Investor Presentaiton
NET INCOME TO FFO RECONCILIATION
Three Months Ended
Nine Months Ended
Year Ended
September 30,
September 30,
September 30,
September 30,
December 31,
December 31,
December 31,
(amounts in millions except per share data)
2023
2022
2023
2022
2022
2021
2020
Net Income Attributable to SUI Common Shareholders
$
163.1
$
162.6
$
222.8
$
237.3
$
242.0
$
380.2
$
131.6
Adjustments
Depreciation and amortization
162.2
149.2
480.5
446.3
599.6
521.9
376.9
Depreciation on nonconsolidated affiliates
0.1
0.2
0.1
0.1
0.1
0.1
Asset impairments
1.2
1.6
10.1
2.3
3.0
(Gain) / loss on remeasurement of marketable securities
(6.1)
7.2
8.0
74.0
53.4
(33.5)
(6.1)
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates
(Gain) / loss on remeasurement of notes receivable
0.4
4.5
(0.1)
2.7
0.2
1.6
1.3
0.1
3.1
(0.1)
0.8
(0.7)
3.3
(Gain) / loss on dispositions of properties, including tax effect
0.7
0.8
5.0
(12.5)
(12.2)
(108.1)
(5.6)
Add: Returns on preferred OP units
1.8
1.3
6.2
9.5
9.5
4.0
2.2
Add: Income attributable to noncontrolling interests
12.6
10.5
11.9
14.1
Gain on dispositions of assets, net
(10.5)
(11.9)
(29.0)
(44.2)
10.4
(54.9)
14.7
7.9
(60.5)
(22.2)
FFO Attributable to SUI Common Shareholders and Dilutive Convertible
Securities
$
326.4
$
321.8
723.3
$
726.7
$
854.4
$
718.3 $
489.7
Adjustments
Business combination expense and other acquisition related costs
4.2
19.2
15.6
40.1
47.4
10.0
25.3
Loss on extinguishment of debt
4.0
4.4
4.4
8.1
5.2
Catastrophic event-related charges, net
(3.1)
12.2
(2.2)
12.3
17.5
2.2
0.9
Loss of earnings - catastrophic event-related charges, net
(6.1)
0.2
4.9
0.2
4.8
0.2
(Gain) / loss on foreign currency exchanges
6.5
(14.9)
Other adjustments, net
1.1
(6.5)
60
596
6.5
(21.7)
(5.4)
3.7
(7.7)
(9.6)
(5.1)
0.4
16.2
2.2
Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible
Securities
$
329.0
$
336.0
$
738.5 $
756.9
$
923.5
$
758.7
$
515.6
Weighted Average Common Shares Outstanding - Basic
123.5
128.0
122.4
126.7
123.4
128.3
119.2
120.2
112.6
125.4
125.6
116.5
97.5
101.3
Weighted Average Common Shares Outstanding - Diluted
FFO Attributable to SUI Common Shareholders and Dilutive Convertible
Securities Per Share
$
SA
2.55
$
2.54
$
SA
Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible
Securities Per Share
$
2.57
$
2.65
SUN
SUN COMMUNITIES, INC.
5.64
$
5.80
$
6.80
$
SA
6.16 $
4.83
5.76
$
6.04
$
7.35
$
6.51
67
$
5.09
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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