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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, 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)

Maryland1-1261638-2730780
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueSUINew 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 filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging 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 16, 2020: 98,272,394



INDEX
  
PART I – FINANCIAL INFORMATION
 
Item 1.Consolidated Financial Statements
 
Consolidated Balance Sheets as of June 30, 2020 (Unaudited) and December 31, 2019
 
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)
 
Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)
 
Consolidated Statements of Cash Flows for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)
Consolidated Statement of Equity for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)
 Notes to Consolidated Financial Statements 
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations 
Item 3.Quantitative and Qualitative Disclosures about Market Risk 
Item 4.Controls and Procedures 
PART II – OTHER INFORMATION
 
Item 1.Legal Proceedings 
Item 1A.Risk Factors 
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits 
 Signatures 




SUN COMMUNITIES, INC.
PART I

ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
(Unaudited)
June 30, 2020December 31, 2019
Assets  
Land$1,433,272  $1,414,279  
Land improvements and buildings6,826,741  6,595,272  
Rental homes and improvements652,177  627,175  
Furniture, fixtures and equipment312,139  282,874  
Investment property9,224,329  8,919,600  
Accumulated depreciation(1,826,810) (1,686,980) 
Investment property, net (including $357,778 and $344,300 for consolidated VIEs at June 30, 2020 and December 31, 2019; see Note 7)
7,397,519  7,232,620  
Cash, cash equivalents and restricted cash389,214  34,830  
Marketable securities; (see Note 14)100,564  94,727  
Inventory of manufactured homes58,744  62,061  
Notes and other receivables, net180,391  157,926  
Other assets, net (including $27,814 and $23,894 for consolidated VIEs at June 30, 2020 and December 31, 2019; see Note 7)
222,227  219,896  
Total Assets$8,348,659  $7,802,060  
Liabilities  
Mortgage loans payable (including $46,464 and $46,993 for consolidated VIEs at June 30, 2020 and December 31, 2019; see Note 7)
$3,205,507  $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 redeemable34,663  34,663  
Lines of credit115,352  183,898  
Distributions payable79,549  71,704  
Advanced reservation deposits and rent169,931  133,420  
Accrued expenses and accounts payable124,324  127,289  
Other liabilities (including $26,524 and $13,631 for consolidated VIEs at June 30, 2020 and December 31, 2019; see Note 7)
80,733  81,289  
Total Liabilities3,845,308  3,848,104  
Commitments and contingencies (see Note 15)
Series D preferred OP units50,171  50,913  
Series F preferred OP units8,948    
Equity interests - NG Sun LLC and NG Sun Whitewater LLC (fully attributable to consolidated VIEs; see Note 7)24,863  27,091  
Stockholders' Equity  
Common stock, $0.01 par value. Authorized: 180,000 shares; Issued and outstanding: 98,274 June 30, 2020 and 93,180 December 31, 2019
983  932  
Additional paid-in capital5,847,598  5,213,264  
Accumulated other comprehensive loss(4,475) (1,331) 
Distributions in excess of accumulated earnings(1,496,542) (1,393,141) 
Total Sun Communities, Inc. stockholders' equity4,347,564  3,819,724  
Noncontrolling interests  
Common and preferred OP units61,555  47,686  
Consolidated VIEs10,250  8,542  
Total noncontrolling interests71,805  56,228  
Total Stockholders' Equity4,419,369  3,875,952  
Total Liabilities, Temporary Equity and Stockholders' Equity$8,348,659  $7,802,060  

See accompanying Notes to Consolidated Financial Statements.
1


SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts) (Unaudited)

 Three Months EndedSix Months Ended
 June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Revenues  
Income from real property$231,484  $223,644  $469,269  $438,727  
Revenue from home sales38,530  47,242  79,117  86,860  
Rental home revenue14,968  14,412  30,440  28,383  
Ancillary revenue12,375  19,720  22,570  29,898  
Interest income2,635  4,919  4,985  9,719  
Brokerage commissions and other revenues, net3,274  2,508  7,187  6,188  
Total Revenues303,266  312,445  613,568  599,775  
Expenses  
Property operating and maintenance65,204  65,888  129,261  123,797  
Real estate taxes17,723  15,726  34,899  31,056  
Cost of home sales29,181  34,435  59,213  63,712  
Rental home operating and maintenance4,685  5,177  10,179  10,009  
Ancillary expenses8,226  12,480  15,708  19,581  
Home selling expenses2,864  3,626  6,856  6,950  
General and administrative expenses26,733  23,697  52,250  45,584  
Catastrophic weather-related charges, net(566) 179  40  961  
Depreciation and amortization87,265  76,153  170,954  152,709  
Loss on extinguishment of debt (see Note 8)1,930  70  5,209  723  
Interest expense31,428  33,661  63,844  67,675  
Interest on mandatorily redeemable preferred OP units / equity1,042  1,181  2,083  2,275  
Total Expenses275,715  272,273  550,496  525,032  
Income Before Other Items27,551  40,172  63,072  74,743  
Gain / (loss) on remeasurement of marketable securities (see Note 14)24,519  3,620  (4,128) 3,887  
Gain / (loss) on foreign currency translation10,374  1,116  (7,105) 3,081  
Other expense, net(552) (95) (854) (162) 
Gain / (loss) on remeasurement of notes receivable (see Note 4)246    (1,866)   
Income from nonconsolidated affiliates (see Note 6)92  479  144  867  
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates (see Note 6)1,132    (1,059)   
Current tax expense (see Note 12)
(119) (272) (569) (486) 
Deferred tax benefit (see Note 12)112  96  242  313  
Net Income63,355  45,116  47,877  82,243  
Less: Preferred return to preferred OP units / equity1,584  1,718  3,154  3,041  
Less: Income attributable to noncontrolling interests2,861  2,585  1,899  3,626  
Net Income Attributable to Sun Communities, Inc.58,910  40,813  42,824  75,576  
Less: Preferred stock distribution  428    860  
Net Income Attributable to Sun Communities, Inc. Common Stockholders$58,910  $40,385  $42,824  $74,716  
Weighted average common shares outstanding - basic95,859  87,130  94,134  86,325  
Weighted average common shares outstanding - diluted96,165  87,564  94,525  86,770  
Basic earnings per share (see Note 13)$0.61  $0.46  $0.45  $0.86  
Diluted earnings per share (see Note 13)$0.61  $0.46  $0.45  $0.86  

See accompanying Notes to Consolidated Financial Statements.
2


SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands) (Unaudited)

 Three Months EndedSix Months Ended
 June 30, 2020June 30, 2019June 30, 2020June 30, 2019
Net Income$63,355  $45,116  $47,877  $82,243  
Foreign currency translation gain / (loss) adjustment3,872  (1,913) (3,428) (3,488) 
Total Comprehensive Income67,227  43,203  44,449  78,755  
Less: Comprehensive Income attributable to noncontrolling interests(2,883) (2,494) (1,615) (3,458) 
Comprehensive Income attributable to Sun Communities, Inc.$64,344  $40,709  $42,834  $75,297  

See accompanying Notes to Consolidated Financial Statements.


3


SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
 Six Months Ended
 June 30, 2020June 30, 2019
Operating Activities  
Net Cash Provided By Operating Activities$302,027  $259,844  
Investing Activities  
Investment in properties(268,708) (262,944) 
Acquisitions of properties, net of cash acquired(78,869) (308,165) 
Proceeds from dispositions of assets and depreciated homes, net24,459  28,774  
Issuance of notes and other receivables(25,044)   
Repayments of notes and other receivables1,719  2,307  
Investments in nonconsolidated affiliates(23,743) (31,869) 
Distributions from nonconsolidated affiliates2,070  1,367  
Net Cash Used For Investing Activities(368,116) (570,530) 
Financing Activities  
Issuance of common stock, OP units, and preferred OP units, net621,415  443,420  
Redemption of Series B-3 preferred OP units  (2,675) 
Borrowings on lines of credit1,217,289  2,345,659  
Payments on lines of credit(1,286,462) (2,397,580) 
Proceeds from issuance of other debt230,000  265,000  
Payments on other debt(201,598) (223,559) 
Prepayment penalty on collateralized term loans(6,226)   
Proceeds received from return of prepaid deferred financing costs  1,618  
Distributions to stockholders, OP unit holders, and preferred OP unit holders(150,422) (133,989) 
Payments for deferred financing costs(3,331) (3,875) 
Net Cash Provided By Financing Activities420,665  294,019  
Effect of exchange rate changes on cash, cash equivalents and restricted cash(192) 443  
Net change in cash, cash equivalents and restricted cash354,384  (16,224) 
Cash, cash equivalents and restricted cash, beginning of period34,830  62,262  
Cash, Cash Equivalents and Restricted Cash, End of Period $389,214  $46,038  

Six Months Ended
June 30, 2020June 30, 2019
Supplemental Information  
Cash paid for interest (net of capitalized interest of $4,561, $3,283 respectively)
$65,822  $66,947  
Cash paid for interest on mandatorily redeemable debt$2,083  $2,275  
Cash paid for income taxes $441  $703  
Noncash investing and financing activities  
Reduction in secured borrowing balance$  $9,432  
Change in distributions declared and outstanding$7,781  $6,401  
Conversion of common and preferred OP units$577  $527  
Conversion of Series A-4 preferred stock$  $337  
Asset held for sale$5,770  $  
Noncash investing and financing activities at the date of acquisition
Acquisitions - Common stock and OP units issued$10,114  $  
Acquisitions - Series D preferred interest$  $51,930  
Acquisitions - Series E preferred interest$9,000  $  
Acquisitions - Series F preferred interest$9,000  $  
Acquisitions - Escrow$  $1,395  
See accompanying Notes to Consolidated Financial Statements.
4


SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENT OF EQUITY
(In thousands) (Unaudited)
Temporary EquityStockholders’ Equity
 Common
Stock
Additional Paid-in CapitalDistributions in Excess of Accumulated EarningsAccumulated Other Comprehensive LossNon-controlling InterestsTotal Stockholders’ EquityTotal
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 LLC98  —  —  (85) —  —  (85) 13  
Share-based compensation - amortization and forfeitures—  —  4,928  93  —  —  5,021  5,021  
Issuance of Series E preferred 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  
Issuance of common stock and common OP units, net—  49  628,506  —  —  10,114  638,669  638,669  
Conversion of OP units—  1  130  —  —  (131) —  —  
Equity Interests - NG Sun LLC(641) —  —  (67) —  —  (67) (708) 
Issuance of Series F preferred OP units8,965  —  —    —      8,965  
Share-based compensation - amortization and forfeitures—  —  7,284  92  —  —  7,376  7,376  
Foreign currency translation—  —  —  —  3,850