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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2019.
or
[ ] TRANSITION PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-12616
SUN COMMUNITIES INC
(Exact Name of Registrant as Specified in its Charter)
|
| | |
Maryland | | 38-2730780 |
(State of Incorporation) | | (I.R.S. Employer Identification No.) |
| | |
27777 Franklin Rd. | | |
Suite 200 | | |
Southfield, Michigan | | 48034 |
(Address of Principal Executive Offices) | | (Zip Code) |
(Registrant’s telephone number, including area code)
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ X ] No [ ]
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [ X ] No [ ]
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. (Check one):
|
| | |
Large accelerated filer [ X ] | Accelerated filer [ ] | Non-accelerated filer [ ] |
Smaller reporting company [ ] | Emerging growth company [ ] | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section to Section 13(a) of the Exchange Act. [ ]
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [ X ]
Number of shares of Common Stock, $0.01 par value per share, outstanding as of April 18, 2019: 86,505,876
INDEX
|
| | |
| | |
|
| Consolidated Financial Statements: | |
| | |
| | |
| Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2019 and 2018 (Unaudited) | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| Exhibit Index | |
| | |
PART I – FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
SUN COMMUNITIES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited - in thousands, except per share amounts)
|
| | | | | | | |
| (unaudited) March 31, 2019 | | December 31, 2018 |
ASSETS | | | |
Land | $ | 1,279,306 |
| | $ | 1,201,945 |
|
Land improvements and buildings | 5,899,149 |
| | 5,586,250 |
|
Rental homes and improvements | 585,994 |
| | 571,661 |
|
Furniture, fixtures and equipment | 208,177 |
| | 201,090 |
|
Investment property | 7,972,626 |
| | 7,560,946 |
|
Accumulated depreciation | (1,501,370 | ) | | (1,442,630 | ) |
Investment property, net (including $314,669 and $308,171 for consolidated variable interest entities at March 31, 2019 and December 31, 2018; see Note 8) | 6,471,256 |
| | 6,118,316 |
|
Cash and cash equivalents | 21,946 |
| | 50,311 |
|
Marketable securities | 50,501 |
| | 49,037 |
|
Inventory of manufactured homes | 52,993 |
| | 49,199 |
|
Notes and other receivables, net | 179,814 |
| | 160,077 |
|
Collateralized receivables, net | 101,938 |
| | 106,924 |
|
Other assets, net (including $22,369 and $19,809 for consolidated variable interest entities at March 31, 2019 and December 31, 2018; see Note 8) | 220,214 |
| | 176,162 |
|
TOTAL ASSETS | $ | 7,098,662 |
| | $ | 6,710,026 |
|
LIABILITIES | | | |
Mortgage loans payable (including $43,913 and $44,172 for consolidated variable interest entities at March 31, 2019 and December 31, 2018; see Note 8) | $ | 2,879,017 |
| | $ | 2,815,957 |
|
Secured borrowings on collateralized receivables | 102,676 |
| | 107,731 |
|
Preferred Equity - Sun NG RV Resorts LLC - mandatorily redeemable (fully attributable to consolidated variable interest entities; See Note 8) | 35,249 |
| | 35,277 |
|
Preferred OP units - mandatorily redeemable | 34,663 |
| | 37,338 |
|
Lines of credit | 396,512 |
| | 128,000 |
|
Distributions payable | 66,887 |
| | 63,249 |
|
Advanced reservation deposits and rent | 151,860 |
| | 133,698 |
|
Other liabilities (including $21,049 and $6,914 for consolidated variable interest entities at March 31, 2019 and December 31, 2018; see Note 8) | 179,461 |
| | 157,862 |
|
TOTAL LIABILITIES | 3,846,325 |
| | 3,479,112 |
|
Commitments and contingencies (see Note 17) | | | |
Series A-4 preferred stock, $0.01 par value. Issued and outstanding:1,063 shares at March 31, 2019 and December 31, 2018 | 31,739 |
| | 31,739 |
|
Series A-4 preferred OP units | 9,784 |
| | 9,877 |
|
Series D preferred OP units | 51,738 |
| | — |
|
Equity Interests - NG Sun LLC (fully attributable to consolidated variable interest entities; See Note 8) | 22,167 |
| | 21,976 |
|
STOCKHOLDERS' EQUITY | | | |
Common stock, $0.01 par value. Authorized: 180,000 shares; Issued and outstanding:86,463 shares at March 31, 2019 and 86,357 shares at December 31, 2018 | 865 |
| | 864 |
|
Additional paid-in capital | 4,398,641 |
| | 4,398,949 |
|
Accumulated other comprehensive loss | (3,006 | ) | | (4,504 | ) |
Distributions in excess of accumulated earnings | (1,317,605 | ) | | (1,288,486 | ) |
Total Sun Communities, Inc. stockholders' equity | 3,078,895 |
| | 3,106,823 |
|
Noncontrolling interests | | | |
Common and preferred OP units | 51,816 |
| | 53,354 |
|
Consolidated variable interest entities | 6,198 |
| | 7,145 |
|
Total noncontrolling interests | 58,014 |
| | 60,499 |
|
TOTAL STOCKHOLDERS' EQUITY | 3,136,909 |
| | 3,167,322 |
|
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | $ | 7,098,662 |
| | $ | 6,710,026 |
|
See accompanying Notes to Consolidated Financial Statements.
SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - dollars in thousands, except per share amounts)
|
| | | | | | | |
| Three Months Ended March 31, |
| 2019 | | 2018 |
REVENUES | | | |
Income from real property | $ | 216,779 |
| | $ | 197,211 |
|
Revenue from home sales | 39,618 |
| | 34,900 |
|
Rental home revenue | 13,971 |
| | 13,020 |
|
Ancillary revenue | 8,482 |
| | 6,568 |
|
Interest | 4,800 |
| | 5,316 |
|
Brokerage commissions and other revenues, net | 3,680 |
| | 960 |
|
Total revenues | 287,330 |
| | 257,975 |
|
EXPENSES | | | |
Property operating and maintenance | 57,909 |
| | 51,630 |
|
Real estate taxes | 15,330 |
| | 13,836 |
|
Cost of home sales | 29,277 |
| | 26,571 |
|
Rental home operating and maintenance | 4,788 |
| | 5,227 |
|
Ancillary expenses | 7,101 |
| | 5,383 |
|
Home selling expenses | 3,324 |
| | 3,290 |
|
General and administrative | 21,887 |
| | 19,757 |
|
Catastrophic weather related charges, net | 782 |
| | (2,213 | ) |
Depreciation and amortization | 76,556 |
| | 66,437 |
|
Loss on extinguishment of debt | 653 |
| | 196 |
|
Interest | 34,014 |
| | 31,138 |
|
Interest on mandatorily redeemable preferred OP units / equity | 1,094 |
| | 619 |
|
Total expenses | 252,715 |
| | 221,871 |
|
Income Before Other Items | 34,615 |
| | 36,104 |
|
Remeasurement of marketable securities | 267 |
| | — |
|
Other income / (expense), net | 1,898 |
| | (2,617 | ) |
Income / (loss) from nonconsolidated affiliates | 344 |
| | (59 | ) |
Current tax expense | (214 | ) | | (174 | ) |
Deferred tax benefit | 217 |
| | 347 |
|
Net Income | 37,127 |
|
| 33,601 |
|
Less: Preferred return to preferred OP units / equity | (1,323 | ) | | (1,080 | ) |
Less: Amounts attributable to noncontrolling interests | (1,041 | ) | | (2,094 | ) |
Net Income Attributable to Sun Communities, Inc. | 34,763 |
|
| 30,427 |
|
Less: Preferred stock distribution | (432 | ) | | (441 | ) |
Net income attributable to Sun Communities, Inc. common stockholders | $ | 34,331 |
|
| $ | 29,986 |
|
Weighted average common shares outstanding: | | | |
Basic | 85,520 |
| | 78,855 |
|
Diluted | 86,033 |
| | 79,464 |
|
Earnings per share (Refer to Note 14): | |
| | |
Basic | $ | 0.40 |
| | $ | 0.38 |
|
Diluted | $ | 0.40 |
| | $ | 0.38 |
|
See accompanying Notes to Consolidated Financial Statements.
SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited - dollars in thousands)
|
| | | | | | | |
| Three Months Ended March 31, |
| 2019 | | 2018 |
Net income | $ | 37,127 |
| | $ | 33,601 |
|
Foreign currency translation adjustment | 1,575 |
| | (1,861 | ) |
Total comprehensive income | 38,702 |
| | 31,740 |
|
Less: Comprehensive income attributable to noncontrolling interests | 1,118 |
| | 2,005 |
|
Comprehensive income attributable to Sun Communities, Inc. | $ | 37,584 |
| | $ | 29,735 |
|
See accompanying Notes to Consolidated Financial Statements.
SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
(Unaudited - dollars in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | |
| | | Stockholders’ Equity |
| Temporary Equity | | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Income / (Loss) | Non-controlling Interests | Total Stockholders’ Equity |
Balance at December 31, 2018 | $ | 63,592 |
| | $ | 864 |
| $ | 4,398,949 |
| $ | (1,288,486 | ) | $ | (4,504 | ) | $ | 60,499 |
| $ | 3,167,322 |
|
Issuance of common stock and common OP units, net | — |
| | 1 |
| (4,322 | ) | — |
| — |
| — |
| (4,321 | ) |
Conversion of OP units | — |
| | — |
| 280 |
| — |
| — |
| (280 | ) | — |
|
Share-based compensation - amortization and forfeitures | — |
| | — |
| 3,719 |
| 74 |
| — |
| — |
| 3,793 |
|
Issuance of Series D OP Units | 51,930 |
| | — |
| — |
| — |
| — |
| — |
| — |
|
Foreign currency translation | — |
| | — |
| — |
| — |
| 1,498 |
| 77 |
| 1,575 |
|
Net income | 178 |
| | — |
| — |
| 36,086 |
| — |
| 863 |
| 36,949 |
|
Distributions | (272 | ) | | — |
| 15 |
| (65,279 | ) | — |
| (3,145 | ) | (68,409 | ) |
Balance at March 31, 2019 | $ | 115,428 |
| | $ | 865 |
| $ | 4,398,641 |
| $ | (1,317,605 | ) | $ | (3,006 | ) | $ | 58,014 |
| $ | 3,136,909 |
|
|
| | | | | | | | | | | | | | | | | | | | | | |
| | | Stockholders’ Equity |
| Temporary Equity | | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Income / (Loss) | Non-controlling Interests | Total Stockholders’ Equity |
Balance at December 31, 2017 | $ | 43,066 |
| | $ | 797 |
| $ | 3,758,533 |
| $ | (1,162,001 | ) | $ | 1,102 |
| $ | 65,256 |
| $ | 2,663,687 |
|
Issuance of common stock and common OP units, net | — |
| | 2 |
| (3,298 | ) | — |
| — |
| — |
| (3,296 | ) |
Conversion of OP units | (60 | ) | | — |
| 342 |
| — |
| — |
| (283 | ) | 59 |
|
Share-based compensation - amortization and forfeitures | — |
| | — |
| 3,489 |
| 90 |
| — |
| — |
| 3,579 |
|
Foreign currency translation | — |
| | — |
| — |
| — |
| (1,772 | ) | (89 | ) | (1,861 | ) |
Net income | 71 |
| | — |
| — |
| 31,507 |
| — |
| 2,023 |
| 33,530 |
|
Distributions | (171 | ) | | — |
| — |
| (57,159 | ) | — |
| (2,888 | ) | (60,047 | ) |
Balance at March 31, 2018 | $ | 42,906 |
| | $ | 799 |
| $ | 3,759,066 |
| $ | (1,187,563 | ) | $ | (670 | ) | $ | 64,019 |
| $ | 2,635,651 |
|
See accompanying Notes to Consolidated Financial Statements.
SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - dollars in thousands) |
| | | | | | | |
| Three Months Ended March 31, |
| 2019 | | 2018 |
OPERATING ACTIVITIES: | | | |
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 103,141 |
| | $ | 80,905 |
|
INVESTING ACTIVITIES: | | | |
Investment in properties | (114,804 | ) | | (68,524 | ) |
Acquisitions of properties, net of cash acquired | (279,302 | ) | | (2,384 | ) |
Proceeds from dispositions of assets and depreciated homes, net | 11,788 |
| | 5,312 |
|
Purchases of notes receivable | — |
| | (893 | ) |
Other investing activities | — |
| | (1,925 | ) |
Repayments of notes and other receivables | 1,030 |
| | 679 |
|
Investments in nonconsolidated affiliates | (11,195 | ) | | (783 | ) |
NET CASH USED FOR INVESTING ACTIVITIES | (392,483 | ) | | (68,518 | ) |
FINANCING ACTIVITIES: | | | |
Issuance of common stock, OP units, and preferred OP units, net | (4,321 | ) | | (3,296 | ) |
Redemption of Series B-3 preferred OP units | (2,675 | ) | | (4,105 | ) |
Borrowings on lines of credit | 1,428,948 |
| | 302,355 |
|
Payments on lines of credit | (1,160,436 | ) | | (201,853 | ) |
Proceeds from issuance of other debt | 265,000 |
| | — |
|
Payments on other debt | (200,892 | ) | | (43,883 | ) |
Prepayment penalty on debt | — |
| | (196 | ) |
Proceeds received from return of prepaid deferred financing costs | 1,618 |
| | — |
|
Distributions to stockholders, OP unit holders, and preferred OP unit holders | (65,145 | ) | | (56,881 | ) |
Payments for deferred financing costs | (1,000 | ) | | (605 | ) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 261,097 |
| | (8,464 | ) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 158 |
| | (8 | ) |
Net change in cash, cash equivalents and restricted cash | (28,087 | ) | | 3,915 |
|
Cash, cash equivalents and restricted cash, beginning of period | 62,262 |
| | 23,509 |
|
Cash, cash equivalents and restricted cash, end of period (See Note 16) | $ | 34,175 |
| | $ | 27,424 |
|
|
| | | | | | | |
| Three Months Ended March 31, |
| 2019 | | 2018 |
SUPPLEMENTAL INFORMATION: | | | |
Cash paid for interest (net of capitalized interest of $1,357 and $1,184 respectively) | $ | 32,711 |
| | $ | 30,402 |
|
Cash paid for interest on mandatorily redeemable debt | $ | 1,094 |
| | $ | 619 |
|
Cash paid (refunds) for income taxes | $ | (60 | ) | | $ | 135 |
|
Noncash investing and financing activities: | | | |
Reduction in secured borrowing balance | $ | 5,055 |
| | $ | 5,105 |
|
Change in distributions declared and outstanding | $ | 3,536 |
| | $ | 3,337 |
|
Conversion of common and preferred OP units | $ | 280 |
| | $ | 342 |
|
Noncash investing and financing activities at the date of acquisition: | | | |
Acquisitions - Series D preferred interest | $ | 51,930 |
| | $ | — |
|
Acquisitions - Escrow | $ | 4,035 |
| | $ | — |
|
See accompanying Notes to Consolidated Financial Statements.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. 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, 2018 as filed with the SEC on February 21, 2019 (the “2018 Annual Report”). These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our 2018 Annual Report.
2. Revenue
Disaggregation of Revenue
The following tables details our revenue by major source (in thousands):
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2019 | | Three Months Ended March 31, 2018 |
| Real Property Operations | | Home Sales and Rentals | | Consolidated | | Real Property Operations | | Home Sales and Rentals | | Consolidated |
REVENUE | | | | | | | | | | | |
Income from real property | $ | 216,779 |
| | $ | — |
| | $ | 216,779 |
| | $ | 197,211 |
| | $ | — |
| | $ | 197,211 |
|
Revenue from home sales | — |
| | 39,618 |
| | 39,618 |
| | — |
| | 34,900 |
| | 34,900 |
|
Rental home revenue | — |
| | 13,971 |
| | 13,971 |
| | — |
| | 13,020 |
| | 13,020 |
|
Ancillary revenues | 8,482 |
| | — |
| | 8,482 |
| | 6,568 |
| | — |
| | 6,568 |
|
Interest | 4,800 |
| | — |
| | 4,800 |
| | 5,316 |
| | — |
| | 5,316 |
|
Brokerage commissions and other revenues, net
| 3,680 |
| | — |
| | 3,680 |
| | 960 |
| | — |
| | 960 |
|
Total revenue | $ | 233,741 |
| | $ | 53,589 |
| | $ | 287,330 |
| | $ | 210,055 |
| | $ | 47,920 |
| | $ | 257,975 |
|
Revenue Recognition Policies and Performance Obligations
On January 1, 2018, we adopted FASB Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers” and the other related ASUs and amendments to the codification (collectively “ASC 606”). The core principle of ASC 606 is that an entity 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. A five-step transactional analysis is required to determine how and when to recognize revenue. ASC 606 applies to all contracts with customers, except those that are within the scope of other topics in the FASB accounting standards codification.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
As a real estate owner and operator, the majority of our revenue is derived from site and home leases that are accounted for pursuant to ASC 842 “Leases.” For transactions in the scope of ASC 606, we recognize revenue when control of goods or services transfers to the customer, in the amount that we expect to receive for the transfer of goods or provision of services. The adoption of ASC 606 did not result in any change to our accounting policies for revenue recognition. Accordingly, retrospective application to prior periods or a cumulative catch-up adjustment was unnecessary.
Income from real property - Residents in our communities lease the site on which their home is located, and either own or lease their home. Lease revenues for sites and homes fall under the scope of ASC 842, and are accounted for as operating leases with straight-line recognition. Resident leases are generally for one-year or month-to-month terms, and are renewable by mutual agreement from us and the resident, or in some cases, as provided by jurisdictional statute. Income from real property includes site leases for annual MH residents which are within the scope of ASC 842. Annual recreational vehicle (“RV”) site leases with residents are also included within the scope of ASC 842 and revenue is recorded within Income from real property. Non-lease components of our site lease contracts, which are primarily provision of utility services, are accounted for with the site lease as a single lease under ASC 842. Additionally, we include collections of real estate taxes from residents within Income from real property. The site rental associated with a transient RV resident stay is accounted for under ASC 842 and is recorded within Income from real property.
Revenue from home sales - Our taxable REIT subsidiary, SHS, sells manufactured homes (“MH”) to current and prospective residents in our communities. Prior to adoption of ASC 606, we recognized revenue for home sales pursuant to ASC 605 “Revenue Recognition,” as manufactured homes are tangible personal property that can be located on any land parcel. Manufactured homes are not permanent fixtures or improvements to the underlying real estate, and were therefore not considered to be subject to the guidance in ASC 360-20 “Real Estate Sales” by the Company. In accordance with the core principle of ASC 606, we recognize revenue from home sales at the time of closing when control of the home transfers to the customer. After closing of the sale transaction, we have no remaining performance obligation.
Rental home revenue - is comprised of rental agreements whereby we lease homes to residents in our communities. We account for these revenues under ASC 842.
Ancillary revenues - are primarily composed of proceeds from restaurant, golf, merchandise and other activities at our RV communities and are included in the scope of ASC 606. Short-term vacation home rentals are included within ancillary revenues and within the scope of ASC 842. Revenues are recognized at point of sale when control of the good or service transfers to the customer and our performance obligation is satisfied. In addition, ancillary revenues include the leasing of short term vacation rentals. Sales and other taxes that we collect concurrent with revenue-producing activities are excluded from the transaction price.
Interest income - is earned primarily on our notes and collateralized receivables, which includes installment loans for manufactured homes purchased by the Company from loan originators and transferred loans that previously did not meet the requirements for sale accounting. Interest income on these receivables is accrued based on the unpaid principal balances of the underlying loans on a level yield basis over the life of the loans. Interest income is not in the scope of ASC 606. Refer to Notes 4, “Collateralized Receivables and Transfers of Financial Assets” and 5, “Notes and Other Receivables” for additional information.
Broker commissions and other revenues, net - is primarily comprised of brokerage commissions for sales of manufactured homes, where we act as agent and arrange for a third party to transfer a manufactured home to a customer within one of our communities. Brokerage commission revenues are recognized on a net basis at closing, when the transaction is completed and our performance obligations have been fulfilled. Loan loss reserve expenses for our collateralized receivables and notes receivables are also included herein. Refer to Notes 4, “Collateralized Receivables and Transfers of Financial Assets” and 5, “Notes and Other Receivables” for additional information regarding our loan loss reserves.
Contract Balances
As of March 31, 2019 and December 31, 2018, we had $18.0 million and $16.1 million, respectively, of receivables from contracts with customers. Receivables from contracts with customers are presented as a component of Notes and other receivables on our Consolidated Balance Sheets. These receivables represent balances owed to us for previously completed performance obligations for sales of manufactured homes. Due to the nature of our revenue from contracts with customers, we do not have material contract assets or liabilities that fall under the scope of ASC 606.
3. Real Estate Acquisitions
2019 Acquisitions
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
In 2019 we acquired the following communities:
|
| | | | | | | | | | | | |
Community Name | | Type | | Sites | | Development Sites | | State | | Month Acquired |
Massey’s Landing RV | | RV | | 291 |
| | — |
| | DE | | February |
Shelby Properties(1) | | MH | | 1,308 |
| | — |
| | MI | | February |
Buena Vista | | MH | | 400 |
| | — |
| | AZ | | February |
Country Village Estates (2) | | MH | | 518 |
| | — |
| | OR | | January |
Hid’n Pines RV | | RV | | 321 |
| | — |
| | ME | | January |
Hacienda del Rio | | MH (Age-Restricted) | | 730 |
| | 70 |
| | FL | | January |
| | Total | | 3,568 |
| | 70 |
| | | | |
(1) Contains two MH communities.
(2) In conjunction with the acquisition, we issued Series D Preferred Operating Partnership (“OP”) Units. As of March 31, 2019, 488,958 Series D Preferred OP Units were outstanding.
The following table summarizes the amounts of assets acquired net of liabilities assumed at the acquisition date and the consideration paid for the acquisitions completed in the three months ended March 31, 2019 (in thousands):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At Acquisition Date (1) | | Massey's Landing | | Shelby Properties | | Buena Vista | | Country Village | | Hid'n Pines | | Hacienda del Rio | | Total |
Investment in property | | $ | 20,000 |
| | $ | 85,969 |
| | $ | 20,221 |
| | $ | 62,784 |
| | $ | 10,680 |
| | $ | 111,971 |
| | $ | 311,625 |
|
Inventory of manufactured homes | | — |
| | 2,011 |
| | 439 |
| | — |
| | — |
| | 15 |
| | 2,465 |
|
In-place leases and other intangible assets | | — |
| | 6,520 |
| | 1,590 |
| | 2,020 |
| | 70 |
| | 3,280 |
| | 13,480 |
|
Other assets (liabilities), net | | (446 | ) | | (1,015 | ) | | (93 | ) | | 31 |
| | (233 | ) | | (237 | ) | | (1,993 | ) |
Total identifiable assets acquired net of liabilities assumed | | $ | 19,554 |
| | $ | 93,485 |
| | $ | 22,157 |
| | $ | 64,835 |
| | $ | 10,517 |
| | $ | 115,029 |
| | $ | 325,577 |
|
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Consideration | | | | | | | | | | | | | | |
Cash and escrow | | $ | 19,554 |
| | $ | 93,485 |
| | $ | 22,157 |
| | $ | 12,905 |
| | $ | 10,517 |
| | $ | 115,029 |
| | $ | 273,647 |
|
Series D Preferred OP units | | — |
| | — |
| | — |
| | 51,930 |
| | — |
| | — |
| | 51,930 |
|
Total consideration | | $ | 19,554 |
| | $ | 93,485 |
| | $ | 22,157 |
| | $ | 64,835 |
| | $ | 10,517 |
| | $ | 115,029 |
| | $ | 325,577 |
|
(1) The purchase price allocations are preliminary and may be adjusted as final valuations are determined.
As of March 31,2019, the Company has incurred $5.1 million of additional capitalized transaction costs which have been allocated among the various categories above.
During the quarter, the Company entered into a four year Temporary Occupancy and Use Permit with the Port of San Diego to operate an RV resort located in Chula Vista, CA until such time as a new RV resort is constructed in the area. Concurrent with the transaction, we purchased tangible personal property from the prior owner of the RV resort for $0.3 million.
Refer to Note 19, “Subsequent Events,” for information regarding real estate acquisition activity after March 31, 2019.
The total amount of revenues and net income included in the Consolidated Statements of Operations for the three months ended March 31, 2019 related to the acquisitions completed in 2019 are set forth in the following table (in thousands):
|
| | | | |
| | Three Months Ended March 31, 2019 |
| | (unaudited) |
Total revenues | | $ | 3,764 |
|
Net income | | $ | 1,317 |
|
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following unaudited pro forma financial information presents the results of our operations for the three months ended March 31, 2019 and 2018, as if the properties acquired in 2019 had been acquired on January 1, 2018. The unaudited pro forma results reflect certain adjustments for items that are not expected to have a continuing impact, such as adjustments for transaction costs incurred, management fees, and purchase accounting.
The information presented below has been prepared for comparative purposes only and does not purport to be indicative of either future results of operations or the results of operations that would have actually occurred had the acquisition been consummated on January 1, 2018 (in thousands, except per-share data):
|
| | | | | | | | |
| | Three Months Ended March 31, |
| | (unaudited) |
| | 2019 | | 2018 |
Total revenues | | $ | 289,253 |
| | $ | 263,706 |
|
Net income attributable to Sun Communities, Inc. common stockholders | | $ | 34,885 |
| | $ | 31,732 |
|
Net income per share attributable to Sun Communities, Inc. common stockholders - basic | | $ | 0.41 |
| | $ | 0.40 |
|
Net income per share attributable to Sun Communities, Inc. common stockholders - diluted | | $ | 0.41 |
| | $ | 0.40 |
|
2018 Acquisitions
In 2018 we acquired the following communities:
|
| | | | | | | | | | | | |
Community Name | | Type | | Sites | | Development Sites | | State | | Month Acquired |
Leaf Verde RV Resort | | RV | | 376 |
| | — |
| | AZ | | October |
Archview | | RV | | 114 |
| | 50 |
| | UT | | August |
Petoskey KOA | | RV | | 210 |
| | — |
| | MI | | August |
The Sands RV and Golf Resort | | RV (Age Restricted) | | 507 |
| | — |
| | CA | | July |
Sun NG RV Resorts LLC (1)(2) | | RV | | 2,700 |
| | 940 |
| | Various | | June |
Silver Creek | | RV | | 264 |
| | 176 |
| | MI | | June |
Highway West (1) | | RV | | 536 |
| | — |
| | UT & OR | | June |
Compass RV | | RV | | 175 |
| | — |
| | FL | | May |
| | Total | | 4,882 |
| | 1,166 |
| | | | |
(1) Highway West and Sun NG RV Resorts LLC are comprised of 4 RV and 10 RV resorts, respectively.
(2) Refer to Note 8, “Consolidated Variable Interest Entities,” Note 9, “Debt and Lines of Credit,” and Note 10, “Equity and Temporary Equity” in our accompanying Consolidated Financial Statements for additional information.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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 2018 (in thousands):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At Acquisition Date | | Leaf Verde | | Archview | | Petoskey KOA | | Sands | | Sun NG Resorts | | Silver Creek | | Highway West | | Compass | | Total |
Investment in property | | $ | 11,587 |
| | $ | 14,550 |
| | $ | 8,730 |
| | $ | 13,790 |
| | $ | 240,649 |
| | $ | 7,250 |
| | $ | 36,500 |
| | $ | 13,930 |
| | $ | 346,986 |
|
In-place leases and other intangible assets | | 60 |
| | — |
| | 270 |
| | 460 |
| | 16,339 |
| | — |
| | — |
| | 70 |
| | 17,199 |
|
Debt assumed | | — |
| | — |
| | — |
| | — |
| | (3,120 | ) | | — |
| | — |
| | — |
| | (3,120 | ) |
Other liabilities, net | | — |
| | — |
| | — |
| | — |
| | (11,990 | ) | | — |
| | — |
| | — |
| | (11,990 | ) |
Total identifiable assets acquired net of liabilities assumed | | $ | 11,647 |
| | $ | 14,550 |
| | $ | 9,000 |
| | $ | 14,250 |
| | $ | 241,878 |
|
| $ | 7,250 |
|
| $ | 36,500 |
|
| $ | 14,000 |
| | $ | 349,075 |
|
| | | | | | | | | | | | | | | | | | |
Consideration | | | | | | | | | | | | | | | | | | |
Cash | | $ | 11,647 |
| | $ | 14,550 |
| | $ | 9,000 |
| | $ | 14,250 |
| | $ | 184,625 |
| | $ | 7,250 |
| | $ | 36,500 |
| | $ | 14,000 |
| | $ | 291,822 |
|
Preferred Equity - Sun NG Resorts | | — |
| | — |
| | — |
| | — |
| | 35,277 |
| | — |
| | — |
| | — |
| | 35,277 |
|
Equity Interests - NG Sun LLC | | — |
| | — |
| | — |
| | — |
| | 21,976 |
| | — |
| | — |
| | — |
| | 21,976 |
|
Total consideration | | $ | 11,647 |
| | $ | 14,550 |
| | $ | 9,000 |
| | $ | 14,250 |
| | $ | 241,878 |
| | $ | 7,250 |
| | $ | 36,500 |
| | $ | 14,000 |
| | $ | 349,075 |
|
In 2018, we acquired the following land for expansion / development:
|
| | | | | | | | | | | | | |
Name | | Location | | Type | | Expansion / Development Sites | | Cost (millions) | | Month Acquired |
Ocean West | | McKinleyville, CA | | MH | | 26 |
| | $ | 0.2 |
| | December |
Water Oak Country Club Estates | | Lady Lake, FL | | MH | | 296 |
| | $ | 1.9 |
| | November |
Oak Crest | | Austin, TX | | MH | | 220 |
| | $ | 4.2 |
| | October |
Pecan Park | | Jacksonville, FL | | RV | | 158 |
| | $ | 1.3 |
| | September |
Smith Creek Crossing | | Granby, CO | | MH | | 310 |
| | $ | 0.9 |
| | September |
Apple Carr | | Egelston, MI | | MH | | 121 |
| | $ | 0.2 |
| | May |
River Run Ranch | |