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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)
| | | | | | | | |
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 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 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 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 | |
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
| | | | | | | | | | | |
| (Unaudited) | | |
| March 31, 2021 | | December 31, 2020 |
Assets | | | |
Land | $ | 2,190,762 | | | $ | 2,119,364 | |
Land improvements and buildings | 8,664,199 | | | 8,480,597 | |
Rental homes and improvements | 652,559 | | | 637,603 | |
Furniture, fixtures and equipment | 491,735 | | | 447,039 | |
Investment property | 11,999,255 | | | 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 cash | 120,174 | | | 92,641 | |
Marketable securities (see Note 14) | 127,821 | | | 124,726 | |
Inventory of manufactured homes | 43,242 | | | 46,643 | |
Notes and other receivables, net | 249,009 | | | 221,650 | |
| | | |
Goodwill | 438,842 | | | 428,833 | |
Other intangible assets, net | 300,554 | | | 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 redeemable | 34,663 | | | 34,663 | |
Lines of credit and other debt | 917,603 | | | 1,242,197 | |
Distributions payable | 95,076 | | | 86,988 | |
Advanced reservation deposits and rent | 280,301 | | | 187,730 | |
Accrued expenses and accounts payable | 160,072 | | | 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 Liabilities | 5,101,512 | | | 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 | |
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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 capital | 7,618,128 | | | 7,087,658 | |
Accumulated other comprehensive loss | 4,033 | | | 3,178 | |
Distributions in excess of accumulated earnings | (1,631,044) | | | (1,566,636) | |
Total Sun Communities, Inc. stockholders' equity | 5,992,235 | | | 5,525,276 | |
Noncontrolling interests | | | |
Common and preferred OP units | 82,502 | | | 85,968 | |
Consolidated VIEs (fully attributable to consolidated VIEs; see Note 7) | 16,901 | | | 16,084 | |
Total noncontrolling interests | 99,403 | | | 102,052 | |
Total Stockholders' Equity | 6,091,638 | | | 5,627,328 | |
Total Liabilities, Temporary Equity and Stockholders' Equity | $ | 11,454,209 | | | $ | 11,206,586 | |
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts) (Unaudited)
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| Three Months Ended | | |
| March 31, 2021 | | March 31, 2020 | | | | |
Revenues | | | | | | | |
Real property | $ | 330,613 | | | $ | 258,349 | | | | | |
Home sales | 52,199 | | | 40,587 | | | | | |
Service, retail, dining and entertainment | 50,612 | | | 5,103 | | | | | |
Interest | 2,631 | | | 2,350 | | | | | |
Brokerage commissions and other, net | 5,960 | | | 3,913 | | | | | |
Total Revenues | 442,015 | | | 310,302 | | | | | |
Expenses | | | | | | | |
Property operating and maintenance | 103,553 | | | 69,834 | | | | | |
Real estate tax | 22,408 | | | 17,176 | | | | | |
Home costs and selling | 41,590 | | | 34,039 | | | | | |
Service, retail, dining and entertainment | 45,431 | | | 6,682 | | | | | |
General and administrative | 38,203 | | | 25,349 | | | | | |
Catastrophic event-related charges, net | 2,414 | | | 606 | | | | | |
Business combination | 1,232 | | | — | | | | | |
Depreciation and amortization | 123,304 | | | 83,689 | | | | | |
Loss on extinguishment of debt (see Note 8) | — | | | 3,279 | | | | | |
Interest | 39,517 | | | 32,416 | | | | | |
Interest on mandatorily redeemable preferred OP units / equity | 1,036 | | | 1,041 | | | | | |
Total Expenses | 418,688 | | | 274,111 | | | | | |
Income Before Other Items | 23,327 | | | 36,191 | | | | | |
Gain / (loss) on remeasurement of marketable securities (see Note 14) | 3,661 | | | (28,647) | | | | | |
Gain / (loss) on foreign currency translation | 25 | | | (17,479) | | | | | |
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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 / equity | 2,864 | | | 1,570 | | | | | |
Less: Income / (loss) attributable to noncontrolling interests | 295 | | | (962) | | | | | |
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Net Income / (Loss) Attributable to Sun Communities, Inc. Common Stockholders | $ | 24,782 | | | $ | (16,086) | | | | | |
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Weighted average common shares outstanding - basic | 107,932 | | | 92,410 | | | | | |
Weighted average common shares outstanding - diluted | 108,161 | | | 92,411 | | | | | |
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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.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands) (Unaudited)
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| Three Months Ended | | |
| March 31, 2021 | | March 31, 2020 | | | | |
Net Income / (Loss) | $ | 27,941 | | | $ | (15,478) | | | | | |
Foreign currency translation gain / (loss) adjustment | 895 | | | (7,300) | | | | | |
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Total Comprehensive Income | 28,836 | | | (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.
CONSOLIDATED STATEMENT OF EQUITY
(In thousands) (Unaudited)
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| 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, 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) | | — | | | — | |
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Other redeemable non-controlling interests | 52 | | | — | | — | | (52) | | — | | — | | (52) | | | — | |
Share-based compensation - amortization and forfeitures | — | | | — | | 7,118 | | 62 | | — | | — | | 7,180 | | | 7,180 | |
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Foreign currency translation | — | | | — | | — | | — | | 855 | | 40 | | 895 | | | 895 | |
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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 | |
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| | | Stockholders' Equity | | |
| Temporary 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) | | — | | | — | |
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Other redeemable non-controlling interests | 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 | — | | | — | | — | | 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 | |
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See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
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| Three Months Ended |
| March 31, 2021 | | March 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) | |
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Proceeds from dispositions of assets and depreciated homes, net | 17,774 | | | 12,612 | |
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Issuance of notes and other receivables | (7,907) | | | (19,903) | |
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Repayments of notes and other receivables | 1,207 | | | 854 | |
Investments in nonconsolidated affiliates | (4,510) | | | (6,970) | |
Distributions from nonconsolidated affiliates | 1,192 | | | 1,275 | |
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Net Cash Used For Investing Activities | (285,978) | | | (169,330) | |
Financing Activities | | | |
Issuance of common stock, OP units, and preferred OP units, net | 522,264 | | | (7,140) | |
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Borrowings on lines of credit | 442,290 | | | 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) | |
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Distributions to stockholders, OP unit holders, and preferred OP unit holders | (89,792) | | | (71,859) | |
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Payments for deferred financing costs | (701) | | | (3,328) | |
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Net Cash Provided By Financing Activities | 93,002 | | | 411,109 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 19 | | | (382) | |
Net change in cash, cash equivalents and restricted cash | 27,533 | | | 359,910 | |
Cash, cash equivalents and restricted cash, beginning of period | 92,641 | | | 34,830 | |
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 120,174 | | | $ | 394,740 | |
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| Three Months Ended |
| March 31, 2021 | | March 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 | | | |
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Change in distributions declared and outstanding | $ | 8,095 | | | $ | 4,787 | |
Conversion of common and preferred OP units | $ | 1,150 | | | $ | 446 | |
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Acquisitions - Series E preferred interest | $ | — | | | $ | 9,000 | |
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Acquisitions - Contingent consideration liability | $ | 3,201 | | | $ | — | |
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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.
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):
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| Three Months Ended |
| March 31, 2021 | | March 31, 2020(1) |
| MH | | RV | | Marinas | | Consolidated | | MH | | RV | | Marinas | | Consolidated |
Revenues | | | | | | | | | | | | | | | |
Real property | $ | 198,278 | | | $ | 81,102 | | | $ | 51,233 | | | $ | 330,613 | | | $ | 183,326 | | | $ | 75,023 | | | N/A | | $ | 258,349 | |
Home sales | 45,332 | | | 6,867 | | | — | | | 52,199 | | | 35,782 | | | 4,805 | | | N/A | | 40,587 | |
Service, retail, dining and entertainment | 1,864 | | | 4,394 | | | 44,354 | | | 50,612 | | | 2,053 | | | 3,050 | | | N/A | | 5,103 | |
Interest | 2,086 | | | 537 | | | 8 | | | 2,631 | | | 1,999 | | | 351 | | | N/A | | 2,350 | |
Brokerage commissions and other, net | 2,520 | | | 2,895 | | | 545 | | | 5,960 | | | 2,099 | | | 1,814 | | | N/A | | 3,913 | |
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.
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:
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Community Name | | Type | | Sites, Wet Slips and Dry Storage Spaces | | | | State | | Month Acquired |
Association Island KOA | | RV: asset acquisition | | 294 | | | | | NY | | January |
Blue Water Beach Resort | | RV: asset acquisition | | 177 | | | | | UT | | February |
Tranquility MHC | | MH: asset acquisition | | 25 | | | | | FL | | February |
Islamorada and Angler House(1) | | Marina: asset acquisition | | 251 | | | | | FL | | February |
Prime Martha's Vineyard(1) | | Marina: asset acquisition | | 390 | | | | | MA | | March |
Pleasant Beach Campground | | RV: asset acquisition | | 102 | | | | | ON | | March |
Cherrystone Family Camping Resort | | RV: asset acquisition | | 669 | | | | | VA | | March |
Beachwood Resort | | RV: asset acquisition | | 672 | | | | | WA | | March |
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| | Total | | 2,580 | | | | | | | |
(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):
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| At Acquisition Date | | Consideration |
| Investment in property | | Inventory of manufactured homes, boat parts and retail related items | | In-place leases and other intangible assets | | Other assets / (liabilities), net | | Total identifiable assets acquired net of liabilities assumed | | Cash and escrow | | | | | | Total consideration |
Association Island KOA | $ | 14,965 | | | $ | — | | | $ | 41 | | | $ | (248) | | | $ | 14,758 | | | $ | 14,758 | | | | | | | $ | 14,758 | |
Blue Water Beach Resort | 9,000 | | | — | | | — | | | (151) | | | 8,849 | | | 8,849 | | | | | | | 8,849 | |
Tranquility MHC | 1,250 | | | — | | | — | | | (1) | | | 1,249 | | | 1,249 | | | | | | | 1,249 | |
Islamorada and Angler House | 18,001 | | | 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 Campground | 1,588 | | | — | | | — | | | 1 | | | 1,589 | | | 1,589 | | | | | | | 1,589 | |
Cherrystone Family Camping Resort | 59,900 | | | — | | | — | | | (2,029) | | | 57,871 | | | 57,871 | | | | | | | 57,871 | |
Beachwood Resort | 7,000 | | | — | | | — | | | (401) | | | 6,599 | | | 6,599 | | | | | | | 6,599 | |
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Total | $ | 133,962 | | | $ | 160 | | | $ | 437 | | | $ | (3,719) | | | $ | |