Sun Communities Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,361	89	-213.3	242	380.2
Depreciation & Amortization	507.9	490.5	494.1	576.1	508.8
Gain (Loss) on Sale of Assets	-20	-230	-20.1	-39.5	-157.4
Gain (Loss) on Sale of Investments	-	-	-	56.1	-33.3
Asset Writedown	386.7	247.5	375.5	3	-
Stock-Based Compensation	37.4	33.1	35.1	37.6	28
Income (Loss) on Equity Investments	-	-	-	-2.9	2.2
Change in Accounts Receivable	-33.9	-47.7	-7.9	5.2	-1.2
Change in Other Net Operating Assets	-124.6	35.6	-10.7	62.6	46.5
Other Operating Activities	-1,453	-34.6	14.8	68.7	55.8
Net Cash from Discontinued Operations	56.2	250.7	240.6	-	-
Operating Cash Flow	864.2	861	790.5	734.9	753.6
Operating Cash Flow Growth	0.37%	8.92%	7.57%	-2.48%	38.71%
Acquisition of Real Estate Assets	-460.9	-469.6	-786.4	-921	-672.6
Sale of Real Estate Assets	178.8	442.9	69.6	143.5	275.9
Net Sale / Acq. of Real Estate Assets	-282.1	-26.7	-716.8	-777.5	-396.7
Cash Acquisition	-461.7	-22.1	-47.2	-2,214	-1,649
Investment in Marketable & Equity Securities	-0.9	-22.4	64.1	-33.8	-55.5
Other Investing Activities	5,671	-196.2	-219.6	-37.8	-237.3
Investing Cash Flow	4,926	-267.4	-919.5	-3,063	-2,338
Long-Term Debt Issued	624.5	3,131	2,524	4,533	4,965
Long-Term Debt Repaid	-4,200	-3,556	-1,950	-2,905	-4,038
Net Debt Issued (Repaid)	-3,575	-425	574.3	1,628	926.9
Issuance of Common Stock	1.1	361.1	-	1,210	1,076
Repurchase of Common Stock	-551.2	-7.8	-11.3	-19.3	-18.2
Common Dividends Paid	-523	-491.4	-475.2	-434.2	-390.8
Total Dividends Paid	-523	-491.4	-475.2	-434.2	-390.8
Other Financing Activities	-49.7	-8.5	-7.5	-35.3	-23.2
Foreign Exchange Rate Adjustments	1.6	-0.8	1	-8.7	-0.2
Net Cash Flow	572.2	21.2	-47.7	12.2	-14.4
Cash Interest Paid	245.9	342.2	326.7	222.5	151.2
Cash Income Tax Paid	5	2.9	20.3	5.8	1.3
Levered Free Cash Flow	442.06	924.16	717.95	706.98	606.98
Unlevered Free Cash Flow	580.19	1,143	923.58	853.23	708.73
Change in Working Capital	-12.2	14.8	-136.2	-206.2	-30.7

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.