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SUN COMMUNITIES INC

SUN COMMUNITIES INCSUI決算レポート

NYSE · real estate investment trust

Sun Communities is a publicly traded real estate investment trust that invests in manufactured housing communities and recreational vehicle communities. As of June 2, 2025, the company owned interests in 500 such properties in the United States, Canada, and the UK..

What changed in SUN COMMUNITIES INC's 10-K — 2024 vs 2025

Top changes in SUN COMMUNITIES INC's 2025 10-K

408 paragraphs added · 406 removed · 302 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

55 edited+20 added−31 removed30 unchanged
We own manufactured housing ("MH") and recreational vehicle ("RV") communities and marinas in the United States ("U.S."), the UK and Canada (marinas and, together with MH and RV, the "properties").
We own manufactured housing ("MH") and recreational vehicle ("RV") communities and marinas in the United States ("U.S."), Canada, and the UK (marinas and, together with MH and RV, the "properties").
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.
We self-administer, self-manage, 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.
REGULATIONS AND INSURANCE General MH, RV, marina, and UK 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.
The following table sets forth: • The various series of OP units and the number of units of each series outstanding as of December 31, 2023; • 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, directly or indirectly, 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, 2024; • 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, directly or indirectly, 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.
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. 9 SUN COMMUNITIES, INC.
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.
These forward-looking statements reflect our current views with respect to future events and financial performance, but involve known and unknown risks, uncertainties, and other factors, both general and specific to the matters discussed in this document, some of which are beyond our control.
Leadership, Talent, Training and Development We expect our leaders to be role models and lead in a way that enables our organization to achieve success. Our strategy is anchored in promoting the right internal talent and hiring the right external talent for career opportunities across our organization.
We expect our leaders to be role models and lead in a way that enables our organization to achieve success. Our strategy is anchored in promoting the right internal talent and hiring the right external talent for career opportunities across our organization.
As of December 31, 2023, we owned 95.4% of all of the OP Units and the limited partners of the Operating Partnership own the rest.
As of December 31, 2024, we owned 95.4% of all of the OP Units and the limited partners of the Operating Partnership own the rest.
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 certain MH and RV communities, we do not own all of the underlying land and operate the communities pursuant to contractual ground lease arrangements. 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.
Each Regional Vice President oversees one to 16 properties and is responsible for regular property inspections, oversight of property operations and sales functions, semi-annual market surveys of competitive communities and interaction with local manufactured home dealers. Each property manager performs regular inspections in order to monitor the physical condition of properties and to effectively address tenant concerns.
Each Regional Vice President typically oversees nine to 15 properties and is responsible for regular property inspections, oversight of property operations and sales functions, semi-annual market surveys of competitive communities, and interaction with local manufactured home dealers. Each property manager performs regular inspections in order to monitor the physical condition of properties and to effectively address tenant concerns.
During the five calendar years ended December 31, 2023, on average less than 1.0% of the homes in our MH communities have been removed by their owners and 6.1% 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, 2024, on average less than 1.0% of the homes in our MH communities have been removed by their owners and 5.7% of the homes have been sold by their owners to a new owner who then assumes rental obligations as a community resident.
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: • 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; • outbreaks of disease and related restrictions on business operations; • 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; • our remediation plan and our ability to remediate the material weakness in our internal control over financial reporting; • expectations regarding the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill; • 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, including costs associated with prosecuting or defending claims and any adverse outcomes; • 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: • Changes in general economic conditions, including inflation, deflation, 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; • Risks that the Safe Harbor Sale disrupts current plans and operations; • Our ability to complete the Safe Harbor Sale on a timely basis or at all; • The impacts of the announcement or consummation of the Safe Harbor Sale on business relationships; • The anticipated cost of the Safe Harbor Sale; • Our ability to realize the anticipated benefits of the Safe Harbor Sale, including with respect to tax strategies, or at all; • 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; • Outbreaks of disease and related restrictions on business operations; • 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; • Our remediation plan and our ability to remediate the material weakness in our internal control over financial reporting; • Expectations regarding the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill; • 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, including costs associated with prosecuting or defending claims and any adverse outcomes; • 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. 8 SUN COMMUNITIES, INC.
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.
Marina Segment 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.
Words such as "forecasts," "intends," "intend," "intended," "goal," "estimate," "estimates," "expects," "expect," "expected," "project," "projected," "projections," "plans," "predicts," "potential," "seeks," "anticipates," "anticipated," "should," "could," "may," "will," "designed to," "foreseeable future," "believe," "believes," "scheduled," "guidance," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words.
Words such as "forecasts," "intend," "goal," "estimate," "expect," "project," "projections," "plans," "predicts," "potential," "seeks," "anticipates," "should," "could," "may," "will," "designed to," "foreseeable future," "believe," "scheduled," "guidance," "target", and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words.
Our marina business is overseen by a Chief Executive Officer of Safe Harbor, two Executive Vice Presidents of Operations, two Senior Vice Presidents of Operations and 15 Regional Vice Presidents who are responsible for regular marina inspections and oversight of operations.
Our marina business is overseen by a Chief Executive Officer ("CEO") of Safe Harbor and a team consisting of Executive Vice Presidents of Operations, Senior Vice Presidents of Operations, and Regional Vice Presidents who are responsible for regular marina inspections and oversight of operations.
Ranking Description OP Units Outstanding at December 31, 2023 Exchange Rate (1) Annual Distribution Rate (2) Cash Redemption (3) Redemption Period 1 Series A-1 preferred OP units 202,144 2.4390 6.0 % N/A N/A 2 Series C preferred OP units 305,848 1.1100 5.0 % N/A N/A 3 Series D preferred OP units 488,958 0.8000 4.0 % Holder's Option Any time 4 Series E preferred OP units 80,000 0.6897 5.5 % N/A N/A 5 Series F preferred OP units 90,000 0.6250 3.0 % Holder's Option Any time after earlier of May 14, 2025 or death of holder 6 Series G preferred OP units 210,710 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 581,238 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 238,000 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 K preferred OP units 1,000,000 0.5882 (4) 4.0 % Holder's Option Within 60 days after March 23, 2028 10 Series L preferred OP units 20,000 0.6250 (5) 3.5 % N/A N/A 11 Series A-3 preferred OP units 40,268 1.8605 4.5 % N/A N/A 12 Common OP units 127,171,415 (6) 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, 2024 Exchange Rate (1) Annual Distribution Rate (2) Cash Redemption (3) Redemption Period 1 Series A-1 preferred OP units 176,797 2.4390 6.0 % N/A N/A 2 Series C preferred OP units 296,745 1.1100 5.0 % N/A N/A 3 Series D preferred OP units 488,958 0.8000 4.0 % Holder's Option Any time 4 Series E preferred OP units 80,000 0.6897 5.5 % N/A N/A 5 Series F preferred OP units 90,000 0.6250 3.0 % Holder's Option Any time after earlier of May 14, 2025 or death of holder 6 Series G preferred OP units 205,812 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 581,229 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 236,000 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 K preferred OP units 1,000,000 0.5882 (4) 4.0 % Holder's Option Within 60 days after March 23, 2028 10 Series L preferred OP units 20,000 0.6250 (5) 3.5 % N/A N/A 11 Series A-3 preferred OP units 40,268 1.8605 4.5 % N/A N/A 12 Common OP units 130,342,563 (6) 1.0000 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.
HUMAN CAPITAL Human capital management is key to our success and focuses on diversity, equity and inclusion, employee retention and talent development practices. We are committed to building an equitable and inclusive culture that inspires and supports the growth of our employees, serves our communities and shapes a more sustainable business.
HUMAN CAPITAL Human capital management is key to our success and focuses on employee retention and talent development practices. We are committed to building a culture that inspires and supports the growth of our employees, serves our communities, and shapes a more competitive business.
It enables us to continually monitor and address concerns, the performance of competitive properties and local market conditions. As of December 31, 2023, of our 6,780 employees, 1,192 were located on-site as property managers, and of those, 99.3% were full-time employees. 4 SUN COMMUNITIES, INC.
It enables us to continually monitor and address concerns, the performance of competitive properties and local market conditions. As of December 31, 2024, of our 6,590 employees, 1,286 were located on-site as property managers, and of those, 99.4% were full-time employees.
Our MH and RV property managers in the U.S. and Canada are overseen by our Chief Operating Officer, four Senior Vice Presidents of Operations and Sales, 11 Divisional Vice Presidents and 43 Regional Vice Presidents.
Our MH and RV property managers in the U.S. and Canada are overseen by our Chief Operating Officer ("COO"), and a team of Senior Vice Presidents, Divisional Vice Presidents, and Regional Vice Presidents.
As of December 31, 2023, 40% of our employees were female, 23% 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 24% being aged 60 years and older.
As of December 31, 2024, 39% of our employees were female, 26% of our employees (excluding those in Canada and the UK) were racially or ethnically diverse, and 43% of our employees were aged 50 years and older, with approximately 10% being aged 60 years and older.
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.
Dry storage systems also allow for the required maintenance of 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.
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 8.3 years.
Generally, increases and market rate adjustments are made on an annual basis. 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.
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.
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.
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.
An RV community is a resort with sites for the placement of RVs for varied lengths of time. RV communities may also provide vacation rental homes and may include amenities such as restaurants, golf courses, swimming pools, water parks, tennis courts, fitness centers, planned activities, and spacious social facilities.
Holiday makers drive the pipeline for future home sales opportunities. 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.
Our home sales and leasing operations compete with other national, and local MH dealers and MH community owners in the U.S. and other holiday park owners in the UK. 5 SUN COMMUNITIES, INC.
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.
Renters at our marinas lease the wet slip or dry storage space on which a 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.
On average, Park Holidays homeowners remain in the communities for over seven 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.
The holiday homeowner must pay an annual site fee for their holiday home to remain on the property. On average, Park Holidays homeowners remain in the communities for over seven years. Typical resident agreements for RV sites are year-to-year or from move-in date until the end of the current calendar year.
BUSINESS GENERAL OVERVIEW Sun Communities, Inc., 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., ("SHS"), Safe Harbor Marinas, LLC ("Safe Harbor"), and the entities through which we operate our holiday parks business in the United Kingdom ("UK") (collectively , "Park Holidays"), are referred to herein as the "Company," "SUI," "we," "us," or "our." We are a fully integrated real estate investment trust ("REIT").
("SHS"), Safe Harbor Marinas, LLC ("Safe Harbor"), and our Park Holidays subsidiaries and the other entities through which we operate our business in the United Kingdom ("UK") are referred to herein as the "Company," "SUI," "us," "we," or "our." We are a fully integrated real estate investment trust ("REIT").
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.
We compete with other 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.
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.
The holiday park industry in the UK is highly fragmented. 4 SUN COMMUNITIES, INC. PROPERTY MANAGEMENT Our property management strategy emphasizes intensive, detail-oriented, hands-on management by dedicated, on-site MH, RV, and UK community managers as well as marina managers. We believe our focus on creating an exceptional resident, guest, and member experience creates a competitive advantage.
As of December 31, 2023, the properties contained an aggregate of 227,340 developed sites comprised of 118,430 developed MH sites, 32,390 annual RV sites (inclusive of both annual and seasonal usage rights), 28,490 transient RV sites, and 48,030 wet slips and dry storage spaces.
As of December 31, 2024, the properties contained an aggregate of 225,150 developed sites comprised of 97,430 developed MH sites, 32,100 annual RV sites (inclusive of both annual and seasonal usage rights), 24,830 transient RV sites, 17,690 UK annual sites, 4,340 UK transient RV sites, and 48,760 wet slips and dry storage spaces.
HOME SALES AND RENTALS We are engaged in the marketing, selling and leasing of new and pre-owned homes to current and future residents in our MH communities through SHS in the U.S. and Park Holidays in the UK.
HOME SALES AND RENTALS We market, sell, and lease new and pre-owned homes to current and future residents in our MH and RV communities through SHS in the U.S., and to current and future holiday homeowners through our subsidiaries in the UK.
On average, our residents remain in our communities for approximately 15 years. Site license fees for MH sites in the UK are for a term of 20, 30 or 40 years depending on the product originally purchased. The holiday homeowner must pay an annual site fee for their holiday home to remain on the property.
During the three years ended December 31, 2024, on average, our residents remain in our communities for approximately 19 years. Site license fees for MH sites in the UK are for a term of 20, 30 or 40 years depending on the product originally purchased.
Together with our affiliates and predecessors, 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 parcels of land ("sites"), with utility access for the placement of manufactured homes and RVs to our MH and RV customers.
Together with our affiliates and predecessors, we have been in the business of operating, acquiring, developing, and expanding MH and RV communities since 1975, marinas since 2020, and communities in the UK since 2022.
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.
Additionally, we own or control land to support developing and expanding nearly 16,570 additional MH and RV sites suitable for development. 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.
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.
The operations of SHS support and enhance our occupancy levels, property performance, and cash flows. The majority of our marinas are concentrated in coastal regions and 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.
These services and amenities offer convenience and resort-quality experiences to our members and guests. As of December 31, 2023, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 667 developed properties located in the U.S., the UK and Canada, including 353 MH communities, 179 RV communities and 135 marinas.
As of December 31, 2024, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 645 developed properties located in the U.S., Canada, and the UK, including 288 MH communities, 166 RV communities, 138 marinas, and 53 UK communities.
Because tenants often purchase a home already on-site within a community, the services SHS and Park Holidays provide enhance occupancy and property performance. 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.
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, 2024, SHS's portfolio consists of over 11,210 occupied leased homes.
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 310 courses to our team members on a range of topics, including leadership, communication, 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. We believe we are a stronger organization when our workforce represents a broad range of ideas and experiences.
Through our Rental Program, we demonstrate our product and lifestyle to the renters, while monitoring their payment history and converting qualified renters to owners. Park Holidays also rents homes for short-stays to allow people to experience the community park and facilities. Their short-stay experiences may, in turn, lead guests to ultimately purchase a home in a Park Holidays community.
Park Holidays also rents homes for short-stays to allow people to experience the community park and facilities. Their short-stay experiences may, in turn, lead guests to ultimately purchase a home in a Park Holidays community. Holiday makers drive the pipeline for future home sales opportunities.
We employed an aggregate of 6,780 full and part time employees as of December 31, 2023.
We have regional property management offices throughout the U.S. We employed an aggregate of 6,590 full and part time employees as of December 31, 2024.
Sun Outdoors offers RV sites, vacation rentals and tent camping with world-class amenities in the U.S. and Canada.
We operate the majority of our RV communities under the "Sun Outdoors" brand, which we believe supports our competitive advantage in the outdoor market. Sun Outdoors offers RV sites, vacation rentals, and tent camping with world-class amenities, primarily in the U.S.
SHS also leases homes to prospective tenants. As of December 31, 2023, SHS's portfolio consists of over 10,230 occupied leased homes. New and pre-owned homes are purchased for our Rental Program. Leases associated with our Rental Program generally have a term of one year.
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.
Pay Equity We are committed to providing a total compensation package that is market-based, performance driven, fair and internally equitable.
Training and Resources We offer training and resources on cybersecurity, fair housing and anti-discrimination laws and regulation, sexual harassment and discrimination, and leadership development. We are committed to providing a total compensation package that is market-based, performance driven, fair, and internally equitable. We conduct ongoing pay equity analyses to ensure that our employees are compensated fairly.
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. In 2023, we received over 51,200 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.
In 2024, we received over 36,600 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.
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.
Our goal is to be competitive both within the general employment market as well as with our competitors in the real estate industry. Our Code of Conduct and Business Ethics is grounded in our commitment to do the right thing. It serves as the foundation for our approach to ethics and compliance.
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.
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. SAFE HARBOR SALE On February 24, 2025, we entered into a purchase agreement (the "Purchase Agreement") to sell Safe Harbor for an aggregate purchase price of approximately $5.65 billion, subject to certain adjustments (the "Safe Harbor Sale").
Workplace Health and Safety We actively seek to minimize health, safety and environmental risks to our team members, residents, and guests by utilizing safe operating procedures and practices: • As part of our commitment to safety, we oversee annual safety training programs for employees to provide tools and safeguards for accident prevention.
We actively seek opportunities to minimize health, safety, and environmental risks to our team members, residents, and customers we serve in our communities by utilizing safe operating procedures in compliance with safety and health laws, providing ongoing role appropriate training, conducting regular inspections and reviews, and providing the appropriate tools and safeguards for accident prevention and risk management. 7 SUN COMMUNITIES, INC.
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.
Our MH communities are designed to offer affordable housing to individuals and families, while also providing certain amenities. Manufactured homes are detached single-family homes that 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 complexes.
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.
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, swimming pools, basketball courts, shuffleboard courts, tennis courts, and laundry facilities.
MARINA MEMBER BASE We are engaged in the marketing and leasing of wet slips and dry storage spaces and have approximately 48,000 members throughout our marina network as of December 31, 2023. 5 SUN COMMUNITIES, INC.
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. Through the marketing and leasing of wet slips and dry storage spaces, we have approximately 49,000 members throughout the marina network as of December 31, 2024.
(6) Of the 127,171,415 Common OP units, 124,436,432 or 97.8% were held by us, and 2,734,983 or 2.2% 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.
(6) Of the 130,342,563 Common OP units, 127,436,693 or 97.8% were held by us, and 2,905,870 or 2.2% were owned by various limited partners. 3 SUN COMMUNITIES, INC. REAL PROPERTY OPERATIONS AND COMPETITION MH and RV Segments An MH community is a residential subdivision with sites for the placement of manufactured homes, related improvements, and amenities.
Among the best practices and policies described in our annual ESG reports and on our website, www.suninc.com, our Code of Conduct and Business Ethics policy serves as the foundation for our approach to ethics and compliance, and our anti-corruption compliance program is focused on conducting business in a fair, ethical and legal manner.
Our anti-corruption compliance program is focused on conducting business in a fair, ethical, and legal manner. We do not tolerate harassing, discriminatory or retaliatory conduct, as such conduct is inconsistent with our policies, practices, and philosophy.
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.
These services and amenities offer convenience and resort-quality experiences to our members and guests. In the UK, our communities are referred to as "holiday parks" and are located predominantly at irreplaceable seaside destinations in the south of England. We sell homes to holiday homeowners who lease a pitch at one of our properties through a site fee license arrangement.
Additionally, we own or control land to support developing and expanding over 17,980 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.
Our RV communities are designed to offer affordable vacation opportunities to individuals and families complemented by a diverse selection of high-quality amenities. Through SHS, a taxable REIT subsidiary, we market, sell, and lease new and pre-owned homes to current and future residents in our MH and RV communities.
Removed
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.
Added
ITEM 1. BUSINESS GENERAL OVERVIEW Sun Communities, Inc., 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.
Removed
From 2021 to 2023, we rebranded 151 RV communities under the "Sun Outdoors" umbrella guided by our belief that the Sun Outdoors brand supports our competitive advantage in the outdoor market. Implementation consisted of the conversion of the communities' digital presence (website, social media, reservation software and other internal systems) and the replacement of signage at the communities.
Added
For our MH and RV businesses, 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.
Removed
Park Holidays' MH and RV property managers are overseen by a Chief Executive Officer of Park Holidays, a Chief Operating Officer, and two Regional Operations Directors.
Added
In addition, we sell new and pre-owned homes to current and prospective customers. We also provide vacation opportunities to individuals and families complemented by high-quality amenities.
Removed
ACQUISITIONS During the year ended December 31, 2023, we acquired one MH community with 68 sites and 72 development sites, and one marina with 24 wet slips and dry storage spaces, for a total purchase price of approximately $107.0 million.
Added
While the Safe Harbor Sale is anticipated to close in the second quarter of 2025, it may not be completed on the anticipated timeline, or at all.
Removed
EXPANSION / DEVELOPMENT During the year ended December 31, 2023, we acquired four land parcels located in the U.S. and one land parcel in the UK for the potential development of over 1,350 sites, expanded our existing communities by over 440 sites and delivered 360 sites at five ground-up development properties.
Added
The closing of the Safe Harbor Sale is subject to the satisfaction or waiver of certain customary conditions to closing, including: (i) all applicable waiting periods (and any extensions thereof) required under the HSR Act shall have expired or been terminated, and (ii) the absence of any law, order, injunction or ruling issued by a court or other governmental authority permanently restraining, enjoining or making illegal the Safe Harbor Sale.
Removed
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 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.
Added
Each party's obligation to consummate the Safe Harbor Sale is also conditioned upon the accuracy of the other party's representations and warranties (generally subject, other than for certain fundamental representations and warranties, to a material adverse effect standard) and the other party's having performed in all material respects its obligations under the Purchase Agreement.
Removed
Together as one team, we embrace the following seven key behaviors that make our company a great place to work: • Live the Golden Rule: Treat others the way you want to be treated; • Do the right thing; • We over me; • Nothing changes if nothing changes; • Mindset is everything; • Keep it simple; and • Be yourself and thrive.
Added
The transfer of subsidiaries owning approximately 25 of Safe Harbor's properties (the "Delayed Consent Subsidiaries") with an aggregate agreed value of up to approximately $769 million is further subject to the receipt of certain third-party consents and the Delayed Consent Subsidiaries therefore may be transferred in one or more subsequent closings, and is subject to certain conditions to closing.
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Our internal training program has led to increased knowledge and accountability for daily operations and policies and procedures. In 2023, team members logged nearly 85,700 hours of training. • We hold ongoing training sessions for all property management personnel to ensure that policies and procedures are executed effectively, professionally and consistently.
Added
The Purchase Agreement also contains certain customary termination rights for the parties, including mutual consent of the parties or, subject to certain conditions, by either us or the buyer, if the closing of the Safe Harbor Sale has not occurred prior to August 24, 2025, or if a governmental authority has issued a final, non-appealable order permanently restraining, enjoining, preventing, or otherwise prohibiting, or making illegal, the consummation of the Safe Harbor Sale.
Removed
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, 2023, nearly 12% of our employees had over 10 years' tenure.
Added
The Purchase Agreement may also be terminated by either party if, subject to certain conditions, the other party is in breach of the Purchase Agreement and such breach would prevent the satisfaction of its closing conditions and is incapable of or has not been cured within a given time period, or if a party fails to close following the satisfaction of the closing conditions, subject to certain limitations.
Removed
Our compensation philosophy, aimed to apply merit-based, equitable compensation practices, is designed to attract and retain top talent. For eligible team members, we offer competitive salary, health, welfare, retirement and pet insurance benefits, tuition reimbursement and rent / vacation discounts at our properties.
Added
In the following circumstances further described in the Purchase Agreement, in connection with the termination of the Purchase Agreement, the buyer will be required to pay us a termination fee (the "Buyer Termination Fee") of $565 million upon termination of the Purchase Agreement, which circumstances are (i) if we terminate the Purchase Agreement as a result of an uncured material breach of the Purchase Agreement by the buyer, or (ii) as a result of the buyer's failure to close when otherwise obligated pursuant to the Purchase Agreement.
Removed
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.
Added
Refer to Part I, Item 1A, "Risk Factors – Risks Related to the Safe Harbor Sale" and Note 20, "Subsequent Events," in our accompanying Consolidated Financial Statements. STRUCTURE OF THE COMPANY The Company is a REIT and the general partner of the Operating Partnership.
Removed
Our inclusive environment challenges, inspires, rewards and transforms our team to be the best. We do not tolerate harassing, discriminatory or retaliatory conduct as such conduct is prohibited and inconsistent with our policies, practices and philosophy. We continue to put our resources and energy into strategies and initiatives to create a more equitable environment. 7 SUN COMMUNITIES, INC.
Added
UK Segment In the UK, we sell homes to holiday homeowners who lease a pitch at one of our properties through a site fee license arrangement. In addition, we sell new and pre-owned homes to current and prospective customers. We also provide vacation opportunities to individuals and families complemented by high-quality amenities.
Removed
Workforce Diversity We believe we are a stronger organization when our workforce represents a diversity of ideas and experiences. We value and embrace diversity in our employee recruiting, hiring and development practices.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

66 edited+40 added−9 removed139 unchanged
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 Georgia, 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, RV, and UK communities in Florida, Michigan, the UK, California and Texas, and of our marinas in Florida, Rhode Island and Georgia, 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.
If these governmental authorities terminate, fail to renew, or interpret in ways that are materially less favorable any of the permits, licenses and approvals necessary for operation of these properties, then our financial condition, results of operations and cash flows could be adversely impacted.
If these governmental authorities terminate, fail to renew, or interpret in ways that are materially less favorable any of the permits, licenses and approvals necessary for the operation of these properties, then our financial condition, results of operations and cash flows could be adversely impacted.
Moreover, we cannot be sure that future laws, ordinances or regulations will not impose any material environmental liability, or the current environmental condition of our properties will not be affected by tenants and occupants of the properties, by the condition of land or operations in the vicinity of our properties (such as the presence of underground storage tanks), or by unrelated third parties.
Moreover, we cannot be sure that future laws, ordinances or regulations will not impose any material environmental liability, or that the current environmental condition of our properties will not be affected by tenants and occupants of the properties, by the condition of land or operations in the vicinity of our properties (such as the presence of underground storage tanks), or by unrelated third parties.
The price of our common stock and preferred stock could be subject to wide fluctuations in response to a number of factors, including: • 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 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, Australian dollar and Pound sterling; • changes in market valuations of similar companies; • outbreaks of disease, and related restrictions on business operations; • 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; 23 SUN COMMUNITIES, INC. • 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; • litigation or threatened litigation, which may divert our management's time and attention, require us to pay damages and expenses or restrict the operation of our business; • failure to qualify and maintain our qualification as a REIT; 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: • 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 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, Australian dollar and pound sterling; • changes in market valuations of similar companies; • outbreaks of disease, and related restrictions on business operations; • 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; • litigation or threatened litigation, which may divert our management's time and attention, require us to pay damages and expenses or restrict the operation of our business; • failure to qualify and maintain our qualification as a REIT; and • general market and economic conditions. 24 SUN COMMUNITIES, INC.
The following factors, among others, may adversely affect the revenues generated by our properties: • 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; • increased operating costs, including insurance premiums, real estate taxes and utilities; • 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; • a decrease in the number of people interested in the RV lifestyle or boating; • outbreaks of disease and related restrictions on business operations; • changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, 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; • our ability to effectively manage, maintain and insure our properties; 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: • 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 or RV sites or a reduction in demand for MH or RV sites in an area, and an oversupply of, or a reduced demand for, manufactured homes; • increased operating costs, including insurance premiums, real estate taxes and utilities; • 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; • a decrease in the number of people interested in the RV lifestyle or boating; • outbreaks of disease and related restrictions on business operations; • changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, Australian dollar and pound sterling; • the number of repossessed homes in a particular market; 13 SUN COMMUNITIES, INC. • 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; • our ability to effectively manage, maintain and insure our properties; and • the enactment of rent control laws or laws taxing the owners of manufactured homes.
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 flows. Investments through joint ventures involve risks not present for properties in which we are the sole owner.
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 flows. Investments through joint ventures involve risks not present in properties in which we are the sole owner.
For example, these could include expenditures to improve energy efficiency, improve resistance to inclement weather and for infrastructure improvement to support existing and emerging low-carbon technologies. These expenditures may not result in a corresponding increase in revenue, resulting in material adverse impacts to our financial results. Marinas may not be readily adaptable to other uses.
For example, these could include expenditures to improve energy efficiency, improve resistance to inclement weather and provide for infrastructure improvement to support existing and emerging low-carbon technologies. These expenditures may not result in a corresponding increase in revenue, resulting in material adverse impacts to our financial results. Marinas may not be readily adaptable to other uses.
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; 14 SUN COMMUNITIES, INC. • 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 shareholder" (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 shareholder becomes an interested shareholder, and thereafter impose fair price and / or supermajority and shareholder 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 shareholder, entitle the shareholder 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 shareholder by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares. 22 SUN COMMUNITIES, INC.
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 shareholder" (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 shareholder becomes an interested shareholder, and thereafter impose fair price and / or supermajority and shareholder 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 shareholder, entitle the shareholder 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 shareholder by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares.
(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 as a result of outbreaks of disease; and • political instability, uncertainty over property rights, civil unrest, drug trafficking, political activism or the continuation or escalation of terrorist activities.
(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; 17 SUN COMMUNITIES, INC. • 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 as a result of outbreaks of disease; and • political instability, uncertainty over property rights, civil unrest, drug trafficking, political activism or the continuation or escalation of terrorist activities.
Our acquisition activities and their success are subject to the following risks: • we may be unable to acquire a desired property because of competition from other well-capitalized real estate investors, including both publicly traded REITs and institutional investment funds; • even if we enter into an acquisition agreement for a property, it is usually subject to customary conditions to closing, including completion of due diligence investigations to our satisfaction, which may not be satisfied; • even if we are able to acquire a desired property, competition from other real estate investors may significantly increase the purchase price; • we may be unable to finance acquisitions on favorable terms; • acquired properties may fail to perform as expected; 15 SUN COMMUNITIES, INC. • acquired properties may be located in new markets where we face risks associated with a lack of market knowledge or understanding of the local economy, lack of business relationships in the area, and unfamiliarity with local governmental and permitting procedures; and • we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations.
Our acquisition activities and their success are subject to the following risks: • we may be unable to acquire a desired property because of competition from other well-capitalized real estate investors, including both publicly traded REITs and institutional investment funds; • even if we enter into an acquisition agreement for a property, it is usually subject to customary conditions to closing, including completion of due diligence investigations to our satisfaction, which may not be satisfied; • even if we are able to acquire a desired property, competition from other real estate investors may significantly increase the purchase price; • we may be unable to finance acquisitions on favorable terms; • acquired properties may fail to perform as expected; • acquired properties may be located in new markets where we face risks associated with a lack of market knowledge or understanding of the local economy, lack of business relationships in the area, and unfamiliarity with local governmental and permitting procedures; and • we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations.
We are subject to the risks normally associated with debt financing, including the following risks: • our cash flows may be insufficient to meet required debt payments, or we may need to dedicate a substantial portion of our cash flows to pay our debt rather than to other areas of our business; • our existing debt 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.
We are subject to the risks normally associated with debt financing, including the following risks: • our cash flows may be insufficient to meet required debt payments, or we may need to dedicate a substantial portion of our cash flows to pay our debt rather than to other areas of our business; • our existing debt 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; 18 SUN COMMUNITIES, INC. • 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.
Some marinas must be dredged from time to time to remove silt and mud that collect in harbor-areas in order to assure that boat traffic can safely enter the harbor. Dredging and disposing of the dredged material can be very costly and require permits from various governmental authorities.
Some marinas must be dredged from time to time to remove silt and mud that collect in harbor-areas in order to ensure that boat traffic can safely enter the harbor. Dredging and disposing of the dredged material can be very costly and require permits from various governmental authorities.
Companies that are acquired by us may not have disclosure controls and procedures or internal control over financial reporting that are as thorough or effective as those required by the securities laws that currently apply to us. 12 SUN COMMUNITIES, INC.
Companies that are acquired by us may not have disclosure controls and procedures or internal control over financial reporting that are as thorough or effective as those required by the securities laws that currently apply to us. 23 SUN COMMUNITIES, INC.
In the marina business, 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 storage.
In the Marina segment, 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 storage.
If the impact of climate change is material in nature, including significant property damage to or destruction of our properties, or occur for lengthy periods of time, our financial condition or results of operations may be adversely affected.
If the impact of climate change is material in nature, including significant property damage to or destruction of our properties, or occurs for lengthy periods of time, our financial condition or results of operations may be adversely affected.
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 D. Thelen, Fernando Castro-Caratini, Marc Farrugia, 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, John B. McLaren, Bruce D. Thelen, Fernando Castro-Caratini, Marc Farrugia, Aaron Weiss and Baxter R. Underwood.
ITEM 1A. RISK FACTORS Our prospects are subject to certain uncertainties and risks. Our future results could differ materially from current results, and our actual results could differ materially from those projected in forward-looking statements as a result of certain risk factors.
Our prospects are subject to certain uncertainties and risks. Our future results could differ materially from current results, and our actual results could differ materially from those projected in forward-looking statements as a result of certain risk factors.
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.
Changes in these factors could lead to a downgrade of our ratings, resulting in 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.
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 shareholders; and (b) limit the opportunity for shareholders 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.
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 shareholders; and (b) limit the opportunity for shareholders 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. 21 SUN COMMUNITIES, INC.
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.
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 our customers' access to credit, thereby decreasing the demand for manufactured homes and recreational vehicles.
While this rule does not adversely affect the taxation of REITs or dividends paid by REITs, the more favorable rates applicable to regular qualified corporate dividends could cause investors who are individuals, trusts and estates to perceive investments in REITs to be relatively less competitive than investments in stock of non-REIT corporations that pay dividends, which could adversely affect the comparative value of the stock of REITs, including our common stock and preferred stock. 21 SUN COMMUNITIES, INC.
While this rule does not adversely affect the taxation of REITs or dividends paid by REITs, the more favorable rates applicable to regular qualified corporate dividends could cause investors who are individuals, trusts and estates to perceive investments in REITs to be relatively less competitive than investments in stock of non-REIT corporations that pay dividends, which could adversely affect the comparative value of the stock of REITs, including our common stock and any preferred stock.
While they are unpredictable, the impacts of climate change may change residential migration and vacation trends, which could reduce demand for our properties. If the areas in which our properties are located become less desirable places to live or vacation, the value of our properties and their ability to generate revenue may be materially adversely affected. 16 SUN COMMUNITIES, INC.
While they are unpredictable, the impacts of climate change may change residential migration and vacation trends, which could reduce demand for our properties. If the areas in which our properties are located become less desirable places to live or vacation, the value of our properties and their ability to generate revenue may be materially adversely affected.
Our Board of Directors has power to adopt, alter or repeal any provision of our bylaws or make new bylaws, provided, however, that our shareholders 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.
Our Board of Directors has power to adopt, alter or repeal any provision of our bylaws or make new bylaws, provided, however, that our shareholders 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. 22 SUN COMMUNITIES, INC.
In addition, distributions to shareholders would no longer be required to be made. 20 SUN COMMUNITIES, INC. 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.
Moreover, hedging strategies involve transaction and other costs. We cannot assure you that our hedging strategy and the derivatives that we use will adequately offset the risk of interest rate volatility or that our hedging transactions will not result in losses that may reduce the overall return on your investment.
Moreover, hedging strategies involve transaction and other costs. We cannot assure you that our hedging strategy and the derivatives that we use will adequately offset the risk of interest rate volatility or that our hedging transactions will not result in losses that may reduce the overall return on your investment. 19 SUN COMMUNITIES, INC.
These rules are significant for collecting tax in partnership audits and 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.
These rules are significant for collecting tax in partnership audits and there can be no assurance that these rules will not have a material adverse effect on us. 20 SUN COMMUNITIES, INC. Our ability to accumulate cash may be restricted due to certain REIT distribution requirements.
Occupancy and rental rates, in turn, may significantly affect our revenues, and if our properties do not generate revenues sufficient to meet our operating expenses, including debt service and capital expenditures, our cash flows and ability to pay or refinance our debt obligations could be adversely affected. 13 SUN COMMUNITIES, INC.
Occupancy and rental rates, in turn, may significantly affect our revenues, and if our properties do not generate revenues sufficient to meet our operating expenses, including debt service and capital expenditures, our cash flows and ability to pay or refinance our debt obligations could be adversely affected.
In addition, we engage third party service providers that may have access to such information in connection with providing necessary information technology and security and other business services to us. This information may include personally identifiable information such as social security numbers, banking information and credit card information.
In addition, we engage third party service providers that may have access to such information in connection with providing necessary information technology and security and other business services to us. This information may include personally identifiable information such as social security numbers, banking information and credit card information. 25 SUN COMMUNITIES, INC.
The government and societal responses to public health crises are highly uncertain and we cannot predict with confidence the impact a public health crisis would have on our operations and financial condition. 18 SUN COMMUNITIES, INC. Rent control legislation may harm our ability to increase rents.
The government and societal responses to public health crises are highly uncertain and we cannot predict with confidence the impact a public health crisis would have on our operations and financial condition. Rent control legislation may harm our ability to increase rents.
Based on the applicable conversion ratios then in effect, as of February 20, 2024, in the future we may issue to the limited partners of the Operating Partnership, up to approximately 5.3 million shares of our common stock in exchange for their OP units.
Based on the applicable conversion ratios then in effect, as of February 21, 2025, in the future we may issue to the limited partners of the Operating Partnership, up to approximately 5.3 million shares of our common stock in exchange for their OP units.
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.
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. 16 SUN COMMUNITIES, INC.
GENERAL RISK FACTORS Our share price could be volatile and could decline, resulting in a substantial or complete loss on our shareholders' investment. Our common stock has experienced significant price and volume fluctuations.
Our share price could be volatile and could decline, resulting in a substantial or complete loss on our shareholders' investment. Our common stock has experienced significant price and volume fluctuations.
Our ownership of Park Holidays and any other international investments subjects us to additional risks, including: • the laws, rules and regulations applicable in such jurisdictions outside of the U.S., 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 U.S.
Our investments in the UK and any other international investments we may acquire, subjects us to additional risks, including: • the laws, rules and regulations applicable in such jurisdictions outside of the U.S., 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 U.S.
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.
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. 15 SUN COMMUNITIES, INC.
Furthermore, failure to meet certain of these financial covenants could cause an event of default under and / or accelerate some or all of such debt which could have a material adverse effect on us. 19 SUN COMMUNITIES, INC.
Furthermore, failure to meet certain of these financial covenants could cause an event of default under and / or accelerate some or all of such debt which could have a material adverse effect on us.
See "Controls and Procedures" in Part II, Item 9A, of this Annual Report on Form 10-K for a discussion of the material weakness in our internal control over financial reporting that management has concluded exist in connection with preparing our financial statements for the year ended December 31, 2023.
See "Controls and Procedures" in Part II, Item 9A of this Annual Report on Form 10-K for a discussion of the material weaknesses in our internal control over financial reporting that management has concluded exist or existed in connection with preparing our financial statements for the years ended December 31, 2024 and 2023.
As of December 31, 2023, we had approximately $7.8 billion of total debt outstanding, consisting of approximately $3.5 billion in collateralized term loans and debt that is secured by mortgage liens on 156 of our properties, $2.2 billion of senior unsecured notes and $2.1 billion on our line of credit and other debt.
As of December 31, 2024, we had approximately $7.4 billion of total debt outstanding, consisting of approximately $3.3 billion in collateralized term loans and debt that is secured by mortgage liens on 137 of our properties, $2.7 billion of senior unsecured notes and $1.4 billion on our line of credit and other debt.
No assurances can be given that existing environmental studies reveal all environmental liabilities, that any prior owner or operator of a property or neighboring owner or operator did not create any material environmental condition not known to us, or that a material environmental condition does not otherwise exist as to any one or more properties. 17 SUN COMMUNITIES, INC.
No assurances can be given that existing environmental studies reveal all environmental liabilities, that any prior owner or operator of a property or neighboring owner or operator did not create any material environmental condition not known to us, or that a material environmental condition does not otherwise exist with respect to any one or more properties.
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. 25 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. We renew our insurance policies annually.
As of February 20, 2024, there were no outstanding options to purchase shares of our common stock under our equity incentive plans, and we had the authority to issue restricted stock awards or options to purchase up to an additional 3.0 million shares of our common stock pursuant to our equity incentive plans.
As of February 21, 2025, there were no outstanding options to purchase shares of our common stock under our equity incentive plans, and we had the authority to issue restricted stock awards or options to purchase up to an additional 2.8 million shares of our common stock pursuant to our equity incentive plans.
In addition, we have entered into an At the Market Offering Sales Agreement to sell shares of common stock. As of December 31, 2023, we have remaining capacity to sell up to an additional $1.1 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, 2024, we have remaining capacity to sell up to an additional $725.2 million of common stock under this agreement.
As of December 31, 2023, we have revenue concentrations of marinas in Florida, Rhode Island and Georgia of approximately 32.8%, 8.7% and 8.0%, respectively.
As of December 31, 2024, we have revenue concentrations of marinas in Florida, Rhode Island and Georgia of approximately 31.9%, 8.9% and 8.0%, respectively.
A material weakness will not be considered remediated until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are designed and operating effectively.
A material weakness will not be considered remediated until the updated controls have operated for a sufficient period of time and management has concluded, through testing, that such controls are operating effectively.
Including the impact of hedge activity, as of December 31, 2023, approximately 84% of our total debt was fixed rate financing and approximately 16% of our total debt was floating rate financing.
Including the impact of hedge activity, as of December 31, 2024, approximately 91% of our total debt was fixed rate financing and approximately 9% of our total debt was floating rate financing.
As of December 31, 2023, 150 of our MH and RV communities and marinas, representing 21.8% of developed sites, are located in Florida; 92 communities, representing 16.5% 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 32 communities, representing 5.7% of developed sites, are located in Texas.
As of December 31, 2024, 148 of our MH, RV, and UK communities and marinas, representing 22.4% of developed sites, are located in Florida; 92 communities, representing 16.6% of developed sites, are located in Michigan; 53 communities, representing 9.8% of developed sites, are located in the UK; 49 communities, representing 6.8% of developed sites, are located in California; and 32 communities, representing 5.8% of developed sites, are located in Texas.
Our operations are subject to regulation under various federal, state, local and foreign laws and regulations that may expose us to significant costs and liabilities. Our properties and the operations at them are subject to regulation under various federal, state, local and foreign laws and regulations.
Our properties and the operations at them are subject to regulation under various federal, state, local and foreign laws and regulations.
The RV business typically shows a decline in demand over the winter months, yet usually produces higher growth in the spring and summer months due to higher use by vacationers.
In the RV segment, certain properties maintain higher occupancy during the summer months, while other properties maintain higher occupancy during the winter months. The RV segment typically shows a decline in demand over the winter months, yet usually produces higher growth in the spring and summer months due to higher use by vacationers.
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.
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. We have significant ownership in the UK through our ownership of Park Holidays and other subsidiaries.
Refer to Note 1, "Significant Accounting Policies," Note 6, "Goodwill and Other Intangible Assets," and Note 22, "Quarterly Financial Data (Unaudited and Restated)", in our accompanying Consolidated Financial Statements, "Controls and Procedures" in Part II, Item 9A, and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of this Annual Report for information on impairments to the goodwill for our Park Holidays portfolio in the UK that we recognized at each of March 31, 2023, June 30, 2023 and September 30, 2023.
Refer to Note 1, "Significant Accounting Policies," and Note 6, "Goodwill and Other Intangible Assets," in our accompanying Consolidated Financial Statements, "Controls and Procedures" in Part II, Item 9A, and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of this Annual Report for information on impairments to the goodwill for our UK reporting segment that we recognized during the years ended December 31, 2024 and 2023.
Prospective investors should consult their own tax advisors regarding the effect of this change on their effective tax rate with respect to REIT dividends. Complying with REIT requirements may cause us to forego otherwise attractive opportunities.
The 20% deduction on REIT dividends is scheduled to expire on January 1, 2026, absent further extension or amendment of the statute. Prospective investors should consult their own tax advisors regarding the effect of this change on their effective tax rate with respect to REIT dividends. Complying with REIT requirements may cause us to forego otherwise attractive opportunities.
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.
Our properties are located in developed areas that include other MH or RV communities, and marinas. The number of competitive 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.
If any of the above risks occur, our business and results of operations could be adversely affected. Competition affects occupancy levels and rents, which could adversely affect our revenues. The MH, RV and marina industries are highly-fragmented.
If any of the above risks occur, our business and results of operations could be adversely affected. Competition affects occupancy levels and rents, which could adversely affect our revenues. The MH, RV, and marina industries are highly-fragmented. There are many international, national and regional competitors in the markets we currently serve and in new markets that we may enter.
We renew our insurance policies annually. As a result of increased insurance claims across the industry and other market conditions, it has been more difficult to obtain insurance, but in particular property insurance covering named windstorms, business interruption, flood and earthquake insurance.
As a result of increased insurance claims across the industry and other market conditions, it has been more difficult to obtain insurance, but in particular property insurance covering named windstorms, business interruption, flood and earthquake insurance. There are fewer insurers willing to provide policies, and policies increasingly include lower coverage limits, higher deductibles and higher premiums.
Cybersecurity breaches and other disruptions could compromise our information and expose us to liability, which would cause our business and reputation to suffer. We rely intensively on information technology to account for tenant transactions, manage the privacy of tenant data, communicate internally and externally, and analyze our financial and operating results.
We rely intensively on information technology to account for tenant transactions, manage the privacy of tenant data, communicate internally and externally, and analyze our financial and operating results.
Demand for dry storage increases during the winter season as seasonal weather patterns require boat owners to store their vessels on dry docks or within covered racks. Our results on a quarterly basis can fluctuate due to this cyclicality and seasonality. We may not be able to integrate or finance our acquisitions and our acquisitions may not perform as expected.
Demand for dry storage increases during the winter season as seasonal weather patterns require boat owners to store their vessels on dry docks or within covered racks. In the UK segment, vacation rental sites generally produce higher revenues between March and October. Our results on a quarterly basis can fluctuate due to this cyclicality and seasonality.
We have restated our interim unaudited consolidated financial statements as of March 31, 2023, June 30, 2023 and September 30, 2023 in this Annual Report. We are actively engaged in the planning for, and implementation of, remediation efforts to address this material weakness but there can be no assurance that those efforts will be successful.
We are actively engaged in the planning for, and implementation of, remediation efforts to address this material weakness, but there can be no assurance that those efforts will be successful.
RISKS RELATED TO THE RESTATEMENT OF OUR PRIOR FINANCIAL STATEMENTS We have identified a material weakness in our internal control over financial reporting which resulted in a material misstatement in certain of our previously issued interim unaudited consolidated financial statements, and we cannot provide assurances that this weakness will be effectively remediated or that additional material weaknesses will not occur in the future.
We have identified a material weakness in our internal controls over financial reporting and we cannot provide assurances that this weakness will be effectively remediated or that additional material weaknesses will not occur in the future.
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. 24 SUN COMMUNITIES, INC.
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. Cybersecurity breaches and other disruptions could compromise our information and expose us to liability, which would cause our business and reputation to suffer.
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 .
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 or RV communities. 14 SUN COMMUNITIES, INC.
MATERIAL RISKS RELATING TO OUR MH, RV AND MARINA BUSINESSES General economic conditions and the concentration of our MH, RV and marina properties in certain geographic areas may affect our ability to generate revenue. The market and economic conditions in our current markets generally, and specifically in metropolitan areas of our current markets, may significantly affect occupancy or rental rates.
The market and economic conditions in our current markets generally, and specifically in metropolitan areas of our current markets, may significantly affect occupancy or rental rates.
We continually assess new and enhanced information technology solutions to manage the risk of system failure or interruption. Losses in excess of our insurance coverage or uninsured losses could adversely affect our operating results and cash flows and upon renewal of our insurance policies, our coverage may change and our costs may increase.
Losses in excess of our insurance coverage or uninsured losses could adversely affect our operating results and cash flows and upon renewal of our insurance policies, our coverage may change and our costs may increase, including our assumption of a greater proportion of risk through self-insurance.
The RV and marina industries can experience cycles of growth and downturn due to seasonality patterns. Results of operations in any one period may not be indicative of results in future periods. In the RV business, certain properties maintain higher occupancy during the summer months, while other properties maintain higher occupancy during the winter months.
The cyclical and seasonal nature of the RV, Marina, and UK segments may lead to fluctuations in our operating results . The RV, Marina, and UK segments can experience cycles of growth and downturn due to seasonality patterns. Results of operations in any one period may not be indicative of results in future periods.
We have acquired and intend to continue to selectively acquire MH, RV and marina properties.
We may not be able to integrate or finance our acquisitions and our acquisitions may not perform as expected. We have acquired and intend to continue to selectively acquire MH, RV, and marina properties.
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.
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.
There are fewer insurers willing to provide policies, and policies increasingly include lower coverage limits, higher deductibles and higher premiums. These conditions may cause us to change the types and amounts of insurance we carry and may provide us with reduced coverage and / or higher costs.
These conditions may cause us to change the types and amounts of insurance we carry and may provide us with reduced coverage and / or higher costs. This has resulted in a change in our insurance purchasing philosophy and strategy which has resulted in the assumption of greater risks to offset insurance market fluctuations.
Removed
During the preparation of this Annual Report, we identified a material weakness in our internal control over financial reporting relating to the design of management's review controls over assessments of goodwill impairment for our Park Holidays business.
Added
ITEM 1A. RISK FACTORS RISK FACTORS SUMMARY The following is a summary of principal risks that could affect our business, financial condition, results of operations, cash flows, and / or prospects. This summary is not exhaustive, and you should read the more detailed discussion of risks that follows this summary.
Removed
As a result of this weakness, we concluded that our disclosure controls and procedures were not effective as of March 31, 2023, June 30, 2023 and September 30, 2023 and that our internal control over financial reporting and disclosure controls and procedures were not effective as of December 31, 2023.
Added
RISKS RELATED TO THE SAFE HARBOR SALE • The Safe Harbor Sale may not be completed on the anticipated timeline or at all, which could adversely affect our business plans and financial condition. • The pendency of the Safe Harbor Sale could adversely affect our business and operations. • We will have broad discretion in the application of the net proceeds from the Safe Harbor sale, and shareholders will be relying on our judgment regarding the use of these proceeds. • We may be unable to realize the anticipated benefits of the Safe Harbor Sale, once completed, or to do so within the anticipated time frame. • Our actual business and operating results may differ materially from our guidance or other forward-looking statements.
Removed
We have concluded that certain of our previously issued interim unaudited consolidated financial statements should not be relied upon and have restated certain of our previously issued financial statements, which was time-consuming and expensive and could expose us to additional risks that could have a negative effect on us.
Added
Risks Relating to our MH, RV, Marina, and UK Businesses • General economic conditions and the concentration of our properties in specific regions may affect our ability to generate revenue. • We may not be able to integrate or finance our expansion and development activities. • Competition affects occupancy levels and rents, which could adversely affect our revenues. • The cyclical and seasonal nature of the RV and marina industries lead to fluctuations in our operation results. • We may not be able to integrate or finance our acquisitions and they may not perform as expected. • Extreme weather conditions, natural disasters and climate change may adversely affect our business. • Marinas are specific-use properties and may not be readily adaptable to other uses. • We may be unable to obtain, renew or maintain permits, licenses, leases, and approvals necessary for the operation of our marinas. • Environmental laws may lead to liability for remediation and disposal of hazardous materials located on our properties. • We are subject to additional risks specific to our international investments. • Public health crises may materially and adversely impact our business in unanticipated ways. • Rent control laws may inhibit our ability to increase rents.
Removed
As discussed in the Explanatory Note, we determined to restate our unaudited consolidated financial statements as of March 31, 2023, June 30, 2023 and September 30, 2023, and that such interim unaudited financial statements should no longer be relied upon.
Added
Risks Related to our Debt Financings • The amount of our debt could limit our operational flexibility or otherwise adversely affect our financial condition. • Loan and debt covenants could limit our flexibility and adversely affect our financial condition. • Increases in market interest rates could materially increase our costs associated with existing and future debt and our efforts to mitigate these risks through hedging activities may not be successful. • A downgrade in our credit ratings could have material adverse effects on our business and financial condition.
Removed
As a result, we have incurred unanticipated costs for accounting and legal fees related to this restatement, and have become subject to a number of additional risks and uncertainties, which may affect investor confidence in the accuracy of our financial disclosures and may raise reputational issues for our business.
Added
Tax Risks Related to Our Status as a REIT • If we fail to qualify as a REIT, among other things, our taxable income would be subject to federal income tax at a regular corporate rate. • The Operating Partnership could be classified as a "publicly traded partnership" which would subject it to taxation as a corporation and lead to substantial tax liabilities. • Compliance with the complex requirements and tests that are applied to REITs may limit our operational flexibility. 10 SUN COMMUNITIES, INC.
Removed
We expect to continue to face many of the risks and challenges related to the restatement, including the following: • we may fail to remediate material weaknesses in our internal control over financial reporting and other material weaknesses may be identified in the future, which would adversely affect the accuracy and timing of our financial reporting; • the processes undertaken to affect the restatement may not have been adequate to identify and correct all errors in our historical financial statements and, as a result, we may discover additional errors and our financial statements remain subject to the risk of future restatement; • the incurrence of restatement-related expenses; and • diversion of management and other human resources attention from the operation of our business.
Added
Risks Related to Our Structure • Certain provisions in our governing documents and of Maryland law may may discourage a change of control of the Company.
Removed
We cannot assure that all of the risks and challenges described above will be eliminated and that lost business opportunities can be recaptured or that general reputational harm will not persist. If one or more of the foregoing risks or challenges persist, there may be a material adverse effect on our business, financial condition, results of operations, and cash flows.
Added
General Risk Factors • Ineffective succession planning for our CEO may impact the execution of our strategic plan. • An existing material weakness in our internal control over financial reporting may not be effectively remediated and additional material weaknesses may occur in the future. • If we fail to maintain an effective system of internal controls, we may not accurately report financial results. • We may write down intangible assets due to impairment, which could have a material adverse effect on us. • Our share price is subject to fluctuations that could be caused by a wide range of factors that could ultimately lead to a complete loss on our shareholders' investment. • Substantial sales or issuances of our common or preferred stock could cause our stock price to fall. • Our cash flows may not be sufficient to make distributions on our stock, pay our indebtedness, or fund our other liquidity needs. • The loss of services of any of our executive officers could have a temporary adverse effect on our business. • Cybersecurity incidents and the information stored on our networks could be accessed, publicly disclosed, lost, or stolen. • We may experience losses in excess of our insurance coverages and rising insurance costs may negatively affect us. • Adverse content about us on social media platforms could result in damage to our reputation or brand. • Failure to comply with laws and regulations may expose us to significant costs and liabilities. • We may be adversely impacted by fluctuations in foreign currency exchange rates. • Our business could be adversely affected by changes in national and global economic conditions.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

6 edited+1 added−1 removed7 unchanged
We have established an Information Security Management Committee to manage information security in accordance with the ISO 27001:2013 standard to ensure the consistent application of security principles, policy statements, and controls.
We have established an Information Security Management Committee to manage information security in accordance with the ISO 27001 standard to ensure the consistent application of security principles, policy statements and controls.
Various members of these committees hold industry certifications representing expertise in information security risk and compliance management, including the Certified Information Technology Professional (CITP), Certified Information Systems Security Professional (CISSP), Certified Information Security Auditor (CISA), and Certified in Risk and Information Systems Control (CRISC) designations. 27 SUN COMMUNITIES, INC.
Various members of these committees hold industry certifications representing expertise in information security risk and compliance management, including the Certified Information Technology Professional (CITP), Certified Information Systems Security Professional (CISSP), Certified Information Security Auditor (CISA), and Certified in Risk and Information Systems Control (CRISC) designations. 28 SUN COMMUNITIES, INC.
With a wealth of executive leadership spanning over 20 years in both public and private sectors, these individuals collectively possess more than 75 years of invaluable experience in information technology and security. The Information Security Management Committee (ISMC) and Enterprise Risk Management Committees (ERM) meet regularly to provide oversight of cyber risk management functions.
With a wealth of leadership in both public and private sectors, these individuals collectively possess years of invaluable experience in information technology and security. The Information Security Management Committee (ISMC) and Enterprise Risk Management Committees (ERM) meet regularly to provide oversight of cyber risk management functions.
These are tested on a regular basis against scenarios of varying degrees by both internal and external resources. To manage vendor risk, we conduct ongoing risk assessments based on the vendor's published Systems and Operational Controls ("SOC") reports, information provided in vendor security questionnaires, and any publicly available information including ongoing litigation or external disclosures.
To manage vendor risk, we conduct ongoing risk assessments based on the vendor's published Systems and Operational Controls ("SOC") reports, information provided in vendor security questionnaires, and any publicly available information including ongoing litigation or external disclosures.
The Senior Vice President of Information Technology and the Director of Information Security bear direct responsibility for daily management of cyber risk. Oversight from the executive team, led by the Chief Administrative Officer, ensures strategic alignment.
The Chief Information Officer (CIO) and the Director of Information Security are directly responsible for managing cyber risk on a daily basis. The CIO reports to the Chief Administrative Officer (CAO), who oversees the Company's overall information technology strategy and governance. Executive oversight, spearheaded by the CAO, ensures strategic alignment across the organization.
In adhering to this industry standard, we manage and mitigate material risks from threats to our systems and data by partnering with reputable, recognized security firms, and conducting ongoing internal and external information security audits, risk assessments, anti-phishing campaigns, penetration testing exercises, systems monitoring activities, employee training, and cyber incident response exercises.
By adhering to this industry standard, we manage and mitigate material risks from threats to our systems and data through the following actions: • Partnering with reputable, recognized security firms • Conducting regular internal and external audits and risk assessments • Providing ongoing employee security awareness training • Conducting tabletop exercises • Running anti-phishing campaigns and simulated phishing exercise • Deploying tools for continuous vulnerability monitoring • Performing penetration testing and continuous system monitoring activities • Conducting recovery simulations for core systems and data centers Our comprehensive policies and procedures address critical areas including: • Vulnerability management • Business continuity planning • Encryption of sensitive data • Backup and recovery 27 SUN COMMUNITIES, INC. • Physical security • User access controls • Vendor risk management • Teleworking protocols • Mobile device management • Comprehensive system monitoring These initiatives collectively reinforce our commitment to safeguarding information and ensuring the resilience of our security infrastructure.
Removed
Our policies include standards and procedures for vulnerability management, business continuity planning, encryption of sensitive data, physical security, user access controls, vendor risk management, teleworking, mobile device management and system monitoring. 26 SUN COMMUNITIES, INC. Comprehensive contingency and recovery plans are in place to ensure the ongoing provision of services to customers in the event of a cybersecurity incident.
Added
Comprehensive contingency and recovery plans are in place to ensure the ongoing provision of services to customers in the event of a cybersecurity incident. These are tested on a regular basis against scenarios of varying degrees by both internal and external resources.

Item 2. Properties

Properties — owned and leased real estate

41 edited+5 added−5 removed3 unchanged
(4) Occupancy in these properties at December 31, 2022 reflects the redevelopment following asset impairments resulting from Hurricane Ian in October 2022. (5) Occupancy in these properties at December 31, 2022 reflects the redevelopment following asset impairments resulting from Hurricane Irma in September 2017.
(4) Occupancy in these properties at December 31, 2023 reflects the redevelopment following asset impairments resulting from Hurricane Ian in October 2022. (5) Occupancy in these properties at December 31, 2023 reflects the redevelopment following asset impairments resulting from Hurricane Irma in September 2017.
MI 660 — 98.6 % 98.5 % Shelby West MH Shelby Twp. MI 640 — 99.8 % 98.8 % Silver Springs MH Clinton Township MI 550 — 98.5 % 98.9 % Southwood Village MH Grand Rapids MI 390 — 98.2 % 99.0 % St. Clair Place MH St. Clair MI 100 — 98.0 % 98.0 % Stonebridge MH Richfield Twp.
MI 660 — 100.0 % 98.6 % Shelby West MH Shelby Twp. MI 640 — 99.2 % 99.8 % Silver Springs MH Clinton Township MI 550 — 100.0 % 98.5 % Southwood Village MH Grand Rapids MI 390 — 98.2 % 98.2 % St. Clair Place MH St. Clair MI 100 — 97.0 % 98.0 % Stonebridge MH Richfield Twp.
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, 2023. 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, RV, and UK properties as of December 31, 2024. The occupancy percentage includes MH sites and annual RV sites and excludes transient RV sites.
MI 160 — 98.8 % 96.3 % Fox Run MH Boyne City MI 140 — 16.4 % (1) N/A (2) Frenchtown Villa / Elizabeth Woods MH Newport MI 1,140 — 97.5 % 98.9 % Grand Village MH Grand Rapids MI 220 — 95.9 % 97.7 % Hamlin MH Webberville MI 230 — 100.0 % 97.0 % Hickory Hills Village MH Battle Creek MI 280 — 99.6 % 98.2 % Highland Greens Estates MH Highland MI 880 — 76.0 % 67.5 % Holiday West Village MH Holland MI 340 — 99.7 % 100.0 % Holly Village / Hawaiian Gardens MH Holly MI 420 — 97.9 % 97.9 % Hunters Crossing MH Capac MI 110 — 100.0 % 98.2 % Hunters Glen MH Wayland MI 400 — 99.5 % 99.7 % Huntington Run MH Kalamazoo MI 210 — 84.5 % (1) 100.0 % Jellystone Park™ Petoskey (3) RV Petoskey MI 50 240 100.0 % 100.0 % Kensington Meadows MH Lansing MI 290 — 98.3 % 95.5 % Kimberly Estates MH Newport MI 390 — 97.9 % 98.4 % King's Court MH Traverse City MI 800 — 99.5 % 99.0 % Knollwood Estates MH Allendale MI 160 — 98.1 % 96.9 % Lafayette Place MH Warren MI 250 — 96.5 % 95.3 % Lakeview MH Ypsilanti MI 390 — 99.0 % 97.4 % Leisure Village MH Belmont MI 260 — 100.0 % 99.2 % Lincoln Estates MH Holland MI 190 — 99.5 % 99.5 % Meadow Lake Estates MH White Lake MI 420 — 99.5 % 97.9 % Meadowbrook Estates MH Monroe MI 450 — 96.5 % 95.8 % Meadowlands of Gibraltar MH Gibraltar MI 320 — 99.4 % 99.4 % Meadowstone MH Hastings MI 230 — 95.7 % 97.0 % Northville Crossing MH Northville MI 760 — 99.7 % 99.5 % Oak Island Village MH East Lansing MI 250 — 98.4 % 97.2 % Pinebrook Village MH Kentwood MI 190 — 99.5 % 96.2 % Pineview Estates MH Flint MI 1,010 — 95.7 % 86.9 % Presidential Estates MH Hudsonville MI 360 — 99.2 % 99.7 % Richmond Place MH Richmond MI 120 — 99.1 % 94.9 % River Haven Village MH Grand Haven MI 720 — 98.6 % 99.0 % River Ridge MH Saline MI 290 — 99.7 % 99.7 % Rudgate Clinton MH Clinton Township MI 670 — 98.8 % 99.1 % Rudgate Manor MH Sterling Heights MI 930 — 98.4 % 98.0 % Scio Farms MH Ann Arbor MI 910 — 99.6 % 99.3 % Sheffield Estates MH Auburn Hills MI 230 — 96.9 % 98.2 % Shelby Forest MH Shelby Twp.
MI 160 — 99.4 % 98.8 % Fox Run MH Boyne City MI 140 — 42.1 % (1) 16.4 % (1) Frenchtown Villa / Elizabeth Woods MH Newport MI 1,140 — 99.2 % 97.5 % Grand Village MH Grand Rapids MI 220 — 96.3 % 95.9 % Hamlin MH Webberville MI 230 — 98.3 % 100.0 % Hickory Hills Village MH Battle Creek MI 280 — 98.2 % 99.6 % Highland Greens Estates MH Highland MI 880 — 79.5 % 76.0 % Holiday West Village MH Holland MI 340 — 99.1 % 99.7 % Holly Village / Hawaiian Gardens MH Holly MI 430 — 98.6 % 97.9 % Hunters Crossing MH Capac MI 110 — 96.5 % 100.0 % Hunters Glen MH Wayland MI 420 — 96.7 % 99.5 % Huntington Run MH Kalamazoo MI 210 — 85.9 % (1) 84.5 % (1) Jellystone Park™ Petoskey (2) RV Petoskey MI 60 230 100.0 % 100.0 % Kensington Meadows MH Lansing MI 290 — 98.6 % 98.3 % Kimberly Estates MH Newport MI 390 — 98.7 % 97.9 % King's Court MH Traverse City MI 800 — 99.4 % 99.5 % Knollwood Estates MH Allendale MI 160 — 98.1 % 98.1 % Lafayette Place MH Warren MI 250 — 97.6 % 96.5 % Lakeview MH Ypsilanti MI 390 — 98.2 % 99.0 % Leisure Village MH Belmont MI 260 — 100.0 % 100.0 % Lincoln Estates MH Holland MI 190 — 99.0 % 99.5 % Meadow Lake Estates MH White Lake MI 420 — 98.8 % 99.5 % Meadowbrook Estates MH Monroe MI 450 — 98.0 % 96.5 % Meadowlands of Gibraltar MH Gibraltar MI 320 — 99.4 % 99.4 % Meadowstone MH Hastings MI 230 — 96.5 % 95.7 % Northville Crossing MH Northville MI 760 — 99.7 % 99.7 % Oak Island Village MH East Lansing MI 250 — 99.2 % 98.4 % Pinebrook Village MH Kentwood MI 190 — 98.9 % 99.5 % Pineview Estates MH Flint MI 1,010 — 97.5 % 95.7 % Presidential Estates MH Hudsonville MI 360 — 98.9 % 99.2 % Richmond Place MH Richmond MI 120 — 99.1 % 99.1 % River Haven Village MH Grand Haven MI 720 — 99.7 % 98.6 % River Ridge MH Saline MI 290 — 99.7 % 99.7 % Rudgate Clinton MH Clinton Township MI 670 — 99.4 % 98.8 % Rudgate Manor MH Sterling Heights MI 930 — 98.9 % 98.4 % Scio Farms MH Ann Arbor MI 910 — 98.9 % 99.6 % Sheffield Estates MH Auburn Hills MI 230 — 99.1 % 96.9 % Shelby Forest MH Shelby Twp.
Myers Beach FL — — — % (4) — % (4) Island Lakes MH Merritt Island FL 300 — 100.0 % 100.0 % King's Lake MH DeBary FL 240 — 100.0 % 100.0 % Kings Manor MH Lakeland FL 240 — 98.7 % 96.2 % Kings Pointe MH Lake Alfred FL 230 — 100.0 % 100.0 % Kissimmee Gardens MH Kissimmee FL 240 — 99.6 % 99.2 % Kissimmee South MH Davenport FL 140 — 96.5 % 96.5 % Kissimmee South RV Resort (3) RV Davenport FL 160 40 100.0 % 100.0 % La Costa Village MH Port Orange FL 660 — 100.0 % 100.0 % Lake Juliana Landings MH Auburndale FL 270 — 99.3 % 98.5 % Lake Pointe Village MH Mulberry FL 360 — 99.4 % 99.2 % Lake San Marino RV Park (3) RV Naples FL 330 80 100.0 % 100.0 % Lakeland (3) RV Lakeland FL 220 10 100.0 % 100.0 % Lakeshore Landings MH Orlando FL 310 — 99.7 % 98.7 % Lakeshore Villas MH Tampa FL 280 — 99.6 % 98.9 % Lamplighter MH Port Orange FL 260 — 99.2 % 99.6 % Majestic Oaks (3) RV Zephyrhills FL 230 30 100.0 % 100.0 % Marco Naples (3) RV Naples FL 210 90 100.0 % 100.0 % Meadowbrook Village MH Tampa FL 260 — 100.0 % 100.0 % Mill Creek MH Kissimmee FL 30 — 100.0 % 91.2 % Mill Creek RV Resort (3) RV Kissimmee FL 140 10 100.0 % 100.0 % North Lake (3) RV Moore Haven FL 230 40 100.0 % 100.0 % Oakview Estates MH Arcadia FL 120 — 92.4 % 95.8 % Ocean Breeze Resort - Jensen Beach MH Jensen Beach FL 330 — 87.5 % (1) 79.7 % (1) Ocean Breeze Resort - Jensen Beach RV Resort (3) RV Jensen Beach FL 70 90 100.0 % 100.0 % Ocean Breeze - Marathon MH Marathon FL 50 — 100.0 % 100.0 % (5) Ocean Breeze - Marathon RV Resort RV Marathon FL — — N/A (5) — % (5) Ocean View MH Jensen Beach FL 70 — 11.3 % (1) N/A (1) Orange City MH Orange City FL — — 100.0 % 100.0 % Orange City RV Resort (3) RV Orange City FL 510 10 100.0 % 100.0 % Orange Tree Village MH Orange City FL 250 — 100.0 % 100.0 % Paddock Park South MH Ocala FL 190 — 84.6 % 80.9 % Palm Key Village MH Davenport FL 200 — 100.0 % 100.0 % Palm Village MH Bradenton FL 150 — 100.0 % 100.0 % Park Place MH Sebastian FL 480 — 97.9 % 97.7 % Park Royale MH Pinellas Park FL 310 — 99.0 % 100.0 % Pecan Park (3) RV Jacksonville FL 160 180 100.0 % 100.0 % Pelican Bay MH Micco FL 220 — 97.7 % 99.1 % Pleasant Lake RV Resort (3) RV Bradenton FL 330 10 100.0 % 100.0 % 32 SUN COMMUNITIES, INC.
Myers Beach FL 330 220 100.0 % — % (4) Island Lakes MH Merritt Island FL 300 — 100.0 % 100.0 % King's Lake MH DeBary FL 250 — 100.0 % 100.0 % Kings Manor MH Lakeland FL 240 — 97.1 % 98.7 % Kings Pointe MH Lake Alfred FL 230 — 100.0 % 100.0 % Kissimmee Gardens MH Kissimmee FL 240 — 100.0 % 99.6 % Kissimmee South MH Davenport FL 140 — 98.6 % 96.5 % Kissimmee South RV Resort (2) RV Davenport FL 160 30 100.0 % 100.0 % La Costa Village MH Port Orange FL 660 — 100.0 % 100.0 % Lake Juliana Landings MH Auburndale FL 270 — 99.3 % 99.3 % Lake San Marino RV Park (2) RV Naples FL 320 80 100.0 % 100.0 % Lakeland (2) RV Lakeland FL 230 10 100.0 % 100.0 % Lakeshore Landings MH Orlando FL 310 — 99.7 % 99.7 % Lakeshore Villas MH Tampa FL 280 — 99.3 % 99.6 % Lamplighter MH Port Orange FL 260 — 99.2 % 99.2 % Majestic Oaks (2) RV Zephyrhills FL 240 20 100.0 % 100.0 % Marco Naples (2) RV Naples FL 220 80 100.0 % 100.0 % Meadowbrook Village MH Tampa FL 260 — 100.0 % 100.0 % Mill Creek MH Kissimmee FL 30 — 100.0 % 100.0 % Mill Creek RV Resort RV Kissimmee FL 150 — 100.0 % 100.0 % North Lake (2) RV Moore Haven FL 240 40 100.0 % 100.0 % Oakview Estates MH Arcadia FL 120 — 97.5 % 92.4 % Ocean Breeze Resort - Jensen Beach MH Jensen Beach FL 360 — 85.2 % (1) 87.5 % (1) Ocean Breeze Resort - Jensen Beach RV Resort (2) RV Jensen Beach FL 40 70 100.0 % 100.0 % Ocean Breeze - Marathon MH Marathon FL 50 — 100.0 % 100.0 % Ocean Breeze - Marathon RV Resort RV Marathon FL — — N/A (5) N/A (5) Ocean View MH Jensen Beach FL 70 — 32.4 % (1) 11.3 % (1) Orange City MH Orange City FL — — 100.0 % 100.0 % Orange City RV Resort (2) RV Orange City FL 520 10 100.0 % 100.0 % Orange Tree Village MH Orange City FL 250 — 100.0 % 100.0 % Paddock Park South MH Ocala FL 190 — 87.2 % 84.6 % Palm Key Village MH Davenport FL 200 — 99.5 % 100.0 % Palm Village MH Bradenton FL 150 — 98.6 % 100.0 % Park Place MH Sebastian FL 480 — 97.9 % 97.9 % Park Royale MH Pinellas Park FL 310 — 99.7 % 99.0 % Pecan Park (2) RV Jacksonville FL 180 150 100.0 % 100.0 % Pelican Bay MH Micco FL 220 — 96.8 % 97.7 % Pleasant Lake RV Resort (2) RV Bradenton FL 330 10 100.0 % 100.0 % Rainbow MH Frostproof FL 40 — 100.0 % 100.0 % 33 SUN COMMUNITIES, INC.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2023 Transient RV Sites as of 12/31/2023 Occupancy as of 12/31/2023 Occupancy as of 12/31/2022 NORTH AMERICA UNITED STATES MIDWEST Michigan Academy / West Point MH Canton MI 440 — 99.5 % 98.0 % Allendale Meadows MH Allendale MI 350 — 99.7 % 97.4 % Alpine Meadows MH Grand Rapids MI 400 — 99.3 % 98.5 % Andover MH Grass Lake MI 130 — 97.6 % 100.0 % Apple Carr Village MH Muskegon MI 710 — 97.3 % 97.5 % Arbor Woods MH Ypsilanti MI 460 — 98.9 % 98.0 % Brentwood Village MH Kentwood MI 200 — 96.4 % 98.5 % Broadview Estates MH Davison MI 470 — 98.7 % 97.9 % Brookside Village MH Kentwood MI 200 — 99.5 % 99.5 % Byron Center MH Byron Center MI 140 — 97.9 % 97.2 % Camelot Villa MH Macomb MI 710 — 98.5 % 98.2 % Charlevoix Estates MH Charlevoix MI 180 — 99.5 % 98.9 % Cider Mill Crossings MH Fenton MI 620 — 98.6 % 97.6 % Cider Mill Village MH Middleville MI 260 — 98.1 % 98.4 % Country Acres MH Cadillac MI 180 — 94.5 % 95.1 % Country Hills Village MH Hudsonville MI 240 — 100.0 % 100.0 % 28 SUN COMMUNITIES, INC.
Property Name Segment City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2024 Transient RV Sites as of 12/31/2024 Occupancy as of 12/31/2024 Occupancy as of 12/31/2023 NORTH AMERICA UNITED STATES MIDWEST Michigan Academy / West Point MH Canton MI 440 — 99.3 % 99.5 % Allendale Meadows MH Allendale MI 350 — 98.0 % 99.7 % Alpine Meadows MH Grand Rapids MI 400 — 99.3 % 99.3 % Andover MH Grass Lake MI 130 — 100.0 % 97.6 % Apple Carr Village MH Muskegon MI 710 — 97.9 % 97.3 % Arbor Woods MH Ypsilanti MI 460 — 99.6 % 98.9 % Brentwood Village MH Kentwood MI 200 — 97.9 % 96.4 % Broadview Estates MH Davison MI 470 — 99.6 % 98.7 % Brookside Village MH Kentwood MI 200 — 99.5 % 99.5 % Byron Center MH Byron Center MI 140 — 100.0 % 97.9 % Camelot Villa MH Macomb MI 700 — 98.6 % 98.5 % Charlevoix Estates MH Charlevoix MI 180 — 100.0 % 99.5 % Cider Mill Crossings MH Fenton MI 620 — 100.0 % 98.6 % Cider Mill Village MH Middleville MI 260 — 98.1 % 98.1 % Country Acres MH Cadillac MI 180 — 97.3 % 94.5 % 29 SUN COMMUNITIES, INC.
Since January 1, 2019, 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 3.0% 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 6.9%.
Since January 1, 2020, 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 3.4% 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 6.3%.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2023 Transient RV Sites as of 12/31/2023 Occupancy as of 12/31/2023 Occupancy as of 12/31/2022 Country Meadows MH Flat Rock MI 580 — 97.4 % 98.4 % Country Meadows Village MH Caledonia MI 400 — 100.0 % 100.0 % Creek Wood MH Burton MI 340 — 98.8 % 98.5 % Cutler Estates MH Grand Rapids MI 260 — 98.8 % 99.2 % Dutton Mill Village MH Caledonia MI 310 — 99.3 % 98.0 % East Village Estates MH Washington Twp.
Property Name Segment City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2024 Transient RV Sites as of 12/31/2024 Occupancy as of 12/31/2024 Occupancy as of 12/31/2023 Country Hills Village MH Hudsonville MI 240 — 100.0 % 100.0 % Country Meadows MH Flat Rock MI 580 — 99.0 % 97.4 % Country Meadows Village MH Caledonia MI 400 — 100.0 % 100.0 % Creek Wood MH Burton MI 340 — 98.8 % 98.8 % Cutler Estates MH Grand Rapids MI 260 — 99.2 % 98.8 % Dutton Mill Village MH Caledonia MI 310 — 99.3 % 99.3 % East Village Estates MH Washington Twp.
MI 710 — 99.3 % 98.6 % Egelcraft MH Muskegon MI 460 — 99.6 % 98.9 % Fisherman's Cove MH Flint Twp.
MI 710 — 98.7 % 99.3 % Egelcraft MH Muskegon MI 460 — 98.7 % 99.6 % Fisherman's Cove MH Flint Twp.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2023 Transient RV Sites as of 12/31/2023 Occupancy as of 12/31/2023 Occupancy as of 12/31/2022 Lone Star Jellystone Park (3) RV Waller TX — 350 N/A N/A Oak Crest MH Austin TX 650 — 97.9 % 98.2 % Pearwood (3) RV Pearland TX 130 10 100.0 % 100.0 % Pecan Branch MH Georgetown TX 230 — 98.7 % 99.1 % Pine Acre Trails MH Conroe TX 250 — 44.2 % (1) 6.0 % (1) Pine Trace MH Houston TX 680 — 98.2 % 97.6 % River Ranch MH Austin TX 850 — 99.4 % 98.9 % River Ridge Estates MH Austin TX 510 — 99.0 % 98.4 % Saddlebrook MH San Marcos TX 560 — 99.3 % 99.1 % Sandy Lake MH Carrollton TX 50 — 100.0 % 100.0 % Sandy Lake RV Resort (3) RV Carrollton TX 210 10 100.0 % 100.0 % Stonebridge MH San Antonio TX 330 — 99.1 % 100.0 % Summit Ridge MH Converse TX 440 — 97.8 % 99.3 % Sun Outdoors Lake Travis (3) RV Austin TX 110 140 100.0 % 100.0 % Sun Retreats San Antonio West (3) RV San Antonio TX 110 160 100.0 % 100.0 % Sun Retreats Texas Hill Country (3) RV New Braunfels TX 130 240 100.0 % 100.0 % Sunset Ridge MH Kyle TX 450 — 72.5 % (1) 76.8 % (1) Traveler's World MH San Antonio TX 10 — 100.0 % 100.0 % Traveler's World RV Resort (3) RV San Antonio TX 30 130 100.0 % 100.0 % Treetops (3) RV Arlington TX 130 40 100.0 % 100.0 % Woodlake Trails MH San Antonio TX 320 — 99.1 % 94.3 % (1) Texas Total 8,990 1,830 96.1 % 94.3 % SOUTHEAST Florida Arbor Terrace (3) RV Bradenton FL 330 40 100.0 % 100.0 % Ariana Village MH Lakeland FL 210 — 99.5 % 99.0 % Bahia Vista Estates MH Sarasota FL 250 — 99.2 % 100.0 % Baker Acres (3) RV Zephyrhills FL 310 50 100.0 % 100.0 % Big Tree (3) RV Arcadia FL 400 10 100.0 % 100.0 % Blue Heron Pines MH Punta Gorda FL 410 — 99.3 % 99.8 % Blue Jay MH Dade City FL 210 — 98.1 % 99.5 % Blue Jay RV Resort RV Dade City FL 50 — 100.0 % 100.0 % Blueberry Hill (3) RV Bushnell FL 380 20 100.0 % 100.0 % Brentwood Estates MH Hudson FL 190 — 99.5 % 99.5 % Buttonwood Bay MH Sebring FL 410 — 99.3 % 99.5 % Buttonwood Bay RV Resort (3) RV Sebring FL 410 120 100.0 % 100.0 % Candlelight Manor MH South Daytona FL 130 — 98.4 % 99.2 % Carriage Cove MH Sanford FL 470 — 99.6 % 99.4 % Central Park MH Haines City FL 130 — 83.6 % (1) 89.5 % Central Park RV Resort (3) RV Haines City FL 260 90 100.0 % 100.0 % Citrus Hill (3) RV Dade City FL 180 10 100.0 % 100.0 % Club Wildwood MH Hudson FL 480 — 99.6 % 99.8 % Colony in the Wood MH Port Orange FL 380 — 94.5 % 97.1 % Cypress Greens MH Lake Alfred FL 260 — 99.2 % 98.5 % Deerwood MH Orlando FL 570 — 99.8 % 99.3 % Ellenton Gardens (3) RV Ellenton FL 160 20 100.0 % 100.0 % Fairfield Village MH Ocala FL 290 — 100.0 % 100.0 % Flamingo Lake (3) RV Jacksonville FL 180 240 100.0 % 100.0% Forest View MH Homosassa FL 300 — 98.7 % 98.7 % Glen Haven MH Zephyrhills FL 50 — 100.0 % 100.0 % 31 SUN COMMUNITIES, INC.
Property Name Segment City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2024 Transient RV Sites as of 12/31/2024 Occupancy as of 12/31/2024 Occupancy as of 12/31/2023 Oak Crest MH Austin TX 650 — 97.7 % 97.9 % Pearwood (2) RV Pearland TX 130 10 100.0 % 100.0 % Pecan Branch MH Georgetown TX 230 — 99.1 % 98.7 % Pine Acre Trails MH Conroe TX 250 — 78.9 % (1) 44.2 % (1) Pine Trace MH Houston TX 680 — 98.5 % 98.2 % River Ranch MH Austin TX 850 — 99.5 % 99.4 % River Ridge Estates MH Austin TX 520 — 98.3 % 99.0 % Saddlebrook MH San Marcos TX 560 — 97.7 % 99.3 % Sandy Lake MH Carrollton TX 50 — 100.0 % 100.0 % Sandy Lake RV Resort (2) RV Carrollton TX 210 10 100.0 % 100.0 % Space City Ellington (2) RV Houston TX 180 30 100.0 % 100.0 % Stonebridge MH San Antonio TX 340 — 99.7 % 99.1 % Summit Ridge MH Converse TX 440 — 98.7 % 97.8 % Sun Outdoors Lake Travis (2) RV Austin TX 150 100 100.0 % 100.0 % Sun Retreats San Antonio West (2) RV San Antonio TX 110 150 100.0 % 100.0 % Sun Retreats Texas Hill Country (2) RV New Braunfels TX 170 200 100.0 % 100.0 % Sunset Ridge MH Kyle TX 450 — 83.7 % (1) 72.5 % (1) Traveler's World MH San Antonio TX 10 — 100.0 % 100.0 % Traveler's World RV Resort (2) RV San Antonio TX 30 120 100.0 % 100.0 % Treetops (2) RV Arlington TX 120 50 100.0 % 100.0 % Woodlake Trails MH San Antonio TX 320 — 98.4 % 99.1 % Texas Total 9,240 1,670 97.4 % 96.1 % SOUTHEAST Florida Arbor Terrace (2) RV Bradenton FL 350 20 100.0 % 100.0 % Ariana Village MH Lakeland FL 210 — 99.5 % 99.5 % Bahia Vista Estates MH Sarasota FL 250 — 92.8 % 99.2 % Baker Acres (2) RV Zephyrhills FL 330 30 100.0 % 100.0 % Big Tree (2) RV Arcadia FL 400 10 100.0 % 100.0 % Blue Heron Pines MH Punta Gorda FL 410 — 98.3 % 99.3 % Blue Jay MH Dade City FL 210 — 98.1 % 98.1 % Blue Jay RV Resort RV Dade City FL 50 — 100.0 % 100.0 % Blueberry Hill (2) RV Bushnell FL 390 10 100.0 % 100.0 % Brentwood Estates MH Hudson FL 190 — 100.0 % 99.5 % Buttonwood Bay MH Sebring FL 410 — 99.5 % 99.3 % Buttonwood Bay RV Resort (2) RV Sebring FL 450 90 100.0 % 100.0 % Candlelight Manor MH South Daytona FL 130 — 100.0 % 98.4 % Carriage Cove MH Sanford FL 470 — 99.6 % 99.6 % Central Park MH Haines City FL 130 — 97.7 % 83.6 % (1) Central Park RV Resort (2) RV Haines City FL 260 100 100.0 % 100.0 % Citrus Hill (2) RV Dade City FL 180 10 100.0 % 100.0 % Club Wildwood MH Hudson FL 480 — 99.6 % 99.6 % Colony in the Wood MH Port Orange FL 380 — 94.8 % 94.5 % Cypress Greens MH Lake Alfred FL 260 — 98.8 % 99.2 % Deerwood MH Orlando FL 570 — 99.8 % 99.8 % Ellenton Gardens (2) RV Ellenton FL 170 20 100.0 % 100.0 % Fairfield Village MH Ocala FL 290 — 99.7 % 100.0 % Flamingo Lake (2) RV Jacksonville FL 230 190 100.0 % 100.0 % Forest View MH Homosassa FL 300 — 98.7 % 98.7 % Glen Haven MH Zephyrhills FL 50 — 100.0 % 100.0 % 32 SUN COMMUNITIES, INC.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2023 Transient RV Sites as of 12/31/2023 Occupancy as of 12/31/2023 Occupancy as of 12/31/2022 Forest Springs MH Grass Valley CA 370 — 93.3 % (1) 92.0 % (1) Friendly Village of La Habra MH La Habra CA 330 — 100.0 % 99.1 % Friendly Village of Modesto MH Modesto CA 290 — 99.3 % 98.6 % Friendly Village of Simi MH Simi Valley CA 220 — 100.0 % 99.5 % Friendly Village of West Covina MH West Covina CA 160 — 99.4 % 98.7 % Heritage MH Temecula CA 190 — 100.0 % 100.0 % Indian Wells (3) RV Indio CA 170 170 100.0 % 100.0 % Jellystone Park™ at Tower Park (3) RV Lodi CA — 360 N/A N/A Lakefront MH Lakeside CA 290 — 100.0 % 99.7 % Lakeview Estates MH Yucaipa CA 300 — 99.7 % 99.7 % Lazy J Ranch MH Arcata CA 220 — 99.1 % 98.6 % Lemon Wood MH Ventura CA 230 — 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 260 — 99.6 % 100.0 % Oak Creek MH Coarsegold CA 200 — 100.0 % 99.0 % Ocean West MH McKinleyville CA 130 — 99.2 % 99.2 % Palos Verdes Shores MH & Golf Community MH San Pedro CA 240 — 100.0 % 100.0 % Pembroke Downs MH Chino CA 160 — 100.0 % 100.0 % Pismo Dunes Resort (3) RV Pismo Beach CA 330 — 100.0 % 100.0 % Rancho Alipaz MH San Juan Capistrano CA 130 — 100.0 % 100.0 % Rancho Caballero MH Riverside CA 300 — 99.3 % 99.7 % Royal Palms MH Cathedral City CA 440 — 99.1 % 98.4 % Royal Palms RV Resort RV Cathedral City CA 40 — 100.0 % 100.0 % Sun Outdoors Central Coast Wine Country (3) RV Paso Robles CA — 200 N/A N/A Sun Outdoors Paso Robles (3) RV Paso Robles CA — 330 N/A N/A Sun Outdoors San Diego Bay MH San Diego CA — — N/A (1) N/A (1) Sun Outdoors San Diego Bay RV Resort (3) RV San Diego CA — 250 N/A N/A Sun Outdoors Santa Barbara (3) RV Goleta CA — 100 N/A N/A Sunrise Estates MH Banning CA 180 — 91.7 % (1) 90.6 % (1) The Colony MH Oxnard CA 150 — 100.0 % 100.0 % Vallecito MH Newbury Park CA 300 — 100.0 % 100.0 % Victor Villa MH Victorville CA 290 — 98.6 % 99.3 % Vines (3) RV Paso Robles CA 50 80 100.0 % N/A Vista del Lago MH Scotts Valley CA 200 — 99.5 % 100.0 % California Total 6,920 1,880 98.8 % 98.6 % Arizona Blue Star MH Apache Junction AZ — — 100.0 % 100.0 % Blue Star RV Apache Junction AZ 150 — 100.0 % 100.0 % Brentwood West MH Mesa AZ 350 — 100.0 % 99.7 % Buena Vista MH Buckeye AZ 400 — 98.3 % 92.0 % Desert Harbor MH Apache Junction AZ 210 — 99.5 % 100.0 % La Casa Blanca MH Apache Junction AZ 200 — 99.5 % 99.0 % Leaf Verde (3) RV Buckeye AZ 220 160 100.0 % 100.0 % Lost Dutchman MH Apache Junction AZ 220 — 92.0 % (1) 87.2 % (1) Lost Dutchman RV Resort RV Apache Junction AZ — — N/A N/A Mountain View MH Mesa AZ 170 — 97.1 % 97.6 % Palm Creek Resort & Residences MH Casa Grande AZ 510 — 82.0 % (1) 78.7 % (1) Palm Creek Resort & Residences RV Resort (3) RV Casa Grande AZ 1,130 700 100.0 % 100.0 % 35 SUN COMMUNITIES, INC.
Property Name Segment City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2024 Transient RV Sites as of 12/31/2024 Occupancy as of 12/31/2024 Occupancy as of 12/31/2023 Friendly Village of La Habra MH La Habra CA 330 — 100.0 % 100.0 % Friendly Village of Modesto MH Modesto CA 290 — 99.3 % 99.3 % Friendly Village of Simi MH Simi Valley CA 220 — 100.0 % 100.0 % Friendly Village of West Covina MH West Covina CA 160 — 100.0 % 99.4 % Heritage MH Temecula CA 200 — 100.0 % 100.0 % Indian Wells (2) RV Indio CA 190 150 100.0 % 100.0 % Jellystone Park™ at Tower Park (2)(3) RV Lodi CA — 360 100.0 % N/A Lakefront MH Lakeside CA 290 — 99.7 % 100.0 % Lakeview Estates MH Yucaipa CA 300 — 100.0 % 99.7 % Lazy J Ranch MH Arcata CA 220 — 100.0 % 99.1 % Lemon Wood MH Ventura CA 230 — 100.0 % 100.0 % Napa Valley MH Napa CA 260 — 99.6 % 99.6 % Oak Creek MH Coarsegold CA 200 — 100.0 % 100.0 % Ocean West MH McKinleyville CA 130 — 99.2 % 99.2 % Palos Verdes Shores MH & Golf Community MH San Pedro CA 240 — 100.0 % 100.0 % Pembroke Downs MH Chino CA 160 — 100.0 % 100.0 % Pismo Dunes Resort RV Pismo Beach CA 330 — 100.0 % 100.0 % Rancho Alipaz MH San Juan Capistrano CA 130 — 100.0 % 100.0 % Rancho Caballero MH Riverside CA 300 — 100.0 % 99.3 % Royal Palms MH Cathedral City CA 440 — 99.1 % 99.1 % Royal Palms RV Resort RV Cathedral City CA 40 — 100.0 % 100.0 % Sun Outdoors Central Coast Wine Country (2) RV Paso Robles CA — 200 N/A N/A Sun Outdoors Paso Robles (2)(3) RV Paso Robles CA — 330 N/A N/A Sun Outdoors San Diego Bay (3) MH San Diego CA — — N/A (1) N/A (1) Sun Outdoors San Diego Bay RV Resort (2)(3) RV San Diego CA — 250 N/A N/A Sun Outdoors Santa Barbara (2)(3) RV Goleta CA — 100 N/A N/A Sunrise Estates MH Banning CA 180 — 95.0 % 91.7 % (1) The Colony MH Oxnard CA 150 — 100.0 % 100.0 % Vallecito MH Newbury Park CA 300 — 100.0 % 100.0 % Victor Villa MH Victorville CA 290 — 100.0 % 98.6 % Vines (2) RV Paso Robles CA 90 30 100.0 % 100.0 % Vista del Lago MH Scotts Valley CA 200 — 100.0 % 99.5 % California Total 6,990 1,840 99.3 % 98.8 % Arizona Blue Star MH Apache Junction AZ — — 100.0 % 100.0 % Blue Star RV Apache Junction AZ 140 — 100.0 % 100.0 % Brentwood West MH Mesa AZ 350 — 99.4 % 100.0 % Buena Vista MH Buckeye AZ 400 — 99.3 % 98.3 % Desert Harbor MH Apache Junction AZ 210 — 100.0 % 99.5 % La Casa Blanca MH Apache Junction AZ 200 — 100.0 % 99.5 % Leaf Verde (2) RV Buckeye AZ 270 110 100.0 % 100.0 % Lost Dutchman MH Apache Junction AZ 230 — 93.4 % (1) 92.0 % (1) Lost Dutchman RV Resort RV Apache Junction AZ — — N/A N/A Mountain View MH Mesa AZ 170 — 99.4 % 97.1 % Palm Creek Resort & Residences MH Casa Grande AZ 510 — 84.6 % (1) 82.0 % (1) Palm Creek Resort & Residences RV Resort (2) RV Casa Grande AZ 1,130 700 100.0 % 100.0 % Rancho Mirage MH Apache Junction AZ 310 — 100.0 % 99.7 % 36 SUN COMMUNITIES, INC.
Lucie FL 1,080 — 98.1 % 98.9 % Serendipity MH North Fort Myers FL 340 — 90.5 % 92.9 % Settler's Rest (3) RV Zephyrhills FL 330 50 100.0 % 100.0 % Shadow Wood Village MH Hudson FL 260 — 96.9 % 85.4 % (1) Shady Road Villas MH Ocala FL 130 — 95.3 % 93.8 % Shell Creek MH Punta Gorda FL 50 — 92.6 % 98.1 % Shell Creek RV Resort (3) RV Punta Gorda FL 150 30 100.0 % 100.0 % Siesta Bay RV Ft.
Lucie FL 1,080 — 98.6 % 98.1 % Serendipity MH North Fort Myers FL 340 — 95.9 % 90.5 % Settler's Rest (2) RV Zephyrhills FL 330 50 100.0 % 100.0 % Shadow Wood Village MH Hudson FL 260 — 98.5 % 96.9 % Shady Road Villas MH Ocala FL 130 — 96.1 % 95.3 % Shell Creek MH Punta Gorda FL 50 — 90.7 % 92.6 % Shell Creek RV Resort (2) RV Punta Gorda FL 150 20 100.0 % 100.0 % Siesta Bay (2) RV Ft.
The average renewal rate for residents in our Rental Program was 70.4% for the year ended December 31, 2023. 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 68.1% for the year ended December 31, 2024. We believe that our properties' high amenity levels, customer service loyalty, and customer retention program contribute to low turnover and generally high occupancy rates.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2023 Transient RV Sites as of 12/31/2023 Occupancy as of 12/31/2023 Occupancy as of 12/31/2022 Sun Outdoors Petoskey Bay Harbor (3) RV Petoskey MI 10 150 100.0 % 100.0 % Sun Retreats Gun Lake (3) RV Hopkins MI 310 20 100.0 % 100.0 % Sun Retreats Silver Lake (3) RV Mears MI 230 30 100.0 % 100.0 % Sunset Ridge MH Portland MI 500 — 88.2 % (1) 98.7 % Sycamore Village MH Mason MI 400 — 99.2 % 98.5 % Sylvan Crossing MH Chelsea MI 280 — 54.4 % (1) 49.1 % (1) Sylvan Glen Estates MH Brighton MI 480 — 98.9 % 98.5 % Tamarac Village MH Ludington MI 300 — 99.3 % 98.3 % Tamarac Village RV Resort RV Ludington MI 110 — 100.0 % 100.0 % Tanglewood Village MH Brownstown MI 250 — 100.0 % 100.0 % Timberline Estates MH Coopersville MI 300 — 99.0 % 97.3 % Town & Country MH Traverse City MI 190 — 99.5 % 99.0 % Troy Villa MH Troy MI 280 — 90.8 % 85.1 % Warren Dunes Village MH Bridgman MI 310 — 100.0 % 99.7 % Waverly Shores Village MH Holland MI 410 — 99.8 % 100.0 % West Village Estates MH Romulus MI 630 — 98.9 % 99.5 % White Lake MH White Lake MI 320 — 98.7 % 95.9 % Windham Hills MH Jackson MI 470 — 98.1 % 96.8 % Windsor Woods Village MH Wayland MI 310 — 99.4 % 98.7 % Woodhaven Place MH Woodhaven MI 220 — 99.5 % 94.5 % Michigan Total 32,890 610 97.1 % 96.7 % Indiana Brookside Manor MH Goshen IN 570 — 99.1 % 97.5 % Carrington Pointe MH Fort Wayne IN 470 — 99.4 % 97.9 % Clear Water MH South Bend IN 230 — 98.7 % 98.7 % Cobus Green MH Osceola IN 380 — 99.7 % 99.7 % Four Seasons MH Elkhart IN 220 — 97.2 % 95.9 % Jellystone Park™ at Barton Lake (3) RV Fremont IN 60 500 100.0 % 100.0 % Liberty Farm MH Valparaiso IN 220 — 92.3 % 95.5 % Pebble Creek MH Greenwood IN 300 — 99.3 % 99.0 % Pine Hills MH Middlebury IN 130 — 97.7 % 99.2 % Roxbury Park MH Goshen IN 400 — 95.7 % 93.2 % Sun Outdoors Lake Rudolph (3) RV Santa Claus IN — 530 N/A N/A The Willows MH Goshen IN 170 — 93.7 % (1) 82.8 % (1) Indiana Total 3,150 1,030 97.8 % 96.6 % SOUTH Texas Austin Lone Star (3) RV Austin TX 80 70 100.0 % 100.0 % Bluebonnet Lake MH Austin TX — — N/A (1) N/A (1) Boulder Ridge MH Pflugerville TX 1,220 — 99.3 % 98.6 % Branch Creek Estates MH Austin TX 400 — 99.8 % 99.5 % Chisholm Point MH Pflugerville TX 430 — 99.5 % 99.3 % Comal Farms MH New Braunfels TX 370 — 98.9 % 98.9 % Coyote Ranch Resort (3) RV Wichita Falls TX — 160 N/A N/A Creeks Crossing MH Kyle TX 200 — 94.9 % (1) 56.6 % (1) Jellystone Park™ at Guadalupe River (3) RV Kerrville TX — 260 N/A N/A Jellystone Park™ at Hill Country (3) RV Canyon Lake TX — 170 N/A N/A Jetstream NASA (3) RV Houston TX 110 90 100.0 % 100.0 % Lantana Ranch South MH Brookshire TX — — N/A (1) N/A (1) 30 SUN COMMUNITIES, INC.
Property Name Segment City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2024 Transient RV Sites as of 12/31/2024 Occupancy as of 12/31/2024 Occupancy as of 12/31/2023 Sun Outdoors Kensington Valley (2) RV New Hudson MI 400 100 100.0 % 100.0 % Sun Outdoors Petoskey Bay Harbor (2) RV Petoskey MI 30 130 100.0 % 100.0 % Sun Retreats Gun Lake (2) RV Hopkins MI 310 20 100.0 % 100.0 % Sun Retreats Silver Lake (2) RV Mears MI 230 30 100.0 % 100.0 % Sunset Ridge MH Portland MI 500 — 93.0 % 88.2 % (1) Sycamore Village MH Mason MI 400 — 99.2 % 99.2 % Sylvan Crossing MH Chelsea MI 280 — 65.1 % (1) 54.4 % (1) Sylvan Glen Estates MH Brighton MI 480 — 99.6 % 98.9 % Tamarac Village MH Ludington MI 300 — 99.7 % 99.3 % Tamarac Village RV Resort RV Ludington MI 110 — 100.0 % 100.0 % Tanglewood Village MH Brownstown MI 250 — 100.0 % 100.0 % Timberline Estates MH Coopersville MI 300 — 99.0 % 99.0 % Town & Country MH Traverse City MI 190 — 99.0 % 99.5 % Troy Villa MH Troy MI 280 — 92.9 % 90.8 % Warren Dunes Village MH Bridgman MI 310 — 100.0 % 100.0 % Waverly Shores Village MH Holland MI 410 — 99.8 % 99.8 % West Village Estates MH Romulus MI 630 — 99.4 % 98.9 % White Lake MH White Lake MI 320 — 97.8 % 98.7 % Windham Hills MH Jackson MI 470 — 98.7 % 98.1 % Windsor Woods Village MH Wayland MI 310 — 99.4 % 99.4 % Woodhaven Place MH Woodhaven MI 220 — 98.2 % 99.5 % Michigan Total 33,020 510 97.7 % 97.1 % Indiana Brookside Manor MH Goshen IN 570 — 99.5 % 99.1 % Carrington Pointe MH Fort Wayne IN 470 — 98.5 % 99.4 % Clear Water MH South Bend IN 230 — 99.1 % 98.7 % Cobus Green MH Osceola IN 380 — 99.0 % 99.7 % Four Seasons MH Elkhart IN 220 — 99.1 % 97.2 % Jellystone Park™ at Barton Lake (2)(3) RV Fremont IN 70 490 100.0 % 100.0 % Pebble Creek MH Greenwood IN 300 — 100.0 % 99.3 % Pine Hills MH Middlebury IN 130 — 100.0 % 97.7 % Roxbury Park MH Goshen IN 400 — 99.0 % 95.7 % Sun Outdoors Lake Rudolph (2)(3) RV Santa Claus IN — 530 N/A N/A The Willows MH Goshen IN 170 — 99.4 % 93.7 % (1) Indiana Total 2,940 1,020 99.2 % 98.3 % SOUTH Texas Austin Lone Star (2) RV Austin TX 90 70 100.0 % 100.0 % Bluebonnet Lake MH Austin TX — — N/A (1) N/A (1) Boulder Ridge MH Pflugerville TX 1,220 — 99.3 % 99.3 % Branch Creek Estates MH Austin TX 400 — 99.8 % 99.8 % Chisholm Point MH Pflugerville TX 430 — 99.3 % 99.5 % Comal Farms MH New Braunfels TX 370 — 99.7 % 98.9 % Creeks Crossing MH Kyle TX 270 — 86.8 % (1) 94.9 % (1) Jellystone Park™ at Guadalupe River (2)(3) RV Kerrville TX 10 250 100.0 % N/A Jellystone Park™ at Hill Country (2)(3) RV Canyon Lake TX — 170 100.0 % N/A Jellystone Park™ at Waller (2)(3) RV Waller TX — 350 100.0 % N/A Jellystone Park™ at Wichita Falls (2)(3) RV Wichita Falls TX — 160 100.0 % N/A Lantana Ranch South MH Brookshire TX — — N/A (1) N/A (1) 31 SUN COMMUNITIES, INC.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2023 Transient RV Sites as of 12/31/2023 Occupancy as of 12/31/2023 Occupancy as of 12/31/2022 Sunlake Estates MH Grand Island FL 410 — 97.3 % 96.8 % Sunset Harbor at Cow Key Marina MH Key West FL 80 — 98.7 % 98.7 % Sweetwater (3) RV Zephyrhills FL 230 60 100.0 % 100.0 % Tallowwood Isle MH Coconut Creek FL 270 — 97.1 % 97.1 % Tampa East MH Dover FL 30 — 100.0 % 100.0 % Tampa East RV Resort (3) RV Dover FL 620 50 100.0 % 100.0 % The Hamptons Golf & Country Club MH Auburndale FL 830 — 99.9 % 99.9 % The Hideaway MH Key West FL 10 — 100.0 % 100.0 % The Hills MH Apopka FL 100 — 99.0 % 99.0 % The Landings at Lake Henry MH Haines City FL 390 — 99.5 % 99.2 % The Ridge MH Davenport FL 480 — 99.4 % 99.8 % The Valley MH Apopka FL 150 — 100.0 % 100.0 % ThemeWorld (3) RV Davenport FL 140 10 100.0 % 100.0 % Three Lakes (3) RV Hudson FL 280 30 100.0 % 100.0 % Tranquility MHC MH Bushnell FL 20 — 48.0 % 30.8 % Vista del Lago MH Bradenton FL 140 — 99.3 % 100.0 % Vista del Lago RV Resort RV Bradenton FL 40 — 100.0 % 100.0 % Vizcaya Lakes MH Port Charlotte FL 120 — 88.9 % 95.4 % Walden Woods I MH Homosassa FL 210 — 100.0 % 100.0 % Walden Woods II MH Homosassa FL 210 — 100.0 % 100.0 % Water Oak Country Club Estates MH Lady Lake FL 1,610 — 80.0 % (1) 79.3 % (1) Waters Edge (3) RV Zephyrhills FL 190 30 100.0 % 100.0 % Westside Ridge MH Auburndale FL 220 — 100.0 % 99.1 % Windmill Village MH Davenport FL 510 — 99.8 % 99.8 % Woodlands at Church Lake MH Groveland FL 290 — 92.7 % 86.9 % Florida Total 40,650 3,760 97.7 % 97.4 % Virginia Jellystone Park™ Chincoteague Island (6) RV Chincoteague VA 50 300 100.0 % N/A Jellystone Park™ at Luray (3) RV East Luray VA — 250 N/A N/A Jellystone Park™ at Natural Bridge (6) RV Natural Bridge Station VA 70 230 100.0 % 100.0 % Pine Ridge MH Prince George VA 380 — 99.7 % 99.5 % Sun Outdoors Cape Charles (6) RV Cape Charles VA 60 600 100.0 % N/A Sun Outdoors Chesapeake Bay (3) RV Temperanceville VA — 250 N/A N/A Sun Outdoors Chincoteague Bay RV Chincoteague VA — — N/A (1) N/A (1) Sun Retreats Gwynn's Island (3) RV Gwynn VA 120 10 100.0 % 100.0 % Sun Retreats New Point RV New Point VA 320 — 100.0 % 100.0 % Sun Retreats Shenandoah Valley (3) RV Stuarts Draft VA 450 60 100.0 % 100.0 % Sunset Beach RV Resort (6) RV Cape Charles VA 50 250 100.0 % N/A Virginia Total 1,500 1,950 99.9 % 99.8 % SOUTHWEST California 49'er Village (3) RV Plymouth CA 110 220 100.0 % 100.0 % Alta Laguna MH Rancho Cucamonga CA 300 — 100.0 % 100.0 % Bel Air Estates MH Menifee CA 200 — 89.9 % 88.9 % Caliente Sands MH Cathedral City CA 120 — 99.2 % 98.3 % Cisco Grove Campground & RV RV Emigrant Gap CA 20 — 100.0 % 100.0 % El Capitan Canyon (3) RV Goleta CA — 170 N/A N/A El Capitan Horse Ranch RV Goleta CA — — N/A N/A (2) 34 SUN COMMUNITIES, INC.
Property Name Segment City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2024 Transient RV Sites as of 12/31/2024 Occupancy as of 12/31/2024 Occupancy as of 12/31/2023 Sweetwater (2) RV Zephyrhills FL 240 50 100.0 % 100.0 % Tallowwood Isle MH Coconut Creek FL 280 — 97.8 % 97.1 % Tampa East MH Dover FL 30 — 100.0 % 100.0 % Tampa East RV Resort (2) RV Dover FL 650 20 100.0 % 100.0 % The Hamptons Golf & Country Club MH Auburndale FL 830 — 99.4 % 99.9 % The Hideaway MH Key West FL 10 — 100.0 % 100.0 % The Hills MH Apopka FL 100 — 100.0 % 99.0 % The Landings at Lake Henry MH Haines City FL 390 — 100.0 % 99.5 % The Ridge MH Davenport FL 480 — 98.5 % 99.4 % The Valley MH Apopka FL 150 — 100.0 % 100.0 % ThemeWorld MH Davenport FL 130 — 68.2 % N/A ThemeWorld RV Resort (2) RV Davenport FL 130 130 100.0 % 100.0 % Three Lakes (2) RV Hudson FL 290 20 100.0 % 100.0 % Tranquility MHC MH Bushnell FL 30 — 52.0 % 48.0 % Vista del Lago MH Bradenton FL 140 — 97.8 % 99.3 % Vista del Lago RV Resort RV Bradenton FL 40 — 100.0 % 100.0 % Vizcaya Lakes MH Port Charlotte FL 120 — 86.0 % 88.9 % Walden Woods I MH Homosassa FL 210 — 100.0 % 100.0 % Walden Woods II MH Homosassa FL 210 — 100.0 % 100.0 % Water Oak Country Club Estates MH Lady Lake FL 1,610 — 81.4 % (1) 80.0 % (1) Waters Edge (2) RV Zephyrhills FL 200 20 100.0 % 100.0 % Westside Ridge MH Auburndale FL 220 — 100.0 % 100.0 % Windmill Village MH Davenport FL 510 — 99.6 % 99.8 % Woodlands at Church Lake MH Groveland FL 290 — 94.4 % 92.7 % Florida Total 41,470 3,980 97.9 % 97.7 % Virginia Jellystone Park™ Chincoteague Island (2)(3) RV Chincoteague VA 50 300 100.0 % 100.0 % Jellystone Park™ at Luray (2)(3) RV East Luray VA — 240 100.0 % N/A Jellystone Park™ at Natural Bridge (2)(3) RV Natural Bridge Station VA 70 210 100.0 % 100.0 % Pine Ridge MH Prince George VA 380 — 100.0 % 99.7 % Sun Outdoors Cape Charles (2)(3) RV Cape Charles VA 70 600 100.0 % 100.0 % Sun Outdoors Chesapeake Bay (2)(3) RV Temperanceville VA 100 150 100.0 % N/A Sun Outdoors Chincoteague Bay (2)(3) RV Chincoteague VA 20 190 100.0 % N/A (1) Sun Retreats Gwynn's Island (2) RV Gwynn VA 120 10 100.0 % 100.0 % Sun Retreats New Point RV New Point VA 320 — 100.0 % 100.0 % Sun Retreats Shenandoah Valley (2) RV Stuarts Draft VA 490 100 100.0 % 100.0 % Sunset Beach RV Resort (2)(3) RV Cape Charles VA 50 240 100.0 % 100.0 % Virginia Total 1,670 2,040 100.0 % 99.9 % SOUTHWEST California 49'er Village (2) RV Plymouth CA 130 200 100.0 % 100.0 % Alta Laguna MH Rancho Cucamonga CA 300 — 100.0 % 100.0 % Bel Air Estates MH Menifee CA 200 — 91.9 % 89.9 % Caliente Sands MH Cathedral City CA 120 — 99.2 % 99.2 % Cisco Grove Campground & RV (2)(3) RV Emigrant Gap CA — 60 N/A 100.0 % El Capitan Canyon (2)(3) RV Goleta CA — 160 N/A N/A El Capitan Horse Ranch RV Goleta CA — — N/A (1) N/A (1) Forest Springs MH Grass Valley CA 370 — 96.2 % 93.3 % (1) 35 SUN COMMUNITIES, INC.
Collins CO 580 — 99.1 % 99.3 % Willow Crossing MH Fort Lupton CO 220 — 11.9 % (1) — % (1) Colorado Total 2,900 990 87.0 % 88.2 % NORTHEAST Connecticut Beechwood MH Killingworth CT 300 — 98.7 % 98.3 % Cedar Springs MH Southington CT 190 — 98.4 % 97.4 % Forest Hill MH Southington CT 190 — 99.5 % 97.9 % Grove Beach MH Westbrook CT 140 — 100.0 % 100.0 % Hillcrest MH Uncasville CT 210 — 99.0 % 99.5 % Lakeside MH Terryville CT 80 — 96.1 % 96.1 % Lakeview CT MH Danbury CT 180 — 97.2 % 95.0 % Laurel Heights MH Uncasville CT 50 — 91.8 % 89.8 % Marina Cove MH Uncasville CT 20 — 92.0 % 92.0 % Millwood MH Uncasville CT 40 — 31.1 % (1) 13.3 % (1) New England Village MH Westbrook CT 60 — 100.0 % 100.0 % Oak Grove MH Plainville CT 40 — 93.3 % 93.3 % Rolling Hills MH Storrs CT 200 — 82.0 % 78.0 % Sun Outdoors Mystic (3) RV Old Mystic CT 70 80 100.0 % 100.0 % Three Gardens MH Southington CT 130 — 98.5 % 96.3 % Yankee Village MH Old Saybrook CT 20 — 100.0 % 100.0 % Connecticut Total 1,920 80 95.0 % 93.4 % Maine Augusta Village MH Augusta ME 60 — 94.9 % 94.9 % Birch Hill Estates MH Bangor ME 380 — 99.5 % 96.6 % Hancock Heights Estates MH Hancock ME 110 — 97.3 % 97.3 % Holiday Park Estates MH Bangor ME 220 — 97.7 % 92.7 % Jellystone Park™ Androscoggin Lake (3) RV North Monmouth ME 50 160 100.0 % 100.0 % Maplewood Manor MH Brunswick ME 300 — 98.3 % 99.3 % Merrymeeting MH Brunswick ME 40 — 100.0 % 97.7 % 36 SUN COMMUNITIES, INC.
Collins CO 590 — 99.7 % 99.1 % Willow Crossing MH Fort Lupton CO 220 — 49.8 % (1) 11.9 % (1) Colorado Total 2,930 950 90.5 % 87.0 % NORTHEAST Connecticut Beechwood MH Killingworth CT 300 — 98.7 % 98.7 % Cedar Springs MH Southington CT 190 — 98.9 % 98.4 % Forest Hill MH Southington CT 190 — 97.9 % 99.5 % Grove Beach MH Westbrook CT 140 — 99.3 % 100.0 % Hillcrest MH Uncasville CT 210 — 99.5 % 99.0 % Lakeside MH Terryville CT 80 — 100.0 % 96.1 % Lakeview CT MH Danbury CT 180 — 98.3 % 97.2 % Laurel Heights MH Uncasville CT 50 — 91.8 % 91.8 % Marina Cove MH Uncasville CT 20 — 92.0 % 92.0 % Millwood MH Uncasville CT 40 — 48.9 % (1) 31.1 % (1) New England Village MH Westbrook CT 60 — 100.0 % 100.0 % Oak Grove MH Plainville CT 40 — 93.3 % 93.3 % Rolling Hills MH Storrs CT 200 — 85.5 % 82.0 % Sun Outdoors Mystic (2) RV Old Mystic CT 60 90 100.0 % 100.0 % Three Gardens MH Southington CT 130 — 97.0 % 98.5 % Yankee Village MH Old Saybrook CT 20 — 100.0 % 100.0 % Connecticut Total 1,910 90 95.8 % 95.0 % Maine Augusta Village MH Augusta ME 60 — 96.6 % 94.9 % Birch Hill Estates MH Bangor ME 380 — 98.9 % 99.5 % Hancock Heights Estates MH Hancock ME 110 — 100.0 % 97.3 % Holiday Park Estates MH Bangor ME 220 — 98.6 % 97.7 % Jellystone Park™ Androscoggin Lake (2)(3) RV North Monmouth ME 50 160 100.0 % 100.0 % Maplewood Manor MH Brunswick ME 300 — 98.6 % 98.3 % Merrymeeting MH Brunswick ME 40 — 100.0 % 100.0 % Norway Commons MH Norway ME 260 — 79.4 % (1) 74.0 % (1) Riverside Drive Park MH Augusta ME 160 — 98.2 % 92.6 % Sun Outdoors Old Orchard Beach Downtown (2) RV Old Orchard Beach ME 100 210 100.0 % 100.0 % 37 SUN COMMUNITIES, INC.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2023 Transient RV Sites as of 12/31/2023 Occupancy as of 12/31/2023 Occupancy as of 12/31/2022 Glen Haven RV Resort (3) RV Zephyrhills FL 200 20 100.0 % 100.0 % Goldcoaster MH Homestead FL 540 — 98.9 % 99.4 % Goldcoaster RV Resort RV Homestead FL 10 — 100.0 % 100.0 % Grand Bay MH Dunedin FL 130 — 100.0 % 100.0 % Grove Ridge (3) RV Dade City FL 200 40 100.0 % 100.0 % Gulfstream Harbor MH Orlando FL 970 — 99.8 % 99.8 % Hacienda Del Rio MH Edgewater FL 800 — 90.9 % (1) 91.0 % (1) Hidden River (3) RV Riverview FL 250 50 100.0 % 100.0 % Holly Forest MH Holly Hill FL 400 — 99.8 % 100.0 % Horseshoe Cove RV Resort (3) RV Bradenton FL 410 60 100.0 % 100.0 % Indian Creek MH Ft.
Property Name Segment City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2024 Transient RV Sites as of 12/31/2024 Occupancy as of 12/31/2024 Occupancy as of 12/31/2023 Glen Haven RV Resort (2) RV Zephyrhills FL 210 10 100.0 % 100.0 % Goldcoaster MH Homestead FL 540 — 99.6 % 98.9 % Goldcoaster RV Resort RV Homestead FL 10 — 100.0 % 100.0 % Grand Bay MH Dunedin FL 130 — 94.8 % 100.0 % Grove Ridge (2) RV Dade City FL 220 30 100.0 % 100.0 % Gulfstream Harbor MH Orlando FL 970 — 99.8 % 99.8 % Hacienda Del Rio MH Edgewater FL 800 — 94.8 % 90.9 % (1) Hidden River (2) RV Riverview FL 270 40 100.0 % 100.0 % Holly Forest MH Holly Hill FL 400 — 100.0 % 99.8 % Horseshoe Cove RV Resort (2) RV Bradenton FL 420 60 100.0 % 100.0 % Indian Creek MH Ft.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2023 Transient RV Sites as of 12/31/2023 Occupancy as of 12/31/2023 Occupancy as of 12/31/2022 Sun Retreats Rehoboth Bay RV Resort RV Millsboro DE 300 — 100.0 % 100.0 % Countryside Village of Atlanta MH Lawrenceville GA 260 — 98.9 % 99.2 % Countryside Village of Gwinnett MH Buford GA 330 — 100.0 % 98.2 % Countryside Village of Lake Lanier MH Buford GA 550 — 99.6 % 99.1 % Wymberly MH Martinez GA 280 — 81.9 % (1) 78.3 % (1) Autumn Ridge MH Ankeny IA 410 — 97.8 % 97.6 % Jellystone Park™ of Chicago (3) RV Millbrook IL 150 240 100.0 % 100.0 % Maple Brook MH Matteson IL 440 — 99.3 % 99.8 % Oak Ridge MH Manteno IL 430 — 99.5 % 99.8 % Sun Retreats Rock River (3) RV Hillsdale IL 270 230 100.0 % 100.0 % Wildwood Community MH Sandwich IL 480 — 99.2 % 99.2 % Jellystone Park™ at Mammoth Cave (6) RV Cave City KY — 330 N/A N/A Sun Outdoors New Orleans North Shore (3) RV Ponchatoula LA — 330 N/A N/A Sun Retreats Cape Cod (3) RV East Falmouth MA 80 180 100.0 % 100.0 % Sun Retreats Dennis Port (3) RV Dennisport MA 230 20 100.0 % 100.0 % Sun Retreats Peters Pond (3) RV Sandwich MA 370 40 100.0 % 100.0 % Hyde Park MH Easton MD 240 — 99.6 % 100.0 % Jellystone Park™ at Maryland (3) RV Williamsport MD — 230 N/A N/A Southside Landing MH Cambridge MD 100 — 100.0 % 100.0 % Sun Outdoors Frontier Town (6) RV Berlin MD 30 660 100.0 % N/A Sun Outdoors Ocean City (3) RV Berlin MD — 390 100.0 % 100.0 % Sun Outdoors Ocean City Gateway (6) RV Whaleyville MD 20 190 100.0 % N/A Southern Hills / Northridge Place MH Stewartville MN 470 — 97.7 % 97.5 % Jellystone Park™ at Memphis (3) RV Horn Lake MS — 160 N/A N/A Sun Outdoors Yellowstone North (3) RV Gardiner MT — 80 N/A N/A Coastal Estates MH Hampstead NC 150 — 94.8 % (1) 82.5 % (1) Glen Laurel MH Concord NC 260 — 98.8 % 98.8 % Jellystone Park™ at Golden Valley (3) RV Bostic NC — 360 N/A N/A Meadowbrook MH Charlotte NC 320 — 99.7 % 100.0 % Sun Retreats Nantahala (3) RV Sylva NC 70 20 100.0 % 100.0 % Stoneridge Villas MH Gardnerville NV — — N/A (1) N/A (1) Sun Villa Estates MH Reno NV 320 — 99.7 % 99.1 % Brook Ridge MH Hooksett NH 90 — 100.0 % 100.0 % Crestwood MH Concord NH 320 — 99.7 % 100.0 % Farmwood Village MH Dover NH 160 — 100.0 % 100.0 % Glen Ellis Family Campground (3) RV Glen NH — 300 N/A N/A Hannah Village MH Lebanon NH 80 — 100.0 % 100.0 % Hemlocks MH Tilton NH 100 — 100.0 % 100.0 % River Pines MH Nashua NH 480 — 99.6 % 100.0 % Strafford / Lake Winnipesaukee South KOA (6) RV Strafford NH 10 130 100.0 % N/A Westward Shores Cottages & RV Resort (3) RV West Ossipee NH 430 70 100.0 % 100.0 % Apple Creek MH Amelia OH 180 — 98.9 % 98.3 % East Fork Crossing MH Batavia OH 350 — 99.4 % 100.0 % Oakwood Village MH Miamisburg OH 510 — 99.0 % 98.8 % Orchard Lake MH Milford OH 150 — 99.3 % 98.0 % Sun Retreats Geneva on the Lake (3) RV Geneva on the Lake OH 510 120 100.0 % 100.0 % Westbrook Senior Village MH Toledo OH 110 — 100.0 % 100.0 % Westbrook Village MH Toledo OH 340 — 97.7 % 94.5 % Willowbrook Place MH Toledo OH 270 — 97.4 % 95.1 % Woodside Terrace MH Holland OH 440 — 96.4 % 95.7 % Country Village Estates MH Oregon City OR 520 — 100.0 % 100.0 % 38 SUN COMMUNITIES, INC.
Property Name Segment City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2024 Transient RV Sites as of 12/31/2024 Occupancy as of 12/31/2024 Occupancy as of 12/31/2023 Wymberly MH Martinez GA 280 — 87.7 % (1) 81.9 % (1) Maple Brook MH Matteson IL 440 — 99.1 % 99.3 % Oak Ridge MH Manteno IL 430 — 99.3 % 99.5 % Sun Retreats Millbrook (2) RV Millbrook IL 150 240 100.0 % 100.0 % Sun Retreats Rock River (2) RV Hillsdale IL 280 220 100.0 % 100.0 % Jellystone Park™ at Mammoth Cave (2)(3) RV Cave City KY 20 290 100.0 % N/A Sun Outdoors New Orleans North Shore (2)(3) RV Ponchatoula LA 10 270 100.0 % N/A Sun Retreats Cape Cod (2) RV East Falmouth MA 110 150 100.0 % 100.0 % Sun Retreats Dennis Port (2) RV Dennisport MA 240 10 100.0 % 100.0 % Sun Retreats Peters Pond (2) RV Sandwich MA 380 30 100.0 % 100.0 % Hyde Park MH Easton MD 240 — 98.8 % 99.6 % Jellystone Park™ Williamsport (2)(3) RV Williamsport MD 10 230 100.0 % N/A Southside Landing MH Cambridge MD 100 — 99.0 % 100.0 % Sun Outdoors Frontier Town (2)(3) RV Berlin MD 60 630 100.0 % 100.0 % Sun Outdoors Ocean City (2)(3) RV Berlin MD 10 390 100.0 % 100.0 % Sun Outdoors Ocean City Gateway (2)(3) RV Whaleyville MD 40 170 100.0 % 100.0 % Jellystone Park™ at Memphis (2)(3) RV Horn Lake MS 10 150 100.0 % N/A Sun Outdoors Yellowstone North (2)(3) RV Gardiner MT — 70 N/A N/A Coastal Estates MH Hampstead NC 150 — 98.7 % 94.8 % (1) Glen Laurel MH Concord NC 260 — 98.8 % 98.8 % Jellystone Park™ at Golden Valley (2)(3) RV Bostic NC — 360 100.0 % N/A Meadowbrook MH Charlotte NC 320 — 99.7 % 99.7 % Sun Retreats Nantahala (2) RV Sylva NC 60 30 100.0 % 100.0 % Stoneridge Villas MH Gardnerville NV — — N/A (1) N/A (1) Sun Villa Estates MH Reno NV 320 — 100.0 % 99.7 % Brook Ridge MH Hooksett NH 90 — 100.0 % 100.0 % Crestwood MH Concord NH 320 — 99.7 % 99.7 % Farmwood Village MH Dover NH 160 — 100.0 % 100.0 % Glen Ellis Family Campground (2)(3) RV Glen NH — 300 100.0 % N/A Hannah Village MH Lebanon NH 80 — 100.0 % 100.0 % Hemlocks MH Tilton NH 100 — 99.0 % 100.0 % River Pines MH Nashua NH 480 — 100.0 % 99.6 % Strafford / Lake Winnipesaukee South KOA (2)(3) RV Strafford NH 20 130 100.0 % 100.0 % Sun Retreats Westward Shores (2)(3) RV West Ossipee NH 440 60 100.0 % 100.0 % Apple Creek MH Amelia OH 180 — 99.4 % 98.9 % East Fork Crossing MH Batavia OH 350 — 99.7 % 99.4 % Oakwood Village MH Miamisburg OH 510 — 99.4 % 99.0 % Orchard Lake MH Milford OH 150 — 97.3 % 99.3 % Sun Retreats Geneva on the Lake (2) RV Geneva on the Lake OH 540 90 100.0 % 100.0 % Westbrook Senior Village MH Toledo OH 110 — 100.0 % 100.0 % Westbrook Village MH Toledo OH 340 — 97.4 % 97.7 % Willowbrook Place MH Toledo OH 270 — 99.6 % 97.4 % Woodside Terrace MH Holland OH 440 — 97.7 % 96.4 % Pleasant Beach Campground RV Sherkston ON 100 — 100.0 % 100.0 % Sun Retreats Amherstburg (2) RV Amherstburg ON 240 70 100.0 % 100.0 % Sun Retreats Sherkston Shores (2) RV Sherkston ON 1,720 240 100.0 % 100.0 % Country Village Estates MH Oregon City OR 520 — 100.0 % 100.0 % Forest Meadows MH Philomath OR 130 — 88.4 % (1) 72.9 % (1) Sun Outdoors Bend (2) RV Bend OR — 120 N/A N/A Sun Outdoors Coos Bay (2) RV Coos Bay OR — 90 N/A N/A 39 SUN COMMUNITIES, INC.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2023 Transient RV Sites as of 12/31/2023 Occupancy as of 12/31/2023 Occupancy as of 12/31/2022 Rainbow MH Frostproof FL 40 — 100.0 % 100.0 % Rainbow RV Resort RV Frostproof FL 460 — 100.0 % 100.0 % Rainbow Village Largo (3) RV Largo FL 280 30 100.0 % 100.0 % Rainbow Village Zephyrhills (3) RV Zephyrhills FL 340 40 100.0 % 100.0 % Red Oaks MH Bushnell FL 100 — 92.2 % 93.2 % Red Oaks RV Resort (3) RV Bushnell FL 600 310 100.0 % 100.0 % Regency Heights MH Clearwater FL 390 — 100.0 % 99.2 % Riverside Club MH Ruskin FL 730 — 96.7 % 94.2 % (1) Royal Country MH Miami FL 860 — 99.9 % 99.9 % Royal Palm Village MH Haines City FL 390 — 88.9 % 87.3 % Saddle Oak Club MH Ocala FL 380 — 99.7 % 99.5 % Saralake Estates MH Sarasota FL 200 — 100.0 % 99.5 % Savanna Club MH Port St.
Property Name Segment City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2024 Transient RV Sites as of 12/31/2024 Occupancy as of 12/31/2024 Occupancy as of 12/31/2023 Rainbow RV Resort RV Frostproof FL 460 — 100.0 % 100.0 % Rainbow Village Largo (2) RV Largo FL 280 20 100.0 % 100.0 % Rainbow Village Zephyrhills (2) RV Zephyrhills FL 370 10 100.0 % 100.0 % Red Oaks MH Bushnell FL 100 — 91.3 % 92.2 % Red Oaks RV Resort (2) RV Bushnell FL 720 190 100.0 % 100.0 % Regency Heights MH Clearwater FL 390 — 99.5 % 100.0 % Riverside Club MH Ruskin FL 730 — 97.7 % 96.7 % Royal Country MH Miami FL 860 — 99.9 % 99.9 % Royal Palm Village MH Haines City FL 400 — 90.4 % 88.9 % Saddle Oak Club MH Ocala FL 380 — 99.7 % 99.7 % Saralake Estates MH Sarasota FL 200 — 98.5 % 100.0 % Savanna Club MH Port St.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2023 Transient RV Sites as of 12/31/2023 Occupancy as of 12/31/2023 Occupancy as of 12/31/2022 Rancho Mirage MH Apache Junction AZ 310 — 99.7 % 99.7 % Reserve at Fox Creek MH Bullhead City AZ 310 — 99.4 % 99.7 % Spanish Trails West MH Casa Grande AZ 130 — 13.2 % (1) 0.5 % (1) Spanish Trails West RV Resort (3) RV Casa Grande AZ 10 60 100.0 % N/A (1) Sun Valley MH Apache Junction AZ 270 — 98.1 % 98.1 % Arizona Total 4,590 920 94.7 % 91.3 % Colorado Cave Creek MH Evans CO 450 — 99.8 % 100.0 % Eagle Crest MH Firestone CO 440 — 99.5 % 99.8 % Jellystone Park™ at Larkspur (3) RV Larkspur CO — 540 N/A N/A North Point Estates MH Pueblo CO 110 — 99.1 % 95.4 % Skyline MH Fort Collins CO 170 — 100.0 % 100.0 % Smith Creek Crossing MH Granby CO 310 — 43.2 % (1) 34.8 % (1) Sun Outdoors Rocky Mountains MH Granby CO 40 — 100.0 % 100.0 % Sun Outdoors Rocky Mountains RV Resort (3) RV Granby CO — 450 100.0 % N/A Swan Meadow Village MH Dillon CO 170 — 100.0 % 100.0 % The Foothills MH Fort Collins CO — — N/A N/A The Grove at Alta Ridge MH Thornton CO 410 — 99.8 % 100.0 % Timber Ridge MH Ft.
Property Name Segment City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2024 Transient RV Sites as of 12/31/2024 Occupancy as of 12/31/2024 Occupancy as of 12/31/2023 Sun Valley MH Apache Junction AZ 270 — 99.6 % 98.1 % Arizona Total 4,190 810 97.6 % 96.9 % Colorado Cave Creek MH Evans CO 450 — 100.0 % 99.8 % Eagle Crest MH Firestone CO 440 — 99.8 % 99.5 % Jellystone Park™ at Larkspur (2)(3) RV Larkspur CO — 540 N/A N/A North Point Estates MH Pueblo CO 110 — 97.2 % 99.1 % Skyline MH Fort Collins CO 170 — 99.4 % 100.0 % Smith Creek Crossing MH Granby CO 310 — 48.4 % (1) 43.2 % (1) Sun Outdoors Rocky Mountains MH Granby CO 40 — 100.0 % 100.0 % Sun Outdoors Rocky Mountains RV Resort (2) RV Granby CO 10 410 100.0 % 100.0 % Swan Meadow Village MH Dillon CO 180 — 100.0 % 100.0 % The Foothills MH Fort Collins CO — — N/A (1) N/A (1) The Grove at Alta Ridge MH Thornton CO 410 — 100.0 % 99.8 % Timber Ridge MH Ft.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2023 Transient RV Sites as of 12/31/2023 Occupancy as of 12/31/2023 Occupancy as of 12/31/2022 Norway Commons MH Norway ME 260 — 74.0 % (1) 83.1 % (1) Riverside Drive Park MH Augusta ME 160 — 92.6 % 81.0 % Sun Outdoors Old Orchard Beach Downtown (3) RV Old Orchard Beach ME 90 230 100.0 % 100.0 % Sun Outdoors Saco Old Orchard Beach (3) RV Saco ME 20 170 100.0 % N/A Sun Outdoors Wells Beach (3) RV Wells ME — 230 N/A N/A Sun Retreats at Wild Acres (3) RV Old Orchard Beach ME 380 250 100.0 % 100.0 % Sun Retreats Old Orchard Beach (3) RV Old Orchard Beach ME 260 30 100.0 % 100.0 % Town & Country Village MH Lisbon ME 140 — 98.6 % 97.9 % Maine Total 2,470 1,070 96.0 % 95.4 % New Jersey Cape May Crossing MH Cape May NJ 30 — 100.0 % 100.0 % Deep Run MH Cream Ridge NJ 240 — 100.0 % 100.0 % Hospitality Creek Campground (3) RV Williamstown NJ 70 170 100.0 % 100.0% Shady Pines MH Galloway Township NJ 40 — 100.0 % 100.0 % Shady Pines RV Resort (3) RV Galloway Township NJ 70 20 100.0 % 100.0 % Sun Outdoors Cape May (6) RV Cape May NJ 100 250 100.0 % N/A Sun Retreats Avalon (3) RV Cape May Court House NJ 460 70 100.0 % 100.0 % Sun Retreats Cape May Wildwood (3) RV Cape May NJ 480 150 100.0 % 100.0 % Sun Retreats Long Beach Island (3) RV Barnegat NJ 180 30 100.0 % 100.0 % Sun Retreats Pleasant Acres Farm (3) RV Sussex NJ 160 130 100.0 % 100.0 % Sun Retreats Sea Isle (3) RV Clermont NJ 690 20 100.0 % 100.0 % Sun Retreats Seashore (3) RV Cape May NJ 450 230 100.0 % 100.0 % New Jersey Total 2,970 1,070 100.0 % 100.0 % New York Cherrywood MH Clinton NY 180 — 98.9 % 93.8 % (1) Jellystone Park™ at Birchwood Acres (6) MH Greenfield Park NY — — 100.0 % 100.0 % Jellystone Park™ at Birchwood Acres RV Resort (6) RV Greenfield Park NY 130 180 100.0 % 100.0 % Jellystone Park™ at Gardiner (3) RV Gardiner NY 20 310 100.0 % 100.0 % Jellystone Park™ of Western New York (3) RV North Java NY 10 340 100.0 % 100.0 % Kittatinny Campground & RV Resort (3) RV Barryville NY — 330 N/A N/A Parkside Village MH Cheektowaga NY 160 — 99.4 % 100.0 % Sky Harbor MH Cheektowaga NY 520 — 98.7 % 97.7 % Sun Outdoors Association Island (3) RV Henderson NY 40 260 100.0 % 100.0 % Sun Retreats Adirondack Gateway RV Gansevoort NY 340 — 100.0 % 100.0 % The Villas at Calla Pointe MH Cheektowaga NY 120 — 100.0 % 100.0 % New York Total 1,520 1,420 99.3 % 98.5 % OTHER Sun Outdoors Orange Beach (3) RV Orange Beach AL — 500 N/A N/A Fort Dupont RV Delaware City DE — — N/A N/A High Point Park MH Frederica DE 410 — 98.3 % 97.8 % Jellystone Park™ at Delaware Beaches (3) RV Delaware City DE — 260 N/A N/A Sea Air Village MH Rehoboth Beach DE 380 — 99.2 % 99.2 % Sea Air Village RV Resort (3) RV Rehoboth Beach DE 120 10 100.0 % 100.0 % Sun Outdoors Rehoboth Bay (6) RV Millsboro DE 10 290 100.0 % N/A Sun Retreats Rehoboth Bay MH Millsboro DE 200 — 100.0 % 95.0 % 37 SUN COMMUNITIES, INC.
Property Name Segment City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2024 Transient RV Sites as of 12/31/2024 Occupancy as of 12/31/2024 Occupancy as of 12/31/2023 Sun Outdoors Saco Old Orchard Beach (2) RV Saco ME 40 150 100.0 % 100.0 % Sun Outdoors Wells Beach (2)(3) RV Wells ME 30 200 100.0 % N/A Sun Retreats Wild Acres (2) RV Old Orchard Beach ME 400 230 100.0 % 100.0 % Sun Retreats Old Orchard Beach (2) RV Old Orchard Beach ME 260 30 100.0 % 100.0 % Town & Country Village MH Lisbon ME 140 — 98.6 % 98.6 % Maine Total 2,550 980 97.2 % 96.0 % New Jersey Cape May Crossing MH Cape May NJ 30 — 100.0 % 100.0 % Deep Run MH Cream Ridge NJ 240 — 100.0 % 100.0 % Jellystone Park™ South Jersey (2)(3) RV Williamstown NJ 80 150 100.0 % 100.0 % Shady Pines MH Galloway Township NJ 40 — 100.0 % 100.0 % Shady Pines RV Resort (2) RV Galloway Township NJ 80 10 100.0 % 100.0 % Sun Outdoors Cape May (2)(3) RV Cape May NJ 110 200 100.0 % 100.0 % Sun Retreats Avalon (2) RV Cape May Court House NJ 470 60 100.0 % 100.0 % Sun Retreats Cape May Wildwood (2) RV Cape May NJ 500 130 100.0 % 100.0 % Sun Retreats Long Beach Island (2) RV Barnegat NJ 180 30 100.0 % 100.0 % Sun Retreats Pleasant Acres Farm (2) RV Sussex NJ 160 140 100.0 % 100.0 % Sun Retreats Sea Isle (2) RV Clermont NJ 700 10 100.0 % 100.0 % Sun Retreats Seashore (2) RV Cape May NJ 470 210 100.0 % 100.0 % New Jersey Total 3,060 940 100.0 % 100.0 % New York Cherrywood MH Clinton NY 180 — 100.0 % 98.9 % Jellystone Park™ at Birchwood Acres (3) MH Greenfield Park NY — — 100.0% 100.0 % Jellystone Park™ at Birchwood Acres RV Resort (2)(3) RV Greenfield Park NY 140 170 100.0 % 100.0 % Jellystone Park™ Lazy River (2)(3) RV Gardiner NY 20 320 100.0 % 100.0 % Jellystone Park™ of Western New York (2)(3) RV North Java NY 20 340 100.0 % 100.0 % Kittatinny Campground & RV Resort (2)(3) RV Barryville NY — 540 N/A N/A Parkside Village MH Cheektowaga NY 160 — 98.7 % 99.4 % Sky Harbor MH Cheektowaga NY 520 — 97.7 % 98.7 % Sun Outdoors Association Island (2) RV Henderson NY 40 270 100.0 % 100.0 % Sun Retreats Adirondack Gateway RV Gansevoort NY 340 — 100.0 % 100.0 % The Villas at Calla Pointe MH Cheektowaga NY 120 — 100.0 % 100.0 % New York Total 1,540 1,640 99.0 % 99.3 % OTHER Sun Outdoors Orange Beach (2) RV Orange Beach AL — 500 N/A N/A Fort Dupont (3) RV Delaware City DE — — N/A N/A High Point Park MH Frederica DE 410 — 99.3 % 98.3 % Jellystone Park™ at Delaware Beaches (2)(3) RV Delaware City DE 40 230 100.0 % N/A Sea Air Village MH Rehoboth Beach DE 380 — 98.9 % 99.2 % Sea Air Village RV Resort (2) RV Rehoboth Beach DE 120 20 100.0 % 100.0 % Sun Outdoors Rehoboth Bay (2)(3) RV Millsboro DE 40 250 100.0 % 100.0 % Sun Retreats Rehoboth Bay MH Millsboro DE 200 — 100.0 % 100.0 % Sun Retreats Rehoboth Bay RV Resort RV Millsboro DE 300 — 100.0 % 100.0 % Countryside Village of Atlanta MH Lawrenceville GA 260 — 99.6 % 98.9 % Countryside Village of Gwinnett MH Buford GA 330 — 100.0 % 100.0 % Countryside Village of Lake Lanier MH Buford GA 550 — 99.8 % 99.6 % 38 SUN COMMUNITIES, INC.
Myers FL — — — % (4) — % (4) Southern Charm MH Zephyrhills FL — — 100.0 % 100.0 % Southern Charm RV Resort (3) RV Zephyrhills FL 430 70 100.0 % 100.0 % Southern Leisure RV Resort (3) RV Chiefland FL 410 90 100.0 % 100.0 % Southport Springs Golf & Country Club MH Zephyrhills FL 550 — 99.5 % 99.5 % Spanish Main MH Thonotosassa FL 60 — 98.2 % 96.4 % Spanish Main RV Resort (3) RV Thonotosassa FL 250 30 100.0 % 100.0 % Stonebrook MH Homosassa FL 210 — 94.0 % (1) 93.5 % (1) Sun Outdoors Islamorada MH Islamorada FL 60 — 42.9 % (5) 5.0 % (5) Sun Outdoors Islamorada RV Resort (3) RV Islamorada FL — 80 100.0 % — % (5) Sun Outdoors Key Largo (3) RV Key Largo FL 10 30 100.0 % 100.0 % Sun Outdoors Marathon (3) RV Marathon FL 10 80 100.0 % 100.0 % Sun Outdoors Panama City Beach MH Panama City Beach FL 40 — 100.0 % 97.6 % Sun Outdoors Panama City Beach RV Resort (3) RV Panama City Beach FL — 160 N/A N/A Sun Outdoors Sarasota (3) RV Sarasota FL 1,150 370 100.0 % 100.0 % Sun Outdoors St.
Myers FL 190 290 100.0 % — % (4) Southern Charm MH Zephyrhills FL — — 100.0 % 100.0 % Southern Charm RV Resort (2) RV Zephyrhills FL 460 40 100.0 % 100.0 % Southern Leisure RV Resort (2) RV Chiefland FL 470 30 100.0 % 100.0 % Southport Springs Golf & Country Club MH Zephyrhills FL 550 — 99.6 % 99.5 % Spanish Main MH Thonotosassa FL 60 — 96.4 % 98.2 % Spanish Main RV Resort (2) RV Thonotosassa FL 260 20 100.0 % 100.0 % Stonebrook MH Homosassa FL 220 — 93.5 % (1) 94.0 % (1) Sun Outdoors Islamorada MH Islamorada FL 60 — 57.1 % (5) 42.9 % (5) Sun Outdoors Islamorada RV Resort (2) RV Islamorada FL — 90 100.0 % 100.0 % Sun Outdoors Key Largo (2) RV Key Largo FL 10 30 100.0 % 100.0 % Sun Outdoors Marathon (2) RV Marathon FL 10 80 100.0 % 100.0 % Sun Outdoors Panama City Beach MH Panama City Beach FL 40 — 100.0 % 100.0 % Sun Outdoors Panama City Beach RV Resort (2) RV Panama City Beach FL 10 140 100.0 % N/A Sun Outdoors Sarasota (2) RV Sarasota FL 1,180 340 100.0 % 100.0 % Sun Outdoors St.
ITEM 2. PROPERTIES As of December 31, 2023, our properties were located in the U.S., the UK and Canada, and consisted of 353 MH communities, 179 RV communities and 135 marinas.
ITEM 2. PROPERTIES As of December 31, 2024, our properties were located in the U.S., the UK and Canada, and consisted of 288 MH communities, 166 RV communities, 138 marinas, and 53 UK communities.
Myers Beach FL — — — % (4) — % (4) Indian Creek RV Resort RV Ft.
Myers Beach FL 60 — 100.0 % — % (4) Indian Creek RV Resort (2) RV Ft.
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2023 Wet Slips and Dry Storage Spaces as of 12/31/2022 UNITED STATES NORTHEAST Connecticut Bruce & Johnsons Branford CT 670 670 Dauntless (1) Essex CT 340 340 Dauntless Shipyard (1) Essex CT — — Deep River Deep River CT 310 310 Essex Island (1) Essex CT — — Ferry Point Old Saybrook CT 140 140 Harbor House (2) Stamford CT — — Mystic Mystic CT 260 260 Pilots Point Westbrook CT 880 880 Stratford Stratford CT 210 210 Yacht Haven (2) Stamford CT 520 520 Connecticut Total 3,330 3,330 Rhode Island Allen Harbor North Kingstown RI 180 140 Cove Haven Barrington RI 340 340 Cowesett (3) Warwick RI 1,190 1,190 Greenwich Bay Warwick RI 550 550 Island Park (4) Portsmouth RI — — Jamestown Boatyard Jamestown RI 110 110 New England Boatworks Portsmouth RI 230 230 Newport Shipyard Newport RI 70 70 Sakonnet (4) Portsmouth RI 420 420 Silver Spring Wakefield RI 110 110 Wickford (5) Wickford RI — — Wickford Cove (5) Wickford RI 260 260 Rhode Island Total 3,460 3,420 New York Capri Port Washington NY 370 370 Gaines Rouses Point NY 290 290 Glen Cove Glen Cove NY 540 540 Greenport (6) Greenport NY 420 420 Haverstraw West Haverstraw NY 900 900 Montauk Yacht Club Montauk NY 230 230 Post Road Mamaroneck NY 50 50 Stirling (6) Greenport NY — — Willsboro Bay Willsboro NY 220 220 New York Total 3,020 3,020 Massachusetts Edgartown Edgartown MA 120 120 Fiddler's Cove North Falmouth MA 200 200 Green Harbor Marshfield MA 200 200 Hawthorne Cove Salem MA 450 450 Marina Bay Quincy MA 700 700 Onset Bay Buzzards Bay MA 230 230 42 SUN COMMUNITIES, INC.
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2024 Wet Slips and Dry Storage Spaces as of 12/31/2023 UNITED STATES NORTHEAST Connecticut Bruce & Johnsons Branford CT 670 670 Dauntless (1) Essex CT 340 340 Dauntless Shipyard (1) Essex CT — — Deep River Deep River CT 310 310 Essex Island (1) Essex CT — — Ferry Point (2) Old Saybrook CT 300 140 Harbor House (3) Stamford CT — — Mystic Mystic CT 260 260 Oak Leaf (2)(4) Old Saybrook CT — N/A Pilots Point Westbrook CT 880 880 Port Milford (4) Milford CT 90 N/A Stratford Stratford CT 210 210 Yacht Haven (3) Stamford CT 520 520 Connecticut Total 3,580 3,330 Rhode Island Allen Harbor North Kingstown RI 180 180 Cove Haven Barrington RI 340 340 Cowesett (5) Warwick RI 1,190 1,190 Greenwich Bay Warwick RI 550 550 Island Park (6) Portsmouth RI — — Jamestown Boatyard Jamestown RI 110 110 New England Boatworks Portsmouth RI 230 230 Newport Shipyard Newport RI 70 70 Sakonnet (6) Portsmouth RI 420 420 Silver Spring Wakefield RI 110 110 Wickford (7) Wickford RI — — Wickford Cove (7) Wickford RI 260 260 Rhode Island Total 3,460 3,460 42 SUN COMMUNITIES, INC.
Augustine FL — 170 N/A N/A Sun Outdoors Sugarloaf Key (3) RV Summerland Key FL — 100 N/A N/A Sun Retreats Crystal River (3) RV Crystal River FL 310 90 100.0 % 100.0 % Sun Retreats Daytona Beach (3) RV Port Orange FL 180 50 100.0 % 100.0 % Sun Retreats Dunedin (3) RV Dunedin FL 200 40 100.0 % 100.0 % Sun Retreats Estero Bay (3) RV Fort Myers FL 280 20 100.0 % 100.0 % Sun Retreats Fort Myers Beach RV Ft.
Augustine FL 50 120 100.0 % N/A Sun Outdoors Sugarloaf Key (2)(3) RV Summerland Key FL — 190 N/A N/A Sun Retreats Crystal River (2) RV Crystal River FL 330 70 100.0 % 100.0 % Sun Retreats Daytona Beach (2) RV Port Orange FL 160 70 100.0 % 100.0 % Sun Retreats Dunedin (2) RV Dunedin FL 160 80 100.0 % 100.0 % Sun Retreats Estero Bay (2) RV Fort Myers FL 270 30 100.0 % 100.0 % Sun Retreats Fort Myers Beach (2) RV Ft.
Myers FL — — N/A (4) — % (4) Sun Retreats Homosassa River (3) RV Homosassa Springs FL 150 80 100.0 % 100.0 % Sun Retreats Lake Josephine (3) RV Sebring FL 170 10 100.0 % 100.0 % Sun Retreats Naples (3) RV Naples FL 150 20 100.0 % 100.0 % Sun Retreats Naples East (3) RV Naples FL 270 30 100.0 % 100.0 % Sun Retreats Ocala Orange Lake (3) RV Citra FL 340 70 100.0 % 100.0 % Sun Retreats Orlando ChampionsGate MH Davenport FL 40 — 67.4 % (1) 68.2 % (1) Sun Retreats Orlando ChampionsGate RV Resort (3) RV Davenport FL 100 170 100.0 % 100.0 % Suncoast Gateway MH Port Richey FL 170 — 98.8 % 98.8 % Sundance MH Zephyrhills FL 330 — 100.0 % 100.0 % 33 SUN COMMUNITIES, INC.
Myers FL 110 150 100.0 % N/A (4) Sun Retreats Homosassa River (2) RV Homosassa Springs FL 110 110 100.0 % 100.0 % Sun Retreats Lake Josephine RV Sebring FL 180 — 100.0 % 100.0 % Sun Retreats Naples (2) RV Naples FL 150 20 100.0 % 100.0 % Sun Retreats Naples East (2) RV Naples FL 270 30 100.0 % 100.0 % Sun Retreats Ocala Orange Lake (2) RV Citra FL 360 50 100.0 % 100.0 % Sun Retreats Orlando ChampionsGate MH Davenport FL 40 — 65.1 % (1) 67.4 % (1) Sun Retreats Orlando ChampionsGate RV Resort (2) RV Davenport FL 120 130 100.0 % 100.0 % Suncoast Gateway MH Port Richey FL 170 — 98.8 % 98.8 % Sunlake Estates MH Grand Island FL 420 — 97.8 % 97.3 % Sunset Harbor at Cow Key Marina MH Key West FL 80 — 98.7 % 98.7 % 34 SUN COMMUNITIES, INC.
As of December 31, 2023, our properties contained an aggregate of 227,340 developed sites comprised of 118,430 developed MH sites, 32,390 annual RV sites (inclusive of both annual and seasonal usage rights), 28,490 transient RV sites and 48,030 wet slips and dry storage spaces. There are 17,980 additional MH and RV sites suitable for development.
As of December 31, 2024, our properties contained an aggregate of 225,150 developed sites comprised of 97,430 developed MH sites, 32,100 annual RV sites (inclusive of both annual and seasonal usage rights), 24,830 transient RV sites, 17,690 UK annual sites, 4,340 UK transient RV sites, and 48,760 wet slips and dry storage spaces.
Osyth Beach (3) MH Clacton on Sea, Essex England 480 30 94.6 % 96.8 % Steeple Bay (3) MH Sothminster, Essex England 450 80 89.9 % 89.2 % Stowford MH Ilfracombe, Devon England — — N/A (1) N/A (2) Suffolk Sands (3) MH Felixstowe, Suffolk England 360 20 94.4 % 94.6 % Tarka (3) MH Barnstaple, Devon England 120 10 87.3 % 93.5 % Trevella (3) MH Newquay, Cornwall England 180 180 88.0 % 91.6 % Vernon Dene MH North Ripley, Bransgore England — — N/A (1) N/A (1) Waterside (3) MH Paignton, Devon England 200 30 87.4 % 91.3 % West Mersea (3) MH West Mersea, Essex England 400 40 96.8 % 97.5 % Winchelsea Sands (3) MH Winchelsea, Sussex England 260 10 85.1 % 82.9 % Wood Farm (3) MH Charmouth, Dorset England 130 110 83.1 % 90.4 % Yorkshire Dales MH Leyburn, Yorkshire England 110 — 83.9 % 79.4 % England Total 16,610 3,000 89.6 % 90.4 % Scotland Burghead (3) MH Burghead, Moray Scotland 80 20 63.8 % 67.5 % Lossiemouth (3) MH Lossiemouth, Moray Scotland 130 20 72.1 % 76.0 % Silver Sands (3) MH Lossiemouth, Moray Scotland 420 110 93.6 % 94.2 % Turnberry (3) MH Girvan, Ayrshire Scotland 260 20 80.5 % 83.5 % Scotland Total 890 170 84.0 % 85.9 % Wales Brynteg (3) MH Llanryg, Caernafon Wales 290 30 92.5 % 94.9 % Plas Coch MH Llanedwen, Anglesey Wales 320 — 95.7 % 95.1 % Wales Total 610 30 94.2 % 95.0 % UNITED KINGDOM TOTAL 18,110 3,200 89.5 % 89.9 % COMPANY TOTAL / AVERAGE 150,820 28,490 96.4 % 96.0 % (1) Occupancy in these properties reflects the fact that these properties are held for future development or are in a lease-up phase following an expansion, redevelopment or initial construction.
Osyth Beach / Martello Beach (2) UK Clacton on Sea, Essex England 930 150 92.2 % 92.3 % Steeple Bay (2) UK Sothminster, Essex England 440 90 91.8 % 89.9 % Stowford (2) UK Ilfracombe, Devon England 90 930 93.5 % N/A (1) Suffolk Sands UK Felixstowe, Suffolk England 370 — 93.8 % 94.4 % Tarka (2) UK Barnstaple, Devon England 120 10 91.7 % 87.3 % Trevella (2) UK Newquay, Cornwall England 190 220 90.4 % 88.0 % Waterside (2) UK Paignton, Devon England 200 40 87.4 % 87.4 % West Mersea (2) UK West Mersea, Essex England 400 40 96.8 % 96.8 % Winchelsea Sands (2) UK Winchelsea, Sussex England 260 30 81.6 % 85.1 % Wood Farm (2) UK Charmouth, Dorset England 140 160 83.0 % 83.1 % Yorkshire Dales UK Leyburn, Yorkshire England 130 — 79.2 % 83.9 % England Total 16,450 4,110 89.6 % 89.6 % Scotland Burghead / Lossiemouth / Silver Sands (2) UK Burghead, Moray Scotland 620 190 90.3 % 85.4 % Scotland Total 620 190 90.3 % 85.4 % Wales Brynteg (2) UK Llanryg, Caernafon Wales 290 40 84.9 % 92.5 % Plas Coch UK Llanedwen, Anglesey Wales 330 — 95.7 % 95.7 % 41 SUN COMMUNITIES, INC.
(6) Wet slips and dry storage spaces from Stirling are grouped into Greenport. (7) Wet slips and dry storage spaces from Harrison Yacht Yard are grouped into Narrows Point. (8) Property acquired during year ended December 31, 2023. (9) Wet slips and dry storage spaces from South Fork are grouped into Lauderdale Marine Center.
(6) Wet slips and dry storage spaces from Island Park are grouped into Sakonnet. (7) Wet slips and dry storage spaces from Wickford are grouped into Wickford Cove. (8) Wet slips and dry storage spaces from Stirling are grouped into Greenport. (9) Wet slips and dry storage spaces from Harrison Yacht Yard are grouped into Narrows Point.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2023 Transient RV Sites as of 12/31/2023 Occupancy as of 12/31/2023 Occupancy as of 12/31/2022 Sun Retreats Willow Lake RV Scotland ON 370 — 100.0 % 100.0 % CANADA TOTAL / AVERAGE 4,700 480 100.0 % 100.0 % NORTH AMERICA TOTAL 132,710 25,290 97.4 % 96.8 % UNITED KINGDOM England Alberta (3) MH Whitstable, Kent England 330 10 94.5 % 93.6 % Amble Links MH Amble, Northumberland England 660 — 91.2 % 93.6 % Ashbourne Heights (3) MH Ashbourne, Derbyshire England 110 120 90.4 % 90.2 % Beauport MH Hastings, Sussex England 820 — 94.3 % 95.1 % Birchington Vale MH Birchington, Kent England 490 — 97.3 % 97.1 % Bodmin Holiday Park (formerly Cornwall) (3) MH Bodmin, Cornwall England 10 60 69.2 % (1) 64.3 % Bowland Fell (3) MH Skipton, Yorkshire England 270 40 86.0 % 88.4 % Broadland Sands (3) MH Lowestoft, Suffolk England 440 180 95.7 % 91.0 % Carlton Meres (3) MH Saxmundham, Suffolk England 350 180 89.3 % 86.7 % Chantry MH West Witton, Yorkshire England 140 — 79.1 % 77.9 % Chichester Lakeside (3) MH Chichester, Sussex England 500 100 94.2 % 93.0 % Coghurst Hall (3) MH Hastings, Sussex England 490 30 92.0 % 92.8 % Dawlish Sands MH Dawlish, Devon England 170 — 91.6 % 94.6 % Dovercourt (3) MH Harwich, Essex England 530 110 91.0 % 92.8 % Felixstowe Beach (3) MH Felixstowe, Suffolk England 330 10 89.7 % 95.4 % Glendale (3) MH Wigton, Cumbria England 350 30 71.4 % 93.2 % Golden Sands (3) MH Dawlish, Devon England 300 120 86.6 % 80.6 % Harts (3) MH Isle of Sheppey, Kent England 480 160 87.2 % 87.6 % Hedley Wood (3) MH Holsworthy, Devon England 80 170 66.7 % (1) 63.2 % Henfold MH Dorking, Surrey England — — N/A (1) N/A (1) Hengar Manor (3) MH Bodmin, Cornwall England 120 60 80.9 % 80.2 % Littondale (3) MH Skipton, Yorkshire England 90 10 92.2 % 88.3 % Malvern View (3) MH Stanford Bishop, Worcester England 320 30 87.2 % 89.1 % Marlie (3) MH Romney, Kent England 380 130 90.9 % 91.8 % Martello Beach (3) MH Clacton on Sea, Essex England 460 100 90.0 % 86.6 % New Beach (3) MH Dymchurch, Kent England 510 90 95.5 % 93.0 % Newhaven (3) MH Buxton, Derbyshire England 80 120 79.3 % 90.7 % Oaklands MH Clacton on Sea, Essex England 290 — 88.4 % 93.2 % Old Kerrow MH Ilfracombe, Devon England — — N/A N/A (2) Oyster Bay MH Truro, Cornwall England 160 — 71.3 % 87.4 % Pakefield (3) MH Pakefield, Suffolk England 320 30 91.4 % 88.4 % Par Sands (3) MH Par, Cornwall England 280 20 92.6 % 94.4 % Pentire (3) MH Bude, Cornwall England 120 10 92.3 % 93.2 % Pevensey Bay (3) MH Pevensey Bay, Sussex England 350 100 89.5 % 87.2 % Polperro (3) MH Looe, Cornwall England 70 90 71.6 % 54.1 % Ribble Valley MH Clitheroe, Lancashire England 310 — 80.2 % 85.4 % Rye Harbour MH Rye, Sussex England 240 — 89.3 % 88.8 % Sand le Mere (3) MH Hull, Yorkshire England 690 210 86.1 % 77.8 % 40 SUN COMMUNITIES, INC.
Property Name Segment City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2024 Transient RV Sites as of 12/31/2024 Occupancy as of 12/31/2024 Occupancy as of 12/31/2023 Golden Sands (2) UK Dawlish, Devon England 310 140 85.0 % 86.6 % Harts (2) UK Isle of Sheppey, Kent England 470 160 85.9 % 87.2 % Hedley Wood (2) UK Holsworthy, Devon England 70 180 77.0 % (1) 66.7 % (1) Henfold UK Dorking, Surrey England — — N/A (1) N/A (1) Hengar Manor (2) UK Bodmin, Cornwall England 90 80 94.0 % 80.9 % Malvern View (2) UK Stanford Bishop, Worcester England 310 30 90.3 % 87.2 % Marlie (2) UK Romney, Kent England 390 140 91.3 % 90.9 % New Beach (2) UK Dymchurch, Kent England 560 80 90.6 % 95.5 % Newhaven (2) UK Buxton, Derbyshire England 80 130 82.7 % 79.3 % Oaklands UK Clacton on Sea, Essex England 290 — 89.8 % 88.4 % Old Kerrow UK Ilfracombe, Devon England — — N/A (1) N/A (1) Oyster Bay UK Truro, Cornwall England 160 — 77.1 % 71.3 % Pakefield (2) UK Pakefield, Suffolk England 290 30 88.3 % 91.4 % Par Sands (2) UK Par, Cornwall England 290 20 90.2 % 92.6 % Pentire (2) UK Bude, Cornwall England 120 20 94.9 % 92.3 % Pevensey Bay (2) UK Pevensey Bay, Sussex England 350 50 92.6 % 89.5 % Polperro (2) UK Looe, Cornwall England 80 60 70.3 % 71.6 % Ribble Valley (2) UK Clitheroe, Lancashire England 300 20 82.6 % 80.2 % Rye Harbour UK Rye, Sussex England 230 — 96.5 % 89.3 % Sand le Mere (2) UK Hull, Yorkshire England 680 220 86.5 % 86.1 % Sandhills (2) UK Christchurch, Dorset England 140 10 89.6 % 88.8 % Sandy Bay (2) UK Canvey Island, Essex England 420 30 90.2 % 80.0 % Seaview (2) UK Whitstable, Kent England 590 80 95.9 % 95.6 % Seawick (2) UK Clacton on Sea, Essex England 580 80 91.6 % 93.5 % Solent Breezes (2) UK Fareham, Hampshire England 250 10 90.2 % 91.9 % St.
(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.
(2) Wet slips and dry storage spaces from Oak Leaf are grouped into Ferry Point. (3) Wet slips and dry storage spaces from Harbor House are grouped into Yacht Haven. (4) Property acquired during the year ended December 31, 2024. (5) Wet slips and dry storage spaces from Apponaug Harbor are grouped into Cowesett.
Most of our properties include amenities oriented toward family and retirement living. Of our 667 properties, 318 properties have 300 or more developed sites, with the largest having 2,340 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.
There are 16,570 additional MH, RV, and UK sites suitable for development. Most of our properties include amenities oriented toward family and retirement living. Of our 645 properties, 316 properties have 300 or more developed sites, with the largest having 2,340 developed MH and RV sites.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2023 Transient RV Sites as of 12/31/2023 Occupancy as of 12/31/2023 Occupancy as of 12/31/2022 Forest Meadows MH Philomath OR 130 — 72.9 % (1) 58.1 % (1) Sun Outdoors Bend (3) RV Bend OR — 120 N/A N/A Sun Outdoors Coos Bay (3) RV Coos Bay OR — 80 N/A N/A Sun Outdoors Portland South (3) RV Wilsonville OR — 130 N/A N/A Woodland Park Estates MH Eugene OR 400 — 100.0 % 99.7 % Countryside Estates MH Mckean PA 300 — 98.7 % 98.7 % Jellystone Park™ at Quarryville (3) RV Quarryville PA — 260 N/A N/A Pheasant Ridge MH Lancaster PA 550 — 99.6 % 99.8 % River Beach Campsites & RV RV Milford PA — — N/A N/A Sun Retreats Lancaster County (3) RV Narvon PA 290 140 100.0 % 100.0 % Country Lakes MH Little River SC 140 — 100.0 % 100.0 % Crossroads MH Aiken SC 170 — 94.0 % (1) 92.3 % (1) Crossroads RV Resort RV Aiken SC 20 — 100.0 % 100.0 % Lakeside Crossing MH Conway SC 690 — 98.4 % 94.8 % (1) Ocean Pines MH Garden City SC 580 — 99.8 % 99.8 % Southern Palms MH Ladson SC 190 — 100.0 % 100.0 % Sun Outdoors Myrtle Beach (3) RV Conway SC 160 670 100.0 % 100.0 % Bell Crossing MH Clarksville TN 240 — 97.0 % 99.6 % Sun Outdoors Pigeon Forge (3) RV Sevierville TN 70 240 100.0 % 100.0 % Bear Lake Development Land RV Garden City UT — — N/A (1) N/A (1) Sun Outdoors Arches Gateway (3) RV Moab UT — 130 N/A N/A Sun Outdoors Canyonlands Gateway (3) RV Moab UT — 110 N/A N/A Sun Outdoors Garden City Utah (3) RV Garden City UT — 180 N/A N/A Sun Outdoors Moab Downtown (3) RV Moab UT — 130 N/A N/A Sun Outdoors North Moab (3) RV Moab UT — 190 N/A N/A Sun Outdoors Salt Lake City (3) RV North Salt Lake UT — 190 N/A N/A 47 North MH Cle Elum WA — — N/A (1) N/A (1) Sun Outdoors Gig Harbor (3) RV Gig Harbor WA — 110 N/A N/A Sun Retreats Birch Bay (3) RV Blaine WA 370 300 100.0 % 100.0 % Fond du Lac East / Kettle Moraine KOA (3) RV Glenbeulah WI 240 80 100.0 % 100.0 % Thunderhill Estates MH Sturgeon Bay WI 270 — 98.9 % 98.1 % Other Total 17,540 8,200 98.7 % 98.1 % US TOTAL / AVERAGE 128,010 24,810 97.3 % 96.7 % CANADA Pleasant Beach Campground RV Sherkston ON 100 — 100.0 % 100.0 % Sun Retreats Amherstburg (3) RV Amherstburg ON 220 80 100.0 % 100.0 % Sun Retreats Arran Lake RV Allenford ON 190 — 100.0 % 100.0 % Sun Retreats Blue Mountains (3) RV Clarksburg ON 90 20 100.0 % 100.0 % Sun Retreats Cayuga (3) RV Cayuga ON 250 30 100.0 % 100.0 % Sun Retreats Flamborough RV Millgrove ON 200 — 100.0 % 100.0 % Sun Retreats Georgian Bay (3) RV Seguin ON 230 10 100.0 % 100.0 % Sun Retreats Hay Bay (3) RV Napanee ON 200 10 100.0 % 100.0 % Sun Retreats Huntsville RV Huntsville ON 230 — 100.0 % 100.0 % Sun Retreats Ipperwash (3) RV Lambton Shores ON 140 20 100.0 % 100.0 % Sun Retreats Penetanguishene (3) RV Tiny ON 220 40 100.0 % 100.0 % Sun Retreats Sandbanks RV Cherry Valley ON 140 — 100.0 % 100.0 % Sun Retreats Sherkston Shores (3) RV Sherkston ON 1,700 240 100.0 % 100.0 % Sun Retreats Stratford RV Bornholm ON 210 — 100.0 % 100.0 % Sun Retreats Turkey Point (3) RV Normandale ON 210 30 100.0 % 100.0 % 39 SUN COMMUNITIES, INC.
Property Name Segment City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2024 Transient RV Sites as of 12/31/2024 Occupancy as of 12/31/2024 Occupancy as of 12/31/2023 Sun Outdoors Portland South (2)(3) RV Wilsonville OR — 130 N/A N/A Woodland Park Estates MH Eugene OR 400 — 100.0 % 100.0 % Countryside Estates MH Mckean PA 300 — 97.4 % 98.7 % Jellystone Park™ at Quarryville (2)(3) RV Quarryville PA — 260 100.0 % N/A Pheasant Ridge MH Lancaster PA 550 — 99.5 % 99.6 % River Beach Campsites & RV (2)(3) RV Milford PA — 160 N/A N/A Sun Retreats Lancaster County (2) RV Narvon PA 290 130 100.0 % 100.0 % Country Lakes MH Little River SC 140 — 100.0 % 100.0 % Crossroads MH Aiken SC 170 — 98.8 % 94.0 % (1) Crossroads RV Resort RV Aiken SC 20 — 100.0 % 100.0 % Lakeside Crossing MH Conway SC 690 — 99.6 % 98.4 % Ocean Pines MH Garden City SC 580 — 99.8 % 99.8 % Southern Palms MH Ladson SC 190 — 99.5 % 100.0 % Sun Outdoors Myrtle Beach (2)(3) RV Conway SC 190 630 100.0 % 100.0 % Sun Outdoors Pigeon Forge (2)(3) RV Sevierville TN 50 260 100.0 % 100.0 % Bear Lake Development Land RV Garden City UT — — N/A (1) N/A (1) Sun Outdoors Arches Gateway (2) RV Moab UT — 110 N/A N/A Sun Outdoors Canyonlands Gateway (2) RV Moab UT — 130 N/A N/A Sun Outdoors Garden City Utah (2) RV Garden City UT — 220 N/A N/A Sun Outdoors Moab Downtown (2) RV Moab UT — 130 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 — 180 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 — 110 N/A N/A Sun Retreats Birch Bay (2) RV Blaine WA 370 300 100.0 % 100.0 % Fond du Lac East / Kettle Moraine KOA (2) RV Glenbeulah WI 240 80 100.0 % 100.0 % Other Total 18,020 8,360 99.3 % 98.9 % NORTH AMERICA TOTAL 129,530 24,830 98.0 % 97.4 % UNITED KINGDOM England Alberta (2) UK Whitstable, Kent England 330 10 93.6 % 94.5 % Amble Links UK Amble, Northumberland England 670 — 84.2 % 91.2 % Ashbourne Heights (2) UK Ashbourne, Derbyshire England 120 90 93.4 % 90.4 % Beauport UK Hastings, Sussex England 820 — 89.5 % 94.3 % Birchington Vale (2) UK Birchington, Kent England 500 20 96.4 % 97.3 % Bodmin Holiday Park (formerly Cornwall) (2) UK Bodmin, Cornwall England 10 60 52.9 % (1) 69.2 % (1) Bowland Fell (2) UK Skipton, Yorkshire England 290 50 91.4 % 86.0 % Broadland Sands (2) UK Lowestoft, Suffolk England 460 150 94.4 % 95.7 % Carlton Meres (2) UK Saxmundham, Suffolk England 360 190 87.6 % 89.3 % Chantry UK West Witton, Yorkshire England 150 — 77.7 % 79.1 % Chichester Lakeside (2) UK Chichester, Sussex England 520 90 93.1 % 94.2 % Coghurst Hall (2) UK Hastings, Sussex England 500 20 88.4 % 92.0 % Dawlish Sands UK Dawlish, Devon England 170 — 89.8 % 91.6 % Dovercourt (2) UK Harwich, Essex England 560 140 88.8 % 91.0 % Felixstowe Beach UK Felixstowe, Suffolk England 340 — 93.2 % 89.7 % Glendale (2) UK Wigton, Cumbria England 330 50 77.3 % 71.4 % 40 SUN COMMUNITIES, INC.
A revenue producing site is defined as a site that is occupied by a paying resident or reserved by a customer with annual or seasonal usage rights. 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.
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.
(6) We have an ownership interest in these properties, but do not maintain and operate these properties. 41 SUN COMMUNITIES, INC. The following tables set forth certain information relating to our Safe Harbor branded marinas as of December 31, 2023.
The following tables set forth certain information relating to our Safe Harbor branded marinas as of December 31, 2024.
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2023 Wet Slips and Dry Storage Spaces as of 12/31/2022 Florida Total 5,200 5,050 South Carolina Beaufort Beaufort SC 130 130 Bristol Charleston SC 190 190 Charleston City (11) Charleston SC 450 450 City Boatyard Charleston SC 220 220 Port Royal Port Royal SC 250 250 Port Royal Landing Port Royal SC 160 160 Reserve Harbor Pawleys Island SC 230 230 Skull Creek Hilton Head SC 190 190 South Carolina Total 1,820 1,820 North Carolina Jarrett Bay Boatworks Beaufort NC 40 40 Kings Point Cornelius NC 780 780 Outer Banks Wanchese NC 210 210 Peninsula Yacht Club Cornelius NC 480 480 Skippers Landing Troutman NC 390 390 South Harbour Village Southport NC 140 140 Westport Denver NC 620 620 North Carolina Total 2,660 2,660 Puerto Rico Puerto del Rey Fajardo PR 1,610 1,610 Puerto Rico Total 1,610 1,610 Virginia Bluewater Hampton VA 200 200 Stingray Point Deltaville VA 220 220 Virginia Total 420 420 MIDWEST Michigan Belle Maer Harrison Township MI 550 550 Detroit River Detroit MI 470 470 Grand Isle Grand Haven MI 450 450 Great Lakes Muskegon MI 470 470 Jefferson Beach St.
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2024 Wet Slips and Dry Storage Spaces as of 12/31/2023 Kings Point Cornelius NC 780 780 Outer Banks Wanchese NC 210 210 Peninsula Yacht Club Cornelius NC 480 480 Skippers Landing Troutman NC 390 390 South Harbour Village Southport NC 140 140 Westport Denver NC 620 620 Wentworth by the Sea New Castle NH 220 220 Crystal Point Point Pleasant NJ 170 170 Manasquan River Brick Township NJ 240 240 Lakefront Port Clinton OH 490 490 Sandusky Sandusky OH 550 550 Harbors View Afton OK 160 160 Port of San Juan (4) San Juan PR 10 N/A Puerto del Rey Fajardo PR 1,610 1,610 Beaufort Beaufort SC 130 130 Bristol Charleston SC 190 190 Charleston City (14) Charleston SC 450 450 City Boatyard Charleston SC 220 220 Port Royal Port Royal SC 250 250 Port Royal Landing Port Royal SC 160 160 Reserve Harbor Pawleys Island SC 230 230 Skull Creek Hilton Head SC 190 190 Eagle Cove Byrdstown TN 110 80 Holly Creek Celina TN 310 310 Emerald Point Austin TX 590 590 Pier 121 Lewisville TX 1,080 1,080 Walden Montgomery TX 390 390 Bluewater Hampton VA 200 200 Stingray Point Deltaville VA 220 220 Shelburne Shipyard Shelburne VT 210 210 Other Total 22,310 22,310 COMPANY TOTAL 48,760 48,030 (1) Wet slips and dry storage spaces from Dauntless Shipyard and Essex Island are grouped into Dauntless.
As of December 31, 2023, our MH and RV properties had an occupancy rate of 96.4% excluding transient RV sites.
See "Real Estate and Accumulated Depreciation, Schedule III," included in our Consolidated Financial Statements, for detail on properties that are encumbered. As of December 31, 2024, our MH and RV properties had an occupancy rate of 97.0% excluding transient RV sites.
(10) Property is temporarily used to store hurricane-affected vessels, which will be converted to a development site. (11) Wet slips and dry storage spaces from Ashley Fuels are grouped into Charleston City. 46 SUN COMMUNITIES, INC.
(13) Wet slips and dry storage spaces from Ventura Harbor Fuel are grouped into Venture Isle. (14) Wet slips and dry storage spaces from Ashley Fuels are grouped into Charleston City. 45 SUN COMMUNITIES, INC.
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2023 Wet Slips and Dry Storage Spaces as of 12/31/2022 Kentucky Total 2,370 2,370 Texas Emerald Point Austin TX 590 590 Pier 121 Lewisville TX 1,080 1,080 Walden Montgomery TX 390 390 Texas Total 2,060 2,060 Arkansas Brady Mountain Royal AR 580 580 Arkansas Total 580 580 Tennessee Eagle Cove Byrdstown TN 80 80 Holly Creek Celina TN 310 310 Tennessee Total 390 390 Mississippi Aqua Yacht Iuka MS 590 590 Mississippi Total 590 590 Alabama Sportsman Orange Beach AL 760 720 Alabama Total 760 720 Oklahoma Harbors View Afton OK 160 160 Oklahoma Total 160 160 SOUTHEAST Florida Angler House Islamorada FL 20 20 Burnt Store Punta Gorda FL 910 760 Calusa Island Goodland FL 620 620 Cape Harbour Cape Coral FL 260 260 Emerald Coast Niceville FL 350 350 Harborage Yacht Club Stuart FL 310 310 Harbortown Fort Pierce FL 350 350 Islamorada Islamorada FL 260 260 Lauderdale Marine Center (9) Fort Lauderdale FL 130 130 Marathon Marathon FL 160 160 New Port Cove Riviera Beach FL 360 360 North Palm Beach North Palm Beach FL 120 120 Old Port Cove North Palm Beach FL 210 210 Pier 77 Bradenton FL 200 200 Pineland Bokeelia FL 260 260 Port Phoenix (10) North Fort Myers FL — — Regatta Pointe Palmetto FL 370 370 Riviera Beach Riviera Beach FL 20 20 Siesta Key Sarasota FL 230 230 South Fork (9) Fort Lauderdale FL — — West Palm Beach West Palm Beach FL 60 60 44 SUN COMMUNITIES, INC.
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2024 Wet Slips and Dry Storage Spaces as of 12/31/2023 New York Capri Port Washington NY 370 370 Gaines Rouses Point NY 290 290 Glen Cove Glen Cove NY 540 540 Greenport (8) Greenport NY 370 420 Haverstraw West Haverstraw NY 900 900 Montauk Yacht Club Montauk NY 230 230 Post Road Mamaroneck NY 50 50 Stirling (8) Greenport NY — — Willsboro Bay Willsboro NY 220 220 New York Total 2,970 3,020 Massachusetts Edgartown Edgartown MA 120 120 Fiddler's Cove North Falmouth MA 200 200 Green Harbor Marshfield MA 200 200 Hawthorne Cove Salem MA 450 450 Marina Bay Quincy MA 740 700 Onset Bay Buzzards Bay MA 230 230 Plymouth Plymouth MA 200 200 Sunset Bay Hull MA 220 240 Vineyard Haven Vineyard Haven MA 180 180 Massachusetts Total 2,540 2,520 Maryland Annapolis Annapolis MD 290 290 Bohemia Vista Chesapeake Bay MD 130 130 Carroll Island Baltimore MD 460 460 Great Oak Landing Chestertown MD 390 390 Hacks Point Chesapeake Bay MD 70 70 Narrows Point (9) Grasonville MD 390 390 Oxford Oxford MD 140 140 Podickory Point Annapolis MD 310 310 Zahnisers Solomons MD 220 300 Maryland Total 2,400 2,480 SOUTHEAST Florida Angler House Islamorada FL 20 20 Berth One Palm Beach (4)(10) Riviera Beach FL — N/A Burnt Store Punta Gorda FL 910 910 Calusa Island Goodland FL 620 620 Cape Harbour Cape Coral FL 260 260 Emerald Coast Niceville FL 350 350 Harborage Yacht Club Stuart FL 310 310 Harbortown Fort Pierce FL 260 350 Islamorada Islamorada FL 260 260 Lauderdale Marine Center (11) Fort Lauderdale FL 130 130 Marathon Marathon FL 160 160 New Port Cove Riviera Beach FL 360 360 North Palm Beach North Palm Beach FL 120 120 Old Port Cove North Palm Beach FL 210 210 43 SUN COMMUNITIES, INC.
MI — — N/A (1) N/A (1) Sun Outdoors Kensington Valley (3) RV New Hudson MI 320 170 100.0 % 100.0 % 29 SUN COMMUNITIES, INC.
MI — — N/A (1) N/A (1) 30 SUN COMMUNITIES, INC.
Removed
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2023 Transient RV Sites as of 12/31/2023 Occupancy as of 12/31/2023 Occupancy as of 12/31/2022 Sandhills (3) MH Christchurch, Dorset England 130 10 88.8 % 92.5 % Sandy Bay MH Canvey Island, Essex England 730 — 80.0 % 80.0 % Seaview (3) MH Whitstable, Kent England 590 60 95.6 % 97.6 % Seawick (3) MH Clacton on Sea, Essex England 580 90 93.5 % 90.3 % Solent Breezes (3) MH Fareham, Hampshire England 250 10 91.9 % 87.9 % St.
Added
Property Name Segment City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2024 Transient RV Sites as of 12/31/2024 Occupancy as of 12/31/2024 Occupancy as of 12/31/2023 Wales Total 620 40 90.6 % 94.2 % UNITED KINGDOM TOTAL 17,690 4,340 89.7 % 89.6 % COMPANY TOTAL / AVERAGE 147,220 29,170 97.0 % 96.4 % (1) Occupancy in these properties reflects the fact that these properties are held for future development or are in a lease-up phase following an expansion, redevelopment or initial construction.
Removed
(2) No occupancy in these properties for the year ended December 31, 2022 as properties were acquired during the year ended December 31, 2023. (3) Occupancy percentage excludes transient RV sites. Percentage calculated by dividing revenue producing sites by developed sites.
Added
(2) Occupancy percentage excludes transient RV sites. Percentage calculated by dividing revenue producing sites by developed sites. A revenue producing site is defined as a site that is occupied by a paying resident or reserved by a customer with annual or seasonal usage rights.
Removed
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2023 Wet Slips and Dry Storage Spaces as of 12/31/2022 Plymouth Plymouth MA 200 200 Sunset Bay Hull MA 240 240 Vineyard Haven Vineyard Haven MA 180 180 Massachusetts Total 2,520 2,520 Maryland Annapolis Annapolis MD 290 290 Bohemia Vista Chesapeake Bay MD 130 120 Carroll Island Baltimore MD 460 460 Great Oak Landing Chestertown MD 390 400 Hacks Point Chesapeake Bay MD 70 70 Narrows Point (7) Grasonville MD 390 540 Oxford Oxford MD 140 140 Podickory Point Annapolis MD 310 310 Zahnisers Solomons MD 300 300 Maryland Total 2,480 2,630 New Jersey Crystal Point Point Pleasant NJ 170 170 Manasquan River Brick Township NJ 240 240 New Jersey Total 410 410 Maine Great Island Harpswell ME 140 140 Kittery Point Kittery ME 60 60 Rockland Rockland ME 50 50 Maine Total 250 250 New Hampshire Wentworth by the Sea New Castle NH 220 220 New Hampshire Total 220 220 Vermont Shelburne Shipyard Shelburne VT 210 210 Vermont Total 210 210 SOUTH Georgia Aqualand Flowery Branch GA 1,570 1,570 Bahia Bleu Thunderbolt GA 260 260 Hideaway Bay Flowery Branch GA 690 690 Savannah Yacht Center (8) Savannah GA 20 N/A Trade Winds Appling GA 320 320 Georgia Total 2,860 2,840 Kentucky Beaver Creek Monticello KY 280 280 Burnside Somerset KY 350 350 Grider Hill Albany KY 710 710 Jamestown Jamestown KY 740 740 Wisdom Dock Albany KY 290 290 43 SUN COMMUNITIES, INC.
Added
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2024 Wet Slips and Dry Storage Spaces as of 12/31/2023 Pier 77 Bradenton FL 200 200 Pineland Bokeelia FL 260 260 Port Phoenix (12) North Fort Myers FL — — Regatta Pointe Palmetto FL 320 370 Riviera Beach Riviera Beach FL 20 20 Siesta Key Sarasota FL 230 230 South Fork (11) Fort Lauderdale FL — — West Palm Beach West Palm Beach FL 60 60 Florida Total 5,060 5,200 WEST California Anacapa Isle Oxnard CA 540 540 Ballena Isle Alameda CA 420 420 Bayfront Chula Vista CA 620 620 Cabrillo Isle San Diego CA 540 540 Emeryville Emeryville CA 460 460 Loch Lomond San Rafael CA 530 530 Marina Bay Yacht Harbor Richmond CA 800 800 Marina Village Yacht Harbor (4) Alameda CA 730 N/A Shelter Island San Diego CA 60 60 South Bay Chula Vista CA 560 560 Sunroad San Diego CA 650 650 Ventura Harbor Fuel (4)(13) Ventura CA — N/A Ventura Isle (13) Ventura CA 530 530 California Total 6,440 5,710 OTHER Sportsman Orange Beach AL 770 760 Brady Mountain Royal AR 580 580 Aqualand Flowery Branch GA 1,630 1,570 Bahia Bleu Thunderbolt GA 260 260 Hideaway Bay Flowery Branch GA 690 690 Savannah Yacht Center Savannah GA 20 20 Trade Winds Appling GA 320 320 Beaver Creek Monticello KY 300 280 Burnside Somerset KY 350 350 Grider Hill Albany KY 710 710 Jamestown Jamestown KY 740 740 Wisdom Dock Albany KY 290 290 Great Island Harpswell ME 140 140 Kittery Point Kittery ME 60 60 Rockland Rockland ME 50 50 Belle Maer Harrison Township MI 540 550 Detroit River Detroit MI 470 470 Grand Isle Grand Haven MI 450 450 Great Lakes Muskegon MI 470 470 Jefferson Beach St.
Removed
Clair Shores MI 900 900 Toledo Beach La Salle MI 580 470 Tower Marine Douglas MI 480 480 Michigan Total 3,900 3,790 Ohio Lakefront Port Clinton OH 490 490 Sandusky Sandusky OH 550 550 Ohio Total 1,040 1,040 WEST California Anacapa Isle Oxnard CA 540 540 Ballena Isle Alameda CA 420 420 45 SUN COMMUNITIES, INC.
Added
Clair Shores MI 780 900 Toledo Beach La Salle MI 580 580 Tower Marine Douglas MI 480 480 Aqua Yacht Iuka MS 590 590 Jarrett Bay Boatworks Beaufort NC 40 40 44 SUN COMMUNITIES, INC.
Removed
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2023 Wet Slips and Dry Storage Spaces as of 12/31/2022 Bayfront Chula Vista CA 620 620 Cabrillo Isle San Diego CA 540 540 Emeryville Emeryville CA 460 460 Loch Lomond San Rafael CA 530 530 Marina Bay Yacht Harbor Richmond CA 800 800 Shelter Island San Diego CA 60 60 South Bay Chula Vista CA 560 560 Sunroad San Diego CA 650 650 Ventura Isle Ventura CA 530 530 California Total 5,710 5,710 COMPANY TOTAL 48,030 47,820 (1) Wet slips and dry storage spaces from Dauntless Shipyard and Essex Island are grouped into Dauntless.
Added
(10) Wet slips and dry storage spaces from Berth One Palm Beach are grouped into Safe Harbor Rybovich. (11) Wet slips and dry storage spaces from South Fork are grouped into Lauderdale Marine Center. (12) Marina was converted to a development site, which is undergoing planning and permitting.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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ITEM 3. LEGAL PROCEEDINGS Legal Proceedings We are involved in various legal proceedings. Refer to Note 17, "Commitments and Contingencies," in our accompanying Notes to the Consolidated Financial Statements.
ITEM 3. LEGAL PROCEEDINGS Legal Proceedings We are involved in various legal proceedings. Refer to "Legal Proceedings - Class Action Litigation" and "Other Legal Proceedings" in Note 16, "Commitments and Contingencies," in our accompanying Notes to the Consolidated Financial Statements.
Applying this threshold, there are no environmental matters to disclose for the year ended December 31, 2023.
Applying this threshold, there are no environmental matters to disclose for the year ended December 31, 2024. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

7 edited+0 added−8 removed4 unchanged
The decision to declare and pay distributions on shares of our common stock and common OP units in the future, as well as the timing, amount and composition of any such future distributions, will be at the sole discretion of our Board of Directors in light of conditions then existing, including our earnings, financial condition, capital requirements, debt maturities, the availability of debt and equity capital, applicable REIT and legal restrictions, general overall economic conditions and other factors.
The decision to declare and pay distributions on shares of our common stock and common OP units in the future, as well as the timing, amount and composition of any such future distributions, will be at the sole discretion of our Board of Directors in light of conditions then existing, including our earnings, financial condition, capital requirements, debt maturities, the availability of debt and equity capital, applicable REIT and legal restrictions, general overall economic conditions and other factors. 46 SUN COMMUNITIES, INC.
Purchases of Equity Securities The following table summarizes our common stock repurchases during the three months ended December 31, 2023: 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, 2023 - October 31, 2023 6,212 $ 109.24 — $ — November 1, 2023 - November 30, 2023 — $ — — $ — December 1, 2023 - December 31, 2023 — $ — — $ — Total 6,212 $ 109.24 — $ — During the three months ended December 31, 2023, we withheld 6,212 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, 2024: Period Total number of shares purchased (a) 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 October 1, 2024 - October 31, 2024 6,085 $ 133.42 — $ — November 1, 2024 - November 30, 2024 752 $ 129.03 — $ — December 1, 2024 - December 31, 2024 — $ — — $ — Total 6,837 $ 132.94 — $ — (a) During the three months ended December 31, 2024, we withheld 6,837 shares from employees to satisfy estimated statutory income tax obligations related to vesting of restricted stock awards.
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 New York Stock Exchange ("NYSE") since December 8, 1993, and trades under the symbol "SUI." On February 20, 2024, the closing share price of our common stock was $130.85 per share on the NYSE, and there were 659 holders of record of 124,412,183 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 New York Stock Exchange ("NYSE") since December 8, 1993, and trades under the symbol "SUI." On February 21, 2025, the closing share price of our common stock was $126.07 per share on the NYSE, and there were 667 holders of record of 127,378,160 outstanding shares of common stock.
(2) Refer to Note 9, "Debt and Line of Credit," for additional detail on Aspen preferred OP unit conversions. 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.
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.
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, 2023: 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 — $ — 2,955,866 Total — $ — 2,955,866 48 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, 2024: 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 — $ — 2,760,787 Total — $ — 2,760,787 Recent Sales of Unregistered Securities From time to time, we may issue shares of common stock or common OP units in exchange for OP units in accordance with the terms and provisions of the limited partnership agreement of the Operating Partnership.
On February 20, 2024, the following OP units of the Operating Partnership were outstanding: OP Units OP Units Issued and Outstanding Exchangeable Shares of Common Stock Series A-1 preferred OP units 192,112 468,566 Series A-3 preferred OP units 40,268 74,917 Series C preferred OP units 305,748 339,380 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 205,812 132,782 Series H preferred OP units 581,229 354,408 Series J preferred OP units 238,000 144,242 Series K preferred OP units 1,000,000 588,235 Series L preferred OP units 20,000 12,500 Common OP units 2,694,232 2,694,232 Total 5,936,359 5,311,850 We have historically paid regular quarterly distributions to holders of our common stock and common OP units.
On February 21, 2025, the following OP units of the Operating Partnership were outstanding: OP Units OP Units Issued and Outstanding Exchangeable Shares of Common Stock Series A-1 preferred OP units 171,429 418,120 Series A-3 preferred OP units 40,268 74,917 Series C preferred OP units 296,745 329,387 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 4,898 3,160 Series H preferred OP units 581,229 354,408 Series J preferred OP units 236,000 143,030 Series K preferred OP units 1,000,000 588,235 Series L preferred OP units 20,000 12,500 Common OP units 2,888,145 2,888,145 Total 5,897,672 5,314,490 We have historically paid regular quarterly distributions to holders of our common stock and common OP units.
Below is the activity of conversions for the three months and year ended December 31, 2023: Three Months Ended Year Ended December 31, 2023 December 31, 2023 Series Conversion Rate Units / Shares Converted Common Stock (1) Common OP Units (1) Units / Shares Converted Common Stock (1) Common OP Units (1) Aspen preferred OP units Various (2) 314,934 — 102,615 1,258,819 113,972 293,838 Common OP units 1.0000 — — — 8,848 8,848 — Series A-1 preferred OP units 2.4390 — — — 5,404 13,177 — Series C preferred OP units 1.1100 — — — 165 183 — Series G preferred OP units 0.6452 — — — 30,000 19,353 — Series H preferred OP units 0.6098 — — — 129 78 — Series J preferred OP units 0.6061 — — — 2,000 1,212 — (1) Calculation may yield minor differences due to rounding incorporated in the above numbers.
Below is the activity of conversions for the three months and year ended December 31, 2024: Three Months Ended Year Ended December 31, 2024 December 31, 2024 Series Conversion Rate Units / Shares Converted Common Stock (1) Units / Shares Converted Common Stock (1) Common OP units 1.0000 16,068 16,068 96,164 96,164 Series A-1 preferred OP units 2.4390 784 1,911 25,347 61,811 Series C preferred OP units 1.1100 — — 9,103 10,104 Series G preferred OP units 0.6452 — — 4,898 3,160 Series H preferred OP units 0.6098 — — 9 5 Series J preferred OP units 0.6061 — — 2,000 1,212 (1) Calculation may yield minor differences due to rounding incorporated in the above numbers.
Removed
Recent Sales of Unregistered Securities From time to time, we may issue shares of common stock or common OP units in exchange for OP units in accordance with the terms and provisions of the limited partnership agreement of the Operating Partnership.
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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, 2023.
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This line graph assumes a $100.00 investment on December 31, 2018, a reinvestment of distributions and actual increase of the market value of our common stock relative to an initial investment of $100.00.
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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. 49 SUN COMMUNITIES, INC. Peer Group We utilize peer group data for quantitative benchmarking against external market participants.
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We select our peer group based on a number of quantitative and qualitative factors including, but not limited to, revenues, total assets, market capitalization, industry, sub-industry, location, total shareholder return history, executive compensation components and peer decisions made by other companies.
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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, 2018 December 31, 2019 December 31, 2020 December 31, 2021 December 31, 2022 December 31, 2023 Sun Communities, Inc. $ 100.00 $ 150.91 $ 156.32 $ 220.08 $ 153.35 $ 147.52 Dow Jones U.S.
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Real Estate Residential Index $ 100.00 $ 130.83 $ 117.40 $ 185.93 $ 127.48 $ 137.08 NYSE Composite Index $ 100.00 $ 125.51 $ 134.28 $ 162.04 $ 146.89 $ 167.12 SUI Peer Group (1) $ 100.00 $ 124.90 $ 110.87 $ 177.26 $ 123.58 $ 136.72 (1) SUI 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.
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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. 50 SUN COMMUNITIES, INC.

Item 7. Management's Discussion & Analysis

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

119 edited+40 added−50 removed49 unchanged
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 the properties.
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 the properties.
Rebranding - rebranding includes new signage at our RV communities and the costs of building an RV mobile application and updated website.
Rebranding - includes new signage at our RV communities and the costs of building an RV mobile application and updated website.
Long-term Financing and Capital Requirements Long-term Financing We anticipate meeting our long-term liquidity requirements, such as scheduled debt maturities, large property acquisitions, expansion and development of properties, other nonrecurring capital improvements and Operating Partnership unit redemptions through the long-term unsecured and secured debt and the issuance of certain debt or equity securities subject to market conditions.
Long-term Financing and Capital Requirements Long-term Financing We anticipate meeting our long-term liquidity requirements, such as scheduled debt maturities, large property acquisitions, expansion, and development of properties, other nonrecurring capital improvements and Operating Partnership unit redemptions through long-term unsecured and secured debt and the issuance of certain debt or equity securities subject to market conditions.
For the years ended December 31, 2023 and 2022: • The Same Property data includes all properties that we have owned and operated continuously since January 1, 2022 exclusive of ground-up development and redevelopment properties recently completed or under construction, and other properties as determined by management. • The MH segment's increase in NOI of $39.0 million, or 6.8% when compared to the same period in 2022, is primarily due to an increase in Real property (excluding transient) revenue of $54.2 million, or 7.0%.
For the years ended December 31, 2023 and 2022: • The Same Property data includes all properties that we owned and operated continuously since January 1, 2022, exclusive of ground-up development and redevelopment properties recently completed or under construction, and other properties as determined by management. • The MH segment's increase in NOI of $39.0 million, or 6.8% when compared to the same period in 2022, is primarily due to an increase in Real property (excluding transient) revenue of $54.2 million, or 7.0%.
Recurring capital expenditures at our MH and RV properties include major road, driveway and pool improvements; clubhouse renovations; adding or replacing streetlights; playground equipment; signage; maintenance facilities; manager housing and property vehicles. Recurring capital expenditures at our marinas include dredging, dock repairs and improvements, and equipment maintenance and upgrades. The minimum capitalized amount is five hundred dollars.
Recurring capital expenditures at our MH, RV, and UK properties include major road, driveway and pool improvements; clubhouse renovations; adding or replacing streetlights; playground equipment; signage; maintenance facilities; manager housing; and property vehicles. Recurring capital expenditures at our marinas include dredging, dock repairs and improvements, and equipment maintenance and upgrades. The minimum capitalized amount is five hundred dollars.
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.
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 AND OUTLOOK We are a fully integrated REIT.
We also intend to continue to strengthen our capital and liquidity positions by focusing on our core fundamentals, which are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs.
We intend to continue to strengthen our capital and liquidity positions by focusing on our core fundamentals, which are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs.
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 premiums; • 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 outbreaks of disease and related restrictions on business operations.
Our net cash flows provided by operating activities from continuing operations may be adversely impacted by, among other things: • the market and economic conditions in our current markets generally, and specifically in the metropolitan areas of our current markets; • lower occupancy and rental rates of our properties; • increases in other operating costs, such as wage and benefit costs, supplies and repairs, real estate taxes and utilities; • substantial increases in insurance premiums; • decreased sales of manufactured homes; • current volatility in economic conditions and the financial markets; and • the effects of outbreaks of disease and related restrictions on business operations.
Same Property NOI - This is a management tool used when evaluating the performance and growth of our Same Property portfolio. We define same properties as those we have owned and operated continuously since January 1, 2022. Same properties exclude ground-up development properties, acquired properties and properties sold after December 31, 2021.
Same Property NOI - This is a management tool used when evaluating the performance and growth of our Same Property portfolio. We define same properties as those we have owned and operated continuously since January 1, 2023. Same properties exclude ground-up development properties, acquired properties and properties sold after December 31, 2022.
Non-Recurring Capital Expenditures and Related Activities 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.
Non-Recurring Capital Expenditures and Related Activities Lot modifications - consist of expenditures 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.
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. 58 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. 52 SUN COMMUNITIES, INC.
The increased aggregate amount under the Senior Credit Facility consists of the following: (a) a revolving loan in an amount up to $3.05 billion and (b) a term loan facility of $1.15 billion, with the ability to draw funds from the combined facilities in U.S. dollars, Pound sterling, Euros, Canadian dollars and Australian dollars, subject to certain limitations.
The aggregate amount under the senior credit facility consisted of the following: (a) a revolving loan in an amount up to $3.05 billion and (b) a term loan facility of $1.15 billion, with the ability to draw funds from the combined facilities in U.S. dollars, pound sterling, euros, Canadian dollars and Australian dollars, subject to certain limitations.
We engage in certain hedging transactions to limit our exposure from the adverse effects of changes in interest rates on borrowing costs of our loans. Acquisition, development and expansion activities Subject to market conditions, we intend to selectively identify opportunities to expand our development pipeline and acquire existing properties.
We engage in certain hedging transactions to limit our exposure from the adverse effects of changes in interest rates on borrowing costs of our loans. Acquisitions, Dispositions, Development and Expansion Activities Subject to market conditions, we intend to selectively identify opportunities to expand our development pipeline and acquire existing properties.
The Senior Credit Facility bears interest at a floating rate based on the Adjusted Term Secured Overnight Financing Rate ("SOFR"), the Adjusted Eurocurrency Rate, the Australian Bank Bill Swap Bid Rate ("BBSY"), the Daily Sterling Overnight Index Average ("SONIA") Rate or the Canadian Dollar Offered Rate, as applicable, plus a margin, in all cases, which can range from 0.725% to 1.6%, subject to certain adjustments.
The senior credit facility bears interest at a floating rate based on the Adjusted Term Secured Overnight Financing Rate ("SOFR"), the Adjusted Eurocurrency Rate, the Australian Bank Bill Swap Bid Rate ("BBSY"), the Daily Sterling Overnight Index Average ("SONIA") Rate or the CORRA, as applicable, plus a margin, in all cases, which can range from 0.725% to 1.6%, subject to certain adjustments.
Because of the inclusion of items such as interest, depreciation and amortization, the use of GAAP net income (loss) as a performance measure is limited as these items may not accurately reflect the actual change in market value of a property, in the case of depreciation and in the case of interest, may not necessarily be linked to the operating performance of a real estate asset, as it is often incurred at a parent company level and not at a property level.
Because of the inclusion of items such as interest, depreciation and amortization, the use of GAAP net income (loss) as a performance measure is limited as these items may not accurately reflect the actual change in market value of a property, in the case of depreciation and in the case of interest, may not necessarily be linked to the operating performance of a real estate asset, as it is often incurred at a parent company level and not at a property level. 51 SUN COMMUNITIES, INC.
Refer to the Consolidated Statements of Cash Flows for detail on the net cash used for investing activities during the years ended December 31, 2023 and 2022. Refer to Note 3, "Real Estate Acquisitions and Dispositions" and Note 21, "Subsequent Events," in our accompanying Consolidated Financial Statements for additional information on acquisitions and investment activity subsequent to December 31, 2023.
Refer to the Consolidated Statements of Cash Flows for detail on the net cash used for investing activities during the years ended December 31, 2024 and 2023. Refer to Note 3, "Real Estate Acquisitions and Dispositions" and Note 20, "Subsequent Events," in our accompanying Consolidated Financial Statements for additional information on acquisitions and investment activity subsequent to December 31, 2024.
Real property (excluding transient and other) revenue increased primarily due to a 6.4% increase in monthly base rent. • The RV segment's increase in NOI of $13.5 million, or 4.8% when compared to the same period in 2022, is primarily due to an increase in Real property (excluding transient) revenue of $35.7 million, or 15.6%, primarily due to an 8.7% increase in monthly base rent and conversions of transient RV sites to annual RV sites. • The Marina segment increase in NOI of $24.7 million, or 11.7% when compared to the same period in 2022, is primarily due to a $23.6 million, or 7.8% increase in Real property (excluding transient) revenue.
Real property (excluding transient) revenue increased due to a 6.4% increase in monthly base rent. • The RV segment's increase in NOI of $13.5 million, or 4.8% when compared to the same period in 2022, is primarily due to an increase in Real property (excluding transient) revenue of $35.7 million, or 15.6%, primarily due to an 8.7% increase in monthly base rent and conversions of transient RV sites to annual RV sites. • The Marina segment increase in NOI of $24.7 million, or 11.7% when compared to the same period in 2022, is primarily due to a $23.6 million, or 7.8% increase in Real property (excluding transient) revenue. 61 SUN COMMUNITIES, INC.
Core FFO - In addition, we use FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of our core business ("Core FFO"). 57 SUN COMMUNITIES, INC. We believe that FFO and Core FFO provide enhanced comparability for investor evaluations of period-over-period results.
Core FFO - In addition, we use FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of our core business ("Core FFO"). We believe that FFO and Core FFO provide enhanced comparability for investor evaluations of period-over-period results.
Seasonality of Revenue The RV and marina industries are seasonal in nature, and the results of operations in any one period may not be indicative of results in future periods. In the RV segment, certain properties maintain higher occupancy during the summer months, while other properties maintain higher occupancy during the winter months.
Seasonality of Revenue The RV, Marina, and UK segments are seasonal and the results of operations in any one period may not be indicative of results in future periods. In the RV segment, certain properties maintain higher occupancy during the summer months, while other properties maintain higher occupancy during the winter months.
As of December 31, 2023, the margins based on our credit ratings were 0.85% on the revolving loan facility and 0.95% on the term loan facility. At the lenders' option, the Senior Credit Facility will become immediately due and payable upon an event of default under the Credit Facility Agreement.
As of December 31, 2024, the margins based on our credit ratings were 0.85% on the revolving loan facility. At the lenders' option, the senior credit facility will become immediately due and payable upon an event of default under the Credit Facility Agreement.
We did not identify a triggering event in any other reporting unit. Impact of New Accounting Standards Refer to Note 20, "Recent Accounting Pronouncements," in our accompanying Consolidated Financial Statements for information regarding new accounting pronouncements. 78 SUN COMMUNITIES, INC.
We did not identify a triggering event in any other reporting unit. Impact of New Accounting Standards Refer to Note 19, "Recent Accounting Pronouncements," in our accompanying Consolidated Financial Statements for information regarding new accounting pronouncements. 73 SUN COMMUNITIES, INC.
(2) Our obligations related to interest expense are calculated based on the current debt levels, rates and maturities as of December 31, 2023 (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, 2024 (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. 71 SUN COMMUNITIES, INC.
(2) Occupancy percent excludes recently completed but vacant expansion sites. (3) Same Property is based on the reported year end Same Property count for each respective year. (4) UK amounts for the year ended December 31, 2022 cover the period from April 8, 2022 (date of acquisition) through December 31, 2022. 53 SUN COMMUNITIES, INC.
(2) Occupancy percentage excludes recently completed but vacant expansion sites. (3) Same Property is based on the reported year end Same Property count for each respective year. (4) UK amounts for the year ended December 31, 2022 cover the period from April 8, 2022 (date of acquisition) through December 31, 2022.
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.
FFO FFO is defined by the National Association of Real Estate Investment Trusts ("Nareit") as GAAP net income (loss), excluding gains (or losses) from sales of certain real estate assets, plus real estate related depreciation and amortization, impairments of certain real estate assets and investments, and after adjustments for unconsolidated partnerships and joint ventures.
Expansion and development expenditures - consist primarily of construction costs such as roads, activities, and amenities, and costs necessary to complete site improvements, such as driveways, sidewalks and landscaping at our MH and RV communities. Expenditures also include costs to rebuild after damage has been incurred at MH, RV or marina properties, and research and development.
Expansion and development expenditures - consist primarily of construction costs such as roads, activities, and amenities, and costs necessary to complete site improvements, such as driveways, sidewalks, and landscaping at our MH, RV, and UK communities. Expenditures also include costs to rebuild after damage has been incurred at our properties, and research and development. 67 SUN COMMUNITIES, INC.
Real Property Operations - Same Property - MH, RV and Marina The following tables reflect certain financial and other information for our Same Property MH, RV and Marina portfolios as of and for the years ended December 31, 2023 and 2022 (in millions, except for statistical information).
Real Property Operations - North America Same Property Portfolio The following tables reflect certain financial and other information for our Same Property MH, RV, and Marina portfolios as of and for the years ended December 31, 2024 and 2023 (in millions, except for statistical information).
The debt bears interest at a variable rate based on the BBSY rate plus a margin ranging from 1.35% to 1.4%, subject to adjustment for additional future commitments, per annum and matures on June 30, 2027. 77 SUN COMMUNITIES, INC.
The debt bears interest at a variable rate based on the Australian BBSY rate plus a margin ranging from 0.95% to 1.4%, subject to adjustment for additional future commitments, per annum and matures on June 30, 2027. 72 SUN COMMUNITIES, INC.
The risks being hedged are the interest rate risk related to outstanding floating rate debt and forecasted debt issuance transactions, and the benchmark interest rates used are the SOFR and the SONIA Rate.
The risks being hedged are the interest rate risk related to outstanding floating rate debt and forecasted debt issuance transactions, and the benchmark interest rates used are the SOFR and the SONIA Rate. 70 SUN COMMUNITIES, INC.
Canadian currency figures in the prior comparative period have been translated at the average exchange rate during the years ended December 31, 2023 and 2022 of $0.7418 and $0.7689 USD per Canadian dollar, respectively. 63 SUN COMMUNITIES, INC.
Canadian currency figures in the prior comparative period have been translated at the average exchange rate during the years ended December 31, 2024 and 2023 of $0.7302 and $0.7418 USD per Canadian dollar, respectively. 57 SUN COMMUNITIES, INC.
As of December 31, 2023 and 2022, the aggregate carrying amount of the debt, including both our and our partners' share, incurred by Sungenia JV was $25.2 million (of which our proportionate share is approximately $12.6 million), and $7.9 million (of which our proportionate share is $4.0 million), respectively.
As of December 31, 2024 and 2023, the aggregate carrying amount of the debt, including both our and our partners' share, incurred by Sungenia JV was $25.0 million (of which our proportionate share is approximately $12.5 million), and $25.2 million (of which our proportionate share is $12.6 million), respectively.
Interest rate movements impact our borrowing costs and, while as of December 31, 2023, over 84% of our total debt was fixed rate financing, including the impact of hedge activity, increases in interest costs are likely to adversely affect our financial results.
Interest rate movements impact our borrowing costs and, while as of December 31, 2024, approximately 91% of our total debt was fixed rate financing, including the impact of hedge activity, increases in interest costs are likely to adversely affect our financial results.
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO SUI COMMON SHAREHOLDERS TO FFO The following table reconciles Net income / (loss) attributable to SUI common shareholders to FFO for the years ended December 31, 2023, 2022 and 2021 (in millions, except for per share amounts): Year Ended December 31, 2023 December 31, 2022 December 31, 2021 Net Income / (Loss) Attributable to SUI Common Shareholders $ (213.3) $ 242.0 $ 380.2 Adjustments Depreciation and amortization 657.2 599.6 521.9 Depreciation on nonconsolidated affiliates 0.2 0.1 0.1 Asset impairments 10.1 3.0 — Goodwill impairment 369.9 — — (Gain) / loss on remeasurement of marketable securities 16.0 53.4 (33.5) Loss on remeasurement of investment in nonconsolidated affiliates 4.2 2.7 0.2 (Gain) / loss on remeasurement of notes receivable 106.7 0.8 (0.7) Loss on remeasurement of collateralized receivables and secured borrowings, net 0.4 — — Gain on dispositions of properties, including tax effect (8.9) (12.2) (108.1) Add: Returns on preferred OP units 11.8 9.5 4.0 Add: Income attributable to noncontrolling interests (8.1) 10.4 14.7 Gain on dispositions of assets, net (38.0) (54.9) (60.5) FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities (1) $ 908.2 $ 854.4 $ 718.3 Adjustments Business combination expense 3.0 24.7 1.3 Acquisition and other transaction costs (2) 25.3 22.7 8.7 Loss on extinguishment of debt — 4.4 8.1 Catastrophic event-related charges, net 3.8 17.5 2.2 Loss of earnings - catastrophic event-related charges, net (3) 2.1 4.8 0.2 (Gain) / loss on foreign currency exchanges 0.3 (5.4) 3.7 Other adjustments, net (4) (27.4) 0.4 16.2 Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities (1) $ 915.3 $ 923.5 $ 758.7 Weighted Average Common Shares Outstanding - Diluted 128.9 125.6 116.5 FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share $ 7.05 $ 6.80 $ 6.16 Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share $ 7.10 $ 7.35 $ 6.51 (1) Excludes the effect of certain anti-dilutive convertible securities.
RECONCILIATION OF NET INCOME / (LOSS) ATTRIBUTABLE TO SUI COMMON SHAREHOLDERS TO FFO The following table reconciles Net income / (loss) attributable to SUI common shareholders to FFO for the years ended December 31, 2024, 2023, and 2022 (in millions, except for per share amounts): Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Net Income / (Loss) Attributable to SUI Common Shareholders $ 89.0 $ (213.3) $ 242.0 Adjustments Depreciation and amortization 677.5 657.2 599.6 Depreciation on nonconsolidated affiliates 0.5 0.2 0.1 Asset impairments 71.4 10.1 3.0 Goodwill impairment 180.8 369.9 — Loss on remeasurement of marketable securities — 16.0 53.4 (Gain) / loss on remeasurement of investment in nonconsolidated affiliates (6.6) 4.2 2.7 Loss on remeasurement of notes receivable 36.4 106.7 0.8 Loss on remeasurement of collateralized receivables and secured borrowings — 0.4 — Gain on dispositions of properties, including tax effect (203.6) (8.9) (12.2) Add: Returns on preferred OP units 8.3 11.8 9.5 Add: Income / (loss) attributable to noncontrolling interests 4.8 (8.1) 10.4 Gain on disposition of assets, net (27.1) (38.0) (54.9) FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities (1) $ 831.4 $ 908.2 $ 854.4 Adjustments Business combination expense 0.4 3.0 24.7 Acquisition and other transaction costs (2) 19.6 25.3 22.7 Loss on extinguishment of debt 1.4 — 4.4 Catastrophic event-related charges, net 27.1 3.8 17.5 Loss of earnings - catastrophic event-related charges, net (3) 3.4 2.1 4.8 (Gain) / loss on foreign currency exchanges 25.8 0.3 (5.4) Other adjustments, net (4) (27.2) (27.4) 0.4 Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities (1) $ 881.9 $ 915.3 $ 923.5 Weighted Average Common Shares Outstanding - Diluted 129.5 128.9 125.6 FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share $ 6.42 $ 7.05 $ 6.80 Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share $ 6.81 $ 7.10 $ 7.35 (1) Excludes the effect of certain anti-dilutive convertible securities.
The following table presents the seasonality of real property-transient revenue for the years ended December 31, 2023, 2022 and 2021: Real property - transient revenue (in millions) For the Three Months Ended Year March 31 June 30 September 30 December 31 Total 2023 $ 321.4 12.4 % 27.8 % 47.3 % 12.5 % 100.0 % 2022 $ 334.5 12.7 % 27.8 % 45.8 % 13.7 % 100.0 % 2021 $ 266.6 11.9 % 27.3 % 44.9 % 15.9 % 100.0 % In the marina market, the majority of our wet slip and dry storage space leases have annual terms that are billed seasonally.
The following table presents the seasonality of real property-transient revenue for the years ended December 31, 2024, 2023, and 2022: Real property - transient revenue (in millions) For the Three Months Ended Year March 31 June 30 September 30 December 31 Total 2024 $ 296.4 12.7 % 27.6 % 46.6 % 13.1 % 100.0 % 2023 $ 321.4 12.4 % 27.8 % 47.3 % 12.5 % 100.0 % 2022 $ 334.5 12.7 % 27.8 % 45.8 % 13.7 % 100.0 % In the Marina segment, the majority of our wet slip and dry storage space leases have annual terms that are billed seasonally.
The following table presents the seasonality of Marina real property revenue for the years ended December 31, 2023, 2022 and 2021: Seasonal real property revenue (in millions) For the Three Months Ended Year March 31 June 30 September 30 December 31 Total 2023 $ 348.7 20.8 % 25.9 % 28.6 % 24.7 % 100.0 % 2022 $ 310.2 20.1 % 25.6 % 29.0 % 25.3 % 100.0 % 2021 $ 246.6 17.7 % 25.0 % 29.9 % 27.4 % 100.0 % 60 SUN COMMUNITIES, INC.
The following table presents the seasonality of Marina real property revenue for the years ended December 31, 2024, 2023, and 2022: Seasonal real property revenue (in millions) For the Three Months Ended Year March 31 June 30 September 30 December 31 Total 2024 $ 371.6 21.0 % 25.8 % 28.1 % 25.1 % 100.0 % 2023 $ 348.7 20.8 % 25.9 % 28.6 % 24.7 % 100.0 % 2022 $ 310.2 20.1 % 25.6 % 29.0 % 25.3 % 100.0 % 54 SUN COMMUNITIES, INC.
Capital improvements subsequent to acquisition often require 24 to 36 months to complete after closing and include upgrading clubhouses; landscaping; new street light systems; new mail delivery systems; pool renovations including larger decks, heaters and furniture; new maintenance facilities; lot modifications; and new signage including main signs and internal road signs. 71 SUN COMMUNITIES, INC.
Capital improvements to recent acquisitions - often require 24 to 36 months to complete after closing and include upgrading clubhouses; landscaping; new street light systems; new mail delivery systems; pool renovations including larger decks, heaters and furniture; new maintenance facilities; lot modifications; and new signage including main signs and internal road signs.
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.
We have been in the business of acquiring, operating, developing and expanding MH and RV communities since 1975, marinas since 2020, and communities in the UK since 2022. We lease individual parcels of land, or sites, with utility access for the placement of manufactured homes and RVs to our MH, RV, and UK customers.
Interest on the notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2023. The net proceeds from the offering were $395.3 million, after deducting underwriters' discounts and estimated offering expenses. We used the net proceeds from the offering to repay borrowings outstanding under our Senior Credit Facility.
Interest on the 2029 Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2024. The net proceeds from the offering were $495.4 million, after deducting underwriters' discounts and offering expenses. We used the majority of the net proceeds to repay borrowings outstanding under our senior credit facility.
For the years ended December 31, 2022 and 2021: • The Same Property data includes all properties that we 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. • The MH segment's increase in NOI of $17.8 million, or 3.3% when compared to the same period in 2021, is primarily due to an increase in Real property (excluding transient) revenue of $33.3 million, or 4.6%.
For the years ended December 31, 2024 and 2023: • The Same Property data includes all properties that we have owned and operated continuously since January 1, 2023 exclusive of ground-up development and redevelopment properties recently completed or under construction, and other properties as determined by management. • The MH segment's increase in NOI of $39.9 million, or 6.7% when compared to the same period in 2023, is primarily due to an increase in Real property (excluding transient) revenue of $55.1 million, or 6.8%.
Refer to Note 9, "Debt and Line of Credit" and Note 10, "Equity and Temporary Equity" and Note 21, "Subsequent Events," in our accompanying Consolidated Financial Statements for additional information and related activity subsequent to December 31, 2023.
Refer to Note 8, "Debt and Line of Credit," Note 9, "Equity and Temporary Equity" and Note 20, "Subsequent Events," in our accompanying Consolidated Financial Statements for additional information and related activity subsequent to December 31, 2024.
The Credit Facility Amendment increased the aggregate amount of our Senior Credit Facility to $4.2 billion with the ability to upsize the total borrowings by an additional $800.0 million, subject to certain conditions.
Prior to March 2024, the aggregate amount of our senior credit facility was $4.2 billion with the ability to upsize the total borrowings by an additional $800.0 million, subject to certain conditions.
Our Same Property marinas achieved revenue increases which contributed to our NOI growth.
Our Same Property marinas and UK communities achieved revenue increases which contributed to our NOI growth.
Given a macroeconomic backdrop of sustained higher interest rates, we intend to prioritize variable rate debt reduction as our primary use of free cash flow from our operations and selective capital recycling. In addition, we are pulling back on our development activity and capital spending considering the more challenging macroeconomic and capital market environment.
Given a macroeconomic backdrop of sustained higher interest rates, we intend to prioritize debt reduction as our primary use of free cash flow from our operations and of proceeds from equity issuances and selective capital recycling. In addition, we are reducing our development activity considering the more challenging macroeconomic and capital market environment.
Based on the location of our properties with transient RV sites, our portfolio generally produces higher revenues between April and September than between October and March.
Based on the location of our properties with transient RV sites, our portfolio generally produces higher revenues between April and September than between October and March. In the UK segment, vacation rental sites generally produce higher revenues between March and October.
Capital Requirements Our capital requirements as of December 31, 2023 include both short and long term obligations: Our primary long-term liquidity needs are principal payments on outstanding debt as summarized in the table below: Payments Due By Period (in millions) Outstanding Debt (1) Total Due Short-term Obligation ≤1 Year Long-term Obligation After 1 Year Refer to Principal payments on long-term debt $ 7,816.4 $ 195.4 $ 7,621.0 Note 9.
Capital Requirements Our capital requirements as of December 31, 2024 include both short and long term obligations: Our primary long-term liquidity needs are principal payments on outstanding debt as summarized in the table below: Payments Due By Period (in millions) Outstanding Debt (1) Total Due Short-term Obligation ≤1 Year Long-term Obligation After 1 Year Refer to Principal payments on long-term debt $ 7,387.8 $ 103.0 $ 7,284.8 Note 8.
Cash Flow Activities Our cash flow activities are summarized as follows (in millions): Year Ended December 31, 2023 December 31, 2022 December 31, 2021 Net Cash Provided by Operating Activities $ 790.5 $ 734.9 $ 753.6 Net Cash Used for Investing Activities $ (919.5) $ (3,062.6) $ (2,338.2) Net Cash Provided by Financing Activities $ 80.3 $ 2,348.6 $ 1,570.4 Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash $ 1.0 $ (8.7) $ (0.2) Cash, cash equivalents and restricted cash decreased by $47.7 million from $90.4 million as of December 31, 2022, to $42.7 million as of December 31, 2023.
Cash Flow Activities Our cash flow activities are summarized as follows (in millions): Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Net Cash Provided By Operating Activities $ 861.0 $ 790.5 $ 734.9 Net Cash Used For Investing Activities $ (267.4) $ (919.5) $ (3,062.6) Net Cash Provided By / (Used For) Financing Activities $ (571.6) $ 80.3 $ 2,348.6 Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash $ (0.8) $ 1.0 $ (8.7) Cash, cash equivalents and restricted cash increased by $21.2 million from $42.7 million as of December 31, 2023, to $63.9 million as of December 31, 2024.
Real Property Operations - Same Property Portfolio (Continued) (b) We net certain utilities revenues (which include utility reimbursement revenues from residents) against related utility expenses in property operating expenses as follows (in millions): Year Ended December 31, 2023 Year Ended December 31, 2022 MH RV Marina Total MH RV Marina Total Utility revenue netted against related utility expense $ 68.3 $ 19.3 $ 22.7 $ 110.3 $ 63.8 $ 18.1 $ 19.2 $ 101.1 Year Ended December 31, 2022 Year Ended December 31, 2021 MH RV Marina Total MH RV Marina Total Utility revenue netted against related utility expense $ 61.9 $ 17.1 $ 11.4 $ 90.4 $ 57.3 $ 14.1 $ 11.1 $ 82.5 (c) Percentages are calculated based on unrounded numbers.
Real Property Operations - North America Same Property Portfolio (Continued) (b) We net certain utilities revenues (which include utility reimbursement revenues from residents) against related utility expenses in property operating expenses as follows (in millions): Year Ended December 31, 2024 Year Ended December 31, 2023 MH RV Marina Total MH RV Marina Total Utility revenue netted against related utility expense $ 71.5 $ 18.9 $ 24.5 $ 114.9 $ 67.9 $ 18.5 $ 23.8 $ 110.2 Year Ended December 31, 2023 Year Ended December 31, 2022 MH RV Marina Total MH RV Marina Total Utility revenue netted against related utility expense $ 68.3 $ 19.3 $ 22.7 $ 110.3 $ 63.8 $ 18.1 $ 19.2 $ 101.1 (c) Percentages are calculated based on unrounded numbers.
Carrying Amount Principal Amount December 31, 2023 December 31, 2022 5.7% notes, issued in January 2023 and due in January 2033 (1) $ 400.0 $ 395.7 $ — 4.2% notes, issued in April 2022 and due in April 2032 600.0 592.6 591.8 2.3% notes, issued in October 2021 and due in November 2028 450.0 446.8 446.2 2.7% notes, issued in June 2021 and October 2021, and due in July 2031 750.0 742.4 741.6 Total $ 2,200.0 $ 2,177.5 $ 1,779.6 (1) 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").
Carrying Amount Principal Amount December 31, 2024 December 31, 2023 5.5% notes, issued in January 2024 and due in January 2029 (1) $ 500.0 $ 496.2 $ — 5.7% notes, issued in January 2023 and due in January 2033 400.0 396.1 395.7 4.2% notes, issued in April 2022 and due in April 2032 600.0 593.2 592.6 2.3% notes, issued in October 2021 and due in November 2028 450.0 447.4 446.8 2.7% notes, issued in June 2021 and October 2021, and due in July 2031 750.0 743.4 742.4 Total $ 2,700.0 $ 2,676.3 $ 2,177.5 (1) In January 2024, the Operating Partnership issued $500.0 million of senior unsecured notes with an interest rate of 5.5% and a five-year term, due January 15, 2029 (the "2029 Notes").
(2) These costs represent (i) nonrecurring integration expenses associated with acquisitions during the years ended December 31, 2023, and 2022, (ii) costs associated with potential acquisitions that will not close, (iii) costs associated with the termination of the bridge loan commitment during the three months ended March 31, 2022 related to the acquisition of Park Holidays, (iv) expenses incurred to bring recently acquired properties up to our operating standards, including items such as tree trimming and painting costs that do not meet our capitalization policy, and (v) other non-recurring transaction costs.
(2) These costs represent (i) nonrecurring integration expenses associated with acquisitions during the years ended December 31, 2024, and 2023, (ii) costs associated with potential acquisitions that will not close, (iii) expenses incurred to bring recently acquired properties up to our operating standards, including items such as tree trimming and painting costs that do not meet our capitalization policy, and (iv) other non-recurring transaction costs.
Additionally, for the MH and RV segments, the amounts in the tables below reflect constant currency for comparative purposes. Additionally, prior period Canadian currency figures have been translated at 2023 and 2022 average exchange rates for constant currency comparability. 62 SUN COMMUNITIES, INC.
Additionally, for the MH, RV, and UK segments, the amounts in the tables below reflect constant currency for comparative purposes. Additionally, prior period Canadian dollar and pound sterling currency figures have been translated at 2024 average exchange rates for constant currency comparability. 56 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 decreased by $2.1 billion to $919.5 million for the year ended December 31, 2023, compared to $3.1 billion for the year ended December 31, 2022.
See "Risk Factors" in Part I, Item 1A in this Annual Report on Form 10-K. Investing activities - Net cash used for investing activities decreased by $652.1 million to $267.4 million for the year ended December 31, 2024, compared to $919.5 million for the year ended December 31, 2023.
The most restrictive financial covenants for the Senior Credit Facility are as follows: Covenant Requirement As of December 31, 2023 Maximum leverage ratio 35.9% Minimum fixed charge coverage ratio >1.40 3.02 Maximum secured leverage ratio 13.8% In addition, we are required to maintain the following covenants with respect to the senior unsecured notes payable: Covenant Requirement As of December 31, 2023 Total debt to total assets ≤60.0% 41.7% Secured debt to total assets ≤40.0% 18.9% Consolidated income available for debt service to debt service ≥1.50 3.97 Unencumbered total asset value to total unsecured debt ≥150.0% 335.2% As of December 31, 2023, 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. 75 SUN COMMUNITIES, INC.
The most restrictive financial covenants for the senior credit facility are as follows: Covenant Requirement As of December 31, 2024 Maximum leverage ratio 32.0% Minimum fixed charge coverage ratio >1.40 2.86 Maximum secured leverage ratio 11.9% In addition, we are required to maintain the following covenants with respect to the senior unsecured notes payable: Covenant Requirement As of December 31, 2024 Total debt to total assets ≤60.0% 38.8% Secured debt to total assets ≤40.0% 17.2% Consolidated income available for debt service to debt service ≥1.50 4.28 Unencumbered total asset value to total unsecured debt ≥150.0% 366.3% As of December 31, 2024, 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.
As of December 31, 2023 and 2022, the aggregate carrying amount of debt, including both our and our partner's share, incurred by GTSC was $261.3 million (of which our proportionate share is $104.5 million), and $275.0 million (of which our proportionate share is $110.0 million), respectively.
As of December 31, 2024 and 2023, the aggregate carrying amount of debt, including both our and our partner's share, incurred by GTSC was $242.9 million (of which our proportionate share is $97.1 million), and $261.3 million (of which our proportionate share is $104.5 million), respectively.
Our other reporting units are less sensitive to changes in macroeconomic factors and forecast assumptions than our UK reporting unit due to greater excess of fair value over carrying value. For the Marina reporting unit, we concluded that the fair value exceeded its carrying value by over 19% as of October 31, 2023.
Our other reporting units are less sensitive to changes in macroeconomic factors and forecast assumptions than our UK reporting unit due to greater excess of fair value over carrying value. For the Marina reporting unit, we concluded that the fair value exceeded its carrying value by over 7% as part of our annual testing during the fourth quarter of 2024.
During the year ended December 31, 2023, we performed qualitative and quantitative assessments of our goodwill balance for potential impairment in accordance with ASC 350-20, " Goodwill and Other ." As a result of our impairment testing, we determined that the fair value of the UK reporting unit was below its carrying value during the first, second and third quarters, and recorded aggregate non-cash impairment charges of $369.9 million.
In 2024 and 2023, we performed qualitative and quantitative assessments of our goodwill balance for potential impairment in accordance with ASC 350-20, " Intangibles - Goodwill and Other ." As a result of our impairment testing, we determined that the fair value of the Park Holidays reporting unit within the UK reporting segment was below its carrying value in each such year and recorded non-cash goodwill impairment charges of $180.8 million and $369.9 million during the years ended December 31, 2024 and 2023, respectively.
N/A = Not applicable. (a) Same Property adjusted blended occupancy for MH and RV increased to 98.9% at December 31, 2023, from 96.6% at December 31, 2022. The 230 basis point increase was driven by MH expansion fills and the conversion of transient RV sites to annual sites.
N/A = Not applicable. (a) Same Property adjusted blended occupancy for MH and RV increased to 99.0% at December 31, 2024, from 97.4% at December 31, 2023. The 160 basis point increase was driven by MH expansion fills and the conversion of transient RV sites to annual sites.
Our capital expenditure activity is summarized as follows (in millions): Year Ended December 31, 2023 December 31, 2022 Recurring Capital Expenditures $ 87.3 $ 73.8 Non-Recurring Capital Expenditures and Related Activities Lot Modifications 54.9 39.1 Growth Projects 104.5 99.5 Rebranding 4.7 15.0 Capital improvements to recent acquisitions 215.3 280.3 Expansion and Development 276.3 261.8 Rental Program 260.9 151.1 Other (0.9) 0.4 Total Non-Recurring Capital Expenditure and Related Activities 915.7 847.2 Total Capital Expenditure and Related Activities $ 1,003.0 $ 921.0 Recurring capital expenditures Property recurring capital expenditures are necessary to maintain asset quality, including purchasing and replacing items used to operate the communities and marinas.
Capital Expenditures (excluding Acquisition Costs) Our capital expenditure activity is summarized as follows (in millions): Year Ended December 31, 2024 December 31, 2023 Recurring Capital Expenditures $ 115.7 $ 87.3 Non-Recurring Capital Expenditures and Related Activities Lot modifications 37.2 54.9 Growth projects 96.9 104.5 Rebranding 3.1 4.7 Capital improvements to recent acquisitions 80.4 215.3 Expansion and development 136.1 276.3 Rental program 177.5 260.9 Other 6.0 (0.9) Total Non-Recurring Capital Expenditure and Related Activities 537.2 915.7 Total Capital Expenditure and Related Activities $ 652.9 $ 1,003.0 Recurring Capital Expenditures Property recurring capital expenditures are necessary to maintain asset quality, including purchasing and replacing items used to operate the communities and marinas.
As of December 31, 2023, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 667 developed properties located in the U.S., the UK, and Canada, including 353 MH communities, 179 RV communities and 135 marinas.
As of December 31, 2024, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 645 developed properties located in the U.S., Canada, and the UK including 288 MH communities, 166 RV communities, 138 marinas and 53 UK communities.
The Senior Credit Facility provides us with the ability to issue letters of credit. Our issuance of letters of credit does not increase our borrowings outstanding under the Senior Credit Facility, but does reduce the borrowing amount available. We had $26.2 million and $2.6 million of outstanding letters of credit at December 31, 2023 and 2022, 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 $11.5 million and $26.2 million outstanding letters of credit at December 31, 2024 and 2023, respectively.
Other Items - Statements of Operations (1) The following table summarizes other income and expenses for the years ended December 31, 2023 and 2022 (amounts in millions): Year Ended December 31, 2023 December 31, 2022 Change % Change Service, retail, dining and entertainment, net $ 53.9 $ 58.9 $ (5.0) (8.5) % Interest income $ 45.4 $ 35.2 $ 10.2 29.0 % Brokerage commissions and other, net $ 60.6 $ 34.9 $ 25.7 73.6 % General and administrative expense $ 270.2 $ 256.8 $ 13.4 5.2 % Catastrophic event-related charges, net $ 3.8 $ 17.5 $ (13.7) (78.3) % Business combinations $ 3.0 $ 24.7 $ (21.7) (87.9) % Depreciation and amortization $ 660.0 $ 601.8 $ 58.2 9.7 % Asset impairments $ 10.1 $ 3.0 $ 7.1 236.7 % Goodwill impairment $ 369.9 $ — $ 369.9 N/A Loss on extinguishment of debt $ — $ 4.4 $ (4.4) (100.0) % Interest expense $ 325.8 $ 229.8 $ 96.0 41.8 % Interest on mandatorily redeemable preferred OP units / equity $ 3.3 $ 4.2 $ (0.9) (21.4) % Loss on remeasurement of marketable securities $ (16.0) $ (53.4) $ 37.4 (70.0) % Gain / (loss) on foreign currency exchanges $ (0.3) $ 5.4 $ (5.7) N/M Gain on dispositions of properties $ 11.0 $ 12.2 $ (1.2) (9.8) % Other expense, net $ (7.5) $ (2.1) $ (5.4) 257.1 % Loss on remeasurement of notes receivable $ (106.7) $ (0.8) $ (105.9) N/M Income from nonconsolidated affiliates $ 16.0 $ 2.9 $ 13.1 N/M Loss on remeasurement of investment in nonconsolidated affiliates $ (4.2) $ (2.7) $ (1.5) (55.6) % Current tax expense $ (14.5) $ (10.3) $ (4.2) 40.8 % Deferred tax benefit $ 22.9 $ 4.2 $ 18.7 N/M Preferred return to preferred OP units / equity interests $ 12.3 $ 11.0 $ 1.3 11.8 % Income / (loss) attributable to noncontrolling interests $ (8.1) $ 10.8 $ (18.9) (175.0) % (1) Only items determined by management to be material, of interest, or unique to the periods disclosed above are explained below.
Other Items - Statements of Operations (1) The following table summarizes other income and expenses for the years ended December 31, 2024 and 2023 (amounts in millions): Year Ended December 31, 2024 December 31, 2023 Change % Change Service, retail, dining and entertainment, net $ 56.2 $ 68.5 $ (12.3) (18.0) % Interest income $ 20.7 $ 45.4 $ (24.7) (54.4) % Brokerage commissions and other, net $ 40.2 $ 60.6 $ (20.4) (33.7) % General and administrative expense $ 295.3 $ 272.1 $ 23.2 8.5 % Catastrophic event-related charges, net $ 27.1 $ 3.8 $ 23.3 N/M Business combinations $ 0.4 $ 3.0 $ (2.6) (86.7) % Depreciation and amortization $ 680.7 $ 660.0 $ 20.7 3.1 % Asset impairments $ 71.4 $ 10.1 $ 61.3 N/M Goodwill impairment $ 180.8 $ 369.9 $ (189.1) (51.1) % Loss on extinguishment of debt $ 1.4 $ — $ 1.4 N/A Interest expense $ 350.4 $ 325.8 $ 24.6 7.6 % Interest on mandatorily redeemable preferred OP units / equity $ — $ 3.3 $ (3.3) (100.0) % Loss on remeasurement of marketable securities $ — $ (16.0) $ 16.0 (100.0) % Loss on foreign currency exchanges $ (25.8) $ (0.3) $ (25.5) N/M Gain on dispositions of properties $ 202.9 $ 11.0 $ 191.9 N/M Other income / (expense), net $ 3.2 $ (7.5) $ 10.7 N/M Loss on remeasurement of notes receivable $ (36.4) $ (106.7) $ 70.3 (65.9) % Income from nonconsolidated affiliates $ 9.5 $ 16.0 $ (6.5) (40.6) % Gain / (loss) on remeasurement of investment in nonconsolidated affiliates $ 6.6 $ (4.2) $ 10.8 N/M Current tax expense $ (4.3) $ (14.5) $ 10.2 (70.3) % Deferred tax benefit $ 39.6 $ 22.9 $ 16.7 72.9 % Preferred return to preferred OP units / equity interests $ 12.8 $ 12.3 $ 0.5 4.1 % Income / (loss) attributable to noncontrolling interests $ 5.3 $ (8.1) $ 13.4 N/M (1) Only items determined by management to be material, of interest, or unique to the periods disclosed above are explained below.
RESULTS OF OPERATIONS Summary Statements of Operations The following tables reconcile the Net Income / (Loss) attributable to Sun Communities, Inc. common shareholders to NOI and summarize our consolidated financial results for the years ended December 31, 2023, 2022 and 2021 (in millions): Year Ended December 31, 2023 December 31, 2022 December 31, 2021 Net income / (loss) attributable to SUI common shareholders $ (213.3) $ 242.0 $ 380.2 Interest income (45.4) (35.2) (12.2) Brokerage commissions and other revenues, net (60.6) (34.9) (30.2) General and administrative 270.2 256.8 181.3 Catastrophic event-related charges, net 3.8 17.5 2.2 Business combinations 3.0 24.7 1.4 Depreciation and amortization 660.0 601.8 522.7 Asset impairments 10.1 3.0 — Goodwill impairment 369.9 — — Loss on extinguishment of debt (see Note 9) — 4.4 8.1 Interest expense 325.8 229.8 158.6 Interest on mandatorily redeemable preferred OP units / equity 3.3 4.2 4.2 (Gain) / loss on remeasurement of marketable securities (see Note 15) 16.0 53.4 (33.5) (Gain) / loss on foreign currency exchanges 0.3 (5.4) 3.7 Gain on disposition of properties (11.0) (12.2) (108.1) Other expense, net 7.5 2.1 12.1 (Gain) / loss on remeasurement of notes receivable (see Note 4) 106.7 0.8 (0.7) Income from nonconsolidated affiliates (see Note 7) (16.0) (2.9) (4.0) Loss on remeasurement of investment in nonconsolidated affiliates (see Note 7) 4.2 2.7 0.2 Current tax expense (see Note 13) 14.5 10.3 1.2 Deferred tax (benefit) / expense (see Note 13) (22.9) (4.2) 0.1 Add: Preferred return to preferred OP units / equity interests 12.3 11.0 12.1 Add: Income / (loss) attributable to noncontrolling interests (8.1) 10.8 21.5 NOI $ 1,430.3 $ 1,380.5 $ 1,120.9 Year Ended December 31, 2023 December 31, 2022 December 31, 2021 Real property NOI $ 1,251.9 $ 1,167.0 $ 1,002.6 Home sales NOI 124.5 154.6 74.4 Service, retail, dining and entertainment NOI 53.9 58.9 43.9 NOI $ 1,430.3 $ 1,380.5 $ 1,120.9 59 SUN COMMUNITIES, INC.
RESULTS OF OPERATIONS Summary Statements of Operations The following tables reconcile the Net Income / (Loss) attributable to Sun Communities, Inc. common shareholders to NOI and summarize our consolidated financial results for the years ended December 31, 2024, 2023, and 2022 (in millions): Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Net Income / (Loss) Attributable to SUI Common Shareholders $ 89.0 $ (213.3) $ 242.0 Interest income (20.7) (45.4) (35.2) Brokerage commissions and other revenues, net (40.2) (60.6) (34.9) General and administrative 295.3 272.1 257.4 Catastrophic event-related charges, net 27.1 3.8 17.5 Business combination expense 0.4 3.0 24.7 Depreciation and amortization 680.7 660.0 601.8 Asset impairments 71.4 10.1 3.0 Goodwill impairment 180.8 369.9 — Loss on extinguishment of debt (see Note 9) 1.4 — 4.4 Interest expense 350.4 325.8 229.8 Interest on mandatorily redeemable preferred OP units / equity — 3.3 4.2 Loss on remeasurement of marketable securities (see Note 15) — 16.0 53.4 (Gain) / loss on foreign currency exchanges 25.8 0.3 (5.4) Gain on dispositions of properties (202.9) (11.0) (12.2) Other (income) / expense, net (3.2) 7.5 2.1 Loss on remeasurement of notes receivable (see Note 4) 36.4 106.7 0.8 Income from nonconsolidated affiliates (see Note 7) (9.5) (16.0) (2.9) (Gain) / loss on remeasurement of investment in nonconsolidated affiliates (see Note 7) (6.6) 4.2 2.7 Current tax expense (see Note 13) 4.3 14.5 10.3 Deferred tax benefit (see Note 13) (39.6) (22.9) (4.2) Add: Preferred return to preferred OP units / equity interests 12.8 12.3 11.0 Add: Income / (loss) attributable to noncontrolling interests 5.3 (8.1) 10.8 NOI $ 1,458.4 $ 1,432.2 $ 1,381.1 Year Ended December 31, 2024 December 31, 2023 December 31, 2022 Real property NOI $ 1,305.4 $ 1,249.4 $ 1,163.0 Home sales NOI 96.8 114.3 143.4 Service, retail, dining and entertainment NOI 56.2 68.5 74.7 NOI $ 1,458.4 $ 1,432.2 $ 1,381.1 53 SUN COMMUNITIES, INC.
Loss on remeasurement of notes receivable - for the year ended December 31, 2023, was a loss of $106.7 million, as compared to a loss of $0.8 million during the same period in 2022 due to an impairment charge of $102.9 million recorded in 2023 related to our note receivable from the Royale Holdings Group HoldCo Limited.
Loss on remeasurement of notes receivable - for the year ended December 31, 2024, was a loss of $36.4 million, as compared to a loss of $106.7 million during the same period in 2023, primarily due to a fair value adjustment loss of $35.2 million in 2024 related to the sale of a portfolio of RV communities, as compared to an impairment charge of $102.9 million in 2023 related to our note receivable from the Royale Holdings Group HoldCo Limited.
Loss on remeasurement of marketable securities - for the year ended December 31, 2023, was a loss of $16.0 million, as compared to a loss of $53.4 million during the same period in 2022 due to the fluctuation in the price of publicly traded marketable securities we owned.
Loss on remeasurement of marketable securities - for the year ended December 31, 2024, was zero, as compared to a loss of $16.0 million during the same period in 2023, due to the sale of our publicly traded marketable securities in Ingenia in 2023.
The increase in operating cash flow was primarily due to improved Same Property operating performance at our MH and RV communities and marinas, partially offset by an increase in interest expense during the year ended December 31, 2023 as compared to the corresponding period in 2022.
The increase in operating cash flow was primarily due to beneficial changes in inventory, other assets, and other liabilities, and improved Same Property operating performance at our MH properties, marinas, and UK properties, partially offset by reduced operating performance at our RV properties during the year ended December 31, 2024 as compared to the corresponding period in 2023.
Year Ended Year Ended December 31, 2023 December 31, 2022 Change % Change December 31, 2022 December 31, 2021 Change % Change Payroll and benefits $ 190.6 $ 181.6 $ 9.0 5.0 % $ 161.8 $ 151.2 $ 10.6 7.0 % Real estate taxes 107.2 103.1 4.1 4.0 % 94.1 88.4 5.7 6.5 % Supplies and repairs 75.2 78.9 (3.7) (4.7) % 73.0 68.2 4.8 6.9 % Utilities 64.7 67.0 (2.3) (3.4) % 63.3 57.3 6.0 10.4 % Legal, state / local taxes, and insurance 55.8 39.2 16.6 42.3 % 35.7 32.4 3.3 10.1 % Other 67.1 68.0 (0.9) (1.4) % 54.3 56.9 (2.6) (4.6) % Total Same Property Operating Expenses $ 560.6 $ 537.8 $ 22.8 4.2 % $ 482.2 $ 454.4 $ 27.8 6.1 % 64 SUN COMMUNITIES, INC.
Year Ended Year Ended December 31, 2024 December 31, 2023 Change % Change (c) December 31, 2023 December 31, 2022 Change % Change (c) Payroll and benefits $ 193.3 $ 194.3 $ (1.0) (0.5) % $ 190.6 $ 181.6 $ 9.0 5.0 % Real estate taxes 113.4 107.1 6.3 5.9 % 107.2 103.1 4.1 4.0 % Supplies and repairs 85.1 73.8 11.3 15.3 % 75.2 78.9 (3.7) (4.7) % Utilities 66.1 63.0 3.1 4.9 % 64.7 67.0 (2.3) (3.4) % Legal, state / local taxes, and insurance 55.0 55.6 (0.6) (1.3) % 55.8 39.2 16.6 42.3 % Other 88.0 74.8 13.2 17.6 % 67.1 68.0 (0.9) (1.4) % Total Same Property Operating Expenses $ 600.9 $ 568.6 $ 32.3 5.7 % $ 560.6 $ 537.8 $ 22.8 4.2 % 58 SUN COMMUNITIES, INC.
As of December 31, 2023, we had unrestricted cash on hand of $29.2 million, $2.0 billion of remaining capacity on the Senior Credit Facility, and a total of 511 unencumbered MH, RV and marina properties.
As of December 31, 2024, we had unrestricted cash on hand of $47.4 million, $1.6 billion of remaining capacity on the senior credit facility, and a total of 508 unencumbered MH, RV, marina, and UK properties.
Year Ended Portfolio Information: December 31, 2023 December 31, 2022 December 31, 2021 Occupancy % - Total Portfolio - MH and Annual RV Occupancy (1) 96.4 % 96.0 % 97.4 % Occupancy % - Same Property - Adjusted MH and Annual RV Occupancy (1)(2)(3) 98.9 % 96.6 % 96.8 % Core FFO per share $ 7.10 $ 7.35 $ 6.51 Real property NOI - Total Portfolio (in millions) $ 1,251.9 $ 1,167.0 $ 1,002.6 Real property NOI - Same Property (in millions) - MH, RV and Marina (3) $ 1,139.1 $ 1,061.9 $ 928.0 Home sales volume - North America 2,565 3,212 4,088 Home sales volume - United Kingdom (4) 2,857 2,343 N/A (1) Occupancy percent includes annual RV sites and excludes transient RV sites.
Year Ended Portfolio Information: December 31, 2024 December 31, 2023 December 31, 2022 Occupancy % - Total Portfolio - MH and Annual RV Occupancy (1) 97.0 % 96.4 % 96.0 % Occupancy % - Same Property - Adjusted MH and Annual RV Occupancy (1)(2)(3) 99.0 % 97.4 % 96.6 % Core FFO per share $ 6.81 $ 7.10 $ 7.35 Real property NOI - Total Portfolio (in millions) $ 1,305.4 $ 1,249.4 $ 1,151.8 Real property NOI - Same Property (in millions) - MH, RV, and Marina (3) $ 1,170.3 $ 1,124.8 $ 1,061.9 Real property NOI - Same Property (in millions) - UK $ 76.0 $ 69.8 N/A Home sales volume - North America 2,001 2,565 3,212 Home sales volume - UK (4) 2,948 2,857 2,343 (1) Occupancy percentage includes annual RV sites and excludes transient RV sites.
Operating activities - Net cash provided by operating activities increased by $55.6 million to $790.5 million for the year ended December 31, 2023, compared to $734.9 million for the year ended December 31, 2022.
Operating activities - Net cash provided by operating activities increased by $70.5 million to $861.0 million for the year ended December 31, 2024, compared to $790.5 million for the year ended December 31, 2023.
RV communities have become a trending vacation opportunity not only for the retiree population, but as an affordable vacation alternative for families and millennials.
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.
For the year ended December 31, 2023, the $84.9 million, or 7.3% increase in Real Property NOI as compared to the same period in 2022, consists of $39.0 million from Same Property MH and $13.5 million from Same Property RV from the North America operations, $24.7 million from Same Property Marina, and $7.7 million, net from the UK operations and other recently acquired or developed properties. 61 SUN COMMUNITIES, INC.
For the year ended December 31, 2024, the $56.0 million, or 4.5% increase in Real Property NOI as compared to the same period in 2023, consists of an increase of $39.9 million from Same Property MH, an increase of $13.6 million from Same Property Marina, an increase of $6.2 million from Same Property UK, and an increase of $4.3 million, net from other recently acquired or developed properties, partially offset by a decrease of $8.0 million from Same Property RV. 55 SUN COMMUNITIES, INC.
Refer to Note 6, "Goodwill and Other Intangible Assets," and Note 22, "Quarterly Financial Data (Unaudited and Restated)," in our accompanying Consolidated Financial Statements for additional information. 67 SUN COMMUNITIES, INC.
Refer to Note 6, "Goodwill and Other Intangible Assets," in our accompanying Consolidated Financial Statements for additional information.
(3) Loss of earnings - catastrophic event-related charges, net for the year ended December 2023 included the following: Year Ended December 31, 2023 Hurricane Ian - Three Fort Myers, Florida RV communities impaired Estimated loss of earnings in excess of the applicable business interruption deductible $ 21.9 Insurance recoveries received for previously estimated loss of earnings through August 31, 2023 (19.7) Hurricane Irma - Three Florida Keys communities impaired Estimated loss of earnings in excess of the applicable business interruption deductible 0.5 Reversal of unpaid previously estimated loss of earnings that we do not expect to recover (0.6) Loss of earnings - catastrophic event-related charges, net $ 2.1 (4) Other adjustments, net relates primarily to (i) deferred tax expense / (benefit) and long term lease termination expense / (benefit) during the years ended December 31, 2023, 2022 and 2021, (ii) accelerated deferred compensation amortization and gain on sale of investment in nonconsolidated affiliate during the years ended December 31, 2023 and 2022, (iii) non-recurring management fees, severance costs, and ERP implementation costs during the year ended December 31, 2023, (iv) change in estimated contingent consideration during the years ended December 31, 2023 and December 31, 2021, (v) gain from legal settlement during the year ended December 31, 2022 and (vi) RV rebranding non-recurring costs for the years ended December 31, 2022 and 2021. 69 SUN COMMUNITIES, INC.
(3) Loss of earnings - catastrophic event-related charges, net for the year ended December 31, 2024 and 2023 included the following: Year Ended December 31, 2024 December 31, 2023 Hurricane Ian - three Fort Myers, Florida RV communities Estimated loss of earnings in excess of the applicable business interruption deductible $ 19.2 $ 21.9 Insurance recoveries realized for previously estimated loss of earnings (16.3) (19.7) Other catastrophic weather events - four Florida communities and one New Hampshire community Estimated loss of earnings in excess of the applicable business interruption deductible, net 1.8 (0.1) Insurance recoveries realized for previously estimated loss of earnings (1.3) — Loss of earnings - catastrophic event-related charges, net $ 3.4 $ 2.1 (4) Other adjustments, net relates primarily to (i) deferred tax benefit, litigation activity, long term lease termination expense and accelerated deferred compensation amortization during the years ended December 31, 2024, 2023, and 2022, (ii) ERP implementation costs during the years ended December 31, 2024 and 2023, (iii) gain on sale of investment in nonconsolidated affiliates during the years ended December 31, 2023 and 2022, (iv) insurance loss recovery expense and severance costs during the year ended December 31, 2024, and (v) RV rebranding non-recurring costs during the year ended December 31, 2022. 65 SUN COMMUNITIES, INC.
We had $944.1 million and $1.1 billion of borrowings outstanding under the revolving loan as of December 31, 2023 and 2022, respectively. We also had $1.1 billion of borrowings outstanding under the term loan on the Senior Credit Facility as of December 31, 2023 and 2022, respectively. These balances are recorded in Unsecured debt on the Consolidated Balance Sheets.
We had $1.4 billion and $944.1 million of borrowings outstanding under the revolving loan as of December 31, 2024 and 2023, respectively. The balance is recorded in Unsecured debt on the Consolidated Balance Sheets. The senior credit facility provides us with the ability to issue letters of credit.
Financing activities - Net cash provided by financing activities decreased by $2.3 billion to $80.3 million for the year ended December 31, 2023, compared to $2.3 billion for the year ended December 31, 2022.
Financing activities - Net cash used for financing activities was $571.6 million for the year ended December 31, 2024, compared to net cash provided by financing activities of $80.3 million for the year ended December 31, 2023.
In connection with the note issuance, we settled seven forward swap contracts totaling $255.0 million and paid a net settlement payment of $2.3 million to several counterparties. Refer to Note 21, "Subsequent Events," in our accompanying Consolidated Financial Statements for additional information. The following table sets forth certain information regarding our outstanding senior unsecured notes (in millions).
During the year December 31, 2024, in connection with the issuance of the 2029 Notes, we settled seven forward swap contracts totaling $255.0 million and paid a net settlement payment of $2.3 million to several counterparties. Refer to Note 14, "Derivative Financial Instruments," in our accompanying Consolidated Financial Statements for additional information.
Same Property Summary (in whole units) As of As of December 31, 2023 December 31, 2022 December 31, 2022 December 31, 2021 MH RV MH RV MH RV MH RV Other Information Number of properties 288 160 288 160 276 145 276 145 Sites MH and Annual RV sites 98,620 32,090 98,340 30,030 94,930 28,420 94,400 26,660 Transient RV sites N/M 22,280 N/M 24,370 N/M 20,350 N/M 22,060 Total 98,620 54,370 98,340 54,400 94,930 48,770 94,400 48,720 MH & Annual RV Occupancy Occupancy (a) 97.3 % 100.0 % 96.6 % 100.0 % 97.1 % 100.0 % 97.2 % 100.0 % Monthly base rent per site $ 670 $ 593 $ 630 $ 546 $ 635 $ 555 $ 607 $ 516 % change in monthly base rent (b) 6.4 % 8.7 % N/A N/A 4.6 % 7.6 % N/A N/A Rental Program Statistics included in MH: Number of occupied sites, end of period (c) 10,010 N/A 9,310 N/A 8,930 N/A 9,570 N/A Monthly rent per site - MH Rental Program $ 1,292 N/A $ 1,221 N/A $ 1,225 N/A $ 1,117 N/A % change (c) 5.8 % N/A N/A N/A 9.7 % N/A N/A N/A N/M = Not meaningful.
North America Same Property Summary As of As of December 31, 2024 December 31, 2023 December 31, 2023 December 31, 2022 MH RV MH RV MH RV MH RV Other Information Number of Properties 283 150 283 150 288 160 288 160 Sites MH and Annual RV sites 96,640 31,070 96,370 29,400 98,620 32,090 98,340 30,030 Transient RV sites N/M 21,620 N/M 22,710 N/M 22,280 N/M 24,370 Total 96,640 52,690 96,370 52,110 98,620 54,370 98,340 54,400 MH & Annual RV Occupancy Occupancy (a) 97.6 % 100.0 % 97.1 % 100.0 % 97.3 % 100.0 % 96.6 % 100.0 % Average monthly base rent per site $ 708 $ 654 $ 671 $ 617 $ 670 $ 593 $ 630 $ 546 % change in monthly base rent (b) 5.5 % 6.0 % N/A N/A 6.4 % 8.7 % N/A N/A Rental Program Statistics included in MH: Number of occupied sites, end of period (c) 10,630 N/A 9,830 N/A 10,010 N/A 9,310 N/A Monthly rent per site - MH Rental Program $ 1,344 N/A $ 1,300 N/A $ 1,292 N/A $ 1,221 N/A % change (c) 3.4 % N/A N/A N/A 5.8 % N/A N/A N/A N/M = Not meaningful.
We are positioned for ongoing organic growth with expected rental rate increases, occupancy gains and expense management. Looking ahead to 2024, we expect rental rate growth that exceeds headline inflation with ongoing focus on expense management to continue generating strong organic cash flow growth.
In 2025, we expect rental rate growth that exceeds headline inflation with ongoing focus on expense management to continue generating strong organic cash flow growth.
We continue to selectively expand our properties utilizing our inventory of owned and entitled land. We have over 17,980 MH and RV sites suitable for future development. Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Consolidated Financial Statements for additional detail on acquisitions completed to date.
We have 16,570 MH and RV sites suitable for future development. Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Consolidated Financial Statements for additional details on acquisitions and dispositions completed to date.
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. Our investment grade credit ratings of BBB and Baa3 from S&P Global and Moody's, respectively, remain unchanged from the initial rating.
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. Our investment grade credit ratings remain unchanged from the initial rating. We plan to continue to capitalize on our unsecured bond market access to optimize our cost of capital and increase our financial flexibility.
Real property (excluding transient and other) revenue increased due to a 4.6% increase in monthly base rent. • The RV segment's increase in NOI of $24.4 million, or 10.3% when compared to the same period in 2021, is primarily due to an increase in Real property - transient revenue of $24.7 million, or 13.1%, due to a 7.6% increase in monthly base rent and conversions of transient RV sites to annual RV sites. • The Marina segment increase in NOI of $11.5 million, or 7.7% when compared to the same period in 2021, is primarily due to a $16.7 million, or 7.8% increase in Real property (excluding transient) revenue. 65 SUN COMMUNITIES, INC.
The increase in Real property (excluding transient) revenue was primarily due to a 6.0% increase in monthly base rent and conversions of transient RV sites to annual RV sites. • The Marina segment increase in NOI of $13.6 million, or 5.4% when compared to the same period in 2023, is primarily due to a $20.0 million, or 5.7% increase in Real property (excluding transient) revenue, partially offset by an increase in Same Property operating expenses of $8.7 million, or 6.9%. • The UK segment increase in NOI of $6.2 million, or 9.0%, when compared to the same period in 2023 is primarily due to a $6.9 million, or 7.2%, increase in Real property (excluding transient) revenue partially offset by an increase in Same Property operating expenses of $2.7 million, or 3.9%.
Refer to Note 7, "Investments in Nonconsolidated Affiliates," in the accompanying Consolidated Financial Statements for additional information about these entities. GTSC - During September 2019, GTSC entered into a warehouse line of credit with a maximum loan amount of $125.0 million.
Refer to Note 7, "Investments in Nonconsolidated Affiliates," in the accompanying Consolidated Financial Statements for additional information about these entities. GTSC - GTSC maintains a warehouse line of credit with a maximum borrowing capacity of $325.0 million, with an option to increase to $375.0 million subject to the lender's consent.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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If the above rates increased or decreased by 1.0%, our interest expense would have increased or decreased by $13.8 million and $14.2 million for the years ended December 31, 2023 and 2022, respectively, based on the $1.4 billion average balances outstanding under our variable rate debt facilities for the years ended December 31, 2023 and 2022, respectively.
If the above rates increased or decreased by 1.0%, our interest expense would have increased or decreased by $8.1 million and $13.8 million for the years ended December 31, 2024 and 2023, respectively, based on the $811.1 million and $1.4 billion average balances outstanding under our variable rate debt facilities, 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 $89.4 million and $117.9 million to our total shareholder's equity at December 31, 2023 and 2022, 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 $67.2 million and $89.4 million to our total shareholder's equity at December 31, 2024 and 2023, 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. 79 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.
As of December 31, 2023 and 2022, our variable debt bore interest at the Adjusted Term SOFR, the Adjusted Eurocurrency Rate, the Australian BBSY rate, the Daily SONIA Rate or the Canadian Dollar Offered Rate, and the Eurodollar rate or Prime rate plus a margin.
As of December 31, 2024 and 2023, our variable debt bore interest at the Adjusted Term SOFR, the Adjusted Eurocurrency Rate, the Australian BBSY rate, the Daily SONIA Rate or the CORRA, and the Eurodollar rate or Prime rate plus a margin.
Our variable rate debt totaled $1.3 billion and $1.7 billion as of December 31, 2023 and 2022, respectively, after adjusting for the impact of hedging in place through the use of interest rate swaps.
Our variable rate debt totaled $635.5 million and $1.3 billion as of December 31, 2024 and 2023, respectively, after adjusting for the impact of hedging in place through the use of interest rate swaps.
At December 31, 2023 and 2022, our shareholder's equity included $893.9 million and $1.2 billion from our investments and operations in the UK, Canada, and Australia, which collectively represented 12.5% and 14.9% of total shareholder's equity, respectively.
At December 31, 2024 and 2023, our shareholder's equity included $672.3 million and $893.9 million from our investments and operations in the UK, Canada, and Australia, which collectively represented 9.3% and 12.5% of total shareholder's equity, respectively.

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