Maryland | 38-2730780 | |
(State of Incorporation) | (I.R.S. Employer Identification No.) | |
27777 Franklin Rd. | ||
Suite 200 | ||
Southfield, Michigan | 48034 | |
(Address of Principal Executive Offices) | (Zip Code) |
(248) 208-2500 |
Common Stock, Par Value $0.01 per Share | New York Stock Exchange | |
Securities Registered Pursuant to Section 12(b) of the Act | Name of each exchange on which registered |
Securities Registered Pursuant to Section 12(g) of the Act: None |
Large accelerated filer [ X ] | Accelerated filer [ ] | Non-accelerated filer [ ] | Smaller reporting company [ ] |
(a) | The following documents are filed herewith as part of this Form 10-K/A: |
1. | Financial Statements. |
2. | Financial Schedules |
3. | Exhibits. |
SUN COMMUNITIES, INC., a Maryland corporation | |||
Dated: | March 23, 2012 | By: | /s/ Gary A Shiffman |
Gary A. Shiffman, Chief Executive Officer |
Exhibit Number | Description | Method of Filing | ||||
1.1 | Sales Agreement dated August 27, 2009, executed by and between Sun Communities, Inc. and Brinson Patrick Securities Corporation | (23 | ) | |||
1.2 | Second Amendment to Sales Agreement dated May 31, 2011, executed by and between Sun Communities, Inc. and Brinson Patrick Securities Corporation | (30 | ) | |||
2.1 | Form of Sun Communities, Inc.’s Common Stock Certificate | (1 | ) | |||
2.2 | Master Contribution Agreement dated April 1, 2011 by and among Sun Communities, Inc., Sun Communities Operating Limited Partnership, and Kentland Corporation, Wilbur A. Lettinga, William B. Lettinga and Michael Lettinga | (31 | ) | |||
2.3 | Contribution Agreement (Tamarac Village) dated as of May 5, 2011 by and among Tamarac Village Holding Company MHP Holding Company #2, LLC, Tamarac Village Holding Company MHP Holding Company #1, LLC, Tamarac Village Mobile Home Park Limited Partnership, and Sun Communities Operating Limited Partnership (form of Contribution Agreement for the following properties: Apple Carr Village, Brookside Village, Dutton Mill Village, Hickory Hills Village, Holiday West Village, Leisure Village, Oak Island Village, Southwood Village, Sycamore Village, Warren Dunes Village and Waverly Shores Village) | (31 | ) | |||
2.4 | Contribution Agreement (Country Meadows Village) dated as of May 5, 2011 by and among Country Meadows Village Holding Company MHP Holding Company #2, LLC, Country Meadows Village Holding Company MHP Holding Company #1, LLC, Country Meadows Village Mobile Home Park Limited Partnership, and Sun Communities Operating Limited Partnership (form of Contribution Agreement for the following properties: Cider Mill Village, Country Hills Village, Hidden Ridge RV Park, Pinebrook Village and Windsor Woods Village) | (31 | ) | |||
2.5 | Membership Interest Purchase Agreement dated as of June 23, 2011 by and among Wilbur A. Lettinga, William B. Lettinga, Michael Lettinga and Sun Home Services, Inc. | (31 | ) | |||
2.6 | Master CNN Real Estate Purchase Agreement dated November 9, 2011 among Sun Communities Operating Limited Partnership, Robert C. Morgan and Robert Moser | (35 | ) | |||
2.7 | First Amendment to Master CNN Real Estate Purchase Agreement dated November 29, 2011 among Sun Communities Operating Limited Partnership, Robert C. Morgan and Robert Moser | (35 | ) | |||
2.8 | Agreement of Sale dated November 16, 2011 between Sun Communities Operating Limited Partnership and Club Naples RV Resort LLC | (35 | ) | |||
2.9 | First Amendment to Agreement of Sale (Club Naples) dated November 29, 2011 between Sun Communities Operating Limited Partnership and Club Naples RV Resort LLC | (35 | ) | |||
2.10 | Agreement of Sale dated November 16, 2011 between Sun Communities Operating Limited Partnership and Kountree RV Resort LLC | (35 | ) | |||
2.11 | First Amendment to Agreement of Sale (Naples Gardens) dated November 29, 2011 between Sun Communities Operating Limited Partnership and Kountree RV Resort LLC | (35 | ) | |||
2.12 | Agreement of Sale dated November 16, 2011 between Sun Communities Operating Limited Partnership and North Lake RV Resort LLC | (35 | ) | |||
2.13 | First Amendment to Agreement of Sale (North Lake Estates) dated November 29, 2011 between Sun Communities Operating Limited Partnership and North Lake RV Resort LLC | (35 | ) | |||
2.14 | Master BGT Real Estate Purchase Agreement dated November 9, 2011 among Sun Communities Operating Limited Partnership, Robert C. Morgan and Robert Moser | (37 | ) | |||
2.15 | Agreement of Sale dated November 16, 2011 among Sun Communities Operating Limited Partnership, Blue Berry Hill RV LLC and Blue Berry Hill RV SPE LLC | (37 | ) | |||
2.16 | Agreement of Sale dated November 16, 2011 between Sun Communities Operating Limited Partnership and Grand Lake RV and Golf Resort LLC | (37 | ) | |||
2.17 | Agreement of Sale dated November 16, 2011 between Sun Communities Operating Limited Partnership and Three Lakes RV Park, LLC | (37 | ) | |||
2.18 | First Asset Purchase Agreement entered into on February 16, 2012 but effective as of January 1, 2012, among Grand Lake RV and Golf Resort LLC, Three Lakes RV Park, LLC, Blue Berry Hill RV LLC, Sun Blueberry Hill LLC, Sun Grand Lake LLC, and Sun Three Lakes LLC | (37 | ) | |||
2.19 | Second Asset Purchase Agreement entered into on February 16, 2012 but effective as of January 1, 2012, among Morgan RV Park Management, LLC, Ideal Cottage Sales LLC, Robert C. Morgan, Robert Moser and Sun Home Services, Inc. | (37 | ) | |||
3.1 | Amended and Restated Articles of Incorporation of Sun Communities, Inc | (1 | ) | |||
3.2 | Articles Supplementary, dated October 16, 2006 | (14 | ) | |||
3.3 | First Amended and Restated Bylaws | (21 | ) | |||
4.1 | Articles Supplementary of Board of Directors of Sun Communities, Inc. Designating a Series of Preferred Stock | (6 | ) | |||
4.2 | Articles Supplementary of Board of Directors of Sun Communities, Inc. Designating a Series of Preferred Stock and Fixing Distribution and other Rights in such Series | (17 | ) | |||
4.3 | Rights Agreement, dated as of June 2, 2008, between Sun Communities, Inc. and Computershare Trust Company, N.A. as Rights Agent | (17 | ) | |||
4.4 | Sun Communities, Inc. Equity Incentive Plan# | (22 | ) | |||
4.5 | Form of Senior Indenture | (24 | ) | |||
4.6 | Form of Subordinated Indenture | (24 | ) | |||
4.7 | Registration Rights Agreement dated June 23, 2011 among Sun Communities, Inc., and the holders of Series A-1 Preferred Units that are parties thereto | (31 | ) | |||
10.1 | Form of Stock Option Agreement between Sun Communities, Inc. and certain directors, officers and other individuals# | (1 | ) |
Exhibit Number | Description | Method of Filing | ||||
10.2 | Amended and Restated 1993 Non-Employee Director Stock Option Plan# | (2 | ) | |||
10.3 | Form of Non-Employee Director Stock Option Agreement between Sun Communities, Inc. and certain directors# | (2 | ) | |||
10.4 | Second Amended and Restated Agreement of Limited Partnership of Sun Communities Operating Limited Partnership | (3 | ) | |||
10.5 | Long Term Incentive Plan# | (4 | ) | |||
10.6 | Second Amended and Restated 1993 Stock Option Plan# | (5 | ) | |||
10.7 | One Hundred Third Amendment to Second Amended and Restated Limited Partnership Agreement of the Operating Partnership | (6 | ) | |||
10.8 | One Hundred Eleventh Amendment to Second Amended and Restated Limited Partnership Agreement of the Operating Partnership | (7 | ) | |||
10.9 | One Hundred Thirty-Sixth Amendment to Second Amended and Restated Limited Partnership Agreement of the Operating Partnership | (7 | ) | |||
10.1 | One Hundred Forty-Fifth Amendment to Second Amended and Restated Limited Partnership Agreement of the Operating Partnership | (7 | ) | |||
10.11 | Lease, dated November 1, 2002, by and between the Operating Partnership as Tenant and American Center LLC as Landlord | (8 | ) | |||
10.12 | 2004 Non-Employee Director Stock Option Plan# | (9 | ) | |||
10.13 | Form of Loan Agreement dated June 9, 2004 by and between Sun Pool 8 LLC, as Borrower, and BANK OF AMERICA, N.A., as Lender | (10 | ) | |||
10.14 | Schedule identifying substantially identical agreements to Exhibit 10.13 | (10 | ) | |||
10.15 | Form of Loan Agreement dated June 9, 2004 by and between Sun Continental Estates LLC as Borrower, and BANK OF AMERICA, N.A., as Lender | (10 | ) | |||
10.16 | Schedule identifying substantially identical agreements to Exhibit 10.15 | (10 | ) | |||
10.17 | Form of Loan Agreement dated June 9, 2004 by and between Sun Indian Creek LLC, as Borrower, and BANK OF AMERICA, N.A., as Lender | (10 | ) | |||
10.18 | Schedule identifying substantially identical agreements to Exhibit 10.17 | (10 | ) | |||
10.19 | Fixed Facility Note dated April 5, 2004 made by Sun Secured Financing LLC, Aspen – Ft. Collins Limited Partnership and Sun Secured Financing Houston Limited Partnership, in favor of ARCS Commercial Mortgage Co., L.P., in the original principal amount of $77,362,500 | (10 | ) | |||
10.2 | Fixed Facility Note dated April 28, 2004 made by Sun Secured Financing LLC, Sun Secured Financing Houston Limited Partnership, Aspen – Ft. Collins Limited Partnership, Sun Communities Finance LLC, Sun Holly Forest LLC and Sun Saddle Oak LLC, in favor of ARCS Commercial Mortgage Co., L.P., in the original principal amount of $100,000,000 | (10 | ) | |||
10.21 | Variable Facility Note dated April 28, 2004 made by Sun Secured Financing LLC, Sun Secured Financing Houston Limited Partnership, Aspen – Ft. Collins Limited Partnership, Sun Communities Finance LLC, Sun Holly Forest LLC and Sun Saddle Oak LLC, in favor of ARCS Commercial Mortgage Co., L.P., in the original principal amount of $60,275,000 | (10 | ) | |||
10.22 | One Hundred Seventy-Second Amendment to Second Amended and Restated Limited Partnership Agreement of the Operating Partnership | (11 | ) | |||
10.23 | Form of Restricted Stock Award Agreement# | (11 | ) | |||
10.24 | Employment Agreement between Sun Communities, Inc. and Gary A. Shiffman, dated as of January 1, 2005# | (12 | ) | |||
10.25 | Promissory Note dated July 10, 2006 made by Sun Villa MHC LLC in favor of ARCS Commercial Mortgage Co., L.P., in the original principal amount of $18,300,000 | (13 | ) | |||
10.26 | Promissory Note dated July 10, 2006 made by Sun Countryside Atlanta LLC in favor of ARCS Commercial Mortgage Co., L.P., in the original principal amount of $12,950,000 | (13 | ) | |||
10.27 | Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing, dated July 10, 2006, made by Sun Villa MHC LLC in favor of ARCS Commercial Mortgage Co., L.P. | (13 | ) | |||
10.28 | Deed to Secure Debt and Security Agreement dated July 10, 2006 made by Sun Countryside Atlanta LLC in favor of ARCS Commercial Mortgage Co., L.P. | (13 | ) | |||
10.29 | Promissory Note dated August 1, 2006 made by Sun Countryside Lake Lanier LLC in favor of ARCS Commercial Mortgage Co., L.P., in the original principal amount of $16,850,000 | (15 | ) | |||
10.3 | Deed to Secured Debt and Security Agreement dated August 1, 2006 made by Sun Countryside Lake Lanier LLC in favor of ARCS Commercial Mortgage Co., L.P. | (15 | ) | |||
10.31 | Future Advance, Renewal and Consolidation Promissory Note dated November 15, 2006 made by Miami Lakes Venture Associates in favor of Lehman Brothers Bank, FSB in the original principal amount of $54,000,000 | (15 | ) | |||
10.32 | Notice of Future Advance, Mortgage Modification, Extension and Spreader Agreement and Security Agreement dated November 15, 2006 made by Miami Lakes Venture Associates in favor of Lehman Brothers Bank, FSB | (15 | ) | |||
10.33 | Promissory Note dated January 4, 2007 made by High Point Associates, L.P., in favor of Lehman Brothers Bank, FSB in the original principal amount of $17,500,000 | (15 | ) | |||
10.34 | Mortgage and Security Agreement dated January 4, 2007 made by High Point Associates, L.P., in favor of Lehman Brothers Bank, FSB | (15 | ) | |||
10.35 | Promissory Note dated January 5, 2007 made by Sea Breeze Limited Partnership in favor of Lehman Brothers Bank, FSB in the original principal amount of $20,000,000 | (15 | ) | |||
10.36 | Mortgage and Security Agreement dated January 5, 2007 made by Sea Breeze Limited Partnership in favor of Lehman Brothers Bank, FSB | (15 | ) | |||
10.37 | Restricted Stock Award Agreement between Sun Communities, Inc. and John B. McLaren, dated February 5, 2008# | (16 | ) |
Exhibit Number | Description | Method of Filing | ||||
10.38 | Restricted Stock Award Agreement between Sun Communities, Inc. and Karen J. Dearing, dated February 5, 2008# | (16 | ) | |||
10.39 | Loan Agreement, dated as of June 20, 2008, by and among Apple Orchard, L.L.C.; Sun Lakeview LLC; and Sun Tampa East, LLC, and LaSalle Bank Midwest National Association | (18 | ) | |||
10.4 | Open-End Mortgage, dated as of June 20, 2008, executed by Apple Orchard, L.L.C., to and for the benefit of LaSalle Bank Midwest National Association | (18 | ) | |||
10.41 | Commercial Mortgage, dated as of June 20, 2008, executed by Sun Lakeview LLC to and for the benefit of LaSalle Bank Midwest National Association | (18 | ) | |||
10.42 | Commercial Mortgage, dated as of June 20, 2008, executed by Sun Tampa East, LLC to and for the benefit of LaSalle Bank Midwest National Association | (18 | ) | |||
10.43 | Promissory Note, dated June 20, 2008, in the principal amount of Twenty Seven Million and 00/100 Dollars ($27,000,000.00), by Apple Orchard, L.L.C.; Sun Lakeview LLC; and Sun Tampa East, LLC, in favor of LaSalle Bank Midwest National Association | (18 | ) | |||
10.44 | Continuing Unconditional Guaranty, dated as of June 20, 2008, executed by Sun Communities Operating Limited Partnership to and for the benefit of LaSalle Bank Midwest National Association | (18 | ) | |||
10.45 | Form and Example of: Environmental Indemnity Agreement, dated as of June 20, 2008, executed by Apple Orchard, L.L.C. and Sun Communities Operating Limited Partnership to and for the benefit of LaSalle Bank Midwest National Association | (18 | ) | |||
10.46 | Form and Example of: Assignment of Leases and Rents, dated as of June 20, 2008, executed by Apple Orchard, L.L.C. to and for the benefit of LaSalle Bank Midwest National Association | (18 | ) | |||
10.47 | Agreement for Purchase and Sale, dated as of July 1, 2008, by and between Sun Communities, Inc., Sun Communities Operating Limited Partnership, and 21st Mortgage Corporation | (19 | ) | |||
10.48 | Inventory Security Agreement and Power of Attorney dated as of March 6, 2009, executed by and between Sun Home Services, Inc. and 21st Mortgage Corporation | (20 | ) | |||
10.49 | Terms Schedule dated as of March 6, 2009, executed by and between Sun Home Services, Inc. and 21st Mortgage Corporation | (20 | ) | |||
10.5 | Guaranty, dated as of March 6, 2009, executed by Sun Communities, Inc. to and for the benefit of 21st Mortgage Corporation | (20 | ) | |||
10.51 | Convertible Secured Revolving Credit Line Agreement dated May 10, 2010 by and among Sun Home Services, Inc., Sun Communities, Inc., and 21st Century Mortgage Corporation | (25 | ) | |||
10.52 | Common Stock Purchase Agreement dated August 6, 2010 by and among Sun Communities, Inc., Sun Communities Operating Limited Partnership and REIT Opportunity Ltd. | (26 | ) | |||
10.53 | Loan Agreement dated March 1, 2011 among Sun Siesta Bay LLC, Sun Pheasant Ridge Limited Partnership, Sun/York L.L.C., Sun Richmond LLC, Sun Groves LLC, Sun Lake Juliana LLC, Sun Lake San Marino LLC, Sun Candlelight Village LLC, Sun Southfork LLC, Sun Four Seasons LLC and Sun Lafayette Place LLC, as Borrowers, and JPMorgan Chase Bank, National Association, as Lender | (27 | ) | |||
10.54 | Promissory Note dated March 1, 2011 in the principal amount of $115,000,000 by Sun Siesta Bay LLC, Sun Pheasant Ridge Limited Partnership, Sun/York L.L.C., Sun Richmond LLC, Sun Groves LLC, Sun Lake Juliana LLC, Sun Lake San Marino LLC, Sun Candlelight Village LLC, Sun Southfork LLC, Sun Four Seasons LLC and Sun Lafayette Place LLC, as Borrowers, in favor of JPMorgan Chase Bank, National Association, as Lender | (27 | ) | |||
10.55 | Employment Agreement dated March 7, 2011 among Sun Communities, Inc., Sun Communities Operating Limited Partnership and John B. McLaren# | (28 | ) | |||
10.56 | Employment Agreement dated March 7, 2011 among Sun Communities, Inc., Sun Communities Operating Limited Partnership and Karen J. Dearing# | (28 | ) | |||
10.57 | Loan Agreement dated May 10, 2011 among Sun Knollwood LLC, Sun Gwinnett LLC and Sun River Ridge II LLC, as Borrowers, and Bank of America, N.A., as Lender | (29 | ) | |||
10.58 | Promissory Note dated May 10, 2011 in the principal amount of $23,625,000 by Sun Knollwood LLC, Sun Gwinnett LLC and Sun River Ridge II LLC, as Borrowers, in favor of Bank of America, N.A., as Lender | (29 | ) | |||
10.59 | Two Hundred Seventy Fifth Amendment to the Second Amended and Restated Limited Partnership Agreement of Sun Communities Operating Limited Partnership dated as of June 23, 2011 | (31 | ) | |||
10.6 | Term Loan Agreement dated June 23, 2011 among Cider Mill Village Mobile Home Park, LLC, Country Hills Village Mobile Home Park, LLC, Country Meadows Village Mobile Home Park, LLC, Sun Orange City LLC and Bank of America, N.A. | (31 | ) | |||
10.61 | Promissory Note, dated June 23, 2011, in the original principal amount of $15,530,000, made by Cider Mill Village Mobile Home Park, LLC, Country Hills Village Mobile Home Park, LLC, Country Meadows Village Mobile Home Park, LLC and Sun Orange City LLC in favor of Bank of America, N.A. | (31 | ) | |||
10.62 | Term Loan Agreement dated June 23, 2011 among Pinebrook Village Mobile Home Park, LLC, Windsor Woods Village Mobile Home Park, LLC and Bank of America, N.A. | (31 | ) | |||
10.63 | Promissory Note, dated June 23, 2011, in the original principal amount of $7,400,000, made by Pinebrook Village Mobile Home Park, LLC, Windsor Woods Village Mobile Home Park, LLC in favor of Bank of America, N.A. | (31 | ) | |||
10.64 | Second Amended and Restated Master Credit Facility Agreement dated July 27, 2011, among Sun Secured Financing LLC, Aspen-Ft. Collins Limited Partnership, Sun Secured Financing Houston Limited Partnership, Sun Communities Finance, LLC, Sun Holly Forest LLC, Sun Saddle Oak LLC, PNC Bank, National Association and Fannie Mae | (32 | ) | |||
10.65 | Credit Agreement dated September 28, 2011, among Sun Communities Operating Limited Partnership, as Borrower, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, Merrill, Lynch, Pierce, Fenner & Smith Incorporated, as Sole Lead Arranger and Sole Book Manager and Fifth Third Bank, as Syndication Agent | (33 | ) | |||
10.66 | First Amendment to Second Amended and Restated Master Credit Facility Agreement dated October 3, 2011, among Sun Secured Financing LLC, Aspen-Ft. Collins Limited Partnership, Sun Secured Financing Houston Limited Partnership, Sun Communities Finance, LLC, Sun Holly Forest LLC, Sun Saddle Oak LLC, PNC Bank, National Association and Fannie Mae | (34 | ) |
Exhibit Number | Description | Method of Filing | ||||
10.67 | Non-Compete Agreement dated November 29, 2011 among Sun Communities Operating Limited Partnership, Robert C. Morgan and Robert Moser | (35 | ) | |||
10.68 | First Amendment to Non-Compete Agreement dated November 29, 2011 among Sun Communities Operating Limited Partnership, Robert C. Morgan and Robert Moser | (35 | ) | |||
10.69 | Term Loan Agreement dated December 15, 2011 among Sun Blueberry Hill LLC, Sun Grand Lake LLC, Sun Three Lakes LLC, Sun Club Naples LLC, Sun Naples Gardens LLC, Sun North Lake Estates LLC, Bank of America, N.A. and The PrivateBank and Trust Company | (35 | ) | |||
10.7 | Promissory Note, dated December 15, 2011, in the original principal amount of $9,916,666.67, made by Sun Blueberry Hill LLC, Sun Grand Lake LLC, Sun Three Lakes LLC, Sun Club Naples LLC, Sun Naples Gardens LLC, and Sun North Lake Estates LLC, in favor of Bank of America, N.A. | (35 | ) | |||
10.71 | Promissory Note, dated December 15, 2011, in the original principal amount of $7,083.333.33, made by Sun Blueberry Hill LLC, Sun Grand Lake LLC. Sun Three Lakes LLC, Sun Club Naples LLC, Sun Naples Gardens LLC, and Sun North Lake Estates LLC, in favor of The PrivateBank and Trust Company | (35 | ) | |||
10.72 | Variable Facility Note dated January 3, 2012 made by Sun Secured Financing LLC, Aspen-Ft. Collins Limited Partnership, Sun Secured Financing Houston Limited Partnership, Sun Communities Finance, LLC, Sun Holly Forest LLC, and Sun Saddle Oak LLC in favor of PNC Bank, National Association, in the original principal amount of $152,362,500 | (36 | ) | |||
10.73 | Variable Facility Note dated January 3, 2012 made by Sun Secured Financing LLC, Aspen-Ft. Collins Limited Partnership, Sun Secured Financing Houston Limited Partnership, Sun Communities Finance, LLC, Sun Holly Forest LLC, and Sun Saddle Oak LLC in favor of PNC Bank, National Association, in the original principal amount of $10,000,000 | (36 | ) | |||
10.74 | Third Lease Modification dated October 31, 2011 by and between the Operating Partnership as Tenant and American Center LLC as Landlord | (38 | ) | |||
10.75 | BGT Non-Compete Agreement dated February 16, 2012 among Sun Communities Operating Limited Partnership, Robert C. Morgan, Robert Moser and Sun Home Services, Inc. | (37 | ) | |||
21.1 | List of Subsidiaries of Sun Communities, Inc. | (38 | ) | |||
23.1 | Consent of Grant Thornton LLP | (38 | ) | |||
23.2 | Consent of Baker Tilly Virchow Krause, LLP | (39 | ) | |||
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | (39 | ) | |||
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | (39 | ) | |||
32.1 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | (39 | ) | |||
99.1 | Financial Statements of Origen Financial, Inc. for the year ended December 31, 2011 | (39 | ) | |||
101.1* | The following Sun Communities, Inc. financial information, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of December 31, 2011 and 2010, (ii) Consolidated Statements of Operations for the Years Ended December 31, 2011, 2010, and 2009, (iii) Consolidated Statements of Stockholders’ Equity (Deficit) and Comprehensive Loss for the Years Ended December 31, 2011, 2010, and 2009, (v) Consolidated Statements of Cash Flows, for the Years Ended December 31, 2011, 2010, and 2009; (v) Notes to Consolidated Financial Statements, and (vi) Schedule III – Real Estate and Accumulated Depreciation. | (39 | ) |
# | Management contract or compensatory plan or arrangement. |
* | Users of this data are advised that pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. |
(2) | Incorporated by reference to Sun Communities, Inc.’s Registration Statement No. 33‑80972 |
(3) | Incorporated by reference to Sun Communities, Inc.’s Annual Report on Form 10‑K for the year ended December 31, 1996 |
(4) | Incorporated by reference to Sun Communities, Inc.’s Annual Report on Form 10‑K for the year ended December 31, 1997 |
(5) | Incorporated by reference to Sun Communities, Inc.’s Proxy Statement, dated April 20, 1999 |
(6) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8‑K dated September 29, 1999 |
(7) | Incorporated by reference to Sun Communities, Inc.’s Annual Report on Form 10‑K for the year ended December 31, 2001 |
(8) | Incorporated by reference to Sun Communities, Inc.’s Annual Report on Form 10‑K for the year ended December 31, 2002, as amended |
(10) | Incorporated by reference to Sun Communities, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2004 |
(11) | Incorporated by reference to Sun Communities, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2004 |
(12) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated February 23, 2005 |
(13) | Incorporated by reference to Sun Communities, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2006 |
(14) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated October 16, 2006 |
(15) | Incorporated by reference to Sun Communities, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2007 |
(16) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated February 4, 2008 |
(17) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated June 2, 2008 |
(18) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated June 26, 2008 |
(19) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated July 1, 2008 |
(20) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated March 6, 2009 |
(21) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8‑K dated April 30, 2009 |
(22) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8‑K dated July 22, 2009 |
(23) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8‑K dated August 27, 2009 |
(24) | Incorporated by reference to Sun Communities, Inc.’s Registration Statement No. 333-158623 |
(25) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated May 10, 2010 |
(26) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated August 6, 2010 |
(27) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated March 1, 2011 |
(28) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated March 7, 2011 |
(29) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated May 10, 2011 |
(30) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated May 31, 2011 |
(31) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated June 23, 2011 |
(32) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated July 27, 2011 |
(33) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated September 28, 2011 |
(34) | Incorporated by reference to Sun Communities, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 |
(35) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated December 16, 2011 |
(36) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated January 3, 2012 |
(37) | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated February 16, 2012 |
(38) | Previously filed |
(39) | Filed herewith |
1. | I have reviewed this Amendment No. 1 to the annual report on Form 10-K/A of Sun Communities, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Dated: March 23, 2012 | /s/ Gary A. Shiffman |
Gary A. Shiffman, Chief Executive Officer |
1. | I have reviewed this Amendment No. 1 to the annual report on Form 10-K/A of Sun Communities, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Dated: March 23, 2012 | /s/ Karen J. Dearing |
Karen J. Dearing, Chief Financial Officer |
Signature | Date | |
/s/ Gary A. Shiffman | March 23, 2012 | |
Gary A. Shiffman, Chief Executive Officer | ||
/s/ Karen J. Dearing | March 23, 2012 | |
Karen J. Dearing, Chief Financial Officer | ||
Independent Auditors' Report | 1 |
Financial Statements | |
Consolidated Balance Sheets | 2 |
Consolidated Statements of Operations | 3 |
Consolidated Statements of Comprehensive Income (Loss) | 4 |
Consolidated Statements of Changes in Stockholders' Equity | 5 |
Consolidated Statements of Cash Flows | 6 |
Notes to Consolidated Financial Statements | 7 - 40 |
2011 | 2010 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 3,740 | $ | 2,595 | |||
Restricted cash | 9,767 | 9,981 | |||||
Investments | 1,707 | 1,996 | |||||
Loans receivable, net | 628,708 | 716,900 | |||||
Furniture, fixtures and equipment, net | 49 | 106 | |||||
Repossessed houses, net | 2,512 | 6,705 | |||||
Other assets | 5,149 | 5,818 | |||||
TOTAL ASSETS | $ | 651,632 | $ | 744,101 |
LIABILITIES | |||||||
Securitization financing | $ | 560,724 | $ | 627,334 | |||
Derivative liabilities | 41,662 | 37,090 | |||||
Other liabilities | 9,963 | 12,702 | |||||
Total Liabilities | 612,349 | 677,126 | |||||
STOCKHOLDERS' EQUITY | |||||||
Preferred stock, $.01 par value per share | 125 | 125 | |||||
10,000,000 shares authorized | |||||||
125 shares issued and outstanding | |||||||
$1,000 per share liquidation preference | |||||||
Common stock, $.01 par value per share | 259 | 259 | |||||
125,000,000 shares authorized | |||||||
25,926,149 shares issued and outstanding | |||||||
Additional paid in capital | 225,230 | 225,542 | |||||
Accumulated other comprehensive loss | (41,566 | ) | (36,899 | ) | |||
Distributions in excess of earnings | (144,765 | ) | (122,052 | ) | |||
Total Stockholders' Equity | 39,283 | 66,975 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 651,632 | $ | 744,101 |
2011 | 2010 | ||||||
INTEREST INCOME | |||||||
Interest income | $ | 63,435 | $ | 71,641 | |||
Interest expense | (41,849 | ) | (48,029 | ) | |||
Net Interest Income Before Loan Losses and Impairment | 21,586 | 23,612 | |||||
Provision for loan losses | 24,079 | 26,606 | |||||
Impairment of purchased loan pool | — | 382 | |||||
Net Interest Income (Loss) After Loan Losses and Impairment | (2,493 | ) | (3,376 | ) | |||
NON‑INTEREST INCOME | |||||||
Losses on Assets Held for Sale | — | (242 | ) | ||||
Other | 3,659 | 3,002 | |||||
Total Non‑Interest Income | 3,659 | 2,760 | |||||
NON‑INTEREST EXPENSE | |||||||
Personnel | 1,544 | 2,494 | |||||
Loan origination and servicing | 9,042 | 10,312 | |||||
Investment impairment | — | 26 | |||||
State business taxes | 217 | 167 | |||||
Other operating | 2,118 | 2,971 | |||||
Total Non‑Interest Expense | 12,921 | 15,970 | |||||
Loss Before Income Taxes | (11,755 | ) | (16,586 | ) | |||
INCOME TAX EXPENSE | 53 | 8 | |||||
NET LOSS | $ | (11,808 | ) | $ | (16,594 | ) | |
Weighted average common shares outstanding, basic and diluted | 25,926,149 | 25,926,149 | |||||
NET LOSS – per common share, basic and fully diluted: | $ | (0.46 | ) | $ | (0.64 | ) |
2011 | 2010 | ||||||
Net loss | $ | (11,808 | ) | $ | (16,594 | ) | |
Other comprehensive income (loss): | |||||||
Net unrealized gains (losses) on interest rate swaps, designated as cash flow hedges | (4,572 | ) | (4,025 | ) | |||
Reclassification adjustment for net realized gains included in net loss | (95 | ) | (40 | ) | |||
Total Other Comprehensive Income (Loss) | (4,667 | ) | (4,065 | ) | |||
COMPREHENSIVE INCOME (LOSS) | $ | (16,475 | ) | $ | (20,659 | ) |
Preferred Stock | Common Stock | Additional Paid in Capital | Accumulated Other Comprehensive Income (Loss) | Distributions In Excess of Earnings | Total Stockholder's Equity | ||||||||||||||||||
BALANCES, January 1, 2010 | $ | 125 | $ | 259 | $ | 225,542 | $ | (32,834 | ) | $ | (102,850 | ) | $ | 90,242 | |||||||||
Net loss | — | — | — | — | (16,594 | ) | (16,594 | ) | |||||||||||||||
Other comprehensive loss | — | — | — | (4,065 | ) | — | (4,065 | ) | |||||||||||||||
Cash distribution paid ($0.10 per | — | ||||||||||||||||||||||
common share) | — | — | — | — | (2,608 | ) | (2,608 | ) | |||||||||||||||
BALANCES, December 31, 2010 | 125 | 259 | 225,542 | (36,899 | ) | (122,052 | ) | 66,975 | |||||||||||||||
Net loss | — | — | — | — | (11,808 | ) | (11,808 | ) | |||||||||||||||
Purchase and cancellation of warrants | — | — | (312 | ) | — | — | (312 | ) | |||||||||||||||
Other comprehensive loss | — | — | — | (4,667 | ) | — | (4,667 | ) | |||||||||||||||
Cash distribution paid ($0.42 per | — | ||||||||||||||||||||||
common share) | — | — | — | — | (10,905 | ) | (10,905 | ) | |||||||||||||||
BALANCES, December 31, 2011 | $ | 125 | $ | 259 | $ | 225,230 | $ | (41,566 | ) | $ | (144,765 | ) | $ | 39,283 |
2011 | 2010 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net loss | $ | (11,808 | ) | $ | (16,594 | ) | |
Adjustments to reconcile to net cash flows from operating activities | |||||||
Provision for loan losses | 24,079 | 26,606 | |||||
Investment impairment | — | 26 | |||||
Impairment of purchased loan pool | — | 382 | |||||
Losses on assets held for sale | — | 242 | |||||
Depreciation and amortization | 1,311 | 2,090 | |||||
Decrease (increase) in other assets | 2,656 | (256 | ) | ||||
(Decrease) increase in other liabilities | (2,740 | ) | (1,009 | ) | |||
Net Cash Flows from Operating Activities | 13,498 | 11,487 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Decrease in restricted cash | 214 | 438 | |||||
Proceeds from sale of investment securities | — | 6,186 | |||||
Principal collections on loans | 51,871 | 51,801 | |||||
Proceeds from sale of repossessed houses | 13,473 | 13,904 | |||||
Sale (expenditure) of capital assets | (3 | ) | 6 | ||||
Net Cash Flows from Investing Activities | 65,555 | 72,335 | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Dividends paid | (10,905 | ) | (2,608 | ) | |||
Proceeds from sale of 2004-B Class B-2 Notes | 2,969 | — | |||||
Repayment of securitization financing | (69,660 | ) | (66,446 | ) | |||
Repayment of note payable ‑ related party | — | (16,000 | ) | ||||
Payment of warrant purchase ‑ related party | (312 | ) | — | ||||
Net Cash Flows from Financing Activities | (77,908 | ) | (85,054 | ) | |||
Net Change in Cash and Cash Equivalents | 1,145 | (1,232 | ) | ||||
CASH AND CASH EQUIVALENTS ‑ BEGINNING OF YEAR | 2,595 | 3,827 | |||||
CASH AND CASH EQUIVALENTS ‑ END OF YEAR | 3,740 | 2,595 | |||||
Supplemental cash flow disclosures | |||||||
Cash paid for interest | $ | 41,189 | $ | 47,120 | |||
Cash paid for income taxes | $ | 54 | $ | 79 | |||
Noncash investing activities | |||||||
Loans transferred to repossessed assets | $ | 32,815 | $ | 41,277 | |||
Noncash operating activities | |||||||
Decrease in value of derivative contracts | $ | 4,510 | $ | 3,873 |
• | On June 30, 2008, the Company completed a transaction for the sale of its loan servicing platform assets and ceased all loan servicing operations. |
* | In July 2008, the Company completed the sale of certain assets of its loan origination and insurance business and used the proceeds to reduce its related party debt. |
Furniture and fixtures | 7 years |
Computers | 5 years |
Software | 3 years |
Leasehold improvements | Shorter of useful life or lease term |
2011 | 2010 | ||||||||||||
Amount | Percentage | Amount | Percentage | ||||||||||
Ordinary income | $ | — | — | $ | — | — | |||||||
Return of capital | 10,889 | 100.00 | 2,593 | 100.00 | |||||||||
Total | $ | 10,889 | 100.00 | $ | 2,593 | 100.00 |
2011 | 2010 | ||||||
Numerator: | |||||||
Net loss | $ | (11,808 | ) | $ | (16,594 | ) | |
Preferred stock dividends | (16 | ) | (16 | ) | |||
Loss available to common shareholders, basic | $ | (11,824 | ) | $ | (16,610 | ) | |
Loss available to common shareholders, diluted | $ | (11,824 | ) | $ | (16,610 | ) | |
Denominator: | |||||||
Weighted average basic common shares outstanding | 25,926,149 | 25,926,149 | |||||
Effect of dilutive securities: Incremental share ‑ non‑vested stock awards | — | — | |||||
Weighted average diluted common shares outstanding | 25,926,149 | 25,926,149 | |||||
Net loss for common stockholders per share: | |||||||
Basic | $ | (0.46 | ) | $ | (0.64 | ) | |
Diluted | $ | (0.46 | ) | $ | (0.64 | ) |
2011 | 2010 | ||||||
Manufactured housing loans ‑ securitized | $ | 645,610 | $ | 735,192 | |||
Manufactured housing loans ‑ unsecuritized | 1,491 | 1,923 | |||||
Accrued interest receivable | 4,503 | 5,005 | |||||
Deferred loan origination costs | 1,756 | 2,280 | |||||
Discount on originated loans (1) | (12,610 | ) | (14,364 | ) | |||
Discount on purchased loans | (632 | ) | (1,009 | ) | |||
Allowance for purchased loans | (2,689 | ) | (2,689 | ) | |||
Allowance for loan losses | (8,721 | ) | (9,438 | ) | |||
Total | $ | 628,708 | $ | 716,900 |
2011 | 2010 | ||||||
Number of loans receivable | 15,301 | 16,721 | |||||
Average loan balance | $ | 42 | $ | 44 | |||
Weighted average loan yield | 9.36 | % | 9.38 | % | |||
Weighted average initial term | 20 years | 20 years |
2011 | 2010 | ||||||||||||
Principal | Percent | Principal | Percent | ||||||||||
California | $ | 263,850 | 40.8 | $ | 301,722 | 40.9 | |||||||
Texas | 52,801 | 8.1 | 60,285 | 8.2 | |||||||||
New York | 32,804 | 5.1 | 36,823 | 5.0 | |||||||||
Florida | 21,855 | 3.4 | 24,910 | 3.4 | |||||||||
Alabama | 20,620 | 3.2 | 22,800 | 3.1 | |||||||||
Other | 255,171 | 39.4 | 290,575 | 39.4 | |||||||||
Total | $ | 647,101 | 100.0 | $ | 737,115 | 100.0 |
2011 | 2010 | ||||||||||||
Original Term in Years | Number of Loans | Principal Balance | Number of Loans | Principal Balance | |||||||||
5 or less | 34 | $ | 1,610 | 36 | $ | 1,650 | |||||||
6‑10 | 926 | 9,478 | 1,112 | 13,782 | |||||||||
11‑12 | 113 | 1,860 | 132 | 2,460.0 | |||||||||
13‑15 | 3,775 | 85,523 | 4,186 | 102,831 | |||||||||
16‑20 | 8,384 | 417,974 | 9,027 | 472,231 | |||||||||
21‑25 | 848 | 43,520 | 918 | 48,720 | |||||||||
26‑30 | 1,221 | 87,136.0 | 1,310 | 95,441.0 | |||||||||
Total | 15,301 | $ | 647,101 | 16,721 | $ | 737,115 |
2011 | 2010 | ||||||||||||||||||
Days Delinquent | Number of Loans | Principal Balance | % of Portfolio | Number of Loans | Principal Balance | % of Portfolio | |||||||||||||
31‑60 | 163 | $ | 6,688 | 1.0 | 144 | $ | 5,427 | 0.7 | |||||||||||
61‑90 | 48 | 2,087 | 0.3 | 58 | 2,436 | 0.3 | |||||||||||||
Greater than 90 | 114 | 6,017 | 0.9 | 142 | 7,179 | 1.0 |
2011 | 2010 | ||||||
Outstanding balance | $ | 15,424 | $ | 17,671 | |||
Carrying amount, net of allowance of $2,689 and $2,689, respectively | $ | 13,006 | $ | 14,879 |
2011 | 2010 | ||||||
Beginning balance | $ | 8,538 | $ | 9,769 | |||
Accretion | (970 | ) | (1,231 | ) | |||
Ending balance | $ | 7,568 | $ | 8,538 |
2011 | 2010 | ||||||
Outstanding balance | $ | 8,603 | $ | 8,610 | |||
Carrying amount, net | $ | 1,707 | $ | 1,996 |
2011 | 2010 | ||||||
Beginning balance | $ | 2,212 | $ | 3,007 | |||
Accretion | (333 | ) | (386 | ) | |||
Change in estimate of future cash flows | 816 | (409 | ) | ||||
Ending balance | $ | 2,695 | $ | 2,212 |
2011 | 2010 | ||||||
Balance at beginning of period | $ | 22,312 | $ | 21,523 | |||
Provision for loan losses | 24,079 | 26,606 | |||||
Gross charge offs | (40,311 | ) | (35,130 | ) | |||
Recoveries | 9,008 | 9,313 | |||||
Balance at end of period | $ | 15,088 | $ | 22,312 | |||
Allocation to carrying value of repossessed houses | (6,367 | ) | (12,874 | ) | |||
Net Allowance | $ | 8,721 | $ | 9,438 |
2011 | 2010 | ||||||
Furniture and fixtures | $ | 355 | $ | 390 | |||
Leasehold improvements | 203 | 203 | |||||
Computer equipment | 184 | 364 | |||||
Capitalized software | 130 | 130 | |||||
Total | 872 | 1,087 | |||||
Less: accumulated depreciation | (823 | ) | (981 | ) | |||
Net Property and Equipment | $ | 49 | $ | 106 |
December 31, 2011 | |||||||||||
Fair Value | |||||||||||
Notional/Contract Amount | Asset Derivatives (Unrealized Gains) | Liability Derivatives (Unrealized Losses) | |||||||||
Derivatives designated as hedging instruments: | |||||||||||
Interest rate contracts: Swaps - cash flow - | |||||||||||
receive floating/pay fixed | $ | 315,605 | $ | — | $ | 41,662 | |||||
Derivatives not designated as hedging instruments: | |||||||||||
Interest rate contracts: Swaps - cash flow - | |||||||||||
receive floating/pay fixed | 251,453 | 472 | — | ||||||||
Total Derivatives | $ | 567,058 | $ | 472 | $ | 41,662 | |||||
December 31, 2010 | |||||||||||
Fair Value | |||||||||||
Notional/Contract Amount | Asset Derivatives (Unrealized Gains) | Liability Derivatives (Unrealized Losses) | |||||||||
Derivatives designated as hedging instruments: | |||||||||||
Interest rate contracts: Swaps - cash flow - | |||||||||||
receive floating/pay fixed | $ | 349,108 | $ | — | $ | 37,090 | |||||
Derivatives not designated as hedging instruments: | |||||||||||
Interest rate contracts: Swaps - cash flow - | |||||||||||
receive floating/pay fixed | 296,610 | 409 | — | ||||||||
Total Derivatives | $ | 645,718 | $ | 409 | $ | 37,090 |
December 31, 2011 | |||||||||
Fair Value | |||||||||
Notional/Contract Amount | Asset Derivatives (Unrealized Gains) | Liability Derivatives (Unrealized Losses) | |||||||
Interest rate contracts: | |||||||||
Swaps - cash flow - receive floating/pay fixed | |||||||||
rate - Designated as hedging instruments | $ | 315,605 | — | 5.28 | % | ||||
Interest rate contracts: | |||||||||
Swaps - cash flow - receive floating/pay fixed | |||||||||
rate - Not Designated as hedging instruments | 251,453 | 0.28 | % | — | |||||
Total | $ | 567,058 | 0.28 | % | 5.28 | % | |||
December 31, 2010 | |||||||||
Fair Value | |||||||||
Notional/Contract Amount | Asset Derivatives (Unrealized Gains) | Liability Derivatives (Unrealized Losses) | |||||||
Interest rate contracts: | |||||||||
Swaps - cash flow - receive floating/pay fixed | |||||||||
rate - Designated as hedging instruments | $ | 349,108 | — | 5.28 | % | ||||
Interest rate contracts: | |||||||||
Swaps - cash flow - receive floating/pay fixed | |||||||||
rate - Not Designated as hedging instruments | 296,610 | 0.28 | % | — | |||||
Total | $ | 645,718 | 0.28 | % | 5.28 | % |
2011 | 2010 | ||||||
Securitization financing | $ | 560,724 | $ | 627,334 |
2011 | 2010 | ||||||||
Average Balance | Average Rate | Average Balance | Average Rate | ||||||
Securitization financing — 2004‑A securitization | 62,146 | 6.1 | 70,235 | 6.1 | |||||
Securitization financing — 2004‑B securitization | 61,390 | 6.1 | 67,544 | 6.1 | |||||
Securitization financing — 2005‑A securitization | 68,082 | 5.8 | 76,845 | 5.7 | |||||
Securitization financing — 2005‑B securitization | 75,073 | 6.2 | 85,192 | 6.1 | |||||
Securitization financing — 2006‑A securitization | 116,211 | 8.3 | 128,276 | 8.4 | |||||
Securitization financing — 2007‑A securitization | 123,166 | 7.8 | 134,165 | 7.9 | |||||
Securitization financing — 2007‑B securitization | 91,312 | 7.0 | 100,243 | 7.0 |
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | |||||||
Options outstanding at January 1, 2011 | 135,500 | $ | 10.00 | 2.0 | |||||
Granted | — | — | — | ||||||
Exercised | — | — | — | ||||||
Forfeited | — | — | — | ||||||
Options outstanding at December 31, 2011 | 135,500 | $ | 10.00 | 2.0 | |||||
Options exercisable at December 31, 2011 | 135,500 | $ | 10.00 | 2.0 |
Declaration Date | Record Date | Date Paid | Distribution per Share | Total Distribution (thousands) | ||||||||
November 17, 2011 | November 30, 2011 | December 7, 2011 | $ | 0.09 | $ | 2,333 | ||||||
August 18, 2011 | September 2, 2011 | September 13, 2011 | $ | 0.09 | $ | 2,333 | ||||||
May 26, 2011 | June 13, 2011 | June 22, 2011 | $ | 0.17 | $ | 4,408 | ||||||
March 29, 2011 | April 11, 2011 | April 21, 2011 | $ | 0.07 | $ | 1,815 | ||||||
November 2, 2010 | November 30, 2010 | December 21, 2010 | $ | 0.10 | $ | 2,592 |
2012 | $ | 113 | |
2013 | 115 | ||
2014 | 113 | ||
Thereafter | 165 | ||
Total | $ | 506 |
December 31, 2011 | |||||||||||||||
Fair Value Measurement Using | |||||||||||||||
Level 1 | Level 2 | Level 3 | Assets/Liabilities at Fair Value | ||||||||||||
Assets | |||||||||||||||
Derivatives | $ | — | $ | 472 | $ | — | $ | 472 | |||||||
Total assets | $ | — | $ | 472 | $ | — | $ | 472 | |||||||
Liabilities | |||||||||||||||
Derivatives | $ | — | $ | 41,662 | $ | — | $ | 41,662 | |||||||
Total liabilities | $ | — | $ | 41,662 | $ | — | $ | 41,662 | |||||||
December 31, 2010 | |||||||||||||||
Fair Value Measurement Using | |||||||||||||||
Level 1 | Level 2 | Level 3 | Assets/Liabilities at Fair Value | ||||||||||||
Assets | |||||||||||||||
Derivatives | $ | — | $ | 409 | $ | — | $ | 409 | |||||||
Total assets | $ | — | $ | 409 | $ | — | $ | 409 | |||||||
Liabilities | |||||||||||||||
Derivatives | $ | — | $ | 37,090 | $ | — | $ | 37,090 | |||||||
Total liabilities | $ | — | $ | 37,090 | $ | — | $ | 37,090 |
December 31, 2011 | |||||||||||||||
Fair Value on a Non - recurring Basis | |||||||||||||||
Level 1 | Level 2 | Level 3 | Asset/Liability at Fair Value | ||||||||||||
Investments -SOP-03-3 | $ | — | $ | 1,707 | $ | — | $ | 1,707 | |||||||
Impaired loans | — | 1,685 | — | 1,685 | |||||||||||
Repossessed assets | — | 2,512 | — | 2,512 | |||||||||||
Total assets | $ | — | $ | 5,904 | $ | — | $ | 5,904 | |||||||
December 31, 2010 | |||||||||||||||
Fair Value on a Non - recurring Basis | |||||||||||||||
Level 1 | Level 2 | Level 3 | Asset/Liability at Fair Value | ||||||||||||
Investments -SOP-03-3 | $ | — | $ | 1,996 | $ | — | $ | 1,996 | |||||||
Impaired loans | — | 2,441 | — | 2,441 | |||||||||||
Repossessed assets | — | 6,705 | — | 6,705 | |||||||||||
Total assets | $ | — | $ | 11,142 | $ | — | $ | 11,142 |
2011 | 2010 | ||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 3,740 | $ | 3,740 | $ | 2,595 | $ | 2,595 | |||||||
Restricted cash | 9,767 | 9,767 | 9,981 | 9,981 | |||||||||||
Investments | 1,707 | 1,707 | 1,996 | 1,996 | |||||||||||
Loans receivable | 628,708 | 564,969 | 716,900 | 637,554 | |||||||||||
Derivatives | 472 | 472 | 409 | 409 | |||||||||||
Liabilities | |||||||||||||||
Securitization financing | 560,724 | 441,196 | 627,334 | 508,625 | |||||||||||
Derivatives | 41,662 | 41,662 | 37,090 | 37,090 |
* | Cash, cash equivalents and restricted cash ‑ Due to their short term in nature, the carrying amount of cash, cash equivalents, and restricted cash approximates fair value. |
* | Investment‑Held‑to‑Maturity ‑ The fair value of investments, classified as held to maturity, is estimated by management using an internally developed cash flow model using market interest rates inputs as well as management's best estimates of spreads for similar collateral. |
* | Loans Receivable ‑ The fair value of loans is estimated by using internally developed discounted cash flow models using market interest rate inputs as well as management's best estimate of spreads for similar collateral. |
* | Securitized Financing ‑ The fair value of securitized financing is estimated based on a discounted cash flow model that incorporates the current borrowing rates of the notes or similar types of borrowing arrangements. |
Other Income (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Other Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of other income | The components of other income are summarized as follows (in thousands):
|
Transfers Of Financial Assets , Schedule of collateralized loans (Details) (Collateralized receivables [Member], USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
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Dec. 31, 2011
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Dec. 31, 2010
|
|
Collateralized receivables [Member]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | $ 71,278 | $ 52,368 |
Financed sales of manufactured homes | 21,509 | 20,637 |
Transfer of financial assets | 0 | 6,271 |
Principal payments and payoffs from our customers | (4,425) | (3,497) |
Principal reduction from repurchased homes | (6,680) | (4,501) |
Total activity | 10,404 | 18,910 |
Ending balance | $ 81,682 | $ 71,278 |
Real Estate Acquisitions , Pro Forma Information (Details) (USD $)
|
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
|||||
Business Acquisition [Line Items] | ||||||
Total revenues | $ 304,730,000 | [1] | $ 293,982,000 | [1] | ||
Net income (loss) attributable to Sun Communities, Inc. shareholders | 1,005,000 | [1] | (2,326,000) | [1] | ||
Net income (loss) attributable to Sun Communities, Inc. shareholders - basic (in dollars per share) | $ 0.05 | [1] | $ (0.12) | [1] | ||
Net income (loss) attributable to Sun Communities, Inc. shareholders - diluted (in dollars per share) | $ 0.05 | [1] | $ (0.12) | [1] | ||
Management fees | $ 800,000 | [1] | $ 1,600,000 | [1] | ||
|
Share-Based Compensation , Narrative (Details) (USD $)
|
12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
plans
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2011
Restricted Stock [Member]
|
Dec. 31, 2010
Restricted Stock [Member]
|
Dec. 31, 2009
Restricted Stock [Member]
|
Dec. 31, 2011
Stock Options [Member]
|
Dec. 31, 2010
Stock Options [Member]
|
Dec. 31, 2011
Phantom stock awards [Member]
|
Dec. 31, 2010
Phantom stock awards [Member]
|
Dec. 31, 2011
2012
Restricted Stock [Member]
|
Dec. 31, 2011
2013
Restricted Stock [Member]
|
Dec. 31, 2011
2014
Restricted Stock [Member]
|
Dec. 31, 2011
2015 and thereafter
Restricted Stock [Member]
|
Feb. 29, 2012
Share-based Compensation Granted [Member]
Restricted Stock [Member]
|
Dec. 31, 2011
Employee
Stock Options [Member]
|
Dec. 31, 2011
Non-employee director
Stock Options [Member]
|
Dec. 31, 2010
Non-employee director
Stock Options [Member]
|
Dec. 31, 2009
Non-employee director
Stock Options [Member]
|
Dec. 31, 2011
Director Plans [Member]
plans
|
Dec. 31, 2011
2009 Equity Plan [Member]
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Number of share-based compensation plans | 3 | 2 | 1 | ||||||||||||||||||
Number of shares authorized (in shares) | 200,000 | 950,000 | |||||||||||||||||||
Number of shares available for grant (in shares) | 83,750 | 693,000 | |||||||||||||||||||
Compensation expense | $ 1,600,000 | $ 1,600,000 | $ 2,600,000 | $ 1,500,000 | $ 1,500,000 | $ 2,500,000 | $ 100,000 | $ 100,000 | |||||||||||||
Vested, aggregate fair value | 800,000 | 1,800,000 | 2,900,000 | 99,000 | |||||||||||||||||
Compensation cost not yet recognized | 6,000,000 | 1,100,000 | 1,200,000 | 1,100,000 | 2,600,000 | ||||||||||||||||
Granted, shares (in shares) | 154,500 | 0 | 15,000 | ||||||||||||||||||
Unvested shares (in shares) | 275,871 | 141,783 | 2,588 | 5,326 | |||||||||||||||||
Granted, weighted averge grant date (in dollars per share) | $ 37.15 | $ 40.80 | |||||||||||||||||||
Stock options outstanding (in shares) | 77,086 | 140,177 | 12,336 | 64,750 | |||||||||||||||||
Aggregate fair value | $ 95,000 | $ 177,000 | |||||||||||||||||||
Closing share price (in dollars per share) | $ 36.53 | ||||||||||||||||||||
Stock option vesting period | 3 years | ||||||||||||||||||||
Stock option contractual term | 10 years | ||||||||||||||||||||
Number of options granted (in shares) | 10,500 | 10,500 | 10,500 | ||||||||||||||||||
Average closing stock price prior to vesting period, term | 10 days |
Transfers Of Financial Assets , Narrative (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Cash Flows Between Transferor and Transferee, Proceeds from New Transfers | $ 21,500,000 | $ 26,900,000 |
Notes and other receivables | 114,884,000 | 88,807,000 |
Collateralized Receivables Interest Income And Expense Recognized | 8,500,000 | 7,000,000 |
Secured debt | 1,268,191,000 | 1,163,612,000 |
Secured Debt [Member]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Secured debt | 81,682,000 | 71,278,000 |
Collateralized receivables [Member]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes and other receivables | 81,176,000 | 71,020,000 |
Loans and Leases Receivable, Allowance | $ 500,000 | $ 200,000 |
Income Taxes , Schedule of Deferred Tax Assets (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|
Deferred tax assets: | ||
Net operating loss carryforwards | $ 19,723 | $ 15,644 |
Real estate assets | 17,297 | 15,201 |
Amortization of intangibles | (128) | (128) |
Gross deferred tax assets | 36,892 | 30,717 |
Valuation allowance | (35,892) | (29,717) |
Net deferred tax assets | $ 1,000 | $ 1,000 |
Investment Property (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Investment Property, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate, investment property [Table Text Block] | The following table sets forth certain information regarding investment property (in thousands):
|
Income Taxes , Narrative (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Income Tax Disclosure [Abstract] | |||
Minimum qualifying percent of gross income from qualifying sources for REIT status | 95.00% | ||
Minimum amount of taxable income distributed to stockholders for REITs | 90.00% | ||
Net operating loss carryforwards | $ 58.0 | ||
Provision for state income taxes | 0.2 | 0.5 | 0.4 |
Current portion of the state income tax provision | 0.6 | 0.5 | 0.6 |
Deferred tax benefit portion of the state income tax provision | 0.4 | 0.2 | |
Deferred tax liability | $ 0.4 |
Notes And Other Receivables , Schedule of Installment Notes Receivable (Details) (Installment notes receivable on manufactured homes, gross [Member], USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Installment notes receivable on manufactured homes, gross [Member]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | $ 9,466 | $ 12,710 |
Financed sales of manufactured homes | 3,362 | 4,969 |
Acquired Notes Receivable | 3,542 | 0 |
Transfer of financial assets | 0 | (6,271) |
Principal payments and payoffs from our customers | (1,728) | (1,150) |
Principal reduction from repossessed homes | (1,097) | (792) |
Total activity | 4,079 | (3,244) |
Ending balance | $ 13,545 | $ 9,466 |
Segment Reporting Segment Reporting (Details) (USD $)
|
3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2008
|
Dec. 31, 2011
Real Property Operations Segment [Member]
|
Sep. 30, 2011
Real Property Operations Segment [Member]
|
Jun. 30, 2011
Real Property Operations Segment [Member]
|
Mar. 31, 2011
Real Property Operations Segment [Member]
|
Dec. 31, 2010
Real Property Operations Segment [Member]
|
Sep. 30, 2010
Real Property Operations Segment [Member]
|
Jun. 30, 2010
Real Property Operations Segment [Member]
|
Mar. 31, 2010
Real Property Operations Segment [Member]
|
Dec. 31, 2009
Real Property Operations Segment [Member]
|
Sep. 30, 2009
Real Property Operations Segment [Member]
|
Jun. 30, 2009
Real Property Operations Segment [Member]
|
Mar. 31, 2009
Real Property Operations Segment [Member]
|
Dec. 31, 2011
Real Property Operations Segment [Member]
|
Dec. 31, 2010
Real Property Operations Segment [Member]
|
Dec. 31, 2009
Real Property Operations Segment [Member]
|
Dec. 31, 2011
Home Sales and Home Rentals Segment [Member]
|
Dec. 31, 2010
Home Sales and Home Rentals Segment [Member]
|
Dec. 31, 2009
Home Sales and Home Rentals Segment [Member]
|
|||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Seasonal RV Revenue Approximation | $ 4,700,000 | $ 4,700,000 | $ 4,700,000 | |||||||||||||||||||||||||||||||||||||
Seasonal RV Rental Revenue Recognized, Percentage | 28.00% | 15.00% | 8.00% | 49.00% | 28.00% | 15.00% | 8.00% | 49.00% | 28.00% | 15.00% | 8.00% | 49.00% | ||||||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Revenues | 278,155,000 | 256,923,000 | 252,028,000 | 223,613,000 | 204,498,000 | 198,844,000 | 54,542,000 | 52,425,000 | 53,184,000 | |||||||||||||||||||||||||||||||
Operating expenses/Cost of sales | 118,325,000 | 108,720,000 | 107,487,000 | 76,737,000 | 69,276,000 | 67,713,000 | 41,588,000 | 39,444,000 | 39,774,000 | |||||||||||||||||||||||||||||||
Net operating income/Gross profit | 159,830,000 | 148,203,000 | 144,541,000 | 146,876,000 | 135,222,000 | 131,131,000 | 12,954,000 | 12,981,000 | 13,410,000 | |||||||||||||||||||||||||||||||
Adjustments to arrive at net income (loss): | ||||||||||||||||||||||||||||||||||||||||
Other revenues | 11,030,000 | 9,047,000 | 6,993,000 | 10,438,000 | 8,542,000 | 6,606,000 | 592,000 | 505,000 | 387,000 | |||||||||||||||||||||||||||||||
General and administrative | (27,860,000) | (24,810,000) | (25,099,000) | (19,704,000) | (17,182,000) | (17,670,000) | (8,156,000) | (7,628,000) | (7,429,000) | |||||||||||||||||||||||||||||||
Georgia flood damage | 0 | 0 | (800,000) | (800,000) | 0 | |||||||||||||||||||||||||||||||||||
Acquisition related costs | (1,971,000) | 0 | 0 | (1,971,000) | 0 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | (74,193,000) | (68,868,000) | (67,423,000) | (51,063,000) | (47,584,000) | (47,020,000) | (23,130,000) | (21,284,000) | (20,403,000) | |||||||||||||||||||||||||||||||
Asset impairment charge | (1,382,000) | 0 | 0 | (1,382,000) | 0 | |||||||||||||||||||||||||||||||||||
Interest expense | (67,939,000) | (65,427,000) | (62,779,000) | (66,949,000) | (64,772,000) | (62,456,000) | (990,000) | (655,000) | (323,000) | |||||||||||||||||||||||||||||||
Equity income from affiliates | 450,000 | [1] | 450,000 | [1] | 850,000 | [1] | 350,000 | [1] | 500,000 | [1] | (69,000) | [1] | (758,000) | [1] | (819,000) | [1] | 2,100,000 | (1,146,000) | (2,176,000) | 2,100,000 | (1,146,000) | (1,654,000) | 0 | 0 | (522,000) | |||||||||||||||
Provision for state income taxes | (150,000) | (512,000) | (413,000) | (150,000) | (512,000) | (413,000) | 0 | 0 | 0 | |||||||||||||||||||||||||||||||
Loss from continuing operations | (535,000) | (3,513,000) | (7,156,000) | 7,724,000 | (14,880,000) | |||||||||||||||||||||||||||||||||||
Loss from discontinued operations | 0 | 0 | (227,000) | (227,000) | 0 | |||||||||||||||||||||||||||||||||||
Net loss | (535,000) | (3,513,000) | (7,383,000) | 18,195,000 | 12,568,000 | 7,497,000 | (18,730,000) | (16,081,000) | (14,880,000) | |||||||||||||||||||||||||||||||
Less: Preferred return to Preferred OP units | 1,222,000 | 0 | 0 | 1,222,000 | 0 | |||||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | (671,000) | (630,000) | (1,081,000) | 1,003,000 | 967,000 | 487,000 | (1,674,000) | (1,597,000) | (1,568,000) | |||||||||||||||||||||||||||||||
Net loss attributable to Sun Communities, Inc. common stockholders | (2,223,000) | (373,000) | (890,000) | 2,400,000 | (368,000) | (1,403,000) | (2,449,000) | 1,337,000 | (1,086,000) | (2,883,000) | (6,302,000) | 15,970,000 | 11,601,000 | 7,010,000 | (17,056,000) | (14,484,000) | (13,312,000) | |||||||||||||||||||||||
Identifiable assets: | ||||||||||||||||||||||||||||||||||||||||
Investment property, net | 1,196,606,000 | 1,032,326,000 | 1,196,606,000 | 1,032,326,000 | 1,028,575,000 | 890,867,000 | 1,028,575,000 | 890,867,000 | 168,031,000 | 141,459,000 | ||||||||||||||||||||||||||||||
Cash and cash equivalents | 5,857,000 | 8,420,000 | 5,857,000 | 8,420,000 | 4,496,000 | 6,162,000 | 5,972,000 | 8,385,000 | 5,972,000 | 8,385,000 | (115,000) | 35,000 | ||||||||||||||||||||||||||||
Inventory of manufactured homes | 5,832,000 | 2,309,000 | 5,832,000 | 2,309,000 | 0 | 0 | 0 | 0 | 5,832,000 | 2,309,000 | ||||||||||||||||||||||||||||||
Notes and other receivables | 114,884,000 | 88,807,000 | 114,884,000 | 88,807,000 | 109,436,000 | 84,932,000 | 109,436,000 | 84,932,000 | 5,448,000 | 3,875,000 | ||||||||||||||||||||||||||||||
Other assets | 44,795,000 | 33,480,000 | 44,795,000 | 33,480,000 | 41,843,000 | 30,945,000 | 41,843,000 | 30,945,000 | 2,952,000 | 2,535,000 | ||||||||||||||||||||||||||||||
TOTAL ASSETS | $ 1,367,974,000 | $ 1,165,342,000 | $ 1,367,974,000 | $ 1,165,342,000 | $ 1,185,826,000 | $ 1,015,129,000 | $ 1,185,826,000 | $ 1,015,129,000 | $ 182,148,000 | $ 150,213,000 | ||||||||||||||||||||||||||||||
|
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