Sun Communities Reports Q4 Loss, Announces $5.65 Billion Marina Sale and 2025 Guidance

02/26/2025 – 04:45 PM

Web Revenue / (Loss) per Diluted Share of $(1.77) and $0.71 for the Quarter and Full Yr

Core FFO per Share of $1.41 and $6.81 for the Quarter and Full Yr

North America Similar Property NOI elevated by 5.7% for the Quarter and
4.1% for the Full Yr of 2024 versus corresponding 2023 Intervals

North America Similar Property Adjusted Blended Occupancy for MH and RV of 99.0%
represents a 160 foundation level year-over-year enhance

Anticipating North American Similar Property NOI Development of 4.3% – 5.6%

Anticipating UK Similar Property NOI Development of 0.9% – 2.9%

Southfield, Michigan, Feb. 26, 2025 (GLOBE NEWSWIRE) — Sun Communities, Inc. (NYSE: SUI) (the “Firm” or “SUI”), an actual property funding belief (“REIT”) that owns and operates, or has an curiosity in, manufactured housing (“MH”) and leisure car (“RV”) communities and marinas (collectively, the “properties”), at present reported its fourth quarter and full 12 months outcomes for 2024.

Monetary Outcomes for the Quarter and Yr Ended December 31, 2024

• For the quarter ended December 31, 2024, internet loss attributable to frequent shareholders was $224.4 million, or $1.77 per diluted share, in comparison with internet loss attributable to frequent shareholders of $80.9 million, or $0.65 per diluted share for a similar interval in 2023.
• For the 12 months ended December 31, 2024, internet revenue attributable to frequent shareholders was $89.0 million, or $0.71 per diluted share, in comparison with a internet loss attributable to frequent shareholders of $213.3 million, or $1.72 per diluted share for a similar interval in 2023.

Non-GAAP Monetary Measures

• Core Funds from Operations (“Core FFO”) for the quarter and 12 months ended December 31, 2024, was $1.41 per frequent share and dilutive convertible securities (“Share”) and $6.81 per Share, respectively, as in comparison with $1.34 and $7.10 for a similar durations in 2023.
• Similar Property Web Working Revenue (“NOI”)
  • North American Similar Property NOI elevated by $14.8 million and $45.5 million, or 5.7% and 4.1%, respectively, for the quarter and 12 months ended December 31, 2024, as in comparison with the corresponding durations in 2023.
  • UK Similar Property NOI elevated by $1.8 million and $6.2 million, or 12.9% and 9.0%, respectively, for the quarter and 12 months ended December 31, 2024, as in comparison with the corresponding durations in 2023.

“Within the fourth quarter we continued to advance our strategic priorities targeted on additional simplifying our enterprise,” mentioned Gary A. Shiffman, Chairman and CEO. “We achieved stable ends in our Manufactured Housing phase, demonstrating the continued demand for attainable housing, whereas on the RV facet we additional elevated the contribution from annual revenue streams. We’re beginning to see optimistic momentum with our working initiatives and repositioning efforts aimed toward maximizing income, diligent expense administration, and more practical asset administration to drive efficiencies. We have now additionally been executing on our deleveraging initiative, disposing of roughly $570 million of non-strategic belongings in 2024 and this 12 months to this point whereas remaining disciplined with capital investments. We took one other significant step with the announcement of the sale of Protected Harbor Marinas, which can enable us to deal with our core companies and additional scale back our leverage. We’re inspired by our outlook for 2025 and our progress in the direction of delivering sustained earnings development.”

OPERATING HIGHLIGHTS

North America Portfolio Occupancy

• MH and annual RV websites had been 98.0% occupied at December 31, 2024, as in comparison with 97.4% at December 31, 2023.
• Throughout the quarter ended December 31, 2024, the variety of MH and annual RV income producing websites elevated by roughly 710 websites, as in comparison with a rise of roughly 680 websites in the course of the corresponding interval in 2023. MH occupancy features in the course of the quarter ended December 31, 2024, accounted for about 57% of the overall features.
• Throughout the 12 months ended December 31, 2024, MH and annual RV income producing websites elevated by roughly 3,210 websites, as in comparison with a rise of roughly 3,270 websites in the course of the corresponding interval in 2023. MH occupancy features in the course of the 12 months ended December 31, 2024, accounted for about 29% of the overall features.

Similar Property Outcomes

For the properties owned and operated by the Firm since a minimum of January 1, 2023, the next desk displays the proportion adjustments for the quarter and 12 months ended December 31, 2024, as in comparison with the identical durations in 2023:

	Quarter Ended December 31, 2024
	North America
	MH			RV			Marina			Whole			UK
Income	6.6	%		3.3	%		6.6	%		5.8	%		8.5	%
Expense	5.3	%		6.2	%		6.7	%		6.0	%		4.3	%
NOI	7.1	%		0.4	%		6.6	%		5.7	%		12.9	%
	Yr Ended December 31, 2024
	North America
	MH			RV			Marina			Whole			UK
Income	6.8	%		0.1	%		5.9	%		4.6	%		6.5	%
Expense	6.8	%		3.8	%		6.9	%		5.7	%		3.9	%
NOI	6.7	%		(2.8)        %			5.4	%		4.1	%		9.0	%
Variety of Properties	283			150			127			560			51

North America Similar Property adjusted blended occupancy for MH and RV elevated by 160 foundation factors to 99.0% at December 31, 2024, from 97.4% at December 31, 2023.

INVESTMENT ACTIVITY

Throughout the quarter ended December 31, 2024, the Firm accomplished the next inclinations:

• In November 2024, one UK property for whole money consideration of $7.6 million, with a loss on sale of $1.1 million.
• In December 2024, a portfolio of 13 RV properties in Canada for whole consideration of $64.0 million. The consideration consisted of $42.4 million within the type of an operator observe receivable with a weighted common rate of interest of 5.0% due in December 2026, and money consideration of $20.1 million. The Firm recorded a acquire on sale of $9.1 million at the side of the disposition.
• In December 2024, one MH land parcel underneath improvement in Texas for whole money consideration of $13.0 million, with a acquire on sale of $10.9 million.

Web proceeds from the inclinations had been used to repay an mixture of $44.3 million of borrowings underneath the Firm’s senior credit score facility.

Subsequent to the quarter ended December 31, 2024, the Firm accomplished the next inclinations:

• In January 2025, a portfolio of RV properties for whole money consideration of $92.9 million. The whole consideration included proceeds from the disposition of 4 RV properties that had been owned by the Firm together with proceeds from the settlement of a developer observe receivable of $33.9 million pertaining to a few extra developer-owned properties during which the Firm had offered financing. Previous to the sale, in December 2024, the Firm recorded asset impairment expenses of $12.1 million associated to the 4 owned properties and a good worth adjustment lack of $32.0 million associated to the developer observe receivable.

Confer with web page 14 for added particulars associated to the Firm’s acquisition and disposition exercise.

Impacts of Hurricane Helene and Milton

Throughout the quarter ended December 31, 2024, the Firm acknowledged expenses of $13.9 million for particles removing and clean-up at a number of of its MH and RV properties and $4.4 million for impaired belongings at a number of of its marinas because of the affect of Hurricane Helene and Milton. The Firm maintains property, casualty, flood and enterprise interruption insurance coverage for its properties, topic to customary deductibles and limits.

The foregoing impairment is predicated on present info out there, and the Firm continues to evaluate these estimates. The precise remaining impairment might range considerably from these estimates. Any adjustments to those estimates might be acknowledged within the interval(s) during which they’re decided.

BALANCE SHEET, CAPITAL MARKETS ACTIVITY AND OTHER ITEMS

As of December 31, 2024, the Firm had $7.4 billion in debt excellent with a weighted common rate of interest of 4.1% and a weighted common maturity of 6.2 years. At December 31, 2024, the Firm’s Web Debt to trailing twelve-month Recurring EBITDA ratio was 6.0 instances.

UK Goodwill Impairment

Throughout the quarter ended December 31, 2024, the Firm recorded a non-cash goodwill impairment cost of $180.8 million within the Park Holidays reporting unit throughout the UK phase as a part of its annual quantitative testing of goodwill. The decline within the truthful worth of the reporting unit was pushed by latest uncertainty within the macroeconomic setting within the area, together with larger borrowing prices and altering market dynamics, leading to a decline in projected future money flows.

Protected Harbor Sale

Subsequent to the quarter ended December 31, 2024, the Firm introduced that it had entered into an settlement to promote 100% of the Firm’s curiosity within the Protected Harbor Marinas enterprise for an all-cash buy value of $5.65 billion, topic to sure post-closing changes (the “Protected Harbor Sale”). Whereas the Protected Harbor Sale is anticipated to shut within the second quarter of 2025, the Protected Harbor Sale is topic to sure closing situations and rights of termination, and it might not be accomplished on the anticipated timeline or in any respect. The Protected Harbor Sale is predicted to generate roughly $5.5 billion of pre-tax proceeds after transaction prices, which the Firm expects to make use of to help a mixture of debt discount, distributions to shareholders, and reinvestment within the Firm’s core companies.

The Protected Harbor Sale represents the disposition of the Firm’s Marina reporting phase and a strategic shift in operations. Accordingly, the historic outcomes of the Marina reporting phase and belongings and liabilities included within the disposition might be introduced within the Firm’s consolidated monetary statements as held on the market and as discontinued operations starting within the first quarter of 2025. The preliminary closing of the Protected Harbor Sale is predicted to happen in the course of the second quarter of 2025. Upon closing, the Firm expects to understand an estimated acquire on sale of roughly $1.3 billion inside Revenue from discontinued operations, internet on the Firm’s Consolidated Assertion of Operations. Sure marina properties representing roughly 10% of the overall consideration could also be transferred and paid for in a number of subsequent closings, topic to receipt of sure third-party approvals.

2025 GUIDANCE

The Firm is establishing first quarter and full 12 months 2025 steering for Diluted EPS attributable to the Consolidated Portfolio (excluding marinas) and Core FFO per Share attributable to the Consolidated Portfolio (excluding marinas). The Firm’s steering introduced on this earnings launch doesn’t give professional forma impact to the completion of the Protected Harbor Sale, nor does it mirror any impacts therefrom, together with timing and potential makes use of of proceeds. Whereas the Protected Harbor Sale is anticipated to shut within the second quarter of 2025, the Protected Harbor Sale is topic to sure closing situations and rights of termination, and it might not be accomplished on the anticipated timeline or in any respect. Pursuant to the phrases of the transaction settlement governing the Protected Harbor Sale, sure properties are additionally topic to the receipt of sure third-party consents and different closing situations which will trigger these properties to be offered in a number of subsequent closings, or might not be offered in any respect. As well as, whereas the Firm at present anticipates that the proceeds from the Protected Harbor Sale might be used to help a mixture of debt paydown, distributions to shareholders and reinvestment within the Firm’s core companies, the anticipated proceeds are topic to adjustment, and no remaining selections have been made with respect to make use of thereof. For these causes, in addition to different components described elsewhere on this earnings launch and within the Firm’s public experiences, the precise outcomes from the Firm’s enterprise and operations in such interval could differ materially from the Firm’s steering for that interval.

Given uncertainties associated to the operations and monetary affect to the Firm of its marina portfolio in the course of the pendency of the Protected Harbor Sale, together with with respect to its operations previous to closing, the timing of closing and the impacts to the Firm thereof, and the potential of subsequent closings and the timing thereof, the Firm is just not offering steering with respect to the marina portfolio right now.

The Firm expects to supply up to date steering following the closing of the Protected Harbor Sale.

		First Quarter Ending March 31, 2025								Full Yr Ending December 31, 2025
		Low				Excessive				Low			Excessive
Diluted EPS attributable to the Consolidated Portfolio (excluding marinas) (a)(b)		$	(0.28	)		$	(0.20	)		$	1.11		$	1.35
Core FFO per Share attributable to the Consolidated Portfolio (excluding marinas) (a)(b)(c)(d)		$	0.78			$	0.86			$	4.81		$	5.05

^(a) Excludes outcomes from the Firm’s marina portfolio. The historic earnings attributable to the marina portfolio had been $11.2 million for the primary quarter 2024, and $74.2 million for the complete 12 months 2024. The historic Core FFO attributable to the marina portfolio was $46.9 million for the primary quarter 2024, and $266.3 million for the complete 12 months 2024. The historic outcomes of the marina portfolio could also be materially completely different from the outcomes of the marina portfolio for any future interval. For illustrative functions solely, if these quantities had been mixed with our Consolidated Portfolio (excluding marinas) steering acknowledged above, it might suggest a primary quarter and full 12 months 2025 mixed EPS steering vary of between $(0.19) and $(0.11), and between $1.70 and $1.94, respectively, and a primary quarter and full 12 months 2025 mixed Core FFO steering vary of between $1.14 and $1.22, and between $6.82 and $7.06, respectively. The historic outcomes of the marina portfolio could also be materially completely different from the outcomes of the marina portfolio for any future interval, and, given the inherent uncertainties associated to the operations and monetary affect to the Firm of its marina portfolio in the course of the pendency of the Protected Harbor Sale, traders are inspired to not place undue reliance upon such quantities.

^(b) The diluted share counts for the quarter ending March 31, 2025 and the 12 months ending December 31, 2025 are estimated to be 132.4 million and 132.5 million, respectively.

^(c) No reconciliation of the forecasted vary for Core FFO per share attributable to the Consolidated Portfolio (excluding marinas) is included on this launch as a result of we’re unable to quantify sure quantities that might be required to be included within the reconciliation to the comparable GAAP monetary measure with out unreasonable efforts, notably with respect to the allocations of itemized changes to the Consolidated Portfolio (excluding marinas) in the course of the pendency of the Protected Harbor Sale, and we consider such reconciliation would suggest a level of precision that may very well be complicated or deceptive to traders.

^(d) The Firm’s steering interprets forecasted outcomes from operations within the UK utilizing the related change price offered within the desk introduced beneath. The affect of fluctuations in Canadian and Australian overseas forex charges on steering should not materials.

Currencies		Alternate Charges
U.S. greenback (“USD”) / pound sterling (“GBP”)		1.24
USD / Canadian greenback (“CAD”)		0.70
USD / Australian greenback (“AUD”)		0.62

Supplemental Guidance Tables:

Similar Property Portfolio (in hundreds of thousands and %)(a)		FY 2024 Precise Outcomes			Anticipated Change in FY 2025
North America (MH and RV)
Revenues from actual property		$	1,388.9		3.9	%	–	4.5	%
Whole property working bills			475.5		2.6	%	–	3.3	%
Whole North America Similar Property NOI(b)		$	913.4		4.3	%	–	5.6	%
MH NOI (284 properties)		$	632.9		5.9	%	–	6.9	%
RV NOI (157 properties)		$	280.5		0.5	%	–	2.5	%
UK (51 properties)
Revenues from actual property		$	142.5		4.6	%	–	5.2	%
Whole property working bills			68.9		7.6	%	–	8.6	%
Whole UK Similar Property NOI(b)		$	73.6		0.9	%	–	2.9	%

Common Rental Fee Will increase Anticipated
North America
MH		5.2	%
Annual RV		5.1	%
UK		3.7	%

For the primary quarter ending March 31, 2025, the Firm’s steering vary assumes North America Similar Property NOI development of 3.0% – 4.3% and UK Similar Property NOI development of (5.4%) – (2.6%).

Consolidated Portfolio Guidance For 2025 (excluding marinas) (in hundreds of thousands and %)		FY 2024 Precise Outcomes			Anticipated Change / Vary in FY 2025
Revenues from actual property		$	1,703.0			2.2	%	–		2.9	%
Whole property working bills			687.8			1.5	%	–		2.4	%
Whole Actual Property NOI(c)		$	1,015.2			2.1	%	–		3.8	%
Service, retail, eating and leisure NOI		$	23.6		$	23.4		–	$	25.7
Curiosity revenue		$	20.2		$	19.1		–	$	20.3
Brokerage commissions and different, internet(d)		$	44.5		$	32.8		–	$	39.3
FFO contribution from North American residence gross sales		$	9.9		$	3.5		–	$	5.1
FFO contribution from UK residence gross sales		$	59.9		$	56.4		–	$	63.0
Common and administrative bills excluding non-recurring bills		$	196.3		$	194.6		–	$	198.1
Curiosity expense		$	350.3		$	332.1		–	$	338.8
Present tax expense		$	3.6		$	11.5		–	$	13.4

Seasonality (excluding marinas)		1Q25			2Q25			3Q25			4Q25
North America Similar Property NOI:
MH		25	%		24	%		25	%		26	%
RV		16	%		25	%		39	%		20	%
Whole		22	%		25	%		30	%		23	%
UK Similar Property NOI		13	%		27	%		38	%		22	%
House Gross sales FFO
North America		9	%		28	%		42	%		21	%
UK		17	%		29	%		34	%		20	%
Consolidated Service, Retail, Eating and Leisure NOI		(10	)%		28	%		84	%		(2	)%
Consolidated EBITDA		20	%		25	%		33	%		22	%
Core FFO per Share		17	%		25	%		37	%		21	%

Footnotes to 2025 Guidance Assumptions
(a)	The quantities within the Similar Property Portfolio desk mirror fixed forex, as Canadian greenback and pound sterling figures included throughout the 2024 quantities have been translated on the assumed change charges used for 2025 steering.
(b)	Whole North America Similar Property outcomes internet $90.5 million and $94.4 million of utility income in opposition to the associated utility expense in property working bills for 2024 outcomes and 2025 steering, respectively. Whole UK Similar Property outcomes internet $17.4 million and $19.0 million of utility income in opposition to the associated utility expense in property working bills for 2024 outcomes and 2025 steering, respectively.
(c)	Development price displays the Whole Actual Property NOI development affect from 2024 – 2025 YTD disposition exercise.
(d)	Brokerage commissions and different, internet consists of roughly $18.0 million and $13.9 million of enterprise interruption revenue and $9.5 million and $13.5 million of revenue from nonconsolidated associates for full 12 months 2024 outcomes and 2025 steering, respectively.

The estimates and assumptions introduced above signify a variety of doable outcomes and could differ materially from precise outcomes. These estimates embrace contributions from all acquisitions, inclinations and capital markets exercise accomplished via February 26, 2025. These estimates exclude all different potential acquisitions, inclinations and capital markets exercise, together with the Protected Harbor Sale. The estimates and assumptions are forward-looking based mostly on the Firm’s present evaluation of financial and market situations and are topic to the opposite dangers outlined beneath underneath the caption Cautionary Assertion Concerning Ahead-Trying Statements.

EARNINGS CONFERENCE CALL

A convention name to debate fourth quarter outcomes might be held on Thursday, February 27, 2025 at 2:00 P.M. (ET). To take part, name toll-free at (877) 407-9039. Callers exterior the U.S. or Canada can entry the decision at (201) 689-8470. A replay might be out there following the decision via March 13, 2025 and may be accessed toll-free by calling (844) 512-2921 or (412) 317-6671. The Convention ID quantity for the decision and the replay is 13751363. The convention name might be out there dwell on the Firm’s web site situated at www.suninc.com. The replay will even be out there on the web site.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press launch comprises varied “forward-looking statements” throughout the that means of the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Alternate Act of 1934, as amended (the “Alternate Act”), and the Firm intends that such forward-looking statements might be topic to the secure harbors created thereby. For this objective, any statements contained on this doc that relate to expectations, beliefs, projections, future plans and methods, traits or potential occasions or developments and related expressions regarding issues that aren’t historic information are deemed to be forward-looking statements. Phrases corresponding to “forecasts,” “intend,” “purpose,” “estimate,” “anticipate,” “venture,” “projections,” “plans,” “predicts,” “potential,” “seeks,” “anticipates,” “ought to,” “might,” “could,” “will,” “designed to,” “foreseeable future,” “consider,” “scheduled,” “steering,” “goal” and related expressions are meant to determine forward-looking statements, though not all forward-looking statements comprise these phrases. These forward-looking statements mirror the Firm’s present views with respect to future occasions and monetary efficiency, however contain identified and unknown dangers and uncertainties, each basic and particular to the issues mentioned on this doc, a few of that are past the Firm’s management. These dangers and uncertainties and different components could trigger the Firm’s precise outcomes to be materially completely different from any future outcomes expressed or implied by such forward-looking statements. Along with the dangers described underneath “Threat Components” contained within the Firm’s Annual Report on Kind 10-Okay for the 12 months ended December 31, 2023, and within the Firm’s different filings with the Securities and Alternate Fee, on occasion, such dangers, uncertainties and different components embrace, however should not restricted to:

∙	Adjustments basically financial situations, together with inflation, deflation, vitality prices, the true property trade and the markets inside which the Firm operates;
∙	Difficulties within the Firm’s capacity to judge, finance, full and combine acquisitions, developments and expansions efficiently;
∙	Dangers that the Protected Harbor Sale disrupts present plans and operations;
∙	The flexibility of the Firm to finish the Protected Harbor Sale on a well timed foundation or in any respect;
∙	The impacts of the announcement or consummation of the Protected Harbor Sale on enterprise relationships;
∙	The anticipated value of the Protected Harbor Sale;
∙	The flexibility for the Firm to understand the anticipated advantages of the Protected Harbor Sale, together with with respect to tax methods, or in any respect;
∙	The Firm’s liquidity and refinancing calls for;
∙	The Firm’s capacity to acquire or refinance maturing debt;
∙	The Firm’s capacity to take care of compliance with covenants contained in its debt amenities and its unsecured notes;
∙	Availability of capital;
∙	Outbreaks of illness and associated restrictions on enterprise operations;
∙	Adjustments in overseas forex change charges, together with between the U.S. greenback and every of the Canadian greenback, Australian greenback and pound sterling;
∙	The Firm’s capacity to take care of rental charges and occupancy ranges;
∙	The Firm’s capacity to take care of efficient inside management over monetary reporting and disclosure controls and procedures;
∙	The Firm’s remediation plan and its capacity to remediate the fabric weaknesses in its inside management over monetary reporting;
∙	Expectations concerning the quantity or frequency of impairment losses, together with on account of the write-down of intangible belongings, together with goodwill;
∙	Will increase in rates of interest and working prices, together with insurance coverage premiums and actual property taxes;
∙	Dangers associated to pure disasters corresponding to hurricanes, earthquakes, floods, droughts and wildfires;
∙	Common volatility of the capital markets and the market value of shares of the Firm’s capital inventory;
∙	The Firm’s capacity to take care of its standing as a REIT;
∙	Adjustments in actual property and zoning legal guidelines and rules;
∙	Legislative or regulatory adjustments, together with adjustments to legal guidelines governing the taxation of REITs;
∙	Litigation, judgments or settlements, together with prices related to prosecuting or defending claims and any adversarial outcomes;
∙	Aggressive market forces;
∙	The flexibility of purchasers of manufactured houses and boats to acquire financing; and
∙	The extent of repossessions by manufactured residence and boat lenders.

Readers are cautioned to not place undue reliance on these forward-looking statements, which converse solely as of the date the assertion was made. The Firm undertakes no obligation to publicly replace or revise any forward-looking statements included or included by reference into this doc, whether or not on account of new info, future occasions, adjustments within the Firm’s expectations or in any other case, besides as required by legislation.

Though the Firm believes that the expectations mirrored within the forward-looking statements are cheap, the Firm can not assure future outcomes, ranges of exercise, efficiency or achievements. All written and oral forward-looking statements attributable to the Firm or individuals appearing on the Firm’s behalf are certified of their entirety by these cautionary statements.

Firm Overview and Investor Info

The Firm

Established in 1975, Sun Communities, Inc. turned a publicly owned company in December 1993. The Firm is a completely built-in REIT listed on the New York Inventory Alternate underneath the image: SUI. As of December 31, 2024, the Firm owned, operated, or had an curiosity in a portfolio of 645 developed MH, RV, Marina, and UK properties comprising roughly 176,390 developed websites and roughly 48,760 moist slips and dry storage areas within the U.S., Canada and the U.Okay.

For extra details about the Firm, please go to www.suninc.com.

Firm Contacts
Investor Relations
Sara Ismail, Vice President
(248) 208-2500
investorrelations@suncommunities.com

Company Debt Scores
Moody’s	S&P
Baa3 | Steady	BBB | Steady

Fairness Analysis Protection
Financial institution of America Merrill Lynch		Joshua Dennerlein		joshua.dennerlein@bofa.com
BMO Capital Markets		John Kim		jp.kim@bmo.com
Citi Analysis		Nicholas Joseph		nicholas.joseph@citi.com
		Eric Wolfe		eric.wolfe@citi.com
Deutsche Financial institution		Omotayo Okusanya		omotayo.okusanya@db.com
		Conor Peaks		conor.peaks@db.com
Evercore ISI		Steve Sakwa		steve.sakwa@evercoreisi.com
		Samir Khanal		samir.khanal@evercoreisi.com
Inexperienced Road Advisors		John Pawlowski		jpawlowski@greenstreet.com
JMP Securities		Aaron Hecht		ahecht@jmpsecurities.com
RBC Capital Markets		Brad Heffern		brad.heffern@rbccm.com
Robert W. Baird & Co.		Wesley Golladay		wgolladay@rwbaird.com
Truist Securities		Anthony Hau		anthony.hau@truist.com
UBS		Michael Goldsmith		michael.goldsmith@ubs.com
Wells Fargo		James Feldman		james.feldman@wellsfargo.com
Wolfe Analysis		Andrew Rosivach		arosivach@wolferesearch.com
		Keegan Carl		kcarl@wolferesearch.com

Monetary and Working Highlights
($ in hundreds of thousands, besides Per Share quantities)

	Quarters Ended
	12/31/2024				9/30/2024				6/30/2024				3/31/2024				12/31/2023
Monetary Info
Fundamental earnings / (loss) per share	$	(1.76	)		$	2.31			$	0.42			$	(0.22	)		$	(0.65	)
Diluted earnings / (loss) per share	$	(1.77	)		$	2.31			$	0.42			$	(0.22	)		$	(0.65	)
Money distributions declared per frequent share	$	0.94			$	0.94			$	0.94			$	0.94			$	0.93
FFO per Share(b)(c)	$	1.30			$	2.19			$	1.79			$	1.12			$	1.41
Core FFO per Share(b)(c)	$	1.41			$	2.34			$	1.86			$	1.19			$	1.34
Actual Property NOI(b)
MH	$	161.9			$	158.3			$	160.7			$	162.5			$	155.6
RV		50.4				117.0				74.2				51.2				50.4
Marina		70.4				85.1				77.7				56.9				65.3
UK		16.3				28.8				18.7				15.3				14.0
Whole	$	299.0			$	389.2			$	331.3			$	285.9			$	285.3
Recurring EBITDA(b)	$	271.5			$	382.6			$	335.9			$	234.0			$	256.0
TTM Recurring EBITDA / Curiosity(b)	3.5 x				3.4 x				3.6 x				3.7 x				3.9 x
Web Debt / TTM Recurring EBITDA(b)	6.0 x				6.0 x				6.2 x				6.1 x				6.1 x
Stability Sheet
Whole belongings	$	16,549.4			$	17,085.1			$	17,011.1			$	17,113.3			$	16,940.7
Whole debt	$	7,352.8			$	7,324.8			$	7,852.8			$	7,872.0			$	7,777.3
Whole liabilities	$	9,096.8			$	9,245.7			$	9,781.6			$	9,830.0			$	9,506.8
Working Info
Properties
MH		288				288				296				296				298
RV		166				179				179				179				179
Marina		138				138				137				136				135
UK		53				54				54				54				55
Whole		645				659				666				665				667
Websites, Moist Slips and Dry Storage Areas
MH		97,430				97,300				100,160				99,930				100,320
Annual RV		32,100				34,480				33,590				33,290				32,390
Transient		24,830				25,060				25,720				25,560				25,290
UK annual		17,690				17,790				17,710				18,110				18,110
UK transient		4,340				4,500				4,580				3,220				3,200
Whole websites		176,390				179,130				181,760				180,110				179,310
Marina moist slips and dry storage areas(d)		48,760				48,760				48,140				48,040				48,030
Occupancy
MH		97.3	%			96.9	%			96.7	%			96.7	%			96.6	%
Annual RV		100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
Blended MH and annual RV		98.0	%			97.7	%			97.5	%			97.5	%			97.4	%
UK annual		89.7	%			91.5	%			89.9	%			88.9	%			89.5	%
MH and RV Income Producing Website Web Good points(e)
MH leased websites, internet		406				159				315				57				387
RV leased websites, internet		304				893				918				157				296
Whole leased websites, internet		710				1,052				1,233				214				683

^(a) Displays restated monetary info for non-cash goodwill impairment expenses.
^(b) Confer with Definition and Notes for added info.
^(c) Excludes the impact of sure anti-dilutive convertible securities.
^(d) Whole moist slips and dry storage areas are adjusted every quarter based mostly on website configuration and usability.
^(e) Income producing website internet features don’t embrace occupied websites acquired in the course of the 12 months.

Portfolio Overview as of December 31, 2024

		MH & RV Properties
		Properties		MH & Annual RV					Transient RV Websites		Whole Websites		Websites for Improvement
Location				Websites		Occupancy %
North America
Florida		127		41,470		97.9	%		3,980		45,450		2,330
Michigan		85		33,020		97.7	%		510		33,530		1,290
California		37		6,990		99.3	%		1,840		8,830		570
Texas		29		9,240		97.4	%		1,670		10,910		3,850
Connecticut		16		1,910		95.8	%		90		2,000		—
Maine		15		2,550		97.2	%		980		3,530		200
Arizona		11		4,190		97.6	%		810		5,000		1,120
Indiana		11		2,940		99.2	%		1,020		3,960		180
New Jersey		11		3,060		100.0	%		940		4,000		260
Colorado		11		2,930		90.5	%		950		3,880		1,390
Virginia		10		1,670		100.0	%		2,040		3,710		750
New York		10		1,540		99.0	%		1,640		3,180		780
Different		81		18,020		99.3	%		8,360		26,380		990
Whole		454		129,530		98.0	%		24,830		154,360		13,710

		Properties		UK Properties					Transient Websites		Whole Websites		Websites for Improvement
Location				Websites		Occupancy %
United Kingdom		53		17,690		89.7	%		4,340		22,030		2,860

		Marina
		Properties				Moist Slips and Dry Storage Areas
Location
Florida		21				5,060
Rhode Island		12				3,460
Connecticut		12				3,580
California		12				6,440
New York		9				2,970
Massachusetts		9				2,540
Maryland		9				2,400
Different		54				22,310
Whole		138				48,760

		Properties				Websites, Moist Slips and Dry Storage Areas
Whole Portfolio		645				225,150

Consolidated Stability Sheets
(quantities in hundreds of thousands)

	December 31, 2024				December 31, 2023
Property
Land	$	4,511.0			$	4,278.2
Land enhancements and buildings		11,460.6				11,682.2
Rental houses and enhancements		834.1				744.4
Furnishings, fixtures and tools		1,108.4				1,011.7
Funding property		17,914.1				17,716.5
Collected depreciation		(3,741.0	)			(3,272.9	)
Funding property, internet		14,173.1				14,443.6
Money, money equivalents and restricted money		63.9				42.7
Stock of manufactured houses		129.8				205.6
Notes and different receivables, internet		484.0				421.6
Collateralized receivables, internet(a)		51.2				56.2
Goodwill		551.2				733.0
Different intangible belongings, internet		338.9				369.5
Different belongings, internet		757.3				668.5
Whole Property	$	16,549.4			$	16,940.7
Liabilities
Mortgage loans payable	$	3,212.2			$	3,478.9
Secured borrowings on collateralized receivables(a)		51.2				55.8
Unsecured debt		4,089.4				4,242.6
Distributions payable		122.6				118.2
Superior reservation deposits and hire		331.0				344.5
Accrued bills and accounts payable		310.1				313.7
Different liabilities		980.3				953.1
Whole Liabilities		9,096.8				9,506.8
Commitments and contingencies
Non permanent fairness		259.8				260.9
Shareholders’ Fairness
Frequent inventory		1.3				1.2
Extra paid-in capital		9,864.2				9,466.9
Collected different complete revenue / (loss)		(7.9	)			12.2
Distributions in extra of gathered earnings		(2,775.9	)			(2,397.5	)
Whole SUI Shareholders’ Fairness		7,081.7				7,082.8
Noncontrolling pursuits
Frequent and most popular OP models		110.4				90.2
Consolidated entities		0.7				—
Whole noncontrolling pursuits		111.1				90.2
Whole Shareholders’ Fairness		7,192.8				7,173.0
Whole Liabilities, Non permanent Fairness and Shareholders’ Fairness	$	16,549.4			$	16,940.7

^(a) Confer with “Secured borrowings on collateralized receivables” inside Definitions and Notes for added info.

Consolidated Statements of Operations
(quantities in hundreds of thousands, apart from per share quantities)

	Quarter Ended											Yr Ended
	December 31, 2024				December 31, 2023				% Change			December 31, 2024				December 31, 2023				% Change
Revenues
Actual property (excluding transient)(a)	$	456.4			$	428.7			6.5	%		$	1,839.8			$	1,714.2			7.3	%
Actual property – transient		44.6				44.7			(0.2)        %				323.6				345.6			(6.4)        %
House gross sales		88.2				93.2			(5.4)        %				369.9				419.9			(11.9)        %
Service, retail, eating and leisure		134.2				140.0			(4.1)        %				626.9				638.9			(1.9)        %
Curiosity		5.3				4.8			10.4	%			20.7				45.4			(54.4)        %
Brokerage commissions and different, internet		17.2				15.3			12.4	%			40.2				60.6			(33.7)        %
Whole Revenues		745.9				726.7			2.6	%			3,221.1				3,224.6			(0.1)        %
Bills
Property working and upkeep(a)		170.5				160.1			6.5	%			732.3				693.0			5.7	%
Actual property tax		31.5				28.0			12.5	%			125.7				117.4			7.1	%
House prices and promoting		70.1				72.1			(2.8)        %				273.1				305.6			(10.6)        %
Service, retail, eating and leisure		125.6				132.2			(5.0)        %				570.7				570.4			0.1	%
Common and administrative		76.7				78.3			(2.0)        %				295.3				272.1			8.5	%
Catastrophic event-related expenses, internet		16.7				6.0			178.3	%			27.1				3.8			N/M
Enterprise combos		—				—			N/A				0.4				3.0			(86.7)        %
Depreciation and amortization		170.2				177.7			(4.2)        %				680.7				660.0			3.1	%
Asset impairments(b)		38.9				—			N/A				71.4				10.1			N/M
Goodwill impairment		180.8				—			N/A				180.8				369.9			(51.1)        %
Loss on extinguishment of debt		—				—			N/A				1.4				—			N/A
Curiosity		83.2				85.9			(3.1)        %				350.4				325.8			7.6	%
Curiosity on mandatorily redeemable most popular OP models / fairness		—				0.6			(100.0)        %				—				3.3			(100.0)        %
Whole Bills		964.2				740.9			30.1	%			3,309.3				3,334.4			(0.8)        %
Loss Earlier than Different Gadgets		(218.3	)			(14.2	)		N/M				(88.2	)			(109.8	)		(19.7)        %
Loss on remeasurement of marketable securities		—				(8.0	)		(100.0)        %				—				(16.0	)		(100.0)        %
Achieve / (loss) on overseas forex exchanges		(19.6	)			6.2			N/M				(25.8	)			(0.3	)		N/M
Achieve on inclinations of properties		16.3				13.9			17.3	%			202.9				11.0			N/M
Different revenue / (expense), internet(b)		(2.4	)			(2.0	)		20.0	%			3.2				(7.5	)		N/M
Loss on remeasurement of notes receivable		(35.4	)			(103.6	)		(65.8)        %				(36.4	)			(106.7	)		(65.9)        %
Revenue from nonconsolidated associates		3.0				15.5			(80.6)        %				9.5				16.0			(40.6)        %
Achieve / (loss) on remeasurement of funding in nonconsolidated associates		0.1				0.3			(66.7)        %				6.6				(4.2	)		N/M
Present tax profit / (expense)		2.2				(0.6	)		N/M				(4.3	)			(14.5	)		(70.3)        %
Deferred tax profit		23.1				8.3			178.3	%			39.6				22.9			72.9	%
Web Revenue / (Loss)		(231.0	)			(84.2	)		174.3	%			107.1				(209.1	)		N/M
Much less: Most popular return to most popular OP models / fairness pursuits		3.2				3.3			(3.0)        %				12.8				12.3			4.1	%
Much less: Revenue / (loss) attributable to noncontrolling pursuits		(9.8	)			(6.6	)		48.5	%			5.3				(8.1	)		N/M
Web Revenue / (Loss) Attributable to SUI Frequent Shareholders	$	(224.4	)		$	(80.9	)		177.4	%		$	89.0			$	(213.3	)		N/M
Weighted common frequent shares excellent – primary(b)		126.5				123.5			2.4	%			124.5				123.4			0.9	%
Weighted common frequent shares excellent – diluted(b)		129.7				126.4			2.6	%			127.2				123.8			2.7	%
Fundamental earnings / (loss) per share	$	(1.76	)		$	(0.65	)		170.8	%		$	0.71			$	(1.71	)		N/M
Diluted earnings / (loss) per share(c)	$	(1.77	)		$	(0.65	)		172.3	%		$	0.71			$	(1.72	)		N/M

^(a) Confer with “Utility Revenues” inside Definitions and Notes for added info.
^(b) Confer with Definitions and Notes for added info.
^(c) Excludes the impact of sure anti-dilutive convertible securities.
N/M = Not significant.
N/A = Not relevant.

Reconciliation of Web Revenue / (Loss) Attributable to SUI Frequent Shareholders to Core FFO
(quantities in hundreds of thousands, apart from per share knowledge)

	Quarter Ended								Yr Ended
	December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Web Revenue / (Loss) Attributable to SUI Frequent Shareholders	$	(224.4	)		$	(80.9	)		$	89.0			$	(213.3	)
Changes
Depreciation and amortization		169.4				176.7				677.5				657.2
Depreciation on nonconsolidated associates		0.2				—				0.5				0.2
Asset impairments		38.9				—				71.4				10.1
Goodwill impairment		180.8				—				180.8				369.9
Loss on remeasurement of marketable securities		—				8.0				—				16.0
(Achieve) / loss on remeasurement of funding in nonconsolidated associates		(0.1	)			(0.3	)			(6.6	)			4.2
Loss on remeasurement of notes receivable		35.4				103.6				36.4				106.7
Loss on remeasurement of collateralized receivables and secured borrowings		—				0.4				—				0.4
Achieve on inclinations of properties, together with tax impact		(15.1	)			(13.9	)			(203.6	)			(8.9	)
Add: Returns on most popular OP models		3.2				3.2				8.3				11.8
Add: Revenue / (loss) attributable to noncontrolling pursuits		(9.8	)			(6.5	)			4.8				(8.1	)
Achieve on disposition of belongings, internet		(6.0	)			(9.0	)			(27.1	)			(38.0	)
FFO(a)	$	172.5			$	181.3			$	831.4			$	908.2
Changes
Enterprise mixture expense		—				—				0.4				3.0
Acquisition and different transaction prices(a)		3.7				12.7				19.6				25.3
Loss on extinguishment of debt		—				—				1.4				—
Catastrophic event-related expenses, internet		16.7				6.0				27.1				3.8
Lack of earnings – catastrophic event-related expenses, internet(b)		(8.1	)			(2.8	)			3.4				2.1
(Achieve) / loss on overseas forex exchanges		19.6				(6.2	)			25.8				0.3
Different changes, internet(a)		(18.0	)			(17.8	)			(27.2	)			(27.4	)
Core FFO(a)(c)	$	186.4			$	173.2			$	881.9			$	915.3
Weighted Common Frequent Shares Excellent – Diluted		132.3				129.0				129.5				128.9
FFO per Share(a)(c)	$	1.30			$	1.41			$	6.42			$	7.05
Core FFO per Share(a)(c)	$	1.41			$	1.34			$	6.81			$	7.10

^(a) Confer with Definitions and Notes for added info.
^(b) Lack of earnings – catastrophic event-related expenses, internet embrace the next:

	Quarter Ended								Yr Ended
	December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Hurricane Ian – three Fort Myers, Florida RV communities impaired
Estimated lack of earnings in extra of the relevant enterprise interruption deductible	$	4.0			$	5.1			$	19.2			$	21.9
Insurance coverage recoveries realized for beforehand estimated lack of earnings		(11.3	)			(7.9	)			(16.3	)			(19.7	)
Different catastrophic climate occasions – 4 Florida communities and one New Hampshire neighborhood
Estimated lack of earnings in extra of the relevant enterprise interruption deductible, internet		0.5				—				1.8				(0.1	)
Insurance coverage recoveries realized for beforehand estimated lack of earnings		(1.3	)			—				(1.3	)			—
Lack of earnings – catastrophic event-related expenses, internet	$	(8.1	)		$	(2.8	)		$	3.4			$	2.1

^(c) Excludes the impact of sure anti-dilutive convertible securities.

Reconciliation of Web Revenue / (Loss) Attributable to SUI Frequent Shareholders to NOI
(quantities in hundreds of thousands)

	Quarter Ended								Yr Ended
	December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Web Revenue / (Loss) Attributable to SUI Frequent Shareholders	$	(224.4	)		$	(80.9	)		$	89.0			$	(213.3	)
Curiosity revenue		(5.3	)			(4.8	)			(20.7	)			(45.4	)
Brokerage commissions and different revenues, internet		(17.2	)			(15.3	)			(40.2	)			(60.6	)
Common and administrative		76.7				78.3				295.3				272.1
Catastrophic event-related expenses, internet		16.7				6.0				27.1				3.8
Enterprise mixture expense		—				—				0.4				3.0
Depreciation and amortization		170.2				177.7				680.7				660.0
Asset impairments(a)		38.9				—				71.4				10.1
Goodwill impairment		180.8				—				180.8				369.9
Loss on extinguishment of debt		—				—				1.4				—
Curiosity expense		83.2				85.9				350.4				325.8
Curiosity on mandatorily redeemable most popular OP models / fairness		—				0.6				—				3.3
Loss on remeasurement of marketable securities		—				8.0				—				16.0
(Achieve) / loss on overseas forex exchanges		19.6				(6.2	)			25.8				0.3
Achieve on inclinations of properties		(16.3	)			(13.9	)			(202.9	)			(11.0	)
Different (revenue) / expense, internet(a)		2.4				2.0				(3.2	)			7.5
Loss on remeasurement of notes receivable		35.4				103.6				36.4				106.7
Revenue from nonconsolidated associates		(3.0	)			(15.5	)			(9.5	)			(16.0	)
(Achieve) / loss on remeasurement of funding in nonconsolidated associates		(0.1	)			(0.3	)			(6.6	)			4.2
Present tax (profit) / expense		(2.2	)			0.6				4.3				14.5
Deferred tax profit		(23.1	)			(8.3	)			(39.6	)			(22.9	)
Add: Most popular return to most popular OP models / fairness pursuits		3.2				3.3				12.8				12.3
Add: Revenue / (loss) attributable to noncontrolling pursuits		(9.8	)			(6.6	)			5.3				(8.1	)
NOI	$	325.7			$	314.2			$	1,458.4			$	1,432.2

	Quarter Ended						Yr Ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Actual property NOI(a)	$	299.0		$	285.3		$	1,305.4		$	1,249.4
House gross sales NOI(a)		18.1			21.1			96.8			114.3
Service, retail, eating and leisure NOI(a)		8.6			7.8			56.2			68.5
NOI	$	325.7		$	314.2		$	1,458.4		$	1,432.2

^(a) Confer with Definitions and Notes for added info.

Reconciliation of Web Revenue / (Loss) Attributable to SUI Frequent Shareholders to Recurring EBITDA
(quantities in hundreds of thousands)

	Quarter Ended								Yr Ended
	December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Web Revenue / (Loss) Attributable to SUI Frequent Shareholders	$	(224.4	)		$	(80.9	)		$	89.0			$	(213.3	)
Changes
Depreciation and amortization		170.2				177.7				680.7				660.0
Asset impairments(a)		38.9				—				71.4				10.1
Goodwill impairment		180.8				—				180.8				369.9
Loss on extinguishment of debt		—				—				1.4				—
Curiosity expense		83.2				85.9				350.4				325.8
Curiosity on mandatorily redeemable most popular OP models / fairness		—				0.6				—				3.3
Present tax (profit) / expense		(2.2	)			0.6				4.3				14.5
Deferred tax profit		(23.1	)			(8.3	)			(39.6	)			(22.9	)
Revenue from nonconsolidated associates		(3.0	)			(15.5	)			(9.5	)			(16.0	)
Much less: Achieve on inclinations of properties		(16.3	)			(13.9	)			(202.9	)			(11.0	)
Much less: Achieve on inclinations of belongings, internet		(6.0	)			(9.0	)			(27.1	)			(38.0	)
EBITDAre(a)	$	198.1			$	137.2			$	1,098.9			$	1,082.4
Changes
Catastrophic event-related expenses, internet		16.7				6.0				27.1				3.8
Enterprise mixture expense		—				—				0.4				3.0
Loss on remeasurement of marketable securities		—				8.0				—				16.0
(Achieve) / loss on overseas forex exchanges		19.6				(6.2	)			25.8				0.3
Different (revenue) / expense, internet(a)		2.4				2.0				(3.2	)			7.5
Loss on remeasurement of notes receivable		35.4				103.6				36.4				106.7
(Achieve) / loss on remeasurement of funding in nonconsolidated associates		(0.1	)			(0.3	)			(6.6	)			4.2
Add: Most popular return to most popular OP models / fairness pursuits		3.2				3.3				12.8				12.3
Add: Revenue / (loss) attributable to noncontrolling pursuits		(9.8	)			(6.6	)			5.3				(8.1	)
Add: Achieve on inclinations of belongings, internet		6.0				9.0				27.1				38.0
Recurring EBITDA(a)	$	271.5			$	256.0			$	1,224.0			$	1,266.1

^(a) Confer with Definitions and Notes for added info.

Actual Property Operations – Whole Portfolio
(quantities in hundreds of thousands, besides statistical info)

	Quarter Ended December 31, 2024																			Quarter Ended December 31, 2023
Monetary Info	MH				RV				Marinas			UK				Whole				MH				RV				Marinas			UK				Whole
Revenues
Actual property (excluding transient)(a)	$	239.1			$	76.6			$	107.3		$	33.4			$	456.4			$	229.3			$	70.0			$	100.4		$	29.0			$	428.7
Actual property – transient		0.3				33.4				5.9			5.0				44.6				0.4				35.5				4.6			4.2				44.7
Whole working revenues		239.4				110.0				113.2			38.4				501.0				229.7				105.5				105.0			33.2				473.4
Bills
Property working bills		77.5				59.6				42.8			22.1				202.0				74.1				55.1				39.7			19.2				188.1
Actual Property NOI(a)	$	161.9			$	50.4			$	70.4		$	16.3			$	299.0			$	155.6			$	50.4			$	65.3		$	14.0			$	285.3
	Yr Ended December 31, 2024																			Yr Ended December 31, 2023
Monetary Info	MH				RV				Marinas			UK				Whole				MH				RV				Marinas			UK				Whole
Revenues
Actual property (excluding transient)(a)	$	956.2			$	318.8			$	432.6		$	132.2			$	1,839.8			$	906.1			$	287.1			$	406.8		$	114.2			$	1,714.2
Actual property – transient		1.2				249.7				27.7			45.0				323.6				1.4				277.3				24.8			42.1				345.6
Whole working revenues		957.4				568.5				460.3			177.2				2,163.4				907.5				564.4				431.6			156.3				2,059.8
Bills
Property working bills		314.1				275.6				170.2			98.1				858.0				296.9				265.1				158.8			89.6				810.4
Actual Property NOI	$	643.3			$	292.9			$	290.1		$	79.1			$	1,305.4			$	610.6			$	299.3			$	272.8		$	66.7			$	1,249.4
	As of December 31, 2024																			As of December 31, 2023
Different Info	MH				RV				Marinas			UK				Whole				MH				RV				Marinas			UK				Whole
Variety of Properties		288				166				138			53				645				298				179				135			55				667
Websites, Moist Slips and Dry Storage Areas
Websites, moist slips and dry storage areas(b)		97,430				32,100				48,760			17,690				195,980				100,320				32,390				48,030			18,110				198,850
Transient websites	N/A					24,830			N/A				4,340				29,170			N/A					25,290			N/A				3,200				28,490
Whole		97,430				56,930				48,760			22,030				225,150				100,320				57,680				48,030			21,310				227,340
Occupancy		97.3	%			100.0	%		N/A				89.7	%			97.0	%			96.6	%			100.0	%		N/A				89.5	%			96.4	%

N/M = Not significant. N/A = Not relevant.

^(b) Confer with Definitions and Notes for added info.
^(b) MH annual websites included 11,214 and 10,237 rental houses within the Firm’s rental program at December 31, 2024 and 2023, respectively. The Firm’s funding in occupied rental houses at December 31, 2024 was $783.0 million, a rise of 12.3% from $697.1 million at December 31, 2023.

Actual Property Operations – North America Similar Property Portfolio^(a)
(quantities in hundreds of thousands, apart from statistical info)

	Quarter Ended December 31, 2024												Quarter Ended December 31, 2023												Whole Change				% Change(d)
	MH(b)			RV(b)			Marina			Whole			MH(b)			RV(b)			Marina			Whole							MH			RV			Marina			Whole
Monetary Info
Similar Property Revenues
Actual property (excluding transient)	$	219.6		$	68.5		$	91.9		$	380.0		$	205.9		$	62.7		$	87.0		$	355.6		$	24.4			6.7	%		9.2	%		5.7	%		6.9	%
Actual property – transient		0.3			29.3			5.6			35.2			0.3			31.9			4.5			36.7			(1.5	)		(22.5)        %			(8.3)        %			24.0	%		(4.5)        %
Whole Similar Property working revenues		219.9			97.8			97.5			415.2			206.2			94.6			91.5			392.3			22.9			6.6	%		3.3	%		6.6	%		5.8	%
Similar Property Bills
Similar Property working bills(e)		58.8			49.8			33.2			141.8			55.8			46.8			31.1			133.7			8.1			5.3	%		6.2	%		6.7	%		6.0	%
Actual Property NOI(a)	$	161.1		$	48.0		$	64.3		$	273.4		$	150.4		$	47.8		$	60.4		$	258.6		$	14.8			7.1	%		0.4	%		6.6	%		5.7	%

	Yr Ended December 31, 2024												Yr Ended December 31, 2023												Whole Change				% Change(d)
	MH(b)			RV(b)			Marina			Whole			MH(b)			RV(b)			Marina			Whole							MH			RV			Marina			Whole
Monetary Info
Similar Property Revenues
Actual property (excluding transient)	$	865.6		$	281.3		$	373.9		$	1,520.8		$	810.5		$	253.3		$	353.9		$	1,417.7		$	103.1			6.8	%		11.1	%		5.7	%		7.3	%
Actual property – transient		1.2			222.4			26.8			250.4			1.3			249.9			24.5			275.7			(25.3	)		(9.2)        %			(11.0)        %			9.2	%		(9.2)        %
Whole Similar Property working revenues		866.8			503.7			400.7			1,771.2			811.8			503.2			378.4			1,693.4			77.8			6.8	%		0.1	%		5.9	%		4.6	%
Similar Property Bills
Similar Property working bills(e)		235.2			231.3			134.4			600.9			220.1			222.8			125.7			568.6			32.3			6.8	%		3.8	%		6.9	%		5.7	%
Actual Property NOI(a)	$	631.6		$	272.4		$	266.3		$	1,170.3		$	591.7		$	280.4		$	252.7		$	1,124.8		$	45.5			6.7	%		(2.8)        %			5.4	%		4.1	%
Different Info
Variety of properties(c)		283			150			127			560			283			150			127			560
Websites, moist slips and dry storage areas		96,640			52,690			43,350			192,680			96,370			52,110			43,460			191,940

^(a) Confer with Definitions and Notes for added info.

^(b) Similar Property outcomes for the Firm’s MH and RV properties mirror fixed forex for comparative functions. Canadian forex figures within the prior comparative interval have been translated on the common change price of $0.7148 and $0.7302 USD per Canadian greenback, respectively, in the course of the quarter and 12 months ended December 31, 2024.

^(c) Monetary outcomes from properties impacted by inclinations and catastrophic climate occasions throughout 2024 have been faraway from Similar Property reporting.

^(d) Percentages are calculated based mostly on unrounded numbers.

^(e) Confer with “Utility Revenues” inside Definitions and Notes for added info.

Actual Property Operations – North America Similar Property Portfolio^(a) (Continued)
(quantities in hundreds of thousands, apart from statistical info)

^(e) Whole Similar Property working bills include the next parts for the durations proven (in hundreds of thousands) and exclude quantities invested into not too long ago acquired properties to carry them as much as the Firm’s requirements:

	Quarter Ended													Yr Ended
	December 31, 2024			December 31, 2023			Change				% Change(c)			December 31, 2024			December 31, 2023			Change				% Change(c)
Payroll and advantages	$	42.6		$	45.6		$	(3.0	)		(6.5)        %			$	193.3		$	194.3		$	(1.0	)		(0.5)        %
Actual property taxes		28.6			26.1			2.5			9.6	%			113.4			107.1			6.3			5.9	%
Provides and repairs		21.7			16.8			4.9			29.1	%			85.1			73.8			11.3			15.3	%
Utilities		16.7			15.3			1.4			9.3	%			66.1			63.0			3.1			4.9	%
Authorized, state / native taxes, and insurance coverage		13.2			13.6			(0.4	)		(3.1)        %				55.0			55.6			(0.6	)		(1.3)        %
Different		19.0			16.3			2.7			15.7	%			88.0			74.8			13.2			17.6	%
Whole Similar Property Working Bills	$	141.8		$	133.7		$	8.1			6.0	%		$	600.9		$	568.6		$	32.3			5.7	%

		As of
		December 31, 2024								December 31, 2023
		MH				RV				MH				RV
Different Info
Variety of properties(b)			283				150				283				150
Websites
MH and annual RV websites			96,640				31,070				96,370				29,400
Transient RV websites		N/A					21,620			N/A					22,710
Whole			96,640				52,690				96,370				52,110
MH and Annual RV Occupancy
Occupancy(c)			97.6	%			100.0	%			97.1	%			100.0	%
Common month-to-month base hire per website		$	708			$	654			$	671			$	617
% Change of month-to-month base hire(d)			5.5	%			6.0	%		N/A				N/A
Rental Program Statistics included in MH
Variety of occupied websites, finish of interval(e)			10,630			N/A					9,830			N/A
Month-to-month hire per website – MH rental program		$	1,344			N/A				$	1,300			N/A
% Change(d)			3.4	%		N/A				N/A				N/A

N/A = Not relevant.

^(a) Confer with Definitions and Notes for added info.

^(b) Monetary outcomes from properties impacted by inclinations and catastrophic climate occasions throughout 2024 have been faraway from Similar Property reporting.

^(c) Similar Property blended occupancy for MH and RV was 98.2% at December 31, 2024, up 40 foundation factors from 97.8% at December 31, 2023. Adjusting for not too long ago delivered and vacant growth websites, Similar Property adjusted blended occupancy for MH and RV elevated by 160 foundation factors 12 months over 12 months, to 99.0% at December 31, 2024, from 97.4% at December 31, 2023.

^(d) Calculated utilizing precise outcomes with out rounding.

^(e) Occupied rental program websites in Similar Property are included in whole websites.

Actual Property Operations – UK Similar Property Portfolio^(a)
(quantities in hundreds of thousands, apart from statistical info)

	Quarter Ended									Yr Ended
	December 31, 2024			December 31, 2023			% Change(c)			December 31, 2024			December 31, 2023			% Change(c)
Monetary Info(b)
Similar Property Revenues
Actual property (excluding transient)	$	26.8		$	24.8		8.0	%		$	102.4		$	95.5		7.2	%
Actual property – transient		5.0			4.5		11.6	%			44.7			42.7		4.8	%
Whole Similar Property working revenues		31.8			29.3		8.5	%			147.1			138.2		6.5	%
Similar Property Bills
Similar Property working bills(d)		15.5			14.8		4.3	%			71.1			68.4		3.9	%
Actual Property NOI(a)	$	16.3		$	14.5		12.9	%		$	76.0		$	69.8		9.0	%

		As of
		December 31, 2024				December 31, 2023				Change
Different Info
Variety of properties			51				51				—
Websites
UK websites			16,500				16,210				290
UK transient websites			3,210				3,120				90
Occupancy(e)			89.6	%			90.3	%		(0.7)        %
Common month-to-month base hire per website		$	544			$	502			$	42

^(a) Confer with Definitions and Notes for added info.

^(b) Similar Property outcomes for the Firm’s UK properties mirror fixed forex for comparative functions. British pound sterling figures within the prior comparative interval have been translated on the common change price of $1.2817 USD and $1.2781 USD per Pound sterling, respectively, in the course of the quarter and 12 months ended December 31, 2024.

^(c) Percentages are calculated based mostly on unrounded numbers.

^(d) Confer with “Utility Revenues” inside Definitions and Notes for added info.

^(e) Adjusting for not too long ago delivered and vacant growth websites, Similar Property adjusted occupancy decreased by 50 foundation factors 12 months over 12 months, to 89.9% at December 31, 2024, from 90.4% at December 31, 2023.

House Gross sales Abstract
($ in hundreds of thousands, apart from common promoting value)

	Quarter Ended											Yr Ended
Monetary Info	December 31, 2024				December 31, 2023				% Change			December 31, 2024				December 31, 2023				% Change
North America
House gross sales	$	43.1			$	61.9			(30.4)        %			$	181.1			$	233.8			(22.5)        %
House value and promoting bills		36.3				48.3			(24.8)        %				145.7				179.8			(19.0)        %
NOI(a)	$	6.8			$	13.6			(50.0)        %			$	35.4			$	54.0			(34.4)        %
NOI margin %(a)		15.8	%			22.0	%						19.5	%			23.1	%
UK
House gross sales	$	45.1			$	31.3			44.1	%		$	188.8			$	186.1			1.5	%
House value and promoting bills		33.8				23.8			42.0	%			127.4				125.8			1.3	%
NOI(a)	$	11.3			$	7.5			50.7	%		$	61.4			$	60.3			1.8	%
NOI margin %(a)		25.1	%			24.0	%						32.5	%			32.4	%
Whole
House gross sales	$	88.2			$	93.2			(5.4)        %			$	369.9			$	419.9			(11.9)        %
House value and promoting bills		70.1				72.1			(2.8)        %				273.1				305.6			(10.6)        %
NOI(a)	$	18.1			$	21.1			(14.2)        %			$	96.8			$	114.3			(15.3)        %
NOI margin %(a)		20.5	%			22.6	%						26.2	%			27.2	%
Different info
Models Bought:
North America		494				656			(24.7)        %				2,001				2,565			(22.0)        %
UK		604				547			10.4	%			2,948				2,857			3.2	%
Whole residence gross sales		1,098				1,203			(8.7)        %				4,949				5,422			(8.7)        %
Common Promoting Value:
North America	$	87,247			$	94,360			(7.5)        %			$	90,505			$	91,150			(0.7)        %
UK	$	74,669			$	57,221			30.5	%		$	64,043			$	65,138			(1.7)        %

^(a) Confer with Definitions and Notes for added info.

Working Statistics for MH and Annual RVs

		Resident Transfer-outs
		% of Whole Websites			Variety of Transfer-outs		Leased Websites, Web(a)		New House Gross sales		Pre-owned House Gross sales		Brokered Re-sales
2024		4.3	%		7,050		3,209		447		1,554		1,700
2023		3.6	%		6,590		3,268		564		2,001		2,296
2022		3.0	%		5,170		2,922		703		2,509		2,864

^(a) Improve in income producing websites, internet of recent vacancies.

Acquisitions and Inclinations
(quantities in hundreds of thousands, apart from *)

Property Title		Property Sort		Variety of Properties*		Websites, Moist Slips and Dry Storage Areas*		State, Province or Nation		Whole Buy Value / Gross sales Proceeds			Month
ACQUISITIONS
First Quarter 2024
Port of San Juan(a)		Marina		1		8		PR		$	—		March
Second Quarter 2024
Port Milford(b)		Marina		1		92		CT			4.0		April
Oak Leaf(c)		Marina		—		89		CT			5.0		April
Berth One Palm Seaside(c)		Marina		—		4		FL			3.0		April
Third Quarter 2024
Marina Village Yacht Harbor(d)		Marina		1		732		CA			50.0		September
Ventura Harbor Gas(c)		Marina		—		—		CA			1.8		September
Acquisitions to Date				3		925				$	63.8
DISPOSITIONS
First Quarter 2024
Spanish Trails and Sundance		MH		2		533		AZ & FL		$	48.5		February
Second Quarter 2024
Littondale		UK		1		114		UK			5.9		Might
Third Quarter 2024
Six Neighborhood MH Portfolio		MH		6		2,090		Numerous			224.6		July
Lake Pointe Village		MH		1		361		FL			38.0		July
Reserve at Fox Creek		MH		1		311		AZ			38.0		September
Fourth Quarter 2024
Turnberry		UK		1		281		UK			7.6		November
Canadian RV Portfolio		RV		13		2,836		ON			64.0		December
Subsequent to Fourth Quarter 2024
4 Neighborhood RV Portfolio(e)		RV		4		815		Numerous			92.9		January
Inclinations to Date				29		7,341				$	519.5

^(a) Acquired by way of floor lease settlement.

^(b) Together with this acquisition, the Firm issued 19,326 frequent OP models valued at $2.5 million.

^(c) Mixed with an present property.

^(d) Together with this acquisition, the Firm issued 243,273 frequent OP models valued at $31.5 million.

^(e) Whole gross sales proceeds embrace the disposition of 4 properties that had been owned by the Firm together with the settlement of a developer observe receivable of $33.9 million pertaining to a few extra properties during which the Firm had offered financing to the developer.

Capital Expenditures and Investments
(quantities in hundreds of thousands, apart from *)

	Yr Ended
	December 31, 2024												December 31, 2023												December 31, 2022
	MH / RV			Marina			UK			Whole			MH / RV			Marina			UK			Whole			MH / RV			Marina			UK			Whole
Recurring Capital Expenditures(a)	$	54.5		$	47.7		$	13.5		$	115.7		$	51.8		$	35.5		$	—		$	87.3		$	51.0		$	22.8		$	—		$	73.8
Non-Recurring Capital Expenditures(a)
Lot Modifications	$	35.5		N/A			$	1.7		$	37.2		$	54.9		N/A			$	—		$	54.9		$	39.1		N/A			$	—		$	39.1
Development Initiatives		11.5			80.6			4.8			96.9			21.6			82.9			—			104.5			28.4			71.1			—			99.5
Rebranding		—		N/A				3.1			3.1			4.7		N/A				—			4.7			15.0		N/A				—			15.0
Acquisitions		36.2			137.7			13.5			187.4			115.1			186.3			67.3			368.7			503.0			522.5			2,285.1			3,310.6
Enlargement and Improvement		105.2			13.1			17.8			136.1			247.4			26.0			2.9			276.3			243.8			13.9			4.1			261.8
Whole Non-Recurring Capital Expenditures		188.4			231.4			40.9			460.7			443.7			295.2			70.2			809.1			829.3			607.5			2,289.2			3,726.0
Whole	$	242.9		$	279.1		$	54.4		$	576.4		$	495.5		$	330.7		$	70.2		$	896.4		$	880.3		$	630.3		$	2,289.2		$	3,799.8
Different Info
Recurring Capex per Website, Slip and Dry Storage Areas(b)*	$	370		$	993		$	745		$	542		$	388		$	867		N/A			$	500		$	397		$	582		N/A			$	441

N/A = Not relevant.

^(a) Confer with Definitions and Notes for added info.

^(b) Common based mostly on precise variety of MH and RV websites, Marina moist slips and dry storage areas, and UK websites related to the recurring capital expenditures in every interval.

Capitalization Overview
(Shares and models in 1000’s, greenback quantities in hundreds of thousands, apart from *)

		As of December 31, 2024
		Frequent Equal Shares		Share Value*			Capitalization
Fairness and Enterprise Worth
Frequent shares		127,437		$	122.97		$	15,670.9
Convertible securities
Frequent OP models		2,906		$	122.97			357.4
Most popular OP models		2,569		$	122.97			315.9
Diluted shares excellent and market capitalization(a)		132,912						16,344.2
Plus: Whole debt, per consolidated steadiness sheet								7,352.8
Whole capitalization								23,697.0
Much less: Money and money equivalents (excluding restricted money)								(47.4	)
Enterprise Worth(b)							$	23,649.6
Debt				Weighted Common Maturity (in years)*			Debt Excellent
Mortgage loans payable					8.3		$	3,212.2
Secured borrowings on collateralized receivables(c)					13.2			51.2
Unsecured debt					4.4			4,089.4
Whole carrying worth of debt, per consolidated steadiness sheet					6.2			7,352.8
Plus: Unamortized deferred financing prices and reductions / premiums on debt								35.0
Whole Debt							$	7,387.8
Company Debt Ranking and Outlook
Moody’s							Baa3 | Steady
S&P							BBB | Steady

^(a) Confer with “Securities” inside Definitions and Notes for added info associated to the Firm’s securities excellent.

^(b) Confer with “Enterprise Worth” inside Definitions and Notes for added info.

^(c) Confer with “Secured borrowings on collateralized receivables” inside Definitions and Notes for added info.

Abstract of Excellent Debt

(quantities in hundreds of thousands, apart from *)

		Quarter Ended
		December 31, 2024
		Debt Excellent			Weighted Common Curiosity Fee(a)*			Maturity Date*
Secured Debt:
Mortgage loans payable		$	3,212.2		3.99	%		Numerous
Secured borrowings on collateralized receivables(b)			51.2		8.58	%		Numerous
Whole Secured Debt			3,263.4		4.06	%
Unsecured Debt:
Senior Credit score Facility:
Revolving credit score amenities (in USD)(c)			1,413.1		4.74	%		April 2026
Senior Unsecured Notes:
2028 senior unsecured notes			447.4		2.30	%		November 2028
2029 senior unsecured notes			496.2		5.55	%		January 2029
2031 senior unsecured notes			743.4		2.70	%		July 2031
2032 senior unsecured notes			593.2		3.60	%		April 2032
2033 senior unsecured notes			396.1		5.51	%		January 2033
Whole Senior Unsecured Notes			2,676.3		3.78	%
Whole Unsecured Debt			4,089.4		4.11	%
Whole carrying worth of debt, per consolidated steadiness sheets			7,352.8		4.09	%
Plus: Unamortized deferred financing prices, reductions / premiums on debt, and truthful worth changes(a)			35.0
Whole debt		$	7,387.8

^(a)  Consists of the impact of amortizing deferred financing prices, mortgage premiums / reductions, and derivatives, in addition to truthful worth changes on the Secured borrowings on collateralized receivables.

^(b)  Confer with “Secured borrowings on collateralized receivables” inside Definitions and Notes for added info.

^(c)  As of December 31, 2024, the Firm’s revolving credit score amenities consisted of:

• $471.0 million borrowed on its U.S. line of credit score on the Secured In a single day Financing Fee (“SOFR”) plus 85 foundation factors margin. As of December 31, 2024, $150.0 million was swapped to a weighted common mounted SOFR price of 4.757% for an all-in mounted price of 5.707%.
• $930.3 million (£741.2 million) borrowed on its GBP and multicurrency strains of credit score on the Every day Sterling In a single day Index Common (“SONIA”) base price, plus 85 foundation factors margin. As of December 31, 2024, $627.6 million (£500.0 million) was swapped to a weighted common mounted SONIA price of 2.924% for an all-in mounted price of 3.806% inclusive of margin.
• $11.8 million USD equal borrowed on its AUD line of credit score on the Financial institution Invoice Swap Bid Fee (“BBSY”) plus 85 foundation factors margin.

Debt Maturities^(a)

(quantities in hundreds of thousands, apart from *)

		As of
		December 31, 2024
Yr		Mortgage Loans Payable(b)			Principal Amortization			Secured Borrowings on Collateralized Receivables(c)(d)			Senior Credit score Facility(e)			Senior Unsecured Notes			Whole
2025		$	48.4		$	52.3		$	2.3		$	—		$	—		$	103.0
2026			650.6			44.1			2.5			1,413.1			—			2,110.3
2027			4.1			38.3			2.7			—			—			45.1
2028			303.7			41.0			2.9			—			450.0			797.6
2029			335.1			39.4			3.1			—			500.0			877.6
Thereafter			1,169.1			501.3			33.8			—			1,750.0			3,454.2
Whole		$	2,511.0		$	716.4		$	47.3		$	1,413.1		$	2,700.0		$	7,387.8

^(a) Debt maturities embrace the unamortized deferred financing prices, low cost / premiums, and truthful worth changes related to excellent debt.

^(b) For the Mortgage loans payable maturing between 2025 – 2029:

	2025			2026			2027			2028			2029
Weighted common rate of interest	4.01	%		3.97	%		4.34	%		4.04	%		3.23	%

^(c) Stability at December 31, 2024 excludes truthful worth changes of $3.9 million.

^(d) Confer with “Secured borrowings on collateralized receivables” inside Definitions and Notes for added info.

^(e) Represents the preliminary maturity for the revolving mortgage facility. The Firm holds the unilateral choice to increase the maturity date for 2 extra six-month durations to April 7, 2027.

^ Excludes the Firm’s borrowings underneath its senior credit score facility.

Debt Evaluation

				As of
				December 31, 2024
Choose Credit score Ratios
Web Debt / TTM recurring EBITDA(a)				6.0 x
Web Debt / Enterprise Worth(a)				30.9	%
Web Debt / gross belongings(a)				36.0	%
Unencumbered belongings / whole belongings				79.0	%
Floating price debt / whole debt(b)				8.6	%
Protection Ratios
TTM Recurring EBITDA(a)(b) / curiosity				3.5 x
TTM Recurring EBITDA(a)(b) / curiosity + most popular distributions + most popular inventory distribution				3.5 x
Senior Credit score Facility Covenants		Requirement
Most leverage ratio		<65.0 %		32.0	%
Minimal mounted cost protection ratio		>1.40 x		2.86 x
Most secured leverage ratio		<40.0 %		11.9	%
Senior Unsecured Observe Covenants		Requirement
Whole debt / whole belongings		≤60.0 %		38.8	%
Secured debt / whole belongings		≤40.0 %		17.2	%
Consolidated revenue out there for debt service / debt service		≥1.50 x		4.28 x
Unencumbered whole asset worth / whole unsecured debt		≥150.0 %		366.3	%

^(a) Confer with Definition and Notes for added info.

^(b) Proportion consists of the affect of hedge actions.

Definitions and Notes

Acquisition and Different Transaction Prices – Within the Firm’s Reconciliation of Web Revenue / (Loss) Attributable to SUI Frequent Shareholders to Core FFO on web page 6, ‘Acquisition and different transaction prices’ signify (a) nonrecurring integration bills related to acquisitions in the course of the quarter and years ended December 31, 2024 and 2023, (b) prices related to potential acquisitions that won’t shut, (c) bills incurred to carry not too long ago acquired properties as much as the Firm’s working requirements, together with gadgets corresponding to tree trimming and portray prices that don’t meet the Firm’s capitalization coverage, and different non-recurring transaction prices, and (d) different non-recurring transactions.

Asset Impairments – Within the Firm’s Consolidated Assertion of Operations on web page 5, the Firm recorded asset impairment expenses in the course of the quarter ended December 31, 2024, which primarily consisted of mixture expenses of $24.1 million within the MH and RV segments associated to non-continuing growth and improvement initiatives and associated belongings, in addition to expenses of $12.1 million associated to 4 RV properties that had been reclassified as held on the market as of December 31, 2024, and subsequently offered in January 2025.

Capital Expenditures and Funding Exercise – The Firm classifies its investments in properties into the next classes:

• Recurring Capital Expenditures – Property recurring capital expenditures are obligatory to take care of asset high quality, together with buying and changing gadgets used to function the communities and marinas. Recurring capital expenditures on the Firm’s MH, RV and UK properties embrace main highway, driveway and pool enhancements; clubhouse renovations; including or changing streetlights; playground tools; signage; upkeep amenities; supervisor housing and property automobiles. Recurring capital expenditures on the marinas embrace dredging, dock repairs and enhancements, and tools upkeep and upgrades. The minimal capitalized quantity is 5 hundred {dollars}.
• Non-Recurring Capital Expenditures – The next funding and reinvestment actions are non-recurring in nature:
  • Lot Modifications – include expenditures incurred to switch the foundational buildings required to set a brand new residence after a earlier residence has been eliminated. These expenditures are essential to create a income stream from a brand new website renter and usually enhance the standard of the neighborhood. Different lot modification expenditures embrace land enhancements added to annual RV websites to assist within the conversion of transient RV visitors to annual contracts. See web page 13 for move-out charges.
  • Development Initiatives – include revenue-generating or expense-reducing actions on the properties. These embrace, however should not restricted to, utility effectivity and renewable vitality initiatives, website, slip or amenity upgrades, such because the addition of a storage, shed or boat elevate, and different particular capital initiatives that substantiate an incremental rental enhance.
  • Rebranding – consists of new signage on the Firm’s RV communities and prices of constructing an RV cellular utility and up to date web site.
  • Acquisitions – Whole acquisition investments signify the acquisition value paid for working properties (detailed for the present calendar 12 months on web page 14), the acquisition value paid for land parcels for future ground-up improvement and growth exercise, and any capital enhancements recognized throughout due diligence from the acquisition date via the third 12 months of possession wanted to carry acquired properties as much as the Firm’s working requirements.

Capital enhancements subsequent to acquisition usually require 24 to 36 months to finish after closing. At MH, RV and UK properties, capital enhancements embrace upgrading clubhouses; landscaping; new road lighting methods; new mail supply methods; pool renovations together with bigger decks, heaters and furnishings; new upkeep amenities; lot modifications; and new signage together with important indicators and inside highway indicators. Capital enhancements at Marina properties primarily embrace enhancements to rooms, renovation of restaurant amenities, swimming pools and health facilities.

For the 12 months ended December 31, 2024, the parts of whole acquisition funding are as follows (in hundreds of thousands):

		Yr Ended December 31, 2024
		MH and RV			Marina			UK			Whole
Buy value of property acquisitions		$	—		$	65.3		$	—		$	65.3
Capitalized transaction prices for property acquisitions			—			2.2			—			2.2
Buy value of land acquisitions (together with capitalized transaction prices)(a)			12.3			—			12.2			24.5
Capital enhancements to latest property acquisitions			22.9			56.2			1.3			80.4
Different acquisitions			1.0			14.0			—			15.0
Whole Acquisition Investments		$	36.2		$	137.7		$	13.5		$	187.4

^(a) Consists of the worth allotted to infrastructure enhancements related to acquired land, when relevant.

• Expansions and Developments – consist primarily of development prices corresponding to roads, actions, and facilities, and prices obligatory to finish website enhancements, corresponding to driveways, sidewalks and landscaping on the Firm’s MH, RV and UK communities. Expenditures additionally embrace prices to rebuild after harm has been incurred at MH, RV, Marina or UK properties, and analysis and improvement.

Enterprise Worth – Equals whole fairness market capitalization, plus whole indebtedness reported on the Firm’s steadiness sheet and much less unrestricted money and money equivalents.

GAAP – U.S. Typically Accepted Accounting Rules.

House Gross sales Contribution to FFO – The reconciliation of NOI from residence gross sales to FFO from residence gross sales for the quarter and 12 months ended December 31, 2024 is as follows (in hundreds of thousands):

	Quarter Ended December 31, 2024												Yr Ended December 31, 2024
	MH				UK				Whole				MH				UK				Whole
House Gross sales NOI	$	6.8			$	11.3			$	18.1			$	35.4			$	61.4			$	96.8
Achieve on inclinations of belongings, internet		(5.6	)			(0.4	)			(6.0	)			(25.5	)			(1.6	)			(27.1	)
FFO contribution from residence gross sales	$	1.2			$	10.9			$	12.1			$	9.9			$	59.8			$	69.7

Curiosity expense – The next is a abstract of the parts of the Firm’s curiosity expense (in hundreds of thousands):

	Quarter Ended								Yr Ended
	December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Curiosity on Secured debt, Senior unsecured notes, Senior Credit score Facility, Unsecured Time period Mortgage and rate of interest swaps	$	76.0			$	82.5			$	324.9			$	311.0
Lease associated curiosity expense		3.6				3.2				14.3				14.1
Amortization of deferred financing prices, debt (premium) / reductions and (features) / losses on hedges		1.6				1.6				6.6				6.1
Senior credit score facility dedication charges and different finance associated expenses		2.5				2.0				8.4				6.9
Capitalized curiosity expense		(1.7	)			(4.0	)			(8.5	)			(12.9	)
Curiosity Expense Earlier than Curiosity on Secured borrowings		82.0				85.3				345.7				325.2
Curiosity expense on Secured borrowings on collateralized receivables		1.2				0.6				4.7				0.6
Curiosity Expense, per Consolidated Statements of Operations	$	83.2			$	85.9			$	350.4			$	325.8

NAREIT – The Nationwide Affiliation of Actual Property Funding Trusts is the worldwide consultant voice for REITs and actual property corporations with an curiosity in U.S. actual property and capital markets. Extra info is out there at www.reit.com.

Web Debt – The carrying worth of debt, plus, unamortized premiums, reductions and deferred financing prices, much less unrestricted money and money equivalents.

Different changes, internet – Within the Firm’s Reconciliation of Web Revenue / (Loss) Attributable to SUI Frequent Shareholders to Core FFO on web page 6, Different changes, internet consists of the next (in hundreds of thousands):

	Quarter Ended								Yr Ended
	December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Deferred tax profit	$	(23.1	)		$	(8.3	)		$	(39.6	)		$	(22.9	)
Litigation exercise		0.5				1.3				(8.0	)			0.6
Insurance coverage loss restoration expense		—				—				8.9				—
Long run lease termination expense		—				—				1.1				4.0
Severance prices		1.3				—				3.2				—
Accelerated deferred compensation amortization		0.5				1.2				1.2				1.6
ERP implementation expense		0.8				2.7				2.9				2.7
Achieve on sale of funding		—				(15.3	)			—				(15.3	)
Different		2.0				0.6				3.1				1.9
Different changes, internet	$	(18.0	)		$	(17.8	)		$	(27.2	)		$	(27.4	)

Different revenue / (expense), internet – Within the Firm’s Consolidated Statements of Operations on web page 5, Different revenue / (expense), internet consists of the next (in hundreds of thousands):

	Quarter Ended								Yr Ended
	December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
Litigation exercise	$	(0.5	)		$	(1.3	)		$	8.0			$	(0.6	)
Long run lease termination expense		—				—				(1.1	)			(4.0	)
Restore reserve on repossessed houses		(1.9	)			(0.3	)			(3.7	)			(2.5	)
Achieve on remeasurement of collateralized receivables		—				1.5				2.1				1.5
Loss on remeasurement of secured borrowings on collateralized receivables		—				(1.9	)			(2.1	)			(1.9	)
Different		—				—				—				—
Different revenue / (expense), internet	$	(2.4	)		$	(2.0	)		$	3.2			$	(7.5	)

Similar Property – The Firm defines Similar Properties as these the Firm has owned and operated constantly since a minimum of January 1, 2023. Similar properties exclude ground-up improvement properties, acquired properties and properties offered after December 31, 2022. The Similar Property knowledge could change from time-to-time relying on acquisitions, inclinations, administration discretion, important transactions or distinctive conditions.

Secured borrowings on collateralized receivables – This can be a transferred asset transaction which has been categorized as collateralized receivables and the money acquired from this transaction has been categorized as secured borrowings. The curiosity revenue and curiosity expense accrue on the similar quantity. The Firm has elected to report the collateralized receivables and secured borrowings at truthful worth underneath ASC 820, “Truthful Worth Measurements and Disclosures.” In consequence, the steadiness of collateralized receivables and associated secured borrowings are internet of truthful worth changes.

Securities – The Firm had the next securities excellent as of December 31, 2024:

	Variety of Models / Shares Excellent (in 1000’s)		Conversion Fee(a)		If Transformed to Frequent shares (in 1000’s)(b)		Issuance Value Per Unit			Annual Distribution Fee
Non-Convertible Securities
Frequent shares	127,437		N/A		N/A		N/A			$3.76(c)
Convertible Securities Labeled as Fairness
Frequent OP models	2,906		1.0000		2,906		N/A			Mirrors frequent share distributions
Most popular OP Models
Sequence A-1	177		2.4390		431		$	100.00		6.00	%
Sequence A-3	40		1.8605		75		$	100.00		4.50	%
Sequence C	297		1.1100		329		$	100.00		5.00	%
Sequence D	489		0.8000		391		$	100.00		4.00	%
Sequence E	80		0.6897		55		$	100.00		5.50	%
Sequence F	90		0.6250		56		$	100.00		3.00	%
Sequence G	206		0.6452		133		$	100.00		3.20	%
Sequence H	581		0.6098		355		$	100.00		3.00	%
Sequence J	236		0.6061		143		$	100.00		2.85	%
Sequence Okay	1,000		0.5882		588		$	100.00		4.00	%
Sequence L	20		0.6250		13		$	100.00		3.50	%
Whole	3,216				2,569
Whole Convertible Securities Excellent	6,122				5,475

^(a) Alternate charges are topic to adjustment upon inventory splits, recapitalizations and related occasions. The change charges of sure collection of OP models are approximated to 4 decimal locations.

^(b) Calculation could yield minor variations as a result of fractional shares paid in money to the shareholder at conversion.

^(c) Annual distribution is predicated on the final quarterly distribution annualized.

Share – Along with reporting internet revenue on a diluted foundation (“EPS”), the Firm experiences FFO and Core FFO on a per frequent share and dilutive convertible securities foundation (per “Share”). For the durations introduced beneath, the Firm’s diluted weighted common frequent shares excellent for EPS and FFO are as follows:

	Quarter Ended				Yr Ended
	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Diluted Weighted Common Frequent Shares Excellent – EPS
Weighted common frequent shares excellent – Fundamental	126.5		123.5		124.5		123.4
Dilutive restricted inventory	0.3		0.2		—		0.4
Frequent and most popular OP models dilutive impact	2.9		2.7		2.7		—
Weighted Common Frequent Shares Excellent – Diluted	129.7		126.4		127.2		123.8
Diluted Weighted Common Frequent Shares Excellent – FFO
Weighted common frequent shares excellent – Fundamental	126.5		123.5		124.5		123.4
Restricted inventory	0.3		0.2		0.3		0.4
Frequent OP models	2.9		2.6		2.7		2.5
Frequent inventory issuable upon conversion of sure most popular OP models	2.6		2.7		2.0		2.6
Weighted Common Frequent Shares Excellent – Diluted	132.3		129.0		129.5		128.9

Utility Revenues – In its Consolidated Statements of Operations and its whole portfolio presentation of actual property working outcomes, the Firm consists of the next utility reimbursement revenues in actual property revenues (excluding transient):

	Quarter Ended						Yr Ended
Consolidated Portfolio	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Utility reimbursement revenues
MH	$	18.1		$	16.5		$	72.5		$	69.4
RV		4.0			3.9			19.4			19.2
Marina		6.9			3.9			26.2			25.5
UK		5.1			6.6			18.6			16.7
Whole	$	34.1		$	30.9		$	136.7		$	130.8

For its presentation of Similar Property outcomes on web page 10 and web page 12, the Firm nets the next utility revenues (which embrace utility reimbursement revenues from residents) in opposition to associated utility bills in Similar Property working bills:

	Quarter Ended						Yr Ended
Similar Property Portfolio	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Utility revenues netted in opposition to associated utility bills
MH	$	18.1		$	16.1		$	71.5		$	67.9
RV		3.9			3.7			18.9			18.5
Marina		6.4			6.2			24.5			23.8
UK		5.1			4.0			17.9			16.8
Whole	$	33.5		$	30.0		$	132.8		$	127.0

Non-GAAP Supplemental Measures

Buyers and analysts following the true property trade use non-GAAP supplemental efficiency measures, together with internet working revenue (“NOI”), earnings earlier than curiosity, tax, depreciation and amortization (“EBITDA”) and funds from operations (“FFO”) to evaluate REITs. The Firm believes that NOI, EBITDA and FFO are acceptable measures given their vast use by and relevance to traders and analysts. Moreover, NOI, EBITDA and FFO are generally utilized in varied ratios, pricing multiples, yields and returns and valuation calculations used to measure monetary place, efficiency and worth.

NOI offers a measure of rental operations that doesn’t consider depreciation, amortization and non-property particular bills corresponding to basic and administrative bills.

EBITDA offers an extra measure to judge the Firm’s capacity to incur and service debt; EBITDA additionally offers additional measures to judge the Firm’s capacity to fund dividends and different money wants.

FFO, reflecting the idea that actual property values rise or fall with market situations, principally adjusts for the results of GAAP depreciation and amortization of actual property belongings.

• Web Working Revenue (“NOI”)
  • Whole Portfolio NOI – The Firm calculates NOI by subtracting property working bills and actual property taxes from working property revenues. NOI is a non-GAAP monetary measure that the Firm believes is useful to traders as a supplemental measure of working efficiency as a result of it’s an indicator of the return on property funding and offers a way of evaluating property efficiency over time. The Firm makes use of NOI as a key measure when evaluating efficiency and development of explicit properties and / or teams of properties. The principal limitation of NOI is that it excludes depreciation, amortization, curiosity expense and non-property particular bills corresponding to basic and administrative bills, all of that are important prices. Due to this fact, NOI is a measure of the working efficiency of the properties of the Firm fairly than of the Firm general. The Firm believes that NOI offers enhanced comparability for investor analysis of properties efficiency and development over time.

The Firm believes that GAAP internet revenue (loss) is essentially the most straight comparable measure to NOI. NOI shouldn’t be thought of to be an alternative choice to GAAP internet revenue (loss) as a sign of the Firm’s monetary efficiency or GAAP internet money offered by working actions as a measure of the Firm’s liquidity; neither is it indicative of funds out there for the Firm’s money wants, together with its capacity to make money distributions. Due to the inclusion of things corresponding to curiosity, depreciation and amortization, using GAAP internet revenue (loss) as a efficiency measure is proscribed as these things could not precisely mirror the precise change in market worth of a property, within the case of depreciation and within the case of curiosity, could not essentially be linked to the working efficiency of an actual property asset, as it’s usually incurred at a mum or dad firm degree and not at a property degree.

• Similar Property NOI – This can be a key administration software used when evaluating efficiency and development of the Firm’s Similar Property portfolio. The Firm believes that Similar Property NOI is useful to traders as a supplemental comparative efficiency measure of the revenue generated from the Similar property portfolio from one interval to the subsequent. Similar Property NOI doesn’t embrace the revenues and bills associated to residence gross sales, service, retail, eating and leisure actions on the properties.

• Earnings earlier than curiosity, tax, depreciation and amortization (“EBITDA“)
  • EBITDAre – Nareit refers to EBITDA as “EBITDAre” and calculates it as GAAP internet revenue (loss), plus curiosity expense, plus revenue tax expense, plus depreciation and amortization, plus or minus losses or features on the disposition of depreciated property (together with losses or features on change of management), plus impairment write-downs of depreciated property and of investments in nonconsolidated associates attributable to a lower in worth of depreciated property within the affiliate, and changes to mirror the entity’s share of EBITDAre of nonconsolidated associates. EBITDAre is a non-GAAP monetary measure that the Firm makes use of to judge its capacity to incur and service debt, fund dividends and different money wants and cowl mounted prices. Buyers make the most of EBITDAre as a supplemental measure to judge and examine funding high quality and enterprise worth of REITs.
  • Recurring EBITDA – The Firm additionally makes use of EBITDAre excluding sure acquire and loss gadgets that administration considers unrelated to measurement of the Firm’s efficiency on a foundation that’s unbiased of capital construction (“Recurring EBITDA”). The Firm believes that GAAP internet revenue (loss) is essentially the most straight comparable measure to EBITDAre. EBITDAre is just not meant for use as a measure of the Firm’s money generated by operations or its dividend-paying capability, and ought to due to this fact not substitute GAAP internet revenue (loss) as a sign of the Firm’s monetary efficiency or GAAP money move offered by / used for working, investing and financing actions as measures of liquidity.

• Funds from Operations (“FFO”)

• FFO – Nareit defines FFO as GAAP internet revenue (loss), excluding features (or losses) from gross sales of sure actual property belongings, plus actual property associated depreciation and amortization, impairments of sure actual property belongings and investments, and after changes for nonconsolidated partnerships and joint ventures. FFO is a non-GAAP monetary measure that administration believes is a helpful supplemental measure of the Firm’s working efficiency. By excluding features and losses associated to gross sales of beforehand depreciated working actual property belongings, actual property associated impairment and actual property asset depreciation and amortization (which may range amongst homeowners of equivalent belongings in related situation based mostly on historic value accounting and helpful life estimates), FFO offers a efficiency measure that, when put next period-over-period, displays the affect to operations from traits in occupancy charges, rental charges and working prices, offering perspective not readily obvious from GAAP internet revenue (loss). Administration believes using FFO has been useful in bettering the understanding of working outcomes of REITs among the many investing public and making comparisons of REIT working outcomes extra significant.
• Core FFO – Along with FFO, the Firm makes use of FFO excluding sure acquire and loss gadgets that administration considers unrelated to the operational and monetary efficiency of the Firm’s core enterprise (“Core FFO”). The Firm believes that Core FFO offers enhanced comparability for investor evaluations of period-over-period outcomes. The Firm believes that GAAP internet revenue (loss) is essentially the most straight comparable measure to FFO. The principal limitation of FFO is that it doesn’t substitute GAAP internet revenue (loss) as a monetary efficiency measure or GAAP money move from working actions as a measure of the Firm’s liquidity. As a result of FFO excludes important financial parts of GAAP internet revenue (loss) together with depreciation and amortization, FFO must be used as a complement to GAAP internet revenue (loss) and not as an alternative choice to it. Moreover, FFO is just not meant as a measure of a REIT’s capacity to satisfy debt principal repayments and different money necessities, nor as a measure of working capital. FFO is calculated in accordance with the Firm’s interpretation of requirements established by Nareit, which might not be akin to FFO reported by different REITs that interpret the Nareit definition in another way. Sure monetary info has been revised to mirror reclassifications in prior durations to adapt to present interval presentation.

• Press Release and Supplemental Package 2024.12.31

FAQ

What was Sun Communities (SUI) Q4 2024 monetary efficiency?

SUI reported a Q4 2024 internet lack of $224.4 million (-$1.77 per share) with Core FFO of $1.41 per share. North American Similar Property NOI elevated by 5.7%.

How a lot is SUI promoting Protected Harbor Marinas for and when?

SUI is promoting Protected Harbor Marinas for $5.65 billion, with the deal anticipated to shut in Q2 2025, producing roughly $5.5 billion in pre-tax proceeds.

What’s SUI’s occupancy price for MH and RV websites as of Q4 2024?

SUI maintained 98.0% occupancy in MH and annual RV websites as of December 31, 2024, up from 97.4% year-over-year.

What’s Sun Communities’ NOI development steering for 2025?

SUI expects North American Similar Property NOI development of 4.3-5.6% and UK Similar Property NOI development of 0.9-2.9% for 2025.