Debt and Line of Credit

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Debt and Line of Credit

10. 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				Weighted Average Years to Maturity		Weighted Average Interest Rates
	June 30, 2025		December 31, 2024		June 30, 2025	December 31, 2024	June 30, 2025		December 31, 2024
Secured Debt
Mortgage loans payable(1)	$	2,451.6	$	3,212.2	9.0	8.3	3.637	%	3.991	%
Secured borrowings on collateralized receivables(2)	46.6		51.2		12.8	13.2	8.547	%	8.575	%
Total Secured Debt	$	2,498.2	$	3,263.4
Unsecured Debt
Senior unsecured notes(3)	$	1,785.3	$	2,676.3	5.6	6.0	2.901	%	3.778	%
Line of credit(4)	—		1,413.1		0.0	1.4	—	%	4.744	%
Total Unsecured Debt	$	1,785.3	$	4,089.4
Total Debt	$	4,283.5	$	7,352.8	7.6	6.2	3.383	%	4.090	%

(1) Balances at June 30, 2025 and December 31, 2024 include zero net debt premium, as of each such date, and $10.5 million and $15.2 million of deferred financing costs, respectively.

(2) Balances at June 30, 2025 and December 31, 2024 include fair value adjustments of 3.5 million and $3.9 million, respectively.

(3) Balances at June 30, 2025 and December 31, 2024 include $4.6 million and $6.3 million of net debt discount, respectively, and $10.2 million and $17.4 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity.

(4) Balances at June 30, 2025 and December 31, 2024 include zero of deferred financing costs, respectively.

Secured Debt

Mortgage term loans

During the six months ended June 30, 2025, we repaid the following mortgage term loans (in millions, except for statistical information):

Period	Repayment Amount			Weighted Average Interest Rate		Maturity Date	Loss on Extinguishment of Debt
Three months ended June 30, 2025	$	691.8	(1)	5.346	%	February 13, 2026 - September 10, 2044	$	45.9
Three months ended March 31, 2025	$	48.4	(2)	4.013	%	February 01, 2025 - March 31, 2025	$	—

(1) We settled $737.7 million of secured mortgage debt, inclusive of $45.9 million of prepayment costs and deferred financing cost write offs, resulting in a repayment of $691.8 million of net secured mortgage debt. The various mortgage term loans were secured by 44 properties.

(2) Includes five mortgage term loans, which were secured by five properties, and were paid off on the maturity dates in accordance with the loan documents.

During the six months ended June 30, 2025 we did not enter into any mortgage term loans.

The mortgage term loans, which total $2.5 billion as of June 30, 2025, are secured by 110 properties comprised of 45,112 sites representing approximately $1.8 billion of net book value.

Secured Borrowings on Collateralized Receivables

Refer to Note 7, "Collateralized Receivables and Transfers of Financial Assets," for 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 Consolidated Balance Sheets.

			Carrying Amount
	Principal Amount		June 30, 2025		December 31, 2024
5.5% notes, issued in January 2024 and due in January 2029 (the "2029 Notes")	$	500.0	$	—	$	496.2
5.7% notes, issued in January 2023 and due in January 2033 (the "2033 Notes")	400.0		—		396.1
4.2% notes, issued in April 2022 and due in April 2032	600.0		593.6		593.2
2.3% notes, issued in October 2021 and due in November 2028	450.0		447.8		447.4
2.7% notes, issued in June 2021 and October 2021, and due in July 2031	750.0		743.9		743.4
Total	$	2,700.0	$	1,785.3	$	2,676.3

During the three months ended June 30, 2025, we redeemed the aggregate principal amount of $900.0 million on the 2029 Notes and the 2033 Notes using cash proceeds generated from the Safe Harbor Sale (the "2029 and 2033 Note Redemptions"). In accordance with the terms of each series of Notes, the redemption price was inclusive of a customary make-whole premium and accrued and unpaid interest. As a result, we recorded charges of $56.5 million to Loss on extinguishment of debt on the Consolidated Statements of Operations in connection with early extinguishment premiums on the 2029 and 2033 Note Redemptions. Refer to Note 16, "Derivative Financial Instruments," for cash flow hedge activity resulting from the redemptions.

Line of Credit

The Operating Partnership (as borrower), SUI (as guarantor), and certain lenders are parties to a credit agreement which governs our senior credit facility (the "Senior Credit Facility"). The aggregate amount available under the senior credit facility consists of a revolving loan in an amount up to $3.05 billion with a maturity date on April 7, 2026. At our option, the maturity date may be extended for two additional six-month periods.

The senior credit facility bears interest at a floating rate based on the Adjusted Term Secured Overnight Financing Rate ("SOFR"), the Adjusted Eurocurrency Rate, the Australian Bank Bill Swap Bid Rate ("BBSY"), the Daily Sterling Overnight Index Average ("SONIA") Rate, or the Canadian Overnight Repo Rate Average ("CORRA"), as applicable, plus a margin, in all cases, ranging from 0.725% to 1.6%, subject to certain adjustments. As of June 30, 2025, the margins based on our credit ratings were 0.775% on the revolving loan facility.

At the lenders' option, the senior credit facility will become immediately due and payable upon an event of default under the Credit Facility Agreement. During the three months ended June 30, 2025, we repaid the remaining outstanding debt balances of $1.6 billion under our senior credit facility. We had zero and $1.4 billion of borrowings outstanding under the revolving loan as of June 30, 2025 and December 31, 2024, respectively. The balance is recorded in Unsecured debt on the Consolidated Balance Sheets.

The senior credit facility provides us with the ability to issue letters of credit. Our issuance of letters of credit does not increase our borrowings outstanding under the senior credit facility, but does reduce the borrowing amount available. We had $10.3 million and $11.5 million of outstanding letters of credit at June 30, 2025 and December 31, 2024, respectively.

Covenants

The mortgage term loans, senior unsecured notes, and senior credit facility are subject to various financial and other covenants. The most restrictive covenants are pursuant to (a) the terms of the senior credit facility, which contains a maximum leverage ratio, minimum fixed charge coverage ratio, and maximum secured leverage ratio, and (b) the terms of the senior unsecured notes, which contain a total debt to total assets ratio, secured debt to total assets ratio, consolidated income available for debt service to debt service ratio, and unencumbered total asset value to unsecured debt ratio. At June 30, 2025, 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 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.

Interest Capitalized

We capitalize interest during the construction and development of our communities. Capitalized interest costs associated with construction and development activities during the three and six months ended June 30, 2025 were $1.3 million and $2.7 million, respectively, and during the three and six months ended June 30, 2024 were $2.2 million and $4.9 million, respectively.