Real Estate Acquisitions (Tables)

6 Months Ended

Jun. 30, 2017

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):



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

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):



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

⁽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.

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):



	Three Months Ended June 30, 2017		Six Months Ended June 30, 2017
	(unaudited)		(unaudited)
Total revenues	$	1,288	$	1,315
Net income	$	500	$	483

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):



	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

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):



	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