v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
10. Segment Reporting
ASC 280, "Segment Reporting," establishes standards for the way that business enterprises report information about operating segments in their financial statements. As described in Note 1, "Basis of Presentation," effective during the three months ended June 30, 2026, we have revised our reporting structure from three reportable segments to two reportable segments, which consists of (i) MH communities, and (ii) RV communities. The segment reporting structure reflects how the chief operating decision maker ("CODM"), a committee comprised of our CEO, President and COO, and CFO, manages the business, makes operating decisions, allocates resources, and evaluates operating performance.
Each segment is primarily evaluated based on Net Operating Income ("NOI"). The CODM uses NOI to allocate resources (including employees, property, and financial or capital resources) for each segment predominately in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a monthly basis for both profit measures when making decisions about allocating capital and personnel to the segments. The CODM also uses NOI for evaluating product pricing and segment profit and in the compensation of certain employees. The CODM reviews balance sheet information at a consolidated level.
The MH segment owns, operates, develops, or has an interest in, a portfolio of MH communities in the U.S., and is in the business of acquiring, operating and developing ground-up MH communities to provide affordable housing solutions to residents. The MH segment in the U.S. also provides manufactured home sales and leasing services to tenants and prospective tenants of our communities.
The RV segment owns, operates, develops, or has an interest in, a portfolio of RV communities and is in the business of acquiring, operating, and developing ground-up RV communities in the U.S. and Canada. It also provides leasing services for vacation rentals within the RV communities.
A presentation of segment financial information is summarized as follows (in millions):
Three Months Ended June 30,
2026
2025
MHRVTotalMHRVTotal
Revenue
Income from real property
$271.2 $90.9 $249.8 $85.5 
Income from real property - transient
0.2 60.4 0.2 63.4 
Home sales
22.3 5.5 35.0 6.8 
Ancillary
2.0 22.6 1.5 24.0 
Total Functional Revenue$295.7 $179.4 $475.1 $286.5 $179.7 $466.2 
Expenses
Payroll - real property
14.8 24.5 15.5 25.1 
Utilities - real property
25.5 18.8 23.0 17.9 
Legal, taxes, and insurance - real property
7.0 2.6 7.9 3.2 
Supplies and repairs - real property
14.3 10.8 11.9 9.2 
Other expenses - real property
3.2 13.0 4.0 13.3 
Real estate taxes - real property
20.1 7.5 19.2 7.3 
Other segment items(1)
21.7 20.0 31.6 21.5 
Total NOI$189.1 $82.2 $271.3 $173.4 $82.2 $255.6 
Adjustments to arrive at net income
Interest income
6.2 16.4 
Brokerage commissions and other revenues, net
3.3 13.3 
General and administrative expense
(49.9)(50.6)
Catastrophic event-related charges, net
(0.8)(0.4)
Depreciation and amortization
(123.9)(117.3)
Asset impairments
(17.9)(33.4)
Loss on extinguishment of debt
— (102.4)
Interest expense
(38.1)(54.4)
Gain on foreign currency exchanges13.3 39.4 
Loss on dispositions of properties, net
(22.0)(1.3)
Other income / (expense), net
(0.1)6.9 
Loss on remeasurement of notes receivable
(2.9)(1.4)
Income from nonconsolidated affiliates
6.1 3.8 
Loss on remeasurement of investment in nonconsolidated affiliates
(1.7)(1.5)
Current tax expense
(0.6)(2.6)
Deferred tax expense
— (0.1)
Net Income / (Loss) from Continuing Operations
42.3 (30.0)
Income / (loss) from discontinued operations, net
(1,067.2)1,360.3 
Net Income / (Loss)
(1,024.9)1,330.3 
Less: Preferred return to preferred OP units / equity interests
2.5 3.2 
Less: Income / (loss) attributable to noncontrolling interests
(34.7)53.5 
Net Income / (Loss) Attributable to SUI Common Shareholders
$(992.7)$1,273.6 
(1)Other segment items for each reportable segment include costs related to home sales and ancillary, specifically payroll, utilities, legal, taxes and insurance, supplies and repairs, and other expenses.
Six Months Ended June 30,
2026
2025
MHRVTotalMHRVTotal
Revenue
Income from real property
$540.5 $172.2 $498.6 $159.3 
Income from real property - transient
0.7 88.8 0.7 91.5 
Home sales
42.3 12.0 56.7 13.8 
Ancillary
4.7 28.4 4.0 29.8 
Total Functional Revenue$588.2 $301.4 $889.6 $560.0 $294.4 $854.4 
Expenses
Payroll - real property
30.3 42.4 29.5 42.6 
Utilities - real property
52.0 35.1 48.4 33.2 
Legal, taxes, and insurance - real property
14.5 5.5 15.5 6.4 
Supplies and repairs - real property
26.1 17.2 21.4 15.1 
Other expenses - real property
6.2 21.0 6.5 21.5 
Real estate taxes - real property
39.9 15.0 36.9 14.4 
Other segment items(1)
42.1 33.6 53.0 33.3 
Total NOI$377.1 $131.6 $508.7 $348.8 $127.9 $476.7 
Adjustments to arrive at net income
Interest income
13.4 20.8 
Brokerage commissions and other revenues, net
5.0 14.9 
General and administrative expense
(108.5)(97.6)
Catastrophic event-related charges, net
(1.3)(0.3)
Depreciation and amortization
(245.3)(232.0)
Asset impairments
(18.2)(57.4)
Loss on extinguishment of debt
— (102.4)
Interest expense
(76.5)(132.9)
Gain / (loss) on foreign currency exchanges
(10.6)48.1 
Loss on dispositions of properties, net
(20.9)(2.1)
Other income, net8.4 12.6 
Loss on remeasurement of notes receivable
(2.8)(1.6)
Income from nonconsolidated affiliates
12.2 6.8 
Loss on remeasurement of investment in nonconsolidated affiliates
(1.5)(1.5)
Current tax expense
(1.5)(3.8)
Deferred tax benefit
0.1 — 
Net Income / (Loss) from Continuing Operations
60.7 (51.7)
Income / (loss) from discontinued operations, net
(1,091.9)1,340.4 
Net Income / (Loss)
(1,031.2)1,288.7 
Less: Preferred return to preferred OP units / equity interests
5.2 6.3 
Less: Income / (loss) attributable to noncontrolling interests
(35.0)51.6 
Net Income / (Loss) Attributable to SUI Common Shareholders
$(1,001.4)$1,230.8 
(1)Other segment items for each reportable segment include costs related to home sales and ancillary, specifically payroll, utilities, legal, taxes and insurance, supplies and repairs, and other expenses.
 June 30, 2026
December 31, 2025
 MHRVConsolidatedMHRVConsolidated
Identifiable Assets
Investment property, net
$5,240.6 $3,270.6 $8,511.2 $5,279.4 $3,339.1 $8,618.5 
Cash, cash equivalents and restricted cash
99.1 66.1 165.2 400.2 206.5 606.7 
Inventory of manufactured homes
63.4 12.3 75.7 65.7 19.0 84.7 
Notes and other receivables, net
205.7 76.7 282.4 201.9 61.0 262.9 
Collateralized receivables, net
39.2 — 39.2 43.2 — 43.2 
Goodwill
— 9.5 9.5 — 9.5 9.5 
Other intangible assets, net
9.2 24.8 34.0 10.6 26.1 36.7 
Other assets, net
256.9 46.8 303.7 273.3 35.9 309.2 
Assets held for sale and discontinued operations, net
— — 1,446.7 — — 2,551.5 
Total Assets$5,914.1 $3,506.8 $10,867.6 $6,274.3 $3,697.1 $12,522.9