SUN COMMUNITIES INC
For the period ended Jun 30, 2026. Filed Jul 28, 2026.
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, 2026 · Filed Jul 28, 2026
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 2026-03-31; filed 2026-04-28.
0000912593-26-000160
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-28.
0000912593-26-000234
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 136 previous paragraphs and 139 current paragraphs.
64 unchanged; 50 reworded; 22 added; 20 removed; 2 previous and 3 current paragraphs rearranged.
Tables are not compared: 20 previous and 17 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 (22)
Current report
PARK HOLIDAYS SALE
Current report
During the three months ended June 30, 2026, we announced the Park Holidays Sale. The Park Holidays Sale represents the expected disposition of our UK business and a strategic shift in operations. Accordingly, the results of the UK business and assets and liabilities included in the disposition are presented as held for sale and as discontinued operations for all periods presented herein. Unless otherwise noted, all amounts, percentages, and discussions below reflect only the results of operations and financial condition of our continuing operations. The Park Holidays Sale is subject to receipt of regulatory approval from the UK Financial Conduct Authority, and is expected to close in the second half of 2026.
Current report
The Park Holidays Sale accelerates our strategy of focusing on our core North American MH and RV portfolio and enhances our liquidity and credit profile. After the closing of the Park Holidays Sale, the majority of our total NOI will be generated by Real Property NOI from properties located within the U.S.
Current report
Real Property Operations - Same Property Portfolio
Current report
Same Property NOI
Current report
•The RV segment decrease in NOI of $0.4 million, or 0.7%, when compared to the same period in 2025 is primarily due to a decrease in Transient revenue of $2.9 million, or 4.8% and an increase in Same Property operating expenses of $0.5 million, or 0.8%, partially offset by an increase in Real property (excluding transient) revenue of $3.0 million, or 3.8%. The increase in Same Property operating expenses was primarily due to an increase in supplies and repairs expense.
Current report
For the six months ended June 30, 2026 and 2025:
Current report
•The RV segment increase in NOI of $2.3 million, or 2.0%, when compared to the same period in 2025 is primarily due to an increase in Real property (excluding transient) revenue of $7.2 million, or 5.0%, partially offset by an increase in Same Property operating expenses of $1.5 million, or 1.3%. The increase in Real property (excluding transient) revenue was primarily due to a 3.2% increase in monthly base rent. The increase in Same Property operating expenses was primarily due to increases in supplies and repairs expense and utilities expense, net of reimbursements.
Current report
Home sales NOI
Current report
Interest income - for the three and six months ended June 30, 2026, decreased due to a lower cash balance in 2026 after deploying cash to acquire new properties, pay down debt, and repurchase shares of our common stock. Refer to Note 7, "Debt and Line of Credit," and Note 8, "Equity and Temporary Equity," in our accompanying Condensed Consolidated Financial Statements for additional information.
Current report
Brokerage commissions and other, net - for the three and six months ended June 30, 2026, decreased primarily due to the receipt of business interruption insurance proceeds from properties impacted by Hurricane Ian in 2025, that did not recur in the current period.
Current report
Loss on extinguishment of debt - for the three and six months ended June 30, 2026, decreased due to the recognition of early extinguishment premiums related to the settlement of $3.2 billion of debt obligations in 2025 that did not recur in 2026.
Current report
Loss on dispositions of properties, net - for the three and six months ended June 30, 2026, increased due to a loss of $22.0 million for the three months ended June 30, 2026, primarily driven by the disposition of a portfolio of five RV properties that we operated in joint ventures. Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Condensed Consolidated Financial Statements for additional information.
Current report
Other income / (expense), net - for the three and six months ended June 30, 2026, was an expense of $0.1 million and income of $8.4 million, respectively, as compared to income of $6.9 million and $12.6 million, respectively, during the same periods in 2025, primarily due to an insurance recovery gain of $6.7 million in 2026, compared to cash flow hedge extinguishment gains of $7.4 million and contingent consideration gains of $6.0 million in 2025.
Current report
Current tax expense - for the three and six months ended June 30, 2026, was an expense of $0.6 million and $1.5 million, respectively, as compared to an expense of $2.6 million and $3.8 million, respectively, during the same periods in 2025, primarily due to increased tax obligations resulting from the Safe Harbor Sale in 2025.
Current report
(6) FFO and Core FFO include discontinued operations activity of $3.6 million or $0.03 per Share, and $35.7 million or $0.28 per Share, respectively, during the six months ended June 30, 2026, and $84.1 million or $0.64 per Share, and $102.7 million or $0.78 per Share, respectively, during six months ended June 30, 2025.
Current report
•Repaid two mortgage term loans of $177.9 million, which were secured by seven properties.
Current report
Our cash flow from discontinued operations is summarized as follows (in millions):
Current report
Cash, cash equivalents and restricted cash for discontinued operations increased by $4.1 million from $29.4 million as of December 31, 2025, to $33.5 million as of June 30, 2026.
Current report
Operating activities - Net cash provided by operating activities for discontinued operations decreased by $39.7 million to $64.0 million for the six months ended June 30, 2026, compared to $103.7 million for the six months ended June 30, 2025. The decrease in net cash provided by operating activities from discontinued operations was due to the inclusion of operating cash flow from Safe Harbor during the six months ended June 30, 2025, which did not recur during the six months ended June 30, 2026, as the final closing of the Safe Harbor Sale completed on August 29, 2025.
Current report
Investing activities - Net cash used for investing activities for discontinued operations was $73.0 million for the six months ended June 30, 2026, compared to net cash provided by investing activities for discontinued operations of $5.3 billion for the six months ended June 30, 2025. The change in Net cash provided by / (used for) investing activities for discontinued operations is driven by the proceeds received from the Safe Harbor Sale in 2025. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," in our accompanying Condensed Consolidated Financial Statements for additional information on acquisitions and investment activity.
Current report
Financing activities - Net cash provided by financing activities for discontinued operations was $13.5 million for the six months ended June 30, 2026, compared to net cash used for financing activities for discontinued operation of $5.4 billion for the six months ended June 30, 2025. The change in Net cash provided by financing activities for discontinued operations is driven by the net capital transfers from the Safe Harbor Sale in 2025 which did not recur in 2026. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," in our accompanying Condensed Consolidated Financial Statements for additional information.
Removed paragraphs (20)
Previous report
(1) Excludes properties classified as discontinued operations. During the three months ended March 31, 2025, our marina properties generated total NOI of $64.3 million which was recorded within Loss from discontinued operations, net on the Consolidated Statements of Operations. Refer to Note 2, "Discontinued Operations," for additional information.
Previous report
Real Property Operations - North America Same Property Portfolio
Previous report
(3) Total Same Property operating expenses consist of the following components for the periods shown (in millions), and exclude amounts invested into recently acquired properties to bring them up to our standards.
Previous report
(2) Calculated using actual results without rounding.
Previous report
Real Property Operations - UK Same Property Portfolio
Previous report
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, 2026 and 2025 (in millions, except for statistical information):
Previous report
(1)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 $1.3478 USD per pound sterling during the three months ended March 31, 2026. Prior to constant currency adjustments, UK Same Property NOI increased by 8.1% during the three months ended March 31, 2026.
Previous report
(1)Adjusting for recently delivered and vacant expansion sites, Same Property adjusted occupancy decreased by 50 basis points year over year, to 89.5% at March 31, 2026, from 90.0% at March 31, 2025.
Previous report
(2) Calculated using actual results without rounding.
Previous report
•The RV segment increase in NOI of $2.8 million, or 6.3%, when compared to the same period in 2025 is primarily due to an increase in Real property (excluding transient) revenue of $4.4 million, or 6.5%, partially offset by a decrease in Transient revenue of $0.5 million, or 1.7% and an increase in Same property operating expenses of $1.1 million, or 2.3%. The increase in Real property (excluding transient) revenue was primarily due to a 3.6% increase in monthly base rent.
Previous report
•The UK segment increase in NOI of $0.2 million, or 1.6%, when compared to the same period in 2025 is primarily due to an increase in Real property (excluding transient) revenue of $1.0 million, or 3.7% and an increase in Real property transient revenue of $0.5 million, or 27.6%, partially offset by an increase in Same property operating expenses of $1.3 million, or 7.3%. The increase in Real property revenue was primarily due to a 5.0% increase in monthly base rent per site.
Previous report
NOI - North America
Previous report
NOI - UK
Previous report
For the three months ended March 31, 2026, the 1.0% decrease in NOI was primarily driven by a 2.2% decrease in NOI margin, driven by an 11.4% increase in home cost and selling expenses due to a change in the mix of homes sold.
Previous report
Interest income - for the three months ended March 31, 2026, increased due to interest earned on our increased cash balance from the Safe Harbor Sale.
Previous report
Other income / (expense), net - for the three months ended March 31, 2026, was an expense of $3.8 million, as compared to income of $5.7 million during the same period in 2025, primarily due to a long-term lease termination loss in the UK of $12.2 million in the current period, partially offset by a gain on an insurance recovery. Refer to Note 15, "Leases" in our accompanying Consolidated Financial Statements for additional information.
Previous report
Deferred tax benefit / (expense) - for the three months ended March 31, 2026, was an expense of $6.4 million, as compared to a benefit of $5.2 million during the same period in 2025, primarily due to fluctuations in interest expense deductions related to our operations in the UK in each period.
Previous report
Stock Repurchase Program
Previous report
All repurchased shares are retired and returned to authorized but unissued status upon settlement. Through March 31, 2026, we repurchased and retired 4.8 million shares of our outstanding common stock for $599.2 million. As of March 31, 2026, we had $400.8 million remaining authorized for purchase under this program.
Previous report
In addition, we are required to maintain the following covenants with respect to the senior unsecured notes payable:
Reworded paragraphs (50)
Previous wording
We are a fully integrated REIT. As of March 31, 2026, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 515 developed properties located in the U.S., Canada, and the United Kingdom including 295 MH communities, 166 RV communities, and 54 UK communities.
Current wording
We are a fully integrated REIT. As of June 30, 2026, we owned and operated, directly or indirectly, or held an interest in, a portfolio of 455 developed properties located in the U.S. and Canada including 295 MH communities and 160 RV communities. At that date, we also owned, operated, or held an interest in a portfolio of 54 UK properties, which were classified within discontinued operations as of June 30, 2026.
Previous wording
We have been in the business of operating, acquiring, developing and expanding MH and RV communities since 1975, and communities in the United Kingdom since 2022. We lease individual parcels of land, or sites, with utility access for the placement of manufactured homes and RVs to our MH, RV, and UK customers. Our MH communities are designed to offer affordable housing to individuals and families, while also providing certain amenities. In the U.S., we are also engaged in the marketing, selling and leasing of new and pre-owned homes to current and future residents in our MH communities. The rental program operations within our MH communities support and enhance our occupancy levels, property performance and cash flows. Our RV communities are designed to offer affordable vacation opportunities to individuals and families complemented by a diverse selection of high-quality amenities. In the United Kingdom, our UK communities are referred to as "holiday parks" and are located predominantly at irreplaceable seaside destinations in the south of England. We provide holiday home sales and associated site license activities to holiday homeowners in our communities.
Current wording
We have been in the business of operating, acquiring, developing and expanding MH and RV communities since 1975. We lease individual parcels of land, or sites, with utility access for the placement of manufactured homes and RVs to our MH and RV customers. Our MH communities are designed to offer affordable housing to individuals and families, while also providing certain amenities. In the U.S., we are also engaged in the marketing, selling and leasing of new and pre-owned homes to current and future residents in our MH communities. The rental program operations within our MH communities support and enhance our occupancy levels, property performance and cash flows. Our RV communities are designed to offer affordable vacation opportunities to individuals and families complemented by a diverse selection of high-quality amenities.
Previous wording
Over the past several years, we have shifted our strategy toward optimizing the value of our core business through achieving strong rental rate growth and operating efficiencies, while also pursuing select new acquisition opportunities that meet our capital investment criteria. In 2025, the Safe Harbor Sale advanced our strategy of focusing on our core business and enhanced our leverage profile and financial flexibility. Our current objectives include continuing to streamline our operations with an emphasis on our reliable real property income, while also selectively pursuing MH and RV acquisition opportunities. We believe we are positioned for organic growth in 2026 with expected rental rate increases, occupancy gains, and expense management as we focus on increasing long-term value for shareholders.
Current wording
Over the past several years, we have shifted our strategy toward optimizing the value of our core business through achieving strong rental rate growth and operating efficiencies, while also pursuing select new acquisition opportunities that meet our capital investment criteria. In 2025, the Safe Harbor Sale advanced our strategy of focusing on our core business and enhanced our leverage profile and financial flexibility. We believe we are positioned for organic growth in 2026 with expected rental rate increases, occupancy gains, and expense management as we focus on increasing long-term value for shareholders.
Previous wording
Same Property NOI - This is a key 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, 2025. Same properties exclude ground-up development properties, acquired properties, properties classified as discontinued operations, properties impacted by catastrophic weather events, and properties sold after December 31, 2024. The Same Property data may change from time-to-time depending on acquisitions, dispositions, management discretion, significant transactions, or unique situations. Same Property NOI does not include the revenues and expenses related to home sales and ancillary activities at the properties. 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. For the UK segment, we present Same Property NOI growth rate information on a constant currency basis to provide a framework for assessing how our underlying properties performed after excluding the effects of changes in exchange rates. We believe that the presentation of UK Same Property NOI on a constant currency basis helps to improve the ability to understand our performance because it excludes the effects of foreign currency volatility which are not indicative of our core operating results in the region.
Current wording
Same Property NOI - This is a key 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, 2025. Same properties exclude ground-up development properties, acquired properties, properties classified as discontinued operations, properties impacted by catastrophic weather events, and properties sold after December 31, 2024. The Same Property data may change from time-to-time depending on acquisitions, dispositions, management discretion, significant transactions, or unique situations. Same Property NOI does not include the revenues and expenses related to home sales and ancillary activities at the properties. 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.
Previous wording
FFO is defined by the National Association of Real Estate Investment Trusts ("Nareit") as GAAP net income (loss), excluding gains (or losses) from sales of certain real estate assets, plus real estate related depreciation and amortization, impairments of certain real estate assets and investments, and after adjustments for nonconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure that management believes is a useful supplemental measure of our operating performance. 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). 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.
Current wording
FFO is defined by the National Association of Real Estate Investment Trusts ("Nareit") as GAAP net income (loss), excluding gains (or losses) from sales of certain real estate assets, real estate related depreciation and amortization, gains (or losses) from change in control, impairments of certain real estate assets and investments, and adjustments for nonconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure that management believes is a useful supplemental measure of our operating performance. 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). 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.
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, 2026 and 2025 (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, 2026 and 2025 (in millions):
Previous wording
The RV and UK segments are seasonal and the results of operations in any one period may not be indicative of results in future periods.
Current wording
The RV segment is seasonal and the results of operations in any one period may not be indicative of results in future periods.
Previous 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. During the three months ended March 31, 2026, we recognized aggregate Real property - transient revenue from our segments of $31.4 million in the first quarter.
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. During the six months ended June 30, 2026, we recognized aggregate Real property - transient revenue from our RV segment of $28.9 million in the first quarter and $60.6 million in the second quarter.
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, 2026 and 2025 (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, 2026 and 2025 (in millions, except for statistical information).
Previous wording
(1) MH annual sites included 12,800 and 11,262 rental homes in our rental program as of March 31, 2026 and 2025, respectively. Our gross investment in occupied rental homes at March 31, 2026 was $961.0 million, an increase of 18.3% from $812.1 million at March 31, 2025.
Current wording
(1) MH annual sites included 13,130 and 11,567 rental homes in our rental program as of June 30, 2026 and 2025, respectively. Our gross investment in occupied rental homes at June 30, 2026 was $979.3 million, an increase of 20.5% from $812.5 million at June 30, 2025.
Previous wording
For the three months ended March 31, 2026, the $20.5 million, or 9.1% increase in Real Property NOI as compared to the same period in 2025, consists of an increase of $10.8 million from Same Property MH NOI, an increase of $2.8 million from Same Property RV NOI, an increase of $0.2 million from Same Property UK NOI, and an NOI increase of $6.7 million, net from other recently acquired or developed properties and other items.
Current wording
For the six months ended June 30, 2026, the $38.3 million, or 8.3% increase in Real Property NOI as compared to the same period in 2025, consists of an increase of $25.7 million from Same Property MH NOI, an increase of $2.3 million from Same Property RV NOI, and an NOI increase of $10.2 million, net from other recently acquired or developed properties and other items.
Previous wording
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. Additionally, for the UK segment, the amounts in the tables below reflect constant currency for comparative purposes.
Current wording
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.
Previous wording
The following tables reflect certain financial and other information for our Same Property MH and RV portfolios as of and for the three months ended March 31, 2026 and 2025 (in millions, except for statistical information):
Current wording
The following tables reflect certain financial and other information for our Same Property MH and RV portfolios as of and for the three and six months ended June 30, 2026 and 2025 (in millions, except for statistical information):
Previous wording
(1) Same Property adjusted blended occupancy for MH and RV combined remained unchanged at 98.7% at March 31, 2026, from 98.7% at March 31, 2025. Same Property blended occupancy for MH and RV was 98.2% at March 31, 2026, up 20 basis points from 98.0% at March 31, 2025.
Current wording
(1) Same Property adjusted blended occupancy for MH and RV combined was 98.8% at June 30, 2026, down 10 basis points from 98.9% at June 30, 2025. Same Property blended occupancy for MH and RV was 98.3% at June 30, 2026, up 30 basis points from 98.0% at June 30, 2025.
Previous wording
•The MH segment increase in NOI of $10.8 million, or 6.3%, when compared to the same period in 2025 is primarily due to an increase in Real property (excluding transient) revenue of $15.2 million, or 6.7% and NOI outperformance in our Rental Program, partially offset by an increase in Same property operating expenses of $4.4 million, or 7.8%. Real property (excluding transient) revenue increased primarily due to a 5.2% increase in monthly base rent and occupancy gains on a year-over-year basis.
Current wording
•The MH segment increase in NOI of $25.7 million, or 7.5%, when compared to the same period in 2025 is primarily due to an increase in Real property (excluding transient) revenue of $29.6 million, or 6.4% and NOI outperformance in our Rental Program, partially offset by an increase in Same Property operating expenses of $3.9 million, or 3.3%. Real property (excluding transient) revenue increased primarily due to a 4.9% increase in monthly base rent and occupancy gains on a year-over-year basis.
Previous wording
The following table reflects certain financial and statistical information for our home sales program for the three months ended March 31, 2026 and 2025 (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, 2026 and 2025 (in millions, except for average selling price and statistical information):
Previous wording
For the three months ended March 31, 2026, the 61.9% decrease in NOI was primarily driven by a 15.9% decrease in units sold, primarily driven by fewer available sites in conjunction with reduced expansion and development activity.
Current wording
For the three months ended June 30, 2026, the 51.5% decrease in NOI was primarily driven by a 32.1% decrease in units sold, and a 4.4% decrease in NOI margin, primarily driven by fewer available sites in conjunction with reduced expansion and development activity.
Previous wording
The following table summarizes other income and expenses for the three months ended March 31, 2026 and 2025 (in millions):
Current wording
The following table summarizes other income and expenses for the three and six months ended June 30, 2026 and 2025 (in millions):
Previous wording
General and administrative expense - for the three months ended March 31, 2026, increased primarily due to accelerated share-based compensation expense of $8.9 million and severance costs of $5.1 million related to executive leadership transitions in the current period. Refer to Note 9, "Share-Based Compensation," in our accompanying Consolidated Financial Statements for additional information.
Current wording
General and administrative expense - for the six months ended June 30, 2026, increased primarily due to accelerated share-based compensation expense of $13.8 million and severance costs of $4.4 million related to executive leadership transitions in 2026. Refer to Note 9, "Share-Based Compensation," in our accompanying Condensed Consolidated Financial Statements for additional information.
Previous wording
Asset impairments - for the three months ended March 31, 2026, decreased due to asset impairment charges of $24.0 million in the prior period related to pre-construction development costs at seven of our MH and RV properties at which the related development projects are no longer probable of being realized. Refer to Note 13, "Fair Value Measurements," in our accompanying Consolidated Financial Statements for additional information.
Current wording
Asset impairments - for the three and six months ended June 30, 2026, decreased due to asset impairment charges of $32.2 million related to three RV properties in 2025 as compared to asset impairment charges of $14.1 million at two MH and RV land development parcels in 2026. Refer to Note 13, "Fair Value Measurements," in our accompanying Condensed Consolidated Financial Statements for additional information.
Previous wording
Interest expense- for the three months ended March 31, 2026, decreased primarily due to the settlement of $3.2 billion in debt obligations in 2025 using proceeds generated from the Safe Harbor Sale.
Current wording
Interest expense- for the three and six months ended June 30, 2026, decreased primarily due to the settlement of $3.2 billion in debt obligations in 2025 using proceeds generated from the Safe Harbor Sale.
Previous wording
Gain / (loss) on foreign currency exchanges - for the three months ended March 31, 2026, was a loss of $24.5 million as compared to a gain of $8.7 million, respectively, during the same period in 2025, primarily due to the fluctuation of the U.S. dollar versus the British pound sterling.
Current wording
Gain / (loss) on foreign currency exchanges - for the three and six months ended June 30, 2026, was a gain of $13.3 million and loss of $10.6 million, respectively, as compared to a gain of $39.4 million and $48.1 million, respectively, during the same periods in 2025, primarily due to the fluctuation of the U.S. dollar versus the British pound sterling.
Previous wording
Income from nonconsolidated affiliates - for the three months ended March 31, 2026, was income of $6.1 million, as compared to income of $3.0 million during the same period in 2025, primarily due to increased performance of the Sungenia JV. Refer to Note 6, "Investments in Nonconsolidated Affiliates," in our accompanying Consolidated Financial Statements for additional information.
Current wording
Income from nonconsolidated affiliates - for the three and six months ended June 30, 2026, was income of $6.1 million and $12.2 million, respectively, as compared to income of $3.8 million and $6.8 million, respectively, during the same periods in 2025, primarily due to the improved performance of our Sungenia JV. Refer to Note 6, "Investments in Nonconsolidated Affiliates," in our accompanying Condensed Consolidated Financial Statements for additional information.
Previous wording
Loss from discontinued operations, net- for the three months ended March 31, 2026, was zero, as compared to $18.5 million in the same period in 2025, primarily due to the Safe Harbor Sale in 2025.
Current wording
Income / (loss) from discontinued operations, net - for the three months ended June 30, 2026, was a loss of $1.1 billion, as compared to a gain of $1.4 billion in the same period in 2025, primarily due to a valuation allowance charge to adjust our UK assets to estimated fair value less costs to sell in 2026, as compared to a $1.4 billion gain recognized on the initial closing of the Safe Harbor Sale during the same period in 2025.
Previous wording
RECONCILIATION OF NET INCOME 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, 2026 and 2025 (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, 2026 and 2025 (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, 2026 and 2025, (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. Acquisition and other transaction costs - discontinued operations primarily represent non-recurring costs directly attributable to the Safe Harbor Sale.
Current wording
(2)These costs represent (i) nonrecurring integration expenses associated with acquisitions during the three and six months ended June 30, 2026 and 2025, (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. Acquisition and other transaction costs - discontinued operations primarily represent non-recurring costs directly attributable to the Park Holidays Sale and the Safe Harbor Sale.
Previous wording
During the year ended December 31, 2025, we received a settlement of $80.2 million from an insurance provider to settle all claims related to property, casualty, flood, and business interruption insurance recoveries from Hurricane Ian. We concluded that $36.5 million of the total settlement pertained to business interruption recoveries through 2027, which we recorded as a contingent gain per ASC 450. To better reflect the underlying economics of the transaction, we have elected to defer the business interruption recovery gain and recognize income ratably through 2027 for our presentation of Core FFO.
Current wording
During the year ended December 31, 2025, we received a settlement of $80.2 million from an insurance provider to settle all claims related to property, casualty, flood, and business interruption insurance recoveries from Hurricane Ian. We concluded that $36.5 million of the total settlement pertained to business interruption recoveries through 2027, which we recorded as a contingent gain in accordance with ASC 450, "Contingencies." To better reflect the underlying economics of the transaction, we have elected to defer the business interruption recovery gain and recognize income ratably through 2027 for our presentation of Core FFO.
Previous wording
(4)Other adjustments, net - continuing operations relates primarily to severance costs and an insurance recovery gain during the three months ended March 31, 2026, and Other adjustments, net - discontinued operations relates primarily to a contingent consideration expense during the three months ended March 31, 2025.
Current wording
(4)Other adjustments, net - continuing operations relates primarily to accelerated deferred compensation expense during the three and six months ended June 30, 2026; a contingent consideration gain and severance costs during the six months ended June 30, 2026; and cash flow hedge gains from debt extinguishments and a contingent consideration gain during the six months ended June 30, 2025, and Other adjustments, net - discontinued operations relates primarily to long-term lease termination losses and gains during the three and six months ended June 30, 2026 and 2025, respectively.
Previous wording
(5)FFO and Core FFO includes discontinued operations activity of $20.0 million or $0.15 per Share, and $49.2 million or $0.37 per Share, respectively, during the three months ended March 31, 2025.
Current wording
(5)FFO and Core FFO include discontinued operations activity of $17.7 million or $0.14 per Share, and $30.0 million or $0.24 per Share, respectively, during the three months ended June 30, 2026, and $57.2 million or $0.43 per Share, and $51.1 million or $0.39 per Share, respectively, during the three months ended June 30, 2025.
Previous wording
Through March 31, 2026, we initiated the following capital allocation decisions:
Current wording
On a year-to-date basis through June 30, 2026, we initiated the following capital allocation decisions:
Previous wording
•Repurchased 0.5 million shares of our common stock at an average cost of $126.45 per share for a total of $60.1 million.
Current wording
•Repurchased 1.4 million shares of our common stock at an average cost of $124.39 per share for a total of $171.2 million.
Previous wording
•Targeted reinvestment in strategic growth by acquiring one MH property and one UK property for total cash consideration of $27.6 million, which was partially sourced from 1031 exchange escrow accounts to minimize tax impacts.
Current wording
•Targeted reinvestment in strategic growth by acquiring one MH property for total cash consideration of $17.0 million, which was partially sourced from 1031 exchange escrow accounts to minimize tax impacts.
Previous wording
Subject to market conditions, we intend to selectively identify opportunities to acquire existing properties and expand our development pipeline. We finance acquisitions through available cash, secured financing, draws on our Senior Credit Facility, the assumption of existing debt on properties, and the issuance of debt and equity securities. As of March 31, 2026, we had allocated restricted cash of $9.6 million into 1031 exchange escrow accounts to fund potential future MH and RV acquisitions. Given the higher interest rate environment, we continue to selectively pursue acquisition and development opportunities that meet our underwriting criteria. 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.
Current wording
Subject to market conditions, we intend to selectively identify opportunities to acquire existing properties and expand our development pipeline. We finance acquisitions through available cash, secured financing, draws on our Senior Credit Facility, the assumption of existing debt on properties, and the issuance of debt and equity securities. As of June 30, 2026, we had allocated restricted cash of $9.7 million into 1031 exchange escrow accounts to fund potential future MH and RV acquisitions. Given the higher interest rate environment, we continue to selectively pursue acquisition and development opportunities that meet our underwriting criteria. Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Condensed Consolidated Financial Statements for additional details on acquisitions and dispositions completed to date.
Previous wording
Our cash flow activities are summarized as follows (in millions):
Current wording
Our cash flow activities from continuing operations are summarized as follows (in millions):
Previous wording
Cash, cash equivalents and restricted cash decreased by $139.1 million from $636.1 million as of December 31, 2025, to $497.0 million as of March 31, 2026.
Current wording
Cash, cash equivalents and restricted cash decreased by $441.5 million from $606.7 million as of December 31, 2025, to $165.2 million as of June 30, 2026.
Previous wording
Operating activities - Net cash provided by operating activities increased by $130.0 million to $269.3 million for the three months ended March 31, 2026, compared to $139.3 million for the three months ended March 31, 2025. The increase in operating cash flow was primarily due to growth in Same Property operating performance at our MH, RV, and UK properties and beneficial changes in accounts payable and other liabilities during the three months ended March 31, 2026 as compared to the corresponding period in 2025.
Current wording
Operating activities - Net cash provided by operating activities increased by $75.0 million to $471.2 million for the six months ended June 30, 2026, compared to $396.2 million for the six months ended June 30, 2025. The increase in operating cash flow was primarily due to growth in Same Property operating performance at our MH and RV properties and favorable timing of changes in inventory, other assets, and other liabilities during the six months ended June 30, 2026 as compared to the corresponding period in 2025.
Previous wording
Our net cash flows provided by operating activities may be adversely impacted by, among other things:
Current wording
Our net cash flows provided by operating activities from continuing operations may be adversely impacted by, among other things:
Previous wording
See "Risk Factors" in Part I, Item 1A of our 2025 Annual Report.
Current wording
See "Risk Factors" in Part I, Item 1A of our 2025 Annual Report, and Part II, Item 1A of this report.
Previous wording
Investing activities - Net cash used for investing activities was $140.2 million for the three months ended March 31, 2026, compared to net cash provided by investing activities of $19.6 million for the three months ended March 31, 2025. The change in Net cash provided by / (used for) investing activities was primarily driven by an increase in cash deployed to acquire new properties and a decrease in cash proceeds received from disposition activity during the three months ended March 31, 2026 as compared to the corresponding period in 2025.
Current wording
Investing activities - Net cash used for investing activities increased by $179.0 million to $179.7 million for the six months ended June 30, 2026, compared to $0.7 million for the six months ended June 30, 2025. The increase in Net cash used for investing activities was primarily driven by an increase in cash deployed to acquire new properties and a decrease in cash proceeds received from disposition activity during the six months ended June 30, 2026 as compared to the corresponding period in 2025.
Showing the first 40 of 50 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
For the three months ended June 30, 2026, the $19.2 million, or 8.0% increase in Real Property NOI as compared to the same period in 2025, consists of an increase of $14.8 million from Same Property MH NOI, an NOI increase of $4.7 million, net from other recently acquired or developed properties and other items, partially offset by a decrease of $0.4 million from Same Property RV NOI.
Current report — wording carried from elsewhere
•The MH segment increase in NOI of $14.8 million, or 8.8%, when compared to the same period in 2025 is primarily due to an increase in Real property (excluding transient) revenue of $14.4 million, or 6.2% and NOI outperformance in our Rental Program. Real property (excluding transient) revenue increased primarily due to a 4.9% increase in monthly base rent and occupancy gains on a year-over-year basis.
Current report — wording carried from elsewhere
For the six months ended June 30, 2026, the 55.5% decrease in NOI was primarily driven by a 25.3% decrease in units sold, and a 6.6% decrease in NOI margin, primarily driven by fewer available sites in conjunction with reduced expansion and development activity.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
(3) We net certain utility revenues (which include utility reimbursement revenues from residents) against related utility expenses in property operating expenses. During the three months ended March 31, 2026 and 2025, we netted utility revenues of $6.3 million and $5.3 million, respectively, against the related utility expenses.
Previous report — wording carried elsewhere
Refer to Note 7, "Debt and Line of Credit," for additional information.