XML 30 R18.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Equity and Temporary Equity
 6 Months Ended
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):

DescriptionOP Units Outstanding
Exchange Rate(1)
Annual Distribution Rate(2)
Cash Redemption(3)
Redemption PeriodCarrying Amount
June 30, 2024June 30, 2024December 31, 2023
Series D preferred OP units488,958 0.80004.0 %Holder's OptionAny time$47.4 $46.9 
Series F preferred OP units90,000 0.62503.0 %Holder's OptionAny time after earlier of May 14, 2025 or death of holder8.6 8.5 
Series G preferred OP units205,812 0.64523.2 %Holder's OptionAny time after earlier of September 30, 2025 or death of holder19.8 20.4 
Series H preferred OP units581,229 0.60983.0 %Holder's OptionAny time after earlier of October 30, 2025 or death of holder55.1 55.0 
Series J preferred OP units238,000 0.60612.85 %Holder's OptionDuring the 30-day period following a change of control of the Company or any time after April 21, 202622.6 22.7 
Series K preferred OP units1,000,000 0.58824.0 %Holder's OptionWithin 60 days after March 23, 202895.3 96.7 
Total2,603,999 $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 InterestDescriptionJune 30, 2024December 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 communities2.5 2.3 
Solar Energy Project III LLC
A joint venture that operates and maintains solar energy equipment in select Arizona and California communities2.6 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:

MonthCommon OP Units IssuedFair Value at Issuance (in millions)Related Acquisition
April 202419,326 $2.5 Port Milford
March 20244,452 $0.6 Land for development
January 202331,289 $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, 2024December 31, 2023
Net foreign currency translation losses$(37.1)$(29.5)
Accumulated net gains on derivatives43.1 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):

DescriptionOP Units Outstanding
Exchange Rate(1)
Annual Distribution Rate(2)
Cash Redemption
Redemption PeriodCarrying Amount
June 30, 2024June 30, 2024December 31, 2023
Common OP units2,689,978 1.0000Same distribution rate for common stockN/AN/A$43.8 $46.5 
Series A-1 preferred OP units191,812 2.43906.0 %N/AN/A10.4 11.5 
Series A-3 preferred OP units40,268 1.86054.5 %N/AN/A2.3 2.4 
Series C preferred OP units296,745 1.11005.0 %N/AN/A20.1 21.4 
Series E preferred OP units80,000 0.68975.5 %N/AN/A6.2 6.4 
Series L preferred OP units20,000 0.62503.5 %N/AN/A2.0 2.0 
Total3,318,803 $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, 2024June 30, 2023
SeriesConversion RateUnits / Shares Converted
Common Stock(1)
Units / Shares Converted
Common Stock(1)
Aspen preferred OP unitsVarious— — 270,000 86,224 
Common OP units1.0000 68,783 68,783 3,612 3,612 
Series A-1 preferred OP units2.4390 10,332 25,195 91 221 
Series C preferred OP units1.1100 9,103 10,104 65 72 
Series G preferred OP units0.64524,898 3,160 18,500 11,934 
Series H preferred OP units0.60989 5 40 24 
Series J preferred OP units0.6061— — 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 DistributionsRecord DatePayment DateDistribution Per ShareTotal Distribution (in Millions)
March 31, 20243/29/20244/15/2024$0.94 $119.7 
June 30, 20246/28/20247/15/2024$0.94 $119.7