Sun Communities Inc 2024年度报告

LETTER TO OUR SHAREHOLDERS Dear Fellow Shareholders, Throughout 2024 Sun aimed to simplify our business, focus on our portfolio’s durable income streams, and improve our balance sheet. We made notable progress throughoutthe year and added to our achievements with the February 2025 announcement of the agreement to sell Safe Harbor Marinas to Blackstone Infrastructure. Safe Harbor wasan excellent investment for Sun and the sale at this time allows us to achieve several of our strategic objectives, most notably refocusing on our core MH and RV segmentsand meaningfully improving our leverage profile, while realizing a very attractive return. Sun returns to being a pure-play owner and operator of best-in-class manufacturedhousing and RV communities, supported by a strong balance sheet. 2024 RESULTS In 2024, Sun once again delivered strong results in our Manufactured Housing segment, demonstrating the ongoing demand for attainable housing. On the RV side we haveremained focused on continuing to increase the contribution from real property and annual income streams. For the full year, approximately 70% of our revenue producingsite gains came from RV transient to annual conversions. We also worked to better align expenses with their respective revenue streams. In the UK, positive sales momentumcontinued, with strong unit sales which in turn drive real property income. A key priority for Sun has been focusing on our core portfolio through the selective disposition of non-strategic assets and reduction of capital expenditures. For 2024 andthrough our fourth quarter earnings release on February 26, 2025, we completed total dispositions of approximately $570 million including $180 million in the fourth quarterand year to date 2025. We also reduced non-recurring capital expenditures, which decreased nearly 50%, from 2023 to 2024. GOVERNANCE AND CEO RETIREMENT We further enhanced our governance through board refreshment. Over the last 12 months, we added two new members to our board of directors, had two longer servingBoard members step down, and announced additional planned refreshment. In March 2025, we announced the nomination of Mark A. Denien as an independent directorcandidate for election at the upcoming annual meeting of shareholders. Additionally, in November 2024, Gary announced his intention to retire in 2025. The board searchcommittee continues its comprehensive search process and we will provide an update at the appropriate time. IN CLOSING We are confident in the favorable dynamics and durable income streams of our core businesses and are encouraged with our outlook. Furthermore, we continue to implementour operating initiatives which focus on maximizing top-line revenue growth to drive bottom-line operational results. We have a clear strategic direction, focused on realizingthe full potential of our portfolio and platform. Thank you for your continued support. Sincerely, CLUNET R. LEWISLead Independent Director UNITED STATESSECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2024 SUN COMMUNITIES, INC (Exact Name of Registrant as Specified in its Charter) (I.R.S. Employer Identification No.) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. Yes☐No☒ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theRegistrant was required to submit and post such files). Yes☒No☐ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smallerreporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company☒☐☐☐☐ If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a)