Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document Information [Line Items] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 31-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Trading Symbol | 'SUI |
Entity Registrant Name | 'SUN COMMUNITIES INC |
Entity Central Index Key | '0000912593 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 40,394,411 |
Entity Well-known Seasoned Issuer | 'Yes |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Investment property, net | $1,864,074 | $1,755,052 |
Cash and cash equivalents | 9,305 | 4,753 |
Inventory of manufactured homes | 6,541 | 5,810 |
Notes and other receivables, net | 162,306 | 164,685 |
Other assets | 66,006 | 68,936 |
TOTAL ASSETS | 2,108,232 | 1,999,236 |
LIABILITIES | ' | ' |
Debt | 1,408,393 | 1,311,437 |
Lines of credit | 16,441 | 181,383 |
Other liabilities | 117,618 | 109,342 |
TOTAL LIABILITIES | 1,542,452 | 1,602,162 |
Commitments and contingencies | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock, $0.01 par value. Authorized 10,000 shares; Issued and outstanding: 3,400 shares at March 31, 2014 and December 31, 2013 | 34 | 34 |
Common Stock, $0.01 par value. Authorized: 90,000 shares; Issued and outstanding: 40,394 shares at March 31, 2014 and 36,140 shares at December 31, 2013 | 404 | 361 |
Additional paid-in capital | 1,329,678 | 1,141,590 |
Accumulated other comprehensive loss | -277 | -366 |
Distributions in excess of accumulated earnings | -778,766 | -761,112 |
Total Sun Communities, Inc. stockholders' equity | 551,073 | 380,507 |
Noncontrolling interests: | ' | ' |
Series A-1 preferred OP units | 44,991 | 45,548 |
Series A-3 preferred OP units | 3,463 | 3,463 |
Common OP units | -33,358 | -31,907 |
Consolidated variable interest entities | -389 | -537 |
Total noncontrolling interests | 14,707 | 16,567 |
TOTAL STOCKHOLDERS' EQUITY | 565,780 | 397,074 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $2,108,232 | $1,999,236 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Variable Interest Entities, Consolidated, Investment Property, net | $56,427 | $56,805 |
Variable Interest Entities, Consolidated, Debt | $45,024 | $45,209 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred Stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued and outstanding | 3,400 | 3,400 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, Shares Authorized | 90,000 | 90,000 |
Common stock, shares issued and outstanding | 40,394 | 36,140 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
REVENUES | ' | ' |
Income from real property | $87,497 | $79,065 |
Revenue from home sales | 10,123 | 12,856 |
Rental home revenue | 9,402 | 7,361 |
Ancillary revenues, net | 518 | 472 |
Interest income | 3,354 | 2,963 |
Brokerage commissions and other income, net | 287 | 196 |
Total revenues | 111,181 | 102,913 |
COSTS AND EXPENSES | ' | ' |
Property operating and maintenance | 23,189 | 19,946 |
Real estate taxes | 6,009 | 5,756 |
Cost of home sales | 7,848 | 9,816 |
Rental home operating and maintenance | 5,251 | 4,263 |
General and administrative - real property | 7,813 | 6,790 |
General and administrative - home sales and rentals | 2,499 | 2,435 |
Acquisition related costs | 760 | 1,042 |
Depreciation and amortization | 28,889 | 25,262 |
Interest | 17,590 | 18,864 |
Interest on mandatorily redeemable debt | 803 | 809 |
Total expenses | 100,651 | 94,983 |
Income (loss) before income taxes and distributions from affiliates | 10,530 | 7,930 |
Provision for state income taxes | -69 | -59 |
Distributions from affiliate | 400 | 400 |
Net income | 10,861 | 8,271 |
Less: Preferred return to Series A-1 preferred OP units | 672 | 573 |
Less: Preferred return to Series A-3 preferred OP units | 45 | 30 |
Less: Amounts attributable to noncontrolling interests | 784 | 410 |
Net income attributable to Sun Communities, Inc. | 9,360 | 7,258 |
Less: Series A preferred stock distributions | 1,514 | 1,514 |
Net income attributable to Sun Communities, Inc. common stockholders | $7,846 | $5,744 |
Weighted average common shares outstanding: | ' | ' |
Basic | 37,140 | 30,774 |
Diluted | 37,154 | 30,789 |
Earnings per share: | ' | ' |
Basic | $0.21 | $0.19 |
Diluted | $0.21 | $0.19 |
Dividends per common share: | $0.65 | $0.63 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $10,861 | $8,271 |
Unrealized gain on interest rate swaps | 97 | 92 |
Total comprehensive income | 10,958 | 8,363 |
Less: Comprehensive income attributable to the noncontrolling interests | 792 | 419 |
Comprehensive income attributable to Sun Communities, Inc. | $10,166 | $7,944 |
Consolidated_Statement_Of_Stoc
Consolidated Statement Of Stockholders' Equity (Deficit) (USD $) | Total | Series A Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Distributions in Excess of Accumulated Earnings | Noncontrolling Interests | Total Stockholders' Equity (Deficit) |
In Thousands, unless otherwise specified | ||||||||
Balance at Dec. 31, 2013 | $397,074 | $34 | $361 | $1,141,590 | ($366) | ($761,112) | $16,567 | $397,074 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock from exercise of options, net | ' | 0 | 0 | 53 | 0 | 0 | 0 | 53 |
Issuance, conversion of OP units and associated costs of common stock, net | ' | 0 | 43 | 186,945 | 0 | 0 | -557 | 186,431 |
Share-based compensation - amortization and forfeitures | ' | 0 | 0 | 1,090 | 0 | 40 | 0 | 1,130 |
Net income | 10,861 | 0 | 0 | 0 | 0 | 10,077 | 784 | 10,861 |
Unrealized gain on interest rate swaps | 97 | 0 | 0 | 0 | 89 | 0 | 8 | 97 |
Distributions declared | -3,563 | 0 | 0 | 0 | 0 | 27,771 | 2,095 | -29,866 |
Balance at Mar. 31, 2014 | $565,780 | $34 | $404 | $1,329,678 | ($277) | ($778,766) | $14,707 | $565,780 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $10,861 | $8,271 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Gain from dispositions | -983 | -635 |
Loss on valuation of derivative instruments | 0 | 1 |
Share-based compensation | 1,130 | 564 |
Depreciation and amortization | 29,159 | 24,851 |
Amortization of deferred financing costs | 277 | 726 |
Distributions from affiliate | -400 | -400 |
Change in notes receivable from financed sales of inventory homes, net of repayments | 120 | 5,111 |
Change in inventory, other assets and other receivables, net | 1,506 | 1,855 |
Change in accounts payable and other liabilities | 3,244 | -2,489 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 44,674 | 27,633 |
INVESTING ACTIVITIES: | ' | ' |
Investment in properties | -36,957 | -38,109 |
Acquisition of properties | -104,142 | -55,618 |
Investment in note receivable of acquired properties | 0 | 49,441 |
Proceeds related to affiliate dividend distribution | 400 | 400 |
Proceeds related to disposition of land | 258 | 0 |
Proceeds (financing) related to disposition of assets and depreciated homes, net | 2,824 | 593 |
Issuance of notes and other receivables | 1,323 | 347 |
Increase in notes receivable, net | -272 | -183 |
NET CASH USED IN INVESTING ACTIVITIES | -138,668 | -142,339 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from Issuance of Common Stock | 186,431 | 262,134 |
Net proceeds from stock option exercise | 53 | 100 |
Distributions to stockholders, OP unit holders, and preferred OP unit holders | -26,303 | -21,712 |
Borrowings on lines of credit | 148,414 | 149,631 |
Payments on lines of credit | -313,356 | -179,020 |
Proceeds from issuance of other debt | 105,549 | 6,973 |
Payments on other debt | -3,697 | -70,111 |
Proceeds received from return of prepaid deferred financing costs | 2,384 | 0 |
Payments for deferred financing costs | -929 | -1,752 |
NET CASH PROVIDED BY FOR FINANCING ACTIVITIES | 98,546 | 146,243 |
Net increase (decrease) in cash and cash equivalents | 4,552 | 31,537 |
Cash and cash equivalents, beginning of period | 4,753 | 29,508 |
Cash and cash equivalents, end of period | 9,305 | 61,045 |
SUPPLEMENTAL INFORMATION: | ' | ' |
Cash paid for interest | 13,739 | 14,674 |
Cash paid for interest on mandatorily redeemable debt | 803 | 809 |
Noncash investing and financing activities: | ' | ' |
Unrealized gain on interest rate swaps | 97 | 92 |
Reduction in secured borrowing balance | 4,850 | 3,926 |
Change in dividends declared and outstanding | 3,563 | 4,335 |
Conversion of Stock, Shares Converted | 556 | 0 |
Noncash investing and financing activities at the date of acquisition: | ' | ' |
Stock Issued During Period, Value, New Issues, Series A-3 Preferred OP Units | 0 | 3,463 |
Acquisitions - release of note receivable and accrued interest | $0 | $49,441 |
Consolidated_Statements_Of_Cas1
Consolidated Statements Of Cash Flows Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest Costs Capitalized | $171 | $0 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
Basis of Presentation | |
The unaudited interim consolidated financial statements of 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”), SunChamp LLC (“SunChamp”), and Sun Home Services, Inc. (“SHS”), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information and in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying 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. Certain reclassifications have been made to prior periods’ financial statements in order to conform to current period presentation. | |
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 interim 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, 2013 as filed with the SEC on February 20, 2014 (the “2013 Annual Report”). These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our 2013 Annual Report. | |
Reference in this report to Sun Communities, Inc., “we”, “our”, “us” and the “Company” refer to Sun Communities, Inc. and its subsidiaries, unless the context indicates otherwise. |
Real_Estate_Acquisitions
Real Estate Acquisitions | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||
Real Estate Acquisitions | ' | ||||||||||||||||||||
Real Estate Acquisitions | |||||||||||||||||||||
In February 2014, we acquired Driftwood Camping Resort ("Driftwood"), a recreational vehicle ("RV") community with 698 sites and expansion potential of approximately 30 sites located in Clermont, New Jersey, and Seashore Campsites RV and Campground ("Seashore"), an RV community with 685 sites located in Cape May, New Jersey. | |||||||||||||||||||||
In January 2014, we acquired Castaways RV Resort & Campground ("Castaways"), an RV community with 369 sites and expansion potential of approximately 25 sites located in Worcester County, Maryland, and Wine Country RV Resort ("Wine Country"), an RV community with 166 sites and expansion potential of approximately 34 sites located in Paso Robles, California. | |||||||||||||||||||||
The following tables summarize the amounts of the assets acquired and liabilities assumed at the acquisition dates and the consideration paid for acquisitions completed in 2014 (in thousands): | |||||||||||||||||||||
At Acquisition Date | Wine Country | Castaways | Seashore | Driftwood | Total | ||||||||||||||||
Investment in property | $ | 13,250 | $ | 36,597 | $ | 24,258 | $ | 31,301 | $ | 105,406 | |||||||||||
In-place leases and other intangible assets | — | — | 500 | 790 | 1,290 | ||||||||||||||||
Other assets | 9 | 2 | 12 | 4 | 27 | ||||||||||||||||
Other liabilities | (60 | ) | (497 | ) | (1,188 | ) | (836 | ) | (2,581 | ) | |||||||||||
Total identifiable assets and liabilities assumed | $ | 13,199 | $ | 36,102 | $ | 23,582 | $ | 31,259 | $ | 104,142 | |||||||||||
Consideration | |||||||||||||||||||||
Cash consideration transferred | $ | 13,199 | $ | 36,102 | $ | 23,582 | $ | 31,259 | $ | 104,142 | |||||||||||
The purchase price allocations for Wine Country, Castaways, Seashore and Driftwood are preliminary and may be adjusted as final costs and final valuations are determined. | |||||||||||||||||||||
The amount of revenue and net income included in the consolidated statements of operations for the three months ended March 31, 2014 for all acquisitions described above is set forth in the following table (in thousands): | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Revenue | $ | 1,053 | |||||||||||||||||||
Net income | $ | 359 | |||||||||||||||||||
2. Real Estate Acquisitions, continued | |||||||||||||||||||||
The following unaudited pro forma financial information presents the results of our operations for the three months ended March 31, 2014 and 2013 as if the properties were acquired on January 1, 2013. The unaudited pro forma results reflect certain adjustments for items that are not expected to have a continuing impact, such as adjustments for acquisition costs incurred, management fees and purchase accounting. The information presented below has been prepared for comparative purposes only and does not purport to be indicative of either future results of operations or the results of operations that would have actually occurred had the acquisitions been consummated on January 1, 2013 (in thousands, except per-share data). | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Total revenues | $ | 112,132 | $ | 106,100 | |||||||||||||||||
Net income attributable to Sun Communities, Inc. common stockholders | $ | 8,684 | $ | 7,059 | |||||||||||||||||
Net income per share attributable to Sun Communities, Inc. common stockholders - basic | $ | 0.23 | $ | 0.23 | |||||||||||||||||
Net income per share attributable to Sun Communities, Inc. common stockholders - diluted | $ | 0.23 | $ | 0.23 | |||||||||||||||||
Acquisition related costs of approximately $0.8 million and $1.0 million have been incurred for the three months ended March 31, 2014 and 2013, respectively, and are presented as “Acquisition related costs” in our consolidated statements of operations. |
Investment_Property
Investment Property | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Real Estate Investment Property, Net [Abstract] | ' | ||||||||
Investment Property | ' | ||||||||
Investment Property | |||||||||
The following table sets forth certain information regarding investment property (in thousands): | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Land | $ | 212,901 | $ | 194,404 | |||||
Land improvements and buildings | 1,897,386 | 1,806,546 | |||||||
Rental homes and improvements | 414,782 | 393,562 | |||||||
Furniture, fixtures, and equipment | 67,432 | 65,086 | |||||||
Land held for future development | 29,521 | 29,521 | |||||||
Investment property | 2,622,022 | 2,489,119 | |||||||
Accumulated depreciation | (757,948 | ) | (734,067 | ) | |||||
Investment property, net | $ | 1,864,074 | $ | 1,755,052 | |||||
Land improvements and buildings consist primarily of infrastructure, roads, landscaping, clubhouses, maintenance buildings and amenities. | |||||||||
See Note 2, "Real Estate Acquisitions", for details on recent acquisitions. |
Transfers_Of_Financial_Assets
Transfers Of Financial Assets | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Transfers and Servicing [Abstract] | ' | |||
Transfers Of Financial Assets | ' | |||
Transfers of Financial Assets | ||||
We completed various transactions with an unrelated entity involving our notes receivable under which we received cash proceeds in exchange for relinquishing our right, title and interest in certain notes receivable. We have no further obligations or rights with respect to the control, management, administration, servicing, or collection of the installment notes. However, we are subject to certain recourse provisions requiring us to purchase the underlying homes collateralizing such notes, in the event of a note default and subsequent repossession of the home by the unrelated entity. The recourse provisions are considered to be a form of continuing involvement, and therefore these transferred loans did not meet the requirements for sale accounting. We continue to recognize these transferred loans on our balance sheet and refer to them as collateralized receivables. The proceeds from the transfer have been recognized as a secured borrowing. | ||||
In the event of note default, and subsequent repossession of a manufactured home by the unrelated entity, the terms of the agreement require us to repurchase the manufactured home. Default is defined as the failure to repay the installment note according to contractual terms. The repurchase price is calculated as a percentage of the outstanding principal balance of the collateralized receivable, plus any outstanding late fees, accrued interest, legal fees, and escrow advances associated with the installment note. The percentage used to determine the repurchase price of the outstanding principal balance on the installment note is based on the number of payments made on the note. In general, the repurchase price is determined as follows: | ||||
Number of Payments | Repurchase % | |||
Less than or equal to 15 | 100 | % | ||
Greater than 15 but less than 64 | 90 | % | ||
Equal to or greater than 64 but less than 120 | 65 | % | ||
120 or more | 50 | % | ||
The transferred assets have been classified as collateralized receivables in Notes and Other Receivables (see Note 5), and the cash proceeds received from these transactions have been classified as a secured borrowing in Debt (see Note 9) within the consolidated balance sheets. The balance of the collateralized receivables was $111.4 million (net of allowance of $0.8 million) and $109.8 million (net of allowance of $0.7 million) as of March 31, 2014 and December 31, 2013, respectively. The outstanding balance on the secured borrowing was $112.2 million and $110.5 million as of March 31, 2014 and December 31, 2013, respectively. | ||||
The balances of the collateralized receivables and secured borrowings fluctuate. The balances increase as additional notes receivable are transferred and exchanged for cash proceeds. The balances are reduced as the related collateralized receivables are collected from the customers, or as the underlying collateral is repurchased. The change in the aggregate gross principal balance of the collateralized receivables is as follows (in thousands): | ||||
Three Months Ended | ||||
March 31, 2014 | ||||
Beginning balance | $ | 110,510 | ||
Financed sales of manufactured homes | 6,548 | |||
Principal payments and payoffs from our customers | (1,854 | ) | ||
Principal reduction from repurchased homes | (2,996 | ) | ||
Total activity | 1,698 | |||
Ending balance | $ | 112,208 | ||
The collateralized receivables earn interest income, and the secured borrowings accrue interest expense at the same interest rates. The amount of interest income and expense recognized was $2.7 million and $2.4 million for the three months ended March 31, 2014 and 2013, respectively. |
Notes_And_Other_Receivables
Notes And Other Receivables | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Long-term Notes and Loans, by Type, Current and Noncurrent [Abstract] | ' | ||||||||
Notes And Other Receivables | ' | ||||||||
Notes and Other Receivables | |||||||||
The following table sets forth certain information regarding notes and other receivables (in thousands): | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Installment notes receivable on manufactured homes, net | $ | 24,385 | $ | 25,471 | |||||
Collateralized receivables, net (see Note 4) | 111,442 | 109,821 | |||||||
Other receivables, net | 26,479 | 29,393 | |||||||
Total notes and other receivables, net | $ | 162,306 | $ | 164,685 | |||||
Installment Notes Receivable on Manufactured Homes | |||||||||
The installment notes of $24.4 million (net of allowance of $0.1 million) and $25.5 million (net of allowance of $0.1 million) as of March 31, 2014 and December 31, 2013, respectively, are collateralized by manufactured homes. The notes represent financing provided by us to purchasers of manufactured homes primarily located in our communities and require monthly principal and interest payments. The notes have a net weighted average interest rate and maturity of 10.3% and 11.8 years as of March 31, 2014, and 8.9% and 11.9 years as of December 31, 2013. | |||||||||
The change in the aggregate gross principal balance of the installment notes is as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
31-Mar-14 | |||||||||
Beginning balance | $ | 25,575 | |||||||
Financed sales of manufactured homes | 62 | ||||||||
Principal payments and payoffs from our customers | (731 | ) | |||||||
Principal reduction from repossessed homes | (389 | ) | |||||||
Total activity | (1,058 | ) | |||||||
Ending balance | $ | 24,517 | |||||||
Collateralized Receivables | |||||||||
Collateralized receivables represent notes receivable that were transferred to a third party, but did not meet the requirements for sale accounting (see Note 4). The receivables have a balance of $111.4 million (net of allowance of $0.8 million) and $109.8 million (net of allowance of $0.7 million ) as of March 31, 2014 and December 31, 2013, respectively. The receivables have a net weighted average interest rate and maturity of 10.6% and 13.7 years as of March 31, 2014, and 10.7% and 13.6 years as of December 31, 2013. | |||||||||
Allowance for Losses for Collateralized and Installment Notes Receivable | |||||||||
The following table sets forth the allowance for collateralized and installment notes receivable as of March 31, 2014 (in thousands). | |||||||||
Three Months Ended | |||||||||
31-Mar-14 | |||||||||
Beginning balance | $ | (793 | ) | ||||||
Lower of cost or market write-downs | 149 | ||||||||
Increase to reserve balance | (254 | ) | |||||||
Total activity | (105 | ) | |||||||
Ending balance | $ | (898 | ) | ||||||
5. Notes and Other Receivables, continued | |||||||||
Other Receivables | |||||||||
As of March 31, 2014, other receivables were comprised of amounts due from residents for rent and water and sewer usage of $4.7 million (net of allowance of $0.5 million), home sale proceeds of $5.0 million, insurance receivables of $2.4 million, insurance settlement of $3.7 million, rebates and other receivables of $4.2 million and two notes receivable of $4.3 million and $2.2 million. The $4.3 million note bears interest at LIBOR plus 475 basis points, is secured by senior mortgages on two RV communities, a pledge of $4.0 million in Series A-3 Preferred OP Units, a subordinated interest in cash collateral account and equity interests in another RV community and is due on May 31, 2014. The $2.2 million note bears interest at 8.0% for the first two years and 7.9% for the remainder of the loan, is secured by the senior mortgage on one manufactured housing ("MH") community and a deed of land, and is due on December 31, 2016. As of December 31, 2013, other receivables were comprised of amounts due from residents for rent and water and sewer usage of $6.9 million (net of allowance of $0.7 million), home sale proceeds of $5.7 million, insurance receivables of $2.0 million, insurance settlement of $3.7 million, rebates and other receivables of $4.6 million and two notes receivable of $4.3 million and $2.2 million. |
Intangibles
Intangibles | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||
Intangible Assets | |||||||||||||||||||
Our intangible assets include in-place leases from acquisitions, capitalized costs in relation to leasing costs and franchise fees. These intangible assets are recorded within Other assets on the consolidated balance sheets. The accumulated amortization and gross carrying amounts are as follows (in thousands): | |||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||
Intangible Asset | Useful Life | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||
In-place leases | 7 years | $ | 28,251 | $ | (9,130 | ) | $ | 26,961 | $ | (8,239 | ) | ||||||||
Capitalized leasing costs greater than 1 year | 7 years | 12,940 | (5,543 | ) | 13,359 | (6,757 | ) | ||||||||||||
Franchise fees | 15 years | 770 | (48 | ) | 770 | (29 | ) | ||||||||||||
Total | $ | 41,961 | $ | (14,721 | ) | $ | 41,090 | $ | (15,025 | ) | |||||||||
During 2014, in connection with our acquisitions, we purchased in-place leases valued at approximately $1.3 million with a useful life of seven years. | |||||||||||||||||||
The aggregate net amortization expenses related to the intangible assets are as follows (in thousands): | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||
Intangible Asset | 2014 | 2013 | |||||||||||||||||
In-place leases | $ | 891 | $ | 730 | |||||||||||||||
Capitalized leasing costs greater than 1 year | 356 | 354 | |||||||||||||||||
Franchise fees | 31 | — | |||||||||||||||||
Total | $ | 1,278 | $ | 1,084 | |||||||||||||||
Investment_In_Affiliates
Investment In Affiliates | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||
Investment In Affiliates | ' | |||||||
Investment in Affiliates | ||||||||
Origen Financial Services, LLC (“OFS LLC”) | ||||||||
At March 31, 2014 and 2013, we had a 22.9% ownership interest in OFS LLC, an entity formed to originate manufactured housing installment contracts. We have suspended equity accounting as the carrying value of our investment is zero. | ||||||||
Origen Financial, Inc. (“Origen”) | ||||||||
Through Sun OFI, LLC, a taxable REIT subsidiary, we own 5,000,000 shares of common stock of Origen which approximates an ownership interest of 19%. Although it is no longer originating or servicing loans, Origen continues to manage an existing portfolio of manufactured home loans and asset backed securities. We have suspended equity accounting for this investment as the carrying value of our investment is zero. We do, however, receive income from dividends on our shares of Origen common stock. Per Origen's earnings release dated February 19, 2014, the dividend payment represented a return of capital. Our investment in Origen had a market value of approximately $6.7 million based on a quoted market closing price of $1.33 per share from the OTC Pink Marketplace as of March 31, 2014. | ||||||||
The following table sets forth certain summarized unaudited financial information for Origen (amounts in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
(unaudited) | ||||||||
2014 | 2013 | |||||||
Revenues | $ | 11,207 | $ | 12,673 | ||||
Expenses | (11,304 | ) | (14,519 | ) | ||||
Net loss | $ | (97 | ) | $ | (1,846 | ) |
Consolidated_Variable_Interest
Consolidated Variable Interest Entities | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
DisclosureofVariableInterestEntities [Abstract] | ' | |||||||
DisclosureOfVariableInterestEntities [Text Block] | ' | |||||||
Consolidated Variable Interest Entities | ||||||||
Variable interest entities ("VIEs") that are consolidated include Rudgate Village SPE, LLC, Rudgate Clinton SPE, LLC and Rudgate Clinton Estates SPE, LLC (the “Rudgate Borrowers”). We concluded that the Rudgate Borrowers qualify as VIEs as we are the primary beneficiary and hold a controlling financial interest in these entities due to our power to direct the activities that most significantly impact the economic performance of the entities, as well as our obligation to absorb the most significant losses and our rights to receive significant benefits from these entities. As such, the transactions and accounts of these VIEs are included in the accompanying consolidated financial statements. | ||||||||
The following table summarizes the assets and liabilities included in our consolidated balance sheet after appropriate eliminations (in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
ASSETS | ||||||||
Investment property, net | $ | 56,427 | $ | 56,805 | ||||
Other assets | 3,798 | 3,926 | ||||||
Total Assets | $ | 60,225 | $ | 60,731 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Debt | $ | 45,024 | $ | 45,209 | ||||
Other liabilities | 7,666 | 6,564 | ||||||
Noncontrolling interests | (389 | ) | (537 | ) | ||||
Total Liabilities and Stockholders' Equity | $ | 52,301 | $ | 51,236 | ||||
Investment property, net and other assets related to the consolidated VIEs comprised approximately 2.9% and 3.0% of our consolidated total assets and debt and other liabilities comprised approximately 3.4% and 3.2% of our consolidated total liabilities at March 31, 2014 and December 31, 2013, respectively. Noncontrolling interest related to the consolidated VIEs comprised less than 1.0% of our consolidated total equity at March 31, 2014 and December 31, 2013. |
Debt_And_Lines_Of_Credit
Debt And Lines Of Credit | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||
Debt Disclosure [Text Block] | ' | |||||||||||||||||
Debt and Lines of Credit | ||||||||||||||||||
The following table sets forth certain information regarding debt (in thousands): | ||||||||||||||||||
Principal | Weighted Average | Weighted Average | ||||||||||||||||
Outstanding | Years to Maturity | Interest Rates | ||||||||||||||||
March 31, | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | March 31, | 31-Dec-13 | |||||||||||||
2014 | 2014 | |||||||||||||||||
Collateralized term loans - CMBS | $ | 643,096 | $ | 644,844 | 5.9 | 6.1 | 5.4 | % | 5.4 | % | ||||||||
Collateralized term loans - FNMA | 364,966 | 366,019 | 7.9 | 8.1 | 3.1 | % | 3.6 | % | ||||||||||
Collateralized term loans - Northwestern | 98,862 | — | 10.6 | N/A | 4.2 | % | N/A | |||||||||||
Aspen and Series B-3 preferred OP Units | 47,022 | 47,022 | 7.6 | 7.6 | 6.9 | % | 6.9 | % | ||||||||||
Secured borrowing (see Note 4) | 112,208 | 110,510 | 13.6 | 13.5 | 10.6 | % | 10.7 | % | ||||||||||
Mortgage notes, other | 142,239 | 143,042 | 5.8 | 6 | 4.6 | % | 4.6 | % | ||||||||||
Total debt | $ | 1,408,393 | $ | 1,311,437 | 7.3 | 7.2 | 5.1 | % | 5 | % | ||||||||
Collateralized Term Loans | ||||||||||||||||||
In January 2014, we and four of our subsidiaries obtained four mortgage loans (each, an “Individual Loan” and, together, the “Loan”) in the aggregate amount of $99.0 million from The Northwestern Mutual Life Insurance Company (“NM”) pursuant to a Master Loan Agreement with NM. Each Individual Loan accrues interest at a rate of 4.20% and matures on February 13, 2026. We and each of the four borrowers have guaranteed the Loan. The proceeds of the Loan were used to repay a portion of our senior secured line of credit. | ||||||||||||||||||
9. Debt and Lines of Credit, continued | ||||||||||||||||||
The collateralized term loans totaling $1.1 billion as of March 31, 2014, are secured by 99 properties comprised of 40,256 sites representing approximately $707.0 million of net book value. | ||||||||||||||||||
Aspen Preferred OP Units and Series B-3 Preferred OP units | ||||||||||||||||||
The Aspen preferred OP units are convertible into 526,212 common shares based on a conversion price of $68 per share with a redemption date of January 1, 2024. The current preferred rate is 6.5%. | ||||||||||||||||||
Secured Borrowing | ||||||||||||||||||
See Note 4, "Transfers of Financial Assets", for additional information regarding our collateralized receivables and secured borrowing transactions. | ||||||||||||||||||
Mortgage Notes | ||||||||||||||||||
The mortgage notes totaling $142.2 million as of March 31, 2014, are collateralized by 18 properties comprised of 7,868 sites representing approximately $241.9 million of net book value. | ||||||||||||||||||
Lines of Credit | ||||||||||||||||||
We have a senior secured revolving credit facility with Citibank, N.A. and certain other lenders in the amount of $350.0 million (the "Facility"). The Facility has a four year term ending May 15, 2017, which can be extended for one additional year at our option, subject to the satisfaction of certain conditions as defined in the credit agreement. The credit agreement also provides for, subject to the satisfaction of certain conditions, additional commitments in an amount not to exceed $250.0 million. The Facility bears interest at a floating rate based on the Eurodollar rate plus a margin that is determined based on our leverage ratio calculated in accordance with the credit agreement, which can range from 1.65% to 2.90%. Based on our calculation of the leverage ratio as of March 31, 2014, the margin was 1.65%. At March 31, 2014 and December 31, 2013, we had approximately $15.0 million and $178.1 million respectively, outstanding under the Facility. At March 31, 2014 and December 31, 2013, approximately $2.0 million and $2.7 million, respectively, of availability was used to back standby letters of credit. | ||||||||||||||||||
The Facility is secured by a first priority lien on all of our equity interests in each entity that owns all or a portion of the properties constituting the borrowing base and collateral assignments of our senior and junior debt positions in certain borrowing base properties. | ||||||||||||||||||
We also have a $20.0 million secured line of credit agreement collateralized by a portion of our rental home portfolio. The net book value of the rental homes pledged as security for the loan must meet or exceed 200% of the outstanding loan balance. The terms of the agreement require interest only payments for the first five years, with the remainder of the term being amortized based on a 10 year term. The interest rate is the prime rate as published in the Wall Street Journal adjusted the first day of each calendar month plus 200 basis points with a minimum rate of 5.5%. At both March 31, 2014 and December 31, 2013, the effective interest rate was 5.5%, and there was no amount outstanding. | ||||||||||||||||||
Lastly, we have a $12.0 million manufactured home floor plan facility renewable indefinitely until our lender provides us a twelve month notice of their intent to terminate the agreement. The interest rate is 100 basis points over the greater of the prime rate as quoted in the Wall Street Journal on the first business day of each month or 6.0%. At March 31, 2014, the effective interest rate was 7.0%. The outstanding balance was $1.4 million and $3.3 million at March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||
Covenants | ||||||||||||||||||
The most restrictive of our debt agreements place limitations on secured borrowings and contain minimum fixed charge coverage, leverage, distribution and net worth requirements. At March 31, 2014, we were in compliance with all covenants. |
Equity_Transactions
Equity Transactions | 3 Months Ended |
Mar. 31, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Equity Transactions | ' |
Equity Transactions | |
In March 2014, we closed an underwritten registered public offering of 4,200,000 shares of common stock at a price of $44.45 per share. Subsequent to quarter end, on April 8, 2014, the underwriters exercised their greenshoe option of 630,000 shares of common stock at a price of $44.45 less the declared dividend of $0.65 per share. Net proceeds from the offering were $214.0 million after deducting underwriting discounts and the expenses related to the offering, of which $27.6 million was subsequent to the three months ended March 31, 2014. We used the net proceeds of the offering to repay borrowings outstanding under the Facility and intend to use any remaining net proceeds to fund possible future acquisitions of properties and for working capital and general corporate purposes. | |
In November 2004, our Board of Directors authorized us to repurchase up to 1,000,000 shares of our common stock. We have 400,000 common shares remaining in the repurchase program. No common shares were repurchased during the three months ended March 31, 2014 or 2013. There is no expiration date specified for the buyback program. | |
Common OP unit holders can convert their common OP units into an equivalent number of shares of common stock at any time. During the three months ended March 31, 2014 and 2013, there were no common OP units converted to shares of common stock. | |
Subject to certain limitations, Series A-1 preferred OP unit holders may convert their Series A-1 preferred OP units to shares of our common stock at any time. During the three months ended March 31, 2014, holders of Series A-1 preferred OP units converted 9,777 units to 23,846 shares of common stock. No such units were converted during the three months ended March 31, 2013. | |
Cash distributions of $0.65 per share were declared for the quarter ended March 31, 2014. On April 17, 2014, cash payments of approximately $27.6 million for aggregate distributions were made to common stockholders, common OP unitholders and restricted stockholders of record as of March 31, 2014. In addition, cash distributions of $0.4453 per share were declared on the Company's Series A cumulative redeemable preferred stock. On April 15, 2014, cash payments of approximately $1.5 million for aggregate distributions were made to Series A cumulative redeemable preferred stockholders of record as of April 2, 2014. |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation [Abstract] | ' |
Share-Based Compensation | ' |
Share-Based Compensation | |
In February 2014, we granted 16,000 shares of restricted stock to an executive officer and a key employee under our Sun Communities, Inc. Equity Incentive Plan. The restricted shares had a fair value of $48.01 per share and will vest as follows: February 12, 2018: 20%; February 12, 2019: 30%; February 12, 2020: 35%; February 12, 2021: 10%; February 12, 2022: 5%. The fair value was determined by using the closing share price of our common stock on the date the shares were issued. | |
In February 2014, we granted 14,000 shares of restricted stock to our directors under our First Amended and Restated 2004 Non-Employee Director Option Plan. The awards vest on February 12, 2017, and had a fair value of $48.01 per share. The fair value was determined by using the closing share price of our common stock on the date the shares were issued. | |
During the three months ended March 31, 2014, 2,253 shares of common stock were issued in connection with the exercise of stock options and the net proceeds received were $0.1 million. | |
The vesting requirements for 5,000 restricted shares granted to our employees were satisfied during the three months ended March 31, 2014. |
Segment_Reporting
Segment Reporting | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||
We group our operating segments into reportable segments that provide similar products and services. Each operating segment has discrete financial information evaluated regularly by the Company's chief operating decision maker in evaluating and assessing performance. We have two reportable segments: (i) Real Property Operations and (ii) Home Sales and Rentals. The Real Property Operations segment owns, operates, and develops MH communities and RV communities and is in the business of acquiring, operating, and expanding MH and RV communities. The Home Sales and Rentals segment offers manufactured home sales and leasing services to tenants and prospective tenants of our communities. | ||||||||||||||||||||||||
Transactions between our segments are eliminated in consolidation. Transient RV revenue is included in Real Property Operations’ revenues and is expected to approximate $28.9 million annually. This transient revenue was recognized 27.7% in the first quarter and is expected to be recognized 18.3% in the second quarter, 40.7% in the third quarter and 13.3% in the fourth quarter of 2014. In 2013, transient revenue was $17.4 million and was recognized 40.0% in the first quarter, 15.0% in the second quarter, 30.0% in the third quarter and 15.0% in the fourth quarter. | ||||||||||||||||||||||||
A presentation of segment financial information is summarized as follows (amounts in thousands): | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||
Real Property Operations | Home Sales and Home Rentals | Consolidated | Real Property Operations | Home Sales and Home Rentals | Consolidated | |||||||||||||||||||
Revenues | $ | 87,497 | $ | 19,525 | $ | 107,022 | $ | 79,065 | $ | 20,217 | $ | 99,282 | ||||||||||||
Operating expenses/Cost of sales | 29,198 | 13,099 | 42,297 | 25,702 | 14,079 | 39,781 | ||||||||||||||||||
Net operating income/Gross profit | 58,299 | 6,426 | 64,725 | 53,363 | 6,138 | 59,501 | ||||||||||||||||||
Adjustments to arrive at net income (loss): | ||||||||||||||||||||||||
Ancillary, interest and other income, net | 4,159 | — | 4,159 | 3,631 | — | 3,631 | ||||||||||||||||||
General and administrative | (7,813 | ) | (2,499 | ) | (10,312 | ) | (6,790 | ) | (2,435 | ) | (9,225 | ) | ||||||||||||
Acquisition related costs | (752 | ) | (8 | ) | (760 | ) | (1,042 | ) | — | (1,042 | ) | |||||||||||||
Depreciation and amortization | (18,356 | ) | (10,533 | ) | (28,889 | ) | (16,796 | ) | (8,466 | ) | (25,262 | ) | ||||||||||||
Interest | (17,588 | ) | (2 | ) | (17,590 | ) | (18,555 | ) | (309 | ) | (18,864 | ) | ||||||||||||
Interest on mandatorily redeemable debt | (803 | ) | — | (803 | ) | (809 | ) | — | (809 | ) | ||||||||||||||
Distributions from affiliate | 400 | — | 400 | 400 | — | 400 | ||||||||||||||||||
Provision for state income taxes | (69 | ) | — | (69 | ) | (59 | ) | — | (59 | ) | ||||||||||||||
Net income (loss) | 17,477 | (6,616 | ) | 10,861 | 13,343 | (5,072 | ) | 8,271 | ||||||||||||||||
Less: Preferred return to A-1 preferred OP units | 672 | — | 672 | 573 | — | 573 | ||||||||||||||||||
Less: Preferred return to A-3 preferred OP units | 45 | — | 45 | 30 | — | 30 | ||||||||||||||||||
Less: Amounts attributable to noncontrolling interests | 1,325 | (541 | ) | 784 | 896 | (486 | ) | 410 | ||||||||||||||||
Net income (loss) attributable to Sun Communities, Inc. | 15,435 | (6,075 | ) | 9,360 | 11,844 | (4,586 | ) | 7,258 | ||||||||||||||||
Less: Series A preferred stock distributions | 1,514 | — | 1,514 | 1,514 | — | 1,514 | ||||||||||||||||||
Net income (loss) attributable to Sun Communities, Inc. common stockholders | $ | 13,921 | $ | (6,075 | ) | $ | 7,846 | $ | 10,330 | $ | (4,586 | ) | $ | 5,744 | ||||||||||
12. Segment Reporting, continued | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Real Property Operations | Home Sales and Home Rentals | Consolidated | Real Property Operations | Home Sales and Home Rentals | Consolidated | |||||||||||||||||||
Identifiable assets: | ||||||||||||||||||||||||
Investment property, net | $ | 1,553,798 | $ | 310,276 | $ | 1,864,074 | $ | 1,460,628 | $ | 294,424 | $ | 1,755,052 | ||||||||||||
Cash and cash equivalents | 9,227 | 78 | 9,305 | 5,336 | (583 | ) | 4,753 | |||||||||||||||||
Inventory of manufactured homes | — | 6,541 | 6,541 | — | 5,810 | 5,810 | ||||||||||||||||||
Notes and other receivables | 154,227 | 8,079 | 162,306 | 154,524 | 10,161 | 164,685 | ||||||||||||||||||
Other assets | 61,186 | 4,820 | 66,006 | 64,342 | 4,594 | 68,936 | ||||||||||||||||||
Total assets | $ | 1,778,438 | $ | 329,794 | $ | 2,108,232 | $ | 1,684,830 | $ | 314,406 | $ | 1,999,236 | ||||||||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
We have elected to be taxed as a real estate investment trust (“REIT”) as defined under Section 856(c) of the Internal Revenue Code of 1986 (“Code”), as amended. In order for us to qualify as a REIT, at least ninety-five percent (95%) of our gross income in any year must be derived from qualifying sources. In addition, a REIT must distribute at least ninety percent (90%) of its REIT ordinary taxable income to its stockholders. | |
Qualification as a REIT involves the satisfaction of numerous requirements (some on an annual and quarterly basis) established under highly technical and complex Code provisions for which there are only limited judicial or administrative interpretations, and involves the determination of various factual matters and circumstances not entirely within our control. In addition, frequent changes occur in the area of REIT taxation which requires us to continually monitor our tax status. We analyzed the various REIT tests and confirmed that we continued to qualify as a REIT for the quarter ended March 31, 2014. | |
As a REIT, we generally will not be subject to U.S. federal income taxes at the corporate level on the ordinary taxable income we distribute to our stockholders as dividends. If we fail to qualify as a REIT in any taxable year, our taxable income could be subject to U.S. federal income tax at regular corporate rates (including any applicable alternative minimum tax). Even if we qualify as a REIT, we may be subject to certain state and local income taxes and to U.S. federal income and excise taxes on our undistributed income. | |
SHS, our taxable REIT subsidiary, is subject to U.S. federal income taxes. Our deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the bases of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced, if necessary, by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence. Our temporary differences primarily relate to net operating loss carryforwards and depreciation. A federal deferred tax asset of $1.0 million is included in other assets in our consolidated balance sheets as of March 31, 2014 and December 31, 2013. | |
We had no unrecognized tax benefits as of March 31, 2014 and 2013. We expect no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of March 31, 2014. | |
We classify certain state taxes as income taxes for financial reporting purposes. We record Texas Margin Tax as income tax in our financial statements, and we recorded a provision for state income taxes of approximately $0.1 million for the three months ended March 31, 2014 and 2013. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
Earnings Per Share | |||||||||
We have outstanding stock options and unvested restricted shares, and our Operating Partnership has common OP units, convertible A-1 preferred OP units, convertible A-3 preferred OP units and Aspen preferred OP Units, which if converted or exercised, may impact dilution. | |||||||||
Computations of basic and diluted earnings per share from continuing operations were as follows (in thousands, except per share data): | |||||||||
Three Months Ended March 31, | |||||||||
Numerator | 2014 | 2013 | |||||||
Net income attributable to common stockholders | $ | 7,846 | $ | 5,744 | |||||
Denominator | |||||||||
Weighted average common shares outstanding | 36,495 | 30,427 | |||||||
Weighted average unvested restricted stock outstanding | 645 | 347 | |||||||
Basic weighted average common shares and unvested restricted stock outstanding | 37,140 | 30,774 | |||||||
Add: dilutive securities | 14 | 15 | |||||||
Diluted weighted average common shares and securities | 37,154 | 30,789 | |||||||
Earnings per share available to common stockholders: | |||||||||
Basic | $ | 0.21 | $ | 0.19 | |||||
Diluted | $ | 0.21 | $ | 0.19 | |||||
We excluded certain securities from the computation of diluted earnings per share because the inclusion of these securities would have been anti-dilutive for the periods presented. The following table presents the number of outstanding potentially dilutive securities that were excluded from the computation of diluted earnings per share for the three months ended March 31, 2014 and 2013 (amounts in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Common OP units | 2,069 | 2,069 | |||||||
Series A-1 preferred OP units | 446 | 455 | |||||||
Series A-3 preferred OP units | 40 | 40 | |||||||
Aspen preferred OP units | 1,325 | 1,325 | |||||||
Total securities | 3,880 | 3,889 | |||||||
Derivative_Instruments_And_Hed
Derivative Instruments And Hedging Activities | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Derivative Instruments And Hedging Activities | ' | ||||||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||||||
Our objective in using interest rate derivatives is to manage exposure to interest rate movements thereby minimizing the effect of interest rate changes and the effect it could have on future cash flows. Interest rate swaps and caps are used to accomplish this objective. We require hedging derivative instruments to be highly effective in reducing the risk exposure that they are designated to hedge. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We do not enter into derivative instruments for speculative purposes. | |||||||||||||||||||||
The following table provides the terms of our interest rate derivative contracts that were in effect as of March 31, 2014: | |||||||||||||||||||||
Type | Purpose | Effective Date | Maturity Date | Notional | Based on | Variable Rate | Fixed Rate | Spread | Effective Fixed Rate | ||||||||||||
(in millions) | |||||||||||||||||||||
Cap | Cap Floating Rate | 4/1/12 | 4/1/15 | $ | 152.4 | 3 Month LIBOR | 0.25% | 11.27% | —% | N/A | |||||||||||
Cap | Cap Floating Rate | 10/3/11 | 10/3/16 | $ | 10 | 3 Month LIBOR | 0.25% | 11.02% | —% | N/A | |||||||||||
In January 2014, our interest rate swap agreement with a notional amount of $20.0 million expired. We did not enter into a new interest rate swap agreement. | |||||||||||||||||||||
In accordance with ASC Topic 815, Derivatives and Hedging, we have recorded the fair value of our derivative instruments designated as cash flow hedges on the balance sheet. See Note 16 for information on the determination of fair value for the derivative instruments. The following table summarizes the fair value of derivative instruments included in our consolidated balance sheets as of March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||
Derivatives designated as hedging instruments | March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | |||||||||||||||||
Interest rate swaps and cap agreement | Other assets | $ | — | $ | — | Other liabilities | $ | — | $ | 97 | |||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | — | $ | 97 | |||||||||||||
These valuation adjustments will only be realized under certain situations. For example, if we terminate contracts prior to maturity or if derivatives fail to qualify for hedge accounting, we would need to amortize amounts currently included in accumulated other comprehensive income into interest expense over the terms of the derivative contracts. We did not terminate our swap prior to maturity, and it did not fail to qualify for hedge accounting; therefore, the net of valuation adjustments through the maturity date approximated zero. | |||||||||||||||||||||
Our hedges were highly effective and had minimal effect on income. The following tables summarize the impact of derivative instruments for the three months ended March 31, 2014 and 2013 as recorded in the consolidated statements of operations (in thousands): | |||||||||||||||||||||
Derivatives in | Amount of Gain or | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ||||||||||||||||||
Cash Flow Hedging | (Loss) Recognized in | ||||||||||||||||||||
OCI (Effective Portion) | |||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Interest rate swaps and cap agreement | $ | 97 | $ | 92 | Interest expense | $ | — | $ | — | ||||||||||||
Total | $ | 97 | $ | 92 | Total | $ | — | $ | — | ||||||||||||
Our financial derivative instruments are designated and qualify as cash flow hedges and the effective portion of the gain or loss on such hedges are reported as a component of accumulated other comprehensive income in our consolidated balance sheets. | |||||||||||||||||||||
15. Derivative Instruments and Hedging Activities, continued | |||||||||||||||||||||
To the extent that the hedging relationship is not effective or does not qualify as a cash flow hedge, the ineffective portion is recorded in interest expense. Hedges that received designated hedge accounting treatment are evaluated for effectiveness at the time that they are designated as well as through the hedging period. No gain or loss was recognized in the consolidated financial | |||||||||||||||||||||
statements related to hedge ineffectiveness or to amounts excluded from effectiveness testing on our cash flow hedge during the three months ended March 31, 2014 or 2013. | |||||||||||||||||||||
Certain of our derivative instruments contain provisions that require us to provide ongoing collateralization on derivative instruments in a liability position. As of December 31, 2013, we had collateral deposits recorded in other assets of approximately $0.7 million. As of March 31, 2014, we had no such deposits recorded. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Of Financial Instruments | ' | ||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
Our financial instruments consist primarily of cash and cash equivalents, accounts and notes receivable, accounts payable, derivative instruments, and debt. | |||||||||||||||||
ASC Topic 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy that requires the use of observable market data, when available, and prioritizes the inputs to valuation techniques used to measure fair value in the following categories: | |||||||||||||||||
Level 1—Quoted unadjusted prices for identical instruments in active markets. | |||||||||||||||||
Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all observable inputs and significant value drivers are observable in active markets. | |||||||||||||||||
Level 3—Model derived valuations in which one or more significant inputs or significant value drivers are unobservable, including assumptions developed by us. | |||||||||||||||||
We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value. | |||||||||||||||||
Derivative Instruments | |||||||||||||||||
The derivative instruments held by us are interest rate swap and cap agreements for which quoted market prices are indirectly available. For those derivatives, we use model-derived valuations in which all observable inputs and significant value drivers are observable in active markets provided by brokers or dealers to determine the fair values of derivative instruments on a recurring basis (Level 2). See Note 15 for Derivative Instruments. | |||||||||||||||||
Installment Notes on Manufactured Homes | |||||||||||||||||
The net carrying value of the installment notes on manufactured homes estimates the fair value as the interest rates in the portfolio are comparable to current prevailing market rates (Level 2). See Note 5 for Installment Notes. | |||||||||||||||||
Long Term Debt and Lines of Credit | |||||||||||||||||
The fair value of long term debt (excluding the secured borrowing) is based on the estimates of management and on rates currently quoted and rates currently prevailing for comparable loans and instruments of comparable maturities (Level 2). See Note 9 for Long-Term Debt and Lines of Credit. | |||||||||||||||||
Collateralized Receivables and Secured Borrowing | |||||||||||||||||
The fair value of these financial instruments offset each other as our collateralized receivables represent a transfer of financial assets and the cash proceeds received from these transactions have been classified as a secured borrowing in the consolidated balance sheets. The net carrying value of the collateralized receivables estimates the fair value as the interest rates in the portfolio are comparable to current prevailing market rates (Level 2). See Note 4 for Collateralized Receivables and Secured Borrowing. | |||||||||||||||||
Other Financial Instruments | |||||||||||||||||
The carrying values of cash and cash equivalents, accounts receivable, and accounts payable approximate their fair market values due to the short-term nature of these instruments. | |||||||||||||||||
16. Fair Value of Financial Instruments, continued | |||||||||||||||||
The table below sets forth our financial assets and liabilities that required disclosure of their fair values on a recurring basis and presents the carrying values and fair values as of March 31, 2014 and December 31, 2013 that were measured using the valuation techniques described above. The table excludes other financial instruments such as cash and cash equivalents, accounts receivable, and accounts payable because the carrying values associated with these instruments approximate fair value since their maturities are less than one year. | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Financial assets | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Installment notes on manufactured homes, net | $ | 24,385 | $ | 24,385 | $ | 25,471 | $ | 25,471 | |||||||||
Collateralized receivables, net | $ | 111,442 | $ | 111,442 | $ | 109,821 | $ | 109,821 | |||||||||
Financial liabilities | |||||||||||||||||
Derivative instruments | $ | — | $ | — | $ | 97 | $ | 97 | |||||||||
Debt (excluding secured borrowing) | $ | 1,296,185 | $ | 1,308,413 | $ | 1,200,927 | $ | 1,211,821 | |||||||||
Secured borrowing | $ | 112,208 | $ | 112,208 | $ | 110,510 | $ | 110,510 | |||||||||
Lines of credit | $ | 16,441 | $ | 16,441 | $ | 181,383 | $ | 181,383 | |||||||||
The derivative instruments are the only financial liabilities that were required to be carried at fair value in the consolidated balance sheets for the periods indicated, and we have no financial assets that are required to be carried at fair value. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"). ASU 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The guidance does not change the presentation requirements for discontinued operations in the statement where net income is presented. ASU 2014-08 also requires the reclassification of assets and liabilities of a discontinued operation in the statement of financial position for all prior periods presented. The standard expands the disclosures for discontinued operations and requires new disclosures related to individually material disposals that do not meet the definition of a discontinued operation, an entity's continuing involvement with a discontinued operation following the disposal date and retained equity method investments in a discontinued operation. ASU 2014-08 is effective for annual periods beginning on or after December 15, 2014 and interim periods within annual periods beginning on or after December 15, 2015. Early adoption is permitted but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issue. The Company has chosen to early adopt this pronouncement and will apply the guidance to future applicable disposals or discontinued operations, if any. |
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
Commitments and Contingencies | |
On June 4, 2010, we settled all of the claims arising out of the litigation filed in 2004 by TJ Holdings, LLC in the Superior Court of Guilford County, North Carolina and the associated arbitration proceeding commenced by TJ Holdings in Southfield, Michigan. Under the terms of the settlement agreement, in which neither party admitted any liability whatsoever, we paid TJ Holdings $360,000. In addition, pursuant to this settlement, TJ Holdings’ percentage ownership interest in Sun/Forest, LLC will be increased on a one time basis, in the event of a sale or refinance of all of the SunChamp Properties, to between 9.03% and 28.99% depending on our average closing stock price as reported by the NYSE during the 30 days preceding the sale or refinance of all the SunChamp Properties. Once this percentage ownership interest has been adjusted, there will be no further adjustments from subsequent sales or refinances of the SunChamp Properties. The likelihood of a sale or refinancing of all of the SunChamp properties is not probable as these properties continue to see growth potential nor do we have a need to refinance all of the properties, so we do not expect it to have a material adverse impact on our results of operations or financial condition. | |
We are involved in various other legal proceedings arising in the ordinary course of business. All such proceedings, taken together, are not expected to have a material adverse impact on our results of operations or financial condition. |
Subsequent_Event
Subsequent Event | 1 Months Ended |
Apr. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Event | |
We have evaluated our financial statements for subsequent events through the date that this Form 10-Q was issued. | |
In April 2014, we acquired Saco/Old Orchard Beach KOA RV resort with 127 sites located in Saco, Maine, for a purchase price of approximately $4.4 million. The initial accounting and purchase price allocation for this business acquisition will be completed during the second quarter of 2014. |
Real_Estate_Acquisitions_Table
Real Estate Acquisitions (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||||||||||||
The following unaudited pro forma financial information presents the results of our operations for the three months ended March 31, 2014 and 2013 as if the properties were acquired on January 1, 2013. The unaudited pro forma results reflect certain adjustments for items that are not expected to have a continuing impact, such as adjustments for acquisition costs incurred, management fees and purchase accounting. The information presented below has been prepared for comparative purposes only and does not purport to be indicative of either future results of operations or the results of operations that would have actually occurred had the acquisitions been consummated on January 1, 2013 (in thousands, except per-share data). | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Total revenues | $ | 112,132 | $ | 106,100 | |||||||||||||||||
Net income attributable to Sun Communities, Inc. common stockholders | $ | 8,684 | $ | 7,059 | |||||||||||||||||
Net income per share attributable to Sun Communities, Inc. common stockholders - basic | $ | 0.23 | $ | 0.23 | |||||||||||||||||
Net income per share attributable to Sun Communities, Inc. common stockholders - diluted | $ | 0.23 | $ | 0.23 | |||||||||||||||||
Schedule of Revenue and Net Income from Acquisitions [Table Text Block] | ' | ||||||||||||||||||||
The amount of revenue and net income included in the consolidated statements of operations for the three months ended March 31, 2014 for all acquisitions described above is set forth in the following table (in thousands): | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Revenue | $ | 1,053 | |||||||||||||||||||
Net income | $ | 359 | |||||||||||||||||||
Schedule of Purchase Price Allocation | ' | ||||||||||||||||||||
The following tables summarize the amounts of the assets acquired and liabilities assumed at the acquisition dates and the consideration paid for acquisitions completed in 2014 (in thousands): | |||||||||||||||||||||
At Acquisition Date | Wine Country | Castaways | Seashore | Driftwood | Total | ||||||||||||||||
Investment in property | $ | 13,250 | $ | 36,597 | $ | 24,258 | $ | 31,301 | $ | 105,406 | |||||||||||
In-place leases and other intangible assets | — | — | 500 | 790 | 1,290 | ||||||||||||||||
Other assets | 9 | 2 | 12 | 4 | 27 | ||||||||||||||||
Other liabilities | (60 | ) | (497 | ) | (1,188 | ) | (836 | ) | (2,581 | ) | |||||||||||
Total identifiable assets and liabilities assumed | $ | 13,199 | $ | 36,102 | $ | 23,582 | $ | 31,259 | $ | 104,142 | |||||||||||
Consideration | |||||||||||||||||||||
Cash consideration transferred | $ | 13,199 | $ | 36,102 | $ | 23,582 | $ | 31,259 | $ | 104,142 | |||||||||||
Investment_Property_Tables
Investment Property (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Real Estate Investment Property, Net [Abstract] | ' | ||||||||
Real estate, investment property [Table Text Block] | ' | ||||||||
The following table sets forth certain information regarding investment property (in thousands): | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Land | $ | 212,901 | $ | 194,404 | |||||
Land improvements and buildings | 1,897,386 | 1,806,546 | |||||||
Rental homes and improvements | 414,782 | 393,562 | |||||||
Furniture, fixtures, and equipment | 67,432 | 65,086 | |||||||
Land held for future development | 29,521 | 29,521 | |||||||
Investment property | 2,622,022 | 2,489,119 | |||||||
Accumulated depreciation | (757,948 | ) | (734,067 | ) | |||||
Investment property, net | $ | 1,864,074 | $ | 1,755,052 | |||||
Transfers_Of_Financial_Assets_
Transfers Of Financial Assets (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Transfers and Servicing [Abstract] | ' | |||
Repurchase price percentage [Table Text Block] | ' | |||
In general, the repurchase price is determined as follows: | ||||
Number of Payments | Repurchase % | |||
Less than or equal to 15 | 100 | % | ||
Greater than 15 but less than 64 | 90 | % | ||
Equal to or greater than 64 but less than 120 | 65 | % | ||
120 or more | 50 | % | ||
Schedule of collateralized loans [Table Text Block] | ' | |||
The change in the aggregate gross principal balance of the collateralized receivables is as follows (in thousands): | ||||
Three Months Ended | ||||
March 31, 2014 | ||||
Beginning balance | $ | 110,510 | ||
Financed sales of manufactured homes | 6,548 | |||
Principal payments and payoffs from our customers | (1,854 | ) | ||
Principal reduction from repurchased homes | (2,996 | ) | ||
Total activity | 1,698 | |||
Ending balance | $ | 112,208 | ||
Notes_And_Other_Receivables_Ta
Notes And Other Receivables (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Long-term Notes and Loans, by Type, Current and Noncurrent [Abstract] | ' | ||||||||
Schedule of notes and other receivables [Table Text Block] | ' | ||||||||
The following table sets forth certain information regarding notes and other receivables (in thousands): | |||||||||
31-Mar-14 | 31-Dec-13 | ||||||||
Installment notes receivable on manufactured homes, net | $ | 24,385 | $ | 25,471 | |||||
Collateralized receivables, net (see Note 4) | 111,442 | 109,821 | |||||||
Other receivables, net | 26,479 | 29,393 | |||||||
Total notes and other receivables, net | $ | 162,306 | $ | 164,685 | |||||
Schedule of Installment Notes Receivable [Table Text Block] | ' | ||||||||
The change in the aggregate gross principal balance of the installment notes is as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
31-Mar-14 | |||||||||
Beginning balance | $ | 25,575 | |||||||
Financed sales of manufactured homes | 62 | ||||||||
Principal payments and payoffs from our customers | (731 | ) | |||||||
Principal reduction from repossessed homes | (389 | ) | |||||||
Total activity | (1,058 | ) | |||||||
Ending balance | $ | 24,517 | |||||||
Allowance for collateralized and installment notes receivable [Table Text Block] | ' | ||||||||
The following table sets forth the allowance for collateralized and installment notes receivable as of March 31, 2014 (in thousands). | |||||||||
Three Months Ended | |||||||||
31-Mar-14 | |||||||||
Beginning balance | $ | (793 | ) | ||||||
Lower of cost or market write-downs | 149 | ||||||||
Increase to reserve balance | (254 | ) | |||||||
Total activity | (105 | ) | |||||||
Ending balance | $ | (898 | ) |
Intangibles_Schedule_of_Finite
Intangibles Schedule of Finite-Lived Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | ' | ||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||||||||
The accumulated amortization and gross carrying amounts are as follows (in thousands): | |||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||
Intangible Asset | Useful Life | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||
In-place leases | 7 years | $ | 28,251 | $ | (9,130 | ) | $ | 26,961 | $ | (8,239 | ) | ||||||||
Capitalized leasing costs greater than 1 year | 7 years | 12,940 | (5,543 | ) | 13,359 | (6,757 | ) | ||||||||||||
Franchise fees | 15 years | 770 | (48 | ) | 770 | (29 | ) | ||||||||||||
Total | $ | 41,961 | $ | (14,721 | ) | $ | 41,090 | $ | (15,025 | ) | |||||||||
Intangibles_Schedule_of_Intang
Intangibles Schedule of Intangible Asset Amortization Expense (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ||||||||
Schedule of Intangible Assets Amortization Expense [Table Text Block] | ' | ||||||||
The aggregate net amortization expenses related to the intangible assets are as follows (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
Intangible Asset | 2014 | 2013 | |||||||
In-place leases | $ | 891 | $ | 730 | |||||
Capitalized leasing costs greater than 1 year | 356 | 354 | |||||||
Franchise fees | 31 | — | |||||||
Total | $ | 1,278 | $ | 1,084 | |||||
Investment_In_Affiliates_Table
Investment In Affiliates (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||
Schedule of Equity Method Investments [Table Text Block] | ' | |||||||
The following table sets forth certain summarized unaudited financial information for Origen (amounts in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
(unaudited) | ||||||||
2014 | 2013 | |||||||
Revenues | $ | 11,207 | $ | 12,673 | ||||
Expenses | (11,304 | ) | (14,519 | ) | ||||
Net loss | $ | (97 | ) | $ | (1,846 | ) |
Consolidated_Variable_Interest1
Consolidated Variable Interest Entities Consolidated Variable Interest Entities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
DisclosureofVariableInterestEntities [Abstract] | ' | |||||||
Schedule of Variable Interest Entities [Table Text Block] | ' | |||||||
The following table summarizes the assets and liabilities included in our consolidated balance sheet after appropriate eliminations (in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
ASSETS | ||||||||
Investment property, net | $ | 56,427 | $ | 56,805 | ||||
Other assets | 3,798 | 3,926 | ||||||
Total Assets | $ | 60,225 | $ | 60,731 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Debt | $ | 45,024 | $ | 45,209 | ||||
Other liabilities | 7,666 | 6,564 | ||||||
Noncontrolling interests | (389 | ) | (537 | ) | ||||
Total Liabilities and Stockholders' Equity | $ | 52,301 | $ | 51,236 | ||||
Debt_And_Lines_Of_Credit_Table
Debt And Lines Of Credit (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of debt and lines of credit [Table Text Block] | ' | |||||||||||||||||
The following table sets forth certain information regarding debt (in thousands): | ||||||||||||||||||
Principal | Weighted Average | Weighted Average | ||||||||||||||||
Outstanding | Years to Maturity | Interest Rates | ||||||||||||||||
March 31, | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | March 31, | 31-Dec-13 | |||||||||||||
2014 | 2014 | |||||||||||||||||
Collateralized term loans - CMBS | $ | 643,096 | $ | 644,844 | 5.9 | 6.1 | 5.4 | % | 5.4 | % | ||||||||
Collateralized term loans - FNMA | 364,966 | 366,019 | 7.9 | 8.1 | 3.1 | % | 3.6 | % | ||||||||||
Collateralized term loans - Northwestern | 98,862 | — | 10.6 | N/A | 4.2 | % | N/A | |||||||||||
Aspen and Series B-3 preferred OP Units | 47,022 | 47,022 | 7.6 | 7.6 | 6.9 | % | 6.9 | % | ||||||||||
Secured borrowing (see Note 4) | 112,208 | 110,510 | 13.6 | 13.5 | 10.6 | % | 10.7 | % | ||||||||||
Mortgage notes, other | 142,239 | 143,042 | 5.8 | 6 | 4.6 | % | 4.6 | % | ||||||||||
Total debt | $ | 1,408,393 | $ | 1,311,437 | 7.3 | 7.2 | 5.1 | % | 5 | % | ||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | |||||||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | |||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Real Property Operations | Home Sales and Home Rentals | Consolidated | Real Property Operations | Home Sales and Home Rentals | Consolidated | |||||||||||||||||||
Identifiable assets: | ||||||||||||||||||||||||
Investment property, net | $ | 1,553,798 | $ | 310,276 | $ | 1,864,074 | $ | 1,460,628 | $ | 294,424 | $ | 1,755,052 | ||||||||||||
Cash and cash equivalents | 9,227 | 78 | 9,305 | 5,336 | (583 | ) | 4,753 | |||||||||||||||||
Inventory of manufactured homes | — | 6,541 | 6,541 | — | 5,810 | 5,810 | ||||||||||||||||||
Notes and other receivables | 154,227 | 8,079 | 162,306 | 154,524 | 10,161 | 164,685 | ||||||||||||||||||
Other assets | 61,186 | 4,820 | 66,006 | 64,342 | 4,594 | 68,936 | ||||||||||||||||||
Total assets | $ | 1,778,438 | $ | 329,794 | $ | 2,108,232 | $ | 1,684,830 | $ | 314,406 | $ | 1,999,236 | ||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||||||||
A presentation of segment financial information is summarized as follows (amounts in thousands): | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||
Real Property Operations | Home Sales and Home Rentals | Consolidated | Real Property Operations | Home Sales and Home Rentals | Consolidated | |||||||||||||||||||
Revenues | $ | 87,497 | $ | 19,525 | $ | 107,022 | $ | 79,065 | $ | 20,217 | $ | 99,282 | ||||||||||||
Operating expenses/Cost of sales | 29,198 | 13,099 | 42,297 | 25,702 | 14,079 | 39,781 | ||||||||||||||||||
Net operating income/Gross profit | 58,299 | 6,426 | 64,725 | 53,363 | 6,138 | 59,501 | ||||||||||||||||||
Adjustments to arrive at net income (loss): | ||||||||||||||||||||||||
Ancillary, interest and other income, net | 4,159 | — | 4,159 | 3,631 | — | 3,631 | ||||||||||||||||||
General and administrative | (7,813 | ) | (2,499 | ) | (10,312 | ) | (6,790 | ) | (2,435 | ) | (9,225 | ) | ||||||||||||
Acquisition related costs | (752 | ) | (8 | ) | (760 | ) | (1,042 | ) | — | (1,042 | ) | |||||||||||||
Depreciation and amortization | (18,356 | ) | (10,533 | ) | (28,889 | ) | (16,796 | ) | (8,466 | ) | (25,262 | ) | ||||||||||||
Interest | (17,588 | ) | (2 | ) | (17,590 | ) | (18,555 | ) | (309 | ) | (18,864 | ) | ||||||||||||
Interest on mandatorily redeemable debt | (803 | ) | — | (803 | ) | (809 | ) | — | (809 | ) | ||||||||||||||
Distributions from affiliate | 400 | — | 400 | 400 | — | 400 | ||||||||||||||||||
Provision for state income taxes | (69 | ) | — | (69 | ) | (59 | ) | — | (59 | ) | ||||||||||||||
Net income (loss) | 17,477 | (6,616 | ) | 10,861 | 13,343 | (5,072 | ) | 8,271 | ||||||||||||||||
Less: Preferred return to A-1 preferred OP units | 672 | — | 672 | 573 | — | 573 | ||||||||||||||||||
Less: Preferred return to A-3 preferred OP units | 45 | — | 45 | 30 | — | 30 | ||||||||||||||||||
Less: Amounts attributable to noncontrolling interests | 1,325 | (541 | ) | 784 | 896 | (486 | ) | 410 | ||||||||||||||||
Net income (loss) attributable to Sun Communities, Inc. | 15,435 | (6,075 | ) | 9,360 | 11,844 | (4,586 | ) | 7,258 | ||||||||||||||||
Less: Series A preferred stock distributions | 1,514 | — | 1,514 | 1,514 | — | 1,514 | ||||||||||||||||||
Net income (loss) attributable to Sun Communities, Inc. common stockholders | $ | 13,921 | $ | (6,075 | ) | $ | 7,846 | $ | 10,330 | $ | (4,586 | ) | $ | 5,744 | ||||||||||
12. Segment Reporting, continued | ||||||||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | ' | ||||||||
Computations of basic and diluted earnings per share from continuing operations were as follows (in thousands, except per share data): | |||||||||
Three Months Ended March 31, | |||||||||
Numerator | 2014 | 2013 | |||||||
Net income attributable to common stockholders | $ | 7,846 | $ | 5,744 | |||||
Denominator | |||||||||
Weighted average common shares outstanding | 36,495 | 30,427 | |||||||
Weighted average unvested restricted stock outstanding | 645 | 347 | |||||||
Basic weighted average common shares and unvested restricted stock outstanding | 37,140 | 30,774 | |||||||
Add: dilutive securities | 14 | 15 | |||||||
Diluted weighted average common shares and securities | 37,154 | 30,789 | |||||||
Earnings per share available to common stockholders: | |||||||||
Basic | $ | 0.21 | $ | 0.19 | |||||
Diluted | $ | 0.21 | $ | 0.19 | |||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | ||||||||
for the three months ended March 31, 2014 and 2013 (amounts in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Common OP units | 2,069 | 2,069 | |||||||
Series A-1 preferred OP units | 446 | 455 | |||||||
Series A-3 preferred OP units | 40 | 40 | |||||||
Aspen preferred OP units | 1,325 | 1,325 | |||||||
Total securities | 3,880 | 3,889 | |||||||
Derivative_Instruments_And_Hed1
Derivative Instruments And Hedging Activities (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | ' | ||||||||||||||||||||
March 31, 2014: | |||||||||||||||||||||
Type | Purpose | Effective Date | Maturity Date | Notional | Based on | Variable Rate | Fixed Rate | Spread | Effective Fixed Rate | ||||||||||||
(in millions) | |||||||||||||||||||||
Cap | Cap Floating Rate | 4/1/12 | 4/1/15 | $ | 152.4 | 3 Month LIBOR | 0.25% | 11.27% | —% | N/A | |||||||||||
Cap | Cap Floating Rate | 10/3/11 | 10/3/16 | $ | 10 | 3 Month LIBOR | 0.25% | 11.02% | —% | N/A | |||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||||||||||
The following table summarizes the fair value of derivative instruments included in our consolidated balance sheets as of March 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||
Derivatives designated as hedging instruments | March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | |||||||||||||||||
Interest rate swaps and cap agreement | Other assets | $ | — | $ | — | Other liabilities | $ | — | $ | 97 | |||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | — | $ | 97 | |||||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income | ' | ||||||||||||||||||||
The following tables summarize the impact of derivative instruments for the three months ended March 31, 2014 and 2013 as recorded in the consolidated statements of operations (in thousands): | |||||||||||||||||||||
Derivatives in | Amount of Gain or | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ||||||||||||||||||
Cash Flow Hedging | (Loss) Recognized in | ||||||||||||||||||||
OCI (Effective Portion) | |||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Interest rate swaps and cap agreement | $ | 97 | $ | 92 | Interest expense | $ | — | $ | — | ||||||||||||
Total | $ | 97 | $ | 92 | Total | $ | — | $ | — | ||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||||||
The table below sets forth our financial assets and liabilities that required disclosure of their fair values on a recurring basis and presents the carrying values and fair values as of March 31, 2014 and December 31, 2013 that were measured using the valuation techniques described above. The table excludes other financial instruments such as cash and cash equivalents, accounts receivable, and accounts payable because the carrying values associated with these instruments approximate fair value since their maturities are less than one year. | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Financial assets | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Installment notes on manufactured homes, net | $ | 24,385 | $ | 24,385 | $ | 25,471 | $ | 25,471 | |||||||||
Collateralized receivables, net | $ | 111,442 | $ | 111,442 | $ | 109,821 | $ | 109,821 | |||||||||
Financial liabilities | |||||||||||||||||
Derivative instruments | $ | — | $ | — | $ | 97 | $ | 97 | |||||||||
Debt (excluding secured borrowing) | $ | 1,296,185 | $ | 1,308,413 | $ | 1,200,927 | $ | 1,211,821 | |||||||||
Secured borrowing | $ | 112,208 | $ | 112,208 | $ | 110,510 | $ | 110,510 | |||||||||
Lines of credit | $ | 16,441 | $ | 16,441 | $ | 181,383 | $ | 181,383 | |||||||||
Real_Estate_Acquisitions_Sched
Real Estate Acquisitions , Schedule of 2014 Purchase Price Allocation (Details) (USD $) | 0 Months Ended | 0 Months Ended | 2 Months Ended | 1 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 08, 2014 | Mar. 31, 2014 | Jan. 10, 2014 | Mar. 31, 2014 | Feb. 18, 2014 | Feb. 14, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Wine Country [Member] | Wine Country [Member] | Castaways RV Resort [Member] | Castaways RV Resort [Member] | Seashore RV Resort [Member] | Driftwood RV Resort [Member] | Driftwood RV Resort [Member] | Total 2014 Acquisitions [Domain] | |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of sites | 166 | ' | 369 | ' | 685 | 698 | ' | ' |
Number of Potential Sites in Community | ' | 34 | ' | 25 | ' | ' | 30 | ' |
At acquistion date | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in property | $13,250 | ' | $36,597 | ' | $24,258 | $31,301 | ' | $105,406 |
In-place leases and other intangible assets | 0 | ' | 0 | ' | 500 | 790 | ' | 1,290 |
Other assets | 9 | ' | 2 | ' | 12 | 4 | ' | 27 |
Other liabilities | -60 | ' | -497 | ' | -1,188 | -836 | ' | -2,581 |
Total identifiable assets and liabilities assumed | 13,199 | ' | 36,102 | ' | 23,582 | 31,259 | ' | 104,142 |
Consideration | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | $13,199 | ' | $36,102 | ' | $23,582 | $31,259 | ' | $104,142 |
Real_Estate_Acquisitions_Sched1
Real Estate Acquisitions, Schedule of Revenue and Net Income from acquisitions (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Business Combination, Results of Operations [Line Items] | ' | ' |
Acquisition related costs | $760 | $1,042 |
Series of Acquisitions [Member] | ' | ' |
Business Combination, Results of Operations [Line Items] | ' | ' |
Revenue | 1,053 | ' |
Net Income | $359 | ' |
Real_Estate_Acquisitions_Pro_F
Real Estate Acquisitions , Pro Forma Information (Details) (Series of Acquisitions [Member], USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Series of Acquisitions [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total revenues | $112,132 | $106,100 |
Net income attributable to Sun Communities, Inc. common stockholders | $8,684 | $7,059 |
Net income attributable to Sun Communities, Inc. common stockholders - basic (in dollars per share) | $0.23 | $0.23 |
Net income attributable to Sun Communities, Inc. common stockholders - diluted (in dollars per share) | $0.23 | $0.23 |
Investment_Property_Details
Investment Property (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate, investment property [Line Items] | ' | ' |
Land | $212,901 | $194,404 |
Land improvements and buildings | 1,897,386 | 1,806,546 |
Rental homes and improvements | 414,782 | 393,562 |
Furniture, fixtures, and equipment | 67,432 | 65,086 |
Land held for future development | 29,521 | 29,521 |
Investment property | 2,622,022 | 2,489,119 |
Accumulated depreciation | -757,948 | -734,067 |
Investment property, net | $1,864,074 | $1,755,052 |
Transfers_Of_Financial_Assets_1
Transfers Of Financial Assets , Repurchase price percentage (Details) (Collateralized receivables [Member]) | 3 Months Ended |
Mar. 31, 2014 | |
Less than or equal to 15 [Member] | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Repurchase Percentage | 100.00% |
Greater than 15 but less than 64 [Member] | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Repurchase Percentage | 90.00% |
Equal to or greater than 64 but less than 120 [Member] | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Repurchase Percentage | 65.00% |
120 or more [Member] | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Repurchase Percentage | 50.00% |
Transfers_Of_Financial_Assets_2
Transfers Of Financial Assets , Schedule of collateralized loans (Details) (Collateralized receivables [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Collateralized receivables [Member] | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Beginning balance | $110,510 |
Financed sales of manufactured homes | 6,548 |
Principal payments and payoffs from our customers | 1,854 |
Principal reduction from repurchased homes | 2,996 |
Total activity | 1,698 |
Ending balance | $112,208 |
Transfers_Of_Financial_Assets_3
Transfers Of Financial Assets , Narrative (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Collateralized receivables [Member] | Collateralized receivables [Member] | Secured Debt [Member] | Secured Debt [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | |||
Secured Debt [Member] | Secured Debt [Member] | Collateralized receivables [Member] | Collateralized receivables [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes and other receivables, net | $162,306,000 | $164,685,000 | ' | ' | ' | ' | ' | ' | $111,442,000 | $109,821,000 |
Loans and Leases Receivable, Allowance | ' | ' | 800,000 | 700,000 | ' | ' | ' | ' | ' | ' |
Secured debt | 1,408,393,000 | 1,311,437,000 | ' | ' | ' | ' | 112,208,000 | 110,510,000 | ' | ' |
Interest income and expense, net | ' | ' | ' | ' | $2,700,000 | $2,400,000 | ' | ' | ' | ' |
Schedule_of_notes_and_other_re
Schedule of notes and other receivables (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total notes and other receivables, net | $162,306 | $164,685 |
Other receivables, net [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total notes and other receivables, net | 26,479 | 29,393 |
Carrying Value [Member] | Installment notes receivable on manufactured homes, net [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total notes and other receivables, net | 24,385 | 25,471 |
Carrying Value [Member] | Collateralized receivables [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total notes and other receivables, net | $111,442 | $109,821 |
Notes_And_Other_Receivables_In
Notes And Other Receivables Installment notes receivable on manufactured homes - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Rate | Rate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts and Notes Receivable, Net | $162,306 | $164,685 |
Installment notes receivable on manufactured homes, net [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Allowance | 100 | 100 |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 10.30% | 8.90% |
Receivable With Imputed Interest, Term | '11 years 9 months 18 days | '11 years 10 months 24 days |
Carrying Value [Member] | Installment notes receivable on manufactured homes, net [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts and Notes Receivable, Net | $24,385 | $25,471 |
Schedule_of_installment_notes_
Schedule of installment notes receivable (Details) (Installment notes receivable on manufactured homes, gross [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Installment notes receivable on manufactured homes, gross [Member] | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Beginning balance | $25,575 |
Financed sales of manufactured homes | 62 |
Principal payments and payoffs from our customers | 731 |
Principal reduction from repossessed homes | 389 |
Total activity | -1,058 |
Ending balance | $24,517 |
Notes_And_Other_Receivables_Co
Notes And Other Receivables Collateralized notes receivable - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Rate | Rate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts and Notes Receivable, Net | $162,306 | $164,685 |
Collateralized receivables [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Allowance | 800 | 700 |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 10.60% | 10.70% |
Receivable With Imputed Interest, Term | '13 years 8 months 12 days | '13 years 7 months 6 days |
Carrying Value [Member] | Collateralized receivables [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts and Notes Receivable, Net | $111,442 | $109,821 |
Allowance_for_collateralized_a
Allowance for collateralized and installment notes receivable (Details) (Collateralized receivables, net and Installment Notes Receivables on Manufactured Homes [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Collateralized receivables, net and Installment Notes Receivables on Manufactured Homes [Member] | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' |
Beginning balance | $793 |
Lower of cost or market write-downs | 149 |
Increase to reserve balance | -254 |
Total activity | -105 |
Ending balance | $898 |
Notes_And_Other_Receivables_Ot
Notes And Other Receivables Other receivables - Narrative (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Notes Receivable [Member] | 2014-2015 [Member] | 2016 [Member] | ||
Rate | Rate | Rate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Other receivables for rent, water, sewer usage | $4.70 | $6.90 | ' | ' | ' |
Allowance for rent, water, sewer usage receivables | -0.5 | -0.7 | ' | ' | ' |
Home sale proceeds | 5 | 5.7 | ' | ' | ' |
Insurance receivables | 2.4 | 2 | ' | ' | ' |
Insurance Settlements Receivable | ' | 3.7 | ' | ' | ' |
Note receivable related to acquistion | 4.3 | 4.3 | ' | ' | ' |
Miscellaneous note receivable | 2.2 | ' | ' | ' | ' |
Miscellaneous Note Receivable, Interest Rate | ' | ' | ' | 8.00% | 7.90% |
Other Receivables | 4.2 | 4.6 | ' | ' | ' |
Loans Receivable, Basis Spread on Variable Rate | ' | ' | 475.00% | ' | ' |
Pledged Assets, Series A-3 preferred OP units | $4 | ' | ' | ' | ' |
Intangibles_Schedule_of_Finite1
Intangibles Schedule of Finite-Lived Intangible Assets (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | ($14,721) | ($15,025) |
Finite-Lived Intangible Assets, Gross | 41,961 | 41,090 |
Leases, Acquired-in-Place [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '7 years | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -9,130 | -8,239 |
Finite-Lived Intangible Assets, Gross | 28,251 | 26,961 |
Capitalized Leasing Costs [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '7 years | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -5,543 | -6,757 |
Finite-Lived Intangible Assets, Gross | 12,940 | 13,359 |
Franchise Rights [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '15 years | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -48 | -29 |
Finite-Lived Intangible Assets, Gross | 770 | 770 |
Total 2014 Acquisitions [Domain] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
In-place leases and other intangible assets | $1,290 | ' |
Intangibles_Schedule_of_Intang1
Intangibles Schedule of Intangible Asset Amortization Expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization of Intangible Assets | $1,278 | $1,084 |
Leases, Acquired-in-Place [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization of Intangible Assets | 891 | 730 |
Capitalized Leasing Costs [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization of Intangible Assets | 356 | 354 |
Franchise Rights [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization of Intangible Assets | $31 | $0 |
Investment_In_Affiliates_Narra
Investment In Affiliates , Narrative (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Origen Financial Services [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Ownership percentage | 22.90% | 22.90% |
Investment carrying value | $0 | ' |
Origen Financial [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Ownership percentage | 19.00% | ' |
Investment carrying value | 0 | ' |
Investment owned (in shares) | 5,000,000 | ' |
Market value of investment company | $6,700,000 | ' |
Origen quoted market closing price (in dollars per share) | $1.33 | ' |
Investment_In_Affiliates_Sched
Investment In Affiliates , Schedule of Investments (Details) (Origen Financial [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Origen Financial [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Revenues | $11,207 | $12,673 |
Expenses | -11,304 | -14,519 |
Net loss | ($97) | ($1,846) |
Consolidated_Variable_Interest2
Consolidated Variable Interest Entities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Rate | Rate |
Variable Interest Entity [Line Items] | ' | ' |
Investment Property, net | $56,427 | $56,805 |
Other Assets | 3,798 | 3,926 |
Total Assets | 60,225 | 60,731 |
Debt | 45,024 | 45,209 |
Other Liabilities | 7,666 | 6,564 |
Noncontrolling interests | -389 | -537 |
Total Liabilities and Stockholder's Equity | $52,301 | $51,236 |
VIE as a Percentage of Consolidated Assets | 2.90% | 3.00% |
VIE as a Percentage of Consolidated Liabilities | 3.40% | 3.20% |
VIE as a Percentage of Total Equity | 1.00% | 1.00% |
Debt_And_Lines_Of_Credit_Table1
Debt And Lines Of Credit , Table - Schedule of debt and lines of credit (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Rate | Rate | |
Debt Instrument [Line Items] | ' | ' |
Debt | $1,408,393 | $1,311,437 |
Debt weighted average to maturity, years | '7 years 3 months 18 days | '7 years 2 months 12 days |
Weighted average interest rate | 5.10% | 5.00% |
Collateralized term loans - CMBS [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt | 643,096 | 644,844 |
Debt weighted average to maturity, years | '5 years 10 months 24 days | '6 years 1 month 6 days |
Weighted average interest rate | 5.40% | 5.40% |
Collateralized term loans - FNMA [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt | 364,966 | 366,019 |
Debt weighted average to maturity, years | '7 years 10 months 24 days | '8 years 1 month 6 days |
Weighted average interest rate | 3.10% | 3.60% |
Collateralized Mortgage Backed Securities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt | 1,100,000 | ' |
Aspen Series B3 Preferred Operating Partnership Units [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt | 47,022 | 47,022 |
Debt weighted average to maturity, years | '7 years 7 months 6 days | '7 years 7 months 6 days |
Weighted average interest rate | 6.90% | 6.90% |
Secured borrowing [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt weighted average to maturity, years | '13 years 7 months 6 days | '13 years 6 months |
Weighted average interest rate | 10.60% | 10.70% |
Mortgage notes, other [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt | 142,239 | 143,042 |
Debt weighted average to maturity, years | '5 years 9 months 18 days | '6 years |
Weighted average interest rate | 4.60% | 4.60% |
Northwestern Mutual Life Insurance Company [Member] | Collateralized Mortgage Backed Securities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt | 98,862 | 0 |
Debt weighted average to maturity, years | '10 years 7 months 6 days | ' |
Weighted average interest rate | 4.20% | ' |
Carrying Value [Member] | Secured borrowing [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt | $112,208 | $110,510 |
Debt_And_Lines_Of_Credit_Narra
Debt And Lines Of Credit , Narrative - Collateralized Term Loans (Details) (Collateralized Mortgage Backed Securities [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Rate | |
Debt Instrument [Line Items] | ' |
Net book value of properties securing collateralized term loans | $707 |
Northwestern Mutual Life Insurance Company [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Face Amount | $99 |
Debt Instrument, Interest Rate, Stated Percentage | 4.20% |
Debt Instrument, Maturity Date | 13-Feb-26 |
Properties securing debt [Member] | ' |
Debt Instrument [Line Items] | ' |
Number of properties securing a debt instument (in properties) | 99 |
Number of sites | 40,256 |
Debt_And_Lines_Of_Credit_Narra1
Debt And Lines Of Credit , Narrative - Aspen Preferred OP Units and Series B-3 preferred OP units (Details) (Aspen Preferred OP Units [Member], Convertible debt - Aspen Preferred OP Units January 2024 [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Rate | |
Aspen Preferred OP Units [Member] | Convertible debt - Aspen Preferred OP Units January 2024 [Member] | ' |
Debt Instrument [Line Items] | ' |
Convertible units to shares (in shares) | 526,212 |
Conversion Price (in dollars per share) | $68 |
Debt Instrument, Interest Rate During Period | 6.50% |
Debt_And_Lines_Of_Credit_Narra2
Debt And Lines Of Credit , Narrative - Mortgage Notes (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Total debt | $1,408,393,000 | $1,311,437,000 |
Mortgages [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total debt | 142,239,000 | 143,042,000 |
Properties securing debt [Member] | Mortgages [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Number of properties securing a debt instument (in properties) | 18 | ' |
Number of sites | 7,868 | ' |
Net book value of properties securing mortgage notes | $241,900,000 | ' |
Debt_And_Lines_Of_Credit_Narra3
Debt And Lines Of Credit , Narrative - Line of Credit (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Rate | ||
Line of Credit Facility [Line Items] | ' | ' |
Weighted average interest rate | 5.10% | 5.00% |
Line of Credit [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit, borrowing capacity | $350 | ' |
Line of credit, outstanding balance | 15 | 178.1 |
Letters of credit outstanding, amount | 2 | 2.7 |
Effective interest rate, minimum | 1.65% | ' |
Effective interest rate, maximum | 2.90% | ' |
Line of credit variable interest rate | 1.65% | ' |
Debt Instrument, Maturity Date | 15-May-17 | ' |
Line of credit, additional borrowing capacity | 250 | ' |
Line of credit - rental home portfolio [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit, borrowing capacity | 20 | ' |
Line of credit, outstanding balance | 0 | ' |
Line of credit, outstanding loan balance, percent | 200.00% | ' |
Basis points | 200.00% | ' |
Debt Instrument, Interest Rate, Effective Percentage | 5.50% | ' |
Line of credit - manufactured home floor plan facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit, borrowing capacity | 12 | ' |
Line of credit, outstanding balance | $1.40 | $3.30 |
Weighted average interest rate | 7.00% | ' |
Basis points | 100.00% | ' |
Prime Rate [Member] | Line of credit - manufactured home floor plan facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Effective interest rate, maximum | 6.00% | ' |
Minimum [Member] | Line of credit - rental home portfolio [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Stated interest rate, minimum | 5.50% | ' |
Equity_Transactions_Narrative_
Equity Transactions Narrative (Details) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Apr. 17, 2014 | Mar. 31, 2014 | Apr. 15, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Nov. 30, 2004 | Mar. 31, 2014 | Apr. 08, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |
Common Stock | Common Stock | Preferred Stock [Member] | Preferred Stock [Member] | Repurchase Agreements [Member] | Repurchase Agreements [Member] | Repurchase Agreements [Member] | Registered public offering [Member] | Registered public offering [Member] | Registered public offering [Member] | Conversion of Common OP Units [Member] | Conversion of Common OP Units [Member] | Series A-1 Preferred OP Units [Member] | Series A-1 Preferred OP Units [Member] | |||
Dividend Paid [Member] | Dividend Paid [Member] | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common OP Units [Member] | Common OP Units [Member] | Common OP Units [Member] | ||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized to be repurchased (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Remaining number of shares authorized to be repurchased (in shares) | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Common OP Units to common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 9,777 | 23,846 |
New shares issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | 630,000 | ' | ' | ' | ' | ' |
Weighted average sale price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $44.45 | ' | $44.45 | ' | ' | ' | ' |
Proceeds from issuance of common stock | $186,431,000 | $262,134,000 | ' | ' | ' | ' | ' | ' | ' | $214,000,000 | $27,600,000 | ' | ' | ' | ' | ' |
Dividends per common share: | $0.65 | $0.63 | $0.65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends, Common Stock, Cash | ' | ' | ' | 27,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividends Per Share, Declared | ' | ' | ' | ' | $0.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends, Preferred Stock, Cash | ' | ' | ' | ' | ' | $1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Narrat
Share-Based Compensation , Narrative (Details) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Feb. 28, 2014 | Feb. 28, 2013 | Mar. 31, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 |
Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | February 12, 2018 [Member] | February 12, 2019 [Member] | February 12, 2020 [Member] | February 12, 2021 [Member] | February 12, 2022 [Member] | |||
2004 non-employee plan [Member] | 2004 non-employee plan [Member] | 2009 Equity Plan [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | ||||||
2009 Equity Plan [Member] | 2009 Equity Plan [Member] | 2009 Equity Plan [Member] | 2009 Equity Plan [Member] | 2009 Equity Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted, shares (in shares) | ' | ' | ' | ' | ' | ' | 14,000 | 16,000 | ' | ' | ' | ' | ' |
Weighted average grant date fair value | ' | ' | ' | $48.01 | $48.01 | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting rights | ' | ' | ' | ' | ' | ' | ' | ' | '0.2 | '0.3 | '0.35 | '0.1 | '0.05 |
Exercises in period | ' | ' | 2,253 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from stock option exercise | $53 | $100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested restricted stock (in shares) | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' |
Segment_Reporting_Segment_Repo
Segment Reporting Segment Reporting, Seasonality (Details) (Real Property Operations Segment [Member], USD $) | 3 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Real Property Operations Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Expected Annual Transient RV Revenue | ' | ' | ' | $28.90 | $17.40 | ' | ' | ' |
Transient RV Rental Revenue Recognized, Percentage | 13.00% | 41.00% | 18.00% | 28.00% | 15.00% | 30.00% | 15.00% | 40.00% |
Segment_Reporting_Results_of_O
Segment Reporting Results of Operations (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | $107,022 | $99,282 |
Operating Expenses/Cost of Sales | 42,297 | 39,781 |
Net operating income/Gross Profit | 64,725 | 59,501 |
Ancillary, interest and other income, net | 4,159 | 3,631 |
General and Administrative Expense | 10,312 | 9,225 |
Acquisition related costs | 760 | 1,042 |
Depreciation and amortization | 28,889 | 25,262 |
Interest | 17,590 | 18,864 |
Interest on mandatorily redeemable debt | -803 | -809 |
Distributions from affiliate | 400 | 400 |
Provision for state income taxes | -69 | -59 |
Net income | 10,861 | 8,271 |
Less: Preferred return to Series A-1 preferred OP units | 672 | 573 |
Less: Preferred return to Series A-3 preferred OP units | 45 | 30 |
Less: Amounts attributable to noncontrolling interests | 784 | 410 |
Net income attributable to Sun Communities, Inc. | 9,360 | 7,258 |
Less: Series A preferred stock distributions | 1,514 | 1,514 |
Net income attributable to Sun Communities, Inc. common stockholders | 7,846 | 5,744 |
Real Property Operations Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 87,497 | 79,065 |
Operating Expenses/Cost of Sales | 29,198 | 25,702 |
Net operating income/Gross Profit | 58,299 | 53,363 |
Ancillary, interest and other income, net | 4,159 | 3,631 |
General and Administrative Expense | -7,813 | 6,790 |
Acquisition related costs | -752 | 1,042 |
Depreciation and amortization | -18,356 | 16,796 |
Interest | -17,588 | 18,555 |
Interest on mandatorily redeemable debt | -803 | -809 |
Distributions from affiliate | 400 | 400 |
Provision for state income taxes | -69 | -59 |
Net income | 17,477 | 13,343 |
Less: Amounts attributable to noncontrolling interests | 1,325 | 896 |
Net income attributable to Sun Communities, Inc. | 15,435 | 11,844 |
Less: Series A preferred stock distributions | 1,514 | 1,514 |
Net income attributable to Sun Communities, Inc. common stockholders | 13,921 | 10,330 |
Home Sales and Home Rentals Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 19,525 | 20,217 |
Operating Expenses/Cost of Sales | 13,099 | 14,079 |
Net operating income/Gross Profit | 6,426 | 6,138 |
Ancillary, interest and other income, net | 0 | 0 |
General and Administrative Expense | -2,499 | 2,435 |
Acquisition related costs | -8 | 0 |
Depreciation and amortization | -10,533 | 8,466 |
Interest | -2 | 309 |
Interest on mandatorily redeemable debt | 0 | 0 |
Distributions from affiliate | 0 | 0 |
Provision for state income taxes | 0 | 0 |
Net income | -6,616 | -5,072 |
Less: Amounts attributable to noncontrolling interests | -541 | -486 |
Net income attributable to Sun Communities, Inc. | -6,075 | -4,586 |
Less: Series A preferred stock distributions | 0 | 0 |
Net income attributable to Sun Communities, Inc. common stockholders | -6,075 | -4,586 |
Series A-1 Preferred OP Units [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Less: Preferred return to Series A-1 preferred OP units | 672 | 573 |
Series A-1 Preferred OP Units [Member] | Real Property Operations Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Less: Preferred return to Series A-1 preferred OP units | 672 | 573 |
Series A-1 Preferred OP Units [Member] | Home Sales and Home Rentals Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Less: Preferred return to Series A-1 preferred OP units | 0 | 0 |
Series A-3 Preferred OP Units [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Less: Preferred return to Series A-3 preferred OP units | 45 | 30 |
Series A-3 Preferred OP Units [Member] | Real Property Operations Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Less: Preferred return to Series A-3 preferred OP units | 45 | 30 |
Series A-3 Preferred OP Units [Member] | Home Sales and Home Rentals Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Less: Preferred return to Series A-3 preferred OP units | $0 | $0 |
Segment_Reporting_Identifiable
Segment Reporting Identifiable Assets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Investment property, net | $1,864,074 | $1,755,052 | ' | ' |
Cash and cash equivalents | 9,305 | 4,753 | 61,045 | 29,508 |
Inventory of manufactured homes | 6,541 | 5,810 | ' | ' |
Notes and other receivables, net | 162,306 | 164,685 | ' | ' |
Other assets | 66,006 | 68,936 | ' | ' |
TOTAL ASSETS | 2,108,232 | 1,999,236 | ' | ' |
Real Property Operations Segment [Member] | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Investment property, net | 1,553,798 | 1,460,628 | ' | ' |
Cash and cash equivalents | 9,227 | 5,336 | ' | ' |
Inventory of manufactured homes | 0 | 0 | ' | ' |
Notes and other receivables, net | 154,227 | 154,524 | ' | ' |
Other assets | 61,186 | 64,342 | ' | ' |
TOTAL ASSETS | 1,778,438 | 1,684,830 | ' | ' |
Home Sales and Home Rentals Segment [Member] | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' |
Investment property, net | 310,276 | 294,424 | ' | ' |
Cash and cash equivalents | 78 | -583 | ' | ' |
Inventory of manufactured homes | 6,541 | 5,810 | ' | ' |
Notes and other receivables, net | 8,079 | 10,161 | ' | ' |
Other assets | 4,820 | 4,594 | ' | ' |
TOTAL ASSETS | $329,794 | $314,406 | ' | ' |
Income_Taxes_Narrative_Details
Income Taxes , Narrative (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | ' | ' | ' |
Minimum Percent of Income From Qualifying Sources to Allow For Real Estate Investment Trust Classification | 95.00% | ' | ' |
Required Minimum Percent of Taxable Income Distributed to Stock Holders | 90.00% | ' | ' |
Deferred Tax Assets, Net | $1,000,000 | ' | $1,000,000 |
Provision for state income taxes | $69,000 | $59,000 | ' |
Earnings_Per_Share_Calculation
Earnings Per Share , Calculation of Numerator and Denominator (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Numerator | ' | ' |
Basic earnings: net income attributable to common stockholders | $7,846 | $5,744 |
Diluted earnings: net income available to common stockholders and unitholders | $7,846 | $5,744 |
Denominator | ' | ' |
Weighted average common shares outstanding | 36,495 | 30,427 |
Weighted average unvested restricted stock outstanding | 645 | 347 |
Basic Weighted average common shares outstanding | 37,140 | 30,774 |
Add: dilutive securities | 14 | 15 |
Diluted weighted average common shares | 37,154 | 30,789 |
Basic | $0.21 | $0.19 |
Diluted | $0.21 | $0.19 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share , Antidilutive Securities Excluded from Computation of Loss Per Share (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,880 | 3,889 |
Common OP Units [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,069 | 2,069 |
Series A-1 Preferred OP Units [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 446 | 455 |
Series A-3 Preferred OP Units [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 40 | 40 |
Aspen Preferred OP Units [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,325 | 1,325 |
Derivative_Instruments_And_Hed2
Derivative Instruments And Hedging Activities , Derivative Contracts (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Interest Rate Swap [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Notional Amount of Derivatives | $20 |
Interest Rate Cap [Member] | Derivative Maturing 2015 [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Notional Amount of Derivatives | 152.4 |
Derivative, Type | 'Cap |
Derivative, Purpose | 'Cap Floating Rate |
Derivative, Effective Date | 1-Apr-12 |
Derivative, Maturity Date | 1-Apr-15 |
Derivative, Based on | '3 Month LIBOR |
Derivative, Variable Rate | 0.25% |
Derivative, Fixed Rate | 11.27% |
Derivative, Spread on Variable Rate | 0.00% |
Interest Rate Cap [Member] | Derivative Maturing 2016 [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Notional Amount of Derivatives | $10 |
Derivative, Type | 'Cap |
Derivative, Purpose | 'Cap Floating Rate |
Derivative, Effective Date | 3-Oct-11 |
Derivative, Maturity Date | 3-Oct-16 |
Derivative, Based on | '3 Month LIBOR |
Derivative, Variable Rate | 0.25% |
Derivative, Fixed Rate | 11.02% |
Derivative, Spread on Variable Rate | 0.00% |
Derivative_Instruments_And_Hed3
Derivative Instruments And Hedging Activities , Balance Sheet Location (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | $0 | $0 |
Liability Derivatives | 0 | 97,000 |
Other Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 0 | 0 |
Collateral Already Posted, Aggregate Fair Value | 0 | 700,000 |
Other liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | ' | 97,000 |
Carrying Value [Member] | Other liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | $0 | $97,000 |
Derivative_Instruments_And_Hed4
Derivative Instruments And Hedging Activities , Statement of Operation Location (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain or (Loss) Recognized in OCI (Effective Portion) | $97 | $92 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 0 | 0 |
Interest rate swaps and cap agreement [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain or (Loss) Recognized in OCI (Effective Portion) | 97 | 92 |
Interest rate swaps and cap agreement [Member] | Interest expense [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $0 | $0 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments , By Balance Sheet Grouping (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets | ' | ' |
Notes and other receivables, net | $162,306 | $164,685 |
Financial liabilities | ' | ' |
Liability Derivatives | 0 | 97 |
Secured debt | 1,408,393 | 1,311,437 |
Other liabilities [Member] | ' | ' |
Financial liabilities | ' | ' |
Liability Derivatives | ' | 97 |
Carrying Value [Member] | ' | ' |
Financial liabilities | ' | ' |
Debt (excluding secured borrowings) | 1,296,185 | 1,200,927 |
Lines of credit | 16,441 | 181,383 |
Carrying Value [Member] | Installment notes receivable on manufactured homes, net [Member] | ' | ' |
Financial assets | ' | ' |
Notes and other receivables, net | 24,385 | 25,471 |
Carrying Value [Member] | Collateralized receivables [Member] | ' | ' |
Financial assets | ' | ' |
Notes and other receivables, net | 111,442 | 109,821 |
Carrying Value [Member] | Other liabilities [Member] | ' | ' |
Financial liabilities | ' | ' |
Liability Derivatives | 0 | 97 |
Carrying Value [Member] | Secured Debt [Member] | ' | ' |
Financial liabilities | ' | ' |
Secured debt | 112,208 | 110,510 |
Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Financial liabilities | ' | ' |
Liability Derivatives | 0 | 97 |
Debt (excluding secured borrowings) | 1,308,413 | 1,211,821 |
Secured borrowing | 112,208 | 110,510 |
Lines of credit | 16,441 | 181,383 |
Fair Value [Member] | Installment notes receivable on manufactured homes, net [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Financial assets | ' | ' |
Receivables | 24,385 | 25,471 |
Fair Value [Member] | Collateralized receivables [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Financial assets | ' | ' |
Receivables | $111,442 | $109,821 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (TJ Holdings, LLC [Member], USD $) | 1 Months Ended |
Jun. 30, 2010 | |
Loss Contingencies [Line Items] | ' |
Payments for Legal Settlements | $360,000 |
Minimum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Loss Contingency, Settlement Agreement, Ownership Percentage, After Qualifying Event with Joint Venture Properties | 9.03% |
Maximum [Member] | ' |
Loss Contingencies [Line Items] | ' |
Loss Contingency, Settlement Agreement, Closing Stock Price Determination, Period Preceeding Qualifying Event with Joint Venture Properties | '30 days |
Loss Contingency, Settlement Agreement, Ownership Percentage, After Qualifying Event with Joint Venture Properties | 28.99% |
Subsequent_Event_Details
Subsequent Event (Details) (Saco RV Resort [Member], Series of Acquisitions [Member], USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 25, 2014 |
Saco RV Resort [Member] | Series of Acquisitions [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Number of sites | ' | 127 |
Payments to Acquire Businesses, Gross | $4.40 | ' |