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 [ ] | Emerging growth company [ ] |
Consolidated Financial Statements: | ||
Consolidated Balance Sheets as of June 30, 2017 (Unaudited) and December 31, 2016 | ||
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2017 and 2016 (Unaudited) | ||
Consolidated Statements of Comprehensive Income / (Loss) for the Three and Six Months Ended June 30, 2017 and 2016 (Unaudited) | ||
Consolidated Statement of Stockholders’ Equity for the Six Months Ended June 30, 2017 (Unaudited) | ||
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2017 and 2016 (Unaudited) | ||
Exhibit Index |
(unaudited) June 30, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Land | $ | 1,066,792 | $ | 1,051,536 | |||
Land improvements and buildings | 4,934,110 | 4,825,043 | |||||
Rental homes and improvements | 507,362 | 489,633 | |||||
Furniture, fixtures and equipment | 137,546 | 130,127 | |||||
Investment property | 6,645,810 | 6,496,339 | |||||
Accumulated depreciation | (1,128,671 | ) | (1,026,858 | ) | |||
Investment property, net (including $51,060 and $88,987 for consolidated variable interest entities at June 30, 2017 and December 31, 2016; see Note 6) | 5,517,139 | 5,469,481 | |||||
Cash and cash equivalents | 241,646 | 8,164 | |||||
Inventory of manufactured homes | 25,582 | 21,632 | |||||
Notes and other receivables, net | 110,499 | 81,179 | |||||
Collateralized receivables, net | 138,696 | 143,870 | |||||
Other assets, net (including $2,067 and $3,054 for consolidated variable interest entities at June 30, 2017 and December 31, 2016; see Note 6) | 145,151 | 146,450 | |||||
TOTAL ASSETS | $ | 6,178,713 | $ | 5,870,776 | |||
LIABILITIES | |||||||
Mortgage loans payable (including $42,375 and $62,111 for consolidated variable interest entities at June 30, 2017 and December 31, 2016; see Note 6) | $ | 2,832,819 | $ | 2,819,567 | |||
Secured borrowings on collateralized receivables | 139,496 | 144,477 | |||||
Preferred OP units - mandatorily redeemable | 45,903 | 45,903 | |||||
Lines of credit | 435 | 100,095 | |||||
Distributions payable | 56,283 | 51,896 | |||||
Other liabilities (including $1,629 and $1,998 for consolidated variable interest entities at June 30, 2017 and December 31, 2016; see Note 6) | 298,759 | 279,667 | |||||
TOTAL LIABILITIES | 3,373,695 | 3,441,605 | |||||
Commitments and contingencies | |||||||
Series A-4 preferred stock, $0.01 par value. Issued and outstanding: 1,085 shares at June 30, 2017 and 1,681 shares at December 31, 2016 | 32,414 | 50,227 | |||||
Series A-4 preferred OP units | 11,051 | 16,717 | |||||
STOCKHOLDERS’ EQUITY | |||||||
Series A preferred stock, $0.01 par value. Issued and outstanding: 3,400 shares at June 30, 2017 and December 31, 2016 | 34 | 34 | |||||
Common stock, $0.01 par value. Authorized: 180,000 shares; Issued and outstanding: 78,987 shares at June 30, 2017 and 73,206 shares at December 31, 2016 | 790 | 732 | |||||
Additional paid-in capital | 3,780,599 | 3,321,441 | |||||
Accumulated other comprehensive loss | (981 | ) | (3,181 | ) | |||
Distributions in excess of accumulated earnings | (1,089,428 | ) | (1,023,415 | ) | |||
Total Sun Communities, Inc. stockholders' equity | 2,691,014 | 2,295,611 | |||||
Noncontrolling interests: | |||||||
Common and preferred OP units | 67,135 | 69,598 | |||||
Consolidated variable interest entities | 3,404 | (2,982 | ) | ||||
Total noncontrolling interests | 70,539 | 66,616 | |||||
TOTAL STOCKHOLDERS’ EQUITY | 2,761,553 | 2,362,227 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 6,178,713 | $ | 5,870,776 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
REVENUES | |||||||||||||||
Income from real property | $ | 179,461 | $ | 140,001 | $ | 362,515 | $ | 269,236 | |||||||
Revenue from home sales | 30,859 | 26,039 | 58,122 | 50,776 | |||||||||||
Rental home revenue | 12,678 | 11,957 | 25,017 | 23,665 | |||||||||||
Ancillary revenues | 8,850 | 7,383 | 15,069 | 11,996 | |||||||||||
Interest | 5,043 | 4,672 | 9,689 | 8,617 | |||||||||||
Brokerage commissions and other revenues, net | 1,008 | 747 | 1,887 | 1,153 | |||||||||||
Total revenues | 237,899 | 190,799 | 472,299 | 365,443 | |||||||||||
EXPENSES | |||||||||||||||
Property operating and maintenance | 53,446 | 37,067 | 100,612 | 68,268 | |||||||||||
Real estate taxes | 13,126 | 10,153 | 26,269 | 19,738 | |||||||||||
Cost of home sales | 22,022 | 18,684 | 42,905 | 36,868 | |||||||||||
Rental home operating and maintenance | 4,944 | 5,411 | 10,046 | 11,287 | |||||||||||
Ancillary expenses | 7,058 | 5,599 | 11,726 | 9,248 | |||||||||||
Home selling expenses | 2,990 | 2,460 | 6,101 | 4,597 | |||||||||||
General and administrative | 19,989 | 16,543 | 37,921 | 30,335 | |||||||||||
Transaction costs | 2,437 | 20,979 | 4,823 | 23,700 | |||||||||||
Depreciation and amortization | 62,721 | 49,670 | 125,487 | 98,082 | |||||||||||
Extinguishment of debt | 293 | — | 759 | — | |||||||||||
Interest | 32,358 | 28,428 | 63,680 | 54,722 | |||||||||||
Interest on mandatorily redeemable preferred OP units | 787 | 787 | 1,571 | 1,574 | |||||||||||
Total expenses | 222,171 | 195,781 | 431,900 | 358,419 | |||||||||||
Income / (loss) before other items | 15,728 | (4,982 | ) | 40,399 | 7,024 | ||||||||||
Other income, net | 875 | — | 1,627 | — | |||||||||||
Current tax benefit / (expense) | 7 | (56 | ) | (171 | ) | (284 | ) | ||||||||
Deferred tax benefit | 364 | — | 664 | — | |||||||||||
Net income / (loss) | 16,974 | (5,038 | ) | 42,519 | 6,740 | ||||||||||
Less: Preferred return to preferred OP units | (1,196 | ) | (1,263 | ) | (2,370 | ) | (2,536 | ) | |||||||
Less: Amounts attributable to noncontrolling interests | (1,315 | ) | 695 | (2,403 | ) | 419 | |||||||||
Net income / (loss) attributable to Sun Communities, Inc. | 14,463 | (5,606 | ) | 37,746 | 4,623 | ||||||||||
Less: Preferred stock distributions | (2,099 | ) | (2,197 | ) | (4,278 | ) | (4,551 | ) | |||||||
Net income / (loss) attributable to Sun Communities, Inc. common stockholders | $ | 12,364 | $ | (7,803 | ) | $ | 33,468 | $ | 72 | ||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 74,678 | 64,757 | 73,677 | 61,247 | |||||||||||
Diluted | 75,154 | 64,757 | 74,272 | 61,673 | |||||||||||
Earnings per share (See Note 12): | |||||||||||||||
Basic | $ | 0.16 | $ | (0.12 | ) | $ | 0.45 | $ | 0.00 | ||||||
Diluted | $ | 0.16 | $ | (0.12 | ) | $ | 0.45 | $ | 0.00 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income / (loss) | $ | 16,974 | $ | (5,038 | ) | $ | 42,519 | $ | 6,740 | ||||||
Foreign currency translation adjustment | 1,745 | 1 | 2,329 | 1 | |||||||||||
Total comprehensive income / (loss) | 18,719 | (5,037 | ) | 44,848 | 6,741 | ||||||||||
Less: Comprehensive income / (loss) attributable to noncontrolling interests | 1,411 | (695 | ) | 2,532 | (419 | ) | |||||||||
Comprehensive income / (loss) attributable to Sun Communities, Inc. | $ | 17,308 | $ | (4,342 | ) | $ | 42,316 | $ | 7,160 |
7.125% Series A Cumulative Redeemable Preferred Stock | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Accumulated other comprehensive loss | Non-controlling Interests | Total Stockholders' Equity | |||||||||||||||
Balance at December 31, 2016 | $ | 34 | $ | 732 | $ | 3,321,441 | $ | (1,023,415 | ) | $ | (3,181 | ) | $ | 66,616 | $ | 2,362,227 | |||||
Issuance of common stock from exercise of options, net | — | — | 45 | — | — | — | 45 | ||||||||||||||
Issuance of OP units and common stock, net | — | 57 | 459,190 | — | — | 2,001 | 461,248 | ||||||||||||||
Conversion of OP units | — | — | 1,074 | — | — | (944 | ) | 130 | |||||||||||||
Conversion of Series A-4 preferred stock | — | 1 | 4,719 | — | — | — | 4,720 | ||||||||||||||
Redemption of Series A-4 preferred stock | — | — | (3,867 | ) | — | — | — | (3,867 | ) | ||||||||||||
Redemption of Series A-4 OP units | — | — | (2,571 | ) | — | — | — | (2,571 | ) | ||||||||||||
Share-based compensation - amortization and forfeitures | — | — | 6,769 | 148 | — | — | 6,917 | ||||||||||||||
Acquisition of noncontrolling interests | — | — | (6,201 | ) | — | — | 6,101 | (100 | ) | ||||||||||||
Foreign currency exchange | — | — | — | — | 2,200 | 129 | 2,329 | ||||||||||||||
Net income | — | — | — | 40,116 | — | 2,274 | 42,390 | ||||||||||||||
Distributions | — | — | — | (106,277 | ) | — | (5,638 | ) | (111,915 | ) | |||||||||||
Balance at June 30, 2017 | $ | 34 | $ | 790 | $ | 3,780,599 | $ | (1,089,428 | ) | $ | (981 | ) | $ | 70,539 | $ | 2,761,553 |
Six Months Ended June 30, | |||||||
2017 | 2016 | ||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 153,163 | $ | 129,048 | |||
INVESTING ACTIVITIES: | |||||||
Investment in properties | (131,137 | ) | (97,435 | ) | |||
Acquisitions of properties, net of cash acquired | (39,887 | ) | (1,461,663 | ) | |||
Proceeds from dispositions of assets and depreciated homes, net | 3,458 | 4,729 | |||||
Proceeds from disposition of properties | — | 88,696 | |||||
Issuance of notes and other receivables | (503 | ) | (3,488 | ) | |||
Repayments of notes and other receivables | 943 | 546 | |||||
NET CASH USED FOR INVESTING ACTIVITIES | (167,126 | ) | (1,468,615 | ) | |||
FINANCING ACTIVITIES: | |||||||
Issuance and associated costs of common stock, OP units, and preferred OP units, net | 459,247 | 418,764 | |||||
Net proceeds from stock option exercise | 45 | 149 | |||||
Borrowings on lines of credit | 572,109 | 398,913 | |||||
Payments on lines of credit | (672,019 | ) | (65,913 | ) | |||
Proceeds from issuance of other debt | 83,848 | 755,913 | |||||
Payments on other debt | (58,860 | ) | (68,668 | ) | |||
Prepayment penalty on debt | (759 | ) | — | ||||
Redemption of Series A-4 preferred stock and OP units | (24,698 | ) | — | ||||
Distributions to stockholders, OP unit holders, and preferred OP unit holders | (108,093 | ) | (90,810 | ) | |||
Payments for deferred financing costs | (3,486 | ) | (22,426 | ) | |||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 247,334 | 1,325,922 | |||||
Effect of exchange rate changes on cash and cash equivalents | 111 | — | |||||
Net change in cash and cash equivalents | 233,482 | (13,645 | ) | ||||
Cash and cash equivalents, beginning of period | 8,164 | 45,086 | |||||
Cash and cash equivalents, end of period | $ | 241,646 | $ | 31,441 |
Six Months Ended June 30, | |||||||
2017 | 2016 | ||||||
SUPPLEMENTAL INFORMATION: | |||||||
Cash paid for interest (net of capitalized interest of $1,266 and $185 respectively) | $ | 61,709 | $ | 56,058 | |||
Cash paid for interest on mandatorily redeemable debt | $ | 1,571 | $ | 1,574 | |||
Cash paid for income taxes | $ | 350 | $ | 426 | |||
Noncash investing and financing activities: | |||||||
Reduction in secured borrowing balance | $ | 11,830 | $ | 9,285 | |||
Change in distributions declared and outstanding | $ | 4,320 | $ | 6,659 | |||
Conversion of common and preferred OP units | $ | 1,074 | $ | 990 | |||
Conversion of Series A-4 preferred stock | $ | 4,720 | $ | 11,503 | |||
Noncash investing and financing activities at the date of acquisition: | |||||||
Acquisitions - Common stock and OP units issued | $ | 2,000 | $ | 225,000 | |||
Acquisitions - other assets | $ | — | $ | 37,847 |
At Acquisition Date | Arbor Woods (1) | Sunset Lakes (1) | 49er Village (1) | Total | ||||||||||||
Investment in property | $ | 15,725 | $ | 7,835 | $ | 12,890 | $ | 36,450 | ||||||||
Notes receivable | 23 | — | — | 23 | ||||||||||||
Inventory of manufactured homes | 465 | — | — | 465 | ||||||||||||
In-place leases | 730 | 210 | 110 | 1,050 | ||||||||||||
Total identifiable assets acquired net of liabilities assumed | $ | 16,943 | $ | 8,045 | $ | 13,000 | $ | 37,988 | ||||||||
Consideration | ||||||||||||||||
Cash | $ | 14,943 | $ | 8,045 | $ | 13,000 | 35,988 | |||||||||
Equity | 2,000 | — | — | 2,000 | ||||||||||||
Total cash and equity | $ | 16,943 | $ | 8,045 | $ | 13,000 | $ | 37,988 |
Three Months Ended June 30, 2017 | Six Months Ended June 30, 2017 | ||||||
(unaudited) | (unaudited) | ||||||
Total revenues | $ | 1,288 | $ | 1,315 | |||
Net income | $ | 500 | $ | 483 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Total revenues | $ | 239,197 | $ | 193,022 | $ | 474,085 | $ | 368,260 | |||||||
Net income / (loss) attributable to Sun Communities, Inc. common stockholders | $ | 12,642 | $ | (7,402 | ) | $ | 33,839 | $ | 586 | ||||||
Net income / (loss) per share attributable to Sun Communities, Inc. common stockholders - basic | $ | 0.18 | $ | (0.14 | ) | $ | 0.46 | $ | 0.01 | ||||||
Net income / (loss) per share attributable to Sun Communities, Inc. common stockholders - diluted | $ | 0.18 | $ | (0.14 | ) | $ | 0.46 | $ | 0.01 |
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 lease | (29,340 | ) | ||
Total identifiable assets acquired and liabilities assumed | $ | 1,684,140 | ||
Consideration | ||||
Cash and equity | $ | 1,684,140 |
Three Months Ended June 30, 2017 | Six Months Ended June 30, 2017 | ||||||
(unaudited) | (unaudited) | ||||||
Revenue | $ | 47,321 | $ | 100,987 | |||
Net income | $ | 3,182 | $ | 13,026 |
Number of Payments | Repurchase Percentage | ||
Fewer than or equal to 15 | 100 | % | |
Greater than 15 but fewer than 64 | 90 | % | |
Equal to or greater than 64 but fewer than 120 | 65 | % | |
120 or more | 50 | % |
Six Months Ended | |||
June 30, 2017 | |||
Beginning balance | $ | 144,477 | |
Financed sales of manufactured homes | 6,849 | ||
Principal payments and payoffs from our customers | (5,799 | ) | |
Principal reduction from repurchased homes | (6,031 | ) | |
Total activity | (4,981 | ) | |
Ending balance | $ | 139,496 |
Six Months Ended | |||
June 30, 2017 | |||
Beginning balance | $ | (607 | ) |
Lower of cost or market write-downs | 515 | ||
Increase to reserve balance | (708 | ) | |
Total activity | (193 | ) | |
Ending balance | $ | (800 | ) |
June 30, 2017 | December 31, 2016 | |||||||
Installment notes receivable on manufactured homes, net | $ | 82,792 | $ | 59,320 | ||||
Other receivables, net | 27,707 | 21,859 | ||||||
Total notes and other receivables, net | $ | 110,499 | $ | 81,179 |
Six Months Ended | |||
June 30, 2017 | |||
Beginning balance | $ | 59,524 | |
Financed sales of manufactured homes | 26,870 | ||
Acquired notes | 23 | ||
Principal payments and payoffs from our customers | (2,441 | ) | |
Principal reduction from repossessed homes | (1,006 | ) | |
Total activity | 23,446 | ||
Ending balance | $ | 82,970 |
Six Months Ended | |||
June 30, 2017 | |||
Beginning balance | $ | (205 | ) |
Lower of cost or market write-downs | 85 | ||
Increase to reserve balance | (58 | ) | |
Total activity | 27 | ||
Ending balance | $ | (178 | ) |
5. | Intangible Assets |
June 30, 2017 | December 31, 2016 | |||||||||||||||||
Intangible Asset | Useful Life | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||
Ground leases | 8-57 years | $ | 33,270 | $ | (1,114 | ) | $ | 33,270 | $ | (600 | ) | |||||||
In-place leases | 7 years | 99,535 | (38,663 | ) | 98,235 | (31,796 | ) | |||||||||||
Franchise fees and other intangible assets | 15 years | 1,880 | (1,413 | ) | 1,880 | (1,155 | ) | |||||||||||
Total | $ | 134,685 | $ | (41,190 | ) | $ | 133,385 | $ | (33,551 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
Intangible Asset | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Ground leases | $ | 257 | $ | — | $ | 514 | $ | — | ||||||||
In-place leases | 3,428 | 2,165 | 6,844 | 4,318 | ||||||||||||
Franchise fees and other intangible assets | 129 | 129 | 258 | 258 | ||||||||||||
Total | $ | 3,814 | $ | 2,294 | $ | 7,616 | $ | 4,576 |
Year | |||||||||||||||||||
Remainder of 2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||
Estimated expense | $ | 7,650 | $ | 14,482 | $ | 13,566 | $ | 11,838 | $ | 11,446 |
June 30, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Investment property, net | $ | 51,060 | $ | 88,987 | |||
Other assets | 2,067 | 3,054 | |||||
Total Assets | $ | 53,127 | $ | 92,041 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Debt | $ | 42,375 | $ | 62,111 | |||
Other liabilities | 1,629 | 1,998 | |||||
Noncontrolling interests | 3,404 | (2,982 | ) | ||||
Total Liabilities and Stockholders' Equity | $ | 47,408 | $ | 61,127 |
Carrying Amount | Weighted Average Years to Maturity | Weighted Average Interest Rates | |||||||||||||||
June 30, 2017 | December 31, 2016 | June 30, 2017 | December 31, 2016 | June 30, 2017 | December 31, 2016 | ||||||||||||
Collateralized term loans - FNMA | $ | 1,034,261 | $ | 1,046,803 | 6.1 | 6.6 | 4.4 | % | 4.3 | % | |||||||
Collateralized term loans - Life Companies | 955,251 | 888,705 | 12.7 | 12.2 | 3.9 | % | 3.9 | % | |||||||||
Collateralized term loans - CMBS | 454,231 | 492,294 | 5.5 | 5.6 | 5.1 | % | 5.2 | % | |||||||||
Collateralized term loans - FMCC | 389,076 | 391,765 | 7.4 | 7.9 | 3.9 | % | 3.9 | % | |||||||||
Secured borrowings | 139,496 | 144,477 | 15.6 | 15.7 | 10.0 | % | 10.0 | % | |||||||||
Lines of credit | 435 | 100,095 | 1.0 | 3.6 | — | % | 2.1 | % | |||||||||
Preferred OP units - mandatorily redeemable | 45,903 | 45,903 | 5.0 | 5.4 | 6.9 | % | 6.9 | % | |||||||||
Total debt | $ | 3,018,653 | $ | 3,110,042 | 8.7 | 8.5 | 4.6 | % | 4.5 | % |
Quarter Ended | Common Stock Issued | Weighted Average Sales Price | Net Proceeds ($ millions) | ||||||
June 30, 2017 | 400,000 | $ | 85.01 | $ | 33.6 | ||||
March 31, 2017 | 280,502 | $ | 76.47 | $ | 21.2 |
Six Months Ended June 30, 2017 | Six Months Ended June 30, 2016 | |||||||||||
Series | Conversion Rate | Units/Shares | Common Stock | Units/Shares | Common Stock | |||||||
Common OP unit | 1 | 11,979 | 11,979 | — | — | |||||||
Series A-1 preferred OP unit | 2.439 | 5,825 | 14,205 | 9,730 | 23,729 | |||||||
Series A-4 preferred OP unit | 0.4444 | 5,000 | 2,220 | 7,000 | 3,110 | |||||||
Series A-4 preferred stock | 0.4444 | 158,036 | 70,238 | — | — | |||||||
Series C preferred OP unit | 1.11 | 4,993 | 5,539 | — | — |
Dividend | Record Date | Payment Date | Distribution per Share | Total Distribution (millions) | |||||
Common Stock, Common OP units and Restricted Stock | 6/30/2017 | 7/17/2017 | $ | 0.67 | $ | 51.2 | |||
Series A Preferred Stock | 6/30/2017 | 7/17/2017 | $ | 0.4453125 | $ | 1.5 | |||
Series A-4 Preferred Stock | 6/16/2017 | 6/30/2017 | $ | 0.40625 | $ | 0.4 |
Grant Period | Type | Plan | Shares Granted | Grant Date Fair Value Per Share | Vesting Type | Vesting Anniversary | Percentage | |||||||||||
Q2 2017 | Key Employees | 2015 Equity Incentive Plan | 2,500 | $ | 84.18 | (1) | Time Based | April 24, 2019 | 35.0 | % | ||||||||
April 24, 2020 | 35.0 | % | ||||||||||||||||
April 24, 2021 | 20.0 | % | ||||||||||||||||
April 24, 2022 | 5.0 | % | ||||||||||||||||
April 24, 2023 | 5.0 | % | ||||||||||||||||
Q1 2017 | Executive Officers | 2015 Equity Incentive Plan | 100,000 | $ | 79.30 | (2) | Time Based | March 14, 2020 | 20.0 | % | ||||||||
March 14, 2021 | 30.0 | % | ||||||||||||||||
March 14, 2022 | 35.0 | % | ||||||||||||||||
March 14, 2023 | 10.0 | % | ||||||||||||||||
March 14, 2024 | 5.0 | % | ||||||||||||||||
Q1 2017 | Executive Officers | 2015 Equity Incentive Plan | 100,000 | $ | 79.30 | (2) | Market & Performance Conditions | Multiple tranches through March 2022 | ||||||||||
Q1 2017 | Directors | 2004 Non-Employee Director Option Plan | 15,600 | $ | 79.02 | (1) | Time Based | February 8, 2020 | 100.0 | % | ||||||||
Three Months Ended June 30, 2017 | Three Months Ended June 30, 2016 | ||||||||||||||||||||||
Real Property Operations | Home Sales and Rentals | Consolidated | Real Property Operations | Home Sales and Rentals | Consolidated | ||||||||||||||||||
Revenues | $ | 188,311 | $ | 43,537 | $ | 231,848 | $ | 147,384 | $ | 37,996 | $ | 185,380 | |||||||||||
Operating expenses/Cost of sales | 73,630 | 26,966 | 100,596 | 52,819 | 24,095 | 76,914 | |||||||||||||||||
Net operating income/Gross profit | 114,681 | 16,571 | 131,252 | 94,565 | 13,901 | 108,466 | |||||||||||||||||
Adjustments to arrive at net income / (loss): | |||||||||||||||||||||||
Interest and other revenues, net | 6,051 | — | 6,051 | 5,419 | — | 5,419 | |||||||||||||||||
Home selling expenses | — | (2,990 | ) | (2,990 | ) | — | (2,460 | ) | (2,460 | ) | |||||||||||||
General and administrative | (17,684 | ) | (2,305 | ) | (19,989 | ) | (14,217 | ) | (2,326 | ) | (16,543 | ) | |||||||||||
Transaction costs | (2,437 | ) | — | (2,437 | ) | (21,098 | ) | 119 | (20,979 | ) | |||||||||||||
Depreciation and amortization | (48,189 | ) | (14,532 | ) | (62,721 | ) | (35,586 | ) | (14,084 | ) | (49,670 | ) | |||||||||||
Extinguishment of debt | (293 | ) | — | (293 | ) | — | — | — | |||||||||||||||
Interest | (32,353 | ) | (5 | ) | (32,358 | ) | (28,426 | ) | (2 | ) | (28,428 | ) | |||||||||||
Interest on mandatorily redeemable preferred OP units | (787 | ) | — | (787 | ) | (787 | ) | — | (787 | ) | |||||||||||||
Other income, net | 1,095 | (220 | ) | 875 | — | — | — | ||||||||||||||||
Current tax expense | 58 | (51 | ) | 7 | (16 | ) | (40 | ) | (56 | ) | |||||||||||||
Deferred tax benefit | 364 | — | 364 | — | — | — | |||||||||||||||||
Net income / (loss) | 20,506 | (3,532 | ) | 16,974 | (146 | ) | (4,892 | ) | (5,038 | ) | |||||||||||||
Less: Preferred return to preferred OP units | 1,196 | — | 1,196 | 1,263 | — | 1,263 | |||||||||||||||||
Less: Amounts attributable to noncontrolling interests | 1,506 | (191 | ) | 1,315 | (374 | ) | (321 | ) | (695 | ) | |||||||||||||
Net income / (loss) attributable to Sun Communities, Inc. | 17,804 | (3,341 | ) | 14,463 | (1,035 | ) | (4,571 | ) | (5,606 | ) | |||||||||||||
Less: Preferred stock distributions | 2,099 | — | 2,099 | 2,197 | — | 2,197 | |||||||||||||||||
Net income / (loss) attributable to Sun Communities, Inc. common stockholders | $ | 15,705 | $ | (3,341 | ) | $ | 12,364 | $ | (3,232 | ) | $ | (4,571 | ) | $ | (7,803 | ) |
Six Months Ended June 30, 2017 | Six Months Ended June 30, 2016 | ||||||||||||||||||||||
Real Property Operations | Home Sales and Rentals | Consolidated | Real Property Operations | Home Sales and Rentals | Consolidated | ||||||||||||||||||
Revenues | $ | 377,584 | $ | 83,139 | $ | 460,723 | $ | 281,232 | $ | 74,441 | $ | 355,673 | |||||||||||
Operating expenses/Cost of sales | 138,607 | 52,951 | 191,558 | 97,254 | 48,155 | 145,409 | |||||||||||||||||
Net operating income/Gross profit | 238,977 | 30,188 | 269,165 | 183,978 | 26,286 | 210,264 | |||||||||||||||||
Adjustments to arrive at net income / (loss): | |||||||||||||||||||||||
Interest and other revenues, net | 11,576 | — | 11,576 | 9,770 | — | 9,770 | |||||||||||||||||
Home selling expenses | — | (6,101 | ) | (6,101 | ) | — | (4,597 | ) | (4,597 | ) | |||||||||||||
General and administrative | (33,405 | ) | (4,516 | ) | (37,921 | ) | (25,991 | ) | (4,344 | ) | (30,335 | ) | |||||||||||
Transaction costs | (4,848 | ) | 25 | (4,823 | ) | (23,819 | ) | 119 | (23,700 | ) | |||||||||||||
Depreciation and amortization | (95,519 | ) | (29,968 | ) | (125,487 | ) | (70,973 | ) | (27,109 | ) | (98,082 | ) | |||||||||||
Extinguishment of debt | (759 | ) | — | (759 | ) | — | — | — | |||||||||||||||
Interest | (63,672 | ) | (8 | ) | (63,680 | ) | (54,715 | ) | (7 | ) | (54,722 | ) | |||||||||||
Interest on mandatorily redeemable preferred OP units | (1,571 | ) | — | (1,571 | ) | (1,574 | ) | — | (1,574 | ) | |||||||||||||
Other expenses, net | 1,639 | (12 | ) | 1,627 | — | — | — | ||||||||||||||||
Current tax expense | (65 | ) | (106 | ) | (171 | ) | (203 | ) | (81 | ) | (284 | ) | |||||||||||
Deferred tax expense | 664 | — | 664 | — | — | — | |||||||||||||||||
Net income / (loss) | 53,017 | (10,498 | ) | 42,519 | 16,473 | (9,733 | ) | 6,740 | |||||||||||||||
Less: Preferred return to preferred OP units | 2,370 | — | 2,370 | 2,536 | — | 2,536 | |||||||||||||||||
Less: Amounts attributable to noncontrolling interests | 2,989 | (586 | ) | 2,403 | 259 | (678 | ) | (419 | ) | ||||||||||||||
Net income / (loss) attributable to Sun Communities, Inc. | 47,658 | (9,912 | ) | 37,746 | 13,678 | (9,055 | ) | 4,623 | |||||||||||||||
Less: Preferred stock distributions | 4,278 | — | 4,278 | 4,551 | — | 4,551 | |||||||||||||||||
Net income / (loss) attributable to Sun Communities, Inc. common stockholders | $ | 43,380 | $ | (9,912 | ) | $ | 33,468 | $ | 9,127 | $ | (9,055 | ) | $ | 72 |
June 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
Real Property Operations | Home Sales and Rentals | Consolidated | Real Property Operations | Home Sales and Rentals | Consolidated | ||||||||||||||||||
Identifiable assets: | |||||||||||||||||||||||
Investment property, net | $ | 5,057,937 | $ | 459,202 | $ | 5,517,139 | $ | 5,019,165 | $ | 450,316 | $ | 5,469,481 | |||||||||||
Cash and cash equivalents | 235,860 | 5,786 | 241,646 | 3,705 | 4,459 | 8,164 | |||||||||||||||||
Inventory of manufactured homes | — | 25,582 | 25,582 | — | 21,632 | 21,632 | |||||||||||||||||
Notes and other receivables, net | 97,362 | 13,137 | 110,499 | 68,901 | 12,278 | 81,179 | |||||||||||||||||
Collateralized receivables, net | 138,696 | — | 138,696 | 143,870 | — | 143,870 | |||||||||||||||||
Other assets, net | 141,213 | 3,938 | 145,151 | 143,650 | 2,800 | 146,450 | |||||||||||||||||
Total assets | $ | 5,671,068 | $ | 507,645 | $ | 6,178,713 | $ | 5,379,291 | $ | 491,485 | $ | 5,870,776 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
Numerator | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income / (loss) attributable to common stockholders | $ | 12,364 | $ | (7,803 | ) | $ | 33,468 | $ | 72 | |||||||
Allocation to restricted stock awards | (9 | ) | 242 | (267 | ) | 179 | ||||||||||
Basic earnings: Net income / (loss) attributable to common stockholders after allocation | 12,355 | (7,561 | ) | 33,201 | 251 | |||||||||||
Allocation to restricted stock awards | 9 | (242 | ) | 267 | (179 | ) | ||||||||||
Diluted earnings: Net income / (loss) attributable to common stockholders after allocation | $ | 12,364 | $ | (7,803 | ) | $ | 33,468 | $ | 72 | |||||||
Denominator | ||||||||||||||||
Weighted average common shares outstanding | 74,678 | 64,757 | 73,677 | 61,247 | ||||||||||||
Add: dilutive stock options | 2 | — | 2 | 9 | ||||||||||||
Add: dilutive restricted stock | 474 | — | 593 | 417 | ||||||||||||
Diluted weighted average common shares and securities | 75,154 | 64,757 | 74,272 | 61,673 | ||||||||||||
Earnings / (loss) per share available to common stockholders after allocation: | ||||||||||||||||
Basic | $ | 0.16 | $ | (0.12 | ) | $ | 0.45 | $ | 0.00 | |||||||
Diluted | $ | 0.16 | $ | (0.12 | ) | $ | 0.45 | $ | 0.00 |
As of June 30, | ||||||
2017 | 2016 | |||||
Common OP units | 2,770 | 2,863 | ||||
Series A-1 preferred OP units | 361 | 378 | ||||
Series A-3 preferred OP units | 40 | 40 | ||||
Series A-4 preferred OP units | 429 | 748 | ||||
Series A-4 preferred stock | 1,085 | 1,682 | ||||
Series C preferred OP units | 328 | 340 | ||||
Aspen preferred OP units | 1,284 | 1,284 | ||||
Total securities | 6,297 | 7,335 |
Type | Purpose | Effective Date | Maturity Date | Notional (in millions) | Based on | Variable Rate | Cap Rate | Spread | Effective Fixed Rate | |||||||||||
Cap | Cap Floating Rate | 4/1/2015 | 4/1/2018 | $ | 150.1 | 3 Month LIBOR | 3.0200% | 9.0000% | —% | N/A | ||||||||||
Cap | Cap Floating Rate | 10/3/2016 | 5/1/2023 | $ | 9.6 | 3 Month LIBOR | 3.8200% | 11.0200% | —% | N/A |
June 30, 2017 | December 31, 2016 | |||||||||||||||
Financial assets | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Installment notes receivable on manufactured homes, net | $ | 82,792 | $ | 82,792 | $ | 59,320 | $ | 59,320 | ||||||||
Collateralized receivables, net | 138,696 | 138,696 | 143,870 | 143,870 | ||||||||||||
Financial liabilities | ||||||||||||||||
Debt (excluding secured borrowings) | $ | 2,878,722 | $ | 2,849,648 | $ | 2,865,470 | $ | 2,820,680 | ||||||||
Secured borrowings | 139,496 | 139,496 | 144,477 | 144,477 | ||||||||||||
Lines of credit | 435 | 435 | 100,095 | 98,640 | ||||||||||||
Other liabilities (contingent consideration) | 10,966 | 10,966 | 10,011 | 10,011 |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Three Months Ended June 30, | ||||||||
2017 | 2016 | |||||||
Net income / (loss) attributable to Sun Communities, Inc., common stockholders: | $ | 12,364 | $ | (7,803 | ) | |||
Other revenues | (6,051 | ) | (5,419 | ) | ||||
Home selling expenses | 2,990 | 2,460 | ||||||
General and administrative | 19,989 | 16,543 | ||||||
Transaction costs | 2,437 | 20,979 | ||||||
Depreciation and amortization | 62,721 | 49,670 | ||||||
Extinguishment of debt | 293 | — | ||||||
Interest expense | 33,145 | 29,215 | ||||||
Other income, net | (875 | ) | — | |||||
Current tax (benefit) / expense | (7 | ) | 56 | |||||
Deferred tax benefit | (364 | ) | — | |||||
Preferred return to preferred OP units | 1,196 | 1,263 | ||||||
Amounts attributable to noncontrolling interests | 1,315 | (695 | ) | |||||
Preferred stock distributions | 2,099 | 2,197 | ||||||
NOI / Gross profit | $ | 131,252 | $ | 108,466 |
Three Months Ended June 30, | ||||||||
2017 | 2016 | |||||||
Real Property NOI | $ | 112,889 | $ | 92,781 | ||||
Rental Program NOI | 23,743 | 21,959 | ||||||
Home Sales NOI / Gross profit | 8,837 | 7,355 | ||||||
Ancillary NOI / Gross profit | 1,792 | 1,784 | ||||||
Site rent from Rental Program (included in Real Property NOI) (1) | (16,009 | ) | (15,413 | ) | ||||
NOI / Gross profit | $ | 131,252 | $ | 108,466 |
Three Months Ended June 30, | |||||||||||||||
Financial Information (in thousands) | 2017 | 2016 | Change | % Change | |||||||||||
Income from real property | $ | 179,461 | $ | 140,001 | $ | 39,460 | 28.2 | % | |||||||
Property operating expenses: | |||||||||||||||
Payroll and benefits | 18,255 | 12,417 | 5,838 | 47.0 | % | ||||||||||
Legal, taxes, and insurance | 1,890 | 1,614 | 276 | 17.1 | % | ||||||||||
Utilities | 19,839 | 13,900 | 5,939 | 42.7 | % | ||||||||||
Supplies and repair | 7,312 | 5,327 | 1,985 | 37.3 | % | ||||||||||
Other | 6,150 | 3,809 | 2,341 | 61.5 | % | ||||||||||
Real estate taxes | 13,126 | 10,153 | 2,973 | 29.3 | % | ||||||||||
Property operating expenses | 66,572 | 47,220 | 19,352 | 41.0 | % | ||||||||||
Real Property NOI | $ | 112,889 | $ | 92,781 | $ | 20,108 | 21.7 | % |
As of June 30, | ||||||||||||
Other Information | 2017 | 2016 | Change | |||||||||
Number of properties | 344 | 337 | 7 | |||||||||
Overall occupancy (1) | 96.1 | % | 96.1 | % | — | % | ||||||
Sites available for development | 10,372 | 9,921 | 451 | |||||||||
Monthly base rent per site - MH | $ | 524 | $ | 510 | $ | 14 | ||||||
Monthly base rent per site - RV (2) | $ | 424 | $ | 412 | $ | 12 | ||||||
Monthly base rent per site - Total | $ | 503 | $ | 490 | $ | 13 |
(1) | Overall occupancy (percent) includes MH and annual RV sites, and excludes transient RV sites. |
(2) | Monthly base rent pertains to annual RV sites and excludes transient RV sites. |
Three Months Ended June 30, | |||||||||||||||
Financial Information (in thousands) | 2017 | 2016 | Change | % Change | |||||||||||
Income from real property | $ | 131,008 | $ | 123,399 | $ | 7,609 | 6.2 | % | |||||||
Property operating expenses: | |||||||||||||||
Payroll and benefits | 11,615 | 11,143 | 472 | 4.2 | % | ||||||||||
Legal, taxes, and insurance | 1,564 | 1,418 | 146 | 10.3 | % | ||||||||||
Utilities | 7,192 | 6,577 | 615 | 9.4 | % | ||||||||||
Supplies and repair | 5,560 | 5,130 | 430 | 8.4 | % | ||||||||||
Other | 3,296 | 3,180 | 116 | 3.7 | % | ||||||||||
Real estate taxes | 9,767 | 9,224 | 543 | 5.9 | % | ||||||||||
Property operating expenses | 38,994 | 36,672 | 2,322 | 6.3 | % | ||||||||||
Real Property NOI | $ | 92,014 | $ | 86,727 | $ | 5,287 | 6.1 | % |
As of June 30, | ||||||||||||
Other Information | 2017 | 2016 | Change | |||||||||
Number of properties | 231 | 231 | — | |||||||||
Occupancy (1) (2) | 97.2 | % | 95.6 | % | 1.6 | % | ||||||
Sites available for development | 6,193 | 6,919 | (726 | ) | ||||||||
Monthly base rent per site - MH | $ | 510 | $ | 493 | $ | 17 | ||||||
Monthly base rent per site - RV (3) | $ | 448 | $ | 432 | $ | 16 | ||||||
Monthly base rent per site - Total | $ | 502 | $ | 486 | $ | 16 |
(1) | The occupancy percentage includes MH and annual/seasonal RV sites, and excludes recently completed but vacant expansion sites and transient RV sites. |
(2) | The occupancy percentage for 2016 has been adjusted to reflect incremental growth year over year from filled expansion sites and the conversion of transient RV sites to annual/seasonal RV sites. |
(3) | Monthly base rent pertains to annual and seasonal RV sites and excludes transient RV sites. |
Three Months Ended June 30, | |||||||||||||||
Financial Information | 2017 | 2016 | Change | % Change | |||||||||||
Rental home revenue | $ | 12,678 | $ | 11,957 | $ | 721 | 6.0 | % | |||||||
Site rent from Rental Program (1) | 16,009 | 15,413 | 596 | 3.9 | % | ||||||||||
Rental Program revenue | 28,687 | 27,370 | 1,317 | 4.8 | % | ||||||||||
Expenses | |||||||||||||||
Commissions | 401 | 384 | 17 | 4.4 | % | ||||||||||
Repairs and refurbishment | 2,363 | 3,273 | (910 | ) | (27.8 | )% | |||||||||
Taxes and insurance | 1,506 | 1,167 | 339 | 29.1 | % | ||||||||||
Marketing and other | 674 | 587 | 87 | 14.8 | % | ||||||||||
Rental Program operating and maintenance | 4,944 | 5,411 | (467 | ) | (8.6 | )% | |||||||||
Rental Program NOI | $ | 23,743 | $ | 21,959 | $ | 1,784 | 8.1 | % | |||||||
Other Information | |||||||||||||||
Number of occupied rentals, end of period | 11,083 | 10,997 | 86 | 0.8 | % | ||||||||||
Investment in occupied rental homes, end of period | $ | 479,503 | $ | 453,869 | $ | 25,634 | 5.7 | % | |||||||
Number of sold rental homes | 302 | 278 | 24 | 8.6 | % | ||||||||||
Weighted average monthly rental rate, end of period | $ | 897 | $ | 868 | $ | 29 | 3.3 | % |
(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. |
Three Months Ended June 30, | |||||||||||||||
Financial Information | 2017 | 2016 | Change | % Change | |||||||||||
New home sales | $ | 7,546 | $ | 5,612 | $ | 1,934 | 34.5 | % | |||||||
Pre-owned home sales | 23,313 | 20,427 | 2,886 | 14.1 | % | ||||||||||
Revenue from home sales | 30,859 | 26,039 | 4,820 | 18.5 | % | ||||||||||
New home cost of sales | 6,497 | 4,773 | 1,724 | 36.1 | % | ||||||||||
Pre-owned home cost of sales | 15,525 | 13,911 | 1,614 | 11.6 | % | ||||||||||
Cost of home sales | 22,022 | 18,684 | 3,338 | 17.9 | % | ||||||||||
NOI / Gross profit | $ | 8,837 | $ | 7,355 | $ | 1,482 | 20.2 | % | |||||||
Gross profit – new homes | $ | 1,049 | $ | 839 | $ | 210 | 25.0 | % | |||||||
Gross margin % – new homes | 13.9 | % | 15.0 | % | (1.1 | )% | |||||||||
Average selling price – new homes | $ | 93,161 | $ | 95,119 | $ | (1,958 | ) | (2.1 | )% | ||||||
Gross profit – pre-owned homes | $ | 7,788 | $ | 6,516 | $ | 1,272 | 19.5 | % | |||||||
Gross margin % – pre-owned homes | 33.4 | % | 31.9 | % | 1.5 | % | |||||||||
Average selling price – pre-owned homes | $ | 32,379 | $ | 29,562 | $ | 2,817 | 9.5 | % | |||||||
Statistical Information | |||||||||||||||
Home sales volume: | |||||||||||||||
New home sales | 81 | 59 | 22 | 37.3 | % | ||||||||||
Pre-owned home sales | 720 | 691 | 29 | 4.2 | % | ||||||||||
Total homes sold | 801 | 750 | 51 | 6.8 | % |
Three Months Ended June 30, | |||||||||||||||
2017 | 2016 | Change | % Change | ||||||||||||
Ancillary revenues, net | $ | 1,792 | $ | 1,784 | $ | 8 | 0.5 | % | |||||||
Interest income | $ | 5,043 | $ | 4,672 | $ | 371 | 7.9 | % | |||||||
Brokerage commissions and other revenues, net | $ | 1,008 | $ | 747 | $ | 261 | 34.9 | % | |||||||
Home selling expenses | $ | 2,990 | $ | 2,460 | $ | 530 | 21.5 | % | |||||||
General and administrative expenses | $ | 19,989 | $ | 16,543 | $ | 3,446 | 20.8 | % | |||||||
Transaction costs | $ | 2,437 | $ | 20,979 | $ | (18,542 | ) | (88.4 | )% | ||||||
Depreciation and amortization | $ | 62,721 | $ | 49,670 | $ | 13,051 | 26.3 | % | |||||||
Extinguishment of debt | $ | 293 | $ | — | $ | 293 | 100.0 | % | |||||||
Interest expense | $ | 33,145 | $ | 29,215 | $ | 3,930 | 13.5 | % | |||||||
Other income, net | $ | 875 | $ | — | $ | 875 | 100.0 | % | |||||||
Deferred tax benefit | $ | 364 | $ | — | $ | 364 | 100.0 | % |
Six Months Ended June 30, | ||||||||
2017 | 2016 | |||||||
Net income / (loss) attributable to Sun Communities, Inc., common stockholders: | 33,468 | 72 | ||||||
Other revenues | (11,576 | ) | (9,770 | ) | ||||
Home selling expenses | 6,101 | 4,597 | ||||||
General and administrative | 37,921 | 30,335 | ||||||
Transaction costs | 4,823 | 23,700 | ||||||
Depreciation and amortization | 125,487 | 98,082 | ||||||
Extinguishment of debt | 759 | — | ||||||
Interest expense | 65,251 | 56,296 | ||||||
Other income, net | (1,627 | ) | — | |||||
Current tax (benefit) / expense | 171 | 284 | ||||||
Deferred tax benefit | (664 | ) | — | |||||
Preferred return to preferred OP units | 2,370 | 2,536 | ||||||
Amounts attributable to noncontrolling interests | 2,403 | (419 | ) | |||||
Preferred stock distributions | 4,278 | 4,551 | ||||||
NOI / Gross profit | $ | 269,165 | $ | 210,264 |
Six Months Ended June 30, | ||||||||
2017 | 2016 | |||||||
Real Property NOI | $ | 235,634 | $ | 181,230 | ||||
Rental Program NOI | 46,699 | 43,009 | ||||||
Home Sales NOI / Gross profit | 15,217 | 13,908 | ||||||
Ancillary NOI / Gross profit | 3,343 | 2,748 | ||||||
Site rent from Rental Program (included in Real Property NOI) (1) | (31,728 | ) | (30,631 | ) | ||||
NOI / Gross profit | $ | 269,165 | $ | 210,264 |
Six Months Ended June 30, | |||||||||||||||
Financial Information (in thousands) | 2017 | 2016 | Change | % Change | |||||||||||
Income from Real Property | $ | 362,515 | $ | 269,236 | $ | 93,279 | 34.7 | % | |||||||
Property operating expenses: | |||||||||||||||
Payroll and benefits | 33,176 | 22,137 | 11,039 | 49.9 | % | ||||||||||
Legal, taxes, and insurance | 3,418 | 2,914 | 504 | 17.3 | % | ||||||||||
Utilities | 39,876 | 27,131 | 12,745 | 47.0 | % | ||||||||||
Supplies and repair | 12,011 | 7,677 | 4,334 | 56.5 | % | ||||||||||
Other | 12,131 | 8,409 | 3,722 | 44.3 | % | ||||||||||
Real estate taxes | 26,269 | 19,738 | 6,531 | 33.1 | % | ||||||||||
Property operating expenses | 126,881 | 88,006 | 38,875 | 44.2 | % | ||||||||||
Real Property NOI | $ | 235,634 | $ | 181,230 | $ | 54,404 | 30.0 | % |
As of June 30, | ||||||||||||
Other Information | 2017 | 2016 | Change | |||||||||
Number of properties | 344 | 337 | 7 | |||||||||
Overall occupancy (1) | 96.1 | % | 96.1 | % | — | % | ||||||
Sites available for development | 10,372 | 9,921 | 451 | |||||||||
Monthly base rent per site - MH | $ | 524 | $ | 510 | $ | 14 | ||||||
Monthly base rent per site - RV (2) | $ | 424 | $ | 412 | $ | 12 | ||||||
Monthly base rent per site - Total | $ | 503 | $ | 490 | $ | 13 |
(1) | Overall occupancy (%) includes MH and annual RV sites, and excludes transient RV sites. |
(2) | Weighted average rent pertains to annual and seasonal RV sites and excludes transient RV sites. |
Six Months Ended June 30, | |||||||||||||||
Financial Information (in thousands) | 2017 | 2016 | Change | % Change | |||||||||||
Income from real property | $ | 259,764 | $ | 245,842 | $ | 13,922 | 5.7 | % | |||||||
Property operating expenses: | |||||||||||||||
Payroll and benefits | 21,710 | 20,811 | 899 | 4.3 | % | ||||||||||
Legal, taxes, and insurance | 2,748 | 2,717 | 31 | 1.1 | % | ||||||||||
Utilities | 13,944 | 13,261 | 683 | 5.2 | % | ||||||||||
Supplies and repair | 9,010 | 8,612 | 398 | 4.6 | % | ||||||||||
Other | 6,472 | 6,457 | 15 | 0.2 | % | ||||||||||
Real estate taxes | 19,473 | 18,795 | 678 | 3.6 | % | ||||||||||
Property operating expenses | 73,357 | 70,653 | 2,704 | 3.8 | % | ||||||||||
Real Property NOI | $ | 186,407 | $ | 175,189 | $ | 11,218 | 6.4 | % |
As of June 30, | ||||||||||||
Other Information | 2017 | 2016 | Change | |||||||||
Number of properties | 231 | 231 | — | |||||||||
Overall occupancy (1) (2) | 97.2 | % | 95.6 | % | 1.6 | % | ||||||
Sites available for development | 6,193 | 6,919 | (726 | ) | ||||||||
Monthly base rent per site - MH | $ | 510 | $ | 493 | $ | 17 | ||||||
Monthly base rent per site - RV (3) | $ | 448 | $ | 432 | $ | 16 | ||||||
Monthly base rent per site - Total | $ | 502 | $ | 486 | $ | 16 |
(1) | The occupancy percentage includes MH and annual/seasonal RV sites, and excludes recently completed but vacant expansion sites and transient RV sites. |
(2) | The occupancy percentage for 2016 has been adjusted to reflect incremental growth year over year from filled expansion sites and the conversion of transient RV sites to annual/seasonal RV sites. |
(3) | Monthly base rent pertains to annual and seasonal RV sites and excludes transient RV sites. |
Six Months Ended June 30, | |||||||||||||||
Financial Information | 2017 | 2016 | Change | % Change | |||||||||||
Rental home revenue | $ | 25,017 | $ | 23,665 | $ | 1,352 | 5.7 | % | |||||||
Site rent from Rental Program (1) | 31,728 | 30,631 | 1,097 | 3.6 | % | ||||||||||
Rental Program revenue | 56,745 | 54,296 | 2,449 | 4.5 | % | ||||||||||
Expenses | |||||||||||||||
Commissions | 1,011 | 1,159 | (148 | ) | (12.8 | )% | |||||||||
Repairs and refurbishment | 4,644 | 5,939 | (1,295 | ) | (21.8 | )% | |||||||||
Taxes and insurance | 2,943 | 2,732 | 211 | 7.7 | % | ||||||||||
Marketing and other | 1,448 | 1,457 | (9 | ) | (0.6 | )% | |||||||||
Rental Program operating and maintenance | 10,046 | 11,287 | (1,241 | ) | (11.0 | )% | |||||||||
Rental Program NOI | $ | 46,699 | $ | 43,009 | $ | 3,690 | 8.6 | % | |||||||
Other Information | |||||||||||||||
Number of occupied rentals, end of period | 11,083 | 10,997 | 86 | 0.8 | % | ||||||||||
Investment in occupied rental homes, end of period | $ | 479,503 | $ | 453,869 | $ | 25,634 | 5.7 | % | |||||||
Number of sold rental homes | 542 | 572 | (30 | ) | (5.2 | )% | |||||||||
Weighted average monthly rental rate, end of period | $ | 897 | $ | 868 | $ | 29 | 3.3 | % |
(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 | 2017 | 2016 | Change | % Change | |||||||||||
New home sales | $ | 14,429 | $ | 11,081 | $ | 3,348 | 30.2 | % | |||||||
Pre-owned home sales | 43,693 | 39,695 | 3,998 | 10.1 | % | ||||||||||
Revenue from homes sales | 58,122 | 50,776 | 7,346 | 14.5 | % | ||||||||||
New home cost of sales | 12,345 | 9,617 | 2,728 | 28.4 | % | ||||||||||
Pre-owned home cost of sales | 30,560 | 27,251 | 3,309 | 12.1 | % | ||||||||||
Cost of home sales | 42,905 | 36,868 | 6,037 | 16.4 | % | ||||||||||
NOI / Gross profit | $ | 15,217 | $ | 13,908 | $ | 1,309 | 9.4 | % | |||||||
Gross profit – new homes | $ | 2,084 | $ | 1,464 | $ | 620 | 42.4 | % | |||||||
Gross margin % – new homes | 14.4 | % | 13.2 | % | 1.2 | % | |||||||||
Average selling price – new homes | $ | 91,905 | $ | 88,648 | $ | 3,257 | 3.7 | % | |||||||
Gross profit – pre-owned homes | $ | 13,133 | $ | 12,444 | $ | 689 | 5.5 | % | |||||||
Gross margin % – pre-owned homes | 30.1 | % | 31.3 | % | (1.2 | )% | |||||||||
Average selling price – pre-owned homes | $ | 29,723 | $ | 28,558 | $ | 1,165 | 4.1 | % | |||||||
Statistical Information | |||||||||||||||
Home sales volume: | |||||||||||||||
New home sales | 157 | 125 | 32 | 25.6 | % | ||||||||||
Pre-owned home sales | 1,470 | 1,390 | 80 | 5.8 | % | ||||||||||
Total homes sold | 1,627 | 1,515 | 112 | 7.4 | % |
Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | Change | % Change | ||||||||||||
Ancillary revenues, net | $ | 3,343 | $ | 2,748 | $ | 595 | 21.7 | % | |||||||
Interest income | $ | 9,689 | $ | 8,617 | 1,072 | 12.4 | % | ||||||||
Brokerage commissions and other revenues, net | $ | 1,887 | $ | 1,153 | 734 | 63.7 | % | ||||||||
Home selling expenses | $ | 6,101 | $ | 4,597 | 1,504 | 32.7 | % | ||||||||
General and administrative expenses | $ | 37,921 | $ | 30,335 | 7,586 | 25.0 | % | ||||||||
Transaction costs | $ | 4,823 | $ | 23,700 | (18,877 | ) | (79.7 | )% | |||||||
Depreciation and amortization | $ | 125,487 | $ | 98,082 | 27,405 | 27.9 | % | ||||||||
Extinguishment of debt | $ | 759 | $ | — | 759 | 100.0 | % | ||||||||
Interest expense | $ | 65,251 | $ | 56,296 | 8,955 | 15.9 | % | ||||||||
Other income, net | $ | 1,627 | $ | — | 1,627 | 100.0 | % | ||||||||
Deferred tax benefit | $ | 664 | $ | — | 664 | 100.0 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income / (loss) attributable to Sun Communities, Inc. common stockholders | $ | 12,364 | $ | (7,803 | ) | $ | 33,468 | $ | 72 | ||||||
Adjustments: | |||||||||||||||
Depreciation and amortization | 62,842 | 49,340 | 125,659 | 97,416 | |||||||||||
Amounts attributable to noncontrolling interests | 1,202 | (779 | ) | 2,102 | (430 | ) | |||||||||
Preferred return to preferred OP units | 586 | 618 | 1,172 | 1,243 | |||||||||||
Preferred distribution to Series A-4 preferred stock | 560 | — | 1,225 | — | |||||||||||
Gain on disposition of assets, net | (4,352 | ) | (3,903 | ) | (7,033 | ) | (7,558 | ) | |||||||
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) | 73,202 | 37,473 | 156,593 | 90,743 | |||||||||||
Adjustments: | |||||||||||||||
Transaction costs | 2,437 | 20,979 | 4,823 | 23,700 | |||||||||||
Other acquisition related costs (2) | 1,525 | — | 2,369 | — | |||||||||||
Extinguishment of debt | 293 | — | 759 | — | |||||||||||
Other income, net | (875 | ) | — | (1,627 | ) | — | |||||||||
Debt premium write-off | (24 | ) | — | (438 | ) | — | |||||||||
Deferred tax benefit | (364 | ) | — | (664 | ) | — | |||||||||
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities excluding certain items (1) | $ | 76,194 | $ | 58,452 | $ | 161,815 | $ | 114,443 | |||||||
Weighted average common shares outstanding - basic: | 74,678 | 64,757 | 73,677 | 61,247 | |||||||||||
Add: | |||||||||||||||
Common stock issuable upon conversion of stock options | 2 | 9 | 2 | 9 | |||||||||||
Restricted stock | 474 | 444 | 593 | 417 | |||||||||||
Common OP units | 2,757 | 2,863 | 2,756 | 2,863 | |||||||||||
Common stock issuable upon conversion of Series A-1 preferred OP units | 882 | 933 | 887 | 939 | |||||||||||
Common stock issuable upon conversion of Series A-3 preferred OP units | 75 | 75 | 75 | 75 | |||||||||||
Common stock issuable upon conversion of Series A-4 preferred stock | 645 | — | 690 | — | |||||||||||
Weighted average common shares outstanding - fully diluted | 79,513 | 69,081 | 78,680 | 65,550 | |||||||||||
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities per share - fully diluted | $ | 0.92 | $ | 0.54 | $ | 1.99 | $ | 1.38 | |||||||
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities per share excluding certain items - fully diluted | $ | 0.96 | $ | 0.85 | $ | 2.06 | $ | 1.75 |
(2) | These costs represent first year expenses incurred to bring acquired properties up to the Company's operating standards, including items such as tree trimming and painting costs that did not meet the Company's capitalization policy. |
Six Months Ended June 30, | ||||||||
2017 | 2016 | |||||||
Net Cash Provided by Operating Activities | $ | 153,163 | $ | 129,048 | ||||
Net Cash Used for Investing Activities | $ | (167,126 | ) | $ | (1,468,615 | ) | ||
Net Cash Provided by Financing Activities | $ | 247,334 | $ | 1,325,922 | ||||
Effect of Exchange Rate on Cash and Cash Equivalents | $ | 111 | $ | — |
Covenant | Requirement | As of June 30, 2017 | ||
Maximum Leverage Ratio | <65.0% | 35.2% | ||
Minimum Fixed Charge Coverage Ratio | >1.40 | 2.53 | ||
Minimum Tangible Net Worth | >$2,491,250 | $3,934,830 | ||
Maximum Dividend Payout Ratio | <95.0% | 64.1% |
Payments Due By Period | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Contractual Cash Obligations (1) | Total Due | <1 year | 1-3 years | 3-5 years | After 5 years | |||||||||||||||
Collateralized term loans - FNMA | $ | 1,017,486 | $ | 9,443 | $ | 118,437 | $ | 226,624 | $ | 662,982 | ||||||||||
Collateralized term loans - Life Company | 955,874 | 10,305 | 53,349 | 62,874 | 829,346 | |||||||||||||||
Collateralized term loans - CMBS | 453,636 | 3,875 | 17,476 | 138,016 | 294,269 | |||||||||||||||
Collateralized term loans - FMCC | 391,700 | 2,910 | 12,317 | 13,305 | 363,168 | |||||||||||||||
Secured borrowings | 139,496 | 2,763 | 12,363 | 14,578 | 109,792 | |||||||||||||||
Lines of credit | 435 | — | 435 | — | — | |||||||||||||||
Preferred OP units - mandatorily redeemable | 45,903 | 3,670 | 7,570 | — | 34,663 | |||||||||||||||
Total principal payments | $ | 3,004,530 | $ | 32,966 | $ | 221,947 | $ | 455,397 | $ | 2,294,220 | ||||||||||
Interest expense (2) | $ | 1,004,220 | $ | 75,201 | $ | 267,054 | $ | 231,714 | $ | 430,251 | ||||||||||
Operating leases | 59,328 | 3,044 | 6,780 | 6,963 | 42,541 | |||||||||||||||
Total contractual obligations | $ | 4,068,078 | $ | 111,211 | $ | 495,781 | $ | 694,074 | $ | 2,767,012 |
• | 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; |
• | change in foreign currency exchange rates, specifically between the U.S. dollar and Canadian dollar; |
• | our ability to maintain rental rates and occupancy levels; |
• | 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; |
• | competitive market forces; |
• | the ability of manufactured home buyers to obtain financing; and |
• | the level of repossessions by manufactured home lenders. |
Exhibit No. | Description | Method of Filing |
3.1 | Incorporated by reference to Sun Communities, Inc.'s Current Report on Form 8-K filed May 12, 2017 | |
10.1 | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8-K/A filed April 27, 2017 | |
31.1 | Filed herewith | |
31.2 | Filed herewith | |
32.1 | Filed herewith | |
101.INS | XBRL Instance Document | Filed herewith |
101.SCH | XBRL Taxonomy Extension Schema Document | Filed herewith |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | Filed herewith |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith |
Dated: July 27, 2017 | 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 |
3.1 | Incorporated by reference to Sun Communities, Inc.'s Current Report on Form 8-K filed May 12, 2017 | |
10.1 | Incorporated by reference to Sun Communities, Inc.’s Current Report on Form 8-K/A filed April 27, 2017 | |
31.1 | Filed herewith | |
31.2 | Filed herewith | |
32.1 | Filed herewith | |
101.INS | XBRL Instance Document | Filed herewith |
101.SCH | XBRL Taxonomy Extension Schema Document | Filed herewith |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | Filed herewith |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith |
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(s) 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(s) 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 27, 2017 | /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(s) 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(s) 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 27, 2017 | /s/ Karen J. Dearing |
Karen J. Dearing, Chief Financial Officer |
Signature | Date |
/s/ Gary A. Shiffman | July 27, 2017 |
Gary A. Shiffman, Chief Executive Officer | |
/s/ Karen J. Dearing | July 27, 2017 |
Karen J. Dearing, Chief Financial Officer |
Document And Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Jul. 20, 2017 |
|
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | SUI | |
Entity Registrant Name | SUN COMMUNITIES INC | |
Entity Central Index Key | 0000912593 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 78,998,639 |
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Investment property, net | $ 5,517,139 | $ 5,469,481 |
Other assets | 145,151 | 146,450 |
Secured debt | 2,832,819 | 2,819,567 |
Other liabilities | $ 298,759 | $ 279,667 |
Series A Preferred Stock, Par Value | $ 0.01 | $ 0.01 |
Series A Preferred Stock, Shares Issued | 3,400 | 3,400 |
Series A Preferred Stock, Shares Outstanding | 3,400 | 3,400 |
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 180,000 | 180,000 |
Common Stock, Shares Issued | 73,739 | 73,206 |
Common Stock, Shares Outstanding | 73,739 | 73,206 |
Series A-4 Preferred Stock | ||
Series A-4 Preferred Stock, Par Value | $ 0.01 | $ 0.01 |
Series A-4 Preferred Stock, Shares Issued | 1,637 | 1,681 |
Series A-4 Preferred Stock, Shares Outstanding | 1,637 | 1,681 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Investment property, net | $ 51,060 | $ 88,987 |
Other assets | 2,067 | 3,054 |
Secured debt | 42,375 | 62,111 |
Other liabilities | $ 1,629 | $ 1,998 |
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
REVENUES | ||||
Income from real property | $ 179,461 | $ 140,001 | $ 362,515 | $ 269,236 |
Revenue from home sales | 30,859 | 26,039 | 58,122 | 50,776 |
Rental home revenue | 12,678 | 11,957 | 25,017 | 23,665 |
Ancillary revenues | 8,850 | 7,383 | 15,069 | 11,996 |
Interest | 5,043 | 4,672 | 9,689 | 8,617 |
Brokerage commissions and other revenues, net | 1,008 | 747 | 1,887 | 1,153 |
Total revenues | 237,899 | 190,799 | 472,299 | 365,443 |
EXPENSES | ||||
Property operating and maintenance | 53,446 | 37,067 | 100,612 | 68,268 |
Real estate taxes | 13,126 | 10,153 | 26,269 | 19,738 |
Cost of home sales | 22,022 | 18,684 | 42,905 | 36,868 |
Rental home operating and maintenance | 4,944 | 5,411 | 10,046 | 11,287 |
Ancillary expenses | 7,058 | 5,599 | 11,726 | 9,248 |
Home selling expenses | 2,990 | 2,460 | 6,101 | 4,597 |
General and administrative | 19,989 | 16,543 | 37,921 | 30,335 |
Transaction costs | 2,437 | 20,979 | 4,823 | 23,700 |
Depreciation and amortization | 62,721 | 49,670 | 125,487 | 98,082 |
Extinguishment of debt | 293 | 0 | 759 | 0 |
Interest | 32,358 | 28,428 | 63,680 | 54,722 |
Interest on mandatorily redeemable preferred OP units | 787 | 787 | 1,571 | 1,574 |
Total expenses | 222,171 | 195,781 | 431,900 | 358,419 |
Income / (loss) before other items | 15,728 | (4,982) | 40,399 | 7,024 |
Other income, net | 875 | 0 | 1,627 | 0 |
Current tax benefit / (expense) | 7 | (56) | (171) | (284) |
Deferred tax benefit | 364 | 0 | 664 | 0 |
Net income / (loss) | 16,974 | (5,038) | 42,519 | 6,740 |
Less: Preferred return to preferred OP units | (1,196) | (1,263) | (2,370) | (2,536) |
Less: Amounts attributable to noncontrolling interests | (1,315) | 695 | (2,403) | 419 |
Net income / (loss) attributable to Sun Communities, Inc. | 14,463 | (5,606) | 37,746 | 4,623 |
Less: Preferred stock distributions | (2,099) | (2,197) | (4,278) | (4,551) |
Net income / (loss) attributable to Sun Communities, Inc. common stockholders | $ 12,364 | $ (7,803) | $ 33,468 | $ 72 |
Weighted average common shares outstanding: | ||||
Basic | 74,678 | 64,757 | 73,677 | 61,247 |
Diluted | 75,154 | 64,757 | 74,272 | 61,673 |
Earnings per share: | ||||
Basic | $ 0.16 | $ (0.12) | $ 0.45 | $ 0.00 |
Diluted | $ 0.16 | $ (0.12) | $ 0.45 | $ 0.00 |
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income / (loss) | $ 16,974 | $ (5,038) | $ 42,519 | $ 6,740 |
Foreign currency translation adjustment | 1,745 | 1 | 2,329 | 1 |
Total comprehensive income / (loss) | 18,719 | (5,037) | 44,848 | 6,741 |
Less: Comprehensive income / (loss) attributable to noncontrolling interests | 1,411 | (695) | 2,532 | (419) |
Comprehensive income / (loss) attributable to Sun Communities, Inc. | $ 17,308 | $ (4,342) | $ 42,316 | $ 7,160 |
Consolidated Statement Of Stockholders' Equity - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-in Capital |
Distributions in Excess of Accumulated Earnings |
Accumulated other comprehensive loss |
Noncontrolling Interests |
Series A Preferred Stock |
Series A-4 Preferred Stock |
Series A-4 Preferred Stock
Additional Paid-in Capital
|
Series A-4 preferred OP units |
Series A-4 preferred OP units
Additional Paid-in Capital
|
---|---|---|---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2016 | $ 2,362,227 | $ 732 | $ 3,321,441 | $ (1,023,415) | $ (3,181) | $ 66,616 | $ 34 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of common stock from exercise of options, net | 45 | 45 | |||||||||
Issuance of OP units and common stock, net | 461,248 | 57 | 459,190 | 2,001 | |||||||
Conversion of Series A-4 preferred stock | 4,720 | 1 | 4,719 | ||||||||
Adjustments to Additional Paid in Capital, Redemption of Stock | $ (3,867) | $ (3,867) | $ (2,571) | $ (2,571) | |||||||
Share-based compensation - amortization and forfeitures | 6,917 | 6,769 | 148 | ||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (100) | (6,201) | 6,101 | ||||||||
Foreign currency exchange | 2,329 | 2,200 | 129 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest and Returns from Preferred Stock | 42,390 | 40,116 | 2,274 | ||||||||
Distributions | (111,915) | (106,277) | (5,638) | ||||||||
Balance at Jun. 30, 2017 | $ 2,761,553 | $ 790 | $ 3,780,599 | $ (1,089,428) | $ (981) | $ 70,539 | $ 34 |
Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Sun Communities, Inc., a Maryland corporation, and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership (the “Operating Partnership”) and Sun Home Services, Inc. (“SHS”) are referred to herein as the “Company,” “us,” “we,” and “our.” We follow accounting standards set by the Financial Accounting Standards Board (“FASB”). FASB sets generally accepted accounting principles (“GAAP”), which we follow to ensure that we consistently report our financial condition, results of operations, and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification ("ASC"). These unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information and in accordance with GAAP. Pursuant to the SEC rules and regulations we present interim disclosures and certain information and footnote disclosures as required. Accordingly, the unaudited Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying unaudited Consolidated Financial Statements reflect, in the opinion of management, all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of the interim financial statements. All intercompany transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period financial statements in order to conform to current period presentation. The results of operations for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2016 as filed with the SEC on February 23, 2017 (the “2016 Annual Report”). These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our 2016 Annual Report. |
Real Estate Acquisitions |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions | Real Estate Acquisitions 2017 Acquisitions In June 2017, we acquired Arbor Woods (“Arbor Woods”), a manufactured home ("MH") community with 458 sites located in Superior Township, Michigan. In May 2017, we acquired Sunset Lakes RV Resort (“Sunset Lakes”), a recreational vehicle ("RV") resort with 489 sites located in Hillsdale, Illinois. In March 2017, we acquired Far Horizons 49er Village RV Resort Inc. (“49er Village”), a RV resort with 328 sites located in Plymouth, California. The following table summarizes the amounts of assets acquired net of liabilities assumed at the acquisition date and the consideration paid for the acquisitions completed in 2017 (in thousands):
(1) The purchase price allocations for Arbor Woods, Sunset Lakes, and 49er Village are preliminary and may be adjusted as final costs and valuations are determined. The amount of total revenues and net income included in the Consolidated Statements of Operations for the three and six months ended June 30, 2017 related to the acquisitions completed in 2017 are set forth in the following table (in thousands):
The following unaudited pro forma financial information presents the results of our operations for the three and six months ended June 30, 2017 and 2016, as if the properties had been acquired on January 1, 2016. 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, 2016 (in thousands, except per-share data):
Additionally, during the three months ended June 30, 2017, we acquired an undeveloped parcel of land (“Bear Lake”), near Myrtle Beach, South Carolina, for $5.9 million. This land parcel has been entitled and zoned to build a 775 site RV resort. Transaction costs of $2.4 million and $21.0 million have been incurred for the three months ended June 30, 2017 and 2016, respectively. For the six months ended June 30, 2017 and 2016, transactions costs were $4.8 million and $23.7 million, respectively. These costs are presented as “Transaction costs” in our Consolidated Statements of Operations. 2016 Acquisitions In June 2016, we acquired all of the issued and outstanding shares of common stock of Carefree Communities Inc. (“Carefree”) through the Operating Partnership for an aggregate purchase price of $1.68 billion. Carefree owned 103 MH and RV communities, comprising over 27,000 sites. At the closing, we issued 3,329,880 shares of common stock at $67.57 per share (or $225.0 million in common stock) to the seller and the Operating Partnership paid the balance of the purchase price in cash. Approximately $1.0 billion of the cash payment was applied simultaneously to repay debt on the properties owned by Carefree. The Operating Partnership funded the cash portion of the purchase price in part with proceeds from debt financings as described in Note 7, “Debt and Lines of Credit” and net proceeds of $385.4 million from an underwritten public offering of 6,037,500 shares of common stock at a price of $66.50 per share in March 2016. We have allocated the “investment in property" balances for Carefree to the respective balance sheet line items upon completion of a purchase price allocation in accordance with the FASB ASC Topic 805 - Business Combinations, as set forth in the table below (in thousands):
Additionally, during 2016, we acquired seven RV resorts and one MH community for total consideration of $89.7 million. We added 1,677 sites in six states as a result of these acquisitions. The amount of revenue and net income included in the Consolidated Statements of Operations for the three and six months ended June 30, 2017 related to the Carefree acquisition and other acquisitions completed during 2016 is set forth in the following table (in thousands):
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Collateralized Receivables and Transfers of Financial Assets |
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Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers Of Financial Assets | Transfers of Financial Assets We completed various transactions with an unrelated entity involving our notes receivable under which we received cash proceeds in exchange for relinquishing our right, title, and interest in certain notes receivable. We have no further obligations or rights with respect to the control, management, administration, servicing, or collection of the installment notes receivable. However, we are subject to certain recourse provisions requiring us to purchase the underlying homes collateralizing such notes, in the event of a note default and subsequent repossession of the home by the unrelated entity. The recourse provisions are considered to be a form of continuing involvement, and therefore these transferred loans did not meet the requirements for sale accounting. We continue to recognize these transferred loans on our balance sheet and refer to them as collateralized receivables. The proceeds from the transfer have been recognized as a secured borrowing. In the event of a note default and subsequent repossession of a manufactured home by the unrelated entity, the terms of the agreement require us to repurchase the manufactured home. Default is defined as the failure to repay the installment note receivable according to contractual terms. The repurchase price is calculated as a percentage of the outstanding principal balance of the collateralized receivable, plus any outstanding late fees, accrued interest, legal fees, and escrow advances associated with the installment note receivable. The percentage used to determine the repurchase price of the outstanding principal balance on the installment note receivable is based on the number of payments made on the note. In general, the repurchase price is determined as follows:
The transferred assets have been classified as “Collateralized receivables, net” and the cash proceeds received from these transactions have been classified as “Secured borrowings on collateralized receivables” within the Consolidated Balance Sheets. The balance of the collateralized receivables was $138.7 million (net of allowance of $0.8 million) and $143.9 million (net of allowance of $0.6 million) as of June 30, 2017 and December 31, 2016, respectively. The receivables have a weighted average interest rate and maturity of 10.0 percent and 15.6 years as of June 30, 2017, and 10.0 percent and 15.7 years as of December 31, 2016. The outstanding balance on the secured borrowing was $139.5 million and $144.5 million as of June 30, 2017 and December 31, 2016, respectively. The collateralized receivables earn interest income, and the secured borrowings accrue interest expense at the same interest rates. The amount of interest income and expense recognized was $3.3 million and $3.4 million for the three months ended June 30, 2017 and 2016, respectively, and $6.6 million and $6.8 million for the six months ended June 30, 2017 and 2016, respectively. The balances of the collateralized receivables and secured borrowings fluctuate. The balances increase as additional notes receivable are transferred and exchanged for cash proceeds. The balances are reduced as the related collateralized receivables are collected from the customers, or as the underlying collateral is repurchased. The change in the aggregate gross principal balance of the collateralized receivables is as follows (in thousands):
The following table sets forth the allowance for the collateralized receivables as of June 30, 2017 (in thousands):
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Notes And Other Receivables |
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Long-term Notes and Loans, by Type, Current and Noncurrent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes And Other Receivables | Notes and Other Receivables The following table sets forth certain information regarding notes and other receivables (in thousands):
Installment Notes Receivable on Manufactured Homes The installment notes of $82.8 million (net of allowance of $0.2 million) and $59.3 million (net of allowance of $0.2 million) as of June 30, 2017 and December 31, 2016, respectively, are collateralized by manufactured homes. The notes represent financing provided by us to purchasers of manufactured homes primarily located in our communities and require monthly principal and interest payments. The notes have a net weighted average interest rate (net of servicing costs) and maturity of 8.2 percent and 16.7 years as of June 30, 2017, and 8.3 percent and 16.0 years as of December 31, 2016. The change in the aggregate gross principal balance of the installment notes receivable is as follows (in thousands):
Allowance for Losses for Installment Notes Receivable The following table sets forth the allowance change for the installment notes receivable as follows (in thousands):
Other Receivables As of June 30, 2017, other receivables were comprised of amounts due from: residents for rent, and water and sewer usage of $8.0 million (net of allowance of $1.5 million); home sale proceeds of $14.4 million; insurance receivables of $3.7 million; and other receivables of $1.6 million. As of December 31, 2016, other receivables were comprised of amounts due from: residents for rent, and water and sewer usage of $6.0 million (net of allowance of $1.5 million); home sale proceeds of $11.6 million; insurance receivables of $2.3 million; and other receivables of $2.0 million. |
Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | Intangible Assets Our intangible assets include ground leases, in-place leases, franchise fees and other intangible assets from acquisitions. These intangible assets are recorded in “Other assets, net” on the Consolidated Balance Sheets. The gross carrying amounts, and accumulated amortization are as follows (in thousands):
Total amortization expenses related to the intangible assets are as follows (in thousands):
We anticipate amortization expense for our intangible assets to be as follows for the next five years (in thousands):
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Consolidated Variable Interest Entities |
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Consolidated Variable Interest Entities | Consolidated Variable Interest Entities We consolidate Rudgate Village SPE, LLC; Rudgate Clinton SPE, LLC; and Rudgate Clinton Estates SPE, LLC (collectively, “Rudgate”) as a variable interest entity ("VIE"). We evaluated our arrangement with this property under the guidance set forth in FASB ASC Topic 810 “Consolidation.” We concluded that Rudgate qualified as a VIE where we are the primary beneficiary, as we have power to direct the significant activities, absorb the significant losses and receive the significant benefits from the entity. During the three months ended June 30, 2017, we acquired the noncontrolling equity interests in Wildwood Mobile Home Park ("Wildwood") held by third parties for total consideration of $0.1 million. Prior to this acquisition, we consolidated Wildwood as a VIE. The acquisition resulted in the Company owning a 100.0 percent controlling interest in Wildwood, and was deemed a VIE reconsideration event. We concluded that Wildwood was no longer a VIE. The following table summarizes the assets and liabilities included in our Consolidated Balance Sheets after eliminations (in thousands):
Investment property, net and other assets related to the consolidated VIEs comprised approximately 0.9 percent and 1.6 percent of our consolidated total assets at June 30, 2017 and December 31, 2016, respectively. Debt and other liabilities comprised approximately 1.3 percent and 1.9 percent of our consolidated total liabilities at June 30, 2017 and December 31, 2016, respectively. Noncontrolling interests related to the consolidated VIEs comprised less than 1.0 percent of our consolidated total stockholder's equity at June 30, 2017 and December 31, 2016. |
Debt And Lines Of Credit |
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Debt Disclosure [Text Block] | Debt and Lines of Credit The following table sets forth certain information regarding debt including premiums, discounts and deferred financing costs (in thousands):
Collateralized Term Loans In June 2017, we entered into a $77.0 million collateralized term loan which bears interest at a rate of 4.16 percent amortizing over a 25 term. We also repaid a $3.9 million collateralized term loan with an interest rate of 6.54 percent that was due to mature on August 31, 2017. As a result of the repayment transaction, we recognized a loss on extinguishment of debt of $0.3 million in our Consolidated Statements of Operations. During the first quarter of 2017, we defeased an $18.9 million collateralized term loan with an interest rate of 6.49 percent that was due to mature on August 1, 2017, releasing one encumbered community. As a result of the transaction, we recognized a loss on extinguishment of debt of $0.5 million in our Consolidated Statements of Operations. In addition, we repaid a $10.0 million collateralized term loan with an interest rate of 5.57 percent that was due to mature on May 1, 2017, releasing an additional encumbered community. During the fourth quarter of 2016, we repaid a total of $79.1 million aggregate principal of collateralized term loans that were due to mature during 2017, releasing 10 encumbered communities. Also in the fourth quarter of 2016, we entered into a promissory note for $58.5 million that bears interest at a rate of 3.33 percent and has a seven-year term. The repayment of the note is interest only for the entire term. In September 2016, 15 subsidiaries of the Operating Partnership each entered into a promissory note for total borrowings of $139.0 million with PNC Bank, as lender (the "Freddie Mac Financing"). Five of the notes totaling $70.2 million bear interest at a rate of 3.93 percent and have ten-year terms. The remaining ten notes totaling $68.8 million bear interest at a rate of 3.75 percent and have seven-year terms. The Freddie Mac Financing provides for principal and interest payments to be amortized over 30 years. Proceeds from the Freddie Mac Financing described above and the underwritten registered public equity offering in September 2016 described in Note 8, "Equity and Mezzanine Securities," were utilized to repay $62.1 million in mortgage loans and $300.0 million on our revolving loan under our senior revolving credit facility (refer to Lines of Credit below for additional information regarding the A&R Facility). In June 2016, 17 subsidiaries of the Operating Partnership entered into a Master Credit Facility Agreement with Regions Bank, as lender. Pursuant to credit agreement, Regions Bank loaned a total of $338.0 million under a senior secured credit facility, comprised of two ten-year term loans in the amount of $300.0 million and $38.0 million, respectively (collectively the "Fannie Mae Financing"). The $300.0 million term loan bears interest at 3.69 percent and the $38.0 million term loan bears interest at 3.67 percent for a blended rate of 3.69 percent. The Fannie Mae Financing provides for principal and interest payments to be amortized over 30 years. The Fannie Mae Financing is secured by mortgages encumbering 17 MH communities comprised of real and personal property owned by the borrowers. Additionally, the Company and the Operating Partnership have provided a guaranty of the non-recourse carve-out obligations of the borrowers under the Fannie Mae Financing. Additionally, in June 2016, three subsidiaries of the Operating Partnership entered into mortgage loan documents (the "NML Loan Documents") with The Northwestern Mutual Life Insurance Company ("NML"). Pursuant to the NML Loan Documents, NML made three portfolio loans to the subsidiary borrowers in the aggregate amount of $405.0 million. NML loaned $162.0 million under a ten-year term loan to two of the subsidiary borrowers (the "Portfolio A Loan"). The Portfolio A Loan bears interest at 3.53 percent and is secured by deeds of trust encumbering seven MH communities and one RV community. NML also loaned $163.0 million under a 12-year term loan (the "Portfolio B Loan") to one subsidiary which is also a borrower under the Portfolio A Loan. The Portfolio B Loan bears interest at 3.71 percent and is secured by deeds of trust and a ground lease encumbering eight MH communities. NML also loaned $80.0 million under a 12-year term loan (the "Portfolio C Loan" and, collectively, with the Portfolio A Loan and the Portfolio B Loan, the "NML Financing") to one subsidiary borrower. The Portfolio C Loan bears interest at 3.71 percent and is secured by a mortgage encumbering one RV community. The MH and RV communities noted above that secure the NML Financing were acquired as part of the Carefree transaction (See Note 2, "Real Estate Acquisitions"). The NML Financing is generally non-recourse, however, the borrowers under the NML Financing and the Operating Partnership are responsible for certain customary non-recourse carveouts. In addition, the NML Financing will be fully recourse to the subsidiary borrowers and the Operating Partnership if: (a) the borrowers violate the prohibition on transfer covenants set forth in the loan documents; or (b) a voluntary bankruptcy proceedings is commenced by the borrowers or an involuntary bankruptcy, liquidation, receivership or similar proceeding has commenced against the borrowers and remains undismissed for a period of 90 days. Proceeds from the Fannie Mae Financing and NML Financing were primarily used to fund the cash portion of the Carefree acquisition (See Note 2, "Real Estate Acquisitions"). The collateralized term loans totaling $2.8 billion as of June 30, 2017, are secured by 191 properties comprised of 75,962 sites representing approximately $3.4 billion of net book value. Secured Borrowing See Note 3, “Collateralized Receivables and Transfers of Financial Assets,” for information regarding our collateralized receivables and secured borrowing transactions. Preferred OP Units Included in preferred OP units is $34.7 million of Aspen preferred OP units issued by the Operating Partnership which, as of June 30, 2017, are convertible indirectly into 464,552 shares of our common stock. Subject to certain limitations, at any time prior to January 1, 2024, the holder of each Aspen preferred OP unit at its option may convert such Aspen preferred OP unit into: (a) if the market price of our common stock is $68.00 per share or less, 0.397 common OP units; or (b) if the market price of our common stock is greater than $68.00 per share, the number of common OP units is determined by dividing (i) the sum of (A) $27.00 plus (B) 25 percent of the amount by which the market price of our common stock exceeds $68.00 per share, by (ii) the per-share market price of our common stock. The current preferred distribution rate is 6.5 percent. On January 2, 2024, we are required to redeem all Aspen preferred OP units that have not been converted to common OP units. Lines of Credit In April 2017, we amended and restated our credit agreement (the “A&R Credit Agreement”) with Citibank, N.A. ("Citibank") and certain other lenders. Pursuant to the A&R Credit Agreement, we have a senior revolving credit facility with Citibank and certain other lenders in the amount of $650.0 million, comprised of a $550.0 million revolving loan and a $100.0 million term loan (the “A&R Facility”). The A&R Credit Agreement has a four-year term ending April 25, 2021, which can be extended for two additional six-month periods at our option, subject to the satisfaction of certain conditions as defined in the credit agreement. The credit agreement also provides for, subject to the satisfaction of certain conditions, additional commitments in an amount not to exceed $350.0 million. If additional borrowings are made pursuant to any such additional commitments, the aggregate borrowing limit under the Facility may be increased up to $1.0 billion. The A&R Facility bears interest at a floating rate based on the Eurodollar rate plus a margin that is determined based on our leverage ratio calculated in accordance with the credit agreement, which margin can range from 1.35 percent to 2.20 percent for the revolving loan and 1.30 percent to 2.15 percent for the term loan. As of June 30, 2017, the margin on our leverage ratio was 1.35 percent and 1.30 percent on the revolving and term loans, respectively. We had no borrowings on the revolving loan or term loan as of June 30, 2017, as total borrowings of $229.0 million were repaid with proceeds from our public equity offering during the quarter ended June 30, 2017. We may borrow up to $100.0 million on the term loan on or before September 30, 2017. Refer to Note 8, "Equity and Mezzanine Securities" for additional information. The A&R Facility replaced our $450.0 million credit facility (the "Previous Facility"), which was scheduled to mature on August 19, 2019. At the time of the closing of the A&R Facility, there were $220.8 million in borrowings under the Previous Facility. At December 31, 2016, under the Previous Facility, we had $42.3 million in borrowings on the revolving loan and $58.0 million in borrowings on the term loan totaling $100.3 million with a weighted average interest rate of 2.14 percent. The A&R Facility provides, and the Previous Facility provided, us with the ability to issue letters of credit. Our issuance of letters of credit does not increase our borrowings outstanding under our line of credit, but does reduce the borrowing amount available. At June 30, 2017 and December 31, 2016, approximately $3.8 million and $4.6 million, respectively, of availability was used to back standby letters of credit. We have a $12.0 million manufactured home floor plan facility renewable indefinitely until our lender provides us at least a twelve month notice of their intent to terminate the agreement. The interest rate is 100 basis points over the greater of the prime rate as quoted in the Wall Street Journal on the first business day of each month or 6.0 percent. At June 30, 2017, the effective interest rate was 7.0 percent. The outstanding balance was $0.4 million and $2.8 million as of June 30, 2017 and December 31, 2016, respectively. Covenants Pursuant to the terms of the A&R Facility, we are subject to various financial and other covenants. The most restrictive of our debt agreements place limitations on secured borrowings and contain minimum fixed charge coverage, leverage, distribution, and net worth requirements. At June 30, 2017, we were in compliance with all covenants. In addition, certain of our subsidiary borrowers own properties that secure loans. These subsidiaries are consolidated within our accompanying Consolidated Financial Statements, however, each of these subsidiaries' assets and credit are not available to satisfy the debts and other obligations of the Company, any of its other subsidiaries or any other person or entity. |
Equity and Mezzanine Securities |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Mezzanine Securities | Equity and Mezzanine Securities Public Equity Offerings In May 2017, we closed an underwritten registered public offering of 4,830,000 shares of common stock at a gross price of $86.00 per share. Proceeds from the offering were $408.9 million after deducting expenses related to the offering. We utilized proceeds from the offering to fully repay borrowings outstanding on our senior revolving credit facility, redeem certain preferred securities, and fund an acquisition. We intend to utilize the remaining proceeds to fund possible future acquisitions and for working capital and general corporate purposes. In September 2016, we closed an underwritten registered public offering of 3,737,500 shares of common stock at a gross price of $76.50 per share. Proceeds from the offering were $283.6 million after deducting expenses related to the offering, which were used to repay borrowings outstanding on the revolving loan under our senior revolving credit facility. In June 2016, at the closing of the Carefree acquisition, we issued the seller 3,329,880 shares of our common stock at an issuance price of $67.57 per share or $225.0 million in common stock. In March 2016, we closed an underwritten registered public offering of 6,037,500 shares of common stock at a price of $66.50 per share. Net proceeds from the offering of $385.4 million after deducting discounts and expenses related to the offering, were used to fund a portion of the purchase price for Carefree. At-the-Market Offering Sales Agreement We maintain an agreement with BMO Capital Markets Corp., Merrill Lynch, Pierce, Fenner and Smith Incorporated and Citigroup Global Markets Inc. (each, a "Sales Agent") whereby we may offer and sell shares of our common stock, having an aggregate offering price of up to $250.0 million, from time to time through the Sales Agents (the "Sales Agreement"). Each Sales Agent is entitled to compensation in an agreed amount not to exceed 2.0 percent of the gross price per share for any shares sold through it from time to time under the Sales Agreement. Sales of common stock under our At-the-Market sales program during 2017 were as follows:
Issuance of Common OP Units In June 2017, we issued a total of 23,311 common OP units for total consideration of $2.0 million in connection with acquisition activity during the three months ended June 30, 2017. Conversions Subject to certain limitations, holders can convert certain series of stock and OP units to shares of our common stock at any time. Conversions during the six month periods ended June 30, 2017 and 2016 were as follows:
Dividends Dividend distributions for the three months ended June 30, 2017 were as follows:
Redemptions If certain change of control transactions occur or if our common stock ceases to be listed or quoted on an exchange or quotation system, then at any time after November 26, 2019, we or the holders of shares of Series A-4 Preferred Stock and Series A-4 preferred OP units may cause all or any of those shares or units to be redeemed for cash at a redemption price equal to the sum of (i) the greater of (x) the amount that the redeemed shares of Series A-4 Preferred Stock and Series A-4 preferred OP units would have received in such transaction if they had been converted into shares of our common stock immediately prior to such transaction, or (y) $25.00 per share, plus (ii) any accrued and unpaid distributions thereon to, but not including, the redemption date. In June 2017, we redeemed 438,448 shares of Series A-4 Cumulative Convertible Preferred Stock and 200,000 shares of Series A-4 preferred OP units from Green Courte Real Estate Partners III, LLC, GCP Fund III REIT LLC and GCP Fund III Ancillary Holding, LLC (collectively, the "Green Courte Entities") for total consideration of $24.7 million. Accrued dividends totaling $0.2 million were also paid in connection with the redemptions. The Green Courte Entities and other affiliates were the sellers of the American Land Lease portfolio which we acquired in 2014 and 2015. Repurchase Program 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 under this buyback program during the six months ended June 30, 2017 or 2016. There is no expiration date specified for the buyback program. |
Share-Based Compensation |
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Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation We have two share-based compensation plans; the Sun Communities, Inc. 2015 Equity Incentive Plan (“2015 Equity Incentive Plan”) and the First Amended and Restated 2004 Non-Employee Director Option Plan (“2004 Non-Employee Director Option Plan”). During the three months ended June 30, 2017 and the three months ended March 31, 2017, shares were granted as follows:
(1) The fair value of the grant was determined by using the closing price of our common stock on the date the shares were issued. (2) Share-based compensation for restricted stock awards with performance conditions is measured based on an estimate of shares expected to vest. We estimate the fair value of share-based compensation for restricted stock with market conditions using a Monte Carlo simulation. During the six months ended June 30, 2017 and 2016, 1,500 and 9,349 shares of common stock, respectively, were issued in connection with the exercise of stock options, and the net proceeds received during both periods was $0.1 million. The vesting requirements for 175,746 restricted shares granted to our executives and employees were satisfied during the six months ended June 30, 2017. |
Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting We group our operating segments into reportable segments that provide similar products and services. Each operating segment has discrete financial information evaluated regularly by our chief operating decision maker in evaluating and assessing performance. We have two reportable segments: (i) Real Property Operations and (ii) Home Sales and Rentals. The Real Property Operations segment owns, operates, develops, or has an interest in a portfolio of MH and RV communities, and is in the business of acquiring, operating, and expanding MH and RV communities. The Home Sales and Rentals segment offers MH and RV park model sales and leasing services to tenants and prospective tenants of our communities. Transactions between our segments are eliminated in consolidation. Transient RV revenue is included in the Real Property Operations segment revenues and is expected to approximate $77.4 million annually. This transient RV revenue was recognized 27.3 percent and 20.3 percent in the first and second quarters, respectively, and is expected to be 36.6 percent and 15.8 percent in the third and fourth quarters, respectively. In 2016, transient revenue was $58.2 million. We recognized 17.5 percent in the first quarter, 18.7 percent in the second quarter, 45.2 percent in the third quarter, and 18.6 percent in the fourth quarter. A presentation of segment financial information is summarized as follows (in thousands):
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Income Taxes |
6 Months Ended |
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Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We have elected to be taxed as a real estate investment trust (“REIT”) pursuant to Section 856(c) of the Internal Revenue Code of 1986, as amended (“Code”). In order for us to qualify as a REIT, at least 95 percent of our gross income in any year must be derived from qualifying sources. In addition, a REIT must distribute annually at least 90 percent of its REIT taxable income (calculated without any deduction for dividends paid and excluding capital gain) to its stockholders and meet other tests. Qualification as a REIT involves the satisfaction of numerous requirements (on an annual and quarterly basis) established under highly technical and complex Code provisions for which there are limited judicial or administrative interpretations, and involves the determination of various factual matters and circumstances not entirely within our control. In addition, frequent changes occur in the area of REIT taxation which requires us to continually monitor our tax status. We analyzed the various REIT tests and confirmed that we continued to qualify as a REIT for the quarter ended June 30, 2017. As a REIT, we generally will not be subject to United States ("U.S.") federal income taxes at the corporate level on the ordinary taxable income we distribute to our stockholders as dividends. If we fail to qualify as a REIT in any taxable year, our taxable income could be subject to U.S. federal income tax at regular corporate rates (including any applicable alternative minimum tax). Even if we qualify as a REIT, we may be subject to certain state and local income taxes as well as U.S. federal income and excise taxes on our undistributed income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state, and local income taxes. The Company is also subject to local income taxes in Canada as a result of the acquisition of Carefree in 2016. We do not provide for withholding taxes on our undistributed earnings from our Canadian subsidiaries as they are reinvested and will continue to be reinvested indefinitely outside of the U.S. Our taxable REIT subsidiaries are subject to U.S. federal income taxes as well as state and local income and franchise taxes. In addition, our Canadian subsidiaries are subject to income tax in Canada. Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the bases of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced, if necessary, by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence. Our temporary differences primarily relate to net operating loss carryforwards, depreciation and basis differences between tax and U.S. GAAP on our Canadian investments. Generally, full valuation allowances are recorded against all U.S. federal deferred tax assets. For Canadian purposes, a deferred tax liability of $21.7 million has been recorded in relation to a corporate entity and included in “Other liabilities” in our Consolidated Balance Sheets as of June 30, 2017. There are no U.S. federal deferred tax assets or liabilities included in our Consolidated Balance Sheets as of June 30, 2017 and December 31, 2016. We had no unrecognized tax benefits as of June 30, 2017 and 2016. We do not expect significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of June 30, 2017. We recorded a current tax benefit for federal, state, and Canadian income taxes of $7 thousand, and current tax expense of $0.1 million for the three months ended June 30, 2017 and 2016, respectively, and $0.2 million and $0.3 million for the six months ended June 30, 2017 and 2016, respectively. We recorded $0.4 million and $0.7 million of deferred tax benefit in our Consolidated Statements of Operations for the three months and six months ended June 30, 2017, respectively. There was no deferred tax benefit or expense recorded for the three months or six months ended June 30, 2016. SHS is currently under audit by the Internal Revenue Service for the tax year 2015. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share We have outstanding stock options, unvested restricted common shares, Series A Preferred Stock, and Series A-4 Preferred Stock, and our Operating Partnership has: outstanding common OP units; Series A-1 preferred OP units; Series A-3 preferred OP units; Series A-4 preferred OP units; Series C preferred OP units; and Aspen preferred OP Units, which, if converted or exercised, may impact dilution. Computations of basic and diluted earnings / (loss) per share were as follows (in thousands, except per share data):
We have excluded certain securities from the computation of diluted earnings per share because the inclusion of these securities would have been anti-dilutive for the periods presented. The following table presents the outstanding securities that were excluded from the computation of diluted earnings per share as of June 30, 2017 and 2016 (in thousands):
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Derivative Instruments And Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities | Derivative Instruments and Hedging Activities Our objective in using interest rate derivatives is to manage exposure to interest rate movements thereby minimizing the effect of interest rate changes and the effect it could have on future cash flows. Interest rate caps are used to accomplish this objective. We do not enter into derivative instruments for speculative purposes nor do we have any swaps in a hedging arrangement. The following table provides the terms of our interest rate derivative contracts that were in effect as of June 30, 2017:
In accordance with ASC Topic 815, “Derivatives and Hedging,” derivative instruments are recorded at fair value in “Other assets, net” or “Other liabilities” on the Consolidated Balance Sheets. As of June 30, 2017 and December 31, 2016, the fair value of our derivatives was zero. |
Fair Value of Financial Instruments |
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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,” requires disclosure regarding determination of fair value for assets and liabilities and establishes a hierarchy under which these assets and liabilities must be grouped, based on significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumption. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair value hierarchy: 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 significant inputs and significant value drivers are observable in active markets; and Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. 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 in order 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 cap agreements for which quoted market prices are indirectly available. For those derivatives, we use model-derived valuations in which all significant inputs and significant value drivers are observable in active markets provided by brokers or dealers to determine the fair value of derivative instruments on a recurring basis (Level 2). Refer to Note 13, “Derivative Instruments and Hedging Activities.” Installment Notes Receivable on Manufactured Homes The net carrying value of the installment notes receivable on manufactured homes estimates the fair value as the interest rates in the portfolio are comparable to current prevailing market rates (Level 2). Refer to Note 4, “Notes and Other Receivables.” 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, rates currently prevailing for comparable loans, and instruments of comparable maturities (Level 2). Refer to Note 7, “Debt and Lines of Credit.” Collateralized Receivables and Secured Borrowings 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 on the Consolidated Balance Sheets. The net carrying value of the collateralized receivables estimates the fair value as the interest rates in the portfolio are comparable to current prevailing market rates (Level 2). Refer to Note 3, “Collateralized Receivables and Transfers of Financial Assets.” Financial Liabilities We estimate the fair value of our contingent consideration liability based on discounting of future cash flows using market interest rates and adjusting for non-performance risk over the remaining term of the liability (Level 2). 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 fair value on a recurring basis as of June 30, 2017. The table presents the carrying values and fair values of our financial instruments as of June 30, 2017 and December 31, 2016, that were measured using the valuation techniques described above (in thousands). The table excludes other financial instruments such as cash and cash equivalents, accounts receivable, and accounts payable as the carrying values associated with these instruments approximate fair value since their maturities are less than one year.
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Recent Accounting Pronouncements |
6 Months Ended |
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Jun. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2017, the FASB issued Accounting Standards Update ("ASU") 2017-09 "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting." This update provides clarity and reduces diversity in practice and cost and complexity when applying the guidance in Topic 718, regarding a change to the terms or conditions of a share-based payment award. The guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within that year. We will apply this guidance to modifications that occur on or after the effective date. In January 2017, the FASB issued ASU 2017-01 "Business Combinations (Topic 805): Clarifying the Definition of a Business." This update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within that year, with early application allowed for certain transactions. Upon adoption of this guidance, we expect that a majority of future property acquisitions will be considered asset acquisitions. In November 2016, the FASB issued ASU 2016-18 "Statement of Cash Flows (Topic 230): Restricted Cash." This update requires inclusion of restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within that year. Upon adoption of this guidance, we will include restricted cash and restricted cash equivalents within the reconciliation of the net change in cash and cash equivalents on our Consolidated Statements of Cash Flows. Restricted cash and restricted cash equivalents, which are included within Other assets, net in our Consolidated Balance Sheets, were $20.6 million and $17.1 million at June 30, 2017 and December 31, 2016, respectively. In October 2016, the FASB issued ASU 2016-16 "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory." This update requires that an entity recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within that year. Upon adoption of this standard, there will be no material impact to our Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15 "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments." This update addresses eight specific cash flow issues with the objective of reducing existing diversity in practice. The guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within that year. Upon adoption of this standard, there will be no material impact to our Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." This update replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are in the initial phases of evaluating how this guidance will impact our accounting policies regarding assessment of, and allowance for, loan losses. In March 2016, the FASB issued ASU 2016-09 "Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." The amendments in this update are intended to simplify several aspects of the accounting for share-based payments. We adopted these amendments as of January 1, 2017. The main provisions of this update regarding excess tax benefits did not have an impact on our Consolidated Financial Statements due to our status as a REIT for taxation purposes. We have elected to continue estimating the number of shares expected to vest in order to determine compensation cost, and were previously classifying, as financing activity, cash paid by us for employee taxes when shares were withheld to cover minimum statutory requirements. In February 2016, the FASB issued ASU 2016-02 "Leases (Topic 842)." The core principle of this update is that a lessee should recognize the assets and liabilities that arise from leases while the accounting by a lessor is largely unchanged from that applied under previous GAAP. The amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Our income from real property and rental home revenue streams is derived from rental agreements where we are the lessor. As noted above, the lessor accounting model is largely unchanged by this update. We are the lessee in other arrangements, primarily for our executive offices, ground leases at five communities, and certain equipment. We are currently evaluating our inventory of such leases to determine which will require recognition of right of use assets and corresponding lease liabilities, and the related disclosure requirements thereto. In May 2014, the FASB issued ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"). The objective of this amendment is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying this amendment, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. This amendment applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. An entity should apply the amendments using either the full retrospective approach or retrospectively with a cumulative effect of initially applying the amendments recognized at the date of initial application. In July 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. We anticipate adopting ASU 2014-09 and the related updates subsequently issued by the FASB in January 2018, via the modified retrospective approach. Applicability of the standard updates to our revenue streams and other considerations are summarized below. Income from real property - is derived from rental agreements whereby we lease land to residents in our communities. We account for the lease components of these rental agreements pursuant to ASC 840 "Leases" and the non-lease components under ASC 605 "Revenue Recognition." Revenue from home sales - is recognized pursuant to ASC 605 "Revenue Recognition," as the manufactured homes are tangible personal property that can be located on any parcel of land. The manufactured homes are not permanent fixtures or improvements to the underlying real estate, and are therefore not considered by us to be subject to the guidance in ASC 360-20 "Real Estate Sales." Rental home revenue - is comprised of rental agreements whereby we lease homes to residents in our communities. We account for these revenues pursuant to ASC 840 "Leases." Ancillary revenues - are primarily comprised of restaurant, golf, merchandise and other activities at our RV communities. These revenues are recognized pursuant to ASC 605 "Revenue Recognition," at point of sale to customers as our performance obligations are then satisfied. Interest income - on our notes receivable will continue to be recognized as revenue, but presented separately from revenue from contracts with customers, as interest income is not in the scope of ASU 2014-09 and the related updates subsequently issued by the FASB. Broker commissions and other revenues, net - is primarily comprised of (i) brokerage commissions that we account for on a net basis pursuant to ASC 605 "Revenue Recognition," as our performance obligation is to arrange for a third party to transfer a home to a customer; and (ii) notes receivable loss reserves. As detailed above, our revenues from home sales, ancillary revenues, and broker commissions will be in the scope of the new guidance. While our evaluations are ongoing, we do not expect material changes to our accounting policies for these revenue streams. Upon adoption, we will present contract assets and liabilities, as applicable, when one party to a transaction has performed and the other has not. Further, we will expand our disclosures regarding these revenue streams, as applicable, to discuss our contract balances, performance obligations, significant judgments made, and contract costs. |
Commitments And Contingencies |
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Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies We are involved in various 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. |
Subsequent Event |
6 Months Ended |
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Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Events We have evaluated our Consolidated Financial Statements for subsequent events through the date that this Form 10-Q was issued. |
Real Estate Acquisitions (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Purchase Price Allocation | allocated the “investment in property" balances for Carefree to the respective balance sheet line items upon completion of a purchase price allocation in accordance with the FASB ASC Topic 805 - Business Combinations, as set forth in the table below (in thousands):
The following table summarizes the amounts of assets acquired net of liabilities assumed at the acquisition date and the consideration paid for the acquisitions completed in 2017 (in thousands):
(1) The purchase price allocations for Arbor Woods, Sunset Lakes, and 49er Village are preliminary and may be adjusted as final costs and valuations are determined. |
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Schedule of Revenue and Net Income from Acquisitions | The amount of total revenues and net income included in the Consolidated Statements of Operations for the three and six months ended June 30, 2017 related to the acquisitions completed in 2017 are set forth in the following table (in thousands):
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Business Acquisition, Pro Forma Information | The amount of revenue and net income included in the Consolidated Statements of Operations for the three and six months ended June 30, 2017 related to the Carefree acquisition and other acquisitions completed during 2016 is set forth in the following table (in thousands):
The following unaudited pro forma financial information presents the results of our operations for the three and six months ended June 30, 2017 and 2016, as if the properties had been acquired on January 1, 2016. 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, 2016 (in thousands, except per-share data):
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Collateralized Receivables and Transfers of Financial Assets (Tables) |
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Repurchase price percentage | In general, the repurchase price is determined as follows:
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Schedule of collateralized loans | The change in the aggregate gross principal balance of the collateralized receivables is as follows (in thousands):
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Allowance for collateralized and installment notes receivable | The following table sets forth the allowance for the collateralized receivables as of June 30, 2017 (in thousands):
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Notes And Other Receivables (Tables) |
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Schedule of notes and other receivables | The following table sets forth certain information regarding notes and other receivables (in thousands):
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Schedule of Installment Notes Receivable | The change in the aggregate gross principal balance of the installment notes receivable is as follows (in thousands):
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Installment Notes Receivable [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for collateralized and installment notes receivable | The following table sets forth the allowance change for the installment notes receivable as follows (in thousands):
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Intangible Assets Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | The gross carrying amounts, and accumulated amortization are as follows (in thousands):
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Schedule of Intangible Assets Amortization Expense | Total amortization expenses related to the intangible assets are as follows (in thousands):
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | We anticipate amortization expense for our intangible assets to be as follows for the next five years (in thousands):
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Consolidated Variable Interest Entities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DisclosureofVariableInterestEntities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The following table summarizes the assets and liabilities included in our Consolidated Balance Sheets after eliminations (in thousands):
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Debt And Lines Of Credit (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of debt and lines of credit [Table Text Block] | The following table sets forth certain information regarding debt including premiums, discounts and deferred financing costs (in thousands):
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Equity and Mezzanine Securities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Sale of Common Stock | Sales of common stock under our At-the-Market sales program during 2017 were as follows:
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Activity of Conversions | and 2016 were as follows:
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Schedule of Dividends Payable |
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Share-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restricted Stock Granted | During the three months ended June 30, 2017 and the three months ended March 31, 2017, shares were granted as follows:
(1) The fair value of the grant was determined by using the closing price of our common stock on the date the shares were issued. (2) Share-based compensation for restricted stock awards with performance conditions is measured based on an estimate of shares expected to vest. We estimate the fair value of share-based compensation for restricted stock with market conditions using a Monte Carlo simulation. |
Segment Reporting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | A presentation of segment financial information is summarized as follows (in thousands):
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Reconciliation of Assets from Segment to Consolidated |
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | Computations of basic and diluted earnings / (loss) per share were as follows (in thousands, except per share data):
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following table presents the outstanding securities that were excluded from the computation of diluted earnings per share as of June 30, 2017 and 2016 (in thousands):
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Derivative Instruments And Hedging Activities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | The following table provides the terms of our interest rate derivative contracts that were in effect as of June 30, 2017:
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Fair Value of Financial Instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | The table below sets forth our financial assets and liabilities that required disclosure of fair value on a recurring basis as of June 30, 2017. The table presents the carrying values and fair values of our financial instruments as of June 30, 2017 and December 31, 2016, that were measured using the valuation techniques described above (in thousands). The table excludes other financial instruments such as cash and cash equivalents, accounts receivable, and accounts payable as the carrying values associated with these instruments approximate fair value since their maturities are less than one year.
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Real Estate Acquisitions, Schedule of Revenue and Net Income from acquisitions (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2017 |
Jun. 30, 2017 |
|
Business Combination, Results of Operations [Line Items] | ||
Revenue | $ 47,321 | $ 100,987 |
Net income | 3,182 | 13,026 |
Far Horizons 49er Village [Member] | ||
Business Combination, Results of Operations [Line Items] | ||
Revenue | 1,288 | 1,315 |
Net income | $ 500 | $ 483 |
Real Estate Acquisitions , Pro Forma Information (Details) - Far Horizons 49er Village [Member] - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Business Acquisition [Line Items] | ||||
Total revenues | $ 239,197 | $ 193,022 | $ 474,085 | $ 368,260 |
Net income attributable to Sun Communities, Inc. common stockholders (4) | $ 12,642 | $ (7,402) | $ 33,839 | $ 586 |
Net income per share attributable to Sun Communities, Inc. common stockholders - basic | $ 0.18 | $ (0.14) | $ 0.46 | $ 0.01 |
Net income per share attributable to Sun Communities, Inc. common stockholders - diluted | $ 0.18 | $ (0.14) | $ 0.46 | $ 0.01 |
Real Estate Acquisitions Real Estate Acquisitions, Schedule of Disposed Properties (Details) |
Dec. 31, 2016
sites
|
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Business Combinations [Abstract] | |
Number of Units in Real Estate Property | 1,677 |
Collateralized Receivables and Transfers of Financial Assets, Repurchase price percentage (Details) - Collateralized Receivables [Member] |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
Less than or equal to 15 [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Repurchase Percentage | 100.00% |
Greater than 15 but less than 64 [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Repurchase Percentage | 90.00% |
Equal to or greater than 64 but less than 120 [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Repurchase Percentage | 65.00% |
120 or more [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Repurchase Percentage | 50.00% |
Collateralized Receivables and Transfers of Financial Assets, Schedule of collateralized loans (Details) - Collateralized Receivables [Member] $ in Thousands |
6 Months Ended |
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Jun. 30, 2017
USD ($)
| |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Beginning balance | $ 144,477 |
Financed sales of manufactured homes | 6,849 |
Principal payments and payoffs from our customers | (5,799) |
Principal reduction from repurchased homes | (6,031) |
Total activity | (4,981) |
Ending balance | $ 139,496 |
Collateralized Receivables and Transfers of Financial Assets Collateralized Receivables and Transfers of Financial Assets, Allowance for Collateralized Receivables (Details) - Collateralized Receivables [Member] $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2017
USD ($)
| |
Allowance for Loan and Lease Losses [Roll Forward] | |
Beginning balance | $ (607) |
Lower of cost or market write-downs | 515 |
Increase to reserve balance | (708) |
Total activity | (193) |
Ending balance | $ (800) |
Notes and Other Receivables, Schedule of notes and other receivables (Details) - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total notes and other receivables, net | $ 110,499 | $ 81,179 |
Other receivables, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total notes and other receivables, net | $ 27,707 | 21,859 |
Carrying Value [Member] | Installment notes receivable on manufactured homes, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total notes and other receivables, net | $ 59,320 |
Notes And Other Receivables Notes and Other Receivables, Installment notes receivable on manufactured homes - Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and Notes Receivable, Net | $ 110,499 | $ 81,179 |
Installment notes receivable on manufactured homes, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Allowance | $ 200 | |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 8.20% | 8.30% |
Receivable With Imputed Interest, Term | 16 years 8 months 12 days | 16 years |
Carrying Value [Member] | Installment notes receivable on manufactured homes, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and Notes Receivable, Net | $ 59,320 |
Notes and Other Receivables, Schedule of installment notes receivable (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2017
USD ($)
| |
Collateralized receivables, net and Installment Notes Receivables on Manufactured Homes [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Increase to reserve balance | $ 58 |
Installment notes receivable on manufactured homes, gross [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Beginning balance | 59,524 |
Financed sales of manufactured homes | 26,870 |
Principal payments and payoffs from our customers | (2,441) |
Principal reduction from repossessed homes | (1,006) |
Total activity | 23,446 |
Ending balance | $ 82,970 |
Notes and Other Receivables, Allowance for installment notes receivable (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2017
USD ($)
| |
Installment notes receivable on manufactured homes, gross [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Acquired Notes Receivable | $ 23 |
Collateralized receivables, net and Installment Notes Receivables on Manufactured Homes [Member] | |
Allowance for Loan and Lease Losses [Roll Forward] | |
Beginning balance | (205) |
Lower of cost or market write-downs | 85 |
Increase to reserve balance | 58 |
Total activity | 27 |
Ending balance | $ (178) |
Notes And Other Receivables Notes and Other Receivables, Other receivables - Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables for rent, water, sewer usage | $ 8.0 | $ 6.0 |
Allowance for rent, water, sewer usage receivables | (1.5) | (1.5) |
Home sale proceeds | 14.4 | 11.6 |
Insurance receivables | 3.7 | 2.3 |
Premiums and Other Receivables, Net | $ 1.6 | $ 2.0 |
Intangible Assets Intangible Assets, Schedule of Intangible Asset Amortization Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 3,814 | $ 2,294 | $ 7,616 | $ 4,576 |
Ground Leases [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | 257 | 0 | 514 | 0 |
Leases, Acquired-in-Place [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | 3,428 | 2,165 | 6,844 | 4,318 |
Franchise Rights [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 129 | $ 129 | $ 258 | $ 258 |
Intangible Assets, Intangibles Future Amortization Expense (Details) $ in Thousands |
Jun. 30, 2017
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2017 | $ 7,650 |
2018 | 14,482 |
2019 | 13,566 |
2020 | 11,838 |
2021 | $ 11,446 |
Debt And Lines Of Credit , Narrative - Aspen Preferred OP Units and Series B-3 preferred OP units (Details) - Preferred OP units [Member] - Convertible debt - Aspen Preferred OP Units January 2024 [Member] $ / shares in Units, $ in Millions |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2017
USD ($)
shares
Rate
|
Dec. 31, 2014
$ / shares
shares
|
Dec. 31, 2016
$ / shares
|
|
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ | $ 34.7 | ||
Convertible units to shares (in shares) | 464,552 | ||
Debt Instrument, Interest Rate During Period | Rate | 6.50% | ||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 68.00 | $ 27.00 | |
Conversion of Stock, Shares Converted | 0.397 |
Equity and Mezzanine Securities Equity and Mezzanine Securities, Schedule of Sale of Common Stock (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Mar. 30, 2016 |
May 31, 2017 |
Sep. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Mar. 31, 2016 |
Jun. 30, 2017 |
|
Aggregate Value of Shares to be Issued in Accordance to Sales Agreement | $ 225,000,000 | $ 250,000,000.0 | ||||||
Share Price | $ 66.50 | $ 66.50 | ||||||
Proceeds from Issuance of Common Stock | $ 385,400,000 | $ 408,900,000 | $ 283,600,000 | $ 385,400,000 | ||||
New shares issued (in shares) | 6,037,500 | 4,830,000 | 3,737,500 | 400,000,000 | 280,502,000 | 6,037,500 | ||
Shares Issued, Price Per Share | $ 86.00 | $ 76.50 | ||||||
Shares Issued, Weighted Average Price Per Share | $ 85.01 | $ 76,470 | $ 85.01 | |||||
Issuance of OP units and common stock, net | $ 0 | $ 21,200 | $ 461,248,000 |
Segment Reporting Segment Reporting, Seasonality (Details) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017
USD ($)
|
Mar. 31, 2017 |
Dec. 31, 2016
USD ($)
|
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2017
USD ($)
segment
|
|
Segment Reporting Information [Line Items] | |||||||||
Number of reportable segments | segment | 2 | ||||||||
Real Property Operations Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Expected annual transient RV revenue | $ | $ 77.4 | $ 58.2 | $ 77.4 | ||||||
Transient RV rental revenue recognized as a percentage | 20.30% | 27.30% | 18.60% | 45.20% | 18.70% | 17.50% | |||
Scenario, Forecast [Member] | Real Property Operations Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Transient RV rental revenue recognized as a percentage | 15.80% | 36.60% |
Income Taxes , Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Income Tax Disclosure [Abstract] | ||||
Minimum Percent of Income From Qualifying Sources to Allow For Real Estate Investment Trust Classification | 95.00% | |||
Required Minimum Percent of Taxable Income Distributed to Stock Holders | 90.00% | |||
Deferred Tax Liabilities, Gross | $ 21,700 | $ 21,700 | ||
Provision for state income taxes | 7 | $ 100 | 200 | $ 300 |
Deferred Income Tax Expense (Benefit) | $ (364) | $ 0 | $ (664) | $ 0 |
Earnings Per Share , Calculation of Numerator and Denominator (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|
Numerator | |||||
Net income / (loss) attributable to common stockholders | $ 12,364 | $ (7,803) | $ 33,468 | $ 72 | $ 72 |
Allocation to restricted stock awards | (9) | 242 | (267) | 179 | |
Basic earnings: Net income / (loss) attributable to common stockholders after allocation | 12,355 | (7,561) | 33,201 | 251 | |
Allocation to restricted stock awards | 9 | (242) | 267 | (179) | |
Diluted earnings: Net income / (loss) attributable to common stockholders after allocation | $ 12,364 | $ (7,803) | $ 33,468 | $ 72 | |
Denominator | |||||
Weighted average common shares outstanding | 74,678 | 64,757 | 73,677 | 61,247 | 61,247 |
Add: dilutive stock options | 2 | 0 | 2 | 9 | |
Add: dilutive restricted stock | 474 | 0 | 593 | 417 | |
Diluted weighted average common shares and securities | 75,154 | 64,757 | 74,272 | 61,673 | 61,673 |
Basic | $ 0.16 | $ (0.12) | $ 0.45 | $ 0.00 | $ 0.00 |
Diluted | $ 0.16 | $ (0.12) | $ 0.45 | $ 0.00 | $ 0.00 |
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