2024 REPORT
OUR CEO a letter from
Safe Harbor’s Members and Teammates are stewards of some of Earth’s most precious natural resources. Each year, we challenge ourselves to surpass previous milestones in care of the places where we operate. This 2024 Sustainability Report includes details of how we’ve advanced and evolved our efforts to better serve our silent stakeholder, the natural environment. We hope you will enjoy reading about our progress and commitment to the people and places that make Safe Harbor special. Still more ambitiously, we hope you will join us in our efforts to care for the waterfront as we build something beautiful in the world together.
BAXTER UNDERWOOD CHIEF EXECUTIVE OFFICER
“
We
hope you will join us in our efforts to care for the waterfront as we build something beautiful in the world together.”
SUSTAIN safe harbor ABILITY
About Our Company
Welcome to Safe Harbor’s 2024 Sustainability Report.
Safe Harbor Marinas, LLC (“Safe Harbor”) is the country’s largest and most diversified owner and operator of recreational marinas. We provide topquality nautical destinations, services, and hospitality at 138 locations across the United States and Puerto Rico.
Through our services, hospitality, and amenities, we aim to facilitate boating experiences that connect people to each other and to the inspiring coastal, estuarine, and marine habitats in which we operate.
As of the end of the reporting period ending on December 31, 2024, Safe Harbor was a subsidiary of Sun Communities, Inc. (“Sun”), a publicly traded real estate investment trust (“REIT”) listed on the New York Stock Exchange with ticker symbol SUI.
About This Report
This report details progress within the Safe Harbor Sustainability program from January 1 through December 31, 2024, except where otherwise noted. In these pages, you will find updates on key programs and initiatives, as well as environmental and social Key Performance Indicators (“KPIs”) specific to Safe Harbor for 2024.
Safe Harbor’s sustainability measures and annual highlights can be found at suninc.com/esg. The information described in this report is specific to Safe Harbor Sustainability and does not include Sun. This report may include restatements of information as set forth in the Global Reporting Initiative’s Universal Standards (“Standards”). This report was produced with reference to the Standards.
As of December 31, 2024
SAFE HARBOR PRIORITIES
We believe that careful review and prioritization of sustainability-related issues are critical to building a sustainability program that delivers value to Safe Harbor and its many stakeholders. Our program is designed to address Safe Harbor’s most material sustainability-related risks and impacts, as well as opportunities.
The ESG Council, our highest sustainability governance body, reviews and approves the Safe Harbor Sustainability strategic framework each year, which encompasses several key areas of programmatic focus. Changes to the business, stakeholders, regulations, and markets are just some of the factors considered when reviewing this framework, as we view “materiality” as an inherently dynamic process.
People & Communities
Places
Recruitment & retention
Training & development
Member relations
Health & safety
Industry leadership & innovation
Climate risk management & resilience planning Stewardship
Clean energy & electrification
Certifications & compliance
We believe that careful review and prioritization of sustainability-related issues is critical to building a sustainability program that delivers value to Safe Harbor and its many stakeholders.
$965.8M
IN ANNUAL REVENUE
PROPERTIES 138
19
SUPERYACHT LOCATIONS
2,818 TEAMMATES 1
48,760 WET SLIP & DRY STACK STORAGE SPACES
39,000+ MEMBERS
1As of December 31, 2024, excluding seasonal hires.
STAKEHOLDER VALUE
Wet & dry slips
2024 ENGAGEMENT EFFORTS
~3,000
Teammates reached through annual Teammate Net Promoter Score (NPS) survey 39%
Teammates responding to Safe Harbor’s annual employee NPS survey
32%
Members responding to Safe Harbor’s annual Member NPS survey
2
Meetings of the Safe Harbor ESG Council
Volunteer hours logged by Safe Harbor Teammates 5,584
344.5
MWh of on-site renewable energy generated (+869% increase over 2023)2
8
Recruiting events held at Safe Harbor properties and marine trade schools 15 Student scholarships awarded at marine trade schools
New rooftop solar installations started, 1 completed in 2024 4 5 New EV chargers installed
2 Increase due to critical repairs made at our existing solar installation at Safe Harbor Puerto Del Rey.
89% of Safe Harbor properties fully Clean Marina-certified or with certifications in progress
2024 Sustainability Oversight3
01
Highest governance body at Safe Harbor, consisting of Safe Harbor’s CEO as well as two representatives of our parent company.
Responsible for all sustainability-related oversight at Safe Harbor and consists of executive and management-level Teammates representing multiple company departments, including:
• Safe Harbor’s CEO
• Accounting
• Construction and Development
• Environment, Health, and Safety (EHS)
• Finance
• Human Resources
• Hospitality and Branding
• Information Technology
• Legal
• Marketing
• Procurement
• Risk
03 04 05
The VP of ESG is responsible for overseeing and advancing Safe Harbor Sustainability initiatives, annual reporting, and providing validated businessunit specific data to Sun for portfolio-wide ESG reporting. Safe Harbor’s VP of ESG participated in regular meetings with Sun’s head of Sustainability to ensure alignment on reporting. She also served on Sun’s ESG Steering Committee, which consisted of representatives from Sun subsidiaries and promoted collaboration and resource sharing.
Provides oversight on all EHS programs and helps to advance improvements to our program and protocols. 02
• Strategic Operations
The Committee is responsible for conducting the company’s annual ERM exercise, identifying business risks, and developing action plans for risk mitigation each year. Results of risk assessments are regularly shared between individual Safe Harbor and Sun departments and at the executive level.
LEADERSHIP SUPPORTING SUSTAINABILTY
Safe Harbor Marinas is led by a talented and diverse group of executive and management-level Teammates. Our team brings a variety of backgrounds, perspectives, and experiences to the table when making critical decisions for the company. Together, we share a common commitment to building something great over time—a one-of-a-kind, future-focused recreational boating network focused on excellence in delivering the best of waterfront lifestyle.
Oversight Structure
EXECUTIVE COMMITTEE
SAFE HARBOR ESG COUNCIL
Business Ethics
All Teammates, contractors, third parties, and joint venture partners are expected to abide by our Code of Ethics and Business Conduct (“Code”), which includes policies and guidelines for ethical business operations. Our Code includes policies and procedures pertaining to the following: ethics reporting, non-retaliation, diversity and non-discrimination, anti-harassment, workplace health and safety, honest and fair dealing, due diligence, conflicts of interest, gifts and entertainment, parameters for working with government, information and asset protection, anti-corruption and bribery, and anti-money laundering.
Analyzing Risk
Operating a large marina portfolio across different regions in the United States and Puerto Rico presents unique risks as well as opportunities.
Our annual ERM process involves a rigorous analysis of the most impactful risks facing our business followed by an in-person, management-level meeting to discuss findings and assign action plans to relevant departments and Teammates. Business risks assessed include, but are not limited to, turnover and retention, risks from severe storm activity, as well as reputational and legal risks associated with changing regulations around sustainability data and reporting.
Regarding climate specifically, executive and management-level leadership is regularly informed about potential near-term physical risks to our business— primarily threats associated with severe storms. For more information on our approach to managing climate-related risks and opportunities over different time horizons, please see our Climate Preparedness section here.
All Teammates, contractors, third parties, and joint venture partners are expected to abide by our Code of Ethics and Business Conduct, which includes policies and guidelines for ethical business operations.
OUR CULTURE
The skills, dedication, and enthusiasm of our Teammates, Members, and communities are among Safe Harbor’s greatest assets. When it comes to our team, we invest in people with the aim of watching them grow and thrive over the long term. Our team’s diversity, too, is one of our greatest strengths. Safe Harbor is able to adapt to modern business challenges because of the innovation that stems from dialogue between people of varied backgrounds, experiences, and perspectives.
From benefits and training offerings to scholarships and professional development opportunities, we are constantly striving for excellence as an employer and to make Safe Harbor a workplace of opportunity, service, and respect for all.
This section discusses our approach to recruiting, hiring, and investing in Teammates whose values and character align with and add to our culture of growth, inclusivity, and care for others.
Benefits
We believe each Teammate should have the opportunity to thrive, vocationally and personally, in their role at our company. To that end, we provide a comprehensive benefits package to full-time Teammates that includes a 401(k) plan with employer match; eight-weeks paid parental leave; medical, dental, and vision insurance; as well as paid time off allowances for all Teammates. We are constantly exploring ways to improve our benefits offerings where feasible using, among other things, data collected through our annual Teammate NPS survey.
Recruiting Pipeline
Attracting and retaining the best marine technician talent in the industry are critical to our continued excellence as a premier provider of recreational marine services. We continued to refine our approach to recruitment in 2024, which included further developing our relationships with the nation’s top marine trade schools.
Our team recently participated in a career fair at the Marine Mechanics Institute (MMI) in Orlando, Florida, where we interviewed candidates and networked with faculty. Additionally, we coordinated field trips for students from the International Yacht Restoration School (IYRS) in Rhode Island, The Landing School in Maine, and the New England Institute of Technology (NEIT), also in Rhode Island. These events connected students with experienced Teammates, fostering meaningful exchanges and potential connections for future employment. We maintain a robust system for communicating with prospective hires that involves regular email communications, sharing Safe Harbor job openings and testimonials from recent hires from marine trade schools. This year, our team also produced a recruiting video featuring technicians sharing real stories about their journeys to Safe Harbor.
Lastly, our Teammates play a crucial role in shaping the industry’s future by serving on marine trade school Advisory Committees and providing input on curriculum development.
Marine techs hired in 2024
Safe Harbor recruitment visits to technical schools in 2024 9
Student “Field Trips” to Safe Harbor properties hosted in 2024 6
Safe Harbor representatives serve on Advisory Committees at both IYRS and MMI.
Marine tech students connected with Safe Harbor at MMI’s 2024 career fair
2024 Marine Trade Scholarships
1 2 3 4
THE LANDING SCHOOL OF BOATBUILDING & DESIGN
Arundel, ME
MARINE TRADES INSTITUTE
Cedarville, MI
IYRS SCHOOL OF TECHNOLOGY & TRADES
Newport, RI
2024 The Landing School of Boatbuilding & Design scholarship recipient, Tyler Foley
our
Grow PEOPLE
Seizing Opportunities to Learn &
Annapolis native Alex Ditto didn’t know much about careers in the marine industry until he landed an entry-level job at a boatyard focused mostly on rigging and systems work.
“I graduated from high school during COVID and ended up working while attending community college,” he said. “That job at the yard got me interested in working on outboards, so I started looking into it.”
His journey led him to Marine Mechanics Institute (MMI) within Universal Technical Institute in Orlando, Florida.
“When I was doing my research, MMI kept popping up as an East Coast option that offered classes on inboard, outboard, and diesel engines, so there was exposure to a lot of things,” he said. “They also provide really great opportunities for students to connect with employers. I really tried to put myself out there and listen to what different employers had to offer.”
It was during his time at MMI that Alex was introduced to Safe Harbor at a career fair.
Communication with techs and supporting chances to learn are so important. One thing I’m really impressed with is Safe Harbor’s willingness to listen.” “
– Alex Ditto
“I was immediately drawn to Safe Harbor because of its size and number of locations. To be honest, the benefits package set it apart from other employers…specifically the 401(k) match and tuition reimbursement benefit.”
After a recruiting process that worked “like clockwork” once communication was established with Safe Harbor’s Talent Acquisition Specialist, Rebecca Cute, Alex landed at Safe Harbor Annapolis as a marine technician.
“I went from technician with some systems experience to operating a 75-ton Travelift,” he said.
Training and continued learning opportunities, he said, have been some of the biggest perks since joining the team.
“If I’m interested in a class or training, I take it to my Service Manager. If he thinks it’s a good idea, I take it to Megan [Rausch,
General Manager at Safe Harbor Annapolis].”
In addition to ABYC Systems certification, Alex received his V-engine systems certification through Yamaha and will be pursuing his Yamaha Diagnostic Systems (YDIS) certification soon. But opportunities to grow continue to present themselves.
“I’ve had the opportunity to work at a couple of different yards …when we were slow I went down and worked at Zahnisers and the Hampton Yard (Safe Harbor Bluewater),” he said. “The ability to travel to bigger yards as a younger technician and see how things work is a really great opportunity that the company provides.”
Two and a half years in, Alex is enthusiastic about his work.
When asked what he thinks young technicians need the most, he reiterated that employer responsiveness to the ideas and needs of individuals is key.
“Communication with techs and supporting chances to learn are so important,” he said. “One thing I’m really impressed with is Safe Harbor’s willingness to listen.”
Safe Harbor Annapolis
Training, Development & Retention
Our training team worked diligently to improve the training and professional development experience for our Teammates in 2024, particularly for Teammates working on the service side of the business.
Performance Reviews in 2024
Full-time Teammates receive annual performance reviews
Training Hours in 2024
Health, and Safety American Boat & Yacht Council (ABYC), Regional Development Manager & Marina Management4 training
9,507
Total training hours in 2024
Repairers Association (ABBRA) training
Carolina Castaneda, Environment, Health, and Safety Manager at Safe Harbor Rybovich, epitomizes our team’s core strengths—resilience, compassion for others, and an intrinsic drive to improve.
Carolina arrived in the United States from Colombia in 2021, where she served in a variety of corporate roles across banking and oil and gas industries. Upon arriving in the U.S., she secured a position at Bennett Marine (a division of Yamaha Marine Systems Company), as an HR Safety Coordinator. This role became her gateway to recreational boating.
Upon finding a job posting that better matched her experience, she joined our team in West Palm Beach, FL, in March 2024.
“Safe Harbor is a company with a highly multicultural work environment. I’m truly excited to see how people work together here with respect, collaboration, and commitment. This diversity not only creates an inclusive environment but also brings a global perspective that perfectly aligns with my previous experience working with different cultures in Colombia.”
Working under the supervision of Senior Vice President of Environment, Health, and Safety Programs, Mark Liffers, Carolina not only supported general efforts of the EHS team, but quickly identified gaps that she could address and ways to improve beyond OSHA standards and environmental regulations.
“I am currently translating the Handbook and all of our Monthly Safety Training material to Spanish, which is available to all Teammates on The Bridge [internal digital training platform],” she said. “I also provide translation, training, and SOP support to Safe Harbor Savannah Yacht Center and our properties in Puerto Rico.”
“
My goal is to develop, implement, and oversee effective environmental, health, and safety management systems...”
– Carolina Castaneda
At Rybovich specifically, Carolina also translates weekly “Toolbox Trainings” for Spanish-speaking Teammates, which include materials on forklift safety and HAZMAT protocols, safe lifting, marina situational awareness, and other safety and environmental topics.
“My goal is to develop, implement, and oversee effective environmental, health, and safety management systems that protect employees, minimize operational risks, and ensure compliance. I also want to help foster a culture of prevention, sustainability, and continuous improvement at all levels of the organization. Those things are connected,” she said.
Beyond serving as an asset to Safe Harbor’s EHS team, Carolina has demonstrated what it means to take initiative to create a more sustainable business. Part of her role involves ensuring compliance with air permits, HAZMAT protocols, applicable Stormwater Pollution Prevention Plans (SWPPP), and United States Coast Guard requirements.
“I have good relationships with [yacht] captains and crew members, which then allows me to have open discussions about safety and environmental concerns.”
In 2024, she also took the lead in organizing a cleanup event for the North and South Shipyards at Rybovich.
“I created and organized the facility cleanup day to make our shipyard a cleaner, greener place,” she said. “But I was surprised to see that more than 70 people showed up on the day of the event!”
Directors, managers, and safety champions within Rybovich all came to volunteer. Carolina’s team distributed gloves and bags and asked all volunteers to pick up garbage around the marina. In order to increase the impact, Carolina also asked
our
Taking Initiative to Better Serve Our Team & the Natural Environment PEOPLE
the diving companies—typically hired to clean the bottoms of boats—to volunteer their time diving for underwater trash in the marina. Carolina has also been instrumental in helping Rybovich North pursue Clean and Resilient Marina certification and reducing the number of workplace incidents that occur each year.
“I thank God for my skills and the ability to learn so quickly and adapt easily because Safe Harbor is a company where I truly want to grow,” she said. “My motto is ‘think safe, be safe!’”
Safe Harbor Rybovich
~39,000
Membership
Members are at the core of everything we do at Safe Harbor. Therefore, our team is constantly seeking to improve the Member value proposition to differentiate our business from competitors. Through our annual Net Promoter Score (NPS) survey and other Member engagement forums, we strive to consider and improve upon the feedback we receive from Members each year.
In 2024, we added capacity to our Membership Concierge team, which allows us to provide personalized assistance to Members on all aspects of navigating the Safe Harbor network. Member-specific benefits include, but are not limited to, unlimited complimentary transient nights, fuel at our cost, discounts for branded apparel and accessories, as well as a curated portfolio of brand partners that provide perks, special access, and exclusive offers to Members.
Members reached through annual Member NPS survey
Members are at the core of everything we do at Safe Harbor. Therefore, our team is constantly seeking to improve the Member value proposition to differentiate our business from competitors.
Safe Harbor Experiences
Members are also invited to attend exclusive, complimentary national, regional, and local events throughout the year. These “Safe Harbor Experiences” provide a platform for our Members to explore the network while also giving them access to elevated lifestyle opportunities.
Sustainability is integral to the way we conceptualize and deliver these Experiences to Members. Brand partners and sponsors for each event are carefully selected with sustainability in mind. In 2024, in an effort to more clearly set expectations for all Teammates organizing events at the national, regional, and local levels, we developed the Safe Harbor Sustainable Event guidelines, which include guidance on things like partnerships, digital event tools, and waste management.
Sustainability is integral to the way we conceptualize and deliver these Experiences to Members.
In addition to serving local communities, the structure of these projects encouraged Teammates, often from different properties, to engage in meaningful work while getting to know each other and fostering a sense of comradery.
Volunteer hours logged by Safe Harbor Teammates in 2024
Service Beyond the Marinas
In 2024, our operations leadership teams had the opportunity to participate in several community service projects across our network.
The team at Safe Harbor Pier 121 in Lewisville, Texas, volunteered with Feed My Starving Children where volunteers assembled over 2,000 boxed meals for distribution to children in Africa and Central America. Our Inland Lakes teams prepared and served meals at two nonprofits serving the local homeless populations who experience particular hardship during winter months. Our Florida, Carolinas, and International teams participated in a service project at a local botanical garden, completing tasks ranging from painting to weed-pulling.
In addition to serving local communities, the structure of these projects encouraged Teammates, often from different properties, to engage in meaningful work while getting to know each other and fostering a sense of comradery.
Safety
Each year, we work diligently to build and improve a culture of safety across our business.
In 2024, we added two new Regional EHS Coordinators to increase bandwidth for all EHS priorities, including but not limited to permitting and fulfillment of permit requirements, fulfillment of OSHA and other training requirements, and following policies and procedures around incident response. Our team pays close attention to industry benchmarks as a means of improving our approach.
Our policies encompass third-party contractors as well. All contractors must comply with applicable OSHA requirements and have a signed agreement in place with Safe Harbor before beginning work on any Safe Harbor property. These agreements are designed to promote compliance with all Safe Harbor policies and procedures, including our fire, stormwater management, and SPCC plan requirements. We regularly include contractors in Safe Harbor training offerings, including the OSHA 10-hour course. General Managers and on-site EHS Coordinators are responsible for overseeing contractor compliance.
In 2024, expansion of property-specific safety programs, plans, and training was a key priority. In an effort to more clearly communicate safety expectations to all stakeholders, we worked to ensure that site-specific plans were disseminated to Members using Member communication channels, such as property-specific email lists. Our team continues to offer regular monthly safety trainings in both English and Spanish to all Safe Harbor Teammates. Virtual recordings are housed in our central database, The Bridge, and are always available for Teammate reference.
24
Teammates completed the forklift “train the trainer” program and are now qualified to license other Teammates
4
Teammates are certified CPR/first aid trainers
In 2024, we also placed a greater focus on certifying trainers internally within Safe Harbor to lower costs and increase responsiveness to immediate training needs. For example, Teammates who have completed the Clean and Resilient Marina training through the Association of Marina Industries (AMI) are qualified to inspect and sponsor other properties for Clean Marina certification.
5.6
DART
2024 Safety Measures
8.77
Total recordable incident rate
Zachary Commeau first fell in love with marinas at a young age during his time at Upper Cape Tech, a technical high school located in Bourne, Massachusetts. At that time, though, he emphasizes that he couldn’t have imagined the trajectory he finds himself on today.
“I always loved the idea of environment, health, and safety (EHS) as a career path, but had no idea that becoming an EHS professional was possible inside the industry. I thought it was just about servicing boats and operating marinas.”
Zachary began his tenure at Safe Harbor as an equipment operator at Safe Harbor Onset Bay. After a stint at Fiddler’s Cove, he found himself back at Onset Bay as a Dockmaster. It was then that Zachary was tapped to become the EHS Manager at Onset Bay, a role that exists at every Safe Harbor property.
“I appreciated how health and safety were so openly talked about and respected. I always wanted to be part of the EHS team, and I finally got my chance,” he said.
But the challenges of managing EHS across an expansive network became apparent early on.
our
“The more I leaned into the role, the more I realized that our team was too small to accomplish what we needed to get done. We really needed ‘boots on the
PEOPLE
Championing Safe Workplaces & Bridging Generational Gaps
“
I appreciated how health and safety were so openly talked about and respected. I always wanted to be part of the EHS team...”
– Zachary Commeau
Safe Harbor Onset Bay
ground’ in every region. So I suggested that we think about a Regional EHS Manager role.”
The idea was met with enthusiasm, and when the time came to hire the first Regional EHS Manager for the Northeast, Zachary was a natural fit. Since then, he has excelled.
Today, Zachary oversees EHS training efforts, inspections, and compliance in Massachusetts, Rhode Island, Maine, and Safe Harbor properties around Lake Champlain.
“The company gave me the ability to set the framework for what was needed within the role,” he said. “I take a lot of pride in the fact that I can go to properties and provide some structure for how EHS programs should be run on-site. I’ve been able to develop some great relationships within the company. Lots of marina EHS Managers have questions about the hands-on aspects of EHS, and I’ve become a kind of go-to resource for them.”
But championing safety means facing very real challenges.
“I think one of our biggest challenges is just how big we are. There are so many projects happening, and we have to work hard to educate our Teammates about EHS-related hazards they might face,” he said. “We also have people who have been in the industry for a long time, and I think there is always benefit in a fresh pair of eyes.”
Despite the amount of work to be done, Zachary feels that Safe Harbor’s people—and keeping them safe while doing their work—are our biggest imperative.
“We take on dangerous work at marinas. I want to make safe workplaces second nature to people,” he said. “There is huge moral reward in what I do. Our team does this work to make
people safer and improve the natural environment. It just feels good.”
Aside from affording him more responsibility at Safe Harbor, Zachary’s enthusiasm has earned him external accolades as well. In 2024, he received the Young Leader Award from Marina Dock Age magazine and Boating Industry magazine’s 40 Under 40 award.
In early 2025, Zachary also presented at the Association of Marina Industries Annual Conference and Expo on how to bridge the generational gap in marine services.
These achievements, Zachary feels, would not have been possible without Safe Harbor’s encouragement and support.
“It’s amazing, the trust I’ve been given by everyone from Baxter [CEO] on down. Our company really invests in our Teammates and the ideas they have,” he said.
“I have grown so much and have been given so many chances here. I just wish there was a way I could thank everyone for that.”
2,818 Teammates
738
New hires
102
Veteran Teammates
21
Veteran Teammates hired in 2024
9,507
Total training hours
Teammate Age
5Safe Harbor honors Teammate tenure prior to a property being acquired.
1% UNDISCLOSED
CLIMATE PREPAREDNESS : SEVERE WEATHER
Managing weather-related risks to our properties is crucial to securing the future of Safe Harbor. Marinas are exposed to multiple near-term risks stemming from severe weather, including high winds, storm surge, and flooding. As a result, we are constantly evaluating ways to improve safety and resilience measures.
Our first priority is the safety of our people. In advance of a severe storm, executive leadership maintains daily communication with property-level management on storm trajectory and safety measures being implemented. Before securing marina assets, we always encourage Teammates to secure personal homes and families and comply fully with local, regional, and state guidelines on safety and evacuation.
Our Hazardous Weather Plan (“Plan”) provides property-level, step-by-step guidance on how to prepare for and mitigate losses from severe weather. For example, in the days and hours leading up to a storm making landfall, leadership tracks realtime storm activity and maintains close, regular communication with Regional Vice Presidents in affected regions. Our Regional Vice Presidents are responsible for taking care to execute all steps in our Plan for example, vessel removal, sealing Hazardous Materials Management (HAZMAT) containers, shutting off electricity and water, and draining fuel lines and for apprising executive leadership of all developments. With each severe weather event, our team applies the lessons learned to further improve our Plan.
In the days and hours leading up to a storm making landfall, leadership tracks realtime storm activity and maintains close, regular communication with Regional Vice Presidents in affected regions.
We also partner with select vendors that assist with cleanup and mitigation efforts immediately in the aftermath of a storm. These partners supply critical supplies and services such as wet drywall removal, dehumidifiers and generators, as well as environmental cleanup and stabilization of damaged vessels.
Lastly, we apply learnings from past storms to the way we approach improvement projects. These measures include constructing buildings to withstand higher wind loads, installing or repairing wave attenuators to minimize wave height and energy, and bulkhead and seawall replacements to protect against erosion and wave action. Our internal controls require our team to consider resilient infrastructure solutions that not only protect our assets, but provide environmental benefits as well.
One of the ways damage is sustained during a hurricane or tropical storm is when high winds and storm surge cause vessels, docks, and other infrastructure to collide. In 2024, Safe Harbor Regatta Pointe (Palmetto, Florida) found itself directly in the path of Hurricane Milton. Prior to Milton, we replaced aged fixed docks with new floating docks in the marina’s west basin. Floating docks are generally considered more durable and adaptable to changes in water levels, high wave action,
and other effects of extreme weather. As a result, when the storm hit Safe Harbor Regatta Pointe, docks and vessels in the west basin were largely unharmed. While floating dock replacements will not always prevent hurricane damage, Milton’s impact at Safe Harbor Regatta Pointe illustrates the positive benefit of integrating resilience planning into every marina upgrade.
STUDY: case
2
New wave attenuators
7
Docks (approximately 156 slips) converted from fixed to floating at two properties
2,200
Linear feet of bulkhead and seawall replaced at 6 properties
Global Climate Risk Alignment
We continue to use the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)6 as a means of improving our internal risk management controls to better account for the impacts of climate change broadly on our business for the benefit of our company and stakeholders. Using the TCFD framework as a guide helps us identify areas of climate risk management that we want to improve upon.
For example, in order to better understand our high-level exposure to weather-related risks across our portfolio, we engaged an engineering and scientific consulting firm to assist with developing a methodology for quantifying risk using publicly available climate data and property-level asset inventories. Using this information, we aim to develop a marina-specific risk rating system that helps leadership understand and quantify risk exposure at individual properties for purposes of capital improvement planning and due diligence, among other things. We look forward to sharing more details about this effort in our next report.
2Properties assessed as part of pilot program to develop a marina-specific climate risk rating system
6Now International Financial Reporting Standards Foundation (IFRS) S2: Climate-related Disclosure Standard, which incorporates and expands upon TCFD recommended disclosures.
ENERGY & ELECTRIFICATION
We continue to make progress in evaluating and approving clean energy and electrification projects that cut costs, provide a service to our Membership, and reduce our overall carbon footprint.
Solar
In 2024, we completed critical repairs to an existing solar installation at Safe Harbor Puerto Del Rey that resulted in a 5,584 MWh increase in renewable power production at Safe Harbor. Among other things, this underscores the importance of ensuring existing clean energy technology is operating at optimal efficiency while also focusing on opportunities for new projects.
Despite economic headwinds in 2024, we initiated four new solar installations at Safe Harbor Great Island (Maine), Safe Harbor Green Harbor (Massachusetts), Safe Harbor Allen Harbor (Rhode Island), and Safe Harbor New England Boatworks (Rhode Island). We expect that Great Island and Allen Harbor will have 100% of their electricity needs met with solar power from these installations.
7Capacity measured in megawatts. This increase is due to critical repairs made at Safe Harbor Puerto Del Rey and does not account for the projected generating capacity of projects that were incomplete as of December 31, 2024.
+3%
Increase in overall renewable energy generating capacity added to Safe Harbor portfolio in 20247
4
New rooftop solar projects initiated in 2024
Fleet
In 2024, we made headway in exploring low carbon opportunities for Safe Harbor workboats. This year we plan to add four new all-electric workboats at four separate California properties. These purchases were made possible in part through California state incentives programs. We monitor similar incentives programs in other states with the aim of expanding the number of electric workboats across our network.
7 properties with EV chargers 12 Safe Harbor-owned electric boats
Electrification
We offer electric vehicle (EV) chargers as an amenity at select Safe Harbor locations. In 2024, we installed EV chargers at two new properties and maintain a robust pipeline of rooftop solar combined with EV charging projects at locations with favorable upland storage building conditions, Member demand, and incentives.
Safe Harbor properties with EV charging:
• Safe Harbor Willsboro Bay (New York)
• Safe Harbor Allen Harbor (Rhode Island)
• Safe Harbor Great Island (Maine)
• Safe Harbor Green Harbor (Massachusetts)
• Safe Harbor Puerto Del Rey (Puerto Rico)
• Safe Harbor Pier 121 (Texas)
• Safe Harbor Stratford (Connecticut)
In 2025, we anticipate installing DC fast-charging infrastructure at three California properties to support electric vessel deployment. As with similar initiatives, we monitor the availability of state incentives to support electric vessel charger deployment. We look forward to including more details about these projects in our next report.
The primary goal of our Coastal Habitat Enhancement Program (“CHEP”) is to identify opportunities for integrating sustainability measures into existing projects, as well as strategic partnerships to help scale our impact on environments...
Stewardship
We care deeply about the well-being of the coastal, marine, and estuarine environments at or near our properties. The primary goal of our Coastal Habitat Enhancement Program (“CHEP”) is to identify opportunities for integrating sustainability measures into existing projects, as well as strategic partnerships to help scale our impact on environments we operate in.
For the first time in 2024, Safe Harbor was a Patron-level sponsor of the Restore America’s Estuaries (RAE) Coastal & Estuarine Summit in Washington, D.C. Among other things, this provided our team with an opportunity to connect with experts, regulators, and innovators in coastal and estuary conservation.
Additionally, we continued our partnership with a scientific and engineering consulting firm to evaluate the viability of nature-positive infrastructure upgrades at two marinas in Rhode Island and to propose a plan for a potential marsh rehabilitation project near Safe Harbor Vineyard Haven in Massachusetts. In 2025, we will continue to evaluate and engage with national and local partners about partnership opportunities for stewardship at or near our properties.
Clean Marina Certification
In 2024, we made progress toward our target of achieving 100% Clean Marina certification for all Safe Harbor properties. As of December 31, 2024, 71% of our marinas were fully Clean Marina-certified8 through the Association of Marina Industries’ (AMI) Clean and Resilient Marina program or the state equivalent. While state program requirements vary, the AMI certification requirements incorporate measures beyond basic compliance, such as water conservation, resilience, and drought-resistant landscaping. This is an exciting step toward ensuring environmental best practices are realized on the ground throughout our operations. 89%
Toward goal of certifying 100% of Safe Harbor properties
8Properties are either certified through state-sponsored Clean Marina programs or the Association of Marina Industries’ (AMI) Clean and Resilient Marina program.
18%
Safe Harbor properties that have certifications in process
71%
Safe Harbor properties that are fully Clean Marina-certified
Water & Waste Management
We are actively taking steps to reduce industry-specific waste streams and improve waste management systems.
For example, Safe Harbor recently launched an initiative to phase out company purchases of Styrofoam takeaway boxes and cups, and single-use plastic straws, bags, and cutlery in favor of compostable or biodegradable alternatives. This initiative, which is expected to be rolled out in 2025 and will be accompanied by internal property audit controls, is intended to reduce and mitigate Safe Harbor’s waste footprint and our impact on marine plastic pollution.
Additionally, we encouraged Regional Vice Presidents in regions where shrink-wrapping vessels is common to purchase an alternative biodegradable shrink-wrap product.
Individual regions also took steps to improve approaches to property-level water and waste management. For example, our team in North Carolina partnered with the state to convert a dated septic system to municipal sewer at Safe Harbor Outer Banks, and from well water to city water at Safe Harbor Jarrett Bay.
2025 initiative to eliminate Styrofoam and single-use plastics across six product categories9
9This first phase of this initiative includes Styrofoam takeaway boxes, Styrofoam cups, and single-use plastic bags, straws, and cutlery across Safe Harbor properties and amenities.
Environmental Key Measures10
(decreased by 1,033 tonnes CO2e)
(decreased by 1,397 tonnes CO2e)
(increased by 6,210 tonnes CO2e)
10Safe Harbor’s 2024 emissions data received “reasonable assurance” through third-party audit and attestation as part of Sun Communities’ portfolio-wide ESG reporting. The attestation letter may be found here: suninc.com/esg (see “2024 Environmental Data Assurance Letter”).
11Arrows represent increase or decrease in absolute portfolio-wide emissions or consumption in 2024 and do not account for differences due to portfolio growth in 2024. Therefore, increases and decreases are not based on a like-for-like emissions comparison between 2023 and 2024. In 2024, our company completed six acquisitions total—three new properties and three additions to existing properties.
YOU thank
Moving Forward
Safe Harbor continues its journey toward industry leadership and excellence in waterfront lifestyle, a goal that is intrinsically linked to a sustainable future. In our view, sustainability is integral to the value we seek to create for all stakeholders over the long term. We are proud of achievements in 2024, particularly in the areas of marine technician recruitment and retention, clean energy expansion, and portfolio-wide Clean Marina certification.
In April of this year, funds managed by Blackstone Infrastructure completed their acquisition of Safe Harbor, ushering in a new era of growth for our company. We look forward to sharing more details about this next phase of our development, and what it means for our sustainability strategy, in next year’s report.
Forward-Looking Statements
This document contains various “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. We intend that such forward-looking statements will be subject to the safe harbors created thereby. It is for this purpose that any statements contained in this document that relate to expectations, beliefs, projections, future plans, and strategies, trends, or prospective events or developments and similar expressions concerning matters that are not historical facts are deemed to be forward-looking statements.
Words such as “forecasts,” “intends,” “intend,” “intended,” “goal,” “estimate,” “estimates,” “expects,” “expect,” “expected,” “project,” “projected,” “projections,” “plans,” “predicts,” “potential,” “seeks,” “anticipates,” “anticipated,” “should,” “could,” “may,” “will,” “designed to,” foreseeable future,” “believe,” “believes,” “scheduled,” “guidance,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words.
These forward-looking statements reflect our current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this document, some of which are beyond our control. These risks and uncertainties may cause our actual results to be materially different from any future results expressed or implied by such forward-looking statements. Statistics and metrics included in this report are in part dependent on the use of estimates and assumptions based on historical levels and projections and are therefore subject to change.
This report has not been externally assured or verified by an independent third party. This report is not comprehensive and, for that reason, should be read in conjunction with our filings with the Securities and Exchange Commission, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, particularly the “Forward-Looking Statements” and “Risk Factors” sections of these filings, all of which are available here.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. We undertake no obligation to publicly update or revise any forward-looking statements included or incorporated by reference into this document, whether as a result of new information, future events, changes in our expectations, or otherwise. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. All written and oral forward-looking statements attributable to Sun Communities, Inc. or persons acting on its behalf are qualified in their entirety by these cautionary statements.
Company Name Headquarters
Description
Safe Harbor Marinas, LLC
Dallas, Texas, United States
Main Products & Services
Financial Reports Reporting Contact
As of December 31, 2024, Safe Harbor Marinas, LLC was a wholly owned subsidiary of Sun Communities, Inc.12 (NYSE: SUI) (“Sun”), and our network consisted of 138 marinas across the United States and Puerto Rico. The company currently serves over 39,000 Members. In April 2025, Safe Harbor was acquired by Blackstone Infrastructure (see footnote below).
Our marinas offer wet slip and dry storage space leases, end-to-end service (such as routine maintenance, repair, and winterization), fuel sales, and other high-end amenities. These services and amenities offer convenience and resort-quality experiences to our Members and guests
Safe Harbor’s 2024 financial reports are consolidated with Sun’s financial filings, which are publicly available at suninc.com/sec-filings
Safe Harbor Marinas: sustainability@shmarinas.com
12 This report reflects Safe Harbor governance for reporting year beginning January 1, 2024 through December 31, 2024. In April 2025, Blackstone Infrastructure completed its acquisition of Safe Harbor Marinas. Governance disclosures will be updated to reflect changes to ownership of, and sustainability governance within, Safe Harbor in 2025.
GRI CONTENT INDEX
STATEMENT OF USE
Safe Harbor Marinas, LLC has reported the information cited in this GRI content index for the period January 1, 2024 to December 31, 2024. This report was produced with reference to the Standards.
GRI USED: GRI 1: FOUNDATION 2021
UN SDG ALIGNMENT
GRI TOPIC-SPECIFIC STANDARD
GRI 2: General Disclosures 2021
GRI TOPIC-SPECIFIC STANDARD
GRI 3: Material Topics 2021
GRI 101: Biodiversity 2024 (includes GRI 304: Biodiversity 2016)
GRI 201: Economic Performance 2016
GRI 205: Anti-corruption 2016
GRI 207: Tax 2019
GRI 302: Energy 2016
GRI 303: Water and Effluents 2018
GRI 306: Waste 2020
GRI TOPIC-SPECIFIC STANDARD
GRI 401: Employment 2016
GRI 403: Occupational Health and Safety 2018
GRI 404: Training and Education 2016
GRI 405: Diversity and Equal Opportunity 2016
GRI 416: Customer Health and Safety 2016
LOCATION &
