Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | Sun Communities, Inc. |
Entity Central Index Key | 0000912593 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | The following table illustrates disclosed compensation from the Summary Compensation Table and compensation “actually paid” to our PEO and Non-PEO NEOs, as well as (i) our cumulative TSR performance, (ii) the TSR of the Dow Jones U.S. Real Estate Residential Index, (iii) our Net Income, and (iv) our Core FFO, our Company selected metric, for the years ended December 31, 2022, 2021, and 2020: Value of Initial Fixed $100 Investment (1) Based On: Year Summary Compensation Average Summary Compensation Table Total for Average Total Dow Jones U.S. Real Estate Residential Index Net Income (2) Core FFO/ Share 2022 $ 14,966,582 $ (537,705) $ 3,633,375 $ 650,211 $ 101.62 $ 97.44 $ 242,000,000 $ 7.35 2021 $ 13,828,288 $ 31,577,299 $ 4,197,956 $ 7,604,150 $ 145.84 $ 142.12 $ 380,200,000 $ 6.51 2020 $ 11,142,423 $ 9,511,035 $ 5,226,779 $ 5,220,325 $ 103.58 $ 89.74 $ 131,600,000 $ 5.09 | ||
Named Executive Officers, Footnote [Text Block] | Our PEO and Non-PEO NEOs included in the table above are as follows: Year PEO Non-PEO NEOs 2022 Gary A. Shiffman John B. McLaren, Fernando Castro-Caratini, Karen J. Dearing, Bruce D. Thelen, Aaron Weiss 2021 Gary A. Shiffman John B. McLaren, Karen J. Dearing, Bruce D. Thelen, Aaron Weiss 2020 Gary A. Shiffman John B. McLaren, Karen J. Dearing, Bruce D. Thelen, Baxter R. Underwood | ||
PEO Total Compensation Amount | $ 14,966,582 | $ 13,828,288 | $ 11,142,423 |
PEO Actually Paid Compensation Amount | $ (537,705) | 31,577,299 | 9,511,035 |
Adjustment To PEO Compensation, Footnote [Text Block] | Differences in our summary compensation table amounts and compensation actually paid reflect the following: Year 2022 2021 2020 PEO Non-PEO NEOs PEO Non-PEO NEOs PEO Non-PEO NEOs Deduction for amounts reported under the “Stock Awards” in the summary compensation table $ (12,395,450) $ (2,284,748) $ (11,171,661) $ (2,877,390) $ (9,208,679) $ (4,361,230) Increase based on ASC 718 fair value of awards granted during the year that remain unvested as of year end, determined as of year end 9,536,728 1,757,757 17,581,362 4,169,907 8,972,498 4,533,145 Increase based on ASC 718 fair value of awards granted during the year that vested during the year, determined as of vesting date — — — — — — Increase / (deduction) for awards granted during prior year that were outstanding and unvested as of year end, determined based on change in ASC 718 fair value from prior year end to current year end (10,955,590) (2,231,046) 11,147,435 1,988,939 86,515 43,861 Increase / (deduction) for awards granted during prior year that vested during the year, determined based on change in ASC 718 fair value from prior year end to vesting date (2,602,551) (389,594) (414,809) (22,465) (2,576,195) (404,974) Deduction of ASC 718 fair value of awards granted during prior year that were forfeited during current year, determined as of prior year end — — (356,171) (29,706) — — Addition of any dividends or other earnings paid on equity awards during the year, prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the year 912,577 164,467 962,854 176,909 1,094,473 182,743 Total Adjustments $ (15,504,286) $ (2,983,164) $ 17,749,010 $ 3,406,194 $ (1,631,388) $ (6,455) | ||
Non-PEO NEO Average Total Compensation Amount | $ 3,633,375 | 4,197,956 | 5,226,779 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 650,211 | 7,604,150 | 5,220,325 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | Differences in our summary compensation table amounts and compensation actually paid reflect the following: Year 2022 2021 2020 PEO Non-PEO NEOs PEO Non-PEO NEOs PEO Non-PEO NEOs Deduction for amounts reported under the “Stock Awards” in the summary compensation table $ (12,395,450) $ (2,284,748) $ (11,171,661) $ (2,877,390) $ (9,208,679) $ (4,361,230) Increase based on ASC 718 fair value of awards granted during the year that remain unvested as of year end, determined as of year end 9,536,728 1,757,757 17,581,362 4,169,907 8,972,498 4,533,145 Increase based on ASC 718 fair value of awards granted during the year that vested during the year, determined as of vesting date — — — — — — Increase / (deduction) for awards granted during prior year that were outstanding and unvested as of year end, determined based on change in ASC 718 fair value from prior year end to current year end (10,955,590) (2,231,046) 11,147,435 1,988,939 86,515 43,861 Increase / (deduction) for awards granted during prior year that vested during the year, determined based on change in ASC 718 fair value from prior year end to vesting date (2,602,551) (389,594) (414,809) (22,465) (2,576,195) (404,974) Deduction of ASC 718 fair value of awards granted during prior year that were forfeited during current year, determined as of prior year end — — (356,171) (29,706) — — Addition of any dividends or other earnings paid on equity awards during the year, prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the year 912,577 164,467 962,854 176,909 1,094,473 182,743 Total Adjustments $ (15,504,286) $ (2,983,164) $ 17,749,010 $ 3,406,194 $ (1,631,388) $ (6,455) | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | |||
Compensation Actually Paid vs. Net Income [Text Block] | |||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | |||
Total Shareholder Return Vs Peer Group [Text Block] | |||
Tabular List [Table Text Block] | Performance Measures Year Ended December 31, 2022 Methodology Reconciliations to Financial Core FFO growth 12.9% FFO is a standard operating performance measure for REITs and is defined by NAREIT as GAAP net income (loss), excluding gains (or losses) from sales of depreciable operating property, plus real estate related depreciation and amortization, real estate related impairments, and after adjustments for unconsolidated partnerships and joint ventures. Core FFO is a primary operating measure in our publicly-reported earnings results, and is defined as FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of our core business. Refer to Appendix A for the reconciliation of Net Income to Core FFO Same Property combined NOI growth - MH, RV and Marina 5.8% NOI is calculated by deducting direct property operating expenses from property operating revenues, thereby providing a measure of the actual operating performance of our properties. Same property - MH and RVs are primarily those communities that we have owned and operated continuously since January 1, 2021. Refer to (1) Appendix A for the reconciliation of Net Income to NOI and (2) table below for the breakdown of NOI Non Financial MH, RV, Marina acquisitions $2.2 Billion Acquisitions require the identification, acquisition and successful integration of properties. N/A Expansions and developments > 2,000 Expansions of our existing communities and construction of ground-up developments provide for continued revenue growth through occupancy gains. N/A ESG and IDEA initiatives Excelled • Committed to achieving Carbon Neutrality by 2035 and Net Zero Emissions by 2045. • Further integrated ESG practices into business operations, as demonstrated by increased scores in various ESG frameworks. • Integrated acquisitions (including UK) and Jellystone franchisees into ESG strategy. • Enhanced rollout of DEI strategy with the addition of IDEA Director. N/A | ||
Total Shareholder Return Amount | $ 101.62 | 145.84 | 103.58 |
Peer Group Total Shareholder Return Amount | 97.44 | 142.12 | 89.74 |
Net Income (Loss) | $ 242,000,000 | $ 380,200,000 | $ 131,600,000 |
Company Selected Measure Amount | 7.35 | 6.51 | 5.09 |
PEO Name | Gary A. Shiffman | Gary A. Shiffman | Gary A. Shiffman |
Additional 402(v) Disclosure [Text Block] | This calculation assumes a $100.00 investment on December 31, 2019, a reinvestment of distributions and actual increase of the market value of our common stock relative to an initial investment of $100.00.Net Income attributable to Sun Communities, Inc. common shareholders. | ||
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Core FFO growth | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Same Property combined NOI growth - MH, RV and Marina | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | MH, RV, Marina acquisitions | ||
Measure [Axis]: 4 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Expansions and developments | ||
Measure [Axis]: 5 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | ESG and IDEA initiatives | ||
PEO [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (15,504,286) | $ 17,749,010 | $ (1,631,388) |
PEO [Member] | Adjustment, Equity Awards Reported Value [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (12,395,450) | (11,171,661) | (9,208,679) |
PEO [Member] | Adjustment, Equity Awards Granted During The Year, Unvested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 9,536,728 | 17,581,362 | 8,972,498 |
PEO [Member] | Adjustment, Equity Awards Granted During The Year, Vested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
PEO [Member] | Adjustment, Equity Awards Granted In Prior Years, Unvested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (10,955,590) | 11,147,435 | 86,515 |
PEO [Member] | Adjustment, Equity Awards Granted In Prior Years, Vested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (2,602,551) | (414,809) | (2,576,195) |
PEO [Member] | Adjustment, Equity Awards Granted In Prior Years, Forfeited During the Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | (356,171) | 0 |
PEO [Member] | Adjustment, Equity Awards, Value Of Dividends And Other Earnings Paid Adjustment [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 912,577 | 962,854 | 1,094,473 |
Non-PEO NEO [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (2,983,164) | 3,406,194 | (6,455) |
Non-PEO NEO [Member] | Adjustment, Equity Awards Reported Value [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (2,284,748) | (2,877,390) | (4,361,230) |
Non-PEO NEO [Member] | Adjustment, Equity Awards Granted During The Year, Unvested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,757,757 | 4,169,907 | 4,533,145 |
Non-PEO NEO [Member] | Adjustment, Equity Awards Granted During The Year, Vested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non-PEO NEO [Member] | Adjustment, Equity Awards Granted In Prior Years, Unvested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (2,231,046) | 1,988,939 | 43,861 |
Non-PEO NEO [Member] | Adjustment, Equity Awards Granted In Prior Years, Vested [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (389,594) | (22,465) | (404,974) |
Non-PEO NEO [Member] | Adjustment, Equity Awards Granted In Prior Years, Forfeited During the Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | (29,706) | 0 |
Non-PEO NEO [Member] | Adjustment, Equity Awards, Value Of Dividends And Other Earnings Paid Adjustment [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 164,467 | $ 176,909 | $ 182,743 |