Sun Communities, Inc. Reports 2022 Third Quarter Results
Diluted Earnings per Share of
Constant Currency Core FFO(1) per Diluted Share of
Strong Demand and Accretive Investments Drive Continued Solid Performance
Record Volume of Transient-to-Annual RV Conversions Propel Gains in Revenue Producing Sites
as Compared to Prior Year
Marina Same Property NOI(1) in the Quarter Increased 9.6 Percent as Compared to Prior Year
Increasing Full-Year Guidance for Constant Currency Core FFO(1)
Providing Preliminary Guidance for 2023 Rental Rate Increases for MH, Annual RV and Marina
Financial Results for the Quarter and Nine Months Ended
- For the quarter ended
September 30, 2022 , net income attributable to common shareholders was$162 .6 million, or$1.32 per diluted share, compared to net income attributable to common shareholders of$231 .7 million, or$2.00 per diluted share, for the same period in 2021. - For the nine months ended
September 30, 2022 , net income attributable to common shareholders was$237 .3 million, or$1.97 per diluted share, compared to net income attributable to common shareholders of$367 .3 million, or$3.27 per diluted share, for the same period in 2021.
Non-GAAP Financial Measures and Portfolio Performance
- Constant Currency Core Funds from Operations ("Constant Currency Core FFO")(1) for the quarter and nine months ended
September 30, 2022 , was$2.71 per common share and dilutive convertible securities ("Share") and$6.11 per Share, respectively, representing 28.4 percent and 17.5 percent increases, respectively, as compared to the corresponding periods in 2021. - Core Funds from Operations ("Core FFO")(1) for the quarter and nine months ended
September 30, 2022 , was$2.65 per Share and$6.04 per Share, respectively, representing 25.6 percent and 16.2 percent increases, respectively, as compared to the corresponding periods in 2021. - Same Property(2) Net Operating Income ("NOI")(1) for MH and RV properties increased by 6.4 percent and 5.8 percent for the quarter and nine months ended
September 30, 2022 , respectively, as compared to the corresponding periods in 2021. For theCompany's Marina properties, Same Property NOI(1) increased by 9.6 percent and 6.8 percent for the quarter and nine months endedSeptember 30, 2022 , respectively, as compared to the corresponding periods in 2021. - Acquisitions totaled
$213.9 million during the quarter endedSeptember 30, 2022 , including one MH community in theUnited Kingdom ("UK") and one marina inthe United States .
"Our strong third quarter results highlight the sustained compelling attributes of the Sun platform, including a best-in-class portfolio of assets in high-demand locations and operational execution that is second to none," said
OPERATING HIGHLIGHTS
Portfolio Occupancy
- Total MH and annual RV occupancy (excluding
UK Operations) was 97.1 percent atSeptember 30, 2022 as compared to 97.4 percent atSeptember 30, 2021 . - During the quarter ended
September 30, 2022 , the number of MH and annual RV revenue producing sites increased by 689 sites as compared to an increase of 576 sites during the corresponding period in 2021, a 19.6 percent increase. Transient RV site conversions to annual leases accounted for 82 percent of the increase in the quarter. - During the nine months ended
September 30, 2022 , MH and annual RV revenue producing sites increased by 2,309 sites as compared to an increase of 1,673 sites during the corresponding period in 2021, a 38.0 percent increase. Transient RV site conversions to annual leases accounted for 86 percent of the increase during the nine months endedSeptember 30, 2022 . Additionally, the 1,990 site conversions in transient RV for the nine months endedSeptember 30, 2022 have already surpassed the record full-year volume achieved during 2021.
Same Property Results
- MH and RV - For the 424 MH and RV properties owned and operated by the Company since at least
January 1, 2021 , the following table reflects the percentage increases / (decreases), both in total and by segment, for the quarter and nine months endedSeptember 30, 2022 :
Quarter Ended |
||||||||
Total MH and RV Same Property(2) |
MH Same Property(2) |
RV Same Property(2) |
||||||
Revenue | 4.7 | % | 4.6 | % | 4.8 | % | ||
Expense | 1.0 | % | 3.7 | % | (1.1) % | |||
NOI(1) | 6.4 | % | 4.9 | % | 8.4 | % |
Nine Months Ended |
||||||||
Total MH and RV Same Property(2) | MH Same Property(2) |
RV Same Property(2) |
||||||
Revenue | 6.0 | % | 4.5 | % | 8.3 | % | ||
Expense | 6.3 | % | 6.8 | % | 5.9 | % | ||
NOI(1) | 5.8 | % | 3.7 | % | 9.9 | % |
Same Property(2) adjusted occupancy(3) increased to 98.5 percent at
- Marina - For the 101 Marina properties owned and operated by the Company since at least
January 1, 2021 , the following table reflects the percentage increases for the quarter and nine months endedSeptember 30, 2022 :
Quarter Ended |
Nine Months Ended |
||||
Revenue | 6.5 | % | 6.7 | % | |
Expense | — | % | 6.3 | % | |
NOI(1) | 9.6 | % | 6.8 | % |
PORTFOLIO ACTIVITY
Acquisitions and Dispositions
During and subsequent to the quarter ended
Refer to page 15 for additional detail on acquisitions and dispositions.
Development and Expansion Activities
During and subsequent to the quarter ended
Impact of Hurricane Ian
On
The Company recognized
The foregoing impairment, expected insurance recovery, and net charge estimates are based on current information available, and the Company continues to assess these estimates. The actual final impairment, insurance recoveries and net charges could vary significantly from these estimates. Any changes to these estimates will be recognized in the period(s) in which they are determined.
BALANCE SHEET, CAPITAL MARKETS ACTIVITY AND OTHER ITEMS
Debt
As of
During the quarter ended
Additionally, the Company has negotiated fixed rate mortgages with an existing lender on certain properties with existing loans that have low loan-to-value ratios and are scheduled to mature between 2026 and 2029. The additional financings are expected to close before year-end and provide proceeds to the Company of approximately
Derivative Transactions
As previously announced, during the quarter ended
Equity Transactions
During the quarter ended
GUIDANCE
Updating Full-Year 2022 and Establishing Fourth Quarter 2022 Guidance
The Company is updating its full-year guidance for diluted EPS and Constant Currency Core FFO(1) per Share to reflect performance through
- The Company is revising its full-year guidance for diluted EPS from the prior range of
$1.91 -$2.01 to a new range of$1.96 -$2.02 . - The Company is revising its full-year guidance for Constant Currency Core FFO(1) per Share from
$7.22 -$7.32 to a new range of$7.32 -$7.38 , representing an$0.08 cent increase at the midpoint. - The Company is establishing fourth quarter 2022 guidance for diluted EPS and Constant Currency Core FFO(1) per Share of
$0.02 -$0.08 and$1.23 -$1.29 , respectively.
The table below provides a reconciliation from diluted EPS to Constant Currency Core FFO(1) per Share for the full-year and fourth quarter ending
Reconciliation of Diluted EPS to Core FFO(1) per Share and Constant Currency Core FFO(1) per Share | FY 2022E |
FY 2022E |
4Q 2022E | |||||||||||||||||||||
Diluted EPS | $ | 1.91 | $ | 2.01 | $ | 1.96 | $ | 2.02 | $ | 0.02 | $ | 0.08 | ||||||||||||
Depreciation and amortization | 4.94 | 4.94 | 4.85 | 4.85 | 1.25 | 1.25 | ||||||||||||||||||
Gain on sale of assets | (0.51 | ) | (0.51 | ) | (0.51 | ) | (0.51 | ) | (0.06 | ) | (0.06 | ) | ||||||||||||
Business combination expense and other acquisition related costs | 0.19 | 0.19 | 0.30 | 0.30 | 0.01 | 0.01 | ||||||||||||||||||
Other adjustments(a) | 0.64 | 0.64 | 0.64 | 0.64 | 0.01 | 0.01 | ||||||||||||||||||
Core FFO(1) per Share | $ | 7.17 | $ | 7.27 | $ | 7.24 | $ | 7.30 | $ | 1.23 | $ | 1.29 | ||||||||||||
Constant currency adjustment(b) | 0.05 | 0.05 | 0.08 | 0.08 | — | — | ||||||||||||||||||
Constant Currency Core FFO(1) per Share | $ | 7.22 | $ | 7.32 | $ | 7.32 | $ | 7.38 | $ | 1.23 | $ | 1.29 |
(a) Other adjustments include the same categories presented in the table that reconciles Net income attributable to SUI common shareholders to FFO on page 7.
(b) The Company calculates the foreign currency translation impact by comparing the foreign currency exchange rate used for guidance of
The Company calculates diluted EPS, Core FFO(1) per Share and Constant Currency Core FFO(1) per Share independently for each quarter; as a result, the sum of the quarters may differ from the annual calculation.
Same Property NOI(1) Growth
The Company is updating its expectations for Same Property NOI(1) Growth for the remainder of the year as follows:
FY 2022E | FY 2022E | 4Q 2022E | ||||
MH and RV Same Property(2) NOI(1) growth | 6.0% - 6.8% | 5.8% - 6.2% | 6.0% - 7.2% | |||
Marina Same Property NOI(1) growth | 6.0% - 6.8% | 6.4% - 6.8% | 5.3% - 6.8% |
The Company's
Three Months Ending | ||
($ in millions) | ||
(a) For
Preliminary 2023 Rental Rate Growth Assumptions
The Company has sent notices to MH and annual RV residents and Marina members, and expects the following rental rate increases for 2023:
2023 Average Rental Rate Increases | Average Rental Increases |
|
6.2% - 6.4% | ||
Annual RV | 7.7% - 7.9% | |
Marina | 7.3% - 7.6% | |
7.2% - 7.4% |
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
EARNINGS CONFERENCE CALL
A conference call to discuss third quarter results will be held on
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 the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this document 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 the Company's 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 document, some of which are beyond the Company's control. These risks and uncertainties may cause the Company's 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 document, 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.
Company Overview and Investor Information
The Company
Established in 1975,
For more information about the Company, please visit www.suncommunities.com.
Company Contacts | |
Management: | Investor Relations: |
|
|
|
(248) 208-2500 |
|
investorrelations@suncommunities.com |
|
Corporate Debt Ratings | |
Moody's | S&P: |
Baa3 | Stable | BBB | Stable |
Equity Research Coverage | ||||
joshua.dennerlein@bofa.com | ||||
Barclays | anthony.powell@barclays.com | |||
jp.kim@bmo.com | ||||
nicholas.joseph@citi.com | ||||
samir.khanal@evercoreisi.com | ||||
steve.sakwa@evercoreisi.com | ||||
jpawlowski@greenstreetadvisors.com | ||||
ahecht@jmpsecurities.com | ||||
brad.heffern@rbccm.com | ||||
wgolladay@rwbaird.com | ||||
anthony.hau@truist.com | ||||
michael.goldsmith@ubs.com | ||||
arosivach@wolferesearch.com | ||||
kcarl@wolferesearch.com |
Financial and Operating Highlights
(amounts in millions, except for *)
Quarter Ended | ||||||||||||||
Financial Information | ||||||||||||||
Basic EPS* | $ | 1.32 | $ | 0.61 | $ | 0.01 | $ | 0.11 | $ | 2.00 | ||||
Diluted EPS* | $ | 1.32 | $ | 0.61 | $ | 0.01 | $ | 0.11 | $ | 2.00 | ||||
Cash distributions declared per common share* | $ | 0.88 | $ | 0.88 | $ | 0.88 | $ | 0.83 | $ | 0.83 | ||||
FFO attributable to SUI common shareholders and dilutive convertible securities(1)(4) per Share* | $ | 2.54 | $ | 1.95 | $ | 1.28 | $ | 1.28 | $ | 1.92 | ||||
Core FFO attributable to SUI common shareholders and dilutive convertible securities(1)(4) per Share* | $ | 2.65 | $ | 2.02 | $ | 1.34 | $ | 1.31 | $ | 2.11 | ||||
Constant Currency Core FFO Attributable to SUI common shareholders and dilutive convertible securities(1)(4) per Share* | $ | 2.71 | $ | 2.04 | $ | 1.34 | $ | 1.31 | $ | 2.11 | ||||
Recurring EBITDA(1) | $ | 408.1 | $ | 328.4 | $ | 221.0 | $ | 208.6 | $ | 314.5 | ||||
Recurring EBITDA(1) (TTM) / Interest | 5.7x | 5.9x | 6.2x | 6.2x | 6.1x | |||||||||
Balance Sheet | ||||||||||||||
Total assets | $ | 16,484.6 | $ | 16,397.8 | $ | 13,914.2 | $ | 13,494.1 | $ | 12,583.3 | ||||
Total debt | $ | 6,711.0 | $ | 6,930.9 | $ | 6,076.5 | $ | 5,671.8 | $ | 4,689.4 | ||||
Total liabilities | $ | 8,354.6 | $ | 8,566.3 | $ | 6,980.7 | $ | 6,474.6 | $ | 5,488.5 |
Quarter Ended | ||||||||||||||
Operating Information* | ||||||||||||||
Properties | 662 | 661 | 603 | 602 | 584 | |||||||||
Manufactured home sites | 99,428 | 99,185 | 98,279 | 98,621 | 98,301 | |||||||||
Annual RV sites | 32,026 | 31,768 | 31,121 | 30,540 | 29,640 | |||||||||
Transient RV sites | 27,945 | 28,682 | 29,267 | 29,847 | 27,922 | |||||||||
Total sites | 159,399 | 159,635 | 158,667 | 159,008 | 155,863 | |||||||||
Marina wet slips and dry storage spaces(a) | 46,185 | 45,905 | 45,725 | 45,155 | 43,615 | |||||||||
MH occupancy | 96.2 | % | 96.3 | % | 96.7 | % | 96.6 | % | 96.6 | % | ||||
Annual RV occupancy | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||
Blended MH and annual RV occupancy | 97.1 | % | 97.2 | % | 97.5 | % | 97.4 | % | 97.4 | % | ||||
Manufactured home sites | 17,952 | 17,330 | 616 | N/A | N/A | |||||||||
Transient RV sites | 3,246 | 3,349 | — | N/A | N/A | |||||||||
Total sites | 21,198 | 20,679 | 616 | — | — | |||||||||
MH occupancy | 91.7 | % | 91.4 | % | 94.8 | % | N/A | N/A |
Quarter Ended | |||||||||
MH and RV Revenue Producing Site |
|||||||||
MH net leased sites | 122 | 132 | 65 | 321 | 144 | ||||
RV net leased sites | 567 | 818 | 605 | 489 | 432 | ||||
Total net leased sites | 689 | 950 | 670 | 810 | 576 |
(a) Total wet slips and dry storage spaces are adjusted each quarter based on site configuration and usability.
(b) These figures do not include
Portfolio Overview as of
Properties |
MH & Annual RV Sites | RV |
Sites for Development(b) |
Total MH and RV Sites |
|||||||||
Location | Sites | Occupancy %(a) | |||||||||||
129 | 41,417 | 98.2 | % | 5,077 | 1,310 | 46,494 | |||||||
84 | 32,465 | 96.2 | % | 755 | 1,448 | 33,220 | |||||||
37 | 6,864 | 98.5 | % | 1,936 | 942 | 8,800 | |||||||
31 | 8,665 | 94.2 | % | 2,408 | 2,266 | 11,073 | |||||||
16 | 4,605 | 100.0 | % | 634 | 1,486 | 5,239 | |||||||
16 | 1,907 | 93.1 | % | 98 | — | 2,005 | |||||||
15 | 2,300 | 96.0 | % | 1,130 | 180 | 3,430 | |||||||
13 | 4,453 | 91.5 | % | 1,050 | 6 | 5,503 | |||||||
12 | 3,186 | 96.6 | % | 990 | 177 | 4,176 | |||||||
11 | 2,845 | 100.0 | % | 1,195 | 262 | 4,040 | |||||||
10 | 2,553 | 96.1 | % | 987 | 1,739 | 3,540 | |||||||
10 | 1,283 | 99.7 | % | 2,167 | 752 | 3,450 | |||||||
10 | 1,496 | 98.3 | % | 1,645 | 778 | 3,141 | |||||||
10 | 1,741 | 99.8 | % | 655 | 111 | 2,396 | |||||||
9 | 2,810 | 97.9 | % | 115 | 53 | 2,925 | |||||||
Other | 64 | 12,864 | 97.7 | % | 7,103 | 1,521 | 19,967 | ||||||
North America Total | 477 | 131,454 | 97.1 | % | 27,945 | 13,031 | 159,399 | ||||||
54 | 17,952 | 91.7 | % | 3,246 | 3,047 | 21,198 | |||||||
Total | 531 | 149,406 | 96.5 | % | 31,191 | 16,078 | 180,597 |
(a) As of
(b) Total sites for development were comprised of 66.5 percent for expansion, 29.1 percent for greenfield development and 4.4 percent for redevelopment.
Marina | ||||||
Properties |
Wet Slips and Dry Storage Spaces | |||||
Location | ||||||
20 | 5,139 | |||||
12 | 3,421 | |||||
11 | 3,325 | |||||
9 | 4,133 | |||||
9 | 3,018 | |||||
9 | 2,608 | |||||
9 | 2,520 | |||||
Other | 52 | 22,021 | ||||
Total | 131 | 46,185 |
Properties |
Sites, Wet Slips and Dry Storage Spaces |
|||||
Total Portfolio | 662 | 226,782 |
Portfolio Overview as of
The map below provides an overview of our property locations worldwide:
Consolidated Balance Sheets
(amounts in millions)
(Unaudited) | |||||||
Assets | |||||||
Land | $ | 4,173.1 | $ | 2,556.3 | |||
Land improvements and buildings | 10,632.6 | 9,958.3 | |||||
Rental homes and improvements | 604.4 | 591.7 | |||||
Furniture, fixtures and equipment | 813.8 | 656.4 | |||||
Investment property | 16,223.9 | 13,762.7 | |||||
Accumulated depreciation | (2,611.8 | ) | (2,337.2 | ) | |||
Investment property, net | 13,612.1 | 11,425.5 | |||||
Cash, cash equivalents and restricted cash | 112.0 | 78.2 | |||||
Marketable securities | 100.4 | 186.9 | |||||
Inventory of manufactured homes | 153.5 | 51.1 | |||||
Notes and other receivables, net | 511.0 | 469.6 | |||||
981.5 | 495.4 | ||||||
Other intangible assets, net | 403.2 | 306.8 | |||||
Other assets, net | 610.9 | 480.6 | |||||
Total Assets | $ | 16,484.6 | $ | 13,494.1 | |||
Liabilities | |||||||
Secured debt | $ | 3,006.0 | $ | 3,380.7 | |||
Unsecured debt | 3,705.0 | 2,291.1 | |||||
Distributions payable | 111.2 | 98.4 | |||||
Advanced reservation deposits and rent | 294.2 | 242.8 | |||||
Accrued expenses and accounts payable | 392.8 | 237.5 | |||||
Other liabilities | 845.4 | 224.1 | |||||
Total Liabilities | 8,354.6 | 6,474.6 | |||||
Commitments and contingencies | |||||||
Temporary equity | 206.8 | 288.9 | |||||
Shareholders' Equity | |||||||
Common stock | 1.2 | 1.2 | |||||
Additional paid-in capital | 9,536.4 | 8,175.6 | |||||
Accumulated other comprehensive income / (loss) | (69.9 | ) | 3.1 | ||||
Distributions in excess of accumulated earnings | (1,628.9 | ) | (1,556.0 | ) | |||
Total SUI shareholders' equity | 7,838.8 | 6,623.9 | |||||
Noncontrolling interests | |||||||
Common and preferred OP units | 83.8 | 86.8 | |||||
Consolidated entities | 0.6 | 19.9 | |||||
Total noncontrolling interests | 84.4 | 106.7 | |||||
Total Shareholders' Equity | 7,923.2 | 6,730.6 | |||||
Total Liabilities, Temporary Equity and Shareholders' Equity | $ | 16,484.6 | $ | 13,494.1 |
Consolidated Statements of Operations
(In millions, except for per share amounts) (Unaudited)
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Change | % Change | Change | % Change | ||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Real property (excluding transient) | $ | 425.3 | $ | 352.0 | $ | 73.3 | 20.8 | % | $ | 1,158.1 | $ | 978.3 | $ | 179.8 | 18.4 | % | |||||||||||||
Real property - transient | 160.4 | 126.1 | 34.3 | 27.2 | % | 303.5 | 235.6 | 67.9 | 28.8 | % | |||||||||||||||||||
Home sales | 150.7 | 81.1 | 69.6 | 85.8 | % | 358.1 | 215.1 | 143.0 | 66.5 | % | |||||||||||||||||||
Service, retail, dining and entertainment | 174.2 | 113.7 | 60.5 | 53.2 | % | 423.0 | 271.5 | 151.5 | 55.8 | % | |||||||||||||||||||
Interest | 11.2 | 2.6 | 8.6 | 330.8 | % | 25.3 | 8.0 | 17.3 | 216.3 | % | |||||||||||||||||||
Brokerage commissions and other, net | 10.8 | 8.8 | 2.0 | 22.7 | % | 27.4 | 21.7 | 5.7 | 26.3 | % | |||||||||||||||||||
Total Revenues | 932.6 | 684.3 | 248.3 | 36.3 | % | 2,295.4 | 1,730.2 | 565.2 | 32.7 | % | |||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Property operating and maintenance | 184.7 | 150.8 | 33.9 | 22.5 | % | 469.2 | 375.2 | 94.0 | 25.1 | % | |||||||||||||||||||
Real estate tax | 29.4 | 24.8 | 4.6 | 18.5 | % | 83.2 | 70.4 | 12.8 | 18.2 | % | |||||||||||||||||||
Home costs and selling | 96.4 | 56.5 | 39.9 | 70.6 | % | 235.2 | 156.9 | 78.3 | 49.9 | % | |||||||||||||||||||
Service, retail, dining and entertainment | 144.9 | 94.5 | 50.4 | 53.3 | % | 363.3 | 227.6 | 135.7 | 59.6 | % | |||||||||||||||||||
General and administrative | 69.1 | 43.2 | 25.9 | 60.0 | % | 187.0 | 126.7 | 60.3 | 47.6 | % | |||||||||||||||||||
Catastrophic event-related charges, net | 12.2 | 0.3 | 11.9 | N/M | 12.3 | 3.1 | 9.2 | 296.8 | % | ||||||||||||||||||||
Business combinations | 8.4 | — | 8.4 | N/A | 23.9 | 1.0 | 22.9 | N/M | |||||||||||||||||||||
Depreciation and amortization | 151.3 | 127.1 | 24.2 | 19.0 | % | 450.0 | 378.1 | 71.9 | 19.0 | % | |||||||||||||||||||
Loss on extinguishment of debt | 4.0 | — | 4.0 | N/A | 4.4 | 8.1 | (3.7 | ) | (45.7) % | ||||||||||||||||||||
Interest | 61.7 | 39.0 | 22.7 | 58.2 | % | 162.2 | 116.2 | 46.0 | 39.6 | % | |||||||||||||||||||
Interest on mandatorily redeemable preferred OP units / equity | 1.0 | 1.1 | (0.1 | ) | (9.1) % | 3.1 | 3.1 | — | — | % | |||||||||||||||||||
Total Expenses | 763.1 | 537.3 | 225.8 | 42.0 | % | 1,993.8 | 1,466.4 | 527.4 | 36.0 | % | |||||||||||||||||||
Income Before Other Items | 169.5 | 147.0 | 22.5 | 15.3 | % | 301.6 | 263.8 | 37.8 | 14.3 | % | |||||||||||||||||||
Gain / (loss) on remeasurement of marketable securities | (7.2 | ) | 12.0 | (19.2 | ) | N/M | (74.0 | ) | 43.2 | (117.2 | ) | N/M | |||||||||||||||||
Gain / (loss) on foreign currency exchanges | 14.9 | (7.0 | ) | 21.9 | N/M | 21.7 | (7.1 | ) | 28.8 | N/M | |||||||||||||||||||
Gain / (loss) on dispositions of properties | (0.8 | ) | 108.1 | (108.9 | ) | N/M | 12.5 | 108.1 | (95.6 | ) | (88.4) % | ||||||||||||||||||
Other income / (expense), net(7) | 2.8 | (9.3 | ) | 12.1 | N/M | 2.6 | (10.0 | ) | 12.6 | N/M | |||||||||||||||||||
Gain / (loss) on remeasurement of notes receivable | (0.1 | ) | 0.1 | (0.2 | ) | N/M | 0.1 | 0.6 | (0.5 | ) | (83.3) % | ||||||||||||||||||
Income from nonconsolidated affiliates | 2.0 | 0.9 | 1.1 | 122.2 | % | 3.8 | 2.9 | 0.9 | 31.0 | % | |||||||||||||||||||
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates | (0.4 | ) | (0.1 | ) | (0.3 | ) | (300.0) % | 0.1 | (0.1 | ) | 0.2 | N/M | |||||||||||||||||
Current tax expense | (7.3 | ) | (0.4 | ) | (6.9 | ) | N/M | (12.5 | ) | (1.4 | ) | (11.1 | ) | N/M | |||||||||||||||
Deferred tax benefit / (expense) | 3.6 | (1.2 | ) | 4.8 | N/M | 3.9 | (1.1 | ) | 5.0 | N/M | |||||||||||||||||||
Net Income | 177.0 | 250.1 | (73.1 | ) | (29.2) % | 259.8 | 398.9 | (139.1 | ) | (34.9) % | |||||||||||||||||||
Less: Preferred return to preferred OP units / equity interests | 2.5 | 3.1 | (0.6 | ) | (19.4) % | 8.6 | 9.0 | (0.4 | ) | (4.4) % | |||||||||||||||||||
Less: Income attributable to noncontrolling interests | 11.9 | 15.3 | (3.4 | ) | (22.2) % | 13.9 | 22.6 | (8.7 | ) | (38.5) % | |||||||||||||||||||
Net Income Attributable to SUI Common Shareholders | $ | 162.6 | $ | 231.7 | $ | (69.1 | ) | (29.8) % | $ | 237.3 | $ | 367.3 | $ | (130.0 | ) | (35.4) % | |||||||||||||
Weighted average common shares outstanding - basic(8) | 122.4 | 115.1 | 7.3 | 6.3 | % | 119.2 | 111.7 | 7.5 | 6.7 | % | |||||||||||||||||||
Weighted average common shares outstanding - diluted(4)(8) | 122.8 | 118.1 | 4.7 | 4.0 | % | 121.9 | 114.3 | 7.6 | 6.6 | % | |||||||||||||||||||
Basic earnings per share | $ | 1.32 | $ | 2.00 | $ | (0.68 | ) | (34.0) % | $ | 1.98 | $ | 3.27 | $ | (1.29 | ) | (39.4) % | |||||||||||||
Diluted earnings per share(4) | $ | 1.32 | $ | 2.00 | $ | (0.68 | ) | (34.0) % | $ | 1.97 | $ | 3.27 | $ | (1.30 | ) | (39.8) % |
N/M = Percentage change is not meaningful.
N/A = Percentage change is not applicable.
Reconciliation of Net Income Attributable to SUI Common Shareholders to FFO(1)
(amounts in millions, except for per share data)
Three Months Ended | Nine Months Ended | ||||||||||||||
Net Income Attributable to SUI Common Shareholders | $ | 162.6 | $ | 231.7 | $ | 237.3 | $ | 367.3 | |||||||
Adjustments | |||||||||||||||
Depreciation and amortization | 150.8 | 126.8 | 448.6 | 377.4 | |||||||||||
Depreciation on nonconsolidated affiliates | — | — | 0.1 | 0.1 | |||||||||||
(Gain) / loss on remeasurement of marketable securities | 7.2 | (12.0 | ) | 74.0 | (43.2 | ) | |||||||||
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates | 0.4 | 0.1 | (0.1 | ) | 0.1 | ||||||||||
(Gain) / loss on remeasurement of notes receivable | 0.1 | (0.1 | ) | (0.1 | ) | (0.6 | ) | ||||||||
(Gain) / loss on dispositions of properties | 0.8 | (108.1 | ) | (12.5 | ) | (108.1 | ) | ||||||||
Add: Returns on preferred OP units | 1.3 | 0.5 | 9.5 | 1.5 | |||||||||||
Add: Income attributable to noncontrolling interests | 10.5 | 4.6 | 14.1 | 13.7 | |||||||||||
Gain on dispositions of assets, net | (11.9 | ) | (20.4 | ) | (44.2 | ) | (46.2 | ) | |||||||
FFO Attributable to |
$ | 321.8 | $ | 223.1 | $ | 726.7 | $ | 562.0 | |||||||
Adjustments | |||||||||||||||
Business combination expense and other acquisition related costs(9) | 19.2 | 2.5 | 40.1 | 6.7 | |||||||||||
Loss on extinguishment of debt | 4.0 | — | 4.4 | 8.1 | |||||||||||
Catastrophic event-related charges, net | 12.2 | 0.3 | 12.3 | 3.1 | |||||||||||
Loss of earnings - catastrophic event-related | 0.2 | 0.2 | 0.2 | 0.4 | |||||||||||
(Gain) / loss on foreign currency exchanges | (14.9 | ) | 7.0 | (21.7 | ) | 7.1 | |||||||||
Other adjustments, net(10) | (6.5 | ) | 11.4 | (5.1 | ) | 11.5 | |||||||||
Core FFO Attributable to |
$ | 336.0 | $ | 244.5 | $ | 756.9 | $ | 598.9 | |||||||
Adjustment | |||||||||||||||
Foreign currency translation impact(a) | 7.3 | — | 9.3 | — | |||||||||||
Constant Currency Core FFO Attributable to |
$ | 343.3 | $ | 244.5 | $ | 766.2 | $ | 598.9 | |||||||
Weighted Average Common Shares Outstanding - Diluted(8) | 126.7 | 116.0 | 125.4 | 115.1 | |||||||||||
FFO Attributable to |
$ | 2.54 | $ | 1.92 | $ | 5.80 | $ | 4.88 | |||||||
Core FFO Attributable to |
$ | 2.65 | $ | 2.11 | $ | 6.04 | $ | 5.20 | |||||||
Constant Currency Core FFO Attributable to |
$ | 2.71 | $ | 2.11 | $ | 6.11 | $ | 5.20 |
(a) The Company calculated the foreign currency translation impact by comparing the actual weighted average foreign currency rates with the weighted average foreign currency rates used for guidance, as follows:
Three Months Ended | Nine Months Ended | ||||||||||
Actual | Guidance | Actual | Guidance | ||||||||
$ | 1.1821 | $ | 1.330 | $ | 1.2116 | $ | 1.330 | ||||
$ | 0.7691 | $ | 0.770 | $ | 0.7769 | $ | 0.770 | ||||
$ | 0.6977 | $ | 0.756 | $ | 0.7096 | $ | 0.756 |
Reconciliation of Net Income Attributable to SUI Common Shareholders to NOI(1)
(amounts in millions)
Three Months Ended | Nine Months Ended | ||||||||||||||
Net Income Attributable to SUI Common Shareholders | $ | 162.6 | $ | 231.7 | $ | 237.3 | $ | 367.3 | |||||||
Interest income | (11.2 | ) | (2.6 | ) | (25.3 | ) | (8.0 | ) | |||||||
Brokerage commissions and other revenues, net | (10.8 | ) | (8.8 | ) | (27.4 | ) | (21.7 | ) | |||||||
General and administrative | 69.1 | 43.2 | 187.0 | 126.7 | |||||||||||
Catastrophic event-related charges, net | 12.2 | 0.3 | 12.3 | 3.1 | |||||||||||
Business combination expense | 8.4 | — | 23.9 | 1.0 | |||||||||||
Depreciation and amortization | 151.3 | 127.1 | 450.0 | 378.1 | |||||||||||
Loss on extinguishment of debt | 4.0 | — | 4.4 | 8.1 | |||||||||||
Interest expense | 61.7 | 39.0 | 162.2 | 116.2 | |||||||||||
Interest on mandatorily redeemable preferred OP units / equity | 1.0 | 1.1 | 3.1 | 3.1 | |||||||||||
(Gain) / loss on remeasurement of marketable securities | 7.2 | (12.0 | ) | 74.0 | (43.2 | ) | |||||||||
(Gain) / loss on foreign currency exchanges | (14.9 | ) | 7.0 | (21.7 | ) | 7.1 | |||||||||
(Gain) / loss on disposition of properties | 0.8 | (108.1 | ) | (12.5 | ) | (108.1 | ) | ||||||||
Other (income) / expense, net(7) | (2.8 | ) | 9.3 | (2.6 | ) | 10.0 | |||||||||
(Gain) / loss on remeasurement of notes receivable | 0.1 | (0.1 | ) | (0.1 | ) | (0.6 | ) | ||||||||
Income from nonconsolidated affiliates | (2.0 | ) | (0.9 | ) | (3.8 | ) | (2.9 | ) | |||||||
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates | 0.4 | 0.1 | (0.1 | ) | 0.1 | ||||||||||
Current tax expense | 7.3 | 0.4 | 12.5 | 1.4 | |||||||||||
Deferred tax expense / (benefit) | (3.6 | ) | 1.2 | (3.9 | ) | 1.1 | |||||||||
Preferred return to preferred OP units / equity interests | 2.5 | 3.1 | 8.6 | 9.0 | |||||||||||
Add: Income attributable to noncontrolling interests | 11.9 | 15.3 | 13.9 | 22.6 | |||||||||||
NOI(1) | $ | 455.2 | $ | 346.3 | $ | 1,091.8 | $ | 870.4 |
Three Months Ended | Nine Months Ended | ||||||||||
Real Property NOI(1) | $ | 371.6 | $ | 302.5 | $ | 909.2 | $ | 768.3 | |||
Home Sales NOI(1) | 54.3 | 24.6 | 122.9 | 58.2 | |||||||
Service, retail, dining and entertainment NOI(1) | 29.3 | 19.2 | 59.7 | 43.9 | |||||||
NOI(1) | $ | 455.2 | $ | 346.3 | $ | 1,091.8 | $ | 870.4 |
Reconciliation of Net Income Attributable to SUI Common Shareholders to Recurring EBITDA(1)
(amounts in millions)
Three Months Ended | Nine Months Ended | ||||||||||||||
Net Income Attributable to SUI Common Shareholders | $ | 162.6 | $ | 231.7 | $ | 237.3 | $ | 367.3 | |||||||
Adjustments | |||||||||||||||
Depreciation and amortization | 151.3 | 127.1 | 450.0 | 378.1 | |||||||||||
Loss on extinguishment of debt | 4.0 | — | 4.4 | 8.1 | |||||||||||
Interest expense | 61.7 | 39.0 | 162.2 | 116.2 | |||||||||||
Interest on mandatorily redeemable preferred OP units / equity | 1.0 | 1.1 | 3.1 | 3.1 | |||||||||||
Current tax expense | 7.3 | 0.4 | 12.5 | 1.4 | |||||||||||
Deferred tax (benefit) / expense | (3.6 | ) | 1.2 | (3.9 | ) | 1.1 | |||||||||
Income from nonconsolidated affiliates | (2.0 | ) | (0.9 | ) | (3.8 | ) | (2.9 | ) | |||||||
Less: (Gain) / loss on dispositions of properties | 0.8 | (108.1 | ) | (12.5 | ) | (108.1 | ) | ||||||||
Less: Gain on dispositions of assets, net | (11.9 | ) | (20.4 | ) | (44.2 | ) | (46.2 | ) | |||||||
EBITDAre(1) | $ | 371.2 | $ | 271.1 | $ | 805.1 | $ | 718.1 | |||||||
Adjustments | |||||||||||||||
Catastrophic event-related charges, net | 12.2 | 0.3 | 12.3 | 3.1 | |||||||||||
Business combination expense | 8.4 | — | 23.9 | 1.0 | |||||||||||
(Gain) / loss on remeasurement of marketable securities | 7.2 | (12.0 | ) | 74.0 | (43.2 | ) | |||||||||
(Gain) / loss on foreign currency transactions | (14.9 | ) | 7.0 | (21.7 | ) | 7.1 | |||||||||
Other (income) / expense, net(7) | (2.8 | ) | 9.3 | (2.6 | ) | 10.0 | |||||||||
(Gain) / loss on remeasurement of notes receivable | 0.1 | (0.1 | ) | (0.1 | ) | (0.6 | ) | ||||||||
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates | 0.4 | 0.1 | (0.1 | ) | 0.1 | ||||||||||
Preferred return to preferred OP units / equity interests | 2.5 | 3.1 | 8.6 | 9.0 | |||||||||||
Add: Income attributable to noncontrolling interests | 11.9 | 15.3 | 13.9 | 22.6 | |||||||||||
Plus: Gain on dispositions of assets, net | 11.9 | 20.4 | 44.2 | 46.2 | |||||||||||
Recurring EBITDA(1) | $ | 408.1 | $ | 314.5 | $ | 957.5 | $ | 773.4 |
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) | $ | 239.5 | $ | 225.0 | $ | 14.5 | 6.5 | % | $ | 185.7 | $ | 177.6 | $ | 8.1 | 4.6 | % | $ | 53.8 | $ | 47.4 | $ | 6.4 | 13.4 | % | ||||||||||||
Real property - transient | 107.1 | 106.5 | 0.6 | 0.6 | % | 0.2 | 0.2 | — | 7.5 | % | 106.9 | 106.3 | 0.6 | 0.6 | % | |||||||||||||||||||||
Other | 16.0 | 14.9 | 1.1 | 7.2 | % | 5.1 | 4.9 | 0.2 | 3.1 | % | 10.9 | 10.0 | 0.9 | 9.2 | % | |||||||||||||||||||||
Total Operating | 362.6 | 346.4 | 16.2 | 4.7 | % | 191.0 | 182.7 | 8.3 | 4.6 | % | 171.6 | 163.7 | 7.9 | 4.8 | % | |||||||||||||||||||||
Expense | ||||||||||||||||||||||||||||||||||||
Property Operating(11)(12) | 114.3 | 113.1 | 1.2 | 1.0 | % | 52.6 | 50.8 | 1.8 | 3.7 | % | 61.7 | 62.3 | (0.6 | ) | (1.1) % | |||||||||||||||||||||
Real Property NOI(1) | $ | 248.3 | $ | 233.3 | $ | 15.0 | 6.4 | % | $ | 138.4 | $ | 131.9 | $ | 6.5 | 4.9 | % | $ | 109.9 | $ | 101.4 | $ | 8.5 | 8.4 | % |
(a) Percentages are calculated based on unrounded numbers.
Nine 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) | $ | 708.3 | $ | 666.3 | $ | 42.0 | 6.3 | % | $ | 552.3 | $ | 528.9 | $ | 23.4 | 4.4 | % | $ | 156.0 | $ | 137.4 | $ | 18.6 | 13.6 | % | ||||||||||||
Real property - transient | 211.5 | 201.8 | 9.7 | 4.8 | % | 0.9 | 1.2 | (0.3 | ) | (23.5) % | 210.6 | 200.6 | 10.0 | 4.9 | % | |||||||||||||||||||||
Other | 36.0 | 33.8 | 2.2 | 6.6 | % | 15.4 | 14.2 | 1.2 | 8.8 | % | 20.6 | 19.6 | 1.0 | 5.0 | % | |||||||||||||||||||||
Total Operating | 955.8 | 901.9 | 53.9 | 6.0 | % | 568.6 | 544.3 | 24.3 | 4.5 | % | 387.2 | 357.6 | 29.6 | 8.3 | % | |||||||||||||||||||||
Expense | ||||||||||||||||||||||||||||||||||||
Property Operating(11)(12) | 305.9 | 287.7 | 18.2 | 6.3 | % | 149.9 | 140.5 | 9.4 | 6.8 | % | 156.0 | 147.2 | 8.8 | 5.9 | % | |||||||||||||||||||||
Real Property NOI(1) | $ | 649.9 | $ | 614.2 | $ | 35.7 | 5.8 | % | $ | 418.7 | $ | 403.8 | $ | 14.9 | 3.7 | % | $ | 231.2 | $ | 210.4 | $ | 20.8 | 9.9 | % |
(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(a) | 424 | 424 | — | |||||||||||
MH occupancy | 97.3 | % | ||||||||||||
RV occupancy | 100.0 | % | ||||||||||||
MH & RV blended occupancy(3) | 97.9 | % | ||||||||||||
Adjusted MH occupancy(3) | 98.0 | % | ||||||||||||
Adjusted RV occupancy(3) | 100.0 | % | ||||||||||||
Adjusted MH & RV blended occupancy(3) | 98.5 | % | 96.5 | % | 2.0 | % | ||||||||
Sites available for development | 7,920 | 8,081 | (161 | ) | ||||||||||
Monthly base rent per site - MH | $ | 629 | $ | 604 | $ | 25 | 4.3%(14) | |||||||
Monthly base rent per site - RV(13) | $ | 560 | $ | 524 | $ | 36 | 7.0%(14) | |||||||
Monthly base rent per site - Total(13) | $ | 613 | $ | 585 | $ | 28 | 4.7%(14) | |||||||
Monthly base rent per site - MH Rental Program | $ | 1,198 | $ | 1,091 | $ | 107 | 9.8 | % |
(a) Financial results from properties disposed of during the year have been removed from Same Property reporting
Same Property Summary - Marina
(amounts in millions)
Three Months Ended | ||||||||||||
Change | % Change(a) | |||||||||||
Financial Information | ||||||||||||
Revenue | ||||||||||||
Real property (excluding transient) | $ | 64.0 | $ | 58.6 | $ | 5.4 | 9.1 | % | ||||
Real property - transient | 4.4 | 5.4 | (1.0 | ) | (17.4) % | |||||||
Other | 3.9 | 3.9 | — | 0.3 | % | |||||||
Total Operating | 72.3 | 67.9 | 4.4 | 6.5 | % | |||||||
Expense | ||||||||||||
Property Operating(11) | 21.9 | 21.9 | — | — | % | |||||||
Real Property NOI(1) | $ | 50.4 | $ | 46.0 | $ | 4.4 | 9.6 | % |
(a) Percentages are calculated based on unrounded numbers.
Nine Months Ended | ||||||||||||
Change | % Change(a) | |||||||||||
Financial Information | ||||||||||||
Revenue | ||||||||||||
Real property (excluding transient) | $ | 167.3 | $ | 155.6 | $ | 11.7 | 7.5 | % | ||||
Real property - transient | 9.5 | 10.4 | (0.9 | ) | (7.8) % | |||||||
Other | 9.5 | 8.8 | 0.7 | 8.0 | % | |||||||
Total Operating | 186.3 | 174.8 | 11.5 | 6.7 | % | |||||||
Expense | ||||||||||||
Property Operating(11) | 63.5 | 59.6 | 3.9 | 6.3 | % | |||||||
Real Property NOI(1) | $ | 122.8 | $ | 115.2 | $ | 7.6 | 6.8 | % |
(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 | 35,621 | 35,744 | (123 | ) | (0.3) % |
(amounts in millions, except for statistical data)
Three Months Ended | YTD Since Acquisition |
|||||
Financial Information | ||||||
Revenues | ||||||
Real property (excluding transient) | $ | 21.2 | $ | 38.1 | ||
Real property - transient | 21.8 | 34.7 | ||||
Other | 0.4 | 1.0 | ||||
Total Operating | 43.4 | 73.8 | ||||
Expenses | ||||||
Property Operating(11) | 18.2 | 33.2 | ||||
Real Property NOI(1) | 25.2 | 40.6 | ||||
Home sales | ||||||
Revenue | 84.1 | 144.7 | ||||
Cost of home sales | 43.6 | 75.7 | ||||
Home selling expenses | 1.3 | 3.6 | ||||
NOI(1) | 39.2 | 65.4 | ||||
Retail, dining and entertainment | ||||||
Revenue | 16.3 | 27.8 | ||||
Expense | 16.2 | 28.8 | ||||
Net Operating Gain / (Loss) | 0.1 | (1.0 | ) | |||
$ | 64.5 | $ | 105.0 | |||
Adjustment | ||||||
Foreign currency translation impact | 8.8 | 11.9 | ||||
$ | 73.3 | $ | 116.9 | |||
Other information | ||||||
Number of properties | 54 | |||||
Developed sites | 17,952 | |||||
Occupied sites | 16,463 | |||||
Occupancy % | 91.7 | % | ||||
Transient sites | 3,246 | |||||
Sites available for development | 3,047 | |||||
Home Sales | ||||||
New home sales volume | 319 | 574 | ||||
Pre-owned home sales volume | 566 | 1,046 | ||||
Total home sales volume | 885 | 1,620 |
Acquisitions and Other Summary (excluding
(amounts in millions, except for statistical data)
Three Months Ended | Nine Months Ended | |||||
Financial Information | ||||||
Revenues | ||||||
Real property (excluding transient) | $ | 35.0 | $ | 94.4 | ||
Real property - transient | 27.1 | 47.8 | ||||
Other | 13.1 | 19.3 | ||||
Total Operating | 75.2 | 161.5 | ||||
Expenses | ||||||
Property Operating(11) | 27.5 | 65.6 | ||||
Real Property NOI(1) | $ | 47.7 | $ | 95.9 | ||
Other Information | ||||||
Number of properties | 83 | |||||
MH and RV Developed sites | 6,430 | |||||
MH and RV Occupied sites | 5,260 | |||||
MH and RV Occupancy % | 81.8 | % | ||||
Transient sites | 7,438 | |||||
Wet slips and dry storage spaces | 10,564 |
Acquisitions and Dispositions
(amounts in millions, except for *)
Property |
Property Type | Number of Properties* | Sites, Wet Slips and Dry Storage Spaces* | Expansion or Development Sites* | State, Province or Country | Total Purchase/Sale Price | Month Acquired | ||||||||
ACQUISITIONS | |||||||||||||||
Harrison Yacht Yard(a) | Marina | — | 21 | — | MD | $ | 5.8 | January | |||||||
Marina | 1 | 196 | — | NC | 5.0 | January | |||||||||
Marina | 1 | 12 | — | NC | 51.4 | February | |||||||||
Tower Marine | Marina | 1 | 446 | — | MI | 20.0 | March | ||||||||
MH | 1 | 730 | 456 | 183.5 | March | ||||||||||
First Quarter 2022 | 4 | 1,405 | 456 | $ | 265.7 | ||||||||||
Park Holidays(b) | MH | 40 | 15,906 | 1,140 | $ | 1,242.1 | April | ||||||||
Christies Parks(a) | MH | — | 249 | — | 10.1 | April | |||||||||
Marina | 1 | 200 | — | Multiple | 25.0 | April | |||||||||
Bluewater Yacht Sales(a) | Marina | — | — | — | Multiple | 17.6 | April | ||||||||
MH | 1 | 69 | — | 12.6 | April | ||||||||||
Marina | 1 | 62 | — | ME | 7.9 | May | |||||||||
Spanish Trails MHC | MH | 1 | 195 | 6 | AZ | 20.6 | June | ||||||||
Pine Acre Trails | MH | 1 | 251 | 603 | TX | 29.7 | June | ||||||||
MH | 2 | 379 | — | CA | 40.0 | June | |||||||||
MH | 11 | 2,914 | 391 | 223.4 | June | ||||||||||
Second Quarter 2022 | 58 | 20,225 | 2,140 | $ | 1,629.0 | ||||||||||
Marina | 1 | 232 | — | NY | $ | 190.0 | July | ||||||||
Callaly Leisure(c) | MH | 1 | 380 | 1,060 | 23.9 | September | |||||||||
Third Quarter 2022 | 2 | 612 | 1,060 | $ | 213.9 | ||||||||||
Acquisitions to Date | 64 | 22,242 | 3,656 | $ | 2,108.6 | ||||||||||
DISPOSITIONS | |||||||||||||||
Southern Pines | MH | 1 | 107 | — | FL | $ | 10.0 | March | |||||||
MH | 1 | 94 | — | FL | 8.2 | March | |||||||||
Country Squire | MH / RV | 1 | 122 | — | FL | 11.3 | March | ||||||||
First Quarter 2022 | 3 | 323 | — | $ | 29.5 | ||||||||||
RV | 1 | 514 | — | CA | $ | 15.0 | September | ||||||||
Third Quarter 2022 | 1 | 514 | — | $ | 15.0 | ||||||||||
Dispositions to Date | 4 | 837 | — | $ | 44.5 |
(a) Combined with an existing property.
(b) Provides third-party management for two properties.
(c) Contains one development property.
Acquisitions, Development and Capital Improvements
(amounts in millions, except for *)
Nine Months Ended | Year Ended | |||||||||||||||||
MH / RV | Marina | MH / RV | Marina | MH / RV | Marina | |||||||||||||
Financial information | ||||||||||||||||||
Acquisitions(16) | $ | 2,703.5 | $ | 468.9 | $ | 944.3 | $ | 852.9 | $ | 571.9 | $ | 2,533.7 | ||||||
Expansion and Development(17) | 170.8 | 5.9 | 191.8 | 9.9 | 248.2 | — | ||||||||||||
Recurring Capital Expenditures(18) | 34.7 | 16.0 | 45.3 | 19.3 | 31.4 | 2.1 | ||||||||||||
Lot Modifications(19) | 25.9 | N/A | 28.8 | N/A | 29.4 | N/A | ||||||||||||
Growth Projects(20) | 23.1 | 50.0 | 25.6 | 51.4 | 28.3 | — | ||||||||||||
Rebranding(21) | 12.7 | N/A | 6.1 | N/A | N/A | N/A | ||||||||||||
Total | $ | 2,970.7 | $ | 540.8 | $ | 1,241.9 | $ | 933.5 | $ | 909.2 | $ | 2,535.8 | ||||||
Other Information | ||||||||||||||||||
Recurring Capital Expenditures Average / Site* | $ | 270 | $ | 408 | $ | 371 | $ | 491 | $ | 265 | N/A |
(shares and units in thousands; dollar amounts in millions, except for *)
Number of Units / Shares Outstanding | Conversion Rate* | If Converted(a) | Issuance Price* Per Unit |
Annual Distribution Rate | |||||||
Common shares | 123,880 | N/A | N/A | N/A | $3.52^ | ||||||
Common OP units | 2,429 | 1.0000 | 2,429 | N/A | Mirrors common share distributions | ||||||
Preferred OP Units | |||||||||||
Series A-1 | 270 | 2.4390 | 659 | $ | 100.00 | 6.00 | % | ||||
Series A-3 | 40 | 1.8605 | 75 | $ | 100.00 | 4.50 | % | ||||
Series C | 306 | 1.1100 | 340 | $ | 100.00 | 5.00 | % | ||||
Series D | 489 | 0.8000 | 391 | $ | 100.00 | 4.00 | % | ||||
Series E | 80 | 0.6897 | 55 | $ | 100.00 | 5.50 | % | ||||
Series F | 90 | 0.6250 | 56 | $ | 100.00 | 3.00 | % | ||||
Series G | 241 | 0.6452 | 155 | $ | 100.00 | 3.20 | % | ||||
Series H | 581 | 0.6098 | 355 | $ | 100.00 | 3.00 | % | ||||
Series J | 240 | 0.6061 | 145 | $ | 100.00 | 2.85 | % | ||||
Total | 2,337 | 2,231 | |||||||||
Total convertible securities outstanding | 4,766 | 4,660 |
^ 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 | 123,880 | $ | 135.33 | $ | 16,764.7 | |||
Common OP units | 2,429 | $ | 135.33 | 328.7 | ||||
Subtotal | 126,309 | $ | 17,093.4 | |||||
Preferred OP units, as converted | 2,231 | $ | 135.33 | 301.9 | ||||
Total diluted shares outstanding | 128,540 | $ | 17,395.3 | |||||
Debt | ||||||||
Secured debt | $ | 3,006.0 | ||||||
Unsecured debt | 3,705.0 | |||||||
Total debt | $ | 6,711.0 | ||||||
Total Capitalization | $ | 24,106.3 |
Debt Analysis
(amounts in millions, except for *)
Quarter Ended | |||||||||||||||||||
Debt Outstanding | |||||||||||||||||||
Secured debt | $ | 3,006.0 | $ | 3,335.7 | $ | 3,366.6 | $ | 3,380.7 | $ | 3,403.4 | |||||||||
Unsecured debt | |||||||||||||||||||
Senior unsecured notes | 1,779.1 | 1,778.6 | 1,186.7 | 1,186.4 | 591.3 | ||||||||||||||
Line of credit and other debt(22)(a) | 1,856.0 | 1,746.7 | 1,453.3 | 1,034.8 | 624.8 | ||||||||||||||
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 | 3,705.0 | 3,595.2 | 2,709.9 | 2,291.1 | 1,286.0 | ||||||||||||||
Total debt | $ | 6,711.0 | $ | 6,930.9 | $ | 6,076.5 | $ | 5,671.8 | $ | 4,689.4 | |||||||||
% Fixed / Floating(b)* | |||||||||||||||||||
Fixed | 79.0 | % | 74.9 | % | 76.2 | % | 81.8 | % | 86.7 | % | |||||||||
Floating | 21.0 | % | 25.1 | % | 23.8 | % | 18.2 | % | 13.3 | % | |||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||
Weighted Average Interest Rates* | |||||||||||||||||||
Secured debt | 3.67 | % | 3.78 | % | 3.78 | % | 3.78 | % | 3.78 | % | |||||||||
Senior unsecured notes(c) | 2.90 | % | 2.90 | % | 2.55 | % | 2.55 | % | 2.70 | % | |||||||||
Line of credit and other debt(22)(c) | 3.26 | % | 2.28 | % | 1.25 | % | 0.98 | % | 0.98 | % | |||||||||
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 | % | 3.20 | % | 2.96 | % | 3.04 | % | 3.30 | % | |||||||||
Debt Ratios* | |||||||||||||||||||
Net Debt / Recurring EBITDA(1) (TTM) | 5.7x | 6.3x | 5.9x | 5.7x | 4.9x | ||||||||||||||
Net Debt / Enterprise Value | 27.5 | % | 25.0 | % | 21.9 | % | 18.0 | % | 17.1 | % | |||||||||
Net Debt / Gross Assets | 34.6 | % | 35.7 | % | 36.6 | % | 35.4 | % | 31.2 | % | |||||||||
Coverage Ratios* | |||||||||||||||||||
Recurring EBITDA(1) (TTM) / Interest | 5.7x | 5.9x | 6.2x | 6.2x | 6.1x | ||||||||||||||
Recurring EBITDA(1) (TTM) / Interest + Pref. Distributions + Pref. Stock Distribution | 5.6x | 5.8x | 6.0x | 6.0x | 6.0x |
Maturities / Principal Amortization Next Five Years | 2022 | 2023 | 2024 | 2025 | 2026 | ||||||||||||||
Secured debt | |||||||||||||||||||
Maturities | $ | — | $ | 117.8 | $ | 128.8 | $ | 50.6 | $ | 521.6 | |||||||||
Principal amortization | 13.7 | 55.6 | 56.4 | 54.0 | 45.9 | ||||||||||||||
Line of credit and other debt(22) | 0.7 | 10.0 | 10.0 | 976.4 | 862.2 | ||||||||||||||
Preferred Equity - |
— | — | 33.4 | 1.8 | — | ||||||||||||||
Preferred OP units - mandatorily redeemable | — | — | 27.4 | — | — | ||||||||||||||
Total | $ | 14.4 | $ | 183.4 | $ | 256.0 | $ | 1,082.8 | $ | 1,429.7 | |||||||||
Weighted average rate of maturities* | — | % | 3.54 | % | 4.03 | % | 4.04 | % | 3.75 | % |
(a) As of
(b) Percentages include the impact of hedge activity.
(c) Weighted average interest rate includes the impact the impact of hedge activity.
Home Sales Summary (excluding
(amounts in millions, except for *)
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Change | % Change | Change | % Change | ||||||||||||||||||||||||||
Financial Information | |||||||||||||||||||||||||||||
New home sales | $ | 31.7 | $ | 31.5 | $ | 0.2 | 0.6 | % | $ | 95.4 | $ | 89.2 | $ | 6.2 | 7.0 | % | |||||||||||||
New home cost of sales | 26.8 | 25.9 | 0.9 | 3.5 | % | 78.3 | 72.8 | 5.5 | 7.6 | % | |||||||||||||||||||
Gross profit – new homes | 4.9 | 5.6 | (0.7 | ) | (12.5) % | 17.1 | 16.4 | 0.7 | 4.3 | % | |||||||||||||||||||
Gross margin % – new homes | 15.5 | % | 17.7 | % | (2.2) % | 17.9 | % | 18.4 | % | (0.5) % | |||||||||||||||||||
Average selling price – new homes* | $ | 183,237 | $ | 151,850 | $ | 31,387 | 20.7 | % | $ | 174,406 | $ | 152,943 | $ | 21,463 | 14.0 | % | |||||||||||||
Pre-owned Homes | |||||||||||||||||||||||||||||
Pre-owned home sales | $ | 34.9 | $ | 49.6 | $ | (14.7 | ) | (29.6) % | $ | 118.0 | $ | 125.9 | $ | (7.9 | ) | (6.3) % | |||||||||||||
Pre-owned home cost of sales | 19.4 | 25.8 | (6.4 | ) | (24.8) % | 63.4 | 70.4 | (7.0 | ) | (9.9) % | |||||||||||||||||||
Gross profit – pre-owned homes | 15.5 | 23.8 | (8.3 | ) | (34.9) % | 54.6 | 55.5 | (0.9 | ) | (1.6) % | |||||||||||||||||||
Gross margin % – pre-owned homes | 44.4 | % | 48.0 | % | (3.6) % | 46.3 | % | 44.1 | % | 2.2 | % | ||||||||||||||||||
Average selling price – pre-owned homes* | $ | 63,339 | $ | 52,006 | $ | 11,333 | 21.8 | % | $ | 59,267 | $ | 48,981 | $ | 10,286 | 21.0 | % | |||||||||||||
Total Home Sales | |||||||||||||||||||||||||||||
Revenue from home sales | $ | 66.6 | $ | 81.1 | $ | (14.5 | ) | (17.9) % | $ | 213.4 | $ | 215.1 | $ | (1.7 | ) | (0.8) % | |||||||||||||
Cost of home sales | 46.2 | 51.7 | (5.5 | ) | (10.6) % | 141.7 | 143.2 | (1.5 | ) | (1.0) % | |||||||||||||||||||
Home selling expenses | 5.3 | 4.8 | 0.5 | 10.4 | % | 14.2 | 13.7 | 0.5 | 3.6 | % | |||||||||||||||||||
Home Sales NOI(1) | $ | 15.1 | $ | 24.6 | $ | (9.5 | ) | (38.6) % | $ | 57.5 | $ | 58.2 | $ | (0.7 | ) | (1.2) % | |||||||||||||
Other Information | |||||||||||||||||||||||||||||
New home sales volume* | 173 | 207 | (34 | ) | (16.4) % | 547 | 583 | (36 | ) | (6.2) % | |||||||||||||||||||
Pre-owned home sales volume* | 551 | 955 | (404 | ) | (42.3) % | 1,991 | 2,572 | (581 | ) | (22.6) % | |||||||||||||||||||
Total home sales volume* | 724 | 1,162 | (438 | ) | (37.7) % | 2,538 | 3,155 | (617 | ) | (19.6) % |
Refer to the
Rental Program Summary
(amounts in millions, except for *)
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
Change | % Change | Change | % Change | ||||||||||||||||||||||
Financial Information | |||||||||||||||||||||||||
Revenues | $ | 31.4 | $ | 33.9 | $ | (2.5 | ) | (7.4) % | $ | 95.7 | $ | 105.8 | $ | (10.1 | ) | (9.5) % | |||||||||
Expenses | 6.0 | 5.5 | 0.5 | 9.1 | % | 15.9 | 15.3 | 0.6 | 3.9 | % | |||||||||||||||
Rental Program NOI(1) | $ | 25.4 | $ | 28.4 | $ | (3.0 | ) | (10.6) % | $ | 79.8 | $ | 90.5 | $ | (10.7 | ) | (11.8) % | |||||||||
Other Information | |||||||||||||||||||||||||
Number of sold rental homes* | 138 | 307 | (169 | ) | (55.0) % | 508 | 799 | (291 | ) | (36.4) % | |||||||||||||||
Number of occupied rentals, end of period* | 9,126 | 10,123 | (997 | ) | (9.8) % | ||||||||||||||||||||
Investment in occupied rental homes, end of period | $ | 543.8 | $ | 559.0 | $ | (15.2 | ) | (2.7) % | |||||||||||||||||
Weighted average monthly rental rate, end of period* | $ | 1,192 | $ | 1,085 | $ | 107 | 9.9 | % |
Marina Segment Summary
(amounts in millions, except for statistical data)
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
Change | % Change | Change | % Change | |||||||||||||||||||||
Financial Information | ||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Real property (excluding transient) | $ | 91.1 | $ | 72.9 | $ | 18.2 | 25.0 | % | $ | 240.1 | $ | 180.9 | $ | 59.2 | 32.7 | % | ||||||||
Real property - transient | 7.1 | 6.3 | 0.8 | 12.7 | % | 14.7 | 11.4 | 3.3 | 28.9 | % | ||||||||||||||
Other | 11.9 | 5.2 | 6.7 | 128.8 | % | 19.3 | 9.8 | 9.5 | 96.9 | % | ||||||||||||||
Total Operating | 110.1 | 84.4 | 25.7 | 30.5 | % | 274.1 | 202.1 | 72.0 | 35.6 | % | ||||||||||||||
Expenses | ||||||||||||||||||||||||
Property Operating(11) | 32.3 | 26.6 | 5.7 | 21.4 | % | 89.3 | 69.3 | 20.0 | 28.9 | % | ||||||||||||||
Real Property NOI(1) | 77.8 | 57.8 | 20.0 | 34.6 | % | 184.8 | 132.8 | 52.0 | 39.2 | % | ||||||||||||||
Service, retail, dining and entertainment | ||||||||||||||||||||||||
Revenue | 112.3 | 74.7 | 37.6 | 50.3 | % | 310.9 | 202.0 | 108.9 | 53.9 | % | ||||||||||||||
Expense | 98.8 | 68.0 | 30.8 | 45.3 | % | 272.1 | 176.1 | 96.0 | 54.5 | % | ||||||||||||||
NOI(1) | 13.5 | 6.7 | 6.8 | 101.5 | % | 38.8 | 25.9 | 12.9 | 49.8 | % | ||||||||||||||
Marina NOI(1) | $ | 91.3 | $ | 64.5 | $ | 26.8 | 41.6 | % | $ | 223.6 | $ | 158.7 | $ | 64.9 | 40.9 | % | ||||||||
Other information | ||||||||||||||||||||||||
Number of properties | 131 | 120 | 11 | 9.2 | % | |||||||||||||||||||
Total wet slips and dry storage spaces | 46,185 | 43,615 | 2,570 | 5.9 | % |
Operating Statistics for MH and Annual RVs (excluding
Locations | Resident Move-outs | Net Leased Sites(6) | New Home Sales | Pre-owned Home Sales | Brokered Re-sales |
||||||
1,605 | 980 | 148 | 255 | 1,204 | |||||||
419 | 166 | 52 | 1,087 | 211 | |||||||
459 | 242 | 76 | 21 | 291 | |||||||
389 | 154 | 66 | 174 | 67 | |||||||
94 | 159 | 35 | 27 | 128 | |||||||
37 | 31 | 5 | 150 | 21 | |||||||
105 | 69 | 22 | 8 | 113 | |||||||
3 | 12 | 19 | 25 | 44 | |||||||
34 | 11 | 29 | 3 | 32 | |||||||
71 | 15 | 7 | 7 | 10 | |||||||
1 | (2 | ) | 4 | 1 | 39 | ||||||
102 | 40 | 12 | 20 | 8 | |||||||
138 | 291 | 2 | 1 | 7 | |||||||
146 | 28 | — |