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Equity and Temporary Equity (Tables) | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Schedule of Preferred Units | 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.
Schedule of Redeemable Equity | 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.
Schedule of Issuances |
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
Schedule of Accumulated Other Comprehensive Income (Loss) | 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 |
Schedule of Noncontrolling Interests | 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.
Schedule of 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.
Schedule of Distributions Declared | 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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