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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, 2021.
 
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 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. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and ‘emerging growth company” in rule 12b-2 of the Exchange Act.
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 April 20, 2021: 111,828,638



INDEX
  
PART I – FINANCIAL INFORMATION
 
Item 1.Consolidated Financial Statements
 
Consolidated Balance Sheets as of March 31, 2021 (Unaudited) and December 31, 2020
 
Consolidated Statements of Operations for the Three Months Ended March 31, 2021 and 2020 (Unaudited)
 
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2021 and 2020 (Unaudited)
Consolidated Statement of Equity for the Three Months Ended March 31, 2021 and 2020 (Unaudited)
 
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020 (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)
March 31, 2021December 31, 2020
Assets  
Land$2,190,762 $2,119,364 
Land improvements and buildings8,664,199 8,480,597 
Rental homes and improvements652,559 637,603 
Furniture, fixtures and equipment491,735 447,039 
Investment property11,999,255 11,684,603 
Accumulated depreciation(2,088,105)(1,968,812)
Investment property, net (including $479,196 and $438,918 for consolidated VIEs at March 31, 2021 and December 31, 2020; see Note 7)
9,911,150 9,715,791 
Cash, cash equivalents and restricted cash120,174 92,641 
Marketable securities (see Note 14)127,821 124,726 
Inventory of manufactured homes43,242 46,643 
Notes and other receivables, net249,009 221,650 
Goodwill438,842 428,833 
Other intangible assets, net300,554 305,611 
Other assets, net (including $31,820 and $24,554 for consolidated VIEs at March 31, 2021 and December 31, 2020; see Note 7)
263,417 270,691 
Total Assets$11,454,209 $11,206,586 
Liabilities  
Mortgage loans payable (including $54,142 and $47,706 for consolidated VIEs at March 31, 2021 and December 31, 2020; see Note 7)
$3,430,420 $3,444,967 
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 debt917,603 1,242,197 
Distributions payable95,076 86,988 
Advanced reservation deposits and rent280,301 187,730 
Accrued expenses and accounts payable160,072 148,435 
Other liabilities (including $47,901 and $21,957 for consolidated VIEs at March 31, 2021 and December 31, 2020; see Note 7)
148,128 134,650 
Total Liabilities5,101,512 5,314,879 
Commitments and contingencies (see Note 15)
Temporary equity (see Note 9) (including $26,604 and $28,469 for consolidated VIEs at March 31, 2021 and December 31, 2020; see Note 7)
261,059 264,379 
Stockholders' Equity  
Common stock, $0.01 par value. Authorized: 180,000 shares; Issued and outstanding: 111,835 March 31, 2021 and 107,626 December 31, 2020
1,118 1,076 
Additional paid-in capital7,618,128 7,087,658 
Accumulated other comprehensive loss4,033 3,178 
Distributions in excess of accumulated earnings(1,631,044)(1,566,636)
Total Sun Communities, Inc. stockholders' equity5,992,235 5,525,276 
Noncontrolling interests  
Common and preferred OP units82,502 85,968 
Consolidated VIEs (fully attributable to consolidated VIEs; see Note 7)16,901 16,084 
Total noncontrolling interests99,403 102,052 
Total Stockholders' Equity6,091,638 5,627,328 
Total Liabilities, Temporary Equity and Stockholders' Equity$11,454,209 $11,206,586 

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
 March 31, 2021March 31, 2020
Revenues
Real property$330,613 $258,349 
Home sales52,199 40,587 
Service, retail, dining and entertainment50,612 5,103 
Interest2,631 2,350 
Brokerage commissions and other, net5,960 3,913 
Total Revenues442,015 310,302 
Expenses
Property operating and maintenance103,553 69,834 
Real estate tax22,408 17,176 
Home costs and selling41,590 34,039 
Service, retail, dining and entertainment45,431 6,682 
General and administrative 38,203 25,349 
Catastrophic event-related charges, net2,414 606 
Business combination1,232  
Depreciation and amortization123,304 83,689 
Loss on extinguishment of debt (see Note 8)
 3,279 
Interest39,517 32,416 
Interest on mandatorily redeemable preferred OP units / equity1,036 1,041 
Total Expenses418,688 274,111 
Income Before Other Items23,327 36,191 
Gain / (loss) on remeasurement of marketable securities (see Note 14)
3,661 (28,647)
Gain / (loss) on foreign currency translation25 (17,479)
Other expense, net(1,099)(972)
Income / (loss) on remeasurement of notes receivable (see Note 4)
376 (2,112)
Income from nonconsolidated affiliates (see Note 6)
1,171 52 
Income / (loss) on remeasurement of investment in nonconsolidated affiliates (see Note 6)
104 (2,191)
Current tax benefit / (expense) (see Note 12)
229 (450)
Deferred tax benefit (see Note 12)
147 130 
Net Income / (Loss)27,941 (15,478)
Less: Preferred return to preferred OP units / equity2,864 1,570 
Less: Income / (loss) attributable to noncontrolling interests295 (962)
Net Income / (Loss) Attributable to Sun Communities, Inc. Common Stockholders$24,782 $(16,086)
Weighted average common shares outstanding - basic107,932 92,410 
Weighted average common shares outstanding - diluted108,161 92,411 
Basic earnings / (loss) per share (see Note 13)
$0.23 $(0.17)
Diluted earnings / (loss) per share (see Note 13)
$0.23 $(0.17)

See accompanying Notes to Consolidated Financial Statements.
2


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

 Three Months Ended
 March 31, 2021March 31, 2020
Net Income / (Loss)$27,941 $(15,478)
Foreign currency translation gain / (loss) adjustment895 (7,300)
Total Comprehensive Income28,836 (22,778)
Less: Comprehensive income / (loss) attributable to noncontrolling interests(335)1,268 
Comprehensive Income / (Loss) attributable to Sun Communities, Inc.$28,501 $(21,510)

See accompanying Notes to Consolidated Financial Statements.


3


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, 2020$264,379 $1,076 $7,087,658 $(1,566,636)$3,178 $102,052 $5,627,328 $5,891,707 
Issuance of common stock and common OP units, net— 42 522,222 — — — 522,264 522,264 
Conversion of OP units— — 1,150 — — (1,150)—  
Other redeemable non-controlling interests52 — — (52)— — (52) 
Share-based compensation - amortization and forfeitures— — 7,118 62 — — 7,180 7,180 
Foreign currency translation— — — — 855 40 895 895 
Net income (loss)(1,568)— — 27,647 — 1,862 29,509 27,941 
Distributions(1,804)— — (92,823)— (3,260)(96,083)(97,887)
Other— — (20)758 — (141)597 597 
Balance at March 31, 2021$261,059 $1,118 $7,618,128 $(1,631,044)$4,033 $99,403 $6,091,638 $6,352,697 

Stockholders' Equity
 Temporary EquityCommon
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)—  
Other redeemable non-controlling interests98 — — (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— — — 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 

See accompanying Notes to Consolidated Financial Statements.
4


SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)

 Three Months Ended
 March 31, 2021March 31, 2020
Operating Activities  
Net Cash Provided By Operating Activities$220,490 $118,513 
Investing Activities  
Investment in properties(151,979)(132,759)
Acquisitions of properties, net of cash acquired(141,755)(24,439)
Proceeds from dispositions of assets and depreciated homes, net17,774 12,612 
Issuance of notes and other receivables(7,907)(19,903)
Repayments of notes and other receivables1,207 854 
Investments in nonconsolidated affiliates(4,510)(6,970)
Distributions from nonconsolidated affiliates1,192 1,275 
Net Cash Used For Investing Activities(285,978)(169,330)
Financing Activities  
Issuance of common stock, OP units, and preferred OP units, net522,264 (7,140)
Borrowings on lines of credit442,290 1,163,965 
Payments on lines of credit(766,260)(763,076)
Proceeds from issuance of other debt 230,000 
Payments on other debt(14,799)(134,203)
Prepayment penalty on collateralized term loans (3,250)
Distributions to stockholders, OP unit holders, and preferred OP unit holders(89,792)(71,859)
Payments for deferred financing costs(701)(3,328)
Net Cash Provided By Financing Activities93,002 411,109 
Effect of exchange rate changes on cash, cash equivalents and restricted cash19 (382)
Net change in cash, cash equivalents and restricted cash27,533 359,910 
Cash, cash equivalents and restricted cash, beginning of period92,641 34,830 
Cash, Cash Equivalents and Restricted Cash, End of Period $120,174 $394,740 

Three Months Ended
March 31, 2021March 31, 2020
Supplemental Information  
Cash paid for interest (net of capitalized interest of $1,154 and $2,258 respectively)
$39,458 $32,464 
Cash paid for interest on mandatorily redeemable debt$1,036 $1,041 
Cash paid / (refunded) for income taxes$(484)$75 
Noncash investing and financing activities  
Change in distributions declared and outstanding$8,095 $4,787 
Conversion of common and preferred OP units$1,150 $446 
Acquisitions - Series E preferred interest$ $9,000 
Acquisitions - Contingent consideration liability $3,201 $ 

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"), Sun Home Services, Inc. ("SHS") and Safe Harbor Marinas, LLC ("Safe Harbor") are referred to herein as the "Company," "us," "we," and "our."

We follow accounting standards set by the Financial Accounting Standards Board ("FASB"). FASB establishes accounting principles generally accepted in the United States of America ("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.

During the three months ended March 31, 2021, we changed our organizational structure from a two-segment to a three-segment structure as a result of the recent acquisition of Safe Harbor and its internal organization. The new structure reflects how the chief operating decision maker manages the business, makes operating decisions, allocates resources and evaluates operating performance. Therefore, beginning with results for the three months ended March 31, 2021, we are reporting our financial results consistent with our newly realigned operating segments and have recast prior period amounts to conform to the way we internally manage our business and monitor segment performance. Certain reclassifications have been made to the prior period financial statements and related notes in order to conform to the current period presentation. The most significant changes were the combining of rental home revenue with real property revenue, the combining of rental home operating and maintenance expenses with property operating expenses, and the combining of home selling expenses with cost of home sales. Vacation rental home rent has been reclassified from ancillary income into real property. In addition, ancillary revenues and expenses have been renamed service, retail, dining & entertainment. There was no impact to prior period net income, stockholders equity or cash flows for any of the reclassifications.

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, 2020 as filed with the SEC on February 18, 2021 (our "2020 Annual Report"). These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our 2020 Annual Report.
6

SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
2. Revenue

Disaggregation of Revenue

During the three months ended March 31, 2021, we changed our organizational structure from a two-segment to a three-segment structure as a result of the recent acquisition of Safe Harbor and its internal organization. The new structure reflects how the chief operating decision maker manages the business, makes operating decisions, allocates resources and evaluates operating performance. Our three new reportable segments are: (i) Manufactured homes ("MH") communities, (ii) Recreational vehicle ("RV") resorts and (iii) Marinas. Certain reclassifications have been made to the prior period comparative information to conform to the current period presentation.

The following tables details our revenue by major source (in thousands):

Three Months Ended
March 31, 2021
March 31, 2020(1)
MHRVMarinasConsolidatedMHRVMarinasConsolidated
Revenues
Real property$198,278 $81,102 $51,233 $330,613 $183,326 $75,023 N/A$258,349 
Home sales45,332 6,867  52,199 35,782 4,805 N/A40,587 
Service, retail, dining and entertainment1,864 4,394 44,354 50,612 2,053 3,050 N/A5,103 
Interest2,086 537 8 2,631 1,999 351 N/A2,350 
Brokerage commissions and other, net2,520 2,895 545 5,960 2,099 1,814 N/A3,913 
Total Revenues$250,080 $95,795 $96,140 $442,015 $225,259 $85,043 N/A$310,302 
(1) Recast to reflect segment changes

Our revenue consists primarily of Real property revenue at our MH, RV and marina properties, revenue from Home sales, Service, retail, dining and entertainment revenue, Interest income, and Brokerage commissions and other revenue.

The majority of our revenue is derived from site and home leases, and wet slips and dry storage spaces leases that are accounted for pursuant to ASC 842, "Leases." We account for all revenue from contracts with customers following ASC 606, "Revenue from Contracts with Customers" except for those that are within the scope of other topics in the FASB accounting standards codification. For additional information, refer to Note 1, "Significant Accounting Policies," in our 2020 Annual Report.
7

SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
3.      Real Estate Acquisitions and Dispositions

2021 Acquisitions

During the three months ended March 31, 2021, we acquired the following communities, resorts and marinas:

Community NameTypeSites,
Wet Slips and
Dry Storage Spaces
StateMonth Acquired
Association Island KOARV: asset acquisition294 NYJanuary
Blue Water Beach ResortRV: asset acquisition177 UTFebruary
Tranquility MHCMH: asset acquisition25 FLFebruary
Islamorada and Angler House(1)
Marina: asset acquisition251 FLFebruary
Prime Martha's Vineyard(1)
Marina: asset acquisition390 MAMarch
Pleasant Beach CampgroundRV: asset acquisition102 ONMarch
Cherrystone Family Camping ResortRV: asset acquisition669 VAMarch
Beachwood ResortRV: asset acquisition672 WAMarch
Total2,580 

(1) Includes two marinas

The following table summarizes the amount of assets acquired, net of liabilities assumed at the acquisition date and the consideration paid for the MH community, RV resort and marina acquisitions completed during the three months ended March 31, 2021 (in thousands):

At Acquisition DateConsideration
Investment in propertyInventory of manufactured homes, boat parts
and retail
related items
In-place leases and other intangible assetsOther assets / (liabilities), netTotal identifiable assets acquired net of liabilities assumedCash and escrowTotal consideration
Association Island KOA$14,965 $ $41 $(248)$14,758 $14,758 $14,758 
Blue Water Beach Resort9,000   (151)8,849 8,849 8,849 
Tranquility MHC1,250   (1)1,249 1,249 1,249 
Islamorada and Angler House18,001 22 269 (317)17,975 17,975 17,975 
Prime Martha's Vineyard(1)
22,258 138 127 (573)21,950 21,950 21,950 
Pleasant Beach Campground1,588   1 1,589 1,589 1,589 
Cherrystone Family Camping Resort59,900   (2,029)57,871 57,871 57,871 
Beachwood Resort7,000   (401)6,599 6,599 6,599 
Total$133,962 $160 $437 $(3,719)$