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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 September 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 October 15, 2020: 98,280,096



INDEX
  
PART I – FINANCIAL INFORMATION
 
Item 1.Consolidated Financial Statements
 
Consolidated Balance Sheets as of September 30, 2020 (Unaudited) and December 31, 2019
 
Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)
 
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)
 
Consolidated Statements of Cash Flows for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)
Consolidated Statement of Equity for the Three and Nine Months Ended September 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)
September 30, 2020December 31, 2019
Assets  
Land$1,441,372 $1,414,279 
Land improvements and buildings7,119,163 6,595,272 
Rental homes and improvements649,004 627,175 
Furniture, fixtures and equipment338,236 282,874 
Investment property9,547,775 8,919,600 
Accumulated depreciation(1,900,306)(1,686,980)
Investment property, net (including $385,296 and $344,300 for consolidated VIEs at September 30, 2020 and December 31, 2019; see Note 7)
7,647,469 7,232,620 
Cash, cash equivalents and restricted cash115,529 34,830 
Marketable securities; (see Note 14)107,083 94,727 
Inventory of manufactured homes48,130 62,061 
Notes and other receivables, net191,508 157,926 
Other assets, net (including $24,651 and $23,894 for consolidated VIEs at September 30, 2020 and December 31, 2019; see Note 7)
225,998 219,896 
Total Assets$8,335,717 $7,802,060 
Liabilities  
Mortgage loans payable (including $46,197 and $46,993 for consolidated VIEs at September 30, 2020 and December 31, 2019; see Note 7)
$3,191,380 $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 credit and other debt79,321 183,898 
Distributions payable79,600 71,704 
Advanced reservation deposits and rent146,909 133,420 
Accrued expenses and accounts payable140,848 127,289 
Other liabilities (including $21,380 and $13,631 for consolidated VIEs at September 30, 2020 and December 31, 2019; see Note 7)
83,952 81,289 
Total Liabilities3,791,922 3,848,104 
Commitments and contingencies (see Note 15)
Series D preferred OP units50,034 50,913 
Series F preferred OP units8,930  
Series G preferred OP units26,072  
Equity interests - NG Sun LLC and NG Sun Whitewater LLC (fully attributable to consolidated VIEs; see Note 7)27,513 27,091 
Stockholders' Equity  
Common stock, $0.01 par value. Authorized: 180,000 shares; Issued and outstanding: 98,280 September 30, 2020 and 93,180 December 31, 2019
983 932 
Additional paid-in capital5,851,380 5,213,264 
Accumulated other comprehensive loss(2,226)(1,331)
Distributions in excess of accumulated earnings(1,491,338)(1,393,141)
Total Sun Communities, Inc. stockholders' equity4,358,799 3,819,724 
Noncontrolling interests  
Common and preferred OP units61,350 47,686 
Consolidated VIEs (fully attributable to consolidated VIEs; see Note 7)11,097 8,542 
Total noncontrolling interests72,447 56,228 
Total Stockholders' Equity4,431,246 3,875,952 
Total Liabilities, Temporary Equity and Stockholders' Equity$8,335,717 $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 EndedNine Months Ended
 September 30, 2020September 30, 2019September 30, 2020September 30, 2019
Revenues  
Income from real property$284,373 $251,163 $753,642 $689,890 
Revenue from home sales47,662 49,805 126,779 136,665 
Rental home revenue16,171 14,444 46,611 42,827 
Ancillary revenue43,803 37,259 66,373 67,157 
Interest income2,624 4,770 7,609 14,489 
Brokerage commissions and other revenues, net5,881 5,002 13,068 11,190 
Total Revenues400,514 362,443 1,014,082 962,218 
Expenses  
Property operating and maintenance90,647 79,095 219,908 202,892 
Real estate taxes17,442 15,399 52,341 46,455 
Cost of home sales36,237 36,318 95,450 100,030 
Rental home operating and maintenance5,949 6,444 16,128 16,453 
Ancillary expenses20,023 18,752 35,731 38,333 
Home selling expenses3,652 3,972 10,508 10,922 
General and administrative expenses27,243 22,946 79,493 68,530 
Catastrophic weather-related charges, net14 341 54 1,302 
Depreciation and amortization88,499 76,532 259,453 229,241 
Loss on extinguishment of debt (see Note 8) 12,755 5,209 13,478 
Interest expense30,214 32,219 94,058 99,894 
Interest on mandatorily redeemable preferred OP units / equity1,047 1,216 3,130 3,491 
Total Expenses320,967 305,989 871,463 831,021 
Income Before Other Items79,547 56,454 142,619 131,197 
Gain / (loss) on remeasurement of marketable securities (see Note 14)1,492 12,661 (2,636)16,548 
Gain / (loss) on foreign currency translation4,664 (3,046)(2,441)35 
Gain on disposition of property5,595  5,595  
Other expense, net(2,524)(1,362)(3,378)(1,524)
Loss on remeasurement of notes receivable (see Note 4)(445) (2,311) 
Income from nonconsolidated affiliates (see Note 6)1,204 513 1,348 1,380 
Loss on remeasurement of investment in nonconsolidated affiliates (see Note 6)(446) (1,505) 
Current tax benefit / (expense) (see Note 12)
107 (420)(462)(906)
Deferred tax benefit / (expense) (see Note 12)562 (349)804 (36)
Net Income89,756 64,451 137,633 146,694 
Less: Preferred return to preferred OP units / equity1,645 1,599 4,799 4,640 
Less: Income attributable to noncontrolling interests6,907 5,422 8,806 9,048 
Net Income Attributable to Sun Communities, Inc.81,204 57,430 124,028 133,006 
Less: Preferred stock distribution 428  1,288 
Net Income Attributable to Sun Communities, Inc. Common Stockholders$81,204 $57,002 $124,028 $131,718 
Weighted average common shares outstanding - basic97,542 89,847 95,270 87,499 
Weighted average common shares outstanding - diluted97,549 90,332 95,273 87,500 
Basic earnings per share (see Note 13)$0.83 $0.63 $1.29 $1.49 
Diluted earnings per share (see Note 13)$0.83 $0.63 $1.29 $1.49 

See accompanying Notes to Consolidated Financial Statements.
2


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

 Three Months EndedNine Months Ended
 September 30, 2020September 30, 2019September 30, 2020September 30, 2019
Net Income$89,756 $64,451 $137,633 $146,694 
Foreign currency translation gain / (loss) adjustment2,146 (1,717)(1,282)1,771 
Total Comprehensive Income91,902 62,734 136,351 148,465 
Less: Comprehensive Income attributable to noncontrolling interests(6,804)(5,346)(8,419)(9,140)
Comprehensive Income attributable to Sun Communities, Inc.$85,098 $57,388 $127,932 $139,325 

See accompanying Notes to Consolidated Financial Statements.


3


SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
 Nine Months Ended
 September 30, 2020September 30, 2019
Operating Activities  
Net Cash Provided By Operating Activities$464,458 $398,293 
Investing Activities  
Investment in properties(401,976)(412,092)
Acquisitions of properties, net of cash acquired(256,359)(403,889)
Proceeds from dispositions of assets and depreciated homes, net37,389 43,157 
Proceeds from disposition of properties12,612  
Issuance of notes and other receivables(35,188)(30,186)
Repayments of notes and other receivables2,713 3,249 
Investments in nonconsolidated affiliates(33,390)(42,896)
Distributions from nonconsolidated affiliates8,491 43,406 
Net Cash Used For Investing Activities(665,708)(799,251)
Financing Activities  
Issuance of common stock, OP units, and preferred OP units, net619,793 441,871 
Redemption of Series B-3 preferred OP units (2,675)
Borrowings on lines of credit1,221,980 2,681,980 
Payments on lines of credit(1,328,440)(2,669,348)
Proceeds from issuance of other debt230,000 523,721 
Payments on other debt(220,288)(372,219)
Prepayment penalty on collateralized term loans(6,226)(12,610)
Proceeds received from return of prepaid deferred financing costs 1,618 
Distributions to stockholders, OP unit holders, and preferred OP unit holders(231,500)(205,639)
Payments for deferred financing costs(3,322)(6,568)
Net Cash Provided By Financing Activities281,997 380,131 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(48)291 
Net change in cash, cash equivalents and restricted cash80,699 (20,536)
Cash, cash equivalents and restricted cash, beginning of period34,830 62,262 
Cash, Cash Equivalents and Restricted Cash, End of Period $115,529 $41,726 

Nine Months Ended
September 30, 2020September 30, 2019
Supplemental Information  
Cash paid for interest (net of capitalized interest of $7,169 and $5,673 respectively)
$100,047 $99,925 
Cash paid for interest on mandatorily redeemable debt$3,130 $3,132 
Cash paid for income taxes $1,069 $818 
Noncash investing and financing activities  
Reduction in secured borrowing balance$ $14,062 
Change in distributions declared and outstanding$7,861 $6,442 
Conversion of common and preferred OP units$793 $1,411 
Conversion of Series A-4 preferred stock$ $337 
Acquisitions - Common stock and OP units issued$10,114 $ 
Acquisitions - Debt$ $3,900 
Acquisitions - Series D preferred interest$ $51,930 
Acquisitions - Series E preferred interest$9,000 $ 
Acquisitions - Series F preferred interest$9,000 $ 
Acquisitions - Series G preferred interest$26,071 $ 
Acquisitions - Escrow$ $1,395 
Acquisitions - Deferred liability$ $12,597 

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 & NG Sun Whitewater 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 22 3,872 3,872 
Net income(300)— — 60,492 — 3,163 63,655 63,355 
Distributions(492)— — (77,635)— (2,971)(80,606)(81,098)
Balance at June 30, 2020$83,982 $983 $5,847,598 $(1,496,542)$(4,475)$71,805 $4,419,369 $4,503,351 
Issuance of common stock and common OP units, net— — (1,622)— — — (1,622)(