Investor Presentaiton
NET INCOME TO RECURRING EBITDA RECONCILIATION
Three Months Ended
Nine Months Ended
Year Ended
September 30,
September 30,
September 30,
September 30,
December 31,
December 31,
December 31,
Adjustments
(amounts in millions)
Net Income Attributable to SUI Common Shareholders
Depreciation and amortization
Asset impairments
2023
2022
2023
2022
2022
2021
2020
$
163.1 $
162.6
$
222.8
$
237.3
$
242.0
$
380.2
$
131.6
162.6
149.7
482.3
447.7
601.8
522.7
376.9
1.2
1.6
10.1
2.3
3.0
Loss on extinguishment of debt
4.0
4.4
4.4
8.1
5.2
Interest expense
84.1
61.7
239.9
162.2
229.8
158.6
129.1
Interest on mandatorily redeemable preferred OP units / equity
0.8
1.0
2.7
3.1
4.2
4.2
4.2
Current tax expense
4.6
7.3
13.9
12.5
10.3
1.2
0.8
Deferred tax (benefit) / expense
(2.3)
(3.6)
(14.6)
(3.9)
(4.2)
0.1
(1.6)
Income from nonconsolidated affiliates
(1.4)
(2.0)
(0.5)
(3.8)
(2.9)
(4.0)
(1.7)
Less: (Gain) loss on dispositions of properties
0.7
0.8
2.9
(12.5)
(12.2)
(108.1)
(5.6)
Less: Gain on dispositions of assets, net
EBITDAre
Adjustments
Catastrophic event-related charges, net
Business combination expense
(Gain) / loss on remeasurement of marketable securities
(Gain) / loss on foreign currency exchanges
(10.5)
(11.9)
(29.0)
(44.2)
(54.9)
(60.5)
(22.2)
$
SA
402.9
$
371.2
$
930.5
$
805.1
$
1,021.3
$
EA
902.5
$
616.7
(3.1)
12.2
(2.2)
12.3
17.5
2.2
0.9
8.4
3.0
23.9
24.7
1.4
23.0
(6.1)
7.2
8.0
74.0
53.4
(33.5)
(6.1)
6.5
(14.9)
6.5
(21.7)
(5.4)
3.7
(7.7)
Other (income) / expense, net
(Gain)/loss on remeasurement of notes receivable
(Gain)/loss on remeasurement of investment in nonconsolidated
Add: Preferred return to preferred OP units / equity interests
Add: Income attributable to noncontrolling interests
Add: Gain on dispositions of assets, net
3.7
(2.8)
5.5
(2.6)
2.1
12.1
1.3
0.1
3.1
(0.1)
0.8
(0.7)
0.4
4.5
(0.1)
2.7
0.2
3.3
2.5
9.0
8.6
11.0
12.1
14.0
11.9
13.2
13.9
10.8
21.5
10.5
11.9
29.0
44.2
54.9
60.5
22.2
Recurring EBITDA
$
433.0
$
408.1
$
1,010.1
$
957.5
$
1,193.8
$
982.0
$
674.9
236 2220
316
5.2
3.3
1.6
6.9
8.9
SUN
SUN COMMUNITIES, INC.
Source: Company information. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended September 30, 2023, as well as Press Releases and SEC Filings after September 30, 2023, for additional information.
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