Sun Communities Inc 2026年季度报告

FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended March 31, 2026 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ______ to ______ Commission file number:1-12616 SUN COMMUNITIES, INC 38-2730780(I.R.S. Employer Identification No.) Maryland(State of Incorporation) 27777 Franklin Rd, Suite 300,Southfield,Michigan48034(Address of Principal Executive Offices)(Zip Code) (248) 208-2500 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which registered New York Stock Exchange 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) of the Exchange Act.☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ Number of shares of Common Stock, $0.01 par value per share, outstanding as of April21, 2026: 123,230,757 INDEX PART I – FINANCIAL INFORMATION Item 1.Consolidated Financial StatementsConsolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 20251Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (Unaudited)2Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2026 and 2025 (Unaudited)3Consolidated Statements of Shareholders' Equity for the Three Months Ended March 31, 2026 and 2025 (Unaudited)4Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (Unaudited)5Notes to Consolidated Financial Statements(Unaudited)6Item 2.Management's Discussion and Analysis of FinancialCondition and Results of Operations24Item 3.Quantitative and Qualitative Disclosures about Market Risk38Item 4.Controls and Procedures38 PART II – OTHER INFORMATION Item 1.Legal Proceedings39Item 1A.Risk Factors39Item 2.Unregistered Sales of Equity Securities and Use of Proceeds39Item 5.Other Information39Item 6.Exhibits40Signatures41 SUN COMMUNITIES, INC. PART I - FINANCIAL INFORMATION SUN COMMUNITIES, INC. SUN COMMUNITIES, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(In millions) (Unaudited) SUN COMMUNITIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions) (Unaudited) SUN COMMUNITIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(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"), and our Park Holidays subsidiaries and the otherentities through which we operate our business in the United Kingdom ("UK") are referred to herein as the "Company," "SUI," "us,""we," or "our." We have elected to be taxed as a real estate investment trust ("REIT") pursuant to Section 856(c) of the Internal Revenue Code of1986, as amended ("Code"). We analyzed the various REIT tests and confirmed that we continued to qualify as a REIT during thethree months ended March 31, 2026. 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 Comm