v3.26.1
Debt and Line of Credit
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt and Line of Credit
7. Debt and Line of Credit
The following table sets forth certain information regarding debt, including premiums, discounts and deferred financing costs (in millions, except for statistical information):
Carrying Amount atWeighted Average
Years to Maturity at		Weighted Average
Interest Rates at
June 30, 2026December 31, 2025June 30, 2026December 31, 2025June 30, 2026December 31, 2025
Secured Debt
Mortgage loans payable(1)
$2,225.3 $2,429.0 8.68.53.617 %3.634 %
Secured borrowings on collateralized receivables(2)
39.2 43.2 11.812.38.535 %8.538 %
Total Secured Debt2,264.5 2,472.2 
Unsecured Debt
Senior unsecured notes(3)
1,787.7 1,786.5 4.65.12.901 %2.901 %
Total Unsecured Debt1,787.7 1,786.5 
Total Debt$4,052.2 $4,258.7 6.97.13.349 %3.376 %
(1) Balances at June 30, 2026 and December 31, 2025 is net of $8.8 million and $9.6 million of deferred financing costs, respectively.
(2) Balances at June 30, 2026 and December 31, 2025 is net of fair value adjustments of $3.2 million and $3.8 million, respectively.
(3) Balances at June 30, 2026 and December 31, 2025 is net of $3.8 million and $4.2 million of net debt discount, respectively, and $8.5 million and $9.3 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity.
Secured Debt
Mortgage term loans
During the six months ended June 30, 2026, we repaid the following mortgage term loans on their respective maturity dates (in millions, except for statistical information):
PeriodRepayment AmountWeighted Average Interest RateMaturity Date
Three months ended June 30, 2026$177.9 
(1)
3.813 %June 15, 2026
(1) Includes two mortgage term loans, which were secured by seven properties.
Our mortgage term loans, which total $2.2 billion as of June 30, 2026, are secured by 102 properties representing approximately $1.6 billion of net book value.
Secured Borrowings on Collateralized Receivables
Refer to Note 13, "Fair Value Measurements," for additional information on secured borrowings on collateralized receivables.
Unsecured Debt
Senior Unsecured Notes
The following table sets forth certain information regarding our senior unsecured notes (in millions, except for statistical information). All senior unsecured notes include interest payments on a semi-annual basis in arrears and are recorded within the Unsecured debt line item on the Condensed Consolidated Balance Sheets.
Carrying Amount at
Principal AmountJune 30, 2026December 31, 2025
4.2% notes, issued in April 2022 and due in April 2032
$600.0 $594.5 $594.1 
2.3% notes, issued in October 2021 and due in November 2028
450.0 448.4 448.1 
2.7% notes, issued in June 2021 and October 2021, and due in July 2031
750.0 744.8 744.3 
Total$1,800.0 $1,787.7 $1,786.5 
Credit Agreement
The Operating Partnership (as borrower) and SUI (as guarantor) and certain lenders are parties to a credit agreement (the "Credit Agreement") which governs our senior credit facility (the "Senior Credit Facility"). The aggregate available amount under the Senior Credit Facility consists of a revolving loan of up to $2.0 billion. The Credit Agreement also permits, subject to the satisfaction of certain conditions, additional borrowings of $1.0 billion. The Senior Credit Facility's maturity date is January 31, 2030, and, at our option, may be extended for two additional six-month periods subject to the satisfaction of certain conditions.
The Senior Credit Facility offers various interest rates for borrowings under U.S. dollars (at the Alternate Base Rate ("ABR"), Term Secured Overnight Financing Rate ("SOFR"), and Daily Effective SOFR), euros (at the Adjusted Euro Interbank Offered Rate ("EURIBOR")), British pound sterling (at the Daily Simple Sterling Overnight Index Average ("SONIA") Rate), Canadian dollars (at the Term Canadian Overnight Repo Rate Average ("CORRA") and the Daily Simple CORRA), and Australian dollars (at the Australian Bank Bill Swap Bid ("BBSY") Rate), plus a margin, which can range from 0.725% to 1.40% for all interest rates except ABR loans, which can range from 0.000% to 0.400%. As of June 30, 2026, there were no borrowings under the Senior Credit Facility.
As of June 30, 2026, we also recorded deferred financing costs of $10.2 million in connection with the Senior Credit Facility, which was recorded within Other assets, net on the Condensed Consolidated Balance Sheets.
The Senior Credit Facility provides us with the ability to issue up to $100.0 million of letters of credit. We had $23.4 million of outstanding letters of credit at June 30, 2026.
Covenants
The mortgage term loans, senior unsecured notes, and our Senior Credit Facility are subject to various financial and other covenants. At June 30, 2026, we were in compliance with all financial covenants.
In addition, certain of our subsidiary borrowers own properties that secure loans. These subsidiaries are consolidated within our accompanying Condensed Consolidated Financial Statements, however, each of these subsidiaries' assets and credit are not available to satisfy our debts and other obligations, or any of our other subsidiaries or any other person or entity.