Real Estate Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

For the year ended December 31, 2021, we acquired the following MH communities, RV resorts and marinas:

Community Name

Type

Sites, Wet Slips and
Dry Storage Spaces

Development Sites

State / Province

Month Acquired

Sun Outdoors Association Island

RV: asset acquisition

294

—

January

Blue Water Beach Resort

RV: asset acquisition

177

—

February

Tranquility MHC

MH: asset acquisition

—

February

Islamorada and Angler House(1)

Marina: asset acquisition

251

—

February

Prime Martha's Vineyard(1)

Marina: asset acquisition

395

—

March

Pleasant Beach Campground

RV: asset acquisition

102

—

ON, Canada

March

Sun Outdoors Cape Charles

RV: asset acquisition

669

—

March

Beachwood Resort

RV: asset acquisition

672

—

March

ThemeWorld RV Resort

RV: asset acquisition

148

—

April

Sylvan Glen Estates

MH: asset acquisition

476

—

April

Shelter Island Boatyard

Marina: asset acquisition

—

May

Lauderdale Marine Center

Marina: asset acquisition

206

—

May

Apponaug Harbor

Marina: asset acquisition

348

—

June

Cabrillo Isle

Marina: business combination

476

—

June

Marathon

Marina: asset acquisition

135

—

June

Allen Harbor

Marina: asset acquisition

176

—

July

Cisco Grove Campground & RV

RV: asset acquisition

407

July

Four Leaf Portfolio(2)

MH: asset acquisition

2,545

340

MI / IN

July

Harborage Yacht Club

Marina: asset acquisition

300

—

July

Zeman Portfolio(3)

RV: asset acquisition

686

—

IL / NJ

July

Southern Leisure RV Resort

RV: asset acquisition

496

—

August

Sunroad Marina

Marina: asset acquisition

617

—

August

Lazy Lakes RV Resort

RV: asset acquisition

—

August

Puerto del Rey

Marina: asset acquisition

1,746

—

Puerto Rico

September

Stingray Point

Marina: asset acquisition

222

—

September

Detroit River

Marina: asset acquisition

440

—

September

Jetstream RV Resort at NASA

RV: asset acquisition

202

—

September

Beaver Brook Campground

RV: asset acquisition

204

150

October

Emerald Coast

Marina: business combination

311

—

November

Tall Pines Harbor Campground

RV: asset acquisition

241

—

November

Wells Beach Resort Campground

RV: asset acquisition

231

—

November

Port Royal

Marina: asset acquisition

167

—

November

Podickory Point

Marina: asset acquisition

209

—

December

Sunroad Marina (restaurant)

Marina: asset acquisition

—

December

Jellystone Park at Mammoth Cave

RV: asset acquisition

315

—

December

South Bay

Marina: asset acquisition

333

—

December

Wentworth by the Sea

Marina: asset acquisition

155

—

December

Rocky Mountain RV Park

RV: asset acquisition

—

December

Haas Lake RV Park Campground

RV: asset acquisition

492

—

December

Pearwood RV Resort

RV: asset acquisition

144

—

December

Holly Shores Camping Resort

RV: asset acquisition

310

—

December

Pheasant Ridge RV Park

RV: asset acquisition

130

—

December

Coyote Ranch Resort

RV: asset acquisition

165

December

Jellystone Park at Whispering Pines

RV: asset acquisition

131

—

December

Community Name

Type

Sites, Wet Slips and
Dry Storage Spaces

Development Sites

State / Province

Month Acquired

Hospitality Creek Campground

RV: asset acquisition

230

—

December

Total

15,816

1,062

(1) Includes two marinas.

(2) Includes nine MH communities.

(3) Includes two RV Resorts.

For the year ended December 31, 2020, we acquired the following communities:

Property Name

Acquisition
Type

Sites, Wet Slips and Dry Storage Spaces

Development Sites

State

Month Acquired

Sun Outdoors Cape Cod

RV: asset acquisition

230

—

January

Jellystone Natural Bridge

RV: asset acquisition

299

—

February

Forest Springs

MH: asset acquisition

372

—

May

Crown Villa

RV: asset acquisition

123

—

June

Flamingo Lake

RV: asset acquisition

421

—

July

Woodsmoke

RV: asset acquisition

300

—

September

Jellystone Lone Star

RV: asset acquisition

344

—

September

El Capitan & Ocean Mesa(1)

RV: asset acquisition

266

109

September

Highland Green Estates & Troy Villa(2)

MH: asset acquisition

1,162

—

September

Safe Harbor Marinas(3)

Marina: business combination

37,305

—

Various

October

Safe Harbor Hideaway Bay

Marina: business combination

628

—

November

Gig Harbor

RV: asset acquisition

115

—

November

Maine MH Portfolio(4)

MH: asset acquisition

1,083

—

November

Safe Harbor Anacapa Isle

Marina: business combination

453

—

December

Annapolis

Marina: asset acquisitions

184

—

December

Wickford

Marina: asset acquisitions

—

December

Rybovich Portfolio(5)

Marina: business combination

—

December

Rockland

Marina: asset acquisitions

173

—

December

Sun Outdoors Orlando Champions Gate

MH / RV: asset acquisition

304

—

December

Lakeview Mobile Estates

MH: asset acquisition

296

—

December

Shenandoah Acres

RV: asset acquisition

522

—

December

Jellystone at Barton Lake

RV: asset acquisition

555

—

December

Kittatinny Portfolio

RV: asset acquisition

527

—

NY & PA

December

Total

45,800

109

(1) Includes two RV resorts.

(2) Includes two communities.

(3) Includes 99 owned marinas located in 22 states.

(4) Includes six communities.

(5) Includes two marinas.

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

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 year ended December 31, 2021 (in thousands):


	At Acquisition Date										Consideration
	Investment in property		Inventory of manufactured homes, boat parts and retail related items		In-place leases, goodwill and other intangible assets(1)		Other assets / (liabilities), net		Total identifiable assets acquired net of liabilities assumed		Cash and escrow		Temporary and permanent equity		Total consideration
Sun Outdoors Association Island	$	14,965	$	—	$	41	$	(248)	$	14,758	$	14,758	$	—	$	14,758
Blue Water Beach Resort	9,000		—		—		(151)		8,849		8,849		—		8,849
Tranquility MHC	1,250		—		—		(1)		1,249		1,249		—		1,249
Islamorada and Angler House	18,001		22		269		(317)		17,975		17,975		—		17,975
Prime Martha's Vineyard	22,258		138		127		(573)		21,950		21,950		—		21,950
Pleasant Beach Campground	1,531		—		57		1		1,589		1,589		—		1,589
Sun Outdoors Cape Charles	59,669		—		231		(2,029)		57,871		57,871		—		57,871
Beachwood Resort	14,004		—		211		(7,616)		6,599		6,599		—		6,599
ThemeWorld RV Resort	25,000		—		—		(104)		24,896		24,896		—		24,896
Sylvan Glen Estates	23,469		20		531		(269)		23,751		(249)		24,000		23,751
Shelter Island Boatyard	9,520		132		402		(85)		9,969		9,969		—		9,969
Lauderdale Marine Center	336,992		—		3,282		958		341,232		341,232		—		341,232
Apponaug Harbor	6,540		—		89		(689)		5,940		5,940		—		5,940
Marathon	19,129		19		261		(227)		19,182		19,182		—		19,182
Allen Harbor	3,946		30		35		(111)		3,900		3,900		—		3,900
Cisco Grove Campground & RV	6,609		—		—		22		6,631		6,631		—		6,631
Four Leaf Portfolio	210,723		319		3,958		(464)		214,536		214,536		—		214,536
Harborage Yacht Club	17,392		43		4,646		(504)		21,577		21,577		—		21,577
Zeman Portfolio	14,184		—		731		(545)		14,370		14,370		—		14,370
Southern Leisure RV Resort	17,476		—		274		(329)		17,421		17,421		—		17,421
Sunroad Marina(2)	47,766		—		537		64,986		113,289		113,289		—		113,289
Lazy Lakes RV Resort	11,300		—		—		(66)		11,234		11,234		—		11,234
Puerto del Rey	94,482		535		1,033		(4,149)		91,901		91,901		—		91,901
Stingray Point	2,852		—		46		(287)		2,611		2,611		—		2,611
Detroit River	8,737		—		159		(599)		8,297		8,297		—		8,297
Jetstream RV Resort at NASA	17,025		—		475		(199)		17,301		17,301		—		17,301
Beaver Brook Campground	4,411		—		89		(35)		4,465		4,465		—		4,465
Tall Pines Harbor Campground	10,500		—		—		(20)		10,480		10,480		—		10,480
Wells Beach Resort Campground	12,200		—		—		—		12,200		12,200		—		12,200
Port Royal	20,541		—		52		(314)		20,279		20,279		—		20,279


	At Acquisition Date										Consideration
	Investment in property		Inventory of manufactured homes, boat parts and retail related items		In-place leases, goodwill and other intangible assets(1)		Other assets / (liabilities), net		Total identifiable assets acquired net of liabilities assumed		Cash and escrow		Temporary and permanent equity		Total consideration
Podickory Point(3)	3,208		—		49		(187)		3,070		3,070		—		3,070
Jellystone Park at Mammoth Cave(3)	32,500		—		—		(640)		31,860		31,860		—		31,860
South Bay(3)	13,934		—		174		(2,454)		11,654		11,654		—		11,654
Wentworth by the Sea(3)	14,101		5		157		(1,052)		13,211		13,211		—		13,211
Rocky Mountain RV Park(3)	12,500		—		—		—		12,500		12,500		—		12,500
Haas Lake RV Park Campground(3)	20,142		—		—		(44)		20,098		16,456		3,642		20,098
Pearwood RV Resort(3)	10,250		—		—		(42)		10,208		10,208		—		10,208
Holly Shores Camping Resort(3)	27,500		—		—		(481)		27,019		27,019		—		27,019
Pheasant Ridge RV Park(3)	19,000		—		—		—		19,000		19,000		—		19,000
Coyote Ranch Resort(3)	12,600		—		—		(195)		12,405		12,405		—		12,405
Jellystone Park at Whispering Pines(3)	13,750		—		—		(172)		13,578		13,578		—		13,578
Hospitality Creek Campground(3)	15,600		—		—		(603)		14,997		14,997		—		14,997
Business Combination
Cabrillo Isle	37,647		—		10,073		(703)		47,017		47,017		—		47,017
Emerald Coast(4)	8,382		2,693		42,614		(711)		52,978		52,978		—		52,978


Total	$	1,302,586	$	3,956	$	70,603	$	38,752	$	1,415,897	$	1,388,255	$	27,642	$	1,415,897

(1) Refer to Note 5, "Goodwill and Other Intangible Assets," for additional detail on goodwill and other intangible assets.

(2) The balance includes the marina acquired in August and the restaurant acquired in December of which $9.2 million was recorded in investment property and $21.0 million Other assets / liabilities.

(3) The above allocations are estimates awaiting purchase price allocation.

(4) Purchase price allocation is preliminary as of December 31, 2021, subject to revision based on the final purchase price allocation to be finalized one year from the acquisition date.

Business Acquisition, Pro Forma Information [Table Text Block]

The information presented below has been prepared for comparative purposes only and does not purport to be indicative of either future results of operations or the results of operations that would have actually occurred had the acquisition been consummated on January 1, 2020 (in thousands, except per-share data):


	Year Ended (unaudited)
	December 31, 2021		December 31, 2020
Total revenues	$	2,329,947	$	1,444,998
Net income attributable to Sun Communities, Inc. common stockholders	$	390,945	$	138,075
Net income per share attributable to Sun Communities, Inc. common stockholders - basic	$	3.47	$	1.42
Net income per share attributable to Sun Communities, Inc. common stockholders - diluted	$	3.40	$	1.42