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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2017	Oct. 17, 2017
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3
Trading Symbol	SUI
Entity Registrant Name	SUN COMMUNITIES INC
Entity Central Index Key	0000912593
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		79,342,536

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Land	$ 1,079,708	$ 1,051,536
Land improvements and buildings	5,024,937	4,825,043
Rental homes and improvements	516,618	489,633
Furniture, fixtures and equipment	140,894	130,127
Investment property	6,762,157	6,496,339
Accumulated depreciation	(1,188,332)	(1,026,858)
Investment property, net (including $50,655 and $88,987 for consolidated variable interest entities at September 30, 2017 and December 31, 2016; see Note 6)	5,573,825	5,469,481
Cash and cash equivalents	137,448	8,164
Inventory of manufactured homes	25,741	21,632
Notes and other receivables, net	145,760	81,179
Collateralized receivables, net	134,015	143,870
Other assets, net (including $1,638 and $3,054 for consolidated variable interest entities at September 30, 2017 and December 31, 2016; see Note 6)	141,047	146,450
TOTAL ASSETS	6,157,836	5,870,776
LIABILITIES
Mortgage loans payable (including $42,177 and $62,111 for consolidated variable interest entities at September 30, 2017 and December 31, 2016; see Note 6)	2,822,640	2,819,567
Preferred OP units - mandatorily redeemable	45,903
Lines of credit		100,095
Distributions payable	56,520	51,896
Other liabilities (including $1,258 and $1,998 for consolidated variable interest entities at September 30, 2017 and December 31, 2016; see Note 6)	291,074	279,667
TOTAL LIABILITIES	3,351,021	3,441,605
Commitments and contingencies
STOCKHOLDERS' EQUITY
Series A preferred stock, $0.01 par value. Issued and outstanding: 3,400 shares at September 30, 2017 and December 31, 2016	34	34
Common stock, $0.01 par value. Authorized: 180,000 shares; Issued and outstanding: 79,341 shares at September 30, 2017 and 73,206 shares at December 31, 2016	793	732
Additional paid-in capital	3,810,930	3,321,441
Accumulated other comprehensive income (loss)	1,531	(3,181)
Distributions in excess of accumulated earnings	(1,117,228)	(1,023,415)
Total Sun Communities, Inc. stockholders’ equity	2,696,060	2,295,611
Noncontrolling interests:
Common and preferred OP units	63,668	69,598
Consolidated variable interest entities	3,841	(2,982)
Total noncontrolling interests	67,509	66,616
TOTAL STOCKHOLDERS’ EQUITY	2,763,569	2,362,227
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	6,157,836	5,870,776
Series A-4 Preferred Stock
LIABILITIES
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount	32,414	50,227
Series A-4 preferred OP units
LIABILITIES
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount	$ 10,832	$ 16,717

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Investment property, net	$ 5,573,825	$ 5,469,481
Other assets	141,047	146,450
Secured debt	2,822,640	2,819,567
Other liabilities	$ 291,074	$ 279,667
Series A Preferred Stock, Par Value	$ 0.01	$ 0.01
Series A Preferred Stock, Shares Issued	3,400	3,400
Series A Preferred Stock, Shares Outstanding	3,400	3,400
Common Stock, Par Value	$ 0.01	$ 0.01
Common Stock, Shares Authorized	180,000	180,000
Common Stock, Shares Issued	79,341	73,206
Common Stock, Shares Outstanding	79,341	73,206
Series A-4 Preferred Stock
Series A-4 Preferred Stock, Par Value	$ 0.01	$ 0.01
Series A-4 Preferred Stock, Shares Issued	1,085	1,681
Series A-4 Preferred Stock, Shares Outstanding	1,085	1,681
Variable Interest Entity, Primary Beneficiary [Member]
Investment property, net	$ 50,655	$ 88,987
Other assets	1,638	3,054
Secured debt	42,177	62,111
Other liabilities	$ 1,258	$ 1,998

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
REVENUES
Income from real property	$ 198,263	$ 184,324	$ 560,778	$ 453,560
Revenue from home sales	33,197	31,211	91,319	81,987
Rental home revenue	12,757	12,031	37,774	35,696
Ancillary revenues	17,017	16,446	32,086	28,442
Interest	5,920	4,705	15,609	13,322
Brokerage commissions and other revenues, net	1,091	984	2,978	2,137
Total revenues	268,245	249,701	740,544	615,144
EXPENSES
Property operating and maintenance	59,249	57,089	159,861	125,357
Real estate taxes	13,053	12,384	39,322	32,122
Cost of home sales	25,094	21,935	67,999	58,803
Rental home operating and maintenance	6,775	6,350	16,821	17,637
Ancillary expenses	9,993	9,449	21,719	18,697
Home selling expenses	3,290	2,643	9,391	7,240
General and administrative	18,267	16,575	56,188	46,910
Transaction costs	2,167	4,191	6,990	27,891
Depreciation and amortization	64,232	61,483	189,719	159,565
Extinguishment of debt	0	0	759	0
Interest	32,085	33,800	95,765	88,522
Interest on mandatorily redeemable preferred OP units	790	789	2,361	2,363
Total expenses	234,995	226,688	666,895	585,107
Income before other items	33,250	23,013	73,649	30,037
Catastrophic weather related charges	(7,756)	0	(8,124)	0
Other income, net	3,345	0	5,340	0
Current tax benefit / (expense)	38		(133)
Current State and Local Tax Expense (Benefit)	(100)	283	100	567
Deferred tax benefit	81	0	745	0
Income from affiliate transactions	0	500	0	500
Net income	28,958	23,230	71,477	29,970
Less: Preferred return to preferred OP units	(1,112)	(1,257)	(3,482)	(3,793)
Less: Amounts attributable to noncontrolling interests	(1,776)	(879)	(4,179)	(460)
Net income attributable to Sun Communities, Inc.	26,070	21,094	63,816	25,717
Less: Preferred stock distributions	(1,955)	(2,197)	(6,233)	(6,748)
Net income attributable to Sun Communities, Inc. common stockholders	$ 24,115	$ 18,897	$ 57,583	$ 18,969
Weighted average common shares outstanding:
Basic	78,369	68,655	75,234	63,716
Diluted	78,808	69,069	75,846	64,146
Earnings per share:
Basic	$ 0.31	$ 0.27	$ 0.76	$ 0.30
Diluted	$ 0.31	$ 0.27	$ 0.76	$ 0.30

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 28,958	$ 23,230	$ 71,477	$ 29,970
Foreign currency translation adjustment	2,648	(5,227)	4,977	(5,226)
Total comprehensive income	31,606	18,003	76,454	24,744
Less: Comprehensive income attributable to noncontrolling interests	1,912	553	4,444	110
Comprehensive income attributable to Sun Communities, Inc.	$ 29,694	$ 17,450	$ 72,010	$ 24,634

Consolidated Statement Of Stockholders' Equity - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Income / (Loss)	Noncontrolling Interests	Series A Preferred Stock	Series A-4 Preferred Stock	Series A-4 Preferred Stock Additional Paid-in Capital	Series A-4 preferred OP units	Series A-4 preferred OP units Additional Paid-in Capital
Balance at Dec. 31, 2016	$ 2,362,227	$ 732	$ 3,321,441	$ (1,023,415)	$ (3,181)	$ 66,616	$ 34
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock and common OP units, net	486,559	59	484,499			2,001
Conversion of OP units	233	1	3,240			(3,008)
Conversion of Series A-4 preferred stock	4,720	1	4,719
Adjustments to Additional Paid in Capital, Redemption of Stock								$ (3,867)	$ (3,867)	$ (2,571)	$ (2,571)
Share-based compensation - amortization and forfeitures	9,893		9,670	223
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	(100)		(6,201)			6,101
Foreign currency exchange	4,977				4,712	265
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest and Returns from Preferred Stock	71,289			67,298		3,991
Distributions	(169,791)			(161,334)		(8,457)
Balance at Sep. 30, 2017	$ 2,763,569	$ 793	$ 3,810,930	$ (1,117,228)	$ 1,531	$ 67,509	$ 34

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
OPERATING ACTIVITIES:
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 223,348	$ 190,279
INVESTING ACTIVITIES:
Investment in properties	(203,233)	(159,923)
Acquisitions of properties, net of cash acquired	(70,328)	(1,473,368)
Proceeds from affiliate transactions	0	500
Proceeds from dispositions of assets and depreciated homes, net	6,592	3,755
Proceeds from disposition of properties	0	88,696
Issuance of notes and other receivables	(2,480)	(1,411)
Repayments of notes and other receivables	1,764	852
NET CASH USED FOR INVESTING ACTIVITIES	(267,685)	(1,540,899)
FINANCING ACTIVITIES:
Issuance and associated costs of common stock, OP units, and preferred OP units, net	457,638	748,959
Net proceeds from stock option exercise	0	149
Borrowings on lines of credit	575,351	474,738
Payments on lines of credit	(675,695)	(441,738)
Proceeds from issuance of other debt	85,081	900,781
Payments on other debt	(72,024)	(141,490)
Prepayment penalty on debt	(759)	0
Redemption of Series A-4 preferred stock and OP units	(24,698)		$ 0
Distributions to stockholders, OP unit holders, and preferred OP unit holders	(165,937)	(141,018)
Payments for deferred financing costs	(5,589)	(24,911)
NET CASH PROVIDED BY FINANCING ACTIVITIES	173,368	1,375,470
Effect of exchange rate changes on cash and cash equivalents	253	(107)
Net change in cash and cash equivalents	129,284	24,743
Cash and cash equivalents, beginning of period	8,164	45,086	45,086
Cash and cash equivalents, end of period	137,448	69,829	8,164
SUPPLEMENTAL INFORMATION:
Cash paid for interest (net of capitalized interest of $1,981 and $378 respectively)	92,362	91,346
Cash paid for interest on mandatorily redeemable debt	2,361	2,363
Cash (refunds) paid for income taxes	(53)	612
Noncash investing and financing activities:
Reduction in secured borrowing balance	17,674	14,718
Change in distributions declared and outstanding	4,527	9,527
Conversion of common and preferred OP units	3,240	2,033
Conversion of Series A-4 Preferred Stock	4,720	11,503
Noncash investing and financing activities at the date of acquisition:
Acquisitions - Common stock and OP units issued	28,410	225,000
Acquisitions - debt assumed	4,592		$ 0
Acquisitions - receivable due from seller	5,000	0
Acquisitions - contingent consideration liability	$ 0	$ 9,830

Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Statement of Cash Flows [Abstract]
Capitalized interest	$ 1,981	$ 378

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Sun Communities, Inc., a Maryland corporation, and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership (the “Operating Partnership”) and Sun Home Services, Inc. (“SHS”) are referred to herein as the “Company,” “us,” “we,” and “our.” We follow accounting standards set by the Financial Accounting Standards Board (“FASB”). FASB sets generally accepted accounting principles (“GAAP”), which we follow to ensure that we consistently report our financial condition, results of operations, and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification (“ASC”). These unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information and in accordance with GAAP. Pursuant to the SEC rules and regulations we present interim disclosures and certain information and footnote disclosures as required. Accordingly, the unaudited Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying unaudited Consolidated Financial Statements reflect, in the opinion of management, all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of the interim financial statements. All intercompany transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period financial statements in order to conform to current period presentation. The results of operations for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2016 as filed with the SEC on February 23, 2017 (the “2016 Annual Report”). These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our 2016 Annual Report.

Real Estate Acquisitions

9 Months Ended

Sep. 30, 2017

Business Combinations [Abstract]

Real Estate Acquisitions

2017 Acquisitions

In September 2017, we acquired three age-restricted manufactured home (“MH”) communities: Lazy J Ranch, with 220 sites in Arcata, California; Ocean West, with 130 sites in McKinleyville, California; and Caliente Sands, with 118 sites in Cathedral City, California.

In July 2017, we acquired Pismo Dunes RV Resort (“Pismo Dunes”), an age-restricted recreational vehicle (“RV”) community with 331 sites located in Pismo Beach, California.

In June 2017, we acquired Arbor Woods (“Arbor Woods”), a MH community with 458 sites located in Superior Township, Michigan.

In May 2017, we acquired Sunset Lakes RV Resort (“Sunset Lakes”), a RV resort with 498 sites located in Hillsdale, Illinois.

In March 2017, we acquired Far Horizons 49er Village RV Resort Inc. (“49er Village”), a RV resort with 328 sites located in Plymouth, California.

The following table summarizes the amounts of assets acquired net of liabilities assumed at the acquisition date and the consideration paid for the acquisitions completed in 2017 (in thousands):



At Acquisition Date	Lazy J Ranch ⁽¹⁾		Ocean West ⁽¹⁾		Caliente Sands ⁽¹⁾		Pismo Dunes ⁽¹⁾			Arbor Woods ⁽¹⁾		Sunset Lakes ⁽¹⁾		49er Village ⁽¹⁾		Total
Investment in property	$	14,300	$	9,673	$	8,850	$	21,260		$	15,725	$	7,835	$	12,890	$	90,533
Notes receivable	—		—		—		—			23		—		—		23
Inventory of manufactured homes	—		—		21		—			465		—		—		486
In-place leases	—		—		—		660			730		210		110		1,710
Total identifiable assets acquired net of liabilities assumed	$	14,300	$	9,673	$	8,871	$	21,920		$	16,943	$	8,045	$	13,000	$	92,752


Consideration
Cash	$	14,300	$	5,081	$	8,871	$	—		$	14,943	$	8,045	$	13,000	64,240
Equity	—		—		—		26,410			2,000		—		—		28,410
Liabilities assumed	—		4,592		—		510			—		—		—		5,102
Receivable due from seller	—		—		—		(5,000		)	—		—		—		(5,000		)
Total consideration	$	14,300	$	9,673	$	8,871	$	21,920		$	16,943	$	8,045	$	13,000	$	92,752

⁽¹⁾ The purchase price allocations for Lazy J Ranch, Ocean West, Caliente Sands, Pismo Dunes, Arbor Woods, Sunset Lakes, and 49er Village are preliminary and may be adjusted as final costs and valuations are determined.

The amount of total revenues and net income included in the Consolidated Statements of Operations for the three and nine months ended September 30, 2017 related to the acquisitions completed in 2017 are set forth in the following table (in thousands):



	Three Months Ended September 30, 2017		Nine Months Ended September 30, 2017
	(unaudited)		(unaudited)
Total revenues	$	3,178	$	4,493
Net income	$	935	$	1,418

The following unaudited pro forma financial information presents the results of our operations for the three and nine months ended September 30, 2017 and 2016, as if the properties acquired in 2017 had been acquired on January 1, 2016. The unaudited pro forma results reflect certain adjustments for items that are not expected to have a continuing impact, such as adjustments for transaction costs incurred, management fees, and purchase accounting.

The information presented below has been prepared for comparative purposes only and does not purport to be indicative of either future results of operations or the results of operations that would have actually occurred had the acquisitions been consummated on January 1, 2016 (in thousands, except per-share data):



	Three Months Ended September 30,				Nine Months Ended September 30,
	(unaudited)				(unaudited)
	2017		2016		2017		2016
Total revenues	$	272,214	$	255,580	$	746,299	$	623,840
Net income attributable to Sun Communities, Inc. common stockholders	$	25,337	$	20,660	$	59,176	$	21,246
Net income per share attributable to Sun Communities, Inc. common stockholders - basic	$	0.32	$	0.30	$	0.79	$	0.33
Net income per share attributable to Sun Communities, Inc. common stockholders - diluted	$	0.32	$	0.30	$	0.78	$	0.33

Additionally, during the three months ended June 30, 2017, we acquired Carolina Pines RV Resort, an undeveloped parcel of land (“Carolina Pines” formerly known as Bear Lake), near Myrtle Beach, South Carolina, for $5.9 million. This land parcel has been entitled and zoned to build a 775 site RV resort.

Transaction costs of $2.2 million and $4.2 million have been incurred for the three months ended September 30, 2017 and 2016, respectively. For the nine months ended September 30, 2017 and 2016, transactions costs were $7.0 million and $27.9 million, respectively. These costs are presented as “Transaction costs” in our Consolidated Statements of Operations.

2016 Acquisitions

In June 2016, we acquired all of the issued and outstanding shares of common stock of Carefree Communities Inc. (“Carefree”) through the Operating Partnership for an aggregate purchase price of $1.68 billion. Carefree owned 103 MH and RV communities, comprising over 27,000 sites.

At the closing, we issued 3,329,880 shares of common stock at $67.57 per share (or $225.0 million in common stock) to the seller and the Operating Partnership paid the balance of the purchase price in cash. Approximately $1.0 billion of the cash payment was applied simultaneously to repay debt on the properties owned by Carefree. The Operating Partnership funded the cash portion of the purchase price in part with proceeds from debt financings as described in Note 7, “Debt and Lines of Credit” and net proceeds of $385.4 million from an underwritten public offering of 6,037,500 shares of common stock at a price of $66.50 per share in March 2016.

We have allocated the “investment in property” balances for Carefree to the respective balance sheet line items upon completion of a purchase price allocation in accordance with the FASB ASC Topic 805 - Business Combinations, as set forth in the table below (in thousands):



At Acquisition Date	Carefree
Investment in property	$	1,670,981
Ground leases	33,270
In-place leases	35,010
Deferred tax liability	(23,637		)
Other liabilities	(15,665		)
Inventory of manufactured homes	13,521
Below market lease	(29,340		)
Total identifiable assets acquired and liabilities assumed	$	1,684,140

Consideration
Cash and equity	$	1,684,140

Additionally, during 2016, we acquired seven RV resorts and one MH community for total consideration of $89.7 million. We added 1,677 sites in six states as a result of these acquisitions.

The amount of revenue and net income included in the Consolidated Statements of Operations for the three and nine months ended September 30, 2017 related to the Carefree acquisition and other acquisitions completed during 2016 is set forth in the following table (in thousands):



	Three Months Ended September 30, 2017		Nine Months Ended September 30, 2017
	(unaudited)		(unaudited)
Revenue	$	55,034	$	156,021
Net income	$	3,987	$	17,013

Collateralized Receivables and Transfers of Financial Assets

9 Months Ended

Sep. 30, 2017

Transfers and Servicing [Abstract]

Transfers Of Financial Assets

Transfers of Financial Assets

We previously completed various transactions with an unrelated entity involving our notes receivable under which we received cash proceeds in exchange for relinquishing our right, title, and interest in certain notes receivable. We have no further obligations or rights with respect to the control, management, administration, servicing, or collection of the installment notes receivable. However, we are subject to certain recourse provisions requiring us to purchase the underlying homes collateralizing such notes, in the event of a note default and subsequent repossession of the home by the unrelated entity. The recourse provisions are considered to be a form of continuing involvement, and therefore these transferred loans did not meet the requirements for sale accounting. We continue to recognize these transferred loans on our balance sheet and refer to them as collateralized receivables. The proceeds from the transfer have been recognized as a secured borrowing.

In the event of a note default and subsequent repossession of a manufactured home by the unrelated entity, the terms of the agreement require us to repurchase the manufactured home. Default is defined as the failure to repay the installment note receivable according to contractual terms. The repurchase price is calculated as a percentage of the outstanding principal balance of the collateralized receivable, plus any outstanding late fees, accrued interest, legal fees, and escrow advances associated with the installment note receivable. The percentage used to determine the repurchase price of the outstanding principal balance on the installment note receivable is based on the number of payments made on the note. In general, the repurchase price is determined as follows:



Number of Payments	Repurchase Percentage
Fewer than or equal to 15	100	%
Greater than 15 but fewer than 64	90	%
Equal to or greater than 64 but fewer than 120	65	%
120 or more	50	%

The transferred assets have been classified as “Collateralized receivables, net” and the cash proceeds received from these transactions have been classified as “Secured borrowings on collateralized receivables” within the Consolidated Balance Sheets. The balance of the collateralized receivables was $134.0 million (net of allowance of $0.9 million) and $143.9 million (net of allowance of $0.6 million) as of September 30, 2017 and December 31, 2016, respectively. The receivables have a weighted average interest rate and maturity of 10.0 percent and 15.5 years as of September 30, 2017, and 10.0 percent and 15.7 years as of December 31, 2016.

The outstanding balance on the secured borrowing was $134.9 million and $144.5 million as of September 30, 2017 and December 31, 2016, respectively.

The collateralized receivables earn interest income, and the secured borrowings accrue interest expense at the same interest rates. The amount of interest income and expense recognized was $3.3 million and $3.5 million for the three months ended September 30, 2017 and 2016, respectively, and $9.9 million and $10.3 million for the nine months ended September 30, 2017 and 2016, respectively.

The balances of the collateralized receivables and secured borrowings fluctuate. The balances increase as additional notes receivable are transferred and exchanged for cash proceeds. The balances are reduced as the related collateralized receivables are collected from the customers, or as the underlying collateral is repurchased. The change in the aggregate gross principal balance of the collateralized receivables is as follows (in thousands):



	Nine Months Ended
	September 30, 2017
Beginning balance	$	144,477
Financed sales of manufactured homes	8,081
Principal payments and payoffs from our customers	(9,233		)
Principal reduction from repurchased homes	(8,441		)
Total activity	(9,593		)
Ending balance	$	134,884

The following table sets forth the allowance for the collateralized receivables as of September 30, 2017 (in thousands):



	Nine Months Ended
	September 30, 2017
Beginning balance	$	(607	)
Lower of cost or market write-downs	699
Increase to reserve balance	(961		)
Total activity	(262		)
Ending balance	$	(869	)

Notes And Other Receivables

9 Months Ended

Sep. 30, 2017

Long-term Notes and Loans, by Type, Current and Noncurrent [Abstract]

Notes And Other Receivables

Notes and Other Receivables

The following table sets forth certain information regarding notes and other receivables (in thousands):



	September 30, 2017		December 31, 2016
Installment notes receivable on manufactured homes, net	$	97,990	$	59,320
Other receivables, net	47,770		21,859
Total notes and other receivables, net	$	145,760	$	81,179

Installment Notes Receivable on Manufactured Homes

The installment notes of $98.0 million (net of allowance of $0.2 million) and $59.3 million (net of allowance of $0.2 million) as of September 30, 2017 and December 31, 2016, respectively, are collateralized by manufactured homes. The notes represent financing provided by us to purchasers of manufactured homes primarily located in our communities and require monthly principal and interest payments. The notes have a net weighted average interest rate (net of servicing costs) and maturity of 8.2 percent and 17.0 years as of September 30, 2017, and 8.3 percent and 16.0 years as of December 31, 2016.

The change in the aggregate gross principal balance of the installment notes receivable is as follows (in thousands):



	Nine Months Ended
	September 30, 2017
Beginning balance	$	59,525
Financed sales of manufactured homes	44,711
Acquired notes	23
Principal payments and payoffs from our customers	(4,465		)
Principal reduction from repossessed homes	(1,593		)
Total activity	38,676
Ending balance	$	98,201

Allowance for Losses for Installment Notes Receivable

The following table sets forth the allowance change for the installment notes receivable as follows (in thousands):



	Nine Months Ended
	September 30, 2017
Beginning balance	$	(205	)
Lower of cost or market write-downs	97
Increase to reserve balance	(103		)
Total activity	(6		)
Ending balance	$	(211	)

Other Receivables

As of September 30, 2017, other receivables were comprised of amounts due from: residents for rent, and water and sewer usage of $7.2 million (net of allowance of $1.4 million); home sale proceeds of $13.1 million; insurance receivables of $19.1 million; $5.0 million due from the sellers of Pismo Dunes (refer to Note 2, “Real Estate Acquisitions” for additional information); and other receivables of $3.4 million. As of December 31, 2016, other receivables were comprised of amounts due from: residents for rent, and water and sewer usage of $6.0 million (net of allowance of $1.5 million); home sale proceeds of $11.6 million; insurance receivables of $2.3 million; and other receivables of $2.0 million.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Intangible Assets

9 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Disclosure [Text Block]

Intangible Assets

Our intangible assets include ground leases, in-place leases, franchise fees and other intangible assets from acquisitions. These intangible assets are recorded in “Other assets, net” on the Consolidated Balance Sheets.

The gross carrying amounts, and accumulated amortization are as follows (in thousands):



		September 30, 2017					December 31, 2016
Intangible Asset	Useful Life	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Ground leases	8-57 years	$	33,270	$	(1,371	)	$	33,270	$	(600	)
In-place leases	7 years	99,954		(42,090		)	98,235		(31,796		)
Franchise fees and other intangible assets	15 years	1,880		(1,432		)	1,880		(1,155		)
Total		$	135,104	$	(44,893	)	$	133,385	$	(33,551	)

Total amortization expenses related to the intangible assets are as follows (in thousands):



	Three Months Ended September 30,				Nine Months Ended September 30,
Intangible Asset	2017		2016		2017		2016
Ground leases	$	257	$	368	$	771	$	368
In-place leases	3,478		3,824		10,322		8,142
Franchise fees and other intangible assets	19		129		277		387
Total	$	3,754	$	4,321	$	11,370	$	8,897

We anticipate amortization expense for our intangible assets to be as follows for the next five years (in thousands):



	Year
	Remainder of 2017		2018		2019		2020		2021
Estimated expense	$	3,819	$	14,514	$	13,598	$	11,870	$	11,478

Consolidated Variable Interest Entities

9 Months Ended

Sep. 30, 2017

DisclosureofVariableInterestEntities [Abstract]

Consolidated Variable Interest Entities

We consolidate Rudgate Village SPE, LLC; Rudgate Clinton SPE, LLC; and Rudgate Clinton Estates SPE, LLC (collectively, “Rudgate”) as a variable interest entity (“VIE”). We evaluated our arrangement with this property under the guidance set forth in FASB ASC Topic 810 “Consolidation.” We concluded that Rudgate qualified as a VIE where we are the primary beneficiary, as we have power to direct the significant activities, absorb the significant losses and receive the significant benefits from the entity.

During the three months ended June 30, 2017, we acquired the noncontrolling equity interests in Wildwood Mobile Home Park (“Wildwood”) held by third parties for total consideration of $0.1 million. Prior to this acquisition, we consolidated Wildwood as a VIE. The acquisition resulted in the Company owning a 100.0 percent controlling interest in Wildwood, and was deemed a VIE reconsideration event. We concluded that Wildwood was no longer a VIE.

The following table summarizes the assets and liabilities included in our Consolidated Balance Sheets after eliminations (in thousands):



	September 30, 2017		December 31, 2016
ASSETS
Investment property, net	$	50,655	$	88,987
Other assets	1,638		3,054
Total Assets	$	52,293	$	92,041

LIABILITIES AND STOCKHOLDERS’ EQUITY
Debt	$	42,177	$	62,111
Other liabilities	1,258		1,998
Noncontrolling interests	3,841		(2,982		)
Total Liabilities and Stockholders’ Equity	$	47,276	$	61,127

Investment property, net and other assets related to the consolidated VIEs comprised approximately 0.8 percent and 1.6 percent of our consolidated total assets at September 30, 2017 and December 31, 2016, respectively. Debt and other liabilities comprised approximately 1.3 percent and 1.9 percent of our consolidated total liabilities at September 30, 2017 and December 31, 2016, respectively. Noncontrolling interests related to the consolidated VIEs comprised less than 1.0 percent of our consolidated total stockholder’s equity at September 30, 2017 and less than 1.0 percent at December 31, 2016.

Debt And Lines Of Credit

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Debt and Lines of Credit

The following table sets forth certain information regarding debt including premiums, discounts and deferred financing costs (in thousands):



	Carrying Amount				Weighted Average Years to Maturity		Weighted Average Interest Rates
	September 30, 2017		December 31, 2016		September 30, 2017	December 31, 2016	September 30, 2017		December 31, 2016
Collateralized term loans - FNMA	$	1,032,621	$	1,046,803	5.8	6.6	4.4	%	4.3	%
Collateralized term loans - Life Companies	949,970		888,705		12.5	12.2	3.9	%	3.9	%
Collateralized term loans - CMBS	452,311		492,294		5.2	5.6	5.1	%	5.2	%
Collateralized term loans - FMCC	387,738		391,765		7.1	7.9	3.9	%	3.9	%
Secured borrowings	134,884		144,477		15.5	15.7	10.0	%	10.0	%
Lines of credit	—		100,095		0.0	3.6	—	%	2.1	%
Preferred OP units - mandatorily redeemable	45,903		45,903		4.8	5.4	6.9	%	6.9	%
Total debt	$	3,003,427	$	3,110,042	8.4	8.5	4.6	%	4.5	%

Collateralized Term Loans

In September 2017, in connection with the Ocean West acquisition, we assumed a $4.6 million collateralized term loan with Fannie Mae, with an interest rate of 4.34 percent and a remaining term of 9.8 years.

In June 2017, we entered into a $77.0 million collateralized term loan which bears interest at a rate of 4.16 percent amortizing over a 25 term. We also repaid a $3.9 million collateralized term loan with an interest rate of 6.54 percent that was due to mature on August 31, 2017. As a result of the repayment transaction, we recognized a loss on extinguishment of debt of $0.3 million in our Consolidated Statements of Operations.

During the first quarter of 2017, we defeased an $18.9 million collateralized term loan with an interest rate of 6.49 percent that was due to mature on August 1, 2017, releasing one encumbered community. As a result of the transaction, we recognized a loss on extinguishment of debt of $0.5 million in our Consolidated Statements of Operations. In addition, we repaid a $10.0 million collateralized term loan with an interest rate of 5.57 percent that was due to mature on May 1, 2017, releasing an additional encumbered community.

During the fourth quarter of 2016, we repaid a total of $79.1 million aggregate principal of collateralized term loans that were due to mature during 2017, releasing 10 encumbered communities. Also in the fourth quarter of 2016, we entered into a promissory note for $58.5 million that bears interest at a rate of 3.33 percent and has a seven-year term. The repayment of the note is interest only for the entire term.

In September 2016, 15 subsidiaries of the Operating Partnership each entered into a promissory note for total borrowings of $139.0 million with PNC Bank, as lender (the “Freddie Mac Financing”). Five of the notes totaling $70.2 million bear interest at a rate of 3.93 percent and have ten-year terms. The remaining ten notes totaling $68.8 million bear interest at a rate of 3.75 percent and have seven-year terms. The Freddie Mac Financing provides for principal and interest payments to be amortized over 30 years.

Proceeds from the Freddie Mac Financing described above and the underwritten registered public equity offering in September 2016 described in Note 8, “Equity and Mezzanine Securities,” were utilized to repay $62.1 million in mortgage loans and $300.0 million on our revolving loan under our senior revolving credit facility (refer to Lines of Credit below for additional information regarding the A&R Facility).

In June 2016, 17 subsidiaries of the Operating Partnership entered into a Master Credit Facility Agreement with Regions Bank, as lender. Pursuant to credit agreement, Regions Bank loaned a total of $338.0 million under a senior secured credit facility, comprised of two ten-year term loans in the amount of $300.0 million and $38.0 million, respectively (collectively the “Fannie Mae Financing”). The $300.0 million term loan bears interest at 3.69 percent and the $38.0 million term loan bears interest at 3.67 percent for a blended rate of 3.69 percent. The Fannie Mae Financing provides for principal and interest payments to be amortized over 30 years.

The Fannie Mae Financing is secured by mortgages encumbering 17 MH communities comprised of real and personal property owned by the borrowers. Additionally, the Company and the Operating Partnership have provided a guaranty of the non-recourse carve-out obligations of the borrowers under the Fannie Mae Financing.

Additionally, in June 2016, three subsidiaries of the Operating Partnership entered into mortgage loan documents (the “NML Loan Documents”) with The Northwestern Mutual Life Insurance Company (“NML”). Pursuant to the NML Loan Documents, NML made three portfolio loans to the subsidiary borrowers in the aggregate amount of $405.0 million. NML loaned $162.0 million under a ten-year term loan to two of the subsidiary borrowers (the “Portfolio A Loan”). The Portfolio A Loan bears interest at 3.53 percent and is secured by deeds of trust encumbering seven MH communities and one RV community. NML also loaned $163.0 million under a 12-year term loan (the “Portfolio B Loan”) to one subsidiary which is also a borrower under the Portfolio A Loan. The Portfolio B Loan bears interest at 3.71 percent and is secured by deeds of trust and a ground lease encumbering eight MH communities. NML also loaned $80.0 million under a 12-year term loan (the “Portfolio C Loan” and, collectively, with the Portfolio A Loan and the Portfolio B Loan, the “NML Financing”) to one subsidiary borrower. The Portfolio C Loan bears interest at 3.71 percent and is secured by a mortgage encumbering one RV community. The MH and RV communities noted above that secure the NML Financing were acquired as part of the Carefree transaction.

The NML Financing is generally non-recourse, however, the borrowers under the NML Financing and the Operating Partnership are responsible for certain customary non-recourse carveouts. In addition, the NML Financing will be fully recourse to the subsidiary borrowers and the Operating Partnership if: (a) the borrowers violate the prohibition on transfer covenants set forth in the loan documents; or (b) a voluntary bankruptcy proceedings is commenced by the borrowers or an involuntary bankruptcy, liquidation, receivership or similar proceeding has commenced against the borrowers and remains undismissed for a period of 90 days.

Proceeds from the Fannie Mae Financing and NML Financing were primarily used to fund the cash portion of the Carefree acquisition. Refer to Note 2, “Real Estate Acquisitions” for additional information.

The collateralized term loans totaling $2.8 billion as of September 30, 2017, are secured by 192 properties comprised of 76,078 sites representing approximately $3.4 billion of net book value.

Secured Borrowing

See Note 3, “Collateralized Receivables and Transfers of Financial Assets,” for information regarding our collateralized receivables and secured borrowing transactions.

Preferred OP Units

Included in preferred OP units is $34.7 million of Aspen preferred OP units issued by the Operating Partnership which, as of September 30, 2017, are convertible indirectly into 468,923 shares of our common stock. Subject to certain limitations, at any time prior to January 1, 2024, the holder of each Aspen preferred OP unit at its option may convert such Aspen preferred OP unit into: (a) if the market price of our common stock is $68.00 per share or less, 0.397 common OP units; or (b) if the market price of our common stock is greater than $68.00 per share, the number of common OP units is determined by dividing (i) the sum of (A) $27.00 plus (B) 25 percent of the amount by which the market price of our common stock exceeds $68.00 per share, by (ii) the per-share market price of our common stock. The current preferred distribution rate is 6.5 percent. On January 2, 2024, we are required to redeem all Aspen preferred OP units that have not been converted to common OP units.

Lines of Credit

In April 2017, we amended and restated our credit agreement (the “A&R Credit Agreement”) with Citibank, N.A. (“Citibank”) and certain other lenders. Pursuant to the A&R Credit Agreement, we have a senior revolving credit facility with Citibank and certain other lenders in the amount of $650.0 million, comprised of a $550.0 million revolving loan and a $100.0 million term loan (the “A&R Facility”). The A&R Credit Agreement has a four-year term ending April 25, 2021, which can be extended for two additional six-month periods at our option, subject to the satisfaction of certain conditions as defined in the credit agreement. The credit agreement also provides for, subject to the satisfaction of certain conditions, additional commitments in an amount not to exceed $350.0 million. If additional borrowings are made pursuant to any such additional commitments, the aggregate borrowing limit under the Facility may be increased up to $1.0 billion.

The A&R Facility bears interest at a floating rate based on the Eurodollar rate plus a margin that is determined based on our leverage ratio calculated in accordance with the credit agreement, which margin can range from 1.35 percent to 2.20 percent for the revolving loan and 1.30 percent to 2.15 percent for the term loan. As of September 30, 2017, the margin on our leverage ratio was 1.35 percent and 1.30 percent on the revolving and term loans, respectively. We had no borrowings on the revolving loan or term loan as of September 30, 2017. We may borrow up to $100.0 million on the term loan on or before June 1, 2018.

The A&R Facility replaced our $450.0 million credit facility (the “Previous Facility”), which was scheduled to mature on August 19, 2019. At December 31, 2016, under the Previous Facility, we had $42.3 million in borrowings on the revolving loan and $58.0 million in borrowings on the term loan totaling $100.3 million with a weighted average interest rate of 2.14 percent.

The A&R Facility provides, and the Previous Facility provided, us with the ability to issue letters of credit. Our issuance of letters of credit does not increase our borrowings outstanding under our line of credit, but does reduce the borrowing amount available. At September 30, 2017 and December 31, 2016, approximately $3.8 million and $4.6 million, respectively, of availability was used to back standby letters of credit.

We have a $12.0 million manufactured home floor plan facility renewable indefinitely until our lender provides us at least a twelve month notice of their intent to terminate the agreement. The interest rate is 100 basis points over the greater of the prime rate as quoted in the Wall Street Journal on the first business day of each month or 6.0 percent. At September 30, 2017, the effective interest rate was 7.0 percent. The outstanding balance was zero as of September 30, 2017 and $2.8 million as of December 31, 2016.

Covenants

Pursuant to the terms of the A&R Facility, we are subject to various financial and other covenants. The most restrictive of our debt agreements place limitations on secured borrowings and contain minimum fixed charge coverage, leverage, distribution, and net worth requirements. At September 30, 2017, we were in compliance with all covenants.

In addition, certain of our subsidiary borrowers own properties that secure loans. These subsidiaries are consolidated within our accompanying Consolidated Financial Statements, however, each of these subsidiaries’ assets and credit are not available to satisfy the debts and other obligations of the Company, any of its other subsidiaries or any other person or entity.

Equity and Mezzanine Securities

9 Months Ended

Sep. 30, 2017

Equity [Abstract]

Equity and Mezzanine Securities

Public Equity Offerings

In May 2017, we closed an underwritten registered public offering of 4,830,000 shares of common stock at a gross price of $86.00 per share. Proceeds from the offering were $408.9 million after deducting expenses related to the offering. We utilized proceeds from the offering to fully repay borrowings outstanding on our senior revolving credit facility, redeem certain preferred securities, and fund acquisition activities. We intend to utilize the remaining proceeds to fund possible future acquisitions, redeem preferred stock and for working capital and general corporate purposes.

In September 2016, we closed an underwritten registered public offering of 3,737,500 shares of common stock at a gross price of $76.50 per share. Proceeds from the offering were $283.6 million after deducting expenses related to the offering, which were used to repay borrowings outstanding on the revolving loan under our senior revolving credit facility.

In June 2016, at the closing of the Carefree acquisition, we issued the seller 3,329,880 shares of our common stock at an issuance price of $67.57 per share or $225.0 million in common stock.

In March 2016, we closed an underwritten registered public offering of 6,037,500 shares of common stock at a price of $66.50 per share. Net proceeds from the offering of $385.4 million after deducting discounts and expenses related to the offering, were used to fund a portion of the purchase price for Carefree.

At the Market Offering Sales Agreement

In July 2017, we entered into a new at the market offering sales agreement (the “Sales Agreement”) with BMO Capital Markets Corp., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Robert W. Baird & Co. Incorporated, Fifth Third Securities, Inc., RBC Capital Markets, LLC, BTIG, LLC, Jefferies LLC, Credit Suisse Securities (USA) LLC and Samuel A. Ramirez & Company, Inc. (each, a “Sales Agent;” collectively, the “Sales Agents”), whereby we may offer and sell shares of our common stock, having an aggregate offering price of up to $450.0 million, from time to time through the Sales Agents. The Sales Agents are entitled to compensation in an agreed amount not to exceed 2.0 percent of the gross price per share for any shares sold from time to time under the Sales Agreement.

Concurrent with entry into the Sales Agreement, our prior agreement dated June 17, 2015, with BMO Capital Markets Corp., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup Global Markets Inc., (the “Prior Agreement”) was terminated. The Prior Agreement had an aggregate offering price of up to $250.0 million. We did not incur any penalties in connection with termination of the Prior Agreement.

Issuances of common stock under the Prior Agreement during 2017 were as follows:



Quarter Ended	Common Stock Issued	Weighted Average Sales Price		Net Proceeds ($ millions)
June 30, 2017	400,000	$	85.01	$	33.6
March 31, 2017	280,502	$	76.47	$	21.2

Issuance of Common Stock and Common OP Units

In September 2017, we issued 298,900 shares of common stock totaling $26.4 million in connection with the acquisition of Pismo Dunes.

In June 2017, we issued a total of 23,311 common OP units for total consideration of $2.0 million in connection with acquisition activity.

Conversions

Subject to certain limitations, holders can convert certain series of stock and OP units to shares of our common stock at any time. Conversions during the nine month periods ended September 30, 2017 and 2016 were as follows:



		Nine Months Ended September 30, 2017		Nine Months Ended September 30, 2016
Series	Conversion Rate	Units/Shares Converted	Common Stock	Units/Shares Converted	Common Stock
Common OP unit	1	25,238	25,238	24,896	24,896
Series A-1 preferred OP unit	2.439	18,319	44,676	11,490	28,021
Series A-4 preferred OP unit	0.4444	9,000	3,996	12,389	5,505
Series A-4 preferred stock	0.4444	158,036	70,238	385,242	171,218
Series C preferred OP unit	1.11	16,806	18,651	7,000	7,768

Dividends

Dividend distributions for the quarter ended September 30, 2017 were as follows:



Dividend	Record Date	Payment Date	Distribution per Share		Total Distribution (thousands)
Common Stock, Common OP units and Restricted Stock	9/29/2017	10/16/2017	$	0.67	$	55,006
Series A Preferred Stock	9/29/2017	10/16/2017	$	0.4453125	$	441
Series A-4 Preferred Stock	9/15/2017	10/2/2017	$	0.40625	$	1,514

Redemptions

If certain change of control transactions occur or if our common stock ceases to be listed or quoted on an exchange or quotation system, then at any time after November 26, 2019, we or the holders of shares of Series A-4 Preferred Stock and Series A-4 preferred OP units may cause all or any of those shares or units to be redeemed for cash at a redemption price equal to the sum of (i) the greater of (x) the amount that the redeemed shares of Series A-4 Preferred Stock and Series A-4 preferred OP units would have received in such transaction if they had been converted into shares of our common stock immediately prior to such transaction, or (y) $25.00 per share, plus (ii) any accrued and unpaid distributions thereon to, but not including, the redemption date.

In June 2017, we redeemed 438,448 shares of Series A-4 Cumulative Convertible Preferred Stock and 200,000 shares of Series A-4 preferred OP units from Green Courte Real Estate Partners III, LLC, GCP Fund III REIT LLC and GCP Fund III Ancillary Holding, LLC (collectively, the “Green Courte Entities”) for total consideration of $24.7 million. Accrued dividends totaling $0.2 million were also paid in connection with the redemptions. The Green Courte Entities and other affiliates were the sellers of the American Land Lease portfolio which we acquired in 2014 and 2015.

Repurchase Program

In November 2004, our Board of Directors authorized us to repurchase up to 1,000,000 shares of our common stock. We have 400,000 common shares remaining in the repurchase program. No common shares were repurchased under this buyback program during the nine months ended September 30, 2017 or 2016. There is no expiration date specified for the buyback program.

Share-Based Compensation

9 Months Ended

Sep. 30, 2017

Share-based Compensation [Abstract]

Share-Based Compensation

We have two share-based compensation plans; the Sun Communities, Inc. 2015 Equity Incentive Plan (“2015 Equity Incentive Plan”) and the First Amended and Restated 2004 Non-Employee Director Option Plan (“2004 Non-Employee Director Option Plan”). During the nine months ended September 30, 2017, shares were granted as follows:



Grant Period	Type	Plan	Shares Granted	Grant Date Fair Value Per Share			Vesting Type	Vesting Anniversary	Percentage

Q3 2017	Directors	2004 Non-Employee Director Option Plan	1,300	$	87.11	⁽¹⁾	Time Based	August 11, 2020	100.0	%

Q2 2017	Key Employees	2015 Equity Incentive Plan	2,500	$	84.18	⁽¹⁾	Time Based	April 24, 2019	35.0	%
								April 24, 2020	35.0	%
								April 24, 2021	20.0	%
								April 24, 2022	5.0	%
								April 24, 2023	5.0	%

Q1 2017	Executive Officers	2015 Equity Incentive Plan	100,000	$	79.30	⁽²⁾	Time Based	March 14, 2020	20.0	%
								March 14, 2021	30.0	%
								March 14, 2022	35.0	%
								March 14, 2023	10.0	%
								March 14, 2024	5.0	%

Q1 2017	Executive Officers	2015 Equity Incentive Plan	100,000	$	79.30	⁽²⁾	Market & Performance Conditions	Multiple tranches through March 2022

Q1 2017	Directors	2004 Non-Employee Director Option Plan	15,600	$	79.02	⁽¹⁾	Time Based	February 8, 2020	100.0	%

⁽¹⁾ The fair value of the grant was determined by using the closing price of our common stock on the date the shares were issued.

⁽²⁾ Share-based compensation for restricted stock awards with performance conditions is measured based on an estimate of shares expected to vest. We estimate the fair value of share-based compensation for restricted stock with market conditions using a Monte Carlo simulation.

During the nine months ended September 30, 2017 and 2016, 1,500 and 9,349 shares of common stock, respectively, were issued in connection with the exercise of stock options, and the net proceeds received during both periods were $0.1 million.

The vesting requirements for 186,771 restricted shares granted to our executives, directors and employees were satisfied during the nine months ended September 30, 2017.

Segment Reporting

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Segment Reporting

We group our operating segments into reportable segments that provide similar products and services. Each operating segment has discrete financial information evaluated regularly by our chief operating decision maker in evaluating and assessing performance. We have two reportable segments: (i) Real Property Operations and (ii) Home Sales and Rentals. The Real Property Operations segment owns, operates, develops, or has an interest in a portfolio of MH and RV communities, and is in the business of acquiring, operating, and expanding MH and RV communities. The Home Sales and Rentals segment offers MH and RV park model sales and leasing services to tenants and prospective tenants of our communities.

Transactions between our segments are eliminated in consolidation. Transient RV revenue is included in the Real Property Operations segment revenues and is expected to approximate $77.8 million annually. This transient RV revenue was recognized 27.2 percent, 20.2 percent, and 36.9 percent in the first, second, and third quarters, respectively, and is expected to be 15.7 percent in the fourth quarter. In 2016, transient revenue was $58.2 million. We recognized 17.5 percent in the first quarter, 18.7 percent in the second quarter, 45.2 percent in the third quarter, and 18.6 percent in the fourth quarter.

A presentation of segment financial information is summarized as follows (in thousands):



	Three Months Ended September 30, 2017									Three Months Ended September 30, 2016
	Real Property Operations			Home Sales and Rentals			Consolidated			Real Property Operations			Home Sales and Rentals			Consolidated
Revenues	$	215,280		$	45,954		$	261,234		$	200,770		$	43,242		$	244,012
Operating expenses/Cost of sales	82,295			31,869			114,164			78,922			28,285			107,207
Net operating income/Gross profit	132,985			14,085			147,070			121,848			14,957			136,805
Adjustments to arrive at net income / (loss):
Interest and other revenues, net	7,011			—			7,011			5,689			—			5,689
Home selling expenses	—			(3,290		)	(3,290		)	—			(2,643		)	(2,643		)
General and administrative	(15,677		)	(2,590		)	(18,267		)	(14,309		)	(2,266		)	(16,575		)
Transaction costs	(2,153		)	(14		)	(2,167		)	(4,171		)	(20		)	(4,191		)
Depreciation and amortization	(48,624		)	(15,608		)	(64,232		)	(47,323		)	(14,160		)	(61,483		)
Interest	(32,082		)	(3		)	(32,085		)	(33,797		)	(3		)	(33,800		)
Interest on mandatorily redeemable preferred OP units	(790		)	—			(790		)	(789		)	—			(789		)
Catastrophic weather related charges	(7,718		)	(38		)	(7,756		)	—			—			—
Other income, net	3,345			—			3,345			—			—			—
Current tax benefit / (expense)	210			(172		)	38			(242		)	(41		)	(283		)
Deferred tax benefit	81			—			81			—			—			—
Income from affiliate transactions	—			—			—			500			—			500
Net income / (loss)	36,588			(7,630		)	28,958			27,406			(4,176		)	23,230
Less: Preferred return to preferred OP units	1,112			—			1,112			1,257			—			1,257
Less: Amounts attributable to noncontrolling interests	2,174			(398		)	1,776			1,133			(254		)	879
Net income / (loss) attributable to Sun Communities, Inc.	33,302			(7,232		)	26,070			25,016			(3,922		)	21,094
Less: Preferred stock distributions	1,955			—			1,955			2,197			—			2,197
Net income / (loss) attributable to Sun Communities, Inc. common stockholders	$	31,347		$	(7,232	)	$	24,115		$	22,819		$	(3,922	)	$	18,897



	Nine Months Ended September 30, 2017									Nine Months Ended September 30, 2016
	Real Property Operations			Home Sales and Rentals			Consolidated			Real Property Operations			Home Sales and Rentals			Consolidated
Revenues	$	592,864		$	129,093		$	721,957		$	482,002		$	117,683		$	599,685
Operating expenses/Cost of sales	220,902			84,820			305,722			176,176			76,440			252,616
Net operating income/Gross profit	371,962			44,273			416,235			305,826			41,243			347,069
Adjustments to arrive at net income / (loss):
Interest and other revenues, net	18,587			—			18,587			15,459			—			15,459
Home selling expenses	—			(9,391		)	(9,391		)	—			(7,240		)	(7,240		)
General and administrative	(49,082		)	(7,106		)	(56,188		)	(40,300		)	(6,610		)	(46,910		)
Transaction costs	(7,001		)	11			(6,990		)	(27,990		)	99			(27,891		)
Depreciation and amortization	(144,143		)	(45,576		)	(189,719		)	(118,296		)	(41,269		)	(159,565		)
Extinguishment of debt	(759		)	—			(759		)	—			—			—
Interest	(95,754		)	(11		)	(95,765		)	(88,512		)	(10		)	(88,522		)
Interest on mandatorily redeemable preferred OP units	(2,361		)	—			(2,361		)	(2,363		)	—			(2,363		)
Catastrophic weather related charges	(8,075		)	(49		)	(8,124		)	—			—			—
Other income, net	5,341			(1		)	5,340			—			—			—
Current tax expense	145			(278		)	(133		)	(445		)	(122		)	(567		)
Deferred tax benefit	745			—			745			—			—			—
Income from affiliate transactions	—			—			—			500			—			500
Net income / (loss)	89,605			(18,128		)	71,477			43,879			(13,909		)	29,970
Less: Preferred return to preferred OP units	3,482			—			3,482			3,793			—			3,793
Less: Amounts attributable to noncontrolling interests	5,163			(984		)	4,179			1,392			(932		)	460
Net income / (loss) attributable to Sun Communities, Inc.	80,960			(17,144		)	63,816			38,694			(12,977		)	25,717
Less: Preferred stock distributions	6,233			—			6,233			6,748			—			6,748
Net income / (loss) attributable to Sun Communities, Inc. common stockholders	$	74,727		$	(17,144	)	$	57,583		$	31,946		$	(12,977	)	$	18,969



	September 30, 2017						December 31, 2016
	Real Property Operations		Home Sales and Rentals		Consolidated		Real Property Operations		Home Sales and Rentals		Consolidated
Identifiable assets:
Investment property, net	$	5,112,302	$	461,523	$	5,573,825	$	5,019,165	$	450,316	$	5,469,481
Cash and cash equivalents	124,434		13,014		137,448		3,705		4,459		8,164
Inventory of manufactured homes	—		25,741		25,741		—		21,632		21,632
Notes and other receivables, net	132,748		13,012		145,760		68,901		12,278		81,179
Collateralized receivables, net	134,015		—		134,015		143,870		—		143,870
Other assets, net	137,303		3,744		141,047		143,650		2,800		146,450
Total assets	$	5,640,802	$	517,034	$	6,157,836	$	5,379,291	$	491,485	$	5,870,776

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We have elected to be taxed as a real estate investment trust (“REIT”) pursuant to Section 856(c) of the Internal Revenue Code of 1986, as amended (“Code”). In order for us to qualify as a REIT, at least 95 percent of our gross income in any year must be derived from qualifying sources. In addition, a REIT must distribute annually at least 90 percent of its REIT taxable income (calculated without any deduction for dividends paid and excluding capital gain) to its stockholders and meet other tests. Qualification as a REIT involves the satisfaction of numerous requirements (on an annual and quarterly basis) established under highly technical and complex Code provisions for which there are limited judicial or administrative interpretations, and involves the determination of various factual matters and circumstances not entirely within our control. In addition, frequent changes occur in the area of REIT taxation which requires us to continually monitor our tax status. We analyzed the various REIT tests and confirmed that we continued to qualify as a REIT for the quarter ended September 30, 2017. As a REIT, we generally will not be subject to United States (“U.S.”) federal income taxes at the corporate level on the ordinary taxable income we distribute to our stockholders as dividends. If we fail to qualify as a REIT in any taxable year, our taxable income could be subject to U.S. federal income tax at regular corporate rates (including any applicable alternative minimum tax). Even if we qualify as a REIT, we may be subject to certain state and local income taxes as well as U.S. federal income and excise taxes on our undistributed income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state, and local income taxes. The Company is also subject to local income taxes in Canada as a result of the acquisition of Carefree in 2016. We do not provide for withholding taxes on our undistributed earnings from our Canadian subsidiaries as they are reinvested and will continue to be reinvested indefinitely outside of the U.S. Our taxable REIT subsidiaries are subject to U.S. federal income taxes as well as state and local income and franchise taxes. In addition, our Canadian subsidiaries are subject to income tax in Canada. Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the bases of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced, if necessary, by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence. Our temporary differences primarily relate to net operating loss carryforwards, depreciation and basis differences between tax and U.S. GAAP on our Canadian investments. Generally, full valuation allowances are recorded against all U.S. federal deferred tax assets. For Canadian purposes, a deferred tax liability of $22.5 million has been recorded in relation to a corporate entity and included in “Other liabilities” in our Consolidated Balance Sheets as of September 30, 2017. There are no U.S. federal deferred tax assets or liabilities included in our Consolidated Balance Sheets as of September 30, 2017 and December 31, 2016. We had no unrecognized tax benefits as of September 30, 2017 and 2016. We do not expect significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of September 30, 2017. We recorded a current tax benefit for federal, state, and Canadian income taxes of approximately $0.1 million, and current tax expense of $0.3 million for the three months ended September 30, 2017 and 2016, respectively, and $0.1 million and $0.6 million of current tax expense for the nine months ended September 30, 2017 and 2016, respectively. We recorded $0.1 million and $0.7 million of deferred tax benefit in our Consolidated Statements of Operations for the three months and nine months ended September 30, 2017, respectively. There was no deferred tax benefit or expense recorded for the three months or nine months ended September 30, 2016. SHS is currently under audit by the Internal Revenue Service for the tax year 2015.

Earnings Per Share

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Share

We have outstanding stock options, unvested restricted common shares, Series A Preferred Stock, and Series A-4 Preferred Stock, and our Operating Partnership has: outstanding common OP units; Series A-1 preferred OP units; Series A-3 preferred OP units; Series A-4 preferred OP units; Series C preferred OP units; and Aspen preferred OP Units, which, if converted or exercised, may impact dilution.

Computations of basic and diluted earnings / (loss) per share were as follows (in thousands, except per share data):



	Three Months Ended September 30,						Nine Months Ended September 30,
Numerator	2017			2016			2017			2016
Net income attributable to common stockholders	$	24,115		$	18,897		$	57,583		$	18,969
Allocation to restricted stock awards	(189		)	(135		)	(461		)	(22		)
Basic earnings: Net income attributable to common stockholders after allocation	23,926			18,762			57,122			18,947
Allocation to restricted stock awards	189			135			461			22
Diluted earnings: Net income attributable to common stockholders after allocation	$	24,115		$	18,897		$	57,583		$	18,969

Denominator
Weighted average common shares outstanding	78,369			68,655			75,234			63,716
Add: dilutive stock options	2			8			2			10
Add: dilutive restricted stock	437			406			610			420
Diluted weighted average common shares and securities	78,808			69,069			75,846			64,146
Earnings per share available to common stockholders after allocation:
Basic	$	0.31		$	0.27		$	0.76		$	0.30
Diluted	$	0.31		$	0.27		$	0.76		$	0.30

We have excluded certain securities from the computation of diluted earnings per share because the inclusion of these securities would have been anti-dilutive for the periods presented. The following table presents the outstanding securities that were excluded from the computation of diluted earnings per share as of September 30, 2017 and 2016 (in thousands):



	As of September 30,
	2017	2016
Common OP units	2,757	2,838
Series A-1 preferred OP units	349	376
Series A-3 preferred OP units	40	40
Series A-4 preferred OP units	425	743
Series A-4 preferred stock	1,085	1,682
Series C preferred OP units	316	333
Aspen preferred OP units	1,284	1,284
Total securities	6,256	7,296

Derivative Instruments And Hedging Activities

9 Months Ended

Sep. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments And Hedging Activities

Derivative Instruments and Hedging Activities

Our objective in using interest rate derivatives is to manage exposure to interest rate movements thereby minimizing the effect of interest rate changes and the effect it could have on future cash flows. Interest rate caps are used to accomplish this objective. We do not enter into derivative instruments for speculative purposes nor do we have any swaps in a hedging arrangement.

The following table provides the terms of our interest rate derivative contracts that were in effect as of September 30, 2017:

Type

Purpose

Effective Date

Maturity Date

Notional

(in millions)

Based on

Variable Rate

Cap Rate

Spread

Effective Fixed Rate

Cap

Cap Floating Rate

4/1/2015

4/1/2018

150.1

3 Month LIBOR

3.1690%

9.0000%

—%

N/A

Cap

Cap Floating Rate

10/3/2016

5/1/2023

9.6

3 Month LIBOR

3.9690%

11.0200%

—%

N/A

In accordance with ASC Topic 815, “Derivatives and Hedging,” derivative instruments are recorded at fair value in “Other assets, net” or “Other liabilities” on the Consolidated Balance Sheets. As of September 30, 2017 and December 31, 2016, the fair value of our derivatives was zero.

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Fair Value Of Financial Instruments

Fair Value of Financial Instruments

Our financial instruments consist primarily of cash and cash equivalents, accounts and notes receivable, accounts payable, derivative instruments, and debt.

ASC Topic 820 “Fair Value Measurements and Disclosures,” requires disclosure regarding determination of fair value for assets and liabilities and establishes a hierarchy under which these assets and liabilities must be grouped, based on significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumption. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair value hierarchy:

Level 1—Quoted unadjusted prices for identical instruments in active markets;

Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and

Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The following methods and assumptions were used in order to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:

Derivative Instruments

The derivative instruments held by us are interest rate cap agreements for which quoted market prices are indirectly available. For those derivatives, we use model-derived valuations in which all significant inputs and significant value drivers are observable in active markets provided by brokers or dealers to determine the fair value of derivative instruments on a recurring basis (Level 2). Refer to Note 13, “Derivative Instruments and Hedging Activities.”

Installment Notes Receivable on Manufactured Homes

The net carrying value of the installment notes receivable on manufactured homes estimates the fair value as the interest rates in the portfolio are comparable to current prevailing market rates (Level 2). Refer to Note 4, “Notes and Other Receivables.”

Long-Term Debt and Lines of Credit

The fair value of long-term debt (excluding the secured borrowing) is based on the estimates of management and on rates currently quoted, rates currently prevailing for comparable loans, and instruments of comparable maturities (Level 2). Refer to Note 7, “Debt and Lines of Credit.”

Collateralized Receivables and Secured Borrowings

The fair value of these financial instruments offset each other as our collateralized receivables represent a transfer of financial assets and the cash proceeds received from these transactions have been classified as a secured borrowing on the Consolidated Balance Sheets. The net carrying value of the collateralized receivables estimates the fair value as the interest rates in the portfolio are comparable to current prevailing market rates (Level 2). Refer to Note 3, “Collateralized Receivables and Transfers of Financial Assets.”

Financial Liabilities

We estimate the fair value of our contingent consideration liability based on discounting of future cash flows using market interest rates and adjusting for non-performance risk over the remaining term of the liability (Level 2).

Other Financial Instruments

The carrying values of cash and cash equivalents, accounts receivable, and accounts payable approximate their fair market values due to the short-term nature of these instruments.

The table below sets forth our financial assets and liabilities that required disclosure of fair value on a recurring basis as of September 30, 2017. The table presents the carrying values and fair values of our financial instruments as of September 30, 2017 and December 31, 2016, that were measured using the valuation techniques described above (in thousands). The table excludes other financial instruments such as cash and cash equivalents, accounts receivable, and accounts payable as the carrying values associated with these instruments approximate fair value since their maturities are less than one year.



	September 30, 2017				December 31, 2016
Financial assets	Carrying Value		Fair Value		Carrying Value		Fair Value
Installment notes receivable on manufactured homes, net	$	97,990	$	97,990	$	59,320	$	59,320
Collateralized receivables, net	134,015		134,015		143,870		143,870
Financial liabilities
Debt (excluding secured borrowings)	$	2,868,543	$	2,837,449	$	2,865,470	$	2,820,680
Secured borrowings	134,884		134,884		144,477		144,477
Lines of credit	—		—		100,095		98,640
Other liabilities (contingent consideration)	11,115		11,115		10,011		10,011

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-09 “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.” This update provides clarity and reduces diversity in practice and cost and complexity when applying the guidance in Topic 718, regarding a change to the terms or conditions of a share-based payment award. The guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within that year. We will apply this guidance to modifications that occur on or after the effective date. In January 2017, the FASB issued ASU 2017-01 “Business Combinations (Topic 805): Clarifying the Definition of a Business.” This update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within that year, with early application allowed for certain transactions. Upon adoption of this standard, we expect that a majority of our future property acquisitions will be considered asset acquisitions. In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash.” This update requires inclusion of restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within that year. Upon adoption of this guidance, we will include restricted cash and restricted cash equivalents within the reconciliation of the net change in cash and cash equivalents on our Consolidated Statements of Cash Flows. Restricted cash and restricted cash equivalents, which are included within Other assets, net in our Consolidated Balance Sheets, were $19.9 million and $17.1 million at September 30, 2017 and December 31, 2016, respectively. In October 2016, the FASB issued ASU 2016-16 “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory.” This update requires that an entity recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within that year. Upon adoption of this standard, there will be no material impact to our Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15 “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” This update addresses eight specific cash flow issues with the objective of reducing existing diversity in practice. The guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within that year. Upon adoption of this standard, there will be no material impact to our Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This update replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are in the initial phases of evaluating how this guidance will impact our accounting policies regarding assessment of, and allowance for, loan losses. In March 2016, the FASB issued ASU 2016-09 “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” The amendments in this update are intended to simplify several aspects of the accounting for share-based payments. We adopted these amendments as of January 1, 2017. The main provisions of this update regarding excess tax benefits did not have an impact on our Consolidated Financial Statements due to our status as a REIT for taxation purposes. We have elected to continue estimating the number of shares expected to vest in order to determine compensation cost, and were previously classifying, as financing activity, cash paid by us for employee taxes when shares were withheld to cover minimum statutory requirements. In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842).” The core principle of this update is that a lessee should recognize the assets and liabilities that arise from leases while the accounting by a lessor is largely unchanged from that applied under previous GAAP. The amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Our income from real property and rental home revenue streams is derived from rental agreements where we are the lessor. As noted above, the lessor accounting model is largely unchanged by this update. We are the lessee in other arrangements, primarily for our executive offices, ground leases at five communities, and certain equipment. We are currently evaluating our inventory of such leases to determine which will require recognition of right of use assets and corresponding lease liabilities, and the related disclosure requirements thereto. In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The objective of this amendment is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying this amendment, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. This amendment applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. An entity should apply the amendments using either the full retrospective approach or retrospectively with a cumulative effect of initially applying the amendments recognized at the date of initial application. In July 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. We anticipate adopting ASU 2014-09 and the related updates subsequently issued by the FASB in January 2018, via the modified retrospective approach. Applicability of the standard updates to our revenue streams and other considerations are summarized below. Income from real property - is derived from rental agreements whereby we lease land to residents in our communities. We account for the lease components of these rental agreements pursuant to ASC 840 “Leases” and the non-lease components under ASC 605 “Revenue Recognition.” Revenue from home sales - is recognized pursuant to ASC 605 “Revenue Recognition,” as the manufactured homes are tangible personal property that can be located on any parcel of land. The manufactured homes are not permanent fixtures or improvements to the underlying real estate, and are therefore not considered by us to be subject to the guidance in ASC 360-20 “Real Estate Sales.” Rental home revenue - is comprised of rental agreements whereby we lease homes to residents in our communities. We account for these revenues pursuant to ASC 840 “Leases.” Ancillary revenues - are primarily comprised of restaurant, golf, merchandise and other activities at our RV communities. These revenues are recognized pursuant to ASC 605 “Revenue Recognition,” at point of sale to customers as our performance obligations are then satisfied. Interest income - on our notes receivable will continue to be recognized as revenue, but presented separately from revenue from contracts with customers, as interest income is not in the scope of ASU 2014-09 and the related updates subsequently issued by the FASB. Broker commissions and other revenues, net - is primarily comprised of (i) brokerage commissions that we account for on a net basis pursuant to ASC 605 “Revenue Recognition,” as our performance obligation is to arrange for a third party to transfer a home to a customer; and (ii) notes receivable loss reserves. As detailed above, our revenues from home sales, ancillary revenues, and broker commissions will be in the scope of the new guidance. Upon adoption, we will present contract assets and liabilities, as applicable, when one party to a transaction has performed and the other has not. Further, we will expand our disclosures regarding these revenue streams, as applicable, to discuss our contract balances and performance obligations and satisfaction thereof. Adoption of this standard will have no material impact to our Consolidated Financial Statements.

Commitments And Contingencies	9 Months Ended
Commitments And Contingencies	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	Commitments and Contingencies We are involved in various legal proceedings arising in the ordinary course of business. All such proceedings, taken together, are not expected to have a material adverse impact on our results of operations or financial condition.

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On October 4, 2017, we entered into a Second Amendment to Rights Agreement (the “Amendment”), which amended the Rights Agreement dated June 2, 2008, as amended, between the Company and Computershare Trust Company, N.A., as the rights agent. The Amendment accelerated the scheduled expiration date of the rights issued pursuant to the Rights Agreement, commonly referred to as a “poison pill,” (the “Rights”) from June 9, 2018 to October 4, 2017. At the time of the termination of the Rights Agreement, all of the Rights distributed to holders of the Company’s common stock pursuant to the Rights Agreement expired and are no longer outstanding. On October 13, 2017, we announced a notice of redemption to the holders of our 7.125% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”), which we have elected to redeem on November 14, 2017. Holders of the Series A Preferred Stock will receive cash in the amount of $25.00, plus all accrued and unpaid dividends, which is equal to an aggregate payment of $25.143490 per share. In the aggregate, we will pay $85.5 million to redeem all of the Series A Preferred stock. As of September 30, 2017, there were 3,400,000 shares of Series A Preferred Stock outstanding. After the redemption, no Series A Preferred Stock will remain outstanding. We have evaluated our Consolidated Financial Statements for subsequent events through the date that this Form 10-Q was issued.

Real Estate Acquisitions (Tables)

9 Months Ended

Sep. 30, 2017

Business Combinations [Abstract]

Schedule of Purchase Price Allocation

allocated the “investment in property” balances for Carefree to the respective balance sheet line items upon completion of a purchase price allocation in accordance with the FASB ASC Topic 805 - Business Combinations, as set forth in the table below (in thousands):



At Acquisition Date	Carefree
Investment in property	$	1,670,981
Ground leases	33,270
In-place leases	35,010
Deferred tax liability	(23,637		)
Other liabilities	(15,665		)
Inventory of manufactured homes	13,521
Below market lease	(29,340		)
Total identifiable assets acquired and liabilities assumed	$	1,684,140

Consideration
Cash and equity	$	1,684,140

The following table summarizes the amounts of assets acquired net of liabilities assumed at the acquisition date and the consideration paid for the acquisitions completed in 2017 (in thousands):



At Acquisition Date	Lazy J Ranch ⁽¹⁾		Ocean West ⁽¹⁾		Caliente Sands ⁽¹⁾		Pismo Dunes ⁽¹⁾			Arbor Woods ⁽¹⁾		Sunset Lakes ⁽¹⁾		49er Village ⁽¹⁾		Total
Investment in property	$	14,300	$	9,673	$	8,850	$	21,260		$	15,725	$	7,835	$	12,890	$	90,533
Notes receivable	—		—		—		—			23		—		—		23
Inventory of manufactured homes	—		—		21		—			465		—		—		486
In-place leases	—		—		—		660			730		210		110		1,710
Total identifiable assets acquired net of liabilities assumed	$	14,300	$	9,673	$	8,871	$	21,920		$	16,943	$	8,045	$	13,000	$	92,752


Consideration
Cash	$	14,300	$	5,081	$	8,871	$	—		$	14,943	$	8,045	$	13,000	64,240
Equity	—		—		—		26,410			2,000		—		—		28,410
Liabilities assumed	—		4,592		—		510			—		—		—		5,102
Receivable due from seller	—		—		—		(5,000		)	—		—		—		(5,000		)
Total consideration	$	14,300	$	9,673	$	8,871	$	21,920		$	16,943	$	8,045	$	13,000	$	92,752

Schedule of Revenue and Net Income from Acquisitions



	Three Months Ended September 30, 2017		Nine Months Ended September 30, 2017
	(unaudited)		(unaudited)
Total revenues	$	3,178	$	4,493
Net income	$	935	$	1,418

Business Acquisition, Pro Forma Information



	Three Months Ended September 30, 2017		Nine Months Ended September 30, 2017
	(unaudited)		(unaudited)
Revenue	$	55,034	$	156,021
Net income	$	3,987	$	17,013



	Three Months Ended September 30,				Nine Months Ended September 30,
	(unaudited)				(unaudited)
	2017		2016		2017		2016
Total revenues	$	272,214	$	255,580	$	746,299	$	623,840
Net income attributable to Sun Communities, Inc. common stockholders	$	25,337	$	20,660	$	59,176	$	21,246
Net income per share attributable to Sun Communities, Inc. common stockholders - basic	$	0.32	$	0.30	$	0.79	$	0.33
Net income per share attributable to Sun Communities, Inc. common stockholders - diluted	$	0.32	$	0.30	$	0.78	$	0.33

Collateralized Receivables and Transfers of Financial Assets (Tables)

9 Months Ended

Sep. 30, 2017

Accounts, Notes, Loans and Financing Receivable [Line Items]

Repurchase price percentage

In general, the repurchase price is determined as follows:



Number of Payments	Repurchase Percentage
Fewer than or equal to 15	100	%
Greater than 15 but fewer than 64	90	%
Equal to or greater than 64 but fewer than 120	65	%
120 or more	50	%

Schedule of collateralized loans

The change in the aggregate gross principal balance of the collateralized receivables is as follows (in thousands):



	Nine Months Ended
	September 30, 2017
Beginning balance	$	144,477
Financed sales of manufactured homes	8,081
Principal payments and payoffs from our customers	(9,233		)
Principal reduction from repurchased homes	(8,441		)
Total activity	(9,593		)
Ending balance	$	134,884

Collateralized Receivables [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Allowance for collateralized and installment notes receivable

The following table sets forth the allowance for the collateralized receivables as of September 30, 2017 (in thousands):



	Nine Months Ended
	September 30, 2017
Beginning balance	$	(607	)
Lower of cost or market write-downs	699
Increase to reserve balance	(961		)
Total activity	(262		)
Ending balance	$	(869	)

Notes And Other Receivables (Tables)

9 Months Ended

Sep. 30, 2017

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of notes and other receivables

The following table sets forth certain information regarding notes and other receivables (in thousands):



	September 30, 2017		December 31, 2016
Installment notes receivable on manufactured homes, net	$	97,990	$	59,320
Other receivables, net	47,770		21,859
Total notes and other receivables, net	$	145,760	$	81,179

Schedule of Installment Notes Receivable

The change in the aggregate gross principal balance of the installment notes receivable is as follows (in thousands):



	Nine Months Ended
	September 30, 2017
Beginning balance	$	59,525
Financed sales of manufactured homes	44,711
Acquired notes	23
Principal payments and payoffs from our customers	(4,465		)
Principal reduction from repossessed homes	(1,593		)
Total activity	38,676
Ending balance	$	98,201

Installment Notes Receivable [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Allowance for collateralized and installment notes receivable

The following table sets forth the allowance change for the installment notes receivable as follows (in thousands):



	Nine Months Ended
	September 30, 2017
Beginning balance	$	(205	)
Lower of cost or market write-downs	97
Increase to reserve balance	(103		)
Total activity	(6		)
Ending balance	$	(211	)

Intangible Assets Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2017

Finite-Lived Intangible Assets, Net [Abstract]

Schedule of Finite-Lived Intangible Assets

The gross carrying amounts, and accumulated amortization are as follows (in thousands):



		September 30, 2017					December 31, 2016
Intangible Asset	Useful Life	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Ground leases	8-57 years	$	33,270	$	(1,371	)	$	33,270	$	(600	)
In-place leases	7 years	99,954		(42,090		)	98,235		(31,796		)
Franchise fees and other intangible assets	15 years	1,880		(1,432		)	1,880		(1,155		)
Total		$	135,104	$	(44,893	)	$	133,385	$	(33,551	)

Schedule of Intangible Assets Amortization Expense

Total amortization expenses related to the intangible assets are as follows (in thousands):



	Three Months Ended September 30,				Nine Months Ended September 30,
Intangible Asset	2017		2016		2017		2016
Ground leases	$	257	$	368	$	771	$	368
In-place leases	3,478		3,824		10,322		8,142
Franchise fees and other intangible assets	19		129		277		387
Total	$	3,754	$	4,321	$	11,370	$	8,897

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

We anticipate amortization expense for our intangible assets to be as follows for the next five years (in thousands):



	Year
	Remainder of 2017		2018		2019		2020		2021
Estimated expense	$	3,819	$	14,514	$	13,598	$	11,870	$	11,478

Consolidated Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2017

DisclosureofVariableInterestEntities [Abstract]

Schedule of Variable Interest Entities

The following table summarizes the assets and liabilities included in our Consolidated Balance Sheets after eliminations (in thousands):



	September 30, 2017		December 31, 2016
ASSETS
Investment property, net	$	50,655	$	88,987
Other assets	1,638		3,054
Total Assets	$	52,293	$	92,041

LIABILITIES AND STOCKHOLDERS’ EQUITY
Debt	$	42,177	$	62,111
Other liabilities	1,258		1,998
Noncontrolling interests	3,841		(2,982		)
Total Liabilities and Stockholders’ Equity	$	47,276	$	61,127

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Debt And Lines Of Credit (Tables)

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Schedule of debt and lines of credit [Table Text Block]

The following table sets forth certain information regarding debt including premiums, discounts and deferred financing costs (in thousands):



	Carrying Amount				Weighted Average Years to Maturity		Weighted Average Interest Rates
	September 30, 2017		December 31, 2016		September 30, 2017	December 31, 2016	September 30, 2017		December 31, 2016
Collateralized term loans - FNMA	$	1,032,621	$	1,046,803	5.8	6.6	4.4	%	4.3	%
Collateralized term loans - Life Companies	949,970		888,705		12.5	12.2	3.9	%	3.9	%
Collateralized term loans - CMBS	452,311		492,294		5.2	5.6	5.1	%	5.2	%
Collateralized term loans - FMCC	387,738		391,765		7.1	7.9	3.9	%	3.9	%
Secured borrowings	134,884		144,477		15.5	15.7	10.0	%	10.0	%
Lines of credit	—		100,095		0.0	3.6	—	%	2.1	%
Preferred OP units - mandatorily redeemable	45,903		45,903		4.8	5.4	6.9	%	6.9	%
Total debt	$	3,003,427	$	3,110,042	8.4	8.5	4.6	%	4.5	%

Equity and Mezzanine Securities (Tables)

9 Months Ended

Sep. 30, 2017

Equity [Abstract]

Schedule of Sale of Common Stock

Issuances of common stock under the Prior Agreement during 2017 were as follows:



Quarter Ended	Common Stock Issued	Weighted Average Sales Price		Net Proceeds ($ millions)
June 30, 2017	400,000	$	85.01	$	33.6
March 31, 2017	280,502	$	76.47	$	21.2

Activity of Conversions

and 2016 were as follows:



		Nine Months Ended September 30, 2017		Nine Months Ended September 30, 2016
Series	Conversion Rate	Units/Shares Converted	Common Stock	Units/Shares Converted	Common Stock
Common OP unit	1	25,238	25,238	24,896	24,896
Series A-1 preferred OP unit	2.439	18,319	44,676	11,490	28,021
Series A-4 preferred OP unit	0.4444	9,000	3,996	12,389	5,505
Series A-4 preferred stock	0.4444	158,036	70,238	385,242	171,218
Series C preferred OP unit	1.11	16,806	18,651	7,000	7,768

Schedule of Dividends Payable



Dividend	Record Date	Payment Date	Distribution per Share		Total Distribution (thousands)
Common Stock, Common OP units and Restricted Stock	9/29/2017	10/16/2017	$	0.67	$	55,006
Series A Preferred Stock	9/29/2017	10/16/2017	$	0.4453125	$	441
Series A-4 Preferred Stock	9/15/2017	10/2/2017	$	0.40625	$	1,514

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2017

Share-based Compensation [Abstract]

Schedule of Restricted Stock Granted

During the nine months ended September 30, 2017, shares were granted as follows:



Grant Period	Type	Plan	Shares Granted	Grant Date Fair Value Per Share			Vesting Type	Vesting Anniversary	Percentage

Q3 2017	Directors	2004 Non-Employee Director Option Plan	1,300	$	87.11	⁽¹⁾	Time Based	August 11, 2020	100.0	%

Q2 2017	Key Employees	2015 Equity Incentive Plan	2,500	$	84.18	⁽¹⁾	Time Based	April 24, 2019	35.0	%
								April 24, 2020	35.0	%
								April 24, 2021	20.0	%
								April 24, 2022	5.0	%
								April 24, 2023	5.0	%

Q1 2017	Executive Officers	2015 Equity Incentive Plan	100,000	$	79.30	⁽²⁾	Time Based	March 14, 2020	20.0	%
								March 14, 2021	30.0	%
								March 14, 2022	35.0	%
								March 14, 2023	10.0	%
								March 14, 2024	5.0	%

Q1 2017	Executive Officers	2015 Equity Incentive Plan	100,000	$	79.30	⁽²⁾	Market & Performance Conditions	Multiple tranches through March 2022

Q1 2017	Directors	2004 Non-Employee Director Option Plan	15,600	$	79.02	⁽¹⁾	Time Based	February 8, 2020	100.0	%

⁽¹⁾ The fair value of the grant was determined by using the closing price of our common stock on the date the shares were issued.

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

A presentation of segment financial information is summarized as follows (in thousands):



	Three Months Ended September 30, 2017									Three Months Ended September 30, 2016
	Real Property Operations			Home Sales and Rentals			Consolidated			Real Property Operations			Home Sales and Rentals			Consolidated
Revenues	$	215,280		$	45,954		$	261,234		$	200,770		$	43,242		$	244,012
Operating expenses/Cost of sales	82,295			31,869			114,164			78,922			28,285			107,207
Net operating income/Gross profit	132,985			14,085			147,070			121,848			14,957			136,805
Adjustments to arrive at net income / (loss):
Interest and other revenues, net	7,011			—			7,011			5,689			—			5,689
Home selling expenses	—			(3,290		)	(3,290		)	—			(2,643		)	(2,643		)
General and administrative	(15,677		)	(2,590		)	(18,267		)	(14,309		)	(2,266		)	(16,575		)
Transaction costs	(2,153		)	(14		)	(2,167		)	(4,171		)	(20		)	(4,191		)
Depreciation and amortization	(48,624		)	(15,608		)	(64,232		)	(47,323		)	(14,160		)	(61,483		)
Interest	(32,082		)	(3		)	(32,085		)	(33,797		)	(3		)	(33,800		)
Interest on mandatorily redeemable preferred OP units	(790		)	—			(790		)	(789		)	—			(789		)
Catastrophic weather related charges	(7,718		)	(38		)	(7,756		)	—			—			—
Other income, net	3,345			—			3,345			—			—			—
Current tax benefit / (expense)	210			(172		)	38			(242		)	(41		)	(283		)
Deferred tax benefit	81			—			81			—			—			—
Income from affiliate transactions	—			—			—			500			—			500
Net income / (loss)	36,588			(7,630		)	28,958			27,406			(4,176		)	23,230
Less: Preferred return to preferred OP units	1,112			—			1,112			1,257			—			1,257
Less: Amounts attributable to noncontrolling interests	2,174			(398		)	1,776			1,133			(254		)	879
Net income / (loss) attributable to Sun Communities, Inc.	33,302			(7,232		)	26,070			25,016			(3,922		)	21,094
Less: Preferred stock distributions	1,955			—			1,955			2,197			—			2,197
Net income / (loss) attributable to Sun Communities, Inc. common stockholders	$	31,347		$	(7,232	)	$	24,115		$	22,819		$	(3,922	)	$	18,897

Reconciliation of Assets from Segment to Consolidated



	September 30, 2017						December 31, 2016
	Real Property Operations		Home Sales and Rentals		Consolidated		Real Property Operations		Home Sales and Rentals		Consolidated
Identifiable assets:
Investment property, net	$	5,112,302	$	461,523	$	5,573,825	$	5,019,165	$	450,316	$	5,469,481
Cash and cash equivalents	124,434		13,014		137,448		3,705		4,459		8,164
Inventory of manufactured homes	—		25,741		25,741		—		21,632		21,632
Notes and other receivables, net	132,748		13,012		145,760		68,901		12,278		81,179
Collateralized receivables, net	134,015		—		134,015		143,870		—		143,870
Other assets, net	137,303		3,744		141,047		143,650		2,800		146,450
Total assets	$	5,640,802	$	517,034	$	6,157,836	$	5,379,291	$	491,485	$	5,870,776

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block]

Computations of basic and diluted earnings / (loss) per share were as follows (in thousands, except per share data):



	Three Months Ended September 30,						Nine Months Ended September 30,
Numerator	2017			2016			2017			2016
Net income attributable to common stockholders	$	24,115		$	18,897		$	57,583		$	18,969
Allocation to restricted stock awards	(189		)	(135		)	(461		)	(22		)
Basic earnings: Net income attributable to common stockholders after allocation	23,926			18,762			57,122			18,947
Allocation to restricted stock awards	189			135			461			22
Diluted earnings: Net income attributable to common stockholders after allocation	$	24,115		$	18,897		$	57,583		$	18,969

Denominator
Weighted average common shares outstanding	78,369			68,655			75,234			63,716
Add: dilutive stock options	2			8			2			10
Add: dilutive restricted stock	437			406			610			420
Diluted weighted average common shares and securities	78,808			69,069			75,846			64,146
Earnings per share available to common stockholders after allocation:
Basic	$	0.31		$	0.27		$	0.76		$	0.30
Diluted	$	0.31		$	0.27		$	0.76		$	0.30

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

The following table presents the outstanding securities that were excluded from the computation of diluted earnings per share as of September 30, 2017 and 2016 (in thousands):



	As of September 30,
	2017	2016
Common OP units	2,757	2,838
Series A-1 preferred OP units	349	376
Series A-3 preferred OP units	40	40
Series A-4 preferred OP units	425	743
Series A-4 preferred stock	1,085	1,682
Series C preferred OP units	316	333
Aspen preferred OP units	1,284	1,284
Total securities	6,256	7,296

Derivative Instruments And Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table provides the terms of our interest rate derivative contracts that were in effect as of September 30, 2017:

Type

Purpose

Effective Date

Maturity Date

Notional

(in millions)

Based on

Variable Rate

Cap Rate

Spread

Effective Fixed Rate

Cap

Cap Floating Rate

4/1/2015

4/1/2018

150.1

3 Month LIBOR

3.1690%

9.0000%

—%

N/A

Cap

Cap Floating Rate

10/3/2016

5/1/2023

9.6

3 Month LIBOR

3.9690%

11.0200%

—%

N/A

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 815
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959

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-Name Accounting Standards Codification
-Topic 815
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping



	September 30, 2017				December 31, 2016
Financial assets	Carrying Value		Fair Value		Carrying Value		Fair Value
Installment notes receivable on manufactured homes, net	$	97,990	$	97,990	$	59,320	$	59,320
Collateralized receivables, net	134,015		134,015		143,870		143,870
Financial liabilities
Debt (excluding secured borrowings)	$	2,868,543	$	2,837,449	$	2,865,470	$	2,820,680
Secured borrowings	134,884		134,884		144,477		144,477
Lines of credit	—		—		100,095		98,640
Other liabilities (contingent consideration)	11,115		11,115		10,011		10,011

Real Estate Acquisitions Real Estate Acquisitions, Narrative (Details)			1 Months Ended			3 Months Ended					9 Months Ended		12 Months Ended
	Jun. 09, 2016 USD ($) sites $ / shares shares	Mar. 30, 2016 USD ($) $ / shares shares	Sep. 30, 2017 USD ($) sites	May 31, 2017 USD ($) sites shares	Sep. 30, 2016 USD ($) shares	Sep. 30, 2017 USD ($) sites	Jun. 30, 2017 shares	Mar. 31, 2017 sites shares	Sep. 30, 2016 USD ($)	Mar. 31, 2016 USD ($) $ / shares shares	Sep. 30, 2017 USD ($) sites	Sep. 30, 2016 USD ($)	Dec. 31, 2016 USD ($) sites manufactured_home states	Jul. 31, 2017 sites	Apr. 20, 2017 sites	Mar. 22, 2016 manufactured_home
Business Acquisition [Line Items]
Number of Units in Real Estate Property \| sites													1,677
Proceeds from Issuance of Common Stock		$ 385,400,000		$ 408,900,000	$ 283,600,000					$ 385,400,000
New shares issued (in shares) \| shares		6,037,500		4,830,000	3,737,500		400,000,000	280,502,000		6,037,500
Share Price \| $ / shares		$ 66.50								$ 66.50
Transaction costs						$ 2,167,000			$ 4,191,000		$ 6,990,000	$ 27,891,000
Total consideration transferred			$ 26,400,000			$ 2,000,000					$ 92,752,000		$ 89,700,000
Number of States in which Entity Operates \| states													6
Lazy J Ranch [Member]
Business Acquisition [Line Items]
Number of Units in Real Estate Property \| sites			220			220					220
Total consideration transferred											$ 14,300,000
Ocean West [Member]
Business Acquisition [Line Items]
Number of Units in Real Estate Property \| sites			130			130					130
Total consideration transferred											$ 9,673,000
Caliente Sands [Member]
Business Acquisition [Line Items]
Number of Units in Real Estate Property \| sites			118			118					118
Total consideration transferred											$ 8,871,000
Arbor Woods [Member]
Business Acquisition [Line Items]
Number of Units in Real Estate Property \| sites			458			458					458
Total consideration transferred											$ 16,943,000
Sunset Lakes [Member]
Business Acquisition [Line Items]
Number of Units in Real Estate Property \| sites				498
Total consideration transferred											8,045,000
Pismo Dunes [Member]
Business Acquisition [Line Items]
Number of Units in Real Estate Property \| sites														331
Total consideration transferred											21,920,000
Subsequent Land Acquisition [Member]
Business Acquisition [Line Items]
Number of Units in Real Estate Property \| sites															775
Far Horizons 49er Village [Member]
Business Acquisition [Line Items]
Number of Units in Real Estate Property \| sites								328
Total consideration transferred											$ 13,000,000
Bear Lake [Member]
Business Acquisition [Line Items]
Total consideration transferred									$ 5.9
Carefree Communities
Business Acquisition [Line Items]
Number of Units in Real Estate Property \| sites	27,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares	3,329,880
Business Acquisition, Share Price \| $ / shares	$ 67.57
Cash, proceeds from prior dispositions held in escrow, or contingent liability	$ 225,000,000
Business Combination, Consideration Transferred, Pay Off of Debt	1,000,000,000
Total consideration transferred	$ 1,684,140,000
Manufactured Home And Rv Community [Member] \| Carefree Communities
Business Acquisition [Line Items]
Number of Units in Real Estate Property \| manufactured_home																103
RV community [Member]
Business Acquisition [Line Items]
Number of Units in Real Estate Property \| manufactured_home													7
MH Community [Member]
Business Acquisition [Line Items]
Number of Units in Real Estate Property \| manufactured_home													1

Real Estate Acquisitions, Schedule of Other Acquisitions Purchase Price Allocation (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 09, 2016	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2017	Dec. 31, 2016
At acquistion date
Investment in property		$ 90,533	$ 90,533	$ 90,533
Notes receivable		23	23	23
Inventory of manufactured homes		486	486	486
In-place leases		1,710	1,710	1,710
Total identifiable assets acquired and liabilities assumed		92,752	92,752	92,752
Consideration
Cash				64,240
Equity				28,410
Liabilities assumed				5,102
Receivable due from seller				(5,000)
Total consideration transferred		26,400	2,000	92,752	$ 89,700
Lazy J Ranch [Member]
At acquistion date
Investment in property		14,300	14,300	14,300
Notes receivable		0	0	0
Inventory of manufactured homes		0	0	0
In-place leases		0	0	0
Total identifiable assets acquired and liabilities assumed		14,300	14,300	14,300
Consideration
Cash				14,300
Equity				0
Liabilities assumed				0
Receivable due from seller				0
Total consideration transferred				14,300
Ocean West [Member]
At acquistion date
Investment in property		9,673	9,673	9,673
Notes receivable		0	0	0
Inventory of manufactured homes		0	0	0
In-place leases		0	0	0
Total identifiable assets acquired and liabilities assumed		9,673	9,673	9,673
Consideration
Cash				5,081
Equity				0
Liabilities assumed				4,592
Receivable due from seller				0
Total consideration transferred				9,673
Caliente Sands [Member]
At acquistion date
Investment in property		8,850	8,850	8,850
Notes receivable		0	0	0
Inventory of manufactured homes		21	21	21
In-place leases		0	0	0
Total identifiable assets acquired and liabilities assumed		8,871	8,871	8,871
Consideration
Cash				8,871
Equity				0
Liabilities assumed				0
Receivable due from seller				0
Total consideration transferred				8,871
Pismo Dunes [Member]
At acquistion date
Investment in property		21,260	21,260	21,260
Notes receivable		0	0	0
Inventory of manufactured homes		0	0	0
In-place leases		660	660	660
Total identifiable assets acquired and liabilities assumed		21,920	21,920	21,920
Consideration
Cash				0
Equity				26,410
Liabilities assumed				510
Receivable due from seller				(5,000)
Total consideration transferred				21,920
Arbor Woods [Member]
At acquistion date
Investment in property		15,725	15,725	15,725
Notes receivable		23	23	23
Inventory of manufactured homes		465	465	465
In-place leases		730	730	730
Total identifiable assets acquired and liabilities assumed		16,943	16,943	16,943
Consideration
Cash				14,943
Equity				2,000
Liabilities assumed				0
Receivable due from seller				0
Total consideration transferred				16,943
Sunset Lakes [Member]
At acquistion date
Investment in property		7,835	7,835	7,835
Notes receivable		0	0	0
Inventory of manufactured homes		0	0	0
In-place leases		210	210	210
Total identifiable assets acquired and liabilities assumed		8,045	8,045	8,045
Consideration
Cash				8,045
Equity				0
Liabilities assumed				0
Receivable due from seller				0
Total consideration transferred				8,045
Far Horizons 49er Village [Member]
At acquistion date
Investment in property		12,890	12,890	12,890
Notes receivable		0	0	0
Inventory of manufactured homes		0	0	0
In-place leases		110	110	110
Total identifiable assets acquired and liabilities assumed		$ 13,000	$ 13,000	13,000
Consideration
Cash				13,000
Equity				0
Liabilities assumed				0
Receivable due from seller				0
Total consideration transferred				$ 13,000
Carefree Communities
At acquistion date
Investment in property	$ 1,670,981
Ground leases	33,270
Inventory of manufactured homes	13,521
In-place leases	35,010
Deferred tax liability	23,637
Other liabilities	15,665
Below market lease	29,340
Total identifiable assets acquired and liabilities assumed	1,684,140
Consideration
Total consideration transferred	$ 1,684,140

Real Estate Acquisitions, Schedule of Revenue and Net Income from acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
Business Combination, Results of Operations [Line Items]
Revenue	$ 55,034	$ 156,021
Net income	3,987	17,013
Far Horizons 49er Village [Member]
Business Combination, Results of Operations [Line Items]
Revenue	3,178	4,493
Net income	$ 935	$ 1,418

Real Estate Acquisitions , Pro Forma Information (Details) - Far Horizons 49er Village [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Business Acquisition [Line Items]
Total revenues	$ 272,214	$ 255,580	$ 746,299	$ 623,840
Net income attributable to Sun Communities, Inc. common stockholders (4)	$ 25,337	$ 20,660	$ 59,176	$ 21,246
Net income per share attributable to Sun Communities, Inc. common stockholders - basic	$ 0.32	$ 0.30	$ 0.79	$ 0.33
Net income per share attributable to Sun Communities, Inc. common stockholders - diluted	$ 0.32	$ 0.30	$ 0.78	$ 0.33

Real Estate Acquisitions Real Estate Acquisitions, Schedule of Disposed Properties (Details)	Dec. 31, 2016 sites
Business Combinations [Abstract]
Number of Units in Real Estate Property	1,677

Collateralized Receivables and Transfers of Financial Assets, Repurchase price percentage (Details) - Collateralized Receivables [Member]	9 Months Ended
	Sep. 30, 2017
Less than or equal to 15 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repurchase Percentage	100.00%
Greater than 15 but less than 64 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repurchase Percentage	90.00%
Equal to or greater than 64 but less than 120 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repurchase Percentage	65.00%
120 or more [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repurchase Percentage	50.00%

Collateralized Receivables and Transfers of Financial Assets, Schedule of collateralized loans (Details) - Collateralized Receivables [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2017 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	$ 144,477
Financed sales of manufactured homes	8,081
Principal payments and payoffs from our customers	(9,233)
Principal reduction from repurchased homes	8,441
Total activity	(9,593)
Ending balance	$ 134,884

Collateralized Receivables and Transfers of Financial Assets Collateralized Receivables and Transfers of Financial Assets, Allowance for Collateralized Receivables (Details) - Collateralized Receivables [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2017 USD ($)
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ (607)
Lower of cost or market write-downs	699
Increase to reserve balance	(961)
Total activity	(262)
Ending balance	$ (869)

Collateralized Receivables and Transfers of Financial Assets, Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes and other receivables, net	$ 145,760		$ 145,760		$ 81,179
Secured debt	2,822,640		2,822,640		2,819,567
Interest income and expense, net	3,300	$ 3,500	9,900	$ 10,300
Collateralized Receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Allowance	869		$ 869		$ 607
Receivable With Imputed Interest, Term			15 years 6 months		15 years 8 months 12 days
Receivable with Imputed Interest, Effective Yield (Interest Rate)			10.00%		10.00%
Carrying Value [Member] \| Secured Debt [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured debt	134,884		$ 134,884		$ 144,477
Carrying Value [Member] \| Collateralized Receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes and other receivables, net	$ 134,000		$ 134,000		$ 143,870

Notes and Other Receivables, Schedule of notes and other receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes and other receivables, net	$ 145,760	$ 81,179
Other receivables, net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes and other receivables, net	$ 47,770	21,859
Carrying Value [Member] \| Installment notes receivable on manufactured homes, net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes and other receivables, net		$ 59,320

Notes And Other Receivables Notes and Other Receivables, Installment notes receivable on manufactured homes - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and Notes Receivable, Net	$ 145,760	$ 81,179
Installment notes receivable on manufactured homes, net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Allowance	$ 200	$ 200
Receivable with Imputed Interest, Effective Yield (Interest Rate)	8.20%	8.30%
Receivable With Imputed Interest, Term	17 years	16 years
Carrying Value [Member] \| Installment notes receivable on manufactured homes, net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and Notes Receivable, Net		$ 59,320
Fair Value, Measurements, Recurring [Member] \| Estimate of Fair Value Measurement [Member] \| Installment notes receivable on manufactured homes, net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and Notes Receivable, Net	$ 97,990

Notes and Other Receivables, Schedule of installment notes receivable (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017 USD ($)
Collateralized receivables, net and Installment Notes Receivables on Manufactured Homes [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase to reserve balance	$ 103
Installment notes receivable on manufactured homes, gross [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning balance	59,525
Financed sales of manufactured homes	44,711
Acquired Notes Receivable	23
Principal payments and payoffs from our customers	(4,465)
Principal reduction from repossessed homes	1,593
Total activity	38,676
Ending balance	$ 98,201

Notes and Other Receivables, Allowance for installment notes receivable (Details) - Collateralized receivables, net and Installment Notes Receivables on Manufactured Homes [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2017 USD ($)
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ (205)
Lower of cost or market write-downs	97
Increase to reserve balance	103
Total activity	(6)
Ending balance	$ (211)

Notes And Other Receivables Notes and Other Receivables, Other receivables - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other receivables for rent, water, sewer usage	$ 7.2	$ 6.0
Allowance for rent, water, sewer usage receivables	(1.4)	(1.5)
Home sale proceeds	13.1	11.6
Insurance receivables	19.1	2.3
Premiums and Other Receivables, Net	$ 3.4	$ 2.0

Intangible Assets Intangible Assets, Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 135,104	$ 133,385
Accumulated Amortization	(44,893)	(33,551)
Ground Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	33,270	33,270
Accumulated Amortization	$ (1,371)	(600)
Leases, Acquired-in-Place [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	7 years
Gross Carrying Amount	$ 99,954	98,235
Accumulated Amortization	$ (42,090)	(31,796)
Franchise Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	15 years
Gross Carrying Amount	$ 1,880	1,880
Accumulated Amortization	$ (1,432)	$ (1,155)
Minimum [Member] \| Ground Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	8 years
Maximum [Member] \| Ground Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	57 years

Intangible Assets Intangible Assets, Schedule of Intangible Asset Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 3,754	$ 4,321	$ 11,370	$ 8,897
Ground Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	257	368	771	368
Leases, Acquired-in-Place [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	3,478	3,824	10,322	8,142
Franchise Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 19	$ 129	$ 277	$ 387

Intangible Assets, Intangibles Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2017 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2017	$ 3,819
2018	14,514
2019	13,598
2020	11,870
2021	$ 11,478

Consolidated Variable Interest Entities, Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Payments to Acquire Additional Interest in Subsidiaries	$ 100
Investment property, net	5,573,825	$ 5,469,481
Other assets, net (including $1,638 and $3,054 for consolidated variable interest entities at September 30, 2017 and December 31, 2016; see Note 6)	141,047	146,450
Mortgage loans payable (including $42,177 and $62,111 for consolidated variable interest entities at September 30, 2017 and December 31, 2016; see Note 6)	2,822,640	2,819,567
Other liabilities (including $1,258 and $1,998 for consolidated variable interest entities at September 30, 2017 and December 31, 2016; see Note 6)	291,074	279,667
Consolidated variable interest entities	$ 3,841	$ (2,982)
VIE as a Percentage of Consolidated Assets	0.80%	1.60%
VIE as a Percentage of Consolidated Liabilities	1.30%	1.90%
VIE as a Percentage of Total Equity	1.00%	100.00%
Noncontrolling Interest, Ownership Percentage by Parent	100.00%
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Investment property, net	$ 50,655	$ 88,987
Other assets, net (including $1,638 and $3,054 for consolidated variable interest entities at September 30, 2017 and December 31, 2016; see Note 6)	1,638	3,054
Total Assets	52,293	92,041
Mortgage loans payable (including $42,177 and $62,111 for consolidated variable interest entities at September 30, 2017 and December 31, 2016; see Note 6)	42,177	62,111
Other liabilities (including $1,258 and $1,998 for consolidated variable interest entities at September 30, 2017 and December 31, 2016; see Note 6)	1,258	1,998
Total Liabilities and Stockholder's Equity	$ 47,276	$ 61,127

Debt And Lines Of Credit , Schedule of debt and lines of credit (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Secured debt	$ 2,822,640	$ 2,819,567
Preferred OP units - mandatorily redeemable	$ 45,903
Debt weighted average to maturity, years	8 years 4 months 24 days	8 years 6 months
Weighted average interest rate	4.60%	4.50%
Lines of credit		$ 100,095
Total debt	$ 3,003,427	3,110,042
Collateralized term loans - CMBS [Member]
Debt Instrument [Line Items]
Secured debt	$ 1,032,621	$ 492,294
Debt weighted average to maturity, years	5 years 9 months 18 days	5 years 7 months 6 days
Weighted average interest rate	4.40%	5.20%
Preferred OP units [Member]
Debt Instrument [Line Items]
Secured debt	$ 45,903
Preferred OP units - mandatorily redeemable		$ 45,903
Debt weighted average to maturity, years	15 years 6 months	5 years 4 months 24 days
Weighted average interest rate	10.00%	6.90%
Line of Credit [Member]
Debt Instrument [Line Items]
Lines of credit		$ 100,300
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member]
Debt Instrument [Line Items]
Secured debt	$ 387,738	$ 1,046,803
Debt weighted average to maturity, years	7 years 1 month 6 days	6 years 7 months 6 days
Weighted average interest rate	3.90%	4.30%
Life Companies [Member] \| Collateralized Mortgage Backed Securities [Member]
Debt Instrument [Line Items]
Secured debt	$ 949,970	$ 888,705
Debt weighted average to maturity, years	12 years 6 months	12 years 2 months 12 days
Weighted average interest rate	3.90%	3.90%
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member]
Debt Instrument [Line Items]
Secured debt	$ 452,311	$ 391,765
Debt weighted average to maturity, years	5 years 2 months 12 days	7 years 10 months 24 days
Weighted average interest rate	5.10%	3.90%
Carrying Value [Member] \| Secured borrowing [Member]
Debt Instrument [Line Items]
Secured debt	$ 134,884	$ 144,477
Secured borrowings on collateralized receivables		$ 144,477
Debt weighted average to maturity, years	4 years 9 months 18 days	15 years 8 months 12 days
Weighted average interest rate	6.90%	10.00%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Lines of credit	$ 0
Revolving Credit Facility [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Debt weighted average to maturity, years	0 days	3 years 7 months 6 days
Weighted average interest rate	0.00%	2.10%

Debt And Lines Of Credit , Narrative - Collateralized Term Loans (Details)	1 Months Ended				3 Months Ended					9 Months Ended		12 Months Ended
	Sep. 30, 2017 USD ($) sites manufactured_home	Jun. 30, 2017 USD ($)	Sep. 30, 2016 USD ($) subsidiary promissory_note RV_community manufactured_home	Jun. 30, 2016 loans subsidiary	Sep. 30, 2017 USD ($) sites manufactured_home	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($) community	Dec. 31, 2016 USD ($) community sites manufactured_home	Sep. 30, 2016 USD ($) RV_community manufactured_home	Sep. 30, 2017 USD ($) sites manufactured_home	Sep. 30, 2016 USD ($) RV_community manufactured_home	Dec. 31, 2016 USD ($) sites manufactured_home
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt					$ 0	$ 300,000	$ 500,000		$ 0	$ 759,000	$ 0
Reduction in secured borrowing balance								$ 79,100,000		$ 17,674,000	14,718,000
Number of Real Estate Units Released \| community							1	10
Weighted average interest rate	4.60%				4.60%			4.50%		4.60%		4.50%
Number of Units in Real Estate Property \| sites								1,677				1,677
Debt weighted average to maturity, length										8 years 4 months 24 days		8 years 6 months
Total debt	$ 2,822,640,000				$ 2,822,640,000			$ 2,819,567,000		$ 2,822,640,000		$ 2,819,567,000
Repayments of Debt			$ 62,100,000
Repayments of Lines of Credit			$ 300,000,000							$ 675,695,000	$ 441,738,000
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Debt instrument, face amount								$ 58,500,000.0				$ 58,500,000.0
Interest rate								3.33%				3.33%
Debt instrument term								7 years
Secured Debt [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 77,000,000.0				$ 77,000,000.0
Interest rate		4.16%				4.16%
Debt instrument term		25 years
Commercial Mortgage Backed Securities [Member]
Debt Instrument [Line Items]
Weighted average interest rate	4.40%				4.40%			5.20%		4.40%		5.20%
Debt weighted average to maturity, length										5 years 9 months 18 days		5 years 7 months 6 days
Total debt	$ 1,032,621,000				$ 1,032,621,000			$ 492,294,000		$ 1,032,621,000		$ 492,294,000
Collateralized Mortgage Backed Securities [Member]
Debt Instrument [Line Items]
Net book value of properties securing collateralized term loans	$ 3,400,000,000				$ 3,400,000,000					$ 3,400,000,000
RV community [Member]
Debt Instrument [Line Items]
Number of Units in Real Estate Property \| manufactured_home								7				7
Properties securing debt [Member] \| Collateralized Mortgage Backed Securities [Member]
Debt Instrument [Line Items]
Number of Units in Real Estate Property \| sites	76,078				76,078					76,078
Collateralized Term Loan Due August 31, 2017 [Member]
Debt Instrument [Line Items]
Reduction in secured borrowing balance		$ 3,900,000
Debt Instrument, Interest Rate, Stated Percentage		6.54%				6.54%
Collateralized Term Loan Due August 1, 2017 [Member]
Debt Instrument [Line Items]
Debt Instrument, Defeased							$ 18,900,000
Debt Instrument, Interest Rate, Stated Percentage							6.49%
Collateralized Term Loan Due May 1, 2017 [Member]
Debt Instrument [Line Items]
Reduction in secured borrowing balance							$ 10,000,000
Debt Instrument, Interest Rate, Stated Percentage							5.57%
Operating Partnership [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Interest rate			3.69%						3.69%		3.69%
Amortization term				30 years
Operating Partnership [Member] \| Freddie Mac Financing [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Number of subsidiaries \| subsidiary			15
Debt instrument, face amount			$ 139,000,000						$ 139,000,000		$ 139,000,000
Amortization term			30 years
Operating Partnership [Member] \| Freddie Mac Financing - Loan 1 [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 70,200,000						$ 70,200,000		$ 70,200,000
Number of loans \| promissory_note			5
Interest rate			3.93%						3.93%		3.93%
Debt instrument term			10 years
Operating Partnership [Member] \| Freddie Mac Financing - Loan 2 [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 68,800,000						$ 68,800,000		$ 68,800,000
Number of loans \| promissory_note			10
Interest rate			3.75%						3.75%		3.75%
Debt instrument term			7 years
Operating Partnership [Member] \| Fannie Mae Financing [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Number of subsidiaries \| subsidiary				17
Debt instrument, face amount			$ 338,000,000						$ 338,000,000		$ 338,000,000
Number of loans \| loans				2
Debt instrument term				10 years
Operating Partnership [Member] \| Fannie Mae Financing [Member] \| Manufactured home community [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Number of Units in Real Estate Property \| manufactured_home	17				17					17
Operating Partnership [Member] \| Fannie Mae Financing - Term Loan One [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 300,000,000						$ 300,000,000		$ 300,000,000
Interest rate			3.69%						3.69%		3.69%
Operating Partnership [Member] \| Fannie Mae Financing - Term Loan Two [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 38,000,000						$ 38,000,000		$ 38,000,000
Interest rate			3.67%						3.67%		3.67%
Operating Partnership [Member] \| NML Loan Documents [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Number of subsidiaries \| subsidiary				3
Debt instrument, face amount			$ 405,000,000						$ 405,000,000		$ 405,000,000
Number of loans \| loans				3
Operating Partnership [Member] \| NML Loan Documents - Portfolio A Loan [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Number of subsidiaries \| subsidiary				2
Debt instrument, face amount			$ 162,000,000						$ 162,000,000		$ 162,000,000
Interest rate			3.53%						3.53%		3.53%
Debt instrument term				10 years
Operating Partnership [Member] \| NML Loan Documents - Portfolio A Loan [Member] \| Manufactured home community [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Number of Units in Real Estate Property \| manufactured_home			7						7		7
Operating Partnership [Member] \| NML Loan Documents - Portfolio A Loan [Member] \| RV community [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Number of Units in Real Estate Property \| RV_community			1						1		1
Operating Partnership [Member] \| NML Loan Documents - Portfolio B Loan [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Number of subsidiaries \| subsidiary				1
Debt instrument, face amount			$ 163,000,000						$ 163,000,000		$ 163,000,000
Interest rate			3.71%						3.71%		3.71%
Debt instrument term				12 years
Operating Partnership [Member] \| NML Loan Documents - Portfolio B Loan [Member] \| Manufactured home community [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Number of Units in Real Estate Property \| manufactured_home			8						8		8
Operating Partnership [Member] \| NML Loan Documents - Portfolio C Loan [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 80,000,000						$ 80,000,000		$ 80,000,000
Interest rate			3.71%						3.71%		3.71%
Debt instrument term				12 years
Operating Partnership [Member] \| NML Loan Documents - Portfolio C Loan [Member] \| RV community [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Number of Units in Real Estate Property \| manufactured_home			1						1		1
Ocean West [Member]
Debt Instrument [Line Items]
Number of Units in Real Estate Property \| sites	130				130					130
Ocean West [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 4,600,000.0				$ 4,600,000.0					$ 4,600,000.0
Interest rate	4.34%				4.34%					4.34%
Debt instrument term	9 years 9 months 18 days

Debt And Lines Of Credit , Narrative - Aspen Preferred OP Units and Series B-3 preferred OP units (Details) - Preferred OP units [Member] - Convertible debt - Aspen Preferred OP Units January 2024 [Member] $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2017 USD ($) shares Rate	Dec. 31, 2014 $ / shares shares	Dec. 31, 2016 $ / shares
Debt Instrument [Line Items]
Debt instrument, face amount \| $	$ 34.7
Convertible units to shares (in shares)	468,923
Debt Instrument, Interest Rate During Period \| Rate	6.50%
Debt Instrument, Convertible, Conversion Price \| $ / shares		$ 68.00	$ 27.00
Conversion of Stock, Shares Converted		0.397

Debt And Lines Of Credit , Narrative - Line of Credit (Details)	1 Months Ended		9 Months Ended	12 Months Ended
	Apr. 30, 2017	Sep. 30, 2016 USD ($)	Sep. 30, 2017 USD ($) properties Rate	Dec. 31, 2016 USD ($)	Apr. 25, 2017 USD ($) Rate	Apr. 24, 2017 USD ($)
Line of Credit Facility [Line Items]
Number of Real Estate Properties \| properties			192
Long-term Debt			$ 0
Repayments of Debt		$ 62,100,000
Lines of credit				$ 100,095,000
Weighted average interest rate			4.60%	4.50%
Debt weighted average to maturity, length			8 years 4 months 24 days	8 years 6 months
Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Current Borrowing Capacity					$ 650,000,000	$ 450,000,000
Line of credit, borrowing capacity					1,000,000,000
Debt Instrument, Maturity Date	Apr. 25, 2021
Line of credit, additional borrowing capacity					350,000,000
Interest rate				2.14%
Lines of credit				$ 100,300,000
Letters of credit outstanding, amount			$ 3,800,000	4,600,000
Line of credit - manufactured home floor plan facility [Member]
Line of Credit Facility [Line Items]
Line of credit, borrowing capacity			12,000,000
Lines of credit			$ 0	2,800,000
Weighted average interest rate \| Rate			7.00%
Prime Rate [Member] \| Line of credit - manufactured home floor plan facility [Member]
Line of Credit Facility [Line Items]
Basis points \| Rate			100.00%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit, borrowing capacity					550,000,000
Debt instrument, face amount				$ 42,300,000
Lines of credit			$ 0
Revolving Credit Facility [Member] \| Line of Credit [Member]
Line of Credit Facility [Line Items]
Weighted average interest rate			0.00%	2.10%
Debt weighted average to maturity, length			0 days	3 years 7 months 6 days
Revolving Credit Facility [Member] \| Eurodollar [Member] \| Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of credit variable interest rate \| Rate			1.35%
Term Loan [Member]
Line of Credit Facility [Line Items]
Line of credit, borrowing capacity					$ 100,000,000
Term Loan [Member] \| Line of Credit [Member]
Line of Credit Facility [Line Items]
Lines of credit				$ 58,000,000
Term Loan [Member] \| Eurodollar [Member] \| Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of credit variable interest rate \| Rate			1.30%
Minimum [Member] \| Revolving Credit Facility [Member] \| Eurodollar [Member] \| Line of Credit [Member]
Line of Credit Facility [Line Items]
Interest rate \| Rate					1.35%
Minimum [Member] \| Term Loan [Member] \| Eurodollar [Member] \| Line of Credit [Member]
Line of Credit Facility [Line Items]
Interest rate \| Rate					1.30%
Maximum [Member] \| Prime Rate [Member] \| Line of credit - manufactured home floor plan facility [Member]
Line of Credit Facility [Line Items]
Interest rate \| Rate			6.00%
Maximum [Member] \| Revolving Credit Facility [Member] \| Eurodollar [Member] \| Line of Credit [Member]
Line of Credit Facility [Line Items]
Interest rate \| Rate					2.20%
Maximum [Member] \| Term Loan [Member] \| Eurodollar [Member] \| Line of Credit [Member]
Line of Credit Facility [Line Items]
Interest rate \| Rate					2.15%

Equity and Mezzanine Securities, Narrative (Details) - USD ($)						1 Months Ended					3 Months Ended				9 Months Ended		12 Months Ended
	Oct. 16, 2017	Oct. 02, 2017	Jun. 09, 2016	Mar. 30, 2016	Jun. 17, 2015	Sep. 30, 2017	Jun. 30, 2017	May 31, 2017	Sep. 30, 2016	Jun. 30, 2015	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Mar. 31, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Nov. 30, 2004
Class of Stock [Line Items]
Shares Issued, Weighted Average Price Per Share							$ 85.01					$ 85.01	$ 76,470
Aggregate Value of Shares to be Issued in Accordance to Sales Agreement										$ 225,000,000					$ 450,000,000.0
Commission, Maximum Percentage of Gross Sales Price Per Share According to Sales Agreement															2.00%
New shares issued (in shares)				6,037,500				4,830,000	3,737,500			400,000,000	280,502,000	6,037,500
Shares Issued, Price Per Share								$ 86.00	$ 76.50							$ 76.50
Proceeds from Issuance of Common Stock				$ 385,400,000				$ 408,900,000	$ 283,600,000					$ 385,400,000
Redemption price (in dollars per share)						$ 25.00					$ 25.00				$ 25.00
Share Price				$ 66.50										$ 66.50
Total consideration transferred						$ 26,400,000					$ 2,000,000				$ 92,752,000		$ 89,700,000
Series A-4 Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Dividends Per Share, Declared											$ 0.40625
Stock Redeemed or Called During Period, Shares											438,448
Series A-4 Preferred Stock \| Subsequent Event
Class of Stock [Line Items]
Payments of dividends		$ 1,514
Common Stock
Class of Stock [Line Items]
Dividends per common share											$ 0.67
Common Stock \| Subsequent Event
Class of Stock [Line Items]
Payments of dividends	$ 55,006
Common OP Units
Class of Stock [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares					250,000,000.0	298,900	23,311
Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividends Per Share, Declared											$ 0.4453125
Preferred Stock [Member] \| Subsequent Event
Class of Stock [Line Items]
Payments of dividends	$ 441
Series A-4 preferred OP units
Class of Stock [Line Items]
Stock Redeemed or Called During Period, Shares											200,000
Common Stock
Class of Stock [Line Items]
Authorized to be repurchased (in shares)																		1,000,000
Remaining number of shares authorized to be repurchased (in shares)						400,000					400,000				400,000
Series A-4 preferred OP units
Class of Stock [Line Items]
Conversion of Common OP Units to common stock (in shares)															9,000,000	12,389,000
Series A-4 preferred OP units \| Common OP Units
Class of Stock [Line Items]
Conversion of Common OP Units to common stock (in shares)															3,996,000	5,505,000
Conversion of Common OP Units
Class of Stock [Line Items]
Conversion of Common OP Units to common stock (in shares)															25,238	24,896
Conversion of Common OP Units \| Common OP Units
Class of Stock [Line Items]
Conversion of Common OP Units to common stock (in shares)															25,238
Series A-1 Preferred OP Units
Class of Stock [Line Items]
Conversion of Common OP Units to common stock (in shares)															18,319,000	11,490,000
Series A-1 Preferred OP Units \| Common OP Units
Class of Stock [Line Items]
Conversion of Common OP Units to common stock (in shares)															44,676,000	28,021,000
Carefree Communities
Class of Stock [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares			3,329,880
Business Acquisition, Share Price			$ 67.57
Total consideration transferred			$ 1,684,140,000
Green Courte [Member] \| Series A-4 Preferred Stock and OP Units [Member]
Class of Stock [Line Items]
Stock Redeemed or Called During Period, Value											$ 24,700,000

Equity and Mezzanine Securities, Conversion of Stock (Details) - shares	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Conversion of Common OP Units
Conversion of Stock [Line Items]
Conversion of units	25,238	24,896
Series A-1 Preferred OP Units
Conversion of Stock [Line Items]
Conversion of units	18,319,000	11,490,000
Series A-4 preferred OP units
Conversion of Stock [Line Items]
Conversion of units	9,000,000	12,389,000
Series A-4 Preferred Stock
Conversion of Stock [Line Items]
Conversion of units	158,036,000	385,242,000
Series C preferred OP unit
Conversion of Stock [Line Items]
Conversion of units	16,806,000	7,000,000
Common OP Units \| Conversion of Common OP Units
Conversion of Stock [Line Items]
Conversion Rate	1,000
Conversion of units	25,238
Common OP Units \| Series A-1 Preferred OP Units
Conversion of Stock [Line Items]
Conversion Rate	2,439.000
Conversion of units	44,676,000	28,021,000
Common OP Units \| Series A-4 preferred OP units
Conversion of Stock [Line Items]
Conversion Rate	444.4000
Conversion of units	3,996,000	5,505,000
Common OP Units \| Series A-4 Preferred Stock
Conversion of Stock [Line Items]
Conversion Rate	444.4000
Conversion of units	70,238,000	171,218,000
Common OP Units \| Series C preferred OP unit
Conversion of Stock [Line Items]
Conversion Rate	1,110
Conversion of units	18,651,000	7,768,000

Equity and Mezzanine Securities Equity and Mezzanine Securities, Dividends Payable Table (Details) - USD ($)					3 Months Ended
	Oct. 16, 2017	Oct. 02, 2017	Sep. 29, 2017	Sep. 15, 2017	Sep. 30, 2017
Common Stock
Dividends Payable [Line Items]
Dividends Payable, Date of Record			Sep. 29, 2017
Dividends per common share					$ 0.67
Preferred Stock [Member]
Dividends Payable [Line Items]
Dividends Payable, Date of Record			Sep. 29, 2017
Preferred Stock, Dividends Per Share, Declared					0.4453125
Series A-4 Preferred Stock
Dividends Payable [Line Items]
Dividends Payable, Date of Record				Sep. 15, 2017
Preferred Stock, Dividends Per Share, Declared					$ 0.40625
Subsequent Event \| Common Stock
Dividends Payable [Line Items]
Dividends Payable, Date to be Paid	Oct. 16, 2017
Payments of dividends	$ 55,006
Subsequent Event \| Preferred Stock [Member]
Dividends Payable [Line Items]
Dividends Payable, Date to be Paid	Oct. 16, 2017
Payments of dividends	$ 441
Subsequent Event \| Series A-4 Preferred Stock
Dividends Payable [Line Items]
Dividends Payable, Date to be Paid		Oct. 02, 2017
Payments of dividends		$ 1,514

Equity and Mezzanine Securities Equity and Mezzanine Securities, Schedule of Sale of Common Stock (Details) - USD ($)		1 Months Ended			3 Months Ended			9 Months Ended
	Mar. 30, 2016	May 31, 2017	Sep. 30, 2016	Jun. 30, 2015	Jun. 30, 2017	Mar. 31, 2017	Mar. 31, 2016	Sep. 30, 2017
Aggregate Value of Shares to be Issued in Accordance to Sales Agreement				$ 225,000,000				$ 450,000,000.0
Share Price	$ 66.50						$ 66.50
Proceeds from Issuance of Common Stock	$ 385,400,000	$ 408,900,000	$ 283,600,000				$ 385,400,000
New shares issued (in shares)	6,037,500	4,830,000	3,737,500		400,000,000	280,502,000	6,037,500
Shares Issued, Price Per Share		$ 86.00	$ 76.50
Shares Issued, Weighted Average Price Per Share					$ 85.01	$ 76,470
Issuance of common stock and common OP units, net					$ 0	$ 21,200		$ 486,559,000

Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock option exercise				$ 0	$ 149
2004 Non-employee Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercises in period				1,500	9,349
Proceeds from stock option exercise				$ 100
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested restricted stock (in shares)				186,771
Restricted Stock [Member] \| 2015 Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, shares (in shares)		2,500	100,000
Weighted average grant date fair value		$ 84.18	$ 79.30
Director [Member] \| Restricted Stock [Member] \| 2004 Non-employee Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, shares (in shares)	1,300		15,600
Weighted average grant date fair value	$ 87.11		$ 79.02
Award vesting percentage	100.00%		100.00%
Third Anniversary \| Restricted Stock [Member] \| 2015 Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		35.00%	20.00%
Fourth Anniversary \| Restricted Stock [Member] \| 2015 Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		35.00%	30.00%
Fifth Anniversary \| Restricted Stock [Member] \| 2015 Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		20.00%	35.00%
Sixth Anniversary \| Restricted Stock [Member] \| 2015 Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		5.00%	10.00%
Seventh Anniversary \| Restricted Stock [Member] \| 2015 Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage		5.00%	5.00%
Subject to Performance Conditions Over 5 years \| Restricted Stock [Member] \| 2015 Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, shares (in shares)			100,000
Weighted average grant date fair value			$ 79.30

Segment Reporting Segment Reporting, Seasonality (Details) $ in Millions	3 Months Ended								9 Months Ended
	Dec. 31, 2017	Sep. 30, 2017 USD ($)	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016 USD ($)	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2017 USD ($) segment
Segment Reporting Information [Line Items]
Number of reportable segments \| segment									2
Real Property Operations Segment [Member]
Segment Reporting Information [Line Items]
Expected annual transient RV revenue \| $		$ 77.8			$ 58.2				$ 77.8
Transient RV rental revenue recognized as a percentage		36.90%	20.20%	27.20%	18.60%	45.20%	18.70%	17.50%
Scenario, Forecast [Member] \| Real Property Operations Segment [Member]
Segment Reporting Information [Line Items]
Transient RV rental revenue recognized as a percentage	15.70%

Segment Reporting Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Revenues	$ 261,234			$ 244,012	$ 721,957	$ 599,685
Operating expenses/Cost of sales	114,164			107,207	305,722	252,616
Net operating income/Gross profit	147,070			136,805	416,235	347,069
Interest and other revenues, net	7,011			5,689	18,587	15,459
Home selling expenses	(3,290)			(2,643)	(9,391)	(7,240)
General and administrative	(18,267)			(16,575)	(56,188)	(46,910)
Transaction costs	(2,167)			(4,191)	(6,990)	(27,891)
Depreciation and amortization	(64,232)			(61,483)	(189,719)	(159,565)
Extinguishment of debt	0	$ (300)	$ (500)	0	(759)	0
Interest	(32,085)			(33,800)	(95,765)	(88,522)
Interest on mandatorily redeemable preferred OP units	(790)			(789)	(2,361)	(2,363)
Catastrophic weather related charges	(7,756)			0	(8,124)	0
Other income, net	3,345			0	5,340	0
Current tax benefit / (expense)	38			(283)	(133)	(567)
Deferred tax benefit	81			0	745	0
Income from affiliate transactions	0			500	0	500
Net income	28,958			23,230	71,477	29,970
Less: Preferred return to Series A-1 preferred OP units	1,112			1,257	3,482	3,793
Less: Amounts attributable to noncontrolling interests	1,776			879	4,179	460
Net income attributable to Sun Communities, Inc.	26,070			21,094	63,816	25,717
Less: Preferred stock distributions	1,955			2,197	6,233	6,748
Net income attributable to Sun Communities, Inc. common stockholders	24,115			18,897	57,583	18,969	$ 18,969
Real Property Operations Segment [Member]
Segment Reporting Information [Line Items]
Revenues	215,280			200,770	592,864	482,002
Operating expenses/Cost of sales	82,295			78,922	220,902	176,176
Net operating income/Gross profit	132,985			121,848	371,962	305,826
Interest and other revenues, net	7,011			5,689	18,587	15,459
Home selling expenses	0			0	0	0
General and administrative	(15,677)			(14,309)	(49,082)	(40,300)
Transaction costs	(2,153)			(4,171)	(7,001)	(27,990)
Depreciation and amortization	(48,624)			(47,323)	(144,143)	(118,296)
Extinguishment of debt					(759)	0
Interest	(32,082)			(33,797)	(95,754)	(88,512)
Interest on mandatorily redeemable preferred OP units	(790)			(789)	(2,361)	(2,363)
Catastrophic weather related charges	(7,718)			0	(8,075)	0
Other income, net	3,345			0	5,341	0
Current tax benefit / (expense)	210			(242)	145	(445)
Deferred tax benefit	81			0	745	0
Income from affiliate transactions	0			500	0	500
Net income	36,588			27,406	89,605	43,879
Less: Preferred return to Series A-1 preferred OP units	1,112			1,257	3,482	3,793
Less: Amounts attributable to noncontrolling interests	2,174			1,133	5,163	1,392
Net income attributable to Sun Communities, Inc.	33,302			25,016	80,960	38,694
Less: Preferred stock distributions	1,955			2,197	6,233	6,748
Net income attributable to Sun Communities, Inc. common stockholders	31,347			22,819	74,727	31,946
Home Sales and Home Rentals Segment [Member]
Segment Reporting Information [Line Items]
Revenues	45,954			43,242	129,093	117,683
Operating expenses/Cost of sales	31,869			28,285	84,820	76,440
Net operating income/Gross profit	14,085			14,957	44,273	41,243
Interest and other revenues, net	0			0	0	0
Home selling expenses	(3,290)			(2,643)	(9,391)	(7,240)
General and administrative	(2,590)			(2,266)	(7,106)	(6,610)
Transaction costs	(14)			(20)	11	99
Depreciation and amortization	(15,608)			(14,160)	(45,576)	(41,269)
Extinguishment of debt					0	0
Interest	(3)			(3)	(11)	(10)
Interest on mandatorily redeemable preferred OP units	0			0	0	0
Catastrophic weather related charges	(38)			0	(49)	0
Other income, net	0			0	(1)	0
Current tax benefit / (expense)	(172)			(41)	(278)	(122)
Deferred tax benefit	0			0	0	0
Income from affiliate transactions	0			0	0	0
Net income	(7,630)			(4,176)	(18,128)	(13,909)
Less: Preferred return to Series A-1 preferred OP units	0			0	0	0
Less: Amounts attributable to noncontrolling interests	(398)			(254)	(984)	(932)
Net income attributable to Sun Communities, Inc.	(7,232)			(3,922)	(17,144)	(12,977)
Less: Preferred stock distributions	0			0	0	0
Net income attributable to Sun Communities, Inc. common stockholders	$ (7,232)			$ (3,922)	$ (17,144)	$ (12,977)

Segment Reporting Identifiable Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Segment Reporting, Asset Reconciling Item [Line Items]
Investment property, net	$ 5,573,825	$ 5,469,481
Cash and cash equivalents	137,448	8,164	$ 69,829	$ 45,086
Inventory of manufactured homes	25,741	21,632
Notes and other receivables, net	145,760	81,179
Collateralized receivables, net	134,015	143,870
Other assets	141,047	146,450
TOTAL ASSETS	6,157,836	5,870,776
Real Property Operations Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Investment property, net	5,112,302	5,019,165
Cash and cash equivalents	124,434	3,705
Inventory of manufactured homes	0	0
Notes and other receivables, net	132,748	68,901
Collateralized receivables, net	134,015	143,870
Other assets	137,303	143,650
TOTAL ASSETS	5,640,802	5,379,291
Home Sales and Home Rentals Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Investment property, net	461,523	450,316
Cash and cash equivalents	13,014	4,459
Inventory of manufactured homes	25,741	21,632
Notes and other receivables, net	13,012	12,278
Collateralized receivables, net	0	0
Other assets	3,744	2,800
TOTAL ASSETS	$ 517,034	$ 491,485

Income Taxes , Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes , Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Minimum Percent of Income From Qualifying Sources to Allow For Real Estate Investment Trust Classification			95.00%
Required Minimum Percent of Taxable Income Distributed to Stock Holders			90.00%
Deferred Tax Liabilities, Gross	$ 22,500		$ 22,500
Provision for state income taxes	100	$ (283)	(100)	$ (567)
Deferred Income Tax Expense (Benefit)	$ (81)	$ 0	$ (745)	$ 0

Earnings Per Share , Calculation of Numerator and Denominator (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Numerator
Net income attributable to common stockholders	$ 24,115	$ 18,897	$ 57,583	$ 18,969	$ 18,969
Allocation to restricted stock awards	(189)	(135)	(461)		(22)
Basic earnings: Net income attributable to common stockholders after allocation	23,926	18,762	57,122		18,947
Allocation to restricted stock awards	189	135	461		22
Diluted earnings: Net income attributable to common stockholders after allocation	$ 24,115	$ 18,897	$ 57,583		$ 18,969
Denominator
Weighted average common shares outstanding	78,369	68,655	75,234	63,716	63,716
Add: dilutive stock options	2	8	2		10
Add: dilutive restricted stock	437	406	610		420
Diluted weighted average common shares and securities	78,808	69,069	75,846	64,146	64,146
Basic	$ 0.31	$ 0.27	$ 0.76	$ 0.30	$ 0.30
Diluted	$ 0.31	$ 0.27	$ 0.76	$ 0.30	$ 0.30

Earnings Per Share , Antidilutive Securities Excluded from Computation of Loss Per Share (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	6,256	7,296
Common OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	2,757	2,838
Series A-1 Preferred OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	349	376
Series A-3 Preferred OP Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	40	40
Series A-4 preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	425	743
Series A-4 Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,085	1,682
Series C preferred OP units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	316	333
Aspen Preferred OP Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,284	1,284

Derivative Instruments And Hedging Activities , Derivative Contracts (Details) - Interest Rate Cap [Member] $ in Millions	9 Months Ended
	Sep. 30, 2017 USD ($)
Derivative maturing 2018 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Type	Cap
Derivative, Purpose	Cap Floating Rate
Derivative, Effective Date	Apr. 01, 2015
Derivative, Maturity Date	Apr. 01, 2018
Notional Amount of Derivatives	$ 150.1
Derivative, Variable Rate	3.169%
Derivative, Fixed Rate	9.00%
Derivative, Spread on Variable Rate	0.00%
Derivative Maturing 2023 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Type	Cap
Derivative, Purpose	Cap Floating Rate
Derivative, Effective Date	Oct. 03, 2016
Derivative, Maturity Date	May 01, 2023
Notional Amount of Derivatives	$ 9.6
Derivative, Variable Rate	3.969%
Derivative, Fixed Rate	11.02%
Derivative, Spread on Variable Rate	0.00%

Fair Value of Financial Instruments , By Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Financial assets
Notes and other receivables, net	$ 145,760	$ 81,179
Collateralized receivables, net	134,015	143,870
Financial liabilities
Secured debt	2,822,640	2,819,567
Lines of credit		100,095
Carrying Value [Member]
Financial liabilities
Debt (excluding secured borrowings)	2,868,543	2,865,470
Lines of credit		100,095
Other liabilities (contingent consideration)	11,115	10,011
Carrying Value [Member] \| Installment notes receivable on manufactured homes, net [Member]
Financial assets
Notes and other receivables, net		59,320
Carrying Value [Member] \| Collateralized Receivables [Member]
Financial assets
Notes and other receivables, net	134,000	143,870
Carrying Value [Member] \| Secured Debt [Member]
Financial liabilities
Secured borrowings on collateralized receivables		144,477
Secured debt	134,884	144,477
Estimate of Fair Value Measurement [Member] \| Fair Value, Measurements, Recurring [Member]
Financial liabilities
Debt (excluding secured borrowings)	2,837,449	2,820,680
Secured borrowings on collateralized receivables	134,884
Secured debt		144,477
Lines of credit	0
Lines of credit		98,640
Other liabilities (contingent consideration)	11,115	10,011
Estimate of Fair Value Measurement [Member] \| Installment notes receivable on manufactured homes, net [Member] \| Fair Value, Measurements, Recurring [Member]
Financial assets
Notes and other receivables, net	97,990
Receivables		59,320
Estimate of Fair Value Measurement [Member] \| Collateralized Receivables [Member] \| Fair Value, Measurements, Recurring [Member]
Financial assets
Receivables		$ 143,870
Collateralized receivables, net	$ 134,015

Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 13, 2017	Sep. 30, 2017
Subsequent Event [Line Items]
Redemption price (in dollars per share)		$ 25.00
Series A Preferred Stock \| Subsequent Event
Subsequent Event [Line Items]
Redemption price (in dollars per share)	$ 25.00
Redemption price including accrued and unpaid dividends (in dollars per share)	$ 25.143490
Aggregate amount paid	$ 85.5
Number of shares redeemed	3,400,000