement. We had $1.3 billion and $944.1 million of borrowings outstanding under the revolving loan as of September 30, 2024 and December 31, 2023, respectively. The balance is recorded in Unsecured debt on the Consolidated Balance Sheets. The Senior Credit Facility provides us with the ability to issue letters of credit. Our issuance of letters of credit does not increase our borrowings outstanding under the Senior Credit Facility, but does reduce the borrowing amount available. We had $11.3 million and $26.2 million of outstanding letters of credit at September 30, 2024 and December 31, 2023, respectively. Unsecured Term Loan In October 2019, we assumed a $58.0 million secured term loan facility related to an acquisition. The term loan initially had a four-year term ending October 29, 2023, and bore interest at a floating rate based on the Eurodollar rate or Prime rate plus a margin ranging from 1.2% to 2.05%. Effective July 1, 2021, we amended the agreement to release the associated collateral, extend the term loan facility maturity date to October 29, 2025 and adjust the interest rate margin to a range from 0.8% to 1.6%. In August 2022, we amended the unsecured term loan facility to transition from the Eurodollar rate to SOFR. During the three months ended June 30, 2024, we settled the term loan facility and had no balance outstanding as of September 30, 2024. The outstanding balance was $7.8 million at December 31, 2023 and was recorded in Unsecured debt on the Consolidated Balance Sheets. Covenants The mortgage term loans, senior unsecured notes and Senior Credit Facility are subject to various financial and other covenants. The most restrictive covenants are pursuant to (a) the terms of the Senior Credit Facility, which contains a maximum leverage ratio, minimum fixed charge coverage ratio and maximum secured leverage ratio, and (b) the terms of the senior unsecured notes, which contain a total debt to total assets ratio, secured debt to total assets ratio, consolidated income available for debt service to debt service ratio and unencumbered total asset value to unsecured debt ratio. At September 30, 2024, we were in compliance with all financial covenants. In addition, certain of our subsidiary borrowers own properties that secure loans. These subsidiaries are consolidated within our accompanying Consolidated Financial Statements, however, each of these subsidiaries' assets and credit are not available to satisfy our debts and other obligations, or any of our other subsidiaries or any other person or entity. Interest Capitalized We capitalize interest during the construction and development of our communities. Capitalized interest costs associated with construction and development activities during the three and nine months ended September 30, 2024 and 2023 were as follows (in millions): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Interest capitalized $ 1.9 $ 3.8 $ 6.8 $ 8.9

Equity and Temporary Equity

Equity and Temporary Equity	9 Months Ended
Equity and Temporary Equity	Sep. 30, 2024
Equity [Abstract]
Equity and Temporary Equity	10. Equity and Temporary Equity Temporary Equity Redeemable Preferred OP Units Temporary equity includes preferred securities that are redeemable for cash at the holder's option or upon the occurrence of an event that is not solely within our control based on a fixed or determinable price. These securities are not mandatorily redeemable for cash nor do they contain a fixed maturity date. The following table sets forth the various series of redeemable preferred OP units that were outstanding as of September 30, 2024 and December 31, 2023 and the related terms, and summarizes the balance included within Temporary equity on our Consolidated Balance Sheets (in millions, except for statistical information): Description OP Units Outstanding Exchange Rate (1) Annual Distribution Rate (2) Cash Redemption (3) Redemption Period Carrying Amount September 30, 2024 September 30, 2024 December 31, 2023 Series D preferred OP units 488,958 0.8000 4.0 % Holder's Option Any time $ 48.3 $ 46.9 Series F preferred OP units 90,000 0.6250 3.0 % Holder's Option Any time after earlier of May 14, 2025 or death of holder 8.7 8.5 Series G preferred OP units 205,812 0.6452 3.2 % Holder's Option Any time after earlier of September 30, 2025 or death of holder 20.1 20.4 Series H preferred OP units 581,229 0.6098 3.0 % Holder's Option Any time after earlier of October 30, 2025 or death of holder 56.0 55.0 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 22.7 22.7 Series K preferred OP units 1,000,000 0.5882 4.0 % Holder's Option Within 60 days after March 23, 2028 95.9 96.7 Total 2,601,999 $ 251.7 $ 250.2 (1) Exchange rates are subject to adjustment upon stock splits, recapitalizations and similar events. The exchange rates of certain series of OP units are approximated to four decimal places. (2) Distributions are payable on the issue price of each OP unit, which is $100.00 per unit for all these preferred OP units. (3) The redemption price for each preferred OP unit redeemed will be equal to its issue price plus all accrued but unpaid distributions. Redeemable Equity Interests The following table summarizes the redeemable equity interests included in Temporary equity on our Consolidated Balance Sheets (in millions): Carrying Amount Equity Interest Description September 30, 2024 December 31, 2023 Solar Energy Project CA II LLC A joint venture that operates and maintains solar energy equipment in select California communities $ 6.2 $ 5.1 Solar Energy Project LLC A joint venture that operates and maintains solar energy equipment in select California communities 2.7 2.3 Solar Energy Project III LLC A joint venture that operates and maintains solar energy equipment in select Arizona and California communities 2.7 2.3 Other stand-alone joint ventures (1)(2) In connection with investments in land for future development and joint ventures that operate portfolios of RV communities in the U.S. — 1.0 Total $ 11.6 $ 10.7 (1) Refer to Note 8, "Consolidated Variable Interest Entities," for more information on the consolidated VIEs. (2) During the three months ended September 30, 2024, we sold two development parcels of land in the U.S. and settled the redeemable equity interest of $0.2 million associated with the land parcels. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional details related to the sale. Permanent Equity Universal Shelf Registration Statement In March 2024, we filed a new universal shelf registration statement on Form S-3 with the SEC. The shelf registration statement was deemed automatically effective and provides for the registration of unspecified amounts of equity and debt securities. The authorized number of shares of our capital stock is 380,000,000 shares, of which 360,000,000 shares are common stock and 20,000,000 shares are preferred stock. As of September 30, 2024, we had 127,396,596 shares of common stock issued and outstanding and no shares of preferred stock were issued and outstanding. At the Market Offering Sales Agreement During May 2024, we renewed our 2021 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 September 30, 2024, 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. Issuances of Common OP Units During the nine months ended September 30, 2024 and 2023, 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 January 2023 31,289 $ 4.4 Fox Run 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 Statements of Comprehensive Income / (Loss) for complete details related to OCI activity in the reporting period. AOCI attributable to SUI common shareholders consisted of the following, net of tax (in millions): September 30, 2024 December 31, 2023 Net foreign currency translation gains / (losses) $ 4.7 $ (29.5) Accumulated net gains on derivatives 29.2 41.7 Accumulated other comprehensive income $ 33.9 $ 12.2 Noncontrolling Interests - Common and Preferred OP Units The following table summarizes the common and preferred OP units included within Noncontrolling interests on our Consolidated Balance Sheets (in millions, except for units and statistical information): Description OP Units Outstanding Exchange Rate (1) Annual Distribution Rate (2) Cash Redemption Redemption Period Carrying Amount September 30, 2024 September 30, 2024 December 31, 2023 Common OP units 2,921,938 1.0000 Same distribution rate for common stock N/A N/A $ 78.2 $ 46.5 Series A-1 preferred OP units 177,581 2.4390 6.0 % N/A N/A 10.4 11.5 Series A-3 preferred OP units 40,268 1.8605 4.5 % N/A N/A 2.5 2.4 Series C preferred OP units 296,745 1.1100 5.0 % N/A N/A 20.5 21.4 Series E preferred OP units 80,000 0.6897 5.5 % N/A N/A 6.2 6.4 Series L preferred OP units 20,000 0.6250 3.5 % N/A N/A 2.0 2.0 Total 3,536,532 $ 119.8 $ 90.2 (1) Exchange rates are subject to adjustment upon stock splits, recapitalizations and similar events. The exchange rates of certain series of OP units are approximated to four decimal places. (2) Distributions are payable on the issue price of each OP unit which is $100.00 per unit for all these preferred OP units. Conversions Conversions to Common Stock and Common OP Units - Subject to certain limitations, holders can convert certain series of OP units to shares of our common stock and to common OP units at any time. Below is the activity of conversions during the nine months ended September 30, 2024 and 2023: Nine Months Ended September 30, 2024 September 30, 2023 Series Conversion Rate Units / Shares Converted Common Stock (1) Units / Shares Converted Common Stock (1) Common OP Units (1) Aspen preferred OP units Various — — 943,885 113,972 191,223 Common OP units 1.0000 80,096 80,096 8,848 8,848 — Series A-1 preferred OP units 2.4390 24,563 59,900 5,404 13,177 — Series C preferred OP units 1.1100 9,103 10,104 165 183 — Series G preferred OP units 0.6452 4,898 3,160 30,000 19,353 — Series H preferred OP units 0.6098 9 5 129 78 — Series J preferred OP units 0.6061 2,000 1,212 2,000 1,212 — (1) Calculation may yield minor differences due to rounding incorporated in the above numbers. Distributions Distributions declared for the nine months ended September 30, 2024 were as follows: Common Stock, Common OP units and Restricted Stock Distributions Record Date Payment Date Distribution Per Share Total Distribution (in Millions) March 31, 2024 3/29/2024 4/15/2024 $ 0.94 $ 119.7 June 30, 2024 6/28/2024 7/15/2024 $ 0.94 $ 119.7 September 30, 2024 9/30/2024 10/15/2024 $ 0.94 $ 122.3

Share-Based Compensation

Share-Based Compensation	9 Months Ended
Share-Based Compensation	Sep. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share-Based Compensation	11. Share-Based Compensation As of September 30, 2024, we had two share-based compensation plans: the Sun Communities, Inc. 2015 Equity Incentive Plan (as amended, the "2015 Equity Incentive Plan") and the First Amended and Restated 2004 Non-Employee Director Option Plan (as amended, the "2004 Non-Employee Director Option Plan"). We believe granting equity awards will provide certain executives, key employees and directors additional incentives to promote our financial success and promote employee and director retention by providing an opportunity to acquire or increase the direct proprietary interest of those individuals in our operations and future. Time based awards for directors generally vest over three years. Time based awards for key employees and executives generally vest over five years. Market condition awards for executives generally vest after three years. During the nine months ended September 30, 2024 and 2023, shares were granted as follows: Grant Period Type Plan Shares Granted Grant Date Fair Value Per Share Vesting Type 2024 Key Employees 2015 Equity Incentive Plan 205,540 $ 132.10 (1) Time Based 2024 Executive Officers 2015 Equity Incentive Plan 31,800 $ 132.13 (1) Time Based 2024 Executive Officers 2015 Equity Incentive Plan 41,400 $ 98.14 (2) Market Condition (3) 2024 Directors 2004 Non-Employee Director Option Plan 20,000 $ 129.47 (1) Time Based (4) 2023 Key Employees 2015 Equity Incentive Plan 220,858 $ 137.14 (1) Time Based 2023 Executive Officers 2015 Equity Incentive Plan 62,800 $ 144.88 (1) Time Based 2023 Executive Officers 2015 Equity Incentive Plan 82,200 $ 108.60 (2) Market Condition (3) 2023 Directors 2004 Non-Employee Director Option Plan 16,000 $ 148.12 (1) Time Based (5) (1) Represents the weighted average fair value per share of the closing price of our common stock on the dates the shares were awarded. (2) Represents the weighted average fair value per share of the Monte Carlo simulation fair value price of our market condition awards on the dates the shares were awarded. (3) Share-based compensation for restricted stock awards with market conditions is measured based on shares expected to vest using a Monte Carlo simulation to determine fair value. (4) Includes 6,000 shares that were deferred under the 2021 Non-Employee Directors Deferred Compensation Plan. (5) Includes 2,000 shares that were deferred under the 2021 Non-Employee Directors Deferred Compensation Plan. The vesting requirements for 198,244 and 225,879 restricted shares granted to our executives, directors and employees were satisfied during the nine months ended September 30, 2024 and 2023, respectively. We recognized the following share-based compensation costs (in millions): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Share-based compensation - expensed (1) $ 9.1 $ 9.9 $ 29.3 $ 29.4 (1) Recorded within General and administrative expense on the Consolidated Income Statements.

Segment Reporting

Segment Reporting	9 Months Ended
Segment Reporting	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Reporting	12. Segment Reporting ASC 280, " Segment Reporting, " establishes standards for the way that business enterprises report information about operating segments in its financial statements. As described in Note 1, "Basis of Presentation," effective January 1, 2024, we expanded our organizational structure from three segments, which consisted of (i) manufactured home ("MH") communities, (ii) recreational vehicle ("RV") communities, and (iii) Marinas to add a fourth segment that includes communities in the United Kingdom ("UK"). The new structure reflects how the chief operating decision maker manages the business, makes operating decisions, allocates resources and evaluates operating performance. Beginning with the three months ended March 31, 2024, we are reporting our financial results consistent with our newly 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 four reportable segments are: (i) MH, (ii) RV, (iii) Marina and (iv) UK. The MH segment owns, operates, develops, or has an interest in, a portfolio of MH communities in the U.S., and is in the business of acquiring, operating and developing ground-up MH communities to provide affordable housing solutions to residents. The MH segment in the U.S. also provides manufactured home sales and leasing services to tenants and prospective tenants of our communities. The RV segment owns, operates, develops, or has an interest in, a portfolio of RV communities and is in the business of acquiring, operating and developing ground-up RV communities in the U.S. and Canada. It also provides leasing services for vacation rentals within the RV communities. The Marina segment owns, operates and develops marinas, and is in the business of acquiring and operating marinas in the U.S., with the majority of such marinas concentrated in coastal regions, and others located in various inland regions. 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.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes We have elected to be taxed as a real estate investment trust ("REIT") pursuant to Section 856(c) of the Internal Revenue Code of 1986, as amended ("Code"). In order for us to qualify as a REIT, at least 95% of our gross income in any year must be derived from qualifying sources. In addition, a REIT must distribute annually at least 90% of its REIT taxable income (calculated without any deduction for dividends paid and excluding capital gains) to its shareholders and meet other tests. Qualification as a REIT involves the satisfaction of numerous requirements (on an annual and quarterly basis) established under highly technical and complex Code provisions for which there are limited judicial or administrative interpretations and involves the determination of various factual matters and circumstances not entirely within our control. In addition, frequent changes occur in the area of REIT taxation, which requires us to continually monitor our tax status. We analyzed the various REIT tests and confirmed that we continued to qualify as a REIT during the nine months ended September 30, 2024. As a REIT, we generally will not be subject to U.S. federal income taxes at the corporate level on the ordinary taxable income we distribute to our shareholders as dividends. If we fail to qualify as a REIT in any taxable year, our taxable income could be subject to U.S. federal income tax at regular corporate rates. Even if we qualify as a REIT, we may be subject to certain state and local income taxes, as well as U.S. federal income and excise taxes on our undistributed income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state and local income taxes. We are also subject to local income taxes in Canada, Puerto Rico and the United Kingdom due to certain properties located in those jurisdictions. We do not provide for withholding taxes on our undistributed earnings from our Canadian subsidiaries as they are reinvested and will continue to be reinvested indefinitely outside of the U.S. As currently structured, we are not subject to United Kingdom withholding taxes on distributions from our United Kingdom properties. Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the basis of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced, if necessary, by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence. Our temporary differences primarily relate to net operating loss carryforwards, depreciation, interest and basis differences between tax and GAAP. Our deferred tax assets that have a full valuation allowance relate to our taxable REIT subsidiaries. As of September 30, 2024, we had $315.4 million of net deferred tax liabilities, comprised of deferred tax assets, net of valuation allowance of $62.3 million, and deferred tax liabilities of $377.7 million. The deferred tax liability balance is comprised primarily of basis differences in our foreign investment in properties in the United Kingdom and Canada. As of December 31, 2023, we had $277.1 million of net deferred tax liabilities, comprised of deferred tax assets, net of valuation allowance of $58.1 million, and deferred tax liabilities of $335.2 million. The net deferred tax assets and deferred tax liabilities are recorded within Other assets, net and Other liabilities, respectively, on our Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023. For the three months ended September 30, 2024, we recorded current tax benefit for federal, state, Canadian, Puerto Rican, and United Kingdom income taxes totaling $0.9 million. For the nine months ended September 30, 2024, we recorded current tax expense for federal, state, Canadian, Puerto Rican, and United Kingdom income taxes totaling $6.5 million. For the three and nine months ended September 30, 2023, we recorded current tax expense for federal, state, Canadian, Puerto Rican, and United Kingdom income taxes and Australian withholding taxes totaling $4.6 million and $13.9 million, respectively. For the three and nine months ended September 30, 2024, we recorded a deferred tax benefit of $7.1 million and $16.5 million, respectively. For the three and nine months ended September 30, 2023, we recorded a deferred tax benefit of $2.3 million and $14.6 million, respectively.

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	14. 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. From time to time, we enter into forward equity sales agreements, which are discussed in Note 10, "Equity and Temporary Equity." We considered the potential dilution resulting from the forward equity sales agreements on the EPS calculations. At inception, the agreements do not have an effect on the computation of basic EPS as no shares are delivered unless there is a physical settlement. Common shares issued upon the physical settlement of the forward equity sales agreements, weighted for the period these common shares are outstanding, are included in the denominator of basic EPS. To determine the dilution resulting from the forward equity sales agreements during the period of time prior to settlement, we calculate the number of weighted-average shares outstanding - diluted in accordance with the treasury stock method. Our potentially dilutive securities include our potential common shares related to our forward equity offerings, our unvested restricted common shares, and our Operating Partnership outstanding common OP units, Series A-1 preferred OP units, Series A-3 preferred OP units, Series C preferred OP units, Series D preferred OP units, Series E preferred OP units, Series F preferred OP units, Series G preferred OP units, Series H preferred OP units, Series J preferred OP units, Series K preferred OP units, and Series L preferred OP units, which, if converted or exercised, may impact dilution. Diluted EPS considers the impact of potentially dilutive securities except when the potential common shares have an anti-dilutive effect. Our unvested restricted stock common shares contain rights to receive non-forfeitable distributions and participate equally with common stock with respect to distributions issued or declared, and thus, are participating securities, requiring the two-class method of computing EPS. In calculating the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average number of shares outstanding during the period. The two-class method determines EPS by (1) dividing the sum of distributed earnings and undistributed earnings allocated to common shareholders by the weighted average number of shares of common stock outstanding for the period; and (2) dividing the sum of distributed earnings and undistributed earnings allocated to participating securities by the weighted average number of shares of participating securities for the period. The remaining potential dilutive common shares do not contain rights to distributions and are included in the computation of diluted EPS. Computations of basic and diluted EPS were as follows (in millions, except for per share data): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Numerator As Restated As Restated Net income / (loss) attributable to SUI common shareholders $ 288.7 $ 120.1 $ 313.4 $ (132.4) Less: allocation to restricted stock awards 2.0 0.8 2.0 (1.1) Basic earnings - net income / (loss) attributable to common shareholders after allocation to restricted stock awards 286.7 119.3 311.4 (131.3) Add: allocation to common and preferred OP units dilutive effect — — 6.6 — Add: allocation to restricted stock awards — — — (1.1) Diluted earnings - net income / (loss) attributable to common shareholders after allocation to common and preferred OP units (1) $ 286.7 $ 119.3 $ 318.0 $ (132.4) Denominator Weighted average common shares outstanding 124.0 123.5 123.8 123.4 Add: dilutive restricted stock — — — 0.4 Add: common and preferred OP units dilutive effect — — 2.7 — Diluted weighted average common shares and securities (1) 124.0 123.5 126.5 123.8 EPS Available to Common Shareholders After Allocation Basic earnings / (loss) per share $ 2.31 $ 0.97 $ 2.52 $ (1.06) Diluted earnings / (loss) per share (1) $ 2.31 $ 0.97 $ 2.51 $ (1.07) (1) For the three and nine months ended September 30, 2024, and the three months ended September 30, 2023, diluted earnings per share was calculated using the two-class method for restricted common shares as the application of this method resulted in a more diluted earnings per share during those periods. For the nine months ended September 30, 2023, diluted loss per share was calculated using the treasury stock method for restricted common shares as the application of this method resulted in a more diluted loss per share during the period. We have excluded certain convertible securities from the computation of diluted EPS because the inclusion of those securities would have been anti-dilutive for the periods presented. The following table presents the outstanding securities that were excluded from the computations of diluted EPS as of September 30, 2024 and 2023 (in thousands): As of September 30, 2024 September 30, 2023 Common OP units 2,922 (1) 2,632 A-1 preferred OP units 178 202 A-3 preferred OP units 40 40 Aspen preferred OP units (2) N/A 315 Series C preferred OP units 297 306 Series D preferred OP units 489 489 Series E preferred OP units 80 80 Series F preferred OP units 90 90 Series G preferred OP units 206 211 Series H preferred OP units 581 581 Series J preferred OP units 236 238 Series K preferred OP units 1,000 1,000 Series L preferred OP units 20 N/A Total Securities 6,139 6,184 N/A = Not applicable. (1) For the three months ended September 30, 2024, Common OP units were excluded from the computation of diluted earnings per share because the inclusion of those securities would have been anti-dilutive for the period. For the nine months ended September 30, 2024, Common OP units were included in the computation of diluted earnings per share because they were dilutive for the period. (2) All of our outstanding Aspen preferred OP units converted during the year ended December 31, 2023.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
Derivative Financial Instruments	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	15. Derivative Financial Instruments Our objective and strategy in using interest rate derivatives is to manage exposure to interest rate movements, thereby minimizing the effect of interest rate changes and the effect they could have on future cash outflows (forecasted interest payments), on a forecasted issuance of long-term debt, or on outstanding floating rate debt. We typically enter into treasury rate locks, interest rate swaps, and forward swaps to accomplish this objective. We do not enter into derivative instruments for speculative purposes. We recognize derivative instruments at fair value on a recurring basis on the Consolidated Balance Sheets and classify the derivatives within Level 2 of the fair value hierarchy. We adjust our Consolidated Balance Sheets on a quarterly basis to reflect the current fair market value of the derivative instruments. As of September 30, 2024 and December 31, 2023, we held 11 and 13 derivative contracts, respectively, which have each been designated as cash flow hedges under ASC 815, " Derivatives and Hedging ." The risks being hedged are the interest rate risk related to outstanding floating rate debt and forecasted debt issuance transactions, and the benchmark interest rates used are the SOFR and the SONIA Rate. The unrealized gains or losses on the derivative instruments are recorded in AOCI and are reclassified to Interest expense on the Consolidated Statements of Operations during the same period in which the hedged transaction affects earnings. We estimate that $9.0 million will be reclassified as a reduction to Interest expense over the next 12 months for all of our outstanding cash flow hedges. Cash flow from these derivative instruments is classified in the same category as the cash flow items being hedged on the Consolidated Statements of Cash Flows. Derivative Contract Activity During the nine months ended September 30, 2024 and 2023, we entered into the following derivative contracts (with notional amounts in millions): Period Number of Contracts Instrument Type Currency Notional Amount Index Type Hedged Item Three months ended September 30, 2024 1 Interest Rate Swap USD $ 25.0 SOFR Future Debt Offering Three months ended June 30, 2024 3 Interest Rate Swap USD 100.0 SOFR Future Debt Offering Three months ended March 31, 2024 1 Interest Rate Swap USD 25.0 SOFR Future Debt Offering Total 5 $ 150.0 Three months ended September 30, 2023 2 Interest Rate Swap USD $ 125.0 SOFR Term Loan Senior Credit Facility Three months ended March 31, 2023 1 Interest Rate Swap GBP (1) 127.3 SONIA Term Loan Senior Credit Facility Three months ended March 31, 2023 1 Interest Rate Swap USD 50.0 SOFR Future Debt Offering Total 4 $ 302.3 (1) The notional amount of the swap contract in local currency is £100.0 million. The USD equivalent amount is converted as of December 31, 2023. During the nine months ended September 30, 2024 and 2023, we terminated the following derivative contracts (amounts in millions): Period Type Currency Notional Amount Cash Settlement Three months ended March 31, 2024 Forward Swap (1) USD $ 255.0 $ (2.3) Three months ended March 31, 2023 Treasury Rate Locks & Forward Swap (2) USD $ 250.0 $ 7.4 (1) Includes seven forward swap contracts which were terminated in connection with the 2029 Notes issuance. (2) These include two $100.0 million treasury rate locks and one $50.0 million forward swap which were terminated in connection with the issuance of $400.0 million of senior unsecured notes with an interest rate of 5.7% and a 10-year term, due January 15, 2033. The following table presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts (in millions): September 30, 2024 December 31, 2023 Derivatives Designated as Cash Flow Hedges Notional Fair Value of Assets (1) Fair Value of Liabilities (2) Notional Fair Value of Assets (1) Fair Value of Liabilities (2) Interest rate derivatives $ 969.7 $ 5.7 $ 8.5 $ 1,041.5 $ 11.7 $ 7.7 (1) Included within Other assets, net on the Consolidated Balance Sheets. (2) Included within Other liabilities on the Consolidated Balance Sheets. Refer to Note 16, "Fair Value Measurements," for additional information related to the fair value methodology used for derivative financial instruments. The following table presents the gains / (losses) on derivatives in cash flow hedging relationships recognized in OCI (in millions): Three Months Ended Nine Months Ended Derivatives Designated as Cash Flow Hedges September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Interest rate derivatives $ (9.7) $ (3.7) $ 1.7 $ 6.7 The following table presents the amount of gains on derivative instruments reclassified from AOCI into earnings (in millions): Derivatives Designated as Cash Flow Hedges Financial Statement Classification Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Interest rate derivatives Interest expense $ 4.9 $ 4.5 $ 14.8 $ 10.0

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	16. Fair Value Measurements Our financial instruments consist primarily of cash, cash equivalents and restricted cash, notes and other receivables, derivative assets and liabilities, 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 ." The following methods and assumptions were used in order to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: ASC 820, " Fair Value Measurements and Disclosures ," requires disclosure regarding determination of fair value for assets and liabilities and establishes a hierarchy under which these assets and liabilities must be grouped, based on significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair value hierarchy: Level 1 - Quoted unadjusted prices for identical instruments in active markets that we have the ability to access; Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severity, etc.) in active markets or can be corroborated by observable market data; and Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The unobservable inputs reflect our assumptions about the assumptions that market participants would use. Assets by Hierarchy Level The table below sets forth our financial assets and liabilities (in millions) that required disclosure of fair value on a recurring basis as of September 30, 2024. The table presents the carrying values and fair values of our financial instruments as of September 30, 2024 and December 31, 2023, that were measured using the valuation techniques described above. The table excludes other financial instruments such as other receivables and accounts payable as the carrying values associated with these instruments approximate their fair value since their maturities are less than one year. These financial instruments are classified as Level 1 in the hierarchy. September 30, 2024 Fair Value Carrying Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Total Financial Assets Cash, cash equivalents and restricted cash $ 81.8 $ 81.8 $ — $ — $ 81.8 Installment notes receivable on manufactured homes, net 73.7 — — 73.7 73.7 Notes receivable from real estate developers and operators 139.1 — — 139.1 139.1 Collateralized receivables, net 52.8 — — 52.8 52.8 Derivative assets 5.7 — 5.7 — 5.7 Total Assets Measured at Fair Value $ 353.1 $ 81.8 $ 5.7 $ 265.6 $ 353.1 Financial Liabilities Mortgage loan payable $ 3,344.5 $ — $ 3,111.9 $ — $ 3,111.9 Secured borrowings on collateralized receivables 52.8 — — 52.8 52.8 Total secured debt 3,397.3 — 3,111.9 52.8 3,164.7 Unsecured debt Senior unsecured notes 2,675.5 — 2,559.1 — 2,559.1 Line of credit and other unsecured debt 1,252.0 — 1,252.0 — 1,252.0 Total unsecured debt 3,927.5 — 3,811.1 — 3,811.1 Derivative liabilities 8.5 — 8.5 — 8.5 Other financial liabilities (contingent consideration) 20.2 — — 20.2 20.2 Total Liabilities Measured at Fair Value $ 7,353.5 $ — $ 6,931.5 $ 73.0 $ 7,004.5 December 31, 2023 Fair Value Carrying Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Total Financial Assets Cash, cash equivalents and restricted cash $ 42.7 $ 42.7 $ — $ — $ 42.7 Installment notes receivable on manufactured homes, net 19.6 — — 19.6 19.6 Notes receivable from real estate developers and operators 134.5 — — 134.5 134.5 Collateralized receivables, net 56.2 — — 56.2 56.2 Derivative assets 11.7 — 11.7 — 11.7 Total Assets Measured at Fair Value $ 264.7 $ 42.7 $ 11.7 $ 210.3 $ 264.7 Financial Liabilities Mortgage loan payable $ 3,478.9 $ — $ 3,167.0 $ — $ 3,167.0 Secured borrowings on collateralized receivables 55.8 — — 55.8 55.8 Total secured debt 3,534.7 — 3,167.0 55.8 3,222.8 Unsecured debt Senior unsecured notes 2,177.5 — 1,973.2 — 1,973.2 Line of credit and other unsecured debt 2,065.1 — 2,065.1 — 2,065.1 Total unsecured debt 4,242.6 — 4,038.3 — 4,038.3 Derivative liabilities 7.7 — 7.7 — 7.7 Other financial liabilities (contingent consideration) 20.2 — — 20.2 20.2 Total Liabilities Measured at Fair Value $ 7,805.2 $ — $ 7,213.0 $ 76.0 $ 7,289.0 We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The following methods and assumptions were used in order to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash, Cash Equivalents and Restricted Cash The carrying values of cash, cash equivalents and restricted cash approximate their fair market values due to the short-term nature of the instruments. These are classified as Level 1 in the hierarchy. Installment Notes Receivable on Manufactured Homes and Collateralized Receivables Installment notes receivable on manufactured homes are recorded at fair value and are measured using model-derived indicative pricing using primarily unobservable inputs, inclusive of default rates, interest rates and recovery rates (Level 3). Refer to Note 4, "Notes and Other Receivables," and Note 5, "Collateralized Receivables and Transfers of Financial Assets," for additional information. Notes Receivable from Real Estate Developers and Operators Notes receivable from real estate developers and operators are recorded at fair value and are measured using model-derived indicative pricing using primarily unobservable inputs including interest rates and counterparty performance (Level 3). The carrying values of the notes generally approximate their fair market values either due to the nature of the note and / or the note being secured primarily by underlying real estate and other collateral and / or personal guarantees. Refer to Note 4, "Notes and Other Receivables," for additional information. Derivative Assets and Liabilities - Interest Rate Derivatives Interest rate derivatives are recorded at fair value and consist of 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 9, "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 5, "Collateralized Receivables and Transfers of Financial Assets," and Note 9, "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 9, "Debt and Line of Credit," for additional information. Line of credit and other unsecured debt - consists primarily of our Senior Credit Facility. We have variable rates on our Senior Credit Facility. The fair value of the debt with variable rates approximates carrying value as the interest rates of these amounts approximate market rates (Level 2). The estimated fair value of our debt as of September 30, 2024 approximated its gross carrying value. Other Financial Liabilities We estimate the fair value of contingent consideration liabilities based on valuation models using significant unobservable inputs that generally consider discounting of future cash flows using market interest rates and adjusting for non-performance risk over the remaining term of the liability (Level 3). Level 3 Reconciliation, Measurements and Transfers We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. Availability of secondary market activity and consistency of pricing from third-party sources impacts our ability to classify securities as Level 2 or Level 3. There were no transfers into or out of Level 3 during the nine months ended September 30, 2024. The following tables summarize changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and nine months ended September 30, 2024 and 2023 (in millions): Three Months Ended September 30, 2024 September 30, 2023 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 Warrants Level 3 beginning balance at June 30, 2024 and 2023 $ 54.5 $ 131.3 $ 54.3 $ 59.5 $ 462.4 $ — Realized gains / (losses) 0.1 (1) — 0.5 (2) (1.3) (1) — — Purchases and issuances 22.2 8.5 — 0.2 31.9 — Sales and settlements (1.3) (0.9) (2.0) (2.4) (3.5) — Dispositions of properties (1.8) — — — — — Foreign currency exchange gains / (losses) — 0.1 — — (13.4) — Other adjustments — 0.1 — — 0.1 — Level 3 ending balance at September 30, 2024 and 2023 $ 73.7 $ 139.1 $ 52.8 $ 56.0 $ 477.5 $ — (1) Recorded within Gain / (loss) on remeasurement of notes receivable on the Consolidated Statements of Operations. (2) Recorded within Other income / (expense), net on the Consolidated Statements of Operations. Nine Months Ended September 30, 2024 September 30, 2023 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 Warrants Level 3 beginning balance at December 31, 2023 and 2022 $ 19.6 $ 134.5 $ 56.2 $ 65.9 $ 305.2 $ — Realized gains / (losses) (0.2) (1) (0.8) (1) 2.1 (2) (3.1) (1) — (0.4) (3) Purchases and issuances 59.5 17.7 — 0.4 179.3 0.4 Sales and settlements (3.2) (12.4) (5.5) (7.2) (10.4) — Dispositions of properties (2.0) — — — — — Foreign currency exchange gains — — — — 3.3 — Other adjustments (3) — 0.1 — — 0.1 — Level 3 ending balance at September 30, 2024 and 2023 $ 73.7 $ 139.1 $ 52.8 $ 56.0 $ 477.5 $ — (1) Recorded within Gain / (loss) on remeasurement of notes receivable on the Consolidated Statements of Operations. (2) Recorded within Other income / (expense), net on the Consolidated Statements of Operations. (3) Recorded within Income from nonconsolidated affiliates on the Consolidated Statements of Operations. Three Months Ended September 30, 2024 September 30, 2023 Liabilities Secured Borrowing on Collateralized Receivables Contingent Consideration Contingent Consideration Level 3 beginning balance June 30, 2024 and 2023 $ 54.3 $ 20.2 $ 20.2 Realized losses (1) 0.5 — — Purchases and issuances — — — Sales and settlements (2.0) — — Other adjustments — — — Level 3 ending balance at September 30, 2024 and 2023 $ 52.8 $ 20.2 $ 20.2 (1) Recorded within Other income / (expense), net on the Consolidated Statements of Operations. Nine Months Ended September 30, 2024 September 30, 2023 Liabilities Secured Borrowing on Collateralized Receivables Contingent Consideration Contingent Consideration Level 3 beginning balance December 31, 2023 and 2022 $ 55.8 $ 20.2 $ 20.2 Realized losses (1) 2.1 — — Purchases and issuances 0.4 — — Sales and settlements (5.5) — — Other adjustments — — — Level 3 ending balance at September 30, 2024 and 2023 $ 52.8 $ 20.2 $ 20.2 (1) Recorded within Other income / (expense), net on the Consolidated Statements of Operations. Although we have determined the estimated fair value amounts using available market information and commonly accepted valuation methodologies, considerable judgment is required in interpreting market data to develop fair value estimates. The fair value estimates are based on information available as of September 30, 2024. As such, our estimates of fair value could differ significantly from the actual carrying value.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	17. Commitments and Contingencies Legal Proceedings - Class Action Litigation Since August 31, 2023, several putative class action complaints have been filed in the U.S. District Court for the Northern District of Illinois, Eastern Division, against Datacomp Appraisal Systems, Inc., us, and nine other large MH operators in the U.S. The complaint alleges that the defendants have violated federal antitrust laws by sharing and receiving competitively sensitive non-public information to maintain artificially high site rents. The complaints have been consolidated into the case captioned In re Manufactured Home Lot Rents Antitrust Litigation, No. 1:23-cv-06715. Plaintiffs seek both injunctive and monetary damages, as well as attorneys' fees. We are unable to estimate a range of loss, if any, that could result were there to be an adverse final decision in this litigation. If an unfavorable result were to occur, it is possible that the impact could be material to our results of operations in the periods in which any such outcome becomes probable and estimable. We believe that the plaintiffs' allegations are without merit and intend to defend against them vigorously. However, litigation is inherently uncertain and there can be no assurance regarding the likelihood that our defense of this litigation will be successful. Other Legal Proceedings We are involved in various other legal proceedings arising in the ordinary course of business. All such proceedings, taken together, are not expected to have a material adverse impact on our results of operations or financial condition. Catastrophic Event-Related Charges Hurricane Helene - On September 26, 2024, Hurricane Helene made landfall in Florida and subsequently affected the Mid-Atlantic region of the U.S. Our assessment indicated that material damage to our properties was largely avoided. During the three months ended September 30, 2024, we recognized charges of $2.2 million for impaired assets at two MH communities and three RV communities, and charges of $1.7 million for impaired assets at nine marinas, which were recorded within Catastrophic-event related charges, net on the Consolidated Statements of Operations. The impacted properties are located in Florida, South Carolina, North Carolina and Georgia. The foregoing impairment charges are based on current information available, and we continue to assess these estimates. The actual final impairment could vary significantly from these estimates. Any changes to these estimates will be recognized in the period(s) in which they are determined. Hurricane Ian - When Hurricane Ian made landfall on Florida's western coast in September 2022, the storm primarily affected three properties in the Fort Myers area, comprising approximately 2,500 sites. These properties sustained significant flooding and wind damage from the hurricane. At other affected MH and RV properties, most of the damage was limited to trees, roofs, fences, skirting and carports. At affected marina properties, docks, buildings and landscaping sustained wind and water damage. We maintain property, casualty, flood and business interruption insurance for our community portfolio, subject to customary deductibles and limits. Estimated property insurance recoveries, excluding business interruption recoveries, of $49.3 million related to Hurricane Ian were recorded in Notes and other receivables, net, on the Consolidated Balance Sheets as of September 30, 2024. The table below sets forth changes in estimated property insurance recoveries, excluding business interruption recoveries (in millions): Nine Months Ended Total estimated insurance receivable - December 31, 2023 $ 56.7 Change in estimated property insurance recoveries 11.0 Proceeds received from insurer (18.4) Total estimated insurance receivable - September 30, 2024 $ 49.3 The foregoing estimates are based on current information available, and we continue to assess these estimates. Actual charges and insurance recoveries could vary significantly from these estimates. Any changes to these estimates will be recognized in the period(s) in which they are determined. We are actively working with our insurance providers on claims for business interruption recoveries. During the nine months ended September 30, 2024 we recognized $5.2 million, net of deductibles, for lost earnings from Hurricane Ian covering the period from September 1, 2023 through January 31, 2024. The business interruption proceeds were recorded within Brokerage commissions and other, net in our Consolidated Statements of Operations. The related communities are under redevelopment and we have gradually started to lease developed sites at these communities to customers. However, we currently cannot estimate a date when operating results will be restored to pre-hurricane levels. Our business interruption insurance policy provides for up to 60 months of coverage from the date of restoration. During the three months ended September 30, 2024, we received an insurance recovery of $1.6 million in excess of previously estimated costs related to damages incurred at certain marinas due to Hurricane Ian. The insurance recovery gain was recorded within Catastrophic event-related charges, net on the Consolidated Statements of Operations. Other - In December 2023, one of our RV properties with approximately 300 sites sustained property damage due to heavy rainfall and flooding in the North Conway, New Hampshire area. Based on a preliminary review performed by an insurance adjuster, we recognized asset impairment charges of $7.0 million during the three months ended December 31, 2023, primarily related to site improvements, vacation rental cabins, and equipment. During the nine months ended September 30, 2024, we recognized incremental charges of $11.6 million related to the impacted property, comprised of $3.1 million for impaired assets and $8.5 million for debris removal, cleanup and repairs. We received $6.0 million in insurance proceeds during the nine months ended September 30, 2024 related to the flood event. The charges and related proceeds were recorded within Catastrophic event-related charges, net in our Consolidated Statements of Operations. The foregoing estimates are based on current information available after the preliminary review of the damages incurred. Actual charges and insurance recoveries could differ from these estimates. Any changes to these estimates will be recognized in the period(s) in which they are determined.

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2024
Leases [Abstract]
Leases	18. Leases Lessee Accounting We lease land under non-cancelable operating leases at certain MH, RV, Marina and UK properties expiring at various dates through 2100. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of revenues at those properties. We also have other operating leases, primarily office space and equipment expiring at various dates through 2042. Future minimum lease payments under non-cancellable leases as of September 30, 2024 where we are the lessee include (in millions): Maturity of Lease Liabilities Finance Leases Operating Leases Total 2024 (excluding nine months ended September 30, 2024) $ 4.6 $ 3.8 $ 8.4 2025 0.9 14.2 15.1 2026 0.9 13.1 14.0 2027 0.9 10.9 11.8 2028 0.9 10.2 11.1 Thereafter 39.2 273.8 313.0 Total Lease Payments $ 47.4 $ 326.0 $ 373.4 Less: Imputed interest (32.3) (163.0) (195.3) Present Value of Lease Liabilities $ 15.1 $ 163.0 $ 178.1 Right-of-use ("ROU") assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in millions): Financial Statement Classification As of Description September 30, 2024 December 31, 2023 Lease Assets Finance lease - ROU asset, net of accumulated amortization Investment property, net $ 32.1 $ 32.6 Operating lease - ROU asset, net Other assets, net $ 183.2 $ 176.0 Below market operating leases, net Other assets, net $ 91.5 $ 95.0 Lease Liabilities Finance lease liabilities Other liabilities $ 15.1 $ 14.3 Operating lease liabilities Other liabilities $ 163.0 $ 159.5 The components of lease costs for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in millions): Financial Statement Classification Three Months Ended Nine Months Ended Description September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Finance Lease Cost Amortization of ROU assets Depreciation and amortization $ 0.7 $ 0.4 $ 2.1 $ 1.7 Interest on lease liabilities Interest expense — 0.2 0.4 0.5 Operating lease cost General and administrative expense, Property operating and maintenance, 0.9 7.8 9.2 14.7 Variable lease cost Property operating and maintenance 0.4 3.9 4.6 6.6 Total Lease Cost $ 2.0 $ 12.3 $ 16.3 $ 23.5 Lease term, discount rates and additional information for finance and operating leases are as follows: As of September 30, 2024 December 31, 2023 Lease Term and Discount Rate Weighted-average Remaining Lease Terms (years) Finance lease 34.37 36.63 Operating lease 34.31 27.71 Weighted-average Discount Rate Finance lease 3.67 % 3.59 % Operating lease 3.82 % 3.82 % Nine Months Ended September 30, 2024 September 30, 2023 Other Information (in millions) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash outflows for operating leases $ 9.3 $ 10.0 Financing cash outflows for finance leases 0.7 0.7 Total Cash Paid on Lease Liabilities $ 10.0 $ 10.7 Lessor Accounting We are not the lessor for any finance leases at our MH, RV, Marina or UK properties as of September 30, 2024. Nearly all of our operating leases with our residents and customers at our MH, RV and UK properties where we are the lessor are either month-to-month or for a time period not to exceed one year. As of September 30, 2024, future minimum lease payments with our residents or customers would not exceed 12 months. We do not have any operating leases with real estate operators on our MH or UK properties. At our RV communities and marinas, future minimum lease payments under non-cancellable leases with real estate operators where we are the lessor include the following as of September 30, 2024 (in millions): Maturity of Lease Payments Operating Leases 2024 (excluding the nine months ended September 30, 2024) $ 6.2 2025 20.3 2026 14.6 2027 10.2 2028 8.8 Thereafter 82.7 Total Undiscounted Cash Flows $ 142.8 The components of lease income for our operating leases, as included in our Consolidated Statement of Operations are as follows (in millions): Financial Statement Classification Three Months Ended Nine Months Ended Description September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Operating Leases Fixed lease income Income from real property; Brokerage commissions and other revenue, net $ 10.9 $ 10.8 $ 27.7 $ 24.0 Variable lease income (1) Income from real property; Brokerage commissions and other revenue, net $ 3.4 $ 0.8 $ 11.3 $ 3.1 (1) Consists of rent primarily based on a percentage of operating revenues beyond target thresholds. Failed Sale Leaseback In connection with our acquisition of Park Holidays, we assumed ground lease arrangements for 34 UK properties that we concluded to be failed sale-leaseback transactions under ASC 842, " Leases ." The arrangements have maturities ranging from 2117 through 2197 with an option to repurchase for £1.00 at the end of the term. The obligation related to the underlying ground leases has been recorded as a financial liability in Other Liabilities on the Consolidated Balance Sheets. The financial liability was $378.7 million and $359.7 million as of September 30, 2024 and December 31, 2023, respectively. The following table presents the future minimum rental payments for this financial liability as of September 30, 2024 (in millions): Maturity of Financial Liability September 30, 2024 2024 (excluding nine months ended September 30, 2024) $ 3.1 2025 12.5 2026 12.6 2027 12.7 2028 12.8 Thereafter 1,850.4 Total Payments $ 1,904.1 Less: Imputed interest (1,525.4) Present Value of Financial Liability $ 378.7
Leases	18. Leases Lessee Accounting We lease land under non-cancelable operating leases at certain MH, RV, Marina and UK properties expiring at various dates through 2100. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of revenues at those properties. We also have other operating leases, primarily office space and equipment expiring at various dates through 2042. Future minimum lease payments under non-cancellable leases as of September 30, 2024 where we are the lessee include (in millions): Maturity of Lease Liabilities Finance Leases Operating Leases Total 2024 (excluding nine months ended September 30, 2024) $ 4.6 $ 3.8 $ 8.4 2025 0.9 14.2 15.1 2026 0.9 13.1 14.0 2027 0.9 10.9 11.8 2028 0.9 10.2 11.1 Thereafter 39.2 273.8 313.0 Total Lease Payments $ 47.4 $ 326.0 $ 373.4 Less: Imputed interest (32.3) (163.0) (195.3) Present Value of Lease Liabilities $ 15.1 $ 163.0 $ 178.1 Right-of-use ("ROU") assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in millions): Financial Statement Classification As of Description September 30, 2024 December 31, 2023 Lease Assets Finance lease - ROU asset, net of accumulated amortization Investment property, net $ 32.1 $ 32.6 Operating lease - ROU asset, net Other assets, net $ 183.2 $ 176.0 Below market operating leases, net Other assets, net $ 91.5 $ 95.0 Lease Liabilities Finance lease liabilities Other liabilities $ 15.1 $ 14.3 Operating lease liabilities Other liabilities $ 163.0 $ 159.5 The components of lease costs for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in millions): Financial Statement Classification Three Months Ended Nine Months Ended Description September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Finance Lease Cost Amortization of ROU assets Depreciation and amortization $ 0.7 $ 0.4 $ 2.1 $ 1.7 Interest on lease liabilities Interest expense — 0.2 0.4 0.5 Operating lease cost General and administrative expense, Property operating and maintenance, 0.9 7.8 9.2 14.7 Variable lease cost Property operating and maintenance 0.4 3.9 4.6 6.6 Total Lease Cost $ 2.0 $ 12.3 $ 16.3 $ 23.5 Lease term, discount rates and additional information for finance and operating leases are as follows: As of September 30, 2024 December 31, 2023 Lease Term and Discount Rate Weighted-average Remaining Lease Terms (years) Finance lease 34.37 36.63 Operating lease 34.31 27.71 Weighted-average Discount Rate Finance lease 3.67 % 3.59 % Operating lease 3.82 % 3.82 % Nine Months Ended September 30, 2024 September 30, 2023 Other Information (in millions) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash outflows for operating leases $ 9.3 $ 10.0 Financing cash outflows for finance leases 0.7 0.7 Total Cash Paid on Lease Liabilities $ 10.0 $ 10.7 Lessor Accounting We are not the lessor for any finance leases at our MH, RV, Marina or UK properties as of September 30, 2024. Nearly all of our operating leases with our residents and customers at our MH, RV and UK properties where we are the lessor are either month-to-month or for a time period not to exceed one year. As of September 30, 2024, future minimum lease payments with our residents or customers would not exceed 12 months. We do not have any operating leases with real estate operators on our MH or UK properties. At our RV communities and marinas, future minimum lease payments under non-cancellable leases with real estate operators where we are the lessor include the following as of September 30, 2024 (in millions): Maturity of Lease Payments Operating Leases 2024 (excluding the nine months ended September 30, 2024) $ 6.2 2025 20.3 2026 14.6 2027 10.2 2028 8.8 Thereafter 82.7 Total Undiscounted Cash Flows $ 142.8 The components of lease income for our operating leases, as included in our Consolidated Statement of Operations are as follows (in millions): Financial Statement Classification Three Months Ended Nine Months Ended Description September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Operating Leases Fixed lease income Income from real property; Brokerage commissions and other revenue, net $ 10.9 $ 10.8 $ 27.7 $ 24.0 Variable lease income (1) Income from real property; Brokerage commissions and other revenue, net $ 3.4 $ 0.8 $ 11.3 $ 3.1 (1) Consists of rent primarily based on a percentage of operating revenues beyond target thresholds. Failed Sale Leaseback In connection with our acquisition of Park Holidays, we assumed ground lease arrangements for 34 UK properties that we concluded to be failed sale-leaseback transactions under ASC 842, " Leases ." The arrangements have maturities ranging from 2117 through 2197 with an option to repurchase for £1.00 at the end of the term. The obligation related to the underlying ground leases has been recorded as a financial liability in Other Liabilities on the Consolidated Balance Sheets. The financial liability was $378.7 million and $359.7 million as of September 30, 2024 and December 31, 2023, respectively. The following table presents the future minimum rental payments for this financial liability as of September 30, 2024 (in millions): Maturity of Financial Liability September 30, 2024 2024 (excluding nine months ended September 30, 2024) $ 3.1 2025 12.5 2026 12.6 2027 12.7 2028 12.8 Thereafter 1,850.4 Total Payments $ 1,904.1 Less: Imputed interest (1,525.4) Present Value of Financial Liability $ 378.7
Leases	18. Leases Lessee Accounting We lease land under non-cancelable operating leases at certain MH, RV, Marina and UK properties expiring at various dates through 2100. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of revenues at those properties. We also have other operating leases, primarily office space and equipment expiring at various dates through 2042. Future minimum lease payments under non-cancellable leases as of September 30, 2024 where we are the lessee include (in millions): Maturity of Lease Liabilities Finance Leases Operating Leases Total 2024 (excluding nine months ended September 30, 2024) $ 4.6 $ 3.8 $ 8.4 2025 0.9 14.2 15.1 2026 0.9 13.1 14.0 2027 0.9 10.9 11.8 2028 0.9 10.2 11.1 Thereafter 39.2 273.8 313.0 Total Lease Payments $ 47.4 $ 326.0 $ 373.4 Less: Imputed interest (32.3) (163.0) (195.3) Present Value of Lease Liabilities $ 15.1 $ 163.0 $ 178.1 Right-of-use ("ROU") assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in millions): Financial Statement Classification As of Description September 30, 2024 December 31, 2023 Lease Assets Finance lease - ROU asset, net of accumulated amortization Investment property, net $ 32.1 $ 32.6 Operating lease - ROU asset, net Other assets, net $ 183.2 $ 176.0 Below market operating leases, net Other assets, net $ 91.5 $ 95.0 Lease Liabilities Finance lease liabilities Other liabilities $ 15.1 $ 14.3 Operating lease liabilities Other liabilities $ 163.0 $ 159.5 The components of lease costs for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in millions): Financial Statement Classification Three Months Ended Nine Months Ended Description September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Finance Lease Cost Amortization of ROU assets Depreciation and amortization $ 0.7 $ 0.4 $ 2.1 $ 1.7 Interest on lease liabilities Interest expense — 0.2 0.4 0.5 Operating lease cost General and administrative expense, Property operating and maintenance, 0.9 7.8 9.2 14.7 Variable lease cost Property operating and maintenance 0.4 3.9 4.6 6.6 Total Lease Cost $ 2.0 $ 12.3 $ 16.3 $ 23.5 Lease term, discount rates and additional information for finance and operating leases are as follows: As of September 30, 2024 December 31, 2023 Lease Term and Discount Rate Weighted-average Remaining Lease Terms (years) Finance lease 34.37 36.63 Operating lease 34.31 27.71 Weighted-average Discount Rate Finance lease 3.67 % 3.59 % Operating lease 3.82 % 3.82 % Nine Months Ended September 30, 2024 September 30, 2023 Other Information (in millions) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash outflows for operating leases $ 9.3 $ 10.0 Financing cash outflows for finance leases 0.7 0.7 Total Cash Paid on Lease Liabilities $ 10.0 $ 10.7 Lessor Accounting We are not the lessor for any finance leases at our MH, RV, Marina or UK properties as of September 30, 2024. Nearly all of our operating leases with our residents and customers at our MH, RV and UK properties where we are the lessor are either month-to-month or for a time period not to exceed one year. As of September 30, 2024, future minimum lease payments with our residents or customers would not exceed 12 months. We do not have any operating leases with real estate operators on our MH or UK properties. At our RV communities and marinas, future minimum lease payments under non-cancellable leases with real estate operators where we are the lessor include the following as of September 30, 2024 (in millions): Maturity of Lease Payments Operating Leases 2024 (excluding the nine months ended September 30, 2024) $ 6.2 2025 20.3 2026 14.6 2027 10.2 2028 8.8 Thereafter 82.7 Total Undiscounted Cash Flows $ 142.8 The components of lease income for our operating leases, as included in our Consolidated Statement of Operations are as follows (in millions): Financial Statement Classification Three Months Ended Nine Months Ended Description September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Operating Leases Fixed lease income Income from real property; Brokerage commissions and other revenue, net $ 10.9 $ 10.8 $ 27.7 $ 24.0 Variable lease income (1) Income from real property; Brokerage commissions and other revenue, net $ 3.4 $ 0.8 $ 11.3 $ 3.1 (1) Consists of rent primarily based on a percentage of operating revenues beyond target thresholds. Failed Sale Leaseback In connection with our acquisition of Park Holidays, we assumed ground lease arrangements for 34 UK properties that we concluded to be failed sale-leaseback transactions under ASC 842, " Leases ." The arrangements have maturities ranging from 2117 through 2197 with an option to repurchase for £1.00 at the end of the term. The obligation related to the underlying ground leases has been recorded as a financial liability in Other Liabilities on the Consolidated Balance Sheets. The financial liability was $378.7 million and $359.7 million as of September 30, 2024 and December 31, 2023, respectively. The following table presents the future minimum rental payments for this financial liability as of September 30, 2024 (in millions): Maturity of Financial Liability September 30, 2024 2024 (excluding nine months ended September 30, 2024) $ 3.1 2025 12.5 2026 12.6 2027 12.7 2028 12.8 Thereafter 1,850.4 Total Payments $ 1,904.1 Less: Imputed interest (1,525.4) Present Value of Financial Liability $ 378.7

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	19. Recent Accounting Pronouncements Recent Accounting Pronouncements - Not Yet Adopted In October 2023, the FASB issued ASU 2023-06, " Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative ," which adds interim and annual disclosure requirements to the U.S. 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 U.S. GAAP codification and will not be effective. In November 2023, the FASB issued ASU 2023-07, " Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ," which enhances disclosure of significant segment expenses that are regularly provided to the chief operating decision maker to assess segment performance, including each reported measure of segment profit or loss, an amount and description of the composition for other segment items to reconcile to segment profit or loss, interim disclosures of a reportable segment's profit or loss and assets, and the title and position of our chief operating decision maker. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied prospectively. We are currently evaluating the provisions of this amendment and the impact on our Consolidated Financial Statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, " Income Taxes (Topic 740): Improvements to Income Tax Disclosures ," which requires disclosure of specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, this amendment requires certain disclosure of income taxes paid disaggregated by federal, state and foreign taxes, and the amount of income taxes paid disaggregated by individual jurisdiction in which income taxes paid meet a quantitative threshold. The new guidance is intended to enhance the transparency and decision usefulness of income tax disclosures. This ASU is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied prospectively. We are currently evaluating the provisions of this amendment and the impact on our Consolidated Financial Statements and related disclosures.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	20. Subsequent Events Hurricane Milton On October 9, 2024, Hurricane Milton made landfall in Florida and affected certain of our properties in the region. We responded quickly to the event, and clean-up and restoration efforts are in progress. We believe that we have adequate property, casualty, flood and business interruption insurance, and at this time, we do not believe that Hurricane Milton will have a significant adverse impact on our operating results or financial condition. Retirement of Chief Executive Officer and Appointment of President On November 5, 2024, Gary Shiffman, our Chairman of the Board and Chief Executive Officer, informed the Board of Directors of his intent to retire as Chief Executive Officer following the expected appointment of his successor by the end of the year ending December 31, 2025. Mr. Shiffman will continue to actively serve as Chief Executive Officer until the effective date of the Board's appointment of his successor. On November 6, 2024, we appointed John McLaren as President. Mr. McLaren has served as our Strategic Adviser of Residential Communities since January 2023, and previously served as our President from 2014 to 2022 and our Chief Operating Officer from 2008 to 2022. Pursuant to Mr. McLaren's appointment as President, we issued 50,000 shares of restricted common stock, 20,000 of which will vest in equal annual installments over five years, and 30,000 are subject to performance vesting after three years based on certain market performance criteria. We have evaluated our Consolidated Financial Statements for subsequent events through the date that this Form 10-Q was issued.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting, Policy	Sun Communities, Inc., and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership (the "Operating Partnership"), Sun Home Services, Inc. ("SHS"), Safe Harbor Marinas, LLC ("Safe Harbor") and the entities through which we operate our business in the United Kingdom (collectively, "Park Holidays") are referred to herein as the "Company," "SUI," "us," "we," or "our." We follow accounting standards set by the Financial Accounting Standards Board ("FASB"). FASB establishes accounting principles generally accepted in the United States of America ("GAAP"), which we follow to ensure that we consistently report our financial condition, results of operations and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification ("ASC"). These unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information and in accordance with GAAP. We present interim disclosures and certain information and footnote disclosures as required by SEC rules and regulations. Accordingly, the unaudited Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying unaudited Consolidated Financial Statements reflect, in the opinion of management, all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of the interim financial statements. All significant intercompany transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period financial statements in order to conform to current period presentation. There was no impact to prior period net income for any of the reclassifications. The results of operations for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC on February 28, 2024 (our "2023 Annual Report"). These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our 2023 Annual Report.
Segment Reporting, Policy	Reportable Segments During the three months ended March 31, 2024, we expanded our organizational structure from three segments, which consisted of (i) manufactured home ("MH") communities, (ii) recreational vehicle ("RV") communities, and (iii) Marinas, to a four-segment structure that now includes (iv) communities in the United Kingdom ("UK"). The new structure reflects how the chief operating decision maker manages the business, makes operating decisions, allocates resources and evaluates operating performance. Beginning with the three months ended March 31, 2024, we are reporting our financial results consistent with our newly 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.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
Revenue (Tables)	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table disaggregates our revenue by major source and segment (in millions): Three Months Ended September 30, 2024 September 30, 2023 (1) MH RV Marina UK Consolidated MH RV Marina UK Consolidated Revenues Real property $ 240.4 $ 205.7 $ 131.8 $ 56.2 $ 634.1 $ 229.7 $ 211.0 $ 125.8 $ 52.3 $ 618.8 Home sales 37.7 9.3 — 58.3 105.3 48.8 13.6 — 55.4 117.8 Service, retail, dining and entertainment 1.5 40.4 125.2 19.1 186.2 1.8 46.7 139.1 17.9 205.5 Interest 3.7 1.6 0.2 — 5.5 13.7 1.4 0.1 — 15.2 Brokerage commissions and other, net 2.5 1.8 2.3 2.2 8.8 12.0 8.4 3.8 1.8 26.0 Total Revenues $ 285.8 $ 258.8 $ 259.5 $ 135.8 $ 939.9 $ 306.0 $ 281.1 $ 268.8 $ 127.4 $ 983.3 (1) Recast to reflect segment changes. Nine Months Ended September 30, 2024 September 30, 2023 (1) MH RV Marina UK Consolidated MH RV Marina UK Consolidated Revenues Real property $ 718.0 $ 458.4 $ 347.1 $ 138.9 $ 1,662.4 $ 678.0 $ 458.8 $ 326.6 $ 123.0 $ 1,586.4 Home sales 114.1 23.9 — 143.7 281.7 138.4 33.5 — 154.8 326.7 Service, retail, dining and entertainment 6.0 71.5 377.8 37.4 492.7 6.4 78.5 379.5 34.5 498.9 Interest 10.2 4.5 0.4 0.3 15.4 36.7 3.4 0.5 — 40.6 Brokerage commissions and other, net 9.5 5.9 4.0 3.6 23.0 18.8 17.5 5.8 3.2 45.3 Total Revenues $ 857.8 $ 564.2 $ 729.3 $ 323.9 $ 2,475.2 $ 878.3 $ 591.7 $ 712.4 $ 315.5 $ 2,497.9

Real Estate Acquisitions and _2

Real Estate Acquisitions and Dispositions (Tables)	9 Months Ended
Real Estate Acquisitions and Dispositions (Tables)	Sep. 30, 2024
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	For the nine months ended September 30, 2024, we acquired the following properties: Property Name Type Sites, Wet Slips and State, Province or Country Month Acquired Port Milford Marina 92 CT April Oak Leaf (1) Marina 89 CT April Berth One Palm Beach (1) Marina 4 FL April Marina Village Yacht Harbor Marina 732 CA September Ventura Harbor Fuel (1) Marina — CA September Total 917 (1) Combined with an existing property.
Schedule of Purchase Price Allocation	The following table summarizes the amount of assets acquired, net of liabilities assumed, at the acquisition date and the consideration paid for the acquisitions completed during the nine months ended September 30, 2024 (in millions): At Acquisition Date Consideration Investment in property Inventory of manufactured homes, boat parts Goodwill and other intangible assets Other assets / (liabilities), net Total identifiable assets acquired net of liabilities assumed Cash and escrow Temporary and permanent equity (1) Total consideration Asset Acquisition Port Milford (2) $ 3.9 $ — $ 0.1 $ (0.4) $ 3.6 $ 1.1 $ 2.5 $ 3.6 Berth One Palm Beach (3) 2.9 — 0.1 0.2 3.2 3.2 — 3.2 Marina Village Yacht Harbor (4) 50.3 — — (0.2) 50.1 18.6 31.5 50.1 Business Combination Oak Leaf (3) 4.8 0.1 0.3 — 5.2 5.2 — 5.2 Venture Harbor Fuel (3)(5) 1.8 0.4 — 0.6 2.8 2.8 — 2.8 Total $ 63.7 $ 0.5 $ 0.5 $ 0.2 $ 64.9 $ 30.9 $ 34.0 $ 64.9 (1) Refer to Note 10, "Equity and Temporary Equity," for additional detail. (2) In conjunction with this acquisition, we issued 19,326 common Operating Partnership units ("OP units") valued at $2.5 million. (3) Combined with an existing property. (4) In conjunction with this acquisition, we issued 243,273 common OP units valued at $31.5 million. (5) The purchase price allocation is preliminary as of September 30, 2024, subject to revision based on the final purchase price allocations to be finalized one year from the acquisition date.
Disposal Groups, Including Discontinued Operations	The following dispositions of real estate properties occurred during the nine months ended September 30, 2024: Property Name Segment Number of Properties Total Sites State, Province or Country Month Disposed Gross Sales Proceeds Cash Consideration, net (1) Gain on Disposition (2) Spanish Trails and Sundance MH 2 533 AZ & FL February $ 48.5 $ 51.7 $ 6.2 Littondale UK 1 114 UK May $ 5.9 $ 5.4 $ 2.2 Six Community MH Portfolio MH 6 2,090 Various July $ 224.6 $ 150.7 $ 142.0 Lake Pointe Village MH 1 361 FL July $ 38.0 $ 20.3 $ 16.0 Reserve at Fox Creek MH 1 311 AZ September $ 38.0 $ 22.7 $ 22.2 (1) Cash consideration, net of settlement of the associated mortgage debt and other closing adjustments. Refer to Note 9, "Debt and Line of Credit," for additional detail. (2) Recorded in Gain / (loss) on dispositions of properties on the Consolidated Statements of Operations.

Notes And Other Receivables (Ta

Notes And Other Receivables (Tables)	9 Months Ended
Notes And Other Receivables (Tables)	Sep. 30, 2024
Notes and Loans Payable, by Type, Current and Noncurrent [Abstract]
Schedule of Notes and Other Receivables	The following table sets forth certain information regarding notes and other receivables (in millions): September 30, 2024 December 31, 2023 Installment notes receivable on manufactured homes, net $ 73.7 $ 19.6 Notes receivable from real estate developers and operators 139.1 134.5 Other receivables, net 281.6 267.5 Total Notes and Other Receivables, net $ 494.4 $ 421.6
Schedule Of Other Receivables	Other receivables, net were comprised of amounts due from the following categories (in millions): September 30, 2024 December 31, 2023 MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net (1) $ 110.7 $ 65.9 Insurance receivables (2) 51.4 77.8 Marina customers for storage, service and lease payments, net (3) 44.0 46.8 Home sale proceeds 37.9 28.2 Other receivables 37.6 48.8 Total Other Receivables, net $ 281.6 $ 267.5 (1) Net of allowance of $4.8 million and $4.8 million as of September 30, 2024 and December 31, 2023, respectively. (2) During the three months ended September 30, 2024, we recorded a charge of $8.9 million to write off a receivable balance related to expected insurance proceeds from a prior litigation matter. We concluded that the loss recovery was no longer probable of being realized and recorded the charge within General and administrative expense on the Consolidated Statements of Operations. (3) Net of allowance of $3.0 million and $2.9 million as of September 30, 2024 and December 31, 2023, respectively.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
Goodwill and Other Intangible Assets (Tables)	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Changes in the carrying amount of goodwill during the nine months ended September 30, 2024 by reportable segment were as follows (in millions): RV Marina UK Total Balance as of December 31, 2023 (1) $ 9.5 $ 541.5 $ 182.0 $ 733.0 Acquisitions (2) — 0.2 — 0.2 Currency translation adjustments — — 9.4 9.4 Balance as of September 30, 2024 $ 9.5 $ 541.7 $ 191.4 $ 742.6 Accumulated impairment losses as of September 30, 2024 (3) $ — $ — $ 369.9 $ 369.9 (1) Recast to reflect segment changes. (2) During the three months ended September 30, 2024, we recorded goodwill of $0.2 million in the Marina segment related to the acquisition of Oak Leaf, primarily attributed to the enterprise value. The total recognized goodwill of $0.2 million is expected to be deductible for income tax purposes. (3) During the three and nine months ended September 30, 2023, we recorded aggregate non-cash goodwill impairment charges of $44.8 million and $369.9 million, respectively, within Goodwill impairment on the Consolidated Statements of Operations. The decline in fair value of the UK reporting segment was primarily driven by a higher weighted average cost of capital due to increases in interest rates, as well as inflationary pressures in the UK causing a decline in financial projections.
Schedule of Finite-Lived Intangible Assets	The gross carrying amounts and accumulated amortization of our intangible assets were as follows (in millions): September 30, 2024 December 31, 2023 Other Intangible Asset Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization In-place leases 2 months - 13 years $ 164.1 $ (149.0) $ 166.0 $ (146.2) Non-competition agreements 5 years 10.5 (7.7) 10.5 (6.2) Trademarks and trade names 3 - 15 years 89.7 (17.4) 85.3 (12.3) Customer relationships 4 - 17 years 131.7 (46.9) 131.6 (37.3) Franchise agreements and other intangible assets 1 - 27 years 48.4 (16.7) 48.4 (14.3) Total finite-lived assets $ 444.4 $ (237.7) $ 441.8 $ (216.3) Indefinite-lived assets - Trademarks, trade names and other N/A 144.0 — 144.0 — Total indefinite-lived assets $ 144.0 $ — $ 144.0 $ — Total $ 588.4 $ (237.7) $ 585.8 $ (216.3)
Schedule of Intangible Assets Amortization Expense	Amortization expenses related to our Other intangible assets were as follows (in millions): Three Months Ended Nine Months Ended Other Intangible Asset Amortization Expense September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 In-place leases $ 1.8 $ 2.2 $ 5.5 $ 9.0 Non-competition agreements 0.5 0.5 1.6 1.6 Trademarks and trade names 1.5 1.5 4.3 4.6 Customer relationships 3.1 3.2 9.5 9.5 Franchise fees and other intangible assets 0.7 0.9 2.0 2.6 Total $ 7.6 $ 8.3 $ 22.9 $ 27.3
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	We anticipate amortization expense for Other intangible assets to be as follows for the next five years (in millions): Other Intangible Asset Future Amortization Expense Remainder 2024 2025 2026 2027 2028 In-place leases $ 3.2 $ 6.1 $ 3.9 $ 2.3 $ 0.9 Non-competition agreements 0.5 2.1 0.1 — — Trademarks and trade names 1.5 6.1 6.1 5.7 5.7 Customer relationships 3.2 12.7 12.3 12.2 12.1 Franchise agreements and other intangible assets 1.1 3.0 2.7 2.5 2.5 Total $ 9.5 $ 30.0 $ 25.1 $ 22.7 $ 21.2

Investment in Nonconsolidated_2

Investment in Nonconsolidated Affiliates (Tables)	9 Months Ended
Investment in Nonconsolidated Affiliates (Tables)	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Nonconsolidated Affiliates	The investment balance in each nonconsolidated affiliate was as follows (in millions): Investment September 30, 2024 December 31, 2023 Investment in Sungenia JV $ 75.3 $ 56.8 Investment in GTSC 44.5 60.4 Investment in SV Lift 1.2 1.7 Total $ 121.0 $ 118.9 The income / (loss) from each nonconsolidated affiliate is as follows (in millions): Three Months Ended Nine Months Ended Income / (Loss) from Nonconsolidated Affiliates September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 RezPlot Systems LLC equity loss (1) $ — $ (0.5) $ — $ (2.8) Sungenia JV equity income 1.7 1.6 4.9 2.2 GTSC equity income 0.6 0.8 2.5 2.4 SV Lift equity loss (0.2) (0.5) (0.9) (1.3) Total Income / (Loss) from Nonconsolidated Affiliates $ 2.1 $ 1.4 $ 6.5 $ 0.5 (1) Represents an RV reservation software technology company, operating under the Campspot brand, which we invested into in January 2019 and disposed of our ownership interest in December 2023. The change in the Sungenia JV investment balance is as follows (in millions): Nine Months Ended Year Ended September 30, 2024 December 31, 2023 Beginning balance $ 56.8 $ 44.5 Cumulative translation adjustment 1.6 (0.5) Contributions 12.0 9.6 Equity earnings 4.9 3.2 Ending Balance $ 75.3 $ 56.8 The change in the GTSC investment balance is as follows (in millions): Nine Months Ended Year Ended September 30, 2024 December 31, 2023 Beginning balance $ 60.4 $ 54.5 Contributions 1.4 27.5 Distributions (26.3) (20.7) Equity earnings 2.5 3.3 Fair value adjustment 6.5 (4.2) Ending Balance $ 44.5 $ 60.4

Consolidated Variable Interes_2

Consolidated Variable Interest Entities (Tables)	9 Months Ended
Consolidated Variable Interest Entities (Tables)	Sep. 30, 2024
Disclosure of Variable Interest Entities [Abstract]
Schedule of Variable Interest Entities	The following table summarizes the assets and liabilities of our consolidated VIEs after eliminations, with the exception of the Operating Partnership, included in our Consolidated Balance Sheets (in millions): September 30, 2024 December 31, 2023 Assets Investment property, net $ 95.4 $ 132.3 Cash, cash equivalents and restricted cash 5.2 2.9 Other intangible assets, net 0.1 0.1 Other assets, net 0.6 0.4 Total Assets $ 101.3 $ 135.7 Liabilities and Other Equity Mortgage loans payable $ 3.2 $ 3.2 Advanced reservation deposits and rent 0.3 0.4 Accrued expenses and accounts payable — 24.1 Total Liabilities 3.5 27.7 Temporary equity 11.6 10.7 Noncontrolling interests 0.8 — Total Liabilities and Other Equity $ 15.9 $ 38.4
Schedule of Variable Interest Entities, Ownership Percentages	The table below shows their respective ownership percentages as of September 30, 2024, representing the common equity interests: Sun NG LLC Third Party Interest Sun NG Cisco Grove RV LLC 95.8 % 4.2 % Sun NG Coyote Ranch RV LLC 96.1 % 3.9 % Sun NG Kittatinny RV LLC 96.1 % 3.9 % Sun NG River Beach RV LLC 96.2 % 3.8 % Sun NG Beaver Brook RV LLC 98.5 % 1.5 %

Debt and Line of Credit (Tables

Debt and Line of Credit (Tables)	9 Months Ended
Debt and Line of Credit (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The following table sets forth certain information regarding debt, including premiums, discounts and deferred financing costs (in millions, except for statistical information): Carrying Amount Weighted Average Weighted Average September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Secured Debt Mortgage loans payable (1) $ 3,344.5 $ 3,478.9 8.3 9.2 3.993 % 3.994 % Secured borrowings on collateralized receivables (2) 52.8 55.8 13.5 14.2 8.583 % 8.556 % Total Secured Debt $ 3,397.3 $ 3,534.7 Unsecured Debt Senior unsecured notes (3) 2,675.5 2,177.5 6.3 7.5 3.778 % 3.375 % Line of credit and other debt (4) 1,252.0 2,065.1 1.5 1.7 4.725 % 5.428 % Total Unsecured Debt 3,927.5 4,242.6 Total Debt $ 7,324.8 $ 7,777.3 6.4 6.8 4.072 % 4.234 % (1) Balances at September 30, 2024 and December 31, 2023 include zero net debt premiums, as of each such date, and $15.8 million and $16.9 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. (2) Balances at September 30, 2024 and December 31, 2023 include fair value adjustments of $4.0 million and $1.9 million, respectively. (3) Balances at September 30, 2024 and December 31, 2023 include $6.5 million of net debt discount, respectively, and $18.0 million and $16.0 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. (4) Balances at September 30, 2024 and December 31, 2023 include zero and $1.6 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. During the nine months ended September 30, 2024, we paid off or paid down the following mortgage term loans during the quarters presented below (in millions, except for statistical information): Period Repayment Amount Fixed Interest Rate Maturity Date Loss on Extinguishment of Debt Three months ended September 30, 2024 $ 93.5 (1) 4.10 % December 1, 2024 - January 15, 2044 $ 0.8 (1) 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.
Schedule of Long-Term Debt Instruments	The following table sets forth certain information regarding our outstanding senior unsecured notes (in millions, except for statistical information). All senior unsecured notes include interest payments on a semi-annual basis in arrears, and are recorded within the Unsecured debt line item on the Consolidated Balance Sheets. Carrying Amount Principal Amount September 30, 2024 December 31, 2023 5.5% notes, issued in January 2024 and due in January 2029 (1) $ 500.0 $ 496.0 $ — 5.7% notes, issued in January 2023 and due in January 2033 400.0 396.0 395.7 4.2% notes, issued in April 2022 and due in April 2032 600.0 593.0 592.6 2.3% notes, issued in October 2021 and due in November 2028 450.0 447.3 446.8 2.7% notes, issued in June 2021 and October 2021, and due in July 2031 750.0 743.2 742.4 Total $ 2,700.0 $ 2,675.5 $ 2,177.5 (1) In January 2024, the Operating Partnership issued $500.0 million of senior unsecured notes with an interest rate of 5.5% and a five-year term, due January 15, 2029 (the "2029 Notes"). Interest on the 2029 Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2024. The net proceeds from the offering were $495.4 million, after deducting underwriters' discounts and offering expenses. We used the majority of the net proceeds to repay borrowings outstanding under our Senior Credit Facility.
Schedule of Interest Capitalized	Interest Capitalized We capitalize interest during the construction and development of our communities. Capitalized interest costs associated with construction and development activities during the three and nine months ended September 30, 2024 and 2023 were as follows (in millions): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Interest capitalized $ 1.9 $ 3.8 $ 6.8 $ 8.9

Equity and Temporary Equity (Ta

Equity and Temporary Equity (Tables)	9 Months Ended
Equity and Temporary Equity (Tables)	Sep. 30, 2024
Equity [Abstract]
Schedule of Preferred Units	Redeemable Preferred OP Units Temporary equity includes preferred securities that are redeemable for cash at the holder's option or upon the occurrence of an event that is not solely within our control based on a fixed or determinable price. These securities are not mandatorily redeemable for cash nor do they contain a fixed maturity date. The following table sets forth the various series of redeemable preferred OP units that were outstanding as of September 30, 2024 and December 31, 2023 and the related terms, and summarizes the balance included within Temporary equity on our Consolidated Balance Sheets (in millions, except for statistical information): Description OP Units Outstanding Exchange Rate (1) Annual Distribution Rate (2) Cash Redemption (3) Redemption Period Carrying Amount September 30, 2024 September 30, 2024 December 31, 2023 Series D preferred OP units 488,958 0.8000 4.0 % Holder's Option Any time $ 48.3 $ 46.9 Series F preferred OP units 90,000 0.6250 3.0 % Holder's Option Any time after earlier of May 14, 2025 or death of holder 8.7 8.5 Series G preferred OP units 205,812 0.6452 3.2 % Holder's Option Any time after earlier of September 30, 2025 or death of holder 20.1 20.4 Series H preferred OP units 581,229 0.6098 3.0 % Holder's Option Any time after earlier of October 30, 2025 or death of holder 56.0 55.0 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 22.7 22.7 Series K preferred OP units 1,000,000 0.5882 4.0 % Holder's Option Within 60 days after March 23, 2028 95.9 96.7 Total 2,601,999 $ 251.7 $ 250.2 (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.
Schedule of Redeemable Equity	The following table summarizes the redeemable equity interests included in Temporary equity on our Consolidated Balance Sheets (in millions): Carrying Amount Equity Interest Description September 30, 2024 December 31, 2023 Solar Energy Project CA II LLC A joint venture that operates and maintains solar energy equipment in select California communities $ 6.2 $ 5.1 Solar Energy Project LLC A joint venture that operates and maintains solar energy equipment in select California communities 2.7 2.3 Solar Energy Project III LLC A joint venture that operates and maintains solar energy equipment in select Arizona and California communities 2.7 2.3 Other stand-alone joint ventures (1)(2) In connection with investments in land for future development and joint ventures that operate portfolios of RV communities in the U.S. — 1.0 Total $ 11.6 $ 10.7 (1) Refer to Note 8, "Consolidated Variable Interest Entities," for more information on the consolidated VIEs. (2) During the three months ended September 30, 2024, we sold two development parcels of land in the U.S. and settled the redeemable equity interest of $0.2 million associated with the land parcels. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional details related to the sale.
Schedule of Issuances	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 January 2023 31,289 $ 4.4 Fox Run
Schedule of Accumulated Other Comprehensive Income (Loss)	AOCI attributable to SUI common shareholders consisted of the following, net of tax (in millions): September 30, 2024 December 31, 2023 Net foreign currency translation gains / (losses) $ 4.7 $ (29.5) Accumulated net gains on derivatives 29.2 41.7 Accumulated other comprehensive income $ 33.9 $ 12.2
Schedule of Noncontrolling Interests	The following table summarizes the common and preferred OP units included within Noncontrolling interests on our Consolidated Balance Sheets (in millions, except for units and statistical information): Description OP Units Outstanding Exchange Rate (1) Annual Distribution Rate (2) Cash Redemption Redemption Period Carrying Amount September 30, 2024 September 30, 2024 December 31, 2023 Common OP units 2,921,938 1.0000 Same distribution rate for common stock N/A N/A $ 78.2 $ 46.5 Series A-1 preferred OP units 177,581 2.4390 6.0 % N/A N/A 10.4 11.5 Series A-3 preferred OP units 40,268 1.8605 4.5 % N/A N/A 2.5 2.4 Series C preferred OP units 296,745 1.1100 5.0 % N/A N/A 20.5 21.4 Series E preferred OP units 80,000 0.6897 5.5 % N/A N/A 6.2 6.4 Series L preferred OP units 20,000 0.6250 3.5 % N/A N/A 2.0 2.0 Total 3,536,532 $ 119.8 $ 90.2 (1) Exchange rates are subject to adjustment upon stock splits, recapitalizations and similar events. The exchange rates of certain series of OP units are approximated to four decimal places. (2) Distributions are payable on the issue price of each OP unit which is $100.00 per unit for all these preferred OP units.
Schedule of Conversions	Conversions to Common Stock and Common OP Units - Subject to certain limitations, holders can convert certain series of OP units to shares of our common stock and to common OP units at any time. Below is the activity of conversions during the nine months ended September 30, 2024 and 2023: Nine Months Ended September 30, 2024 September 30, 2023 Series Conversion Rate Units / Shares Converted Common Stock (1) Units / Shares Converted Common Stock (1) Common OP Units (1) Aspen preferred OP units Various — — 943,885 113,972 191,223 Common OP units 1.0000 80,096 80,096 8,848 8,848 — Series A-1 preferred OP units 2.4390 24,563 59,900 5,404 13,177 — Series C preferred OP units 1.1100 9,103 10,104 165 183 — Series G preferred OP units 0.6452 4,898 3,160 30,000 19,353 — Series H preferred OP units 0.6098 9 5 129 78 — Series J preferred OP units 0.6061 2,000 1,212 2,000 1,212 — (1) Calculation may yield minor differences due to rounding incorporated in the above numbers.
Schedule of Distributions Declared	Distributions declared for the nine months ended September 30, 2024 were as follows: Common Stock, Common OP units and Restricted Stock Distributions Record Date Payment Date Distribution Per Share Total Distribution (in Millions) March 31, 2024 3/29/2024 4/15/2024 $ 0.94 $ 119.7 June 30, 2024 6/28/2024 7/15/2024 $ 0.94 $ 119.7 September 30, 2024 9/30/2024 10/15/2024 $ 0.94 $ 122.3

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
Share-Based Compensation (Tables)	Sep. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Shares Granted	During the nine months ended September 30, 2024 and 2023, shares were granted as follows: Grant Period Type Plan Shares Granted Grant Date Fair Value Per Share Vesting Type 2024 Key Employees 2015 Equity Incentive Plan 205,540 $ 132.10 (1) Time Based 2024 Executive Officers 2015 Equity Incentive Plan 31,800 $ 132.13 (1) Time Based 2024 Executive Officers 2015 Equity Incentive Plan 41,400 $ 98.14 (2) Market Condition (3) 2024 Directors 2004 Non-Employee Director Option Plan 20,000 $ 129.47 (1) Time Based (4) 2023 Key Employees 2015 Equity Incentive Plan 220,858 $ 137.14 (1) Time Based 2023 Executive Officers 2015 Equity Incentive Plan 62,800 $ 144.88 (1) Time Based 2023 Executive Officers 2015 Equity Incentive Plan 82,200 $ 108.60 (2) Market Condition (3) 2023 Directors 2004 Non-Employee Director Option Plan 16,000 $ 148.12 (1) Time Based (5) (1) Represents the weighted average fair value per share of the closing price of our common stock on the dates the shares were awarded. (2) Represents the weighted average fair value per share of the Monte Carlo simulation fair value price of our market condition awards on the dates the shares were awarded. (3) Share-based compensation for restricted stock awards with market conditions is measured based on shares expected to vest using a Monte Carlo simulation to determine fair value. (4) Includes 6,000 shares that were deferred under the 2021 Non-Employee Directors Deferred Compensation Plan. (5) Includes 2,000 shares that were deferred under the 2021 Non-Employee Directors Deferred Compensation Plan.
Schedule of Share-based Compensation Costs	We recognized the following share-based compensation costs (in millions): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Share-based compensation - expensed (1) $ 9.1 $ 9.9 $ 29.3 $ 29.4 (1) Recorded within General and administrative expense on the Consolidated Income Statements.

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
Segment Reporting (Tables)	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Information	A presentation of segment financial information is summarized as follows (in millions): Three Months Ended September 30, 2024 September 30, 2023 As Restated MH RV Marina UK Consolidated MH RV Marina UK Consolidated Operating revenues $ 279.6 $ 255.4 $ 257.0 $ 133.6 $ 925.6 $ 280.3 $ 271.3 $ 264.9 $ 125.6 $ 942.1 Operating expenses / Cost of sales 116.7 118.2 167.4 80.2 482.5 117.3 119.3 173.7 73.0 483.3 NOI $ 162.9 $ 137.2 $ 89.6 $ 53.4 $ 443.1 $ 163.0 $ 152.0 $ 91.2 $ 52.6 $ 458.8 Adjustments to arrive at net income Interest income 5.5 15.2 Brokerage commissions and other revenues, net 8.8 26.0 General and administrative expense (74.8) (67.0) Catastrophic event-related charges, net (0.9) 3.1 Business combination expense, net (0.2) — Depreciation and amortization (172.4) (162.6) Asset impairments (0.2) (1.2) Goodwill impairment — (44.8) Loss on extinguishment of debt (see Note 9) (0.8) — Interest expense (87.7) (84.1) Interest on mandatorily redeemable preferred OP units / equity — (0.8) Gain on remeasurement of marketable securities — 6.1 Loss on foreign currency exchanges (4.5) (6.5) Gain / (loss) on dispositions of properties 178.7 (0.7) Other expense, net (0.8) (3.7) Gain / (loss) on remeasurement of notes receivable 0.1 (1.3) Income from nonconsolidated affiliates (see Note 7) 2.1 1.4 Gain on remeasurement of investment in nonconsolidated affiliates 1.2 — Current tax benefit / (expense) 0.9 (4.6) Deferred tax benefit 7.1 2.3 Net Income 305.2 135.6 Less: Preferred return to preferred OP units / equity interests 3.2 3.4 Less: Income attributable to noncontrolling interests 13.3 12.1 Net income Attributable to SUI Common Shareholders $ 288.7 $ 120.1 Nine Months Ended September 30, 2024 September 30, 2023 As Restated MH RV Marina UK Consolidated MH RV Marina UK Consolidated Operating revenues $ 838.1 $ 553.8 $ 724.9 $ 320.0 $ 2,436.8 $ 822.8 $ 570.8 $ 706.1 $ 312.3 $ 2,412.0 Operating expenses / Cost of sales 336.7 279.2 481.6 206.6 1,304.1 336.2 284.4 467.9 205.5 1,294.0 Net Operating Income / Gross Profit $ 501.4 $ 274.6 $ 243.3 $ 113.4 $ 1,132.7 $ 486.6 $ 286.4 $ 238.2 $ 106.8 $ 1,118.0 Adjustments to arrive at net income Interest income 15.4 40.6 Brokerage commissions and other revenues, net 23.0 45.3 General and administrative expense (218.6) (193.8) Catastrophic event-related charges, net (10.4) 2.2 Business combination expense, net (0.4) (3.0) Depreciation and amortization (510.5) (482.3) Asset impairments (32.5) (10.1) Goodwill impairment — (369.9) Loss on extinguishment of debt (see Note 9) (1.4) — Interest expense (267.2) (239.9) Interest on mandatorily redeemable preferred OP units / equity — (2.7) Loss on remeasurement of marketable securities — (8.0) Loss on foreign currency exchanges (6.2) (6.5) Gain / (loss) on dispositions of properties 186.6 (2.9) Other income / (expense), net 5.6 (5.5) Loss on remeasurement of notes receivable (1.0) (3.1) Income from nonconsolidated affiliates (see Note 7) 6.5 0.5 Gain / (loss) on remeasurement of investment in nonconsolidated affiliates 6.5 (4.5) Current tax expense (6.5) (13.9) Deferred tax benefit 16.5 14.6 Net Income / (Loss) 338.1 (124.9) Less: Preferred return to preferred OP units / equity interests 9.6 9.0 Less: Income / (loss) attributable to noncontrolling interests 15.1 (1.5) Net Income / (Loss) Attributable to Sun Communities, Inc. $ 313.4 $ (132.4)
Schedule of Segment Assets	September 30, 2024 December 31, 2023 (1) MH RV Marina UK Consolidated MH RV Marina UK Consolidated Identifiable Assets Investment property, net $ 5,117.9 $ 3,676.3 $ 3,317.8 $ 2,379.5 $ 14,491.5 $ 5,317.4 $ 3,718.8 $ 3,214.5 $ 2,192.9 $ 14,443.6 Cash, cash equivalents and restricted cash 34.2 18.4 17.1 12.1 81.8 20.1 11.8 6.4 4.4 42.7 Inventory of manufactured homes 82.8 22.0 — 70.0 174.8 103.1 24.3 — 78.2 205.6 Notes and other receivables, net 208.4 108.3 52.7 125.0 494.4 159.1 119.7 54.3 88.5 421.6 Collateralized receivables, net 52.8 — — — 52.8 56.2 — — — 56.2 Goodwill — 9.5 541.7 191.4 742.6 — 9.5 541.5 182.0 733.0 Other intangible assets, net 10.7 27.0 240.2 72.8 350.7 14.3 29.0 252.2 74.0 369.5 Other assets, net 169.4 40.0 270.4 216.7 696.5 271.0 47.6 240.7 109.2 668.5 Total Assets $ 5,676.2 $ 3,901.5 $ 4,439.9 $ 3,067.5 $ 17,085.1 $ 5,941.2 $ 3,960.7 $ 4,309.6 $ 2,729.2 $ 16,940.7 (1) Recast to reflect segment changes.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Computations of basic and diluted EPS were as follows (in millions, except for per share data): Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Numerator As Restated As Restated Net income / (loss) attributable to SUI common shareholders $ 288.7 $ 120.1 $ 313.4 $ (132.4) Less: allocation to restricted stock awards 2.0 0.8 2.0 (1.1) Basic earnings - net income / (loss) attributable to common shareholders after allocation to restricted stock awards 286.7 119.3 311.4 (131.3) Add: allocation to common and preferred OP units dilutive effect — — 6.6 — Add: allocation to restricted stock awards — — — (1.1) Diluted earnings - net income / (loss) attributable to common shareholders after allocation to common and preferred OP units (1) $ 286.7 $ 119.3 $ 318.0 $ (132.4) Denominator Weighted average common shares outstanding 124.0 123.5 123.8 123.4 Add: dilutive restricted stock — — — 0.4 Add: common and preferred OP units dilutive effect — — 2.7 — Diluted weighted average common shares and securities (1) 124.0 123.5 126.5 123.8 EPS Available to Common Shareholders After Allocation Basic earnings / (loss) per share $ 2.31 $ 0.97 $ 2.52 $ (1.06) Diluted earnings / (loss) per share (1) $ 2.31 $ 0.97 $ 2.51 $ (1.07) (1) For the three and nine months ended September 30, 2024, and the three months ended September 30, 2023, diluted earnings per share was calculated using the two-class method for restricted common shares as the application of this method resulted in a more diluted earnings per share during those periods. For the nine months ended September 30, 2023, diluted loss per share was calculated using the treasury stock method for restricted common shares as the application of this method resulted in a more diluted loss per share during the period. We have excluded certain convertible securities from the computation of diluted EPS because the inclusion of those securities would have been anti-dilutive for the periods presented. The following table presents the outstanding securities that were excluded from the computations of diluted EPS as of September 30, 2024 and 2023 (in thousands): As of September 30, 2024 September 30, 2023 Common OP units 2,922 (1) 2,632 A-1 preferred OP units 178 202 A-3 preferred OP units 40 40 Aspen preferred OP units (2) N/A 315 Series C preferred OP units 297 306 Series D preferred OP units 489 489 Series E preferred OP units 80 80 Series F preferred OP units 90 90 Series G preferred OP units 206 211 Series H preferred OP units 581 581 Series J preferred OP units 236 238 Series K preferred OP units 1,000 1,000 Series L preferred OP units 20 N/A Total Securities 6,139 6,184 N/A = Not applicable. (1) For the three months ended September 30, 2024, Common OP units were excluded from the computation of diluted earnings per share because the inclusion of those securities would have been anti-dilutive for the period. For the nine months ended September 30, 2024, Common OP units were included in the computation of diluted earnings per share because they were dilutive for the period. (2) All of our outstanding Aspen preferred OP units converted during the year ended December 31, 2023.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table presents the outstanding securities that were excluded from the computations of diluted EPS as of September 30, 2024 and 2023 (in thousands): As of September 30, 2024 September 30, 2023 Common OP units 2,922 (1) 2,632 A-1 preferred OP units 178 202 A-3 preferred OP units 40 40 Aspen preferred OP units (2) N/A 315 Series C preferred OP units 297 306 Series D preferred OP units 489 489 Series E preferred OP units 80 80 Series F preferred OP units 90 90 Series G preferred OP units 206 211 Series H preferred OP units 581 581 Series J preferred OP units 236 238 Series K preferred OP units 1,000 1,000 Series L preferred OP units 20 N/A Total Securities 6,139 6,184 N/A = Not applicable. (1) For the three months ended September 30, 2024, Common OP units were excluded from the computation of diluted earnings per share because the inclusion of those securities would have been anti-dilutive for the period. For the nine months ended September 30, 2024, Common OP units were included in the computation of diluted earnings per share because they were dilutive for the period. (2) All of our outstanding Aspen preferred OP units converted during the year ended December 31, 2023.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
Derivative Financial Instruments (Tables)	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instrument Activity	During the nine months ended September 30, 2024 and 2023, we entered into the following derivative contracts (with notional amounts in millions): Period Number of Contracts Instrument Type Currency Notional Amount Index Type Hedged Item Three months ended September 30, 2024 1 Interest Rate Swap USD $ 25.0 SOFR Future Debt Offering Three months ended June 30, 2024 3 Interest Rate Swap USD 100.0 SOFR Future Debt Offering Three months ended March 31, 2024 1 Interest Rate Swap USD 25.0 SOFR Future Debt Offering Total 5 $ 150.0 Three months ended September 30, 2023 2 Interest Rate Swap USD $ 125.0 SOFR Term Loan Senior Credit Facility Three months ended March 31, 2023 1 Interest Rate Swap GBP (1) 127.3 SONIA Term Loan Senior Credit Facility Three months ended March 31, 2023 1 Interest Rate Swap USD 50.0 SOFR Future Debt Offering Total 4 $ 302.3 (1) The notional amount of the swap contract in local currency is £100.0 million. The USD equivalent amount is converted as of December 31, 2023. During the nine months ended September 30, 2024 and 2023, we terminated the following derivative contracts (amounts in millions): Period Type Currency Notional Amount Cash Settlement Three months ended March 31, 2024 Forward Swap (1) USD $ 255.0 $ (2.3) Three months ended March 31, 2023 Treasury Rate Locks & Forward Swap (2) USD $ 250.0 $ 7.4 (1) Includes seven forward swap contracts which were terminated in connection with the 2029 Notes issuance. (2) These include two $100.0 million treasury rate locks and one $50.0 million forward swap which were terminated in connection with the issuance of $400.0 million of senior unsecured notes with an interest rate of 5.7% and a 10-year term, due January 15, 2033.
Schedule of Fair Value of Derivative Instruments	The following table presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts (in millions): September 30, 2024 December 31, 2023 Derivatives Designated as Cash Flow Hedges Notional Fair Value of Assets (1) Fair Value of Liabilities (2) Notional Fair Value of Assets (1) Fair Value of Liabilities (2) Interest rate derivatives $ 969.7 $ 5.7 $ 8.5 $ 1,041.5 $ 11.7 $ 7.7 (1) Included within Other assets, net on the Consolidated Balance Sheets. (2) Included within Other liabilities on the Consolidated Balance Sheets.
Schedule of Gains on Derivatives	The following table presents the gains / (losses) on derivatives in cash flow hedging relationships recognized in OCI (in millions): Three Months Ended Nine Months Ended Derivatives Designated as Cash Flow Hedges September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Interest rate derivatives $ (9.7) $ (3.7) $ 1.7 $ 6.7 The following table presents the amount of gains on derivative instruments reclassified from AOCI into earnings (in millions): Derivatives Designated as Cash Flow Hedges Financial Statement Classification Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Interest rate derivatives Interest expense $ 4.9 $ 4.5 $ 14.8 $ 10.0

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
Fair Value of Financial Instruments (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Values	The table below sets forth our financial assets and liabilities (in millions) that required disclosure of fair value on a recurring basis as of September 30, 2024. The table presents the carrying values and fair values of our financial instruments as of September 30, 2024 and December 31, 2023, that were measured using the valuation techniques described above. The table excludes other financial instruments such as other receivables and accounts payable as the carrying values associated with these instruments approximate their fair value since their maturities are less than one year. These financial instruments are classified as Level 1 in the hierarchy. September 30, 2024 Fair Value Carrying Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Total Financial Assets Cash, cash equivalents and restricted cash $ 81.8 $ 81.8 $ — $ — $ 81.8 Installment notes receivable on manufactured homes, net 73.7 — — 73.7 73.7 Notes receivable from real estate developers and operators 139.1 — — 139.1 139.1 Collateralized receivables, net 52.8 — — 52.8 52.8 Derivative assets 5.7 — 5.7 — 5.7 Total Assets Measured at Fair Value $ 353.1 $ 81.8 $ 5.7 $ 265.6 $ 353.1 Financial Liabilities Mortgage loan payable $ 3,344.5 $ — $ 3,111.9 $ — $ 3,111.9 Secured borrowings on collateralized receivables 52.8 — — 52.8 52.8 Total secured debt 3,397.3 — 3,111.9 52.8 3,164.7 Unsecured debt Senior unsecured notes 2,675.5 — 2,559.1 — 2,559.1 Line of credit and other unsecured debt 1,252.0 — 1,252.0 — 1,252.0 Total unsecured debt 3,927.5 — 3,811.1 — 3,811.1 Derivative liabilities 8.5 — 8.5 — 8.5 Other financial liabilities (contingent consideration) 20.2 — — 20.2 20.2 Total Liabilities Measured at Fair Value $ 7,353.5 $ — $ 6,931.5 $ 73.0 $ 7,004.5 December 31, 2023 Fair Value Carrying Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Total Financial Assets Cash, cash equivalents and restricted cash $ 42.7 $ 42.7 $ — $ — $ 42.7 Installment notes receivable on manufactured homes, net 19.6 — — 19.6 19.6 Notes receivable from real estate developers and operators 134.5 — — 134.5 134.5 Collateralized receivables, net 56.2 — — 56.2 56.2 Derivative assets 11.7 — 11.7 — 11.7 Total Assets Measured at Fair Value $ 264.7 $ 42.7 $ 11.7 $ 210.3 $ 264.7 Financial Liabilities Mortgage loan payable $ 3,478.9 $ — $ 3,167.0 $ — $ 3,167.0 Secured borrowings on collateralized receivables 55.8 — — 55.8 55.8 Total secured debt 3,534.7 — 3,167.0 55.8 3,222.8 Unsecured debt Senior unsecured notes 2,177.5 — 1,973.2 — 1,973.2 Line of credit and other unsecured debt 2,065.1 — 2,065.1 — 2,065.1 Total unsecured debt 4,242.6 — 4,038.3 — 4,038.3 Derivative liabilities 7.7 — 7.7 — 7.7 Other financial liabilities (contingent consideration) 20.2 — — 20.2 20.2 Total Liabilities Measured at Fair Value $ 7,805.2 $ — $ 7,213.0 $ 76.0 $ 7,289.0
Schedule of Charges in Fair Values	The following tables summarize changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and nine months ended September 30, 2024 and 2023 (in millions): Three Months Ended September 30, 2024 September 30, 2023 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 Warrants Level 3 beginning balance at June 30, 2024 and 2023 $ 54.5 $ 131.3 $ 54.3 $ 59.5 $ 462.4 $ — Realized gains / (losses) 0.1 (1) — 0.5 (2) (1.3) (1) — — Purchases and issuances 22.2 8.5 — 0.2 31.9 — Sales and settlements (1.3) (0.9) (2.0) (2.4) (3.5) — Dispositions of properties (1.8) — — — — — Foreign currency exchange gains / (losses) — 0.1 — — (13.4) — Other adjustments — 0.1 — — 0.1 — Level 3 ending balance at September 30, 2024 and 2023 $ 73.7 $ 139.1 $ 52.8 $ 56.0 $ 477.5 $ — (1) Recorded within Gain / (loss) on remeasurement of notes receivable on the Consolidated Statements of Operations. (2) Recorded within Other income / (expense), net on the Consolidated Statements of Operations. Nine Months Ended September 30, 2024 September 30, 2023 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 Warrants Level 3 beginning balance at December 31, 2023 and 2022 $ 19.6 $ 134.5 $ 56.2 $ 65.9 $ 305.2 $ — Realized gains / (losses) (0.2) (1) (0.8) (1) 2.1 (2) (3.1) (1) — (0.4) (3) Purchases and issuances 59.5 17.7 — 0.4 179.3 0.4 Sales and settlements (3.2) (12.4) (5.5) (7.2) (10.4) — Dispositions of properties (2.0) — — — — — Foreign currency exchange gains — — — — 3.3 — Other adjustments (3) — 0.1 — — 0.1 — Level 3 ending balance at September 30, 2024 and 2023 $ 73.7 $ 139.1 $ 52.8 $ 56.0 $ 477.5 $ — (1) Recorded within Gain / (loss) on remeasurement of notes receivable on the Consolidated Statements of Operations. (2) Recorded within Other income / (expense), net on the Consolidated Statements of Operations. (3) Recorded within Income from nonconsolidated affiliates on the Consolidated Statements of Operations. Three Months Ended September 30, 2024 September 30, 2023 Liabilities Secured Borrowing on Collateralized Receivables Contingent Consideration Contingent Consideration Level 3 beginning balance June 30, 2024 and 2023 $ 54.3 $ 20.2 $ 20.2 Realized losses (1) 0.5 — — Purchases and issuances — — — Sales and settlements (2.0) — — Other adjustments — — — Level 3 ending balance at September 30, 2024 and 2023 $ 52.8 $ 20.2 $ 20.2 (1) Recorded within Other income / (expense), net on the Consolidated Statements of Operations. Nine Months Ended September 30, 2024 September 30, 2023 Liabilities Secured Borrowing on Collateralized Receivables Contingent Consideration Contingent Consideration Level 3 beginning balance December 31, 2023 and 2022 $ 55.8 $ 20.2 $ 20.2 Realized losses (1) 2.1 — — Purchases and issuances 0.4 — — Sales and settlements (5.5) — — Other adjustments — — — Level 3 ending balance at September 30, 2024 and 2023 $ 52.8 $ 20.2 $ 20.2 (1) Recorded within Other income / (expense), net on the Consolidated Statements of Operations.

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
Commitment and Contingencies (Tables)	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Estimated Insurance Recoveries	The table below sets forth changes in estimated property insurance recoveries, excluding business interruption recoveries (in millions): Nine Months Ended Total estimated insurance receivable - December 31, 2023 $ 56.7 Change in estimated property insurance recoveries 11.0 Proceeds received from insurer (18.4) Total estimated insurance receivable - September 30, 2024 $ 49.3

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2024
Leases [Abstract]
Schedule of Future Minimum Operating Lease Payments	Future minimum lease payments under non-cancellable leases as of September 30, 2024 where we are the lessee include (in millions): Maturity of Lease Liabilities Finance Leases Operating Leases Total 2024 (excluding nine months ended September 30, 2024) $ 4.6 $ 3.8 $ 8.4 2025 0.9 14.2 15.1 2026 0.9 13.1 14.0 2027 0.9 10.9 11.8 2028 0.9 10.2 11.1 Thereafter 39.2 273.8 313.0 Total Lease Payments $ 47.4 $ 326.0 $ 373.4 Less: Imputed interest (32.3) (163.0) (195.3) Present Value of Lease Liabilities $ 15.1 $ 163.0 $ 178.1
Schedule of Future Minimum Finance Lease Payments	Future minimum lease payments under non-cancellable leases as of September 30, 2024 where we are the lessee include (in millions): Maturity of Lease Liabilities Finance Leases Operating Leases Total 2024 (excluding nine months ended September 30, 2024) $ 4.6 $ 3.8 $ 8.4 2025 0.9 14.2 15.1 2026 0.9 13.1 14.0 2027 0.9 10.9 11.8 2028 0.9 10.2 11.1 Thereafter 39.2 273.8 313.0 Total Lease Payments $ 47.4 $ 326.0 $ 373.4 Less: Imputed interest (32.3) (163.0) (195.3) Present Value of Lease Liabilities $ 15.1 $ 163.0 $ 178.1 Maturity of Financial Liability September 30, 2024 2024 (excluding nine months ended September 30, 2024) $ 3.1 2025 12.5 2026 12.6 2027 12.7 2028 12.8 Thereafter 1,850.4 Total Payments $ 1,904.1 Less: Imputed interest (1,525.4) Present Value of Financial Liability $ 378.7
Schedule of Balance Sheet Lease Info	Right-of-use ("ROU") assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in millions): Financial Statement Classification As of Description September 30, 2024 December 31, 2023 Lease Assets Finance lease - ROU asset, net of accumulated amortization Investment property, net $ 32.1 $ 32.6 Operating lease - ROU asset, net Other assets, net $ 183.2 $ 176.0 Below market operating leases, net Other assets, net $ 91.5 $ 95.0 Lease Liabilities Finance lease liabilities Other liabilities $ 15.1 $ 14.3 Operating lease liabilities Other liabilities $ 163.0 $ 159.5 Lease term, discount rates and additional information for finance and operating leases are as follows: As of September 30, 2024 December 31, 2023 Lease Term and Discount Rate Weighted-average Remaining Lease Terms (years) Finance lease 34.37 36.63 Operating lease 34.31 27.71 Weighted-average Discount Rate Finance lease 3.67 % 3.59 % Operating lease 3.82 % 3.82 %
Schedule of Lease Expense	The components of lease costs for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in millions): Financial Statement Classification Three Months Ended Nine Months Ended Description September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Finance Lease Cost Amortization of ROU assets Depreciation and amortization $ 0.7 $ 0.4 $ 2.1 $ 1.7 Interest on lease liabilities Interest expense — 0.2 0.4 0.5 Operating lease cost General and administrative expense, Property operating and maintenance, 0.9 7.8 9.2 14.7 Variable lease cost Property operating and maintenance 0.4 3.9 4.6 6.6 Total Lease Cost $ 2.0 $ 12.3 $ 16.3 $ 23.5 The components of lease income for our operating leases, as included in our Consolidated Statement of Operations are as follows (in millions): Financial Statement Classification Three Months Ended Nine Months Ended Description September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Operating Leases Fixed lease income Income from real property; Brokerage commissions and other revenue, net $ 10.9 $ 10.8 $ 27.7 $ 24.0 Variable lease income (1) Income from real property; Brokerage commissions and other revenue, net $ 3.4 $ 0.8 $ 11.3 $ 3.1 (1) Consists of rent primarily based on a percentage of operating revenues beyond target thresholds.
Schedule of Lease Terms	Nine Months Ended September 30, 2024 September 30, 2023 Other Information (in millions) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash outflows for operating leases $ 9.3 $ 10.0 Financing cash outflows for finance leases 0.7 0.7 Total Cash Paid on Lease Liabilities $ 10.0 $ 10.7
Schedule of Future Minimum Lease Receivables	At our RV communities and marinas, future minimum lease payments under non-cancellable leases with real estate operators where we are the lessor include the following as of September 30, 2024 (in millions): Maturity of Lease Payments Operating Leases 2024 (excluding the nine months ended September 30, 2024) $ 6.2 2025 20.3 2026 14.6 2027 10.2 2028 8.8 Thereafter 82.7 Total Undiscounted Cash Flows $ 142.8

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions	3 Months Ended						6 Months Ended	9 Months Ended		12 Months Ended
Basis of Presentation (Details) $ in Millions	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segement	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) segement
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill	$ 742.6							$ 742.6		$ 733
Goodwill impairment (see Note 6)	0			$ 44.8				$ 0	$ 369.9
Number of Operating Segments \| segement								4		3
Issuance of common stock and common OP units, net	393.1	$ 2.2	$ 0.3	15.9	$ (0.2)	$ 4.4
Common Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Issuance of common stock and common OP units, net	$ 0.1		$ 0
Revision of Prior Period, Error Correction, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill impairment (see Note 6)				$ 44.8	$ 309.7	$ 15.4	$ 325.1		$ 369.9

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Fixed lease income	$ 634.1	$ 618.8	$ 1,662.4	$ 1,586.4
Home sales	105.3	117.8	281.7	326.7
Service, retail, dining and entertainment	186.2	205.5	492.7	498.9
Interest	5.5	15.2	15.4	40.6
Brokerage commissions and other, net	8.8	26	23	45.3
Total Revenues	939.9	983.3	2,475.2	2,497.9
MH
Disaggregation of Revenue [Line Items]
Fixed lease income	240.4	229.7	718	678
Home sales	37.7	48.8	114.1	138.4
Service, retail, dining and entertainment	1.5	1.8	6	6.4
Interest	3.7	13.7	10.2	36.7
Brokerage commissions and other, net	2.5	12	9.5	18.8
Total Revenues	285.8	306	857.8	878.3
RV
Disaggregation of Revenue [Line Items]
Fixed lease income	205.7	211	458.4	458.8
Home sales	9.3	13.6	23.9	33.5
Service, retail, dining and entertainment	40.4	46.7	71.5	78.5
Interest	1.6	1.4	4.5	3.4
Brokerage commissions and other, net	1.8	8.4	5.9	17.5
Total Revenues	258.8	281.1	564.2	591.7
Marinas
Disaggregation of Revenue [Line Items]
Fixed lease income	131.8	125.8	347.1	326.6
Home sales	0	0	0	0
Service, retail, dining and entertainment	125.2	139.1	377.8	379.5
Interest	0.2	0.1	0.4	0.5
Brokerage commissions and other, net	2.3	3.8	4	5.8
Total Revenues	259.5	268.8	729.3	712.4
UK Segment
Disaggregation of Revenue [Line Items]
Fixed lease income	56.2	52.3	138.9	123
Home sales	58.3	55.4	143.7	154.8
Service, retail, dining and entertainment	19.1	17.9	37.4	34.5
Interest	0	0	0.3	0
Brokerage commissions and other, net	2.2	1.8	3.6	3.2
Total Revenues	$ 135.8	$ 127.4	$ 323.9	$ 315.5

Real Estate Acquisitions and _3

Real Estate Acquisitions and Dispositions - Schedule of Business Acquisitions, by Acquisition (Details)	Sep. 30, 2024 site
Business Acquisition [Line Items]
Number of Units in Real Estate Property	917
Port Milford
Business Acquisition [Line Items]
Number of Units in Real Estate Property	92
Oak Leaf
Business Acquisition [Line Items]
Number of Units in Real Estate Property	89
Berth One Palm Beach
Business Acquisition [Line Items]
Number of Units in Real Estate Property	4
Marina Village Yacht Harbor
Business Acquisition [Line Items]
Number of Units in Real Estate Property	732
Venture Harbor Fuel
Business Acquisition [Line Items]
Number of Units in Real Estate Property	0

Real Estate Acquisitions and _4

Real Estate Acquisitions and Dispositions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	1 Months Ended			3 Months Ended						6 Months Ended	9 Months Ended
	Sep. 30, 2024	Apr. 30, 2024	Jan. 31, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Sep. 30, 2024
Business Combination
Investment in property	$ 63.7			$ 63.7							$ 63.7
Inventory of manufactured homes, boat parts and retail related items	0.5			0.5							0.5
Goodwill and other intangible assets	0.5			0.5							0.5
Other assets / (liabilities), net	0.2			0.2							0.2
Total identifiable assets acquired net of liabilities assumed	64.9			64.9							64.9
Cash and escrow											30.9
Temporary and permanent equity											34
Total consideration											64.9
Issuance of common stock and common OP units, net				393.1	$ 2.2	$ 0.3	$ 15.9	$ (0.2)	$ 4.4
Oak Leaf
Business Combination
Investment in property	4.8			4.8							4.8
Inventory of manufactured homes, boat parts and retail related items	0.1			0.1							0.1
Goodwill and other intangible assets	0.3			0.3							0.3
Other assets / (liabilities), net	0			0							0
Total identifiable assets acquired net of liabilities assumed	5.2			5.2							5.2
Cash and escrow											5.2
Temporary and permanent equity											0
Total consideration											5.2
Port Milford
Asset Acquisition
Investment in property	3.9			3.9							3.9
Inventory of manufactured homes, boat parts and retail related items	0			0							0
Goodwill and other intangible assets	0.1			0.1							0.1
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities)	(0.4)			(0.4)							(0.4)
Total identifiable assets acquired net of liabilities assumed	3.6			3.6							3.6
Cash and escrow											1.1
Temporary and permanent equity											2.5
Total consideration											3.6
Port Milford \| Common OP units
Business Combination
Issuance of stock and units (in shares)		19,326	19,326
Issuance of common stock and common OP units, net		$ 2.5								$ 2.5
Berth One Palm Beach
Asset Acquisition
Investment in property	2.9			2.9							2.9
Inventory of manufactured homes, boat parts and retail related items	0			0							0
Goodwill and other intangible assets	0.1			0.1							0.1
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities)	0.2			0.2							0.2
Total identifiable assets acquired net of liabilities assumed	3.2			3.2							3.2
Cash and escrow											3.2
Temporary and permanent equity											0
Total consideration											3.2
Marina Village Yacht Harbor
Asset Acquisition
Investment in property	50.3			50.3							50.3
Inventory of manufactured homes, boat parts and retail related items	0			0							0
Goodwill and other intangible assets	0			0							0
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities)	(0.2)			(0.2)							(0.2)
Total identifiable assets acquired net of liabilities assumed	$ 50.1			50.1							50.1
Cash and escrow											18.6
Temporary and permanent equity											31.5
Total consideration											50.1
Marina Village Yacht Harbor \| Common OP units
Business Combination
Issuance of stock and units (in shares)	243,273
Issuance of common stock and common OP units, net	$ 31.5
Venture Harbor Fuel
Asset Acquisition
Investment in property	1.8			1.8							1.8
Inventory of manufactured homes, boat parts and retail related items	0.4			0.4							0.4
Goodwill and other intangible assets	0			0							0
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Assets (Liabilities)	0.6			0.6							0.6
Total identifiable assets acquired net of liabilities assumed	$ 2.8			$ 2.8							2.8
Cash and escrow											2.8
Temporary and permanent equity											0
Total consideration											$ 2.8
Venture Harbor Fuel \| Common OP units
Business Combination
Issuance of stock and units (in shares)			243,273
Issuance of common stock and common OP units, net										$ 31.5

Real Estate Acquisitions and _5

Real Estate Acquisitions and Dispositions - Narrative (Details)

1 Months Ended

3 Months Ended

6 Months Ended

9 Months Ended

Apr. 30, 2024 USD ($) shares

Aug. 31, 2023 USD ($) developmentSite

Feb. 28, 2023 USD ($) property Rate

Jan. 31, 2023 shares

Sep. 30, 2024 USD ($)

Jun. 30, 2024 USD ($) lease developmentSite

Mar. 31, 2024 USD ($) property

Sep. 30, 2023 USD ($)

Jun. 30, 2023 USD ($)

Mar. 31, 2023 USD ($)

Jun. 30, 2024 USD ($)

Sep. 30, 2024 USD ($) developmentSite building shares

Sep. 30, 2023 USD ($)

Business Acquisition [Line Items]

Business combinations

$ 200,000

$ 0

$ 400,000

$ 3,000,000

Number of ground leases entered into | lease

Number of wet slips and dry storage spaces leased | developmentSite

Issuance of common stock and common OP units, net

393,100,000

$ 2,200,000

$ 300,000

15,900,000

$ (200,000)

$ 4,400,000

Asset impairments (see Note 16)

200,000

1,200,000

32,500,000

10,100,000

Gain / (loss) on dispositions of properties

178,700,000

(700,000)

186,600,000

(2,900,000)

Number of Properties Reacquired | property

Real Estate Reacquired, Gain (Loss)

$ 0

UK Non-Operating Properties | Notes receivable from real estate developers and operators

Business Acquisition [Line Items]

Weighted average interest rate | Rate

11.90%

Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | MH Operating Community

Business Acquisition [Line Items]

Number of communities sold | developmentSite

Number of sites sold | developmentSite

155

Proceeds related to disposition of properties

$ 6,800,000

Assets held for sale

6,800,000

Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | MH Operating Community | Asset Impairments

Business Acquisition [Line Items]

Asset impairments (see Note 16)

6,300,000

Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | MH Operating Community | Other Assets

Business Acquisition [Line Items]

Assets held for sale

$ 13,100,000

Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | UK Non-Operating Properties

Business Acquisition [Line Items]

Number of communities sold | property

Consideration received

$ 111,500,000

Note receivable

$ 108,800,000

Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | UK Non-Operating Properties | Gain / (loss) on disposition of properties

Business Acquisition [Line Items]

Release of foreign currency translation losses

11,900,000

Disposal Group, Held-for-Sale, Not Discontinued Operations | UK Non-Operating Properties | Gain / (loss) on disposition of properties

Business Acquisition [Line Items]

Gain / (loss) on dispositions of properties

$ 2,200,000

Marinas

Business Acquisition [Line Items]

Payments to Acquire Buildings

$ 13,700,000

MH | Fair Value, Nonrecurring

Business Acquisition [Line Items]

Asset impairments

$ 10,800,000

UNITED STATES

Business Acquisition [Line Items]

Number of land parcels acquired | developmentSite

Aggregate purchase price

$ 12,900,000

Number Of Buildings Acquired | building

UNITED KINGDOM

Business Acquisition [Line Items]

Number of land parcels acquired | developmentSite

Aggregate purchase price

$ 9,600,000

Petosky | Common OP units

Business Acquisition [Line Items]

Issuance of stock and units (in shares) | shares

4,452

Issuance of common stock and common OP units, net

$ 600,000

Port Milford | Common OP units

Business Acquisition [Line Items]

Issuance of stock and units (in shares) | shares

19,326

Issuance of common stock and common OP units, net

$ 2,500,000

Real Estate Acquisitions and _6

Real Estate Acquisitions and Dispositions - Summary of Real Estate Dispositions (Details) $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2024 developmentSite	Aug. 31, 2023 USD ($) developmentSite	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) developmentSite	Sep. 30, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Disposition			$ 178.7	$ (0.7)	$ 186.6	$ (2.9)
Littondale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Disposition					2.2
Six Community MH Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Disposition					142
Lake Pointe Village
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Disposition					16
Reserve at Fox Creek
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Disposition					$ 22.2
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Spanish Trails MHC \| MH
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties \| developmentSite					2
Total Sites \| developmentSite					533
Gross Sales Proceeds					$ 48.5
Gain on Disposition					6.2
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments					$ 51.7
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Littondale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties \| developmentSite					1
Total Sites \| developmentSite					114
Gross Sales Proceeds					$ 5.9
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments					$ 5.4
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Six Community MH Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties \| developmentSite					6
Total Sites \| developmentSite					2,090
Gross Sales Proceeds					$ 224.6
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments					$ 150.7
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Lake Pointe Village
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties \| developmentSite					1
Total Sites \| developmentSite					361
Gross Sales Proceeds					$ 38
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments					20.3
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Menifee and Moreno \| MH
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Sales Proceeds					37.2
Gain on Disposition					$ 0.6
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Reserve at Fox Creek
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties \| developmentSite					1
Total Sites \| developmentSite					311
Gross Sales Proceeds					$ 38
Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments					$ 22.7
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| Menifee and Moreno
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties \| developmentSite	2
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| MH Operating Community
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties \| developmentSite		1
Total Sites \| developmentSite		155
Gross Sales Proceeds		$ 6.8

Notes and Other Receivables - S

Notes and Other Receivables - Schedule of Notes and Other Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	$ 494.4	$ 421.6
Other receivables, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	281.6	267.5
Total Notes and Other Receivables, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	494.4	421.6
Secured Installment Notes Receivable on Manufactured Homes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	73.7	19.6
Notes receivable from real estate developers and operators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	139.1	134.5
Notes Due From Royale Holdings \| UNITED KINGDOM
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment		10.8
Notes Due From Other Real Estate Developers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	$ 139.1	$ 123.7

Notes And Other Receivables - N

Notes And Other Receivables - Narrative (Details) $ in Millions	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 realEstateAsset	Mar. 31, 2024 developmentSite	Mar. 31, 2024 manufacturer	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) manufacturer Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Notes and Other Receivables, net	$ 494.4						$ 494.4		$ 421.6
Undrawn funds	36.8						36.8		39.5
Gain / (loss) on dispositions of properties	0.1					$ (1.3)	(1)	$ (3.1)
Installment notes receivable on manufactured homes, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross installment notes receivable									20.4
Installment notes receivable on manufactured homes, net \| Fair Value, Recurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, fair value adjustment	0.8						0.8		2.9
Notes receivable from real estate developers and operators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	139.1						139.1		$ 134.5
Secured Installment Notes Receivable on Manufactured Homes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross installment notes receivable	74.7						$ 74.7
Weighted average interest rate							6.40%		6.90%
Maturity							18 years 7 months 6 days		17 years 2 months 12 days
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	73.7						$ 73.7		$ 19.6
Secured Installment Notes Receivable on Manufactured Homes \| Fair Value, Recurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, fair value adjustment	1						1		0.8
Notes Due From Other Real Estate Developers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, fair value adjustment	0						$ 0		$ 0
Weighted average interest rate							9.30%		9.20%
Maturity							2 years 1 month 6 days		2 years 7 months 6 days
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	139.1						$ 139.1		$ 123.7
Notes Due From Royale Holdings \| UNITED KINGDOM
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, fair value adjustment									$ 103.5
Weighted average interest rate \| Rate									12.50%
Proceeds from Sale of Notes Receivable		$ 7
Proceeds from Sale of Notes Receivable, Gross of Fees		10.7
Gain / (loss) on dispositions of properties		$ 0.8
Financing Receivable, before Allowance for Credit Loss									$ 114.3
Financing Receivable, Accrued Interest, before Allowance for Credit Loss									10.4
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment									$ 10.8
Notes Due From Royale Holdings \| Royale Holdings Group HoldCo Limited
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, before Allowance for Credit Loss, Net Of Fair Value Adjustment	$ 0						$ 0
Notes Due From Royale Holdings \| Royale Holdings Group HoldCo Limited \| UNITED KINGDOM
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of MH Manufacturers Securing Note				3	3				3
Real Estate Reacquired, Note Receivable Settlement, Value									$ 263.8
Number of Real Estate Assets Securing Note \| realEstateAsset			3

Notes and Other Receivables -_2

Notes and Other Receivables - Schedule of Other Receivables (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net	$ 110.7	$ 65.9
Insurance receivables	51.4	77.8
Marina customers for storage, service and lease payments, net	44	46.8
Other Receivables, Other	37.6	48.8
Home sale proceeds	37.9	28.2
Other receivables	281.6	267.5
Total Notes and Other Receivables, net	494.4	421.6
Allowance for rent, water, sewer usage receivables	4.8	4.8
General and Administrative Expense
Accounts, Notes, Loans and Financing Receivable [Line Items]
Insurance Loss Recovery Expense	8.9
Marinas
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for rent, water, sewer usage receivables	$ 3	$ 2.9

Collateralized Receivables an_2

Collateralized Receivables and Transfers of Financial Assets, Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net cash proceeds received				$ 53.4
Receivable for future cash payment				1.1
Collateralized receivables	$ 52.8	$ 52.8		56.2
Gross collateralized receivable				59.1
Secured borrowings on collateralized receivables	52.8	52.8		55.8
Gross secured borrowings	48.8	48.8		53.9
Secured borrowings, fair value adjustment	4	$ 4		$ 1.9
Weighted Average Interest Rates						4.072%		4.234%
Weighted Average Years to Maturity		6 years 4 months 24 days		6 years 9 months 18 days
Collateralized Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Years to Maturity		13 years 6 months	14 years 2 months 12 days	14 years 2 months 12 days
Installment notes receivable on manufactured homes, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateralized receivables	52.8	$ 52.8
Gross collateralized receivable	53.6	53.6
Collateralized Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income and expense, net	1.1	3.5
Fair Value, Recurring \| Installment notes receivable on manufactured homes, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, fair value adjustment	$ 0.8	$ 0.8		$ 2.9
Secured Borrowings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Interest Rates					8.60%	8.583%	8.60%	8.556%

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance			$ 733
Currency translation adjustments			9.4
Goodwill, ending balance	$ 742.6		742.6
Accumulated impairment losses as of September 30, 2024(3)	369.9		369.9
Goodwill impairment (see Note 6)	0	$ 44.8	0	$ 369.9
Acquisitions			0.2
MH
Goodwill [Roll Forward]
Goodwill, beginning balance			0
Goodwill, ending balance	0		0
RV
Goodwill [Roll Forward]
Goodwill, beginning balance			9.5
Currency translation adjustments			0
Goodwill, ending balance	9.5		9.5
Accumulated impairment losses as of September 30, 2024(3)	0		0
Acquisitions			0
Marinas
Goodwill [Roll Forward]
Goodwill, beginning balance			541.5
Currency translation adjustments			0
Goodwill, ending balance	541.7		541.7
Accumulated impairment losses as of September 30, 2024(3)	0		0
Acquisitions			0.2
UK Segment
Goodwill [Roll Forward]
Goodwill, beginning balance			182
Currency translation adjustments			9.4
Goodwill, ending balance	191.4		191.4
Accumulated impairment losses as of September 30, 2024(3)	$ (369.9)		(369.9)
Acquisitions			$ 0

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 444.4	$ 441.8
Accumulated Amortization	(237.7)	(216.3)
Total indefinite-lived assets	144	144
Total	588.4	585.8
Indefinite-lived assets - Trademarks, Trade Names and Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Total indefinite-lived assets	144	144
In-place leases
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	164.1	166
Accumulated Amortization	$ (149)	(146.2)
In-place leases \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	2 months
In-place leases \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	13 years
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Useful Life	5 years
Gross Carrying Amount	$ 10.5	10.5
Accumulated Amortization	(7.7)	(6.2)
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	89.7	85.3
Accumulated Amortization	$ (17.4)	(12.3)
Trademarks and trade names \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	3 years
Trademarks and trade names \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	15 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 131.7	131.6
Accumulated Amortization	$ (46.9)	(37.3)
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	4 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	17 years
Franchise agreements and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 48.4	48.4
Accumulated Amortization	$ (16.7)	$ (14.3)
Franchise agreements and other intangible assets \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	1 year
Franchise agreements and other intangible assets \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	27 years

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Schedule of Intangible Asset Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	$ 7.6	$ 8.3	$ 22.9	$ 27.3
In-place leases
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	1.8	2.2	5.5	9
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	0.5	0.5	1.6	1.6
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	1.5	1.5	4.3	4.6
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	3.1	3.2	9.5	9.5
Franchise agreements and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Other Intangible Asset Amortization Expense	$ 0.7	$ 0.9	$ 2	$ 2.6

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets- Intangibles Future Amortization Expense (Details) $ in Millions	Sep. 30, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Remainder 2024	$ 9.5
2025	30
2026	25.1
2027	22.7
2028	21.2
In-place leases
Finite-Lived Intangible Assets [Line Items]
Remainder 2024	3.2
2025	6.1
2026	3.9
2027	2.3
2028	0.9
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Remainder 2024	0.5
2025	2.1
2026	0.1
2027	0
2028	0
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Remainder 2024	1.5
2025	6.1
2026	6.1
2027	5.7
2028	5.7
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Remainder 2024	3.2
2025	12.7
2026	12.3
2027	12.2
2028	12.1
Franchise agreements and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Remainder 2024	1.1
2025	3
2026	2.7
2027	2.5
2028	$ 2.5

Investment in Nonconsolidated_3

Investment in Nonconsolidated Affiliates - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investment	$ 121	$ 118.9
Sungenia JV
Schedule of Equity Method Investments [Line Items]
Ownership interest	50%	50%
Investment	$ 75.3	$ 56.8	$ 44.5
GTSC
Schedule of Equity Method Investments [Line Items]
Ownership interest	40%	40%
Investment	$ 44.5	$ 60.4	$ 54.5
SV Lift
Schedule of Equity Method Investments [Line Items]
Ownership interest	50%	50%
Investment	$ 1.2	$ 1.7

Investment in Nonconsolidated_4

Investment in Nonconsolidated Affiliates - Schedule of Nonconsolidated Affiliate (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investment	$ 121		$ 121		$ 118.9
Total Income / (Loss) from Nonconsolidated Affiliates	2.1	$ 1.4	6.5	$ 0.5
Sungenia JV
Schedule of Equity Method Investments [Line Items]
Investment	75.3		75.3		56.8	$ 44.5
Total Income / (Loss) from Nonconsolidated Affiliates	1.7	1.6	4.9	2.2	3.2
Cumulative translation adjustment			1.6		(0.5)
Contributions			12		9.6
GTSC
Schedule of Equity Method Investments [Line Items]
Investment	44.5		44.5		60.4	$ 54.5
Total Income / (Loss) from Nonconsolidated Affiliates	0.6	0.8	2.5	2.4	3.3
Contributions			1.4		27.5
Distributions			(26.3)		(20.7)
Fair value adjustment			6.5		(4.2)
SV Lift
Schedule of Equity Method Investments [Line Items]
Investment	1.2		1.2		$ 1.7
Total Income / (Loss) from Nonconsolidated Affiliates	(0.2)	(0.5)	(0.9)	(1.3)
RezPlot
Schedule of Equity Method Investments [Line Items]
Total Income / (Loss) from Nonconsolidated Affiliates	$ 0	$ (0.5)	$ 0	$ (2.8)

Consolidated Variable Interes_3

Consolidated Variable Interest Entities - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Assets
Investment property, net	$ 14,491.5	$ 14,443.6
Cash, cash equivalents and restricted cash	81.8	42.7	$ 62	$ 90.4
Other assets, net	696.5	668.5
Total Assets	17,085.1	16,940.7
Liabilities and Other Equity
Mortgage loans payable	3,397.3	3,534.7
Advanced reservation deposits and rent	382.4	344.5
Accrued expenses and accounts payable	390.9	313.7
Total Liabilities	9,245.7	9,506.8
Consolidated entities (see Note 8 at VIEs)	0.8	0
Land improvements and buildings	$ 11,608.6	$ 11,682.2
Assets related to VIEs, percentage	0.60%	0.80%
Liabilities related to VIEs, percentage	1%	1%
Variable Interest Entity, Primary Beneficiary
Assets
Investment property, net	$ 95.4	$ 132.3
Cash, cash equivalents and restricted cash	5.2	2.9
Other intangible assets, net	0.1	0.1
Other assets, net	0.6	0.4
Total Assets	101.3	135.7
Liabilities and Other Equity
Mortgage loans payable	3.2	3.2
Advanced reservation deposits and rent	0.3	0.4
Accrued expenses and accounts payable	0	24.1
Total Liabilities	3.5	27.7
Temporary equity	11.6	10.7
Consolidated entities (see Note 8 at VIEs)	0.8	0
Total Liabilities and Other Equity	$ 15.9	$ 38.4
Sun NG Cisco Grove RV LLC
Liabilities and Other Equity
Ownership percentage	95.80%
Sun NG Cisco Grove RV LLC \| Third-Party
Liabilities and Other Equity
Ownership percentage	4.20%
Sun NG Kittatinny RV LLC
Liabilities and Other Equity
Ownership percentage	96.10%
Sun NG Kittatinny RV LLC \| Third-Party
Liabilities and Other Equity
Ownership percentage	3.90%
Sun NG River Beach LLC
Liabilities and Other Equity
Ownership percentage	96.20%
Sun NG River Beach LLC \| Third-Party
Liabilities and Other Equity
Ownership percentage	3.80%
Sun NG Coyote Ranch RV LLC
Liabilities and Other Equity
Ownership percentage	96.10%
Sun NG Coyote Ranch RV LLC \| Third-Party
Liabilities and Other Equity
Ownership percentage	3.90%
Sun NG Beaver Brook RV LLC
Liabilities and Other Equity
Ownership percentage	98.50%
Sun NG Beaver Brook RV LLC \| Third-Party
Liabilities and Other Equity
Ownership percentage	1.50%

Consolidated Variable Interes_4

Consolidated Variable Interest Entities - Narrative (Details)	Sep. 30, 2024 Rate	Dec. 31, 2023 Rate
Disclosure of Variable Interest Entities [Abstract]
Assets related to VIEs, percentage	0.60%	0.80%
Liabilities related to VIEs, percentage	1%	1%
Equity interests and noncontrolling interests related to VIEs, percentage	1%	1%

Debt and Line of Credit - Sched

Debt and Line of Credit - Schedule of Debt (Details) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Loans Payable				$ 3,344.5		$ 3,478.9
Secured borrowings on collateralized receivables (see Note 5)				52.8		55.8
Mortgage loans payable				3,397.3		3,534.7
Senior unsecured notes				2,675.5		2,177.5
Unsecured Debt And Other				3,927.5		4,242.6
Debt And Other				7,324.8		7,777.3
Weighted Average Years to Maturity	6 years 4 months 24 days		6 years 9 months 18 days
Weighted Average Interest Rates					4.072%		4.234%
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Fair Value Adjustment				4		1.9
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit and other				1,252		2,065.1
Weighted Average Years to Maturity	1 year 6 months		1 year 8 months 12 days
Weighted Average Interest Rates					4.725%		5.428%
Debt Issuance Costs, Line of Credit Arrangements, Net				0		1.6
Collateralized Receivables
Debt Instrument [Line Items]
Weighted Average Years to Maturity	13 years 6 months	14 years 2 months 12 days	14 years 2 months 12 days
Senior Unsecured Notes
Debt Instrument [Line Items]
Weighted Average Years to Maturity	6 years 3 months 18 days		7 years 6 months
Weighted Average Interest Rates					3.778%		3.375%
Net debt discount (premium)				(6.5)		6.5
Deferred financing costs				(18)		(16)
Loans Payable
Debt Instrument [Line Items]
Weighted Average Years to Maturity	8 years 3 months 18 days		9 years 2 months 12 days
Weighted Average Interest Rates					3.993%		3.994%
Net debt discount (premium)				0		0
Deferred financing costs				$ (15.8)		$ (16.9)
Secured Borrowings
Debt Instrument [Line Items]
Weighted Average Interest Rates	8.60%		8.60%		8.583%		8.556%

Debt and Line of Credit - Sch_2

Debt and Line of Credit - Schedule of Mortgage Loans (Details) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($) loan property Rate	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) loan property Rate	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Reduction in secured borrowing balance				$ 5.5	$ 0
Loss on Extinguishment of Debt	$ (0.8)	$ (0.6)	$ 0	$ (1.4)	$ 0
Collateralized Term Loan
Debt Instrument [Line Items]
Number of properties jointly secured \| property	7			7
Mortgage Loan Payoffs \| Collateralized Term Loan
Debt Instrument [Line Items]
Number of Collateralized Term Loans \| loan	2			2
Mortgage Loan Paydowns \| Collateralized Term Loan
Debt Instrument [Line Items]
Number of Collateralized Term Loans \| loan	4			4
Secured Debt
Debt Instrument [Line Items]
Reduction in secured borrowing balance	$ 93.5
Fixed Interest Rate \| Rate	4.10%			4.10%
Loss on Extinguishment of Debt	$ 0.8

Debt and Line of Credit- Narrat

Debt and Line of Credit- Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended				9 Months Ended		12 Months Ended	15 Months Ended
Debt and Line of Credit- Narrative (Details) $ in Millions	Oct. 31, 2019 USD ($) Rate	Sep. 30, 2024 USD ($) site property	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) site property Rate	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2024	Apr. 07, 2022 USD ($) option
Debt Instrument [Line Items]
Loans Payable		$ 3,344.5				$ 3,344.5		$ 3,478.9
Number of Units in Real Estate Property \| site		917				917
Termination of term loan						$ 136.1	$ 42.5
Loss on extinguishment of debt		$ 0.8	$ 0.6	$ 0		1.4	$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Termination of term loan					$ 1,100
Line of credit and other		1,252				1,252		2,065.1
Unsecured Term Loan Facility
Debt Instrument [Line Items]
Long-term debt		0				0		7.8
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, borrowing capacity										$ 4,200
Line of credit, additional borrowing capacity										$ 800
Line of Credit, Number of Options to Extend Maturity Date \| option										2
Collateralized Mortgage Backed Securities
Debt Instrument [Line Items]
Pledged Assets, Real Estate, Not Separately Reported		2,600				2,600
Revolving Loan \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit and other		1,300				$ 1,300		$ 944.1
Revolving Loan \| Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity										$ 3,050
Line of Credit, Extended Maturity Date Period										6 months
Term Loan \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis points \| Rate						0.85%
Line of credit and other	$ 58
Term (in years)	4 years
Term Loan \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis points								0.725%
Term Loan \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Basis points								1.60%
Term Loan \| Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity										$ 1,150
Line of Credit and Other Debt
Debt Instrument [Line Items]
Outstanding letters of credit		$ 11.3				$ 11.3		$ 26.2
Line of Credit and Other Debt \| Term Loan \| Minimum
Debt Instrument [Line Items]
Basis points									0.80%
Fixed Interest Rate \| Rate	1.20%
Line of Credit and Other Debt \| Term Loan \| Maximum
Debt Instrument [Line Items]
Basis points									1.60%
Fixed Interest Rate \| Rate	2.05%
Properties Securing Debt \| Collateralized Mortgage Backed Securities
Debt Instrument [Line Items]
Number of properties jointly secured \| property		149				149
Number of Units in Real Estate Property \| site		60,389				60,389

Debt and Line of Credit - Sch_3

Debt and Line of Credit - Schedule of Unsecured Debt (Details) - USD ($)	1 Months Ended
	Jan. 31, 2024	Sep. 30, 2024	Jan. 11, 2024	Dec. 31, 2023	Jan. 31, 2023	Jan. 31, 2023	Jan. 31, 2023	Apr. 15, 2022	Oct. 05, 2021	Jun. 28, 2021
Debt Instrument [Line Items]
Unsecured debt		$ 3,927,500,000		$ 4,242,600,000
Senior Unsecured Notes - January 2033 Maturity
Debt Instrument [Line Items]
Interest Rate						5.70%	5.70%
Principal Amount					$ 400,000,000
Unsecured debt		396,000,000		395,700,000
Senior Unsecured Notes - April 2032 Maturity
Debt Instrument [Line Items]
Interest Rate								4.20%
Principal Amount								$ 600,000,000
Unsecured debt		593,000,000		592,600,000
Senior Unsecured Notes - November 2028 Maturity
Debt Instrument [Line Items]
Interest Rate									2.30%
Principal Amount									$ 450,000,000
Unsecured debt		447,300,000		446,800,000
Senior Unsecured Notes - July 2031 Maturity - First Tranche
Debt Instrument [Line Items]
Interest Rate										2.70%
Principal Amount										$ 750,000,000
Unsecured debt		743,200,000		742,400,000
Senior Unsecured Notes
Debt Instrument [Line Items]
Principal Amount		2,700,000,000
Unsecured debt		2,675,500,000		2,177,500,000
Senior Unsecured Notes - January 2029 Maturity
Debt Instrument [Line Items]
Interest Rate			5.50%
Principal Amount			$ 500,000,000
Unsecured debt		$ 496,000,000		$ 0
Term			5 years
Net proceeds from offering	$ 495,400,000

Debt and Line of Credit - Sch_4

Debt and Line of Credit - Schedule of Interest Capitalized (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Interest capitalized	$ 1.9	$ 3.8	$ 6.8	$ 8.9

Equity and Temporary Equity - S

Equity and Temporary Equity - Schedule of Redeemable Preferred Units (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Class of Stock [Line Items]
Redeemable preferred stock	$ 263.3	$ 259.7	$ 259.7	$ 260.9	$ 299.8	$ 294	$ 298.8	$ 202.9
Issue price (in dollars per share) \| $ / shares	$ 100
Series D preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) \| shares	488,958
Exchange rate	0.8000
Annual distribution rate	0.040
Redeemable preferred stock	$ 48.3			46.9
Series F preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) \| shares	90,000
Exchange rate	0.6250
Annual distribution rate	0.030
Redeemable preferred stock	$ 8.7			8.5
Series G preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) \| shares	205,812
Exchange rate	0.6452
Annual distribution rate	0.032
Redeemable preferred stock	$ 20.1			20.4
Series H preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) \| shares	581,229
Exchange rate	0.6098
Annual distribution rate	0.030
Redeemable preferred stock	$ 56			55
Series J preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) \| shares	236,000
Exchange rate	0.6061
Annual distribution rate	0.0285
Redeemable preferred stock	$ 22.7			22.7
Series K preferred OP units
Class of Stock [Line Items]
OP units outstanding (in shares) \| shares	1,000,000
Exchange rate	0.5882
Annual distribution rate	0.040
Redeemable preferred stock	$ 95.9			96.7
Redeemable Preferred OP Units
Class of Stock [Line Items]
OP units outstanding (in shares) \| shares	2,601,999
Redeemable preferred stock	$ 251.7			$ 250.2

Equity and Temporary Equity -_2

Equity and Temporary Equity - Schedule of Redeemable Equity Units (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Redeemable preferred stock	$ 263.3	$ 259.7	$ 259.7	$ 260.9	$ 299.8	$ 294	$ 298.8	$ 202.9
Temporary Equity, Sale of Subsidiary	(0.2)
Total
Class of Stock [Line Items]
Redeemable preferred stock	11.6			10.7
Solar Energy Project LLC
Class of Stock [Line Items]
Redeemable preferred stock	2.7			2.3
Solar Energy Project CA II LLC
Class of Stock [Line Items]
Redeemable preferred stock	6.2			5.1
Solar Energy Project III LLC
Class of Stock [Line Items]
Redeemable preferred stock	2.7			2.3
Other Stand-Alone Joint Ventures
Class of Stock [Line Items]
Redeemable preferred stock	0			$ 1
Temporary Equity, Sale of Subsidiary	$ 0.2

Equity and Temporary Equity - N

Equity and Temporary Equity - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Dec. 31, 2021 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares	May 16, 2023 shares
Class of Stock [Line Items]
Shares availability for issuance (in shares)					380,000,000
Common stock authorized (in shares)		360,000,000	360,000,000	360,000,000	360,000,000
Common stock outstanding (in shares)		127,396,596	127,396,596	124,400,000
Preferred stock outstanding (in shares)		0	0
Aggregate gross sales price \| $	$ 1,250		$ 725.2
Common and preferred OP units \| $		$ 119.8	$ 119.8	$ 90.2
OP Units Outstanding		3,536,532	3,536,532
Preferred Stock, Shares Issued		0	0
Preferred Stock
Class of Stock [Line Items]
Preferred stock available for issuance (in shares)					20,000,000
Common OP units \| Common OP units
Class of Stock [Line Items]
Common and preferred OP units \| $		$ 78.2	$ 78.2	46.5
OP Units Outstanding		2,921,938	2,921,938
Conversion Of Stock, Exchange Rate			1
Series E preferred OP units \| Preferred Stock
Class of Stock [Line Items]
Common and preferred OP units \| $		$ 6.2	$ 6.2	6.4
OP Units Outstanding		80,000	80,000
Conversion Of Stock, Exchange Rate			0.6897
Annual distribution rate			5.50%
Series L Preferred OP Units \| Preferred Stock
Class of Stock [Line Items]
Common and preferred OP units \| $		$ 2	$ 2	$ 2
OP Units Outstanding		20,000	20,000
Conversion Of Stock, Exchange Rate			0.6250
Annual distribution rate			3.50%
December 2021 Sales Agreement
Class of Stock [Line Items]
Shares settled (in shares)		2,713,571
Aggregate gross sales price \| $		$ 364.3
Net proceeds on sale \| $		$ 361.7
Net proceeds on sale per share (in dollars per share) \| $ / shares		$ 133.31	$ 133.31
Value of Shares Sold in Forward Sale Transactions \| $			$ 524.8

Equity and Temporary Equity -_3

Equity and Temporary Equity - Schedule of Issuances (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended				3 Months Ended						6 Months Ended	9 Months Ended
	Sep. 30, 2024	Apr. 30, 2024	Mar. 31, 2024	Jan. 31, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Dividends Payable [Line Items]
Fair Value at Issuance (in millions)					$ 393.1	$ 2.2	$ 0.3	$ 15.9	$ (0.2)	$ 4.4
Investment	$ 121				$ 121							$ 121	$ 118.9
OP Units Outstanding	3,536,532				3,536,532							3,536,532
Common and preferred OP units	$ 119.8				$ 119.8							$ 119.8	90.2
Preferred OP Units, Issuance Price												$ 100
Common OP units \| Common OP units
Dividends Payable [Line Items]
OP Units Outstanding	2,921,938				2,921,938							2,921,938
Common and preferred OP units	$ 78.2				$ 78.2							$ 78.2	46.5
Preferred Stock \| Series A-1 preferred OP units
Dividends Payable [Line Items]
OP Units Outstanding	177,581				177,581							177,581
Annual distribution rate												6%
Common and preferred OP units	$ 10.4				$ 10.4							$ 10.4	11.5
Preferred Stock \| A-3 preferred OP units
Dividends Payable [Line Items]
OP Units Outstanding	40,268				40,268							40,268
Annual distribution rate												4.50%
Common and preferred OP units	$ 2.5				$ 2.5							$ 2.5	2.4
Preferred Stock \| Series C preferred OP units
Dividends Payable [Line Items]
OP Units Outstanding	296,745				296,745							296,745
Annual distribution rate												5%
Common and preferred OP units	$ 20.5				$ 20.5							$ 20.5	21.4
Preferred Stock \| Series E preferred OP units
Dividends Payable [Line Items]
OP Units Outstanding	80,000				80,000							80,000
Annual distribution rate												5.50%
Common and preferred OP units	$ 6.2				$ 6.2							$ 6.2	$ 6.4
Fox Run \| Common OP units
Dividends Payable [Line Items]
Units issued (in shares)				31,289
Fair Value at Issuance (in millions)				$ 4.4
Land for Development \| Common OP units
Dividends Payable [Line Items]
Units issued (in shares)			4,452
Fair Value at Issuance (in millions)			$ 0.6
Port Milford
Dividends Payable [Line Items]
Temporary and permanent equity												2.5
Port Milford \| Common OP units
Dividends Payable [Line Items]
Units issued (in shares)		19,326		19,326
Fair Value at Issuance (in millions)		$ 2.5									$ 2.5
Marina Village Yacht Harbor
Dividends Payable [Line Items]
Temporary and permanent equity												$ 31.5
Marina Village Yacht Harbor \| Common OP units
Dividends Payable [Line Items]
Units issued (in shares)	243,273
Fair Value at Issuance (in millions)	$ 31.5

Equity and Temporary Equity -_4

Equity and Temporary Equity - Schedule of Conversions (Details)	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2023 shares
Aspen preferred OP units \| Preferred Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	0	943,885
Aspen preferred OP units \| Common OP units
Conversion of Stock [Line Items]
Conversion of OP units (in shares)		191,223
Aspen preferred OP units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	0	113,972
Common OP units
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	80,096
Common OP units \| Preferred Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	80,096	8,848
Common OP units \| Common OP units
Conversion of Stock [Line Items]
Preferred Stock, Convertible, Conversion Ratio	1
Conversion of OP units (in shares)		0
Common OP units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)		8,848
Series A-1 preferred OP units \| Preferred Stock
Conversion of Stock [Line Items]
Preferred Stock, Convertible, Conversion Ratio	2.4390
Conversion of OP units (in shares)	24,563	5,404
Series A-1 preferred OP units \| Common OP units
Conversion of Stock [Line Items]
Conversion of OP units (in shares)		0
Series A-1 preferred OP units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	59,900	13,177
Series C preferred OP units \| Preferred Stock
Conversion of Stock [Line Items]
Preferred Stock, Convertible, Conversion Ratio	1.1100
Conversion of OP units (in shares)	9,103	165
Series C preferred OP units \| Common OP units
Conversion of Stock [Line Items]
Conversion of OP units (in shares)		0
Series C preferred OP units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	10,104	183
Series G preferred OP units \| Preferred Stock
Conversion of Stock [Line Items]
Preferred Stock, Convertible, Conversion Ratio	0.6452
Conversion of OP units (in shares)	4,898	30,000
Series G preferred OP units \| Common OP units
Conversion of Stock [Line Items]
Conversion of OP units (in shares)		0
Series G preferred OP units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	3,160	19,353
Series H preferred OP units \| Preferred Stock
Conversion of Stock [Line Items]
Preferred Stock, Convertible, Conversion Ratio	0.6098
Conversion of OP units (in shares)	9	129
Series H preferred OP units \| Common OP units
Conversion of Stock [Line Items]
Conversion of OP units (in shares)		0
Series H preferred OP units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	5	78
Series J preferred OP units \| Preferred Stock
Conversion of Stock [Line Items]
Preferred Stock, Convertible, Conversion Ratio	0.6061
Conversion of OP units (in shares)	2,000	2,000
Series J preferred OP units \| Common OP units
Conversion of Stock [Line Items]
Conversion of OP units (in shares)		0
Series J preferred OP units \| Common Stock
Conversion of Stock [Line Items]
Conversion of OP units (in shares)	1,212	1,212

Equity and Temporary Equity -_5

Equity and Temporary Equity - Schedule of Distributions (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended
	Oct. 15, 2024	Jul. 15, 2024	Apr. 15, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Dividends Payable [Line Items]
Dividends per share (in dollars per share)				$ 0.94	$ 0.94	$ 0.94
Common Stock
Dividends Payable [Line Items]
Total Distribution (in Millions)		$ 119.7	$ 119.7
Common Stock \| Subsequent Event
Dividends Payable [Line Items]
Total Distribution (in Millions)	$ 122.3

Equity and Temporary Equity -_6

Equity and Temporary Equity - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Net foreign currency translation gains / (losses)	$ 4.7	$ (29.5)
Accumulated net gains on derivatives	29.2	41.7
Accumulated other comprehensive income	$ 33.9	$ 12.2

Equity and Temporary Equity Non

Equity and Temporary Equity Noncontrolling Interests - Common and Preferred OP Units (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) shares	Dec. 31, 2023 USD ($)
Conversion of Stock [Line Items]
OP Units Outstanding \| shares	3,536,532
Common and preferred OP units \| $	$ 119.8	$ 90.2
Common OP units \| Common OP units
Conversion of Stock [Line Items]
OP Units Outstanding \| shares	2,921,938
Conversion Of Stock, Exchange Rate	1
Common and preferred OP units \| $	$ 78.2	46.5
Preferred Stock \| Series A-1 preferred OP units
Conversion of Stock [Line Items]
OP Units Outstanding \| shares	177,581
Conversion Of Stock, Exchange Rate	2.4390
Common and preferred OP units \| $	$ 10.4	11.5
Annual distribution rate	6%
Preferred Stock \| A-3 preferred OP units
Conversion of Stock [Line Items]
OP Units Outstanding \| shares	40,268
Conversion Of Stock, Exchange Rate	1.8605
Common and preferred OP units \| $	$ 2.5	2.4
Annual distribution rate	4.50%
Preferred Stock \| Series C preferred OP units
Conversion of Stock [Line Items]
OP Units Outstanding \| shares	296,745
Conversion Of Stock, Exchange Rate	1.1100
Common and preferred OP units \| $	$ 20.5	21.4
Annual distribution rate	5%
Preferred Stock \| Series E preferred OP units
Conversion of Stock [Line Items]
OP Units Outstanding \| shares	80,000
Conversion Of Stock, Exchange Rate	0.6897
Common and preferred OP units \| $	$ 6.2	6.4
Annual distribution rate	5.50%
Preferred Stock \| Series L Preferred OP Units
Conversion of Stock [Line Items]
OP Units Outstanding \| shares	20,000
Conversion Of Stock, Exchange Rate	0.6250
Common and preferred OP units \| $	$ 2	$ 2
Annual distribution rate	3.50%

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details)	9 Months Ended
Share-Based Compensation - Narrative (Details)	Sep. 30, 2024 plan shares	Sep. 30, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans \| plan	2
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) \| shares	198,244	225,879
Restricted Stock \| Directors \| Time Based \| 2004 Non-employee Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted Stock \| Key Employees and Executive Officers \| Time Based \| 2015 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Restricted Stock \| Executive Officers \| Market Condition \| 2015 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Grants (Details) - Restricted Stock - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
2015 Equity Plan \| Time Based \| Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	205,540	220,858
Grant date fair value per share (in dollars per share)	$ 132.10	$ 137.14
2015 Equity Plan \| Time Based \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	31,800	62,800
Grant date fair value per share (in dollars per share)	$ 132.13	$ 144.88
2015 Equity Plan \| Market Condition \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	41,400	82,200
Grant date fair value per share (in dollars per share)	$ 98.14	$ 108.60
Two Thousand and Four Director Plan \| Time Based \| Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	20,000	16,000
Grant date fair value per share (in dollars per share)	$ 129.47	$ 148.12
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Deferred	6,000	2,000

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-based compensation - expensed	$ 9.1	$ 9.9	$ 29.3	$ 29.4

Segment Reporting - Schedule of

Segment Reporting - Schedule of Segments (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Operating revenues	$ 939.9		$ 983.3	$ 2,475.2	$ 2,497.9
Interest	5.5		15.2	15.4	40.6
Brokerage commissions and other, net	8.8		26	23	45.3
General and administrative expense	(74.8)		(67)	(218.6)	(193.8)
Business combinations	0.2		0	0.4	3
Goodwill impairment	0		(44.8)	0	(369.9)
Loss on Extinguishment of Debt	(0.8)	$ (0.6)	0	(1.4)	0
Interest on mandatorily redeemable preferred OP units / equity	0		(0.8)	0	(2.7)
Gain / (loss) on remeasurement of marketable securities	0		6.1	0	(8)
Loss on foreign currency exchanges	(4.5)		(6.5)	(6.2)	(6.5)
Gain / (loss) on dispositions of properties	178.7		(0.7)	186.6	(2.9)
Other income / (expense), net	(0.8)		(3.7)	5.6	(5.5)
Gain / (loss) on remeasurement of notes receivable	0.1		(1.3)	(1)	(3.1)
Total Income / (Loss) from Nonconsolidated Affiliates	2.1		1.4	6.5	0.5
Gain on remeasurement of investment in nonconsolidated affiliates	1.2		0	6.5	(4.5)
Current tax benefit / (expense)	0.9		(4.6)	(6.5)	(13.9)
Deferred tax benefit	7.1		2.3	16.5	14.6
Net Income	305.2		135.6	338.1	(124.9)
Less: Preferred return to preferred OP units / equity interests	3.2		3.4	9.6	9
Less: Income / (loss) attributable to noncontrolling interests	13.3		12.1	15.1	(1.5)
Net income / (loss) attributable to SUI common shareholders	288.7		120.1	313.4	(132.4)
MH
Segment Reporting Information [Line Items]
Operating revenues	285.8		306	857.8	878.3
Interest	3.7		13.7	10.2	36.7
Brokerage commissions and other, net	2.5		12	9.5	18.8
RV
Segment Reporting Information [Line Items]
Operating revenues	258.8		281.1	564.2	591.7
Interest	1.6		1.4	4.5	3.4
Brokerage commissions and other, net	1.8		8.4	5.9	17.5
Marinas
Segment Reporting Information [Line Items]
Operating revenues	259.5		268.8	729.3	712.4
Interest	0.2		0.1	0.4	0.5
Brokerage commissions and other, net	2.3		3.8	4	5.8
UK Segment
Segment Reporting Information [Line Items]
Operating revenues	135.8		127.4	323.9	315.5
Interest	0		0	0.3	0
Brokerage commissions and other, net	2.2		1.8	3.6	3.2
Operating Segments
Segment Reporting Information [Line Items]
Operating revenues	925.6		942.1	2,436.8	2,412
Operating expenses / Cost of sales	482.5		483.3	1,304.1	1,294
NOI	443.1		458.8	1,132.7	1,118
Operating Segments \| MH
Segment Reporting Information [Line Items]
Operating revenues	279.6		280.3	838.1	822.8
Operating expenses / Cost of sales	116.7		117.3	336.7	336.2
NOI	162.9		163	501.4	486.6
Operating Segments \| RV
Segment Reporting Information [Line Items]
Operating revenues	255.4		271.3	553.8	570.8
Operating expenses / Cost of sales	118.2		119.3	279.2	284.4
NOI	137.2		152	274.6	286.4
Operating Segments \| Marinas
Segment Reporting Information [Line Items]
Operating revenues	257		264.9	724.9	706.1
Operating expenses / Cost of sales	167.4		173.7	481.6	467.9
NOI	89.6		91.2	243.3	238.2
Operating Segments \| UK Segment
Segment Reporting Information [Line Items]
Operating revenues	133.6		125.6	320	312.3
Operating expenses / Cost of sales	80.2		73	206.6	205.5
NOI	53.4		52.6	113.4	106.8
Segment Reconciling Items
Segment Reporting Information [Line Items]
General and administrative expense	(74.8)		(67)	(218.6)	(193.8)
Catastrophic event-related charges, net	(0.9)		3.1	(10.4)	2.2
Business combinations	(0.2)		0	(0.4)	(3)
Depreciation and amortization	(172.4)		(162.6)	(510.5)	(482.3)
Asset impairments	0.2		1.2	32.5	10.1
Loss on Extinguishment of Debt	(0.8)		0	(1.4)	0
Interest expense	(87.7)		(84.1)	(267.2)	(239.9)
Interest on mandatorily redeemable preferred OP units / equity	0		(0.8)	0	(2.7)
Gain / (loss) on remeasurement of marketable securities	0		6.1	0	(8)
Loss on foreign currency exchanges	(4.5)		(6.5)	(6.2)	(6.5)
Gain / (loss) on dispositions of properties	178.7		(0.7)	186.6	(2.9)
Other income / (expense), net	(0.8)		(3.7)	5.6	(5.5)
Gain / (loss) on remeasurement of notes receivable	0.1		(1.3)	(1)	(3.1)
Total Income / (Loss) from Nonconsolidated Affiliates	2.1		1.4	6.5	0.5
Gain on remeasurement of investment in nonconsolidated affiliates	1.2		0	6.5	(4.5)
Current tax benefit / (expense)	0.9		(4.6)	(6.5)	(13.9)
Deferred tax benefit	$ 7.1		$ 2.3	$ 16.5	$ 14.6

Segment Reporting - Schedule _2

Segment Reporting - Schedule of Identifiable Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Investment property, net	$ 14,491.5	$ 14,443.6
Cash, cash equivalents and restricted cash	81.8	42.7	$ 62	$ 90.4
Inventory of manufactured homes	174.8	205.6
Total Notes and Other Receivables, net	494.4	421.6
Collateralized receivables, net	52.8	56.2
Goodwill	742.6	733
Other intangible assets, net	350.7	369.5
Other assets, net	696.5	668.5
Total Assets	17,085.1	16,940.7
MH
Segment Reporting Information [Line Items]
Investment property, net	5,117.9	5,317.4
Cash, cash equivalents and restricted cash	34.2	20.1
Inventory of manufactured homes	82.8	103.1
Total Notes and Other Receivables, net	208.4	159.1
Collateralized receivables, net	52.8	56.2
Goodwill	0	0
Other intangible assets, net	10.7	14.3
Other assets, net	169.4	271
Total Assets	5,676.2	5,941.2
RV
Segment Reporting Information [Line Items]
Investment property, net	3,676.3	3,718.8
Cash, cash equivalents and restricted cash	18.4	11.8
Inventory of manufactured homes	22	24.3
Total Notes and Other Receivables, net	108.3	119.7
Collateralized receivables, net	0	0
Goodwill	9.5	9.5
Other intangible assets, net	27	29
Other assets, net	40	47.6
Total Assets	3,901.5	3,960.7
Marinas
Segment Reporting Information [Line Items]
Investment property, net	3,317.8	3,214.5
Cash, cash equivalents and restricted cash	17.1	6.4
Inventory of manufactured homes	0	0
Total Notes and Other Receivables, net	52.7	54.3
Collateralized receivables, net	0	0
Goodwill	541.7	541.5
Other intangible assets, net	240.2	252.2
Other assets, net	270.4	240.7
Total Assets	4,439.9	4,309.6
UK Segment
Segment Reporting Information [Line Items]
Investment property, net	2,379.5	2,192.9
Cash, cash equivalents and restricted cash	12.1	4.4
Inventory of manufactured homes	70	78.2
Total Notes and Other Receivables, net	125	88.5
Collateralized receivables, net	0	0
Goodwill	191.4	182
Other intangible assets, net	72.8	74
Other assets, net	216.7	109.2
Total Assets	$ 3,067.5	$ 2,729.2

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Examination [Line Items]
Percentage of gross income			95%
Percentage of REIT taxable income			90%
Net deferred tax liabilities	$ 315.4		$ 315.4		$ 277.1
Valuation allowance	62.3		62.3		58.1
Deferred tax liabilities	377.7		377.7		$ 335.2
Withholding taxes current tax expense	0.9	$ 4.6	6.5	$ 13.9
Deferred Income Tax Expense (Benefit)	(7.1)	(2.3)	(16.5)	(14.6)
Deferred Federal Income Tax Expense (Benefit)	$ 7.1	$ 2.3	$ 16.5	$ 14.6

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator
Net income / (loss) attributable to SUI common shareholders	$ 288.7	$ 120.1	$ 313.4	$ (132.4)
Less: allocation to restricted stock awards	2	0.8	2	(1.1)
Basic earnings - net income / (loss) attributable to common shareholders after allocation to restricted stock awards	286.7	119.3	311.4	(131.3)
Diluted earnings - net income / (loss) attributable to common shareholders after allocation to common and preferred OP units(1)	$ 286.7	$ 119.3	$ 318	$ (132.4)
Denominator
Weighted average common shares outstanding (in shares)	124	123.5	123.8	123.4
Add: dilutive restricted stock (in shares)	0	0	0	0.4
Add: common and preferred OP units dilutive effect (in shares)	0	0	2.7	0
Diluted weighted average common shares and securities (in shares)	124	123.5	126.5	123.8
Basic earning per share (in dollars per share)	$ 2.31	$ 0.97	$ 2.52	$ (1.06)
Diluted earning per share (in dollars per share)	$ 2.31	$ 0.97	$ 2.51	$ (1.07)
Restricted Stock
Numerator
Add: allocation to restricted stock awards	$ 0	$ 0	$ 0	$ (1.1)
Common OP units
Numerator
Add: allocation to restricted stock awards	$ 0	$ 0	$ 6.6	$ 0

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities Excluded from EPS (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	6,139	6,184
Common OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	2,922	2,632
Series A-1 preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	178	202
A-3 preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	40	40
Aspen preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)		315
Series C preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	297	306
Series D preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	489	489
Series E preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	80	80
Series F preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	90	90
Series G preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	206	211
Series H preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	581	581
Series J preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	236	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
Series L
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	20

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details)	9 Months Ended
Derivative Financial Instruments - Narrative (Details)	Sep. 30, 2024 USD ($) contract Contract	Jun. 30, 2024 USD ($) contract	Mar. 31, 2024 USD ($) contract	Jan. 31, 2024 segment	Dec. 31, 2023 Contract	Sep. 30, 2023 USD ($) contract	Jun. 30, 2023 contract	Jan. 31, 2023 USD ($)	Jan. 31, 2023	Jan. 31, 2023 Rate
Derivative Instruments, Gain (Loss) [Line Items]
Number of Contracts \| contract	5					4
Aggregate notional value	$ 150,000,000					$ 302,300,000
Senior Unsecured Notes - January 2033 Maturity
Derivative Instruments, Gain (Loss) [Line Items]
Interest Rate									5.70%	5.70%
Principal Amount								$ 400,000,000
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Number of Contracts \| contract	1	3	1
Aggregate notional value	$ 25,000,000	$ 100,000,000	$ 25,000,000
Forward Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Number of derivatives settled \| segment				7
Treasury Lock
Derivative Instruments, Gain (Loss) [Line Items]
Number of Contracts \| contract							2
Designated as Hedging Instrument \| Cash Flow Hedging \| Treasury Lock and Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Number of Contracts \| Contract	11				13
Reclassification of derivatives	$ 9,000,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Fair Value of Derivatives (Details) £ in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($) contract	Mar. 31, 2024 USD ($) contract	Jun. 30, 2023 USD ($) contract	Mar. 31, 2023 USD ($) contract	Sep. 30, 2024 USD ($) contract	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) contract	Mar. 31, 2023 GBP (£) contract
Derivative [Line Items]
Number of Contracts \| contract					5		4
Notional					$ 150		$ 302.3
Proceeds from Hedge, Financing Activities			$ 7.4
Derivative, Notional Amount, terminated		$ 255		$ 250
Payments for Hedge, Financing Activities	$ (2.3)
Interest Rate Swap and Forward Contracts \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Notional					969.7	$ 1,041.5
Derivative liabilities					8.5	7.7
Interest Rate Swap and Forward Contracts \| Significant Other Observable Inputs (Level 2) \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Fair value of assets					$ 5.7	$ 11.7
Interest Rate Swap
Derivative [Line Items]
Number of Contracts \| contract	3	1			1
Notional	$ 100	$ 25			$ 25
Interest Rate Swap, GBP
Derivative [Line Items]
Number of Contracts \| contract				1				1
Notional				$ 127.3				£ 100
Interest Rate Swap, USD
Derivative [Line Items]
Number of Contracts \| contract				1			2	1
Notional				$ 50			$ 125
Treasury Lock
Derivative [Line Items]
Number of Contracts \| contract			2

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Gains (Losses) on Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Change in unrealized gain / (loss) on interest rate derivatives	$ (9.7)	$ (3.7)	$ 1.7	$ 6.7
Gains / (losses) on derivative instruments reclassified form AOCI into earnings	4.9	4.5	14.8	10
Designated as Hedging Instrument \| Cash Flow Hedging \| Treasury Lock and Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Gains / (losses) on derivative instruments reclassified form AOCI into earnings	$ 4.9	$ 4.5	$ 14.8	$ 10

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Financial Assets
Cash, cash equivalents and restricted cash	$ 81,800		$ 42,700	$ 62,000		$ 90,400
Total Notes and Other Receivables, net	494,400		421,600
Collateralized receivables, net	52,800		56,200
Financial Liabilities
Loan Amount	3,344,500		3,478,900
Mortgage loans payable	3,397,300		3,534,700
Secured borrowings on collateralized receivables (see Note 5)	52,800		55,800
Senior unsecured notes	2,675,500		2,177,500
Total unsecured debt	3,927,500		4,242,600
Interest Rate Swap and Forward Contracts \| Cash Flow Hedging \| Designated as Hedging Instrument
Financial Liabilities
Derivative liabilities	8,500		7,700
Installment notes receivable on manufactured homes, net
Financial Assets
Collateralized receivables, net	52,800
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Financial Assets
Collateralized receivables, net	0		0
Significant Other Observable Inputs (Level 2)
Financial Assets
Collateralized receivables, net	0		0
Significant Other Observable Inputs (Level 2) \| Interest Rate Swap and Forward Contracts \| Cash Flow Hedging \| Designated as Hedging Instrument
Financial Assets
Derivative assets	5,700		11,700
Significant Unobservable Inputs (Level 3)
Financial Assets
Collateralized receivables, net	52,800		56,200
Carrying Value
Financial Assets
Collateralized receivables, net			56,200
Financial Liabilities
Mortgage loans payable	3,397,300		3,534,700
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net
Financial Assets
Total Assets Measured at Fair Value	73,700	$ 54,500	19,600	56,000	$ 59,500	65,900
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Notes Receivable from Real Estate Developers and Operators
Financial Assets
Total Assets Measured at Fair Value	139,100	$ 131,300	134,500	$ 477,500	$ 462,400	$ 305,200
Fair Value, Recurring \| Carrying Value
Financial Assets
Cash, cash equivalents and restricted cash	81,800		42,700
Derivative assets	5,700		11,700
Total Assets Measured at Fair Value	353,100		264,700
Financial Liabilities
Loan Amount	3,344,500		3,478,900
Senior unsecured notes	2,675,500		2,177,500
Line of credit and other unsecured debt	1,252,000		2,065,100
Total unsecured debt	3,927,500		4,242,600
Derivative liabilities	8,500		7,700
Other financial liabilities (contingent consideration)	20,200		20,200
Total Liabilities Measured at Fair Value	7,353,500		7,805,200
Fair Value, Recurring \| Carrying Value \| Installment notes receivable on manufactured homes, net
Financial Assets
Total Notes and Other Receivables, net	73,700		19,600
Fair Value, Recurring \| Carrying Value \| Notes receivable from real estate developers and operators
Financial Assets
Total Notes and Other Receivables, net	139,100		134,500
Fair Value, Recurring \| Carrying Value \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Financial Liabilities
Loan Amount			0
Fair Value, Recurring \| Estimate of Fair Value Measurement
Financial Assets
Cash, cash equivalents and restricted cash	81,800		42,700
Collateralized receivables, net	52,800		56,200
Derivative assets	5,700		11,700
Total Assets Measured at Fair Value	353,100		264,700
Financial Liabilities
Loan Amount	3,111,900		3,167,000
Mortgage loans payable	3,164,700		3,222,800
Secured borrowings on collateralized receivables (see Note 5)	52,800		55,800
Senior unsecured notes	2,559,100		1,973,200
Line of credit and other unsecured debt	1,252,000		2,065,100
Total unsecured debt	3,811,100		4,038,300
Derivative liabilities	8,500		7,700
Other financial liabilities (contingent consideration)	20,200		20,200
Total Liabilities Measured at Fair Value	7,004,500		7,289,000
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Installment notes receivable on manufactured homes, net
Financial Liabilities
Notes Receivable, Fair Value Disclosure	73,700		19,600
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Notes receivable from real estate developers and operators
Financial Liabilities
Notes Receivable, Fair Value Disclosure	139,100		134,500
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Financial Assets
Cash, cash equivalents and restricted cash	81,800		42,700
Derivative assets	0		0
Total Assets Measured at Fair Value	81,800		42,700
Financial Liabilities
Loan Amount	0
Mortgage loans payable	0
Secured borrowings on collateralized receivables (see Note 5)	0		0
Senior unsecured notes	0		0
Line of credit and other unsecured debt	0		0
Total unsecured debt	0		0
Derivative liabilities	0		0
Other financial liabilities (contingent consideration)	0		0
Total Liabilities Measured at Fair Value	0		0
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) \| Installment notes receivable on manufactured homes, net
Financial Liabilities
Notes Receivable, Fair Value Disclosure	0		0
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) \| Notes receivable from real estate developers and operators
Financial Liabilities
Notes Receivable, Fair Value Disclosure	0		0
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2)
Financial Assets
Cash, cash equivalents and restricted cash	0		0
Derivative assets	5,700		11,700
Total Assets Measured at Fair Value	5,700		11,700
Financial Liabilities
Loan Amount	3,111,900		3,167,000
Mortgage loans payable	3,111,900		3,167,000
Secured borrowings on collateralized receivables (see Note 5)	0		0
Senior unsecured notes	2,559,100		1,973,200
Line of credit and other unsecured debt	1,252,000		2,065,100
Total unsecured debt	3,811,100		4,038,300
Derivative liabilities	8,500		7,700
Other financial liabilities (contingent consideration)	0		0
Total Liabilities Measured at Fair Value	6,931,500		7,213,000
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2) \| Installment notes receivable on manufactured homes, net
Financial Liabilities
Notes Receivable, Fair Value Disclosure	0		0
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2) \| Notes receivable from real estate developers and operators
Financial Liabilities
Notes Receivable, Fair Value Disclosure	0		0
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3)
Financial Assets
Cash, cash equivalents and restricted cash	0		0
Derivative assets	0		0
Total Assets Measured at Fair Value	265,600		210,300
Financial Liabilities
Loan Amount	0		0
Mortgage loans payable	52,800		55,800
Secured borrowings on collateralized receivables (see Note 5)	52,800		55,800
Senior unsecured notes	0		0
Line of credit and other unsecured debt	0		0
Total unsecured debt	0		0
Derivative liabilities	0		0
Other financial liabilities (contingent consideration)	20,200		20,200
Total Liabilities Measured at Fair Value	73,000		76,000
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net
Financial Liabilities
Notes Receivable, Fair Value Disclosure	73,700		19,600
Fair Value, Recurring \| Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3) \| Notes receivable from real estate developers and operators
Financial Liabilities
Notes Receivable, Fair Value Disclosure	$ 139,100		$ 134,500

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment property, net	$ 14,491.5	$ 14,443.6
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value	36.1
MH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment property, net	5,117.9	5,317.4
MH \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairments	10.8
UK Segment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment property, net	$ 2,379.5	$ 2,192.9

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Schedule of Level 3 Instruments at Fair Value (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Assets
Foreign currency exchange gains / (losses)	$ (4.5)	$ (6.5)	$ (6.2)	$ (6.5)
Liabilities
Investment property, net	14,491.5		14,491.5		$ 14,443.6
Transfers Accounted for as Secured Borrowings, Associated Liabilities
Liabilities
Beginning balance	54.3		55.8
Ending balance	52.8		52.8
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Contingent Consideration
Liabilities
Beginning balance	20.2	20.2	20.2	20.2
Ending balance	20.2	20.2	20.2	20.2
Realized losses	0	0	0	0
Purchases and issuances	0	0	0	0
Other adjustments	0	0	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Transfers Accounted for as Secured Borrowings, Associated Liabilities
Liabilities
Realized losses	0.5		2.1
Purchases and issuances	0		0.4
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Other Adjustments	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	(2)		(5.5)
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net
Assets
Beginning balance	54.5	59.5	19.6	65.9
Foreign currency exchange gains / (losses)	0	0	0	0
Ending balance	73.7	56	73.7	56
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net \| Realized gains / (losses)
Assets
Changes to fair value	0.1	(1.3)	(0.2)	(3.1)
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net \| Purchases and issuances
Assets
Changes to fair value	22.2	0.2	59.5	0.4
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net \| Sales and settlements
Assets
Changes to fair value	(1.3)	(2.4)	(3.2)	(7.2)
Liabilities
Purchases and issuances	0	0	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net \| Dispositions of properties
Assets
Changes to fair value	(1.8)	0	(2)	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net \| Other Adjustments
Assets
Changes to fair value	0	0	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Notes receivable from real estate developers and operators \| Dispositions of properties
Assets
Changes to fair value	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Collateralized Receivables, net
Assets
Beginning balance	54.3	0	56.2	0
Foreign currency exchange gains / (losses)	0	0	0	0
Ending balance	52.8	0	52.8	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Collateralized Receivables, net \| Realized gains / (losses)
Assets
Changes to fair value	0.5	0	2.1	(0.4)
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Collateralized Receivables, net \| Purchases and issuances
Assets
Changes to fair value	0	0	0	0.4
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Collateralized Receivables, net \| Sales and settlements
Assets
Changes to fair value	(2)	0	(5.5)	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Collateralized Receivables, net \| Dispositions of properties
Assets
Changes to fair value	0	0	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Collateralized Receivables, net \| Other Adjustments
Assets
Changes to fair value	0	0	0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Notes Receivable from Real Estate Developers and Operators
Assets
Beginning balance	131.3	462.4	134.5	305.2
Foreign currency exchange gains / (losses)	0.1	(13.4)	0	3.3
Ending balance	139.1	477.5	139.1	477.5
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Notes Receivable from Real Estate Developers and Operators \| Realized gains / (losses)
Assets
Changes to fair value	0	0	(0.8)	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Notes Receivable from Real Estate Developers and Operators \| Purchases and issuances
Assets
Changes to fair value	8.5	31.9	17.7	179.3
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Notes Receivable from Real Estate Developers and Operators \| Sales and settlements
Assets
Changes to fair value	(0.9)	(3.5)	(12.4)	(10.4)
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Notes Receivable from Real Estate Developers and Operators \| Dispositions of properties
Assets
Changes to fair value			0	0
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Notes Receivable from Real Estate Developers and Operators \| Other Adjustments
Assets
Changes to fair value	$ 0.1	$ 0.1	$ 0.1	$ 0.1

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	1 Months Ended	3 Months Ended			9 Months Ended
Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2023 USD ($) property developmentSite	Sep. 30, 2024 USD ($) community marina	Dec. 31, 2023 USD ($) developmentSite	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Aug. 31, 2023 defendant	Sep. 30, 2022 developmentSite
Loss Contingencies [Line Items]
Number of affected properties in Florida \| developmentSite								3
Number of affected sites \| developmentSite								2,500
Asset impairments (see Note 16)		$ 0.2		$ 1.2	$ 32.5	$ 10.1
In Re Manufactured Home Lot Rents Antitrust Litigation No.123 Cv06715 Member
Loss Contingencies [Line Items]
Number of additional defendants \| defendant							9
Hurricane Ian
Loss Contingencies [Line Items]
Estimated insurance recoveries	$ 56.7	49.3	$ 56.7		49.3
Change in estimated property insurance recoveries					11
Proceeds received from insurer					18.4
Hurricane Ian \| Insurance Settlement
Loss Contingencies [Line Items]
Proceeds received from insurer					5.2
Hurricane Ian \| RV
Loss Contingencies [Line Items]
Insured Event, Gain (Loss)		$ (1.6)
Flood \| RV
Loss Contingencies [Line Items]
Number of affected sites \| developmentSite	300		300
Proceeds received from insurer					(6)
Impairment adjustment			$ 7		3.1
Catastrophic event-related charges, net					11.6
Number of properties affected by natural disasters \| property	1
Flood \| Debris Removal and Clean up \| RV
Loss Contingencies [Line Items]
Catastrophic event-related charges, net					$ 8.5
Hurricane Helene \| RV
Loss Contingencies [Line Items]
Number of properties affected by natural disasters \| community		3
Hurricane Helene \| MH
Loss Contingencies [Line Items]
Catastrophic event-related charges, net		$ 2.2
Number of properties affected by natural disasters \| community		2
Hurricane Helene \| Marinas
Loss Contingencies [Line Items]
Catastrophic event-related charges, net		$ 1.7
Number of properties affected by natural disasters \| marina		9

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Operating Leases
2024 (excluding nine months ended September 30, 2024)	$ 3.8
2025	14.2
2026	13.1
2027	10.9
2028	10.2
Thereafter	273.8
Total Lease Payments	326
Less: Imputed interest	(163)
Present Value of Lease Liabilities	163	$ 159.5
Finance Leases
2024 (excluding nine months ended September 30, 2024)	4.6
2025	0.9
2026	0.9
2027	0.9
2028	0.9
Thereafter	39.2
Total Lease Payments	47.4
Less: Imputed interest	(32.3)
Present Value of Lease Liabilities	15.1	$ 14.3
Total
2024 (excluding nine months ended September 30, 2024)	8.4
2025	15.1
2026	14
2027	11.8
2028	11.1
Thereafter	313
Total Lease Payments	373.4
Less: Imputed interest	(195.3)
Present Value of Lease Liabilities	$ 178.1

Leases - Schedule of ROU Assets

Leases - Schedule of ROU Assets and Lease Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Leases [Abstract]
Finance lease - ROU asset, net of accumulated amortization	$ 32.1		$ 32.1		$ 32.6
Operating lease - ROU asset, net	183.2		183.2		176
Below market operating leases, net	91.5		91.5		95
Finance lease liabilities	15.1		15.1		14.3
Operating lease liabilities	163		163		$ 159.5
Amortization of ROU assets	0.7	$ 0.4	2.1	$ 1.7
Interest on lease liabilities	0	0.2	0.4	0.5
Operating lease cost	0.9	7.8	9.2	14.7
Variable lease cost	0.4	3.9	4.6	6.6
Total Lease Cost	$ 2	$ 12.3	$ 16.3	$ 23.5

Leases - Schedule of Lease Term

Leases - Schedule of Lease Term, Discount Rates and Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Leases [Abstract]
Weighted - average remaining lease term - finance leases	34 years 4 months 13 days		36 years 7 months 17 days
Weighted - average remaining lease term - operating leases	34 years 3 months 21 days		27 years 8 months 15 days
Weighted - average discount rate - finance leases	3.67%		3.59%
Weighted - average discount rate - operating leases	3.82%		3.82%
Operating cash outflows for operating leases	$ 9.3	$ 10
Financing cash outflows for finance leases	0.7	0.7
Total Cash Paid on Lease Liabilities	$ 10	$ 10.7

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Payments Under Non-Cancellable Leases (Details) $ in Millions	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024 (excluding the nine months ended September 30, 2024)	$ 6.2
2025	20.3
2026	14.6
2027	10.2
2028	8.8
Thereafter	82.7
Total Undiscounted Cash Flows	$ 142.8

Leases - Schedule of Lease Inco

Leases - Schedule of Lease Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lessor, Lease, Description [Line Items]
Variable lease income	$ 3.4	$ 0.8	$ 11.3	$ 3.1
Real Estate Operator
Lessor, Lease, Description [Line Items]
Fixed lease income	$ 10.9	$ 10.8	$ 27.7	$ 24

Leases - Narrative (Details)

Leases - Narrative (Details) - Park Holidays - UNITED KINGDOM $ in Millions	Sep. 30, 2024 GBP (£) developmentSite	Sep. 30, 2024 USD ($) developmentSite	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Number of ground leases \| developmentSite	34	34
Lease repurchase amount \| £	£ 1
Ground lease financial liability \| $		$ 378.7	$ 359.7

Leases - Schedule of Future M_2

Leases - Schedule of Future Minimum Rental Payments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Fixed lease income	$ 634.1	$ 618.8	$ 1,662.4	$ 1,586.4
Park Holidays \| UNITED KINGDOM
Lessee, Lease, Description [Line Items]
2024 (excluding nine months ended September 30, 2024)	3.1		3.1
2025	12.5		12.5
2026	12.6		12.6
2027	12.7		12.7
2028	12.8		12.8
Thereafter	1,850.4		1,850.4
Total Payments	1,904.1		1,904.1
Less: Imputed interest	(1,525.4)		(1,525.4)
Present Value of Financial Liability	$ 378.7		$ 378.7		$ 359.7

Subsequent Event (Details)

Subsequent Event (Details) - President - Restricted Stock - 2015 Equity Plan - Subsequent Event	Nov. 06, 2024 shares
Time Based and Market Condition
Subsequent Event [Line Items]
Shares granted (in shares)	50,000
Time Based
Subsequent Event [Line Items]
Shares granted (in shares)	20,000
Vesting period	5 years
Market Condition
Subsequent Event [Line Items]
Shares granted (in shares)	30,000
Vesting period	3 years