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 |
Large accelerated filer [ X ] | Accelerated filer [ ] | Non-accelerated filer [ ] | Smaller reporting company [ ] |
(unaudited) June 30, 2013 | December 31, 2012 | ||||||
ASSETS | |||||||
Investment property, net (including $55,962 and $56,326 for consolidated variable interest entities at June 30, 2013 and December 31, 2012, respectively; see Note 8 ) | $ | 1,676,813 | $ | 1,518,136 | |||
Cash and cash equivalents | 6,488 | 29,508 | |||||
Inventory of manufactured homes | 9,091 | 7,527 | |||||
Notes and other receivables | 160,755 | 139,850 | |||||
Other assets | 63,621 | 59,607 | |||||
TOTAL ASSETS | $ | 1,916,768 | $ | 1,754,628 | |||
LIABILITIES | |||||||
Debt (including $45,555 and $45,900 for consolidated variable interest entities at June 30, 2013 and December 31, 2012, respectively; see Note 8) | $ | 1,353,489 | $ | 1,423,720 | |||
Lines of credit | 18,286 | 29,781 | |||||
Other liabilities | 105,873 | 88,137 | |||||
TOTAL LIABILITIES | 1,477,648 | 1,541,638 | |||||
Commitments and contingencies | |||||||
STOCKHOLDERS’ EQUITY | |||||||
Preferred stock, $0.01 par value, 10,000 shares authorized (3,400 shares issued at June 30, 2013 and December 31, 2012) | 34 | 34 | |||||
Common stock, $0.01 par value, 90,000 shares authorized (37,910 and 31,557 shares issued at June 30, 2013 and December 31, 2012, respectively) | 379 | 316 | |||||
Additional paid-in capital | 1,203,373 | 940,202 | |||||
Accumulated other comprehensive loss | (535 | ) | (696 | ) | |||
Distributions in excess of accumulated earnings | (720,950 | ) | (683,734 | ) | |||
Treasury stock, at cost (1,802 shares at June 30, 2013 and December 31, 2012) | (63,600 | ) | (63,600 | ) | |||
Total Sun Communities, Inc. stockholders' equity | 418,701 | 192,522 | |||||
Noncontrolling interests: | |||||||
Series A-1 preferred OP units | 45,548 | 45,548 | |||||
Series A-3 preferred OP units | 3,463 | — | |||||
Common OP units | (27,965 | ) | (24,572 | ) | |||
Consolidated variable interest entities | (627 | ) | (508 | ) | |||
Total noncontrolling interests | 20,419 | 20,468 | |||||
TOTAL STOCKHOLDERS’ EQUITY | 439,120 | 212,990 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,916,768 | $ | 1,754,628 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
REVENUES | |||||||||||||||
Income from real property | $ | 75,746 | $ | 61,507 | $ | 154,811 | $ | 125,803 | |||||||
Revenue from home sales | 13,199 | 11,439 | 26,055 | 21,052 | |||||||||||
Rental home revenue | 7,977 | 6,511 | 15,338 | 12,802 | |||||||||||
Ancillary revenues, net | (27 | ) | (64 | ) | 444 | (12 | ) | ||||||||
Interest | 3,182 | 2,655 | 6,145 | 5,060 | |||||||||||
Other income, net | 74 | 175 | 270 | 435 | |||||||||||
Total revenues | 100,151 | 82,223 | 203,063 | 165,140 | |||||||||||
COSTS AND EXPENSES | |||||||||||||||
Property operating and maintenance | 22,268 | 17,168 | 42,214 | 33,194 | |||||||||||
Real estate taxes | 5,788 | 4,936 | 11,544 | 9,808 | |||||||||||
Cost of home sales | 9,383 | 8,971 | 19,199 | 16,744 | |||||||||||
Rental home operating and maintenance | 4,485 | 4,148 | 8,748 | 7,972 | |||||||||||
General and administrative - real property | 6,369 | 5,182 | 13,159 | 10,240 | |||||||||||
General and administrative - home sales and rentals | 2,812 | 2,082 | 5,246 | 4,080 | |||||||||||
Acquisition related costs | 1,108 | 423 | 2,150 | 587 | |||||||||||
Depreciation and amortization | 26,064 | 21,067 | 51,326 | 40,935 | |||||||||||
Interest | 18,201 | 16,781 | 37,065 | 33,578 | |||||||||||
Interest on mandatorily redeemable debt | 812 | 833 | 1,621 | 1,674 | |||||||||||
Total expenses | 97,290 | 81,591 | 192,272 | 158,812 | |||||||||||
Income before income taxes and distributions from affiliate | 2,861 | 632 | 10,791 | 6,328 | |||||||||||
Provision for state income taxes | (37 | ) | (53 | ) | (96 | ) | (106 | ) | |||||||
Distributions from affiliate | 450 | 1,900 | 850 | 2,650 | |||||||||||
Net income | 3,274 | 2,479 | 11,545 | 8,872 | |||||||||||
Less: Preferred return to Series A-1 preferred OP units | 646 | 579 | 1,219 | 1,158 | |||||||||||
Less: Preferred return to Series A-3 preferred OP units | 46 | — | 76 | — | |||||||||||
Less: Amounts attributable to noncontrolling interests | 33 | 237 | 443 | 674 | |||||||||||
Net income attributable to Sun Communities, Inc. | 2,549 | 1,663 | 9,807 | 7,040 | |||||||||||
Less: Series A preferred stock distributions | 1,514 | — | 3,028 | — | |||||||||||
Net income attributable to Sun Communities, Inc. common stockholders | $ | 1,035 | $ | 1,663 | $ | 6,779 | $ | 7,040 | |||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 35,887 | 26,469 | 33,331 | 26,028 | |||||||||||
Diluted | 35,907 | 26,485 | 33,348 | 26,045 | |||||||||||
Earnings per share: | |||||||||||||||
Basic | $ | 0.03 | $ | 0.06 | $ | 0.20 | $ | 0.27 | |||||||
Diluted | $ | 0.03 | $ | 0.06 | $ | 0.20 | $ | 0.27 | |||||||
Dividends per common share: | $ | 0.63 | $ | 0.63 | $ | 1.26 | $ | 1.26 | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income | $ | 3,274 | $ | 2,479 | $ | 11,545 | $ | 8,872 | |||||||
Unrealized gain on interest rate swaps | 85 | 343 | 177 | 599 | |||||||||||
Total comprehensive income | 3,359 | 2,822 | 11,722 | 9,471 | |||||||||||
Less: Comprehensive income attributable to the noncontrolling interests | 40 | 274 | 459 | 735 | |||||||||||
Comprehensive income attributable to Sun Communities, Inc. | $ | 3,319 | $ | 2,548 | $ | 11,263 | $ | 8,736 |
7.125% Series A Cumulative Redeemable Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Distributions in Excess of Accumulated Earnings | Treasury Stock | Non-controlling Interests | Total Stockholders' Equity | ||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 34 | $ | 316 | $ | 940,202 | $ | (696 | ) | $ | (683,734 | ) | $ | (63,600 | ) | $ | 20,468 | $ | 212,990 | ||||||||||||
Issuance of common stock from exercise of options, net | — | — | 149 | — | — | — | — | 149 | |||||||||||||||||||||||
Issuance and associated costs of common stock, net | — | 63 | 261,904 | — | — | — | — | 261,967 | |||||||||||||||||||||||
Issuance of preferred OP units | — | — | — | — | — | — | 3,463 | 3,463 | |||||||||||||||||||||||
Share-based compensation - amortization and forfeitures | — | — | 1,118 | — | 52 | — | — | 1,170 | |||||||||||||||||||||||
Net income | — | — | — | — | 11,102 | — | 443 | 11,545 | |||||||||||||||||||||||
Unrealized gain on interest rate swaps | — | — | — | 161 | — | — | 16 | 177 | |||||||||||||||||||||||
Distributions | — | — | — | — | (48,370 | ) | — | (3,971 | ) | (52,341 | ) | ||||||||||||||||||||
Balance as of June 30, 2013 | $ | 34 | $ | 379 | $ | 1,203,373 | $ | (535 | ) | $ | (720,950 | ) | $ | (63,600 | ) | $ | 20,419 | $ | 439,120 |
Six Months Ended June 30, | |||||||
2013 | 2012 | ||||||
OPERATING ACTIVITIES: | |||||||
Net income | $ | 11,545 | $ | 8,872 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Gain from dispositions | (1,713 | ) | (87 | ) | |||
Gain on valuation of derivative instruments | — | (4 | ) | ||||
Stock compensation expense | 1,170 | 688 | |||||
Depreciation and amortization | 49,425 | 40,010 | |||||
Amortization of deferred financing costs | 1,916 | 813 | |||||
Distributions from affiliate | (850 | ) | (2,650 | ) | |||
Change in notes receivable from financed sales of inventory homes, net of repayments | (2,738 | ) | (4,435 | ) | |||
Change in inventory, other assets and other receivables, net | 1,469 | 4,729 | |||||
Change in accounts payable and other liabilities | 216 | (4,452 | ) | ||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 60,440 | 43,484 | |||||
INVESTING ACTIVITIES: | |||||||
Investment in properties | (89,922 | ) | (60,930 | ) | |||
Acquisitions | (82,718 | ) | (24,482 | ) | |||
Investment in note receivable of acquired properties | (49,441 | ) | — | ||||
Proceeds related to affiliate dividend distribution | 850 | 2,650 | |||||
Proceeds related to disposition of land | — | 172 | |||||
Proceeds related to disposition of assets and depreciated homes, net | 697 | 1,211 | |||||
Increase in notes receivable, net | (144 | ) | (5,736 | ) | |||
NET CASH USED IN INVESTING ACTIVITIES | (220,678 | ) | (87,115 | ) | |||
FINANCING ACTIVITIES: | |||||||
Issuance and associated costs of common stock, OP units, and preferred OP units, net | 261,967 | 157,343 | |||||
Net proceeds from stock option exercise | 149 | 149 | |||||
Distributions to stockholders, OP unit holders, and preferred OP unit holders | (47,843 | ) | (34,184 | ) | |||
Borrowings on lines of credit | 189,392 | 71,635 | |||||
Payments on lines of credit | (200,887 | ) | (176,038 | ) | |||
Proceeds from issuance of other debt | 15,522 | 54,567 | |||||
Payments on other debt | (78,363 | ) | (30,521 | ) | |||
Payments for deferred financing costs | (2,719 | ) | (678 | ) | |||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 137,218 | 42,273 | |||||
Net decrease in cash and cash equivalents | (23,020 | ) | (1,358 | ) | |||
Cash and cash equivalents, beginning of period | 29,508 | 5,857 | |||||
Cash and cash equivalents, end of period | $ | 6,488 | $ | 4,499 | |||
SUPPLEMENTAL INFORMATION: | |||||||
Cash paid for interest | $ | 29,780 | $ | 28,519 | |||
Cash paid for interest on mandatorily redeemable debt | $ | 1,621 | $ | 1,677 | |||
Cash paid for state income taxes | $ | 219 | $ | 320 | |||
Noncash investing and financing activities: | |||||||
Unrealized gain on interest rate swaps | $ | 177 | $ | 599 | |||
Reduction in secured borrowing balance | $ | 7,299 | $ | 6,081 | |||
Change in dividends declared and outstanding | $ | 4,498 | $ | 2,935 | |||
Noncash investing and financing activities at the date of acquisition: | |||||||
Acquisitions - A-3 preferred OP units issued | $ | 3,463 | $ | — | |||
Acquisitions - release of note receivable and accrued interest | $ | 49,441 | $ | — |
2013 | ||||||||||||||||
At Acquisition Date | Morgan RV Properties | Jellystone | Big Timber Lake | Total | ||||||||||||
Investment in property | $ | 95,145 | $ | 8,264 | $ | 21,548 | $ | 124,957 | ||||||||
Inventory of manufactured homes | 4,253 | 1,490 | 350 | 6,093 | ||||||||||||
Notes and other receivables | 10,000 | — | — | 10,000 | ||||||||||||
In-place leases and other intangible assets | 2,664 | 390 | 580 | 3,634 | ||||||||||||
Other assets | 157 | 7 | 48 | 212 | ||||||||||||
Below market leases | — | — | (3,490 | ) | (3,490 | ) | ||||||||||
Other liabilities | (3,697 | ) | (930 | ) | (1,157 | ) | (5,784 | ) | ||||||||
Total identifiable assets and liabilities assumed | $ | 108,522 | $ | 9,221 | $ | 17,879 | $ | 135,622 | ||||||||
Consideration | ||||||||||||||||
Cash | $ | 55,618 | $ | 9,221 | $ | 17,879 | $ | 82,718 | ||||||||
Series A-3 preferred OP units | 3,463 | — | — | 3,463 | ||||||||||||
Extinguishment of note receivable | 49,441 | — | — | 49,441 | ||||||||||||
Fair value of total consideration transferred | $ | 108,522 | $ | 9,221 | $ | 17,879 | $ | 135,622 |
2012 | ||||||||||||||||||||||||||||||||
At Acquisition Date | Addtl Florida Properties | Blazing Star | Northville Crossing | Rainbow | Rudgate Acquisition and Managed Properties | Palm Creek | Lake in Wood | Total | ||||||||||||||||||||||||
Investment in property | $ | 25,384 | $ | 6,913 | $ | 30,814 | $ | 7,572 | $ | 123,754 | $ | 87,979 | $ | 14,457 | $ | 296,873 | ||||||||||||||||
Inventory of manufactured homes | 112 | 220 | 187 | 679 | 2,978 | — | — | 4,176 | ||||||||||||||||||||||||
Notes and other receivables | — | — | 1,169 | — | 3,002 | — | — | 4,171 | ||||||||||||||||||||||||
In-place leases | 180 | — | 260 | 40 | 8,110 | 2,058 | — | 10,648 | ||||||||||||||||||||||||
Other assets | — | 193 | — | — | 745 | 686 | 43 | 1,667 | ||||||||||||||||||||||||
Other liabilities | (1,194 | ) | (179 | ) | (221 | ) | (331 | ) | (1,832 | ) | (880 | ) | — | (4,637 | ) | |||||||||||||||||
Assumed debt | — | (4,104 | ) | — | — | (15,103 | ) | (43,619 | ) | (755 | ) | (63,581 | ) | |||||||||||||||||||
Total identifiable assets and liabilities assumed | $ | 24,482 | $ | 3,043 | $ | 32,209 | $ | 7,960 | $ | 121,654 | $ | 46,224 | $ | 13,745 | $ | 249,317 | ||||||||||||||||
Consideration | ||||||||||||||||||||||||||||||||
Cash (1) | $ | 24,482 | $ | 3,043 | $ | 32,209 | $ | 7,351 | $ | 54,054 | $ | 10,247 | $ | 13,745 | $ | 145,131 | ||||||||||||||||
New debt proceeds (2) (3) | — | — | — | 609 | 67,600 | 35,977 | — | 104,186 | ||||||||||||||||||||||||
Fair value of total consideration transferred | $ | 24,482 | $ | 3,043 | $ | 32,209 | $ | 7,960 | $ | 121,654 | $ | 46,224 | $ | 13,745 | $ | 249,317 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(unaudited) | |||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenue | $ | 13,312 | $ | 7,987 | $ | 26,863 | $ | 16,162 | |||||||
Net income | $ | 390 | $ | 354 | $ | 3,750 | $ | 2,034 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(unaudited) | |||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Total revenues | $ | 105,168 | $ | 94,372 | $ | 210,191 | $ | 189,976 | |||||||
Net income attributable to Sun Communities, Inc. shareholders | $ | 2,960 | $ | 4,579 | $ | 10,290 | $ | 13,830 | |||||||
Net income per share attributable to Sun Communities, Inc. shareholders - basic | $ | 0.08 | $ | 0.17 | $ | 0.31 | $ | 0.53 | |||||||
Net income per share attributable to Sun Communities, Inc. shareholders - diluted | $ | 0.08 | $ | 0.17 | $ | 0.31 | $ | 0.53 |
June 30, 2013 | December 31, 2012 | |||||||
Land | $ | 191,603 | $ | 178,993 | ||||
Land improvements and buildings | 1,738,992 | 1,608,825 | ||||||
Rental homes and improvements | 353,801 | 305,838 | ||||||
Furniture, fixtures, and equipment | 58,397 | 54,354 | ||||||
Land held for future development | 29,295 | 29,295 | ||||||
Investment property | 2,372,088 | 2,177,305 | ||||||
Accumulated depreciation | (695,275 | ) | (659,169 | ) | ||||
Investment property, net | $ | 1,676,813 | $ | 1,518,136 |
Number of Payments | Repurchase % | ||
Less than or equal to 15 | 100 | % | |
Greater than 15 but less than 64 | 90 | % | |
Equal to or greater than 64 but less than 120 | 65 | % | |
120 or more | 50 | % |
Six Months Ended | |||
June 30, 2013 | |||
Beginning balance | $ | 94,409 | |
Financed sales of manufactured homes | 15,523 | ||
Principal payments and payoffs from our customers | (2,927 | ) | |
Principal reduction from repurchased homes | (4,372 | ) | |
Total activity | 8,224 | ||
Ending balance | $ | 102,633 |
June 30, 2013 | December 31, 2012 | |||||||
Installment notes receivable on manufactured homes, net | $ | 24,437 | $ | 21,898 | ||||
Collateralized receivables, net (see Note 4) | 101,988 | 93,834 | ||||||
Other receivables, net | 34,330 | 24,118 | ||||||
Total notes and other receivables | $ | 160,755 | $ | 139,850 |
Six Months Ended | |||
June 30, 2013 | |||
Beginning balance | $ | 22,019 | |
Financed sales of manufactured homes | 4,584 | ||
Principal payments and payoffs from our customers | (1,720 | ) | |
Principal reduction from repossessed homes | (346 | ) | |
Total activity | 2,518 | ||
Ending balance | $ | 24,537 |
Six Months Ended | |||
June 30, 2013 | |||
Beginning balance | $ | (697 | ) |
Lower of cost or market write-downs | 243 | ||
Increase to reserve balance | (292 | ) | |
Total activity | (49 | ) | |
Ending balance | $ | (746 | ) |
6. | Intangibles |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(unaudited) | |||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenues | $ | 13,207 | $ | 14,982 | $ | 25,880 | $ | 31,275 | |||||||
Expenses | (13,034 | ) | (18,010 | ) | (27,560 | ) | (30,737 | ) | |||||||
Net loss | $ | 173 | $ | (3,028 | ) | $ | (1,680 | ) | $ | 538 |
June 30, 2013 | December 31, 2012 | ||||||
ASSETS | |||||||
Investment property, net | $ | 55,962 | $ | 56,326 | |||
Other assets | 4,286 | 4,598 | |||||
Total Assets | $ | 60,248 | $ | 60,924 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Debt | $ | 45,555 | $ | 45,900 | |||
Other liabilities | 4,070 | 1,773 | |||||
Noncontrolling interests | (627 | ) | (508 | ) | |||
Total Liabilities and Stockholders' Equity | $ | 48,998 | $ | 47,165 |
Principal Outstanding | Weighted Average Years to Maturity | Weighted Average Interest Rates | |||||||||||||||||
June 30, 2013 | December 31, 2012 | June 30, 2013 | December 31, 2012 | June 30, 2013 | December 31, 2012 | ||||||||||||||
Collateralized term loans - CMBS | $ | 684,921 | $ | 725,951 | 4.4 | 4.5 | 5.4 | % | 5.2 | % | |||||||||
Collateralized term loans - FNMA | 367,778 | 369,810 | 9.8 | 10.3 | 3.6 | % | 3.8 | % | |||||||||||
Aspen and Series B-3 preferred OP Units | 47,322 | 47,322 | 8.1 | 8.4 | 6.9 | % | 6.9 | % | |||||||||||
Secured borrowing (see Note 4) | 102,633 | 94,409 | 12.3 | 12.8 | 10.8 | % | 11.0 | % | |||||||||||
Mortgage notes, other | 150,835 | 186,228 | 6.3 | 6.2 | 4.6 | % | 4.3 | % | |||||||||||
Total debt | $ | 1,353,489 | $ | 1,423,720 | 6.7 | 6.8 | 5.3 | % | 5.2 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Brokerage commissions | $ | 232 | $ | 124 | $ | 549 | $ | 329 | |||||||
Other income (loss), net | (158 | ) | 51 | (279 | ) | 106 | |||||||||
Total other income, net | $ | 74 | $ | 175 | $ | 270 | $ | 435 |
Three Months Ended June 30, 2013 | Three Months Ended June 30, 2012 | ||||||||||||||||||||||
Real Property Operations | Home Sales and Home Rentals | Consolidated | Real Property Operations | Home Sales and Home Rentals | Consolidated | ||||||||||||||||||
Revenues | $ | 75,746 | $ | 21,176 | $ | 96,922 | $ | 61,507 | $ | 17,950 | $ | 79,457 | |||||||||||
Operating expenses/Cost of sales | 28,056 | 13,868 | 41,924 | 22,104 | 13,119 | 35,223 | |||||||||||||||||
Net operating income/Gross profit | 47,690 | 7,308 | 54,998 | 39,403 | 4,831 | 44,234 | |||||||||||||||||
Adjustments to arrive at net income (loss): | |||||||||||||||||||||||
Other revenues | 3,256 | (27 | ) | 3,229 | 2,830 | (64 | ) | 2,766 | |||||||||||||||
General and administrative | (6,369 | ) | (2,812 | ) | (9,181 | ) | (5,182 | ) | (2,082 | ) | (7,264 | ) | |||||||||||
Acquisition related costs | (1,108 | ) | — | (1,108 | ) | (423 | ) | — | (423 | ) | |||||||||||||
Depreciation and amortization | (17,410 | ) | (8,654 | ) | (26,064 | ) | (14,077 | ) | (6,990 | ) | (21,067 | ) | |||||||||||
Interest expense | (18,993 | ) | (20 | ) | (19,013 | ) | (17,605 | ) | (9 | ) | (17,614 | ) | |||||||||||
Distributions from affiliate | 450 | — | 450 | 1,900 | — | 1,900 | |||||||||||||||||
Provision for state income tax | (37 | ) | — | (37 | ) | (53 | ) | — | (53 | ) | |||||||||||||
Net income (loss) | 7,479 | (4,205 | ) | 3,274 | 6,793 | (4,314 | ) | 2,479 | |||||||||||||||
Less: Preferred return to A-1 preferred OP units | 646 | — | 646 | 579 | — | 579 | |||||||||||||||||
Less: Preferred return to A-3 preferred OP units | 46 | — | 46 | — | — | — | |||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 386 | (353 | ) | 33 | 800 | (563 | ) | 237 | |||||||||||||||
Net income (loss) attributable to Sun Communities, Inc. | 6,401 | (3,852 | ) | 2,549 | 5,414 | (3,751 | ) | 1,663 | |||||||||||||||
Less: 7.125% Series A Cumulative Preferred Stock Distributions | 1,514 | — | 1,514 | — | — | — | |||||||||||||||||
Net income (loss) attributable to Sun Communities, Inc. common stockholders | $ | 4,887 | $ | (3,852 | ) | $ | 1,035 | $ | 5,414 | $ | (3,751 | ) | $ | 1,663 |
Six Months Ended June 30, 2013 | Six Months Ended June 30, 2012 | ||||||||||||||||||||||
Real Property Operations | Home Sales and Home Rentals | Consolidated | Real Property Operations | Home Sales and Home Rentals | Consolidated | ||||||||||||||||||
Revenues | $ | 154,811 | $ | 41,393 | $ | 196,204 | $ | 125,803 | $ | 33,854 | $ | 159,657 | |||||||||||
Operating expenses/Cost of sales | 53,758 | 27,947 | 81,705 | 43,002 | 24,716 | 67,718 | |||||||||||||||||
Net operating income/Gross profit | 101,053 | 13,446 | 114,499 | 82,801 | 9,138 | 91,939 | |||||||||||||||||
Adjustments to arrive at net income (loss): | |||||||||||||||||||||||
Other revenues | 6,415 | 444 | 6,859 | 5,495 | (12 | ) | 5,483 | ||||||||||||||||
General and administrative | (13,159 | ) | (5,246 | ) | (18,405 | ) | (10,240 | ) | (4,080 | ) | (14,320 | ) | |||||||||||
Acquisition related costs | (2,150 | ) | — | (2,150 | ) | (587 | ) | — | (587 | ) | |||||||||||||
Depreciation and amortization | (34,206 | ) | (17,120 | ) | (51,326 | ) | (27,038 | ) | (13,897 | ) | (40,935 | ) | |||||||||||
Interest expense | (38,357 | ) | (329 | ) | (38,686 | ) | (35,166 | ) | (86 | ) | (35,252 | ) | |||||||||||
Distributions from affiliate | 850 | — | 850 | 2,650 | — | 2,650 | |||||||||||||||||
Provision for state income tax | (96 | ) | — | (96 | ) | (106 | ) | — | (106 | ) | |||||||||||||
Net income (loss) | 20,350 | (8,805 | ) | 11,545 | 17,809 | (8,937 | ) | 8,872 | |||||||||||||||
Less: Preferred return to A-1 preferred OP units | 1,219 | — | 1,219 | 1,158 | — | 1,158 | |||||||||||||||||
Less: Preferred return to A-3 preferred OP units | 76 | — | 76 | — | — | — | |||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 1,231 | (788 | ) | 443 | 1,657 | (983 | ) | 674 | |||||||||||||||
Net income (loss) attributable to Sun Communities, Inc. | 17,824 | (8,017 | ) | 9,807 | 14,994 | (7,954 | ) | 7,040 | |||||||||||||||
Less: 7.125% Series A Cumulative Preferred Stock Distributions | 3,028 | — | 3,028 | — | — | — | |||||||||||||||||
Net income (loss) attributable to Sun Communities, Inc. common stockholders | $ | 14,796 | $ | (8,017 | ) | $ | 6,779 | $ | 14,994 | $ | (7,954 | ) | $ | 7,040 |
June 30, 2013 | December 31, 2012 | ||||||||||||||||||||||
Real Property Operations | Home Sales and Home Rentals | Consolidated | Real Property Operations | Home Sales and Home Rentals | Consolidated | ||||||||||||||||||
Identifiable assets: | |||||||||||||||||||||||
Investment property, net | $ | 1,414,816 | $ | 261,997 | $ | 1,676,813 | $ | 1,296,753 | $ | 221,383 | $ | 1,518,136 | |||||||||||
Cash and cash equivalents | 6,449 | 39 | 6,488 | 29,071 | 437 | 29,508 | |||||||||||||||||
Inventory of manufactured homes | — | 9,091 | 9,091 | — | 7,527 | 7,527 | |||||||||||||||||
Notes and other receivables | 151,947 | 8,808 | 160,755 | 131,000 | 8,850 | 139,850 | |||||||||||||||||
Other assets | 59,776 | 3,845 | 63,621 | 54,959 | 4,648 | 59,607 | |||||||||||||||||
Total assets | $ | 1,632,988 | $ | 283,780 | $ | 1,916,768 | $ | 1,511,783 | $ | 242,845 | $ | 1,754,628 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
Numerator | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Basic earnings: net income attributable to common stockholders | $ | 1,035 | $ | 1,663 | $ | 6,779 | $ | 7,040 | ||||||||
Add: amounts attributable to common noncontrolling interests | — | — | — | — | ||||||||||||
Diluted earnings: net income available to common stockholders and unitholders | $ | 1,035 | $ | 1,663 | $ | 6,779 | $ | 7,040 | ||||||||
Denominator | ||||||||||||||||
Weighted average common shares outstanding | 35,479 | 26,188 | 32,954 | 25,749 | ||||||||||||
Weighted average unvested restricted stock outstanding | 408 | 281 | 377 | 279 | ||||||||||||
Basic weighted average common shares and unvested restricted stock outstanding | 35,887 | 26,469 | 33,331 | 26,028 | ||||||||||||
Add: dilutive securities | 20 | 16 | 17 | 17 | ||||||||||||
Diluted weighted average common shares and securities | 35,907 | 26,485 | 33,348 | 26,045 | ||||||||||||
Earnings per share available to common stockholders: | ||||||||||||||||
Basic | $ | 0.03 | $ | 0.06 | $ | 0.20 | $ | 0.27 | ||||||||
Diluted | $ | 0.03 | $ | 0.06 | $ | 0.20 | $ | 0.27 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Common OP units | 2,069 | 2,071 | 2,069 | 2,070 | ||||||||
Series A-1 preferred OP units | 1,111 | 1,111 | 1,111 | 1,111 | ||||||||
Series A-3 preferred OP units | 75 | — | 59 | — | ||||||||
Aspen preferred OP units | 526 | 526 | 526 | 526 | ||||||||
Total securities | 3,781 | 3,708 | 3,765 | 3,707 |
Type | Purpose | Effective Date | Maturity Date | Notional (in millions) | Based on | Variable Rate | Fixed Rate | Spread | Effective Fixed Rate | |||||||||||
Swap | Floating to Fixed Rate | 1/1/2009 | 1/1/2014 | $ | 20.0 | 3 Month LIBOR | 0.2826% | 2.1450% | 1.8700% | 4.0150% | ||||||||||
Cap | Cap Floating Rate | 4/1/2012 | 4/1/2015 | $ | 152.4 | 3 Month LIBOR | 0.2836% | 11.2650% | —% | N/A | ||||||||||
Cap | Cap Floating Rate | 10/3/2011 | 10/3/2016 | $ | 10.0 | 3 Month LIBOR | 0.2836% | 11.0200% | —% | N/A |
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||
Derivatives designated as hedging instruments | June 30, 2013 | December 31, 2012 | June 30, 2013 | December 31, 2012 | |||||||||||||||
Interest rate swaps and cap agreement | Other assets | $ | — | $ | — | Other liabilities | $ | 282 | $ | 459 | |||||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | 282 | $ | 459 |
Derivatives in cash flow hedging | Amount of Gain or (Loss) Recognized in OCI (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | |||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Interest rate swaps and cap agreement | $ | 85 | $ | 343 | Interest expense | $ | — | $ | — | Interest expense | $ | — | $ | — | ||||||||||||||
Total | $ | 85 | $ | 343 | Total | $ | — | $ | — | Total | $ | — | $ | — |
Derivatives in cash flow hedging | Amount of Gain or (Loss) Recognized in OCI (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | |||||||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Interest rate swaps and cap agreement | $ | 177 | $ | 599 | Interest expense | $ | — | $ | — | Interest expense | $ | — | $ | 3 | ||||||||||||||
Total | $ | 177 | $ | 599 | Total | $ | — | $ | — | Total | $ | — | $ | 3 |
June 30, 2013 | December 31, 2012 | |||||||||||||||
Financial assets | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Installment notes on manufactured homes, net | $ | 24,437 | $ | 24,437 | $ | 21,898 | $ | 21,898 | ||||||||
Collateralized receivables, net | $ | 101,988 | $ | 101,988 | $ | 93,834 | $ | 93,834 | ||||||||
Financial liabilities | ||||||||||||||||
Derivative instruments | $ | 282 | $ | 282 | $ | 459 | $ | 459 | ||||||||
Long term debt (excluding secured borrowing) | $ | 1,250,856 | $ | 1,274,691 | $ | 1,329,311 | $ | 1,355,331 | ||||||||
Secured borrowing | $ | 102,633 | $ | 102,633 | $ | 94,409 | $ | 94,409 | ||||||||
Lines of credit | $ | 18,286 | $ | 18,286 | $ | 29,781 | $ | 29,781 |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Three Months Ended June 30, | ||||||||
2013 | 2012 | |||||||
Real Property NOI | $ | 47,690 | $ | 39,403 | ||||
Rental Program NOI | 14,958 | 11,845 | ||||||
Home Sales NOI/Gross Profit | 3,816 | 2,468 | ||||||
Site rent from Rental Program (included in Real Property NOI) | (11,466 | ) | (9,482 | ) | ||||
NOI/Gross profit | 54,998 | 44,234 | ||||||
Adjustments to arrive at net income: | ||||||||
Other revenues | 3,229 | 2,766 | ||||||
General and administrative | (9,181 | ) | (7,264 | ) | ||||
Acquisition related costs | (1,108 | ) | (423 | ) | ||||
Depreciation and amortization | (26,064 | ) | (21,067 | ) | ||||
Interest expense | (19,013 | ) | (17,614 | ) | ||||
Provision for state income taxes | (37 | ) | (53 | ) | ||||
Distributions from affiliate | 450 | 1,900 | ||||||
Net income | 3,274 | 2,479 | ||||||
Less: Preferred return to A-1 preferred OP units | 646 | 579 | ||||||
Less: Preferred return to A-3 preferred OP units | 46 | — | ||||||
Less: Amounts attributable to noncontrolling interests | 33 | 237 | ||||||
Net income attributable to Sun Communities, Inc. | 2,549 | 1,663 | ||||||
Less: Series A Preferred Stock Distributions | 1,514 | — | ||||||
Net income attributable to Sun Communities, Inc. common stockholders | $ | 1,035 | $ | 1,663 |
Three Months Ended June 30, | |||||||||||||||
Financial Information (in thousands) | 2013 | 2012 | Change | % Change | |||||||||||
Income from Real Property | $ | 75,746 | $ | 61,507 | $ | 14,239 | 23.2 | % | |||||||
Property operating expenses: | |||||||||||||||
Payroll and benefits | 7,202 | 4,803 | 2,399 | 49.9 | % | ||||||||||
Legal, taxes, & insurance | 947 | 728 | 219 | 30.1 | % | ||||||||||
Utilities | 8,842 | 7,117 | 1,725 | 24.2 | % | ||||||||||
Supplies and repair | 3,491 | 3,141 | 350 | 11.1 | % | ||||||||||
Other | 1,786 | 1,379 | 407 | 29.5 | % | ||||||||||
Real estate taxes | 5,788 | 4,936 | 852 | 17.3 | % | ||||||||||
Property operating expenses | 28,056 | 22,104 | 5,952 | 26.9 | % | ||||||||||
Real Property NOI | $ | 47,690 | $ | 39,403 | $ | 8,287 | 21.0 | % |
As of June 30, | ||||||||||||
Other Information | 2013 | 2012 | Change | |||||||||
Number of properties | 185 | 162 | 23 | |||||||||
Developed sites | 68,542 | 55,921 | 12,621 | |||||||||
Occupied sites (1) (2) | 54,082 | 45,101 | 8,981 | |||||||||
Occupancy % (1) | 89.2 | % | 86.8 | % | 2.4 | % | ||||||
Weighted average monthly site rent - MH (3) | $ | 438 | $ | 427 | $ | 11 | ||||||
Weighted average monthly site rent - Annual RV (3) | $ | 396 | $ | 402 | $ | (6 | ) | |||||
Sites available for development | 6,699 | 6,451 | 248 |
(1) | Occupied sites and occupancy % include manufactured housing and annual RV sites, and exclude transient RV sites. |
(2) | Occupied sites include 1,897 sites acquired in 2013 and 4,989 sites acquired in 2012. |
(3) | Weighted average rent pertains to manufactured housing and annual RV sites and excludes transient RV sites. |
Three Months Ended June 30, | |||||||||||||||
Financial Information (in thousands) | 2013 | 2012 | Change | % Change | |||||||||||
Income from Real Property | $ | 60,143 | $ | 57,335 | $ | 2,808 | 4.9 | % | |||||||
Property operating expenses: | |||||||||||||||
Payroll and benefits | 5,290 | 4,879 | 411 | 8.4 | % | ||||||||||
Legal, taxes, & insurance | 798 | 718 | 80 | 11.1 | % | ||||||||||
Utilities | 3,457 | 3,332 | 125 | 3.8 | % | ||||||||||
Supplies and repair | 2,850 | 3,057 | (207 | ) | (6.8 | )% | |||||||||
Other | 1,265 | 1,118 | 147 | 13.1 | % | ||||||||||
Real estate taxes | 4,966 | 4,884 | 82 | 1.7 | % | ||||||||||
Property operating expenses | 18,626 | 17,988 | 638 | 3.5 | % | ||||||||||
Real Property NOI | $ | 41,517 | $ | 39,347 | $ | 2,170 | 5.5 | % |
As of June 30, | ||||||||||||
Other Information | 2013 | 2012 | Change | |||||||||
Number of properties | 159 | 159 | — | |||||||||
Developed sites | 55,301 | 54,743 | 558 | |||||||||
Occupied sites (1) | 46,310 | 44,909 | 1,401 | |||||||||
Occupancy % (1) (2) | 88.6 | % | 86.8 | % | 1.8 | % | ||||||
Weighted average monthly rent per site - MH (3) | $ | 439 | $ | 427 | $ | 12 | ||||||
Weighted average monthly rent per site - Annual RV (3) | $ | 419 | $ | 407 | $ | 12 | ||||||
Sites available for development | 5,834 | 6,451 | (617 | ) |
(1) | Occupied sites and occupancy % include manufactured housing and annual RV sites, and exclude transient RV sites. |
(2) | Occupancy % excludes recently completed but vacant expansion sites. |
(3) | Weighted average rent pertains to manufactured housing and annual RV sites and excludes transient RV sites. |
Three Months Ended June 30, | |||||||||||||||
Financial Information | 2013 | 2012 | Change | % Change | |||||||||||
Rental home revenue | $ | 7,977 | $ | 6,511 | $ | 1,466 | 22.5 | % | |||||||
Site rent from Rental Program (1) | 11,466 | 9,482 | 1,984 | 20.9 | % | ||||||||||
Rental Program revenue | 19,443 | 15,993 | 3,450 | 21.6 | % | ||||||||||
Expenses | |||||||||||||||
Commissions | 615 | 545 | 70 | 12.8 | % | ||||||||||
Repairs and refurbishment | 1,915 | 2,033 | (118 | ) | (5.8 | )% | |||||||||
Taxes and insurance | 1,014 | 828 | 186 | 22.5 | % | ||||||||||
Marketing and other | 941 | 742 | 199 | 26.8 | % | ||||||||||
Rental Program operating and maintenance | 4,485 | 4,148 | 337 | 8.1 | % | ||||||||||
Rental Program NOI | $ | 14,958 | $ | 11,845 | $ | 3,113 | 26.3 | % | |||||||
Other Information | |||||||||||||||
Number of occupied rentals, end of period* | 8,978 | 7,699 | 1,279 | 16.6 | % | ||||||||||
Investment in occupied rental homes | $ | 323,696 | $ | 264,956 | $ | 58,740 | 22.2 | % | |||||||
Number of sold rental homes* | 214 | 251 | (37 | ) | (14.7 | )% | |||||||||
Weighted average monthly rental rate* | $ | 788 | $ | 767 | $ | 21 | 2.7 | % |
(1) | The renter’s monthly payment includes the site rent and an amount attributable to the leasing of the home. The site rent is reflected in the Real Property Operations segment. For purposes of management analysis, the site rent is included in the Rental Program revenue to evaluate the incremental revenue gains associated with implementation of the Rental Program, and assess the overall growth and performance of Rental Program and financial impact to our operations. |
Three Months Ended June 30, | |||||||||||||||
Financial Information | 2013 | 2012 | Change | % Change | |||||||||||
New home sales | $ | 1,250 | $ | 1,312 | $ | (62 | ) | (4.7 | )% | ||||||
Pre-owned home sales | 11,949 | 10,127 | 1,822 | 18.0 | % | ||||||||||
Revenue from homes sales | 13,199 | 11,439 | 1,760 | 15.4 | % | ||||||||||
New home cost of sales | 1,106 | 1,116 | (10 | ) | (0.9 | )% | |||||||||
Pre-owned home cost of sales | 8,277 | 7,855 | 422 | 5.4 | % | ||||||||||
Cost of home sales | 9,383 | 8,971 | 412 | 4.6 | % | ||||||||||
NOI / Gross profit | $ | 3,816 | $ | 2,468 | $ | 1,348 | 54.6 | % | |||||||
Gross profit – new homes | $ | 144 | $ | 196 | $ | (52 | ) | (26.5 | )% | ||||||
Gross margin % – new homes | 11.5 | % | 14.9 | % | (3.4 | ) | (22.8 | )% | |||||||
Gross profit – pre-owned homes | $ | 3,672 | $ | 2,272 | $ | 1,400 | 61.6 | % | |||||||
Gross margin % – pre-owned homes | 30.7 | % | 22.4 | % | 8.3 | 37.0 | % | ||||||||
Statistical Information | |||||||||||||||
Home sales volume: | |||||||||||||||
New home sales | 20 | 20 | — | — | % | ||||||||||
Pre-owned home sales | 460 | 437 | 23 | 5.3 | % | ||||||||||
Total homes sold | 480 | 457 | 23 | 5.0 | % |
Six Months Ended June 30, | ||||||||
2013 | 2012 | |||||||
Real Property NOI | $ | 101,053 | $ | 82,801 | ||||
Rental Program NOI | 28,821 | 23,357 | ||||||
Home Sales NOI/Gross Profit | 6,856 | 4,308 | ||||||
Site rent from Rental Program (included in Real Property NOI) | (22,231 | ) | (18,527 | ) | ||||
NOI/Gross profit | 114,499 | 91,939 | ||||||
Adjustments to arrive at net income: | ||||||||
Other revenues | 6,859 | 5,483 | ||||||
General and administrative | (18,405 | ) | (14,320 | ) | ||||
Acquisition related costs | (2,150 | ) | (587 | ) | ||||
Depreciation and amortization | (51,326 | ) | (40,935 | ) | ||||
Interest expense | (38,686 | ) | (35,252 | ) | ||||
Provision for state income taxes | (96 | ) | (106 | ) | ||||
Distributions from affiliate | 850 | 2,650 | ||||||
Net income | 11,545 | 8,872 | ||||||
Less: Preferred return to A-1 preferred OP units | 1,219 | 1,158 | ||||||
Less: Preferred return to A-3 preferred OP units | 76 | — | ||||||
Less: Amounts attributable to noncontrolling interests | 443 | 674 | ||||||
Net income attributable to Sun Communities, Inc. | 9,807 | 7,040 | ||||||
Less: Series A Preferred Stock Distributions | 3,028 | — | ||||||
Net income attributable to Sun Communities, Inc. common stockholders | $ | 6,779 | $ | 7,040 |
Six Months Ended June 30, | |||||||||||||||
Financial Information (in thousands) | 2013 | 2012 | Change | % Change | |||||||||||
Income from Real Property | $ | 154,811 | $ | 125,803 | $ | 29,008 | 23.1 | % | |||||||
Property operating expenses: | |||||||||||||||
Payroll and benefits | 13,441 | 9,314 | 4,127 | 44.3 | % | ||||||||||
Legal, taxes, & insurance | 2,153 | 1,432 | 721 | 50.3 | % | ||||||||||
Utilities | 17,945 | 14,513 | 3,432 | 23.6 | % | ||||||||||
Supplies and repair | 5,195 | 4,888 | 307 | 6.3 | % | ||||||||||
Other | 3,480 | 3,047 | 433 | 14.2 | % | ||||||||||
Real estate taxes | 11,544 | 9,808 | 1,736 | 17.7 | % | ||||||||||
Property operating expenses | 53,758 | 43,002 | 10,756 | 25.0 | % | ||||||||||
Real Property NOI | $ | 101,053 | $ | 82,801 | $ | 18,252 | 22.0 | % |
As of June 30, | ||||||||||||
Other Information | 2013 | 2012 | Change | |||||||||
Number of properties | 185 | 162 | 23 | |||||||||
Developed sites | 68,542 | 55,921 | 12,621 | |||||||||
Occupied sites (1) (2) | 54,082 | 45,101 | 8,981 | |||||||||
Occupancy % (1) | 89.2 | % | 86.8 | % | 2.4 | % | ||||||
Weighted average monthly site rent - MH (3) | $ | 438 | $ | 427 | $ | 11 | ||||||
Weighted average monthly site rent - Annual RV (3) | $ | 396 | $ | 402 | $ | (6 | ) | |||||
Sites available for development | 6,699 | 6,451 | 248 |
(1) | Occupied sites and occupancy % include manufactured housing and annual RV sites, and exclude transient RV sites. |
(2) | Occupied sites include 1,897 sites acquired in 2013 and 4,989 sites acquired in 2012. |
(3) | Weighted average rent pertains to manufactured housing and annual RV sites and excludes transient RV sites. |
Six Months Ended June 30, | |||||||||||||||
Financial Information (in thousands) | 2013 | 2012 | Change | % Change | |||||||||||
Income from Real Property | $ | 123,078 | $ | 117,324 | $ | 5,754 | 4.9 | % | |||||||
Property operating expenses: | |||||||||||||||
Payroll and benefits | 10,288 | 9,554 | 734 | 7.7 | % | ||||||||||
Legal, taxes, & insurance | 1,855 | 1,418 | 437 | 30.8 | % | ||||||||||
Utilities | 7,153 | 6,925 | 228 | 3.3 | % | ||||||||||
Supplies and repair | 4,333 | 4,783 | (450 | ) | (9.4 | )% | |||||||||
Other | 2,613 | 2,561 | 52 | 2.0 | % | ||||||||||
Real estate taxes | 9,923 | 9,739 | 184 | 1.9 | % | ||||||||||
Property operating expenses | 36,165 | 34,980 | 1,185 | 3.4 | % | ||||||||||
Real Property NOI | $ | 86,913 | $ | 82,344 | $ | 4,569 | 5.5 | % |
As of June 30, | ||||||||||||
Other Information | 2013 | 2012 | Change | |||||||||
Number of properties | 159 | 159 | — | |||||||||
Developed sites | 55,301 | 54,743 | 558 | |||||||||
Occupied sites (1) | 46,310 | 44,909 | 1,401 | |||||||||
Occupancy % (1) (2) | 88.6 | % | 86.8 | % | 1.8 | % | ||||||
Weighted average monthly rent per site - MH (3) | $ | 439 | $ | 427 | $ | 12 | ||||||
Weighted average monthly rent per site - Annual RV (3) | $ | 419 | $ | 407 | $ | 12 | ||||||
Sites available for development | 5,834 | 6,451 | (617 | ) |
1) | Occupied sites and occupancy % include manufactured housing and annual RV sites, and exclude transient RV sites. |
(2) | Occupancy % excludes recently completed but vacant expansion sites. |
(3) | Weighted average rent pertains to manufactured housing and annual RV sites and excludes transient RV sites. |
Six Months Ended June 30, | |||||||||||||||
Financial Information | 2013 | 2012 | Change | % Change | |||||||||||
Rental home revenue | $ | 15,338 | $ | 12,802 | $ | 2,536 | 19.8 | % | |||||||
Site rent from Rental Program (1) | 22,231 | 18,527 | 3,704 | 20.0 | % | ||||||||||
Rental Program revenue | 37,569 | 31,329 | 6,240 | 19.9 | % | ||||||||||
Expenses | |||||||||||||||
Commissions | 1,254 | 1,078 | 176 | 16.3 | % | ||||||||||
Repairs and refurbishment | 3,677 | 3,879 | (202 | ) | (5.2 | )% | |||||||||
Taxes and insurance | 2,100 | 1,633 | 467 | 28.6 | % | ||||||||||
Marketing and other | 1,717 | 1,382 | 335 | 24.2 | % | ||||||||||
Rental Program operating and maintenance | 8,748 | 7,972 | 776 | 9.7 | % | ||||||||||
Rental Program NOI | $ | 28,821 | $ | 23,357 | $ | 5,464 | 23.4 | % | |||||||
Other Information | |||||||||||||||
Number of occupied rentals, end of period* | 8,978 | 7,699 | 1,279 | 16.6 | % | ||||||||||
Investment in occupied rental homes | $ | 323,696 | $ | 264,956 | $ | 58,740 | 22.2 | % | |||||||
Number of sold rental homes* | 450 | 469 | (19 | ) | (4.1 | )% | |||||||||
Weighted average monthly rental rate* | $ | 788 | $ | 767 | $ | 21 | 2.7 | % |
(1) | The renter’s monthly payment includes the site rent and an amount attributable to the leasing of the home. The site rent is reflected in the Real Property Operations segment. For purposes of management analysis, the site rent is included in the Rental Program revenue to evaluate the incremental revenue gains associated with implementation of the Rental Program, and assess the overall growth and performance of the Rental Program and financial impact to our operations. |
Six Months Ended June 30, | |||||||||||||||
Financial Information | 2013 | 2012 | Change | % Change | |||||||||||
New home sales | $ | 2,326 | $ | 2,634 | $ | (308 | ) | (11.7 | )% | ||||||
Pre-owned home sales | 23,729 | 18,418 | 5,311 | 28.8 | % | ||||||||||
Revenue from homes sales | 26,055 | 21,052 | 5,003 | 23.8 | % | ||||||||||
New home cost of sales | 2,021 | 2,271 | (250 | ) | (11.0 | )% | |||||||||
Pre-owned home cost of sales | 17,178 | 14,473 | 2,705 | 18.7 | % | ||||||||||
Cost of home sales | 19,199 | 16,744 | 2,455 | 14.7 | % | ||||||||||
NOI / Gross profit | $ | 6,856 | $ | 4,308 | $ | 2,548 | 59.1 | % | |||||||
Gross profit – new homes | $ | 305 | $ | 363 | $ | (58 | ) | (16.0 | )% | ||||||
Gross margin % – new homes | 13.1 | % | 13.8 | % | (0.7 | ) | (4.9 | )% | |||||||
Gross profit – pre-owned homes | $ | 6,551 | $ | 3,945 | $ | 2,606 | 66.1 | % | |||||||
Gross margin % – pre-owned homes | 27.6 | % | 21.4 | % | 6.2 | 28.9 | % | ||||||||
Statistical Information | |||||||||||||||
Home sales volume: | |||||||||||||||
New home sales | 34 | 38 | (4 | ) | (10.5 | )% | |||||||||
Pre-owned home sales | 912 | 820 | 92 | 11.2 | % | ||||||||||
Total homes sold | 946 | 858 | 88 | 10.3 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income attributable to Sun Communities, Inc. common stockholders | $ | 1,035 | $ | 1,663 | $ | 6,779 | $ | 7,040 | |||||||
Adjustments: | |||||||||||||||
Preferred return to Series A-1 preferred OP units | 646 | 579 | 1,219 | 1,158 | |||||||||||
Preferred return to Series A-3 preferred OP units | 46 | — | 76 | — | |||||||||||
Amounts attributable to noncontrolling interests | 33 | 237 | 443 | 674 | |||||||||||
Depreciation and amortization | 26,242 | 21,318 | 51,684 | 41,433 | |||||||||||
Gain on disposition of assets, net | (2,102 | ) | (1,101 | ) | (3,615 | ) | (1,897 | ) | |||||||
Funds from operations ("FFO") | 25,900 | 22,696 | 56,586 | 48,408 | |||||||||||
Adjustments: | |||||||||||||||
Acquisition related costs | 1,108 | 423 | 2,150 | 587 | |||||||||||
FFO excluding certain items | $ | 27,008 | $ | 23,119 | $ | 58,736 | $ | 48,995 | |||||||
Weighted average common shares outstanding: | 35,479 | 26,188 | 32,954 | 25,749 | |||||||||||
Add: | |||||||||||||||
Common OP Units | 2,069 | 2,071 | 2,069 | 2,072 | |||||||||||
Restricted stock | 408 | 281 | 377 | 279 | |||||||||||
Common stock issuable upon conversion of Series A-1 preferred OP units | 1,111 | 1,111 | 1,111 | 1,111 | |||||||||||
Common stock issuable upon conversion of Series A-3 preferred OP units | 75 | — | 59 | — | |||||||||||
Common stock issuable upon conversion of stock options | 20 | 16 | 17 | 17 | |||||||||||
Weighted average common shares outstanding - fully diluted | 39,162 | 29,667 | 36,587 | 29,228 | |||||||||||
FFO per share - fully diluted | $ | 0.66 | $ | 0.77 | $ | 1.56 | $ | 1.66 | |||||||
FFO per share excluding certain items - fully diluted | $ | 0.69 | $ | 0.78 | $ | 1.62 | $ | 1.68 |
Six Months Ended June 30, | ||||||||
2013 | 2012 | |||||||
Net Cash Provided by Operating Activities | $ | 60,440 | $ | 43,484 | ||||
Net Cash Used in Investing Activities | $ | (220,678 | ) | $ | (87,115 | ) | ||
Net Cash Provided by Financing Activities | $ | 137,218 | $ | 42,273 |
Covenant | Must Be | As of June 30, 2013 | ||
Maximum Leverage Ratio | <68.5% | 44.5% | ||
Minimum Fixed Charge Coverage Ratio | >1.40 | 2.17 | ||
Minimum Tangible Net Worth | >$850,141 | $1,129,513 | ||
Maximum Dividend Payout Ratio | <95.0% | 74.8% |
• | changes in general economic conditions, the real estate industry and the markets in which we operate; |
• | difficulties in our ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully; |
• | our liquidity and refinancing demands; |
• | our ability to obtain or refinance maturing debt; |
• | our ability to maintain compliance with covenants contained in our debt facilities; |
• | availability of capital; |
• | difficulties in completing acquisitions; |
• | our failure to maintain effective internal control over financial reporting and disclosure controls and procedures; |
• | increases in interest rates and operating costs, including insurance premiums and real property taxes; |
• | risks related to natural disasters; |
• | general volatility of the capital markets and the market price of shares of our capital stock; |
• | our failure to maintain our status as a REIT; |
• | changes in real estate and zoning laws and regulations; |
• | legislative or regulatory changes, including changes to laws governing the taxation of REITs; |
• | litigation, judgments or settlements; |
• | our ability to maintain rental rates and occupancy levels; |
• | competitive market forces; and |
• | the ability of manufactured home buyers to obtain financing and the level of repossessions by manufactured home lenders |
Exhibit No. | Description | Method of Filing |
10.1 | Credit Agreement, dated May 15, 2013, among Sun Communities Operating Limited Partnership, as Borrower, Citibank, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Joint Lead Arrangers and Joint Book Managers, Bank of America, N.A., as Syndication Agent, BMO Capital Markets, as Joint Lead Arranger, and Bank of Montreal and Fifth Third Bank, as Co-Documentation Agents | (1) |
10.2* | Employment Agreement dated June 20, 2013 among Sun Communities, Inc., Sun Communities Operating Limited Partnership and Gary A. Shiffman | (2) |
31.1 | Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15(d)-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | (3) |
31.2 | Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15(d)-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | (3) |
32.1 | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | (3) |
101** | The following Sun Communities, Inc. financial information for the quarter ended June 30, 2013, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets (unaudited), (ii) Consolidated Statements of Operations (unaudited), (iii) Consolidated Statements of Comprehensive Income (unaudited), (iv) Consolidated Statement of Stockholders' Equity (unaudited), (v) Consolidated Statements of Cash Flows (unaudited) and (vi) Notes to Consolidated Financial Statements (unaudited). | (3) |
(1) | Incorporated by reference to Sun Communities, Inc.'s Current Report on Form 8-K dated May 15, 2013 |
(2) | Incorporated by reference to Sun Communities, Inc.'s Current Report on Form 8-K dated June 20, 2013 |
(3) | Filed herewith. |
* | 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. |
Dated: July 25, 2013 | By: | /s/ Karen J. Dearing |
Karen J. Dearing, Chief Financial Officer and Secretary (Duly authorized officer and principal financial officer) |
Exhibit No. | Description | Method of Filing |
10.1 | Credit Agreement, dated May 15, 2013, among Sun Communities Operating Limited Partnership, as Borrower, Citibank, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Joint Lead Arrangers and Joint Book Managers, Bank of America, N.A., as Syndication Agent, BMO Capital Markets, as Joint Lead Arranger, and Bank of Montreal and Fifth Third Bank, as Co-Documentation Agents | (1) |
10.2* | Employment Agreement dated June 20, 2013 among Sun Communities, Inc., Sun Communities Operating Limited Partnership and Gary A. Shiffman | (2) |
31.1 | Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15(d)-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | (3) |
31.2 | Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15(d)-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | (3) |
32.1 | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | (3) |
101** | The following Sun Communities, Inc. financial information for the quarter ended June 30, 2013, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets (unaudited), (ii) Consolidated Statements of Operations (unaudited), (iii) Consolidated Statements of Comprehensive Income (unaudited), (iv) Consolidated Statement of Stockholders' Equity (unaudited), (v) Consolidated Statements of Cash Flows (unaudited) and (vi) Notes to Consolidated Financial Statements (unaudited). | (3) |
(1) | Incorporated by reference to Sun Communities, Inc.'s Current Report on Form 8-K dated May 15, 2013 |
(2) | Incorporated by reference to Sun Communities, Inc.'s Current Report on Form 8-K dated June 20, 2013 |
(3) | Filed herewith. |
* | 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. |
1. | I have reviewed this quarterly report on Form 10-Q 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: July 25, 2013 | /s/ Gary A. Shiffman |
Gary A. Shiffman, Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q 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: July 25, 2013 | /s/ Karen J. Dearing |
Karen J. Dearing, Chief Financial Officer |
Signature | Date |
/s/ Gary A. Shiffman | July 25, 2013 |
Gary A. Shiffman, Chief Executive Officer | |
/s/ Karen J. Dearing | July 25, 2013 |
Karen J. Dearing, Chief Financial Officer |
Commitments And Contingencies (Details) (USD $)
|
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2011
TJ Holdings, LLC [Member]
|
Mar. 31, 2011
Minimum [Member]
TJ Holdings, LLC [Member]
|
Mar. 31, 2011
Maximum [Member]
TJ Holdings, LLC [Member]
|
Feb. 08, 2013
Morgan 10 [Member]
|
Feb. 08, 2013
RV community [Member]
Morgan 10 [Member]
properties
|
|
Loss Contingencies [Line Items] | |||||
Cash | $ 55,618,000 | $ 112,800,000 | |||
Payments for Legal Settlements | $ 360,000 | ||||
Loss Contingency, Settlement Agreement, Closing Stock Price Determination, Period Preceeding Qualifying Event with Joint Venture Properties | 30 days | ||||
Loss Contingency, Settlement Agreement, Ownership Percentage, After Qualifying Event with Joint Venture Properties | 9.03% | 28.99% | |||
Number of properties | 10 |
Equity Transactions
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Stockholders' Equity Note [Abstract] | |
Equity Transactions | Equity Transactions In March 2013, we closed an underwritten registered public offering of 5,750,000 shares of common stock at a price of $45.25 per share. The net proceeds from the offering were $249.5 million after deducting underwriting discounts and the expenses related to the offering. We used a portion of the proceeds to pay down debt. We used the remaining net proceeds of the offering to fund potential future acquisitions of properties and for working capital and general corporate purposes. In February 2013, we issued $4.0 million of A-3 preferred OP units in connection with the Morgan RV Properties acquisition (see Note 2). A-3 preferred OP unit holders can convert the A-3 preferred OP units into shares of common stock based upon a conversion price of $53.75 per share. The A-3 preferred OP unit holders receive a preferred return of 4.5% per year. In November 2004, our Board of Directors authorized us to repurchase up to 1,000,000 shares of our common stock. We have 400,000 common shares remaining in the repurchase program. No common shares were repurchased during 2013 or 2012. There is no expiration date specified for the buyback program. Common OP unit holders can convert their common OP units into an equivalent number of shares of common stock at any time. During the three and six months ended June 30, 2013, there were no units converted to common stock. During the three and six months ended June 30, 2012, holders of common OP units converted 2,000 units to common stock. Cash dividends of $0.63 per share were declared for the quarter ended June 30, 2013. On July 19, 2013 cash payments of approximately $24.1 million for aggregate dividends, distributions and dividend equivalents were made to common stockholders, Common OP unitholders and restricted stockholders of record as of June 28, 2013. In addition, cash dividends of $0.4475 per share were declared on the Company's Series A cumulative redeemable preferred stock. On July 15, 2013 cash payments of approximately $1.5 million for aggregate dividends were made to Series A cumulative redeemable preferred stock holders of record as of July 2, 2013. |
Notes And Other Receivables Other Receivables Narrative(Details) (USD $)
|
Jun. 30, 2013
|
Dec. 31, 2012
|
Feb. 08, 2013
Morgan 10 [Member]
|
---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other receivables for rent, water, sewer usage | $ 4,400,000 | $ 4,100,000 | |
Allowance for rent, water, sewer usage receivables | (400,000) | (500,000) | |
Home sale proceeds | 5,700,000 | 6,100,000 | |
Insurance receivables | 2,100,000 | 1,700,000 | |
Insurance Settlements Receivable | 3,700,000 | 3,700,000 | |
Note receivable related to acquistion | 5,000,000 | ||
Other Receivables | 3,400,000 | 3,500,000 | |
Contingent asset | 10,000,000 | ||
Miscellaneous note receivable | $ 5,000,000 |
Investment Property
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Real Estate Investment Property, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Property | Investment Property The following table sets forth certain information regarding investment property (in thousands):
Land improvements and buildings consist primarily of infrastructure, roads, landscaping, clubhouses, maintenance buildings and amenities. See Note 2, "Real Estate Acquisitions," for details on recent acquisitions. |
Fair Value of Financial Instruments
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Jun. 30, 2013
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Of Financial Instruments | Fair Value of Financial Instruments Our financial instruments consist primarily of cash and cash equivalents, accounts and notes receivable, accounts payable, derivative instruments, and debt. ASC Topic 820, Fair Value Measurements and Disclosures, establishes guidance fair value hierarchy that requires the use of observable market data, when available, and prioritizes the inputs to valuation techniques used to measure fair value in the following categories: Level 1—Quoted unadjusted prices for identical instruments in active markets. Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all observable inputs and significant value drivers are observable in active markets. Level 3—Model derived valuations in which one or more significant inputs or significant value drivers are unobservable, including assumptions developed by us. We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value. Derivative Instruments The derivative instruments held by us are interest rate swaps and cap agreements for which quoted market prices are indirectly available. For those derivatives, we use model-derived valuations in which all observable inputs and significant value drivers are observable in active markets provided by brokers or dealers to determine the fair values of derivative instruments on a recurring basis. Installment Notes on Manufactured Homes The net carrying value of the installment notes on manufactured homes approximates the fair value as the interest rates in the portfolio are comparable to current prevailing market rates. Long Term Debt and Lines of Credit The fair value of long term debt (excluding the secured borrowing) is based on the estimates of management and on rates currently quoted and rates currently prevailing for comparable loans and instruments of comparable maturities. Collateralized Receivables and Secured Borrowing The fair value of these financial instruments offset each other as our collateralized receivables represent a transfer of financial assets and the cash proceeds received from these transactions have been classified as a secured borrowing in the Consolidated Balance Sheets. The net carrying value of the collateralized receivables approximates the fair value as the interest rates in the portfolio are comparable to current prevailing market rates. Other Financial Instruments The carrying values of cash and cash equivalents, accounts receivable, and accounts payable approximate their fair market values due to the short-term nature of these instruments. The table below sets forth our financial assets and liabilities that required disclosure of their fair values on a recurring basis and presents the carrying values and fair values as of June 30, 2013 and December 31, 2012 that were measured using the valuation techniques described above. The table excludes other financial instruments such as cash and cash equivalents, accounts receivable, and accounts payable because the carrying values associated with these instruments approximate fair value since their maturities are less than one year. 17. Fair Value of Financial Instruments, continued
The derivative instruments are the only financial liabilities that were required to be carried at fair value in the Consolidated Balance Sheets for the periods indicated and we have no financial assets that are required to be carried at fair value. |
Investment In Affiliates , Schedule of Investments (Details) (Origen Financial [Member], USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Origen Financial [Member]
|
||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenues | $ 13,207 | $ 14,982 | $ 25,880 | $ 31,275 |
Expenses | (13,034) | (18,010) | (27,560) | (30,737) |
Net loss | $ 173 | $ (3,028) | $ (1,680) | $ 538 |
Share-Based Compensation
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Share-based Compensation [Abstract] | |
Share-Based Compensation | Share-Based Compensation In June 2013, we granted 250,000 shares of restricted stock to an executive officer under our Sun Communities, Inc. Equity Incentive Plan ("2009 Equity Plan"). The restricted shares had a fair value of $47.56 per share and will vest as follows: June 20, 2016 - 87,500 shares; June 20, 2017 - 87,500 shares; June 20, 2018 - 50,000 shares; June 20, 2019 - 12,500 shares; and June 20, 2020 - 12,500 shares. The fair value was determined using the closing price of our common stock on the date the shares were issued. In March 2013, we granted 1,000 shares of restricted stock to employees under our 2009 Equity Plan. The awards vest on March 12, 2016, and had a fair value of $45.68 per share. The fair value was determined using the closing price of our common stock on the date the shares were issued. In February 2013, we granted 73,000 shares of restricted stock to our executive officers under our 2009 Equity Plan. The awards vest ratably over a six or eight year period beginning on the fourth anniversary of the grant date, and had a fair value of $45.69 per share. The fair value was determined by using the closing share price of our common stock on the date the shares were issued. In February 2013, we granted 10,800 shares of restricted stock to our directors under our First Amended and Restated 2004 Non-Employee Director Option Plan. The awards vest on February 15, 2016, and had a fair value of $45.69 per share. The fair value was determined by using the closing share price of our common stock on the date the shares were issued. 11. Share-Based Compensation, continued During the six months ended June 30, 2013, 7,442 shares of common stock were issued in connection with the exercise of stock options and the net proceeds received were $0.1 million. The vesting requirements for 8,750 restricted shares granted to our employees were satisfied during the six months ended June 30, 2013. |
Schedule of notes and other receivables (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total notes and other receivables, net | $ 160,755 | $ 139,850 |
Installment notes receivable on manufactured homes, net [Member]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total notes and other receivables, net | 21,898 | |
Collateralized receivables [Member]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total notes and other receivables, net | 93,834 | |
Other receivables, net [Member]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total notes and other receivables, net | 34,330 | 24,118 |
Total notes and other receivables [Domain]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total notes and other receivables, net | $ 160,755 | $ 139,850 |
Consolidated Variable Interest Entities (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
Rate
|
Dec. 31, 2012
Rate
|
---|---|---|
Variable Interest Entity [Line Items] | ||
Investment Property, net | $ 55,962 | $ 56,326 |
Other Assets | 4,286 | 4,598 |
Total Assets | 60,248 | 60,924 |
Debt | 45,555 | 45,900 |
Other Liabilities | 4,070 | 1,773 |
Noncontrolling Interest | (627) | (508) |
Total Liabilities and Stockholder's Equity | $ 48,998 | $ 47,165 |
VIE as a Percentage of Consolidated Assets | 3.10% | 3.50% |
VIE as a Percentage of Consolidated Liabilities | 3.40% | 3.10% |
Fair Value of Financial Instruments (Tables)
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Jun. 30, 2013
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | The table below sets forth our financial assets and liabilities that required disclosure of their fair values on a recurring basis and presents the carrying values and fair values as of June 30, 2013 and December 31, 2012 that were measured using the valuation techniques described above. The table excludes other financial instruments such as cash and cash equivalents, accounts receivable, and accounts payable because the carrying values associated with these instruments approximate fair value since their maturities are less than one year. 17. Fair Value of Financial Instruments, continued
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Real Estate Acquisitions (Tables)
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Jun. 30, 2013
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Dec. 31, 2012
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited pro forma financial information presents the results of our operations for the three and six months ended June 30, 2013 and 2012 as if the properties were acquired on January 1, 2012. The unaudited pro forma results reflect certain adjustments for items that are not expected to have a continuing impact, such as adjustments for acquisition costs incurred, management fees and purchase accounting. The information presented below has been prepared for comparative purposes only and does not purport to be indicative of either future results of operations or the results of operations that would have actually occurred had the acquisitions been consummated on January 1, 2012 (in thousands, except per-share data).
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Schedule of Revenue and Net Income from acquistions [Table Text Block] | The amount of revenue and net income included in the consolidated statements of operations for the the three and six months ended June 30, 2013 and 2012 for all acquisitions described above is set forth in the following table (in thousands):
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Schedule of Purchase Price Allocation | The following tables summarize the amounts of the assets acquired and liabilities assumed recognized at the acquisition dates and the consideration paid for the 2013 and 2012 acquisitions (in thousands):
(1) On September 28, 2012, Northville Crossing was encumbered with a $21.7 million loan. (2) Subsequent to the acquisition, in January 2013, we paid off the $36.0 million sellers note for Palm Creek (See Note 9) |
Commitments And Contingencies
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6 Months Ended |
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Jun. 30, 2013
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies On February 8, 2013, we acquired the Morgan RV Properties from certain sellers (collectively, the “Contributors”) for a purchase price of $112.8 million, subject to certain adjustments and pro-rations. MHC Operating Limited Partnership (“MHC”), an affiliate of Equity Lifestyle Properties, Inc., had previously recorded a “Memorandum of Agreement for an Option to Acquire the Properties” against some or all of the Morgan RV Properties, and we closed the transaction with knowledge of those memoranda. MHC has also asserted that we improperly interfered with their purported contract rights with respect to the Morgan RV Properties. The Contributors and certain of their affiliates, jointly and severally, have agreed to indemnify us against any and all liabilities and expenses relating to any claims by MHC with respect to the Morgan RV Properties or the transaction. We are not, however, entitled to indemnification for loss of our future revenue or income or loss of business reputation or opportunity. The indemnity obligations are secured by certain assets of the Contributors and their affiliates. On December 26, 2012, we filed a complaint in the Oakland County (Michigan) Circuit Court against MHC, the Contributors and certain of their affiliates seeking declaratory relief concerning MHC's assertion of rights with respect to the Morgan RV Properties and MHC's claim against us. On January 23, 2013, MHC filed an answer and counterclaim (and cross claim against the Contributors and certain of their affiliates) seeking to enforce its claimed rights and seeking specific performance against the Contributors (and us to the extent our rights would be affected) of those rights to acquire the Morgan RV Properties. MHC's answer and counterclaim 19. Commitments and Contingencies, continued did not assert any other substantive claims against us. On February 14, 2013, we filed an amended complaint seeking a declaratory judgment that we have not violated, and our purchase of the Morgan RV Properties did not violate, any rights of MHC and further seeking a judgment requiring MHC to cancel the memoranda it recorded. On February 22, 2013, we filed a motion for partial summary disposition seeking dismissal of all of MHC's claims against us. On March 7, 2013, MHC filed an answer and affirmative and special defenses to our amended complaint that asserted no new claims against us. Our motion for partial summary disposition has been denied without prejudice, and the case has been set for trial on December 2, 2013. We believe that MHC's claims to the Morgan RV Properties and any other claims it may bring against us are without merit, and we intend to prosecute our claims and defend any counterclaims vigorously. On June 4, 2010 we settled all of the claims arising out of the litigation filed in 2004 by TJ Holdings, LLC in the Superior Court of Guilford County, North Carolina and the associated arbitration proceeding commenced by TJ Holdings in Southfield, Michigan. Under the terms of the settlement agreement, in which neither party admitted any liability whatsoever, we paid TJ Holdings $360,000. In addition, pursuant to this settlement, TJ Holdings’ percentage ownership interest in Sun/Forest, LLC will be increased on a one time basis, in the event of a sale or refinance of all of the SunChamp Properties, to between 9.03% and 28.99% depending on our average closing stock price as reported by the NYSE during the 30 days preceding the sale or refinance of all the SunChamp Properties. Once this percentage ownership interest has been adjusted, there will be no further adjustments from subsequent sales or refinances of the SunChamp Properties. The likelihood of a sale or refinancing of all of the SunChamp properties is not probable as these properties continue to see growth potential nor do we have a need to refinance all of the properties, so we do not expect it to have a material adverse impact on our results of operations or financial condition. We are involved in various other legal proceedings arising in the ordinary course of business. All such proceedings, taken together, are not expected to have a material adverse impact on our results of operations or financial condition. |
Transfers Of Financial Assets , Schedule of collateralized loans (Details) (Collateralized receivables [Member], USD $)
In Thousands, unless otherwise specified |
6 Months Ended |
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Jun. 30, 2013
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Collateralized receivables [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Beginning balance | $ 94,409 |
Financed sales of manufactured homes | 15,523 |
Principal payments and payoffs from our customers | 2,927 |
Principal reduction from repurchased homes | 4,372 |
Total activity | 8,224 |
Ending balance | $ 102,633 |
Other Income (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Other Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of other income | The components of other income are summarized as follows (in thousands):
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Real Estate Acquisitions , Schedule of 2013 Purchase Price Allocation (Details) (USD $)
In Thousands, unless otherwise specified |
Feb. 08, 2013
Morgan 10 [Member]
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Apr. 18, 2013
Jellystone [Member]
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May 23, 2013
Big Timber Lake [Member]
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Jun. 30, 2013
Total 2013 Acquisitions [Domain]
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At acquistion date | ||||
Investment in property | $ 95,145 | $ 8,264 | $ 21,548 | $ 124,957 |
Inventory of manufactured homes | 4,253 | 1,490 | 350 | 6,093 |
Contingent asset | 10,000 | 0 | 0 | 10,000 |
In-place leases and other intangible assets | 2,664 | 390 | 580 | 3,634 |
Other assets | 157 | 7 | 48 | 212 |
Below market leases | 0 | 0 | (3,490) | (3,490) |
Other liabilities | (3,697) | (930) | (1,157) | (5,784) |
Total identifiable assets and liabilities assumed | 108,522 | 9,221 | 17,879 | 135,622 |
Consideration | ||||
Cash | 55,618 | 9,221 | 17,879 | 82,718 |
Series A-3 preferred OP units | 3,463 | 0 | 0 | 3,463 |
Acquired notes receivable | 49,441 | 0 | 0 | 49,441 |
Fair value of total consideration transferred | $ 108,522 | $ 9,221 | $ 17,879 | $ 135,622 |
Notes And Other Receivables Installment Notes Receivable on Manufactured Homes Narrative (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended |
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Jun. 30, 2013
Rate
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Dec. 31, 2012
Rate
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and Notes Receivable, Net | $ 160,755 | $ 139,850 |
Installment notes receivable on manufactured homes, net [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and Notes Receivable, Net | 21,898 | |
Loans and Leases Receivable, Allowance | $ 100 | $ 100 |
Receivable with imputed interest, rate | 8.80% | 8.60% |
Receivable With Imputed Interest, Term | 11 years 7 months | 11 years |
Investment In Affiliates (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Table Text Block] | The following table sets forth certain summarized unaudited financial information for Origen (amounts in thousands):
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