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WKN: 888745 | ISIN: US8666741041 | Ticker-Symbol: SCZ
Frankfurt
11.12.24
21:55 Uhr
115,00 Euro
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SUN COMMUNITIES INC Chart 1 Jahr
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Sun Communities, Inc.: Sun Communities Reports Results for the Third Quarter and First Nine Months of 2024

Finanznachrichten News

Net Income per Diluted Share of $2.31 for the Quarter

Core FFO per Share of $2.34 for the Quarter

North America Same Property NOI increased by 0.5% for the Quarter and
3.6% for the First Nine Months of 2024 versus corresponding 2023 Periods

North America Same Property Adjusted Blended Occupancy for MH and RV of 98.8% represents
a 160 basis point year-over-year increase

Revising Full-Year Core FFO per Share Guidance for 2024 to $6.76 - $6.84

Revising Full-Year North America Same Property NOI Growth Guidance for 2024 to 2.6% - 3.3% and Revising Full-Year UK Same Property NOI Growth Guidance Range to 7.1% - 8.7%

Establishing Preliminary Guidance for 2025 Rental Rate Increases of 5.2% for MH, 5.1% for Annual RV, and 3.7% for Marina in North America, and 3.7% for UK

Southfield, MI, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE: SUI) (the "Company" or "SUI"), a real estate investment trust ("REIT") that owns and operates, or has an interest in, manufactured housing ("MH") and recreational vehicle ("RV") communities and marinas (collectively, the "properties"), today reported its third quarter results for 2024.

Financial Results for the Quarter and Nine Months Ended September 30, 2024

  • For the quarter ended September 30, 2024, net income attributable to common shareholders was $288.7 million, or $2.31 per diluted share, compared to net income attributable to common shareholders of $120.1 million, or $0.97 per diluted share for the same period in 2023.

  • For the nine months ended September 30, 2024, net income attributable to common shareholders was $313.4 million, or $2.51 per diluted share, compared to a net loss attributable to common shareholders of $132.4 million, or $1.07 per diluted share for the same period in 2023.

Non-GAAP Financial Measures

  • Core Funds from Operations ("Core FFO") for the quarter and nine months ended September 30, 2024, was $2.34 per common share and dilutive convertible securities ("Share") and $5.39 per Share, respectively, as compared to $2.57 and $5.76 for the same periods in 2023.
  • Same Property Net Operating Income ("NOI")
  • North American Same Property NOI increased by $1.9 million and $31.3 million, or 0.5% and 3.6%, respectively, for the quarter and nine months ended September 30, 2024, as compared to the corresponding periods in 2023.

  • UK Same Property NOI decreased by $0.7 million, or 2.3%, for the quarter ended September 30, 2024, and increased by $4.3 million, or 7.7% for the nine months ended September 30, 2024, as compared to the corresponding periods in 2023.

"Year-to-date we have achieved solid growth across our MH, annual RV, marina and UK segments, while continuing to see the volatility in the transient components of our business. Additionally, our third quarter performance reflects the impact of cost pressures which resulted in earnings and revised full year guidance that were below our expectations, and we are not satisfied with our results," said Gary A. Shiffman, Chairman and CEO. "We have continued to execute on our strategic priorities of recycling non-strategic assets, reducing debt, and increasing the revenue contribution from annual real property income, and we are now also implementing a broad restructuring effort to more effectively align the Company's cost structure to deliver sustainable earnings growth. The fundamentals underlying our business and real estate assets remain strong, we anticipate strong rental rate increases next year, and we are confident that by continuing to execute on these strategic priorities, we will position the company for more stable growth in the coming quarters and demonstrate our long-term value."

OPERATING HIGHLIGHTS

North America Portfolio Occupancy

  • MH and annual RV sites were 97.7% occupied at September 30, 2024, as compared to 97.2% at September 30, 2023.

  • During the quarter ended September 30, 2024, the number of MH and annual RV revenue producing sites increased by approximately 1,050 sites, as compared to an increase of approximately 740 sites during the corresponding period in 2023, an increase of approximately 42%. Transient-to-annual RV site conversions during the quarter ended September 30, 2024 accounted for approximately 85% of the gains.

  • During the nine months ended September 30, 2024, MH and annual RV revenue producing sites increased by approximately 2,500 sites, as compared to an increase of approximately 2,590 sites during the corresponding period in 2023, a decrease of approximately 3%. Transient-to-annual RV site conversions during the nine months ended September 30, 2024 accounted for approximately 79% of the gains.

Same Property Results

For the properties owned and operated by the Company since at least January 1, 2023, the following table reflects the percentage changes for the quarter and nine months ended September 30, 2024, as compared to the same periods in 2023:

Quarter Ended September 30, 2024
North America
MH RV Marina Total UK
Revenue 6.4% (2.2) % 4.8% 2.8% 3.2%
Expense 9.2% 5.4% 10.0% 7.7% 12.2%
NOI 5.3% (6.9) % 2.5% 0.5% (2.3) %
Nine Months Ended September 30, 2024
North America
MH RV Marina Total UK
Revenue 6.8% (0.5) % 5.7% 4.2% 5.8%
Expense 7.3% 3.0% 7.0% 5.5% 3.9%
NOI 6.6% (3.2) % 5.0% 3.6% 7.7%
Number of Properties283 164 127 574 52

North America Same Property adjusted blended occupancy for MH and RV increased by 160 basis points to 98.8% at September 30, 2024, from 97.2% at September 30, 2023.

INVESTMENT ACTIVITY

During the quarter ended September 30, 2024, the Company completed the following dispositions:

  • In July, a portfolio of six MH properties across six states for total cash consideration of $224.6 million, with a gain on sale of $142.0 million.

  • In July, one MH property for total cash consideration of $38.0 million, with a gain on sale of $16.0 million.

  • In September, one MH property for total cash consideration of $38.0 million, with a gain on sale of $22.2 million.

  • In September, two MH land parcels under development for total cash consideration of $37.2 million.

Net proceeds from the dispositions were used to pay off an aggregate of $93.5 million of mortgage debt and $225.7 million of borrowings under the Company's senior credit facility.

During the quarter ended September 30, 2024, the Company acquired one marina property and one marina expansion asset for total consideration of $51.8 million, including $31.5 million in the form of common OP units.

Refer to page 14 for additional details related to the Company's acquisition and disposition activity.
Impact of Hurricane Helene

On September 26, 2024, Hurricane Helene made landfall in Florida and subsequently affected the Mid-Atlantic region of the U.S. Preliminary assessments indicate that material damage to the Company's properties was largely avoided. During the quarter ended September 30, 2024, the Company recognized charges of $2.2 million for impaired assets at two MH communities and three RV communities, and charges of $1.7 million for impaired assets at nine marinas. The impacted properties are located in Florida, South Carolina, North Carolina and Georgia.

The foregoing impairment is based on current information available, and the Company continues to assess these estimates. The actual final impairment could vary significantly from these estimates. Any changes to these estimates will be recognized in the period(s) in which they are determined.

Impact of Hurricane Milton

On October 9, 2024, Hurricane Milton made landfall in Florida and affected certain of the Company's properties in the region. The Company responded quickly to the event and clean-up and restoration efforts are in progress.

The Company maintains property, casualty, flood, and business interruption insurance for its properties, subject to customary deductibles and limits.

BALANCE SHEET, CAPITAL MARKETS ACTIVITY AND OTHER ITEMS

As of September 30, 2024, the Company had $7.4 billion in debt outstanding with a weighted average interest rate of 4.1% and a weighted average maturity of 6.4 years. At September 30, 2024, the Company's Net Debt to trailing twelve-month Recurring EBITDA ratio was 6.0 times and approximately 6.0% of its outstanding debt is floating rate.

Equity Transactions

During the quarter ended September 30, 2024, the Company entered into and settled all outstanding forward sale agreements with respect to 2,713,571 shares of common stock under its At the Market Offering Sales Agreement. Net proceeds of $361.7 million from the settlement of these forward sale agreements were used to repay borrowings outstanding under the Company's senior credit facility.

2024 GUIDANCE

The Company is updating full-year, and establishing fourth quarter 2024 guidance for diluted EPS and Core FFO per Share:

Full-Year Ending December 31, 2024 Fourth Quarter Ending December 31, 2024
Prior FY Guidance Revised FY Range
Reconciliation of Diluted EPS to Core FFO per Share Low High Low High Low High
Diluted EPS $ 2.92 $ 3.08 $ 2.73 $ 2.81 $ 0.21 $ 0.29
Depreciation and amortization 5.53 5.53 5.46 5.46 1.29 1.29
Gain on sale of assets (0.26) (0.26) (0.21) (0.21) (0.05) (0.05)
Gain on sale of properties (1.18) (1.18) (1.45) (1.45) - -
Distributions on preferred OP units 0.10 0.10 0.10 0.10 0.02 0.02
Noncontrolling interest 0.08 0.08 0.12 0.12 0.01 0.01
Transaction costs and other non-recurring G&A expenses 0.18 0.18 0.29 0.29 0.05 0.05
Deferred tax benefit (0.23) (0.23) (0.24) (0.24) (0.11) (0.11)
Difference in weighted average share count attributed to dilutive convertible securities (0.14) (0.14) (0.13) (0.13) (0.01) (0.01)
Other adjustments(a) 0.06 0.06 0.09 0.09 (0.04) (0.04)
Core FFO(b)(c) per Share $ 7.06 $ 7.22 $ 6.76 $ 6.84 $ 1.37 $ 1.45

(a) Other adjustments consist primarily of remeasurement (gains) / losses, contingent legal and insurance gains and other items presented in the table Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO on page 6.

(b) The diluted share counts for the quarter and year ending December 31, 2024 are estimated to be 132.5 million and 130.4 million, respectively.

(c) The Company's updated guidance translates forecasted results from operations in the UK using the relevant exchange rate in effect provided in the table presented below. The impact of fluctuations in Canadian and Australian foreign currency rates on revised and initial guidance are not material.

Exchange Rates in Effect at: December 31, 2023 June 30, 2024 September 30, 2024
U.S. Dollar ("USD") / Pound Sterling ("GBP") 1.27 1.26 1.34
USD / Canadian Dollar ("CAD") 0.75 0.73 0.74
USD / Australian Dollar ("AUD") 0.68 0.67 0.69

The Company's updated guidance for the full-year ending December 31, 2024 is reflected below. Note that certain prior period amounts have been reclassified to conform with current period presentation, with no effect on Net income / (loss) and Core FFO. The reclassifications more precisely align certain indirect expenses with underlying activity drivers.

Key adjustments versus prior guidance are:

  • Total Real Property NOI growth is 3.5% - 3.9%, 240 basis points lower at the midpoint of guidance for 2024, primarily reflecting year-to-date property dispositions and the resultant loss of income from those properties, increased costs versus an anticipated reduction in costs and expense savings incorporated into previous guidance, and lower expected transient revenue in our RV and marina businesses.

  • Interest expense - lowering full-year interest expense guidance by $2.0 million at the midpoint, primarily due to reduced debt balances, partially offset by GBP to USD foreign currency exchange movement.

  • Same Property Portfolio
    • In North America, the Company is reducing the midpoint for Same Property NOI growth for the full-year to approximately 3.0%.

      • MH - reducing Same Property NOI growth to a range of 5.6% - 6.2%, a decrease of 120 basis points at the midpoint, reflecting higher operating expenses than anticipated in prior guidance, primarily in supplies and repairs and utilities.

      • RV - reducing Same Property NOI growth to a range of (5.3%) - (4.1%), a decrease of 480 basis points at the midpoint, reflecting ongoing headwinds in the transient RV segment, particularly in September including storm-related disruption, and higher operating expenses than anticipated in prior guidance, primarily in supplies and repairs and utilities.

      • Marinas - reducing Same Property NOI to a range of 4.4% - 5.2%, a decrease of 190 basis points at the midpoint, reflecting delayed returns of large vessels to the US from Europe, in part due to weather, lower overall occupancy and higher expenses than originally expected, primarily in payroll.

    • In the UK, the Company is reducing Same Property NOI growth to a range of 7.1% - 8.7% for the full-year, a decrease of 160 basis points at the midpoint, primarily due to the move-in timing of new owners and higher expenses in supplies and repairs and payroll.

    • Full-year 2023 and year-to-date 2024 actual results have been adjusted for property dispositions in the 2024 Same Property Portfolio guidance for comparative performance purposes.

  • Service, retail, dining and entertainment NOI - lowering full-year service, retail, dining and entertainment NOI by $11.9 million at the midpoint due to lower transient demand in RV and Marinas leading to less revenue generation from ancillary service, retail, dining, entertainment and fuel sales and therefore lower resultant NOI.

  • FFO contribution from US home sales - lowering full-year North American home sales FFO contribution by $3.7 million at the midpoint due to lower home sale volume expectations in the fourth quarter, following September home sales that fell short of internal expectations after July and August finished ahead of internal expectations. Volumes particularly impacted in the Southeast and Florida, in large part due to the hurricanes.

  • General and administrative expenses, excluding non-recurring expenses - increasing the midpoint by approximately $1.9 million, or 75 basis points, reflecting primarily payroll-related corporate cost increases.

  • Current tax expense - lowering the midpoint by $9.5 million due to lower UK taxes than anticipated and higher than expected GBP to USD foreign currency exchange rates.

Supplemental Guidance Tables:

Same Property Portfolio (in millions and %)(a)

FY 2023 Actual Results

Expected Change in 2024
Prior FY Range November 6, 2024 Update
North America
Revenues from real property $1,702.4 4.8%-5.2% 4.2%-4.5%
Total property operating expenses $572.6 4.0%-4.8% 6.9%-7.3%
Total North America Same Property NOI(b)(c) $1,129.8 4.7%-5.7% 2.6%-3.3%
MH NOI (283 properties) $591.7 6.8%-7.4% 5.6%-6.2%
RV NOI (163 properties) $285.4 (0.7%)-0.9% (5.3%)-(4.1%)
Marina NOI (127 properties) $252.7 6.2%-7.2% 4.4%-5.2%
UK (52 properties)
Revenues from real property $140.6 6.7%-7.2% 5.5%-6.1%
Total property operating expenses $69.7 3.9%-4.7% 3.4%-3.9%
Total UK Same Property NOI(b) $70.9 8.6%-10.4% 7.1%-8.7%

For the fourth quarter ending December 31, 2024, the Company's guidance range assumes North America Same Property NOI growth of (0.8%) - 2.5% and UK Same Property NOI growth of 5.3% - 12.6%.

Consolidated Portfolio Guidance For 2024
(in millions and %)

FY 2023 Actual Results

Expected Change / Range in 2024
Prior FY Range November 6, 2024 Update
Revenues from real property $2,059.8 5.3%- 5.5% 4.8%- 5.0%
Total property operating expenses $810.4 4.1%- 4.4% 6.6%- 6.9%
Total Real Property NOI $1,249.4 5.8%- 6.4% 3.5%- 3.9%
Service, retail, dining and entertainment NOI $68.5 $ 63.0 -$67.0 $ 51.6 -$54.5
Interest income $45.4 $ 17.8 -$18.8 $ 19.6 -$20.4
Brokerage commissions and other, net(d)(e) $60.6 $ 37.6 -$39.6 $ 37.6 -$39.6
FFO contribution from North American home sales $17.0 $ 13.0 -$13.9 $ 9.5 -$10.1
FFO contribution from UK home sales(f) $59.2 $ 55.1 -$61.0 $ 55.1 -$61.0
Income from nonconsolidated affiliates $16.0 $ 11.1 -$11.9 $ 9.2 -$9.7
General and administrative expenses $272.1 $ 268.7 -$272.0 $ 285.3 -$287.4
General and administrative expenses excluding non-recurring expenses $242.5 $ 247.0 -$250.3 $ 249.5 -$251.6
Interest expense $325.8 $ 350.1 -$353.6 $ 348.6 -$351.2
Current tax expense $14.5 $ 12.7 -$13.7 $ 3.4 -$4.0
Expected
Range in FY 2024
Seasonality 1Q24 2Q24 3Q24 4Q24
North America Same Property NOI:
MH 25% 25% 25% 25%
RV 18% 26% 40% 16%
Marina 19% 27% 30% 24%
Total 22% 25% 30% 23%
UK Same Property NOI 14% 26% 38% 22%
Home Sales FFO
North America 13% 53% 23% 11%
UK 17% 27% 35% 21%
Consolidated Service, Retail, Dining and Entertainment NOI 4% 41% 42% 13%
Consolidated EBITDA 19% 28% 31% 22%
Core FFO per Share 18% 27% 34% 21%

Preliminary 2025 Rental Rate Increase
The Company expects to realize the following rental rate increases, on average, during 2025:

Average 2025 Rental Rate Increases Expected
North America
MH5.2%
Annual RV5.1%
Marina3.7%
UK3.7%
Footnotes to 2024 Guidance Assumptions
(a)The amounts in the Same Property Portfolio table reflect constant currency, as Canadian dollar and pound sterling figures included within the 2023 amounts have been translated at the assumed exchange rates used for 2024 guidance.
(b)Total North America Same Property results net $110.8 million and $113.5 million of utility revenue against the related utility expense in property operating expenses for 2023 results and 2024 guidance, respectively. Total UK Same Property results net $17.1 million and $18.3 million of utility revenue against the related utility expense in property operating expenses for 2023 results and 2024 guidance, respectively.
(c)2023 North America Same Property actual results exclude $0.4 million of expenses incurred at recently acquired properties to bring them up to the Company's standards. The improvements included items such as tree trimming and painting costs that do not meet the Company's capitalization policy.
(d)Brokerage commissions and other, net includes $23.4 million and $17.8 million of business interruption income for the full-year 2023 results and 2024 guidance, respectively. Business interruption recovery income for the first through third quarters of 2024 in the amount of $16.4 million was recorded as an adjustment to Core FFO in the loss of earnings - Catastrophic event-related charges, net line item.
(e)Brokerage commissions and other, net included approximately $8.5 million of lease income in 2023 that will be recognized in total real property NOI in 2024.
(f)Includes UK home sales from Park Holidays and Sandy Bay.

The estimates and assumptions presented above represent a range of possible outcomes and may differ materially from actual results. These estimates include contributions from all acquisitions, dispositions and capital markets activity completed through November 6, 2024. These estimates exclude all other prospective acquisitions, dispositions and capital markets activity. The estimates and assumptions are forward-looking based on the Company's current assessment of economic and market conditions and are subject to the other risks outlined below under the caption Cautionary Statement Regarding Forward-Looking Statements.

EARNINGS CONFERENCE CALL

A conference call to discuss third quarter results will be held on Wednesday, November 6, 2024 at 5:00 P.M. (ET). To participate, call toll-free at (800) 245-3047. Callers outside the U.S. or Canada can access the call at (203) 518-9765. A replay will be available following the call through November 20, 2024 and can be accessed toll-free by calling (844) 512-2921 or (412) 317-6671. The Conference ID for the call is "SUIQ3". The Conference ID number for the call and the replay is 11157495. The conference call will be available live on the Company's website located at www.suninc.com. The replay will also be available on the website.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this document that relate to expectations, beliefs, projections, future plans and strategies, trends or prospective events or developments and similar expressions concerning matters that are not historical facts are deemed to be forward-looking statements. Words such as "forecasts," "intend," "goal," "estimate," "expect," "project," "projections," "plans," "predicts," "potential," "seeks," "anticipates," "should," "could," "may," "will," "designed to," "foreseeable future," "believe," "scheduled," "guidance," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements reflect the Company's current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this document, some of which are beyond the Company's control. These risks and uncertainties and other factors may cause the Company's actual results to be materially different from any future results expressed or implied by such forward-looking statements. In addition to the risks described under "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and in the Company's other filings with the Securities and Exchange Commission, from time to time, such risks, uncertainties and other factors include, but are not limited to:

·Changes in general economic conditions, including inflation, deflation, energy costs, the real estate industry and the markets within which the Company operates;
·Difficulties in the Company's ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully;
·The Company's liquidity and refinancing demands;
·The Company's ability to obtain or refinance maturing debt;
·The Company's ability to maintain compliance with covenants contained in its debt facilities and its unsecured notes;
·Availability of capital;
·Outbreaks of disease and related restrictions on business operations;
·Changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, Australian dollar and pound sterling;
·The Company's ability to maintain rental rates and occupancy levels;
·The Company's ability to maintain effective internal control over financial reporting and disclosure controls and procedures;
·The Company's remediation plan and its ability to remediate the material weaknesses in its internal control over financial reporting;
·Expectations regarding the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill;
·Increases in interest rates and operating costs, including insurance premiums and real estate taxes;
·Risks related to natural disasters such as hurricanes, earthquakes, floods, droughts and wildfires;
·General volatility of the capital markets and the market price of shares of the Company's capital stock;
·The Company's ability to maintain its status as a REIT;
·Changes in real estate and zoning laws and regulations;
·Legislative or regulatory changes, including changes to laws governing the taxation of REITs;
·Litigation, judgments or settlements, including costs associated with prosecuting or defending claims and any adverse outcomes;
·Competitive market forces;
·The ability of purchasers of manufactured homes and boats to obtain financing; and
·The level of repossessions by manufactured home and boat lenders;

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements included or incorporated by reference into this document, whether as a result of new information, future events, changes in the Company's expectations or otherwise, except as required by law.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. All written and oral forward-looking statements attributable to the Company or persons acting on the Company's behalf are qualified in their entirety by these cautionary statements.

Company Overview and Investor Information

The Company

Established in 1975, Sun Communities, Inc. became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of September 30, 2024, the Company owned, operated, or had an interest in a portfolio of 659 developed MH, RV, Marina, and UK properties comprising approximately 179,130 developed sites and approximately 48,760 wet slips and dry storage spaces in the U.S., Canada and the U.K.

For more information about the Company, please visit www.suninc.com.

Company Contacts
Investor Relations
Sara Ismail, Vice President
(248) 208-2500
investorrelations@suncommunities.com
Corporate Debt Ratings
Moody'sS&P
Baa3 | StableBBB | Stable
Equity Research Coverage
Bank of America Merrill Lynch Joshua Dennerlein joshua.dennerlein@bofa.com
BMO Capital Markets John Kim jp.kim@bmo.com
Citi Research Eric Wolfe eric.wolfe@citi.com
Nicholas Joseph nicholas.joseph@citi.com
Deutsche Bank Conor Peaks conor.peaks@db.com
Omotayo Okusanya omotayo.okusanya@db.com
Evercore ISI Samir Khanal samir.khanal@evercoreisi.com
Steve Sakwa steve.sakwa@evercoreisi.com
Green Street Advisors John Pawlowski jpawlowski@greenstreet.com
Jefferies LLC Peter Abramowitz pabramowitz@jefferies.com
JMP Securities Aaron Hecht ahecht@jmpsecurities.com
RBC Capital Markets Brad Heffern brad.heffern@rbccm.com
Robert W. Baird & Co. Wesley Golladay wgolladay@rwbaird.com
Truist Securities Anthony Hau anthony.hau@truist.com
UBS Michael Goldsmith michael.goldsmith@ubs.com
Wells Fargo James Feldman james.feldman@wellsfargo.com
Wolfe Research Andrew Rosivach arosivach@wolferesearch.com
Keegan Carl kcarl@wolferesearch.com

Financial and Operating Highlights
($ in millions, except Per Share amounts)

Quarters Ended
9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023(a)
Financial Information
Basic earnings / (loss) per share$ 2.31 $ 0.42 $ (0.22) $ (0.65) $ 0.97
Diluted earnings / (loss) per share$ 2.31 $ 0.42 $ (0.22) $ (0.65) $ 0.97
Cash distributions declared per common share$ 0.94 $ 0.94 $ 0.94 $ 0.93 $ 0.93
FFO per Share(b)(c)$ 2.19 $ 1.79 $ 1.12 $ 1.41 $ 2.55
Core FFO per Share(b)(c)$ 2.34 $ 1.86 $ 1.19 $ 1.34 $ 2.57
Real Property NOI(b)
MH$ 158.3 $ 160.7 $ 162.5 $ 155.6 $ 153.1
RV 117.0 74.2 51.2 50.4 128.2
Marina 85.1 77.7 56.9 65.3 83.1
UK 28.8 18.7 15.3 14.0 29.0
Total$ 389.2 $ 331.3 $ 285.9 $ 285.3 $ 393.4
Recurring EBITDA(b)$ 382.6 $ 335.9 $ 234.0 $ 256.0 $ 433.0
TTM Recurring EBITDA / Interest(b)3.4 x 3.6 x 3.7 x 3.9 x 4.0 x
Net Debt / TTM Recurring EBITDA(b)6.0 x 6.2 x 6.1 x 6.1 x 6.1 x
Balance Sheet
Total assets$ 17,085.1 $ 17,011.1 $ 17,113.3 $ 16,940.7 $ 17,246.6
Total debt$ 7,324.8 $ 7,852.8 $ 7,872.0 $ 7,777.3 $ 7,665.0
Total liabilities$ 9,245.7 $ 9,781.6 $ 9,830.0 $ 9,506.8 $ 9,465.0
Operating Information
Properties
MH 288 296 296 298 298
RV 179 179 179 179 182
Marina 138 137 136 135 135
UK 54 54 54 55 55
Total 659 666 665 667 670
Sites, Wet Slips and Dry Storage Spaces
MH 97,300 100,160 99,930 100,320 100,200
Annual RV 34,480 33,590 33,290 32,390 32,150
Transient 25,060 25,720 25,560 25,290 26,490
UK annual 17,790 17,710 18,110 18,110 18,050
UK transient 4,500 4,580 3,220 3,200 3,280
Total sites 179,130 181,760 180,110 179,310 180,170
Marina wet slips and dry storage spaces(d) 48,760 48,140 48,040 48,030 48,030
Occupancy
MH 96.9% 96.7% 96.7% 96.6% 96.3%
Annual RV 100.0% 100.0% 100.0% 100.0% 100.0%
Blended MH and annual RV 97.7% 97.5% 97.5% 97.4% 97.2%
UK annual 91.5% 89.9% 88.9% 89.5% 90.6%
MH and RV Revenue Producing Site Net Gains(e)
MH leased sites, net 159 315 57 387 207
RV leased sites, net 893 918 157 296 537
Total leased sites, net 1,052 1,233 214 683 744

(a) Reflects restated financial information for non-cash goodwill impairment charges.
(b) Refer to Definition and Notes for additional information.
(c) Excludes the effect of certain anti-dilutive convertible securities.
(d) Total wet slips and dry storage spaces are adjusted each quarter based on site configuration and usability.
(e) Revenue producing site net gains do not include occupied sites acquired during the year.

Portfolio Overview as of September 30, 2024

MH & RV Properties
Properties

MH & Annual RV Transient RV
Sites

Total Sites

Sites for Development

Location Sites Occupancy %
North America
Florida 127 41,190 97.9% 3,950 45,140 2,330
Michigan 85 33,020 97.3% 510 33,530 1,290
California 37 6,970 99.1% 1,870 8,840 570
Texas 29 9,170 96.4% 1,750 10,920 3,850
Ontario, Canada 16 4,710 100.0% 470 5,180 1,450
Connecticut 16 1,920 95.5% 90 2,010 -
Maine 15 2,560 96.8% 980 3,540 200
Arizona 11 4,190 97.3% 810 5,000 1,120
Indiana 11 2,940 98.9% 1,020 3,960 180
New Jersey 11 3,070 100.0% 920 3,990 260
Colorado 11 2,920 89.0% 960 3,880 1,390
Virginia 10 1,670 99.9% 2,040 3,710 750
New York 10 1,550 98.8% 1,630 3,180 780
Other 78 15,900 99.0% 8,060 23,960 1,000
Total 467 131,780 97.7% 25,060 156,840 15,170
Properties

UK Properties Transient Sites

Total Sites

Sites for Development

Location Sites Occupancy %
United Kingdom 54 17,790 91.5% 4,500 22,290 3,020
Marina
Properties

Wet Slips and Dry Storage Spaces

Location
Florida 21 5,060
Rhode Island 12 3,460
Connecticut 12 3,580
California 12 6,440
New York 9 2,970
Massachusetts 9 2,540
Maryland 9 2,400
Other 54 22,310
Total 138 48,760
Properties

Sites, Wet Slips and Dry Storage Spaces

Total Portfolio 659 227,890

Consolidated Balance Sheets
(amounts in millions)

September 30, 2024 December 31, 2023
Assets(Unaudited)
Land$ 4,646.2 $ 4,278.2
Land improvements and buildings 11,608.6 11,682.2
Rental homes and improvements 782.2 744.4
Furniture, fixtures and equipment 1,090.2 1,011.7
Investment property 18,127.2 17,716.5
Accumulated depreciation (3,635.7) (3,272.9)
Investment property, net 14,491.5 14,443.6
Cash, cash equivalents and restricted cash 81.8 42.7
Inventory of manufactured homes 174.8 205.6
Notes and other receivables, net 494.4 421.6
Collateralized receivables, net(a) 52.8 56.2
Goodwill 742.6 733.0
Other intangible assets, net 350.7 369.5
Other assets, net 696.5 668.5
Total Assets$ 17,085.1 $ 16,940.7
Liabilities
Mortgage loans payable$ 3,344.5 $ 3,478.9
Secured borrowings on collateralized receivables(a) 52.8 55.8
Unsecured debt 3,927.5 4,242.6
Distributions payable 122.3 118.2
Advanced reservation deposits and rent 382.4 344.5
Accrued expenses and accounts payable 390.9 313.7
Other liabilities 1,025.3 953.1
Total Liabilities 9,245.7 9,506.8
Commitments and contingencies
Temporary equity 263.3 260.9
Shareholders' Equity
Common stock 1.3 1.2
Additional paid-in capital 9,853.6 9,466.9
Accumulated other comprehensive income 33.9 12.2
Distributions in excess of accumulated earnings (2,433.3) (2,397.5)
Total SUI Shareholders' Equity 7,455.5 7,082.8
Noncontrolling interests
Common and preferred OP units 119.8 90.2
Consolidated entities 0.8 -
Total noncontrolling interests 120.6 90.2
Total Shareholders' Equity 7,576.1 7,173.0
Total Liabilities, Temporary Equity and Shareholders' Equity$ 17,085.1 $ 16,940.7

(a) Refer to "Secured borrowings on collateralized receivables" within Definitions and Notes for additional information.

Consolidated Statements of Operations
(amounts in millions, except for per share amounts, unaudited)

Quarter Ended Nine Months Ended
September 30, 2024 September 30, 2023 % Change September 30, 2024 September 30, 2023 % Change
Revenues As Restated As Restated
Real property (excluding transient)(a)$ 485.7 $ 457.2 6.2% $ 1,383.4 $ 1,285.5 7.6%
Real property - transient 148.4 161.6 (8.2) % 279.0 300.9 (7.3) %
Home sales 105.3 117.8 (10.6) % 281.7 326.7 (13.8) %
Service, retail, dining and entertainment 186.2 205.5 (9.4) % 492.7 498.9 (1.2) %
Interest 5.5 15.2 (63.8) % 15.4 40.6 (62.1) %
Brokerage commissions and other, net 8.8 26.0 (66.2) % 23.0 45.3 (49.2) %
Total Revenues 939.9 983.3 (4.4) % 2,475.2 2,497.9 (0.9) %
Expenses
Property operating and maintenance(a) 213.4 196.1 8.8% 561.8 532.9 5.4%
Real estate tax 31.5 29.3 7.5% 94.2 89.4 5.4%
Home costs and selling 74.3 84.5 (12.1) % 203.0 233.5 (13.1) %
Service, retail, dining and entertainment 163.3 173.4 (5.8) % 445.1 438.2 1.6%
General and administrative 74.8 67.0 11.6% 218.6 193.8 12.8%
Catastrophic event-related charges, net 0.9 (3.1) N/M 10.4 (2.2) N/M
Business combinations 0.2 - N/A 0.4 3.0 (86.7) %
Depreciation and amortization 172.4 162.6 6.0% 510.5 482.3 5.8%
Asset impairments 0.2 1.2 (83.3) % 32.5 10.1 221.8%
Goodwill impairment - 44.8 (100.0) % - 369.9 (100.0) %
Loss on extinguishment of debt 0.8 - N/A 1.4 - N/A
Interest 87.7 84.1 4.3% 267.2 239.9 11.4%
Interest on mandatorily redeemable preferred OP units / equity - 0.8 (100.0) % - 2.7 (100.0) %
Total Expenses 819.5 840.7 (2.5) % 2,345.1 2,593.5 (9.6) %
Income / (Loss) Before Other Items 120.4 142.6 (15.6) % 130.1 (95.6) N/M
Gain / (loss) on remeasurement of marketable securities - 6.1 (100.0) % - (8.0) (100.0) %
Loss on foreign currency exchanges (4.5) (6.5) (30.8) % (6.2) (6.5) (4.6) %
Gain / (loss) on dispositions of properties 178.7 (0.7) N/M 186.6 (2.9) N/M
Other income / (expense), net(b) (0.8) (3.7) (78.4) % 5.6 (5.5) N/M
Gain / (loss) on remeasurement of notes receivable 0.1 (1.3) N/M (1.0) (3.1) (67.7) %
Income from nonconsolidated affiliates 2.1 1.4 50.0% 6.5 0.5 N/M
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates 1.2 - N/A 6.5 (4.5) N/M
Current tax benefit / (expense) 0.9 (4.6) N/M (6.5) (13.9) (53.2) %
Deferred tax benefit 7.1 2.3 208.7% 16.5 14.6 13.0%
Net Income / (Loss) 305.2 135.6 125.1% 338.1 (124.9) N/M
Less: Preferred return to preferred OP units / equity interests 3.2 3.4 (5.9) % 9.6 9.0 6.7%
Less: Income / (loss) attributable to noncontrolling interests 13.3 12.1 9.9% 15.1 (1.5) N/M
Net Income / (Loss) Attributable to SUI Common Shareholders$ 288.7 $ 120.1 140.4% $ 313.4 $ (132.4) N/M
Weighted average common shares outstanding - basic(b) 124.0 123.5 0.4% 123.8 123.4 0.3%
Weighted average common shares outstanding - diluted(b) 124.0 123.5 0.4% 126.5 123.8 2.2%
Basic earnings / (loss) per share$ 2.31 $ 0.97 138.1% $ 2.52 $ (1.06) N/M
Diluted earnings / (loss) per share(c)$ 2.31 $ 0.97 138.1% $ 2.51 $ (1.07) N/M

(a) Refer to "Utility Revenues" within Definitions and Notes for additional information.
(b) Refer to Definitions and Notes for additional information.
(c) Excludes the effect of certain anti-dilutive convertible securities.
N/M = Not meaningful.
N/A = Not applicable.

Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO
(amounts in millions, except for per share data)

Quarter Ended Nine Months Ended
September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
As Restated As Restated
Net Income / (Loss) Attributable to SUI Common Shareholders$ 288.7 $ 120.1 $ 313.4 $ (132.4)
Adjustments
Depreciation and amortization 171.6 162.2 508.1 480.5
Depreciation on nonconsolidated affiliates 0.1 0.1 0.3 0.2
Asset impairments 0.2 1.2 32.5 10.1
Goodwill impairment - 44.8 - 369.9
(Gain) / loss on remeasurement of marketable securities - (6.1) - 8.0
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates (1.2) - (6.5) 4.5
(Gain) / loss on remeasurement of notes receivable (0.1) 1.3 1.0 3.1
(Gain) / loss on dispositions of properties, including tax effect (181.4) 0.7 (188.5) 5.0
Add: Returns on preferred OP units - 2.3 1.0 8.7
Add: Income / (loss) attributable to noncontrolling interests 1.1 11.5 10.1 (1.5)
Gain on disposition of assets, net (7.1) (10.5) (21.1) (29.0)
FFO(a)$ 271.9 $ 327.6 $ 650.3 $ 727.1
Adjustments
Business combination expense 0.2 - 0.4 3.0
Acquisition and other transaction costs(a) 2.9 4.2 15.9 12.6
Loss on extinguishment of debt 0.8 - 1.4 -
Catastrophic event-related charges, net 0.9 (3.1) 10.4 (2.2)
Loss of earnings - catastrophic event-related charges, net(b) 5.9 (6.1) 11.5 4.9
Loss on foreign currency exchanges 4.5 6.5 6.2 6.5
Other adjustments, net(a) 3.7 1.1 (9.2) (9.6)
Core FFO(a)(c)$ 290.8 $ 330.2 $ 686.9 $ 742.3
Weighted Average Common Shares Outstanding - Diluted 124.2 128.4 127.3 128.8
FFO per Share(a)(c)$ 2.19 $ 2.55 $ 5.11 $ 5.64
Core FFO per Share(a)(c)$ 2.34 $ 2.57 $ 5.39 $ 5.76

(a) Refer to Definitions and Notes for additional information.

(b) Loss of earnings - catastrophic event-related charges, net include the following:

Quarter Ended Nine Months Ended
September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Hurricane Ian - three Fort Myers, Florida RV communities impaired
Estimated loss of earnings in excess of the applicable business interruption deductible$ 4.6 $ 6.3 $ 15.2 $ 16.8
Insurance recoveries realized for previously estimated loss of earnings - (11.8) (5.0) (11.8)
Hurricane Irma - three Florida Keys communities impaired
Estimated loss of earnings in excess of the applicable business interruption deductible - - - 0.5
Reversal of unpaid previously estimated loss of earnings that the Company does not expect to recover - (0.6) - (0.6)
Flooding event - estimated loss of earnings at one New Hampshire RV community 1.3 - 1.3 -
Loss of earnings - catastrophic event-related charges, net$ 5.9 $ (6.1) $ 11.5 $ 4.9

(c) Excludes the effect of certain anti-dilutive convertible securities.

Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to NOI
(amounts in millions)

Quarter Ended Nine Months Ended
September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
As Restated As Restated
Net Income / (Loss) Attributable to SUI Common Shareholders$ 288.7 $ 120.1 $ 313.4 $ (132.4)
Interest income (5.5) (15.2) (15.4) (40.6)
Brokerage commissions and other revenues, net (8.8) (26.0) (23.0) (45.3)
General and administrative 74.8 67.0 218.6 193.8
Catastrophic event-related charges, net 0.9 (3.1) 10.4 (2.2)
Business combination expense 0.2 - 0.4 3.0
Depreciation and amortization 172.4 162.6 510.5 482.3
Asset impairments 0.2 1.2 32.5 10.1
Goodwill impairment - 44.8 - 369.9
Loss on extinguishment of debt 0.8 - 1.4 -
Interest expense 87.7 84.1 267.2 239.9
Interest on mandatorily redeemable preferred OP units / equity - 0.8 - 2.7
(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 disposition of properties (178.7) 0.7 (186.6) 2.9
Other (income) / expense, net(a) 0.8 3.7 (5.6) 5.5
(Gain) / loss on remeasurement of notes receivable (0.1) 1.3 1.0 3.1
Income from nonconsolidated affiliates (2.1) (1.4) (6.5) (0.5)
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates (1.2) - (6.5) 4.5
Current tax (benefit) / expense (0.9) 4.6 6.5 13.9
Deferred tax benefit (7.1) (2.3) (16.5) (14.6)
Add: Preferred return to preferred OP units / equity interests 3.2 3.4 9.6 9.0
Add: Income / (loss) attributable to noncontrolling interests 13.3 12.1 15.1 (1.5)
NOI$ 443.1 $ 458.8 $ 1,132.7 $ 1,118.0
Quarter Ended Nine Months Ended
September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
As Restated As Restated
Real property NOI(a)$ 389.2 $ 393.4 $ 1,006.4 $ 964.1
Home sales NOI(a) 31.0 33.3 78.7 93.2
Service, retail, dining and entertainment NOI(a) 22.9 32.1 47.6 60.7
NOI$ 443.1 $ 458.8 $ 1,132.7 $ 1,118.0

(a) Refer to Definitions and Notes for additional information.

Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Recurring EBITDA
(amounts in millions)

Quarter Ended Nine Months Ended
September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
As Restated As Restated
Net Income / (Loss) Attributable to SUI Common Shareholders$ 288.7 $ 120.1 $ 313.4 $ (132.4)
Adjustments
Depreciation and amortization 172.4 162.6 510.5 482.3
Asset impairments 0.2 1.2 32.5 10.1
Goodwill impairment - 44.8 - 369.9
Loss on extinguishment of debt 0.8 - 1.4 -
Interest expense 87.7 84.1 267.2 239.9
Interest on mandatorily redeemable preferred OP units / equity - 0.8 - 2.7
Current tax (benefit) / expense (0.9) 4.6 6.5 13.9
Deferred tax benefit (7.1) (2.3) (16.5) (14.6)
Income from nonconsolidated affiliates (2.1) (1.4) (6.5) (0.5)
Less: (Gain) / loss on dispositions of properties (178.7) 0.7 (186.6) 2.9
Less: Gain on dispositions of assets, net (7.1) (10.5) (21.1) (29.0)
EBITDAre(a)$ 353.9 $ 404.7 $ 900.8 $ 945.2
Adjustments
Catastrophic event-related charges, net 0.9 (3.1) 10.4 (2.2)
Business combination expense 0.2 - 0.4 3.0
(Gain) / loss on remeasurement of marketable securities - (6.1) - 8.0
Loss on foreign currency exchanges 4.5 6.5 6.2 6.5
Other (income) / expense, net(a) 0.8 3.7 (5.6) 5.5
(Gain) / loss on remeasurement of notes receivable (0.1) 1.3 1.0 3.1
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates (1.2) - (6.5) 4.5
Add: Preferred return to preferred OP units / equity interests 3.2 3.4 9.6 9.0
Add: Income / (loss) attributable to noncontrolling interests 13.3 12.1 15.1 (1.5)
Add: Gain on dispositions of assets, net 7.1 10.5 21.1 29.0
Recurring EBITDA(a)$ 382.6 $ 433.0 $ 952.5 $ 1,010.1

(a) Refer to Definitions and Notes for additional information.

Real Property Operations - Total Portfolio
(amounts in millions, except statistical information)

Quarter Ended September 30, 2024 Quarter Ended September 30, 2023
Financial InformationMH RV Marinas UK Total MH RV Marinas UK Total
Revenues
Real property (excluding transient)(a)$ 240.2 $ 91.5 $ 121.6 $ 32.4 $ 485.7 $ 229.4 $ 82.5 $ 116.0 $ 29.3 $ 457.2
Real property - transient 0.2 114.2 10.2 23.8 148.4 0.3 128.5 9.8 23.0 161.6
Total operating revenues 240.4 205.7 131.8 56.2 634.1 229.7 211.0 125.8 52.3 618.8
Expenses
Property operating expenses 82.1 88.7 46.7 27.4 244.9 76.6 82.8 42.7 23.3 225.4
Real Property NOI$ 158.3 $ 117.0 $ 85.1 $ 28.8 $ 389.2 $ 153.1 $ 128.2 $ 83.1 $ 29.0 $ 393.4
Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023
Financial InformationMH RV Marinas UK Total MH RV Marinas UK Total
Revenues
Real property (excluding transient)(a)$ 717.1 $ 242.1 $ 325.3 $ 98.9 $ 1,383.4 $ 676.9 $ 217.0 $ 306.4 $ 85.2 $ 1,285.5
Real property - transient 0.9 216.3 21.8 40.0 279.0 1.1 241.8 20.2 37.8 300.9
Total operating revenues 718.0 458.4 347.1 138.9 1,662.4 678.0 458.8 326.6 123.0 1,586.4
Expenses
Property operating expenses 236.5 216.0 127.4 76.1 656.0 223.0 209.9 119.1 70.3 622.3
Real Property NOI$ 481.5 $ 242.4 $ 219.7 $ 62.8 $ 1,006.4 $ 455.0 $ 248.9 $ 207.5 $ 52.7 $ 964.1
As of September 30, 2024 As of September 30, 2023
Other InformationMH RV Marinas UK Total MH RV Marinas UK Total
Number of Properties 288 179 138 54 659 298 182 135 55 670
Sites, Wet Slips and Dry Storage Spaces
Sites, wet slips and dry storage spaces(b) 97,300 34,480 48,760 17,790 198,330 100,200 32,150 48,030 18,050 198,430
Transient sitesN/A 25,060 N/A 4,500 29,560 N/A 26,490 N/A 3,280 29,770
Total 97,300 59,540 48,760 22,290 227,890 100,200 58,640 48,030 21,330 228,200
Occupancy 96.9% 100.0% N/A 91.5% 97.0% 96.3% 100.0% N/A 90.6% 96.4%

N/M = Not meaningful. N/A = Not applicable.

(a) Refer to "Utility Revenues" within Definitions and Notes for additional information.

(b) MH annual sites included 10,794 and 9,834 rental homes in the Company's rental program at September 30, 2024 and 2023, respectively. The Company's investment in occupied rental homes at September 30, 2024 was $729.5 million, an increase of 11.2% from $655.8 million at September 30, 2023.

Real Property Operations - North America Same Property Portfolio(a)
(amounts in millions, except for statistical information)

Quarter Ended September 30, 2024 Quarter Ended September 30, 2023 Total Change

% Change(c)
MH(b) RV(b) Marina Total MH(b) RV(b) Marina Total MH RV Marina Total
Financial Information
Same Property Revenues
Real property (excluding transient)$ 217.5 $ 82.2 $ 107.1 $ 406.8 $ 204.3 $ 74.5 $ 102.0 $ 380.8 $ 26.0 6.5% 10.3% 5.0% 6.8%
Real property - transient 0.2 102.0 9.9 112.1 0.3 113.8 9.6 123.7 (11.6) (32.4) % (10.4) % 2.5% (9.4) %
Total Same Property operating revenues 217.7 184.2 117.0 518.9 204.6 188.3 111.6 504.5 14.4 6.4% (2.2) % 4.8% 2.8%
Same Property Expenses
Same Property operating expenses(d)(e) 61.4 75.5 37.4 174.3 56.2 71.6 34.0 161.8 12.5 9.2% 5.4% 10.0% 7.7%
Real Property NOI(e)$ 156.3 $ 108.7 $ 79.6 $ 344.6 $ 148.4 $ 116.7 $ 77.6 $ 342.7 $ 1.9 5.3% (6.9) % 2.5% 0.5%
Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Total Change

% Change(c)
MH(b) RV(b) Marina Total MH(b) RV(b) Marina Total MH RV Marina Total
Financial Information
Same Property Revenues
Real property (excluding transient)$ 646.0 $ 221.3 $ 282.0 $ 1,149.3 $ 604.7 $ 198.6 $ 266.9 $ 1,070.2 $ 79.1 6.8% 11.4% 5.7% 7.4%
Real property - transient 0.9 193.8 21.2 215.9 0.9 218.7 20.0 239.6 (23.7) (4.4) % (11.4) % 5.8% (9.9) %
Total Same Property operating revenues 646.9 415.1 303.2 1,365.2 605.6 417.3 286.9 1,309.8 55.4 6.8% (0.5) % 5.7% 4.2%
Same Property Expenses
Same Property operating expenses(d)(e) 176.4 185.5 101.2 463.1 164.4 180.1 94.5 439.0 24.1 7.3% 3.0% 7.0% 5.5%
Real Property NOI(e)$ 470.5 $ 229.6 $ 202.0 $ 902.1 $ 441.2 $ 237.2 $ 192.4 $ 870.8 $ 31.3 6.6% (3.2) % 5.0% 3.6%
Other Information
Number of properties 283 164 127 574 283 164 127 574
Sites, wet slips and dry storage spaces 96,500 55,690 43,350 195,540 96,340 55,190 43,460 194,990

(a) Refer to Definitions and Notes for additional information.

(b) Same Property results for the Company's MH and RV properties reflect constant currency for comparative purposes. Canadian dollar figures in the prior comparative period have been translated at the average exchange rate of $0.7332 and $0.7353 USD per CAD, respectively, during the quarter and nine months ended September 30, 2024.

(c) Percentages are calculated based on unrounded numbers.

(d) Refer to "Utility Revenues" within Definitions and Notes for additional information.

Real Property Operations - North America Same Property Portfolio(a) (Continued)
(amounts in millions, except for statistical information)

(e) Total Same Property operating expenses consist of the following components for the periods shown (in millions) and exclude amounts invested into recently acquired properties to bring them up to the Company's standards:

Quarter Ended Nine Months Ended
September 30, 2024 September 30, 2023 Change % Change(c) September 30, 2024 September 30, 2023 Change % Change(c)
Payroll and benefits$ 58.1 $ 57.3 $ 0.8 1.3% $ 152.2 $ 150.2 $ 2.0 1.4%
Real estate taxes 28.3 26.4 1.9 7.2% 85.0 81.2 3.8 4.7%
Supplies and repairs 26.3 22.9 3.4 14.8% 63.9 57.5 6.4 11.1%
Utilities 20.1 18.6 1.5 8.1% 50.4 48.8 1.6 3.3%
Legal, state / local taxes, and insurance 13.4 14.1 (0.7) (4.8) % 42.1 42.4 (0.3) (0.7) %
Other 28.1 22.5 5.6 24.7% 69.5 58.9 10.6 18.0%
Total Same Property Operating Expenses$ 174.3 $ 161.8 $ 12.5 7.7% $ 463.1 $ 439.0 $ 24.1 5.5%
As of
September 30, 2024 September 30, 2023
MH RV MH RV
Other Information
Number of properties 283 164 283 164
Sites
MH and annual RV sites 96,500 33,630 96,340 31,970
Transient RV sites N/A 22,060 N/A 23,220
Total 96,500 55,690 96,340 55,190
MH and Annual RV Occupancy
Occupancy(b) 97.3% 100.0% 96.8% 100.0%
Monthly base rent per site $ 701 $ 618 $ 662 $ 579
% Change of monthly base rent(c) 5.9% 6.7% N/A N/A
Rental Program Statistics included in MH
Number of occupied sites, end of period(d) 10,210 N/A 9,490 N/A
Monthly rent per site - MH rental program $ 1,338 N/A $ 1,285 N/A
% Change(d) 4.1% N/A N/A N/A

N/A = Not applicable.

(a) Refer to Definitions and Notes for additional information.

(b) Same Property blended occupancy for MH and RV was 98.0% at September 30, 2024, up 40 basis points from 97.6% at September 30, 2023. Adjusting for recently delivered and vacant expansion sites, Same Property adjusted blended occupancy for MH and RV increased by 160 basis points year over year, to 98.8% at September 30, 2024, from 97.2% at September 30, 2023.

(c) Calculated using actual results without rounding.

(d) Occupied rental program sites in Same Property are included in total sites.

Real Property Operations - UK Same Property Portfolio(a)
(amounts in millions, except for statistical information)

Quarter Ended Nine Months Ended
September 30, 2024 September 30, 2023 % Change(c) September 30, 2024 September 30, 2023 % Change(c)
Financial Information(b)
Same Property Revenues
Real property (excluding transient)$ 26.6 $ 25.3 5.0% $ 76.2 $ 71.4 6.8%
Real property - transient 23.8 23.5 1.3% 40.0 38.4 4.0%
Total Same Property operating revenues 50.4 48.8 3.2% 116.2 109.8 5.8%
Same Property Expenses
Same Property operating expenses(d) 21.0 18.7 12.2% 56.2 54.1 3.9%
Real Property NOI$ 29.4 $ 30.1 (2.3) % $ 60.0 $ 55.7 7.7%
As of
September 30, 2024 September 30, 2023 Change
Other Information
Number of properties 52 52 -
Sites
UK sites 16,620 16,540 80
UK transient sites 3,350 3,140 210
Occupancy(e) 91.6% 90.5% 1.1%
Monthly base rent per site $ 545 $ 527 $ 18

(a) Refer to Definitions and Notes for additional information.

(b) Same Property results for the Company's UK properties reflect constant currency for comparative purposes. British pound sterling figures in the prior comparative period have been translated at the average exchange rate of $1.3009 USD and $1.2769 USD per GBP, respectively, during the quarter and nine months ended September 30, 2024.

(c) Percentages are calculated based on unrounded numbers.

(d) Refer to "Utility Revenues" within Definitions and Notes for additional information.

(e) Adjusting for recently delivered and vacant expansion sites, Same Property adjusted occupancy increased by 120 basis points year over year, to 91.9% at September 30, 2024, from 90.7% at September 30, 2023.

Home Sales Summary
($ in millions, except for average selling price)

Quarter Ended Nine Months Ended
Financial InformationSeptember 30, 2024 September 30, 2023 % Change September 30, 2024 September 30, 2023 % Change
MH
Home sales$ 47.0 $ 62.4 (24.7) % $ 138.0 $ 171.9 (19.7) %
Home cost and selling expenses 38.2 49.5 (22.8) % 109.4 131.5 (16.8) %
NOI(a)$ 8.8 $ 12.9 (31.8) % $ 28.6 $ 40.4 (29.2) %
NOI margin %(a) 18.7% 20.7% 20.7% 23.5%
UK
Home sales$ 58.3 $ 55.4 5.2% $ 143.7 $ 154.8 (7.2) %
Home cost and selling expenses 36.1 35.0 3.1% 93.6 102.0 (8.2) %
NOI(a)$ 22.2 $ 20.4 8.8% $ 50.1 $ 52.8 (5.1) %
NOI margin %(a) 38.1% 36.8% 34.9% 34.1%
Total
Home sales$ 105.3 $ 117.8 (10.6) % $ 281.7 $ 326.7 (13.8) %
Home cost and selling expenses 74.3 84.5 (12.1) % 203.0 233.5 (13.1) %
NOI(a)$ 31.0 $ 33.3 (6.9) % $ 78.7 $ 93.2 (15.6) %
NOI margin %(a) 29.4% 28.3% 27.9% 28.5%
Other information
Units Sold:
MH 557 636 (12.4) % 1,507 1,909 (21.1) %
UK 936 884 5.9% 2,344 2,310 1.5%
Total home sales 1,493 1,520 (1.8) % 3,851 4,219 (8.7) %
Average Selling Price:
MH$ 84,381 $ 98,113 (14.0) % $ 91,573 $ 90,047 1.7%
UK$ 62,286 $ 62,670 (0.6) % $ 61,305 $ 67,013 (8.5) %

(a) Refer to Definitions and Notes for additional information.

Operating Statistics for MH and Annual RVs

Resident Move-outs
% of Total Sites Number of Move-outs Leased Sites, Net(b) New Home Sales Pre-owned Home Sales Brokered
Re-sales
2024 - YTD as of September 30 3.9%(a) 5,694 2,499 339 1,168 1,334
2023 3.6% 6,590 3,268 564 2,001 2,296
2022 3.0% 5,170 2,922 703 2,509 2,864

(a) Percentage calculated on a trailing 12-month basis.

(b) Increase in revenue producing sites, net of new vacancies.

Acquisitions and Dispositions
(amounts in millions, except for *)

Property Name Property Type Number of Properties* Sites, Wet Slips and Dry Storage Spaces* State, Province or Country Total Purchase Price / Sales Proceeds Month
ACQUISITIONS
First Quarter 2024
Port of San Juan(a) Marina 1 8 PR $ - March
Second Quarter 2024
Port Milford(b) Marina 1 92 CT 4.0 April
Oak Leaf(c) Marina - 89 CT 5.0 April
Berth One Palm Beach(c) Marina - 4 FL 3.0 April
Third Quarter 2024
Marina Village Yacht Harbor(d) Marina 1 732 CA 50.0 September
Ventura Harbor Fuel(c) Marina - - CA 1.8 September
Acquisitions to Date 3 925 $63.8
DISPOSITIONS
First Quarter 2024
Spanish Trails and Sundance MH 2 533 AZ & FL $ 48.5 February
Second Quarter 2024
Littondale UK 1 114 UK 5.9 May
Third Quarter 2024
Six Community MH Portfolio MH 6 2,090 Various 224.6 July
Lake Pointe Village MH 1 361 FL 38.0 July
Reserve at Fox Creek MH 1 311 AZ 38.0 September
Dispositions to Date 11 3,409 $355.0

(a) Acquired via ground lease agreement.

(b) In conjunction with this acquisition, the Company issued 19,326 common OP units valued at $2.5 million.

(c) Combined with an existing property.

(d) In conjunction with this acquisition, the Company issued 243,273 common OP units valued at $31.5 million.

Capital Expenditures and Investments
(amounts in millions, except for *)

Nine Months Ended Year Ended
September 30, 2024 December 31, 2023 December 31, 2022
MH / RV Marina UK Total MH / RV Marina UK Total MH / RV Marina UK Total
Recurring Capital Expenditures(a)$ 48.5 $ 34.1 $ 6.4 $ 89.0 $ 51.8 $ 35.5 $ - $ 87.3 $ 51.0 $ 22.8 $ - $ 73.8
Non-Recurring Capital Expenditures(a)
Lot Modifications$ 25.3 N/A $ 1.7 $ 27.0 $ 54.9 N/A $ - $ 54.9 $ 39.1 N/A $ - $ 39.1
Growth Projects 6.1 67.7 4.8 78.6 21.6 82.9 - 104.5 28.4 71.1 - 99.5
Rebranding - N/A 3.0 3.0 4.7 N/A - 4.7 15.0 N/A - 15.0
Acquisitions 34.0 129.9 10.5 174.4 115.1 186.3 67.3 368.7 503.0 522.5 2,285.1 3,310.6
Expansion and Development 86.8 6.9 11.5 105.2 247.4 26.0 2.9 276.3 243.8 13.9 4.1 261.8
Total Non-Recurring Capital Expenditures 152.2 204.5 31.5 388.2 443.7 295.2 70.2 809.1 829.3 607.5 2,289.2 3,726.0
Total$ 200.7 $ 238.6 $ 37.9 $ 477.2 $ 495.5 $ 330.7 $ 70.2 $ 896.4 $ 880.3 $ 630.3 $ 2,289.2 $ 3,799.8
Other Information
Recurring Capex per Site, Slip and Dry Storage Spaces(b)*$ 329 $ 709 $ 353 $ 417 $ 388 $ 867 N/A $ 500 $ 397 $ 582 N/A $ 441

N/A = Not applicable.

(a) Refer to Definitions and Notes for additional information.

(b) Average based on actual number of MH and RV sites, Marina wet slips and dry storage spaces, and UK sites associated with the recurring capital expenditures in each period.

Capitalization Overview
(Shares and units in thousands, dollar amounts in millions, except for *)

As of
September 30, 2024
Equity and Enterprise Value Common Equivalent Shares Share Price* Capitalization
Common shares 127,397 $ 135.15 $ 17,217.7
Convertible securities
Common OP units 2,922 $ 135.15 394.9
Preferred OP units 2,571 $ 135.15 347.5
Diluted shares outstanding and market capitalization(a) 132,890 17,960.1
Plus: Total debt, per consolidated balance sheet 7,324.8
Total capitalization 25,284.9
Less: Cash and cash equivalents (excluding restricted cash) (63.6)
Enterprise Value(b) $25,221.3
Debt Weighted Average Maturity
(in years)*
Debt Outstanding
Mortgage loans payable 8.3 $ 3,344.5
Secured borrowings on collateralized receivables(c) 13.5 52.8
Unsecured debt 4.8 3,927.5
Total carrying value of debt, per consolidated balance sheet 6.4 7,324.8
Plus: Unamortized deferred financing costs and discounts / premiums on debt 36.3
Total Debt $7,361.1
Corporate Debt Rating and Outlook
Moody's Baa3 | Stable
S&P BBB | Stable

(a) Refer to "Securities" within Definitions and Notes for additional information related to the Company's securities outstanding.

(b) Refer to "Enterprise Value" within Definitions and Notes for additional information.

(c) Refer to "Secured borrowings on collateralized receivables" within Definitions and Notes for additional information.

Summary of Outstanding Debt

(amounts in millions, except for *)

Quarter Ended
September 30, 2024
Debt Outstanding Weighted Average Interest Rate(a)* Maturity Date*
Secured Debt:
Mortgage loans payable $ 3,344.5 3.99% Various
Secured borrowings on collateralized receivables(b) 52.8 8.58% Various
Total Secured Debt 3,397.3 4.06%
Unsecured Debt:
Senior Credit Facility:
Revolving credit facilities (in USD)(c) 1,252.0 4.72% April 2026
Senior Unsecured Notes:
2028 senior unsecured notes 447.3 2.30% November 2028
2029 senior unsecured notes 496.0 5.55% January 2029
2031 senior unsecured notes 743.2 2.70% July 2031
2032 senior unsecured notes 593.0 3.60% April 2032
2033 senior unsecured notes 396.0 5.51% January 2033
Total Senior Unsecured Notes 2,675.5 3.78%
Total Unsecured Debt 3,927.5 4.08%
Total carrying value of debt, per consolidated balance sheets 7,324.8 4.07%
Plus: Unamortized deferred financing costs, discounts / premiums on debt, and fair value adjustments(a) 36.3
Total debt $7,361.1

(a)Includes the effect of amortizing deferred financing costs, loan premiums / discounts, and derivatives, as well as fair value adjustments on the Secured borrowings on collateralized receivables.

(b)Refer to "Secured borrowings on collateralized receivables" within Definitions and Notes for additional information.

(c)As of September 30, 2024, the Company's revolving credit facilities consisted of:

  • $226.0 million borrowed on its U.S. line of credit at the Secured Overnight Financing Rate ("SOFR") plus 85 basis points margin. As of September 30, 2024, $150.0 million was swapped to a weighted average fixed SOFR rate of 4.757% for an all-in fixed rate of 5.707%.
  • $1.0 billion (£756.5 million) borrowed on its GBP and multicurrency lines of credit at the Daily Sterling Overnight Index Average ("SONIA") base rate, plus 85 basis points margin. As of September 30, 2024, $669.7 million (£500.0 million) was swapped to a weighted average fixed SONIA rate of 2.924% for an all-in fixed rate of 3.806% inclusive of margin.
  • $12.8 million USD equivalent borrowed on its AUD line of credit at the Bank Bill Swap Bid Rate ("BBSY") plus 85 basis points margin.

Debt Maturities(a)

(amounts in millions, except for *)

As of
September 30, 2024
Year Mortgage Loans Payable(b) Principal Amortization Secured Borrowings on Collateralized Receivables(c)(d) Senior
Credit Facility
Senior
Unsecured Notes
Total
2024 $ 117.2 $ 13.6 $ 0.6 $ - $ - $ 131.4
2025 50.6 52.3 2.3 - - 105.2
2026 650.5 44.2 2.5 1,252.0 - 1,949.2
2027 4.0 38.3 2.8 - - 45.1
2028 303.9 41.0 3.0 - 450.0 797.9
Thereafter 1,504.0 540.7 37.6 - 2,250.0 4,332.3
Total $ 2,630.2 $ 730.1 $ 48.8 $ 1,252.0 $ 2,700.0 $ 7,361.1

(a) Debt maturities include the unamortized deferred financing costs, discount / premiums, and fair value adjustments associated with outstanding debt.

(b) For the Mortgage loans payable maturing between 2024 - 2028:

2024 2025 2026 2027 2028
Weighted average interest rate 4.03% 4.04% 3.97% 4.34% 4.04%

(c) Balance at September 30, 2024 excludes fair value adjustments of $4.0 million.

(d) Refer to "Secured borrowings on collateralized receivables" within Definitions and Notes for additional information.

^ Excludes the Company's borrowings under its senior credit facility.

Debt Analysis

As of
September 30, 2024
Select Credit Ratios
Net Debt / TTM recurring EBITDA(a) 6.0 x
Net Debt / Enterprise Value(a) 28.8%
Net Debt / gross assets(a) 35.0%
Unencumbered assets / total assets 77.8%
Floating rate debt / total debt(b) 5.9%
Coverage Ratios
TTM Recurring EBITDA(a)(b) / interest 3.4 x
TTM Recurring EBITDA(a)(b) / interest + preferred distributions + preferred stock distribution 3.4 x
Senior Credit Facility Covenants Requirement
Maximum leverage ratio <65.0 % 32.5%
Minimum fixed charge coverage ratio >1.40 x 2.86 x
Maximum secured leverage ratio <40.0 % 12.4%
Senior Unsecured Note Covenants Requirement
Total debt / total assets =60.0 % 38.2%
Secured debt / total assets =40.0 % 17.7%
Consolidated income available for debt service / debt service =1.50 x 4.10 x
Unencumbered total asset value / total unsecured debt =150.0 % 378.7%

(a) Refer to Definition and Notes for additional information.

(b) Percentage includes the impact of hedge activities.

Definitions and Notes

Acquisition and Other Transaction Costs - In the Company's Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO on page 6, 'Acquisition and other transaction costs' represent (a) nonrecurring integration expenses associated with acquisitions during the quarter and nine months ended September 30, 2024 and 2023, (b) costs associated with potential acquisitions that will not close, (c) expenses incurred to bring recently acquired properties up to the Company's operating standards, including items such as tree trimming and painting costs that do not meet the Company's capitalization policy, and other non-recurring transaction costs, and (d) other non-recurring transactions.

Capital Expenditures and Investment Activity - The Company classifies its investments in properties into the following categories:

  • Recurring Capital Expenditures - Property recurring capital expenditures are necessary to maintain asset quality, including purchasing and replacing items used to operate the communities and marinas. Recurring capital expenditures at the Company's MH, RV and UK properties include major road, driveway and pool improvements; clubhouse renovations; adding or replacing streetlights; playground equipment; signage; maintenance facilities; manager housing and property vehicles. Recurring capital expenditures at the marinas include dredging, dock repairs and improvements, and equipment maintenance and upgrades. The minimum capitalized amount is five hundred dollars.

  • Non-Recurring Capital Expenditures - The following investment and reinvestment activities are non-recurring in nature:

    • Lot Modifications - consist of expenditures incurred to modify the foundational structures required to set a new home after a previous home has been removed. These expenditures are necessary to create a revenue stream from a new site renter and often improve the quality of the community. Other lot modification expenditures include land improvements added to annual RV sites to aid in the conversion of transient RV guests to annual contracts. See page 13 for move-out rates.

    • Growth Projects - consist of revenue-generating or expense-reducing activities at the properties. These include, but are not limited to, utility efficiency and renewable energy projects, site, slip or amenity upgrades, such as the addition of a garage, shed or boat lift, and other special capital projects that substantiate an incremental rental increase.

    • Rebranding - includes new signage at the Company's RV communities and costs of building an RV mobile application and updated website.

    • Acquisitions - Total acquisition investments represent the purchase price paid for operating properties (detailed for the current calendar year on page 14), the purchase price paid for land parcels for future ground-up development and expansions activities, and any capital improvements identified during due diligence from the acquisition date through the third year of ownership needed to bring acquired properties up to the Company's operating standards.

Capital improvements subsequent to acquisition often require 24 to 36 months to complete after closing. At MH, RV and UK properties, capital improvements include upgrading clubhouses; landscaping; new street light systems; new mail delivery systems; pool renovations including larger decks, heaters and furniture; new maintenance facilities; lot modifications; and new signage including main signs and internal road signs. Capital improvements at Marina properties primarily include improvements to rooms, renovation of restaurant facilities, pools and fitness centers.

For the nine months ended September 30, 2024, the components of total acquisition investment are as follows (in millions):

Nine Months Ended September 30, 2024
MH and RV Marina UK Total
Purchase price of property acquisitions $ - $ 64.2 $ - $ 64.2
Capitalized transaction costs for property acquisitions - 0.6 - 0.6
Purchase price of land acquisitions (including capitalized transaction costs)(a) 15.9 - 10.1 26.0
Capital improvements to recent property acquisitions 17.3 51.1 0.4 68.8
Other acquisitions 0.8 14.0 - 14.8
Total Acquisition Investments $34.0 $129.9 $10.5 $174.4

(a) Includes the value allocated to infrastructure improvements associated with acquired land, when applicable.

  • Expansions and Developments - consist primarily of construction costs such as roads, activities, and amenities, and costs necessary to complete site improvements, such as driveways, sidewalks and landscaping at the Company's MH, RV and UK communities. Expenditures also include costs to rebuild after damage has been incurred at MH, RV, Marina or UK properties, and research and development.

Enterprise Value - Equals total equity market capitalization, plus total indebtedness reported on the Company's balance sheet and less unrestricted cash and cash equivalents.

GAAP - U.S. Generally Accepted Accounting Principles.

Home Sales Contribution to FFO - The reconciliation of NOI from home sales to FFO from home sales for the quarter and nine months ended September 30, 2024 is as follows (in millions):

Quarter Ended September 30, 2024 Nine Months Ended September 30, 2024
MH UK Total MH UK Total
Home Sales NOI$ 8.8 $ 22.2 $ 31.0 $ 28.6 $ 50.1 $ 78.7
Gain on dispositions of assets, net (6.5) (0.6) (7.1) (20.0) (1.1) (21.1)
FFO contribution from home sales$ 2.3 $ 21.6 $ 23.9 $ 8.6 $ 49.0 $ 57.6

Interest expense - The following is a summary of the components of the Company's interest expense (in millions):

Quarter Ended Nine Months Ended
September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Interest on Secured debt, Senior unsecured notes, Senior Credit Facility, Unsecured Term Loan and interest rate swaps$ 81.4 $ 81.0 $ 248.9 $ 228.5
Lease related interest expense 3.6 3.6 10.7 10.7
Amortization of deferred financing costs, debt / (premium) or discounts and (gains) / losses on hedges 1.6 1.5 5.0 4.5
Senior credit facility commitment fees and other finance related charges 1.9 1.8 5.9 5.1
Capitalized interest expense (1.9) (3.8) (6.8) (8.9)
Interest Expense Before Interest on Secured borrowings 86.6 84.1 263.7 239.9
Interest expense on Secured borrowings on collateralized receivables 1.1 - 3.5 -
Interest Expense, per Consolidated Statements of Operations$ 87.7 $ 84.1 $ 267.2 $ 239.9

Nareit - The National Association of Real Estate Investment Trusts is the worldwide representative voice for REITs and real estate companies with an interest in U.S. real estate and capital markets. More information is available at www.reit.com.

Net Debt - The carrying value of debt, plus, unamortized premiums, discounts and deferred financing costs, less unrestricted cash and cash equivalents.

Other adjustments, net - In the Company's Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO on page 6, Other adjustments, net consists of the following (in millions):

Quarter Ended Nine Months Ended
September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Litigation activity$ 0.1 $ - $ (8.5) $ -
Insurance loss recovery expense 8.9 - 8.9 -
Long term lease termination expense 0.1 3.3 1.1 4.0
Severance costs 1.0 0.1 1.9 0.5
Deferred tax benefit (7.1) (2.3) (16.5) (14.6)
Accelerated deferred compensation amortization - - 0.7 0.4
ERP implementation expense 0.7 - 2.1 -
Other - - 1.1 0.1
Other adjustments, net$ 3.7 $ 1.1 $