News Release Details

Sun Communities, Inc. Reports 2022 Second Quarter Results

Jul 25, 2022

Southfield, MI, July 25, 2022 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE: SUI) (the "Company" or "SUI"), a real estate investment trust ("REIT") that owns and operates, or has an interest in, manufactured housing ("MH") communities, recreational vehicle ("RV") resorts and marinas (collectively, the "properties"), today reported its second quarter results for 2022.

Financial Results for the Quarter and Six Months Ended June 30, 2022

For the quarter ended June 30, 2022, total revenues increased by $210.4 million, or 34.8 percent, to $814.3 million compared to $603.9 million for the same period in 2021. Net income attributable to common shareholders was $74.0 million, or $0.61 per diluted common share, compared to net income attributable to common shareholders of $110.8 million, or $0.98 per diluted common share, for the same period in 2021.

For the six months ended June 30, 2022, total revenues increased by $316.9 million, or 30.3 percent, to approximately $1.4 billion compared to approximately $1.0 billion for the same period in 2021. Net income attributable to common stockholders was $74.7 million, or $0.63 per diluted common share, compared to net income attributable to common stockholders of $135.6 million, or $1.22 per diluted common share, for the same period in 2021.

Non-GAAP Financial Measures and Portfolio Performance

  • Core Funds from Operations ("Core FFO")(1) for the quarter ended June 30, 2022, was $2.02 per diluted share and OP unit ("Share") as compared to $1.80 in the corresponding period in 2021, a 12.2 percent increase. Core FFO(1) for the six months ended June 30, 2022, was $3.37 per share as compared to $3.08 in the corresponding period, an increase of 9.4 percent.

  • Constant Currency Core FFO for the quarter and six months ended June 30, 2022, was $2.04 per Share and $3.39 per Share, respectively, when translating the Company's results from the United Kingdom ("UK"), Canada and Australia at the foreign currency translation rates used in first quarter 2022 guidance.

  • Same Property(2) Net Operating Income ("NOI")(1) for the Company's MH and RV properties increased by 3.6 percent for the quarter ended June 30, 2022, and 5.5 percent for the six months ended June 30, 2022 as compared to the corresponding periods in 2021.

  • Same Property(2) NOI for the Company's Marina properties increased by 7.1 percent for the quarter ended June 30, 2022, and 5.0 percent for the six months ended June 30, 2022 as compared to the corresponding periods in 2021.

  • Acquisitions totaled $1.8 billion during and subsequent to the quarter ended June 30, 2022, including 56 MH communities in the United States and the UK and three marinas in the United States.

"Sun produced solid earnings growth in the second quarter, driven by positive revenue and NOI growth across the portfolio, along with the contribution from recent acquisitions," said Gary A. Shiffman, Chairman and CEO. "We delivered another record quarter of revenue-producing site gains which should contribute to sustained revenue growth. We are continuing to see healthy demand for attainable housing and affordable vacations, and while transient RV is coming off of record levels; the desire to be at a Sun Outdoors RV resort is evident as we convert transient guests to annual customers as vacationers make a Sun community their long-term destination. Additionally, we completed the acquisition of Park Holidays in the UK and are focused on integrating these assets into our MH portfolio and realizing their accretive value. Sun has a cycle-tested portfolio of communities, resorts and marinas that deliver durable and reliable cash flows. We continue to see very favorable supply-demand dynamics and have a differentiated and experienced platform to acquire, develop and efficiently operate properties to create shareholder value."

OPERATING HIGHLIGHTS

Portfolio Occupancy

Total MH and annual RV occupancy was 97.2 percent at June 30, 2022 as compared to 97.4 percent at June 30, 2021, a decrease of 20 basis points.

During the quarter ended June 30, 2022, the number of MH and annual RV revenue producing sites increased by 950 sites as compared to an increase of 583 sites during the quarter ended June 30, 2021, a 63.0 percent increase.

During the six months ended June 30, 2022, MH and annual RV revenue producing sites increased by 1,620 sites as compared to an increase of 1,097 sites during the six months ended June 30, 2021, a 47.7 percent increase.

Same Property(2) Results - MH and RV

For the 425 MH and RV properties owned and operated by the Company since January 1, 2021, the following table reflects the percentage increases, both in total, and by segment, for the quarter and six months ended June 30, 2022:

  Quarter Ended June 30, 2022
  Total MH and RV
Same Property
  MH
Same Property
  RV
Same Property
Revenue         4.8         %           4.4         %           5.4         %
Expense         7.3         %           8.3         %           6.4         %
NOI         3.6         %           3.1         %           4.6         %


  Six Months Ended June 30, 2022
  Total MH and RV Same Property   MH
Same Property
  RV
Same Property
Revenue         6.8         %           4.4         %           11.3         %
Expense         9.7         %           8.6         %           11.0         %
NOI         5.5         %           3.1         %           11.5         %

Same Property adjusted occupancy(3) increased to 98.5 percent at June 30, 2022 from 96.8 percent at June 30, 2021, an increase of 170 basis points.
Same Property(2) Results - Marina

For the 101 Marina properties owned and operated by the Company since January 1, 2021, the following table reflects the percentage increases for the quarter and six months ended June 30, 2022:

  Quarter Ended June 30, 2022   Six Months Ended June 30, 2022
Revenue         6.1         %           6.8         %
Expense         3.4         %           10.0         %
NOI         7.1         %           5.0         %

UK Operations Results

During the quarter ended June 30, 2022, as previously announced, the Company acquired Park Holidays, a portfolio of 40 properties and an additional two properties that are managed by the Park Holidays team. UK operations, a component of the Company's MH segment, contributed $40.5 million of NOI in the quarter ended June 30, 2022. Refer to page 16 for additional information regarding UK operating results.

PORTFOLIO ACTIVITY

Acquisitions and Dispositions

During and subsequent to the quarter ended June 30, 2022, the Company acquired the following properties:

Property Name   Property Type   Sites,
Wet Slips and
Dry Storage Spaces
  Development Sites   State, Province or Country   Total
Purchase Price
(in millions)
  Month Acquired
Park Holidays(a)   MH           15,906                   1,140           UK   $         1,242.1           April
Christies Parks(b)   MH           249                   —           UK             10.1           April
Bluewater Yacht Sales   Marina           200                   —           Various states             25.0           April
Jarrett Bay Boatworks (Bluewater Yacht Sales)(b)   Marina           —                   —           Various states             17.6           April
Bodmin Holiday Park   MH           69                   —           UK             12.6           April
Kittery Point   Marina           62                   —           ME             7.9           May
Spanish Trails MHC   MH           195                   6           AZ             21.9           June
Pine Acre Trails   MH           251                   603           TX             29.7           June
Bel Air Estates & Sunrise Estates(c)   MH           379                   —           CA             40.0           June
Park Leisure(d)   MH           2,914                   391           UK             223.4           June
Subtotal               20,225                   2,140               $         1,630.3            
                         
Acquisitions subsequent to quarter end                
Gurney's Star Island Marina & Resort   Marina           230                   —           NY   $         190.0           July
Subtotal               230                   —               $         190.0            
                         
Total acquisitions               20,455                   2,140               $         1,820.3            

(a) Includes 40 owned and two managed properties.

(b) Combined with an existing property.

(c) Includes two properties.

(d) Includes 11 communities.

During and subsequent to the six months ended June 30, 2022, the Company acquired 63 properties totaling 21,860 sites, wet slips and dry storage spaces and 2,596 sites for expansion for a total purchase price of $2.1 billion.

Development and Expansion Activities

During and subsequent to the quarter ended June 30, 2022, the Company acquired three land parcels located in the United States for the potential development of over 650 sites, for an aggregate purchase price of $10.7 million.

During the quarter and the six months ended June 30, 2022, the Company completed the construction of nearly 110 sites and over 134 sites, respectively, in one ground-up development and three expansion sites.

BALANCE SHEET, CAPITAL MARKETS ACTIVITY AND OTHER ITEMS

Debt

As of June 30, 2022, the Company had $6.9 billion in debt outstanding. The weighted average interest rate was 3.4 percent and the weighted average years to maturity was 7.9 years. At June 30, 2022, the Company's net debt to trailing twelve-month Recurring EBITDA(1) ratio was 6.3 times.

Senior Credit Facility Amendment

As previously announced, during the quarter ended June 30, 2022, in conjunction with the closing of the Park Holidays acquisition, the Company amended its senior credit facility.

The amendment increased the aggregate amount of the Company's senior credit facility to $4.2 billion with the ability to upsize the total borrowings by an additional $800.0 million, subject to certain conditions. The increased aggregate amount under the senior credit facility consists of the following: (a) a revolving loan in the 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, Pounds sterling, Euros, Canadian dollars and Australian dollars, subject to certain limitations. The amendment extended the maturity date of the revolving loan facility to April 7, 2026. At the Company's option, that maturity date may be extended two additional six-month periods. In addition, the amendment established the maturity date of the term loan facility under the amendment as April 7, 2025, which may not be further extended.

Senior Unsecured Notes

As previously announced, during the quarter ended June 30, 2022, the Company issued $600.0 million of senior unsecured notes with an interest rate of 4.2 percent and a 10-year term, due April 15, 2032 (the "2032 Notes"). The net proceeds from the offering were $592.3 million after deducting underwriters' discounts and estimated offering expenses. The Company used the net proceeds from the offering to repay borrowings outstanding under its senior credit facility.

In connection with the 2032 Notes issuance, the Company settled four 10-year Treasury rate locks totaling $600.0 million and received a settlement payment of $35.3 million. This lowered the effective interest rate on the 2032 Notes from 4.2 percent to 3.6 percent.

Interest Rate Swap

Subsequent to the quarter ended June 30, 2022, the Company entered into interest rate swap agreements to hedge variable rate borrowings of £400.0 million under the term loan on the Senior Credit Facility. The interest rate swaps lock in a total fixed rate, inclusive of spread, of 3.67 percent through the term loan maturity date of April, 2025.
Equity Transactions

Forward Share Settlements

As previously announced, during the quarter ended June 30, 2022, the Company settled forward sale agreements with respect to 1,200,000 shares of common stock under its at the market offering sales program and 4,025,000 shares of common stock in connection with its November 2021 registered forward equity offering. The aggregate net proceeds from the settlement of these forward sale agreements was $934.9 million. The Company used the net proceeds to repay borrowings outstanding under its senior credit facility.

Subsequent to the quarter ended June 30, 2022, the Company settled forward sale agreements with respect to 986,909 shares of common stock under its at the market offering sales program. The aggregate net proceeds from the settlement of these forward sale agreements was $180.7 million. The Company used the net proceeds to repay borrowings outstanding under its senior credit facility.

At the Market Offering

During the quarter ended June 30, 2022, the Company entered into forward sale agreements with respect to 290,600 shares of common stock under its at the market offering program for $50.1 million. These forward sale agreements were not settled as of June 30, 2022, but the Company expects to settle them by June 30, 2023.

The following table presents the Company's outstanding unsettled forward sale agreements as of July 22, 2022:

Forward Equity Agreements   Shares Sold   Shares Settled   Shares Remaining   Net Proceeds Received
(in millions)
  Anticipated Net Proceeds Remaining
(in millions)
Q3 2021 ATM Forward Agreements           107,400                   —                   107,400           $         —           $         21.4        
Q1 2022 ATM Forward Agreements           600,503                   455,500                   145,003                     80.3                     26.0        
Q2 2022 ATM Forward Agreements           290,600                   18,700                   271,900                     3.4                     46.7        
Total Unsettled Forward Equity Agreements           998,503                   474,200                   524,303           $         83.7           $         94.1        

GUIDANCE

The Company is updating its full-year guidance for Basic earnings per share and incorporating the anticipated effects from translating the Company's results from the UK, Canada and Australia by introducing a constant currency adjustment to Core FFO ("Constant Currency Core FFO") per fully diluted share(1)(4). The Company is revising its full-year guidance for Basic earnings per share from the prior range of $2.46 - $2.58 to a new range of $1.91 - $2.01. The Company is revising its Constant Currency Core FFO per fully diluted share(1)(4) from $7.20 - $7.32 to a new range of $7.22 - $7.32, representing a 1-cent increase at the midpoint. The Company is also establishing guidance for third quarter Basic earnings per share and Constant Currency Core FFO per fully diluted share(1)(4) of $1.25 - $1.30 and $2.56 - $2.61, respectively. Reconciliations of projected Basic earnings per share to Constant Currency Core FFO per fully diluted share(1)(4) are as follows:

Reconciliation of Basic earnings per share to Core FFO per diluted share and Constant Currency Core FFO per diluted share(1)(4)   Previous Range
FY 2022E
  Revised Range
FY 2022E
  3Q 2022E
Basic earnings per share   $         2.46             $         2.58             $         1.91             $         2.01             $         1.25             $         1.30          
Depreciation and amortization             4.65                       4.65                       4.94                       4.94                       1.26                       1.26          
Gain on sale of assets             (0.46 )             (0.46 )             (0.51 )             (0.51 )             (0.09 )             (0.09 )
Other adjustments(a)             0.55                       0.55                       0.83                       0.83                       0.10                       0.10          
Core FFO per fully diluted Share   $         7.20             $         7.32             $         7.17             $         7.27             $         2.52             $         2.57          
Constant currency adjustment(b)             —                       —                       0.05                       0.05                       0.04                       0.04          
Constant Currency Core FFO per fully diluted share   $         7.20             $         7.32             $         7.22             $         7.32             $         2.56             $         2.61          

(a) Other adjustments include the same categories presented in the table that reconciles the Net income attributable to SUI common shareholders to FFO on page 9.

(b) The Company calculates the foreign currency translation impact comparing the weighted average foreign currency rate for revised guidance ($1.2146 U.S. dollars ("USD") per British pound sterling ("GBP")) with the weighted average foreign currency rate used in April 2022 guidance ($1.330 USD per GBP). The impact of fluctuations in Canadian and Australian foreign currency rates on revised or initial guidance are not material.

Basic earnings per share, Core FFO per fully diluted share(1)(4) and Constant Currency Core FFO per fully diluted share(1)(4) are calculated independently for each quarter; as a result, the sum of the quarters may differ from the annual calculation. Seasonality of Constant Currency Core FFO per fully diluted Share(1)(4) is based off the midpoint of full-year guidance and is expected to be as follows:

  1Q22   2Q22   3Q22   4Q22
Seasonality of Constant Currency Core FFO per fully diluted Share(1)(4) 18.5 %   28.0 %   35.5 %   18.0 %

Same Property NOI Growth: The Company is updating its expectations for Same Property NOI Growth as follows:

    Previous Range   Revised Range   Guidance
MH and RV 2022 Same Property Portfolio (428 properties):   FY 2022E   FY 2022E   3Q 2022E
MH and RV Same Property NOI(1) growth   6.5% - 7.3%   6.0% - 6.8%   6.4% - 7.2%

Within the Marina Portfolio, certain amounts have been revised to conform with current presentation, with no effect on net income. These include reclassifications of certain revenues and expenses between Real property and Service, retail, dining and entertainment within our Marina portfolio. 2021 Same Property Marina NOI is presented below reflecting these reclassifications, along with updated guidance on NOI growth the Company expects from the 2022 same property Marina portfolio:

Marina 2022 Same Property Portfolio (101 properties) (in milions):   2021 Marina Same Property NOI(1) Originally Reported
in Feb-2022 for
FY 2022 Guidance
  2021 Marina Same Property NOI(1) Reclassified for
FY 2022 Guidance,
As Revised
Marina Same Property NOI(1)   $         132.2           $         151.1        


    Original Guidance FY 2022E
Provided
in Feb-2022

  Current Guidance
Marina 2022 Same Property Growth:     FY 2022E   3Q22E
Marina Same Property NOI(1) growth   6.0% - 7.4%   6.0% - 6.8%   7.6% - 9.0%


  1H22   3Q22   4Q22
Seasonality of Marina Same Property NOI(1) 45.2 %   31.5 %   23.3 %

UK Operations Guidance. For the third quarter ending September 30, 2022, and the six months ending December 31, 2022, the Company is establishing guidance for NOI from its UK Operations before and after the anticipated effects from currency translation. The following guidance for UK Operations is incorporated into the Company's Core FFO per fully diluted share(1)(4) and Constant Currency Core FFO per fully diluted share(1)(4) guidance and seasonality figures provided above (in millions).

    Quarter Ending   Six Months Ending
    September 30, 2022   December 31, 2022
UK Operations NOI   $53.9 - $56.7   $72.4 - $76.2
UK Operations NOI - constant currency   $59.0 - $62.1   $79.3 - $83.5

The estimates and assumptions presented above represent a range of possible outcomes and may differ materially from actual results. These estimates include contributions from all acquisitions and capital markets activity completed through the date of this release. These estimates exclude prospective acquisitions and capital markets activity. The estimates and assumptions are forward-looking based on the Company's current assessment of economic and market conditions and are subject to the other risks outlined below under the caption Cautionary Statement Regarding Forward-Looking Statements.

EARNINGS CONFERENCE CALL

A conference call to discuss second quarter results will be held on Tuesday, July 26, 2022 at 11:00 A.M. (ET). To participate, call toll-free (877) 407-9039. Callers outside the U.S. or Canada can access the call at (201) 689-8470. A replay will be available following the call through August 9, 2022 and can be accessed toll-free by calling (844) 512-2921 or (412) 317-6671. The Conference ID number for the call and the replay is 13730379. The conference call will be available live on Sun Communities' website located at www.suncommunities.com. The replay will also be available on the website.

SUI is a REIT that, as of June 30, 2022, owned, operated, or had an interest in a portfolio of 661 developed MH, RV and Marina properties comprising over 180,300 developed sites and over 45,900 wet slips and dry storage spaces in 39 states, Canada, Puerto Rico and the UK.

For more information about SUI, please visit www.suncommunities.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release 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 filing 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," "intends," "intend," "intended," "goal," "estimate," "estimates," "expects," "expect," "expected," "project," "projected," "projections," "plans," "predicts," "potential," "seeks," "anticipates," "anticipated," "should," "could," "may," "will," "designed to," "foreseeable future," "believe," "believes," "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 and uncertainties, both general and specific to the matters discussed in this filing. These risks and uncertainties 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 described under "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and in the Company's other filings with the Securities and Exchange Commission from time to time, such risks, uncertainties and other factors include but are not limited to:

  • Outbreaks of disease, including the COVID-19 pandemic, and related stay-at-home orders, quarantine policies and restrictions on travel, trade and business operations;
  • Changes in general economic conditions, including inflation, deflation, and energy costs, the real estate industry and the markets in which the Company operates;
  • Difficulties in the Company's ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully;
  • The Company's liquidity and refinancing demands;
  • The Company's ability to obtain or refinance maturing debt;
  • The Company's ability to maintain compliance with covenants contained in its debt facilities and its unsecured notes;
  • Availability of capital;
  • Changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, Australian dollar and Pounds sterling;
  • The Company's ability to maintain rental rates and occupancy levels;
  • The Company's ability to maintain effective internal control over financial reporting and disclosure controls and procedures;
  • Increases in interest rates and operating costs, including insurance premiums and real property taxes;
  • The Company's ability to maintain effective internal control over financial reporting and disclosure controls and procedures;
  • Increases in interest rates and operating costs, including insurance premiums and real property 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 the Company's capital stock;
  • The Company's ability to maintain its 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;
  • 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.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements included or incorporated by reference into this filing, whether as a result of new information, future events, changes in the Company's expectations or otherwise, except as required by law.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. All written and oral forward-looking statements attributable to the Company or persons acting on the Company's behalf are qualified in their entirety by these cautionary statements.

Portfolio Overview, Research Coverage and Inquiries
(As of June 30, 2022)

 

RESEARCH COVERAGE            
             
Refer to the Investor relations section of our website for research analyst coverage detail.
             
INQUIRIES            
             
The Company welcomes questions or comments from shareholders, analysts, investment managers, media or any prospective investor. Please address all inquiries to our Investor Relations department.
             
At Our Website   www.suncommunities.com        
             
By Email   investorrelations@suncommunities.com    
             
By Phone   (248) 208-2500        

Financial and Operating Highlights
(amounts in millions, except for *)

 


  Quarter Ended
  6/30/2022   3/31/2022   12/31/2021   9/30/2021   6/30/2021
Financial Information                  
Total revenues $         814.3           $         548.5           $         542.4           $         684.3           $         603.9        
Net income $         81.3           $         1.5           $         14.8           $         250.2           $         120.8        
Net income attributable to SUI common shareholders $         74.0           $         0.7           $         12.8           $         231.8           $         110.8        
Basic earnings per share* $         0.61           $         0.01           $         0.11           $         2.00           $         0.98        
Diluted earnings per share* $         0.61           $         0.01           $         0.11           $         2.00           $         0.98        
                   
Cash distributions declared per common share* $         0.88           $         0.88           $         0.83           $         0.83           $         0.83        
                   
FFO attributable to SUI common shareholders and dilutive convertible securities(1)(4) $         246.0           $         155.3           $         152.3           $         223.1           $         198.4        
Core FFO attributable to SUI common shareholders and dilutive convertible securities(1)(4) $         254.6           $         162.8           $         155.8           $         244.5           $         209.6        
Constant Currency Core FFO Attributable to SUI Shareholders and Dilutive Convertible Securities $         256.6           N/A   N/A   N/A   N/A
FFO attributable to SUI common shareholders and dilutive convertible securities(1)(4) per share - fully diluted* $         1.95           $         1.28           $         1.28           $         1.92           $         1.70        
Core FFO attributable to SUI common shareholders and dilutive convertible securities(1)(4) per share - fully diluted* $         2.02           $         1.34           $         1.31           $         2.11           $         1.80        
Constant Currency Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share - Fully Diluted* $         2.04           N/A   N/A   N/A   N/A
                   
Recurring EBITDA(1) $         328.4           $         221.0           $         208.6           $         314.5           $         268.1        
                   
Balance Sheet                  
Total assets $         16,397.8           $         13,914.2           $         13,494.1           $         12,583.3           $         12,041.0        
Total debt $         6,930.9           $         6,076.5           $         5,671.8           $         4,689.4           $         4,311.2        
Total liabilities $         8,566.3           $         6,980.7           $         6,474.6           $         5,488.5           $         5,099.6        


  Quarter Ended
  6/30/2022   3/31/2022   12/31/2021   9/30/2021   6/30/2021
Operating Information*                  
Properties         661             603             602             584             569  
                   
United States and Canada                  
Manufactured home sites         99,185             98,279             98,621             98,301             97,448  
Annual RV sites         31,768             31,121             30,540             29,640             28,807  
Transient RV sites         28,682             29,267             29,847             27,922             27,032  
Total sites         159,635             158,667             159,008             155,863             153,287  
Marina wet slips and dry storage spaces(a)         45,905             45,725             45,155             43,615             40,179  
                   
MH occupancy         96.3         %           96.7         %           96.6         %           96.6         %           96.7         %
Annual RV occupancy         100.0         %           100.0         %           100.0         %           100.0         %           100.0         %
Blended MH and annual RV occupancy         97.2         %           97.5         %           97.4         %           97.4         %           97.4         %
                   
United Kingdom                  
Manufactured home sites         17,330             616     N/A   N/A   N/A
Transient RV sites         3,349             —             N/A   N/A   N/A
Total sites         20,679             616             —                     —                     —          
                   
MH occupancy         91.4         %           94.8         %   N/A   N/A   N/A

(a) Total wet slips and dry storage spaces are adjusted each quarter based on site configuration and usability.

  Quarter Ended
  6/30/2022   3/31/2022   12/31/2021   9/30/2021   6/30/2021
Revenue Producing Site Net Gains(5)*                  
MH net leased sites(i)         132           65           321                   144           226
RV net leased sites(i)         818           605           489                   432           357
Total net leased sites(i)         950           670           810                   576           583

(i) These figures do not include UK operations volumes.

Consolidated Balance Sheets
(amounts in millions)

 


  June 30, 2022   December 31, 2021
Assets      
Land $         3,766.7             $         2,556.3          
Land improvements and buildings           10,867.1                       9,958.3          
Rental homes and improvements           580.6                       591.7          
Furniture, fixtures and equipment           749.9                       656.4          
Investment property           15,964.3                       13,762.7          
Accumulated depreciation           (2,554.3 )             (2,337.2 )
Investment property, net           13,410.0                       11,425.5          
Cash, cash equivalents and restricted cash           184.7                       78.2          
Marketable securities           114.6                       186.9          
Inventory of manufactured homes           108.1                       51.1          
Notes and other receivables, net           509.0                       469.6          
Goodwill           954.0                       495.4          
Other intangible assets, net           399.1                       306.8          
Other assets, net           718.3                       480.6          
Total Assets $         16,397.8             $         13,494.1          
Liabilities      
Secured debt $         3,335.7             $         3,380.7          
Unsecured debt           3,595.2                       2,291.1          
Distributions payable           109.3                       98.4          
Advanced reservation deposits and rent           385.2                       242.8          
Accrued expenses and accounts payable           361.0                       237.5          
Other liabilities           779.9                       224.1          
Total Liabilities           8,566.3                       6,474.6          
Commitments and contingencies      
Temporary equity           293.3                       288.9          
Shareholders' Equity      
Common stock           1.2                       1.2          
Additional paid-in capital           9,159.1                       8,175.6          
Accumulated other comprehensive income / (loss)           (28.3 )             3.1          
Distributions in excess of accumulated earnings           (1,684.7 )             (1,556.0 )
Total SUI shareholders' equity           7,447.3                       6,623.9          
Noncontrolling interests      
Common and preferred OP units           86.2                       86.8          
Consolidated entities           4.7                       19.9          
Total noncontrolling interests           90.9                       106.7          
Total Shareholders' Equity           7,538.2                       6,730.6          
Total Liabilities, Temporary Equity and Shareholders' Equity $         16,397.8             $         13,494.1          

Statements of Operations - Quarter to Date Comparison
(In millions, except for per share amounts) (Unaudited)

 


  Three Months Ended   Six Months Ended
  June 30, 2022   June 30, 2021   Change   % Change   June 30, 2022   June 30, 2021   Change   % Change
Revenues                              
Real property (excluding transient) $         389.6             $         328.3             $         61.3                     18.7         %   $         732.8             $         626.3             $         106.5                     17.0         %
Real property - transient           98.1                       77.0                       21.1                     27.4         %             143.1                       109.5                       33.6                     30.7         %
Home sales           142.7                       81.8                       60.9                     74.4         %             207.4                       134.0                       73.4                     54.8         %
Service, retail, dining and entertainment           168.0                       107.1                       60.9                     56.9         %             248.8                       157.8                       91.0                     57.7         %
Interest           7.3                       2.8                       4.5                     160.7         %             14.1                       5.4                       8.7                     161.1         %
Brokerage commissions and other, net           8.6                       6.9                       1.7                     24.6         %             16.6                       12.9                       3.7                     28.7         %
Total Revenues           814.3                       603.9                       210.4                     34.8         %             1,362.8                       1,045.9                       316.9                     30.3         %
Expenses                              
Property operating and maintenance           155.2                       123.8                       31.4                     25.4         %             284.5                       224.4                       60.1                     26.8         %
Real estate tax           27.7                       23.2                       4.5                     19.4         %             53.8                       45.6                       8.2                     18.0         %
Home costs and selling           92.9                       58.8                       34.1                     58.0         %             138.8                       100.4                       38.4                     38.2         %
Service, retail, dining and entertainment           147.9                       84.7                       63.2                     74.6         %             218.4                       133.1                       85.3                     64.1         %
General and administrative           62.2                       45.3                       16.9                     37.3         %             117.9                       83.5                       34.4                     41.2         %
Catastrophic event-related charges, net           0.1                       0.4                       (0.3 )           (75.0)        %             0.1                       2.8                       (2.7 )           (96.4)        %
Business combinations           15.0                       (0.2 )             15.2             N/M             15.5                       1.0                       14.5             N/M
Depreciation and amortization           150.2                       127.1                       23.1                     18.2         %             298.7                       251.0                       47.7                     19.0         %
Loss on extinguishment of debt           0.1                       8.1                       (8.0 )           (98.8)        %             0.4                       8.1                       (7.7 )           (95.1)        %
Interest           55.3                       37.7                       17.6                     46.7         %             100.5                       77.2                       23.3                     30.2         %
Interest on mandatorily redeemable preferred OP units / equity           1.1                       1.0                       0.1                     10.0         %             2.1                       2.0                       0.1                     5.0         %
Total Expenses           707.7                       509.9                       197.8                     38.8         %             1,230.7                       929.1                       301.6                     32.5         %
Income Before Other Items           106.6                       94.0                       12.6                     13.4         %             132.1                       116.8                       15.3                     13.1         %
Gain / (loss) on remeasurement of marketable securities           (32.3 )             27.5                       (59.8 )   N/M             (66.8 )             31.2                       (98.0 )   N/M
Gain / (loss) on foreign currency exchanges           9.0                       (0.1 )             9.1             N/M             6.8                       (0.1 )             6.9             N/M
Gain / (loss) on dispositions of properties           (0.1 )             —                       (0.1 )   N/A             13.3                       —                       13.3             N/A
Other income / (expense), net(6)           0.4                       (0.2 )             0.6             N/M             (0.2 )             (0.7 )             0.5                     (71.4)        %
Gain on remeasurement of notes receivable           —                       0.1                       (0.1 )   N/A             0.2                       0.5                       (0.3 )           (60.0)        %
Income from nonconsolidated affiliates           0.9                       0.8                       0.1                     12.5         %             1.8                       2.0                       (0.2 )           (10.0)        %
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates           0.4                       (0.1 )             0.5             N/M             0.5                       —                       0.5             N/A
Current tax expense           (3.9 )             (1.2 )             (2.7 )           (225.0)        %             (5.2 )             (1.0 )             (4.2 )           420.0         %
Deferred tax benefit           0.3                       —                       0.3             N/A             0.3                       0.1                       0.2                     200.0         %
Net Income           81.3                       120.8                       (39.5 )           (32.7)        %             82.8                       148.8                       (66.0 )           (44.4)        %
Less: Preferred return to preferred OP units / equity interests           3.1                       3.0                       0.1                     3.3         %             6.1                       5.9                       0.2                     3.4         %
Less: Income attributable to noncontrolling interests           4.2                       7.0                       (2.8 )           (40.0)        %             2.0                       7.3                       (5.3 )           (72.6)        %
Net Income Attributable to SUI Common Shareholders $         74.0             $         110.8             $         (36.8 )           (33.2)        %   $         74.7             $         135.6             $         (60.9 )           (44.9)        %
                               
Weighted average common shares outstanding - basic           120.0                       112.1                       7.9                     7.0         %             117.6                       110.0                       7.6                     6.9         %
Weighted average common shares outstanding - diluted           120.0                       112.1                       7.9                     7.0         %             120.4                       112.6                       7.8                     6.9         %
                               
Basic earnings per share $         0.61             $         0.98             $         (0.37 )           (37.8)        %   $         0.63             $         1.22             $         (0.59 )           (48.4)        %
Diluted earnings per share $         0.61             $         0.98             $         (0.37 )           (37.8)        %   $         0.63             $         1.22             $         (0.59 )           (48.4)        %

N/M = Percentage change is not meaningful.

N/A = Percentage change is not applicable.

Outstanding Securities and Capitalization
(amounts in millions, units / shares outstanding in thousands, except for *)

 


Outstanding Securities - As of June 30, 2022
                   
  Number of Units / Shares Outstanding   Conversion Rate*   If Converted(a)   Issuance Price*
Per Unit
  Annual Distribution Rate
Non-convertible Securities                  
Common shares         121,644           N/A   N/A   N/A   $3.52^
                   
Convertible Securities                  
Common OP units         2,565                   1.0000                   2,565           N/A   Mirrors common shares distributions
                   
Series A-1 preferred OP units         272                   2.4390                   664           $         100                   6.00         %
Series A-3 preferred OP units         40                   1.8605                   75           $         100                   4.50         %
Series C preferred OP units         306                   1.1100                   340           $         100                   5.00         %
Series D preferred OP units         489                   0.8000                   391           $         100                   4.00         %
Series E preferred OP units         85                   0.6897                   59           $         100                   5.50         %
Series F preferred OP units         90                   0.6250                   56           $         100                   3.00         %
Series G preferred OP units         241                   0.6452                   155           $         100                   3.20         %
Series H preferred OP units         581                   0.6098                   355           $         100                   3.00         %
Series I preferred OP units         922                   0.6098                   562           $         100                   3.00         %
Series J preferred OP units         240                   0.6061                   145           $         100                   2.85         %

^ Annual distribution is based on the last quarterly distribution annualized.

(a) Calculation may yield minor differences due to fractional shares paid in cash to the stockholder at conversion.

Capitalization - As of June 30, 2022            
             
Equity   Shares   Share Price*   Total
Common shares           121,644           $         159.36           $         19,385.2        
Common OP units           2,565           $         159.36                     408.8        
Subtotal           124,209               $         19,794.0        
             
Preferred OP units, as converted           2,802           $         159.36                     446.5        
Total diluted shares outstanding           127,011               $         20,240.5        
             
Debt            
Secured debt           $         3,335.7        
Unsecured debt                     3,595.2        
Total debt           $         6,930.9        
             
Total Capitalization           $         27,171.4        

Debt Analysis
(amounts in millions, except for *)

 


  Quarter Ended
  6/30/2022   3/31/2022   12/31/2021   9/30/2021   6/30/2021
Debt Outstanding                  
Secured debt $         3,335.7             $         3,366.6             $         3,380.7             $         3,403.4             $         3,457.7          
Unsecured debt                  
Senior unsecured notes           1,778.6                       1,186.7                       1,186.4                       591.3                       591.7          
Line of credit and other debt(7)           1,746.7                       1,453.3                       1,034.8                       624.8                       191.9          
Preferred Equity - Sun NG Resorts - mandatorily redeemable           35.2                       35.2                       35.2                       35.2                       35.2          
Preferred OP units - mandatorily redeemable           34.7                       34.7                       34.7                       34.7                       34.7          
Total unsecured debt           3,595.2                       2,709.9                       2,291.1                       1,286.0                       853.5          
Total debt $         6,930.9             $         6,076.5             $         5,671.8             $         4,689.4             $         4,311.2          
                   
% Fixed / Floating*                  
Fixed           74.9         %             76.2         %             81.8         %             86.7         %             94.7         %
Floating           25.1         %             23.8         %             18.2         %             13.3         %             5.3         %
Total           100.0         %             100.0         %             100.0         %             100.0         %             100.0         %
                   
Weighted Average Interest Rates*                  
Secured debt           3.78         %             3.78         %             3.78         %             3.78         %             3.75         %
Senior unsecured notes           3.10         %             2.55         %             2.55         %             2.70         %             2.70         %
Line of credit and other debt(7)           2.76         %             1.25         %             0.98         %             0.98         %             0.93         %
Preferred Equity - Sun NG Resorts - mandatorily redeemable           6.00         %             6.00         %             6.00         %             6.00         %             6.00         %
Preferred OP units - mandatorily redeemable           5.93         %             5.93         %             5.93         %             5.93         %             5.93         %
Total average           3.37         %             2.96         %             3.04         %             3.30         %             3.52         %
                   
Debt Ratios*                  
Net Debt / Recurring EBITDA(1) (TTM)           6.3                       5.9                       5.7                       4.9                       5.1          
Net Debt / Enterprise Value           25.0         %             21.9         %             18.0         %             17.1         %             16.8         %
Net Debt / Gross Assets           35.7         %             36.6         %             35.4         %             31.2         %             29.6         %
                   
Coverage Ratios*                  
Recurring EBITDA(1) (TTM) / Interest   5.9       6.2       6.2       6.1       5.6  
Recurring EBITDA(1) (TTM) / Interest + Pref. Distributions + Pref. Stock Distribution   5.8       6.0       6.0       6.0       5.5  


Maturities / Principal Amortization Next Five Years   2022       2023       2024       2025       2026  
Secured debt                  
Maturities $         55.1             $         185.6             $         315.4             $         50.6             $         521.6          
Principal amortization           30.6                       60.9                       57.4                       54.0                       45.9          
Line of credit and other debt(7)           3.0                       10.0                       10.0                       1,065.2                       662.0          
Preferred Equity - Sun NG Resorts - mandatorily redeemable           —                       —                       33.4                       1.8                       —          
Preferred OP units - mandatorily redeemable           —                       —                       27.4                       —                       —          
Total $         88.7             $         256.5             $         443.6             $         1,171.6             $         1,229.5          
                   
Weighted average rate of maturities*           4.65         %             4.08         %             4.47         %             4.04         %             3.75         %

Reconciliations to Non-GAAP Financial Measures

Reconciliation of Net Income Attributable to SUI Common Shareholders to FFO(1)
(amounts in millions, except for per share data)

 


  Three Months Ended   Six Months Ended
  June 30, 2022   June 30, 2021   June 30, 2022   June 30, 2021
Net Income Attributable to SUI Common Shareholders $         74.0             $         110.8             $         74.7             $         135.6          
Adjustments              
Depreciation and amortization           149.5                       126.7                       297.8                       250.5          
Depreciation on nonconsolidated affiliates           0.1                       —                       0.1                       0.1          
(Gain) / loss on remeasurement of marketable securities           32.3                       (27.5 )             66.8                       (31.2 )
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates           (0.4 )             0.1                       (0.5         )             —          
Gain on remeasurement of notes receivable           —                       (0.1 )             (0.2         )             (0.5 )
Income attributable to noncontrolling interests           4.2                       5.0                       2.0                       4.9          
Returns on preferred OP units           3.4                       1.0                       6.7                       1.9          
(Gain) / loss on dispositions of properties           0.1                       —                       (13.3         )             —          
Gain on dispositions of assets, net           (17.2 )             (17.6 )             (32.3         )             (25.8 )
FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities(1)(4) $         246.0             $         198.4             $         401.8             $         335.5          
               
Adjustments              
Business combination expense and other acquisition related costs(8)           17.8                       2.3                       20.9                       4.2          
Loss on extinguishment of debt           0.1                       8.1                       0.4                       8.1          
Catastrophic event-related charges, net           0.2                       0.4                       0.2                       2.8          
Loss of earnings - catastrophic event-related           —                       —                       —                       0.2          
(Gain) / loss on foreign currency exchanges           (9.0 )             0.1                       (6.8         )             0.1          
Other adjustments, net(9)           (0.5 )             0.3                       1.4                       0.2          
Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities(1)(4) $         254.6             $         209.6             $         417.9             $         351.1          
Adjustment              
Foreign currency impact(a)           2.0                       —                       2.0                       —          
Constant Currency Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities $         256.6             $         209.6             $         419.9             $         351.1          
               
Weighted average common shares outstanding - basic           120.0                       112.1                       117.6                       110.0          
Add              
Common shares dilutive effect from forward equity sale           —                       —                       0.2                       —          
Restricted stock           0.3                       0.6                       0.4                       0.4          
Common OP units           2.6                       2.6                       2.6                       2.6          
Common stock issuable upon conversion of certain preferred OP units           3.1                       1.1                       3.1                       1.1          
Weighted Average Common Shares Outstanding - Fully Diluted           126.0                       116.4                       123.9                       114.1          
               
FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities(1)(4) Per Share - Fully Diluted $         1.95             $         1.70             $         3.24             $         2.94          
               
Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities(1)(4) Per Share - Fully Diluted $         2.02             $         1.80             $         3.37             $         3.08          
               
Constant Currency Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share - Fully Diluted $         2.04             $         1.80             $         3.39             $         3.08          

(a) The Company calculated the foreign currency translation impact by comparing the actual weighted average foreign currency rates of $1.2598 U.S. dollars ("USD") per GBP, $0.7828 USD per CAD and $0.7241 USD per AUD, with the weighted average foreign currency rates used for the guidance of $1.330 USD per GBP, $0.770 USD per CAD and $0.756 USD per AUD, respectively.

Reconciliation of Net Income Attributable to SUI Common Shareholders to NOI(1)
(amounts in millions)

 


  Three Months Ended   Six Months Ended
  June 30, 2022   June 30, 2021   June 30, 2022   June 30, 2021
Net Income Attributable to SUI Common Shareholders $         74.0             $         110.8             $         74.7             $         135.6          
Interest income           (7.3 )             (2.8 )             (14.1 )             (5.4 )
Brokerage commissions and other revenues, net           (8.6 )             (6.9 )             (16.6 )             (12.9 )
General and administrative           62.2                       45.3                       117.9                       83.5          
Catastrophic event-related charges, net           0.1                       0.4                       0.1                       2.8          
Business combination expense           15.0                       (0.2 )             15.5                       1.0          
Depreciation and amortization           150.2                       127.1                       298.7                       251.0          
Loss on extinguishment of debt           0.1                       8.1                       0.4                       8.1          
Interest expense           55.3                       37.7                       100.5                       77.2          
Interest on mandatorily redeemable preferred OP units / equity           1.1                       1.0                       2.1                       2.0          
(Gain) / loss on remeasurement of marketable securities           32.3                       (27.5 )             66.8                       (31.2 )
(Gain) / loss on foreign currency exchanges           (9.0 )             0.1                       (6.8 )             0.1          
(Gain) / loss on disposition of properties           0.1                       —                       (13.3 )             —          
Other (income) / expense, net(6)           (0.4 )             0.2                       0.2                       0.7          
Gain on remeasurement of notes receivable           —                       (0.1 )             (0.2 )             (0.5 )
Income from nonconsolidated affiliates           (0.9 )             (0.8 )             (1.8 )             (2.0 )
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates           (0.4 )             0.1                       (0.5 )             —          
Current tax expense           3.9                       1.2                       5.2                       1.0          
Deferred tax benefit           (0.3 )             —                       (0.3 )             (0.1 )
Preferred return to preferred OP units / equity interests           3.1                       3.0                       6.1                       5.9          
Less: Income attributable to noncontrolling interests           4.2                       7.0                       2.0                       7.3          
NOI(1) $         374.7             $         303.7             $         636.6             $         524.1          


  Three Months Ended   Six Months Ended
  June 30, 2022   June 30, 2021   June 30, 2022   June 30, 2021
Real Property NOI(1) $         304.8           $         258.3           $         537.6           $         465.8        
Home Sales NOI(1)           49.8                     23.0                     68.6                     33.6        
Service, retail, dining and entertainment NOI(1)           20.1                     22.4                     30.4                     24.7        
NOI(1) $         374.7           $         303.7           $         636.6           $         524.1        

Reconciliation of Net Income Attributable to SUI Common Shareholders to Recurring EBITDA(1)
(amounts in millions)

 


  Three Months Ended   Six Months Ended
  June 30, 2022   June 30, 2021   June 30, 2022   June 30, 2021
Net Income Attributable to SUI Common Shareholders $         74.0             $         110.8             $         74.7             $         135.6          
Adjustments              
Depreciation and amortization           150.2                       127.1                       298.7                       251.0          
Loss on extinguishment of debt           0.1                       8.1                       0.4                       8.1          
Interest expense           55.3                       37.7                       100.5                       77.2          
Interest on mandatorily redeemable preferred OP units / equity           1.1                       1.0                       2.1                       2.0          
Current tax expense           3.9                       1.2                       5.2                       1.0          
Deferred tax benefit           (0.3 )             —                       (0.3 )             (0.1 )
Income from nonconsolidated affiliates           (0.9 )             (0.8 )             (1.8 )             (2.0 )
Less: (Gain) / loss on dispositions of properties           0.1                       —                       (13.3 )             —          
Less: Gain on dispositions of assets, net           (17.2 )             (17.6 )             (32.3 )             (25.8 )
EBITDAre(1) $         266.3             $         267.5             $         433.9             $         447.0          
Adjustments              
Catastrophic event-related charges, net           0.1                       0.4                       0.1                       2.8          
Business combination expense           15.0                       (0.2 )             15.5                       1.0          
(Gain) / loss on remeasurement of marketable securities           32.3                       (27.5 )             66.8                       (31.2 )
(Gain) / loss on foreign currency transactions           (9.0 )             0.1                       (6.8 )             0.1          
Other (income) / expense, net(6)           (0.4 )             0.2                       0.2                       0.7          
Gain on remeasurement of notes receivable           —                       (0.1 )             (0.2 )             (0.5 )
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates           (0.4 )             0.1                       (0.5 )             —          
Preferred return to preferred OP units / equity interests           3.1                       3.0                       6.1                       5.9          
Less: Income attributable to noncontrolling interests           4.2                       7.0                       2.0                       7.3          
Plus: Gain on dispositions of assets, net           17.2                       17.6                       32.3                       25.8          
Recurring EBITDA(1) $         328.4             $         268.1             $         549.4             $         458.9          

Non-GAAP and Other Financial Measures

Same Property(2) Summary - MH / RV
(amounts in millions)

 


                                               
  Three Months Ended
  Total Same Property - MH / RV   MH   RV
  June 30, 2022   June 30, 2021   Change   % Change(a)   June 30, 2022   June 30, 2021   Change   % Change(a)   June 30, 2022   June 30, 2021   Change   % Change(a)
Financial Information                                              
Revenue                                              
Real property (excluding transient) $         236.4           $         223.2           $         13.2                   5.9         %   $         184.0           $         176.5           $         7.5                     4.3         %   $         52.4           $         46.7           $         5.7                   12.1         %
Real property - transient           65.5                     65.2                     0.3                   0.6         %             0.2                     0.4                     (0.2 )           (42.8)        %             65.3                     64.8                     0.5                   0.8         %
Other           12.7                     11.9                     0.8                   6.5         %             5.6                     4.9                     0.7                     12.3         %             7.1                     7.0                     0.1                   2.4         %
Total Operating           314.6                     300.3                     14.3                   4.8         %             189.8                     181.8                     8.0                     4.4         %             124.8                     118.5                     6.3                   5.4         %
Expense                                              
Property Operating(10)(11)           103.6                     96.6                     7.0                   7.3         %             49.6                     45.9                     3.7                     8.3         %             54.0                     50.7                     3.3                   6.4         %
Real Property NOI(1) $         211.0           $         203.7           $         7.3                   3.6         %   $         140.2           $         135.9           $         4.3                     3.1         %   $         70.8           $         67.8           $         3.0                   4.6         %

(a) Percentages are calculated based on unrounded numbers.

                                               
  Six Months Ended
  Total Same Community   MH   RV
  June 30, 2022   June 30, 2021   Change   % Change(a)   June 30, 2022   June 30, 2021   Change   % Change(a)   June 30, 2022   June 30, 2021   Change   % Change(a)
Financial Information                                              
Revenue                                              
Real property (excluding Transient) $         469.5           $         441.8           $         27.7                   6.3         %   $         366.5           $         351.3           $         15.2                     4.3         %   $         103.0           $         90.5           $         12.5                   13.8         %
Real property - transient           104.7                     95.5                     9.2                   9.6         %             0.7                     1.0                     (0.3 )           (30.0)        %             104.0                     94.5                     9.5                   10.1         %
Other           20.2                     19.1                     1.1                   5.8         %             10.4                     9.3                     1.1                     12.3         %             9.8                     9.8                     —                   —         %
Total Operating           594.4                     556.4                     38.0                   6.8         %             377.6                     361.6                     16.0                     4.4         %             216.8                     194.8                     22.0                   11.3         %
Expense                                              
Property Operating(10)(11)           192.5                     175.4                     17.1                   9.7         %             97.4                     89.7                     7.7                     8.6         %             95.1                     85.7                     9.4                   11.0         %
Real Property NOI(1) $         401.9           $         381.0           $         20.9                   5.5         %   $         280.2           $         271.9           $         8.3                     3.1         %   $         121.7           $         109.1           $         12.6                   11.5         %

(a) Percentages are calculated based on unrounded numbers.

Same Property(2) Summary - MH / RV (Continued)
(amounts in millions)

 


  As of        
  June 30, 2022   June 30, 2021   Change   % Change
Other Information              
Number of properties           425                       425                       —              
               
MH occupancy           97.3         %            
RV occupancy           100.0         %            
MH & RV blended occupancy(3)           98.0         %            
               
Adjusted MH occupancy(3)           98.0         %            
Adjusted RV occupancy(3)           100.0         %            
Adjusted MH & RV blended occupancy(3)           98.5         %             96.8         %             1.7         %    
               
Sites available for development           8,082                       8,135                       (53         )    
               
Monthly base rent per site - MH $         625             $         600             $         25             4.1%(13)
Monthly base rent per site - RV(12) $         558             $         523             $         35             6.8%(13)
Monthly base rent per site - Total(12) $         608             $         582             $         26             4.5%(13)
               
Monthly base rent per site - MH Rental Program $         1,168             $         1,070             $         98                     9.2         %

Same Property(2) Summary - Marina
(amounts in millions)

 


  Three Months Ended
  June 30, 2022   June 30, 2021   Change   % Change(a)
Financial Information              
Revenue              
Real property (excluding transient) $         57.6           $         53.7           $         3.9                     7.4         %
Real property - transient           3.7                     4.1                     (0.4 )           (9.3)        %
Other           3.3                     3.2                     0.1                     3.8         %
Total Operating           64.6                     61.0                     3.6                     6.1         %
Expense              
Property Operating(10)           17.2                     16.7                     0.5                     3.4         %
Real Property NOI(1) $         47.4           $         44.3           $         3.1                     7.1         %

(a) Percentages are calculated based on unrounded numbers.

               
  Six Months Ended
  June 30, 2022   June 30, 2021   Change   % Change(a)
Financial Information              
Revenue              
Real property (excluding Transient) $         103.4           $         97.0           $         6.4                   6.6         %
Real property - transient           5.1                     5.0                     0.1                   2.5         %
Other           5.7                     4.9                     0.8                   14.3         %
Total Operating           114.2                     106.9                     7.3                   6.8         %
Expense              
Property Operating(10)           41.6                     37.8                     3.8                   10.0         %
Real Property NOI(1) $         72.6           $         69.1           $         3.5                   5.0         %

(a) Percentages are calculated based on unrounded numbers.

  As of        
  June 30, 2022   June 30, 2021   Change   % Change
Other Information              
Number of properties         101                   101                   —                     —         %
Wet slip and dry storage spaces         35,616                   35,744                   (128 )           (0.4)        %

Same Property results for the quarter and six months ended June 30, 2021, include reclassification of $8.3 million of expense, net from Real property operating expense to Service, retail, dining and entertainment expense to more precisely align certain revenues and expenses within Real property results and Service, retail, dining and entertainment results. The reclassifications had no impact on previously reported total portfolio Marina NOI.

UK Operations Summary
(amounts in millions, except for statistical data)

 


     
    April 8, 2022
to
June 30, 2022

   
Financial Information    
Revenues    
Real property (excluding transient)   $         16.9  
Real property - transient             12.9  
Other             0.6  
Total Operating             30.4  
Expenses    
Property Operating(10)             15.0  
Real Property NOI(1)             15.4  
     
Home sales    
Revenue             60.6  
Cost of home sales             32.1  
Home selling expenses             2.3  
NOI(1)             26.2  
     
Retail, dining and entertainment    
Revenue             11.5  
Expense             12.6  
Net Operating Loss             (1.1 )
     
UK Operations NOI(1)   $         40.5  
     
Statistical information    
Number of properties             53  
Developed sites             17,330  
Occupied sites             15,841  
Occupancy %             91.4         %
Sites available for development             1,987  
     
Home Sales    
New home sales volume             255  
Pre-owned home sales volume             480  
Total home sales volume             735  

Acquisitions and Other Summary - (excluding UK Operations)(14)
(amounts in millions, except for statistical data)

 


       
  Three Months Ended   Six Months Ended
  June 30, 2022   June 30, 2022
Financial Information      
Revenues      
Real property (excluding transient) $         30.7   $         58.5          
Real property - transient           15.9             20.4          
Other           4.2             6.2          
Total Operating           50.8             85.1          
Expenses      
Property Operating(10)           19.8             37.4          
Real Property NOI(1) $         31.0   $         47.7          
       
Other Information     June 30, 2022
Number of properties               106          
MH and RV Developed sites               23,583          
MH and RV Occupied sites               20,964          
MH and RV Occupancy %               88.9         %
Transient sites               10,850          
Wet slips and dry storage spaces               10,289          

Home Sales Summary - (excluding UK home sales)
(amounts in millions, except for *)

 


                               
  Three Months Ended   Six Months Ended
  June 30, 2022   June 30, 2021   Change   % Change   June 30, 2022   June 30, 2021   Change   % Change
Financial Information                              
New Homes                              
New home sales $         37.1             $         34.7             $         2.4                     6.9         %   $         63.7             $         57.7             $         6.0                     10.4         %
New home cost of sales           29.9                       28.2                       1.7                     6.0         %             51.5                       46.9                       4.6                     9.8         %
Gross profit – new homes           7.2                       6.5                       0.7                     10.8         %             12.2                       10.8                       1.4                     13.0         %
Gross margin % – new homes           19.4         %             18.7         %             0.7         %                 19.2         %             18.7         %             0.5         %    
Average selling price – new homes* $         164,159             $         153,132             $         11,027                     7.2         %   $         170,321             $         153,545             $         16,776                     10.9         %
                               
Pre-owned Homes                              
Pre-owned home sales $         45.0             $         47.1             $         (2.1         )           (4.5)        %   $         83.1             $         76.3             $         6.8                     8.9         %
Pre-owned home cost of sales           24.2                       26.0                       (1.8         )           (6.9)        %             44.0                       44.6                       (0.6         )           (1.3)        %
Gross profit – pre-owned homes           20.8                       21.1                       (0.3         )           (1.4)        %             39.1                       31.7                       7.4                     23.3         %
Gross margin % – pre-owned homes           46.2         %             44.9         %             1.3         %                 47.1         %             41.7         %             5.4         %    
Average selling price – pre-owned homes* $         59,920             $         50,577             $         9,343                     18.5         %   $         57,708             $         47,195             $         10,513                     22.3         %
                               
Total Home Sales                              
Revenue from home sales $         82.1             $         81.8             $         0.3                     0.4         %   $         146.8             $         134.0             $         12.8                     9.6         %
Cost of home sales           54.1                       54.2                       (0.1         )           (0.2)        %             95.5                       91.5                       4.0                     4.4         %
Home selling expenses           4.4                       4.6                       (0.2         )           (4.3)        %             8.9                       8.9                       —                     —         %
Home Sales NOI(1) $         23.6             $         23.0             $         0.6                     2.6         %   $         42.4             $         33.6             $         8.8                     26.2         %
                               
Other Information                              
New home sales volume*           226                       227                       (1         )           (0.4)        %             374                       376                       (2         )           (0.5)        %
Pre-owned home sales volume*           751                       931                       (180         )           (19.3)        %             1,440                       1,617                       (177         )           (10.9)        %
Total home sales volume*           977                       1,158                       (181         )           (15.6)        %             1,814                       1,993                       (179         )           (9.0)        %

Refer to the UK Operations Summary on page 16 for financial information related to our home sales in the UK.

Rental Program Summary
(amounts in millions, except for *)

 


                               
  Three Months Ended   Six Months Ended
  June 30, 2022   June 30, 2021   Change   % Change   June 30, 2022   June 30, 2021   Change   % Change
Financial Information                              
Revenues $         32.1           $         35.8           $         (3.7 )           (10.3)        %   $         64.3           $         71.9           $         (7.6 )           (10.6)        %
Expenses           5.0                     4.6                     0.4                     8.7         %             9.9                     9.8                     0.1                     1.0         %
Rental Program NOI(1) $         27.1           $         31.2           $         (4.1 )           (13.1)        %   $         54.4           $         62.1           $         (7.7 )           (12.4)        %
                               
Other Information                              
Number of sold rental homes*           193                     281                     (88 )           (31.3)        %             370                     492                     (122 )           (24.8)        %
Number of occupied rentals, end of period*                           9,204                     10,951                     (1,747 )           (16.0)        %
Investment in occupied rental homes, end of period                 $         535.0           $         601.8           $         (66.8 )           (11.1)        %
Weighted average monthly rental rate, end of period*                 $         1,162           $         1,065           $         97                     9.1         %

Marina Portfolio Summary
(amounts in millions, except for statistical data)

 


                                 
    Three Months Ended   Six Months Ended
    June 30, 2022   June 30, 2021   Change   % Change   June 30, 2022   June 30, 2021   Change   % Change
Financial Information                                
Revenues                                
Real property (excluding transient)   $         82.0           $         61.9           $         20.1                   32.5         %   $         149.0           $         108.0           $         41.0                   38.0         %
Real property - transient             5.1                     4.2                     0.9                   21.4         %             7.6                     5.1                     2.5                   49.0         %
Other             4.5                     3.0                     1.5                   50.0         %             7.4                     4.6                     2.8                   60.9         %
Total Operating             91.6                     69.1                     22.5                   32.6         %             164.0                     117.7                     46.3                   39.3         %
Expenses                                
Property Operating(10)             23.8                     19.1                     4.7                   24.6         %             57.0                     42.7                     14.3                   33.5         %
Real Property NOI(1)             67.8                     50.0                     17.8                   35.6         %             107.0                     75.0                     32.0                   42.7         %
                                 
Service, retail, dining and entertainment                                
Revenue             127.3                     82.9                     44.4                   53.6         %             198.5                     127.3                     71.2                   55.9         %
Expense             113.5                     70.1                     43.4                   61.9         %             173.3                     108.1                     65.2                   60.3         %
NOI(1)             13.8                     12.8                     1.0                   7.8         %             25.2                     19.2                     6.0                   31.3         %
                                 
Marina NOI(1)   $         81.6           $         62.8           $         18.8                   29.9         %   $         132.2           $         94.2           $         38.0                   40.3         %
                                 
Statistical information                                
Number of properties                             130             114                     16                   14.0         %
Total wet slips and dry storage spaces                             45,905             40,179                     5,726                   14.3         %

Marina Property results for the quarter and six months ended June 30, 2021, include reclassification of $8.4 million of expense, net from Real property operating expense to Service, retail, dining and entertainment expense to more precisely align certain revenues and expenses within Real property results and Service, retail, dining and entertainment results. The reclassifications had no impact on previously reported total portfolio Marina NOI.

MH and RV Property Summary(15) - (excluding UK Operations)            
                     
                     
    6/30/2022   3/31/2022   12/31/2021   9/30/2021   6/30/2021
FLORIDA                    
Properties           129                     129                     132                     131                     129          
MH & Annual RV Developed sites           41,076                     40,774                     40,783                     40,500                     40,171          
Occupied MH & Annual RV           40,390                     40,046                     40,019                     39,747                     39,402          
MH & Annual RV Occupancy %           98.3         %           98.2         %           98.1         %           98.1         %           98.1         %
Transient RV sites           5,347                     5,648                     5,950                     6,163                     5,895          
Sites for development           1,380                     1,243                     1,268                     1,414                     1,414          
MICHIGAN                    
Properties           84                     84                     84                     83                     75          
MH & Annual RV Developed sites           32,348                     32,318                     32,257                     31,997                     29,600          
Occupied MH & Annual RV           31,165                     31,132                     31,061                     30,782                     28,671          
MH & Annual RV Occupancy %           96.3         %           96.3         %           96.3         %           96.2         %           96.9         %
Transient RV sites           776                     806                     869                     554                     509          
Sites for development           1,450                     1,422                     1,422                     1,481                     1,182          
CALIFORNIA                    
Properties           38                     36                     36                     37                     36          
MH & Annual RV Developed sites           7,159                     6,759                     6,787                     6,760                     6,736          
Occupied MH & Annual RV           7,053                     6,691                     6,672                     6,642                     6,613          
MH & Annual RV Occupancy %           98.5         %           99.0         %           98.3         %           98.3         %           98.2         %
Transient RV sites           2,154                     2,174                     2,147                     2,410                     2,416          
Sites for development           942                     694                     534                     534                     127          
TEXAS                     
Properties           31                     30                     30                     26                     25          
MH & Annual RV Developed sites           8,611                     8,257                     8,192                     8,004                     7,947          
Occupied MH & Annual RV           8,115                     8,071                     8,006                     7,805                     7,731          
MH & Annual RV Occupancy %           94.2         %           97.7         %           97.7         %           97.5         %           97.3         %
Transient RV sites           2,447                     2,475                     2,576                     2,131                     1,835          
Sites for development           2,266                     1,184                     1,184                     1,066                     1,194          
ONTARIO, CANADA                    
Properties           16                     16                     16                     16                     16          
MH & Annual RV Developed sites           4,543                     4,410                     4,363                     4,361                     4,302          
Occupied MH & Annual RV           4,543                     4,410                     4,363                     4,361                     4,302          
MH & Annual RV Occupancy %           100.0         %           100.0         %           100.0         %           100.0         %           100.0         %
Transient RV sites           696                     827                     874                     807                     870          
Sites for development           1,486                     1,429                     1,429                     1,525                     1,525          
CONNECTICUT                    
Properties           16                     16                     16                     16                     16          
MH & Annual RV Developed sites           1,901                     1,896                     1,902                     1,901                     1,901          
Occupied MH & Annual RV           1,769                     1,756                     1,765                     1,760                     1,757          
MH & Annual RV Occupancy %           93.1         %           92.6         %           92.8         %           92.6         %           92.4         %
Transient RV sites           104                     109                     103                     104                     104          
Sites for development           —                     —                     —                     —                     —          
MAINE                    
Properties           15                     15                     15                     13                     13          
MH & Annual RV Developed sites           2,287                     2,449                     2,424                     2,220                     2,204          
Occupied MH & Annual RV           2,203                     2,365                     2,339                     2,136                     2,127          
MH & Annual RV Occupancy %           96.3         %           96.6         %           96.5         %           96.2         %           96.5         %
Transient RV sites           1,143                     981                     1,007                     776                     792          
Sites for development           180                     180                     180                     30                     30          
ARIZONA                    
Properties           13                     12                     12                     12                     14          
MH & Annual RV Developed sites           4,416                     4,184                     4,123                     4,071                     4,401          
Occupied MH & Annual RV           4,040                     3,994                     3,917                     3,853                     4,116          
MH & Annual RV Occupancy %           91.5         %           95.5         %           95.0         %           94.6         %           93.5         %
Transient RV sites           1,087                     1,124                     1,185                     1,237                     1,260          
Sites for development           6                     —                     —                     —                     —          
INDIANA                    
Properties           12                     12                     12                     12                     12