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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 March 31, 2020.
or
☐ TRANSITION PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
SUN COMMUNITIES INC.
(Exact Name of Registrant as Specified in its Charter)
|
| | |
Maryland | 1-12616 | 38-2730780 |
(State of Incorporation) | Commission file number | (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 April 16, 2020: 93,307,207
INDEX
|
| | |
| | |
|
| Consolidated Financial Statements | |
| | |
| Consolidated Statements of Operations for the Three Months Ended March 31, 2020 and 2019 (Unaudited) | |
| Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2020 and 2019 (Unaudited) | |
| | |
| Consolidated Statement of Equity for the Three Months Ended March 31, 2020 and 2019 (Unaudited) | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts) |
| | | | | | | |
| (Unaudited) | | |
| March 31, 2020 | | December 31, 2019 |
Assets | | | |
Land | $ | 1,418,985 |
| | $ | 1,414,279 |
|
Land improvements and buildings | 6,697,376 |
| | 6,595,272 |
|
Rental homes and improvements | 640,709 |
| | 627,175 |
|
Furniture, fixtures and equipment | 285,922 |
| | 282,874 |
|
Investment property | 9,042,992 |
| | 8,919,600 |
|
Accumulated depreciation | (1,754,591 | ) | | (1,686,980 | ) |
Investment property, net (including $350,019 and $344,300 for consolidated VIEs at March 31, 2020 and December 31, 2019; see Note 7) | 7,288,401 |
| | 7,232,620 |
|
Cash, cash equivalents and restricted cash | 394,740 |
| | 34,830 |
|
Marketable securities; (see Note 14) | 55,602 |
| | 94,727 |
|
Inventory of manufactured homes | 64,436 |
| | 62,061 |
|
Notes and other receivables, net | 186,692 |
| | 157,926 |
|
Other assets, net (including $23,751 and $23,894 for consolidated VIEs at March 31, 2020 and December 31, 2019; see Note 7) | 219,176 |
| | 219,896 |
|
Total Assets | $ | 8,209,047 |
| | $ | 7,802,060 |
|
Liabilities | | | |
Mortgage loans payable (including $46,727 and $46,993 for consolidated VIEs at March 31, 2020 and December 31, 2019; see Note 7) | $ | 3,273,808 |
| | $ | 3,180,592 |
|
Preferred Equity - Sun NG RV Resorts LLC - mandatorily redeemable (fully attributable to consolidated VIEs; see Note 7) | 35,249 |
| | 35,249 |
|
Preferred OP units - mandatorily redeemable | 34,663 |
| | 34,663 |
|
Lines of credit | 582,774 |
| | 183,898 |
|
Distributions payable | 75,636 |
| | 71,704 |
|
Advanced reservation deposits and rent | 151,144 |
| | 133,420 |
|
Accrued expenses and accounts payable | 110,512 |
| | 127,289 |
|
Other liabilities (including $19,604 and $13,631 for consolidated VIEs at March 31, 2020 and December 31, 2019; see Note 7) | 82,341 |
| | 81,289 |
|
Total Liabilities | 4,346,127 |
| | 3,848,104 |
|
Commitments and contingencies (see Note 15) | | | |
Series D preferred OP units | 50,387 |
| | 50,913 |
|
Equity interests - NG Sun LLC and NG Whitewater (fully attributable to consolidated VIEs; see Note 7) | 26,063 |
| | 27,091 |
|
Stockholders' Equity | | | |
Common stock, $0.01 par value. Authorized: 180,000 shares; Issued and outstanding: 93,327 March 31, 2020 and 93,180 December 31, 2019 | 933 |
| | 932 |
|
Additional paid-in capital | 5,211,678 |
| | 5,213,264 |
|
Accumulated other comprehensive loss | (8,325 | ) | | (1,331 | ) |
Distributions in excess of accumulated earnings | (1,479,424 | ) | | (1,393,141 | ) |
Total Sun Communities, Inc. stockholders' equity | 3,724,862 |
| | 3,819,724 |
|
Noncontrolling interests | | | |
Common and preferred OP units | 52,234 |
| | 47,686 |
|
Consolidated VIEs | 9,374 |
| | 8,542 |
|
Total noncontrolling interests | 61,608 |
| | 56,228 |
|
Total Stockholders' Equity | 3,786,470 |
| | 3,875,952 |
|
Total Liabilities, Temporary Equity and Stockholders' Equity | $ | 8,209,047 |
| | $ | 7,802,060 |
|
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts) (Unaudited)
|
| | | | | | | |
| Three Months Ended |
| March 31, 2020 | | March 31, 2019 |
Revenues | | | |
Income from real property | $ | 237,785 |
| | $ | 215,083 |
|
Revenue from home sales | 40,587 |
| | 39,618 |
|
Rental home revenue | 15,472 |
| | 13,971 |
|
Ancillary revenue | 10,195 |
| | 10,178 |
|
Interest income | 2,350 |
| | 4,800 |
|
Brokerage commissions and other revenues, net | 3,913 |
| | 3,680 |
|
Total Revenues | 310,302 |
| | 287,330 |
|
Expenses | | | |
Property operating and maintenance | 64,057 |
| | 57,909 |
|
Real estate taxes | 17,176 |
| | 15,330 |
|
Cost of home sales | 30,032 |
| | 29,277 |
|
Rental home operating and maintenance | 5,494 |
| | 4,832 |
|
Ancillary expenses | 7,482 |
| | 7,101 |
|
Home selling expenses | 3,992 |
| | 3,324 |
|
General and administrative expenses | 25,517 |
| | 21,887 |
|
Catastrophic weather-related charges, net | 606 |
| | 782 |
|
Depreciation and amortization | 83,689 |
| | 76,556 |
|
Loss on extinguishment of debt | 3,279 |
| | 653 |
|
Interest expense | 32,416 |
| | 34,014 |
|
Interest on mandatorily redeemable preferred OP units / equity | 1,041 |
| | 1,094 |
|
Total Expenses | 274,781 |
| | 252,759 |
|
Income Before Other Items | 35,521 |
| | 34,571 |
|
Gain / (loss) on remeasurement of marketable securities (see Note 14) | (28,647 | ) | | 267 |
|
Gain / (loss) on foreign currency translation | (17,479 | ) | | 1,965 |
|
Other expense, net | (302 | ) | | (67 | ) |
Loss on remeasurement of notes receivable (see Note 4) | (2,112 | ) | | — |
|
Income from nonconsolidated affiliates | 52 |
| | 388 |
|
Loss on remeasurement of investment in nonconsolidated affiliates (see Note 6) | (2,191 | ) | | — |
|
Current tax expense | (450 | ) | | (214 | ) |
Deferred tax benefit | 130 |
| | 217 |
|
Net Income / (Loss) | (15,478 | ) |
| 37,127 |
|
Less: Preferred return to preferred OP units / equity | 1,570 |
| | 1,323 |
|
Less: Income / (loss) attributable to noncontrolling interests | (962 | ) | | 1,041 |
|
Net Income / (Loss) Attributable to Sun Communities, Inc. | (16,086 | ) |
| 34,763 |
|
Less: Preferred stock distribution | — |
| | 432 |
|
Net Income / (Loss) Attributable to Sun Communities, Inc. Common Stockholders | $ | (16,086 | ) |
| $ | 34,331 |
|
| | | |
Weighted average common shares outstanding - basic | 92,410 |
| | 85,520 |
|
Weighted average common shares outstanding - diluted | 92,935 |
| | 86,033 |
|
| | | |
Basic earnings / (loss) per share (see Note 13) | $ | (0.17 | ) | | $ | 0.40 |
|
Diluted earnings / (loss) per share (see Note 13) | $ | (0.17 | ) | | $ | 0.40 |
|
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands) (Unaudited)
|
| | | | | | | |
| Three Months Ended |
| March 31, 2020 | | March 31, 2019 |
Net Income / (Loss) | $ | (15,478 | ) | | $ | 37,127 |
|
Foreign currency translation gain / (loss) adjustment | (7,300 | ) | | 1,575 |
|
Total Comprehensive Income / (Loss) | (22,778 | ) | | 38,702 |
|
Less: Comprehensive Income / (Loss) attributable to noncontrolling interests | 1,268 |
| | (1,118 | ) |
Comprehensive Income / (Loss) attributable to Sun Communities, Inc. | $ | (21,510 | ) | | $ | 37,584 |
|
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited) |
| | | | | | | |
| Three Months Ended |
| March 31, 2020 | | March 31, 2019 |
Operating Activities | | | |
Net Cash Provided By Operating Activities | $ | 118,513 |
| | $ | 103,141 |
|
Investing Activities | | | |
Investment in properties | (132,759 | ) | | (114,804 | ) |
Acquisitions of properties, net of cash acquired | (24,439 | ) | | (279,302 | ) |
Proceeds from dispositions of assets and depreciated homes, net | 12,612 |
| | 11,788 |
|
Issuance of notes and other receivables | (19,903 | ) | | — |
|
Repayments of notes and other receivables | 854 |
| | 1,030 |
|
Investments in nonconsolidated affiliates | (6,970 | ) | | (11,416 | ) |
Distributions from nonconsolidated affiliates | 1,275 |
| | 221 |
|
Net Cash Used For Investing Activities | (169,330 | ) | | (392,483 | ) |
Financing Activities | | | |
Issuance of common stock, OP units, and preferred OP units, net | (7,140 | ) | | (4,321 | ) |
Redemption of Series B-3 preferred OP units | — |
| | (2,675 | ) |
Borrowings on lines of credit | 1,163,965 |
| | 1,428,948 |
|
Payments on lines of credit | (763,076 | ) | | (1,160,436 | ) |
Proceeds from issuance of other debt | 230,000 |
| | 265,000 |
|
Payments on other debt | (134,203 | ) | | (200,892 | ) |
Prepayment penalty on collateralized term loans | (3,250 | ) | | — |
|
Proceeds received from return of prepaid deferred financing costs | — |
| | 1,618 |
|
Distributions to stockholders, OP unit holders, and preferred OP unit holders | (71,859 | ) | | (65,145 | ) |
Payments for deferred financing costs | (3,328 | ) | | (1,000 | ) |
Net Cash Provided By Financing Activities | 411,109 |
| | 261,097 |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (382 | ) | | 158 |
|
Net change in cash, cash equivalents and restricted cash | 359,910 |
| | (28,087 | ) |
Cash, cash equivalents and restricted cash, beginning of period | 34,830 |
| | 62,262 |
|
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 394,740 |
| | $ | 34,175 |
|
|
| | | | | | | |
| Three Months Ended |
| March 31, 2020 | | March 31, 2019 |
Supplemental Information | | | |
Cash paid for interest (net of capitalized interest of $2,258, $1,357 respectively) | $ | 32,464 |
| | $ | 32,711 |
|
Cash paid for interest on mandatorily redeemable debt | $ | 1,041 |
| | $ | 1,094 |
|
Cash paid (refunds) for income taxes | $ | 75 |
| | $ | (60 | ) |
Noncash investing and financing activities | | | |
Reduction in secured borrowing balance | $ | — |
| | $ | 5,055 |
|
Change in distributions declared and outstanding | $ | 4,787 |
| | $ | 3,536 |
|
Conversion of common and preferred OP units | $ | 446 |
| | $ | 280 |
|
Acquisitions - Series D preferred interest | $ | — |
| | $ | 51,930 |
|
Acquisitions - Series E preferred interest | $ | 9,000 |
| | $ | — |
|
Acquisitions - Escrow | $ | — |
| | $ | 4,035 |
|
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 Loss | Non-controlling Interests | Total Stockholders’ Equity | | Total Equity |
Balance at December 31, 2019 | $ | 78,004 |
| | $ | 932 |
| $ | 5,213,264 |
| $ | (1,393,141 | ) | $ | (1,331 | ) | $ | 56,228 |
| $ | 3,875,952 |
| | $ | 3,953,956 |
|
Issuance of common stock and common OP units, net | — |
| | 1 |
| (7,141 | ) | — |
| — |
| — |
| (7,140 | ) | | (7,140 | ) |
Conversion of OP units | — |
| | — |
| 446 |
| — |
| — |
| (446 | ) | — |
| | — |
|
Equity Interests - NG Sun LLC & NG Sun Whitewater RV LLC | 98 |
| | — |
| — |
| (85 | ) | — |
| — |
| (85 | ) | | 13 |
|
Share-based compensation - amortization and forfeitures | — |
| | — |
| 4,928 |
| 93 |
| — |
| — |
| 5,021 |
| | 5,021 |
|
Issuance of Series E OP units | — |
| | — |
| 181 |
| — |
| — |
| 8,819 |
| 9,000 |
| | 9,000 |
|
Foreign currency translation | — |
| | — |
| — |
| — |
| (6,994 | ) | (306 | ) | (7,300 | ) | | (7,300 | ) |
Remeasurement of notes receivable and equity method investment (see Note 17)
| — |
| | — |
| — |
| 1,953 |
| — |
| — |
| 1,953 |
| | 1,953 |
|
Net income (loss) | (1,195 | ) | | — |
| — |
| (14,514 | ) | — |
| 231 |
| (14,283 | ) | | (15,478 | ) |
Distributions | (457 | ) | | — |
| — |
| (73,730 | ) | — |
| (2,918 | ) | (76,648 | ) | | (77,105 | ) |
Balance at March 31, 2020 | $ | 76,450 |
| | $ | 933 |
| $ | 5,211,678 |
| $ | (1,479,424 | ) | $ | (8,325 | ) | $ | 61,608 |
| $ | 3,786,470 |
| | $ | 3,862,920 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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, 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 | ) | — |
| | — |
|
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 |
|
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. We present interim disclosures and certain information and footnote disclosures as required by SEC rules and regulations. 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.
Estimates inherent in the current financial reporting process inevitably involve assumptions about future events. Since December 2019, a novel strain of coronavirus, referred to as the COVID-19 virus, has spread to countries in which we operate. COVID-19 has become a global pandemic. Commencing in March 2020, authorities in jurisdictions where our properties are located have issued stay-at-home orders and restrictions on travel and the types of businesses that may continue to operate. Our property site count consists of 66 percent manufactured housing (“MH”) for residents and 34 percent recreational vehicle (“RV”) for guests. As many RV resorts remain closed and unable to generate revenue and as the pandemic may adversely affect our revenues in our MH communities, the extent and duration of the stay-at-home order will have an effect on estimates used in the preparation of financial statements. This includes the net operating income (“NOI”) assumptions in our long-lived asset impairment testing, the ultimate collectability of rent payments from residents and guests due to the effects of COVID-19 on their financial position, and fair value measurement changes for financial assets that the Company has elected to measure at fair value.
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, 2019 as filed with the SEC on February 20, 2020 (the “2019 Annual Report”). These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our 2019 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 |
| March 31, 2020 | | March 31, 2019 |
| Real Property Operations | | Home Sales and Rentals | | Consolidated | | Real Property Operations | | Home Sales and Rentals | | Consolidated |
Revenues | | | | | | | | | | | |
Income from real property | $ | 237,785 |
| | $ | — |
| | $ | 237,785 |
| | $ | 215,083 |
| | $ | — |
| | $ | 215,083 |
|
Revenue from home sales | — |
| | 40,587 |
| | 40,587 |
| | — |
| | 39,618 |
| | 39,618 |
|
Rental home revenue | — |
| | 15,472 |
| | 15,472 |
| | — |
| | 13,971 |
| | 13,971 |
|
Ancillary revenue | 10,195 |
| | — |
| | 10,195 |
| | 10,178 |
| | — |
| | 10,178 |
|
Interest income | 2,350 |
| | — |
| | 2,350 |
| | 4,800 |
| | — |
| | 4,800 |
|
Brokerage commissions and other revenues, net | 3,913 |
| | — |
| | 3,913 |
| | 3,680 |
| | — |
| | 3,680 |
|
Total Revenues | $ | 254,243 |
| | $ | 56,059 |
| | $ | 310,302 |
| | $ | 233,741 |
| | $ | 53,589 |
| | $ | 287,330 |
|
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.
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 the timing and pattern of 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. Resident leases are generally for one-year or month-to-month terms and are renewable by mutual agreement between us and the resident, or in some cases, as provided by jurisdictional statute. Lease revenues for sites and homes fall under the scope of ASC 842, and are accounted for as operating leases with straight-line recognition. Income from real property includes income from site leases for annual MH residents, site leases for annual RV residents and site rentals to transient RV residents. 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.
Revenue from home sales - Our taxable REIT subsidiary, SHS, sells manufactured homes 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. As of March 31, 2020, and December 31, 2019, we had $27.6 million and $20.9 million, respectively, of receivables from contracts with customers, which consists of home sales proceeds, and are presented as a component of Notes and other receivables, net on our Consolidated Balance Sheets. These receivables represent balances owed to us for previously completed performance obligations for sales of manufactured homes.
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.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Ancillary revenue - is primarily composed of proceeds from restaurant, golf, merchandise and other activities at our RV communities and is included in the scope of ASC 606. 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, leasing of short-term vacation home rentals is included within Ancillary revenue and falls within the scope of ASC 842. 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 receivable, which include installment notes receivables on manufactured homes purchased by the Company from loan originators. 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 Note 4, “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 notes receivable are also included herein. Refer to Note 4, “Notes and Other Receivables” for additional information regarding our loan loss reserves.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
3. Real Estate Acquisitions
2020 Acquisitions
Communities
For the three months ended March 31, 2020, we acquired the following communities:
|
| | | | | | | | | | | | |
Community Name | | Type | | Sites | | Development Sites | | State | | Month Acquired |
Cape Cod (1) | | RV | | 230 |
| | — |
| | MA | | January |
Jellystone Natural Bridge | | RV | | 299 |
| | — |
| | VA | | February |
| | Total | | 529 |
| | — |
| | | | |
(1) In conjunction with the acquisition, we issued Series E Preferred Operating Partnership (“OP”) Units. As of March 31, 2020, 90,000 Series E 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 for the three months ended March 31, 2020 (in thousands):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| At Acquisition Date | | Consideration |
| Investment in property | | In-place leases and other intangible assets | | Other assets (liabilities), net | | Total identifiable assets acquired net of liabilities assumed | | Cash and escrow | | Temporary and permanent equity | | Total consideration |
Cape Cod | $ | 13,350 |
| | $ | 150 |
| | $ | (295 | ) | | $ | 13,205 |
| | $ | 4,205 |
| | $ | 9,000 |
| | $ | 13,205 |
|
Jellystone Natural Bridge | 11,364 |
| | 80 |
| | (391 | ) | | 11,053 |
| | 11,053 |
| | — |
| | 11,053 |
|
Total | $ | 24,714 |
| | $ | 230 |
| | $ | (686 | ) | | $ | 24,258 |
| | $ | 15,258 |
| | $ | 9,000 |
| | $ | 24,258 |
|
As of March 31, 2020, we have incurred $0.9 million of additional capitalized transaction costs which have been allocated among the various categories above.
The total amount of revenues and net income included in the Consolidated Statements of Operations for the three months ended March 31, 2020 related to the acquisitions completed in 2020 are set forth in the following table (in thousands):
|
| | | | |
| | Three Months Ended |
| | March 31, 2020 |
Total revenues | | $ | 92 |
|
Net loss | | $ | (106 | ) |
The following unaudited pro forma financial information presents the results of our operations for the three months ended March 31, 2020 and 2019, as if the properties acquired in 2020 had been acquired on January 1, 2019. 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.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
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, 2019 (in thousands, except per-share data):
|
| | | | | | | | |
| | Three Months Ended |
| | March 31, 2020 | | March 31, 2019 |
Total revenues | | $ | 310,711 |
| | $ | 288,136 |
|
Net income / (loss) attributable to Sun Communities, Inc. common stockholders | | $ | (14,776 | ) | | $ | 40,078 |
|
Net income / (loss) per share attributable to Sun Communities, Inc. common stockholders - basic | | $ | (0.16 | ) | | $ | 0.47 |
|
Net income / (loss) per share attributable to Sun Communities, Inc. common stockholders - diluted | | $ | (0.16 | ) | | $ | 0.47 |
|
2019 Acquisitions
For the year ended December 31, 2019 we acquired the following communities:
|
| | | | | | | | | | | | |
Community Name | | Type | | Sites | | Development Sites | | State | | Month Acquired |
Slickrock Campground | | RV | | 193 |
| | — |
| | UT | | December |
Pandion Ridge | | RV | | 142 |
| | 351 |
| | AL | | November |
Jensen Portfolio (1) | | MH | | 5,230 |
| | 466 |
| | Various | | October |
Glen Ellis | | RV | | 244 |
| | 40 |
| | NH | | September |
Leisure Point Resort (2) | | MH / RV | | 502 |
| | — |
| | DE | | September |
Reunion Lake | | RV | | 202 |
| | 69 |
| | LA | | July |
River Plantation | | RV | | 309 |
| | — |
| | TN | | May |
Massey’s Landing RV | | RV | | 291 |
| | — |
| | DE | | February |
Shelby Properties (3) | | MH | | 1,308 |
| | — |
| | MI | | February |
Buena Vista | | MH | | 400 |
| | — |
| | AZ | | February |
Country Village Estates (4) | | MH | | 518 |
| | — |
| | OR | | January |
Hid’n Pines RV | | RV | | 321 |
| | — |
| | ME | | January |
Hacienda del Rio | | MH (Age-Restricted) | | 730 |
| | — |
| | FL | | January |
| | Total | | 10,390 |
| | 926 |
| | | | |
(1) Contains 31 communities located in CT, GA, MD, NH, NJ, NY, NC and SC. In conjunction with the acquisition, we issued 1,972,876 shares of common stock, net of fractional shares paid in cash.
(2) Contains 201 MH sites and 301 RV sites.
(3) Contains two MH communities.
(4) In conjunction with the acquisition, we issued Series D Preferred Operating Partnership (“OP”) Units. As of December 31, 2019, 488,958 Series D Preferred OP Units were outstanding.
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(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 2019 (in thousands):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| At Acquisition Date | | Consideration |
| Investment in property | | Inventory of manufactured homes | | In-place leases and other intangible assets | | Other assets (liabilities), net | | Total identifiable assets acquired net of liabilities assumed | | Cash and escrow | | Debt assumed | | Temporary and permanent equity | | Total consideration |
Slickrock Campground | $ | 8,250 |
| | $ | — |
| | $ | — |
| | $ | 8 |
| | $ | 8,258 |
| | $ | 8,258 |
| | $ | — |
| | $ | — |
| | $ | 8,258 |
|
Pandion Ridge | 19,070 |
| | — |
| | — |
| | (92 | ) | | 18,978 |
| | 18,978 |
| | — |
| | — |
| | 18,978 |
|
Jensen Portfolio | 374,402 |
| | 3,605 |
| | 7,752 |
| | 3,938 |
| | 389,697 |
| | 18,306 |
| | 58,000 |
| | 313,391 |
| | 389,697 |
|
Glen Ellis | 5,955 |
| | — |
| | — |
| | (79 | ) | | 5,876 |
| | 1,976 |
| | 3,900 |
| | — |
| | 5,876 |
|
Leisure Point Resort | 43,632 |
| | 18 |
| | 850 |
| | (678 | ) | | 43,822 |
| | 43,822 |
| | — |
| | — |
| | 43,822 |
|
Reunion Lake | 23,493 |
| | — |
| | — |
| | (1,153 | ) | | 22,340 |
| | 22,340 |
| | — |
| | — |
| | 22,340 |
|
River Plantation | 22,589 |
| | 75 |
| | — |
| | — |
| | 22,664 |
| | 22,664 |
| | — |
| | — |
| | 22,664 |
|
Massey's Landing | 36,250 |
| | — |
| | 220 |
| | (446 | ) | | 36,024 |
| | 36,024 |
| | — |
| | — |
| | 36,024 |
|
Shelby Properties | 85,969 |
| | 2,011 |
| | 6,520 |
| | (1,015 | ) | | 93,485 |
| | 93,485 |
| | — |
| | — |
| | 93,485 |
|
Buena Vista | 20,221 |
| | 439 |
| | 1,590 |
| | (93 | ) | | 22,157 |
| | 22,157 |
| | — |
| | — |
| | 22,157 |
|
Country Village | 62,784 |
| | — |
| | 2,020 |
| | 31 |
| | 64,835 |
| | 12,905 |
| | — |
| | 51,930 |
| | 64,835 |
|
Hid'n Pines | 10,680 |
| | — |
| |
|