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v3.24.2.u1

Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Segment Information | A presentation of segment financial information is summarized as follows (in millions):
| Three Months Ended
| June 30, 2024 |  | June 30, 2023
|  |  |  |  |  |  |  |  |  |  | As Restated
| MH |  | RV |  | Marina |  | UK |  | Consolidated |  | MH |  | RV |  | Marina |  | UK |  | Consolidated
Operating revenues | $ | 290.8 |  |  | $ | 182.0 |  |  | $ | 266.8 |  |  | $ | 107.9 |  |  | $ | 847.5 |  |  | $ | 275.1 |  |  | $ | 187.7 |  |  | $ | 261.0 |  |  | $ | 115.8 |  |  | $ | 839.6 |
Operating expenses / Cost of sales | 119.6 |  |  | 96.9 |  |  | 174.8 |  |  | 71.5 |  |  | 462.8 |  |  | 111.8 |  |  | 98.6 |  |  | 172.9 |  |  | 77.7 |  |  | 461.0 |
NOI | $ | 171.2 |  |  | $ | 85.1 |  |  | $ | 92.0 |  |  | $ | 36.4 |  |  | $ | 384.7 |  |  | $ | 163.3 |  |  | $ | 89.1 |  |  | $ | 88.1 |  |  | $ | 38.1 |  |  | $ | 378.6 |
Adjustments to arrive at net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  | 5.3 |  |  |  |  |  |  |  |  |  |  | 14.0 |
Brokerage commissions and other revenues, net |  |  |  |  |  |  |  |  | 11.2 |  |  |  |  |  |  |  |  |  |  | 9.8 |
General and administrative expense |  |  |  |  |  |  |  |  | (65.3) |  |  |  |  |  |  |  |  |  |  | (62.7) |
Catastrophic event-related charges, net |  |  |  |  |  |  |  |  | (2.3) |  |  |  |  |  |  |  |  |  |  | 0.1 |
Business combination expense, net |  |  |  |  |  |  |  |  | (0.2) |  |  |  |  |  |  |  |  |  |  | (0.2) |
Depreciation and amortization |  |  |  |  |  |  |  |  | (172.8) |  |  |  |  |  |  |  |  |  |  | (164.1) |
Asset impairments |  |  |  |  |  |  |  |  | (11.6) |  |  |  |  |  |  |  |  |  |  | (6.5) |
Goodwill impairment |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |  | (309.7) |
Interest expense |  |  |  |  |  |  |  |  | (89.8) |  |  |  |  |  |  |  |  |  |  | (79.2) |
Interest on mandatorily redeemable preferred OP units / equity |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |  | (0.9) |
Gain on remeasurement of marketable securities |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |  | 5.8 |
Gain / (loss) on foreign currency exchanges |  |  |  |  |  |  |  |  | (2.8) |  |  |  |  |  |  |  |  |  |  | 2.7 |
Gain / (loss) on dispositions of properties |  |  |  |  |  |  |  |  | 2.5 |  |  |  |  |  |  |  |  |  |  | (0.6) |
Other expense, net |  |  |  |  |  |  |  |  | (1.6) |  |  |  |  |  |  |  |  |  |  | (0.8) |
Loss on remeasurement of notes receivable |  |  |  |  |  |  |  |  | (0.4) |  |  |  |  |  |  |  |  |  |  | (0.1) |
Income / (loss) from nonconsolidated affiliates (see Note 7) |  |  |  |  |  |  |  |  | 3.0 |  |  |  |  |  |  |  |  |  |  | (0.7) |
Gain on remeasurement of investment in nonconsolidated affiliates |  |  |  |  |  |  |  |  | 0.1 |  |  |  |  |  |  |  |  |  |  | — |
Current tax expense |  |  |  |  |  |  |  |  | (5.3) |  |  |  |  |  |  |  |  |  |  | (5.4) |
Deferred tax benefit |  |  |  |  |  |  |  |  | 3.7 |  |  |  |  |  |  |  |  |  |  | 7.7 |
Net Income / (Loss) |  |  |  |  |  |  |  |  | 58.4 |  |  |  |  |  |  |  |  |  |  | (212.2) |
Less: Preferred return to preferred OP units / equity interests |  |  |  |  |  |  |  |  | 3.2 |  |  |  |  |  |  |  |  |  |  | 3.2 |
Less: Income / (loss) attributable to noncontrolling interests |  |  |  |  |  |  |  |  | 3.1 |  |  |  |  |  |  |  |  |  |  | (7.8) |
Net income / (Loss) Attributable to SUI Common Shareholders |  |  |  |  |  |  |  |  | $ | 52.1 |  |  |  |  |  |  |  |  |  |  | $ | (207.6) |
| Six Months Ended
| June 30, 2024 |  | June 30, 2023
|  |  |  |  |  |  |  |  |  |  | As Restated
| MH |  | RV |  | Marina |  | UK |  | Consolidated |  | MH |  | RV |  | Marina |  | UK |  | Consolidated
Operating revenues | $ | 558.6 |  |  | $ | 298.4 |  |  | $ | 467.8 |  |  | $ | 186.4 |  |  | $ | 1,511.2 |  |  | $ | 542.4 |  |  | $ | 299.6 |  |  | $ | 441.2 |  |  | $ | 186.7 |  |  | $ | 1,469.9 |
Operating expenses / Cost of sales | 220.0 |  |  | 161.0 |  |  | 314.1 |  |  | 126.5 |  |  | 821.6 |  |  | 218.9 |  |  | 165.1 |  |  | 294.2 |  |  | 132.5 |  |  | 810.7 |
Net Operating Income / Gross Profit | $ | 338.6 |  |  | $ | 137.4 |  |  | $ | 153.7 |  |  | $ | 59.9 |  |  | $ | 689.6 |  |  | $ | 323.5 |  |  | $ | 134.5 |  |  | $ | 147.0 |  |  | $ | 54.2 |  |  | $ | 659.2 |
Adjustments to arrive at net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  | 9.9 |  |  |  |  |  |  |  |  |  |  | 25.4 |
Brokerage commissions and other revenues, net |  |  |  |  |  |  |  |  | 14.2 |  |  |  |  |  |  |  |  |  |  | 19.3 |
General and administrative expense |  |  |  |  |  |  |  |  | (143.8) |  |  |  |  |  |  |  |  |  |  | (126.8) |
Catastrophic event-related charges, net |  |  |  |  |  |  |  |  | (9.5) |  |  |  |  |  |  |  |  |  |  | (0.9) |
Business combination expense, net |  |  |  |  |  |  |  |  | (0.2) |  |  |  |  |  |  |  |  |  |  | (3.0) |
Depreciation and amortization |  |  |  |  |  |  |  |  | (338.1) |  |  |  |  |  |  |  |  |  |  | (319.7) |
Asset impairments |  |  |  |  |  |  |  |  | (32.3) |  |  |  |  |  |  |  |  |  |  | (8.9) |
Goodwill impairment |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |  | (325.1) |
Loss on extinguishment of debt (see Note 9) |  |  |  |  |  |  |  |  | (0.6) |  |  |  |  |  |  |  |  |  |  | — |
Interest expense |  |  |  |  |  |  |  |  | (179.5) |  |  |  |  |  |  |  |  |  |  | (155.8) |
Interest on mandatorily redeemable preferred OP units / equity |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |  | (1.9) |
Loss on remeasurement of marketable securities |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |  | (14.1) |
Loss on foreign currency exchanges |  |  |  |  |  |  |  |  | (1.7) |  |  |  |  |  |  |  |  |  |  | — |
Gain / (loss) on dispositions of properties |  |  |  |  |  |  |  |  | 7.9 |  |  |  |  |  |  |  |  |  |  | (2.2) |
Other income / (expense), net |  |  |  |  |  |  |  |  | 6.4 |  |  |  |  |  |  |  |  |  |  | (1.8) |
Loss on remeasurement of notes receivable |  |  |  |  |  |  |  |  | (1.1) |  |  |  |  |  |  |  |  |  |  | (1.8) |
Income / (loss) from nonconsolidated affiliates (see Note 7) |  |  |  |  |  |  |  |  | 4.4 |  |  |  |  |  |  |  |  |  |  | (0.9) |
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates |  |  |  |  |  |  |  |  | 5.3 |  |  |  |  |  |  |  |  |  |  | (4.5) |
Current tax expense |  |  |  |  |  |  |  |  | (7.4) |  |  |  |  |  |  |  |  |  |  | (9.3) |
Deferred tax benefit |  |  |  |  |  |  |  |  | 9.4 |  |  |  |  |  |  |  |  |  |  | 12.3 |
Net Income / (Loss) |  |  |  |  |  |  |  |  | 32.9 |  |  |  |  |  |  |  |  |  |  | (260.5) |
Less: Preferred return to preferred OP units / equity interests |  |  |  |  |  |  |  |  | 6.4 |  |  |  |  |  |  |  |  |  |  | 5.6 |
Less: Income / (loss) attributable to noncontrolling interests |  |  |  |  |  |  |  |  | 1.8 |  |  |  |  |  |  |  |  |  |  | (13.6) |
Net Income / (Loss) Attributable to Sun Communities, Inc. |  |  |  |  |  |  |  |  | $ | 24.7 |  |  |  |  |  |  |  |  |  |  | $ | (252.5) |
Schedule of Segment Assets |
| June 30, 2024 |  | December 31, 2023(1)
| MH |  | RV |  | Marina |  | UK |  | Consolidated |  | MH |  | RV |  | Marina |  | UK |  | Consolidated
Identifiable Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment property, net | $ | 5,244.4 |  |  | $ | 3,694.0 |  |  | $ | 3,276.3 |  |  | $ | 2,250.0 |  |  | $ | 14,464.7 |  |  | $ | 5,317.4 |  |  | $ | 3,718.8 |  |  | $ | 3,214.5 |  |  | $ | 2,192.9 |  |  | $ | 14,443.6 |
Cash, cash equivalents and restricted cash | 53.2 |  |  | 28.3 |  |  | 7.0 |  |  | 15.7 |  |  | 104.2 |  |  | 20.1 |  |  | 11.8 |  |  | 6.4 |  |  | 4.4 |  |  | 42.7 |
Inventory of manufactured homes | 94.0 |  |  | 22.6 |  |  | — |  |  | 65.7 |  |  | 182.3 |  |  | 103.1 |  |  | 24.3 |  |  | — |  |  | 78.2 |  |  | 205.6 |
Notes and other receivables, net | 214.4 |  |  | 128.4 |  |  | 57.1 |  |  | 17.5 |  |  | 417.4 |  |  | 159.1 |  |  | 119.7 |  |  | 54.3 |  |  | 88.5 |  |  | 421.6 |
Collateralized receivables, net | 54.3 |  |  | — |  |  | — |  |  | — |  |  | 54.3 |  |  | 56.2 |  |  | — |  |  | — |  |  | — |  |  | 56.2 |
Goodwill | — |  |  | 9.5 |  |  | 541.5 |  |  | 180.7 |  |  | 731.7 |  |  | — |  |  | 9.5 |  |  | 541.5 |  |  | 182.0 |  |  | 733.0 |
Other intangible assets, net | 11.9 |  |  | 27.6 |  |  | 244.4 |  |  | 70.3 |  |  | 354.2 |  |  | 14.3 |  |  | 29.0 |  |  | 252.2 |  |  | 74.0 |  |  | 369.5 |
Other assets, net | 219.8 |  |  | 43.3 |  |  | 273.7 |  |  | 165.5 |  |  | 702.3 |  |  | 271.0 |  |  | 47.6 |  |  | 240.7 |  |  | 109.2 |  |  | 668.5 |
Total Assets | $ | 5,892.0 |  |  | $ | 3,953.7 |  |  | $ | 4,400.0 |  |  | $ | 2,765.4 |  |  | $ | 17,011.1 |  |  | $ | 5,941.2 |  |  | $ | 3,960.7 |  |  | $ | 4,309.6 |  |  | $ | 2,729.2 |  |  | $ | 16,940.7 |
(1) Recast to reflect segment changes.

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