v3.26.1
Equity and Temporary Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Equity and Temporary Equity
8. Equity and Temporary Equity
Temporary Equity
Temporary equity includes preferred securities that are redeemable for cash at the holder's option or upon the occurrence of an event that is not solely within our control based on a fixed or determinable price and other redeemable equity interests. These securities are not mandatorily redeemable for cash nor do they contain a fixed maturity date. The following table sets forth the various series of redeemable preferred OP units and other redeemable equity interests that were outstanding as of June 30, 2026 and December 31, 2025, and the related terms, and summarizes the balance included within Temporary Equity on our Condensed Consolidated Balance Sheets (units in thousands and dollar amounts in millions):
DescriptionOP Units Outstanding
Exchange Rate(1)
Annual Distribution Rate(2)
Cash Redemption(3)
Redemption PeriodCarrying Amount at
June 30, 2026June 30, 2026December 31, 2025
Series D preferred OP units489 0.80004.0 %Holder's OptionAny time$47.0 $51.3 
Series F preferred OP units20 0.62503.0 %Holder's OptionAny time2.2 7.5 
Series G preferred OP units5 0.64523.2 %Holder's OptionAny time0.1 3.3 
Series H preferred OP units47 0.60983.0 %Holder's OptionAny time7.8 59.6 
Series J preferred OP units232 0.60612.85 %Holder's OptionAny time22.5 24.2 
Series K preferred OP units1,000 0.58824.0 %Holder's Option
Within 60 days after March 23, 2028
92.3 98.2 
Other redeemable equity interests(4)
N/AN/AN/AN/AN/A12.1 11.6 
Total1,793 $184.0 $255.7 
(1) Exchange rates are subject to adjustment upon stock splits, recapitalizations, and similar events. The exchange rates of certain series of OP units are approximated to four decimal places.
(2) Distributions are payable on the issue price of each OP unit, which is $100.00 per unit for all these preferred OP units.
(3) The redemption price for each preferred OP unit redeemed will be equal to its issue price plus all accrued but unpaid distributions.
(4) Includes redeemable equity interests related to joint ventures that primarily operate and maintain solar energy equipment in select communities in the U.S.
Permanent Equity
Universal Shelf Registration Statement
We have filed a universal shelf registration statement on Form S-3 with the SEC, which provides for the registration of unspecified amounts of equity and debt securities. The authorized number of shares of our capital stock is 380,000,000 shares, of which 360,000,000 shares are common stock and 20,000,000 shares are preferred stock. As of June 30, 2026, we had 122,507,147 shares of common stock issued and outstanding and no shares of preferred stock were issued and outstanding.
At the Market Offering Sales Agreement
We have entered into an At the Market Offering Sales Agreement (the "ATM") with certain sales agents and forward sellers pursuant to which we may sell, from time to time, up to an aggregate gross sales price of $1.25 billion of our common stock. Through June 30, 2026, we had entered into and settled forward sales agreements under the ATM for an aggregate gross sales price of $524.8 million, leaving $725.2 million available for sale under the ATM.
Stock Repurchase Program
In May 2026, our Board of Directors authorized a stock repurchase program (the "Stock Repurchase Program") under which we may repurchase up to $1.0 billion in shares of our outstanding common stock through May 27, 2027. The Stock Repurchase Program renews our previous stock repurchase program and provides us with continued flexibility to repurchase shares of our common stock. Under the Stock Repurchase Program, we may repurchase shares of our common stock from time to time in open market transactions, through privately negotiated transactions, through one or more accelerated repurchases, or otherwise, in accordance with the terms set forth in Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and other applicable legal requirements. The Stock Repurchase Program does not obligate us to repurchase any specific number of shares, and we may initiate, suspend, or discontinue purchases under the Stock Repurchase Program at any time.
We account for stock repurchases in accordance with ASC 505, "Equity," by allocating the repurchase price to Common Stock, Additional paid-in-capital, and Distributions in excess of accumulated earnings on the Condensed Consolidated Balance Sheets. Under Maryland corporate law, our state of incorporation, there is no concept of treasury shares. As a result, all repurchased shares are retired and returned to the status of authorized but unissued shares upon settlement. During the three months ended June 30, 2026, we repurchased and retired 0.9 million shares of our outstanding common stock for $111.1 million. During the six months ended June 30, 2026, we repurchased and retired 1.4 million shares of our outstanding common stock for $171.2 million. As of June 30, 2026, we had $888.9 million remaining authorized for purchase under this program.
Accumulated Other Comprehensive Income
Accumulated other comprehensive income ("AOCI") attributable to SUI common shareholders is separately presented on our Condensed Consolidated Balance Sheets as a component of total SUI shareholders' equity. Other Comprehensive Income ("OCI") attributable to noncontrolling interests is allocated to, and included within, Noncontrolling interests on our Condensed Consolidated Balance Sheets. Refer to the Condensed Consolidated Statements of Comprehensive Income / (Loss) for complete details related to OCI activity in the reporting period.
AOCI attributable to SUI common shareholders consisted of the following, net of tax (in millions):
June 30, 2026December 31, 2025
Net foreign currency translation gains / (losses)$(12.0)$8.8 
Accumulated net gain on derivatives14.4 17.7 
Accumulated other comprehensive income$2.4 $26.5 
Noncontrolling Interests - Common and Preferred OP Units
The following table summarizes the common and preferred OP units included within Noncontrolling interests on our Condensed Consolidated Balance Sheets (units in thousands and dollar amounts in millions):
DescriptionOP Units Outstanding
Exchange Rate(1)
Annual Distribution Rate(2)
Cash RedemptionRedemption PeriodCarrying Amount at
June 30, 2026June 30, 2026December 31, 2025
Common OP units2,353 1.0000Same distribution rate for common stockN/AN/A$39.1 $71.6 
Series A-1 preferred OP units154 2.43906.0 %N/AN/A7.6 12.3 
Series A-3 preferred OP units40 1.86054.5 %N/AN/A2.2 2.9 
Series C preferred OP units292 1.11005.0 %N/AN/A17.9 21.3 
Series E preferred OP units80 0.68975.5 %N/AN/A5.5 6.2 
Series L preferred OP units20 0.62503.5 %N/AN/A1.9 2.0 
Total2,939 $74.2 $116.3 
(1) Exchange rates are subject to adjustment upon stock splits, recapitalizations, and similar events. The exchange rates of certain series of OP units are approximated to four decimal places.
(2) Except for Common OP units, distributions are payable on the issue price of each OP unit, which is $100.00 per unit for all these preferred OP units.
Conversions
Conversions to Common Stock and Common OP Units - Subject to certain limitations, holders can convert certain series of OP units to shares of our common stock and to common OP units at any time. Below is the activity of conversions during the six months ended June 30, 2026 and 2025 (units and common stock in thousands):
Six Months Ended June 30,
20262025
DescriptionConversion RateUnits / Shares Converted
Common Stock(1)
Units / Shares Converted
Common Stock(1)
Common OP units1.0000 284 284 83 83 
Series A-1 preferred OP units2.4390 16 38 6 16 
Series C preferred OP units1.1100 1 1 4 5 
Series H preferred OP units0.6098— — 1 1 
Series J preferred OP units0.60611 1 — — 
(1)Calculation may yield minor differences due to rounding incorporated in the above numbers.
Redemption of Preferred OP Units
Subject to certain limitations, holders can redeem certain series of preferred OP units for cash, provided that the applicable contractual requirements are met. The preferred OP units were redeemed for a total net cash payment, inclusive of all distributions on the redeemed units that were accrued and unpaid as of the redemption date, in accordance with the terms and conditions set forth in the redemption agreement. The following table summarizes preferred OP units redeemed for cash during the six months ended June 30, 2026 (dollar amounts in millions and units in thousands):
Six Months Ended June 30, 2026
DescriptionUnits RedeemedTotal Net Cash Payments
Series F preferred OP units51 $5.1 
Series H preferred OP units514 $51.4 
Series J preferred OP units3 $0.3 
Distributions
Common stock, common OP unit, and restricted stock distributions declared for the six months ended June 30, 2026 were as follows (in millions, except for per share amounts):
PeriodRecord DatePayment DateDistribution Per ShareTotal Distribution
Three Months Ended March 31, 20263/31/20264/15/2026$1.12 $140.9 
Three Months Ended June 30, 20266/30/20267/15/2026$1.12 $139.8