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Real Estate Acquisitions
 12 Months Ended
Dec. 31, 2019
Business Combinations [Abstract]  
Real Estate Acquisitions Real Estate Acquisitions

2020 Acquisitions

Communities

For the three months ended March 31, 2020, we acquired the following communities:
Community Name
 
Type
 
Sites
 
Development Sites
 
State
 
Month Acquired
Cape Cod (1)
 
RV
 
230

 
—

 
MA
 
January
Jellystone Natural Bridge
 
RV
 
299

 
—

 
VA
 
February
 
 
Total
 
529

 
—

 
 
 
 
(1) In conjunction with the acquisition, we issued Series E Preferred Operating Partnership (“OP”) Units. As of March 31, 2020, 90,000 Series E Preferred OP Units were outstanding.

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 for the three months ended March 31, 2020 (in thousands):

 
At Acquisition Date
 
Consideration
 
Investment in property
 
In-place leases and other intangible assets
 
Other assets (liabilities), net
 
Total identifiable assets acquired net of liabilities assumed
 
Cash and escrow
 
Temporary and permanent equity
 
Total consideration
Cape Cod
$
13,350

 
$
150

 
$
(295
)
 
$
13,205

 
$
4,205

 
$
9,000

 
$
13,205

Jellystone Natural Bridge
11,364

 
80

 
(391
)
 
11,053

 
11,053

 
—

 
11,053

Total
$
24,714

 
$
230

 
$
(686
)
 
$
24,258

 
$
15,258

 
$
9,000

 
$
24,258



As of March 31, 2020, we have incurred $0.9 million of additional capitalized transaction costs which have been allocated among the various categories above.

The total amount of revenues and net income included in the Consolidated Statements of Operations for the three months ended March 31, 2020 related to the acquisitions completed in 2020 are set forth in the following table (in thousands):
 
 
Three Months Ended
 
 
March 31, 2020
Total revenues
 
$
92

Net loss
 
$
(106
)


The following unaudited pro forma financial information presents the results of our operations for the three months ended March 31, 2020 and 2019, as if the properties acquired in 2020 had been acquired on January 1, 2019. 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 acquisition been consummated on January 1, 2019 (in thousands, except per-share data):
 
 
Three Months Ended
 
 
March 31, 2020
 
March 31, 2019
Total revenues
 
$
310,711

 
$
288,136

Net income / (loss) attributable to Sun Communities, Inc. common stockholders
 
$
(14,776
)
 
$
40,078

Net income / (loss) per share attributable to Sun Communities, Inc. common stockholders - basic
 
$
(0.16
)
 
$
0.47

Net income / (loss) per share attributable to Sun Communities, Inc. common stockholders - diluted
 
$
(0.16
)
 
$
0.47



2019 Acquisitions

For the year ended December 31, 2019 we acquired the following communities:
Community Name
 
Type
 
Sites
 
Development Sites
 
State
 
Month Acquired
Slickrock Campground
 
RV
 
193

 
—

 
UT
 
December
Pandion Ridge
 
RV
 
142

 
351

 
AL
 
November
Jensen Portfolio (1)
 
MH
 
5,230

 
466

 
Various
 
October
Glen Ellis
 
RV
 
244

 
40

 
NH
 
September
Leisure Point Resort (2)
 
MH / RV
 
502

 
—

 
DE
 
September
Reunion Lake
 
RV
 
202

 
69

 
LA
 
July
River Plantation
 
RV
 
309

 
—

 
TN
 
May
Massey’s Landing RV
 
RV
 
291

 
—

 
DE
 
February
Shelby Properties (3)
 
MH
 
1,308

 
—

 
MI
 
February
Buena Vista
 
MH
 
400

 
—

 
AZ
 
February
Country Village Estates (4)
 
MH
 
518

 
—

 
OR
 
January
Hid’n Pines RV
 
RV
 
321

 
—

 
ME
 
January
Hacienda del Rio
 
MH (Age-Restricted)
 
730

 
—

 
FL
 
January
 
 
Total
 
10,390

 
926

 
 
 
 

(1) Contains 31 communities located in CT, GA, MD, NH, NJ, NY, NC and SC. In conjunction with the acquisition, we issued 1,972,876 shares of common stock, net of fractional shares paid in cash.
(2) Contains 201 MH sites and 301 RV sites.
(3) Contains two MH communities.
(4) In conjunction with the acquisition, we issued Series D Preferred Operating Partnership (“OP”) Units. As of December 31, 2019, 488,958 Series D Preferred OP Units were outstanding.

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 2019 (in thousands):
 
At Acquisition Date
 
Consideration
 
Investment in property
 
Inventory of manufactured homes
 
In-place leases and other intangible assets
 
Other assets (liabilities), net
 
Total identifiable assets acquired net of liabilities assumed
 
Cash and escrow
 
Debt assumed
 
Temporary and permanent equity
 
Total consideration
Slickrock Campground
$
8,250

 
$
—

 
$
—

 
$
8

 
$
8,258

 
$
8,258

 
$
—

 
$
—

 
$
8,258

Pandion Ridge
19,070

 
—

 
—

 
(92
)
 
18,978

 
18,978

 
—

 
—

 
18,978

Jensen Portfolio
374,402

 
3,605

 
7,752

 
3,938

 
389,697

 
18,306

 
58,000

 
313,391

 
389,697

Glen Ellis
5,955

 
—

 
—

 
(79
)
 
5,876

 
1,976

 
3,900

 
—

 
5,876

Leisure Point Resort
43,632

 
18

 
850

 
(678
)
 
43,822

 
43,822

 
—

 
—

 
43,822

Reunion Lake
23,493

 
—

 
—

 
(1,153
)
 
22,340

 
22,340

 
—

 
—

 
22,340

River Plantation
22,589

 
75

 
—

 
—

 
22,664

 
22,664

 
—

 
—

 
22,664

Massey's Landing
36,250

 
—

 
220

 
(446
)
 
36,024

 
36,024

 
—

 
—

 
36,024

Shelby Properties
85,969

 
2,011

 
6,520

 
(1,015
)
 
93,485

 
93,485

 
—

 
—

 
93,485

Buena Vista
20,221

 
439

 
1,590

 
(93
)
 
22,157

 
22,157

 
—

 
—

 
22,157

Country Village
62,784

 
—

 
2,020

 
31

 
64,835

 
12,905

 
—

 
51,930

 
64,835

Hid'n Pines
10,680

 
—

 
70

 
(233
)
 
10,517

 
10,517

 
—

 
—

 
10,517

Hacienda del Rio
111,971

 
15

 
3,280

 
(237
)
 
115,029

 
115,029

 
—

 
—

 
115,029

Total
$
825,266

 
$
6,163

 
$
22,302

 
$
(49
)
 
$
853,682

 
$
426,461

 
$
61,900

 
$
365,321

 
$
853,682



Land for Expansion / Development

During the year ended December 31, 2019, we acquired four land parcels which are located in New Braunfels, Texas; Petoskey, Michigan; Uhland, Texas and Hudson, Florida for total consideration of $7.7 million. Two of the land parcels are adjacent to existing communities. The land acquired for expansion and development has the potential to add approximately 900 usable sites once constructed.

Ground Leases

In August 2019, we acquired Chincoteague Island KOA RV Resort (“Chincoteague”), in Chincoteague Island, Virginia for total consideration of $19.5 million. The sellers of Chincoteague continue to operate the property. Refer to Note 16, “Leases” for disclosures on accounting treatment.

In April 2019, we acquired Strafford/Lake Winnipesaukee South KOA RV Resort ("Strafford") in Strafford, New Hampshire for total consideration of $2.7 million. The sellers of Strafford continue to operate the property. Refer to Note 16, “Leases” for disclosures on accounting treatment.

In March 2019, we entered into a four-year Temporary Occupancy and Use Permit with the Port of San Diego to operate a RV resort located in Chula Vista, CA until such time as we construct a new RV resort in the area. Concurrent with the transaction, we purchased tangible personal property from the prior owner of the RV resort for $0.3 million. Subsequently, in September 2019, we entered into a 66-year Temporary Occupancy and Use Permit, to construct and operate a new RV resort in Chula Vista. Refer to Note 16, “Leases” for disclosures on accounting treatment.