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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
 
or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission file number:1-12616
sun-corporate-tm-oval-orange-logo-pantone.jpg
SUN COMMUNITIES, INC
(Exact Name of Registrant as Specified in its Charter)

Maryland38-2730780
(State of Incorporation)(I.R.S. Employer Identification No.)
27777 Franklin Rd,Suite 300,Southfield,Michigan 48034
(Address of Principal Executive Offices) (Zip Code)
(248) 208-2500
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueSUINew York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
☒☐☐☐☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Number of shares of Common Stock, $0.01 par value per share, outstanding as of October 31, 2024: 127,390,307


INDEX
  
PART I – FINANCIAL INFORMATION
 
Item 1.Consolidated Financial Statements
 
Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023
 
Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)
 
Consolidated Statements of Comprehensive Income / (Loss) for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)
Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited)
 
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Unaudited)
 Notes to Consolidated Financial Statements (Unaudited)
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations 
Item 3.Quantitative and Qualitative Disclosures about Market Risk 
Item 4.Controls and Procedures 
PART II – OTHER INFORMATION
 
Item 1.Legal Proceedings 
Item 1A.Risk Factors 
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits 
 Signatures 



SUN COMMUNITIES, INC.
PART I - FINANCIAL INFORMATION

ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS
(In millions, except for per share amounts)

(Unaudited)
September 30, 2024December 31, 2023
Assets  
Land$4,646.2 $4,278.2 
Land improvements and buildings11,608.6 11,682.2 
Rental homes and improvements782.2 744.4 
Furniture, fixtures and equipment1,090.2 1,011.7 
Investment property18,127.2 17,716.5 
Accumulated depreciation(3,635.7)(3,272.9)
Investment property, net (see Note 8 at VIEs)
14,491.5 14,443.6 
Cash, cash equivalents and restricted cash (see Note 8 at VIEs)
81.8 42.7 
Inventory of manufactured homes174.8 205.6 
Notes and other receivables, net (includes $212.8 and $154.1 at fair value)
494.4 421.6 
Collateralized receivables, net52.8 56.2 
Goodwill742.6 733.0 
Other intangible assets, net (see Note 8 at VIEs)
350.7 369.5 
Other assets, net (see Note 8 at VIEs)
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 (see Note 9)
3,927.5 4,242.6 
Distributions payable122.3 118.2 
Advanced reservation deposits and rent (see Note 8 at VIEs)
382.4 344.5 
Accrued expenses and accounts payable (see Note 8 at VIEs)
390.9 313.7 
Other liabilities
1,025.3 953.1 
Total Liabilities9,245.7 9,506.8 
Commitments and contingencies (see Note 17)
Temporary equity (see Note 10; Note 8 at VIEs)
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 capital9,853.6 9,466.9 
Accumulated other comprehensive income33.9 12.2 
Distributions in excess of accumulated earnings(2,433.3)(2,397.5)
Total SUI Shareholders' Equity7,455.5 7,082.8 
Noncontrolling interests  
Common and preferred OP units119.8 90.2 
Consolidated entities (see Note 8 at VIEs)
0.8 — 
Total noncontrolling interests120.6 90.2 
Total Shareholders' Equity7,576.1 7,173.0 
Total Liabilities, Temporary Equity and Shareholders' Equity$17,085.1 $16,940.7 

See accompanying Notes to Consolidated Financial Statements.



1

SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except for per share amounts) (Unaudited)

 Three Months EndedNine Months Ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Revenues
As Restated As Restated
Real property
$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 26.0 23.0 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 84.5 203.0 233.5 
Service, retail, dining and entertainment
163.3 173.4 445.1 438.2 
General and administrative
74.8 67.0 218.6 193.8 
Catastrophic event-related charges, net (see Note 17)
0.9 (3.1)10.4 (2.2)
Business combinations
0.2 — 0.4 3.0 
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)
— 44.8 — 369.9 
Loss on extinguishment of debt (see Note 9)
0.8 — 1.4 — 
Interest
87.7 84.1 267.2 239.9 
Interest on mandatorily redeemable preferred OP units / equity
— 0.8 — 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
— 6.1 — (8.0)
Loss on foreign currency exchanges
(4.5)(6.5)(6.2)(6.5)
Gain / (loss) on dispositions of properties (see Note 3)
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 (see Note 4)
0.1 (1.3)(1.0)(3.1)
Income from nonconsolidated affiliates (see Note 7)
2.1 1.4 6.5 0.5 
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates (see Note 7)
1.2 — 6.5 (4.5)
Current tax benefit / (expense) (see Note 13)
0.9 (4.6)(6.5)(13.9)
Deferred tax benefit (see Note 13)
7.1 2.3 16.5 14.6 
Net Income / (Loss)
305.2 135.6 338.1 (124.9)
Less: Preferred return to preferred OP units / equity interests
3.2 3.4 9.6 9.0 
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 - basic
124.0 123.5 123.8 123.4 
Weighted average common shares outstanding - diluted
124.0 123.5 126.5 123.8 
Basic earnings / (loss) per share (see Note 14)
$2.31 $0.97 $2.52 $(1.06)
Diluted earnings / (loss) per share (see Note 14)
$2.31 $0.97 $2.51 $(1.07)

See accompanying Notes to Consolidated Financial Statements.



2

SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)
(In millions) (Unaudited)

 Three Months EndedNine Months Ended
 September 30, 2024September 30, 2023September 30, 2024September 30, 2023
As RestatedAs Restated
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
— — — 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)(10.0)
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 (98.0)
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)

See accompanying Notes to Consolidated Financial Statements.



3

SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In millions) (Unaudited)

Shareholders' Equity
Temporary EquityCommon Stock (Shares)Common Stock ($Value)Additional Paid-in CapitalDistributions in Excess of Accumulated EarningsAccumulated Other Comprehensive Income / (Loss)Noncontrolling InterestsTotal Shareholders' EquityTotal Equity
Balance at December 31, 2023$260.9 124.4 $1.2 $9,466.9 $(2,397.5)$12.2 $90.2 $7,173.0 $7,433.9 
Issuance of common stock and common OP units, net— 0.3 — (0.3)— — 0.6 0.3 0.3 
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards— (0.2)— (7.6)— — — (7.6)(7.6)
Conversions(0.5)0.1 — 2.1 — — (1.6)0.5 — 
Share-based compensation - amortization and forfeitures— — — 10.3 0.1 — — 10.4 10.4 
Other comprehensive income / (loss)— — — — — (5.5)0.2 (5.3)(5.3)
Net loss(0.3)— — — (24.2)— (1.0)(25.2)(25.5)
Distributions(2.3)— — — (117.1)— (3.5)(120.6)(122.9)
OP units accretion1.9 — — — (1.9)— — (1.9)— 
Balance at March 31, 2024$259.7 124.6 $1.2 $9,471.4 $(2,540.6)$6.7 $84.9 $7,023.6 $7,283.3 
Issuance of common stock and common OP units, net— — — (0.3)— — 2.5 2.2 2.2 
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards— — — (1.3)— — — (1.3)(1.3)
Conversions(0.8)0.1 — 0.8 — — — 0.8 — 
Share-based compensation - amortization and forfeitures— — — 10.6 0.1 — — 10.7 10.7 
Other comprehensive loss— — — — — (0.7)(0.1)(0.8)(0.8)
Net income1.7 — — — 55.3 — 1.4 56.7 58.4 
Distributions(2.5)— — — (117.3)— (3.2)(120.5)(123.0)
OP units accretion1.6 — — — (1.6)— — (1.6)— 
Balance at June 30, 2024$259.7 124.7 $1.2 $9,481.2 $(2,604.1)$6.0 $85.5 $6,969.8 $7,229.5 
Issuance of common stock and common OP units, net— 2.7 0.1 361.6 — — 31.4 393.1 393.1 
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards— — — (0.2)— — — (0.2)(0.2)
Conversions(0.2)— — 1.1 — — (0.9)0.2 — 
Sale of consolidated affiliates(0.2)— — — — — — — (0.2)
Share-based compensation - amortization and forfeitures— — — 9.9 0.1 — — 10.0 10.0 
Other comprehensive income / (loss)— — — — — 27.9 (0.6)27.3 27.3 
Net income4.7 — — — 292.0 — 8.5 300.5 305.2 
Distributions(2.3)— — — (119.7)— (3.3)(123.0)(125.3)
OP units accretion1.6 — — — (1.6)— — (1.6)— 
Balance at September 30, 2024$263.3 127.4 $1.3 $9,853.6 $(2,433.3)$33.9 $120.6 $7,576.1 $7,839.4 





4

SUN COMMUNITIES, INC.
Shareholders' Equity
Temporary EquityCommon Stock (Shares)Common Stock ($Value)Additional Paid-in CapitalDistributions in Excess of Accumulated EarningsAccumulated Other Comprehensive Income / (loss)Noncontrolling InterestsTotal Shareholders' EquityTotal Equity
Balance at December 31, 2022$202.9 124.0 $1.2 $9,549.7 $(1,731.2)$(9.9)$78.7 $7,888.5 $8,091.4 
Issuance of common stock and common OP units, net— 0.4 — — — — 4.4 4.4 4.4 
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards— (0.1)— (11.0)— — — (11.0)(11.0)
Conversions— 0.1 — 7.3 — — — 7.3 7.3 
Issuance of third party equity interests in consolidated entities1.7 — — — — — — — 1.7 
Share-based compensation - amortization and forfeitures— — — 10.4 — — — 10.4 10.4 
Issuance of Series K preferred OP units100.0 — — — — — — — 100.0 
Other comprehensive income— — — — — 17.3 0.6 17.9 17.9 
Net loss(4.6)— — — (42.5)— (1.2)(43.7)(48.3)
Distributions(1.5)— — — (115.8)— (3.1)(118.9)(120.4)
OP units accretion0.3 — — — (0.3)— — (0.3)— 
Balance at March 31, 2023, As Restated$298.8 124.4 $1.2 $9,556.4 $(1,889.8)$7.4 $79.4 $7,754.6 $8,053.4 
Issuance of common stock and common OP units, net— — — (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)2.0 — 
Issuance of third party equity interests in consolidated entities0.2 — — — — — — — 0.2 
Other redeemable noncontrolling interests0.1 — — — (0.1)— — (0.1)— 
Share-based compensation - amortization and forfeitures— — — 10.3 0.2 — — 10.5 10.5 
Issuance of Series K preferred OP units0.6 — — — — — — — 0.6 
Other comprehensive income— — — — — 28.8 1.3 30.1 30.1 
Net loss(2.0)— — — (204.4)— (5.8)(210.2)(212.2)
Distributions(2.4)— — — (115.6)— (3.1)(118.7)(121.1)
OP units accretion0.7 — — — (0.7)— — (0.7)— 
Balance at June 30, 2023, As Restated$294.0 124.4 $1.2 $9,567.5 $(2,210.4)$36.2 $71.7 $7,466.2 $7,760.2 
Issuance of common stock and common OP units, net— — — (0.1)— — 16.0 15.9 15.9 
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards— — — (0.1)— — — (0.1)(0.1)
Conversions(1.2)— — 3.9 — — (0.4)3.5 2.3 
Share-based compensation - amortization and forfeitures— — — 10.4 — — — 10.4 10.4 
Other comprehensive loss— — — — — (19.8)(1.3)(21.1)(21.1)
Net income8.6 — — — 123.5 — 3.5 127.0 135.6 
Distributions(2.3)— — — (115.8)— (3.4)(119.2)(121.5)
OP units accretion0.7 — — — (0.7)— — (0.7)— 
Balance at September 30, 2023, As Restated$299.8 124.4 $1.2 $9,581.6 $(2,203.4)$16.4 $86.1 $7,481.9 $7,781.7 
See accompanying Notes to Consolidated Financial Statements.



5

SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions) (Unaudited)

 Nine Months Ended
 September 30, 2024September 30, 2023
Operating Activities 
Net Cash Provided By Operating Activities$743.0 $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 insurance5.6 8.0 
Proceeds from disposition of assets and depreciated homes, net1.6 52.1 
Proceeds related to disposition of properties382.1 6.7 
Issuance of notes and other receivables(8.4)(33.4)
Repayments of notes and other receivables7.9 8.4 
Investments in nonconsolidated affiliates(13.8)(33.7)
Distributions of capital from nonconsolidated affiliates23.8 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, net361.0 (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 credit2,147.2 1,288.6 
Payments on lines of credit(3,028.6)(1,342.8)
Proceeds from issuance of other debt499.8 583.0 
Contributions from noncontrolling interest— 1.9 
Payments on other debt(136.1)(42.5)
Distributions(368.0)(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 cash0.6 0.2