SUN COMMUNITIES INC
For the period ended Sep 30, 2024. Filed Nov 7, 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.
Sep 30, 2024 · Filed Nov 7, 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 2024-06-30; filed 2024-08-01.
0000912593-24-000211
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-07.
0000912593-24-000247
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 171 previous paragraphs and 172 current paragraphs.
95 unchanged; 69 reworded; 8 added; 7 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 24 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 (8)
Current report
•The Marina segment increase in NOI of $2.0 million, or 2.5%, when compared to the same period in 2023 is primarily due to the $5.1 million, or 5.0%, increase in Real property (excluding transient) revenue.
Current report
For the nine months ended September 30, 2024 and 2023
Current report
•The Marina segment increase in NOI of $9.6 million, or 5.0%, when compared to the same period in 2023 is primarily due to the $15.1 million, or 5.7%, increase in Real property (excluding transient) revenue.
Current report
•The UK segment increase in NOI of $4.3 million, or 7.7%, when compared to the same period in 2023 is primarily due to the $4.8 million, or 6.8%, increase in Real property (excluding transient) revenue, partially offset by an increase of $2.1 million, or 3.9%, in Same property operating expenses.
Current report
For the three months ended September 30, 2024, the 8.8% increase in NOI is primarily driven by a 5.9% increase in total home sales volume, partially offset by a 0.6% decrease in average selling price.
Current report
Current tax benefit / (expense) - for the three and nine months ended September 30, 2024 was a benefit of $0.9 million and expense of $6.5 million, respectively, compared to an expense of $4.6 million and $13.9 million, respectively, during the same periods in 2023, primarily due to tax planning efforts at our UK operations in 2024 and taxes accrued in the UK in 2023 driven by property dispositions.
Current report
We have commenced a targeted disposition program to divest non-strategic assets in an effort to simplify management and reduce our overall leverage. During the nine months ended September 30, 2024, we sold 10 MH properties, one UK property, and two development properties with an aggregate of 3,409 sites for a gross sale price of approximately $392.2 million, and received total cash consideration of approximately $287.0 million, net of settlement of the associated mortgage debt of $93.5 million. The net proceeds were used to repay borrowings outstanding under the Senior Credit Facility.
Current report
Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Consolidated Financial Statements for additional details on acquisitions and dispositions completed to date.
Removed paragraphs (7)
Previous report
•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 report
For the six months ended June 30, 2024 and 2023
Previous 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.
Previous 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.
Previous 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.
Previous report
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 report
Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Consolidated Financial Statements for additional detail on acquisitions completed to date.
Reworded paragraphs (69)
Previous 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.
Current wording
We are a fully integrated REIT. As of September 30, 2024, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 659 developed properties located in the U.S., Canada and the United Kingdom including 288 MH communities, 179 RV communities, 138 marinas, and 54 UK communities.
Previous 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):
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 nine months ended September 30, 2024 and 2023 (in millions):
Previous 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.
Current wording
The RV, Marina, and UK segments are seasonal and the results of operations in any one period may not be indicative of results in future periods.
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. 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:
Current wording
In the RV segment, 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. In the UK segment, vacation rental sites generally produce higher revenues between March and October. Through September 30, 2024, we recognized aggregate Real property - transient revenue from our RV and UK segments of $37.7 million in the first quarter, $81.7 million in the second quarter and $138.2 million in the third 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. 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:
Current wording
In the Marina segment, 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 September 30, 2024, we recognized seasonal real property revenue of $78.1 million in the first quarter, $95.9 million in the second quarter and $104.4 million in the third 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 and six months ended June 30, 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 nine months ended September 30, 2024 and 2023 (in millions, except for statistical information).
Previous 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.
Current wording
(a) MH annual sites included 10,794 and 9,834 rental homes in our rental program as of September 30, 2024 and 2023, respectively. Our investment in occupied rental homes at September 30, 2024 was $729.5 million, an increase of 11.2% from $655.8 million at September 30, 2023.
Previous wording
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.
Current wording
For the three months ended September 30, 2024, the $4.2 million, or 1.1% decrease in Real Property NOI as compared to the same period in 2023, consists of a decrease of $8.0 million from Same Property RV, a decrease of $0.7 million from Same Property UK, and a decrease of $5.4 million, net from other recently acquired or developed properties and other items, partially offset by an increase of $7.9 million from Same Property MH and an increase of $2.0 million from Same Property Marina.
Previous 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.
Current wording
For the nine months ended September 30, 2024, the $42.3 million, or 4.4% increase in Real Property NOI as compared to the same period in 2023, consists of an increase of $29.3 million from Same Property MH, an increase of $9.6 million from Same Property Marina, an increase of $4.3 million from Same Property UK and an increase of $6.7 million, net from other recently acquired or developed properties and other items, partially offset by a decrease of $7.6 million from Same Property RV.
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 and six months ended June 30, 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 nine months ended September 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 and six months ended June 30, 2024 of $0.7309 and $0.7364 USD per Canadian dollar, respectively.
Current wording
(a) Same property results for our MH and RV properties reflect constant currency for comparative purposes. Canadian dollar figures in the prior comparative period have been translated at the average exchange rate during the three and nine months ended September 30, 2024 of $0.7332 and $0.7353 USD per CAD, respectively.
Previous 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.
Current wording
(a) Same Property adjusted blended occupancy for MH and RV combined increased to 98.8% at September 30, 2024, from 97.2% at September 30, 2023. The 160 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 98.0% at September 30, 2024, up 40 basis points from 97.6% at September 30, 2023.
Previous 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):
Current wording
The following tables reflect certain financial and other information for our Same Property UK portfolio as of and for the three and nine months ended September 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 $1.2618 and $1.2649 USD per Pound sterling, during the three and six months ended June 30, 2024, respectively.
Current wording
(a)Same Property results for our UK properties reflect constant currency for comparative purposes. British pound sterling figures in the prior comparative period have been translated at the average exchange rate of $1.3009 and $1.2769 USD per GBP, during the three and nine months ended September 30, 2024, respectively.
Previous wording
(b)Adjusting for recently delivered and vacant expansion sites, Same Property adjusted occupancy decreased by 40 basis points year over year, to 90.8% at June 30, 2024, from 91.2% at June 30, 2023.
Current wording
(b)Adjusting for recently delivered and vacant expansion sites, Same Property adjusted occupancy increased by 120 basis points year over year, to 91.9% at September 30, 2024, from 90.7% at September 30, 2023.
Previous 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.
Current wording
•The MH segment increase in NOI of $7.9 million, or 5.3%, when compared to the same period in 2023 is primarily due to an increase in Real property (excluding transient) revenue of $13.2 million, or 6.5%. Real property (excluding transient) revenue increased primarily due to a 5.9% increase in monthly base rent.
Previous 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.
Current wording
•The RV segment decrease in NOI of $8.0 million, or 6.9%, when compared to the same period in 2023 is primarily due to a decrease in Real property transient revenue of $11.8 million, or 10.4%, and an increase in Same property operating expenses of $3.9 million, or 5.4%, partially offset by an increase in Real property (excluding transient revenue) of $7.7 million, or 10.3%. The increase in Same Property operating expenses was primarily due to an increase in supplies and repairs expense and other expenses. The increase in Real property (excluding transient) revenue was primarily due to a 6.7% increase in monthly base rent and conversions of transient RV sites to annual RV sites.
Previous 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.
Current wording
•The UK segment decrease in NOI of $0.7 million, or 2.3%, when compared to the same period in 2023 is primarily due to the $2.3 million, or 12.2%, increase in Same property operating expenses partially offset by $1.3 million, or 5.0%, increase in Real property (excluding transient) revenue. The increase in Same Property operating expenses was due to increases in payroll wages and utility expenses, net of rebills. The increase in Real property (excluding transient) revenue was primarily due to a 3.4% increase in monthly base rent per site.
Previous wording
•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 wording
•The MH segment increase in NOI of $29.3 million, or 6.6%, when compared to the same period in 2023 is primarily due to an increase in Real property (excluding transient) revenue of $41.3 million, or 6.8%. Real property (excluding transient) revenue increased primarily due to a 5.9% increase in monthly base rent.
Previous wording
•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 wording
•The RV segment decrease in NOI of 7.6 million, or 3.2%, when compared to the same period in 2023 is primarily due to a decrease in Real property transient revenue of $24.9 million, or 11.4% partially offset by an increase in Real property (excluding transient) revenue of $22.7 million, or 11.4%. The increase in Real property (excluding transient) revenue was primarily due to a 6.7% 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.
Previous 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):
Current wording
The following table reflects certain financial and statistical information for our home sales program for the three and nine months ended September 30, 2024 and 2023 (in millions, except for average selling price and statistical information):
Previous wording
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 wording
For the three months ended September 30, 2024, the 31.8% decrease in NOI is primarily driven by a 12.4% decrease in total home sales volume as compared to the same period in 2023, primarily driven by the impact of Hurricane Helene on volumes in the southeast region of the U.S., and fewer available sites in conjunction with reduced expansion and development activity, as well as a 14.0% decrease in average selling price.
Previous 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.
Current wording
For the nine months ended September 30, 2024, the 29.2% decrease in NOI is primarily driven by a 21.1% decrease in total home sales volume as compared to the same period in 2023, partially offset by a 1.7% increase in average selling price.
Previous 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.
Current wording
For the nine months ended September 30, 2024, the 5.1% decrease in NOI is primarily driven by an 8.5% 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 and six months ended June 30, 2024 and 2023 (in millions):
Current wording
The following table summarizes other income and expenses for the three and nine months ended September 30, 2024 and 2023 (in millions):
Previous wording
N/M = Percentage change is not meaningful.
Current wording
N/M = Percentage change is not meaningful. N/A = Not applicable.
Previous wording
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 wording
Service, retail, dining and entertainment, net - for the three and nine months ended September 30, 2024, decreased primarily due to lower transient demand in the RV and Marina segments leading to a reduction in revenue generation from service, retail, dining and entertainment activities, as well as increased costs related to service and retail activities in our Marina segment.
Previous 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.
Current wording
Interest income - for the three and nine months ended September 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 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.
Current wording
Brokerage commissions and other, net - for the three and nine months ended September 30, 2024, decreased primarily due to a decrease in business interruption insurance recoveries recognized in 2024 as compared to the same period in 2023, 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. Refer to Note 17, "Commitments and Contingencies" in our accompanying Consolidated Financial Statements for additional information.
Previous 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.
Current wording
General and administrative expense - for the three and nine months ended September 30, 2024, increased primarily due to a charge of $8.9 million to write off a receivable balance related to expected insurance proceeds from a litigation matter, non-recurring transaction costs related to the settlement of a loan provided to a real estate operator, and increased expenses related to consulting fees and ERP system implementation costs as compared to the same periods in 2023.
Previous 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.
Current wording
Catastrophic event-related charges, net - for the three and nine months ended September 30, 2024, increased primarily due to charges of $3.9 million for impaired assets and storm-related damages at two MH communities, three RV communities, and nine marinas due to Hurricane Helene, and incremental asset impairment and debris removal charges, net of insurance recoveries, of $5.6 million driven by flooding at an RV community in New Hampshire.
Previous 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.
Current wording
Asset impairments - for the nine months ended September 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 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.
Current wording
Goodwill impairment - for the three and nine months ended September 30, 2024, there were no goodwill impairment charges, as compared to charges of $44.8 million and $369.9 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 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.
Current wording
Interest expense - for the nine months ended September 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
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.
Current wording
Gain / (loss) on remeasurement of marketable securities - for the three and nine months ended September 30, 2024, was zero due to the sale of our publicly traded marketable securities in Ingenia in 2023, as compared to a gain of $6.1 million and loss of $8.0 million during the same periods in 2023, respectively.
Previous 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.
Current wording
Gain / (loss) on dispositions of properties - for the three and nine months ended September 30, 2024, was a gain of $178.7 million and $186.6 million on the sale of 11 properties, respectively, as compared to a loss of $0.7 million and $2.9 million on the sale of two land parcels and one MH property 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 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.
Current wording
Other income / (expense), net - for the three months ended September 30, 2024, was an expense $0.8 million as compared to an expense of $3.7 million during the same period in 2023, primarily due to higher long-term lease termination expenses during the prior period. For the nine months ended September 30, 2024, Other income / (expense), net was a gain of $5.6 million, as compared to an expense of $5.5 million during the same period in 2023, primarily due to a litigation settlement gain of $10.3 million related to our Marina segment in 2024, as compared to higher long-term lease termination expenses during the same period in 2023.
Previous wording
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 wording
Income from nonconsolidated affiliates - for the nine months ended September 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.
Previous 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.
Current wording
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates - for the nine months ended September 30, 2024, was a gain of $6.5 million as compared to a loss of $4.5 million during the same period in 2023 due to the fluctuation in the fair value of a notes receivable portfolio held at our GTSC joint venture. Refer to Note 7, "Investments in Nonconsolidated Affiliates," in our accompanying Consolidated Financial Statements for additional information.
Previous wording
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.
Current wording
Deferred tax benefit - for the three months ended September 30, 2024, increased primarily due to timing differences for book and tax purposes at our UK and Canadian operations. Refer to Note 13, "Income Taxes," in our accompanying Consolidated Financial Statements for additional information.
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