10-Q 1 sui-20240331.htm 10-Q sui-20240331
false2024Q10000912593December 3100009125932024-01-012024-03-3100009125932024-04-25xbrli:shares00009125932024-03-31iso4217:USD00009125932023-12-31iso4217:USDxbrli:shares00009125932023-01-012023-03-310000912593us-gaap:CommonStockMember2023-12-310000912593us-gaap:AdditionalPaidInCapitalMember2023-12-310000912593us-gaap:RetainedEarningsMember2023-12-310000912593us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-12-310000912593us-gaap:NoncontrollingInterestMember2023-12-310000912593sui:TotalEquityMember2023-12-310000912593us-gaap:CommonStockMember2024-01-012024-03-310000912593us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310000912593us-gaap:NoncontrollingInterestMember2024-01-012024-03-310000912593sui:TotalEquityMember2024-01-012024-03-310000912593us-gaap:RetainedEarningsMember2024-01-012024-03-310000912593us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-03-310000912593us-gaap:CommonStockMember2024-03-310000912593us-gaap:AdditionalPaidInCapitalMember2024-03-310000912593us-gaap:RetainedEarningsMember2024-03-310000912593us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2024-03-310000912593us-gaap:NoncontrollingInterestMember2024-03-310000912593sui:TotalEquityMember2024-03-3100009125932022-12-310000912593us-gaap:CommonStockMember2022-12-310000912593us-gaap:AdditionalPaidInCapitalMember2022-12-310000912593us-gaap:RetainedEarningsMember2022-12-310000912593us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000912593us-gaap:NoncontrollingInterestMember2022-12-310000912593sui:TotalEquityMember2022-12-310000912593us-gaap:CommonStockMember2023-01-012023-03-310000912593us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000912593us-gaap:NoncontrollingInterestMember2023-01-012023-03-310000912593sui:TotalEquityMember2023-01-012023-03-310000912593sui:SeriesKPreferredOpUnitsMember2023-01-012023-03-310000912593sui:TotalEquityMembersui:SeriesKPreferredOpUnitsMember2023-01-012023-03-310000912593us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-03-310000912593us-gaap:RetainedEarningsMember2023-01-012023-03-3100009125932023-03-310000912593us-gaap:CommonStockMember2023-03-310000912593us-gaap:AdditionalPaidInCapitalMember2023-03-310000912593us-gaap:RetainedEarningsMember2023-03-310000912593us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-03-310000912593us-gaap:NoncontrollingInterestMember2023-03-310000912593sui:TotalEquityMember2023-03-310000912593sui:SeriesKPreferredOpUnitsMember2024-01-012024-03-3100009125932023-01-012023-12-31sui:segement0000912593srt:RevisionOfPriorPeriodErrorCorrectionAdjustmentMember2023-01-012023-03-310000912593sui:MHMember2024-01-012024-03-310000912593sui:RVMember2024-01-012024-03-310000912593sui:MarinasMember2024-01-012024-03-310000912593sui:UKSegmentMember2024-01-012024-03-310000912593sui:MHMember2023-01-012023-03-310000912593sui:RVMember2023-01-012023-03-310000912593sui:MarinasMember2023-01-012023-03-310000912593sui:UKSegmentMember2023-01-012023-03-31sui:leasesui:developmentSite0000912593country:US2024-01-012024-03-310000912593sui:CommonOpUnitsMembersui:PetoskyMember2024-01-012024-03-310000912593us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMembersui:MHOperatingCommunityMember2024-01-012024-03-310000912593sui:SpanishTrailsMHCMember2024-01-012024-03-310000912593sui:FoxRunMember2023-12-31sui:site0000912593sui:SavannahYachtCenterMember2023-12-310000912593sui:FoxRunMember2023-01-012023-06-300000912593sui:SavannahYachtCenterMember2023-01-012023-06-3000009125932023-01-012023-06-300000912593sui:CommonOpUnitsMembersui:FoxRunMember2023-01-012023-01-310000912593sui:CommonOpUnitsMembersui:FoxRunMember2023-01-012023-12-310000912593sui:SavannahYachtCenterMembersui:SeriesKPreferredOpUnitsMember2023-01-012023-12-310000912593sui:CabrilloIsleAndEmeraldCoastMember2023-01-012023-06-300000912593country:US2023-01-012023-12-31sui:landParcel0000912593country:GB2023-01-012023-12-310000912593sui:SunNGResultsTransactionMember2023-01-012023-12-310000912593sui:SunNGRVResortsMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2023-12-012023-12-310000912593sui:MHOperatingCommunityMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2023-08-012023-08-310000912593sui:MHOperatingCommunityMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMemberus-gaap:OtherAssetsMember2023-06-300000912593sui:MHOperatingCommunityMembersui:AssetImpairmentsMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2023-04-012023-06-300000912593sui:MHOperatingCommunityMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2023-06-300000912593sui:UKNonOperatingPropertiesMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2023-02-012023-02-28sui:property0000912593sui:UKNonOperatingPropertiesMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2023-02-280000912593sui:NotesduefromRealEstateDevelopersMembersui:UKNonOperatingPropertiesMember2023-02-012023-02-28utr:Rate0000912593us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMembersui:UKNonOperatingPropertiesMembersui:GainLossOnDispositionOfPropertiesMember2023-01-012023-12-310000912593sui:UKNonOperatingPropertiesMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMembersui:GainLossOnDispositionOfPropertiesMember2023-01-012023-12-310000912593sui:UKMHOperatingCommunityMemberus-gaap:DisposalGroupHeldForSaleOrDisposedOfBySaleNotDiscontinuedOperationsMember2023-01-012023-12-310000912593us-gaap:WhollyOwnedPropertiesMember2023-12-312023-12-310000912593us-gaap:ResidentialRealEstateMember2023-12-312023-12-310000912593sui:SecuredInstallmentNotesReceivableOnManufacturedHomesMember2024-03-310000912593sui:SecuredInstallmentNotesReceivableOnManufacturedHomesMember2023-12-310000912593sui:NotesduefromRealEstateDevelopersMember2024-03-310000912593sui:NotesduefromRealEstateDevelopersMember2023-12-310000912593sui:OtherReceivablesNetMember2024-03-310000912593sui:OtherReceivablesNetMember2023-12-310000912593sui:TotalNotesAndOtherReceivablesMember2024-03-310000912593sui:TotalNotesAndOtherReceivablesMember2023-12-310000912593sui:SecuredInstallmentNotesReceivableOnManufacturedHomesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000912593sui:InstallmentNotesReceivableOnManufacturedHomesNetMember2023-12-310000912593sui:SecuredInstallmentNotesReceivableOnManufacturedHomesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000912593sui:SecuredInstallmentNotesReceivableOnManufacturedHomesMember2024-01-012024-03-31xbrli:pure0000912593sui:SecuredInstallmentNotesReceivableOnManufacturedHomesMember2023-01-012023-12-310000912593sui:RoyaleHoldingsGroupHoldCoLimitedMembersui:NotesDueFromRoyaleHoldingsMembercountry:GB2024-01-012024-03-31sui:realEstateAsset0000912593sui:RoyaleHoldingsGroupHoldCoLimitedMembersui:NotesDueFromRoyaleHoldingsMember2024-03-310000912593sui:RoyaleHoldingsGroupHoldCoLimitedMembersui:NotesDueFromRoyaleHoldingsMembercountry:GB2023-12-310000912593sui:RoyaleHoldingsGroupHoldCoLimitedMembersui:NotesDueFromRoyaleHoldingsMembercountry:GB2023-01-012023-12-310000912593sui:NotesDueFromRoyaleHoldingsMembercountry:GB2023-12-310000912593sui:NotesDueFromRoyaleHoldingsMembercountry:GB2023-01-012023-12-310000912593sui:NotesDueFromRoyaleHoldingsMembercountry:GB2024-01-012024-03-310000912593sui:NotesDueFromOtherRealEstateDevelopersMember2024-03-310000912593sui:NotesDueFromOtherRealEstateDevelopersMember2024-01-012024-03-310000912593sui:NotesDueFromOtherRealEstateDevelopersMember2023-12-310000912593sui:NotesDueFromOtherRealEstateDevelopersMember2023-01-012023-12-310000912593sui:MarinasMember2024-03-310000912593sui:MarinasMember2023-12-310000912593sui:InstallmentNotesReceivableOnManufacturedHomesNetMember2024-03-310000912593sui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000912593sui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000912593sui:SecuredBorrowingsMember2024-03-310000912593sui:CollateralizedReceivablesMember2024-01-012024-03-310000912593sui:SecuredBorrowingsMember2023-12-310000912593sui:CollateralizedReceivablesMember2023-01-012023-03-310000912593sui:CollateralizedReceivablesMember2024-01-012024-03-310000912593sui:MHMember2023-12-310000912593sui:RVMember2023-12-310000912593sui:MarinasMember2023-12-310000912593sui:UKSegmentMember2023-12-310000912593sui:MHMember2024-03-310000912593sui:RVMember2024-03-310000912593sui:MarinasMember2024-03-310000912593sui:UKSegmentMember2024-03-310000912593srt:MinimumMemberus-gaap:LeasesAcquiredInPlaceMember2024-03-310000912593srt:MaximumMemberus-gaap:LeasesAcquiredInPlaceMember2024-03-310000912593us-gaap:LeasesAcquiredInPlaceMember2024-03-310000912593us-gaap:LeasesAcquiredInPlaceMember2023-12-310000912593us-gaap:NoncompeteAgreementsMember2024-03-310000912593us-gaap:NoncompeteAgreementsMember2023-12-310000912593srt:MinimumMemberus-gaap:TrademarksAndTradeNamesMember2024-03-310000912593srt:MaximumMemberus-gaap:TrademarksAndTradeNamesMember2024-03-310000912593us-gaap:TrademarksAndTradeNamesMember2024-03-310000912593us-gaap:TrademarksAndTradeNamesMember2023-12-310000912593srt:MinimumMemberus-gaap:CustomerRelationshipsMember2024-03-310000912593srt:MaximumMemberus-gaap:CustomerRelationshipsMember2024-03-310000912593us-gaap:CustomerRelationshipsMember2024-03-310000912593us-gaap:CustomerRelationshipsMember2023-12-310000912593srt:MinimumMemberus-gaap:FranchiseRightsMember2024-03-310000912593srt:MaximumMemberus-gaap:FranchiseRightsMember2024-03-310000912593us-gaap:FranchiseRightsMember2024-03-310000912593us-gaap:FranchiseRightsMember2023-12-310000912593us-gaap:TrademarksAndTradeNamesMember2024-03-310000912593us-gaap:TrademarksAndTradeNamesMember2023-12-310000912593us-gaap:OtherIntangibleAssetsMember2024-03-310000912593us-gaap:OtherIntangibleAssetsMember2023-12-310000912593us-gaap:LeasesAcquiredInPlaceMember2024-01-012024-03-310000912593us-gaap:LeasesAcquiredInPlaceMember2023-01-012023-03-310000912593us-gaap:NoncompeteAgreementsMember2024-01-012024-03-310000912593us-gaap:NoncompeteAgreementsMember2023-01-012023-03-310000912593us-gaap:TrademarksAndTradeNamesMember2024-01-012024-03-310000912593us-gaap:TrademarksAndTradeNamesMember2023-01-012023-03-310000912593us-gaap:CustomerRelationshipsMember2024-01-012024-03-310000912593us-gaap:CustomerRelationshipsMember2023-01-012023-03-310000912593us-gaap:FranchiseRightsMember2024-01-012024-03-310000912593us-gaap:FranchiseRightsMember2023-01-012023-03-310000912593sui:SungeniaJointVentureMember2023-12-310000912593sui:SungeniaJointVentureMember2024-03-310000912593sui:GTSCLLCMember2023-12-310000912593sui:GTSCLLCMember2024-03-310000912593sui:SVLiftLLCMember2024-03-310000912593sui:SVLiftLLCMember2023-12-310000912593sui:RezPlotSystemsLLCMember2024-01-012024-03-310000912593sui:RezPlotSystemsLLCMember2023-01-012023-03-310000912593sui:SungeniaJointVentureMember2024-01-012024-03-310000912593sui:SungeniaJointVentureMember2023-01-012023-03-310000912593sui:GTSCLLCMember2024-01-012024-03-310000912593sui:GTSCLLCMember2023-01-012023-03-310000912593sui:SVLiftLLCMember2024-01-012024-03-310000912593sui:SVLiftLLCMember2023-01-012023-03-310000912593sui:SungeniaJointVentureMember2022-12-310000912593sui:SungeniaJointVentureMember2023-01-012023-12-310000912593sui:GTSCLLCMember2022-12-310000912593sui:GTSCLLCMember2023-01-012023-12-310000912593sui:SunNGCiscoGroveRVLLCMember2024-01-012024-03-310000912593sui:ThirdPartyMembersui:SunNGCiscoGroveRVLLCMember2024-01-012024-03-310000912593sui:SunNGCoyoteRanchRVLLCMember2024-01-012024-03-310000912593sui:ThirdPartyMembersui:SunNGCoyoteRanchRVLLCMember2024-01-012024-03-310000912593sui:SunNGKittatinnyRVLLCMember2024-01-012024-03-310000912593sui:SunNGKittatinnyRVLLCMembersui:ThirdPartyMember2024-01-012024-03-310000912593sui:SunNGRiverBeachLLCMember2024-01-012024-03-310000912593sui:ThirdPartyMembersui:SunNGRiverBeachLLCMember2024-01-012024-03-310000912593sui:SunNGBeaverBrookRVLLCMember2022-01-012022-06-300000912593sui:SunNGBeaverBrookRVLLCMembersui:ThirdPartyMember2022-01-012022-06-300000912593sui:SunNGBeaverBrookRVLLCMember2024-01-012024-03-310000912593sui:SunNGBeaverBrookRVLLCMembersui:ThirdPartyMember2024-01-012024-03-310000912593us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-03-310000912593us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310000912593us-gaap:LoansPayableMember2024-01-012024-03-310000912593us-gaap:LoansPayableMember2023-01-012023-12-310000912593us-gaap:LoansPayableMember2024-03-310000912593us-gaap:LoansPayableMember2023-12-310000912593sui:CollateralizedReceivablesMember2023-01-012023-12-310000912593sui:SeniorUnsecuredNotesMember2024-01-012024-03-310000912593sui:SeniorUnsecuredNotesMember2023-01-012023-12-310000912593sui:SeniorUnsecuredNotesMember2024-03-310000912593sui:SeniorUnsecuredNotesMember2023-12-310000912593us-gaap:RevolvingCreditFacilityMember2024-03-310000912593us-gaap:RevolvingCreditFacilityMember2023-12-310000912593us-gaap:RevolvingCreditFacilityMember2024-01-012024-03-310000912593us-gaap:RevolvingCreditFacilityMember2023-01-012023-12-310000912593us-gaap:SecuredDebtMember2023-01-012023-12-310000912593us-gaap:SecuredDebtMember2024-01-012024-03-310000912593us-gaap:SecuredDebtMembersui:November12030Member2023-12-310000912593us-gaap:SecuredDebtMembersui:November12030Member2023-10-012023-12-310000912593us-gaap:SecuredDebtMemberus-gaap:LoansPayableMembersui:November12030Member2023-12-310000912593us-gaap:SecuredDebtMembersui:February132026Member2023-03-310000912593us-gaap:SecuredDebtMembersui:February132026Member2023-07-012023-09-300000912593us-gaap:SecuredDebtMemberus-gaap:LoansPayableMembersui:February132026Member2023-03-310000912593sui:April12030April12033Memberus-gaap:SecuredDebtMember2023-03-310000912593sui:April12030April12033Memberus-gaap:SecuredDebtMembersrt:MinimumMember2023-01-012023-03-310000912593sui:April12030April12033Memberus-gaap:SecuredDebtMembersrt:MaximumMember2023-01-012023-03-310000912593sui:April12030April12033Memberus-gaap:SecuredDebtMemberus-gaap:LoansPayableMember2023-03-310000912593us-gaap:LoansPayableMembersui:November12030Member2023-12-31sui:encumberedProperty0000912593us-gaap:LoansPayableMembersui:February132026Member2023-03-310000912593sui:April12030April12033Memberus-gaap:LoansPayableMember2023-03-310000912593sui:PropertiessecuringdebtMemberus-gaap:MortgageBackedSecuritiesMember2024-03-310000912593us-gaap:MortgageBackedSecuritiesMember2024-03-310000912593sui:SeniorUnsecuredNotesJanuary2029MaturityMember2024-01-110000912593sui:SeniorUnsecuredNotesJanuary2029MaturityMember2024-03-310000912593sui:SeniorUnsecuredNotesJanuary2029MaturityMember2023-12-310000912593sui:SeniorUnsecuredNotesJanuary2033MaturityMember2023-01-310000912593sui:SeniorUnsecuredNotesJanuary2033MaturityMember2024-03-310000912593sui:SeniorUnsecuredNotesJanuary2033MaturityMember2023-12-310000912593sui:SeniorUnsecuredNotesApril2032MaturityMember2022-04-150000912593sui:SeniorUnsecuredNotesApril2032MaturityMember2024-03-310000912593sui:SeniorUnsecuredNotesApril2032MaturityMember2023-12-310000912593sui:SeniorUnsecuredNotesNovember2028MaturityMember2021-10-050000912593sui:SeniorUnsecuredNotesNovember2028MaturityMember2024-03-310000912593sui:SeniorUnsecuredNotesNovember2028MaturityMember2023-12-310000912593sui:SeniorUnsecuredNotesJuly2031MaturityFirstTrancheMember2021-06-280000912593sui:SeniorUnsecuredNotesJuly2031MaturityFirstTrancheMember2024-03-310000912593sui:SeniorUnsecuredNotesJuly2031MaturityFirstTrancheMember2023-12-310000912593sui:SeniorUnsecuredNotesJanuary2029MaturityMember2024-01-112024-01-310000912593us-gaap:RevolvingCreditFacilityMember2022-04-070000912593sui:RevolvingLoanMemberus-gaap:RevolvingCreditFacilityMember2022-04-070000912593us-gaap:RevolvingCreditFacilityMembersui:TermLoanMember2022-04-07sui:option0000912593srt:MinimumMemberus-gaap:RevolvingCreditFacilityMembersui:TermLoanMember2023-01-012023-12-310000912593srt:MaximumMemberus-gaap:RevolvingCreditFacilityMembersui:TermLoanMember2023-01-012023-12-310000912593us-gaap:RevolvingCreditFacilityMembersui:TermLoanMember2024-01-012024-03-310000912593sui:RevolvingLoanMemberus-gaap:RevolvingCreditFacilityMember2024-03-310000912593sui:RevolvingLoanMemberus-gaap:RevolvingCreditFacilityMember2023-12-310000912593us-gaap:LineOfCreditMember2024-03-310000912593us-gaap:LineOfCreditMember2023-12-310000912593us-gaap:RevolvingCreditFacilityMembersui:TermLoanMember2019-10-310000912593us-gaap:RevolvingCreditFacilityMembersui:TermLoanMember2019-10-012019-10-310000912593us-gaap:LineOfCreditMembersui:TermLoanMembersrt:MinimumMember2019-10-310000912593us-gaap:LineOfCreditMembersrt:MaximumMembersui:TermLoanMember2019-10-310000912593us-gaap:LineOfCreditMembersui:TermLoanMembersrt:MinimumMember2023-01-012024-03-310000912593us-gaap:LineOfCreditMembersrt:MaximumMembersui:TermLoanMember2023-01-012024-03-310000912593us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2024-03-310000912593sui:UnsecuredTermLoanFacilityMember2024-03-310000912593sui:UnsecuredTermLoanFacilityMember2023-12-310000912593sui:SeriesDPreferredOPUnitsMember2024-03-310000912593sui:SeriesDPreferredOPUnitsMember2024-01-012024-03-310000912593sui:SeriesDPreferredOPUnitsMember2023-12-310000912593sui:SeriesFPreferredOPUnitsMember2024-03-310000912593sui:SeriesFPreferredOPUnitsMember2024-01-012024-03-310000912593sui:SeriesFPreferredOPUnitsMember2023-12-310000912593sui:SeriesGPreferredOPUnitsMember2024-03-310000912593sui:SeriesGPreferredOPUnitsMember2024-01-012024-03-310000912593sui:SeriesGPreferredOPUnitsMember2023-12-310000912593sui:SeriesHPreferredOPUnitsMember2024-03-310000912593sui:SeriesHPreferredOPUnitsMember2024-01-012024-03-310000912593sui:SeriesHPreferredOPUnitsMember2023-12-310000912593sui:SeriesJPreferredOpUnitsMember2024-03-310000912593sui:SeriesJPreferredOpUnitsMember2024-01-012024-03-310000912593sui:SeriesJPreferredOpUnitsMember2023-12-310000912593sui:SeriesKPreferredOpUnitsMember2024-03-310000912593sui:SeriesKPreferredOpUnitsMember2023-12-310000912593sui:RedeemablePreferredOPUnitsMember2024-03-310000912593sui:RedeemablePreferredOPUnitsMember2023-12-310000912593sui:SunSolarEnergyProjectCAIIMember2024-03-310000912593sui:SunSolarEnergyProjectCAIIMember2023-12-310000912593sui:SunSolarJVMember2024-03-310000912593sui:SunSolarJVMember2023-12-310000912593sui:SolarEnergyProjectIIILLCMember2024-03-310000912593sui:SolarEnergyProjectIIILLCMember2023-12-310000912593sui:OtherStandAloneJointVenturesMember2024-03-310000912593sui:OtherStandAloneJointVenturesMember2023-12-310000912593sui:RedeemableEquityInterestsMember2024-03-310000912593sui:RedeemableEquityInterestsMember2023-12-3100009125932023-05-160000912593us-gaap:PreferredStockMember2023-05-1600009125932021-12-012021-12-310000912593sui:December2021SalesAgreementMember2024-01-012024-03-310000912593sui:LandForDevelopmentMembersui:CommonOpUnitsMember2024-03-012024-03-310000912593sui:CommonOpUnitsMembersui:ConversionofCommonOPUnitsMember2024-03-310000912593sui:CommonOpUnitsMembersui:ConversionofCommonOPUnitsMember2024-01-012024-03-310000912593sui:CommonOpUnitsMembersui:ConversionofCommonOPUnitsMember2023-12-310000912593us-gaap:PreferredStockMembersui:SeriesA1PreferredOpUnitsMember2024-03-310000912593us-gaap:PreferredStockMembersui:SeriesA1PreferredOpUnitsMember2024-01-012024-03-310000912593us-gaap:PreferredStockMembersui:SeriesA1PreferredOpUnitsMember2023-12-310000912593sui:SeriesA3PreferredOpUnitsMemberus-gaap:PreferredStockMember2024-03-310000912593sui:SeriesA3PreferredOpUnitsMemberus-gaap:PreferredStockMember2024-01-012024-03-310000912593sui:SeriesA3PreferredOpUnitsMemberus-gaap:PreferredStockMember2023-12-310000912593us-gaap:PreferredStockMembersui:SeriesCpreferredOPunitsMember2024-03-310000912593us-gaap:PreferredStockMembersui:SeriesCpreferredOPunitsMember2024-01-012024-03-310000912593us-gaap:PreferredStockMembersui:SeriesCpreferredOPunitsMember2023-12-310000912593sui:SeriesEPreferredOPUnitsMemberus-gaap:PreferredStockMember2024-03-310000912593sui:SeriesEPreferredOPUnitsMemberus-gaap:PreferredStockMember2024-01-012024-03-310000912593sui:SeriesEPreferredOPUnitsMemberus-gaap:PreferredStockMember2023-12-310000912593us-gaap:PreferredStockMembersui:SeriesLPreferredOPUnitsMember2024-03-310000912593us-gaap:PreferredStockMembersui:SeriesLPreferredOPUnitsMember2024-01-012024-03-310000912593us-gaap:PreferredStockMembersui:SeriesLPreferredOPUnitsMember2023-12-310000912593us-gaap:PreferredStockMembersui:AspenPreferredOpUnitsMember2024-01-012024-03-310000912593us-gaap:CommonStockMembersui:AspenPreferredOpUnitsMember2024-01-012024-03-310000912593us-gaap:PreferredStockMembersui:AspenPreferredOpUnitsMember2023-01-012023-03-310000912593us-gaap:CommonStockMembersui:AspenPreferredOpUnitsMember2023-01-012023-03-310000912593sui:ConversionofCommonOPUnitsMember2024-01-012024-03-310000912593sui:ConversionofCommonOPUnitsMember2023-01-012023-03-310000912593us-gaap:CommonStockMembersui:SeriesA1PreferredOpUnitsMember2024-01-012024-03-310000912593us-gaap:PreferredStockMembersui:SeriesA1PreferredOpUnitsMember2023-01-012023-03-310000912593us-gaap:CommonStockMembersui:SeriesA1PreferredOpUnitsMember2023-01-012023-03-310000912593us-gaap:CommonStockMembersui:SeriesCpreferredOPunitsMember2024-01-012024-03-310000912593us-gaap:PreferredStockMembersui:SeriesCpreferredOPunitsMember2023-01-012023-03-310000912593us-gaap:CommonStockMembersui:SeriesCpreferredOPunitsMember2023-01-012023-03-310000912593sui:SeriesGPreferredOPUnitsMemberus-gaap:PreferredStockMember2024-03-310000912593sui:SeriesGPreferredOPUnitsMemberus-gaap:PreferredStockMember2024-01-012024-03-310000912593sui:SeriesGPreferredOPUnitsMemberus-gaap:CommonStockMember2024-01-012024-03-310000912593sui:SeriesGPreferredOPUnitsMemberus-gaap:PreferredStockMember2023-01-012023-03-310000912593sui:SeriesGPreferredOPUnitsMemberus-gaap:CommonStockMember2023-01-012023-03-310000912593sui:SeriesHPreferredOPUnitsMemberus-gaap:PreferredStockMember2024-03-310000912593sui:SeriesHPreferredOPUnitsMemberus-gaap:PreferredStockMember2024-01-012024-03-310000912593us-gaap:CommonStockMembersui:SeriesHPreferredOPUnitsMember2024-01-012024-03-310000912593sui:SeriesHPreferredOPUnitsMemberus-gaap:PreferredStockMember2023-01-012023-03-310000912593us-gaap:CommonStockMembersui:SeriesHPreferredOPUnitsMember2023-01-012023-03-310000912593us-gaap:PreferredStockMembersui:SeriesJPreferredOpUnitsMember2024-03-310000912593us-gaap:PreferredStockMembersui:SeriesJPreferredOpUnitsMember2024-01-012024-03-310000912593us-gaap:CommonStockMembersui:SeriesJPreferredOpUnitsMember2024-01-012024-03-310000912593us-gaap:PreferredStockMembersui:SeriesJPreferredOpUnitsMember2023-01-012023-03-310000912593us-gaap:CommonStockMembersui:SeriesJPreferredOpUnitsMember2023-01-012023-03-310000912593us-gaap:CommonStockMember2024-01-012024-03-310000912593us-gaap:SubsequentEventMemberus-gaap:CommonStockMember2024-04-012024-04-15sui:plan0000912593sui:A2004NonemployeePlanMembersrt:DirectorMemberus-gaap:RestrictedStockMembersui:TimeBasedMember2024-01-012024-03-310000912593us-gaap:RestrictedStockMembersui:KeyEmployeesAndExecutiveOfficersMembersui:TimeBasedMembersui:TwoThousandFifteenEquityPlanMember2024-01-012024-03-310000912593us-gaap:RestrictedStockMembersui:MarketConditionMembersui:TwoThousandFifteenEquityPlanMembersrt:ExecutiveOfficerMember2024-01-012024-03-310000912593us-gaap:RestrictedStockMembersui:KeyEmployeesMembersui:TimeBasedMembersui:TwoThousandFifteenEquityPlanMember2024-01-012024-03-310000912593us-gaap:RestrictedStockMembersui:TimeBasedMembersui:TwoThousandFifteenEquityPlanMembersrt:ExecutiveOfficerMember2024-01-012024-03-310000912593srt:DirectorMemberus-gaap:RestrictedStockMembersui:TwoThousandAndFourDirectorPlanMembersui:TimeBasedMember2024-01-012024-03-310000912593us-gaap:RestrictedStockMembersui:KeyEmployeesMembersui:TimeBasedMembersui:TwoThousandFifteenEquityPlanMember2023-01-012023-03-310000912593us-gaap:RestrictedStockMembersui:TimeBasedMembersui:TwoThousandFifteenEquityPlanMembersrt:ExecutiveOfficerMember2023-01-012023-03-310000912593us-gaap:RestrictedStockMembersui:MarketConditionMembersui:TwoThousandFifteenEquityPlanMembersrt:ExecutiveOfficerMember2023-01-012023-03-310000912593srt:DirectorMemberus-gaap:RestrictedStockMembersui:TwoThousandAndFourDirectorPlanMembersui:TimeBasedMember2023-01-012023-03-310000912593srt:DirectorMemberus-gaap:RestrictedStockMembersui:TwoThousandAndFourDirectorPlanMembersui:TimeBasedMember2022-01-012022-03-310000912593us-gaap:RestrictedStockMember2024-01-012024-03-310000912593us-gaap:RestrictedStockMember2023-01-012023-03-310000912593sui:MHMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-310000912593sui:RVMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-310000912593sui:MarinasMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-310000912593sui:UKSegmentMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-310000912593us-gaap:OperatingSegmentsMember2024-01-012024-03-310000912593sui:MHMemberus-gaap:OperatingSegmentsMember2023-01-012023-03-310000912593sui:RVMemberus-gaap:OperatingSegmentsMember2023-01-012023-03-310000912593sui:MarinasMemberus-gaap:OperatingSegmentsMember2023-01-012023-03-310000912593sui:UKSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-03-310000912593us-gaap:OperatingSegmentsMember2023-01-012023-03-310000912593us-gaap:MaterialReconcilingItemsMember2024-01-012024-03-310000912593us-gaap:MaterialReconcilingItemsMember2023-01-012023-03-310000912593sui:CommonOpUnitsMember2024-01-012024-03-310000912593sui:CommonOpUnitsMember2023-01-012023-03-310000912593us-gaap:RestrictedStockMember2024-01-012024-03-310000912593us-gaap:RestrictedStockMember2023-01-012023-03-310000912593sui:CommonOpUnitsMember2024-01-012024-03-310000912593sui:CommonOpUnitsMember2023-01-012023-03-310000912593sui:SeriesA1PreferredOpUnitsMember2024-01-012024-03-310000912593sui:SeriesA1PreferredOpUnitsMember2023-01-012023-03-310000912593sui:SeriesA3PreferredOpUnitsMember2024-01-012024-03-310000912593sui:SeriesA3PreferredOpUnitsMember2023-01-012023-03-310000912593sui:AspenPreferredOpUnitsMember2023-01-012023-03-310000912593sui:SeriesCpreferredOPunitsMember2024-01-012024-03-310000912593sui:SeriesCpreferredOPunitsMember2023-01-012023-03-310000912593sui:SeriesDPreferredOPUnitsMember2024-01-012024-03-310000912593sui:SeriesDPreferredOPUnitsMember2023-01-012023-03-310000912593sui:SeriesEPreferredOPUnitsMember2024-01-012024-03-310000912593sui:SeriesEPreferredOPUnitsMember2023-01-012023-03-310000912593sui:SeriesFPreferredOPUnitsMember2024-01-012024-03-310000912593sui:SeriesFPreferredOPUnitsMember2023-01-012023-03-310000912593sui:SeriesGPreferredOPUnitsMember2024-01-012024-03-310000912593sui:SeriesGPreferredOPUnitsMember2023-01-012023-03-310000912593sui:SeriesHPreferredOPUnitsMember2024-01-012024-03-310000912593sui:SeriesHPreferredOPUnitsMember2023-01-012023-03-310000912593sui:SeriesJPreferredOpUnitsMember2024-01-012024-03-310000912593sui:SeriesJPreferredOpUnitsMember2023-01-012023-03-310000912593sui:SeriesKPreferredOpUnitsMember2024-01-012024-03-310000912593sui:SeriesKPreferredOpUnitsMember2023-01-012023-03-310000912593sui:SeriesLMember2024-01-012024-03-310000912593us-gaap:CashFlowHedgingMembersui:TreasuryLockAndInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-03-31sui:Contract0000912593us-gaap:CashFlowHedgingMembersui:TreasuryLockAndInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000912593us-gaap:CashFlowHedgingMembersui:TreasuryLockAndInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-03-310000912593us-gaap:InterestRateSwapMember2024-03-31sui:contract0000912593sui:InterestRateSwapGBPMember2023-03-310000912593sui:InterestRateSwapUSDMember2023-03-31iso4217:GBP0000912593us-gaap:ForwardContractsMember2024-01-31sui:segment0000912593us-gaap:TreasuryLockMember2023-03-310000912593sui:ForwardSwapMember2023-03-310000912593us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMembersui:InterestRateSwapAndForwardContractsMember2024-03-310000912593us-gaap:CashFlowHedgingMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMembersui:InterestRateSwapAndForwardContractsMember2024-03-310000912593us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMembersui:InterestRateSwapAndForwardContractsMember2023-12-310000912593us-gaap:CashFlowHedgingMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMembersui:InterestRateSwapAndForwardContractsMember2023-12-310000912593us-gaap:CashFlowHedgingMembersui:TreasuryLockAndInterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-03-310000912593us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000912593us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000912593us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000912593us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000912593us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000912593us-gaap:CarryingReportedAmountFairValueDisclosureMembersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000912593us-gaap:FairValueInputsLevel1Membersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000912593us-gaap:FairValueInputsLevel2Membersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000912593us-gaap:FairValueInputsLevel3Membersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000912593sui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000912593sui:NotesReceivableFromRealEstateDevelopersMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000912593us-gaap:FairValueInputsLevel1Membersui:NotesReceivableFromRealEstateDevelopersMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000912593us-gaap:FairValueInputsLevel2Membersui:NotesReceivableFromRealEstateDevelopersMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000912593sui:NotesReceivableFromRealEstateDevelopersMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000912593sui:NotesReceivableFromRealEstateDevelopersMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000912593us-gaap:FairValueInputsLevel1Member2024-03-310000912593us-gaap:FairValueInputsLevel2Member2024-03-310000912593us-gaap:FairValueInputsLevel3Member2024-03-310000912593us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000912593us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000912593us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000912593us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000912593us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000912593us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000912593us-gaap:CarryingReportedAmountFairValueDisclosureMembersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000912593us-gaap:FairValueInputsLevel1Membersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000912593us-gaap:FairValueInputsLevel2Membersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000912593us-gaap:FairValueInputsLevel3Membersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000912593sui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000912593sui:NotesReceivableFromRealEstateDevelopersMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000912593us-gaap:FairValueInputsLevel1Membersui:NotesReceivableFromRealEstateDevelopersMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000912593us-gaap:FairValueInputsLevel2Membersui:NotesReceivableFromRealEstateDevelopersMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000912593sui:NotesReceivableFromRealEstateDevelopersMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000912593sui:NotesReceivableFromRealEstateDevelopersMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000912593us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000912593us-gaap:FairValueInputsLevel1Member2023-12-310000912593us-gaap:FairValueInputsLevel2Member2023-12-310000912593us-gaap:FairValueInputsLevel3Member2023-12-310000912593us-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000912593sui:MarketableSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000912593sui:MarketableSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000912593sui:MarketableSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-12-310000912593sui:MarketableSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000912593sui:MarketableSecuritiesMembersui:IngeniaCommunitiesGroupMember2023-01-012023-12-310000912593sui:IngeniaCommunitiesGroupMember2023-01-012023-12-310000912593us-gaap:CashFlowHedgingMemberus-gaap:TreasuryLockMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-04-122022-04-120000912593us-gaap:FairValueInputsLevel3Membersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000912593us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersui:NotesReceivableFromRealEstateDevelopersAndOperatorsMember2023-12-310000912593sui:WarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000912593us-gaap:FairValueInputsLevel3Membersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000912593us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersui:NotesReceivableFromRealEstateDevelopersAndOperatorsMember2022-12-310000912593sui:WarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000912593sui:NetEarningsLossMemberus-gaap:FairValueInputsLevel3Membersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-012024-03-310000912593sui:NetEarningsLossMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersui:NotesReceivableFromRealEstateDevelopersAndOperatorsMember2024-01-012024-03-310000912593sui:NetEarningsLossMembersui:WarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-01-012024-03-310000912593sui:NetEarningsLossMemberus-gaap:FairValueInputsLevel3Membersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-03-310000912593sui:NetEarningsLossMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersui:NotesReceivableFromRealEstateDevelopersAndOperatorsMember2023-01-012023-03-310000912593sui:NetEarningsLossMembersui:WarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-03-310000912593us-gaap:FairValueInputsLevel3Membersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMembersui:PurchasesAndInssurancesMember2024-01-012024-03-310000912593us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersui:PurchasesAndInssurancesMembersui:NotesReceivableFromRealEstateDevelopersAndOperatorsMember2024-01-012024-03-310000912593sui:WarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersui:PurchasesAndInssurancesMember2024-01-012024-03-310000912593us-gaap:FairValueInputsLevel3Membersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMembersui:PurchasesAndInssurancesMember2023-01-012023-03-310000912593us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersui:PurchasesAndInssurancesMembersui:NotesReceivableFromRealEstateDevelopersAndOperatorsMember2023-01-012023-03-310000912593sui:WarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersui:PurchasesAndInssurancesMember2023-01-012023-03-310000912593us-gaap:FairValueInputsLevel3Membersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMembersui:SalesAndSettlementsMember2024-01-012024-03-310000912593us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersui:SalesAndSettlementsMembersui:NotesReceivableFromRealEstateDevelopersAndOperatorsMember2024-01-012024-03-310000912593sui:WarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersui:SalesAndSettlementsMember2024-01-012024-03-310000912593us-gaap:FairValueInputsLevel3Membersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMembersui:SalesAndSettlementsMember2023-01-012023-03-310000912593us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersui:SalesAndSettlementsMembersui:NotesReceivableFromRealEstateDevelopersAndOperatorsMember2023-01-012023-03-310000912593sui:WarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersui:SalesAndSettlementsMember2023-01-012023-03-310000912593us-gaap:FairValueInputsLevel3Membersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-012024-03-310000912593us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersui:NotesReceivableFromRealEstateDevelopersAndOperatorsMember2024-01-012024-03-310000912593sui:WarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-01-012024-03-310000912593us-gaap:FairValueInputsLevel3Membersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-03-310000912593us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersui:NotesReceivableFromRealEstateDevelopersAndOperatorsMember2023-01-012023-03-310000912593sui:WarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-03-310000912593us-gaap:FairValueInputsLevel3Membersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMembersui:OtherAdjustmentsMember2024-01-012024-03-310000912593us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersui:OtherAdjustmentsMembersui:NotesReceivableFromRealEstateDevelopersAndOperatorsMember2024-01-012024-03-310000912593sui:WarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersui:OtherAdjustmentsMember2024-01-012024-03-310000912593us-gaap:FairValueInputsLevel3Membersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMembersui:OtherAdjustmentsMember2023-01-012023-03-310000912593us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersui:OtherAdjustmentsMembersui:NotesReceivableFromRealEstateDevelopersAndOperatorsMember2023-01-012023-03-310000912593sui:WarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersui:OtherAdjustmentsMember2023-01-012023-03-310000912593us-gaap:FairValueInputsLevel3Membersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000912593us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersui:NotesReceivableFromRealEstateDevelopersAndOperatorsMember2024-03-310000912593sui:WarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000912593us-gaap:FairValueInputsLevel3Membersui:InstallmentNotesReceivableOnManufacturedHomesNetMemberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000912593us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersui:NotesReceivableFromRealEstateDevelopersAndOperatorsMember2023-03-310000912593sui:WarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000912593sui:TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMember2023-12-310000912593us-gaap:FairValueInputsLevel3Membersui:ContingentConsiderationLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000912593us-gaap:FairValueInputsLevel3Membersui:ContingentConsiderationLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000912593us-gaap:FairValueInputsLevel3Membersui:TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-012024-03-310000912593us-gaap:FairValueInputsLevel3Membersui:ContingentConsiderationLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-012024-03-310000912593us-gaap:FairValueInputsLevel3Membersui:ContingentConsiderationLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-03-310000912593sui:TransfersAccountedForAsSecuredBorrowingsAssociatedLiabilitiesMember2024-03-310000912593us-gaap:FairValueInputsLevel3Membersui:ContingentConsiderationLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000912593us-gaap:FairValueInputsLevel3Membersui:ContingentConsiderationLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2023-03-310000912593sui:InReManufacturedHomeLotRentsAntitrustLitigationNo.123Cv06715MemberMember2023-08-31sui:defendant0000912593sui:HurricaneIanMember2022-09-280000912593sui:HurricaneIanMember2024-03-310000912593sui:HurricaneIanMember2023-12-310000912593sui:HurricaneIanMember2024-01-012024-03-310000912593us-gaap:FloodMembersui:RVMember2023-12-310000912593us-gaap:FloodMembersui:RVMember2023-10-012023-12-310000912593us-gaap:FloodMembersui:RVMember2024-01-012024-03-310000912593us-gaap:FloodMembersui:DebrisRemovalAndCleanUpMembersui:RVMember2024-01-012024-03-310000912593sui:RealEstateOperatorMember2024-01-012024-03-310000912593sui:RealEstateOperatorMember2023-01-012023-03-310000912593sui:ParkHolidaysMembercountry:GB2024-03-310000912593sui:ParkHolidaysMembercountry:GB2023-12-310000912593us-gaap:SubsequentEventMembersui:PortMilfordMember2024-04-010000912593us-gaap:SubsequentEventMembersui:PortMilfordMember2024-04-012024-04-010000912593us-gaap:SubsequentEventMembersui:OakLeafMember2024-04-150000912593us-gaap:SubsequentEventMembersui:OakLeafMember2024-04-152024-04-150000912593us-gaap:SubsequentEventMembersui:BerthOnePalmBeachMember2024-04-150000912593us-gaap:SubsequentEventMembersui:BerthOnePalmBeachMember2024-04-152024-04-150000912593us-gaap:SubsequentEventMember2024-04-150000912593us-gaap:SubsequentEventMember2024-04-012024-04-150000912593sui:CommonOpUnitsMembersui:PortMilfordMember2024-04-012024-04-01

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 March 31, 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 April 25, 2024: 124,634,174



INDEX
  
PART I – FINANCIAL INFORMATION
 
Item 1.Consolidated Financial Statements
 
Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023
 
Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (Unaudited)
 
Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2024 and 2023 (Unaudited)
Consolidated Statements of Equity for the Three Months Ended March 31, 2024 and 2023 (Unaudited)
 
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 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)
March 31, 2024December 31, 2023
Assets  
Land$4,551.7 $4,278.2 
Land improvements and buildings11,529.5 11,682.2 
Rental homes and improvements755.9 744.4 
Furniture, fixtures and equipment1,031.3 1,011.7 
Investment property17,868.4 17,716.5 
Accumulated depreciation(3,410.5)(3,272.9)
Investment property, net (see Note 8 at VIEs)
14,457.9 14,443.6 
Cash, cash equivalents and restricted cash (see Note 8 at VIEs)
132.5 42.7 
Inventory of manufactured homes191.0 205.6 
Notes and other receivables, net469.1 421.6 
Collateralized receivables, net56.5 56.2 
Goodwill731.4 733.0 
Other intangible assets, net (see Note 8 at VIEs)
361.7 369.5 
Other assets, net (see Note 8 at VIEs)
713.2 668.5 
Total Assets$17,113.3 $16,940.7 
Liabilities  
Mortgage loans payable (see Note 9; Note 8 at VIEs)
$3,465.5 $3,478.9 
Secured borrowings on collateralized receivables (See Note 5)
56.1 55.8 
Unsecured debt (see Note 9; Note 8 at VIEs)
4,350.4 4,242.6 
Distributions payable119.7 118.2 
Advanced reservation deposits and rent (see Note 8 at VIEs)
480.4 344.5 
Accrued expenses and accounts payable (see Note 8 at VIEs)
370.4 313.7 
Other liabilities (see Note 8 at VIEs)
987.5 953.1 
Total Liabilities9,830.0 9,506.8 
Commitments and contingencies (see Note 17)
Temporary equity (see Note 10; Note 8 at VIEs)
259.7 260.9 
Shareholders' Equity  
Common stock, $0.01 par value. Authorized: 360.0 shares; Issued and outstanding: 124.6 at March 31, 2024 and 124.4 at December 31, 2023
1.2 1.2 
Additional paid-in capital9,471.4 9,466.9 
Accumulated other comprehensive income6.7 12.2 
Distributions in excess of accumulated earnings(2,540.6)(2,397.5)
Total SUI shareholders' equity6,938.7 7,082.8 
Noncontrolling interests  
Common and preferred OP units84.9 90.2 
Total noncontrolling interests84.9 90.2 
Total Shareholders' Equity7,023.6 7,173.0 
Total Liabilities, Temporary Equity and Shareholders' Equity$17,113.3 $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 Ended
 March 31, 2024March 31, 2023
Revenues
As Restated
Real property
$476.9 $441.6 
Home sales
68.9 86.3 
Service, retail, dining and entertainment
117.9 102.4 
Interest
4.6 11.4 
Brokerage commissions and other, net
3.0 9.5 
Total Revenues
671.3 651.2 
Expenses
Property operating and maintenance
159.7 157.2 
Real estate tax
31.3 30.1 
Home costs and selling
51.9 62.6 
Service, retail, dining and entertainment
115.9 99.8 
General and administrative
78.5 64.1 
Catastrophic event-related charges, net (see Note 17)
7.2 1.0 
Business combinations
 2.8 
Depreciation and amortization
165.3 155.6 
Asset impairments
20.7 2.4 
Goodwill impairment (see Note 6)
 15.4 
Loss on extinguishment of debt (see Note 9)
0.6  
Interest
89.7 76.6 
Interest on mandatorily redeemable preferred OP units / equity
 1.0 
Total Expenses
720.8 668.6 
Loss Before Other Items
(49.5)(17.4)
Loss on remeasurement of marketable securities (see Note 16)
 (19.9)
Gain / (loss) on foreign currency exchanges
1.1 (2.7)
Gain / (loss) on dispositions of properties (see Note 3)
5.4 (1.6)
Other income / (expense), net
8.0 (1.0)
Loss on remeasurement of notes receivable (see Note 4)
(0.7)(1.7)
Income / (loss) from nonconsolidated affiliates (see Note 7)
1.4 (0.2)
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates (see Note 7)
5.2 (4.5)
Current tax expense (see Note 13)
(2.1)(3.9)
Deferred tax benefit (see Note 13)
5.7 4.6 
Net Loss
(25.5)(48.3)
Less: Preferred return to preferred OP units / equity interests
3.2 2.4 
Less: Loss attributable to noncontrolling interests
(1.3)(5.8)
Net Loss Attributable to SUI Common Shareholders
$(27.4)$(44.9)
Weighted average common shares outstanding - basic
123.6 123.3 
Weighted average common shares outstanding - diluted
126.6 126.2 
Basic loss per share (see Note 14)
$(0.22)$(0.36)
Diluted loss per share (see Note 14)
$(0.22)$(0.36)

See accompanying Notes to Consolidated Financial Statements.



2


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

 Three Months Ended
 March 31, 2024March 31, 2023
As Restated
Net Loss
$(25.5)$(48.3)
Foreign Currency Translation
Foreign currency translation gain / (loss) arising during period
(9.2)16.9 
Adjustment for accumulated foreign currency translation loss reclassified into earnings
 11.9 
Net foreign currency translation gain / (loss)
(9.2)28.8 
Cash Flow Hedges
Change in unrealized gain / (loss) on interest rate derivatives
8.8 (8.6)
Less: Interest rate derivative gain reclassified to earnings
(4.9)(2.3)
Net unrealized gain / (loss) on interest rate derivatives
3.9 (10.9)
Total Comprehensive Loss
(30.8)(30.4)
Less: Comprehensive loss attributable to noncontrolling interests
1.1 5.2 
Comprehensive Loss attributable to SUI
$(29.7)$(25.2)

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)
Conversion of OP units(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 

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)
Conversion of OP units— 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 

See accompanying Notes to Consolidated Financial Statements.



4


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

 Three Months Ended
 March 31, 2024March 31, 2023
Operating Activities 
Net Cash Provided By Operating Activities$242.5 $194.5 
Investing Activities  
Investment in properties(160.6)(301.8)
Acquisitions, net of cash acquired(29.9)(47.9)
Proceeds from deposit on acquisition0.9 1.4 
Proceeds from insurance2.3 4.9 
Proceeds from disposition of assets and depreciated homes, net2.0 15.5 
Proceeds related to disposition of properties51.7 0.2 
Issuance of notes and other receivables(2.0)(6.2)
Repayments of notes and other receivables7.2 3.3 
Investments in nonconsolidated affiliates(4.3)(2.7)
Distributions of capital from nonconsolidated affiliates5.6 11.4 
Net Cash Used For Investing Activities(127.1)(321.9)
Financing Activities  
Issuance and costs of common stock, OP units and preferred OP units, net(0.3) 
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards(7.6)(11.0)
Borrowings on lines of credit1,260.5 626.0 
Payments on lines of credit(1,637.8)(951.1)
Proceeds from issuance of other debt499.4 583.0 
Contributions from noncontrolling interest 1.7 
Payments on other debt(14.2)(19.8)
Distributions(121.4)(113.6)
Payments for deferred financing costs, net of prepaid return(4.0)(3.6)
Net Cash Provided By / (Used For) Financing Activities(25.4)111.6 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(0.2)0.2 
Net change in cash, cash equivalents and restricted cash89.8 (15.6)
Cash, cash equivalents and restricted cash, beginning of period42.7 90.4 
Cash, Cash Equivalents and Restricted Cash, End of Period$132.5 $74.8 

Three Months Ended
March 31, 2024March 31, 2023
Supplemental Information  
Cash paid for interest (net of capitalized interest of $2.7 and $2.5, respectively)
$87.4 $72.2 
Cash paid for interest on mandatorily redeemable debt$ $1.0 
Cash paid for income taxes$0.6 $10.0 
Noncash investing and financing activities  
Reduction in secured borrowing balance$1.2 $ 
Change in distributions declared and outstanding$1.5 $6.9 
Conversion of common and preferred OP units$2.1 $7.3 
Assets held for sale, net (included within Other Assets, net and Other Liabilities)$ $262.1 
ROU asset obtained from new operating lease liabilities$3.2 $0.2 
Issuance of notes and other receivables in relation to disposition of properties$ $111.2 
Noncash investing and financing activities at the date of acquisition
Acquisitions - Common stock and OP units issued$0.6 $4.5 
Acquisitions - Series K preferred interest$ $100.0 
See accompanying Notes to Consolidated Financial Statements.



5

SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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.

Significant Accounting Policies: Investment Property

Investment property is recorded at cost, less accumulated depreciation.

Impairment of long-lived assets - we review the carrying value of long-lived assets to be held for use for impairment quarterly or whenever events or changes in circumstances indicate a possible impairment. Future events could occur which would cause us to conclude that impairment indicators exist, and significant adverse changes in national, regional, or local market conditions or trends may cause us to change the estimates and assumptions used in our impairment analysis. The results of an impairment analysis could be material to our financial statements. Our primary indicator for potential impairment is based on NOI trends period over period. Circumstances that may prompt a test of recoverability may include a significant decrease in the anticipated market price, an adverse change to the extent or manner in which an asset may be used or in its physical condition or other events that may significantly change the value of the long-lived asset. An impairment loss is recognized when a long-lived asset's carrying value is not recoverable and exceeds estimated fair value.

We estimate the fair value of our long-lived assets based on discounted future cash flows and any potential disposition proceeds for a given asset. Forecasting cash flows requires management to make estimates and assumptions about such variables as the estimated holding period, rental rates, occupancy, development and operating expenses during the holding period, as well as capitalization rates. Management uses its best judgment when developing these estimates and assumptions.

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, stockholders' equity or cash flows for any of the reclassifications.




6

SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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 footnotes 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 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, non-cash goodwill impairment increased Net loss on our Consolidated Statements of Operations by $15.4 million.

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
March 31, 2024
March 31, 2023(1)
MHRVMarinaUKConsolidatedMHRVMarinaUKConsolidated
Revenues
Real property
$238.0 $104.5 $96.4 $38.0 $476.9 $224.0 $99.6 $89.1 $28.9 $441.6 
Home sales
27.3 5.5  36.1 68.9 40.8 6.4  39.1 86.3 
Service, retail, dining and entertainment
2.6 6.5 104.5 4.3 117.9 2.6 5.8 91.1 2.9 102.4 
Interest
3.1 1.4 0.1  4.6 10.3 0.9 0.2  11.4 
Brokerage commissions and other, net
1.0 0.7 1.0 0.3 3.0 3.8 4.7 0.9 0.1 9.5 
Total Revenues
$272.0 $118.6 $202.0 $78.7 $671.3 $281.5 $117.4 $181.3 $71.0 $651.2 
(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.




7

SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
3. Real Estate Acquisitions and Dispositions

2024 Acquisitions
We did not acquire any operating properties during the three months ended March 31, 2024. During the same period, we entered into a ground lease to support one marina with eight wet slips and dry storage spaces.

2024 Development and Expansion Activities

During the three months ended March 31, 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.

During the three months ended March 31, 2024, we acquired two buildings related to our marinas located in the U.S. for an aggregate purchase price of $13.7 million.

2024 Dispositions

In February 2024, we sold two MH communities located in Arizona and Florida with 533 developed sites for total cash consideration of $51.7 million. The gain from the sale of the properties was $6.2 million and was recorded in Gain / (loss) on dispositions of properties on our Consolidated Statements of Operations.

2023 Acquisitions

For the year ended December 31, 2023, we acquired the following properties:

Property Name(1)
TypeSites, Wet Slips and Dry Storage SpacesDevelopment SitesState, Province or CountryMonth Acquired
Fox RunMH: asset acquisition68 72 MIJanuary
Savannah Yacht CenterMarina: asset acquisition24  GAMarch
Total92 72 
(1) Property names are subject to changes subsequent to acquisition.

The following table summarizes the amounts of assets acquired, net of liabilities assumed at the acquisition date and the consideration paid for the acquisitions completed in 2023 (in millions):

At Acquisition DateConsideration
Investment in propertyInventory of manufactured homes, boat parts
and retail
related items
In-place leases, goodwill and other intangible assetsOther assets / (liabilities), netTotal identifiable assets acquired net of liabilities assumedCash and escrow
Temporary and permanent equity(1)
Total consideration
Asset Acquisition(2)
Fox Run(3)
$7.2 $ $ $ $7.2 $2.8 $4.4 $7.2 
Savannah Yacht Center(4)
100.2 0.1 0.4 4.2 104.9 4.3 100.6 104.9 
Total$107.4 $0.1 $0.4 $4.2 $112.1 $7.1 $105.0 $112.1 
(1) Refer to Note 10, "Equity and Temporary Equity," for additional detail.
(2) Property names are subject to changes subsequent to acquisition.
(3) In conjunction with the acquisition, the Operating Partnership issued 31,289 common OP units valued at $4.4 million.
(4) In conjunction with the acquisition, the Operating Partnership issued one million Series K preferred OP units valued at $100.6 million.

During the year ended December 31, 2023, we incurred and capitalized $3.1 million of transaction costs, which have been allocated among the various fixed asset categories for purchases that meet the asset acquisition criteria. During the year ended December 31, 2023, we recognized $3.0 million of business combination expenses in connection with transactions completed during 2022.




8

SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
2023 Development and Expansion Activities

During the year ended December 31, 2023, we acquired four land parcels located in the U.S. and one land parcel in the United Kingdom for an aggregate purchase price of $35.8 million.

2023 Dispositions

In December 2023, as part of a transaction with our joint venture partners in Sun NG RV Resorts, Sun NG Whitewater RV Resorts LLC, Sun NG Beaver Brook LLC and four standalone affiliates (collectively, "Sun NG"), we disposed of our majority equity interest owned in three consolidated joint venture RV properties with 955 developed sites.

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.

Real Estate Held For Sale - Changes to a Plan of Sale

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

In February 2023, the criteria was met to classify Sandy Bay, an operating MH community in the United Kingdom, with 730 developed sites, as held for sale. Previously, this property had been under contract. At December 31, 2023, the sale contract was no longer in effect, and due to an unexpected change in circumstance related to the counterparty, we reclassified the property as held for use. In accordance with ASC Topic 360, "Property, Plant, and Equipment," we recorded the property at the lower of the carrying amount before the asset was held for sale, adjusted for depreciation and amortization expense that would have been recognized had the asset been continually classified as held for use, and the fair value at the time of the reclassification. During the three months ended December 31, 2023, we recorded depreciation and amortization expense of $1.3 million in conjunction with the reclassification of the property. The following assets and liabilities, which were previously classified as held for sale within Other assets and Other liabilities, respectively, were reclassified as of December 31, 2023: Investment in property, net of $259.0 million, Inventory of manufactured homes of $4.6 million, Other intangible assets of $1.3 million and Other liabilities, net of $55.8 million.

Refer to Note 20, "Subsequent Events," for information regarding acquisitions completed after March 31, 2024.

4. Notes and Other Receivables

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

 March 31, 2024December 31, 2023
Installment notes receivable on manufactured homes, net$38.3 $19.6 
Notes receivable from real estate developers and operators127.7 134.5 
Other receivables, net303.1 267.5 
Total Notes and Other Receivables, net$469.1 $421.6 




9

SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
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 Topic 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 $38.3 million (gross installment notes receivable of $39.1 million less fair value adjustment of $0.8 million) and $19.6 million (gross installment notes receivable of $20.4 million less fair value adjustment of $0.8 million) as of March 31, 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 6.6% and 18.2 years as of March 31, 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 Topic 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 March 31, 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 $127.7 million with a net weighted average interest rate and maturity of 9.3% and 2.6 years as of March 31, 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 March 31, 2024, the additional acquisition and construction loans provided to real estate developers have $38.3 million of undrawn funds. There were no adjustments to the fair value of notes receivable from real estate developers during the three months ended March 31, 2024 and the year ended December 31, 2023.



10

SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Other Receivables, net

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

 March 31, 2024December 31, 2023
MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net(1)
$83.2 $65.9 
Insurance receivables65.2 77.8 
Home sale proceeds
54.8 28.2 
Marina customers for storage, service and lease payments, net(2)
52.8 46.8 
Other receivables47.1 48.8 
Total Other Receivables, net$303.1 $267.5 
(1)Net of allowance of $5.0 million and $4.8 million as of March 31, 2024 and December 31, 2023, respectively.
(2)Net of allowance of $3.1 million and $2.9 million as of March 31, 2024 and December 31, 2023, respectively.

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, along with an agreed upon future cash payment of $1.1 million from the third-party servicer, in exchange for relinquishing our right, title and interest in the receivables. We used the proceeds to pay down borrowings outstanding under our senior credit facility. 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 $56.5 million (gross collateralized receivable of $57.8 million less fair value adjustments of $1.3 million) and $56.2 million (gross collateralized receivable of $59.1 million less fair value adjustments of $2.9 million) as of March 31, 2024 and December 31, 2023, respectively. The balance of secured borrowings on collateralized receivables was $56.1 million (gross secured borrowings of $52.6 million plus fair value adjustments of $3.5 million) and $55.8 million (gross secured borrowings of $53.9 million plus fair value adjustments of $1.9 million) as of March 31, 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 13.9 years as of March 31, 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 months ended March 31, 2024 was $1.2 million.

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.




11

SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
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 three months ended March 31, 2024 by reportable segment were as follows (in millions):

MHRVMarinaUKTotal
Balance as of December 31, 2023(1)
$ $9.5 $541.5 $182.0 $733.0 
Currency Translation Adjustment   (1.6)(1.6)
Balance as of March 31, 2024
$ $9.5 $541.5 $180.4 $731.4 
Accumulated impairment losses as of March 31, 2024(2)
$ $ $ $369.9 $369.9 
(1) Recast to reflect segment changes.
(2) During the three months ended March 31, 2024, we performed a qualitative assessment of our goodwill balance in accordance with ASC 350-20, "Goodwill and Other." We concluded that the fair value of each respective reporting segment was more-likely-than-not greater than its carrying value. Accordingly, there were no goodwill impairment charges recorded during the three months ended March 31, 2024. For the year ended December 31, 2023, we recorded aggregate non-cash impairment charges of $369.9 million 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 changes in the macroeconomic environment, as well as inflationary pressures in the UK causing a decline in financial projections.

We evaluate goodwill for impairment on an annual basis and at an interim date, if indicators of potential impairment exist. During the three months ended March 31, 2024, we voluntarily changed our annual impairment assessment date from April 1 to October 31 for the UK reporting segment. As the last quantitative impairment test was performed as of December 31, 2023, there will not be more than 12 months that have elapsed between goodwill impairment tests of the UK reporting segment.

The change in measurement date represents a change in method of applying an accounting principle. This change is preferable because it better aligns our goodwill impairment testing procedures with our annual planning process, our fiscal year-end, and with the annual testing for our Marina segment. We continue to monitor each reporting segment for triggering events for purposes of goodwill impairment testing.

The change in accounting principle did not result in any, nor do we expect the change in accounting principle to result in any delay, acceleration or avoidance of an impairment charge.

Other Intangible Assets, net

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

March 31, 2024December 31, 2023
Other Intangible AssetUseful LifeGross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
In-place leases
2 months - 13 years
$166.1 $(147.5)$166.0 $(146.2)
Non-competition agreements5 years10.5 (6.7)10.5 (6.2)
Trademarks and trade names
3 - 15 years
84.6 (13.7)85.3 (12.3)
Customer relationships
4 - 17 years
131.6 (40.5)131.6 (37.3)
Franchise agreements and other intangible assets
1 - 27 years
48.4 (15.1)48.4 (14.3)
Total finite-lived assets$441.2 $(223.5)$441.8 $(216.3)
Indefinite-lived assets - Trademarks and trade namesN/A141.0 — 141.0 — 
Indefinite-lived assets - OtherN/A3.0 — 3.0 — 
Total indefinite-lived assets$144.0 $— $144.0 $— 
Total$585.2 $(223.5)$585.8 $(216.3)




12

SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Amortization expenses related to our Other intangible assets were as follows (in millions):

Three Months Ended
Other Intangible Asset Amortization ExpenseMarch 31, 2024March 31, 2023
In-place leases$1.9 $3.6 
Non-competition agreements0.5 0.5 
Trademarks and trade names1.4 1.5 
Customer relationships3.2 3.2 
Franchise fees and other intangible assets0.7 0.9 
Total$7.7 $9.7 

We anticipate amortization expense for Other intangible assets to be as follows for the next five years (in millions):

Other Intangible Asset Future Amortization ExpenseRemainder 20242025202620272028
In-place leases$5.1 $6.1 $3.9 $2.3 $0.9 
Non-competition agreements1.6 2.1 0.1   
Trademarks and trade names4.3 5.7 5.7 5.4 5.3 
Customer relationships9.5 12.7 12.3 12.2 12.1 
Franchise agreements and other intangible assets2.3