Equity and Temporary Equity (Tables)

6 Months Ended

Jun. 30, 2026

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):


Description	OP Units Outstanding	Exchange Rate(1)	Annual Distribution Rate(2)		Cash Redemption(3)	Redemption Period	Carrying Amount at
	June 30, 2026						June 30, 2026		December 31, 2025
Series D preferred OP units	489	0.8000	4.0	%	Holder's Option	Any time	$	47.0	$	51.3
Series F preferred OP units	20	0.6250	3.0	%	Holder's Option	Any time	2.2		7.5
Series G preferred OP units	5	0.6452	3.2	%	Holder's Option	Any time	0.1		3.3
Series H preferred OP units	47	0.6098	3.0	%	Holder's Option	Any time	7.8		59.6
Series J preferred OP units	232	0.6061	2.85	%	Holder's Option	Any time	22.5		24.2
Series K preferred OP units	1,000	0.5882	4.0	%	Holder's Option	Within 60 days after March 23, 2028	92.3		98.2
Other redeemable equity interests(4)	N/A	N/A	N/A		N/A	N/A	12.1		11.6
Total	1,793						$	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.

Schedule of Accumulated Other Comprehensive Income (Loss)

AOCI attributable to SUI common shareholders consisted of the following, net of tax (in millions):


	June 30, 2026		December 31, 2025
Net foreign currency translation gains / (losses)	$	(12.0)	$	8.8
Accumulated net gain on derivatives	14.4		17.7
Accumulated other comprehensive income	$	2.4	$	26.5

Schedule of Noncontrolling Interests

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):


Description	OP Units Outstanding	Exchange Rate(1)	Annual Distribution Rate(2)		Cash Redemption	Redemption Period	Carrying Amount at
	June 30, 2026						June 30, 2026		December 31, 2025
Common OP units	2,353	1.0000	Same distribution rate for common stock		N/A	N/A	$	39.1	$	71.6
Series A-1 preferred OP units	154	2.4390	6.0	%	N/A	N/A	7.6		12.3
Series A-3 preferred OP units	40	1.8605	4.5	%	N/A	N/A	2.2		2.9
Series C preferred OP units	292	1.1100	5.0	%	N/A	N/A	17.9		21.3
Series E preferred OP units	80	0.6897	5.5	%	N/A	N/A	5.5		6.2
Series L preferred OP units	20	0.6250	3.5	%	N/A	N/A	1.9		2.0
Total	2,939						$	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.

Schedule of 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,
		2026		2025
Description	Conversion Rate	Units / Shares Converted	Common Stock(1)		Units / Shares Converted	Common Stock(1)

Common OP units	1.0000	284	284		83	83
Series A-1 preferred OP units	2.4390	16	38		6	16



Series C preferred OP units	1.1100	1	1		4	5




Series H preferred OP units	0.6098	—	—		1	1

Series J preferred OP units	0.6061	1	1		—	—

(1)Calculation may yield minor differences due to rounding incorporated in the above numbers.

Schedule of Preferred OP Units Redeemed

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

Description	Units Redeemed	Total Net Cash Payments
Series F preferred OP units	51	$	5.1
Series H preferred OP units	514	$	51.4
Series J preferred OP units	3	$	0.3

Schedule of Distributions Declared

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):


Period	Record Date	Payment Date	Distribution Per Share		Total Distribution
Three Months Ended March 31, 2026	3/31/2026	4/15/2026	$	1.12	$	140.9
Three Months Ended June 30, 2026	6/30/2026	7/15/2026	$	1.12	$	139.8

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details