Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 30, 2015shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
Trading Symbol | SUI |
Entity Registrant Name | SUN COMMUNITIES INC |
Entity Central Index Key | 912,593 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 54,546,434 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Land | $ 457,279 | $ 309,386 |
Land improvements and buildings | 3,604,444 | 2,509,827 |
Rental homes and improvements | 478,764 | 439,163 |
Furniture, fixtures, and equipment | 98,567 | 81,586 |
Land held for future development | 23,659 | 23,955 |
Investment property | 4,662,713 | 3,363,917 |
Accumulated depreciation | (879,184) | (795,753) |
Investment property, net (including $92,593 and $94,230 for consolidated variable interest entities at September 30, 2015 and December 31, 2014; see Note 7) | 3,783,529 | 2,568,164 |
Cash and cash equivalents | 23,917 | 83,459 |
Inventory of manufactured homes | 15,263 | 8,860 |
Notes and other receivables, net | 49,201 | 51,895 |
Collateralized receivables, net | 138,241 | 122,962 |
Other assets, net | 104,452 | 102,352 |
TOTAL ASSETS | 4,114,603 | 2,937,692 |
LIABILITIES | ||
Mortgage loans payable (including $64,531 and $65,849 for consolidated variable interest at September 30, 2015 and December 31, 2014; see Note 7) | 2,205,760 | 1,656,740 |
Secured borrowings on collateralized receivables | 138,887 | 123,650 |
Preferred OP units - mandatorily redeemable | 45,903 | 45,903 |
Lines of credit | 167,000 | 5,794 |
Distributions payable | 38,819 | 35,084 |
Other liabilities (including $19,474 and $10,442 for consolidated variable interest entities at September 30, 2015 and December 31, 2014; see Note 7) | 190,284 | 130,369 |
TOTAL LIABILITIES | $ 2,786,653 | $ 1,997,540 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY | ||
Series A preferred stock, $0.01 par value. Issued and outstanding: 3,400 shares at September 30, 2015 and December 31, 2014 | $ 34 | $ 34 |
Common stock, $0.01 par value. Authorized: 180,000 shares; Issued and outstanding: 54,546 shares at September 30, 2015 and 48,573 shares at December 31, 2014 | 545 | 486 |
Additional paid-in capital | 2,079,139 | 1,741,154 |
Distributions in excess of accumulated earnings | (916,961) | (863,545) |
Total Sun Communities, Inc. stockholders' equity | 1,162,757 | 878,129 |
Noncontrolling interests: | ||
Common and preferred OP units | 76,914 | 30,107 |
Consolidated variable interest entities | (1,336) | (416) |
Total noncontrolling interests | 75,578 | 29,691 |
TOTAL STOCKHOLDERS’ EQUITY | 1,238,335 | 907,820 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 4,114,603 | 2,937,692 |
Series A-4 Preferred Stock [Member] | ||
LIABILITIES | ||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 68,633 | 13,610 |
Series A-4 preferred OP units [Member] | ||
LIABILITIES | ||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ 20,982 | $ 18,722 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investment property, net | $ 3,783,529 | $ 2,568,164 |
Secured debt | 2,205,760 | 1,656,740 |
Other Liabilities | $ 190,284 | $ 130,369 |
Series A Preferred Stock, Par Value | $ 0.01 | $ 0.01 |
Series A Preferred Stock, Shares Issued | 3,400,000 | 3,400,000 |
Series A Preferred Stock, Shares Outstanding | 3,400,000 | 3,400,000 |
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 180,000,000 | 90,000,000 |
Common Stock, Shares Issued | 54,546,000 | 48,573,000 |
Common Stock, Shares Outstanding | 54,546,000 | 48,573,000 |
Series A-4 Preferred Stock [Member] | ||
Series A-4 Preferred Stock, Par Value | $ 0.01 | $ 0.01 |
Series A-4 Preferred Stock, Shares Issued | 2,298,000 | 483,000 |
Series A-4 Preferred Stock, Shares Outstanding | 2,298,000 | 483,000 |
Series A Preferred Stock, Shares Outstanding | 2,298,184 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Investment property, net | $ 92,593 | $ 94,230 |
Secured debt | 64,531 | 65,849 |
Other Liabilities | $ 19,474 | $ 10,442 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
REVENUES | ||||
Income from real property | $ 137,548 | $ 94,245 | $ 382,906 | $ 267,847 |
Revenue from home sales | 18,991 | 13,913 | 54,559 | 38,849 |
Rental home revenue | 11,856 | 9,829 | 34,480 | 28,964 |
Ancillary revenues | 12,511 | 8,762 | 20,956 | 15,452 |
Interest | 3,987 | 3,545 | 11,864 | 10,425 |
Brokerage commissions and other income, net | 462 | 338 | 1,728 | 720 |
Total revenues | 185,355 | 130,632 | 506,493 | 362,257 |
COSTS AND EXPENSES | ||||
Property operating and maintenance | 38,716 | 28,031 | 102,437 | 76,413 |
Real estate taxes | 8,520 | 6,004 | 26,031 | 18,092 |
Cost of home sales | 13,386 | 10,524 | 39,645 | 29,472 |
Rental home operating and maintenance | 7,031 | 6,232 | 18,115 | 16,696 |
Ancillary expenses | 6,936 | 5,197 | 13,631 | 10,254 |
General and administrative - real property | 10,735 | 6,971 | 31,051 | 23,177 |
General and administrative - home sales and rentals | 3,845 | 2,313 | 11,290 | 7,932 |
Transaction costs | 1,664 | 2,399 | 13,150 | 4,263 |
Depreciation and amortization | 44,695 | 29,917 | 130,107 | 88,851 |
Asset impairment charge | 0 | 837 | 0 | 837 |
Extinguishment of debt | 0 | 0 | 2,800 | 0 |
Interest | 27,453 | 18,619 | 79,593 | 54,149 |
Interest on mandatorily redeemable preferred OP units | 790 | 808 | 2,429 | 2,417 |
Total expenses | 163,771 | 117,852 | 470,279 | 332,553 |
Income before other gains (losses) | 21,584 | 12,780 | 36,214 | 29,704 |
Gain on disposition of properties, net | 18,190 | 13,631 | 26,946 | 14,516 |
Provision for state income taxes | (77) | (69) | (229) | (207) |
Distributions from affiliate | 0 | 400 | 7,500 | 1,200 |
Net income | 39,697 | 26,742 | 70,431 | 45,213 |
Less: Preferred return to Series A-1 preferred OP units | 591 | 661 | 1,844 | 1,997 |
Less: Preferred return to Series A-3 preferred OP units | 45 | 45 | 136 | 136 |
Less: Preferred return to Series A-4 preferred OP units | 326 | 0 | 1,032 | 0 |
Less: Preferred return to Series C preferred OP units | 340 | 0 | 680 | 0 |
Less: Amounts attributable to noncontrolling interests | 2,125 | 1,851 | 3,132 | 3,093 |
Net income attributable to Sun Communities, Inc. | 36,270 | 24,185 | 63,607 | 39,987 |
Less: Preferred stock distributions | 3,179 | 1,514 | 11,353 | 4,542 |
Less: Preferred stock redemption costs | 4,328 | 0 | 4,328 | 0 |
Net income attributable to Sun Communities, Inc. common stockholders | $ 28,763 | $ 22,671 | $ 47,926 | $ 35,445 |
Weighted average common shares outstanding: | ||||
Basic | 53,220 | 41,023 | 52,855 | 39,283 |
Diluted | 53,665 | 41,267 | 53,271 | 41,575 |
Earnings per share: | ||||
Basic | $ 0.53 | $ 0.55 | $ 0.90 | $ 0.89 |
Diluted | $ 0.54 | $ 0.55 | $ 0.90 | $ 0.85 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income | $ 39,697 | $ 26,742 | $ 70,431 | $ 45,213 |
Unrealized gain on interest rate swaps | 0 | 0 | 0 | 97 |
Total comprehensive income | 39,697 | 26,742 | 70,431 | 45,310 |
Less: Comprehensive income attributable to the noncontrolling interests | 2,125 | 1,851 | 3,132 | 3,101 |
Comprehensive income attributable to Sun Communities, Inc. | $ 37,572 | $ 24,891 | $ 67,299 | $ 42,209 |
Consolidated Statement Of Stock
Consolidated Statement Of Stockholders' Equity (Deficit) - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Noncontrolling Interests | Total Stockholders' Equity (Deficit) | Series A Preferred Stock [Member] |
Balance at Dec. 31, 2014 | $ 907,820 | $ 486 | $ 1,741,154 | $ (863,545) | $ 29,691 | $ 907,820 | $ 34 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock from exercise of options, net | 0 | 71 | 0 | 0 | 71 | 0 | |
Issuance, conversion of OP units and associated costs of common stock, net | 59 | 332,830 | 0 | 51,247 | 384,136 | 0 | |
Preferred stock redemption costs | (4,328) | 0 | 0 | (4,328) | 0 | 0 | |
Share-based compensation - amortization and forfeitures | 0 | 5,084 | 150 | 0 | 5,234 | 0 | |
Net income | 70,431 | 0 | 0 | 67,301 | 2,800 | 70,101 | 0 |
Distributions | 0 | 0 | (116,539) | (8,160) | (124,699) | 0 | |
Balance at Sep. 30, 2015 | $ 1,238,335 | $ 545 | $ 2,079,139 | $ (916,961) | $ 75,578 | $ 1,238,335 | $ 34 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
OPERATING ACTIVITIES: | ||
Net income | $ 70,431 | $ 45,213 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on disposition of assets | 4,664 | 3,606 |
Gain on disposition of properties, net | (26,946) | (14,516) |
Asset impairment charges | 0 | 837 |
Share-based compensation | 5,234 | 3,408 |
Depreciation and amortization | 129,094 | 89,190 |
Amortization of below market lease intangible | (3,724) | 0 |
Amortization of debt premium intangible | (7,985) | 0 |
Amortization of deferred financing costs | 1,410 | 861 |
Distributions from affiliate | (7,500) | (1,200) |
Change in notes receivable from financed sales of inventory homes, net of repayments | 4,636 | 13,806 |
Change in inventory, other assets and other receivables, net | (17,530) | 3,420 |
Change in other liabilities | 13,594 | (542) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 146,778 | 109,259 |
INVESTING ACTIVITIES: | ||
Investment in properties | (148,655) | (131,602) |
Acquisitions of properties | (309,275) | (137,376) |
Payments for deposits on acquisitions | 2,208 | 50,000 |
Proceeds related to affiliate dividend distribution | 7,500 | 1,200 |
Proceeds related to disposition of land | 0 | 221 |
Proceeds related to disposition of assets and depreciated homes, net | 4,849 | 3,940 |
Proceeds related to the disposition of properties | 45,488 | 59,683 |
Issuance of notes and other receivables | 727 | 442 |
Payment for membership interest | (1,390) | 0 |
Repayments of notes and other receivables | (1,213) | (5,754) |
NET CASH USED FOR INVESTING ACTIVITIES | (403,205) | (248,622) |
FINANCING ACTIVITIES: | ||
Issuance and associated costs of common stock, OP units, and preferred OP units, net | 77,306 | 562,581 |
Net proceeds from stock option exercise | 71 | 126 |
Redemption of Series A-4 Preferred Stock | (121,445) | 0 |
Distributions to stockholders, OP unit holders, and preferred OP unit holders | (121,468) | (86,414) |
Preferred stock redemption costs | (4,328) | 0 |
Borrowings on lines of credit | 394,428 | 384,924 |
Payments on lines of credit | (233,222) | (566,307) |
Proceeds from issuance of other debt | 326,689 | 187,340 |
Payments on other debt | (121,247) | (87,579) |
Proceeds received from return of prepaid deferred financing costs | 6,852 | 2,384 |
Payments for deferred financing costs | (6,751) | (3,293) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 196,885 | 393,762 |
Net change in cash and cash equivalents | (59,542) | 254,399 |
Cash and cash equivalents, beginning of period | 83,459 | 4,753 |
Cash and cash equivalents, end of period | 23,917 | 259,152 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest (net of capitalized interest of $464 and $369, respectively) | 77,673 | 43,294 |
Cash paid for interest on mandatorily redeemable debt | 2,620 | 2,417 |
Cash paid for state income taxes | 310 | 292 |
Noncash investing and financing activities: | ||
Unrealized gain on interest rate swaps | 0 | 97 |
Reduction in secured borrowing balance | 13,243 | 17,119 |
Change in distributions declared and outstanding | 4,264 | 8,580 |
Conversion of common and preferred OP units | 7,020 | 1,878 |
Settlement of membership interest | 3,498 | 0 |
Noncash investing and financing activities at the date of acquisition: | ||
Acquisitions - Series A-4 preferred OP units issued | 1,000 | 0 |
Acquisitions - Series A-4 preferred stock issued | 175,613 | 0 |
Acquisitions - Common stock and OP units issued | 278,955 | 0 |
Acquisitions - Series C preferred OP units issued | 33,154 | 0 |
Acquisitions - debt assumed | $ 377,666 | $ 0 |
Consolidated Statements Of Cas8
Consolidated Statements Of Cash Flows Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Interest Costs Capitalized | $ 464 | $ 369 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Sun Communities, Inc., a Maryland corporation, and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership (the “Operating Partnership”), SunChamp LLC (“SunChamp”), and Sun Home Services, Inc. (“SHS”) are referred to herein as the "Company," "us," "we," and "our". We follow accounting standards set by the Financial Accounting Standards Board ("FASB"). FASB sets generally accepted accounting principles ("GAAP"), which we follow to ensure that we consistently report our financial condition, results of operations, and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification. These unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information and in accordance with GAAP. Pursuant to the SEC rules and regulations we present interim disclosures and certain information and footnote disclosures as required. Accordingly, the unaudited Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying unaudited Consolidated Financial Statements reflect, in the opinion of management, all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of the interim financial statements. All intercompany transactions have been eliminated in consolidation. 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 unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the SEC on March 2, 2015 (the “ 2014 Annual Report”). These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our 2014 Annual Report. |
Real Estate Acquisitions and Di
Real Estate Acquisitions and Dispositions | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Real Estate Acquisitions and Dispositions | Real Estate Acquisitions and Dispositions Green Courte First Phase During the fourth quarter of 2014, we completed the first phase of the acquisition of the Green Courte properties. We acquired 32 manufactured housing ("MH") communities with over 9,000 developed sites in 11 states. Included in the total consideration paid for the first phase was the issuance of 361,797 shares of common stock, 501,130 common OP units, 483,317 shares of 6.50% Series A-4 Cumulative Convertible Preferred Stock ("Series A-4 Preferred Stock"), and 669,449 Series A-4 preferred OP units. Second Phase In January 2015, we completed the final closing of the acquisition of the Green Courte properties. We acquired the remaining 26 communities comprised of over 10,000 sites. Included in the total consideration paid for the second phase was the issuance of 4,377,073 shares of common stock and 5,847,234 shares of Series A-4 Preferred Stock. The following tables summarize the fair value of the assets acquired and liabilities assumed at the acquisition dates and the consideration paid (in thousands): At Acquisition Date First Phase (1) Second Phase (1) Total Investment in property $ 656,543 $ 818,109 $ 1,474,652 Notes receivable 5,189 850 6,039 Other (liabilities) assets (1,705 ) 7,405 5,700 In-place leases and other intangible assets 12,870 15,460 28,330 Below market lease intangible (10,820 ) (54,580 ) (65,400 ) Assumed debt (199,300 ) (201,466 ) (400,766 ) Total identifiable assets acquired and liabilities assumed $ 462,777 $ 585,778 $ 1,048,555 Consideration Common OP units (2) $ 24,064 $ — $ 24,064 Series A-4 preferred OP units (3) 18,852 1,000 19,852 Common stock 20,427 259,133 279,560 Series A-4 Preferred Stock (3) 13,697 175,527 189,224 Consideration from new mortgages 100,700 90,794 191,494 Cash consideration transferred 285,037 59,324 344,361 Total consideration transferred $ 462,777 $ 585,778 $ 1,048,555 (1) The purchase price allocations for the first and second closings are preliminary and may be adjusted as final costs and final valuations are determined. (2) To estimate the fair value of the common OP units at the valuation date, we utilized the market approach, observing public price of our common stock. (3) To estimate the fair value of the Series A-4 preferred OP units and the Series A-4 Preferred Stock at the valuation date, we utilized an income approach. Under this approach, we used the Binomial Lattice Method. The amount of revenue and net income included in the Consolidated Statements of Operations related to the Green Courte properties for the three and nine months ended September 30, 2015 is set forth in the following table (in thousands): Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (unaudited) (unaudited) Revenue $ 33,772 $ 102,243 Net income $ 4,029 $ 13,295 Other Acquisitions In August 2015, we acquired Rock Crusher Canyon RV Resort ("Rock Crusher"), a recreational vehicle ("RV") resort with 391 sites located in Crystal Lake, Florida. In July 2015, we acquired Frontier Town RV Resort ("Frontier Town"), a RV resort with 584 developed sites and expansion potential of 200 sites, located in Berlin, Maryland. We also acquired Fort Whaley RV Resort ("Fort Whaley"), a RV resort with 210 developed sites and expansion potential of nearly 90 sites, located in Whaleyville, Maryland. In May 2015, we acquired La Hacienda RV Resort ("La Hacienda"), a RV resort with 241 sites located in Austin, Texas. We also acquired Lakeside Crossing, a MH community with 419 sites and expansion potential of nearly 300 sites, located near Myrtle Beach, South Carolina. In April 2015, we acquired the Berger portfolio ("Berger"), which consisted of six MH communities with over 3,130 developed sites and expansion potential of approximately 380 sites. Included in the total consideration paid was 371,808 common OP units and 340,206 Series C preferred OP units. In March 2015, we acquired Meadowlands Gibraltar ("Meadowlands"), a MH community with 321 sites located in Gibraltar, Michigan. The following tables summarize the amounts of the assets acquired and liabilities assumed (excluding Green Courte) at the acquisition date and the consideration paid for the acquisitions completed in 2015 (in thousands): At Acquisition Date Meadowlands (1) Berger (1) Lakeside Crossing (1) La Hacienda (1) Frontier Town (1) Fort Whaley (1) Rock Crusher (1) Total Investment in property $ 8,313 $ 268,026 $ 35,438 $ 25,895 $ 62,126 $ 5,704 $ 5,962 $ 411,464 Inventory of manufactured homes 285 — — — — — — 285 In-place leases and other intangible assets 270 5,040 520 1,380 70 — 110 7,390 Below market lease intangible — (7,840 ) (3,440 ) — — — — (11,280 ) Assumed debt (6,318 ) (169,882 ) — — — — — (176,200 ) Total identifiable assets acquired and liabilities assumed $ 2,550 $ 95,344 $ 32,518 $ 27,275 $ 62,196 $ 5,704 $ 6,072 $ 231,659 Consideration Common OP units $ — $ 19,650 $ — $ — $ — $ — $ — $ 19,650 Series C preferred OP units — 33,154 — — — — — 33,154 Note payable 2,377 — — — — — — 2,377 Cash consideration transferred 173 42,540 32,518 27,275 62,196 5,704 6,072 176,478 Total consideration transferred $ 2,550 $ 95,344 $ 32,518 $ 27,275 $ 62,196 $ 5,704 $ 6,072 $ 231,659 (1) The purchase price allocations for Meadowlands, Berger, Lakeside Crossing, La Hacienda, Frontier Town, Fort Whaley and Rock Crusher 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 related to the acquisitions completed in 2015 (excluding Green Courte) for the three and nine months ended September 30, 2015 is set forth in the following table (in thousands): Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (unaudited) (unaudited) Revenue $ 12,676 $ 19,388 Net income $ 4,162 $ 4,974 The following unaudited pro forma financial information presents the results of our operations for the three and nine months ended September 30, 2015 and 2014 (including Green Courte) as if the properties were acquired on January 1, 2014. The unaudited pro forma results reflect certain adjustments for items that are not expected to have a continuing impact, such as adjustments for transaction 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, 2014 (in thousands, except per-share data). Three Months Ended September 30, Nine Months Ended September 30, (unaudited) (unaudited) 2015 2014 2015 2014 Total revenues $ 186,381 $ 166,839 $ 520,382 $ 470,980 Net income attributable to Sun Communities, Inc. common stockholders $ 30,609 $ 31,711 $ 64,580 $ 55,976 Net income per share attributable to Sun Communities, Inc. common stockholders - basic $ 0.58 $ 0.76 $ 1.22 $ 1.40 Net income per share attributable to Sun Communities, Inc. common stockholders - diluted $ 0.58 $ 0.76 $ 1.21 $ 1.40 Transaction costs of approximately $1.7 million and $2.4 million and $13.2 million and $4.3 million have been incurred for the three and nine months ended September 30, 2015 and 2014 , respectively, and are presented as “Transaction costs” in our Consolidated Statements of Operations. Dispositions During the nine months ended September 30, 2015, we completed the sales of four MH communities. Pursuant to Accounting Standards Update ("ASU") 2014-08, " Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity " ("ASU 2014-08"), the disposals of the communities do not qualify for presentation as a discontinued operation, as the sales do not have a major impact on our operations and financial results and do not represent a strategic shift. Additionally, the communities are not considered an individually significant component and therefore do not qualify for presentation as a discontinued operation. A gain of $26.9 million is recorded in "Gain on disposition of properties, net" in our Consolidated Statements of Operations. The table below lists the communities we have disposed of during the nine months ended September 30, 2015. Community State Number of Sites Candlewick Court MI 211 Catalina OH 462 Worthington Arms OH 224 Valley Brook IN 798 |
Collateralized Receivables and
Collateralized Receivables and Transfers of Financial Assets | 9 Months Ended |
Sep. 30, 2015 | |
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 receivable. 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 a 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 receivable 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 receivable. The percentage used to determine the repurchase price of the outstanding principal balance on the installment note receivable is based on the number of payments made on the note. In general, the repurchase price is determined as follows: Number of Payments Repurchase Percentage Fewer 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, net and the cash proceeds received from these transactions have been classified as a Secured borrowing within the Consolidated Balance Sheets. The balance of the collateralized receivables was $138.2 million (net of allowance of $0.6 million ) and $123.0 million (net of allowance of $0.7 million ) as of September 30, 2015 and December 31, 2014 , respectively. The receivables have a weighted average interest rate and maturity of 10.2% and 15.2 years as of September 30, 2015 , and 10.4% and 14.6 years as of December 31, 2014 . The outstanding balance on the secured borrowing was $138.9 million and $123.7 million as of September 30, 2015 and December 31, 2014 , respectively. 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 $3.3 million and $3.0 million , and $9.6 million and $8.6 million for the three and nine months ended September 30, 2015 and 2014 , 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): Nine Months Ended September 30, 2015 Beginning balance $ 123,650 Financed sales of manufactured homes 28,481 Principal payments and payoffs from our customers (6,728 ) Principal reduction from repurchased homes (6,516 ) Total activity 15,237 Ending balance $ 138,887 The following table sets forth the allowance for the collateralized receivables as of September 30, 2015 (in thousands): Nine Months Ended September 30, 2015 Beginning balance $ (688 ) Lower of cost or market write-downs 275 Increase to reserve balance (233 ) Total activity 42 Ending balance $ (646 ) |
Notes And Other Receivables
Notes And Other Receivables | 9 Months Ended |
Sep. 30, 2015 | |
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): September 30, 2015 December 31, 2014 Installment notes receivable on manufactured homes, net $ 22,375 $ 25,884 Other receivables, net 26,826 26,011 Total notes and other receivables, net $ 49,201 $ 51,895 Installment Notes Receivable on Manufactured Homes The installment notes receivable of $22.4 million (net of allowance of $0.2 million ) and $25.9 million (net of allowance of $0.1 million ) as of September 30, 2015 and December 31, 2014 , 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 weighted average interest rate (net of servicing costs) and maturity of 8.6% and 10.1 years as of September 30, 2015 , and 8.7% and 10.4 years as of December 31, 2014 . The change in the aggregate gross principal balance of the installment notes receivable is as follows (in thousands): Nine Months Ended September 30, 2015 Beginning balance $ 26,024 Financed sales of manufactured homes 653 Acquired notes (see Note 2) 850 Principal payments and payoffs from our customers (3,645 ) Principal reduction from repossessed homes (1,339 ) Total activity (3,481 ) Ending balance $ 22,543 Allowance for Losses for Installment Notes Receivable The following table sets forth the allowance change for the installment notes receivable as follows (in thousands): Nine Months Ended September 30, 2015 Beginning balance $ (140 ) Lower of cost or market write-downs 42 Increase to reserve balance (70 ) Total activity (28 ) Ending balance $ (168 ) Other Receivables As of September 30, 2015 , other receivables were comprised of amounts due from residents for rent, and water and sewer usage of $5.3 million (net of allowance of $1.1 million ), home sale proceeds of $9.4 million , insurance receivables of $0.9 million , insurance settlement of $4.5 million , rebates and other receivables of $4.5 million and a note receivable of $2.2 million . The $2.2 million note bears interest at 8.0% for the first two years and in year three is indexed to 7.87% plus the one year Federal Reserve treasury constant maturity rate for the remainder of the loan. The note is secured by the senior mortgage on one MH community and a deed of land, and is due on December 31, 2016. As of December 31, 2014 , other receivables were comprised of amounts due from residents for rent, and water and sewer usage of $4.9 million (net of allowance of $1.0 million ), home sale proceeds of $7.4 million , insurance receivables of $1.0 million , insurance settlement of $3.7 million , rebates and other receivables of $6.8 million and a note receivable of $2.2 million . In April 2015, a $40.2 million note was repaid in conjunction with the Berger acquisition, which consisted of six MH communities (see Note 2). The note bore interest at 9.6% per annum and was secured by certain assets of the principals of the seller. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Intangible Assets Our intangible assets include in-place leases from acquisitions, franchise fees, and other intangible assets. These intangible assets are recorded in "Other assets, net" on the Consolidated Balance Sheets. The gross carrying amounts, and accumulated amortization are as follows (in thousands): September 30, 2015 December 31, 2014 Intangible Asset Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization In-place leases 7 years $ 63,281 $ (18,128 ) $ 41,511 $ (12,107 ) Franchise fees and other intangible assets 15 years 1,864 (493 ) 764 (106 ) Total $ 65,145 $ (18,621 ) $ 42,275 $ (12,213 ) During 2015, in connection with our acquisitions, we purchased in-place leases and other intangible assets valued at approximately $22.9 million with useful lives ranging from seven to fifteen years. The aggregate net amortization expenses related to the intangible assets are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Intangible Asset 2015 2014 2015 2014 In-place leases $ 2,341 $ 891 $ 6,020 $ 2,674 Franchise fees and other intangible assets 129 19 387 58 Total $ 2,470 $ 910 $ 6,407 $ 2,732 |
Investment In Affiliates
Investment In Affiliates | 9 Months Ended |
Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment In Affiliates | Investment in Affiliates Origen Financial Services, LLC (“OFS LLC”) At September 30, 2015 and December 31, 2014 , 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 in Origen, which approximates an ownership interest of 19% . We had suspended equity accounting for this investment as the carrying value of our investment was zero . In January 2015, Origen completed the sale of substantially all of its assets to an affiliate of GoldenTree Asset Management, LP and has announced its intention to dissolve and liquidate. During the second quarter of 2015, and as disclosed in a press release on March 30, 2015, Origen made an initial distribution of $1.50 per share to its stockholders of record as of April 13, 2015, retaining approximately $6.2 million for expected dissolution, wind down costs, expenses, and contingencies. Depending on the actual cost of estimated wind down expenses, Origen may make one or more additional interim distributions of excess cash to stockholders prior to completing liquidation. Upon completion of liquidation, Origen will distribute remaining cash, if any, to stockholders. During the second quarter of 2015, we received an initial distribution of $7.5 million from Origen. |
Consolidated Variable Interest
Consolidated Variable Interest Entities | 9 Months Ended |
Sep. 30, 2015 | |
DisclosureofVariableInterestEntities [Abstract] | |
Consolidated Variable Interest Entities | Consolidated Variable Interest Entities Variable interest entities ("VIEs") that are consolidated include Rudgate Village SPE, LLC, Rudgate Clinton SPE, LLC, Rudgate Clinton Estates SPE, LLC (the “Rudgate Borrowers”), and Wildwood Village Mobile Home Park ("Wildwood"). We evaluated our arrangements with these properties under the guidance set forth in FASB Accounting Standard Codification ("ASC") ASC Topic 810 " Consolidation ". We concluded that the Rudgate Borrowers and Wildwood qualify as VIEs as we are the primary beneficiary and hold controlling financial interests 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 Sheets after appropriate eliminations have been made (in thousands): September 30, 2015 December 31, 2014 ASSETS Investment property, net $ 92,593 $ 94,230 Other assets 3,767 4,400 Total Assets $ 96,360 $ 98,630 LIABILITIES AND STOCKHOLDERS' EQUITY Debt $ 64,531 $ 65,849 Other liabilities 19,474 10,442 Noncontrolling interests (1,336 ) (416 ) Total Liabilities and Stockholders' Equity $ 82,669 $ 75,875 Investment property, net and other assets related to the consolidated VIEs comprised approximately 2.3% and 3.4% of our consolidated total assets at September 30, 2015 and December 31, 2014 , respectively. Debt and other liabilities comprised approximately 2.9% and 3.8% of our consolidated total liabilities at September 30, 2015 and December 31, 2014 , respectively. Noncontrolling interest related to the consolidated VIEs comprised less than 1.0% of our consolidated total equity at September 30, 2015 and December 31, 2014 . |
Debt And Lines Of Credit
Debt And Lines Of Credit | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt and Lines of Credit The following table sets forth certain information regarding debt (in thousands): Principal Outstanding Weighted Average Years to Maturity Weighted Average Interest Rates September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 Collateralized term loans - CMBS $ 742,142 $ 806,840 5.0 5.4 5.3 % 5.3 % Collateralized term loans - FNMA 796,714 492,800 6.1 7.1 4.6 % 4.0 % Collateralized term loans - Life Companies 469,486 204,638 13.8 10.9 4.1 % 4.3 % Collateralized term loans - FMCC 197,418 152,462 9.2 9.9 4.0 % 4.0 % Secured borrowing 138,887 123,650 15.2 14.6 10.2 % 10.4 % Preferred OP units - mandatorily redeemable 45,903 45,903 6.3 6.8 6.9 % 6.9 % Total debt $ 2,390,550 $ 1,826,293 8.1 7.5 5.1 % 5.1 % Collateralized Term Loans In August 2015, we entered into an agreement to borrow $87.0 million in mortgage debt that will be secured by five communities at an interest rate of 4.06% for a term of 25 years . This loan will close in two separate closings. In September 2015, we completed the first closing for $51.2 million secured by four communities and the second closing for $35.8 million is scheduled to close in December 2015. In May 2015, we defeased a total of $70.6 million aggregate principal amount of collateralized term loans with an interest rate of 5.32% that were due to mature on July 1, 2016, releasing 10 communities. As a result of the transaction we recognized a loss on debt extinguishment of $2.8 million that is reflected in our Consolidated Statement of Operations. In April 2015, in relation to the acquisition of the Berger properties (see Note 2), we assumed debt with a fair market value of $169.9 million on the communities with a weighted average interest rate of 5.17% and a weighted average remaining term of 6.3 years . In March 2015, in relation to the acquisition of Meadowlands (see Note 2), we assumed a $6.3 million mortgage with an interest rate of 6.5% and a remaining term of 6.5 years . Also, in relation to this acquisition, we entered into a note payable with the seller for $2.4 million that bears no interest but is payable in three equal yearly installments beginning in March 2016. In January 2015, in relation to the acquisition of the Green Courte properties (see Note 2), we refinanced approximately $90.8 million of mortgage debt on 10 of the communities (resulting in proceeds of $112.3 million ) at a weighted average interest rate of 3.87% per annum and a weighted average term of 14.1 years . We also assumed approximately $201.4 million of mortgage debt at a weighted average interest rate of 5.74% and a weighted average remaining term of 6.3 years . The collateralized term loans totaling $2.4 billion as of September 30, 2015 , are secured by 171 properties comprised of 68,814 sites representing approximately $2.7 billion of net book value. Secured Borrowing See Note 3 , "Collateralized Receivables and Transfers of Financial Assets", for additional information regarding our collateralized receivables and secured borrowing transactions. Preferred OP Units Included in preferred OP units is $34.7 million of Aspen preferred OP units issued by the Operating Partnership which are convertible into 509,676 shares of the Company's common stock. Subject to certain limitations, at any time prior to January 1, 2024, the holder of each Aspen preferred OP unit at its option may convert such Aspen preferred OP unit into: (a) if the market price of our common stock is $68.00 per share of less, 0.397 common OP units, or (b) if the market price of our common stock is greater than $68.00 per share, that the number of common OP units determined by dividing (i) the sum of (A) $27.00 plus (B) 25% of the amount by which the market price of our common stock exceeds $68.00 per share, by (ii) the per-share market price of our common stock. The current preferred distribution rate is 6.5% . Lines of Credit In August, 2015, we amended and restated our senior revolving credit facility with Citibank, N.A. and certain other lenders in the amount of $450.0 million , comprised of a $392.0 million revolving loan and $58.0 million term loan (the "Facility"). The Facility has a four year term ending August 19, 2019 , which can be extended for two additional six-month periods 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 $300.0 million . If additional borrowings are made pursuant to any such additional commitments, the aggregate borrowing limit under the Facility may be increased up to $750.0 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 1.40% to 2.25% for the revolving loan and 1.35% to 2.20% for the term loan. As of September 30, 2015 , the margin on our leverage ratio was 1.45% and 1.40% on the revolving and term loans, respectively. We had $142.0 million on the revolving loan and $25.0 million on the term loan totaling $167.0 million in borrowings as of September 30, 2015 , with a weighted average interest rate of 1.66% . As of December 31, 2014 there was no amount outstanding under our previous credit Facility. The Facility provides us with the ability to issue letters of credit. Our issuance of letters of credit does not increase our borrowings outstanding under our line of credit, but does reduce the borrowing amount available. At September 30, 2015 and December 31, 2014 , approximately $3.4 million and $3.2 million , respectively, of availability was used to back standby letters of credit. We have a $12.0 million manufactured home floor plan facility renewable indefinitely until our lender provides us at least 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 September 30, 2015 , the effective interest rate was 7.0% . There was no outstanding balance at September 30, 2015 and there was $5.8 million at December 31, 2014 . Covenants Pursuant to the terms of the Facility, we are subject to various financial and other 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 September 30, 2015 , we were in compliance with all covenants. |
Equity Transactions
Equity Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Equity Transactions | Equity and Mezzanine Securities At the Company's Annual Meeting of Stockholders on July 20, 2015, the stockholders approved Articles of Amendment to our Amended and Restated Articles of Incorporation, as amended and supplemented, under which the number of authorized shares of our common stock, $0.01 par value per share, was increased from 90,000,000 to 180,000,000 and the number of our preferred stock, $0.01 par value per share, was increased from 10,000,000 to 20,000,000 . In July 2015, the Company entered into a repurchase agreement with certain holders of shares of Series A-4 Preferred Stock under which, at the holders’ election, the Company was obligated to repurchase up to 5,926,322 shares of the Series A-4 Preferred Stock from the holders of those shares. There were 6,364,770 shares of Series A-4 preferred shares issued and outstanding at the time of the repurchase agreement, and 438,448 shares of Series A-4 Preferred Stock were not subject to the repurchase agreement. Each holder of shares of Series A-4 Preferred Stock subject to the repurchase agreement could have elected to sell its shares of Series A-4 Preferred Stock to the Company. The purchase price was $31.08 per share, which consists of a price per share of $30.90 plus $0.18 for accrued and unpaid distributions from and including June 30, 2015 to, but not including, August 10, 2015. Each share of Series A-4 Preferred Stock had a liquidation preference of $25.00 per share, and was convertible into approximately 0.4444 shares of the Company’s common stock. Pursuant to the repurchase agreement, the Company repurchased 4,066,586 shares of the Series A-4 Preferred Stock. There are 2,298,184 shares of Series A-4 Preferred Stock issued and outstanding as of September 30, 2015. In June 2015, we issued to GCP Fund III Ancillary Holding, LLC (i) 25,664 shares of common stock at an issuance price of $50.00 per share or $1,283,200 in the aggregate, and (ii) 34,219 shares of Series A-4 Preferred Stock at an issuance price of $25.00 per share, or $855,475 in the aggregate. All of these common shares and preferred shares were issued for cash consideration pursuant to the terms of a Subscription Agreement, dated July 30, 2014, as amended, among the Company, Green Court Real Estate Partners III, LLC, and certain other parties. The parties have agreed that no additional securities are issuable under the Subscription Agreement. Also in June 2015, we entered into an At the Market Offering Sales Agreement (the "Sales Agreement") with BMO Capital Markets Corp., Merrill Lynch, Pierce, Fenner and Smith Incorporated and Citigroup Global Markets Inc. (collectively, the "Sales Agents"). Pursuant to the Sales Agreement, we may offer and sell shares of our common stock, having an aggregate offering price of up to $250.0 million , from time to time through the Sales Agents. Each Sales Agent is entitled to compensation in an agreed amount not to exceed 2.0% of the gross sales price per share for any shares sold through it from time to time under the Sales Agreement. Concurrently, the At the Market Offering Sales Agreement dated May 10, 2012, as amended among the Company, the Partnership, BMO Capital Markets Corp. and Liquidnet, Inc., was terminated. Prior to the termination of the At the Market Offering Sales Agreement dated May 10, 2012, during the first quarter of 2015, 342,011 shares of common stock were issued at the prevailing market price of our common stock at the time of each sale with a weighted average sale price of $63.94 , and we received net proceeds of approximately $21.5 million . During the third quarter of 2015, under the June 2015 Sales Agreement, we sold 608,100 common shares under the Sales Agreement, at an average sales price of $68.00 for net proceeds of $40.8 million . During the second quarter of 2015, under the June 2015 Sales Agreement, we sold 26,200 common shares under the Sales Agreement, at an average sales price of $65.15 for net proceeds of $1.7 million . In April 2015, in connection with the Berger acquisition, we issued 371,808 common OP units at an issuance price of $61.00 per share and 340,206 newly created Series C preferred OP units at an issuance price of $100.00 per share. The Series C preferred OP unit holders receive a preferred return of 4.0% per year from the closing until the second anniversary of the date of issuance, 4.5% per year during the following three years, and 5.0% per year thereafter. At the holder’s option, each Series C preferred OP unit will be exchangeable into 1.11 shares of the Company’s common stock and holders of Series C preferred OP units do not have any voting or consent rights. In January 2015, in connection with the Green Courte second closing, we issued 4,377,073 shares of common stock at an issuance price of $50.00 per share and 5,847,234 shares of Series A-4 Preferred Stock at an issuance price of $25.00 per share. The Series A-4 Preferred Stock stockholders receive a preferred return of 6.5% . In addition, one of the Green Courte Partners funds purchased 150,000 shares of our common stock and 200,000 Series A-4 preferred OP units for an aggregate purchase price of $12.5 million . As noted above, in July 2015, the Company repurchased 4,066,586 shares of the Series A-4 Preferred Stock. If certain change of control transactions occur or if our common stock ceases to be listed or quoted on an exchange or quotation system, then at any time after November 26, 2019, we or the holders of shares of Series A-4 Preferred Stock and Series A-4 preferred OP units may cause all or any of those shares or units to be redeemed for cash at a redemption price equal to the sum of (i) the greater of (x) the amount that the redeemed shares of Series A-4 Preferred Stock and Series A-4 preferred OP units would have received in such transaction if they had been converted into shares of our common stock immediately prior to such transaction, or (y) $25.00 per share, plus (ii) any accrued and unpaid distributions thereon to, but not including, the redemption date. The Series A-4 preferred OP units are inclusive of its pro-rata share of net income of $0.3 million and distributions of $1.0 million for the nine months ended September 30, 2015 . 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 under this buyback program during the nine months ended September 30, 2015 or 2014 . 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 nine months ended September 30, 2015 , there were 99,404 common OP units converted to shares of common stock. No such units were converted during the nine months ended September 30, 2014 . 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 nine months ended September 30, 2015 and 2014, holders of Series A-1 preferred OP units converted 38,817 units into 102,301 shares of common stock, and 18,773 units into 45,785 shares of common stock, respectively. Subject to certain limitations, Series A-4 preferred OP unit holders may convert their Series A-4 preferred OP units to shares of our common stock at any time. During the nine months ended September 30, 2015 , holders of Series A-4 preferred OP units converted 109,414 units into 48,627 shares of common stock. No such units were converted during the nine months ended September 30, 2014 . Cash distributions of $0.65 per share were declared for the quarter ended September 30, 2015 . On October 16, 2015, cash payments of approximately $37.3 million for aggregate distributions were made to common stockholders, common OP unit holders and restricted stockholders of record as of September 30, 2015. Cash distributions of $0.4453 per share were declared on the Company's Series A cumulative redeemable preferred stock for the quarter ended September 30, 2015 . On October 15, 2015, cash payments of approximately $1.5 million for aggregate distributions were made to Series A cumulative redeemable preferred stockholders of record as of October 1, 2015. In addition, cash distributions of $0.4062 per share were declared on the Company's Series A-4 Preferred Stock for the quarter ended September 30, 2015 . On September 30, 2015, cash payments of approximately $0.9 million were made to Series A-4 Preferred Stock stockholders of record as of September 18, 2015. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | Share-Based Compensation At the Annual Meeting of Stockholders held on July 20, 2015, the stockholders approved Sun Communities, Inc. Equity Incentive Plan ("2015 Equity Plan"). The 2015 Equity Plan had been adopted by the Board and was effective upon approval by our stockholders. The 2015 Equity Plan replaced the Sun Communities, Inc. Equity Incentive Plan adopted in 2009. The maximum number of shares of common stock that may be issued under the 2015 Equity Plan is 1,750,000 shares of our common stock. In September 2015, we granted 4,500 shares of restricted stock to key employees under our 2015 Equity Plan. The shares had a fair value of $67.29 per share and will vest as follows: September 29, 2018: 35% ; September 29, 2019: 35% ; September 29, 2020: 20% ; September 29, 2021: 5% ; and September 29, 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 July 2015, we granted 20,000 shares of restricted stock to an executive officer under our Sun Communities, Inc. Equity Incentive Plan ("2009 Equity Plan"). The shares had a fair value of $67.57 per share and will vest as follows: July 16, 2018: 35% ; July 19, 2019: 35% ; July 16, 2020: 20% ; July 16, 2021: 5% ; and July 16, 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 May 2015, we granted 25,000 shares of restricted stock to an executive officer under our 2009 Equity Plan. The shares had a fair value of $62.94 per share and will vest as follows: May 19, 2018: 35% ; May 19, 2019: 35% ; May 19, 2020: 20% ; May 19, 2021: 5% ; and May 19, 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 April 2015, we granted 145,000 shares of restricted stock to our executive officers under our 2009 Equity Plan. The shares had a fair value of $63.81 per share. Half of the shares will vest as follows: April 14, 2018: 20% ; April 14, 2019: 30% ; April 14, 2020: 35% ; April 14, 2021: 10% ; and April 14, 2022: 5% . The remaining 72,500 shares are subject to market and performance conditions which vest over time through April 2020. Share-based compensation for restricted stock awards with performance conditions is measured based on an estimate of shares expected to vest. We estimate the fair value of share-based compensation for restricted stock with market conditions using a Monte Carlo simulation. In February 2015, we granted 19,800 shares of restricted stock to our non-employee directors under our First Amended and Restated 2004 Non-Employee Director Option Plan. The awards vest on February 11, 2018, and had a fair value of $65.87 per share. The fair value was determined by using the closing share price of our common stock on the date the shares were issued. In January 2015, we granted 1,000 shares of restricted stock to key employees under our 2009 Equity Plan. The shares had a fair value of $65.48 per share and will vest as follows: January 8, 2018: 35% ; January 8, 2019: 35% ; January 8, 2020: 20% ; January 8, 2021: 5% ; and January 8, 2022: 5% . The fair value was determined by using the closing share price of our common stock on the date the shares were issued. During the nine months ended September 30, 2015 and 2014, 4,084 and 4,904 shares of common stock, respectively, were issued in connection with the exercise of stock options, and the net proceeds received during both periods was $0.1 million . The vesting requirements for 85,958 restricted shares granted to our executives and employees were satisfied during the nine months ended September 30, 2015 . |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2015 | |
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 the Real Property Operations segment revenues and is expected to approximate $39.3 million annually. In 2015, we recognized 22.4% , 17.4% and 45.2% during the first, second and third quarters, respectively. We expect to recognize 15.0% during the fourth quarter of 2015. In 2014, transient revenue was $31.6 million . We recognized 25.3% in the first quarter, 18.3% in the second quarter, 43.3% in the third quarter, and 13.1% in the fourth quarter. A presentation of segment financial information is summarized as follows (amounts in thousands): Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Real Property Operations Home Sales and Rentals Consolidated Real Property Operations Home Sales and Rentals Consolidated Revenues $ 150,059 $ 30,847 $ 180,906 $ 103,007 $ 23,742 $ 126,749 Operating expenses/Cost of sales 54,172 20,417 74,589 39,232 16,756 55,988 Net operating income/Gross profit 95,887 10,430 106,317 63,775 6,986 70,761 Adjustments to arrive at net income (loss): Interest and other income, net 4,449 — 4,449 3,883 — 3,883 General and administrative (10,735 ) (3,845 ) (14,580 ) (6,971 ) (2,313 ) (9,284 ) Transaction costs (1,664 ) — (1,664 ) (2,399 ) — (2,399 ) Depreciation and amortization (31,352 ) (13,343 ) (44,695 ) (18,522 ) (11,395 ) (29,917 ) Asset impairment charge — — — (837 ) — (837 ) Interest (27,434 ) (19 ) (27,453 ) (18,614 ) (5 ) (18,619 ) Interest on mandatorily redeemable preferred OP units (790 ) — (790 ) (808 ) — (808 ) Gain (loss) on disposition of properties, net 13,415 4,775 18,190 14,949 (1,318 ) 13,631 Provision for state income taxes (51 ) (26 ) (77 ) (69 ) — (69 ) Distributions from affiliate — — — 400 — 400 Net income (loss) 41,725 (2,028 ) 39,697 34,787 (8,045 ) 26,742 Less: Preferred return to A-1 preferred OP units 591 — 591 661 — 661 Less: Preferred return to A-3 preferred OP units 45 — 45 45 — 45 Less: Preferred return to A-4 preferred OP units 326 — 326 — — — Less: Preferred return to Series C preferred OP units 340 — 340 — — — Less: Amounts attributable to noncontrolling interests 2,295 (170 ) 2,125 2,442 (591 ) 1,851 Net income (loss) attributable to Sun Communities, Inc. 38,128 (1,858 ) 36,270 31,639 (7,454 ) 24,185 Less: Preferred stock distributions 3,179 — 3,179 1,514 — 1,514 Less: Preferred stock redemption costs 4,328 — 4,328 — — — Net income (loss) attributable to Sun Communities, Inc. common stockholders $ 30,621 $ (1,858 ) $ 28,763 $ 30,125 $ (7,454 ) $ 22,671 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Real Property Operations Home Sales and Rentals Consolidated Real Property Operations Home Sales and Rentals Consolidated Revenues $ 403,862 $ 89,039 $ 492,901 $ 283,299 $ 67,813 $ 351,112 Operating expenses/Cost of sales 142,096 57,763 199,859 104,759 46,168 150,927 Net operating income/Gross profit 261,766 31,276 293,042 178,540 21,645 200,185 Adjustments to arrive at net income (loss): Interest and other income, net 13,554 38 13,592 11,145 — 11,145 General and administrative (31,051 ) (11,290 ) (42,341 ) (23,177 ) (7,932 ) (31,109 ) Transaction costs (13,150 ) — (13,150 ) (4,255 ) (8 ) (4,263 ) Depreciation and amortization (90,991 ) (39,116 ) (130,107 ) (55,591 ) (33,260 ) (88,851 ) Asset impairment charge — — — (837 ) — (837 ) Extinguishment of debt (2,800 ) — (2,800 ) — — — Interest (79,567 ) (26 ) (79,593 ) (54,135 ) (14 ) (54,149 ) Interest on mandatorily redeemable preferred OP units (2,429 ) — (2,429 ) (2,417 ) — (2,417 ) Gain on disposition of properties, net 22,892 4,054 26,946 14,302 214 14,516 Provision for state income taxes (152 ) (77 ) (229 ) (207 ) — (207 ) Distributions from affiliate 7,500 — 7,500 1,200 — 1,200 Net income (loss) 85,572 (15,141 ) 70,431 64,568 (19,355 ) 45,213 Less: Preferred return to A-1 preferred OP units 1,844 — 1,844 1,997 — 1,997 Less: Preferred return to A-3 preferred OP units 136 — 136 136 — 136 Less: Preferred return to A-4 preferred OP units 1,032 — 1,032 — — — Less: Preferred return to Series C preferred OP units 680 — 680 — — — Less: Amounts attributable to noncontrolling interests 4,316 (1,184 ) 3,132 4,564 (1,471 ) 3,093 Net income (loss) attributable to Sun Communities, Inc. 77,564 (13,957 ) 63,607 57,871 (17,884 ) 39,987 Less: Preferred stock distributions 11,353 — 11,353 4,542 — 4,542 Less: Preferred stock redemption costs 4,328 — 4,328 — — — Net income (loss) attributable to Sun Communities, Inc. common stockholders $ 61,883 $ (13,957 ) $ 47,926 $ 53,329 $ (17,884 ) $ 35,445 September 30, 2015 December 31, 2014 Real Property Operations Home Sales and Rentals Consolidated Real Property Operations Home Sales and Rentals Consolidated Identifiable assets: Investment property, net $ 3,352,511 $ 431,018 $ 3,783,529 $ 2,207,526 $ 360,638 $ 2,568,164 Cash and cash equivalents 24,432 (515 ) 23,917 81,864 1,595 83,459 Inventory of manufactured homes — 15,263 15,263 — 8,860 8,860 Notes and other receivables, net 35,818 13,383 49,201 40,751 11,144 51,895 Collateralized receivables, net 138,241 — 138,241 122,962 — 122,962 Other assets, net 99,310 5,142 104,452 97,485 4,867 102,352 Total assets $ 3,650,312 $ 464,291 $ 4,114,603 $ 2,550,588 $ 387,104 $ 2,937,692 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We have elected to be taxed as a real estate investment trust (“REIT”) pursuant to Section 856(c) of the Internal Revenue Code of 1986 (“Code”), as amended. In order for us to qualify as a REIT, at least 95% of our gross income in any year must be derived from qualifying sources. In addition, a REIT must distribute annually at least 90% of its REIT ordinary taxable income to its stockholders. Qualification as a REIT involves the satisfaction of numerous requirements (i.e., 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 September 30, 2015 . As a REIT, we generally will not be subject to United States ("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, 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, net," in our Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014 . We had no unrecognized tax benefits as of September 30, 2015 and 2014 . We expect no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of September 30, 2015 . We classify certain state taxes as income taxes for financial reporting purposes. For instance, we record Texas Margin Tax as income tax in our financial statements, and recorded a provision for state income taxes of approximately $0.1 million for the three months ended September 30, 2015 and 2014, and $0.3 million for the nine months ended September 30, 2015 and 2014. SHS is currently under examination by the Internal Revenue Service ("IRS") for the 2013 tax year. To date, we have not received any formal notices of proposed adjustments from the IRS related to this or any other examination periods. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share We have outstanding stock options, unvested restricted shares, and Series A-4 Preferred Stock, and our Operating Partnership has outstanding common OP units, Series A-1 preferred OP units, Series A-3 preferred OP units, Series A-4 preferred OP units, Series C 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 September 30, Nine Months Ended September 30, Numerator 2015 2014 2015 2014 Net income attributable to common stockholders $ 28,763 $ 22,671 $ 47,926 $ 35,445 Allocation of income to restricted stock awards (381 ) (256 ) (541 ) (441 ) Preferred share conversion Net income attributable to common stockholders after allocation 28,382 22,415 47,385 35,004 Allocation of income to restricted stock awards 381 256 541 441 Diluted earnings: net income attributable to common stockholders after allocation $ 28,763 $ 22,671 $ 47,926 $ 35,445 Denominator Weighted average common shares outstanding 53,220 41,023 52,855 39,283 Add: dilutive stock options 14 15 16 16 Add: dilutive restricted stock 431 229 400 207 Add: dilutive OP units — — — 2,069 Diluted weighted average common shares and securities 53,665 41,267 53,271 41,575 Earnings per share available to common stockholders after allocation: Basic $ 0.53 $ 0.55 $ 0.90 $ 0.89 Diluted $ 0.54 $ 0.55 $ 0.90 $ 0.85 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 outstanding securities that were excluded from the computation of diluted earnings per share as of September 30, 2015 and 2014 (amounts in thousands): As of September 30, 2015 2014 Common OP units 2,863 2,069 Series A-1 preferred OP units 389 438 Series A-3 preferred OP units 40 40 Series A-4 preferred OP units 760 — Series A-4 Preferred Stock 2,298 — Series C preferred OP units 340 — Aspen preferred OP units 1,284 1,325 Total securities 7,974 3,872 |
Derivative Instruments And Hedg
Derivative Instruments And Hedging Activities | 9 Months Ended |
Sep. 30, 2015 | |
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 caps are used to accomplish this objective. We do not enter into derivative instruments for speculative purposes nor do we have any swaps in a hedging arrangement. The following table provides the terms of our interest rate derivative contracts that were in effect as of September 30, 2015 : Type Purpose Effective Date Maturity Date Notional (in millions) Based on Variable Rate Fixed Rate Spread Effective Fixed Rate Cap Cap Floating Rate 4/1/2015 4/1/2018 $ 150.1 3 Month LIBOR 0.2830% 9.0000% —% N/A Cap Cap Floating Rate 10/3/2011 10/3/2016 $ 10.0 3 Month LIBOR 0.2830% 11.0200% —% N/A In accordance with ASC Topic 815, " Derivatives and Hedging " ("ASC 815"), derivative instruments are recorded at fair value in "Other assets, net" or "Other liabilities" on the Consolidated Balance Sheet. As of September 30, 2015 and December 31, 2014, the fair value of the derivatives was zero . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
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 " ("ASC 820"), requires disclosure about how fair value is determined for assets and liabilities and establishes a hierarchy under which these assets and liabilities must be grouped, based on significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumption. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair value hierarchy: 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 significant inputs and significant value drivers are observable in active markets. Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. 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 in order 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 cap agreements for which quoted market prices are indirectly available. For those derivatives, we use model-derived valuations in which all significant inputs and significant value drivers are observable in active markets provided by brokers or dealers to determine the fair value of derivative instruments on a recurring basis (Level 2). See Note 14 for Derivative Instruments. Installment Notes Receivable on Manufactured Homes The net carrying value of the installment notes receivable 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 4 for Installment Notes Receivable. 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, rates currently prevailing for comparable loans, and instruments of comparable maturities (Level 2). See Note 8 for Long-Term Debt and Lines of Credit. Collateralized Receivables and Secured Borrowings 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 on 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 3 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. The table below sets forth our financial assets and liabilities that require disclosure of their fair values on a recurring basis and presents the carrying values and fair values as of September 30, 2015 and December 31, 2014 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. September 30, 2015 December 31, 2014 Financial assets Carrying Value Fair Value Carrying Value Fair Value Installment notes receivable on manufactured homes, net $ 22,375 $ 22,375 $ 25,884 $ 25,884 Collateralized receivables, net $ 138,241 $ 138,241 $ 122,962 $ 122,962 Financial liabilities Debt $ 2,251,663 $ 2,289,252 $ 1,702,643 $ 1,752,939 Secured borrowing $ 138,887 $ 138,887 $ 123,650 $ 123,649 Lines of credit $ 167,000 $ 167,000 $ 5,794 $ 5,794 The derivative instruments are the only financial liabilities that were required to be carried at fair value on the Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014. We have no financial assets that are required to be carried at fair value. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In April 2015, the FASB issued ASU 2015-03 " Interest - Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs " ("ASU 2015-03"). This amendment requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15 " Interest - Imputation of Interest (Subtopic 835-30) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements " ("ASU 2015-15"). This amendment provides additional guidance within ASU 2015-03 for debt issuance costs related to line of credit arrangements. These amendments are effective for fiscal years beginning after December 15, 2015, and interim periods within those years, with early adoption permitted. Entities should apply the amendments retrospectively. We are currently evaluating the potential impact these amendments will have on our Consolidated Financial Statements. In February 2015, the FASB issued ASU No. 2015-02 " Consolidation (Topic 810) Amendments to the Consolidation Analysis " ("ASU 2015-02"). This amendment eliminates the deferral of FAS 167, which has allowed entities with interests in certain investment funds to follow the previous consolidation guidance in FIN 46(R), and makes other changes to both the variable interest model and the voting model. While the guidance is aimed at asset managers, it will affect all reporting entities that have variable interests in other legal entities (e.g., limited partnerships, similar entities and certain corporations). In some cases, consolidation conclusions will change. In other cases, reporting entities will need to provide additional disclosures about entities that currently aren’t considered VIEs but will be considered VIEs under the new guidance provided they have a variable interest in those VIEs. These amendments are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. Entities may apply the amendments using either a modified retrospective approach or retrospectively. We are currently evaluating the potential impact this amendment will have on our Consolidated Financial Statements. In August 2014, the FASB issued ASU 2014-15 " Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern " ("ASU 2014-15"). This amendment requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity's ability to continue as a going concern. This amendment applies to all entities and are effective for annual and interim reporting periods ending after December 15, 2016, with early adoption permitted. We are currently evaluating the potential impact this amendment will have on our quarterly reporting process. In May 2014, the FASB issued ASU 2014-09 " Revenue from Contracts with Customers (Topic 606) " ("ASU 2014-09"). The objective of this amendment is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying this amendment, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. This amendment applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. This amendment is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period; early adoption is not permitted. An entity should apply the amendments using either the full retrospective approach or retrospectively with a cumulative effect of initially applying the amendments recognized at the date of initial application. We are currently evaluating the methods of adoption and the impact that the adoption of ASU 2014-09 may have on our Consolidated Financial Statements. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies We are involved in various 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 | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | 18. Subsequent Event In October 2015, we completed the sale of three MH communities comprised of approximately 1,250 sites located in Indiana for $36.1 million . |
Real Estate Acquisitions and 27
Real Estate Acquisitions and Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Acquisition [Line Items] | |
Schedule of Purchase Price Allocation | The following tables summarize the amounts of the assets acquired and liabilities assumed (excluding Green Courte) at the acquisition date and the consideration paid for the acquisitions completed in 2015 (in thousands): At Acquisition Date Meadowlands (1) Berger (1) Lakeside Crossing (1) La Hacienda (1) Frontier Town (1) Fort Whaley (1) Rock Crusher (1) Total Investment in property $ 8,313 $ 268,026 $ 35,438 $ 25,895 $ 62,126 $ 5,704 $ 5,962 $ 411,464 Inventory of manufactured homes 285 — — — — — — 285 In-place leases and other intangible assets 270 5,040 520 1,380 70 — 110 7,390 Below market lease intangible — (7,840 ) (3,440 ) — — — — (11,280 ) Assumed debt (6,318 ) (169,882 ) — — — — — (176,200 ) Total identifiable assets acquired and liabilities assumed $ 2,550 $ 95,344 $ 32,518 $ 27,275 $ 62,196 $ 5,704 $ 6,072 $ 231,659 Consideration Common OP units $ — $ 19,650 $ — $ — $ — $ — $ — $ 19,650 Series C preferred OP units — 33,154 — — — — — 33,154 Note payable 2,377 — — — — — — 2,377 Cash consideration transferred 173 42,540 32,518 27,275 62,196 5,704 6,072 176,478 Total consideration transferred $ 2,550 $ 95,344 $ 32,518 $ 27,275 $ 62,196 $ 5,704 $ 6,072 $ 231,659 |
Schedule of Revenue and Net Income from Acquisitions | The amount of revenue and net income included in the Consolidated Statements of Operations related to the acquisitions completed in 2015 (excluding Green Courte) for the three and nine months ended September 30, 2015 is set forth in the following table (in thousands): Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (unaudited) (unaudited) Revenue $ 12,676 $ 19,388 Net income $ 4,162 $ 4,974 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information presents the results of our operations for the three and nine months ended September 30, 2015 and 2014 (including Green Courte) as if the properties were acquired on January 1, 2014. The unaudited pro forma results reflect certain adjustments for items that are not expected to have a continuing impact, such as adjustments for transaction 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, 2014 (in thousands, except per-share data). Three Months Ended September 30, Nine Months Ended September 30, (unaudited) (unaudited) 2015 2014 2015 2014 Total revenues $ 186,381 $ 166,839 $ 520,382 $ 470,980 Net income attributable to Sun Communities, Inc. common stockholders $ 30,609 $ 31,711 $ 64,580 $ 55,976 Net income per share attributable to Sun Communities, Inc. common stockholders - basic $ 0.58 $ 0.76 $ 1.22 $ 1.40 Net income per share attributable to Sun Communities, Inc. common stockholders - diluted $ 0.58 $ 0.76 $ 1.21 $ 1.40 |
Schedule Of Disposed Properties | The table below lists the communities we have disposed of during the nine months ended September 30, 2015. Community State Number of Sites Candlewick Court MI 211 Catalina OH 462 Worthington Arms OH 224 Valley Brook IN 798 |
Green Courte [Member] | |
Business Acquisition [Line Items] | |
Schedule of Purchase Price Allocation | The following tables summarize the fair value of the assets acquired and liabilities assumed at the acquisition dates and the consideration paid (in thousands): At Acquisition Date First Phase (1) Second Phase (1) Total Investment in property $ 656,543 $ 818,109 $ 1,474,652 Notes receivable 5,189 850 6,039 Other (liabilities) assets (1,705 ) 7,405 5,700 In-place leases and other intangible assets 12,870 15,460 28,330 Below market lease intangible (10,820 ) (54,580 ) (65,400 ) Assumed debt (199,300 ) (201,466 ) (400,766 ) Total identifiable assets acquired and liabilities assumed $ 462,777 $ 585,778 $ 1,048,555 Consideration Common OP units (2) $ 24,064 $ — $ 24,064 Series A-4 preferred OP units (3) 18,852 1,000 19,852 Common stock 20,427 259,133 279,560 Series A-4 Preferred Stock (3) 13,697 175,527 189,224 Consideration from new mortgages 100,700 90,794 191,494 Cash consideration transferred 285,037 59,324 344,361 Total consideration transferred $ 462,777 $ 585,778 $ 1,048,555 (1) The purchase price allocations for the first and second closings are preliminary and may be adjusted as final costs and final valuations are determined. (2) To estimate the fair value of the common OP units at the valuation date, we utilized the market approach, observing public price of our common stock. (3) To estimate the fair value of the Series A-4 preferred OP units and the Series A-4 Preferred Stock at the valuation date, we utilized an income approach. Under this approach, we used the Binomial Lattice Method |
Schedule of Revenue and Net Income from Acquisitions | The amount of revenue and net income included in the Consolidated Statements of Operations related to the Green Courte properties for the three and nine months ended September 30, 2015 is set forth in the following table (in thousands): Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 (unaudited) (unaudited) Revenue $ 33,772 $ 102,243 Net income $ 4,029 $ 13,295 |
Collateralized Receivables an28
Collateralized Receivables and Transfers of Financial Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Repurchase price percentage | In general, the repurchase price is determined as follows: Number of Payments Repurchase Percentage Fewer 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 | The change in the aggregate gross principal balance of the collateralized receivables is as follows (in thousands): Nine Months Ended September 30, 2015 Beginning balance $ 123,650 Financed sales of manufactured homes 28,481 Principal payments and payoffs from our customers (6,728 ) Principal reduction from repurchased homes (6,516 ) Total activity 15,237 Ending balance $ 138,887 |
Collateralized Receivables [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance for collateralized and installment notes receivable | The following table sets forth the allowance for the collateralized receivables as of September 30, 2015 (in thousands): Nine Months Ended September 30, 2015 Beginning balance $ (688 ) Lower of cost or market write-downs 275 Increase to reserve balance (233 ) Total activity 42 Ending balance $ (646 ) |
Notes And Other Receivables (Ta
Notes And Other Receivables (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of notes and other receivables | The following table sets forth certain information regarding notes and other receivables (in thousands): September 30, 2015 December 31, 2014 Installment notes receivable on manufactured homes, net $ 22,375 $ 25,884 Other receivables, net 26,826 26,011 Total notes and other receivables, net $ 49,201 $ 51,895 |
Schedule of Installment Notes Receivable | The change in the aggregate gross principal balance of the installment notes receivable is as follows (in thousands): Nine Months Ended September 30, 2015 Beginning balance $ 26,024 Financed sales of manufactured homes 653 Acquired notes (see Note 2) 850 Principal payments and payoffs from our customers (3,645 ) Principal reduction from repossessed homes (1,339 ) Total activity (3,481 ) Ending balance $ 22,543 |
Installment Notes Receivable [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Allowance for collateralized and installment notes receivable | The following table sets forth the allowance change for the installment notes receivable as follows (in thousands): Nine Months Ended September 30, 2015 Beginning balance $ (140 ) Lower of cost or market write-downs 42 Increase to reserve balance (70 ) Total activity (28 ) Ending balance $ (168 ) |
Intangible Assets Intangible As
Intangible Assets Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The gross carrying amounts, and accumulated amortization are as follows (in thousands): September 30, 2015 December 31, 2014 Intangible Asset Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization In-place leases 7 years $ 63,281 $ (18,128 ) $ 41,511 $ (12,107 ) Franchise fees and other intangible assets 15 years 1,864 (493 ) 764 (106 ) Total $ 65,145 $ (18,621 ) $ 42,275 $ (12,213 ) |
Schedule of Intangible Assets Amortization Expense | The aggregate net amortization expenses related to the intangible assets are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Intangible Asset 2015 2014 2015 2014 In-place leases $ 2,341 $ 891 $ 6,020 $ 2,674 Franchise fees and other intangible assets 129 19 387 58 Total $ 2,470 $ 910 $ 6,407 $ 2,732 |
Consolidated Variable Interes31
Consolidated Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
DisclosureofVariableInterestEntities [Abstract] | |
Schedule of Variable Interest Entities | The following table summarizes the assets and liabilities included in our Consolidated Balance Sheets after appropriate eliminations have been made (in thousands): September 30, 2015 December 31, 2014 ASSETS Investment property, net $ 92,593 $ 94,230 Other assets 3,767 4,400 Total Assets $ 96,360 $ 98,630 LIABILITIES AND STOCKHOLDERS' EQUITY Debt $ 64,531 $ 65,849 Other liabilities 19,474 10,442 Noncontrolling interests (1,336 ) (416 ) Total Liabilities and Stockholders' Equity $ 82,669 $ 75,875 |
Debt And Lines Of Credit (Table
Debt And Lines Of Credit (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 Outstanding Weighted Average Years to Maturity Weighted Average Interest Rates September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 Collateralized term loans - CMBS $ 742,142 $ 806,840 5.0 5.4 5.3 % 5.3 % Collateralized term loans - FNMA 796,714 492,800 6.1 7.1 4.6 % 4.0 % Collateralized term loans - Life Companies 469,486 204,638 13.8 10.9 4.1 % 4.3 % Collateralized term loans - FMCC 197,418 152,462 9.2 9.9 4.0 % 4.0 % Secured borrowing 138,887 123,650 15.2 14.6 10.2 % 10.4 % Preferred OP units - mandatorily redeemable 45,903 45,903 6.3 6.8 6.9 % 6.9 % Total debt $ 2,390,550 $ 1,826,293 8.1 7.5 5.1 % 5.1 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | September 30, 2015 December 31, 2014 Real Property Operations Home Sales and Rentals Consolidated Real Property Operations Home Sales and Rentals Consolidated Identifiable assets: Investment property, net $ 3,352,511 $ 431,018 $ 3,783,529 $ 2,207,526 $ 360,638 $ 2,568,164 Cash and cash equivalents 24,432 (515 ) 23,917 81,864 1,595 83,459 Inventory of manufactured homes — 15,263 15,263 — 8,860 8,860 Notes and other receivables, net 35,818 13,383 49,201 40,751 11,144 51,895 Collateralized receivables, net 138,241 — 138,241 122,962 — 122,962 Other assets, net 99,310 5,142 104,452 97,485 4,867 102,352 Total assets $ 3,650,312 $ 464,291 $ 4,114,603 $ 2,550,588 $ 387,104 $ 2,937,692 |
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 September 30, 2015 Three Months Ended September 30, 2014 Real Property Operations Home Sales and Rentals Consolidated Real Property Operations Home Sales and Rentals Consolidated Revenues $ 150,059 $ 30,847 $ 180,906 $ 103,007 $ 23,742 $ 126,749 Operating expenses/Cost of sales 54,172 20,417 74,589 39,232 16,756 55,988 Net operating income/Gross profit 95,887 10,430 106,317 63,775 6,986 70,761 Adjustments to arrive at net income (loss): Interest and other income, net 4,449 — 4,449 3,883 — 3,883 General and administrative (10,735 ) (3,845 ) (14,580 ) (6,971 ) (2,313 ) (9,284 ) Transaction costs (1,664 ) — (1,664 ) (2,399 ) — (2,399 ) Depreciation and amortization (31,352 ) (13,343 ) (44,695 ) (18,522 ) (11,395 ) (29,917 ) Asset impairment charge — — — (837 ) — (837 ) Interest (27,434 ) (19 ) (27,453 ) (18,614 ) (5 ) (18,619 ) Interest on mandatorily redeemable preferred OP units (790 ) — (790 ) (808 ) — (808 ) Gain (loss) on disposition of properties, net 13,415 4,775 18,190 14,949 (1,318 ) 13,631 Provision for state income taxes (51 ) (26 ) (77 ) (69 ) — (69 ) Distributions from affiliate — — — 400 — 400 Net income (loss) 41,725 (2,028 ) 39,697 34,787 (8,045 ) 26,742 Less: Preferred return to A-1 preferred OP units 591 — 591 661 — 661 Less: Preferred return to A-3 preferred OP units 45 — 45 45 — 45 Less: Preferred return to A-4 preferred OP units 326 — 326 — — — Less: Preferred return to Series C preferred OP units 340 — 340 — — — Less: Amounts attributable to noncontrolling interests 2,295 (170 ) 2,125 2,442 (591 ) 1,851 Net income (loss) attributable to Sun Communities, Inc. 38,128 (1,858 ) 36,270 31,639 (7,454 ) 24,185 Less: Preferred stock distributions 3,179 — 3,179 1,514 — 1,514 Less: Preferred stock redemption costs 4,328 — 4,328 — — — Net income (loss) attributable to Sun Communities, Inc. common stockholders $ 30,621 $ (1,858 ) $ 28,763 $ 30,125 $ (7,454 ) $ 22,671 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Real Property Operations Home Sales and Rentals Consolidated Real Property Operations Home Sales and Rentals Consolidated Revenues $ 403,862 $ 89,039 $ 492,901 $ 283,299 $ 67,813 $ 351,112 Operating expenses/Cost of sales 142,096 57,763 199,859 104,759 46,168 150,927 Net operating income/Gross profit 261,766 31,276 293,042 178,540 21,645 200,185 Adjustments to arrive at net income (loss): Interest and other income, net 13,554 38 13,592 11,145 — 11,145 General and administrative (31,051 ) (11,290 ) (42,341 ) (23,177 ) (7,932 ) (31,109 ) Transaction costs (13,150 ) — (13,150 ) (4,255 ) (8 ) (4,263 ) Depreciation and amortization (90,991 ) (39,116 ) (130,107 ) (55,591 ) (33,260 ) (88,851 ) Asset impairment charge — — — (837 ) — (837 ) Extinguishment of debt (2,800 ) — (2,800 ) — — — Interest (79,567 ) (26 ) (79,593 ) (54,135 ) (14 ) (54,149 ) Interest on mandatorily redeemable preferred OP units (2,429 ) — (2,429 ) (2,417 ) — (2,417 ) Gain on disposition of properties, net 22,892 4,054 26,946 14,302 214 14,516 Provision for state income taxes (152 ) (77 ) (229 ) (207 ) — (207 ) Distributions from affiliate 7,500 — 7,500 1,200 — 1,200 Net income (loss) 85,572 (15,141 ) 70,431 64,568 (19,355 ) 45,213 Less: Preferred return to A-1 preferred OP units 1,844 — 1,844 1,997 — 1,997 Less: Preferred return to A-3 preferred OP units 136 — 136 136 — 136 Less: Preferred return to A-4 preferred OP units 1,032 — 1,032 — — — Less: Preferred return to Series C preferred OP units 680 — 680 — — — Less: Amounts attributable to noncontrolling interests 4,316 (1,184 ) 3,132 4,564 (1,471 ) 3,093 Net income (loss) attributable to Sun Communities, Inc. 77,564 (13,957 ) 63,607 57,871 (17,884 ) 39,987 Less: Preferred stock distributions 11,353 — 11,353 4,542 — 4,542 Less: Preferred stock redemption costs 4,328 — 4,328 — — — Net income (loss) attributable to Sun Communities, Inc. common stockholders $ 61,883 $ (13,957 ) $ 47,926 $ 53,329 $ (17,884 ) $ 35,445 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, Nine Months Ended September 30, Numerator 2015 2014 2015 2014 Net income attributable to common stockholders $ 28,763 $ 22,671 $ 47,926 $ 35,445 Allocation of income to restricted stock awards (381 ) (256 ) (541 ) (441 ) Preferred share conversion Net income attributable to common stockholders after allocation 28,382 22,415 47,385 35,004 Allocation of income to restricted stock awards 381 256 541 441 Diluted earnings: net income attributable to common stockholders after allocation $ 28,763 $ 22,671 $ 47,926 $ 35,445 Denominator Weighted average common shares outstanding 53,220 41,023 52,855 39,283 Add: dilutive stock options 14 15 16 16 Add: dilutive restricted stock 431 229 400 207 Add: dilutive OP units — — — 2,069 Diluted weighted average common shares and securities 53,665 41,267 53,271 41,575 Earnings per share available to common stockholders after allocation: Basic $ 0.53 $ 0.55 $ 0.90 $ 0.89 Diluted $ 0.54 $ 0.55 $ 0.90 $ 0.85 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | as of September 30, 2015 and 2014 (amounts in thousands): As of September 30, 2015 2014 Common OP units 2,863 2,069 Series A-1 preferred OP units 389 438 Series A-3 preferred OP units 40 40 Series A-4 preferred OP units 760 — Series A-4 Preferred Stock 2,298 — Series C preferred OP units 340 — Aspen preferred OP units 1,284 1,325 Total securities 7,974 3,872 |
Derivative Instruments And He35
Derivative Instruments And Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | The following table provides the terms of our interest rate derivative contracts that were in effect as of September 30, 2015 : Type Purpose Effective Date Maturity Date Notional (in millions) Based on Variable Rate Fixed Rate Spread Effective Fixed Rate Cap Cap Floating Rate 4/1/2015 4/1/2018 $ 150.1 3 Month LIBOR 0.2830% 9.0000% —% N/A Cap Cap Floating Rate 10/3/2011 10/3/2016 $ 10.0 3 Month LIBOR 0.2830% 11.0200% —% N/A |
Fair Value of Financial Instr36
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The table below sets forth our financial assets and liabilities that require disclosure of their fair values on a recurring basis and presents the carrying values and fair values as of September 30, 2015 and December 31, 2014 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. September 30, 2015 December 31, 2014 Financial assets Carrying Value Fair Value Carrying Value Fair Value Installment notes receivable on manufactured homes, net $ 22,375 $ 22,375 $ 25,884 $ 25,884 Collateralized receivables, net $ 138,241 $ 138,241 $ 122,962 $ 122,962 Financial liabilities Debt $ 2,251,663 $ 2,289,252 $ 1,702,643 $ 1,752,939 Secured borrowing $ 138,887 $ 138,887 $ 123,650 $ 123,649 Lines of credit $ 167,000 $ 167,000 $ 5,794 $ 5,794 |
Real Estate Acquisitions and 37
Real Estate Acquisitions and Dispositions Real Estate Acquisitions and Dispositions, Narrative (Details) $ in Thousands | Apr. 01, 2015USD ($)shares | Jan. 06, 2015shares | Jan. 06, 2015shares | Nov. 26, 2014propertiesstatesshares | Jun. 30, 2015shares | Sep. 30, 2015USD ($) | Mar. 19, 2015USD ($) | Sep. 30, 2014USD ($) | May. 08, 2015USD ($) | May. 20, 2015USD ($) | Aug. 13, 2015USD ($) | Jul. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) |
Business Acquisition [Line Items] | ||||||||||||||
Transaction costs | $ 1,664 | $ 2,399 | $ 13,150 | $ 4,263 | ||||||||||
Acquisitions - Series C preferred OP units issued | 33,154 | 0 | ||||||||||||
Gain on disposition of properties, net | $ 18,190 | $ 13,631 | $ 26,946 | $ 14,516 | ||||||||||
Green Courte - First Closing [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of States in which Entity Operates | states | 11 | |||||||||||||
Number of Units in Real Estate Property | 9,000 | |||||||||||||
Green Courte - First Closing [Member] | Series A-4 preferred OP units [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 669,449 | |||||||||||||
Green Courte - First Closing [Member] | Common OP Units [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 501,130 | |||||||||||||
Green Courte - First Closing [Member] | Common Stock | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 361,797 | |||||||||||||
Green Courte - First Closing [Member] | Series A-4 Preferred Stock [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 483,317 | |||||||||||||
Green Courte - Second Closing [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of Units in Real Estate Property | 10,000 | 10,000 | ||||||||||||
Green Courte - Second Closing [Member] | Common Stock | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 4,377,073 | 4,377,073 | ||||||||||||
Green Courte - Second Closing [Member] | Series A-4 Preferred Stock [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 5,847,234 | 5,847,234 | ||||||||||||
Green Courte [Member] | Common Stock | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 25,664 | |||||||||||||
Green Courte [Member] | Series A-4 Preferred Stock [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 34,219 | |||||||||||||
Rock Crusher [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquisitions - Series C preferred OP units issued | $ 0 | |||||||||||||
Number of Units in Real Estate Property | 391 | |||||||||||||
Frontier Town [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquisitions - Series C preferred OP units issued | $ 0 | |||||||||||||
Number of sites suitable for development | 200 | |||||||||||||
Number of Units in Real Estate Property | 584 | |||||||||||||
Fort Whaley [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquisitions - Series C preferred OP units issued | $ 0 | |||||||||||||
Number of sites suitable for development | 90 | |||||||||||||
Number of Units in Real Estate Property | 210 | |||||||||||||
La Hacienda [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquisitions - Series C preferred OP units issued | $ 0 | |||||||||||||
Number of Units in Real Estate Property | 241 | |||||||||||||
Lakeside Crossing [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquisitions - Series C preferred OP units issued | $ 0 | |||||||||||||
Number of sites suitable for development | 300 | |||||||||||||
Number of Units in Real Estate Property | 419 | |||||||||||||
Berger [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquisitions - Series C preferred OP units issued | $ 33,154 | |||||||||||||
Number of sites suitable for development | 380 | |||||||||||||
Number of Units in Real Estate Property | 3,130 | |||||||||||||
Berger [Member] | Common OP Units [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 371,808 | |||||||||||||
Berger [Member] | Series C preferred OP units [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 340,206 | |||||||||||||
Meadowlands [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquisitions - Series C preferred OP units issued | $ 0 | |||||||||||||
Number of Units in Real Estate Property | 321 | |||||||||||||
Manufactured home community [Member] | Green Courte - First Closing [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of Real Estate Properties | properties | 32 | |||||||||||||
Manufactured home community [Member] | Green Courte - Second Closing [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of Real Estate Properties | 26 | 26 |
Real Estate Acquisitions and 38
Real Estate Acquisitions and Dispositions Real Estate Acquisitions and Dispositions, Green Courte Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jan. 06, 2015 | Nov. 26, 2014 | Sep. 30, 2015 |
Business Acquisition [Line Items] | |||
Investment in property | $ 411,464 | ||
In-place leases and other intangible assets | 7,390 | ||
Below market lease intangible | (11,280) | ||
Total identifiable assets acquired and liabilities assumed | 231,659 | ||
Cash consideration transferred | 176,478 | ||
Total consideration transferred | $ 231,659 | ||
Green Courte - First Closing [Member] | |||
Business Acquisition [Line Items] | |||
Investment in property | $ 656,543 | ||
Notes receivable | 5,189 | ||
Other (liabilities) assets | (1,705) | ||
In-place leases and other intangible assets | 12,870 | ||
Below market lease intangible | (10,820) | ||
Assumed debt | (199,300) | ||
Total identifiable assets acquired and liabilities assumed | 462,777 | ||
Consideration from new mortgages | 100,700 | ||
Cash consideration transferred | 285,037 | ||
Total consideration transferred | 462,777 | ||
Green Courte - First Closing [Member] | Common OP Units [Member] | |||
Business Acquisition [Line Items] | |||
Equity and other securities issued | 24,064 | ||
Green Courte - First Closing [Member] | Series A-4 preferred OP units [Member] | |||
Business Acquisition [Line Items] | |||
Equity and other securities issued | 18,852 | ||
Green Courte - First Closing [Member] | Common Stock | |||
Business Acquisition [Line Items] | |||
Equity and other securities issued | 20,427 | ||
Green Courte - First Closing [Member] | Series A-4 Preferred Stock [Member] | |||
Business Acquisition [Line Items] | |||
Equity and other securities issued | $ 13,697 | ||
Green Courte - Second Closing [Member] | |||
Business Acquisition [Line Items] | |||
Investment in property | $ 818,109 | ||
Notes receivable | 850 | ||
Other (liabilities) assets | 7,405 | ||
In-place leases and other intangible assets | 15,460 | ||
Below market lease intangible | (54,580) | ||
Assumed debt | (201,466) | ||
Total identifiable assets acquired and liabilities assumed | 585,778 | ||
Consideration from new mortgages | 90,794 | ||
Cash consideration transferred | 59,324 | ||
Total consideration transferred | 585,778 | ||
Green Courte - Second Closing [Member] | Common OP Units [Member] | |||
Business Acquisition [Line Items] | |||
Equity and other securities issued | 0 | ||
Green Courte - Second Closing [Member] | Series A-4 preferred OP units [Member] | |||
Business Acquisition [Line Items] | |||
Equity and other securities issued | 1,000 | ||
Green Courte - Second Closing [Member] | Common Stock | |||
Business Acquisition [Line Items] | |||
Equity and other securities issued | 259,133 | ||
Green Courte - Second Closing [Member] | Series A-4 Preferred Stock [Member] | |||
Business Acquisition [Line Items] | |||
Equity and other securities issued | 175,527 | ||
Green Courte [Member] | |||
Business Acquisition [Line Items] | |||
Investment in property | 1,474,652 | ||
Notes receivable | 6,039 | ||
Other (liabilities) assets | 5,700 | ||
In-place leases and other intangible assets | 28,330 | ||
Below market lease intangible | (65,400) | ||
Assumed debt | (400,766) | ||
Total identifiable assets acquired and liabilities assumed | 1,048,555 | ||
Consideration from new mortgages | 191,494 | ||
Cash consideration transferred | 344,361 | ||
Total consideration transferred | 1,048,555 | ||
Green Courte [Member] | Common OP Units [Member] | |||
Business Acquisition [Line Items] | |||
Equity and other securities issued | 24,064 | ||
Green Courte [Member] | Series A-4 preferred OP units [Member] | |||
Business Acquisition [Line Items] | |||
Equity and other securities issued | 19,852 | ||
Green Courte [Member] | Common Stock | |||
Business Acquisition [Line Items] | |||
Equity and other securities issued | 279,560 | ||
Green Courte [Member] | Series A-4 Preferred Stock [Member] | |||
Business Acquisition [Line Items] | |||
Equity and other securities issued | $ 189,224 |
Real Estate Acquisitions, Sched
Real Estate Acquisitions, Schedule of Other Acquisitions Purchase Price Allocation (Details) $ in Thousands | Apr. 01, 2015USD ($) | Mar. 19, 2015USD ($) | May. 08, 2015USD ($) | May. 20, 2015USD ($) | Aug. 13, 2015USD ($) | Jul. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) |
At acquistion date | ||||||||
Investment in property | $ 411,464 | |||||||
Inventory of manufactured homes | 285 | |||||||
In-place leases and other intangible assets | 7,390 | |||||||
Below market lease intangible | (11,280) | |||||||
Assumed debt | 176,200 | |||||||
Total identifiable assets acquired and liabilities assumed | 231,659 | |||||||
Consideration | ||||||||
Common OP units | 19,650 | |||||||
Series C preferred OP units | 33,154 | $ 0 | ||||||
Note payable | 2,377 | |||||||
Cash consideration transferred | 176,478 | |||||||
Total consideration transferred | $ 231,659 | |||||||
Meadowlands [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of Units in Real Estate Property | 321 | |||||||
At acquistion date | ||||||||
Investment in property | $ 8,313 | |||||||
Inventory of manufactured homes | 285 | |||||||
In-place leases and other intangible assets | 270 | |||||||
Below market lease intangible | 0 | |||||||
Assumed debt | 6,318 | |||||||
Total identifiable assets acquired and liabilities assumed | 2,550 | |||||||
Consideration | ||||||||
Common OP units | 0 | |||||||
Series C preferred OP units | 0 | |||||||
Note payable | 2,377 | |||||||
Cash consideration transferred | 173 | |||||||
Total consideration transferred | $ 2,550 | |||||||
Berger [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of Units in Real Estate Property | 3,130 | |||||||
At acquistion date | ||||||||
Investment in property | $ 268,026 | |||||||
Inventory of manufactured homes | 0 | |||||||
In-place leases and other intangible assets | 5,040 | |||||||
Below market lease intangible | (7,840) | |||||||
Assumed debt | 169,882 | |||||||
Total identifiable assets acquired and liabilities assumed | 95,344 | |||||||
Consideration | ||||||||
Common OP units | 19,650 | |||||||
Series C preferred OP units | 33,154 | |||||||
Note payable | 0 | |||||||
Cash consideration transferred | 42,540 | |||||||
Total consideration transferred | $ 95,344 | |||||||
Lakeside Crossing [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of Units in Real Estate Property | 419 | |||||||
At acquistion date | ||||||||
Investment in property | $ 35,438 | |||||||
Inventory of manufactured homes | 0 | |||||||
In-place leases and other intangible assets | 520 | |||||||
Below market lease intangible | (3,440) | |||||||
Assumed debt | 0 | |||||||
Total identifiable assets acquired and liabilities assumed | 32,518 | |||||||
Consideration | ||||||||
Common OP units | 0 | |||||||
Series C preferred OP units | 0 | |||||||
Note payable | 0 | |||||||
Cash consideration transferred | 32,518 | |||||||
Total consideration transferred | $ 32,518 | |||||||
La Hacienda [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of Units in Real Estate Property | 241 | |||||||
At acquistion date | ||||||||
Investment in property | $ 25,895 | |||||||
Inventory of manufactured homes | 0 | |||||||
In-place leases and other intangible assets | 1,380 | |||||||
Below market lease intangible | 0 | |||||||
Assumed debt | 0 | |||||||
Total identifiable assets acquired and liabilities assumed | 27,275 | |||||||
Consideration | ||||||||
Common OP units | 0 | |||||||
Series C preferred OP units | 0 | |||||||
Note payable | 0 | |||||||
Cash consideration transferred | 27,275 | |||||||
Total consideration transferred | $ 27,275 | |||||||
Frontier Town [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of Units in Real Estate Property | 584 | |||||||
At acquistion date | ||||||||
Investment in property | $ 62,126 | |||||||
Inventory of manufactured homes | 0 | |||||||
In-place leases and other intangible assets | 70 | |||||||
Below market lease intangible | 0 | |||||||
Assumed debt | 0 | |||||||
Total identifiable assets acquired and liabilities assumed | 62,196 | |||||||
Consideration | ||||||||
Common OP units | 0 | |||||||
Series C preferred OP units | 0 | |||||||
Note payable | 0 | |||||||
Cash consideration transferred | 62,196 | |||||||
Total consideration transferred | $ 62,196 | |||||||
Fort Whaley [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of Units in Real Estate Property | 210 | |||||||
At acquistion date | ||||||||
Investment in property | $ 5,704 | |||||||
Inventory of manufactured homes | 0 | |||||||
In-place leases and other intangible assets | 0 | |||||||
Below market lease intangible | 0 | |||||||
Assumed debt | 0 | |||||||
Total identifiable assets acquired and liabilities assumed | 5,704 | |||||||
Consideration | ||||||||
Common OP units | 0 | |||||||
Series C preferred OP units | 0 | |||||||
Note payable | 0 | |||||||
Cash consideration transferred | 5,704 | |||||||
Total consideration transferred | $ 5,704 | |||||||
Rock Crusher [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of Units in Real Estate Property | 391 | |||||||
At acquistion date | ||||||||
Investment in property | $ 5,962 | |||||||
Inventory of manufactured homes | 0 | |||||||
In-place leases and other intangible assets | 110 | |||||||
Below market lease intangible | 0 | |||||||
Assumed debt | 0 | |||||||
Total identifiable assets acquired and liabilities assumed | 6,072 | |||||||
Consideration | ||||||||
Common OP units | 0 | |||||||
Series C preferred OP units | 0 | |||||||
Note payable | 0 | |||||||
Cash consideration transferred | 6,072 | |||||||
Total consideration transferred | $ 6,072 |
Real Estate Acquisitions, Sch40
Real Estate Acquisitions, Schedule of Revenue and Net Income from acquisitions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Green Courte [Member] | ||
Business Combination, Results of Operations [Line Items] | ||
Revenue | $ 33,772 | $ 102,243 |
Net income | 4,029 | 13,295 |
Series of Individually Immaterial Business Acquisitions [Member] | ||
Business Combination, Results of Operations [Line Items] | ||
Revenue | 12,676 | 19,388 |
Net income | $ 4,162 | $ 4,974 |
Real Estate Acquisitions , Pro
Real Estate Acquisitions , Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Business Acquisition [Line Items] | ||||
Total revenues | $ 186,381 | $ 166,839 | $ 520,382 | $ 470,980 |
Net income attributable to Sun Communities, Inc. common stockholders | $ 30,609 | $ 31,711 | $ 64,580 | $ 55,976 |
Net income per share attributable to Sun Communities, Inc. common stockholders - basic | $ 0.58 | $ 0.76 | $ 1.22 | $ 1.40 |
Net income per share attributable to Sun Communities, Inc. common stockholders - diluted | $ 0.58 | $ 0.76 | $ 1.21 | $ 1.40 |
Real Estate Acquisitions and 42
Real Estate Acquisitions and Dispositions Real Estate Acquisitions, Schedule of Disposed Properties (Details) | Sep. 30, 2015 |
Candlewick Court [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of Units in Real Estate Property | 211,000 |
Catalina [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of Units in Real Estate Property | 462,000 |
Worthington Arms [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of Units in Real Estate Property | 224,000 |
Valley Brook [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of Units in Real Estate Property | 798,000 |
Collateralized Receivables an43
Collateralized Receivables and Transfers of Financial Assets, Repurchase price percentage (Details) - Collateralized Receivables [Member] | 9 Months Ended |
Sep. 30, 2015 | |
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% |
Collateralized Receivables an44
Collateralized Receivables and Transfers of Financial Assets, Schedule of collateralized loans (Details) - Collateralized Receivables [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Beginning balance | $ 123,650 |
Financed sales of manufactured homes | 28,481 |
Principal payments and payoffs from our customers | (6,728) |
Principal reduction from repurchased homes | (6,516) |
Total activity | 15,237 |
Ending balance | $ 138,887 |
Collateralized Receivables an45
Collateralized Receivables and Transfers of Financial Assets Collateralized Receivables and Transfers of Financial Assets, Allowance for Collateralized Receivables (Details) - Collateralized Receivables [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Allowance for Loan and Lease Losses [Roll Forward] | |
Beginning balance | $ (688) |
Lower of cost or market write-downs | 275 |
Increase to reserve balance | (233) |
Total activity | 42 |
Ending balance | $ (646) |
Collateralized Receivables an46
Collateralized Receivables and Transfers of Financial Assets, Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes and other receivables, net | $ 49,201 | $ 49,201 | $ 51,895 | ||
Secured debt | 2,205,760 | 2,205,760 | 1,656,740 | ||
Interest income and expense, net | 3,300 | $ 3,000 | |||
Collateralized Receivables [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans and Leases Receivable, Allowance | 646 | $ 646 | $ 688 | ||
Receivable With Imputed Interest, Term | 15 years 2 months 12 days | 14 years 7 months 2 days | |||
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 10.20% | 10.40% | |||
Secured Debt [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Interest income and expense, net | $ 9,600 | $ 8,600 | |||
Carrying Value [Member] | Secured Debt [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Secured debt | 138,887 | 138,887 | $ 123,650 | ||
Carrying Value [Member] | Collateralized Receivables [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes and other receivables, net | $ 138,241 | $ 138,241 | $ 122,962 |
Notes and Other Receivables, Sc
Notes and Other Receivables, Schedule of notes and other receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total notes and other receivables, net | $ 49,201 | $ 51,895 |
Other receivables, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total notes and other receivables, net | 26,826 | 26,011 |
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 | 22,375 | 25,884 |
Carrying Value [Member] | Collateralized Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total notes and other receivables, net | $ 138,241 | $ 122,962 |
Notes And Other Receivables Not
Notes And Other Receivables Notes and Other Receivables, Installment notes receivable on manufactured homes - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and Notes Receivable, Net | $ 49,201 | $ 51,895 |
Installment notes receivable on manufactured homes, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Allowance | $ 200 | $ 100 |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 8.60% | 8.70% |
Receivable With Imputed Interest, Term | 10 years 1 month | 10 years 5 months 1 day |
Carrying Value [Member] | Installment notes receivable on manufactured homes, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and Notes Receivable, Net | $ 22,375 | $ 25,884 |
Notes and Other Receivables, 49
Notes and Other Receivables, Schedule of installment notes receivable (Details) - Installment notes receivable on manufactured homes, gross [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Beginning balance | $ 26,024 |
Financed sales of manufactured homes | 653 |
Acquired Notes Receivable | 850 |
Principal payments and payoffs from our customers | (3,645) |
Principal reduction from repossessed homes | (1,339) |
Total activity | (3,481) |
Ending balance | $ 22,543 |
Notes and Other Receivables, Al
Notes and Other Receivables, Allowance for installment notes receivable (Details) - Collateralized receivables, net and Installment Notes Receivables on Manufactured Homes [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Allowance for Loan and Lease Losses [Roll Forward] | |
Beginning balance | $ (140) |
Lower of cost or market write-downs | 42 |
Increase to reserve balance | (70) |
Total activity | (28) |
Ending balance | $ (168) |
Notes And Other Receivables N51
Notes And Other Receivables Notes and Other Receivables, Other receivables - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||
Apr. 30, 2015 | Sep. 30, 2015 | Apr. 01, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other receivables for rent, water, sewer usage | $ 5.3 | $ 4.9 | ||
Allowance for rent, water, sewer usage receivables | (1.1) | (1) | ||
Home sale proceeds | 9.4 | 7.4 | ||
Insurance receivables | 0.9 | 1 | ||
Insurance Settlements Receivable | 4.5 | 3.7 | ||
Miscellaneous note receivable | 2.2 | 2.2 | ||
Other Receivables | $ 4.5 | $ 6.8 | ||
2014-2015 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Miscellaneous Note Receivable, Interest Rate | 8.00% | |||
2016 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Miscellaneous Note Receivable, Interest Rate | 7.87% | |||
Berger [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Note receivable related to acquistion | $ 40.2 | |||
Miscellaneous Note Receivable, Interest Rate | 9.60% |
Intangible Assets Intangible 52
Intangible Assets Intangible Assets, Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
In-place leases and other intangible assets | $ 7,390 | |
Finite-Lived Intangible Assets, Gross | 65,145 | $ 42,275 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (18,621) | (12,213) |
Leases, Acquired-in-Place [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | |
Finite-Lived Intangible Assets, Gross | $ 63,281 | 41,511 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (18,128) | (12,107) |
Franchise Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | |
Finite-Lived Intangible Assets, Gross | $ 1,864 | 764 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (493) | $ (106) |
Acquisitions - 2015 [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | |
In-place leases and other intangible assets | $ 22,900 |
Intangible Assets Intangible 53
Intangible Assets Intangible Assets, Schedule of Intangible Asset Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 2,470 | $ 910 | $ 6,407 | $ 2,732 |
Leases, Acquired-in-Place [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | 2,341 | 891 | 6,020 | 2,674 |
Franchise Rights [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 129 | $ 19 | $ 387 | $ 58 |
Investment In Affiliates , Narr
Investment In Affiliates , Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||
Distributions from affiliate | $ 0 | $ 400,000 | $ 7,500,000 | $ 1,200,000 | |
Origen Financial Services [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 22.90% | 22.90% | 22.90% | ||
Investment carrying value | $ 0 | $ 0 | |||
Origen Financial [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 19.00% | 19.00% | |||
Investment carrying value | $ 0 | $ 0 | |||
Investment owned (in shares) | 5,000,000 | 5,000,000 | |||
Distribution per share | $ 1.50 | $ 1.50 | |||
Expected dissolution expenses of Equity Method Investee | $ 6,200,000 | $ 6,200,000 |
Consolidated Variable Interes55
Consolidated Variable Interest Entities, Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | ||
Investment property, net | $ 3,783,529 | $ 2,568,164 |
Other assets, net | 104,452 | 102,352 |
Mortgage loans payable (including $64,531 and $65,849 for consolidated variable interest at September 30, 2015 and December 31, 2014; see Note 7) | 2,205,760 | 1,656,740 |
Other liabilities (including $19,474 and $10,442 for consolidated variable interest entities at September 30, 2015 and December 31, 2014; see Note 7) | 190,284 | 130,369 |
Consolidated variable interest entities | $ (1,336) | $ (416) |
VIE as a Percentage of Consolidated Assets | 2.30% | 3.40% |
VIE as a Percentage of Consolidated Liabilities | 2.90% | 3.80% |
VIE as a Percentage of Total Equity | 1.00% | 1.00% |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Investment property, net | $ 92,593 | $ 94,230 |
Other assets, net | 3,767 | 4,400 |
Total Assets | 96,360 | 98,630 |
Mortgage loans payable (including $64,531 and $65,849 for consolidated variable interest at September 30, 2015 and December 31, 2014; see Note 7) | 64,531 | 65,849 |
Other liabilities (including $19,474 and $10,442 for consolidated variable interest entities at September 30, 2015 and December 31, 2014; see Note 7) | 19,474 | 10,442 |
Total Liabilities and Stockholder's Equity | $ 82,669 | $ 75,875 |
Debt And Lines Of Credit , Sche
Debt And Lines Of Credit , Schedule of debt and lines of credit (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Secured debt | $ 2,205,760 | $ 1,656,740 |
Debt weighted average to maturity, years | 8 years 1 month 6 days | 7 years 6 months |
Weighted average interest rate | 5.10% | 5.10% |
Total debt | $ 2,390,550 | $ 1,826,293 |
Collateralized term loans - CMBS [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 742,142 | $ 806,840 |
Debt weighted average to maturity, years | 5 years | 5 years 4 months 24 days |
Weighted average interest rate | 5.30% | 5.30% |
Collateralized Mortgage Backed Securities [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 2,400,000 | |
Preferred OP units [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 45,903 | $ 45,903 |
Debt weighted average to maturity, years | 6 years 3 months 18 days | 6 years 9 months 18 days |
Weighted average interest rate | 6.90% | 6.90% |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 796,714 | $ 492,800 |
Debt weighted average to maturity, years | 6 years 1 month 6 days | 7 years 1 month 6 days |
Weighted average interest rate | 4.60% | 4.00% |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 197,418 | $ 152,462 |
Debt weighted average to maturity, years | 9 years 2 months 12 days | 9 years 10 months 24 days |
Weighted average interest rate | 4.00% | 4.00% |
Life Companies [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 469,486 | $ 204,638 |
Debt weighted average to maturity, years | 13 years 9 months 18 days | 10 years 10 months 24 days |
Weighted average interest rate | 4.10% | 4.30% |
Carrying Value [Member] | Secured borrowing [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt | $ 138,887 | $ 123,650 |
Debt weighted average to maturity, years | 15 years 2 months 12 days | 14 years 7 months 6 days |
Weighted average interest rate | 10.20% | 10.40% |
Debt And Lines Of Credit , Narr
Debt And Lines Of Credit , Narrative - Collateralized Term Loans (Details) $ in Thousands | Apr. 01, 2015USD ($)Rate | Mar. 19, 2015USD ($)Rate | Jan. 06, 2015USD ($)Rate | Jan. 06, 2015USD ($)Rate | May. 31, 2015USD ($)Rate | Sep. 30, 2015USD ($)propertiessitesRate | Sep. 30, 2014USD ($) | Aug. 13, 2015USD ($)Rate | Sep. 30, 2015USD ($)propertiessitesRate | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)Rate |
Debt Instrument [Line Items] | |||||||||||
Acquisitions - debt assumed | $ 377,666 | $ 0 | |||||||||
Weighted average interest rate | Rate | 5.10% | 5.10% | 5.10% | ||||||||
Debt weighted average to maturity, length | 8 years 1 month 6 days | 7 years 6 months | |||||||||
Total debt | $ 2,205,760 | $ 2,205,760 | $ 1,656,740 | ||||||||
Repayments of Debt | $ 0 | $ 0 | $ (2,800) | $ 0 | |||||||
Residential Mortgage Backed Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 87,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 4.06% | ||||||||||
Debt weighted average to maturity, length | 25 years | ||||||||||
Residential Mortgage Backed Securities [Member] | First Debt Closing [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 51,200 | ||||||||||
Residential Mortgage Backed Securities [Member] | Second Debt Closing [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 35,800 | ||||||||||
Commercial Mortgage Backed Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Weighted average interest rate | Rate | 5.30% | 5.30% | 5.30% | ||||||||
Debt weighted average to maturity, length | 5 years | 5 years 4 months 24 days | |||||||||
Total debt | $ 742,142 | $ 742,142 | $ 806,840 | ||||||||
Collateralized Mortgage Backed Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 5.32% | ||||||||||
Number of properties securing a debt instument (in properties) | 10 | ||||||||||
Net book value of properties securing collateralized term loans | 2,700,000 | 2,700,000 | |||||||||
Total debt | $ 2,400,000 | $ 2,400,000 | |||||||||
Repayments of Debt | $ 70,600 | ||||||||||
Gains (Losses) on Extinguishment of Debt | $ 2,800 | ||||||||||
Properties securing debt [Member] | Collateralized Mortgage Backed Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of properties securing a debt instument (in properties) | properties | 171 | 171 | |||||||||
Number of Units in Real Estate Property | sites | 68,814 | 68,814 | |||||||||
Green Courte - Second Closing [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of Units in Real Estate Property | 10,000 | 10,000 | |||||||||
Green Courte - Second Closing [Member] | Commercial Mortgage Backed Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 90,800 | $ 90,800 | |||||||||
Debt Instrument, Term | 14 years 1 month 6 days | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 3.87% | 3.87% | |||||||||
Number of properties securing a debt instument (in properties) | 10 | 10 | |||||||||
Proceeds from Issuance of Debt | $ 112,300 | ||||||||||
Acquisitions - debt assumed | $ 201,400 | ||||||||||
Weighted average interest rate | Rate | 5.74% | 5.74% | |||||||||
Debt weighted average to maturity, length | 6 years 3 months 25 days | ||||||||||
Meadowlands [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of Units in Real Estate Property | 321 | ||||||||||
Note receivable related to acquistion | $ 2,400 | $ 2,400 | |||||||||
Meadowlands [Member] | Commercial Mortgage Backed Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Acquisitions - debt assumed | $ 6,300 | ||||||||||
Meadowlands [Member] | Collateralized Mortgage Backed Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Term | 6 years 6 months | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 6.50% | ||||||||||
Berger [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of Units in Real Estate Property | 3,130 | ||||||||||
Note receivable related to acquistion | $ 40,200 | ||||||||||
Berger [Member] | Commercial Mortgage Backed Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Acquisitions - debt assumed | $ 169,900 | ||||||||||
Weighted average interest rate | Rate | 5.17% | ||||||||||
Debt weighted average to maturity, length | 6 years 3 months 18 days |
Debt And Lines Of Credit , Na58
Debt And Lines Of Credit , Narrative - Aspen Preferred OP Units and Series B-3 preferred OP units (Details) - Preferred OP units [Member] - Convertible debt - Aspen Preferred OP Units January 2024 [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($)sharesRate | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ | $ 34.7 |
Convertible units to shares (in shares) | shares | 509,676 |
Debt Instrument, Interest Rate During Period | 6.50% |
Debt And Lines Of Credit , Na59
Debt And Lines Of Credit , Narrative - Line of Credit (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | ||
Lines of credit | $ 167,000 | $ 5,794 |
Weighted average interest rate | 5.10% | 5.10% |
Debt weighted average to maturity, length | 8 years 1 month 6 days | 7 years 6 months |
Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 450,000 | |
Line of credit, borrowing capacity | $ 750,000 | |
Debt Instrument, Maturity Date | Aug. 19, 2019 | |
Line of credit, additional borrowing capacity | $ 300,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 1.66% | |
Lines of credit | $ 167,000 | $ 0 |
Letters of credit outstanding, amount | 3,400 | 3,200 |
Line of credit - manufactured home floor plan facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, borrowing capacity | $ 12,000 | |
Lines of credit | $ 5,800 | |
Weighted average interest rate | 7.00% | |
Prime Rate [Member] | Line of credit - manufactured home floor plan facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Effective interest rate, maximum | 6.00% | |
Basis points | 100.00% | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, borrowing capacity | $ 392,000 | |
Revolving Credit Facility [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Lines of credit | $ 142,000 | |
Revolving Credit Facility [Member] | Eurodollar [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Effective interest rate, minimum | 1.40% | |
Effective interest rate, maximum | 2.25% | |
Line of credit variable interest rate | 1.45% | |
Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, borrowing capacity | $ 58,000 | |
Term Loan [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Lines of credit | $ 25,000 | |
Term Loan [Member] | Eurodollar [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Effective interest rate, minimum | 1.35% | |
Effective interest rate, maximum | 2.20% | |
Line of credit variable interest rate | 1.40% |
Equity Transactions Narrative (
Equity Transactions Narrative (Details) | Apr. 01, 2015USD ($)$ / sharesRateshares | Jan. 06, 2015$ / sharesRateshares | Jan. 06, 2015USD ($)shares | Oct. 31, 2015USD ($) | Jun. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares | Mar. 31, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)shares | Aug. 10, 2015$ / shares | Dec. 31, 2014USD ($)$ / sharesshares | Nov. 30, 2004shares |
Class of Stock [Line Items] | |||||||||||||
Common Stock, Shares Authorized | 180,000,000 | 180,000,000 | 90,000,000 | ||||||||||
Common Stock, Par Value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 | 10,000,000 | ||||||||||
Preferred Stock, Shares Outstanding | 3,400,000 | 3,400,000 | 3,400,000 | ||||||||||
New shares issued (in shares) | 608,100 | 26,200 | 342,011 | ||||||||||
Common OP units | $ | $ 19,650,000 | $ 19,650,000 | |||||||||||
Aggregate Value of Shares to be Issued in Accordance to Sales Agreement | $ | $ 250,000,000 | ||||||||||||
Commission, Maximum Percentage of Gross Sales Price Per Share According to Sales Agreement | 2.00% | ||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 65.15 | $ 68 | $ 65.15 | $ 63.94 | $ 68 | ||||||||
Value of stock issued during the period | $ | $ 40,800,000 | $ 1,700,000 | $ 21,500,000 | ||||||||||
Issuance and associated costs of common stock, OP units, and preferred OP units, net | $ | $ 77,306,000 | $ 562,581,000 | |||||||||||
Temporary Equity, Redemption Price Per Share | $ / shares | $ 25 | $ 25 | |||||||||||
Temporary Equity, Net Income | $ | $ 300,000 | ||||||||||||
Temporary Equity, Dividends, Adjustment | $ | $ 1,000,000 | ||||||||||||
Series A-4 Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Share Repurchase Obligation | 5,926,322 | ||||||||||||
Stock Repurchased During Period, Shares | 4,066,586 | ||||||||||||
Preferred Stock, Shares Outstanding | 6,364,770 | 2,298,184 | 6,364,770 | 2,298,184 | |||||||||
Preferred Stock Not Subject To Repurchase | 438,448 | 438,448 | |||||||||||
Share Repurchase Price | $ / shares | $ 31.08 | ||||||||||||
Share Repurchase Price Stated Value | $ / shares | 30.90 | ||||||||||||
Share Repurchase Price Accrued And Unpaid Distributions | $ / shares | $ 0.18 | ||||||||||||
Temporary Equity, Liquidation Preference | $ | $ 25 | $ 25 | |||||||||||
Debt Instrument, Convertible, Conversion Ratio | 0.4444 | ||||||||||||
Preferred Stock, Dividends Per Share, Declared | $ / shares | $ 0.4062 | ||||||||||||
Dividends, Preferred Stock, Cash | $ | $ 900,000 | ||||||||||||
Series A-4 Preferred Stock | $ | 68,633,000 | $ 68,633,000 | $ 13,610,000 | ||||||||||
Common Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Dividends per common share: | $ / shares | $ 0.65 | ||||||||||||
Common Stock | Dividend Paid [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Dividends, Common Stock, Cash | $ | $ 37,300,000 | ||||||||||||
Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred Stock, Dividends Per Share, Declared | $ / shares | $ 0.4453 | ||||||||||||
Preferred Stock [Member] | Dividend Paid [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Dividends, Preferred Stock, Cash | $ | $ 1,500,000 | ||||||||||||
Series A-4 preferred OP units [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Series A-4 Preferred Stock | $ | $ 20,982,000 | $ 20,982,000 | $ 18,722,000 | ||||||||||
Series C preferred OP units [Domain] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Equity, Preferred OP unit, conversion price | $ / shares | $ 1.11 | ||||||||||||
Series A-4 Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Equity, preferred return rate | Rate | 6.50% | ||||||||||||
Series A-4 preferred OP units [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Conversion of Common OP Units to common stock (in shares) | 109,414 | ||||||||||||
Series A-4 preferred OP units [Member] | Common OP Units [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Conversion of Common OP Units to common stock (in shares) | 48,627 | ||||||||||||
Green Courte [Member] | Series A-4 Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Weighted average sale price (in dollars per share) | $ / shares | $ 25 | ||||||||||||
Green Courte [Member] | Common Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Weighted average sale price (in dollars per share) | $ / shares | $ 50 | ||||||||||||
Green Courte - Second Closing [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Issuance and associated costs of common stock, OP units, and preferred OP units, net | $ | $ 12,500,000 | ||||||||||||
Repurchase Agreements [Member] | Common Stock | |||||||||||||
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 | 400,000 | |||||||||||
Stock Repurchased During Period, Shares | 0 | 0 | |||||||||||
Conversion of Common OP Units [Member] | Common OP Units [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Conversion of Common OP Units to common stock (in shares) | 99,404 | 0 | |||||||||||
Series A-1 Preferred OP Units [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Conversion of Common OP Units to common stock (in shares) | 38,817 | 18,773 | |||||||||||
Series A-1 Preferred OP Units [Member] | Common OP Units [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Conversion of Common OP Units to common stock (in shares) | 102,301 | 45,785 | |||||||||||
Green Courte [Member] | Series A-4 Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 34,219 | ||||||||||||
Weighted average sale price (in dollars per share) | $ / shares | $ 25 | ||||||||||||
Common OP units | $ | $ 855,475 | $ 855,475 | |||||||||||
Green Courte [Member] | Common Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 25,664 | ||||||||||||
Weighted average sale price (in dollars per share) | $ / shares | $ 50 | ||||||||||||
Common OP units | $ | $ 1,283,200 | $ 1,283,200 | |||||||||||
Berger [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Common OP units | $ | $ 19,650,000 | ||||||||||||
Berger [Member] | Series C preferred OP units [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 340,206 | ||||||||||||
Weighted average sale price (in dollars per share) | $ / shares | $ 100 | ||||||||||||
Berger [Member] | Common OP Units [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 371,808 | ||||||||||||
Weighted average sale price (in dollars per share) | $ / shares | $ 61 | ||||||||||||
Green Courte - Second Closing [Member] | Series A-4 Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 5,847,234 | 5,847,234 | |||||||||||
Green Courte - Second Closing [Member] | Common Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 4,377,073 | 4,377,073 | |||||||||||
New shares issued (in shares) | 150,000 | ||||||||||||
Green Courte - Second Closing [Member] | Series A-4 preferred OP units [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred Units, Issued | 200,000 | 200,000 | |||||||||||
2015-2017 [Member] | Series C preferred OP units [Domain] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Equity, preferred return rate | Rate | 4.00% | ||||||||||||
2018-2020 [Member] | Series C preferred OP units [Domain] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Equity, preferred return rate | Rate | 4.50% | ||||||||||||
After 5 years [Member] | Series C preferred OP units [Domain] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Equity, preferred return rate | Rate | 5.00% |
Share-Based Compensation , Narr
Share-Based Compensation , Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2015 | Jul. 31, 2015 | May. 31, 2015 | Apr. 30, 2015 | Feb. 28, 2015 | Jan. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Jul. 20, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Proceeds from stock option exercise | $ 71 | $ 126 | |||||||
2015 Equity Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,750,000 | ||||||||
2004 non-employee plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Exercises in period | 4,084 | 4,904 | |||||||
Proceeds from stock option exercise | $ 100 | ||||||||
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Weighted average grant date fair value | $ 67.29 | $ 67.57 | $ 62.94 | $ 63.81 | $ 65.48 | ||||
Vested restricted stock (in shares) | 85,958 | ||||||||
Restricted Stock [Member] | 2015 Equity Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted, shares (in shares) | 4,500 | ||||||||
Restricted Stock [Member] | 2009 Equity Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted, shares (in shares) | 20,000 | 25,000 | 145,000 | 1,000 | |||||
Director [Member] | Restricted Stock [Member] | Director Plans [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted, shares (in shares) | 19,800 | ||||||||
Weighted average grant date fair value | $ 65.87 | ||||||||
Third Anniversary | Restricted Stock [Member] | 2015 Equity Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 35.00% | ||||||||
Third Anniversary | Restricted Stock [Member] | 2009 Equity Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 35.00% | 35.00% | 20.00% | 35.00% | |||||
Fourth Anniversary | Restricted Stock [Member] | 2015 Equity Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 35.00% | ||||||||
Fourth Anniversary | Restricted Stock [Member] | 2009 Equity Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 35.00% | 35.00% | 30.00% | 35.00% | |||||
Fifth Anniversary | Restricted Stock [Member] | 2015 Equity Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 20.00% | ||||||||
Fifth Anniversary | Restricted Stock [Member] | 2009 Equity Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 20.00% | 20.00% | 35.00% | 20.00% | |||||
Sixth Anniversary | Restricted Stock [Member] | 2015 Equity Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 5.00% | ||||||||
Sixth Anniversary | Restricted Stock [Member] | 2009 Equity Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 5.00% | 5.00% | 10.00% | 5.00% | |||||
Seventh Anniversary | Restricted Stock [Member] | 2015 Equity Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 5.00% | ||||||||
Seventh Anniversary | Restricted Stock [Member] | 2009 Equity Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 5.00% | 5.00% | 5.00% | 5.00% | |||||
Subject to Performance Conditions Over 5 years | Restricted Stock [Member] | 2009 Equity Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted, shares (in shares) | 72,500 |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting, Seasonality (Details) - Real Property Operations Segment [Member] - USD ($) $ in Millions | 3 Months Ended | |||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | ||||||||
Expected Annual Transient RV Revenue | $ 31.6 | |||||||
Transient RV Rental Revenue Recognized, Percentage | 13.10% | 43.30% | 18.30% | 25.30% | ||||
Scenario, Actual [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Transient RV Rental Revenue Recognized, Percentage | 45.20% | 17.40% | 22.40% | |||||
Scenario, Forecast [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Expected Annual Transient RV Revenue | $ 39.3 | |||||||
Transient RV Rental Revenue Recognized, Percentage | 15.00% |
Segment Reporting Results of Op
Segment Reporting Results of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 180,906 | $ 126,749 | $ 492,901 | $ 351,112 |
Operating Expenses/Cost of Sales | 74,589 | 55,988 | 199,859 | 150,927 |
Net operating income/Gross Profit | 106,317 | 70,761 | 293,042 | 200,185 |
Ancillary, interest and other income, net | 4,449 | 3,883 | 13,592 | 11,145 |
General and Administrative Expense | (14,580) | (9,284) | (42,341) | (31,109) |
Transaction costs | (1,664) | (2,399) | (13,150) | (4,263) |
Depreciation and amortization | (44,695) | (29,917) | (130,107) | (88,851) |
Asset impairment charge | 0 | (837) | 0 | (837) |
Extinguishment of debt | 0 | 0 | 2,800 | 0 |
Interest | (27,453) | (18,619) | (79,593) | (54,149) |
Interest on mandatorily redeemable debt | (790) | (808) | (2,429) | (2,417) |
Gain (loss) on dispositions of properties, net | 18,190 | 13,631 | 26,946 | 14,516 |
Distributions from affiliate | 0 | 400 | 7,500 | 1,200 |
Provision for state income taxes | 77 | 69 | (229) | (207) |
Net income | 39,697 | 26,742 | 70,431 | 45,213 |
Less: Preferred return to Series A-1 preferred OP units | 591 | 661 | 1,844 | 1,997 |
Less: Preferred return to Series A-3 preferred OP units | 45 | 45 | 136 | 136 |
Less: Preferred return to Series A-4 preferred OP units | 326 | 0 | 1,032 | 0 |
Less: Preferred return to Series C preferred OP units | 340 | 0 | 680 | 0 |
Less: Amounts attributable to noncontrolling interests | 2,125 | 1,851 | 3,132 | 3,093 |
Net income attributable to Sun Communities, Inc. | 36,270 | 24,185 | 63,607 | 39,987 |
Less: Preferred stock distributions | 3,179 | 1,514 | 11,353 | 4,542 |
Less: Preferred stock redemption costs | 4,328 | 0 | 4,328 | 0 |
Net income attributable to Sun Communities, Inc. common stockholders | 28,763 | 22,671 | 47,926 | 35,445 |
Real Property Operations Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 150,059 | 103,007 | 403,862 | 283,299 |
Operating Expenses/Cost of Sales | 54,172 | 39,232 | 142,096 | 104,759 |
Net operating income/Gross Profit | 95,887 | 63,775 | 261,766 | 178,540 |
Ancillary, interest and other income, net | 4,449 | 3,883 | 13,554 | 11,145 |
General and Administrative Expense | (10,735) | (6,971) | (31,051) | (23,177) |
Transaction costs | (1,664) | (2,399) | (13,150) | (4,255) |
Depreciation and amortization | (31,352) | (18,522) | (90,991) | (55,591) |
Asset impairment charge | 0 | (837) | ||
Extinguishment of debt | 2,800 | 0 | ||
Interest | (27,434) | (18,614) | (79,567) | (54,135) |
Interest on mandatorily redeemable debt | (790) | (808) | (2,429) | (2,417) |
Gain (loss) on dispositions of properties, net | 13,415 | 14,949 | 22,892 | 14,302 |
Distributions from affiliate | 0 | 400 | 7,500 | 1,200 |
Provision for state income taxes | (51) | (69) | (152) | (207) |
Net income | 41,725 | 34,787 | 85,572 | 64,568 |
Less: Preferred return to Series A-1 preferred OP units | 591 | 661 | 1,844 | 1,997 |
Less: Preferred return to Series A-3 preferred OP units | 45 | 45 | 136 | 136 |
Less: Preferred return to Series A-4 preferred OP units | 326 | 0 | 1,032 | 0 |
Less: Preferred return to Series C preferred OP units | 340 | 0 | 680 | 0 |
Less: Amounts attributable to noncontrolling interests | 2,295 | 2,442 | 4,316 | 4,564 |
Net income attributable to Sun Communities, Inc. | 38,128 | 31,639 | 77,564 | 57,871 |
Less: Preferred stock distributions | 3,179 | 1,514 | 11,353 | 4,542 |
Less: Preferred stock redemption costs | 4,328 | 0 | 4,328 | 0 |
Net income attributable to Sun Communities, Inc. common stockholders | 30,621 | 30,125 | 61,883 | 53,329 |
Home Sales and Home Rentals Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 30,847 | 23,742 | 89,039 | 67,813 |
Operating Expenses/Cost of Sales | 20,417 | 16,756 | 57,763 | 46,168 |
Net operating income/Gross Profit | 10,430 | 6,986 | 31,276 | 21,645 |
Ancillary, interest and other income, net | 0 | 0 | 38 | 0 |
General and Administrative Expense | (3,845) | (2,313) | (11,290) | (7,932) |
Transaction costs | 0 | 0 | 0 | (8) |
Depreciation and amortization | (13,343) | (11,395) | (39,116) | (33,260) |
Asset impairment charge | 0 | 0 | ||
Extinguishment of debt | 0 | 0 | ||
Interest | (19) | (5) | (26) | (14) |
Interest on mandatorily redeemable debt | 0 | 0 | 0 | 0 |
Gain (loss) on dispositions of properties, net | 4,775 | (1,318) | 4,054 | 214 |
Distributions from affiliate | 0 | 0 | 0 | 0 |
Provision for state income taxes | (26) | 0 | (77) | 0 |
Net income | (2,028) | (8,045) | (15,141) | (19,355) |
Less: Preferred return to Series A-1 preferred OP units | 0 | 0 | 0 | 0 |
Less: Preferred return to Series A-3 preferred OP units | 0 | 0 | 0 | 0 |
Less: Preferred return to Series A-4 preferred OP units | 0 | 0 | 0 | 0 |
Less: Preferred return to Series C preferred OP units | 0 | 0 | 0 | 0 |
Less: Amounts attributable to noncontrolling interests | (170) | (591) | (1,184) | (1,471) |
Net income attributable to Sun Communities, Inc. | (1,858) | (7,454) | (13,957) | (17,884) |
Less: Preferred stock distributions | 0 | 0 | 0 | |
Less: Preferred stock redemption costs | 0 | 0 | 0 | 0 |
Net income attributable to Sun Communities, Inc. common stockholders | $ (1,858) | $ (7,454) | $ (13,957) | $ (17,884) |
Segment Reporting Identifiable
Segment Reporting Identifiable Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Investment property, net | $ 3,783,529 | $ 2,568,164 | ||
Cash and cash equivalents | 23,917 | 83,459 | $ 259,152 | $ 4,753 |
Inventory of manufactured homes | 15,263 | 8,860 | ||
Notes and other receivables, net | 49,201 | 51,895 | ||
Collateralized receivables, net | 138,241 | 122,962 | ||
Other assets | 104,452 | 102,352 | ||
TOTAL ASSETS | 4,114,603 | 2,937,692 | ||
Real Property Operations Segment [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Investment property, net | 3,352,511 | 2,207,526 | ||
Cash and cash equivalents | 24,432 | 81,864 | ||
Inventory of manufactured homes | 0 | 0 | ||
Notes and other receivables, net | 35,818 | 40,751 | ||
Collateralized receivables, net | 138,241 | 122,962 | ||
Other assets | 99,310 | 97,485 | ||
TOTAL ASSETS | 3,650,312 | 2,550,588 | ||
Home Sales and Home Rentals Segment [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Investment property, net | 431,018 | 360,638 | ||
Cash and cash equivalents | (515) | 1,595 | ||
Inventory of manufactured homes | 15,263 | 8,860 | ||
Notes and other receivables, net | 13,383 | 11,144 | ||
Collateralized receivables, net | 0 | 0 | ||
Other assets | 5,142 | 4,867 | ||
TOTAL ASSETS | $ 464,291 | $ 387,104 |
Income Taxes , Narrative (Detai
Income Taxes , Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||
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 | $ 1,000,000 | ||
Provision for state income taxes | $ 100,000 | $ 100,000 | $ 300,000 | $ 100,000 |
Earnings Per Share , Calculatio
Earnings Per Share , Calculation of Numerator and Denominator (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Numerator | ||||
Net income attributable to Sun Communities, Inc. common stockholders | $ 28,763 | $ 22,671 | $ 47,926 | $ 35,445 |
Income (loss) Attributable to Common Stockholders Allocable To Non Vested Restricted Shares | (381) | (256) | (541) | (441) |
Net income attributable to common shareholders after restricted stock allocation | 28,382 | 22,415 | 47,385 | 35,004 |
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | 381 | 256 | 541 | 441 |
Diluted earnings: net income available to common stockholders and unitholders | $ 28,763 | $ 22,671 | $ 47,926 | $ 35,445 |
Denominator | ||||
Basic Weighted average common shares outstanding | 53,220 | 41,023 | 52,855 | 39,283 |
Add: dilutive securities | 14 | 15 | 16 | 16 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 431 | 229 | 400 | 207 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock | 0 | 0 | 0 | 2,069 |
Diluted weighted average common shares | 53,665 | 41,267 | 53,271 | 41,575 |
Basic | $ 0.53 | $ 0.55 | $ 0.90 | $ 0.89 |
Diluted | $ 0.54 | $ 0.55 | $ 0.90 | $ 0.85 |
Earnings Per Share , Antidiluti
Earnings Per Share , Antidilutive Securities Excluded from Computation of Loss Per Share (Details) - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7,974 | 3,872 |
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 | 2,863 | 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 | 389 | 438 |
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 |
Series A-4 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 | 760 | 0 |
Series A-4 Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,298 | 0 |
Series C 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 | 340 | 0 |
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 | 1,284 | 1,325 |
Derivative Instruments And He68
Derivative Instruments And Hedging Activities , Derivative Contracts (Details) - Interest Rate Cap [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Derivative maturing 2018 [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative, Type | Cap |
Derivative, Purpose | Cap Floating Rate |
Derivative, Effective Date | Apr. 1, 2015 |
Derivative, Maturity Date | Apr. 1, 2018 |
Notional Amount of Derivatives | $ 150.1 |
Derivative, Variable Rate | 0.283% |
Derivative, Fixed Rate | 9.00% |
Derivative, Spread on Variable Rate | 0.00% |
Derivative Maturing 2016 [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative, Type | Cap |
Derivative, Purpose | Cap Floating Rate |
Derivative, Effective Date | Oct. 3, 2011 |
Derivative, Maturity Date | Oct. 3, 2016 |
Notional Amount of Derivatives | $ 10 |
Derivative, Variable Rate | 0.283% |
Derivative, Fixed Rate | 11.02% |
Derivative, Spread on Variable Rate | 0.00% |
Fair Value of Financial Instr69
Fair Value of Financial Instruments , By Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financial assets | ||
Notes and other receivables, net | $ 49,201 | $ 51,895 |
Financial liabilities | ||
Secured debt | 2,205,760 | 1,656,740 |
Carrying Value [Member] | ||
Financial liabilities | ||
Debt (excluding secured borrowings) | 2,251,663 | 1,702,643 |
Lines of credit | 167,000 | 5,794 |
Carrying Value [Member] | Installment notes receivable on manufactured homes, net [Member] | ||
Financial assets | ||
Notes and other receivables, net | 22,375 | 25,884 |
Carrying Value [Member] | Collateralized Receivables [Member] | ||
Financial assets | ||
Notes and other receivables, net | 138,241 | 122,962 |
Carrying Value [Member] | Secured Debt [Member] | ||
Financial liabilities | ||
Secured debt | 138,887 | 123,650 |
Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | ||
Financial liabilities | ||
Debt (excluding secured borrowings) | 2,289,252 | 1,752,939 |
Secured debt | 138,887 | 123,649 |
Lines of credit | 167,000 | 5,794 |
Fair Value [Member] | Installment notes receivable on manufactured homes, net [Member] | Fair Value, Measurements, Recurring [Member] | ||
Financial assets | ||
Receivables | 22,375 | 25,884 |
Fair Value [Member] | Collateralized Receivables [Member] | Fair Value, Measurements, Recurring [Member] | ||
Financial assets | ||
Receivables | $ 138,241 | $ 122,962 |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event [Member] $ in Millions | Oct. 16, 2015USD ($) |
Subsequent Event [Line Items] | |
Number of Units in Real Estate Property | 1,250 |
Disposal Group, Including Discontinued Operation, Consideration | $ 36.1 |