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What changed in SUN COMMUNITIES INC's 10-K — 2022 vs 2023

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Paragraph-level year-over-year comparison of SUN COMMUNITIES INC's 2022 and 2023 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2023 report.

+442 added−484 removedSource: 10-K (2023-02-23) vs 10-K (2022-02-22)

Top changes in SUN COMMUNITIES INC's 2023 10-K

442 paragraphs added · 484 removed · 341 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

74 edited+14 added−29 removed23 unchanged
Biggest changeDiversity education and training programs for our team focus on unconscious bias, gender identity and transitions, generational differences, religion in the workplace, and self-awareness and self-assessments. • We launched our formal initiative for Inclusion, Diversity, Equity and Accountability ("IDEA") focused on enhancing diversity through education, awareness and outreach throughout our company, communities and resorts; • We engaged a third-party DEI consultant who conducted a company-wide training on DEI-related key foundational terms and helped develop an organization-wide IDEA strategy for Sun; and • We set the foundation with senior leaders at our 2021 Elevate conference where we held break out sessions on allyship with inclusion and belonging, continuing the IDEA conversation, inclusive leadership, introduction to IDEA, and workplace microaggressions and unconscious bias. 7 SUN COMMUNITIES, INC.
Biggest changeTraining and Resources We offer training and resources on diversity, equity and inclusion to our employees. Diversity education and training programs for our team focus on unconscious bias, gender identity and transitions, generational differences, religion in the workplace, and self-awareness and self-assessments. 7 SUN COMMUNITIES, INC.
EQUITY PAY We are committed to providing a total compensation package that is market-based, performance driven, fair and internally equitable.
PAY EQUITY We are committed to providing a total compensation package that is market-based, performance driven, fair and internally equitable.
(6) The annual distribution rate for Aspen 2034 Units is 3.8 percent. The annual distribution rate on all other Aspen preferred OP units is equal to the 10-year U.S. Treasury bond yield plus 239 basis points; provided, however, that such aggregate distribution rate shall not be less than 6.5 percent nor more than 9.0 percent.
(6) The annual distribution rate for Aspen 2034 Units is 3.8%. The annual distribution rate on all other Aspen preferred OP units is equal to the 10-year U.S. Treasury bond yield plus 239 basis points; provided, however, that such aggregate distribution rate shall not be less than 6.5% nor more than 9.0%.
The following table sets forth: • The various series of OP units and the number of units of each series outstanding as of December 31, 2021; • The relative ranking of the various series of OP units with respect to rights to the payment of distributions and the distribution of assets in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Operating Partnership; • The number of shares of our common stock issuable upon the exchange of each OP unit of the applicable series; • The annual distribution rate on each series of OP Units; and • Information regarding the terms of redemption rights for each series of OP units, as applicable.
The following table sets forth: • The various series of OP units and the number of units of each series outstanding as of December 31, 2022; • The relative ranking of the various series of OP units with respect to rights to the payment of distributions and the distribution of assets in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Operating Partnership; • The number of shares of our common stock issuable upon the exchange of each OP unit of the applicable series; • The annual distribution rate on each series of OP units; and • Information regarding the terms of redemption rights for each series of OP units, as applicable.
Our managers are responsible for ensuring that team members receive the appropriate training to perform their jobs safely; • All team members participate in safety training during the onboarding process, and thereafter, team members in the field complete an annual safety training course; • We work hard to uphold a safe workplace by complying with safety and health laws and regulations, maintaining internal requirements and remediating risks.
Our managers are responsible for ensuring that team members receive the appropriate training to perform their jobs safely; • All team members participate in safety training during the onboarding process, and thereafter, team members in the field complete an annual safety training course; and • We uphold a safe workplace by complying with safety and health laws and regulations, maintaining internal requirements and remediating risks.
(4) Of the outstanding Aspen preferred OP units, 270,000 are designated as "Aspen 2034 Units." (5) At any time prior to January 1, 2024 (or prior to January 1, 2034 with respect to the Aspen 2034 Units), at the holder's option, each Aspen preferred OP unit may be exchanged into: (a) if the average closing price of our common stock for the preceding ten trading days is $68.00 per share or less, 0.397 common OP units, or (b) if the average closing price of our common stock for the preceding ten trading days is greater than $68.00 per share, the number of common OP units determined by dividing (i) the sum of (A) $27.00 plus (B) 25 percent of the amount by which the average closing price of our common stock for the preceding ten trading days exceeds $68.00 per share, by (ii) the average closing price of our common stock for the preceding ten trading days.
(4) Of the outstanding Aspen preferred OP units, 270,000 are designated as "Aspen 2034 Units." (5) At any time prior to January 1, 2024 (or prior to January 1, 2034 with respect to the Aspen 2034 Units), at the holder's option, each Aspen preferred OP unit may be exchanged into: (a) if the average closing price of our common stock for the preceding ten trading days is $68.00 per share or less, 0.397 common OP units, or (b) if the 10-day average closing price of our common stock is greater than $68.00 per share, the number of common OP units is determined by dividing (i) the sum of (A) $27.00 plus (B) 25.0% of the amount by which the 10-day average closing price exceeds $68.00 per share, by (ii) the 10-day average closing price.
SITE LEASES OR USAGE RIGHTS Typical tenant leases for MH sites are year-to-year or month-to-month, renewable upon the consent of both parties, or, in some instances, as provided by statute. Certain of our leases, mainly at our Florida and California properties, are tied to the consumer price index or other indices as they relate to rent increases.
SITE LEASES OR USAGE RIGHTS Typical tenant leases for MH sites in the U.S. are year-to-year or month-to-month, renewable upon the consent of both parties, or, in some instances, as provided by statute. Certain of our leases, mainly at our Florida and California properties, are tied to the consumer price index or other indices as they relate to rent increases.
The most significant measures and objectives that we focus on in managing our business and our related human capital initiatives include the following: CULTURE We are taking deliberate actions to foster a growth culture that is grounded in our vision and culture statements: We are an inspired, engaged and collaborative team committed to providing extraordinary service to our residents, customers and team members.
The most significant measures and objectives that we focus on in managing our business and our related human capital initiatives include the following: CULTURE We are taking deliberate actions to foster a growth culture that is grounded in our vision and culture statements: We are an inspired, engaged and collaborative team committed to providing extraordinary service to our residents, guests and team members.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. All written and oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by these cautionary statements. 11 SUN COMMUNITIES, INC.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. All written and oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by these cautionary statements. 10 SUN COMMUNITIES, INC.
Renters at our MH and RV properties lease the site on which a manufactured home, RV or vacation rental home is located. We typically own the underlying land, utility connections, streets, lighting, driveways, common area amenities, and other capital improvements and are responsible for enforcement of community guidelines and maintenance.
Renters at our MH and RV communities lease the site on which a manufactured home, RV or vacation rental home is located. We typically own the underlying land, utility connections, streets, lighting, driveways, common area amenities, and other capital improvements and are responsible for enforcement of community guidelines and maintenance.
We undertake no obligation to publicly update or revise any forward-looking statements included or incorporated by reference into this filing, whether as a result of new information, future events, changes in our expectations or otherwise, except as required by law.
We undertake no obligation to publicly update or revise any forward-looking statements included or incorporated by reference into this document, whether as a result of new information, future events, changes in our expectations or otherwise, except as required by law.
For this purpose, any statements contained in this filing that relate to expectations, beliefs, projections, future plans and strategies, trends or prospective events or developments and similar expressions concerning matters that are not historical facts are deemed to be forward-looking statements.
For this purpose, any statements contained in this document that relate to expectations, beliefs, projections, future plans and strategies, trends or prospective events or developments and similar expressions concerning matters that are not historical facts are deemed to be forward-looking statements.
DIVERSITY, EQUITY AND INCLUSION ("DEI") We make it a priority to recognize and appreciate the diverse characteristics that make individuals unique in an atmosphere that promotes and celebrates individual and collective achievement. We believe it's not just about gender or race, but about being diverse in thoughts, life and work experiences.
INCLUSION, DIVERSITY, EQUITY AND ACCESSIBILITY ("IDEA") We make it a priority to recognize and appreciate the diverse characteristics that make individuals unique in an atmosphere that promotes and celebrates individual and collective achievement. We believe it's not just about gender or race, but about being diverse in thoughts, life and work experiences.
Under the partnership agreement, the Operating Partnership is structured to make distributions with respect to certain of the Operating Partnership units ("OP units") at the same time that distributions are made to our common stockholders.
Under the partnership agreement, the Operating Partnership is structured to make distributions with respect to certain of the Operating Partnership units ("OP units") at the same time that distributions are made to our common shareholders.
As the sole general partner of the Operating Partnership, we generally have the power to manage and have complete control over the conduct of the Operating Partnership's affairs and all decisions or actions made or taken by us as the general partner pursuant to the partnership agreement are generally binding upon all of the partners and the Operating Partnership. 2 SUN COMMUNITIES, INC.
As the sole general partner of the Operating Partnership, we generally have the power to manage and have complete control over the conduct of the Operating Partnership's affairs and all decisions or actions made or taken by us as the general partner pursuant to the partnership agreement are generally binding upon all of the partners and the Operating Partnership.
The Operating Partnership is structured to permit limited partners holding certain classes or series of OP units to exchange those OP units for shares of our common stock (in a taxable transaction) and achieve liquidity for their investment.
The Operating Partnership is structured to permit limited partners holding certain classes or series of OP units to exchange those OP units for shares of our common stock (in a taxable transaction) and achieve liquidity for their investment. 2 SUN COMMUNITIES, INC.
During the five calendar years ended December 31, 2021, on average less than 1.0 percent of the homes in our MH communities have been removed by their owners and 6.5 percent of the homes have been sold by their owners to a new owner who then assumes rental obligations as a community resident.
During the five calendar years ended December 31, 2022, on average less than 1.0% of the homes in our MH communities have been removed by their owners and 6.4% of the homes have been sold by their owners to a new owner who then assumes rental obligations as a community resident.
In certain MH and RV properties, we do not own all of the underlying land and operate the communities pursuant to ground leases. Certain of the properties provide water and sewer service through public or private utilities companies, while others provide these services to residents from on-site facilities.
In certain MH and RV communities, we do not own all of the underlying land and operate the communities pursuant to ground leases. Certain communities provide water and sewer service through public or private utility companies, while other communities provide these services to residents from on-site facilities.
In addition to the risks disclosed under "Risk Factors" in this Annual Report on Form 10-K and in our other filings with the SEC, such risks and uncertainties include, but are not limited to: • Outbreaks of disease, including the COVID-19 pandemic, and related stay-at-home orders, quarantine policies and restrictions on travel, trade and business operations; • Changes in general economic conditions, the real estate industry and the markets in which we operate; • Difficulties in our ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully; • Our liquidity and refinancing demands; • Our ability to obtain or refinance maturing debt; • Our ability to maintain compliance with covenants contained in our debt facilities and our senior unsecured notes; • Availability of capital; • Changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, Australian dollar and British pound; • Our ability to maintain rental rates and occupancy levels; • Our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; • Increases in interest rates and operating costs, including insurance premiums and real property taxes; • Risks related to natural disasters such as hurricanes, earthquakes, floods, droughts and wildfires; • General volatility of the capital markets and the market price of shares of our capital stock; • Our ability to maintain our status as a REIT; • Changes in real estate and zoning laws and regulations; • Legislative or regulatory changes, including changes to laws governing the taxation of REITs; • Litigation, judgments or settlements; • Competitive market forces; • The ability of purchasers of manufactured homes and boats to obtain financing; and • The level of repossessions by manufactured home and boat lenders.
In addition to the risks disclosed under "Risk Factors" in this Annual Report on Form 10-K, and in our other filings with the SEC, from time to time, such risks, uncertainties and other factors include but are not limited to: • Outbreaks of disease and related restrictions on business operations; • Changes in general economic conditions, including inflation, deflation and energy costs, the real estate industry and the markets within which we operate; • Difficulties in our ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully; • Our liquidity and refinancing demands; • Our ability to obtain or refinance maturing debt; • Our ability to maintain compliance with covenants contained in our debt facilities and our unsecured notes; • Availability of capital; • Changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, Australian dollar and Pound sterling; • Our ability to maintain rental rates and occupancy levels; • Our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; • Increases in interest rates and operating costs, including insurance premiums and real estate taxes; • Risks related to natural disasters such as hurricanes, earthquakes, floods, droughts and wildfires; • General volatility of the capital markets and the market price of shares of our capital stock; • Our ability to maintain our status as a REIT; • Changes in real estate and zoning laws and regulations; • Legislative or regulatory changes, including changes to laws governing the taxation of REITs; • Litigation, judgments or settlements; • Competitive market forces; • The ability of purchasers of manufactured homes and boats to obtain financing; and • The level of repossessions by manufactured home and boat lenders.
Marina A marina is a specially-designed harbor that can be located on oceans, lakes, bays or rivers and typically includes dry storage systems that provide storage solutions for the placement of vessels ranging in size from small boats to super yachts for varied lengths of time.
A marina is a specially-designed harbor that can be located on oceans, lakes, bays or rivers and typically includes dry storage systems that provide storage solutions for the placement of vessels ranging in size from small boats to super yachts for varied lengths of time. Dry storage systems also allow for the required maintenance of the vessels that we store.
WORKPLACE HEALTH AND SAFETY Sun actively seeks opportunities to minimize health, safety and environmental risks to our team members, residents, and guests we serve in our communities and resorts by utilizing safe operating procedures and practices: • As part of our commitment to safety, Sun oversees annual safety training programs for all employees to provide tools and safeguards for accident prevention.
WORKPLACE HEALTH AND SAFETY We actively seek opportunities to minimize health, safety and environmental risks to our team members, residents, and guests we serve in our communities by utilizing safe operating procedures and practices: • As part of our commitment to safety, we oversee annual safety training programs for all employees to provide tools and safeguards for accident prevention.
BUSINESS GENERAL OVERVIEW Sun Communities, Inc., a Maryland corporation, and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership, a Michigan limited partnership (the "Operating Partnership"), Sun Home Services, Inc., a Michigan corporation ("SHS") and Safe Harbor Marinas, LLC ("Safe Harbor") are referred to herein as the "Company," "us," "we," and "our." We are a fully integrated real estate investment trust ("REIT").
BUSINESS GENERAL OVERVIEW Sun Communities, Inc., a Maryland corporation, and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership, a Michigan limited partnership (the "Operating Partnership"), Sun Home Services, Inc., a Michigan corporation ("SHS"), Safe Harbor Marinas, LLC ("Safe Harbor") and Sun UK Holding LLC (together with its subsidiaries, "Park Holidays") are referred to herein as the "Company," "we," "us," "or," and "our." We are a fully integrated real estate investment trust ("REIT").
New and pre-owned homes are purchased for the Rental Program. Leases associated with the Rental Program generally have a term of one year. The Rental Program requires management of costs associated with repair and refurbishment of these homes as the tenants vacate and the homes are re-leased, similar to apartment rentals.
New and pre-owned homes are purchased for our Rental Program. Leases associated with our Rental Program generally have a term of one year. The Rental Program requires management of costs associated with repair and refurbishment of these homes as the tenants vacate and the homes are re-leased.
Insurance Our management believes that the properties are covered by adequate fire, property, business interruption, general liability, and (where appropriate) flood and earthquake insurance provided by reputable companies with commercially reasonable deductibles and limits. We maintain a blanket policy that covers all of our properties.
Each property has the necessary operating permits and approvals. Insurance Our management believes that the properties are covered by adequate fire, property, business interruption, general liability, and (where appropriate) flood and earthquake insurance provided by reputable companies with commercially reasonable deductibles and limits. We maintain a blanket policy that covers all of our properties.
We received approximately 55,500 applications during 2021 to live in our MH and RV properties, providing a significant "resident onboarding" system that allows us to market the purchase of a home to qualified applicants. Through the Rental Program we demonstrate our product and lifestyle to the renters, while monitoring their payment history and converting qualified renters to owners.
In 2022, we received over 55,400 applications to live in our MH and RV properties, providing a significant "resident onboarding" system that allows us to market the purchase of a home to qualified applicants. Through our Rental Program, we demonstrate our product and lifestyle to the renters, while monitoring their payment history and converting qualified renters to owners.
We are focused on hiring and developing talent that mirrors the markets we serve, and investing in learning opportunities and capabilities that equip our workforce with the skills they need while improving engagement and retention. • Our internal training program, Sun University, offers over 100 courses to our MH and RV team members on a range of topics, including leadership, communications, inclusion and diversity, software and operations.
We are focused on hiring and developing talent that mirrors the markets we serve, and investing in learning opportunities and capabilities that equip our workforce with the skills they need while improving engagement and retention. • Our internal training program offers over 120 courses to our team members on a range of topics, including leadership, communication, inclusion and diversity, software and operations.
The financial results of the Operating Partnership and our other subsidiaries are consolidated in our Consolidated Financial Statements. The financial results include certain activities that do not necessarily qualify as REIT activities under the Internal Revenue Code of 1986, as amended (the "Code"). We have formed taxable REIT subsidiaries, as defined in the Code, to engage in such activities.
The financial results of the Operating Partnership include certain activities that do not necessarily qualify as REIT activities under the Internal Revenue Code of 1986, as amended (the "Code"). We have formed taxable REIT subsidiaries, as defined in the Code, to engage in such activities.
Manufactured homes cost approximately 52 percent less per square foot than conventional site-built homes, expanding the opportunity for residents to own their home, despite an ever-increasing housing affordability gap. Our homes provide more space at less cost per square foot compared to other options.
Manufactured homes cost approximately 51% less per square foot than conventional site-built homes, expanding the opportunity for residents to own their home, despite an ever-increasing housing affordability gap. Our homes provide more space at less cost per square foot compared to other options. 8 SUN COMMUNITIES, INC.
Ranking Description OP Units Outstanding at December 31, 2021 Exchange Rate (1) Annual Distribution Rate (2) Cash Redemption (3) Redemption Period 1 Preferred OP units (or "Aspen preferred OP units") 1,283,819 (4) Variable (5) Variable (6) Mandatory Variable (7) 1 Series A-1 preferred OP units 275,024 2.439 6.0 % N/A N/A 2 Series C preferred OP units 306,163 1.11 Variable (8) N/A N/A 3 Series D preferred OP units 488,958 0.8 Variable (9) Holder's Option Any time after earlier of January 31, 2024 or death of holder 4 Series E preferred OP units 90,000 0.6897 Variable (10) N/A N/A 5 Series F preferred OP units 90,000 0.625 3.0 % Holder's Option Any time after earlier of May 14, 2025 or death of holder 6 Series G preferred OP units 240,710 0.6452 3.2 % Holder's Option Any time after earlier of September 30, 2025 or death of holder 7 Series H preferred OP units 581,407 0.6098 3.0 % Holder's Option Any time after earlier of October 30, 2025 or death of holder 8 Series I preferred OP units 922,000 0.6098 3.0 % Holder's Option Any time after earlier of December 31, 2025 or death of holder 9 Series J preferred OP units 240,000 0.6061 2.85 % Holder's Option During the 30-day period following a change of control of the Company or any time after April 21, 2026. 10 Series A-3 preferred OP units 40,268 1.8605 4.5 % N/A N/A 11 Common OP units 118,514,363 (11) 1.0 Same distribution rate for common stock and common OP units N/A N/A (1) Exchange rates are subject to adjustment upon stock splits, recapitalizations and similar events.
Ranking Description OP Units Outstanding at December 31, 2022 Exchange Rate (1) Annual Distribution Rate (2) Cash Redemption (3) Redemption Period 1 Preferred OP units (or "Aspen preferred OP units") 1,258,819 (4) Variable (5) Variable (6) Mandatory Variable (7) 1 Series A-1 preferred OP units 207,548 2.439 6.0 % N/A N/A 2 Series C preferred OP units 306,013 1.11 5.0 % N/A N/A 3 Series D preferred OP units 488,958 0.8 4.0 % Holder's Option Any time after earlier of January 31, 2024 or death of holder 4 Series E preferred OP units 80,000 0.6897 5.5 % N/A N/A 5 Series F preferred OP units 90,000 0.625 3.0 % Holder's Option Any time after earlier of May 14, 2025 or death of holder 6 Series G preferred OP units 240,710 0.6452 3.2 % Holder's Option Any time after earlier of September 30, 2025 or death of holder 7 Series H preferred OP units 581,367 0.6098 3.0 % Holder's Option Any time after earlier of October 30, 2025 or death of holder 8 Series J preferred OP units 240,000 0.6061 2.85 % Holder's Option During the 30-day period following a change of control of the Company or any time after April 21, 2026 9 Series A-3 preferred OP units 40,268 1.8605 4.5 % N/A N/A 10 Common OP units 126,463,507 (8) 1.0 Same distribution rate for common stock and common OP units N/A N/A (1) Exchange rates are subject to adjustment upon stock splits, recapitalizations and similar events.
In 2021, team members logged 52,506 learning hours; • We hold mandatory ongoing training sessions for all property management personnel to ensure that policies and procedures are executed effectively, professionally and consistently; and • New team members are required to complete information security training, and safety and compliance-related training, with routine refreshers at least annually on critical topics.
In 2022, team members logged over 71,500 hours of training. • We hold mandatory ongoing training sessions for all property management personnel to ensure that policies and procedures are executed effectively, professionally and consistently. • New team members are required to complete information security training, and safety and compliance-related training, with routine refreshers at least annually on critical topics.
These agreements are cancellable for non-payment of rent, violation of resort rules and regulations or other specified defaults. Leases for wet slips and dry storage spaces at our marinas are year-to-year, season-to-season, month-to-month, or transient by night, renewable upon the consent of both parties.
These agreements are cancellable for non-payment of rent, violation of community rules and regulations or other specified defaults. Leases for wet slips and dry storage spaces at our marinas are year-to-year, season-to-season, month-to-month, or transient by night, renewable upon the consent of both parties. On average, our members maintain leases in our marinas for approximately 7.5 years.
Additionally, because many of the homes on the properties are sold through SHS, better control of home quality in our communities can be maintained than if sales services were conducted solely through third-party brokers. SHS also leases homes to prospective tenants. At December 31, 2021, SHS had 9,870 occupied leased homes in its portfolio.
Additionally, because many of the homes on the properties are sold through SHS and Park Holidays, better control of home quality in our communities can be maintained than if sales services were conducted solely through third-party brokers. SHS also leases homes to prospective tenants. As of December 31, 2022, SHS's portfolio consists of 9,334 occupied leased homes.
The taxable REIT subsidiaries include our home sales business, SHS, which provides manufactured home sales, leasing, and other services to current and prospective tenants of our properties.
The taxable REIT subsidiaries include our home sales business, SHS, which provides manufactured home sales, leasing, and other services to current and prospective tenants of our properties. Currently, all of our UK operations are conducted through taxable REIT subsidiaries.
We are dedicated to the attraction, development and retention of our talent, focusing our efforts on ensuring that the returning seasonal team member pipeline remains robust each year and our annual talent management processes focus on the professional development of salaried team members. As of December 31, 2021, nearly 10 percent of our employees had over 10 years tenure.
We are dedicated to attracting, developing and retaining our talent, focusing our efforts on ensuring that the returning seasonal team member pipeline remains robust each year and our annual talent management processes focus on the professional development of salaried team members. As of December 31, 2022, 11% of our employees had over 10 years' tenure.
It serves as the foundation of our approach to ethics and compliance, and our anti-corruption compliance program is focused on conducting business in a fair, ethical and legal manner.
BUSINESS INTEGRITY Our Code of Conduct and Business Ethics is grounded in our commitment to do the right thing. It serves as the foundation of our approach to ethics and compliance, and our anti-corruption compliance program is focused on conducting business in a fair, ethical and legal manner.
HOME SALES AND RENTALS SHS is engaged in the marketing, selling and leasing of new and pre-owned homes to residents in our communities. Because tenants often purchase a home already on-site within a community, such services enhance occupancy and property performance.
HOME SALES AND RENTALS We are engaged in the marketing, selling and leasing of new and pre-owned homes to residents in our communities through SHS in the U.S. and Park Holidays in the UK. Because tenants often purchase a home already on-site within a community, the services SHS and Park Holidays provide enhance occupancy and property performance.
Dry storage systems also allow for the required maintenance to the vessels that we store. Marinas also provide ancillary services, such as fuel stations, ship stores, restaurants, swimming pools, cabin and lodging rentals, boat rentals, tennis courts, fitness centers, shower and laundry facilities, planned activities and other services to create a robust member experience.
Marinas also provide ancillary services, such as fuel stations, ship stores, restaurants, swimming pools, cabin and lodging rentals, boat rentals, tennis courts, fitness centers, shower and laundry facilities, planned activities and other services to create a robust member experience.
Our home sales and leasing operations compete with other local and national MH dealers and MH community owners. MARINA MEMBER BASE We are engaged in the marketing and leasing of wet slips and dry storage spaces and have approximately 45,000 members throughout our marina network as of December 31, 2021.
Our home sales and leasing operations compete with other national, and local MH dealers and MH community owners and other holiday park owners in the U.S. and UK. MARINA MEMBER BASE We are engaged in the marketing and leasing of wet slips and dry storage spaces and have over 47,800 members throughout our marina network as of December 31, 2022.
Renters at our marinas lease the wet slip or dry storage space on which the vessel is stored. We typically own the underlying land, building improvements, dock improvements, site improvements and other on-site amenity structures. Because we own the facilities and improvements on the land or submerged land at those marinas, we are responsible for the capital improvements and maintenance.
We typically own the underlying land, building improvements, dock improvements, site improvements and other on-site amenity structures. Because we own the facilities and improvements on the land or submerged land at those marinas, we are responsible for the capital improvements and maintenance.
Our RV resorts are designed to offer affordable vacation opportunities to individuals and families complemented by a diverse selection of high-quality amenities. Our marina offerings include wet slip and dry storage space leases, end-to-end service (such as routine maintenance, repair and winterization), fuel sales and other high-end amenities. These services and amenities offer convenience and resort-quality experiences.
Our RV communities are designed to offer affordable vacation opportunities to individuals and families complemented by a diverse selection of high-quality amenities. The majority of our marinas are concentrated in coastal regions. Our marinas offer wet slip and dry storage space leases, end-to-end service (such as routine maintenance, repair and winterization), fuel sales and other high-end amenities.
We employed an aggregate of 5,961 full and part time employees as of December 31, 2021.
We employed an aggregate of 7,594 full and part time employees as of December 31, 2022.
The average cost to move a home is approximately $7,000. On average, our residents remain in our communities for approximately 14 years. Typical resident agreements for RV sites are year-to-year or from move-in date until the end of the current calendar year. Generally, increases and market rate adjustments are made on an annual basis.
On average, Park Holidays home owners remain in the communities for over seven years. 5 SUN COMMUNITIES, INC. Typical resident agreements for RV sites are year-to-year or from move-in date until the end of the current calendar year. Generally, increases and market rate adjustments are made on an annual basis.
The Operating Partnership owns, either directly or indirectly through other subsidiaries, substantially all of our assets. This UPREIT structure enables us to comply with certain complex requirements under the federal tax rules and regulations applicable to REITs, and to acquire MH communities, RV resorts and marinas in transactions that defer some or all of the sellers' tax consequences.
This UPREIT structure enables us to comply with certain complex requirements under the federal tax rules and regulations applicable to REITs, and to acquire properties in transactions that defer some or all of the sellers' tax consequences. The financial results of the Operating Partnership and our other subsidiaries are consolidated in our Consolidated Financial Statements.
Additionally, the SEC maintains a website at https://www.sec.gov, that contains reports, proxy information statements and other information about Sun. 1 SUN COMMUNITIES, INC. STRUCTURE OF THE COMPANY The Operating Partnership is structured as an umbrella partnership REIT, or UPREIT. We conduct substantially all of our operations through the Operating Partnership.
Additionally, the SEC maintains a website at https://www.sec.gov, that contains reports, proxy information statements and other information about us. 1 SUN COMMUNITIES, INC. STRUCTURE OF THE COMPANY The Company is a REIT and the general partner of the Operating Partnership.
We compete with other available MH communities and RV resorts, and alternative forms of housing (such as on-site constructed homes, apartments, condominiums and townhouses) as they provide housing alternatives to potential tenants of MH communities and RV resorts.
In certain marinas, we do not own all of the underlying land and operate the marinas pursuant to ground leases. We compete with other available MH and RV communities, and alternative forms of housing (such as on-site constructed homes, apartments, condominiums and townhouses) as they provide housing alternatives to potential tenants of MH and RV communities.
Our executive and principal property management office is located at 27777 Franklin Road, Suite 200, Southfield, Michigan 48034 and our telephone number is (248) 208-2500. Our Safe Harbor marina segment principal office is located in Dallas, Texas. We have regional property management offices throughout the United States.
Our executive and principal property management office is located at 27777 Franklin Road, Suite 300, Southfield, Michigan 48034 and our telephone number is (248) 208-2500. We also have principal offices in Dallas, Texas, and in Bexhill-on-Sea, East Sussex, UK. We have regional property management offices throughout the U.S.
Our marina business is overseen by Baxter Underwood, the Chief Executive Officer of Safe Harbor, who has been in the marina business since 2006, two Chief Operating Officers and 17 Regional Vice Presidents who are responsible for regular marina inspections and oversight of operations.
Our marina business is overseen by a Chief Executive Officer of Safe Harbor, three Executive Vice Presidents of Operations and 18 Regional Vice Presidents who are responsible for regular marina inspections and oversight of operations.
These forward-looking statements reflect our current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this filing. These risks and uncertainties may cause our actual results to be materially different from any future results expressed or implied by such forward-looking statements.
These forward-looking statements reflect our current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this document, some of which are beyond our control.
An RV resort is a resort with sites for the placement of RVs for varied lengths of time. RV resorts may also provide vacation rental homes and may include a number of amenities such as restaurants, golf courses, swimming pools, water parks, tennis courts, fitness centers, planned activities and spacious social facilities.
RV communities may also provide vacation rental homes and may include a number of amenities such as restaurants, golf courses, swimming pools, water parks, tennis courts, fitness centers, planned activities and spacious social facilities. In 2021, we began to rebrand select RV communities under the "Sun Outdoors" umbrella.
Climate change poses a clear threat and challenge to the real estate sector, as buildings contribute up to 30 percent of global annual greenhouse gas (“GHG”) emissions. Climate change impacts are material to our overall value as well as our ability to serve our residents, guests, employees, investors and other stakeholders.
Climate Change Goals Climate change is the challenge of our lifetime and poses a clear threat and challenge to the real estate sector, as buildings contribute up to 30% of global annual greenhouse gas ("GHG") emissions.
Each owner of a home within our properties is responsible for the maintenance of the home and leased site. As a result, our capital expenditure needs tend to be less significant relative to multi-family rental apartment complexes. In 2021, we began to rebrand certain of our RV resorts under the "Sun Outdoors" umbrella.
Each owner of a home within our properties is responsible for the maintenance of the home and leased site. As a result, our capital expenditure needs tend to be less significant relative to multi-family rental apartment complexes. Renters at our marinas lease the wet slip or dry storage space on which a vessel is stored.
We are engaged through SHS, a taxable REIT subsidiary, in the marketing, selling, and leasing of new and pre-owned homes to current and future residents in our communities. The operations of SHS support and enhance our occupancy levels, property performance and cash flows.
Additionally, we own or control land to support developing and expanding nearly 16,200 additional MH and RV sites suitable for development. Through SHS, a taxable REIT subsidiary, we market, sell, and lease new and pre-owned homes to current and future residents in our MH communities. The operations of SHS support and enhance our occupancy levels, property performance and cash flows.
We recognize the important opportunity of providing access to affordable and sustainable housing. Our business contributes to a vitally important function in our economy by providing high-quality, yet affordable, housing for both all-age and age-restricted needs.
In 2022, our team members reported over 9,400 volunteer hours, an increase of nearly 67% compared to the prior year. We recognize the important opportunity of providing access to affordable and sustainable housing. Our business contributes to a vitally important function in our economy by providing high-quality, affordable housing that accommodates all-age and age-restricted communities.
As of December 31, 2021, the properties contained an aggregate of 204,163 developed sites comprised of 98,621 developed MH sites, 30,540 annual RV sites (inclusive of both annual and seasonal usage rights), 29,847 transient RV sites, and 45,155 wet slips and dry storage spaces. Additionally, there are nearly 11,000 additional MH and RV sites suitable for development.
As of December 31, 2022, the properties contained an aggregate of 227,541 developed sites comprised of 118,204 developed MH sites, 30,333 annual RV sites (inclusive of both annual and seasonal usage rights), 31,181 transient RV sites, and 47,823 wet slips and dry storage spaces.
A select number of our communities and resorts are operated by independent third party contractors on our behalf under a management agreement. Others are operated by a lessee under a ground lease arrangement.
We self-administer, self-manage, and operate or hold an interest in, and develop the majority of our properties and a select number of our communities are operated by independent third party contractors on our behalf under management agreements. Others are operated by lessees under ground lease arrangements.
REGULATIONS AND INSURANCE General MH, RV and marina properties are subject to various laws, ordinances and regulations, including regulations relating to recreational facilities such as swimming pools, clubhouses and other common areas. Each property has the necessary operating permits and approvals.
EXPANSION / DEVELOPMENT During the year ended December 31, 2022, we completed the construction of over 2,000 sites at six ground-up developments and 11 expansion properties. REGULATIONS AND INSURANCE General MH, RV and marina properties are subject to various laws, ordinances and regulations, including regulations relating to recreational facilities such as swimming pools, clubhouses and other common areas.
Sun Outdoors offers tent camping, RV sites and vacation rentals with world-class amenities throughout the U.S. and in Ontario, Canada. We believe this rebranding under the Sun Outdoors umbrella will allow us to gain a competitive advantage in the outdoor recreation market.
Sun Outdoors offers tent camping, RV sites and vacation rentals with world-class amenities in the U.S. and Canada. We believe the Sun Outdoors brand supports our competitive advantage in the outdoor market. Implementation of the Sun Outdoors brand at select RV communities is expected to be completed by the end of March 2023.
We are a fully-integrated real estate company which, together with our affiliates and predecessors, has been in the business of acquiring, operating, developing and expanding MH communities and RV resorts since 1975 and marinas since 2020.
Together with our affiliates and predecessors, we have been in the business of operating, acquiring, developing and expanding MH and RV communities since 1975 and marinas since 2020. We lease individual parcels of land ("sites"), with utility access for the placement of manufactured homes and RVs to our MH and RV customers.
As of December 31, 2021, 41 percent of our employees were female, 21 percent of our employees were racially or ethnically diverse, and 47 percent of our employees were aged 50 years and older, with approximately 24 percent being aged 60 years and older. Training and Resources We offer trainings and resources on diversity, equity and inclusion to our employees.
As of December 31, 2022, 41% of our employees were female, 22% of our employees (excluding those in Canada and the UK) were racially or ethnically diverse, and 44% of our employees were aged 50 years and older, with approximately 22% being aged 60 years and older.
We continue to identify opportunities to invest in energy-efficient technology, water efficiency and waste reduction strategies throughout our communities, resorts and corporate headquarters. By conserving natural resources, reducing our carbon footprint and participating in efforts to protect the environment through our Sun Unity program, we are striving to achieve our environmental sustainability goals.
We are fully committed to reducing our environmental impact across the scope of our operations and through the services we deliver to our residents and guests. We continue to identify opportunities to invest in energy-efficient technology, water efficiency and waste reduction strategies throughout our communities and corporate headquarters.
In certain marinas, we do not own all of the underlying land and operate the marinas pursuant to ground leases. We compete with other available marinas in the U.S. and Puerto Rico. PROPERTY MANAGEMENT Our property management strategy emphasizes intensive, detail-oriented, hands-on management by dedicated, on-site community, resort and marina managers.
We also compete with other available marinas in the U.S. PROPERTY MANAGEMENT Our property management strategy emphasizes intensive, detail-oriented, hands-on management by dedicated, on-site MH and RV community and marina managers. We believe our focus on creating an exceptional resident, guest and member experience creates a competitive advantage.
On average, our members maintain leases in our marinas for approximately eight years. 5 SUN COMMUNITIES, INC. ACQUISITIONS During the year ended December 31, 2021, we acquired 35 MH communities and RV resorts, totaling 9,277 sites and 19 marinas totaling 6,539 wet slips and dry storage spaces for a total purchase price of approximately $1.4 billion.
ACQUISITIONS During the year ended December 31, 2022, we acquired 61 MH and RV communities, totaling 21,795 sites and 2,655 development sites, and eight marinas totaling 2,552 wet slips and dry storage spaces, for a total purchase price of approximately $2.2 billion. This includes our acquisition of Park Holidays at an enterprise value of £950.0 million, or approximately $1.2 billion.
We are in the process of implementing the Sun Outdoors brand at certain of our RV resorts and expect implementation to be substantially completed by the end of 2022. Implementation consists of conversion of digital presence (Website, Facebook, Rezplot reservation software and other internal systems) and signage replacement at the resorts.
Implementation consists of the conversion of the communities's digital presence (website, Facebook, reservation software and other internal systems) and the replacement of signage at the communities.
Manufactured homes are detached single‑family homes which are produced off‑site by manufacturers and installed on site within the community. Manufactured homes are available in a wide array of designs, providing owners with a level of customization generally unavailable in multi-family housing developments.
An MH community is a residential subdivision with sites for the placement of manufactured homes, related improvements and amenities. Manufactured homes are detached single‑family homes that are produced off‑site by manufacturers and installed on site within the community.
As of December 31, 2021, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 602 MH communities, RV resorts and marinas (collectively, the "properties") located in 39 states, Ontario, Canada and Puerto Rico, including 284 MH communities, 160 RV resorts, 33 properties containing both MH and RV sites, and 125 marinas.
These services and amenities offer convenience and resort-quality experiences to our members and guests. As of December 31, 2022, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 669 properties located in the U.S., the UK and Canada, including 353 MH communities, 182 RV communities, and 134 marinas.
McLaren, our President and Chief Operating Officer, who has been in the MH industry since 1995, Bruce Thelen, our Executive Vice President of Operations and Sales, who has led our manufactured home sales and leasing subsidiary, SHS, since January 2018, three Senior Vice Presidents of Operations and Sales, 11 Divisional Vice Presidents and 45 Regional Vice Presidents.
Our MH and RV property managers in the U.S. and Canada are overseen by our Chief Operating Officer and Executive Vice President, four Senior Vice Presidents of Operations and Sales, 11 Divisional Vice Presidents and 45 Regional Vice Presidents.
We do not own all of the OP units.
We own 95.4% of all of the OP Units and the limited partners of the Operating Partnership own the rest.
Modern MH communities contain improvements similar to other garden‑style residential developments, including centralized entrances, paved streets, curbs, gutters and parkways. In addition, these communities also often provide a number of amenities, such as a clubhouse, a swimming pool, basketball courts, shuffleboard courts, tennis courts and laundry facilities.
In addition, these communities also often provide a number of amenities, such as a clubhouse, a swimming pool, basketball courts, shuffleboard courts, tennis courts and laundry facilities. An RV community is a resort with sites for the placement of RVs for varied lengths of time.
We are committed to reducing our GHG emissions and working to improve upon the environmental performance of the communities and properties within our portfolio. We are at the very beginning of this process with a focus on expanding our climate analysis to be more comprehensive and integrated into our overall business strategy.
Climate change impacts are material to our overall value as well as our ability to serve our residents, guests, team members, investors and other stakeholders. We are committed to reducing our GHG emissions and working to improve upon the environmental performance of the communities and properties within our portfolio.
We own manufactured housing ("MH") communities and recreational vehicle ("RV") resorts throughout the United States and in Ontario, Canada. We self-administer, self-manage, and operate or hold an interest in, and develop the majority of our MH communities and RV resorts.
We own manufactured housing ("MH") and recreational vehicle ("RV") communities and marinas in the United States ("U.S."), the United Kingdom ("UK") and Canada (marinas and, together with MH and RV, the "properties").
This process ensures equitable performance review and corresponding pay practices that attract, retain, and reward top talent. • In 2021, we conducted an analysis on data related to open positions, retention, market compensation pay gaps, and internal equity, and remediated any identified pay gaps.
This process ensures equitable performance review and corresponding pay practices that attract, retain and reward top talent. • In 2022, in compliance with UK regulations, Park Holidays conducted a gender pay gap analysis and published its 2021-2022 Gender Pay Gap Report in March 2022.
We lease individual parcels of land, or sites, with utility access for the placement of manufactured homes and RVs to our MH and RV customers. Our MH communities are designed to offer affordable housing to individuals and families, while also providing certain amenities.
Our MH communities are designed to offer affordable housing to individuals and families, while also providing certain amenities. In the UK, our MH communities are referred to as holiday parks and are predominantly located at irreplaceable seaside locations in the south of England.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE ("ESG") We uphold a company-wide commitment to ESG goals through various programs and everyday business practices. We are fully committed to reducing our environmental impact across the scope of our operations and through the services we deliver to our residents and guests.
Senior leadership review safety concerns throughout the year on regular site visits, and we also conduct comprehensive safety inspections annually on a subset of properties on a rolling basis. ENVIRONMENTAL, SOCIAL AND GOVERNANCE ("ESG"): OUR COMMITMENT TO A SUSTAINABLE FUTURE We embrace a company-wide commitment to ESG goals through various programs and everyday business practices.
We believe our focus on creating an exceptional resident, guest and member experience creates a competitive advantage. It enables us to continually monitor and address concerns, the performance of competitive properties and local market conditions.
It enables us to continually monitor and address concerns, the performance of competitive properties and local market conditions. As of December 31, 2022, of our 7,594 employees, 610 were located on-site as property managers, and of those, 94.8% were full-time employees. 4 SUN COMMUNITIES, INC.
Removed
Through Safe Harbor, we own, operate, develop and manage marinas throughout the United States ("U.S.") and Puerto Rico, with the majority of such marinas concentrated in coastal regions and others located in various inland regions.
Added
The Operating Partnership is structured as an umbrella partnership REIT ("UPREIT"). We conduct substantially all of our operations through the Operating Partnership, which, directly or indirectly through other subsidiaries, owns substantially all of our assets.
Removed
(8) 4.5 percent until April 1, 2020 and 5.0 percent thereafter. (9) 3.75 percent until January 31, 2021 and 4.0 percent thereafter. (10) 5.25 percent until January 9, 2022 and 5.5 percent thereafter.
Added
(8) Of the 126,463,507 Common OP units 124,044,803, or 98.1% were held by us, and 2,418,704, or 1.9% were owned by various limited partners. 3 SUN COMMUNITIES, INC. REAL PROPERTY OPERATIONS Throughout this report, we use the terms resident to represent a "resident," in the U.S. and a "customer" in the UK.
Removed
(11) Of the 118,514,363 common OP units, 115,976,408, or 97.9 percent were held by us, and 2,537,955, or 2.1 percent were owned by the limited partners. 3 SUN COMMUNITIES, INC. REAL PROPERTY OPERATIONS MH communities and RV resorts An MH community is a residential subdivision with sites for the placement of manufactured homes, related improvements and amenities.
Added
Manufactured homes are available in a wide array of designs, providing owners with a level of customization generally unavailable in multi-family housing complexes. Modern MH communities contain improvements similar to other garden‑style residential developments, including centralized entrances, paved streets, curbs, gutters and parkways.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeOur ownership of Park Holidays and any other international investments will subject us to additional risks, including: • the laws, rules and regulations applicable in such jurisdictions outside of the United States, including those related to property ownership by foreign entities, consumer and data protection, privacy, network security, encryption, payments and restricting us from removing profits earned from activities within the country to the United States (i.e., nationalization of assets located within a country); • complying with a wide variety of foreign laws; • fluctuations in exchange rates between foreign currencies and the U.S. dollar, and exchange controls; • limited experience with local business and cultural factors that differ from our usual standards and practices; • changes in the availability, cost and terms of mortgage funds and other borrowings resulting from varying national economic policies or changes in interest rates; • reliance on local management; • challenges in establishing effective controls and procedures to regulate operations in different regions and to monitor and ensure compliance with applicable regulations, such as applicable laws related to corrupt practices, employment, licensing, construction, climate change or environmental compliance; • unexpected changes in regulatory requirements, tax, tariffs, trade barriers and other laws within jurisdictions outside the United States or between the United States and such jurisdictions; • potentially adverse tax consequences with respect to our properties; • the impact of regional or country-specific business cycles and economic instability, including deterioration in political relations with the United States, instability in, or further withdrawals from, the European Union or other international trade alliances or agreements; • the impact of extreme weather or weather-related conditions and other natural disasters that may affect specific locations in which our properties are located, including hurricanes, flash floods, sea-level rise and coastal erosion, that may affect Park Holidays' properties; • the impact of disruptions in global, regional or local supply chains, including disruptions occurring during and after the COVID-19 pandemic; and • political instability, uncertainty over property rights, civil unrest, drug trafficking, political activism or the continuation or escalation of terrorist activities.
Biggest change(i.e., nationalization of assets located within a country); • Complying with a wide variety of foreign laws; • Fluctuations in exchange rates between foreign currencies and the U.S. dollar, and exchange controls; • Limited experience with local business and cultural factors that differ from our usual standards and practices; • Changes in the availability, cost and terms of mortgage funds and other borrowings resulting from varying national economic policies or changes in interest rates; • Reliance on local management; • Challenges in establishing effective controls and procedures to regulate operations in different regions and to monitor and ensure compliance with applicable regulations, such as applicable laws related to corrupt practices, employment, licensing, construction, climate change or environmental compliance; • Unexpected changes in regulatory requirements, tax, tariffs, trade barriers and other laws within jurisdictions outside the U.S. or between the U.S. and such jurisdictions; • Potentially adverse tax consequences with respect to our properties; • The impact of regional or country-specific business cycles and economic instability, including deterioration in political relations with the U.S., instability in, or further withdrawals from, the European Union or other international trade alliances or agreements; • The impact of disruptions in global, regional or local supply chains, including disruptions occurring during and after the COVID-19 pandemic; and • Political instability, uncertainty over property rights, civil unrest, drug trafficking, political activism or the continuation or escalation of terrorist activities.
Shiffman, together with certain of his family members, indirectly owns an equity interest of approximately 28.1 percent in American Center LLC, the entity from which we lease office space for our principal executive offices. Each of Brian M. Hermelin, Ronald A. Klein and Arthur A. Weiss indirectly owns less than one percent interest in American Center LLC. Mr.
Shiffman, together with certain of his family members, indirectly owns an equity interest of approximately 28.1% in American Center LLC, the entity from which we lease office space for our principal executive offices. Each of Brian M. Hermelin, Ronald A. Klein and Arthur A. Weiss indirectly owns less than one percent interest in American Center LLC. Mr.
Our construction and development pipeline may be exposed to the following risks which are in addition to those risks associated with the ownership and operation of established MH communities, RV resorts and marinas: • We may not be able to obtain financing with favorable terms for development which may make us unable to proceed with the development; • We may be unable to obtain, or face delays in obtaining, necessary zoning, building and other governmental permits and authorizations, which could result in increased costs and delays, and even require us to abandon development of the property entirely if we are unable to obtain such permits or authorizations; • We may abandon development opportunities that we have already begun to explore and as a result we may not recover expenses already incurred in connection with exploring such development opportunities; • We may be unable to complete construction and lease-up of a property on schedule resulting in increased debt service expense and construction costs; • We may incur construction and development costs for a property which exceed our original estimates due to increased materials, labor or other costs, which could make completing the development uneconomical and we may not be able to increase rents to compensate for the increase in development costs which may impact our profitability; • We may be unable to secure long-term financing on completion of development resulting in increased debt service and lower profitability; • Occupancy rates and rents at a newly developed property may fluctuate depending on several factors, including market and economic conditions, which may result in the property not being profitable; and • Climate change may cause new marina developments to be paused or restricted.
Our construction and development pipeline may be exposed to the following risks which are in addition to those risks associated with the ownership and operation of established MH and RV communities and marinas: • We may not be able to obtain financing with favorable terms for development which may make us unable to proceed with the development; • We may be unable to obtain, or face delays in obtaining, necessary zoning, building and other governmental permits and authorizations, which could result in increased costs and delays, and even require us to abandon development of the property entirely if we are unable to obtain such permits or authorizations; • We may abandon development opportunities that we have already begun to explore and as a result we may not recover expenses already incurred in connection with exploring such development opportunities; • We may be unable to complete construction and lease-up of a property on schedule resulting in increased debt service expense and construction costs; • We may incur construction and development costs for a property which exceed our original estimates due to increased materials, labor or other costs, which could make completing the development uneconomical and we may not be able to increase rents to compensate for the increase in development costs which may impact our profitability; • We may be unable to secure long-term financing on completion of development resulting in increased debt service and lower profitability; • Occupancy rates and rents at a newly developed property may fluctuate depending on several factors, including market and economic conditions, which may result in the property not being profitable; and • Climate change may cause new marina developments to be paused or restricted.
Certain provisions of the Maryland General Corporation Law ("MGCL") may have the effect of inhibiting a third-party from making a proposal to acquire us or of impeding a change of control under circumstances that otherwise could provide the holders of shares of our capital stock with the opportunity to realize a premium over the then-prevailing market price of such shares, including: • "Business combination" provisions that, subject to limitations, prohibit certain business combinations between us and an "interested stockholder" (defined generally as any person who beneficially owns 10 percent or more of the voting power of our shares or an affiliate thereof or an affiliate or associate of ours who was the beneficial owner, directly or indirectly, of 10 percent or more of the voting power of our then outstanding voting stock at any time within the two-year period immediately prior to the date in question) for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter impose fair price and / or supermajority and stockholder voting requirements on these combinations; and • "Control share" provisions that provide that "control shares" of our company (defined as shares that, when aggregated with other shares controlled by the stockholder, entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a "control share acquisition" (defined as the direct or indirect acquisition of ownership or control of issued and outstanding "control shares") have no voting rights except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares.
Certain provisions of the Maryland General Corporation Law ("MGCL") may have the effect of inhibiting a third-party from making a proposal to acquire us or of impeding a change of control under circumstances that otherwise could provide the holders of shares of our capital stock with the opportunity to realize a premium over the then-prevailing market price of such shares, including: • "Business combination" provisions that, subject to limitations, prohibit certain business combinations between us and an "interested stockholder" (defined generally as any person who beneficially owns 10% or more of the voting power of our shares or an affiliate thereof or an affiliate or associate of ours who was the beneficial owner, directly or indirectly, of 10% or more of the voting power of our then outstanding voting stock at any time within the two-year period immediately prior to the date in question) for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter impose fair price and / or supermajority and stockholder voting requirements on these combinations; and • "Control share" provisions that provide that "control shares" of our company (defined as shares that, when aggregated with other shares controlled by the stockholder, entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a "control share acquisition" (defined as the direct or indirect acquisition of ownership or control of issued and outstanding "control shares") have no voting rights except to the extent approved by our stockholder by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares.
The 9.8 percent ownership limit, as well as our ability to issue additional shares of common stock or shares of other stock (which may have rights and preferences over the common stock), may discourage a change of control of the Company and may also: (a) deter tender offers for the common stock, which offers may be advantageous to stockholders; and (b) limit the opportunity for stockholders to receive a premium for their common stock that might otherwise exist if an investor were attempting to assemble a block of common stock in excess of 9.8 percent of our outstanding shares or otherwise effect a change of control of the Company.
The 9.8% ownership limit, as well as our ability to issue additional shares of common stock or shares of other stock (which may have rights and preferences over the common stock), may discourage a change of control of the Company and may also: (a) deter tender offers for the common stock, which offers may be advantageous to stockholders; and (b) limit the opportunity for stockholders to receive a premium for their common stock that might otherwise exist if an investor were attempting to assemble a block of common stock in excess of 9.8% of our outstanding shares or otherwise effect a change of control of the Company.
Thus, ownership of more than 9.8 percent, in number of shares or value, of the issued and outstanding shares of our capital stock by any single stockholder has been restricted, with certain exceptions, for the purpose of maintaining our qualification as a REIT under the Code. Such restrictions in our charter do not apply to Milton M. Shiffman, Gary A.
Thus, ownership of more than 9.8%, in number of shares or value, of the issued and outstanding shares of our capital stock by any single stockholder has been restricted, with certain exceptions, for the purpose of maintaining our qualification as a REIT under the Code. Such restrictions in our charter do not apply to Milton M. Shiffman, Gary A.
The number of competitive MH communities, RV resorts and marinas in a particular area could have a material adverse effect on our ability to lease sites and increase rents charged at our properties or at any newly acquired properties. We may be competing with others with greater resources.
The number of competitive MH and RV communities and marinas in a particular area could have a material adverse effect on our ability to lease sites and increase rents charged at our properties or at any newly acquired properties. We may be competing with others with greater resources.
In addition, other forms of multi‑family residential properties, such as private and federally funded or assisted multi-family housing projects and single‑family housing, provide housing alternatives to potential tenants of MH communities and RV resorts. The cyclical and seasonal nature of the RV and marina industries may lead to fluctuations in our operating results .
In addition, other forms of multi‑family residential properties, such as private and federally funded or assisted multi-family housing projects and single‑family housing, provide housing alternatives to potential tenants of MH and RV communities. The cyclical and seasonal nature of the RV and marina industries may lead to fluctuations in our operating results .
Dividends payable by REITs, however, are generally not eligible for this reduced rate, although the Tax Cut and Jobs Act permits a 20 percent deduction equal to the amount of qualifying REIT dividends received, thus bringing the maximum federal tax rate on qualifying REIT dividends to 29.6 percent.
Dividends payable by REITs, however, are generally not eligible for this reduced rate, although the Tax Cut and Jobs Act permits a 20% deduction equal to the amount of qualifying REIT dividends received, thus bringing the maximum federal tax rate on qualifying REIT dividends to 29.6%.
State and local rent control laws in certain jurisdictions may limit our ability to increase rents at our MH properties to recover increases in operating expenses and the costs of capital improvements. Enactment of such laws has been considered from time to time in other jurisdictions.
National, state and local rent control laws in certain jurisdictions may limit our ability to increase rents at our MH properties to recover increases in operating expenses and the costs of capital improvements. Enactment of such laws has been considered from time to time in other jurisdictions.
However, if the Operating Partnership is deemed to be a "publicly traded partnership," it will be treated as a corporation instead of a partnership for federal income tax purposes unless at least 90 percent of its income is qualifying income as defined in the Code.
However, if the Operating Partnership is deemed to be a "publicly traded partnership," it will be treated as a corporation instead of a partnership for federal income tax purposes unless at least 90% of its income is qualifying income as defined in the Code.
The income requirements applicable to REITs and the definition of "qualifying income" for purposes of this 90 percent test are similar in most respects. Qualifying income for the 90 percent test generally includes passive income, such as specified types of real property rents, distributions and interest.
The income requirements applicable to REITs and the definition of "qualifying income" for purposes of this 90% test are similar in most respects. Qualifying income for the 90% test generally includes passive income, such as specified types of real property rents, distributions and interest.
As a REIT, we must pay a 100 percent penalty tax on certain payments that we receive if the economic arrangements between us and any of our TRSs are not comparable to similar arrangements between unrelated parties.
As a REIT, we must pay a 100% penalty tax on certain payments that we receive if the economic arrangements between us and any of our TRSs are not comparable to similar arrangements between unrelated parties.
Moreover, unless entitled to relief under certain statutory provisions, we also would be disqualified from treatment as a REIT for the four taxable years following the year during which qualification was lost. This treatment would reduce our net earnings available for investment or distribution to stockholders because of the additional tax liability to us for the years involved.
Moreover, unless entitled to relief under certain statutory provisions, we also would be disqualified from treatment as a REIT for the four taxable years following the year during which qualification was lost. This treatment would reduce our net earnings available for investment or distribution to shareholders because of the additional tax liability to us for the years involved.
We may not be able to integrate or finance our expansion and development activities. We build and develop new MH communities, RV resorts and marinas and we expand existing communities and marinas.
We may not be able to integrate or finance our expansion and development activities. We build and develop new MH and RV communities and marinas and we expand existing communities and marinas.
Demand for dry storage increases during the winter season as seasonal weather patterns require boat owners to store their vessels on dry docks and within covered racks. Our results on a quarterly basis can fluctuate due to this cyclicality and seasonality. 15 SUN COMMUNITIES, INC.
Demand for dry storage increases during the winter season as seasonal weather patterns require boat owners to store their vessels on dry docks and within covered racks. Our results on a quarterly basis can fluctuate due to this cyclicality and seasonality. 12 SUN COMMUNITIES, INC.
We believe that the Operating Partnership has and will continue to meet this 90 percent test, but we cannot guarantee that it has or will.
We believe that the Operating Partnership has and will continue to meet this 90% test, but we cannot guarantee that it has or will.
In addition, distributions to stockholders would no longer be required to be made. Federal, state and foreign income tax laws governing REITs and related interpretations may change at any time, and any such legislative or other actions affecting REITs could have a negative effect on us.
In addition, distributions to shareholders would no longer be required to be made. Federal, state and foreign income tax laws governing REITs and related interpretations may change at any time, and any such legislative or other actions affecting REITs could have a negative effect on us.
GENERAL RISK FACTORS Our share price could be volatile and could decline, resulting in a substantial or complete loss on our stockholders' investment. The stock markets, including the New York Stock Exchange ("NYSE"), on which we list our common stock, have experienced significant price and volume fluctuations.
GENERAL RISK FACTORS Our share price could be volatile and could decline, resulting in a substantial or complete loss on our shareholders' investment. The stock markets, including the New York Stock Exchange ("NYSE"), on which we list our common stock, have experienced significant price and volume fluctuations.
The price of our common stock and preferred stock could be subject to wide fluctuations in response to a number of factors, including: • Outbreaks of disease, including the COVID-19 pandemic, and related stay-at-home orders, quarantine policies and restrictions on travel, trade and business operations; • Issuances of other equity securities in the future, including new series or classes of preferred stock; • Our operating performance and the performance of other similar companies; • Our ability to maintain compliance with covenants contained in our debt facilities and our senior unsecured notes; • Actual or anticipated variations in our operating results, funds from operations, cash flows or liquidity; • Changes in expectations of future financial performance or changes in our earnings estimates or those of analysts; • Changes in our distribution policy; • Publication of research reports about us or the real estate industry generally; • Increases in market interest rates that lead purchasers of our common stock and preferred stock to demand a higher dividend yield; • Changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, the Australian dollar and the British pound; • Changes in market valuations of similar companies; • Adverse market reaction to the amount of our debt outstanding at any time, the amount of our debt maturing in the near-term and medium-term and our ability to refinance our debt, or our plans to incur additional debt in the future; • Additions or departures of key management personnel; • Speculation in the press or investment community; • Equity issuances by us, or share resales by our stockholders or the perception that such issuances or resales may occur; • Actions by institutional stockholders; and • General market and economic conditions.
The price of our common stock and preferred stock could be subject to wide fluctuations in response to a number of factors, including: • Outbreaks of disease, including the COVID-19 pandemic, and related stay-at-home orders, quarantine policies and restrictions on travel, trade and business operations; • Issuances of other equity securities in the future, including new series or classes of preferred stock; • Our operating performance and the performance of other similar companies; • Our ability to maintain compliance with covenants contained in our debt facilities and our senior unsecured notes; • Actual or anticipated variations in our operating results, funds from operations, cash flows or liquidity; • Changes in expectations of future financial performance or changes in our earnings estimates or those of analysts; • Changes in our distribution policy; • Publication of research reports about us or the real estate industry generally; • Increases in market interest rates that lead purchasers of our common stock and preferred stock to demand a higher dividend yield; • Changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, the Australian dollar and Pound sterling; • Changes in market valuations of similar companies; • Adverse market reaction to the amount of our debt outstanding at any time, the amount of our debt maturing in the near-term and medium-term and our ability to refinance our debt, or our plans to incur additional debt in the future; • Additions or departures of key management personnel; • Speculation in the press or investment community; • Equity issuances by us, or share resales by our shareholders or the perception that such issuances or resales may occur; • Actions by institutional shareholders; and • General market and economic conditions. 21 SUN COMMUNITIES, INC.
To remain qualified as a REIT for federal income tax purposes, we must continually satisfy requirements and tests under the tax law concerning, among other things, the sources of our income, the nature and diversification of our assets, the amounts we distribute to our stockholders and the ownership of our stock.
To remain qualified as a REIT for federal income tax purposes, we must continually satisfy requirements and tests under the tax law concerning, among other things, the sources of our income, the nature and diversification of our assets, the amounts we distribute to our shareholders and the ownership of our stock.
As a result, these persons may be able to enter into business combinations with us that may not be in the best interests of our stockholders without compliance by our company with the supermajority vote requirements and the other provisions of the statute.
As a result, these persons may be able to enter into business combinations with us that may not be in the best interests of our stockholder without compliance by our company with the supermajority vote requirements and the other provisions of the statute.
In order to qualify as a REIT, we must distribute to our stockholders at least 90 percent of our REIT taxable income (calculated without any deduction for dividends paid and excluding net capital gain) and to avoid federal income taxation, our distributions must not be less than 100 percent of our REIT taxable income, including capital gains.
In order to qualify as a REIT, we must distribute to our shareholders at least 90% of our REIT taxable income (calculated without any deduction for dividends paid and excluding net capital gain) and to avoid federal income taxation, our distributions must not be less than 100% of our REIT taxable income, including capital gains.
We have a significant concentration of MH and RV properties in Florida and California and marinas on coastlines, where natural disasters or other catastrophic events such as hurricanes, flash floods, sea-level rise, tornadoes, wildfires and earthquakes could negatively impact our operating results and cash flows.
We have a significant concentration of MH and RV properties and marinas on coastlines and in other areas where natural disasters or other catastrophic events such as hurricanes, flash floods, sea-level rise, tornadoes, wildfires and earthquakes could negatively impact our operating results and cash flows.
Expanding social media platforms present new challenges. Social media outlets continue to grow and expand, which presents us with new risks. Adverse content about us and our properties on social media platforms could result in damage to our reputation or brand. Improper posts by employees or others could result in disclosure of confidential or proprietary information regarding our operations.
Social media outlets continue to grow and expand, which presents us with new risks. Adverse content about us and our properties on social media platforms could result in damage to our reputation or brand. Improper posts by employees or others could result in disclosure of confidential or proprietary information regarding our operations.
The Internal Revenue Service may successfully assert that the economic arrangements of any of our inter-company transactions are not comparable to similar arrangements between unrelated parties. This would result in unexpected tax liability which would adversely affect our cash flows. Dividends payable by REITs do not qualify for the reduced tax rates applicable to certain dividends.
The Internal Revenue Service may successfully assert that the economic arrangements of any of our inter-company transactions are not comparable to similar arrangements between unrelated parties. This would result in unexpected tax liability which would adversely affect our cash flows. 18 SUN COMMUNITIES, INC. Dividends payable by REITs do not qualify for the reduced tax rates applicable to certain dividends.
Unless the partnership makes an election permitted under the new law or takes certain steps to require the partners to pay their tax on their allocable shares of the adjustment, it is possible that partnerships in which we directly or indirectly invest, including the Operating Partnership, would be required to pay additional taxes, interest and penalties as a result of an audit adjustment.
Unless the partnership makes an election or takes certain steps to require the partners to pay their tax on their allocable shares of the adjustment, it is possible that partnerships in which we directly or indirectly invest, including the Operating Partnership, would be required to pay additional taxes, interest and penalties as a result of an audit adjustment.
Any such access, disclosure or other loss of information could: • Result in legal claims or proceedings, • Disrupt our operations, including our ability to service our tenants and our ability to analyze and report our financial and operating results, • Decrease our revenues, • Damage our reputation, • Cause a loss of confidence, • Increase our insurance premiums, or • Have other material adverse effects on our business.
Any such access, disclosure or other loss of information could: • Result in legal claims or proceedings, • Disrupt our operations, including our ability to service our tenants and our ability to analyze and report our financial and operating results, • Decrease our revenues, • Damage our reputation, • Cause a loss of confidence, • Increase our insurance premiums, or • Have other material adverse effects on our business. 23 SUN COMMUNITIES, INC.
If any of our properties are damaged or if their operations are disrupted as a result of extreme weather or natural disasters, or if extreme weather or natural disasters adversely impact general economic or other conditions in the areas in which our properties are located or from which they draw their tenants and customers, our business, financial condition and results of operations could be materially adversely affected.
If any of our properties are damaged or if their operations are disrupted as a result of extreme weather or natural disasters, or if extreme weather or natural disasters adversely impact general economic or other conditions in the areas in which our properties are located or from which they draw their tenants and customers, our business, financial condition and results of operations could be materially adversely affected. 13 SUN COMMUNITIES, INC.
The changes created by these rules are significant for collecting tax in partnership audits and, accordingly, there can be no assurance that these rules will not have a material adverse effect on us. 23 SUN COMMUNITIES, INC. Our ability to accumulate cash may be restricted due to certain REIT distribution requirements.
The changes created by these rules are significant for collecting tax in partnership audits and, accordingly, there can be no assurance that these rules will not have a material adverse effect on us. Our ability to accumulate cash may be restricted due to certain REIT distribution requirements.
The following factors, among others, may adversely affect the revenues generated by our properties: • Outbreaks of disease, including the COVID-19 pandemic, and related stay-at-home orders, quarantine policies and restrictions on travel, trade and business operations; • The national and local economic climate which may be adversely impacted by, among other factors, plant closings and industry slowdowns; • Local real estate market conditions such as the oversupply of MH and RV sites or a reduction in demand for MH and RV sites in an area; • A decrease in the number of people interested in the RV lifestyle or boating; • Changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, the Australian dollar and the British pound; • The number of repossessed homes in a particular market; • An oversupply of, or a reduced demand for, manufactured homes; • The difficulty facing potential purchasers in obtaining affordable financing as a result of heightened lending criteria; • An increase or decrease in the rate of manufactured home repossessions which provide aggressively priced competition to new manufactured home sales; • The lack of an established MH dealer network; • The housing rental market which may limit the extent to which rents may be increased to meet increased expenses without decreasing occupancy rates; • The perceptions by prospective tenants of the safety, convenience and attractiveness of our MH properties and the neighborhoods where they are located; 14 SUN COMMUNITIES, INC. • Zoning or other environmental regulatory restrictions; • Competition from other available MH communities and RV resorts and alternative forms of housing (such as apartment buildings and site-built single-family homes) and from other marinas; • Our ability to effectively manage, maintain and insure our properties; • Increased operating costs, including insurance premiums, real estate taxes and utilities; and • The enactment of rent control laws or laws taxing the owners of manufactured homes.
The following factors, among others, may adversely affect the revenues generated by our properties: • Outbreaks of disease such as Covid-19 and related restrictions on business operations; • The international, national and local economic climate which may be adversely impacted by, among other factors, plant closings, industry slowdowns and inflation; • Local real estate market conditions such as the oversupply of MH and RV sites or a reduction in demand for MH and RV sites in an area, and an oversupply of, or a reduced demand for, manufactured homes; • A decrease in the number of people interested in the RV lifestyle or boating; • Changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, the Australian dollar and Pound sterling; • The number of repossessed homes in a particular market; • The difficulty facing potential purchasers in obtaining affordable financing as a result of heightened lending criteria; • An increase or decrease in the rate of manufactured home repossessions which provide aggressively priced competition to new manufactured home sales; • The lack of an established MH dealer network; • The housing rental market which may limit the extent to which rents may be increased to meet increased expenses without decreasing occupancy rates; • The perceptions by prospective tenants of the safety, convenience and attractiveness of our MH properties and the neighborhoods where they are located; • Zoning or other environmental regulatory restrictions; 11 SUN COMMUNITIES, INC. • Competition from other available MH and RV communities and alternative forms of housing (such as apartment buildings and site-built single-family homes), and other marinas; • Our ability to effectively manage, maintain and insure our properties; • Increased operating costs, including insurance premiums, real estate taxes and utilities; and • The enactment of rent control laws or laws taxing the owners of manufactured homes.
Shiffman is the beneficial owner of an airplane that we use from time to time for business purposes. During the years ended December 31, 2021, 2020 and 2019, we paid $0.7 million, $0.3 million and $0.4 million for the use of the airplane, respectively. Mr.
Shiffman is the beneficial owner of an airplane that we use from time to time for business purposes. During the years ended December 31, 2022, 2021 and 2020, we paid $0.7 million, $0.7 million and $0.3 million for the use of the airplane, respectively. Mr.
Shiffman is our Chief Executive Officer and Chairman of the Board. Each of Mr. Hermelin, Mr. Klein and Mr. Weiss is a director of the Company. Under this agreement, we lease approximately 103,100 rentable square feet of permanent space. The lease agreement includes annual graduated rent increases through the initial end date of October 31, 2026.
Shiffman is our Chief Executive Officer and Chairman of the Board. Each of Mr. Hermelin, Mr. Klein and Mr. Weiss is a director of the Company. Under this agreement, we lease approximately 60,261 rentable square feet of permanent space. The lease agreement includes annual graduated rent increases through the initial end date of October 31, 2026.
Our Board of Directors has power to adopt, alter or repeal any provision of our bylaws or make new bylaws, provided, however, that our stockholders may alter or repeal any provision of our bylaws and adopt new bylaws if any such alteration, repeal or adoption is approved by the affirmative vote of a majority of all votes entitled to be cast on the matter. 26 SUN COMMUNITIES, INC.
Our Board of Directors has power to adopt, alter or repeal any provision of our bylaws or make new bylaws, provided, however, that our stockholders may alter or repeal any provision of our bylaws and adopt new bylaws if any such alteration, repeal or adoption is approved by the affirmative vote of a majority of all votes entitled to be cast on the matter.
In addition, we have entered into an At-the-Market Offering Sales Agreement to sell shares of common stock. As of December 31, 2021, we have remaining capacity to sell up to an additional $1.25 billion of common stock under this agreement.
In addition, we have entered into an At-the-Market Offering Sales Agreement to sell shares of common stock. As of December 31, 2022, we have remaining capacity to sell up to an additional $1.1 billion of common stock under this agreement.
In addition, frequent changes occur in the area of REIT taxation, which require us to monitor our tax status continually. If we fail to qualify as a REIT in any taxable year, our taxable income could be subject to U.S. federal income tax at regular corporate rates.
In addition, frequent changes occur in the area of REIT taxation, which require us to monitor our tax status continually. 17 SUN COMMUNITIES, INC. If we fail to qualify as a REIT in any taxable year, our taxable income could be subject to U.S. federal income tax at regular corporate rates.
During the years ended December 31, 2021 and 2020, we paid $0.2 million for these services, respectively. Mr. Hermelin may have a conflict of interest with respect to his obligations as our director and his position with and ownership interest in the provider of these services.
During the years ended December 31, 2022, 2021 and 2020, we paid $0.2 million for these services, respectively. Mr. Hermelin may have a conflict of interest with respect to his obligations as our director and his position with and ownership interest in the provider of these services. Legal Counsel - Arthur A.
If we cannot provide reliable financial reports, our reputation and operating results could be materially adversely affected, which could also cause investors to lose confidence in our reported financial information, which in turn could result in a reduction in the trading price of our common stock. 28 SUN COMMUNITIES, INC.
If we cannot provide reliable financial reports, our reputation and operating results could be materially adversely affected, which could also cause investors to lose confidence in our reported financial information, which in turn could result in a reduction in the trading price of our common stock.
As a result of the geographic concentration of our MH and RV properties in Florida, Michigan, Texas and California, and geographic concentration of our marinas in Florida, Rhode Island and California, we are exposed to the risks of downturns in local economies or other local real estate market conditions which could adversely affect occupancy rates, rental rates and property values in these markets.
As a result of the geographic concentration of our MH and RV communities in Florida, Michigan, the UK, California and Texas, and of our marinas in Florida, Rhode Island and New York, we are exposed to the risks of downturns in local economies or other local real estate market conditions which could adversely affect occupancy rates, rental rates and property values in these markets.
Our financing agreements contain certain cross-default provisions that could be triggered in the event that we default on our other indebtedness. These cross-default provisions may require us to repay or restructure our senior credit facility in addition to any mortgage or other debt that is in default.
Our financing agreements contain certain cross-default provisions that could be triggered in the event that we default on our other indebtedness. These cross-default provisions may require us to repay or restructure our senior credit facility in addition to any mortgage or other debt that is in 16 SUN COMMUNITIES, INC. default.
If the permits necessary to dredge marinas or dispose of the dredged material cannot be timely obtained after the acquisition of a marina, or if dredging is not practical or is exceedingly expensive, the operations of such property would be materially and adversely affected. 17 SUN COMMUNITIES, INC.
If the permits necessary to dredge marinas or dispose of the dredged material cannot be timely obtained after the acquisition of a marina, or if dredging is not practical or is exceedingly expensive, the operations of such property would be materially and adversely affected.
Many of our properties are on coastlines that are subject to hurricane seasons, flash flooding and sea-level rise; in areas adversely affected by wildfires, such as the western United States; and in earthquake-prone areas, such as the West Coast.
Many of our properties are on coastlines that are subject to hurricane seasons, flash flooding and sea level rise; in areas adversely affected by wildfires, such as the western U.S.; and in earthquake-prone areas, such as the West Coast.
Also, pursuant to a provision in our bylaws, we have exempted any acquisition of our stock from the control share provisions of the MGCL. However, our Board of Directors may by amendment to our bylaws opt into the control share provisions of the MGCL at any time in the future.
Also, pursuant to a provision in our bylaws, we have exempted any acquisition of our stock from the control share provisions of the MGCL. However, our Board of Directors may by amendment to our bylaws opt into the control share provisions of the MGCL at any time in the future. 20 SUN COMMUNITIES, INC.
In addition, we may issue capital stock that is senior to our common stock in the future for a number of reasons, including to finance our operations and business strategy, to adjust our ratio of debt to equity or for other reasons. 27 SUN COMMUNITIES, INC.
In addition, we may issue capital stock that is senior to our common stock in the future for a number of reasons, including to finance our operations and business strategy, to adjust our ratio of debt to equity or for other reasons.
Each joint venture agreement is individually negotiated, and our ability to operate, finance or dispose of a property in our sole discretion may be limited to varying degrees depending on the terms of the applicable joint venture agreement. 16 SUN COMMUNITIES, INC.
Each joint venture agreement is individually negotiated, and our ability to operate, finance or dispose of a property in our sole discretion may be limited to varying degrees depending on the terms of the applicable joint venture agreement.
If our properties were foreclosed upon, or if we are unable to refinance our indebtedness at maturity or meet our payment obligations, the amount of our distributable cash flows and our financial condition would be adversely affected. 21 SUN COMMUNITIES, INC.
If our properties were foreclosed upon, or if we are unable to refinance our indebtedness at maturity or meet our payment obligations, the amount of our distributable cash flows and our financial condition would be adversely affected.
The loss of services of one or more of these executive officers could have a temporary adverse effect on our operations. We do not currently maintain or contemplate obtaining any "key-man" life insurance on our executive officers.
The loss of services of one or more of these executive officers could have a temporary adverse effect on our operations. We do not currently maintain or contemplate obtaining any "key-man" life insurance on our executive officers. 22 SUN COMMUNITIES, INC.
We have both national and regional competitors in the MH, RV and marina markets. Our properties are located in developed areas that include other MH communities, RV resorts and marinas.
We have international, national and regional competitors in the MH, RV and marina markets. Our properties are located in developed areas that include other MH and RV communities, and marinas.
Changes in these factors could lead to a downgrade of our ratings, leading to an adverse impact on our cost and availability of capital, which could in turn have a material adverse impact on our financial condition, results of operations and liquidity. 22 SUN COMMUNITIES, INC.
Changes in these factors could lead to a downgrade of our ratings, leading to an adverse impact on our cost and availability of capital, which could in turn have a material adverse impact on our financial condition, results of operations and liquidity.
We are subject to the risks normally associated with debt financing, including the following risks: • Our cash flow may be insufficient to meet required debt payments, or we may need to dedicate a substantial portion of our cash flow to pay our debt rather than to other areas of our business; • Our existing indebtedness may limit our operating flexibility due to financial and other restrictive covenants, including restrictions on incurring additional debt; • It may be more difficult for us to obtain additional financing for our operations, working capital requirements, capital expenditures, debt service or other general requirements; • We may be more vulnerable in the event of adverse economic and industry conditions or a downturn in our business; • We may be placed at a competitive disadvantage compared to our competitors that have less debt; and • We may not be able to refinance at all or on favorable terms, as our debt matures.
We are subject to the risks normally associated with debt financing, including the following risks: • Our cash flow may be insufficient to meet required debt payments, or we may need to dedicate a substantial portion of our cash flow to pay our debt rather than to other areas of our business; • Our existing indebtedness may limit our operating flexibility due to financial and other restrictive covenants, including restrictions on incurring additional debt; • It may be more difficult for us to obtain additional financing for our operations, working capital requirements, capital expenditures, debt service or other general requirements; • Increases in interest rates will increase the costs of our floating rate debt and make obtaining new debt more expensive; • We may be more vulnerable in the event of adverse economic and industry conditions or a downturn in our business; • We may be placed at a competitive disadvantage compared to our competitors that have less debt; and • We may not be able to refinance at all or on favorable terms, as our debt matures.
As of December 31, 2021, the average gross base rent was $19.95 per square foot. Each of Mr. Shiffman, Mr. Hermelin, Mr. Klein and Mr. Weiss may have a conflict of interest with respect to his obligations as our officer and / or director and his ownership interest in American Center LLC. Use of Airplane - Gary A.
As of December 31, 2022, the average gross base rent was $20.45 per square foot. Each of Mr. Shiffman, Mr. Hermelin, Mr. Klein and Mr. Weiss may have a conflict of interest with respect to his obligations as our officer and / or director and his ownership interest in American Center LLC. Use of Airplane - Gary A.
The maximum federal tax rate for certain qualified dividends payable to domestic stockholders that are individuals, trusts and estates is 20 percent.
The maximum federal tax rate for certain qualified dividends payable to domestic shareholders that are individuals, trusts and estates is 20%.
When we arrange for the treatment or disposal of hazardous substances at landfills or other facilities owned by other persons, we may be liable for the removal or remediation costs at such facilities.
When we arrange for the treatment or disposal of hazardous substances at landfills or other facilities owned by other persons, we may be liable for the removal or remediation costs at such facilities. 14 SUN COMMUNITIES, INC.
The power to issue preferred stock could have the effect of delaying or preventing a change in control of the Company even if a change in control were in the stockholders' interest. 25 SUN COMMUNITIES, INC.
The power to issue preferred stock could have the effect of delaying or preventing a change in control of the Company even if a change in control were in the stockholders' interest.
Under the rules, effective for taxable years beginning in 2018, among other changes and subject to certain exceptions, any audit adjustment to items of income, gain, loss, deduction or credit of a partnership (and a partner's allocable share thereof) is determined, and taxes, interest, and penalties attributable thereto are assessed and collected, at the partnership level.
Under the rules, among other changes and subject to certain exceptions, any audit adjustment to items of income, gain, loss, deduction or credit of a partnership (and a partner's allocable share thereof) is determined, and taxes, interest, and penalties attributable thereto are assessed and collected, at the partnership level.
As of December 31, 2021, we had approximately $5.7 billion of total debt outstanding, consisting of approximately $3.4 billion in debt that is secured by mortgage liens on 190 of our properties, $1.2 billion of senior unsecured notes, $1.0 billion on our line of credit and other debt, $35.2 million of mandatorily redeemable preferred equity and $34.7 million of preferred OP units that are mandatorily redeemable.
As of December 31, 2022, we had approximately $7.2 billion of total debt outstanding, consisting of approximately $3.2 billion in debt that is secured by mortgage liens on 154 of our properties, $1.8 billion of senior unsecured notes, $2.1 billion on our line of credit and other debt, $35.2 million of mandatorily redeemable preferred equity and $34.0 million of mandatorily redeemable preferred OP units.
Our current and future investments in and operations of Canadian, Australian and United Kingdom properties are or will be exposed to the effects of changes in the Canadian dollar, Australian dollar and British pound, respectively, against the U.S. dollar.
Our current and future investments in and operations of Canadian, Australian and UK properties are or will be exposed to the effects of changes in the Canadian dollar, Australian dollar and Pound sterling, respectively, against the U.S. dollar.
Based on the applicable conversion ratios then in effect, as of February 15, 2022, in the future we may issue to the limited partners of the Operating Partnership, up to approximately 5.7 million shares of our common stock in exchange for their OP units.
Based on the applicable conversion ratios then in effect, as of February 16, 2023, in the future we may issue to the limited partners of the Operating Partnership, up to approximately 4.8 million shares of our common stock in exchange for their OP units.
Marinas may not be readily adaptable to other uses. Marinas are specific-use properties and may contain features or assets that have limited alternative uses. These properties may also have distinct operational functions that involve specific procedures and training.
Marinas are specific-use properties and may contain features or assets that have limited alternative uses. These properties may also have distinct operational functions that involve specific procedures and training.
If an uninsured liability to a third party were to occur, we would incur the cost of defense and settlement with, or court ordered damages to, that third party. A significant uninsured property or liability loss could have a material adverse effect on our business and our financial condition and results of operations. 29 SUN COMMUNITIES, INC.
If an uninsured liability to a third party were to occur, we would incur the cost of defense and settlement with, or court ordered damages to, that third party. A significant uninsured property or liability loss could have a material adverse effect on our business and our financial condition and results of operations. Expanding social media platforms present new challenges.
As of February 15, 2022, there were no outstanding options to purchase shares of our common stock under our equity incentive plans, and we currently have the authority to issue restricted stock awards or options to purchase up to an additional 614,662 shares of our common stock pursuant to our equity incentive plans.
As of February 16, 2023, there were no outstanding options to purchase shares of our common stock under our equity incentive plans, and we currently have the authority to issue restricted stock awards or options to purchase up to an additional 3,284,191 shares of our common stock pursuant to our equity incentive plans.
Any change in our distribution policy could have a material adverse effect on the market price of our common stock. We rely on key management . We depend on the efforts of our executive officers, Gary A. Shiffman, John B. McLaren, Karen J. Dearing, Bruce Thelen, Aaron Weiss and Baxter R. Underwood.
Any change in our distribution policy could have a material adverse effect on the market price of our common stock. We rely on key management . We depend on the efforts of our executive officers, including Gary A. Shiffman, Bruce Thelen, Fernando Castro-Caratini, Aaron Weiss, Marc Farrugia and Baxter R. Underwood.
These covenants may restrict our ability to pursue certain business initiatives or certain transactions that might otherwise be advantageous. Furthermore, failure to meet certain of these financial covenants could cause an event of default under and / or accelerate some or all of such indebtedness which could have a material adverse effect on us.
Furthermore, failure to meet certain of these financial covenants could cause an event of default under and / or accelerate some or all of such indebtedness which could have a material adverse effect on us.
We incurred legal fees and expenses owed to Jaffe, Raitt, Heuer, & Weiss of approximately $10.3 million, $13.3 million and $11.1 million in the years ended December 31, 2021, 2020 and 2019, respectively. Tax Consequences Upon Sale of Properties - Gary A.
We incurred legal fees and expenses owed to this law firm of approximately $9.7 million, $10.3 million and $13.3 million in the years ended December 31, 2022, 2021, and 2020, respectively. Tax Consequences Upon Sale of Properties - Gary A.
Shiffman will have tax consequences different from those on us and our public stockholders upon the sale of any of these partnerships. Therefore, we and Mr. Shiffman may have different objectives regarding the appropriate pricing and timing of any sale of those properties.
Shiffman will have tax consequences different from those on us and our public shareholders upon the sale of any of these partnerships. Therefore, we and Mr. Shiffman may have different objectives regarding the appropriate pricing and timing of any sale of those properties. 19 SUN COMMUNITIES, INC. Transactions with Immediate Family Members - Adam Shiffman, the son of Gary A.
Changes in foreign currency exchange rates cannot always be predicted; as a result, substantial unfavorable changes in exchange rates could have a material adverse effect on our financial condition and results of operations.
Changes in foreign currency exchange rates cannot always be predicted; as a result, substantial unfavorable changes in exchange rates could have a material adverse effect on our financial condition and results of operations. Deterioration in general economic conditions in the United States, and globally, including the effect of prolonged periods of inflation, could harm our business and results of operations.
Certain provisions in our governing documents may make it difficult for a third-party to acquire us. 9.8 percent Ownership Limit. In order to qualify and maintain our qualification as a REIT, not more than 50 percent of the outstanding shares of our capital stock may be owned, directly or indirectly, by five or fewer individuals.
In order to qualify and maintain our qualification as a REIT, not more than 50% of the outstanding shares of our capital stock may be owned, directly or indirectly, by five or fewer individuals.
We intend to manage our operations to maintain our investment grade credit ratings from S&P Global and Moody's. These ratings are based on a number of factors, which include assessments of our financial strength, liquidity, capital structure, asset quality, and sustainability of cash flow and earnings.
These ratings are based on a number of factors, which include assessments of our financial strength, liquidity, capital structure, asset quality, and sustainability of cash flow and earnings.
Before we acquired Safe Harbor in October 2020, we did not own or operate any marinas. Safe Harbor's operations are separate from our other operations. The successful operation of our marinas depends on our ability to retain key employees with experience in the marina business, including Baxter R. Underwood, who is the Chief Executive Officer of Safe Harbor.
The successful operation of our marinas depends on our ability to retain key employees with experience in the marina business, including Baxter R. Underwood, who is the Chief Executive Officer of Safe Harbor. The loss of services of Mr. Underwood or other key employees could have a material adverse effect on our ability to operate Safe Harbor. Although Mr.
The loss of services of Mr. Underwood or other key employees could have a materially adverse effect on our ability to operate Safe Harbor. Although Mr. Underwood has entered into an employment and non-competition agreement, upon certain events he will have the option to eliminate the non-competition covenant by foregoing certain compensation and other benefits.
Underwood has entered into an employment and non-competition agreement, upon certain events he will have the option to eliminate the non-competition covenant by foregoing certain compensation and other benefits. We do not currently maintain or contemplate obtaining any "key-man" life insurance on any of the key employees of Safe Harbor. 15 SUN COMMUNITIES, INC.
As of December 31, 2021, we have revenue concentrations of marinas in Florida, Rhode Island and California of approximately 22.6 percent, 8.0 percent and 6.5 percent, respectively.
As of December 31, 2022, we have revenue concentrations of marinas in Florida, Rhode Island and New York of approximately 34.3%, 9.9% and 6.7%, respectively.
As a result, we may have to pay substantial sums to settle any liabilities asserted against us based upon ownership of newly acquired properties, which could adversely affect our cash flow. We depend on Safe Harbor's management to operate our marina business, and our acquisition of Safe Harbor presents us with new risks.
As a result, we may have to pay substantial sums to settle any liabilities asserted against us based upon ownership of newly acquired properties, which could adversely affect our cash flow. Investments through joint ventures involve risks not present for properties in which we are the sole owner.
Rising interest rates could limit our ability to refinance existing debt when it matures or cause us to pay higher interest rates upon refinancing.
Rising interest rates could limit our ability to refinance existing debt when it matures or cause us to pay higher interest rates upon refinancing. In addition, an increase in interest rates could decrease the access our customers have to credit, thereby decreasing the demand for manufactured homes and recreational vehicles.
Our senior credit facility contains various restrictive corporate covenants including: minimum fixed charge coverage ratio, maximum leverage ratio, maximum dividend payout ratio and maximum secured leverage ratio. In addition to our senior credit facility, our senior unsecured notes also contain various covenants including: aggregate debt test, debt service test, maintenance of total unencumbered assets and a secured debt test.
In addition to our senior credit facility, our senior unsecured notes also contain various covenants including an aggregate debt test, a secured debt test, a debt service test, and a maintenance of total unencumbered assets test. These covenants may restrict our ability to pursue certain business initiatives or certain transactions that might otherwise be advantageous.
In addition, changes in federal, state, local and foreign legislation and regulation based on concerns about climate change could result in increased capital expenditures on our properties (for example, to improve their energy efficiency and / or resistance to inclement weather) without a corresponding increase in revenue, resulting in adverse impacts to our net income.
In addition, changes in federal, state, local and foreign legislation and regulation based on concerns about climate change, as well as voluntary measures we take to combat climate change, could result in increased capital expenditures at our properties.
As of December 31, 2021, 152 MH and RV properties, representing 25.5 percent of developed sites, are located in Florida; 90 properties, representing 17.8 percent of developed sites, are located in Michigan; 33 properties, representing 6.3 percent of developed sites, are located in Texas; and 45 properties, representing 6.3 percent of developed sites, are located in California.
As of December 31, 2022, 150 of our MH and RV communities and marinas, representing 21.7% of developed sites, are located in Florida; 91 communities, representing 16.3% of developed sites, are located in Michigan; 55 communities, representing 9.4% of developed sites, are located in the UK; 48 communities, representing 6.4% of developed sites, are located in California; and 34 communities, representing 5.9% of developed sites, are located in Texas.
Environmental liabilities that we may incur could have an adverse effect on our financial condition, results of operations and cash flows. We may not complete our previously-announced acquisition of Park Holidays. In November 2021, we entered into an agreement to acquire Park Holidays which owns, operates and manages 42 holiday communities in the United Kingdom.
Environmental liabilities that we may incur could have an adverse effect on our financial condition, results of operations and cash flows. We are subject to additional risks from our international investments. Park Holidays represents our first major investment in the UK. We may also pursue other significant acquisition opportunities outside the U.S.
Legal Counsel - During 2019-2021, Jaffe, Raitt, Heuer, & Weiss, Professional Corporation acted as our general counsel and represented us in various matters. Arthur A. Weiss is the Chairman of the Board of Directors and a shareholder of such firm.
Weiss is a partner at Taft Stettinius & Hollister LLP (formerly Jaffe, Raitt, Heuer, & Weiss, Professional Corporation) which acts as our general counsel and represents us in various matters.
If we are unable to adequately address these risks, they could have a significant adverse effect on our operations. 19 SUN COMMUNITIES, INC. The United Kingdom's departure from the European Union could increase volatility in the financial markets and currency exchange rates, including the British pound.
If we are unable to adequately address these risks, they could have a significant adverse effect on our operations. We depend on Safe Harbor's management to operate our marina business. Safe Harbor's operations are separate from our other operations.
Removed
We do not currently maintain or contemplate obtaining any "key-man" life insurance on any of the key employees of Safe Harbor.

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Item 2. Properties

Properties — owned and leased real estate

42 edited+5 added−4 removed2 unchanged
Biggest changeProperty Name MH/RV City State MH and Annual RV Sites as of 12/31/2021 Transient RV Sites as of 12/31/2021 Occupancy as of 12/31/2021 Occupancy as of 12/31/2020 Maine Augusta Village MH Augusta ME 59 — 91.5 % 89.8 % Birch Hill Estates MH Bangor ME 377 — 98.9 % 98.7 % Cedar Haven MH Holden ME 155 — 89.7 % 92.9 % Hancock Heights Estates MH Hancock ME 113 — 99.1 % 100.0 % Holiday Park Estates MH Bangor ME 218 — 89.0 % 91.3 % Jellystone Park™ Augusta Maine RV North Monmouth ME 204 — 100.0 % N/A (4) Maplewood Manor MH Brunswick ME 296 — 99.0 % 99.3 % Merrymeeting MH Brunswick ME 43 — 97.7 % 100.0 % Riverside Drive Park MH Augusta ME 163 — 82.2 % 85.3 % Saco / Old Orchard Beach KOA (2) RV Saco ME — 191 N/A N/A Sun Outdoors Old Orchard Beach Downtown (2) RV Old Orchard Beach ME 86 235 100.0 % 100.0 % Sun Retreats at Wild Acres (2) RV Old Orchard Beach ME 326 304 100.0 % 100.0 % Sun Retreats Old Orchard Beach (2) RV Old Orchard Beach ME 240 46 100.0 % 100.0 % Town & Country Village MH Lisbon ME 144 — 98.6 % 98.6 % Wells Beach Resort Campground (2) RV Wells ME — 231 N/A N/A (4) Maine Total 2,424 1,007 96.5 % 96.8 % New Hampshire Brook Ridge MH Hooksett NH 91 — 100.0 % 100.0 % Crestwood MH Concord NH 320 — 99.4 % 98.8 % Farmwood Village MH Dover NH 159 — 99.4 % 100.0 % Glen Ellis Family Campground (2) RV Glen NH 16 277 100.0 % 100.0 % Hannah Village MH Lebanon NH 81 — 97.5 % 100.0 % Hemlocks MH Tilton NH 103 — 100.0 % 99.0 % Mi-Te-Jo Campground (2) RV Milton NH 68 156 100.0 % 100.0 % River Pines MH Nashua NH 480 — 99.4 % 99.0 % Strafford / Lake Winnipesaukee South KOA (3) RV Strafford NH — 147 N/A N/A Westward Shores Cottages & RV Resort (2) RV West Ossipee NH 430 70 100.0 % 100.0 % New Hampshire Total 1,748 650 99.5 % 99.4 % New Jersey Cape May Crossing MH Cape May NJ 28 — 100.0 % 100.0 % Deep Run MH Cream Ridge NJ 243 — 100.0 % 100.0 % Driftwood RV Resort & Campground (2) RV Clermont NJ 639 68 100.0 % 100.0 % Holly Shores Camping Resort (2) RV Cape May NJ — 310 N/A N/A (4) Hospitality Creek Campground (2) RV Williamstown NJ — 230 N/A N/A (4) Long Beach RV Resort & Campground (2) RV Barnegat NJ 175 39 100.0 % 100.0 % Shady Pines MH Galloway Twp.
Biggest changeProperty Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Riverside Drive Park MH Augusta ME 163 — 81.0 % 82.2 % Sun Outdoors Old Orchard Beach Downtown (2) RV Old Orchard Beach ME 83 238 100.0 % 100.0 % Sun Outdoors Saco Old Orchard Beach (2) RV Saco ME — 191 N/A N/A Sun Outdoors Wells Beach (2) RV Wells ME — 231 N/A N/A Sun Retreats at Wild Acres (2) RV Old Orchard Beach ME 369 261 100.0 % 100.0 % Sun Retreats Old Orchard Beach (2) RV Old Orchard Beach ME 257 24 100.0 % 100.0 % Town & Country Village MH Lisbon ME 144 — 97.9 % 98.6 % Maine Total 2,548 1,108 95.1 % 96.5 % New Hampshire Brook Ridge MH Hooksett NH 91 — 100.0 % 100.0 % Crestwood MH Concord NH 320 — 100.0 % 99.4 % Farmwood Village MH Dover NH 159 — 100.0 % 99.4 % Glen Ellis Family Campground (2) RV Glen NH — 289 N/A 100.0 % Hannah Village MH Lebanon NH 81 — 100.0 % 97.5 % Hemlocks MH Tilton NH 103 — 100.0 % 100.0 % Mi-Te-Jo Campground (2) RV Milton NH 66 149 100.0 % 100.0 % River Pines MH Nashua NH 480 — 100.0 % 99.4 % Strafford / Lake Winnipesaukee South KOA (3) RV Strafford NH — 144 N/A N/A Westward Shores Cottages & RV Resort (2) RV West Ossipee NH 428 70 100.0 % 100.0 % New Hampshire Total 1,728 652 100.0 % 99.5 % New Jersey Cape May Crossing MH Cape May NJ 28 — 100.0 % 100.0 % Deep Run MH Cream Ridge NJ 243 — 100.0 % 100.0 % Hospitality Creek Campground (2) RV Williamstown NJ 111 122 100.0% N/A Shady Pines MH Galloway Township NJ 39 — 100.0 % 100.0 % Shady Pines RV Resort (2) RV Galloway Township NJ 67 28 100.0 % 100.0 % Sun Outdoors Cape May (3) RV Cape May NJ — 358 N/A N/A Sun Retreats Avalon (2) RV Cape May Court House NJ 417 111 100.0 % 100.0 % Sun Retreats Cape May Wildwood (2) RV Cape May NJ 466 164 100.0 % 100.0 % Sun Retreats Long Beach Island (2) RV Barnegat NJ 183 31 100.0 % 100.0 % Sun Retreats Pleasant Acres Farm (2) RV Sussex NJ 161 131 100.0 % 100.0 % Sun Retreats Sea Isle (2) RV Clermont NJ 665 42 100.0 % 100.0 % Sun Retreats Seashore (2) RV Cape May NJ 437 238 100.0 % 100.0 % New Jersey Total 2,817 1,225 100.0 % 100.0 % New York Cherrywood MH Clinton NY 176 — 93.8 % (1) 88.6 % (1) Jellystone Park™ at Birchwood Acres (3) MH Greenfield Park NY 1 — 100.0 % 100.0 % Jellystone Park™ at Birchwood Acres RV Resort (3) RV Greenfield Park NY 122 182 100.0 % 100.0 % Jellystone Park™ at Gardiner (2) RV Gardiner NY 26 312 100.0 % 100.0 % Jellystone Park™ of Western New York (2) RV North Java NY 22 337 100.0 % 100.0 % Kittatinny Campground & RV Resort (2) RV Barryville NY — 326 N/A N/A Parkside Village MH Cheektowaga NY 156 — 100.0 % 100.0 % Sky Harbor MH Cheektowaga NY 522 — 97.7 % 98.7 % Sun Outdoors Association Island (2) RV Henderson NY 24 276 100.0 % 100.0 % Sun Retreats Adirondack Gateway (2) RV Gansevoort NY 332 10 100.0 % 100.0 % The Villas at Calla Pointe MH Cheektowaga NY 116 — 100.0 % 100.0 % 34 SUN COMMUNITIES, INC.
Our marinas are principally located in the northeastern, southern, mid-Atlantic, western and midwestern regions of the U.S., with the majority of such marinas concentrated in coastal regions, others located in various inland regions, and Puerto Rico. We believe that geographic diversification helps to insulate the portfolio from regional economic influences.
Our marinas are principally located in the northeastern, southern, mid-Atlantic, western and midwestern regions of the U.S., with the majority of such marinas concentrated in coastal regions, and others located in various inland regions. We believe that geographic diversification helps to insulate the portfolio from regional economic influences.
MI 664 — 98.9 % 99.5 % Shelby West MH Shelby Twp. MI 644 — 99.4 % 99.7 % Silver Springs MH Clinton Township MI 547 — 99.3 % 100.0 % Southwood Village MH Grand Rapids MI 394 — 99.0 % 99.7 % St. Clair Place MH St. Clair MI 100 — 97.0 % 97.0 % Stonebridge MH Richfield Twp.
MI 664 — 98.5 % 98.9 % Shelby West MH Shelby Twp. MI 644 — 98.8 % 99.4 % Silver Springs MH Clinton Township MI 547 — 98.9 % 99.3 % Southwood Village MH Grand Rapids MI 394 — 99.0 % 99.0 % St. Clair Place MH St. Clair MI 100 — 98.0 % 97.0 % Stonebridge MH Richfield Twp.
Most of our properties include amenities oriented toward family and retirement living. Of our 602 properties, 218 each have 300 or more developed sites, with the largest having 2,341 developed MH and RV sites. See "Real Estate and Accumulated Depreciation, Schedule III," included in our Consolidated Financial Statements, for detail on properties that are encumbered.
Most of our properties include amenities oriented toward family and retirement living. Of our 669 properties, 319 each have 300 or more developed sites, with the largest having 2,341 developed MH and RV sites. See "Real Estate and Accumulated Depreciation, Schedule III," included in our Consolidated Financial Statements, for detail on properties that are encumbered.
We have concentrated our properties within certain areas of the regions in order to achieve economies of scale in management and operation. The following tables set forth certain information relating to our MH and RV properties as of December 31, 2021. The occupancy percentage includes MH sites and annual RV sites and excludes transient RV sites.
We have concentrated our properties within certain areas of the regions in order to achieve economies of scale in management and operations. The following tables set forth certain information relating to our MH and RV properties as of December 31, 2022. The occupancy percentage includes MH sites and annual RV sites and excludes transient RV sites.
MI 162 — 98.8 % 98.1 % Frenchtown Villa / Elizabeth Woods MH Newport MI 1,140 — 99.3 % 99.2 % Grand Mobile Estates MH Grand Rapids MI 219 — 99.1 % 98.2 % Haas Lake Park RV Campground (2) RV New Hudson MI 210 282 100.0 % N/A (4) Hamlin MH Webberville MI 230 — 98.3 % 98.7 % Hickory Hills Village MH Battle Creek MI 283 — 98.9 % 99.6 % Highland Greens Estates MH Highland MI 879 — 64.6 % 56.5 % Holiday West Village MH Holland MI 341 — 99.4 % 99.7 % Holly Village / Hawaiian Gardens MH Holly MI 425 — 98.4 % 97.9 % Hunters Crossing MH Capac MI 114 — 100.0 % 100.0 % Hunters Glen MH Wayland MI 396 — 98.0 % 98.7 % Huntington Run MH Kalamazoo MI 175 — 98.9 % N/A (4) Kensington Meadows MH Lansing MI 290 — 97.9 % 96.2 % Kimberly Estates MH Newport MI 387 — 98.2 % 98.2 % King's Court Mobile Village MH Traverse City MI 802 — 99.5 % 99.0 % Knollwood Estates MH Allendale MI 161 — 96.3 % 96.9 % Lafayette Place MH Warren MI 254 — 96.9 % 99.2 % Lakeview MH Ypsilanti MI 392 — 97.7 % 99.0 % Leisure Village MH Belmont MI 256 — 99.6 % 99.6 % Lincoln Estates MH Holland MI 191 — 98.4 % 98.4 % Meadow Lake Estates MH White Lake MI 425 — 98.8 % 99.3 % Meadowbrook Estates MH Monroe MI 453 — 98.7 % 99.1 % Meadowlands of Gibraltar MH Gibraltar MI 320 — 99.7 % 99.4 % Meadowstone MH Hastings MI 231 — 94.4 % N/A (4) Northville Crossing MH Northville MI 756 — 99.7 % 99.7 % Oak Island Village MH East Lansing MI 250 — 97.6 % 100.0 % Petoskey KOA RV Resort (2) RV Petoskey MI 50 239 100.0 % 100.0 % Pinebrook Village MH Kentwood MI 185 — 98.9 % 98.9 % Pineview Estates MH Flint MI 1,011 — 71.1 % N/A (4) Presidential Estates Mobile Village MH Hudsonville MI 364 — 97.3 % 99.2 % Richmond Place MH Richmond MI 117 — 98.3 % 100.0 % River Haven Village MH Grand Haven MI 721 — 99.2 % 96.1 % River Ridge MH Saline MI 288 — 100.0 % N/A (4) Rudgate Clinton MH Clinton Township MI 667 — 98.7 % 99.3 % Rudgate Manor MH Sterling Heights MI 931 — 98.0 % 98.8 % Scio Farms Estates MH Ann Arbor MI 913 — 98.8 % 99.1 % Sheffield Estates MH Auburn Hills MI 228 — 100.0 % 99.1 % Shelby Forest MH Shelby Twp.
MI 162 — 96.3 % 98.8 % Frenchtown Villa / Elizabeth Woods MH Newport MI 1,140 — 98.9 % 99.3 % Grand Village MH Grand Rapids MI 219 — 97.7 % 99.1 % Hamlin MH Webberville MI 230 — 97.0 % 98.3 % Hickory Hills Village MH Battle Creek MI 283 — 98.2 % 98.9 % Highland Greens Estates MH Highland MI 879 — 67.5 % 64.6 % Holiday West Village MH Holland MI 341 — 100.0 % 99.4 % Holly Village / Hawaiian Gardens MH Holly MI 425 — 97.9 % 98.4 % Hunters Crossing MH Capac MI 114 — 98.2 % 100.0 % Hunters Glen MH Wayland MI 396 — 99.7 % 98.0 % Huntington Run MH Kalamazoo MI 175 — 100.0 % 98.9 % Jellystone Park™ Petoskey (2) RV Petoskey MI 49 238 100.0 % 100.0 % Kensington Meadows MH Lansing MI 290 — 95.5 % 97.9 % Kimberly Estates MH Newport MI 387 — 98.4 % 98.2 % King's Court MH Traverse City MI 802 — 99.0 % 99.5 % Knollwood Estates MH Allendale MI 161 — 96.9 % 96.3 % Lafayette Place MH Warren MI 254 — 95.3 % 96.9 % Lakeview MH Ypsilanti MI 392 — 97.4 % 97.7 % Leisure Village MH Belmont MI 256 — 99.2 % 99.6 % Lincoln Estates MH Holland MI 191 — 99.5 % 98.4 % Meadow Lake Estates MH White Lake MI 425 — 97.9 % 98.8 % Meadowbrook Estates MH Monroe MI 453 — 95.8 % 98.7 % Meadowlands of Gibraltar MH Gibraltar MI 320 — 99.4 % 99.7 % Meadowstone MH Hastings MI 231 — 97.0 % 94.4 % Northville Crossing MH Northville MI 756 — 99.5 % 99.7 % Oak Island Village MH East Lansing MI 250 — 97.2 % 97.6 % Pinebrook Village MH Kentwood MI 185 — 96.2 % 98.9 % Pineview Estates MH Flint MI 1,011 — 86.9 % 71.1 % Presidential Estates MH Hudsonville MI 364 — 99.7 % 97.3 % Richmond Place MH Richmond MI 117 — 94.9 % 98.3 % River Haven Village MH Grand Haven MI 721 — 99.0 % 99.2 % River Ridge MH Saline MI 288 — 99.7 % 100.0 % Rudgate Clinton MH Clinton Township MI 667 — 99.1 % 98.7 % Rudgate Manor MH Sterling Heights MI 931 — 98.0 % 98.0 % Scio Farms MH Ann Arbor MI 913 — 99.3 % 98.8 % Sheffield Estates MH Auburn Hills MI 228 — 98.2 % 100.0 % Shelby Forest MH Shelby Twp.
Property Name MH/RV City State MH and Annual RV Sites as of 12/31/2021 Transient RV Sites as of 12/31/2021 Occupancy as of 12/31/2021 Occupancy as of 12/31/2020 UNITED STATES MIDWEST Michigan Academy / West Point MH Canton MI 441 — 98.4 % 98.0 % Allendale Meadows Mobile Village MH Allendale MI 352 — 99.4 % 99.1 % Alpine Meadows Mobile Village MH Grand Rapids MI 403 — 98.5 % 97.3 % Andover MH Grass Lake MI 125 — 100.0 % N/A (4) Apple Carr Village MH Muskegon MI 713 — 92.8 % (1) 86.5 % (1) Arbor Woods MH Ypsilanti MI 458 — 98.9 % 99.1 % Brentwood Mobile Village MH Kentwood MI 195 — 97.9 % 99.5 % Broadview Estates MH Davison MI 474 — 88.2 % 87.1 % Brookside Village MH Kentwood MI 196 — 98.5 % 100.0 % Byron Center Mobile Village MH Byron Center MI 143 — 99.3 % 98.6 % Camelot Villa MH Macomb MI 712 — 99.0 % 98.6 % Charlevoix Estates MH Charlevoix MI 183 — 98.9 % N/A (4) Cider Mill Crossings MH Fenton MI 621 — 94.8 % (1) 87.6 % (1) Cider Mill Village MH Middleville MI 258 — 98.4 % 98.4 % Country Acres Mobile Village MH Cadillac MI 182 — 98.9 % 95.1 % Country Hills Village MH Hudsonville MI 239 — 99.2 % 99.6 % Country Meadows Mobile Village MH Flat Rock MI 577 — 99.7 % 98.8 % 31 SUN COMMUNITIES, INC.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 NORTH AMERICA UNITED STATES MIDWEST Michigan Academy / West Point MH Canton MI 441 — 98.0 % 98.4 % Allendale Meadows MH Allendale MI 352 — 97.4 % 99.4 % Alpine Meadows MH Grand Rapids MI 403 — 98.5 % 98.5 % Andover MH Grass Lake MI 125 — 100.0 % 100.0 % Apple Carr Village MH Muskegon MI 713 — 97.5 % (1) 92.8 % (1) Arbor Woods MH Ypsilanti MI 458 — 98.0 % 98.9 % Brentwood Village MH Kentwood MI 195 — 98.5 % 97.9 % Broadview Estates MH Davison MI 474 — 97.9 % 88.2 % Brookside Village MH Kentwood MI 196 — 99.5 % 98.5 % Byron Center MH Byron Center MI 143 — 97.2 % 99.3 % Camelot Villa MH Macomb MI 712 — 98.2 % 99.0 % Charlevoix Estates MH Charlevoix MI 182 — 98.9 % 98.9 % Cider Mill Crossings MH Fenton MI 621 — 97.6 % (1) 94.8 % (1) Cider Mill Village MH Middleville MI 258 — 98.4 % 98.4 % Country Acres MH Cadillac MI 182 — 95.1 % 98.9 % Country Hills Village MH Hudsonville MI 239 — 100.0 % 99.2 % 25 SUN COMMUNITIES, INC.
Lucie FL 1,069 — 98.5 % 98.5 % Serendipity MH North Fort Myers FL 338 — 97.3 % 97.9 % Settler's Rest RV Resort (2) RV Zephyrhills FL 301 77 100.0 % 100.0 % Shadow Wood Village MH Hudson FL 260 — 78.8 % (1) 87.0 % (1) Shady Road Villas MH Ocala FL 129 — 87.6 % 85.4 % Shell Creek Marina MH Punta Gorda FL 54 — 98.1 % 98.1 % Shell Creek RV Resort & Marina (2) RV Punta Gorda FL 155 30 100.0 % 100.0 % Siesta Bay RV Park (2) RV Ft.
Lucie FL 1,069 — 98.9 % 98.5 % Serendipity MH North Fort Myers FL 338 — 92.9 % 97.3 % Settler's Rest RV Resort (2) RV Zephyrhills FL 313 65 100.0 % 100.0 % Shadow Wood Village MH Hudson FL 260 — 85.4 % (1) 78.8 % (1) Shady Road Villas MH Ocala FL 129 — 93.8 % 87.6 % Shell Creek Marina MH Punta Gorda FL 54 — 98.1 % 98.1 % Shell Creek RV Resort & Marina (2) RV Punta Gorda FL 154 31 100.0 % 100.0 % Siesta Bay RV Park RV Ft.
The average renewal rate for residents in our Rental Program was 73.5 percent for the year ended December 31, 2021. We believe that our properties' high amenity levels, customer service loyalty, and customer retention program contribute to low turnover and generally high occupancy rates.
The average renewal rate for residents in our Rental Program was 69.7% for the year ended December 31, 2022. We believe that our properties' high amenity levels, customer service loyalty, and customer retention program contribute to low turnover and generally high occupancy rates.
Many RV resorts offer incremental amenities including golf, pro shops, restaurants, zip lines, waterparks, watersports and thematic experiences. Our MH and RV properties are principally located in the midwestern, southern and southeastern regions of the U.S., and Ontario, Canada.
Many RV communities offer incremental amenities including golf, pro shops, restaurants, zip lines, waterparks, watersports and thematic experiences. Our MH and RV communities are principally located in the midwestern, southern and southeastern regions of the U.S., in the south of England in the UK and in Canada.
(4) No occupancy in these properties for the year ended December 31, 2020 as properties were acquired during the year ended December 31, 2021. (5) Occupancy in these properties at December 31, 2021 and 2020 reflects the redevelopment following asset impairments resulting from Hurricane Irma in September 2017.
(4) No occupancy in these properties for the year ended December 31, 2021 as properties were acquired during the year ended December 31, 2022. (5) Occupancy in these properties at December 31, 2022 reflects the redevelopment following asset impairments resulting from Hurricane Ian in October 2022.
Myers Beach FL 353 — 100.0 % 100.0 % Indian Creek RV Park (2) RV Ft.
Myers Beach FL — — — % (5) 100.0 % Indian Creek RV Park RV Ft.
A developed site is defined as an adequate sized parcel of land that has road and utility access which is zoned and licensed (if required) for use as a home site. (3) We have an ownership interest in Sunset Beach, Strafford and Chincoteague Island, but do not maintain and operate the property.
A developed site is defined as an adequately sized parcel of land that has road and utility access which is zoned and licensed (if required) for use as a home site. (3) We have an ownership interest in these properties, but do not maintain and operate these properties.
MI 708 — 98.4 % 99.9 % Egelcraft MH Muskegon MI 458 — 98.9 % 97.8 % Fisherman's Cove MH Flint Twp.
MI 708 — 98.6 % 98.4 % Egelcraft MH Muskegon MI 458 — 98.9 % 98.9 % Fisherman's Cove MH Flint Twp.
Since January 1, 2021, the MH and RV properties have averaged an aggregate annual turnover of homes (where the home is moved out of the community) of approximately 2.6 percent and an average annual turnover of residents (where the resident-owned home is sold and remains within the community, typically without interruption of rental income) of approximately 7.1 percent.
Since January 1, 2018, our MH and RV properties have a five-year average annual turnover of homes (where the home is moved out of the community) of approximately 2.8% and a five-year average annual turnover of residents (where the resident-owned home is sold and remains within the community, typically without interruption of rental income) of approximately 7.2%.
Property Name MH/RV City State MH and Annual RV Sites as of 12/31/2021 Transient RV Sites as of 12/31/2021 Occupancy as of 12/31/2021 Occupancy as of 12/31/2020 Country Meadows Village MH Caledonia MI 395 — 99.7 % 100.0 % Creekwood Meadows MH Burton MI 336 — 97.6 % 99.1 % Cutler Estates Mobile Village MH Grand Rapids MI 259 — 97.7 % 98.8 % Dutton Mill Village MH Caledonia MI 307 — 99.7 % 99.3 % East Village Estates MH Washington Twp.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Country Meadows MH Flat Rock MI 577 — 98.4 % 99.7 % Country Meadows Village MH Caledonia MI 395 — 100.0 % 99.7 % Creek Wood MH Burton MI 336 — 98.5 % 97.6 % Cutler Estates MH Grand Rapids MI 259 — 99.2 % 97.7 % Dutton Mill Village MH Caledonia MI 307 — 98.0 % 99.7 % East Village Estates MH Washington Twp.
(2) Wet slips and dry storage spaces from Harbor House are grouped into Yacht Haven. (3) Property acquired during year ended December 31, 2021. (4) Wet slips and dry storage spaces from Island Park are grouped into Sakonnet. (5) Wet slips and dry storage spaces from Wickford are grouped into Wickford Cove.
(2) Wet slips and dry storage spaces from Harbor House are grouped into Yacht Haven. (3) Wet slips and dry storage spaces from Apponaug Harbor are grouped into Cowesett. (4) Wet slips and dry storage spaces from Island Park are grouped into Sakonnet. (5) Wet slips and dry storage spaces from Wickford are grouped into Wickford Cove.
As of December 31, 2021, our MH and RV properties had an occupancy rate of 97.4 percent excluding transient RV sites.
As of December 31, 2022, our MH and RV properties had an occupancy rate of 95.9% excluding transient RV sites.
Collins CO 585 — 99.3 % 99.5 % Willow Bend MH Fort Lupton CO — — N/A N/A (4) Colorado Total 2,552 987 95.7 % 97.0 % NORTHEAST Connecticut Beechwood MH Killingworth CT 297 — 98.7 % 97.3 % Cedar Springs MH Southington CT 190 — 96.8 % 93.2 % Forest Hill MH Southington CT 188 — 97.9 % 98.4 % Grove Beach MH Westbrook CT 136 — 98.5 % 98.5 % Hillcrest MH Uncasville CT 208 — 99.5 % 99.5 % Lakeside MH Terryville CT 76 — 100.0 % 97.4 % Lakeview CT MH Danbury CT 179 — 93.3 % 90.5 % Laurel Heights MH Uncasville CT 49 — 95.9 % 95.9 % Marina Cove MH Uncasville CT 25 — 76.0 % 76.0 % Millwood MH Uncasville CT 45 — 4.4 % (1) N/A (1) New England Village MH Westbrook CT 60 — 100.0 % 100.0 % Oak Grove MH Plainville CT 45 — 97.8 % 97.8 % Rolling Hills MH Storrs CT 200 — 78.5 % 77.5 % Sun Outdoors Mystic (2) RV Old Mystic CT 46 103 100.0 % 100.0 % Three Gardens MH Southington CT 135 — 90.4 % 90.4 % Yankee Village MH Old Saybrook CT 23 — 100.0 % 100.0 % Connecticut Total 1,902 103 92.8 % 91.7 % 39 SUN COMMUNITIES, INC.
Collins CO 585 — 99.3 % 99.3 % Willow Bend MH Fort Lupton CO 119 — — % (1) N/A Colorado Total 2,799 987 88.2 % 95.7 % NORTHEAST Connecticut Beechwood MH Killingworth CT 297 — 98.3 % 98.7 % Cedar Springs MH Southington CT 190 — 97.4 % 96.8 % Forest Hill MH Southington CT 188 — 97.9 % 97.9 % Grove Beach MH Westbrook CT 136 — 100.0 % 98.5 % Hillcrest MH Uncasville CT 208 — 99.5 % 99.5 % Lakeside MH Terryville CT 76 — 96.1 % 100.0 % Lakeview CT MH Danbury CT 179 — 95.0 % 93.3 % Laurel Heights MH Uncasville CT 49 — 89.8 % 95.9 % Marina Cove MH Uncasville CT 25 — 92.0 % 76.0 % Millwood MH Uncasville CT 45 — 13.3 % (1) 4.4 % (1) New England Village MH Westbrook CT 60 — 100.0 % 100.0 % Oak Grove MH Plainville CT 45 — 93.3 % 97.8 % Rolling Hills MH Storrs CT 200 — 78.0 % 78.5 % Sun Outdoors Mystic (2) RV Old Mystic CT 51 98 100.0 % 100.0 % Three Gardens MH Southington CT 135 — 96.3 % 90.4 % Yankee Village MH Old Saybrook CT 23 — 100.0 % 100.0 % Connecticut Total 1,907 98 93.4 % 92.8 % Maine Augusta Village MH Augusta ME 59 — 94.9 % 91.5 % Birch Hill Estates MH Bangor ME 377 — 96.6 % 98.9 % Cedar Haven MH Holden ME 155 — 91.6 % 89.7 % Hancock Heights Estates MH Hancock ME 113 — 97.3 % 99.1 % Holiday Park Estates MH Bangor ME 218 — 92.7 % 89.0 % Jellystone Park™ Androscoggin Lake (2) RV North Monmouth ME 40 163 100.0 % 100.0 % Maplewood Manor MH Brunswick ME 296 — 99.3 % 99.0 % Merrymeeting MH Brunswick ME 43 — 97.7 % 97.7 % Norway Commons MH Norway ME 231 — 83.1 % (1) N/A (4) 33 SUN COMMUNITIES, INC.
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2021 Wet Slips and Dry Storage Spaces as of 12/31/2020 UNITED STATES NORTHEAST Connecticut Bruce & Johnsons Branford CT 664 664 Dauntless (1) Essex CT 332 332 Dauntless Shipyard (1) Essex CT — — Deep River Deep River CT 310 310 Essex Island (1) Essex CT — — Ferry Point Old Saybrook CT 138 138 Harbor House (2) Stamford CT — — Mystic Mystic CT 253 253 Pilots Point Westbrook CT 879 879 Stratford Stratford CT 210 210 Yacht Haven (2) Stamford CT 513 513 Connecticut Total 3,299 3,299 Rhode Island Allen Harbor (3) North Kingstown RI 183 N/A Cove Haven Barrington RI 346 346 Cowesett (8) Warwick RI 1,178 1,178 Greenwich Bay Warwick RI 545 545 Island Park (4) Portsmouth RI — — Jamestown Boatyard Jamestown RI 132 132 New England Boatworks Portsmouth RI 229 229 Newport Shipyard Newport RI 75 75 Sakonnet (4) Portsmouth RI 445 445 Silver Spring South Kingstown RI 100 100 Wickford (5) North Kingstown RI — — Wickford Cove (5) North Kingstown RI 252 252 Rhode Island Total 3,485 3,302 New York Capri Port Washington NY 369 369 Gaines Rouses Point NY 272 272 Glen Cove Glen Cove NY 540 540 Greenport (6) Greenport NY 414 414 43 SUN COMMUNITIES, INC.
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2022 Wet Slips and Dry Storage Spaces as of 12/31/2021 UNITED STATES NORTHEAST Connecticut Bruce & Johnsons Branford CT 664 664 Dauntless (1) Essex CT 335 332 Dauntless Shipyard (1) Essex CT — — Deep River Deep River CT 310 310 Essex Island (1) Essex CT — — Ferry Point Old Saybrook CT 138 138 Harbor House (2) Stamford CT — — Mystic Mystic CT 263 253 Pilots Point Westbrook CT 880 879 Stratford Stratford CT 212 210 Yacht Haven (2) Stamford CT 523 513 Connecticut Total 3,325 3,299 Rhode Island Allen Harbor North Kingstown RI 135 183 Cove Haven Barrington RI 341 346 Cowesett (3) Warwick RI 1,190 1,178 Greenwich Bay Warwick RI 547 545 Island Park (4) Portsmouth RI — — Jamestown Boatyard Jamestown RI 114 132 New England Boatworks Portsmouth RI 231 229 Newport Shipyard Newport RI 75 75 Sakonnet (4) Portsmouth RI 423 445 Silver Spring Wakefield RI 106 100 Wickford (5) Wickford RI — — Wickford Cove (5) Wickford RI 259 252 Rhode Island Total 3,421 3,485 New York Capri Port Washington NY 373 369 Gaines Rouses Point NY 287 272 Glen Cove Glen Cove NY 540 540 Greenport (6) Greenport NY 415 414 Haverstraw West Haverstraw NY 900 921 Montauk Yacht Club (7) Montauk NY 232 N/A Post Road Mamaroneck NY 50 46 Stirling (6) Greenport NY — — Willsboro Bay Willsboro NY 221 221 New York Total 3,018 2,783 Massachusetts Edgartown Edgartown MA 117 161 Fiddler's Cove North Falmouth MA 201 229 Green Harbor Marshfield MA 203 203 Hawthorne Cove Salem MA 451 425 Marina Bay Quincy MA 700 710 Onset Bay Buzzards Bay MA 231 231 39 SUN COMMUNITIES, INC.
Myers FL 232 37 100.0 % 100.0 % Gulfstream Harbor MH Orlando FL 974 — 99.9 % 99.6 % Hacienda Del Rio MH Edgewater FL 730 — 99.5 % 98.8 % Hidden River RV Resort (2) RV Riverview FL 208 93 100.0 % 100.0 % Holly Forest Estates MH Holly Hill FL 402 — 100.0 % 100.0 % Homosassa River RV Resort (2) RV Homosassa Springs FL 135 89 100.0 % 100.0 % Horseshoe Cove RV Resort (2) RV Bradenton FL 333 143 100.0 % 100.0 % Indian Creek Park MH Ft.
Myers FL — — — % (5) 100.0 % Gulfstream Harbor MH Orlando FL 974 — 99.8 % 99.9 % Hacienda Del Rio MH Edgewater FL 800 — 91.0 % (1) 99.5 % Hidden River RV Resort (2) RV Riverview FL 238 63 100.0 % 100.0 % Holly Forest MH Holly Hill FL 402 — 100.0 % 100.0 % Homosassa River RV Resort (2) RV Homosassa Springs FL 145 79 100.0 % 100.0 % Horseshoe Cove RV Resort (2) RV Bradenton FL 353 123 100.0 % 100.0 % Indian Creek Park MH Ft.
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2021 Wet Slips and Dry Storage Spaces as of 12/31/2020 Ballena Isle Alameda CA 414 414 Cabrillo Isle San Diego CA 527 N/A Emeryville Emeryville CA 460 460 Loch Lomond San Rafael CA 529 529 Shelter Island (3) San Diego CA 60 N/A South Bay (3) Chula Vista CA 413 N/A Sunroad (3) San Diego CA 643 N/A Ventura Isle Ventura CA 444 444 California Total 3,940 2,297 US TOTAL 43,543 38,739 PUERTO RICO Puerto del Rey (3) Fajardo PR 1,612 N/A PUERTO RICO TOTAL 1,612 N/A COMPANY TOTAL 45,155 38,739 (1) Wet slips and dry storage spaces from Dauntless Shipyard and Essex Island are grouped into Dauntless.
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2022 Wet Slips and Dry Storage Spaces as of 12/31/2021 Emeryville Emeryville CA 460 460 Loch Lomond San Rafael CA 529 529 Marina Bay Yacht Harbor (7) Richmond CA 800 N/A Shelter Island San Diego CA 60 60 South Bay Chula Vista CA 563 413 Sunroad San Diego CA 645 643 Ventura Isle Ventura CA 531 444 California Total 5,705 3,940 COMPANY TOTAL 47,823 45,155 (1) Wet slips and dry storage spaces from Dauntless Shipyard and Essex Island are grouped into Dauntless.
As of December 31, 2021, our properties contained an aggregate of 204,163 developed sites comprised of 98,621 developed MH sites, 30,540 annual RV sites (inclusive of both annual and seasonal usage rights), 29,847 transient RV sites and 45,155 wet slips and dry storage spaces. There are 10,672 additional MH and RV sites suitable for development.
As of December 31, 2022, our properties contained an aggregate of 227,541 developed sites comprised of 118,204 developed MH sites, 30,333 annual RV sites (inclusive of both annual and seasonal usage rights), 31,181 transient RV sites and 47,823 wet slips and dry storage spaces. There are 16,195 additional MH and RV sites suitable for development.
Property Name MH/RV City State MH and Annual RV Sites as of 12/31/2021 Transient RV Sites as of 12/31/2021 Occupancy as of 12/31/2021 Occupancy as of 12/31/2020 Tall Pines Harbor Campground (2) RV Temperanceville VA — 241 N/A N/A (4) Virginia Total 1,253 2,182 99.8 % 99.6 % SOUTHWEST California 49'er Village RV Resort (2) RV Plymouth CA 88 239 100.0 % 100.0 % Alta Laguna MH Rancho Cucamonga CA 296 — 99.7 % 99.7 % Caliente Sands MH Cathedral City CA 118 — 98.3 % 98.3 % Cava Robles RV Resort (2) RV Paso Robles CA — 332 N/A N/A Cisco Grove Campground & RV RV Emigrant Gap CA 18 — 100.0 % N/A (4) El Capitan Canyon (2) RV Goleta CA — 163 N/A N/A Forest Springs MH Grass Valley CA 373 — 89.5 % (1) 86.6 % (1) Friendly Village of La Habra MH La Habra CA 330 — 100.0 % 100.0 % Friendly Village of Modesto MH Modesto CA 289 — 99.7 % 99.0 % Friendly Village of Simi MH Simi Valley CA 222 — 100.0 % 100.0 % Friendly Village of West Covina MH West Covina CA 157 — 100.0 % 100.0 % Heritage MH Temecula CA 196 — 99.5 % 99.5 % Indian Wells RV Resort (2) RV Indio CA 165 173 100.0 % 100.0 % Jellystone Park™ at Tower Park (2) RV Lodi CA — 361 N/A N/A Lakefront MH Lakeside CA 295 — 99.0 % 100.0 % Lakeview Mobile Estates MH Yucaipa CA 296 — 100.0 % 100.0 % Lazy J Ranch MH Arcata CA 220 — 99.1 % 99.5 % Lemon Wood MH Ventura CA 231 — 100.0 % 99.1 % Menifee Development MH Menifee CA — — N/A (1) N/A (4) Moreno 66 Development MH Moreno Valley CA — — N/A (1) N/A (4) Napa Valley MH Napa CA 257 — 100.0 % 99.6 % Oak Creek MH Coarsegold CA 198 — 99.5 % 100.0 % Ocean Mesa RV Resort (2) RV Goleta CA — 104 N/A N/A Ocean West MH McKinleyville CA 130 — 99.2 % 99.2 % Palos Verdes Shores MH & Golf Community MH San Pedro CA 242 — 99.6 % 100.0 % Pembroke Downs MH Chino CA 163 — 99.4 % 100.0 % Pismo Dunes RV Resort RV Pismo Beach CA 331 — 100.0 % 100.0 % Rancho Alipaz MH San Juan Capistrano CA 132 — 100.0 % 100.0 % Rancho Caballero MH Riverside CA 303 — 100.0 % 100.0 % Royal Palms MH Cathedral City CA 438 — 97.7 % 97.7 % Royal Palms RV Resort RV Cathedral City CA 39 — 100.0 % 100.0 % Sun Outdoors San Diego Bay MH San Diego CA 49 — N/A (1) N/A (1) Sun Outdoors San Diego Bay RV Resort (2) RV San Diego CA — 197 N/A (1) N/A (1) The Colony MH Oxnard CA 150 — 100.0 % 100.0 % The Sands RV & Golf Resort (2) RV Desert Hot Springs CA 269 245 100.0 % 100.0 % Vallecito MH Newbury Park CA 303 — 100.0 % 100.0 % Victor Villa MH Victorville CA 287 — 99.7 % 100.0 % Vines RV Resort (2) RV Paso Robles CA — 130 N/A N/A Vista del Lago MH Scotts Valley CA 202 — 99.0 % 99.5 % Wine Country RV Resort (2) RV Paso Robles CA — 203 N/A N/A California Total 6,787 2,147 98.3 % 98.9 % Arizona Blue Star MH Apache Junction AZ 4 — 100.0 % 100.0% Blue Star (2) RV Apache Junction AZ 114 31 100.0 % 100.0% Brentwood West MH Mesa AZ 350 — 99.7 % 99.1 % 38 SUN COMMUNITIES, INC.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Friendly Village of La Habra MH La Habra CA 330 — 99.1 % 100.0 % Friendly Village of Modesto MH Modesto CA 289 — 98.6 % 99.7 % Friendly Village of Simi MH Simi Valley CA 222 — 99.5 % 100.0 % Friendly Village of West Covina MH West Covina CA 157 — 98.7 % 100.0 % Heritage MH Temecula CA 196 — 100.0 % 99.5 % Indian Wells RV Resort (2) RV Indio CA 173 165 100.0 % 100.0 % Jellystone Park™ at Tower Park (2) RV Lodi CA — 359 N/A N/A Lakefront MH Lakeside CA 295 — 99.7 % 99.0 % Lakeview Mobile Estates MH Yucaipa CA 297 — 99.7 % 100.0 % Lazy J Ranch MH Arcata CA 220 — 98.6 % 99.1 % Lemon Wood MH Ventura CA 231 — 100.0 % 100.0 % Menifee Development MH Menifee CA — — N/A (1) N/A (1) Moreno 66 Development MH Moreno Valley CA — — N/A (1) N/A (1) Napa Valley MH Napa CA 257 — 100.0 % 100.0 % Oak Creek MH Coarsegold CA 198 — 99.0 % 99.5 % Ocean West MH McKinleyville CA 130 — 99.2 % 99.2 % Palos Verdes Shores MH & Golf Community MH San Pedro CA 242 — 100.0 % 99.6 % Pembroke Downs MH Chino CA 163 — 100.0 % 99.4 % Pismo Dunes RV Resort (2) RV Pismo Beach CA 330 1 100.0 % 100.0 % Rancho Alipaz MH San Juan Capistrano CA 132 — 100.0 % 100.0 % Rancho Caballero MH Riverside CA 303 — 99.7 % 100.0 % Royal Palms MH Cathedral City CA 438 — 98.4 % 97.7 % Royal Palms RV Resort RV Cathedral City CA 39 — 100.0 % 100.0 % Sun Outdoors Central Coast Wine Country (2) RV Paso Robles CA — 203 N/A N/A Sun Outdoors Paso Robles (2) RV Paso Robles CA — 332 N/A N/A Sun Outdoors San Diego Bay MH San Diego CA — — N/A N/A (1) Sun Outdoors San Diego Bay RV Resort (2) RV San Diego CA — 246 N/A N/A (1) Sun Outdoors Santa Barbara (2) RV Goleta CA — 103 N/A N/A Sunrise Estates MH Banning CA 181 — 90.6 % (1) N/A (4) The Colony MH Oxnard CA 150 — 100.0 % 100.0 % Vallecito MH Newbury Park CA 303 — 100.0 % 100.0 % Victor Villa MH Victorville CA 287 — 99.3 % 99.7 % Vines RV Resort (2) RV Paso Robles CA — 130 N/A N/A Vista del Lago MH Scotts Valley CA 202 — 100.0 % 99.0 % California Total 6,861 1,936 98.6 % 98.3 % Arizona Blue Star MH Apache Junction AZ 3 — 100.0 % 100.0 % Blue Star (2) RV Apache Junction AZ 138 9 100.0 % 100.0 % Brentwood West MH Mesa AZ 350 — 99.7 % 99.7 % Buena Vista MH Buckeye AZ 400 — 92.0 % 89.8 % Desert Harbor MH Apache Junction AZ 205 — 100.0 % 100.0 % La Casa Blanca MH Apache Junction AZ 198 — 99.0 % 100.0 % Leaf Verde RV Resort (2) RV Buckeye AZ 155 222 100.0 % 100.0 % Lost Dutchman MH Apache Junction AZ 226 — 87.2 % (1) 96.4 % Lost Dutchman RV Resort (2) RV Apache Junction AZ — 1 N/A 100.0 % Mountain View MH Mesa AZ 170 — 97.6 % 97.6 % Palm Creek Golf MH Casa Grande AZ 506 — 78.7 % (1) 71.1 % (1) Palm Creek Golf & RV Resort (2) RV Casa Grande AZ 1,081 754 100.0 % 100.0 % Rancho Mirage MH Apache Junction AZ 312 — 99.7 % 100.0 % Reserve at Fox Creek MH Bullhead City AZ 311 — 99.7 % 99.7 % 32 SUN COMMUNITIES, INC.
(6) Wet slips and dry storage spaces from Stirling are grouped into Greenport. (7) Property currently under development. (8) Wet slips and dry storage spaces from Apponaug Harbor are grouped into Cowesett. (9) Wet slips and dry storage spaces from Ashley Fuels are grouped into Charleston City. 47 SUN COMMUNITIES, INC.
(10) Property currently under development. (11) Wet slips and dry storage spaces from Ashley Fuels are grouped into Charleston City. 43 SUN COMMUNITIES, INC.
Property Name MH/RV City State MH and Annual RV Sites as of 12/31/2021 Transient RV Sites as of 12/31/2021 Occupancy as of 12/31/2021 Occupancy as of 12/31/2020 Sun Retreats Silver Lake (2) RV Mears MI 161 103 100.0 % 100.0 % Sunset Ridge MH Portland MI 388 — 95.1 % 87.6 % (1) Sycamore Village MH Mason MI 396 — 98.7 % 99.0 % Sylvan Crossing MH Chelsea MI 185 — 74.6 % (1) N/A (4) Sylvan Glen Estates MH Brighton MI 476 — 94.7 % N/A (4) Tamarac Village MH Ludington MI 302 — 98.7 % 98.3 % Tamarac Village RV Resort (2) RV Ludington MI 111 2 100.0 % 100.0 % Tanglewood Village MH Brownstown MI 247 — 98.8 % N/A (4) Timberline Estates MH Coopersville MI 296 — 98.6 % 98.3 % Town & Country Mobile Village MH Traverse City MI 192 — 97.9 % 99.0 % Troy Villa MH Troy MI 282 — 85.8 % 86.9% Warren Dunes Village MH Bridgman MI 314 — 99.7 % 98.7 % Waverly Shores Village MH Holland MI 415 — 100.0 % 100.0 % West Village Estates MH Romulus MI 628 — 100.0 % 98.9 % White Lake Mobile Home Village MH White Lake MI 315 — 96.8 % 98.4 % Windham Hills Estates MH Jackson MI 469 — 98.7 % 98.3 % Windsor Woods Village MH Wayland MI 314 — 99.7 % 99.7 % Woodhaven Place MH Woodhaven MI 220 — 95.5 % 100.0 % Michigan Total 32,257 869 96.3 % 96.6 % Indiana Brookside Mobile Home Village MH Goshen IN 570 — 97.5 % 97.2 % Carrington Pointe MH Fort Wayne IN 468 — 90.2 % (1) 85.5 % (1) Clear Water Mobile Village MH South Bend IN 227 — 98.2 % 97.4 % Cobus Green Mobile Home Park MH Osceola IN 386 — 98.4 % 98.2 % Four Seasons MH Elkhart IN 218 — 99.5 % 98.2 % Jellystone Park™ at Barton Lake (2) RV Fremont IN 87 468 100.0 % N/A Liberty Farm MH Valparaiso IN 220 — 96.8 % 95.9 % Pebble Creek MH Greenwood IN 296 — 99.0 % 98.6 % Pine Hills MH Middlebury IN 130 — 98.5 % 98.4 % Roxbury Park MH Goshen IN 398 — 96.2 % 97.7 % Sun Outdoors Lake Rudolph (2) RV Santa Claus IN — 534 N/A N/A The Willows MH Goshen IN 174 — 83.3 % (1) N/A (4) Indiana Total 3,174 1,002 96.0 % 95.6 % Ohio Apple Creek MH Amelia OH 176 — 96.6 % 99.4 % East Fork Crossing MH Batavia OH 350 — 99.4 % 99.7 % Oakwood Village MH Miamisburg OH 511 — 99.4 % 98.6 % Orchard Lake MH Milford OH 147 — 99.3 % 97.3 % Sun Retreats Geneva on the Lake (2) RV Geneva on the Lake OH 451 129 100.0 % 100.0 % Westbrook Senior Village MH Toledo OH 112 — 100.0 % 100.0 % Westbrook Village MH Toledo OH 344 — 98.5 % 98.3 % Willowbrook Place MH Toledo OH 266 — 97.4 % 99.2 % Woodside Terrace MH Holland OH 439 — 97.0 % 96.8 % Ohio Total 2,796 129 98.7 % 98.7 % SOUTH Texas Austin Lone Star RV Resort (2) RV Austin TX 56 101 100.0 % 100.0 % Bluebonnet Lake MH Austin TX — — N/A N/A (4) 33 SUN COMMUNITIES, INC.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Sun Retreats Gun Lake (2) RV Hopkins MI 281 54 100.0 % 100.0 % Sun Retreats Silver Lake (2) RV Mears MI 192 72 100.0 % 100.0 % Sunset Ridge MH Portland MI 388 — 98.7 % 95.1 % Sycamore Village MH Mason MI 396 — 98.5 % 98.7 % Sylvan Crossing MH Chelsea MI 281 — 49.1 % (1) 74.6 % (1) Sylvan Glen Estates MH Brighton MI 476 — 98.5 % 94.7 % Tamarac Village MH Ludington MI 302 — 98.3 % 98.7 % Tamarac Village RV Resort (2) RV Ludington MI 111 2 100.0 % 100.0 % Tanglewood Village MH Brownstown MI 247 — 100.0 % 98.8 % Timberline Estates MH Coopersville MI 296 — 97.3 % 98.6 % Town & Country MH Traverse City MI 192 — 99.0 % 97.9 % Troy Villa MH Troy MI 282 — 85.1 % 85.8 % Warren Dunes Village MH Bridgman MI 314 — 99.7 % 99.7 % Waverly Shores Village MH Holland MI 415 — 100.0 % 100.0 % West Village Estates MH Romulus MI 628 — 99.5 % 100.0 % White Lake MH White Lake MI 315 — 95.9 % 96.8 % Windham Hills MH Jackson MI 469 — 96.8 % 98.7 % Windsor Woods Village MH Wayland MI 314 — 98.7 % 99.7 % Woodhaven Place MH Woodhaven MI 220 — 94.5 % 95.5 % Michigan Total 32,471 749 96.7 % 96.3 % Indiana Brookside Manor MH Goshen IN 570 — 97.5 % 97.5 % Carrington Pointe MH Fort Wayne IN 468 — 97.9 % 90.2 % (1) Clear Water MH South Bend IN 227 — 98.7 % 98.2 % Cobus Green MH Osceola IN 386 — 99.7 % 98.4 % Four Seasons MH Elkhart IN 218 — 95.9 % 99.5 % Jellystone Park™ at Barton Lake (2) RV Fremont IN 68 489 100.0 % 100.0 % Liberty Farm MH Valparaiso IN 220 — 95.5 % 96.8 % Pebble Creek MH Greenwood IN 296 — 99.0 % 99.0 % Pine Hills MH Middlebury IN 130 — 99.2 % 98.5 % Roxbury Park MH Goshen IN 398 — 93.2 % 96.2 % Sun Outdoors Lake Rudolph (2) RV Santa Claus IN — 534 N/A N/A The Willows MH Goshen IN 174 — 82.8 % (1) 83.3 % (1) Indiana Total 3,155 1,023 96.6 % 96.0 % SOUTH Texas Austin Lone Star RV Resort (2) RV Austin TX 60 97 100.0 % 100.0 % Bluebonnet Lake MH Austin TX — — N/A N/A Boulder Ridge MH Pflugerville TX 1,220 — 98.6 % 98.5 % Branch Creek Estates MH Austin TX 400 — 99.5 % 99.8 % Camp Fimfo (2) RV New Braunfels TX — 492 N/A N/A Chisholm Point MH Pflugerville TX 427 — 99.3 % 98.6 % Comal Farms MH New Braunfels TX 367 — 98.9 % 99.5 % Coyote Ranch Resort (2) RV Wichita Falls TX — 163 N/A N/A Creeks Crossing MH Kyle TX 196 — 56.6 % (1) 94.3 % (1) Jellystone Park™ at Guadalupe River (2) RV Kerrville TX — 253 N/A N/A Jellystone Park™ at Hill Country (2) RV Canyon Lake TX — 167 N/A N/A Jellystone Park™ at Whispering Pines (2) RV Tyler TX — 134 N/A N/A Jetstream RV Resort at NASA (2) RV Houston TX 76 126 100.0 % 100.0 % 27 SUN COMMUNITIES, INC.
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2021 Wet Slips and Dry Storage Spaces as of 12/31/2020 North Palm Beach North Palm Beach FL 110 110 Old Port Cove North Palm Beach FL 208 208 Pier 77 Bradenton FL 199 199 Pineland Bokeelia FL 259 259 Regatta Pointe Palmetto FL 367 367 Riviera Beach Riviera Beach FL 20 20 Siesta Key Sarasota FL 198 198 South Fork (7) Fort Lauderdale FL — — West Palm Beach West Palm Beach FL 61 61 Florida Total 5,233 3,985 South Carolina Beaufort Beaufort SC 124 124 Bristol Charleston SC 249 249 Charleston City (9) Charleston SC 450 450 City Boatyard Charleston SC 213 213 Port Royal (3) Port Royal SC 252 N/A Port Royal Landing Port Royal SC 161 161 Reserve Harbor Pawleys Island SC 239 239 Skull Creek Hilton Head SC 186 186 South Carolina Total 1,874 1,622 North Carolina Kings Point Cornelius NC 784 784 Peninsula Yacht Club Cornelius NC 476 476 Skippers Landing Troutman NC 389 389 South Harbour Village Southport NC 146 146 Westport Denver NC 587 587 North Carolina Total 2,382 2,382 Virginia Stingray Point (3) Deltaville VA 228 N/A Virginia Total 228 N/A MIDWEST Michigan Belle Maer Harrison Township MI 542 542 Detroit River (3) Detroit MI 473 N/A Grand Isle Grand Haven MI 450 450 Great Lakes Muskegon MI 466 466 Jefferson Beach St.
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2022 Wet Slips and Dry Storage Spaces as of 12/31/2021 South Carolina Beaufort Beaufort SC 127 124 Bristol Charleston SC 192 249 Charleston City (11) Charleston SC 450 450 City Boatyard Charleston SC 215 213 Port Royal Port Royal SC 252 252 Port Royal Landing Port Royal SC 161 161 Reserve Harbor Pawleys Island SC 233 239 Skull Creek Hilton Head SC 186 186 South Carolina Total 1,816 1,874 North Carolina Jarrett Bay Boatworks (7) Beaufort NC 37 N/A Kings Point Cornelius NC 784 784 Outer Banks (7) Wanchese NC 206 N/A Peninsula Yacht Club Cornelius NC 476 476 Skippers Landing Troutman NC 392 389 South Harbour Village Southport NC 144 146 Westport Denver NC 622 587 North Carolina Total 2,661 2,382 Puerto Rico Puerto del Rey Fajardo PR 1,606 1,612 Puerto Rico Total 1,606 1,612 Virginia Bluewater (7) Hampton VA 200 N/A Stingray Point Deltaville VA 224 228 Virginia Total 424 228 MIDWEST Michigan Belle Maer Harrison Township MI 545 542 Detroit River Detroit MI 473 473 Grand Isle Grand Haven MI 454 450 Great Lakes Muskegon MI 466 466 Jefferson Beach St.
Property Name MH/RV City State MH and Annual RV Sites as of 12/31/2021 Transient RV Sites as of 12/31/2021 Occupancy as of 12/31/2021 Occupancy as of 12/31/2020 Jellystone Park™ at Birchwood Acres RV Resort (2) RV Greenfield Park NY 120 184 100.0 % 100.0 % Jellystone Park™ at Gardiner (2) RV Gardiner NY 20 318 100.0 % N/A Jellystone Park™ of Western New York (2) RV North Java NY 22 337 100.0 % 100.0 % Kittatinny Campground & RV Resort (2) RV Barryville NY — 527 N/A N/A Parkside Village MH Cheektowaga NY 156 — 100.0 % 100.0 % Sky Harbor MH Cheektowaga NY 522 — 98.7 % 98.1 % Sun Outdoors Association Island (2) RV Henderson NY 26 274 100.0 % N/A (4) The Villas at Calla Pointe MH Cheektowaga NY 116 — 100.0 % 100.0 % New York Total 1,482 1,659 98.2 % 97.3 % OTHER Sun Outdoors Orange Beach (2) RV Orange Beach AL — 167 N/A N/A Fort Dupont RV Delaware City DE — — N/A N/A (4) High Point Park MH Frederica DE 409 — 97.6 % 99.3 % Leisure Point Resort MH Millsboro DE 202 — 94.1 % 90.6 % Leisure Point RV Resort (2) RV Millsboro DE 299 2 100.0 % 100.0 % Sea Air Village MH Rehoboth Beach DE 379 — 98.9 % 99.2 % Sea Air Village RV Resort (2) RV Rehoboth Beach DE 123 11 100.0 % 100.0 % Sun Outdoors Rehoboth Bay (2) RV Millsboro DE — 291 N/A N/A Countryside Village of Atlanta MH Lawrenceville GA 261 — 100.0 % 99.6 % Countryside Village of Gwinnett MH Buford GA 331 — 99.1 % 99.7 % Countryside Village of Lake Lanier MH Buford GA 548 — 98.7 % 99.1 % Wymberly MH Martinez GA 274 — 78.1 % (1) 100.0 % Autumn Ridge MH Ankeny IA 413 — 98.8 % 98.1 % Jellystone Park™ of Chicago (2) RV Millbrook IL 144 250 100.0 % N/A (4) Maple Brook MH Matteson IL 441 — 99.8 % 99.8 % Oak Ridge MH Manteno IL 426 — 98.1 % 96.0 % Sun Retreats Rock River (2) RV Hillsdale IL 243 255 100.0 % 100.0 % Wildwood Community MH Sandwich IL 476 — 98.9 % 98.9 % Jellystone Park™ at Mammoth Cave (2) RV Cave City KY — 315 N/A N/A (4) Reunion Lake RV Resort (2) RV Ponchatoula LA — 334 N/A N/A Campers Haven RV Resort (2) RV Dennisport MA 221 45 100.0 % 100.0 % Peter's Pond RV Resort (2) RV Sandwich MA 341 65 100.0 % 100.0 % Sun Outdoors Cape Cod (2) RV East Falmouth MA 56 199 100.0 % 100.0 % Hyde Park MH Easton MD 240 — 99.2 % 99.2 % Jellystone Park™ at Maryland (2) RV Williamsport MD — 228 N/A N/A Southside Landing MH Cambridge MD 96 — 93.8 % 88.5 % Sun Outdoors Frontier Town (2) RV Berlin MD — 685 N/A N/A Sun Outdoors Ocean City (2) RV Berlin MD 1 392 100.0 % 100.0 % Sun Outdoors Ocean City Gateway (2) RV Whaleyville MD — 210 N/A N/A Southern Hills / Northridge Place MH Stewartville MN 475 — 97.5 % 98.9 % Jellystone Park™ at Memphis (2) RV Horn Lake MS — 155 N/A N/A Rocky Mountain RV Park (2) RV Gardiner MT — 75 N/A N/A (4) Coastal Estates MH Hampstead NC 154 — 72.1 % (1) 65.6 % (1) Fort Tatham RV Resort & Campground (2) RV Sylva NC 58 32 100.0 % 100.0 % Glen Laurel MH Concord NC 260 — 98.8 % 100.0 % Jellystone Park™ at Golden Valley (2) RV Bostic NC — 298 N/A N/A Meadowbrook MH Charlotte NC 321 — 99.7 % 99.7 % Sun Villa Estates MH Reno NV 324 — 100.0 % 100.0 % Country Village Estates MH Oregon City OR 518 — 100.0 % 99.8 % Crown Villa RV Resort (2) RV Bend OR — 123 N/A N/A 41 SUN COMMUNITIES, INC.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 New York Total 1,497 1,443 98.5 % 98.2 % OTHER Sun Outdoors Orange Beach (2) RV Orange Beach AL — 497 N/A N/A Fort Dupont RV Delaware City DE — — N/A N/A High Point Park MH Frederica DE 409 — 97.8 % 97.6 % Jellystone Lincoln (2) RV Delaware City DE — 263 N/A N/A (4) Sea Air Village MH Rehoboth Beach DE 379 — 99.2 % 98.9 % Sea Air Village RV Resort (2) RV Rehoboth Beach DE 124 10 100.0 % 100.0 % Sun Outdoors Rehoboth Bay (3) RV Millsboro DE — 291 N/A N/A Sun Retreats Rehoboth Bay MH Millsboro DE 202 — 95.0 % 94.1 % Sun Retreats Rehoboth Bay RV Resort (2) RV Millsboro DE 299 2 100.0 % 100.0 % Countryside Village of Atlanta MH Lawrenceville GA 261 — 99.2 % 100.0 % Countryside Village of Gwinnett MH Buford GA 331 — 98.2 % 99.1 % Countryside Village of Lake Lanier MH Buford GA 548 — 99.1 % 98.7 % Wymberly MH Martinez GA 277 — 78.3 % (1) 78.1 % (1) Autumn Ridge MH Ankeny IA 413 — 97.6 % 98.8 % Jellystone Park™ of Chicago (2) RV Millbrook IL 159 235 100.0 % 100.0 % Maple Brook MH Matteson IL 441 — 99.8 % 99.8 % Oak Ridge MH Manteno IL 426 — 99.8 % 98.1 % Sun Retreats Rock River (2) RV Hillsdale IL 265 233 100.0 % 100.0 % Wildwood Community MH Sandwich IL 476 — 99.2 % 98.9 % Jellystone Park™ at Mammoth Cave (3) RV Cave City KY — 330 N/A N/A Sun Outdoors New Orleans North Shore (2) RV Ponchatoula LA — 334 N/A N/A Sun Retreats Cape Cod (2) RV East Falmouth MA 62 193 100.0 % 100.0 % Sun Retreats Dennis Port (2) RV Dennisport MA 221 39 100.0 % 100.0 % Sun Retreats Peters Pond (2) RV Sandwich MA 350 56 100.0 % 100.0 % Hyde Park MH Easton MD 240 — 100.0 % 99.2 % Jellystone Park™ at Maryland (2) RV Williamsport MD — 234 N/A N/A Southside Landing MH Cambridge MD 96 — 100.0 % 93.8 % Sun Outdoors Frontier Town (3) RV Berlin MD — 685 N/A N/A Sun Outdoors Ocean City (2) RV Berlin MD 1 392 100.0 % 100.0 % Sun Outdoors Ocean City Gateway (3) RV Whaleyville MD — 215 N/A N/A Southern Hills / Northridge Place MH Stewartville MN 475 — 97.5 % 97.5 % Jellystone Park™ at Memphis (2) RV Horn Lake MS — 155 N/A N/A Sun Outdoors Yellowstone North (2) RV Gardiner MT — 75 N/A N/A Coastal Estates MH Hampstead NC 154 — 82.5 % (1) 72.1 % (1) Glen Laurel MH Concord NC 260 — 98.8 % 98.8 % Jellystone Park™ at Golden Valley (2) RV Bostic NC — 357 N/A N/A Meadowbrook MH Charlotte NC 321 — 100.0 % 99.7 % Sun Retreats Nantahala (2) RV Sylva NC 61 29 100.0 % 100.0 % Stoneridge Villas MH Gardnerville NV — — N/A (1) N/A (4) Sun Villa Estates MH Reno NV 324 — 99.1 % 100.0 % Apple Creek MH Amelia OH 176 — 98.3 % 96.6 % East Fork Crossing MH Batavia OH 350 — 100.0 % 99.4 % Oakwood Village MH Miamisburg OH 511 — 98.8 % 99.4 % Orchard Lake MH Milford OH 147 — 98.0 % 99.3 % Sun Retreats Geneva on the Lake (2) RV Geneva on the Lake OH 465 115 100.0 % 100.0 % Westbrook Senior Village MH Toledo OH 112 — 100.0 % 100.0 % Westbrook Village MH Toledo OH 344 — 94.5 % 98.5 % Willowbrook Place MH Toledo OH 266 — 95.1 % 97.4 % 35 SUN COMMUNITIES, INC.
Myers Beach FL 973 104 100.0 % 100.0 % Island Lakes MH Merritt Island FL 301 — 100.0 % 100.0 % King's Lake MH DeBary FL 245 — 100.0 % 100.0 % Kings Manor MH Lakeland FL 239 — 97.1 % 96.7 % Kings Pointe MH Lake Alfred FL 226 — 99.1 % 99.6 % Kissimmee Gardens MH Kissimmee FL 240 — 99.6 % 100.0 % Kissimmee South MH Davenport FL 142 — 91.5 % 90.8 % Kissimmee South RV Resort (2) RV Davenport FL 144 57 100.0 % 100.0 % La Costa Village MH Port Orange FL 658 — 100.0 % 100.0 % Lake Josephine RV Resort (2) RV Sebring FL 119 59 100.0 % 100.0 % Lake Juliana Landings MH Auburndale FL 274 — 98.2 % 98.2 % Lake Pointe Village MH Mulberry FL 362 — 99.4 % 99.4 % Lake San Marino RV Park (2) RV Naples FL 252 155 100.0 % 100.0 % Lakeland RV Resort (2) RV Lakeland FL 206 25 100.0 % 100.0 % Lakeshore Landings MH Orlando FL 307 — 99.3 % 100.0 % Lakeshore Villas MH Tampa FL 280 — 98.2 % 98.6 % Lamplighter MH Port Orange FL 259 — 99.6 % 100.0 % Lazy Lakes RV Resort (2) RV Summerland Key FL — 99 N/A N/A (4) Majestic Oaks RV Resort (2) RV Zephyrhills FL 231 23 100.0 % 100.0 % Marco Naples RV Resort (2) RV Naples FL 207 94 100.0 % 100.0 % Meadowbrook Village MH Tampa FL 257 — 100.0 % 100.0 % Mill Creek MH Kissimmee FL 34 — 94.1 % 88.2 % 35 SUN COMMUNITIES, INC.
Myers Beach FL — — — % (5) 100.0 % Island Lakes MH Merritt Island FL 301 — 100.0 % 100.0 % King's Lake MH DeBary FL 245 — 100.0 % 100.0 % Kings Manor MH Lakeland FL 239 — 96.2 % 97.1 % Kings Pointe MH Lake Alfred FL 226 — 100.0 % 99.1 % Kissimmee Gardens MH Kissimmee FL 240 — 99.2 % 99.6 % Kissimmee South MH Davenport FL 142 — 96.5 % 91.5 % Kissimmee South RV Resort (2) RV Davenport FL 153 48 100.0 % 100.0 % La Costa Village MH Port Orange FL 658 — 100.0 % 100.0 % Lake Josephine RV Resort (2) RV Sebring FL 157 21 100.0 % 100.0 % Lake Juliana Landings MH Auburndale FL 274 — 98.5 % 98.2 % Lake Pointe Village MH Mulberry FL 362 — 99.2 % 99.4 % Lake San Marino RV Park (2) RV Naples FL 308 99 100.0 % 100.0 % Lakeland RV Resort (2) RV Lakeland FL 218 13 100.0 % 100.0 % Lakeshore Landings MH Orlando FL 307 — 98.7 % 99.3 % Lakeshore Villas MH Tampa FL 280 — 98.9 % 98.2 % Lamplighter MH Port Orange FL 259 — 99.6 % 99.6 % Majestic Oaks RV Resort (2) RV Zephyrhills FL 230 24 100.0 % 100.0 % Marco Naples RV Resort (2) RV Naples FL 242 59 100.0 % 100.0 % Meadowbrook Village MH Tampa FL 257 — 100.0 % 100.0 % Mill Creek MH Kissimmee FL 34 — 91.2 % 94.1 % Mill Creek RV Resort (2) RV Kissimmee FL 132 24 100.0 % 100.0 % Naples RV Resort (2) RV Naples FL 141 26 100.0 % 100.0 % North Lake Estates (2) RV Moore Haven FL 205 67 100.0 % 100.0 % Oakview Estates MH Arcadia FL 119 — 95.8 % 100.0 % Ocean Breeze - Jensen Beach MH Jensen Beach FL 325 — 79.7 % (1) 77.3 % (1) Ocean Breeze - Jensen Beach RV Resort (2) RV Jensen Beach FL 86 76 100.0 % 100.0 % Ocean Breeze - Marathon MH Marathon FL 46 — 100.0 % (6) 74.5 % (1)(6) Ocean Breeze - Marathon RV Resort RV Marathon FL — — — % (6) — % (6) Ocean View MH Jensen Beach FL 71 — N/A (1) N/A (1) Orange City MH Orange City FL 4 — 100.0 % 100.0 % Orange City RV Resort (2) RV Orange City FL 444 77 100.0 % 100.0 % Orange Tree Village MH Orange City FL 246 — 100.0 % 100.0 % Paddock Park South MH Ocala FL 188 — 80.9 % 80.3 % Palm Key Village MH Davenport FL 204 — 100.0 % 100.0 % 29 SUN COMMUNITIES, INC.
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2021 Wet Slips and Dry Storage Spaces as of 12/31/2020 Hideaway Bay Flowery Branch GA 635 635 Trade Winds Appling GA 314 314 Georgia Total 2,833 2,833 Kentucky Beaver Creek Monticello KY 356 356 Burnside Somerset KY 347 347 Grider Hill Albany KY 704 704 Jamestown Jamestown KY 707 707 Wisdom Dock Albany KY 291 291 Kentucky Total 2,405 2,405 Texas Emerald Point Austin TX 651 651 Pier 121 Lewisville TX 1,082 1,082 Walden Montgomery TX 391 391 Texas Total 2,124 2,124 Arkansas Brady Mountain Royal AR 582 582 Arkansas Total 582 582 Tennessee Eagle Cove Byrdstown TN 78 78 Holly Creek Celina TN 306 306 Tennessee Total 384 384 Mississippi Aqua Yacht Iuka MS 587 587 Mississippi Total 587 587 Alabama Sportsman Orange Beach AL 729 729 Alabama Total 729 729 Oklahoma Harbors View Afton OK 172 172 Oklahoma Total 172 172 SOUTHEAST Florida Angler House (3) Islamorada FL 22 N/A Burnt Store Punta Gorda FL 975 975 Calusa Island Goodland FL 620 620 Cape Harbour Cape Coral FL 256 256 Emerald Coast (3) Niceville FL 408 N/A Harborage Yacht Club (3) Stuart FL 297 N/A Harbortown Fort Pierce FL 350 350 Islamorada (3) Islamorada FL 267 N/A Lauderdale Marine Center (3) Fort Lauderdale FL 101 N/A Marathon (3) Marathon FL 153 N/A New Port Cove Riviera Beach FL 362 362 45 SUN COMMUNITIES, INC.
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2022 Wet Slips and Dry Storage Spaces as of 12/31/2021 Texas Emerald Point Austin TX 591 651 Pier 121 Lewisville TX 1,082 1,082 Walden Montgomery TX 391 391 Texas Total 2,064 2,124 Arkansas Brady Mountain Royal AR 582 582 Arkansas Total 582 582 Tennessee Eagle Cove Byrdstown TN 78 78 Holly Creek Celina TN 307 306 Tennessee Total 385 384 Mississippi Aqua Yacht Iuka MS 586 587 Mississippi Total 586 587 Alabama Sportsman Orange Beach AL 723 729 Alabama Total 723 729 Oklahoma Harbors View Afton OK 162 172 Oklahoma Total 162 172 SOUTHEAST Florida Angler House Islamorada FL 23 22 Burnt Store Punta Gorda FL 765 975 Calusa Island Goodland FL 620 620 Cape Harbour Cape Coral FL 256 256 Emerald Coast Niceville FL 352 408 Harborage Yacht Club Stuart FL 311 297 Harbortown Fort Pierce FL 350 350 Islamorada Islamorada FL 258 267 Lauderdale Marine Center Fort Lauderdale FL 127 101 Marathon Marathon FL 157 153 New Port Cove Riviera Beach FL 366 362 North Palm Beach North Palm Beach FL 117 110 Old Port Cove North Palm Beach FL 211 208 Pier 77 Bradenton FL 199 199 Pineland Bokeelia FL 259 259 Port Phoenix (7)(9) North Fort Myers FL — N/A Regatta Pointe Palmetto FL 367 367 Riviera Beach Riviera Beach FL 20 20 Siesta Key Sarasota FL 234 198 South Fork (10) Fort Lauderdale FL — — West Palm Beach West Palm Beach FL 62 61 Florida Total 5,054 5,233 41 SUN COMMUNITIES, INC.
Property Name MH/RV City State MH and Annual RV Sites as of 12/31/2021 Transient RV Sites as of 12/31/2021 Occupancy as of 12/31/2021 Occupancy as of 12/31/2020 Buena Vista MH Buckeye AZ 400 — 89.8 % 84.8 % Desert Harbor MH Apache Junction AZ 205 — 100.0 % 100.0 % La Casa Blanca MH Apache Junction AZ 198 — 100.0 % 100.0 % Leaf Verde RV Resort (2) RV Buckeye AZ 113 264 100.0 % 100.0 % Lost Dutchman MH Apache Junction AZ 193 — 96.4 % 98.9 % Lost Dutchman RV Resort (2) RV Apache Junction AZ 3 31 100.0 % 100.0 % Mountain View MH Mesa AZ 170 — 97.6 % 98.8 % Palm Creek Golf MH Casa Grande AZ 506 — 71.1 % (1) 66.6 % (1) Palm Creek Golf & RV Resort (2) RV Casa Grande AZ 976 859 100.0 % 100.0 % Rancho Mirage MH Apache Junction AZ 312 — 100.0 % 100.0 % Reserve at Fox Creek MH Bullhead City AZ 311 — 99.7 % 99.7 % Sun Valley MH Apache Junction AZ 268 — 97.8 % 97.4 % Arizona Total 4,123 1,185 95.0 % 93.2 % Colorado Cave Creek MH Evans CO 447 — 99.6 % 99.3 % Eagle Crest MH Firestone CO 441 — 99.8 % 99.5 % Jellystone Park™ at Larkspur (2) RV Larkspur CO — 536 N/A N/A North Point Estates MH Pueblo CO 108 — 99.1 % 100.0 % River Run MH Granby CO 36 — 100.0 % 55.6 % (1) River Run RV Resort (2) RV Granby CO — 451 N/A N/A Skyline MH Fort Collins CO 170 — 99.4 % 99.4 % Smith Creek Crossing MH Granby CO 182 — 44.5 % (1) 42.7 % (1) Swan Meadow Village MH Dillon CO 174 — 100.0 % 99.4 % The Foothills MH Fort Collins CO — — N/A N/A (4) The Grove at Alta Ridge MH Thornton CO 409 — 100.0 % 100.0 % Timber Ridge MH Ft.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Spanish Trails West MH Casa Grande AZ 214 — 0.5% (1) N/A (4) Spanish Trails West RV Resort RV Casa Grande AZ — — N/A (1) N/A (4) Sun Valley MH Apache Junction AZ 268 — 98.1 % 97.8 % Arizona Total 4,537 986 91.3 % 95.0 % Colorado Cave Creek MH Evans CO 447 — 100.0 % 99.6 % Eagle Crest MH Firestone CO 441 — 99.8 % 99.8 % Jellystone Park™ at Larkspur (2) RV Larkspur CO — 536 N/A N/A North Point Estates MH Pueblo CO 108 — 95.4 % 99.1 % Skyline MH Fort Collins CO 170 — 100.0 % 99.4 % Smith Creek Crossing MH Granby CO 310 — 34.8 % (1) 44.5 % (1) Sun Outdoors Rocky Mountains MH Granby CO 36 — 100.0 % 100.0 % Sun Outdoors Rocky Mountains RV Resort (2) RV Granby CO — 451 N/A N/A Swan Meadow Village MH Dillon CO 174 — 100.0 % 100.0 % The Foothills MH Fort Collins CO — — N/A N/A The Grove at Alta Ridge MH Thornton CO 409 — 100.0 % 100.0 % Timber Ridge MH Ft.
Property Name MH/RV City State MH and Annual RV Sites as of 12/31/2021 Transient RV Sites as of 12/31/2021 Occupancy as of 12/31/2021 Occupancy as of 12/31/2020 Forest Meadows MH Philomath OR 75 — 100.0 % 100.0 % Oceanside RV Resort & Campground (2) RV Coos Bay OR — 86 N/A N/A Pheasant Ridge RV Park (2) RV Wilsonville OR — 130 N/A N/A (4) Woodland Park Estates MH Eugene OR 398 — 100.0 % 100.0 % Countryside Estates MH Mckean PA 304 — 97.0 % 96.4 % Jellystone Park™ at Quarryville (2) RV Quarryville PA — 257 N/A N/A Pheasant Ridge MH Lancaster PA 553 — 100.0 % 100.0 % River Beach Campsites & RV RV Milford PA — — N/A (1) N/A (4) Sun Outdoors Lancaster County (2) RV Narvon PA 280 142 100.0 % 100.0 % Carolina Pines RV Resort (2) RV Conway SC 163 671 100.0 % 100.0 % Country Lakes MH Little River SC 136 — 100.0 % 95.6 % Crossroads MH Aiken SC 168 — 73.2 % (1) 60.8 % (1) Crossroads RV Resort (2) RV Aiken SC 20 2 100.0 % 100.0 % Lakeside Crossing MH Conway SC 691 — 88.4 % (1) 82.9 % (1) Ocean Pines MH Garden City SC 579 — 99.8 % 99.5 % Southern Palms MH Ladson SC 194 — 100.0 % 100.0 % Bell Crossing MH Clarksville TN 237 — 99.2 % 99.6 % Sun Outdoors Pigeon Forge (2) RV Sevierville TN 70 238 100.0 % 100.0 % Archview RV Resort & Campground (2) RV Moab UT — 113 N/A N/A Blue Water Beach Resort (2) RV Garden City UT — 177 N/A N/A (4) Canyonlands RV Resort & Campground (2) RV Moab UT — 131 N/A N/A Moab Valley RV Resort & Campground (2) RV Moab UT — 131 N/A N/A Pony Express RV Resort & Campground (2) RV North Salt Lake UT — 185 N/A N/A Slickrock RV Resort & Campground (2) RV Moab UT — 190 N/A N/A 47 North MH Cle Elum WA — — N/A (1) N/A (4) Beachwood Resort (2) RV Blaine WA 372 300 100.0 % N/A (4) Gig Harbor RV Resort (2) RV Gig Harbor WA — 112 N/A N/A Fond du Lac East / Kettle Moraine KOA (2) RV Glenbeulah WI 231 94 100.0 % 100.0 % Thunderhill Estates MH Sturgeon Bay WI 266 — 96.6 % 97.0 % Other Total 12,771 7,091 97.4 % 96.3 % US TOTAL / AVERAGE 124,798 28,973 97.3 % 97.3 % CANADA Arran Lake RV Resort & Campground (2) RV Allenford ON 185 5 100.0 % 100.0 % Craigleith RV Resort & Campground (2) RV Clarksburg ON 85 26 100.0 % 100.0 % Deer Lake RV Resort & Campground (2) RV Huntsville ON 210 31 100.0 % 100.0 % Grand Oaks RV Resort & Campground (2) RV Cayuga ON 248 40 100.0 % 100.0 % Gulliver's Lake RV Resort & Campground RV Millgrove ON 198 — 100.0 % 100.0 % Hidden Valley RV Resort & Campground (2) RV Normandale ON 205 40 100.0 % 100.0 % Lafontaine RV Resort & Campground (2) RV Tiny ON 215 48 100.0 % 100.0 % Lake Avenue RV Resort & Campground (2) RV Cherry Valley ON 125 11 100.0 % 100.0 % Pickerel Park RV Resort & Campground (2) RV Napanee ON 167 42 100.0 % 100.0 % Pleasant Beach Campground (2) RV Sherkston ON 87 15 100.0 % N/A (4) Sherkston Shores Beach Resort & Campground (2) RV Sherkston ON 1,575 360 100.0 % 100.0 % Silver Birches RV Resort & Campground (2) RV Lambton Shores ON 139 23 100.0 % 100.0 % Trailside RV Resort & Campground (2) RV Seguin ON 217 20 100.0 % 100.0 % Willow Lake RV Resort & Campground (2) RV Scotland ON 369 4 100.0 % 100.0 % Willowood RV Resort & Campground (2) RV Amherstburg ON 143 184 100.0 % 100.0 % Woodland Lake RV Resort & Campground (2) RV Bornholm ON 195 25 100.0 % 100.0 % CANADA TOTAL / AVERAGE 4,363 874 100.0 % 100.0 % 42 SUN COMMUNITIES, INC.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Woodside Terrace MH Holland OH 439 — 95.7 % 97.0 % Country Village Estates MH Oregon City OR 518 — 100.0 % 100.0 % Forest Meadows MH Philomath OR 129 — 58.1 % (1) 100.0 % Sun Outdoors Bend (2) RV Bend OR — 123 N/A N/A Sun Outdoors Coos Bay (2) RV Coos Bay OR — 86 N/A N/A Sun Outdoors Portland South (2) RV Wilsonville OR — 130 N/A N/A Woodland Park Estates MH Eugene OR 398 — 99.7 % 100.0 % Countryside Estates MH Mckean PA 304 — 98.7 % 97.0 % Jellystone Park™ at Quarryville (2) RV Quarryville PA — 256 N/A N/A Pheasant Ridge MH Lancaster PA 553 — 99.8 % 100.0 % River Beach Campsites & RV RV Milford PA — — N/A N/A (1) Sun Retreats Lancaster County (2) RV Narvon PA 270 152 100.0 % 100.0 % Carolina Pines RV Resort (2) RV Conway SC 164 670 100.0 % 100.0 % Country Lakes MH Little River SC 136 — 100.0 % 100.0 % Crossroads MH Aiken SC 168 — 92.3 % (1) 73.2 % (1) Crossroads RV Resort RV Aiken SC 22 — 100.0 % 100.0 % Lakeside Crossing MH Conway SC 691 — 94.8 % (1) 88.4 % (1) Ocean Pines MH Garden City SC 579 — 99.8 % 99.8 % Southern Palms MH Ladson SC 194 — 100.0 % 100.0 % Bell Crossing MH Clarksville TN 237 — 99.6 % 99.2 % Sun Outdoors Pigeon Forge (2) RV Sevierville TN 70 238 100.0 % 100.0 % Bear Lake Development Land RV Garden City UT — — N/A (1) N/A (4) Sun Outdoors Arches Gateway (2) RV Moab UT — 131 N/A N/A Sun Outdoors Canyonlands Gateway (2) RV Moab UT — 113 N/A N/A Sun Outdoors Garden City Utah (2) RV Garden City UT — 177 N/A N/A Sun Outdoors Moab Downtown (2) RV Moab UT — 131 N/A N/A Sun Outdoors North Moab (2) RV Moab UT — 190 N/A N/A Sun Outdoors Salt Lake City (2) RV North Salt Lake UT — 185 N/A N/A 47 North MH Cle Elum WA — — N/A (1) N/A (1) Sun Outdoors Gig Harbor (2) RV Gig Harbor WA — 108 N/A N/A Sun Retreats Birch Bay (2) RV Blaine WA 372 300 100.0 % 100.0 % Fond du Lac East / Kettle Moraine KOA (2) RV Glenbeulah WI 241 84 100.0 % 100.0 % Thunderhill Estates MH Sturgeon Bay WI 266 — 98.1 % 96.6 % Other Total 15,697 7,814 97.9 % 97.7 % US TOTAL / AVERAGE 125,699 27,410 96.7 % 97.3 % CANADA Pleasant Beach Campground (2) RV Sherkston ON 90 12 100.0 % 100.0 % Sun Retreats Amherstburg (2) RV Amherstburg ON 193 134 100.0 % 100.0 % Sun Retreats Arran Lake (2) RV Allenford ON 187 4 100.0 % 100.0 % Sun Retreats Blue Mountains (2) RV Clarksburg ON 94 17 100.0 % 100.0 % Sun Retreats Cayuga (2) RV Cayuga ON 253 35 100.0 % 100.0 % Sun Retreats Flamborough RV Millgrove ON 198 — 100.0 % 100.0 % Sun Retreats Georgian Bay (2) RV Seguin ON 225 12 100.0 % 100.0 % Sun Retreats Hay Bay (2) RV Napanee ON 196 14 100.0 % 100.0 % Sun Retreats Huntsville (2) RV Huntsville ON 229 12 100.0 % 100.0 % Sun Retreats Ipperwash (2) RV Lambton Shores ON 141 21 100.0 % 100.0 % Sun Retreats Penetanguishene (2) RV Tiny ON 224 39 100.0 % 100.0 % Sun Retreats Sandbanks RV Cherry Valley ON 136 — 100.0 % 100.0 % Sun Retreats Sherkston Shores (2) RV Sherkston ON 1,655 280 100.0 % 100.0 % 36 SUN COMMUNITIES, INC.
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2021 Wet Slips and Dry Storage Spaces as of 12/31/2020 Haverstraw West Haverstraw NY 921 921 Post Road Mamaroneck NY 46 46 Stirling (6) Greenport NY — — Willsboro Bay Willsboro NY 221 221 New York Total 2,783 2,783 Massachusetts Edgartown (3) Edgartown MA 161 N/A Fiddler's Cove North Falmouth MA 229 229 Green Harbor Marshfield MA 203 203 Hawthorne Cove Salem MA 425 425 Marina Bay Quincy MA 710 710 Onset Bay Buzzards Bay MA 231 231 Plymouth Plymouth MA 197 197 Sunset Bay Hull MA 241 241 Vineyard Haven (3) Vineyard Haven MA 149 N/A Massachusetts Total 2,546 2,236 Maryland Annapolis Annapolis MD 391 391 Bohemia Vista Chesapeake Bay MD 125 125 Carroll Island Baltimore MD 479 479 Great Oak Landing Chestertown MD 391 391 Hacks Point Earleville MD 72 72 Narrows Point Grasonville MD 569 569 Oxford Oxford MD 135 135 Podickory Point (3) Annapolis MD 236 N/A Zahnisers Solomons MD 247 247 Maryland Total 2,645 2,409 New Jersey Crystal Point Point Pleasant NJ 284 284 Manasquan River Brick Township NJ 234 234 New Jersey Total 518 518 Maine Great Island Harpswell ME 157 157 Rockland Rockland ME 13 13 Maine Total 170 170 New Hampshire Wentworth by the Sea (3) New Castle NH 231 N/A New Hampshire Total 231 N/A Vermont Shelburne Shipyard Shelburne VT 174 174 Vermont Total 174 174 SOUTH Georgia Aqualand Flowery Branch GA 1,625 1,625 Bahia Bleu Thunderbolt GA 259 259 44 SUN COMMUNITIES, INC.
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2022 Wet Slips and Dry Storage Spaces as of 12/31/2021 Plymouth Plymouth MA 197 197 Sunset Bay Hull MA 241 241 Vineyard Haven Vineyard Haven MA 179 149 Massachusetts Total 2,520 2,546 Maryland Annapolis Annapolis MD 291 391 Bohemia Vista Chesapeake Bay MD 125 125 Carroll Island Baltimore MD 457 479 Great Oak Landing Chestertown MD 395 391 Hacks Point Chesapeake Bay MD 73 72 Narrows Point (8) Grasonville MD 538 569 Oxford Oxford MD 137 135 Podickory Point Annapolis MD 312 236 Zahnisers Solomons MD 304 247 Maryland Total 2,632 2,645 New Jersey Crystal Point Point Pleasant NJ 172 284 Manasquan River Brick Township NJ 239 234 New Jersey Total 411 518 Maine Great Island Harpswell ME 137 157 Kittery Point (7) Kittery ME 62 N/A Rockland Rockland ME 51 13 Maine Total 250 170 New Hampshire Wentworth by the Sea New Castle NH 221 231 New Hampshire Total 221 231 Vermont Shelburne Shipyard Shelburne VT 210 174 Vermont Total 210 174 SOUTH Georgia Aqualand Flowery Branch GA 1,570 1,625 Bahia Bleu Thunderbolt GA 258 259 Hideaway Bay Flowery Branch GA 688 635 Trade Winds Appling GA 323 314 Georgia Total 2,839 2,833 Kentucky Beaver Creek Monticello KY 284 356 Burnside Somerset KY 347 347 Grider Hill Albany KY 711 704 Jamestown Jamestown KY 736 707 Wisdom Dock Albany KY 294 291 Kentucky Total 2,372 2,405 40 SUN COMMUNITIES, INC.
Property Name MH/RV City State MH and Annual RV Sites as of 12/31/2021 Transient RV Sites as of 12/31/2021 Occupancy as of 12/31/2021 Occupancy as of 12/31/2020 Mill Creek RV Resort (2) RV Kissimmee FL 135 21 100.0 % 100.0 % Naples RV Resort (2) RV Naples FL 122 45 100.0 % 100.0 % New Ranch MH Clearwater FL 94 — 98.9 % 97.9 % North Lake Estates (2) RV Moore Haven FL 191 81 100.0 % 100.0 % Oakview Estates MH Arcadia FL 119 — 100.0 % 100.0 % Ocean Breeze - Jensen Beach MH Jensen Beach FL 309 — 77.3 % (1) 73.6 % (1) Ocean Breeze - Jensen Beach RV Resort (2) RV Jensen Beach FL 97 83 100.0 % 100.0 % Ocean Breeze - Marathon MH Marathon FL 47 — 74.5 % (1)(5) 31.9 % (1)(5) Ocean Breeze - Marathon RV Resort RV Marathon FL — — — % (5) — % (5) Orange City MH Orange City FL 4 — 100.0 % 100.0 % Orange City RV Resort (2) RV Orange City FL 417 104 100.0 % 100.0 % Orange Tree Village MH Orange City FL 246 — 100.0 % 99.2 % Paddock Park South MH Ocala FL 188 — 80.3 % 79.8 % Palm Key Village MH Davenport FL 204 — 100.0 % 100.0 % Palm Village MH Bradenton FL 146 — 100.0 % 100.0 % Park Place MH Sebastian FL 476 — 96.8 % 96.2 % Park Royale MH Pinellas Park FL 309 — 99.0 % 100.0 % Pecan Park RV Resort (2) RV Jacksonville FL 67 274 100.0 % 100.0 % Pelican Bay MH Micco FL 216 — 99.5 % 99.1 % Pleasant Lake RV Resort (2) RV Bradenton FL 296 45 100.0 % 100.0 % Rainbow MH Frostproof FL 37 — 100.0 % 100.0 % Rainbow RV Resort (2) RV Frostproof FL 414 48 100.0 % 100.0 % Rainbow Village of Largo (2) RV Largo FL 259 50 100.0 % 100.0 % Rainbow Village of Zephyrhills (2) RV Zephyrhills FL 347 35 100.0 % 100.0 % Red Oaks MH Bushnell FL 103 — 93.2 % (1) 93.2 % (1) Red Oaks RV Resort (2) RV Bushnell FL 512 405 100.0 % 100.0 % Regency Heights MH Clearwater FL 391 — 98.7 % 99.0 % Riverside Club MH Ruskin FL 728 — 89.8 % 86.4 % Riverside Village MH Jensen Beach FL 71 — N/A (1) N/A (4) Rock Crusher Canyon RV Resort (2) RV Crystal River FL 228 167 100.0 % 100.0 % Royal Country MH Miami FL 864 — 99.8 % 99.9 % Royal Palm Village MH Haines City FL 395 — 87.3 % 86.1 % Saddle Oak Club MH Ocala FL 376 — 99.7 % 99.7 % Saralake Estates MH Sarasota FL 202 — 99.5 % 99.5 % Savanna Club MH Port St.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Palm Village MH Bradenton FL 146 — 100.0 % 100.0 % Park Place MH Sebastian FL 476 — 97.7 % 96.8 % Park Royale MH Pinellas Park FL 309 — 100.0 % 99.0 % Pecan Park RV Resort (2) RV Jacksonville FL 116 225 100.0 % 100.0 % Pelican Bay MH Micco FL 216 — 99.1 % 99.5 % Pleasant Lake RV Resort (2) RV Bradenton FL 317 24 100.0 % 100.0 % Rainbow MH Frostproof FL 37 — 100.0 % 100.0 % Rainbow RV Resort (2) RV Frostproof FL 440 22 100.0 % 100.0 % Rainbow Village of Largo (2) RV Largo FL 276 33 100.0 % 100.0 % Rainbow Village of Zephyrhills (2) RV Zephyrhills FL 350 32 100.0 % 100.0 % Red Oaks MH Bushnell FL 103 — 93.2 % 93.2 % (1) Red Oaks RV Resort (2) RV Bushnell FL 548 369 100.0 % 100.0 % Regency Heights MH Clearwater FL 391 — 99.2 % 98.7 % Riverside Club MH Ruskin FL 728 — 94.2 % (1) 89.8 % Rock Crusher Canyon RV Resort (2) RV Crystal River FL 275 120 100.0 % 100.0 % Royal Country MH Miami FL 864 — 99.9 % 99.8 % Royal Palm Village MH Haines City FL 395 — 87.3 % 87.3 % Saddle Oak Club MH Ocala FL 376 — 99.5 % 99.7 % Saralake Estates MH Sarasota FL 202 — 99.5 % 99.5 % Savanna Club MH Port St.
Augustine FL — 175 N/A N/A Suncoast Gateway MH Port Richey FL 173 — 98.8 % 98.8 % Sundance MH Zephyrhills FL 332 — 100.0 % 100.0 % Sunlake Estates MH Grand Island FL 408 — 97.1 % 97.1 % Sunset Harbor at Cow Key Marina MH Key West FL 77 — 98.7 % 98.7 % Sweetwater RV Resort (2) RV Zephyrhills FL 211 80 100.0 % 100.0 % Tallowwood Isle MH Coconut Creek FL 274 — 97.1 % 95.6 % Tampa East MH Dover FL 31 — 100.0 % 100.0 % Tampa East RV Resort (2) RV Dover FL 559 110 100.0 % 100.0 % The Hamptons Golf & Country Club MH Auburndale FL 829 — 99.5 % 99.0 % The Hideaway MH Key West FL 13 — 100.0 % 92.3 % The Hills MH Apopka FL 97 — 99.0 % 100.0 % The Landings at Lake Henry MH Haines City FL 394 — 99.2 % 99.7 % The Ridge MH Davenport FL 481 — 99.4 % 99.4 % The Valley MH Apopka FL 148 — 100.0 % 100.0 % ThemeWorld RV Resort (2) RV Davenport FL 98 50 100.0 % N/A (4) Three Lakes (2) RV Hudson FL 254 53 100.0 % 100.0 % Tranquility MHC MH Bushnell FL 26 — 23.1 % N/A (4) Vista del Lago MH Bradenton FL 136 — 100.0 % 99.3 % Vista del Lago RV Resort (2) RV Bradenton FL 35 5 100.0 % 100.0 % Vizcaya Lakes MH Port Charlotte FL 108 — 96.3 % 92.6 % Walden Woods MH Homosassa FL 213 — 100.0 % 100.0 % Walden Woods II MH Homosassa FL 213 — 100.0 % 100.0 % Water Oak Country Club Estates MH Lady Lake FL 1,341 — 93.2 % 93.6 % Waters Edge RV Resort (2) RV Zephyrhills FL 142 75 100.0 % 100.0 % Westside Ridge MH Auburndale FL 219 — 99.5 % 99.1 % Windmill Village MH Davenport FL 509 — 99.8 % 99.6 % Woodlands at Church Lake MH Groveland FL 291 — 85.2 % 81.8 % Woodsmoke Camping Resort (2) RV Fort Myers FL 216 84 100.0 % 100.0 % Florida Total 40,783 5,950 98.1 % 98.1 % Virginia Chincoteague Island KOA RV Resort (3) RV Chincoteague VA — 360 N/A N/A Gwynn's Island RV Resort & Campground (2) RV Gwynn VA 116 13 100.0 % 100.0 % Jellystone Park™ at Luray (2) RV East Luray VA — 255 N/A N/A Jellystone Park™ at Natural Bridge (2) RV Natural Bridge Station VA 69 230 100.0 % 100.0 % New Point RV Resort (2) RV New Point VA 313 11 100.0 % 100.0 % Pine Ridge MH Prince George VA 376 — 99.5 % 98.9 % Shenandoah Acres Family Campground (2) RV Stuarts Draft VA 379 113 100.0 % 100.0 % Sun Outdoors Cape Charles (2) RV Cape Charles VA — 663 N/A N/A (4) Sun Outdoors Chincoteague Bay RV Chincoteague VA — — N/A (1) N/A (4) Sunset Beach RV Resort (3) RV Cape Charles VA — 296 N/A N/A 37 SUN COMMUNITIES, INC.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Sunset Harbor at Cow Key Marina MH Key West FL 77 — 98.7 % 98.7 % Sweetwater RV Resort (2) RV Zephyrhills FL 221 70 100.0 % 100.0 % Tallowwood Isle MH Coconut Creek FL 274 — 97.1 % 97.1 % Tampa East MH Dover FL 31 — 100.0 % 100.0 % Tampa East RV Resort (2) RV Dover FL 598 71 100.0 % 100.0 % The Hamptons Golf & Country Club MH Auburndale FL 829 — 99.9 % 99.5 % The Hideaway MH Key West FL 13 — 100.0 % 100.0 % The Hills MH Apopka FL 97 — 99.0 % 99.0 % The Landings at Lake Henry MH Haines City FL 394 — 99.2 % 99.2 % The Ridge MH Davenport FL 481 — 99.8 % 99.4 % The Valley MH Apopka FL 148 — 100.0 % 100.0 % ThemeWorld RV Resort (2) RV Davenport FL 127 17 100.0 % 100.0 % Three Lakes (2) RV Hudson FL 266 41 100.0 % 100.0 % Tranquility MHC MH Bushnell FL 26 — 30.8 % 23.1 % Vista del Lago MH Bradenton FL 136 — 100.0 % 100.0 % Vista del Lago RV Resort (2) RV Bradenton FL 36 4 100.0 % 100.0 % Vizcaya Lakes MH Port Charlotte FL 109 — 95.4 % 96.3 % Walden Woods I MH Homosassa FL 213 — 100.0 % 100.0 % Walden Woods II MH Homosassa FL 213 — 100.0 % 100.0 % Water Oak Country Club Estates MH Lady Lake FL 1,608 — 79.3 % (1) 93.2 % Waters Edge RV Resort (2) RV Zephyrhills FL 171 46 100.0 % 100.0 % Westside Ridge MH Auburndale FL 219 — 99.1 % 99.5 % Windmill Village MH Davenport FL 509 — 99.8 % 99.8 % Woodlands at Church Lake MH Groveland FL 291 — 86.9 % 85.2 % Woodsmoke Camping Resort (2) RV Fort Myers FL 268 32 100.0 % 100.0 % Florida Total 39,618 4,660 97.4 % 98.1 % Virginia Jellystone Park™ Chincoteague Island (3) RV Chincoteague VA — 346 N/A N/A Jellystone Park™ at Luray (2) RV East Luray VA — 254 N/A N/A Jellystone Park™ at Natural Bridge (3) RV Natural Bridge Station VA 69 230 100.0 % 100.0 % Pine Ridge MH Prince George VA 376 — 99.5 % 99.5 % Sun Outdoors Cape Charles (3) RV Cape Charles VA — 663 N/A N/A Sun Outdoors Chesapeake Bay (2) RV Temperanceville VA — 246 N/A N/A Sun Outdoors Chincoteague Bay RV Chincoteague VA — — N/A N/A (1) Sun Retreats Gwynn's Island (2) RV Gwynn VA 121 8 100.0 % 100.0 % Sun Retreats New Point (2) RV New Point VA 316 8 100.0 % 100.0 % Sun Retreats Shenandoah Valley (2) RV Stuarts Draft VA 404 105 100.0 % 100.0 % Sunset Beach RV Resort (3) RV Cape Charles VA — 303 N/A N/A Virginia Total 1,286 2,163 99.8 % 99.8 % SOUTHWEST California 49'er Village RV Resort (2) RV Plymouth CA 93 234 100.0 % 100.0 % Alta Laguna MH Rancho Cucamonga CA 296 — 100.0 % 99.7 % Bel Air Estates MH Menifee CA 198 — 88.9 % N/A (4) Caliente Sands MH Cathedral City CA 118 — 98.3 % 98.3 % Cisco Grove Campground & RV RV Emigrant Gap CA 18 — 100.0 % 100.0 % El Capitan Canyon (2) RV Goleta CA — 163 N/A N/A Forest Springs MH Grass Valley CA 373 — 92.0 % (1) 89.5 % (1) 31 SUN COMMUNITIES, INC.
Property Name MH/RV City State MH and Annual RV Sites as of 12/31/2021 Transient RV Sites as of 12/31/2021 Occupancy as of 12/31/2021 Occupancy as of 12/31/2020 Boulder Ridge MH Pflugerville TX 1,220 — 98.5 % 97.1 % Branch Creek Estates MH Austin TX 400 — 99.8 % 100.0 % Camp Fimfo (2) RV New Braunfels TX — 319 N/A N/A (4) Chisholm Point Estates MH Pflugerville TX 427 — 98.6 % 99.3 % Comal Farms MH New Braunfels TX 367 — 99.5 % 98.6 % Coyote Ranch Resort (2) RV Wichita Falls TX — 165 N/A N/A (4) Creeks Crossing MH Kyle TX 106 — 94.3 % (1) N/A Jellystone Park™ at Guadalupe River (2) RV Kerrville TX — 256 N/A N/A Jellystone Park™ at Hill Country (2) RV Canyon Lake TX — 185 N/A N/A Jellystone Park™ at Whispering Pines (2) RV Tyler TX — 131 N/A N/A (4) Jetstream RV Resort at NASA (2) RV Houston TX 63 139 100.0 % N/A (4) Lone Star Jellystone Park (2) RV Waller TX — 345 N/A N/A Oak Crest MH Austin TX 654 — 97.6 % 94.2 % (1) Pearwood RV Resort (2) RV Pearland TX 41 103 100.0 % N/A (4) Pecan Branch MH Georgetown TX 229 — 96.1 % 86.0 % (1) Pine Trace MH Houston TX 680 — 97.8 % 98.5 % River Ranch MH Austin TX 848 — 98.5 % 97.6 % River Ridge Estates MH Austin TX 515 — 99.2 % 99.2 % Saddlebrook MH San Marcos TX 561 — 99.1 % 99.1 % Sandy Lake MH Carrollton TX 54 — 100.0 % 100.0 % Sandy Lake RV Resort (2) RV Carrollton TX 181 39 100.0 % 100.0 % Stonebridge MH San Antonio TX 335 — 99.7 % 99.1 % Summit Ridge MH Converse TX 446 — 99.1 % 99.1 % Sun Outdoors Lake Travis (2) RV Austin TX 78 166 100.0 % N/A Sun Outdoors San Antonio West (2) RV San Antonio TX 101 161 100.0 % 100.0 % Sun Outdoors Texas Hill Country (2) RV New Braunfels TX 116 253 100.0 % 100.0 % Sunset Ridge MH Kyle TX 274 — 75.9 % (1) 97.1 % Travelers World MH San Antonio TX 8 — 100.0 % 100.0 % Travelers World RV Resort (2) RV San Antonio TX 25 130 100.0 % 100.0 % Treetops RV Resort (2) RV Arlington TX 91 83 100.0 % 100.0 % Woodlake Trails MH San Antonio TX 316 — 93.7 % (1) 90.5 % (1) Texas Total 8,192 2,576 97.7 % 97.5 % SOUTHEAST Florida Arbor Terrace RV Park (2) RV Bradenton FL 269 102 100.0 % 100.0 % Ariana Village MH Lakeland FL 207 — 99.0 % 98.6 % Bahia Vista Estates MH Sarasota FL 251 — 99.6 % 99.6 % Baker Acres RV Resort (2) RV Zephyrhills FL 286 66 100.0 % 100.0 % Big Tree RV Resort (2) RV Arcadia FL 355 56 100.0 % 100.0 % Blue Heron Pines MH Punta Gorda FL 408 — 99.5 % 98.3 % Blue Jay MH Dade City FL 207 — 99.5 % 99.5 % Blue Jay RV Resort (2) RV Dade City FL 41 11 100.0 % 100.0 % Blueberry Hill (2) RV Bushnell FL 322 83 100.0 % 100.0 % Brentwood Estates MH Hudson FL 191 — 99.5 % 98.4 % Buttonwood Bay MH Sebring FL 407 — 99.3 % 99.0 % Buttonwood Bay RV Resort (2) RV Sebring FL 353 179 100.0 % 100.0 % Candlelight Manor MH South Daytona FL 128 — 100.0 % 99.2 % Carriage Cove MH Sanford FL 467 — 99.6 % 100.0 % Central Park MH Haines City FL 114 — 90.4 % 90.4 % Central Park Resort RV Resort (2) RV Haines City FL 227 137 100.0 % 100.0 % 34 SUN COMMUNITIES, INC.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Lantana Ranch South MH Brookshire TX — — N/A (1) N/A (4) Lone Star Jellystone Park (2) RV Waller TX — 344 N/A N/A Oak Crest MH Austin TX 654 — 98.2 % 97.6 % Pearwood RV Resort (2) RV Pearland TX 127 17 100.0 % 100.0 % Pecan Branch MH Georgetown TX 229 — 99.1 % 96.1 % Pine Acre Trails MH Conroe TX 251 — 6.0 % (1) N/A (4) Pine Trace MH Houston TX 680 — 97.6 % 97.8 % River Ranch MH Austin TX 848 — 98.9 % 98.5 % River Ridge Estates MH Austin TX 515 — 98.4 % 99.2 % Saddlebrook MH San Marcos TX 561 — 99.1 % 99.1 % Sandy Lake MH Carrollton TX 54 — 100.0 % 100.0 % Sandy Lake RV Resort (2) RV Carrollton TX 187 33 100.0 % 100.0 % Stonebridge MH San Antonio TX 335 — 100.0 % 99.7 % Summit Ridge MH Converse TX 446 — 99.3 % 99.1 % Sun Outdoors Lake Travis (2) RV Austin TX 69 175 100.0 % 100.0 % Sun Outdoors San Antonio West (2) RV San Antonio TX 109 153 100.0 % 100.0 % Sun Outdoors Texas Hill Country (2) RV New Braunfels TX 130 239 100.0 % 100.0 % Sunset Ridge MH Kyle TX 357 — 76.8 % (1) 75.9 % (1) Travelers World MH San Antonio TX 8 — 100.0 % 100.0 % Travelers World RV Resort (2) RV San Antonio TX 26 129 100.0 % 100.0 % Treetops RV Resort (2) RV Arlington TX 130 44 100.0 % 100.0 % Woodlake Trails MH San Antonio TX 316 — 94.3 % (1) 93.7 % (1) Texas Total 8,778 2,566 94.3 % 97.7 % SOUTHEAST Florida Arbor Terrace RV Park (2) RV Bradenton FL 304 69 100.0 % 100.0 % Ariana Village MH Lakeland FL 207 — 99.0 % 99.0 % Bahia Vista Estates MH Sarasota FL 251 — 100.0 % 99.6 % Baker Acres RV Resort (2) RV Zephyrhills FL 291 61 100.0 % 100.0 % Big Tree RV Resort (2) RV Arcadia FL 372 39 100.0 % 100.0 % Blue Heron Pines MH Punta Gorda FL 408 — 99.8 % 99.5 % Blue Jay MH Dade City FL 207 — 99.5 % 99.5 % Blue Jay RV Resort (2) RV Dade City FL 50 2 100.0 % 100.0 % Blueberry Hill (2) RV Bushnell FL 349 56 100.0 % 100.0 % Brentwood Estates MH Hudson FL 191 — 99.5 % 99.5 % Buttonwood Bay MH Sebring FL 407 — 99.5 % 99.3 % Buttonwood Bay RV Resort (2) RV Sebring FL 384 148 100.0 % 100.0 % Candlelight Manor MH South Daytona FL 128 — 99.2 % 100.0 % Carriage Cove MH Sanford FL 467 — 99.4 % 99.6 % Central Park MH Haines City FL 114 — 89.5 % 90.4 % Central Park Resort RV Resort (2) RV Haines City FL 261 103 100.0 % 100.0 % Citrus Hill RV Resort (2) RV Dade City FL 155 27 100.0 % 100.0 % Club Naples (2) RV Naples FL 260 45 100.0 % 100.0 % Club Wildwood MH Hudson FL 478 — 99.8 % 100.0 % Colony in the Wood MH Port Orange FL 383 — 97.1 % 100.0 % Cypress Greens MH Lake Alfred FL 259 — 98.5 % 98.5 % Deerwood MH Orlando FL 569 — 99.3 % 99.5 % Ellenton Gardens RV Resort (2) RV Ellenton FL 158 36 100.0 % 100.0 % Fairfield Village MH Ocala FL 293 — 100.0 % 100.0 % Flamingo Lake RV Resort (2) RV Jacksonville FL 127 295 100.0% 100.0% 28 SUN COMMUNITIES, INC.
Clair Shores MI 898 898 Toledo Beach La Salle Township MI 363 363 Michigan Total 3,192 2,719 Ohio Lakefront Port Clinton OH 477 477 Sandusky Sandusky OH 550 550 Ohio Total 1,027 1,027 WEST California Anacapa Isle Oxnard CA 450 450 46 SUN COMMUNITIES, INC.
Clair Shores MI 898 898 Toledo Beach La Salle MI 474 363 Tower Marine (7) Douglas MI 483 N/A Michigan Total 3,793 3,192 Ohio Lakefront Port Clinton OH 493 477 Sandusky Sandusky OH 550 550 Ohio Total 1,043 1,027 WEST California Anacapa Isle Oxnard CA 540 450 Ballena Isle Alameda CA 414 414 Bayfront (7) Chula Vista CA 622 N/A Cabrillo Isle San Diego CA 541 527 42 SUN COMMUNITIES, INC.
ITEM 2. PROPERTIES As of December 31, 2021, our properties were located throughout the United States, and in Ontario, Canada and Puerto Rico and consisted of 284 MH communities, 160 RV resorts, 33 properties containing both MH and RV sites, and 125 marinas.
ITEM 2. PROPERTIES As of December 31, 2022, our properties were located in the U.S., the UK and Canada, and consisted of 353 MH communities, 182 RV communities and 134 marinas.
The following tables set forth certain information relating to our Safe Harbor branded marinas as of December 31, 2021.
(6) Occupancy in these properties at December 31, 2022 and 2021 reflects the redevelopment following asset impairments resulting from Hurricane Irma in September 2017. 38 SUN COMMUNITIES, INC. The following tables set forth certain information relating to our Safe Harbor branded marinas as of December 31, 2022.
MI — — N/A (1) N/A (1) Sun Outdoors Petoskey Bay Harbor (2) RV Petoskey MI 13 140 100.0 % 100.0 % Sun Retreats Gun Lake (2) RV Hopkins MI 232 103 100.0 % 100.0 % 32 SUN COMMUNITIES, INC.
MI — — N/A N/A (1) Sun Outdoors Kensington Valley (2) RV New Hudson MI 254 239 100.0 % 100.0 % Sun Outdoors Petoskey Bay Harbor (2) RV Petoskey MI 9 144 100.0 % 100.0 % 26 SUN COMMUNITIES, INC.
Myers FL 751 46 100.0 % 100.0 % Southern Charm MH Zephyrhills FL 1 — 100.0 % 100.0 % Southern Charm RV Resort (2) RV Zephyrhills FL 403 93 100.0 % 100.0 % Southern Leisure RV Resort (2) RV Chiefland FL 167 330 100.0 % N/A (4) Southern Pines MH Bradenton FL 107 — 96.3 % 96.3 % Southport Springs Golf & Country Club MH Zephyrhills FL 547 — 99.1 % 99.3 % Spanish Main MH Thontosassa FL 56 — 91.1 % 87.5 % Spanish Main RV Resort (2) RV Thontosassa FL 232 47 100.0 % 100.0 % Stonebrook MH Homosassa FL 215 — 94.0 % (1) 93.5 % (1) Sun Outdoors Islamorada MH Islamorada FL — — — % (5) — % (5) 36 SUN COMMUNITIES, INC.
Myers FL — — — % (5) 100.0 % Southern Charm MH Zephyrhills FL 1 — 100.0 % 100.0 % Southern Charm RV Resort (2) RV Zephyrhills FL 414 82 100.0 % 100.0 % Southern Leisure RV Resort (2) RV Chiefland FL 280 217 100.0 % 100.0 % Southport Springs Golf & Country Club MH Zephyrhills FL 547 — 99.5 % 99.1 % Spanish Main MH Thonotosassa FL 56 — 96.4 % 91.1 % Spanish Main RV Resort (2) RV Thonotosassa FL 256 23 100.0 % 100.0 % Stonebrook MH Homosassa FL 215 — 93.5 % (1) 94.0 % (1) Sun Outdoors Islamorada MH Islamorada FL 20 — 5.0 % (6) — % (6) Sun Outdoors Islamorada RV Resort RV Islamorada FL — — — % (6) — % (6) Sun Outdoors Key Largo (2) RV Key Largo FL 14 24 100.0 % 100.0 % Sun Outdoors Marathon (2) RV Marathon FL 17 68 100.0 % 100.0 % Sun Outdoors Orlando ChampionsGate MH Davenport FL 44 — 68.2 % 75.0 % Sun Outdoors Orlando ChampionsGate RV Resort (2) RV Davenport FL 48 212 100.0 % 100.0 % Sun Outdoors Panama City Beach MH Panama City Beach FL 42 — 97.6 % 97.6 % Sun Outdoors Panama City Beach RV Resort (2) RV Panama City Beach FL — 167 N/A N/A Sun Outdoors Sarasota (2) RV Sarasota FL 1,111 408 100.0 % 100.0 % Sun Outdoors St.
Property Name MH/RV City State MH and Annual RV Sites as of 12/31/2021 Transient RV Sites as of 12/31/2021 Occupancy as of 12/31/2021 Occupancy as of 12/31/2020 Citrus Hill RV Resort (2) RV Dade City FL 131 51 100.0 % 100.0 % Club Naples (2) RV Naples FL 246 59 100.0 % 100.0 % Club Wildwood MH Hudson FL 478 — 100.0 % 100.0 % Colony in the Wood MH Port Orange FL 383 — 100.0 % 99.0 % Country Squire MH Paisley FL 97 — 99.0 % 99.0 % Country Squire RV Resort (2) RV Paisley FL 24 1 100.0 % 100.0 % Cypress Greens MH Lake Alfred FL 259 — 98.5 % 98.5 % Daytona Beach RV Resort (2) RV Port Orange FL 148 85 100.0 % 100.0 % Deerwood MH Orlando FL 569 — 99.5 % 98.1 % Dunedin RV Resort (2) RV Dunedin FL 196 43 100.0 % 100.0 % Ellenton Gardens RV Resort (2) RV Ellenton FL 153 41 100.0 % 100.0 % Fairfield Village MH Ocala FL 293 — 100.0 % 99.7 % Flamingo Lake RV Resort (2) RV Jacksonville FL 80 342 100.0% N/A Forest View MH Homosassa FL 300 — 98.7 % 98.7 % Glen Haven MH Zephyrhills FL 52 — 100.0 % 100.0 % Glen Haven RV Resort (2) RV Zephyrhills FL 173 45 100.0 % 100.0 % Goldcoaster MH Homestead FL 531 — 99.2 % 99.6 % Goldcoaster RV Resort (2) RV Homestead FL 6 8 100.0 % 100.0 % Grand Bay MH Dunedin FL 134 — 99.3 % 100.0 % Grand Lakes RV Resort (2) RV Citra FL 316 92 100.0 % 100.0 % Grove Ridge RV Resort (2) RV Dade City FL 166 80 100.0 % 100.0 % Groves RV Resort (2) RV Ft.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Forest View MH Homosassa FL 300 — 98.7 % 98.7 % Glen Haven MH Zephyrhills FL 52 — 100.0 % 100.0 % Glen Haven RV Resort (2) RV Zephyrhills FL 178 40 100.0 % 100.0 % Goldcoaster MH Homestead FL 531 — 99.4 % 99.2 % Goldcoaster RV Resort (2) RV Homestead FL 7 7 100.0 % 100.0 % Grand Bay MH Dunedin FL 134 — 100.0 % 99.3 % Grand Lake RV & Golf Resort (2) RV Citra FL 325 83 100.0 % 100.0 % Grove Ridge RV Resort (2) RV Dade City FL 181 65 100.0 % 100.0 % Groves RV Resort RV Ft.
Removed
Property Name MH/RV City State MH and Annual RV Sites as of 12/31/2021 Transient RV Sites as of 12/31/2021 Occupancy as of 12/31/2021 Occupancy as of 12/31/2020 Sun Outdoors Islamorada RV Resort RV Islamorada FL — — — % (5) — % (5) Sun Outdoors Key Largo (2) RV Key Largo FL 17 21 100.0 % 100.0 % Sun Outdoors Marathon (2) RV Marathon FL 27 58 100.0 % 100.0 % Sun Outdoors Orlando Champions Gate MH Davenport FL 44 — 75.0 % 97.7 % Sun Outdoors Orlando Champions Gate RV Resort (2) RV Davenport FL 60 200 100.0 % 100.0% Sun Outdoors Panama City Beach MH Panama City Beach FL 42 — 97.6 % 95.2 % Sun Outdoors Panama City Beach RV Resort (2) RV Panama City Beach FL — 159 — % (1) N/A Sun Outdoors Sarasota (2) RV Sarasota FL 1,079 440 100.0 % 100.0 % Sun Outdoors St.
Added
Augustine FL — 175 N/A N/A Sun Outdoors Sugarloaf Key (2) RV Summerland Key FL — 99 N/A N/A Sun Retreats Daytona Beach (2) RV Port Orange FL 166 67 100.0 % 100.0 % Sun Retreats Dunedin (2) RV Dunedin FL 198 41 100.0 % 100.0 % Suncoast Gateway MH Port Richey FL 173 — 98.8 % 98.8 % Sundance MH Zephyrhills FL 332 — 100.0 % 100.0 % Sunlake Estates MH Grand Island FL 411 — 96.8 % 97.1 % 30 SUN COMMUNITIES, INC.
Removed
NJ 39 — 100.0 % 100.0 % Shady Pines RV Resort (2) RV Galloway Twp.
Added
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Sun Retreats Stratford (2) RV Bornholm ON 213 7 100.0 % 100.0 % Sun Retreats Turkey Point (2) RV Normandale ON 210 35 100.0 % 100.0 % Sun Retreats Willow Lake (2) RV Scotland ON 367 6 100.0 % 100.0 % CANADA TOTAL / AVERAGE 4,611 628 100.0 % 100.0 % NORTH AMERICA TOTAL 130,310 28,038 96.8 % 97.4 % UNITED KINGDOM England Alberta (2) MH Whitstable, Kent England 327 7 93.6 % N/A (4) Amble Links MH Amble, Northumberland England 671 — 93.6 % N/A (4) Ashbourne Heights (2) MH Ashbourne, Derbyshire England 102 135 90.2 % N/A (4) Beauport MH Hastings, Sussex England 819 — 95.1 % N/A (4) Birchington Vale (2) MH Birchington, Kent England 488 1 96.7 % N/A (4) Bodmin Holiday Park (formerly Cornwall) (2) MH Bodmin, Cornwall England 14 56 64.3 % N/A (4) Bowland Fell (2) MH Skipton, Yorkshire England 273 34 83.5 % N/A (4) Broadland Sands (2) MH Lowestoft, Suffolk England 422 196 91.0 % N/A (4) Carlton Meres (2) MH Saxmundham, Suffolk England 380 152 79.2 % N/A (4) Chantry MH West Witton, Yorkshire England 149 — 77.9 % N/A (4) Chichester Lakeside (2) MH Chichester, Sussex England 489 117 93.0 % N/A (4) Coghurst Hall (2) MH Hastings, Sussex England 497 25 92.8 % N/A (4) Dawlish Sands MH Dawlish, Devon England 167 — 94.6 % N/A (4) Dovercourt (2) MH Harwich, Essex England 511 129 92.8 % N/A (4) Felixstowe Beach (2) MH Felixstowe, Suffolk England 304 15 95.4 % N/A (4) Glendale MH Wigton, Cumbria England 381 — 93.2 % N/A (4) Golden Sands (2) MH Dawlish, Devon England 310 120 80.6 % N/A (4) Harts (2) MH Isle of Sheppey, Kent England 485 148 87.6 % N/A (4) Hedley Wood (2) MH Holsworthy, Devon England 89 152 48.3 % N/A (4) Henfold MH Dorking, Surrey England — — N/A N/A (1) Hengar Manor (2) MH Bodmin, Cornwall England 111 70 80.2 % N/A (4) Littondale (2) MH Skipton, Yorkshire England 94 23 88.3 % N/A (4) Malvern View (2) MH Stanford Bishop, Worcester England 333 16 83.8 % N/A (4) Marlie (2) MH Romney, Kent England 376 132 91.8 % N/A (4) Martello Beach (2) MH Clacton on Sea, Essex England 474 90 81.9 % N/A (4) New Beach (2) MH Dymchurch, Kent England 513 88 93.0 % N/A (4) Newhaven (2) MH Buxton, Derbyshire England 75 118 90.7 % N/A (4) Oaklands MH Clacton on Sea, Essex England 294 — 93.2 % N/A (4) Oyster Bay MH Truro, Cornwall England 135 — 87.4 % N/A (4) Pakefield (2) MH Pakefield, Suffolk England 310 29 88.4 % N/A (4) Par Sands (2) MH Par, Cornwall England 288 20 94.4 % N/A (4) Pentire (2) MH Bude, Cornwall England 103 32 93.2 % N/A (4) Pevensey Bay (2) MH Pevensey Bay, Sussex England 376 79 79.8 % N/A (4) Polperro (2) MH Looe, Cornwall England 61 102 54.1 % N/A (4) Ribble Valley MH Clitheroe, Lancashire England 314 — 85.4 % N/A (4) Rye Harbour MH Rye, Sussex England 241 — 88.8 % N/A (4) 37 SUN COMMUNITIES, INC.
Removed
NJ 64 31 100.0 % 100.0 % Sun Retreats Avalon (2) RV Cape May Court House NJ 340 188 100.0 % 100.0 % Sun Retreats Cape May (2) RV Cape May NJ 435 240 100.0 % 100.0 % Sun Retreats Cape May Wildwood (2) RV Cape May NJ 438 191 100.0 % 100.0 % Sun Retreats Pleasant Acres Farm (2) RV Sussex NJ 153 139 100.0 % N/A (4) New Jersey Total 2,554 1,436 100.0 % 100.0 % New York Adirondack Gateway RV Resort & Campground (2) RV Gansevoort NY 323 19 100.0 % 100.0 % Cherrywood MH Clinton NY 176 — 88.6 % (1) 83.5 % (1) Jellystone Park™ at Birchwood Acres MH Greenfield Park NY 1 — 100.0 % 100.0 % 40 SUN COMMUNITIES, INC.
Added
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Sand le Mere (2) MH Hull, Yorkshire England 734 191 77.8 % N/A (4) Sandhills (2) MH Christchurch, Dorset England 134 8 92.5 % N/A (4) Sandy Bay MH Canvey Island, Essex England 730 — 80.0 % N/A (1) Seaview (2) MH Whitstable, Kent England 591 54 97.5 % N/A (4) Seawick (2) MH Clacton on Sea, Essex England 585 82 90.3 % N/A (4) Solent Breezes (2) MH Fareham, Hampshire England 239 20 87.9 % N/A (4) St.
Removed
Property Name MH/RV City State MH and Annual RV Sites as of 12/31/2021 Transient RV Sites as of 12/31/2021 Occupancy as of 12/31/2021 Occupancy as of 12/31/2020 COMPANY TOTAL / AVERAGE 129,161 29,847 97.4 % 97.3 % (1) Occupancy in these properties reflects the fact that these properties are in a lease-up phase following an expansion, redevelopment or initial construction.
Added
Osyth Beach (2) MH Clacton on Sea, Essex England 476 32 96.8 % N/A (4) Steeple Bay (2) MH Sothminster, Essex England 461 66 89.2 % N/A (4) Suffolk Sands (2) MH Felixstowe, Suffolk England 334 13 94.6 % N/A (4) Tarka (2) MH Barnstaple, Devon England 107 21 93.5 % N/A (4) Trevella (2) MH Newquay, Cornwall England 179 188 91.6 % N/A (4) Vernon Dene MH North Ripley, Bransgore England — — N/A N/A (1) Waterside (2) MH Paignton, Devon England 196 25 91.3 % N/A (4) West Mersea (2) MH West Mersea, Essex England 400 39 97.5 % N/A (4) Winchelsea Sands (2) MH Winchelsea, Sussex England 287 9 82.9 % N/A (4) Wood Farm (2) MH Charmouth, Dorset England 115 121 90.4 % N/A (4) Yorkshire Dales MH Leyburn, Yorkshire England 131 — 79.4 % N/A (4) England Total 16,675 2,955 89.1 % N/A (4) Scotland Burghead (2) MH Burghead, Moray Scotland 83 15 67.5 % N/A (4) Lossiemouth (2) MH Lossiemouth, Moray Scotland 129 3 76.0 % N/A (4) Silver Sands (2) MH Lossiemouth, Moray Scotland 451 125 86.7 % N/A (4) Turnberry (2) MH Girvan, Ayrshire Scotland 267 13 83.5 % N/A (4) Scotland Total 930 156 82.6 % N/A (4) Wales Brynteg (2) MH Llanryg, Caernafon Wales 296 32 94.9 % N/A (4) Plas Coch MH Llanedwen, Anglesey Wales 326 — 95.1 % N/A (4) Wales Total 622 32 95.0 % N/A (4) UNITED KINGDOM TOTAL 18,227 3,143 89.0 % N/A (4) COMPANY TOTAL / AVERAGE 148,537 31,181 95.9 % 97.4 % (1) Occupancy in these properties reflects the fact that these properties are in a lease-up phase following an expansion, redevelopment or initial construction.
Added
(6) Wet slips and dry storage spaces from Stirling are grouped into Greenport. (7) Property acquired during year ended December 31, 2022. (8) Wet slips and dry storage spaces from Harrison Yacht Yard are grouped into Narrows Point. (9) Property acquired that is temporarily used for Hurricane Ian relief, which will become a development site for a dry storage facility.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

2 edited+0 added−0 removed1 unchanged
Biggest changeApplying this threshold, there are no environmental matters to disclose for the year ended December 31, 2021. ITEM 4. MINE SAFETY DISCLOSURES None. 48 SUN COMMUNITIES, INC. PART II
Biggest changeApplying this threshold, there are no environmental matters to disclose for the year ended December 31, 2022. ITEM 4. MINE SAFETY DISCLOSURES None. 44 SUN COMMUNITIES, INC. PART II
Environmental Matters Item 103 of SEC Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will exceed an applied threshold not to exceed $1.0 million.
Environmental Matters Item 103 of Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will exceed an applied threshold not to exceed $1.0 million.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

1 edited+0 added−0 removed0 unchanged
Biggest changeItem 4. Mine Safety Disclosures 48 Part II. Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 49 Item 6. [Reserved] 52 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 53 Item 7A. Quantitative and Qualitative Disclosures about Market Risk 81 Item 8.
Biggest changeItem 4. Mine Safety Disclosures 44 Part II. Item 5. Market for the Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 45 Item 6. [Reserved] 48 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 49 Item 7A. Quantitative and Qualitative Disclosures about Market Risk 80 Item 8.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

12 edited+4 added−2 removed5 unchanged
Biggest changeIn addition, we are obligated to make distributions to holders of shares of Aspen preferred OP units, Series A-1 preferred OP units, Series C preferred OP units, Series D preferred OP units, Series E preferred OP units, Series F preferred OP units, Series G preferred OP units, Series H preferred OP units, Series I preferred OP units, Series J preferred OP units, and Series A-3 preferred OP units.
Biggest changeIn addition, we are obligated to make distributions to holders of each series of our preferred OP units. See "Structure of the Company" under Part I, Item 1 of this Annual Report on Form 10-K.
The information included under the heading "Performance Graph" is not to be treated as "soliciting material" or as "filed" with the SEC, and is not incorporated by reference into any filing by the Company under the Securities Act or the Exchange Act that is made on, before or after the date of filing of this Annual Report on Form 10-K. 51 SUN COMMUNITIES, INC.
The information included under the heading "Performance Graph" is not to be treated as "soliciting material" or as "filed" with the SEC, and is not incorporated by reference into any filing by the Company under the Securities Act or the Exchange Act that is made on, before or after the date of filing of this Annual Report on Form 10-K. 47 SUN COMMUNITIES, INC.
The comparisons in this table are required by the SEC and are not intended to forecast or be indicative of possible future performance of our common stock. 50 SUN COMMUNITIES, INC. Peer Group We utilize peer group data for quantitative benchmarking against external market participants.
The comparisons in this table are required by the SEC and are not intended to forecast or be indicative of possible future performance of our common stock. 46 SUN COMMUNITIES, INC. Peer Group We utilize peer group data for quantitative benchmarking against external market participants.
This line graph assumes a $100.00 investment on December 31, 2016, a reinvestment of distributions and actual increase of the market value of our common stock relative to an initial investment of $100.00.
This line graph assumes a $100.00 investment on December 31, 2017, a reinvestment of distributions and actual increase of the market value of our common stock relative to an initial investment of $100.00.
Performance Graph Set forth below is a line graph comparing the yearly percentage change in the cumulative total shareholder return on our common stock against the cumulative total return of a broad market index composed of all issuers listed on the NYSE and an industry index comprised of 13 publicly traded REITs, for the five year period ending on December 31, 2021.
Performance Graph Set forth below is a line graph comparing the yearly percentage change in the cumulative total shareholder return on our common stock against the cumulative total return of a broad market index composed of all issuers listed on the NYSE and an industry index comprised of 20 publicly traded REITs, for the five year period ending on December 31, 2022.
Securities Authorized for Issuance Under Equity Compensation Plans The following table reflects information about the securities authorized for issuance under our equity compensation plans as of December 31, 2021: Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted-average exercise price of outstanding options, warrants and rights Number of shares of common stock remaining available for future issuance under equity compensation plans (excluding securities reflected in column a) Plan Category (a) (b) (c) Equity compensation plans approved by stockholders — $ — 627,632 Total — $ — 627,632 49 SUN COMMUNITIES, INC.
Securities Authorized for Issuance Under Equity Compensation Plans The following table reflects information about the securities authorized for issuance under our equity compensation plans as of December 31, 2022: Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted-average exercise price of outstanding options, warrants and rights Number of shares of common stock remaining available for future issuance under equity compensation plans (excluding securities reflected in column a) Plan Category (a) (b) (c) Equity compensation plans approved by shareholders — $ — 3,282,526 Total — $ — 3,282,526 45 SUN COMMUNITIES, INC.
Purchases of Equity Securities Common stock repurchases during the three months ended December 31, 2021 were: Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs Period (a) (b) (c) (d) October 1, 2021 - October 31, 2021 4,961 $ 195.04 — $ — November 1, 2021 - November 30, 2021 783 $ 195.13 — $ — December 1, 2021 - December 31, 2021 — $ — — $ — Total 5,744 $ 195.05 — $ — During the three months ended December 31, 2021, we withheld 5,744 shares from employees to satisfy estimated statutory income tax obligations related to vesting of restricted stock awards.
Purchases of Equity Securities The following table summarizes our common stock repurchases during the three months ended December 31, 2022: Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs Period (a) (b) (c) (d) October 1, 2022 - October 31, 2022 5,820 $ 133.36 — $ — November 1, 2022 - November 30, 2022 935 $ 134.27 — $ — December 1, 2022 - December 31, 2022 — $ — — $ — Total 6,755 $ 133.49 — $ — During the three months ended December 31, 2022, we withheld 6,755 shares from employees to satisfy estimated statutory income tax obligations related to vesting of restricted stock awards.
MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information Our common stock has been listed on the NYSE since December 8, 1993, and trades under the symbol "SUI." On February 15, 2022, the closing share price of our common stock was $190.55 per share on the NYSE, and there were 484 holders of record for the 115,961,958 outstanding shares of common stock.
MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information Our common stock has been listed on the NYSE since December 8, 1993, and trades under the symbol "SUI." On February 16, 2023, the closing share price of our common stock was $157.88 per share on the NYSE, and there were 594 holders of record of 124,099,219 outstanding shares of common stock.
See "Structure of the Company" under Part I, Item 1 of this Annual Report on Form 10-K. Our ability to make distributions on our common stock and preferred OP units, payments on our indebtedness and to fund planned capital expenditures will depend on our ability to generate cash in the future.
Our ability to make distributions on our common stock and preferred OP units, payments on our indebtedness and to fund planned capital expenditures will depend on our ability to generate cash in the future.
On February 15, 2022, the following OP units of the Operating Partnership were outstanding: OP Units OP Units Issued and Outstanding Exchangeable Shares of Common Stock Aspen preferred OP units 1,283,819 388,070 Series A-1 preferred OP units 273,524 667,132 Series A-3 preferred OP units 40,268 74,917 Series C preferred OP units 306,013 339,674 Series D preferred OP units 488,958 391,166 Series E preferred OP units 85,000 58,621 Series F preferred OP units 90,000 56,250 Series G preferred OP units 240,710 155,297 Series H preferred OP units 581,407 354,516 Series I preferred OP units 922,000 562,195 Series J preferred OP units 240,000 145,455 Common OP units 2,552,378 2,552,378 Total 7,104,077 5,745,671 We have historically paid regular quarterly distributions to holders of our common stock and common OP units.
On February 16, 2023, the following OP units of the Operating Partnership were outstanding: OP Units OP Units Issued and Outstanding Exchangeable Shares of Common Stock Aspen preferred OP units 988,819 309,388 Series A-1 preferred OP units 207,548 506,215 Series A-3 preferred OP units 40,268 74,917 Series C preferred OP units 306,013 339,674 Series D preferred OP units 488,958 391,166 Series E preferred OP units 80,000 55,172 Series F preferred OP units 90,000 56,250 Series G preferred OP units 240,710 155,297 Series H preferred OP units 581,367 354,492 Series J preferred OP units 239,000 144,848 Common OP units 2,448,083 2,448,083 Total 5,710,766 4,835,502 We have historically paid regular quarterly distributions to holders of our common stock and common OP units.
Real Estate Residential Index $ 100.00 $ 106.44 $ 109.94 $ 143.84 $ 129.07 $ 204.42 NYSE Composite Index $ 100.00 $ 118.73 $ 108.10 $ 135.68 $ 145.16 $ 175.17 SUI Peer Group (1) $ 100.00 $ 106.93 $ 106.28 $ 134.00 $ 122.70 $ 204.19 (1) SUI peer group includes: American Campus Communities, Inc., Apartment Investment and Management Company, AvalonBay Communities, Inc., Camden Property Trust, CubeSmart, Equity Lifestyles Properties, Inc., Essex Property Trust, Inc., Extra Space Storage Inc., Federal Realty Investment Trust, Invitation Homes, Inc., Mid-America Apartment Communities, Inc., The Macerich Company and UDR, Inc.
(2) SUI Old Peer Group includes: American Campus Communities, Inc., Apartment Investment and Management Company, AvalonBay Communities, Inc., Camden Property Trust, CubeSmart, Equity Lifestyle Properties, Inc., Essex Property Trust, Inc., Extra Space Storage Inc., Federal Realty Investment Trust, Invitation Homes Inc., Mid-America Apartment Communities, Inc., The Macerich Company and UDR, Inc.
No underwriters were used in connection with any of such issuances.
All of the securities described above were issued in private placements in reliance on Section 4(a)(2) of the Securities Act, including Regulation D promulgated thereunder. No underwriters were used in connection with any of such issuances.
Removed
Below is the activity of conversions for the quarter and year ended December 31, 2021: Three Months Ended Year Ended December 31, 2021 December 31, 2021 OP Units Conversion Rate Units / Shares Common Stock Units / Shares Common Stock Common OP units 1.0000 7,640 7,640 86,364 86,364 Series A-1 preferred OP units 2.4390 414 1,009 19,710 48,067 Series C preferred OP units 1.1100 140 155 140 155 All of the securities described above were issued in private placements in reliance on Section 4(a)(2) of the Securities Act, including Regulation D promulgated thereunder, based on certain investment representations made by the parties to whom the securities were issued.
Added
Below is the activity of conversions for the three months and year ended December 31, 2022: Three Months Ended Year Ended December 31, 2022 December 31, 2022 Series Conversion Rate Units / Shares Converted Common Stock Units / Shares Converted Common Stock Aspen preferred OP units Various (1) 25,000 8,007 25,000 8,007 Common OP units 1.0000 10,552 10,552 150,393 150,393 Series A-1 preferred OP units 2.4390 62,781 153,122 67,476 164,566 Series C preferred OP units 1.1100 — — 150 166 Series E preferred OP units 0.6897 — — 10,000 6,896 Series H preferred OP units 0.6098 40 24 40 24 Series I preferred OP units 0.6098 — — 922,000 562,195 (1) Refer to Note 8, "Debt and Line of Credit," for additional detail on Aspen preferred OP unit conversions.
Removed
From time to time, we update our peer group based on analysis of the aforementioned factors and application of judgment. Year Ended Index December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020 December 31, 2021 Sun Communities, Inc. $ 100.00 $ 124.94 $ 141.05 $ 212.86 $ 220.49 $ 310.43 Dow Jones U.S.
Added
From time to time, we update our peer group based on analysis of the aforementioned factors and application of judgment. During 2022, we updated our peer group, as shown in the "SUI New Peer Group" caption in the table below.
Added
Year Ended Index December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020 December 31, 2021 December 31, 2022 Sun Communities, Inc. $ 100.00 $ 112.89 $ 170.37 $ 176.47 $ 248.46 $ 173.12 Dow Jones U.S.
Added
Real Estate Residential Index $ 100.00 $ 103.29 $ 135.13 $ 121.26 $ 192.04 $ 131.67 NYSE Composite Index $ 100.00 $ 91.05 $ 114.28 $ 122.26 $ 147.54 $ 133.75 SUI New Peer Group (1) $ 100.00 $ 102.10 $ 127.52 $ 113.19 $ 180.97 $ 126.17 SUI Old Peer Group (2) $ 100.00 $ 98.84 $ 123.70 $ 111.67 $ 185.81 $ 129.67 (1) SUI New Peer Group includes: AvalonBay Communities, Inc., Camden Property Trust, CubeSmart, Equity Lifestyle Properties, Inc., Equity Residential, Essex Property Trust, Inc., Extra Space Storage Inc., Federal Realty Investment Trust, Invitation Homes Inc., Mid-America Apartment Communities, Inc., UDR, Inc. and Ventas, Inc.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

124 edited+65 added−70 removed29 unchanged
Biggest changeYear Ended Total Same Community MH RV Financial Information December 31, 2021 December 31, 2020 Change % Change December 31, 2021 December 31, 2020 Change % Change December 31, 2021 December 31, 2020 Change % Change Revenue Real property (excluding Transient) $ 875,361 $ 824,669 $ 50,692 6.1 % $ 693,374 $ 663,564 $ 29,810 4.5 % $ 181,987 $ 161,105 $ 20,882 13.0 % Real property - transient 194,754 144,077 50,677 35.2 % 1,460 1,722 (262) (15.2) % 193,294 142,355 50,939 35.8 % Other 39,011 23,362 15,649 67.0 % 19,265 10,298 8,967 87.1 % 19,746 13,064 6,682 51.1 % Total Operating 1,109,126 992,108 117,018 11.8 % 714,099 675,584 38,515 5.7 % 395,027 316,524 78,503 24.8 % Expense Property Operating 345,737 305,561 40,176 13.1 % 182,771 169,072 13,699 8.1 % 162,966 136,489 26,477 19.4 % Real Property NOI $ 763,389 $ 686,547 $ 76,842 11.2 % $ 531,328 $ 506,512 $ 24,816 4.9 % $ 232,061 $ 180,035 $ 52,026 28.9 % Year Ended Total Same Community MH RV Financial Information December 31, 2020 December 31, 2019 Change % Change December 31, 2020 December 31, 2019 Change % Change December 31, 2020 December 31, 2019 Change % Change Revenue Real property (excluding Transient) $ 788,721 $ 747,710 $ 41,011 5.5 % $ 631,382 $ 597,030 $ 34,352 5.8 % $ 157,339 $ 150,680 $ 6,659 4.4 % Real property - transient 131,693 137,271 (5,578) (4.1) % 1,405 1,891 (486) (25.7) % 130,288 135,380 (5,092) (3.8) % Other 22,568 26,833 (4,265) (15.9) % 9,655 13,439 (3,784) (28.2) % 12,913 13,394 (481) (3.6) % Total Operating 942,982 911,814 31,168 3.4 % 642,442 612,360 30,082 4.9 % 300,540 299,454 1,086 0.4 % Expense Property Operating 284,551 281,142 3,409 1.2 % 156,370 154,401 1,969 1.3 % 128,181 126,741 1,440 1.1 % Real Property NOI $ 658,431 $ 630,672 $ 27,759 4.4 % $ 486,072 $ 457,959 $ 28,113 6.1 % $ 172,359 $ 172,713 $ (354) (0.2) % 63 SUN COMMUNITIES, INC.
Biggest changeTotal Same Property MH RV Year Ended Year Ended Year Ended Financial Information December 31, 2021 December 31, 2020 Change % Change (1) December 31, 2021 December 31, 2020 Change % Change (1) December 31, 2021 December 31, 2020 Change % Change (1) Revenue Real property (excluding transient and other) $ 875.3 $ 824.7 $ 50.6 6.1 % $ 693.4 $ 663.6 $ 29.8 4.5 % $ 182.0 $ 161.1 $ 20.9 13.0 % Real property - transient 194.8 144.1 50.7 35.2 % 1.4 1.7 (0.3) (15.2) % 193.3 142.4 50.9 35.8 % Other 39.0 23.4 15.6 67.0 % 19.3 10.3 9.0 87.1 % 19.7 13.0 6.7 51.1 % Total Operating 1,109.1 992.2 116.9 11.8 % 714.1 675.6 38.5 5.7 % 395.0 316.5 78.5 24.8 % Expense Property Operating 345.7 305.6 40.1 13.1 % 182.8 169.1 13.7 8.1 % 163.0 136.5 26.5 19.4 % Real Property NOI $ 763.4 $ 686.6 $ 76.8 11.2 % $ 531.3 $ 506.5 $ 24.8 4.9 % $ 232.0 $ 180.0 $ 52.0 28.9 % (1) Percentages are calculated based on unrounded numbers. 60 SUN COMMUNITIES, INC.
In addition to the results presented in accordance with GAAP below, we have provided NOI and FFO as supplemental performance measures. Refer to Non-GAAP Financial Measures in this Item 7 for additional information. OVERVIEW We are a fully integrated REIT.
In addition to the results presented in accordance with GAAP below, we have provided NOI and FFO information as supplemental performance measures. Refer to Non-GAAP Financial Measures in this Item 7 for additional information. OVERVIEW We are a fully integrated REIT.
NOI is derived from operating revenues minus property operating expenses and real estate taxes. NOI is a non-GAAP financial measure that we believe is helpful to investors as a supplemental measure of operating performance because it is an indicator of the return on property investment and provides a method of comparing property performance over time.
NOI NOI is derived from operating revenues minus property operating expenses and real estate taxes. NOI is a non-GAAP financial measure that we believe is helpful to investors as a supplemental measure of operating performance because it is an indicator of the return on property investment and provides a method of comparing property performance over time.
FFO is defined by the National Association of Real Estate Investment Trusts ("NAREIT") as GAAP net income (loss), excluding gains (or losses) from sales of depreciable operating property, plus real estate related depreciation and amortization, real estate related impairments, and after adjustments for unconsolidated partnerships and joint ventures.
FFO FFO is defined by the National Association of Real Estate Investment Trusts ("NAREIT") as GAAP net income (loss), excluding gains (or losses) from sales of depreciable operating property, plus real estate related depreciation and amortization, real estate related impairments, and after adjustments for unconsolidated partnerships and joint ventures.
By excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment and excluding real estate asset depreciation and amortization (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO provides a performance measure that, when compared period-over-period, reflects the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing perspective not readily apparent from GAAP net income (loss).
By excluding gains and losses related to sales of previously depreciated operating real estate assets, real estate related impairment and real estate asset depreciation and amortization (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO provides a performance measure that, when compared period-over-period, reflects the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing perspective not readily apparent from GAAP net income (loss).
(2) Occupancy percentages include annual RV sites and exclude transient RV sites. (3) Occupancy percentages include MH and annual RV sites, and exclude transient RV sites. (4) Adjusted occupancy percentages include MH and exclude recently completed but vacant expansion sites. (5) Adjusted occupancy percentages include annual RV sites, and exclude transient RV sites and recently completed but vacant expansion sites.
(2) Occupancy percentages include annual RV sites and exclude transient RV sites. (3) Occupancy percentages include MH and annual RV sites, and exclude transient RV sites. (4) Adjusted occupancy percentages include MH sites and exclude recently completed but vacant MH expansion sites. (5) Adjusted occupancy percentages include annual RV sites, and exclude transient RV sites.
Real Property Operations - Same Community Portfolio A key management tool used when evaluating performance and growth of our properties is a comparison of the Same Community portfolio. Same Community refers to properties that we have owned for at least the preceding year, exclusive of properties recently completed or under construction, and other properties as determined by management.
Real Property Operations - Same Property Portfolio A key management tool used when evaluating performance and growth of our properties is a comparison of the Same Property portfolio. Same Property refers to properties that we have owned for at least the preceding year, exclusive of properties recently completed or under construction, and other properties as determined by management.
We have been in the business of acquiring, operating, developing and expanding MH communities and RV resorts since 1975 and marinas since 2020. We lease individual sites with utilities access for placement of manufactured homes, RVs or boats to our customers.
We have been in the business of acquiring, operating, developing and expanding MH and RV communities since 1975 and marinas since 2020. We lease individual sites with utilities access for placement of manufactured homes, RVs or boats to our customers.
(2) Our obligations related to interest expense are calculated based on the current debt levels, rates and maturities as of December 31, 2021 (including finance leases), and actual payments required in future periods may be different than the amounts included above. Perpetual securities include one year of interest expense for payment due after five years.
(2) Our obligations related to interest expense are calculated based on the current debt levels, rates and maturities as of December 31, 2022 (including finance leases), and actual payments required in future periods may be different than the amounts included above. Perpetual securities include one year of interest expense for payment due after five years.
Under Rule 3-10 of Regulation S-X, as amended, subsidiary issuers of obligations guaranteed by the parent are not required to provide separate financial statements, provided that the subsidiary obligor is consolidated into the parent company's consolidated financial statements, the parent guarantee is "full and unconditional" and, subject to certain exceptions, the alternative disclosure required by Rule 13-01 is provided, which includes narrative disclosure and summarized financial information.
Under Rule 3-10 of Regulation S-X, as amended, subsidiary issuers of obligations guaranteed by its parent company are not required to provide separate financial statements, provided that the subsidiary obligor is consolidated into the parent company's consolidated financial statements, the parent guarantee is "full and unconditional" and, subject to certain exceptions, the alternative disclosure required by Rule 13-01 is provided, which includes narrative disclosure and summarized financial information.
Property Operations Occupancy in our MH and annual RV properties, as well as our ability to increase rental rates, directly affect revenues. Our revenue streams are predominantly derived from customers renting our sites on a long-term basis. Our Same Community properties continue to achieve revenue and occupancy increases which drive continued NOI growth.
Property Operations Occupancy in our MH and annual RV properties, as well as our ability to increase rental rates, directly affect revenues. Our revenue streams are predominantly derived from customers renting our sites on a long-term basis. Our Same Property communities continue to achieve revenue and occupancy increases which drive continued NOI growth.
LIQUIDITY AND CAPITAL RESOURCES Short-term Liquidity Our principal short-term liquidity demands have historically been, and are expected to continue to be, distributions to our stockholders and the unit holders of the Operating Partnership, property acquisitions, development and expansion of properties, capital improvement of properties, the purchase of new and pre-owned homes, and debt repayment.
LIQUIDITY AND CAPITAL RESOURCES Short-term Liquidity Our principal short-term liquidity demands historically have been, and are expected to continue to be, distributions to our shareholders and the unit holders of the Operating Partnership, property acquisitions, development and expansion of our properties, capital improvement of our properties, the purchase of new and pre-owned homes, and debt repayment.
The Same Community data may change from time-to-time depending on acquisitions, dispositions, management discretion, significant transactions or unique situations. In order to evaluate the growth of the Same Community portfolio, management has classified certain items differently than our GAAP statements.
The Same Property data may change from time-to-time depending on acquisitions, dispositions, management discretion, significant transactions or unique situations. In order to evaluate the growth of the Same Property portfolio, management has classified certain items differently than our GAAP statements.
We have expanded our market share in multiple states through recent acquisitions and increased our property holdings in high growth areas of the U.S. including retirement and vacation destinations. We have also experienced strong revenue growth through recent acquisitions of RV resorts.
We have expanded our market share in multiple states through recent acquisitions and increased our property holdings in high-growth areas of the U.S. including retirement and vacation destinations. We have also experienced strong revenue growth through recent acquisitions of RV communities.
FFO is calculated in accordance with our interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that interpret the NAREIT definition differently. 59 SUN COMMUNITIES, INC.
FFO is calculated in accordance with our interpretation of standards established by Nareit, which may not be comparable to FFO reported by other REITs that interpret the Nareit definition differently. 55 SUN COMMUNITIES, INC.
Home Sales Summary We purchase new homes and acquire pre-owned and repossessed manufactured homes, generally located within our communities, from lenders, dealers, and former residents to lease or sell to current and prospective residents.
Home Sales Summary (excluding UK home sales) We purchase new homes and acquire pre-owned and repossessed manufactured homes, generally located within our communities, from lenders, dealers and former residents to lease or sell to current and prospective residents.
On March 2, 2021, we priced a $1.1 billion underwritten public offering of an aggregate of 8,050,000 shares at a public offering price of $140.00 per share, before underwriting discounts and commissions. The offering consisted of 4,000,000 shares offered directly by us and 4,050,000 shares offered under a forward equity sales agreement.
In March 2021, we priced a $1.1 billion underwritten public offering of an aggregate of 8,050,000 shares at a public offering price of $140.00 per share, before underwriting discounts and commissions. The offering consisted of 4,000,000 shares offered directly by us and 4,050,000 shares offered under a forward equity sales agreement.
At the Market Offering Sales Agreements On December 17, 2021, we entered into an At the Market Offering Sales Agreement with certain sales agents and forward sellers pursuant to which we may sell, from time to time, up to an aggregate gross sales price of $1.25 billion of our common stock (the "December 2021 Sales Agreement"), through the sales agents, acting as our sales agents or, if applicable, as forward sellers, or directly to the sales agents as principals for their own accounts.
At the Market Offering Sales Agreement In December 2021, we entered into an At the Market Offering Sales Agreement (the "Sales Agreement"), with certain sales agents and forward sellers pursuant to which we may sell, from time to time, up to an aggregate gross sales price of $1.25 billion of our common stock through the sales agents, acting as our sales agents or, if applicable, as forward sellers, or directly to the sales agents as principals for their own accounts.
Our ability to finance our long-term liquidity requirements in such a manner will be affected by numerous economic factors affecting the MH, RV and marina industries at the time, including the effects of the COVID-19 pandemic, the availability and cost of mortgage debt, our financial condition, the operating history of the properties, the state of the debt and equity markets, and the general national, regional and local economic conditions.
Our ability to finance our long-term liquidity requirements in such a manner will be affected by numerous economic factors affecting the MH, RV and marina industries at the time, including the availability and cost of mortgage debt, our financial condition, the operating history of the properties, the state of the debt and equity markets, and the general national, regional and local economic conditions.
The age demographic of RV resorts is attractive, as the population of retirement age adults in the U.S. is growing. RV resorts have become a trending vacation opportunity not only for the retiree population, but as an affordable vacation alternative for families and millennials. 56 SUN COMMUNITIES, INC.
The age demographic of RV communities is attractive, as the population of retirement age adults in the U.S. is growing. RV communities have become a trending vacation opportunity not only for the retiree population, but as an affordable vacation alternative for families and millennials. 51 SUN COMMUNITIES, INC.
Further, FFO is not intended as a measure of a REIT's ability to meet debt principal repayments and other cash requirements, nor as a measure of working capital.
Furthermore, FFO is not intended as a measure of a REIT's ability to meet debt principal repayments and other cash requirements, nor as a measure of working capital.
We intend to meet our short-term liquidity requirements through available cash balances, cash flows generated from operations, draws on our line of credit, and the use of debt and equity offerings under our shelf registration statement.
We intend to meet our short-term liquidity requirements through available cash balances, cash flows generated from operations, draws on our Senior Credit Facility, and the use of debt and equity offerings under our shelf registration statement.
Years ended December 31, 2021 and 2020 The Same Community data includes all properties that we have owned and operated continuously since January 1, 2020, exclusive of ground-up development and redevelopment properties recently completed or under construction, and other properties as determined by management.
For the years ended December 31, 2021 and 2020: • The Same Property data includes all properties that we owned and operated continuously since January 1, 2020, exclusive of ground-up development and redevelopment properties recently completed or under construction, and other properties as determined by management.
Interest expense - for the year ended December 31, 2021, increased primarily due to the higher carrying balance of debt as compared to the same period in 2020. Refer to Note 8, "Debt and Line of Credit," of our accompanying Consolidated Financial Statements for additional information.
Interest expense - for the year ended December 31, 2022, increased due to the higher carrying balance of debt and increased interest rates as compared to the same period in 2021. Refer to Note 8, "Debt and Line of Credit," in our accompanying Consolidated Financial Statements for additional information.
We believe that the accounting estimates employed are appropriate and resulting balances are reasonable; however, due to inherent uncertainties in making estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. Our significant accounting estimates include acquisitions (of investment properties) and impairment (of long live assets or properties, right-of-use assets and goodwill).
We believe that the accounting estimates employed are appropriate and resulting balances are reasonable; however, due to inherent uncertainties in making estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. Our significant accounting estimates include acquisitions of investment properties and impairments of long-lived assets or properties, and right-of-use assets.
(7) Monthly base rent pertains to annual RV sites and excludes transient RV sites. (8) Canadian currency figures included within the year ended December 31, 2020 and 2019 have been translated at 2021 and 2020 average exchange rates, respectively.
(8) Monthly base rent pertains to annual RV sites and excludes transient RV sites. (9) Canadian currency figures included within the year ended December 31, 2021 and 2020 have been translated at 2022 and 2021 average exchange rates, respectively.
(3) Adjustment related to estimated loss of earnings in excess of the applicable business interruption deductible in relation to our three Florida Keys communities that were impaired by Hurricane Irma which had not yet been received from our insurer.
(3) Adjustment related to estimated loss of earnings in excess of the applicable business interruption deductible in relation to our three Fort Myers Florida RV communities that were impaired by Hurricane Ian and our three Florida Keys communities that were impaired by Hurricane Irma, which had not yet been received from our insurer.
(2) Occupancy percent excludes recently completed but vacant expansion sites. (3) Same Community is based on the as reported year end Same Community count for each respective year. 54 SUN COMMUNITIES, INC.
(2) Occupancy percent excludes recently completed but vacant expansion sites. (3) Same Property is based on the as reported year end Same Property count for each respective year. 50 SUN COMMUNITIES, INC.
Other lot modification expenditures include land improvements added to annual RV sites to aid in the conversion of transient RV guests to annual contracts. Growth projects - consist of revenue generating or expense reducing activities at MH communities, RV resorts and marinas.
Other lot modification expenditures include land improvements added to annual RV sites to aid in the conversion of transient RV guests to annual contracts. Growth projects - growth projects consist of revenue generating or expense reducing activities at MH, RV and marina properties.
The total outstanding balance on senior unsecured notes was $1.2 billion at December 31, 2021. The obligations of the Operating Partnership to pay principal, premiums, if any, and interest on the 2031 and 2028 Notes are guaranteed on a senior basis by Sun Communities, Inc.
The total outstanding principal balance of senior unsecured notes was $1.8 billion at December 31, 2022. The obligations of the Operating Partnership to pay principal, premiums, if any, and interest on the 2028 Notes, the 2031 Notes, the 2032 Notes, and the 2033 Notes are guaranteed on a senior basis by Sun Communities, Inc.
As of December 31, 2021, the aggregate carrying amount of debt, including both our and our partner's share, incurred by GTSC was $243.1 million (of which our proportionate share is $97.2 million).
As of December 31, 2022 and 2021, the aggregate carrying amount of debt, including both our and our partner's share, incurred by GTSC was $275.0 million (of which our proportionate share is $110.0 million), and $243.1 million (of which our proportionate share is $97.2 million), respectively.
We take a disciplined approach to selecting the optimal mix of financing sources to meet our liquidity demands and minimize our overall cost of capital. In June 2021, we received investment grade ratings of BBB and Baa3 with a stable outlook from S&P Global and Moody's, respectively.
We take a disciplined approach to selecting the optimal mix of financing sources to meet our liquidity demands and minimize our overall cost of capital. In June 2021, we received investment grade ratings of BBB and Baa3 from S&P Global and Moody's, respectively, both with stable outlooks. Our ratings remain unchanged from original receipt.
Impact of New Accounting Standards Refer to Note 18, "Recent Accounting Pronouncements," in our accompanying Consolidated Financial Statements for information regarding new accounting pronouncements. 80 SUN COMMUNITIES, INC.
Impact of New Accounting Standards Refer to Note 19, "Recent Accounting Pronouncements," in our accompanying Consolidated Financial Statements for information regarding new accounting pronouncements. 79 SUN COMMUNITIES, INC.
Rental Program - investment in the acquisition of homes intended for the Rental Program and the purchase of vacation rental homes at our RV resorts. Expenditures for these investments depend upon the condition of the markets for repossessions and new home sales, rental homes and vacation rental homes.
Rental program - consists of investment in the acquisition of homes intended for the Rental Program and the purchase of vacation rental homes at our RV communities. Expenditures for these investments depend upon the condition of the markets for repossessions and new home sales, rental homes and vacation rental homes. 72 SUN COMMUNITIES, INC.
Capital Expenditures Our capital expenditures include expansion sites and development construction costs, recurring capital expenditures, lot modifications, growth projects, acquisition-related capital expenditures, rental home purchases and rebranding cost. 72 SUN COMMUNITIES, INC.
Capital Expenditures Our capital expenditures include expansion sites and development construction costs, recurring capital expenditures, lot modifications, growth projects, acquisition-related capital expenditures, rental home purchases and rebranding costs.
(2) Occupancy percentages include MH and annual RV sites, and exclude transient RV sites. (3) Adjusted occupancy percentages include MH and exclude recently completed but vacant expansion sites. (4) Adjusted occupancy percentages include annual RV sites, and exclude transient RV sites and recently completed but vacant expansion sites.
(6) Adjusted occupancy percentages include MH and annual RV sites, and exclude transient RV sites and recently completed but vacant expansion sites.
As of December 31, 2021, the aggregate carrying amount of debt, including both our and our partners' share, incurred by Sungenia JV was $6.3 million (of which our proportionate share is $3.1 million).
As of December 31, 2022 and 2021, the aggregate carrying amount of the debt, including both our and our partners' share, incurred by Sungenia JV was $7.9 million (of which our proportionate share is approximately $4.0 million), and $6.3 million (of which our proportionate share is $3.1 million), respectively.
Years ended December 31, 2020 and 2019 The Same Community data includes all properties which we have owned and operated continuously since January 1, 2019, exclusive of ground-up development and redevelopment properties recently completed or under construction, and other properties as determined by management.
For the years ended December 31, 2022 and 2021: • The Same Property data includes all properties that we have owned and operated continuously since January 1, 2021 exclusive of ground-up development and redevelopment properties recently completed or under construction, and other properties as determined by management.
For the years ended December 31, 2021 and 2020, Canadian currency figures included within the year ended December 31, 2020 have been translated at 2021 average exchange rates. For the years ended December 31, 2020 and 2019, Canadian currency figures included within the year ended December 31, 2019 have been translated at 2020 average exchange rates.
For the years ended December 31, 2022 and 2021, Canadian currency figures included within the year ended December 31, 2021 have been translated at 2022 average exchange rates. For the years ended December 31, 2021 and 2020, Canadian currency figures included within the year ended December 31, 2020 have been translated at 2021 average exchange rates. 59 SUN COMMUNITIES, INC.
Refer to "Risk Factors" in Part I, Item 1A in this Annual Report on Form 10-K. Investing Activities - Net cash used for investing activities was $2.3 billion for the year ended December 31, 2021, compared to $2.5 billion for year ended December 31, 2020.
Refer to "Risk Factors" in Part I, Item 1A in this Annual Report on Form 10-K. Investing activities - Net cash used for investing activities increased by $0.8 billion, to $3.1 billion for the year ended December 31, 2022, compared to $2.3 billion for the year ended December 31, 2021.
As of December 31, 2021, our net debt to enterprise value was approximately 18.0 percent (assuming conversion of all common OP units, Series A-1 preferred OP units, Series A-3 preferred OP units, Series C preferred OP units, Series D preferred OP units, Series E preferred OP units, Series F preferred OP units, Series G preferred OP units, Series H preferred OP units, Series I preferred OP units and Series J preferred OP units to shares of common stock).
As of December 31, 2022, our net debt to enterprise value was 27.9% (assuming conversion of all common OP units, Series A-1 preferred OP units, Series A-3 preferred OP units, Series C preferred OP units, Series D preferred OP units, Series E preferred OP units, Series F preferred OP units, Series G preferred OP units, Series H preferred OP units and Series J preferred OP units to shares of common stock).
Lot modification capital expenditures - are incurred to modify the foundational structures required to set a new home after a previous home has been removed. These expenditures are necessary to create a revenue stream from a new site renter and often improve the quality of the community.
The minimum capitalized amount is five hundred dollars. Non-Recurring Capital Expenditures Lot modifications - lot modification capital expenditures are incurred to modify the foundational structures required to set a new home after a previous home has been removed. These expenditures are necessary to create a revenue stream from a new site renter and often improve the quality of the community.
The following table presents the seasonality of real property-transient revenue for the years ended December 31, 2021, 2020 and 2019: Real property - transient revenue (in thousands) For the Three Months Ended Year March 31 June 30 September 30 December 31 Total 2021 $ 266,641 11.9 % 27.3 % 44.9 % 15.9 % 100.0 % 2020 $ 134,691 18.8 % 15.6 % 44.9 % 20.7 % 100.0 % 2019 $ 121,504 20.1 % 23.2 % 40.3 % 16.4 % 100.0 % In the marina market, demand for wet slip storage increases during the summer months as customers contract for the summer boating season, which also drives non-storage revenue streams such as service, fuel and on-premise restaurants or convenience stores.
The following table presents the seasonality of real property-transient revenue for the years ended December 31, 2022, 2021 and 2020: Real property - transient revenue (in millions) For the Three Months Ended Year March 31 June 30 September 30 December 31 Total 2022 $ 335.0 12.7 % 27.8 % 45.8 % 13.7 % 100.0 % 2021 $ 266.6 11.9 % 27.3 % 44.9 % 15.9 % 100.0 % 2020 $ 134.7 18.8 % 15.6 % 44.9 % 20.7 % 100.0 % In the marina market, demand for wet slip storage increases during the summer months as customers contract for the summer boating season, which also drives non-storage revenue streams such as service, fuel and on-premises restaurants or convenience stores.
The Rental Program NOI is separately reviewed to assess the overall growth and performance of the Rental Program and its financial impact on our operations. For the year ended December 31, 2021, Rental Program NOI increased $1.4 million, or 1.2 percent as compared to the same period in 2020.
The Rental Program NOI is separately reviewed to assess the overall growth and performance of the Rental Program and its financial impact on our operations. For the year ended December 31, 2022, Rental Program NOI decreased $14.7 million, or 12.4% as compared to the same period in 2021.
Our net cash flows provided by operating activities from continuing operations may be adversely impacted by, among other things: (a) the market and economic conditions in our current markets generally, and specifically in metropolitan areas of our current markets; (b) lower occupancy and rental rates of our properties; (c) increased operating costs, such as wage and benefit costs, insurance premiums, real estate taxes and utilities, that cannot be passed on to our tenants; (d) decreased sales of manufactured homes; (e) current volatility in economic conditions and the financial markets; and (f) the effects of the COVID-19 pandemic.
Our net cash flows provided by operating activities from continuing operations may be adversely impacted by, among other things: • the market and economic conditions in our current markets generally, and specifically in the metropolitan areas of our current markets; • lower occupancy and rental rates of our properties; • substantial increases in insurance premium; • increases in other operating costs, such as wage and benefit costs, real estate taxes and utilities; • decreased sales of manufactured homes; • current volatility in economic conditions and the financial markets; and • the effects of the COVID-19 pandemic.
We are also engaged in the marketing, selling and leasing of new and pre-owned homes to current and future residents in our MH communities. The Rental Program operations within our MH communities support and enhance our occupancy levels, property performance and cash flows. COVID-19 IMPACT The impact of COVID-19 in 2021 was minimal compared to 2020.
We are also engaged in the marketing, selling and leasing of new and pre-owned homes to current and future residents in our MH communities. The Rental Program operations within our MH communities support and enhance our occupancy levels, property performance and cash flows. 49 SUN COMMUNITIES, INC.
The debt bears interest at a variable rate based on a Commercial Paper or adjusted Secured Overnight Financing Rate plus 1.65 percent per annum and matures on December 15, 2025.
The debt bears interest at a variable rate based on a Commercial Paper or adjusted Secured Overnight Financing Rate plus a margin ranging from 1.65% to 2.5% per annum and matures on December 15, 2026.
Our issuance of letters of credit does not increase our borrowings outstanding under the Senior Credit Facility, but does reduce the borrowing amount available. At December 31, 2021 and 2020, we had approximately $2.2 million and $2.4 million (including none and $0.3 million associated with the Safe Harbor Facility) of outstanding letters of credit, respectively.
Our issuance of letters of credit does not increase our borrowings outstanding under the Senior Credit Facility, but does reduce the borrowing amount available. We had $2.3 million and $2.2 million of outstanding letters of credit at December 31, 2022 and 2021, respectively.
Capital Requirements Our capital requirements as of December 31, 2021 include both short and long term obligations: Our primary long-term liquidity needs are principal payments on outstanding indebtedness as summarized in the table below: Payments Due By Period (in thousands) Outstanding Indebtedness (1) Total Due Short-term Obligation ≤1 Year Long-term Obligation After 1 Year Refer to Principal payments on long-term debt $ 5,698,458 $ 141,959 $ 5,556,499 Note 8.
Capital Requirements Our capital requirements as of December 31, 2022 include both short and long term obligations: Our primary long-term liquidity needs are principal payments on outstanding indebtedness as summarized in the table below: Payments Due By Period (in millions) Outstanding Indebtedness (1) Total Due Short-term Obligation ≤1 Year Long-term Obligation After 1 Year Refer to Principal payments on long-term debt $ 7,235.1 $ 183.4 $ 7,051.7 Note 8.
The most restrictive financial covenants for the Senior Credit Facility are as follows: Covenant Requirement As of December 31, 2021 Maximum leverage ratio 28.4% Minimum fixed charge coverage ratio >1.40 4.57 Maximum dividend payout ratio 49.3% Maximum secured leverage ratio 15.3% In addition, we are required to maintain the following covenants with respect to the senior unsecured notes payable: Covenant Requirement As of December 31, 2021 Total debt to total assets ≤ 60.0% 38.6% Secured debt to total assets ≤ 40.0% 22.9% Consolidated income available for debt service to debt service ≥ 1.50 5.81 Unencumbered total asset value to total unsecured debt ≥ 150.0% 431.7% As of December 31, 2021, we were in compliance with the above covenants and do not anticipate that we will be unable to comply with these covenants in the near term. 77 SUN COMMUNITIES, INC.
The most restrictive financial covenants for the Senior Credit Facility are as follows: Covenant Requirement As of December 31, 2022 Maximum leverage ratio 33.8% Minimum fixed charge coverage ratio >1.40 3.82 Maximum secured leverage ratio 12.6% In addition, we are required to maintain the following covenants with respect to the senior unsecured notes payable: Covenant Requirement As of December 31, 2022 Total debt to total assets ≤60.0% 40.3% Secured debt to total assets ≤40.0% 18.0% Consolidated income available for debt service to debt service ≥1.50 5.30 Unencumbered total asset value to total unsecured debt ≥150.0% 344.0% As of December 31, 2022, we were in compliance with the above covenants and do not anticipate that we will be unable to meet these covenants in the near term.
Public Equity Offerings Offerings On November 15 and 16, 2021, we entered into two forward sale agreements relating to an underwritten registered public offering of 4,025,000 shares of our common stock at a public offering price of $185.00 per share. The offering closed on November 18, 2021.
Equity and Debt Activity Public Equity Offerings In November 2021, we entered into the November 2021 Forward Sale Agreements in connection with an underwritten registered public offering of 4,025,000 shares of our common stock at a public offering price of $185.00 per share.
General and administrative expense - for the year ended December 31, 2021, increased primarily due to a full year of activity from Safe Harbor, and an increase in wages and incentives driven by growth in strategic initiatives and acquisition activity, as compared to 2020.
General and administrative expense - for the year ended December 31, 2022, increased primarily due to the acquisition of Park Holidays, and an increase in wages and incentives driven by growth in strategic initiatives as compared to the same period in 2021.
Sungenia JV - During May 2020, Sungenia JV, entered into a debt facility agreement with a maximum loan amount of $27.0 million Australian dollars, or $19.6 million converted at the December 31, 2021 exchange rate.
Sungenia JV - During May 2020, Sungenia JV, entered into a debt facility agreement with a maximum loan amount of $27.0 million Australian dollars, or $18.4 million converted at the December 31, 2022 exchange rate. During July 2022, the maximum amount was increased to $50.0 million Australian dollars, or $34.1 million converted at the December 31, 2022 exchange rate.
The reclassification difference between our GAAP statements and our Same Community portfolio is the reclassification of utility revenues from real property revenue to operating expenses. A significant portion of our utility charges are re-billed to our residents.
The reclassification difference between our GAAP statements and our Same Property portfolio is the reclassification of utility revenues from real property revenue to operating expenses. A significant portion of our utility charges are re-billed to our residents. Additionally, for the MH and RV, the amounts in the tables below reflect constant currency for comparative purposes.
Interest Rate Hedging During and subsequent to the year ended December 31, 2021, we entered into four treasury lock contracts with an aggregate notional value of $600.0 million to hedge interest rate risk associated with future issuances of fixed-rate long-term debt.
During the year ended December 31, 2022, we entered into two treasury rate lock contracts and one forward swap contract with an aggregate notional value of $250.0 million to hedge interest rate risk associated with the future issuance of long-term debt.
We believe that Core FFO provides enhanced comparability for investor evaluations of period-over-period results. We believe that GAAP net income (loss) is the most directly comparable measure to FFO. The principal limitation of FFO is that it does not replace GAAP net income (loss) as a performance measure or GAAP cash flow from operations as a liquidity measure.
We believe that GAAP net income (loss) is the most directly comparable measure to FFO. The principal limitation of FFO is that it does not replace GAAP net income (loss) as a financial performance measure or GAAP cash flow from operating activities as a measure of our liquidity.
The RV segment's $52.0 million, or 28.9 percent, increase in NOI is primarily due to an increase in Real property - transient revenue of $50.9 million, or 35.8 percent, due to increased transient and vacation rental stays at our resorts.
Real property (excluding transient and other) revenue increased due to a 3.4% increase in monthly base rent per MH site and a 1.4% increase in occupancy. • The RV segment's increase in NOI of $52.0 million, or 28.9%, when compared to the same period in 2020 is primarily due to an increase in Real property - transient revenue of $50.9 million, or 35.8%, due to increased transient and vacation rental stays at our resorts.
(4) Other adjustments, net include the change in estimated contingent consideration payments, long term lease termination expense and deferred tax (benefit) / expense for the years ended December 31, 2021, 2020 and 2019, RV rebranding non-recurring cost for the year ended December 31, 2021, and deferred compensation amortization upon retirement for the year ended December 31, 2020. 71 SUN COMMUNITIES, INC.
(4) Other adjustments, net include (i) deferred tax (benefit) / expense and long-term lease termination (benefit) / expense for the years ended December 31, 2022, 2021 and 2020 (ii) accelerated deferred compensation amortization, gain from litigation settlement and gain on sale of investment in nonconsolidated affiliate for the year ended December 31, 2022, (iii) RV rebranding non-recurring cost for the years ended December 31, 2022 and 2021, and (iv) change in estimated contingent consideration for the years ended December 31, 2021 and 2020. 69 SUN COMMUNITIES, INC.
As of December 31, 2020, we had $652.0 million and $500.0 million of borrowings under the revolving loan and term loan under the Safe Harbor Facility, respectively. These balances are recorded in the Unsecured debt line item on the Consolidated Balance Sheets. The Senior Credit Facility provides us with the ability to issue letters of credit.
We had $1.0 billion of revolving borrowings on our prior Senior Credit Facility as of December 31, 2021. These balances are recorded in Unsecured debt on the Consolidated Balance Sheets. The Senior Credit Facility provides us with the ability to issue letters of credit.
Depreciation and amortization - for the year ended December 31, 2021, increased as a result of acquisition, expansion and development activity driving growth in our portfolio of MH communities, RV resorts and marinas as compared to 2020. Refer to Note 3, "Real Estate Acquisitions and Dispositions," of our accompanying Consolidated Financial Statements for additional information.
Depreciation and amortization - for the year ended December 31, 2022, increased as a result of property acquisitions during 2021 and 2022. Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Consolidated Financial Statements for additional information. 67 SUN COMMUNITIES, INC.
Operating Activities - Net cash provided by operating activities increased $210.3 million to $753.6 million for the year ended December 31, 2021, compared to $543.3 million for the year ended December 31, 2020.
Operating activities - Net cash provided by operating activities decreased by $18.7 million, to $734.9 million for the year ended December 31, 2022, compared to $753.6 million for the year ended December 31, 2021.
The following table identifies our marina markets by total wet slips and dry storage spaces: December 31, 2021 December 31, 2020 Major Market Number of Properties Wet Slips Dry Storage Spaces Total Wet Slips / Dry Storage Spaces % Wet Slips / Dry Storage Spaces Number of Properties Wet Slips Dry Storage Spaces Total Wet Slips / Dry Storage Spaces % Wet Slips / Dry Storage Spaces Florida 20 2,701 2,532 5,233 11.6 % 14 2,038 1,947 3,985 10.3 % California 9 3,884 56 3,940 8.7 % 5 2,297 — 2,297 5.9 % Rhode Island 12 3,308 177 3,485 7.7 % 11 3,292 10 3,302 8.6 % Connecticut 11 3,299 — 3,299 7.3 % 11 3,299 — 3,299 8.6 % Michigan 6 2,637 555 3,192 7.1 % 5 2,268 451 2,719 7.0 % Georgia 4 2,587 246 2,833 6.3 % 4 2,587 246 2,833 7.3 % New York 8 2,783 — 2,783 6.2 % 8 2,783 — 2,783 7.2 % Maryland 9 2,156 489 2,645 5.9 % 8 2,022 387 2,409 6.2 % Massachusetts 9 2,045 501 2,546 5.6 % 7 1,988 248 2,236 5.8 % Kentucky 5 2,365 40 2,405 5.3 % 5 2,365 40 2,405 6.2 % North Carolina 5 1,081 1,301 2,382 5.3 % 5 1,081 1,301 2,382 6.1 % Texas 3 1,841 283 2,124 4.6 % 3 1,841 283 2,124 5.5 % South Carolina 8 1,261 613 1,874 4.1 % 7 1,249 373 1,622 4.2 % Puerto Rico 1 987 625 1,612 3.6 % — — — — — % Ohio 2 888 139 1,027 2.3 % 2 888 139 1,027 2.7 % Alabama 1 81 648 729 1.6 % 1 81 648 729 1.9 % Mississippi 1 453 134 587 1.3 % 1 453 134 587 1.5 % Arkansas 1 582 — 582 1.3 % 1 582 — 582 1.5 % New Jersey 2 488 30 518 1.1 % 2 488 30 518 1.3 % Tennessee 2 384 — 384 0.9 % 2 384 — 384 1.0 % New Hampshire 1 231 — 231 0.5 % — — — — — % Virginia 1 228 — 228 0.5 % — — — — — % Vermont 1 102 72 174 0.4 % 1 102 72 174 0.4 % Oklahoma 1 172 — 172 0.4 % 1 172 — 172 0.4 % Maine 2 170 — 170 0.4 % 2 170 — 170 0.4 % 125 36,714 8,441 45,155 106 32,430 6,309 38,739 58 SUN COMMUNITIES, INC.
The following table identifies our marina markets by total wet slips and dry storage spaces: December 31, 2022 December 31, 2021 Major Market Number of Properties Wet Slips Dry Storage Spaces Total Wet Slips / Dry Storage Spaces % Wet Slips / Dry Storage Spaces Number of Properties Wet Slips Dry Storage Spaces Total Wet Slips / Dry Storage Spaces % Wet Slips / Dry Storage Spaces Florida 21 2,551 2,503 5,054 10.6 % 20 2,701 2,532 5,233 11.6 % California 11 5,360 345 5,705 11.9 % 9 3,884 56 3,940 8.7 % Rhode Island 12 3,291 130 3,421 7.2 % 12 3,308 177 3,485 7.7 % Connecticut 11 3,325 — 3,325 7.0 % 11 3,299 — 3,299 7.3 % Michigan 7 3,120 673 3,793 7.9 % 6 2,637 555 3,192 7.1 % Georgia 4 2,593 246 2,839 5.9 % 4 2,587 246 2,833 6.3 % New York 9 3,018 — 3,018 6.3 % 8 2,783 — 2,783 6.2 % Maryland 9 2,071 561 2,632 5.5 % 9 2,156 489 2,645 5.9 % Massachusetts 9 2,070 450 2,520 5.3 % 9 2,045 501 2,546 5.6 % Kentucky 5 2,332 40 2,372 5.0 % 5 2,365 40 2,405 5.3 % North Carolina 7 1,169 1,492 2,661 5.6 % 5 1,081 1,301 2,382 5.3 % Texas 3 1,841 223 2,064 4.3 % 3 1,841 283 2,124 4.6 % South Carolina 8 1,206 610 1,816 3.8 % 8 1,261 613 1,874 4.1 % Puerto Rico 1 981 625 1,606 3.4 % 1 987 625 1,612 3.6 % Ohio 2 888 155 1,043 2.2 % 2 888 139 1,027 2.3 % Alabama 1 81 642 723 1.5 % 1 81 648 729 1.6 % Mississippi 1 451 135 586 1.2 % 1 453 134 587 1.3 % Arkansas 1 582 — 582 1.2 % 1 582 — 582 1.3 % New Jersey 2 376 35 411 0.9 % 2 488 30 518 1.1 % Tennessee 2 385 — 385 0.8 % 2 384 — 384 0.9 % New Hampshire 1 221 — 221 0.5 % 1 231 — 231 0.5 % Virginia 2 424 — 424 0.9 % 1 228 — 228 0.5 % Vermont 1 127 83 210 0.4 % 1 102 72 174 0.4 % Oklahoma 1 162 — 162 0.3 % 1 172 — 172 0.4 % Maine 3 240 10 250 0.5 % 2 170 — 170 0.4 % 134 38,865 8,958 47,823 125 36,714 8,441 45,155 53 SUN COMMUNITIES, INC.
The following table identifies our MH and RV markets by total sites: December 31, 2021 December 31, 2020 Major Market Number of Properties Total Sites % of Total Sites Number of Properties Total Sites % of Total Sites Florida 132 46,733 29.4 % 128 45,814 30.7 % Michigan 84 33,126 20.8 % 74 29,632 19.8 % Texas 30 10,768 6.8 % 24 9,576 6.4 % California 36 8,934 5.6 % 35 8,906 6.0 % Arizona 12 5,308 3.3 % 14 5,660 3.8 % Ontario, Canada 16 5,237 3.3 % 15 5,056 3.4 % Indiana 12 4,176 2.6 % 12 4,176 2.8 % New Jersey 11 3,990 2.5 % 8 3,160 2.1 % Colorado 10 3,539 2.2 % 10 3,415 2.3 % Virginia 10 3,435 2.2 % 8 1,875 1.3 % Maine 15 3,431 2.2 % 13 2,995 2.0 % New York 10 3,141 2.0 % 9 2,841 1.9 % Ohio 9 2,925 1.8 % 9 2,925 2.0 % South Carolina 6 2,624 1.7 % 6 2,503 1.7 % New Hampshire 10 2,398 1.5 % 10 2,237 1.5 % Illinois 5 2,235 1.4 % 5 2,151 1.4 % Connecticut 16 2,005 1.3 % 16 2,005 1.3 % Maryland 6 1,852 1.2 % 6 1,852 1.2 % Delaware 4 1,716 1.1 % 4 1,709 1.1 % Pennsylvania 5 1,536 1.0 % 5 1,535 1.0 % Georgia 4 1,414 0.9 % 4 1,355 0.9 % Oregon 6 1,330 0.8 % 5 1,200 0.8 % North Carolina 5 1,123 0.7 % 5 1,083 0.7 % Massachusetts 3 927 0.6 % 3 928 0.6 % Utah 6 927 0.6 % 5 750 0.5 % Washington 2 784 0.5 % 1 112 0.1 % Wisconsin 2 591 0.4 % 2 588 0.4 % Tennessee 2 545 0.3 % 2 545 0.4 % Minnesota 1 475 0.3 % 1 475 0.3 % Iowa 1 413 0.3 % 1 413 0.3 % Louisiana 1 334 0.2 % 1 226 0.2 % Nevada 1 324 0.2 % 1 324 0.2 % Kentucky 1 315 0.2 % — — — % Alabama 1 167 0.1 % 1 142 0.1 % Mississippi 1 155 0.1 % 1 155 0.1 % Montana 1 75 — % — — — % Missouri — — — % 2 976 0.7 % 477 159,008 446 149,295 57 SUN COMMUNITIES, INC.
The following table identifies our MH and RV markets by total sites: December 31, 2022 December 31, 2021 Major Market Number of Properties Total Sites % of Total Sites Number of Properties Total Sites % of Total Sites Florida 129 44,278 24.6 % 132 46,733 29.4 % Michigan 84 33,220 18.5 % 84 33,126 20.8 % Texas 31 11,344 6.3 % 30 10,768 6.8 % California 37 8,797 4.9 % 36 8,934 5.6 % Arizona 13 5,523 3.1 % 12 5,308 3.3 % Ontario, Canada 16 5,239 2.9 % 16 5,237 3.3 % Indiana 12 4,178 2.3 % 12 4,176 2.6 % New Jersey 11 4,042 2.2 % 11 3,990 2.5 % Colorado 11 3,786 2.1 % 10 3,539 2.2 % Virginia 10 3,449 1.9 % 10 3,435 2.2 % Maine 16 3,656 2.0 % 15 3,431 2.2 % New York 10 2,940 1.6 % 10 3,141 2.0 % Ohio 9 2,925 1.6 % 9 2,925 1.8 % South Carolina 6 2,624 1.5 % 6 2,624 1.7 % New Hampshire 10 2,380 1.3 % 10 2,398 1.5 % Illinois 5 2,235 1.2 % 5 2,235 1.4 % Connecticut 16 2,005 1.1 % 16 2,005 1.3 % Maryland 6 1,863 1.0 % 6 1,852 1.2 % Delaware 5 1,979 1.1 % 4 1,716 1.1 % Pennsylvania 5 1,535 0.9 % 5 1,536 1.0 % Georgia 4 1,417 0.8 % 4 1,414 0.9 % Oregon 6 1,384 0.8 % 6 1,330 0.8 % North Carolina 5 1,182 0.7 % 5 1,123 0.7 % Massachusetts 3 921 0.5 % 3 927 0.6 % Utah 6 927 0.5 % 6 927 0.6 % Washington 2 780 0.4 % 2 784 0.5 % Wisconsin 2 591 0.3 % 2 591 0.4 % Tennessee 2 545 0.3 % 2 545 0.3 % Minnesota 1 475 0.3 % 1 475 0.3 % Iowa 1 413 0.2 % 1 413 0.3 % Louisiana 1 334 0.2 % 1 334 0.2 % Nevada 1 324 0.2 % 1 324 0.2 % Kentucky 1 330 0.2 % 1 315 0.2 % Alabama 1 497 0.3 % 1 167 0.1 % Mississippi 1 155 0.1 % 1 155 0.1 % Montana 1 75 — % 1 75 — % North American Total 480 158,348 88.1 % 477 159,008 100.0 % United Kingdom 55 21,370 11.9 % N/A N/A N/A Total 535 179,718 100.0 % 477 159,008 100.0 % 52 SUN COMMUNITIES, INC.
Our debt has a weighted average maturity of approximately 8.8 years and a weighted average interest rate of 3.0 percent. 78 SUN COMMUNITIES, INC.
Our debt has a weighted average interest rate of 3.75% and a weighted average years to maturity of 7.4. 77 SUN COMMUNITIES, INC.
Gain / (loss) on foreign currency translation - for the year ended December 31, 2021, there was a $3.7 million loss as compared to a $7.7 million gain in the same period in 2020, primarily due to fluctuations in exchange rates on Canadian and Australian denominated currencies.
There was a loss of $3.7 million in the same period in 2021, primarily due to the fluctuation of exchange rates on Canadian and Australian denominated currencies.
Demand for dry storage increases during the winter season as seasonal weather patterns require boat owners to store their vessels on dry docks and within covered racks. Seasonal real property revenue was approximately $246.6 million and $24.4 million for the years ended December 31, 2021 and 2020, respectively.
Demand for dry storage increases during the winter season as seasonal weather patterns require boat owners to store their vessels on dry docks and within covered racks.
We had unrestricted cash on hand as of December 31, 2021, of approximately $65.8 million. As of December 31, 2021, there was approximately $994.5 million of remaining capacity on the Senior Credit Facility. At December 31, 2021 we had a total of 412 unencumbered MH, RV and marina properties.
As of December 31, 2022, there was $1.9 billion of remaining capacity on the Senior Credit Facility. At December 31, 2022 we had a total of 515 unencumbered MH, RV and marina properties.
Preferred return to preferred OP units / equity interests - for the year ended December 31, 2021 increased primarily as a result of preferred OP units issued in conjunction with various acquisitions since 2020. Refer to Note 3, "Real Estate Acquisitions and Dispositions," and Note 9, "Equity and Temporary Equity," of our accompanying Consolidated Financial Statements for additional information.
Business combinations - for the year ended December 31, 2022, increased primarily as a result of the acquisition of Park Holidays. Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Consolidated Financial Statements for additional information.
We finance acquisitions through available cash, secured financing, draws on our lines of credit, the assumption of existing debt on properties, and the issuance of debt and equity securities. We will continue to evaluate acquisition opportunities that meet our criteria.
Acquisition, development and expansion activities Subject to market conditions, we intend to continue to identify opportunities to expand our development pipeline and acquire existing properties. We finance acquisitions through available cash, secured financing, draws on our Senior Credit Facility, the assumption of existing debt on properties and the issuance of debt and equity securities.
Cash Flow Activities Our cash flow activities are summarized as follows (in thousands): Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Net Cash Provided by Operating Activities $ 753,572 $ 543,295 $ 476,734 Net Cash Used for Investing Activities $ (2,338,249) $ (2,486,517) $ (1,010,457) Net Cash Provided by Financing Activities $ 1,570,391 $ 2,000,844 $ 505,880 Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash $ (157) $ 189 $ 411 Cash, cash equivalents, and restricted cash decreased by approximately $14.4 million from $92.6 million as of December 31, 2020, to $78.2 million as of December 31, 2021. 73 SUN COMMUNITIES, INC.
Cash Flow Activities Our cash flow activities are summarized as follows (in millions): Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Net Cash Provided by Operating Activities $ 734.9 $ 753.6 $ 543.3 Net Cash Used for Investing Activities $ (3,062.6) $ (2,338.2) $ (2,486.5) Net Cash Provided by Financing Activities $ 2,348.6 $ 1,570.4 $ 2,000.8 Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash $ (8.7) $ (0.2) $ 0.2 Cash, cash equivalents and restricted cash increased by $12.2 million from $78.2 million as of December 31, 2021, to $90.4 million as of December 31, 2022.
(5) Adjusted occupancy percentages include MH and annual RV sites, and exclude transient RV sites and recently completed but vacant expansion sites. (6) The occupancy percentages for 2020 and 2019 have been adjusted to reflect incremental growth period-over-period from filled MH expansion sites and the conversion of transient RV sites to annual RV sites.
(7) The occupancy percentages for 2021 of the years ended December 31, 2022 and 2021 and 2020 of the years ended December 31, 2021 and 2020 have been adjusted to reflect incremental growth period-over-period from newly rented MH expansion sites and the conversion of transient RV sites to annual RV sites.
Interest on the 2031 Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2022. The net proceeds from the offering were approximately $592.4 million, after deducting underwriters' discounts and estimated offering expenses. The proceeds were used to pay down borrowings under our line of credit.
The net proceeds from the offering were approximately $592.4 million, after deducting underwriters' discounts and estimated offering expenses. The proceeds from the 2028 Notes, the 2031 Notes, the 2032 Notes and the 2033 Notes, were used to pay down borrowings under our Senior Credit Facility.
Year Ended Portfolio Information: December 31, 2021 December 31, 2020 December 31, 2019 Occupancy % - Total Portfolio - MH and Annual RV blended (1) 97.4 % 97.3 % 96.4 % Occupancy % - Same Community - Adjusted MH and Annual RV blended (1)(2)(3) 98.9 % 97.5 % 97.0 % Core FFO per share $ 6.51 $ 5.09 $ 4.92 Real property NOI - Total Portfolio (in thousands) $ 982,123 $ 721,302 $ 649,706 Real property NOI - Same Community (in thousands) - MH and RV $ 763,389 $ 658,431 $ 630,672 Homes sales volume 4,088 2,866 3,439 (1) Occupancy percent includes annual RV sites and excludes transient RV sites.
Year Ended Portfolio Information: December 31, 2022 December 31, 2021 December 31, 2020 Occupancy % - Total Portfolio - MH and Annual RV blended (1) 95.9 % 97.4 % 97.3 % Occupancy % - Same Property - Adjusted MH and Annual RV blended (1)(2)(3) 98.6 % 96.8 % 97.5 % Core FFO per share $ 7.35 $ 6.51 $ 5.09 Constant Currency Core FFO per share $ 7.44 $ 6.51 $ 5.09 Real property NOI - Total Portfolio (in millions) $ 1,167.0 $ 1,002.6 $ 721.3 Real property NOI - Same Property (in millions) - MH and RV (3) $ 819.7 $ 777.5 $ 686.6 Real property NOI - Same Property (in millions) - Marina (3) $ 162.0 $ 150.5 N/A Homes sales volume (excluding UK home sales) 3,212 4,088 2,866 UK home sales 2,177 N/A N/A (1) Occupancy percent includes annual RV sites and excludes transient RV sites.
The increase is primarily due to a 6.5 percent increase in weighted average monthly rent, coupled with a 3.3 percent decrease in expenses, partially offset by a decrease in the number of occupied rental homes as compared to the same period in 2020. 68 SUN COMMUNITIES, INC.
The decrease is primarily due to a $10.5 million, or 7.6%, decrease in revenue, driven by a 5.4% decrease in the number of occupied rental homes and a 21.3% increase in expenses as compared to the same period in 2021. 65 SUN COMMUNITIES, INC.
Senior Unsecured Notes On October 5, 2021, we issued $450.0 million of senior unsecured notes with an interest rate of 2.3 percent and a seven-year term, due November 1, 2028 (the "2028 Notes"). Interest on the 2028 Notes is payable semi-annually in arrears on May 1 and November 1 of each year, beginning on May 1, 2022.
Senior Unsecured Notes In January 2023, the Operating Partnership issued $400.0 million of senior unsecured notes with an interest rate of 5.7% and a 10-year term, due January 15, 2033 (the "2033 Notes"). Interest on the Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2023.
There were no sales of common stock under the December 2021 Sales Agreement as of December 31, 2021. We entered into forward sale agreements with respect to 1,820,109 shares of common stock under the June 2021 Sales Agreement for $356.5 million during the year ended December 31, 2021 prior to its termination.
During the year ended December 31, 2021, we entered into forward sale agreements with respect to 1,820,109 shares of common stock under our prior at the market offering program for $356.5 million. We completed the physical settlement of 1,200,000 and 620,109 shares of common stock during the three months ended June 30, 2022 and September 30, 2022, respectively.
The results of the comparative 2020 period were impacted by the required closure, or delayed opening, of over 40 of our RV resorts due to the COVID-19 pandemic. The MH segment's $24.8 million, or 4.9 percent, increase in NOI is primarily due to an increase in Real property (excluding transient) revenue of $29.8 million, or 4.5 percent.
The results of the comparative 2020 period were impacted by the required closure, or delayed opening, of over 40 of our RV resorts due to the COVID-19 pandemic.
We have reclassified $69.0 million and $63.1 million of utilities rebilled for the years ended December 31, 2021 and 2020, respectively, from Income from real property to Property operating expense to reflect the utility expenses associated with our Same Community portfolio net of resident retail.
We have reclassified utility revenues of $11.4 million and $11.1 million for the year ended December 31, 2022 and 2021, respectively, to reflect the utility expenses associated with our Same Property Marina portfolio net of recovery.
These notes are additional notes of the same series as the $600.0 million aggregate principal amount of 2.7 percent senior unsecured notes due July 15, 2031 that we issued on June 28, 2021, described below. The net proceeds from the offering were approximately $595.5 million after deducting underwriters' discounts and estimated offering expenses.
The net proceeds from both offerings were approximately $595.5 million after deducting underwriters' discounts and estimated offering expenses. In June 2021, the Operating Partnership issued $600.0 million of senior unsecured 2031 Notes with an interest rate of 2.7% and a 10-year term, due July 15, 2031.
As of December 31, 2021, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 602 developed properties located in 39 states throughout the United States, Ontario, Canada and Puerto Rico, including 284 MH communities, 160 RV resorts, 33 properties containing both MH and RV sites, and 125 marinas.
As of December 31, 2022, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 669 developed properties located in the U.S., the UK, and Canada, including 353 MH communities, 182 RV communities and 134 marinas.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeAt December 31, 2021 and 2020, our stockholder's equity included $663.6 million and $250.8 million from our investments and operations in Canada, Australia and the United Kingdom, which collectively represented 9.9 percent and 4.5 percent of total stockholder's equity, respectively.
Biggest changeFluctuations in foreign currency exchange rates can therefore create volatility in our results of operations and may adversely affect our financial condition. At December 31, 2022 and 2021, our shareholder's equity included $1.2 billion and $663.6 million from our investments and operations in the UK, Canada, and Australia, which collectively represented 14.9% and 9.9% of total shareholder's equity, respectively.
We seek to mitigate these risks by monitoring the debt and equity capital markets to inform our decisions on the amount, timing and terms of capital we raise. 81 SUN COMMUNITIES, INC.
We seek to mitigate these risks by monitoring the debt and equity capital markets to inform our decisions on the amount, timing and terms of capital we raise. 80 SUN COMMUNITIES, INC.
We are exposed to foreign currency exchange rate risk as a result of remeasurement and translation of the assets and liabilities of our Canadian properties, our Australian equity investment, and our United Kingdom assets and joint venture into U.S. dollars.
We are exposed to foreign currency exchange rate risk as a result of remeasurement and translation of the assets and liabilities of our properties in the UK and Canada, and our equity investment and joint venture in Australia, into U.S. dollars.
Based on our sensitivity analysis, a 10.0 percent strengthening of the U.S. dollar against the Canadian dollar, Australian dollar and British pound would have caused a reduction of $66.4 million and $25.1 million to our total stockholder's equity at December 31, 2021 and 2020, respectively.
Based on our sensitivity analysis, a 10.0% strengthening of the U.S. dollar against the Pound sterling, Canadian dollar, and Australian dollar would have caused a reduction of $117.9 million and $66.4 million to our total shareholder's equity at December 31, 2022 and 2021, respectively.
If the Adjusted Eurocurrency Rate or BBSY rates, and Prime or LIBOR rates increased or decreased by 1.0 percent, our interest expense would have increased or decreased by approximately $8.2 million and $3.4 million for the years ended December 31, 2021 and 2020, respectively, based on the $821.2 million and $339.5 million average balances outstanding under our variable rate debt facilities, respectively.
If the above rates increased or decreased by 1.0%, our interest expense would have increased or decreased by $14.2 million and $8.2 million for the years ended December 31, 2022 and 2021, respectively, based on the $1.4 billion and $821.2 million average balances outstanding under our variable rate debt facilities, respectively.
Foreign Currency Exchange Rate Risk Foreign currency exchange rate risk is the risk that fluctuations in currencies against the U.S. dollar will negatively impact our results of operations.
Our variable rate debt, interest expense and average balance outstanding under our variable rate debt facility includes the impact of hedge activity. Foreign Currency Exchange Rate Risk Foreign currency exchange rate risk is the risk that fluctuations in currencies against the U.S. dollar will negatively impact our results of operations.
Our variable rate debt totaled $1.0 billion and $1.2 billion as of December 31, 2021 and 2020, respectively, and at such dates bore interest at the Adjusted Eurocurrency Rate or BBSY rate, plus a margin, and Prime or various LIBOR rates, respectively.
As of December 31, 2021, our variable debt bore interest at the Adjusted Eurocurrency Rate or the Australian BBSY rate, plus a margin, and the Eurodollar rate or Prime rate.
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Fluctuations in foreign currency exchange rates can therefore create volatility in our results of operations and may adversely affect our financial condition.
Added
Our variable rate debt totaled $1.7 billion and $1.0 billion as of December 31, 2022 and 2021, respectively.
Added
As of December 31, 2022, our variable debt bore interest at the Adjusted Term Secured Overnight Financing Rate ("SOFR"), the Adjusted Eurocurrency Rate, the Daily Risk Free Rate ("RFR"), the Australian Bank Bill Swap Bid Rate ("BBSY") rate, the Daily Sterling Overnight Index Average ("SONIA") Rate or the Canadian Dollar Offered Rate, and the Eurodollar rate or Prime rate plus a margin.

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