SUN COMMUNITIES INC
For the period ended Jun 30, 2024. Filed Aug 1, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 1, 2024
SUI$120.30-1.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-02.
0000912593-24-000190
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-01.
0000912593-24-000211
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 165 previous paragraphs and 171 current paragraphs.
98 unchanged; 61 reworded; 10 added; 6 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 22 previous and 24 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
For the six months ended June 30, 2024 and 2023
Current report
•The MH segment increase in NOI of $21.8 million, or 7.2%, when compared to the same period in 2023 is primarily due to an increase in Real property (excluding transient) revenue of $28.8 million, or 7.0%. Real property (excluding transient) revenue increased primarily due to a 6.0% increase in monthly base rent.
Current report
•The RV segment increase in NOI of $0.3 million, or 0.3%, when compared to the same period in 2023 is primarily due to an increase in Real property (excluding transient) revenue of $15.0 million, or 12.1%, partially offset by a decrease in Real property transient revenue of $13.1 million, or 12.4%. The increase in Real property (excluding transient) revenue was primarily due to a 6.4% increase in monthly base rent and conversions of transient RV sites to annual RV sites. The decrease in Real property transient revenue was primarily due to transient to annual RV site conversions.
Current report
•The Marina segment increase in NOI of $7.7 million, or 6.7%, when compared to the same period in 2023 is primarily due to the $10.0 million, or 6.1%, increase in Real property (excluding transient) revenue.
Current report
•The UK segment increase in NOI of $5.0 million, or 19.4%, when compared to the same period in 2023 is primarily due to the $3.6 million, or 7.7%, increase in Real property (excluding transient) revenue, and a decrease of $0.2 million, or 0.5%, in Same property operating expenses. The increase in Real property (excluding transient) revenue was primarily due to a 7.9% increase in monthly base rent per site. The decrease in Same property operating expenses was primarily due to efficient expense management related to leasing costs and utility expenses, net of utility revenue.
Current report
For the three months ended June 30, 2024, the 19.0% decrease in NOI is primarily driven by an 8.9% decrease in total home sales volume as compared to the same period in 2023, primarily driven by fewer available sites in conjunction with reduced expansion and development activity, partially offset by a 2.6% increase in average selling price.
Current report
For the three months ended June 30, 2024, the 12.1% decrease in NOI is primarily driven by a 13.0% decrease in average selling price in addition to a 6.0% decrease in total home sales volume as compared to the same period in 2023.
Current report
Service, retail, dining and entertainment, net - for the three and six months ended June 30, 2024, decreased primarily due to a decrease in boat sales revenue and increased costs related to service and retail activities in our Marina segment.
Current report
Income / (loss) from nonconsolidated affiliates - for the three and six months ended June 30, 2024, increased primarily due to the improved performance of our nonconsolidated affiliates, primarily driven by the Sungenia joint venture. Refer to Note 7, "Investments in Nonconsolidated Affiliates," in our accompanying Consolidated Financial Statements for additional information.
Current report
Deferred tax benefit - for the three months ended June 30, 2024, decreased primarily due to timing differences for book and tax purposes driven by the write off of financial assets at our UK operations. Refer to Note 13, "Income Taxes," in our accompanying Consolidated Financial Statements for additional information.
Removed paragraphs (6)
Previous report
Business combinations - for the three months ended March 31, 2024, decreased primarily as a result of no new acquisitions accounted for as business combinations during 2024 as compared to such acquisitions in the same period in 2023. Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Consolidated Financial Statements for additional information.
Previous report
Marketable Securities
Previous report
In October 2023, we sold our 41.8 million share position in Ingenia, generating $102.5 million of proceeds, net of underwriting and other fees, with a realized loss of $8.0 million. The proceeds were used to pay down amounts drawn under our Senior Credit Facility.
Previous report
During the three months ended December 31, 2023, we entered into new mortgage term loans for $252.8 million that mature in November 1, 2030 and bear interest at a fixed rate of 6.49%. As a result of the new mortgage term loans, two additional properties were encumbered. We used the proceeds to repay $117.8 million of mortgage term loans that matured on November 30, 2023 and pay down amounts drawn under our Senior Credit Facility. The effective interest rate on the new secured loans is 6.251% inclusive of the impact of the aforementioned terminated swap of $50.0 million.
Previous report
During the three months ended March 31, 2023, we entered into mortgage term loans totaling $184.1 million related to 27 properties which mature between February 13, 2026 and April 1, 2033, and have a weighted average fixed interest rate of 5.39%. We used the net proceeds to repay borrowings outstanding under our Senior Credit Facility.
Previous report
During the year ended December 31, 2023, we entered into derivative contracts with aggregate notional amounts of $582.3 million and terminated derivative contracts with aggregate notional amounts of $300.0 million and received an aggregate cash settlement of $13.4 million.
Reworded paragraphs (61)
Previous wording
We are a fully integrated REIT. As of March 31, 2024, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 665 developed properties located in the U.S., Canada and the United Kingdom including 296 MH communities, 179 RV communities, and 136 marinas, and 54 UK communities.
Current wording
We are a fully integrated REIT. As of June 30, 2024, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 666 developed properties located in the U.S., Canada and the United Kingdom including 296 MH communities, 179 RV communities, 137 marinas, and 54 UK communities.
Previous wording
The following tables reconcile the Net loss attributable to SUI common shareholders to NOI and summarize our consolidated financial results for the three months ended March 31, 2024 and 2023 (in millions):
Current wording
The following tables reconcile the Net income / (loss) attributable to SUI common shareholders to NOI and summarize our consolidated financial results for the three and six months ended June 30, 2024 and 2023 (in millions):
Previous wording
The RV and marina industries are seasonal in nature, and the results of operations in any one period may not be indicative of results in future periods.
Current wording
The RV and marina industries are seasonal and the results of operations in any one period may not be indicative of results in future periods.
Previous wording
In the RV business, certain properties maintain higher occupancy during the summer months, while other properties maintain higher occupancy during the winter months. 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. During the three months ended March 31, 2024, we recognized Real property - transient revenue of $37.7 million. During the year ended December 31, 2023, we recognized Real property - transient revenue as follows:
Current wording
In the RV business, certain properties maintain higher occupancy during the summer months, while other properties maintain higher occupancy during the winter months. 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. Through June 30, 2024, we recognized Real property - transient revenue of $37.7 million in the first quarter and $81.7 million in the second quarter. During the year ended December 31, 2023, we recognized Real property - transient revenue as follows:
Previous wording
In the marina business, the majority of our wet slip and dry storage space leases have annual terms that are billed seasonally. 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. During the three months ended March 31, 2024, we recognized seasonal real property revenue of $78.1 million. During the year ended December 31, 2023, we recognized seasonal real property revenue as follows:
Current wording
In the marina business, the majority of our wet slip and dry storage space leases have annual terms that are billed seasonally. 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. Through June 30, 2024, we recognized seasonal real property revenue of $78.1 million in the first quarter and $95.9 million in the second quarter. During the year ended December 31, 2023, we recognized seasonal real property revenue as follows:
Previous wording
The following tables reflect certain financial and other information for our real estate operations by segment as of and for the three months ended March 31, 2024 and 2023 (in millions, except for statistical information).
Current wording
The following tables reflect certain financial and other information for our real estate operations by segment as of and for the three and six months ended June 30, 2024 and 2023 (in millions, except for statistical information).
Previous wording
(a) MH annual sites included 10,300 and 9,520 rental homes in our rental program during the three months ended March 31, 2024 and 2023, respectively. Our investment in occupied rental homes at March 31, 2024 was $696.3 million, an increase of 15.7% from $601.8 million at March 31, 2023.
Current wording
(a) MH annual sites included 10,589 and 9,721 rental homes in our rental program as of June 30, 2024 and 2023, respectively. Our investment in occupied rental homes at June 30, 2024 was $709.4 million, an increase of 12.6% from $630.0 million at June 30, 2023.
Previous wording
For the three months ended March 31, 2024, the $31.6 million, or 12.4% increase in Real Property NOI as compared to the same period in 2023, consists of $12.1 million from Same Property MH, $3.8 million from Same Property RV, $3.6 million from Same Property Marina, $3.3 million from Same Property UK and $8.8 million, net from other recently acquired or developed properties and other items.
Current wording
For the six months ended June 30, 2024, the $46.5 million, or 8.1% increase in Real Property NOI as compared to the same period in 2023, consists of $21.8 million from Same Property MH, $0.3 million from Same Property RV, $7.7 million from Same Property Marina, $5.0 million from Same Property UK and $11.7 million, net from other recently acquired or developed properties and other items.
Previous wording
The following tables reflect certain financial and other information for our Same Property MH, RV and Marina portfolios as of and for the three months ended March 31, 2024 and 2023 (in millions, except for statistical information):
Current wording
The following tables reflect certain financial and other information for our Same Property MH, RV and Marina portfolios as of and for the three and six months ended June 30, 2024 and 2023 (in millions, except for statistical information):
Previous wording
(a) Same property results for our MH and RV properties reflect constant currency for comparative purposes. Canadian currency figures in the prior comparative period have been translated at the average exchange rate during the three months ended March 31, 2024 of $0.7418 USD per Canadian dollar.
Current wording
(a) Same property results for our MH and RV properties reflect constant currency for comparative purposes. Canadian currency figures in the prior comparative period have been translated at the average exchange rate during the three and six months ended June 30, 2024 of $0.7309 and $0.7364 USD per Canadian dollar, respectively.
Previous wording
(a) Same Property adjusted blended occupancy for MH and RV combined increased to 98.9% at March 31, 2024, from 97.1% at March 31, 2023. The 180 basis point increase was driven by MH expansion fills and the conversion of transient RV sites to annual sites. Same Property blended occupancy for MH and RV was 97.9% at March 31, 2024, up 50 basis points from 97.4% at March 31, 2023. The 50 basis point increase was driven by MH expansion fills and the conversion of transient RV sites to annual sites.
Current wording
(a) Same Property adjusted blended occupancy for MH and RV combined increased to 98.7% at June 30, 2024, from 97.2% at June 30, 2023. The 150 basis point increase was driven by MH expansion fills and the conversion of transient RV sites to annual sites. Same Property blended occupancy for MH and RV was 97.9% at June 30, 2024, up 30 basis points from 97.6% at June 30, 2023. The 30 basis point increase was driven by MH expansion fills and the conversion of transient RV sites to annual sites.
Previous wording
The following tables reflect certain financial and other information for our Same Property UK portfolio as of and for the three months ended March 31, 2024 and 2023 (in millions, except for statistical information):
Current wording
The following tables reflect certain financial and other information for our Same Property UK portfolio as of and for the three and six months ended June 30, 2024 and 2023 (in millions, except for statistical information):
Previous wording
(a)Same Property results for the Company's properties reflect constant currency for comparative purposes. United Kingdom currency figures in the prior comparative period have been translated at the average exchange rate of $1.2681 USD per Pound sterling, during the three months ended March 31, 2024.
Current wording
(a)Same Property results for the Company's properties reflect constant currency for comparative purposes. United Kingdom currency figures in the prior comparative period have been translated at the average exchange rate of $1.2618 and $1.2649 USD per Pound sterling, during the three and six months ended June 30, 2024, respectively.
Previous wording
(c) We net certain utilities revenues (which include utility reimbursement revenues from residents) against related utility expenses in property operating expenses as follows (in millions):
Current wording
(c) We net certain utility revenues (which include utility reimbursement revenues from residents) against related utility expenses in property operating expenses as follows (in millions):
Previous wording
(b)Adjusting for recently delivered and vacant expansion sites, Same Property adjusted occupancy decreased by 40 basis points year over year, to 90.4% at March 31, 2024, from 90.8% at March 31, 2023.
Current wording
(b)Adjusting for recently delivered and vacant expansion sites, Same Property adjusted occupancy decreased by 40 basis points year over year, to 90.8% at June 30, 2024, from 91.2% at June 30, 2023.
Previous wording
•The MH segment increase in NOI of $12.1 million, or 8.0%, when compared to the same period in 2023 is primarily due to an increase in Real property (excluding transient) revenue of $13.9 million, or 6.8%. Real property (excluding transient) revenue increased primarily due to a 6.0% increase in monthly base rent.
Current wording
•The MH segment increase in NOI of $9.7 million, or 6.4%, when compared to the same period in 2023 is primarily due to an increase in Real property (excluding transient) revenue of $15.0 million, or 7.2%. Real property (excluding transient) revenue increased primarily due to a 6.0% increase in monthly base rent.
Previous wording
•The RV segment increase in NOI of $3.8 million, or 8.1%, when compared to the same period in 2023 is primarily due to an increase in Real property (excluding transient) revenue of $7.7 million, or 13.4%, partially offset by a decrease in Real property-transient revenue of $4.7 million, or 13.2%. The increase in Real property - (excluding transient) revenue was primarily due to a 7.2% increase in monthly base rent and conversions of transient RV sites to annual RV sites.
Current wording
•The RV segment decrease in NOI of $3.4 million, or 4.6%, when compared to the same period in 2023 is primarily due to a decrease in Real property transient revenue of $8.4 million, or 12.0%, and an increase in Same property operating expenses of $2.3 million, or 4.0%, partially offset by an increase in Real property (excluding transient revenue) of $7.3 million, or 11.0%. The increase in Real property (excluding transient) revenue was primarily due to a 6.4% increase in monthly base rent and conversions of transient RV sites to annual RV sites.
Previous wording
•The Marina segment increase in NOI of $3.6 million, or 7.5%, when compared to the same period in 2023 is primarily due to the $5.4 million, or 7.3%, increase in Real property (excluding transient) revenue.
Current wording
•The Marina segment increase in NOI of $4.1 million, or 6.1%, when compared to the same period in 2023 is primarily due to the $4.6 million, or 5.1%, increase in Real property (excluding transient) revenue.
Previous wording
•The UK segment increase in NOI of $3.3 million, or 44.5%, when compared to the same period in 2023 is primarily due to the $1.9 million, or 8.3%, increase in Real property (excluding transient) revenue.
Current wording
•The UK segment increase in NOI of $1.7 million, or 9.3%, when compared to the same period in 2023 is primarily due to the $1.6 million, or 7.1%, increase in Real property (excluding transient) revenue. The increase in Real property (excluding transient) revenue was primarily due to a 7.9% increase in monthly base rent per site.
Previous wording
The following table reflects certain financial and statistical information for our home sales program for the three months ended March 31, 2024 and 2023 (in millions, except for average selling price and statistical information):
Current wording
The following table reflects certain financial and statistical information for our home sales program for the three and six months ended June 30, 2024 and 2023 (in millions, except for average selling price and statistical information):
Previous wording
For the three months ended March 31, 2024, the 41.1% decrease in NOI is primarily driven by a 44.5% decrease in total home sales volume as compared to the same period in 2023, partially offset by a 25.2% increase in average selling price.
Current wording
For the six months ended June 30, 2024, the 28.0% decrease in NOI is primarily driven by a 25.4% decrease in total home sales volume as compared to the same period in 2023, partially offset by an 11.4% increase in average selling price.
Previous wording
For the three months ended March 31, 2024, the 16.8% decrease in NOI is primarily driven by a 12.4% decrease in average selling price as compared to the same period in 2023, partially offset by a 5.4% increase in total home sales volume.
Current wording
For the six months ended June 30, 2024, the 13.9% decrease in NOI is primarily driven by a 13.0% decrease in average selling price as compared to the same period in 2023.
Previous wording
The following table summarizes other income and expenses for the three months ended March 31, 2024 and 2023 (in millions):
Current wording
The following table summarizes other income and expenses for the three and six months ended June 30, 2024 and 2023 (in millions):
Previous wording
Interest income - for the three months ended March 31, 2024, decreased primarily due to having fewer loans outstanding to real estate operators than during the same period in 2023. Refer to Note 4, "Notes and Other Receivables," in our accompanying Consolidated Financial Statements for additional information.
Current wording
Interest income - for the three and six months ended June 30, 2024, decreased primarily due to having a lower receivable balance outstanding with real estate operators than during the same period in 2023. Refer to Note 4, "Notes and Other Receivables," in our accompanying Consolidated Financial Statements for additional information.
Previous wording
Brokerage commissions and other, net - for the three months ended March 31, 2024, decreased primarily due to a decrease in the number of brokered home sales reducing total brokerage commissions as compared to the same period in 2023, and a decrease in dividend income as a result of the sale of our stake in the common shares of Ingenia in 2023. Refer to Note 16, "Fair Value Measurements," in our accompanying Consolidated Financial Statements for additional information.
Current wording
Brokerage commissions and other, net - for the six months ended June 30, 2024, decreased primarily due to a decrease in the number of brokered home sales reducing total brokerage commissions as compared to the same period in 2023, and a decrease in dividend income as a result of the sale of our publicly traded marketable securities in Ingenia in 2023, partially offset by business interruption recoveries of $5.2 million recognized in 2024. Refer to Note 17, "Commitments and Contingencies" in our accompanying Consolidated Financial Statements for additional information.
Previous wording
General and administrative expense - for the three months ended March 31, 2024, increased primarily due to non-recurring transaction costs related to the settlement of a loan provided to a real estate operator, other costs associated with potential acquisitions that will not close, and an increase in payroll costs at our UK segment, as compared to the same periods in 2023.
Current wording
General and administrative expense - for the six months ended June 30, 2024, increased primarily due to non-recurring transaction costs related to the settlement of a loan provided to a real estate operator, other costs associated with potential acquisitions that will not close, and an increase in payroll costs at our UK segment, as compared to the same periods in 2023.
Previous wording
Catastrophic event-related charges, net - for the three months ended March 31, 2024, increased primarily due to incremental asset impairment and debris removal charges of $4.7 million driven by flooding at an RV community in New Hampshire.
Current wording
Catastrophic event-related charges, net - for the six months ended June 30, 2024, increased primarily due to incremental asset impairment and debris removal charges, net of insurance recoveries, of $10.6 million driven by flooding at an RV community in New Hampshire.
Previous wording
Asset impairments - for the three months ended March 31, 2024, includes charges related to non-continuing expansion and development projects as well as the write off of other financial assets.
Current wording
Asset impairments - for the three and six months ended June 30, 2024, increased due to asset impairment charges related to non-continuing expansion and development properties as well as the write off of other financial assets within our MH and UK segments in 2024. Refer to Note 16, "Fair Value Measurements," in our accompanying Consolidated Financial Statements for additional information.
Previous wording
Goodwill impairment - for the three months ended March 31, 2024, was zero as compared to goodwill impairment charges of $15.4 million related to the UK reporting segment during the same period in 2023. Refer to Note 6, "Goodwill and Other Intangible Assets," in our accompanying Consolidated Financial Statements for additional information.
Current wording
Goodwill impairment - for the three and six months ended June 30, 2024, there were no goodwill impairment charges, as compared to charges of $309.7 million and $325.1 million driven by a decline in the fair value of the UK reporting segment during the same periods in 2023. Refer to Note 6, "Goodwill and Other Intangible Assets," in our accompanying Consolidated Financial Statements for additional information.
Previous wording
Interest expense - for the three months ended March 31, 2024, increased due to a higher debt balance and higher weighted average interest rate as compared to the same period in 2023. Refer to Note 9, "Debt and Line of Credit," of our accompanying Consolidated Financial Statements for additional information.
Current wording
Interest expense - for the three and six months ended June 30, 2024, increased due to a higher debt balance and higher weighted average interest rate as compared to the same periods in 2023. Refer to Note 9, "Debt and Line of Credit," of our accompanying Consolidated Financial Statements for additional information.
Previous wording
Loss on remeasurement of marketable securities - for the three months ended March 31, 2024, was zero due to the sale of our publicly traded marketable securities in Ingenia in 2023, as compared to a loss of $19.9 million during the same period in 2023. Refer to Note 16, "Fair Value Measurements" in our accompanying Consolidated Financial Statements for additional information.
Current wording
Gain / (loss) on remeasurement of marketable securities - for the three and six months ended June 30, 2024, was zero due to the sale of our publicly traded marketable securities in Ingenia in 2023, as compared to a loss of $5.8 million and gain of $14.1 million during the same periods in 2023, respectively.
Previous wording
Gain / (loss) on foreign currency exchanges - for the three months ended March 31, 2024, was a gain of $1.1 million, as compared to a loss of $2.7 million during the same period in 2023 primarily due to the termination of the Pound sterling denominated term loan under our Senior Credit Facility in the current period. Refer to Note 9, "Debt and Line of Credit" in our accompanying Consolidated Financial Statements for additional information.
Current wording
Gain / (loss) on foreign currency exchanges - for the three months ended June 30, 2024, was a loss of $2.8 million, as compared to a gain of $2.7 million during the same period in 2023 primarily due to the termination of the Pound sterling denominated term loan under our Senior Credit Facility in the current period. Refer to Note 9, "Debt and Line of Credit" in our accompanying Consolidated Financial Statements for additional information.
Previous wording
Gain / (loss) on dispositions of properties - for the three months ended March 31, 2024 was a gain of $5.4 million on the sale of two properties as compared to a loss of $1.6 million on the sale of two land parcels during the same period in 2023. Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Consolidated Financial Statements for additional information.
Current wording
Gain / (loss) on dispositions of properties - for the three and six months ended June 30, 2024 was a gain of $2.5 million and $7.9 million on the sale of three properties as compared to a loss of $0.6 million and $2.2 million on the sale of two land parcels during the same periods in 2023, respectively. Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Consolidated Financial Statements for additional information.
Previous wording
Other income / (expense), net - for the three months ended March 31, 2024, was a gain of $8.0 million primarily due to a litigation settlement gain of $10.3 million related to our Marina segment, as compared to a loss of $1.0 million related to long-term lease termination expenses during the same period in 2023.
Current wording
Other income / (expense), net - for the six months ended June 30, 2024, was a gain of $6.4 million in 2024, primarily due to a litigation settlement gain of $10.3 million related to our Marina segment, as compared to an expense of $1.8 million related to long-term lease termination expenses during the same period in 2023.
Previous wording
Income / (loss) on remeasurement of investment in nonconsolidated affiliates - for the three months ended March 31, 2024, was a gain of $5.2 million as compared to a loss of $4.5 million during the same period in 2023 due to the fluctuation of the fair value of our nonconsolidated affiliates. Refer to Note 7, "Investments in Nonconsolidated Affiliates," in our accompanying Consolidated Financial Statements for additional information.
Current wording
Income / (loss) on remeasurement of investment in nonconsolidated affiliates - for the six months ended June 30, 2024, was a gain of $5.3 million as compared to a loss of $4.5 million during the same period in 2023 due to the fluctuation of the fair value of our nonconsolidated affiliates. Refer to Note 7, "Investments in Nonconsolidated Affiliates," in our accompanying Consolidated Financial Statements for additional information.
Previous wording
RECONCILIATION OF NET LOSS ATTRIBUTABLE TO SUI COMMON SHAREHOLDERS TO FFO
Current wording
RECONCILIATION OF NET INCOME / (LOSS) ATTRIBUTABLE TO SUI COMMON SHAREHOLDERS TO FFO
Previous wording
The following table reconciles Net loss attributable to SUI common shareholders to FFO for the three months ended March 31, 2024 and 2023 (in millions, except for per share amounts):
Current wording
The following table reconciles Net income / (loss) attributable to SUI common shareholders to FFO for the three and six months ended June 30, 2024 and 2023 (in millions, except for per share amounts):
Previous wording
(2)These costs represent (i) nonrecurring integration expenses associated with acquisitions during the three months ended March 31, 2024, and 2023, (ii) costs associated with potential acquisitions that will not close, (iii) expenses incurred to bring recently acquired properties up to our operating standards, including items such as tree trimming and painting costs that do not meet our capitalization policy.
Current wording
(2)These costs represent (i) nonrecurring integration expenses associated with acquisitions during the three and six months ended June 30, 2024, and 2023, (ii) costs associated with potential acquisitions that will not close, (iii) expenses incurred to bring recently acquired properties up to our operating standards, including items such as tree trimming and painting costs that do not meet our capitalization policy.
Previous wording
(4)Other adjustments, net relates primarily to (i) litigation settlement gain during the three months ended March 31, 2024, and (ii) deferred tax benefit during the three months ended March 31, 2024 and 2023.
Current wording
(4)Other adjustments, net relates primarily to (i) litigation settlement gains during the three and six months ended June 30, 2024, (ii) deferred tax benefit during the three and six months ended June 30, 2024 and 2023, and (iii) long-term lease termination expense during the three and six months ended June 30, 2024 and 2023.
Previous wording
We also intend to continue to strengthen our capital and liquidity positions by focusing on our core fundamentals, which are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs. We take a disciplined approach to selecting the optimal mix of financing sources to meet our liquidity demands and minimize our overall cost of capital. Our investment grade credit ratings remain unchanged from the initial rating. We plan to continue to capitalize on our unsecured bond market access to optimize our cost of capital and increase our financial flexibility.
Current wording
We intend to continue to strengthen our capital and liquidity positions by focusing on our core fundamentals, which are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs. We take a disciplined approach to selecting the optimal mix of financing sources to meet our liquidity demands and minimize our overall cost of capital. Our investment grade credit ratings remain unchanged from the initial rating. We plan to continue to capitalize on our unsecured bond market access to optimize our cost of capital and increase our financial flexibility.
Showing the first 40 of 61 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Real Property Operations - Total Portfolio (Continued)
Current report — wording carried from elsewhere
For the three months ended June 30, 2024, the $14.9 million, or 4.7% increase in Real Property NOI as compared to the same period in 2023, consists of $9.7 million from Same Property MH, $4.1 million from Same Property Marina, $1.7 million from Same Property UK, and $2.8 million, net from other recently acquired or developed properties and other items, partially offset by a $3.4 million decrease from Same Property RV.