Real Estate Acquisitions (Tables)

3 Months Ended

Mar. 31, 2019

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

In 2019 we acquired the following communities:

Community Name	Type	Sites	Development Sites	State	Month Acquired
Massey’s Landing RV	RV	291	—	DE	February
Shelby Properties(1)	MH	1,308	—	MI	February
Buena Vista	MH	400	—	AZ	February
Country Village Estates (2)	MH	518	—	OR	January
Hid’n Pines RV	RV	321	—	ME	January
Hacienda del Rio	MH (Age-Restricted)	730	70	FL	January
	Total	3,568	70

⁽¹⁾ Contains two MH communities.

⁽²⁾ In conjunction with the acquisition, we issued Series D Preferred Operating Partnership (“OP”) Units. As of March 31, 2019, 488,958 Series D Preferred OP Units were outstanding.In 2018 we acquired the following communities:

Community Name	Type	Sites	Development Sites	State	Month Acquired
Leaf Verde RV Resort	RV	376	—	AZ	October
Archview	RV	114	50	UT	August
Petoskey KOA	RV	210	—	MI	August
The Sands RV and Golf Resort	RV (Age Restricted)	507	—	CA	July
Sun NG RV Resorts LLC (1)(2)	RV	2,700	940	Various	June
Silver Creek	RV	264	176	MI	June
Highway West (1)	RV	536	—	UT & OR	June
Compass RV	RV	175	—	FL	May
	Total	4,882	1,166

⁽¹⁾ Highway West and Sun NG RV Resorts LLC are comprised of 4 RV and 10 RV resorts, respectively.

⁽²⁾ Refer to Note 8, “Consolidated Variable Interest Entities,” Note 9, “Debt and Lines of Credit,” and Note 10, “Equity and Temporary Equity” in our accompanying Consolidated Financial Statements for additional information.

In 2018, we acquired the following land for expansion / development:

Name	Location	Type	Expansion / Development Sites	Cost (millions)		Month Acquired
Ocean West	McKinleyville, CA	MH	26	$	0.2	December
Water Oak Country Club Estates	Lady Lake, FL	MH	296	$	1.9	November
Oak Crest	Austin, TX	MH	220	$	4.2	October
Pecan Park	Jacksonville, FL	RV	158	$	1.3	September
Smith Creek Crossing	Granby, CO	MH	310	$	0.9	September
Apple Carr	Egelston, MI	MH	121	$	0.2	May
River Run Ranch	Granby, CO	MH / RV	1,144	$	5.3	May
		Total	2,275	$	14.0

Schedule of Purchase Price Allocation

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 the three months ended March 31, 2019 (in thousands):

At Acquisition Date (1)	Massey's Landing			Shelby Properties			Buena Vista			Country Village		Hid'n Pines			Hacienda del Rio			Total
Investment in property	$	20,000		$	85,969		$	20,221		$	62,784	$	10,680		$	111,971		$	311,625
Inventory of manufactured homes	—			2,011			439			—		—			15			2,465
In-place leases and other intangible assets	—			6,520			1,590			2,020		70			3,280			13,480
Other assets (liabilities), net	(446		)	(1,015		)	(93		)	31		(233		)	(237		)	(1,993		)
Total identifiable assets acquired net of liabilities assumed	$	19,554		$	93,485		$	22,157		$	64,835	$	10,517		$	115,029		$	325,577
Consideration
Cash and escrow	$	19,554		$	93,485		$	22,157		$	12,905	$	10,517		$	115,029		$	273,647
Series D Preferred OP units	—			—			—			51,930		—			—			51,930
Total consideration	$	19,554		$	93,485		$	22,157		$	64,835	$	10,517		$	115,029		$	325,577

⁽¹⁾ The purchase price allocations are preliminary and may be adjusted as final valuations are determined.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 2018 (in thousands):

At Acquisition Date	Leaf Verde		Archview		Petoskey KOA		Sands		Sun NG Resorts			Silver Creek		Highway West		Compass		Total
Investment in property	$	11,587	$	14,550	$	8,730	$	13,790	$	240,649		$	7,250	$	36,500	$	13,930	$	346,986
In-place leases and other intangible assets	60		—		270		460		16,339			—		—		70		17,199
Debt assumed	—		—		—		—		(3,120		)	—		—		—		(3,120		)
Other liabilities, net	—		—		—		—		(11,990		)	—		—		—		(11,990		)
Total identifiable assets acquired net of liabilities assumed	$	11,647	$	14,550	$	9,000	$	14,250	$	241,878		$	7,250	$	36,500	$	14,000	$	349,075
Consideration
Cash	$	11,647	$	14,550	$	9,000	$	14,250	$	184,625		$	7,250	$	36,500	$	14,000	$	291,822
Preferred Equity - Sun NG Resorts	—		—		—		—		35,277			—		—		—		35,277
Equity Interests - NG Sun LLC	—		—		—		—		21,976			—		—		—		21,976
Total consideration	$	11,647	$	14,550	$	9,000	$	14,250	$	241,878		$	7,250	$	36,500	$	14,000	$	349,075

Business Acquisition, Pro Forma Information

The total amount of revenues and net income included in the Consolidated Statements of Operations for the three months ended March 31, 2019 related to the acquisitions completed in 2019 are set forth in the following table (in thousands):

	Three Months Ended   March 31, 2019
	(unaudited)
Total revenues	$	3,764
Net income	$	1,317

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 acquisition been consummated on January 1, 2018 (in thousands, except per-share data):

	Three Months Ended March 31,
	(unaudited)
	2019		2018
Total revenues	$	289,253	$	263,706
Net income attributable to Sun Communities, Inc. common stockholders	$	34,885	$	31,732
Net income per share attributable to Sun Communities, Inc. common stockholders - basic	$	0.41	$	0.40
Net income per share attributable to Sun Communities, Inc. common stockholders - diluted	$	0.41	$	0.40