Sun Communities, Inc. Reports 2022 Second Quarter Results
Financial Results for the Quarter and Six Months Ended
For the quarter ended
For the six months ended
Non-GAAP Financial Measures and Portfolio Performance
- Core Funds from Operations ("Core FFO")(1) for the quarter ended
June 30, 2022 , was$2.02 per diluted share and OP unit ("Share") as compared to$1.80 in the corresponding period in 2021, a 12.2 percent increase. Core FFO(1) for the six months endedJune 30, 2022 , was$3.37 per share as compared to$3.08 in the corresponding period, an increase of 9.4 percent. - Constant Currency Core FFO for the quarter and six months ended
June 30, 2022 , was$2.04 per Share and$3.39 per Share, respectively, when translating the Company's results from theUnited Kingdom ("UK"),Canada andAustralia at the foreign currency translation rates used in first quarter 2022 guidance. - Same Property(2) Net Operating Income ("NOI")(1) for the Company's MH and RV properties increased by 3.6 percent for the quarter ended
June 30, 2022 , and 5.5 percent for the six months endedJune 30, 2022 as compared to the corresponding periods in 2021. - Same Property(2) NOI for the
Company's Marina properties increased by 7.1 percent for the quarter endedJune 30, 2022 , and 5.0 percent for the six months endedJune 30, 2022 as compared to the corresponding periods in 2021. - Acquisitions totaled
$1.8 billion during and subsequent to the quarter endedJune 30, 2022 , including 56 MH communities inthe United States and theUK and three marinas inthe United States .
"Sun produced solid earnings growth in the second quarter, driven by positive revenue and NOI growth across the portfolio, along with the contribution from recent acquisitions," said
OPERATING HIGHLIGHTS
Portfolio Occupancy
Total MH and annual RV occupancy was 97.2 percent at
During the quarter ended
During the six months ended
Same Property(2) Results - MH and RV
For the 425 MH and RV properties owned and operated by the Company since
Quarter Ended |
||||||||
Total MH and RV Same Property |
MH Same Property |
RV Same Property |
||||||
Revenue | 4.8 | % | 4.4 | % | 5.4 | % | ||
Expense | 7.3 | % | 8.3 | % | 6.4 | % | ||
NOI | 3.6 | % | 3.1 | % | 4.6 | % |
Six Months Ended |
||||||||
Total MH and RV Same Property | MH Same Property |
RV Same Property |
||||||
Revenue | 6.8 | % | 4.4 | % | 11.3 | % | ||
Expense | 9.7 | % | 8.6 | % | 11.0 | % | ||
NOI | 5.5 | % | 3.1 | % | 11.5 | % |
Same Property adjusted occupancy(3) increased to 98.5 percent at
Same Property(2) Results - Marina
For the 101 Marina properties owned and operated by the Company since
Quarter Ended |
Six Months Ended |
||||
Revenue | 6.1 | % | 6.8 | % | |
Expense | 3.4 | % | 10.0 | % | |
NOI | 7.1 | % | 5.0 | % |
During the quarter ended
PORTFOLIO ACTIVITY
Acquisitions and Dispositions
During and subsequent to the quarter ended
Property |
Property Type | Sites, Wet Slips and Dry Storage Spaces |
Development Sites | State, Province or Country | Total Purchase Price (in millions) |
Month Acquired | |||||||
Park Holidays(a) | MH | 15,906 | 1,140 | $ | 1,242.1 | April | |||||||
Christies Parks(b) | MH | 249 | — | 10.1 | April | ||||||||
Bluewater Yacht Sales | Marina | 200 | — | Various states | 25.0 | April | |||||||
Marina | — | — | Various states | 17.6 | April | ||||||||
MH | 69 | — | 12.6 | April | |||||||||
Marina | 62 | — | ME | 7.9 | May | ||||||||
Spanish Trails MHC | MH | 195 | 6 | AZ | 21.9 | June | |||||||
Pine Acre Trails | MH | 251 | 603 | TX | 29.7 | June | |||||||
MH | 379 | — | CA | 40.0 | June | ||||||||
MH | 2,914 | 391 | 223.4 | June | |||||||||
Subtotal | 20,225 | 2,140 | $ | 1,630.3 | |||||||||
Acquisitions subsequent to quarter end | |||||||||||||
Marina | 230 | — | NY | $ | 190.0 | July | |||||||
Subtotal | 230 | — | $ | 190.0 | |||||||||
Total acquisitions | 20,455 | 2,140 | $ | 1,820.3 |
(a) Includes 40 owned and two managed properties.
(b) Combined with an existing property.
(c) Includes two properties.
(d) Includes 11 communities.
During and subsequent to the six months ended
Development and Expansion Activities
During and subsequent to the quarter ended
During the quarter and the six months ended
BALANCE SHEET, CAPITAL MARKETS ACTIVITY AND OTHER ITEMS
Debt
As of
Senior Credit Facility Amendment
As previously announced, during the quarter ended
The amendment increased the aggregate amount of the Company's senior credit facility to
Senior Unsecured Notes
As previously announced, during the quarter ended
In connection with the 2032 Notes issuance, the Company settled four 10-year
Interest Rate Swap
Subsequent to the quarter ended
Equity Transactions
Forward Share Settlements
As previously announced, during the quarter ended
Subsequent to the quarter ended
At the Market Offering
During the quarter ended
The following table presents the Company's outstanding unsettled forward sale agreements as of
Forward Equity Agreements | Shares Sold | Shares Settled | Shares Remaining | Net Proceeds Received (in millions) |
Anticipated Net Proceeds Remaining (in millions) |
|||||||
Q3 2021 ATM Forward Agreements | 107,400 | — | 107,400 | $ | — | $ | 21.4 | |||||
Q1 2022 ATM Forward Agreements | 600,503 | 455,500 | 145,003 | 80.3 | 26.0 | |||||||
Q2 2022 ATM Forward Agreements | 290,600 | 18,700 | 271,900 | 3.4 | 46.7 | |||||||
Total Unsettled Forward Equity Agreements | 998,503 | 474,200 | 524,303 | $ | 83.7 | $ | 94.1 |
GUIDANCE
The Company is updating its full-year guidance for Basic earnings per share and incorporating the anticipated effects from translating the Company's results from the
Reconciliation of Basic earnings per share to Core FFO per diluted share and |
FY 2022E |
FY 2022E |
3Q 2022E | |||||||||||||||||||||
Basic earnings per share | $ | 2.46 | $ | 2.58 | $ | 1.91 | $ | 2.01 | $ | 1.25 | $ | 1.30 | ||||||||||||
Depreciation and amortization | 4.65 | 4.65 | 4.94 | 4.94 | 1.26 | 1.26 | ||||||||||||||||||
Gain on sale of assets | (0.46 | ) | (0.46 | ) | (0.51 | ) | (0.51 | ) | (0.09 | ) | (0.09 | ) | ||||||||||||
Other adjustments(a) | 0.55 | 0.55 | 0.83 | 0.83 | 0.10 | 0.10 | ||||||||||||||||||
Core FFO per fully diluted Share | $ | 7.20 | $ | 7.32 | $ | 7.17 | $ | 7.27 | $ | 2.52 | $ | 2.57 | ||||||||||||
Constant currency adjustment(b) | — | — | 0.05 | 0.05 | 0.04 | 0.04 | ||||||||||||||||||
Constant Currency Core FFO per fully diluted share | $ | 7.20 | $ | 7.32 | $ | 7.22 | $ | 7.32 | $ | 2.56 | $ | 2.61 |
(a) Other adjustments include the same categories presented in the table that reconciles the Net income attributable to SUI common shareholders to FFO on page 9.
(b) The Company calculates the foreign currency translation impact comparing the weighted average foreign currency rate for revised guidance (
Basic earnings per share, Core FFO per fully diluted share(1)(4) and Constant Currency Core FFO per fully diluted share(1)(4) are calculated independently for each quarter; as a result, the sum of the quarters may differ from the annual calculation. Seasonality of Constant Currency Core FFO per fully diluted Share(1)(4) is based off the midpoint of full-year guidance and is expected to be as follows:
1Q22 | 2Q22 | 3Q22 | 4Q22 | ||||||||
Seasonality of Constant Currency Core FFO per fully diluted Share(1)(4) | 18.5 | % | 28.0 | % | 35.5 | % | 18.0 | % |
Same Property NOI Growth: The Company is updating its expectations for Same Property NOI Growth as follows:
Guidance | ||||||
MH and RV 2022 Same Property Portfolio (428 properties): | FY 2022E | FY 2022E | 3Q 2022E | |||
MH and RV Same Property NOI(1) growth | 6.5% - 7.3% | 6.0% - 6.8% | 6.4% - 7.2% |
Within the Marina Portfolio, certain amounts have been revised to conform with current presentation, with no effect on net income. These include reclassifications of certain revenues and expenses between Real property and Service, retail, dining and entertainment within our Marina portfolio. 2021 Same Property Marina NOI is presented below reflecting these reclassifications, along with updated guidance on NOI growth the Company expects from the 2022 same property Marina portfolio:
Marina 2022 Same Property Portfolio (101 properties) (in milions): | 2021 Marina Same Property NOI(1) Originally Reported in Feb-2022 for FY 2022 Guidance |
2021 Marina Same Property NOI(1) Reclassified for FY 2022 Guidance, As Revised |
||||
Marina Same Property NOI(1) | $ | 132.2 | $ | 151.1 |
Original Guidance FY 2022E Provided in Feb-2022 |
Current Guidance | |||||
Marina 2022 Same Property Growth: | FY 2022E | 3Q22E | ||||
Marina Same Property NOI(1) growth | 6.0% - 7.4% | 6.0% - 6.8% | 7.6% - 9.0% |
1H22 | 3Q22 | 4Q22 | ||||||
Seasonality of Marina Same Property NOI(1) | 45.2 | % | 31.5 | % | 23.3 | % |
Quarter Ending | Six Months Ending | |||
The estimates and assumptions presented above represent a range of possible outcomes and may differ materially from actual results. These estimates include contributions from all acquisitions and capital markets activity completed through the date of this release. These estimates exclude prospective acquisitions and capital markets activity. The estimates and assumptions are forward-looking based on the Company's current assessment of economic and market conditions and are subject to the other risks outlined below under the caption Cautionary Statement Regarding Forward-Looking Statements.
EARNINGS CONFERENCE CALL
A conference call to discuss second quarter results will be held on
SUI is a REIT that, as of
For more information about SUI, please visit www.suncommunities.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and we intend that such forward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this filing that relate to expectations, beliefs, projections, future plans and strategies, trends or prospective events or developments and similar expressions concerning matters that are not historical facts are deemed to be forward-looking statements. Words such as "forecasts," "intends," "intend," "intended," "goal," "estimate," "estimates," "expects," "expect," "expected," "project," "projected," "projections," "plans," "predicts," "potential," "seeks," "anticipates," "anticipated," "should," "could," "may," "will," "designed to," "foreseeable future," "believe," "believes," "scheduled," "guidance," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements reflect our current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this filing. These risks and uncertainties may cause our actual results to be materially different from any future results expressed or implied by such forward-looking statements. In addition to the risks described under "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended
- Outbreaks of disease, including the COVID-19 pandemic, and related stay-at-home orders, quarantine policies and restrictions on travel, trade and business operations;
- Changes in general economic conditions, including inflation, deflation, and energy costs, the real estate industry and the markets in which the Company operates;
- Difficulties in the Company's ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully;
- The Company's liquidity and refinancing demands;
- The Company's ability to obtain or refinance maturing debt;
- The Company's ability to maintain compliance with covenants contained in its debt facilities and its unsecured notes;
- Availability of capital;
- Changes in foreign currency exchange rates, including between the
U.S. dollar and each of the Canadian dollar, Australian dollar and Pounds sterling; - The Company's ability to maintain rental rates and occupancy levels;
- The Company's ability 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;
- The Company's ability 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 such as hurricanes, earthquakes, floods, droughts and wildfires;
- General volatility of the capital markets and the market price of shares of the Company's capital stock;
- The Company's ability to maintain its 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 purchasers of manufactured homes and boats to obtain financing; and
- The level of repossessions by manufactured home and boat lenders.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements included or incorporated by reference into this filing, whether as a result of new information, future events, changes in the Company's expectations or otherwise, except as required by law.
Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. All written and oral forward-looking statements attributable to the Company or persons acting on the Company's behalf are qualified in their entirety by these cautionary statements.
Portfolio Overview, Research Coverage and Inquiries
(As of
RESEARCH COVERAGE | ||||||
Refer to the Investor relations section of our website for research analyst coverage detail. | ||||||
INQUIRIES | ||||||
The Company welcomes questions or comments from shareholders, analysts, investment managers, media or any prospective investor. Please address all inquiries to our Investor Relations department. | ||||||
At Our Website | www.suncommunities.com | |||||
By Email | investorrelations@suncommunities.com | |||||
By Phone | (248) 208-2500 |
Financial and Operating Highlights
(amounts in millions, except for *)
Quarter Ended | ||||||||||||||
Financial Information | ||||||||||||||
Total revenues | $ | 814.3 | $ | 548.5 | $ | 542.4 | $ | 684.3 | $ | 603.9 | ||||
Net income | $ | 81.3 | $ | 1.5 | $ | 14.8 | $ | 250.2 | $ | 120.8 | ||||
Net income attributable to SUI common shareholders | $ | 74.0 | $ | 0.7 | $ | 12.8 | $ | 231.8 | $ | 110.8 | ||||
Basic earnings per share* | $ | 0.61 | $ | 0.01 | $ | 0.11 | $ | 2.00 | $ | 0.98 | ||||
Diluted earnings per share* | $ | 0.61 | $ | 0.01 | $ | 0.11 | $ | 2.00 | $ | 0.98 | ||||
Cash distributions declared per common share* | $ | 0.88 | $ | 0.88 | $ | 0.83 | $ | 0.83 | $ | 0.83 | ||||
FFO attributable to SUI common shareholders and dilutive convertible securities(1)(4) | $ | 246.0 | $ | 155.3 | $ | 152.3 | $ | 223.1 | $ | 198.4 | ||||
Core FFO attributable to SUI common shareholders and dilutive convertible securities(1)(4) | $ | 254.6 | $ | 162.8 | $ | 155.8 | $ | 244.5 | $ | 209.6 | ||||
Constant Currency Core FFO Attributable to |
$ | 256.6 | N/A | N/A | N/A | N/A | ||||||||
FFO attributable to SUI common shareholders and dilutive convertible securities(1)(4) per share - fully diluted* | $ | 1.95 | $ | 1.28 | $ | 1.28 | $ | 1.92 | $ | 1.70 | ||||
Core FFO attributable to SUI common shareholders and dilutive convertible securities(1)(4) per share - fully diluted* | $ | 2.02 | $ | 1.34 | $ | 1.31 | $ | 2.11 | $ | 1.80 | ||||
Constant Currency Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share - Fully Diluted* | $ | 2.04 | N/A | N/A | N/A | N/A | ||||||||
Recurring EBITDA(1) | $ | 328.4 | $ | 221.0 | $ | 208.6 | $ | 314.5 | $ | 268.1 | ||||
Balance Sheet | ||||||||||||||
Total assets | $ | 16,397.8 | $ | 13,914.2 | $ | 13,494.1 | $ | 12,583.3 | $ | 12,041.0 | ||||
Total debt | $ | 6,930.9 | $ | 6,076.5 | $ | 5,671.8 | $ | 4,689.4 | $ | 4,311.2 | ||||
Total liabilities | $ | 8,566.3 | $ | 6,980.7 | $ | 6,474.6 | $ | 5,488.5 | $ | 5,099.6 |
Quarter Ended | ||||||||||||||
Operating Information* | ||||||||||||||
Properties | 661 | 603 | 602 | 584 | 569 | |||||||||
Manufactured home sites | 99,185 | 98,279 | 98,621 | 98,301 | 97,448 | |||||||||
Annual RV sites | 31,768 | 31,121 | 30,540 | 29,640 | 28,807 | |||||||||
Transient RV sites | 28,682 | 29,267 | 29,847 | 27,922 | 27,032 | |||||||||
Total sites | 159,635 | 158,667 | 159,008 | 155,863 | 153,287 | |||||||||
Marina wet slips and dry storage spaces(a) | 45,905 | 45,725 | 45,155 | 43,615 | 40,179 | |||||||||
MH occupancy | 96.3 | % | 96.7 | % | 96.6 | % | 96.6 | % | 96.7 | % | ||||
Annual RV occupancy | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||
Blended MH and annual RV occupancy | 97.2 | % | 97.5 | % | 97.4 | % | 97.4 | % | 97.4 | % | ||||
Manufactured home sites | 17,330 | 616 | N/A | N/A | N/A | |||||||||
Transient RV sites | 3,349 | — | N/A | N/A | N/A | |||||||||
Total sites | 20,679 | 616 | — | — | — | |||||||||
MH occupancy | 91.4 | % | 94.8 | % | N/A | N/A | N/A |
(a) Total wet slips and dry storage spaces are adjusted each quarter based on site configuration and usability.
Quarter Ended | |||||||||
Revenue Producing Site |
|||||||||
MH net leased sites(i) | 132 | 65 | 321 | 144 | 226 | ||||
RV net leased sites(i) | 818 | 605 | 489 | 432 | 357 | ||||
Total net leased sites(i) | 950 | 670 | 810 | 576 | 583 |
(i) These figures do not include
Consolidated Balance Sheets
(amounts in millions)
Assets | |||||||
Land | $ | 3,766.7 | $ | 2,556.3 | |||
Land improvements and buildings | 10,867.1 | 9,958.3 | |||||
Rental homes and improvements | 580.6 | 591.7 | |||||
Furniture, fixtures and equipment | 749.9 | 656.4 | |||||
Investment property | 15,964.3 | 13,762.7 | |||||
Accumulated depreciation | (2,554.3 | ) | (2,337.2 | ) | |||
Investment property, net | 13,410.0 | 11,425.5 | |||||
Cash, cash equivalents and restricted cash | 184.7 | 78.2 | |||||
Marketable securities | 114.6 | 186.9 | |||||
Inventory of manufactured homes | 108.1 | 51.1 | |||||
Notes and other receivables, net | 509.0 | 469.6 | |||||
954.0 | 495.4 | ||||||
Other intangible assets, net | 399.1 | 306.8 | |||||
Other assets, net | 718.3 | 480.6 | |||||
Total Assets | $ | 16,397.8 | $ | 13,494.1 | |||
Liabilities | |||||||
Secured debt | $ | 3,335.7 | $ | 3,380.7 | |||
Unsecured debt | 3,595.2 | 2,291.1 | |||||
Distributions payable | 109.3 | 98.4 | |||||
Advanced reservation deposits and rent | 385.2 | 242.8 | |||||
Accrued expenses and accounts payable | 361.0 | 237.5 | |||||
Other liabilities | 779.9 | 224.1 | |||||
Total Liabilities | 8,566.3 | 6,474.6 | |||||
Commitments and contingencies | |||||||
Temporary equity | 293.3 | 288.9 | |||||
Shareholders' Equity | |||||||
Common stock | 1.2 | 1.2 | |||||
Additional paid-in capital | 9,159.1 | 8,175.6 | |||||
Accumulated other comprehensive income / (loss) | (28.3 | ) | 3.1 | ||||
Distributions in excess of accumulated earnings | (1,684.7 | ) | (1,556.0 | ) | |||
Total SUI shareholders' equity | 7,447.3 | 6,623.9 | |||||
Noncontrolling interests | |||||||
Common and preferred OP units | 86.2 | 86.8 | |||||
Consolidated entities | 4.7 | 19.9 | |||||
Total noncontrolling interests | 90.9 | 106.7 | |||||
Total Shareholders' Equity | 7,538.2 | 6,730.6 | |||||
Total Liabilities, Temporary Equity and Shareholders' Equity | $ | 16,397.8 | $ | 13,494.1 |
Statements of Operations - Quarter to Date Comparison
(In millions, except for per share amounts) (Unaudited)
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
Change | % Change | Change | % Change | ||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Real property (excluding transient) | $ | 389.6 | $ | 328.3 | $ | 61.3 | 18.7 | % | $ | 732.8 | $ | 626.3 | $ | 106.5 | 17.0 | % | |||||||||||||
Real property - transient | 98.1 | 77.0 | 21.1 | 27.4 | % | 143.1 | 109.5 | 33.6 | 30.7 | % | |||||||||||||||||||
Home sales | 142.7 | 81.8 | 60.9 | 74.4 | % | 207.4 | 134.0 | 73.4 | 54.8 | % | |||||||||||||||||||
Service, retail, dining and entertainment | 168.0 | 107.1 | 60.9 | 56.9 | % | 248.8 | 157.8 | 91.0 | 57.7 | % | |||||||||||||||||||
Interest | 7.3 | 2.8 | 4.5 | 160.7 | % | 14.1 | 5.4 | 8.7 | 161.1 | % | |||||||||||||||||||
Brokerage commissions and other, net | 8.6 | 6.9 | 1.7 | 24.6 | % | 16.6 | 12.9 | 3.7 | 28.7 | % | |||||||||||||||||||
Total Revenues | 814.3 | 603.9 | 210.4 | 34.8 | % | 1,362.8 | 1,045.9 | 316.9 | 30.3 | % | |||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Property operating and maintenance | 155.2 | 123.8 | 31.4 | 25.4 | % | 284.5 | 224.4 | 60.1 | 26.8 | % | |||||||||||||||||||
Real estate tax | 27.7 | 23.2 | 4.5 | 19.4 | % | 53.8 | 45.6 | 8.2 | 18.0 | % | |||||||||||||||||||
Home costs and selling | 92.9 | 58.8 | 34.1 | 58.0 | % | 138.8 | 100.4 | 38.4 | 38.2 | % | |||||||||||||||||||
Service, retail, dining and entertainment | 147.9 | 84.7 | 63.2 | 74.6 | % | 218.4 | 133.1 | 85.3 | 64.1 | % | |||||||||||||||||||
General and administrative | 62.2 | 45.3 | 16.9 | 37.3 | % | 117.9 | 83.5 | 34.4 | 41.2 | % | |||||||||||||||||||
Catastrophic event-related charges, net | 0.1 | 0.4 | (0.3 | ) | (75.0) % | 0.1 | 2.8 | (2.7 | ) | (96.4) % | |||||||||||||||||||
Business combinations | 15.0 | (0.2 | ) | 15.2 | N/M | 15.5 | 1.0 | 14.5 | N/M | ||||||||||||||||||||
Depreciation and amortization | 150.2 | 127.1 | 23.1 | 18.2 | % | 298.7 | 251.0 | 47.7 | 19.0 | % | |||||||||||||||||||
Loss on extinguishment of debt | 0.1 | 8.1 | (8.0 | ) | (98.8) % | 0.4 | 8.1 | (7.7 | ) | (95.1) % | |||||||||||||||||||
Interest | 55.3 | 37.7 | 17.6 | 46.7 | % | 100.5 | 77.2 | 23.3 | 30.2 | % | |||||||||||||||||||
Interest on mandatorily redeemable preferred OP units / equity | 1.1 | 1.0 | 0.1 | 10.0 | % | 2.1 | 2.0 | 0.1 | 5.0 | % | |||||||||||||||||||
Total Expenses | 707.7 | 509.9 | 197.8 | 38.8 | % | 1,230.7 | 929.1 | 301.6 | 32.5 | % | |||||||||||||||||||
Income Before Other Items | 106.6 | 94.0 | 12.6 | 13.4 | % | 132.1 | 116.8 | 15.3 | 13.1 | % | |||||||||||||||||||
Gain / (loss) on remeasurement of marketable securities | (32.3 | ) | 27.5 | (59.8 | ) | N/M | (66.8 | ) | 31.2 | (98.0 | ) | N/M | |||||||||||||||||
Gain / (loss) on foreign currency exchanges | 9.0 | (0.1 | ) | 9.1 | N/M | 6.8 | (0.1 | ) | 6.9 | N/M | |||||||||||||||||||
Gain / (loss) on dispositions of properties | (0.1 | ) | — | (0.1 | ) | N/A | 13.3 | — | 13.3 | N/A | |||||||||||||||||||
Other income / (expense), net(6) | 0.4 | (0.2 | ) | 0.6 | N/M | (0.2 | ) | (0.7 | ) | 0.5 | (71.4) % | ||||||||||||||||||
Gain on remeasurement of notes receivable | — | 0.1 | (0.1 | ) | N/A | 0.2 | 0.5 | (0.3 | ) | (60.0) % | |||||||||||||||||||
Income from nonconsolidated affiliates | 0.9 | 0.8 | 0.1 | 12.5 | % | 1.8 | 2.0 | (0.2 | ) | (10.0) % | |||||||||||||||||||
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates | 0.4 | (0.1 | ) | 0.5 | N/M | 0.5 | — | 0.5 | N/A | ||||||||||||||||||||
Current tax expense | (3.9 | ) | (1.2 | ) | (2.7 | ) | (225.0) % | (5.2 | ) | (1.0 | ) | (4.2 | ) | 420.0 | % | ||||||||||||||
Deferred tax benefit | 0.3 | — | 0.3 | N/A | 0.3 | 0.1 | 0.2 | 200.0 | % | ||||||||||||||||||||
Net Income | 81.3 | 120.8 | (39.5 | ) | (32.7) % | 82.8 | 148.8 | (66.0 | ) | (44.4) % | |||||||||||||||||||
Less: Preferred return to preferred OP units / equity interests | 3.1 | 3.0 | 0.1 | 3.3 | % | 6.1 | 5.9 | 0.2 | 3.4 | % | |||||||||||||||||||
Less: Income attributable to noncontrolling interests | 4.2 | 7.0 | (2.8 | ) | (40.0) % | 2.0 | 7.3 | (5.3 | ) | (72.6) % | |||||||||||||||||||
Net Income Attributable to SUI Common Shareholders | $ | 74.0 | $ | 110.8 | $ | (36.8 | ) | (33.2) % | $ | 74.7 | $ | 135.6 | $ | (60.9 | ) | (44.9) % | |||||||||||||
Weighted average common shares outstanding - basic | 120.0 | 112.1 | 7.9 | 7.0 | % | 117.6 | 110.0 | 7.6 | 6.9 | % | |||||||||||||||||||
Weighted average common shares outstanding - diluted | 120.0 | 112.1 | 7.9 | 7.0 | % | 120.4 | 112.6 | 7.8 | 6.9 | % | |||||||||||||||||||
Basic earnings per share | $ | 0.61 | $ | 0.98 | $ | (0.37 | ) | (37.8) % | $ | 0.63 | $ | 1.22 | $ | (0.59 | ) | (48.4) % | |||||||||||||
Diluted earnings per share | $ | 0.61 | $ | 0.98 | $ | (0.37 | ) | (37.8) % | $ | 0.63 | $ | 1.22 | $ | (0.59 | ) | (48.4) % |
N/M = Percentage change is not meaningful.
N/A = Percentage change is not applicable.
(amounts in millions, units / shares outstanding in thousands, except for *)
Number of Units / Shares Outstanding | Conversion Rate* | If Converted(a) | Issuance Price* Per Unit |
Annual Distribution Rate | |||||||
Common shares | 121,644 | N/A | N/A | N/A | $3.52^ | ||||||
Common OP units | 2,565 | 1.0000 | 2,565 | N/A | Mirrors common shares distributions | ||||||
Series A-1 preferred OP units | 272 | 2.4390 | 664 | $ | 100 | 6.00 | % | ||||
Series A-3 preferred OP units | 40 | 1.8605 | 75 | $ | 100 | 4.50 | % | ||||
Series C preferred OP units | 306 | 1.1100 | 340 | $ | 100 | 5.00 | % | ||||
Series D preferred OP units | 489 | 0.8000 | 391 | $ | 100 | 4.00 | % | ||||
Series E preferred OP units | 85 | 0.6897 | 59 | $ | 100 | 5.50 | % | ||||
Series F preferred OP units | 90 | 0.6250 | 56 | $ | 100 | 3.00 | % | ||||
Series G preferred OP units | 241 | 0.6452 | 155 | $ | 100 | 3.20 | % | ||||
Series H preferred OP units | 581 | 0.6098 | 355 | $ | 100 | 3.00 | % | ||||
Series I preferred OP units | 922 | 0.6098 | 562 | $ | 100 | 3.00 | % | ||||
Series J preferred OP units | 240 | 0.6061 | 145 | $ | 100 | 2.85 | % |
^ Annual distribution is based on the last quarterly distribution annualized.
(a) Calculation may yield minor differences due to fractional shares paid in cash to the stockholder at conversion.
Capitalization - As of |
||||||||
Equity | Shares | Share Price* | Total | |||||
Common shares | 121,644 | $ | 159.36 | $ | 19,385.2 | |||
Common OP units | 2,565 | $ | 159.36 | 408.8 | ||||
Subtotal | 124,209 | $ | 19,794.0 | |||||
Preferred OP units, as converted | 2,802 | $ | 159.36 | 446.5 | ||||
Total diluted shares outstanding | 127,011 | $ | 20,240.5 | |||||
Debt | ||||||||
Secured debt | $ | 3,335.7 | ||||||
Unsecured debt | 3,595.2 | |||||||
Total debt | $ | 6,930.9 | ||||||
Total Capitalization | $ | 27,171.4 |
Debt Analysis
(amounts in millions, except for *)
Quarter Ended | |||||||||||||||||||
Debt Outstanding | |||||||||||||||||||
Secured debt | $ | 3,335.7 | $ | 3,366.6 | $ | 3,380.7 | $ | 3,403.4 | $ | 3,457.7 | |||||||||
Unsecured debt | |||||||||||||||||||
Senior unsecured notes | 1,778.6 | 1,186.7 | 1,186.4 | 591.3 | 591.7 | ||||||||||||||
Line of credit and other debt(7) | 1,746.7 | 1,453.3 | 1,034.8 | 624.8 | 191.9 | ||||||||||||||
Preferred Equity - |
35.2 | 35.2 | 35.2 | 35.2 | 35.2 | ||||||||||||||
Preferred OP units - mandatorily redeemable | 34.7 | 34.7 | 34.7 | 34.7 | 34.7 | ||||||||||||||
Total unsecured debt | 3,595.2 | 2,709.9 | 2,291.1 | 1,286.0 | 853.5 | ||||||||||||||
Total debt | $ | 6,930.9 | $ | 6,076.5 | $ | 5,671.8 | $ | 4,689.4 | $ | 4,311.2 | |||||||||
% Fixed / Floating* | |||||||||||||||||||
Fixed | 74.9 | % | 76.2 | % | 81.8 | % | 86.7 | % | 94.7 | % | |||||||||
Floating | 25.1 | % | 23.8 | % | 18.2 | % | 13.3 | % | 5.3 | % | |||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||
Weighted Average Interest Rates* | |||||||||||||||||||
Secured debt | 3.78 | % | 3.78 | % | 3.78 | % | 3.78 | % | 3.75 | % | |||||||||
Senior unsecured notes | 3.10 | % | 2.55 | % | 2.55 | % | 2.70 | % | 2.70 | % | |||||||||
Line of credit and other debt(7) | 2.76 | % | 1.25 | % | 0.98 | % | 0.98 | % | 0.93 | % | |||||||||
Preferred Equity - |
6.00 | % | 6.00 | % | 6.00 | % | 6.00 | % | 6.00 | % | |||||||||
Preferred OP units - mandatorily redeemable | 5.93 | % | 5.93 | % | 5.93 | % | 5.93 | % | 5.93 | % | |||||||||
Total average | 3.37 | % | 2.96 | % | 3.04 | % | 3.30 | % | 3.52 | % | |||||||||
Debt Ratios* | |||||||||||||||||||
Net Debt / Recurring EBITDA(1) (TTM) | 6.3 | 5.9 | 5.7 | 4.9 | 5.1 | ||||||||||||||
Net Debt / Enterprise Value | 25.0 | % | 21.9 | % | 18.0 | % | 17.1 | % | 16.8 | % | |||||||||
Net Debt / Gross Assets | 35.7 | % | 36.6 | % | 35.4 | % | 31.2 | % | 29.6 | % | |||||||||
Coverage Ratios* | |||||||||||||||||||
Recurring EBITDA(1) (TTM) / Interest | 5.9 | 6.2 | 6.2 | 6.1 | 5.6 | ||||||||||||||
Recurring EBITDA(1) (TTM) / Interest + Pref. Distributions + Pref. Stock Distribution | 5.8 | 6.0 | 6.0 | 6.0 | 5.5 |
Maturities / Principal Amortization Next Five Years | 2022 | 2023 | 2024 | 2025 | 2026 | ||||||||||||||
Secured debt | |||||||||||||||||||
Maturities | $ | 55.1 | $ | 185.6 | $ | 315.4 | $ | 50.6 | $ | 521.6 | |||||||||
Principal amortization | 30.6 | 60.9 | 57.4 | 54.0 | 45.9 | ||||||||||||||
Line of credit and other debt(7) | 3.0 | 10.0 | 10.0 | 1,065.2 | 662.0 | ||||||||||||||
Preferred Equity - |
— | — | 33.4 | 1.8 | — | ||||||||||||||
Preferred OP units - mandatorily redeemable | — | — | 27.4 | — | — | ||||||||||||||
Total | $ | 88.7 | $ | 256.5 | $ | 443.6 | $ | 1,171.6 | $ | 1,229.5 | |||||||||
Weighted average rate of maturities* | 4.65 | % | 4.08 | % | 4.47 | % | 4.04 | % | 3.75 | % |
Reconciliations to Non-GAAP Financial Measures
Reconciliation of Net Income Attributable to SUI Common Shareholders to FFO(1)
(amounts in millions, except for per share data)
Three Months Ended | Six Months Ended | ||||||||||||||
Net Income Attributable to SUI Common Shareholders | $ | 74.0 | $ | 110.8 | $ | 74.7 | $ | 135.6 | |||||||
Adjustments | |||||||||||||||
Depreciation and amortization | 149.5 | 126.7 | 297.8 | 250.5 | |||||||||||
Depreciation on nonconsolidated affiliates | 0.1 | — | 0.1 | 0.1 | |||||||||||
(Gain) / loss on remeasurement of marketable securities | 32.3 | (27.5 | ) | 66.8 | (31.2 | ) | |||||||||
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates | (0.4 | ) | 0.1 | (0.5 | ) | — | |||||||||
Gain on remeasurement of notes receivable | — | (0.1 | ) | (0.2 | ) | (0.5 | ) | ||||||||
Income attributable to noncontrolling interests | 4.2 | 5.0 | 2.0 | 4.9 | |||||||||||
Returns on preferred OP units | 3.4 | 1.0 | 6.7 | 1.9 | |||||||||||
(Gain) / loss on dispositions of properties | 0.1 | — | (13.3 | ) | — | ||||||||||
Gain on dispositions of assets, net | (17.2 | ) | (17.6 | ) | (32.3 | ) | (25.8 | ) | |||||||
FFO Attributable to |
$ | 246.0 | $ | 198.4 | $ | 401.8 | $ | 335.5 | |||||||
Adjustments | |||||||||||||||
Business combination expense and other acquisition related costs(8) | 17.8 | 2.3 | 20.9 | 4.2 | |||||||||||
Loss on extinguishment of debt | 0.1 | 8.1 | 0.4 | 8.1 | |||||||||||
Catastrophic event-related charges, net | 0.2 | 0.4 | 0.2 | 2.8 | |||||||||||
Loss of earnings - catastrophic event-related | — | — | — | 0.2 | |||||||||||
(Gain) / loss on foreign currency exchanges | (9.0 | ) | 0.1 | (6.8 | ) | 0.1 | |||||||||
Other adjustments, net(9) | (0.5 | ) | 0.3 | 1.4 | 0.2 | ||||||||||
Core FFO Attributable to |
$ | 254.6 | $ | 209.6 | $ | 417.9 | $ | 351.1 | |||||||
Adjustment | |||||||||||||||
Foreign currency impact(a) | 2.0 | — | 2.0 | — | |||||||||||
Constant Currency Core FFO Attributable to |
$ | 256.6 | $ | 209.6 | $ | 419.9 | $ | 351.1 | |||||||
Weighted average common shares outstanding - basic | 120.0 | 112.1 | 117.6 | 110.0 | |||||||||||
Add | |||||||||||||||
Common shares dilutive effect from forward equity sale | — | — | 0.2 | — | |||||||||||
Restricted stock | 0.3 | 0.6 | 0.4 | 0.4 | |||||||||||
Common OP units | 2.6 | 2.6 | 2.6 | 2.6 | |||||||||||
Common stock issuable upon conversion of certain preferred OP units | 3.1 | 1.1 | 3.1 | 1.1 | |||||||||||
Weighted Average Common Shares Outstanding - Fully Diluted | 126.0 | 116.4 | 123.9 | 114.1 | |||||||||||
FFO Attributable to SUI |
$ | 1.95 | $ | 1.70 | $ | 3.24 | $ | 2.94 | |||||||
Core FFO Attributable to SUI |
$ | 2.02 | $ | 1.80 | $ | 3.37 | $ | 3.08 | |||||||
Constant Currency Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share - Fully Diluted | $ | 2.04 | $ | 1.80 | $ | 3.39 | $ | 3.08 |
(a) The Company calculated the foreign currency translation impact by comparing the actual weighted average foreign currency rates of
Reconciliation of Net Income Attributable to SUI Common Shareholders to NOI(1)
(amounts in millions)
Three Months Ended | Six Months Ended | ||||||||||||||
Net Income Attributable to SUI Common Shareholders | $ | 74.0 | $ | 110.8 | $ | 74.7 | $ | 135.6 | |||||||
Interest income | (7.3 | ) | (2.8 | ) | (14.1 | ) | (5.4 | ) | |||||||
Brokerage commissions and other revenues, net | (8.6 | ) | (6.9 | ) | (16.6 | ) | (12.9 | ) | |||||||
General and administrative | 62.2 | 45.3 | 117.9 | 83.5 | |||||||||||
Catastrophic event-related charges, net | 0.1 | 0.4 | 0.1 | 2.8 | |||||||||||
Business combination expense | 15.0 | (0.2 | ) | 15.5 | 1.0 | ||||||||||
Depreciation and amortization | 150.2 | 127.1 | 298.7 | 251.0 | |||||||||||
Loss on extinguishment of debt | 0.1 | 8.1 | 0.4 | 8.1 | |||||||||||
Interest expense | 55.3 | 37.7 | 100.5 | 77.2 | |||||||||||
Interest on mandatorily redeemable preferred OP units / equity | 1.1 | 1.0 | 2.1 | 2.0 | |||||||||||
(Gain) / loss on remeasurement of marketable securities | 32.3 | (27.5 | ) | 66.8 | (31.2 | ) | |||||||||
(Gain) / loss on foreign currency exchanges | (9.0 | ) | 0.1 | (6.8 | ) | 0.1 | |||||||||
(Gain) / loss on disposition of properties | 0.1 | — | (13.3 | ) | — | ||||||||||
Other (income) / expense, net(6) | (0.4 | ) | 0.2 | 0.2 | 0.7 | ||||||||||
Gain on remeasurement of notes receivable | — | (0.1 | ) | (0.2 | ) | (0.5 | ) | ||||||||
Income from nonconsolidated affiliates | (0.9 | ) | (0.8 | ) | (1.8 | ) | (2.0 | ) | |||||||
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates | (0.4 | ) | 0.1 | (0.5 | ) | — | |||||||||
Current tax expense | 3.9 | 1.2 | 5.2 | 1.0 | |||||||||||
Deferred tax benefit | (0.3 | ) | — | (0.3 | ) | (0.1 | ) | ||||||||
Preferred return to preferred OP units / equity interests | 3.1 | 3.0 | 6.1 | 5.9 | |||||||||||
Less: Income attributable to noncontrolling interests | 4.2 | 7.0 | 2.0 | 7.3 | |||||||||||
NOI(1) | $ | 374.7 | $ | 303.7 | $ | 636.6 | $ | 524.1 |
Three Months Ended | Six Months Ended | ||||||||||
Real Property NOI(1) | $ | 304.8 | $ | 258.3 | $ | 537.6 | $ | 465.8 | |||
Home Sales NOI(1) | 49.8 | 23.0 | 68.6 | 33.6 | |||||||
Service, retail, dining and entertainment NOI(1) | 20.1 | 22.4 | 30.4 | 24.7 | |||||||
NOI(1) | $ | 374.7 | $ | 303.7 | $ | 636.6 | $ | 524.1 |
Reconciliation of Net Income Attributable to SUI Common Shareholders to Recurring EBITDA(1)
(amounts in millions)
Three Months Ended | Six Months Ended | ||||||||||||||
Net Income Attributable to SUI Common Shareholders | $ | 74.0 | $ | 110.8 | $ | 74.7 | $ | 135.6 | |||||||
Adjustments | |||||||||||||||
Depreciation and amortization | 150.2 | 127.1 | 298.7 | 251.0 | |||||||||||
Loss on extinguishment of debt | 0.1 | 8.1 | 0.4 | 8.1 | |||||||||||
Interest expense | 55.3 | 37.7 | 100.5 | 77.2 | |||||||||||
Interest on mandatorily redeemable preferred OP units / equity | 1.1 | 1.0 | 2.1 | 2.0 | |||||||||||
Current tax expense | 3.9 | 1.2 | 5.2 | 1.0 | |||||||||||
Deferred tax benefit | (0.3 | ) | — | (0.3 | ) | (0.1 | ) | ||||||||
Income from nonconsolidated affiliates | (0.9 | ) | (0.8 | ) | (1.8 | ) | (2.0 | ) | |||||||
Less: (Gain) / loss on dispositions of properties | 0.1 | — | (13.3 | ) | — | ||||||||||
Less: Gain on dispositions of assets, net | (17.2 | ) | (17.6 | ) | (32.3 | ) | (25.8 | ) | |||||||
EBITDAre(1) | $ | 266.3 | $ | 267.5 | $ | 433.9 | $ | 447.0 | |||||||
Adjustments | |||||||||||||||
Catastrophic event-related charges, net | 0.1 | 0.4 | 0.1 | 2.8 | |||||||||||
Business combination expense | 15.0 | (0.2 | ) | 15.5 | 1.0 | ||||||||||
(Gain) / loss on remeasurement of marketable securities | 32.3 | (27.5 | ) | 66.8 | (31.2 | ) | |||||||||
(Gain) / loss on foreign currency transactions | (9.0 | ) | 0.1 | (6.8 | ) | 0.1 | |||||||||
Other (income) / expense, net(6) | (0.4 | ) | 0.2 | 0.2 | 0.7 | ||||||||||
Gain on remeasurement of notes receivable | — | (0.1 | ) | (0.2 | ) | (0.5 | ) | ||||||||
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates | (0.4 | ) | 0.1 | (0.5 | ) | — | |||||||||
Preferred return to preferred OP units / equity interests | 3.1 | 3.0 | 6.1 | 5.9 | |||||||||||
Less: Income attributable to noncontrolling interests | 4.2 | 7.0 | 2.0 | 7.3 | |||||||||||
Plus: Gain on dispositions of assets, net | 17.2 | 17.6 | 32.3 | 25.8 | |||||||||||
Recurring EBITDA(1) | $ | 328.4 | $ | 268.1 | $ | 549.4 | $ | 458.9 |
Non-GAAP and Other Financial Measures
Same Property(2) Summary - MH / RV
(amounts in millions)
Three Months Ended | ||||||||||||||||||||||||||||||||||||
Total Same Property - MH / RV | MH | RV | ||||||||||||||||||||||||||||||||||
Change | % Change(a) | Change | % Change(a) | Change | % Change(a) | |||||||||||||||||||||||||||||||
Financial Information | ||||||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||
Real property (excluding transient) | $ | 236.4 | $ | 223.2 | $ | 13.2 | 5.9 | % | $ | 184.0 | $ | 176.5 | $ | 7.5 | 4.3 | % | $ | 52.4 | $ | 46.7 | $ | 5.7 | 12.1 | % | ||||||||||||
Real property - transient | 65.5 | 65.2 | 0.3 | 0.6 | % | 0.2 | 0.4 | (0.2 | ) | (42.8) % | 65.3 | 64.8 | 0.5 | 0.8 | % | |||||||||||||||||||||
Other | 12.7 | 11.9 | 0.8 | 6.5 | % | 5.6 | 4.9 | 0.7 | 12.3 | % | 7.1 | 7.0 | 0.1 | 2.4 | % | |||||||||||||||||||||
Total Operating | 314.6 | 300.3 | 14.3 | 4.8 | % | 189.8 | 181.8 | 8.0 | 4.4 | % | 124.8 | 118.5 | 6.3 | 5.4 | % | |||||||||||||||||||||
Expense | ||||||||||||||||||||||||||||||||||||
Property Operating(10)(11) | 103.6 | 96.6 | 7.0 | 7.3 | % | 49.6 | 45.9 | 3.7 | 8.3 | % | 54.0 | 50.7 | 3.3 | 6.4 | % | |||||||||||||||||||||
Real Property NOI(1) | $ | 211.0 | $ | 203.7 | $ | 7.3 | 3.6 | % | $ | 140.2 | $ | 135.9 | $ | 4.3 | 3.1 | % | $ | 70.8 | $ | 67.8 | $ | 3.0 | 4.6 | % |
(a) Percentages are calculated based on unrounded numbers.
Six Months Ended | ||||||||||||||||||||||||||||||||||||
MH | RV | |||||||||||||||||||||||||||||||||||
Change | % Change(a) | Change | % Change(a) | Change | % Change(a) | |||||||||||||||||||||||||||||||
Financial Information | ||||||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||
Real property (excluding Transient) | $ | 469.5 | $ | 441.8 | $ | 27.7 | 6.3 | % | $ | 366.5 | $ | 351.3 | $ | 15.2 | 4.3 | % | $ | 103.0 | $ | 90.5 | $ | 12.5 | 13.8 | % | ||||||||||||
Real property - transient | 104.7 | 95.5 | 9.2 | 9.6 | % | 0.7 | 1.0 | (0.3 | ) | (30.0) % | 104.0 | 94.5 | 9.5 | 10.1 | % | |||||||||||||||||||||
Other | 20.2 | 19.1 | 1.1 | 5.8 | % | 10.4 | 9.3 | 1.1 | 12.3 | % | 9.8 | 9.8 | — | — | % | |||||||||||||||||||||
Total Operating | 594.4 | 556.4 | 38.0 | 6.8 | % | 377.6 | 361.6 | 16.0 | 4.4 | % | 216.8 | 194.8 | 22.0 | 11.3 | % | |||||||||||||||||||||
Expense | ||||||||||||||||||||||||||||||||||||
Property Operating(10)(11) | 192.5 | 175.4 | 17.1 | 9.7 | % | 97.4 | 89.7 | 7.7 | 8.6 | % | 95.1 | 85.7 | 9.4 | 11.0 | % | |||||||||||||||||||||
Real Property NOI(1) | $ | 401.9 | $ | 381.0 | $ | 20.9 | 5.5 | % | $ | 280.2 | $ | 271.9 | $ | 8.3 | 3.1 | % | $ | 121.7 | $ | 109.1 | $ | 12.6 | 11.5 | % |
(a) Percentages are calculated based on unrounded numbers.
Same Property(2) Summary - MH / RV (Continued)
(amounts in millions)
As of | ||||||||||||||
Change | % Change | |||||||||||||
Other Information | ||||||||||||||
Number of properties | 425 | 425 | — | |||||||||||
MH occupancy | 97.3 | % | ||||||||||||
RV occupancy | 100.0 | % | ||||||||||||
MH & RV blended occupancy(3) | 98.0 | % | ||||||||||||
Adjusted MH occupancy(3) | 98.0 | % | ||||||||||||
Adjusted RV occupancy(3) | 100.0 | % | ||||||||||||
Adjusted MH & RV blended occupancy(3) | 98.5 | % | 96.8 | % | 1.7 | % | ||||||||
Sites available for development | 8,082 | 8,135 | (53 | ) | ||||||||||
Monthly base rent per site - MH | $ | 625 | $ | 600 | $ | 25 | 4.1%(13) | |||||||
Monthly base rent per site - RV(12) | $ | 558 | $ | 523 | $ | 35 | 6.8%(13) | |||||||
Monthly base rent per site - Total(12) | $ | 608 | $ | 582 | $ | 26 | 4.5%(13) | |||||||
Monthly base rent per site - MH Rental Program | $ | 1,168 | $ | 1,070 | $ | 98 | 9.2 | % |
Same Property(2) Summary - Marina
(amounts in millions)
Three Months Ended | ||||||||||||
June 30, 2021 | Change | % Change(a) | ||||||||||
Financial Information | ||||||||||||
Revenue | ||||||||||||
Real property (excluding transient) | $ | 57.6 | $ | 53.7 | $ | 3.9 | 7.4 | % | ||||
Real property - transient | 3.7 | 4.1 | (0.4 | ) | (9.3) % | |||||||
Other | 3.3 | 3.2 | 0.1 | 3.8 | % | |||||||
Total Operating | 64.6 | 61.0 | 3.6 | 6.1 | % | |||||||
Expense | ||||||||||||
Property Operating(10) | 17.2 | 16.7 | 0.5 | 3.4 | % | |||||||
Real Property NOI(1) | $ | 47.4 | $ | 44.3 | $ | 3.1 | 7.1 | % |
(a) Percentages are calculated based on unrounded numbers.
Six Months Ended | |||||||||||
Change | % Change(a) | ||||||||||
Financial Information | |||||||||||
Revenue | |||||||||||
Real property (excluding Transient) | $ | 103.4 | $ | 97.0 | $ | 6.4 | 6.6 | % | |||
Real property - transient | 5.1 | 5.0 | 0.1 | 2.5 | % | ||||||
Other | 5.7 | 4.9 | 0.8 | 14.3 | % | ||||||
Total Operating | 114.2 | 106.9 | 7.3 | 6.8 | % | ||||||
Expense | |||||||||||
Property Operating(10) | 41.6 | 37.8 | 3.8 | 10.0 | % | ||||||
Real Property NOI(1) | $ | 72.6 | $ | 69.1 | $ | 3.5 | 5.0 | % |
(a) Percentages are calculated based on unrounded numbers.
As of | |||||||||
Change | % Change | ||||||||
Other Information | |||||||||
Number of properties | 101 | 101 | — | — | % | ||||
Wet slip and dry storage spaces | 35,616 | 35,744 | (128 | ) | (0.4) % |
Same Property results for the quarter and six months ended
(amounts in millions, except for statistical data)
to |
||||
Financial Information | ||||
Revenues | ||||
Real property (excluding transient) | $ | 16.9 | ||
Real property - transient | 12.9 | |||
Other | 0.6 | |||
Total Operating | 30.4 | |||
Expenses | ||||
Property Operating(10) | 15.0 | |||
Real Property NOI(1) | 15.4 | |||
Home sales | ||||
Revenue | 60.6 | |||
Cost of home sales | 32.1 | |||
Home selling expenses | 2.3 | |||
NOI(1) | 26.2 | |||
Retail, dining and entertainment | ||||
Revenue | 11.5 | |||
Expense | 12.6 | |||
Net Operating Loss | (1.1 | ) | ||
$ | 40.5 | |||
Statistical information | ||||
Number of properties | 53 | |||
Developed sites | 17,330 | |||
Occupied sites | 15,841 | |||
Occupancy % | 91.4 | % | ||
Sites available for development | 1,987 | |||
Home Sales | ||||
New home sales volume | 255 | |||
Pre-owned home sales volume | 480 | |||
Total home sales volume | 735 |
Acquisitions and Other Summary - (excluding
(amounts in millions, except for statistical data)
Three Months Ended | Six Months Ended | |||||
Financial Information | ||||||
Revenues | ||||||
Real property (excluding transient) | $ | 30.7 | $ | 58.5 | ||
Real property - transient | 15.9 | 20.4 | ||||
Other | 4.2 | 6.2 | ||||
Total Operating | 50.8 | 85.1 | ||||
Expenses | ||||||
Property Operating(10) | 19.8 | 37.4 | ||||
Real Property NOI(1) | $ | 31.0 | $ | 47.7 | ||
Other Information | ||||||
Number of properties | 106 | |||||
MH and RV Developed sites | 23,583 | |||||
MH and RV Occupied sites | 20,964 | |||||
MH and RV Occupancy % | 88.9 | % | ||||
Transient sites | 10,850 | |||||
Wet slips and dry storage spaces | 10,289 |
Home Sales Summary - (excluding
(amounts in millions, except for *)
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
Change | % Change | Change | % Change | ||||||||||||||||||||||||||
Financial Information | |||||||||||||||||||||||||||||
New home sales | $ | 37.1 | $ | 34.7 | $ | 2.4 | 6.9 | % | $ | 63.7 | $ | 57.7 | $ | 6.0 | 10.4 | % | |||||||||||||
New home cost of sales | 29.9 | 28.2 | 1.7 | 6.0 | % | 51.5 | 46.9 | 4.6 | 9.8 | % | |||||||||||||||||||
Gross profit – new homes | 7.2 | 6.5 | 0.7 | 10.8 | % | 12.2 | 10.8 | 1.4 | 13.0 | % | |||||||||||||||||||
Gross margin % – new homes | 19.4 | % | 18.7 | % | 0.7 | % | 19.2 | % | 18.7 | % | 0.5 | % | |||||||||||||||||
Average selling price – new homes* | $ | 164,159 | $ | 153,132 | $ | 11,027 | 7.2 | % | $ | 170,321 | $ | 153,545 | $ | 16,776 | 10.9 | % | |||||||||||||
Pre-owned Homes | |||||||||||||||||||||||||||||
Pre-owned home sales | $ | 45.0 | $ | 47.1 | $ | (2.1 | ) | (4.5) % | $ | 83.1 | $ | 76.3 | $ | 6.8 | 8.9 | % | |||||||||||||
Pre-owned home cost of sales | 24.2 | 26.0 | (1.8 | ) | (6.9) % | 44.0 | 44.6 | (0.6 | ) | (1.3) % | |||||||||||||||||||
Gross profit – pre-owned homes | 20.8 | 21.1 | (0.3 | ) | (1.4) % | 39.1 | 31.7 | 7.4 | 23.3 | % | |||||||||||||||||||
Gross margin % – pre-owned homes | 46.2 | % | 44.9 | % | 1.3 | % | 47.1 | % | 41.7 | % | 5.4 | % | |||||||||||||||||
Average selling price – pre-owned homes* | $ | 59,920 | $ | 50,577 | $ | 9,343 | 18.5 | % | $ | 57,708 | $ | 47,195 | $ | 10,513 | 22.3 | % | |||||||||||||
Total Home Sales | |||||||||||||||||||||||||||||
Revenue from home sales | $ | 82.1 | $ | 81.8 | $ | 0.3 | 0.4 | % | $ | 146.8 | $ | 134.0 | $ | 12.8 | 9.6 | % | |||||||||||||
Cost of home sales | 54.1 | 54.2 | (0.1 | ) | (0.2) % | 95.5 | 91.5 | 4.0 | 4.4 | % | |||||||||||||||||||
Home selling expenses | 4.4 | 4.6 | (0.2 | ) | (4.3) % | 8.9 | 8.9 | — | — | % | |||||||||||||||||||
Home Sales NOI(1) | $ | 23.6 | $ | 23.0 | $ | 0.6 | 2.6 | % | $ | 42.4 | $ | 33.6 | $ | 8.8 | 26.2 | % | |||||||||||||
Other Information | |||||||||||||||||||||||||||||
New home sales volume* | 226 | 227 | (1 | ) | (0.4) % | 374 | 376 | (2 | ) | (0.5) % | |||||||||||||||||||
Pre-owned home sales volume* | 751 | 931 | (180 | ) | (19.3) % | 1,440 | 1,617 | (177 | ) | (10.9) % | |||||||||||||||||||
Total home sales volume* | 977 | 1,158 | (181 | ) | (15.6) % | 1,814 | 1,993 | (179 | ) | (9.0) % |
Refer to the
Rental Program Summary
(amounts in millions, except for *)
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Change | % Change | Change | % Change | ||||||||||||||||||||||
Financial Information | |||||||||||||||||||||||||
Revenues | $ | 32.1 | $ | 35.8 | $ | (3.7 | ) | (10.3) % | $ | 64.3 | $ | 71.9 | $ | (7.6 | ) | (10.6) % | |||||||||
Expenses | 5.0 | 4.6 | 0.4 | 8.7 | % | 9.9 | 9.8 | 0.1 | 1.0 | % | |||||||||||||||
Rental Program NOI(1) | $ | 27.1 | $ | 31.2 | $ | (4.1 | ) | (13.1) % | $ | 54.4 | $ | 62.1 | $ | (7.7 | ) | (12.4) % | |||||||||
Other Information | |||||||||||||||||||||||||
Number of sold rental homes* | 193 | 281 | (88 | ) | (31.3) % | 370 | 492 | (122 | ) | (24.8) % | |||||||||||||||
Number of occupied rentals, end of period* | 9,204 | 10,951 | (1,747 | ) | (16.0) % | ||||||||||||||||||||
Investment in occupied rental homes, end of period | $ | 535.0 | $ | 601.8 | $ | (66.8 | ) | (11.1) % | |||||||||||||||||
Weighted average monthly rental rate, end of period* | $ | 1,162 | $ | 1,065 | $ | 97 | 9.1 | % |
Marina Portfolio Summary
(amounts in millions, except for statistical data)
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
Change | % Change | Change | % Change | |||||||||||||||||||||
Financial Information | ||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Real property (excluding transient) | $ | 82.0 | $ | 61.9 | $ | 20.1 | 32.5 | % | $ | 149.0 | $ | 108.0 | $ | 41.0 | 38.0 | % | ||||||||
Real property - transient | 5.1 | 4.2 | 0.9 | 21.4 | % | 7.6 | 5.1 | 2.5 | 49.0 | % | ||||||||||||||
Other | 4.5 | 3.0 | 1.5 | 50.0 | % | 7.4 | 4.6 | 2.8 | 60.9 | % | ||||||||||||||
Total Operating | 91.6 | 69.1 | 22.5 | 32.6 | % | 164.0 | 117.7 | 46.3 | 39.3 | % | ||||||||||||||
Expenses | ||||||||||||||||||||||||
Property Operating(10) | 23.8 | 19.1 | 4.7 | 24.6 | % | 57.0 | 42.7 | 14.3 | 33.5 | % | ||||||||||||||
Real Property NOI(1) | 67.8 | 50.0 | 17.8 | 35.6 | % | 107.0 | 75.0 | 32.0 | 42.7 | % | ||||||||||||||
Service, retail, dining and entertainment | ||||||||||||||||||||||||
Revenue | 127.3 | 82.9 | 44.4 | 53.6 | % | 198.5 | 127.3 | 71.2 | 55.9 | % | ||||||||||||||
Expense | 113.5 | 70.1 | 43.4 | 61.9 | % | 173.3 | 108.1 | 65.2 | 60.3 | % | ||||||||||||||
NOI(1) | 13.8 | 12.8 | 1.0 | 7.8 | % | 25.2 | 19.2 | 6.0 | 31.3 | % | ||||||||||||||
Marina NOI(1) | $ | 81.6 | $ | 62.8 | $ | 18.8 | 29.9 | % | $ | 132.2 | $ | 94.2 | $ | 38.0 | 40.3 | % | ||||||||
Statistical information | ||||||||||||||||||||||||
Number of properties | 130 | 114 | 16 | 14.0 | % | |||||||||||||||||||
Total wet slips and dry storage spaces | 45,905 | 40,179 | 5,726 | 14.3 | % |
Marina Property results for the quarter and six months ended
MH and RV Property Summary(15) - (excluding |
|||||||||||||||
Properties | 129 | 129 | 132 | 131 | 129 | ||||||||||
MH & Annual RV Developed sites | 41,076 | 40,774 | 40,783 | 40,500 | 40,171 | ||||||||||
Occupied MH & Annual RV | 40,390 | 40,046 | 40,019 | 39,747 | 39,402 | ||||||||||
MH & Annual RV Occupancy % | 98.3 | % | 98.2 | % | 98.1 | % | 98.1 | % | 98.1 | % | |||||
Transient RV sites | 5,347 | 5,648 | 5,950 | 6,163 | 5,895 | ||||||||||
Sites for development | 1,380 | 1,243 | 1,268 | 1,414 | 1,414 | ||||||||||
Properties | 84 | 84 | 84 | 83 | 75 | ||||||||||
MH & Annual RV Developed sites | 32,348 | 32,318 | 32,257 | 31,997 | 29,600 | ||||||||||
Occupied MH & Annual RV | 31,165 | 31,132 | 31,061 | 30,782 | 28,671 | ||||||||||
MH & Annual RV Occupancy % | 96.3 | % | 96.3 | % | 96.3 | % | 96.2 | % | 96.9 | % | |||||
Transient RV sites | 776 | 806 | 869 | 554 | 509 | ||||||||||
Sites for development | 1,450 | 1,422 | 1,422 | 1,481 | 1,182 | ||||||||||
Properties | 38 | 36 | 36 | 37 | 36 | ||||||||||
MH & Annual RV Developed sites | 7,159 | 6,759 | 6,787 | 6,760 | 6,736 | ||||||||||
Occupied MH & Annual RV | 7,053 | 6,691 | 6,672 | 6,642 | 6,613 | ||||||||||
MH & Annual RV Occupancy % | 98.5 | % | 99.0 | % | 98.3 | % | 98.3 | % | 98.2 | % | |||||
Transient RV sites | 2,154 | 2,174 | 2,147 | 2,410 | 2,416 | ||||||||||
Sites for development | 942 | 694 | 534 | 534 | 127 | ||||||||||
Properties | 31 | 30 | 30 | 26 | 25 | ||||||||||
MH & Annual RV Developed sites | 8,611 | 8,257 | 8,192 | 8,004 | 7,947 | ||||||||||
Occupied MH & Annual RV | 8,115 | 8,071 | 8,006 | 7,805 | 7,731 | ||||||||||
MH & Annual RV Occupancy % | 94.2 | % | 97.7 | % | 97.7 | % | 97.5 | % | 97.3 | % | |||||
Transient RV sites | 2,447 | 2,475 | 2,576 | 2,131 | 1,835 | ||||||||||
Sites for development | 2,266 | 1,184 | 1,184 | 1,066 | 1,194 | ||||||||||
Properties | 16 | 16 | 16 | 16 | 16 | ||||||||||
MH & Annual RV Developed sites | 4,543 | 4,410 | 4,363 | 4,361 | 4,302 | ||||||||||
Occupied MH & Annual RV | 4,543 | 4,410 | 4,363 | 4,361 | 4,302 | ||||||||||
MH & Annual RV Occupancy % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||
Transient RV sites | 696 | 827 | 874 | 807 | 870 | ||||||||||
Sites for development | 1,486 | 1,429 | 1,429 | 1,525 | 1,525 | ||||||||||
Properties | 16 | 16 | 16 | 16 | 16 | ||||||||||
MH & Annual RV Developed sites | 1,901 | 1,896 | 1,902 | 1,901 | 1,901 | ||||||||||
Occupied MH & Annual RV | 1,769 | 1,756 | 1,765 | 1,760 | 1,757 | ||||||||||
MH & Annual RV Occupancy % | 93.1 | % | 92.6 | % | 92.8 | % | 92.6 | % | 92.4 | % | |||||
Transient RV sites | 104 | 109 | 103 | 104 | 104 | ||||||||||
Sites for development | — | — | — | — | — | ||||||||||
Properties | 15 | 15 | 15 | 13 | 13 | ||||||||||
MH & Annual RV Developed sites | 2,287 | 2,449 | 2,424 | 2,220 | 2,204 | ||||||||||
Occupied MH & Annual RV | 2,203 | 2,365 | 2,339 | 2,136 | 2,127 | ||||||||||
MH & Annual RV Occupancy % | 96.3 | % | 96.6 | % | 96.5 | % | 96.2 | % | 96.5 | % | |||||
Transient RV sites | 1,143 | 981 | 1,007 | 776 | 792 | ||||||||||
Sites for development | 180 | 180 | 180 | 30 | 30 | ||||||||||
Properties | 13 | 12 | 12 | 12 | 14 | ||||||||||
MH & Annual RV Developed sites | 4,416 | 4,184 | 4,123 | 4,071 | 4,401 | ||||||||||
Occupied MH & Annual RV | 4,040 | 3,994 | 3,917 | 3,853 | 4,116 | ||||||||||
MH & Annual RV Occupancy % | 91.5 | % | 95.5 | % | 95.0 | % | 94.6 | % | 93.5 | % | |||||
Transient RV sites | 1,087 | 1,124 | 1,185 | 1,237 | 1,260 | ||||||||||
Sites for development | 6 | — | — | — | — | ||||||||||
Properties | 12 | 12 | 12 | 12 | 12 | ||||||||||