Sun Communities Inc 8-K, filed Oct 26, 2026

Sun Communities Inc (SUI)

8-K 2026-10-26 For: 2026-10-26

Added on October 26, 2026

About this 8-K

Sun Communities Inc filed this 8-K on October 26, 2026.

Sun Communities Inc reported third-quarter Core FFO of $2.35 per share and same-property NOI growth of 3.6%. It completed the UK business sale, receiving net cash consideration of approximately $1.03 billion. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Exhibit No.			Description
99.1			Press release dated October 26, 2026
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)


	SUN COMMUNITIES, INC.
Dated: October 26, 2026	By:	/s/ Robert A. Garechana
		Robert A. Garechana, Executive Vice President, Chief Financial Officer, and Treasurer


			Page
Forward-Looking Statements			i

Earnings Press Release and Guidance			ii

Overview
Company Overview and Investor Information			1
Portfolio Overview			1
Financial and Operating Highlights			2

Financial Statements and Reconciliations to Non-GAAP Financial Measures
Condensed Consolidated Balance Sheets			3
Condensed Consolidated Statements of Operations			4
Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO			5
Reconciliation of Net income / (Loss) Attributable to SUI Common Shareholders to NOI			6
Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Recurring EBITDAre			7

Supplemental Disclosure
Real Property Operations - Total Portfolio			8
Real Property Operations - Same Property Portfolio			9

Other Operating Information
Home Sales Summary			10
Operating Statistics for MH and Annual RVs			10

Investment Activity
Acquisitions and Dispositions			11
Capital Expenditures			11

Capitalization
Capitalization Overview			12
Debt Maturities			13
Debt Analysis			13

Definitions and Notes
Define and provide additional notes related to non-GAAP financial measures and other capitalized terms			14


	Quarter Ended September 30, 2026						Nine Months Ended September 30, 2026

	MH		RV		Total			MH		RV		Total
Revenue	5.8	%	0.5	%	3.4	%		6.2	%	1.1	%	4.3	%
Expense	2.8	%	3.2	%	3.0	%		3.1	%	2.1	%	2.6	%
NOI	6.9	%	(1.3)	%	3.6	%		7.3	%	0.4	%	5.2	%

	As of September 30, 2026
	MH		RV		Total
Number of Properties	282		152		434


	Fourth Quarter Ending December 31, 2026				Full Year Ending December 31, 2026

	Low		High		Low		High
Diluted EPS attributable to the Consolidated Portfolio(a)	$	0.36	$	0.44	$	(6.65)	$	(6.57)
Adjustments from Continuing Operations
Depreciation and amortization	0.97		0.97		3.86		3.86
Asset impairments	—		—		0.28		0.28
Gain on sale of assets	(0.04)		(0.04)		(0.09)		(0.09)
Gain on sale of properties	—		—		(0.06)		(0.06)
Distributions on preferred OP units	0.02		0.02		0.08		0.08
Noncontrolling interest	0.02		0.02		(0.22)		(0.22)
Transaction costs and other non-recurring G&A expenses	0.03		0.03		0.27		0.27

(Gain) / loss on foreign currency exchanges	—		—		0.08		0.08
Business interruption insurance income	—		—		0.08		0.08

Other adjustments	0.02		0.02		(0.01)		(0.01)
Total Adjustments - Discontinued Operations	—		—		9.35		9.35
Core FFO per Share attributable to the Consolidated Portfolio(a)	$	1.38	$	1.46	$	6.97	$	7.05



Same Property Portfolio (in millions and %)	FY 2025 Actual Results		Expected Change in 2026
			October 26, 2026 Update			Prior FY Range
North America (MH and RV)
Revenues from real property	$	1,453.0	4.1%	-	4.3%	3.9%	-	4.6%
Total property operating expenses	483.7		2.3%	-	2.5%	2.5%	-	2.8%
Total North America Same Property NOI(a)	$	969.3	4.9%	-	5.3%	4.5%	-	5.3%

MH NOI (282 properties)	$	688.3	6.9%	-	7.2%	6.1%	-	6.9%
RV NOI (152 properties)	$	281.0	0.0%	-	0.8%	0.2%	-	1.8%



Consolidated Portfolio Guidance For 2026 (in millions)	FY 2025 Actual Results		FY 2026 Guidance Update as of October 26, 2026




Ancillary NOI	$	27.7	$	23.5
Interest income	$	48.1	$	25.5
Brokerage commissions, income from nonconsolidated affiliates, and other, net(b)	$	39.2	$	43.0
FFO contribution from North American home sales	$	6.6	$	1.0
General and administrative expenses excluding non-recurring expenses	$	165.8	$	174.5
Interest expense	$	210.7	$	149.0
Current tax expense	$	3.3	$	4.5
Contribution from Discontinued Operations(d)	$	77.8	$	76.1


Contribution	1Q26	2Q26	3Q26	4Q26
North America Same Property NOI:
MH	25%	25%	25%	25%
RV	17%	25%	39%	19%
Total	22%	25%	29%	24%

Home Sales FFO - North America	0%	16%	69%	15%
Consolidated Ancillary NOI	(12)%	34%	74%	4%
Consolidated EBITDAre	20%	25%	33%	22%
Core FFO per Share(c)	20%	26%	33%	21%


Average 2027 Rental Rate Increases Expected
MH	5.4	%
Annual RV	4.4	%


∙			The final costs, adjustments, and net proceeds related to the completed sale of Park Holidays;
∙			The Company’s ability to realize the anticipated benefits of the completed sale of Park Holidays, including with respect to the intended use of proceeds;
∙			The Company’s ability to deploy the proceeds from the Park Holidays Sale in a timely and value-accretive manner;
∙			The Company’s liquidity and refinancing demands;
∙			The Company’s ability to obtain or refinance maturing debt;
∙			The Company’s ability to maintain compliance with covenants contained in its debt facilities and its unsecured notes;
∙			Availability of capital;
∙			General volatility of the capital markets and the market price of shares of the Company’s capital stock;
∙			The timing, manner, and amount of any repurchases under the Company’s share repurchase program;
∙			Increases in interest rates and operating costs, including insurance premiums, real estate taxes, and utilities;
∙			Difficulties in the Company’s ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully;
∙			Competitive market forces;
∙			The ability of purchasers of manufactured homes to obtain financing;
∙			The level of repossessions of manufactured homes;
∙			The Company’s ability to maintain effective internal control over financial reporting and disclosure controls and procedures;
∙			Expectations regarding the amount or frequency of impairment losses;
∙			Changes in general economic conditions, including inflation, deflation, energy costs, the real estate industry, the effects of tariffs or threats of tariffs, wars or other international conflicts, trade wars, immigration issues, supply chain disruptions, and the markets within which the Company operates;

∙			The Company’s ability to maintain its status as a REIT;
∙			Changes in real estate and zoning laws and regulations;
∙			The Company’s ability to maintain rental rates and occupancy levels, and to implement and realize anticipated future rental rate increases, including as a result of rent control, rent stabilization, or similar legislative or regulatory limitations on the amount, frequency, or timing of rent increases;
∙			Legislative or regulatory changes, including changes to laws governing the taxation of REITs;
∙			Outbreaks of disease and related restrictions on business operations;
∙			Risks related to natural disasters such as hurricanes, earthquakes, floods, droughts, and wildfires; and
∙			Litigation, judgments or settlements, including costs associated with prosecuting or defending claims and any adverse outcomes.


Corporate Debt Ratings
Moody’s			Baa2 \| Stable
S&P			BBB+ \| Stable


	MH & RV Properties
	Properties	MH & Annual RV			Transient RV Sites	Total Sites
Location		Sites	Occupancy %

Florida	122	41,140	97.7	%	3,570	44,710
Michigan	90	34,450	98.2	%	480	34,930
California	36	7,020	99.7	%	1,740	8,760
Texas	28	9,310	97.7	%	1,420	10,730
Connecticut	16	1,910	97.0	%	90	2,000
Maine	14	2,540	97.6	%	770	3,310
New Jersey	13	3,660	99.9	%	840	4,500
Arizona	11	4,160	97.7	%	850	5,010
Colorado	11	2,930	94.3	%	940	3,870
Indiana	10	2,820	99.1	%	990	3,810
Maryland	10	920	98.9	%	1,370	2,290
New York	9	1,590	99.3	%	1,020	2,610
Other	82	19,790	98.9	%	7,200	26,990
Total Portfolio	452	132,240	98.2	%	21,280	153,520


	Quarters Ended
	9/30/2026			6/30/2026			3/31/2026			12/31/2025			9/30/2025
Financial Information
Basic earnings / (loss) per share from continuing operations	$	1.07		$	0.65		$	0.13		$	0.88		$	(0.45)
Basic earnings / (loss) per share from discontinued operations	(0.07)			(8.71)			(0.20)			0.11			0.52
Basic earnings / (loss) per share	$	1.00		$	(8.06)		$	(0.07)		$	0.99		$	0.07
Diluted earnings / (loss) per share from continuing operations	$	1.07		$	0.32		$	0.13		$	0.88		$	(0.45)
Diluted earnings / (loss) per share from discontinued operations	(0.07)			(8.40)			(0.20)			0.11			0.52
Diluted earnings / (loss) per share	$	1.00		$	(8.08)		$	(0.07)		$	0.99		$	0.07

Cash distributions declared per common share	$	1.12		$	1.12		$	1.12		$	1.04		$	1.04

FFO per Share(a)	$	2.27		$	1.77		$	0.95		$	2.15		$	2.18
Core FFO per Share(a)	$	2.35		$	1.84		$	1.40		$	1.40		$	2.28

Real Property NOI(a)
MH	$	187.0		$	186.5		$	185.7		$	178.8		$	171.8
RV	115.6			74.1			50.7			53.3			115.5
Total	$	302.6		$	260.6		$	236.4		$	232.1		$	287.3

Recurring EBITDAre(a)	$	327.6		$	264.4		$	195.2		$	206.2		$	335.7
TTM Recurring EBITDAre / Interest(a)	6.7 x			6.6 x			6.0 x			4.9 x			4.4 x
Net Debt / TTM Recurring EBITDAre(a)	3.2 x			3.9 x			3.7 x			3.4 x			3.3 x

Balance Sheet
Total assets	$	9,819.7		$	10,867.6		$	12,358.8		$	12,522.9		$	12,800.3
Total debt	$	3,776.2		$	4,052.2		$	4,246.2		$	4,258.7		$	4,271.7
Total liabilities	$	4,342.1		$	5,090.0		$	5,299.1		$	5,194.4		$	5,438.0

Operating Information
Properties
MH	295			295			295			294			284
RV	157			160			166			166			164
Total	452			455			461			460			448

Sites
MH	100,250			100,860			100,830			100,150			97,070
Annual RV	31,990			32,510			32,730			33,330			32,480
Transient	21,280			22,760			23,820			23,550			23,560
Total sites	153,520			156,130			157,380			157,030			153,110

Occupancy
MH	97.6		%	97.3		%	97.1		%	97.2		%	97.9		%
Annual RV	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Blended MH and annual RV	98.2		%	97.9		%	97.8		%	97.9		%	98.4		%

MH and RV Revenue Producing Site Net Gains(a)
MH leased sites, net	46			157			16			178			152
RV leased sites, net	52			91			(324)			(37)			371
Total leased sites, net	98			248			(308)			141			523


	September 30, 2026		December 31, 2025
Assets
Land	$	1,787.9	$	1,810.5
Land improvements and buildings	8,646.7		8,699.2
Rental homes and improvements	1,024.4		940.2
Furniture, fixtures and equipment	690.3		674.3
Investment property	12,149.3		12,124.2
Accumulated depreciation	(3,769.3)		(3,505.7)
Investment property, net	8,380.0		8,618.5
Cash, cash equivalents and restricted cash(a)	699.3		606.7

Inventory of manufactured homes	72.2		84.7
Notes and other receivables, net	289.2		262.9
Collateralized receivables, net(a)	37.6		43.2
Goodwill	9.5		9.5
Other intangible assets, net	32.4		36.7
Other assets, net	299.5		309.2
Assets held for sale and discontinued operations, net(a)	—		2,551.5
Total Assets	$	9,819.7	$	12,522.9
Liabilities
Mortgage loans payable	$	1,950.2	$	2,429.0
Secured borrowings on collateralized receivables(a)	37.6		43.2
Unsecured debt	1,788.4		1,786.5



Distributions payable	137.1		131.1
Advanced reservation deposits and rent	135.9		125.9
Accrued expenses and accounts payable	219.4		178.3
Other liabilities	73.5		73.2
Liabilities held for sale and discontinued operations, net(a)	—		427.2
Total Liabilities	4,342.1		5,194.4
Commitments and contingencies
Temporary equity	181.3		255.7
Shareholders’ Equity
Common stock	1.2		1.2
Additional paid-in capital	9,307.8		9,563.1
Accumulated other comprehensive income	0.1		26.5
Distributions in excess of accumulated earnings	(4,086.1)		(2,634.7)
Total SUI Shareholders’ Equity	5,223.0		6,956.1



Noncontrolling interests	73.3		116.7
Total Shareholders’ Equity	5,296.3		7,072.8
Total Liabilities, Temporary Equity and Shareholders’ Equity	$	9,819.7	$	12,522.9


	Quarter Ended September 30,				Nine Months Ended September 30,
	2026		2025		% Change		2026		2025		% Change
Revenues
Real property (excluding transient)(a)	$	375.1	$	350.8	6.9	%	$	1,087.8	$	1,008.7	7.8	%
Real property - transient	103.5		106.3		(2.6)	%	193.0		198.5		(2.8)	%
Home sales	31.8		37.8		(15.9)	%	86.1		108.3		(20.5)	%
Ancillary	38.2		40.6		(5.9)	%	71.3		74.4		(4.2)	%
Interest	5.6		17.1		(67.3)	%	19.0		37.9		(49.9)	%
Brokerage commissions and other, net	4.0		3.3		21.2	%	9.0		18.2		(50.5)	%
Total Revenues	558.2		555.9		0.4	%	1,466.2		1,446.0		1.4	%
Expenses
Property operating and maintenance(a)	148.9		143.3		3.9	%	399.2		383.4		4.1	%
Real estate tax	27.1		26.5		2.3	%	82.0		77.8		5.4	%
Home costs and selling	28.0		30.8		(9.1)	%	77.4		90.3		(14.3)	%
Ancillary	22.2		21.8		1.8	%	48.5		48.6		(0.2)	%
General and administrative	48.9		46.2		5.8	%	157.4		143.8		9.5	%
Catastrophic event-related charges, net	0.2		0.8		(75.0)	%	1.5		1.1		36.4	%

Depreciation and amortization	125.7		115.3		9.0	%	371.0		347.3		6.8	%
Asset impairments(a)	17.2		165.9		(89.6)	%	35.4		223.3		(84.1)	%

Loss on extinguishment of debt	0.1		1.6		(93.8)	%	0.1		104.0		(99.9)	%
Interest	38.3		39.5		(3.0)	%	114.8		172.4		(33.4)	%

Total Expenses	456.6		591.7		(22.8)	%	1,287.3		1,592.0		(19.1)	%
Income / (Loss) Before Other Items	101.6		(35.8)		N/M		178.9		(146.0)		N/M

Gain / (loss) on foreign currency exchanges	0.7		(22.6)		N/M		(9.9)		25.5		N/M
Gain / (loss) on disposition of properties	28.9		(1.0)		N/M		8.0		(3.1)		N/M
Other income, net(a)	1.0		0.2		N/M		9.4		12.8		(26.6)	%
Loss on remeasurement of note receivable	(1.7)		—		N/A		(4.5)		(1.6)		181.3	%
Income from nonconsolidated affiliates	7.4		4.3		72.1	%	19.6		11.1		76.6	%
Gain / (loss) on remeasurement of investment in non-consolidated affiliates	0.3		0.4		(25.0)	%	(1.2)		(1.1)		9.1	%
Current tax benefit / (expense)	(1.6)		0.5		N/M		(3.1)		(3.3)		(6.1)	%
Deferred tax benefit	0.5		0.9		(44.4)	%	0.6		0.9		(33.3)	%
Net Income / (Loss) from Continuing Operations	137.1		(53.1)		N/M		197.8		(104.8)		N/M
Income / (loss) from discontinued operations, net(a)	(9.3)		64.0		N/M		(1,101.2)		1,404.4		N/M
Net Income / (Loss)	127.8		10.9		N/M		(903.4)		1,299.6		N/M
Less: Preferred return to preferred Operating Partnership (“OP”) units / equity interests	2.5		3.2		(21.9)	%	7.7		9.5		(18.9)	%
Less: Income / (loss) attributable to noncontrolling interests	4.6		(0.8)		N/M		(30.4)		50.8		N/M


Net Income / (Loss) Attributable to SUI Common Shareholders	$	120.7	$	8.5	N/M		$	(880.7)	$	1,239.3	N/M

Weighted average common shares outstanding - basic(a)	120.8		123.9		(2.5)	%	122.0		125.6		(2.9)	%
Weighted average common shares outstanding - diluted(a)	123.2		124.1		(0.7)	%	126.7		125.6		0.9	%

Basic earnings / (loss) per share from continuing operations	$	1.07	$	(0.45)	N/M		$	1.85	$	(1.37)	N/M
Basic earnings / (loss) per share from discontinued operations	(0.07)		0.52		N/M		(9.03)		11.18		N/M
Basic earnings / (loss) per share	$	1.00	$	0.07	N/M		$	(7.18)	$	9.81	N/M

Diluted earnings / (loss) per share from continuing operations	$	1.07	$	(0.45)	N/M		$	1.55	$	(1.37)	N/M
Diluted earnings / (loss) per share from discontinued operations	(0.07)		0.52		N/M		(8.69)		11.18		N/M
Diluted earnings / (loss) per share	$	1.00	$	0.07	N/M		$	(7.14)	$	9.81	N/M


Item 9.01			Financial Statements and Exhibits


	Quarter Ended September 30, 2026									Quarter Ended September 30, 2025
	MH			RV			Total			MH			RV			Total
Revenues
Real property (excluding transient)(a)	$	274.7		$	100.4		$	375.1		$	254.6		$	96.2		$	350.8
Real property - transient	0.1			103.4			103.5			0.1			106.2			106.3
Total operating revenues	274.8			203.8			478.6			254.7			202.4			457.1
Expenses
Property operating expenses	87.8			88.2			176.0			82.9			86.9			169.8
Real Property NOI(a)	$	187.0		$	115.6		$	302.6		$	171.8		$	115.5		$	287.3

	Nine Months Ended September 30, 2026									Nine Months Ended September 30, 2025
	MH			RV			Total			MH			RV			Total
Revenues
Real property (excluding transient)(a)	$	815.2		$	272.6		$	1,087.8		$	753.2		$	255.5		$	1,008.7
Real property - transient	0.8			192.2			193.0			0.8			197.7			198.5
Total operating revenues	816.0			464.8			1,280.8			754.0			453.2			1,207.2
Expenses
Property operating expenses	256.8			224.4			481.2			241.1			220.1			461.2
Real Property NOI	$	559.2		$	240.4		$	799.6		$	512.9		$	233.1		$	746.0

	As of September 30, 2026									As of September 30, 2025
	MH			RV			Total			MH			RV			Total
Number of Properties	295			157			452			284			164			448
Sites
Sites(b)	100,250			31,990			132,240			97,070			32,480			129,550
Transient sites	N/A			21,280			21,280			N/A			23,560			23,560
Total	100,250			53,270			153,520			97,070			56,040			153,110
Occupancy(c)	97.6		%	100.0		%	98.2		%	97.9		%	100.0		%	98.4		%


	As of September 30,
	2026						2025
	MH			RV			MH			RV
Number of properties(a)	282			152			282			152
Sites
MH and annual RV sites	97,210			30,940			96,750			31,160
Transient RV sites	N/A			20,960			N/A			21,000
Total	97,210			51,900			96,750			52,160
MH and Annual RV Occupancy
Occupancy(b)	97.8		%	100.0		%	97.9		%	100.0		%
Average monthly base rent per site	$	776		$	700		$	737		$	674
% Change of monthly base rent(c)	5.2		%	3.9		%	N/A			N/A
Rental Program Statistics included in MH
Number of occupied sites, end of period(d)	13,000			N/A			11,830			N/A
Average monthly rent per site – MH rental program	$	1,418		N/A			$	1,387		N/A
% Change(c)	2.2		%	N/A			N/A			N/A


	Resident Move-outs			Leased Sites, Net(b)	New Home Sales	Pre-owned Home Sales	Brokered Re-sales
	% of Total Sites		Number of Move-outs
2026 - YTD as of September 30	5.7%(a)		7,440	38	225	742	1,457
2025	6.2	%	10,179	1,138	354	1,210	1,646
2024	4.3	%	7,050	3,209	447	1,554	1,700


Property Name	Segment / Property Type	Number of Properties	Sites	State, Province, or Country	Total Purchase Price / Sales Proceeds		Month
ACQUISITIONS
First Quarter 2026
Parkhurst Estates	MH	1	279	MI	$	17.0	January















Fourth Quarter 2026 (through October 26, 2026)
Rosewood / Rowan Oak	MH	1	169	OR	35.0		October
Battle Ground	MH	1	189	WA	44.5		October

Total Acquisitions Year to Date		3	637		$	96.5

DISPOSITIONS


Second Quarter 2026
Sun Retreats Amherstberg	RV	1	299	ON	$	0.1	April
Joint Venture RV Portfolio	RV	5	945	Various	9.0		June


Third Quarter 2026
Park Holidays	UK	54	22,030	UK	1,050.4		September
Fort Myers RV Portfolio	RV	3	2,516	FL	127.0		September







Total Dispositions Year to Date		63	25,790		$	1,186.5


			Non-Recurring Capital Expenditures
Period	Recurring Capital Expenditures		Lot Modifications		Growth Projects		Capital Improvements to Recent Acquisitions		Expansion and Development		Total Non-Recurring Capital Expenditures		Total
Nine Months Ended September 30, 2026	$	53.5	$	29.7	$	14.3	$	7.8	$	23.2	$	75.0	$	128.5
Year Ended December 31, 2025	$	55.8	$	38.8	$	12.9	$	8.3	$	66.7	$	126.7	$	182.5
Year Ended December 31, 2024	$	54.5	$	35.5	$	11.5	$	22.9	$	105.2	$	175.1	$	229.6


	As of September 30, 2026
	Common Equivalent Shares	Share Price		Capitalization
Equity and Enterprise Value
Common shares	119,942	$	110.78	$	13,287.2
Convertible securities
Common OP units	2,352	$	110.78	260.5
Preferred OP units	1,966	$	110.78	217.8
Diluted shares outstanding and market capitalization(a)	124,260			13,765.5
Plus: Total debt, per condensed consolidated balance sheet				3,776.2
Total capitalization				17,541.7
Less: Cash and cash equivalents (excluding restricted cash)				(658.9)

Enterprise Value(a)				$	16,882.8


	As of September 30, 2026
	Debt Outstanding		Weighted Average Interest Rate(a)		Weighted Average Maturity (in years)	Maturity Date
Secured Debt:
Mortgage loans payable	$	1,950.2	3.61	%	9.5	Various
Secured borrowings on collateralized receivables(b)	37.6		8.53	%	11.6	Various
Total Secured Debt	1,987.8		3.70	%
Unsecured Debt:
Senior Unsecured Notes:
2028 senior unsecured notes	448.6		2.29	%	2.1	November 2028
2031 senior unsecured notes	745.1		2.70	%	4.8	July 2031
2032 senior unsecured notes	594.7		3.61	%	5.5	April 2032
Total Unsecured Debt	1,788.4		2.90	%	4.4
Total carrying value of debt, per condensed consolidated balance sheets	3,776.2		3.32	%	7.1
Plus: Unamortized deferred financing costs, discounts / premiums on debt, and fair value adjustments(a)	17.3
Total debt	$	3,793.5


	As of September 30, 2026
Year	Mortgage Loans Payable(b)		Principal Amortization		Secured Borrowings on Collateralized Receivables(c)(d)		Senior Unsecured Notes		Total
2026	$	55.7	$	8.4	$	—	$	—	$	64.1
2027	—		34.6		0.5		—		35.1
2028	175.6		38.5		2.2		450.0		666.3
2029	310.8		37.9		2.3		—		351.0
2030	—		37.2		2.5		—		39.7
Thereafter	807.9		452.2		27.2		1,350.0		2,637.3
Total	$	1,350.0	$	608.8	$	34.7	$	1,800.0	$	3,793.5


	Quarter Ended September 30,				Nine Months Ended September 30,
Other adjustments, net - continuing operations	2026		2025		2026		2025


Contingent consideration gains	$	—	$	—	$	—	$	(6.0)
Gain on insurance recovery	(1.4)		—		(8.1)		—
Cash flow hedge gains from debt extinguishments	—		(0.2)		(1.7)		(7.6)

Severance costs	0.7		0.1		5.1		0.2
Accelerated deferred compensation amortization	—		—		13.8		2.0
ERP implementation expense	0.8		0.8		2.3		2.6

Other	1.6		0.3		3.8		2.9
Other adjustments, net - continuing operations	$	1.7	$	1.0	$	15.2	$	(5.9)


	Quarter Ended September 30,				Nine Months Ended September 30,
Other adjustments, net - discontinued operations	2026		2025		2026		2025
Long term lease termination (gains) / losses	$	—	$	(18.9)	$	12.2	$	(44.6)
Contingent consideration expense	—		—		—		15.5
Other	—		—		—		0.5
Other adjustments, net - discontinued operations	$	—	$	(18.9)	$	12.2	$	(28.6)


	Number of Units / Shares Outstanding (in thousands)	Conversion Rate(a)	If Converted to Common shares (in thousands)(b)	Issuance Price Per Unit		Annual Distribution Rate
Non-Convertible Securities
Common shares	119,942	N/A	N/A	N/A		$4.48(c)
Convertible Securities Classified as Equity
Common OP units	2,352	1.0000	2,352	N/A		$4.48(c)
Preferred OP Units
Series A-1	137	2.4390	335	$	100.00	6.00	%
Series A-3	40	1.8605	75	$	100.00	4.50	%
Series C	292	1.1100	324	$	100.00	5.00	%
Series D	489	0.8000	391	$	100.00	4.00	%
Series E	80	0.6897	55	$	100.00	5.50	%
Series F	20	0.6250	12	$	100.00	3.00	%
Series G	5	0.6452	3	$	100.00	3.20	%
Series H	47	0.6098	29	$	100.00	3.00	%
Series J	232	0.6061	141	$	100.00	2.85	%
Series K	1,000	0.5882	588	$	100.00	4.00	%
Series L	20	0.6250	13	$	100.00	3.50	%
Total	2,362		1,966
Total Convertible Securities Outstanding	4,714		4,318



	Quarter Ended September 30,				Nine Months Ended September 30,
Consolidated Portfolio	2026		2025		2026		2025
Utility reimbursement revenues

MH	$	21.9	$	20.1	$	62.7	$	57.3
RV	6.8		6.7		17.0		16.4


Total	$	28.7	$	26.8	$	79.7	$	73.7


	Quarter Ended September 30,				Nine Months Ended September 30,
Same Property Portfolio	2026		2025		2026		2025
Utility revenues netted against related utility expenses

MH	$	21.4	$	20.0	$	61.3	$	57.1

RV	6.8		6.7		16.8		16.3



Total	$	28.2	$	26.7	$	78.1	$	73.4