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Equity and Temporary Equity | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Equity and Temporary Equity | 10. Equity and Temporary Equity Temporary Equity Redeemable Preferred OP Units Temporary equity includes preferred securities that are redeemable for cash at the holder's option or upon the occurrence of an event that is not solely within our control based on a fixed or determinable price. These securities are not mandatorily redeemable for cash nor do they contain a fixed maturity date. The following table sets forth the various series of redeemable preferred OP units that were outstanding as of June 30, 2024 and December 31, 2023 and the related terms, and summarizes the balance included within Temporary equity on our Consolidated Balance Sheets (in millions, except for statistical information):
Description |  | OP Units Outstanding |  | Exchange Rate(1) |  | Annual Distribution Rate(2) |  | Cash Redemption(3) |  | Redemption Period |  | Carrying Amount
| June 30, 2024 |  |  |  |  |  | June 30, 2024 |  | December 31, 2023
Series D preferred OP units |  | 488,958 |  |  | 0.8000 |  | 4.0 | % |  | Holder's Option |  | Any time |  | $ | 47.4 |  |  | $ | 46.9 |
Series F preferred OP units |  | 90,000 |  |  | 0.6250 |  | 3.0 | % |  | Holder's Option |  | Any time after earlier of May 14, 2025 or death of holder |  | 8.6 |  |  | 8.5 |
Series G preferred OP units |  | 205,812 |  |  | 0.6452 |  | 3.2 | % |  | Holder's Option |  | Any time after earlier of September 30, 2025 or death of holder |  | 19.8 |  |  | 20.4 |
Series H preferred OP units |  | 581,229 |  |  | 0.6098 |  | 3.0 | % |  | Holder's Option |  | Any time after earlier of October 30, 2025 or death of holder |  | 55.1 |  |  | 55.0 |
Series J preferred OP units |  | 238,000 |  |  | 0.6061 |  | 2.85 | % |  | Holder's Option |  | During the 30-day period following a change of control of the Company or any time after April 21, 2026 |  | 22.6 |  |  | 22.7 |
Series K preferred OP units |  | 1,000,000 |  |  | 0.5882 |  | 4.0 | % |  | Holder's Option |  | Within 60 days after March 23, 2028 |  | 95.3 |  |  | 96.7 |
Total |  | 2,603,999 |  |  |  |  |  |  |  |  |  |  | $ | 248.8 |  |  | $ | 250.2 |
(1) Exchange rates are subject to adjustment upon stock splits, recapitalizations and similar events. The exchange rates of certain series of OP units are approximated to four decimal places. (2) Distributions are payable on the issue price of each OP unit, which is $100.00 per unit for all these preferred OP units. (3) The redemption price for each preferred OP unit redeemed will be equal to its issue price plus all accrued but unpaid distributions. Redeemable Equity Interests The following table summarizes the redeemable equity interests included in Temporary equity on our Consolidated Balance Sheets (in millions):
|  |  |  | Carrying Amount
Equity Interest |  | Description |  | June 30, 2024 |  | December 31, 2023
Solar Energy Project CA II LLC |  | A joint venture that operates and maintains solar energy equipment in select California communities |  | $ | 5.6 |  |  | $ | 5.1 |
Solar Energy Project LLC |  | A joint venture that operates and maintains solar energy equipment in select California communities |  | 2.5 |  |  | 2.3 |
Solar Energy Project III LLC |  | A joint venture that operates and maintains solar energy equipment in select Arizona and California communities |  | 2.6 |  |  | 2.3 |
Other stand-alone joint ventures(1) |  | In connection with investments in land for future development and joint ventures that operate portfolios of RV communities in the U.S. |  | 0.2 |  |  | 1.0 |
Total |  |  |  | $ | 10.9 |  |  | $ | 10.7 |
(1) Refer to Note 8, "Consolidated Variable Interest Entities," for more information on the consolidated VIEs. Permanent Equity Universal Shelf Registration Statement In March 2024, we filed a new universal shelf registration statement on Form S-3 with the SEC. The shelf registration statement was deemed automatically effective and provides for the registration of unspecified amounts of equity and debt securities. The authorized number of shares of our capital stock is 380,000,000 shares, of which 360,000,000 shares are common stock and 20,000,000 shares are preferred stock. As of June 30, 2024, we had 124,653,364 shares of common stock issued and outstanding and no shares of preferred stock were issued and outstanding. At the Market Offering Sales Agreement During May 2024, we renewed our 2021 At the Market Offering Sales Agreement (the "ATM") with certain sales agents and forward sellers pursuant to which we may sell, from time to time, up to an aggregate gross sales price of $1.25 billion of our common stock. Through June 30, 2024, we had entered into and settled forward sales agreements under the ATM for an aggregate gross sales price of $160.6 million, leaving $1.1 billion available for sale under the ATM. Issuances of Common OP Units During the six months ended June 30, 2024 and 2023, we issued common OP units in connection with the acquisition of certain properties:
Month |  | Common OP Units Issued |  | Fair Value at Issuance (in millions) |  | Related Acquisition
April 2024 |  | 19,326 |  |  | $ | 2.5 |  |  | Port Milford
March 2024 |  | 4,452 |  |  | $ | 0.6 |  |  | Land for development
January 2023 |  | 31,289 |  |  | $ | 4.4 |  |  | Fox Run
Accumulated Other Comprehensive Income AOCI attributable to SUI common shareholders is separately presented on our Consolidated Balance Sheets as a component of total SUI shareholders' equity. Other Comprehensive Income ("OCI") attributable to noncontrolling interests is allocated to, and included within, Noncontrolling interests on our Consolidated Balance Sheets. Refer to the Statements of Comprehensive Income / (Loss) for complete details related to OCI activity in the reporting period. AOCI attributable to SUI common shareholders consisted of the following, net of tax (in millions):
|  | June 30, 2024 |  | December 31, 2023
Net foreign currency translation losses |  | $ | (37.1) |  |  | $ | (29.5) |
Accumulated net gains on derivatives |  | 43.1 |  |  | 41.7 |
Accumulated other comprehensive income |  | $ | 6.0 |  |  | $ | 12.2 |
Noncontrolling Interests - Common and Preferred OP Units The following table summarizes the common and preferred OP units included within Noncontrolling interests on our Consolidated Balance Sheets (in millions, except for units and statistical information):
Description |  | OP Units Outstanding |  | Exchange Rate(1) |  | Annual Distribution Rate(2) |  | Cash Redemption |  | Redemption Period |  | Carrying Amount
| June 30, 2024 |  |  |  |  |  | June 30, 2024 |  | December 31, 2023
Common OP units |  | 2,689,978 |  |  | 1.0000 |  | Same distribution rate for common stock |  | N/A |  | N/A |  | $ | 43.8 |  |  | $ | 46.5 |
Series A-1 preferred OP units |  | 191,812 |  |  | 2.4390 |  | 6.0 | % |  | N/A |  | N/A |  | 10.4 |  |  | 11.5 |
Series A-3 preferred OP units |  | 40,268 |  |  | 1.8605 |  | 4.5 | % |  | N/A |  | N/A |  | 2.3 |  |  | 2.4 |
Series C preferred OP units |  | 296,745 |  |  | 1.1100 |  | 5.0 | % |  | N/A |  | N/A |  | 20.1 |  |  | 21.4 |
Series E preferred OP units |  | 80,000 |  |  | 0.6897 |  | 5.5 | % |  | N/A |  | N/A |  | 6.2 |  |  | 6.4 |
Series L preferred OP units |  | 20,000 |  |  | 0.6250 |  | 3.5 | % |  | N/A |  | N/A |  | 2.0 |  |  | 2.0 |
Total |  | 3,318,803 |  |  |  |  |  |  |  |  |  |  | $ | 84.8 |  |  | $ | 90.2 |
(1) Exchange rates are subject to adjustment upon stock splits, recapitalizations and similar events. The exchange rates of certain series of OP units are approximated to four decimal places. (2) Distributions are payable on the issue price of each OP unit which is $100.00 per unit for all these preferred OP units.
Conversions Conversions to Common Stock and Common OP Units - Subject to certain limitations, holders can convert certain series of OP units to shares of our common stock and to common OP units at any time. Below is the activity of conversions during the six months ended June 30, 2024 and 2023:
|  |  |  | Six Months Ended
|  |  |  | June 30, 2024 |  | June 30, 2023
Series |  | Conversion Rate |  | Units / Shares Converted |  | Common Stock(1) |  |  |  | Units / Shares Converted |  | Common Stock(1) |  |
Aspen preferred OP units |  | Various |  | — |  |  | — |  |  |  |  | 270,000 |  |  | 86,224 |  |  |
Common OP units |  | 1.0000 |  |  | 68,783 |  |  | 68,783 |  |  |  |  | 3,612 |  |  | 3,612 |  |  |
Series A-1 preferred OP units |  | 2.4390 |  |  | 10,332 |  |  | 25,195 |  |  |  |  | 91 |  |  | 221 |  |  |
Series C preferred OP units |  | 1.1100 |  |  | 9,103 |  |  | 10,104 |  |  |  |  | 65 |  |  | 72 |  |  |
Series G preferred OP units |  | 0.6452 |  | 4,898 |  |  | 3,160 |  |  |  |  | 18,500 |  |  | 11,934 |  |  |
Series H preferred OP units |  | 0.6098 |  | 9 |  |  | 5 |  |  |  |  | 40 |  |  | 24 |  |  |
Series J preferred OP units |  | 0.6061 |  | — |  |  | — |  |  |  |  | 2,000 |  |  | 1,212 |  |  |
(1)Calculation may yield minor differences due to rounding incorporated in the above numbers. Distributions Distributions declared for the six months ended June 30, 2024 were as follows:
Common Stock, Common OP units and Restricted Stock Distributions |  | Record Date |  | Payment Date |  | Distribution Per Share |  | Total Distribution (in Millions)
March 31, 2024 |  | 3/29/2024 |  | 4/15/2024 |  | $ | 0.94 |  |  | $ | 119.7 |
June 30, 2024 |  | 6/28/2024 |  | 7/15/2024 |  | $ | 0.94 |  |  | $ | 119.7 |

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