Core Viewpoint - Sun Communities, Inc. has declared a quarterly distribution of $0.94 per share for Q1 2025, payable on April 15, 2025, to shareholders of record on March 31, 2025 [1]. Group 1 - Sun Communities, Inc. is a real estate investment trust (REIT) that owns and operates manufactured housing and recreational vehicle communities, as well as marinas [1][2]. - As of December 31, 2024, the company owned, operated, or had an interest in a portfolio of 645 developed properties, comprising approximately 176,390 developed sites and about 48,760 wet slips and dry storage spaces across the United States, Canada, and the United Kingdom [2].

Southfield, MI, March 13, 2025 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE:SUI) (the "Company") announced today that its Board of Directors (the "Board") has nominated Mr. Mark A. Denien as an independent director candidate for election at the upcoming annual meeting of shareholders. Mr. Denien is a seasoned finance executive with over three decades of experience in real estate transactions, capital markets, strategy development, regulatory compliance, risk management, and acquisitions. He currently ser ...

Sun Communities (SUI) Q4 2024 Earnings Call March 03, 2025 10:25 AM ET Company Participants Gary Shiffman - Chairman & CEOJohn McLaren - President & COOFernando Castro-Caratini - Executive VP & CFOJana Galan - DirectorBrad Heffern - DirectorAnthony Hau - Vice President , Equity ResearchJohn Kim - Managing Director - US Real Estate Conference Call Participants Wesley Golladay - Senior Research AnalystNicholas Joseph - AnalystJames Feldman - AnalystDavid Segall - Senior AnalystMichael Goldsmith - Equity Resea ...

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) 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 ...

Core Viewpoint - Sun Communities, Inc. is actively participating in the 2025 Citi Global Property CEO Conference, indicating its commitment to engaging with investors and stakeholders in the real estate investment trust sector [1]. Company Overview - Sun Communities, Inc. is a real estate investment trust (REIT) that, as of December 31, 2024, owned, operated, or had an interest in a portfolio of 645 developed properties, which includes approximately 176,390 developed sites and around 48,760 wet slips and dry storage spaces across the United States, Canada, and the United Kingdom [3]. Event Details - Gary A. Shiffman, the Chairman and Chief Executive Officer of the company, will present at the conference on March 3, 2025, at 1:30 p.m. Eastern Standard Time [1]. - Investors can access a live audio-webcast of the presentation in listen-only mode through the company's website, with a replay available for 90 days [2]. Contact Information - For further inquiries, the Chief Financial Officer, Fernando Castro-Caratini, can be contacted at (248) 208-2500 or through the company's website [4].

分组1 - Sun Communities reported quarterly funds from operations (FFO) of $1.41 per share, exceeding the Zacks Consensus Estimate of $1.39 per share, and up from $1.34 per share a year ago, representing an FFO surprise of 1.44% [1] - The company posted revenues of $745.9 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 3.69%, compared to $726.7 million in the same quarter last year [2] - Sun Communities has outperformed the S&P 500, with shares increasing about 9.7% since the beginning of the year, while the S&P 500 gained 1.3% [3] 分组2 - The current consensus FFO estimate for the coming quarter is $1.20 on revenues of $674.66 million, and for the current fiscal year, it is $7.02 on revenues of $3.22 billion [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Residential sector is currently in the bottom 25% of over 250 Zacks industries, which may impact stock performance [8]

Core Insights - Sun Communities, Inc. reported a net loss of $224.4 million, or $1.77 per diluted share, for Q4 2024, compared to a loss of $80.9 million, or $0.65 per diluted share, in Q4 2023 [7] - For the full year 2024, the company achieved a net income of $89.0 million, or $0.71 per diluted share, compared to a net loss of $213.3 million, or $1.72 per diluted share, in 2023 [7] - Core Funds from Operations (Core FFO) were $1.41 per share for Q4 2024 and $6.81 per share for the full year, showing slight increases from $1.34 and $7.10 in the same periods of 2023 [7] Financial Performance - North America Same Property Net Operating Income (NOI) increased by 5.7% for Q4 2024 and 4.1% for the full year compared to 2023, amounting to increases of $14.8 million and $45.5 million respectively [7][8] - UK Same Property NOI rose by 12.9% for Q4 2024 and 9.0% for the full year, translating to increases of $1.8 million and $6.2 million respectively [7] - The company expects North American Same Property NOI growth of 4.3% to 5.6% and UK Same Property NOI growth of 0.9% to 2.9% for 2025 [7][28] Operational Highlights - The occupancy rate for North America’s manufactured housing (MH) and recreational vehicle (RV) properties reached 99.0%, a 160 basis point increase year-over-year [9] - The number of revenue-producing MH and RV sites increased by approximately 710 in Q4 2024, with MH occupancy gains accounting for about 57% of total gains [8] - The company disposed of approximately $570 million in non-strategic assets in 2024, contributing to its deleveraging efforts [4] Strategic Initiatives - The company announced the sale of Safe Harbor Marinas for an all-cash purchase price of $5.65 billion, expected to close in Q2 2025, which will allow a focus on core businesses and further reduce leverage [15][16] - A non-cash goodwill impairment charge of $180.8 million was recorded in the UK segment due to macroeconomic uncertainties affecting future cash flow projections [14] - The company is executing on strategic priorities aimed at maximizing revenue and managing expenses effectively [4] Guidance for 2025 - The company has established guidance for Q1 and full year 2025, excluding the marina portfolio, with projected diluted EPS ranging from $(0.28) to $0.78 for Q1 and $1.11 to $4.81 for the full year [22] - Core FFO per share guidance for 2025 is expected to range from $1.14 to $1.22 for Q1 and $6.82 to $7.06 for the full year [22][29] - The anticipated proceeds from the Safe Harbor Sale are expected to support debt reduction, shareholder distributions, and reinvestment in core businesses [15]

Financial Performance - Net income attributable to common shareholders for Q4 2024 was a loss of $224.4 million, or $(1.77) per diluted share, compared to a loss of $80.9 million, or $(0.65) per diluted share in Q4 2023[11]. - Core FFO per share for Q4 2024 was $1.41, up from $1.34 in Q4 2023, while for the full year 2024, it was $6.81 compared to $7.10 in 2023[15]. - The company reported a loss before other items of $218.3 million in Q4 2024, compared to a loss of $14.2 million in Q4 2023[51]. - Basic earnings per share for the year ended December 31, 2024, was $0.71, compared to a loss of $1.71 in 2023[51]. - The company reported a recurring EBITDA of $271.5 million for Q4 2024, compared to $256.0 million in Q4 2023, reflecting a year-over-year increase of 6.5%[56]. - The company’s FFO per share for the year ended December 31, 2024, was $6.42, down from $7.05 in 2023[54]. - The company reported a net interest expense of $350.4 million for the year ended December 31, 2024, compared to $325.8 million in 2023[83]. Revenue and NOI Growth - Total revenues from real property for FY 2024 were $1,703.0 million, with an expected growth of 2.2% to 2.9% for FY 2025[31]. - The Company anticipates a total Real Property NOI of $1,015.2 million for FY 2024, with expected growth of 2.1% to 3.8% for FY 2025[31]. - Real property revenues (excluding transient) increased by 6.5% to $456.4 million in Q4 2024 from $428.7 million in Q4 2023[51]. - The total same property operating revenues for the year were $1,771.2 million, up 4.6% from $1,693.4 million in the previous year[59]. - The net operating income (NOI) for the same property portfolio reached $273.4 million, representing a 5.7% increase from $258.6 million year-over-year[59]. - Real Property NOI for the year ended December 31, 2024, was $1,305.4 million, an increase of 4.5% from $1,249.4 million in 2023[57]. Asset Management and Dispositions - The company disposed of approximately $570 million of non-strategic assets in 2024, including the sale of Safe Harbor Marinas, aimed at reducing leverage and focusing on core businesses[13]. - The company announced the sale of Safe Harbor Marinas for an all-cash purchase price of $5.65 billion, expected to close in Q2 2025, generating approximately $5.5 billion of pre-tax proceeds[23]. - Dispositions totaled $519.5 million to date, including a six-community MH portfolio for $224.6 million[66]. - The total number of properties decreased from 667 as of December 31, 2023, to 645 as of December 31, 2024[57]. Debt and Capitalization - As of December 31, 2024, the company had $7.4 billion in debt outstanding with a weighted average interest rate of 4.1% and a Net Debt to trailing twelve-month Recurring EBITDA ratio of 6.0 times[22]. - The company’s total capitalization as of December 31, 2024, was $23,697.0 million, with total debt amounting to $7,387.8 million[69]. - The weighted average interest rate on total debt was 4.09% as of December 31, 2024[71]. - The company reported a maximum leverage ratio of 32.0%, well below the covenant requirement of less than 65.0%[76]. Occupancy and Property Performance - North America Same Property NOI increased by 5.7% for Q4 2024 and 4.1% for the full year 2024, amounting to increases of $14.8 million and $45.5 million respectively[15]. - North America Same Property adjusted blended occupancy for MH and RV increased by 160 basis points to 99.0% at December 31, 2024, from 97.4% at December 31, 2023[17]. - The occupancy rate for MH properties was 97.3%, while the annual RV occupancy rate was 100.0%[47]. - The occupancy rate for the total portfolio was 97.0% as of December 31, 2024, slightly up from 96.4% in 2023[57]. Guidance and Future Expectations - The company expects North American Same Property NOI growth of 4.3% - 5.6% and UK Same Property NOI growth of 0.9% - 2.9% for 2025[8]. - The Company has established guidance for Q1 2025 with a diluted EPS range of $(0.28) to $(0.20) and a Core FFO per Share range of $0.78 to $0.86, excluding marinas[29]. - For the full year 2025, the diluted EPS guidance is between $1.11 and $1.35, while the Core FFO per Share guidance is between $4.81 and $5.05, also excluding marinas[29]. Impairments and Charges - The company recorded a non-cash goodwill impairment charge of $180.8 million in the UK segment due to macroeconomic uncertainties affecting projected future cash flows[22]. - Goodwill impairment for the year was $180.8 million, a decrease of 51.1% compared to $369.9 million in 2023[51]. - The company recorded asset impairment charges of $24.1 million in the MH and RV segments and $12.1 million related to four RV properties reclassified as held for sale[79]. Capital Expenditures - Recurring capital expenditures for the year ended December 31, 2024, totaled $115.7 million, an increase from $87.3 million in 2023, representing a growth of 32.5%[67]. - Total non-recurring capital expenditures reached $576.4 million in 2024, compared to $896.4 million in 2023, indicating a decrease of 35.8%[67]. - The company incurred recurring capital expenditures necessary to maintain asset quality, including major road and pool improvements[81]. Home Sales and Rental Income - Home sales in North America decreased by 30.4% to $43.1 million for the quarter ended December 31, 2024, compared to $61.9 million in the same quarter of 2023[64]. - Home sales in the UK increased by 44.1% to $45.1 million for the quarter ended December 31, 2024, compared to $31.3 million in the same quarter of 2023[64]. - The average monthly base rent per site for manufactured housing (MH) increased by 5.5% to $708, compared to $671 in the previous year[61]. - The average monthly base rent per site in the UK increased by $42 to $544 for the quarter ended December 31, 2024[63].

Core Viewpoint - Sun Communities is selling Safe Harbor Marinas to Blackstone affiliates for $5.65 billion, resulting in a significant profit and allowing the company to refocus on its core manufactured housing and RV community business [2][3][10]. Financial Impact - The sale will generate approximately $5.5 billion in pre-tax proceeds after transaction costs, enhancing the company's investment-grade balance sheet [3]. - The transaction represents a 21 times multiple on the funds from operations (FFO) from Safe Harbor Marinas, indicating a strong valuation [3]. - The company expects to realize a $1.3 billion gain from the sale, having initially acquired Safe Harbor for about $2.1 billion [4][10]. Business Strategy - Post-sale, Sun Communities will concentrate on its core North American manufactured housing and RV portfolios, which are projected to contribute 90% of its net operating income (NOI) [7]. - The company has a history of positive same-property NOI growth for over 20 years, even during recessionary periods, showcasing the durability of its property types [8]. Growth Potential - The sale will provide Sun Communities with significant financial flexibility to ramp up acquisition activities and expand existing communities, positioning the company for future growth [9]. - The focus on manufactured home and RV communities is expected to create more shareholder value in the coming years [11].

Core Viewpoint - Sun Communities, Inc. has entered into a definitive agreement to sell its interests in Safe Harbor Marinas to Blackstone Infrastructure for $5.65 billion, aiming to refocus on its core manufactured housing and recreational vehicle segments while enhancing its financial flexibility [1][2][4]. Transaction Details - The all-cash purchase price of $5.65 billion represents an approximate 21x multiple on the estimated 2024 Funds From Operations (FFO) of Safe Harbor [2]. - The transaction is expected to yield approximately $5.5 billion in pre-tax proceeds after transaction costs, which will be utilized for debt reduction, shareholder distributions, and reinvestment in core businesses [3]. Strategic Implications - Post-transaction, Sun's North America manufactured housing and RV portfolio is projected to account for about 90% of the Company's Net Operating Income (NOI), streamlining its focus as a pure-play owner and operator in these segments [8]. - The transaction is anticipated to significantly reduce the Company's net debt to trailing 12 months EBITDA ratio from approximately 6.0x to between 2.5x and 3.0x at closing [8]. - The sale is expected to decrease exposure to non-annual income streams, positively impacting financial metrics such as margin profile and revenue-to-cash flow conversion [8]. Financial Performance - The transaction is projected to realize a substantial gain, with an estimated book gain of approximately $1.3 billion from Sun's four-year ownership of Safe Harbor [8]. Timing and Advisors - The initial closing of the transaction is expected in the second quarter of 2025, subject to customary closing conditions [7]. - Lazard Frères & Co. is acting as the financial advisor, while Latham & Watkins LLP and Taft Stettinius & Hollister are serving as legal advisors for the transaction [9].