Investor Presentaiton
INVESTMENT GRADE BALANCE SHEET
% of Total
2.1%
Upcoming Mortgage Maturities ($ in millions) (1)
2.3%
0.9%
Rate Type(1)(3)
11.8%
$658
$118 (2)
$129
$51
2023
2024
2025
2026
Total Debt Outstanding ($ in millions)(1)(4)
As of September 30, 2023 Drawn (USD):
Drawn (USD)
Gross Asset Value
17.5%
variable
rate
Senior Credit Facility
Revolving Credit Facilities
$1,009.3
Term Loan
1,066.4
Encumbered
23.0%
Total Drawn Under Senior Credit Facility
2,075.7
Other Unsecured Term Loan
9.2
Total Line of Credit and Other Debt Outstanding
$2,084.9
Mortgage Loans Payable (Secured Debt)
Unsecured Notes (Bonds)
Preferred Equity / OP Units - Mandatorily Redeemable
Total Debt Outstanding
$3,359.5
2,176.9
43.7
$7,665.0
Net Debt/TTM EBITDA(3)
6.1x
Credit Statistics
BBB
S&P Global
82.5% fixed
rate
Baa3
MOODY'S
Encumbrance(1)
77.2%
Properties
Unencumbered
Unencumbered
77.0%
70.7%
ΝΟΙ
Unencumbered (5)
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. Refer to information
regarding non-GAAP financial measures in the attached Appendix. Note: With respect to guidance, estimates and forecasted information, see "Cautionary Statement Regarding Guidance" on page 2 of this presentation.
As of September 30, 2023.
223
2)
This debt was paid off with proceeds from the $252.8mm mortgage debt that the Company entered into subsequent to the quarter ended September 30, 2023.
Pro forma Net Debt/TTM Recurring EBITDA is 6.0x and floating rate debt is 14.3% as of September 30, 2023. Pro forma activity includes $252.8mm of new mortgage debt repaying $117.8mm of 2023 maturities and $135mm of revolving credit,
$102.5mm of sale Ingenia stock repaying revolving credit and $25mm of additional hedging activity.
SUN
4)
SUN COMMUNITIES, INC.
75
For further debt breakdown, please refer to the Supplemental for the quarter ended September 30, 2023.
5)
Calculated using trailing 12-months NOI for the quarter ended September 30, 2023.
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