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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)
| | | | | | | | |
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 July 16, 2020: 98,272,394
INDEX
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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 | |
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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 | |
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| Signatures | |
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
| | | | | | | | | | | |
| (Unaudited) | | |
| June 30, 2020 | | December 31, 2019 |
Assets | | | |
Land | $ | 1,433,272 | | | $ | 1,414,279 | |
Land improvements and buildings | 6,826,741 | | | 6,595,272 | |
Rental homes and improvements | 652,177 | | | 627,175 | |
Furniture, fixtures and equipment | 312,139 | | | 282,874 | |
Investment property | 9,224,329 | | | 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 cash | 389,214 | | | 34,830 | |
Marketable securities; (see Note 14) | 100,564 | | | 94,727 | |
Inventory of manufactured homes | 58,744 | | | 62,061 | |
Notes and other receivables, net | 180,391 | | | 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 redeemable | 34,663 | | | 34,663 | |
Lines of credit | 115,352 | | | 183,898 | |
Distributions payable | 79,549 | | | 71,704 | |
Advanced reservation deposits and rent | 169,931 | | | 133,420 | |
Accrued expenses and accounts payable | 124,324 | | | 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 Liabilities | 3,845,308 | | | 3,848,104 | |
Commitments and contingencies (see Note 15) | | | |
| | | |
| | | |
Series D preferred OP units | 50,171 | | | 50,913 | |
Series F preferred OP units | 8,948 | | | — | |
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 capital | 5,847,598 | | | 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' equity | 4,347,564 | | | 3,819,724 | |
Noncontrolling interests | | | |
Common and preferred OP units | 61,555 | | | 47,686 | |
Consolidated VIEs | 10,250 | | | 8,542 | |
Total noncontrolling interests | 71,805 | | | 56,228 | |
Total Stockholders' Equity | 4,419,369 | | | 3,875,952 | |
Total Liabilities, Temporary Equity and Stockholders' Equity | $ | 8,348,659 | | | $ | 7,802,060 | |
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts) (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | | | Six Months Ended | | |
| June 30, 2020 | | June 30, 2019 | | June 30, 2020 | | June 30, 2019 |
Revenues | | | | | | | |
Income from real property | $ | 231,484 | | | $ | 223,644 | | | $ | 469,269 | | | $ | 438,727 | |
Revenue from home sales | 38,530 | | | 47,242 | | | 79,117 | | | 86,860 | |
Rental home revenue | 14,968 | | | 14,412 | | | 30,440 | | | 28,383 | |
Ancillary revenue | 12,375 | | | 19,720 | | | 22,570 | | | 29,898 | |
Interest income | 2,635 | | | 4,919 | | | 4,985 | | | 9,719 | |
Brokerage commissions and other revenues, net | 3,274 | | | 2,508 | | | 7,187 | | | 6,188 | |
Total Revenues | 303,266 | | | 312,445 | | | 613,568 | | | 599,775 | |
Expenses | | | | | | | |
Property operating and maintenance | 65,204 | | | 65,888 | | | 129,261 | | | 123,797 | |
Real estate taxes | 17,723 | | | 15,726 | | | 34,899 | | | 31,056 | |
Cost of home sales | 29,181 | | | 34,435 | | | 59,213 | | | 63,712 | |
Rental home operating and maintenance | 4,685 | | | 5,177 | | | 10,179 | | | 10,009 | |
Ancillary expenses | 8,226 | | | 12,480 | | | 15,708 | | | 19,581 | |
Home selling expenses | 2,864 | | | 3,626 | | | 6,856 | | | 6,950 | |
General and administrative expenses | 26,733 | | | 23,697 | | | 52,250 | | | 45,584 | |
Catastrophic weather-related charges, net | (566) | | | 179 | | | 40 | | | 961 | |
Depreciation and amortization | 87,265 | | | 76,153 | | | 170,954 | | | 152,709 | |
Loss on extinguishment of debt (see Note 8) | 1,930 | | | 70 | | | 5,209 | | | 723 | |
Interest expense | 31,428 | | | 33,661 | | | 63,844 | | | 67,675 | |
Interest on mandatorily redeemable preferred OP units / equity | 1,042 | | | 1,181 | | | 2,083 | | | 2,275 | |
Total Expenses | 275,715 | | | 272,273 | | | 550,496 | | | 525,032 | |
Income Before Other Items | 27,551 | | | 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 translation | 10,374 | | | 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 Income | 63,355 | | | 45,116 | | | 47,877 | | | 82,243 | |
Less: Preferred return to preferred OP units / equity | 1,584 | | | 1,718 | | | 3,154 | | | 3,041 | |
Less: Income attributable to noncontrolling interests | 2,861 | | | 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 - basic | 95,859 | | | 87,130 | | | 94,134 | | | 86,325 | |
Weighted average common shares outstanding - diluted | 96,165 | | | 87,564 | | | 94,525 | | | 86,770 | |
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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.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands) (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | | | Six Months Ended | | |
| June 30, 2020 | | June 30, 2019 | | June 30, 2020 | | June 30, 2019 |
Net Income | $ | 63,355 | | | $ | 45,116 | | | $ | 47,877 | | | $ | 82,243 | |
Foreign currency translation gain / (loss) adjustment | 3,872 | | | (1,913) | | | (3,428) | | | (3,488) | |
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Total Comprehensive Income | 67,227 | | | 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.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
| | | | | | | | | | | |
| Six Months Ended | | |
| June 30, 2020 | | June 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) | |
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Proceeds from dispositions of assets and depreciated homes, net | 24,459 | | | 28,774 | |
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Issuance of notes and other receivables | (25,044) | | | — | |
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Repayments of notes and other receivables | 1,719 | | | 2,307 | |
Investments in nonconsolidated affiliates | (23,743) | | | (31,869) | |
Distributions from nonconsolidated affiliates | 2,070 | | | 1,367 | |
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Net Cash Used For Investing Activities | (368,116) | | | (570,530) | |
Financing Activities | | | |
Issuance of common stock, OP units, and preferred OP units, net | 621,415 | | | 443,420 | |
Redemption of Series B-3 preferred OP units | — | | | (2,675) | |
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Borrowings on lines of credit | 1,217,289 | | | 2,345,659 | |
Payments on lines of credit | (1,286,462) | | | (2,397,580) | |
Proceeds from issuance of other debt | 230,000 | | | 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) | |
| | | |
| | | |
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Payments for deferred financing costs | (3,331) | | | (3,875) | |
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Net Cash Provided By Financing Activities | 420,665 | | | 294,019 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (192) | | | 443 | |
Net change in cash, cash equivalents and restricted cash | 354,384 | | | (16,224) | |
Cash, cash equivalents and restricted cash, beginning of period | 34,830 | | | 62,262 | |
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 389,214 | | | $ | 46,038 | |
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| Six Months Ended | | |
| June 30, 2020 | | June 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 | |
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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 LLC | 98 | | | — | | — | | (85) | | — | | — | | (85) | | | 13 | |
Share-based compensation - amortization and forfeitures | — | | | — | | 4,928 | | 93 | | — | | — | | 5,021 | | | 5,021 | |
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| | | | | | | | | | |
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) | | — | | | — | |
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Equity Interests - NG Sun LLC | (641) | | | — | | — | | (67) | | — | | — | | (67) | | | (708) | |
Issuance of Series F preferred OP units | 8,965 | | | — | | — | | — | | — | | — | | — | | | 8,965 | |
Share-based compensation - amortization and forfeitures | — | | | — | | 7,284 | | 92 | | — | | — | | 7,376 | | | 7,376 | |
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Foreign currency translation | — | | | — | | — | | — | | 3,850 | | |