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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 Balance Sheets as of June 30, 2019 (Unaudited) and December 31, 2018
 
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2019 and 2018 (Unaudited)
 
Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2019 and 2018 (Unaudited)
 
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and 2018 (Unaudited)
 
Consolidated Statement of Equity (Unaudited)
 
 
 
 
 
 





SUN COMMUNITIES, INC.

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.

1


SUN COMMUNITIES, INC.

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.

2


SUN COMMUNITIES, INC.

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.



3


SUN COMMUNITIES, INC.

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.

4




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.

5

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.


6

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