Companies: 10,654     total market cap: $140.178 T
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Sun Communities
SUI
#1341
Rank
$16.67 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$129.62
Share price
1.61%
Change (1 day)
7.47%
Change (1 year)
๐Ÿ  Real estate๐Ÿ’ฐ Investment ๐Ÿ˜๏ธ REITs
Categories
Sun Communities is an American real estate investment trust that invests in manufactured housing and recreational vehicle communities.
  1. Sun Communities
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q2

Sun Communities - 10-Q quarterly report FY2025 Q2


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

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2025
 
or

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

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

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

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

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

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

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

Number of shares of Common Stock, $0.01 par value per share, outstanding as of July 24, 2025: 125,155,465


INDEX
  
PART I – FINANCIAL INFORMATION
 
Item 1.Consolidated Financial Statements
 
Consolidated Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024
1
 
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)
2
 
Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)
3
Consolidated Statements of Shareholders' Equity for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)
4
 
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (Unaudited)
6
 Notes to Consolidated Financial Statements (Unaudited)
7
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations 
39
Item 3.Quantitative and Qualitative Disclosures about Market Risk 
60
Item 4.Controls and Procedures 
61
PART II – OTHER INFORMATION
 
Item 1.Legal Proceedings 
62
Item 1A.Risk Factors 
62
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
63
Item 6.Exhibits 
65
 Signatures 
66



SUN COMMUNITIES, INC.
PART I - FINANCIAL INFORMATION

ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS

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

(Unaudited)
June 30, 2025December 31, 2024
Assets  
Land$3,443.9 $3,461.5 
Land improvements and buildings9,076.8 9,058.7 
Rental homes and improvements864.9 834.1 
Furniture, fixtures and equipment779.4 739.2 
Investment property14,165.0 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 (See Note 4)
1,463.1 57.1 
Inventory of manufactured homes172.0 129.8 
Notes and other receivables, net (includes $209.4 and $242.4 at fair value, respectively)
345.7 430.1 
Collateralized receivables, net (see Note 7)
46.6 51.2 
Goodwill9.5 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 (see Note 2)
121.1 4,461.7 
Total Assets$13,362.1 $16,549.4 
Liabilities  
Mortgage loans payable (see Note 10)
$2,451.6 $3,212.2 
Secured borrowings on collateralized receivables (See Note 7)
46.6 51.2 
Unsecured debt
1,785.3 4,089.4 
Distributions payable133.8 122.6 
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 (see Note 2)
36.6 286.9 
Total Liabilities5,570.0 9,096.8 
Commitments and contingencies (see Note 18)
Temporary equity (see Note 11)
257.9 259.8 
Shareholders' Equity  
Common stock, $0.01 par value. Authorized: 360.0 shares; Issued and outstanding: 125.9 at June 30, 2025 and 127.4 at December 31, 2024
1.3 1.3 
Additional paid-in capital9,744.7 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' Equity7,409.9 7,081.7 
Noncontrolling interests  
Common and preferred OP units123.9 110.4 
Consolidated entities
0.4 0.7 
Total noncontrolling interests124.3 111.1 
Total Shareholders' Equity7,534.2 7,192.8 
Total Liabilities, Temporary Equity and Shareholders' Equity$13,362.1 $16,549.4 

See accompanying Notes to Consolidated Financial Statements.



1

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

 Three Months EndedSix Months Ended
 June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Revenues
 
Real property
$450.2 $432.6 $834.6 $813.1 
Home sales
100.1 107.5 167.3 176.4 
Ancillary
42.1 40.6 54.6 53.9 
Interest
16.5 5.2 20.9 9.7 
Brokerage commissions and other, net
14.6 10.4 16.3 12.4 
Total Revenues
623.5 596.3 1,093.7 1,065.5 
Expenses
  
Property operating and maintenance
157.9 152.8 289.2 278.8 
Real estate tax
28.7 26.2 55.4 51.7 
Home costs and selling
76.8 76.8 129.4 128.7 
Ancillary
33.5 32.2 48.9 48.4 
General and administrative
61.2 49.8 118.2 111.6 
Catastrophic event-related charges, net (see Note 18)
0.4 2.3 0.3 9.5 
Depreciation and amortization
127.4 123.0 251.1 244.0 
Asset impairments (see Note 17)
166.1 10.6 190.1 30.4 
Loss on extinguishment of debt (see Note 10)
102.4 — 102.4 0.6 
Interest
58.2 89.8 140.3 179.5 
Total Expenses
812.6 563.5 1,325.3 1,083.2 
Income / (Loss) Before Other Items
(189.1)32.8 (231.6)(17.7)
Gain / (loss) on foreign currency exchanges
39.4 (2.8)48.1 (1.7)
Gain / (loss) on dispositions of properties (see Note 5)
(1.3)2.5 (2.4)7.9 
Other income / (expense), net
31.9 (1.1)37.6 (3.5)
Loss on remeasurement of notes receivable (see Note 6)
(1.4)(0.4)(1.6)(1.1)
Income from nonconsolidated affiliates (see Note 9)
3.8 3.0 6.8 4.4 
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates (see Note 9)
(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 / (Loss) from Continuing Operations
(92.2)32.7 (115.3)(4.0)
Income from discontinued operations, net
1,422.5 25.7 1,404.0 36.9 
Net Income
1,330.3 58.4 1,288.7 32.9 
Less: Preferred return to preferred OP units / equity interests
3.2 3.2 6.3 6.4 
Less: Income attributable to noncontrolling interests
53.5 3.1 51.6 1.8 
Net Income Attributable to SUI Common Shareholders
$1,273.6 $52.1 $1,230.8 $24.7 
Weighted average common shares outstanding - basic
126.4 123.7 126.5 123.7 
Weighted average common shares outstanding - diluted
126.4 123.7 126.5 126.4 
Basic earnings / (loss) per share from continuing operations (see Note 15)
$(1.23)$0.21 $(1.42)$(0.10)
Basic earnings per share from discontinued operations (see Note 15)
11.25 0.21 11.10 0.30 
Basic earnings per share (see Note 15)
$10.02 $0.42 $9.68 $0.20 
Diluted earnings / (loss) per share from continuing operations (see Note 15)
$(1.23)$0.21 $(1.42)$(0.09)
Diluted earnings per share from discontinued operations (see Note 15)
11.25 0.21 11.10 0.29 
Diluted earnings per share (see Note 15)
$10.02 $0.42 $9.68 $0.20 

See accompanying Notes to Consolidated Financial Statements.



2

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

 Three Months EndedSix Months Ended
 June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Net Income
$1,330.3 $58.4 $1,288.7 $32.9 
Foreign Currency Translation
Net foreign currency translation gain / (loss)
59.4 1.6 67.6 (7.6)
Cash Flow Hedges
Change in unrealized gain / (loss) on interest rate derivatives
0.2 2.6 (3.6)11.4 
Less: Interest rate derivative gain reclassified to earnings
(9.7)(5.0)(13.3)(9.9)
Net unrealized gain / (loss) on interest rate derivatives
(9.5)(2.4)(16.9)1.5 
Total Comprehensive Income
1,380.2 57.6 1,339.4 26.8 
Less: Comprehensive income attributable to noncontrolling interests
(52.6)(3.0)(50.2)(1.9)
Comprehensive Income Attributable to SUI
$1,327.6 $54.6 $1,289.2 $24.9 

See accompanying Notes to Consolidated Financial Statements.



3

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

Shareholders' Equity
Temporary EquityCommon Stock (Shares)Common Stock ($Value)Additional Paid-in CapitalDistributions in Excess of Accumulated EarningsAccumulated Other Comprehensive Income / (Loss)Noncontrolling InterestsTotal Shareholders' EquityTotal Equity
Balance at December 31, 2024$259.8 127.4 $1.3 $9,864.2 $(2,775.9)$(7.9)$111.1 $7,192.8 $7,452.6 
Issuance of common stock, common OP units, and other securities, net3.4 0.3 — (0.1)— — — (0.1)3.3 
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards— (0.1)— (8.4)— — — (8.4)(8.4)
Conversions— — — 1.2 — — (1.2)— — 
Share-based compensation - amortization and forfeitures— — — 10.9 0.1 — — 11.0 11.0 
Redemptions(19.6)— — (2.4)— — — (2.4)(22.0)
Other comprehensive income / (loss)— — — — — 1.3 (0.5)0.8 0.8 
Net loss(0.4)— — — (39.7)— (1.5)(41.2)(41.6)
Distributions(2.2)— — — (119.9)— (3.4)(123.3)(125.5)
OP units accretion3.3 — — — (3.3)— — (3.3)— 
Balance at March 31, 2025$244.3 127.6 $1.3 $9,865.4 $(2,938.7)$(6.6)$104.5 $7,025.9 $7,270.2 
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards— (0.2)— (0.6)— — — (0.6)(0.6)
Common stock repurchased— (1.6)— (126.8)(76.0)— — (202.8)(202.8)
Conversions— 0.1 — 1.5 — — (1.5)— — 
Share-based compensation - amortization and forfeitures— — — 5.2 0.5 — — 5.7 5.7 
Redemptions(2.0)— — — — — — — (2.0)
Other comprehensive income / (loss)— — — — — 50.8 (0.9)49.9 49.9 
Net income16.2 — — — 1,276.7 — 37.4 1,314.1 1,330.3 
Distributions(2.4)— — — (641.0)— (15.2)(656.2)(658.6)
OP units accretion1.8 — — — (1.8)— — (1.8)— 
Balance at June 30, 2025$257.9 125.9 $1.3 $9,744.7 $(2,380.3)$44.2 $124.3 $7,534.2 $7,792.1 




4

SUN COMMUNITIES, INC.
Shareholders' Equity
Temporary EquityCommon Stock (Shares)Common Stock ($Value)Additional Paid-in CapitalDistributions in Excess of Accumulated EarningsAccumulated Other Comprehensive Income / (loss)Noncontrolling InterestsTotal Shareholders' EquityTotal Equity
Balance at December 31, 2023$260.9 124.4 $1.2 $9,466.9 $(2,397.5)$12.2 $90.2 $7,173.0 $7,433.9 
Issuance of common stock, common OP units, and other securities, net— 0.3 — (0.3)— — 0.6 0.3 0.3 
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards— (0.2)— (7.6)— — — (7.6)(7.6)
Conversions(0.5)0.1 — 2.1 — — (1.6)0.5 — 
Share-based compensation - amortization and forfeitures— — — 10.3 0.1 — — 10.4 10.4 
Other comprehensive income / (loss)— — — — — (5.5)0.2 (5.3)(5.3)
Net loss(0.3)— — — (24.2)— (1.0)(25.2)(25.5)
Distributions(2.3)— — — (117.1)— (3.5)(120.6)(122.9)
OP units accretion1.9 — — — (1.9)— — (1.9)— 
Balance at March 31, 2024$259.7 124.6 $1.2 $9,471.4 $(2,540.6)$6.7 $84.9 $7,023.6 $7,283.3 
Issuance of common stock, common OP units, and other securities, net— — — (0.3)— — 2.5 2.2 2.2 
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards— — — (1.3)— — — (1.3)(1.3)
Conversions(0.8)0.1 — 0.8 — — — 0.8 — 
Share-based compensation - amortization and forfeitures— — — 10.6 0.1 — — 10.7 10.7 
Other comprehensive loss— — — — — (0.7)(0.1)(0.8)(0.8)
Net income1.7 — — — 55.3 — 1.4 56.7 58.4 
Distributions(2.5)— — — (117.3)— (3.2)(120.5)(123.0)
OP units accretion1.6 — — — (1.6)— — (1.6)— 
Balance at June 30, 2024$259.7 124.7 $1.2 $9,481.2 $(2,604.1)$6.0 $85.5 $6,969.8 $7,229.5 

See accompanying Notes to Consolidated Financial Statements.



5

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

Six Months Ended
June 30, 2025June 30, 2024
Operating Activities
Net cash provided by operating activities - continuing operations$409.6 $404.2 
Net cash provided by operating activities - discontinued operations90.3 149.6 
Net Cash Provided By Operating Activities499.9 553.8 
Investing Activities
Investment in properties(223.5)(222.8)
Acquisitions, net of cash acquired(1.0)(25.7)
Payments from deposit on acquisition— (7.2)
Proceeds from insurance— 1.4 
Proceeds / (payments) from disposition of assets and depreciated homes, net10.3 (0.2)
Proceeds related to disposition of properties124.4 57.7 
Issuance of notes and other receivables(0.9)(3.8)
Repayments of notes and other receivables37.6 7.6 
Investments in nonconsolidated affiliates(0.6)(5.7)
Distributions of capital from nonconsolidated affiliates8.9 11.7 
Net cash used for investing activities - continuing operations(44.8)(187.0)
Net cash provided by / (used for) investing activities - discontinued operations5,361.3 (132.9)
Net Cash Provided By / (Used For) Investing Activities5,316.5 (319.9)
Financing Activities
Issuance and costs of common stock, OP units and preferred OP units, net(0.1)(0.6)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards(7.3)(7.6)
Repurchases of common stock(202.8)— 
Redemption of Series F preferred OP units(2.0)— 
Borrowings on lines of credit624.5 1,578.0 
Payments on lines of credit(2,106.5)(1,963.4)
Proceeds from issuance of other debt— 499.8 
Payments on other debt(1,929.2)(28.5)
Distributions(772.9)(243.5)
Payments for deferred financing costs, net of prepaid return— (4.1)
Net capital transfer from consolidated affiliates5,435.4 6.0 
Net cash provided by / (used for) financing activities - continuing operations1,039.1 (163.9)
Net cash used for financing activities - discontinued operations(5,454.3)(8.2)
Net Cash Used For Financing Activities(4,415.2)(172.1)
Effect of exchange rate changes on cash, cash equivalents and restricted cash2.1 (0.3)
Net change in cash, cash equivalents and restricted cash1,403.3 61.5 
Cash, cash equivalents and restricted cash, beginning of period63.9 42.7 
Cash, cash equivalents and restricted cash, end of period1,467.2 104.2 
Less: Cash, cash equivalents and restricted cash - discontinued operations(4.1)(7.0)
Cash, Cash Equivalents and Restricted Cash - Continuing Operations$1,463.1 $97.2 

Six Months Ended
June 30, 2025June 30, 2024
Supplemental Information
Cash paid for interest (net of capitalized interest of $2.7 and $4.9, respectively)
$26.2 $169.7 
Cash paid for income taxes$1.2 $2.6 
Noncash Investing and Financing Activities
Reduction in secured borrowing balance$4.1 $3.5 
Change in distributions declared and outstanding$11.2 $1.5 
Conversion of common and preferred OP units$2.7 $2.9 
Reduction in note receivable balance in exchange for redemption of preferred OP units$23.8 $— 
Noncash Investing and Financing Activities at the Date of Acquisition
Acquisitions - Common stock and OP units issued$— $3.1 

See accompanying Notes to Consolidated Financial Statements.



6
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation

Sun Communities, Inc., and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership (the "Operating Partnership"), Sun Home Services, Inc. ("SHS"), and our Park Holidays subsidiaries and the other entities through which we operate our business in the United Kingdom ("UK") are referred to herein as the "Company," "SUI," "us," "we," or "our."

We follow accounting standards set by the Financial Accounting Standards Board ("FASB"). FASB establishes accounting principles generally accepted in the United States of America ("GAAP"), which we follow to ensure that we consistently report our financial condition, results of operations, and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification ("ASC"). These unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information and in accordance with GAAP. We present interim disclosures and certain information and footnote disclosures as required by SEC rules and regulations. Accordingly, the unaudited Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying unaudited Consolidated Financial Statements reflect, in the opinion of management, all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of the interim financial statements. All significant intercompany transactions have been eliminated in consolidation.

The results of operations for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the SEC on February 28, 2025 (our "2024 Annual Report"). These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our 2024 Annual Report.

Real Estate Held for Sale and Discontinued Operations

We classify real estate assets as held for sale after an active program to sell an asset has commenced and when the sale is probable. Subsequent to the classification of assets as held for sale, no further depreciation expense is recorded. We present businesses whose disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results as discontinued operations when the components meet the criteria for held for sale, are sold, or spun-off.

In February 2025, we entered into a definitive agreement to sell Safe Harbor Marinas LLC ("Safe Harbor") for an aggregate purchase price of approximately $5.65 billion, subject to certain adjustments (the "Safe Harbor Sale"). In April 2025, we completed the initial closing of the Safe Harbor Sale. The Safe Harbor Sale represents the disposition of our Marina business and a strategic shift in operations. 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. Certain reclassifications have been made to prior period financial statements and related notes in order to conform to current period presentation. Unless otherwise noted, the information disclosed in Note 3 through Note 20 refers only to our continuing operations and do not include discussion of balances or activity related to Safe Harbor, which is included within discontinued operations. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," for additional information related to Safe Harbor and the Safe Harbor Sale.

Reportable Segments

As a result of the Safe Harbor Sale, we revised our reporting structure from a four-segment to a three-segment structure, which consists of (i) manufactured home ("MH") communities, (ii) recreational vehicle ("RV") communities, and (iii) communities in the United Kingdom ("UK"). Refer to Note 13, "Segment Reporting," for additional information.

Furthermore, service, retail, dining and entertainment revenues and expenses have been renamed as ancillary revenues and expenses to more appropriately reflect the nature of this activity for our continuing operations, after reclassifying the Marina results to discontinued operations. There was no impact to prior period net income, stockholders' equity, or cash flows due to the change in naming convention.




7
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
2. Assets Held for Sale and Discontinued Operations

In February 2025, we entered into an agreement to sell Safe Harbor, which represents a strategic shift in operations that is expected to have a major effect on our operations and financial results. Accordingly, the results of the Marina business and assets and liabilities included in the Safe Harbor Sale have been reclassified as discontinued operations for all periods presented herein under ASC 205-20, "Presentation of Financial Statements: Discontinued Operations."

During the three months ended June 30, 2025, we completed the initial closing of the Safe Harbor Sale, which generated pre-tax cash proceeds of approximately $5.25 billion, net of transaction costs. The subsequent closing of the transfer of subsidiaries owning 15 of Safe Harbor's properties (the "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, we completed the sale of six Delayed Consent Subsidiaries for $136.7 million. In connection with the closings of the Safe Harbor Sale and the six Delayed Consent Subsidiaries, we 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 the remaining nine Delayed Consent Subsidiaries with an aggregate agreed value of approximately $117.5 million remains subject to the receipt of third-party consents. We have continuing involvement with the Marina business related to ongoing management of the Delayed Consent Subsidiaries by Safe Harbor under an arm's-length management agreement. Under the management agreement, during the three months ended June 30, 2025, we paid management fees of $0.2 million to Safe Harbor, representing 4% of gross revenues earned at the Delayed Consent Subsidiaries. We anticipate that the dispositions of most or all of the remaining Delayed Consent Subsidiaries will occur during the three months ending September 30, 2025.

The following table sets forth a summary of assets and liabilities attributable to discontinued operations related to Safe Harbor (in millions):

June 30, 2025December 31, 2024
Assets  
Land$1.1 $1,049.5 
Land improvements and buildings117.4 2,401.9 
Furniture, fixtures and equipment8.9 369.2 
Investment property127.4 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, net1.9 53.9 
Goodwill(1)
12.0 541.7 
Other intangible assets, net
1.7 236.4 
Other assets, net
5.1 267.7 
Total Assets$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$36.6 $286.9 
(1) As of June 30, 2025, the remaining goodwill was determined based on the proportion of the remaining Delayed Consent Subsidiaries in relation to the total number of Safe Harbor properties included in the original sale agreement.




8
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table sets forth a summary of the operating results included within Income from discontinued operations, net (in millions):

 Three Months EndedSix 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 revenue54.8 148.1 163.1 252.6 
Interest, brokerage commissions and other, net0.3 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 expenses50.0 133.7 153.9 233.4 
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 impairments0.2 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, net1,445.0 — 1,445.0 — 
Other income / (expense), net(2)
(0.2)(0.5)(14.8)9.9 
Income from discontinued operations, before income taxes1,422.8 25.9 1,404.6 37.3 
Current tax expense (see Note 14)
(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. During the three months ended June 30, 2025, employee separation costs included $25.8 million that was paid to certain Safe Harbor officers and employees.
(2) During the three months ended March 31, 2025, we recorded a contingent consideration expense of $14.6 million related to a tax protection agreement that we entered into with former owners of certain Marina properties at the time of acquisition. The tax protection agreement stipulates that we indemnify those owners for certain tax obligations incurred related to the sale of certain Marina properties. As a result of the Safe Harbor Sale, we concluded that our tax liability to the former owners was probable of being realized and estimable.

The following table presents depreciation, amortization, and capital expenditures attributable to discontinued operations related to Safe Harbor (in millions):

Six Months Ended
June 30, 2025
June 30, 2024
Depreciation$31.8 $83.5 
Amortization$4.3 $10.6 
Capital Expenditures$71.7 $110.4 




9
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
3. Revenue

Our revenue consists of real property revenue at our MH, RV, and UK properties, revenue from home sales, ancillary revenue, interest income, and brokerage commissions and other revenue.

The following table disaggregates our revenue by major source and segment (in millions):

Three Months Ended
June 30, 2025
June 30, 2024(1)
MHRVUKConsolidatedMHRVUKConsolidated
Revenues
Real property
$250.0 $148.9 $51.3 $450.2 $239.7 $148.2 $44.7 $432.6 
Home sales
35.0 6.9 58.2 100.1 49.2 9.1 49.2 107.5 
Ancillary
1.5 24.0 16.6 42.1 1.9 24.7 14.0 40.6 
Interest
11.0 5.4 0.1 16.5 3.4 1.5 0.3 5.2 
Brokerage commissions and other, net
9.0 4.3 1.3 14.6 5.9 3.4 1.1 10.4 
Total Revenues
$306.5 $189.5 $127.5 $623.5 $300.1 $186.9 $109.3 $596.3 
(1)Recast to reflect segment changes. Refer to Note 1, "Basis of Presentation" and Note 13, "Segment Reporting," for additional information.

Six Months Ended
June 30, 2025
June 30, 2024(1)
MHRVUKConsolidatedMHRVUKConsolidated
Revenues
Real property
$499.3 $250.8 $84.5 $834.6 $477.7 $252.7 $82.7 $813.1 
Home sales
56.7 13.9 96.7 167.3 75.9 15.1 85.4 176.4 
Ancillary
4.0 29.8 20.8 54.6 4.5 31.1 18.3 53.9 
Interest
14.0 6.8 0.1 20.9 6.5 2.9 0.3 9.7 
Brokerage commissions and other, net
10.9 4.0 1.4 16.3 6.9 4.1 1.4 12.4 
Total Revenues
$584.9 $305.3 $203.5 $1,093.7 $571.5 $305.9 $188.1 $1,065.5 
(1)Recast to reflect segment changes. Refer to Note 1, "Basis of Presentation" and Note 13, "Segment Reporting," for additional information.

The majority of our revenue is derived from site and home leases that are accounted for pursuant to ASC 842, "Leases." We account for all revenue from contracts with customers following ASC 606, "Revenue from Contracts with Customers," except for those that are within the scope of other topics in the FASB ASC. For additional information, refer to Note 1, "Significant Accounting Policies" in our 2024 Annual Report.




10
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
4. Cash, Cash Equivalents and Restricted Cash

The following table summarizes the fair value of cash, cash equivalents and restricted cash by significant investment category, which approximates cost (in millions):

Fair Value LevelJune 30, 2025December 31, 2024
Cash and Cash Equivalents
Cash and time deposits$688.3 $47.9 
Money market funds(1)
1201.4 — 
Total cash and cash equivalents$889.7 $47.9 
Restricted Cash
Cash and time deposits$573.4 $9.2 
Total restricted cash$573.4 $9.2 
Total Cash, Cash Equivalents and Restricted Cash$1,463.1 $57.1 
(1) Consists of investments in which 100% maintain original maturities of 90 days or less for which market prices are readily available.

Restricted cash balances in the table above include $565.3 million as of June 30, 2025, held in escrow accounts that have been designated to fund potential future MH and RV acquisitions under 1031 exchange transactions. Restricted cash also includes utility deposits and amounts held in deposit for tax, insurance, and repair escrows held by lenders in accordance with certain debt agreements. Restricted cash is included in cash and cash equivalents in the reconciliation of the beginning of period and the end of period cash balance on the Consolidated Statements of Cash Flows.

5. Real Estate Acquisitions and Dispositions

2025 Development and Expansion Activities

We did not acquire any operating properties during the six months ended June 30, 2025.

2025 Disposition Activity

The following dispositions of real estate properties for our continuing operations occurred during the six months ended June 30, 2025:

Property Name(1)
SegmentNumber of PropertiesTotal SitesState, Province, or CountryMonth DisposedGross Sales Proceeds
Cash Consideration, net(2)
Gain / (Loss) on Disposition(3)
RV Portfolio(4)
RV2815VariousJanuary$92.9 $92.6 $(0.2)
MH Portfolio
MH3136FLMarch$27.8 $27.2 $(2.8)
Sun Retreats Millbrook
RV1394ILApril$3.5 $2.8 $(3.8)
(1) Pertains to our continuing operations. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," for additional detail related to the Safe Harbor Sale, which is classified as a discontinued operation.
(2) Cash consideration, net of settlement of the associated mortgage debt, when applicable, and other closing adjustments. Refer to Note 10, "Debt and Line of Credit," for additional detail.
(3) Recorded in Gain / (loss) on dispositions of properties on the Consolidated Statements of Operations.
(4) Total sales proceeds include the disposition of two operating properties and two development properties that we owned along with the settlement of a developer note receivable of $36.5 million pertaining to three additional properties in which we had provided financing to the developer that were classified as held for sale as of December 31, 2024. During the year ended December 31, 2024, we recognized asset impairment charges of $12.1 million to reduce the carrying value of the four owned RV properties to an aggregate fair value of $47.5 million.

In June 2025, we sold one MH developmental land parcel in Washington for total consideration of $40.0 million and recorded a gain on sale of $2.6 million. The property was previously classified as held for sale.




11
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
6. Notes and Other Receivables

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

June 30, 2025December 31, 2024
Installment notes receivable on manufactured homes, net$116.3 $93.9 
Notes receivable from real estate developers and operators93.1 148.5 
Other receivables, net136.3 187.7 
Total Notes and Other Receivables, net$345.7 $430.1 

Installment Notes Receivable on Manufactured Homes

Installment notes receivable are measured at fair value, using indicative pricing models from third party valuation specialists, in accordance with ASC 820, "Fair Value Measurements and Disclosures." The balances of installment notes receivable of $116.3 million (principal of installment notes receivable of $119.2 million less fair value adjustment of $2.9 million) and $93.9 million (principal of installment notes receivable of $95.2 million less fair value adjustment of $1.3 million) as of June 30, 2025 and December 31, 2024, respectively, are secured by manufactured homes. The notes represent financing to purchasers of manufactured homes located in our communities and require monthly principal and interest payments. The notes had a net weighted average interest rate (net of servicing costs) and maturity of 7.3% and 17.4 years as of June 30, 2025, and 6.4% and 18.6 years as of December 31, 2024, respectively. Refer to Note 17, "Fair Value Measurements," for additional details.
Notes Receivable from Real Estate Developers and Operators

Notes receivable from real estate developers and operators are measured at fair value, using indicative pricing models from third party valuation specialists, in accordance with ASC 820, "Fair Value Measurements and Disclosures." Refer to Note 17, "Fair Value Measurements," for additional information.

Notes Receivable from Real Estate Operators

The notes receivable from real estate operators at June 30, 2025 consist of a loan provided to a real estate operator to fund the Canadian RV Portfolio disposition (the "Canadian RV Note"). The balance on the Canadian RV Note was $45.1 million with a net weighted average interest rate and maturity of 5.0% and 1.5 years as of June 30, 2025, and was $42.4 million with a net weighted average interest rate and maturity of 5.0% and 2.0 years as of December 31, 2024.

Notes Receivable from Real Estate Developers

Other acquisition and construction loans provided to real estate developers total $48.0 million with a net weighted average interest rate and maturity of 8.7% and 0.7 years as of June 30, 2025, and total $106.1 million with a net weighted average interest rate and maturity of 8.0% and 1.9 years as of December 31, 2024. As of June 30, 2025 and December 31, 2024, the additional acquisition and construction loans provided to real estate developers had $11.6 million and $36.8 million of undrawn funds, respectively. During the three months ended March 31, 2025, we settled a note receivable from a real estate developer of $36.5 million as part of a sale of a portfolio of RV communities. Refer to Note 5, "Real Estate Acquisitions and Dispositions," for additional information.

During the three months ended March 31, 2025, we entered into a non-monetary transaction with a real estate developer to settle a note receivable of $23.8 million in conjunction with one RV property in California. Refer to Note 11, "Equity and Temporary Equity," and Note 17, "Fair Value Measurements," for additional information.



12
SUN COMMUNITIES, INC.

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

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

June 30, 2025December 31, 2024
Insurance receivables(1)
$48.8 $67.2 
Home sale proceeds
24.4 24.5 
Receivables from residents and customers(2)
20.3 62.2 
Other receivables42.8 33.8 
Total Other Receivables, net$136.3 $187.7 
(1)Primarily consists of receivables from insurance providers related to Hurricanes Ian, Helene, and Milton. Refer to Note 18, "Commitments and Contingencies," for additional details.
(2)Net of allowance for credit losses of $5.3 million and $5.6 million as of June 30, 2025 and December 31, 2024, respectively.

7. Collateralized Receivables and Transfers of Financial Assets

We previously completed various transactions with an unrelated entity involving our installment notes receivable under which we received cash proceeds in exchange for relinquishing our right, title, and interest in certain notes receivables. We have no further obligations or rights with respect to the control, management, administration, servicing, or collection of the installment notes receivables. However, we are subject to certain recourse provisions requiring us to purchase the underlying manufactured homes collateralizing such notes at a price calculated based on the agreed upon terms, in the event of a note default and subsequent repossession of the home by the unrelated entity. The recourse provisions are considered to be a form of continuing involvement which precludes establishing legal isolation, and therefore these transferred loans do not meet the requirements for sale accounting under ASC 860, "Transfers and Servicing."

The transaction has been accounted for in accordance with ASC 860-30, with the transferred assets classified as Collateralized receivables, net and the cash proceeds received from this transaction classified as Secured borrowings on collateralized receivables within the Consolidated Balance Sheets. We have elected to apply the fair value option to the collateralized receivables and related secured borrowings under ASC 820, "Fair Value Measurements and Disclosures."

The balance of collateralized receivables was $46.6 million (gross collateralized receivable of $47.9 million less fair value adjustments of $1.3 million) and $51.2 million (gross collateralized receivable of $52.0 million less fair value adjustments of $0.8 million) at June 30, 2025 and December 31, 2024, respectively. The balance of secured borrowings on collateralized receivables was $46.6 million (gross secured borrowings of $43.1 million plus fair value adjustments of $3.5 million) and $51.2 million (gross secured borrowings of $47.3 million plus fair value adjustments of $3.9 million) as of June 30, 2025 and December 31, 2024, respectively. The notes represent financing to purchasers of manufactured homes located in our communities and require monthly principal and interest payments. The notes had a net weighted average interest rate and maturity of 8.6% and 12.8 years as of June 30, 2025 and 8.6% and 13.2 years as of December 31, 2024. Refer to Note 17, "Fair Value Measurements," for additional details.

The collateralized receivables earn interest income and the secured borrowings accrue interest expense in equal amounts. The amount of interest income and interest expense recognized during the three and six months ended June 30, 2025 was $1.0 million and $2.0 million, respectively, and during the three and six months ended June 30, 2024 was $1.2 million and $2.4 million, respectively.

8. Goodwill and Other Intangible Assets

Our intangible assets include goodwill, in-place leases, trademarks and trade names, customer relationships, franchise agreements and other intangible assets. These intangible assets are recorded in Goodwill and Other intangible assets, net on the Consolidated Balance Sheets.




13
SUN COMMUNITIES, INC.

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

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

June 30, 2025December 31, 2024
Other Intangible AssetUseful LifeGross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
In-place leases7 years$138.5 $(129.1)$138.8 $(126.4)
Trademarks and trade names15 years89.1 (19.9)81.7 (15.4)
Customer relationships4 years1.9 (1.7)1.8 (1.3)
Franchise agreements and other intangible assets
10 - 27 years
32.9 (10.7)32.7 (10.0)
Total finite-lived assets$262.4 $(161.4)$255.0 $(153.1)
Indefinite-lived assets - Trademarks, trade names, and otherN/A0.7 — 0.6 — 
Total indefinite-lived assets$0.7 $— $0.6 $— 
Total$263.1 $(161.4)$255.6 $(153.1)

Amortization expenses related to our Other intangible assets were as follows (in millions):

Three Months EndedSix Months Ended
Other Intangible Asset Amortization ExpenseJune 30, 2025June 30, 2024June 30, 2025June 30, 2024
In-place leases$1.4 $1.6 $2.9 $3.1 
Trademarks and trade names1.5 1.4 2.9 2.8 
Customer relationships0.1 0.1 0.2 0.2 
Franchise fees and other intangible assets0.2 0.2 0.4 0.4 
Total$3.2 $3.3 $6.4 $6.5 

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

Other Intangible Asset Future Amortization ExpenseRemainder 20252026202720282029
In-place leases$2.8 $3.7 $2.1 $0.8 $0.1 
Trademarks and trade names3.1 6.2 5.9 5.8 5.8 
Customer relationships0.2 — — — — 
Franchise agreements and other intangible assets0.6 1.3 1.3 1.3 1.3 
Total$6.7 $11.2 $9.3 $7.9 $7.2 

9. Investments in Nonconsolidated Affiliates

Investments in joint ventures that are not consolidated, nor recorded at cost, are accounted for using the equity method of accounting as prescribed in ASC 323, "Investments - Equity Method and Joint Ventures." Investments in nonconsolidated affiliates are recorded within Other assets, net on the Consolidated Balance Sheets. Equity income and loss are recorded in Income from nonconsolidated affiliates on the Consolidated Statements of Operations.

Sungenia Joint Venture ("Sungenia JV")
At June 30, 2025 and December 31, 2024, we had a 50.0% ownership interest in Sungenia JV, a joint venture formed between us and Ingenia to establish and grow a manufactured housing community development program in Australia.

GTSC LLC ("GTSC")
At June 30, 2025 and December 31, 2024, we had a 40.0% ownership interest in GTSC, which engages in acquiring, holding and selling loans secured, directly or indirectly, by manufactured homes located in our communities.

SV Lift, LLC ("SV Lift")
At June 30, 2025 and December 31, 2024, we had a 50.0% ownership interest in SV Lift, which owns, operates, and leases an aircraft.




14
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


The investment balance in each nonconsolidated affiliate was as follows (in millions):

InvestmentJune 30, 2025December 31, 2024
Investment in Sungenia JV$81.7 $75.1 
Investment in GTSC38.5 48.9 
Investment in SV Lift0.9 1.1 
Total$121.1 $125.1 

The income / (loss) from each nonconsolidated affiliate is as follows (in millions):

Three Months EndedSix Months Ended
Income / (Loss) from Nonconsolidated Affiliates
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Sungenia JV equity income$3.7 $2.3 $6.3 $3.2 
GTSC equity income0.5 0.9 1.3 1.8 
SV Lift equity loss(0.4)(0.2)(0.8)(0.6)
Total Income from Nonconsolidated Affiliates$3.8 $3.0 $6.8 $4.4 

During the six months ended June 30, 2025 and 2024, we received distributions of $10.1 million and $13.5 million, respectively, and made contributions of $0.6 million and $5.7 million, respectively, with our nonconsolidated affiliates.
10. Debt and Line of Credit

The following table sets forth certain information regarding debt, including premiums, discounts and deferred financing costs (in millions, except for statistical information):

Carrying AmountWeighted Average
Years to Maturity		Weighted Average
Interest Rates
June 30, 2025December 31, 2024June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Secured Debt
Mortgage loans payable(1)
$2,451.6 $3,212.2 9.08.33.637 %3.991 %
Secured borrowings on collateralized receivables(2)
46.6 51.2 12.813.28.547 %8.575 %
Total Secured Debt$2,498.2 $3,263.4 
Unsecured Debt
Senior unsecured notes(3)
$1,785.3 $2,676.3 5.66.02.901 %3.778 %
Line of credit(4)
— 1,413.1 0.01.4— %4.744 %
Total Unsecured Debt$1,785.3 $4,089.4 
Total Debt$4,283.5 $7,352.8 7.66.23.383 %4.090 %
(1) Balances at June 30, 2025 and December 31, 2024 include zero net debt premium, as of each such date, and $10.5 million and $15.2 million of deferred financing costs, respectively.
(2) Balances at June 30, 2025 and December 31, 2024 include fair value adjustments of 3.5 million and $3.9 million, respectively.
(3) Balances at June 30, 2025 and December 31, 2024 include $4.6 million and $6.3 million of net debt discount, respectively, and $10.2 million and $17.4 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity.
(4) Balances at June 30, 2025 and December 31, 2024 include zero of deferred financing costs, respectively.




15
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


Secured Debt

Mortgage term loans

During the six months ended June 30, 2025, we repaid the following mortgage term loans (in millions, except for statistical information):

PeriodRepayment AmountWeighted Average Interest RateMaturity DateLoss on Extinguishment of Debt
Three months ended June 30, 2025$691.8 
(1)
5.346 %February 13, 2026 - September 10, 2044$45.9 
Three months ended March 31, 2025$48.4 
(2)
4.013 %February 01, 2025 - March 31, 2025$— 
(1) We settled $737.7 million of secured mortgage debt, inclusive of $45.9 million of prepayment costs and deferred financing cost write offs, resulting in a repayment of $691.8 million of net secured mortgage debt. The various mortgage term loans were secured by 44 properties.
(2) Includes five mortgage term loans, which were secured by five properties, and were paid off on the maturity dates in accordance with the loan documents.

During the six months ended June 30, 2025 we did not enter into any mortgage term loans.
The mortgage term loans, which total $2.5 billion as of June 30, 2025, are secured by 110 properties comprised of 45,112 sites representing approximately $1.8 billion of net book value.

Secured Borrowings on Collateralized Receivables

Refer to Note 7, "Collateralized Receivables and Transfers of Financial Assets," for information on secured borrowings on collateralized receivables.

Unsecured Debt

Senior Unsecured Notes

The following table sets forth certain information regarding our senior unsecured notes (in millions, except for statistical information). All senior unsecured notes include interest payments on a semi-annual basis in arrears, and are recorded within the Unsecured debt line item on the Consolidated Balance Sheets.

Carrying Amount
Principal AmountJune 30, 2025December 31, 2024
5.5% notes, issued in January 2024 and due in January 2029 (the "2029 Notes")
$500.0 $— $496.2 
5.7% notes, issued in January 2023 and due in January 2033 (the "2033 Notes")
400.0 — 396.1
4.2% notes, issued in April 2022 and due in April 2032
600.0 593.6 593.2 
2.3% notes, issued in October 2021 and due in November 2028
450.0 447.8 447.4 
2.7% notes, issued in June 2021 and October 2021, and due in July 2031
750.0 743.9 743.4 
Total$2,700.0 $1,785.3 $2,676.3 

During the three months ended June 30, 2025, we redeemed the aggregate principal amount of $900.0 million on the 2029 Notes and the 2033 Notes using cash proceeds generated from the Safe Harbor Sale (the "2029 and 2033 Note Redemptions"). In accordance with the terms of each series of Notes, the redemption price was inclusive of a customary make-whole premium and accrued and unpaid interest. As a result, we recorded charges of $56.5 million to Loss on extinguishment of debt on the Consolidated Statements of Operations in connection with early extinguishment premiums on the 2029 and 2033 Note Redemptions. Refer to Note 16, "Derivative Financial Instruments," for cash flow hedge activity resulting from the redemptions.

Line of Credit

The Operating Partnership (as borrower), SUI (as guarantor), and certain lenders are parties to a credit agreement which governs our senior credit facility (the "Senior Credit Facility"). The aggregate amount available under the senior credit facility consists of a revolving loan in an amount up to $3.05 billion with a maturity date on April 7, 2026. At our option, the maturity date may be extended for two additional six-month periods.



16
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


The senior credit facility bears interest at a floating rate based on the Adjusted Term Secured Overnight Financing Rate ("SOFR"), the Adjusted Eurocurrency Rate, the Australian Bank Bill Swap Bid Rate ("BBSY"), the Daily Sterling Overnight Index Average ("SONIA") Rate, or the Canadian Overnight Repo Rate Average ("CORRA"), as applicable, plus a margin, in all cases, ranging from 0.725% to 1.6%, subject to certain adjustments. As of June 30, 2025, the margins based on our credit ratings were 0.775% on the revolving loan facility.

At the lenders' option, the senior credit facility will become immediately due and payable upon an event of default under the Credit Facility Agreement. During the three months ended June 30, 2025, we repaid the remaining outstanding debt balances of $1.6 billion under our senior credit facility. We had zero and $1.4 billion of borrowings outstanding under the revolving loan as of June 30, 2025 and December 31, 2024, respectively. The balance is recorded in Unsecured debt on the Consolidated Balance Sheets.

The senior credit facility provides us with the ability to issue letters of credit. Our issuance of letters of credit does not increase our borrowings outstanding under the senior credit facility, but does reduce the borrowing amount available. We had $10.3 million and $11.5 million of outstanding letters of credit at June 30, 2025 and December 31, 2024, respectively.

Covenants

The mortgage term loans, senior unsecured notes, and senior credit facility are subject to various financial and other covenants. The most restrictive covenants are pursuant to (a) the terms of the senior credit facility, which contains a maximum leverage ratio, minimum fixed charge coverage ratio, and maximum secured leverage ratio, and (b) the terms of the senior unsecured notes, which contain a total debt to total assets ratio, secured debt to total assets ratio, consolidated income available for debt service to debt service ratio, and unencumbered total asset value to unsecured debt ratio. At June 30, 2025, we were in compliance with all financial covenants.

In addition, certain of our subsidiary borrowers own properties that secure loans. These subsidiaries are consolidated within our accompanying Consolidated Financial Statements, however, each of these subsidiaries' assets and credit are not available to satisfy our debts and other obligations, or any of our other subsidiaries or any other person or entity.

Interest Capitalized

We capitalize interest during the construction and development of our communities. Capitalized interest costs associated with construction and development activities during the three and six months ended June 30, 2025 were $1.3 million and $2.7 million, respectively, and during the three and six months ended June 30, 2024 were $2.2 million and $4.9 million, respectively.




17
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


11. Equity and Temporary Equity

Temporary Equity

Temporary equity includes preferred securities that are redeemable for cash at the holder's option or upon the occurrence of an event that is not solely within our control based on a fixed or determinable price and other redeemable equity interests. These securities are not mandatorily redeemable for cash nor do they contain a fixed maturity date. The following table sets forth the various series of redeemable preferred OP units and other redeemable equity interests that were outstanding as of June 30, 2025 and December 31, 2024, and the related terms, and summarizes the balance included within Temporary Equity on our Consolidated Balance Sheets (in millions, except for statistical information):

DescriptionOP Units Outstanding
Exchange Rate(1)
Annual Distribution Rate(2)
Cash Redemption(3)
Redemption PeriodCarrying Amount
June 30, 2025June 30, 2025December 31, 2024
Series D preferred OP units488,958 0.80004.0 %Holder's OptionAny time$51.9 $47.5 
Series F preferred OP units70,000 0.62503.0 %Holder's OptionAny time7.5 8.7 
Series G preferred OP units4,898 0.64523.2 %Holder's OptionAny time after earlier of September 30, 2025 or death of holder3.6 19.8 
Series H preferred OP units580,464 0.60983.0 %Holder's OptionAny time after earlier of October 30, 2025 or death of holder59.6 55.4 
Series J preferred OP units236,000 0.60612.85 %Holder's Option
During the 30-day period following a change of control of the Company or any time after April 21, 2026
23.9 22.4 
Series K preferred OP units1,000,000 0.58824.0 %Holder's Option
Within 60 days after March 23, 2028
98.7 94.1 
Other redeemable equity interests(4)
N/AN/AN/AN/AN/A12.7 11.9 
Total2,380,320 $257.9 $259.8 
(1) 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.
(2) Distributions are payable on the issue price of each OP unit, which is $100.00 per unit for all these preferred OP units.
(3) The redemption price for each preferred OP unit redeemed will be equal to its issue price plus all accrued but unpaid distributions.
(4) Includes redeemable equity interests related to joint ventures that primarily operate and maintain solar energy equipment in select communities and portfolios of RV communities in the U.S.

Permanent Equity

Universal Shelf Registration Statement

We have filed a universal shelf registration statement on Form S-3 with the SEC, which provides for the registration of unspecified amounts of equity and debt securities. The authorized number of shares of our capital stock is 380,000,000 shares, of which 360,000,000 shares are common stock and 20,000,000 shares are preferred stock. As of June 30, 2025, we had 125,857,728 shares of common stock issued and outstanding and no shares of preferred stock were issued and outstanding.

At the Market Offering Sales Agreement

We have entered into an At the Market Offering Sales Agreement (the "ATM") with certain sales agents and forward sellers pursuant to which we may sell, from time to time, up to an aggregate gross sales price of $1.25 billion of our common stock. Through June 30, 2025, we had entered into and settled forward sales agreements under the ATM for an aggregate gross sales price of $524.8 million, leaving $725.2 million available for sale under the ATM.




18
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


Stock Repurchase Program

In May 2025, our Board of Directors authorized a stock repurchase program (the "Stock Repurchase Program") under which we may repurchase up to $1.0 billion in shares of our outstanding common stock through April 30, 2026. Under the Stock Repurchase Program, we may repurchase shares of our common stock in open market transactions, through privately negotiated transactions, through one or more accelerated repurchases, or otherwise, in accordance with the terms set forth in Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and other applicable legal requirements. The Stock Repurchase Program does not obligate us to repurchase any specific number of shares, and we may initiate, suspend, or discontinue purchases under the Stock Repurchase Program at any time.

We account for stock repurchases in accordance with ASC 505, "Equity," by allocating the repurchase price to Common Stock, Additional paid-in-capital, and Distributions in excess of accumulated earnings on the Consolidated Balance Sheets. Under Maryland corporate law, our state of incorporation, there is no concept of treasury shares. As a result, all repurchased shares are retired and returned to the status of authorized but unissued shares upon settlement. During the three months ended June 30, 2025, we repurchased and retired 1.6 million shares of our outstanding common stock for $202.8 million. As of June 30, 2025, we had $797.2 million remaining authorized for purchase under this program.

Issuances of Common OP Units

During the six months ended June 30, 2025, we did not issue any common OP units. During the six months ended June 30, 2024, we issued common OP units in connection with the acquisition of certain properties:

MonthCommon OP Units IssuedFair Value at Issuance (in millions)Related Acquisition
April 202419,326 $2.5 Port Milford
March 20244,452 $0.6 Land for development

Accumulated Other Comprehensive Income

AOCI attributable to SUI common shareholders is separately presented on our Consolidated Balance Sheets as a component of total SUI shareholders' equity. Other Comprehensive Income ("OCI") attributable to noncontrolling interests is allocated to, and included within, Noncontrolling interests on our Consolidated Balance Sheets. Refer to the Statements of Comprehensive Income / (Loss) for complete details related to OCI activity in the reporting period.

AOCI attributable to SUI common shareholders consisted of the following, net of tax (in millions):

June 30, 2025December 31, 2024
Net foreign currency translation income / (loss)$24.2 $(44.1)
Accumulated net gains on derivatives20.0 36.2 
Accumulated other comprehensive income / (loss)$44.2 $(7.9)




19
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


Noncontrolling Interests - Common and Preferred OP Units

The following table summarizes the common and preferred OP units included within Noncontrolling interests on our Consolidated Balance Sheets (in millions, except for units and statistical information):

DescriptionOP Units Outstanding
Exchange Rate(1)
Annual Distribution Rate(2)
Cash Redemption
Redemption PeriodCarrying Amount
June 30, 2025June 30, 2025December 31, 2024
Common OP units2,823,365 1.0000Same distribution rate for common stockN/AN/A$78.6 $71.5 
Series A-1 preferred OP units170,305 2.43906.0 %N/AN/A12.3 9.2 
Series A-3 preferred OP units40,268 1.86054.5 %N/AN/A2.9 2.3 
Series C preferred OP units292,436 1.11005.0 %N/AN/A21.8 19.5 
Series E preferred OP units80,000 0.68975.5 %N/AN/A6.3 6.0 
Series L preferred OP units20,000 0.62503.5 %N/AN/A2.0 1.9 
Total3,426,374 $123.9 $110.4 
(1) 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.
(2) Distributions are payable on the issue price of each OP unit which is $100.00 per unit for all these preferred OP units.

Conversions

Conversions to Common Stock and Common OP Units - Subject to certain limitations, holders can convert certain series of OP units to shares of our common stock and to common OP units at any time. Below is the activity of conversions during the six months ended June 30, 2025 and 2024:

Six Months Ended
June 30, 2025June 30, 2024
SeriesConversion RateUnits / Shares Converted
Common Stock(1)
Units / Shares Converted
Common Stock(1)
Common OP units1.0000 82,505 82,505 68,783 68,783 
Series A-1 preferred OP units2.4390 6,492 15,832 10,332 25,195 
Series C preferred OP units1.1100 4,309 4,782 9,103 10,104 
Series G preferred OP units0.6452— — 4,898 3,160 
Series H preferred OP units0.6098765 465 9 5 
(1)Calculation may yield minor differences due to rounding incorporated in the above numbers.

Non-Monetary Transaction and Redemption of Preferred OP Units

In January 2025, we entered into a non-monetary transaction with a real estate developer to settle a note receivable of $23.8 million in exchange for settlement of contingent consideration of $9.0 million in conjunction with one RV property in California, and redemption of 200,914 Series G preferred OP units held by the developer at a carrying value of $19.6 million. We also provided the developer with a redemption right to repurchase the Series G preferred OP units at an option price per unit of $84.42 through the option expiration date of January 1, 2026. In accordance with ASC 815, "Derivatives and Hedging," we accounted for the redemption right as an equity-linked financial instrument that is indexed to our own shares, thus qualifying for the scope exception to account for the option as a freestanding derivative financial instrument, and recorded the option to Temporary Equity at its transaction date fair value of $3.4 million. During the three months ended March 31, 2025, we recorded a gain of $3.7 million within Other income / (expense), net on our Consolidated Statements of Operations in conjunction with the non-monetary transaction.




20
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


Redemption of Preferred OP Units

Subject to certain limitations, holders can redeem certain series of preferred OP units for cash, provided that the applicable contractual requirements are met. During the three months ended June 30, 2025, 20,000 Series F preferred OP units were redeemed for a net cash payment of $2.0 million, inclusive of all distributions on the redeemed units that were accrued and unpaid as of the redemption date, in accordance with the terms and conditions set forth in the redemption agreement.

Distributions

Distributions declared for the six months ended June 30, 2025 were as follows:

Common Stock, Common OP units and Restricted Stock DistributionsRecord DatePayment DateDistribution Per ShareTotal Distribution (in millions)
March 31, 20253/31/20254/15/2025$0.94 $122.6 
May 14, 2025 Special Distribution(1)
5/14/20255/22/2025$4.00 $521.3 
June 30, 20256/30/20257/15/2025$1.04 $133.8 
(1) In connection with the closing of the Safe Harbor Sale, our Board of Directors authorized a one-time special cash distribution of $4.00 per common share and common unit.

12. Share-Based Compensation

As of June 30, 2025, we had two share-based compensation plans: the Sun Communities, Inc. 2015 Equity Incentive Plan (as amended, the "2015 Equity Incentive Plan") and the First Amended and Restated 2004 Non-Employee Director Option Plan (as amended, the "2004 Non-Employee Director Option Plan"). We believe granting equity awards will provide certain executives, key employees and directors additional incentives to promote our financial success and promote employee and director retention by providing an opportunity to acquire or increase the direct proprietary interest of those individuals in our operations and future. Time based awards for directors generally vest over three years. Time based awards for key employees and executives generally vest over five years. Market condition awards for executives generally vest after three years.

During the six months ended June 30, 2025 and 2024, shares were granted as follows:

Grant PeriodTypePlanShares GrantedGrant Date Fair Value Per ShareVesting Type
2025Key Employees2015 Equity Incentive Plan137,400 $133.39 
(1)
Time Based
2025Executive Officers2015 Equity Incentive Plan38,000 $133.63 
(1)
Time Based
2025Executive Officers2015 Equity Incentive Plan87,000 $106.62 
(2)
Market Condition
(3)
2025Directors2004 Non-Employee Director Option Plan14,000 $122.78 
(1)
Time Based
2024Key Employees2015 Equity Incentive Plan205,540 $132.10 
(1)
Time Based
2024Executive Officers2015 Equity Incentive Plan31,800 $132.13 
(1)
Time Based
2024Executive Officers2015 Equity Incentive Plan41,400 $98.14 
(2)
Market Condition
(3)
2024Directors2004 Non-Employee Director Option Plan20,000 $129.47 
(1)
Time Based

(1)Represents the weighted average fair value per share of the closing price of our common stock on the dates the shares were awarded.
(2)Represents the weighted average fair value per share of the Monte Carlo simulation fair value price of our market condition awards on the dates the shares were awarded.
(3)Share-based compensation for restricted stock awards with market conditions is measured based on shares expected to vest using a Monte Carlo simulation to determine fair value.

The vesting requirements for 188,569 and 195,134 restricted shares granted to our executives, directors, and employees were satisfied during the six months ended June 30, 2025 and 2024, respectively.

We recognized the following share-based compensation costs (in millions):

Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Share-based compensation - expensed(1)
$8.7 $10.1 $17.5 $20.2 
(1) Recorded within General and administrative expense on the Consolidated Statements of Operations.



21
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


13. Segment Reporting

ASC 280, "Segment Reporting," establishes standards for the way that business enterprises report information about operating segments in their financial statements.

As described in Note 1, "Basis of Presentation," effective March 31, 2025, we revised our reporting structure from four segments to three segments, which consists of (i) manufactured home ("MH") communities, (ii) recreational vehicle ("RV") communities, and (iii) the United Kingdom ("UK"). The new structure removes the Marina business from our operating segments as a result of its classification as a discontinued operation and reflects how the chief operating decision maker, a committee comprised of our Chief Executive Officer, Chief Operating Officer, and Chief Financial Officer, manages the business, makes operating decisions, allocates resources and evaluates operating performance. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," for additional details regarding discontinued operations. Beginning with the three months ended March 31, 2025, we report our financial results consistent with our realigned operating segments and have recast prior period amounts to conform to the way we internally manage our business and monitor segment performance. Certain reclassifications have been made to the prior period financial statements and related notes in order to conform to the current period presentation. There was no impact to prior period net income, shareholders' equity, or cash flows for any of the reclassifications.

Our three reportable segments are: (i) MH, (ii) RV, and (iii) UK.

The MH segment owns, operates, develops, or has an interest in, a portfolio of MH communities in the U.S., and is in the business of acquiring, operating and developing ground-up MH communities to provide affordable housing solutions to residents. The MH segment in the U.S. also provides manufactured home sales and leasing services to tenants and prospective tenants of our communities.

The RV segment owns, operates, develops, or has an interest in, a portfolio of RV communities and is in the business of acquiring, operating, and developing ground-up RV communities in the U.S. and Canada. It also provides leasing services for vacation rentals within the RV communities.

The UK segment owns, operates, develops, or has an interest in, a portfolio of communities, referred to as holiday parks, and is in the business of acquiring, operating, and developing communities in the United Kingdom. It also provides home sales and associated site license activities to owners and tenants within the communities.




22
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


A presentation of segment financial information is summarized as follows (in millions):

Three Months Ended
June 30, 2025
June 30, 2024
MHRVUKTotalMHRVUKTotal
Revenue
Income from real property
$249.8 $85.5 $33.5 $239.4 $80.6 $31.0 
Income from real property - transient
0.2 63.4 17.8 0.3 67.6 13.7 
Home sales
35.0 6.9 58.2 49.2 9.1 49.2 
Ancillary
1.5 24.0 16.6 1.9 24.7 14.0 
Total Functional Revenue$286.5 $179.8 $126.1 $592.4 $290.8 $182.0 $107.9 $580.7 
Expenses
Payroll - Real property
15.5 25.1 8.6 15.0 25.8 8.4 
Utilities - Real property
23.0 17.9 8.1 22.4 17.3 7.2 
Legal, taxes, and insurance - Real property
7.9 3.2 0.3 9.4 3.8 0.4 
Supplies and repairs - Real property
11.8 9.2 5.8 11.6 8.5 4.7 
Other expenses - Real property
4.0 13.3 4.2 3.1 11.8 3.4 
Real estate taxes - Real property
19.2 7.3 2.2 17.5 6.8 1.9 
Home sales - Cost of sales
35.9 26.8 
Ancillary - Cost of goods sold
5.8 5.3 
Other segment items(1)
31.6 21.6 15.4 40.6 22.9 13.4 
Total NOI$173.5 $82.2 $39.8 $295.5 $171.2 $85.1 $36.4 $292.7 
Adjustments to arrive at net income
Interest income
16.5 5.2 
Brokerage commissions and other revenues, net
14.6 10.4 
General and administrative expense
(61.2)(49.8)
Catastrophic event-related charges, net
(0.4)(2.3)
Depreciation and amortization
(127.4)(123.0)
Asset impairments
(166.1)(10.6)
Loss on extinguishment of debt (see Note 10)
(102.4)— 
Interest expense
(58.2)(89.8)
Gain / (loss) on foreign currency exchanges
39.4 (2.8)
Gain / (loss) on dispositions of properties
(1.3)2.5 
Other income / (expense), net
31.9 (1.1)
Loss on remeasurement of notes receivable
(1.4)(0.4)
Income from nonconsolidated affiliates (see Note 9)
3.8 3.0 
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates
(1.5)0.1 
Current tax expense (see Note 14)
(6.1)(5.1)
Deferred tax benefit (see Note 14)
32.1 3.7 
Net Income / (Loss) from Continuing Operations
(92.2)32.7 
Income from discontinued operations, net
1,422.5 25.7 
Net Income
1,330.3 58.4 
Less: Preferred return to preferred OP units / equity interests
3.2 3.2 
Less: Income attributable to noncontrolling interests
53.5 3.1 
Net Income Attributable to SUI Common Shareholders
$1,273.6 $52.1 
(1)Other segment items for each reportable segment include:
MH and RV – costs related to home sales and ancillary, specifically payroll, utilities, legal, taxes and insurance, supplies and repairs, and other expenses.
UK – other costs related to home sales and ancillary, specifically home sales commission expense, payroll, utilities, legal, taxes, and insurance, supplies and repairs, and other expenses.




23
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


Six Months Ended
June 30, 2025
June 30, 2024
MHRVUKTotalMHRVUKTotal
Revenue
Income from real property
$498.6 $159.3 $64.8 $477.0 $150.6 $66.4 
Income from real property - transient
0.7 91.5 19.7 0.7 102.1 16.3 
Home sales
56.7 13.9 96.7 75.9 15.1 85.4 
Ancillary
4.0 29.8 20.8 4.5 31.1 18.3 
Total Functional Revenue$560.0 $294.5 $202.0 $1,056.5 $558.1 $298.9 $186.4 $1,043.4 
Expenses
Payroll - Real property
29.5 42.6 14.6 29.6 43.2 14.2 
Utilities - Real property
48.4 33.2 16.0 45.4 31.2 15.3 
Legal, taxes, and insurance - Real property
15.5 6.4 0.7 17.9 7.5 0.8 
Supplies and repairs - Real property
21.4 15.1 11.3 20.6 13.3 9.1 
Other expenses - Real property
6.5 21.5 6.5 6.0 18.9 5.8 
Real estate taxes - Real property
36.9 14.4 4.1 34.9 13.2 3.6 
Home sales - Cost of sales
58.9 48.0 
Ancillary - Cost of goods sold
7.3 7.1 
Other segment items(1)
53.0 33.3 25.8 65.7 33.7 22.6 
Total NOI$348.8 $128.0 $56.8 $533.6 $338.0 $137.9 $59.9 $535.8 
Adjustments to arrive at net income
Interest income
20.9 9.7 
Brokerage commissions and other revenues, net
16.3 12.4 
General and administrative expense
(118.2)(111.6)
Catastrophic event-related charges, net
(0.3)(9.5)
Depreciation and amortization
(251.1)(244.0)
Asset impairments
(190.1)(30.4)
Loss on extinguishment of debt (see Note 10)
(102.4)(0.6)
Interest expense
(140.3)(179.5)
Gain / (loss) on foreign currency exchanges
48.1 (1.7)
Gain / (loss) on dispositions of properties
(2.4)7.9 
Other income / (expense), net
37.6 (3.5)
Loss on remeasurement of notes receivable
(1.6)(1.1)
Income from nonconsolidated affiliates (see Note 9)
6.8 4.4 
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates
(1.5)5.3 
Current tax expense (see Note 14)
(8.0)(7.0)
Deferred tax benefit (see Note 14)
37.3 9.4 
Net Loss from Continuing Operations
(115.3)(4.0)
Income from discontinued operations, net
1,404.0 36.9 
Net Income
1,288.7 32.9 
Less: Preferred return to preferred OP units / equity interests
6.3 6.4 
Less: Income attributable to noncontrolling interests
51.6 1.8 
Net Income Attributable to SUI Common Shareholders
$1,230.8 $24.7 
(1)Other segment items for each reportable segment include:
MH and RV – costs related to home sales and ancillary, specifically payroll, utilities, legal, taxes and insurance, supplies and repairs, and other expenses.
UK – other costs related to home sales and ancillary, specifically home sales commission expense, payroll, utilities, legal, taxes, and insurance, supplies and repairs, and other expenses.




24
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


 June 30, 2025
December 31, 2024
 MHRVUKConsolidatedMHRVUKConsolidated
Identifiable Assets
Investment property, net
$4,981.0 $3,406.9 $2,345.2 $10,733.1 $5,114.7 $3,505.8 $2,244.6 $10,865.1 
Cash, cash equivalents and restricted cash
949.4 489.0 24.7 1,463.1 32.3 16.7 8.1 57.1 
Inventory of manufactured homes
81.6 27.1 63.3 172.0 52.4 15.3 62.1 129.8 
Notes and other receivables, net
237.8 73.5 34.4 345.7 233.4 121.4 75.3 430.1 
Collateralized receivables, net
46.6 — — 46.6 51.2 — — 51.2 
Goodwill
— 9.5 — 9.5 — 9.5 — 9.5 
Other intangible assets, net
7.3 25.0 69.4 101.7 9.5 26.3 66.7 102.5 
Other assets, net
236.2 42.2 90.9 369.3 261.1 37.0 144.3 442.4 
Assets held for sale & discontinued operations, net
— — — 121.1 — 47.2 — 4,461.7 
Total Assets$6,539.9 $4,073.2 $2,627.9 $13,362.1 $5,754.6 $3,779.2 $2,601.1 $16,549.4 

June 30, 2025
% of Total
December 31, 2024
% of Total
North America(1)
$10,734.2 80.3 %$13,948.3 84.3 %
United Kingdom2,627.9 19.7 %2,601.1 15.7 %
Total Assets$13,362.1 100.0 %$16,549.4 100.0 %
(1)Includes $121.1 million and $4.4 billion of total assets from discontinued operations as of June 30, 2025 and December 31, 2024, respectively. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," for additional information.




25
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


14. Income Taxes

We have elected to be taxed as a real estate investment trust ("REIT") pursuant to Section 856(c) of the Internal Revenue Code of 1986, as amended ("Code"). In order for us to qualify as a REIT, at least 95% of our gross income in any year must be derived from qualifying sources. In addition, a REIT must distribute annually at least 90% of its REIT taxable income (calculated without any deduction for dividends paid and excluding capital gains) to its shareholders and meet other tests.

Qualification as a REIT involves the satisfaction of numerous requirements (on an annual and quarterly basis) established under highly technical and complex Code provisions for which there are limited judicial or administrative interpretations and involves the determination of various factual matters and circumstances not entirely within our control. In addition, frequent changes occur in the area of REIT taxation, which requires us to continually monitor our tax status. We analyzed the various REIT tests and confirmed that we continued to qualify as a REIT during the three and six months ended June 30, 2025.

As a REIT, we generally will not be subject to U.S. federal income taxes at the corporate level on the ordinary taxable income we distribute to our shareholders as dividends. If we fail to qualify as a REIT in any taxable year, our taxable income could be subject to U.S. federal income tax at regular corporate rates. Even if we qualify as a REIT, we may be subject to certain state and local income taxes, as well as U.S. federal income and excise taxes on our undistributed income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state, and local income taxes. However, we have a valuation allowance on our taxable REIT subsidiaries' deferred tax assets. During the three months ending June 30, 2025, we released a valuation allowance of $17.7 million to partially offset the Safe Harbor Marina gain on sale. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," for additional details related to the Safe Harbor Sale. We are also subject to local income taxes in Canada and the United Kingdom due to certain properties located in those jurisdictions. We do not provide for withholding taxes on our undistributed earnings from our Canadian subsidiaries as they are reinvested and will continue to be reinvested indefinitely outside of the U.S. As currently structured, we are not subject to United Kingdom withholding taxes on distributions from our United Kingdom properties. We also may be subject to Australian withholding taxes on dividends from our Australian subsidiaries.

15. Earnings / (Loss) Per Share

Earnings / (loss) per share ("EPS") is computed by dividing net earnings / (loss) by the weighted average number of common shares outstanding during the period on a basic and diluted basis. We calculate diluted EPS using the more dilutive of the treasury stock method and the two-class method for stock option and restricted common shares, the treasury stock method for forward equity sales and the if converted method for convertible units. Our potentially dilutive securities include our potential common shares related to our forward equity offerings, our unvested restricted common shares, and our Operating Partnership outstanding common and preferred OP units, which, if converted or exercised, may impact dilution.

Diluted EPS considers the impact of potentially dilutive securities except when the potential common shares have an anti-dilutive effect. Our unvested restricted stock common shares contain rights to receive non-forfeitable distributions and participate equally with common stock with respect to distributions issued or declared, and thus, are participating securities, requiring the two-class method of computing EPS. In calculating the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average number of shares outstanding during the period. The two-class method determines EPS by (1) dividing the sum of distributed earnings and undistributed earnings allocated to common shareholders by the weighted average number of shares of common stock outstanding for the period; and (2) dividing the sum of distributed earnings and undistributed earnings allocated to participating securities by the weighted average number of shares of participating securities for the period. The remaining potential dilutive common shares do not contain rights to distributions and are included in the computation of diluted EPS.




26
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


Computations of basic and diluted EPS were as follows (in millions, except for per share data):

Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Numerator for basic EPS
Net income / (loss) from continuing operations
$(92.2)$32.7 $(115.3)$(4.0)
Preferred return to preferred OP units equity interests
(3.2)(3.2)(6.3)(6.4)
Income attributable to noncontrolling interests
(53.5)(3.1)(51.6)(1.8)
Net income / (loss) from continuing operations attributable to SUI common shareholders
(148.9)26.4 (173.2)(12.2)
Less: allocation to restricted stock awards
7.2 0.3 7.0 0.1 
Basic earnings - net income / (loss) from continuing operations after allocation to restricted stock awards
(156.1)26.1 (180.2)(12.3)
Basic earnings - net income from discontinued operations
1,422.5 25.7 1,404.0 36.9 
Basic earnings - net income attributable to common shareholders after allocation to restricted stock awards
$1,266.4 $51.8 $1,223.8 $24.6 
Numerator for diluted EPS
Basic earnings - net income / (loss) from continuing operations after allocation to restricted stock awards
$(156.1)$26.1 $(180.2)$(12.3)
Add: allocation to restricted stock awards
— — — 0.4 
Diluted net income / (loss) from continuing operations attributable to SUI common shareholders
(156.1)26.1 (180.2)(11.9)
Diluted net income from discontinued operations
1,422.5 25.7 1,404.0 36.9 
Diluted earnings - net income attributable to common shareholders after allocation to common and preferred OP units(1)
$1,266.4 $51.8 $1,223.8 $25.0 
Denominator    
Weighted average common shares outstanding
126.4 123.7 126.5 123.7 
Add: dilutive restricted stock
— — — — 
Add: common and preferred OP units dilutive effect
— — — 2.7 
Diluted weighted average common shares and securities(1)
126.4 123.7 126.5 126.4 
EPS Available to Common Shareholders After Allocation
    
Basic earnings / (loss) per share from continuing operations
$(1.23)$0.21 $(1.42)$(0.10)
Basic earnings per share from discontinued operations
11.25 0.21 11.10 0.30 
Basic earnings per share
$10.02 $0.42 $9.68 $0.20 
Diluted earnings / (loss) per share from continuing operations
$(1.23)$0.21 $(1.42)$(0.09)
Diluted earnings per share from discontinued operations
11.25 0.21 11.10 0.29 
Diluted earnings per share(1)
$10.02 $0.42 $9.68 $0.20 
(1) For the three and six months ended June 30, 2025 and 2024, diluted earnings per share was calculated using the two-class stock method for restricted common shares as the application of this method resulted in a more diluted earnings per share during those periods.




27
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


We have excluded certain potentially dilutive securities from the computation of diluted EPS because the inclusion of those securities would have been anti-dilutive for the periods presented. The following table presents the outstanding securities that were excluded from the computations of diluted EPS as of June 30, 2025 and 2024 (in thousands):

As of
June 30, 2025June 30, 2024
Common OP units
2,883 2,690 
A-1 preferred OP units
170 192 
A-3 preferred OP units
40 40 
Series C preferred OP units
292 297 
Series D preferred OP units
489 489 
Series E preferred OP units
80 80 
Series F preferred OP units
70 90 
Series G preferred OP units
5 206 
Series H preferred OP units
581 581 
Series J preferred OP units
236 238 
Series K preferred OP units
1,000 1,000 
Series L preferred OP units
20 20 
Redemption rights - Series G preferred OP units(1)
201 N/A
Total Securities
6,067 5,923 
(1)In January 2025, we issued a redemption right to repurchase Series G preferred OP units to a real estate developer as part of a non-monetary transaction. The redemption right was antidilutive during the three and six months ended June 30, 2025. Refer to Note 11, "Equity and Temporary Equity," for additional information.

16. Derivative Financial Instruments

We utilize treasury rate lock contracts, interest rate swaps, and forward swaps for interest rate risk management purposes. We have also periodically entered into forward swaps to hedge foreign currency exchange risk exposures. We do not enter into derivative instruments for speculative purposes. As of June 30, 2025 and December 31, 2024, we held 5 and 11 derivative contracts, respectively, which have each been designated as cash flow hedges under ASC 815, "Derivatives and Hedging." The risk being hedged is the interest rate risk related to forecasted debt issuance transactions, and the benchmark interest rates used is the SOFR Rate. The unrealized gains or losses on the derivative instruments are recorded in AOCI and are reclassified to Interest expense on the Consolidated Statements of Operations during the same period in which the hedged transaction affects earnings. We estimate that $3.5 million will be reclassified as a reduction to Interest expense over the next 12 months for all of our outstanding cash flow hedges.

Derivative Contract Activity

During the three months ended June 30, 2025, we entered into six forward swap contracts with a notional amount totaling $1.0 billion (equivalent to £768.0 million) to hedge a planned repayment of a GBP debt borrowing. In conjunction with the repayment of the debt borrowing during the same period, we settled the forward swap contracts and recognized a gain of $14.4 million, which was recorded within Gain / (loss) on foreign currency exchanges on the Consolidated Statements of Operations.

During the three months ended June 30, 2025, we also terminated three interest rate swap contracts with an aggregate notional amount of $150.0 million in conjunction with the settlement of outstanding debt obligations on our Senior Credit Facility. We recorded a loss on termination of $1.3 million, which was recorded to Other income / (expense), net on the Consolidated Statements of Operations.

During the three months ended June 30, 2025, three forward swaps with a notional amount totaling $646.4 million (equivalent to £500.0 million) expired upon reaching their respective maturity dates.



28
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


The following table presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts (in millions):

June 30, 2025December 31, 2024
Derivatives Designated as Cash Flow HedgesNotional
Fair Value
of Assets(1)
Fair Value
of Liabilities(2)
Notional
Fair Value
of Assets(1)
Fair Value
of Liabilities(2)
Interest rate derivatives$150.0 $0.7 $1.3 $927.6 $6.3 $1.3 
(1)Included within Other assets, net on the Consolidated Balance Sheets.
(2)Included within Other liabilities on the Consolidated Balance Sheets.

Refer to Note 17, "Fair Value Measurements," for additional information related to the fair value methodology used for derivative financial instruments.

The following table presents the gains / (losses) on derivatives in cash flow hedging relationships recognized in OCI (in millions):

Three Months EndedSix Months Ended
Derivatives Designated as Cash Flow HedgesJune 30, 2025June 30, 2024June 30, 2025June 30, 2024
Interest rate derivatives$0.2 $2.6 $(3.6)$11.4 
The following table presents the amount of gains on derivative instruments reclassified from AOCI into earnings (in millions):

Derivatives Designated as Cash Flow HedgesFinancial Statement ClassificationThree Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Interest rate derivativesInterest expense /
Other (income) / expense		$9.7 $5.0 $13.3 $9.9 

During the three months ended June 30, 2025, we released net accumulated gains of $8.7 million from AOCI to earnings in conjunction with the settlement of the 2029 and 2033 Note Redemptions and the repayment of certain mortgage term loans. The debt instruments were previously classified as hedged transactions under ASC 815, "Derivatives and Hedging," and the extinguishment of the related debt obligations resulted in the discontinuation of the cash flow hedge relationship. The net accumulated gains were recorded to Other income / (expense), net on the Consolidated Statements of Operations.

17. Fair Value Measurements

Our financial instruments consist primarily of cash, cash equivalents and restricted cash, notes and other receivables, derivative assets and liabilities, debt and other liabilities. We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures, pursuant to ASC 820, "Fair Value Measurements and Disclosures." The following methods and assumptions were used in order to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:

ASC 820, "Fair Value Measurements and Disclosures," requires disclosure regarding determination of fair value for assets and liabilities and establishes a hierarchy under which these assets and liabilities must be grouped, based on significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair value hierarchy:

Level 1 - Quoted unadjusted prices for identical instruments in active markets that we have the ability to access;

Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical, or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severity, etc.) in active markets or can be corroborated by observable market data; and

Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The unobservable inputs reflect our assumptions about the assumptions that market participants would use.




29
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


Assets by Hierarchy Level

The table below sets forth our financial assets and liabilities (in millions) that required disclosure of fair value on a recurring basis as of June 30, 2025. The table presents the carrying values and fair values of our financial instruments as of June 30, 2025 and December 31, 2024, that were measured using the valuation techniques described above. The table excludes other financial instruments such as other receivables and accounts payable as the carrying values associated with these instruments approximate their fair value since their maturities are less than one year. These financial instruments are classified as Level 1 in the hierarchy.

 June 30, 2025
Fair Value
Carrying ValueQuoted Prices in Active Markets for Identical Assets and Liabilities
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Financial Assets
Cash, cash equivalents and restricted cash$1,463.1 $1,463.1 $— $— $1,463.1 
Installment notes receivable on manufactured homes, net116.3 — — 116.3 116.3 
Notes receivable from real estate developers and operators93.1 — — 93.1 93.1 
Collateralized receivables, net46.6 — — 46.6 46.6 
Derivative assets0.7 — 0.7 — 0.7 
Total Assets Measured at Fair Value$1,719.8 $1,463.1 $0.7 $256.0 $1,719.8 
Financial Liabilities
Mortgage loans payable$2,451.6 $— $2,235.5 $— $2,235.5 
Secured borrowings on collateralized receivables46.6 — — 46.6 46.6 
Total secured debt2,498.2 — 2,235.5 46.6 2,282.1 
Unsecured debt - senior unsecured notes1,785.3 — 1,635.4 — 1,635.4 
Derivative liabilities1.3 — 1.3 — 1.3 
Total Liabilities Measured at Fair Value$4,284.8 $— $3,872.2 $46.6 $3,918.8 

 December 31, 2024
Fair Value
Carrying ValueQuoted Prices in Active Markets for Identical Assets and Liabilities
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Financial Assets
Cash, cash equivalents and restricted cash$57.1 $57.1 $— $— $57.1 
Installment notes receivable on manufactured homes, net93.9 — — 93.9 93.9 
Notes receivable from real estate developers and operators148.5 — — 148.5 148.5 
Collateralized receivables, net51.2 — — 51.2 51.2 
Derivative assets6.3 — 6.3 — 6.3 
Total Assets Measured at Fair Value$357.0 $57.1 $6.3 $293.6 $357.0 
Financial Liabilities  
Mortgage loans payable$3,212.2 $— $2,952.4 $— $2,952.4 
Secured borrowings on collateralized receivables51.2 — — 51.2 51.2 
Total secured debt3,263.4 — 2,952.4 51.2 3,003.6 
Unsecured debt
Senior unsecured notes2,676.3 — 2,476.8 — 2,476.8 
Line of credit1,413.1 — 1,413.1 — 1,413.1 
Total unsecured debt4,089.4 — 3,889.9 — 3,889.9 
Derivative liabilities1.3 — 1.3 — 1.3 
Other financial liabilities (contingent consideration)11.3 — — 11.3 11.3 
Total Liabilities Measured at Fair Value$7,365.4 $— $6,843.6 $62.5 $6,906.1 



30
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The following methods and assumptions were used in order to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:

Cash, Cash Equivalents and Restricted Cash

The carrying values of cash, cash equivalents and restricted cash approximate their fair market values due to the short-term nature of the instruments. These are classified as Level 1 in the hierarchy. Refer to Note 4, "Cash, Cash Equivalents and Restricted Cash," for additional information.
Installment Notes Receivable on Manufactured Homes and Collateralized Receivables

Installment notes receivable on manufactured homes are recorded at fair value and are measured using model-derived indicative pricing using primarily unobservable inputs, inclusive of default rates, interest rates and recovery rates (Level 3). Refer to Note 6, "Notes and Other Receivables," and Note 7, "Collateralized Receivables and Transfers of Financial Assets," for additional information.

Notes Receivable from Real Estate Developers and Operators

Notes receivable from real estate developers and operators are recorded at fair value and are measured using model-derived indicative pricing using primarily unobservable inputs including interest rates and counterparty performance (Level 3). The carrying values of the notes generally approximate their fair market values either due to the nature of the note and / or the note being secured primarily by underlying real estate and other collateral and / or personal guarantees. Refer to Note 6, "Notes and Other Receivables," for additional information.

Derivative Assets and Liabilities - Interest Rate Derivatives

Interest rate derivatives are recorded at fair value and consist of interest rate swaps and forward swaps. The fair value of these financial instruments are measured using observable inputs based on the SOFR and SONIA Rates, respectively (Level 2).

Secured Debt

Secured debt consists primarily of our mortgage term loans. The fair value of mortgage term loans is based on management estimates and on rates currently quoted, rates currently prevailing for comparable loans and instruments of comparable maturities (Level 2). Refer to Note 10, "Debt and Line of Credit," for additional information.

Secured borrowings on collateralized receivables - recorded at fair value and adjusted based on the same interest rates as the related collateralized receivables (Level 3). Refer to Note 7, "Collateralized Receivables and Transfers of Financial Assets," and Note 10, "Debt and Line of Credit," for additional information.

Unsecured Debt

Senior unsecured notes - the fair value of senior unsecured notes is based on the estimates of management and on rates currently quoted, rates currently prevailing for comparable loans and instruments of comparable maturities (Level 2). Refer to Note 10, "Debt and Line of Credit," for additional information.

Other Financial Liabilities

We estimate the fair value of contingent consideration liabilities based on valuation models using significant unobservable inputs that generally consider discounting of future cash flows using market interest rates and adjusting for non-performance risk over the remaining term of the liability (Level 3).




31
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


Level 3 Reconciliation, Measurements and Transfers

We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. Availability of secondary market activity and consistency of pricing from third-party sources impacts our ability to classify securities as Level 2 or Level 3. There were no transfers into or out of Level 3 during the six months ended June 30, 2025.

The following tables summarize changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2025 and 2024 (in millions):

Three Months Ended
June 30, 2025June 30, 2024
AssetsInstallment Notes Receivable on MH, netNotes Receivable From Real Estate Developers and OperatorsCollateralized Receivables, netInstallment Notes Receivable on MH, netNotes Receivable From Real Estate Developers and OperatorsCollateralized Receivables, net
Level 3 beginning balance at March 31, 2025 and 2024
$105.6 $89.5 $49.3 $38.3 $127.7 $56.5 
Realized losses(1.4)
(1)
— (0.5)
(2)
(0.4)
(1)
— — 
Purchases and issuances14.3 2.5 — 18.0 4.2 — 
Sales and settlements(2.2)(1.0)(1.9)(1.2)(0.6)(2.2)
Dispositions of properties— — (0.3)(0.2)— — 
Foreign currency exchange gains— 2.1 — — — — 
Level 3 ending balance at June 30, 2025 and 2024
$116.3 $93.1 $46.6 $54.5 $131.3 $54.3 
(1) Recorded within Loss on remeasurement of notes receivable on the Consolidated Statements of Operations.
(2) Recorded within Other income / (expense), net on the Consolidated Statements of Operations.
Six Months Ended
June 30, 2025June 30, 2024
AssetsInstallment Notes Receivable on MH, netNotes Receivable From Real Estate Developers and OperatorsCollateralized Receivables, netInstallment Notes Receivable on MH, netNotes Receivable From Real Estate Developers and OperatorsCollateralized Receivables, net
Level 3 beginning balance at December 31, 2024 and 2023
$93.9 $148.5 $51.2 $19.6 $134.5 $56.2 
Realized gains / (losses)(1.6)
(1)
— (0.5)
(2)
(0.4)
(1)
(0.7)
(1)
1.6 
(3)
Purchases and issuances27.7 4.1 — 37.4 9.2 — 
Sales and settlements(3.7)(61.7)(3.1)(1.9)(11.6)(3.5)
Dispositions of properties— — (1.0)(0.2)— — 
Foreign currency exchange gains / (losses)— 2.2 — — (0.1)— 
Level 3 ending balance at June 30, 2025 and 2024
$116.3 $93.1 $46.6 $54.5 $131.3 $54.3 
(1) Recorded within Loss on remeasurement of notes receivable on the Consolidated Statements of Operations.
(2) Recorded within Other income / (expense), net on the Consolidated Statements of Operations.




32
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


Three Months Ended
June 30, 2025June 30, 2024
LiabilitiesSecured Borrowing on Collateralized ReceivablesContingent ConsiderationSecured Borrowing on Collateralized ReceivablesContingent Consideration
Level 3 beginning balance March 31, 2025 and 2024
$49.3 $0.8 $56.1 $11.3 
Realized gains(1)
(0.5)— — — 
Purchases and issuances— — 0.4 — 
Sales and settlements(2.2)— (2.2)— 
Dispositions of properties— (2.3)— — 
Other adjustments— 1.5 — — 
Level 3 ending balance at June 30, 2025 and 2024
$46.6 $— $54.3 $11.3 
(1) Recorded within Other income / (expense), net on the Consolidated Statements of Operations.

Six Months Ended
June 30, 2025June 30, 2024
LiabilitiesSecured Borrowing on Collateralized ReceivablesContingent ConsiderationSecured Borrowing on Collateralized ReceivablesContingent Consideration
Level 3 beginning balance December 31, 2024 and 2023
$51.2 $11.3 $55.8 $11.3 
Realized (gains) / losses(1)
(0.5)— 1.6 — 
Purchases and issuances— — 0.4 — 
Sales and settlements(4.1)(9.0)(3.5)— 
Dispositions of properties— (2.3)— 
Level 3 ending balance at June 30, 2025 and 2024
$46.6 $— $54.3 $11.3 
(1) Recorded within Other income / (expense), net on the Consolidated Statements of Operations.

Fair Value Measurements on a Nonrecurring Basis

We review the carrying value of long-lived assets to be held for use for impairment quarterly or whenever events or changes in circumstances indicate a possible impairment. During the three months ended June 30, 2025, we recognized asset impairment charges of $132.7 million within the UK segment to reduce the carrying value of three development properties to an aggregate fair value of $8.9 million, driven by our contemplated change in strategic plan for these properties. The fair value measurement was determined using an income approach and Level 3 inputs based on a probability weighted holding period and estimated sale price for the assets. We also recorded a deferred tax benefit of $29.5 million during the three months ended June 30, 2025 in conjunction with the impairment.

During the three months ended June 30, 2025 we also recorded asset impairment charges of $32.2 million to reduce the carrying value of three RV properties in the U.S. and Canada to an aggregate fair value of $86.4 million, driven by our contemplated change in strategic plan for these properties. The fair value measurement was determined using an income approach and Level 3 inputs based on a probability weighted holding period and estimated sale price for the assets.

During the three months ended March 31, 2025, we recognized asset impairment charges of $20.5 million related to pre-construction development costs at seven of our MH and RV properties for which the related development projects are no longer probable of being realized. The impairment charges reduce the aggregate carrying values of the impaired properties to $93.4 million. The fair value measurement was determined by estimating discounted cash flows using certain unobservable Level 3 inputs, based on the expectation that the development projects are no longer probable of being realized.

Although we have determined the estimated fair value amounts using available market information and commonly accepted valuation methodologies, considerable judgment is required in interpreting market data to develop fair value estimates. The fair value estimates are based on information available as of June 30, 2025. As such, our estimates of fair value could differ significantly from the actual carrying value.




33
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


18. Commitments and Contingencies

Legal Proceedings - Class Action Litigation

Since August 31, 2023, several putative class action complaints have been filed in the U.S. District Court for the Northern District of Illinois, Eastern Division, against Datacomp Appraisal Systems, Inc., us, and nine other large MH operators in the U.S. The complaint alleges that the defendants have violated federal antitrust laws by sharing and receiving competitively sensitive non-public information to maintain artificially high site rents. The complaints have been consolidated into the case captioned In re Manufactured Home Lot Rents Antitrust Litigation, No. 1:23-cv-06715.

Plaintiffs seek both injunctive and monetary damages, as well as attorneys' fees. We are unable to estimate a range of loss, if any, that could result were there to be an adverse final decision in this litigation. If an unfavorable result were to occur, it is possible that the impact could be material to our results of operations in the periods in which any such outcome becomes probable and estimable.

We believe that the plaintiffs' allegations are without merit and intend to defend against them vigorously. However, litigation is inherently uncertain and there can be no assurance regarding the likelihood that our defense of this litigation will be successful.

Other Legal Proceedings

We are involved in various other legal proceedings arising in the ordinary course of business. All such proceedings, taken together, are not expected to have a material adverse impact on our results of operations or financial condition.

Catastrophic Event-Related Charges

Hurricanes Helene and Milton - In September and October 2024, Hurricane Helene and Hurricane Milton, respectively, made landfall in Florida and subsequently impacted several of our properties in the Southeastern and Mid-Atlantic region of the U.S.

Estimated property insurance recoveries, excluding business interruption recoveries, of $37.6 million related to Hurricane Helene and Hurricane Milton, were recorded in Notes and other receivables, net, on the Consolidated Balance Sheets as of June 30, 2025. The table below sets forth changes in estimated property insurance recoveries, excluding business interruption recoveries (in millions):

Six Months Ended
June 30, 2025
Total estimated insurance receivable - December 31, 2024$16.7 
Change in estimated property insurance recoveries 27.4 
Proceeds received from insurer(6.5)
Total estimated insurance receivable - June 30, 2025
$37.6 

Hurricane Ian - In September 2022, Hurricane Ian primarily affected three RV properties in the Fort Myers area, comprising approximately 2,500 sites. We maintain property, casualty, flood, and business interruption insurance for our community portfolio, subject to customary deductibles and limits.

Estimated property insurance recoveries, excluding business interruption recoveries, of $10.2 million related to Hurricane Ian, were recorded in Notes and other receivables, net, on the Consolidated Balance Sheets as of June 30, 2025. The table below sets forth changes in estimated property insurance recoveries, excluding business interruption recoveries (in millions):

Six Months Ended
June 30, 2025
Total estimated insurance receivable - December 31, 2024$49.2 
Change in estimated property insurance recoveries 0.3 
Proceeds received from insurer(39.3)
Total estimated insurance receivable - June 30, 2025
$10.2 




34
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


We are actively working with our insurance providers on claims for business interruption recoveries. During the six months ended June 30, 2025 we received and recognized $10.7 million, net of deductibles, as business interruption recoveries for lost earnings from Hurricane Ian. The related communities are under redevelopment and we have gradually started to lease developed sites at these communities to customers. However, we currently cannot estimate a date when operating results will be restored to pre-hurricane levels. Our business interruption insurance policy provides for up to 60 months of coverage from the date of restoration.

Other - In December 2023, one of our RV properties with approximately 300 sites sustained property damage due to heavy rainfall and flooding in the North Conway, New Hampshire area. During the year ended December 31, 2024, we recognized incremental charges of $12.0 million related to the impacted property, comprised of $3.1 million for impaired assets and $8.9 million for debris removal, cleanup, and repairs. We received $6.4 million in insurance proceeds during the year ended December 31, 2024 related to the flood event. The charges and related proceeds were recorded within Catastrophic event-related charges, net in our Consolidated Statements of Operations. The foregoing estimates are based on current information available after the preliminary review of the damages incurred. Actual charges and insurance recoveries could differ from these estimates. Any changes to these estimates will be recognized in the period(s) in which they are determined.

The foregoing estimates are based on current information available, and we continue to assess these estimates. Actual charges and insurance recoveries could vary significantly from these estimates. Any changes to these estimates will be recognized in the period(s) in which they are determined.

19. Leases

Lessee Accounting

We lease land under non-cancelable operating leases at certain MH, RV, and UK properties expiring at various dates through 2100. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of revenues at those properties. We also have other operating leases, primarily office space and equipment expiring at various dates through 2042.

Future minimum lease payments under non-cancellable leases as of June 30, 2025 where we are the lessee include (in millions):

Maturity of Lease LiabilitiesFinance LeasesOperating LeasesTotal
2025 (excluding six months ended June 30, 2025)
$0.6 $2.9 $3.5 
20261.0 5.8 6.8 
20270.9 4.4 5.3 
20280.9 3.8 4.7 
20290.7 3.4 4.1 
Thereafter39.3 76.7 116.0 
Total Lease Payments$43.4 $97.0 $140.4 
Less: Imputed interest(32.7)(61.1)(93.8)
Present Value of Lease Liabilities$10.7 $35.9 $46.6 

Right-of-use ("ROU") assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in millions):

Financial Statement ClassificationAs of
Description
June 30, 2025
December 31, 2024
Lease Assets
Finance lease - ROU asset, net of accumulated amortizationInvestment property, net$27.4 $31.3 
Operating lease - ROU asset, netOther assets, net$56.6 $52.4 
Below market operating leases, netOther assets, net$24.2 $24.6 
Lease Liabilities
Finance lease liabilitiesOther liabilities$10.7 $14.2 
Operating lease liabilitiesOther liabilities$35.9 $34.5 




35
SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


The components of lease costs for finance and operating leases as included in our Consolidated Statements of Operations are as follows (in millions):

Financial Statement ClassificationThree Months EndedSix Months Ended
DescriptionJune 30, 2025June 30, 2024June 30, 2025June 30, 2024
Finance Lease Cost
Amortization of ROU assetsDepreciation and amortization$— $0.7 $0.3 $1.4 
Interest on lease liabilitiesInterest expense— 0.2 0.2 0.4 
Operating lease costGeneral and administrative expense, Property operating and maintenance,
Depreciation and amortization		1.6 0.5 2.5 1.6 
Variable lease costProperty operating and maintenance0.4 0.3 0.8 0.7 
Total Lease Cost$2.0 $1.7 $3.8 $4.1 

Lease term, discount rates and additional information for finance and operating leases are as follows:

As of
June 30, 2025December 31, 2024
Lease Term and Discount Rate
Weighted-average Remaining Lease Terms (years)
Finance lease47.6633.79
Operating lease36.0842.59
Weighted-average Discount Rate
Finance lease3.78 %3.63 %
Operating lease3.90 %3.90 %


Six Months Ended
June 30, 2025June 30, 2024
Other Information (in millions)
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases$2.1 $1.5 
Financing cash outflows for finance leases4.3 0.4 
Total Cash Paid on Lease Liabilities$6.4 $1.9 

Lessor Accounting

We are not the lessor for any finance leases at our properties as of June 30, 2025. Nearly all of our operating leases with our residents and customers at our properties where we are the lessor are for a time period not to exceed one year or month-to-month. As of June 30, 2025, future minimum lease payments with our residents or customers would not exceed 12 months. We do not have any operating leases with real estate operators on our properties.
Failed Sale Leaseback

In connection with our acquisition of Park Holidays, we assumed ground lease arrangements for 34 UK properties that we concluded to be failed sale-leaseback transactions under ASC 842, "Leases." The arrangements have maturities ranging from 2117 through 2197 with an option to repurchase for £1.00 at the end of the term. The obligation related to the underlying ground leases has been recorded as a financial liability in Other Liabilities on the Consolidated Balance Sheets. During the three months ended June 30, 2025, we repurchased the titles to 22 UK properties that were previously controlled via ground leases for a total cash payment of $199.2 million, inclusive of taxes and fees. The ground leases terminations reduced our financial liability by $193.8 million and resulted in a gain of $26.0 million, which was recorded to Other income / (expense), net on the Consolidated Statements of Operations, and recorded a receivable of $31.4 million for Value-added Taxes.




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SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


The financial liability was $195.1 million and $355.9 million as of June 30, 2025 and December 31, 2024, respectively. The following table presents the future minimum rental payments for this financial liability as of June 30, 2025 (in millions):

Maturity of Financial LiabilityJune 30, 2025
2025 (excluding six months ended June 30, 2025)
$3.1 
20266.3 
20276.3 
20286.4 
20296.5 
Thereafter933.4 
Total Payments962.0 
Less: Imputed interest(766.9)
Present Value of Financial Liability$195.1 

20. Recent Accounting Pronouncements

Recent Accounting Pronouncements - Not Yet Adopted

In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative," which adds interim and annual disclosure requirements to the US GAAP codification at the request of the SEC. The new guidance is intended to align GAAP requirements with those of the SEC and to facilitate the application of GAAP for all entities. These disclosure requirements are currently included in either SEC Regulation S-X or SEC Regulation S-K. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. Early adoption is prohibited and the amendments should be applied prospectively. If the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K by June 30, 2027, the amendments will be removed from the US GAAP codification and will not be effective.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which requires disclosure of specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, this amendment requires certain disclosure of income taxes paid disaggregated by federal, state and foreign taxes, and the amount of income taxes paid disaggregated by individual jurisdiction in which income taxes paid meet a quantitative threshold. The new guidance is intended to enhance the transparency and decision usefulness of income tax disclosures. This ASU is effective for fiscal years beginning after December 15, 2024 and will be effective for our annual reporting for the year ending December 31, 2025. Early adoption is permitted and the amendments should be applied prospectively. We are currently evaluating the provisions of this amendment and the impact on our Consolidated Financial Statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Topic 220-40)," which requires disaggregated disclosure of certain expense captions into specified categories within the footnotes to the financial statements. This ASU is effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the provisions of this amendment and the impact on our Consolidated Financial Statements and related disclosures.




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SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)


21. Subsequent Events
Stock Repurchase Program

In July 2025, we repurchased approximately 0.8 million shares of our common stock at an average cost of $126.19 per share for a total of $97.4 million.

Chief Executive Officer Transition Announcement

In July 2025, our Board of Directors appointed Charles D. Young as the Company's new Chief Executive Officer ("CEO"), effective October 1, 2025 (the "Start Date"). 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 Communities. The Company and Mr. Young entered into an employment agreement dated July 20, 2025 (the "Employment Agreement") under which Mr. Young will serve as the Company's CEO beginning on the Start Date. The term of the Employment Agreement will be for five years beginning on the Start Date and is automatically renewable thereafter for successive one-year terms unless either party timely terminates the agreement.

On the Start Date, Mr. Young will receive (i) for 2025, a grant of restricted shares of the Company's common stock with a target grant date value of $3.6 million; (ii) a retention-based unrestricted stock grant with a target grant date value of $1.0 million, which will be fully vested upon its issuance; (iii) a retention-based restricted stock grant with a target grant date value of $4.0 million, which will vest ratably over a four-year period; (iv) a retention based cash bonus of $0.8 million, and (v) relocation benefits having a value of $0.3 million. If the Company unilaterally rescinds its offer of employment to Mr. Young before the Start Date, other than for a reason that would permit the Company to terminate the Employment Agreement for cause, he will receive the severance payments and continued health coverage benefits described in the Employment Agreement, and $9.9 million in lieu of the payments and benefits described in the Employment Agreement. Refer to the Form 8-K filed with the SEC on July 23, 2025 for additional details related to Mr. Young's Employment Agreement.

We have evaluated our Consolidated Financial Statements for subsequent events through the date that this Form 10-Q was issued.




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SUN COMMUNITIES, INC.
ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of the consolidated financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and the accompanying Notes, along with our 2024 Annual Report.

OVERVIEW

We are a fully integrated REIT. As of June 30, 2025, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 501 developed properties located in the U.S., Canada, and the United Kingdom including 284 MH communities, 164 RV communities, and 53 UK communities. We also owned, operated, or had an interest in a portfolio of nine marina properties in the U.S., which was classified as discontinued operations as of June 30, 2025.

We have been in the business of operating, acquiring, developing and expanding MH and RV communities since 1975, and communities in the United Kingdom since 2022. We lease individual parcels of land, or sites, with utility access for the placement of manufactured homes and RVs to our MH, RV, and UK customers. Our MH communities are designed to offer affordable housing to individuals and families, while also providing certain amenities. In the U.S., we are also engaged in the marketing, selling and leasing of new and pre-owned homes to current and future residents in our MH communities. The rental program operations within our MH communities support and enhance our occupancy levels, property performance and cash flows. Our RV communities are designed to offer affordable vacation opportunities to individuals and families complemented by a diverse selection of high-quality amenities. In the United Kingdom, our UK communities are referred to as "holiday parks" and are located predominantly at irreplaceable seaside destinations in the south of England. We provide holiday home sales and associated site license activities to holiday homeowners in our communities.

SAFE HARBOR SALE

During the three months ended June 30, 2025, we completed the initial closing of the Safe Harbor Sale, which generated approximately $5.25 billion of pre-tax cash proceeds, net of transaction costs, with a gain on sale of $1.4 billion. Pursuant to the terms of the transaction agreement, 15 Delayed Consent Subsidiaries representing approximately $250.0 million of value were not part of the initial closing. In respect of each Delayed Consent Subsidiary, until such time as the third-party consent is received and the buyer acquires the equity interests of the Delayed Consent Subsidiary, an affiliate of Safe Harbor will manage the properties owned by the Delayed Consent Subsidiaries under an arm's-length management agreement; provided that, the manager is not obligated to continue to manage any such properties for a period longer than three years following the closing of the Safe Harbor Sale. If and when the applicable consent for a Delayed Consent Subsidiary is obtained in the nine months following the signing of the Purchase Agreement, the buyer will, subject to the satisfaction of certain conditions, acquire that Delayed Consent Subsidiary for cash consideration equal to its agreed value. If the required third-party consent for any Delayed Consent Subsidiary is not received by the end of such nine-month period, the buyer will not have the right to acquire any such Delayed Consent Subsidiary, unless such period is extended by the parties. Subsequent to the initial closing, we completed the sale of six Delayed Consent Subsidiaries for $136.7 million. We expect to complete the sale of the remaining nine Delayed Consent Subsidiaries during the three months ending September 30, 2025.

The Safe Harbor Sale accelerates our strategy of focusing on our core MH and RV segments and significantly enhances our leverage profile and financial flexibility. During the three months ended June 30, 2025, we began to deploy the cash proceeds from the Safe Harbor Sale to implement a balanced, tax-efficient capital allocation plan aimed at optimizing shareholder value through significantly lower leverage, greater financial flexibility to drive sustainable cash flow growth, and a thoughtful capital return strategy.

Refer to Part 1, Item 1A, "Risk Factors – Risks Related to the Safe Harbor Sale" in our Annual Report on Form 10-K for the year ended December 31, 2024, Note 2, "Assets Held for Sale and Discontinued Operations," in our accompanying Consolidated Financial Statements for additional details related to the Safe Harbor Sale.

SIGNIFICANT ACCOUNTING POLICIES

We have identified significant accounting policies that, as a result of the judgments, uncertainties, and complexities of the underlying accounting standards and operations involved could result in material changes to our financial condition or results of operations under different conditions or using different assumptions. Details regarding significant accounting policies are described fully in our Annual Report on Form 10-K for the year ended December 31, 2024.




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SUN COMMUNITIES, INC.
NON-GAAP FINANCIAL MEASURES

In addition to the results reported in accordance with GAAP in our "Results of Operations" below, we have provided information regarding net operating income ("NOI") and funds from operations ("FFO") as supplemental performance measures. We believe NOI and FFO are appropriate measures given their wide use by and relevance to investors and analysts following the real estate industry. NOI provides a measure of rental operations and does not factor in depreciation, amortization, and non-property specific expenses such as general and administrative expenses. FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation / amortization of real estate assets. In addition, NOI, 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

Total Portfolio NOI - NOI is derived from property operating revenues minus property operating expenses and real estate taxes. NOI is a non-GAAP financial measure that we believe 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. We use 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 our properties rather than of the Company overall. We believe that NOI provides enhanced comparability for investor evaluation of property performance and growth over time.

We believe 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 our financial performance or GAAP cash flow from operating activities as a measure of our liquidity; nor is it indicative of funds available for our cash needs, including our 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 management tool used when evaluating the performance and growth of our Same Property portfolio. We define same properties as those we have owned and operated continuously since January 1, 2024. Same properties exclude ground-up development properties, acquired properties, properties classified as discontinued operations, 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. Same Property NOI does not include the revenues and expenses related to home sales, and ancillary activities at the properties. We believe 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.

FFO

FFO is defined by the National Association of Real Estate Investment Trusts ("Nareit") 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 unconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure that management believes is a useful supplemental measure of our operating performance. By excluding gains and losses related to sales of previously depreciated operating real estate assets, real estate related to 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.




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SUN COMMUNITIES, INC.
Core FFO - In addition, we use FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of our core business ("Core FFO").

We believe that FFO and Core FFO provide enhanced comparability for investor evaluations of period-over-period results. We believe 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 our 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 our interpretation of standards established by Nareit, which may not be comparable to FFO reported by other REITs that interpret the Nareit definition differently.




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SUN COMMUNITIES, INC.
RESULTS OF OPERATIONS

The following tables reconcile the Net income attributable to SUI common shareholders to NOI and summarize our consolidated financial results for the three and six months ended June 30, 2025 and 2024 (in millions):

Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 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
166.1 10.6 190.1 30.4 
Loss on extinguishment of debt (see Note 10)
102.4 — 102.4 0.6 
Interest expense58.2 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
(31.9)1.1 (37.6)3.5 
Loss on remeasurement of notes receivable (see Note 6)
1.4 0.4 1.6 1.1 
Income from nonconsolidated affiliates (see Note 9)
(3.8)(3.0)(6.8)(4.4)
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates (see Note 9)
1.5 (0.1)1.5 (5.3)
Current tax expense (see Note 14)
6.1 5.1 8.0 7.0 
Deferred tax benefit (see Note 14)
(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 

Three Months EndedSix Months Ended
 June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Real property NOI(1)
$263.6 $253.6 $490.0 $482.6 
Home sales NOI(1)
23.3 30.7 37.9 47.7 
Ancillary NOI(1)
8.6 8.4 5.7 5.5 
NOI
$295.5 $292.7 $533.6 $535.8 
(1) Excludes properties classified as discontinued operations. During the three and six months ended June 30, 2025, our marina properties generated total NOI of $27.9 million and $92.0 million, respectively. During the three and six months ended June 30, 2024, our 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 Note 2, "Assets Held for Sale and Discontinued Operations," for additional information.

Seasonality of Revenue

The RV and UK segments are seasonal and the results of operations in any one period may not be indicative of results in future periods.

In the RV segment, certain properties maintain higher occupancy during the summer months, while other properties maintain higher occupancy during the winter months. Based on the location of our properties with transient RV sites, our portfolio generally produces higher revenues between April and September than between October and March. In the UK segment, vacation rental sites generally produce higher revenues between March and October. During the six months ended June 30, 2025, we recognized aggregate Real property - transient revenue from our segments of $30.5 million in the first quarter and $81.4 million in the second quarter. During the year ended December 31, 2024, we recognized Real property - transient revenue as follows:

Real property - transient revenue
(in millions)		During the Three Months Ended
YearMarch 31June 30September 30December 31Total
2024$296.4 12.7 %27.6 %46.6 %13.1 %100.0 %



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SUN COMMUNITIES, INC.
Real Property Operations - Total Portfolio

The following tables reflect certain financial and other information for our real estate operations by segment as of and for the three and six months ended June 30, 2025 and 2024 (in millions, except for statistical information).

Three Months Ended June 30, 2025
Three Months Ended June 30, 2024
Financial InformationMHRVUKTotalMHRVUKTotal
Revenues
Real property (excluding transient)
$249.8$85.5$33.5$368.8$239.4$80.6 $31.0$351.0
Real property - transient
0.263.417.881.40.367.6 13.781.6
Total operating revenues
250.0148.951.3450.2239.7148.2 44.7432.6
Expenses
Property operating expenses
81.476.029.2186.679.074.0 26.0179.0
Real Property NOI
$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 InformationMHRVUKTotalMHRVUKTotal
Revenues
Real property (excluding transient)(1)
$498.6$159.3$64.8$722.7$477.0$150.6 $66.4$694.0
Real property - transient
0.791.519.7111.90.7102.1 16.3119.1
Total operating revenues
499.3250.884.5834.6477.7252.7 82.7813.1
Expenses
Property operating expenses
158.2133.253.2344.6154.4127.3 48.8330.5
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 InformationMHRVUKTotalMHRVUKTotal
Number of Properties2841645350129518054529
Sites
Sites(1)
97,38032,10017,510146,990100,16033,59017,710151,460
Transient sitesN/A23,4404,02027,460N/A25,7204,58030,300
Total97,38055,54021,530174,450100,16059,31022,290181,760
Occupancy97.4 %100.0 %90.3 %97.1 %96.7 %100.0 %89.9 %96.7 %
N/M = Not meaningful. N/A = Not applicable.
(1) MH annual sites included 11,946 and 10,589 rental homes in our rental program as of June 30, 2025 and 2024, respectively. Our 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.

For the three months ended June 30, 2025, the $10.0 million, or 3.9% increase in Real Property NOI as compared to the same period in 2024, consists of an increase of $12.0 million from Same Property MH NOI and an increase of $2.1 million from Same Property UK NOI, partially offset by a decrease of $0.7 million from Same Property RV NOI and an NOI decrease of $3.4 million, net from other recently acquired or developed properties and other items.

For the six months ended June 30, 2025, the $7.4 million, or 1.5% increase in Real Property NOI as compared to the same period in 2024, consists of an increase of $26.1 million from Same Property MH NOI and an increase of $1.6 million from Same Property UK NOI, partially offset by an NOI decrease of $15.0 million, net from other recently acquired or developed properties and a decrease of $5.3 million from Same Property RV NOI.



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SUN COMMUNITIES, INC.
Real Property Operations - North America Same Property Portfolio

Same Property data includes all properties that we have owned and operated continuously since January 1, 2024, exclusive of properties recently completed or under construction, acquired properties, properties classified as discontinued operations, other properties as determined by management, 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. In order to evaluate the growth of the Same Property portfolio, management has classified certain items differently than our GAAP statement. The reclassification difference between our GAAP statements and our Same Property portfolio is the reclassification of utility revenues from real property revenue to operating expenses. Additionally, prior period Canadian currency figures have been translated at 2025 average exchange rates for constant currency comparability.

The following tables reflect certain financial and other information for our Same Property MH and RV portfolios as of and for the three and six months ended June 30, 2025 and 2024 (in millions, except for statistical information):

Three Months Ended
June 30, 2025June 30, 2024Total Change
% Change(3)
MH(1)
RV(1)
Total
MH(1)
RV(1)
TotalMHRV
Total(d)
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 - transient0.2 60.0 60.2 0.3 64.3 64.6 (4.4)(43.9)%(6.7)%(6.8)%
Total Same Property operating revenues231.2 137.8 369.0 216.4 136.5 352.9 16.1 6.9 %0.9 %4.6 %
Same Property Expenses
Same Property operating expenses(2)(4)
63.1 66.8 129.9 60.3 64.8 125.1 4.8 4.7 %3.1 %3.9 %
Real Property NOI(4)
$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, 2025June 30, 2024Total Change
% Change(3)
MH(1)
RV(1)
Total
MH(1)
RV(1)
TotalMHRV
Total(d)
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 - transient0.7 86.3 87.0 0.7 97.4 98.1 (11.1)(4.7)%(11.4)%(11.4)%
Total Same Property operating revenues459.3 231.5 690.8 428.8 232.2 661.0 29.8 7.1 %(0.3)%4.5 %
Same Property Expenses
Same Property operating expenses(2)(4)
119.5 115.8 235.3 115.1 111.2 226.3 9.0 3.8 %4.1 %3.9 %
Real Property NOI(4)
$339.8 $115.7 $455.5 $313.7 $121.0 $434.7 $20.8 8.3 %(4.3)%4.8 %
Other Information
Number of properties281 156 437 281 156 437 
Sites, wet slips and dry storage spaces96,900 53,380 150,280 96,810 53,390 150,200 
(1) Same Property results for our 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 during the three and six months ended June 30, 2025 of $0.7227 and $0.7096 USD per Canadian dollar, respectively.



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SUN COMMUNITIES, INC.
(2) We net certain utilities revenues (which include utility reimbursement revenues from residents) against related utility expenses in property operating expenses as follows (in millions):

Three Months Ended June 30, 2025Three Months Ended June 30, 2024
MHRVTotalMHRVTotal
Utility revenue netted against related utility expense
$17.6 $5.3 $22.9 $16.0 $4.8 $20.8 
Six Months Ended June 30, 2025Six Months Ended June 30, 2024
MHRVTotalMHRVTotal
Utility revenue netted against related utility expense
$37.1 $9.6 $46.7 $34.2 $9.0 $43.2 
(3) Percentages are calculated based on unrounded numbers.
(4) 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 our standards.

Three Months EndedSix Months Ended
June 30, 2025June 30, 2024Change
% Change(3)
June 30, 2025June 30, 2024Change
% Change(3)
Payroll and benefits$38.8 $38.6 $0.2 0.5 %$68.8 $68.9 $(0.1)(0.2)%
Real estate taxes26.0 23.5 2.5 10.7 %50.1 46.3 3.8 8.2 %
Supplies and repairs20.6 19.1 1.5 7.5 %35.5 32.4 3.1 9.7 %
Utilities17.2 17.5 (0.3)(1.9)%33.3 31.2 2.1 6.6 %
Legal, state / local taxes, and insurance10.9 12.5 (1.6)(12.6)%21.4 24.1 (2.7)(11.4)%
Other16.4 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 %

As of
June 30, 2025June 30, 2024
MHRVMHRV
Other Information
Number of properties
281 156 281 156 
Sites
MH and annual RV sites96,900 31,150 96,810 30,250 
Transient RV sitesN/A22,230 N/A23,140 
Total 96,900 53,380 96,810 53,390 
MH and Annual RV Occupancy
Occupancy(1)
97.6 %100.0 %97.0 %100.0 %
Average monthly base rent per site$730 $677 $693 $645 
% change in monthly base rent(2)
5.3 %5.0 %N/AN/A
Rental Program Statistics included in MH
Number of occupied sites, end of period(3)
11,380 N/A10,170 N/A
Monthly rent per home and site - MH rental program$1,363 N/A$1,328 N/A
% change(3)
2.7 %N/AN/AN/A
N/A = Not applicable.
(1) Same Property adjusted blended occupancy for MH and RV combined increased to 99.0% at June 30, 2025, from 97.5% at June 30, 2024. The 150 basis point increase was driven by MH expansion fills and the conversion of transient RV sites to annual sites. 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.
(2) Calculated using actual results without rounding.
(3) Occupied rental program sites in Same Property are included in total sites.



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Real Property Operations - UK Same Property Portfolio

The following tables reflect certain financial and other information for our Same Property UK portfolio as of and for the three and six months ended June 30, 2025 and 2024 (in millions, except for statistical information):

Three Months EndedSix Months Ended
June 30, 2025
June 30, 2024
% Change(2)
June 30, 2025
June 30, 2024
% Change(2)
Financial Information(1)
Same Property Revenues
Real property (excluding transient)$27.2$26.04.7 %$52.5$50.44.1 %
Real property - transient17.014.418.3 %18.817.010.8 %
Total Same Property operating revenues44.240.49.5 %71.367.45.8 %
Same Property Expenses
Same Property operating expenses(3)
21.119.48.8 %38.135.86.5 %
Real Property NOI$23.1$21.010.2 %$33.2$31.65.0 %
Other Information
Number of properties
5151— 51 51 — 
(1) Same Property results for our UK properties reflect constant currency for comparative purposes. United Kingdom currency figures in the prior comparative period have been translated at the average exchange rate of $1.3359 and $1.2973 USD per pound sterling, during the three and six months ended June 30, 2025, respectively.
(2) Percentages are calculated based on unrounded numbers.
(3) We net certain utility revenues (which include utility reimbursement revenues from residents) against related utility expenses in property operating expenses as follows (in millions):
Three Months EndedSix Months Ended
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Utility revenue netted against related utility expense
$5.6$4.6$10.9$9.1

UK Same Property Summary

As of
June 30, 2025
June 30, 2024
Other Information
Number of properties
51 51 
Sites
UK 16,730 16,670 
UK Transient3,430 3,530 
Occupancy(1)
90.5 %90.2 %
Average monthly base rent per site$584 $554 
% change in monthly base rent(2)
5.3 %N/A
(1) 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.
(2) Calculated using actual results without rounding.



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SUN COMMUNITIES, INC.
For the three months ended June 30, 2025 and 2024:

•The MH segment increase in NOI of $12.0 million, or 7.7%, when compared to the same period in 2024 is primarily due to an increase in Real property (excluding transient) revenue of $14.9 million, or 6.9%. Real property (excluding transient) revenue increased primarily due to a 5.3% increase in monthly base rent.

•The RV segment decrease in NOI of $0.7 million, or 1.1%, when compared to the same period in 2024 is primarily due to a decrease in Real property transient revenue of $4.3 million, or 6.7%, and an increase in Same property operating expenses of $2.0 million, or 3.1%, partially offset by an increase in Real property (excluding transient revenue) of $5.6 million, or 7.7%. The increase in Same Property operating expenses was primarily due to an increase in supplies and repairs expense and other expenses. The increase in Real property (excluding transient) revenue was primarily due to a 5.0% increase in monthly base rent and conversions of transient RV sites to annual RV sites.

•The UK segment increase in NOI of $2.1 million, or 10.2%, when compared to the same period in 2024 is primarily due to an increase in Real property revenue of $3.8 million, or 9.5%, partially offset by an increase in Same property operating expenses by $1.7 million, or 8.8%. The increase in Real property revenue was primarily due to a 5.3% increase in monthly base rent per site and Real property transient revenue growth of $2.6 million, or 18.3%. The increase in Same Property operating expenses was due to increases in payroll wages, utilities and leasing costs.

For the six months ended June 30, 2025 and 2024:

•The MH segment increase in NOI of $26.1 million, or 8.3%, when compared to the same period in 2024 is primarily due to an increase in Real property (excluding transient) revenue of $30.5 million, or 7.1%. Real property (excluding transient) revenue increased primarily due to a 5.3% increase in monthly base rent.

•The RV segment decrease in NOI of $5.3 million, or 4.3%, when compared to the same period in 2024 is primarily due to a decrease in Real property transient revenue of $11.1 million, or 11.4%, and an increase in Same property operating expenses of $4.6 million, or 4.1% offset by an increase in Real property (excluding transient) revenue of $10.4 million, or 7.7%. The increase in Real property (excluding transient) revenue was primarily due to a 5.0% increase in monthly base rent and conversions of transient RV sites to annual RV sites. The decrease in Real property transient revenue was primarily due to transient to annual RV site conversions. The increase in Same Property operating expenses was primarily due to an increase in supplies and repairs expense and other expenses.

•The UK segment increase in NOI of $1.6 million, or 5.0%, when compared to the same period in 2024 is primarily due to the $2.1 million, or 4.1%, increase in Real property (excluding transient) revenue and an increase in Real property transient revenue of $1.8 million, or 10.8%, partially offset by an increase of $2.3 million, or 6.5%, in Same property operating expenses. The increase in Real property (excluding transient) revenue was primarily due to a 5.3% increase in monthly base rent per site. The increase in Same property operating expenses was primarily due to increases in payroll wages, utilities and other expense.




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SUN COMMUNITIES, INC.
Home Sales Summary

We sell new and pre-owned homes to current and prospective residents and customers in our communities. This inventory is purchased from manufacturers, lenders, dealers, former residents, or customers.

The following table reflects certain financial and statistical information for our home sales program for the three and six months ended June 30, 2025 and 2024 (in millions, except for average selling price and statistical information):

Three Months EndedSix Months Ended
June 30, 2025June 30, 2024Change% ChangeJune 30, 2025June 30, 2024Change% Change
North America
Home sales
$41.8 $58.2 $(16.4)(28.2)%$70.5 $91.0 $(20.5)(22.5)%
Home cost and selling expenses
35.0 45.0 (10.0)(22.2)%59.5 71.2 (11.7)(16.4)%
NOI
$6.8 $13.2 $(6.4)(48.5)%$11.0 $19.8 $(8.8)(44.4)%
NOI margin %
16.3 %22.7 %(6.4)%15.6 %21.8 %(6.2)%
UK
Home sales
$58.3 $49.3 $9.0 18.3 %$96.8 $85.4$11.4 13.3 %
Home cost and selling expenses
41.8 31.8 10.0 31.4 %69.9 57.512.4 21.6 %
NOI
$16.5 $17.5 $(1.0)(5.7)%$26.9 $27.9$(1.0)(3.6)%
NOI margin %
28.3 %35.5 %(7.2)%27.8 %32.7 %(4.9)%
Total
Home sales
$100.1 $107.5 $(7.4)(6.9)%$167.3 $176.4 $(9.1)(5.2)%
Home cost and selling expenses
76.8 76.8 — — %129.4 128.7 0.7 0.5 %
NOI
$23.3 $30.7 $(7.4)(24.1)%$37.9 $47.7 $(9.8)(20.5)%
NOI margin %
23.3 %28.6 %(5.3)%22.7 %27.0 %(4.4)%
Units Sold:
North America
480 623 (143)(23.0)%827 950(123)(12.9)%
UK
805 787 18 2.3 %1,419 1,40811 0.8 %
Total home sales1,285 1,410 (125)(8.9)%2,246 2,358(112)(4.7)%
Average Selling Price:
North America
$87,083 $93,419 $(6,336)(6.8)%$85,248 $95,789$(10,541)(11.0)%
UK
$72,422 $62,643 $9,779 15.6 %$68,217 $60,653$7,564 12.5 %

NOI - North America
For the three months ended June 30, 2025, the 48.5% decrease in NOI was primarily driven by a 23.0% decrease in units sold, primarily driven by fewer available sites in conjunction with reduced expansion and development activity, as well as a 6.8% decrease in average selling price.

For the six months ended June 30, 2025, 44.4% decrease in NOI was primarily driven by a 12.9% decrease in units sold, primarily driven by fewer available sites in conjunction with reduced expansion and development activity, as well as a 11.0% decrease in average selling price.

NOI - UK
For the three months ended June 30, 2025, the 5.7% decrease in NOI was primarily driven by a 7.2% decrease in NOI margin, partially offset by a 15.6% increase in average selling price and a 2.3% increase in total home sales volume.

For the six months ended June 30, 2025, the 3.6% decrease in NOI was primarily driven by a 4.9% decrease in NOI margin, partially offset by a 12.5% increase in average selling price and a 0.8% increase in total home sales volume.



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SUN COMMUNITIES, INC.
Other Items - Statements of Operations(1)

The following table summarizes other income and expenses for the three and six months ended June 30, 2025 and 2024 (in millions):

Three Months EndedSix Months Ended
June 30, 2025June 30, 2024Change% ChangeJune 30, 2025June 30, 2024Change% Change
Revenues
Ancillary, net
$8.6 $8.4 $0.2 2.4 %$5.7 $5.5 $0.2 3.6 %
Interest income
$16.5 $5.2 $11.3 217.3 %$20.9 $9.7 $11.2 115.5 %
Brokerage commissions and other, net
$14.6 $10.4 $4.2 40.4 %$16.3 $12.4 $3.9 31.5 %
Expenses
General and administrative expense
$61.2 $49.8 $11.4 22.9 %$118.2 $111.6 $6.6 5.9 %
Catastrophic event-related charges, net
$0.4 $2.3 $(1.9)(82.6)%$0.3 $9.5 $(9.2)(96.8)%
Depreciation and amortization
$127.4 $123.0 $4.4 3.6 %$251.1 $244.0 $7.1 2.9 %
Asset impairments
$166.1 $10.6 $155.5 N/M$190.1 $30.4 $159.7 N/M
Loss on extinguishment of debt
$102.4 $— $102.4 N/A$102.4 $0.6 $101.8 N/M
Interest expense
$58.2 $89.8 $(31.6)(35.2)%$140.3 $179.5 $(39.2)(21.8)%
Other Items
Gain / (loss) on foreign currency exchanges
$39.4 $(2.8)$42.2 N/M$48.1 $(1.7)$49.8 N/M
Gain / (loss) on dispositions of properties
$(1.3)$2.5 $(3.8)N/M$(2.4)$7.9 $(10.3)N/M
Other income / (expense), net
$31.9 $(1.1)$33.0 N/M$37.6 $(3.5)$41.1 N/M
Loss on remeasurement of notes receivable
$(1.4)$(0.4)$(1.0)250.0 %$(1.6)$(1.1)$(0.5)45.5 %
Income / (loss) from nonconsolidated affiliates
$3.8 $3.0 $0.8 26.7 %$6.8 $4.4 $2.4 54.5 %
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates
$(1.5)$0.1 $(1.6)N/M$(1.5)$5.3 $(6.8)N/M
Current tax expense
$(6.1)$(5.1)$(1.0)19.6 %$(8.0)$(7.0)$(1.0)14.3 %
Deferred tax benefit
$32.1 $3.7 $28.4 N/M$37.3 $9.4 $27.9 296.8 %
Income from discontinued operations, net
$1,422.5 $25.7 $1,396.8 N/M$1,404.0 $36.9 $1,367.1 N/M
Preferred return to preferred OP units / equity interests
$3.2 $3.2 $— — %$6.3 $6.4 $(0.1)(1.6)%
Income attributable to noncontrolling interests
$53.5 $3.1 $50.4 N/M$51.6 $1.8 $49.8 N/M
(1)Only items determined by management to be material, of interest, or unique to the periods disclosed above are explained below.
N/M = Percentage change is not meaningful. N/A = Not applicable.

Interest income - for the three and six months ended June 30, 2025, increased due to the interest earned on our increased cash balance from the Safe Harbor Sale.

Brokerage commissions and other, net - for the three months ended June 30, 2025, increased primarily due to the receipt of business interruption insurance proceeds from properties impacted by Hurricane Ian. Refer to Note 18, "Commitments and Contingencies," in our accompanying Consolidated Financial Statements for additional information.

General and administrative expense - for the three and six months ended June 30, 2025, increased primarily due to dead deal costs and other transaction costs associated with potential acquisitions, and increases in wages and incentives driven by strategic initiatives.

Catastrophic event-related charges, net - for the six months ended June 30, 2025, decreased primarily due to asset impairment and debris removal charges, net of insurance recoveries, of $10.6 million in the prior period, driven by flooding at an RV community in New Hampshire.





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Asset impairments - for the three and six months ended June 30, 2025, increased due to asset impairment charges of $132.7 million related to three development properties in the UK, and asset impairment charges of $32.2 million related to three RV properties in the U.S. and Canada, driven by our change in strategic plan for these properties. Refer to Note 17, "Fair Value Measurements," in our accompanying Consolidated Financial Statements for additional information.

Loss on extinguishment of debt - for the three and six months ended June 30, 2025, increased primarily due to the recognition of early extinguishment premiums of $102.4 million, due to the settlement of $3.2 billion of debt obligations using proceeds generated from the Safe Harbor Sale. Refer to Note 10, "Debt and Line of Credit," in our accompanying Consolidated Financial Statements for additional information.

Interest expense - for the three and six months ended June 30, 2025, decreased primarily due to the settlement of $3.2 billion in debt obligations using proceeds generated from the Safe Harbor Sale. Refer to Note 10, "Debt and Line of Credit," in our accompanying Consolidated Financial Statements for additional information.

Gain / (loss) on foreign currency exchanges - for the three and six months ended June 30, 2025, was a gain of $39.4 million and $48.1 million, respectively, as compared to a loss of $2.8 million and $1.7 million, respectively, during the same period in 2024 primarily due to the settlement of six foreign currency forward swaps, as well as the weakening of the U.S. dollar versus the Pound sterling. Refer to Note 16, "Derivative Financial Instruments," in our accompanying Consolidated Financial Statements for additional information.

Gain / (loss) on dispositions of properties - for the three and six months ended June 30, 2025, was a loss of $1.3 million and $2.4 million, respectively, as compared to a gain of $2.5 million and $7.9 million, respectively, during the same periods in 2024, driven by property dispositions in each period. Refer to Note 5, "Real Estate Acquisitions and Dispositions," in our accompanying Consolidated Financial Statements for additional information.

Other income / (expense), net - for the three and six months ended June 30, 2025, was income of $31.9 million and $37.6 million, respectively, primarily due to a long-term lease termination gain on the repurchase of titles to 22 UK properties previously controlled via ground leases, as compared to an expense of $1.1 million and $3.5 million, respectively, during the same periods in 2024. Refer to Note 19, "Leases," in our accompanying Consolidated Financial Statements for additional information.

Gain / (loss) on remeasurement of investment in nonconsolidated affiliates - for the six months ended June 30, 2025, was a loss of $1.5 million as compared to a gain of $5.3 million during the same period in 2024 due to the fluctuation in the fair value of a notes receivable portfolio held at our GTSC joint venture. Refer to Note 9, "Investments in Nonconsolidated Affiliates," in our accompanying Consolidated Financial Statements for additional information.

Deferred tax benefit - for the three and six months ended June 30, 2025, increased primarily due to the recognition of a deferred tax benefit of $29.0 million in conjunction with the impairment of three development properties in the UK. Refer to Note 17, "Fair Value Measurements," in our accompanying Consolidated Financial Statements for additional information.

Income from discontinued operations, net - for the three and six months ended June 30, 2025, was $1.4 billion, as compared to $25.7 million and $36.9 million, respectively, in the same periods in 2024, primarily due to the $1.4 billion gain recognized on the initial closing of the Safe Harbor Sale in the current period.




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RECONCILIATION OF NET INCOME ATTRIBUTABLE TO SUI COMMON SHAREHOLDERS TO FFO

The following table reconciles Net income attributable to SUI common shareholders to FFO for the three and six months ended June 30, 2025 and 2024 (in millions, except for per share amounts):

Three Months EndedSix Months Ended
 June 30, 2025June 30, 2024June 30, 2025June 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
126.3 122.4 248.9 242.6 
Depreciation and amortization - discontinued operations
(0.3)49.6 36.1 93.9 
Depreciation on nonconsolidated affiliates
0.2 0.1 0.4 0.2 
Asset impairments - continuing operations
166.1 10.6 190.1 30.4 
Asset impairments - discontinued operations
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 Attributable to SUI Common Shareholders and Convertible Securities(1)(5)(6)
$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(2)
6.7 1.5 16.3 10.5 
Acquisition and other transaction costs - discontinued operations(2)
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(3)
(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(4)
(60.8)(1.0)(68.7)(3.0)
Other adjustments, net - discontinued operations(4)
0.3 0.5 14.8 (9.9)
Core FFO Attributable to SUI Common Shareholders and Convertible Securities(1)(5)(6)
$231.8 $240.0 $398.9 $394.2 
Weighted Average Common Shares and OP Units Outstanding(1)
131.8 129.3 132.1 129.3 
FFO Attributable to SUI Common Shareholders and Convertible Securities(1)(5)(6)
$1.36 $1.79 $2.43 $2.91 
Core FFO Attributable to SUI Common Shareholders and Convertible Securities(1)(5)(6)
$1.76 $1.86 $3.02 $3.05 
(1)Assumes full conversion of all equity participating units, including common and preferred OP units, into our common stock, and has no material impact on previously reported results.
(2)These costs represent (i) nonrecurring integration expenses associated with acquisitions during the three and six months ended June 30, 2025 and 2024, (ii) costs associated with potential acquisitions that will not close, (iii) expenses incurred to bring recently acquired properties up to our operating standards, including items such as tree trimming and painting costs that do not meet our capitalization policy. Acquisition and other transaction costs - discontinued operations primarily represent non-recurring costs directly attributable to the Safe Harbor Sale.



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(3)Loss of earnings - catastrophic event-related charges, net include the following:
Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Hurricane Ian - three Fort Myers, Florida RV communities impaired
Estimated loss of earnings in excess of the applicable business interruption deductible
$4.1 $5.3 $7.9 $10.6 
Insurance recoveries realized for previously estimated loss of earnings
(9.9)(5.0)(9.9)(5.0)
Hurricane Helene - one Dunedin Florida RV community impaired
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 
(4)Other adjustments, net - continuing operations relates primarily to deferred tax benefits and long-term lease termination gains during the three and six months ended June 30, 2025 and 2024, and Other adjustments, net - discontinued operations relates primarily to a contingent consideration expense during the six months ended June 30, 2025 and litigation settlement gains during the three and six months ended June 30, 2024.
(5)FFO and Core FFO includes discontinued operations activity of $(22.6) million or $(0.17) per Share, and $26.2 million or $0.20 per Share, respectively, during the three months 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 three months ended June 30, 2024.
(6)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.



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LIQUIDITY AND CAPITAL RESOURCES

Short-term Liquidity

Our principal short-term liquidity demands are expected to consist of distributions to our shareholders and the unit holders of the Operating Partnership through cash distributions and share repurchases, property acquisitions, development and expansion of our properties, capital improvement of our properties, and the purchase of new and pre-owned homes. We intend to meet our short-term liquidity requirements through available cash balances, cash flow generated from operations, cash generated from the Safe Harbor Sale, draws on our senior credit facility, and the use of debt and equity offerings under our shelf registration statement. Refer to Note 10, "Debt and Line of Credit," and Note 11, "Equity and Temporary Equity," and Note 21, "Subsequent Events," in our accompanying Consolidated Financial Statements for additional information and related activity subsequent to June 30, 2025.

We take a disciplined approach to selecting the optimal mix of financing sources to meet our liquidity demands and minimize our overall cost of capital. During the three months ended June 30, 2025, we completed the initial closing of the Safe Harbor Sale and generated $5.25 billion of pre-tax cash proceeds, net of transaction costs. The Safe Harbor Sale advances our strategy of focusing on our core MH and RV segments and enhances our leverage profile and financial flexibility. We have deployed the cash proceeds from the Safe Harbor Sale to implement a capital allocation plan that reflects a balanced, tax-efficient approach to optimize shareholder value through significantly lower leverage, greater financial flexibility to drive sustainable cash flow growth, and a thoughtful capital return strategy. We intend to maintain our strong financial position and lower leverage profile by focusing on our core fundamentals, which are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs.

Since our initial public offering in 1993, we have demonstrated operational reliability and cash flow strength throughout economic cycles. Our current objectives include streamlining our operations with an emphasis on our reliable real property income. We recognize the headwinds we are facing from a challenging macroeconomic environment and are re-aligning our strategy to focus on our proven, durable income streams. We are positioned for ongoing organic growth with expected rental rate increases, occupancy gains, and expense management. For the remainder of 2025, we continue to expect rental rate growth that exceeds headline inflation with ongoing focus on expense management to continue generating strong organic cash flow growth.

In connection with cash proceeds generated from the Safe Harbor Sale, during the three months ended June 30, 2025, we initiated the following capital allocation decisions:

•Repaid approximately $3.3 billion of debt, including $1.6 billion of outstanding borrowings under our senior credit facility, as well as $737.7 million in secured mortgage debt, and $956.5 million in unsecured notes, inclusive of prepayment costs.
•Returned capital to shareholders, including the payment of a special cash distribution of $4.00 per share, totaling $521.3 million, and the initiation of our Stock Repurchase Program.
•Targeted reinvestment in strategic growth by allocating $565.3 million into 1031 exchange escrow accounts to fund potential future MH and RV acquisitions.
•Initiated other opportunistic financial enhancements, including deploying cash of $199.2 million to repurchase the titles to 22 UK properties that were previously controlled via ground leases.

Refer to Note 1, "Basis of Presentation," and Note 2, "Assets Held for Sale and Discontinued Operations," for additional details related to the Safe Harbor Sale. Refer to Note 19, "Leases," for additional details related to the UK long-term lease terminations.

Acquisitions, Dispositions, Development, and Expansion Activities

Subject to market conditions, we intend to selectively identify opportunities to expand our development pipeline and acquire existing properties. We finance acquisitions through available cash, secured financing, draws on our senior credit facility, the assumption of existing debt on properties, and the issuance of debt and equity securities. As of June 30, 2025, we have allocated restricted cash of $565.3 million into 1031 exchange escrow accounts to fund potential future MH and RV acquisitions. Given the higher interest rate environment, we continue to selectively pursue acquisition and development opportunities that meet our underwriting criteria.

We have continued a targeted disposition program to divest non-strategic assets in an effort to simplify management and maintain financial flexibility. During the six months ended June 30, 2025, we sold three MH properties, three RV properties, and one MH development land parcel for a gross sale price of approximately $164.2 million.




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SUN COMMUNITIES, INC.
We plan to selectively expand our properties utilizing our inventory of owned and entitled land. We have 16,020 MH and RV sites suitable for future development. Refer to Note 5, "Real Estate Acquisitions and Dispositions," in our accompanying Consolidated Financial Statements for additional details on acquisitions and dispositions completed to date.

Capital Expenditures (excluding Acquisition Costs)

Our capital expenditure activity is summarized as follows (in millions):

Six Months Ended
June 30, 2025June 30, 2024
Recurring Capital Expenditures$27.8 $37.6 
Non-Recurring Capital Expenditures and Related Activities
Lot modifications18.2 15.6 
Growth projects7.2 7.7 
Rebranding0.5 2.9 
Capital improvements to recent acquisitions8.5 16.1 
Expansion and development49.7 73.2 
Rental program103.6 67.0 
Other8.0 2.7 
Total Non-Recurring Capital Expenditure and Related Activities195.7 185.2 
Total Capital Expenditure and Related Activities$223.5 $222.8 

Refer to the "Liquidity and Capital Resources" section in Part II, Item 7 of our 2024 Annual Report for capital expenditure activity definitions and additional information.

Cash Flow Activities

Our cash flow activities from continuing operations are summarized as follows (in millions):

Six Months Ended
June 30, 2025June 30, 2024
Net Cash Provided By Operating Activities$409.6 $404.2 
Net Cash Provided Used For Investing Activities$(44.8)$(187.0)
Net Cash Provided By / (Used For) Financing Activities$1,039.1 $(163.9)

Cash, cash equivalents and restricted cash increased by $1.4 billion from $57.1 million as of December 31, 2024, to $1.5 billion as of June 30, 2025.

Operating activities - Net cash provided by operating activities increased by $5.4 million to $409.6 million for the six months ended June 30, 2025, compared to $404.2 million for the six months ended June 30, 2024. The increase in operating cash flow was primarily due growth in Same Property operating performance at our MH and UK properties, partially offset by the timing of changes in inventory, other assets, and other liabilities, and reduced operating performance at our RV properties, during the six months ended June 30, 2025 as compared to the corresponding period in 2024.




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Our net cash flows provided by operating activities from continuing operations may be adversely impacted by, among other things:

•the market and economic conditions in our current markets generally, and specifically in the metropolitan areas of our current markets;
•lower occupancy and rental rates of our properties;
•increases in other operating costs, such as wage and benefit costs, supplies and repairs, real estate taxes, and utilities;
•substantial increases in insurance premiums;
•decreased sales of manufactured homes;
•current volatility in economic conditions and the financial markets; and
•the effects of outbreaks of disease and related restrictions on business operations.

See "Risk Factors" in Part I, Item 1A of our 2024 Annual Report, and Part II, Item 1A of our Quarterly Report on Form 10-Q for the three months ended March 31, 2025.

Investing activities - Net cash used for investing activities decreased by $142.2 million to $44.8 million for the six months ended June 30, 2025, compared to $187.0 million for the six months ended June 30, 2024. The decrease in Net cash used for investing activities was primarily driven by an increase in proceeds received from the disposition of MH and RV properties, and an increase in settlements of notes receivable from real estate developers during the six months ended June 30, 2025 as compared to the corresponding period in 2024. Refer to the Consolidated Statements of Cash Flows for detail on the net cash used for investing activities during the six months ended June 30, 2025 and 2024.

Financing activities - Net cash provided by financing activities was $1.0 billion for the six months ended June 30, 2025, compared to net cash used for financing activities of $163.9 million for the six months ended June 30, 2024. The change in Net cash provided by / (used for) financing activities was primarily driven by a net capital transfer of $5.4 billion from Safe Harbor to the Company in conjunction with the Safe Harbor Sale, partially offset by an increase in cash deployed to settle debt obligations and distribute cash to shareholders through a special cash dividend paid during the six months ended June 30, 2025, as compared to the corresponding period in 2024. Refer to the Consolidated Statements of Cash Flows for detail on the net cash provided by financing activities during the six months ended June 30, 2025 and 2024. Refer to Note 10, "Debt and Line of Credit," in our accompanying Consolidated Financial Statements for additional information.

Our cash flow from discontinued activities are summarized as follows (in millions):

Six Months Ended
June 30, 2025June 30, 2024
Net cash provided by operating activities - discontinued operations$90.3 $149.6 
Net cash provided by / (used for) investing activities - discontinued operations$5,361.3 $(132.9)
Net cash used for financing activities - discontinued operations$(5,454.3)$(8.2)

Cash, cash equivalents and restricted cash for discontinued operations decreased by $2.7 million from $6.8 million as of December 31, 2024, to $4.1 million as of June 30, 2025.

Operating activities - Net cash provided by operating activities for discontinued operations decreased by $59.3 million to $90.3 million for the six months ended June 30, 2025, compared to $149.6 million for the six months ended June 30, 2024. The decrease in net cash provided by operating activities for discontinued operations was due to a reduction in owned marinas, due to the initial closing of the Safe Harbor Sale during the six months ended June 30, 2025 as compared to the corresponding period in 2024.

Investing activities - Net cash provided by investing activities for discontinued operations was $5.4 billion for the six months ended June 30, 2025, compared to net cash used for investing activities for discontinued operations of $132.9 million for the six months ended June 30, 2024. The change in net cash provided by / (used for) investing activities for discontinued operations is driven by cash proceeds received from the initial closing of the Safe Harbor Sale.

Financing activities - Net cash used for financing activities for discontinued operations increased by $5.4 billion to $5.5 billion for the six months ended June 30, 2025, compared to $8.2 million for the six months ended June 30, 2024. The increase in net cash used for financing activities is due to the net capital transfer of $5.4 billion from Safe Harbor to the Company in conjunction with the Safe Harbor Sale.



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SUN COMMUNITIES, INC.
Refer to the Consolidated Statements of Cash Flows for detail on the net cash used for financing activities for discontinued operations during the six months ended June 30, 2025 and 2024. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," in our accompanying Consolidated Financial Statements for additional information.

The absence of future cash flows from discontinued operations is not expected to significantly impact our liquidity, as the cash proceeds from the Safe Harbor Sale have been allocated to pay down debt, which will generate annualized interest expense savings, and to reinvest in our core MH and RV segments by means of a $565.3 million cash allocation to 1031 exchange escrow accounts as of June 30, 2025.

We are exposed to interest rate variability associated with our outstanding floating rate debt and any maturing debt that has to be refinanced. Interest rate movements impact our borrowing costs and, while as of June 30, 2025, approximately 100% of our total debt was fixed rate financing, increases in interest costs have the potential to adversely affect our financial results. Following the debt paydown after the Safe Harbor Sale, 100% of our total debt was fixed rate financing as of June 30, 2025.

Equity and Debt Activity

At the Market Offering Sales Agreement

We have entered into our ATM program with certain sales agents and forward sellers pursuant to which we may sell, from time to time, up to an aggregate gross sales price of $1.25 billion of our common stock. Through June 30, 2025, we had entered into and settled forward sales agreements under the ATM for an aggregate gross sales price of $524.8 million, leaving $725.2 million available for sale under the ATM.

Stock Repurchase Program

In May 2025, our Board of Directors authorized a stock repurchase program under which we may repurchase up to $1.0 billion in shares of our outstanding common stock through April 30, 2026. Under the Stock Repurchase Program, we may repurchase shares of our common stock in open market transactions, through privately negotiated transactions, through one or more accelerated repurchases, or otherwise, in accordance with the terms set forth in Rule 10b5-1 and Rule 10b-18 of the Exchange Act and other applicable legal requirements. The Stock Repurchase Program does not obligate us to repurchase any specific number of shares, and we may initiate, suspend, or discontinue purchases under the Stock Repurchase Program at any time.

All repurchased shares are retired and returned to authorized but unissued status upon settlement. During the three months ended June 30, 2025, we repurchased and retired 1.6 million shares of our outstanding common stock for $202.8 million. As of June 30, 2025, we had $797.2 million remaining authorized for purchase under this program.

Senior Unsecured Notes

The following table sets forth certain information regarding our outstanding senior unsecured notes (in millions, except for statistical information). All senior unsecured notes include interest payments on a semi-annual basis in arrears.

Carrying Amount
Principal AmountJune 30, 2025December 31, 2024
5.5% notes, issued in January 2024 and due in January 2029 (the "2029 Notes")
$500.0 $— $496.2 
5.7% notes, issued in January 2023 and due in January 2033 (the "2033 Notes")
400.0 — 396.1
4.2% notes, issued in April 2022 and due in April 2032
600.0 593.6 593.2 
2.3% notes, issued in October 2021 and due in November 2028
450.0 447.8 447.4 
2.7% notes, issued in June 2021 and October 2021, and due in July 2031
750.0 743.9 743.4 
Total$2,700.0 $1,785.3 $2,676.3 

During the three months ended June 30, 2025, we redeemed the aggregate principal amount of $900.0 million on the 2029 Notes and the 2033 Notes using cash proceeds generated from the Safe Harbor Sale. In accordance with the terms of each series of Notes, the redemption price was inclusive of a customary make-whole premium and accrued and unpaid interest. As a result, we recorded charges of $56.5 million to Loss on extinguishment of debt on the Consolidated Statements of Operations in connection with early extinguishment premiums on the 2029 and 2033 Note Redemptions. Refer to Note 16, "Derivative Financial Instruments," for cash flow hedge activity resulting from the redemptions.




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The obligations of the Operating Partnership to pay principal, premiums, if any, and interest on our senior unsecured notes are guaranteed on a senior basis by Sun Communities, Inc. The guarantee is full and unconditional, and the Operating Partnership is a consolidated subsidiary of the Company. Under Rule 3-10 of Regulation S-X, as amended, subsidiary issuers of obligations guaranteed by its parent company are not required to provide separate financial statements, provided that the subsidiary obligor is consolidated into the parent company's consolidated financial statements, the parent guarantee is "full and unconditional" and, subject to certain exceptions, the alternative disclosure required by Rule 13-01 is provided, which includes narrative disclosure and summarized financial information. Accordingly, separate consolidated financial statements of the Operating Partnership have not been presented. Furthermore, as permitted under Rule 13-01(a)(4)(vi), we have excluded the summarized financial information for the Operating Partnership as the assets, liabilities, and results of operations of the Operating Partnership are not materially different from the corresponding amounts presented in our consolidated financial statements and management believes such summarized financial information would be repetitive and not provide incremental value to investors.

Line of Credit

The Operating Partnership (as borrower), SUI (as guarantor), and certain lenders are parties to a credit agreement which governs our senior credit facility. The aggregate amount available under the senior credit facility consists of a revolving loan in an amount up to $3.05 billion with a maturity date on April 7, 2026. At our option, the maturity date may be extended for two additional six-month periods.

The senior credit facility bears interest at a floating rate based on the Adjusted Term SOFR, the Adjusted Eurocurrency Rate, the Australian BBSY Rate, the Daily SONIA Rate, or the CORRA, as applicable, plus a margin, in all cases, ranging from 0.725% to 1.6%, subject to certain adjustments. As of June 30, 2025, the margins based on our credit ratings were 0.775% on the revolving loan facility.

At the lenders' option, the senior credit facility will become immediately due and payable upon an event of default under the Credit Facility Agreement. During the three months ended June 30, 2025, we repaid the remaining outstanding debt balances of $1.6 billion under our senior credit facility. We had zero and $1.4 billion of borrowings outstanding under the revolving loan as of June 30, 2025 and December 31, 2024, respectively. The balance is recorded in Unsecured debt on the Consolidated Balance Sheets.

The senior credit facility provides us with the ability to issue letters of credit. Our issuance of letters of credit does not increase our borrowings outstanding under the senior credit facility, but does reduce the borrowing amount available. We had $10.3 million and $11.5 million of outstanding letters of credit at June 30, 2025 and December 31, 2024, respectively.

Financial Covenants

Pursuant to the terms of the senior credit facility, we are subject to various financial and other covenants. The most restrictive financial
covenants for the senior credit facility are as follows:

Covenant(1)
Requirement
As of June 30, 2025
Maximum leverage ratio<65.0%17.4%
Minimum fixed charge coverage ratio>1.403.25
Maximum secured leverage ratio<40.0%11.3%
(1) As of June 30, 2025, we did not have any borrowings outstanding under the senior credit facility.

In addition, we are required to maintain the following covenants with respect to the senior unsecured notes payable:

CovenantRequirement
As of June 30, 2025
Total debt to total assets≤60.0%26.0%
Secured debt to total assets≤40.0%15.1%
Consolidated income available for debt service to debt service≥1.507.48
Unencumbered total asset value to total unsecured debt≥150.0%743.9%

As of June 30, 2025, we were in compliance with the above covenants and do not anticipate that we will be unable to meet these covenants in the near term.




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Long-term Financing and Capital Requirements

Long-term Financing

We anticipate meeting our long-term liquidity requirements, such as scheduled debt maturities, large property acquisitions, expansion and development of properties, other nonrecurring capital improvements, and Operating Partnership unit redemptions through long-term unsecured and secured debt, and the issuance of certain debt or equity securities, subject to market conditions. If current market and economic conditions, including relating to, among other things, interest rates, currency fluctuations, equity valuations, and inflation, continue or worsen, our ability to obtain debt and equity capital in the long term on attractive terms may be adversely affected.

As of June 30, 2025 we had unrestricted cash on hand of $889.8 million, $3.05 billion of remaining capacity on the senior credit facility, and a total of 400 unencumbered MH, RV, and UK properties.

From time to time, we may also issue shares of our capital stock, issue equity units in our Operating Partnership, issue unsecured notes, obtain other debt financing, or sell selected assets. Our ability to finance our long-term liquidity requirements in such a manner will be affected by numerous economic factors affecting the MH and RV industries at the time, including the availability and cost of mortgage debt, our financial condition, the operating history of the properties, the state of the debt and equity markets, and the general national, regional, and local economic conditions. When it becomes necessary for us to approach the credit markets, the volatility in those markets could make borrowing more difficult to secure, more expensive, or effectively unavailable. In the event our current credit ratings are downgraded, it may become difficult or more expensive to obtain additional financing or refinance existing unsecured debt as maturities become due. See "Risk Factors" in Part I, Item 1A of our 2024 Annual Report. If we are unable to obtain additional debt or equity financing on acceptable terms, our business, results of operations and financial condition would be adversely impacted.

As of June 30, 2025, our net debt to enterprise value was 17.0% (assuming conversion of all common and preferred OP units to shares of common stock). Our debt has a weighted average interest rate of 3.38% and a weighted average maturity of 7.6 years.

Capital Requirements

Certain of our nonconsolidated affiliates, which are accounted for under the equity-method of accounting, have incurred debt. We have not guaranteed the debt of our nonconsolidated affiliates in the arrangements referenced below, nor do we have any obligations to fund this debt should the nonconsolidated affiliates be unable to do so. Refer to Note 9, "Investments in Nonconsolidated Affiliates," in the accompanying Consolidated Financial Statements for additional information about these entities.

GTSC - GTSC maintains a warehouse line of credit with a maximum borrowing capacity of $275.0 million. As of June 30, 2025 and December 31, 2024, the aggregate carrying amount of debt, including both our and our partner's share, incurred by GTSC was $235.3 million (of which our proportionate share is $94.1 million), and $242.9 million (of which our proportionate share is $97.1 million), respectively. The debt bears interest at a variable rate based on a Commercial Paper or adjusted SOFR plus a margin ranging from 1.65% to 2.5% per annum and matures on December 15, 2026.

Sungenia JV - Sungenia maintains a debt facility agreement with a maximum borrowing capacity of $54.1 million Australian dollars, or $35.3 million converted at the June 30, 2025 exchange rate. As of June 30, 2025 and December 31, 2024, the aggregate carrying amount of the debt, including both our and our partners' share, incurred by Sungenia JV was $25.5 million (of which our proportionate share is approximately $12.8 million), and $25.0 million (of which our proportionate share is $12.5 million), respectively. The debt bears interest at a variable rate based on the Australian BBSY rate plus a margin ranging from 0.95% to 1.4%, subject to adjustment for additional future commitments, per annum and matures on June 30, 2027.



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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains various "forward-looking statements" within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), and the Exchange Act, and we intend 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 our 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 our control. These risks, uncertainties, and other factors may cause our actual results to be materially different from any future results expressed or implied by such forward-looking statements. In addition to the risks disclosed under "Risk Factors" in our 2024 Annual Report, in Part II, Item 1A of our Quarterly Report on Form 10-Q for the three months ended March 31, 2025, and in our other filings with the SEC, from time to time, such risks, uncertainties and other factors include, but are not limited to:

∙Our liquidity and refinancing demands;
∙Our ability to obtain or refinance maturing debt;
∙Our ability to maintain compliance with covenants contained in our debt facilities and our unsecured notes;
∙
Availability of capital;
∙General volatility of the capital markets and the market price of shares of our capital stock;
∙
Increases in interest rates and operating costs, including insurance premiums and real estate taxes;
∙Difficulties in our ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully;
∙Our ability 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;
∙Our ability to realize the anticipated benefits of the Safe Harbor Sale, including with respect to tax strategies, or at all;
∙Our succession plan for our CEO, which could impact the execution of our strategic plan;
∙
Competitive market forces;
∙
The ability of purchasers of manufactured homes to obtain financing;
∙
The level of repossessions of manufactured homes;
∙Our ability to maintain effective internal control over financial reporting and disclosure controls and procedures;
∙Our remediation plan and our ability to remediate the material weakness in our 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 we operate;
∙
Changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, Australian dollar, and pound sterling;
∙Our ability to maintain our status as a REIT;
∙
Changes in real estate and zoning laws and regulations;
∙Our 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. We undertake 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 our expectations or otherwise, except as required by law.

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



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SUN COMMUNITIES, INC.
ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is the exposure to loss resulting from changes in market factors such as interest rates, foreign currency exchange rates, commodity prices, and equity prices.

Interest Rate Risk

Our principal market risk exposure is interest rate risk. We mitigate this risk by maintaining prudent amounts of leverage, minimizing capital costs, and interest expense while continuously evaluating all available debt and equity resources and following established risk management policies and procedures, which include the periodic use of derivatives. Our primary strategy in entering into derivative contracts is to minimize the variability that interest rate changes could have on our future cash flows. From time to time, we employ derivative instruments that effectively convert a portion of our variable rate debt to fixed rate debt. We do not enter into derivative instruments for speculative purposes. As of June 30, 2025, all of our outstanding debt obligations bore interest at fixed rates, which minimizes the impact of interest rate variability on our results of operations and cash flows in the near term. Additionally, we have exposure to long-term interest rates, which could affect the cost of refinancing existing debt or incurring additional debt in the future.

Foreign Currency Exchange Rate Risk

Foreign currency exchange rate risk is the risk that fluctuations in currencies against the U.S. dollar will negatively impact our results of operations. We are exposed to foreign currency exchange rate risk as a result of remeasurement and translation of the assets and liabilities of our properties in the United Kingdom and Canada, and our joint venture in Australia, into U.S. dollars. Fluctuations in foreign currency exchange rates can therefore create volatility in our results of operations and may adversely affect our financial condition.

At June 30, 2025 and December 31, 2024, our shareholder's equity included $1.0 billion and $672.3 million from our investments and operations in the United Kingdom, Canada, and Australia which collectively represented 13.5% and 9.3% of total shareholder's equity, respectively. Based on our sensitivity analysis, a 10.0% strengthening of the U.S. dollar against the pound sterling, Canadian dollar, and Australian dollar would have caused a reduction of $101.9 million and $67.2 million to our total shareholder's equity at June 30, 2025 and December 31, 2024, respectively.

Capital Market Risk

We are exposed to risks related to the equity capital markets, and our related ability to raise capital through the issuance of our common stock or other equity instruments. We are also exposed to risks related to the debt capital markets, and our related ability to finance our business through borrowings under other financing arrangements. As a REIT, we are required to distribute a significant portion of our taxable income annually, which constrains our ability to accumulate operating cash flow and therefore requires us to utilize debt or equity capital to finance our business. We seek to mitigate these risks by monitoring the debt and equity capital markets to inform our decisions on the amount, timing and terms of capital we raise.




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SUN COMMUNITIES, INC.
ITEM 4.  CONTROLS AND PROCEDURES

Evaluation of disclosure controls and procedures

We maintain disclosure controls and procedures designed to ensure that information required to be disclosed in reports filed under the Exchange Act is recorded, processed, summarized, and reported within the specified time periods, and accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. An evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period was made under the supervision and with the participation of our management, including our principal executive officer and principal financial officer.

Based upon this evaluation, our principal executive officer and principal financial officer have concluded that, as of June 30, 2025, our disclosure controls and procedures were not effective as of that date due to a material weakness in internal control over financial reporting relating to our risk assessment process, as described below.

Material Weaknesses in Internal Control Over Financial Reporting

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

As described in Part II, Item 9A "Controls and Procedures" of our 2024 Annual Report, as of December 31, 2024, management identified a material weakness because we did not have an effective risk assessment and response process ("risk assessment") that defined clear financial reporting objectives, that identified and evaluated risks of misstatement due to errors over certain financial reporting processes, or that developed internal controls to mitigate those risks.

Remediation of Material Weaknesses

We have invested considerable time and resources to undertake a number of actions related to the material weakness relating to our risk assessment process and we are in the process of developing and implementing additional actions as part of a detailed plan for remediation. The Audit Committee has continued to actively oversee these remediation plans, monitoring plan progression, and ensuring appropriate resources are allocated and implemented to effectively execute management's plan.

While we believe our remediation efforts will improve the effectiveness of our internal control over financial reporting, we cannot assure that the measures will be sufficient to remediate the material weakness we have identified or will prevent potential future material weaknesses. In addition, many of the improvements have not operated for a sufficient period of time to be able to conclude on the effectiveness of relevant internal controls. Accordingly, we will continue to monitor, with oversight from our Board of Directors, and evaluate the effectiveness of our internal control over financial reporting and further enhance our plan for remediation as necessary.

Changes in internal control over financial reporting

Except as discussed in the preceding paragraph, there were no changes in internal control over financial reporting during the three months ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.



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SUN COMMUNITIES, INC.
PART II – OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

Legal Proceedings

We are involved in various legal proceedings. Refer to "Legal Proceedings - Class Action Litigation" and "Other Legal Proceedings" in Part I - Item 1 - Note 18, "Commitments and Contingencies," in our accompanying Notes to the Consolidated Financial Statements.

Environmental Matters

Item 103 of Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will exceed an applied threshold not to exceed $1.0 million. Applying this threshold, there are no environmental matters to disclose for the three months ended June 30, 2025.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the risk factors described in Part 1, Item 1A., "Risk Factors," in our 2024 Annual Report and Part II, Item 1A., "Risk Factors," in our Quarterly Report on Form 10-Q for the three months ended March 31, 2025, which could materially affect our business, financial condition, or future results. There have been no material changes to the disclosure on these matters as set forth in such report.




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SUN COMMUNITIES, INC.
ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Holders of our OP units have converted the following units during the three months ended June 30, 2025:

Three Months Ended
June 30, 2025
SeriesConversion RateUnits / Shares Converted
Common Stock(1)
Common OP units1.0000 61,518 61,518 
Series A-1 preferred OP units2.4390 1,124 2,740 
Series H preferred OP units0.6098 765 465 
(1)Calculation may yield minor differences due to rounding incorporated in the above numbers.

All of the securities described above were issued in private placements in reliance on Section 4(a)(2) of the Securities Act, including Regulation D promulgated thereunder. No underwriters were used in connection with any of such issuances.

Purchases of Equity Securities

The following table summarizes our common stock repurchases during the three months ended June 30, 2025 (in millions, except for number of shares and per share amounts):

Period
Total number of shares purchased(1)
Average price paid per shareTotal number of shares purchased as part of publicly announced plans or programs
Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs(2)
April 1, 2025 - April 30, 20253,881 $114.47 — $— 
May 1, 2025 - May 31, 2025172 $119.65 373,733 $954.7 
June 1, 2025 - June 30, 2025— $— 1,261,334 $797.2 
Total4,053 $114.69 1,635,067 
(1) During the three months ended June 30, 2025, we withheld 4,053 shares from employees to satisfy estimated statutory income tax obligations related to vesting of restricted stock awards. The value of the common stock withheld was based on the closing price of our common stock on the applicable vesting date.
(2) On April 30, 2025, we announced by press release that our Board of Directors authorized a Stock Repurchase Program under which we may repurchase up to $1.0 billion in shares of our outstanding common stock through April 30, 2026. Under the Stock Repurchase Program, we may repurchase shares of our common stock in open market transactions, through privately negotiated transactions, through one or more accelerated repurchases, or otherwise, in accordance with the terms set forth in Rule 10b5-1 and Rule 10b-18 of the Exchange Act and other applicable legal requirements. The Stock Repurchase Program does not obligate us to repurchase any specific number of shares, and we may initiate, suspend, or discontinue purchases under the Stock Repurchase Program at any time. Refer to Note 11, "Equity and Temporary Equity," for additional information regarding our Stock Repurchase Program.




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SUN COMMUNITIES, INC.
ITEM 5. OTHER INFORMATION

During the three months ended June 30, 2025, none of our officers or directors, as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as defined in Item 408 of Regulation S-K.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law. The OBBBA made significant changes to the U.S. federal income tax laws in various areas. Among the notable changes, the OBBBA permanently extended certain provisions that were enacted in the Tax Cuts and Jobs Act of 2017, most of which were set to expire after December 31, 2025. As a result of such extensions, individuals and other non-corporate taxpayers will continue to be entitled to a 20% deduction for certain “qualified REIT dividends” for taxable years after 2025, subject to certain requirements, and the maximum U.S. federal income tax rate on ordinary income for individuals and other non-corporate taxpayers will continue to be 37% after 2025 (before application of the 3.8% Medicare tax on “net investment income”). In addition, the OBBBA also increased the percentage limit under the REIT asset test applicable to securities of one or more taxable REIT subsidiaries from 20% to 25% for 2026 and subsequent taxable years. You are urged to consult with your own tax advisor to determine the effects of the OBBBA and the ownership and disposition of our securities or debt securities of the Operating Partnership on your individual tax situation, including any state, local or non-U.S. tax consequences.




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SUN COMMUNITIES, INC.
ITEM 6.  EXHIBITS

Exhibit No.DescriptionMethod of Filing
3.1Incorporated by reference to Exhibit 3.1 to Sun Communities, Inc.'s Annual Report on Form 10-K filed on February 22, 2018
3.2
Fifth Amended and Restated Bylaws
Incorporated by reference to Exhibit 3.1 to Sun Communities, Inc.'s Current Report on Form 8-K filed on May 15, 2025
3.3
Sun Communities, Inc. Articles of Amendment effective May 18, 2023
Incorporated by reference to Exhibit 3.1 to Sun Communities, Inc.'s Current Report on Form 8-K filed on May 19, 2023
22.1Filed herewith
31.1Filed herewith
31.2Filed herewith
32.1
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Filed herewith
101.INSXBRL Instance Document
The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHXBRL Taxonomy Extension Schema DocumentFiled herewith
101.CALXBRL Taxonomy Extension Calculation Linkbase DocumentFiled herewith
101.LABXBRL Taxonomy Extension Label Linkbase DocumentFiled herewith
101.PREXBRL Taxonomy Extension Presentation Linkbase DocumentFiled herewith
101.DEFXBRL Taxonomy Extension Definition Linkbase DocumentFiled herewith
104Cover Page Interactive Data File (embedded within the Inline XBRL document contained in Exhibit 101)Filed herewith




65

SUN COMMUNITIES, INC.
SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
Dated: July 31, 2025By:/s/ Brian Loftus
  Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)




66

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

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