v3.26.1
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
13. Fair Value Measurements
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 June 30, 2026 and December 31, 2025. The carrying values of cash, cash equivalents and restricted cash, other receivables and accounts payable approximate their fair market values since their maturities are less than one year. These financial instruments are classified as Level 1 in the hierarchy and are excluded from the table below.
June 30, 2026December 31, 2025
Fair Value LevelCarrying ValueFair ValueCarrying ValueFair Value
Financial Assets
Installment notes receivable on manufactured homes, net3$150.5 $150.5 $139.2 $139.2 
Notes receivable from real estate operators350.9 50.9 44.5 44.5 
Collateralized receivables, net339.2 39.2 43.2 43.2 
Derivative assets213.1 13.1 — — 
Total Assets Measured at Fair Value$253.7 $253.7 $226.9 $226.9 
Financial Liabilities
Mortgage loans payable2$2,225.3 $2,042.1 $2,429.0 $2,193.0 
Secured borrowings on collateralized receivables339.2 39.2 43.2 43.2 
Total secured debt2,264.5 2,081.3 2,472.2 2,236.2 
Unsecured debt
Senior unsecured notes21,787.7 1,657.1 1,786.5 1,655.1 
Total unsecured debt1,787.7 1,657.1 1,786.5 1,655.1 
Other financial liabilities (contingent consideration)30.5 0.5 0.2 0.2 
Total Liabilities Measured at Fair Value$4,052.7 $3,738.9 $4,258.9 $3,891.5 
We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The following methods and assumptions were used in order to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:
Installment Notes Receivable on Manufactured Homes and Collateralized Receivables
Installment notes receivable on manufactured homes and collateralized receivables are recorded at fair value and are measured using model-derived indicative pricing using primarily unobservable inputs, inclusive of default rates, interest rates and recovery rates (Level 3). Refer to Note 4, "Notes and Other Receivables," for additional information.
Notes Receivable from Real Estate Operators
Notes receivable from real estate 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 - Foreign Exchange Derivatives
Foreign exchange derivatives are recorded at fair value and consist of forward swaps. The fair value of these financial instruments are measured using observable inputs based on the prevailing British pound sterling to U.S. Dollar exchange rate (Level 2).
Secured Debt
Secured debt consists primarily of our mortgage term loans. The fair value of mortgage term loans is based on management estimates and on rates currently quoted, rates currently prevailing for comparable loans, and instruments of comparable maturities (Level 2). Refer to Note 7, "Debt and Line of Credit," for additional information.
Secured borrowings on collateralized receivables - recorded at fair value and adjusted based on the same interest rates as the related collateralized receivables (Level 3). Refer to Note 7, "Debt and Line of Credit," for additional information.
Unsecured Debt
Senior unsecured notes - the fair value of senior unsecured notes is based on the estimates of management and on rates currently quoted, rates currently prevailing for comparable loans and instruments of comparable maturities (Level 2). Refer to Note 7, "Debt and Line of Credit," for additional information.
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 six months ended June 30, 2026.
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 six months ended June 30, 2026 and 2025 (in millions):
Three Months Ended June 30,
20262025
AssetsInstallment Notes Receivable on MH, netNotes Receivable From Real Estate OperatorsCollateralized Receivables, netInstallment Notes Receivable on MH, netNotes Receivable From Real Estate OperatorsCollateralized Receivables, net
Level 3 beginning balance at March 31, 2026 and 2025
$145.3 $43.7 $41.6 $105.6 $89.5 $49.3 
Realized losses(1)(2)
(2.9)— (0.6)(1.4)— (0.5)
Purchases and issuances11.0 8.7 — 14.3 2.5 — 
Sales and settlements(2.9)(0.6)(1.8)(2.2)(1.0)(1.9)
Dispositions of properties— — — — — (0.3)
Foreign currency exchange gains— (0.9)— — 2.1 — 
Level 3 ending balance at June 30, 2026 and 2025
$150.5 $50.9 $39.2 $116.3 $93.1 $46.6 
(1) Realized losses for Installment Notes Receivable on MH, net are recorded within Loss on remeasurement of notes receivable on the Condensed Consolidated Statements of Operations.
(2) Realized losses for Collateralized Receivables, net are recorded within Other income / (expense), net on the Condensed Consolidated Statements of Operations.
Six Months Ended June 30,
20262025
AssetsInstallment Notes Receivable on MH, netNotes Receivable From Real Estate OperatorsCollateralized Receivables, netInstallment Notes Receivable on MH, netNotes Receivable From Real Estate OperatorsCollateralized Receivables, net
Level 3 beginning balance at December 31, 2025 and 2024
$139.2 $44.5 $43.2 $93.9 $148.5 $51.2 
Realized losses(1)(2)
(2.8)— (0.6)(1.6)— (0.5)
Purchases and issuances21.1 9.2 — 27.7 4.1 — 
Sales and settlements(6.8)(1.1)(3.4)(3.7)(61.7)(3.1)
Dispositions of properties(0.2)— — — — (1.0)
Foreign currency exchange gains— (1.7)— — 2.2 — 
Level 3 ending balance at June 30, 2026 and 2025
$150.5 $50.9 $39.2 $116.3 $93.1 $46.6 
(1) Realized losses for Installment Notes Receivable on MH, net are recorded within Loss on remeasurement of notes receivable on the Condensed Consolidated Statements of Operations.
(2) Realized losses for Collateralized Receivables, net are recorded within Other income / (expense), net on the Condensed Consolidated Statements of Operations.
Three Months Ended June 30,
20262025
LiabilitiesSecured Borrowing on Collateralized ReceivablesOther Liabilities (Contingent Consideration)Secured Borrowing on Collateralized ReceivablesOther Liabilities (Contingent Consideration)
Level 3 beginning balance March 31, 2026 and 2025
$41.6 $0.2 $49.3 $0.8 
Realized gains(1)
(0.6)— (0.5)— 
Purchases and issuances— 0.3 — — 
Sales and settlements(1.8)— (2.2)— 
Dispositions of properties— — — (2.3)
Other adjustments— — — 1.5 
Level 3 ending balance at June 30, 2026 and 2025
$39.2 $0.5 $46.6 $— 
(1) Realized gains for Secured Borrowing on Collateralized Receivables are recorded within Other income / (expense), net on the Condensed Consolidated Statements of Operations.
Six Months Ended June 30,
20262025
LiabilitiesSecured Borrowing on Collateralized ReceivablesOther Liabilities (Contingent Consideration)Secured Borrowing on Collateralized ReceivablesOther Liabilities (Contingent Consideration)
Level 3 beginning balance December 31, 2025 and 2024
$43.2 $0.2 $51.2 $11.3 
Realized gains(1)
(0.6)— (0.5)— 
Purchases and issuances— 0.3 — — 
Sales and settlements(3.4)— (4.1)(9.0)
Dispositions of properties— — — (2.3)
Level 3 ending balance at June 30, 2026 and 2025
$39.2 $0.5 $46.6 $— 
(1) Realized gains for Secured Borrowing on Collateralized Receivables are recorded within Other income / (expense), net on the Condensed Consolidated Statements of Operations.
Fair Value Measurements on a Nonrecurring Basis
As of June 30, 2026, assets measured at fair value on a non-recurring basis consisted of real estate assets that have been written down to an estimated fair value for impairment purposes. We review the carrying value of long-lived assets to be held for use for impairment quarterly or whenever events or changes in circumstances indicate a possible impairment. The fair value measurement was determined by estimating discounted cash flows using certain unobservable Level 3 inputs, based on the expectation that the development projects are no longer probable of being realized. During the six months ended June 30, 2026 and June 30, 2025, due to a contemplated change in strategic plan for certain assets, we recognized the following asset impairment charges (in millions, except for number of properties):
PeriodFair Value LevelNumber of PropertiesSegmentAsset Impairment ChargesAggregate Estimated Fair Value
Three months ended June 30, 20263
(1)
2MH / RV$14.1 
(2)
$35.0 
Three months ended June 30, 20253
(1)
3RV$32.2 $86.4 
Three months ended March 31, 20253
(3)
7MH / RV$20.5 $93.4 
(1) The non-recurring fair value measurement was driven by our contemplated change in strategic plan for the properties and was determined using a market approach. The fair value methodology included a probability weighted holding period and estimated sale price for the assets based on current market conditions and comparable transactions in the applicable geographic location.
(2) We also recorded other miscellaneous impairment charges of $3.8 million at several properties, primarily due to changes in strategy related to development projects and property damages.
(3) The fair value measurement was driven by pre-construction development costs and determined by estimating discounted cash flows based on the expectation that the development projects are no longer probable of being realized.
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 June 30, 2026. As such, our estimates of fair value could differ significantly from the actual carrying value.