Sun Communities

2024 Annual Report
And Form 10-K
Pine Acre Trails - Texas
Amble Links - Northumberland
Lemon Wood - California
Palm Creek - Arizona

LETTER TO OUR SHAREHOLDERS 
Dear Fellow Shareholders,
Throughout 2024 Sun aimed to simplify our business, focus on our portfolio’s durable income streams, and improve our balance sheet. We made notable progress throughout 
the year and added to our achievements with the February 2025 announcement of the agreement to sell Safe Harbor Marinas to Blackstone Infrastructure. Safe Harbor was 
an excellent investment for Sun and the sale at this time allows us to achieve several of our strategic objectives, most notably refocusing on our core MH and RV segments 
and meaningfully improving our leverage profile, while realizing a very attractive return. Sun returns to being a pure-play owner and operator of best-in-class manufactured 
housing and RV communities, supported by a strong balance sheet.
2024 RESULTS
In 2024, Sun once again delivered strong results in our Manufactured Housing segment, demonstrating the ongoing demand for attainable housing. On the RV side we have 
remained focused on continuing to increase the contribution from real property and annual income streams. For the full year, approximately 70% of our revenue producing 
site gains came from RV transient to annual conversions. We also worked to better align expenses with their respective revenue streams. In the UK, positive sales momentum 
continued, with strong unit sales which in turn drive real property income.
A key priority for Sun has been focusing on our core portfolio through the selective disposition of non-strategic assets and reduction of capital expenditures. For 2024 and 
through our fourth quarter earnings release on February 26, 2025, we completed total dispositions of approximately $570 million including $180 million in the fourth quarter 
and year to date 2025. We also reduced non-recurring capital expenditures, which decreased nearly 50%, from 2023 to 2024.
GOVERNANCE AND CEO RETIREMENT
We further enhanced our governance through board refreshment. Over the last 12 months, we added two new members to our board of directors, had two longer serving 
Board members step down, and announced additional planned refreshment. In March 2025, we announced the nomination of Mark A. Denien as an independent director 
candidate for election at the upcoming annual meeting of shareholders. Additionally, in November 2024, Gary announced his intention to retire in 2025. The board search 
committee continues its comprehensive search process and we will provide an update at the appropriate time.
IN CLOSING
We are confident in the favorable dynamics and durable income streams of our core businesses and are encouraged with our outlook. Furthermore, we continue to implement 
our operating initiatives which focus on maximizing top-line revenue growth to drive bottom-line operational results. We have a clear strategic direction, focused on realizing 
the full potential of our portfolio and platform. 
Thank you for your continued support.
Sincerely, 
GARY A. SHIFFMAN
Chairman and CEO
CLUNET R. LEWIS
Lead Independent Director

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
Commission file number: 1-12616
SUN COMMUNITIES, INC
(Exact Name of Registrant as Specified in its Charter)
Maryland
38-2730780
(State of Incorporation)
(I.R.S. Employer Identification No.)
27777 Franklin Rd, Suite 300, Southfield, Michigan
 
48034
(Address of Principal Executive Offices)
 
(Zip Code)
(248) 208-2500
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
SUI
New York Stock Exchange
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. Yes ☐ No 
☒ 
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities 
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), 
and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted 
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the 
Registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller 
reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller 
reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
☒
☐
☐
☐
☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for 
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant has filed a report on and attestation to its management's assessment of the effectiveness 
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered 
public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the 
Registrant included in the filing reflect the correction of an error to previously issued financial statements. ☒
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based 
compensation received by any of the Registrant's executive officers during the relevant recovery period pursuant to Section 
240.10D-1(b). ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ 
As of June 30, 2024, the aggregate market value of the Registrant's stock held by non-affiliates of the Registrant was $14,832,747,260 
(computed by reference to the closing sales price of the Registrant's common stock as of June 30, 2024). For this computation, the 
Registrant has excluded the market value of all shares of common stock reported as beneficially owned by executive officers and 
directors of the Registrant; such exclusion shall not be deemed to constitute an admission that any such person is an affiliate of the 
Registrant.
Number of shares of Common Stock, $0.01 par value per share, outstanding as of February 21, 2025: 127,378,160
Documents Incorporated By Reference
Unless provided in an amendment to this Annual Report on Form 10-K, the information required by Part III is incorporated by 
reference to the Registrant's proxy statement to be filed pursuant to Regulation 14A, with respect to the Registrant's 2025 annual 
meeting of shareholders.

Table of Contents
Item
Description
Page
Part I.
Item 1.
Business
1
Item 1A.
Risk Factors
10
Item 1B.
Unresolved Staff Comments
27
Item 1C.
Cybersecurity
27
Item 2.
Properties
29
Item 3.
Legal Proceedings
46
Item 4.
Mine Safety Disclosures
46
Part II.
Item 5.
Market for the Registrant's Common Equity, Related Shareholder Matters, and Issuer Purchases of 
Equity Securities
46
Item 6.
[Reserved]
47
Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
48
Item 7A.
Quantitative and Qualitative Disclosures about Market Risk
74
Item 8.
Financial Statements and Supplementary Data
74
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
74
Item 9A.
Controls and Procedures
75
Item 9B.
Other Information
77
Part III.
Item 10.
Directors, Executive Officers and Corporate Governance
77
Item 11.
Executive Compensation
77
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Shareholder 
Matters
77
Item 13.
Certain Relationships and Related Transactions, and Director Independence
77
Item 14.
Principal Accountant Fees and Services
77
Part IV.
Item 15.
Exhibits and Financial Statement Schedules
78
Item 16.
Form 10-K Summary
78
Exhibits
79
Signatures
82
Index to the Consolidated Financial Statements and Financial Statement Schedules
F - 1
SUN COMMUNITIES, INC.

PART I
ITEM 1. BUSINESS
GENERAL OVERVIEW
Sun Communities, Inc., and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating 
Limited Partnership, a Michigan limited partnership (the "Operating Partnership"), Sun Home Services, Inc. ("SHS"), Safe Harbor 
Marinas, LLC ("Safe Harbor"), and our Park Holidays subsidiaries and the other entities through which we operate our business in the 
United Kingdom ("UK") are referred to herein as the "Company," "SUI," "us," "we," or "our."
We are a fully integrated real estate investment trust ("REIT"). We own manufactured housing ("MH") and recreational vehicle 
("RV") communities and marinas in the United States ("U.S."), Canada, and the UK (marinas and, together with MH and RV, the 
"properties"). We self-administer, self-manage, operate or hold an interest in, and develop the majority of our properties, and a select 
number of our communities are operated by independent third party contractors on our behalf under management agreements. Others 
are operated by lessees under ground lease arrangements. Together with our affiliates and predecessors, we have been in the business 
of operating, acquiring, developing, and expanding MH and RV communities since 1975, marinas since 2020, and communities in the 
UK since 2022.
For our MH and RV businesses, 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. Our RV communities are designed to offer affordable vacation opportunities to 
individuals and families complemented by a diverse selection of high-quality amenities. Through SHS, a taxable REIT subsidiary, we 
market, sell, and lease new and pre-owned homes to current and future residents in our MH and RV communities. The operations of 
SHS support and enhance our occupancy levels, property performance, and cash flows.
The majority of our marinas are concentrated in coastal regions and offer wet slip and dry storage space leases, end-to-end service 
(such as routine maintenance, repair, and winterization), fuel sales, and other high-end amenities. These services and amenities offer 
convenience and resort-quality experiences to our members and guests.
In the UK, our communities are referred to as "holiday parks" and are located predominantly at irreplaceable seaside destinations in 
the south of England. We sell homes to holiday homeowners who lease a pitch at one of our properties through a site fee license 
arrangement. In addition, we sell new and pre-owned homes to current and prospective customers. We also provide vacation 
opportunities to individuals and families complemented by high-quality amenities. 
As of December 31, 2024, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 645 developed properties 
located in the U.S., Canada, and the UK, including 288 MH communities, 166 RV communities, 138 marinas, and 53 UK 
communities. As of December 31, 2024, the properties contained an aggregate of 225,150 developed sites comprised of 97,430 
developed MH sites, 32,100 annual RV sites (inclusive of both annual and seasonal usage rights), 24,830 transient RV sites, 17,690 
UK annual sites, 4,340 UK transient RV sites, and 48,760 wet slips and dry storage spaces. Additionally, we own or control land to 
support developing and expanding nearly 16,570 additional MH and RV sites suitable for development.
Our executive and principal property management office is located at 27777 Franklin Road, Suite 300, Southfield, Michigan 48034 
and our telephone number is (248) 208-2500. We also have principal offices in Dallas, Texas, and in Bexhill-on-Sea, East Sussex, UK. 
We have regional property management offices throughout the U.S. We employed an aggregate of 6,590 full and part time employees 
as of December 31, 2024.
Our website address is www.suninc.com and we make available, free of charge, on or through our website all of our periodic reports, 
including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and current reports on Form 8-K, as soon as 
reasonably practicable after we file such reports with the SEC. Additionally, the SEC maintains a website at https://www.sec.gov, that 
contains reports, proxy information statements, and other information about us.
SUN COMMUNITIES, INC.
1

SAFE HARBOR SALE
On February 24, 2025, we entered into a purchase agreement (the "Purchase Agreement") to sell Safe Harbor for an aggregate 
purchase price of approximately $5.65 billion, subject to certain adjustments (the "Safe Harbor Sale"). While the Safe Harbor Sale is 
anticipated to close in the second quarter of 2025, it may not be completed on the anticipated timeline, or at all. The closing of the Safe 
Harbor Sale is subject to the satisfaction or waiver of certain customary conditions to closing, including: (i) all applicable waiting 
periods (and any extensions thereof) required under the HSR Act shall have expired or been terminated, and (ii) the absence of any 
law, order, injunction or ruling issued by a court or other governmental authority permanently restraining, enjoining or making illegal 
the Safe Harbor Sale. Each party's obligation to consummate the Safe Harbor Sale is also conditioned upon the accuracy of the other 
party's representations and warranties (generally subject, other than for certain fundamental representations and warranties, to a 
material adverse effect standard) and the other party's having performed in all material respects its obligations under the Purchase 
Agreement. The transfer of subsidiaries owning approximately 25 of Safe Harbor's properties (the "Delayed Consent Subsidiaries") 
with an aggregate agreed value of up to approximately $769 million is further subject to the receipt of certain third-party consents and 
the Delayed Consent Subsidiaries therefore may be transferred in one or more subsequent closings, and is subject to certain conditions 
to closing.
The Purchase Agreement also contains certain customary termination rights for the parties, including mutual consent of the parties or, 
subject to certain conditions, by either us or the buyer, if the closing of the Safe Harbor Sale has not occurred prior to August 24, 
2025, or if a governmental authority has issued a final, non-appealable order permanently restraining, enjoining, preventing, or 
otherwise prohibiting, or making illegal, the consummation of the Safe Harbor Sale. The Purchase Agreement may also be terminated 
by either party if, subject to certain conditions, the other party is in breach of the Purchase Agreement and such breach would prevent 
the satisfaction of its closing conditions and is incapable of or has not been cured within a given time period, or if a party fails to close 
following the satisfaction of the closing conditions, subject to certain limitations. In the following circumstances further described in 
the Purchase Agreement, in connection with the termination of the Purchase Agreement, the buyer will be required to pay us a 
termination fee (the "Buyer Termination Fee") of $565 million upon termination of the Purchase Agreement, which circumstances are 
(i) if we terminate the Purchase Agreement as a result of an uncured material breach of the Purchase Agreement by the buyer, or (ii) as 
a result of the buyer's failure to close when otherwise obligated pursuant to the Purchase Agreement.
Refer to Part I, Item 1A, "Risk Factors – Risks Related to the Safe Harbor Sale" and Note 20, "Subsequent Events," in our 
accompanying Consolidated Financial Statements.
STRUCTURE OF THE COMPANY
The Company is a REIT and the general partner of the Operating Partnership. As the sole general partner of the Operating Partnership, 
we generally have the power to manage and have complete control over the conduct of the Operating Partnership's affairs and all 
decisions or actions made or taken by us as the general partner pursuant to the partnership agreement are generally binding upon all of 
the partners and the Operating Partnership.
The Operating Partnership is structured as an umbrella partnership REIT ("UPREIT"). We conduct substantially all of our operations 
through the Operating Partnership, which, directly or indirectly through other subsidiaries, owns substantially all of our assets. This 
UPREIT structure enables us to comply with certain complex requirements under the federal tax rules and regulations applicable to 
REITs, and to acquire properties in transactions that defer some or all of the sellers' tax consequences. The financial results of the 
Operating Partnership and our other subsidiaries are consolidated in our Consolidated Financial Statements. The financial results of 
the Operating Partnership include certain activities that do not necessarily qualify as REIT activities under the Internal Revenue Code 
of 1986, as amended (the "Code"). We have formed taxable REIT subsidiaries, as defined in the Code, to engage in such activities. We 
use taxable REIT subsidiaries to offer certain services to our residents and engage in activities that would not otherwise be permitted 
under the REIT rules if provided directly by us or by the Operating Partnership. The taxable REIT subsidiaries include our home sales 
business, SHS, which provides manufactured home sales, leasing, and other services to current and prospective tenants of our 
properties. Currently, all of our UK operations are conducted through taxable REIT subsidiaries.
Under the partnership agreement, the Operating Partnership is structured to make distributions with respect to certain of the Operating 
Partnership units ("OP units") at the same time that distributions are made to our common shareholders. The Operating Partnership is 
structured to permit limited partners holding certain classes or series of OP units to exchange those OP units for shares of our common 
stock (in a taxable transaction) and achieve liquidity for their investment.
SUN COMMUNITIES, INC.
2

As of December 31, 2024, we owned 95.4% of all of the OP Units and the limited partners of the Operating Partnership own the rest. 
The following table sets forth:
•
The various series of OP units and the number of units of each series outstanding as of December 31, 2024;
•
The relative ranking of the various series of OP units with respect to rights to the payment of distributions and the distribution 
of assets in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Operating Partnership;
•
The number of shares of our common stock issuable upon the exchange, directly or indirectly, of each OP unit of the 
applicable series;
•
The annual distribution rate on each series of OP units; and
•
Information regarding the terms of redemption rights for each series of OP units, as applicable.
Ranking
Description
OP Units 
Outstanding at 
December 31, 2024
Exchange 
Rate(1)
Annual 
Distribution 
Rate(2)
Cash 
Redemption(3)
Redemption Period
1
Series A-1 preferred OP units
 
176,797 
2.4390
 6.0 % N/A
N/A
2
Series C preferred OP units
 
296,745 
1.1100
 5.0 % N/A
N/A
3
Series D preferred OP units
 
488,958 
0.8000
 4.0 % Holder's Option
Any time
4
Series E preferred OP units
 
80,000 
0.6897
 5.5 % N/A
N/A
5
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
6
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
7
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
8
Series J preferred OP units
 
236,000 
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
9
Series K preferred OP units
 
1,000,000 
0.5882(4)
 4.0 % Holder's Option
Within 60 days after March 23, 
2028
10
Series L preferred OP units
 
20,000 
0.6250(5)
 3.5 % N/A
N/A
11
Series A-3 preferred OP units
 
40,268 
1.8605
 4.5 % N/A
N/A
12
Common OP units
130,342,563(6)
1.0000
Same distribution 
rate for common 
stock and common 
OP units
N/A
N/A
(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. Holders of OP units generally may exchange them at any time.
(2) Except for Common OP units, 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.
(4) Each Series K preferred OP unit is exchangeable for 0.5882 common OP units. Each such common OP unit will be exchangeable for one share of our common stock. 
We have the right to cause the holders of Series K preferred OP units to exchange such units into common OP units at the applicable exchange rate (a) within 60 days 
after March 23, 2028 or (b) if at any time the trading price of our common stock for each of the preceding 60 trading days is equal to or greater than 120% of the 
Series K conversion price of $170 (as it may be adjusted under the Operating Partnership's partnership agreement). If in connection with an exchange pursuant to 
clause (a) above the recent average price of our common stock (as determined under the Operating Partnership's partnership agreement) is less than the Series K 
conversion price, we will be required to make an additional cash payment in respect of each exchanged Series K preferred OP unit equal to the product of (i) the 
Series K exchange rate and (ii) the difference between such average price and the Series K conversion price.
(5) Each Series L preferred OP unit is exchangeable for 0.6250 common OP units. Each such common OP unit will be exchangeable for one share of our common stock. 
We have the right to cause the holders of Series L preferred OP units to exchange such units into common OP units at the applicable exchange rate (a) any time after 
December 31, 2028 or (b) if at any time the trading price of our common stock for each of the preceding 60 trading days is equal to or greater than 120% of the 
Series L conversion price of $160 (as it may be adjusted under the Operating Partnership's partnership agreement). If in connection with an exchange pursuant to 
clause (a) above the recent average price of our common stock (as determined under the Operating Partnership's partnership agreement) is less than the Series L 
conversion price, we will be required to make an additional cash payment in respect of each exchanged Series L preferred OP unit equal to the product of (i) the 
Series L exchange rate and (ii) the difference between such average price and the Series L conversion price.
(6) Of the 130,342,563 Common OP units, 127,436,693 or 97.8% were held by us, and 2,905,870 or 2.2% were owned by various limited partners.
SUN COMMUNITIES, INC.
3

REAL PROPERTY OPERATIONS AND COMPETITION
MH and RV Segments
An MH community is a residential subdivision with sites for the placement of manufactured homes, related improvements, and 
amenities. Our MH communities are designed to offer affordable housing to individuals and families, while also providing certain 
amenities. Manufactured homes are detached single-family homes that are produced off-site by manufacturers and installed on site 
within the community. Manufactured homes are available in a wide array of designs, providing owners with a level of customization 
generally unavailable in multi-family housing complexes. Modern MH communities contain improvements similar to other garden-
style residential developments, including centralized entrances, paved streets, curbs, gutters, and parkways. In addition, these 
communities also often provide a number of amenities, such as a clubhouse, swimming pools, basketball courts, shuffleboard courts, 
tennis courts, and laundry facilities.
An RV community is a resort with sites for the placement of RVs for varied lengths of time. RV communities may also provide 
vacation rental homes and may include amenities such as restaurants, golf courses, swimming pools, water parks, tennis courts, fitness 
centers, planned activities, and spacious social facilities. We operate the majority of our RV communities under the "Sun Outdoors" 
brand, which we believe supports our competitive advantage in the outdoor market. Sun Outdoors offers RV sites, vacation rentals, 
and tent camping with world-class amenities, primarily in the U.S.
Renters at our MH and RV communities lease the site on which a manufactured home, RV or vacation rental home is located. We 
typically own the underlying land, utility connections, streets, lighting, driveways, common area amenities, and other capital 
improvements and are responsible for enforcement of community guidelines and maintenance. In certain MH and RV communities, 
we do not own all of the underlying land and operate the communities pursuant to contractual ground lease arrangements. Certain 
communities provide water and sewer service through public or private utility companies, while other communities provide these 
services to residents from on-site facilities. Each owner of a home within our properties is responsible for the maintenance of the home 
and leased site. As a result, our capital expenditure needs tend to be less significant relative to multi-family rental apartment 
complexes.
We compete with other MH and RV communities and alternative forms of housing (such as on-site constructed homes, apartments, 
condominiums and townhouses) as they provide housing alternatives to potential tenants of MH and RV communities.
Marina Segment
A marina is a specially-designed harbor that can be located on oceans, lakes, bays or rivers, and typically includes dry storage systems 
that provide storage solutions for the placement of vessels ranging in size from small boats to super yachts for varied lengths of time. 
Dry storage systems also allow for the required maintenance of the vessels that we store. Marinas also provide ancillary services, such 
as fuel stations, ship stores, restaurants, swimming pools, cabin, and lodging rentals, boat rentals, tennis courts, fitness centers, shower 
and laundry facilities, planned activities, and other services to create a robust member experience.
Renters at our marinas lease the wet slip or dry storage space on which a vessel is stored. We typically own the underlying land, 
building improvements, dock improvements, site improvements, and other on-site amenity structures. Because we own the facilities 
and improvements on the land or submerged land at those marinas, we are responsible for the capital improvements and maintenance. 
In certain marinas, we do not own all of the underlying land and operate the marinas pursuant to ground leases.
We compete with other available marinas in the U.S. Through the marketing and leasing of wet slips and dry storage spaces, we have 
approximately 49,000 members throughout the marina network as of December 31, 2024.
UK Segment
In the UK, we sell homes to holiday homeowners who lease a pitch at one of our properties through a site fee license arrangement. In 
addition, we sell new and pre-owned homes to current and prospective customers. We also provide vacation opportunities to 
individuals and families complemented by high-quality amenities. The holiday park industry in the UK is highly fragmented.
SUN COMMUNITIES, INC.
4

PROPERTY MANAGEMENT
Our property management strategy emphasizes intensive, detail-oriented, hands-on management by dedicated, on-site MH, RV, and 
UK community managers as well as marina managers. We believe our focus on creating an exceptional resident, guest, and member 
experience creates a competitive advantage. It enables us to continually monitor and address concerns, the performance of competitive 
properties and local market conditions. As of December 31, 2024, of our 6,590 employees, 1,286 were located on-site as property 
managers, and of those, 99.4% were full-time employees. We also selectively utilize third-party managers to oversee the operations at 
certain of our RV properties to further enhance the efficiency of our property management strategy. As of December 31, 2024, 
approximately 49 of our RV properties were managed by third-party managers.
Our MH and RV property managers in the U.S. and Canada are overseen by our Chief Operating Officer ("COO"), and a team of 
Senior Vice Presidents, Divisional Vice Presidents, and Regional Vice Presidents. Each Regional Vice President typically oversees 
nine to 15 properties and is responsible for regular property inspections, oversight of property operations and sales functions, semi-
annual market surveys of competitive communities, and interaction with local manufactured home dealers. Each property manager 
performs regular inspections in order to monitor the physical condition of properties and to effectively address tenant concerns. In 
addition to an on-site manager, each district or property has on-site maintenance personnel and management support staff. We hold 
mandatory training sessions for all new property management personnel to ensure that policies and procedures are executed effectively 
and professionally. All of our property management personnel participate in on-going training to ensure that changes to policies and 
procedures are implemented consistently. Our internal training program has led to increased knowledge and accountability for daily 
operations and policies and procedures.
Our marina business is overseen by a Chief Executive Officer ("CEO") of Safe Harbor and a team consisting of Executive Vice 
Presidents of Operations, Senior Vice Presidents of Operations, and Regional Vice Presidents who are responsible for regular marina 
inspections and oversight of operations.
Our UK business is overseen by the CEO of Park Holidays, a COO, and several Regional Operations Directors who are responsible 
for all on-site operations in the UK.
HOME SALES AND RENTALS
We market, sell, and lease new and pre-owned homes to current and future residents in our MH and RV communities through SHS in 
the U.S., and to current and future holiday homeowners through our subsidiaries in the UK. Because tenants and holiday homeowners 
often purchase a home already on-site within a community, the services SHS and our UK subsidiaries provide enhance occupancy and 
property performance. Additionally, because many of the homes on the properties are sold through SHS and Park Holidays, better 
control of home quality in our communities can be maintained than if sales services were conducted solely through third-party brokers.
SHS also leases homes to prospective tenants. As of December 31, 2024, SHS's portfolio consists of over 11,210 occupied leased 
homes. New and pre-owned homes are purchased for our Rental Program. Leases associated with our Rental Program generally have a 
term of one year. The Rental Program requires management of costs associated with repair and refurbishment of these homes as the 
tenants vacate and the homes are re-leased. In 2024, we received over 36,600 applications to live in our MH and RV properties, 
providing a significant "resident onboarding" system that allows us to market the purchase of a home to qualified applicants. Through 
our Rental Program, we demonstrate our product and lifestyle to the renters, while monitoring their payment history and converting 
qualified renters to owners.
Park Holidays also rents homes for short-stays to allow people to experience the community park and facilities. Their short-stay 
experiences may, in turn, lead guests to ultimately purchase a home in a Park Holidays community. Holiday makers drive the pipeline 
for future home sales opportunities.
Our home sales and leasing operations compete with other national, and local MH dealers and MH community owners in the U.S. and 
other holiday park owners in the UK.
SUN COMMUNITIES, INC.
5

SITE LEASES OR USAGE RIGHTS
Typical tenant leases for MH sites in the U.S. are year-to-year or month-to-month, renewable upon the consent of both parties, or, in 
some instances, as provided by statute. Certain of our leases, mainly at our Florida and California properties, are tied to the consumer 
price index or other indices as they relate to rent increases. Generally, market rate adjustments are made on an annual basis. These 
leases are cancellable for non-payment of rent, violation of community rules and regulations, or other specified defaults. During the 
five calendar years ended December 31, 2024, on average less than 1.0% of the homes in our MH communities have been removed by 
their owners and 5.7% of the homes have been sold by their owners to a new owner who then assumes rental obligations as a 
community resident. During the three years ended December 31, 2024, on average, our residents remain in our communities for 
approximately 19 years.
Site license fees for MH sites in the UK are for a term of 20, 30 or 40 years depending on the product originally purchased. The 
holiday homeowner must pay an annual site fee for their holiday home to remain on the property. On average, Park Holidays 
homeowners remain in the communities for over seven years.
Typical resident agreements for RV sites are year-to-year or from move-in date until the end of the current calendar year. Generally, 
increases and market rate adjustments are made on an annual basis. These agreements are cancellable for non-payment of rent, 
violation of community rules and regulations or other specified defaults.
Leases for wet slips and dry storage spaces at our marinas are year-to-year, season-to-season, month-to-month, or transient by night, 
renewable upon the consent of both parties. On average, our members maintain leases in our marinas for approximately 7.5 years.
ACQUISITION AND DISPOSITION STRATEGY
From 2010 through 2022, a large component of our growth was driven by acquisitions as we opportunistically purchased high-quality 
MH, RV, marina, and UK properties. With the benefit of our expanded portfolio, beginning in 2023, we shifted our strategy toward 
optimizing the value of our existing businesses through achieving strong rental rate growth and operating efficiencies, while still 
pursuing select new acquisition and expansion opportunities. This strategy continued in 2024 as we determined to divest non-strategic 
assets and focus on simplification of our operations and capital structure.
During the year ended December 31, 2024, we sold 10 MH properties, 13 RV properties, two UK properties, and three MH 
development properties with an aggregate of 6,526 sites for a gross sale price of approximately $476.8 million, and received total cash 
consideration of approximately $326.7 million, net of settlement of the associated mortgage debt of $93.5 million. We also selectively 
acquired three marinas and three marina expansion assets with an aggregate of 925 wet slips and dry storage spaces for an aggregate 
purchase price of approximately $63.8 million.
REGULATIONS AND INSURANCE
General
MH, RV, marina, and UK properties are subject to various laws, ordinances, and regulations, including regulations relating to 
recreational facilities such as swimming pools, clubhouses, and other common areas. Each property has the necessary operating 
permits and approvals.
Insurance
With increased insurance claims across the industry and other market conditions, it has been more difficult to obtain insurance, in 
particular property insurance covering named windstorms, business interruption, flood, and earthquake insurance. With fewer insurers 
willing to provide policies, and policies increasingly including lower coverage limits, higher deductibles, and higher premiums, we 
have changed our insurance purchasing philosophy and strategy resulting in us self-insuring a greater risk to offset insurance market 
fluctuations. Our management believes that the properties are covered by adequate comprehensive liability, fire, property, business 
interruption, general liability, and (where appropriate) flood and earthquake insurance through a combination of our self-insurance 
partially covering our risk and insurance provided by reputable companies with commercially reasonable deductibles and limits. We 
maintain a blanket policy that covers all of our properties. We have obtained title insurance insuring fee title to the properties in an 
aggregate amount which we believe to be adequate. Claims made to our insurance carriers that are determined to be recoverable are 
classified in other receivables as incurred.
SUN COMMUNITIES, INC.
6

HUMAN CAPITAL
Human capital management is key to our success and focuses on employee retention and talent development practices. We are 
committed to building a culture that inspires and supports the growth of our employees, serves our communities, and shapes a more 
competitive business.
We expect our leaders to be role models and lead in a way that enables our organization to achieve success. Our strategy is anchored 
in promoting the right internal talent and hiring the right external talent for career opportunities across our organization. We are 
focused on hiring and developing talent that mirrors the markets we serve, and investing in learning opportunities and capabilities that 
equip our workforce with the skills they need while improving engagement and retention.
We believe we are a stronger organization when our workforce represents a broad range of ideas and experiences. As of December 31, 
2024, 39% of our employees were female, 26% of our employees (excluding those in Canada and the UK) were racially or ethnically 
diverse, and 43% of our employees were aged 50 years and older, with approximately 10% being aged 60 years and older.
Training and Resources
We offer training and resources on cybersecurity, fair housing and anti-discrimination laws and regulation, sexual harassment and 
discrimination, and leadership development. We are committed to providing a total compensation package that is market-based, 
performance driven, fair, and internally equitable. We conduct ongoing pay equity analyses to ensure that our employees are 
compensated fairly. Our goal is to be competitive both within the general employment market as well as with our competitors in the 
real estate industry.
Our Code of Conduct and Business Ethics is grounded in our commitment to do the right thing. It serves as the foundation for our 
approach to ethics and compliance. Our anti-corruption compliance program is focused on conducting business in a fair, ethical, and 
legal manner. We do not tolerate harassing, discriminatory or retaliatory conduct, as such conduct is inconsistent with our policies, 
practices, and philosophy.
We actively seek opportunities to minimize health, safety, and environmental risks to our team members, residents, and customers we 
serve in our communities by utilizing safe operating procedures in compliance with safety and health laws, providing ongoing role 
appropriate training, conducting regular inspections and reviews, and providing the appropriate tools and safeguards for accident 
prevention and risk management.
SUN COMMUNITIES, INC.
7

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K contains various "forward-looking statements" within the meaning of the Securities Act of 1933, as 
amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and we intend that such 
forward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this 
document that relate to expectations, beliefs, projections, future plans and strategies, trends or prospective events or developments, and 
similar expressions concerning matters that are not historical facts are deemed to be forward-looking statements. Words such as 
"forecasts," "intend," "goal," "estimate," "expect," "project," "projections," "plans," "predicts," "potential," "seeks," "anticipates," 
"should," "could," "may," "will," "designed to," "foreseeable future," "believe," "scheduled," "guidance," "target", and similar 
expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. 
These forward-looking statements reflect our current views with respect to future events and financial performance, but involve known 
and unknown risks, uncertainties, and other factors, both general and specific to the matters discussed in this document, some of which 
are beyond our control. These risks and uncertainties and other factors may cause our actual results to be materially different from any 
future results expressed or implied by such forward-looking statements. In addition to the risks disclosed under "Risk Factors" in this 
Annual Report on Form 10-K, and in our other filings with the SEC, from time to time, such risks, uncertainties and other factors 
include, but are not limited to:
•
Changes in general economic conditions, including inflation, deflation, energy costs, the real estate industry and the markets 
within which we operate;
•
Difficulties in our ability to evaluate, finance, complete and integrate acquisitions, developments and expansions 
successfully;
•
Risks that the Safe Harbor Sale disrupts current plans and operations;
•
Our ability to complete the Safe Harbor Sale on a timely basis or at all;
•
The impacts of the announcement or consummation of the Safe Harbor Sale on business relationships;
•
The anticipated cost of the Safe Harbor Sale;
•
Our ability to realize the anticipated benefits of the Safe Harbor Sale, including with respect to tax strategies, or at all;
•
Our liquidity and refinancing demands;
•
Our ability to obtain or refinance maturing debt;
•
Our ability to maintain compliance with covenants contained in our debt facilities and our unsecured notes;
•
Availability of capital;
•
Outbreaks of disease and related restrictions on business operations;
•
Changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, Australian 
dollar and pound sterling;
•
Our ability to maintain rental rates and occupancy levels;
•
Our ability to maintain effective internal control over financial reporting and disclosure controls and procedures;
•
Our remediation plan and our ability to remediate the material weakness in our internal control over financial reporting;
•
Expectations regarding the amount or frequency of impairment losses, including as a result of the write-down of intangible 
assets, including goodwill;
•
Increases in interest rates and operating costs, including insurance premiums and real estate taxes;
•
Risks related to natural disasters such as hurricanes, earthquakes, floods, droughts and wildfires;
•
General volatility of the capital markets and the market price of shares of our capital stock;
•
Our ability to maintain our status as a REIT;
•
Changes in real estate and zoning laws and regulations;
•
Legislative or regulatory changes, including changes to laws governing the taxation of REITs;
•
Litigation, judgments or settlements, including costs associated with prosecuting or defending claims and any adverse 
outcomes;
•
Competitive market forces;
•
The ability of purchasers of manufactured homes and boats to obtain financing; and
•
The level of repossessions by manufactured home and boat lenders.
SUN COMMUNITIES, INC.
8

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement 
was made. We undertake no obligation to publicly update or revise any forward-looking statements included or incorporated by 
reference into this document, whether as a result of new information, future events, changes in our expectations or otherwise, except as 
required by law.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future 
results, levels of activity, performance or achievements. All written and oral forward-looking statements attributable to us or persons 
acting on our behalf are qualified in their entirety by these cautionary statements.
SUN COMMUNITIES, INC.
9

ITEM 1A. RISK FACTORS
RISK FACTORS SUMMARY
The following is a summary of principal risks that could affect our business, financial condition, results of operations, cash flows, 
and / or prospects. This summary is not exhaustive, and you should read the more detailed discussion of risks that follows this 
summary.
RISKS RELATED TO THE SAFE HARBOR SALE
•
The Safe Harbor Sale may not be completed on the anticipated timeline or at all, which could adversely affect our business 
plans and financial condition.
•
The pendency of the Safe Harbor Sale could adversely affect our business and operations.
•
We will have broad discretion in the application of the net proceeds from the Safe Harbor sale, and shareholders will be 
relying on our judgment regarding the use of these proceeds.
•
We may be unable to realize the anticipated benefits of the Safe Harbor Sale, once completed, or to do so within the 
anticipated time frame.
•
Our actual business and operating results may differ materially from our guidance or other forward-looking statements.
Risks Relating to our MH, RV, Marina, and UK Businesses
•
General economic conditions and the concentration of our properties in specific regions may affect our ability to generate 
revenue.
•
We may not be able to integrate or finance our expansion and development activities.
•
Competition affects occupancy levels and rents, which could adversely affect our revenues.
•
The cyclical and seasonal nature of the RV and marina industries lead to fluctuations in our operation results.
•
We may not be able to integrate or finance our acquisitions and they may not perform as expected.
•
Extreme weather conditions, natural disasters and climate change may adversely affect our business.
•
Marinas are specific-use properties and may not be readily adaptable to other uses.
•
We may be unable to obtain, renew or maintain permits, licenses, leases, and approvals necessary for the operation of our 
marinas.
•
Environmental laws may lead to liability for remediation and disposal of hazardous materials located on our properties.
•
We are subject to additional risks specific to our international investments. 
•
Public health crises may materially and adversely impact our business in unanticipated ways.
•
Rent control laws may inhibit our ability to increase rents.
Risks Related to our Debt Financings
•
The amount of our debt could limit our operational flexibility or otherwise adversely affect our financial condition.
•
Loan and debt covenants could limit our flexibility and adversely affect our financial condition.
•
Increases in market interest rates could materially increase our costs associated with existing and future debt and our efforts 
to mitigate these risks through hedging activities may not be successful.
•
A downgrade in our credit ratings could have material adverse effects on our business and financial condition.
Tax Risks Related to Our Status as a REIT
•
If we fail to qualify as a REIT, among other things, our taxable income would be subject to federal income tax at a regular 
corporate rate.
•
The Operating Partnership could be classified as a "publicly traded partnership" which would subject it to taxation as a 
corporation and lead to substantial tax liabilities.
•
Compliance with the complex requirements and tests that are applied to REITs may limit our operational flexibility.
SUN COMMUNITIES, INC.
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Risks Related to Our Structure
•
Certain provisions in our governing documents and of Maryland law may may discourage a change of control of the 
Company.
General Risk Factors
•
Ineffective succession planning for our CEO may impact the execution of our strategic plan.
•
An existing material weakness in our internal control over financial reporting may not be effectively remediated and 
additional material weaknesses may occur in the future.
•
If we fail to maintain an effective system of internal controls, we may not accurately report financial results.
•
We may write down intangible assets due to impairment, which could have a material adverse effect on us.
•
Our share price is subject to fluctuations that could be caused by a wide range of factors that could ultimately lead to a 
complete loss on our shareholders' investment.
•
Substantial sales or issuances of our common or preferred stock could cause our stock price to fall.
•
Our cash flows may not be sufficient to make distributions on our stock, pay our indebtedness, or fund our other liquidity 
needs.
•
The loss of services of any of our executive officers could have a temporary adverse effect on our business.
•
Cybersecurity incidents and the information stored on our networks could be accessed, publicly disclosed, lost, or stolen.
•
We may experience losses in excess of our insurance coverages and rising insurance costs may negatively affect us.
•
Adverse content about us on social media platforms could result in damage to our reputation or brand.
•
Failure to comply with laws and regulations may expose us to significant costs and liabilities.
•
We may be adversely impacted by fluctuations in foreign currency exchange rates.
•
Our business could be adversely affected by changes in national and global economic conditions.
Our prospects are subject to certain uncertainties and risks. Our future results could differ materially from current results, and our 
actual results could differ materially from those projected in forward-looking statements as a result of certain risk factors. These risk 
factors include, but are not limited to, those set forth below, other one-time events, and important factors disclosed previously and 
from time to time in our other filings with the SEC.
RISKS RELATED TO THE SAFE HARBOR SALE
The Safe Harbor Sale may not be completed on the anticipated timeline or at all, which could adversely affect the Company's 
business plans.
On February 24, 2025, we entered into the Purchase Agreement to sell Safe Harbor for an aggregate purchase price of approximately 
$5.65 billion, subject to certain adjustments. The closing of the Safe Harbor Sale is subject to the satisfaction or waiver of certain 
customary conditions to closing, including: (i) all applicable waiting periods (and any extensions thereof) required under the HSR Act 
shall have expired or been terminated, and (ii) the absence of any law, order, injunction or ruling issued by a court or other 
governmental authority permanently restraining, enjoining, or making illegal the Safe Harbor Sale. Each party's obligation to 
consummate the Safe Harbor Sale is also conditioned upon the accuracy of the other party's representations and warranties (generally 
subject, other than for certain fundamental representations and warranties, to a material adverse effect standard) and the other party's 
having performed in all material respects its obligations under the Purchase Agreement. The transfer of the Delayed Consent 
Subsidiaries is further subject to the receipt of certain third-party consents and the Delayed Consent Subsidiaries therefore may be 
transferred in one or more subsequent closings, and is subject to certain conditions to closing.
SUN COMMUNITIES, INC.
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The Purchase Agreement also contains certain customary termination rights for the parties, including mutual consent of the parties or, 
subject to certain conditions, by either us or the buyer, if the closing of the Safe Harbor Sale has not occurred prior to August 24, 
2025, or if a governmental authority has issued a final, non-appealable order permanently restraining, enjoining, preventing, or 
otherwise prohibiting, or making illegal the consummation of the Safe Harbor Sale. The Purchase Agreement may also be terminated 
by either party if, subject to certain conditions, the other party is in breach of the Purchase Agreement and such breach would prevent 
the satisfaction of its closing conditions and is incapable of or has not been cured within a given time period, or if a party fails to close 
following the satisfaction of the closing conditions, subject to certain limitations. In the following circumstances further described in 
the Purchase Agreement, in connection with the termination of the Purchase Agreement, the buyer will be required to pay us the Buyer 
Termination Fee of $565 million upon termination of the Purchase Agreement, which circumstances are (i) if we terminate the 
Purchase Agreement as a result of an uncured material breach of the Purchase Agreement by the buyer, or (ii) as a result of the buyer's 
failure to close when otherwise obligated pursuant to the Purchase Agreement.
If the closing conditions to the initial closing are not satisfied or waived, or if the Purchase Agreement is terminated in accordance 
with its terms, the Safe Harbor Sale will not be consummated. Similarly, if the closing conditions to the transfer of any Delayed 
Consent Subsidiary, including receipt of the required consents, are not satisfied, the sale of such Delayed Consent Subsidiary may not 
be consummated. Even if the closing conditions for the initial closing or subsequent closings are ultimately satisfied, their satisfaction 
may take longer than expected, which could delay the completion of the Safe Harbor sale or the sale of one or more of the Delayed 
Consent Subsidiaries. Any such delay or failure to complete the Safe Harbor Sale or the sale of the Delayed Consent Subsidiaries 
could materially and adversely affect the Company's business and the price of our common stock, and could require the Company to 
seek alternative strategies for Safe Harbor. We also cannot provide any assurances that the conditions required to be satisfied to 
receive the Buyer Termination Fee will be satisfied upon a termination of the Purchase Agreement.
The pendency of the Safe Harbor Sale could adversely affect the business and operations of the Company and / or Safe Harbor.
In connection with the pending Safe Harbor Sale, some clients of Safe Harbor may delay or defer decisions, which could adversely 
affect the revenues, earnings, funds from operations, cash flows and expenses of Safe Harbor and the Company, regardless of whether 
the Safe Harbor Sale is completed. Similarly, current and prospective employees of Safe Harbor may experience uncertainty about 
their future roles, which may adversely affect the Company's ability to attract and retain key personnel during the pendency of the Safe 
Harbor Sale. In addition, due to operating covenants in the Purchase Agreement, Safe Harbor may be unable (without the other party's 
prior written consent), during the pendency of the Safe Harbor Sale, to pursue strategic transactions, undertake certain significant 
financing transactions and otherwise pursue other actions, even if such actions would prove beneficial, which could have an adverse 
effect on the Company's business and financial condition.
We will have broad discretion in the use of proceeds from the Safe Harbor Sale.
We anticipate using the net proceeds from the Safe Harbor sale to support a combination of debt paydown, distributions to 
shareholders, and reinvestment in our core businesses. Our Board and management will have broad discretion in the application of the 
net proceeds, and shareholders will be relying on the judgment of our Board and management regarding the use of these proceeds. The 
Company may ultimately use the proceeds for different purposes than what is currently intended. The use of those proceeds, including 
any distributions that may be made, may have adverse tax consequences, both for us and our shareholders, and, in certain cases, if any 
distributions are made, shareholders may recognize taxable income in excess of the cash they receive. The tax consequences of any 
such distributions will vary depending on each shareholder's particular circumstances, and shareholders are urged to consult their own 
tax advisors regarding the specific tax consequences applicable to them. In addition, the Company's failure to apply these funds 
effectively could have an adverse effect on its business and financial condition.
We may be unable to realize the anticipated benefits of the Safe Harbor Sale, once completed, or to do so within the anticipated 
time frame.
A number of risks and challenges may arise from the Safe Harbor Sale that may cause us to be unable to realize the anticipated 
benefits therefrom, including, but not limited to, purchase price adjustments; unexpected costs, charges or expenses; diversion of 
management's attention; unexpected operational inefficiencies; adverse tax consequences for us; the duration of time to closing the 
Safe Harbor Sale (and / or the subsequent closings contemplated thereby); the potential retention of certain properties and other 
matters. We cannot predict the scope or nature of these risks, or the timeframe in which we will be able to realize the anticipated 
benefits of the Safe Harbor Sale. These risks could have an adverse effect on the Company's business and financial condition, as well 
as the Company's ability to accurately predict future performance.
SUN COMMUNITIES, INC.
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Our actual business and operating results may differ materially from our guidance or other forward-looking statements.
Guidance and other forward-looking statements are necessarily speculative in nature, and it can be expected that some or all of the 
assumptions of such information furnished by us will not materialize or will vary significantly from our actual results. Our guidance 
and forward-looking statements are based upon a number of assumptions and estimates that, while presented with numerical 
specificity, are inherently subject to business, economic, regulatory and competitive uncertainties, and contingencies, many of which 
are beyond our control, and are based upon specific assumptions with respect to future business decisions, some of which will change, 
and are solely based on the facts and circumstances presented at the time such information is provided. The likelihood of differences 
between our guidance and other forward-looking statements and the actual results from our business and operations are significantly 
higher during the pendency of a significant transaction, such as the Safe Harbor Sale, for which there are many assumptions and 
uncertainties that could impact our business and operating results, including with respect to certainty, timing, proceeds (and the uses 
thereof), and other factors, including those described elsewhere in this Annual Report on Form 10-K. Refer to Part I, Item 1, "Business 
- Cautionary Statement Regarding Forward-Looking Statements."
MATERIAL RISKS RELATING TO OUR MH, RV, MARINA, AND UK BUSINESSES
General economic conditions and the concentration of our MH, RV, Marina, and UK properties in certain geographic areas may 
affect our ability to generate revenue.
The market and economic conditions in our current markets generally, and specifically in metropolitan areas of our current markets, 
may significantly affect occupancy or rental rates. Occupancy and rental rates, in turn, may significantly affect our revenues, and if our 
properties do not generate revenues sufficient to meet our operating expenses, including debt service and capital expenditures, our 
cash flows and ability to pay or refinance our debt obligations could be adversely affected.
As of December 31, 2024, 148 of our MH, RV, and UK communities and marinas, representing 22.4% of developed sites, are located 
in Florida; 92 communities, representing 16.6% of developed sites, are located in Michigan; 53 communities, representing 9.8% of 
developed sites, are located in the UK; 49 communities, representing 6.8% of developed sites, are located in California; and 32 
communities, representing 5.8% of developed sites, are located in Texas. As of December 31, 2024, we have revenue concentrations 
of marinas in Florida, Rhode Island and Georgia of approximately 31.9%, 8.9% and 8.0%, respectively. As a result of the geographic 
concentration of our MH, RV, and UK communities in Florida, Michigan, the UK, California and Texas, and of our marinas in 
Florida, Rhode Island and Georgia, we are exposed to the risks of downturns in local economies or other local real estate market 
conditions which could adversely affect occupancy rates, rental rates and property values in these markets.
Our revenue would also be adversely affected if tenants and members were unable to pay rent or if sites were unable to be rented on 
favorable terms. If we were unable to promptly relet or renew the leases for a significant number of the sites, or if the rental rates upon 
such renewal or reletting were significantly lower than expected rates, then our business and results of operations could be adversely 
affected. In addition, certain expenditures associated with each property (such as real estate taxes and maintenance costs) generally are 
not reduced when circumstances cause a reduction in income from the property. Furthermore, real estate investments are relatively 
illiquid and, therefore, will tend to limit our ability to vary our portfolio promptly in response to changes in economic or other 
conditions.
The following factors, among others, may adversely affect the revenues generated by our properties:
•
the international, national and local economic climate which may be adversely impacted by, among other factors, plant 
closings, industry slowdowns and inflation;
•
local real estate market conditions such as the oversupply of MH or RV sites or a reduction in demand for MH or RV sites in 
an area, and an oversupply of, or a reduced demand for, manufactured homes;
•
increased operating costs, including insurance premiums, real estate taxes and utilities;
•
competition from other available MH and RV communities and alternative forms of housing (such as apartment buildings and 
site-built single-family homes), and other marinas;
•
a decrease in the number of people interested in the RV lifestyle or boating;
•
outbreaks of disease and related restrictions on business operations;
•
changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, Australian 
dollar and pound sterling;
•
the number of repossessed homes in a particular market;
SUN COMMUNITIES, INC.
13

•
the difficulty facing potential purchasers in obtaining affordable financing as a result of heightened lending criteria;
•
an increase or decrease in the rate of manufactured home repossessions which provide aggressively priced competition to 
new manufactured home sales;
•
the lack of an established MH dealer network;
•
the housing rental market which may limit the extent to which rents may be increased to meet increased expenses without 
decreasing occupancy rates;
•
the perceptions by prospective tenants of the safety, convenience and attractiveness of our MH properties and the 
neighborhoods where they are located;
•
zoning or other environmental regulatory restrictions;
•
our ability to effectively manage, maintain and insure our properties; and
•
the enactment of rent control laws or laws taxing the owners of manufactured homes.
We may not be able to integrate or finance our expansion and development activities.
We build and develop new MH and RV communities and marinas and we expand existing communities and marinas. Our construction 
and development pipeline may be exposed to the following risks which are in addition to those risks associated with the ownership and 
operation of established MH and RV communities and marinas:
•
we may not be able to obtain financing with favorable terms for development which may make us unable to proceed with the 
development;
•
we may be unable to obtain, or face delays in obtaining, necessary zoning, building and other governmental permits and 
authorizations, which could result in increased costs and delays, and even require us to abandon development of the property 
entirely if we are unable to obtain such permits or authorizations;
•
we may abandon development opportunities that we have already begun to explore and as a result we may not recover 
expenses already incurred in connection with exploring such development opportunities;
•
we may be unable to complete construction and lease-up of a property on schedule resulting in increased debt service expense 
and construction costs;
•
we may incur construction and development costs for a property which exceed our original estimates due to increased 
materials, labor or other costs, which could make completing the development uneconomical and we may not be able to 
increase rents to compensate for the increase in development costs which may impact our profitability;
•
we may be unable to secure long-term financing on completion of development resulting in increased debt service and lower 
profitability;
•
occupancy rates and rents at a newly developed property may fluctuate depending on several factors, including market and 
economic conditions, which may result in the property not being profitable; and
•
climate change may cause new marina developments to be paused or restricted.
If any of the above risks occur, our business and results of operations could be adversely affected.
Competition affects occupancy levels and rents, which could adversely affect our revenues.
The MH, RV, and marina industries are highly-fragmented. There are many international, national and regional competitors in the 
markets we currently serve and in new markets that we may enter. Our properties are located in developed areas that include other MH 
or RV communities, and marinas. The number of competitive communities and marinas in a particular area could have a material 
adverse effect on our ability to lease sites and increase rents charged at our properties or at any newly acquired properties. We may be 
competing with others with greater resources. In addition, other forms of multi-family residential properties, such as private and 
federally funded or assisted multi-family housing projects and single-family housing, provide housing alternatives to potential tenants 
of MH or RV communities.
SUN COMMUNITIES, INC.
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The cyclical and seasonal nature of the RV, Marina, and UK segments may lead to fluctuations in our operating results.
The RV, Marina, and UK segments can experience cycles of growth and downturn due to seasonality patterns. Results of operations in 
any one period may not be indicative of results in future periods. In the RV segment, certain properties maintain higher occupancy 
during the summer months, while other properties maintain higher occupancy during the winter months. The RV segment typically 
shows a decline in demand over the winter months, yet usually produces higher growth in the spring and summer months due to higher 
use by vacationers. In the Marina segment, demand for wet slip storage increases during the summer months as customers contract for 
the summer boating season, which also drives non-storage revenue streams such as service, fuel and on-premise restaurants or 
convenience storage. Demand for dry storage increases during the winter season as seasonal weather patterns require boat owners to 
store their vessels on dry docks or within covered racks. In the UK segment, vacation rental sites generally produce higher revenues 
between March and October. Our results on a quarterly basis can fluctuate due to this cyclicality and seasonality.
We may not be able to integrate or finance our acquisitions and our acquisitions may not perform as expected.
We have acquired and intend to continue to selectively acquire MH, RV, and marina properties. Our acquisition activities and their 
success are subject to the following risks:
•
we may be unable to acquire a desired property because of competition from other well-capitalized real estate investors, 
including both publicly traded REITs and institutional investment funds;
•
even if we enter into an acquisition agreement for a property, it is usually subject to customary conditions to closing, 
including completion of due diligence investigations to our satisfaction, which may not be satisfied;
•
even if we are able to acquire a desired property, competition from other real estate investors may significantly increase the 
purchase price;
•
we may be unable to finance acquisitions on favorable terms;
•
acquired properties may fail to perform as expected;
•
acquired properties may be located in new markets where we face risks associated with a lack of market knowledge or 
understanding of the local economy, lack of business relationships in the area, and unfamiliarity with local governmental and 
permitting procedures; and
•
we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, 
into our existing operations.
If any of the above risks occur, our business and results of operations could be adversely affected.
In addition, we may acquire properties subject to liabilities and we may be left with no, or limited, recourse, with respect to unknown 
liabilities. As a result, we may have to pay substantial sums to settle any liabilities asserted against us based upon ownership of newly 
acquired properties, which could adversely affect our cash flows.
Investments through joint ventures involve risks not present in properties in which we are the sole owner.
We have invested and may continue to invest as a joint venture partner in joint ventures. These investments involve risks, including, 
but not limited to, the possibility the other joint venture partner may have business goals which are inconsistent with ours, possess the 
ability to take or force action or withhold consent contrary to our requests, fail to provide capital or fulfill its obligations, or become 
insolvent and require us to assume and fulfill the joint venture's financial obligations. Conflicts arising between us and our joint 
venture partners may be difficult to manage or resolve and it could be difficult to manage or otherwise monitor the existing business 
arrangements. We and our joint venture partners may each have the right to initiate a buy-sell arrangement, which could cause us to 
sell our interest, or acquire a joint venture partner's interest, at a time when we otherwise would not have entered into such a 
transaction. Each joint venture agreement is individually negotiated, and our ability to operate, finance or dispose of a property in our 
sole discretion may be limited to varying degrees depending on the terms of the applicable joint venture agreement.
SUN COMMUNITIES, INC.
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Many of our properties are located in areas that experience extreme weather conditions and natural disasters and climate change 
may adversely affect our business.
Extreme weather or weather-related conditions and other natural disasters, including hurricanes, flash floods, sea-level rise, droughts, 
tornadoes, wildfires or earthquakes, may interrupt our operations, damage our properties and reduce the number of customers who 
utilize our properties in the affected areas. Many of our properties are on coastlines that are subject to hurricane seasons, flash flooding 
and sea level rise; in areas adversely affected by wildfires, such as the western U.S.; and in earthquake-prone areas, such as the West 
Coast. If there are prolonged disruptions at our properties due to extreme weather or natural disasters, our results of operations and 
financial condition could be materially adversely affected.
While we maintain insurance coverage that may cover certain of the costs and loss of revenue associated with the effect of extreme 
weather and natural disasters at our properties, our coverage is subject to deductibles and limits on maximum benefits. We cannot 
assure you that we will be able to fully collect, if at all, on any claims resulting from extreme weather or natural disasters.
If any of our properties are damaged or if their operations are disrupted as a result of extreme weather or natural disasters, or if 
extreme weather or natural disasters adversely impact general economic or other conditions in the areas in which our properties are 
located or from which they draw their tenants and customers, our business, financial condition and results of operations could be 
materially adversely affected.
Significant changes in the climate could exacerbate extreme weather conditions or natural disasters that may occur in areas where our 
properties are located, all of which may result in additional physical damage to, or a decrease in demand for, properties located in 
these areas or affected by these conditions. If the impact of climate change is material in nature, including significant property damage 
to or destruction of our properties, or occurs for lengthy periods of time, our financial condition or results of operations may be 
adversely affected.
While they are unpredictable, the impacts of climate change may change residential migration and vacation trends, which could reduce 
demand for our properties. If the areas in which our properties are located become less desirable places to live or vacation, the value of 
our properties and their ability to generate revenue may be materially adversely affected.
In addition, changes in federal, state, local and foreign legislation and regulation based on concerns about climate change, as well as 
voluntary measures we take to combat climate change, could result in increased capital expenditures at our properties. For example, 
these could include expenditures to improve energy efficiency, improve resistance to inclement weather and provide for infrastructure 
improvement to support existing and emerging low-carbon technologies. These expenditures may not result in a corresponding 
increase in revenue, resulting in material adverse impacts to our financial results.
Marinas may not be readily adaptable to other uses.
Marinas are specific-use properties and may contain features or assets that have limited alternative uses. These properties may also 
have distinct operational functions that involve specific procedures and training. If the operations of any of our marinas become 
unprofitable due to industry competition, operational execution or otherwise, then it may not be feasible to operate the property for 
another use, and the value of certain features or assets used at the property, or the property itself, may be impaired. Should any of these 
events occur, our financial condition, results of operations and cash flows could be adversely impacted.
We may be unable to obtain, renew or maintain permits, licenses and approvals necessary for the operation of our Marinas.
The U.S. Army Corps of Engineers, the Coast Guard and other governmental bodies control much of the land located beneath and 
surrounding many of our marinas and lease such land to Safe Harbor under leases that typically range from five to 50 years. As a 
result, it is unlikely that we can obtain fee-simple title to the land on or near these marinas. If these governmental authorities terminate, 
fail to renew, or interpret in ways that are materially less favorable any of the permits, licenses and approvals necessary for the 
operation of these properties, then our financial condition, results of operations and cash flows could be adversely impacted.
Some marinas must be dredged from time to time to remove silt and mud that collect in harbor-areas in order to ensure that boat traffic 
can safely enter the harbor. Dredging and disposing of the dredged material can be very costly and require permits from various 
governmental authorities. If the permits necessary to dredge marinas or dispose of the dredged material cannot be timely obtained after 
the acquisition of a marina, or if dredging is not practical or is exceedingly expensive, the operations of such property would be 
materially and adversely affected.
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We may incur liability under environmental laws arising from conditions at properties we acquire or operations at the properties 
we own and operate.
Under various federal, state, local and foreign laws, ordinances and regulations, an owner or operator of real estate is liable for the 
costs of removal or remediation of certain hazardous substances at, on, under, or in such property. Such hazardous substances may be 
used at or located on our properties, especially our marinas. Such laws often impose liability without regard to whether the owner 
knew of, or was responsible for, the presence of such hazardous substances. The presence of such substances, or the failure to properly 
remediate such substances, may adversely affect the owner's ability to sell or rent the property, to borrow using the property as 
collateral or to develop the property. Persons who arrange for the disposal or treatment of hazardous substances also may be liable for 
the costs of removal or remediation of such substances at a disposal or treatment facility owned or operated by another person. In 
addition, certain environmental laws impose liability for the management and disposal of asbestos-containing materials and for the 
release of such materials into the air. These laws may result in fines or penalties and may permit third parties to seek recovery from 
owners or operators of real properties for personal injury associated with asbestos-containing materials.
As the purchaser of properties we acquire, or in connection with the operation of properties we own or manage, we may be liable for 
removal or remediation costs, governmental fines and injuries to persons and property. When we arrange for the treatment or disposal 
of hazardous substances at landfills or other facilities owned by other persons, we may be liable for the removal or remediation costs 
at such facilities.
As part of our standard acquisition due diligence, we subject our properties to a Phase I or similar environmental assessment as well as 
limited compliance evaluations (which involve general inspections without soil sampling or ground water analysis) completed by 
independent environmental and engineering consultants. In some cases, where these evaluations have recommended further, invasive 
investigations, those have also been conducted. While these environmental evaluations have not revealed any significant 
environmental liability that would have a material adverse effect on our business, they cannot reflect conditions arising after the 
studies were completed. No assurances can be given that existing environmental studies reveal all environmental liabilities, that any 
prior owner or operator of a property or neighboring owner or operator did not create any material environmental condition not known 
to us, or that a material environmental condition does not otherwise exist with respect to any one or more properties.
Moreover, we cannot be sure that future laws, ordinances or regulations will not impose any material environmental liability, or that 
the current environmental condition of our properties will not be affected by tenants and occupants of the properties, by the condition 
of land or operations in the vicinity of our properties (such as the presence of underground storage tanks), or by unrelated third parties. 
Environmental liabilities that we may incur could have an adverse effect on our financial condition, results of operations and cash 
flows.
We are subject to additional risks from our international investments.
We have significant ownership in the UK through our ownership of Park Holidays and other subsidiaries. Our investments in the UK 
and any other international investments we may acquire, subjects us to additional risks, including:
•
the laws, rules and regulations applicable in such jurisdictions outside of the U.S., including those related to property 
ownership by foreign entities, consumer and data protection, privacy, network security, encryption, payments and restricting 
us from removing profits earned from activities within the country to the U.S. (i.e., nationalization of assets located within a 
country);
•
complying with a wide variety of foreign laws;
•
fluctuations in exchange rates between foreign currencies and the U.S. dollar, and exchange controls;
•
limited experience with local business and cultural factors that differ from our usual standards and practices;
•
changes in the availability, cost and terms of mortgage funds and other borrowings resulting from varying national economic 
policies or changes in interest rates;
•
reliance on local management;
•
challenges in establishing effective controls and procedures to regulate operations in different regions and to monitor and 
ensure compliance with applicable regulations, such as applicable laws related to corrupt practices, employment, licensing, 
construction, climate change or environmental compliance;
•
unexpected changes in regulatory requirements, tax, tariffs, trade barriers and other laws within jurisdictions outside the U.S. 
or between the U.S. and such jurisdictions;
•
potentially adverse tax consequences with respect to our properties;
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•
the impact of regional or country-specific business cycles and economic instability, including deterioration in political 
relations with the U.S., instability in, or further withdrawals from, the European Union or other international trade alliances 
or agreements;
•
the impact of disruptions in global, regional or local supply chains, including disruptions occurring as a result of outbreaks of 
disease; and
•
political instability, uncertainty over property rights, civil unrest, drug trafficking, political activism or the continuation or 
escalation of terrorist activities.
If we are unable to adequately address these risks, they could have a significant adverse effect on our operations.
We depend on Safe Harbor's management to operate our marina business.
Safe Harbor's operations are separate from our other operations. The successful operation of our marinas depends on our ability to 
retain key employees with experience in the marina business, including Baxter R. Underwood, who is the Chief Executive Officer of 
Safe Harbor. The loss of services of Mr. Underwood or other key employees could have a material adverse effect on our ability to 
operate Safe Harbor. Although Mr. Underwood has entered into an employment and non-competition agreement, upon certain events 
he will have the option to eliminate the non-competition covenant by foregoing certain compensation and other benefits. We do not 
currently maintain or contemplate obtaining any "key-man" life insurance on any of the key employees of Safe Harbor.
Public health crises, such as outbreaks of disease, could materially and adversely affect our financial condition, operating results 
and cash flows.
A public health crisis, such as the COVID-19 pandemic, could have material and adverse effects on our ability to successfully operate 
our business and on our financial condition. The government and societal responses to public health crises are highly uncertain and we 
cannot predict with confidence the impact a public health crisis would have on our operations and financial condition.
Rent control legislation may harm our ability to increase rents.
National, state and local rent control laws in certain jurisdictions may limit our ability to increase rents at our MH properties to recover 
increases in operating expenses and the costs of capital improvements. Enactment of such laws has been considered from time to time 
in other jurisdictions. Certain properties are located, and we may purchase additional properties, in markets that are either subject to 
rent control or in which rent-limiting legislation exists or may be enacted.
RISKS RELATED TO OUR DEBT FINANCINGS
Our significant amount of debt could limit our operational flexibility or otherwise adversely affect our financial condition, and we 
may incur more debt in the future.
We have a significant amount of debt. As of December 31, 2024, we had approximately $7.4 billion of total debt outstanding, 
consisting of approximately $3.3 billion in collateralized term loans and debt that is secured by mortgage liens on 137 of our 
properties, $2.7 billion of senior unsecured notes and $1.4 billion on our line of credit and other debt. Including the impact of hedge 
activity, as of December 31, 2024, approximately 91% of our total debt was fixed rate financing and approximately 9% of our total 
debt was floating rate financing. If we fail to meet our obligations under our secured debt, the lenders would be entitled to foreclose on 
all or some of the collateral securing such debt which could have a material adverse effect on us and our ability to make expected 
distributions, and could threaten our continued viability.
We are subject to the risks normally associated with debt financing, including the following risks:
•
our cash flows may be insufficient to meet required debt payments, or we may need to dedicate a substantial portion of our 
cash flows to pay our debt rather than to other areas of our business;
•
our existing debt may limit our operating flexibility due to financial and other restrictive covenants, including restrictions on 
incurring additional debt;
•
it may be more difficult for us to obtain additional financing for our operations, working capital requirements, capital 
expenditures, debt service or other general requirements;
•
increases in interest rates will increase the costs of our floating rate debt and make obtaining new debt more expensive;
•
we may be more vulnerable in the event of adverse economic and industry conditions or a downturn in our business;
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•
we may be placed at a competitive disadvantage compared to our competitors that have less debt; and
•
we may not be able to refinance at all or on favorable terms, as our debt matures.
If any of the above risks occurred, our financial condition and results of operations could be materially adversely affected.
Despite our current debt levels, we may incur substantially more debt in the future. If new debt is added to our current debt levels, an 
even greater portion of our cash flows will be needed to satisfy our debt service obligations. As a result, the related risks that we now 
face could intensify and increase the risk of a default on our debt.
Covenants in our credit agreements and senior unsecured note indentures could limit our flexibility and adversely affect our 
financial condition.
The terms of our financing agreements and other debt require us to comply with a number of customary financial and other covenants. 
These covenants may limit our flexibility in our operations, and breaches of these covenants could result in defaults under the 
instruments governing the applicable debt even if we have satisfied our payment obligations. Our financing agreements contain certain 
cross-default provisions that could be triggered in the event that we default on our other debt. These cross-default provisions may 
require us to repay or restructure our senior credit facility in addition to any mortgage or other debt that is in default. If our properties 
were foreclosed upon, or if we are unable to refinance our debt at maturity or meet our payment obligations, the amount of our 
distributable cash flows and our financial condition would be adversely affected.
Our senior credit facility contains various financial covenants including, but not limited to a maximum leverage ratio, a minimum 
fixed charge coverage ratio and a maximum secured leverage ratio. In addition to our senior credit facility, our senior unsecured notes 
also contain various covenants including an aggregate debt test, a secured debt test, a debt service test, and a maintenance of total 
unencumbered assets test. These covenants may restrict our ability to pursue certain business initiatives or certain transactions that 
might otherwise be advantageous. Furthermore, failure to meet certain of these financial covenants could cause an event of default 
under and / or accelerate some or all of such debt which could have a material adverse effect on us.
An increase in market interest rates could raise our interest costs on existing and future debt or adversely affect our stock price, 
and a decrease in interest rates may lead to additional competition for the acquisition of real estate or adversely affect our results 
of operations.
Our interest costs for any new debt and our current debt obligations may rise if interest rates increase. This increased cost could make 
the financing of any new acquisition more expensive, as well as lower our current period earnings. Rising interest rates could limit our 
ability to refinance existing debt when it matures or cause us to pay higher interest rates upon refinancing. In addition, an increase in 
interest rates could decrease our customers' access to credit, thereby decreasing the demand for manufactured homes and recreational 
vehicles. An increase in market interest rates may lead prospective purchasers of our common stock to expect a higher dividend yield, 
which could adversely affect the market price of our common stock. Decreases in interest rates may lead to additional competition for 
the acquisition of real estate due to a reduction in desirable alternative income-producing investments. Increased competition for the 
acquisition of real estate may lead to a decrease in the yields on real estate targeted for acquisition. In such circumstances, if we are 
not able to offset the decrease in yields by obtaining lower interest costs on our borrowings, our results of operations may be adversely 
affected.
Our hedging strategies may not be successful in mitigating our risks associated with interest rates and could reduce the overall 
returns on your investment.
We use various derivative financial instruments to provide a level of protection against interest rate risks, but no hedging strategy can 
protect us completely. These instruments involve risks, such as the risk that the counterparties may fail to honor their obligations under 
these arrangements, that these arrangements may not be effective in reducing our exposure to interest rate changes, that a court could 
rule that such agreements are not legally enforceable and that we may have to post collateral to enter into hedging transactions, which 
we may lose if we are unable to honor our obligations. These instruments may also generate income that may not be treated as 
qualifying REIT income for purposes of the REIT income tests. In addition, the nature and timing of hedging transactions may 
influence the effectiveness of our hedging strategies. Poorly designed strategies or improperly executed transactions could actually 
increase our risk and losses. Moreover, hedging strategies involve transaction and other costs. We cannot assure you that our hedging 
strategy and the derivatives that we use will adequately offset the risk of interest rate volatility or that our hedging transactions will not 
result in losses that may reduce the overall return on your investment.
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A downgrade in our credit ratings could have material adverse effects on our business and financial condition.
We intend to manage our operations to maintain our investment grade credit ratings from S&P Global and Moody's. These ratings are 
based on a number of factors, which include assessments of our financial strength, liquidity, capital structure, asset quality, and 
sustainability of cash flows and earnings. Changes in these factors could lead to a downgrade of our ratings, resulting in an adverse 
impact on our cost and availability of capital, which could in turn have a material adverse impact on our financial condition, results of 
operations and liquidity.
TAX RISKS RELATED TO OUR STATUS AS A REIT
We may suffer adverse tax consequences and be unable to attract capital if we fail to qualify as a REIT.
We believe that since our taxable year ended December 31, 1994, we have been organized and operated, and intend to continue to 
operate, so as to qualify for taxation as a REIT under the Code. Although we believe that we have been and will continue to be 
organized and have operated and will continue to operate so as to qualify for taxation as a REIT, we cannot be assured that we have 
been or will continue to qualify as a REIT. Qualification as a REIT involves the satisfaction of numerous requirements on an annual 
and quarterly basis established under highly technical and complex Code provisions for which there are limited judicial or 
administrative interpretations and involves the determination of various factual matters and circumstances not entirely within our 
control. In addition, frequent changes occur in the area of REIT taxation, which requires us to continually monitor our tax status.
If we fail to qualify as a REIT in any taxable year, our taxable income could be subject to U.S. federal income tax at regular corporate 
rates. Moreover, unless entitled to relief under certain statutory provisions, we also would be disqualified from treatment as a REIT for 
the four taxable years following the year during which qualification was lost. This treatment would reduce our net earnings available 
for investment or distribution to shareholders because of the additional tax liability to us for the years involved. In addition, 
distributions to shareholders would no longer be required to be made.
Federal, state and foreign income tax laws governing REITs and related interpretations may change at any time, and any such 
legislative or other actions affecting REITs could have a negative effect on us.
Federal, state and foreign income tax laws governing REITs, or the administrative interpretations of those laws may be amended at 
any time. Changes to tax laws, regulations or administrative interpretations, which may be applied retroactively, could adversely affect 
us. We cannot predict whether, when, in what forms, or with what effective dates, the tax laws, regulations and administrative 
interpretations applicable to us may be changed. Such changes could significantly affect either our ability to qualify for taxation as a 
REIT or the income tax consequences to us.
We intend for the Operating Partnership to be taxed as a partnership, but we cannot guarantee that it will qualify.
We believe that the Operating Partnership has been organized as a partnership and will qualify for treatment as such under the Code. 
However, if the Operating Partnership is deemed to be a "publicly traded partnership," it will be treated as a corporation instead of a 
partnership for federal income tax purposes unless at least 90% of its income is qualifying income as defined in the Code. The income 
requirements applicable to REITs and the definition of "qualifying income" for purposes of this 90% test are similar in most respects. 
Qualifying income for the 90% test generally includes passive income, such as specified types of real property rents, dividends and 
interest. We believe that the Operating Partnership has and will continue to meet this 90% test, but we cannot guarantee that it has or 
will. If the Operating Partnership were to be taxed as a regular corporation, it would incur substantial tax liabilities, we would fail to 
qualify as a REIT for federal income tax purposes and our ability to raise additional capital could be significantly impaired.
Partnership tax audit rules could have a material adverse effect on us.
Under the rules applicable to U.S. federal income tax audits of partnerships, subject to certain exceptions, any audit adjustment to 
items of income, gain, loss, deduction or credit of a partnership (and a partner's allocable share thereof) is determined, and taxes, 
interest, and penalties attributable thereto are assessed and collected, at the partnership level. Unless the partnership makes an election 
or takes certain steps to require the partners to pay their tax on their allocable shares of the adjustment, it is possible that partnerships 
in which we directly or indirectly invest, including the Operating Partnership, would be required to pay additional taxes, interest and 
penalties as a result of an audit adjustment. We, as a direct or indirect partner of the Operating Partnership and other partnerships, 
could be required to bear the economic burden of those taxes, interest and penalties even though the Company, as a REIT, may not 
otherwise have been required to pay additional corporate-level tax. These rules are significant for collecting tax in partnership audits 
and there can be no assurance that these rules will not have a material adverse effect on us.
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Our ability to accumulate cash may be restricted due to certain REIT distribution requirements.
In order to qualify as a REIT, we must distribute to our shareholders at least 90% of our REIT taxable income (calculated without any 
deduction for dividends paid and excluding net capital gain) and to avoid federal income taxation, our distributions must not be less 
than 100% of our REIT taxable income, including capital gains. As a result of the distribution requirements, we do not expect to 
accumulate significant amounts of cash. Accordingly, these distributions could significantly reduce the cash available to us in 
subsequent periods to fund our operations and future growth.
Our taxable REIT subsidiaries, or TRSs, are subject to special rules that may result in increased taxes.
As a REIT, we must pay a 100% penalty tax on certain payments that we receive if the economic arrangements between us and any of 
our TRSs are not comparable to similar arrangements between unrelated parties. The Internal Revenue Service may successfully assert 
that the economic arrangements of any of our inter-company transactions are not comparable to similar arrangements between 
unrelated parties. This would result in unexpected tax liability which would adversely affect our cash flows.
Dividends payable by REITs do not qualify for the reduced tax rates applicable to certain dividends.
The maximum federal tax rate for certain qualified dividends payable to domestic shareholders that are individuals, trusts and estates 
is 20%. Dividends payable by REITs, however, are generally not eligible for this reduced rate, although the Tax Cut and Jobs Act 
permits a 20% deduction equal to the amount of qualifying REIT dividends received, thus bringing the maximum federal tax rate on 
qualifying REIT dividends to 29.6%. While this rule does not adversely affect the taxation of REITs or dividends paid by REITs, the 
more favorable rates applicable to regular qualified corporate dividends could cause investors who are individuals, trusts and estates to 
perceive investments in REITs to be relatively less competitive than investments in stock of non-REIT corporations that pay 
dividends, which could adversely affect the comparative value of the stock of REITs, including our common stock and any preferred 
stock. The 20% deduction on REIT dividends is scheduled to expire on January 1, 2026, absent further extension or amendment of the 
statute.
Prospective investors should consult their own tax advisors regarding the effect of this change on their effective tax rate with respect 
to REIT dividends.
Complying with REIT requirements may cause us to forego otherwise attractive opportunities.
To remain qualified as a REIT for federal income tax purposes, we must continually satisfy requirements and tests under the tax law 
concerning, among other things, the sources of our income, the nature and diversification of our assets, the amounts we distribute to 
our shareholders and the ownership of our stock. In order to meet these tests, we may be required to forego or limit attractive business 
or investment opportunities and distribute all of our net earnings rather than invest in attractive opportunities or hold larger liquid 
reserves. Therefore, compliance with the REIT requirements may hinder our ability to operate solely to maximize profits.
RISKS RELATED TO OUR STRUCTURE
Certain provisions in our governing documents may make it difficult for a third-party to acquire us.
9.8% Ownership Limit. In order to qualify and maintain our qualification as a REIT, not more than 50% of the outstanding shares of 
our capital stock may be owned, directly or indirectly, by five or fewer individuals. Thus, ownership of more than 9.8%, in number of 
shares or value, of the issued and outstanding shares of our capital stock by any single shareholder has been restricted, with certain 
exceptions, for the purpose of maintaining our qualification as a REIT under the Code. Such restrictions in our charter do not apply to 
Milton M. Shiffman, Gary A. Shiffman and Robert B. Bayer; trustees, personal representatives and agents to the extent acting for them 
or their respective estates; or certain of their respective relatives.
The 9.8% ownership limit, as well as our ability to issue additional shares of common stock or shares of other stock (which may have 
rights and preferences over the common stock), may discourage a change of control of the Company and may also: (a) deter tender 
offers for the common stock, which offers may be advantageous to shareholders; and (b) limit the opportunity for shareholders to 
receive a premium for their common stock that might otherwise exist if an investor were attempting to assemble a block of common 
stock in excess of 9.8% of our outstanding shares or otherwise effect a change of control of the Company.
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Preferred Stock. Our charter authorizes the Board of Directors to issue up to 20,000,000 shares of preferred stock, none of which is 
currently outstanding, and to establish the preferences and rights (including the right to vote and the right to convert into shares of 
common stock) of any shares issued. The power to issue preferred stock could have the effect of delaying or preventing a change in 
control of the Company even if a change in control were in the shareholders' interest.
Certain provisions of Maryland law could inhibit changes in control, which may discourage third parties from conducting a tender 
offer or seeking other change of control transactions that could involve a premium price for our common stock or that our 
shareholders otherwise believe to be in their best interest.
Certain provisions of the Maryland General Corporation Law ("MGCL") may have the effect of inhibiting a third-party from making a 
proposal to acquire us or of impeding a change of control under circumstances that otherwise could provide the holders of shares of 
our capital stock with the opportunity to realize a premium over the then-prevailing market price of such shares, including:
•
"Business combination" provisions that, subject to limitations, prohibit certain business combinations between us and an 
"interested shareholder" (defined generally as any person who beneficially owns 10% or more of the voting power of our 
shares or an affiliate thereof or an affiliate or associate of ours who was the beneficial owner, directly or indirectly, of 10% or 
more of the voting power of our then outstanding voting stock at any time within the two-year period immediately prior to the 
date in question) for five years after the most recent date on which the shareholder becomes an interested shareholder, and 
thereafter impose fair price and / or supermajority and shareholder voting requirements on these combinations; and
•
"Control share" provisions that provide that "control shares" of our company (defined as shares that, when aggregated with 
other shares controlled by the shareholder, entitle the shareholder to exercise one of three increasing ranges of voting power 
in electing directors) acquired in a "control share acquisition" (defined as the direct or indirect acquisition of ownership or 
control of issued and outstanding "control shares") have no voting rights except to the extent approved by our shareholder by 
the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares.
The provisions of the MGCL relating to business combinations do not apply, however, to business combinations that are approved or 
exempted by our Board of Directors prior to the time that the interested shareholder becomes an interested shareholder. As permitted 
by the statute, our Board of Directors has by resolution exempted Milton M. Shiffman, Robert B. Bayer and Gary A. Shiffman, their 
affiliates and all persons acting in concert or as a group with the foregoing, from the business combination provisions of the MGCL 
and, consequently, the five-year prohibition and the supermajority vote requirements will not apply to business combinations between 
us and these persons. As a result, these persons may be able to enter into business combinations with us that may not be in the best 
interests of our shareholder without compliance by our company with the supermajority vote requirements and the other provisions of 
the statute.
Also, pursuant to a provision in our bylaws, we have exempted any acquisition of our stock from the control share provisions of the 
MGCL. However, our Board of Directors may, by amendment to our bylaws, opt into the control share provisions of the MGCL at any 
time in the future.
Additionally, Subtitle 8 of Title 3 of the MGCL permits our Board of Directors, without shareholder approval and regardless of what 
is currently provided in our charter or bylaws, to elect to be subject to certain provisions relating to corporate governance that may 
have the effect of delaying, deferring or preventing a transaction or a change of control of our company that might involve a premium 
to the market price of our common stock or otherwise be in our shareholders' best interests. These provisions include a classified 
board; two-thirds vote to remove a director; that the number of directors may only be fixed by the Board of Directors; that vacancies 
on the board as a result of an increase in the size of the board or due to death, resignation or removal can only be filled by the board, 
and the director appointed to fill the vacancy serves for the remainder of the full term of the class of director in which the vacancy 
occurred; and a majority requirement for the calling by shareholders of special meetings. Other than a classified board, the filling of 
vacancies as a result of the removal of a director and a majority requirement for the calling by shareholders of special meetings, we are 
already subject to these provisions, either by provisions of our charter and bylaws unrelated to Subtitle 8 or by reason of an election to 
be subject to certain provisions of Subtitle 8. In the future, our Board of Directors may elect, without shareholder approval, to make us 
subject to the provisions of Subtitle 8, to which we are not currently subject.
Our Board of Directors has power to adopt, alter or repeal any provision of our bylaws or make new bylaws, provided, however, that 
our shareholders may alter or repeal any provision of our bylaws and adopt new bylaws if any such alteration, repeal or adoption is 
approved by the affirmative vote of a majority of all votes entitled to be cast on the matter.
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GENERAL RISK FACTORS
Ineffective succession planning for our CEO may impact the execution of our strategic plan.
On November 5, 2024, Gary A. Shiffman, our Chairman and CEO, informed the Board of Directors of his intent to retire as CEO 
following the expected appointment of his successor by the end of the year ending December 31, 2025. We may not effectively or 
appropriately identify suitable succession candidates for Gary A. Shiffman, which could have a material adverse effect on our 
business, financial condition and results of operations. Management continues to strengthen our team and the Board of Directors has 
established a CEO Succession Planning Committee to conduct a comprehensive search process to identify a new CEO, but there can 
be no assurance that such planning will be capable of implementation or that our efforts will be successful.
We have identified a material weakness in our internal controls over financial reporting and we cannot provide assurances that 
this weakness will be effectively remediated or that additional material weaknesses will not occur in the future.
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a 
reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or 
detected on a timely basis. As described in Part II, Item 9A, "Controls and Procedures," management identified a material weakness as 
of December 31, 2024 relating to the lack of an effective risk assessment process that defined clear financial reporting objectives, that 
identified and evaluated risks of misstatement due to errors over certain financial reporting processes, or that developed internal 
controls to mitigate those risks. As part of management's evaluation of this material weakness, it has been identified that certain other 
deficiencies in control activities have materialized as a result of the deficiency in the Company's risk assessment.
We are actively engaged in the planning for, and implementation of, remediation efforts to address this material weakness, but there 
can be no assurance that those efforts will be successful. A material weakness will not be considered remediated until the updated 
controls have operated for a sufficient period of time and management has concluded, through testing, that such controls are operating 
effectively. If we do not remediate this material weakness in a timely manner, or if additional material weaknesses in our internal 
control over financial reporting are discovered, they may adversely affect our ability to record, process, summarize and report 
financial information timely and accurately and our financial statements may contain material misstatements or omissions. In addition, 
we may experience delays or be unable to meet our reporting obligations or to comply with SEC rules and regulations, which could 
result in investigations and sanctions by regulatory authorities. Any of these results may, among other adverse consequences, cause 
investors to lose confidence in our reported financial information, incur the expense of remediation, result in regulatory scrutiny, 
litigation, investigations or enforcement actions, limit our ability to access the capital markets, lead to a decline in our stock price, and 
otherwise have a material adverse effect on our business, financial condition, results of operations and cash flows.
For more information relating to the Company's internal control over financial reporting, the material weakness described above and 
the remediation activities undertaken by us, see "Controls and Procedures" in Part II, Item 9A, of this Annual Report on Form 10-K.
If we fail to maintain an effective system of internal controls, we may not be able to accurately report financial results, which could 
result in a loss of investor confidence and adversely affect the market price of our common stock.
We are required to establish and maintain internal control over financial reporting and disclosure controls and procedures. Internal 
control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting 
and the preparation of financial statements in accordance with generally accepted accounting principles. Disclosure controls and 
procedures are processes designed to ensure that information required to be disclosed is communicated to management and reported in 
a timely manner. We cannot be certain that we will successfully maintain adequate control over our financial reporting and disclosure 
controls and procedures. See "Controls and Procedures" in Part II, Item 9A of this Annual Report on Form 10-K for a discussion of the 
material weaknesses in our internal control over financial reporting that management has concluded exist or existed in connection with 
preparing our financial statements for the years ended December 31, 2024 and 2023. Deficiencies, including any material weakness, in 
our internal control over financial reporting that may occur could result in misstatements or restatements of our financial statements or 
a decline in the price of our securities. In addition, to the extent we make additional significant acquisitions, our internal controls will 
become more complex and may require significantly more resources to ensure that our disclosure controls and procedures remain 
effective. Acquisitions can pose challenges in implementing the required processes, procedures and controls in the operations of the 
companies that we acquire. Companies that are acquired by us may not have disclosure controls and procedures or internal control 
over financial reporting that are as thorough or effective as those required by the securities laws that currently apply to us.
SUN COMMUNITIES, INC.
23

Moreover, the existence of any material weakness or significant deficiency in our internal controls and procedures has required and 
would require management to devote significant time and incur significant expense to remediate any such material weaknesses or 
significant deficiencies and management may not be able to remediate any such material weaknesses or significant deficiencies in a 
timely manner. If we cannot provide reliable financial reports, our reputation and operating results could be materially adversely 
affected, which could also cause investors to lose confidence in our reported financial information, which in turn could result in a 
reduction in the trading price of our common stock.
We have been and may in the future be required to write down intangible assets, including goodwill, due to impairment, which 
could have a material adverse effect on our business, financial condition, results of operations and growth prospects.
We have in the past and may in the future be required to write down intangible assets, including goodwill, due to impairment, which 
would reduce earnings. We periodically calculate the fair value of our intangible assets to test for impairment. This calculation may be 
affected by several factors, including changes in general economic conditions, including inflation, deflation and energy costs; changes 
in foreign currency exchange rates; our rental rates and occupancy levels; increases in interest rates and operating costs, including 
insurance premiums and real estate taxes; the effects of natural disasters; and competitive market forces. Certain events can also 
trigger an immediate review of goodwill and intangible assets. If the carrying value of our intangible assets exceeds its fair value, the 
goodwill and other intangible assets are considered impaired, which would result in impairment losses and could have a material 
adverse effect on our business, financial condition, results of operations and growth prospects.
Refer to Note 1, "Significant Accounting Policies," and Note 6, "Goodwill and Other Intangible Assets," in our accompanying 
Consolidated Financial Statements, "Controls and Procedures" in Part II, Item 9A, and "Management's Discussion and Analysis of 
Financial Condition and Results of Operations" in Part II, Item 7 of this Annual Report for information on impairments to the goodwill 
for our UK reporting segment that we recognized during the years ended December 31, 2024 and 2023.
Our share price could be volatile and could decline, resulting in a substantial or complete loss on our shareholders' investment.
 
Our common stock has experienced significant price and volume fluctuations. In the future, the market price of our common stock and 
preferred stock could be similarly volatile, and investors in our common stock and preferred stock may experience a decrease in the 
value of their shares, including decreases unrelated to our operating performance or prospects. The price of our common stock and 
preferred stock could be subject to wide fluctuations in response to a number of factors, including:
•
issuances of other equity securities in the future, including new series or classes of preferred stock;
•
our operating performance and the performance of other similar companies;
•
our ability to maintain compliance with covenants contained in our debt facilities and our unsecured notes;
•
actual or anticipated variations in our operating results, funds from operations, cash flows or liquidity;
•
changes in expectations of future financial performance or changes in our earnings estimates or those of analysts;
•
changes in our distribution policy;
•
publication of research reports about us or the real estate industry generally;
•
increases in market interest rates that lead purchasers of our common stock and preferred stock to demand a higher dividend 
yield;
•
changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, Australian 
dollar and pound sterling;
•
changes in market valuations of similar companies;
•
outbreaks of disease, and related restrictions on business operations;
•
adverse market reaction to the amount of our debt outstanding at any time, the amount of our debt maturing in the near-term 
and medium-term and our ability to refinance our debt, or our plans to incur additional debt in the future;
•
additions or departures of key management personnel;
•
speculation in the press or investment community;
•
equity issuances by us, or share resales by our shareholders or the perception that such issuances or resales may occur;
•
actions by institutional shareholders;
•
litigation or threatened litigation, which may divert our management's time and attention, require us to pay damages and 
expenses or restrict the operation of our business;
•
failure to qualify and maintain our qualification as a REIT; and
•
general market and economic conditions.
SUN COMMUNITIES, INC.
24

Many of the factors listed above are beyond our control. Those factors may cause the market price of our common stock or preferred 
stock to decline significantly, regardless of our financial condition, results of operations and prospects. It is impossible to provide any 
assurance that the market price of our common stock or preferred stock will not fall in the future, and it may be difficult for holders to 
resell shares of our common stock or preferred stock at prices they find attractive, or at all. In the past, securities class action litigation 
has often been instituted against companies following periods of volatility in their stock price. This type of litigation could result in 
substantial costs and divert our management's attention and resources.
Substantial sales or issuances of our common or preferred stock could cause our stock price to fall.
The sale or issuance of substantial amounts of our common stock or preferred stock, whether directly by us or in the secondary market, 
the perception that such sales could occur or the availability of future issuances of shares of our common stock, preferred stock, OP 
units or other securities convertible into or exchangeable or exercisable for our common stock or preferred stock, could materially and 
adversely affect the market price of our common stock or preferred stock and our ability to raise capital through future offerings of 
equity or equity-related securities. In addition, we may issue capital stock that is senior to our common stock in the future for a 
number of reasons, including to finance our operations and business strategy, to adjust our ratio of debt to equity or for other reasons.
Based on the applicable conversion ratios then in effect, as of February 21, 2025, in the future we may issue to the limited partners of 
the Operating Partnership, up to approximately 5.3 million shares of our common stock in exchange for their OP units. The limited 
partners may sell such shares pursuant to registration rights, if available, or an available exemption from registration. As of 
February 21, 2025, there were no outstanding options to purchase shares of our common stock under our equity incentive plans, and 
we had the authority to issue restricted stock awards or options to purchase up to an additional 2.8 million shares of our common stock 
pursuant to our equity incentive plans. In addition, we have entered into an At the Market Offering Sales Agreement to sell shares of 
common stock. As of December 31, 2024, we have remaining capacity to sell up to an additional $725.2 million of common stock 
under this agreement. No prediction can be made regarding the effect that future sales of shares of our common stock or our other 
securities will have on the market price of shares.
Our business operations may not generate the cash needed to make distributions on our capital stock or to service our debt, and we 
may adjust our common stock distribution policy.
Our ability to make distributions on our common stock and preferred stock, and payments on our debt and to fund planned capital 
expenditures will depend on our ability to generate cash in the future. We cannot assure you that our business will generate sufficient 
cash flows from operations or that future borrowings will be available to us in an amount sufficient to enable us to make distributions 
on our common stock or preferred stock, to pay our debt or to fund our other liquidity needs.
The decision to declare and pay distributions on shares of our common stock in the future, as well as the timing, amount and 
composition of any such future distributions, will be at the sole discretion of our Board of Directors in light of conditions then 
existing, including our earnings, financial condition, capital requirements, debt maturities, the availability of debt and equity capital, 
applicable REIT and legal restrictions, general overall economic conditions and other factors. Any change in our distribution policy 
could have a material adverse effect on the market price of our common stock.
We rely on key management.
We depend on the efforts of our executive officers, including Gary A. Shiffman, John B. McLaren, Bruce D. Thelen, Fernando Castro-
Caratini, Marc Farrugia, Aaron Weiss and Baxter R. Underwood. The loss of services of one or more of these executive officers could 
have a temporary adverse effect on our operations. We do not currently maintain or contemplate obtaining any "key-man" life 
insurance on our executive officers.
Cybersecurity breaches and other disruptions could compromise our information and expose us to liability, which would cause our 
business and reputation to suffer.
We rely intensively on information technology to account for tenant transactions, manage the privacy of tenant data, communicate 
internally and externally, and analyze our financial and operating results. In the ordinary course of our business, we collect and store 
sensitive data, including our proprietary business information and that of our tenants, clients, vendors and employees in our facilities 
and on our network. In addition, we engage third party service providers that may have access to such information in connection with 
providing necessary information technology and security and other business services to us. This information may include personally 
identifiable information such as social security numbers, banking information and credit card information.
SUN COMMUNITIES, INC.
25

We address potential breaches or disclosure of this confidential information by implementing a variety of security measures intended 
to protect the confidentiality and security of this information, including (among others) engaging reputable, recognized firms to help 
us design and maintain our information technology and data security systems, including testing and verification of their proper and 
secure operations on a periodic basis. We also maintain cyber risk insurance to provide some coverage for certain risks arising out of 
data and network breaches. Our senior leadership regularly updates the Board of Directors on security matters and meets at least 
annually to review program progress and plans, incidents if any, and emerging risks.
Despite our security measures, our information technology and infrastructure, as well as that of our third-party vendors, may be 
vulnerable to attacks by hackers (including through malware, ransomware, computer viruses and email phishing schemes) or breached 
due to employee error, malfeasance, fire, flood or other physical event, or other disruptions. Any such breach or disruption could 
compromise our or a third-party vendor's network and the information stored there could be accessed, publicly disclosed, lost or 
stolen. Any such access, disclosure or other loss of information could:
•
result in legal claims or proceedings,
•
disrupt our operations, including our ability to service our tenants and our ability to analyze and report our financial and 
operating results,
•
decrease our revenues,
•
damage our reputation,
•
cause a loss of confidence,
•
increase our insurance premiums, or
•
have other material adverse effects on our business.
We depend on continuous access to the internet to use our cloud-based applications. Damage to, or failure of our information 
technology systems, including as a result of any of the reasons described above, could adversely affect our results of operations as we 
may incur significant costs or data loss. We continually assess new and enhanced information technology solutions to manage the risk 
of system failure or interruption.
Losses in excess of our insurance coverage or uninsured losses could adversely affect our operating results and cash flows and 
upon renewal of our insurance policies, our coverage may change and our costs may increase, including our assumption of a 
greater proportion of risk through self-insurance.
We have a significant concentration of MH and RV properties and marinas on coastlines and in other areas where natural disasters or 
other catastrophic events such as hurricanes, flash floods, sea-level rise, droughts, tornadoes, wildfires or earthquakes could negatively 
impact our operating results and cash flows. We maintain comprehensive liability, fire, property, business interruption, general 
liability, and (where appropriate) flood and earthquake insurance, and other lines of insurance we have determined to be appropriate 
for our business through a combination of self-insurance partially covering the risk and insurance provided by reputable companies 
with commercially reasonable deductibles and limits. We believe the policy specifications and insured limits are appropriate and 
adequate given the relative risk of loss, the cost of the coverage and industry practice. However, certain types of losses including, but 
not limited to, riots or acts of war, may be either uninsurable or not economically insurable. In the event an uninsured loss occurs, we 
could lose both our investment in and anticipated profits and cash flows from the affected property. We would also continue to be 
obligated to repay any mortgage debt or other obligations related to the community. If an uninsured liability to a third party were to 
occur, we would incur the cost of defense and settlement with, or court ordered damages to, that third party. A significant uninsured 
property or liability loss could have a material adverse effect on our business and our financial condition and results of operations.
We renew our insurance policies annually. As a result of increased insurance claims across the industry and other market conditions, it 
has been more difficult to obtain insurance, but in particular property insurance covering named windstorms, business interruption, 
flood and earthquake insurance. There are fewer insurers willing to provide policies, and policies increasingly include lower coverage 
limits, higher deductibles and higher premiums. These conditions may cause us to change the types and amounts of insurance we carry 
and may provide us with reduced coverage and / or higher costs. This has resulted in a change in our insurance purchasing philosophy 
and strategy which has resulted in the assumption of greater risks to offset insurance market fluctuations.
Expanding social media platforms present new challenges.
Social media outlets continue to grow and expand, which presents us with new risks. Adverse content about us and our properties on 
social media platforms could result in damage to our reputation or brand. Improper posts by employees or others could result in 
disclosure of confidential or proprietary information regarding our operations.
SUN COMMUNITIES, INC.
26

Our operations are subject to regulation under various federal, state, local and foreign laws and regulations that may expose us to 
significant costs and liabilities.
Our properties and the operations at them are subject to regulation under various federal, state, local and foreign laws and regulations. 
Compliance with laws and regulations that govern our operations may require expenditures and modifications of development plans 
and operations that could have a detrimental effect on the operations of our properties and our financial condition, results of operations 
and cash flows. There can be no assurance that the application of laws, regulations or policies, or changes in such laws, regulations 
and policies, will not occur in a manner that could have a detrimental effect on any property.
We may be adversely impacted by fluctuations in foreign currency exchange rates.
Our current and future investments in and operations of Canadian, Australian, and UK properties are or will be exposed to the effects 
of changes in the Canadian dollar, Australian dollar and pound sterling, respectively, against the U.S. dollar. Changes in foreign 
currency exchange rates cannot always be predicted; as a result, substantial unfavorable changes in exchange rates could have a 
material adverse effect on our financial condition and results of operations.
Deterioration in general economic conditions in the United States, and globally, including the effect of prolonged periods of 
inflation, could harm our business and results of operations.
Our business and results of operations could be adversely affected by changes in national or global economic conditions. These 
conditions include but are not limited to inflation, deflation, rising interest rates, availability of capital markets, energy availability and 
costs, the negative impacts caused by outbreaks of disease and public health crises, negative impacts resulting from military conflicts 
and the effects of governmental initiatives to manage economic conditions.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
ITEM 1C. CYBERSECURITY
Risk Management
Our business operations rely on the consistent availability of our communication platforms, enterprise applications, and related 
systems. We have implemented protocols to ensure the secure collection, storage, and transmission of data and have invested in the 
development and enhancement of controls designed to prevent, detect, and respond to unauthorized access, computer viruses, 
malware, data exfiltration, and other threats.
We have established an Information Security Management Committee to manage information security in accordance with the ISO 
27001 standard to ensure the consistent application of security principles, policy statements and controls. By adhering to this industry 
standard, we manage and mitigate material risks from threats to our systems and data through the following actions:
•
Partnering with reputable, recognized security firms
•
Conducting regular internal and external audits and risk assessments
•
Providing ongoing employee security awareness training
•
Conducting tabletop exercises
•
Running anti-phishing campaigns and simulated phishing exercise
•
Deploying tools for continuous vulnerability monitoring
•
Performing penetration testing and continuous system monitoring activities
•
Conducting recovery simulations for core systems and data centers
Our comprehensive policies and procedures address critical areas including:
•
Vulnerability management
•
Business continuity planning
•
Encryption of sensitive data
•
Backup and recovery
SUN COMMUNITIES, INC.
27

•
Physical security
•
User access controls
•
Vendor risk management
•
Teleworking protocols
•
Mobile device management
•
Comprehensive system monitoring
These initiatives collectively reinforce our commitment to safeguarding information and ensuring the resilience of our security 
infrastructure. Comprehensive contingency and recovery plans are in place to ensure the ongoing provision of services to customers in 
the event of a cybersecurity incident. These are tested on a regular basis against scenarios of varying degrees by both internal and 
external resources.
To manage vendor risk, we conduct ongoing risk assessments based on the vendor's published Systems and Operational Controls 
("SOC") reports, information provided in vendor security questionnaires, and any publicly available information including ongoing 
litigation or external disclosures.
As of the time of this filing, we are not aware of any cybersecurity incidents that have materially affected or are reasonably likely to 
materially affect our business strategy, results of operations or financial conditions. Refer to "Risk Factors" in Part I, Item 1A in this 
Annual Report on Form 10-K under the heading "Cybersecurity breaches and other disruptions could compromise our information and 
expose us to liability, which would cause our business and reputation to suffer," for additional discussion about cybersecurity related 
risks.
Governance
Senior leadership provides the Board of Directors with ongoing security updates, which include notable changes to program plans, 
changes to the risk environment, information regarding material incidents that may have occurred, third-party audit reports on recent 
assessments of our security controls, and details regarding forward-looking plans and strategies to mitigate cyber risk. The Audit 
Committee of the Board of Directors provides oversight and is responsible for assessing risks to our business, in accordance with its 
charter. The Audit Committee engages in regular conversations with senior leadership about our security systems in order to monitor 
and mitigate risks from cybersecurity incidents, in accordance with our security principles and protocols.
The Chief Information Officer (CIO) and the Director of Information Security are directly responsible for managing cyber risk on a 
daily basis. The CIO reports to the Chief Administrative Officer (CAO), who oversees the Company's overall information technology 
strategy and governance. Executive oversight, spearheaded by the CAO, ensures strategic alignment across the organization. With a 
wealth of leadership in both public and private sectors, these individuals collectively possess years of invaluable experience in 
information technology and security.
The Information Security Management Committee (ISMC) and Enterprise Risk Management Committees (ERM) meet regularly to 
provide oversight of cyber risk management functions. Committee composition includes members from cross-functional departments, 
including technology, innovation, human resources, accounting and finance, internal audit, operations and executive management. 
Various members of these committees hold industry certifications representing expertise in information security risk and compliance 
management, including the Certified Information Technology Professional (CITP), Certified Information Systems Security 
Professional (CISSP), Certified Information Security Auditor (CISA), and Certified in Risk and Information Systems Control (CRISC) 
designations.
SUN COMMUNITIES, INC.
28

ITEM 2. PROPERTIES
As of December 31, 2024, our properties were located in the U.S., the UK and Canada, and consisted of 288 MH communities, 166 
RV communities, 138 marinas, and 53 UK communities.
As of December 31, 2024, our properties contained an aggregate of 225,150 developed sites comprised of 97,430 developed MH sites, 
32,100 annual RV sites (inclusive of both annual and seasonal usage rights), 24,830 transient RV sites, 17,690 UK annual sites, 4,340 
UK transient RV sites, and 48,760 wet slips and dry storage spaces. There are 16,570 additional MH, RV, and UK sites suitable for 
development. Most of our properties include amenities oriented toward family and retirement living. Of our 645 properties, 316 
properties have 300 or more developed sites, with the largest having 2,340 developed MH and RV sites. See "Real Estate and 
Accumulated Depreciation, Schedule III," included in our Consolidated Financial Statements, for detail on properties that are 
encumbered.
As of December 31, 2024, our MH and RV properties had an occupancy rate of 97.0% excluding transient RV sites. Since January 1, 
2020, our MH and RV properties have a five-year average annual turnover of homes (where the home is moved out of the community) 
of approximately 3.4% and a five-year average annual turnover of residents (where the resident-owned home is sold and remains 
within the community, typically without interruption of rental income) of approximately 6.3%. The average renewal rate for residents 
in our Rental Program was 68.1% for the year ended December 31, 2024.
We believe that our properties' high amenity levels, customer service loyalty, and customer retention program contribute to low 
turnover and generally high occupancy rates. All of the properties provide residents with attractive amenities with most offering a 
clubhouse, a swimming pool and laundry facilities. Many of the properties offer additional amenities such as sauna / whirlpool spas, 
tennis courts, shuffleboard, basketball courts and / or exercise rooms. Many RV communities offer incremental amenities including 
golf, pro shops, restaurants, zip lines, waterparks, watersports, and thematic experiences.
Our MH and RV communities are principally located in the midwestern, southern and southeastern regions of the U.S., in the south of 
England in the UK and in Canada. Our marinas are principally located in the northeastern, southern, mid-Atlantic, western and 
midwestern regions of the U.S., with the majority of such marinas concentrated in coastal regions, and others located in various inland 
regions. We believe that geographic diversification helps to insulate the portfolio from regional economic influences. We have 
concentrated our properties within certain areas of the regions in order to achieve economies of scale in management and operations.
The following tables set forth certain information relating to our MH, RV, and UK properties as of December 31, 2024. The 
occupancy percentage includes MH sites and annual RV sites and excludes transient RV sites.
NORTH AMERICA
UNITED STATES
MIDWEST
Michigan
Academy / West Point
MH
Canton
MI
 
440  
— 
 99.3 %
 99.5 %
Allendale Meadows
MH
Allendale
MI
 
350  
— 
 98.0 %
 99.7 %
Alpine Meadows
MH
Grand Rapids
MI
 
400  
— 
 99.3 %
 99.3 %
Andover
MH
Grass Lake
MI
 
130  
—  100.0 %
 97.6 %
Apple Carr Village
MH
Muskegon
MI
 
710  
— 
 97.9 %
 97.3 %
Arbor Woods
MH
Ypsilanti
MI
 
460  
— 
 99.6 %
 98.9 %
Brentwood Village
MH
Kentwood
MI
 
200  
— 
 97.9 %
 96.4 %
Broadview Estates
MH
Davison
MI
 
470  
— 
 99.6 %
 98.7 %
Brookside Village
MH
Kentwood
MI
 
200  
— 
 99.5 %
 99.5 %
Byron Center
MH
Byron Center
MI
 
140  
—  100.0 %
 97.9 %
Camelot Villa
MH
Macomb
MI
 
700  
— 
 98.6 %
 98.5 %
Charlevoix Estates
MH
Charlevoix
MI
 
180  
—  100.0 %
 99.5 %
Cider Mill Crossings
MH
Fenton
MI
 
620  
—  100.0 %
 98.6 %
Cider Mill Village
MH
Middleville
MI
 
260  
— 
 98.1 %
 98.1 %
Country Acres
MH
Cadillac
MI
 
180  
— 
 97.3 %
 94.5 %
Property Name
Segment
City / 
County (UK Only)
State / 
Country
MH and 
Annual RV 
Sites as of 
12/31/2024
Transient 
RV Sites as 
of 
12/31/2024
Occupancy 
as of 
12/31/2024
Occupancy 
as of 
12/31/2023
SUN COMMUNITIES, INC.
29

Country Hills Village
MH
Hudsonville
MI
 
240  
—  100.0 %
 100.0 %
Country Meadows
MH
Flat Rock
MI
 
580  
— 
 99.0 %
 97.4 %
Country Meadows Village
MH
Caledonia
MI
 
400  
—  100.0 %
 100.0 %
Creek Wood
MH
Burton
MI
 
340  
— 
 98.8 %
 98.8 %
Cutler Estates
MH
Grand Rapids
MI
 
260  
— 
 99.2 %
 98.8 %
Dutton Mill Village
MH
Caledonia
MI
 
310  
— 
 99.3 %
 99.3 %
East Village Estates
MH
Washington Twp.
MI
 
710  
— 
 98.7 %
 99.3 %
Egelcraft
MH
Muskegon
MI
 
460  
— 
 98.7 %
 99.6 %
Fisherman's Cove
MH
Flint Twp.
MI
 
160  
— 
 99.4 %
 98.8 %
Fox Run
MH
Boyne City
MI
 
140  
— 
 42.1 % (1)
 16.4 % (1)
Frenchtown Villa / Elizabeth Woods
MH
Newport
MI
 
1,140  
— 
 99.2 %
 97.5 %
Grand Village
MH
Grand Rapids
MI
 
220  
— 
 96.3 %
 95.9 %
Hamlin
MH
Webberville
MI
 
230  
— 
 98.3 %
 100.0 %
Hickory Hills Village
MH
Battle Creek
MI
 
280  
— 
 98.2 %
 99.6 %
Highland Greens Estates
MH
Highland
MI
 
880  
— 
 79.5 %
 76.0 %
Holiday West Village
MH
Holland
MI
 
340  
— 
 99.1 %
 99.7 %
Holly Village / Hawaiian Gardens
MH
Holly
MI
 
430  
— 
 98.6 %
 97.9 %
Hunters Crossing
MH
Capac
MI
 
110  
— 
 96.5 %
 100.0 %
Hunters Glen
MH
Wayland
MI
 
420  
— 
 96.7 %
 99.5 %
Huntington Run
MH
Kalamazoo
MI
 
210  
— 
 85.9 % (1)
 84.5 % (1)
Jellystone Park™ Petoskey(2)
RV
Petoskey
MI
 
60  
230  100.0 %
 100.0 %
Kensington Meadows
MH
Lansing
MI
 
290  
— 
 98.6 %
 98.3 %
Kimberly Estates
MH
Newport
MI
 
390  
— 
 98.7 %
 97.9 %
King's Court
MH
Traverse City
MI
 
800  
— 
 99.4 %
 99.5 %
Knollwood Estates
MH
Allendale
MI
 
160  
— 
 98.1 %
 98.1 %
Lafayette Place
MH
Warren
MI
 
250  
— 
 97.6 %
 96.5 %
Lakeview
MH
Ypsilanti
MI
 
390  
— 
 98.2 %
 99.0 %
Leisure Village
MH
Belmont
MI
 
260  
—  100.0 %
 100.0 %
Lincoln Estates
MH
Holland
MI
 
190  
— 
 99.0 %
 99.5 %
Meadow Lake Estates
MH
White Lake
MI
 
420  
— 
 98.8 %
 99.5 %
Meadowbrook Estates
MH
Monroe
MI
 
450  
— 
 98.0 %
 96.5 %
Meadowlands of Gibraltar
MH
Gibraltar
MI
 
320  
— 
 99.4 %
 99.4 %
Meadowstone
MH
Hastings
MI
 
230  
— 
 96.5 %
 95.7 %
Northville Crossing
MH
Northville
MI
 
760  
— 
 99.7 %
 99.7 %
Oak Island Village
MH
East Lansing
MI
 
250  
— 
 99.2 %
 98.4 %
Pinebrook Village
MH
Kentwood
MI
 
190  
— 
 98.9 %
 99.5 %
Pineview Estates
MH
Flint
MI
 
1,010  
— 
 97.5 %
 95.7 %
Presidential Estates
MH
Hudsonville
MI
 
360  
— 
 98.9 %
 99.2 %
Richmond Place
MH
Richmond
MI
 
120  
— 
 99.1 %
 99.1 %
River Haven Village
MH
Grand Haven
MI
 
720  
— 
 99.7 %
 98.6 %
River Ridge
MH
Saline
MI
 
290  
— 
 99.7 %
 99.7 %
Rudgate Clinton
MH
Clinton Township
MI
 
670  
— 
 99.4 %
 98.8 %
Rudgate Manor
MH
Sterling Heights
MI
 
930  
— 
 98.9 %
 98.4 %
Scio Farms
MH
Ann Arbor
MI
 
910  
— 
 98.9 %
 99.6 %
Sheffield Estates
MH
Auburn Hills
MI
 
230  
— 
 99.1 %
 96.9 %
Shelby Forest
MH
Shelby Twp.
MI
 
660  
—  100.0 %
 98.6 %
Shelby West
MH
Shelby Twp.
MI
 
640  
— 
 99.2 %
 99.8 %
Silver Springs
MH
Clinton Township
MI
 
550  
—  100.0 %
 98.5 %
Southwood Village
MH
Grand Rapids
MI
 
390  
— 
 98.2 %
 98.2 %
St. Clair Place
MH
St. Clair
MI
 
100  
— 
 97.0 %
 98.0 %
Stonebridge
MH
Richfield Twp.
MI
 
—  
— 
N/A
(1)
N/A
(1)
Property Name
Segment
City / 
County (UK Only)
State / 
Country
MH and 
Annual RV 
Sites as of 
12/31/2024
Transient 
RV Sites as 
of 
12/31/2024
Occupancy 
as of 
12/31/2024
Occupancy 
as of 
12/31/2023
SUN COMMUNITIES, INC.
30

Sun Outdoors Kensington Valley(2)
RV
New Hudson
MI
 
400  
100  100.0 %
 100.0 %
Sun Outdoors Petoskey Bay Harbor(2)
RV
Petoskey
MI
 
30  
130  100.0 %
 100.0 %
Sun Retreats Gun Lake(2)
RV
Hopkins
MI
 
310  
20  100.0 %
 100.0 %
Sun Retreats Silver Lake(2)
RV
Mears
MI
 
230  
30  100.0 %
 100.0 %
Sunset Ridge
MH
Portland
MI
 
500  
— 
 93.0 %
 88.2 % (1)
Sycamore Village
MH
Mason
MI
 
400  
— 
 99.2 %
 99.2 %
Sylvan Crossing
MH
Chelsea
MI
 
280  
— 
 65.1 % (1)
 54.4 % (1)
Sylvan Glen Estates
MH
Brighton
MI
 
480  
— 
 99.6 %
 98.9 %
Tamarac Village
MH
Ludington
MI
 
300  
— 
 99.7 %
 99.3 %
Tamarac Village RV Resort
RV
Ludington
MI
 
110  
—  100.0 %
 100.0 %
Tanglewood Village
MH
Brownstown
MI
 
250  
—  100.0 %
 100.0 %
Timberline Estates
MH
Coopersville
MI
 
300  
— 
 99.0 %
 99.0 %
Town & Country
MH
Traverse City
MI
 
190  
— 
 99.0 %
 99.5 %
Troy Villa
MH
Troy
MI
 
280  
— 
 92.9 %
 90.8 %
Warren Dunes Village
MH
Bridgman
MI
 
310  
—  100.0 %
 100.0 %
Waverly Shores Village
MH
Holland
MI
 
410  
— 
 99.8 %
 99.8 %
West Village Estates
MH
Romulus
MI
 
630  
— 
 99.4 %
 98.9 %
White Lake
MH
White Lake
MI
 
320  
— 
 97.8 %
 98.7 %
Windham Hills
MH
Jackson
MI
 
470  
— 
 98.7 %
 98.1 %
Windsor Woods Village
MH
Wayland
MI
 
310  
— 
 99.4 %
 99.4 %
Woodhaven Place
MH
Woodhaven
MI
 
220  
— 
 98.2 %
 99.5 %
Michigan Total
 
33,020  
510 
 97.7 %
 97.1 %
Indiana
Brookside Manor
MH
Goshen
IN
 
570  
— 
 99.5 %
 99.1 %
Carrington Pointe
MH
Fort Wayne
IN
 
470  
— 
 98.5 %
 99.4 %
Clear Water
MH
South Bend
IN
 
230  
— 
 99.1 %
 98.7 %
Cobus Green
MH
Osceola
IN
 
380  
— 
 99.0 %
 99.7 %
Four Seasons
MH
Elkhart
IN
 
220  
— 
 99.1 %
 97.2 %
Jellystone Park™ at Barton Lake(2)(3)
RV
Fremont
IN
 
70  
490  100.0 %
 100.0 %
Pebble Creek
MH
Greenwood
IN
 
300  
—  100.0 %
 99.3 %
Pine Hills
MH
Middlebury
IN
 
130  
—  100.0 %
 97.7 %
Roxbury Park
MH
Goshen
IN
 
400  
— 
 99.0 %
 95.7 %
Sun Outdoors Lake Rudolph(2)(3)
RV
Santa Claus
IN
 
—  
530 
N/A
N/A
The Willows
MH
Goshen
IN
 
170  
— 
 99.4 %
 93.7 % (1)
Indiana Total
 
2,940  
1,020 
 99.2 %
 98.3 %
SOUTH
Texas
Austin Lone Star(2)
RV
Austin
TX
 
90  
70  100.0 %
 100.0 %
Bluebonnet Lake
MH
Austin
TX
 
—  
— 
N/A
(1)
N/A
(1)
Boulder Ridge
MH
Pflugerville
TX
 
1,220  
— 
 99.3 %
 99.3 %
Branch Creek Estates
MH
Austin
TX
 
400  
— 
 99.8 %
 99.8 %
Chisholm Point
MH
Pflugerville
TX
 
430  
— 
 99.3 %
 99.5 %
Comal Farms
MH
New Braunfels
TX
 
370  
— 
 99.7 %
 98.9 %
Creeks Crossing
MH
Kyle
TX
 
270  
— 
 86.8 % (1)
 94.9 % (1)
Jellystone Park™ at Guadalupe River(2)(3)
RV
Kerrville
TX
 
10  
250  100.0 %
N/A
Jellystone Park™ at Hill Country(2)(3)
RV
Canyon Lake
TX
 
—  
170  100.0 %
N/A
Jellystone Park™ at Waller(2)(3)
RV
Waller
TX
 
—  
350  100.0 %
N/A
Jellystone Park™ at Wichita Falls(2)(3)
RV
Wichita Falls
TX
 
—  
160  100.0 %
N/A
Lantana Ranch South
MH
Brookshire
TX
 
—  
— 
N/A
(1)
N/A
(1)
Property Name
Segment
City / 
County (UK Only)
State / 
Country
MH and 
Annual RV 
Sites as of 
12/31/2024
Transient 
RV Sites as 
of 
12/31/2024
Occupancy 
as of 
12/31/2024
Occupancy 
as of 
12/31/2023
SUN COMMUNITIES, INC.
31

Oak Crest
MH
Austin
TX
 
650  
— 
 97.7 %
 97.9 %
Pearwood(2)
RV
Pearland
TX
 
130  
10  100.0 %
 100.0 %
Pecan Branch
MH
Georgetown
TX
 
230  
— 
 99.1 %
 98.7 %
Pine Acre Trails
MH
Conroe
TX
 
250  
— 
 78.9 % (1)
 44.2 % (1)
Pine Trace
MH
Houston
TX
 
680  
— 
 98.5 %
 98.2 %
River Ranch
MH
Austin
TX
 
850  
— 
 99.5 %
 99.4 %
River Ridge Estates
MH
Austin
TX
 
520  
— 
 98.3 %
 99.0 %
Saddlebrook
MH
San Marcos
TX
 
560  
— 
 97.7 %
 99.3 %
Sandy Lake
MH
Carrollton
TX
 
50  
—  100.0 %
 100.0 %
Sandy Lake RV Resort(2)
RV
Carrollton
TX
 
210  
10  100.0 %
 100.0 %
Space City Ellington(2)
RV
Houston
TX
 
180  
30  100.0 %
 100.0 %
Stonebridge
MH
San Antonio
TX
 
340  
— 
 99.7 %
 99.1 %
Summit Ridge
MH
Converse
TX
 
440  
— 
 98.7 %
 97.8 %
Sun Outdoors Lake Travis(2)
RV
Austin
TX
 
150  
100  100.0 %
 100.0 %
Sun Retreats San Antonio West(2)
RV
San Antonio
TX
 
110  
150  100.0 %
 100.0 %
Sun Retreats Texas Hill Country(2)
RV
New Braunfels
TX
 
170  
200  100.0 %
 100.0 %
Sunset Ridge
MH
Kyle
TX
 
450  
— 
 83.7 % (1)
 72.5 % (1)
Traveler's World
MH
San Antonio
TX
 
10  
—  100.0 %
 100.0 %
Traveler's World RV Resort(2)
RV
San Antonio
TX
 
30  
120  100.0 %
 100.0 %
Treetops(2)
RV
Arlington
TX
 
120  
50  100.0 %
 100.0 %
Woodlake Trails
MH
San Antonio
TX
 
320  
— 
 98.4 %
 99.1 %
Texas Total
 
9,240  
1,670 
 97.4 %
 96.1 %
SOUTHEAST
Florida
Arbor Terrace(2)
RV
Bradenton
FL
 
350  
20  100.0 %
 100.0 %
Ariana Village
MH
Lakeland
FL
 
210  
— 
 99.5 %
 99.5 %
Bahia Vista Estates
MH
Sarasota
FL
 
250  
— 
 92.8 %
 99.2 %
Baker Acres(2)
RV
Zephyrhills
FL
 
330  
30  100.0 %
 100.0 %
Big Tree(2)
RV
Arcadia
FL
 
400  
10  100.0 %
 100.0 %
Blue Heron Pines
MH
Punta Gorda
FL
 
410  
— 
 98.3 %
 99.3 %
Blue Jay
MH
Dade City
FL
 
210  
— 
 98.1 %
 98.1 %
Blue Jay RV Resort
RV
Dade City
FL
 
50  
—  100.0 %
 100.0 %
Blueberry Hill(2)
RV
Bushnell
FL
 
390  
10  100.0 %
 100.0 %
Brentwood Estates
MH
Hudson
FL
 
190  
—  100.0 %
 99.5 %
Buttonwood Bay
MH
Sebring
FL
 
410  
— 
 99.5 %
 99.3 %
Buttonwood Bay RV Resort(2)
RV
Sebring
FL
 
450  
90  100.0 %
 100.0 %
Candlelight Manor
MH
South Daytona
FL
 
130  
—  100.0 %
 98.4 %
Carriage Cove
MH
Sanford
FL
 
470  
— 
 99.6 %
 99.6 %
Central Park
MH
Haines City
FL
 
130  
— 
 97.7 %
 83.6 % (1)
Central Park RV Resort(2)
RV
Haines City
FL
 
260  
100  100.0 %
 100.0 %
Citrus Hill(2)
RV
Dade City
FL
 
180  
10  100.0 %
 100.0 %
Club Wildwood
MH
Hudson
FL
 
480  
— 
 99.6 %
 99.6 %
Colony in the Wood
MH
Port Orange
FL
 
380  
— 
 94.8 %
 94.5 %
Cypress Greens
MH
Lake Alfred
FL
 
260  
— 
 98.8 %
 99.2 %
Deerwood
MH
Orlando
FL
 
570  
— 
 99.8 %
 99.8 %
Ellenton Gardens(2)
RV
Ellenton
FL
 
170  
20  100.0 %
 100.0 %
Fairfield Village
MH
Ocala
FL
 
290  
— 
 99.7 %
 100.0 %
Flamingo Lake(2)
RV
Jacksonville
FL
 
230  
190  100.0 %
 100.0 %
Forest View
MH
Homosassa
FL
 
300  
— 
 98.7 %
 98.7 %
Glen Haven
MH
Zephyrhills
FL
 
50  
—  100.0 %
 100.0 %
Property Name
Segment
City / 
County (UK Only)
State / 
Country
MH and 
Annual RV 
Sites as of 
12/31/2024
Transient 
RV Sites as 
of 
12/31/2024
Occupancy 
as of 
12/31/2024
Occupancy 
as of 
12/31/2023
SUN COMMUNITIES, INC.
32

Glen Haven RV Resort(2)
RV
Zephyrhills
FL
 
210  
10  100.0 %
 100.0 %
Goldcoaster
MH
Homestead
FL
 
540  
— 
 99.6 %
 98.9 %
Goldcoaster RV Resort
RV
Homestead
FL
 
10  
—  100.0 %
 100.0 %
Grand Bay
MH
Dunedin
FL
 
130  
— 
 94.8 %
 100.0 %
Grove Ridge(2)
RV
Dade City
FL
 
220  
30  100.0 %
 100.0 %
Gulfstream Harbor
MH
Orlando
FL
 
970  
— 
 99.8 %
 99.8 %
Hacienda Del Rio
MH
Edgewater
FL
 
800  
— 
 94.8 %
 90.9 % (1)
Hidden River(2)
RV
Riverview
FL
 
270  
40  100.0 %
 100.0 %
Holly Forest
MH
Holly Hill
FL
 
400  
—  100.0 %
 99.8 %
Horseshoe Cove RV Resort(2)
RV
Bradenton
FL
 
420  
60  100.0 %
 100.0 %
Indian Creek
MH
Ft. Myers Beach
FL
 
60  
—  100.0 %
 — % (4)
Indian Creek RV Resort(2)
RV
Ft. Myers Beach
FL
 
330  
220  100.0 %
 — % (4)
Island Lakes
MH
Merritt Island
FL
 
300  
—  100.0 %
 100.0 %
King's Lake
MH
DeBary
FL
 
250  
—  100.0 %
 100.0 %
Kings Manor
MH
Lakeland
FL
 
240  
— 
 97.1 %
 98.7 %
Kings Pointe
MH
Lake Alfred
FL
 
230  
—  100.0 %
 100.0 %
Kissimmee Gardens
MH
Kissimmee
FL
 
240  
—  100.0 %
 99.6 %
Kissimmee South
MH
Davenport
FL
 
140  
— 
 98.6 %
 96.5 %
Kissimmee South RV Resort(2)
RV
Davenport
FL
 
160  
30  100.0 %
 100.0 %
La Costa Village
MH
Port Orange
FL
 
660  
—  100.0 %
 100.0 %
Lake Juliana Landings
MH
Auburndale
FL
 
270  
— 
 99.3 %
 99.3 %
Lake San Marino RV Park(2)
RV
Naples
FL
 
320  
80  100.0 %
 100.0 %
Lakeland(2)
RV
Lakeland
FL
 
230  
10  100.0 %
 100.0 %
Lakeshore Landings
MH
Orlando
FL
 
310  
— 
 99.7 %
 99.7 %
Lakeshore Villas
MH
Tampa
FL
 
280  
— 
 99.3 %
 99.6 %
Lamplighter
MH
Port Orange
FL
 
260  
— 
 99.2 %
 99.2 %
Majestic Oaks(2)
RV
Zephyrhills
FL
 
240  
20  100.0 %
 100.0 %
Marco Naples(2)
RV
Naples
FL
 
220  
80  100.0 %
 100.0 %
Meadowbrook Village
MH
Tampa
FL
 
260  
—  100.0 %
 100.0 %
Mill Creek
MH
Kissimmee
FL
 
30  
—  100.0 %
 100.0 %
Mill Creek RV Resort
RV
Kissimmee
FL
 
150  
—  100.0 %
 100.0 %
North Lake(2)
RV
Moore Haven
FL
 
240  
40  100.0 %
 100.0 %
Oakview Estates
MH
Arcadia
FL
 
120  
— 
 97.5 %
 92.4 %
Ocean Breeze Resort - Jensen Beach
MH
Jensen Beach
FL
 
360  
— 
 85.2 % (1)
 87.5 % (1)
Ocean Breeze Resort - Jensen Beach RV 
Resort(2)
RV
Jensen Beach
FL
 
40  
70  100.0 %
 100.0 %
Ocean Breeze - Marathon
MH
Marathon
FL
 
50  
—  100.0 %
 100.0 %
Ocean Breeze - Marathon RV Resort
RV
Marathon
FL
 
—  
— 
N/A
(5)
N/A
(5)
Ocean View
MH
Jensen Beach
FL
 
70  
— 
 32.4 % (1)
 11.3 % (1)
Orange City
MH
Orange City
FL
 
—  
—  100.0 %
 100.0 %
Orange City RV Resort(2)
RV
Orange City
FL
 
520  
10  100.0 %
 100.0 %
Orange Tree Village
MH
Orange City
FL
 
250  
—  100.0 %
 100.0 %
Paddock Park South
MH
Ocala
FL
 
190  
— 
 87.2 %
 84.6 %
Palm Key Village
MH
Davenport
FL
 
200  
— 
 99.5 %
 100.0 %
Palm Village
MH
Bradenton
FL
 
150  
— 
 98.6 %
 100.0 %
Park Place
MH
Sebastian
FL
 
480  
— 
 97.9 %
 97.9 %
Park Royale
MH
Pinellas Park
FL
 
310  
— 
 99.7 %
 99.0 %
Pecan Park(2)
RV
Jacksonville
FL
 
180  
150  100.0 %
 100.0 %
Pelican Bay
MH
Micco
FL
 
220  
— 
 96.8 %
 97.7 %
Pleasant Lake RV Resort(2)
RV
Bradenton
FL
 
330  
10  100.0 %
 100.0 %
Rainbow
MH
Frostproof
FL
 
40  
—  100.0 %
 100.0 %
Property Name
Segment
City / 
County (UK Only)
State / 
Country
MH and 
Annual RV 
Sites as of 
12/31/2024
Transient 
RV Sites as 
of 
12/31/2024
Occupancy 
as of 
12/31/2024
Occupancy 
as of 
12/31/2023
SUN COMMUNITIES, INC.
33

Rainbow RV Resort
RV
Frostproof
FL
 
460  
—  100.0 %
 100.0 %
Rainbow Village Largo(2)
RV
Largo
FL
 
280  
20  100.0 %
 100.0 %
Rainbow Village Zephyrhills(2)
RV
Zephyrhills
FL
 
370  
10  100.0 %
 100.0 %
Red Oaks
MH
Bushnell
FL
 
100  
— 
 91.3 %
 92.2 %
Red Oaks RV Resort(2)
RV
Bushnell
FL
 
720  
190  100.0 %
 100.0 %
Regency Heights
MH
Clearwater
FL
 
390  
— 
 99.5 %
 100.0 %
Riverside Club
MH
Ruskin
FL
 
730  
— 
 97.7 %
 96.7 %
Royal Country
MH
Miami
FL
 
860  
— 
 99.9 %
 99.9 %
Royal Palm Village
MH
Haines City
FL
 
400  
— 
 90.4 %
 88.9 %
Saddle Oak Club
MH
Ocala
FL
 
380  
— 
 99.7 %
 99.7 %
Saralake Estates
MH
Sarasota
FL
 
200  
— 
 98.5 %
 100.0 %
Savanna Club
MH
Port St. Lucie
FL
 
1,080  
— 
 98.6 %
 98.1 %
Serendipity
MH
North Fort Myers
FL
 
340  
— 
 95.9 %
 90.5 %
Settler's Rest(2)
RV
Zephyrhills
FL
 
330  
50  100.0 %
 100.0 %
Shadow Wood Village
MH
Hudson
FL
 
260  
— 
 98.5 %
 96.9 %
Shady Road Villas
MH
Ocala
FL
 
130  
— 
 96.1 %
 95.3 %
Shell Creek
MH
Punta Gorda
FL
 
50  
— 
 90.7 %
 92.6 %
Shell Creek RV Resort(2)
RV
Punta Gorda
FL
 
150  
20  100.0 %
 100.0 %
Siesta Bay(2)
RV
Ft. Myers
FL
 
190  
290  100.0 %
 — % (4)
Southern Charm
MH
Zephyrhills
FL
 
—  
—  100.0 %
 100.0 %
Southern Charm RV Resort(2)
RV
Zephyrhills
FL
 
460  
40  100.0 %
 100.0 %
Southern Leisure RV Resort(2)
RV
Chiefland
FL
 
470  
30  100.0 %
 100.0 %
Southport Springs Golf & Country Club
MH
Zephyrhills
FL
 
550  
— 
 99.6 %
 99.5 %
Spanish Main
MH
Thonotosassa
FL
 
60  
— 
 96.4 %
 98.2 %
Spanish Main RV Resort(2)
RV
Thonotosassa
FL
 
260  
20  100.0 %
 100.0 %
Stonebrook
MH
Homosassa
FL
 
220  
— 
 93.5 % (1)
 94.0 % (1)
Sun Outdoors Islamorada
MH
Islamorada
FL
 
60  
— 
 57.1 % (5)
 42.9 % (5)
Sun Outdoors Islamorada RV Resort(2)
RV
Islamorada
FL
 
—  
90  100.0 %
 100.0 %
Sun Outdoors Key Largo(2)
RV
Key Largo
FL
 
10  
30  100.0 %
 100.0 %
Sun Outdoors Marathon(2)
RV
Marathon
FL
 
10  
80  100.0 %
 100.0 %
Sun Outdoors Panama City Beach
MH
Panama City Beach
FL
 
40  
—  100.0 %
 100.0 %
Sun Outdoors Panama City Beach RV 
Resort(2)
RV
Panama City Beach
FL
 
10  
140  100.0 %
N/A
Sun Outdoors Sarasota(2)
RV
Sarasota
FL
 
1,180  
340  100.0 %
 100.0 %
Sun Outdoors St. Augustine(2)
RV
St. Augustine
FL
 
50  
120  100.0 %
N/A
Sun Outdoors Sugarloaf Key(2)(3)
RV
Summerland Key
FL
 
—  
190 
N/A
N/A
Sun Retreats Crystal River(2)
RV
Crystal River
FL
 
330  
70  100.0 %
 100.0 %
Sun Retreats Daytona Beach(2)
RV
Port Orange
FL
 
160  
70  100.0 %
 100.0 %
Sun Retreats Dunedin(2)
RV
Dunedin
FL
 
160  
80  100.0 %
 100.0 %
Sun Retreats Estero Bay(2)
RV
Fort Myers
FL
 
270  
30  100.0 %
 100.0 %
Sun Retreats Fort Myers Beach(2)
RV
Ft. Myers
FL
 
110  
150  100.0 %
N/A
(4)
Sun Retreats Homosassa River(2)
RV
Homosassa Springs
FL
 
110  
110  100.0 %
 100.0 %
Sun Retreats Lake Josephine
RV
Sebring
FL
 
180  
—  100.0 %
 100.0 %
Sun Retreats Naples(2)
RV
Naples
FL
 
150  
20  100.0 %
 100.0 %
Sun Retreats Naples East(2)
RV
Naples
FL
 
270  
30  100.0 %
 100.0 %
Sun Retreats Ocala Orange Lake(2)
RV
Citra
FL
 
360  
50  100.0 %
 100.0 %
Sun Retreats Orlando ChampionsGate
MH
Davenport
FL
 
40  
— 
 65.1 % (1)
 67.4 % (1)
Sun Retreats Orlando ChampionsGate RV 
Resort(2)
RV
Davenport
FL
 
120  
130  100.0 %
 100.0 %
Suncoast Gateway
MH
Port Richey
FL
 
170  
— 
 98.8 %
 98.8 %
Sunlake Estates
MH
Grand Island
FL
 
420  
— 
 97.8 %
 97.3 %
Sunset Harbor at Cow Key Marina
MH
Key West
FL
 
80  
— 
 98.7 %
 98.7 %
Property Name
Segment
City / 
County (UK Only)
State / 
Country
MH and 
Annual RV 
Sites as of 
12/31/2024
Transient 
RV Sites as 
of 
12/31/2024
Occupancy 
as of 
12/31/2024
Occupancy 
as of 
12/31/2023
SUN COMMUNITIES, INC.
34

Sweetwater(2)
RV
Zephyrhills
FL
 
240  
50  100.0 %
 100.0 %
Tallowwood Isle
MH
Coconut Creek
FL
 
280  
— 
 97.8 %
 97.1 %
Tampa East
MH
Dover
FL
 
30  
—  100.0 %
 100.0 %
Tampa East RV Resort(2)
RV
Dover
FL
 
650  
20  100.0 %
 100.0 %
The Hamptons Golf & Country Club
MH
Auburndale
FL
 
830  
— 
 99.4 %
 99.9 %
The Hideaway
MH
Key West
FL
 
10  
—  100.0 %
 100.0 %
The Hills
MH
Apopka
FL
 
100  
—  100.0 %
 99.0 %
The Landings at Lake Henry
MH
Haines City
FL
 
390  
—  100.0 %
 99.5 %
The Ridge
MH
Davenport
FL
 
480  
— 
 98.5 %
 99.4 %
The Valley
MH
Apopka
FL
 
150  
—  100.0 %
 100.0 %
ThemeWorld
MH
Davenport
FL
 
130  
— 
 68.2 %
N/A
ThemeWorld RV Resort(2)
RV
Davenport
FL
 
130  
130  100.0 %
 100.0 %
Three Lakes(2)
RV
Hudson
FL
 
290  
20  100.0 %
 100.0 %
Tranquility MHC
MH
Bushnell
FL
 
30  
— 
 52.0 %
 48.0 %
Vista del Lago
MH
Bradenton
FL
 
140  
— 
 97.8 %
 99.3 %
Vista del Lago RV Resort
RV
Bradenton
FL
 
40  
—  100.0 %
 100.0 %
Vizcaya Lakes
MH
Port Charlotte
FL
 
120  
— 
 86.0 %
 88.9 %
Walden Woods I
MH
Homosassa
FL
 
210  
—  100.0 %
 100.0 %
Walden Woods II
MH
Homosassa
FL
 
210  
—  100.0 %
 100.0 %
Water Oak Country Club Estates
MH
Lady Lake
FL
 
1,610  
— 
 81.4 % (1)
 80.0 % (1)
Waters Edge(2)
RV
Zephyrhills
FL
 
200  
20  100.0 %
 100.0 %
Westside Ridge
MH
Auburndale
FL
 
220  
—  100.0 %
 100.0 %
Windmill Village
MH
Davenport
FL
 
510  
— 
 99.6 %
 99.8 %
Woodlands at Church Lake
MH
Groveland
FL
 
290  
— 
 94.4 %
 92.7 %
Florida Total
 
41,470  
3,980 
 97.9 %
 97.7 %
Virginia
Jellystone Park™ Chincoteague Island(2)(3)
RV
Chincoteague
VA
 
50  
300  100.0 %
 100.0 %
Jellystone Park™ at Luray(2)(3)
RV
East Luray
VA
 
—  
240  100.0 %
N/A
Jellystone Park™ at Natural Bridge(2)(3)
RV
Natural Bridge 
Station
VA
 
70  
210  100.0 %
 100.0 %
Pine Ridge
MH
Prince George
VA
 
380  
—  100.0 %
 99.7 %
Sun Outdoors Cape Charles(2)(3)
RV
Cape Charles
VA
 
70  
600  100.0 %
 100.0 %
Sun Outdoors Chesapeake Bay(2)(3)
RV
Temperanceville
VA
 
100  
150  100.0 %
N/A
Sun Outdoors Chincoteague Bay(2)(3)
RV
Chincoteague
VA
 
20  
190  100.0 %
N/A
(1)
Sun Retreats Gwynn's Island(2)
RV
Gwynn
VA
 
120  
10  100.0 %
 100.0 %
Sun Retreats New Point
RV
New Point
VA
 
320  
—  100.0 %
 100.0 %
Sun Retreats Shenandoah Valley(2)
RV
Stuarts Draft
VA
 
490  
100  100.0 %
 100.0 %
Sunset Beach RV Resort(2)(3)
RV
Cape Charles
VA
 
50  
240  100.0 %
 100.0 %
Virginia Total
 
1,670  
2,040  100.0 %
 99.9 %
SOUTHWEST
California
49'er Village(2)
RV
Plymouth
CA
 
130  
200  100.0 %
 100.0 %
Alta Laguna
MH
Rancho Cucamonga
CA
 
300  
—  100.0 %
 100.0 %
Bel Air Estates
MH
Menifee
CA
 
200  
— 
 91.9 %
 89.9 %
Caliente Sands
MH
Cathedral City
CA
 
120  
— 
 99.2 %
 99.2 %
Cisco Grove Campground & RV(2)(3)
RV
Emigrant Gap
CA
 
—  
60 
N/A
 100.0 %
El Capitan Canyon(2)(3)
RV
Goleta
CA
 
—  
160 
N/A
N/A
El Capitan Horse Ranch
RV
Goleta
CA
 
—  
— 
N/A
(1)
N/A
(1)
Forest Springs
MH
Grass Valley
CA
 
370  
— 
 96.2 %
 93.3 % (1)
Property Name
Segment
City / 
County (UK Only)
State / 
Country
MH and 
Annual RV 
Sites as of 
12/31/2024
Transient 
RV Sites as 
of 
12/31/2024
Occupancy 
as of 
12/31/2024
Occupancy 
as of 
12/31/2023
SUN COMMUNITIES, INC.
35

Friendly Village of La Habra
MH
La Habra
CA
 
330  
—  100.0 %
 100.0 %
Friendly Village of Modesto
MH
Modesto
CA
 
290  
— 
 99.3 %
 99.3 %
Friendly Village of Simi
MH
Simi Valley
CA
 
220  
—  100.0 %
 100.0 %
Friendly Village of West Covina
MH
West Covina
CA
 
160  
—  100.0 %
 99.4 %
Heritage
MH
Temecula
CA
 
200  
—  100.0 %
 100.0 %
Indian Wells(2)
RV
Indio
CA
 
190  
150  100.0 %
 100.0 %
Jellystone Park™ at Tower Park(2)(3)
RV
Lodi
CA
 
—  
360  100.0 %
N/A
Lakefront
MH
Lakeside
CA
 
290  
— 
 99.7 %
 100.0 %
Lakeview Estates
MH
Yucaipa
CA
 
300  
—  100.0 %
 99.7 %
Lazy J Ranch
MH
Arcata
CA
 
220  
—  100.0 %
 99.1 %
Lemon Wood
MH
Ventura
CA
 
230  
—  100.0 %
 100.0 %
Napa Valley
MH
Napa
CA
 
260  
— 
 99.6 %
 99.6 %
Oak Creek
MH
Coarsegold
CA
 
200  
—  100.0 %
 100.0 %
Ocean West
MH
McKinleyville
CA
 
130  
— 
 99.2 %
 99.2 %
Palos Verdes Shores MH & Golf 
Community
MH
San Pedro
CA
 
240  
—  100.0 %
 100.0 %
Pembroke Downs
MH
Chino
CA
 
160  
—  100.0 %
 100.0 %
Pismo Dunes Resort
RV
Pismo Beach
CA
 
330  
—  100.0 %
 100.0 %
Rancho Alipaz
MH
San Juan Capistrano
CA
 
130  
—  100.0 %
 100.0 %
Rancho Caballero
MH
Riverside
CA
 
300  
—  100.0 %
 99.3 %
Royal Palms
MH
Cathedral City
CA
 
440  
— 
 99.1 %
 99.1 %
Royal Palms RV Resort
RV
Cathedral City
CA
 
40  
—  100.0 %
 100.0 %
Sun Outdoors Central Coast Wine 
Country(2)
RV
Paso Robles
CA
 
—  
200 
N/A
N/A
Sun Outdoors Paso Robles(2)(3)
RV
Paso Robles
CA
 
—  
330 
N/A
N/A
Sun Outdoors San Diego Bay(3)
MH
San Diego
CA
 
—  
— 
N/A
(1)
N/A
(1)
Sun Outdoors San Diego Bay RV 
Resort(2)(3)
RV
San Diego
CA
 
—  
250 
N/A
N/A
Sun Outdoors Santa Barbara(2)(3)
RV
Goleta
CA
 
—  
100 
N/A
N/A
Sunrise Estates
MH
Banning
CA
 
180  
— 
 95.0 %
 91.7 % (1)
The Colony
MH
Oxnard
CA
 
150  
—  100.0 %
 100.0 %
Vallecito
MH
Newbury Park
CA
 
300  
—  100.0 %
 100.0 %
Victor Villa
MH
Victorville
CA
 
290  
—  100.0 %
 98.6 %
Vines(2)
RV
Paso Robles
CA
 
90  
30  100.0 %
 100.0 %
Vista del Lago
MH
Scotts Valley
CA
 
200  
—  100.0 %
 99.5 %
California Total
 
6,990  
1,840 
 99.3 %
 98.8 %
Arizona
Blue Star
MH
Apache Junction
AZ
 
—  
—  100.0 %
 100.0 %
Blue Star
RV
Apache Junction
AZ
 
140  
—  100.0 %
 100.0 %
Brentwood West
MH
Mesa
AZ
 
350  
— 
 99.4 %
 100.0 %
Buena Vista
MH
Buckeye
AZ
 
400  
— 
 99.3 %
 98.3 %
Desert Harbor
MH
Apache Junction
AZ
 
210  
—  100.0 %
 99.5 %
La Casa Blanca
MH
Apache Junction
AZ
 
200  
—  100.0 %
 99.5 %
Leaf Verde(2)
RV
Buckeye
AZ
 
270  
110  100.0 %
 100.0 %
Lost Dutchman
MH
Apache Junction
AZ
 
230  
— 
 93.4 % (1)
 92.0 % (1)
Lost Dutchman RV Resort
RV
Apache Junction
AZ
 
—  
— 
N/A
N/A
Mountain View
MH
Mesa
AZ
 
170  
— 
 99.4 %
 97.1 %
Palm Creek Resort & Residences
MH
Casa Grande
AZ
 
510  
— 
 84.6 % (1)
 82.0 % (1)
Palm Creek Resort & Residences RV 
Resort(2)
RV
Casa Grande
AZ
 
1,130  
700  100.0 %
 100.0 %
Rancho Mirage
MH
Apache Junction
AZ
 
310  
—  100.0 %
 99.7 %
Property Name
Segment
City / 
County (UK Only)
State / 
Country
MH and 
Annual RV 
Sites as of 
12/31/2024
Transient 
RV Sites as 
of 
12/31/2024
Occupancy 
as of 
12/31/2024
Occupancy 
as of 
12/31/2023
SUN COMMUNITIES, INC.
36

Sun Valley
MH
Apache Junction
AZ
 
270  
— 
 99.6 %
 98.1 %
Arizona Total
 
4,190  
810 
 97.6 %
 96.9 %
Colorado
Cave Creek
MH
Evans
CO
 
450  
—  100.0 %
 99.8 %
Eagle Crest
MH
Firestone
CO
 
440  
— 
 99.8 %
 99.5 %
Jellystone Park™ at Larkspur(2)(3)
RV
Larkspur
CO
 
—  
540 
N/A
N/A
North Point Estates
MH
Pueblo
CO
 
110  
— 
 97.2 %
 99.1 %
Skyline
MH
Fort Collins
CO
 
170  
— 
 99.4 %
 100.0 %
Smith Creek Crossing
MH
Granby
CO
 
310  
— 
 48.4 % (1)
 43.2 % (1)
Sun Outdoors Rocky Mountains
MH
Granby
CO
 
40  
—  100.0 %
 100.0 %
Sun Outdoors Rocky Mountains RV 
Resort(2)
RV
Granby
CO
 
10  
410  100.0 %
 100.0 %
Swan Meadow Village
MH
Dillon
CO
 
180  
—  100.0 %
 100.0 %
The Foothills
MH
Fort Collins
CO
 
—  
— 
N/A
(1)
N/A
(1)
The Grove at Alta Ridge
MH
Thornton
CO
 
410  
—  100.0 %
 99.8 %
Timber Ridge
MH
Ft. Collins
CO
 
590  
— 
 99.7 %
 99.1 %
Willow Crossing
MH
Fort Lupton
CO
 
220  
— 
 49.8 % (1)
 11.9 % (1)
Colorado Total
 
2,930  
950 
 90.5 %
 87.0 %
NORTHEAST
Connecticut
Beechwood
MH
Killingworth
CT
 
300  
— 
 98.7 %
 98.7 %
Cedar Springs
MH
Southington
CT
 
190  
— 
 98.9 %
 98.4 %
Forest Hill
MH
Southington
CT
 
190  
— 
 97.9 %
 99.5 %
Grove Beach
MH
Westbrook
CT
 
140  
— 
 99.3 %
 100.0 %
Hillcrest
MH
Uncasville
CT
 
210  
— 
 99.5 %
 99.0 %
Lakeside
MH
Terryville
CT
 
80  
—  100.0 %
 96.1 %
Lakeview CT
MH
Danbury
CT
 
180  
— 
 98.3 %
 97.2 %
Laurel Heights
MH
Uncasville
CT
 
50  
— 
 91.8 %
 91.8 %
Marina Cove
MH
Uncasville
CT
 
20  
— 
 92.0 %
 92.0 %
Millwood
MH
Uncasville
CT
 
40  
— 
 48.9 % (1)
 31.1 % (1)
New England Village
MH
Westbrook
CT
 
60  
—  100.0 %
 100.0 %
Oak Grove
MH
Plainville
CT
 
40  
— 
 93.3 %
 93.3 %
Rolling Hills
MH
Storrs
CT
 
200  
— 
 85.5 %
 82.0 %
Sun Outdoors Mystic(2)
RV
Old Mystic
CT
 
60  
90  100.0 %
 100.0 %
Three Gardens
MH
Southington
CT
 
130  
— 
 97.0 %
 98.5 %
Yankee Village
MH
Old Saybrook
CT
 
20  
—  100.0 %
 100.0 %
Connecticut Total
 
1,910  
90 
 95.8 %
 95.0 %
Maine
Augusta Village
MH
Augusta
ME
 
60  
— 
 96.6 %
 94.9 %
Birch Hill Estates
MH
Bangor
ME
 
380  
— 
 98.9 %
 99.5 %
Hancock Heights Estates
MH
Hancock
ME
 
110  
—  100.0 %
 97.3 %
Holiday Park Estates
MH
Bangor
ME
 
220  
— 
 98.6 %
 97.7 %
Jellystone Park™ Androscoggin Lake(2)(3)
RV
North Monmouth
ME
 
50  
160  100.0 %
 100.0 %
Maplewood Manor
MH
Brunswick
ME
 
300  
— 
 98.6 %
 98.3 %
Merrymeeting
MH
Brunswick
ME
 
40  
—  100.0 %
 100.0 %
Norway Commons
MH
Norway
ME
 
260  
— 
 79.4 % (1)
 74.0 % (1)
Riverside Drive Park
MH
Augusta
ME
 
160  
— 
 98.2 %
 92.6 %
Sun Outdoors Old Orchard Beach 
Downtown(2)
RV
Old Orchard Beach
ME
 
100  
210  100.0 %
 100.0 %
Property Name
Segment
City / 
County (UK Only)
State / 
Country
MH and 
Annual RV 
Sites as of 
12/31/2024
Transient 
RV Sites as 
of 
12/31/2024
Occupancy 
as of 
12/31/2024
Occupancy 
as of 
12/31/2023
SUN COMMUNITIES, INC.
37

Sun Outdoors Saco Old Orchard Beach(2)
RV
Saco
ME
 
40  
150  100.0 %
 100.0 %
Sun Outdoors Wells Beach(2)(3)
RV
Wells
ME
 
30  
200  100.0 %
N/A
Sun Retreats Wild Acres(2)
RV
Old Orchard Beach
ME
 
400  
230  100.0 %
 100.0 %
Sun Retreats Old Orchard Beach(2)
RV
Old Orchard Beach
ME
 
260  
30  100.0 %
 100.0 %
Town & Country Village
MH
Lisbon
ME
 
140  
— 
 98.6 %
 98.6 %
Maine Total
 
2,550  
980 
 97.2 %
 96.0 %
New Jersey
Cape May Crossing
MH
Cape May
NJ
 
30  
—  100.0 %
 100.0 %
Deep Run
MH
Cream Ridge
NJ
 
240  
—  100.0 %
 100.0 %
Jellystone Park™ South Jersey(2)(3)
RV
Williamstown
NJ
 
80  
150  100.0 %
 100.0 %
Shady Pines
MH
Galloway Township
NJ
 
40  
—  100.0 %
 100.0 %
Shady Pines RV Resort(2)
RV
Galloway Township
NJ
 
80  
10  100.0 %
 100.0 %
Sun Outdoors Cape May(2)(3)
RV
Cape May
NJ
 
110  
200  100.0 %
 100.0 %
Sun Retreats Avalon(2)
RV
Cape May Court 
House
NJ
 
470  
60  100.0 %
 100.0 %
Sun Retreats Cape May Wildwood(2)
RV
Cape May
NJ
 
500  
130  100.0 %
 100.0 %
Sun Retreats Long Beach Island(2)
RV
Barnegat
NJ
 
180  
30  100.0 %
 100.0 %
Sun Retreats Pleasant Acres Farm(2)
RV
Sussex
NJ
 
160  
140  100.0 %
 100.0 %
Sun Retreats Sea Isle(2)
RV
Clermont
NJ
 
700  
10  100.0 %
 100.0 %
Sun Retreats Seashore(2)
RV
Cape May
NJ
 
470  
210  100.0 %
 100.0 %
New Jersey Total
 
3,060  
940  100.0 %
 100.0 %
New York
Cherrywood
MH
Clinton
NY
 
180  
—  100.0 %
 98.9 %
Jellystone Park™ at Birchwood Acres(3)
MH
Greenfield Park
NY
 
—  
— 100.0%
 100.0 %
Jellystone Park™ at Birchwood Acres RV 
Resort(2)(3)
RV
Greenfield Park
NY
 
140  
170  100.0 %
 100.0 %
Jellystone Park™ Lazy River(2)(3)
RV
Gardiner
NY
 
20  
320  100.0 %
 100.0 %
Jellystone Park™ of Western New 
York(2)(3)
RV
North Java
NY
 
20  
340  100.0 %
 100.0 %
Kittatinny Campground & RV Resort(2)(3)
RV
Barryville
NY
 
—  
540 
N/A
N/A
Parkside Village
MH
Cheektowaga
NY
 
160  
— 
 98.7 %
 99.4 %
Sky Harbor
MH
Cheektowaga
NY
 
520  
— 
 97.7 %
 98.7 %
Sun Outdoors Association Island(2)
RV
Henderson
NY
 
40  
270  100.0 %
 100.0 %
Sun Retreats Adirondack Gateway
RV
Gansevoort
NY
 
340  
—  100.0 %
 100.0 %
The Villas at Calla Pointe
MH
Cheektowaga
NY
 
120  
—  100.0 %
 100.0 %
New York Total
 
1,540  
1,640 
 99.0 %
 99.3 %
OTHER
Sun Outdoors Orange Beach(2)
RV
Orange Beach
AL
 
—  
500 
N/A
N/A
Fort Dupont(3)
RV
Delaware City
DE
 
—  
— 
N/A
N/A
High Point Park
MH
Frederica
DE
 
410  
— 
 99.3 %
 98.3 %
Jellystone Park™ at Delaware Beaches(2)(3)
RV
Delaware City
DE
 
40  
230  100.0 %
N/A
Sea Air Village
MH
Rehoboth Beach
DE
 
380  
— 
 98.9 %
 99.2 %
Sea Air Village RV Resort(2)
RV
Rehoboth Beach
DE
 
120  
20  100.0 %
 100.0 %
Sun Outdoors Rehoboth Bay(2)(3)
RV
Millsboro
DE
 
40  
250  100.0 %
 100.0 %
Sun Retreats Rehoboth Bay
MH
Millsboro
DE
 
200  
—  100.0 %
 100.0 %
Sun Retreats Rehoboth Bay RV Resort
RV
Millsboro
DE
 
300  
—  100.0 %
 100.0 %
Countryside Village of Atlanta
MH
Lawrenceville
GA
 
260  
— 
 99.6 %
 98.9 %
Countryside Village of Gwinnett
MH
Buford
GA
 
330  
—  100.0 %
 100.0 %
Countryside Village of Lake Lanier
MH
Buford
GA
 
550  
— 
 99.8 %
 99.6 %
Property Name
Segment
City / 
County (UK Only)
State / 
Country
MH and 
Annual RV 
Sites as of 
12/31/2024
Transient 
RV Sites as 
of 
12/31/2024
Occupancy 
as of 
12/31/2024
Occupancy 
as of 
12/31/2023
SUN COMMUNITIES, INC.
38

Wymberly
MH
Martinez
GA
 
280  
— 
 87.7 % (1)
 81.9 % (1)
Maple Brook
MH
Matteson
IL
 
440  
— 
 99.1 %
 99.3 %
Oak Ridge
MH
Manteno
IL
 
430  
— 
 99.3 %
 99.5 %
Sun Retreats Millbrook(2)
RV
Millbrook
IL
 
150  
240  100.0 %
 100.0 %
Sun Retreats Rock River(2)
RV
Hillsdale
IL
 
280  
220  100.0 %
 100.0 %
Jellystone Park™ at Mammoth Cave(2)(3)
RV
Cave City
KY
 
20  
290  100.0 %
N/A
Sun Outdoors New Orleans North 
Shore(2)(3)
RV
Ponchatoula
LA
 
10  
270  100.0 %
N/A
Sun Retreats Cape Cod(2)
RV
East Falmouth
MA
 
110  
150  100.0 %
 100.0 %
Sun Retreats Dennis Port(2)
RV
Dennisport
MA
 
240  
10  100.0 %
 100.0 %
Sun Retreats Peters Pond(2)
RV
Sandwich
MA
 
380  
30  100.0 %
 100.0 %
Hyde Park
MH
Easton
MD
 
240  
— 
 98.8 %
 99.6 %
Jellystone Park™ Williamsport(2)(3)
RV
Williamsport
MD
 
10  
230  100.0 %
N/A
Southside Landing
MH
Cambridge
MD
 
100  
— 
 99.0 %
 100.0 %
Sun Outdoors Frontier Town(2)(3)
RV
Berlin
MD
 
60  
630  100.0 %
 100.0 %
Sun Outdoors Ocean City(2)(3)
RV
Berlin
MD
 
10  
390  100.0 %
 100.0 %
Sun Outdoors Ocean City Gateway(2)(3)
RV
Whaleyville
MD
 
40  
170  100.0 %
 100.0 %
Jellystone Park™ at Memphis(2)(3)
RV
Horn Lake
MS
 
10  
150  100.0 %
N/A
Sun Outdoors Yellowstone North(2)(3)
RV
Gardiner
MT
 
—  
70 
N/A
N/A
Coastal Estates
MH
Hampstead
NC
 
150  
— 
 98.7 %
 94.8 % (1)
Glen Laurel
MH
Concord
NC
 
260  
— 
 98.8 %
 98.8 %
Jellystone Park™ at Golden Valley(2)(3)
RV
Bostic
NC
 
—  
360  100.0 %
N/A
Meadowbrook
MH
Charlotte
NC
 
320  
— 
 99.7 %
 99.7 %
Sun Retreats Nantahala(2)
RV
Sylva
NC
 
60  
30  100.0 %
 100.0 %
Stoneridge Villas
MH
Gardnerville
NV
 
—  
— 
N/A
(1)
N/A
(1)
Sun Villa Estates
MH
Reno
NV
 
320  
—  100.0 %
 99.7 %
Brook Ridge
MH
Hooksett
NH
 
90  
—  100.0 %
 100.0 %
Crestwood
MH
Concord
NH
 
320  
— 
 99.7 %
 99.7 %
Farmwood Village
MH
Dover
NH
 
160  
—  100.0 %
 100.0 %
Glen Ellis Family Campground(2)(3)
RV
Glen
NH
 
—  
300  100.0 %
N/A
Hannah Village
MH
Lebanon
NH
 
80  
—  100.0 %
 100.0 %
Hemlocks
MH
Tilton
NH
 
100  
— 
 99.0 %
 100.0 %
River Pines
MH
Nashua
NH
 
480  
—  100.0 %
 99.6 %
Strafford / Lake Winnipesaukee South 
KOA(2)(3)
RV
Strafford
NH
 
20  
130  100.0 %
 100.0 %
Sun Retreats Westward Shores(2)(3)
RV
West Ossipee
NH
 
440  
60  100.0 %
 100.0 %
Apple Creek
MH
Amelia
OH
 
180  
— 
 99.4 %
 98.9 %
East Fork Crossing
MH
Batavia
OH
 
350  
— 
 99.7 %
 99.4 %
Oakwood Village
MH
Miamisburg
OH
 
510  
— 
 99.4 %
 99.0 %
Orchard Lake
MH
Milford
OH
 
150  
— 
 97.3 %
 99.3 %
Sun Retreats Geneva on the Lake(2)
RV
Geneva on the Lake
OH
 
540  
90  100.0 %
 100.0 %
Westbrook Senior Village
MH
Toledo
OH
 
110  
—  100.0 %
 100.0 %
Westbrook Village
MH
Toledo
OH
 
340  
— 
 97.4 %
 97.7 %
Willowbrook Place
MH
Toledo
OH
 
270  
— 
 99.6 %
 97.4 %
Woodside Terrace
MH
Holland
OH
 
440  
— 
 97.7 %
 96.4 %
Pleasant Beach Campground
RV
Sherkston
ON
 
100  
—  100.0 %
 100.0 %
Sun Retreats Amherstburg(2)
RV
Amherstburg
ON
 
240  
70  100.0 %
 100.0 %
Sun Retreats Sherkston Shores(2)
RV
Sherkston
ON
 
1,720  
240  100.0 %
 100.0 %
Country Village Estates
MH
Oregon City
OR
 
520  
—  100.0 %
 100.0 %
Forest Meadows
MH
Philomath
OR
 
130  
— 
 88.4 % (1)
 72.9 % (1)
Sun Outdoors Bend(2)
RV
Bend
OR
 
—  
120 
N/A
N/A
Sun Outdoors Coos Bay(2)
RV
Coos Bay
OR
 
—  
90 
N/A
N/A
Property Name
Segment
City / 
County (UK Only)
State / 
Country
MH and 
Annual RV 
Sites as of 
12/31/2024
Transient 
RV Sites as 
of 
12/31/2024
Occupancy 
as of 
12/31/2024
Occupancy 
as of 
12/31/2023
SUN COMMUNITIES, INC.
39

Sun Outdoors Portland South(2)(3)
RV
Wilsonville
OR
 
—  
130 
N/A
N/A
Woodland Park Estates
MH
Eugene
OR
 
400  
—  100.0 %
 100.0 %
Countryside Estates
MH
Mckean
PA
 
300  
— 
 97.4 %
 98.7 %
Jellystone Park™ at Quarryville(2)(3)
RV
Quarryville
PA
 
—  
260  100.0 %
N/A
Pheasant Ridge
MH
Lancaster
PA
 
550  
— 
 99.5 %
 99.6 %
River Beach Campsites & RV(2)(3)
RV
Milford
PA
 —  
160 
N/A
N/A
Sun Retreats Lancaster County(2)
RV
Narvon
PA
 
290  
130  100.0 %
 100.0 %
Country Lakes
MH
Little River
SC
 
140  
—  100.0 %
 100.0 %
Crossroads
MH
Aiken
SC
 
170  
— 
 98.8 %
 94.0 % (1)
Crossroads RV Resort
RV
Aiken
SC
 
20  
—  100.0 %
 100.0 %
Lakeside Crossing
MH
Conway
SC
 
690  
— 
 99.6 %
 98.4 %
Ocean Pines
MH
Garden City
SC
 
580  
— 
 99.8 %
 99.8 %
Southern Palms
MH
Ladson
SC
 
190  
— 
 99.5 %
 100.0 %
Sun Outdoors Myrtle Beach(2)(3)
RV
Conway
SC
 
190  
630  100.0 %
 100.0 %
Sun Outdoors Pigeon Forge(2)(3)
RV
Sevierville
TN
 
50  
260  100.0 %
 100.0 %
Bear Lake Development Land
RV
Garden City
UT
 
—  
— 
N/A
(1)
N/A
(1)
Sun Outdoors Arches Gateway(2)
RV
Moab
UT
 
—  
110 
N/A
N/A
Sun Outdoors Canyonlands Gateway(2)
RV
Moab
UT
 
—  
130 
N/A
N/A
Sun Outdoors Garden City Utah(2)
RV
Garden City
UT
 
—  
220 
N/A
N/A
Sun Outdoors Moab Downtown(2)
RV
Moab
UT
 
—  
130 
N/A
N/A
Sun Outdoors North Moab(2)
RV
Moab
UT
 
—  
190 
N/A
N/A
Sun Outdoors Salt Lake City(2)
RV
North Salt Lake
UT
 
—  
180 
N/A
N/A
47 North
MH
Cle Elum
WA
 
—  
— 
N/A
(1)
N/A
(1)
Sun Outdoors Gig Harbor(2)
RV
Gig Harbor
WA
 
—  
110 
N/A
N/A
Sun Retreats Birch Bay(2)
RV
Blaine
WA
 
370  
300  100.0 %
 100.0 %
Fond du Lac East / Kettle Moraine KOA(2)
RV
Glenbeulah
WI
 
240  
80  100.0 %
 100.0 %
Other Total
 
18,020  
8,360 
 99.3 %
 98.9 %
NORTH AMERICA TOTAL
 
129,530  
24,830 
 98.0 %
 97.4 %
UNITED KINGDOM
England
Alberta(2)
UK
Whitstable, Kent
England  
330  
10 
 93.6 %
 94.5 %
Amble Links
UK
Amble, 
Northumberland
England  
670  
— 
 84.2 %
 91.2 %
Ashbourne Heights(2)
UK
Ashbourne, 
Derbyshire
England  
120  
90 
 93.4 %
 90.4 %
Beauport
UK
Hastings, Sussex
England  
820  
— 
 89.5 %
 94.3 %
Birchington Vale(2)
UK
Birchington, Kent
England  
500  
20 
 96.4 %
 97.3 %
Bodmin Holiday Park (formerly 
Cornwall)(2)
UK
Bodmin, Cornwall
England  
10  
60 
 52.9 % (1)
 69.2 % (1)
Bowland Fell(2)
UK
Skipton, Yorkshire
England  
290  
50 
 91.4 %
 86.0 %
Broadland Sands(2)
UK
Lowestoft, Suffolk
England  
460  
150 
 94.4 %
 95.7 %
Carlton Meres(2)
UK
Saxmundham, 
Suffolk
England  
360  
190 
 87.6 %
 89.3 %
Chantry
UK
West Witton, 
Yorkshire
England  
150  
— 
 77.7 %
 79.1 %
Chichester Lakeside(2)
UK
Chichester, Sussex
England  
520  
90 
 93.1 %
 94.2 %
Coghurst Hall(2)
UK
Hastings, Sussex
England  
500  
20 
 88.4 %
 92.0 %
Dawlish Sands
UK
Dawlish, Devon
England  
170  
— 
 89.8 %
 91.6 %
Dovercourt(2)
UK
Harwich, Essex
England  
560  
140 
 88.8 %
 91.0 %
Felixstowe Beach
UK
Felixstowe, Suffolk
England  
340  
— 
 93.2 %
 89.7 %
Glendale(2)
UK
Wigton, Cumbria
England  
330  
50 
 77.3 %
 71.4 %
Property Name
Segment
City / 
County (UK Only)
State / 
Country
MH and 
Annual RV 
Sites as of 
12/31/2024
Transient 
RV Sites as 
of 
12/31/2024
Occupancy 
as of 
12/31/2024
Occupancy 
as of 
12/31/2023
SUN COMMUNITIES, INC.
40

Golden Sands(2)
UK
Dawlish, Devon
England  
310  
140 
 85.0 %
 86.6 %
Harts(2)
UK
Isle of Sheppey, 
Kent
England  
470  
160 
 85.9 %
 87.2 %
Hedley Wood(2)
UK
Holsworthy, Devon
England  
70  
180 
 77.0 % (1)
 66.7 % (1)
Henfold
UK
Dorking, Surrey
England  
—  
— 
N/A
(1)
N/A
(1)
Hengar Manor(2)
UK
Bodmin, Cornwall
England  
90  
80 
 94.0 %
 80.9 %
Malvern View(2)
UK
Stanford Bishop, 
Worcester
England  
310  
30 
 90.3 %
 87.2 %
Marlie(2)
UK
Romney, Kent
England  
390  
140 
 91.3 %
 90.9 %
New Beach(2)
UK
Dymchurch, Kent
England  
560  
80 
 90.6 %
 95.5 %
Newhaven(2)
UK
Buxton, Derbyshire
England  
80  
130 
 82.7 %
 79.3 %
Oaklands
UK
Clacton on Sea, 
Essex
England  
290  
— 
 89.8 %
 88.4 %
Old Kerrow
UK
Ilfracombe, Devon
England  
—  
— 
N/A
(1)
N/A
(1)
Oyster Bay
UK
Truro, Cornwall
England  
160  
— 
 77.1 %
 71.3 %
Pakefield(2)
UK
Pakefield, Suffolk
England  
290  
30 
 88.3 %
 91.4 %
Par Sands(2)
UK
Par, Cornwall
England  
290  
20 
 90.2 %
 92.6 %
Pentire(2)
UK
Bude, Cornwall
England  
120  
20 
 94.9 %
 92.3 %
Pevensey Bay(2)
UK
Pevensey Bay, 
Sussex
England  
350  
50 
 92.6 %
 89.5 %
Polperro(2)
UK
Looe, Cornwall
England  
80  
60 
 70.3 %
 71.6 %
Ribble Valley(2)
UK
Clitheroe, 
Lancashire
England  
300  
20 
 82.6 %
 80.2 %
Rye Harbour
UK
Rye, Sussex
England  
230  
— 
 96.5 %
 89.3 %
Sand le Mere(2)
UK
Hull, Yorkshire
England  
680  
220 
 86.5 %
 86.1 %
Sandhills(2)
UK
Christchurch, Dorset
England  
140  
10 
 89.6 %
 88.8 %
Sandy Bay(2)
UK
Canvey Island, 
Essex
England  
420  
30 
 90.2 %
 80.0 %
Seaview(2)
UK
Whitstable, Kent
England  
590  
80 
 95.9 %
 95.6 %
Seawick(2)
UK
Clacton on Sea, 
Essex
England  
580  
80 
 91.6 %
 93.5 %
Solent Breezes(2)
UK
Fareham, Hampshire England  
250  
10 
 90.2 %
 91.9 %
St. Osyth Beach / Martello Beach(2)
UK
Clacton on Sea, 
Essex
England  
930  
150 
 92.2 %
 92.3 %
Steeple Bay(2)
UK
Sothminster, Essex
England  
440  
90 
 91.8 %
 89.9 %
Stowford(2)
UK
Ilfracombe, Devon
England  
90  
930 
 93.5 %
N/A
(1)
Suffolk Sands
UK
Felixstowe, Suffolk
England  
370  
— 
 93.8 %
 94.4 %
Tarka(2)
UK
Barnstaple, Devon
England  
120  
10 
 91.7 %
 87.3 %
Trevella(2)
UK
Newquay, Cornwall
England  
190  
220 
 90.4 %
 88.0 %
Waterside(2)
UK
Paignton, Devon
England  
200  
40 
 87.4 %
 87.4 %
West Mersea(2)
UK
West Mersea, Essex
England  
400  
40 
 96.8 %
 96.8 %
Winchelsea Sands(2)
UK
Winchelsea, Sussex
England  
260  
30 
 81.6 %
 85.1 %
Wood Farm(2)
UK
Charmouth, Dorset
England  
140  
160 
 83.0 %
 83.1 %
Yorkshire Dales
UK
Leyburn, Yorkshire
England  
130  
— 
 79.2 %
 83.9 %
England Total
 
16,450  
4,110 
 89.6 %
 89.6 %
Scotland
Burghead / Lossiemouth / Silver Sands(2)
UK
Burghead, Moray
Scotland  
620  
190 
 90.3 %
 85.4 %
Scotland Total
 
620  
190 
 90.3 %
 85.4 %
Wales
Brynteg(2)
UK
Llanryg, Caernafon
Wales
 
290  
40 
 84.9 %
 92.5 %
Plas Coch
UK
Llanedwen, 
Anglesey
Wales
 
330  
— 
 95.7 %
 95.7 %
Property Name
Segment
City / 
County (UK Only)
State / 
Country
MH and 
Annual RV 
Sites as of 
12/31/2024
Transient 
RV Sites as 
of 
12/31/2024
Occupancy 
as of 
12/31/2024
Occupancy 
as of 
12/31/2023
SUN COMMUNITIES, INC.
41

Wales Total
 
620  
40 
 90.6 %
 94.2 %
UNITED KINGDOM TOTAL
 
17,690  
4,340 
 89.7 %
 89.6 %
COMPANY TOTAL / AVERAGE
 
147,220  
29,170 
 97.0 %
 96.4 %
Property Name
Segment
City / 
County (UK Only)
State / 
Country
MH and 
Annual RV 
Sites as of 
12/31/2024
Transient 
RV Sites as 
of 
12/31/2024
Occupancy 
as of 
12/31/2024
Occupancy 
as of 
12/31/2023
(1) Occupancy in these properties reflects the fact that these properties are held for future development or are in a lease-up phase following an expansion, redevelopment 
or initial construction.
(2) Occupancy percentage excludes transient RV sites. Percentage calculated by dividing revenue producing sites by developed sites. A revenue producing site is defined 
as a site that is occupied by a paying resident or reserved by a customer with annual or seasonal usage rights. A developed site is defined as an adequately sized 
parcel of land that has road and utility access which is zoned and licensed (if required) for use as a home site.
(3) We have an ownership interest in these properties, but do not maintain and operate these properties.
(4) Occupancy in these properties at December 31, 2023 reflects the redevelopment following asset impairments resulting from Hurricane Ian in October 2022.
(5) Occupancy in these properties at December 31, 2023 reflects the redevelopment following asset impairments resulting from Hurricane Irma in September 2017.
The following tables set forth certain information relating to our Safe Harbor branded marinas as of December 31, 2024.
UNITED STATES
NORTHEAST
Connecticut
Bruce & Johnsons
Branford
CT
 
670  
670 
Dauntless(1)
Essex
CT
 
340  
340 
Dauntless Shipyard(1)
Essex
CT
 
—  
— 
Deep River
Deep River
CT
 
310  
310 
Essex Island(1)
Essex
CT
 
—  
— 
Ferry Point(2)
Old Saybrook
CT
 
300  
140 
Harbor House(3)
Stamford
CT
 
—  
— 
Mystic
Mystic
CT
 
260  
260 
Oak Leaf(2)(4)
Old Saybrook
CT
 
— 
N/A
Pilots Point
Westbrook
CT
 
880  
880 
Port Milford(4)
Milford
CT
 
90 
N/A
Stratford
Stratford
CT
 
210  
210 
Yacht Haven(3)
Stamford
CT
 
520  
520 
Connecticut Total
 
3,580  
3,330 
Rhode Island
Allen Harbor
North Kingstown
RI
 
180  
180 
Cove Haven
Barrington
RI
 
340  
340 
Cowesett(5)
Warwick
RI
 
1,190  
1,190 
Greenwich Bay
Warwick
RI
 
550  
550 
Island Park(6)
Portsmouth
RI
 
—  
— 
Jamestown Boatyard
Jamestown
RI
 
110  
110 
New England Boatworks
Portsmouth
RI
 
230  
230 
Newport Shipyard
Newport
RI
 
70  
70 
Sakonnet(6)
Portsmouth
RI
 
420  
420 
Silver Spring
Wakefield
RI
 
110  
110 
Wickford(7)
Wickford
RI
 
—  
— 
Wickford Cove(7)
Wickford
RI
 
260  
260 
Rhode Island Total
 
3,460  
3,460 
Marina Property Name
City
State / 
Municipal
Wet Slips and Dry 
Storage Spaces
as of 12/31/2024
Wet Slips and Dry 
Storage Spaces
as of 12/31/2023
SUN COMMUNITIES, INC.
42

New York
Capri
Port Washington
NY
 
370  
370 
Gaines
Rouses Point
NY
 
290  
290 
Glen Cove
Glen Cove
NY
 
540  
540 
Greenport(8)
Greenport
NY
 
370  
420 
Haverstraw
West Haverstraw
NY
 
900  
900 
Montauk Yacht Club
Montauk
NY
 
230  
230 
Post Road
Mamaroneck
NY
 
50  
50 
Stirling(8)
Greenport
NY
 
—  
— 
Willsboro Bay
Willsboro
NY
 
220  
220 
New York Total
 
2,970  
3,020 
Massachusetts
Edgartown
Edgartown
MA
 
120  
120 
Fiddler's Cove
North Falmouth
MA
 
200  
200 
Green Harbor
Marshfield
MA
 
200  
200 
Hawthorne Cove
Salem
MA
 
450  
450 
Marina Bay
Quincy
MA
 
740  
700 
Onset Bay
Buzzards Bay
MA
 
230  
230 
Plymouth
Plymouth
MA
 
200  
200 
Sunset Bay
Hull
MA
 
220  
240 
Vineyard Haven
Vineyard Haven
MA
 
180  
180 
Massachusetts Total
 
2,540  
2,520 
Maryland
Annapolis
Annapolis
MD
 
290  
290 
Bohemia Vista
Chesapeake Bay
MD
 
130  
130 
Carroll Island
Baltimore
MD
 
460  
460 
Great Oak Landing
Chestertown
MD
 
390  
390 
Hacks Point
Chesapeake Bay
MD
 
70  
70 
Narrows Point(9)
Grasonville
MD
 
390  
390 
Oxford
Oxford
MD
 
140  
140 
Podickory Point
Annapolis
MD
 
310  
310 
Zahnisers
Solomons
MD
 
220  
300 
Maryland Total
 
2,400  
2,480 
SOUTHEAST
Florida
Angler House
Islamorada
FL
 
20  
20 
Berth One Palm Beach(4)(10)
Riviera Beach
FL
 
— 
N/A
Burnt Store
Punta Gorda
FL
 
910  
910 
Calusa Island
Goodland
FL
 
620  
620 
Cape Harbour
Cape Coral
FL
 
260  
260 
Emerald Coast
Niceville
FL
 
350  
350 
Harborage Yacht Club
Stuart
FL
 
310  
310 
Harbortown
Fort Pierce
FL
 
260  
350 
Islamorada
Islamorada
FL
 
260  
260 
Lauderdale Marine Center(11)
Fort Lauderdale
FL
 
130  
130 
Marathon
Marathon
FL
 
160  
160 
New Port Cove
Riviera Beach
FL
 
360  
360 
North Palm Beach
North Palm Beach
FL
 
120  
120 
Old Port Cove
North Palm Beach
FL
 
210  
210 
Marina Property Name
City
State / 
Municipal
Wet Slips and Dry 
Storage Spaces
as of 12/31/2024
Wet Slips and Dry 
Storage Spaces
as of 12/31/2023
SUN COMMUNITIES, INC.
43

Pier 77
Bradenton
FL
 
200  
200 
Pineland
Bokeelia
FL
 
260  
260 
Port Phoenix(12)
North Fort Myers
FL
 
—  
— 
Regatta Pointe
Palmetto
FL
 
320  
370 
Riviera Beach
Riviera Beach
FL
 
20  
20 
Siesta Key
Sarasota
FL
 
230  
230 
South Fork(11)
Fort Lauderdale
FL
 
—  
— 
West Palm Beach
West Palm Beach
FL
 
60  
60 
Florida Total
 
5,060  
5,200 
WEST
California
Anacapa Isle
Oxnard
CA
 
540  
540 
Ballena Isle
Alameda
CA
 
420  
420 
Bayfront
Chula Vista
CA
 
620  
620 
Cabrillo Isle
San Diego
CA
 
540  
540 
Emeryville
Emeryville
CA
 
460  
460 
Loch Lomond
San Rafael
CA
 
530  
530 
Marina Bay Yacht Harbor
Richmond
CA
 
800  
800 
Marina Village Yacht Harbor(4)
Alameda
CA
 
730 
N/A
Shelter Island
San Diego
CA
 
60  
60 
South Bay
Chula Vista
CA
 
560  
560 
Sunroad
San Diego
CA
 
650  
650 
Ventura Harbor Fuel(4)(13)
Ventura
CA
 
— 
N/A
Ventura Isle(13)
Ventura
CA
 
530  
530 
California Total
 
6,440  
5,710 
OTHER
Sportsman
Orange Beach
AL
 
770  
760 
Brady Mountain
Royal
AR
 
580  
580 
Aqualand
Flowery Branch
GA
 
1,630  
1,570 
Bahia Bleu
Thunderbolt
GA
 
260  
260 
Hideaway Bay
Flowery Branch
GA
 
690  
690 
Savannah Yacht Center
Savannah
GA
 
20  
20 
Trade Winds
Appling
GA
 
320  
320 
Beaver Creek
Monticello
KY
 
300  
280 
Burnside
Somerset
KY
 
350  
350 
Grider Hill
Albany
KY
 
710  
710 
Jamestown
Jamestown
KY
 
740  
740 
Wisdom Dock
Albany
KY
 
290  
290 
Great Island
Harpswell
ME
 
140  
140 
Kittery Point
Kittery
ME
 
60  
60 
Rockland
Rockland
ME
 
50  
50 
Belle Maer
Harrison Township
MI
 
540  
550 
Detroit River
Detroit
MI
 
470  
470 
Grand Isle
Grand Haven
MI
 
450  
450 
Great Lakes
Muskegon
MI
 
470  
470 
Jefferson Beach
St. Clair Shores
MI
 
780  
900 
Toledo Beach
La Salle
MI
 
580  
580 
Tower Marine
Douglas
MI
 
480  
480 
Aqua Yacht
Iuka
MS
 
590  
590 
Jarrett Bay Boatworks
Beaufort
NC
 
40  
40 
Marina Property Name
City
State / 
Municipal
Wet Slips and Dry 
Storage Spaces
as of 12/31/2024
Wet Slips and Dry 
Storage Spaces
as of 12/31/2023
SUN COMMUNITIES, INC.
44

Kings Point
Cornelius
NC
 
780  
780 
Outer Banks
Wanchese
NC
 
210  
210 
Peninsula Yacht Club
Cornelius
NC
 
480  
480 
Skippers Landing
Troutman
NC
 
390  
390 
South Harbour Village
Southport
NC
 
140  
140 
Westport
Denver
NC
 
620  
620 
Wentworth by the Sea
New Castle
NH
 
220  
220 
Crystal Point
Point Pleasant
NJ
 
170  
170 
Manasquan River
Brick Township
NJ
 
240  
240 
Lakefront
Port Clinton
OH
 
490  
490 
Sandusky
Sandusky
OH
 
550  
550 
Harbors View
Afton
OK
 
160  
160 
Port of San Juan(4)
San Juan
PR
 
10 
N/A
Puerto del Rey
Fajardo
PR
 
1,610  
1,610 
Beaufort
Beaufort
SC
 
130  
130 
Bristol
Charleston
SC
 
190  
190 
Charleston City(14)
Charleston
SC
 
450  
450 
City Boatyard
Charleston
SC
 
220  
220 
Port Royal
Port Royal
SC
 
250  
250 
Port Royal Landing
Port Royal
SC
 
160  
160 
Reserve Harbor
Pawleys Island
SC
 
230  
230 
Skull Creek
Hilton Head
SC
 
190  
190 
Eagle Cove
Byrdstown
TN
 
110  
80 
Holly Creek
Celina
TN
 
310  
310 
Emerald Point
Austin
TX
 
590  
590 
Pier 121
Lewisville
TX
 
1,080  
1,080 
Walden
Montgomery
TX
 
390  
390 
Bluewater
Hampton
VA
 
200  
200 
Stingray Point
Deltaville
VA
 
220  
220 
Shelburne Shipyard
Shelburne
VT
 
210  
210 
Other Total
 
22,310  
22,310 
COMPANY TOTAL
 
48,760  
48,030 
Marina Property Name
City
State / 
Municipal
Wet Slips and Dry 
Storage Spaces
as of 12/31/2024
Wet Slips and Dry 
Storage Spaces
as of 12/31/2023
(1) Wet slips and dry storage spaces from Dauntless Shipyard and Essex Island are grouped into Dauntless.
(2) Wet slips and dry storage spaces from Oak Leaf are grouped into Ferry Point.
(3) Wet slips and dry storage spaces from Harbor House are grouped into Yacht Haven.
(4) Property acquired during the year ended December 31, 2024.
(5) Wet slips and dry storage spaces from Apponaug Harbor are grouped into Cowesett.
(6) Wet slips and dry storage spaces from Island Park are grouped into Sakonnet.
(7) Wet slips and dry storage spaces from Wickford are grouped into Wickford Cove.
(8) Wet slips and dry storage spaces from Stirling are grouped into Greenport.
(9) Wet slips and dry storage spaces from Harrison Yacht Yard are grouped into Narrows Point.
(10)Wet slips and dry storage spaces from Berth One Palm Beach are grouped into Safe Harbor Rybovich.
(11)Wet slips and dry storage spaces from South Fork are grouped into Lauderdale Marine Center.
(12)Marina was converted to a development site, which is undergoing planning and permitting.
(13)Wet slips and dry storage spaces from Ventura Harbor Fuel are grouped into Venture Isle.
(14)Wet slips and dry storage spaces from Ashley Fuels are grouped into Charleston City.
SUN COMMUNITIES, INC.
45

ITEM 3. LEGAL PROCEEDINGS
Legal Proceedings 
We are involved in various legal proceedings. Refer to "Legal Proceedings - Class Action Litigation" and "Other Legal Proceedings" 
in Note 16, "Commitments and Contingencies," in our accompanying Notes to the Consolidated Financial Statements.
Environmental Matters
Item 103 of Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the 
proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will exceed an applied threshold 
not to exceed $1.0 million. Applying this threshold, there are no environmental matters to disclose for the year ended December 31, 
2024.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS, AND ISSUER 
PURCHASES OF EQUITY SECURITIES
Market Information
Our common stock has been listed on the New York Stock Exchange ("NYSE") since December 8, 1993, and trades under the symbol 
"SUI." On February 21, 2025, the closing share price of our common stock was $126.07 per share on the NYSE, and there were 667 
holders of record of 127,378,160 outstanding shares of common stock.
On February 21, 2025, the following OP units of the Operating Partnership were outstanding:
OP Units
OP Units
Issued and Outstanding
Exchangeable
Shares of Common Stock
Series A-1 preferred OP units
 
171,429 
 
418,120 
Series A-3 preferred OP units
 
40,268 
 
74,917 
Series C preferred OP units
 
296,745 
 
329,387 
Series D preferred OP units
 
488,958 
 
391,166 
Series E preferred OP units
 
80,000 
 
55,172 
Series F preferred OP units
 
90,000 
 
56,250 
Series G preferred OP units
 
4,898 
 
3,160 
Series H preferred OP units
 
581,229 
 
354,408 
Series J preferred OP units
 
236,000 
 
143,030 
Series K preferred OP units
 
1,000,000 
 
588,235 
Series L preferred OP units
 
20,000 
 
12,500 
Common OP units
 
2,888,145 
 
2,888,145 
Total
 
5,897,672 
 
5,314,490 
We have historically paid regular quarterly distributions to holders of our common stock and common OP units. In addition, we are 
obligated to make distributions to holders of each series of our preferred OP units. See "Structure of the Company" under Part I, Item 
1 of this Annual Report on Form 10-K. Our ability to make distributions on our common stock and preferred OP units, payments on 
our indebtedness and to fund planned capital expenditures will depend on our ability to generate cash in the future. The decision to 
declare and pay distributions on shares of our common stock and common OP units in the future, as well as the timing, amount and 
composition of any such future distributions, will be at the sole discretion of our Board of Directors in light of conditions then 
existing, including our earnings, financial condition, capital requirements, debt maturities, the availability of debt and equity capital, 
applicable REIT and legal restrictions, general overall economic conditions and other factors.
SUN COMMUNITIES, INC.
46

Securities Authorized for Issuance Under Equity Compensation Plans
The following table reflects information about the securities authorized for issuance under our equity compensation plans as of 
December 31, 2024:
Number of securities to 
be issued upon exercise of 
outstanding options, 
warrants and rights
Weighted-average 
exercise price of 
outstanding options, 
warrants and rights
Number of shares of 
common stock remaining 
available for future 
issuance under equity 
compensation plans 
(excluding securities 
reflected in column a)
Plan Category
(a)
(b)
(c)
Equity compensation plans approved by shareholders
 
— 
$ 
— 
 
2,760,787 
Total
 
— 
$ 
— 
 
2,760,787 
Recent Sales of Unregistered Securities
From time to time, we may issue shares of common stock or common OP units in exchange for OP units in accordance with the terms 
and provisions of the limited partnership agreement of the Operating Partnership. Such shares are issued based on the exchange ratios 
and formulas described in "Structure of the Company" under Part I, Item 1 of this Annual Report on Form 10-K. Below is the activity 
of conversions for the three months and year ended December 31, 2024:
Three Months Ended
Year Ended
December 31, 2024
December 31, 2024
Series
Conversion 
Rate
Units / Shares 
Converted
Common 
Stock(1)
Units / Shares 
Converted
Common 
Stock(1)
Common OP units
1.0000
 
16,068 
 
16,068 
 
96,164 
 
96,164 
Series A-1 preferred OP units
2.4390
 
784 
 
1,911 
 
25,347 
 
61,811 
Series C preferred OP units
1.1100
 
— 
 
— 
 
9,103 
 
10,104 
Series G preferred OP units
0.6452
 
— 
 
— 
 
4,898 
 
3,160 
Series H preferred OP units
0.6098
 
— 
 
— 
 
9 
 
5 
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.
All of the securities described above were issued in private placements in reliance on Section 4(a)(2) of the Securities Act, including 
Regulation D promulgated thereunder. No underwriters were used in connection with any of such issuances.
Purchases of Equity Securities
The following table summarizes our common stock repurchases during the three months ended December 31, 2024:
Period
Total number of 
shares purchased(a)
Average price 
paid per share
Total number of shares 
purchased as part of 
publicly announced 
plans or programs
Maximum number (or 
approximate dollar value) of 
shares that may yet be purchased 
under the plans or programs
October 1, 2024 - October 31, 2024
 
6,085 
$ 
133.42 
 
— 
$ 
— 
November 1, 2024 - November 30, 2024
 
752 
$ 
129.03 
 
— 
$ 
— 
December 1, 2024 - December 31, 2024
 
— 
$ 
— 
 
— 
$ 
— 
Total
 
6,837 
$ 
132.94 
 
— 
$ 
— 
(a) During the three months ended December 31, 2024, we withheld 6,837 shares from employees to satisfy estimated statutory income tax obligations related to vesting 
of restricted stock awards. The value of the common stock withheld was based on the closing price of our common stock on the applicable vesting date.
ITEM 6. [Reserved]
SUN COMMUNITIES, INC.
47

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
The following discussion and analysis of the consolidated financial condition and results of operations should be read in conjunction 
with the Consolidated Financial Statements and accompanying footnotes thereto included in this Annual Report on Form 10-K. In 
addition to the results presented in accordance with GAAP below, we have provided NOI and FFO information as supplemental 
performance measures. Refer to Non-GAAP Financial Measures in this Item 7 for additional information.
OVERVIEW AND OUTLOOK
We are a fully integrated REIT. As of December 31, 2024, we owned and operated, directly or indirectly, or had an interest in, a 
portfolio of 645 developed properties located in the U.S., Canada, and the UK including 288 MH communities, 166 RV communities, 
138 marinas and 53 UK communities.
We have been in the business of acquiring, operating, developing and expanding MH and RV communities since 1975, marinas since 
2020, and communities in the UK 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 also market, sell, and lease 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. The majority of our marinas 
are concentrated in coastal regions. Our marinas offer wet slip and dry storage space leases, end-to-end service (such as routine 
maintenance, repair, and winterization), fuel sales, and other high-end amenities. These services and amenities offer convenience and 
resort-quality experiences to our members and guests. In the UK, our Park Holidays 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.
Historically, a large component of our growth was driven by acquisitions as we opportunistically purchased high-quality MH, RV, 
Marina, and UK properties. With the benefit of our expanded portfolio, beginning in 2023, we shifted our strategy toward optimizing 
the value of our existing businesses through achieving strong rental rate growth and operating efficiencies, while still pursuing select 
new acquisition and expansion opportunities. This strategy continued in 2024 as we determined to divest non-strategic assets and 
focus on simplification of our operations and capital structure. During the year ended December 31, 2024, we sold 25 properties and 
three development properties for a total gross sales price of $476.8 million and commenced an internal restructuring initiative. We 
remain focused on maximizing Real property income, Same Property NOI growth, and Core FFO per share growth, which we believe 
will enhance long-term shareholder value.
Leadership Change
In November 2024, Gary A. Shiffman informed the Board of his intent to retire as CEO by no later than December 31, 2025. The 
Board of Directors has established a CEO Succession Planning Committee to conduct a comprehensive search process to identify a 
new CEO.
Catastrophic Event - Hurricanes Helene and Milton
In September and October 2024, Hurricane Helene and Hurricane Milton, respectively, made landfall in Florida and subsequently 
impacted several of our properties in the Southeastern and Mid-Atlantic regions of the U.S. During the year ended December 31, 2024, 
we recognized charges of $13.9 million for debris removal and clean-up at several of our MH and RV communities, and charges of 
$4.4 million for impaired assets at several of our marinas, which were recorded within Catastrophic event-related charges, net on the 
Consolidated Statements of Operations. We maintain property, casualty, flood, and business interruption insurance for our properties, 
subject to customary deductibles and limits.
SUN COMMUNITIES, INC.
48

EXECUTIVE SUMMARY
2024 General Overview
Key operational and financial highlights included the following:
•
Total revenues for 2024 were $3.2 billion, consistent with 2023 total revenues.
•
Net income attributable to SUI common shareholders was $89.0 million, as compared to a net loss attributable to SUI 
common shareholders of $213.3 million in the prior year, driven primarily by Same Property NOI generation and gains on 
dispositions of assets.
•
Achieved annual Core FFO of $6.81 per diluted share and OP unit.
•
Achieved Real property Same Property NOI growth of 6.7% for MH, 5.4% for Marina and 9.0% for the UK over 2023. For 
the RV segment, we experienced a decline in Same Property NOI growth of 2.8%, driven by lower than anticipated real 
property - transient revenues and an increase in supplies and repair expenses and other expenses.
•
Increased Same Property adjusted blended occupancy for MH and RV by 160 basis points to 99.0% as compared to 97.4% in 
2023.
•
Entered into and settled all outstanding forward sale agreements with respect to 2,713,571 shares of common stock under our 
At the Market Offering Sales Agreement. Net proceeds of $361.7 million were used to repay borrowings outstanding under 
our senior credit facility.
•
Closed an offering of underwritten senior unsecured notes of $500.0 million for net proceeds of $495.4 million of which a 
majority of the net proceeds were used to reduce floating-rate debt.
•
Completed the disposition of non-strategic properties valued at $476.8 million in aggregate, including an exit from two states.
•
Reduced our Net debt / trailing twelve month recurring EBITDA ratio to 6.0x as of December 31, 2024 (from 6.1x in the 
prior year) and reduced floating rate debt exposure to 8.6% as of December 31, 2024 (from 16.4% as of December 31, 2023).
Property Operations
Occupancy in our MH and annual RV properties, as well as our ability to increase rental rates, directly affect revenues. Our revenue 
streams are predominantly derived from customers renting our sites on a long-term basis. Our Same Property communities continue to 
achieve revenue and occupancy increases which drive continued NOI growth. Our Same Property marinas and UK communities 
achieved revenue increases which contributed to our NOI growth.
Year Ended
Portfolio Information:
December 31, 
2024
December 31, 
2023
December 31, 
2022
Occupancy % - Total Portfolio - MH and Annual RV Occupancy(1)
 97.0 %
 96.4 %
 96.0 %
Occupancy % - Same Property - Adjusted MH and Annual RV Occupancy(1)(2)(3)
 99.0 %
 97.4 %
 96.6 %
Core FFO per share
$ 
6.81 
$ 
7.10 
$ 
7.35 
Real property NOI - Total Portfolio (in millions)
$ 
1,305.4 
$ 
1,249.4 
$ 
1,151.8 
Real property NOI - Same Property (in millions) - MH, RV, and Marina(3)
$ 
1,170.3 
$ 
1,124.8 
$ 
1,061.9 
Real property NOI - Same Property (in millions) - UK
$ 
76.0 
$ 
69.8 
N/A
Home sales volume - North America
 
2,001 
 
2,565 
 
3,212 
Home sales volume - UK(4)
 
2,948 
 
2,857 
2,343
(1) Occupancy percentage includes annual RV sites and excludes transient RV sites.
(2) Occupancy percentage excludes recently completed but vacant expansion sites.
(3) Same Property is based on the reported year end Same Property count for each respective year.
(4) UK amounts for the year ended December 31, 2022 cover the period from April 8, 2022 (date of acquisition) through December 31, 2022.
Acquisition Activity
During the year ended December 31, 2024, we acquired three marinas and three marina expansion assets with an aggregate of 925 wet 
slips and dry storage spaces for an aggregate purchase price of approximately $63.8 million. Refer to Note 3, "Real Estate 
Acquisitions and Dispositions," for details of our acquisition activities.
SUN COMMUNITIES, INC.
49

Disposition Activity
Management continually evaluates properties within the portfolio for potential disposition opportunities. When a given property no 
longer fits our desired growth profile, we seek to redeploy capital to properties and geographies fit to provide greater future returns. 
From time to time, strategic reductions to the portfolio are necessary to reduce exposure to less desirable locations and support our 
long-term positioning. In 2024, we expanded our disposition program as part of our strategy to focus on simplification of our 
operations and capital structure.
During the year ended December 31, 2024, we sold 25 communities located in the U.S, Canada, and the U.K., with 6,526 sites for 
$426.6 million. In addition, we sold three development properties in the U.S. for total consideration of $50.2 million. Refer to Note 3, 
"Real Estate Acquisitions and Dispositions," for details on the disposition activities.
Markets
Our MH and RV properties are largely concentrated in the U.S. in Florida, Michigan, Texas, and California, which collectively 
contain 63.9% of our total MH and RV sites. We have expanded our market share in multiple states through acquisitions and increased 
our property holdings in high-growth areas of the U.S. including retirement and vacation destinations. The age demographic of RV 
communities is attractive, as the population of retirement age adults in the U.S. is growing. RV communities have become a trending 
vacation opportunity not only for the retiree population, but as an affordable vacation alternative for families and millennials.
The majority of our marinas are concentrated in coastal regions, and other marinas are located in various inland regions. Our Marina 
properties are largely concentrated in the U.S. in Florida and California, which collectively contain 23.6% of our total wet slips and 
dry storage spaces.
Our UK properties are located in irreplaceable coastal destination locations that are a short drive from London and other urban 
locations. Our UK properties are largely concentrated in England, which contain 93.3% of our total holiday parks.
The following table identifies our largest MH and RV markets by total sites:
Florida
 
127 
 
45,450 
 29.4 %
 
129 
 
44,410 
 28.1 %
Michigan
 
85 
 
33,530 
 21.7 %
 
85 
 
33,500 
 21.2 %
California
 
37 
 
8,830 
 5.7 %
 
37 
 
8,800 
 5.6 %
Texas
 
29 
 
10,910 
 7.1 %
 
29 
 
10,820 
 6.8 %
Connecticut
 
16 
 
2,000 
 1.3 %
 
16 
 
2,000 
 1.3 %
Maine
 
15 
 
3,530 
 2.3 %
 
15 
 
3,540 
 2.2 %
Arizona
 
11 
 
5,000 
 3.2 %
 
13 
 
5,510 
 3.5 %
Indiana
 
11 
 
3,960 
 2.6 %
 
12 
 
4,180 
 2.6 %
New Jersey
 
11 
 
4,000 
 2.6 %
 
11 
 
4,040 
 2.6 %
Colorado
 
11 
 
3,880 
 2.5 %
 
11 
 
3,890 
 2.5 %
Virginia
 
10 
 
3,710 
 2.4 %
 
10 
 
3,450 
 2.2 %
New York
 
10 
 
3,180 
 2.1 %
 
10 
 
2,940 
 1.9 %
Other
 
81 
 
26,380 
 17.1 %
 
99 
 
30,920 
 19.5 %
Total 
 
454 
 
154,360 
 100.0 %
 
477 
 
158,000 
 100.0 %
December 31, 2024
December 31, 2023
Major Market
Number of Properties
Total Sites
% of Total Sites 
Number of Properties
Total Sites
% of Total Sites 
SUN COMMUNITIES, INC.
50

The following table identifies our largest marina markets by total wet slips and dry storage spaces:
December 31, 2024
December 31, 2023
Major Market
Number of 
Properties
Wet Slips and Dry 
Storage Spaces
% Wet Slips and 
Dry Storage Spaces
Number of 
Properties
Wet Slips and Dry 
Storage Spaces
% Wet Slips and 
Dry Storage Spaces
Florida
 
21 
 
5,060 
 10.4 %
 
21 
 
5,200 
 10.8 %
California
 
12 
 
6,440 
 13.2 %
 
11 
 
5,710 
 11.9 %
Rhode Island
 
12 
 
3,460 
 7.1 %
 
12 
 
3,460 
 7.2 %
Connecticut
 
12 
 
3,580 
 7.3 %
 
11 
 
3,330 
 6.9 %
New York
 
9 
 
2,970 
 6.1 %
 
9 
 
3,020 
 6.3 %
Maryland
 
9 
 
2,400 
 4.9 %
 
9 
 
2,480 
 5.2 %
Massachusetts
 
9 
 
2,540 
 5.2 %
 
9 
 
2,520 
 5.2 %
Other
 
54 
 
22,310 
 45.8 %
 
53 
 
22,310 
 46.5 %
Total
 
138 
 
48,760 
 100.0 %
 
135 
 
48,030 
 100.0 %
The following table identifies our holiday park markets in the UK by total sites:
England
 
50 
 
20,560 
 93.3 %
 
49 
 
19,610 
 92.0 %
Scotland
 
1 
 
810 
 3.7 %
 
4 
 
1,060 
 5.0 %
Wales
 
2 
 
660 
 3.0 %
 
2 
 
640 
 3.0 %
Total 
 
53 
 
22,030 
 100.0 %
 
55 
 
21,310 
 100.0 %
December 31, 2024
December 31, 2023
Major Market
Number of Properties
Total Sites
% of Total Sites 
Number of Properties
Total Sites
% of Total Sites 
NON-GAAP FINANCIAL MEASURES
In addition to the results reported in accordance with GAAP in our "Results of Operations" below, we have provided information 
regarding net operating income ("NOI") and funds from operations ("FFO") as supplemental performance measures. We believe NOI 
and FFO are appropriate measures given their wide use by and relevance to investors and analysts following the real estate industry. 
NOI provides a measure of rental operations and does not factor in depreciation, amortization, and non-property specific expenses 
such as general and administrative expenses. FFO, reflecting the assumption that real estate values rise or fall with market conditions, 
principally adjusts for the effects of GAAP depreciation / amortization of real estate assets. In addition, NOI and FFO are commonly 
used in various ratios, pricing multiples / yields and returns and valuation calculations used to measure financial position, performance 
and value.
NOI
Total Portfolio NOI - NOI is derived from property operating revenues minus property operating expenses and real estate taxes. NOI 
is a non-GAAP financial measure that we believe is helpful to investors as a supplemental measure of operating performance because 
it is an indicator of the return on property investment and provides a method of comparing property performance over time. We use 
NOI as a key measure when evaluating performance and growth of particular properties and / or groups of properties. The principal 
limitation of NOI is that it excludes depreciation, amortization, interest expense and non-property specific expenses such as general 
and administrative expenses, all of which are significant costs. Therefore, NOI is a measure of the operating performance of our 
properties rather than of the Company overall. We believe that NOI provides enhanced comparability for investor evaluation of 
properties' performance and growth over time.
We believe that GAAP net income (loss) is the most directly comparable measure to NOI. NOI should not be considered to be an 
alternative to GAAP net income (loss) as an indication of our financial performance or GAAP cash flow from operating activities as a 
measure of our liquidity; nor is it indicative of funds available for our cash needs, including our ability to make cash distributions. 
Because of the inclusion of items such as interest, depreciation and amortization, the use of GAAP net income (loss) as a performance 
measure is limited as these items may not accurately reflect the actual change in market value of a property, in the case of depreciation 
and in the case of interest, may not necessarily be linked to the operating performance of a real estate asset, as it is often incurred at a 
parent company level and not at a property level.
SUN COMMUNITIES, INC.
51

Same Property NOI - This is a 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, 2023. Same properties exclude 
ground-up development properties, acquired properties and properties sold after December 31, 2022. 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 service, retail, dining and 
entertainment 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.
FFO
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 unconsolidated 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 to 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.
Core FFO - In addition, we use FFO excluding certain gain and loss items that management considers unrelated to the operational and 
financial performance of our core business ("Core FFO").
We believe that FFO and Core FFO provide enhanced comparability for investor evaluations of period-over-period results. We believe 
that GAAP net income (loss) is the most directly comparable measure to FFO. The principal limitation of FFO is that it does not 
replace GAAP net income (loss) as a financial performance measure or GAAP cash flow from operating activities as a measure of our 
liquidity. Because FFO excludes significant economic components of GAAP net income (loss) including depreciation and 
amortization, FFO should be used as a supplement to GAAP net income (loss) and not as an alternative to it. Furthermore, FFO is not 
intended as a measure of a REIT's ability to meet debt principal repayments and other cash requirements, nor as a measure of working 
capital. FFO is calculated in accordance with our interpretation of standards established by Nareit, which may not be comparable to 
FFO reported by other REITs that interpret the Nareit definition differently.
SUN COMMUNITIES, INC.
52

RESULTS OF OPERATIONS
Summary Statements of Operations
The following tables reconcile the Net Income / (Loss) attributable to Sun Communities, Inc. common shareholders to NOI and 
summarize our consolidated financial results for the years ended December 31, 2024, 2023, and 2022 (in millions):
Year Ended
 
December 31, 
2024
December 31, 
2023
December 31, 
2022
Net Income / (Loss) Attributable to SUI Common Shareholders
$ 
89.0 
$ 
(213.3) $ 
242.0 
Interest income
 
(20.7)  
(45.4)  
(35.2) 
Brokerage commissions and other revenues, net
 
(40.2)  
(60.6)  
(34.9) 
General and administrative
 
295.3 
 
272.1 
 
257.4 
Catastrophic event-related charges, net
 
27.1 
 
3.8 
 
17.5 
Business combination expense
 
0.4 
 
3.0 
 
24.7 
Depreciation and amortization
 
680.7 
 
660.0 
 
601.8 
Asset impairments
 
71.4 
 
10.1 
 
3.0 
Goodwill impairment
 
180.8 
 
369.9 
 
— 
Loss on extinguishment of debt (see Note 9)
 
1.4 
 
— 
 
4.4 
Interest expense
 
350.4 
 
325.8 
 
229.8 
Interest on mandatorily redeemable preferred OP units / equity
 
— 
 
3.3 
 
4.2 
Loss on remeasurement of marketable securities (see Note 15)
 
— 
 
16.0 
 
53.4 
(Gain) / loss on foreign currency exchanges
 
25.8 
 
0.3 
 
(5.4) 
Gain on dispositions of properties
 
(202.9)  
(11.0)  
(12.2) 
Other (income) / expense, net
 
(3.2)  
7.5 
 
2.1 
Loss on remeasurement of notes receivable (see Note 4)
 
36.4 
 
106.7 
 
0.8 
Income from nonconsolidated affiliates (see Note 7)
 
(9.5)  
(16.0)  
(2.9) 
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates (see Note 7)
 
(6.6)  
4.2 
 
2.7 
Current tax expense (see Note 13)
 
4.3 
 
14.5 
 
10.3 
Deferred tax benefit (see Note 13)
 
(39.6)  
(22.9)  
(4.2) 
Add: Preferred return to preferred OP units / equity interests
 
12.8 
 
12.3 
 
11.0 
Add: Income / (loss) attributable to noncontrolling interests
 
5.3 
 
(8.1)  
10.8 
NOI
$ 
1,458.4 
$ 
1,432.2 
$ 
1,381.1 
Year Ended
 
December 31, 
2024
December 31, 
2023
December 31, 
2022
Real property NOI
$ 
1,305.4 
$ 
1,249.4 
$ 
1,163.0 
Home sales NOI
 
96.8 
 
114.3 
 
143.4 
Service, retail, dining and entertainment NOI
 
56.2 
 
68.5 
 
74.7 
NOI
$ 
1,458.4 
$ 
1,432.2 
$ 
1,381.1 
SUN COMMUNITIES, INC.
53

Seasonality of Revenue
The RV, Marina, and UK segments are seasonal and the results of operations in any one period may not be indicative of results in 
future periods.
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. The following table presents the seasonality of real property-transient revenue 
for the years ended December 31, 2024, 2023, and 2022:
Real property - 
transient revenue 
(in millions)
For the Three Months Ended
Year
March 31
June 30
September 30
December 31
Total
2024
$ 
296.4 
 12.7 %
 27.6 %
 46.6 %
 13.1 %
 100.0 %
2023
$ 
321.4 
 12.4 %
 27.8 %
 47.3 %
 12.5 %
 100.0 %
2022
$ 
334.5 
 12.7 %
 27.8 %
 45.8 %
 13.7 %
 100.0 %
In the Marina segment, the majority of our wet slip and dry storage space leases have annual terms that are billed seasonally. Wet slip 
storage increases during the summer months for the boating season, whereas dry storage increases during the winter season as weather 
patterns require boat owners to store their vessels on dry docks or within covered racks. The following table presents the seasonality of 
Marina real property revenue for the years ended December 31, 2024, 2023, and 2022:
Seasonal real 
property revenue
(in millions)
For the Three Months Ended
Year
March 31
June 30
September 30
December 31
Total
2024
$ 
371.6 
 21.0 %
 25.8 %
 28.1 %
 25.1 %
 100.0 %
2023
$ 
348.7 
 20.8 %
 25.9 %
 28.6 %
 24.7 %
 100.0 %
2022
$ 
310.2 
 20.1 %
 25.6 %
 29.0 %
 25.3 %
 100.0 %
SUN COMMUNITIES, INC.
54

Real Property Operations - Total Portfolio
The following tables reflect certain financial and other information for our real estate operations by segment as of and for the years ended December 31, 2024 and 2023 (in 
millions, except for statistical information):
Year Ended December 31, 2024
Year Ended December 31, 2023
Financial Information
MH
RV
Marinas
UK
Total
MH
RV
Marinas
UK
Total
Revenues
Real property (excluding transient)
$ 
956.2 
$ 318.8 
$ 
432.6 
$ 132.2 
$ 1,839.8 
$ 
906.1 
$ 287.1 
$ 
406.8 
$ 
114.2 
$ 1,714.2 
Real property - transient
 
1.2 
 
249.7 
 
27.7 
 
45.0 
 
323.6 
 
1.4 
 
277.3 
 
24.8 
 
42.1 
 
345.6 
Total operating revenues
 
957.4 
 
568.5 
 
460.3 
 
177.2 
 
2,163.4 
 
907.5 
 
564.4 
 
431.6 
 
156.3 
 
2,059.8 
Expenses
Property operating expenses
 
314.1 
 
275.6 
 
170.2 
 
98.1 
 
858.0 
 
296.9 
 
265.1 
 
158.8 
 
89.6 
 
810.4 
Real Property NOI
$ 
643.3 
$ 292.9 
$ 
290.1 
$ 
79.1 
$ 1,305.4 
$ 
610.6 
$ 299.3 
$ 
272.8 
$ 
66.7 
$ 1,249.4 
As of December 31, 2024
As of December 31, 2023
Other Information
MH
RV
Marinas
UK
Total
MH
RV
Marinas
UK
Total
Number of Properties
 
288 
 
166 
 
138 
 
53 
 
645 
 
298 
 
179 
 
135 
 
55 
 
667 
Sites, Wet Slips and Dry Storage Spaces
Sites, wet slips and dry storage spaces(a)
 
97,430 
 
32,100 
 
48,760 
 
17,690 
 195,980 
 100,320 
 
32,390 
 
48,030 
 
18,110 
 198,850 
Transient sites
N/M
 
24,830 
N/A
 
4,340 
 
29,170 
N/M
 
25,290 
N/A
 
3,200 
 
28,490 
Total
 
97,430 
 
56,930 
 
48,760 
 
22,030 
 225,150 
 100,320 
 
57,680 
 
48,030 
 
21,310 
 227,340 
Occupancy
 97.3 %
 100.0 %
N/A
 89.7 %
 97.0 %
 96.6 %
 100.0 %
N/A
 89.5 %
 96.4 %
N/M = Not meaningful.
N/A = Not applicable.
(a) MH annual sites included 11,214 and 10,237 rental homes in our Rental Program at December 31, 2024 and 2023, respectively. Our investment in occupied rental homes at December 31, 2024 was $783.0 million, an 
increase of 12.3% from $697.1 million at December 31, 2023.
For the year ended December 31, 2024, the $56.0 million, or 4.5% increase in Real Property NOI as compared to the same period in 2023, consists of an increase of $39.9 million 
from Same Property MH, an increase of $13.6 million from Same Property Marina, an increase of $6.2 million from Same Property UK, and an increase of $4.3 million, net from 
other recently acquired or developed properties, partially offset by a decrease of $8.0 million from Same Property RV.
SUN COMMUNITIES, INC.
55

Real Property Operations - Same Property Portfolio
Same Property refers to properties that we have owned for at least the preceding year, exclusive of properties recently completed or 
under construction, and other properties as determined by management. The Same Property data may change from time-to-time 
depending on acquisitions, dispositions, management discretion, significant transactions or unique situations. 
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 MH, RV, and UK segments, the amounts in the tables below reflect constant currency for comparative 
purposes. Additionally, prior period Canadian dollar and pound sterling currency figures have been translated at 2024 average 
exchange rates for constant currency comparability.
SUN COMMUNITIES, INC.
56

Real Property Operations - North America Same Property Portfolio
The following tables reflect certain financial and other information for our Same Property MH, RV, and Marina portfolios as of and for the years ended December 31, 2024 and 
2023 (in millions, except for statistical information).
Year Ended
December 31, 2024
December 31, 2023
Total 
Change
% Change(c)
MH(a)
RV(a)
Marina
Total
MH(a)
RV(a)
Marina
Total
MH
RV
Marina
Total(d)
Financial Information
Same Property Revenues
Real property (excluding transient)
$ 
865.6 
$ 
281.3 
$ 
373.9 
$ 1,520.8 
$ 
810.5 
$ 
253.3 
$ 
353.9 
$ 1,417.7 
$ 
103.1 
 6.8 %
 11.1 %
 5.7 %
 7.3 %
Real property - transient
 
1.2 
 
222.4 
 
26.8 
 
250.4 
 
1.3 
 
249.9 
 
24.5 
 
275.7 
 
(25.3) 
 (9.2) %
 (11.0) %
 9.2 %
 (9.2) %
Total Same Property operating revenues
 
866.8 
 
503.7 
 
400.7 
 
1,771.2 
 
811.8 
 
503.2 
 
378.4 
 
1,693.4 
 
77.8 
 6.8 %
 0.1 %
 5.9 %
 4.6 %
Same Property Expenses
Same Property operating expenses(b)(d)
 
235.2 
 
231.3 
 
134.4 
 
600.9 
 
220.1 
 
222.8 
 
125.7 
 
568.6 
 
32.3 
 6.8 %
 3.8 %
 6.9 %
 5.7 %
Real Property NOI(d)
$ 
631.6 
$ 
272.4 
$ 
266.3 
$ 1,170.3 
$ 
591.7 
$ 
280.4 
$ 
252.7 
$ 1,124.8 
$ 
45.5 
 6.7 %
 (2.8) %
 5.4 %
 4.1 %
Other Information
Number of properties
 
283 
 
150 
 
127 
 
560 
 
283 
 
150 
 
127 
 
560 
Sites, wet slips and dry storage spaces
 
96,640 
 
52,690 
 
43,350 
 192,680 
 
96,370 
 
52,110 
 
43,460 
 191,940 
Year Ended
December 31, 2023
December 31, 2022
Total 
Change
% Change(c)
MH(a)
RV(a)
Marina
Total
MH(a)
RV(a)
Marina
Total
MH
RV
Marina
Total(d)
Financial Information
Same Property Revenues
Real property (excluding transient)
$ 
830.4 
$ 
263.8 
$ 
326.0 
$ 1,420.2 
$ 
776.2 
$ 
228.1 
$ 
302.4 
$ 1,306.7 
$ 
113.5 
 7.0 %
 15.6 %
 7.8 %
 8.7 %
Real property - transient
 
1.6 
 
256.2 
 
21.7 
 
279.5 
 
1.2 
 
275.4 
 
16.4 
 
293.0 
 
(13.5) 
 25.9 %
 (7.0) %
 32.6 %
 (4.6) %
Total Same Property operating revenues
 
832.0 
 
520.0 
 
347.7 
 
1,699.7 
 
777.4 
 
503.5 
 
318.8 
 
1,599.7 
 
100.0 
 7.0 %
 3.3 %
 9.1 %
 6.2 %
Same Property Expenses
Same Property operating expenses(b)(d)
 
223.8 
 
224.7 
 
112.1 
 
560.6 
 
208.2 
 
221.7 
 
107.9 
 
537.8 
 
22.8 
 7.5 %
 1.4 %
 3.9 %
 4.2 %
Real Property NOI(d)
$ 
608.2 
$ 
295.3 
$ 
235.6 
$ 1,139.1 
$ 
569.2 
$ 
281.8 
$ 
210.9 
$ 1,061.9 
$ 
77.2 
 6.8 %
 4.8 %
 11.7 %
 7.3 %
Other Information
Number of properties
 
288 
 
160 
 
119 
 
567 
 
288 
 
160 
 
119 
 
567 
Sites, wet slips and dry storage spaces
 
98,620 
 
54,370 
 
40,890 
 193,880 
 
98,340 
 
54,400 
 
41,000 
 193,740 
(a) Same Property results for our MH and RV properties reflect constant currency for comparative purposes. Canadian currency figures in the prior comparative period have been translated at the average exchange rate during 
the years ended December 31, 2024 and 2023 of $0.7302 and $0.7418 USD per Canadian dollar, respectively.
SUN COMMUNITIES, INC.
57

Real Property Operations - North America Same Property Portfolio (Continued)
(b) We net certain utilities revenues (which include utility reimbursement revenues from residents) against related utility expenses in property operating expenses as follows (in millions):
Year Ended December 31, 2024
Year Ended December 31, 2023
MH
RV
Marina
Total
MH
RV
Marina
Total
Utility revenue netted against related utility expense
$ 
71.5 
$ 
18.9 
$ 
24.5 
$ 
114.9 
$ 
67.9 
$ 
18.5 
$ 
23.8 
$ 
110.2 
Year Ended December 31, 2023
Year Ended December 31, 2022
MH
RV
Marina
Total
MH
RV
Marina
Total
Utility revenue netted against related utility expense
$ 
68.3 
$ 
19.3 
$ 
22.7 
$ 
110.3 
$ 
63.8 
$ 
18.1 
$ 
19.2 
$ 
101.1 
(c) Percentages are calculated based on unrounded numbers.
(d) 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.
Year Ended
Year Ended
December 31, 
2024
December 31, 
2023
Change
% Change(c)
December 31, 
2023
December 31, 
2022
Change
% Change(c)
Payroll and benefits
$ 
193.3 
$ 
194.3 
$ 
(1.0) 
 (0.5) %
$ 
190.6 
$ 
181.6 
$ 
9.0 
 5.0 %
Real estate taxes
 
113.4 
 
107.1 
 
6.3 
 5.9 %
 
107.2 
 
103.1 
 
4.1 
 4.0 %
Supplies and repairs
 
85.1 
 
73.8 
 
11.3 
 15.3 %
 
75.2 
 
78.9 
 
(3.7) 
 (4.7) %
Utilities
 
66.1 
 
63.0 
 
3.1 
 4.9 %
 
64.7 
 
67.0 
 
(2.3) 
 (3.4) %
Legal, state / local taxes, and insurance
 
55.0 
 
55.6 
 
(0.6) 
 (1.3) %
 
55.8 
 
39.2 
 
16.6 
 42.3 %
Other
 
88.0 
 
74.8 
 
13.2 
 17.6 %
 
67.1 
 
68.0 
 
(0.9) 
 (1.4) %
Total Same Property Operating Expenses
$ 
600.9 
$ 
568.6 
$ 
32.3 
 5.7 %
$ 
560.6 
$ 
537.8 
$ 
22.8 
 4.2 %
SUN COMMUNITIES, INC.
58

North America Same Property Summary
 
As of
As of 
December 31, 2024
December 31, 2023
December 31, 2023
December 31, 2022
MH
RV
MH
RV
MH
RV
MH
RV
Other Information
Number of Properties
 
283 
 
150 
 
283 
 
150 
 
288 
 
160 
 
288 
 
160 
Sites
MH and Annual RV sites
 
96,640 
 
31,070 
 
96,370 
 
29,400 
 
98,620 
 
32,090 
 
98,340 
 
30,030 
Transient RV sites
N/M
 
21,620 
N/M
 
22,710 
N/M
 
22,280 
N/M
 
24,370 
Total
 
96,640 
 
52,690 
 
96,370 
 
52,110 
 
98,620 
 
54,370 
 
98,340 
 
54,400 
MH & Annual RV Occupancy
Occupancy(a)
 97.6 %
 100.0 %
 97.1 %
 100.0 %
 97.3 %
 100.0 %
 96.6 %
 100.0 %
Average monthly base rent per site
$ 
708 
$ 
654 
$ 
671 
$ 
617 
$ 
670 
$ 
593 
$ 
630 
$ 
546 
% change in monthly base rent(b)
 5.5 %
 6.0 %
N/A
N/A
 6.4 %
 8.7 %
N/A
N/A
Rental Program Statistics included in MH:
Number of occupied sites, end of period(c)
 
10,630 
N/A
 
9,830 
N/A
 10,010 
N/A
 
9,310 
N/A
Monthly rent per site - MH Rental Program
$ 
1,344 
N/A
$ 
1,300 
N/A
$ 1,292 
N/A
$ 
1,221 
N/A
% change(c)
 3.4 %
N/A
N/A
N/A
 5.8 %
N/A
N/A
N/A
N/M = Not meaningful. N/A = Not applicable.
(a) Same Property adjusted blended occupancy for MH and RV increased to 99.0% at December 31, 2024, from 97.4% at December 31, 2023. The 160 basis point increase was driven by MH expansion fills and the conversion 
of transient RV sites to annual sites. Same Property blended occupancy for MH and RV was 98.2% at December 31, 2024, up 40 basis points from 97.8% at December 31, 2023. Same Property blended occupancy for MH 
and RV increased by 50 basis points at 97.9% at December 31, 2023 from 97.4% December 31, 2022.
(b) Calculated using actual results without rounding.
(c) Occupied rental program sites in Same Property are included in total sites.
SUN COMMUNITIES, INC.
59

Real Property Operations - UK Same Property Portfolio
The following tables reflect certain financial and other information for our Same Property UK portfolio as of and for the years ended December 31, 2024 and 2023 (in millions, 
except for statistical information):
Year Ended
December 31, 2024
December 31, 2023
% Change(b)
Financial Information(a)
Same Property Revenues
Real property (excluding transient)
$ 
102.4 
$ 
95.5 
 7.2 %
Real property - transient
 
44.7 
 
42.7 
 4.8 %
Total Same Property operating revenues
 
147.1 
 
138.2 
 6.5 %
Same Property Expenses
Same Property operating expenses(c)
 
71.1 
 
68.4 
 3.9 %
Real Property NOI
$ 
76.0 
$ 
69.8 
 9.0 %
Other Information
Number of properties
 
51 
 
51 
 
— 
(a) Same Property results for our UK properties reflect constant currency for comparative purposes. Pound sterling figures in the prior comparative period have been translated at the average exchange rate of $1.2781 USD per 
GBP, during year ended December 31, 2024.
(b) Percentages are calculated based on unrounded numbers.
(c) We net certain utility revenues (which include utility reimbursement revenues from residents) against related utility expenses in property operating expenses as follows (in millions):
Year Ended
December 31, 2024
December 31, 2023
Utility revenue netted against related utility expense
$ 
17.9 
$ 
16.8 
UK Same Property Summary
As of
December 31, 2024
December 31, 2023
Change(b)
Other Information
Number of Properties
 
51 
 
51 
 
— 
Sites
UK 
 
16,500 
 
16,210 
 
290 
UK Transient
 
3,210 
 
3,120 
 
90 
Occupancy(a)
 89.6 %
 90.3 %
 (0.7) %
Average monthly base rent per site
$ 
544 
$ 
502 
$ 
42 
(a) Adjusting for recently delivered and vacant expansion sites, Same Property adjusted occupancy decreased by 50 basis points year over year, to 89.9% at December 31, 2024, from 90.4% at December 31, 2023. 
(b) Calculated using actual results without rounding.
SUN COMMUNITIES, INC.
60

For the years ended December 31, 2024 and 2023:
•
The Same Property data includes all properties that we have owned and operated continuously since January 1, 2023 exclusive of ground-up development and 
redevelopment properties recently completed or under construction, and other properties as determined by management.
•
The MH segment's increase in NOI of $39.9 million, or 6.7% when compared to the same period in 2023, is primarily due to an increase in Real property (excluding 
transient) revenue of $55.1 million, or 6.8%. Real property (excluding transient and other) revenue increased primarily due to a 5.5% increase in monthly base rent.
•
The RV segment's decrease in NOI of $8.0 million, or 2.8% when compared to the same period in 2023, is primarily due to a decrease in Real property transient 
revenue of $27.5 million, or 11.0% and an increase in Same Property operating expenses of $8.5 million or 3.8%, partially offset by an increase in Real property 
(excluding transient) revenue of $28.0 million, or 11.1%. The increase in Same Property operating expenses was primarily due to an increase in supplies and repairs 
expense and other expenses. The increase in Real property (excluding transient) revenue was primarily due to a 6.0% increase in monthly base rent and conversions of 
transient RV sites to annual RV sites.
•
The Marina segment increase in NOI of $13.6 million, or 5.4% when compared to the same period in 2023, is primarily due to a $20.0 million, or 5.7% increase in Real 
property (excluding transient) revenue, partially offset by an increase in Same Property operating expenses of $8.7 million, or 6.9%.
•
The UK segment increase in NOI of $6.2 million, or 9.0%, when compared to the same period in 2023 is primarily due to a $6.9 million, or 7.2%, increase in Real 
property (excluding transient) revenue partially offset by an increase in Same Property operating expenses of $2.7 million, or 3.9%. The increase in Real property 
(excluding transient) revenue was primarily due to an 8.4% increase in monthly base rent per site.
For the years ended December 31, 2023 and 2022:
•
The Same Property data includes all properties that we owned and operated continuously since January 1, 2022, exclusive of ground-up development and 
redevelopment properties recently completed or under construction, and other properties as determined by management.
•
The MH segment's increase in NOI of $39.0 million, or 6.8% when compared to the same period in 2022, is primarily due to an increase in Real property (excluding 
transient) revenue of $54.2 million, or 7.0%. Real property (excluding transient) revenue increased due to a 6.4% increase in monthly base rent.
•
The RV segment's increase in NOI of $13.5 million, or 4.8% when compared to the same period in 2022, is primarily due to an increase in Real property (excluding 
transient) revenue of $35.7 million, or 15.6%, primarily due to an 8.7% increase in monthly base rent and conversions of transient RV sites to annual RV sites.
•
The Marina segment increase in NOI of $24.7 million, or 11.7% when compared to the same period in 2022, is primarily due to a $23.6 million, or 7.8% increase in 
Real property (excluding transient) revenue.
SUN COMMUNITIES, INC.
61

Home Sales Summary
We sell new and pre-owned homes to current and prospective residents and customers in our communities. This inventory is 
purchased from manufacturers, lenders, dealers, former residents or customers.
The following table reflects certain financial and statistical information for our home sales program for the years ended December 31, 
2024 and 2023 (in millions, except for average selling prices and other information):
Year Ended
December 31, 2024
December 31, 2023
Change
% Change
North America
Home sales
$ 
181.1 
$ 
233.8 
$ 
(52.7) 
 (22.5) %
Home cost and selling expenses
 
145.7 
 
179.8 
 
(34.1) 
 (19.0) %
NOI
$ 
35.4 
$ 
54.0 
$ 
(18.6) 
 (34.4) %
NOI margin %
 19.5 %
 23.1 %
 (3.6) %
UK
Home sales
$ 
188.8 
$ 
186.1 
$ 
2.7 
 1.5 %
Home cost and selling expenses
 
127.4 
 
125.8 
 
1.6 
 1.3 %
NOI
$ 
61.4 
$ 
60.3 
$ 
1.1 
 1.8 %
NOI margin %
 32.5 %
 32.4 %
 0.1 %
Total
Home sales
$ 
369.9 
$ 
419.9 
$ 
(50.0) 
 (11.9) %
Home cost and selling expenses
 
273.1 
 
305.6 
 
(32.5) 
 (10.6) %
NOI
$ 
96.8 
$ 
114.3 
$ 
(17.5) 
 (15.3) %
NOI margin %
 26.2 %
 27.2 %
 (1.1) %
Units Sold:
North America
 
2,001 
 
2,565 
 
(564) 
 (22.0) %
UK
 
2,948 
 
2,857 
 
91 
 3.2 %
Total home sales
 
4,949 
 
5,422 
 
(473) 
 (8.7) %
Average Selling Price:
North America
$ 
90,505 
$ 
91,150 
$ 
(645) 
 (0.7) %
UK
$ 
64,043 
$ 
65,138 
$ 
(1,095) 
 (1.7) %
NOI - North America
For the year ended December 31, 2024, the 34.4% decrease in NOI is primarily driven by a 22.0% decrease in total home sales 
volume as compared to the same period in 2023, primarily driven by the impact of Hurricanes Helene and Milton on volumes in the 
southeast region of the U.S., and fewer available sites to sell homes on in conjunction with reduced expansion and development 
activity, as well as a 360 basis point decrease in margins, driven by the decrease in home sales volumes causing home sales revenue 
to decline at a faster rate than home cost and selling expenses.
NOI - UK
For the year ended December 31, 2024, the 1.8% increase in NOI is primarily driven by a 3.2% increase in total home sales volume, 
partially offset by a 1.7% reduction in average selling price, as compared to the same period in 2023.
SUN COMMUNITIES, INC.
62

Other Items - Statements of Operations(1)
The following table summarizes other income and expenses for the years ended December 31, 2024 and 2023 (amounts in millions):
Year Ended
December 31, 2024
December 31, 2023
Change
% Change
Service, retail, dining and entertainment, net
$ 
56.2 
$ 
68.5 
$ 
(12.3) 
 (18.0) %
Interest income
$ 
20.7 
$ 
45.4 
$ 
(24.7) 
 (54.4) %
Brokerage commissions and other, net
$ 
40.2 
$ 
60.6 
$ 
(20.4) 
 (33.7) %
General and administrative expense
$ 
295.3 
$ 
272.1 
$ 
23.2 
 8.5 %
Catastrophic event-related charges, net
$ 
27.1 
$ 
3.8 
$ 
23.3 
N/M
Business combinations
$ 
0.4 
$ 
3.0 
$ 
(2.6) 
 (86.7) %
Depreciation and amortization
$ 
680.7 
$ 
660.0 
$ 
20.7 
 3.1 %
Asset impairments
$ 
71.4 
$ 
10.1 
$ 
61.3 
N/M
Goodwill impairment
$ 
180.8 
$ 
369.9 
$ 
(189.1) 
 (51.1) %
Loss on extinguishment of debt
$ 
1.4 
$ 
— 
$ 
1.4 
N/A
Interest expense
$ 
350.4 
$ 
325.8 
$ 
24.6 
 7.6 %
Interest on mandatorily redeemable preferred OP units / equity
$ 
— 
$ 
3.3 
$ 
(3.3) 
 (100.0) %
Loss on remeasurement of marketable securities
$ 
— 
$ 
(16.0) $ 
16.0 
 (100.0) %
Loss on foreign currency exchanges
$ 
(25.8) $ 
(0.3) $ 
(25.5) 
N/M
Gain on dispositions of properties
$ 
202.9 
$ 
11.0 
$ 
191.9 
N/M
Other income / (expense), net
$ 
3.2 
$ 
(7.5) $ 
10.7 
N/M
Loss on remeasurement of notes receivable
$ 
(36.4) $ 
(106.7) $ 
70.3 
 (65.9) %
Income from nonconsolidated affiliates
$ 
9.5 
$ 
16.0 
$ 
(6.5) 
 (40.6) %
Gain / (loss) on remeasurement of investment in nonconsolidated 
affiliates
$ 
6.6 
$ 
(4.2) $ 
10.8 
N/M
Current tax expense
$ 
(4.3) $ 
(14.5) $ 
10.2 
 (70.3) %
Deferred tax benefit
$ 
39.6 
$ 
22.9 
$ 
16.7 
 72.9 %
Preferred return to preferred OP units / equity interests
$ 
12.8 
$ 
12.3 
$ 
0.5 
 4.1 %
Income / (loss) attributable to noncontrolling interests
$ 
5.3 
$ 
(8.1) $ 
13.4 
N/M
(1) Only items determined by management to be material, of interest, or unique to the periods disclosed above are explained below.
N/M = Percentage change is not meaningful. N/A = Not applicable.
Service, retail, dining and entertainment, net - for the year ended December 31, 2024, decreased primarily due to lower transient 
demand in the RV and Marina segments leading to a reduction in revenue generation from service, retail, dining and entertainment 
activities, as well as increased costs related to service and retail activities in our Marina segment.
Interest income - for the year ended December 31, 2024, decreased primarily due to having a lower receivable balance outstanding 
with real estate operators than during the same period in 2023. Refer to Note 4, "Notes and Other Receivables," in our accompanying 
Consolidated Financial Statements for additional information.
Brokerage commissions and other, net - for the year ended December 31, 2024, decreased primarily due to a decrease in business 
interruption recoveries recognized in 2024 as compared to the same period in 2023, a decrease in the number of brokered home sales 
reducing total brokerage commissions as compared to the same period in 2023, and a decrease in dividend income as a result of the 
sale of our publicly traded marketable securities in Ingenia Communities Group ("Ingenia") in 2023. Refer to Note 16, "Commitments 
and Contingencies," in our accompanying Consolidated Financial Statements for additional information.
Catastrophic event-related charges, net - for the year ended December 31, 2024, increased, primarily due to charges of $18.3 million 
for debris removal and clean-up and impaired assets at several of our MH, RV, and marina properties due to Hurricanes Helene and 
Milton, and incremental asset impairment and debris removal charges, net of insurance recoveries, of $5.6 million driven by flooding 
at an RV community in New Hampshire.
SUN COMMUNITIES, INC.
63

Asset impairments - for the year ended December 31, 2024, increased due to impairment charges of $24.1 million related to non-
continuing expansion and development properties within our MH and RV segments, and impairment charges of $21.1 million related 
to a portfolio of four RV communities and two development properties that were classified as held for sale and subsequently sold. 
Refer to Note 3, "Real Estate Acquisitions and Dispositions," and Note 15, "Fair Value Measurements," in our accompanying 
Consolidated Financial Statements for additional information.
Goodwill impairment - for the year ended December 31, 2024, was a charge of $180.8 million, as compared to a charge of $369.9 
million during the same period in 2023, due to goodwill impairment charges in each respective year, driven by declines in the fair 
value of our Park Holidays reporting unit within the UK reporting segment. Refer to Note 6, "Goodwill and Other Intangible Assets," 
in our accompanying Consolidated Financial Statements for additional information.
Loss on remeasurement of marketable securities - for the year ended December 31, 2024, was zero, as compared to a loss of $16.0 
million during the same period in 2023, due to the sale of our publicly traded marketable securities in Ingenia in 2023.
Loss on foreign currency exchanges - for the year ended December 31, 2024, was a loss of $25.8 million, as compared to a loss of 
$0.3 million during the same period in 2023 due to the strengthening of the U.S. dollar as compared to the pound sterling and 
Canadian dollar as compared to the same period in 2023.
Gain on dispositions of properties - for the year ended December 31, 2024, increased due to a gain of $202.9 million from the sale of 
25 properties in 2024. Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Consolidated Financial 
Statements for additional information.
Other income / (expense), net - for the year ended December 31, 2024, was income of $3.2 million, as compared to an expense of $7.5 
million during the same period in 2023, primarily due to a litigation settlement gain of $10.3 million related to our Marina segment in 
2024, as compared to higher long-term lease termination expenses during the same period in 2023.
Loss on remeasurement of notes receivable - for the year ended December 31, 2024, was a loss of $36.4 million, as compared to a loss 
of $106.7 million during the same period in 2023, primarily due to a fair value adjustment loss of $35.2 million in 2024 related to the 
sale of a portfolio of RV communities, as compared to an impairment charge of $102.9 million in 2023 related to our note receivable 
from the Royale Holdings Group HoldCo Limited. Refer to Note 4, "Notes and Other Receivables," in our accompanying 
Consolidated Financial Statements for additional information.
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates - for the year ended December 31, 2024, was a gain of $6.6 
million as compared to a loss of $4.2 million during the same period in 2023 due to the fluctuation in the fair value of a notes 
receivable portfolio held at our GTSC joint venture. Refer to Note 7, "Investments in Nonconsolidated Affiliates," in our 
accompanying Consolidated Financial Statements for additional information.
Current tax expense - for the year ended December 31, 2024, was an expense of $4.3 million, compared to an expense of $14.5 
million, during the same periods in 2023, primarily due to tax planning efforts at our UK operations in 2024 and taxes accrued in the 
UK in 2023 driven by property dispositions. 
Deferred tax benefit - for the year ended December 31, 2024, increased primarily due to timing differences for book and tax purposes 
at our UK and Canadian operations related to deferred interest deductions and return to provision adjustments. Refer to Note 12, 
"Income Taxes," in our accompanying Consolidated Financial Statements for additional information.
SUN COMMUNITIES, INC.
64

RECONCILIATION OF NET INCOME / (LOSS) ATTRIBUTABLE TO SUI COMMON SHAREHOLDERS TO FFO
The following table reconciles Net income / (loss) attributable to SUI common shareholders to FFO for the years ended December 31, 
2024, 2023, and 2022 (in millions, except for per share amounts):
Year Ended
 
December 31, 2024
December 31, 2023
December 31, 2022
Net Income / (Loss) Attributable to SUI Common Shareholders
$ 
89.0 
$ 
(213.3) $ 
242.0 
Adjustments
Depreciation and amortization
 
677.5 
 
657.2 
 
599.6 
Depreciation on nonconsolidated affiliates
 
0.5 
 
0.2 
 
0.1 
Asset impairments
 
71.4 
 
10.1 
 
3.0 
Goodwill impairment
 
180.8 
 
369.9 
 
— 
Loss on remeasurement of marketable securities
 
— 
 
16.0 
 
53.4 
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates
 
(6.6)  
4.2 
 
2.7 
Loss on remeasurement of notes receivable
 
36.4 
 
106.7 
 
0.8 
Loss on remeasurement of collateralized receivables and secured borrowings
 
— 
 
0.4 
 
— 
Gain on dispositions of properties, including tax effect
 
(203.6)  
(8.9)  
(12.2) 
Add: Returns on preferred OP units
 
8.3 
 
11.8 
 
9.5 
Add: Income / (loss) attributable to noncontrolling interests
 
4.8 
 
(8.1)  
10.4 
Gain on disposition of assets, net
 
(27.1)  
(38.0)  
(54.9) 
FFO Attributable to SUI Common Shareholders and Dilutive Convertible 
Securities(1)
$ 
831.4 
$ 
908.2 
$ 
854.4 
Adjustments
Business combination expense
 
0.4 
 
3.0 
 
24.7 
Acquisition and other transaction costs(2)
 
19.6 
 
25.3 
 
22.7 
Loss on extinguishment of debt
 
1.4 
 
— 
 
4.4 
Catastrophic event-related charges, net
 
27.1 
 
3.8 
 
17.5 
Loss of earnings - catastrophic event-related charges, net(3)
 
3.4 
 
2.1 
 
4.8 
(Gain) / loss on foreign currency exchanges
 
25.8 
 
0.3 
 
(5.4) 
Other adjustments, net(4)
 
(27.2)  
(27.4)  
0.4 
Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible 
Securities(1)
$ 
881.9 
$ 
915.3 
$ 
923.5 
Weighted Average Common Shares Outstanding - Diluted
 
129.5 
 
128.9 
 
125.6 
FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities 
Per Share
$ 
6.42 
$ 
7.05 
$ 
6.80 
Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible 
Securities Per Share
$ 
6.81 
$ 
7.10 
$ 
7.35 
(1) Excludes the effect of certain anti-dilutive convertible securities.
(2) These costs represent (i) nonrecurring integration expenses associated with acquisitions during the years ended December 31, 2024, and 2023, (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, and (iv) other non-recurring transaction costs.
(3) Loss of earnings - catastrophic event-related charges, net for the year ended December 31, 2024 and 2023 included the following:
Year Ended
December 31, 2024
December 31, 2023
Hurricane Ian - three Fort Myers, Florida RV communities
Estimated loss of earnings in excess of the applicable business interruption deductible
$ 
19.2 
$ 
21.9 
Insurance recoveries realized for previously estimated loss of earnings
 
(16.3)  
(19.7) 
Other catastrophic weather events - four Florida communities and one New Hampshire community
Estimated loss of earnings in excess of the applicable business interruption deductible, net
 
1.8 
 
(0.1) 
Insurance recoveries realized for previously estimated loss of earnings
 
(1.3)  
— 
Loss of earnings - catastrophic event-related charges, net
$ 
3.4 
$ 
2.1 
(4) Other adjustments, net relates primarily to (i) deferred tax benefit, litigation activity, long term lease termination expense and accelerated deferred compensation 
amortization during the years ended December 31, 2024, 2023, and 2022, (ii) ERP implementation costs during the years ended December 31, 2024 and 2023, (iii) 
gain on sale of investment in nonconsolidated affiliates during the years ended December 31, 2023 and 2022, (iv) insurance loss recovery expense and severance 
costs during the year ended December 31, 2024, and (v) RV rebranding non-recurring costs during the year ended December 31, 2022.
SUN COMMUNITIES, INC.
65

LIQUIDITY AND CAPITAL RESOURCES
Short-term Liquidity
Our principal short-term liquidity demands historically have been, and are expected to continue to be, distributions to our shareholders 
and the unit holders of the Operating Partnership, property acquisitions, development and expansion of our properties, capital 
improvement of our properties, the purchase of new and pre-owned homes, and debt repayment. We intend to meet our short-term 
liquidity requirements through available cash balances, cash flow generated from operations, draws on our senior credit facility, and 
the use of debt and equity offerings under our shelf registration statement. Refer to Note 8, "Debt and Line of Credit," Note 9, "Equity 
and Temporary Equity" and Note 20, "Subsequent Events," in our accompanying Consolidated Financial Statements for additional 
information and related activity subsequent to December 31, 2024.
We intend to continue to strengthen our capital and liquidity positions by focusing on our core fundamentals, which are generating 
positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs. We take a 
disciplined approach to selecting the optimal mix of financing sources to meet our liquidity demands and minimize our overall cost of 
capital. Our investment grade credit ratings remain unchanged from the initial rating. We plan to continue to capitalize on our 
unsecured bond market access to optimize our cost of capital and increase our financial flexibility.
Current market and economic conditions, including relating to, among other things, interest rates, currency fluctuations, equity 
valuations and inflation, may adversely affect our ability to obtain debt and equity capital in the short term on attractive terms.
Since our initial public offering in 1993, we have demonstrated operational reliability and cash flow strength throughout economic 
cycles. Our current objectives include streamlining our operations with an emphasis on our reliable real property income. We 
recognize the headwinds we are facing from a challenging macroeconomic environment and are re-aligning our strategy to focus on 
our proven, durable income streams. We are positioned for ongoing organic growth with expected rental rate increases, occupancy 
gains and expense management. In 2025, we expect rental rate growth that exceeds headline inflation with ongoing focus on expense 
management to continue generating strong organic cash flow growth.
Given a macroeconomic backdrop of sustained higher interest rates, we intend to prioritize debt reduction as our primary use of free 
cash flow from our operations and of proceeds from equity issuances and selective capital recycling. In addition, we are reducing our 
development activity considering the more challenging macroeconomic and capital market environment. Capital spending besides 
projects that are underway will be solely focused on the most strategic opportunities. We also attempt to manage interest rate risks by 
using interest rate hedging instruments and by monitoring our overall leverage levels. We engage in certain hedging transactions to 
limit our exposure from the adverse effects of changes in interest rates on borrowing costs of our loans.
Acquisitions, Dispositions, Development and Expansion Activities
Subject to market conditions, we intend to selectively identify opportunities to expand our development pipeline and acquire existing 
properties. 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. Given the higher interest rate environment, we continue to 
selectively pursue acquisition and development opportunities that meet our underwriting criteria.
During the year ended December 31, 2024, we acquired three marinas and three marina expansion assets with an aggregate of 925 wet 
slips and dry storage spaces for an aggregate purchase price of approximately $63.8 million. In conjunction with two of the marina 
acquisitions, we issued an aggregate of 262,599 common OP units as part of the consideration transferred. During the same period, we 
entered into a ground lease that can support one marina with eight wet slips and dry storage spaces.
We have commenced a targeted disposition program to divest non-strategic assets in an effort to simplify management and reduce 
total debt. During and subsequent to the year ended December 31, 2024, we sold 10 MH properties, 17 RV properties, two UK 
properties, and three MH development properties with an aggregate of 7,341 sites for a gross sale price of approximately $569.7 
million, and received total cash consideration of approximately $419.3 million, net of settlement of the associated mortgage debt of 
$93.5 million. The net proceeds were used to repay borrowings outstanding under the senior credit facility.
During the year ended December 31, 2024, we acquired two land parcels located in the U.S. for an aggregate purchase price of 
$12.9 million. The parcels can accommodate the potential development of over 1,100 sites. We also acquired two land parcels located 
in the U.K. for an aggregate purchase price of $11.6 million. We also expanded two of our existing communities by over 70 sites and 
delivered nearly 100 sites at two ground-up development properties.
SUN COMMUNITIES, INC.
66

We plan to selectively expand our properties utilizing our inventory of owned and entitled land. We have 16,570 MH and RV sites 
suitable for future development.
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.
Capital Expenditures (excluding Acquisition Costs)
Our capital expenditure activity is summarized as follows (in millions):
Year Ended
December 31, 2024
December 31, 2023
Recurring Capital Expenditures
$ 
115.7 
$ 
87.3 
Non-Recurring Capital Expenditures and Related Activities
Lot modifications
 
37.2 
 
54.9 
Growth projects
 
96.9 
 
104.5 
Rebranding
 
3.1 
4.7
Capital improvements to recent acquisitions
 
80.4 
 
215.3 
Expansion and development
 
136.1 
 
276.3 
Rental program
 
177.5 
 
260.9 
Other
 
6.0 
 
(0.9) 
Total Non-Recurring Capital Expenditure and Related Activities
 
537.2 
 
915.7 
Total Capital Expenditure and Related Activities
$ 
652.9 
$ 
1,003.0 
Recurring Capital Expenditures
Property recurring capital expenditures are necessary to maintain asset quality, including purchasing and replacing items used to 
operate the communities and marinas. Recurring capital expenditures at our MH, RV, and UK properties include major road, driveway 
and pool improvements; clubhouse renovations; adding or replacing streetlights; playground equipment; signage; maintenance 
facilities; manager housing; and property vehicles. Recurring capital expenditures at our marinas include dredging, dock repairs and 
improvements, and equipment maintenance and upgrades. The minimum capitalized amount is five hundred dollars.
Non-Recurring Capital Expenditures and Related Activities
Lot modifications - consist of expenditures incurred to modify the foundational structures required to set a new home after a previous 
home has been removed. These expenditures are necessary to create a revenue stream from a new site renter and often improve the 
quality of the community. Other lot modification expenditures include land improvements added to annual RV sites to aid in the 
conversion of transient RV guests to annual contracts.
Growth projects - consist of revenue generating or expense reducing activities at the properties. These include, but are not limited to, 
utility efficiency and renewable energy projects, site, slip or amenity upgrades such as the addition of a garage, shed or boat lift, and 
other special capital projects that substantiate an incremental rental increase.
Rebranding - includes new signage at our RV communities and the costs of building an RV mobile application and updated website.
Capital improvements to recent acquisitions - often require 24 to 36 months to complete after closing and include upgrading 
clubhouses; landscaping; new street light systems; new mail delivery systems; pool renovations including larger decks, heaters and 
furniture; new maintenance facilities; lot modifications; and new signage including main signs and internal road signs.
Expansion and development expenditures - consist primarily of construction costs such as roads, activities, and amenities, and costs 
necessary to complete site improvements, such as driveways, sidewalks, and landscaping at our MH, RV, and UK communities. 
Expenditures also include costs to rebuild after damage has been incurred at our properties, and research and development.
SUN COMMUNITIES, INC.
67

Rental program - consists of investment in the acquisition of homes intended for the rental program and the purchase of vacation 
rental homes at our RV communities. Expenditures for these investments depend upon the condition of the markets for repossessions 
and new home sales, rental homes, and vacation rental homes.
Cash Flow Activities
Our cash flow activities are summarized as follows (in millions):
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Net Cash Provided By Operating Activities
$ 
861.0 
$ 
790.5 
$ 
734.9 
Net Cash Used For Investing Activities
$ 
(267.4) 
$ 
(919.5) 
$ 
(3,062.6) 
Net Cash Provided By / (Used For) Financing Activities
$ 
(571.6) 
$ 
80.3 
$ 
2,348.6 
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
$ 
(0.8) 
$ 
1.0 
$ 
(8.7) 
Cash, cash equivalents and restricted cash increased by $21.2 million from $42.7 million as of December 31, 2023, to $63.9 million as 
of December 31, 2024.
Operating activities - Net cash provided by operating activities increased by $70.5 million to $861.0 million for the year ended 
December 31, 2024, compared to $790.5 million for the year ended December 31, 2023. The increase in operating cash flow was 
primarily due to beneficial changes in inventory, other assets, and other liabilities, and improved Same Property operating 
performance at our MH properties, marinas, and UK properties, partially offset by reduced operating performance at our RV 
properties during the year ended December 31, 2024 as compared to the corresponding period in 2023.
Our net cash flows provided by operating activities from continuing operations may be adversely impacted by, among other things:
•
the market and economic conditions in our current markets generally, and specifically in the metropolitan areas of our current 
markets;
•
lower occupancy and rental rates of our properties;
•
increases in other operating costs, such as wage and benefit costs, supplies and repairs, real estate taxes and utilities;
•
substantial increases in insurance premiums;
•
decreased sales of manufactured homes;
•
current volatility in economic conditions and the financial markets; and
•
the effects of outbreaks of disease and related restrictions on business operations.
See "Risk Factors" in Part I, Item 1A in this Annual Report on Form 10-K.
Investing activities - Net cash used for investing activities decreased by $652.1 million to $267.4 million for the year ended December 
31, 2024, compared to $919.5 million for the year ended December 31, 2023. The decrease in Net cash used for investing activities 
was primarily driven by a decrease in cash deployed to invest in existing properties and proceeds received from the disposition of 10 
MH properties, 13 RV properties, two UK properties, and three MH development properties during the year ended December 31, 2024 
as compared to the corresponding period in 2023. Refer to the Consolidated Statements of Cash Flows for detail on the net cash used 
for investing activities during the years ended December 31, 2024 and 2023. Refer to Note 3, "Real Estate Acquisitions and 
Dispositions" and Note 20, "Subsequent Events," in our accompanying Consolidated Financial Statements for additional information 
on acquisitions and investment activity subsequent to December 31, 2024.
Financing activities - Net cash used for financing activities was $571.6 million for the year ended December 31, 2024, compared to 
net cash provided by financing activities of $80.3 million for the year ended December 31, 2023. The change in Net cash provided by / 
(used for) financing activities was primarily driven by cash disbursed to settle mortgage debt and repay borrowings outstanding under 
the senior credit facility, partially offset by proceeds from the issuance of equity during the year ended December 31, 2024, as 
compared to the net issuance of debt during the corresponding period in 2023, as part of our strategy to optimize the strength of our 
balance sheet. Refer to the Consolidated Statements of Cash Flows for detail on the net cash provided by / (used for) financing 
activities during the years ended December 31, 2024 and 2023. Refer to Note 8, "Debt and Line of Credit" in our accompanying 
Consolidated Financial Statements for additional information.
SUN COMMUNITIES, INC.
68

We are exposed to interest rate variability associated with our outstanding floating rate debt and any maturing debt that has to be 
refinanced. Interest rate movements impact our borrowing costs and, while as of December 31, 2024, approximately 91% of our total 
debt was fixed rate financing, including the impact of hedge activity, increases in interest costs are likely to adversely affect our 
financial results.
Equity and Debt Activity
At the Market Offering Sales Agreement
During May 2024, we renewed our 2021 At the Market Offering Sales Agreement ("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. 
During the three months ended September 30, 2024, we entered into forward sale agreements with respect to 2,713,571 shares of 
common stock under the ATM. We completed the physical settlement of these shares for an aggregate gross sales price of 
$364.3 million and received net proceeds of $361.7 million, or $133.31 per share. The net proceeds were used to repay borrowings 
outstanding under the senior credit facility. Through December 31, 2024, we had entered into and settled forward sales agreements 
under the ATM for an aggregate gross sales price of $524.8 million, leaving $725.2 million available for sale under the ATM.
Senior Unsecured Notes
The following table sets forth certain information regarding our outstanding senior unsecured notes (in millions, except for statistical 
information). All senior unsecured notes include interest payments on a semi-annual basis in arrears.
Carrying Amount
Principal Amount
December 31, 2024
December 31, 2023
5.5% notes, issued in January 2024 and due in January 2029(1)
$ 
500.0 
$ 
496.2 
$ 
— 
5.7% notes, issued in January 2023 and due in January 2033
 
400.0 
 
396.1 
 
395.7 
4.2% notes, issued in April 2022 and due in April 2032
 
600.0 
 
593.2 
 
592.6 
2.3% notes, issued in October 2021 and due in November 2028
 
450.0 
 
447.4 
 
446.8 
2.7% notes, issued in June 2021 and October 2021, and due in July 2031
 
750.0 
 
743.4 
 
742.4 
Total
$ 
2,700.0 
$ 
2,676.3 
$ 
2,177.5 
(1) In January 2024, the Operating Partnership issued $500.0 million of senior unsecured notes with an interest rate of 5.5% and a five-year term, due January 15, 2029 
(the "2029 Notes"). Interest on the 2029 Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2024. The net 
proceeds from the offering were $495.4 million, after deducting underwriters' discounts and offering expenses. We used the majority of the net proceeds to repay 
borrowings outstanding under our senior credit facility.
The obligations of the Operating Partnership to pay principal, premiums, if any, and interest on our senior unsecured notes are 
guaranteed on a senior basis by Sun Communities, Inc. The guarantee is full and unconditional, and the Operating Partnership is a 
consolidated subsidiary of the Company. Under Rule 3-10 of Regulation S-X, as amended, subsidiary issuers of obligations 
guaranteed by its parent company are not required to provide separate financial statements, provided that the subsidiary obligor is 
consolidated into the parent company's consolidated financial statements, the parent guarantee is "full and unconditional" and, subject 
to certain exceptions, the alternative disclosure required by Rule 13-01 is provided, which includes narrative disclosure and 
summarized financial information. Accordingly, separate consolidated financial statements of the Operating Partnership have not been 
presented. Furthermore, as permitted under Rule 13-01(a)(4)(vi), we have excluded the summarized financial information for the 
Operating Partnership as the assets, liabilities, and results of operations of the Operating Partnership are not materially different from 
the corresponding amounts presented in our consolidated financial statements and management believes such summarized financial 
information would be repetitive and not provide incremental value to investors.
Line of Credit
The Operating Partnership (as borrower), SUI (as guarantor), and certain lenders are parties to a credit agreement which governs our 
senior credit facility.
SUN COMMUNITIES, INC.
69

Prior to March 2024, the aggregate amount of our senior credit facility was $4.2 billion with the ability to upsize the total borrowings 
by an additional $800.0 million, subject to certain conditions. The aggregate amount under the senior credit facility consisted of the 
following: (a) a revolving loan in an amount up to $3.05 billion and (b) a term loan facility of $1.15 billion, with the ability to draw 
funds from the combined facilities in U.S. dollars, pound sterling, euros, Canadian dollars and Australian dollars, subject to certain 
limitations. The maturity date of the revolving loan facility is April 7, 2026. At our option that maturity date may be extended two 
additional six-month periods.
In March 2024, we terminated the term loan facility and settled the associated $1.1 billion of borrowings outstanding under the term 
loan by increasing our borrowings under the revolving loan of the senior credit facility. By terminating the term loan, we reduced our 
aggregate borrowing capacity under the senior credit facility to $3.05 billion under the revolving loan. During the three months ended 
March 31, 2024, we recognized a Loss on extinguishment of debt in our Consolidated Statements of Operations of $0.6 million related 
to the termination of the term loan facility. In June 2024, we amended the senior credit facility to replace the Canadian Dollar Offered 
Rate with the Canadian Overnight Repo Rate Average ("CORRA") as the benchmark rate for borrowings denominated in Canadian 
dollars, with no other significant changes to the terms of the senior credit facility.
The senior credit facility bears interest at a floating rate based on the Adjusted Term Secured Overnight Financing Rate ("SOFR"), the 
Adjusted Eurocurrency Rate, the Australian Bank Bill Swap Bid Rate ("BBSY"), the Daily Sterling Overnight Index Average 
("SONIA") Rate or the CORRA, as applicable, plus a margin, in all cases, which can range from 0.725% to 1.6%, subject to certain 
adjustments. As of December 31, 2024, the margins based on our credit ratings were 0.85% on the revolving loan facility.
At the lenders' option, the senior credit facility will become immediately due and payable upon an event of default under the Credit 
Facility Agreement. We had $1.4 billion and $944.1 million of borrowings outstanding under the revolving loan as of December 31, 
2024 and 2023, respectively. The balance is recorded in Unsecured debt on the Consolidated Balance Sheets.
The senior credit facility provides us with the ability to issue letters of credit. Our issuance of letters of credit does not increase our 
borrowings outstanding under the senior credit facility, but does reduce the borrowing amount available. We had $11.5 million and 
$26.2 million outstanding letters of credit at December 31, 2024 and 2023, respectively.
Financial Covenants
Pursuant to the terms of the senior credit facility, we are subject to various financial and other covenants. The most restrictive financial 
covenants for the senior credit facility are as follows:
Covenant
Requirement
As of December 31, 2024
Maximum leverage ratio
<65.0%
32.0%
Minimum fixed charge coverage ratio
>1.40
2.86
Maximum secured leverage ratio
<40.0%
11.9%
In addition, we are required to maintain the following covenants with respect to the senior unsecured notes payable:
Covenant
Requirement
As of December 31, 2024
Total debt to total assets
≤60.0%
38.8%
Secured debt to total assets
≤40.0%
17.2%
Consolidated income available for debt service to debt service
≥1.50
4.28
Unencumbered total asset value to total unsecured debt
≥150.0%
366.3%
As of December 31, 2024, we were in compliance with the above covenants and do not anticipate that we will be unable to meet these 
covenants in the near term.
Derivative Transactions
We enter into treasury rate lock contracts, interest rate swaps, and forward swaps for interest rate risk management purposes. We do 
not enter into derivative instruments for speculative purposes. The risks being hedged are the interest rate risk related to outstanding 
floating rate debt and forecasted debt issuance transactions, and the benchmark interest rates used are the SOFR and the SONIA Rate.
SUN COMMUNITIES, INC.
70

During the year ended December 31, 2024, we entered into five interest rate swap contracts with an aggregate notional value of $150.0 
million to hedge interest rate risk associated with a future debt offering.
During the year December 31, 2024, in connection with the issuance of the 2029 Notes, we settled seven forward swap contracts 
totaling $255.0 million and paid a net settlement payment of $2.3 million to several counterparties. Refer to Note 14, "Derivative 
Financial Instruments," in our accompanying Consolidated Financial Statements for additional information.
Long-term Financing and Capital Requirements
Long-term Financing
We anticipate meeting our long-term liquidity requirements, such as scheduled debt maturities, large property acquisitions, expansion, 
and development of properties, other nonrecurring capital improvements and Operating Partnership unit redemptions through long-
term unsecured and secured debt and the issuance of certain debt or equity securities subject to market conditions. If current market 
and economic conditions, including relating to, among other things, interest rates, currency fluctuations, equity valuations, and 
inflation, continue or worsen, our ability to obtain debt and equity capital in the long term on attractive terms may be adversely 
affected.
As of December 31, 2024, we had unrestricted cash on hand of $47.4 million, $1.6 billion of remaining capacity on the senior credit 
facility, and a total of 508 unencumbered MH, RV, marina, and UK properties.
From time to time, we may also issue shares of our capital stock, issue equity units in our Operating Partnership, issue unsecured 
notes, obtain other debt financing or sell selected assets. Our ability to finance our long-term liquidity requirements in such a manner 
will be affected by numerous economic factors affecting the MH, RV, and marina industries at the time, including the availability and 
cost of mortgage debt, our financial condition, the operating history of the properties, the state of the debt and equity markets, and the 
general national, regional and local economic conditions. When it becomes necessary for us to approach the credit markets, the 
volatility in those markets could make borrowing more difficult to secure, more expensive or effectively unavailable. In the event our 
current credit ratings are downgraded, it may become difficult or more expensive to obtain additional financing or refinance existing 
unsecured debt as maturities become due. Refer to "Risk Factors" in Part I, Item 1A of this Annual Report on Form 10-K. If we are 
unable to obtain additional debt or equity financing on acceptable terms, our business, results of operations and financial condition 
would be adversely impacted.
As of December 31, 2024, our net debt to enterprise value was 30.9% (assuming conversion of all common and preferred OP units to 
shares of common stock). Our debt has a weighted average interest rate of 4.09% and a weighted average years to maturity of 6.2.
Capital Requirements
Our capital requirements as of December 31, 2024 include both short and long term obligations:
Our primary long-term liquidity needs are principal payments on outstanding debt as summarized in the table below:
Outstanding Debt(1)
Total Due
Short-term Obligation 
≤1 Year
Long-term Obligation 
After 1 Year
Refer to
Principal payments on long-term debt
$ 
7,387.8 
$ 
103.0 
$ 
7,284.8 
Note 8. Debt and Line of Credit
Interest expense(2)
 
1,574.0 
 
245.6 
 
1,328.4 
Operating leases
 
321.0 
 
14.1 
 
306.9 
Note 17. Leases
Finance lease
 
44.7 
 
5.1 
 
39.6 
Note 17. Leases
Total Outstanding Debt
$ 
9,327.5 
$ 
367.8 
$ 
8,959.7 
Payments Due By Period (in millions)
(1) Our outstanding debt in this table excludes debt premiums, discounts, deferred financing costs and fair value adjustment, as applicable.
(2) Our obligations related to interest expense are calculated based on the current debt levels, rates and maturities as of December 31, 2024 (including finance leases), 
and actual payments required in future periods may be different than the amounts included above. Perpetual securities include one year of interest expense for 
payment due after five years.
SUN COMMUNITIES, INC.
71

Certain of our nonconsolidated affiliates, which are accounted for under the equity-method of accounting, have incurred debt. We 
have not guaranteed the debt of our nonconsolidated affiliates in the arrangements referenced below, nor do we have any obligations 
to fund this debt should the nonconsolidated affiliates be unable to do so. Refer to Note 7, "Investments in Nonconsolidated 
Affiliates," in the accompanying Consolidated Financial Statements for additional information about these entities.
GTSC - GTSC maintains a warehouse line of credit with a maximum borrowing capacity of $325.0 million, with an option to increase 
to $375.0 million subject to the lender's consent. During the three months ended September 30, 2024, at GTSC's election, the 
maximum borrowing capacity on the line of credit was reduced to $275.0 million. As of December 31, 2024 and 2023, the aggregate 
carrying amount of debt, including both our and our partner's share, incurred by GTSC was $242.9 million (of which our proportionate 
share is $97.1 million), and $261.3 million (of which our proportionate share is $104.5 million), respectively. The debt bears interest 
at a variable rate based on a Commercial Paper or adjusted SOFR plus a margin ranging from 1.65% to 2.5% per annum and matures 
on December 15, 2026.
Sungenia JV - Sungenia maintains a debt facility agreement with a maximum borrowing capacity of $54.1 million Australian dollars, 
or $33.6 million converted at the December 31, 2024 exchange rate. As of December 31, 2024 and 2023, the aggregate carrying 
amount of the debt, including both our and our partners' share, incurred by Sungenia JV was $25.0 million (of which our proportionate 
share is approximately $12.5 million), and $25.2 million (of which our proportionate share is $12.6 million), respectively. The debt 
bears interest at a variable rate based on the Australian BBSY rate plus a margin ranging from 0.95% to 1.4%, subject to adjustment 
for additional future commitments, per annum and matures on June 30, 2027.
SUN COMMUNITIES, INC.
72

SIGNIFICANT ACCOUNTING POLICIES AND CRITICAL ACCOUNTING ESTIMATES
Critical Accounting Estimates
Our Consolidated Financial Statements are prepared in accordance with United States of America generally accepted accounting 
principles, which require the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the 
disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and 
expenses in the periods presented. We believe that the accounting estimates employed are appropriate and resulting balances are 
reasonable; however, due to inherent uncertainties in making estimates, actual results could differ from the original estimates, 
requiring adjustments to these balances in future periods.
Our significant accounting estimates include acquisitions of investment properties, impairments of long-lived assets, and impairments 
of goodwill. Refer to Note 1, "Significant Accounting Policies," in our accompanying Consolidated Financial Statements for 
information regarding our critical accounting estimates that affect the Consolidated Financial Statements and that use judgments and 
assumptions. In certain situations, we discuss the likelihood that materially different amounts could be reported under varied 
conditions and assumptions.
Goodwill Impairment
In performing goodwill impairment testing, we utilize a third-party valuation specialist to assist management in determining the fair 
value of our reporting units. The fair value of each reporting unit is estimated based on a combination of discounted cash flows 
(income approach) and the use of pricing multiples derived from an analysis of comparable public companies multiplied against 
historical and / or anticipated financial metrics (market approach) for each reporting unit. These calculations contain uncertainties as 
they require management to make assumptions including, but not limited to, market comparables, future cash flows of the reporting 
units, and appropriate weighted average cost of capital and long-term growth rates. A decline in the actual cash flows of our reporting 
units in future periods, as compared to the projected cash flows used in our valuations, could result in the carrying value of the 
reporting units exceeding their respective fair values. Further, a change in market comparables, discount rate or long-term growth 
rates, as a result of a change in economic conditions or otherwise, could result in the carrying values of the reporting units exceeding 
their respective fair values. Refer to Note 6, "Goodwill and Other Intangible Assets," in our accompanying Consolidated Financial 
Statements for additional information regarding goodwill.
In 2024 and 2023, we performed qualitative and quantitative assessments of our goodwill balance for potential impairment in 
accordance with ASC 350-20, "Intangibles - Goodwill and Other." As a result of our impairment testing, we determined that the fair 
value of the Park Holidays reporting unit within the UK reporting segment was below its carrying value in each such year and 
recorded non-cash goodwill impairment charges of $180.8 million and $369.9 million during the years ended December 31, 2024 and 
2023, respectively. The declines in the fair value of the Park Holidays reporting unit were primarily driven by uncertainty in the 
macroeconomic environment in the region, which began in 2023 and was exacerbated by political changes during the fourth quarter of 
2024, leading to a higher weighted average cost of capital, inflationary pressures and changing competitive market dynamics. The 
uncertainty in the macroeconomic and competitive landscape has caused a decline in projected future cash flows for our Park Holidays 
business that operates in the region. As a result of the recognized goodwill impairment charges, our goodwill balance at the UK 
reporting segment is now zero as of December 31, 2024.
Our other reporting units are less sensitive to changes in macroeconomic factors and forecast assumptions than our UK reporting unit 
due to greater excess of fair value over carrying value. For the Marina reporting unit, we concluded that the fair value exceeded its 
carrying value by over 7% as part of our annual testing during the fourth quarter of 2024. We did not identify a triggering event in any 
other reporting unit.
Impact of New Accounting Standards
Refer to Note 19, "Recent Accounting Pronouncements," in our accompanying Consolidated Financial Statements for information 
regarding new accounting pronouncements.
SUN COMMUNITIES, INC.
73

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk is the exposure to loss resulting from changes in market factors such as interest rates, foreign currency exchange rates, 
commodity prices and equity prices.
Interest Rate Risk
Our principal market risk exposure is interest rate risk. We mitigate this risk by maintaining prudent amounts of leverage, minimizing 
capital costs and interest expense while continuously evaluating all available debt and equity resources, and following established risk 
management policies and procedures, which include the periodic use of derivatives. Our primary strategy in entering into derivative 
contracts is to minimize the variability that interest rate changes could have on our future cash flows. From time to time, we employ 
derivative instruments that effectively convert a portion of our variable rate debt to fixed rate debt. We do not enter into derivative 
instruments for speculative purposes.
Our variable rate debt totaled $635.5 million and $1.3 billion as of December 31, 2024 and 2023, respectively, after adjusting for the 
impact of hedging in place through the use of interest rate swaps. As of December 31, 2024 and 2023, our variable debt bore interest at 
the Adjusted Term SOFR, the Adjusted Eurocurrency Rate, the Australian BBSY rate, the Daily SONIA Rate or the CORRA, and the 
Eurodollar rate or Prime rate plus a margin. If the above rates increased or decreased by 1.0%, our interest expense would have 
increased or decreased by $8.1 million and $13.8 million for the years ended December 31, 2024 and 2023, respectively, based on the 
$811.1 million and $1.4 billion average balances outstanding under our variable rate debt facilities, respectively. Our variable rate 
debt, interest expense, and average balance outstanding under our variable rate debt facility includes the impact of hedge activity.
Foreign Currency Exchange Rate Risk
Foreign currency exchange rate risk is the risk that fluctuations in currencies against the U.S. dollar will negatively impact our results 
of operations. We are exposed to foreign currency exchange rate risk as a result of remeasurement and translation of the assets and 
liabilities of our properties in the UK and Canada, and our joint venture in Australia, into U.S. dollars. Fluctuations in foreign currency 
exchange rates can therefore create volatility in our results of operations and may adversely affect our financial condition.
At December 31, 2024 and 2023, our shareholder's equity included $672.3 million and $893.9 million from our investments and 
operations in the UK, Canada, and Australia, which collectively represented 9.3% and 12.5% of total shareholder's equity, 
respectively. Based on our sensitivity analysis, a 10.0% strengthening of the U.S. dollar against the pound sterling, Canadian dollar 
and Australian dollar would have caused a reduction of $67.2 million and $89.4 million to our total shareholder's equity at December 
31, 2024 and 2023, respectively.
Capital Market Risk
We are exposed to risks related to the equity capital markets, and our related ability to raise capital through the issuance of our 
common stock or other equity instruments. We are also exposed to risks related to the debt capital markets, and our related ability to 
finance our business through borrowings under other financing arrangements. As a REIT, we are required to distribute a significant 
portion of our taxable income annually, which constrains our ability to accumulate operating cash flow and therefore requires us to 
utilize debt or equity capital to finance our business. We seek to mitigate these risks by monitoring the debt and equity capital markets 
to inform our decisions on the amount, timing and terms of capital we raise.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Financial statements and supplementary data are filed herewith under Item 15.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
None.
SUN COMMUNITIES, INC.
74

ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures designed to ensure that information required to be disclosed in reports filed under the 
Exchange Act is recorded, processed, summarized and reported within the specified time periods and accumulated and communicated 
to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions 
regarding required disclosure. An evaluation of the effectiveness of the design and operation of our disclosure controls and procedures 
as of the end of the period covered by this Annual Report was made under the supervision and with the participation of our 
management, including our principal executive officer and principal financial officer.
Based upon this evaluation, our principal executive officer and principal financial officer have concluded that, as of December 31, 
2024, our disclosure controls and procedures were not effective as of that date due to a material weakness in internal control over 
financial reporting relating to our risk assessment process, as described below.
Management's Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining effective internal control over financial reporting as defined in Rules 
13a-15(f) and 15d-15(f) under the Exchange Act. This system is designed to provide reasonable assurance regarding the reliability of 
financial reporting and the preparation of consolidated financial statements for external purposes in accordance with GAAP. Because 
of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management 
override of controls, misstatements due to error or fraud may not be prevented or detected on a timely basis.
Our management performed an assessment of the effectiveness of our internal control over financial reporting as of December 31, 
2024, utilizing the criteria discussed in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring 
Organizations of the Treadway Commission. The objective of this assessment was to determine whether our internal control over 
financial reporting was effective as of December 31, 2024. Based on management's assessment, we have concluded that our internal 
control over financial reporting was ineffective as of December 31, 2024, due to the material weakness relating to our risk assessment 
process described below.
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a 
reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a 
timely basis.
Material Weakness - Risk Assessment and Response
As of December 31, 2024, we had a material weakness because we did not have an effective risk assessment and response process 
("risk assessment") that defined clear financial reporting objectives, that identified and evaluated risks of misstatement due to errors 
over certain financial reporting processes, or that developed internal controls to mitigate those risks. As part of management's 
evaluation of this material weakness, it has been identified that certain other deficiencies in control activities have materialized as a 
result of the deficiency in the Company's risk assessment. Specifically, as of December 31, 2024, there are deficiencies in the design 
and implementation of the Company's internal controls due to ineffective risk assessment resulting in the following:
•
Inadequate identification and timely consideration of accounting for certain transactions.
•
Existence of inappropriate access and insufficient segregation of duties ("SOD") upon implementation of a new integrated 
enterprise resource planning and general ledger ("ERP") system during 2024.
•
Reliance on information and reports from our new ERP used in internal controls over financial reporting without adequately 
validating their completeness and accuracy.
•
Inadequate assessment of the impact our new ERP had on certain processes and related control activities, including 
investment property, inventory of manufactured homes, and the review and approval of manual journal entries.
These deficiencies relate to both information technology general controls, manual controls, and manual controls dependent upon 
information technology that could impact the consistency, timeliness and accuracy of financial reporting in accordance with GAAP. 
These matters did not result in material misstatements to the Consolidated Financial Statements in the current period, but do allow for 
the reasonable possibility that material misstatements would not be prevented or detected on a timely basis.
SUN COMMUNITIES, INC.
75

Plan for Remediation of the Material Weakness
We have invested considerable time and resources to undertake a number of actions related to the material weakness relating to our 
risk assessment process and we are in the process of developing and implementing additional actions as part of a detailed plan for 
remediation. The Audit Committee has continued to actively oversee these remediation plans, monitoring plan progression and 
ensuring appropriate resources are allocated and implemented to effectively execute management's plan. The actions that we have 
undertaken are as follows:
•
Implemented more frequent communication between those charged with governance and management regarding progression 
on material weakness remediation. Additionally, an internal control project plan was developed and has begun to be 
implemented under the monitoring and supervision of the Audit Committee.
•
Engaged a third-party accounting and advisory firm to assist us with completing a comprehensive risk assessment and a gap 
analysis of certain aspects of our risk control matrix, including identification of risks of material misstatement, to assess the 
potential need for any new controls or controls that need to be redesigned to adequately address the corresponding financial 
reporting risk.
•
Completed a risk-based review of user access to our ERP and when necessary modified roles or user access to eliminate SOD 
conflicts. We engaged a third-party accounting and advisory firm to confirm the scope and execution of this access review.
•
Implemented a third-party software solution to assist management with monitoring user access to our ERP system to identify 
and prevent user access that violates our established SOD ruleset.
•
Identified a complete population of information and reports used in internal controls over financial reporting and began 
validating the completeness and accuracy of this information and reports generated from our new ERP.
Additionally, management's detailed plan for remediation includes the following:
•
Redesigning the review control related to certain manual journal entries.
•
Ensuring internal control processes include policies and procedures to ensure that all information used in the performance of 
internal controls is validated for completeness and accuracy.
•
Redesigning or developing new internal controls to address risks, if any, determined to not be adequately mitigated following 
the completion of the risk assessment and gap analysis currently in process.
•
Refining and developing additional SOD rules as needed based on the results of the review of our SOD ruleset by the third-
party accounting and advisory firm.
While we believe our remediation efforts above will improve the effectiveness of our internal control over financial reporting, we 
cannot assure that the measures will be sufficient to remediate the material weakness we have identified or will prevent potential 
future material weaknesses. In addition, many of the improvements have not operated for a sufficient period of time to be able to 
conclude on the effectiveness of relevant internal controls. Accordingly, we will continue to monitor, with oversight from our Board of 
Directors, and evaluate the effectiveness of our internal control over financial reporting and further enhance our plan for remediation 
as necessary.
Remediation of Previously Disclosed Material Weaknesses
We previously identified and disclosed in Part II, Item 9A, "Controls and Procedures" of our Annual Report on Form 10-K for the year 
ended December 31, 2023, a material weakness related to the design of management's review controls of potential triggering events 
related to the evaluation for impairment of goodwill relating to our Park Holidays reporting unit within the UK reporting segment. 
During 2024 the goodwill at the UK reporting segment was fully impaired. The Company has concluded that there is no longer a risk 
of material misstatement related to this management review control.
We also previously identified and disclosed in Part I, Item 4, "Controls and Procedures" of our Quarterly Report on Form 10-Q for the 
quarterly period ended March 31, 2024, a material weakness related to the design of management's review controls for evaluating 
long-lived assets for impairment, relating to certain long-lived asset groupings and properties within the UK reporting segment. As of 
December 31, 2024, we determined that this previously reported material weakness is a result of the risk assessment material 
weakness described above and will be covered by the remediation activities described above.
SUN COMMUNITIES, INC.
76

Attestation Report of Registered Public Accounting Firm
The effectiveness of our internal control over financial reporting has been audited by Grant Thornton LLP, an independent registered 
public accounting firm, as stated in its report included herein. This report contains an adverse opinion on the effectiveness of our 
internal control over financial reporting.
Changes in Internal Control over Financial Reporting
Except as discussed above, there were no changes in internal control over financial reporting during the quarter ended December 31, 
2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
ITEM 9B. OTHER INFORMATION
During the three months ended December 31, 2024, none of our officers or directors, as defined in Rule 16a-1(f) of the Securities 
Exchange Act of 1934, adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading 
arrangement, as defined in Item 408 of Regulation S-K.
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Pursuant to the general instructions of Item 401 of Regulation S-K, certain information regarding our executive officers is contained in 
Part I of this Form 10-K. Unless provided in an amendment to this Annual Report on Form 10-K, the other information required by 
this Item is incorporated herein by reference to the applicable information in the proxy statement for our 2025 annual meeting (the 
"Proxy Statement,") including the information set forth under the captions "Proposal No.1 Election of Directors - Consideration of 
Director Nominees," "Corporate Governance - Board of Directors," "Corporate Governance - Board of Directors - Board Structure - 
Committees of the Board of Directors, "Information About Executive Officers - Executive Officers Biographies," and " "Security 
Ownership Information - Security Ownership of Directors and Executive Officers". 
ITEM 11. EXECUTIVE COMPENSATION
Unless provided in an amendment to this Annual Report on Form 10-K, the information required by this Item is incorporated by 
reference to the applicable information in the Proxy Statement, including the information set forth under the captions "Corporate 
Governance - Board of Directors - Board Structure - Compensation Committee Interlocks and Insider Participation," "Director 
Compensation," and "Compensation Discussion and Analysis." The information in the section captioned "Compensation Committee 
Report" in the Proxy Statement or an amendment to this Annual Report on Form 10-K is incorporated by reference herein but shall be 
deemed furnished, not filed, and shall not be deemed to be incorporated by reference into any filing we make under the Securities Act 
or the Exchange Act.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED 
SHAREHOLDER MATTERS
Unless provided in an amendment to this Annual Report on Form 10-K, the information required by this Item is incorporated by 
reference to the applicable information in the Proxy Statement, including the information set forth under the captions "Security 
Ownership Information."
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Unless provided in an amendment to this Annual Report on Form 10-K, the information required by this Item is incorporated by 
reference to the Proxy Statement, including the information set forth under the captions "Corporate Governance - Board of Directors," 
"Corporate Governance - Board of Directors - Board Structure - Committees of the Board of Directors," "Corporate Governance - 
Board of Directors - Board Structure - Leadership Structure and Independence of Non-Employee Directors," and "Corporate 
Governance - Board of Directors - Other Board Policies and Processes - Certain Relationships and Related Party Transactions."
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Unless provided in an amendment to this Annual Report on Form 10-K, the information required by this Item is incorporated by 
reference to the Proxy Statement, including the information set forth under the caption for the proposal related to "Ratification of 
Selection of Grant Thornton LLP."
SUN COMMUNITIES, INC.
77

PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
The following documents are filed herewith as part of this Form 10-K:
1. 
Financial Statements
A list of the financial statements required to be filed as a part of this Annual Report on Form 10-K is shown in the "Index to 
the Consolidated Financial Statements and Financial Statement Schedules" filed herewith.
2. 
Financial Statement Schedules
The financial statement schedules required to be filed as a part of this Annual Report on Form 10-K is shown in the "Index to 
the Consolidated Financial Statements and Financial Statement Schedules" filed herewith.
3. 
Exhibits
A list of the exhibits required by Item 601 of Regulation S-K to be filed as a part of this Annual Report on Form 10-K is filed 
herewith.
ITEM 16. FORM 10-K SUMMARY
None.
SUN COMMUNITIES, INC.
78

EXHIBITS
Exhibit 
Number
Description
Method of Filing
2.1*
Membership Interest Purchase Agreement, dated as of February 24, 2025, by and 
among Safe Harbor Marinas, LLC, SHM TRS, LLC, Sun Communities Operating 
Limited Partnership, Sun Home Services, Inc., BIP Poseidon Holdco L.P., Consent 
NewCo, LLC and Consent TRS NewCo, LLC
Filed Herewith
3.1
Sun Communities, Inc. Articles of Restatement
Incorporated by reference to Exhibit 3.1 of Sun Communities, 
Inc.'s Annual Report on Form 10-K filed on February 22, 2018
3.2
Fourth Amended and Restated Bylaws
Incorporated by reference to Exhibit 3.1 of Sun Communities, 
Inc.'s Current Report on Form 8-K filed on February 21, 2023
3.3
Sun Communities, Inc. Articles of Amendment effective May 18, 2023
Incorporated by reference to Exhibit 3.1 to Sun Communities, 
Inc.'s Current Report on Form 8-K filed on May 19, 2023
4.1
Description of the Registrant’s Securities registered pursuant to Section 12 of the 
Securities Exchange Act of 1934
Incorporated by reference to Exhibit 4.1 of Sun Communities, 
Inc.'s Annual Report on Form 10-K filed for the year ended 
December 31, 2019
4.2
Indenture, dated as of June 28, 2021 by and between Sun Communities Operating 
Limited Partnership and UMB Bank, N.A. as trustee.
Incorporated by reference to Exhibit 4.1 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on June 28, 2021
4.3
First Supplemental Indenture, dated as of June 28, 2021 by and among Sun 
Communities Operating Limited Partnership, Sun Communities, Inc., and UMB Bank, 
N.A. as trustee. 
Incorporated by reference to Exhibit 4.2 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on June 28, 2021
4.4
Form of Global Note for 2.700% Notes due 2031
Incorporated by reference to Exhibit 4.3 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on June 28, 2021
4.5
Second Supplemental Indenture, dated as of October 5, 2021 by and among Sun 
Communities Operating Limited Partnership, Sun Communities, Inc., and UMB Bank, 
N.A. as trustee
Incorporated by reference to Exhibit 4.3 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on October 5, 2021
4.6
Form of Global Note for 2.300% Notes due 2028
Incorporated by reference to Exhibit 4.4 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on October 5, 2021
4.7
Third Supplemental Indenture, dated as of April 12, 2022 by and among Sun 
Communities Operating Limited Partnership, Sun Communities, Inc., and UMB Bank, 
N.A. as trustee.
Incorporated by reference to Exhibit 4.2 of Sun Communities 
Inc.'s Current Report on Form 8-k filed on April 12, 2022
4.8
Form of Global Note for 4.200% Notes due 2032
Incorporated by reference to Exhibit 4.3 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on April 12, 2022
4.9
Fourth Supplemental Indenture, dated as of January 17, 2023 by and among Sun 
Communities Operating Limited Partnership, Sun Communities, Inc. and UMB Bank., 
N.A. as trustee.
Incorporated by reference to Exhibit 4.2 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on January 17, 2023
4.10
Form of Global Note for 5.700% Notes due 2033
Incorporated by reference to Exhibit 4.3 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on January 17, 2023
4.11
Fifth Supplemental Indenture, dated as of January 11, 2024 by and among Sun 
Communities Operating Limited Partnership, Sun Communities, Inc., and UMB Bank, 
N.A. as trustee.
Incorporated by reference to Exhibit 4.2 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on January 11, 2024
4.12
Form of Global Note for 5.500% Notes due 2029
Incorporated by reference to Exhibit 4.3 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on January 11, 2024
10.1*
Lease, dated November 1, 2002, by and between Sun Communities Operating Limited 
Partnership as Tenant and American Center LLC as Landlord
Incorporated by reference to Exhibit 10.61 of Sun Communities, 
Inc.'s Annual Report on Form 10-K for the year ended December 
31, 2002, as amended
10.2*
Sixth Lease Modification dated June 26, 2018 by and between Sun Communities 
Operating Limited Partnership as Tenant and American Center LLC as Landlord
Incorporated by reference to Exhibit 10.9 of Sun Communities, 
Inc.'s Annual Report on Form 10-K filed on February 21, 2019
10.3*
Fourth Amended and Restated Agreement of Limited Partnership of Sun Communities 
Operating Limited Partnership dated January 31, 2019
Incorporated by reference to Exhibit 10.1 of Sun Communities, 
Inc.'s Annual Report on Form 10-K filed on February 5, 2019
10.4*
First Amendment to the Fourth Amended and Restated Agreement of Limited 
Partnership of Sun Communities Operating Limited Partnership, dated January 9, 2020.
Incorporated by reference to Exhibit 10.1 of Sun Communities, 
Inc.'s Current Report on Form 8-K filed January 13, 2020
10.5*
Fourth Amendment to the Fourth Amended and Restated Agreement of Limited 
Partnership of Sun Communities Operating Limited Partnership, dated May 14, 2020.
Incorporated by reference to Exhibit 10.1 of Sun Communities, 
Inc.'s Current Report on Form 8-K filed May 18, 2020
10.6*
Sixth Amendment to the Fourth Amended and Restated Agreement of Limited 
Partnership of Sun Communities Operating Limited Partnership, dated September 30, 
2020.
Incorporated by reference to Exhibit 10.1 of Sun Communities, 
Inc.'s Current Report on Form 8-K filed October 6, 2020
10.7*
Seventh Amendment to Agreement of Limited Partnership Agreement of Sun 
Communities Operating Limited Partnership, dated October, 30, 2020
Incorporated by reference to Exhibit 10.1 of Sun Communities, 
Inc.'s Current Report on Form 8-K filed November 5, 2020
10.8*
Eighth Amendment to Agreement of Limited Partnership of Sun Communities 
Operating Limited Partnership, dated December 31, 2020
Incorporated by reference to Exhibit 10.1 of Sun Communities, 
Inc.'s Current Report on Form 8-K filed January 4, 2021
10.9*
Ninth Amendment to Agreement of Limited Partnership of Sun Communities Operating 
Limited Partnership, dated April 21, 2021
Incorporated by reference to Exhibit 10.1 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on April 23, 2021
10.10*
Eleventh Amendment to Agreement of Limited Partnership of Sun Communities 
Operating Limited Partnership, dated March 23, 2023
Incorporated by reference to Exhibit 10.1 to Sun Communities, 
Inc.'s Current Report on Form 8-K filed on March 27, 2023
SUN COMMUNITIES, INC.
79

10.11*
Twelfth Amendment to Agreement of Limited Partnership of Sun Communities 
Operating Limited Partnership, dated December 31, 2023
Incorporated by reference to Exhibit 10.1 to Sun Communities, 
Inc.'s Current Report on Form 8-K filed on January 3, 2024
10.12#
First Amended and Restated 2004 Non-Employee Director Option Plan
Incorporated by reference to Exhibit 10.1 of Sun Communities, 
Inc.'s Current Report on Form 8-K filed July 25, 2012
10.13#
First Amendment to First Amended and Restated 2004 Non-Employee Director Option 
Plan
Incorporate by reference to Exhibit A of Sun Communities, Inc.'s 
Definitive Proxy Statement filed on March 29, 2018
10.14#
Second Amendment to the Sun Communities, Inc. First Amended and Restated 2004 
Non-Employee Director Option Plan effective as of March 29, 2022
Incorporated by reference to Exhibit 10.1 of Sun Communities 
Inc.'s Current Report on Form 10-Q filed on April 26, 2022
10.15#
Sun Communities, Inc. 2015 Equity Incentive Plan
Incorporated by reference to Appendix A of Sun Communities, 
Inc.'s Proxy Statement filed on April 29, 2015 
10.16#
First Amendment to Sun Communities, Inc. 2015 Equity Incentive Plan
Incorporated by reference to Appendix C of Sun Communities, 
Inc.'s Definitive Proxy Statement filed on April 4, 2022
10.17#
UK Sub-Plan under the Sun Communities, Inc. 2015 Equity Incentive Plan
Incorporated by reference to Exhibit 10.4 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on April 13, 2022
10.18#
Sun Communities, Inc. Amended & Restated Non-Employee Directors Deferred 
Compensation Plan
Filed herewith
10.19#
Employment Agreement among Sun Communities, Inc., Sun Communities Operating 
Limited Partnership and Gary A. Shiffman dated March 29, 2021
Incorporated by reference to Exhibit 10.1 of Sun Communities, 
Inc.'s Current Report on Form 8-K filed on March 31, 2021
10.20#
First Amendment to Employment Agreement among Sun Communities, Inc., Sun 
Communities Operating Limited Partnership and Gary A. Shiffman dated March 30, 
2022
Incorporated by reference to Exhibit 10.1 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on April 1, 2022
10.21#
Employment Agreement dated April 8, 2022 among Sun Communities, Inc., Sun 
Communities Operating Limited Partnership and Fernando Castro-Caratini
Incorporated by reference to Exhibit 10.3 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on April 13, 2022
10.22#
First Amendment to Employment Agreement among Sun Communities, Inc., Sun 
Communities Operating Limited Partnership and Fernando Castro-Caratini dated March 
20, 2024
Incorporated by reference to Exhibit 10.1 of Sun Communities, 
Inc.'s Current Report on Form 8-K filed on March 21, 2024
10.23#
Employment Agreement dated July 16, 2021 among Sun Communities, Inc., Sun 
Communities Operating Limited Partnership and Bruce Thelen
Incorporated by reference to Exhibit 10.1 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on July 20, 2021
10.24#
First Amendment to Employment Agreement among Sun Communities, Inc., Sun 
Communities Operating Limited Partnership and Bruce Thelen dated March 30, 2022
Incorporated by reference to Exhibit 10.4 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on April 1, 2022
10.25#
Third Amendment to Employment Agreement among Sun Communities, Inc., Sun 
Communities Operating Limited Partnership and Bruce Thelen dated March 20, 2024
Incorporated by reference to Exhibit 10.2 of Sun Communities, 
Inc.'s Current Report on Form 8-K filed on March 21, 2024
10.26#
Employment Agreement dated October 18, 2021 among Sun Communities, Inc., Sun 
Communities Operating Limited Partnership and Aaron Weiss
Incorporated by reference to Exhibit 10.1 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on October 18, 2021
10.27#
First Amendment to Employment Agreement among Sun Communities, Inc., Sun 
Communities Operating Limited Partnership and Aaron Weiss dated March 30, 2022
Incorporated by reference to Exhibit 10.5 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on April 1, 2022
10.28#
Employment Agreement among Sun Communities, Inc., Sun Communities Operating 
Limited Partnership and Marc Farrugia dated June 13, 2022
Incorporated by reference to Exhibit 10.25 of Sun Communities 
Inc.'s Current Report on Form 10-K filed on February 28, 2024
10.29#
First Amendment to Employment Agreement among Sun Communities, Inc., Sun 
Communities Operating Limited Partnership and Marc Farrugia dated March 20, 2024
Incorporated by reference to Exhibit 10.3 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on March 21, 2024
10.30#
Employment Agreement among Sun Communities, Inc., Sun Communities Operating 
Limited Partnership and John B. McLaren dated November 6, 2024
Incorporated by reference to Exhibit 10.3 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on November 7, 2024
10.31#* Employment Agreement by and between International Marina Group I, LP and Baxter 
Underwood dated September 29, 2020
Incorporated by reference to Exhibit 10.1 of Sun Communities, 
Inc.'s Current Report on Form 8-K filed on September 29, 2020
10.32#
Form of Restricted Stock Award Agreement For Executives
Incorporated by reference to Exhibit 10.25 of Sun Communities 
Inc.'s Current Report on Form 10-K filed on February 28, 2024
10.33#
Form of Indemnification Agreement
Incorporated by reference to Exhibit 10.1 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on February 19, 2025
10.34#
Sun Communities Inc. Executive Compensation Recovery (Clawback) Policy
Incorporated by reference to Exhibit 10.25 of Sun Communities 
Inc.'s Current Report on Form 10-K filed on February 28, 2024
10.35*
Fourth Amended and Restated Credit Agreement, dated June 14, 2021, among Sun 
Communities Operating Limited Partnership, as Borrower, Citibank, N.A., as 
Administrative Agent, Swing Line Lender and L/C Issuer, Citibank, N.A., Citizens 
Bank, N.A., BofA Securities, Inc., BMO Capital Markets Corp., JPMorgan Chase Bank, 
N.A., Fifth Third Bank, Regions Bank, Royal Bank of Canada, The Huntington 
National Bank, Truist Bank, U.S. Bank National Association, and Wells Fargo Bank, 
National Association, as Joint Lead Arrangers, and Citibank, N.A., Citizens Bank, N.A., 
BofA Securities, Inc., BMO Capital Markets Corp., and JPMorgan Chase Bank, N.A., 
as Joint Bookrunners, and Bank of America, N.A., JPMorgan Chase Bank, N.A., Bank 
of Montreal, and Citizens Bank, N.A., as Co-Syndication Agents
Incorporated by reference to Exhibit 10.1 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on June 14, 2021
SUN COMMUNITIES, INC.
80

10.36*
Amendment No. 1, dated April 7, 2022, to the Fourth Amended and Restated Credit 
Agreement and Other Loan Documents, among Sun Communities Operating Limited 
Partnership, as Borrower, Citibank, N.A., as Administrative Agent, Swing Line Lender 
and L/C Issuer, Citisecurities Limited, as special administrative agent for the AUD RC 
Lenders; with Citibank, N.A., Citizens Bank, N.A., BofA Securities, Inc., BMO Capital 
Markets Corp., JPMorgan Chase Bank, N.A., RBC Capital Markets, Fifth Third Bank, 
National Association, Regions Bank, The Huntington National Bank, Truist Securities, 
Inc., U.S. Bank National Association, Wells Fargo Bank, National Association, and 
Sumitomo Mitsui Banking Corporation, as Joint Lead Arrangers, Citibank, N.A., 
Citizens Bank, N.A., BofA Securities, Inc., BMO Capital Markets Corp., JPMorgan 
Chase Bank, N.A., RBC Capital Markets and Fifth Third Bank, National Association, 
as Joint Bookrunners, BofA Securities, Inc., Citibank, N.A., and Sumitomo Mitsui 
Banking Corporation, as Co-Sustainability Structuring Agents, and Bank of America 
N.A., JPMorgan Chase Bank, N.A., Bank of Montreal, Citizens Bank, N.A., Royal 
Bank of Canada and Fifth Third Bank, National Association, as Co-Syndication Agents.
Incorporated by reference to Exhibit 10.1 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on April 13, 2022
14.1
Code of Conduct and Business Ethics
Incorporated by reference to Exhibit 14.1 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on February 19, 2025
19.1
Insider Trading Policy
Incorporated by reference to Exhibit 99.1 of Sun Communities 
Inc.'s Current Report on Form 8-K filed on February 19, 2025
21.1
List of Subsidiaries of Sun Communities, Inc.
Filed herewith
22.1
List issuers of guaranteed securities
Filed herewith
23.1
Consent of Grant Thornton LLP
Filed herewith
31.1
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley 
Act of 2002
Filed herewith
31.2
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley 
Act of 2002
Filed herewith
32.1
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 
906 of the Sarbanes-Oxley Act of 2002
Furnished herewith
101.INS XBRL Instance Document 
The instance document does not appear in the Interactive Data 
File because its XBRL tags are embedded within the Inline 
XBRL document.
101.SCH XBRL Taxonomy Extension Schema Document
Filed herewith
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
Filed herewith
101.DEF XBRL Taxonomy Extension Definition Linkbase Document
Filed herewith
101.LAB XBRL Taxonomy Extension Label Linkbase Document
Filed herewith
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document
Filed herewith
*
Certain schedules and exhibits have been omitted pursuance to Item 601(a)(5) of Regulation S-K because such schedules and exhibits do not contain 
information which is material to an investment decision or which is not otherwise disclosed in the filed agreements. The Company will furnish the omitted 
schedules and exhibits to the SEC upon request by the SEC.
#
Management contract or compensatory plan or arrangement
SUN COMMUNITIES, INC.
81

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report 
to be signed on its behalf by the undersigned, thereunto duly authorized.
SUN COMMUNITIES, INC. 
(Registrant)
Dated: February 28, 2025
By
/s/
Gary A. Shiffman
Gary A. Shiffman, Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been signed by the 
following persons on behalf of the registrant and in the capacities and on the dates indicated.
Name
Capacity
Date
/s/
Gary A. Shiffman
Chief Executive Officer, Chairman of the Board of Directors 
(Principal Executive Officer)
February 28, 2025
Gary A. Shiffman
/s/
Fernando Castro-Caratini
Executive Vice President, Chief Financial Officer, Treasurer 
and Secretary (Principal Financial Officer and Principal 
Accounting Officer)
February 28, 2025
Fernando Castro-Caratini
/s/
Tonya Allen
Director
February 28, 2025
Tonya Allen
/s/
Meghan G. Baivier
Director
February 28, 2025
Meghan G. Baivier
/s/
Stephanie W. Bergeron
Director
February 28, 2025
Stephanie W. Bergeron
/s/
Jeff T. Blau
Director
February 28, 2025
Jeff T. Blau
/s/
Jerome W. Ehlinger
Director
February 28, 2025
Jerome W. Ehlinger
/s/
Brian M. Hermelin
Director
February 28, 2025
Brian M. Hermelin
/s/
Craig A. Leupold
Director
February 28, 2025
Craig A. Leupold
/s/
Clunet R. Lewis
Director
February 28, 2025
Clunet R. Lewis
SUN COMMUNITIES, INC.
82

INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS AND
FINANCIAL STATEMENT SCHEDULES
Page
Reports of Independent Registered Public Accounting Firm (PCAOB ID Number 248)
F-2
Financial Statements:
Consolidated Balance Sheets as of December 31, 2024 and 2023
F-6
Consolidated Statements of Operations for the Years Ended December 31, 2024, 2023, and 2022
F-7
Consolidated Statements of Comprehensive Income / (Loss) for the Years Ended December 31, 2024, 2023, and 2022
F-8
Consolidated Statements of Shareholders' Equity for the Years Ended December 31, 2024, 2023, and 2022
F-9
Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023, and 2022
F-10
Notes to Consolidated Financial Statements
F-12
Real Estate and Accumulated Depreciation, Schedule III
F-58
SUN COMMUNITIES, INC.
F - 1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors and Shareholders
Sun Communities, Inc.
Opinion on the financial statements
We have audited the accompanying consolidated balance sheets of Sun Communities, Inc. (a Maryland corporation) and subsidiaries 
(the "Company") as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, 
changes in shareholders' equity, and cash flows for each of the three years in the period ended December 31, 2024, and the related 
notes and financial statement schedule included under Item 15(a) (collectively referred to as the "consolidated financial statements"). 
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of 
December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended 
December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) 
("PCAOB"), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in the 
2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission 
("COSO"), and our report dated February 28, 2025 expressed an adverse opinion.
Basis for opinion
These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an 
opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the 
PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the 
applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit 
to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to 
error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence 
regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used 
and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe 
that our audits provide a reasonable basis for our opinion.
Critical audit matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was 
communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material 
to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of 
critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by 
communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or 
disclosures to which it relates.
Potential Impairment of Investment Properties
As described further in Note 1 to the consolidated financial statements, the Company reviews the carrying value of its long-lived 
assets, which includes its investment properties, for impairment on a quarterly basis or whenever events or changes in circumstances 
indicate a possible impairment. Events or circumstances that may prompt a test of recoverability may include a significant decrease in 
the anticipated market price, and adverse change to the extent or manner in which an asset may be used or in its physical condition or 
other events that may significantly change the value of the long-lived asset.
The Company reviews investment properties for potential impairment and if any impairment indicators are identified, the Company 
undertakes additional analyses utilizing expected undiscounted future cash flows for identified investment properties. Forecasting of 
cash flows requires management to make estimates and assumptions about variables such as growth rates, forecasted net operating 
income, estimated holding period, development and operating expenses during the holding period, and capitalization rates.
We identified the evaluation of recoverability of investment properties when an impairment indicator is identified as a critical audit 
matter.
SUN COMMUNITIES, INC.
F - 2

The principal consideration for our determination that the evaluation of recoverability of investment properties is a critical audit matter 
is that auditing management's evaluation of impairment is challenging due to the high degree of subjective auditor judgment necessary 
in evaluating management's determination of undiscounted cash flows for properties where impairment indicators have been 
identified. The significant assumptions used in the undiscounted cash flows analysis includes growth rates, forecasted net operating 
income, estimated holding period, and capitalization rates. These assumptions can be affected by expectations about future market or 
economic conditions, demand and competition.
Our audit procedures related to evaluating management's determination of undiscounted cash flows for properties where impairment 
indicators have been identified included the following, among others:
•
We evaluated the design and tested the operating effectiveness of the controls that address the evaluation of recoverability, 
including management's review of the operations and financial performance of investment properties and preparation of 
undiscounted cash flow analysis.
•
When an undiscounted cash flow analysis was necessary, we evaluated the significant assumptions and methods used in 
developing that analysis. As part of our evaluation, for certain investment properties we assessed the historical accuracy of 
the Company's estimates and ability to forecast property performance. We also performed sensitivity analyses of certain 
significant assumptions to evaluate the changes in the undiscounted cash flows of certain properties that would result from 
changes in the assumptions used by management.
•
We utilized an internal valuation specialist to compare the consistency of capitalization rates used by the Company to those 
used for comparable properties in the market.
/s/ GRANT THORNTON LLP
We have served as the Company's auditor since 2003.
Philadelphia, Pennsylvania
February 28, 2025
SUN COMMUNITIES, INC.
F - 3

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors and Shareholders
Sun Communities, Inc.
Opinion on internal control over financial reporting
We have audited the internal control over financial reporting of Sun Communities, Inc. (a Maryland corporation) and subsidiaries (the 
"Company") as of December 31, 2024, based on criteria established in the 2013 Internal Control—Integrated Framework issued by 
the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). In our opinion, because of the effect of the 
material weakness described in the following paragraphs on the achievement of the objectives of the control criteria, the Company has 
not maintained effective internal control over financial reporting as of December 31, 2024, based on criteria established in the 2013 
Internal Control—Integrated Framework issued by COSO.
A material weakness is a deficiency, or combination of control deficiencies, in internal control over financial reporting, such that there 
is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or 
detected on a timely basis. The following material weakness has been identified and included in management's assessment.
The Company has identified a deficiency in a principle associated with the risk assessment component of the COSO framework. 
Specifically, the control deficiency constitutes a material weakness relating to defining clear financial reporting objectives, that 
identify and evaluate risks of misstatements due to errors over certain financial reporting processes, or the development of internal 
controls to mitigate those risks. The risk assessment and response material weakness contributed to other deficiencies in the design and 
implementation of the Company's internal control:
•
Inadequate identification and timely consideration of accounting for certain transactions.
•
Existence of inappropriate access and insufficient segregation of duties upon implementation of a new integrated enterprise 
resource planning ("ERP") and general ledger system during 2024.
•
Reliance on information and reports from the Company's ERP used in internal controls over financial reporting without 
adequately validating their completeness and accuracy.
•
Inadequate assessment of the impact of the Company's new ERP on certain processes and related control activities, including 
investment property, inventory of manufactured homes, and the review and approval of manual journal entries.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) 
("PCAOB"), the consolidated financial statements of the Company as of and for the year ended December 31, 2024. The material 
weakness identified above was considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2024 
consolidated financial statements, and this report does not affect our report dated February 28, 2025 which expressed an unqualified 
opinion on those financial statements.
Basis for opinion
The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of 
the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control 
Over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based 
on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the 
Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange 
Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit 
to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. 
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness 
exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such 
other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our 
opinion.
SUN COMMUNITIES, INC.
F - 4

Definition and limitations of internal control over financial reporting
A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of 
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting 
principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the 
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the 
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in 
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in 
accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding 
prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect 
on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections 
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in 
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ GRANT THORNTON LLP
Philadelphia, Pennsylvania
February 28, 2025
SUN COMMUNITIES, INC.
F - 5

SUN COMMUNITIES, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except for per share amounts)
As of
December 31, 2024
December 31, 2023
Assets
 
 
Land
$ 
4,511.0 
$ 
4,278.2 
Land improvements and buildings
 
11,460.6 
 
11,682.2 
Rental homes and improvements
 
834.1 
 
744.4 
Furniture, fixtures and equipment
 
1,108.4 
 
1,011.7 
Investment property
 
17,914.1 
 
17,716.5 
Accumulated depreciation
 
(3,741.0)  
(3,272.9) 
Investment property, net
 
14,173.1 
 
14,443.6 
Cash, cash equivalents and restricted cash
 
63.9 
 
42.7 
Inventory of manufactured homes
 
129.8 
 
205.6 
Notes and other receivables, net (includes $242.4 and $154.1 at fair value)
 
484.0 
 
421.6 
Collateralized receivables, net (see Note 5)
 
51.2 
 
56.2 
Goodwill
 
551.2 
 
733.0 
Other intangible assets, net
 
338.9 
 
369.5 
Other assets, net
 
757.3 
 
668.5 
Total Assets
$ 
16,549.4 
$ 
16,940.7 
Liabilities
Mortgage loans payable (see Note 8)
$ 
3,212.2 
$ 
3,478.9 
Secured borrowings on collateralized receivables (see Note 5)
 
51.2 
 
55.8 
Unsecured debt (see Note 8)
 
4,089.4 
 
4,242.6 
Distributions payable
 
122.6 
 
118.2 
Advanced reservation deposits and rent
 
331.0 
 
344.5 
Accrued expenses and accounts payable
 
310.1 
 
313.7 
Other liabilities
 
980.3 
 
953.1 
Total Liabilities
 
9,096.8 
 
9,506.8 
Commitments and contingencies (see Note 16)
Temporary equity (see Note 9)
 
259.8 
 
260.9 
Shareholders' Equity
 
 
Common stock, $0.01 par value. Authorized: 360.0 shares; Issued and outstanding: 127.4 at December 31, 
2024 and 124.4 at December 31, 2023
 
1.3 
 
1.2 
Additional paid-in capital
 
9,864.2 
 
9,466.9 
Accumulated other comprehensive income
 
(7.9)  
12.2 
Distributions in excess of accumulated earnings
 
(2,775.9)  
(2,397.5) 
Total SUI Shareholders' Equity
 
7,081.7 
 
7,082.8 
Noncontrolling interests
 
 
Common and preferred OP units
 
110.4 
 
90.2 
Consolidated entities
 
0.7 
 
— 
Total noncontrolling interests
 
111.1 
 
90.2 
Total Shareholders' Equity
 
7,192.8 
 
7,173.0 
Total Liabilities, Temporary Equity and Shareholders' Equity
$ 
16,549.4 
$ 
16,940.7 
See accompanying Notes to Consolidated Financial Statements.
F - 6

SUN COMMUNITIES, INC. 
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except for per share amounts)
 
Year Ended
 
December 31, 
2024
December 31, 
2023
December 31, 
2022
Revenues
 
Real property
$ 
2,163.4 
$ 
2,059.8 
$ 
1,902.2 
Home sales
 
369.9 
 
419.9 
 
465.8 
Service, retail, dining and entertainment
 
626.9 
 
638.9 
 
531.6 
Interest
 
20.7 
 
45.4 
 
35.2 
Brokerage commissions and other, net
 
40.2 
 
60.6 
 
34.9 
Total Revenues
 
3,221.1 
 
3,224.6 
 
2,969.7 
Expenses
 
Property operating and maintenance
 
732.3 
 
693.0 
 
628.6 
Real estate tax
 
125.7 
 
117.4 
 
110.6 
Home costs and selling
 
273.1 
 
305.6 
 
322.4 
Service, retail, dining and entertainment
 
570.7 
 
570.4 
 
456.9 
General and administrative
 
295.3 
 
272.1 
 
257.4 
Catastrophic event-related charges, net (see Note 16)
 
27.1 
 
3.8 
 
17.5 
Business combinations
 
0.4 
 
3.0 
 
24.7 
Depreciation and amortization
 
680.7 
 
660.0 
 
601.8 
Asset impairments (see Note 3 and Note 15)
 
71.4 
 
10.1 
 
3.0 
Goodwill impairment (see Note 6)
 
180.8 
 
369.9 
 
— 
Loss on extinguishment of debt (see Note 8)
 
1.4 
 
— 
 
4.4 
Interest
 
350.4 
 
325.8 
 
229.8 
Interest on mandatorily redeemable preferred OP units / equity
 
— 
 
3.3 
 
4.2 
Total Expenses
 
3,309.3 
 
3,334.4 
 
2,661.3 
Income / (Loss) Before Other Items
 
(88.2)  
(109.8)  
308.4 
Loss on remeasurement of marketable securities
 
— 
 
(16.0)  
(53.4) 
Gain / (loss) on foreign currency exchanges
 
(25.8)  
(0.3)  
5.4 
Gain on dispositions of properties (see Note 3)
 
202.9 
 
11.0 
 
12.2 
Other income / (expense), net
 
3.2 
 
(7.5)  
(2.1) 
Loss on remeasurement of notes receivable (see Note 4 and Note 15)
 
(36.4)  
(106.7)  
(0.8) 
Income from nonconsolidated affiliates (see Note 7)
 
9.5 
 
16.0 
 
2.9 
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates (see 
Note 7)
 
6.6 
 
(4.2)  
(2.7) 
Current tax expense (see Note 12)
 
(4.3)  
(14.5)  
(10.3) 
Deferred tax benefit (see Note 12)
 
39.6 
 
22.9 
 
4.2 
Net Income / (Loss)
 
107.1 
 
(209.1)  
263.8 
Less: Preferred return to preferred OP units / equity interests
 
12.8 
 
12.3 
 
11.0 
Less: Income / (loss) attributable to noncontrolling interests
 
5.3 
 
(8.1)  
10.8 
Net Income / (Loss) Attributable to SUI Common Shareholders
$ 
89.0 
$ 
(213.3) $ 
242.0 
Weighted average common shares outstanding - basic
 
124.5 
 
123.4 
 
120.2 
Weighted average common shares outstanding - diluted
 
127.2 
 
123.8 
 
122.9 
Basic earnings / (loss) per share (see Note 13)
$ 
0.71 
$ 
(1.71) $ 
2.00 
Diluted earnings / (loss) per share (see Note 13)
$ 
0.71 
$ 
(1.72) $ 
2.00 
See accompanying Notes to Consolidated Financial Statements.
F - 7

SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)
(In millions)
 
Year Ended
 
December 31, 
2024
December 31, 
2023
December 31, 
2022
Net Income / (Loss)
$ 
107.1 
$ 
(209.1) $ 
263.8 
Foreign Currency Translation
Foreign currency translation gain / (loss) arising during period
 
(16.7)  
29.8 
 
(76.9) 
Adjustment for accumulated foreign currency translation loss reclassified into earnings
 
2.3 
 
11.9 
 
— 
Net foreign currency translation gain / (loss)
 
(14.4)  
41.7 
 
(76.9) 
Cash Flow Hedges:
Change in unrealized gain / (loss) on interest rate derivatives
 
13.2 
 
(4.9)  
64.3 
Less: Interest rate derivative gain reclassified to earnings
 
(19.0)  
(14.9)  
(1.3) 
Net unrealized gain / (loss) on interest rate derivatives
 
(5.8)  
(19.8)  
63.0 
Total Comprehensive Income / (Loss)
 
86.9 
 
(187.2)  
249.9 
Less: Comprehensive (income) / loss attributable to noncontrolling interests
 
(5.2)  
8.3 
 
(9.9) 
Comprehensive Income / (Loss) Attributable to SUI
$ 
81.7 
$ 
(178.9) $ 
240.0 
See accompanying Notes to Consolidated Financial Statements.
F - 8

SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In millions)
Shareholders' Equity
Temporary 
Equity
Common 
Stock 
(Shares)
Common 
Stock 
($Value)
Additional 
Paid-in 
Capital
Distributions in 
Excess of 
Accumulated 
Earnings
Accumulated Other 
Comprehensive 
Income / (Loss)
Noncontrolling 
Interests
Total 
Shareholders' 
Equity
Total Equity
Balance at December 31, 2021
$ 
288.9 
 
116.0 
$ 
1.2 $ 
8,175.6 $ 
(1,556.0) $ 
3.1 $ 
106.7 $ 
6,730.6 
$ 
7,019.5 
Issuance of common stock and common OP units, net
 
— 
 
7.2 
 
—  
1,243.6  
—  
—  
5.5  
1,249.1 
 
1,249.1 
Common stock withheld to satisfy income tax obligations related to vesting of 
restricted stock awards
 
— 
 
(0.1) 
 
—  
(19.3)  
—  
—  
—  
(19.3) 
 
(19.3) 
Conversions
 
(92.6) 
 
0.9 
 
—  
100.8  
—  
—  
(7.5)  
93.3 
 
0.7 
Issuance of third party equity interests in consolidated entities
 
10.3 
 
— 
 
—  
—  
—  
—  
—  
— 
 
10.3 
Other redeemable noncontrolling interests
 
0.1 
 
— 
 
—  
—  
(0.1)  
—  
—  
(0.1) 
 
— 
Acquisition of third party equity interest in consolidated entities
 
— 
 
— 
 
—  
11.7  
—  
—  
(21.1)  
(9.4) 
 
(9.4) 
Share-based compensation - amortization and forfeitures
 
— 
 
— 
 
—  
37.3  
0.3  
—  
—  
37.6 
 
37.6 
Other comprehensive loss
 
— 
 
— 
 
—  
—  
—  
(13.0)  
(0.9)  
(13.9) 
 
(13.9) 
Net income
 
2.4 
 
— 
 
—  
—  
252.9  
—  
8.5  
261.4 
 
263.8 
Distributions
 
(7.0) 
 
— 
 
—  
—  
(427.5)  
—  
(12.5)  
(440.0) 
 
(447.0) 
OP Units accretion
 
0.8 
 
— 
 
—  
—  
(0.8)  
—  
—  
(0.8) 
 
— 
Balance at December 31, 2022
$ 
202.9 
 
124.0 
$ 
1.2 $ 
9,549.7 $ 
(1,731.2) $ 
(9.9) $ 
78.7 $ 
7,888.5 
$ 
8,091.4 
Issuance of common stock and common OP units, net
 
— 
 
0.4 
 
—  
(0.6)  
—  
—  
28.9  
28.3 
 
28.3 
Common stock withheld to satisfy income tax obligations related to vesting of 
restricted stock awards
 
— 
 
(0.1) 
 
—  
(12.8)  
—  
—  
—  
(12.8) 
 
(12.8) 
Conversions
 
(3.2) 
 
0.1 
 
—  
13.3  
—  
—  
(0.5)  
12.8 
 
9.6 
Issuance of third party equity interests in consolidated entities
 
1.9 
 
— 
 
—  
—  
—  
—  
—  
— 
 
1.9 
Other redeemable noncontrolling interests
 
0.2 
 
— 
 
—  
—  
(0.2)  
—  
—  
(0.2) 
 
— 
Acquisition of third party equity interest in consolidated entities
 
(28.2) 
 
— 
 
—  
(125.3)  
—  
—  
—  
(125.3) 
 
(153.5) 
Sale of consolidated affiliates
 
(5.0) 
 
— 
 
—  
—  
—  
—  
—  
— 
 
(5.0) 
Share-based compensation - amortization and forfeitures
 
— 
 
— 
 
—  
42.6  
0.3  
—  
—  
42.9 
 
42.9 
Issuance of Series K preferred OP units
 
100.6 
 
— 
 
—  
—  
—  
—  
—  
— 
 
100.6 
Issuance of Series L preferred OP units
 
— 
 
— 
 
—  
—  
—  
—  
2.0  
2.0 
 
2.0 
Other comprehensive income / (loss)
 
— 
 
— 
 
—  
—  
—  
22.1  
(0.2)  
21.9 
 
21.9 
Net loss
 
(2.2) 
 
— 
 
—  
—  
(201.0)  
—  
(5.9)  
(206.9) 
 
(209.1) 
Distributions
 
(8.6) 
 
— 
 
—  
—  
(462.9)  
—  
(12.8)  
(475.7) 
 
(484.3) 
OP Units accretion
 
2.5 
 
— 
 
—  
—  
(2.5)  
—  
—  
(2.5) 
 
— 
Balance at December 31, 2023
$ 
260.9 
 
124.4 
$ 
1.2 $ 
9,466.9 $ 
(2,397.5) $ 
12.2 $ 
90.2 $ 
7,173.0 
$ 
7,433.9 
Issuance of common stock and common OP units, net
 
— 
 
3.1 
 
0.1  
361.0  
—  
—  
35.9  
397.0 
 
397.0 
Common stock withheld to satisfy income tax obligations related to vesting of 
restricted stock awards
 
— 
 
(0.2) 
 
—  
(9.8)  
—  
—  
—  
(9.8) 
 
(9.8) 
Conversions
 
(1.5) 
 
0.1 
 
—  
4.6  
—  
—  
(3.1)  
1.5 
 
— 
Sale of consolidated affiliates
 
(0.2) 
 
— 
 
—  
—  
—  
—  
—  
— 
 
(0.2) 
Share-based compensation - amortization and forfeitures
 
— 
 
— 
 
—  
41.5  
0.4  
—  
—  
41.9 
 
41.9 
Other comprehensive loss
 
— 
 
— 
 
—  
—  
—  
(20.1)  
(0.1)  
(20.2) 
 
(20.2) 
Net income
 
3.5 
 
— 
 
—  
—  
101.8  
—  
1.8  
103.6 
 
107.1 
Distributions
 
(9.7) 
 
— 
 
—  
—  
(473.8)  
—  
(13.6)  
(487.4) 
 
(497.1) 
OP Units accretion
 
6.8 
 
— 
 
—  
—  
(6.8)  
—  
—  
(6.8) 
 
— 
Balance at December 31, 2024
$ 
259.8 
 
127.4 
$ 
1.3 $ 
9,864.2 $ 
(2,775.9) $ 
(7.9) $ 
111.1 $ 
7,192.8 
$ 
7,452.6 
See accompanying Notes to Consolidated Financial Statements.
F - 9

SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Operating Activities
Net income / (loss)
$ 
107.1 
$ 
(209.1) $ 
263.8 
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of assets
 
(10.7)  
(9.1)  
(27.3) 
Gain on disposition of properties
 
(202.9)  
(11.0)  
(12.2) 
(Gain) / loss on foreign currency exchanges
 
25.8 
 
0.3 
 
(5.4) 
Loss on remeasurement of marketable securities (see Note 15)
 
— 
 
16.0 
 
53.4 
Contingent gain
 
(10.4)  
— 
 
(3.4) 
Asset impairment charges
 
71.4 
 
10.1 
 
3.0 
Catastrophic event-related impairment
 
5.1 
 
(0.7)  
11.2 
Goodwill impairment charge (See Note 6)
 
180.8 
 
369.9 
 
— 
Share-based compensation
 
41.6 
 
42.9 
 
37.6 
Depreciation and amortization
 
667.1 
 
642.0 
 
576.1 
Deferred tax benefit (see Note 12)
 
(39.6)  
(22.9)  
(4.2) 
Loss on remeasurement of notes receivable (see Note 4)
 
36.4 
 
106.7 
 
0.8 
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates (see Note 7)
 
(6.6)  
4.2 
 
2.7 
Income from nonconsolidated affiliates (see Note 7)
 
(9.5)  
(16.0)  
(2.9) 
Proceeds from derivative settlements, net
 
(2.4)  
13.4 
 
35.3 
Other
 
(2.7)  
(1.8)  
12.6 
Change in notes receivable from financed sales of inventory homes, net of repayments
 
(47.7)  
(7.9)  
5.2 
Change in inventory, other assets and other receivables, net
 
31.7 
 
(110.3)  
(274.0) 
Change in other liabilities
 
26.5 
 
(26.2)  
62.6 
Net Cash Provided By Operating Activities
 
861.0 
 
790.5 
 
734.9 
Investing Activities
Investment in properties
 
(652.9)  
(1,003.0)  
(921.0) 
Acquisitions, net of cash acquired
 
(68.8)  
(53.3)  
(2,213.5) 
Proceeds / (payment) from deposit on acquisition
 
(1.0)  
1.6 
 
2.7 
Proceeds from insurance
 
6.6 
 
10.8 
 
— 
Proceeds from disposition of assets and depreciated homes, net
 
21.7 
 
62.3 
 
100.0 
Proceeds related to disposition of properties
 
421.8 
 
9.9 
 
43.5 
Issuance of notes and other receivables
 
(8.4)  
(38.4)  
(53.0) 
Repayments of notes and other receivables
 
8.2 
 
9.1 
 
12.5 
Proceeds from sale of marketable securities
 
— 
 
103.6 
 
— 
Investments in nonconsolidated affiliates
 
(22.4)  
(39.5)  
(51.1) 
Distributions of capital from nonconsolidated affiliates
 
27.8 
 
17.4 
 
17.3 
Net Cash Used For Investing Activities
 
(267.4)  
(919.5)  
(3,062.6) 
Financing Activities
Issuance and costs of common stock, OP units and preferred OP units, net
 
361.1 
 
(0.6)  
1,209.6 
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock 
awards
 
(9.8)  
(12.8)  
(19.3) 
Borrowings on lines of credit
 
2,630.7 
 
1,635.0 
 
3,704.7 
Payments on lines of credit
 
(3,286.3)  
(1,775.6)  
(2,504.0) 
Proceeds from secured borrowing
 
— 
 
53.4 
 
— 
Proceeds from issuance of other debt
 
499.8 
 
835.7 
 
827.9 
Payments on other debt
 
(269.2)  
(174.3)  
(400.8) 
Distributions
 
(492.7)  
(476.4)  
(434.2) 
Payments for deferred financing costs, net of prepaid return
 
(5.2)  
(6.0)  
(27.2) 
Other Financing Activities
 
— 
 
1.9 
 
(8.1) 
Net Cash Provided By / (Used For) Financing Activities
 
(571.6)  
80.3 
 
2,348.6 
Effect of exchange rate changes on cash, cash equivalents and restricted cash
 
(0.8)  
1.0 
 
(8.7) 
Net change in cash, cash equivalents and restricted cash
 
21.2 
 
(47.7)  
12.2 
Cash, cash equivalents and restricted cash, beginning of period
 
42.7 
 
90.4 
 
78.2 
Cash, Cash Equivalents and Restricted Cash, End of Period
$ 
63.9 
$ 
42.7 
$ 
90.4 
F - 10

Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Supplemental Information
Cash paid for interest (net of capitalized interest of $8.6, $12.9 and $7.0, respectively)
$ 
342.2 
$ 
326.7 
$ 
218.3 
Cash paid for interest on mandatorily redeemable debt
$ 
— 
$ 
3.3 
$ 
4.2 
Cash paid for income taxes
$ 
3.4 
$ 
20.5 
$ 
5.8 
Noncash investing and financing activities
Reduction in secured borrowing balance
$ 
7.1 
$ 
0.6 
$ 
— 
Change in distributions declared and outstanding
$ 
4.4 
$ 
7.9 
$ 
12.8 
Conversion of common and preferred OP units
$ 
4.6 
$ 
13.3 
$ 
100.8 
Assets held for sale, net (included within Other Assets, net and Other Liabilities)
$ 
47.5 
$ 
— 
$ 
— 
Common OP units issued for acquisition of noncontrolling interests
$ 
— 
$ 
2.0 
$ 
— 
ROU asset obtained from new operating lease liabilities
$ 
3.7 
$ 
5.2 
$ 
19.2 
Release of note receivable and accrued interest in relation to acquisition of real estate 
collateral
$ 
— 
$ 
263.8 
$ 
— 
Issuance of notes and other receivables in relation to disposition of properties
$ 
42.4 
$ 
111.2 
$ 
— 
Properties transferred in exchange for noncontrolling interests
$ 
— 
$ 
159.2 
$ 
— 
Equity interest and note receivable transferred in exchange for noncontrolling interests
$ 
— 
$ 
27.5 
$ 
— 
Settlement of preferred equity interests in connection with exchange for noncontrolling 
interests
$ 
— 
$ 
39.1 
$ 
— 
Noncash investing and financing activities at the date of acquisition
Acquisitions - Common stock and OP units issued
$ 
35.9 
$ 
4.4 
$ 
37.7 
Acquisitions - Series K preferred interest
$ 
— 
$ 
100.6 
$ 
— 
Acquisitions - Finance lease liabilities
$ 
— 
$ 
— 
$ 
13.3 
Acquisitions - Financial liabilities
$ 
— 
$ 
— 
$ 
359.8 
Acquisitions - Deferred tax liabilities
$ 
— 
$ 
— 
$ 
313.8 
See accompanying Notes to Consolidated Financial Statements.
F - 11

1. Significant Accounting Policies
Business
Sun Communities, Inc., a Maryland corporation, and all wholly-owned or majority-owned and controlled subsidiaries, including Sun 
Communities Operating Limited Partnership, a Michigan limited partnership (the "Operating Partnership"), Sun Home Services, Inc., 
a Michigan corporation ("SHS"), Safe Harbor Marinas, LLC, a Delaware limited liability company ("Safe Harbor") and our Park 
Holidays subsidiaries and the other entities through which we operate our business in the United Kingdom ("UK") are referred to 
herein as the "Company," "SUI," "us," "we," or "our."
We are a fully integrated, self-administered and self-managed REIT. As of December 31, 2024, we owned and operated or had an 
interest in, a portfolio of 645 MH and RV communities and marinas (collectively, the "properties") located in the U.S., Canada, and 
the UK, including 288 MH communities, 166 RV communities, 138 marinas, and 53 UK communities.
Principles of Consolidation
We consolidate our majority-owned subsidiaries in which we have the ability to control the operations of our subsidiaries and all 
variable interest entities with respect to which we are the primary beneficiary. We also consolidate entities in which we have a direct 
or indirect controlling or voting interest. All significant intercompany transactions have been eliminated in consolidation. Any 
subsidiaries in which we have an ownership percentage equal to or greater than 50%, but less than 100%, or are considered to be a 
consolidated VIE, represent subsidiaries with a non-controlling interest. The noncontrolling interests in our subsidiaries are allocated 
their proportionate share of the subsidiaries' financial results. Certain reclassifications have been made to prior period financial 
statements in order to conform to current period presentation. There was no impact to prior period net income for any of the 
reclassifications.
We consolidate the Operating Partnership under the guidance set forth in ASC 810, "Consolidation." We evaluated whether the 
Operating Partnership met the criteria for classification as a variable interest entity ("VIE") or, alternatively, as a voting interest entity 
and concluded that the Operating Partnership met the criteria of a VIE. Our significant asset is our investment in the Operating 
Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating 
Partnership. We are the sole general partner and generally have the power to manage and have complete control over the Operating 
Partnership and the obligation to absorb its losses or the right to receive its benefits.
Total assets related to consolidated VIEs, with the exception of the Operating Partnership, comprised 0.6% and 0.8% of our 
consolidated total assets at December 31, 2024 and 2023, respectively. Total liabilities comprised less than 1.0% of our consolidated 
total liabilities at December 31, 2024 and 2023. Equity Interests and Noncontrolling interests related to the consolidated VIEs, on an 
absolute basis, comprised less than 1.0% of our consolidated total equity at December 31, 2024 and 2023.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions related to 
the reported amounts included in our Consolidated Financial Statements and accompanying footnotes thereto. Actual results could 
differ from those estimates.
Investment Property
Investment property is recorded at cost, less accumulated depreciation.
Impairment of long-lived assets - we review the carrying value of long-lived assets to be held for use for impairment quarterly or 
whenever events or changes in circumstances indicate a possible impairment. Future events could occur which would cause us to 
conclude that impairment indicators exist, and significant adverse changes in national, regional, or local market conditions or trends 
may cause us to change the estimates and assumptions used in our impairment analysis. The results of an impairment analysis could be 
material to our financial statements. Our primary indicator for potential impairment is based on NOI trends period over period. 
Circumstances that may prompt a test of recoverability may include a significant decrease in the anticipated market price, an adverse 
change to the extent or manner in which an asset may be used or in its physical condition or other events that may significantly change 
the value of the long-lived asset. An impairment loss is recognized when a long-lived asset's carrying value is not recoverable and 
exceeds estimated fair value.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 12

We estimate the fair value of our long-lived assets based on discounted future cash flows and any potential disposition proceeds for a 
given asset. Forecasting cash flows requires management to make estimates and assumptions about such variables as the estimated 
holding period, rental rates, occupancy, development and operating expenses during the holding period, as well as capitalization rates. 
Management uses its best judgment when developing these estimates and assumptions.
Real estate held for sale - we periodically classify real estate as held for sale. An asset is classified as held for sale after an active 
program to sell an asset has commenced and when the sale is probable. Subsequent to the classification of assets as held for sale, no 
further depreciation expense is recorded. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional information 
regarding real estate assets held for sale as of December 31, 2024.
Acquisitions - we evaluate acquisitions pursuant to ASC 805, "Business Combinations," to determine whether the acquisition should 
be classified as either an asset acquisition or a business combination.
Acquisitions for which substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or a 
group of similar identifiable assets are accounted for as an asset acquisition. The majority of our property acquisitions are accounted 
for as asset acquisitions. For asset acquisitions, we allocate the purchase price of these properties on a relative fair value basis and 
capitalize direct acquisition related costs as part of the purchase price. Acquisition costs that do not meet the criteria to be capitalized 
are expensed as incurred and presented as General and administrative costs in our Consolidated Statements of Operations.
Acquisitions that meet the definition of a business combination are recorded at fair value using a fair value model under which the 
assets and liabilities are generally recognized at their fair values and the difference between the consideration transferred, excluding 
transaction costs, and the fair values of the assets and liabilities is recognized as goodwill. For acquisitions that meet the definition of a 
business combination, we allocate the purchase price of those properties on a fair value basis and expense the acquisition related 
transaction costs as incurred. Transaction costs are presented as Business combinations expense in our Consolidated Statements of 
Operations.
For asset acquisitions and business combinations, we allocate the purchase price to net tangible and identified intangible assets 
acquired based on their fair values. In making estimates of fair values for purposes of allocating purchase price, we utilize an 
independent third party to value the net tangible and identified intangible assets in connection with the acquisition of the respective 
property. We provide historical and pro forma financial information obtained about each property, as well as any other information 
needed in order for the third party to ascertain the fair value of the tangible and intangible assets acquired.
Capitalized Costs
We capitalize certain costs incurred in connection with the development, redevelopment, capital enhancement and leasing of our 
properties. Management is required to use professional judgment in determining whether such costs meet the criteria for capitalization 
or immediate expense. The amounts are dependent on the volume and timing of such activities, and the costs associated with such 
activities:
•
Maintenance, repairs, and minor improvements to properties are expensed when incurred.
•
Renovations and improvements to our properties are capitalized and depreciated over their estimated useful lives and real 
estate project costs related to the development of new community or expansion sites are capitalized until the property is 
substantially complete and available for occupancy.
•
Costs incurred to initially renovate pre-owned and repossessed homes that we acquire for our Rental Program are capitalized, 
and the majority of costs incurred to refurbish the homes at turnover and repair the homes while occupied, are expensed 
unless they extend the life of the home.
•
Renovations and improvements to marinas are capitalized and depreciated over their estimated useful lives.
•
Improvements made to docks, buildings, systems, equipment, shorelines, and site improvements are capitalized until the 
project is substantially complete and available for use.
•
Certain expenditures to dealers and residents related to obtaining lessees in our communities are capitalized and amortized 
based on the anticipated term of occupancy of a resident.
•
Costs incurred to develop internal-use software are capitalized and amortized on a straight-line basis over the estimated 
useful life of the related software (typically one to eight years).
•
Costs associated with purchases of furniture, fixtures and equipment, major replacements, and improvements are capitalized 
and subsequently depreciated over their respective underlying assets estimated useful lives.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 13

•
Costs incurred to obtain new debt financing (i.e. deferred financing costs) are capitalized and amortized over the term of the 
underlying loan agreement using the effective interest method for senior unsecured notes and the straight-line method (which 
approximates the effective interest method) for other financing. Deferred financing costs include fees and costs incurred to 
obtain long-term financing. Unamortized deferred financing costs are written off when debt is retired before the maturity 
date. Upon amendment of the line of credit or refinancing of mortgage debt, unamortized deferred financing costs and any 
related discounts or premiums are accounted for in accordance with ASC 470-50-40, "Modifications and Extinguishments." 
Cash and Cash Equivalents
We consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash and cash 
equivalents. At December 31, 2024 and 2023, $47.4 million and $29.2 million of cash and cash equivalents, respectively, was 
included as a component of Cash, cash equivalents and restricted cash on the Consolidated Balance Sheets. The maximum amount of 
credit risk arising from cash deposits in excess of federally insured amounts was approximately $46.4 million and $45.6 million as of 
December 31, 2024 and 2023, respectively. The maximum amount of credit risk arising from UK's cash deposits in excess of insured 
amounts through the Financial Services Compensation Scheme ("FSCS") was approximately £0.8 million ($1.0 million) and 
£1.8 million ($2.3 million) as of December 31, 2024 and 2023, respectively.
Restricted Cash
Restricted cash consists primarily of utility deposits and amounts held in deposit for tax, insurance and repair escrows held by lenders 
in accordance with certain debt agreements. At December 31, 2024 and 2023, $16.4 million and $13.5 million of restricted cash, 
respectively, was included as a component of Cash, cash equivalents and restricted cash on the Consolidated Balance Sheets. Changes 
in the restricted cash are reported in our Consolidated Statements of Cash Flows as operating, investing or financing activities based 
on the nature of the underlying activity. Restricted cash and restricted cash equivalents are included with cash and cash equivalents in 
the reconciliation of the beginning of period and the end of period cash balance on the Consolidated Statements of Cash Flows.
Inventory
Inventory of manufactured homes is stated at lower of specific cost or net realizable value based on the specific identification method 
and the balance is separately disclosed on our Consolidated Balance Sheets. Other inventory at our MH and RV properties consists 
primarily of service and merchandise related items, grocery, food, and beverage products and are stated at the lower of cost or net 
realizable value. Physical inventory counts are performed where inventory exists. Inventory records are adjusted accordingly to reflect 
actual inventory counts and any resulting shortage is recognized. Inventory at our marinas consists primarily of boats for sale at certain 
marinas, boat parts used in our service centers and retail related items such as merchandise used in our ship stores, gasoline and diesel 
fuel, and food and beverage products. Inventories at our marinas are stated at the lower of cost or net realizable value with cost 
determined using the First In, First Out ("FIFO") method. Physical inventory counts are performed where inventory exists. Inventory 
records are adjusted accordingly to reflect actual inventory counts and any resulting shortage is recognized. The other inventory 
balance is included in Other assets, net on our Consolidated Balance Sheet.
Investments in Nonconsolidated Affiliates
We apply the equity method of accounting to entities in which we do not have a direct or indirect controlling interest or for variable 
interest entities where we are not considered the primary beneficiary but can exercise significant influence over the entity with respect 
to its operations and major decisions. Under the equity method of accounting, the cost of an investment is adjusted for our share of the 
equity in net income or loss from the date of acquisition, reduced by distributions received and increased by contributions made. The 
income or loss of each entity is allocated in accordance with the provisions of the applicable operating agreements. The allocation 
provisions in these agreements may differ from the ownership interests held by each investor. Our exposure to losses associated with 
nonconsolidated affiliates is primarily limited to the carrying value of these investments. Accordingly, distributions from a 
nonconsolidated affiliate in excess of our carrying value are recognized in earnings. We review the carrying value of our investments 
in nonconsolidated affiliates for other than temporary impairment whenever events or changes in circumstances indicate a possible 
impairment. Financial condition, operational performance and other economic trends are among the factors we consider when we 
evaluate the existence of impairment indicators. Refer to Note 7, "Investments in Nonconsolidated Affiliates," for additional 
information.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 14

Notes and Other Receivables
Notes receivable - includes installment loans for manufactured homes purchased from us, transferred loans that have not met the 
requirements for sale accounting which are presented herein as collateralized receivables, and notes receivable from real estate 
developers and operators. The installment notes receivable and collateralized receivables are collateralized by the underlying 
manufactured home sold.
Collateralized receivables - represent transferred loans that have not met the requirements for sale accounting under ASC 860, 
"Transfers and Servicing."
Installment notes receivable on manufactured homes - represent notes receivable for the purchase of manufactured homes primarily 
located in our communities, which are secured by the underlying manufactured home sold. Interest income is accrued based on the 
unpaid principal balance of the loans. Past due status of our notes receivable is determined based on the contractual terms of the note. 
When a note receivable becomes 60 days delinquent, we stop accruing interest on the note receivable. The interest on nonaccrual loans 
is accounted for on the cash basis until qualifying for return to accrual.
Notes receivable from real estate developers and operators - represent short-term construction loans provided to real estate developers 
and loans provided to a real estate operator to finance acquisition and development costs.
We elected to fair value our installment notes receivable on manufactured homes, collateralized receivables and notes receivable from 
real estate developers and operators in accordance with ASU 2016-13, "Financial Instruments—Credit Losses (Topic 326): 
Measurement of Credit Losses on Financial Instruments" ("CECL"). Installment notes receivable on manufactured homes and notes 
receivable from real estate developers and operators are measured at fair value pursuant to FASB ASC 820, "Fair Value 
Measurements and Disclosures." The fair value is evaluated quarterly, and any fair value adjustments are recorded in Loss on 
remeasurement of notes receivable on the Consolidated Statement of Operations. Refer to Note 15, "Fair Value Measurements," for 
additional information regarding the estimates and assumptions used to estimate the fair value of each financial instrument class.
Other receivables - are generally comprised of sale proceeds receivable from home sales near year end, amounts due from marina 
customers for storage, service and lease payments, amounts due from MH, annual RV, and UK residents for rent, and related charges 
(utility charges, fees, and other pass-through charges), insurance receivables and various other miscellaneous receivables. Accounts 
outstanding longer than the contractual payment terms are considered past due. 
Accounts receivable from marina customers are stated at amounts due net of an allowance for credit losses. Receivables related to our 
marina rents are reserved when we believe that collection is less than probable, which is generally 50% for certain receivable balances 
over 180 days, and 60% after the balance reaches 60 days past due for all other receivables. 
Accounts receivable from residents are typically due within 30 days and stated at amounts due from residents net of an allowance for 
credit losses. We evaluate the recoverability of our receivables whenever events occur or there are changes in circumstances such that 
management believes it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan and 
lease agreements. Receivables related to MH community rents are reserved when we believe that collection is less than probable, 
which is generally after a resident balance reaches 60 to 90 days past due. In the UK, annual rents are noticed in full during the fourth 
quarter and due by January 31st of the following year. Payment can be made upfront or in monthly installments. Accounts receivables 
are reviewed regularly for collectability, with related reserves set annually for outstanding receivables. Refer to Note 4, "Notes and 
Other Receivables," for additional detail on receivables.
Goodwill
We account for goodwill pursuant to ASC 350, "Intangibles—Goodwill and Other." Goodwill is tested for impairment at the reporting 
unit level. If the fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated and goodwill is written 
down to its implied fair value. We assess our goodwill for impairment on an annual basis, or more frequently if events or changes in 
circumstances arise and impairment indicators are identified. Events or circumstances that may result in an impairment review include 
changes in macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, other relevant 
entity-specific events, specific events affecting the reporting unit or a sustained decrease in share prices. Estimating the fair value of 
individual reporting units requires us to make assumptions and estimates regarding industry, economic, and regulatory conditions in 
each respective geographic region in which we conduct operations.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 15

In performing goodwill impairment testing, we utilize a third-party valuation specialist to assist management in determining the fair 
value of our reporting units. The fair value of each reporting unit is estimated based on a combination of discounted cash flows 
(income approach) and the use of pricing multiples derived from an analysis of comparable public companies multiplied against 
historical and / or anticipated financial metrics (market approach) for each reporting unit. These calculations contain uncertainties as 
they require management to make assumptions including, but not limited to, market comparables, future cash flows of the reporting 
units, and appropriate weighted average cost of capital and long-term growth rates. A decline in the actual cash flows of our reporting 
units in future periods, as compared to the projected cash flows used in our valuations, could result in the carrying value of the 
reporting units exceeding their respective fair values. Further, a change in market comparables, discount rate or long-term growth 
rates, as a result of a change in economic conditions or otherwise, could result in the carrying values of the reporting units exceeding 
their respective fair values.
During the year ended December 31, 2024, we performed goodwill impairment assessments. For the Park Holidays reporting unit 
within the UK reporting segment, we recorded aggregate impairment charges of $180.8 million to write down the carrying value to its 
respective fair value. In 2024 and 2023, we performed qualitative and quantitative assessments of our goodwill balance for potential 
impairment. As a result of our impairment testing, we determined that the fair value of the Park Holidays reporting unit was below its 
carrying value in each year and recorded non-cash goodwill impairment charges of $180.8 million and $369.9 million during the years 
ended December 31, 2024 and 2023, respectively. Refer to Note 6, "Goodwill and Other Intangible Assets," for additional information 
on goodwill and goodwill impairment charges.
Goodwill is deductible for income tax purposes. As such, the goodwill portion allocated to our U.S. taxable REIT subsidiaries will 
reduce their taxable income. However, the resulting tax benefits will be offset by a valuation allowance. Given that REITs do not 
customarily report any taxable income (due to the dividends paid deduction), we do not expect any significant tax benefits arising 
from the goodwill allocable to the REIT. Goodwill allocated to the UK taxable REIT subsidiaries is not deductible for UK tax 
purposes resulting in no tax benefit in the UK. However, it will reduce their U.S. dividends to the REIT in the future.
Other Intangible Assets
Other intangible assets primarily comprise in-place leases (including slip in-place leases), non-competition agreements, trademarks 
and trade names, customer relationships, and franchise agreements. Other intangible assets are reviewed for impairment on an annual 
basis or more frequently if indicators of impairment are identified.
Intangible assets with finite lives - we amortize identified intangible assets that are determined to have finite lives over the period the 
assets are expected to contribute directly or indirectly to the future cash flows of the property or business. Intangible assets that are 
deemed to have finite lives are amortized on a straight line basis over their useful lives, which range from two months to 27 years.
Trademarks and trade names - we account for trademarks and trade names pursuant to ASC 350, "Intangibles-Goodwill and Other." 
Some trademarks and trade names have an indefinite useful life and some have a three to 15 year useful life. Trademarks and trade 
names with finite lives are amortized over their useful life. Trademarks and trade names with indefinite-lives are not amortized. 
Trademarks and trade names are reviewed for impairment on an annual basis or more frequently if indicators of impairment are 
identified.
We account for implementation costs in a hosting arrangement in accordance with ASU 2018-15, "Intangibles—Goodwill and Other—
Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing 
Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)," which aligns requirements for 
capitalizing implementation costs in a hosting arrangement as a service contract with internally developed software, and expense 
capitalized costs of the hosting arrangement over the term of the arrangement.
The carrying amounts of the other identified intangible assets are included in Other intangible assets, net on our Consolidated Balance 
Sheets. Refer to Note 6, "Goodwill and Other Intangible Assets," for additional information on other intangible assets.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 16

Deferred Taxes
We are subject to certain state taxes that are considered to be income taxes and have certain subsidiaries that are taxed as regular 
corporations for U.S. (i.e., federal, state, local, etc.) and non-U.S. income tax purposes. Deferred tax assets or liabilities are recognized 
for temporary differences between the tax basis of assets and liabilities and their carrying amounts in the financial statements and net 
operating loss carryforwards in certain subsidiaries, including those domiciled in foreign jurisdictions, which may be realized in future 
periods if the respective subsidiary generates sufficient taxable income. Deferred tax assets and liabilities are measured using currently 
enacted tax rates. A valuation allowance is established if, based on the available evidence, it is considered more likely than not that 
some portion or all of the deferred tax assets will not be realized. Refer to Note 12, "Income Taxes," for additional information.
Temporary Equity
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. Temporary equity is classified between Liabilities and Shareholders' Equity on the 
Consolidated Balance Sheets.
Share-Based Compensation
We account for awards of restricted stock in accordance with ASC 718-10, "Compensation-Stock Compensation." ASC 718-10 
requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting 
period). The fair value of restricted stock awards with service vesting is equal to the fair value of our stock on the grant date. Share-
based compensation cost for service vesting restricted stock awards is measured based on the closing share price of our common stock 
on the date of grant. We measure the fair value of awards with performance conditions based on an estimate of shares expected to vest 
using the closing price of our common stock as of the grant date. If it is not probable that the performance conditions will be satisfied, 
we do not recognize compensation expense. We estimate the fair value of share-based compensation for restricted stock with market 
conditions using a Monte Carlo simulation. We recognize compensation cost ratably over each tranche of shares based on the fair 
value estimated by the model. We also recognize related estimated award forfeitures ratably over each tranche of shares. We estimate 
forfeitures at the time of grant based on the historical turnover rate of employees and non-employees that are recipients of an award. 
We update our assumptions annually for the subsequent year awards. Refer to Note 10, "Share-Based Compensation," for additional 
information.
Fair Value Measurements
Our financial instruments consist primarily of cash, cash equivalents and restricted cash, notes and other receivables, derivative assets 
and liabilities, debt, and other liabilities. We utilize fair value measurements to record fair value adjustments to certain assets and 
liabilities and to determine fair value disclosures, pursuant to ASC 820, "Fair Value Measurements and Disclosures."
ASC 820, "Fair Value Measurements and Disclosures," requires disclosure regarding determination of fair value for assets and 
liabilities and establishes a hierarchy under which these assets and liabilities must be grouped, based on significant levels of 
observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable 
inputs reflect our market assumptions. This hierarchy requires the use of observable market data when available. These two types of 
inputs have created the following fair value hierarchy:
Level 1 - Quoted unadjusted prices for identical instruments in active markets that we have the ability to access;
Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets 
that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable 
(e.g., interest rates, yield curves, prepayment speeds, default rates, loss severity, etc.) in active markets or can be corroborated 
by observable market data; and
Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers 
are unobservable. The unobservable inputs reflect our assumptions about the assumptions that market participants would use.
Refer to Note 15, "Fair Value Measurements," for additional information on methods and assumptions used to estimate the fair value 
of each financial instrument class.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 17

Revenue Recognition
As a real estate owner and operator, the majority of our revenue consists of Income from real property from site and home leases and 
wet slip and dry storage space leases that are accounted for pursuant to ASC 842, "Leases." Other revenue streams, such as those 
generated from home sales and service, retail, dining, and entertainment activities, are accounted for pursuant to ASC 606, "Revenue 
from Contracts with Customers," except for those that are within the scope of other topics in the FASB ASC. For transactions in the 
scope of ASC 606, we recognize revenue when control of goods or services transfers to the customer, in the amount that we expect to 
receive for the transfer of goods or provision of services. Due to the nature and timing of our identified revenue streams, there were no 
material outstanding performance obligations as of December 31, 2024. Refer to Note 2, "Revenue," for additional information.
Income from real property includes revenue from residents and guests in our communities, who lease the site on which their home or 
RV is located and either own or lease their home or RV, rental home revenue, wet slip and dry storage space revenue at our marinas, 
and short-term vacation home and site rentals. Revenues from residents and guests includes revenues from site leases to annual MH 
residents and annual RV guests, and site rentals to transient RV guests. Resident leases are generally for one-year, but may range from 
month-to-month to two year terms and are renewable by mutual agreement between the parties, or in some cases, as provided by 
statute. The majority of our slip and storage space leases have annual terms that are generally billed seasonally and are renewable by 
mutual agreement between the parties. Revenues from site and home leases and wet slip and dry storage space leases fall under the 
scope of ASC 842, and are accounted for as operating leases with straight-line recognition. Non-lease components of our site lease 
contracts, which are primarily provision of utility services at our communities, are accounted for with the site lease as a single lease 
component per ASC 842. In accordance with the practical expedient criteria to combine lease and non-lease components, we noted 
that the timing and pattern of transfer for the lease and non-lease components are the same, and the leases qualify as operating leases. 
Accordingly, we present rental revenues and utility recoveries as a single lease component within Income from real property in the 
Consolidated Statement of Operations. Rental home revenues which comprise rental agreements whereby we lease homes to residents 
in our communities, and short-term vacation home and site rentals are accounted for under ASC 842. Additionally, we include 
collections of real estate taxes from residents and guests within Income from real property. As a lessor, we have a significant amount 
of variable lease payments that we receive, usually from revenue derived from percentage-based leases. The revenue from these leases 
is accounted for on an as earned basis. We also have a number of short-term leases that are accounted for on an as earned basis. All 
our revenues are recognized net of taxes collected from customers and submitted to taxing authorities. Real estate taxes are recorded 
as a liability when collected and released when payments are remitted to tax authorities.
Revenue from home sales - SHS, our U.S. taxable REIT subsidiary, and Park Holidays, sell manufactured homes to current and 
prospective residents in our communities. We recognize revenue from home sales pursuant to ASC 606 as manufactured homes are 
tangible personal property that can be located on any land parcel. Manufactured homes are not permanent fixtures or improvements to 
the underlying real estate and we therefore do not consider them to be subject to the guidance in ASC 360-20, "Real Estate Sales." In 
accordance with the core principle of ASC 606, we recognize revenue from home sales at the time of closing when control of the 
home transfers to the customer. After closing of the sale transaction, we have no remaining performance obligation. As of December 
31, 2024 and 2023, we had $24.5 million and $28.2 million, respectively, of receivables from contracts with customers, which consists 
of home sales proceeds, and are presented as a component of Notes and other receivables, net on our Consolidated Balance Sheets. 
These receivables represent balances owed to us for previously completed performance obligations for sales of manufactured homes. 
We report real estate taxes collected from residents and remitted to taxing authorities in revenue.
Service, retail, dining and entertainment revenue - is primarily composed of proceeds from restaurant, golf, merchandise, retail, fuel, 
service and other activities at our RV communities, marinas, and MH communities in the U.K. Revenues are recognized at the point of 
sale when control of the good or service transfers to the customer and our performance obligation has been satisfied. In addition, 
Marina rental income, which includes boat rentals, is earned when the customer takes control of the good or service and is included in 
Service, retail, dining and entertainment revenue. Sales and other taxes that we collect concurrent with revenue-producing activities 
are excluded from the transaction price.
Interest income - is earned primarily on our notes receivable, which include installment notes receivables on manufactured homes 
purchased by us from loan originators and notes receivable from real estate developers and operators. Interest income on these 
receivables is accrued based on the unpaid principal balances of the underlying loans on a level yield basis over the life of the loans. 
Interest income is not in the scope of ASC 606. Refer to Note 4, "Notes and Other Receivables," for additional information.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 18

Brokerage commissions and other - comprise brokerage commissions for sales of manufactured homes at our communities and 
brokerage commissions at our marinas, where we act as agent and arrange for a third party to transfer a manufactured home, a park 
model or a boat to a customer within one of our properties. Brokerage commission revenues are accounted for in accordance with ASC 
606 and are recognized on a net basis at closing, when the transaction is completed and our performance obligations have been 
fulfilled. Other revenues primarily include prepaid rent adjustments, proceeds from business interruption insurance, dividend income 
and management fees earned from managing third-party-owned holiday parks and third-party-owned marinas.
Advertising Costs
Advertising costs are expensed as incurred. As of December 31, 2024, 2023, and 2022, we had advertising costs of $34.1 million, 
$33.8 million and $30.9 million, respectively.
Depreciation and Amortization
Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the assets, ranging from two 
months to 53 years depending upon the asset classification.
Asset Class
Useful Life
Land improvements and buildings
1 year - 53 years
Rental homes
10 years
Furniture, fixtures and equipment
1 year - 40 years
Computer hardware and software
1 year - 8 years
Dock improvements
1 year - 52 years
Site improvements
1 year - 40 years
Leasehold improvements
Lesser of lease term or useful life of assets
Goodwill
Indefinite
In-place leases (including slip in-place leases)
2 months - 13 years
Non-competition agreements
5 years
Trademarks and trade names
Various(1)
Customer relationships
4 years - 17 years
Franchise agreements and other intangible assets
1 year - 27 years
(1) Trademarks and trade names have an indefinite life or a three to 15 year useful life as of the acquisition date.
Foreign Currency
The assets and liabilities of our operations in the UK, Canada, and Australia, where the functional currency is the pound sterling, 
Canadian dollar and Australian dollar, respectively, are translated into U.S. dollars using the exchange rate in effect as of the balance 
sheet date. Income statement amounts are translated at the average exchange rate prevailing during the period. The resulting 
translation adjustments are recorded as a component of Accumulated other comprehensive income. Foreign currency exchange gains 
and losses arising from fluctuations in currency exchange rates on transactions and the effects of remeasurement of monetary balances 
denominated in currencies other than the functional currency are recorded in earnings within Gain / (loss) on foreign currency 
exchanges on the Consolidated Statements of Operations.
For the years ended, December 31, 2024, 2023, and 2022, we recorded a foreign currency exchange loss of $25.8 million, a loss of 
$0.3 million and a gain of $5.4 million, respectively, on our Consolidated Statements of Operations.
Derivative Instruments and Hedging Activities
We enter into derivative instruments for risk management purposes to minimize the effect of interest rate changes on future cash 
outflows related to outstanding floating rate debt and forecasted issuances of long-term debt, and the benchmark interest rates used are 
the SOFR and the SONIA Rate. Treasury rate lock contracts, interest rate swaps and forward swaps are used to accomplish this 
objective. We do not enter into derivative instruments for speculative purposes.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 19

We recognize derivative instruments at fair value on a recurring basis on the Consolidated Balance Sheets and classify the derivatives 
within Level 2 of the fair value hierarchy. We adjust our Consolidated Balance Sheets on a quarterly basis to reflect the current fair 
market value of the derivative instruments. Refer to Note 15, "Fair Value Measurements," for additional information related to the fair 
value methodology used for derivative financial instruments.
As of December 31, 2024, all outstanding derivative instruments have been designated as cash flow hedges under ASC Topic 815, 
"Derivatives and Hedging." These contracts have maturities of 10 years or less. The risks being hedged are the interest rate risk related 
to outstanding floating rate debt and forecasted debt transactions. We assess the effectiveness of the derivative instruments in hedging 
the underlying interest rate exposure both at inception and on an ongoing basis. The unrealized gains or losses on the derivative 
instruments are recorded in Accumulated other comprehensive income and are reclassified to Interest expense on the Consolidated 
Statements of Operations during the same period in which the hedged transaction affects earnings. We estimate that $6.4 million will 
be reclassified as a reduction to Interest expense over the next 12 months for all of our outstanding cash flow hedges. Cash flow from 
these derivative instruments is classified in the same category as the cash flow items being hedged on the Consolidated Statements of 
Cash Flows. Refer to Note 14, "Derivative Financial Instruments," for additional information regarding derivative activity.
Accounting for Leases
Lessee Accounting
Pursuant to ASC Topic 842, "Leases," we determine if an arrangement is a lease at inception based on whether the contract conveys 
the right to control the use of an identified asset for a period of time in exchange for consideration. Our operating lease agreements are 
primarily for land and submerged land under non-cancelable operating leases at certain properties, executive office spaces and certain 
equipment leases. The ROU asset and liabilities are included within Other assets, net and Other liabilities on the Consolidated Balance 
Sheets.
For operating leases with a term greater than one year, we recognize the ROU assets and liabilities related to the lease payments on the 
Consolidated Balance Sheets. The lease liabilities are initially and subsequently measured at the present value of the unpaid lease 
payments at the lease commencement date. The ROU assets represent our right to use the underlying assets for the term of the lease 
and the lease liabilities represent our obligation to make lease payments arising for the agreements. The ROU asset is initially 
measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease 
commencement date, plus any initial direct costs incurred, less any lease incentives received, and any adjustments to reflect favorable 
or unfavorable terms of the lease when compared with market terms. The ROU asset is subsequently measured throughout the lease 
term at the carrying amount of the lease liability, plus unamortized initial direct costs, plus (minus) any prepaid (accrued) lease 
payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line 
basis over the lease term.
Variable lease payments, except for the ones that depend on an index or rate, are excluded from the calculation of the ROU assets and 
lease liabilities and are recognized as variable lease expense in the Consolidated Statements of Operations in the period in which they 
are incurred. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information 
available at commencement date in determining the present value of lease payments. Many of our lessee agreements include options to 
extend the lease, which we do not include in our minimum lease terms unless they are reasonably certain to be exercised. The lease 
liability costs are amortized over the straight-line method over the term of the lease. Operating leases with a term of less than one year 
are recognized as a lease expense over the term of the lease, with no asset or liability recognized on the Consolidated Balance Sheets.
Finance leases where we are the lessee are included in Investment property, net and Other liabilities on our Consolidated Balance 
Sheets. The lease liabilities are initially measured in the same manner as operating leases and are subsequently measured at amortized 
cost using the effective interest method. Refer to Note 17, "Leases," for information regarding leasing activities.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 20

Lessor Accounting
Leases to Customers
As detailed in the Revenue Recognition section, our income from real property at our communities and marinas is derived from rental 
agreements where we are the lessor. ASC 842 limits the definition of initial direct costs to only the incremental costs of signing a 
lease. Internal sales employees' compensation, payroll-related fringe benefits, certain legal fees rendered prior to the execution of a 
lease, negotiation costs, advertising and other origination effort costs do not meet the definition of an initial direct cost and therefore, 
are accounted for as General and administrative expense or Property operating and maintenance expense in our Consolidated 
Statements of Operations. ASC 842 permits the capitalization of direct commission costs.
Fixed lease income from tenants is recognized on a straight-line basis over the terms of the relevant lease agreement and is included 
within Income from real property and Brokerage commissions and other revenue, net on the Consolidated Statements of Operations. 
Variable lease income consists of rent primarily based on a percentage of revenues at the related properties and is included within 
Income from real property and Brokerage commissions and other, net on the Consolidated Statements of Operations. When 
collectability is not reasonably assured, the resident is placed on non-accrual status and revenue is recognized when cash payments are 
received.
Leases to Real Estate Operators
We do not have any operating leases with real estate operators at our MH or UK properties. At our RV communities and marinas, our 
non-cancellable leases with real estate operators where we are the lessor are classified as operating leases with lease income 
recognized on a straight line basis over the terms of the relevant lease agreement and is included within Income from real property and 
Brokerage commissions and other, net.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 21

2. Revenue
Disaggregation of Revenue
The following table disaggregates our revenue by major source and segment (in millions):
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
MH
RV
Marina
UK
Consolidated
MH
RV
Marina
UK
Consolidated
MH
RV
Marina
UK(1)
Consolidated
Revenues
Real property
$ 957.4 
$ 568.5 
$ 460.3 
$ 177.2 
$ 
2,163.4 
$ 907.5 
$ 564.4 
$ 431.6 
$ 156.3 
$ 
2,059.8 
$ 845.6 
$ 563.4 
$ 384.6 
$ 108.6 
$ 
1,902.2 
Home sales
 149.9 
 
31.2 
 
— 
 188.8 
 
369.9 
 188.5 
 
45.3 
 
— 
 186.1 
 
419.9 
 238.6 
 
36.8 
 
— 
 190.4 
 
465.8 
Service, retail, dining and 
entertainment
 
7.6 
 
81.0 
 494.4 
 
43.9 
 
626.9 
 
8.5 
 
89.2 
 501.2 
 
40.0 
 
638.9 
 
7.5 
 
89.0 
 402.3 
 
32.8 
 
531.6 
Interest
 
13.7 
 
6.0 
 
0.6 
 
0.4 
 
20.7 
 
39.8 
 
4.9 
 
0.6 
 
0.1 
 
45.4 
 
32.2 
 
2.8 
 
0.2 
 
— 
 
35.2 
Brokerage commissions and 
other, net
 
20.0 
 
10.9 
 
5.3 
 
4.0 
 
40.2 
 
26.4 
 
23.7 
 
7.0 
 
3.5 
 
60.6 
 
14.5 
 
15.2 
 
1.4 
 
3.8 
 
34.9 
Total Revenues
$ 1,148.6 $ 697.6 
$ 960.6 
$ 414.3 
$ 
3,221.1 
$ 1,170.7 $ 727.5 
$ 940.4 
$ 386.0 
$ 
3,224.6 
$ 1,138.4 $ 707.2 
$ 788.5 
$ 335.6 
$ 
2,969.7 
(1) UK amounts for the year ended December 31, 2022 cover the period from April 8, 2022 (date of acquisition) through December 31, 2022.
Our revenue consists of real property revenue at our MH, RV, Marina, and UK properties, revenue from home sales, revenue from service, retail, dining and entertainment revenue, 
interest income, and brokerage commissions and other revenue.
The majority of our revenue is derived from site and home leases, and wet slip and dry storage space leases that are accounted for pursuant to ASC 842, "Leases." We account for 
all revenue from contracts with customers following ASC 606, "Revenue from Contracts with Customers," except for those that are within the scope of other topics in the FASB 
ASC. For additional information, refer to Note 1, "Significant Accounting Policies."
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 22

3. Real Estate Acquisitions and Dispositions
Acquisitions and Dispositions
For the year ended December 31, 2024, we acquired the following properties:
Port Milford
Marina
 
92 
CT
April
Oak Leaf(1)
Marina
 
89 
CT
April
Berth One Palm Beach(1)
Marina
 
4 
FL
April
Marina Village Yacht Harbor
Marina
 
732 
CA
September
Ventura Harbor Fuel(1)
Marina
 
— 
CA
September
Total
 
917 
Property Name
Type
Sites, Wet Slips and 
Dry Storage Spaces
State, Province 
or Country
Month Acquired
(1) Combined with an existing property.
The following table summarizes the amount of assets acquired, net of liabilities assumed, at the acquisition date and the consideration 
paid for the acquisitions completed during the years ended December 31, 2024 and 2023 (in millions):
Asset Acquisitions
Port Milford(2)
$ 
3.9 
$ 
— 
$ 
0.1 
$ 
(0.4) $ 
3.6 
$ 
1.1 
$ 
2.5 
$ 
3.6 
Berth One Palm Beach(3)
 
2.9 
 
— 
 
0.1 
 
0.2 
 
3.2 
 
3.2 
 
— 
 
3.2 
Marina Village Yacht 
Harbor(4)
 
50.0 
 
— 
 
1.4 
 
(0.6)  
50.8 
 
17.9 
 
32.9 
 
50.8 
Business Combinations
Oak Leaf(3)
 
4.8 
 
0.1 
 
0.3 
 
— 
 
5.2 
 
5.2 
 
— 
 
5.2 
Venture Harbor Fuel(3)
 
1.8 
 
0.4 
 
— 
 
0.6 
 
2.8 
 
2.8 
 
— 
 
2.8 
Total 2024 Acquisitions
$ 
63.4 
$ 
0.5 
$ 
1.9 
$ 
(0.2) $ 
65.6 
$ 
30.2 
$ 
35.4 
$ 
65.6 
Total 2023 Acquisitions(5)
$ 
107.4 
$ 
0.1 
$ 
0.4 
$ 
4.2 
$ 
112.1 
$ 
7.1 
$ 
105.0 
$ 
112.1 
At Acquisition Date
Consideration
Investment 
in property
Inventory of 
manufactured 
homes, boat 
parts
and retail
related items
Goodwill and 
other intangible 
assets
Other 
assets / 
(liabilities), 
net
Total 
identifiable 
assets acquired 
net of liabilities 
assumed
Cash and 
escrow
Temporary 
and 
permanent 
equity(1)
Total 
consideration
(1) Refer to Note 9, "Equity and Temporary Equity," for additional detail.
(2) In conjunction with this acquisition, we issued 19,326 common Operating Partnership units ("OP units") valued at $2.5 million.
(3) Combined with an existing property.
(4) In conjunction with this acquisition, we issued 243,273 common OP units valued at $31.5 million.
(5) Includes a total of two properties with 92 sites which were accounted for as an asset acquisitions.
As of December 31, 2024, we had incurred and capitalized $2.2 million of transaction costs, which have been allocated among various 
fixed asset categories for purchases that meet the asset acquisition criteria. During the year ended December 31, 2024, we recognized 
$0.4 million of business combination expenses in connection with transactions completed during 2024.
During the three months ended March 31, 2024, we entered into a ground lease that can support one marina with eight wet slips and 
dry storage spaces.
2024 Development and Expansion Activities
During the year ended December 31, 2024, we acquired two land parcels located in the U.S. for an aggregate purchase price of 
$12.9 million. In conjunction with one of the land parcel acquisitions, we issued 4,452 common OP units valued at $0.6 million. We 
also acquired two buildings related to our marinas located in the U.S. for an aggregate purchase price of $13.7 million.
During the year ended December 31, 2024, we acquired two land parcels located in the UK for an aggregate purchase price of 
$11.6 million.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 23

2024 Dispositions Activity
The following dispositions of real estate properties occurred during the year ended December 31, 2024:
Property Name
Segment
Number of 
Properties
Total Sites
State, 
Province or 
Country
Month 
Disposed
Gross Sales 
Proceeds
Cash 
Consideration, 
net(1)
Gain / (Loss) 
on 
Disposition(2)
Spanish Trails and Sundance
MH
2
533
AZ & FL
February
$ 
48.5 
$ 
51.7 
$ 
6.2 
Littondale
UK
1
114
UK
May
$ 
5.9 
$ 
5.4 
$ 
2.2 
Six Community MH Portfolio
MH
6
2,090
Various
July
$ 
224.6 
$ 
150.7 
$ 
142.0 
Lake Pointe Village
MH
1
361
FL
July
$ 
38.0 
$ 
20.3 
$ 
16.0 
Reserve at Fox Creek
MH
1
311
AZ
September
$ 
38.0 
$ 
22.7 
$ 
22.2 
Turnberry
UK
1
281
UK
November
$ 
7.6 
$ 
7.0 
$ 
(1.1) 
Canadian RV Portfolio(3)(4)
RV
13
2,836
ON
December
$ 
64.0 
$ 
20.1 
$ 
9.1 
(1) Cash consideration, net of settlement of the associated mortgage debt and other closing adjustments. Refer to Note 9, "Debt and Line of Credit," for additional detail.
(2) Recorded in Gain on dispositions of properties on the Consolidated Statements of Operations.
(3) As part of the terms of the disposition, we provided financing to the counterparty in the form a note receivable of $42.4 million. Refer to Note 4, "Notes and Other 
Receivables," for additional details.
(4) Gain on disposition is net of the release of foreign currency translation losses from Accumulated other comprehensive income of $2.3 million.
In addition, in December 2024, we sold one parcel of land in the U.S. for total consideration of $13.0 million and recorded a gain on 
sale of $10.9 million. In September 2024, we sold two development properties in the U.S. for total consideration of $37.2 million and 
recorded a gain on sale of $0.6 million. The two development properties were previously classified as held for sale. During the three 
months ended June 30, 2024, we recognized asset impairment charges of $10.8 million within the MH segment to reduce the carrying 
value of the two properties to an aggregate fair value of $36.1 million, driven by our change in strategic plan for these properties. The 
fair value measurement was determined using an income approach and Level 3 inputs based on a probability weighted holding period 
and estimated sale price for the assets. The asset impairment charges were recorded within Asset impairments on our Consolidated 
Statements of Operations.
Real Estate Held For Sale
We periodically classify real estate as "held for sale" after an active program to sell an asset has commenced and when the sale is 
probable. Subsequent to the classification of assets as held for sale, no further depreciation expense is recorded.
In December 2024, we reached an agreement to sell a portfolio of RV properties for total cash consideration of $92.9 million. The 
total consideration included proceeds from the disposition of four RV properties that we owned and termination of the associated 
ground leases, along with proceeds from the settlement of a developer note receivable for which three additional developer-owned 
properties were included in the portfolio of RV properties sold. As a result, the carrying value of total non-financial assets of 
$47.5 million was reclassified from Investment property, net to Other assets, net as of December 31, 2024. During the year ended 
December 31, 2024, we recognized asset impairment charges of $12.1 million to reduce the carrying value of the four owned RV 
properties to an aggregate fair value of $47.5 million. The fair value measurement was determined using a market approach and Level 
2 inputs based on the estimated sale price for the assets. The asset impairment charges were recorded within Asset impairments on our 
Consolidated Statements of Operations. Refer to Note 4, "Notes and Other Receivables" and for additional details related to the 
developer note receivable. Refer to Note 20, "Subsequent Events" for additional information related to this disposition occurring after 
December 31, 2024.
2023 Disposition Activity
In August 2023, we sold one MH community located in Maine with 155 developed sites at its net carrying value for cash consideration 
of $6.8 million. The property was previously classified as held for sale during the three months ended June 30, 2023, with its net 
carrying value of $13.1 million written down by $6.3 million within Asset impairments on our Consolidated Statements of Operations, 
to a fair value less cost to sell of $6.8 million.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 24

In February 2023, we sold two parcels of land in the United Kingdom for total consideration of $111.5 million. The consideration 
consisted of $108.8 million in the form of an operator note receivable that was added to an existing facility with a weighted average 
interest rate of 11.9% per annum, due May 31, 2023 and subsequently extended to July 31, 2023 as part of the operator's total facility. 
On the date of sale, the carrying value of the note receivable approximated its fair value due to its short term nature. The dispositions 
resulted in a loss on sale totaling $2.2 million during the year ended December 31, 2023, net of the release of foreign currency 
translation losses from Accumulated other comprehensive income ("AOCI") of $11.9 million. The total loss on sale was recorded in 
Gain / (loss) on dispositions of properties on the Consolidated Statements of Operations. As of December 31, 2023, we have 
reacquired these two parcels of land at fair value as part of the settlement of the related note receivable, with no remeasurement gain or 
loss recognized. Refer to Note 4, "Notes and Other Receivables," for additional information on the settlement of the notes receivable.
Real Estate Held For Sale - Changes to a Plan of Sale
In February 2023, the criteria was met to classify Sandy Bay, an operating MH community in the UK, with 730 developed sites, as 
held for sale. Previously, this property had been under contract. At December 31, 2023, the sale contract was no longer in effect, and 
due to an unexpected change in circumstance related to the counterparty, we reclassified the property as held for use. In accordance 
with ASC Topic 360, "Property, Plant, and Equipment," we recorded the property at the lower of the carrying amount before the asset 
was held for sale, adjusted for depreciation and amortization expense that would have been recognized had the asset been continually 
classified as held for use, and the fair value at the time of the reclassification. During the three months ended December 31, 2023, we 
recorded depreciation and amortization expense of $1.3 million in conjunction with the reclassification of the property. The following 
assets and liabilities, which were previously classified as held for sale within Other assets and Other liabilities, respectively, were 
reclassified as of December 31, 2023: Investment in property, net of $259.0 million, Inventory of manufactured homes of $4.6 million, 
Other intangible assets of $1.3 million, and Other liabilities, net of $55.8 million.
Sun NG Resorts Transaction
During the three months ended December 31, 2023, we simplified the structure of certain of our consolidated variable interest entities, 
including Sun NG RV Resorts, Sun NG Whitewater RV Resorts LLC, Sun NG Beaver Brook LLC and four standalone affiliates 
(collectively "Sun NG") in a transaction with our joint venture partner in Sun NG. The transaction, which was primarily a non-
monetary exchange and resulted in a net cash receipt of $8.2 million, consisted of the following:
•
Disposition of our majority equity interest in three consolidated joint venture properties (including Sun NG Whitewater RV 
Resorts LLC) with a fair value of $166.1 million, which resulted in a gain of $13.2 million.
•
Acquisition of all noncontrolling equity interests in 14 consolidated joint venture properties and a significant portion of the 
noncontrolling equity interest in five stand-alone joint venture properties (including Sun NG Beaver Brook LLC) with a fair 
value of $149.5 million. This resulted in us owning a 100% controlling interest in 14 of these properties (the "Acquired RV 
Properties") and a majority interest in the remaining properties. The acquisition of the noncontrolling interest was accounted 
for as an equity transaction in accordance with ASC Topic 810, "Consolidation," with the difference between the fair value 
and carrying value of the acquired noncontrolling interest of $125.3 million recorded as a decrease to Additional paid-in 
capital.
•
Settlement of the Series A and Series B preferred equity interests in the Sun NG Resorts joint venture of $35.2 million and 
$3.9 million, respectively, and issuance of 20,000 Series L preferred OP units valued at $2.0 million. The Series A and Series 
B preferred equity interests were accounted for as Unsecured debt and Temporary Equity on our Consolidated Balance 
Sheets, respectively. The Series L preferred OP units were recorded in Noncontrolling Interests in the Consolidated Balance 
Sheets.
•
Disposition of our ownership interest in Rezplot, a nonconsolidated affiliate, and settlement of notes receivable due from 
Rezplot for $12.2 million. In conjunction with the disposition, we remeasured the investment to its fair value and recorded a 
gain of $15.3 million.
Refer to Note 7, "Investments in Nonconsolidated Affiliates" related to the sale of our investment in Rezplot, Note 8, "Debt and Line 
of Credit" related to the settlement of the Series A preferred equity interest, and Note 9, "Equity and Temporary Equity" related to the 
acquisition of the noncontrolling equity interest in 14 consolidated joint venture properties and issuance of Series L preferred OP units.
Refer to Note 20, "Subsequent Events," for information regarding acquisition and dispositions completed after December 31, 2024.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 25

4. Notes and Other Receivables
The following table sets forth certain information regarding notes and other receivables (in millions):
 
December 31, 2024
December 31, 2023
Installment notes receivable on manufactured homes, net
$ 
93.9 
$ 
19.6 
Notes receivable from real estate developers and operators
 
148.5 
 
134.5 
Other receivables, net
 
241.6 
 
267.5 
Total Notes and Other Receivables, net
$ 
484.0 
$ 
421.6 
Installment Notes Receivable on Manufactured Homes
Installment notes receivable are measured at fair value, using indicative pricing models from third party valuation specialists, in 
accordance with ASC 820, "Fair Value Measurements and Disclosures." The balances of installment notes receivable of $93.9 million 
(principal of installment notes receivable of $95.2 million less fair value adjustment of $1.3 million) and $19.6 million (principal of 
installment notes receivable of $20.4 million less fair value adjustment of $0.8 million) as of December 31, 2024 and 2023, 
respectively, are secured by manufactured homes. The notes represent financing to purchasers of manufactured homes located in our 
communities and require monthly principal and interest payments. The notes had a net weighted average interest rate (net of servicing 
costs) and maturity of 6.4% and 18.6 years as of December 31, 2024, and 6.9% and 17.2 years as of December 31, 2023, respectively. 
Refer to Note 15, "Fair Value Measurements," for additional details.
Notes Receivable from Real Estate Developers and Operators
Notes receivable from real estate developers and operators are measured at fair value, using indicative pricing models from third party 
valuation specialists, in accordance with ASC 820, "Fair Value Measurements and Disclosures." Refer to Note 15, "Fair Value 
Measurements," for additional information.
Notes Receivable from Real Estate Operators
The notes receivable from real estate operators consists of a loan provided to a real estate operator to fund the Canadian RV Portfolio 
disposition (the "Canadian RV Note"), and a fully drawn loan provided to Royale Holdings Group HoldCo Limited, a real estate 
development owner and operator in the UK, and certain other parties, to fund investing and financing activities (the "UK Note"). The 
UK Note was fully settled as of December 31, 2024.
The balance on the Canadian RV Note was $42.4 million with a net weighted average interest rate and maturity of 5.0% and two years 
as of December 31, 2024. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional details related to the Canadian 
RV Portfolio disposition.
The UK Note was collateralized by a first-priority security interest in three real estate assets and three MH manufacturers in the UK. 
During the year ended December 31, 2023, we appointed receivers over the real estate assets and acquired these assets through a credit 
bid. As part of this process, we engaged third party valuation specialists to appraise the real estate assets in accordance with ASC 820. 
The appraisals were completed using the discounted cash flow method (income approach), with the significant assumptions being 
development density, estimated absorption rate, home sale price, and discount rate. As of December 31, 2023, the real estate assets 
appraised at a fair value totaling $263.8 million, and the UK Note balance was reduced by this amount, with an offsetting adjustment 
to Investment property, net on our Consolidated Balance Sheets.
As of December 31, 2023, the balance remaining on the UK Note, which was in nonaccrual status, collateralized by a first-priority 
security interest in three MH manufacturers in the UK, was adjusted to fair value totaling $10.8 million (gross notes receivable of 
$114.3 million, inclusive of accrued interest of $10.4 million, less a fair value adjustment of $103.5 million).
During the three months ended March 31, 2024, we completed a receivership process related to the three MH manufacturers in the 
UK. The receivers sold such assets for a total consideration of $10.7 million, resulting in cash proceeds of $7.0 million, net of non-
cash consideration and fees. The sale of these assets resulted in an incremental fair value remeasurement adjustment of $0.8 million 
that was recorded in Loss on remeasurement of notes receivable on the Consolidated Statements of Operations.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 26

Notes Receivable from Real Estate Developers
Other acquisition and construction loans provided to real estate developers total $183.6 million with a net weighted average interest 
rate and maturity of 8.0% and 1.9 years as of December 31, 2024, and total $123.7 million with a net weighted average interest rate 
and maturity of 9.2% and 2.6 years as of December 31, 2023. As of December 31, 2024 and 2023, the additional acquisition and 
construction loans provided to real estate developers had $36.8 million and $39.5 million of undrawn funds, respectively. During the 
year ended December 31, 2024, we recorded a fair value adjustment loss of $35.2 million, primarily related to the sale of a portfolio of 
RV communities that closed in January 2025. The fair value adjustment loss reflects the relative fair value of the underlying collateral 
to the developer note receivable settled in conjunction with the transaction. Refer to Note 3, "Real Estate Acquisitions and 
Dispositions," for additional detail related to the disposition and Note 20, "Subsequent Events," for activity subsequent to December 
31, 2024.
Other Receivables, net
Other receivables, net were comprised of amounts due from the following categories (in millions):
December 31, 2024
December 31, 2023
Receivables from residents and customers(1)
$ 
105.5 
$ 
112.7 
Insurance receivables(2)
 
69.8 
 
77.8 
Home sale proceeds
 
24.5 
 
28.2 
Other receivables
 
41.8 
 
48.8 
Total Other Receivables, net
$ 
241.6 
$ 
267.5 
(1) Net of allowance for credit losses of $8.7 million and $7.7 million as of December 31, 2024 and 2023, respectively.
(2) During the three months ended September 30, 2024, we recorded a charge of $8.9 million to write off a receivable balance related to expected insurance proceeds 
from a prior litigation matter. We concluded that the loss recovery was no longer probable of being realized and recorded the charge within General and 
administrative expense on the Consolidated Statements of Operations.
5. Collateralized Receivables and Transfers of Financial Assets
During the three months ended December 31, 2023, we completed a transfer of our installment notes receivable to an unrelated entity 
and received net cash proceeds of $53.4 million from the third-party servicer, in exchange for relinquishing our right, title and interest 
in the receivables. During the year ended December 31, 2024, we received a subsequent cash payment of $1.1 million from the 
servicer in accordance with the terms of the transfer. We have no further obligations or rights with respect to the control, management, 
administration, servicing or collection of the installment notes receivables. However, we are subject to certain recourse provisions 
requiring us to purchase the underlying manufactured homes collateralizing such notes at a price calculated based on the agreed upon 
terms, in the event of a note default and subsequent repossession of the home by the unrelated entity. The recourse provisions are 
considered to be a form of continuing involvement which precluded establishing legal isolation, and therefore these transferred loans 
do not meet the requirements for sale accounting under ASC 860, "Transfers and Servicing."
The transaction has been accounted for in accordance with ASC 860-30, with the transferred assets classified as Collateralized 
receivables, net and the cash proceeds received from this transaction classified as Secured borrowings on collateralized receivables 
within the Consolidated Balance Sheets. We have elected to apply the fair value option to the collateralized receivables and related 
secured borrowings under ASC 820, "Fair Value Measurements and Disclosures." The balance of collateralized receivables was $51.2 
million (gross collateralized receivable of $52.0 million less fair value adjustments of $0.8 million) and $56.2 million (gross 
collateralized receivable of $59.1 million less fair value adjustments of $2.9 million) as of December 31, 2024 and December 31, 
2023, respectively. The balance of secured borrowings on collateralized receivables was $51.2 million (gross secured borrowings of 
$47.3 million plus fair value adjustments of $3.9 million) and $55.8 million (gross secured borrowings of $53.9 million plus fair value 
adjustments of $1.9 million) as of December 31, 2024 and December 31, 2023, respectively. The notes represent financing to 
purchasers of manufactured homes located in our communities and require monthly principal and interest payments. The notes had a 
net weighted average interest rate and maturity of 8.6% and 13.2 years as of December 31, 2024 and 8.6% and 14.2 years as of 
December 31, 2023. Refer to Note 15, "Fair Value Measurements," for additional details.
The collateralized receivables earn interest income and the secured borrowings accrue interest expense at the same amount. The 
amount of interest income and interest expense recognized during the years ended December 31, 2024 and December 31, 2023 was 
$4.7 million and $0.6 million, respectively.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 27

6. Goodwill and Other Intangible Assets
Our intangible assets include goodwill, in-place leases, non-competition agreements, trademarks and trade names, customer 
relationships, franchise agreements, and other intangible assets.
Goodwill
The measurement periods for the valuation of assets acquired and liabilities assumed in a business combination end as soon as 
information on the facts and circumstances that existed as of the acquisition dates becomes available on the earlier of (i) the dates of 
acquisition, or (ii) 12 months after the acquisition dates. Adjustments in purchase price allocations may require a change in the 
amounts allocated to goodwill during the periods in which the adjustments are determined. These purchase accounting adjustments are 
presented under Other in the table below. Changes in the carrying amount of goodwill during the years ended December 31, 2024 and 
2023, respectively, by reportable segment were as follows (in millions):
Goodwill by Segment
RV
Marina
UK
Total
Balance as of January 1, 2023(1)
$ 
9.5 
$ 
541.5 
$ 
467.4 
$ 
1,018.4 
Impairments(2)
 
— 
 
— 
 
(369.9)  
(369.9) 
Currency translation adjustments
 
— 
 
— 
 
23.8 
 
23.8 
Other(3)
 
— 
 
— 
 
60.7 
 
60.7 
Balance as of December 31, 2023
$ 
9.5 
$ 
541.5 
$ 
182.0 
$ 
733.0 
Acquisitions(4)
 
— 
 
0.2 
 
— 
 
0.2 
Impairments(2)
 
— 
 
— 
 
(180.8)  
(180.8) 
Currency translation adjustments
 
— 
 
— 
 
(1.2)  
(1.2) 
Balance as of December 31, 2024
$ 
9.5 
$ 
541.7 
$ 
— 
$ 
551.2 
Accumulated impairment losses as of December 31, 2023(2)
$ 
— 
$ 
— 
$ 
369.9 
$ 
369.9 
Accumulated impairment losses as of December 31, 2024(2)
$ 
— 
$ 
— 
$ 
550.7 
$ 
550.7 
(1) Recast to reflect segment changes.
(2) During the years ended December 31, 2024 and 2023, we recorded aggregate non-cash goodwill impairment charges of $180.8 million and $369.9 million within 
Goodwill impairment on the Consolidated Statements of Operations, respectively. The declines in the fair value of the Park Holidays reporting unit within the UK 
reporting segment were primarily driven by a deterioration in the macroeconomic environment in the region, leading to a higher weighted average cost of capital, 
inflationary pressures, and changing competitive market dynamics, causing a decline in projected future cash flows for our Park Holidays business.
(3) During the year ended December 31, 2023, adjustments in purchase price allocations resulted in the recognition of additional goodwill of $60.7 million in the UK 
segment, related to the Park Leisure business combination.
(4) During the three months ended September 30, 2024, we recorded goodwill of $0.2 million in the Marina segment related to the acquisition of Oak Leaf, primarily 
attributed to the enterprise value associated with existing operations. The total recognized goodwill of $0.2 million is expected to be deductible for income tax 
purposes.
Other Intangible Assets, net
The gross carrying amounts and accumulated amortization of our intangible assets were as follows (in millions):
December 31, 2024
December 31, 2023
Other Intangible Asset
Useful Life
Gross Carrying 
Amount
Accumulated 
Amortization
Gross Carrying 
Amount
Accumulated 
Amortization
In-place leases
2 months - 13 years
$ 
163.9 
$ 
(150.0) 
$ 
166.0 
$ 
(146.2) 
Non-competition agreements
5 years
 
10.5 
 
(8.3) 
 
10.5 
 
(6.2) 
Trademarks and trade names
3 - 15 years
 
84.2 
 
(17.9) 
 
85.3 
 
(12.3) 
Customer relationships
4 - 17 years
 
131.6 
 
(50.0) 
 
131.6 
 
(37.3) 
Franchise agreements and other intangible assets
1 - 27 years
 
48.3 
 
(17.4) 
 
48.4 
 
(14.3) 
Total finite-lived assets
$ 
438.5 
$ 
(243.6) 
$ 
441.8 
$ 
(216.3) 
Indefinite-lived assets - Trademarks, trade names and 
other
N/A
 
144.0 
 
— 
 
144.0 
 
— 
Total indefinite-lived assets
$ 
144.0 
$ 
— 
$ 
144.0 
$ 
— 
Total
$ 
582.5 
$ 
(243.6) 
$ 
585.8 
$ 
(216.3) 
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 28

Amortization expenses related to our Other intangible assets were as follows (in millions):
Year Ended
Other Intangible Asset Amortization Expense
December 31, 2024
December 31, 2023
December 31, 2022
In-place leases
$ 
8.3 
$ 
11.1 
$ 
15.3 
Non-competition agreements
 
2.1 
 
2.1 
 
2.1 
Trademarks and trade names
 
5.8 
 
6.5 
 
4.5 
Customer relationships
 
12.7 
 
12.7 
 
12.3 
Franchise fees and other intangible assets
 
2.6 
 
4.7 
 
2.7 
Total
$ 
31.5 
$ 
37.1 
$ 
36.9 
We anticipate amortization expense for Other intangible assets to be as follows for the next five years (in millions):
Other Intangible Asset Future Amortization Expense
2025
2026
2027
2028
2029
In-place leases
$ 
6.5 
$ 
3.9 
$ 
2.3 
$ 
0.9 
$ 
0.2 
Non-competition agreements
 
2.1 
 
0.1 
 
— 
 
— 
 
— 
Trademarks and trade names
 
5.7 
 
5.7 
 
5.4 
 
5.3 
 
5.3 
Customer relationships
 
12.7 
 
12.3 
 
12.2 
 
12.1 
 
12.1 
Franchise agreements and other intangible assets
 
3.0 
 
2.7 
 
2.5 
 
2.5 
 
2.5 
Total
$ 
30.0 
$ 
24.7 
$ 
22.4 
$ 
20.8 
$ 
20.1 
7. Investments in Nonconsolidated Affiliates 
Investments in joint ventures that are not consolidated, nor recorded at cost, are accounted for using the equity method of accounting 
as prescribed in ASC Topic 323, "Investments - Equity Method and Joint Ventures." Investments in nonconsolidated affiliates are 
recorded within Other assets, net on the Consolidated Balance Sheets. Equity income and loss are recorded in the Income / (loss) from 
nonconsolidated affiliates on the Consolidated Statements of Operations.
RezPlot Systems LLC ("Rezplot")
During the year ended December 31, 2023, in conjunction with the transaction with our joint venture partner in Sun NG, we disposed 
of our ownership interest in Rezplot and recorded a gain on sale of $15.3 million. The gain was recorded within Income from 
nonconsolidated affiliates on the Consolidated Statements of Operations. Refer to Note 3, "Real Estate Acquisitions and Dispositions," 
for more information on the transaction with our joint venture partner in Sun NG.
Sungenia joint venture ("Sungenia JV")
At December 31, 2024 and 2023, we had a 50% ownership interest in Sungenia JV, a joint venture formed between us and Ingenia to 
establish and grow a manufactured housing community development program in Australia.
GTSC LLC ("GTSC")
At December 31, 2024 and 2023, we had a 40% ownership interest in GTSC, which engages in acquiring, holding and selling loans 
secured, directly or indirectly, by manufactured homes located in our communities.
Origen Financial Services, LLC ("OFS")
During the year ended December 31, 2022, we sold our ownership interest in OFS for $0.6 million. The gain from the sale was $0.3 
million, which was recorded within Income from nonconsolidated affiliates on the Consolidated Statements of Operations.
SV Lift, LLC ("SV Lift")
At December 31, 2024 and 2023, we had a 50% ownership interest in SV Lift, which owns, operates and leases an aircraft.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 29

The investment balance in each nonconsolidated affiliate is as follows (in millions):
Investment
December 31, 2024
December 31, 2023
Investment in Sungenia JV
$ 
75.1 
$ 
56.8 
Investment in GTSC(1)
 
48.9 
 
60.4 
Investment in SV Lift
 
1.1 
 
1.7 
Total
$ 
125.1 
$ 
118.9 
(1) Balances are net of fair value adjustment gains / (losses) of $6.6 million and $(4.2) million during the years ended December 31, 2024 and 2023.
The income / (loss) from each nonconsolidated affiliate is as follows (in millions):
Year Ended
Income / (Loss) from Nonconsolidated Affiliates
December 31, 2024
December 31, 2023
December 31, 2022
RezPlot equity income / (loss)
$ 
— 
$ 
11.1 
$ 
(4.7) 
Sungenia JV equity income
 
7.5 
 
3.2 
 
2.2 
GTSC equity income
 
3.3 
 
3.3 
 
5.9 
OFS equity income
 
— 
 
— 
 
0.6 
SV Lift equity loss
 
(1.3)  
(1.6)  
(1.1) 
Total Income from Nonconsolidated Affiliates
$ 
9.5 
$ 
16.0 
$ 
2.9 
During the years ended December 31, 2024, 2023, and 2022, we received distributions of $31.1 million, $20.7 million, and $22.5 
million, respectively, and made contributions of $22.4 million, $38.4 million, and $51.0 million, respectively, with our 
nonconsolidated affiliates.
8. Debt and Line of Credit
The following table sets forth certain information regarding debt, including premiums, discounts and deferred financing costs (in 
millions, except for statistical information):
Carrying Amount
Weighted Average
Years to Maturity
Weighted Average
Interest Rates
December 31, 
2024
December 31, 
2023
December 31, 
2024
December 31, 
2023
December 31, 
2024
December 31, 
2023
Secured Debt
Mortgage loans payable(1)
$ 
3,212.2 
$ 
3,478.9 
8.3
9.2
 3.991 %
 3.994 %
Secured borrowings on collateralized 
receivables(2)
 
51.2 
 
55.8 
13.2
14.2
 8.575 %
 8.556 %
Total Secured Debt
$ 
3,263.4 
$ 
3,534.7 
Unsecured Debt
Senior unsecured notes(3)
 
2,676.3 
 
2,177.5 
6.0
7.5
 3.778 %
 3.375 %
Line of credit and other debt(4)
 
1,413.1 
 
2,065.1 
1.4
1.7
 4.744 %
 5.428 %
Total Unsecured Debt
 
4,089.4 
 
4,242.6 
Total Debt
$ 
7,352.8 
$ 
7,777.3 
6.2
6.8
 4.090 %
 4.234 %
(1) Balances at December 31, 2024 and 2023 include zero net debt premium, as of each such date, and $15.2 million and $16.9 million of deferred financing costs, 
respectively. Weighted average interest rates include the impact of hedge activity.
(2) Balance at December 31, 2024 and 2023 include fair value adjustments of $3.9 million and $1.9 million, respectively.
(3) Balances at December 31, 2024 and 2023 include $6.3 million and $6.5 million of net debt discount, respectively, and $17.4 million and $16.0 million of deferred 
financing costs, respectively. Weighted average interest rates include the impact of hedge activity.
(4) Balances at December 31, 2024 and 2023 include zero and $1.6 million of deferred financing costs, respectively. Weighted average interest rates include the impact 
of hedge activity.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 30

Secured Debt
Mortgage term loans
During the years ended December 31, 2024, we paid off or paid down the following mortgage term loans during the quarters presented 
below (in millions, except for statistical information):
Period
Repayment Amount
Fixed Interest Rate
Maturity Date
Loss on Extinguishment 
of Debt
Three months ended December 31, 2024
$ 
119.4 (1)
 4.04 %
December 1, 2024 -
February 6, 2025
$ 
— 
Three months ended September 30, 2024
$ 
93.5 (2)
 4.10 %
December 1, 2024 -
January 15, 2044
$ 
0.8 
(1) Includes 11 mortgage term loans, which were secured by 12 properties. One mortgage term loan was an early payoff, and 10 mortgage term loans were paid off on 
the maturity dates in accordance with the loan documents.
(2) Includes six mortgage term loans, which included two mortgage term loan payoffs and partial pay downs on four pooled mortgage term loans, that were secured by 
seven properties. The repayments occurred in conjunction with the disposition of real estate assets. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for 
additional information.
During the year ended December 31, 2024, we did not enter into any mortgage term loans.
The mortgage term loans, which total $3.2 billion as of December 31, 2024, are secured by 137 properties comprised of 56,482 sites 
representing approximately $2.4 billion of net book value.
Secured Borrowings on Collateralized Receivables
Refer to Note 5, "Collateralized Receivables and Transfers of Financial Assets," for information on secured borrowings on 
collateralized receivables.
Unsecured Debt
Senior Unsecured Notes
The following table sets forth certain information regarding our outstanding senior unsecured notes (in millions, except for statistical 
information). All senior unsecured notes include interest payments on a semi-annual basis in arrears, and are recorded within the 
Unsecured debt line item on the Consolidated Balance Sheets.
Carrying Amount
Principal Amount
December 31, 2024
December 31, 2023
5.5% notes, issued in January 2024 and due in January 2029(1)
$ 
500.0 
$ 
496.2 
$ 
— 
5.7% notes, issued in January 2023 and due in January 2033
 
400.0 
 
396.1 
 
395.7 
4.2% notes, issued in April 2022 and due in April 2032
 
600.0 
 
593.2 
 
592.6 
2.3% notes, issued in October 2021 and due in November 2028
 
450.0 
 
447.4 
 
446.8 
2.7% notes, issued in June 2021 and October 2021, and due in July 2031
 
750.0 
 
743.4 
 
742.4 
Total
$ 
2,700.0 
$ 
2,676.3 
$ 
2,177.5 
(1) In January 2024, the Operating Partnership issued $500.0 million of senior unsecured notes with an interest rate of 5.5% and a five-year term, due January 15, 2029 
(the "2029 Notes"). Interest on the 2029 Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2024. The net 
proceeds from the offering were $495.4 million, after deducting underwriters' discounts and offering expenses. We used the majority of the net proceeds to repay 
borrowings outstanding under our senior credit facility.
Line of Credit
The Operating Partnership (as borrower), SUI (as guarantor), and certain lenders are parties to a credit agreement which governs our 
senior credit facility.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 31

Prior to March 2024, the aggregate amount of our senior credit facility was $4.2 billion with the ability to upsize the total borrowings 
by an additional $800.0 million, subject to certain conditions. The aggregate amount under the senior credit facility consisted of the 
following: (a) a revolving loan in an amount up to $3.05 billion and (b) a term loan facility of $1.15 billion, with the ability to draw 
funds from the combined facilities in U.S. dollars, pound sterling, euros, Canadian dollars and Australian dollars, subject to certain 
limitations. The maturity date of the revolving loan facility is April 7, 2026. At our option that maturity date may be extended two 
additional six-month periods.
In March 2024, we terminated the term loan facility and settled the associated $1.1 billion of borrowings outstanding under the term 
loan by increasing our borrowings under the revolving loan of the senior credit facility. By terminating the term loan, we reduced our 
aggregate borrowing capacity under the senior credit facility to $3.05 billion under the revolving loan. During the three months ended 
March 31, 2024, we recognized a Loss on extinguishment of debt in our Consolidated Statements of Operations of $0.6 million related 
to the termination of the term loan facility. In June 2024, we amended the senior credit facility to replace the Canadian Dollar Offered 
Rate with the CORRA as the benchmark rate for borrowings denominated in Canadian dollars, with no other significant changes to the 
terms of the senior credit facility.
The senior credit facility bears interest at a floating rate based on the Adjusted Term SOFR, the Adjusted Eurocurrency Rate, the 
Australian BBSY, the Daily SONIA Rate or the CORRA, as applicable, plus a margin, in all cases, which can range from 0.725% to 
1.6%, subject to certain adjustments. As of December 31, 2024, the margins based on our credit ratings were 0.85% on the revolving 
loan facility.
At the lenders' option, the senior credit facility will become immediately due and payable upon an event of default under the Credit 
Facility Agreement. We had $1.4 billion and $944.1 million of borrowings outstanding under the revolving loan as of December 31, 
2024 and 2023, respectively. The balance is recorded in Unsecured debt on the Consolidated Balance Sheets.
The senior credit facility provides us with the ability to issue letters of credit. Our issuance of letters of credit does not increase our 
borrowings outstanding under the senior credit facility, but does reduce the borrowing amount available. We had $11.5 million and 
$26.2 million of outstanding letters of credit at December 31, 2024 and 2023, respectively.
Unsecured Term Loan
In October 2019, we assumed a $58.0 million secured term loan facility related to an acquisition. The term loan initially had a four-
year term ending October 29, 2023, and bore interest at a floating rate based on the Eurodollar rate or Prime rate plus a margin ranging 
from 1.2% to 2.05%. Effective July 1, 2021, we amended the agreement to release the associated collateral, extend the term loan 
facility maturity date to October 29, 2025 and adjust the interest rate margin to a range from 0.8% to 1.6%. In August 2022, we 
amended the unsecured term loan facility to transition from the Eurodollar rate to SOFR. During the three months ended June 30, 
2024, we settled the term loan facility and had no balance outstanding as of December 31, 2024. The outstanding balance was $7.8 
million at December 31, 2023 and was recorded in Unsecured debt on the Consolidated Balance Sheets.
Preferred Equity - Sun NG Resorts - Mandatorily Redeemable
In connection with the investment in Sun NG Resorts in June 2018, unrelated third parties purchased $35.3 million of mandatorily 
redeemable Series A Preferred Equity ("Preferred Equity - Sun NG Resorts") that carried a preferred rate of return of 6.0% per annum 
and had a seven-year term ending June 1, 2025. In December 2023, we settled the remaining outstanding Preferred Equity - Sun NG 
Resorts balance of $35.2 million as part of the transaction with our joint venture partners in Sun NG. Refer to Note 3, "Real Estate 
Acquisitions and Dispositions," for additional information related to the broader transaction with our joint venture partner in Sun NG.
Preferred OP Units - Mandatorily Redeemable
During the year ended December 31, 2023, unit holders converted all 322,934 remaining Aspen preferred OP units, representing 
$8.7 million of unsecured debt, into common OP units. Refer to Note 9, "Equity and Temporary Equity," for additional details related 
to Aspen preferred OP unit conversions.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 32

Covenants
The mortgage term loans, senior unsecured notes, and senior credit facility are subject to various financial and other covenants. The 
most restrictive covenants are pursuant to (a) the terms of the senior credit facility, which contains a maximum leverage ratio, 
minimum fixed charge coverage ratio and maximum secured leverage ratio, and (b) the terms of the senior unsecured notes, which 
contain a total debt to total assets ratio, secured debt to total assets ratio, consolidated income available for debt service to debt service 
ratio, and unencumbered total asset value to unsecured debt ratio. At December 31, 2024, we were in compliance with all financial 
covenants.
In addition, certain of our subsidiary borrowers own properties that secure loans. These subsidiaries are consolidated within our 
accompanying Consolidated Financial Statements, however, each of these subsidiaries' assets and credit are not available to satisfy our 
debts and other obligations, or any of our other subsidiaries or any other person or entity.
Interest Capitalized
We capitalize interest during the construction and development of our communities. Capitalized interest costs associated with 
construction and development activities during the years ended December 31, 2024, 2023, and 2022 were $8.6 million, $12.9 million 
and $7.0 million, respectively.
Long-term Debt Maturities
As of December 31, 2024, the total of our secured debt (excluding premiums and deferred financing costs) and unsecured debt 
(excluding discounts and deferred financing costs) by year of maturity were as follows (in millions):
Maturities and Amortization By Year
Total Due
2025
2026
2027
2028
2029
Thereafter
Secured Debt
Mortgage loans payable
Maturities
$ 
2,511.0 
$ 
48.4 
$ 
650.6 
$ 
4.1 
$ 
303.7 
$ 
335.1 
$ 
1,169.1 
Principal amortization
 
716.4 
 
52.3 
 
44.1 
 
38.3 
 
41.0 
 
39.4 
 
501.3 
Secured borrowings on collateralized 
receivables(1)
 
47.3 
 
2.3 
 
2.5 
 
2.7 
 
2.9 
 
3.1 
 
33.8 
Total Secured Debt
 
3,274.7 
 
103.0 
 
697.2 
 
45.1 
 
347.6 
 
377.6 
 
1,704.2 
Unsecured Debt
Senior unsecured notes
 
2,700.0 
 
— 
 
— 
 
— 
 
450.0 
 
500.0 
 
1,750.0 
Line of credit and other debt
 
1,413.1 
 
— 
 
1,413.1 
 
— 
 
— 
 
— 
 
— 
Total Unsecured Debt
 
4,113.1 
 
— 
 
1,413.1 
 
— 
 
450.0 
 
500.0 
 
1,750.0 
Total Debt
$ 
7,387.8 
$ 
103.0 
$ 
2,110.3 
$ 
45.1 
$ 
797.6 
$ 
877.6 
$ 
3,454.2 
(1) Balance at December 31, 2024 excludes fair value adjustments of $3.9 million.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 33

9. Equity and Temporary Equity
Temporary Equity
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 and other redeemable equity interests. 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 and other redeemable equity interests that were outstanding as of December 31, 2024 and 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
December 31, 2024
December 31, 2024
December 31, 2023
Series D preferred 
OP units
 
488,958 
0.8000
 4.0 %
Holder's 
Option
Any time
$ 
47.5 
$ 
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
 
8.7 
 
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
 
55.4 
 
55.0 
Series J preferred 
OP units
 
236,000 
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
 
22.4 
 
22.7 
Series K preferred 
OP units(4)
 
1,000,000 
0.5882
 4.0 %
Holder's 
Option
Within 60 days after 
March 23, 2028
 
94.1 
 
96.7 
Other redeemable 
equity interests(5)
N/A
N/A
N/A
N/A
N/A
 
11.9 
 
10.7 
Total
 
2,601,999 
$ 
259.8 
$ 
260.9 
(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.
(4) Series K Preferred OP Units - Each Series K preferred OP unit is exchangeable for 0.5882 common OP units. Each such common OP unit will be exchangeable for 
one share of our common stock. We have the right to cause the holders of Series K preferred OP units to exchange such units into common OP units at the applicable 
exchange rate (a) within 60 days after March 23, 2028 or (b) if at any time the trading price of our common stock for each of the preceding 60 trading days is equal to 
or greater than 120% of the Series K conversion price of $170 (as it may be adjusted under the Operating Partnership's partnership agreement). If in connection with 
an exchange pursuant to clause (a) above the recent average price of our common stock (as determined under the Operating Partnership's partnership agreement) is 
less than the Series K conversion price, we will be required to make an additional cash payment in respect of each exchanged Series K preferred OP unit equal to the 
product of (i) the Series K exchange rate and (ii) the difference between such average price and the Series K conversion price. As of December 31, 2024, 1,000,000 
Series K preferred OP units were outstanding. 
(5) Includes redeemable equity interests related to joint ventures that primarily operate and maintain solar energy equipment in select communities and portfolios of RV 
communities in the U.S. In December 2023, as part of the transaction with our joint venture partner in Sun NG, we settled the majority of redeemable equity interests 
of $35.2 million related to the joint ventures under Sun NG resorts. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional information on the 
transaction with our joint venture partner in Sun NG.
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 December 31, 2024, we had 127,436,693 shares of common stock issued and outstanding and no shares of 
preferred stock were issued and outstanding.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 34

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. 
During the three months ended September 30, 2024, we entered into forward sale agreements with respect to 2,713,571 shares of 
common stock under the ATM. We completed the physical settlement of these shares for an aggregate gross sales price of 
$364.3 million and received net proceeds of $361.7 million, or $133.31 per share. The net proceeds were used to repay borrowings 
outstanding under the senior credit facility. Through December 31, 2024, we had entered into and settled forward sales agreements 
under the ATM for an aggregate gross sales price of $524.8 million, leaving $725.2 million available for sale under the ATM.
Issuances of Common OP Units
During the years ended December 31, 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
September 2024
 
243,273 $ 
31.5 
Marina Village Yacht Harbor
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):
December 31, 2024
December 31, 2023
Net foreign currency translation losses
$ 
(44.1) $ 
(29.5) 
Accumulated net gains on derivatives
 
36.2 
 
41.7 
Accumulated other comprehensive income / (losses)
$ 
(7.9) $ 
12.2 
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 35

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
December 31, 2024
December 31, 2024
December 31, 2023
Common OP units
 
2,905,870 
1.0000
Same distribution 
rate for common 
stock
N/A
N/A
$ 
71.5 
$ 
46.5 
Series A-1 preferred 
OP units
 
176,797 
2.4390
 6.0 % N/A
N/A
 
9.2 
 
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
 
19.5 
 
21.4 
Series E preferred OP 
units
 
80,000 
0.6897
 5.5 % N/A
N/A
 
6.0 
 
6.4 
Series L preferred OP 
units(3)
 
20,000 
0.6250
 3.5 % N/A
N/A
 
1.9 
 
2.0 
Total
 
3,519,680 
$ 
110.4 
$ 
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.
(3) Series L Preferred OP Units - Each Series L preferred OP unit is exchangeable for 0.6250 common OP units. Each such common OP unit will be exchangeable for 
one share of our common stock. We have the right to cause the holders of Series L preferred OP units to exchange such units into common OP units at the applicable 
exchange rate (a) any time after December 31, 2028 or (b) if at any time the trading price of our common stock for each of the preceding 60 trading days is equal to 
or greater than 120% of the Series L conversion price of $160 (as it may be adjusted under the Operating Partnership's partnership agreement). If in connection with 
an exchange pursuant to clause (a) above the recent average price of our common stock (as determined under the Operating Partnership's partnership agreement) is 
less than the Series L conversion price, we will be required to make an additional cash payment in respect of each exchanged Series L preferred OP unit equal to the 
product of (i) the Series L exchange rate and (ii) the difference between such average price and the Series L conversion price. As of December 31, 2024, 20,000 
Series L preferred OP units were outstanding.
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 years ended 
December 31, 2024 and 2023:
Year Ended
December 31, 2024
December 31, 2023
Series
Conversion 
Rate
Units / Shares 
Converted
Common 
Stock(1)
Units / Shares 
Converted
Common 
Stock(1)
Common OP 
Units(1)
Aspen preferred OP units
Various
 
— 
 
— 
 
1,258,819 
 
113,972 
 
293,838 
Common OP units
 
1.0000 
 
96,164 
 
96,164 
 
8,848 
 
8,848 
 
— 
Series A-1 preferred OP units
 
2.4390 
 
25,347 
 
61,811 
 
5,404 
 
13,177 
 
— 
Series C preferred OP units
 
1.1100 
 
9,103 
 
10,104 
 
165 
 
183 
 
— 
Series G preferred OP units
 
0.6452 
 
4,898 
 
3,160 
 
30,000 
 
19,353 
 
— 
Series H preferred OP units
 
0.6098 
 
9 
 
5 
 
129 
 
78 
 
— 
Series J preferred OP units
 
0.6061 
 
2,000 
 
1,212 
 
2,000 
 
1,212 
 
— 
(1) Calculation may yield minor differences due to rounding incorporated in the above numbers.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 36

Distributions
Distributions declared for the year ended December 31, 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 
September 30, 2024
9/30/2024
10/15/2024
$ 
0.94 
$ 
122.3 
December 31, 2024
12/31/2024
1/15/2025
$ 
0.94 
$ 
122.5 
10. Share-Based Compensation
As of December 31, 2024, we had two share-based compensation plans: the Sun Communities, Inc. 2015 Equity Incentive Plan (as 
amended, the "2015 Equity Incentive Plan") and the First Amended and Restated 2004 Non-Employee Director Option Plan (as 
amended, the "2004 Non-Employee Director Option Plan"). We believe granting equity awards will provide certain executives, key 
employees and directors with additional incentives to promote our financial success and promote employee and director retention by 
providing an opportunity to acquire or increase the direct proprietary interest of those individuals in our operations and future. Time 
based awards for directors generally vest over three years. Time based awards for key employees and executives generally vest over 
five years. Market condition awards for executives generally vest after three years. As of December 31, 2024, the number of shares of 
common stock that may be issued under the 2015 Equity Incentive Plan is 4,750,000. As of December 31, 2024, there were 2,638,822 
shares available for future issuance.
Restricted Stock
The majority of our share-based compensation is awarded as service vesting restricted stock grants to executives and key employees. 
We have also awarded restricted stock to our non-employee directors. We measure the fair value associated with these awards using 
the closing price of our common stock as of the grant date to calculate compensation cost. Employee awards typically vest over 
several years and are subject to continued employment by the employee. Award recipients receive non-forfeitable distribution 
payments on unvested shares of restricted stock.
2004 Non-Employee Director Option Plan 
The types of awards that may be granted under the 2004 Non-Employee Director Option Plan are options, restricted stock, and OP 
units. Only non-employee directors are eligible to participate in this plan. The maximum number of options, restricted stock, and OP 
units that may be issued under this plan is 375,000 shares. As of December 31, 2024, 121,965 shares remained available for future 
issuance.
During the years ended December 31, 2024 and 2023, shares were granted as follows:
Grant 
Period
Type
Plan
Shares 
Granted
Grant Date 
Fair Value Per 
Share
Vesting Type
2024
Key Employees
2015 Equity Incentive Plan
 
230,040 
$ 
131.10 
(1) Time Based
2024
Executive Officers
2015 Equity Incentive Plan
 
51,800 
$ 
131.99 
(1) Time Based
2024
Executive Officers
2015 Equity Incentive Plan
 
41,400 
$ 
98.14 
(2) Market Condition
(3)
2024
Directors
2004 Non-Employee Director Option Plan
 
20,000 
$ 
129.47 
(1) Time Based
2023
Key Employees
2015 Equity Incentive Plan
 
220,858 
$ 
137.14 
(1) Time Based
2023
Executive Officers
2015 Equity Incentive Plan
 
62,800 
$ 
144.88 
(1) Time Based
2023
Executive Officers
2015 Equity Incentive Plan
 
82,200 
$ 
108.60 
(2) Market Condition
(3)
2023
Directors
2004 Non-Employee Director Option Plan
 
16,000 
$ 
148.12 
(1) Time Based
(1) Represents the weighted average fair value per share of the closing price of our common stock on the dates the shares were awarded.
(2) Represents the weighted average fair value per share of the Monte Carlo simulation fair value price of our market condition awards on the dates the shares were 
awarded.
(3) Share-based compensation for restricted stock awards with market conditions is measured based on an estimate of shares expected to vest using a Monte Carlo 
simulation to determine fair value.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 37

On November 6, 2024, pursuant to John McLaren's appointment as President, we issued 50,000 shares of restricted common stock, 
20,000 of which will vest in equal annual installments over five years ("time based shares"), and 30,000 of which are subject to 
performance vesting after three years based on certain market performance criteria ("market based shares"). In accordance with ASC 
718, we concluded that the grant date for the time based shares was November 6, 2024 and we recognized these shares under the 
applicable guidance. In contrast, for the market based shares, we concluded that the grant date had not yet occurred as of December 
31, 2024 due to the pending terms of the award. Accordingly, we will begin to accrue compensation cost and recognize the market 
based shares in our share count during the year ending December 31, 2025, once applicable under ASC 718.
The following table summarizes our restricted stock activity for the years ended December 31, 2024, 2023, and 2022 (in millions, 
except share and per share data):
 
Number of Shares
Weighted Average 
Grant Date Fair Value
Fair Value of 
Shares Vested
Unvested restricted shares at January 1, 2022
 
788,020 
$ 
121.18 
Granted
 
372,610 
$ 
166.27 
Vested
 
(278,359) $ 
106.98 
$ 
29.8 
Forfeited
 
(27,504) $ 
157.11 
Unvested restricted shares at December 31, 2022
 
854,767 
$ 
144.19 
Granted
 
381,858 
$ 
132.73 
Vested
 
(243,776) $ 
139.03 
$ 
33.9 
Forfeited
 
(55,198) $ 
153.68 
Unvested restricted shares at December 31, 2023
 
937,651 
$ 
140.30 
Granted
 
343,240 
$ 
127.17 
Vested
 
(222,842) $ 
150.36 
$ 
33.5 
Forfeited
 
(148,161) $ 
109.12 
Unvested restricted shares at December 31, 2024
 
909,888 
$ 
137.39 
During the years ended December 31, 2024, 2023, and 2022 we recognized share-based compensation expense of $39.3 million, $40.4 
million, and $37.6 million, respectively, within General and administrative expense on the Consolidated Statements of Operations.
The remaining unrecognized share-based compensation cost, net related to our unvested restricted shares, which includes estimated 
forfeitures, as of December 31, 2024 was approximately $83.8 million and is expected to be recognized over a weighted average 
period of 1.6 years. Forfeitures are estimated at the grant date and are included monthly within compensation cost. The following table 
summarizes our expected share-based compensation cost, net related to our unvested restricted shares, in millions:
 
2025
2026
2027
Thereafter
Expected share-based compensation costs, net
$ 
33.6 
$ 
25.3 
$ 
15.2 
$ 
9.7 
11. Segment Reporting
ASC Topic 280, "Segment Reporting," establishes standards for the way that business enterprises report information about operating 
segments in its financial statements. As described in Note 1, "Significant Accounting Policies," effective January 1, 2024, we 
expanded our organizational structure from three segments, which consisted of (i) manufactured home ("MH") communities, (ii) 
recreational vehicle ("RV") communities, and (iii) Marinas to add a fourth segment that includes communities in the United Kingdom 
("UK"). The new structure reflects how the chief operating decision maker manages the business, makes operating decisions, allocates 
resources, and evaluates operating performance. Beginning with the three months ended March 31, 2024, we are reporting our 
financial results consistent with our newly realigned operating segments and have recast prior period amounts to conform to the way 
we internally manage our business and monitor segment performance. Certain reclassifications have been made to the prior period 
financial statements and related notes in order to conform to the current period presentation. There was no impact to prior period net 
income, shareholders' equity or cash flows for any of the reclassifications.
We group our segments into reportable segments based upon similarities in products and services and geography. Our four reportable 
segments are: (i) MH communities, (ii) RV communities, (iii) Marinas, and (iv) communities in the UK. Each operating segment has 
discrete financial information evaluated regularly by our chief operating decision maker in managing the business, making operating 
decisions, allocating resources, and evaluating operating performance.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 38

The chief operating decision maker ("CODM") is a committee comprised of our Chief Executive Officer, Chief Operating Officer, and 
Chief Financial Officer. The CODM uses NOI to allocate resources (including employees, property, and financial or capital resources) 
for each segment predominately in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on 
a monthly basis for both profit measures when making decisions about allocating capital and personnel to the segments. The CODM 
also uses NOI for evaluating product pricing and segment profit and in the compensation of certain employees. The CODM reviews 
balance sheet information at a consolidated level.
The MH segment owns, operates, develops, or has an interest in, a portfolio of MH communities in the U.S., and is in the business of 
acquiring, operating and developing ground-up MH communities to provide affordable housing solutions to residents. The MH 
segment in the U.S. also provides manufactured home sales and leasing services to tenants and prospective tenants of our 
communities.
The RV segment owns, operates, develops, or has an interest in, a portfolio of RV communities and is in the business of acquiring, 
operating and developing group-up RV communities in the U.S. and Canada. It also provides leasing services for vacation rentals 
within the RV communities.
The Marina segment owns, operates and develops marinas, and is in the business of acquiring and operating marinas in the U.S., with 
the majority of such marinas concentrated in coastal regions, and others located in various inland regions.
The UK segment owns, operates, develops, or has an interest in, a portfolio of communities, referred to as holiday parks, and is in the 
business of acquiring, operating and developing communities in the United Kingdom. It also provides home sales and associated site 
license activities to owners and tenants within the communities.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 39

Revenue is attributable to countries based upon the customer's location. North America revenue represents the combination of the MH, RV, and Marina segments, and UK revenue 
is represented by the UK segment. A presentation of our segment financial information is summarized as follows (in millions):
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
MH
RV
Marina
UK
Total
MH
RV
Marina
UK
Total
MH
RV
Marina
UK
Total
Revenue
Income from real property
$ 956.2 
$ 318.8 
$ 432.6 
$ 132.2 
$ 906.1 
$ 287.2 
$ 406.7 
$ 114.2 
$ 844.0 
$ 269.0 
$ 365.8 
$ 
70.1 
Income from real property - transient
 
1.2 
 
249.7 
 
27.7 
 
45.0 
 
1.4 
 
277.3 
 
24.8 
 
42.1 
 
1.6 
 
294.4 
 
18.8 
 
38.5 
Home sales
 
149.9 
 
31.2 
 
— 
 
188.8 
 
188.6 
 
45.2 
 
— 
 
186.1 
 
238.6 
 
36.8 
 
— 
 
190.4 
Services, retail, dining, and entertainment
 
7.6 
 
81.0 
 
494.4 
 
43.9 
 
8.4 
 
89.2 
 
501.3 
 
40.0 
 
7.5 
 
89.0 
 
402.3 
 
32.8 
Total Operating Revenues
$ 1,114.9 $ 680.7 
$ 954.7 
$ 409.9 
$ 3,160.2 
$ 1,104.5 $ 698.9 
$ 932.8 
$ 382.4 
$ 3,118.6 
$ 1,091.7 $ 689.2 
$ 786.9 
$ 331.8 
$ 2,899.6 
Expenses
Payroll - Real property
 
57.7 
 
92.4 
 
57.6 
 
29.4 
 
58.9 
 
96.4 
 
52.9 
 
25.0 
 
55.0 
 
94.2 
 
47.0 
 
16.4 
Utilities - Real property
 
95.1 
 
69.6 
 
24.8 
 
30.6 
 
89.0 
 
67.8 
 
24.4 
 
27.3 
 
85.3 
 
66.2 
 
22.4 
 
17.6 
Legal, taxes, and insurance - Real property
 
32.9 
 
13.7 
 
11.8 
 
1.4 
 
34.3 
 
13.8 
 
10.9 
 
1.3 
 
22.6 
 
8.2 
 
10.4 
 
0.8 
Supplies and repairs - Real property
 
45.7 
 
31.9 
 
12.7 
 
16.3 
 
38.5 
 
28.5 
 
11.6 
 
15.1 
 
39.1 
 
33.6 
 
10.2 
 
8.2 
Other expenses - Real property
 
12.9 
 
41.5 
 
41.4 
 
12.9 
 
10.4 
 
34.7 
 
37.3 
 
14.9 
 
11.1 
 
36.9 
 
32.0 
 
11.4 
Real estate taxes - Real property
 
69.8 
 
26.5 
 
21.9 
 
7.5 
 
65.9 
 
23.8 
 
21.7 
 
6.0 
 
61.9 
 
24.9 
 
20.3 
 
3.5 
Home sales - Cost of sales
 
107.5 
 
107.6 
 
102.4 
Service, retail, dining, and entertainment - Cost of 
goods sold
 
266.3 
 
15.7 
 
281.1 
 
14.4 
 
200.9 
 
11.0 
Other segment items(a)
 
133.3 
 
77.6 
 
195.4 
 
48.0 
 
155.1 
 
93.1 
 
180.9 
 
43.8 
 
183.3 
 
95.2 
 
155.2 
 
31.3 
Total NOI
$ 667.5 
$ 327.5 
$ 322.8 
$ 140.6 
$ 1,458.4 
$ 652.4 
$ 340.8 
$ 312.0 
$ 127.0 
$ 1,432.2 
$ 633.4 
$ 330.0 
$ 288.5 
$ 129.2 
$ 1,381.1 
Adjustments to arrive at net income
Interest income
 
20.7 
 
45.4 
 
35.2 
Brokerage commissions and other revenues, net
 
40.2 
 
60.6 
 
34.9 
General and administrative expense
 (295.3) 
 (272.1) 
 (257.4) 
Catastrophic event-related charges, net
 
(27.1) 
 
(3.8) 
 
(17.5) 
Business combination expense, net
 
(0.4) 
 
(3.0) 
 
(24.7) 
Depreciation and amortization
 (680.7) 
 (660.0) 
 (601.8) 
Asset impairments
 
(71.4) 
 
(10.1) 
 
(3.0) 
Goodwill impairment
 (180.8) 
 (369.9) 
 
— 
Loss on extinguishment of debt (see Note 8)
 
(1.4) 
 
— 
 
(4.4) 
Interest expense
 (350.4) 
 (325.8) 
 (229.8) 
Interest on mandatorily redeemable preferred OP 
units / equity
 
— 
 
(3.3) 
 
(4.2) 
Loss on remeasurement of marketable securities
 
— 
 
(16.0) 
 
(53.4) 
Gain / (loss) on foreign currency exchanges
 
(25.8) 
 
(0.3) 
 
5.4 
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 40

Gain on dispositions of properties
 
202.9 
 
11.0 
 
12.2 
Other income / (expense), net
 
3.2 
 
(7.5) 
 
(2.1) 
Loss on remeasurement of notes receivable
 
(36.4) 
 (106.7) 
 
(0.8) 
Income from nonconsolidated affiliates (see Note 7)
 
9.5 
 
16.0 
 
2.9 
Gain / (loss) on remeasurement of investment in 
nonconsolidated affiliates
 
6.6 
 
(4.2) 
 
(2.7) 
Current tax expense (see Note 12)
 
(4.3) 
 
(14.5) 
 
(10.3) 
Deferred tax benefit (see Note 12)
 
39.6 
 
22.9 
 
4.2 
Net Income / (Loss)
 
107.1 
 (209.1) 
 
263.8 
Less: Preferred return to preferred OP units / equity 
interests
 
12.8 
 
12.3 
 
11.0 
Less: Income / (loss) attributable to noncontrolling 
interests
 
5.3 
 
(8.1) 
 
10.8 
Net Income / (Loss) Attributable to SUI Common 
Shareholders
$ 
89.0 
$ (213.3) 
$ 242.0 
(a) Other segment items for each reportable segment include:
MH and RV – costs related to home sales and service retail, dining and entertainment, specifically payroll, utilities, legal, taxes, and insurance, supplies and repairs, and other expenses.
Marina – costs related to service, retail, dining and entertainment, specifically payroll, utilities, legal, taxes, and insurance, supplies and repairs, and other expenses.
UK – other costs related to home sales and service retail, dining and entertainment, specifically home sales commission expense, payroll, utilities, legal, taxes, and insurance, supplies and repairs, and other expenses.
Our total assets by segment and by principal geographical area were as follows (in millions):
December 31, 2024
December 31, 2023(1)
 
MH
RV
Marina
UK
Consolidated
MH
RV
Marina
UK
Consolidated
Identifiable Assets
 
 
 
 
 
 
Investment property, net
$ 
5,114.8 
$ 
3,505.8 
$ 
3,307.9 
$ 
2,244.6 
$ 
14,173.1 
$ 
5,317.4 
$ 
3,718.8 
$ 
3,214.5 
$ 
2,192.9 
$ 
14,443.6 
Cash, cash equivalents and restricted cash
 
32.3 
 
16.7 
 
6.8 
 
8.1 
 
63.9 
 
20.1 
 
11.8 
 
6.4 
 
4.4 
 
42.7 
Marketable securities
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
Inventory of manufactured homes
 
52.4 
 
15.3 
 
— 
 
62.1 
 
129.8 
 
103.1 
 
24.3 
 
— 
 
78.2 
 
205.6 
Notes and other receivables, net
 
233.4 
 
121.4 
 
53.9 
 
75.3 
 
484.0 
 
159.1 
 
119.7 
 
54.3 
 
88.5 
 
421.6 
Collateralized receivables, net
 
51.2 
 
— 
 
— 
 
— 
 
51.2 
 
56.2 
 
— 
 
— 
 
— 
 
56.2 
Goodwill
 
— 
 
9.5 
 
541.7 
 
— 
 
551.2 
 
— 
 
9.5 
 
541.5 
 
182.0 
 
733.0 
Other intangible assets, net
 
9.5 
 
26.3 
 
236.4 
 
66.7 
 
338.9 
 
14.3 
 
29.0 
 
252.2 
 
74.0 
 
369.5 
Other assets, net
 
261.1 
 
84.2 
 
267.7 
 
144.3 
 
757.3 
 
271.0 
 
47.6 
 
240.7 
 
109.2 
 
668.5 
Total Assets
$ 
5,754.7 
$ 
3,779.2 
$ 
4,414.4 
$ 
2,601.1 
$ 
16,549.4 
$ 
5,941.2 
$ 
3,960.7 
$ 
4,309.6 
$ 
2,729.2 
$ 
16,940.7 
(1) Recast to reflect segment changes.
Year Ended
December 31, 2024
% of Total
December 31, 2023
% of Total
North America
$ 
13,948.3 
 84.3 % $ 
14,211.5 
 83.9 %
United Kingdom
 
2,601.1 
 15.7 %  
2,729.2 
 16.1 %
Total Assets
$ 
16,549.4 
 100.0 % $ 
16,940.7 
 100.0 %
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 41

12. Income Taxes 
We have elected to be taxed as a REIT pursuant to Section 856(c) of the Internal Revenue Code of 1986, as amended ("Code"). In 
order for us to qualify as a REIT, at least 95% of our gross income in any year must be derived from qualifying sources. In addition, a 
REIT must distribute annually at least 90% of its REIT taxable income (calculated without any deduction for dividends paid and 
excluding capital gains) to its shareholders and meet other tests.
Qualification as a REIT involves the satisfaction of numerous requirements (on an annual and quarterly basis) established under highly 
technical and complex Code provisions for which there are limited judicial or administrative interpretations and involves the 
determination of various factual matters and circumstances not entirely within our control. In addition, frequent changes occur in the 
area of REIT taxation, which requires us to continually monitor our tax status. We analyzed the various REIT tests and confirmed that 
we continued to qualify as a REIT for the year ended December 31, 2024.
As a REIT, we generally will not be subject to U.S. federal income taxes at the corporate level on the ordinary taxable income we 
distribute to our shareholders as dividends. If we fail to qualify as a REIT in any taxable year, our taxable income could be subject to 
U.S. federal income tax at regular corporate rates. Even if we qualify as a REIT, we may be subject to certain state and local income 
taxes, as well as U.S. federal income and excise taxes on our undistributed income. In addition, taxable income from non-REIT 
activities managed through taxable REIT subsidiaries is subject to federal, state and local income taxes. We are also subject to local 
income taxes in Canada, Puerto Rico, and the UK due to certain properties located in those jurisdictions. We do not provide for 
withholding taxes on our undistributed earnings from our Canadian subsidiaries as they are reinvested and will continue to be 
reinvested indefinitely outside of the U.S. As currently structured, we are not subject to UK withholding taxes on distributions from 
our UK properties.
For income tax purposes, distributions paid to common shareholders consist of ordinary income, capital gains, and return of capital. 
For the years ended December 31, 2024, 2023, and 2022, distributions paid per share were taxable as follows (unaudited / rounded):
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Amount
Percentage
Amount
Percentage
Amount
Percentage
Ordinary income(1)
$ 
1.98 
 52.70 %
$ 
2.30 
 62.62 %
$ 
2.55 
 73.62 %
Capital gain
 
1.63 
 43.50 %
 
— 
 — %
 
— 
 — %
Return of capital
 
0.14 
 3.80 %
 
1.37 
 37.38 %
 
0.92 
 26.38 %
Total distributions declared
$ 
3.75 
 100.00 %
$ 
3.67 
 100.00 %
$ 
3.47 
 100.00 %
(1) 100% of the ordinary taxable dividend qualifies as a Section 199A dividend for 2024 and 0% of the ordinary taxable dividend qualifies as a Qualified Dividend for 
2024.
The components of income / (loss) attributable to taxable subsidiaries before provision for income taxes are as follows (in millions):
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Domestic
$ 
(77.9) $ 
(21.0) $ 
(13.4) 
Foreign
 
(72.1)  
(46.2)  
24.8 
Income / (loss) before provision for income taxes
$ 
(150.0) $ 
(67.2) $ 
11.4 
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 42

The components of our provision / (benefit) for income taxes attributable to continuing operations for the years ended December 31, 
2024, 2023, and 2022 are as follows (in millions):
Year Ended 
December 31, 2024
December 31, 2023
December 31, 2022
Federal
Current
$ 
— 
$ 
— 
$ 
— 
Deferred
 
— 
 
— 
 
— 
State and Local
Current
 
2.7 
 
2.9 
 
2.3 
Deferred
 
— 
 
— 
 
— 
Foreign
Current
 
1.6 
 
11.6 
 
8.0 
Deferred
 
(39.6)  
(22.9)  
(4.2) 
Total provision / (benefit)
$ 
(35.3) $ 
(8.4) $ 
6.1 
A reconciliation of the provision / (benefit) for income taxes with the amount computed by applying the statutory federal income tax 
rate to income before provision for income taxes for the years ended December 31, 2024, 2023, and 2022 is as follows (amounts in 
millions):
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Pre-tax income / (loss) attributable to taxable subsidiaries
$ 
(150.0) 
$ 
(67.2) 
$ 
11.4 
Federal provision / (benefit) at statutory tax rate
 
(31.5) 
 21.0 %
 
(14.1) 
 21.0 %
 
2.4 
 21.0 %
State and local taxes, net of federal benefit
 
1.8 
 (1.2) %
 
1.4 
 (2.0) %
 
0.7 
 6.5 %
Rate differential
 
(4.7) 
 3.1 %
 
(4.7) 
 7.0 %
 
(0.4) 
 (3.5) %
Change in valuation allowance
 
6.0 
 (4.0) %
 
5.4 
 (8.1) %
 
2.8 
 24.5 %
Non-U.S. income taxed at other than the U.S. federal 
statutory tax rate
 
(7.2) 
 4.8 %
 
3.1 
 (4.6) %
 
(0.6) 
 (5.5) %
Others
 
(0.7) 
 0.4 %
 
(1.0) 
 1.4 %
 
(0.4) 
 (3.0) %
Tax provision / (benefit) - taxable subsidiaries
 
(36.3) 
 24.1 %
 
(9.9) 
 14.7 %
 
4.5 
 40.0 %
Other state taxes - flow through subsidiaries
 
1.0 
 
1.5 
 
1.6 
Total provision / (benefit)
$ 
(35.3) 
$ 
(8.4) 
$ 
6.1 
Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial 
reporting purposes and the basis of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced, if necessary, by 
a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence. Our 
temporary differences primarily relate to net operating loss carryforwards, depreciation, interest and basis differences between tax and 
GAAP. Our deferred tax assets that have a full valuation allowance relate to our taxable REIT subsidiaries.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 43

The deferred tax assets and liabilities included in the Consolidated Balance Sheets are comprised of the following tax effects of 
temporary differences and based on the most recent tax rate legislation (in millions):
As of 
December 31, 2024
December 31, 2023
December 31, 2022
Deferred Tax Assets
NOL carryforwards
$ 
32.0 
$ 
28.7 
$ 
25.9 
Depreciation and basis differences
 
31.2 
 
27.4 
 
26.0 
Restricted interest carryforwards
 
81.3 
 
51.9 
 
25.2 
Other
 
16.9 
 
5.4 
 
4.9 
Gross deferred tax assets
 
161.4 
 
113.4 
 
82.0 
Valuation allowance
 
(61.2)  
(55.3)  
(49.8) 
Net deferred tax assets(1)
 
100.2 
 
58.1 
 
32.2 
Deferred Tax Liabilities
Basis differences - US assets
 
— 
 
— 
 
— 
Basis differences - foreign investment(2)
 
(367.2)  
(335.2)  
(340.8) 
Gross deferred tax liabilities(3)
 
(367.2)  
(335.2)  
(340.8) 
Net Deferred Tax Liability
$ 
(267.0) $ 
(277.1) $ 
(308.6) 
(1) Net deferred tax assets are included within Other assets, net in our Consolidated Balance Sheets.
(2) Balance as of December 31, 2024 relates to basis differences in our foreign investments in properties in the UK and Canada.
(3) Gross deferred tax liabilities are included within Other liabilities in our Consolidated Balance Sheets.
Our U.S. taxable REIT subsidiaries operating loss carryforwards are $154.5 million, or $32.0 million after tax, including SHS loss 
carryforwards of $149.4 million, or $31.4 million after tax, as of December 31, 2024. The loss carryforwards will begin to expire in 
2025 through 2036 if not offset by future taxable income. In addition, our Canadian subsidiaries have operating loss carryforwards of 
$0.2 million, or $0.1 million after tax, as of December 31, 2024. The loss carryforwards will begin to expire in 2040 through 2042 if 
not offset by future taxable income.
Our policy is to report income tax penalties and income tax related interest expense as a component of income tax expense. No interest 
or penalty associated with any unrecognized income tax provision or benefit was accrued, nor was any income tax related interest or 
penalty recognized during the years ended December 31, 2024, 2023, and 2022.
13. Earnings / (Loss) Per Share
Earnings / (loss) per share ("EPS") is computed by dividing net earnings / (loss) by the weighted average number of common shares 
outstanding during the period on a basic and diluted basis. We calculate diluted EPS using the more dilutive of the treasury stock 
method and the two-class method for stock option and restricted common shares, the treasury stock method for forward equity sales, 
and the if converted method for convertible units.
From time to time, we enter into forward equity sales agreements, which are discussed in Note 9, "Equity and Temporary Equity." We 
considered the potential dilution resulting from the forward equity sales agreements on the EPS calculations. At inception, the 
agreements do not have an effect on the computation of basic EPS as no shares are delivered unless there is a physical settlement. 
Common shares issued upon the physical settlement of the forward equity sales agreements, weighted for the period these common 
shares are outstanding, are included in the denominator of basic EPS. To determine the dilution resulting from the forward equity sales 
agreements during the period of time prior to settlement, we calculate the number of weighted-average shares outstanding - diluted in 
accordance with the treasury stock method.
Our potentially dilutive securities include our potential common shares related to our forward equity offerings, our unvested restricted 
common shares, and our Operating Partnership outstanding common OP units, Series A-1 preferred OP units, Series A-3 preferred OP 
units, Series C preferred OP units, Series D preferred OP units, Series E preferred OP units, Series F preferred OP units, Series G 
preferred OP units, Series H preferred OP units, Series J preferred OP units, Series K preferred OP units, and Series L preferred OP 
units, which, if converted or exercised, may impact dilution.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 44

Diluted EPS considers the impact of potentially dilutive securities except when the potential common shares have an anti-dilutive 
effect. Our unvested restricted stock common shares contain rights to receive non-forfeitable distributions and participate equally with 
common stock with respect to distributions issued or declared, and thus, are participating securities, requiring the two-class method of 
computing EPS. In calculating the two-class method, undistributed earnings are allocated to both common shares and participating 
securities based on the weighted average number of shares outstanding during the period. The two-class method determines EPS by 
(1) dividing the sum of distributed earnings and undistributed earnings allocated to common shareholders by the weighted average 
number of shares of common stock outstanding for the period; and (2) dividing the sum of distributed earnings and undistributed 
earnings allocated to participating securities by the weighted average number of shares of participating securities for the period. The 
remaining potential dilutive common shares do not contain rights to distributions and are included in the computation of diluted EPS.
Computations of basic and diluted EPS were as follows (in millions, except per share data):
Year Ended
December 31, 
2024
December 31, 
2023
December 31, 
2022
Numerator
Net income / (loss) attributable to SUI common shareholders
$ 
89.0 
$ 
(213.3) $ 
242.0 
Less: allocation to restricted stock awards
 
0.4 
 
(1.8)  
1.4 
Basic earnings - net income / (loss) attributable to common shareholders after allocation to 
restricted stock awards
$ 
88.6 
$ 
(211.5) $ 
240.6 
Add: allocation to common and preferred OP units dilutive effect
 
1.2 
 
— 
 
4.7 
Add: allocation to restricted stock awards
 
— 
 
(1.8)  
— 
Diluted earnings - net income / (loss) attributable to common shareholders after allocation to 
common and preferred OP units(1)(2)
$ 
89.8 
$ 
(213.3) $ 
245.3 
Denominator
 
 
 
Weighted average common shares outstanding
$ 
124.5 
$ 
123.4 
$ 
120.2 
Add: common shares dilutive effect from Forward Equity Offering
 
— 
 
— 
 
0.2 
Add: dilutive restricted stock
 
— 
 
0.4 
 
— 
Add: common and preferred OP units dilutive effect
 
2.7 
 
— 
 
2.5 
Diluted weighted average common shares and securities(1)(2)
$ 
127.2 
$ 
123.8 
$ 
122.9 
EPS Available to Common Shareholders After Allocation
 
 
 
Basic earnings / (loss) per share
$ 
0.71 
$ 
(1.71) $ 
2.00 
Diluted earnings / (loss) per share(1)(2)
$ 
0.71 
$ 
(1.72) $ 
2.00 
(1) For the years ended December 31, 2024 and 2022, diluted earnings per share was calculated using the two-class method for restricted stock awards as the application 
of this method resulted in a more diluted earnings per share during those periods.
(2) For the year ended December 31, 2023, diluted earnings per share was calculated using the treasury stock method for restricted stock awards as the application of this 
method resulted in a more diluted earnings per share during this period.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 45

We have excluded certain convertible securities from the computation of diluted EPS because the inclusion of those securities would 
have been anti-dilutive for the periods presented. The following table presents the outstanding securities that were excluded from the 
computation of diluted EPS as of December 31, 2024, 2023, and 2022 (in thousands):
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Common OP units
 
— 
 
2,735 
 
— 
A-1 preferred OP units
 
177 
 
202 
 
208 
A-3 preferred OP units
 
40 
 
40 
 
40 
Aspen preferred OP units(1)
N/A
N/A  
1,259 
Series C preferred OP units
 
297 
 
306 
 
306 
Series D preferred OP units
 
489 
 
489 
 
489 
Series E preferred OP units
 
80 
 
80 
 
80 
Series F preferred OP units
 
90 
 
90 
 
90 
Series G preferred OP units
 
206 
 
211 
 
241 
Series H preferred OP units
 
581 
 
581 
 
581 
Series J preferred OP units
 
236 
 
238 
 
240 
Series K preferred OP units
 
1,000 
 
1,000 
N/A
Series L preferred OP units
 
20 
 
20 
N/A
Total Securities
 
3,216 
 
5,992 
 
3,534 
N/A = Not applicable.
(1) All of our outstanding Aspen preferred OP units converted during the year ended December 31, 2023.
14. Derivative Financial Instruments
We hold treasury rate lock contracts, interest rate swaps, and forward swaps for interest rate risk management purposes. We do not 
enter into derivative instruments for speculative purposes. As of December 31, 2024 and 2023, respectively, we held 11 and 13 
derivative contracts, which have each been designated as cash flow hedges under ASC Topic 815, "Derivatives and Hedging." The 
risks being hedged are the interest rate risk related to outstanding floating rate debt and forecasted debt issuance transactions, and the 
benchmark interest rates used are the SOFR and the SONIA Rate.
Derivative Contract Activity
During the years ended December 31, 2024 and 2023, we entered into the following derivative contracts (with notional amounts in 
millions):
Period
Number of 
Contracts
Instrument Type
Currency
Notional 
Amount
Index 
Type
Hedged Item
Three months ended September 30, 2024
 
1 
Interest Rate Swap
USD
$ 
25.0 
SOFR
Future Debt Offering
Three months ended June 30, 2024
 
3 
Interest Rate Swap
USD
 
100.0 
SOFR
Future Debt Offering
Three months ended March 31, 2024
 
1 
Interest Rate Swap
USD
 
25.0 
SOFR
Future Debt Offering
Total
 
5 
 
150.0 
Three months ended December 31, 2023
 
7 
Forward Swap
USD
 
255.0 
SOFR
Future Debt Offering
Three months ended December 31, 2023
 
1 
Interest Rate Swap
USD
 
25.0 
SOFR
Term Loan Senior Credit Facility
Three months ended September 30, 2023
 
2 
Interest Rate Swap
USD
 
125.0 
SOFR
Term Loan Senior Credit Facility
Three months ended March 31, 2023
 
1 
Interest Rate Swap
GBP(1)
 
125.5 
SONIA
Term Loan Senior Credit Facility
Three months ended March 31, 2023
 
1 
Interest Rate Swap
USD
 
50.0 
SOFR
Future Debt Offering
Total
 
12 
$ 
580.5 
(1) The notional amount of the swap contract in local currency is £100.0 million. The USD equivalent amount is converted as of December 31, 2024.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 46

During the years ended December 31, 2024 and 2023, we terminated the following derivative contracts (in millions):
Period
Type
Currency
Notional Amount
Cash Settlement Receipt / 
(Payment)
Three months ended March 31, 2024
Forward Swap(1)
USD
$ 
255.0 
$ 
(2.3) 
Three months ended December 31, 2023
Interest Rate Swap
USD
 
50.0 
 
6.0 
Three months ended March 31, 2023
Treasury Rate Locks & Forward Swap(2)
USD
 
250.0 
 
7.4 
Total
$ 
300.0 
$ 
13.4 
(1) Includes seven forward swap contracts which were terminated in connection with the 2029 Notes issuance.
(2) These include two $100.0 million treasury rate locks and one $50.0 million forward swap which were terminated in connection with the issuance of $400.0 million of 
senior unsecured notes with an interest rate of 5.7% and a 10-year term, due January 15, 2033.
The following table presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts 
(in millions):
December 31, 2024
December 31, 2023
Derivatives Designated as Cash Flow Hedges
Notional
Fair Value 
of Assets(1)
Fair Value of 
Liabilities(2)
Notional
Fair Value 
of Assets(1)
Fair Value of 
Liabilities(2)
Interest rate derivatives
$ 
927.6 
$ 
6.3 
$ 
1.3 
$ 
1,041.5 
$ 
11.7 
$ 
7.7 
(1) Included within Other assets, net on the Consolidated Balance Sheets.
(2) Included within Other liabilities on the Consolidated Balance Sheets.
The following table presents the gains / (losses) on derivatives in cash flow hedging relationships recognized in OCI (in millions):
Year Ended
Derivatives Designated as Cash Flow Hedges
December 31, 2024
December 31, 2023
December 31, 2022
Interest rate derivatives
$ 
13.2 
$ 
(4.9) $ 
64.3 
The following table presents the amount of gains on derivative instruments reclassified from Accumulated other comprehensive 
income into earnings (in millions):
Year Ended
Derivatives Designated as Cash Flow Hedges
Financial Statement Classification
December 31, 2024
December 31, 2023
December 31, 2022
Interest rate derivatives
Interest expense
$ 
19.0 
$ 
14.9 
$ 
1.3 
Refer to Note 1, "Significant Accounting Policies," for our accounting policies pertaining to derivative financial instruments. Refer to 
Note 15, "Fair Value Measurements," for additional information related to the fair value methodology used for derivative financial 
instruments.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 47

15. Fair Value Measurements
Our financial instruments consist primarily of cash, cash equivalents, and restricted cash, notes and other receivables, derivative assets 
and liabilities, debt, and other liabilities. 
Assets by Hierarchy Level
The table below sets forth our financial assets and liabilities (in millions) that require disclosure of fair value on a recurring basis as of 
December 31, 2024. The table presents the carrying values and fair values of our financial instruments as of December 31, 2024 and 
2023, that were measured using the valuation techniques described in Note 1, "Significant Accounting Policies." The table excludes 
other financial instruments such as other receivables and accounts payable as the carrying values associated with these instruments 
approximate their fair value since their maturities are less than one year. These are classified as Level 1 in the hierarchy.
December 31, 2024
Carrying 
Value
Fair Value
Quoted Prices in 
Active Markets for 
Identical Assets 
and Liabilities
(Level 1)
Significant 
Other 
Observable 
Inputs
(Level 2)
Significant 
Unobservable 
Inputs
(Level 3)
Total
Financial Assets
Cash, cash equivalents and restricted cash
$ 
63.9 
$ 
63.9 
$ 
— 
$ 
— 
$ 
63.9 
Installment notes receivable on manufactured homes, net
 
93.9 
 
— 
 
— 
 
93.9 
 
93.9 
Notes receivable from real estate developers and operators
 
148.5 
 
— 
 
— 
 
148.5 
 
148.5 
Collateralized receivables, net
 
51.2 
 
— 
 
— 
 
51.2 
 
51.2 
Derivative assets
 
6.3 
 
— 
 
6.3 
 
— 
 
6.3 
Total assets measured at fair value
$ 
363.8 
$ 
63.9 
$ 
6.3 
$ 
293.6 
$ 
363.8 
Financial Liabilities
 
 
Mortgage loans payable
$ 
3,212.2 
$ 
— 
$ 
2,952.4 
$ 
— 
$ 
2,952.4 
Secured borrowings on collateralized receivables
 
51.2 
 
— 
 
— 
 
51.2 
 
51.2 
Total secured debt
 
3,263.4 
 
— 
 
2,952.4 
 
51.2 
 
3,003.6 
Unsecured debt
Senior unsecured notes
 
2,676.3 
 
— 
 
2,476.8 
 
— 
 
2,476.8 
Line of credit and other unsecured debt
 
1,413.1 
 
— 
 
1,413.1 
 
— 
 
1,413.1 
Total unsecured debt
 
4,089.4 
 
— 
 
3,889.9 
 
— 
 
3,889.9 
Derivative liabilities
 
1.3 
 
— 
 
1.3 
 
— 
 
1.3 
Other financial liabilities (contingent consideration)
 
20.2 
 
— 
 
— 
 
20.2 
 
20.2 
Total liabilities measured at fair value
$ 
7,374.3 
$ 
— 
$ 
6,843.6 
$ 
71.4 
$ 
6,915.0 
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 48

December 31, 2023
Fair Value
Carrying 
Value
Quoted Prices in 
Active Markets for 
Identical Assets 
and Liabilities
(Level 1)
Significant 
Other 
Observable 
Inputs
(Level 2)
Significant 
Unobservable 
Inputs
(Level 3)
Total
Financial Assets
Cash, cash equivalents and restricted cash
$ 
42.7 
$ 
42.7 
$ 
— 
$ 
— 
$ 
42.7 
Installment notes receivable on manufactured homes, net
 
19.6 
 
— 
 
— 
 
19.6 
 
19.6 
Notes receivable from real estate developers and operators
 
134.5 
 
— 
 
— 
 
134.5 
 
134.5 
Collateralized receivables, net
 
56.2 
 
— 
 
— 
 
56.2 
 
56.2 
Derivative assets
 
11.7 
 
— 
 
11.7 
 
— 
 
11.7 
Total Assets Measured at Fair Value
$ 
264.7 
$ 
42.7 
$ 
11.7 
$ 
210.3 
$ 
264.7 
Financial Liabilities
 
 
Mortgage loans payable
$ 
3,478.9 
$ 
— 
$ 
3,167.0 
$ 
— 
$ 
3,167.0 
Secured borrowings on collateralized receivables
 
55.8 
 
— 
 
— 
 
55.8 
 
55.8 
Total secured debt
 
3,534.7 
 
— 
 
3,167.0 
 
55.8 
 
3,222.8 
Unsecured debt
Senior unsecured notes
 
2,177.5 
 
— 
 
1,973.2 
 
— 
 
1,973.2 
Line of credit and other unsecured debt
 
2,065.1 
 
— 
 
2,065.1 
 
— 
 
2,065.1 
Total unsecured debt
 
4,242.6 
 
— 
 
4,038.3 
 
— 
 
4,038.3 
Derivative liabilities
 
7.7 
 
— 
 
7.7 
 
— 
 
7.7 
Other financial liabilities (contingent consideration)
 
20.2 
 
— 
 
— 
 
20.2 
 
20.2 
Total Liabilities Measured at Fair Value
$ 
7,805.2 
$ 
— 
$ 
7,213.0 
$ 
76.0 
$ 
7,289.0 
We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value 
disclosures. The following methods and assumptions were used in order to estimate the fair value of each class of financial instrument 
for which it is practicable to estimate that value:
Cash, Cash Equivalents and Restricted Cash
The carrying values of cash, cash equivalents and restricted cash approximate their fair market values due to the short-term nature of 
the instruments. These are classified as Level 1 in the hierarchy.
Marketable Securities
During the year ended December 31, 2023, we sold our 41.8 million share marketable security position in Ingenia, generating 
$102.5 million of proceeds, net of $1.0 million of underwriting and other fees, with a realized loss of $8.0 million. The proceeds were 
used to pay down amounts drawn under our senior credit facility.
Installment Notes Receivable on Manufactured Homes and Collateralized Receivables
Installment notes receivable on manufactured homes and collateralized receivables are recorded at fair value and are measured using 
model-derived indicative pricing using primarily unobservable inputs, inclusive of default rates, interest rates and recovery rates 
(Level 3). Refer to Note 4, "Notes and Other Receivables" and Note 5, "Collateralized Receivables and Transfers of Financial Assets," 
for additional information.
Notes Receivable from Real Estate Developers and Operators
Notes receivable from real estate developers and operators are recorded at fair value and are measured using model-derived indicative 
pricing using primarily unobservable inputs including interest rates and counterparty performance (Level 3). The carrying values of 
the notes generally approximate their fair market values either due to the nature of the note and / or the note being secured primarily 
by underlying real estate and other collateral and / or personal guarantees. Refer to Note 4, "Notes and Other Receivables," for 
additional information.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 49

Derivatives Assets and Liabilities - Interest Rate Derivatives
Interest rate derivatives are recorded at fair value and consist of interest rate swaps and forward swaps. The fair value of these 
financial instruments are measured using observable inputs based on the SOFR and SONIA Rates, respectively (Level 2).
Secured Debt
Secured debt consists primarily of our mortgage term loans. The fair value of mortgage term loans is based on the estimates of 
management and on rates currently quoted, rates currently prevailing for comparable loans and instruments of comparable maturities 
(Level 2). Refer to Note 8, "Debt and Line of Credit," for additional information.
Secured borrowings on collateralized receivables - recorded at fair value and adjusted based on the same interest rates as the related 
collateralized receivables (Level 3). Refer to Note 5, "Collateralized Receivables and Transfers of Financial Assets" and Note 8, "Debt 
and Line of Credit," for additional information.
Unsecured Debt
Senior unsecured notes - the fair value of senior unsecured notes is based on the estimates of management and on rates currently 
quoted, rates currently prevailing for comparable loans and instruments of comparable maturities (Level 2). Refer to Note 8, "Debt and 
Line of Credit," for additional information.
Line of credit and other unsecured debt - consists primarily of our senior credit facility. We have variable rates on our senior credit 
facility. The fair value of the debt with variable rates approximates carrying value as the interest rates of these amounts approximate 
market rates (Level 2). The estimated fair value of our debt as of December 31, 2024 approximated its gross carrying value.
Other Financial Liabilities
We estimate the fair value of contingent consideration liabilities based on valuation models using significant unobservable inputs that 
generally consider discounting of future cash flows using market interest rates and adjusting for non-performance risk over the 
remaining term of the liability (Level 3).
Level 3 Reconciliation, Measurements, and Transfers
We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may 
result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 
at the beginning fair value for the reporting period in which the changes occur. Availability of secondary market activity and 
consistency of pricing from third-party sources impacts our ability to classify securities as Level 2 or Level 3. There were no transfers 
into or out of Level 3 during the years ended December 31, 2024 and 2023.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 50

The following tables summarize changes to our financial instruments carried at fair value and classified within Level 3 of the fair 
value hierarchy for the years ended December 31, 2024 and 2023 (in millions):
Year Ended
December 31, 2024
December 31, 2023
Assets:
Installment 
Notes 
Receivable 
on MH, net
Notes 
Receivable 
From Real 
Estate 
Developers 
and Operators
Collateralized 
Receivables, 
net
Warrants
Installment 
Notes 
Receivable 
on MH, net
Notes 
Receivable 
From Real 
Estate 
Developers 
and Operators
Collateralized 
Receivables, 
net
Warrants
Level 3 beginning 
balance at 
December 31, 
2024 and 2023
$ 
19.6 
$ 
134.5 
$ 
56.2 
$ 
— 
$ 
65.9 
$ 
305.2 
$ 
— 
$ 
— 
Realized gains / 
(losses)
 
(0.5) (1)  
(35.8) (1)  
2.1 (2)  
— (3)  
(3.8) (1)
 
(102.9) (1)  
1.5 (2)  
(0.4) (3)
Purchases and 
issuances
 
81.4 
 
63.2 
 
— 
 
— 
 
22.0 
 
187.4 
 
— 
 
0.4 
Sales and 
settlements
 
(4.6) 
 
(13.3) 
 
(7.1) 
 
— 
 
(9.2) 
 
(275.0) 
 
(0.6) 
 
— 
Dispositions of 
properties
 
(2.0) 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
Foreign currency 
exchange gains / 
(losses)
 
— 
 
(0.5) 
 
— 
 
— 
 
— 
 
19.7 
 
— 
Other 
adjustments(4)
 
— 
 
0.4 
 
— 
 
— 
 
(55.3) 
 
0.1 
 
55.3 
 
— 
Level 3 ending 
balance at 
December 31, 
2024 and 2023
$ 
93.9 
$ 
148.5 
$ 
51.2 
$ 
— 
$ 
19.6 
$ 
134.5 
$ 
56.2 
$ 
— 
(1) Realized losses recorded within Gain / (loss) on remeasurement of notes receivable on the Consolidated Statements of Operations.
(2) Realized gains recorded within Other income / (expense), net on the Consolidated Statements of Operations.
(3) Realized losses recorded within Income from nonconsolidated affiliates on the Consolidated Statements of Operations.
(4) Primarily relates to the transfer of Installment notes receivable to Collateralized receivables, net. Refer to Note 5, "Collateralized Receivables and Transfers of 
Financial Assets." for additional details.
Year Ended
December 31, 2024
December 31, 2023
Liabilities:
Secured 
Borrowing on 
Collateralized 
Receivables
Other Liabilities 
(Contingent 
Consideration)
Secured 
Borrowing on 
Collateralized 
Receivables
Other Liabilities 
(Contingent 
Consideration)
Level 3 beginning balance at December 31, 2024 and 2023
$ 
55.8 
$ 
20.2 
$ 
— 
$ 
20.2 
Realized losses
 
2.1 
 
— 
 
1.9 (1)  
— 
Purchases and issuances
 
0.4 
 
— 
 
54.5 
 
— 
Sales and settlements
 
(7.1)  
— 
 
(0.6) 
 
— 
Other adjustments
 
— 
 
— 
 
— 
 
— 
Level 3 ending balance at December 31, 2024 and 2023
$ 
51.2 
$ 
20.2 
$ 
55.8 
$ 
20.2 
(1) Realized losses are recorded within Other income / (expense), net on the Consolidated Statements of Operations.
Fair Value Measurements on a Nonrecurring Basis
We review the carrying value of long-lived assets to be held for use for impairment quarterly or whenever events or changes in 
circumstances indicate a possible impairment. During the year ended December 31, 2024, we recognized asset impairment charges of 
$24.1 million due to a strategy shift pertaining to certain development properties and other assets within our MH and RV segments. 
The fair value measurement was determined by estimating discounted cash flows using certain unobservable Level 3 inputs, based on 
the expectation that the development projects are no longer probable of being realized. During the year ended December 31, 2024, we 
also recorded impairment charges of $22.9 million related to properties that were reclassified to held for sale and subsequently sold. 
The impairment charges were recorded within Asset impairments on the Consolidated Statements of Operations. Refer to Note 3, 
"Real Estate Acquisitions and Dispositions," for additional information.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 51

During the year ended December 31, 2024, we recorded a goodwill impairment charge of $180.8 million to write down the carrying 
value of the Park Holidays reporting unit within the UK reporting segment to its fair value. The fair value measurement process 
utilized both an income approach and a market approach and primarily unobservable Level 3 inputs. After the impairment charge, the 
fair value of goodwill within the UK reporting segment was $0 as of December 31, 2024. Refer to Note 1, "Significant Accounting 
Policies," and Note 6, "Goodwill and Other Intangible Assets," for additional information.
Although we have determined the estimated fair value amounts using available market information and commonly accepted valuation 
methodologies, considerable judgment is required in interpreting market data to develop fair value estimates. The fair value estimates 
are based on information available as of December 31, 2024. As such, our estimates of fair value could differ significantly from the 
actual carrying value.
16. Commitments and Contingencies
Legal Proceedings - Class Action Litigation
Since August 31, 2023, several putative class action complaints have been filed in the U.S. District Court for the Northern District of 
Illinois, Eastern Division, against Datacomp Appraisal Systems, Inc., us, and nine other large MH operators in the U.S. The complaint 
alleges that the defendants have violated federal antitrust laws by sharing and receiving competitively sensitive non-public information 
to maintain artificially high site rents. The complaints have been consolidated into the case captioned In re Manufactured Home Lot 
Rents Antitrust Litigation, No. 1:23-cv-06715.
Plaintiffs seek both injunctive relief and monetary damages, as well as attorneys' fees. We are unable to estimate a range of loss, if 
any, that could result were there to be an adverse final decision in this litigation. If an unfavorable result were to occur, it is possible 
that the impact could be material to our results of operations in the periods in which any such outcome becomes probable and 
estimable.
We believe that the plaintiffs' allegations are without merit and intend to defend against them vigorously. However, litigation is 
inherently uncertain and there can be no assurance regarding the likelihood that our defense of this litigation will be successful.
Other Legal Proceedings
We are involved in various other legal proceedings arising in the ordinary course of business. All such proceedings, taken together, are 
not expected to have a material adverse impact on our results of operations or financial condition.
Catastrophic Event-Related Charges
Hurricanes Helene and Milton - In September and October 2024, Hurricane Helene and Hurricane Milton, respectively, made landfall 
in Florida and subsequently impacted several of our properties in the Southeastern and Mid-Atlantic regions of the U.S. During the 
year ended December 31, 2024, we recognized charges of $13.9 million for debris removal and clean-up at various MH and RV 
properties, as well charges of $4.4 million for impaired assets at several of our marinas, which were recorded within Catastrophic-
event related charges, net on the Consolidated Statements of Operations. We maintain property, casualty, flood, and business 
interruption insurance for our properties, subject to customary deductibles and limits.
Hurricane Ian - When Hurricane Ian made landfall on Florida's western coast in September 2022, the storm primarily affected three 
RV properties in the Fort Myers area, comprising approximately 2,500 sites. These properties sustained significant flooding and wind 
damage from the hurricane. At other affected MH and RV properties, most of the damage was limited to trees, roofs, fences, skirting 
and carports. At affected marina properties, docks, buildings, and landscaping sustained wind and water damage. We maintain 
property, casualty, flood, and business interruption insurance for our community portfolio, subject to customary deductibles and limits.
Estimated property insurance recoveries, excluding business interruption recoveries, of $49.2 million related to Hurricane Ian were 
recorded in Notes and other receivables, net on the Consolidated Balance Sheets as of December 31, 2024. 
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 52

The table below sets forth changes in estimated property insurance recoveries, excluding business interruption recoveries (in millions):
Year Ended
December 31, 2024
Total estimated insurance receivable - December 31, 2023
$ 
56.7 
Change in estimated property insurance recoveries 
 
14.1 
Proceeds received from insurer
 
(21.6) 
Total estimated insurance receivable - December 31, 2024
$ 
49.2 
We are actively working with our insurance providers on claims for business interruption recoveries. During the year ended December 
31, 2024, we recognized $16.7 million, net of deductibles, for the lost earnings from Hurricane Ian covering the period from 
September 1, 2023 through May 31, 2024. The business interruption proceeds were recorded within Brokerage commissions and 
other, net in our Consolidated Statements of Operations. The related communities are under redevelopment and we have gradually 
started to lease developed sites at these communities to customers. However, we currently cannot estimate a date when operating 
results will be restored to pre-hurricane levels. Our business interruption insurance policy provides for up to 60 months of coverage 
from the date of restoration.
During the year ended December 31, 2024, we received an insurance recovery of $1.6 million in excess of previously estimated costs 
related to damages incurred at certain marinas due to Hurricane Ian. The insurance recovery gain was recorded within Catastrophic 
event-related charges, net on the Consolidated Statements of Operations.
In December 2023, one of our RV properties with approximately 300 sites sustained property damage due to heavy rainfall and 
flooding in the North Conway, New Hampshire area. Based on a preliminary review performed by an insurance adjuster, we 
recognized asset impairment charges of $7.0 million during the year ended December 31, 2023, primarily related to site 
improvements, vacation rental cabins, and equipment. During the year ended December 31, 2024, we recognized incremental charges 
of $12.0 million related to the impacted property, comprised of $3.1 million for impaired assets and $8.9 million for debris removal, 
cleanup, and repairs. We received $6.4 million in insurance proceeds during the nine months ended September 30, 2024 related to the 
flood event. The charges and related proceeds were recorded within Catastrophic event-related charges, net in our Consolidated 
Statements of Operations. The foregoing estimates are based on current information available after the preliminary review of the 
damages incurred. Actual charges and insurance recoveries could differ from these estimates. Any changes to these estimates will be 
recognized in the period(s) in which they are determined. 
The foregoing estimates for each respective event are based on current information available, and we continue to assess these 
estimates. Actual charges and insurance recoveries could vary significantly from these estimates. Any changes to these estimates will 
be recognized in the period(s) in which they are determined.
17. Leases
Lessee Accounting
We lease land under non-cancelable operating leases at certain properties expiring at various dates through 2100. The majority of the 
leases have terms requiring fixed payments plus additional rents based on a percentage of revenues at those properties. We also have 
other operating leases, primarily office space and equipment expiring at various dates through 2042.
Future minimum lease payments under non-cancellable leases as of December 31, 2024 where we are the lessee include (in millions):
Maturity of Lease Liabilities
Finance Leases
Operating Leases
Total
2025
$ 
5.1 
$ 
14.1 
$ 
19.2 
2026
 
1.0 
 
13.0 
 
14.0 
2027
 
0.9 
 
10.8 
 
11.7 
2028
 
0.9 
 
10.1 
 
11.0 
2029
 
0.6 
 
9.9 
 
10.5 
Thereafter
 
36.2 
 
263.1 
 
299.3 
Total Lease Payments
$ 
44.7 
$ 
321.0 
$ 
365.7 
Less: Imputed interest
 
(30.3)  
(158.9)  
(189.2) 
Present Value of Lease Liabilities
$ 
14.4 
$ 
162.1 
$ 
176.5 
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 53

Right-of-use ("ROU") assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are 
as follows (in millions):
Financial Statement 
Classification
As of
Description
December 31, 2024
December 31, 2023
Lease Assets
Finance lease, ROU asset, net of accumulated amortization
Investment property, net
$ 
31.5 
$ 
32.6 
Operating lease, ROU asset, net
Other assets, net
$ 
178.2 
$ 
176.0 
Below market operating leases, net
Other assets, net
$ 
90.3 
$ 
95.0 
Lease Liabilities
Finance lease liabilities
Other liabilities
$ 
14.4 
$ 
14.3 
Operating lease liabilities
Other liabilities
$ 
162.1 
$ 
159.5 
The components of lease costs for finance and operating leases, as included in our Consolidated Statements of Operations are as 
follows (in millions):
Year Ended
Description
Financial Statement Classification
December 31, 2024
December 31, 2023
December 31, 2022
Finance Lease Cost
Amortization of ROU assets
Depreciation and amortization
$ 
0.9 
$ 
1.6 
$ 
2.7 
Interest on lease liabilities
Interest expense
 
0.5 
 
0.6 
 
0.5 
Operating lease cost
General and administrative expense, Property 
operating and maintenance,
Depreciation and amortization
 
16.4 
 
19.2 
 
8.5 
Operating lease 
impairment(1)
Other expense, net
 
— 
 
— 
 
4.0 
Variable lease cost
Property operating and maintenance
 
8.5 
 
8.7 
 
3.0 
Total Lease Cost
$ 
26.3 
$ 
30.1 
$ 
18.7 
(1) Refer to Note 1, "Significant Accounting Policies," for additional details.
Lease term, discount rates and additional information for finance and operating leases are as follows:
As of
Lease Term and Discount Rate
December 31, 2024
December 31, 2023
Weighted-average Remaining Lease Terms (years)
Finance lease
33.79
36.63
Operating lease
37.28
27.71
Weighted-average Discount Rate
Finance lease
 3.63 %
 3.59 %
Operating lease
 3.87 %
 3.82 %
Year Ended
Other Information (in millions)
December 31, 2024
December 31, 2023
December 31, 2022
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases
$ 
12.4 
$ 
13.5 
$ 
12.1 
Financing cash outflows for finance leases
 
0.8 
 
0.8 
 
6.2 
Total Cash Paid on Lease Liabilities
$ 
13.2 
$ 
14.3 
$ 
18.3 
During the year ended December 31, 2022, we vacated certain of our leased spaces to better align with our needs and workplace 
strategies. As a result, we impaired the corresponding operating lease right of use assets, resulting in a charge of $4.0 million recorded 
within Other income / (expense), net within the Consolidated Statement of Operations.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 54

Lessor Accounting
Nearly all of our operating leases with our residents and customers at our MH and RV properties where we are the lessor are either 
month to month or for a time period not to exceed one year. As of December 31, 2024, future minimum lease payments with our 
residents or customers would not exceed 12 months.
We do not have any operating leases with real estate operators at our MH or UK properties. Refer to Note 20, "Subsequent Events," 
for activity subsequent to December 31, 2024 related to our ground leases at RV communities. At our RV communities and marinas, 
future minimum lease payments under non-cancellable leases with real estate operators where we are the lessor include the following 
as of December 31, 2024 (in millions):
Maturity of Lease Payments 
Operating Leases
2025
$ 
22.1 
2026
 
15.6 
2027
 
11.0 
2028
 
9.2 
2029
 
6.5 
Thereafter
 
76.3 
Total Undiscounted Cash Flows
$ 
140.7 
The components of lease income for our operating leases, as included in our Consolidated Statement of Operations are as follows (in 
millions):
Year Ended
Description
Financial Statement Classification
December 31, 2024
December 31, 2023
December 31, 2022
Operating Leases
Fixed lease income
Income from real property; Brokerage 
commissions and other revenue, net
$ 
37.9 
$ 
31.6 
$ 
28.9 
Variable lease income(1)
Income from real property; Brokerage 
commissions and other revenue, net
$ 
13.2 
$ 
5.2 
$ 
2.9 
(1) Consists of rent primarily based on a percentage of operating revenues beyond target thresholds.
Failed Sale Leaseback
In connection with our acquisition of Park Holidays, we assumed ground lease arrangements for 34 UK properties that we concluded 
to be failed sale-leaseback transactions under ASC Topic 842, "Leases." The arrangements have maturities ranging from 2117 through 
2197 with an option to repurchase for £1.00 at the end of the term. The obligation related to the underlying ground leases has been 
recorded as a financial liability in Other Liabilities on the Consolidated Balance Sheets. The financial liability was $355.9 million and 
$359.7 million as of December 31, 2024 and December 31, 2023, respectively. The following table presents the future minimum rental 
payments for this financial liability as of December 31, 2024 (in millions):
Maturity of Financial Liability (in millions)
December 31, 2024
2025
$ 
11.7 
2026
 
11.7 
2027
 
11.8 
2028
 
11.9 
2029
 
12.0 
Thereafter
 
1,717.6 
Total Payments
$ 
1,776.7 
Less: Imputed interest
 
(1,420.8) 
Present Value of Financial Liability
$ 
355.9 
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 55

18. Related Party Transactions
Lease of Executive Offices - Gary A. Shiffman, together with certain of his family members, indirectly owns an equity interest of 
approximately 28.1% in American Center LLC, the entity from which we lease office space for our principal executive offices. Each 
of Brian M. Hermelin, Ronald A. Klein, and Arthur A. Weiss indirectly owns less than one percent interest in American Center LLC. 
Mr. Shiffman is our Chairman of the Board and Chief Executive Officer. Mr. Hermelin is a director of the Company, and Mr. Klein 
and Mr. Weiss were directors of the Company until their respective retirements in May and December 2024. Under this agreement, we 
lease approximately 60,261 rentable square feet of permanent space. The lease agreement includes annual graduated rent increases 
through the initial end date of October 31, 2026. As of December 31, 2024, the average gross base rent was $21.45 per square foot. 
Each of Mr. Shiffman, Mr. Hermelin, Mr. Klein and Mr. Weiss may have a conflict of interest with respect to his obligations as our 
officer and / or director and his ownership interest in American Center LLC.
Use of Airplane - Gary A. Shiffman is the beneficial owner of an airplane that we use from time to time for business purposes. During 
the years ended December 31, 2024, 2023, and 2022, we paid $0.2 million, $0.5 million, and $0.7 million for the use of the airplane, 
respectively. Mr. Shiffman may have a conflict of interest with respect to his obligations as our officer and director and his ownership 
interest in the airplane.
Legal Counsel - Arthur A. Weiss is a partner at Taft Stettinius & Hollister LLP, which acts as our general counsel and represents us in 
various matters. Mr. Weiss was also a member of the Board until his retirement on December 31, 2024. We incurred legal fees and 
expenses owed to this law firm of approximately $11.6 million, $7.9 million, and $9.7 million during the years ended December 31, 
2024, 2023, and 2022, respectively. 
Tax Consequences Upon Sale of Properties - Gary A. Shiffman holds limited partnership interests in the Operating Partnership which 
were received in connection with the contribution of properties from partnerships previously affiliated with him. Prior to any 
redemption of these limited partnership interests for our common stock, Mr. Shiffman will have tax consequences different from those 
on us and our public shareholders upon the sale of any of these partnerships. Therefore, we and Mr. Shiffman may have different 
objectives regarding the appropriate pricing and timing of any sale of those properties.
19. Recent Accounting Pronouncements
Recent Accounting Pronouncements - Adopted
On January 1, 2024, we adopted ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." 
In accordance with the new standard, we have provided enhanced disclosure of significant segment expenses that are regularly 
provided to the CODM to assess segment performance, an amount and description of the composition for other segment items to 
reconcile to segment profit or loss, and the title and position of our chief operating decision maker. The adoption of this ASU did not 
have a material impact on our Consolidated Financial Statements. Refer to Note 11, "Segment Reporting," for additional information.
Recent Accounting Pronouncements - Not Yet Adopted
In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's 
Disclosure Update and Simplification Initiative," which adds interim and annual disclosure requirements to the US GAAP codification 
at the request of the SEC. The new guidance is intended to align GAAP requirements with those of the SEC and to facilitate the 
application of GAAP for all entities. These disclosure requirements are currently included in either SEC Regulation S-X or SEC 
Regulation S-K. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from 
Regulation S-X or Regulation S-K becomes effective. Early adoption is prohibited and the amendments should be applied 
prospectively. If the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K by June 30, 2027, the 
amendments will be removed from the US GAAP codification and will not be effective.
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which 
requires disclosure of specific categories in the effective tax rate reconciliation as well as provide additional information for 
reconciling items that meet a quantitative threshold. Further, this amendment requires certain disclosure of income taxes paid 
disaggregated by federal, state and foreign taxes, and the amount of income taxes paid disaggregated by individual jurisdiction in 
which income taxes paid meet a quantitative threshold. The new guidance is intended to enhance the transparency and decision 
usefulness of income tax disclosures. This ASU is effective for fiscal years beginning after December 15, 2024. Early adoption is 
permitted and the amendments should be applied prospectively. We are currently evaluating the provisions of this amendment and the 
impact on our Consolidated Financial Statements and related disclosures.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 56

In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation 
Disclosures (Topic 220-40)," which requires disaggregated disclosure of certain expense captions into specified categories within the 
footnotes to the financial statements. This ASU is effective for fiscal years beginning after December 15, 2026 and interim reporting 
periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the provisions of this amendment 
and the impact on our Consolidated Financial Statements and related disclosures.
20. Subsequent Events
Dispositions
In January 2025, we sold a portfolio of four RV properties located in Virginia, Delaware, and Florida, terminated the associated 
ground leases, and settled a developer note receivable for three developer-owned properties for total cash consideration of 
$92.9 million. The four RV properties were previously classified as held for sale. Refer to Note 3, "Real Estate Acquisitions and 
Dispositions," for additional details related to the disposition.
Equity Transaction
In January 2025, we entered into a non-monetary transaction with a real estate developer to settle a note receivable of $23.7 million in 
exchange for settlement of contingent consideration of $8.4 million in conjunction with one RV property in California and redemption 
of 200,914 Series G preferred OP units held by the real estate developer. After the redemption, there were 4,898 Series G preferred OP 
units outstanding.
Safe Harbor Sale
In February 2025, we announced that we had entered into an agreement to sell Safe Harbor for an all-cash purchase price of 
$5.65 billion, subject to certain post-closing adjustments. While the Safe Harbor Sale is anticipated to close in the second quarter of 
2025, the Safe Harbor Sale is subject to certain closing conditions and rights of termination, and it may not be completed on the 
anticipated timeline or at all. The Safe Harbor Sale is expected to generate approximately $5.5 billion of pre-tax proceeds after 
transaction costs, which we expect to use to support a combination of debt reduction, distributions to shareholders, and reinvestment in 
our core businesses.
The Safe Harbor Sale represents the disposition of our Marina reporting segment and a strategic shift in operations. Accordingly, the 
historical results of the Marina reporting segment and assets and liabilities included in the disposition will be presented in our 
consolidated financial statements as held for sale and as discontinued operations beginning in the first quarter of 2025. The initial 
closing of the Safe Harbor Sale is expected to take place during the second quarter of 2025. Upon closing, we expect to realize an 
estimated gain on sale of approximately $1.3 billion within Income from discontinued operations, net on our Consolidated Statement 
of Operations. Any such gain on sale may result in the realization of deferred tax assets for which a valuation allowance was recorded 
as of December 31, 2024. Certain marina properties representing approximately 10% of the total consideration may be transferred and 
paid for in one or more subsequent closings, subject to receipt of certain third-party approvals.
We have evaluated our Consolidated Financial Statements for subsequent events through the date that this Form 10-K was issued.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F - 57

The following tables set forth real estate and accumulated depreciation relating to our MH and RV properties.
47 North(5)
Cle Elum, WA
$ 
— 
$ 19.7 
$ 
— 
$ 
6.8 
$ 
11.7 
$ 
26.5 
$ 
11.7 
$ 
38.2 
$ 
(0.2) 2021
(C)
49'er Village
Plymouth, CA
 
— 
 
2.2 
 
10.7 
 
— 
 
5.4 
 
2.2 
 
16.1 
 
18.3 
 
(4.1) 2017
(A)
Academy / West Point
Canton, MI
 
38.0 
 
1.5 
 
14.3 
 
— 
 
13.5 
 
1.5 
 
27.8 
 
29.3 
 
(16.9) 2000
(A)
Allendale Meadows
Allendale, MI
 
27.3 
 
0.4 
 
3.7 
 
— 
 
7.6 
 
0.4 
 
11.3 
 
11.7 
 
(8.0) 1996
(A)
Alpine Meadows
Grand Rapids, MI
 
— 
 
0.7 
 
6.7 
 
— 
 
10.4 
 
0.7 
 
17.1 
 
17.8 
 
(11.1) 1996
(A&C)
Alta Laguna
Rancho Cucamonga, CA
 
36.7 
 
23.7 
 
21.1 
 
— 
 
1.9 
 
23.7 
 
23.0 
 
46.7 
 
(6.8) 2016
(A)
Andover
Grass Lake, MI
 
— 
 
2.1 
 
11.2 
 
— 
 
0.8 
 
2.1 
 
12.0 
 
14.1 
 
(1.5) 2021
(A)
Apple Carr Village
Muskegon, MI
 
— 
 
0.8 
 
6.2 
 
0.3 
 
29.5 
 
1.1 
 
35.7 
 
36.8 
 
(12.2) 2011
(A&C)
Apple Creek
Amelia, OH
 
5.7 
 
0.5 
 
5.5 
 
— 
 
4.8 
 
0.5 
 
10.3 
 
10.8 
 
(6.3) 1999
(A)
Arbor Terrace
Bradenton, FL
 
22.1 
 
0.4 
 
4.4 
 
— 
 
7.4 
 
0.4 
 
11.8 
 
12.2 
 
(6.6) 1996
(A)
Arbor Woods
Ypsilanti, MI
 
— 
 
3.3 
 
12.4 
 
— 
 
13.2 
 
3.3 
 
25.6 
 
28.9 
 
(9.1) 2017
(A)
Ariana Village
Lakeland, FL
 
10.8 
 
0.2 
 
2.2 
 
— 
 
2.7 
 
0.2 
 
4.9 
 
5.1 
 
(2.9) 1994
(A)
Augusta Village
Augusta, ME
 
— 
 
0.8 
 
3.1 
 
— 
 
0.9 
 
0.8 
 
4.0 
 
4.8 
 
(0.6) 2020
(A)
Austin Lone Star
Austin, TX
 
— 
 
0.6 
 
7.9 
 
— 
 
2.4 
 
0.6 
 
10.3 
 
10.9 
 
(3.0) 2016
(A)
Bahia Vista Estates
Sarasota, FL
 
— 
 
6.8 
 
17.7 
 
— 
 
3.7 
 
6.8 
 
21.4 
 
28.2 
 
(6.1) 2016
(A)
Baker Acres
Zephyrhills, FL
 
11.0 
 
2.1 
 
11.9 
 
— 
 
4.3 
 
2.1 
 
16.2 
 
18.3 
 
(4.4) 2016
(A)
Beechwood
Killingworth, CT
 
— 
 
7.9 
 
18.4 
 
— 
 
2.0 
 
7.9 
 
20.4 
 
28.3 
 
(3.8) 2019
(A)
Bear Lake Resort(5)(8)
Garden City, UT
 
— 
 
6.1 
 
— 
 
— 
 
4.5 
 
6.1 
 
4.5 
 
10.6 
 
— 
2022
(C)
Bel Air Estates
Menifee, CA
 
— 
 
4.3 
 
14.4 
 
— 
 
1.5 
 
4.3 
 
15.9 
 
20.2 
 
(1.4) 2022
(A)
Big Tree
Arcadia, FL
 
— 
 
1.2 
 
13.5 
 
— 
 
2.9 
 
1.2 
 
16.4 
 
17.6 
 
(4.7) 2016
(A)
Birch Hill Estates
Bangor, ME
 
— 
 
2.0 
 
29.5 
 
— 
 
1.7 
 
2.0 
 
31.2 
 
33.2 
 
(4.8) 2020
(A)
Blue Heron Pines
Punta Gorda, FL
 
16.1 
 
0.4 
 
35.3 
 
— 
 
7.8 
 
0.4 
 
43.1 
 
43.5 
 
(13.2) 2015
(A&C)
Blue Jay
Dade City, FL
 
— 
 
2.0 
 
9.7 
 
— 
 
2.9 
 
2.0 
 
12.6 
 
14.6 
 
(3.4) 2016
(A)
Blue Star(7)
Apache Junction, AZ
 
— 
 
5.1 
 
12.7 
 
(4.1) (7)
 
(9.3) 
 
1.0 
 
3.4 
 
4.4 
 
(1.0) 2014
(A)
Blueberry Hill
Bushnell, FL
 
17.3 
 
3.8 
 
3.2 
 
— 
 
4.6 
 
3.8 
 
7.8 
 
11.6 
 
(3.2) 2012
(A)
Bluebonnet Lake(5)
Austin, TX
 
— 
 
8.5 
 
— 
 
— 
 
4.2 
 
8.5 
 
4.2 
 
12.7 
 
— 
2021
(C)
Boulder Ridge(3)
Pflugerville, TX
 
45.7 
 
— 
 
— 
 
2.8 
 
61.2 
 
2.8 
 
61.2 
 
64.0 
 
(25.3) 1998
(C)
Branch Creek
Austin, TX
 
21.9 
 
0.8 
 
3.7 
 
— 
 
8.8 
 
0.8 
 
12.5 
 
13.3 
 
(8.3) 1995
(A&C)
Brentwood Estates
Hudson, FL
 
5.2 
 
1.1 
 
9.4 
 
— 
 
2.3 
 
1.1 
 
11.7 
 
12.8 
 
(3.8) 2015
(A)
Brentwood Village
Kentwood, MI
 
6.8 
 
0.4 
 
3.6 
 
— 
 
2.8 
 
0.4 
 
6.4 
 
6.8 
 
(3.9) 1996
(A)
Brentwood West
Mesa, AZ
 
26.1 
 
13.6 
 
24.2 
 
— 
 
1.5 
 
13.6 
 
25.7 
 
39.3 
 
(9.2) 2014
(A)
Initial Cost to 
Company
Costs Capitalized 
Subsequent to Acquisition 
(Improvements)
Gross Amount Carried at
December 31, 2024
Property Name
Location
Encumbrances(4)
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Total
Accumulated 
Depreciation
Date
Acquired 
(A) or 
Constructed 
(C)
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 58

Broadview Estates
Davison, MI
 
— 
 
0.7 
 
6.1 
 
— 
 
27.3 
 
0.7 
 
33.4 
 
34.1 
 
(18.9) 1996
(A&C)
Brook Ridge
Hooksett, NH
 
— 
 
1.0 
 
6.0 
 
— 
 
0.4 
 
1.0 
 
6.4 
 
7.4 
 
(1.3) 2019
(A)
Brookside Manor
Goshen, IN
 
— 
 
0.3 
 
1.1 
 
0.3 
 
21.5 
 
0.6 
 
22.6 
 
23.2 
 
(13.6) 1985
(A&C)
Brookside Village
Kentwood, MI
 
5.7 
 
0.2 
 
5.6 
 
— 
 
0.8 
 
0.2 
 
6.4 
 
6.6 
 
(2.7) 2011
(A)
Buena Vista
Buckeye, AZ
 
— 
 
9.2 
 
14.4 
 
— 
 
5.5 
 
9.2 
 
19.9 
 
29.1 
 
(4.0) 2019
(A)
Buttonwood Bay
Sebring, FL
 
26.7 
 
1.9 
 
18.3 
 
— 
 
10.5 
 
1.9 
 
28.8 
 
30.7 
 
(18.8) 2001
(A)
Byron Center
Byron Center, MI
 
— 
 
0.3 
 
2.4 
 
— 
 
2.5 
 
0.3 
 
4.9 
 
5.2 
 
(3.1) 1996
(A)
Caliente Sands
Cathedral City, CA
 
— 
 
1.9 
 
6.7 
 
— 
 
0.7 
 
1.9 
 
7.4 
 
9.3 
 
(1.9) 2017
(A)
Camelot Villa
Macomb, MI
 
43.2 
 
0.9 
 
21.2 
 
— 
 
18.3 
 
0.9 
 
39.5 
 
40.4 
 
(14.9) 2013
(A)
Candlelight Manor
South Daytona, FL
 
— 
 
3.1 
 
3.9 
 
— 
 
3.0 
 
3.1 
 
6.9 
 
10.0 
 
(2.0) 2016
(A)
Cape May Crossing
Cape May, NJ
 
— 
 
0.3 
 
1.7 
 
— 
 
0.5 
 
0.3 
 
2.2 
 
2.5 
 
(0.6) 2016
(A)
Carriage Cove
Sanford, FL
 
— 
 
6.1 
 
21.2 
 
— 
 
2.6 
 
6.1 
 
23.8 
 
29.9 
 
(8.2) 2014
(A)
Carrington Pointe
Fort Wayne, IN
 
23.6 
 
1.1 
 
3.6 
 
— 
 
25.6 
 
1.1 
 
29.2 
 
30.3 
 
(14.4) 1997
(A&C)
Cave Creek
Evans, CO
 
22.4 
 
2.2 
 
15.3 
 
— 
 
9.7 
 
2.2 
 
25.0 
 
27.2 
 
(14.0) 2004
(C)
Cedar Springs
Southington, CT
 
— 
 
2.9 
 
10.3 
 
— 
 
0.7 
 
2.9 
 
11.0 
 
13.9 
 
(2.0) 2019
(A)
Central Park
Haines City, FL
 
— 
 
2.6 
 
10.4 
 
— 
 
8.3 
 
2.6 
 
18.7 
 
21.3 
 
(4.4) 2016
(A)
Charlevoix Estates
Charlevoix, MI
 
— 
 
0.4 
 
12.0 
 
— 
 
0.9 
 
0.4 
 
12.9 
 
13.3 
 
(1.5) 2021
(A)
Cherrywood
Clinton, NY
 
— 
 
0.7 
 
9.6 
 
(0.2) (3)
 
3.4 
 
0.5 
 
13.0 
 
13.5 
 
(2.2) 2019
(A)
Chisholm Point
Pflugerville, TX
 
21.0 
 
0.6 
 
5.3 
 
— 
 
8.5 
 
0.6 
 
13.8 
 
14.4 
 
(8.7) 1995
(A&C)
Cider Mill Crossings
Fenton, MI
 
— 
 
0.5 
 
1.6 
 
— 
 
44.3 
 
0.5 
 
45.9 
 
46.4 
 
(19.0) 2011
(A&C)
Cider Mill Village
Middleville, MI
 
— 
 
0.3 
 
3.6 
 
— 
 
2.2 
 
0.3 
 
5.8 
 
6.1 
 
(2.3) 2011
(A)
Cisco Grove Campground & RV
Emigrant Gap, CA
 
— 
 
1.7 
 
4.8 
 
— 
 
11.8 
 
1.7 
 
16.6 
 
18.3 
 
(0.7) 2021
(A)
Citrus Hill
Dade City, FL
 
— 
 
1.2 
 
2.4 
 
— 
 
2.7 
 
1.2 
 
5.1 
 
6.3 
 
(1.2) 2016
(A)
Clear Water
South Bend, IN
 
13.9 
 
0.1 
 
1.3 
 
— 
 
6.6 
 
0.1 
 
7.9 
 
8.0 
 
(4.7) 1986
(A)
Club Wildwood
Hudson, FL
 
20.1 
 
14.2 
 
21.3 
 
— 
 
3.4 
 
14.2 
 
24.7 
 
38.9 
 
(6.8) 2016
(A)
Coastal Estates
Hampstead, NC
 
— 
 
3.3 
 
6.5 
 
— 
 
11.9 
 
3.3 
 
18.4 
 
21.7 
 
(1.8) 2019
(A)
Cobus Green
Osceola, IN
 
— 
 
0.8 
 
7.0 
 
— 
 
9.4 
 
0.8 
 
16.4 
 
17.2 
 
(11.1) 1993
(A)
Colony in the Wood(9)
Port Orange, FL
 
— 
 
5.7 
 
26.8 
 
— 
 
4.0 
 
5.7 
 
30.8 
 
36.5 
 
(6.3) 2017
(A&C)
Comal Farms
New Braunfels, TX
 
— 
 
1.4 
 
1.7 
 
— 
 
8.6 
 
1.4 
 
10.3 
 
11.7 
 
(6.2) 2000
(A&C)
Country Acres
Cadillac, MI
 
— 
 
0.4 
 
3.5 
 
— 
 
5.0 
 
0.4 
 
8.5 
 
8.9 
 
(4.9) 1996
(A)
Country Hills Village
Hudsonville, MI
 
— 
 
0.3 
 
3.9 
 
— 
 
2.2 
 
0.3 
 
6.1 
 
6.4 
 
(1.6) 2011
(A)
Country Lakes
Little River, SC
 
— 
 
1.7 
 
5.5 
 
— 
 
0.5 
 
1.7 
 
6.0 
 
7.7 
 
(1.2) 2019
(A)
Country Meadows
Flat Rock, MI
 
49.9 
 
0.9 
 
7.6 
 
0.3 
 
25.2 
 
1.2 
 
32.8 
 
34.0 
 
(21.5) 1994
(A&C)
Country Meadows Village
Caledonia, MI
 
— 
 
0.5 
 
5.6 
 
— 
 
4.6 
 
0.5 
 
10.2 
 
10.7 
 
(3.7) 2011
(A&C)
Initial Cost to 
Company
Costs Capitalized 
Subsequent to Acquisition 
(Improvements)
Gross Amount Carried at
December 31, 2024
Property Name
Location
Encumbrances(4)
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Total
Accumulated 
Depreciation
Date
Acquired 
(A) or 
Constructed 
(C)
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 59

Country Village Estates
Oregon City, OR
 
— 
 
22.0 
 
42.6 
 
— 
 
1.4 
 
22.0 
 
44.0 
 
66.0 
 
(8.6) 2019
(A)
Countryside Estates
Mckean, PA
 
— 
 
0.3 
 
11.6 
 
— 
 
4.5 
 
0.3 
 
16.1 
 
16.4 
 
(5.4) 2014
(A)
Countryside Village of Atlanta
Lawrenceville, GA
 
— 
 
1.3 
 
11.0 
 
— 
 
9.4 
 
1.3 
 
20.4 
 
21.7 
 
(10.6) 2004
(A&C)
Countryside Village of Gwinnett
Buford, GA
 
26.4 
 
1.1 
 
9.5 
 
— 
 
3.2 
 
1.1 
 
12.7 
 
13.8 
 
(7.1) 2004
(A)
Countryside Village of Lake Lanier
Buford, GA
 
9.8 
 
1.9 
 
16.4 
 
— 
 
5.8 
 
1.9 
 
22.2 
 
24.1 
 
(13.6) 2004
(A)
Creeks Crossing
Kyle, TX
 
— 
 
3.5 
 
— 
 
— 
 
49.3 
 
3.5 
 
49.3 
 
52.8 
 
(4.6) 2019
(C)
Creek Wood
Burton, MI
 
20.2 
 
0.8 
 
2.0 
 
0.4 
 
14.9 
 
1.2 
 
16.9 
 
18.1 
 
(12.2) 1997
(C)
Crestwood
Concord, NH
 
— 
 
1.8 
 
22.4 
 
— 
 
1.0 
 
1.8 
 
23.4 
 
25.2 
 
(4.4) 2019
(A)
Crossroads
Aiken, SC
 
— 
 
0.8 
 
3.7 
 
— 
 
10.4 
 
0.8 
 
14.1 
 
14.9 
 
(5.0) 2019
(A&C)
Cutler Estates
Grand Rapids, MI
 
20.3 
 
0.7 
 
6.9 
 
— 
 
5.0 
 
0.7 
 
11.9 
 
12.6 
 
(8.0) 1996
(A)
Cypress Greens
Lake Alfred, FL
 
6.7 
 
1.0 
 
17.5 
 
— 
 
2.9 
 
1.0 
 
20.4 
 
21.4 
 
(6.3) 2015
(A)
Deep Run
Cream Ridge, NJ
 
— 
 
2.0 
 
13.1 
 
— 
 
0.6 
 
2.0 
 
13.7 
 
15.7 
 
(2.6) 2019
(A)
Deerwood
Orlando, FL
 
34.5 
 
6.9 
 
37.6 
 
— 
 
4.7 
 
6.9 
 
42.3 
 
49.2 
 
(13.6) 2015
(A)
Desert Harbor
Apache Junction, AZ
 
— 
 
3.9 
 
14.9 
 
— 
 
0.7 
 
3.9 
 
15.6 
 
19.5 
 
(5.5) 2014
(A)
Dutton Mill Village
Caledonia, MI
 
— 
 
0.3 
 
9.0 
 
— 
 
2.4 
 
0.3 
 
11.4 
 
11.7 
 
(4.5) 2011
(A)
Eagle Crest
Firestone, CO
 
31.6 
 
2.0 
 
0.2 
 
— 
 
31.7 
 
2.0 
 
31.9 
 
33.9 
 
(21.7) 1998
(C)
East Fork Crossing
Batavia, OH
 
— 
 
1.3 
 
6.3 
 
— 
 
16.4 
 
1.3 
 
22.7 
 
24.0 
 
(15.7) 2000
(A&C)
East Village Estates
Washington Twp., MI
 
— 
 
1.4 
 
25.4 
 
— 
 
9.7 
 
1.4 
 
35.1 
 
36.5 
 
(13.7) 2012
(A)
Egelcraft
Muskegon, MI
 
18.3 
 
0.7 
 
22.6 
 
— 
 
4.5 
 
0.7 
 
27.1 
 
27.8 
 
(9.8) 2014
(A)
El Capitan Canyon
Goleta, CA
 
— 
 
57.8 
 
6.8 
 
(0.2) 
 
28.1 
 
57.6 
 
34.9 
 
92.5 
 
(2.6) 2020
(A)
Ellenton Gardens
Ellenton, FL
 
9.0 
 
2.1 
 
7.8 
 
— 
 
3.1 
 
2.1 
 
10.9 
 
13.0 
 
(3.2) 2016
(A)
Fairfield Village
Ocala, FL
 
— 
 
1.2 
 
18.7 
 
— 
 
1.0 
 
1.2 
 
19.7 
 
20.9 
 
(6.4) 2015
(A)
Farmwood Village
Dover, NH
 
— 
 
1.2 
 
12.3 
 
— 
 
0.8 
 
1.2 
 
13.1 
 
14.3 
 
(2.5) 2019
(A)
Fisherman's Cove
Flint Twp., MI
 
— 
 
0.4 
 
3.4 
 
— 
 
5.6 
 
0.4 
 
9.0 
 
9.4 
 
(6.3) 1993
(A)
Flamingo Lake
Jacksonville, FL
 
— 
 
4.5 
 
31.9 
 
0.1 
 
2.5 
 
4.6 
 
34.4 
 
39.0 
 
(5.7) 2020
(A)
Fond du Lac East / Kettle Moraine KOA
Glenbeulah, WI
 
— 
 
1.0 
 
5.6 
 
0.1 
 
3.5 
 
1.1 
 
9.1 
 
10.2 
 
(3.8) 2013
(A)
Forest Hill
Southington, CT
 
— 
 
5.1 
 
10.8 
 
— 
 
1.9 
 
5.1 
 
12.7 
 
17.8 
 
(2.4) 2019
(A)
Forest Meadows
Philomath, OR
 
— 
 
1.0 
 
2.1 
 
— 
 
14.7 
 
1.0 
 
16.8 
 
17.8 
 
(3.1) 1999
(A)
Forest Springs
Grass Valley, CA
 
— 
 
9.3 
 
43.7 
 
— 
 
3.9 
 
9.3 
 
47.6 
 
56.9 
 
(7.6) 2020
(A)
Forest View
Homosassa, FL
 
— 
 
1.3 
 
22.1 
 
— 
 
1.0 
 
1.3 
 
23.1 
 
24.4 
 
(7.6) 2015
(A)
Fort Dupont(2)(5)
Delaware City, DE
 
— 
 
1.9 
 
— 
 
0.2 
 
— 
 
2.1 
 
— 
 
2.1 
 
— 
2021
(C)
Four Seasons
Elkhart, IN
 
13.9 
 
0.5 
 
4.8 
 
— 
 
4.0 
 
0.5 
 
8.8 
 
9.3 
 
(5.3) 2000
(A)
Fox Run
Boyne City, MI
 
— 
 
0.4 
 
6.8 
 
— 
 
9.7 
 
0.4 
 
16.5 
 
16.9 
 
(0.9) 2023
(A)
Frenchtown Villa / Elizabeth Woods
Newport, MI
 
— 
 
1.4 
 
52.3 
 
— 
 
41.7 
 
1.4 
 
94.0 
 
95.4 
 
(34.9) 2014
(A&C)
Initial Cost to 
Company
Costs Capitalized 
Subsequent to Acquisition 
(Improvements)
Gross Amount Carried at
December 31, 2024
Property Name
Location
Encumbrances(4)
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Total
Accumulated 
Depreciation
Date
Acquired 
(A) or 
Constructed 
(C)
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 60

Friendly Village of La Habra
La Habra, CA
 
44.0 
 
27.0 
 
25.2 
 
— 
 
1.9 
 
27.0 
 
27.1 
 
54.1 
 
(8.1) 2016
(A)
Friendly Village of Modesto
Modesto, CA
 
21.9 
 
6.3 
 
20.9 
 
— 
 
1.4 
 
6.3 
 
22.3 
 
28.6 
 
(6.3) 2016
(A)
Friendly Village of Simi Valley(8)
Simi Valley, CA
 
22.1 
 
14.9 
 
16.0 
 
— 
 
1.2 
 
14.9 
 
17.2 
 
32.1 
 
(5.0) 2016
(A)
Friendly Village of West Covina
West Covina, CA
 
16.3 
 
14.5 
 
5.2 
 
— 
 
1.2 
 
14.5 
 
6.4 
 
20.9 
 
(1.9) 2016
(A)
Glen Haven
Zephyrhills, FL
 
9.1 
 
2.0 
 
8.4 
 
— 
 
2.7 
 
2.0 
 
11.1 
 
13.1 
 
(3.0) 2016
(A)
Glen Laurel
Concord, NC
 
— 
 
1.6 
 
0.5 
 
— 
 
9.7 
 
1.6 
 
10.2 
 
11.8 
 
(6.8) 2001
(A&C)
Goldcoaster
Homestead, FL
 
— 
 
0.4 
 
4.2 
 
0.2 
 
5.9 
 
0.6 
 
10.1 
 
10.7 
 
(6.7) 1997
(A)
Grand Bay
Dunedin, FL
 
— 
 
3.5 
 
6.3 
 
— 
 
1.8 
 
3.5 
 
8.1 
 
11.6 
 
(2.2) 2016
(A)
Grand Village
Grand Rapids, MI
 
6.9 
 
0.4 
 
3.6 
 
— 
 
4.4 
 
0.4 
 
8.0 
 
8.4 
 
(4.8) 1996
(A)
Grove Beach
Westbrook, CT
 
— 
 
1.2 
 
10.2 
 
— 
 
0.5 
 
1.2 
 
10.7 
 
11.9 
 
(2.0) 2019
(A)
Grove Ridge
Dade City, FL
 
6.6 
 
1.3 
 
5.4 
 
— 
 
3.6 
 
1.3 
 
9.0 
 
10.3 
 
(2.4) 2016
(A)
Gulfstream Harbor
Orlando, FL
 
81.3 
 
14.5 
 
78.9 
 
— 
 
5.5 
 
14.5 
 
84.4 
 
98.9 
 
(27.1) 2015
(A)
Hacienda Del Rio
Edgewater, FL
 
— 
 
33.3 
 
80.3 
 
— 
 
21.2 
 
33.3 
 
101.5 
 
134.8 
 
(17.5) 2019
(A)
Hamlin
Webberville, MI
 
7.6 
 
0.1 
 
1.7 
 
0.6 
 
14.6 
 
0.7 
 
16.3 
 
17.0 
 
(9.9) 1984
(A&C)
Hancock Heights
Hancock, ME
 
— 
 
0.7 
 
9.4 
 
— 
 
0.4 
 
0.7 
 
9.8 
 
10.5 
 
(1.5) 2020
(A)
Hannah Village
Lebanon, NH
 
— 
 
0.3 
 
4.7 
 
0.1 
 
0.3 
 
0.4 
 
5.0 
 
5.4 
 
(1.0) 2019
(A)
Hawk Hollow
Coolidge, AZ
 
— 
 
11.7 
 
— 
 
4.0 
 
1.1 
 
15.7 
 
1.1 
 
16.8 
 
— 
2024
(A)
Hemlocks
Tilton, NH
 
— 
 
1.0 
 
7.2 
 
— 
 
0.5 
 
1.0 
 
7.7 
 
8.7 
 
(1.5) 2019
(A)
Heritage
Temecula, CA
 
17.4 
 
13.2 
 
7.9 
 
— 
 
1.3 
 
13.2 
 
9.2 
 
22.4 
 
(2.7) 2016
(A)
Hickory Hills Village
Battle Creek, MI
 
— 
 
0.8 
 
7.7 
 
— 
 
3.2 
 
0.8 
 
10.9 
 
11.7 
 
(4.4) 2011
(A)
Hidden River RV Resort(8)
Riverview, FL
 
— 
 
4.0 
 
6.4 
 
— 
 
10.5 
 
4.0 
 
16.9 
 
20.9 
 
(3.8) 2016
(A)
High Point Park
Frederica, DE
 
— 
 
0.9 
 
7.0 
 
— 
 
8.7 
 
0.9 
 
15.7 
 
16.6 
 
(8.6) 1997
(A)
Highland Greens Estates
Highland, MI
 
— 
 
3.1 
 
38.0 
 
— 
 
36.3 
 
3.1 
 
74.3 
 
77.4 
 
(12.8) 2020
(A)
Hillcrest
Uncasville, CT
 
— 
 
10.6 
 
9.6 
 
0.1 
 
1.6 
 
10.7 
 
11.2 
 
21.9 
 
(2.2) 2019
(A)
Holiday Park Estates
Bangor, ME
 
8.5 
 
1.1 
 
13.9 
 
— 
 
3.2 
 
1.1 
 
17.1 
 
18.2 
 
(2.6) 2020
(A)
Holiday West Village
Holland, MI
 
14.4 
 
0.3 
 
8.1 
 
— 
 
0.7 
 
0.3 
 
8.8 
 
9.1 
 
(3.8) 2011
(A)
Holly Forest
Holly Hill, FL
 
22.1 
 
0.9 
 
8.4 
 
— 
 
2.1 
 
0.9 
 
10.5 
 
11.4 
 
(8.3) 1997
(A)
Hawaiian Gardens / Holly Village
Holly, MI
 
13.0 
 
1.5 
 
13.6 
 
— 
 
12.4 
 
1.5 
 
26.0 
 
27.5 
 
(13.4) 2004
(A)
Horseshoe Cove RV Resort
Bradenton, FL
 
39.8 
 
9.5 
 
32.6 
 
— 
 
7.5 
 
9.5 
 
40.1 
 
49.6 
 
(10.9) 2016
(A)
Hunters Crossing
Capac, MI
 
— 
 
0.4 
 
1.1 
 
— 
 
1.2 
 
0.4 
 
2.3 
 
2.7 
 
(0.8) 2012
(A)
Hunters Glen
Wayland, MI
 
— 
 
1.1 
 
11.9 
 
0.3 
 
18.4 
 
1.4 
 
30.3 
 
31.7 
 
(14.2) 2004
(C)
Huntington Run
Kalamazoo, MI
 
— 
 
0.6 
 
11.7 
 
— 
 
2.2 
 
0.6 
 
13.9 
 
14.5 
 
(1.6) 2021
(A)
Hyde Park
Easton, MD
 
— 
 
6.6 
 
18.3 
 
— 
 
1.2 
 
6.6 
 
19.5 
 
26.1 
 
(3.6) 2019
(A)
Indian Creek RV Resort(9)
Ft. Myers Beach, FL
 
— 
 
3.8 
 
34.7 
 
— 
 
(3.7) (9)
 
3.8 
 
31.0 
 
34.8 
 
(9.2) 1996
(A)
Initial Cost to 
Company
Costs Capitalized 
Subsequent to Acquisition 
(Improvements)
Gross Amount Carried at
December 31, 2024
Property Name
Location
Encumbrances(4)
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Total
Accumulated 
Depreciation
Date
Acquired 
(A) or 
Constructed 
(C)
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 61

Indian Wells
Indio, CA
 
— 
 
2.9 
 
19.5 
 
— 
 
7.1 
 
2.9 
 
26.6 
 
29.5 
 
(7.3) 2016
(A)
Island Lakes
Merritt Island, FL
 
20.4 
 
0.7 
 
6.4 
 
— 
 
1.6 
 
0.7 
 
8.0 
 
8.7 
 
(6.7) 1995
(A)
Jellystone Park™ Androscoggin Lake
North Monmouth, ME
 
3.3 
 
0.5 
 
4.1 
 
— 
 
5.0 
 
0.5 
 
9.1 
 
9.6 
 
(1.4) 2021
(A)
Jellystone Park™ Barton Lake
Fremont, IN
 
— 
 
— 
 
— 
 
4.7 
 
30.3 
 
4.7 
 
30.3 
 
35.0 
 
(5.7) 2020
(A)
Jellystone Park™ at Birchwood Acres
Greenfield Park, NY
 
— 
 
0.5 
 
5.5 
 
0.1 
 
11.4 
 
0.6 
 
16.9 
 
17.5 
 
(7.0) 2013
(A)
Jellystone Park™ Chincoteague Island
Chincoteague, VA
 
— 
 
5.7 
 
13.8 
 
— 
 
16.7 
 
5.7 
 
30.5 
 
36.2 
 
(5.3) 2019
(A)
Jellystone Park™ Delaware Beaches(2)
Delaware City, DE
 
— 
 
— 
 
17.0 
 
— 
 
(17.0) 
 
— 
 
— 
 
— 
 
— 
2022
(A)
Jellystone Park™ Glen Ellis(8)
Glen, NH
 
12.7 
 
0.4 
 
5.8 
 
— 
 
6.1 
 
0.4 
 
11.9 
 
12.3 
 
(5.1) 2019
(A)
Jellystone Park™ Golden Valley
Bostic, NC
 
— 
 
4.8 
 
4.3 
 
— 
 
65.9 
 
4.8 
 
70.2 
 
75.0 
 
(16.0) 2018
(A&C)
Jellystone Park™ Guadalupe River
Kerrville, TX
 
— 
 
2.5 
 
23.9 
 
— 
 
13.2 
 
2.5 
 
37.1 
 
39.6 
 
(10.3) 2018
(A)
Jellystone Park™ Hill Country
Canyon Lake, TX
 
— 
 
2.0 
 
20.7 
 
— 
 
7.3 
 
2.0 
 
28.0 
 
30.0 
 
(7.0) 2018
(A)
Jellystone Park™ Larkspur
Larkspur, CO
 
— 
 
1.9 
 
5.5 
 
0.4 
 
108.5 
 
2.3 
 
114.0 
 
116.3 
 
(25.1) 2016
(A&C)
Jellystone Park™ Lazy River(8)
Gardiner, NY
 
— 
 
0.9 
 
28.4 
 
— 
 
18.7 
 
0.9 
 
47.1 
 
48.0 
 
(12.6) 2018
(A)
Jellystone Park™ Luray
East Luray, VA
 
— 
 
3.2 
 
29.6 
 
— 
 
11.1 
 
3.2 
 
40.7 
 
43.9 
 
(10.2) 2018
(A)
Jellystone Park™ Mammoth Cave
Cave City, KY
 
— 
 
— 
 
32.5 
 
2.3 
 
1.2 
 
2.3 
 
33.7 
 
36.0 
 
(5.0) 2021
(A)
Jellystone Park™ Memphis
Horn Lake, MS
 
— 
 
0.9 
 
6.8 
 
— 
 
1.9 
 
0.9 
 
8.7 
 
9.6 
 
(2.2) 2018
(A)
Jellystone Park™ at Natural Bridge
Natural Bridge Station, VA
 
— 
 
0.9 
 
11.7 
 
— 
 
6.4 
 
0.9 
 
18.1 
 
19.0 
 
(3.2) 2020
(A)
Jellystone Park™ Petoskey
Petoskey, MI
 
— 
 
0.2 
 
8.7 
 
0.7 
 
10.9 
 
0.9 
 
19.6 
 
20.5 
 
(4.4) 2018
(A)
Jellystone Park™ Quarryville
Quarryville, PA
 
— 
 
3.9 
 
33.8 
 
— 
 
13.2 
 
3.9 
 
47.0 
 
50.9 
 
(11.4) 2018
(A)
Jellystone Park™ South Jersey(8)
Williamstown, NJ
 
— 
 
— 
 
15.6 
 
0.8 
 
4.6 
 
0.8 
 
20.2 
 
21.0 
 
(2.7) 2021
(A)
Jellystone Park™ Tower Park(2)
Lodi, CA
 
— 
 
2.6 
 
29.8 
 
— 
 
37.2 
 
2.6 
 
67.0 
 
69.6 
 
(15.0) 2018
(A)
Jellystone Park™ Waller(8)
Waller, TX
 
— 
 
1.8 
 
19.4 
 
— 
 
20.7 
 
1.8 
 
40.1 
 
41.9 
 
(6.8) 2020
(A)
Jellystone Park™ of Western New York
North Java, NY
 
— 
 
0.9 
 
8.9 
 
— 
 
11.7 
 
0.9 
 
20.6 
 
21.5 
 
(7.7) 2013
(A)
Jellystone Park™ Wichita Falls(8)
Wichita Falls, TX
 
— 
 
— 
 
12.6 
 
0.4 
 
6.8 
 
0.4 
 
19.4 
 
19.8 
 
(1.9) 2021
(A)
Jellystone Park™ Williamsport(8)
Williamsport, MD
 
— 
 
2.1 
 
23.7 
 
— 
 
11.0 
 
2.1 
 
34.7 
 
36.8 
 
(8.9) 2018
(A)
Kensington Meadows
Lansing, MI
 
18.6 
 
0.3 
 
2.7 
 
— 
 
12.0 
 
0.3 
 
14.7 
 
15.0 
 
(9.5) 1995
(A&C)
Kimberly Estates
Newport, MI
 
— 
 
1.3 
 
6.2 
 
— 
 
16.5 
 
1.3 
 
22.7 
 
24.0 
 
(8.5) 2016
(A)
King's Court
Traverse City, MI
 
71.0 
 
1.5 
 
13.8 
 
0.2 
 
21.7 
 
1.7 
 
35.5 
 
37.2 
 
(20.7) 1996
(A&C)
King's Lake
DeBary, FL
 
15.8 
 
0.3 
 
2.5 
 
— 
 
3.5 
 
0.3 
 
6.0 
 
6.3 
 
(4.5) 1994
(A)
Kings Manor
Lakeland, FL
 
— 
 
2.3 
 
5.6 
 
— 
 
5.7 
 
2.3 
 
11.3 
 
13.6 
 
(4.1) 2016
(A)
Kings Pointe
Lake Alfred, FL
 
— 
 
0.5 
 
16.7 
 
— 
 
0.9 
 
0.5 
 
17.6 
 
18.1 
 
(5.6) 2015
(A)
Kissimmee Gardens
Kissimmee, FL
 
— 
 
3.3 
 
14.4 
 
— 
 
1.9 
 
3.3 
 
16.3 
 
19.6 
 
(4.8) 2016
(A)
Kissimmee South
Davenport, FL
 
— 
 
3.7 
 
6.8 
 
— 
 
6.6 
 
3.7 
 
13.4 
 
17.1 
 
(3.7) 2016
(A)
Kittatinny K-Camp(8)
Barryville, NY
 
— 
 
— 
 
— 
 
3.1 
 
21.8 
 
3.1 
 
21.8 
 
24.9 
 
(2.7) 2020
(A)
Initial Cost to 
Company
Costs Capitalized 
Subsequent to Acquisition 
(Improvements)
Gross Amount Carried at
December 31, 2024
Property Name
Location
Encumbrances(4)
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Total
Accumulated 
Depreciation
Date
Acquired 
(A) or 
Constructed 
(C)
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 62

Knollwood Estates
Allendale, MI
 
10.5 
 
0.4 
 
4.1 
 
— 
 
3.1 
 
0.4 
 
7.2 
 
7.6 
 
(4.3) 2001
(A)
La Casa Blanca
Apache Junction, AZ
 
— 
 
4.4 
 
14.1 
 
— 
 
1.0 
 
4.4 
 
15.1 
 
19.5 
 
(5.3) 2014
(A)
La Costa Village
Port Orange, FL
 
46.7 
 
3.6 
 
62.3 
 
— 
 
4.0 
 
3.6 
 
66.3 
 
69.9 
 
(21.2) 2015
(A)
Lafayette Place
Warren, MI
 
12.5 
 
0.7 
 
6.0 
 
— 
 
8.0 
 
0.7 
 
14.0 
 
14.7 
 
(9.2) 1998
(A)
Lake Juliana Landings
Auburndale, FL
 
— 
 
0.3 
 
3.0 
 
— 
 
2.4 
 
0.3 
 
5.4 
 
5.7 
 
(4.1) 1994
(A)
Lake San Marino RV Resort(8)
Naples, FL
 
30.2 
 
0.7 
 
5.7 
 
— 
 
6.0 
 
0.7 
 
11.7 
 
12.4 
 
(7.4) 1996
(A)
Lakefront
Lakeside, CA
 
33.1 
 
21.6 
 
17.4 
 
— 
 
1.6 
 
21.6 
 
19.0 
 
40.6 
 
(5.5) 2016
(A)
Lakeland
Lakeland, FL
 
— 
 
1.7 
 
5.5 
 
— 
 
3.9 
 
1.7 
 
9.4 
 
11.1 
 
(2.4) 2016
(A)
Lakeshore Landings
Orlando, FL
 
10.9 
 
2.6 
 
19.5 
 
— 
 
2.4 
 
2.6 
 
21.9 
 
24.5 
 
(7.6) 2014
(A)
Lakeshore Villas
Tampa, FL
 
— 
 
3.1 
 
19.0 
 
— 
 
2.0 
 
3.1 
 
21.0 
 
24.1 
 
(6.6) 2015
(A)
Lakeside
Terryville, CT
 
— 
 
1.3 
 
3.4 
 
— 
 
0.4 
 
1.3 
 
3.8 
 
5.1 
 
(0.7) 2019
(A)
Lakeside Crossing
Conway, SC
 
10.8 
 
3.5 
 
31.6 
 
— 
 
22.2 
 
3.5 
 
53.8 
 
57.3 
 
(14.2) 2015
(A&C)
Lakeview
Ypsilanti, MI
 
— 
 
1.2 
 
10.9 
 
— 
 
10.7 
 
1.2 
 
21.6 
 
22.8 
 
(12.1) 2004
(A)
Lakeview CT
Danbury, CT
 
— 
 
2.5 
 
8.9 
 
— 
 
1.8 
 
2.5 
 
10.7 
 
13.2 
 
(1.9) 2019
(A)
Lakeview Estates
Yucaipa, CA
 
— 
 
— 
 
— 
 
4.1 
 
22.9 
 
4.1 
 
22.9 
 
27.0 
 
(3.5) 2020
(A)
Lamplighter
Port Orange, FL
 
— 
 
1.3 
 
12.8 
 
— 
 
1.7 
 
1.3 
 
14.5 
 
15.8 
 
(4.5) 2015
(A)
Lantana Ranch(5)
Brookshire, TX
 
— 
 
33.1 
 
1.3 
 
0.3 
 
2.2 
 
33.4 
 
3.5 
 
36.9 
 
— 
2022
(A)
Laurel Heights
Uncasville, CT
 
— 
 
1.7 
 
0.7 
 
— 
 
0.6 
 
1.7 
 
1.3 
 
3.0 
 
(0.2) 2019
(A)
Lazy J Ranch
Arcata, CA
 
— 
 
7.1 
 
6.8 
 
— 
 
0.9 
 
7.1 
 
7.7 
 
14.8 
 
(2.0) 2017
(A)
Leaf Verde
Buckeye, AZ
 
— 
 
3.4 
 
8.4 
 
— 
 
1.4 
 
3.4 
 
9.8 
 
13.2 
 
(2.3) 2018
(A)
Leisure Village
Belmont, MI
 
— 
 
0.4 
 
8.2 
 
— 
 
3.5 
 
0.4 
 
11.7 
 
12.1 
 
(4.4) 2011
(A)
Lemon Wood
Ventura, CA
 
22.9 
 
19.5 
 
6.9 
 
— 
 
1.7 
 
19.5 
 
8.6 
 
28.1 
 
(2.5) 2016
(A)
Lincoln Estates
Holland, MI
 
— 
 
0.5 
 
4.2 
 
— 
 
1.8 
 
0.5 
 
6.0 
 
6.5 
 
(4.5) 1996
(A)
Lost Dutchman
Apache Junction, AZ
 
— 
 
— 
 
— 
 
4.1 
 
16.8 
 
4.1 
 
16.8 
 
20.9 
 
(5.5) 2014
(A)
Majestic Oaks
Zephyrhills, FL
 
9.2 
 
3.9 
 
4.7 
 
0.2 
 
2.5 
 
4.1 
 
7.2 
 
11.3 
 
(2.1) 2016
(A)
Maple Brook
Matteson, IL
 
35.4 
 
8.5 
 
48.8 
 
— 
 
1.0 
 
8.5 
 
49.8 
 
58.3 
 
(17.6) 2014
(A)
Maplewood Manor
Brunswick, ME
 
— 
 
1.8 
 
13.0 
 
— 
 
2.2 
 
1.8 
 
15.2 
 
17.0 
 
(5.1) 2014
(A)
Marco Naples
Naples, FL
 
— 
 
2.8 
 
10.5 
 
— 
 
6.0 
 
2.8 
 
16.5 
 
19.3 
 
(4.4) 2016
(A)
Marina Cove
Uncasville, CT
 
— 
 
0.3 
 
0.4 
 
— 
 
0.5 
 
0.3 
 
0.9 
 
1.2 
 
(0.1) 2019
(A)
Meadow Lake
White Lake, MI
 
29.7 
 
1.2 
 
11.5 
 
— 
 
8.6 
 
1.2 
 
20.1 
 
21.3 
 
(15.3) 1994
(A)
Meadowbrook
Charlotte, NC
 
— 
 
1.3 
 
6.6 
 
— 
 
9.4 
 
1.3 
 
16.0 
 
17.3 
 
(10.8) 2000
(A&C)
Meadowbrook Estates
Monroe, MI
 
— 
 
0.4 
 
3.3 
 
0.4 
 
23.4 
 
0.8 
 
26.7 
 
27.5 
 
(15.4) 1986
(A)
Meadowbrook Village
Tampa, FL
 
8.6 
 
0.5 
 
4.7 
 
— 
 
1.7 
 
0.5 
 
6.4 
 
6.9 
 
(5.4) 1994
(A)
Meadowlands
Gibraltar, MI
 
20.1 
 
0.6 
 
7.7 
 
— 
 
3.1 
 
0.6 
 
10.8 
 
11.4 
 
(3.5) 2015
(A)
Initial Cost to 
Company
Costs Capitalized 
Subsequent to Acquisition 
(Improvements)
Gross Amount Carried at
December 31, 2024
Property Name
Location
Encumbrances(4)
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Total
Accumulated 
Depreciation
Date
Acquired 
(A) or 
Constructed 
(C)
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 63

Meadowstone
Hastings, MI
 
— 
 
0.7 
 
20.3 
 
— 
 
0.4 
 
0.7 
 
20.7 
 
21.4 
 
(2.5) 2021
(A)
Merrymeeting
Brunswick, ME
 
— 
 
0.3 
 
1.0 
 
— 
 
0.8 
 
0.3 
 
1.8 
 
2.1 
 
(0.7) 2014
(A)
Mill Creek
Kissimmee, FL
 
— 
 
1.4 
 
4.8 
 
— 
 
5.7 
 
1.4 
 
10.5 
 
11.9 
 
(2.5) 2016
(A)
Millwood
Uncasville, CT
 
— 
 
2.4 
 
— 
 
— 
 
3.9 
 
2.4 
 
3.9 
 
6.3 
 
(0.3) 2019
(A&C)
Mountain View
Mesa, AZ
 
— 
 
5.5 
 
12.3 
 
— 
 
1.2 
 
5.5 
 
13.5 
 
19.0 
 
(4.7) 2014
(A)
Napa Valley
Napa, CA
 
26.4 
 
17.7 
 
11.7 
 
— 
 
1.4 
 
17.7 
 
13.1 
 
30.8 
 
(3.9) 2016
(A)
New England Village
Westbrook, CT
 
— 
 
4.2 
 
1.4 
 
— 
 
0.2 
 
4.2 
 
1.6 
 
5.8 
 
(0.3) 2019
(A)
North Lake
Moore Haven, FL
 
— 
 
4.2 
 
3.5 
 
— 
 
2.8 
 
4.2 
 
6.3 
 
10.5 
 
(2.4) 2011
(A)
North Point Estates
Pueblo, CO
 
— 
 
1.6 
 
3.0 
 
— 
 
4.1 
 
1.6 
 
7.1 
 
8.7 
 
(4.5) 2001
(C)
Northville Crossing
Northville, MI
 
59.6 
 
1.2 
 
29.5 
 
— 
 
6.8 
 
1.2 
 
36.3 
 
37.5 
 
(15.0) 2012
(A)
Norway Commons
Norway, ME
 
— 
 
— 
 
15.9 
 
0.7 
 
1.4 
 
0.7 
 
17.3 
 
18.0 
 
(1.5) 2022
(A)
Oak Creek
Coarsegold, CA
 
— 
 
4.8 
 
11.2 
 
— 
 
2.4 
 
4.8 
 
13.6 
 
18.4 
 
(4.8) 2014
(A)
Oak Crest
Austin, TX
 
24.5 
 
4.3 
 
12.6 
 
4.4 
 
27.7 
 
8.7 
 
40.3 
 
49.0 
 
(16.2) 2002
(C)
Oak Grove
Plainville, CT
 
— 
 
1.0 
 
1.7 
 
— 
 
0.2 
 
1.0 
 
1.9 
 
2.9 
 
(0.3) 2019
(A)
Oak Island Village
East Lansing, MI
 
17.5 
 
0.3 
 
6.8 
 
— 
 
5.0 
 
0.3 
 
11.8 
 
12.1 
 
(5.0) 2011
(A)
Oak Ridge
Manteno, IL
 
28.2 
 
1.1 
 
36.9 
 
— 
 
5.5 
 
1.1 
 
42.4 
 
43.5 
 
(15.4) 2014
(A)
Oakview Estates
Arcadia, FL
 
— 
 
0.9 
 
3.9 
 
— 
 
2.9 
 
0.9 
 
6.8 
 
7.7 
 
(1.6) 2016
(A)
Oakwood Village
Miamisburg, OH
 
38.3 
 
2.0 
 
6.4 
 
— 
 
15.3 
 
2.0 
 
21.7 
 
23.7 
 
(14.0) 1998
(A&C)
Ocean Breeze Resort
Jensen Beach, FL
 
— 
 
19.0 
 
13.9 
 
— 
 
44.1 
 
19.0 
 
58.0 
 
77.0 
 
(12.7) 2016
(A&C)
Ocean Breeze Marathon(8)
Marathon, FL
 
— 
 
2.3 
 
1.8 
 
— 
 
6.7 
 
2.3 
 
8.5 
 
10.8 
 
(1.4) 2016
(A)
Ocean Pines
Garden City, SC
 
— 
 
7.6 
 
35.3 
 
— 
 
2.0 
 
7.6 
 
37.3 
 
44.9 
 
(8.7) 2019
(A)
Ocean View
Jensen Beach, FL
 
— 
 
4.6 
 
— 
 
0.2 
 
16.3 
 
4.8 
 
16.3 
 
21.1 
 
(1.3) 2020
(A)
Ocean West
McKinleyville, CA
 
4.2 
 
5.0 
 
4.4 
 
0.4 
 
0.6 
 
5.4 
 
5.0 
 
10.4 
 
(1.3) 2017
(A)
Orange City
Orange City, FL
 
31.7 
 
0.9 
 
5.5 
 
— 
 
7.1 
 
0.9 
 
12.6 
 
13.5 
 
(4.1) 2011
(A)
Orange Tree Village
Orange City, FL
 
8.6 
 
0.3 
 
2.5 
 
— 
 
1.8 
 
0.3 
 
4.3 
 
4.6 
 
(3.4) 1994
(A)
Orchard Lake
Milford, OH
 
— 
 
0.4 
 
4.0 
 
— 
 
4.0 
 
0.4 
 
8.0 
 
8.4 
 
(4.6) 1999
(A)
Paddock Park South
Ocala, FL
 
— 
 
0.6 
 
6.6 
 
— 
 
3.9 
 
0.6 
 
10.5 
 
11.1 
 
(2.7) 2016
(A)
Palm Creek Resort & Residences(8)
Casa Grande, AZ
 
86.5 
 
11.8 
 
76.1 
 
— 
 
29.9 
 
11.8 
 
106.0 
 
117.8 
 
(47.4) 2012
(A&C)
Palm Key Village
Davenport, FL
 
14.4 
 
3.8 
 
15.7 
 
— 
 
0.8 
 
3.8 
 
16.5 
 
20.3 
 
(5.3) 2015
(A)
Palm Village
Bradenton, FL
 
— 
 
3.0 
 
2.8 
 
— 
 
2.1 
 
3.0 
 
4.9 
 
7.9 
 
(1.4) 2016
(A)
Palos Verdes Shores MH & Golf Community(2)
San Pedro, CA
 
33.0 
 
— 
 
21.8 
 
— 
 
8.7 
 
— 
 
30.5 
 
30.5 
 
(7.5) 2016
(A)
Park Place
Sebastian, FL
 
— 
 
1.4 
 
48.7 
 
0.1 
 
5.0 
 
1.5 
 
53.7 
 
55.2 
 
(16.7) 2015
(A)
Park Royale
Pinellas Park, FL
 
12.5 
 
0.7 
 
29.0 
 
— 
 
1.8 
 
0.7 
 
30.8 
 
31.5 
 
(9.6) 2015
(A)
Parkside Village
Cheektowaga, NY
 
— 
 
0.6 
 
10.4 
 
— 
 
0.5 
 
0.6 
 
10.9 
 
11.5 
 
(3.8) 2014
(A)
Initial Cost to 
Company
Costs Capitalized 
Subsequent to Acquisition 
(Improvements)
Gross Amount Carried at
December 31, 2024
Property Name
Location
Encumbrances(4)
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Total
Accumulated 
Depreciation
Date
Acquired 
(A) or 
Constructed 
(C)
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 64

Pearwood(8)
Pearland, TX
 
— 
 
— 
 
10.3 
 
1.2 
 
— 
 
1.2 
 
10.3 
 
11.5 
 
(1.3) 2021
(A)
Pebble Creek
Greenwood, IN
 
— 
 
1.0 
 
5.1 
 
— 
 
11.3 
 
1.0 
 
16.4 
 
17.4 
 
(9.9) 2000
(A&C)
Pecan Branch
Georgetown, TX
 
— 
 
1.4 
 
— 
 
0.2 
 
19.5 
 
1.6 
 
19.5 
 
21.1 
 
(7.8) 1999
(C)
Pecan Park
Jacksonville, FL
 
— 
 
2.0 
 
5.0 
 
1.4 
 
13.0 
 
3.4 
 
18.0 
 
21.4 
 
(4.2) 2016
(A&C)
Pelican Bay
Micco, FL
 
6.4 
 
0.5 
 
10.5 
 
— 
 
2.3 
 
0.5 
 
12.8 
 
13.3 
 
(4.1) 2015
(A)
Pembroke Downs
Chino, CA
 
12.6 
 
9.6 
 
7.3 
 
— 
 
1.1 
 
9.6 
 
8.4 
 
18.0 
 
(2.3) 2016
(A)
Pheasant Ridge
Lancaster, PA
 
45.4 
 
2.0 
 
19.3 
 
— 
 
3.3 
 
2.0 
 
22.6 
 
24.6 
 
(14.7) 2002
(A)
Pine Acre Trails
Conroe, TX
 
— 
 
15.6 
 
16.7 
 
— 
 
28.9 
 
15.6 
 
45.6 
 
61.2 
 
(3.3) 2022
(A)
Pine Hills
Middlebury, IN
 
— 
 
0.1 
 
0.5 
 
— 
 
4.7 
 
0.1 
 
5.2 
 
5.3 
 
(3.0) 1980
(A)
Pine Ridge
Prince George, VA
 
12.5 
 
0.4 
 
2.4 
 
— 
 
25.0 
 
0.4 
 
27.4 
 
27.8 
 
(12.5) 1986
(A&C)
Pine Trace
Houston, TX
 
33.1 
 
2.9 
 
17.2 
 
(0.2) (3)
 
15.8 
 
2.7 
 
33.0 
 
35.7 
 
(19.1) 2004
(A&C)
Pinebrook Village
Kentwood, MI
 
— 
 
0.1 
 
5.7 
 
— 
 
3.1 
 
0.1 
 
8.8 
 
8.9 
 
(3.4) 2011
(A)
Pineview Estates
Flint, MI
 
— 
 
1.9 
 
57.4 
 
— 
 
43.5 
 
1.9 
 
100.9 
 
102.8 
 
(15.2) 2021
(A)
Pismo Dunes Resort
Pismo Beach, CA
 
17.9 
 
11.1 
 
10.2 
 
— 
 
1.6 
 
11.1 
 
11.8 
 
22.9 
 
(3.1) 2017
(A)
Pleasant Beach Campground
Sherkston, ON
 
— 
 
1.6 
 
0.6 
 
(0.5) (1)
 
0.3 
 
1.1 
 
0.9 
 
2.0 
 
(0.1) 2021
(A)
Pleasant Lake RV Resort
Bradenton, FL
 
11.2 
 
5.2 
 
20.4 
 
— 
 
4.0 
 
5.2 
 
24.4 
 
29.6 
 
(6.9) 2016
(A)
Presidential Estates
Hudsonville, MI
 
28.9 
 
0.7 
 
6.3 
 
— 
 
6.5 
 
0.7 
 
12.8 
 
13.5 
 
(8.1) 1996
(A)
Rainbow(8)
Frostproof, FL
 
— 
 
1.9 
 
5.7 
 
— 
 
5.0 
 
1.9 
 
10.7 
 
12.6 
 
(4.3) 2012
(A)
Rainbow Village Largo
Largo, FL
 
8.1 
 
4.4 
 
12.5 
 
— 
 
3.7 
 
4.4 
 
16.2 
 
20.6 
 
(4.8) 2016
(A)
Rainbow Village Zephyrhills
Zephyrhills, FL
 
8.3 
 
1.8 
 
9.9 
 
— 
 
2.9 
 
1.8 
 
12.8 
 
14.6 
 
(3.6) 2016
(A)
Rancho Alipaz(2)
San Juan Capistrano, CA
 
11.5 
 
— 
 
2.9 
 
16.2 
 
1.0 
 
16.2 
 
3.9 
 
20.1 
 
(1.1) 2016
(A)
Rancho Caballero
Riverside, CA
 
21.0 
 
16.6 
 
12.4 
 
— 
 
1.9 
 
16.6 
 
14.3 
 
30.9 
 
(4.0) 2016
(A)
Rancho Mirage
Apache Junction, AZ
 
— 
 
7.5 
 
22.2 
 
— 
 
1.2 
 
7.5 
 
23.4 
 
30.9 
 
(8.2) 2014
(A)
Red Oaks(2)
Bushnell, FL
 
— 
 
5.2 
 
20.5 
 
— 
 
8.8 
 
5.2 
 
29.3 
 
34.5 
 
(8.1) 2016
(A)
Regency Heights
Clearwater, FL
 
24.9 
 
11.3 
 
15.7 
 
— 
 
4.7 
 
11.3 
 
20.4 
 
31.7 
 
(5.4) 2016
(A)
Richmond Place
Richmond, MI
 
7.2 
 
0.5 
 
2.0 
 
— 
 
4.1 
 
0.5 
 
6.1 
 
6.6 
 
(3.8) 1998
(A)
River Beach Campsites and RV
Milford, PA
 
— 
 
— 
 
— 
 
0.3 
 
4.5 
 
0.3 
 
4.5 
 
4.8 
 
(0.8) 2020
(A)
River Haven
Grand Haven, MI
 
— 
 
1.8 
 
16.9 
 
— 
 
18.3 
 
1.8 
 
35.2 
 
37.0 
 
(21.2) 2001
(A)
River Pines
Nashua, NH
 
— 
 
2.7 
 
37.8 
 
— 
 
1.2 
 
2.7 
 
39.0 
 
41.7 
 
(7.4) 2019
(A)
River Ranch
Austin, TX
 
— 
 
4.7 
 
0.8 
 
0.2 
 
38.1 
 
4.9 
 
38.9 
 
43.8 
 
(16.1) 2000
(A&C)
River Ridge
Saline, MI
 
— 
 
1.0 
 
26.9 
 
— 
 
0.7 
 
1.0 
 
27.6 
 
28.6 
 
(3.4) 2021
(A)
River Ridge Estates
Austin, TX
 
38.2 
 
3.2 
 
15.1 
 
— 
 
7.5 
 
3.2 
 
22.6 
 
25.8 
 
(14.0) 2002
(C)
Riverside Club
Ruskin, FL
 
39.4 
 
1.6 
 
66.2 
 
— 
 
19.9 
 
1.6 
 
86.1 
 
87.7 
 
(24.9) 2015
(A)
Riverside Drive Park
Augusta, ME
 
— 
 
1.2 
 
12.1 
 
— 
 
4.1 
 
1.2 
 
16.2 
 
17.4 
 
(2.4) 2020
(A)
Initial Cost to 
Company
Costs Capitalized 
Subsequent to Acquisition 
(Improvements)
Gross Amount Carried at
December 31, 2024
Property Name
Location
Encumbrances(4)
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Total
Accumulated 
Depreciation
Date
Acquired 
(A) or 
Constructed 
(C)
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 65

Rolling Hills
Storrs, CT
 
— 
 
4.0 
 
3.7 
 
— 
 
5.6 
 
4.0 
 
9.3 
 
13.3 
 
(1.2) 2019
(A)
Roxbury Park
Goshen, IN
 
— 
 
1.1 
 
9.9 
 
— 
 
11.2 
 
1.1 
 
21.1 
 
22.2 
 
(10.7) 2001
(A)
Royal Country
Miami, FL
 
62.8 
 
2.3 
 
20.8 
 
— 
 
4.1 
 
2.3 
 
24.9 
 
27.2 
 
(22.3) 1994
(A)
Royal Palm Village
Haines City, FL
 
10.1 
 
1.7 
 
27.4 
 
— 
 
8.8 
 
1.7 
 
36.2 
 
37.9 
 
(10.5) 2015
(A)
Royal Palms(2)
Cathedral City, CA
 
— 
 
— 
 
21.6 
 
— 
 
2.7 
 
— 
 
24.3 
 
24.3 
 
(6.8) 2016
(A)
Rudgate Clinton
Clinton Township, MI
 
— 
 
1.1 
 
23.7 
 
— 
 
16.3 
 
1.1 
 
40.0 
 
41.1 
 
(15.5) 2012
(A)
Rudgate Manor
Sterling Heights, MI
 
— 
 
1.4 
 
31.1 
 
— 
 
22.3 
 
1.4 
 
53.4 
 
54.8 
 
(20.7) 2012
(A)
Saddle Oak Club
Ocala, FL
 
16.5 
 
0.7 
 
6.7 
 
— 
 
1.0 
 
0.7 
 
7.7 
 
8.4 
 
(6.9) 1995
(A)
Saddlebrook
San Marcos, TX
 
— 
 
1.7 
 
11.8 
 
— 
 
24.2 
 
1.7 
 
36.0 
 
37.7 
 
(18.0) 2002
(C)
Sandy Lake
Carrollton, TX
 
— 
 
0.7 
 
17.8 
 
— 
 
2.2 
 
0.7 
 
20.0 
 
20.7 
 
(5.8) 2016
(A)
Saralake Estates
Sarasota, FL
 
— 
 
6.5 
 
11.4 
 
— 
 
1.6 
 
6.5 
 
13.0 
 
19.5 
 
(3.7) 2016
(A)
Savanna Club
Port St. Lucie, FL
 
55.7 
 
12.8 
 
79.9 
 
1.6 
 
1.6 
 
14.4 
 
81.5 
 
95.9 
 
(26.1) 2015
(A&C)
Scio Farms
Ann Arbor, MI
 
39.4 
 
2.3 
 
22.7 
 
— 
 
17.9 
 
2.3 
 
40.6 
 
42.9 
 
(29.4) 1995
(A&C)
Sea Air Village
Rehoboth Beach, DE
 
— 
 
1.2 
 
10.2 
 
0.4 
 
4.4 
 
1.6 
 
14.6 
 
16.2 
 
(9.8) 1997
(A)
Serendipity
North Fort Myers, FL
 
— 
 
1.2 
 
23.5 
 
(0.3) (3)
 
8.7 
 
0.9 
 
32.2 
 
33.1 
 
(8.9) 2015
(A)
Settler's Rest
Zephyrhills, FL
 
— 
 
1.8 
 
7.7 
 
— 
 
3.0 
 
1.8 
 
10.7 
 
12.5 
 
(2.9) 2016
(A)
Shadow Wood Village
Hudson, FL
 
— 
 
4.5 
 
3.9 
 
0.8 
 
17.1 
 
5.3 
 
21.0 
 
26.3 
 
(4.0) 2016
(A)
Shady Pines
Galloway Township, NJ
 
— 
 
1.1 
 
3.8 
 
— 
 
1.7 
 
1.1 
 
5.5 
 
6.6 
 
(1.6) 2016
(A)
Shady Road Villas
Ocala, FL
 
— 
 
0.5 
 
2.8 
 
— 
 
5.0 
 
0.5 
 
7.8 
 
8.3 
 
(2.2) 2016
(A)
Sheffield Estates
Auburn Hills, MI
 
— 
 
0.8 
 
7.2 
 
— 
 
4.8 
 
0.8 
 
12.0 
 
12.8 
 
(6.1) 2006
(A)
Shelby Forest
Shelby Twp., MI
 
— 
 
4.0 
 
42.4 
 
— 
 
1.8 
 
4.0 
 
44.2 
 
48.2 
 
(8.7) 2019
(A)
Shelby West
Shelby Twp., MI
 
— 
 
5.7 
 
38.9 
 
— 
 
1.2 
 
5.7 
 
40.1 
 
45.8 
 
(7.8) 2019
(A)
Shell Creek
Punta Gorda, FL
 
8.5 
 
2.2 
 
9.7 
 
— 
 
4.8 
 
2.2 
 
14.5 
 
16.7 
 
(4.0) 2016
(A)
Siesta Bay(9)
Ft. Myers, FL
 
— 
 
2.1 
 
18.5 
 
— 
 
2.2 (9)
 
2.1 
 
20.7 
 
22.8 
 
(5.0) 1996
(A)
Silver Springs
Clinton Township, MI
 
— 
 
0.9 
 
16.6 
 
— 
 
4.1 
 
0.9 
 
20.7 
 
21.6 
 
(8.4) 2012
(A)
Sky Harbor
Cheektowaga, NY
 
— 
 
2.3 
 
24.3 
 
— 
 
9.4 
 
2.3 
 
33.7 
 
36.0 
 
(11.1) 2014
(A)
Skyline
Fort Collins, CO
 
— 
 
2.3 
 
12.1 
 
— 
 
1.3 
 
2.3 
 
13.4 
 
15.7 
 
(4.6) 2014
(A)
Smith Creek Crossing
Granby, CO
 
— 
 
1.4 
 
— 
 
— 
 
57.3 
 
1.4 
 
57.3 
 
58.7 
 
(8.6) 2018
(C)
Southern Charm
Zephyrhills, FL
 
10.4 
 
4.9 
 
17.4 
 
— 
 
4.0 
 
4.9 
 
21.4 
 
26.3 
 
(6.2) 2016
(A)
Southern Leisure RV Resort
Chiefland, FL
 
— 
 
3.1 
 
14.8 
 
— 
 
6.1 
 
3.1 
 
20.9 
 
24.0 
 
(2.4) 2021
(A)
Southern Palms
Ladson, SC
 
— 
 
2.4 
 
9.4 
 
— 
 
0.5 
 
2.4 
 
9.9 
 
12.3 
 
(6.6) 2019
(A)
Southport Springs Golf & Country Club
Zephyrhills, FL
 
31.2 
 
15.1 
 
17.2 
 
— 
 
6.2 
 
15.1 
 
23.4 
 
38.5 
 
(7.2) 2015
(A&C)
Southside Landing
Cambridge, MD
 
— 
 
1.0 
 
2.5 
 
— 
 
1.5 
 
1.0 
 
4.0 
 
5.0 
 
(0.9) 2019
(A)
Southwood Village
Grand Rapids, MI
 
— 
 
0.3 
 
11.5 
 
— 
 
4.0 
 
0.3 
 
15.5 
 
15.8 
 
(6.0) 2011
(A)
Initial Cost to 
Company
Costs Capitalized 
Subsequent to Acquisition 
(Improvements)
Gross Amount Carried at
December 31, 2024
Property Name
Location
Encumbrances(4)
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Total
Accumulated 
Depreciation
Date
Acquired 
(A) or 
Constructed 
(C)
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 66

Space City Ellington(8)
Houston, TX
 
— 
 
3.0 
 
14.5 
 
— 
 
0.6 
 
3.0 
 
15.1 
 
18.1 
 
(1.9) 2021
(A)
Spanish Main
Thonotosassa, FL
 
— 
 
2.4 
 
8.1 
 
— 
 
6.8 
 
2.4 
 
14.9 
 
17.3 
 
(4.0) 2016
(A)
St. Clair Place
St. Clair, MI
 
— 
 
0.5 
 
2.0 
 
— 
 
3.0 
 
0.5 
 
5.0 
 
5.5 
 
(3.0) 1998
(A)
Stonebridge (MI)(5)
Richfield Twp., MI
 
— 
 
2.0 
 
— 
 
0.3 
 
2.2 
 
2.3 
 
2.2 
 
4.5 
 
(0.7) 1998
(C)
Stonebridge
San Antonio, TX
 
— 
 
2.5 
 
2.1 
 
(0.6) (3)
 
6.6 
 
1.9 
 
8.7 
 
10.6 
 
(5.7) 2000
(A&C)
Stonebrook
Homosassa, FL
 
— 
 
0.7 
 
14.1 
 
— 
 
1.1 
 
0.7 
 
15.2 
 
15.9 
 
(4.8) 2015
(A)
Stoneridge Villas(5)
Gardnerville, NV
 
— 
 
5.3 
 
— 
 
— 
 
1.5 
 
5.3 
 
1.5 
 
6.8 
 
— 
2022
(A)
Strafford / Lake Winnipesaukee South KOA
Strafford, NH
 
— 
 
— 
 
— 
 
0.3 
 
9.5 
 
0.3 
 
9.5 
 
9.8 
 
(1.5) 2019
(A)
Summit Ridge
Converse, TX
 
— 
 
2.6 
 
2.1 
 
(0.9) (3)
 
17.7 
 
1.7 
 
19.8 
 
21.5 
 
(11.3) 2000
(A&C)
Sun Outdoors Arches Gateway
Moab, UT
 
— 
 
3.7 
 
8.7 
 
— 
 
2.9 
 
3.7 
 
11.6 
 
15.3 
 
(2.9) 2018
(A)
Sun Outdoors Association Island
Henderson, NY
 
— 
 
1.7 
 
14.7 
 
— 
 
5.1 
 
1.7 
 
19.8 
 
21.5 
 
(2.8) 2021
(A)
Sun Outdoors Bend(2)
Bend, OR
 
— 
 
4.0 
 
13.3 
 
— 
 
0.9 
 
4.0 
 
14.2 
 
18.2 
 
(2.3) 2020
(A)
Sun Outdoors Canyonlands Gateway
Moab, UT
 
— 
 
6.3 
 
8.4 
 
— 
 
0.9 
 
6.3 
 
9.3 
 
15.6 
 
(2.3) 2018
(A)
Sun Outdoors Cape Charles
Cape Charles, VA
 
— 
 
19.1 
 
38.7 
 
— 
 
11.9 
 
19.1 
 
50.6 
 
69.7 
 
(6.5) 2021
(A)
Sun Outdoors Cape May
Cape May, NJ
 
— 
 
— 
 
27.5 
 
2.2 
 
0.4 
 
2.2 
 
27.9 
 
30.1 
 
(3.9) 2021
(A)
Sun Outdoors Central Coast Wine Country
Paso Robles, CA
 
— 
 
1.7 
 
11.5 
 
— 
 
4.7 
 
1.7 
 
16.2 
 
17.9 
 
(6.5) 2014
(A&C)
Sun Outdoors Chesapeake Bay(2)
Temperanceville, VA
 
— 
 
2.3 
 
8.8 
 
(2.3) 
 
(8.8) 
 
— 
 
— 
 
— 
 
— 
2021
(A)
Sun Outdoors Coos Bay
Coos Bay, OR
 
— 
 
2.7 
 
3.2 
 
— 
 
2.6 
 
2.7 
 
5.8 
 
8.5 
 
(1.4) 2018
(A)
Sun Outdoors Chincoteague Bay(2)(5)
Chincoteague, VA
 
— 
 
7.5 
 
— 
 
(7.5) 
 
— 
 
— 
 
— 
 
— 
 
— 
2021
(C)
Sun Outdoors Frontier Town
Berlin, MD
 
— 
 
19.0 
 
43.2 
 
— 
 
39.9 
 
19.0 
 
83.1 
 
102.1 
 
(25.7) 2015
(A)
Sun Outdoors Garden City Utah
Garden City, UT
 
— 
 
2.1 
 
7.9 
 
— 
 
2.0 
 
2.1 
 
9.9 
 
12.0 
 
(1.3) 2021
(A)
Sun Outdoors Gig Harbor
Gig Harbor, WA
 
— 
 
3.4 
 
11.9 
 
— 
 
1.8 
 
3.4 
 
13.7 
 
17.1 
 
(2.0) 2020
(A)
Sun Outdoors Islamorada
Islamorada, FL
 
— 
 
10.5 
 
7.0 
 
2.3 
 
35.6 
 
12.8 
 
42.6 
 
55.4 
 
(2.7) 2016
(A)
Sun Outdoors Kensington Valley
New Hudson, MI
 
— 
 
— 
 
20.1 
 
2.9 
 
1.3 
 
2.9 
 
21.4 
 
24.3 
 
(2.6) 2021
(A)
Sun Outdoors Key Largo
Key Largo, FL
 
— 
 
2.4 
 
1.0 
 
— 
 
3.1 
 
2.4 
 
4.1 
 
6.5 
 
(1.2) 2016
(A)
Sun Outdoors Lake Rudolph
Santa Claus, IN
 
— 
 
2.3 
 
28.1 
 
— 
 
17.0 
 
2.3 
 
45.1 
 
47.4 
 
(20.4) 2014
(A&C)
Sun Outdoors Lake Travis
Austin, TX
 
— 
 
3.7 
 
22.2 
 
— 
 
1.5 
 
3.7 
 
23.7 
 
27.4 
 
(8.3) 2015
(A)
Sun Outdoors Marathon
Marathon, FL
 
— 
 
4.8 
 
4.7 
 
— 
 
5.9 
 
4.8 
 
10.6 
 
15.4 
 
(2.8) 2016
(A)
Sun Outdoors Moab Downtown
Moab, UT
 
— 
 
3.7 
 
7.4 
 
— 
 
0.8 
 
3.7 
 
8.2 
 
11.9 
 
(2.2) 2018
(A)
Sun Outdoors Myrtle Beach
Conway, SC
 
— 
 
5.9 
 
— 
 
0.7 
 
106.3 
 
6.6 
 
106.3 
 
112.9 
 
(23.9) 2017
(A&C)
Sun Outdoors Mystic
Old Mystic, CT
 
— 
 
0.1 
 
0.3 
 
— 
 
2.8 
 
0.1 
 
3.1 
 
3.2 
 
(1.7) 2013
(A)
Sun Outdoors New Orleans North Shore
Ponchatoula, LA
 
— 
 
7.7 
 
16.1 
 
— 
 
11.8 
 
7.7 
 
27.9 
 
35.6 
 
(5.8) 2019
(A)
Sun Outdoors North Moab
Moab, UT
 
— 
 
— 
 
— 
 
3.2 
 
12.2 
 
3.2 
 
12.2 
 
15.4 
 
(2.3) 2019
(A)
Sun Outdoors Ocean City
Berlin, MD
 
— 
 
14.3 
 
22.3 
 
— 
 
9.5 
 
14.3 
 
31.8 
 
46.1 
 
(12.6) 2014
(A&C)
Initial Cost to 
Company
Costs Capitalized 
Subsequent to Acquisition 
(Improvements)
Gross Amount Carried at
December 31, 2024
Property Name
Location
Encumbrances(4)
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Total
Accumulated 
Depreciation
Date
Acquired 
(A) or 
Constructed 
(C)
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 67

Sun Outdoors Ocean City Gateway
Whaleyville, MD
 
— 
 
0.5 
 
5.2 
 
— 
 
18.9 
 
0.5 
 
24.1 
 
24.6 
 
(6.5) 2015
(A)
Sun Outdoors Old Orchard Beach Downtown
Old Orchard Beach, ME
 
— 
 
2.0 
 
10.0 
 
— 
 
2.9 
 
2.0 
 
12.9 
 
14.9 
 
(2.8) 2019
(A)
Sun Outdoors Orange Beach
Orange Beach, AL
 
— 
 
12.7 
 
7.5 
 
0.9 
 
34.3 
 
13.6 
 
41.8 
 
55.4 
 
(4.2) 2019
(A)
Sun Outdoors Panama City Beach(2)
Panama City Beach, FL
 
13.8 
 
10.3 
 
9.1 
 
— 
 
3.4 
 
10.3 
 
12.5 
 
22.8 
 
(3.1) 2017
(A)
Sun Outdoors Paso Robles
Paso Robles, CA
 
— 
 
1.4 
 
— 
 
— 
 
45.2 
 
1.4 
 
45.2 
 
46.6 
 
(12.8) 2014
(C)
Sun Outdoors Petoskey Bay Harbor
Petoskey, MI
 
— 
 
0.2 
 
3.3 
 
1.4 
 
5.2 
 
1.6 
 
8.5 
 
10.1 
 
(2.9) 2016
(A)
Sun Outdoors Pigeon Forge
Sevierville, TN
 
— 
 
3.7 
 
19.7 
 
— 
 
3.9 
 
3.7 
 
23.6 
 
27.3 
 
(4.8) 2019
(A)
Sun Outdoors Portland South
Wilsonville, OR
 
— 
 
— 
 
19.0 
 
9.3 
 
(8.5) 
 
9.3 
 
10.5 
 
19.8 
 
(1.4) 2021
(A)
Sun Outdoors Rocky Mountains
Granby, CO
 
— 
 
8.6 
 
— 
 
(3.1) (3)
 
147.1 
 
5.5 
 
147.1 
 
152.6 
 
(29.0) 2018
(C)
Sun Outdoors Rehoboth Bay
Millsboro, DE
 
— 
 
2.8 
 
17.9 
 
2.2 
 
21.8 
 
5.0 
 
39.7 
 
44.7 
 
(7.6) 2019
(A)
Sun Outdoors Saco Old Orchard Beach
Saco, ME
 
— 
 
0.8 
 
3.6 
 
— 
 
6.4 
 
0.8 
 
10.0 
 
10.8 
 
(4.1) 2014
(A)
Sun Outdoors Salt Lake City
North Salt Lake, UT
 
— 
 
3.4 
 
4.6 
 
— 
 
2.4 
 
3.4 
 
7.0 
 
10.4 
 
(2.0) 2018
(A)
Sun Outdoors San Diego Bay(2)
San Diego, CA
 
— 
 
— 
 
— 
 
— 
 
69.2 
 
— 
 
69.2 
 
69.2 
 
(12.4) 2019
(A)
Sun Outdoors Santa Barbara
Goleta, CA
 
— 
 
16.0 
 
6.2 
 
— 
 
2.0 
 
16.0 
 
8.2 
 
24.2 
 
(1.3) 2020
(A)
Sun Outdoors Sarasota
Sarasota, FL
 
135.5 
 
51.0 
 
117.5 
 
(0.2) (3)
 
17.9 
 
50.8 
 
135.4 
 
186.2 
 
(42.1) 2016
(A)
Sun Outdoors St. Augustine
St. Augustine, FL
 
— 
 
4.2 
 
10.5 
 
— 
 
1.6 
 
4.2 
 
12.1 
 
16.3 
 
(2.7) 2018
(A)
Sun Outdoors Sugarloaf Key(2)
Summerland Key, FL
 
— 
 
7.7 
 
4.4 
 
(7.7) 
 
(4.4) 
 
— 
 
— 
 
— 
 
— 
2021
(A)
Sun Outdoors Wells Beach
Wells, ME
 
— 
 
1.4 
 
11.4 
 
— 
 
1.8 
 
1.4 
 
13.2 
 
14.6 
 
(1.6) 2021
(A)
Sun Outdoors Yellowstone North
Gardiner, MT
 
— 
 
— 
 
12.5 
 
5.6 
 
(5.2) 
 
5.6 
 
7.3 
 
12.9 
 
(0.9) 2021
(A)
Sun Retreats Adirondack Gateway
Gansevoort, NY
 
— 
 
0.6 
 
2.0 
 
— 
 
2.5 
 
0.6 
 
4.5 
 
5.1 
 
(1.3) 2016
(A)
Sun Retreats Amherstburg
Amherstburg, ON
 
— 
 
1.1 
 
1.5 
 
— 
 
1.7 
 
1.1 
 
3.2 
 
4.3 
 
(0.9) 2016
(A)
Sun Retreats Avalon
Cape May Court House, NJ
 
— 
 
0.6 
 
21.3 
 
— 
 
5.2 
 
0.6 
 
26.5 
 
27.1 
 
(9.8) 2013
(A)
Sun Retreats Birch Bay
Blaine, WA
 
— 
 
7.5 
 
7.6 
 
— 
 
7.6 
 
7.5 
 
15.2 
 
22.7 
 
(1.2) 2021
(A)
Sun Retreats Cape Cod
East Falmouth, MA
 
— 
 
3.7 
 
10.8 
 
— 
 
1.4 
 
3.7 
 
12.2 
 
15.9 
 
(2.6) 2020
(A)
Sun Retreats Cape May Wildwood
Cape May, NJ
 
— 
 
0.7 
 
7.7 
 
— 
 
9.3 
 
0.7 
 
17.0 
 
17.7 
 
(7.0) 2013
(A)
Sun Retreats Crystal River
Crystal River, FL
 
— 
 
0.4 
 
5.5 
 
0.3 
 
7.0 
 
0.7 
 
12.5 
 
13.2 
 
(3.8) 2015
(A)
Sun Retreats Daytona Beach
Port Orange, FL
 
— 
 
2.3 
 
7.2 
 
— 
 
6.0 
 
2.3 
 
13.2 
 
15.5 
 
(3.4) 2016
(A)
Sun Retreats Dennis Port
Dennisport, MA
 
14.7 
 
14.3 
 
11.9 
 
— 
 
10.1 
 
14.3 
 
22.0 
 
36.3 
 
(5.1) 2016
(A)
Sun Retreats Dunedin
Dunedin, FL
 
8.9 
 
4.4 
 
16.9 
 
— 
 
3.4 
 
4.4 
 
20.3 
 
24.7 
 
(6.2) 2016
(A)
Sun Retreats Estero Bay
Fort Myers, FL
 
— 
 
4.9 
 
20.6 
 
— 
 
2.8 
 
4.9 
 
23.4 
 
28.3 
 
(3.7) 2020
(A)
Sun Retreats Fort Myers Beach(9)
Ft. Myers, FL
 
— 
 
0.2 
 
2.4 
 
— 
 
9.7 (9)
 
0.2 
 
12.1 
 
12.3 
 
(0.9) 1997
(A)
Sun Retreats Geneva on the Lake
Geneva on the Lake, OH
 
— 
 
0.4 
 
20.8 
 
— 
 
11.6 
 
0.4 
 
32.4 
 
32.8 
 
(11.6) 2013
(A&C)
Sun Retreats Gwynn's Island
Gwynn, VA
 
— 
 
0.8 
 
0.6 
 
— 
 
2.0 
 
0.8 
 
2.6 
 
3.4 
 
(1.0) 2013
(A)
Sun Retreats Gun Lake
Hopkins, MI
 
— 
 
0.4 
 
0.9 
 
— 
 
5.6 
 
0.4 
 
6.5 
 
6.9 
 
(2.2) 2011
(A)
Initial Cost to 
Company
Costs Capitalized 
Subsequent to Acquisition 
(Improvements)
Gross Amount Carried at
December 31, 2024
Property Name
Location
Encumbrances(4)
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Total
Accumulated 
Depreciation
Date
Acquired 
(A) or 
Constructed 
(C)
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 68

Sun Retreats Homosassa River
Homosassa Springs, FL
 
— 
 
1.5 
 
5.0 
 
— 
 
3.9 
 
1.5 
 
8.9 
 
10.4 
 
(2.5) 2016
(A)
Sun Retreats Lake Josephine
Sebring, FL
 
— 
 
0.5 
 
2.8 
 
— 
 
4.0 
 
0.5 
 
6.8 
 
7.3 
 
(1.3) 2016
(A)
Sun Retreats Lancaster County
Narvon, PA
 
— 
 
7.4 
 
7.1 
 
— 
 
3.5 
 
7.4 
 
10.6 
 
18.0 
 
(4.9) 2012
(A)
Sun Retreats Long Beach Island
Barnegat, NJ
 
— 
 
0.7 
 
3.4 
 
— 
 
2.3 
 
0.7 
 
5.7 
 
6.4 
 
(1.6) 2016
(A)
Sun Retreats Millbrook(8)
Millbrook, IL
 
— 
 
0.5 
 
4.3 
 
— 
 
2.3 
 
0.5 
 
6.6 
 
7.1 
 
(0.8) 2021
(A)
Sun Retreats Nantahala
Sylva, NC
 
— 
 
0.1 
 
0.8 
 
— 
 
1.1 
 
0.1 
 
1.9 
 
2.0 
 
(0.6) 2016
(A)
Sun Retreats Naples
Naples, FL
 
12.9 
 
3.6 
 
2.0 
 
— 
 
2.9 
 
3.6 
 
4.9 
 
8.5 
 
(1.8) 2011
(A)
Sun Retreats Naples East
Naples, FL
 
— 
 
5.8 
 
5.0 
 
— 
 
3.2 
 
5.8 
 
8.2 
 
14.0 
 
(3.8) 2011
(A)
Sun Retreats New Point
New Point, VA
 
— 
 
1.6 
 
5.3 
 
— 
 
4.6 
 
1.6 
 
9.9 
 
11.5 
 
(4.1) 2013
(A)
Sun Retreats Ocala Orange Lake
Citra, FL
 
— 
 
5.3 
 
4.5 
 
— 
 
7.4 
 
5.3 
 
11.9 
 
17.2 
 
(4.7) 2012
(A)
Sun Retreats Old Orchard Beach
Old Orchard Beach, ME
 
— 
 
0.6 
 
7.7 
 
— 
 
3.4 
 
0.6 
 
11.1 
 
11.7 
 
(4.6) 2013
(A)
Sun Retreats Orlando ChampionsGate
Davenport, FL
 
— 
 
— 
 
— 
 
3.6 
 
19.3 
 
3.6 
 
19.3 
 
22.9 
 
(2.6) 2020
(A)
Sun Retreats Peters Pond
Sandwich, MA
 
— 
 
4.7 
 
22.8 
 
— 
 
5.1 
 
4.7 
 
27.9 
 
32.6 
 
(11.3) 2013
(A)
Sun Retreats Pleasant Acres Farm
Sussex, NJ
 
— 
 
3.6 
 
6.2 
 
— 
 
2.7 
 
3.6 
 
8.9 
 
12.5 
 
(1.1) 2021
(A)
Sun Retreats Rehoboth Bay
Millsboro, DE
 
— 
 
3.6 
 
41.3 
 
— 
 
2.1 
 
3.6 
 
43.4 
 
47.0 
 
(8.1) 2019
(A)
Sun Retreats Rock River
Hillsdale, IL
 
— 
 
1.8 
 
6.0 
 
— 
 
4.1 
 
1.8 
 
10.1 
 
11.9 
 
(2.7) 2017
(A)
Sun Retreats San Antonio West
San Antonio, TX
 
— 
 
0.8 
 
6.2 
 
— 
 
1.7 
 
0.8 
 
7.9 
 
8.7 
 
(3.3) 2012
(A)
Sun Retreats Sea Isle
Clermont, NJ
 
28.1 
 
1.5 
 
29.9 
 
— 
 
4.3 
 
1.5 
 
34.2 
 
35.7 
 
(12.5) 2014
(A)
Sun Retreats Seashore
Cape May, NJ
 
12.9 
 
1.0 
 
23.2 
 
— 
 
4.0 
 
1.0 
 
27.2 
 
28.2 
 
(10.4) 2014
(A)
Sun Retreats Shenandoah Valley
Stuarts Draft, VA
 
— 
 
— 
 
— 
 
1.9 
 
20.5 
 
1.9 
 
20.5 
 
22.4 
 
(3.3) 2020
(A)
Sun Retreats Sherkston Shores
Sherkston, ON
 
— 
 
22.8 
 
97.2 
 
(2.3) (1)
 
34.3 
 
20.5 
 
131.5 
 
152.0 
 
(33.9) 2016
(A)
Sun Retreats Silver Lake
Mears, MI
 
— 
 
0.6 
 
7.0 
 
— 
 
1.5 
 
0.6 
 
8.5 
 
9.1 
 
(2.2) 2018
(C)
Sun Retreats Texas Hill Country
New Braunfels, TX
 
— 
 
3.8 
 
27.2 
 
— 
 
3.1 
 
3.8 
 
30.3 
 
34.1 
 
(9.6) 2016
(A&C)
Sun Retreats Westward Shores(8)
West Ossipee, NH
 
— 
 
1.9 
 
15.3 
 
— 
 
15.3 
 
1.9 
 
30.6 
 
32.5 
 
(6.7) 2018
(A)
Sun Retreats Wild Acres
Old Orchard Beach, ME
 
— 
 
1.6 
 
26.8 
 
— 
 
9.1 
 
1.6 
 
35.9 
 
37.5 
 
(15.7) 2013
(A)
Sun Valley
Apache Junction, AZ
 
10.9 
 
2.8 
 
18.4 
 
— 
 
1.7 
 
2.8 
 
20.1 
 
22.9 
 
(6.9) 2014
(A)
Sun Villa Estates
Reno, NV
 
17.2 
 
2.4 
 
11.8 
 
(1.1) (3)
 
3.4 
 
1.3 
 
15.2 
 
16.5 
 
(11.3) 1998
(A)
Suncoast Gateway
Port Richey, FL
 
— 
 
0.6 
 
0.3 
 
— 
 
1.2 
 
0.6 
 
1.5 
 
2.1 
 
(0.6) 2016
(A)
Sunlake Estates
Grand Island, FL
 
21.1 
 
6.3 
 
24.1 
 
0.6 
 
3.7 
 
6.9 
 
27.8 
 
34.7 
 
(8.7) 2015
(A)
Sunrise Estates
Banning, CA
 
— 
 
5.5 
 
17.2 
 
— 
 
0.8 
 
5.5 
 
18.0 
 
23.5 
 
(1.6) 2022
(A)
Sunset Beach RV Resort
Cape Charles, VA
 
— 
 
3.8 
 
24.0 
 
— 
 
(2.6) 
 
3.8 
 
21.4 
 
25.2 
 
(5.9) 2016
(A)
Sunset Harbor at Cow Key Marina
Key West, FL
 
— 
 
8.6 
 
7.6 
 
— 
 
1.8 
 
8.6 
 
9.4 
 
18.0 
 
(2.6) 2016
(A)
Sunset Ridge
Portland, MI
 
— 
 
2.0 
 
— 
 
— 
 
45.6 
 
2.0 
 
45.6 
 
47.6 
 
(18.2) 1998
(C)
Sunset Ridge TX
Kyle, TX
 
— 
 
2.2 
 
2.8 
 
— 
 
45.4 
 
2.2 
 
48.2 
 
50.4 
 
(9.3) 2000
(A&C)
Initial Cost to 
Company
Costs Capitalized 
Subsequent to Acquisition 
(Improvements)
Gross Amount Carried at
December 31, 2024
Property Name
Location
Encumbrances(4)
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Total
Accumulated 
Depreciation
Date
Acquired 
(A) or 
Constructed 
(C)
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 69

Swan Meadow Village
Dillon, CO
 
— 
 
2.1 
 
19.7 
 
— 
 
0.7 
 
2.1 
 
20.4 
 
22.5 
 
(6.9) 2014
(A)
Sweetwater
Zephyrhills, FL
 
9.6 
 
1.3 
 
9.1 
 
— 
 
3.0 
 
1.3 
 
12.1 
 
13.4 
 
(3.5) 2016
(A)
Sycamore Village
Mason, MI
 
— 
 
0.4 
 
13.3 
 
— 
 
5.4 
 
0.4 
 
18.7 
 
19.1 
 
(8.6) 2011
(A)
Sylvan Crossing
Chelsea, MI
 
— 
 
2.2 
 
22.4 
 
— 
 
4.5 
 
2.2 
 
26.9 
 
29.1 
 
(2.9) 2021
(A)
Sylvan Glen Estates
Brighton, MI
 
— 
 
2.7 
 
22.7 
 
— 
 
5.4 
 
2.7 
 
28.1 
 
30.8 
 
(3.3) 2021
(A)
Tallowwood Isle
Coconut Creek, FL
 
— 
 
13.8 
 
20.8 
 
0.2 
 
3.3 
 
14.0 
 
24.1 
 
38.1 
 
(6.5) 2016
(A)
Tamarac Village
Ludington, MI
 
17.3 
 
0.4 
 
12.0 
 
— 
 
3.7 
 
0.4 
 
15.7 
 
16.1 
 
(6.4) 2011
(A)
Tampa East
Dover, FL
 
— 
 
0.7 
 
6.3 
 
— 
 
11.3 
 
0.7 
 
17.6 
 
18.3 
 
(8.0) 2005
(A)
Tanglewood Village
Brownstown, MI
 
— 
 
0.5 
 
21.6 
 
1.0 
 
1.4 
 
1.5 
 
23.0 
 
24.5 
 
(2.8) 2021
(A)
The Colony(2)
Oxnard, CA
 
— 
 
— 
 
6.4 
 
— 
 
1.1 
 
— 
 
7.5 
 
7.5 
 
(2.2) 2016
(A)
The Foothills(5)
Fort Collins, CO
 
— 
 
3.8 
 
— 
 
1.1 
 
2.8 
 
4.9 
 
2.8 
 
7.7 
 
— 
2021
(C)
The Grove at Alta Ridge
Thornton, CO
 
— 
 
5.4 
 
37.1 
 
— 
 
0.8 
 
5.4 
 
37.9 
 
43.3 
 
(13.3) 2014
(A)
The Hamptons Golf & Country Club
Auburndale, FL
 
62.4 
 
15.9 
 
67.6 
 
— 
 
6.2 
 
15.9 
 
73.8 
 
89.7 
 
(23.3) 2015
(A)
The Hideaway
Key West, FL
 
— 
 
2.7 
 
1.0 
 
— 
 
1.3 
 
2.7 
 
2.3 
 
5.0 
 
(0.7) 2016
(A)
The Hills
Apopka, FL
 
— 
 
1.8 
 
3.9 
 
— 
 
1.7 
 
1.8 
 
5.6 
 
7.4 
 
(1.6) 2016
(A)
The Landings at Lake Henry
Haines City, FL
 
10.5 
 
3.1 
 
31.0 
 
— 
 
3.7 
 
3.1 
 
34.7 
 
37.8 
 
(10.9) 2015
(A)
The Ridge
Davenport, FL
 
33.8 
 
8.4 
 
35.5 
 
— 
 
2.7 
 
8.4 
 
38.2 
 
46.6 
 
(12.4) 2015
(A)
The Valley
Apopka, FL
 
— 
 
2.5 
 
5.7 
 
— 
 
1.8 
 
2.5 
 
7.5 
 
10.0 
 
(2.2) 2016
(A)
The Villas at Calla Pointe
Cheektowaga, NY
 
— 
 
0.4 
 
11.0 
 
— 
 
0.2 
 
0.4 
 
11.2 
 
11.6 
 
(4.0) 2014
(A)
The Willows
Goshen, IN
 
— 
 
0.7 
 
15.8 
 
— 
 
2.9 
 
0.7 
 
18.7 
 
19.4 
 
(2.2) 2021
(A)
Themeworld RV Resort(8)
Davenport, FL
 
— 
 
2.9 
 
24.1 
 
— 
 
5.2 
 
2.9 
 
29.3 
 
32.2 
 
(3.6) 2021
(A)
Three Gardens
Southington, CT
 
— 
 
2.0 
 
6.7 
 
— 
 
0.6 
 
2.0 
 
7.3 
 
9.3 
 
(1.3) 2019
(A)
Three Lakes
Hudson, FL
 
— 
 
5.1 
 
3.4 
 
— 
 
2.9 
 
5.1 
 
6.3 
 
11.4 
 
(2.5) 2012
(A)
Timber Ridge
Ft. Collins, CO
 
34.1 
 
1.0 
 
9.2 
 
— 
 
4.4 
 
1.0 
 
13.6 
 
14.6 
 
(10.4) 1996
(A)
Timberline Estates
Coopersville, MI
 
23.4 
 
0.5 
 
4.9 
 
— 
 
4.6 
 
0.5 
 
9.5 
 
10.0 
 
(6.2) 1994
(A)
Town & Country
Traverse City, MI
 
— 
 
0.4 
 
3.7 
 
— 
 
2.7 
 
0.4 
 
6.4 
 
6.8 
 
(4.3) 1996
(A)
Town & Country Village
Lisbon, ME
 
— 
 
0.2 
 
4.5 
 
— 
 
1.3 
 
0.2 
 
5.8 
 
6.0 
 
(1.9) 2014
(A)
Tranquility MHC
Bushnell, FL
 
— 
 
1.3 
 
— 
 
— 
 
1.1 
 
1.3 
 
1.1 
 
2.4 
 
(0.1) 2021
(C)
Traveler's World
San Antonio, TX
 
— 
 
0.8 
 
8.0 
 
— 
 
2.0 
 
0.8 
 
10.0 
 
10.8 
 
(2.9) 2016
(A)
Treetops
Arlington, TX
 
— 
 
0.7 
 
9.8 
 
— 
 
2.7 
 
0.7 
 
12.5 
 
13.2 
 
(3.5) 2016
(A)
Troy Villa
Troy, MI
 
— 
 
5.6 
 
16.5 
 
— 
 
5.8 
 
5.6 
 
22.3 
 
27.9 
 
(3.6) 2020
(A)
Vallecito
Newbury Park, CA
 
27.1 
 
25.8 
 
9.8 
 
— 
 
1.3 
 
25.8 
 
11.1 
 
36.9 
 
(3.2) 2016
(A)
Victor Villa
Victorville, CA
 
16.4 
 
2.5 
 
20.4 
 
— 
 
1.4 
 
2.5 
 
21.8 
 
24.3 
 
(6.2) 2016
(A)
Vines
Paso Robles, CA
 
— 
 
0.9 
 
7.1 
 
— 
 
1.6 
 
0.9 
 
8.7 
 
9.6 
 
(3.6) 2013
(A)
Initial Cost to 
Company
Costs Capitalized 
Subsequent to Acquisition 
(Improvements)
Gross Amount Carried at
December 31, 2024
Property Name
Location
Encumbrances(4)
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Total
Accumulated 
Depreciation
Date
Acquired 
(A) or 
Constructed 
(C)
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 70

Vista Del Lago
Scotts Valley, CA
 
23.4 
 
17.8 
 
9.5 
 
— 
 
1.8 
 
17.8 
 
11.3 
 
29.1 
 
(3.2) 2016
(A)
Vista Del Lago MH & RV Resort
Bradenton, FL
 
7.9 
 
3.6 
 
5.3 
 
— 
 
2.3 
 
3.6 
 
7.6 
 
11.2 
 
(2.1) 2016
(A)
Vizcaya Lakes
Port Charlotte, FL
 
— 
 
0.7 
 
4.2 
 
1.2 
 
1.6 
 
1.9 
 
5.8 
 
7.7 
 
(1.6) 2015
(A)
Walden Woods I(6)
Homosassa, FL
 
8.4 
 
1.6 
 
26.4 
 
(0.9) 
 
(11.6) 
 
0.7 
 
14.8 
 
15.5 
 
(4.7) 2015
(A)
Walden Woods II(6)
Homosassa, FL
 
— 
 
— 
 
— 
 
0.8 
 
13.9 
 
0.8 
 
13.9 
 
14.7 
 
(4.5) 2015
(A)
Warren Dunes Village
Bridgman, MI
 
— 
 
0.3 
 
3.4 
 
0.8 
 
11.3 
 
1.1 
 
14.7 
 
15.8 
 
(5.3) 2011
(A&C)
Water Oak Country Club Estates
Lady Lake, FL
 
71.0 
 
2.8 
 
16.7 
 
3.1 
 
82.4 
 
5.9 
 
99.1 
 
105.0 
 
(33.5) 1993
(A&C)
Waters Edge
Zephyrhills, FL
 
6.4 
 
1.2 
 
5.5 
 
— 
 
3.0 
 
1.2 
 
8.5 
 
9.7 
 
(2.5) 2016
(A)
Waverly Shores Village
Holland, MI
 
16.6 
 
0.3 
 
7.3 
 
0.5 
 
5.7 
 
0.8 
 
13.0 
 
13.8 
 
(4.8) 2011
(A&C)
West Village Estates
Romulus, MI
 
— 
 
0.9 
 
19.8 
 
— 
 
6.0 
 
0.9 
 
25.8 
 
26.7 
 
(10.2) 2012
(A)
Westbrook Senior Village
Toledo, OH
 
5.1 
 
0.4 
 
3.3 
 
— 
 
0.8 
 
0.4 
 
4.1 
 
4.5 
 
(3.0) 2001
(A)
Westbrook Village
Toledo, OH
 
26.7 
 
1.1 
 
10.5 
 
— 
 
7.8 
 
1.1 
 
18.3 
 
19.4 
 
(12.4) 1999
(A)
Westside Ridge
Auburndale, FL
 
7.8 
 
0.8 
 
10.7 
 
— 
 
1.2 
 
0.8 
 
11.9 
 
12.7 
 
(3.8) 2015
(A)
White Lake
White Lake, MI
 
26.3 
 
0.7 
 
6.2 
 
— 
 
13.3 
 
0.7 
 
19.5 
 
20.2 
 
(11.9) 1997
(A&C)
Willow Crossing
Fort Lupton, CO
 
— 
 
5.1 
 
— 
 
— 
 
63.9 
 
5.1 
 
63.9 
 
69.0 
 
(2.4) 2021
(C)
Willowbrook Place
Toledo, OH
 
20.0 
 
0.8 
 
7.1 
 
— 
 
9.7 
 
0.8 
 
16.8 
 
17.6 
 
(9.9) 1997
(A)
Windham Hills
Jackson, MI
 
— 
 
2.7 
 
2.4 
 
— 
 
21.1 
 
2.7 
 
23.5 
 
26.2 
 
(13.4) 1998
(A&C)
Windmill Village
Davenport, FL
 
41.6 
 
7.6 
 
36.3 
 
— 
 
1.6 
 
7.6 
 
37.9 
 
45.5 
 
(12.2) 2015
(A)
Windsor Woods Village
Wayland, MI
 
— 
 
0.3 
 
5.8 
 
— 
 
3.1 
 
0.3 
 
8.9 
 
9.2 
 
(4.1) 2011
(A)
Woodhaven Place
Woodhaven, MI
 
16.8 
 
0.5 
 
4.5 
 
— 
 
9.9 
 
0.5 
 
14.4 
 
14.9 
 
(8.2) 1998
(A)
Woodlake Trails
San Antonio, TX
 
— 
 
1.1 
 
0.3 
 
— 
 
22.6 
 
1.1 
 
22.9 
 
24.0 
 
(9.6) 2000
(A&C)
Woodland Park Estates
Eugene, OR
 
— 
 
1.6 
 
14.4 
 
— 
 
1.5 
 
1.6 
 
15.9 
 
17.5 
 
(13.2) 1998
(A)
Woodlands at Church Lake
Groveland, FL
 
— 
 
2.5 
 
9.1 
 
— 
 
8.0 
 
2.5 
 
17.1 
 
19.6 
 
(4.7) 2015
(A)
Woodside Terrace
Holland, OH
 
30.8 
 
1.1 
 
9.6 
 
— 
 
17.8 
 
1.1 
 
27.4 
 
28.5 
 
(16.7) 1997
(A)
Wymberly
Martinez, GA
 
— 
 
3.1 
 
14.5 
 
— 
 
11.2 
 
3.1 
 
25.7 
 
28.8 
 
(3.8) 2019
(A)
Yankee Village
Old Saybrook, CT
 
— 
 
1.6 
 
0.4 
 
— 
 
— 
 
1.6 
 
0.4 
 
2.0 
 
(0.1) 2019
(A)
$ 
3,227.3 
$ 1,654.0 $ 
5,920.4 
$ 
80.8 
$ 
3,935.0 
$ 1,734.8 
$ 
9,855.4 
$ 11,590.2 $ 
(3,112.9) 
Corporate Headquarters and Other Fixed Assets
Southfield, MI
 
— 
 
0.5 
 
0.5 
 
1.1 
 
196.9 
 
1.6 
 
197.4 
 
199.0 
 
(55.8) 
$ 
3,227.3 
$ 1,654.5 $ 
5,920.9 
$ 
81.9 
$ 
4,131.9 
$ 1,736.4 
$ 
10,052.8 
$ 11,789.2 $ 
(3,168.7) 
Initial Cost to 
Company
Costs Capitalized 
Subsequent to Acquisition 
(Improvements)
Gross Amount Carried at
December 31, 2024
Property Name
Location
Encumbrances(4)
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Total
Accumulated 
Depreciation
Date
Acquired 
(A) or 
Constructed 
(C)
(1) Gross amount carried at December 31, 2024, at our Canadian properties, reflects the impact of foreign currency translation.
(2) All or part of this property is subject to a ground lease.
(3) Gross amount carried at December 31, 2024 has decreased at this property due to a partial disposition of land or depreciable assets, as applicable.
(4) Balance outstanding represents total amount due at maturity and excludes any premiums or discounts and deferred financing costs.
(5) This property was not included in our community count as of December 31, 2024 as it was not fully developed.
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 71

(6) This property is one physical property but was split into two separate properties for encumbrance reporting purposes.
(7) This property was split into two separate properties in 2021.
(8) This property had a name change during the year ended December 31, 2024.
(9) This property was impaired as a result of Hurricane Ian in October 2022.
The following tables set forth real estate and accumulated depreciation relating to our UK properties.
Alberta
Whitstable, Kent, England
$ 
— 
$ 
23.2 
$ 
2.3 
$ 
0.9 
$ 
0.9 
$ 
24.1 
$ 
3.2 
$ 
27.3 
$ 
(0.3) 2022
(A)
Amble Links
Amble, Northumberland, 
England
 
— 
 
58.6 
 
4.5 
 
— 
 
1.1 
 
58.6 
 
5.6 
 
64.2 
 
(0.7) 2022
(A)
Ashbourne Heights
Ashbourne, Derbyshire, England
 
— 
 
6.9 
 
2.4 
 
— 
 
1.4 
 
6.9 
 
3.8 
 
10.7 
 
(0.3) 2022
(A)
Beauport
Hastings, Sussex, England
 
— 
 
71.8 
 
5.1 
 
— 
 
1.0 
 
71.8 
 
6.1 
 
77.9 
 
(0.6) 2022
(A)
Birchington Vale(3)
Birchington, Kent, England
 
— 
 
3.5 
 
12.0 
 
— 
 
0.4 
 
3.5 
 
12.4 
 
15.9 
 
(1.3) 2022
(A)
Bodmin Holiday Park (formerly Cornwall)
Bodmin, Cornwall, England
 
— 
 
6.8 
 
6.6 
 
— 
 
4.1 
 
6.8 
 
10.7 
 
17.5 
 
(0.9) 2022
(A)
Bowland Fell
Skipton, Yorkshire, England
 
— 
 
9.1 
 
4.5 
 
— 
 
8.1 
 
9.1 
 
12.6 
 
21.7 
 
(1.2) 2022
(A)
Broadland Sands
Lowestoft, Suffolk, England
 
— 
 
35.7 
 
14.4 
 
1.8 
 
4.3 
 
37.5 
 
18.7 
 
56.2 
 
(1.7) 2022
(A)
Brynteg
Llanryg, Caernafon, Wales
 
— 
 
24.6 
 
6.7 
 
— 
 
2.4 
 
24.6 
 
9.1 
 
33.7 
 
(1.1) 2022
(A)
Burghead / Lossiemouth / Silver Sands
Burghead, Moray, Scotland
 
— 
 
33.8 
 
7.8 
 
— 
 
10.3 
 
33.8 
 
18.1 
 
51.9 
 
(1.8) 2022
(A)
Carlton Meres
Saxmundham, Suffolk, England
 
— 
 
33.4 
 
10.1 
 
— 
 
6.0 
 
33.4 
 
16.1 
 
49.5 
 
(1.5) 2022
(A)
Chantry
West Witton, Yorkshire, England
 
— 
 
10.6 
 
1.3 
 
— 
 
0.2 
 
10.6 
 
1.5 
 
12.1 
 
(0.2) 2022
(A)
Chichester Lakeside
Chichester, Sussex, England
 
— 
 
70.1 
 
9.1 
 
— 
 
6.6 
 
70.1 
 
15.7 
 
85.8 
 
(1.4) 2022
(A)
Coghurst Hall
Hastings, Sussex, England
 
— 
 
46.7 
 
6.9 
 
— 
 
0.7 
 
46.7 
 
7.6 
 
54.3 
 
(0.9) 2022
(A)
Dawlish Sands
Dawlish, Devon, England
 
— 
 
10.1 
 
3.8 
 
— 
 
— 
 
10.1 
 
3.8 
 
13.9 
 
(0.5) 2022
(A)
Dovercourt
Harwich, Essex, England
 
— 
 
37.4 
 
9.9 
 
— 
 
2.8 
 
37.4 
 
12.7 
 
50.1 
 
(1.2) 2022
(A)
Felixstowe Beach
Felixstowe, Suffolk, England
 
— 
 
15.7 
 
6.2 
 
— 
 
1.4 
 
15.7 
 
7.6 
 
23.3 
 
(0.7) 2022
(A)
Glendale
Wigton, Cumbria, England
 
— 
 
17.7 
 
11.8 
 
0.1 
 
4.0 
 
17.8 
 
15.8 
 
33.6 
 
(0.8) 2022
(A)
Golden Sands
Dawlish, Devon, England
 
— 
 
33.9 
 
8.1 
 
— 
 
5.4 
 
33.9 
 
13.5 
 
47.4 
 
(1.9) 2022
(A)
Harts
Isle of Sheppey, Kent, England
 
— 
 
28.5 
 
8.7 
 
— 
 
2.2 
 
28.5 
 
10.9 
 
39.4 
 
(1.0) 2022
(A)
Hedley Wood
Holsworthy, Devon, England
 
— 
 
2.4 
 
2.4 
 
— 
 
12.3 
 
2.4 
 
14.7 
 
17.1 
 
(1.1) 2022
(A)
Henfold(2)(4)
Dorking, Surrey, England
 
— 
 
108.1 
 
— 
 
(12.4) (4)
 
0.1 
 
95.7 
 
0.1 
 
95.8 
 
— 
2023
(A)
Hengar Manor
Bodmin, Cornwall, England
 
— 
 
7.9 
 
5.4 
 
— 
 
5.0 
 
7.9 
 
10.4 
 
18.3 
 
(1.0) 2022
(A)
Malvern View
Stanford Bishop, Worcester, 
England
 
— 
 
17.2 
 
8.9 
 
— 
 
3.2 
 
17.2 
 
12.1 
 
29.3 
 
(1.2) 2022
(A)
Marlie
Romney, Kent, England
 
— 
 
40.4 
 
8.1 
 
— 
 
2.0 
 
40.4 
 
10.1 
 
50.5 
 
(1.0) 2022
(A)
New Beach
Dymchurch, Kent, England
 
— 
 
51.8 
 
9.5 
 
— 
 
4.2 
 
51.8 
 
13.7 
65.5
 
(1.5) 2022
(A)
Initial Cost to 
Company
Costs Capitalized 
Subsequent to Acquisition 
(Improvements)
Gross Amount Carried at
December 31, 2024
Property Name
Location
Encumbrances
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Total
Accumulated 
Depreciation
Date
Acquired 
(A) or 
Constructed 
(C)
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 72

Newhaven
Buxton, Derbyshire, England
 
— 
 
— 
 
7.2 
 
1.7 
 
(0.6)  
1.7 
 
6.6 
8.3
 
(0.4) 2022
(A)
Oaklands
Clacton on Sea, Essex, England
 
— 
 
20.1 
 
1.9 
 
— 
 
1.2 
20.1
 
3.1 
23.2
 
(0.2) 2022
(A)
Old Kerrow(2)(4)
Llfracombe, Devon, England
 
— 
 
— 
 
28.0 
 
34.4 (4)
 
(27.9) 
34.4
 
0.1 
 
34.5 
2023
(A)
Oyster Bay
Truro, Cornwall, England
 
— 
 
18.4 
 
2.4 
 
— 
 
1.8 
18.4
 
4.2 
 
22.6 
 
(0.4) 2022
(A)
Pakefield(3)
Pakefield, Suffolk, England
 
— 
 
12.2 
 
3.5 
 
— 
 
9.9 
12.2
 
13.4 
25.6
 
(0.6) 2022
(A)
Par Sands(3)
Par, Cornwall, England
 
— 
 
— 
 
5.5 
 
— 
 
0.9 
 
6.4 
 
6.4 
 
(0.6) 2022
(A)
Pentire
Bude, Cornwall, England
 
— 
 
16.9 
 
3.5 
 
— 
 
1.8 
16.9
 
5.3 
 
22.2 
 
(0.7) 2022
(A)
Pevensey Bay
Pevensey Bay, Sussex, England
 
— 
 
43.5 
 
6.0 
 
— 
 
5.4 
43.5
 
11.4 
54.9
 
(1.4) 2022
(A)
Plas Coch
Llanedwen, Anglesey, Wales
 
— 
 
30.4 
 
10.2 
 
— 
 
1.7 
30.4
 
11.9 
 
42.3 
 
(1.4) 2022
(A)
Polperro
Looe, Cornwall, England
 
— 
 
3.4 
 
4.4 
 
— 
 
2.2 
3.4
 
6.6 
10.0
 
(0.7) 2022
(A)
Ribble Valley
Clitheroe, Lancashire, England
 
— 
 
25.1 
 
2.0 
 
— 
 
1.1 
25.1
 
3.1 
 
28.2 
 
(0.3) 2022
(A)
Rye Harbour
Rye, Sussex, England
 
— 
 
32.2 
 
2.1 
 
— 
 
7.3 
32.2
 
9.4 
41.6
 
(0.5) 2022
(A)
Sand le Mere
Hull, Yorkshire, England
 
— 
 
24.8 
 
11.4 
 
— 
 
5.1 
24.8
 
16.5 
41.3
 
(2.1) 2022
(A)
Sandhills
Christchurch, Dorset, England
 
— 
 
35.7 
 
2.1 
 
— 
 
0.7 
35.7
 
2.8 
38.5
 
(0.3) 2022
(A)
Sandy Bay
Canvey Island, Essex, England
 
— 
 
235.7 
 
12.3 
 
(4.0) (1)
 
13.0 
231.7
 
25.3 
257.0
 
(2.7) 2022
(A)
Seaview
Whitstable, Kent, England
 
— 
 
53.3 
 
4.3 
 
— 
 
1.9 
53.3
 
6.2 
59.5
 
(0.6) 2022
(A)
Seawick
Clacton on Sea, Essex, England
 
— 
 
29.3 
 
9.5 
 
— 
 
1.2 
29.3
 
10.7 
40.0
 
(1.0) 2022
(A)
Solent Breezes
Fareham, Hampshire, England
 
— 
 
29.9 
 
3.0 
 
— 
 
1.3 
29.9
 
4.3 
 
34.2 
 
(0.3) 2022
(A)
St. Osyth Beach / Martello Beach
Clacton on Sea, Essex, England
 
— 
 
52.1 
 
13.9 
 
— 
 
16.2 
52.1
 
30.1 
 
82.2 
 
(2.9) 2022
(A)
Steeple Bay
Sothminster, Essex, England
 
— 
 
23.3 
 
5.8 
 
— 
 
1.2 
23.3
 
7.0 
 
30.3 
 
(0.6) 2022
(A)
Stowford(4)
Llfracombe, Devon, England
 
— 
 
— 
 
145.4 
 
141.6 (4)
 
(114.3) 
141.6
 
31.1 
 
172.7 
 
(1.4) 2023
(A)
Suffolk Sands(3)
Felixstowe, Suffolk, England
 
— 
 
— 
 
0.6 
 
1.9 
 
2.2 
1.9
 
2.8 
 
4.7 
 
(0.3) 2022
(A)
Tarka
Barnstaple, Devon, England
 
— 
 
8.1 
 
2.2 
 
— 
 
(0.3) 
8.1
 
1.9 
 
10.0 
 
(0.3) 2022
(A)
Trevella(3)
Newquay, Cornwall, England
 
— 
 
— 
 
9.0 
 
— 
 
2.1 
0.0
 
11.1 
 
11.1 
 
(0.8) 2022
(A)
Waterside(3)
Paignton, Devon, England
 
— 
 
— 
 
5.7 
 
— 
 
8.0 
0.0
 
13.7 
 
13.7 
 
(0.6) 2022
(A)
West Mersea
West Mersea, Essex, England
 
— 
 
19.6 
 
2.7 
 
— 
 
0.5 
19.6
 
3.2 
 
22.8 
 
(0.4) 2022
(A)
Winchelsea Sands
Winchelsea, Sussex, England
 
— 
 
15.8 
 
3.2 
 
— 
 
3.9 
15.8
 
7.1 
 
22.9 
 
(0.5) 2022
(A)
Wood Farm
Charmouth, Dorset, England
 
— 
 
11.7 
 
3.8 
 
— 
 
2.6 
11.7
 
6.4 
 
18.1 
 
(0.6) 2022
(A)
Yorkshire Dales
Leyburn, Yorkshire, England
 
— 
 
9.8 
 
1.0 
 
— 
 
1.8 
 
9.8 
 
2.8 
 
12.6 
 
(0.2) 2022
(A)
$ 
— 
$ 1,557.2 
$ 
489.1 
$ 166.0 
$ 
42.0 
$ 1,723.2 
$ 
531.1 
$ 2,254.3 
$ 
(48.6) 
UK Headquarters and Other(3)
Sussex, England
 
— 
 
0.5 
 
12.4 
 
1.4 
 
35.7 
 
1.9 
 
48.1 
 
50.0 
 
(11.1) 
$ 
— 
$ 1,557.7 
$ 
501.5 
$ 167.4 
$ 
77.7 
$ 1,725.1 
$ 
579.2 
$ 2,304.3 
$ 
(59.7) 
Initial Cost to 
Company
Costs Capitalized 
Subsequent to Acquisition 
(Improvements)
Gross Amount Carried at
December 31, 2024
Property Name
Location
Encumbrances
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Total
Accumulated 
Depreciation
Date
Acquired 
(A) or 
Constructed 
(C)
(1) Gross amount carried at December 31, 2024 reflects the impact of foreign currency translation.
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 73

(2) This property was not included in our community count as of December 31, 2024 as it was not fully developed.
(3) All or part of this property is subject to a ground lease.
(4) These properties were reacquired in exchange for settlement of a related note receivable. Refer to Note 4, "Notes and Other Receivables," for additional information. Unallocated acquisition costs as of December 31, 2023 were 
reclassified between Land and Depreciable Assets as of December 31, 2024.
The following tables set forth real estate and accumulated depreciation relating to our marinas.
Allen Harbor(1)
North Kingstown, RI
$ 
— 
$ 
— 
$ 
4.0 
$ 
— 
$ 
4.0 
$ 
— 
$ 
8.0 
$ 
8.0 
$ 
(1.2) 2021
(A)
Anacapa Isle(1)
Oxnard, CA
 
— 
 
— 
 
10.9 
 
— 
 
10.4 
 
— 
 
21.3 
 
21.3 
 
(2.3) 2020
(A)
Angler House
Islamorada, FL
 
— 
 
3.5 
 
2.5 
 
— 
 
0.7 
 
3.5 
 
3.2 
 
6.7 
 
(0.8) 2021
(A)
Annapolis
Annapolis, MD
 
— 
 
12.5 
 
12.4 
 
— 
 
4.6 
 
12.5 
 
17.0 
 
29.5 
 
(2.7) 2020
(A)
Aqua Yacht
Iuka, MS
 
— 
 
1.2 
 
15.8 
 
— 
 
2.2 
 
1.2 
 
18.0 
 
19.2 
 
(5.4) 2020
(A)
Aqualand(1)
Flowery Branch, GA
 
— 
 
— 
 
35.9 
 
— 
 
19.8 
 
— 
 
55.7 
 
55.7 
 
(12.4) 2020
(A)
Bahia Bleu
Thunderbolt, GA
 
— 
 
2.4 
 
8.1 
 
— 
 
1.5 
 
2.4 
 
9.6 
 
12.0 
 
(2.1) 2020
(A)
Ballena Isle
Alameda, CA
 
— 
 
0.7 
 
21.3 
 
— 
 
3.3 
 
0.7 
 
24.6 
 
25.3 
 
(4.9) 2020
(A)
Bayfront(1)
Chula Vista, CA
 
— 
 
— 
 
11.3 
 
— 
 
0.7 
 
— 
 
12.0 
 
12.0 
 
(2.2) 2022
(A)
Beaufort(1)
Beaufort, SC
 
— 
 
— 
 
1.8 
 
— 
 
0.2 
 
— 
 
2.0 
 
2.0 
 
(0.7) 2020
(A)
Beaver Creek(1)
Monticello, KY
 
— 
 
— 
 
10.8 
 
— 
 
1.9 
 
— 
 
12.7 
 
12.7 
 
(2.3) 2020
(A)
Belle Maer
Harrison Township, MI
 
— 
 
4.1 
 
14.6 
 
— 
 
1.2 
 
4.1 
 
15.8 
 
19.9 
 
(4.5) 2020
(A)
Bluewater
Hampton, VA
 
— 
 
14.1 
 
8.3 
 
— 
 
3.0 
 
14.1 
 
11.3 
 
25.4 
 
(1.9) 2022
(A)
Bohemia Vista
Chesapeake Bay, MD
 
— 
 
1.3 
 
1.3 
 
— 
 
1.9 
 
1.3 
 
3.2 
 
4.5 
 
(1.1) 2020
(A)
Brady Mountain(1)
Royal, AR
 
— 
 
— 
 
22.3 
 
— 
 
6.0 
 
— 
 
28.3 
 
28.3 
 
(8.8) 2020
(A)
Bristol
Charleston, SC
 
— 
 
1.3 
 
7.5 
 
— 
 
0.8 
 
1.3 
 
8.3 
 
9.6 
 
(1.5) 2020
(A)
Bruce & Johnsons
Branford, CT
 
— 
 
9.3 
 
25.4 
 
— 
 
2.6 
 
9.3 
 
28.0 
 
37.3 
 
(5.4) 2020
(A)
Burnside(1)
Somerset, KY
 
— 
 
— 
 
11.8 
 
— 
 
1.2 
 
— 
 
13.0 
 
13.0 
 
(3.1) 2020
(A)
Burnt Store(3)
Punta Gorda, FL
 
— 
 
17.6 
 
16.5 
 
0.1 
 
19.4 
 
17.7 
 
35.9 
 
53.6 
 
(5.3) 2020
(A)
Cabrillo Isle(1)
San Diego, CA
 
— 
 
— 
 
37.7 
 
— 
 
2.3 
 
— 
 
40.0 
 
40.0 
 
(4.6) 2021
(A)
Calusa Island(3)
Goodland, FL
 
— 
 
18.5 
 
6.9 
 
— 
 
5.8 
 
18.5 
 
12.7 
 
31.2 
 
(3.0) 2020
(A)
Cape Harbour(3)
Cape Coral, FL
 
— 
 
5.5 
 
6.0 
 
0.4 
 
14.4 
 
5.9 
 
20.4 
 
26.3 
 
(2.1) 2020
(A)
Capri
Port Washington, NY
 
— 
 
7.7 
 
16.0 
 
— 
 
2.2 
 
7.7 
 
18.2 
 
25.9 
 
(3.2) 2020
(A)
Carroll Island
Baltimore, MD
 
— 
 
1.2 
 
1.6 
 
— 
 
3.1 
 
1.2 
 
4.7 
 
5.9 
 
(2.1) 2020
(A)
Charleston City(1)(7)
Charleston, SC
 
— 
 
— 
 
40.5 
 
— 
 
46.7 
 
— 
 
87.2 
 
87.2 
 
(9.0) 2020
(A)
City Boatyard
Charleston, SC
 
— 
 
3.4 
 
7.9 
 
— 
 
3.2 
 
3.4 
 
11.1 
 
14.5 
 
(3.0) 2020
(A)
Cove Haven
Barrington, RI
 
— 
 
10.0 
 
9.8 
 
— 
 
7.9 
 
10.0 
 
17.7 
 
27.7 
 
(3.1) 2020
(A)
Initial Cost to 
Company
Costs Capitalized 
Subsequent to 
Acquisition 
(Improvements)
Gross Amount Carried at
December 31, 2024
Property Name
Location
Encumbrances
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Total
Accumulated 
Depreciation
Date
Acquired 
(A) or 
Constructed 
(C)
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 74

Cowesett(6)
Warwick, RI
 
— 
 
22.8 
 
23.0 
 
— 
 
7.0 
 
22.8 
 
30.0 
 
52.8 
 
(5.6) 2020
(A)
Crystal Point
Point Pleasant, NJ
 
— 
 
1.3 
 
2.3 
 
— 
 
2.8 
 
1.3 
 
5.1 
 
6.4 
 
(0.8) 2020
(A)
Dauntless(4)
Essex, CT
 
— 
 
4.2 
 
18.7 
 
— 
 
3.4 
 
4.2 
 
22.1 
 
26.3 
 
(4.0) 2020
(A)
Dauntless Shipyard(4)
Essex, CT
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
2020
(A)
Deep River
Deep River, CT
 
— 
 
4.7 
 
5.0 
 
— 
 
1.5 
 
4.7 
 
6.5 
 
11.2 
 
(1.7) 2020
(A)
Detroit River
Detroit, MI
 
— 
 
1.5 
 
7.4 
 
— 
 
4.1 
 
1.5 
 
11.5 
 
13.0 
 
(2.2) 2021
(A)
Eagle Cove(1)
Byrdstown, TN
 
— 
 
— 
 
4.6 
 
— 
 
0.8 
 
— 
 
5.4 
 
5.4 
 
(2.5) 2020
(A)
Edgartown
Edgartown, MA
 
— 
 
7.6 
 
5.1 
 
— 
 
0.8 
 
7.6 
 
5.9 
 
13.5 
 
(1.8) 2021
(A)
Emerald Coast
Niceville, FL
 
— 
 
2.6 
 
5.8 
 
— 
 
2.6 
 
2.6 
 
8.4 
 
11.0 
 
(2.0) 2021
(A)
Emerald Point(1)
Austin, TX
 
— 
 
— 
 
18.1 
 
— 
 
7.0 
 
— 
 
25.1 
 
25.1 
 
(8.2) 2020
(A)
Emeryville(1)
Emeryville, CA
 
— 
 
— 
 
17.2 
 
— 
 
2.0 
 
— 
 
19.2 
 
19.2 
 
(3.2) 2020
(A)
Essex Island(4)
Essex, CT
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
2020
(A)
Ferry Point
Old Saybrook, CT
 
— 
 
1.6 
 
7.4 
 
— 
 
3.0 
 
1.6 
 
10.4 
 
12.0 
 
(2.2) 2020
(A)
Fiddler's Cove
North Falmouth, MA
 
— 
 
13.7 
 
11.9 
 
— 
 
2.1 
 
13.7 
 
14.0 
 
27.7 
 
(2.4) 2020
(A)
Gaines
Rouses Point, NY
 
— 
 
0.4 
 
2.7 
 
— 
 
1.0 
 
0.4 
 
3.7 
 
4.1 
 
(1.7) 2020
(A)
Glen Cove
Glen Cove, NY
 
— 
 
8.2 
 
16.9 
 
— 
 
3.8 
 
8.2 
 
20.7 
 
28.9 
 
(4.1) 2020
(A)
Grand Isle
Grand Haven, MI
 
— 
 
6.0 
 
5.2 
 
— 
 
7.1 
 
6.0 
 
12.3 
 
18.3 
 
(3.6) 2020
(A)
Great Island
Harpswell, ME
 
— 
 
9.8 
 
13.0 
 
0.9 
 
13.9 
 
10.7 
 
26.9 
 
37.6 
 
(4.1) 2020
(A)
Great Lakes
Muskegon, MI
 
— 
 
6.1 
 
5.7 
 
— 
 
6.4 
 
6.1 
 
12.1 
 
18.2 
 
(3.6) 2020
(A)
Great Oak Landing
Chestertown, MD
 
— 
 
1.1 
 
3.9 
 
— 
 
8.2 
 
1.1 
 
12.1 
 
13.2 
 
(2.5) 2020
(A)
Green Harbor
Marshfield, MA
 
— 
 
8.3 
 
5.6 
 
— 
 
5.6 
 
8.3 
 
11.2 
 
19.5 
 
(1.8) 2020
(A)
Greenport(5)
Greenport, NY
 
— 
 
31.1 
 
10.2 
 
— 
 
4.0 
 
31.1 
 
14.2 
 
45.3 
 
(4.0) 2020
(A)
Greenwich Bay
Warwick, RI
 
— 
 
5.3 
 
4.5 
 
0.2 
 
7.0 
 
5.5 
 
11.5 
 
17.0 
 
(3.7) 2020
(A)
Grider Hill(1)
Albany, KY
 
— 
 
— 
 
11.0 
 
— 
 
3.8 
 
— 
 
14.8 
 
14.8 
 
(6.9) 2020
(A)
Hacks Point
Chesapeake Bay, MD
 
— 
 
0.3 
 
1.0 
 
— 
 
2.2 
 
0.3 
 
3.2 
 
3.5 
 
(0.7) 2020
(A)
Harbor House
Stamford, CT
 
— 
 
— 
 
3.3 
 
— 
 
— 
 
— 
 
3.3 
 
3.3 
 
(1.1) 2020
(A)
Harborage Yacht Club
Stuart, FL
 
— 
 
4.1 
 
13.4 
 
— 
 
2.4 
 
4.1 
 
15.8 
 
19.9 
 
(2.5) 2021
(A)
Harbors View(1)
Afton, OK
 
— 
 
0.3 
 
1.2 
 
— 
 
0.9 
 
0.3 
 
2.1 
 
2.4 
 
(0.8) 2020
(A)
Harbortown
Fort Pierce, FL
 
— 
 
23.2 
 
12.9 
 
— 
 
11.0 
 
23.2 
 
23.9 
 
47.1 
 
(3.6) 2020
(A)
Haverstraw(1)
West Haverstraw, NY
 
— 
 
— 
 
17.1 
 
0.1 
 
2.0 
 
0.1 
 
19.1 
 
19.2 
 
(4.4) 2020
(A)
Hawthorne Cove
Salem, MA
 
— 
 
1.8 
 
11.6 
 
— 
 
6.1 
 
1.8 
 
17.7 
 
19.5 
 
(3.8) 2020
(A)
Hideaway Bay(1)
Flowery Branch, GA
 
— 
 
— 
 
26.1 
 
— 
 
3.1 
 
— 
 
29.2 
 
29.2 
 
(5.7) 2020
(A)
Holly Creek(1)
Celina, TN
 
— 
 
0.1 
 
7.0 
 
— 
 
4.1 
 
0.1 
 
11.1 
 
11.2 
 
(2.5) 2020
(A)
Initial Cost to 
Company
Costs Capitalized 
Subsequent to 
Acquisition 
(Improvements)
Gross Amount Carried at
December 31, 2024
Property Name
Location
Encumbrances
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Total
Accumulated 
Depreciation
Date
Acquired 
(A) or 
Constructed 
(C)
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 75

Islamorada
Islamorada, FL
 
— 
 
3.7 
 
8.4 
 
— 
 
3.5 
 
3.7 
 
11.9 
 
15.6 
 
(2.1) 2021
(A)
Island Park
Portsmouth, RI
 
— 
 
7.5 
 
3.6 
 
— 
 
1.8 
 
7.5 
 
5.4 
 
12.9 
 
(1.0) 2020
(A)
Jamestown(1)
Jamestown, KY
 
— 
 
— 
 
32.0 
 
— 
 
5.4 
 
— 
 
37.4 
 
37.4 
 
(7.4) 2020
(A)
Jamestown Boatyard
Jamestown, RI
 
— 
 
3.9 
 
3.4 
 
— 
 
2.3 
 
3.9 
 
5.7 
 
9.6 
 
(1.1) 2020
(A)
Jarrett Bay Boatworks
Beaufort, NC
 
— 
 
10.0 
 
11.3 
 
0.2 
 
2.8 
 
10.2 
 
14.1 
 
24.3 
 
(3.9) 2022
(A)
Jefferson Beach
St. Clair Shores, MI
 
— 
 
19.2 
 
18.1 
 
— 
 
4.4 
 
19.2 
 
22.5 
 
41.7 
 
(5.9) 2020
(A)
Kings Point
Cornelius, NC
 
— 
 
10.7 
 
14.1 
 
— 
 
4.2 
 
10.7 
 
18.3 
 
29.0 
 
(3.3) 2020
(A)
Kittery Point
Kittery, ME
 
— 
 
4.0 
 
4.0 
 
— 
 
1.9 
 
4.0 
 
5.9 
 
9.9 
 
(0.9) 2022
(A)
Lakefront
Port Clinton, OH
 
— 
 
0.5 
 
1.8 
 
— 
 
5.5 
 
0.5 
 
7.3 
 
7.8 
 
(2.0) 2020
(A)
Lauderdale Marine Center
Fort Lauderdale, FL
 
— 
 
179.7 
 
158.7 
 
— 
 
25.7 
 
179.7 
 
184.4 
 
364.1 
 
(26.0) 2021
(A)
Loch Lomond
San Rafael, CA
 
— 
 
5.2 
 
7.4 
 
— 
 
10.7 
 
5.2 
 
18.1 
 
23.3 
 
(3.7) 2020
(A)
Manasquan River
Brick Township, NJ
 
— 
 
2.0 
 
1.7 
 
— 
 
2.6 
 
2.0 
 
4.3 
 
6.3 
 
(1.1) 2020
(A)
Marathon
Marathon, FL
 
— 
 
6.2 
 
13.1 
 
— 
 
3.4 
 
6.2 
 
16.5 
 
22.7 
 
(2.8) 2021
(A)
Marina Bay
Quincy, MA
 
— 
 
10.6 
 
19.6 
 
— 
 
6.8 
 
10.6 
 
26.4 
 
37.0 
 
(3.9) 2020
(A)
Marina Bay Yacht Harbor
Richmond, CA
 
— 
 
0.8 
 
15.4 
 
— 
 
1.6 
 
0.8 
 
17.0 
 
17.8 
 
(2.2) 2022
(C)
Marina Village Yacht Harbor
Alameda, CA
 
— 
 
30.6 
 
20.6 
 
— 
 
0.2 
 
30.6 
 
20.8 
 
51.4 
 
(0.4) 2024
(A)
Montauk Yacht Club
Montauk, NY
 
— 
 
65.8 
 
97.9 
 
— 
 
25.1 
 
65.8 
 
123.0 
 
188.8 
 
(10.2) 2022
(A)
Mystic
Mystic, CT
 
— 
 
1.3 
 
13.5 
 
0.9 
 
3.1 
 
2.2 
 
16.6 
 
18.8 
 
(3.2) 2020
(A)
Narrows Point
Grasonville, MD
 
— 
 
9.1 
 
11.5 
 
— 
 
8.2 
 
9.1 
 
19.7 
 
28.8 
 
(5.8) 2020
(A)
New England Boatworks
Portsmouth, RI
 
— 
 
21.9 
 
17.4 
 
— 
 
12.9 
 
21.9 
 
30.3 
 
52.2 
 
(8.1) 2020
(A)
New Port Cove
Riviera Beach, FL
 
— 
 
19.0 
 
2.5 
 
— 
 
1.6 
 
19.0 
 
4.1 
 
23.1 
 
(1.6) 2020
(A)
Newport Shipyard
Newport, RI
 
— 
 
17.7 
 
52.2 
 
— 
 
8.8 
 
17.7 
 
61.0 
 
78.7 
 
(10.8) 2020
(A)
North Palm Beach
North Palm Beach, FL
 
— 
 
16.6 
 
11.6 
 
— 
 
6.3 
 
16.6 
 
17.9 
 
34.5 
 
(3.0) 2020
(A)
Oak Leaf(2)
Old Saybrook, CT
 
— 
 
2.2 
 
2.6 
 
— 
 
— 
 
2.2 
 
2.6 
 
4.8 
 
— 
2024
(A)
Old Port Cove
North Palm Beach, FL
 
— 
 
27.8 
 
26.8 
 
— 
 
2.7 
 
27.8 
 
29.5 
 
57.3 
 
(5.2) 2020
(A)
Onset Bay
Buzzards Bay, MA
 
— 
 
5.9 
 
5.1 
 
— 
 
5.7 
 
5.9 
 
10.8 
 
16.7 
 
(1.9) 2020
(A)
Outer Banks
Wanchese, NC
 
— 
 
— 
 
9.2 
 
— 
 
4.5 
 
— 
 
13.7 
 
13.7 
 
(2.1) 2022
(A)
Oxford
Oxford, MD
 
— 
 
0.9 
 
4.9 
 
— 
 
2.0 
 
0.9 
 
6.9 
 
7.8 
 
(1.7) 2020
(A)
Peninsula Yacht Club
Cornelius, NC
 
— 
 
9.5 
 
19.0 
 
— 
 
6.1 
 
9.5 
 
25.1 
 
34.6 
 
(3.8) 2020
(A)
Pier 121(1)
Lewisville, TX
 
— 
 
— 
 
66.2 
 
— 
 
44.2 
 
— 
 
110.4 
 
110.4 
 
(17.1) 2020
(A)
Pier 77
Bradenton, FL
 
— 
 
1.1 
 
4.1 
 
— 
 
1.2 
 
1.1 
 
5.3 
 
6.4 
 
(1.2) 2020
(A)
Pilots Point
Westbrook, CT
 
— 
 
12.7 
 
43.8 
 
— 
 
5.6 
 
12.7 
 
49.4 
 
62.1 
 
(8.6) 2020
(A)
Pineland(3)
Bokeelia, FL
 
— 
 
10.8 
 
6.4 
 
— 
 
4.9 
 
10.8 
 
11.3 
 
22.1 
 
(2.4) 2020
(A)
Initial Cost to 
Company
Costs Capitalized 
Subsequent to 
Acquisition 
(Improvements)
Gross Amount Carried at
December 31, 2024
Property Name
Location
Encumbrances
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Total
Accumulated 
Depreciation
Date
Acquired 
(A) or 
Constructed 
(C)
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 76

Plymouth
Plymouth, MA
 
— 
 
7.0 
 
14.4 
 
— 
 
5.0 
 
7.0 
 
19.4 
 
26.4 
 
(3.0) 2020
(A)
Podickory Point
Annapolis, MD
 
— 
 
1.8 
 
1.5 
 
— 
 
2.3 
 
1.8 
 
3.8 
 
5.6 
 
(0.9) 2021
(A)
Port Phoenix(1)
North Fort Myers, FL
 
— 
 
— 
 
— 
 
— 
 
2.2 
 
— 
 
2.2 
 
2.2 
 
(0.3) 2022
(A)
Port Milford
Milford, CT
 
— 
 
3.0 
 
1.2 
 
— 
 
0.3 
 
3.0 
 
1.5 
 
4.5 
 
(0.1) 2024
(A)
Port Royal
Port Royal, SC
 
— 
 
16.0 
 
4.9 
 
(0.7)  
5.1 
 
15.3 
 
10.0 
 
25.3 
 
(2.3) 2021
(A)
Port Royal Landing
Port Royal, SC
 
— 
 
1.5 
 
1.7 
 
— 
 
1.5 
 
1.5 
 
3.2 
 
4.7 
 
(1.0) 2020
(A)
Post Road
Mamaroneck, NY
 
— 
 
4.2 
 
2.5 
 
(0.6)  
2.1 
 
3.6 
 
4.6 
 
8.2 
 
(1.1) 2020
(A)
Puerto del Rey
Fajardo, Puerto Rico
 
— 
 
15.9 
 
77.4 
 
— 
 
14.6 
 
15.9 
 
92.0 
 
107.9 
 
(11.4) 2021
(A)
Regatta Pointe(1)
Palmetto, FL
 
— 
 
— 
 
21.7 
 
— 
 
7.9 
 
— 
 
29.6 
 
29.6 
 
(3.5) 2020
(A)
Reserve Harbor
Pawleys Island, SC
 
— 
 
2.9 
 
4.7 
 
— 
 
1.2 
 
2.9 
 
5.9 
 
8.8 
 
(1.6) 2020
(A)
Riviera Beach
Riviera Beach, FL
 
— 
 
46.2 
 
23.3 
 
3.5 
 
21.8 
 
49.7 
 
45.1 
 
94.8 
 
(7.3) 2020
(A)
Rockland
Rockland, ME
 
— 
 
5.3 
 
10.1 
 
0.1 
 
6.6 
 
5.4 
 
16.7 
 
22.1 
 
(3.3) 2020
(A)
Sakonnet
Portsmouth, RI
 
— 
 
5.2 
 
8.5 
 
(0.1)  
3.9 
 
5.1 
 
12.4 
 
17.5 
 
(2.1) 2020
(A)
San Juan(1)
San Juan, Puerto Rico
 
— 
 
— 
 
— 
 
— 
 
2.5 
 
— 
 
2.5 
 
2.5 
 
— 
2024
(A)
Sandusky(1)
Sandusky, OH
 
— 
 
0.2 
 
2.9 
 
— 
 
4.0 
 
0.2 
 
6.9 
 
7.1 
 
(2.0) 2020
(A)
Savannah Yacht Center
Savannah, GA
 
— 
 
21.6 
 
80.3 
 
— 
 
2.9 
 
21.6 
 
83.2 
 
104.8 
 
(10.1) 2023
(A)
Shelburne Shipyard
Shelburne, VT
 
— 
 
2.3 
 
1.7 
 
— 
 
4.4 
 
2.3 
 
6.1 
 
8.4 
 
(1.7) 2020
(A)
Shelter Island(1)
San Diego, CA
 
— 
 
— 
 
9.6 
 
— 
 
1.5 
 
— 
 
11.1 
 
11.1 
 
(2.3) 2021
(A)
Siesta Key
Sarasota, FL
 
— 
 
3.4 
 
6.2 
 
— 
 
4.4 
 
3.4 
 
10.6 
 
14.0 
 
(3.6) 2020
(A)
Silver Spring
Wakefield, RI
 
— 
 
3.1 
 
2.8 
 
— 
 
1.8 
 
3.1 
 
4.6 
 
7.7 
 
(1.1) 2020
(A)
Skippers Landing
Troutman, NC
 
— 
 
5.0 
 
2.8 
 
— 
 
2.4 
 
5.0 
 
5.2 
 
10.2 
 
(1.7) 2020
(A)
Skull Creek
Hilton Head, SC
 
— 
 
1.1 
 
5.6 
 
— 
 
3.2 
 
1.1 
 
8.8 
 
9.9 
 
(1.6) 2020
(A)
South Bay(1)
Chula Vista, CA
 
— 
 
— 
 
11.9 
 
— 
 
0.9 
 
— 
 
12.8 
 
12.8 
 
(2.4) 2021
(A)
South Fork
Fort Lauderdale, FL
 
— 
 
8.0 
 
5.3 
 
— 
 
17.6 
 
8.0 
 
22.9 
 
30.9 
 
(2.5) 2020
(C)
South Harbour Village
Southport, NC
 
— 
 
0.7 
 
3.8 
 
— 
 
4.0 
 
0.7 
 
7.8 
 
8.5 
 
(1.3) 2020
(A)
Sportsman
Orange Beach, AL
 
— 
 
22.1 
 
18.9 
 
3.5 
 
21.3 
 
25.6 
 
40.2 
 
65.8 
 
(7.1) 2020
(A)
Stingray Point
Deltaville, VA
 
— 
 
1.7 
 
1.3 
 
— 
 
0.6 
 
1.7 
 
1.9 
 
3.6 
 
(0.6) 2021
(A)
Stirling(5)
Greenport, NY
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
2020
(A)
Stratford
Stratford, CT
 
— 
 
2.3 
 
17.9 
 
— 
 
2.6 
 
2.3 
 
20.5 
 
22.8 
 
(3.6) 2020
(A)
Sunroad(1)
San Diego, CA
 
— 
 
— 
 
48.2 
 
— 
 
4.5 
 
— 
 
52.7 
 
52.7 
 
(6.7) 2021
(A)
Sunset Bay
Hull, MA
 
— 
 
2.5 
 
7.6 
 
— 
 
4.8 
 
2.5 
 
12.4 
 
14.9 
 
(1.8) 2020
(A)
Toledo Beach
La Salle, MI
 
— 
 
1.1 
 
2.5 
 
— 
 
11.9 
 
1.1 
 
14.4 
 
15.5 
 
(2.6) 2020
(A)
Tower Marine
Douglas, MI
 
— 
 
7.1 
 
13.1 
 
— 
 
2.7 
 
7.1 
 
15.8 
 
22.9 
 
(2.9) 2022
(A)
Initial Cost to 
Company
Costs Capitalized 
Subsequent to 
Acquisition 
(Improvements)
Gross Amount Carried at
December 31, 2024
Property Name
Location
Encumbrances
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Total
Accumulated 
Depreciation
Date
Acquired 
(A) or 
Constructed 
(C)
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 77

Trade Winds(1)
Appling, GA
 
— 
 
— 
 
10.8 
 
— 
 
2.8 
 
— 
 
13.6 
 
13.6 
 
(3.0) 2020
(A)
Ventura Isle(1)
Ventura, CA
 
— 
 
— 
 
23.9 
 
— 
 
4.8 
 
— 
 
28.7 
 
28.7 
 
(3.5) 2020
(A)
Vineyard Haven
Vineyard Haven, MA
 
— 
 
6.1 
 
3.9 
 
0.8 
 
6.2 
 
6.9 
 
10.1 
 
17.0 
 
(2.2) 2021
(A)
Walden(1)
Montgomery, TX
 
— 
 
1.1 
 
4.2 
 
— 
 
3.2 
 
1.1 
 
7.4 
 
8.5 
 
(1.3) 2020
(A)
Wentworth by the Sea
New Castle, NH
 
— 
 
7.4 
 
6.8 
 
— 
 
1.5 
 
7.4 
 
8.3 
 
15.7 
 
(1.0) 2021
(A)
West Palm Beach
West Palm Beach, FL
 
— 
 
15.1 
 
33.0 
 
— 
 
14.1 
 
15.1 
 
47.1 
 
62.2 
 
(12.5) 2020
(A)
Westport
Denver, NC
 
— 
 
3.2 
 
5.8 
 
— 
 
2.7 
 
3.2 
 
8.5 
 
11.7 
 
(2.6) 2020
(A)
Wickford
Wickford, RI
 
— 
 
1.1 
 
2.4 
 
— 
 
— 
 
1.1 
 
2.4 
 
3.5 
 
— 
2020
(A)
Wickford Cove
Wickford, RI
 
— 
 
7.2 
 
13.0 
 
— 
 
6.1 
 
7.2 
 
19.1 
 
26.3 
 
(3.4) 2020
(A)
Willsboro Bay
Willsboro, NY
 
— 
 
0.6 
 
3.1 
 
— 
 
2.2 
 
0.6 
 
5.3 
 
5.9 
 
(2.7) 2020
(A)
Wisdom Dock(1)
Albany, KY
 
— 
 
0.3 
 
3.3 
 
— 
 
1.8 
 
0.3 
 
5.1 
 
5.4 
 
(1.7) 2020
(A)
Yacht Haven
Stamford, CT
 
— 
 
5.6 
 
4.3 
 
2.2 
 
7.3 
 
7.8 
 
11.6 
 
19.4 
 
(2.1) 2020
(A)
Zahnisers
Solomons, MD
 
— 
 
1.8 
 
3.6 
 
— 
 
4.9 
 
1.8 
 
8.5 
 
10.3 
 
(1.5) 2020
(A)
$ 
— 
$ 1,038.0 
$ 
1,928.0 
$ 
11.5 
$ 
756.5 
$ 1,049.5 
$ 
2,684.5 
$ 3,734.0 
$ 
(481.8) 
Marinas Headquarters and Other Fixed Assets
Dallas, TX
 
— 
 
— 
 
10.3 
 
— 
 
76.3 
 
— 
 
86.6 
 
86.6 
 
(30.8) 
$ 
— 
$ 1,038.0 
$ 
1,938.3 
$ 
11.5 
$ 
832.8 
$ 1,049.5 
$ 
2,771.1 
$ 3,820.6 
$ 
(512.6) 
Initial Cost to 
Company
Costs Capitalized 
Subsequent to 
Acquisition 
(Improvements)
Gross Amount Carried at
December 31, 2024
Property Name
Location
Encumbrances
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Land
Depreciable 
Assets
Total
Accumulated 
Depreciation
Date
Acquired 
(A) or 
Constructed 
(C)
(1) All or part of this property is subject to a ground lease.
(2) This property was not included in our property count as of December 31, 2024 as it represents an expansion to an existing marina.
(3) This property was impaired as a result of Hurricane Ian in October 2022.
(4) All costs from Dauntless Shipyard and Essex Island are grouped into Dauntless.
(5) All costs from Stirling are grouped into Greenport.
(6) All costs related to Apponaug Harbour are grouped into Cowesett.
(7) All costs related to Ashley Fuels are grouped into Charleston City.
Depreciation of our buildings, improvements, furniture, fixtures and equipment is calculated over the following useful lives, on a straight-line basis:
•
Land improvement and buildings: 1 year - 53 years
•
Furniture, fixtures and equipment: 1 year - 40 years
•
Dock improvements: 1 year - 52 years
•
Site improvements: 1 year - 40 years
The aggregate cost of total real estate for federal income tax purposes was approximately $10.4 billion as of December 31, 2024.
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 78

The change in investment property for the years ended December 31, 2024, 2023, and 2022 is as follows (in millions):
Year Ended
December 31, 2024
December 31, 2023
December 31, 2022
Beginning balance
$ 
17,716.5 
$ 
16,709.9 
$ 
13,762.7 
Property and land acquisitions, including immediate improvements
 
185.5 
 
368.3 
 
2,657.0 
Property expansion and development
 
136.1 
 
276.3 
 
261.8 
Improvements
 
453.7 
 
506.0 
 
418.4 
Asset impairment
 
(71.1) (1)  
(8.1) 
 
(87.3) 
Dispositions and other
 
(506.6) 
 
(135.9) 
 
(302.7) 
Ending balance
$ 
17,914.1 
$ 
17,716.5 
$ 
16,709.9 
The change in accumulated depreciation for the years ended December 31, 2024, 2023, and 2022 is as follows (in millions):
Year Ended 
December 31, 2024
December 31, 2023
December 31, 2022
Beginning balance
$ 
3,272.9 
$ 
2,738.9 
$ 
2,337.2 
Depreciation for the period
 
624.9 
 
590.0 
 
528.6 
Asset impairments
 
(11.1) (1)  
11.9 
 
(58.7) 
Dispositions and other
 
(145.7) 
 
(67.9) 
 
(68.2) 
Ending balance
$ 
3,741.0 
$ 
3,272.9 
$ 
2,738.9 
(1) Primarily consists of asset impairment charges due to a strategy shift pertaining to certain development properties and other assets within our MH and RV segments. Refer to Note 3, "Real Estate Acquisitions and Dispositions," and 
Note 16, "Fair Value Measurements," for additional information.
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2024 
(amounts in millions)
F - 79

Gary A. Shiffman 
Chairman, Chief Executive Officer and Director
John B. McLaren
President
Fernando Castro-Caratini
Executive Vice President, Chief Financial Officer, 
Treasurer and Secretary
Bruce D. Thelen 
Executive Vice President and Chief Operating Officer
Marc Farrugia 
Executive Vice President and Chief Administrative Officer
Aaron Weiss
Executive Vice President of Corporate Strategy 
and Business Development
Baxter R. Underwood  
Chief Executive Officer of Safe Harbor Marinas, LLC
Tonya Allen 
Director; President of the McKnight Foundation
Meghan G. Baivier
Director; Chief Financial Officer of Aligned Data Centers, LLC
Stephanie W. Bergeron
Director; President and Chief Executive Officer 
of Bluepoint Partners, LLC 
Jeff T. Blau
Director; Chief Executive Officer and Partner 
of Related Companies, L.P.
Jerome W. Ehlinger
Director; Retired Real Estate Business Manager, 
Portfolio Manager and Chief Investment Officer
Brian M. Hermelin
Director; Co-Founder and Managing Partner of Rockbridge 
Growth Equity Management LP, Co-Founder and 
General Partner of Detroit Venture Partners, LLC
Craig A. Leupold
Director; Chief Executive Officer of GSI Capital Advisors
Clunet R. Lewis
Director; Retired Attorney and Businessman
OFFICERS AND DIRECTORS
ANNUAL MEETING
The Annual Meeting of shareholders will be conducted in a virtual format only 
by visiting www.virtualshareholdermeeting.com/SUI2025 on 
May 13, 2025 at 11:00 a.m. Eastern Daylight Time.
SEC FORM 10-K
A copy of the Annual Report on Form 10-K filed with the Securities and 
Exchange Commission for the year ended December 31, 2024 is available at no 
charge to shareholders who direct a written request to: 
Investor Relations Department
Sun Communities, Inc.
27777 Franklin Road, Suite 300
Southfield, Michigan 48034
Telephone: (248) 208-2500
Website: www.suninc.com
TRANSFER AGENT & DIVIDEND DISBURSING AGENT
Computershare Trust Company, N.A.
P.O. Box 43010
Providence, Rhode Island 02940-3010
Shareholder Inquiries: (800) 426-5523
INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS
Grant Thornton LLP
27777 Franklin Road, Suite 800
Southfield, Michigan 48034
CORPORATE COUNSEL
Taft Stettinius & Hollister LLP
27777 Franklin Road, Suite 2500
Southfield, Michigan 48034
CORPORATE HEADQUARTERS
Sun Communities, Inc.
27777 Franklin Road, Suite 300
Southfield, Michigan 48034
Telephone: (248) 208-2500
STOCK TRADING INFORMATION
New York Stock Exchange
Ticker Symbol – SUI (Common Stock)
QUARTERLY STOCK PRICE INFORMATION
2024	
HIGH	
LOW	
DISTRIBUTION
Fourth Quarter	
$140.49	
$119.00	
$0.94
Third Quarter	
$147.83	
$116.87	
$0.94
Second Quarter	
$128.49	
$110.98	
$0.94
First Quarter	
$136.61	
$122.11	
$0.94
2023	
HIGH	
LOW	
DISTRIBUTION
Fourth Quarter	
$137.45	
$102.74	
$0.93
Third Quarter	
$141.52	
$117.20	
$0.93
Second Quarter	
$143.99	
$124.20	
$0.93
First Quarter	
$163.83	
$128.91	
$0.93
SHAREHOLDER INFORMATION
Source:  S&P Global Market Intelligence © 2025
Index Value
The Annual CEO Certification was submitted to the NYSE pursuant to NYSE rules and 
guidelines without qualification on June 5, 2024.
Sun Communities, Inc. has filed, as exhibits to its Annual Report on Form 10-K for the 
year ended December 31, 2024, the required certifications regarding the quality of its 
public disclosure under the applicable provisions of the Sarbanes-Oxley Act of 2002.
PERFORMANCE GRAPH
Set forth below is a line graph comparing the yearly percentage change in the cumulative 
total shareholder return on our common stock against the cumulative total return of a broad 
market index composed of all issuers listed on the NYSE and an industry index comprised 
of 20 publicly traded REITs, for the five year period ending on December 31, 2024. This line 
graph assumes a $100.00 investment on December 31, 2019, a reinvestment of distributions 
and actual increase of the market value of our common stock relative to an initial investment 
of $100.00. The comparisons in this table are required by the SEC and are not intended to 
forecast or be indicative of possible future performance of our common stock.
We utilize peer group data for quantitative benchmarking against external market participants. We select our peer 
group based on a number of quantitative and qualitative factors including, but not limited to, revenues, total assets, 
market capitalization, industry, sub-industry, location, total shareholder return history, executive compensation 
components and peer decisions made by other companies. 
(1) SUI Peer Group includes: AvalonBay Communities, Inc., Camden Property Trust, CubeSmart, Equity Lifestyle Properties, Inc., Equity Residential, 
Essex Property Trust, Inc., Extra Space Storage Inc., Federal Realty Investment Trust, Invitation Homes Inc., Mid-America Apartment Communities, 
Inc., UDR, Inc. and Ventas, Inc.
Sun Communities, Inc. - Total Return Performance

27777 Franklin Road, Suite 300 • Southfield, Michigan 48034
www.suninc.com • NYSE: SUI
Sun Communities, Inc. Headquarters
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United Kingdom
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