$SUI

SUN COMMUNITIES INC

CIK:0000912593|SEC Filings

Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Lease Income	$ 422.7	$ 398.9	$ 802.2	$ 750.1
Home sales	27.8	41.8	54.3	70.5
Ancillary	24.6	25.5	33.1	33.8
Interest	6.2	16.4	13.4	20.8
Brokerage commissions and other, net	3.3	13.3	5.0	14.9
Total Revenues	484.6	495.9	908.0	890.1
Expenses
Property operating and maintenance	134.5	131.0	250.3	240.1
Real estate tax	27.6	26.5	54.9	51.3
Home costs and selling	24.5	35.0	49.4	59.5
Ancillary	17.2	18.1	26.3	26.8
General and administrative	49.9	50.6	108.5	97.6
Catastrophic event-related charges, net	0.8	0.4	1.3	0.3
Depreciation and amortization	123.9	117.3	245.3	232.0
Asset impairments (see Note 13)	17.9	33.4	18.2	57.4
Loss on extinguishment of debt	0.0	102.4	0.0	102.4
Interest	38.1	54.4	76.5	132.9
Total Expenses	434.4	569.1	830.7	1,000.3
Income / (Loss) Before Other Items	50.2	(73.2)	77.3	(110.2)
Gain / (loss) on foreign currency exchanges	13.3	39.4	(10.6)	48.1
Loss on dispositions of properties, net	(22.0)	(1.3)	(20.9)	(2.1)
Other income / (expense), net	(0.1)	6.9	8.4	12.6
Loss on remeasurement of notes receivable (see Note 4)	(2.9)	(1.4)	(2.8)	(1.6)
Total Income from Nonconsolidated Affiliates	6.1	3.8	12.2	6.8
Loss on remeasurement of investment in nonconsolidated affiliates	(1.7)	(1.5)	(1.5)	(1.5)
Current tax expense	0.6	2.6	1.5	3.8
Deferred tax benefit / (expense)	0.0	(0.1)	0.1	0.0
Net Income / (Loss) from Continuing Operations	42.3	(30.0)	60.7	(51.7)
Income / (loss) from discontinued operations, net (see Note 2)	(1,067.2)	1,360.3	(1,091.9)	1,340.4
Net Income / (Loss)	(1,024.9)	1,330.3	(1,031.2)	1,288.7
Less: Preferred stock distribution	2.5	3.2	5.2	6.3
Less: Income / (loss) attributable to noncontrolling interests	(34.7)	53.5	(35.0)	51.6
Net income / (oss) attributable to SUI common shareholders	$ (992.7)	$ 1,273.6	$ (1,001.4)	$ 1,230.8
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic (in shares)	122.5	126.4	122.6	126.5
Diluted weighted average common shares outstanding - diluted (in shares)	127.0	126.4	127.4	126.5
Earnings per share:
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.65	$ (0.74)	$ 0.78	$ (0.92)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	(8.71)	10.76	(8.91)	10.60
Basic earning per share (in dollars per share)	(8.06)	10.02	(8.13)	9.68
Income (Loss) from Continuing Operations, Per Diluted Share	0.32	(0.74)	0.47	(0.92)
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share	(8.40)	10.76	(8.57)	10.60
Diluted earning per share (in dollars per share)	$ (8.08)	$ 10.02	$ (8.10)	$ 9.68

Consolidated Statements Of Cash Flows $ in Millions	6 Months Ended
Consolidated Statements Of Cash Flows $ in Millions	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Operating Activities
Net cash provided by operating activities - continuing operations	$ 471.2	$ 396.2
Net cash provided by operating activities - discontinued operations	64.0	103.7
Net Cash Provided By Operating Activities	535.2	499.9
Investing Activities
Investment in properties	(173.0)	(179.4)
Acquisitions, net of cash acquired	(21.4)	(1.0)
Proceeds from disposition of assets and depreciated homes, net	4.6	10.3
Proceeds related to disposition of properties	0.0	124.4
Repayments of notes and other receivables	1.5	37.6
Distributions of capital from nonconsolidated affiliates	5.8	8.9
Other investing activities	2.8	(1.5)
Net cash used for investing activities - continuing operations	(179.7)	(0.7)
Net cash provided by / (used for) investing activities - discontinued operations	(73.0)	5,317.2
Net Cash Used For Investing Activities	(252.7)	5,316.5
Financing Activities
Issuance and costs of common stock, OP units and preferred OP units, net	0.0	(0.1)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock	(7.4)	(5.6)
Repurchases of common stock	(171.2)	(202.8)
Redemptions of preferred OP units	(56.8)	(2.0)
Borrowings on lines of credit	0.0	624.5
Payments on lines of credit	0.0	(2,106.5)
Payments on other debt	(203.0)	(1,772.2)
Distributions	(277.4)	(772.9)
Net capital transfer from / (to) consolidated affiliates	(16.2)	5,230.8
Net cash provided by / (used for) financing activities - continuing operations	(732.0)	993.2
Net cash provided by / (used for) financing activities - discontinued operations	13.5	(5,408.4)
Net Cash Used For Financing Activities	(718.5)	(4,415.2)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1.4)	2.1
Net change in cash, cash equivalents and restricted cash	(437.4)	1,403.3
Cash, cash equivalents and restricted cash, beginning of period	636.1	63.9
Cash, cash equivalents and restricted cash, end of period	198.7	1,467.2
Less: Cash, cash equivalents and restricted cash - discontinued operations	(33.5)	(28.8)
Cash, Cash Equivalents and Restricted Cash - Continuing Operations	165.2	1,438.4
Supplemental Information
Cash paid for interest, net	75.7	18.9
Cash paid for income taxes	5.8	1.2
Noncash Investing and Financing Activities
Reduction in secured borrowing balance	3.4	4.1
Change in distributions declared and outstanding	8.8	11.2
Conversion of common and preferred OP units	8.8	2.7
Notes Due From Other Real Estate Developers
Noncash Investing and Financing Activities
Reduction in note receivable balance in exchange for redemption of preferred OP units	$ 0.0	$ 23.8

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Assets
Land	$ 1,793.8	$ 1,810.5
Land improvements and buildings	8,733.9	8,699.2
Rental homes and improvements	998.3	940.2
Furniture, fixtures and equipment	687.2	674.3
Investment property	12,213.2	12,124.2
Accumulated depreciation	(3,702.0)	(3,505.7)
Investment property, net	8,511.2	8,618.5
Cash, cash equivalents and restricted cash	165.2	606.7
Inventory of manufactured homes	75.7	84.7
Notes and other receivables, net (includes $201.4 and $183.7 at fair value, respectively, see Note 4)	282.4	262.9
Collateralized receivables, net	39.2	43.2
Goodwill	9.5	9.5
Intangible Asset, Excluding Goodwill, after Accumulated Amortization	34.0	36.7
Other assets, net	303.7	309.2
Assets held for sale and discontinued operations, net (see Note 2)	1,446.7	2,551.5
Total Assets	10,867.6	12,522.9
Liabilities
Mortgage loans payable (see Note 7)	2,225.3	2,429.0
Secured borrowings on collateralized receivables	39.2	43.2
Unsecured debt	1,787.7	1,786.5
Distributions payable	139.9	131.1
Contract with Customer, Liability	199.9	125.9
Accounts Payable and Accrued Liabilities	193.3	178.3
Other liabilities	75.8	73.2
Liabilities held for sale and discontinued operations, net (see Note 2)	428.9	427.2
Total Liabilities	5,090.0	5,194.4
Commitments and contingencies (see Note 14)
Temporary equity (see Note 8)	184.0	255.7
Shareholders' Equity
Common stock, $0.01 par value. Authorized: 360.0 shares; Issued and outstanding: 122.5 shares at June 30, 2026 and 123.5 shares at December 31, 2025	1.2	1.2
Additional paid-in capital	9,487.5	9,563.1
Accumulated other comprehensive income	2.4	26.5
Distributions in excess of accumulated earnings	(3,971.7)	(2,634.7)
Total SUI Shareholders' Equity	5,519.4	6,956.1
Noncontrolling interests	74.2	116.7
Total Shareholders' Equity	5,593.6	7,072.8
Total Liabilities, Temporary Equity and Shareholders' Equity	$ 10,867.6	$ 12,522.9