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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 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) |
(248) 208-2500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
|
| | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, $0.01 par value | | SUI | | New York Stock Exchange |
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 ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted 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 ☒ 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 | 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 ☒
Number of shares of Common Stock, $0.01 par value per share, outstanding as of July 18, 2019: 90,670,873
INDEX
|
| | |
| | |
|
| Consolidated Financial Statements: | |
| | |
| | |
| Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2019 and 2018 (Unaudited) | |
| | |
| Consolidated Statement of Equity (Unaudited) | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts) |
| | | | | | | |
| (Unaudited) | | |
| June 30, 2019 | | December 31, 2018 |
ASSETS | | | |
Land | $ | 1,286,952 |
| | $ | 1,201,945 |
|
Land improvements and buildings | 6,026,193 |
| | 5,586,250 |
|
Rental homes and improvements | 599,150 |
| | 571,661 |
|
Furniture, fixtures and equipment | 215,610 |
| | 201,090 |
|
Investment property | 8,127,905 |
| | 7,560,946 |
|
Accumulated depreciation | (1,560,061 | ) | | (1,442,630 | ) |
Investment property, net (including 324,931 and 308,171 for consolidated VIEs at June 30, 2019 and December 31, 2018; see Note 8) | 6,567,844 |
| | 6,118,316 |
|
Cash and cash equivalents | 28,704 |
| | 50,311 |
|
Marketable securities | 53,553 |
| | 49,037 |
|
Inventory of manufactured homes | 55,869 |
| | 49,199 |
|
Notes and other receivables, net | 164,303 |
| | 160,077 |
|
Collateralized receivables, net | 97,658 |
| | 106,924 |
|
Other assets, net (including 23,167 and 19,809 for consolidated VIEs at June 30, 2019 and December 31, 2018; see Note 8) | 254,153 |
| | 176,162 |
|
TOTAL ASSETS | $ | 7,222,084 |
| | $ | 6,710,026 |
|
LIABILITIES | | | |
Mortgage loans payable (including 43,661 and 44,172 for consolidated VIEs at June 30, 2019 and December 31, 2018; see Note 8) | $ | 2,863,485 |
| | $ | 2,815,957 |
|
Secured borrowings on collateralized receivables | 98,299 |
| | 107,731 |
|
Preferred Equity - Sun NG RV Resorts LLC - mandatorily redeemable (fully attributable to consolidated VIEs; See Note 8) | 35,249 |
| | 35,277 |
|
Preferred OP units - mandatorily redeemable | 34,663 |
| | 37,338 |
|
Lines of credit | 76,079 |
| | 128,000 |
|
Distributions payable | 69,719 |
| | 63,249 |
|
Advanced reservation deposits and rent | 160,527 |
| | 133,698 |
|
Other liabilities (including 32,461 and 6,914 for consolidated VIEs at June 30, 2019 and December 31, 2018; see Note 8) | 204,167 |
| | 157,862 |
|
TOTAL LIABILITIES | 3,542,188 |
| | 3,479,112 |
|
Commitments and contingencies (see Note 17) | | | |
Series A-4 preferred stock, $0.01 par value. Issued and outstanding: 1,052 shares at June 30, 2019 and 1,063 shares at December 31, 2018 | 31,402 |
| | 31,739 |
|
Series A-4 preferred OP units | 9,590 |
| | 9,877 |
|
Series D preferred OP units | 51,462 |
| | — |
|
Equity Interests - NG Sun LLC (fully attributable to consolidated VIEs; See Note 8) | 22,099 |
| | 21,976 |
|
STOCKHOLDERS' EQUITY | | | |
Common stock, $0.01 par value. Authorized: 180,000 shares; Issued and outstanding: 90,667 shares at June 30, 2019 and 86,357 shares at December 31, 2018 | 907 |
| | 864 |
|
Additional paid-in capital | 4,851,323 |
| | 4,398,949 |
|
Accumulated other comprehensive loss | (1,184 | ) | | (4,504 | ) |
Distributions in excess of accumulated earnings | (1,343,792 | ) | | (1,288,486 | ) |
Total Sun Communities, Inc. stockholders' equity | 3,507,254 |
| | 3,106,823 |
|
Noncontrolling interests | | | |
Common and preferred OP units | 50,880 |
| | 53,354 |
|
Consolidated variable interest entities | 7,209 |
| | 7,145 |
|
Total noncontrolling interests | 58,089 |
| | 60,499 |
|
TOTAL STOCKHOLDERS' EQUITY | 3,565,343 |
| | 3,167,322 |
|
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | $ | 7,222,084 |
| | $ | 6,710,026 |
|
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts) (Unaudited)
|
| | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, 2019 | | June 30, 2018 | | June 30, 2019 | | June 30, 2018 |
REVENUES | | | | | | | |
Income from real property | $ | 226,099 |
| | $ | 198,670 |
| | $ | 442,878 |
| | $ | 395,881 |
|
Revenue from home sales | 47,242 |
| | 41,217 |
| | 86,860 |
| | 76,117 |
|
Rental home revenue | 14,412 |
| | 13,348 |
| | 28,383 |
| | 26,368 |
|
Ancillary revenue | 17,265 |
| | 12,031 |
| | 25,747 |
| | 18,599 |
|
Interest income | 4,919 |
| | 5,277 |
| | 9,719 |
| | 10,593 |
|
Brokerage commissions and other revenues, net | 2,508 |
| | 891 |
| | 6,188 |
| | 1,851 |
|
Total revenues | 312,445 |
| | 271,434 |
| | 599,775 |
| | 529,409 |
|
EXPENSES | | | | | | | |
Property operating and maintenance | 65,888 |
| | 58,691 |
| | 123,797 |
| | 110,321 |
|
Real estate taxes | 15,726 |
| | 14,076 |
| | 31,056 |
| | 27,912 |
|
Cost of home sales | 34,435 |
| | 30,932 |
| | 63,712 |
| | 57,503 |
|
Rental home operating and maintenance | 5,091 |
| | 5,315 |
| | 9,879 |
| | 10,542 |
|
Ancillary expenses | 12,480 |
| | 8,241 |
| | 19,581 |
| | 13,624 |
|
Home selling expenses | 3,626 |
| | 3,986 |
| | 6,950 |
| | 7,276 |
|
General and administrative | 23,697 |
| | 21,452 |
| | 45,584 |
| | 41,209 |
|
Catastrophic weather related charges, net | 179 |
| | 53 |
| | 961 |
| | (2,160 | ) |
Depreciation and amortization | 76,153 |
| | 67,773 |
| | 152,709 |
| | 134,210 |
|
Loss on extinguishment of debt | 70 |
| | 1,522 |
| | 723 |
| | 1,718 |
|
Interest expense | 33,661 |
| | 32,260 |
| | 67,675 |
| | 63,398 |
|
Interest on mandatorily redeemable preferred OP units / equity | 1,181 |
| | 790 |
| | 2,275 |
| | 1,409 |
|
Total expenses | 272,187 |
| | 245,091 |
| | 524,902 |
| | 466,962 |
|
Income Before Other Items | 40,258 |
| | 26,343 |
| | 74,873 |
| | 62,447 |
|
Remeasurement of marketable securities | 3,620 |
| | — |
| | 3,887 |
| | — |
|
Other income / (expense), net | 1,021 |
| | (1,828 | ) | | 2,919 |
| | (4,445 | ) |
Income / (loss) from nonconsolidated affiliates | 393 |
| | (8 | ) | | 737 |
| | (67 | ) |
Current tax expense | (272 | ) | | (225 | ) | | (486 | ) | | (399 | ) |
Deferred tax benefit / (expense) | 96 |
| | (112 | ) | | 313 |
| | 235 |
|
Net Income | 45,116 |
|
| 24,170 |
| | 82,243 |
| | 57,771 |
|
Less: Preferred return to preferred OP units / equity | (1,718 | ) | | (1,103 | ) | | (3,041 | ) | | (2,183 | ) |
Less: Amounts attributable to noncontrolling interests | (2,585 | ) | | (2,227 | ) | | (3,626 | ) | | (4,321 | ) |
Net income attributable to Sun Communities, Inc. | 40,813 |
|
| 20,840 |
|
| 75,576 |
|
| 51,267 |
|
Less: Preferred stock distribution | (428 | ) | | (432 | ) | | (860 | ) | | (873 | ) |
Net income attributable to Sun Communities, Inc. common stockholders | $ | 40,385 |
|
| $ | 20,408 |
| | $ | 74,716 |
| | $ | 50,394 |
|
Weighted average common shares outstanding | | | | | | | |
Basic | 87,130 |
| | 79,612 |
| | 86,325 |
| | 79,233 |
|
Diluted | 87,564 |
| | 80,116 |
| | 86,770 |
| | 79,905 |
|
Earnings per share (Refer to Note 14): | |
| | | | |
| | |
Basic | $ | 0.46 |
| | $ | 0.25 |
| | $ | 0.86 |
| | $ | 0.63 |
|
Diluted | $ | 0.46 |
| | $ | 0.25 |
| | $ | 0.86 |
| | $ | 0.63 |
|
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands) (Unaudited)
|
| | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, 2019 | | June 30, 2018 | | June 30, 2019 | | June 30, 2018 |
Net income | $ | 45,116 |
| | $ | 24,170 |
| | $ | 82,243 |
| | $ | 57,771 |
|
Foreign currency translation loss adjustment | (1,913 | ) | | (1,594 | ) | | (3,488 | ) | | (3,455 | ) |
Total comprehensive income | 43,203 |
| | 22,576 |
| | 78,755 |
| | 54,316 |
|
Less: Comprehensive income attributable to noncontrolling interests | (2,494 | ) | | (2,147 | ) | | (3,458 | ) | | (4,152 | ) |
Comprehensive income attributable to Sun Communities, Inc. | 40,709 |
| | 20,429 |
| | 75,297 |
| | 50,164 |
|
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited) |
| | | | | | | |
| Six Months Ended |
| June 30, 2019 | | June 30, 2018 |
OPERATING ACTIVITIES | | | |
Net Cash Provided By Operating Activities | $ | 259,844 |
| | $ | 198,682 |
|
INVESTING ACTIVITIES | | | |
Investment in properties | (262,944 | ) | | (157,863 | ) |
Acquisitions of properties, net of cash acquired | (308,165 | ) | | (260,426 | ) |
Proceeds from dispositions of assets and depreciated homes, net | 28,774 |
| | 18,776 |
|
Purchases of notes receivable | — |
| | (213 | ) |
Repayments of notes and other receivables | 2,307 |
| | 1,478 |
|
Investments in nonconsolidated affiliates | (30,502 | ) | | (9,243 | ) |
Net Cash Used For Investing Activities | (570,530 | ) | | (407,491 | ) |
FINANCING ACTIVITIES | | | |
Issuance of common stock, OP units, and preferred OP units, net | 443,420 |
| | 85,969 |
|
Redemption of Series B-3 preferred OP units | (2,675 | ) | | (4,105 | ) |
Borrowings on lines of credit | 2,345,659 |
| | 1,041,876 |
|
Payments on lines of credit | (2,397,580 | ) | | (546,839 | ) |
Proceeds from issuance of other debt | 265,000 |
| | — |
|
Payments on other debt | (223,559 | ) | | (235,174 | ) |
Prepayment penalty on debt | — |
| | (1,718 | ) |
Proceeds received from return of prepaid deferred financing costs | 1,618 |
| | — |
|
Distributions to stockholders, OP unit holders, and preferred OP unit holders | (133,989 | ) | | (117,054 | ) |
Payments for deferred financing costs | (3,875 | ) | | (602 | ) |
Net Cash Provided By Financing Activities | 294,019 |
| | 222,353 |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 443 |
| | (252 | ) |
Net change in cash, cash equivalents and restricted cash | (16,224 | ) | | 13,292 |
|
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) | $ | 46,038 |
| | $ | 36,801 |
|
|
| | | | | | | |
| Six Months Ended |
| June 30, 2019 | | June 30, 2018 |
SUPPLEMENTAL INFORMATION | | | |
Cash paid for interest (net of capitalized interest of $3,283 and $2,205 respectively) | $ | 66,947 |
| | $ | 62,648 |
|
Cash paid for interest on mandatorily redeemable debt | $ | 2,275 |
| | $ | 1,399 |
|
Cash paid for income taxes | $ | 703 |
| | $ | 680 |
|
Noncash investing and financing activities | | | |
Reduction in secured borrowing balance | $ | 9,432 |
| | $ | 10,940 |
|
Change in distributions declared and outstanding | $ | 6,401 |
| | $ | 4,106 |
|
Conversion of common and preferred OP units | $ | 527 |
| | $ | 1,120 |
|
Conversion of Series A-4 preferred stock | $ | 337 |
| | $ | 675 |
|
Noncash investing and financing activities at the date of acquisition: | | | |
Acquisitions - Equity Interests - NG Sun LLC (see Note 8) | $ | — |
| | $ | 21,869 |
|
Acquisitions - Preferred Equity - Sun NG RV Resorts LLC (see Note 8) | $ | — |
| | $ | 35,277 |
|
Acquisitions - Debt assumed | $ | — |
| | $ | 3,012 |
|
Acquisitions - Series D preferred interest | $ | 51,930 |
| | $ | — |
|
Acquisitions - Escrow | $ | 1,395 |
| | $ | — |
|
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENT OF EQUITY
(In thousands) (Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Temporary Equity | | Stockholders’ Equity | | |
| | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Income / (Loss) | Non-controlling Interests | Total Stockholders’ Equity | | Total Equity |
Balance at December 31, 2018 | $ | 63,592 |
| | $ | 864 |
| $ | 4,398,949 |
| $ | (1,288,486 | ) | $ | (4,504 | ) | $ | 60,499 |
| $ | 3,167,322 |
| | $ | 3,230,914 |
|
Issuance of common stock and common OP units, net | — |
| | 1 |
| (4,322 | ) | — |
| — |
| — |
| (4,321 | ) | | (4,321 | ) |
Conversion of OP units | — |
| | — |
| 280 |
| — |
| — |
| (280 | ) | — |
| | — |
|
Accrued Equity Interests - NG Sun LLC | 256 |
| | — |
| — |
| (65 | ) | — |
| (191 | ) | (256 | ) | | — |
|
Share-based compensation - amortization and forfeitures | — |
| | — |
| 3,719 |
| 74 |
| — |
| — |
| 3,793 |
| | 3,793 |
|
Issuance of Series D OP Units | 51,930 |
| | — |
| — |
| — |
| — |
| — |
| — |
| | 51,930 |
|
Foreign currency translation | — |
| | — |
| — |
| — |
| 1,498 |
| 77 |
| 1,575 |
| | 1,575 |
|
Net income | 178 |
| | — |
| — |
| 36,086 |
| — |
| 863 |
| 36,949 |
| | 37,127 |
|
Distributions | (528 | ) | | — |
| 15 |
| (65,214 | ) | — |
| (2,954 | ) | (68,153 | ) | | (68,681 | ) |
Balance at March 31, 2019 | $ | 115,428 |
| | $ | 865 |
| $ | 4,398,641 |
| $ | (1,317,605 | ) | $ | (3,006 | ) | $ | 58,014 |
| $ | 3,136,909 |
| | $ | 3,252,337 |
|
Issuance of common stock and common OP units, net | — |
| | 37 |
| 447,704 |
| — |
| — |
| — |
| 447,741 |
| | 447,741 |
|
Conversion of OP units | (112 | ) | | 5 |
| 242 |
| — |
| — |
| (135 | ) | 112 |
| | — |
|
Conversion of Series A-4 preferred stock | (337 | ) | | — |
| 337 |
| — |
| — |
| — |
| 337 |
| | — |
|
Accrued Equity Interests - NG Sun LLC | 117 |
| | — |
| — |
| (308 | ) | — |
| 191 |
| (117 | ) | | — |
|
Share-based compensation - amortization and forfeitures | — |
| | — |
| 4,414 |
| 84 |
| — |
| — |
| 4,498 |
| | 4,498 |
|
Issuance of Series D OP Units | — |
| | — |
| — |
| — |
| — |
| — |
| — |
| | — |
|
Foreign currency translation | — |
| | — |
| — |
| — |
| 1,822 |
| 91 |
| 1,913 |
| | 1,913 |
|
Net income | 15 |
| | — |
| — |
| 42,531 |
| — |
| 2,570 |
| 45,101 |
| | 45,116 |
|
Distributions | (558 | ) | | — |
| (15 | ) | (68,494 | ) | — |
| (2,642 | ) | (71,151 | ) | | (71,709 | ) |
Balance at June 30, 2019 | $ | 114,553 |
| | $ | 907 |
| $ | 4,851,323 |
| $ | (1,343,792 | ) | $ | (1,184 | ) | $ | 58,089 |
| $ | 3,565,343 |
| | $ | 3,679,896 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 | | Total Equity |
Balance at December 31, 2017 | $ | 43,066 |
| | $ | 797 |
| $ | 3,758,533 |
| $ | (1,162,001 | ) | $ | 1,102 |
| $ | 65,256 |
| $ | 2,663,687 |
| | $ | 2,706,753 |
|
Issuance of common stock and common OP units, net | — |
| | 2 |
| (3,298 | ) | — |
| — |
| — |
| (3,296 | ) | | (3,296 | ) |
Conversion of OP units | (60 | ) | | — |
| 342 |
| — |
| — |
| (283 | ) | 59 |
| | (1 | ) |
Share-based compensation - amortization and forfeitures | — |
| | — |
| 3,489 |
| 90 |
| — |
| — |
| 3,579 |
| | 3,579 |
|
Foreign currency translation | — |
| | — |
| — |
| — |
| (1,772 | ) | (89 | ) | (1,861 | ) | | (1,861 | ) |
Net income | 71 |
| | — |
| — |
| 31,507 |
| — |
| 2,023 |
| 33,530 |
| | 33,601 |
|
Distributions | (171 | ) | | — |
| — |
| (57,159 | ) | — |
| (2,888 | ) | (60,047 | ) | | (60,218 | ) |
Balance at March 31, 2018 | $ | 42,906 |
| | $ | 799 |
| $ | 3,759,066 |
| $ | (1,187,563 | ) | $ | (670 | ) | $ | 64,019 |
| $ | 2,635,651 |
| | $ | 2,678,557 |
|
Issuance of common stock and common OP units, net | — |
| | 10 |
| 89,255 |
| — |
| — |
| — |
| 89,265 |
| | 89,265 |
|
Conversion of OP units | (233 | ) | | — |
| 778 |
| — |
| — |
| (544 | ) | 234 |
| | 1 |
|
Conversion of Series A-4 preferred stock | (675 | ) | | — |
| 675 |
| — |
| — |
| — |
| 675 |
| | — |
|
Share-based compensation - amortization and forfeitures | — |
| | — |
| 4,283 |
| 91 |
| — |
| — |
| 4,374 |
| | 4,374 |
|
Foreign currency translation | — |
| | — |
| — |
| — |
| (1,514 | ) | (80 | ) | (1,594 | ) | | (1,594 | ) |
Acquisition of noncontrolling interests | 21,869 |
| | — |
| — |
| — |
| — |
| — |
| — |
| | 21,869 |
|
Net income | 48 |
| | — |
| — |
| 21,943 |
| — |
| 2,179 |
| 24,122 |
| | 24,170 |
|
Distributions | (170 | ) | | — |
| — |
| (57,865 | ) | — |
| (2,880 | ) | (60,745 | ) | | (60,915 | ) |
Balance at June 30, 2018 | $ | 63,745 |
| | $ | 809 |
| $ | 3,854,057 |
| $ | (1,223,394 | ) | $ | (2,184 | ) | $ | 62,694 |
| $ | 2,691,982 |
| | $ | 2,755,727 |
|
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.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
2. Revenue
Disaggregation of Revenue
The following tables details our revenue by major source (in thousands):
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended |
| June 30, 2019 | | June 30, 2018 |
| Real Property Operations | | Home Sales and Rentals | | Consolidated | | Real Property Operations | | Home Sales and Rentals | | Consolidated |
Revenue | | | | | | | | | | | |
Income from real property | $ | 226,099 |
| | $ | — |
| | $ | 226,099 |
| | $ | 198,670 |
| | $ | — |
| | $ | 198,670 |
|
Revenue from home sales | — |
| | 47,242 |
| | 47,242 |
| | — |
| | 41,217 |
| | 41,217 |
|
Rental home revenue | — |
| | 14,412 |
| | 14,412 |
| | — |
| | 13,348 |
| | 13,348 |
|
Ancillary revenue | 17,265 |
| | — |
| | 17,265 |
| | 12,031 |
| | — |
| | 12,031 |
|
Interest Income | 4,919 |
| | — |
| | 4,919 |
| | 5,277 |
| | — |
| | 5,277 |
|
Brokerage commissions and other revenues, net
| 2,508 |
| | — |
| | 2,508 |
| | 891 |
| | — |
| | 891 |
|
Total revenue | $ | 250,791 |
| | $ | 61,654 |
| | $ | 312,445 |
| | $ | 216,869 |
| | $ | 54,565 |
| | $ | 271,434 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended |
| June 30, 2019 | | June 30, 2018 |
| Real Property Operations | | Home Sales and Rentals | | Consolidated | | Real Property Operations | | Home Sales and Rentals | | Consolidated |
Revenue | | | | | | | | | | | |
Income from real property | $ | 442,878 |
| | $ | — |
| | $ | 442,878 |
| | $ | 395,881 |
| | $ | — |
| | $ | 395,881 |
|
Revenue from home sales | — |
| | 86,860 |
| | 86,860 |
| | — |
| | 76,117 |
| | 76,117 |
|
Rental home revenue | — |
| | 28,383 |
| | 28,383 |
| |
|