Sun Communities Inc 2025年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedMarch 31, 2025 or For the transition period from ______ to ______ Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company☒☐☐☐☐ Notes and other receivables, net (includes $195.1and $242.4at fair value, respectively)Collateralized receivables, net (see Note6) Net cash provided by operating activities - continuing operationsNet cash provided by operating activities - discontinued operations operations when the components meet the criteria for held for sale, are sold, or spun-off. Harbor Sale"). The Safe Harbor Sale represents the expected disposition of our Marina business and a strategic shift in operations.Accordingly, the results of the Marina business and assets and liabilities included in the disposition are presented as held for sale and as discontinued operations for all periods presented herein. Certain reclassifications have been made to prior period financialstatements and related notes in order to conform to current period presentation. Unless otherwise noted, the information disclosed inNote3 through Note19 refer only to our continuing operations and do not include discussion of balances or activity related to SafeHarbor, which is included within discontinued operations. Refer to Note2, "Assets Held for Sale and Discontinued Operations," and Reportable SegmentsAs a result of the Safe Harbor Sale, we have revised our reporting structure from afour-segment to athree-segment structure, whichconsists of (i) manufactured home ("MH") communities, (ii) recreational vehicle ("RV") communities, and (iii) communities in theUnited Kingdom ("UK"). The new structure removes the Marina business from our operating segments in conjunction with itsclassification as a discontinued operation and reflects how the chief operating decision maker manages the business, makes operatingdecisions, allocates resources, and evaluates operating performance. Beginning with the three months ended March 31, 2025, we are In February 2025, we entered into an agreement to sell Safe Harbor, which represents a strategic shift in operations that is expected tohave a major effect on our operations and financial results. Accordingly, the results of the Marina business and assets and liabilitiesincluded in the Safe Harbor Sale have been reclassified as discontinued operations for all periods presented herein under ASC 205-20, proceeds of approximately $5.25billion, net of transaction and employee separation costs. The transfer of subsidiaries owning $250.0million is further subject to the receipt of certain third-party consents and the Delayed Consent Subsidiaries therefore may betransferred in one or more subsequent closings. We expect to have continuing involvement with the Marina business related to ongoingmanagement of the Delayed Consent Subsidiaries by Safe Harbor under an arm's-length management agreement. Under themanagement agreement, we will be paying a management fee to Safe Harbor of4% of gross revenues earned at the Delayed Consent information related to the Safe Harbor Sale subsequent to March 31, 2025.The following table sets forth a summary of assets and liabilities attributable to discontinued operations related to Safe Harbor (inMarch 31, 2025December 31, 2024 Investment property, netCash, cash equivalents and restricted cash Notes and other receivables, net60.2543.4Other intangible assets, net233.2Other assets, net268.3Total Assets$4,438.7$ Three Months Ended Service, retail, dining and entertainment revenue108.3Interest, brokerage commissions and other, net1.3Total Revenues212.7Property operating and maintenance37.4Real estate tax5.8Service, retail, dining and entertainment expenses103.9 Our revenue consists of real property revenue at our MH, RV, and UK properties, revenue from home sales, ancillary revenue, interestincome, and brokerage commissions and other revenue. Number ofState,Province, orMonth Notes receivable from real estate developers and operators Total Notes and Other Receivables, net Installment Notes Receivable on Manufactured Homes Installment notes receivable are measured at fair value, using indicative pricing models from third party valuation specialists, inaccordance with ASC 820, "Fair Value Measurements and Disclosures." The balances of installment notes receivable of $105.6 Canadian RV Portfolio disposition (the "Canadian RV Note"). The balance on the Canadian RV Note was $43.0million with a netweighted average interest rate and maturity of5.0% and1.7years as of March 31, 2025, and was $42.4million with a net weightedaverage interest rate and maturity of5.0% and2.0years as of December 31, 2024. and maturity of8.7% and0.9years as of March 31, 2025, and total $106.1million with a net weighted average interest rate and construction loans provided to real estate developers had $12.5million and $36.8million