Real Estate Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

llocated the "Investment in property" balances for Carefree Communities to the respective balance sheet line items upon preliminary completion of a purchase price allocation in accordance with the FASB ASC Topic 805 - Business Combinations.



At Acquisition Date	Carefree
Investment in property	$	1,670,981
Ground leases	33,270
In-Place leases	35,010
Deferred tax liability	(23,637		)
Other liabilities	(15,665		)
Inventory of manufactured homes	13,521
Below market leases	(29,340		)
Total identifiable assets acquired and liabilities assumed⁽¹⁾	1,684,140

Consideration
Cash and equity	$	1,684,140

⁽¹⁾ The purchase price allocation for Carefree is preliminary and will be adjusted as final costs and values are determined.

Schedule Of Disposed Properties [Table Text Block]

The table below shows our dispositions during the year ended December 31, 2015:



Community	State	Number of Sites
Silver Star	FL	406
Holiday Village	IN	326
Maplewood Mobile	IN	207
Meadows	IN	330
Valley Brook	IN	798
West Glen Village	IN	552
Woods Edge	IN	598
Edwardsville	KS	634
Candlewick Court	MI	211
College Park Estates	MI	230
Sherman Oaks	MI	366
Village Trails	MI	100
Creekside	NC	45
Colonial Village	NY	153
Valley View Estates	NY	197
Catalina	OH	462
Worthington Arms	OH	224
Casa de Valle	TX	381
Kenwood	TX	280
Snow to Sun	TX	475

Business Acquisition, Pro Forma Information [Table Text Block]

The amount of total revenues and net income included in our Consolidated Statements of Operations for the year ended December 31, 2016, related to the Carefree acquisition is set forth in the following table (in thousands):



	Year Ended December 31, 2016
	(unaudited)
Revenue	$	97,836
Net income	$	9,070

Acquisitions - 2016 [Member]

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following tables summarize the fair value of the assets acquired and liabilities assumed (excluding Carefree) at the acquisition dates and the consideration paid for other acquisitions completed in 2016 (in thousands):



At Acquisition Date	Lake Josephine⁽¹⁾		Adirondack Gateway⁽¹⁾⁽²⁾		Jellystone Larkspur⁽¹⁾		Petoskey⁽¹⁾		Sunset Beach⁽¹⁾⁽³⁾		Pecan Park⁽¹⁾		Hill Country⁽¹⁾		Kimberly Estates⁽¹⁾		Total
Investment in property	$	3,400	$	2,590	$	7,516	$	3,500	$	28,283	$	7,000	$	29,990	$	7,313	$	89,592
Inventory of manufactured homes	—		—		—		—		—		—		—		97		97
In-place leases and other intangible assets	—		170		—		—		—		—		10		340		520
Total identifiable assets acquired and liabilities assumed	$	3,400	$	2,760	$	7,516	$	3,500	$	28,283	$	7,000	$	30,000	$	7,750	$	90,209

Consideration
Cash, proceeds from dispositions held in escrow, or contingent liability	$	3,400	$	2,250	$	7,516	$	3,500	$	28,283	$	7,000	$	30,000	$	7,750	$	89,699

⁽¹⁾ The purchase price allocations for Lake Josephine, Adirondack Gateway, Jellystone Larkspur, Petoskey, Sunset Beach, Pecan Park, Hill Country, and Kimberly Estates are preliminary and may be adjusted as final costs and final valuations are determined.

⁽²⁾Includes the impact of a $0.5 million bargain purchase gain recorded within Other expense, net on the Consolidated Statements of Operations for the year ended December 31, 2016.

⁽³⁾Sunset Beach consideration includes a contingent liability of $9.8 million as of the acquisition date. As of December 31, 2016, the contingent consideration liability was $10.0 million.

Business Acquisition, Pro Forma Information [Table Text Block]

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, 2015 (in thousands, except per-share data).



	Year Ended December 31,
	(unaudited)
	2016		2015
Total revenues	$	910,559	$	848,669
Net income attributable to Sun Communities, Inc. common stockholders	$	38,556	$	195,760
Net income per share attributable to Sun Communities, Inc. common stockholders - basic	$	0.59	$	3.65
Net income per share attributable to Sun Communities, Inc. common stockholders - diluted	$	0.58	$	3.65

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 year ended December 31, 2016 related to the 2016 acquisitions other than Carefree is set forth in the following table (in thousands):



	Year Ended December 31, 2016
	(unaudited)
Revenue	$	8,540
Net income	$	1,847

Acquisitions - 2015 [Member]

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following tables summarize the fair value of the assets acquired and liabilities assumed (excluding ALL) at the acquisition dates and the consideration paid for other acquisitions completed in 2015 (in thousands):



At Acquisition Date	Meadowlands			Berger			Lakeside Crossing			La Hacienda		Frontier Town		Fort Whaley		Rock Crusher		Total
Investment in property	$	8,313		$	268,026		$	35,438		$	25,895	$	62,126	$	5,704	$	5,962	$	411,464
Inventory of manufactured homes	285			—			—			—		—		—		—		285
In-place leases and other intangible assets	270			5,040			520			1,380		70		—		110		7,390
Below market leases	—			(7,840		)	(3,440		)	—		—		—		—		(11,280		)
Assumed debt	(6,318		)	(169,882		)	—			—		—		—		—		(176,200		)
Total identifiable assets acquired and liabilities assumed	$	2,550		$	95,344		$	32,518		$	27,275	$	62,196	$	5,704	$	6,072	$	231,659

Consideration
Common OP units	$	—		$	19,650		$	—		$	—	$	—	$	—	$	—	$	19,650
Series C preferred OP units	—			33,154			—			—		—		—		—		33,154
Note payable	2,377			—			—			—		—		—		—		2,377
Cash consideration transferred	173			42,540			32,518			27,275		62,196		5,704		6,072		176,478
Total consideration transferred	$	2,550		$	95,344		$	32,518		$	27,275	$	62,196	$	5,704	$	6,072	$	231,659

Business Acquisition, Pro Forma Information [Table Text Block]

The following unaudited pro forma financial information presents the results of our operations for the years ended December 31, 2015 and 2014 as if the properties that we acquired during 2015 were acquired on January 1, 2014. The unaudited pro forma results reflect certain adjustments for items that are not expected to have a continuing impact, such as adjustments for transaction 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, 2014 (in thousands, except per-share data).



	Year Ended December 31,
	(unaudited)
	2015		2014
Total revenues	$	688,620	$	623,754
Net income attributable to Sun Communities, Inc. common stockholders	$	158,859	$	57,779
Net income per share attributable to Sun Communities, Inc. common stockholders - basic	$	2.96	$	1.40
Net income per share attributable to Sun Communities, Inc. common stockholders - diluted	$	2.94	$	1.38

Acquisitions 2014 and Acquisitions 2015 [Member]

Business Acquisition [Line Items]

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 related to the ALL properties for the years ended December 31, 2015 and 2014 and is set forth in the following table (in thousands):



	Year Ended December 31, 2015		Year Ended December 31, 2014
	(unaudited)		(unaudited)
Revenue	$	137,035	$	6,515
Net income	$	14,374	$	(6,744	)

Green Courte [Member]

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following tables summarize the fair value of the assets acquired and liabilities assumed at the acquisition dates and the consideration paid (in thousands):



At Acquisition Date	First Phase			Second Phase			Total
Investment in property	$	656,543		$	818,109		$	1,474,652
Notes receivable	5,189			850			6,039
Other (liabilities) assets	(1,705		)	7,405			5,700
In-place leases and other intangible assets	12,870			15,460			28,330
Below market leases	(10,820		)	(54,580		)	(65,400		)
Assumed debt	(199,300		)	(201,466		)	(400,766		)
Total identifiable assets and liabilities assumed	$	462,777		$	585,778		$	1,048,555

Consideration
Common OP units⁽¹⁾	$	24,064		$	—		$	24,064
Series A-4 preferred OP units⁽²⁾	18,852			1,000			19,852
Common stock	20,427			259,133			279,560
Series A-4 preferred stock ⁽²⁾	13,697			175,527			189,224
Consideration from new mortgages	100,700			90,794			191,494
Cash consideration transferred	285,037			59,324			344,361
Total consideration transferred	$	462,777		$	585,778		$	1,048,555

⁽¹⁾To estimate the fair value of the common OP units at the valuation date, we utilized the market approach, observing the public price of our common stock.

⁽²⁾ To estimate the fair value of the Series A-4 preferred OP units and the Series A-4 preferred stock at the valuation date, we utilized the income approach. Under this approach, we used the Binomial Lattice Method.