Earnings Press Release & Supplemental Operating and Financial Data
For the Quarter and Six Months Ended June 30, 2025
Forward-Looking Statements:
This supplemental package 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 Sun Communities, Inc. (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 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, 2024, in Part II, Item 1A of the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2025. and in other filings with the Securities and Exchange Commission from time to time, such risks, uncertainties and other factors include those described under the heading "Cautionary Statement Regarding Forward-Looking Statements" in the accompanying press release.
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.
Note on Non-GAAP Measures:
This document includes information regarding various non-GAAP supplemental performance measures, including funds from operations ("FFO"), Core FFO, net operating income ("NOI"), earnings before interest, tax, depreciation and amortization ("EBITDA"), and Recurring EBITDA. For information on these non-GAAP measures, please refer to "Reconciliation of Net Income Attributable to SUI Common Shareholders to Core FFO," "Reconciliation of Net Income Attributable to SUI Common Shareholders to NOI," "Reconciliation of Net Income Attributable to SUI Common Shareholders to Recurring EBITDA," and "Definitions and Notes."
i
EARNINGS PRESS RELEASE
July 30, 2025
Sun Communities Reports Results for the Second Quarter and First Six Months of 2025
Net Income per Diluted Share of $10.02 for the Quarter, inclusive of Income from Discontinued Operations
Core FFO per Share of $1.76 for the Quarter
North America Same Property NOI for MH and RV Increased by 4.9% for the Quarter on a Year-over-Year Basis
North America Same Property Adjusted Blended Occupancy for MH and RV of 99.0%
Represents a 150 Basis Point Year-over-Year Increase
Over $830 Million of Capital Return to Shareholders,
inclusive of Special Cash Distributions and Share Repurchases
Raising Full-Year 2025 Core FFO per Share Guidance to $6.51 to $6.67
Increasing North American Same Property NOI Growth Guidance to 3.9% - 5.6%
Increasing UK Same Property NOI Growth Guidance to 1.3% - 3.3%
Southfield, Michigan, July 30, 2025 – 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 (collectively, the "properties"), today reported its second quarter results for 2025.
Financial Results for the Quarter and Six Months Ended June 30, 2025
•For the quarter ended June 30, 2025, net loss from continuing operations was $92.2 million, or $1.23 per diluted share, compared to net income from continuing operations of $32.7 million, or $0.21 per diluted share for the same period in 2024.
•For the quarter ended June 30, 2025, net income attributable to common shareholders was $1.3 billion, or $10.02 per diluted share, compared to net income attributable to common shareholders of $52.1 million, or $0.42 per diluted share for the same period in 2024.
•For the six months ended June 30, 2025, net loss from continuing operations was $115.3 million, or $1.42 per diluted share, compared to net loss from continuing operations of $4.0 million, or $0.09 per diluted share for the same period in 2024.
ii
•For the six months ended June 30, 2025, net income attributable to common shareholders was $1.2 billion, or $9.68 per diluted share, compared to net income attributable to common shareholders of $24.7 million, or $0.20 per diluted share for the same period in 2024.
Non-GAAP Financial Measures
•Core Funds from Operations ("Core FFO") for the quarter and six months ended June 30, 2025, was $1.76 per common share and convertible securities ("Share") and $3.02 per Share, respectively, as compared to $1.86 and $3.05 for the same periods in 2024.
•Same Property Net Operating Income ("NOI")
◦North America Same Property NOI for MH and RV increased by $11.3 million and $20.8 million, or 4.9% and 4.8%, respectively, for the quarter and six months ended June 30, 2025, as compared to the corresponding periods in 2024.
◦UK Same Property NOI increased by $2.1 million and $1.6 million, or 10.2% and 5.0%, respectively, for the quarter and six months ended June 30, 2025, as compared to the corresponding periods in 2024.
"We are pleased to report strong second quarter results with earnings ahead of our expectations, as we demonstrated the strength of our platform. It was also one of the most pivotal quarters in our history as we completed the previously announced sale of Safe Harbor Marinas and repositioned Sun as a pure-play owner and operator of manufactured housing and RV communities with a best-in-class balance sheet. This transaction streamlined operations, unlocked meaningful financial flexibility, and enhanced shareholder value," said Gary A. Shiffman, Chairman and CEO. "We are incredibly excited to welcome Charles Young as Sun's next CEO in October, as his seasoned leadership and deep real estate expertise will guide the Company through its next phase of growth. After over 40 years as CEO, I am proud to reflect on the Company's incredible journey knowing our efforts built a strong foundation that uniquely positions Sun for continued growth and long-term value creation."
OPERATING HIGHLIGHTS
North America Portfolio Occupancy
•MH and annual RV sites were 98.1% occupied at June 30, 2025, as compared to 97.5% at June 30, 2024.
•During the quarter ended June 30, 2025, the number of MH and annual RV revenue producing sites increased by approximately 460 sites.
•During the six months ended June 30, 2025, MH and annual RV revenue producing sites increased by over 470 sites.
iii
Same Property Results
For the properties owned and operated by the Company since at least January 1, 2024, excluding properties classified as discontinued operations, the following table reflects the percentage changes for the quarter ended June 30, 2025, as compared to the same period in 2024:
Quarter Ended June 30, 2025
North America
MH
RV
Total
UK
Revenue
6.9
%
0.9
%
4.6
%
9.5
%
Expense
4.7
%
3.1
%
3.9
%
8.8
%
NOI
7.7
%
(1.1)
%
4.9
%
10.2
%
Six Months Ended June 30, 2025
North America
MH
RV
Total
UK
Revenue
7.1
%
(0.3)
%
4.5
%
5.8
%
Expense
3.8
%
4.1
%
3.9
%
6.5
%
NOI
8.3
%
(4.3)
%
4.8
%
5.0
%
Number of Properties
281
156
437
51
North America Same Property adjusted blended occupancy for MH and RV increased by 150 basis points to 99.0% at June 30, 2025, from 97.5% at June 30, 2024.
INVESTMENT ACTIVITY
During the quarter ended June 30, 2025, the Company completed the following dispositions:
•In April 2025, the initial closing of the sale of Safe Harbor Marinas, including a total of 123 marina properties for total cash consideration of $5.25 billion, with a gain on sale of $1.4 billion. See "Balance Sheet, Capital Markets Activity, and Other Items" on page (v) for additional information.
•In May and June 2025, a total of six marina properties for total cash consideration of $136.7 million. See "Balance Sheet, Capital Markets Activity, and Other Items" on page (v) for additional information.
•In June 2025, an MH development property for total cash consideration of $40.0 million, with a gain on sale of $2.6 million. The MH development property was classified as held for sale as of March 31, 2025.
Refer to page 14 for additional details related to the Company's acquisition and disposition activity.
iv
BALANCE SHEET, CAPITAL MARKETS ACTIVITY, AND OTHER ITEMS
As of June 30, 2025, the Company had $4.3 billion in debt outstanding with a weighted average interest rate of 3.4% and a weighted average maturity of 7.6 years. At June 30, 2025, the Company's Net Debt to trailing twelve-month Recurring EBITDA ratio was 2.9 times.
Safe Harbor Sale
During the quarter ended June 30, 2025, the Company completed the initial closing (the "Initial Closing") of its sale of the Safe Harbor Marinas business (the "Safe Harbor Sale"). The Initial Closing of the Safe Harbor Sale generated approximately $5.25 billion of pre-tax cash proceeds, net of transaction costs, with a book gain on sale of $1.4 billion. Pursuant to the terms of the transaction agreement, subsidiaries owning 15 marina properties representing approximately $250.0 million of value (the "Delayed Consent Subsidiaries") were not part of the Initial Closing. The sales of the Delayed Consent Subsidiaries were subject to the receipt of certain third-party consents at the time of the Initial Closing, which has delayed the timing of any such sale or may prevent any such property from being sold at all. Subsequent to the Initial Closing through June 30, 2025, the Company completed the sale of six Delayed Consent Subsidiaries for $136.7 million. The Company has commenced its plan to deploy the net cash proceeds from the Safe Harbor Sale to support a combination of debt reduction, shareholder distributions, share repurchases, and reinvestment in the Company's core portfolio.
During the quarter ended June 30, 2025, the Company repaid outstanding debt balances of $1.6 billion under the Company's senior credit facility and $737.7 million of secured mortgage debt, inclusive of prepayments costs of $45.9 million. The Company also completed the redemption of $956.5 million in outstanding unsecured senior notes, inclusive of prepayment costs of $56.5 million. In conjunction with the debt repayments, the Company terminated three cash flow hedges and realized a gain of $8.7 million from Other Comprehensive Income to earnings due to the discontinuation of cash flow hedge accounting on the extinguished debt instruments. The Company also had $565.3 million in 1031 exchange escrow accounts to fund potential future MH and RV acquisitions, with those funds held as Restricted Cash until and if utilized in connection with potential acquisitions. If some or all of the potential acquisitions are not consummated by October 29, 2025, those funds will be reclassified to unrestricted cash on the Company's Balance Sheet.
Special Cash Distribution
During the quarter ended June 30, 2025, the Company paid a one-time special cash distribution of $4.00 per common share and common unit, equating to a capital return to shareholders of $521.3 million.
Stock Repurchase Program
During the quarter ended June 30, 2025, the Company repurchased approximately 1.6 million shares of the Company's common stock at an average cost of $124.03 per share for a total of $202.8 million. Subsequent to the quarter ended June 30, 2025, the Company repurchased approximately 0.8 million shares of the Company's common stock at an average cost of $126.19 per share for a total of $97.4 million. On a year-to-date basis through July 30, 2025, the Company has repurchased 2.4 million shares of the Company's common stock at an average cost of $124.73 per share for a total of $300.3 million.
v
UK Ground Lease Terminations
During the quarter ended June 30, 2025, the Company repurchased the titles to 22 UK properties, previously controlled via ground leases for $199.2 million, inclusive of taxes and fees. In conjunction with the transaction, the Company recorded a lease termination gain of $26.0 million and a Value Added Tax receivable of $31.4 million.
CEO Transition Announcement
In July 2025, the Company announced that its Board of Directors has appointed Charles D. Young as Chief Executive Officer, effective October 1, 2025. Mr. Young, who will also join the Company's Board of Directors, succeeds Gary Shiffman, who previously announced his planned retirement from the role of CEO after a distinguished 40 years leading Sun. Mr. Young is a seasoned senior real estate and investment executive with over 25 years of leadership experience in real estate operations, development, and investment management. Since March 2023, he has served as President of Invitation Homes, Inc., the nation's premier single-family home leasing and management company.
vi
2025 GUIDANCE
The Company is updating full-year and establishing third quarter 2025 guidance for diluted EPS and Core FFO per Share as follows:
Third Quarter Ending September 30, 2025
Full Year Ending December 31, 2025
Low
High
Low
High
Diluted EPS attributable to the Consolidated Portfolio(a)
$
1.21
$
1.31
$
11.34
$
11.50
Core FFO per Share attributable to the Consolidated Portfolio(a)(b)(c)
$
2.13
$
2.23
$
6.51
$
6.67
(a) The diluted share counts for the quarter ending September 30, 2025 and the year ending December 31, 2025 are estimated to be 130.1 million and 131.1 million, respectively, which assumes full conversion of all equity participating units, including common and preferred OP units, into the Company's common stock.
(b) No reconciliation of the forecasted range for Core FFO per share attributable to the Consolidated Portfolio is included in this release because we are unable to quantify certain amounts that would be required to be included in the reconciliation to the comparable GAAP financial measure without unreasonable efforts, particularly with respect to the allocations of itemized adjustments to the Consolidated Portfolio as the initial closing of the Safe Harbor Sale was effective on April 30, 2025, and we believe such reconciliation would imply a degree of precision that could be confusing or misleading to investors.
(c) The Company's guidance translates forecasted results from operations in the UK using the relevant exchange rate provided in the table presented below. The impact of fluctuations in Canadian and Australian foreign currency rates on guidance are not material.
Currencies
Exchange Rates
U.S. dollar ("USD") / pound sterling ("GBP")
1.24
USD / Canadian dollar ("CAD")
0.70
USD / Australian dollar ("AUD")
0.62
Supplemental Guidance Tables:
Expected Change in 2025
Same Property Portfolio (in millions and %)(a)
FY 2024 Actual Results
Prior FY Range
July 30, 2025 Update
MH NOI (281 properties)
$
630.9
6.6%
-
7.4%
7.2%
-
7.8%
RV NOI (156 properties)
$
280.6
(3.5%)
-
0.5%
(3.5%)
-
0.5%
North America (MH and RV)
Revenues from real property
$
1,385.4
3.3%
-
4.1%
3.6%
-
4.4%
Total property operating expenses
473.9
2.0%
-
2.8%
2.2%
-
3.0%
Total North America Same Property NOI(b)
$
911.5
3.5%
-
5.2%
3.9%
-
5.6%
UK (51 properties)
Revenues from real property
$
145.8
4.6%
-
5.2%
4.3%
-
4.9%
Total property operating expenses
70.6
7.6%
-
8.6%
6.6%
-
7.5%
Total UK Same Property NOI(b)
$
75.2
0.9%
-
2.9%
1.3%
-
3.3%
For the third quarter ending September 30, 2025, the Company's guidance range assumes North America Same Property NOI growth of 2.4% - 5.6% and UK Same Property NOI growth of 0.1% - 3.1%.
vii
Consolidated Portfolio Guidance For 2025
(in millions, excluding marinas)
Expected Change / Range in FY 2025
FY 2024 Actual Results
Prior FY Range
July 30, 2025 Update
Ancillary NOI
$
23.6
$19.0
-
$21.7
$19.0
-
$21.7
Interest income
$
20.2
$57.0
-
$60.0
$52.9
-
$55.7
Brokerage commissions and other, net(c)
$
44.5
$32.8
-
$39.3
$32.8
-
$39.3
FFO contribution from North American home sales
$
9.9
$3.5
-
$5.1
$3.5
-
$5.1
FFO contribution from UK home sales
$
59.9
$56.4
-
$63.0
$56.4
-
$63.0
General and administrative expenses excluding non-recurring expenses
$
196.3
$194.6
-
$198.1
$194.6
-
$198.1
Interest expense
$
350.3
$225.8
-
$228.0
$221.0
-
$224.0
Current tax expense
$
3.6
$13.0
-
$15.1
$13.0
-
$15.1
Seasonality (excluding marinas)
1Q25
2Q25
3Q25
4Q25
North America Same Property NOI:
MH
25%
25%
25%
25%
RV
16%
26%
39%
19%
Total
23%
25%
29%
23%
UK Same Property NOI
13%
30%
37%
20%
Home Sales FFO
North America
11%
55%
27%
7%
UK
17%
29%
34%
20%
Consolidated Ancillary NOI
(11)%
34%
79%
(2)%
Consolidated EBITDA(d)
22%
26%
31%
21%
Core FFO per Share(d)(e)
19%
27%
33%
21%
Footnotes to Supplemental Guidance Tables:
(a)
The amounts in the Same Property Portfolio table reflect constant currency, as Canadian dollar and pound sterling figures included within the 2024 amounts have been translated at the assumed exchange rates used for 2025 guidance.
(b)
Total North America Same Property results net $90.5 million and $95.1 million of utility revenue against the related utility expense in property operating expenses for 2024 results and 2025 guidance, respectively. Total UK Same Property results net $17.8 million and $20.2 million of utility revenue against the related utility expense in property operating expenses for 2024 results and 2025 guidance, respectively.
(c)
Brokerage commissions and other, net includes approximately $18.0 million and $13.9 million of business interruption income and $9.5 million and $13.5 million of income from nonconsolidated affiliates for full year 2024 results and 2025 guidance, respectively.
(d)
Includes realized contribution from marinas through the date of the initial closing of the Safe Harbor Sale and the expected contribution from the Delayed Consent Subsidiaries subsequent to the initial closing of the Safe Harbor Sale.
(e)
Assumes full conversion of all equity participating units, including common and preferred OP units, into the Company's common stock.
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 July 30, 2025, and the effect of the completion of the sale of the remaining Delayed Consent Subsidiaries from the Safe Harbor Sale. 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.
viii
EARNINGS CONFERENCE CALL
A conference call to discuss second quarter results will be held on Thursday, July 31, 2025 at 2:00 P.M. (ET). To participate, call toll-free at (877) 407-9039. Callers outside the U.S. or Canada can access the call at (201) 689-8470. A replay will be available following the call through August 14, 2025 and can be accessed toll-free by calling (844) 512-2921 or (412) 317-6671. The Conference ID number for the call and the replay is 13754394. 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.
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, uncertainties, and other factors, both general and specific to the matters discussed in this document, some of which are beyond the Company's control. These risks, 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, 2024, in Part II, Item 1A of the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2025, 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:
∙
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;
∙
General volatility of the capital markets and the market price of shares of the Company's capital stock;
∙
Increases in interest rates and operating costs, including insurance premiums and real estate taxes;
∙
Difficulties in the Company's ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully;
∙
The ability of the Company to complete the sale of the remaining Safe Harbor properties that are subject to receipt of third-party consents on a timely basis or at all;
∙
The ability of the Company to realize the anticipated benefits of the Safe Harbor Sale, including with respect to tax strategies, or at all;
∙
The Company's succession plan for its CEO, which could impact the execution of the Company's strategic plan;
∙
Competitive market forces;
∙
The ability of purchasers of manufactured homes to obtain financing;
∙
The level of repossessions of manufactured homes;
∙
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 weakness in its internal control over financial reporting;
∙
Expectations regarding the amount or frequency of impairment losses;
∙
Changes in general economic conditions, including inflation, deflation, energy costs, the real estate industry, the effects of tariffs or threats of tariffs, trade wars, immigration issues, supply chain disruptions, and the markets within which the Company operates;
∙
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 its status as a REIT;
∙
Changes in real estate and zoning laws and regulations;
∙
The Company's ability to maintain rental rates and occupancy levels;
∙
Legislative or regulatory changes, including changes to laws governing the taxation of REITs;
∙
Outbreaks of disease and related restrictions on business operations;
∙
Risks related to natural disasters such as hurricanes, earthquakes, floods, droughts, and wildfires; and
∙
Litigation, judgments or settlements, including costs associated with prosecuting or defending claims and any adverse outcomes;
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.
ix
Overview
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 June 30, 2025, the Company owned, operated, or had an interest in a portfolio of 501 developed MH, RV, and UK properties comprising approximately 174,450 developed sites in the U.S., Canada, and the U.K. The Company also owned, operated, or held an interest in a portfolio of nine marina properties comprising approximately 3,880 wet slips and dry storage spaces in the U.S., which were classified within discontinued operations as of June 30, 2025.
For more information about the Company, please visit www.suninc.com.
Company Contacts
Investor Relations
Sara Ismail, Senior Vice President
(248) 208-2500
investorrelations@suncommunities.com
Corporate Debt Ratings
Moody's
S&P
Baa2 | Stable
BBB+ | Stable
Equity Research Coverage
Bank of America Merrill Lynch
Jana Galan
jana.galan@bofa.com
Barclays
Richard Hightower
richard.hightower@barclays.com
Jason Wayne
jason.wayne@barclays.com
BMO Capital Markets
John Kim
jp.kim@bmo.com
Citi Research
Nicholas Joseph
nicholas.joseph@citi.com
Eric Wolfe
eric.wolfe@citi.com
Colliers
Barry Oxford
barry.oxford@colliers.com
Deutsche Bank
Omotayo Okusanya
omotayo.okusanya@db.com
Conor Peaks
conor.peaks@db.com
Evercore ISI
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
Morgan Stanley
Adam Kramer
adam.kramer@morganstanley.com
Derrick Metzler
derrick.metzler@morganstanley.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
2nd Quarter Supplemental Information 1
Overview
Financial and Operating Highlights
($ in millions, except Per Share amounts, Unaudited)
Quarters Ended
6/30/2025
3/31/2025
12/31/2024
9/30/2024
6/30/2024
Financial Information
Basic earnings / (loss) per share from continuing operations
$
(1.23)
$
(0.19)
$
(1.84)
$
2.09
$
0.21
Basic earnings / (loss) per share from discontinued operations
11.25
(0.15)
0.08
0.22
0.21
Basic earnings / (loss) per share
$
10.02
$
(0.34)
$
(1.76)
$
2.31
$
0.42
Diluted earnings / (loss) per share from continuing operations
$
(1.23)
$
(0.19)
$
(1.85)
$
2.09
$
0.21
Diluted earnings / (loss) per share from discontinued operations
11.25
(0.15)
0.08
0.22
0.21
Diluted earnings / (loss) per share
$
10.02
$
(0.34)
$
(1.77)
$
2.31
$
0.42
Cash distributions declared per common share(a)
$
1.04
$
0.94
$
0.94
$
0.94
$
0.94
FFO per Share(b)
$
1.36
$
1.06
$
1.30
$
2.19
$
1.79
Core FFO per Share(b)
$
1.76
$
1.26
$
1.41
$
2.34
$
1.86
Real Property NOI(b)
MH
$
168.6
$
172.5
$
161.9
$
158.3
$
160.7
RV
72.9
44.7
50.4
117.0
74.2
UK
22.1
9.2
16.3
28.8
18.7
Total
$
263.6
$
226.4
$
228.6
$
304.1
$
253.6
Recurring EBITDA(b)
$
291.3
$
236.7
$
271.5
$
382.6
$
335.9
TTM Recurring EBITDA / Interest(b)
3.8 x
3.6 x
3.5 x
3.4 x
3.6 x
Net Debt / TTM Recurring EBITDA(b)
2.9 x
5.9 x
6.0 x
6.0 x
6.2 x
Balance Sheet
Total assets
$
13,362.1
$
16,505.6
$
16,549.4
$
17,085.1
$
17,011.1
Total debt
$
4,283.5
$
7,348.1
$
7,352.8
$
7,324.8
$
7,852.8
Total liabilities
$
5,570.0
$
9,235.4
$
9,096.8
$
9,245.7
$
9,781.6
Operating Information
Properties
MH
284
284
287
287
295
RV
164
165
167
180
180
UK
53
53
53
54
54
Total
501
502
507
521
529
Sites
MH
97,380
97,320
97,430
97,300
100,160
Annual RV
32,100
31,960
32,100
34,480
33,590
Transient
23,440
23,810
24,830
25,060
25,720
UK annual
17,510
17,510
17,690
17,790
17,710
UK transient
4,020
4,250
4,340
4,500
4,580
Total sites
174,450
174,850
176,390
179,130
181,760
Occupancy
MH
97.4
%
97.3
%
97.3
%
96.9
%
96.7
%
Annual RV
100.0
%
100.0
%
100.0
%
100.0
%
100.0
%
Blended MH and annual RV
98.1
%
98.0
%
98.0
%
97.7
%
97.5
%
UK annual
90.3
%
89.8
%
89.7
%
91.5
%
89.9
%
MH and RV Revenue Producing Site Net Gains(c)
MH leased sites, net
170
47
406
159
315
RV leased sites, net
288
(31)
304
893
918
Total leased sites, net
458
16
710
1,052
1,233
(a) During the quarter ended June 30, 2025, the Company also paid a one-time special cash distribution of $4.00 per common share and unit.
(b) Refer to Definition and Notes for additional information.
(c) Revenue producing site net gains do not include occupied sites acquired during the year.
2nd Quarter Supplemental Information 2
Overview
Portfolio Overview as of June 30, 2025(a)
MH & RV Properties
Properties
MH & Annual RV
Transient RV Sites
Total Sites
Sites for Development
Location
Sites
Occupancy %
North America
Florida
124
41,230
98.0
%
4,020
45,250
1,720
Michigan
85
33,030
97.9
%
510
33,540
1,290
California
37
7,010
99.3
%
1,810
8,820
570
Texas
29
9,300
98.0
%
1,620
10,920
3,850
Connecticut
16
1,900
96.6
%
100
2,000
—
Maine
15
2,560
97.6
%
990
3,550
200
Arizona
11
4,170
97.7
%
840
5,010
1,120
Indiana
11
2,950
98.8
%
990
3,940
180
New Jersey
11
3,090
100.0
%
920
4,010
260
Colorado
11
3,000
89.4
%
870
3,870
1,390
New York
10
1,560
98.8
%
1,620
3,180
780
Other
88
19,680
99.2
%
9,150
28,830
1,530
Total
448
129,480
98.1
%
23,440
152,920
12,890
Properties
UK Properties
Transient Sites
Total Sites
Sites for Development
Location
Sites
Occupancy %
United Kingdom
53
17,510
90.3
%
4,020
21,530
3,130
Properties
Total Sites
Total Portfolio(a)
501
174,450
(a) The Company also owned nine marina properties with 3,880 total wet slips and dry storage spaces, which were classified within held for sale and discontinued operations as of June 30, 2025.
2nd Quarter Supplemental Information 3
Financial Statements and Reconciliations to Non-GAAP Financial Measures
Consolidated Balance Sheets
(amounts in millions)
(Unaudited)
June 30, 2025
December 31, 2024
Assets
Land
$
3,443.9
$
3,461.5
Land improvements and buildings
9,076.8
9,058.7
Rental homes and improvements
864.9
834.1
Furniture, fixtures and equipment
779.4
739.2
Investment property
14,165.0
14,093.5
Accumulated depreciation
(3,431.9)
(3,228.4)
Investment property, net
10,733.1
10,865.1
Cash, cash equivalents and restricted cash(a)
1,463.1
57.1
Inventory of manufactured homes
172.0
129.8
Notes and other receivables, net
345.7
430.1
Collateralized receivables, net(b)
46.6
51.2
Goodwill
9.5
9.5
Other intangible assets, net
101.7
102.5
Other assets, net
369.3
442.4
Assets held for sale and discontinued operations, net(c)
121.1
4,461.7
Total Assets
$
13,362.1
$
16,549.4
Liabilities
Mortgage loans payable
$
2,451.6
$
3,212.2
Secured borrowings on collateralized receivables(b)
46.6
51.2
Unsecured debt
1,785.3
4,089.4
Distributions payable
133.8
122.6
Advanced reservation deposits and rent
308.2
249.4
Accrued expenses and accounts payable
262.1
265.8
Other liabilities
545.8
819.3
Liabilities held for sale and discontinued operations, net(c)
36.6
286.9
Total Liabilities
5,570.0
9,096.8
Commitments and contingencies
Temporary equity
257.9
259.8
Shareholders' Equity
Common stock
1.3
1.3
Additional paid-in capital
9,744.7
9,864.2
Accumulated other comprehensive income / (loss)
44.2
(7.9)
Distributions in excess of accumulated earnings
(2,380.3)
(2,775.9)
Total SUI Shareholders' Equity
7,409.9
7,081.7
Noncontrolling interests
Common and preferred OP units
123.9
110.4
Consolidated entities
0.4
0.7
Total noncontrolling interests
124.3
111.1
Total Shareholders' Equity
7,534.2
7,192.8
Total Liabilities, Temporary Equity and Shareholders' Equity
$
13,362.1
$
16,549.4
(a) Refer to "Cash, Cash Equivalents and Restricted Cash" within Definitions and Notes for additional information.
(b) Refer to "Secured borrowings on collateralized receivables" within Definitions and Notes for additional information.
(c) Refer to "Discontinued Operations" within Definitions and Notes for additional information.
2nd Quarter Supplemental Information 4
Financial Statements and Reconciliations to Non-GAAP Financial Measures
Consolidated Statements of Operations
(amounts in millions, except for per share amounts)
Quarter Ended
Six Months Ended
June 30, 2025
June 30, 2024
% Change
June 30, 2025
June 30, 2024
% Change
Revenues
Real property (excluding transient)(a)
$
368.8
$
351.0
5.1
%
$
722.7
$
694.0
4.1
%
Real property - transient
81.4
81.6
(0.2)
%
111.9
119.1
(6.0)
%
Home sales
100.1
107.5
(6.9)
%
167.3
176.4
(5.2)
%
Ancillary
42.1
40.6
3.7
%
54.6
53.9
1.3
%
Interest
16.5
5.2
217.3
%
20.9
9.7
115.5
%
Brokerage commissions and other, net
14.6
10.4
40.4
%
16.3
12.4
31.5
%
Total Revenues
623.5
596.3
4.6
%
1,093.7
1,065.5
2.6
%
Expenses
Property operating and maintenance(a)
157.9
152.8
3.3
%
289.2
278.8
3.7
%
Real estate tax
28.7
26.2
9.5
%
55.4
51.7
7.2
%
Home costs and selling
76.8
76.8
—
%
129.4
128.7
0.5
%
Ancillary
33.5
32.2
4.0
%
48.9
48.4
1.0
%
General and administrative
61.2
49.8
22.9
%
118.2
111.6
5.9
%
Catastrophic event-related charges, net
0.4
2.3
(82.6)
%
0.3
9.5
(96.8)
%
Depreciation and amortization
127.4
123.0
3.6
%
251.1
244.0
2.9
%
Asset impairments(a)
166.1
10.6
N/M
190.1
30.4
N/M
Loss on extinguishment of debt
102.4
—
N/A
102.4
0.6
N/M
Interest
58.2
89.8
(35.2)
%
140.3
179.5
(21.8)
%
Total Expenses
812.6
563.5
44.2
%
1,325.3
1,083.2
22.4
%
Income / (Loss) Before Other Items
(189.1)
32.8
N/M
(231.6)
(17.7)
N/M
Gain / (loss) on foreign currency exchanges
39.4
(2.8)
N/M
48.1
(1.7)
N/M
Gain / (loss) on dispositions of properties
(1.3)
2.5
N/M
(2.4)
7.9
N/M
Other income / (expense), net(a)
31.9
(1.1)
N/M
37.6
(3.5)
N/M
Loss on remeasurement of notes receivable
(1.4)
(0.4)
250.0
%
(1.6)
(1.1)
45.5
%
Income from nonconsolidated affiliates
3.8
3.0
26.7
%
6.8
4.4
54.5
%
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates
(1.5)
0.1
N/M
(1.5)
5.3
N/M
Current tax expense
(6.1)
(5.1)
19.6
%
(8.0)
(7.0)
14.3
%
Deferred tax benefit
32.1
3.7
N/M
37.3
9.4
296.8
%
Net Income / (Loss) from Continuing Operations
(92.2)
32.7
N/M
(115.3)
(4.0)
N/M
Income from discontinued operations, net(a)
1,422.5
25.7
N/M
1,404.0
36.9
N/M
Net Income
1,330.3
58.4
N/M
1,288.7
32.9
N/M
Less: Preferred return to preferred OP units / equity interests
3.2
3.2
—
%
6.3
6.4
(1.6)
%
Less: Income attributable to noncontrolling interests
53.5
3.1
N/M
51.6
1.8
N/M
Net Income Attributable to SUI Common Shareholders
$
1,273.6
$
52.1
N/M
$
1,230.8
$
24.7
N/M
Weighted average common shares outstanding - basic(a)
126.4
123.7
2.2
%
126.5
123.7
2.3
%
Weighted average common shares outstanding - diluted(a)
126.4
123.7
2.2
%
126.5
126.4
0.1
%
Basic earnings / (loss) per share from continuing operations
$
(1.23)
$
0.21
N/M
$
(1.42)
$
(0.10)
N/M
Basic earnings per share from discontinued operations
11.25
0.21
N/M
11.10
0.30
N/M
Basic earnings per share
$
10.02
$
0.42
N/M
$
9.68
$
0.20
N/M
Diluted earnings / (loss) per share from continuing operations(b)
$
(1.23)
$
0.21
N/M
$
(1.42)
$
(0.09)
N/M
Diluted earnings per share from discontinued operations(b)
11.25
0.21
N/M
11.10
0.29
N/M
Diluted earnings per share(b)
$
10.02
$
0.42
N/M
$
9.68
$
0.20
N/M
(a) Refer to Definitions and Notes for additional information.
(b) Excludes the effect of certain anti-dilutive convertible securities.
N/M = Not meaningful. N/A = Not applicable.
2nd Quarter Supplemental Information 5
Financial Statements and Reconciliations to Non-GAAP Financial Measures
Reconciliation of Net Income Attributable to SUI Common Shareholders to Core FFO
(amounts in millions, except for per share data)
Quarter Ended
Six Months Ended
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Net Income Attributable to SUI Common Shareholders
$
1,273.6
$
52.1
$
1,230.8
$
24.7
Adjustments
Depreciation and amortization - continuing operations(a)
126.3
122.4
248.9
242.6
Depreciation and amortization - discontinued operations(a)
(0.3)
49.6
36.1
93.9
Depreciation on nonconsolidated affiliates
0.2
0.1
0.4
0.2
Asset impairments - continuing operations(a)
166.1
10.6
190.1
30.4
Asset impairments - discontinued operations(a)
0.2
1.0
2.3
1.9
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates
1.5
(0.1)
1.5
(5.3)
Loss on remeasurement of notes receivable
1.4
0.4
1.6
1.1
(Gain) / loss on dispositions of properties, including tax effect - continuing operations
2.9
(1.8)
4.0
(7.1)
Gain on dispositions of properties, including tax effect - discontinued operations
(1,445.0)
—
(1,445.0)
—
Add: Returns on preferred OP units
3.1
3.2
6.2
6.3
Add: Income attributable to noncontrolling interests
53.5
2.9
51.7
1.8
Gain on disposition of assets, net
(4.0)
(8.6)
(7.9)
(14.0)
FFO(a)(c)(d)
$
179.5
$
231.8
$
320.7
$
376.5
Adjustments
Business combination expense - discontinued operations
—
0.2
—
0.2
Acquisition and other transaction costs - continuing operations(a)
6.7
1.5
16.3
10.5
Acquisition and other transaction costs - discontinued operations(a)
48.4
1.6
62.9
2.5
Loss on extinguishment of debt
102.4
—
102.4
0.6
Catastrophic event-related charges, net
0.4
2.3
0.3
9.5
Loss of earnings - catastrophic event-related charges, net(b)
(5.7)
0.3
(1.7)
5.6
(Gain) / loss on foreign currency exchanges
(39.4)
2.8
(48.1)
1.7
Other adjustments, net - continuing operations(a)
(60.8)
(1.0)
(68.7)
(3.0)
Other adjustments, net - discontinued operations(a)
0.3
0.5
14.8
(9.9)
Core FFO(a)(c)(d)
$
231.8
$
240.0
$
398.9
$
394.2
Weighted Average Common Shares and OP Units Outstanding(a)(c)
131.8
129.3
132.1
129.3
FFO per Share(a)(c)(d)(e)
$
1.36
$
1.79
$
2.43
$
2.91
Core FFO per Share(a)(c)(d)(e)
$
1.76
$
1.86
$
3.02
$
3.05
(a) Refer to Definitions and Notes for additional information.
(b) Loss of earnings - catastrophic event-related charges, net include the following:
Quarter Ended
Six Months Ended
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Hurricane Ian - Estimated loss of earnings in excess of the applicable business interruption deductible
$
4.1
$
5.3
$
7.9
$
10.6
Hurricane Ian - Insurance recoveries realized for previously estimated loss of earnings
(9.9)
(5.0)
(9.9)
(5.0)
Hurricane Helene - Estimated loss of earnings in excess of the applicable business interruption deductible, net
0.1
—
0.3
—
Loss of earnings - catastrophic event-related charges, net
$
(5.7)
$
0.3
$
(1.7)
$
5.6
(c) Assumes full conversion of all equity participating units, including common and preferred OP units, into the Company's common stock, and has no material impact on previously reported results.
(d) FFO and Core FFO include discontinued operations activity of $(22.6) million or $(0.17) per Share, and $26.2 million or $0.20 per Share, respectively, during the quarter ended June 30, 2025, and $76.3 million or $0.59 per Share, and $78.6 million or $0.61 per Share, respectively, during the quarter ended June 30, 2024.
(e) FFO and Core FFO include discontinued operations activity of $(2.6) million or $(0.02) per Share, and $75.3 million or $0.57 per Share, respectively, during the six months ended June 30, 2025, and $132.7 million or $1.03 per Share, and $125.5 million or $0.97 per Share, respectively, during the six months ended June 30, 2024.
2nd Quarter Supplemental Information 6
Financial Statements and Reconciliations to Non-GAAP Financial Measures
Reconciliation of Net Income Attributable to SUI Common Shareholders to NOI
(amounts in millions)
Quarter Ended
Six Months Ended
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Net Income Attributable to SUI Common Shareholders
$
1,273.6
$
52.1
$
1,230.8
$
24.7
Interest income
(16.5)
(5.2)
(20.9)
(9.7)
Brokerage commissions and other revenues, net
(14.6)
(10.4)
(16.3)
(12.4)
General and administrative
61.2
49.8
118.2
111.6
Catastrophic event-related charges, net
0.4
2.3
0.3
9.5
Depreciation and amortization
127.4
123.0
251.1
244.0
Asset impairments(a)
166.1
10.6
190.1
30.4
Loss on extinguishment of debt
102.4
—
102.4
0.6
Interest expense
58.2
89.8
140.3
179.5
(Gain) / loss on foreign currency exchanges
(39.4)
2.8
(48.1)
1.7
(Gain) / loss on disposition of properties
1.3
(2.5)
2.4
(7.9)
Other (income) / expense, net(a)
(31.9)
1.1
(37.6)
3.5
Loss on remeasurement of notes receivable
1.4
0.4
1.6
1.1
Income from nonconsolidated affiliates
(3.8)
(3.0)
(6.8)
(4.4)
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates
1.5
(0.1)
1.5
(5.3)
Current tax expense
6.1
5.1
8.0
7.0
Deferred tax benefit
(32.1)
(3.7)
(37.3)
(9.4)
Net income from discontinued operations, net
(1,422.5)
(25.7)
(1,404.0)
(36.9)
Add: Preferred return to preferred OP units / equity interests
3.2
3.2
6.3
6.4
Add: Income attributable to noncontrolling interests
53.5
3.1
51.6
1.8
NOI
$
295.5
$
292.7
$
533.6
$
535.8
Quarter Ended
Six Months Ended
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Real property NOI(a)(b)
$
263.6
$
253.6
$
490.0
$
482.6
Home sales NOI(a)(b)
23.3
30.7
37.9
47.7
Ancillary NOI(a)(b)
8.6
8.4
5.7
5.5
NOI
$
295.5
$
292.7
$
533.6
$
535.8
(a) Refer to Definitions and Notes for additional information.
(b) Excludes properties classified as discontinued operations. During the quarter and six months ended June 30, 2025, the Company's marina properties generated total NOI of $27.9 million and $92.0 million. During the quarter and six months ended June 30, 2024, the Company's marina properties generated total NOI of $92.2 million and $153.8 million, respectively, which was recorded within Income from discontinued operations, net on the Consolidated Statements of Operations. Refer to the section "Assets Held for Sale and Discontinued Operations" within the Definitions and Notes for additional information.
2nd Quarter Supplemental Information 7
Financial Statements and Reconciliations to Non-GAAP Financial Measures
Reconciliation of Net Income Attributable to SUI Common Shareholders to Recurring EBITDA
(amounts in millions)
Quarter Ended
Six Months Ended
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Net Income Attributable to SUI Common Shareholders
$
1,273.6
$
52.1
$
1,230.8
$
24.7
Adjustments
Depreciation and amortization - continuing operations
127.4
123.0
251.1
244.0
Depreciation and amortization - discontinued operations
(0.3)
49.8
36.1
94.1
Asset impairments - continuing operations(a)
166.1
10.6
190.1
30.4
Asset impairments - discontinued operations(a)
0.2
1.0
2.3
1.9
Loss on extinguishment of debt
102.4
—
102.4
0.6
Interest expense
58.2
89.8
140.3
179.5
Current tax expense - continuing operations
6.1
5.1
8.0
7.0
Current tax expense - discontinued operations
0.3
0.2
0.6
0.4
Deferred tax benefit
(32.1)
(3.7)
(37.3)
(9.4)
Income from nonconsolidated affiliates
(3.8)
(3.0)
(6.8)
(4.4)
Less: (Gain) / loss on dispositions of properties - continuing operations
1.3
(2.5)
2.4
(7.9)
Less: Gain on dispositions of properties - discontinued operations
(1,445.0)
—
(1,445.0)
—
Less: Gain on dispositions of assets, net
(4.0)
(8.6)
(7.9)
(14.0)
EBITDAre(a)
$
250.4
$
313.8
$
467.1
$
546.9
Adjustments
Transaction costs - discontinued operations(b)
48.0
N/A
62.6
N/A
Catastrophic event-related charges, net
0.4
2.3
0.3
9.5
Business combination expense - discontinued operations
—
0.2
—
0.2
(Gain) / loss on foreign currency exchanges
(39.4)
2.8
(48.1)
1.7
Other (income) / expense, net - continuing operations(a)
(31.9)
1.1
(37.6)
3.5
Other (income) / expense, net - discontinued operations(a)
0.2
0.5
14.8
(9.9)
Loss on remeasurement of notes receivable
1.4
0.4
1.6
1.1
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates
1.5
(0.1)
1.5
(5.3)
Add: Preferred return to preferred OP units / equity interests
3.2
3.2
6.3
6.4
Add: Income attributable to noncontrolling interests
53.5
3.1
51.6
1.8
Add: Gain on dispositions of assets, net
4.0
8.6
7.9
14.0
Recurring EBITDA(a)
$
291.3
$
335.9
$
528.0
$
569.9
(a) Refer to Definitions and Notes for additional information.
(b) Represents non-recurring transaction costs that are directly attributable to the Safe Harbor Sale.
2nd Quarter Supplemental Information 8
Supplemental Disclosure
Real Property Operations - Total Portfolio
(amounts in millions, except statistical information)
Quarter Ended June 30, 2025
Quarter Ended June 30, 2024
Financial Information
MH
RV
UK
Total
MH
RV
UK
Total
Revenues
Real property (excluding transient)(a)
$
249.8
$
85.5
$
33.5
$
368.8
$
239.4
$
80.6
$
31.0
$
351.0
Real property - transient
0.2
63.4
17.8
81.4
0.3
67.6
13.7
81.6
Total operating revenues
250.0
148.9
51.3
450.2
239.7
148.2
44.7
432.6
Expenses
Property operating expenses
81.4
76.0
29.2
186.6
79.0
74.0
26.0
179.0
Real Property NOI(a)
$
168.6
$
72.9
$
22.1
$
263.6
$
160.7
$
74.2
$
18.7
$
253.6
Six Months Ended June 30, 2025
Six Months Ended June 30, 2024
Financial Information
MH
RV
UK
Total
MH
RV
UK
Total
Revenues
Real property (excluding transient)(a)
$
498.6
$
159.3
$
64.8
$
722.7
$
477.0
$
150.6
$
66.4
$
694.0
Real property - transient
0.7
91.5
19.7
111.9
0.7
102.1
16.3
119.1
Total operating revenues
499.3
250.8
84.5
834.6
477.7
252.7
82.7
813.1
Expenses
Property operating expenses
158.2
133.2
53.2
344.6
154.4
127.3
48.8
330.5
Real Property NOI
$
341.1
$
117.6
$
31.3
$
490.0
$
323.3
$
125.4
$
33.9
$
482.6
As of June 30, 2025
As of June 30, 2024
Other Information
MH
RV
UK
Total
MH
RV
UK
Total
Number of Properties
284
164
53
501
295
180
54
529
Sites
Sites(b)
97,380
32,100
17,510
146,990
100,160
33,590
17,710
151,460
Transient sites
N/A
23,440
4,020
27,460
N/A
25,720
4,580
30,300
Total
97,380
55,540
21,530
174,450
100,160
59,310
22,290
181,760
Occupancy
97.4
%
100.0
%
90.3
%
97.1
%
96.7
%
100.0
%
89.9
%
96.7
%
N/A = Not applicable.
(a) Refer to Definitions and Notes for additional information.
(b) MH annual sites included 11,946 and 10,589 rental homes in the Company's rental program at June 30, 2025 and 2024, respectively. The Company's investment in occupied rental homes at June 30, 2025 was $812.5 million, an increase of 14.5% from $709.4 million at June 30, 2024.
2nd Quarter Supplemental Information 9
Supplemental Disclosure
Real Property Operations - North America Same Property Portfolio(a)
(amounts in millions, except for statistical information)
Quarter Ended June 30, 2025
Quarter Ended June 30, 2024
Total Change
% Change(d)
MH(b)
RV(b)
Total
MH(b)
RV(b)
Total
MH
RV
Total
Financial Information
Same Property Revenues
Real property (excluding transient)
$
231.0
$
77.8
$
308.8
$
216.1
$
72.2
$
288.3
$
20.5
6.9
%
7.7
%
7.1
%
Real property - transient
0.2
60.0
60.2
0.3
64.3
64.6
(4.4)
(43.9)
%
(6.7)
%
(6.8)
%
Total Same Property operating revenues
231.2
137.8
369.0
216.4
136.5
352.9
16.1
6.9
%
0.9
%
4.6
%
Same Property Expenses
Same Property operating expenses(e)(f)
63.1
66.8
129.9
60.3
64.8
125.1
4.8
4.7
%
3.1
%
3.9
%
Real Property NOI(a)
$
168.1
$
71.0
$
239.1
$
156.1
$
71.7
$
227.8
$
11.3
7.7
%
(1.1)
%
4.9
%
Six Months Ended June 30, 2025
Six Months Ended June 30, 2024
Total Change
% Change(d)
MH(b)
RV(b)
Total
MH(b)
RV(b)
Total
MH
RV
Total
Financial Information
Same Property Revenues
Real property (excluding transient)
$
458.6
$
145.2
$
603.8
$
428.1
$
134.8
$
562.9
$
40.9
7.1
%
7.7
%
7.3
%
Real property - transient
0.7
86.3
87.0
0.7
97.4
98.1
(11.1)
(4.7)
%
(11.4)
%
(11.4)
%
Total Same Property operating revenues
459.3
231.5
690.8
428.8
232.2
661.0
29.8
7.1
%
(0.3)
%
4.5
%
Same Property Expenses
Same Property operating expenses(e)(f)
119.5
115.8
235.3
115.1
111.2
226.3
9.0
3.8
%
4.1
%
3.9
%
Real Property NOI(a)
$
339.8
$
115.7
$
455.5
$
313.7
$
121.0
$
434.7
$
20.8
8.3
%
(4.3)
%
4.8
%
Other Information
Number of properties
281
156
437
281
156
437
Sites
96,900
53,380
150,280
96,810
53,390
150,200
(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 currency figures in the prior comparative period have been translated at the average exchange rate of $0.7227 USD and $0.7096 per Canadian dollar, respectively, during the quarter and six months ended June 30, 2025.
(c) Financial results from properties impacted by dispositions and catastrophic weather events during 2024 have been removed from Same Property reporting.
(d) Percentages are calculated based on unrounded numbers.
(e) Refer to "Utility Revenues" within Definitions and Notes for additional information.
(f) 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
Six Months Ended
June 30, 2025
June 30, 2024
Change
% Change(d)
June 30, 2025
June 30, 2024
Change
% Change(c)
Payroll and benefits
$
38.8
$
38.6
$
0.2
0.5
%
$
68.8
$
68.9
$
(0.1)
(0.2)
%
Real estate taxes
26.0
23.5
2.5
10.7
%
50.1
46.3
3.8
8.2
%
Supplies and repairs
20.6
19.1
1.5
7.5
%
35.5
32.4
3.1
9.7
%
Utilities
17.2
17.5
(0.3)
(1.9)
%
33.3
31.2
2.1
6.6
%
Legal, state / local taxes, and insurance
10.9
12.5
(1.6)
(12.6)
%
21.4
24.1
(2.7)
(11.4)
%
Other
16.4
13.9
2.5
18.7
%
26.2
23.4
2.8
11.9
%
Total Same Property Operating Expenses
$
129.9
$
125.1
$
4.8
3.9
%
$
235.3
$
226.3
$
9.0
3.9
%
2nd Quarter Supplemental Information 10
Supplemental Disclosure
As of
June 30, 2025
June 30, 2024
MH
RV
MH
RV
Other Information
Number of properties(b)
281
156
281
156
Sites
MH and annual RV sites
96,900
31,150
96,810
30,250
Transient RV sites
N/A
22,230
N/A
23,140
Total
96,900
53,380
96,810
53,390
MH and Annual RV Occupancy
Occupancy(c)
97.6
%
100.0
%
97.0
%
100.0
%
Average monthly base rent per site
$
730
$
677
$
693
$
645
% Change of monthly base rent(d)
5.3
%
5.0
%
N/A
N/A
Rental Program Statistics included in MH
Number of occupied sites, end of period(e)
11,380
N/A
10,170
N/A
Monthly rent per site – MH rental program
$
1,363
N/A
$
1,328
N/A
% Change(d)
2.7
%
N/A
N/A
N/A
N/A = Not applicable.
(a) Refer to Definitions and Notes for additional information.
(b) Financial results from properties impacted by dispositions and catastrophic weather events during 2024 have been removed from Same Property reporting.
(c) Same Property blended occupancy for MH and RV was 98.2% at June 30, 2025, up 50 basis points from 97.7% at June 30, 2024. Adjusting for recently delivered and vacant expansion sites, Same Property adjusted blended occupancy for MH and RV increased by 150 basis points year over year, to 99.0% at June 30, 2025, from 97.5% at June 30, 2024.
(d) Calculated using actual results without rounding.
(e) Occupied rental program sites in Same Property are included in total sites.
2nd Quarter Supplemental Information 11
Supplemental Disclosure
Real Property Operations - UK Same Property Portfolio(a)
(amounts in millions, except for statistical information)
Quarter Ended
Six Months Ended
June 30, 2025
June 30, 2024
% Change(c)
June 30, 2025
June 30, 2024
% Change(c)
Financial Information(b)
Same Property Revenues
Real property (excluding transient)
$
27.2
$
26.0
4.7
%
$
52.5
$
50.4
4.1
%
Real property - transient
17.0
14.4
18.3
%
18.8
17.0
10.8
%
Total Same Property operating revenues
44.2
40.4
9.5
%
71.3
67.4
5.8
%
Same Property Expenses
Same Property operating expenses(a)
21.1
19.4
8.8
%
38.1
35.8
6.5
%
Real Property NOI(a)
$
23.1
$
21.0
10.2
%
$
33.2
$
31.6
5.0
%
As of
June 30, 2025
June 30, 2024
Other Information
Number of properties
51
51
Sites
UK sites
16,730
16,670
UK transient sites
3,430
3,530
Occupancy(d)
90.5
%
90.2
%
Average monthly base rent per site
$
584
$
554
% change in monthly base rent(c)
5.3
%
N/A
(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 $1.3359 and $1.2973 USD per pound sterling, respectively, during the quarter and six months ended June 30, 2025.
(c) Percentages are calculated based on unrounded numbers.
(d) Adjusting for recently delivered and vacant expansion sites, Same Property adjusted occupancy decreased by 40 basis points year over year, to 90.6% at June 30, 2025, from 91.0% at June 30, 2024.
2nd Quarter Supplemental Information 12
Other Operating Information
Home Sales Summary
($ in millions, except for average selling price)
Quarter Ended
Six Months Ended
June 30, 2025
June 30, 2024
% Change
June 30, 2025
June 30, 2024
% Change
Financial Information
North America
Home sales
$
41.8
$
58.2
(28.2)
%
$
70.5
$
91.0
(22.5)
%
Home cost and selling expenses
35.0
45.0
(22.2)
%
59.5
71.2
(16.4)
%
NOI(a)
$
6.8
$
13.2
(48.5)
%
$
11.0
$
19.8
(44.4)
%
NOI margin %(a)
16.3
%
22.7
%
15.6
%
21.8
%
UK
Home sales
$
58.3
$
49.3
18.3
%
$
96.8
$
85.4
13.3
%
Home cost and selling expenses
41.8
31.8
31.4
%
69.9
57.5
21.6
%
NOI(a)
$
16.5
$
17.5
(5.7)
%
$
26.9
$
27.9
(3.6)
%
NOI margin %(a)
28.3
%
35.5
%
27.8
%
32.7
%
Total
Home sales
$
100.1
$
107.5
(6.9)
%
$
167.3
$
176.4
(5.2)
%
Home cost and selling expenses
76.8
76.8
—
%
129.4
128.7
0.5
%
NOI(a)
$
23.3
$
30.7
(24.1)
%
$
37.9
$
47.7
(20.5)
%
NOI margin %(a)
23.3
%
28.6
%
22.7
%
27.0
%
Other information
Units Sold:
North America
480
623
(23.0)
%
827
950
(12.9)
%
UK
805
787
2.3
%
1,419
1,408
0.8
%
Total home sales
1,285
1,410
(8.9)
%
2,246
2,358
(4.7)
%
Average Selling Price:
North America
$
87,083
$
93,419
(6.8)
%
$
85,248
$
95,789
(11.0)
%
UK
$
72,422
$
62,643
15.6
%
$
68,217
$
60,653
12.5
%
(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
2025 - YTD as of June 30
4.2
%
(a)
5,698
474
173
654
824
2024
4.3
%
7,050
3,209
447
1,554
1,700
2023
3.6
%
6,590
3,268
564
2,001
2,296
(a) Percentage calculated on a trailing 12-month basis.
(b) Increase in revenue producing sites, net of new vacancies.
(a) Total sales proceeds include the disposition of two operating properties and two development properties that were owned by the Company along with the settlement of a developer note receivable of $36.5 million pertaining to three additional properties in which the Company had provided financing to the developer.
2nd Quarter Supplemental Information 14
Investment Activity
Capital Expenditures and Investments(a)
(amounts in millions)
Six Months Ended
Year Ended
June 30, 2025
December 31, 2024
December 31, 2023
MH / RV
UK
Total
MH / RV
UK
Total
MH / RV
UK
Total
Recurring Capital Expenditures(b)
$
22.1
$
5.7
$
27.8
$
54.5
$
13.5
$
68.0
$
51.8
$
—
$
51.8
Non-Recurring Capital Expenditures(b)
Lot Modifications
$
17.0
$
1.2
$
18.2
$
35.5
$
1.7
$
37.2
$
54.9
$
—
$
54.9
Growth Projects
5.9
1.3
7.2
11.5
4.8
16.3
21.6
—
21.6
Rebranding
—
0.5
0.5
—
3.1
3.1
4.7
—
4.7
Acquisitions
5.1
4.5
9.6
36.2
13.5
49.7
115.1
67.3
182.4
Expansion and Development
37.5
12.2
49.7
105.2
17.8
123.0
247.4
2.9
250.3
Total Non-Recurring Capital Expenditures
65.5
19.7
85.2
188.4
40.9
229.3
443.7
70.2
513.9
Total
$
87.6
$
25.4
$
113.0
$
242.9
$
54.4
$
297.3
$
495.5
$
70.2
$
565.7
(a) Represents capital expenditures and investments related to the Company's continuing operations and excludes activity related to Safe Harbor Marinas, which is classified within discontinued operations.
(b) Refer to Definitions and Notes for additional information.
2nd Quarter Supplemental Information 15
Capitalization
Capitalization Overview
(Shares and units in thousands, dollar amounts in millions, except for *)
As of June 30, 2025
Common Equivalent Shares
Share Price*
Capitalization
Equity and Enterprise Value
Common shares
125,858
$
126.49
$
15,919.8
Convertible securities
Common OP units
2,823
$
126.49
357.1
Preferred OP units
2,406
$
126.49
304.3
Diluted shares outstanding and market capitalization(a)
Secured borrowings on collateralized receivables(c)
12.8
46.6
Unsecured debt
5.6
1,785.3
Total carrying value of debt, per consolidated balance sheet
7.6
4,283.5
Plus: Unamortized deferred financing costs and discounts / premiums on debt
21.8
Total Debt
$
4,305.3
Corporate Debt Rating and Outlook
Moody's
Baa2 | 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" and "Net Debt" within Definitions and Notes for additional information.
(c)Refer to "Secured borrowings on collateralized receivables" within Definitions and Notes for additional information.
2nd Quarter Supplemental Information 16
Capitalization
Summary of Outstanding Debt
(amounts in millions, except for *)
Quarter Ended
June 30, 2025
Debt Outstanding
Weighted Average Interest Rate(a)*
Maturity Date*
Secured Debt:
Mortgage loans payable
$
2,451.6
3.64
%
Various
Secured borrowings on collateralized receivables(b)
46.6
8.55
%
Various
Total Secured Debt
2,498.2
3.73
%
Unsecured Debt:
Senior Unsecured Notes:
2028 senior unsecured notes
447.8
2.29
%
November 2028
2031 senior unsecured notes
743.9
2.70
%
July 2031
2032 senior unsecured notes
593.6
3.61
%
April 2032
Total Unsecured Debt
1,785.3
2.90
%
Total carrying value of debt, per consolidated balance sheets
4,283.5
3.38
%
Plus: Unamortized deferred financing costs, discounts / premiums on debt, and fair value adjustments(a)
21.8
Total debt
$
4,305.3
(a)Includes the effect of amortizing deferred financing costs, unsecured note discounts, and 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.
2nd Quarter Supplemental Information 17
Capitalization
Debt Maturities(a)
(amounts in millions, except for *)
As of
June 30, 2025
Year
Mortgage Loans Payable(b)
Principal Amortization
Secured Borrowings on Collateralized Receivables(c)(d)
Senior Unsecured Notes
Total
2025
$
—
$
23.4
$
1.1
$
—
$
24.5
2026
492.0
40.6
2.3
—
534.9
2027
—
34.9
2.5
—
37.4
2028
175.7
38.8
2.7
450.0
667.2
2029
310.7
38.2
2.9
—
351.8
Thereafter
815.8
492.1
31.6
1,350.0
2,689.5
Total
$
1,794.2
$
668.0
$
43.1
$
1,800.0
$
4,305.3
(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 2025 - 2029:
2025
2026
2027
2028
2029
Weighted average interest rate
—
%
3.76
%
—
%
3.97
%
3.16
%
(c) Balance at June 30, 2025 excludes fair value adjustments of $3.5 million.
(d) Refer to "Secured borrowings on collateralized receivables" within Definitions and Notes for additional information.
Consolidated income available for debt service / Debt service
≥1.50 x
7.48 x
Unencumbered total asset value / Total unsecured debt
≥150.0 %
743.9
%
(a) Refer to Definitions and Notes for additional information.
(b) Percentage includes the impact of hedge activities.
(c) As of June 30, 2025, the Company has no floating rate debt.
(d) As of June 30, 2025, the Company did not have any borrowings outstanding under the senior credit facility.
2nd Quarter Supplemental Information 19
Definitions and Notes
Acquisition and Other Transaction Costs - In the Company's Reconciliation of Net Income Attributable to SUI Common Shareholders to Core FFO on page 6, 'Acquisition and other transaction costs - continuing operations' represent (a) nonrecurring integration expenses associated with acquisitions during the quarter and six months ended June 30, 2025 and 2024, (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 (d) other non-recurring transaction costs. Within this same reconciliation on page 6, 'Acquisition and other transaction costs - discontinued operations' primarily represent non-recurring transaction costs that are directly attributable to the Safe Harbor Sale and nonrecurring integration expenses associated with acquisitions.
Asset Impairments - In the Company's Consolidated Statements of Operations on page 5, the Company recorded asset impairment charges of $166.1 million for the quarter ended June 30, 2025, consisting of asset impairment charges of $132.7 million to reduce the carrying value of three development properties in the UK, and asset impairment charges of $32.2 million to reduce the carrying value of three RV properties in the US and Canada, in each case driven by the Company's contemplated change in strategic plan for these properties.
Assets Held for Sale and Discontinued Operations - In February 2025, the Company entered into the Safe Harbor Sale, which represents a strategic shift in operations that is expected to have a major effect on the Company's operations and financial results. Accordingly, the results of the Marina business and assets and liabilities included in the disposition are presented as held for sale and as discontinued operations for all periods presented herein.
During the quarter ended June 30, 2025, the Company completed the initial closing of the Safe Harbor Sale, which generated pre-tax proceeds of approximately $5.25 billion, net of transaction costs. The subsequent closing of the transfer of 15 Delayed Consent Subsidiaries with an aggregate agreed value of approximately $250.0 million was further subject to the receipt of certain third-party consents. Subsequent to the initial closing through June 30, 2025, the Company completed the sale of six Delayed Consent Subsidiaries for $136.7 million. In connection with the closings of the Safe Harbor Sale and the Delayed Consent Subsidiaries, the Company recorded a gain on sale of $1.4 billion within Income from discontinued operations, net during the three months ended June 30, 2025. The transfer of nine Delayed Consent Subsidiaries with an aggregate agreed value of approximately $117.5 million remains subject to the receipt of third-party consents. The Company anticipates that the disposition of most or all of the remaining Delayed Consent Subsidiaries will occur during the three months ending September 30, 2025. The assets and liabilities of Safe Harbor Marinas, including the Delayed Consent Subsidiaries subsequent to the initial closing of the Safe Harbor Sale, are presented as "Held for sale" and its operations and cash flows are presented as discontinued operations.
2nd Quarter Supplemental Information 20
The following table sets forth a summary of assets and liabilities attributable to discontinued operations related to Safe Harbor Marinas (in millions):
June 30, 2025
December 31, 2024
Assets
Land
$
1.1
$
1,049.5
Land improvements and buildings
117.4
2,401.9
Furniture, fixtures and equipment
8.9
369.2
Investment property
127.4
3,820.6
Accumulated depreciation
(31.1)
(512.6)
Investment property, net
96.3
3,308.0
Cash, cash equivalents and restricted cash
4.1
6.8
Notes and other receivables, net
1.9
53.9
Goodwill
12.0
541.7
Other intangible assets, net
1.7
236.4
Other assets, net
5.1
267.7
Total assets attributable to discontinued operations, net
$
121.1
$
4,414.5
Liabilities
Advanced reservation deposits and rent
$
5.9
$
81.6
Accrued expenses and accounts payable
10.5
44.3
Other liabilities
20.2
161.0
Total liabilities attributable to discontinued operations, net
$
36.6
$
286.9
The following table sets forth a summary of the operating results included within Income from discontinued operations, net related to Safe Harbor Marinas (in millions):
Quarter Ended
Six Months Ended
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Revenues
Real property
$
40.0
$
118.8
$
143.1
$
215.2
Service, retail, dining and entertainment
54.8
148.1
163.1
252.6
Interest, brokerage commissions and other, net
0.3
0.9
1.6
2.0
Total Revenues
95.1
267.8
307.8
469.8
Expenses
Property operating and maintenance
14.8
35.9
52.2
69.6
Real estate tax
2.1
5.2
7.9
11.0
Service, retail, dining and entertainment
50.0
133.7
153.9
233.4
General and administrative
2.3
15.6
18.4
32.2
Transaction costs(1)
48.0
—
62.6
—
Business combination costs
—
0.2
—
0.2
Depreciation, amortization and (gain)/loss on disposal of assets
(0.3)
49.8
36.1
94.1
Asset impairments
0.2
1.0
2.3
1.9
Total Expenses
117.1
241.4
333.4
442.4
Income / (Loss) Before Other Items
(22.0)
26.4
(25.6)
27.4
Gain on disposition of properties, net
1,445.0
—
1,445.0
—
Other income / (expense), net(2)
(0.2)
(0.5)
(14.8)
9.9
Income from discontinued operations, before income taxes
1,422.8
25.9
1,404.6
37.3
Current tax expense
(0.3)
(0.2)
(0.6)
(0.4)
Income from discontinued operations, net
$
1,422.5
$
25.7
$
1,404.0
$
36.9
(1) Represents legal and advisory fees, employee separation costs, and other transaction costs associated with the Safe Harbor Sale.
(2) During the quarter ended March 31, 2025, the Company recorded a contingent consideration expense of $14.6 million related to a tax protection agreement that the Company entered into with former owners of certain Marina properties at the time of acquisition. The tax protection agreement stipulates that the Company indemnify those owners for certain tax obligations incurred related to the sale of certain Marina properties. As a result of the Safe Harbor Sale, the Company concluded that our tax liability to the former owners was probable of being realized and estimable.
2nd Quarter Supplemental Information 21
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. 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. The minimum capitalized amount is one thousand 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 up 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, or amenity upgrades, such as the addition of a garage or shed, 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 expansion activity, 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 lighting 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.
For the six months ended June 30, 2025, the components of total acquisition investment are as follows, excluding discontinued operations (in millions):
Six Months Ended June 30, 2025
MH and RV
UK
Total
Capital improvements to recent property acquisitions
$
4.1
$
4.5
$
8.6
Other acquisitions
1.0
—
1.0
Total acquisition investments
$
5.1
$
4.5
$
9.6
•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, or UK properties, and research and development.
Cash, Cash Equivalents and Restricted Cash - Includes cash and cash equivalents of $573.4 million as of June 30, 2025, that was held in escrow accounts and restricted from general use. The restricted cash and cash equivalents include $565.3 million that has been designated to fund potential future MH and RV acquisitions under 1031 exchange transactions.
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.
2nd Quarter Supplemental Information 22
Home Sales Contribution to FFO - The reconciliation of NOI from home sales to FFO from home sales for the quarter and six months ended June 30, 2025 is as follows (in millions):
Quarter Ended June 30, 2025
Six Months Ended June 30, 2025
MH
UK
Total
MH
UK
Total
Home Sales NOI
$
6.8
$
16.5
$
23.3
$
11.0
$
26.9
$
37.9
(Gain) / loss on dispositions of assets, net
(4.1)
0.1
(4.0)
(7.7)
(0.2)
(7.9)
FFO contribution from home sales
$
2.7
$
16.6
$
19.3
$
3.3
$
26.7
$
30.0
Interest expense - The following is a summary of the components of the Company's interest expense (in millions):
Quarter Ended
Six Months Ended
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Interest on secured debt, senior unsecured notes, senior credit facility, unsecured term loan and interest rate swaps
$
51.8
$
83.6
$
127.3
$
167.5
Lease related interest expense
3.7
3.6
7.2
7.1
Amortization of deferred financing costs, debt (premium) / discounts and (gains) / losses on hedges
1.2
1.6
2.9
3.4
Senior credit facility commitment fees and other finance related charges
1.7
2.0
3.5
4.0
Capitalized interest expense
(1.2)
(2.2)
(2.6)
(4.9)
Interest expense before interest on secured borrowings
57.2
88.6
138.3
177.1
Interest expense on secured borrowings on collateralized receivables
1.0
1.2
2.0
2.4
Interest expense, per Consolidated Statements of Operations
$
58.2
$
89.8
$
140.3
$
179.5
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 Attributable to SUI Common Shareholders to Core FFO on page 6, Other adjustments, net - continuing operations consists of the following (in millions):
Quarter Ended
Six Months Ended
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Deferred tax benefit
$
(32.1)
$
(3.7)
$
(37.3)
$
(9.4)
Litigation activity
1.5
1.0
1.5
1.0
Contingent consideration activity
0.7
(1.0)
(5.3)
1.3
Cash flow hedge gains from debt extinguishments
(7.4)
—
(7.4)
—
Long term lease termination (gains) / losses
(25.7)
1.1
(25.5)
1.1
Severance costs
0.2
0.3
0.4
0.8
Accelerated deferred compensation amortization
0.8
0.5
2.0
0.7
ERP implementation expense
0.8
0.7
1.8
1.4
Other
0.4
0.1
1.1
0.1
Other adjustments, net - continuing operations
$
(60.8)
$
(1.0)
$
(68.7)
$
(3.0)
In the Company's Reconciliation of Net Income Attributable to SUI Common Shareholders to Core FFO on page 6, Other adjustments, net - discontinued operations consists of an expense of $14.6 million related to a contingent consideration liability associated with the Safe Harbor Sale, and income of $10.4 million related to a litigation settlement gain during the six months ended June 30, 2025 and 2024, respectively, at the Company's Marina business.
2nd Quarter Supplemental Information 23
Other income / (expense), net - In the Company's Consolidated Statements of Operations on page 5, Other income / (expense), net consists of the following (in millions):
Quarter Ended
Six Months Ended
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Contingent consideration activity
$
(0.7)
$
1.0
$
5.3
$
(1.3)
Cash flow hedge gains from debt extinguishments
7.4
—
7.4
—
Long term lease termination gains / (losses)
25.7
(1.1)
25.5
(1.1)
Repair reserve on repossessed homes
(0.5)
(1.0)
(0.6)
(1.1)
Gains / (losses) on remeasurement of collateralized receivables
(0.5)
—
(0.5)
1.6
Gains / (losses) on remeasurement of secured borrowings on collateralized receivables
0.5
—
0.5
(1.6)
Other income / (expense), net
$
31.9
$
(1.1)
$
37.6
$
(3.5)
Same Property - The Company defines Same Properties as those the Company has owned and operated continuously since at least January 1, 2024. Same properties exclude ground-up development properties, acquired properties, properties classified as discontinued operations, properties impacted by catastrophic weather events, and properties sold after December 31, 2023. The Same Property data may change from time-to-time depending on acquisitions, dispositions, management discretion, significant transactions or unique situations.
Secured borrowings on collateralized receivables - This is a transferred asset transaction which has been classified as collateralized receivables and the cash received from this transaction has been classified as secured borrowings. The interest income and interest expense accrue in equal amounts. The Company has elected to record the collateralized receivables and secured borrowings at fair value under ASC 820, "Fair Value Measurements and Disclosures." As a result, the balance of collateralized receivables and related secured borrowings are net of fair value adjustments.
Securities - The Company had the following securities outstanding as of June 30, 2025:
Number of Units / Shares Outstanding (in thousands)
Conversion Rate(a)
If Converted to
Common shares (in thousands)(b)
Issuance Price Per Unit
Annual Distribution Rate
Non-Convertible Securities
Common shares
125,858
N/A
N/A
N/A
$4.16(c)
Convertible Securities Classified as Equity
Common OP units
2,823
1.0000
2,823
N/A
Mirrors common share distributions
Preferred OP Units
Series A-1
171
2.4390
415
$
100.00
6.00
%
Series A-3
40
1.8605
75
$
100.00
4.50
%
Series C
292
1.1100
325
$
100.00
5.00
%
Series D
489
0.8000
391
$
100.00
4.00
%
Series E
80
0.6897
55
$
100.00
5.50
%
Series F
70
0.6250
44
$
100.00
3.00
%
Series G
5
0.6452
3
$
100.00
3.20
%
Series H
580
0.6098
354
$
100.00
3.00
%
Series J
236
0.6061
143
$
100.00
2.85
%
Series K
1,000
0.5882
588
$
100.00
4.00
%
Series L
20
0.6250
13
$
100.00
3.50
%
Total
2,983
2,406
Total Convertible Securities Outstanding
5,806
5,229
(a) Exchange rates are subject to adjustment upon stock splits, recapitalizations and similar events. The exchange rates of certain series of OP units are approximated to four decimal places.
(b) Calculation may yield minor differences due to fractional shares paid in cash to the shareholder at conversion.
(c) Annual distribution is based on the last quarterly distribution annualized.
2nd Quarter Supplemental Information 24
Share - In addition to reporting net income on a diluted basis ("EPS"), the Company reports FFO and Core FFO on a per common share and convertible securities basis (per "Share"). For the periods presented below, the Company's diluted weighted average common shares outstanding for EPS and FFO are as follows:
Quarter Ended
Six Months Ended
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Diluted Weighted Average Common Shares Outstanding - EPS
Weighted average common shares outstanding - Basic
126.4
123.7
126.5
123.7
Dilutive restricted stock
—
—
—
—
Common and preferred OP units dilutive effect
—
—
—
2.7
Weighted Average Common Shares Outstanding - Diluted
126.4
123.7
126.5
126.4
Diluted Weighted Average Common Shares Outstanding - FFO
Weighted average common shares outstanding - Basic
126.4
123.7
126.5
123.7
Restricted stock
0.2
0.2
0.3
0.2
Common OP units
2.8
2.7
2.9
2.7
Common stock issuable upon conversion of certain preferred OP units
2.4
2.7
2.4
2.7
Weighted Average Common Shares and OP Units Outstanding
131.8
129.3
132.1
129.3
Utility Revenues - In its Consolidated Statements of Operations and its total portfolio presentation of real property operating results, the Company includes the following utility reimbursement revenues in real property revenues (excluding transient):
Quarter Ended
Six Months Ended
Consolidated Portfolio
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Utility reimbursement revenues
MH
$
17.6
$
16.4
$
37.2
$
34.9
RV
5.4
5.0
9.7
9.2
UK
5.7
4.6
11.2
9.4
Total
$
28.7
$
26.0
$
58.1
$
53.5
For its presentation of Same Property results on page 10 and page 12, the Company nets the following utility revenues (which include utility reimbursement revenues from residents) against related utility expenses in Same Property operating expenses:
Quarter Ended
Six Months Ended
Same Property Portfolio
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Utility revenues netted against related utility expenses
MH
$
17.6
$
16.0
$
37.1
$
34.2
RV
5.3
4.8
9.6
9.0
UK
5.6
4.6
10.9
9.1
Total
$
28.5
$
25.4
$
57.6
$
52.3
Non-GAAP Supplemental Measures
Investors and analysts following the real estate industry use non-GAAP supplemental performance measures, including net operating income ("NOI"), earnings before interest, tax, depreciation, and amortization ("EBITDA") and funds from operations ("FFO") to assess REITs. The Company believes that NOI, EBITDA, and FFO are appropriate measures given their wide use by and relevance to investors and analysts. Additionally, NOI, EBITDA, and FFO are commonly used in various ratios, pricing multiples, yields and returns and valuation calculations used to measure financial position, performance, and value.
NOI provides a measure of rental operations that does not factor in depreciation, amortization and non-property specific expenses such as general and administrative expenses.
EBITDA provides a further measure to evaluate the Company's ability to incur and service debt; EBITDA also provides further measures to evaluate the Company's ability to fund dividends and other cash needs.
2nd Quarter Supplemental Information 25
FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets.
•Net Operating Income ("NOI")
•Total Portfolio NOI - The Company calculates NOI by subtracting property operating expenses and real estate taxes from operating property revenues. NOI is a non-GAAP financial measure that the Company believes is helpful to investors as a supplemental measure of operating performance because it is an indicator of the return on property investment and provides a method of comparing property performance over time. The Company uses NOI as a key measure when evaluating performance and growth of particular properties and / or groups of properties. The principal limitation of NOI is that it excludes depreciation, amortization, interest expense, and non-property specific expenses such as general and administrative expenses, all of which are significant costs. Therefore, NOI is a measure of the operating performance of the properties of the Company rather than of the Company overall. The Company believes that NOI provides enhanced comparability for investor evaluation of property performance and growth over time.
The Company believes that GAAP net income (loss) is the most directly comparable measure to NOI. NOI should not be considered to be an alternative to GAAP net income (loss) as an indication of the Company's financial performance or GAAP net cash provided by operating activities as a measure of the Company's liquidity; nor is it indicative of funds available for the Company's cash needs, including its ability to make cash distributions. Because of the inclusion of items such as interest, depreciation, and amortization, the use of GAAP net income (loss) as a performance measure is limited as these items may not accurately reflect the actual change in market value of a property, in the case of depreciation and in the case of interest, may not necessarily be linked to the operating performance of a real estate asset, as it is often incurred at a parent company level and not at a property level.
•Same Property NOI - This is a key management tool used when evaluating performance and growth of the Company's Same Property portfolio. The Company believes that Same Property NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the Same property portfolio from one period to the next. Same Property NOI does not include the revenues and expenses related to ancillary activities at the properties.
•Earnings before interest, tax, depreciation and amortization ("EBITDA")
•EBITDAre - Nareit refers to EBITDA as "EBITDAre" and calculates it as GAAP net income (loss), plus interest expense, plus income tax expense, plus depreciation and amortization, plus or minus losses or gains on the disposition of depreciated property (including losses or gains on change of control), plus impairment write-downs of depreciated property and of investments in nonconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity's share of EBITDAre of nonconsolidated affiliates. EBITDAre is a non-GAAP financial measure that the Company uses to evaluate its ability to incur and service debt, fund dividends and other cash needs, and cover fixed costs. Investors utilize EBITDAre as a supplemental measure to evaluate and compare investment quality and enterprise value of REITs.
•Recurring EBITDA - The Company also uses EBITDAre excluding certain gain and loss items that management considers unrelated to measurement of the Company's performance on a basis that is independent of capital structure ("Recurring EBITDA"). The Company believes that GAAP net income (loss) is the most directly comparable measure to EBITDAre. EBITDAre is not intended to be used as a measure of the Company's cash generated by operations or its dividend-paying capacity, and should therefore not replace GAAP net income (loss) as an indication of the Company's financial performance or GAAP cash flow provided by / used for operating, investing, and financing activities as measures of liquidity.
•Funds from Operations ("FFO")
•FFO - Nareit defines FFO as GAAP net income (loss), excluding gains (or losses) from sales of certain real estate assets, plus real estate related depreciation and amortization, impairments of certain real estate assets and investments, and after adjustments for nonconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure that management believes is a useful supplemental measure of the Company's operating performance. By excluding gains and losses related to sales of previously depreciated operating real estate assets, real estate related impairment, and real estate asset depreciation and amortization (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO provides a performance measure that, when compared period-over-period, reflects the impact to operations from trends in occupancy rates, rental rates and operating costs, providing perspective not readily apparent from GAAP net income (loss). Management believes the use of FFO has been beneficial in improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful.
2nd Quarter Supplemental Information 26
•Core FFO - In addition to FFO, the Company uses FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of the Company's core business ("Core FFO"). The Company believes that Core FFO provides enhanced comparability for investor evaluations of period-over-period results. The Company believes that GAAP net income (loss) is the most directly comparable measure to FFO. The principal limitation of FFO is that it does not replace GAAP net income (loss) as a financial performance measure or GAAP cash flow from operating activities as a measure of the Company's liquidity. Because FFO excludes significant economic components of GAAP net income (loss) including depreciation and amortization, FFO should be used as a supplement to GAAP net income (loss) and not as an alternative to it. Furthermore, FFO is not intended as a measure of a REIT's ability to meet debt principal repayments and other cash requirements, nor as a measure of working capital. FFO is calculated in accordance with the Company's interpretation of standards established by Nareit, which may not be comparable to FFO reported by other REITs that interpret the Nareit definition differently. Certain financial information has been revised to reflect reclassifications in prior periods to conform to current period presentation.
