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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, 2022.
or
☐ TRANSITION REPORT 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)
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Maryland | 1-12616 | 38-2730780 |
(State of Incorporation) | Commission file number | (I.R.S. Employer Identification No.) |
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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:
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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 the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in rule 12b-2 of the Exchange Act.
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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 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 19, 2022: 123,323,772
INDEX
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PART I – FINANCIAL INFORMATION |
Item 1. | Consolidated Financial Statements | |
| Consolidated Balance Sheets as of June 30, 2022 (Unaudited) and December 31, 2021 | |
| Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited) | |
| Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited) | |
| Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited) | |
| Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021 (Unaudited) | |
| Notes to Consolidated Financial Statements (Unaudited) | |
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 - FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
(In millions, except for per share amounts)
| | | | | | | | | | | |
| (Unaudited) | | |
| June 30, 2022 | | December 31, 2021 |
Assets | | | |
Land | $ | 3,766.7 | | | $ | 2,556.3 | |
Land improvements and buildings | 10,867.1 | | | 9,958.3 | |
Rental homes and improvements | 580.6 | | | 591.7 | |
Furniture, fixtures and equipment | 749.9 | | | 656.4 | |
Investment property | 15,964.3 | | | 13,762.7 | |
Accumulated depreciation | (2,554.3) | | | (2,337.2) | |
Investment property, net (including $673.6 and $623.5 for consolidated VIEs at June 30, 2022 and December 31, 2021; see Note 7) | 13,410.0 | | | 11,425.5 | |
Cash, cash equivalents and restricted cash (including $23.6 and $13.6 for consolidated VIEs at June 30, 2022 and December 31, 2021; see Note 7) | 184.7 | | | 78.2 | |
Marketable securities (see Note 15) | 114.6 | | | 186.9 | |
Inventory of manufactured homes | 108.1 | | | 51.1 | |
Notes and other receivables, net | 509.0 | | | 469.6 | |
| | | |
Goodwill | 954.0 | | | 495.4 | |
Other intangible assets, net (including $13.5 and $13.4 for consolidated VIEs at June 30, 2022 and December 31, 2021; see Note 7) | 399.1 | | | 306.8 | |
Other assets, net (including $5.7 and $5.3 for consolidated VIEs at June 30, 2022 and December 31, 2021; see Note 7) | 718.3 | | | 480.6 | |
Total Assets | $ | 16,397.8 | | | $ | 13,494.1 | |
Liabilities | | | |
Secured debt (see Note 8) (including $15.0 and $52.6 for consolidated VIEs at June 30, 2022 and December 31, 2021; see Note 7) | $ | 3,335.7 | | | $ | 3,380.7 | |
Unsecured debt (see Note 8) (including $35.2 for consolidated VIEs at June 30, 2022 and December 31, 2021, see Note 7) | 3,595.2 | | | 2,291.1 | |
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Distributions payable | 109.3 | | | 98.4 | |
Advanced reservation deposits and rent | 385.2 | | | 242.8 | |
Accrued expenses and accounts payable | 361.0 | | | 237.5 | |
Other liabilities (including $72.2 and $94.0 for consolidated VIEs at June 30, 2022 and December 31, 2021; see Note 7) | 779.9 | | | 224.1 | |
Total Liabilities | 8,566.3 | | | 6,474.6 | |
Commitments and contingencies (see Note 16) | | | |
Temporary equity (see Note 9) (including $42.6 and $35.4 for consolidated VIEs at June 30, 2022 and December 31, 2021; see Note 7) | 293.3 | | | 288.9 | |
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Shareholders' Equity | | | |
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Common stock, $0.01 par value. Authorized: 180.0 shares; Issued and outstanding: 121.6 at June 30, 2022 and 116.0 at December 31, 2021 | 1.2 | | | 1.2 | |
Additional paid-in capital | 9,159.1 | | | 8,175.6 | |
Accumulated other comprehensive income / (loss) | (28.3) | | | 3.1 | |
Distributions in excess of accumulated earnings | (1,684.7) | | | (1,556.0) | |
Total SUI shareholders' equity | 7,447.3 | | | 6,623.9 | |
Noncontrolling interests | | | |
Common and preferred OP units | 86.2 | | | 86.8 | |
Consolidated entities (including $4.1 and $19.4 for consolidated VIEs at June 30, 2022 and December 31, 2021; see Note 7) | 4.7 | | | 19.9 | |
Total noncontrolling interests | 90.9 | | | 106.7 | |
Total Shareholders' Equity | 7,538.2 | | | 6,730.6 | |
Total Liabilities, Temporary Equity and Shareholders' Equity | $ | 16,397.8 | | | $ | 13,494.1 | |
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except for per share amounts) (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, 2022 | | June 30, 2021 | | June 30, 2022 | | June 30, 2021 |
Revenues | | | | | | | |
Real property | $ | 487.7 | | | $ | 405.3 | | | $ | 875.9 | | | $ | 735.8 | |
Home sales | 142.7 | | | 81.8 | | | 207.4 | | | 134.0 | |
Service, retail, dining and entertainment | 168.0 | | | 107.1 | | | 248.8 | | | 157.8 | |
Interest | 7.3 | | | 2.8 | | | 14.1 | | | 5.4 | |
Brokerage commissions and other, net | 8.6 | | | 6.9 | | | 16.6 | | | 12.9 | |
Total Revenues | 814.3 | | | 603.9 | | | 1,362.8 | | | 1,045.9 | |
Expenses | | | | | | | |
Property operating and maintenance | 155.2 | | | 123.8 | | | 284.5 | | | 224.4 | |
Real estate tax | 27.7 | | | 23.2 | | | 53.8 | | | 45.6 | |
Home costs and selling | 92.9 | | | 58.8 | | | 138.8 | | | 100.4 | |
Service, retail, dining and entertainment | 147.9 | | | 84.7 | | | 218.4 | | | 133.1 | |
General and administrative | 62.2 | | | 45.3 | | | 117.9 | | | 83.5 | |
Catastrophic event-related charges, net | 0.1 | | | 0.4 | | | 0.1 | | | 2.8 | |
Business combinations | 15.0 | | | (0.2) | | | 15.5 | | | 1.0 | |
Depreciation and amortization | 150.2 | | | 127.1 | | | 298.7 | | | 251.0 | |
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Loss on extinguishment of debt (see Note 8) | 0.1 | | | 8.1 | | | 0.4 | | | 8.1 | |
Interest | 55.3 | | | 37.7 | | | 100.5 | | | 77.2 | |
Interest on mandatorily redeemable preferred OP units / equity | 1.1 | | | 1.0 | | | 2.1 | | | 2.0 | |
Total Expenses | 707.7 | | | 509.9 | | | 1,230.7 | | | 929.1 | |
Income Before Other Items | 106.6 | | | 94.0 | | | 132.1 | | | 116.8 | |
Gain / (loss) on remeasurement of marketable securities (see Note 15) | (32.3) | | | 27.5 | | | (66.8) | | | 31.2 | |
Gain / (loss) on foreign currency exchanges | 9.0 | | | (0.1) | | | 6.8 | | | (0.1) | |
Gain / (loss) on dispositions of properties | (0.1) | | | — | | | 13.3 | | | — | |
Other income / (expense), net | 0.4 | | | (0.2) | | | (0.2) | | | (0.7) | |
Gain on remeasurement of notes receivable (see Note 4) | — | | | 0.1 | | | 0.2 | | | 0.5 | |
Income from nonconsolidated affiliates (see Note 6) | 0.9 | | | 0.8 | | | 1.8 | | | 2.0 | |
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates (see Note 6) | 0.4 | | | (0.1) | | | 0.5 | | | — | |
Current tax expense (see Note 12) | (3.9) | | | (1.2) | | | (5.2) | | | (1.0) | |
Deferred tax benefit (see Note 12) | 0.3 | | | — | | | 0.3 | | | 0.1 | |
Net Income | 81.3 | | | 120.8 | | | 82.8 | | | 148.8 | |
Less: Preferred return to preferred OP units / equity interests | 3.1 | | | 3.0 | | | 6.1 | | | 5.9 | |
Less: Income attributable to noncontrolling interests | 4.2 | | | 7.0 | | | 2.0 | | | 7.3 | |
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Net Income Attributable to SUI Common Shareholders | $ | 74.0 | | | $ | 110.8 | | | $ | 74.7 | | | $ | 135.6 | |
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Weighted average common shares outstanding - basic | 120.0 | | | 112.1 | | | 117.6 | | | 110.0 | |
Weighted average common shares outstanding - diluted | 120.0 | | | 112.1 | | | 120.4 | | | 112.6 | |
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Basic earnings per share (see Note 13) | $ | 0.61 | | | $ | 0.98 | | | $ | 0.63 | | | $ | 1.22 | |
Diluted earnings per share (see Note 13) | $ | 0.61 | | | $ | 0.98 | | | $ | 0.63 | | | $ | 1.22 | |
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions) (Unaudited)
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| Three Months Ended | | Six Months Ended |
| June 30, 2022 | | June 30, 2021 | | June 30, 2022 | | June 30, 2021 |
Net Income | $ | 81.3 | | | $ | 120.8 | | | $ | 82.8 | | | $ | 148.8 | |
Foreign currency translation gain / (loss) adjustment | (65.7) | | | 1.2 | | | (67.0) | | | 2.0 | |
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Cash Flow Hedges: | | | | | | | |
Change in unrealized gain on interest rate swaps | 9.8 | | | — | | | 35.0 | | | — | |
Less: interest rate swap gains reclassified to earnings | (0.8) | | | — | | | (0.8) | | | — | |
Net unrealized gain on interest rate swaps | 9.0 | | | — | | | 34.2 | | | — | |
Total Comprehensive Income | 24.6 | | | 122.0 | | | 50.0 | | | 150.8 | |
Less: Comprehensive income attributable to noncontrolling interests | (1.7) | | | (7.0) | | | (0.6) | | | (7.3) | |
Comprehensive Income attributable to SUI | $ | 22.9 | | | $ | 115.0 | | | $ | 49.4 | | | $ | 143.5 | |
See accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF EQUITY
(In millions) (Unaudited)
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| Temporary Equity | | | | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Income / (loss) | Noncontrolling Interests | Total Shareholders' Equity | | Total Equity |
Balance at December 31, 2021 | $ | 288.9 | | | | | $ | 1.2 | | $ | 8,175.6 | | $ | (1,556.0) | | $ | 3.1 | | $ | 106.7 | | $ | 6,730.6 | | | $ | 7,019.5 | |
Issuance of common stock and common OP units, net | — | | | | | — | | (0.2) | | — | | — | | 2.8 | | 2.6 | | | 2.6 | |
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards | — | | | | | — | | (16.4) | | — | | — | | — | | (16.4) | | | (16.4) | |
Conversion of OP units | — | | | | | — | | 0.7 | | — | | — | | (0.7) | | — | | | — | |
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Share-based compensation - amortization and forfeitures | — | | | | | — | | 9.7 | | 0.1 | | — | | — | | 9.8 | | | 9.8 | |
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Other comprehensive income | — | | | | | — | | — | | — | | 22.8 | | 1.1 | | 23.9 | | | 23.9 | |
Net income / (loss) | (3.1) | | | | | — | | — | | 3.7 | | — | | 0.9 | | 4.6 | | | 1.5 | |
Distributions | (2.1) | | | | | — | | — | | (102.3) | | — | | (3.1) | | (105.4) | | | (107.5) | |
OP Units accretion | 0.2 | | | | | — | | — | | (0.1) | | — | | — | | (0.1) | | | 0.1 | |
Balance at March 31, 2022 | $ | 283.9 | | | | | $ | 1.2 | | $ | 8,169.4 | | $ | (1,654.6) | | $ | 25.9 | | $ | 107.7 | | $ | 6,649.6 | | | $ | 6,933.5 | |
Issuance of common stock and common OP units, net | — | | | | | — | | 968.6 | | — | | — | | 2.7 | | 971.3 | | | 971.3 | |
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards | — | | | | | — | | (1.2) | | — | | — | | — | | (1.2) | | | (1.2) | |
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Third party equity interest in consolidated entities | 9.7 | | | | | — | | — | | — | | — | | — | | — | | | 9.7 | |
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Other redeemable noncontrolling interests | 0.1 | | | | | — | | — | | (0.1) | | — | | — | | (0.1) | | | — | |
Acquisition of third parties equity interest in consolidated entities | — | | | | | — | | 13.2 | | — | | — | | (16.5) | | (3.3) | | | (3.3) | |
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Share-based compensation - amortization and forfeitures | — | | | | | — | | 9.1 | | 0.1 | | — | | — | | 9.2 | | | 9.2 | |
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Other comprehensive loss | — | | | | | — | | — | | — | | (54.2) | | (2.5) | | (56.7) | | | (56.7) | |
Net income | 1.5 | | | | | — | | — | | 77.1 | | — | | 2.7 | | 79.8 | | | 81.3 | |
Distributions | (2.0) | | | | | — | | — | | (107.0) | | — | | (3.2) | | (110.2) | | | (112.2) | |
OP Units accretion | 0.1 | | | | | — | | — | | (0.2) | | — | | — | | (0.2) | | | (0.1) | |
Balance at June 30, 2022 | $ | 293.3 | | | | | $ | 1.2 | | $ | 9,159.1 | | $ | (1,684.7) | | $ | (28.3) | | $ | 90.9 | | $ | 7,538.2 | | | $ | 7,831.5 | |
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| | | | | Shareholders' Equity | | |
| Temporary Equity | | | | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Income | Noncontrolling Interests | Total Shareholders' Equity | | Total Equity |
Balance at December 31, 2020 | $ | 264.4 | | | | | $ | 1.1 | | $ | 7,087.6 | | $ | (1,566.6) | | $ | 3.2 | | $ | 102.0 | | $ | 5,627.3 | | | $ | 5,891.7 | |
Issuance of common stock and common OP units, net | — | | | | | — | | 537.1 | | — | | — | | — | | 537.1 | | | 537.1 | |
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards | — | | | | | — | | (14.8) | | — | | — | | — | | (14.8) | | | (14.8) | |
Conversion of OP units | — | | | | | — | | 1.2 | | — | | — | | (1.2) | | — | | | — | |
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Third party equity interest in consolidated entities | — | | | | | — | | — | | — | | — | | (0.1) | | (0.1) | | | (0.1) | |
Other redeemable noncontrolling interests | 0.1 | | | | | — | | — | | (0.1) | | — | | — | | (0.1) | | | — | |
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Share-based compensation - amortization and forfeitures | — | | | | | — | | 7.0 | | — | | — | | — | | 7.0 | | | 7.0 | |
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Other comprehensive income | — | | | | | — | | — | | — | | 0.8 | | — | | 0.8 | | | 0.8 | |
Net income / (loss) | (1.6) | | | | | — | | — | | 27.7 | | — | | 1.9 | | 29.6 | | | 28.0 | |
Distributions | (1.8) | | | | | — | | — | | (92.8) | | — | | (3.2) | | (96.0) | | | (97.8) | |
Other | — | | | | | — | | — | | 0.8 | | — | | — | | 0.8 | | |