Sun Communities Inc. Files 2023 Annual Report on Form 10-K

Ticker: SUI · Form: 10-K · Filed: Feb 28, 2024 · CIK: 912593

Sentiment: neutral

Topics: 10-K, Sun Communities, Real Estate, REIT, Annual Report

TL;DR

<b>Sun Communities Inc. has filed its 2023 10-K report detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

SUN COMMUNITIES INC (SUI) filed a Annual Report (10-K) with the SEC on February 28, 2024. Sun Communities Inc. filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 27777 Franklin Road, Suite 300, Southfield, MI 48034. Sun Communities Inc. is classified under Real Estate Investment Trusts (SIC code 6798). The filing includes financial data for the fiscal years 2020 through 2023.

Why It Matters

For investors and stakeholders tracking SUN COMMUNITIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Sun Communities' financial health, operational strategies, and risk factors for the past fiscal year, crucial for investors assessing the company's performance and future outlook. As a Real Estate Investment Trust (REIT), the detailed financial statements and disclosures in this report are essential for understanding the company's property portfolio, rental income, and overall market position within the real estate sector.

Risk Assessment

Risk Level: medium — SUN COMMUNITIES INC shows moderate risk based on this filing. The company's business is subject to risks inherent in the real estate industry, including economic downturns, interest rate fluctuations, and local market conditions, as detailed in its 10-K filings.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Sun Communities' performance and potential risks in the current economic environment.

Key Numbers

Key Players & Entities

FAQ

When did SUN COMMUNITIES INC file this 10-K?

SUN COMMUNITIES INC filed this Annual Report (10-K) with the SEC on February 28, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by SUN COMMUNITIES INC (SUI).

Where can I read the original 10-K filing from SUN COMMUNITIES INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by SUN COMMUNITIES INC.

What are the key takeaways from SUN COMMUNITIES INC's 10-K?

SUN COMMUNITIES INC filed this 10-K on February 28, 2024. Key takeaways: Sun Communities Inc. filed its 2023 Form 10-K on February 28, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal business address is 27777 Franklin Road, Suite 300, Southfield, MI 48034..

Is SUN COMMUNITIES INC a risky investment based on this filing?

Based on this 10-K, SUN COMMUNITIES INC presents a moderate-risk profile. The company's business is subject to risks inherent in the real estate industry, including economic downturns, interest rate fluctuations, and local market conditions, as detailed in its 10-K filings.

What should investors do after reading SUN COMMUNITIES INC's 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to assess Sun Communities' performance and potential risks in the current economic environment. The overall sentiment from this filing is neutral.

Risk Factors

Key Dates

Filing Stats: 4,641 words · 19 min read · ~15 pages · Grade level 12.7 · Accepted 2024-02-27 20:21:37

Key Financial Figures

Filing Documents

Management's Discussion and Analysis of Financial Condition and Results of Operations 52

Management's Discussion and Analysis of Financial Condition and Results of Operations 52 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk 79

Quantitative and Qualitative Disclosures about Market Risk 79 Item 8.

Financial Statements and Supplementary Data 80

Financial Statements and Supplementary Data 80 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 80 Item 9A.

Controls and Procedures 80

Controls and Procedures 80 Item 9B. Other Information 81 Part III. Item 10. Directors, Executive Officers and Corporate Governance 82 Item 11.

Executive Compensation 82

Executive Compensation 82 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 82

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 82 Item 13. Certain Relationships and Related Transactions, and Director Independence 82 Item 14. Principal Accountant Fees and Services 82 Part IV. Item 15. Exhibits and Financial Statement Schedules 83 Item 16. Form 10-K Summary 83 Exhibits 84 Signatures 87 Index to the Consolidated Financial Statements and Financial Statement Schedule F - 1 SUN COMMUNITIES, INC. PART I

BUSINESS

ITEM 1. BUSINESS GENERAL OVERVIEW Sun Communities, Inc., and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership, a Michigan limited partnership (the "Operating Partnership"), Sun Home Services, Inc., ("SHS"), Safe Harbor Marinas, LLC ("Safe Harbor"), and the entities through which we operate our holiday parks business in the United Kingdom ("UK") (collectively , "Park Holidays"), are referred to herein as the "Company," "SUI," "we," "us," or "our." We are a fully integrated real estate investment trust ("REIT"). We own manufactured housing ("MH") and recreational vehicle ("RV") communities and marinas in the United States ("U.S."), the UK and Canada (marinas and, together with MH and RV, the "properties"). We self-administer, self-manage, and operate or hold an interest in, and develop the majority of our properties, and a select number of our communities are operated by independent third party contractors on our behalf under management agreements. Others are operated by lessees under ground lease arrangements. Together with our affiliates and predecessors, we have been in the business of acquiring, operating, developing and expanding MH and RV communities since 1975 and marinas since 2020. We lease individual parcels of land ("sites"), with utility access for the placement of manufactured homes and RVs to our MH and RV customers. Our MH communities are designed to offer affordable housing to individuals and families, while also providing certain amenities. In the UK, our MH communities are referred to as holiday parks and are predominantly located at irreplaceable seaside locations in the south of England. Our RV communities are designed to offer affordable vacation opportunities to individuals and families complemented by a diverse selection of high-quality amenities. The majority of our marinas are concentrated in coastal regions. Our marinas offer wet slip and dry storage space leases

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