v3.26.1
Discontinued Operations and Disposal Groups (Tables)
 6 Months Ended
Jun. 30, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations
Discontinued operations consist of our UK business and our former Safe Harbor business. The following table sets forth a summary of the Income / (loss) from discontinued operations, net (in millions):
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
Loss from discontinued operations, net - Park Holidays Sale$(1,067.2)$(62.2)$(1,091.9)$(63.6)
Income from discontinued operations, net - Safe Harbor Sale— 1,422.5 — 1,404.0 
Income / (loss) from discontinued operations, net$(1,067.2)$1,360.3 $(1,091.9)$1,340.4 
The following table sets forth a summary of assets and liabilities classified as held for sale and discontinued operations related to the UK business (in millions):
June 30, 2026
December 31, 2025
Assets  
Land
$1,689.3 $1,692.7 
Land improvements and buildings
613.0 587.6 
Furniture, fixtures and equipment
93.7 95.5 
Investment property
2,396.0 2,375.8 
Accumulated depreciation
(89.7)(92.6)
Investment property, net
2,306.3 2,283.2 
Cash, cash equivalents and restricted cash
33.5 29.4 
Inventory of manufactured homes
53.2 58.2 
Notes and other receivables, net
23.7 69.2 
Other intangible assets, net
61.3 64.8 
Other assets, net
45.9 46.7 
Valuation allowance to adjust assets to estimated fair value, less costs to sell
(1,077.2)— 
Total assets attributable to discontinued operations, net$1,446.7 $2,551.5 
Liabilities 
Advanced reservation deposits and rent
$103.7 $130.0 
Accrued expenses and accounts payable
69.7 49.8 
Other liabilities
255.5 247.4 
Total liabilities attributable to discontinued operations, net$428.9 $427.2 
The following table sets forth a summary of the operating results of the UK business included within Income / (loss) from discontinued operations, net (in millions):
 
Three Months Ended June 30,
Six Months Ended June 30,
 2026202520262025
Revenues
 
Real property
$53.0 $51.3 $90.7 $84.5 
Home sales
53.1 58.3 94.7 96.8 
Ancillary
17.0 16.6 21.8 20.8 
Interest, brokerage commissions and other, net
1.4 1.4 1.8 1.5 
Total Revenues
124.5 127.6 209.0 203.6 
Expenses
  
Property operating and maintenance
26.6 26.9 51.6 49.1 
Real estate tax
2.3 2.2 4.5 4.1 
Home costs and selling
37.4 41.8 68.7 69.9 
Ancillary14.9 15.4 22.5 22.1 
General and administrative(1)
24.7 10.6 35.6 20.6 
Depreciation and amortization
7.8 10.1 18.9 19.1 
Asset impairments
— 132.7 — 132.7 
Interest
0.2 3.8 0.2 7.4 
Total Expenses
113.9 243.5 202.0 325.0 
Income / (Loss) Before Other Items
10.6 (115.9)7.0 (121.4)
Loss on disposition of properties, net
(0.8)— (1.7)(0.3)
Other income / (expense), net
0.2 25.0 (12.1)25.0 
Loss on foreign currency exchanges(0.1)— (0.7)— 
Loss from classification to held for sale(1)
(1,077.2)— (1,077.2)— 
Loss from Discontinued Operations, before income taxes(1,067.3)(90.9)(1,084.7)(96.7)
Current tax expense
(2.5)(3.5)(3.3)(4.2)
Deferred tax benefit / (expense)
2.6 32.2 (3.9)37.3 
Loss from Discontinued Operations$(1,067.2)$(62.2)$(1,091.9)$(63.6)
(1) Includes legal and advisory fees, employee separation costs, and other transaction costs of $78.7 million associated with the Park Holidays Sale during the three months ended June 30, 2026; $14.9 million of which is recorded in General and administrative and $63.8 million of which is recorded in Loss from classification to held for sale within Income / (loss) from discontinued operations, net.
The following table sets forth a summary of the operating results of Safe Harbor included within Income from discontinued operations, net (in millions):
 Three Months Ended June 30,Six Months Ended June 30,
 20252025
Revenues
Real property
$40.0 $143.1 
Service, retail, dining, and entertainment54.8 163.1 
Interest, brokerage commissions and other, net0.3 1.6 
Total Revenues
95.1 307.8 
Expenses
 
Property operating and maintenance
14.8 52.2 
Real estate tax
2.1 7.9 
Service, retail, dining and entertainment50.0 153.9 
General and administrative
2.3 18.4 
Transaction costs(1)
48.0 62.6 
Depreciation, amortization and loss on disposal of assets(0.3)36.1 
Asset impairments0.2 2.3 
Total Expenses
117.1 333.4 
Loss Before Other Items(22.0)(25.6)
Gain on disposition of properties, net1,445.0 1,445.0 
Other expense, net(2)
(0.2)(14.8)
Income from discontinued operations, before income taxes1,422.8 1,404.6 
Current tax expense
(0.3)(0.6)
Income from discontinued operations, net$1,422.5 $1,404.0 
(1) Represents legal and advisory fees, employee separation costs, and other transaction costs associated with the Safe Harbor Sale. During the three months ended June 30, 2025, employee separation costs included $25.8 million that was paid to certain Safe Harbor officers and employees.
(2) During the three months ended March 31, 2025, we recorded a contingent consideration expense of $14.6 million related to a tax protection agreement that we entered into with former owners of certain marina properties at the time of acquisition. The tax protection agreement stipulated that we indemnify those owners for certain tax obligations incurred related to the sale of certain marina properties. As a result of the Safe Harbor Sale, we concluded that our tax liability to the former owners was probable of being realized and estimable.
The following dispositions of real estate properties for our continuing operations occurred during the six months ended June 30, 2026:
Property NameSegmentNumber of PropertiesState, Province, or CountryMonth DisposedGross Sales Proceeds
Cash Consideration, net(1)
Loss on Disposition(3)
Sun Retreats AmherstbergRV1ONApril$0.1 $(0.2)$0.4 
Joint Venture RV PortfolioRV5VariousJune$9.0 $0.1 
(2)
$21.1 
(1) Cash consideration, net of settlement of the associated mortgage debt, when applicable, and other closing adjustments.
(2) As part of the terms of the disposition, we provided financing to the counterparty in the form of a note receivable of $8.0 million. Refer to Note 4, "Notes and Other Receivables," for additional details.
(3) Recorded in Loss on dispositions of properties, net on the Condensed Consolidated Statement of Operations.