Sun Communities Inc 2025年季度报告

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedMarch 31, 2025 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ______ to ______ Maryland(State of Incorporation) 38-2730780(I.R.S. Employer Identification 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), 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 the 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," "smaller 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) of the Exchange Act.☐ Number of shares of Common Stock, $0.01 par value per share, outstanding as of April29, 2025:127,641,660 INDEX PART I – FINANCIAL INFORMATION Item 1.Consolidated Financial StatementsConsolidated Balance Sheets as of March 31, 2025 (Unaudited) and December 31, 2024Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024 (Unaudited)Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2025 and 2024 (Unaudited)Consolidated Statements of Shareholders' Equity for the Three Months Ended March 31, 2025 and 2024 (Unaudited)Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (Unaudited)Notes to Consolidated Financial Statements(Unaudited)Item 2.Management's Discussion and Analysis of FinancialCondition and Results of OperationsItem 3.Quantitative and Qualitative Disclosures about Market Risk PART II – OTHER INFORMATION Item 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of Proceeds PART I - FINANCIAL INFORMATION CONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except for per share amounts) (Unaudited) 1. Basis of Presentation Sun Communities, Inc., and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities OperatingLimited Partnership (the "Operating Partnership"), Sun Home Services, Inc. ("SHS"), Safe Harbor Marinas, LLC ("Safe Harbor"), andour Park Holidays subsidiaries and the other entities through which we operate our business in the United Kingdom ("UK") are We follow accounting standards set by the Financial Accounting Standards Board ("FASB"). FASB establishes accounting principlesgenerally accepted in the United States of America ("GAAP"), which we follow to ensure that we consistently report our financialcondition, results of operations, and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASBAccounting Standards Codification ("ASC"). These unaudited Consolidated Financial Statements have been prepared pursuant to therules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information and in accordance withGAAP. We present interim disclosures and certain information and footnote disclosures as required by SEC rules and regulations. The results of operations for interim periods are not necessarily indicative of results that may be expected for any other interim periodor for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated FinancialStatements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the Real Estate Held for Sale and Discontinued Operations We classify real estate assets as held for sale after an active program to sell an asset has commenced and when the sale is probable.Subsequent to the classification of assets as held for sale, no further depreciation expense is recorded. We present businesses whosedisposal represents a strategic shift that has, or will have, a major effect on our operations and financial results as discontinued In February 2025, we entered into a definitive purchase agreement to sell Safe Harbor to Poseidon Holdco I L.P. (f/k/a BIP PoseidonHoldco L.P.) (the "Buyer"), for an aggregate purchase price of approximately $5.65billion, subject to certain adjustments (the "SafeHarbor Sale"). The Safe Harbor Sale represents the expected disposition of our