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What changed in SUN COMMUNITIES INC's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of SUN COMMUNITIES INC's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+433 added−421 removedSource: 10-K (2024-02-28) vs 10-K (2023-02-23)

Top changes in SUN COMMUNITIES INC's 2024 10-K

433 paragraphs added · 421 removed · 323 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

53 edited+19 added−14 removed44 unchanged
Biggest changeWaste – Reducing total waste and increasing diversion from landfills by evaluating all disposal options locally available, including recycling, and adopting the best solution(s) at each property; and iv. Material Procurement – Partnering with our supply chain and consultants to collect emissions data on products and services.
Biggest changeThe main tactics we intend to use to achieve our commitment will be seen across all our properties as we work toward achieving our climate change goals through various means, including: • Renewable Energy – Expanding the use of renewable energy throughout our portfolio through additional on-site energy generation, and the consideration for purchase of off-site generated energy and Renewable Energy Certificates (RECs); • Energy Efficient Buildings – Increasing the use of certified energy efficient manufactured homes, including ENERGY STAR®, in our communities as well as energy-efficient lighting and building control systems; • Waste – Reducing total waste and increasing diversion from landfills by evaluating all disposal options locally available, including recycling, and adopting the best solution(s) at each property; and • Material Procurement – Partnering with our supply chain and consultants to collect emissions data on products and services.
Together with our affiliates and predecessors, we have been in the business of operating, acquiring, developing and expanding MH and RV communities since 1975 and marinas since 2020. We lease individual parcels of land ("sites"), with utility access for the placement of manufactured homes and RVs to our MH and RV customers.
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.
These risks, uncertainties and other factors may cause our actual results to be materially different from any future results expressed or implied by such forward-looking statements.
These risks and uncertainties and other factors may cause our actual results to be materially different from any future results expressed or implied by such forward-looking statements.
We are focused on hiring and developing talent that mirrors the markets we serve, and investing in learning opportunities and capabilities that equip our workforce with the skills they need while improving engagement and retention. • Our internal training program offers over 120 courses to our team members on a range of topics, including leadership, communication, inclusion and diversity, software and operations.
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 own manufactured housing ("MH") and recreational vehicle ("RV") communities and marinas in the United States ("U.S."), the United Kingdom ("UK") and Canada (marinas and, together with MH and RV, the "properties").
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").
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. All written and oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by these cautionary statements. 10 SUN COMMUNITIES, INC.
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.
The following table sets forth: • The various series of OP units and the number of units of each series outstanding as of December 31, 2022; • The relative ranking of the various series of OP units with respect to rights to the payment of distributions and the distribution of assets in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Operating Partnership; • The number of shares of our common stock issuable upon the exchange of each OP unit of the applicable series; • The annual distribution rate on each series of OP units; and • Information regarding the terms of redemption rights for each series of OP units, as applicable.
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 most significant measures and objectives that we focus on in managing our business and our related human capital initiatives include the following: CULTURE We are taking deliberate actions to foster a growth culture that is grounded in our vision and culture statements: We are an inspired, engaged and collaborative team committed to providing extraordinary service to our residents, guests and team members.
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.
During the five calendar years ended December 31, 2022, on average less than 1.0% of the homes in our MH communities have been removed by their owners and 6.4% of the homes have been sold by their owners to a new owner who then assumes rental obligations as a community resident.
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.
These agreements are cancellable for non-payment of rent, violation of community rules and regulations or other specified defaults. Leases for wet slips and dry storage spaces at our marinas are year-to-year, season-to-season, month-to-month, or transient by night, renewable upon the consent of both parties. On average, our members maintain leases in our marinas for approximately 7.5 years.
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.
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. 6 SUN COMMUNITIES, INC.
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.
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.
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.
We are dedicated to attracting, developing and retaining our talent, focusing our efforts on ensuring that the returning seasonal team member pipeline remains robust each year and our annual talent management processes focus on the professional development of salaried team members. As of December 31, 2022, 11% of our employees had over 10 years' tenure.
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.
Additionally, we own or control land to support developing and expanding nearly 16,200 additional MH and RV sites suitable for development. Through SHS, a taxable REIT subsidiary, we market, sell, and lease new and pre-owned homes to current and future residents in our MH communities. The operations of SHS support and enhance our occupancy levels, property performance and cash flows.
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.
We have obtained title insurance insuring fee title to the properties in an aggregate amount which we believe to be adequate. Claims made to our insurance carriers that are determined to be recoverable are classified in other receivables as incurred.
We have obtained title insurance insuring fee title to the properties in an aggregate amount which we believe to be adequate. Claims made to our insurance carriers that are determined to be recoverable are classified in other receivables as incurred. 6 SUN COMMUNITIES, INC.
Training and Resources We offer training and resources on diversity, equity and inclusion to our employees. Diversity education and training programs for our team focus on unconscious bias, gender identity and transitions, generational differences, religion in the workplace, and self-awareness and self-assessments. 7 SUN COMMUNITIES, INC.
Training and Resources We offer training and resources on diversity, equity and inclusion to our employees. Diversity education and training programs for our team focus on unconscious bias, gender identity and transitions, generational differences, religion in the workplace, and self-awareness and self-assessments.
Our website address is www.suncommunities.com and we make available, free of charge, on or through our website all of our periodic reports, including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and current reports on Form 8-K, as soon as reasonably practicable after we file such reports with the Securities and Exchange Commission (the "SEC").
Our website address is www.suninc.com and we make available, free of charge, on or through our website all of our periodic reports, including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and current reports on Form 8-K, as soon as reasonably practicable after we file such reports with the SEC.
WORKPLACE HEALTH AND SAFETY We actively seek opportunities to minimize health, safety and environmental risks to our team members, residents, and guests we serve in our communities by utilizing safe operating procedures and practices: • As part of our commitment to safety, we oversee annual safety training programs for all employees to provide tools and safeguards for accident prevention.
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.
Our MH and RV property managers in the U.S. and Canada are overseen by our Chief Operating Officer and Executive Vice President, four Senior Vice Presidents of Operations and Sales, 11 Divisional Vice Presidents and 45 Regional Vice Presidents.
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.
On average, Park Holidays home owners remain in the communities for over seven years. 5 SUN COMMUNITIES, INC. Typical resident agreements for RV sites are year-to-year or from move-in date until the end of the current calendar year. Generally, increases and market rate adjustments are made on an annual basis.
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.
In addition to the risks disclosed under "Risk Factors" in this Annual Report on Form 10-K, and in our other filings with the SEC, from time to time, such risks, uncertainties and other factors include but are not limited to: • Outbreaks of disease and related restrictions on business operations; • Changes in general economic conditions, including inflation, deflation and energy costs, the real estate industry and the markets within which we operate; • Difficulties in our ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully; • Our liquidity and refinancing demands; • Our ability to obtain or refinance maturing debt; • Our ability to maintain compliance with covenants contained in our debt facilities and our unsecured notes; • Availability of capital; • Changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, Australian dollar and Pound sterling; • Our ability to maintain rental rates and occupancy levels; • Our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; • Increases in interest rates and operating costs, including insurance premiums and real estate taxes; • Risks related to natural disasters such as hurricanes, earthquakes, floods, droughts and wildfires; • General volatility of the capital markets and the market price of shares of our capital stock; • Our ability to maintain our status as a REIT; • Changes in real estate and zoning laws and regulations; • Legislative or regulatory changes, including changes to laws governing the taxation of REITs; • Litigation, judgments or settlements; • Competitive market forces; • The ability of purchasers of manufactured homes and boats to obtain financing; and • The level of repossessions by manufactured home and boat lenders.
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.
On average, our residents remain in our communities for approximately 14 years. Sites license fees for MH sites in the UK are for a term of 20 and 30 years depending on the product originally purchased. The holiday home owner must pay an annual site fee for their holiday home to remain on the property.
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.
Our marina business is overseen by a Chief Executive Officer of Safe Harbor, three Executive Vice Presidents of Operations and 18 Regional Vice Presidents who are responsible for regular marina inspections and oversight of operations.
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.
These services and amenities offer convenience and resort-quality experiences to our members and guests. As of December 31, 2022, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 669 properties located in the U.S., the UK and Canada, including 353 MH communities, 182 RV communities, and 134 marinas.
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, 2022, 41% of our employees were female, 22% of our employees (excluding those in Canada and the UK) were racially or ethnically diverse, and 44% of our employees were aged 50 years and older, with approximately 22% being aged 60 years and older.
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.
Park Holidays' MH and RV property managers are overseen by a Chief Executive Officer of Park Holidays, a Chief Operating Officer, a Commercial Director, and two Regional Operations Directors who are responsible for oversight of operations.
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.
We own 95.4% of all of the OP Units and the limited partners of the Operating Partnership own the rest.
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.
Each property has the necessary operating permits and approvals. Insurance Our management believes that the properties are covered by adequate fire, property, business interruption, general liability, and (where appropriate) flood and earthquake insurance provided by reputable companies with commercially reasonable deductibles and limits. We maintain a blanket policy that covers all of our properties.
Our management believes that the properties are covered by adequate comprehensive liability, fire, property, business interruption, general liability, and (where appropriate) flood and earthquake insurance through a combination of our self-insurance partially covering our risk and insurance provided by reputable companies with commercially reasonable deductibles and limits. We maintain a blanket policy that covers all of our properties.
BUSINESS GENERAL OVERVIEW Sun Communities, Inc., a Maryland corporation, and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership, a Michigan limited partnership (the "Operating Partnership"), Sun Home Services, Inc., a Michigan corporation ("SHS"), Safe Harbor Marinas, LLC ("Safe Harbor") and Sun UK Holding LLC (together with its subsidiaries, "Park Holidays") are referred to herein as the "Company," "we," "us," "or," and "our." We are a fully integrated real estate investment trust ("REIT").
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").
It enables us to continually monitor and address concerns, the performance of competitive properties and local market conditions. As of December 31, 2022, of our 7,594 employees, 610 were located on-site as property managers, and of those, 94.8% were full-time employees. 4 SUN COMMUNITIES, INC.
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.
The exchange rates of certain series of OP units are approximated to four decimal places. (2) Except for common OP units, distributions are payable on the issue price of each OP unit, which is $27.00 per unit for all Aspen preferred OP units and $100.00 per unit for all other preferred OP units.
The exchange rates of certain series of OP units are approximated to four decimal places. Holders of OP units generally may exchange them at any time. (2) Except for Common OP units, distributions are payable on the issue price of each OP unit, which is $100.00 per unit for all these preferred OP units.
RV communities may also provide vacation rental homes and may include a number of amenities such as restaurants, golf courses, swimming pools, water parks, tennis courts, fitness centers, planned activities and spacious social facilities. In 2021, we began to rebrand select RV communities under the "Sun Outdoors" umbrella.
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.
We employed an aggregate of 7,594 full and part time employees as of December 31, 2022.
We employed an aggregate of 6,780 full and part time employees as of December 31, 2023.
We are fully committed to reducing our environmental impact across the scope of our operations and through the services we deliver to our residents and guests. We continue to identify opportunities to invest in energy-efficient technology, water efficiency and waste reduction strategies throughout our communities and corporate headquarters.
We are fully committed to reducing our environmental impact through investments in energy-efficiency technology, water conservation initiatives and waste reduction strategies implemented across the scope of our operations and through the services we deliver to our residents and guests.
Ranking Description OP Units Outstanding at December 31, 2022 Exchange Rate (1) Annual Distribution Rate (2) Cash Redemption (3) Redemption Period 1 Preferred OP units (or "Aspen preferred OP units") 1,258,819 (4) Variable (5) Variable (6) Mandatory Variable (7) 1 Series A-1 preferred OP units 207,548 2.439 6.0 % N/A N/A 2 Series C preferred OP units 306,013 1.11 5.0 % N/A N/A 3 Series D preferred OP units 488,958 0.8 4.0 % Holder's Option Any time after earlier of January 31, 2024 or death of holder 4 Series E preferred OP units 80,000 0.6897 5.5 % N/A N/A 5 Series F preferred OP units 90,000 0.625 3.0 % Holder's Option Any time after earlier of May 14, 2025 or death of holder 6 Series G preferred OP units 240,710 0.6452 3.2 % Holder's Option Any time after earlier of September 30, 2025 or death of holder 7 Series H preferred OP units 581,367 0.6098 3.0 % Holder's Option Any time after earlier of October 30, 2025 or death of holder 8 Series J preferred OP units 240,000 0.6061 2.85 % Holder's Option During the 30-day period following a change of control of the Company or any time after April 21, 2026 9 Series A-3 preferred OP units 40,268 1.8605 4.5 % N/A N/A 10 Common OP units 126,463,507 (8) 1.0 Same distribution rate for common stock and common OP units N/A N/A (1) Exchange rates are subject to adjustment upon stock splits, recapitalizations and similar events.
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.
(8) Of the 126,463,507 Common OP units 124,044,803, or 98.1% were held by us, and 2,418,704, or 1.9% were owned by various limited partners. 3 SUN COMMUNITIES, INC. REAL PROPERTY OPERATIONS Throughout this report, we use the terms resident to represent a "resident," in the U.S. and a "customer" in the UK.
(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.
Additionally, position descriptions and compensation are routinely reviewed for market competitiveness. • On an annual basis, the performance of all team members is evaluated and merit increases are allocated based on performance.
Additionally, position descriptions and compensation are routinely reviewed for market competitiveness. • On an annual basis, the performance of all team members is evaluated and merit increases are allocated based on performance. This process ensures equitable performance review and corresponding pay practices that attract, retain and reward top talent.
As of December 31, 2022, the properties contained an aggregate of 227,541 developed sites comprised of 118,204 developed MH sites, 30,333 annual RV sites (inclusive of both annual and seasonal usage rights), 31,181 transient RV sites, and 47,823 wet slips and dry storage spaces.
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.
HOME SALES AND RENTALS We are engaged in the marketing, selling and leasing of new and pre-owned homes to residents in our communities through SHS in the U.S. and Park Holidays in the UK. Because tenants often purchase a home already on-site within a community, the services SHS and Park Holidays provide enhance occupancy and property performance.
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.
Additionally, because many of the homes on the properties are sold through SHS and Park Holidays, better control of home quality in our communities can be maintained than if sales services were conducted solely through third-party brokers. SHS also leases homes to prospective tenants. As of December 31, 2022, SHS's portfolio consists of 9,334 occupied leased homes.
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.
(3) The redemption price for each OP unit redeemed will be equal to its issue price plus all accrued but unpaid distributions.
(3) The redemption price for each preferred OP unit redeemed will be equal to its issue price plus all accrued but unpaid distributions. (4) Each Series K preferred OP unit is exchangeable for 0.5882 common OP units. Each such common OP unit will be exchangeable for one share of our common stock.
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.
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.
Senior leadership review safety concerns throughout the year on regular site visits, and we also conduct comprehensive safety inspections annually on a subset of properties on a rolling basis. ENVIRONMENTAL, SOCIAL AND GOVERNANCE ("ESG"): OUR COMMITMENT TO A SUSTAINABLE FUTURE We embrace a company-wide commitment to ESG goals through various programs and everyday business practices.
Senior leadership review safety concerns throughout the year on regular site visits, and we also conduct comprehensive safety inspections annually on a subset of properties on a rolling basis. 8 SUN COMMUNITIES, INC.
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.
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.
EXPANSION / DEVELOPMENT During the year ended December 31, 2022, we completed the construction of over 2,000 sites at six ground-up developments and 11 expansion properties. REGULATIONS AND INSURANCE General MH, RV and marina properties are subject to various laws, ordinances and regulations, including regulations relating to recreational facilities such as swimming pools, clubhouses and other common areas.
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.
In 2022, we received over 55,400 applications to live in our MH and RV properties, providing a significant "resident onboarding" system that allows us to market the purchase of a home to qualified applicants. Through our Rental Program, we demonstrate our product and lifestyle to the renters, while monitoring their payment history and converting qualified renters to owners.
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 2022, our team members reported over 9,400 volunteer hours, an increase of nearly 67% compared to the prior year. We recognize the important opportunity of providing access to affordable and sustainable housing. Our business contributes to a vitally important function in our economy by providing high-quality, affordable housing that accommodates all-age and age-restricted communities.
Social In addition to our commitments and practices discussed above, in the "Human Capital" section, we recognize the important social opportunity we have to provide housing that is both affordable and sustainable. Our business contributes to a vitally important function in our economy by providing high-quality, affordable housing that accommodates all-age and age-restricted communities.
Our home sales and leasing operations compete with other national, and local MH dealers and MH community owners and other holiday park owners in the U.S. and UK. MARINA MEMBER BASE We are engaged in the marketing and leasing of wet slips and dry storage spaces and have over 47,800 members throughout our marina network as of December 31, 2022.
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.
Sun Outdoors offers tent camping, RV sites and vacation rentals with world-class amenities in the U.S. and Canada. We believe the Sun Outdoors brand supports our competitive advantage in the outdoor market. Implementation of the Sun Outdoors brand at select RV communities is expected to be completed by the end of March 2023.
Sun Outdoors offers RV sites, vacation rentals and tent camping with world-class amenities in the U.S. and Canada.
ACQUISITIONS During the year ended December 31, 2022, we acquired 61 MH and RV communities, totaling 21,795 sites and 2,655 development sites, and eight marinas totaling 2,552 wet slips and dry storage spaces, for a total purchase price of approximately $2.2 billion. This includes our acquisition of Park Holidays at an enterprise value of £950.0 million, or approximately $1.2 billion.
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.
In 2022, team members logged over 71,500 hours of training. • We hold mandatory ongoing training sessions for all property management personnel to ensure that policies and procedures are executed effectively, professionally and consistently. • New team members are required to complete information security training, and safety and compliance-related training, with routine refreshers at least annually on critical topics.
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.
In 2022, we adopted goals to achieve Carbon Neutrality by 2035 and Net Zero Emissions by 2045.
In recognition of the impact buildings have on global annual greenhouse gas ("GHG") emissions, in 2022 we adopted goals to achieve Carbon Neutrality by 2035 inclusive of ISO 14064:1 ("ISO 14064") categories 1, 2, 3 and 4, and Net Zero Emissions by 2045 (inclusive of all five ISO 14064 categories).
Implementation consists of the conversion of the communities's digital presence (website, Facebook, reservation software and other internal systems) and the replacement of signage at the communities.
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.
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(4) Of the outstanding Aspen preferred OP units, 270,000 are designated as "Aspen 2034 Units." (5) At any time prior to January 1, 2024 (or prior to January 1, 2034 with respect to the Aspen 2034 Units), at the holder's option, each Aspen preferred OP unit may be exchanged into: (a) if the average closing price of our common stock for the preceding ten trading days is $68.00 per share or less, 0.397 common OP units, or (b) if the 10-day average closing price of our common stock is greater than $68.00 per share, the number of common OP units is determined by dividing (i) the sum of (A) $27.00 plus (B) 25.0% of the amount by which the 10-day average closing price exceeds $68.00 per share, by (ii) the 10-day average closing price.
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We have the right to cause the holders of Series K preferred OP units to exchange such units into common OP units at the applicable exchange rate (a) within 60 days after March 23, 2028 or (b) if at any time the trading price of our common stock for each of the preceding 60 trading days is equal to or greater than 120% of the Series K conversion price of $170 (as it may be adjusted under the Operating Partnership's partnership agreement).
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(6) The annual distribution rate for Aspen 2034 Units is 3.8%. The annual distribution rate on all other Aspen preferred OP units is equal to the 10-year U.S. Treasury bond yield plus 239 basis points; provided, however, that such aggregate distribution rate shall not be less than 6.5% nor more than 9.0%.
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If in connection with an exchange pursuant to clause (a) above the recent average price of our common stock (as determined under the Operating Partnership's partnership agreement) is less than the Series K conversion price, we will be required to make an additional cash payment in respect of each exchanged Series K preferred OP unit equal to the product of (i) the Series K exchange rate and (ii) the difference between such average price and the Series K conversion price.
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(7) We are required to redeem all outstanding Aspen preferred OP units other than the Aspen 2034 Units on January 2, 2024. We are required to redeem all outstanding Aspen 2034 Units on January 2, 2034.
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(5) Each Series L preferred OP unit is exchangeable for 0.6250 common OP units. Each such common OP unit will be exchangeable for one share of our common stock.
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In addition, we are required to redeem the Aspen preferred OP units (including Aspen 2034 Units) of any holder thereof within five days after receipt of a written demand during the existence of certain uncured Aspen preferred OP unit defaults, including our failure to pay distributions on the Aspen preferred OP units when due and our failure to provide certain security for the payment of distributions on the Aspen preferred OP units.
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We have the right to cause the holders of Series L preferred OP units to exchange such units into common OP units at the applicable exchange rate (a) any time after December 31, 2028 or (b) if at any time the trading price of our common stock for each of the preceding 60 trading days is equal to or greater than 120% of the Series L conversion price of $160 (as it may be adjusted under the Operating Partnership's partnership agreement).
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Our internal training program has led to increased knowledge and accountability for daily operations and policies and procedures.
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If in connection with an exchange pursuant to clause (a) above the recent average price of our common stock (as determined under the Operating Partnership's partnership agreement) is less than the Series L conversion price, we will be required to make an additional cash payment in respect of each exchanged Series L preferred OP unit equal to the product of (i) the Series L exchange rate and (ii) the difference between such average price and the Series L conversion price.
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This process ensures equitable performance review and corresponding pay practices that attract, retain and reward top talent. • In 2022, in compliance with UK regulations, Park Holidays conducted a gender pay gap analysis and published its 2021-2022 Gender Pay Gap Report in March 2022.
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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.
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Through its annual pay review process, Park Holidays conducts an analysis to ensure that equity is a key consideration and make adjustments to address any identified issues or risks. As a result of its February 2022 pay review, a total of 571 Park Holidays team members or 55% of its team members received some level of pay increase in 2022.
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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.
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By conserving natural resources, reducing our carbon footprint and participating in efforts to protect the environment through our Sun Unity program in the U.S., having a number of locally based initiatives on our properties in the UK, such as beach cleaning, and actively participating in locally organized volunteer and sponsorship activities across our marina network in the U.S., we strive to achieve our environmental sustainability goals.
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Insurance With increased insurance claims across the industry and other market conditions, it has been more difficult to obtain insurance, in particular property insurance covering named windstorms, business interruption, flood and earthquake insurance.
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Manufactured homes cost approximately 51% less per square foot than conventional site-built homes, expanding the opportunity for residents to own their home, despite an ever-increasing housing affordability gap. Our homes provide more space at less cost per square foot compared to other options. 8 SUN COMMUNITIES, INC.
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With fewer insurers willing to provide policies, and policies increasingly including lower coverage limits, higher deductibles and higher premiums, we have changed our insurance purchasing philosophy and strategy resulting in us self-insuring a greater risk to offset insurance market fluctuations.
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Climate Change Goals Climate change is the challenge of our lifetime and poses a clear threat and challenge to the real estate sector, as buildings contribute up to 30% of global annual greenhouse gas ("GHG") emissions.
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ENVIRONMENTAL, SOCIAL AND GOVERNANCE ("ESG"): OUR COMMITMENT TO A SUSTAINABLE FUTURE We continue to embrace a company-wide commitment to ESG practices and procedures implemented through executive commitments, sponsorship of various programs and our everyday business practices.
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Climate change impacts are material to our overall value as well as our ability to serve our residents, guests, team members, investors and other stakeholders. We are committed to reducing our GHG emissions and working to improve upon the environmental performance of the communities and properties within our portfolio.
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Environmental The International Energy Agency ("IEA") estimates that the energy usage related to operating buildings (commercial and residential) accounts for 26% of global energy-related emissions.
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These commitments are part of a concerted effort to significantly reduce our greenhouse gas emissions and ultimately reach net-zero emissions to limit global warming and prevent the adverse effects of climate change. • Our Carbon Neutrality goal is inclusive of direct and indirect emissions from our operations, development and maintenance activities; • Our Net Zero Emissions goal expands the Carbon Neutrality commitment to our supply chain and franchisees; and • The scope of our commitment will be seen across all our properties as we work toward achieving our climate change goals through various means, including: i.
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During 2023, we completed a top ESG priority by expanding our data coverage to encompass our UK operations and Marina segment. Through collection of primary source data (e.g., utility bills and invoices) and accepted estimation methods, we were able to complete full reporting of all direct and indirect source emissions.
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Renewable Energy – Expanding the use of renewable energy throughout our portfolio through additional on-site energy generation, the purchase of off-site generated energy, and Renewable Energy Certificates (RECs); ii. Green Building – Increasing the use of certified energy efficient manufactured homes, including ENERGY STAR®, in its communities as well as energy-efficient lighting and building control systems; iii.
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Our homes provide more space at less cost per square foot compared to other options. According to Zillow.com's September 2023 rent index, the average MH site rent in a Sun community is approximately 50% less than the monthly cost of other rental options.
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We set the key milestones listed below to help track our progress toward achieving carbon neutrality by 2035: • 2025: Baseline Year to establish data sources for emissions categories; • 2030: 50% absolute reduction from 2025 baseline; and • 2032: 80% absolute reduction from 2025 baseline. 9 SUN COMMUNITIES, INC.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeThe following factors, among others, may adversely affect the revenues generated by our properties: • Outbreaks of disease such as Covid-19 and related restrictions on business operations; • The international, national and local economic climate which may be adversely impacted by, among other factors, plant closings, industry slowdowns and inflation; • Local real estate market conditions such as the oversupply of MH and RV sites or a reduction in demand for MH and RV sites in an area, and an oversupply of, or a reduced demand for, manufactured homes; • A decrease in the number of people interested in the RV lifestyle or boating; • Changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, the Australian dollar and Pound sterling; • The number of repossessed homes in a particular market; • The difficulty facing potential purchasers in obtaining affordable financing as a result of heightened lending criteria; • An increase or decrease in the rate of manufactured home repossessions which provide aggressively priced competition to new manufactured home sales; • The lack of an established MH dealer network; • The housing rental market which may limit the extent to which rents may be increased to meet increased expenses without decreasing occupancy rates; • The perceptions by prospective tenants of the safety, convenience and attractiveness of our MH properties and the neighborhoods where they are located; • Zoning or other environmental regulatory restrictions; 11 SUN COMMUNITIES, INC. • Competition from other available MH and RV communities and alternative forms of housing (such as apartment buildings and site-built single-family homes), and other marinas; • Our ability to effectively manage, maintain and insure our properties; • Increased operating costs, including insurance premiums, real estate taxes and utilities; and • The enactment of rent control laws or laws taxing the owners of manufactured homes.
Biggest changeThe 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.
Any change in our distribution policy could have a material adverse effect on the market price of our common stock. We rely on key management . We depend on the efforts of our executive officers, including Gary A. Shiffman, Bruce Thelen, Fernando Castro-Caratini, Aaron Weiss, Marc Farrugia and Baxter R. Underwood.
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.
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.
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.
We have a significant concentration of MH and RV properties and marinas on coastlines and in other areas where natural disasters or other catastrophic events such as hurricanes, flash floods, sea-level rise, tornadoes, wildfires and earthquakes could negatively impact our operating results and cash flows.
We have a significant concentration of MH and RV properties and marinas on coastlines and in other areas where natural disasters or other catastrophic events such as hurricanes, flash floods, sea-level rise, droughts, tornadoes, wildfires or earthquakes could negatively impact our operating results and cash flows.
Extreme weather or weather-related conditions and other natural disasters, including hurricanes, flash floods, sea-level rise, tornadoes, wildfires or earthquakes, may interrupt our operations, damage our properties and reduce the number of customers who utilize our properties in the affected areas.
Extreme weather or weather-related conditions and other natural disasters, including hurricanes, flash floods, sea-level rise, droughts, tornadoes, wildfires or earthquakes, may interrupt our operations, damage our properties and reduce the number of customers who utilize our properties in the affected areas.
We are subject to the risks normally associated with debt financing, including the following risks: • Our cash flow may be insufficient to meet required debt payments, or we may need to dedicate a substantial portion of our cash flow to pay our debt rather than to other areas of our business; • Our existing indebtedness may limit our operating flexibility due to financial and other restrictive covenants, including restrictions on incurring additional debt; • It may be more difficult for us to obtain additional financing for our operations, working capital requirements, capital expenditures, debt service or other general requirements; • Increases in interest rates will increase the costs of our floating rate debt and make obtaining new debt more expensive; • We may be more vulnerable in the event of adverse economic and industry conditions or a downturn in our business; • We may be placed at a competitive disadvantage compared to our competitors that have less debt; and • We may not be able to refinance at all or on favorable terms, as our debt matures.
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.
The 9.8% ownership limit, as well as our ability to issue additional shares of common stock or shares of other stock (which may have rights and preferences over the common stock), may discourage a change of control of the Company and may also: (a) deter tender offers for the common stock, which offers may be advantageous to stockholders; and (b) limit the opportunity for stockholders to receive a premium for their common stock that might otherwise exist if an investor were attempting to assemble a block of common stock in excess of 9.8% of our outstanding shares or otherwise effect a change of control of the Company.
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.
These provisions include a classified board; two-thirds vote to remove a director; that the number of directors may only be fixed by the Board of Directors; that vacancies on the board as a result of an increase in the size of the board or due to death, resignation or removal can only be filled by the board, and the director appointed to fill the vacancy serves for the remainder of the full term of the class of director in which the vacancy occurred; and a majority requirement for the calling by stockholders of special meetings.
These provisions include a classified board; two-thirds vote to remove a director; that the number of directors may only be fixed by the Board of Directors; that vacancies on the board as a result of an increase in the size of the board or due to death, resignation or removal can only be filled by the board, and the director appointed to fill the vacancy serves for the remainder of the full term of the class of director in which the vacancy occurred; and a majority requirement for the calling by shareholders of special meetings.
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.
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.
Thus, ownership of more than 9.8%, in number of shares or value, of the issued and outstanding shares of our capital stock by any single stockholder has been restricted, with certain exceptions, for the purpose of maintaining our qualification as a REIT under the Code. Such restrictions in our charter do not apply to Milton M. Shiffman, Gary A.
Thus, ownership of more than 9.8%, in number of shares or value, of the issued and outstanding shares of our capital stock by any single shareholder has been restricted, with certain exceptions, for the purpose of maintaining our qualification as a REIT under the Code. Such restrictions in our charter do not apply to Milton M. Shiffman, Gary A.
Certain provisions of the Maryland General Corporation Law ("MGCL") may have the effect of inhibiting a third-party from making a proposal to acquire us or of impeding a change of control under circumstances that otherwise could provide the holders of shares of our capital stock with the opportunity to realize a premium over the then-prevailing market price of such shares, including: • "Business combination" provisions that, subject to limitations, prohibit certain business combinations between us and an "interested stockholder" (defined generally as any person who beneficially owns 10% or more of the voting power of our shares or an affiliate thereof or an affiliate or associate of ours who was the beneficial owner, directly or indirectly, of 10% or more of the voting power of our then outstanding voting stock at any time within the two-year period immediately prior to the date in question) for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter impose fair price and / or supermajority and stockholder voting requirements on these combinations; and • "Control share" provisions that provide that "control shares" of our company (defined as shares that, when aggregated with other shares controlled by the stockholder, entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a "control share acquisition" (defined as the direct or indirect acquisition of ownership or control of issued and outstanding "control shares") have no voting rights except to the extent approved by our stockholder by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares.
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.
As a result, we may have to pay substantial sums to settle any liabilities asserted against us based upon ownership of newly acquired properties, which could adversely affect our cash flow. Investments through joint ventures involve risks not present for properties in which we are the sole owner.
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.
Moreover, we cannot be sure that: (a) future laws, ordinances or regulations will not impose any material environmental liability; or (b) 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 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.
Qualification as a REIT involves the satisfaction of numerous requirements (some on an annual and quarterly basis) established under highly technical and complex Code provisions for which there are only limited judicial or administrative interpretations and involves the determination of various factual matters and circumstances not entirely within our control.
Qualification as a REIT involves the satisfaction of numerous requirements on an annual and quarterly basis established under highly technical and complex Code provisions for which there are limited judicial or administrative interpretations and involves the determination of various factual matters and circumstances not entirely within our control.
Other than a classified board, the filling of vacancies as a result of the removal of a director and a majority requirement for the calling by stockholders of special meetings, we are already subject to these provisions, either by provisions of our charter and bylaws unrelated to Subtitle 8 or by reason of an election to be subject to certain provisions of Subtitle 8.
Other than a classified board, the filling of vacancies as a result of the removal of a director and a majority requirement for the calling by shareholders of special meetings, we are already subject to these provisions, either by provisions of our charter and bylaws unrelated to Subtitle 8 or by reason of an election to be subject to certain provisions of Subtitle 8.
No prediction can be made regarding the effect that future sales of shares of our common stock or our other securities will have on the market price of shares. Our business operations may not generate the cash needed to make distributions on our capital stock or to service our indebtedness, and we may adjust our common stock distribution policy.
No prediction can be made regarding the effect that future sales of shares of our common stock or our other securities will have on the market price of shares. Our business operations may not generate the cash needed to make distributions on our capital stock or to service our debt, and we may adjust our common stock distribution policy.
Certain provisions of Maryland law could inhibit changes in control, which may discourage third parties from conducting a tender offer or seeking other change of control transactions that could involve a premium price for our common stock or that our stockholders otherwise believe to be in their best interest.
Certain provisions of Maryland law could inhibit changes in control, which may discourage third parties from conducting a tender offer or seeking other change of control transactions that could involve a premium price for our common stock or that our shareholders otherwise believe to be in their best interest.
The provisions of the MGCL relating to business combinations do not apply, however, to business combinations that are approved or exempted by our Board of Directors prior to the time that the interested stockholder becomes an interested stockholder. As permitted by the statute, our Board of Directors has by resolution exempted Milton M. Shiffman, Robert B. Bayer and Gary A.
The provisions of the MGCL relating to business combinations do not apply, however, to business combinations that are approved or exempted by our Board of Directors prior to the time that the interested shareholder becomes an interested shareholder. As permitted by the statute, our Board of Directors has by resolution exempted Milton M. Shiffman, Robert B. Bayer and Gary A.
Our Board of Directors has power to adopt, alter or repeal any provision of our bylaws or make new bylaws, provided, however, that our stockholders may alter or repeal any provision of our bylaws and adopt new bylaws if any such alteration, repeal or adoption is approved by the affirmative vote of a majority of all votes entitled to be cast on the matter.
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.
The terms of our financing agreements and other indebtedness require us to comply with a number of customary financial and other covenants. These covenants may limit our flexibility in our operations, and breaches of these covenants could result in defaults under the instruments governing the applicable indebtedness even if we have satisfied our payment obligations.
The terms of our financing agreements and other debt require us to comply with a number of customary financial and other covenants. These covenants may limit our flexibility in our operations, and breaches of these covenants could result in defaults under the instruments governing the applicable debt even if we have satisfied our payment obligations.
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 market, certain properties maintain higher occupancy during the summer months, while other properties maintain higher occupancy during the winter months.
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.
Moreover, the existence of any material weakness or significant deficiency in our internal controls and procedures would require management to devote significant time and incur significant expense to remediate any such material weaknesses or significant deficiencies and management may not be able to remediate any such material weaknesses or significant deficiencies in a timely manner.
Moreover, the existence of any material weakness or significant deficiency in our internal controls and procedures has required and would require management to devote significant time and incur significant expense to remediate any such material weaknesses or significant deficiencies and management may not be able to remediate any such material weaknesses or significant deficiencies in a timely manner.
As a result, these persons may be able to enter into business combinations with us that may not be in the best interests of our stockholder without compliance by our company with the supermajority vote requirements and the other provisions of the statute.
As a result, these persons may be able to enter into business combinations with us that may not be in the best interests of our shareholder without compliance by our company with the supermajority vote requirements and the other provisions of the statute.
The loss of services of one or more of these executive officers could have a temporary adverse effect on our operations. We do not currently maintain or contemplate obtaining any "key-man" life insurance on our executive officers. 22 SUN COMMUNITIES, INC.
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.
As a result, the related risks that we now face could intensify and increase the risk of a default on our indebtedness. Covenants in our credit agreements and senior unsecured note indentures could limit our flexibility and adversely affect our financial condition.
As a result, the related risks that we now face could intensify and increase the risk of a default on our debt. Covenants in our credit agreements and senior unsecured note indentures could limit our flexibility and adversely affect our financial condition.
(i.e., nationalization of assets located within a country); • Complying with a wide variety of foreign laws; • Fluctuations in exchange rates between foreign currencies and the U.S. dollar, and exchange controls; • Limited experience with local business and cultural factors that differ from our usual standards and practices; • Changes in the availability, cost and terms of mortgage funds and other borrowings resulting from varying national economic policies or changes in interest rates; • Reliance on local management; • Challenges in establishing effective controls and procedures to regulate operations in different regions and to monitor and ensure compliance with applicable regulations, such as applicable laws related to corrupt practices, employment, licensing, construction, climate change or environmental compliance; • Unexpected changes in regulatory requirements, tax, tariffs, trade barriers and other laws within jurisdictions outside the U.S. or between the U.S. and such jurisdictions; • Potentially adverse tax consequences with respect to our properties; • The impact of regional or country-specific business cycles and economic instability, including deterioration in political relations with the U.S., instability in, or further withdrawals from, the European Union or other international trade alliances or agreements; • The impact of disruptions in global, regional or local supply chains, including disruptions occurring during and after the COVID-19 pandemic; and • Political instability, uncertainty over property rights, civil unrest, drug trafficking, political activism or the continuation or escalation of terrorist activities.
(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.
In the marina market, demand for wet slip storage increases during the summer months as customers contract for the summer boating season, which also drives non-storage revenue streams such as service, fuel and on-premise restaurants or convenience storage.
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.
The income requirements applicable to REITs and the definition of "qualifying income" for purposes of this 90% test are similar in most respects. Qualifying income for the 90% test generally includes passive income, such as specified types of real property rents, distributions and interest.
The income requirements applicable to REITs and the definition of "qualifying income" for purposes of this 90% test are similar in most respects. Qualifying income for the 90% test generally includes passive income, such as specified types of real property rents, dividends and interest.
As a result of the geographic concentration of our MH and RV communities in Florida, Michigan, the UK, California and Texas, and of our marinas in Florida, Rhode Island and New York, we are exposed to the risks of downturns in local economies or other local real estate market conditions which could adversely affect occupancy rates, rental rates and property values in these markets.
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.
If our properties were foreclosed upon, or if we are unable to refinance our indebtedness at maturity or meet our payment obligations, the amount of our distributable cash flows and our financial condition would be adversely affected.
If our properties were foreclosed upon, or if we are unable to refinance our debt at maturity or meet our payment obligations, the amount of our distributable cash flows and our financial condition would be adversely affected.
In addition, we have entered into an At-the-Market Offering Sales Agreement to sell shares of common stock. As of December 31, 2022, we have remaining capacity to sell up to an additional $1.1 billion of common stock under this agreement.
In addition, 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.
If any of the above risks occurred, our financial condition and results of operations could be materially adversely affected. Despite our current indebtedness levels, we may incur substantially more debt in the future. If new debt is added to our current debt levels, an even greater portion of our cash flow will be needed to satisfy our debt service obligations.
If any of the above risks occurred, our financial condition and results of operations could be materially adversely affected. Despite our current debt levels, we may incur substantially more debt in the future. If new debt is added to our current debt levels, an even greater portion of our cash flows will be needed to satisfy our debt service obligations.
Additionally, Subtitle 8 of Title 3 of the MGCL permits our Board of Directors, without stockholder approval and regardless of what is currently provided in our charter or bylaws, to elect to be subject to certain provisions relating to corporate governance that may have the effect of delaying, deferring or preventing a transaction or a change of control of our company that might involve a premium to the market price of our common stock or otherwise be in our stockholders' best interests.
Additionally, Subtitle 8 of Title 3 of the MGCL permits our Board of Directors, without shareholder approval and regardless of what is currently provided in our charter or bylaws, to elect to be subject to certain provisions relating to corporate governance that may have the effect of delaying, deferring or preventing a transaction or a change of control of our company that might involve a premium to the market price of our common stock or otherwise be in our shareholders' best interests.
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.
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.
The RV market 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.
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.
These ratings are based on a number of factors, which include assessments of our financial strength, liquidity, capital structure, asset quality, and sustainability of cash flow and earnings.
These ratings are based on a number of factors, which include assessments of our financial strength, liquidity, capital structure, asset quality, and sustainability of cash flows and earnings.
The Internal Revenue Service may successfully assert that the economic arrangements of any of our inter-company transactions are not comparable to similar arrangements between unrelated parties. This would result in unexpected tax liability which would adversely affect our cash flows. 18 SUN COMMUNITIES, INC. Dividends payable by REITs do not qualify for the reduced tax rates applicable to certain dividends.
The Internal Revenue Service may successfully assert that the economic arrangements of any of our inter-company transactions are not comparable to similar arrangements between unrelated parties. This would result in unexpected tax liability which would adversely affect our cash flows. Dividends payable by REITs do not qualify for the reduced tax rates applicable to certain dividends.
In the future, our Board of Directors may elect, without stockholder approval, to make us subject to the provisions of Subtitle 8 to which we are not currently subject.
In the future, our Board of Directors may elect, without shareholder approval, to make us subject to the provisions of Subtitle 8, to which we are not currently subject.
Any such access, disclosure or other loss of information could: • Result in legal claims or proceedings, • Disrupt our operations, including our ability to service our tenants and our ability to analyze and report our financial and operating results, • Decrease our revenues, • Damage our reputation, • Cause a loss of confidence, • Increase our insurance premiums, or • Have other material adverse effects on our business. 23 SUN COMMUNITIES, INC.
Any such access, disclosure or other loss of information could: • result in legal claims or proceedings, • disrupt our operations, including our ability to service our tenants and our ability to analyze and report our financial and operating results, • decrease our revenues, • damage our reputation, • cause a loss of confidence, • increase our insurance premiums, or • have other material adverse effects on our business.
Underwood has entered into an employment and non-competition agreement, upon certain events he will have the option to eliminate the non-competition covenant by foregoing certain compensation and other benefits. We do not currently maintain or contemplate obtaining any "key-man" life insurance on any of the key employees of Safe Harbor. 15 SUN COMMUNITIES, INC.
Underwood has entered into an employment and non-competition agreement, upon certain events he will have the option to eliminate the non-competition covenant by foregoing certain compensation and other benefits. We do not currently maintain or contemplate obtaining any "key-man" life insurance on any of the key employees of Safe Harbor.
The power to issue preferred stock could have the effect of delaying or preventing a change in control of the Company even if a change in control were in the stockholders' interest.
The power to issue preferred stock could have the effect of delaying or preventing a change in control of the Company even if a change in control were in the shareholders' interest.
Our ability to make distributions on our common stock and preferred stock, and payments on our indebtedness and to fund planned capital expenditures will depend on our ability to generate cash in the future.
Our ability to make distributions on our common stock and preferred stock, and payments on our debt and to fund planned capital expenditures will depend on our ability to generate cash in the future.
If any of our properties are damaged or if their operations are disrupted as a result of extreme weather or natural disasters, or if extreme weather or natural disasters adversely impact general economic or other conditions in the areas in which our properties are located or from which they draw their tenants and customers, our business, financial condition and results of operations could be materially adversely affected. 13 SUN COMMUNITIES, INC.
If any of our properties are damaged or if their operations are disrupted as a result of extreme weather or natural disasters, or if extreme weather or natural disasters adversely impact general economic or other conditions in the areas in which our properties are located or from which they draw their tenants and customers, our business, financial condition and results of operations could be materially adversely affected.
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.
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.
Our revenue would also be adversely affected if tenants were unable to pay rent or if sites were unable to be rented on favorable terms.
Our revenue would also be adversely affected if tenants and members were unable to pay rent or if sites were unable to be rented on favorable terms.
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.
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.
As a result, the market price of our common stock and preferred stock could be similarly volatile, and investors in our common stock and preferred stock may experience a decrease in the value of their shares, including decreases unrelated to our operating performance or prospects.
In the future, the market price of our common stock and preferred stock could be similarly volatile, and investors in our common stock and preferred stock may experience a decrease in the value of their shares, including decreases unrelated to our operating performance or prospects.
We cannot assure you that our business will generate sufficient cash flow from operations or that future borrowings will be available to us in an amount sufficient to enable us to make distributions on our common stock or preferred stock, to pay our indebtedness or to fund our other liquidity needs.
We cannot assure you that our business will generate sufficient cash flows from operations or that future borrowings will be available to us in an amount sufficient to enable us to make distributions on our common stock or preferred stock, to pay our debt or to fund our other liquidity needs.
In the event an uninsured loss occurs, we could lose both our investment in and anticipated profits and cash flow from the affected property. We would also continue to be obligated to repay any mortgage indebtedness or other obligations related to the community.
In the event an uninsured loss occurs, we could lose both our investment in and anticipated profits and cash flows from the affected property. We would also continue to be obligated to repay any mortgage debt or other obligations related to the community.
Also, pursuant to a provision in our bylaws, we have exempted any acquisition of our stock from the control share provisions of the MGCL. However, our Board of Directors may by amendment to our bylaws opt into the control share provisions of the MGCL at any time in the future. 20 SUN COMMUNITIES, INC.
Also, pursuant to a provision in our bylaws, we have exempted any acquisition of our stock from the control share provisions of the MGCL. However, our Board of Directors may by amendment to our bylaws opt into the control share provisions of the MGCL at any time in the future.
We subject our properties to a Phase I or similar environmental assessment as well as limited compliance evaluations (which involve general inspections without soil sampling or ground water analysis) completed by independent environmental and engineering consultants. In some cases, where these evaluations have recommended further, invasive investigations, those have also been conducted.
As part of our standard acquisition due diligence, we subject our properties to a Phase I or similar environmental assessment as well as limited compliance evaluations (which involve general inspections without soil sampling or ground water analysis) completed by independent environmental and engineering consultants. In some cases, where these evaluations have recommended further, invasive investigations, those have also been conducted.
The changes created by these rules are significant for collecting tax in partnership audits and, accordingly, there can be no assurance that these rules will not have a material adverse effect on us. Our ability to accumulate cash may be restricted due to certain REIT distribution requirements.
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.
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.
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.
Our financing agreements contain certain cross-default provisions that could be triggered in the event that we default on our other indebtedness. These cross-default provisions may require us to repay or restructure our senior credit facility in addition to any mortgage or other debt that is in 16 SUN COMMUNITIES, INC. default.
Our financing agreements contain certain cross-default provisions that could be triggered in the event that we default on our other debt. These cross-default provisions may require us to repay or restructure our senior credit facility in addition to any mortgage or other debt that is in default.
In addition, frequent changes occur in the area of REIT taxation, which require us to monitor our tax status continually. 17 SUN COMMUNITIES, INC. If we fail to qualify as a REIT in any taxable year, our taxable income could be subject to U.S. federal income tax at regular corporate rates.
In addition, frequent changes occur in the area of REIT taxation, which requires us to continually monitor our tax status. If we fail to qualify as a REIT in any taxable year, our taxable income could be subject to U.S. federal income tax at regular corporate rates.
When we arrange for the treatment or disposal of hazardous substances at landfills or other facilities owned by other persons, we may be liable for the removal or remediation costs at such facilities. 14 SUN COMMUNITIES, INC.
When we arrange for the treatment or disposal of hazardous substances at landfills or other facilities owned by other persons, we may be liable for the removal or remediation costs at such facilities.
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 flow and ability to pay or refinance our debt obligations could be adversely affected.
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.
Public health crises, such as the COVID-19 pandemic, could materially and adversely affect our financial condition, operating results and cash flows. A public health crisis, such as the one experienced during the COVID-19 pandemic, could have material and adverse effects on our ability to successfully operate our business and on our financial condition.
Public health crises, such as outbreaks of disease, could materially and adversely affect our financial condition, operating results and cash flows. A public health crisis, such as the COVID-19 pandemic, could have material and adverse effects on our ability to successfully operate our business and on our financial condition.
In addition, as our business continues to grow, and as we continue to make significant acquisitions, our internal controls will become more complex and may require significantly more resources to ensure that our disclosure controls and procedures remain effective. Acquisitions can pose challenges in implementing the required processes, procedures and controls in the operations of the companies that we acquire.
In addition, to the extent we make additional significant acquisitions, our internal controls will become more complex and may require significantly more resources to ensure that our disclosure controls and procedures remain effective. Acquisitions can pose challenges in implementing the required processes, procedures and controls in the operations of the companies that we acquire.
Furthermore, failure to meet certain of these financial covenants could cause an event of default under and / or accelerate some or all of such indebtedness which could have a material adverse effect on us.
Furthermore, failure to meet certain of these financial covenants could cause an event of default under and / or accelerate some or all of such debt which could have a material adverse effect on us. 19 SUN COMMUNITIES, INC.
The price of our common stock and preferred stock could be subject to wide fluctuations in response to a number of factors, including: • Outbreaks of disease, including the COVID-19 pandemic, and related stay-at-home orders, quarantine policies and restrictions on travel, trade and business operations; • Issuances of other equity securities in the future, including new series or classes of preferred stock; • Our operating performance and the performance of other similar companies; • Our ability to maintain compliance with covenants contained in our debt facilities and our senior unsecured notes; • Actual or anticipated variations in our operating results, funds from operations, cash flows or liquidity; • Changes in expectations of future financial performance or changes in our earnings estimates or those of analysts; • Changes in our distribution policy; • Publication of research reports about us or the real estate industry generally; • Increases in market interest rates that lead purchasers of our common stock and preferred stock to demand a higher dividend yield; • Changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, the Australian dollar and Pound sterling; • Changes in market valuations of similar companies; • Adverse market reaction to the amount of our debt outstanding at any time, the amount of our debt maturing in the near-term and medium-term and our ability to refinance our debt, or our plans to incur additional debt in the future; • Additions or departures of key management personnel; • Speculation in the press or investment community; • Equity issuances by us, or share resales by our shareholders or the perception that such issuances or resales may occur; • Actions by institutional shareholders; and • General market and economic conditions. 21 SUN COMMUNITIES, INC.
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 government and societal responses to public health crises, including the COVID-19 pandemic, 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.
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.
Based on the applicable conversion ratios then in effect, as of February 16, 2023, in the future we may issue to the limited partners of the Operating Partnership, up to approximately 4.8 million shares of our common stock in exchange for their OP units.
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.
We maintain comprehensive liability, fire, property, business interruption, general liability and (where appropriate) flood and earthquake insurance, and other lines of insurance we have determined to be appropriate for our business, provided by reputable companies with commercially reasonable deductibles and limits.
We maintain comprehensive liability, fire, property, business interruption, general liability, and (where appropriate) flood and earthquake insurance, and other lines of insurance we have determined to be appropriate for our business through a combination of self-insurance partially covering the risk and insurance provided by reputable companies with commercially reasonable deductibles and limits.
As of December 31, 2022, 150 of our MH and RV communities and marinas, representing 21.7% of developed sites, are located in Florida; 91 communities, representing 16.3% of developed sites, are located in Michigan; 55 communities, representing 9.4% of developed sites, are located in the UK; 48 communities, representing 6.4% of developed sites, are located in California; and 34 communities, representing 5.9% of developed sites, are located in Texas.
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.
Under the rules, among other changes and subject to certain exceptions, any audit adjustment to items of income, gain, loss, deduction or credit of a partnership (and a partner's allocable share thereof) is determined, and taxes, interest, and penalties attributable thereto are assessed and collected, at the partnership level.
Under the rules applicable to U.S. federal income tax audits of partnerships, subject to certain exceptions, any audit adjustment to items of income, gain, loss, deduction or credit of a partnership (and a partner's allocable share thereof) is determined, and taxes, interest, and penalties attributable thereto are assessed and collected, at the partnership level.
If an uninsured liability to a third party were to occur, we would incur the cost of defense and settlement with, or court ordered damages to, that third party. A significant uninsured property or liability loss could have a material adverse effect on our business and our financial condition and results of operations. Expanding social media platforms present new challenges.
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.
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 flow.
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.
Social media outlets continue to grow and expand, which presents us with new risks. Adverse content about us and our properties on social media platforms could result in damage to our reputation or brand. Improper posts by employees or others could result in disclosure of confidential or proprietary information regarding our operations.
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.
Including the impact of hedge activity, as of December 31, 2022, approximately 77% of our total debt was fixed rate financing and approximately 23% of our total debt was floating rate financing.
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.
We have international, national and regional competitors in the MH, RV and marina markets. Our properties are located in developed areas that include other MH and RV communities, and marinas.
There are many international, national and regional competitors in the MH, RV and marina markets we currently serve and in new markets that we may enter. Our properties are located in developed areas that include other MH and RV communities, and marinas.
As of February 16, 2023, there were no outstanding options to purchase shares of our common stock under our equity incentive plans, and we currently have the authority to issue restricted stock awards or options to purchase up to an additional 3,284,191 shares of our common stock pursuant to our equity incentive plans.
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.
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 is competition within the MH, RV and marina markets we currently serve and in new markets that we may enter.
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.
Demand for dry storage increases during the winter season as seasonal weather patterns require boat owners to store their vessels on dry docks and within covered racks. Our results on a quarterly basis can fluctuate due to this cyclicality and seasonality. 12 SUN COMMUNITIES, INC.
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.
These audits cannot reflect conditions arising after the studies were completed, and 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.
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.
We believe that the Operating Partnership has been organized as a partnership and will qualify for treatment as such under the Code.
We intend for the Operating Partnership to be taxed as a partnership, but we cannot guarantee that it will qualify. We believe that the Operating Partnership has been organized as a partnership and will qualify for treatment as such under the Code.
These conditions include but are not limited to inflation, rising interest rates, availability of capital markets, energy availability and costs, the negative impacts caused by pandemics and public health crises, negative impacts resulting from the military conflict between Russia and the Ukraine, and the effects of governmental initiatives to manage economic conditions.
These conditions include but are not limited to inflation, deflation, rising interest rates, availability of capital markets, energy availability and costs, the negative impacts caused by outbreaks of disease and public health crises, negative impacts resulting from military conflicts and the effects of governmental initiatives to manage economic conditions. ITEM 1B. UNRESOLVED STAFF COMMENTS None.
GENERAL RISK FACTORS Our share price could be volatile and could decline, resulting in a substantial or complete loss on our shareholders' investment. The stock markets, including the New York Stock Exchange ("NYSE"), on which we list our common stock, have experienced significant price and volume fluctuations.
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.
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 sufficient revenue.
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.
We cannot be certain that we will be successful in continuing to maintain adequate control over our financial reporting and disclosure controls and procedures. Deficiencies, including any material weakness, in our internal control over financial reporting that may occur could result in misstatements or restatements of our financial statements or a decline in the price of our securities.
Deficiencies, including any material weakness, in our internal control over financial reporting that may occur could result in misstatements or restatements of our financial statements or a decline in the price of our securities.

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Item 2. Properties

Properties — owned and leased real estate

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Biggest changeProperty Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Riverside Drive Park MH Augusta ME 163 — 81.0 % 82.2 % Sun Outdoors Old Orchard Beach Downtown (2) RV Old Orchard Beach ME 83 238 100.0 % 100.0 % Sun Outdoors Saco Old Orchard Beach (2) RV Saco ME — 191 N/A N/A Sun Outdoors Wells Beach (2) RV Wells ME — 231 N/A N/A Sun Retreats at Wild Acres (2) RV Old Orchard Beach ME 369 261 100.0 % 100.0 % Sun Retreats Old Orchard Beach (2) RV Old Orchard Beach ME 257 24 100.0 % 100.0 % Town & Country Village MH Lisbon ME 144 — 97.9 % 98.6 % Maine Total 2,548 1,108 95.1 % 96.5 % New Hampshire Brook Ridge MH Hooksett NH 91 — 100.0 % 100.0 % Crestwood MH Concord NH 320 — 100.0 % 99.4 % Farmwood Village MH Dover NH 159 — 100.0 % 99.4 % Glen Ellis Family Campground (2) RV Glen NH — 289 N/A 100.0 % Hannah Village MH Lebanon NH 81 — 100.0 % 97.5 % Hemlocks MH Tilton NH 103 — 100.0 % 100.0 % Mi-Te-Jo Campground (2) RV Milton NH 66 149 100.0 % 100.0 % River Pines MH Nashua NH 480 — 100.0 % 99.4 % Strafford / Lake Winnipesaukee South KOA (3) RV Strafford NH — 144 N/A N/A Westward Shores Cottages & RV Resort (2) RV West Ossipee NH 428 70 100.0 % 100.0 % New Hampshire Total 1,728 652 100.0 % 99.5 % New Jersey Cape May Crossing MH Cape May NJ 28 — 100.0 % 100.0 % Deep Run MH Cream Ridge NJ 243 — 100.0 % 100.0 % Hospitality Creek Campground (2) RV Williamstown NJ 111 122 100.0% N/A Shady Pines MH Galloway Township NJ 39 — 100.0 % 100.0 % Shady Pines RV Resort (2) RV Galloway Township NJ 67 28 100.0 % 100.0 % Sun Outdoors Cape May (3) RV Cape May NJ — 358 N/A N/A Sun Retreats Avalon (2) RV Cape May Court House NJ 417 111 100.0 % 100.0 % Sun Retreats Cape May Wildwood (2) RV Cape May NJ 466 164 100.0 % 100.0 % Sun Retreats Long Beach Island (2) RV Barnegat NJ 183 31 100.0 % 100.0 % Sun Retreats Pleasant Acres Farm (2) RV Sussex NJ 161 131 100.0 % 100.0 % Sun Retreats Sea Isle (2) RV Clermont NJ 665 42 100.0 % 100.0 % Sun Retreats Seashore (2) RV Cape May NJ 437 238 100.0 % 100.0 % New Jersey Total 2,817 1,225 100.0 % 100.0 % New York Cherrywood MH Clinton NY 176 — 93.8 % (1) 88.6 % (1) Jellystone Park™ at Birchwood Acres (3) MH Greenfield Park NY 1 — 100.0 % 100.0 % Jellystone Park™ at Birchwood Acres RV Resort (3) RV Greenfield Park NY 122 182 100.0 % 100.0 % Jellystone Park™ at Gardiner (2) RV Gardiner NY 26 312 100.0 % 100.0 % Jellystone Park™ of Western New York (2) RV North Java NY 22 337 100.0 % 100.0 % Kittatinny Campground & RV Resort (2) RV Barryville NY — 326 N/A N/A Parkside Village MH Cheektowaga NY 156 — 100.0 % 100.0 % Sky Harbor MH Cheektowaga NY 522 — 97.7 % 98.7 % Sun Outdoors Association Island (2) RV Henderson NY 24 276 100.0 % 100.0 % Sun Retreats Adirondack Gateway (2) RV Gansevoort NY 332 10 100.0 % 100.0 % The Villas at Calla Pointe MH Cheektowaga NY 116 — 100.0 % 100.0 % 34 SUN COMMUNITIES, INC.
Biggest changeProperty 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.
We have concentrated our properties within certain areas of the regions in order to achieve economies of scale in management and operations. The following tables set forth certain information relating to our MH and RV properties as of December 31, 2022. The occupancy percentage includes MH sites and annual RV sites and excludes transient RV sites.
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.
Most of our properties include amenities oriented toward family and retirement living. Of our 669 properties, 319 each have 300 or more developed sites, with the largest having 2,341 developed MH and RV sites. See "Real Estate and Accumulated Depreciation, Schedule III," included in our Consolidated Financial Statements, for detail on properties that are encumbered.
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.
The average renewal rate for residents in our Rental Program was 69.7% for the year ended December 31, 2022. We believe that our properties' high amenity levels, customer service loyalty, and customer retention program contribute to low turnover and generally high occupancy rates.
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.
Since January 1, 2018, our MH and RV properties have a five-year average annual turnover of homes (where the home is moved out of the community) of approximately 2.8% and a five-year average annual turnover of residents (where the resident-owned home is sold and remains within the community, typically without interruption of rental income) of approximately 7.2%.
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%.
ITEM 2. PROPERTIES As of December 31, 2022, our properties were located in the U.S., the UK and Canada, and consisted of 353 MH communities, 182 RV communities and 134 marinas.
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.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Country Meadows MH Flat Rock MI 577 — 98.4 % 99.7 % Country Meadows Village MH Caledonia MI 395 — 100.0 % 99.7 % Creek Wood MH Burton MI 336 — 98.5 % 97.6 % Cutler Estates MH Grand Rapids MI 259 — 99.2 % 97.7 % Dutton Mill Village MH Caledonia MI 307 — 98.0 % 99.7 % East Village Estates MH Washington Twp.
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.
As of December 31, 2022, our MH and RV properties had an occupancy rate of 95.9% excluding transient RV sites.
As of December 31, 2023, our MH and RV properties had an occupancy rate of 96.4% excluding transient RV sites.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Spanish Trails West MH Casa Grande AZ 214 — 0.5% (1) N/A (4) Spanish Trails West RV Resort RV Casa Grande AZ — — N/A (1) N/A (4) Sun Valley MH Apache Junction AZ 268 — 98.1 % 97.8 % Arizona Total 4,537 986 91.3 % 95.0 % Colorado Cave Creek MH Evans CO 447 — 100.0 % 99.6 % Eagle Crest MH Firestone CO 441 — 99.8 % 99.8 % Jellystone Park™ at Larkspur (2) RV Larkspur CO — 536 N/A N/A North Point Estates MH Pueblo CO 108 — 95.4 % 99.1 % Skyline MH Fort Collins CO 170 — 100.0 % 99.4 % Smith Creek Crossing MH Granby CO 310 — 34.8 % (1) 44.5 % (1) Sun Outdoors Rocky Mountains MH Granby CO 36 — 100.0 % 100.0 % Sun Outdoors Rocky Mountains RV Resort (2) RV Granby CO — 451 N/A N/A Swan Meadow Village MH Dillon CO 174 — 100.0 % 100.0 % The Foothills MH Fort Collins CO — — N/A N/A The Grove at Alta Ridge MH Thornton CO 409 — 100.0 % 100.0 % Timber Ridge MH Ft.
Property Name MH / RV City / 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 MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 NORTH AMERICA UNITED STATES MIDWEST Michigan Academy / West Point MH Canton MI 441 — 98.0 % 98.4 % Allendale Meadows MH Allendale MI 352 — 97.4 % 99.4 % Alpine Meadows MH Grand Rapids MI 403 — 98.5 % 98.5 % Andover MH Grass Lake MI 125 — 100.0 % 100.0 % Apple Carr Village MH Muskegon MI 713 — 97.5 % (1) 92.8 % (1) Arbor Woods MH Ypsilanti MI 458 — 98.0 % 98.9 % Brentwood Village MH Kentwood MI 195 — 98.5 % 97.9 % Broadview Estates MH Davison MI 474 — 97.9 % 88.2 % Brookside Village MH Kentwood MI 196 — 99.5 % 98.5 % Byron Center MH Byron Center MI 143 — 97.2 % 99.3 % Camelot Villa MH Macomb MI 712 — 98.2 % 99.0 % Charlevoix Estates MH Charlevoix MI 182 — 98.9 % 98.9 % Cider Mill Crossings MH Fenton MI 621 — 97.6 % (1) 94.8 % (1) Cider Mill Village MH Middleville MI 258 — 98.4 % 98.4 % Country Acres MH Cadillac MI 182 — 95.1 % 98.9 % Country Hills Village MH Hudsonville MI 239 — 100.0 % 99.2 % 25 SUN COMMUNITIES, INC.
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 MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Friendly Village of La Habra MH La Habra CA 330 — 99.1 % 100.0 % Friendly Village of Modesto MH Modesto CA 289 — 98.6 % 99.7 % Friendly Village of Simi MH Simi Valley CA 222 — 99.5 % 100.0 % Friendly Village of West Covina MH West Covina CA 157 — 98.7 % 100.0 % Heritage MH Temecula CA 196 — 100.0 % 99.5 % Indian Wells RV Resort (2) RV Indio CA 173 165 100.0 % 100.0 % Jellystone Park™ at Tower Park (2) RV Lodi CA — 359 N/A N/A Lakefront MH Lakeside CA 295 — 99.7 % 99.0 % Lakeview Mobile Estates MH Yucaipa CA 297 — 99.7 % 100.0 % Lazy J Ranch MH Arcata CA 220 — 98.6 % 99.1 % Lemon Wood MH Ventura CA 231 — 100.0 % 100.0 % Menifee Development MH Menifee CA — — N/A (1) N/A (1) Moreno 66 Development MH Moreno Valley CA — — N/A (1) N/A (1) Napa Valley MH Napa CA 257 — 100.0 % 100.0 % Oak Creek MH Coarsegold CA 198 — 99.0 % 99.5 % Ocean West MH McKinleyville CA 130 — 99.2 % 99.2 % Palos Verdes Shores MH & Golf Community MH San Pedro CA 242 — 100.0 % 99.6 % Pembroke Downs MH Chino CA 163 — 100.0 % 99.4 % Pismo Dunes RV Resort (2) RV Pismo Beach CA 330 1 100.0 % 100.0 % Rancho Alipaz MH San Juan Capistrano CA 132 — 100.0 % 100.0 % Rancho Caballero MH Riverside CA 303 — 99.7 % 100.0 % Royal Palms MH Cathedral City CA 438 — 98.4 % 97.7 % Royal Palms RV Resort RV Cathedral City CA 39 — 100.0 % 100.0 % Sun Outdoors Central Coast Wine Country (2) RV Paso Robles CA — 203 N/A N/A Sun Outdoors Paso Robles (2) RV Paso Robles CA — 332 N/A N/A Sun Outdoors San Diego Bay MH San Diego CA — — N/A N/A (1) Sun Outdoors San Diego Bay RV Resort (2) RV San Diego CA — 246 N/A N/A (1) Sun Outdoors Santa Barbara (2) RV Goleta CA — 103 N/A N/A Sunrise Estates MH Banning CA 181 — 90.6 % (1) N/A (4) The Colony MH Oxnard CA 150 — 100.0 % 100.0 % Vallecito MH Newbury Park CA 303 — 100.0 % 100.0 % Victor Villa MH Victorville CA 287 — 99.3 % 99.7 % Vines RV Resort (2) RV Paso Robles CA — 130 N/A N/A Vista del Lago MH Scotts Valley CA 202 — 100.0 % 99.0 % California Total 6,861 1,936 98.6 % 98.3 % Arizona Blue Star MH Apache Junction AZ 3 — 100.0 % 100.0 % Blue Star (2) RV Apache Junction AZ 138 9 100.0 % 100.0 % Brentwood West MH Mesa AZ 350 — 99.7 % 99.7 % Buena Vista MH Buckeye AZ 400 — 92.0 % 89.8 % Desert Harbor MH Apache Junction AZ 205 — 100.0 % 100.0 % La Casa Blanca MH Apache Junction AZ 198 — 99.0 % 100.0 % Leaf Verde RV Resort (2) RV Buckeye AZ 155 222 100.0 % 100.0 % Lost Dutchman MH Apache Junction AZ 226 — 87.2 % (1) 96.4 % Lost Dutchman RV Resort (2) RV Apache Junction AZ — 1 N/A 100.0 % Mountain View MH Mesa AZ 170 — 97.6 % 97.6 % Palm Creek Golf MH Casa Grande AZ 506 — 78.7 % (1) 71.1 % (1) Palm Creek Golf & RV Resort (2) RV Casa Grande AZ 1,081 754 100.0 % 100.0 % Rancho Mirage MH Apache Junction AZ 312 — 99.7 % 100.0 % Reserve at Fox Creek MH Bullhead City AZ 311 — 99.7 % 99.7 % 32 SUN COMMUNITIES, INC.
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 MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Sun Retreats Gun Lake (2) RV Hopkins MI 281 54 100.0 % 100.0 % Sun Retreats Silver Lake (2) RV Mears MI 192 72 100.0 % 100.0 % Sunset Ridge MH Portland MI 388 — 98.7 % 95.1 % Sycamore Village MH Mason MI 396 — 98.5 % 98.7 % Sylvan Crossing MH Chelsea MI 281 — 49.1 % (1) 74.6 % (1) Sylvan Glen Estates MH Brighton MI 476 — 98.5 % 94.7 % Tamarac Village MH Ludington MI 302 — 98.3 % 98.7 % Tamarac Village RV Resort (2) RV Ludington MI 111 2 100.0 % 100.0 % Tanglewood Village MH Brownstown MI 247 — 100.0 % 98.8 % Timberline Estates MH Coopersville MI 296 — 97.3 % 98.6 % Town & Country MH Traverse City MI 192 — 99.0 % 97.9 % Troy Villa MH Troy MI 282 — 85.1 % 85.8 % Warren Dunes Village MH Bridgman MI 314 — 99.7 % 99.7 % Waverly Shores Village MH Holland MI 415 — 100.0 % 100.0 % West Village Estates MH Romulus MI 628 — 99.5 % 100.0 % White Lake MH White Lake MI 315 — 95.9 % 96.8 % Windham Hills MH Jackson MI 469 — 96.8 % 98.7 % Windsor Woods Village MH Wayland MI 314 — 98.7 % 99.7 % Woodhaven Place MH Woodhaven MI 220 — 94.5 % 95.5 % Michigan Total 32,471 749 96.7 % 96.3 % Indiana Brookside Manor MH Goshen IN 570 — 97.5 % 97.5 % Carrington Pointe MH Fort Wayne IN 468 — 97.9 % 90.2 % (1) Clear Water MH South Bend IN 227 — 98.7 % 98.2 % Cobus Green MH Osceola IN 386 — 99.7 % 98.4 % Four Seasons MH Elkhart IN 218 — 95.9 % 99.5 % Jellystone Park™ at Barton Lake (2) RV Fremont IN 68 489 100.0 % 100.0 % Liberty Farm MH Valparaiso IN 220 — 95.5 % 96.8 % Pebble Creek MH Greenwood IN 296 — 99.0 % 99.0 % Pine Hills MH Middlebury IN 130 — 99.2 % 98.5 % Roxbury Park MH Goshen IN 398 — 93.2 % 96.2 % Sun Outdoors Lake Rudolph (2) RV Santa Claus IN — 534 N/A N/A The Willows MH Goshen IN 174 — 82.8 % (1) 83.3 % (1) Indiana Total 3,155 1,023 96.6 % 96.0 % SOUTH Texas Austin Lone Star RV Resort (2) RV Austin TX 60 97 100.0 % 100.0 % Bluebonnet Lake MH Austin TX — — N/A N/A Boulder Ridge MH Pflugerville TX 1,220 — 98.6 % 98.5 % Branch Creek Estates MH Austin TX 400 — 99.5 % 99.8 % Camp Fimfo (2) RV New Braunfels TX — 492 N/A N/A Chisholm Point MH Pflugerville TX 427 — 99.3 % 98.6 % Comal Farms MH New Braunfels TX 367 — 98.9 % 99.5 % Coyote Ranch Resort (2) RV Wichita Falls TX — 163 N/A N/A Creeks Crossing MH Kyle TX 196 — 56.6 % (1) 94.3 % (1) Jellystone Park™ at Guadalupe River (2) RV Kerrville TX — 253 N/A N/A Jellystone Park™ at Hill Country (2) RV Canyon Lake TX — 167 N/A N/A Jellystone Park™ at Whispering Pines (2) RV Tyler TX — 134 N/A N/A Jetstream RV Resort at NASA (2) RV Houston TX 76 126 100.0 % 100.0 % 27 SUN COMMUNITIES, INC.
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.
MI 664 — 98.5 % 98.9 % Shelby West MH Shelby Twp. MI 644 — 98.8 % 99.4 % Silver Springs MH Clinton Township MI 547 — 98.9 % 99.3 % Southwood Village MH Grand Rapids MI 394 — 99.0 % 99.0 % St. Clair Place MH St. Clair MI 100 — 98.0 % 97.0 % Stonebridge MH Richfield Twp.
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 162 — 96.3 % 98.8 % Frenchtown Villa / Elizabeth Woods MH Newport MI 1,140 — 98.9 % 99.3 % Grand Village MH Grand Rapids MI 219 — 97.7 % 99.1 % Hamlin MH Webberville MI 230 — 97.0 % 98.3 % Hickory Hills Village MH Battle Creek MI 283 — 98.2 % 98.9 % Highland Greens Estates MH Highland MI 879 — 67.5 % 64.6 % Holiday West Village MH Holland MI 341 — 100.0 % 99.4 % Holly Village / Hawaiian Gardens MH Holly MI 425 — 97.9 % 98.4 % Hunters Crossing MH Capac MI 114 — 98.2 % 100.0 % Hunters Glen MH Wayland MI 396 — 99.7 % 98.0 % Huntington Run MH Kalamazoo MI 175 — 100.0 % 98.9 % Jellystone Park™ Petoskey (2) RV Petoskey MI 49 238 100.0 % 100.0 % Kensington Meadows MH Lansing MI 290 — 95.5 % 97.9 % Kimberly Estates MH Newport MI 387 — 98.4 % 98.2 % King's Court MH Traverse City MI 802 — 99.0 % 99.5 % Knollwood Estates MH Allendale MI 161 — 96.9 % 96.3 % Lafayette Place MH Warren MI 254 — 95.3 % 96.9 % Lakeview MH Ypsilanti MI 392 — 97.4 % 97.7 % Leisure Village MH Belmont MI 256 — 99.2 % 99.6 % Lincoln Estates MH Holland MI 191 — 99.5 % 98.4 % Meadow Lake Estates MH White Lake MI 425 — 97.9 % 98.8 % Meadowbrook Estates MH Monroe MI 453 — 95.8 % 98.7 % Meadowlands of Gibraltar MH Gibraltar MI 320 — 99.4 % 99.7 % Meadowstone MH Hastings MI 231 — 97.0 % 94.4 % Northville Crossing MH Northville MI 756 — 99.5 % 99.7 % Oak Island Village MH East Lansing MI 250 — 97.2 % 97.6 % Pinebrook Village MH Kentwood MI 185 — 96.2 % 98.9 % Pineview Estates MH Flint MI 1,011 — 86.9 % 71.1 % Presidential Estates MH Hudsonville MI 364 — 99.7 % 97.3 % Richmond Place MH Richmond MI 117 — 94.9 % 98.3 % River Haven Village MH Grand Haven MI 721 — 99.0 % 99.2 % River Ridge MH Saline MI 288 — 99.7 % 100.0 % Rudgate Clinton MH Clinton Township MI 667 — 99.1 % 98.7 % Rudgate Manor MH Sterling Heights MI 931 — 98.0 % 98.0 % Scio Farms MH Ann Arbor MI 913 — 99.3 % 98.8 % Sheffield Estates MH Auburn Hills MI 228 — 98.2 % 100.0 % Shelby Forest MH Shelby Twp.
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.
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2022 Wet Slips and Dry Storage Spaces as of 12/31/2021 Emeryville Emeryville CA 460 460 Loch Lomond San Rafael CA 529 529 Marina Bay Yacht Harbor (7) Richmond CA 800 N/A Shelter Island San Diego CA 60 60 South Bay Chula Vista CA 563 413 Sunroad San Diego CA 645 643 Ventura Isle Ventura CA 531 444 California Total 5,705 3,940 COMPANY TOTAL 47,823 45,155 (1) Wet slips and dry storage spaces from Dauntless Shipyard and Essex Island are grouped into Dauntless.
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.
(4) No occupancy in these properties for the year ended December 31, 2021 as properties were acquired during the year ended December 31, 2022. (5) Occupancy in these properties at December 31, 2022 reflects the redevelopment following asset impairments resulting from Hurricane Ian in October 2022.
(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.
Lucie FL 1,069 — 98.9 % 98.5 % Serendipity MH North Fort Myers FL 338 — 92.9 % 97.3 % Settler's Rest RV Resort (2) RV Zephyrhills FL 313 65 100.0 % 100.0 % Shadow Wood Village MH Hudson FL 260 — 85.4 % (1) 78.8 % (1) Shady Road Villas MH Ocala FL 129 — 93.8 % 87.6 % Shell Creek Marina MH Punta Gorda FL 54 — 98.1 % 98.1 % Shell Creek RV Resort & Marina (2) RV Punta Gorda FL 154 31 100.0 % 100.0 % Siesta Bay RV Park RV Ft.
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.
As of December 31, 2022, our properties contained an aggregate of 227,541 developed sites comprised of 118,204 developed MH sites, 30,333 annual RV sites (inclusive of both annual and seasonal usage rights), 31,181 transient RV sites and 47,823 wet slips and dry storage spaces. There are 16,195 additional MH and RV sites suitable for development.
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.
Collins CO 585 — 99.3 % 99.3 % Willow Bend MH Fort Lupton CO 119 — — % (1) N/A Colorado Total 2,799 987 88.2 % 95.7 % NORTHEAST Connecticut Beechwood MH Killingworth CT 297 — 98.3 % 98.7 % Cedar Springs MH Southington CT 190 — 97.4 % 96.8 % Forest Hill MH Southington CT 188 — 97.9 % 97.9 % Grove Beach MH Westbrook CT 136 — 100.0 % 98.5 % Hillcrest MH Uncasville CT 208 — 99.5 % 99.5 % Lakeside MH Terryville CT 76 — 96.1 % 100.0 % Lakeview CT MH Danbury CT 179 — 95.0 % 93.3 % Laurel Heights MH Uncasville CT 49 — 89.8 % 95.9 % Marina Cove MH Uncasville CT 25 — 92.0 % 76.0 % Millwood MH Uncasville CT 45 — 13.3 % (1) 4.4 % (1) New England Village MH Westbrook CT 60 — 100.0 % 100.0 % Oak Grove MH Plainville CT 45 — 93.3 % 97.8 % Rolling Hills MH Storrs CT 200 — 78.0 % 78.5 % Sun Outdoors Mystic (2) RV Old Mystic CT 51 98 100.0 % 100.0 % Three Gardens MH Southington CT 135 — 96.3 % 90.4 % Yankee Village MH Old Saybrook CT 23 — 100.0 % 100.0 % Connecticut Total 1,907 98 93.4 % 92.8 % Maine Augusta Village MH Augusta ME 59 — 94.9 % 91.5 % Birch Hill Estates MH Bangor ME 377 — 96.6 % 98.9 % Cedar Haven MH Holden ME 155 — 91.6 % 89.7 % Hancock Heights Estates MH Hancock ME 113 — 97.3 % 99.1 % Holiday Park Estates MH Bangor ME 218 — 92.7 % 89.0 % Jellystone Park™ Androscoggin Lake (2) RV North Monmouth ME 40 163 100.0 % 100.0 % Maplewood Manor MH Brunswick ME 296 — 99.3 % 99.0 % Merrymeeting MH Brunswick ME 43 — 97.7 % 97.7 % Norway Commons MH Norway ME 231 — 83.1 % (1) N/A (4) 33 SUN COMMUNITIES, INC.
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.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Sun Retreats Stratford (2) RV Bornholm ON 213 7 100.0 % 100.0 % Sun Retreats Turkey Point (2) RV Normandale ON 210 35 100.0 % 100.0 % Sun Retreats Willow Lake (2) RV Scotland ON 367 6 100.0 % 100.0 % CANADA TOTAL / AVERAGE 4,611 628 100.0 % 100.0 % NORTH AMERICA TOTAL 130,310 28,038 96.8 % 97.4 % UNITED KINGDOM England Alberta (2) MH Whitstable, Kent England 327 7 93.6 % N/A (4) Amble Links MH Amble, Northumberland England 671 — 93.6 % N/A (4) Ashbourne Heights (2) MH Ashbourne, Derbyshire England 102 135 90.2 % N/A (4) Beauport MH Hastings, Sussex England 819 — 95.1 % N/A (4) Birchington Vale (2) MH Birchington, Kent England 488 1 96.7 % N/A (4) Bodmin Holiday Park (formerly Cornwall) (2) MH Bodmin, Cornwall England 14 56 64.3 % N/A (4) Bowland Fell (2) MH Skipton, Yorkshire England 273 34 83.5 % N/A (4) Broadland Sands (2) MH Lowestoft, Suffolk England 422 196 91.0 % N/A (4) Carlton Meres (2) MH Saxmundham, Suffolk England 380 152 79.2 % N/A (4) Chantry MH West Witton, Yorkshire England 149 — 77.9 % N/A (4) Chichester Lakeside (2) MH Chichester, Sussex England 489 117 93.0 % N/A (4) Coghurst Hall (2) MH Hastings, Sussex England 497 25 92.8 % N/A (4) Dawlish Sands MH Dawlish, Devon England 167 — 94.6 % N/A (4) Dovercourt (2) MH Harwich, Essex England 511 129 92.8 % N/A (4) Felixstowe Beach (2) MH Felixstowe, Suffolk England 304 15 95.4 % N/A (4) Glendale MH Wigton, Cumbria England 381 — 93.2 % N/A (4) Golden Sands (2) MH Dawlish, Devon England 310 120 80.6 % N/A (4) Harts (2) MH Isle of Sheppey, Kent England 485 148 87.6 % N/A (4) Hedley Wood (2) MH Holsworthy, Devon England 89 152 48.3 % N/A (4) Henfold MH Dorking, Surrey England — — N/A N/A (1) Hengar Manor (2) MH Bodmin, Cornwall England 111 70 80.2 % N/A (4) Littondale (2) MH Skipton, Yorkshire England 94 23 88.3 % N/A (4) Malvern View (2) MH Stanford Bishop, Worcester England 333 16 83.8 % N/A (4) Marlie (2) MH Romney, Kent England 376 132 91.8 % N/A (4) Martello Beach (2) MH Clacton on Sea, Essex England 474 90 81.9 % N/A (4) New Beach (2) MH Dymchurch, Kent England 513 88 93.0 % N/A (4) Newhaven (2) MH Buxton, Derbyshire England 75 118 90.7 % N/A (4) Oaklands MH Clacton on Sea, Essex England 294 — 93.2 % N/A (4) Oyster Bay MH Truro, Cornwall England 135 — 87.4 % N/A (4) Pakefield (2) MH Pakefield, Suffolk England 310 29 88.4 % N/A (4) Par Sands (2) MH Par, Cornwall England 288 20 94.4 % N/A (4) Pentire (2) MH Bude, Cornwall England 103 32 93.2 % N/A (4) Pevensey Bay (2) MH Pevensey Bay, Sussex England 376 79 79.8 % N/A (4) Polperro (2) MH Looe, Cornwall England 61 102 54.1 % N/A (4) Ribble Valley MH Clitheroe, Lancashire England 314 — 85.4 % N/A (4) Rye Harbour MH Rye, Sussex England 241 — 88.8 % N/A (4) 37 SUN COMMUNITIES, INC.
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 MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Woodside Terrace MH Holland OH 439 — 95.7 % 97.0 % Country Village Estates MH Oregon City OR 518 — 100.0 % 100.0 % Forest Meadows MH Philomath OR 129 — 58.1 % (1) 100.0 % Sun Outdoors Bend (2) RV Bend OR — 123 N/A N/A Sun Outdoors Coos Bay (2) RV Coos Bay OR — 86 N/A N/A Sun Outdoors Portland South (2) RV Wilsonville OR — 130 N/A N/A Woodland Park Estates MH Eugene OR 398 — 99.7 % 100.0 % Countryside Estates MH Mckean PA 304 — 98.7 % 97.0 % Jellystone Park™ at Quarryville (2) RV Quarryville PA — 256 N/A N/A Pheasant Ridge MH Lancaster PA 553 — 99.8 % 100.0 % River Beach Campsites & RV RV Milford PA — — N/A N/A (1) Sun Retreats Lancaster County (2) RV Narvon PA 270 152 100.0 % 100.0 % Carolina Pines RV Resort (2) RV Conway SC 164 670 100.0 % 100.0 % Country Lakes MH Little River SC 136 — 100.0 % 100.0 % Crossroads MH Aiken SC 168 — 92.3 % (1) 73.2 % (1) Crossroads RV Resort RV Aiken SC 22 — 100.0 % 100.0 % Lakeside Crossing MH Conway SC 691 — 94.8 % (1) 88.4 % (1) Ocean Pines MH Garden City SC 579 — 99.8 % 99.8 % Southern Palms MH Ladson SC 194 — 100.0 % 100.0 % Bell Crossing MH Clarksville TN 237 — 99.6 % 99.2 % Sun Outdoors Pigeon Forge (2) RV Sevierville TN 70 238 100.0 % 100.0 % Bear Lake Development Land RV Garden City UT — — N/A (1) N/A (4) Sun Outdoors Arches Gateway (2) RV Moab UT — 131 N/A N/A Sun Outdoors Canyonlands Gateway (2) RV Moab UT — 113 N/A N/A Sun Outdoors Garden City Utah (2) RV Garden City UT — 177 N/A N/A Sun Outdoors Moab Downtown (2) RV Moab UT — 131 N/A N/A Sun Outdoors North Moab (2) RV Moab UT — 190 N/A N/A Sun Outdoors Salt Lake City (2) RV North Salt Lake UT — 185 N/A N/A 47 North MH Cle Elum WA — — N/A (1) N/A (1) Sun Outdoors Gig Harbor (2) RV Gig Harbor WA — 108 N/A N/A Sun Retreats Birch Bay (2) RV Blaine WA 372 300 100.0 % 100.0 % Fond du Lac East / Kettle Moraine KOA (2) RV Glenbeulah WI 241 84 100.0 % 100.0 % Thunderhill Estates MH Sturgeon Bay WI 266 — 98.1 % 96.6 % Other Total 15,697 7,814 97.9 % 97.7 % US TOTAL / AVERAGE 125,699 27,410 96.7 % 97.3 % CANADA Pleasant Beach Campground (2) RV Sherkston ON 90 12 100.0 % 100.0 % Sun Retreats Amherstburg (2) RV Amherstburg ON 193 134 100.0 % 100.0 % Sun Retreats Arran Lake (2) RV Allenford ON 187 4 100.0 % 100.0 % Sun Retreats Blue Mountains (2) RV Clarksburg ON 94 17 100.0 % 100.0 % Sun Retreats Cayuga (2) RV Cayuga ON 253 35 100.0 % 100.0 % Sun Retreats Flamborough RV Millgrove ON 198 — 100.0 % 100.0 % Sun Retreats Georgian Bay (2) RV Seguin ON 225 12 100.0 % 100.0 % Sun Retreats Hay Bay (2) RV Napanee ON 196 14 100.0 % 100.0 % Sun Retreats Huntsville (2) RV Huntsville ON 229 12 100.0 % 100.0 % Sun Retreats Ipperwash (2) RV Lambton Shores ON 141 21 100.0 % 100.0 % Sun Retreats Penetanguishene (2) RV Tiny ON 224 39 100.0 % 100.0 % Sun Retreats Sandbanks RV Cherry Valley ON 136 — 100.0 % 100.0 % Sun Retreats Sherkston Shores (2) RV Sherkston ON 1,655 280 100.0 % 100.0 % 36 SUN COMMUNITIES, INC.
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 MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Sunset Harbor at Cow Key Marina MH Key West FL 77 — 98.7 % 98.7 % Sweetwater RV Resort (2) RV Zephyrhills FL 221 70 100.0 % 100.0 % Tallowwood Isle MH Coconut Creek FL 274 — 97.1 % 97.1 % Tampa East MH Dover FL 31 — 100.0 % 100.0 % Tampa East RV Resort (2) RV Dover FL 598 71 100.0 % 100.0 % The Hamptons Golf & Country Club MH Auburndale FL 829 — 99.9 % 99.5 % The Hideaway MH Key West FL 13 — 100.0 % 100.0 % The Hills MH Apopka FL 97 — 99.0 % 99.0 % The Landings at Lake Henry MH Haines City FL 394 — 99.2 % 99.2 % The Ridge MH Davenport FL 481 — 99.8 % 99.4 % The Valley MH Apopka FL 148 — 100.0 % 100.0 % ThemeWorld RV Resort (2) RV Davenport FL 127 17 100.0 % 100.0 % Three Lakes (2) RV Hudson FL 266 41 100.0 % 100.0 % Tranquility MHC MH Bushnell FL 26 — 30.8 % 23.1 % Vista del Lago MH Bradenton FL 136 — 100.0 % 100.0 % Vista del Lago RV Resort (2) RV Bradenton FL 36 4 100.0 % 100.0 % Vizcaya Lakes MH Port Charlotte FL 109 — 95.4 % 96.3 % Walden Woods I MH Homosassa FL 213 — 100.0 % 100.0 % Walden Woods II MH Homosassa FL 213 — 100.0 % 100.0 % Water Oak Country Club Estates MH Lady Lake FL 1,608 — 79.3 % (1) 93.2 % Waters Edge RV Resort (2) RV Zephyrhills FL 171 46 100.0 % 100.0 % Westside Ridge MH Auburndale FL 219 — 99.1 % 99.5 % Windmill Village MH Davenport FL 509 — 99.8 % 99.8 % Woodlands at Church Lake MH Groveland FL 291 — 86.9 % 85.2 % Woodsmoke Camping Resort (2) RV Fort Myers FL 268 32 100.0 % 100.0 % Florida Total 39,618 4,660 97.4 % 98.1 % Virginia Jellystone Park™ Chincoteague Island (3) RV Chincoteague VA — 346 N/A N/A Jellystone Park™ at Luray (2) RV East Luray VA — 254 N/A N/A Jellystone Park™ at Natural Bridge (3) RV Natural Bridge Station VA 69 230 100.0 % 100.0 % Pine Ridge MH Prince George VA 376 — 99.5 % 99.5 % Sun Outdoors Cape Charles (3) RV Cape Charles VA — 663 N/A N/A Sun Outdoors Chesapeake Bay (2) RV Temperanceville VA — 246 N/A N/A Sun Outdoors Chincoteague Bay RV Chincoteague VA — — N/A N/A (1) Sun Retreats Gwynn's Island (2) RV Gwynn VA 121 8 100.0 % 100.0 % Sun Retreats New Point (2) RV New Point VA 316 8 100.0 % 100.0 % Sun Retreats Shenandoah Valley (2) RV Stuarts Draft VA 404 105 100.0 % 100.0 % Sunset Beach RV Resort (3) RV Cape Charles VA — 303 N/A N/A Virginia Total 1,286 2,163 99.8 % 99.8 % SOUTHWEST California 49'er Village RV Resort (2) RV Plymouth CA 93 234 100.0 % 100.0 % Alta Laguna MH Rancho Cucamonga CA 296 — 100.0 % 99.7 % Bel Air Estates MH Menifee CA 198 — 88.9 % N/A (4) Caliente Sands MH Cathedral City CA 118 — 98.3 % 98.3 % Cisco Grove Campground & RV RV Emigrant Gap CA 18 — 100.0 % 100.0 % El Capitan Canyon (2) RV Goleta CA — 163 N/A N/A Forest Springs MH Grass Valley CA 373 — 92.0 % (1) 89.5 % (1) 31 SUN COMMUNITIES, INC.
Property Name MH / RV City / 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 MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Sand le Mere (2) MH Hull, Yorkshire England 734 191 77.8 % N/A (4) Sandhills (2) MH Christchurch, Dorset England 134 8 92.5 % N/A (4) Sandy Bay MH Canvey Island, Essex England 730 — 80.0 % N/A (1) Seaview (2) MH Whitstable, Kent England 591 54 97.5 % N/A (4) Seawick (2) MH Clacton on Sea, Essex England 585 82 90.3 % N/A (4) Solent Breezes (2) MH Fareham, Hampshire England 239 20 87.9 % N/A (4) St.
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.
MI 708 — 98.6 % 98.4 % Egelcraft MH Muskegon MI 458 — 98.9 % 98.9 % Fisherman's Cove MH Flint Twp.
MI 710 — 99.3 % 98.6 % Egelcraft MH Muskegon MI 460 — 99.6 % 98.9 % Fisherman's Cove MH Flint Twp.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Lantana Ranch South MH Brookshire TX — — N/A (1) N/A (4) Lone Star Jellystone Park (2) RV Waller TX — 344 N/A N/A Oak Crest MH Austin TX 654 — 98.2 % 97.6 % Pearwood RV Resort (2) RV Pearland TX 127 17 100.0 % 100.0 % Pecan Branch MH Georgetown TX 229 — 99.1 % 96.1 % Pine Acre Trails MH Conroe TX 251 — 6.0 % (1) N/A (4) Pine Trace MH Houston TX 680 — 97.6 % 97.8 % River Ranch MH Austin TX 848 — 98.9 % 98.5 % River Ridge Estates MH Austin TX 515 — 98.4 % 99.2 % Saddlebrook MH San Marcos TX 561 — 99.1 % 99.1 % Sandy Lake MH Carrollton TX 54 — 100.0 % 100.0 % Sandy Lake RV Resort (2) RV Carrollton TX 187 33 100.0 % 100.0 % Stonebridge MH San Antonio TX 335 — 100.0 % 99.7 % Summit Ridge MH Converse TX 446 — 99.3 % 99.1 % Sun Outdoors Lake Travis (2) RV Austin TX 69 175 100.0 % 100.0 % Sun Outdoors San Antonio West (2) RV San Antonio TX 109 153 100.0 % 100.0 % Sun Outdoors Texas Hill Country (2) RV New Braunfels TX 130 239 100.0 % 100.0 % Sunset Ridge MH Kyle TX 357 — 76.8 % (1) 75.9 % (1) Travelers World MH San Antonio TX 8 — 100.0 % 100.0 % Travelers World RV Resort (2) RV San Antonio TX 26 129 100.0 % 100.0 % Treetops RV Resort (2) RV Arlington TX 130 44 100.0 % 100.0 % Woodlake Trails MH San Antonio TX 316 — 94.3 % (1) 93.7 % (1) Texas Total 8,778 2,566 94.3 % 97.7 % SOUTHEAST Florida Arbor Terrace RV Park (2) RV Bradenton FL 304 69 100.0 % 100.0 % Ariana Village MH Lakeland FL 207 — 99.0 % 99.0 % Bahia Vista Estates MH Sarasota FL 251 — 100.0 % 99.6 % Baker Acres RV Resort (2) RV Zephyrhills FL 291 61 100.0 % 100.0 % Big Tree RV Resort (2) RV Arcadia FL 372 39 100.0 % 100.0 % Blue Heron Pines MH Punta Gorda FL 408 — 99.8 % 99.5 % Blue Jay MH Dade City FL 207 — 99.5 % 99.5 % Blue Jay RV Resort (2) RV Dade City FL 50 2 100.0 % 100.0 % Blueberry Hill (2) RV Bushnell FL 349 56 100.0 % 100.0 % Brentwood Estates MH Hudson FL 191 — 99.5 % 99.5 % Buttonwood Bay MH Sebring FL 407 — 99.5 % 99.3 % Buttonwood Bay RV Resort (2) RV Sebring FL 384 148 100.0 % 100.0 % Candlelight Manor MH South Daytona FL 128 — 99.2 % 100.0 % Carriage Cove MH Sanford FL 467 — 99.4 % 99.6 % Central Park MH Haines City FL 114 — 89.5 % 90.4 % Central Park Resort RV Resort (2) RV Haines City FL 261 103 100.0 % 100.0 % Citrus Hill RV Resort (2) RV Dade City FL 155 27 100.0 % 100.0 % Club Naples (2) RV Naples FL 260 45 100.0 % 100.0 % Club Wildwood MH Hudson FL 478 — 99.8 % 100.0 % Colony in the Wood MH Port Orange FL 383 — 97.1 % 100.0 % Cypress Greens MH Lake Alfred FL 259 — 98.5 % 98.5 % Deerwood MH Orlando FL 569 — 99.3 % 99.5 % Ellenton Gardens RV Resort (2) RV Ellenton FL 158 36 100.0 % 100.0 % Fairfield Village MH Ocala FL 293 — 100.0 % 100.0 % Flamingo Lake RV Resort (2) RV Jacksonville FL 127 295 100.0% 100.0% 28 SUN COMMUNITIES, INC.
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.
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2022 Wet Slips and Dry Storage Spaces as of 12/31/2021 Texas Emerald Point Austin TX 591 651 Pier 121 Lewisville TX 1,082 1,082 Walden Montgomery TX 391 391 Texas Total 2,064 2,124 Arkansas Brady Mountain Royal AR 582 582 Arkansas Total 582 582 Tennessee Eagle Cove Byrdstown TN 78 78 Holly Creek Celina TN 307 306 Tennessee Total 385 384 Mississippi Aqua Yacht Iuka MS 586 587 Mississippi Total 586 587 Alabama Sportsman Orange Beach AL 723 729 Alabama Total 723 729 Oklahoma Harbors View Afton OK 162 172 Oklahoma Total 162 172 SOUTHEAST Florida Angler House Islamorada FL 23 22 Burnt Store Punta Gorda FL 765 975 Calusa Island Goodland FL 620 620 Cape Harbour Cape Coral FL 256 256 Emerald Coast Niceville FL 352 408 Harborage Yacht Club Stuart FL 311 297 Harbortown Fort Pierce FL 350 350 Islamorada Islamorada FL 258 267 Lauderdale Marine Center Fort Lauderdale FL 127 101 Marathon Marathon FL 157 153 New Port Cove Riviera Beach FL 366 362 North Palm Beach North Palm Beach FL 117 110 Old Port Cove North Palm Beach FL 211 208 Pier 77 Bradenton FL 199 199 Pineland Bokeelia FL 259 259 Port Phoenix (7)(9) North Fort Myers FL — N/A Regatta Pointe Palmetto FL 367 367 Riviera Beach Riviera Beach FL 20 20 Siesta Key Sarasota FL 234 198 South Fork (10) Fort Lauderdale FL — — West Palm Beach West Palm Beach FL 62 61 Florida Total 5,054 5,233 41 SUN COMMUNITIES, INC.
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 12/31/2022 Wet Slips and Dry Storage Spaces as of 12/31/2021 UNITED STATES NORTHEAST Connecticut Bruce & Johnsons Branford CT 664 664 Dauntless (1) Essex CT 335 332 Dauntless Shipyard (1) Essex CT — — Deep River Deep River CT 310 310 Essex Island (1) Essex CT — — Ferry Point Old Saybrook CT 138 138 Harbor House (2) Stamford CT — — Mystic Mystic CT 263 253 Pilots Point Westbrook CT 880 879 Stratford Stratford CT 212 210 Yacht Haven (2) Stamford CT 523 513 Connecticut Total 3,325 3,299 Rhode Island Allen Harbor North Kingstown RI 135 183 Cove Haven Barrington RI 341 346 Cowesett (3) Warwick RI 1,190 1,178 Greenwich Bay Warwick RI 547 545 Island Park (4) Portsmouth RI — — Jamestown Boatyard Jamestown RI 114 132 New England Boatworks Portsmouth RI 231 229 Newport Shipyard Newport RI 75 75 Sakonnet (4) Portsmouth RI 423 445 Silver Spring Wakefield RI 106 100 Wickford (5) Wickford RI — — Wickford Cove (5) Wickford RI 259 252 Rhode Island Total 3,421 3,485 New York Capri Port Washington NY 373 369 Gaines Rouses Point NY 287 272 Glen Cove Glen Cove NY 540 540 Greenport (6) Greenport NY 415 414 Haverstraw West Haverstraw NY 900 921 Montauk Yacht Club (7) Montauk NY 232 N/A Post Road Mamaroneck NY 50 46 Stirling (6) Greenport NY — — Willsboro Bay Willsboro NY 221 221 New York Total 3,018 2,783 Massachusetts Edgartown Edgartown MA 117 161 Fiddler's Cove North Falmouth MA 201 229 Green Harbor Marshfield MA 203 203 Hawthorne Cove Salem MA 451 425 Marina Bay Quincy MA 700 710 Onset Bay Buzzards Bay MA 231 231 39 SUN COMMUNITIES, INC.
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 12/31/2022 Wet Slips and Dry Storage Spaces as of 12/31/2021 South Carolina Beaufort Beaufort SC 127 124 Bristol Charleston SC 192 249 Charleston City (11) Charleston SC 450 450 City Boatyard Charleston SC 215 213 Port Royal Port Royal SC 252 252 Port Royal Landing Port Royal SC 161 161 Reserve Harbor Pawleys Island SC 233 239 Skull Creek Hilton Head SC 186 186 South Carolina Total 1,816 1,874 North Carolina Jarrett Bay Boatworks (7) Beaufort NC 37 N/A Kings Point Cornelius NC 784 784 Outer Banks (7) Wanchese NC 206 N/A Peninsula Yacht Club Cornelius NC 476 476 Skippers Landing Troutman NC 392 389 South Harbour Village Southport NC 144 146 Westport Denver NC 622 587 North Carolina Total 2,661 2,382 Puerto Rico Puerto del Rey Fajardo PR 1,606 1,612 Puerto Rico Total 1,606 1,612 Virginia Bluewater (7) Hampton VA 200 N/A Stingray Point Deltaville VA 224 228 Virginia Total 424 228 MIDWEST Michigan Belle Maer Harrison Township MI 545 542 Detroit River Detroit MI 473 473 Grand Isle Grand Haven MI 454 450 Great Lakes Muskegon MI 466 466 Jefferson Beach St.
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.
Osyth Beach (2) MH Clacton on Sea, Essex England 476 32 96.8 % N/A (4) Steeple Bay (2) MH Sothminster, Essex England 461 66 89.2 % N/A (4) Suffolk Sands (2) MH Felixstowe, Suffolk England 334 13 94.6 % N/A (4) Tarka (2) MH Barnstaple, Devon England 107 21 93.5 % N/A (4) Trevella (2) MH Newquay, Cornwall England 179 188 91.6 % N/A (4) Vernon Dene MH North Ripley, Bransgore England — — N/A N/A (1) Waterside (2) MH Paignton, Devon England 196 25 91.3 % N/A (4) West Mersea (2) MH West Mersea, Essex England 400 39 97.5 % N/A (4) Winchelsea Sands (2) MH Winchelsea, Sussex England 287 9 82.9 % N/A (4) Wood Farm (2) MH Charmouth, Dorset England 115 121 90.4 % N/A (4) Yorkshire Dales MH Leyburn, Yorkshire England 131 — 79.4 % N/A (4) England Total 16,675 2,955 89.1 % N/A (4) Scotland Burghead (2) MH Burghead, Moray Scotland 83 15 67.5 % N/A (4) Lossiemouth (2) MH Lossiemouth, Moray Scotland 129 3 76.0 % N/A (4) Silver Sands (2) MH Lossiemouth, Moray Scotland 451 125 86.7 % N/A (4) Turnberry (2) MH Girvan, Ayrshire Scotland 267 13 83.5 % N/A (4) Scotland Total 930 156 82.6 % N/A (4) Wales Brynteg (2) MH Llanryg, Caernafon Wales 296 32 94.9 % N/A (4) Plas Coch MH Llanedwen, Anglesey Wales 326 — 95.1 % N/A (4) Wales Total 622 32 95.0 % N/A (4) UNITED KINGDOM TOTAL 18,227 3,143 89.0 % N/A (4) COMPANY TOTAL / AVERAGE 148,537 31,181 95.9 % 97.4 % (1) Occupancy in these properties reflects the fact that these properties are in a lease-up phase following an expansion, redevelopment or initial construction.
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.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 New York Total 1,497 1,443 98.5 % 98.2 % OTHER Sun Outdoors Orange Beach (2) RV Orange Beach AL — 497 N/A N/A Fort Dupont RV Delaware City DE — — N/A N/A High Point Park MH Frederica DE 409 — 97.8 % 97.6 % Jellystone Lincoln (2) RV Delaware City DE — 263 N/A N/A (4) Sea Air Village MH Rehoboth Beach DE 379 — 99.2 % 98.9 % Sea Air Village RV Resort (2) RV Rehoboth Beach DE 124 10 100.0 % 100.0 % Sun Outdoors Rehoboth Bay (3) RV Millsboro DE — 291 N/A N/A Sun Retreats Rehoboth Bay MH Millsboro DE 202 — 95.0 % 94.1 % Sun Retreats Rehoboth Bay RV Resort (2) RV Millsboro DE 299 2 100.0 % 100.0 % Countryside Village of Atlanta MH Lawrenceville GA 261 — 99.2 % 100.0 % Countryside Village of Gwinnett MH Buford GA 331 — 98.2 % 99.1 % Countryside Village of Lake Lanier MH Buford GA 548 — 99.1 % 98.7 % Wymberly MH Martinez GA 277 — 78.3 % (1) 78.1 % (1) Autumn Ridge MH Ankeny IA 413 — 97.6 % 98.8 % Jellystone Park™ of Chicago (2) RV Millbrook IL 159 235 100.0 % 100.0 % Maple Brook MH Matteson IL 441 — 99.8 % 99.8 % Oak Ridge MH Manteno IL 426 — 99.8 % 98.1 % Sun Retreats Rock River (2) RV Hillsdale IL 265 233 100.0 % 100.0 % Wildwood Community MH Sandwich IL 476 — 99.2 % 98.9 % Jellystone Park™ at Mammoth Cave (3) RV Cave City KY — 330 N/A N/A Sun Outdoors New Orleans North Shore (2) RV Ponchatoula LA — 334 N/A N/A Sun Retreats Cape Cod (2) RV East Falmouth MA 62 193 100.0 % 100.0 % Sun Retreats Dennis Port (2) RV Dennisport MA 221 39 100.0 % 100.0 % Sun Retreats Peters Pond (2) RV Sandwich MA 350 56 100.0 % 100.0 % Hyde Park MH Easton MD 240 — 100.0 % 99.2 % Jellystone Park™ at Maryland (2) RV Williamsport MD — 234 N/A N/A Southside Landing MH Cambridge MD 96 — 100.0 % 93.8 % Sun Outdoors Frontier Town (3) RV Berlin MD — 685 N/A N/A Sun Outdoors Ocean City (2) RV Berlin MD 1 392 100.0 % 100.0 % Sun Outdoors Ocean City Gateway (3) RV Whaleyville MD — 215 N/A N/A Southern Hills / Northridge Place MH Stewartville MN 475 — 97.5 % 97.5 % Jellystone Park™ at Memphis (2) RV Horn Lake MS — 155 N/A N/A Sun Outdoors Yellowstone North (2) RV Gardiner MT — 75 N/A N/A Coastal Estates MH Hampstead NC 154 — 82.5 % (1) 72.1 % (1) Glen Laurel MH Concord NC 260 — 98.8 % 98.8 % Jellystone Park™ at Golden Valley (2) RV Bostic NC — 357 N/A N/A Meadowbrook MH Charlotte NC 321 — 100.0 % 99.7 % Sun Retreats Nantahala (2) RV Sylva NC 61 29 100.0 % 100.0 % Stoneridge Villas MH Gardnerville NV — — N/A (1) N/A (4) Sun Villa Estates MH Reno NV 324 — 99.1 % 100.0 % Apple Creek MH Amelia OH 176 — 98.3 % 96.6 % East Fork Crossing MH Batavia OH 350 — 100.0 % 99.4 % Oakwood Village MH Miamisburg OH 511 — 98.8 % 99.4 % Orchard Lake MH Milford OH 147 — 98.0 % 99.3 % Sun Retreats Geneva on the Lake (2) RV Geneva on the Lake OH 465 115 100.0 % 100.0 % Westbrook Senior Village MH Toledo OH 112 — 100.0 % 100.0 % Westbrook Village MH Toledo OH 344 — 94.5 % 98.5 % Willowbrook Place MH Toledo OH 266 — 95.1 % 97.4 % 35 SUN COMMUNITIES, INC.
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.
(6) Wet slips and dry storage spaces from Stirling are grouped into Greenport. (7) Property acquired during year ended December 31, 2022. (8) Wet slips and dry storage spaces from Harrison Yacht Yard are grouped into Narrows Point. (9) Property acquired that is temporarily used for Hurricane Ian relief, which will become a development site for a dry storage facility.
(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.
Marina Property Name City State / Municipal Wet Slips and Dry Storage Spaces as of 12/31/2022 Wet Slips and Dry Storage Spaces as of 12/31/2021 Plymouth Plymouth MA 197 197 Sunset Bay Hull MA 241 241 Vineyard Haven Vineyard Haven MA 179 149 Massachusetts Total 2,520 2,546 Maryland Annapolis Annapolis MD 291 391 Bohemia Vista Chesapeake Bay MD 125 125 Carroll Island Baltimore MD 457 479 Great Oak Landing Chestertown MD 395 391 Hacks Point Chesapeake Bay MD 73 72 Narrows Point (8) Grasonville MD 538 569 Oxford Oxford MD 137 135 Podickory Point Annapolis MD 312 236 Zahnisers Solomons MD 304 247 Maryland Total 2,632 2,645 New Jersey Crystal Point Point Pleasant NJ 172 284 Manasquan River Brick Township NJ 239 234 New Jersey Total 411 518 Maine Great Island Harpswell ME 137 157 Kittery Point (7) Kittery ME 62 N/A Rockland Rockland ME 51 13 Maine Total 250 170 New Hampshire Wentworth by the Sea New Castle NH 221 231 New Hampshire Total 221 231 Vermont Shelburne Shipyard Shelburne VT 210 174 Vermont Total 210 174 SOUTH Georgia Aqualand Flowery Branch GA 1,570 1,625 Bahia Bleu Thunderbolt GA 258 259 Hideaway Bay Flowery Branch GA 688 635 Trade Winds Appling GA 323 314 Georgia Total 2,839 2,833 Kentucky Beaver Creek Monticello KY 284 356 Burnside Somerset KY 347 347 Grider Hill Albany KY 711 704 Jamestown Jamestown KY 736 707 Wisdom Dock Albany KY 294 291 Kentucky Total 2,372 2,405 40 SUN COMMUNITIES, INC.
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.
Myers Beach FL — — — % (5) 100.0 % Indian Creek RV Park RV Ft.
Myers Beach FL — — — % (4) — % (4) Indian Creek RV Resort RV Ft.
(10) Property currently under development. (11) Wet slips and dry storage spaces from Ashley Fuels are grouped into Charleston City. 43 SUN COMMUNITIES, INC.
(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.
MI — — N/A N/A (1) Sun Outdoors Kensington Valley (2) RV New Hudson MI 254 239 100.0 % 100.0 % Sun Outdoors Petoskey Bay Harbor (2) RV Petoskey MI 9 144 100.0 % 100.0 % 26 SUN COMMUNITIES, INC.
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.
Myers Beach FL — — — % (5) 100.0 % Island Lakes MH Merritt Island FL 301 — 100.0 % 100.0 % King's Lake MH DeBary FL 245 — 100.0 % 100.0 % Kings Manor MH Lakeland FL 239 — 96.2 % 97.1 % Kings Pointe MH Lake Alfred FL 226 — 100.0 % 99.1 % Kissimmee Gardens MH Kissimmee FL 240 — 99.2 % 99.6 % Kissimmee South MH Davenport FL 142 — 96.5 % 91.5 % Kissimmee South RV Resort (2) RV Davenport FL 153 48 100.0 % 100.0 % La Costa Village MH Port Orange FL 658 — 100.0 % 100.0 % Lake Josephine RV Resort (2) RV Sebring FL 157 21 100.0 % 100.0 % Lake Juliana Landings MH Auburndale FL 274 — 98.5 % 98.2 % Lake Pointe Village MH Mulberry FL 362 — 99.2 % 99.4 % Lake San Marino RV Park (2) RV Naples FL 308 99 100.0 % 100.0 % Lakeland RV Resort (2) RV Lakeland FL 218 13 100.0 % 100.0 % Lakeshore Landings MH Orlando FL 307 — 98.7 % 99.3 % Lakeshore Villas MH Tampa FL 280 — 98.9 % 98.2 % Lamplighter MH Port Orange FL 259 — 99.6 % 99.6 % Majestic Oaks RV Resort (2) RV Zephyrhills FL 230 24 100.0 % 100.0 % Marco Naples RV Resort (2) RV Naples FL 242 59 100.0 % 100.0 % Meadowbrook Village MH Tampa FL 257 — 100.0 % 100.0 % Mill Creek MH Kissimmee FL 34 — 91.2 % 94.1 % Mill Creek RV Resort (2) RV Kissimmee FL 132 24 100.0 % 100.0 % Naples RV Resort (2) RV Naples FL 141 26 100.0 % 100.0 % North Lake Estates (2) RV Moore Haven FL 205 67 100.0 % 100.0 % Oakview Estates MH Arcadia FL 119 — 95.8 % 100.0 % Ocean Breeze - Jensen Beach MH Jensen Beach FL 325 — 79.7 % (1) 77.3 % (1) Ocean Breeze - Jensen Beach RV Resort (2) RV Jensen Beach FL 86 76 100.0 % 100.0 % Ocean Breeze - Marathon MH Marathon FL 46 — 100.0 % (6) 74.5 % (1)(6) Ocean Breeze - Marathon RV Resort RV Marathon FL — — — % (6) — % (6) Ocean View MH Jensen Beach FL 71 — N/A (1) N/A (1) Orange City MH Orange City FL 4 — 100.0 % 100.0 % Orange City RV Resort (2) RV Orange City FL 444 77 100.0 % 100.0 % Orange Tree Village MH Orange City FL 246 — 100.0 % 100.0 % Paddock Park South MH Ocala FL 188 — 80.9 % 80.3 % Palm Key Village MH Davenport FL 204 — 100.0 % 100.0 % 29 SUN COMMUNITIES, INC.
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 FL — — — % (5) 100.0 % Southern Charm MH Zephyrhills FL 1 — 100.0 % 100.0 % Southern Charm RV Resort (2) RV Zephyrhills FL 414 82 100.0 % 100.0 % Southern Leisure RV Resort (2) RV Chiefland FL 280 217 100.0 % 100.0 % Southport Springs Golf & Country Club MH Zephyrhills FL 547 — 99.5 % 99.1 % Spanish Main MH Thonotosassa FL 56 — 96.4 % 91.1 % Spanish Main RV Resort (2) RV Thonotosassa FL 256 23 100.0 % 100.0 % Stonebrook MH Homosassa FL 215 — 93.5 % (1) 94.0 % (1) Sun Outdoors Islamorada MH Islamorada FL 20 — 5.0 % (6) — % (6) Sun Outdoors Islamorada RV Resort RV Islamorada FL — — — % (6) — % (6) Sun Outdoors Key Largo (2) RV Key Largo FL 14 24 100.0 % 100.0 % Sun Outdoors Marathon (2) RV Marathon FL 17 68 100.0 % 100.0 % Sun Outdoors Orlando ChampionsGate MH Davenport FL 44 — 68.2 % 75.0 % Sun Outdoors Orlando ChampionsGate RV Resort (2) RV Davenport FL 48 212 100.0 % 100.0 % Sun Outdoors Panama City Beach MH Panama City Beach FL 42 — 97.6 % 97.6 % Sun Outdoors Panama City Beach RV Resort (2) RV Panama City Beach FL — 167 N/A N/A Sun Outdoors Sarasota (2) RV Sarasota FL 1,111 408 100.0 % 100.0 % Sun Outdoors St.
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.
Clair Shores MI 898 898 Toledo Beach La Salle MI 474 363 Tower Marine (7) Douglas MI 483 N/A Michigan Total 3,793 3,192 Ohio Lakefront Port Clinton OH 493 477 Sandusky Sandusky OH 550 550 Ohio Total 1,043 1,027 WEST California Anacapa Isle Oxnard CA 540 450 Ballena Isle Alameda CA 414 414 Bayfront (7) Chula Vista CA 622 N/A Cabrillo Isle San Diego CA 541 527 42 SUN COMMUNITIES, INC.
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.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Palm Village MH Bradenton FL 146 — 100.0 % 100.0 % Park Place MH Sebastian FL 476 — 97.7 % 96.8 % Park Royale MH Pinellas Park FL 309 — 100.0 % 99.0 % Pecan Park RV Resort (2) RV Jacksonville FL 116 225 100.0 % 100.0 % Pelican Bay MH Micco FL 216 — 99.1 % 99.5 % Pleasant Lake RV Resort (2) RV Bradenton FL 317 24 100.0 % 100.0 % Rainbow MH Frostproof FL 37 — 100.0 % 100.0 % Rainbow RV Resort (2) RV Frostproof FL 440 22 100.0 % 100.0 % Rainbow Village of Largo (2) RV Largo FL 276 33 100.0 % 100.0 % Rainbow Village of Zephyrhills (2) RV Zephyrhills FL 350 32 100.0 % 100.0 % Red Oaks MH Bushnell FL 103 — 93.2 % 93.2 % (1) Red Oaks RV Resort (2) RV Bushnell FL 548 369 100.0 % 100.0 % Regency Heights MH Clearwater FL 391 — 99.2 % 98.7 % Riverside Club MH Ruskin FL 728 — 94.2 % (1) 89.8 % Rock Crusher Canyon RV Resort (2) RV Crystal River FL 275 120 100.0 % 100.0 % Royal Country MH Miami FL 864 — 99.9 % 99.8 % Royal Palm Village MH Haines City FL 395 — 87.3 % 87.3 % Saddle Oak Club MH Ocala FL 376 — 99.5 % 99.7 % Saralake Estates MH Sarasota FL 202 — 99.5 % 99.5 % Savanna Club MH Port St.
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.
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.
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.
(6) Occupancy in these properties at December 31, 2022 and 2021 reflects the redevelopment following asset impairments resulting from Hurricane Irma in September 2017. 38 SUN COMMUNITIES, INC. The following tables set forth certain information relating to our Safe Harbor branded marinas as of December 31, 2022.
(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.
Property Name MH / RV City / County (UK Only) State / Country MH and Annual RV Sites as of 12/31/2022 Transient RV Sites as of 12/31/2022 Occupancy as of 12/31/2022 Occupancy as of 12/31/2021 Forest View MH Homosassa FL 300 — 98.7 % 98.7 % Glen Haven MH Zephyrhills FL 52 — 100.0 % 100.0 % Glen Haven RV Resort (2) RV Zephyrhills FL 178 40 100.0 % 100.0 % Goldcoaster MH Homestead FL 531 — 99.4 % 99.2 % Goldcoaster RV Resort (2) RV Homestead FL 7 7 100.0 % 100.0 % Grand Bay MH Dunedin FL 134 — 100.0 % 99.3 % Grand Lake RV & Golf Resort (2) RV Citra FL 325 83 100.0 % 100.0 % Grove Ridge RV Resort (2) RV Dade City FL 181 65 100.0 % 100.0 % Groves RV Resort RV Ft.
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.
Removed
Myers FL — — — % (5) 100.0 % Gulfstream Harbor MH Orlando FL 974 — 99.8 % 99.9 % Hacienda Del Rio MH Edgewater FL 800 — 91.0 % (1) 99.5 % Hidden River RV Resort (2) RV Riverview FL 238 63 100.0 % 100.0 % Holly Forest MH Holly Hill FL 402 — 100.0 % 100.0 % Homosassa River RV Resort (2) RV Homosassa Springs FL 145 79 100.0 % 100.0 % Horseshoe Cove RV Resort (2) RV Bradenton FL 353 123 100.0 % 100.0 % Indian Creek Park MH Ft.
Added
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.
Removed
Augustine FL — 175 N/A N/A Sun Outdoors Sugarloaf Key (2) RV Summerland Key FL — 99 N/A N/A Sun Retreats Daytona Beach (2) RV Port Orange FL 166 67 100.0 % 100.0 % Sun Retreats Dunedin (2) RV Dunedin FL 198 41 100.0 % 100.0 % Suncoast Gateway MH Port Richey FL 173 — 98.8 % 98.8 % Sundance MH Zephyrhills FL 332 — 100.0 % 100.0 % Sunlake Estates MH Grand Island FL 411 — 96.8 % 97.1 % 30 SUN COMMUNITIES, INC.
Added
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.
Removed
(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.
Added
(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.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

1 edited+1 added−1 removed1 unchanged
Biggest changeApplying this threshold, there are no environmental matters to disclose for the year ended December 31, 2022. ITEM 4. MINE SAFETY DISCLOSURES None. 44 SUN COMMUNITIES, INC. PART II
Biggest changeApplying this threshold, there are no environmental matters to disclose for the year ended December 31, 2023.
Removed
ITEM 3. LEGAL PROCEEDINGS Legal Proceedings Arising in the Ordinary Course of Business We are involved in various legal proceedings arising in the ordinary course of business. All such proceedings, taken together, are not expected to have a material adverse impact on our results of operations or financial condition.
Added
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 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

11 edited+2 added−4 removed6 unchanged
Biggest changeOn February 16, 2023, the following OP units of the Operating Partnership were outstanding: OP Units OP Units Issued and Outstanding Exchangeable Shares of Common Stock Aspen preferred OP units 988,819 309,388 Series A-1 preferred OP units 207,548 506,215 Series A-3 preferred OP units 40,268 74,917 Series C preferred OP units 306,013 339,674 Series D preferred OP units 488,958 391,166 Series E preferred OP units 80,000 55,172 Series F preferred OP units 90,000 56,250 Series G preferred OP units 240,710 155,297 Series H preferred OP units 581,367 354,492 Series J preferred OP units 239,000 144,848 Common OP units 2,448,083 2,448,083 Total 5,710,766 4,835,502 We have historically paid regular quarterly distributions to holders of our common stock and common OP units.
Biggest changeOn 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.
Performance Graph Set forth below is a line graph comparing the yearly percentage change in the cumulative total shareholder return on our common stock against the cumulative total return of a broad market index composed of all issuers listed on the NYSE and an industry index comprised of 20 publicly traded REITs, for the five year period ending on December 31, 2022.
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.
The information included under the heading "Performance Graph" is not to be treated as "soliciting material" or as "filed" with the SEC, and is not incorporated by reference into any filing by the Company under the Securities Act or the Exchange Act that is made on, before or after the date of filing of this Annual Report on Form 10-K. 47 SUN COMMUNITIES, INC.
The 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.
The comparisons in this table are required by the SEC and are not intended to forecast or be indicative of possible future performance of our common stock. 46 SUN COMMUNITIES, INC. Peer Group We utilize peer group data for quantitative benchmarking against external market participants.
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.
This line graph assumes a $100.00 investment on December 31, 2017, a reinvestment of distributions and actual increase of the market value of our common stock relative to an initial investment of $100.00.
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.
Recent Sales of Unregistered Securities From time to time, we may issue shares of common stock in exchange for OP units that may be tendered to the Operating Partnership for redemption in accordance with the terms and provisions of the limited partnership agreement of the Operating Partnership.
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.
Securities Authorized for Issuance Under Equity Compensation Plans The following table reflects information about the securities authorized for issuance under our equity compensation plans as of December 31, 2022: Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted-average exercise price of outstanding options, warrants and rights Number of shares of common stock remaining available for future issuance under equity compensation plans (excluding securities reflected in column a) Plan Category (a) (b) (c) Equity compensation plans approved by shareholders — $ — 3,282,526 Total — $ — 3,282,526 45 SUN COMMUNITIES, INC.
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.
Purchases of Equity Securities The following table summarizes our common stock repurchases during the three months ended December 31, 2022: Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs Period (a) (b) (c) (d) October 1, 2022 - October 31, 2022 5,820 $ 133.36 — $ — November 1, 2022 - November 30, 2022 935 $ 134.27 — $ — December 1, 2022 - December 31, 2022 — $ — — $ — Total 6,755 $ 133.49 — $ — During the three months ended December 31, 2022, we withheld 6,755 shares from employees to satisfy estimated statutory income tax obligations related to vesting of restricted stock awards.
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.
MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information Our common stock has been listed on the NYSE since December 8, 1993, and trades under the symbol "SUI." On February 16, 2023, the closing share price of our common stock was $157.88 per share on the NYSE, and there were 594 holders of record of 124,099,219 outstanding shares of common stock.
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.
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.
(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.
Real Estate Residential Index $ 100.00 $ 103.29 $ 135.13 $ 121.26 $ 192.04 $ 131.67 NYSE Composite Index $ 100.00 $ 91.05 $ 114.28 $ 122.26 $ 147.54 $ 133.75 SUI New Peer Group (1) $ 100.00 $ 102.10 $ 127.52 $ 113.19 $ 180.97 $ 126.17 SUI Old Peer Group (2) $ 100.00 $ 98.84 $ 123.70 $ 111.67 $ 185.81 $ 129.67 (1) SUI New Peer Group includes: AvalonBay Communities, Inc., Camden Property Trust, CubeSmart, Equity Lifestyle Properties, Inc., Equity Residential, Essex Property Trust, Inc., Extra Space Storage Inc., Federal Realty Investment Trust, Invitation Homes Inc., Mid-America Apartment Communities, Inc., UDR, Inc. and Ventas, Inc.
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.
Removed
Below is the activity of conversions for the three months and year ended December 31, 2022: Three Months Ended Year Ended December 31, 2022 December 31, 2022 Series Conversion Rate Units / Shares Converted Common Stock Units / Shares Converted Common Stock Aspen preferred OP units Various (1) 25,000 8,007 25,000 8,007 Common OP units 1.0000 10,552 10,552 150,393 150,393 Series A-1 preferred OP units 2.4390 62,781 153,122 67,476 164,566 Series C preferred OP units 1.1100 — — 150 166 Series E preferred OP units 0.6897 — — 10,000 6,896 Series H preferred OP units 0.6098 40 24 40 24 Series I preferred OP units 0.6098 — — 922,000 562,195 (1) Refer to Note 8, "Debt and Line of Credit," for additional detail on Aspen preferred OP unit conversions.
Added
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.
Removed
From time to time, we update our peer group based on analysis of the aforementioned factors and application of judgment. During 2022, we updated our peer group, as shown in the "SUI New Peer Group" caption in the table below.
Added
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.
Removed
Year Ended Index December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020 December 31, 2021 December 31, 2022 Sun Communities, Inc. $ 100.00 $ 112.89 $ 170.37 $ 176.47 $ 248.46 $ 173.12 Dow Jones U.S.
Removed
(2) SUI Old Peer Group includes: American Campus Communities, Inc., Apartment Investment and Management Company, AvalonBay Communities, Inc., Camden Property Trust, CubeSmart, Equity Lifestyle Properties, Inc., Essex Property Trust, Inc., Extra Space Storage Inc., Federal Realty Investment Trust, Invitation Homes Inc., Mid-America Apartment Communities, Inc., The Macerich Company and UDR, Inc.

Item 7. Management's Discussion & Analysis

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

122 edited+60 added−60 removed36 unchanged
Biggest changeRECONCILIATION OF NET INCOME ATTRIBUTABLE TO SUI COMMON SHAREHOLDERS TO FFO The following table reconciles Net income attributable to SUI common shareholders to FFO for the years ended December 31, 2022, 2021 and 2020 (in millions, except for per share amounts): Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Net Income Attributable to SUI Common Shareholders $ 242.0 $ 380.2 $ 131.6 Adjustments Depreciation and amortization 602.6 521.9 376.9 Depreciation on nonconsolidated affiliates 0.1 0.1 0.1 (Gain) / loss on remeasurement of marketable securities 53.4 (33.5) (6.1) Loss on remeasurement of investment in nonconsolidated affiliates 2.7 0.2 1.6 (Gain) / loss on remeasurement of notes receivable 0.8 (0.7) 3.3 Gain on dispositions of properties (12.2) (108.1) (5.6) Add: Returns on preferred OP units 9.5 4.0 2.2 Add: Income attributable to noncontrolling interests 10.4 14.7 7.9 Gain on dispositions of assets, net (54.9) (60.5) (22.2) FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities (1) $ 854.4 $ 718.3 $ 489.7 Adjustments Business combination expense and other acquisition related costs (2) 47.4 10.0 25.3 Loss on extinguishment of debt 4.4 8.1 5.2 Catastrophic event-related charges, net 17.5 2.2 0.9 Loss of earnings - catastrophic event-related charges, net (3) 4.8 0.2 — (Gain) / loss on foreign currency exchanges (5.4) 3.7 (7.7) Other adjustments, net (4) 0.4 16.2 2.2 Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities (1) $ 923.5 $ 758.7 $ 515.6 Adjustment Foreign currency translation impact (5) 11.0 — — Constant Currency Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities $ 934.5 $ 758.7 $ 515.6 Weighted Average Common Shares Outstanding - Basic 120.2 112.6 97.5 Add Common shares dilutive effect from forward equity sale 0.2 — — Restricted stock 0.4 0.2 0.4 Common OP units 2.5 2.5 2.5 Common stock issuable upon conversion of certain preferred OP units 2.3 1.2 0.9 Weighted Average Common Shares Outstanding - Diluted 125.6 116.5 101.3 FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share $ 6.80 $ 6.16 $ 4.83 Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share $ 7.35 $ 6.51 $ 5.09 Constant Currency Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities per Share $ 7.44 $ 6.51 $ 5.09 (1) The effect of certain anti-dilutive convertible securities is excluded from these items.
Biggest changeRECONCILIATION 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.
By excluding gains and losses related to sales of previously depreciated operating real estate assets, real estate related impairment and real estate asset depreciation and amortization (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO provides a performance measure that, when compared period-over-period, reflects the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing perspective not readily apparent from GAAP net income (loss).
By excluding gains and losses related to sales of previously depreciated operating real estate assets, real estate related to impairment and real estate asset depreciation and amortization (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO provides a performance measure that, when compared period-over-period, reflects the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing perspective not readily apparent from GAAP net income (loss).
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 indebtedness 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 the long-term unsecured and secured debt and the issuance of certain debt or equity securities subject to market conditions.
SIGNIFICANT ACCOUNTING POLICIES AND CRITICAL ACCOUNTING ESTIMATES Critical Accounting Estimates Our Consolidated Financial Statements are prepared in accordance with United States of America generally accepted accounting principles ("GAAP"), which require the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses in the periods presented.
SIGNIFICANT ACCOUNTING POLICIES AND CRITICAL ACCOUNTING ESTIMATES Critical Accounting Estimates Our Consolidated Financial Statements are prepared in accordance with United States of America generally accepted accounting principles, which require the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses in the periods presented.
Expansion and development expenditures - consist primarily of construction costs such as roads, activities and amenities, and costs necessary to complete home and RV 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 and RV communities. Expenditures also include costs to rebuild after damage has been incurred at MH, RV or marina properties, and research and development.
Sungenia JV - During May 2020, Sungenia JV, entered into a debt facility agreement with a maximum loan amount of $27.0 million Australian dollars, or $18.4 million converted at the December 31, 2022 exchange rate. During July 2022, the maximum amount was increased to $50.0 million Australian dollars, or $34.1 million converted at the December 31, 2022 exchange rate.
Sungenia JV - During May 2020, Sungenia JV, entered into a debt facility agreement with a maximum loan amount of $27.0 million Australian dollars, or $18.4 million converted at the December 31, 2023 exchange rate. During July 2022, the maximum amount was increased to $50.0 million Australian dollars, or $34.1 million converted at the December 31, 2023 exchange rate.
Equity and Debt Activity Public Equity Offerings In November 2021, we entered into the November 2021 Forward Sale Agreements in connection with an underwritten registered public offering of 4,025,000 shares of our common stock at a public offering price of $185.00 per share.
Equity and Debt Activity Public Equity Offerings In November 2021, we entered into forward sale agreements in connection with an underwritten registered public offering of 4,025,000 shares of our common stock at a public offering price of $185.00 per share.
Certain of our nonconsolidated affiliates, which are accounted for under the equity-method of accounting, have incurred indebtedness. We have not guaranteed the debt of our nonconsolidated affiliates in the arrangements referenced below, nor do we have any obligations to fund this debt should the nonconsolidated affiliates be unable to do so.
Certain of our nonconsolidated affiliates, which are accounted for under the equity-method of accounting, have incurred debt. We have not guaranteed the debt of our nonconsolidated affiliates in the arrangements referenced below, nor do we have any obligations to fund this debt should the nonconsolidated affiliates be unable to do so.
Additionally, we entered into forward sales agreements with respect 290,600 shares of common stock for $50.1 million, under our Sales Agreement. These forward sale agreements were settled during the three months ended September 30, 2022.
Additionally, we entered into forward sales agreements with respect to 290,600 shares of common stock for $50.1 million, under our Sales Agreement. These forward sale agreements were settled during the three months ended September 30, 2022.
(2) Our obligations related to interest expense are calculated based on the current debt levels, rates and maturities as of December 31, 2022 (including finance leases), and actual payments required in future periods may be different than the amounts included above. Perpetual securities include one year of interest expense for payment due after five years.
(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.
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, Pounds sterling, Euros, Canadian dollars and Australian dollars, subject to certain limitations.
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.
When it becomes necessary for us to approach the credit markets, the volatility in those markets could make borrowing more difficult to secure, more expensive or effectively unavailable. In the event our current credit ratings are downgraded, it may become difficult or more expensive to obtain additional financing or refinance existing unsecured indebtedness as maturities become due.
When it becomes necessary for us to approach the credit markets, the volatility in those markets could make borrowing more difficult to secure, more expensive or effectively unavailable. In the event our current credit ratings are downgraded, it may become difficult or more expensive to obtain additional financing or refinance existing unsecured debt as maturities become due.
Refer to Note 6, "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 - During September 2019, GTSC entered into a warehouse line of credit with a maximum loan amount of $125.0 million.
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. 78 SUN COMMUNITIES, INC.
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.
We intend to meet our short-term liquidity requirements through available cash balances, cash flows generated from operations, draws on our Senior Credit Facility, and the use of debt and equity offerings under our shelf registration statement.
We intend to meet our short-term liquidity requirements through available cash balances, cash flow generated from operations, draws on our Senior Credit Facility, and the use of debt and equity offerings under our shelf registration statement.
FFO is calculated in accordance with our interpretation of standards established by Nareit, which may not be comparable to FFO reported by other REITs that interpret the Nareit definition differently. 55 SUN COMMUNITIES, INC.
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.
Secured Debt During the year ended December 31, 2022, we entered into a new $20.6 million construction loan, which was undrawn as of December 31, 2022 and a $3.4 million mortgage term loan that are jointly secured by one property. Both loans mature August 10, 2047 and have a fixed interest rate of 3.65%.
During the year ended December 31, 2022, we entered into a new $20.6 million construction loan, which was undrawn as of December 31, 2023, and a $3.4 million mortgage term loan that are jointly secured by one property. Both loans mature on August 10, 2047 and have a fixed interest rate of 3.65%.
We believe that the accounting estimates employed are appropriate and resulting balances are reasonable; however, due to inherent uncertainties in making estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. Our significant accounting estimates include acquisitions of investment properties and impairments of long-lived assets or properties, and right-of-use assets.
We believe that the accounting estimates employed are appropriate and resulting balances are reasonable; however, due to inherent uncertainties in making estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. Our significant accounting estimates include acquisitions of investment properties, impairments of long-lived assets, and impairments of goodwill.
Other lot modification expenditures include land improvements added to annual RV sites to aid in the conversion of transient RV guests to annual contracts. Growth projects - growth projects consist of revenue generating or expense reducing activities at MH, RV and marina properties.
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.
Capital Expenditures Our capital expenditures include expansion sites and development construction costs, recurring capital expenditures, lot modifications, growth projects, acquisition-related capital expenditures, rental home purchases and rebranding costs.
Capital Expenditures (excluding Acquisition costs) Our capital expenditures include lot modifications, growth projects, rebranding, acquisition-related capital expenditures, expansion and development construction costs, rental home purchases and recurring capital expenditures.
Same Property NOI - A management tool used when evaluating performance and growth of our properties is a comparison of the Same Property portfolio. We define same properties as those we have owned and operated continuously since January 1, 2021. Same properties exclude ground-up development properties, acquired properties and properties sold after December 31, 2020.
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.
Rental program - consists of investment in the acquisition of homes intended for the Rental Program and the purchase of vacation rental homes at our RV communities. Expenditures for these investments depend upon the condition of the markets for repossessions and new home sales, rental homes and vacation rental homes. 72 SUN COMMUNITIES, INC.
Rental program - consists of investment in the acquisition of homes intended for the Rental Program and the purchase of vacation rental homes at our RV communities. Expenditures for these investments depend upon the condition of the markets for repossessions and new home sales, rental homes and vacation rental homes.
We simultaneously terminated our prior sales agreement upon entering into the Sales Agreement. Through December 2022, we had entered into forward sales agreements under our Sales Agreement for an aggregate gross sales price of $160.6 million.
We simultaneously terminated our prior sales agreement upon entering into the Sales Agreement. Through December 31, 2023, we had entered into forward sales agreements under our Sales Agreement for an aggregate gross sales price of $160.6 million.
Interest expense - for the year ended December 31, 2022, increased due to the higher carrying balance of debt and increased interest rates as compared to the same period in 2021. Refer to Note 8, "Debt and Line of Credit," in our accompanying Consolidated Financial Statements for additional information.
Interest expense - for the year ended December 31, 2023, increased due to the higher carrying balance of debt and increased interest rates as compared to the same period in 2022. Refer to Note 9, "Debt and Line of Credit," in our accompanying Consolidated Financial Statements for additional information.
The debt bears interest at a variable rate based on a Commercial Paper or adjusted Secured Overnight Financing Rate plus a margin ranging from 1.65% to 2.5% per annum and matures on December 15, 2026.
The debt bears interest at a variable rate based on a Commercial Paper or adjusted SOFR plus a margin ranging from 1.65% to 2.5% per annum and matures on December 15, 2026.
This includes, but is not limited to, utility efficiency and renewable energy projects, site, slip or amenity upgrades such as the addition of a garage, shed or boat lift, and other special capital projects that substantiate an incremental rental increase.
These include, but are not limited to, utility efficiency and renewable energy projects, site, slip or amenity upgrades such as the addition of a garage, shed or boat lift, and other special capital projects that substantiate an incremental rental increase.
As of December 31, 2022, our net debt to enterprise value was 27.9% (assuming conversion of all common OP units, Series A-1 preferred OP units, Series A-3 preferred OP units, Series C preferred OP units, Series D preferred OP units, Series E preferred OP units, Series F preferred OP units, Series G preferred OP units, Series H preferred OP units and Series J preferred OP units to shares of common stock).
As of December 31, 2023, our net debt to enterprise value was 30.9% (assuming conversion of all common OP units, Series A-1 preferred OP units, Series A-3 preferred OP units, Series C preferred OP units, Series D preferred OP units, Series E preferred OP units, Series F preferred OP units, Series G preferred OP units, Series H preferred OP units, Series J preferred OP units, Series K preferred OP units and Series L preferred OP units to shares of common stock).
Our net cash flows provided by operating activities from continuing operations may be adversely impacted by, among other things: • the market and economic conditions in our current markets generally, and specifically in the metropolitan areas of our current markets; • lower occupancy and rental rates of our properties; • substantial increases in insurance premium; • increases in other operating costs, such as wage and benefit costs, real estate taxes and utilities; • decreased sales of manufactured homes; • current volatility in economic conditions and the financial markets; and • the effects of the COVID-19 pandemic.
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.
Refer to Note 1, "Significant Accounting Policies," in our accompanying Consolidated Financial Statements for information regarding our critical accounting estimates that affect the Consolidated Financial Statements and that use judgments and assumptions. In addition, the likelihood that materially different amounts could be reported under varied conditions and assumptions is discussed.
Refer to Note 1, "Significant Accounting Policies," in our accompanying Consolidated Financial Statements for information regarding our critical accounting estimates that affect the Consolidated Financial Statements and that use judgments and assumptions. In certain situations, we discuss the likelihood that materially different amounts could be reported under varied conditions and assumptions.
As of December 31, 2022 and 2021, the aggregate carrying amount of the debt, including both our and our partners' share, incurred by Sungenia JV was $7.9 million (of which our proportionate share is approximately $4.0 million), and $6.3 million (of which our proportionate share is $3.1 million), respectively.
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.
Real Property Operations - Same Property - Marina The following tables reflect certain financial and other information for our Same Property Marina portfolio as of and for the years ended December 31, 2022 and 2021 (in millions, except for statistical information).
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).
The minimum capitalized amount is five hundred dollars. Non-Recurring Capital Expenditures Lot modifications - lot modification capital expenditures are incurred to modify the foundational structures required to set a new home after a previous home has been removed. These expenditures are necessary to create a revenue stream from a new site renter and often improve the quality of the community.
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.
(2) These costs represent (i) nonrecurring integration expenses associated with new acquisitions and first year acquisition deferred costs, (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 and (iv) business combination expenses and 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.
(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.
NOI NOI is derived from operating revenues minus property operating expenses and real estate taxes. NOI is a non-GAAP financial measure that we believe is helpful to investors as a supplemental measure of operating performance because it is an indicator of the return on property investment and provides a method of comparing property performance over time.
NOI is a non-GAAP financial measure that we believe is helpful to investors as a supplemental measure of operating performance because it is an indicator of the return on property investment and provides a method of comparing property performance over time.
Interest rate movements impact our borrowing costs and, while as of December 31, 2022, over 77% 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. 73 SUN COMMUNITIES, INC.
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.
RESULTS OF OPERATIONS Summary Statements of Operations The following tables reconcile the Net income attributable to Sun Communities, Inc. common shareholders to NOI and summarize our consolidated financial results for the years ended December 31, 2022, 2021 and 2020 (in millions): Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Net income attributable to SUI common shareholders $ 242.0 $ 380.2 $ 131.6 Interest income (35.2) (12.2) (10.1) Brokerage commissions and other revenues, net (34.9) (30.2) (17.2) General and administrative 256.8 181.3 109.5 Catastrophic event-related charges, net 17.5 2.2 0.9 Business combinations 24.7 1.4 23.0 Depreciation and amortization 604.8 522.7 376.9 Loss on extinguishment of debt (see Note 8) 4.4 8.1 5.2 Interest expense 229.8 158.6 129.1 Interest on mandatorily redeemable preferred OP units / equity 4.2 4.2 4.2 (Gain) / loss on remeasurement of marketable securities (see Note 14) 53.4 (33.5) (6.1) (Gain) / loss on foreign currency exchanges (5.4) 3.7 (7.7) Gain on disposition of properties (12.2) (108.1) (5.6) Other expense, net 2.1 12.1 5.2 (Gain) / loss on remeasurement of notes receivable (see Note 4) 0.8 (0.7) 3.3 Income from nonconsolidated affiliates (see Note 6) (2.9) (4.0) (1.7) Loss on remeasurement of investment in nonconsolidated affiliates (see Note 6) 2.7 0.2 1.6 Current tax expense (see Note 12) 10.3 1.2 0.8 Deferred tax expense / (benefit) (see Note 12) (4.2) 0.1 (1.6) Preferred return to preferred OP units / equity interests 11.0 12.1 6.9 Add: Income attributable to noncontrolling interests 10.8 21.5 8.9 NOI $ 1,380.5 $ 1,120.9 $ 757.1 Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Real property NOI $ 1,167.0 $ 1,002.6 $ 721.3 Home sales NOI 154.6 74.4 28.6 Service, retail, dining and entertainment NOI 58.9 43.9 7.2 NOI $ 1,380.5 $ 1,120.9 $ 757.1 56 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, 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.
The Senior Credit Facility bears interest at a floating rate based on Adjusted Term SOFR, the Adjusted Eurocurrency Rate, the Daily RFR, the Australian BBSY, the Daily 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 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.
As of December 31, 2022, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 669 developed properties located in the U.S., the UK, and Canada, including 353 MH communities, 182 RV communities and 134 marinas.
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.
Cash Flow Activities Our cash flow activities are summarized as follows (in millions): Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Net Cash Provided by Operating Activities $ 734.9 $ 753.6 $ 543.3 Net Cash Used for Investing Activities $ (3,062.6) $ (2,338.2) $ (2,486.5) Net Cash Provided by Financing Activities $ 2,348.6 $ 1,570.4 $ 2,000.8 Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash $ (8.7) $ (0.2) $ 0.2 Cash, cash equivalents and restricted cash increased by $12.2 million from $78.2 million as of December 31, 2021, to $90.4 million as of December 31, 2022.
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.
Refer to "Risk Factors" in Part I, Item 1A in this Annual Report on Form 10-K. Investing activities - Net cash used for investing activities increased by $0.8 billion, to $3.1 billion for the year ended December 31, 2022, compared to $2.3 billion for the year ended December 31, 2021.
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.
Capital Requirements Our capital requirements as of December 31, 2022 include both short and long term obligations: Our primary long-term liquidity needs are principal payments on outstanding indebtedness as summarized in the table below: Payments Due By Period (in millions) Outstanding Indebtedness (1) Total Due Short-term Obligation ≤1 Year Long-term Obligation After 1 Year Refer to Principal payments on long-term debt $ 7,235.1 $ 183.4 $ 7,051.7 Note 8.
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.
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. Real property - transient revenue is included in RV segment revenue.
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.
The most restrictive financial covenants for the Senior Credit Facility are as follows: Covenant Requirement As of December 31, 2022 Maximum leverage ratio 33.8% Minimum fixed charge coverage ratio >1.40 3.82 Maximum secured leverage ratio 12.6% In addition, we are required to maintain the following covenants with respect to the senior unsecured notes payable: Covenant Requirement As of December 31, 2022 Total debt to total assets ≤60.0% 40.3% Secured debt to total assets ≤40.0% 18.0% Consolidated income available for debt service to debt service ≥1.50 5.30 Unencumbered total asset value to total unsecured debt ≥150.0% 344.0% As of December 31, 2022, we were in compliance with the above covenants and do not anticipate that we will be unable to meet these covenants in the near term.
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.
Recurring capital expenditures at our MH and RV properties include items such as: major road and driveway repairs and improvements; 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 items such as: dredging, dock repairs and improvements, and equipment maintenance and upgrades.
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.
Gain / (loss) on remeasurement of marketable securities - for the year ended December 31, 2022, was a loss of $53.4 million, as compared to a gain of $33.5 million during the same period in 2021 due to the fluctuation in the price of our publicly traded marketable securities.
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.
If current market and economic conditions, including relating to, among other things, interest rates, currency fluctuations, equity valuations and inflation, continue or worsen, our ability to obtain debt and equity capital in the long term on attractive terms may be adversely affected. We had unrestricted cash on hand as of December 31, 2022 of $72.8 million.
If current market and economic conditions, including relating to, among other things, interest rates, currency fluctuations, equity valuations and inflation, continue or worsen, our ability to obtain debt and equity capital in the long term on attractive terms may be adversely affected.
As of December 31, 2022 and 2021, the aggregate carrying amount of debt, including both our and our partner's share, incurred by GTSC was $275.0 million (of which our proportionate share is $110.0 million), and $243.1 million (of which our proportionate share is $97.2 million), respectively.
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.
We take a disciplined approach to selecting the optimal mix of financing sources to meet our liquidity demands and minimize our overall cost of capital. In June 2021, we received investment grade ratings of BBB and Baa3 from S&P Global and Moody's, respectively, both with stable outlooks. Our ratings remain unchanged from original receipt.
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.
Our issuance of letters of credit does not increase our borrowings outstanding under the Senior Credit Facility, but does reduce the borrowing amount available. We had $2.3 million and $2.2 million of outstanding letters of credit at December 31, 2022 and 2021, respectively.
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.
The Credit Facility Amendment extended the maturity date of the revolving loan facility to April 7, 2026. At our option that maturity date may be extended two additional six-month periods.
The Credit Facility Amendment extended the maturity date of the revolving loan facility to April 7, 2026. At our option that maturity date may be extended two additional six-month periods. In addition, the Credit Facility Amendment established the maturity date of the term loan facility under the Credit Facility Amendment as April 7, 2025, which may not be further extended.
Our capital expenditure activity is summarized as follows (in millions): Year Ended December 31, 2022 December 31, 2021 Non-Recurring Capital Expenditures Lot Modifications $ 39.1 $ 28.8 Growth Projects 99.5 77.0 Rebranding 15.0 6.1 Acquisition-related Capital Expenditures 280.3 176.5 Expansion and Development 261.8 201.7 Rental Program 151.1 117.4 Other 0.4 0.5 Total Non-Recurring Capital Expenditures 847.2 608.0 Recurring Capital Expenditures 73.8 64.6 Total Capital Expenditure Activities $ 921.0 $ 672.6 Recurring capital expenditures - property recurring capital expenditures are necessary to maintain asset quality, including purchasing and replacing assets used to operate the communities and marinas.
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.
The following table presents the seasonality of Marina real property revenue for the years ended December 31, 2022, 2021 and 2020: Seasonal real property revenue (in millions) For the Three Months Ended Year March 31 June 30 September 30 December 31 Total 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 % 2020 $ 24.4 N/A N/A N/A 100.0 % 100.0 % In 2020, Seasonal real property revenue was recognized 100% in the fourth quarter, given that the Safe Harbor acquisition closed during the fourth quarter. 57 SUN COMMUNITIES, INC.
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.
We have expanded our market share in multiple states through recent acquisitions and increased our property holdings in high-growth areas of the U.S. including retirement and vacation destinations. We have also experienced strong revenue growth through recent acquisitions of RV communities.
We have expanded our market share in multiple states through recent acquisitions and increased our property holdings in high-growth areas of the U.S. including retirement and vacation destinations. The age demographic of RV communities is attractive, as the population of retirement age adults in the U.S. is growing.
Real property (excluding transient and other) revenue increased primarily 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 (excluding transient and other) revenue of $23.8 million, or 14.4%, primarily due to 7.6% increase in monthly base rent.
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.
Line of Credit In April 2022, in connection with the closing of the Park Holidays acquisition, the Operating Partnership as borrower, and SUI, as guarantor, and certain lenders entered into the Credit Facility Amendment, which amended our Senior Credit Facility.
Line of Credit In April 2022, the Operating Partnership as borrower, SUI as guarantor, and certain lenders entered into the Credit Facility Amendment, which amended our Senior Credit Facility. 74 SUN COMMUNITIES, INC.
The increase in Net cash used for investing activities was primarily driven by an increase in cash deployed to acquire Park Holidays and other new properties during the year ended December 31, 2022 as compared to the corresponding period in 2021.
The decrease in Net cash used for investing activities was primarily driven by a decrease in cash deployed to acquire properties during the year ended December 31, 2023 as compared to the corresponding period in 2022.
The increase in Net cash provided by financing activities was primarily driven by an increase in borrowings on our Senior Credit Facility, net of repayments, during the year ended December 31, 2022 as compared to the corresponding period in 2021.
The decrease in Net cash provided by financing activities was primarily driven by a decrease in borrowings on our Senior Credit Facility, net of repayments, a decrease in issuance of common stock, OP units and preferred OP units, net, during the year ended December 31, 2023 as compared to the corresponding period in 2022.
Demand for dry storage increases during the winter season as seasonal weather patterns require boat owners to store their vessels on dry docks and within covered racks.
Wet slip storage increases during the summer months for the boating season, whereas dry storage increases during the winter season as weather patterns require boat owners to store their vessels on dry docks or within covered racks.
Our debt has a weighted average interest rate of 3.75% and a weighted average years to maturity of 7.4. 77 SUN COMMUNITIES, INC.
Our debt has a weighted average interest rate of 4.23% and a weighted average years to maturity of 6.8. 76 SUN COMMUNITIES, INC.
Refer to the Consolidated Statements of Cash Flow for detail on the net cash used for investing activities during the years ended December 31, 2022 and 2021.
Refer to the Consolidated Statements of Cash Flows for detail on the net cash provided by financing activities during the years ended December 31, 2023 and 2022.
We believe that NOI and Constant Currency NOI provide enhanced comparability for investor evaluation of properties performance and growth over time. We believe that GAAP net income (loss) is the most directly comparable measure to NOI.
Therefore, NOI is a measure of the operating performance of our properties rather than of the Company overall. We believe that NOI provides enhanced comparability for investor evaluation of properties' performance and growth over time. We believe that GAAP net income (loss) is the most directly comparable measure to NOI.
Other Items - Statements of Operations (1) The following table summarizes other income and expenses for the years ended December 31, 2022 and 2021 (amounts in millions): Year Ended December 31, 2022 December 31, 2021 Change % Change Service, retail, dining and entertainment, net $ 58.9 $ 43.9 $ 15.0 34.2 % Interest income $ 35.2 $ 12.2 $ 23.0 188.5 % Brokerage commissions and other, net $ 34.9 $ 30.2 $ 4.7 15.6 % General and administrative expense $ 256.8 $ 181.3 $ 75.5 41.6 % Catastrophic event-related charges, net $ 17.5 $ 2.2 $ 15.3 695.5 % Business combinations $ 24.7 $ 1.4 $ 23.3 N/M Depreciation and amortization $ 604.8 $ 522.7 $ 82.1 15.7 % Loss on extinguishment of debt (see Note 8) $ 4.4 $ 8.1 $ (3.7) (45.7) % Interest expense $ 229.8 $ 158.6 $ 71.2 44.9 % Interest on mandatorily redeemable preferred OP units / equity $ 4.2 $ 4.2 $ — — % Gain / (loss) on remeasurement of marketable securities (see Note 14) $ (53.4) $ 33.5 $ (86.9) N/M Gain / (loss) on foreign currency exchanges $ 5.4 $ (3.7) $ 9.1 N/M Gain on dispositions of properties $ 12.2 $ 108.1 $ (95.9) (88.7) % Other expense, net $ (2.1) $ (12.1) $ 10.0 (82.6) % Gain / (loss) on remeasurement of notes receivable (see Note 4) $ (0.8) $ 0.7 $ (1.5) N/M Income from nonconsolidated affiliates (see Note 6) $ 2.9 $ 4.0 $ (1.1) (27.5) % Loss on remeasurement of investment in nonconsolidated affiliates (see Note 6) $ (2.7) $ (0.2) $ (2.5) N/M Current tax expense (see Note 12) $ (10.3) $ (1.2) $ (9.1) 758.3 % Deferred tax benefit / (expense) (see Note 12) $ 4.2 $ (0.1) $ 4.3 N/M Preferred return to preferred OP units / equity interests $ 11.0 $ 12.1 $ (1.1) (9.1) % Income attributable to noncontrolling interests $ 10.8 $ 21.5 $ (10.7) (49.8) % (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, 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.
Refer to Note 8, "Debt and Line of Credit," and Note 9, "Equity and Temporary Equity," in our accompanying Consolidated Financial Statements for additional information.
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.
Additionally, during and subsequent to the quarter ended December 31, 2022, we entered into mortgage term loans of (a) $226.0 million related to 18 existing encumbered properties which mature between June 15, 2026, and December 15, 2029, and have a fixed interest rate of 4.5% and (b) $85.0 million related to five properties which mature on February 13, 2026, and have a fixed interest rate of 5.0%.
Additionally, we entered into a mortgage term loan of $226.0 million related to 18 existing encumbered properties, which mature between June 15, 2026 and December 15, 2029, and have a fixed interest rate of 4.5%. During the three months ended September 30, 2022, we repaid $318.0 million of term loans collateralized by 35 properties.
Operating activities - Net cash provided by operating activities decreased by $18.7 million, to $734.9 million for the year ended December 31, 2022, compared to $753.6 million for the year ended December 31, 2021.
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.
The $164.4 million increase in Real Property NOI as compared to the same period in 2021, consists of $42.2 million from Same Property MH and RV, $11.5 million from Same Property Marina, $51.0 million from the UK operations and $59.7 million from other recently acquired or developed properties in the year ended December 31, 2022 as compared to 2021. 58 SUN COMMUNITIES, INC.
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.
Financing activities - Net cash provided by financing activities increased by $0.7 billion, to $2.3 billion for the year ended December 31, 2022, compared to $1.6 billion for the year ended December 31, 2021.
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.
Year Ended Portfolio Information: December 31, 2022 December 31, 2021 December 31, 2020 Occupancy % - Total Portfolio - MH and Annual RV blended (1) 95.9 % 97.4 % 97.3 % Occupancy % - Same Property - Adjusted MH and Annual RV blended (1)(2)(3) 98.6 % 96.8 % 97.5 % Core FFO per share $ 7.35 $ 6.51 $ 5.09 Constant Currency Core FFO per share $ 7.44 $ 6.51 $ 5.09 Real property NOI - Total Portfolio (in millions) $ 1,167.0 $ 1,002.6 $ 721.3 Real property NOI - Same Property (in millions) - MH and RV (3) $ 819.7 $ 777.5 $ 686.6 Real property NOI - Same Property (in millions) - Marina (3) $ 162.0 $ 150.5 N/A Homes sales volume (excluding UK home sales) 3,212 4,088 2,866 UK home sales 2,177 N/A N/A (1) Occupancy percent includes annual RV sites and excludes transient RV sites.
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.
Markets Our MH and RV properties are largely concentrated in the U.S. in Florida, Michigan, Texas and California, and in the UK, which collectively contain 66.2% of our total MH and RV sites.
We have approximately 17,980 MH and RV sites suitable for future development. 54 SUN COMMUNITIES, INC. Markets Our MH and RV properties are largely concentrated in the U.S. in Florida, Michigan, Texas and California, and in the UK, which collectively contain 66.3% of our total MH and RV sites.
We believe that same property NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the Same Property portfolio from one period to the next. The Same Property data may change from time-to-time depending on acquisitions, dispositions, management discretion, significant transactions or unique situations.
We believe that Same Property NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the Same Property portfolio from one period to the next.
The age demographic of RV communities is attractive, as the population of retirement age adults in the U.S. is growing. RV communities have become a trending vacation opportunity not only for the retiree population, but as an affordable vacation alternative for families and millennials. 51 SUN COMMUNITIES, INC.
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 years ended December 31, 2022 and 2021: • The Same Property data includes all properties that we have owned and operated continuously since January 1, 2021 exclusive of ground-up development and redevelopment properties recently completed or under construction, and other properties as determined by management.
For the years ended December 31, 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%.
Impact of New Accounting Standards Refer to Note 19, "Recent Accounting Pronouncements," in our accompanying Consolidated Financial Statements for information regarding new accounting pronouncements. 79 SUN COMMUNITIES, INC.
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.
At the lenders' option, the Senior Credit Facility will become immediately due and payable upon an event of default under the Credit Facility Amendment. We had $1.1 billion of borrowings outstanding under the revolving loan and $1.1 billion of borrowings outstanding under the term loan on the Senior Credit Facility as of December 31, 2022.
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.
(2) Occupancy percent excludes recently completed but vacant expansion sites. (3) Same Property is based on the as reported year end Same Property count for each respective year. 50 SUN COMMUNITIES, INC.
(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.
Management believes the use of FFO has been beneficial in improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful. We also use FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of our core business ("Core FFO").
Management believes the use of FFO has been beneficial in improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful.
As of December 31, 2022, there was $1.9 billion of remaining capacity on the Senior Credit Facility. At December 31, 2022 we had a total of 515 unencumbered MH, RV and marina properties.
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.
The reclassification difference between our GAAP statements and our Same Property portfolio is the reclassification of utility revenues from real property revenue to operating expenses. A significant portion of our utility charges are re-billed to our residents. Additionally, for the MH and RV, the amounts in the tables below reflect constant currency for comparative purposes.
In order to evaluate the growth of the Same Property portfolio, management has classified certain items differently than our GAAP statements. The reclassification difference between our GAAP statements and our Same Property portfolio is the reclassification of utility revenues from real property revenue to operating expenses. A significant portion of our utility charges are re-billed to our residents.
Business combinations - for the year ended December 31, 2022, increased primarily as a result of the acquisition of Park Holidays. Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Consolidated Financial Statements for additional information.
Refer to Note 17, "Commitments and Contingencies," in our accompanying Consolidated Financial Statements for additional information. Business combinations - for the year ended December 31, 2023, decreased primarily as a result of no new acquisitions accounted for as business combinations during 2023 as compared to the same period in 2022.
We have 16,195 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 in 2022. 71 SUN COMMUNITIES, INC.
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.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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

Other SUI 10-K year-over-year comparisons