Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 18, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SUI | |
Entity Registrant Name | SUN COMMUNITIES INC | |
Entity Central Index Key | 0000912593 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 86,505,876 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Land | $ 1,279,306 | $ 1,201,945 |
Land improvements and buildings | 5,899,149 | 5,586,250 |
Rental homes and improvements | 585,994 | 571,661 |
Furniture, fixtures and equipment | 208,177 | 201,090 |
Investment property | 7,972,626 | 7,560,946 |
Accumulated depreciation | (1,501,370) | (1,442,630) |
Investment property, net (including $314,669 and $308,171 for consolidated variable interest entities at March 31, 2019 and December 31, 2018; see Note 8) | 6,471,256 | 6,118,316 |
Cash and cash equivalents | 21,946 | 50,311 |
Marketable securities | 50,501 | 49,037 |
Inventory of manufactured homes | 52,993 | 49,199 |
Notes and other receivables, net | 179,814 | 160,077 |
Collateralized receivables, net | 101,938 | 106,924 |
Other assets, net (including $22,369 and $19,809 for consolidated variable interest entities at March 31, 2019 and December 31, 2018; see Note 8) | 220,214 | 176,162 |
TOTAL ASSETS | 7,098,662 | 6,710,026 |
LIABILITIES | ||
Mortgage loans payable (including $43,913 and $44,172 for consolidated variable interest entities at March 31, 2019 and December 31, 2018; see Note 8) | 2,879,017 | 2,815,957 |
Lines of credit | 128,000 | |
Distributions payable | 66,887 | 63,249 |
Customer Advances and Deposits | 151,860 | 133,698 |
Other liabilities (including $21,049 and $6,914 for consolidated variable interest entities at March 31, 2019 and December 31, 2018; see Note 8) | 179,461 | 157,862 |
TOTAL LIABILITIES | 3,846,325 | 3,479,112 |
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | 22,167 | 21,976 |
STOCKHOLDERS' EQUITY | ||
Common stock, $0.01 par value. Authorized: 180,000 shares; Issued and outstanding:86,463 shares at March 31, 2019 and 86,357 shares at December 31, 2018 | 865 | 864 |
Additional paid-in capital | 4,398,641 | 4,398,949 |
Accumulated other comprehensive loss | (3,006) | (4,504) |
Distributions in excess of accumulated earnings | (1,317,605) | (1,288,486) |
Total Sun Communities, Inc. stockholders' equity | 3,078,895 | 3,106,823 |
Noncontrolling interests: | ||
Common and preferred OP units | 51,816 | 53,354 |
Consolidated variable interest entities | 6,198 | 7,145 |
Total noncontrolling interests | 58,014 | 60,499 |
TOTAL STOCKHOLDERS' EQUITY | 3,136,909 | 3,167,322 |
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | 7,098,662 | 6,710,026 |
Series A-4 Preferred Stock | ||
LIABILITIES | ||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 31,739 | 31,739 |
Series A-4 preferred OP units | ||
LIABILITIES | ||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 9,784 | 9,877 |
Series D Preferred OP Units | ||
LIABILITIES | ||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 51,738 | 0 |
Preferred Equity, Mandatorily Redeemable [Member] | ||
LIABILITIES | ||
Preferred OP units - mandatorily redeemable | 35,249 | 35,277 |
Aspen Series B3 Preferred Operating Partnership Units [Member] | ||
LIABILITIES | ||
Mortgage loans payable (including $43,913 and $44,172 for consolidated variable interest entities at March 31, 2019 and December 31, 2018; see Note 8) | 34,663 | |
Preferred OP units - mandatorily redeemable | 34,663 | 37,338 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ||
LIABILITIES | ||
Mortgage loans payable (including $43,913 and $44,172 for consolidated variable interest entities at March 31, 2019 and December 31, 2018; see Note 8) | 102,676 | 107,731 |
Lines of credit | 396,512 | |
Reported Value Measurement [Member] | Secured Debt [Member] | ||
LIABILITIES | ||
Mortgage loans payable (including $43,913 and $44,172 for consolidated variable interest entities at March 31, 2019 and December 31, 2018; see Note 8) | 102,676 | 107,731 |
Collateralized Receivables [Member] | ||
LIABILITIES | ||
Financing Receivable, Gross | 102,676 | |
Collateralized Receivables [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ||
ASSETS | ||
Collateralized receivables, net | 101,938 | 106,924 |
Collateralized Receivables [Member] | Reported Value Measurement [Member] | ||
ASSETS | ||
Notes and other receivables, net | 101,900 | 106,900 |
Collateralized Receivables [Member] | Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ||
ASSETS | ||
Collateralized receivables, net | 101,938 | 106,924 |
Collateralized Receivables [Member] | Reported Value Measurement [Member] | Secured Debt [Member] | Fair Value, Measurements, Recurring [Member] | ||
LIABILITIES | ||
Financing Receivable, Gross | $ 102,676 | $ 107,700 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Investment property, net | $ 6,471,256 | $ 6,118,316 |
Other assets | 220,214 | 176,162 |
Secured debt | 2,879,017 | 2,815,957 |
Other liabilities | $ 179,461 | $ 157,862 |
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 180,000 | 180,000 |
Common Stock, Shares Issued | 86,463 | 86,357 |
Common Stock, Shares Outstanding | 86,463 | 86,357 |
Series A-4 Preferred Stock | ||
Series A-4 Preferred Stock, Par Value | $ 0.01 | $ 0.01 |
Series A-4 Preferred Stock, Shares Issued | 1,063 | 1,063 |
Series A-4 Preferred Stock, Shares Outstanding | 1,063 | 1,063 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Investment property, net | $ 314,669 | $ 308,171 |
Other assets | 22,369 | 19,809 |
Secured debt | 43,913 | 44,172 |
Preferred OP units - mandatorily redeemable | 35,249 | 35,277 |
Other liabilities | $ 21,049 | $ 6,914 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
REVENUES | ||
Income from real property | $ 216,779 | $ 197,211 |
Revenue from home sales | 39,618 | 34,900 |
Rental home revenue | 13,971 | 13,020 |
Ancillary revenue | 8,482 | 6,568 |
Interest | 4,800 | 5,316 |
Brokerage commissions and other revenues, net | 3,680 | 960 |
Total revenues | 287,330 | 257,975 |
EXPENSES | ||
Real estate taxes | 15,330 | 13,836 |
Property operating and maintenance | 57,909 | 51,630 |
Cost of Goods and Services Sold | 29,277 | 26,571 |
Rental home operating and maintenance | 4,788 | 5,227 |
Ancillary expenses | 7,101 | 5,383 |
Home selling expenses | 3,324 | 3,290 |
General and administrative | 21,887 | 19,757 |
Depreciation and amortization | 76,556 | 66,437 |
Loss on extinguishment of debt | 653 | 196 |
Interest | 34,014 | 31,138 |
Interest on mandatorily redeemable preferred OP units / equity | 1,094 | 619 |
Total expenses | 252,715 | 221,871 |
Income Before Other Items | 34,615 | 36,104 |
Remeasurement of marketable securities | 267 | 0 |
Catastrophic weather related charges | (782) | (2,213) |
Other income / (expense), net | 1,898 | (2,617) |
Current tax expense | (214) | |
Provision for state income taxes | (200) | (174) |
Deferred tax benefit | 217 | 347 |
Net Income | 37,127 | 33,601 |
Less: Preferred return to preferred OP units | (1,323) | (1,080) |
Less: Amounts attributable to noncontrolling interests | (1,041) | (2,094) |
Net Income Attributable to Sun Communities, Inc. | 34,763 | 30,427 |
Less: Preferred stock distribution | (432) | (441) |
Net income attributable to Sun Communities, Inc. common stockholders | $ 34,331 | $ 29,986 |
Weighted average common shares outstanding: | ||
Basic | 85,520 | 78,855 |
Diluted | 86,033 | 79,464 |
Earnings per share: | ||
Basic | $ 0.40 | $ 0.38 |
Diluted | $ 0.40 | $ 0.38 |
Distributions from Affiliate | $ 344 | $ (59) |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 37,127 | $ 33,601 |
Foreign currency translation adjustment | 1,575 | (1,861) |
Total comprehensive income | 38,702 | 31,740 |
Less: Comprehensive income attributable to noncontrolling interests | 1,118 | 2,005 |
Comprehensive income attributable to Sun Communities, Inc. | $ 37,584 | $ 29,735 |
Consolidated Statement Of Stock
Consolidated Statement Of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Income / (Loss) | Noncontrolling Interests | Common OP Units | Series D Preferred OP Units |
Temporary equity, beginning balance at Dec. 31, 2017 | $ 43,066 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Conversion of stock | $ (60) | |||||||
Net income | 71 | |||||||
Distributions | (171) | |||||||
Temporary equity, ending balance at Mar. 31, 2018 | 42,906 | |||||||
Balance at Dec. 31, 2017 | 2,663,687 | $ 797 | $ 3,758,533 | $ (1,162,001) | $ 1,102 | $ 65,256 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock and common OP units, net | (3,296) | 2 | (3,298) | |||||
Conversion of OP units | (59) | (342) | (283) | |||||
Share-based compensation - amortization and forfeitures | 3,579 | 3,489 | 90 | |||||
Foreign currency translation | (1,861) | (1,772) | (89) | |||||
Net income | 33,530 | 31,507 | 2,023 | |||||
Distributions | (60,047) | (57,159) | (2,888) | |||||
Balance at Mar. 31, 2018 | 2,635,651 | 799 | 3,759,066 | (1,187,563) | (670) | 64,019 | ||
Temporary equity, beginning balance at Dec. 31, 2018 | 63,592 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Conversion of stock | $ 0 | |||||||
Net income | 178 | |||||||
Distributions | (272) | |||||||
Temporary equity, ending balance at Mar. 31, 2019 | 115,428 | |||||||
Balance at Dec. 31, 2018 | 3,167,322 | 864 | 4,398,949 | (1,288,486) | (4,504) | 60,499 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock and common OP units, net | (4,321) | $ 1 | (4,322) | |||||
Conversion of units | 0 | |||||||
Conversion of OP units | (280) | (280) | ||||||
Share-based compensation - amortization and forfeitures | 3,793 | 3,719 | 74 | |||||
Temporary Equity, Stock Issued During Period, Value, New Issues | $ 51,930 | |||||||
Foreign currency translation | 1,575 | 1,498 | 77 | |||||
Net income | 36,949 | 36,086 | 863 | |||||
Distributions | (68,409) | 15 | (65,279) | (3,145) | ||||
Balance at Mar. 31, 2019 | $ 3,136,909 | $ 865 | $ 4,398,641 | $ (1,317,605) | $ (3,006) | $ 58,014 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
OPERATING ACTIVITIES: | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 103,141 | $ 80,905 |
INVESTING ACTIVITIES: | ||
Investment in properties | (114,804) | (68,524) |
Acquisitions of properties, net of cash acquired | (279,302) | (2,384) |
Proceeds from dispositions of assets and depreciated homes, net | 11,788 | 5,312 |
Purchases of notes receivable | 0 | (893) |
Other investing activities | 0 | (1,925) |
Repayments of notes and other receivables | 1,030 | 679 |
Repayments of notes and other receivables | 11,195 | 783 |
NET CASH USED FOR INVESTING ACTIVITIES | (392,483) | (68,518) |
FINANCING ACTIVITIES: | ||
Issuance of common stock, OP units, and preferred OP units, net | (4,321) | (3,296) |
Borrowings on lines of credit | 1,428,948 | 302,355 |
Payments on lines of credit | (1,160,436) | 201,853 |
Proceeds from issuance of other debt | 265,000 | 0 |
Payments on other debt | (200,892) | (43,883) |
Prepayment penalty on debt | 0 | 196 |
Distributions to stockholders, OP unit holders, and preferred OP unit holders | (65,145) | 56,881 |
Payments for deferred financing costs | (1,000) | (605) |
Proceeds from (Payments for) Other Financing Activities | 1,618 | 0 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 261,097 | (8,464) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 158 | (8) |
Net change in cash, cash equivalents and restricted cash | (28,087) | 3,915 |
Cash, cash equivalents and restricted cash, beginning of period | 62,262 | 23,509 |
Cash, cash equivalents and restricted cash, end of period (See Note 16) | 34,175 | 27,424 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest (net of capitalized interest of $1,357 and $1,184 respectively) | 32,711 | 30,402 |
Cash paid for interest on mandatorily redeemable debt | 1,094 | 619 |
Cash paid (refunds) for income taxes | (60) | 135 |
Noncash investing and financing activities: | ||
Reduction in secured borrowing balance | 5,055 | 5,105 |
Change in distributions declared and outstanding | 3,536 | 3,337 |
Conversion of common and preferred OP units | 280 | 342 |
Noncash Or Part Noncash Acquisition, Noncash Financial Or Equity Instrument Consideration, Value Of Shares Issued | 51,930 | 0 |
Noncash Or Part Noncash Acquisition, Escrow | 4,035 | 0 |
Series B-3 Preferred OP Units [Member] | ||
FINANCING ACTIVITIES: | ||
Redemption of Series A-4 preferred stock and OP units | $ (2,675) | $ (4,105) |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Cash Flows [Abstract] | ||
Capitalized interest | $ 1,357 | $ 1,184 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
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”) 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 (“ASC”). These unaudited Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information and in accordance with GAAP. 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 period financial statements in order to conform to current period presentation. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenue The following tables details our revenue by major source (in thousands): Three Months Ended Three Months Ended Real Property Operations Home Sales and Rentals Consolidated Real Property Operations Home Sales and Rentals Consolidated REVENUE Income from real property $ 216,779 $ — $ 216,779 $ 197,211 $ — $ 197,211 Revenue from home sales — 39,618 39,618 — 34,900 34,900 Rental home revenue — 13,971 13,971 — 13,020 13,020 Ancillary revenues 8,482 — 8,482 6,568 — 6,568 Interest 4,800 — 4,800 5,316 — 5,316 Brokerage commissions and other revenues, net 3,680 — 3,680 960 — 960 Total revenue $ 233,741 $ 53,589 $ 287,330 $ 210,055 $ 47,920 $ 257,975 Revenue Recognition Policies and Performance Obligations On January 1, 2018, we adopted FASB Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers” and the other related ASUs and amendments to the codification (collectively “ASC 606”). The core principle of ASC 606 is that an entity 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. A five-step transactional analysis is required to determine how and when to recognize revenue. ASC 606 applies to all contracts with customers, except those that are within the scope of other topics in the FASB accounting standards codification. As a real estate owner and operator, the majority of our revenue is derived from site and home leases that are accounted for pursuant to ASC 842 “Leases.” For transactions in the scope of ASC 606, we recognize revenue when control of goods or services transfers to the customer, in the amount that we expect to receive for the transfer of goods or provision of services. The adoption of ASC 606 did not result in any change to our accounting policies for revenue recognition. Accordingly, retrospective application to prior periods or a cumulative catch-up adjustment was unnecessary. Income from real property - Residents in our communities lease the site on which their home is located, and either own or lease their home. Lease revenues for sites and homes fall under the scope of ASC 842, and are accounted for as operating leases with straight-line recognition. Resident leases are generally for one-year or month-to-month terms, and are renewable by mutual agreement from us and the resident, or in some cases, as provided by jurisdictional statute. Income from real property includes site leases for annual MH residents which are within the scope of ASC 842. Annual recreational vehicle (“RV”) site leases with residents are also included within the scope of ASC 842 and revenue is recorded within Income from real property. Non-lease components of our site lease contracts, which are primarily provision of utility services, are accounted for with the site lease as a single lease under ASC 842. Additionally, we include collections of real estate taxes from residents within Income from real property. The site rental associated with a transient RV resident stay is accounted for under ASC 842 and is recorded within Income from real property. Revenue from home sales - Our taxable REIT subsidiary, SHS, sells manufactured homes (“MH”) to current and prospective residents in our communities. Prior to adoption of ASC 606, we recognized revenue for home sales pursuant to ASC 605 “Revenue Recognition,” as manufactured homes are tangible personal property that can be located on any land parcel. Manufactured homes are not permanent fixtures or improvements to the underlying real estate, and were therefore not considered to be subject to the guidance in ASC 360-20 “Real Estate Sales” by the Company. In accordance with the core principle of ASC 606, we recognize revenue from home sales at the time of closing when control of the home transfers to the customer. After closing of the sale transaction, we have no remaining performance obligation. Rental home revenue - is comprised of rental agreements whereby we lease homes to residents in our communities. We account for these revenues under ASC 842. Ancillary revenues - are primarily composed of proceeds from restaurant, golf, merchandise and other activities at our RV communities and are included in the scope of ASC 606. Short-term vacation home rentals are included within ancillary revenues and within the scope of ASC 842. Revenues are recognized at point of sale when control of the good or service transfers to the customer and our performance obligation is satisfied. In addition, ancillary revenues include the leasing of short term vacation rentals. Sales and other taxes that we collect concurrent with revenue-producing activities are excluded from the transaction price. Interest income - is earned primarily on our notes and collateralized receivables, which includes installment loans for manufactured homes purchased by the Company from loan originators and transferred loans that previously did not meet the requirements for sale accounting. Interest income on these receivables is accrued based on the unpaid principal balances of the underlying loans on a level yield basis over the life of the loans. Interest income is not in the scope of ASC 606. Refer to Notes 4 , “Collateralized Receivables and Transfers of Financial Assets” and 5 , “Notes and Other Receivables” for additional information. Broker commissions and other revenues, net - is primarily comprised of brokerage commissions for sales of manufactured homes, where we act as agent and arrange for a third party to transfer a manufactured home to a customer within one of our communities. Brokerage commission revenues are recognized on a net basis at closing, when the transaction is completed and our performance obligations have been fulfilled. Loan loss reserve expenses for our collateralized receivables and notes receivables are also included herein. Refer to Notes 4, “Collateralized Receivables and Transfers of Financial Assets” and 5, “Notes and Other Receivables” for additional information regarding our loan loss reserves. Contract Balances As of March 31, 2019 and December 31, 2018, we had $18.0 million and $16.1 million |
Real Estate Acquisitions
Real Estate Acquisitions | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Real Estate Acquisitions | Real Estate Acquisitions 2019 Acquisitions In 2019 we acquired the following communities: Community Name Type Sites Development Sites State Month Acquired Massey’s Landing RV RV 291 — DE February Shelby Properties (1) MH 1,308 — MI February Buena Vista MH 400 — AZ February Country Village Estates (2) MH 518 — OR January Hid’n Pines RV RV 321 — ME January Hacienda del Rio MH (Age-Restricted) 730 70 FL January Total 3,568 70 (1) Contains two MH communities. (2) In conjunction with the acquisition, we issued Series D Preferred Operating Partnership (“OP”) Units. As of March 31, 2019, 488,958 Series D Preferred OP Units were outstanding. The following table summarizes the amounts of assets acquired net of liabilities assumed at the acquisition date and the consideration paid for the acquisitions completed in the three months ended March 31, 2019 (in thousands): At Acquisition Date (1) Massey's Landing Shelby Properties Buena Vista Country Village Hid'n Pines Hacienda del Rio Total Investment in property $ 20,000 $ 85,969 $ 20,221 $ 62,784 $ 10,680 $ 111,971 $ 311,625 Inventory of manufactured homes — 2,011 439 — — 15 2,465 In-place leases and other intangible assets — 6,520 1,590 2,020 70 3,280 13,480 Other assets (liabilities), net (446 ) (1,015 ) (93 ) 31 (233 ) (237 ) (1,993 ) Total identifiable assets acquired net of liabilities assumed $ 19,554 $ 93,485 $ 22,157 $ 64,835 $ 10,517 $ 115,029 $ 325,577 Consideration Cash and escrow $ 19,554 $ 93,485 $ 22,157 $ 12,905 $ 10,517 $ 115,029 $ 273,647 Series D Preferred OP units — — — 51,930 — — 51,930 Total consideration $ 19,554 $ 93,485 $ 22,157 $ 64,835 $ 10,517 $ 115,029 $ 325,577 (1) The purchase price allocations are preliminary and may be adjusted as final valuations are determined. As of March 31,2019, the Company has incurred $ 5.1 million of additional capitalized transaction costs which have been allocated among the various categories above. During the quarter, the Company entered into a four year Temporary Occupancy and Use Permit with the Port of San Diego to operate an RV resort located in Chula Vista, CA until such time as a new RV resort is constructed in the area. Concurrent with the transaction, we purchased tangible personal property from the prior owner of the RV resort for $ 0.3 million. Refer to Note 19 , “Subsequent Events,” for information regarding real estate acquisition activity after March 31, 2019. The total amount of revenues and net income included in the Consolidated Statements of Operations for the three months ended March 31, 2019 related to the acquisitions completed in 2019 are set forth in the following table (in thousands): Three Months Ended (unaudited) Total revenues $ 3,764 Net income $ 1,317 The following unaudited pro forma financial information presents the results of our operations for the three months ended March 31, 2019 and 2018, as if the properties acquired in 2019 had been acquired on January 1, 2018. 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 acquisition been consummated on January 1, 2018 (in thousands, except per-share data): Three Months Ended March 31, (unaudited) 2019 2018 Total revenues $ 289,253 $ 263,706 Net income attributable to Sun Communities, Inc. common stockholders $ 34,885 $ 31,732 Net income per share attributable to Sun Communities, Inc. common stockholders - basic $ 0.41 $ 0.40 Net income per share attributable to Sun Communities, Inc. common stockholders - diluted $ 0.41 $ 0.40 2018 Acquisitions In 2018 we acquired the following communities: Community Name Type Sites Development Sites State Month Acquired Leaf Verde RV Resort RV 376 — AZ October Archview RV 114 50 UT August Petoskey KOA RV 210 — MI August The Sands RV and Golf Resort RV (Age Restricted) 507 — CA July Sun NG RV Resorts LLC (1)(2) RV 2,700 940 Various June Silver Creek RV 264 176 MI June Highway West (1) RV 536 — UT & OR June Compass RV RV 175 — FL May Total 4,882 1,166 (1) Highway West and Sun NG RV Resorts LLC are comprised of 4 RV and 10 RV resorts, respectively. (2) Refer to Note 8, “Consolidated Variable Interest Entities,” Note 9 , “Debt and Lines of Credit,” and Note 10 , “Equity and Temporary Equity” in our accompanying Consolidated Financial Statements for additional information. The following table summarizes the amounts of assets acquired net of liabilities assumed at the acquisition date and the consideration paid for the acquisitions completed in 2018 (in thousands): At Acquisition Date Leaf Verde Archview Petoskey KOA Sands Sun NG Resorts Silver Creek Highway West Compass Total Investment in property $ 11,587 $ 14,550 $ 8,730 $ 13,790 $ 240,649 $ 7,250 $ 36,500 $ 13,930 $ 346,986 In-place leases and other intangible assets 60 — 270 460 16,339 — — 70 17,199 Debt assumed — — — — (3,120 ) — — — (3,120 ) Other liabilities, net — — — — (11,990 ) — — — (11,990 ) Total identifiable assets acquired net of liabilities assumed $ 11,647 $ 14,550 $ 9,000 $ 14,250 $ 241,878 $ 7,250 $ 36,500 $ 14,000 $ 349,075 Consideration Cash $ 11,647 $ 14,550 $ 9,000 $ 14,250 $ 184,625 $ 7,250 $ 36,500 $ 14,000 $ 291,822 Preferred Equity - Sun NG Resorts — — — — 35,277 — — — 35,277 Equity Interests - NG Sun LLC — — — — 21,976 — — — 21,976 Total consideration $ 11,647 $ 14,550 $ 9,000 $ 14,250 $ 241,878 $ 7,250 $ 36,500 $ 14,000 $ 349,075 In 2018, we acquired the following land for expansion / development: Name Location Type Expansion / Development Sites Cost (millions) Month Acquired Ocean West McKinleyville, CA MH 26 $ 0.2 December Water Oak Country Club Estates Lady Lake, FL MH 296 $ 1.9 November Oak Crest Austin, TX MH 220 $ 4.2 October Pecan Park Jacksonville, FL RV 158 $ 1.3 September Smith Creek Crossing Granby, CO MH 310 $ 0.9 September Apple Carr Egelston, MI MH 121 $ 0.2 May River Run Ranch Granby, CO MH / RV 1,144 $ 5.3 May Total 2,275 $ 14.0 |
Collateralized Receivables and
Collateralized Receivables and Transfers of Financial Assets | 3 Months Ended |
Mar. 31, 2019 | |
Transfers and Servicing [Abstract] | |
Transfers Of Financial Assets | Transfers of Financial Assets We previously 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 fewer than 64 90 % Equal to or greater than 64 but fewer 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 Secured borrowings on collateralized receivables within the Consolidated Balance Sheets. The balance of the collateralized receivables was $101.9 million (net of allowance of $0.7 million ) and $106.9 million (net of allowance of $0.8 million ) as of March 31, 2019 and December 31, 2018 , respectively. The receivables have a weighted average interest rate and maturity of 9.9 percent and 13.9 years as of March 31, 2019 , and 9.9 percent and 14.1 years as of December 31, 2018 . The outstanding balance on the secured borrowing was $102.7 million and $107.7 million as of March 31, 2019 and December 31, 2018 , 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 $2.4 million and $2.8 million for the three months ended March 31, 2019 and 2018 , respectively. The balances of the collateralized receivables and secured borrowings are reduced as the related collateralized receivables are collected from the customers, or as the underlying collateral is repurchased. The change in the aggregate gross principal balance of the collateralized receivables is as follows (in thousands): Three Months Ended Beginning balance $ 107,731 Principal payments and payoffs from our customers (3,109 ) Principal reduction from repurchased homes (1,946 ) Total activity (5,055 ) Ending balance $ 102,676 The following table sets forth the allowance for the collateralized receivables as of March 31, 2019 (in thousands): Three Months Ended Beginning balance $ (807 ) Lower of cost or market write-downs 45 Decrease to reserve balance 24 Total activity 69 Ending balance $ (738 ) |
Notes And Other Receivables
Notes And Other Receivables | 3 Months Ended |
Mar. 31, 2019 | |
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): March 31, 2019 December 31, 2018 Installment notes receivable on manufactured homes, net $ 109,256 $ 112,798 Other receivables, net 70,558 47,279 Total notes and other receivables, net $ 179,814 $ 160,077 Installment Notes Receivable on Manufactured Homes Our investment in installment notes of $ 109.3 million (net of allowance of $0.7 million ) and $112.8 million (net of allowance of $0.7 million ) as of March 31, 2019 and December 31, 2018 , respectively, are collateralized by manufactured homes. The notes represent financing to purchasers of manufactured homes primarily located in our communities and require monthly principal and interest payments. The notes have a net weighted average interest rate (net of servicing costs) and maturity of 8.0 percent and 16.4 years as of March 31, 2019 , and 8.0 percent and 16.6 years as of December 31, 2018 , respectively. The change in the aggregate gross principal balance of the installment notes receivable is as follows (in thousands): Three Months Ended Beginning balance $ 113,495 Investment in installment notes 63 Principal payments and payoffs from customers (1,653 ) Principal reduction from repossessed homes (1,994 ) Total activity (3,584 ) Ending balance $ 109,911 Allowance for Losses for Installment Notes Receivable The following table sets forth the allowance change for the installment notes receivable as follows (in thousands): Three Months Ended Beginning balance $ (697 ) Lower of cost or market write-downs 57 Increase to reserve balance (15 ) Total activity 42 Ending balance $ (655 ) Other Receivables As of March 31, 2019 , other receivables were comprised of amounts due from: residents for rent, utility charges, fees and other pass through charges of $13.0 million ; home sale proceeds of $18.0 million ; insurance receivables of $18.5 million and other receivables of $21.1 million . As of December 31, 2018 , other receivables were comprised of amounts due from: residents for rent, utility charges, fees and other pass through charges of $7.1 million (net of allowance of $1.5 million ); home sale proceeds of $16.1 million ; and insurance and other receivables of $24.1 million |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Intangible Assets Our intangible assets include in-place leases, franchise agreements and other intangible assets. These intangible assets are recorded in Other assets, net on the Consolidated Balance Sheets. In accordance with ASC 842, below market leases are now classified as a right of use asset. The gross carrying amounts, and accumulated amortization are as follows (in thousands): March 31, 2019 December 31, 2018 Intangible Asset Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization In-place leases 7 years 117,544 (62,740 ) 103,547 (59,068 ) Franchise agreements and other intangible assets 7-20 years 16,944 (2,146 ) 16,641 (1,942 ) Total $ 134,488 $ (64,886 ) $ 120,188 $ (61,010 ) Total amortization expenses related to the intangible assets are as follows (in thousands): Three Months Ended March 31, Intangible Asset 2019 2018 In-place leases 3,672 3,490 Franchise agreements and other intangible assets 205 19 Total $ 3,877 $ 3,509 We anticipate amortization expense for our intangible assets to be as follows for the next five years (in thousands): Year Remainder of 2019 2020 2021 2022 2023 Estimated expense $ 11,850 $ 14,144 $ 13,752 $ 9,151 $ 5,776 |
Investment In Affiliates
Investment In Affiliates | 3 Months Ended |
Mar. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment In Affiliates | Investment in Affiliates Investments in joint ventures that are not consolidated, nor investments recorded at cost, are accounted for using the equity method of accounting as prescribed in FASB ASC Topic 323, “ Investments - Equity Method and Joint Ventures. ” RezPlot Systems LLC (“Rezplot”) - In January 2019, the Company acquired a 50 percent ownership interest in RezPlot, a software technology company. As of March 31, 2019 we had a $ 5.3 million investment in RezPlot which is recorded within Other assets, net on the Consolidated Balance Sheets. During the three months ended March 31, 2019 , we recognized $ 0.2 million loss in the Income / (loss) from nonconsolidated affiliates on the Consolidated Statement of Operations related to our ownership interest. Sungenia JV - In November 2018, the Company and Ingenia Communities Group entered into a joint venture (“JV”) to establish and grow a manufactured housing community development program in Australia. We hold a 50 percent interest in the JV entity. As of March 31, 2019 and December 31, 2018 , we had a $ 2.2 million and $ 0.7 million investment in the JV which is recorded within Other assets, net on the Consolidated Balance Sheets. During the three months ended March 31, 2019 we recognized less than $0.1 million loss in the Income / (loss) from nonconsolidated affiliates on the Consolidated Statement of Operations related to our ownership interest. GTSC LLC ( “GTSC” ) - At March 31, 2019 , we had a 40 percent ownership interest in GTSC which engages in acquiring, holding and selling loans secured, directly or indirectly, by manufactured homes located in communities of Sun Communities. Our investment in GTSC as of March 31, 2019 and December 31, 2018 was $ 37.9 million and $29.8 million, respectively, and is recorded within Other assets, net on the Consolidated Balance Sheets. During the three months ended March 31, 2019 and March 31, 201 8, there was $0.5 million net gain and $ 0.1 million net loss, respectively, in the Income / (loss) from nonconsolidated affiliates on the Consolidated Statement of Operations related to our ownership interest. Origen Financial Services, LLC (“OFS LLC”) - At March 31, 2019 and 2018, we had a 22.9 percent ownership interest in OFS LLC. As of both March 31, 2019 and December 31, 2018 our investment in OFS LLC was $ 0.1 million respectively and is recorded within Other assets, net on the Consolidated Balance Sheets. During the three months ended March 31, 2019 and March 31, 201 8, we recognized less than $ 0.1 million and no |
Consolidated Variable Interest
Consolidated Variable Interest Entities | 3 Months Ended |
Mar. 31, 2019 | |
DisclosureofVariableInterestEntities [Abstract] | |
Consolidated Variable Interest Entities | Consolidated Variable Interest Entities In 2016, we adopted (“ASU 2015-02”) Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 modified the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities. We evaluated the application of ASU 2015-02 and concluded that no change was required to our accounting for interests in less than wholly-owned Joint ventures. However, the Operating Partnership now meets the criteria as a VIE. Our significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership. We are the sole general partner and generally have the power to manage and have complete control over the Operating Partnership and the obligation to absorb its losses or the right to receive its benefits. Accordingly, we consolidate the Operating Partnership under this new guidance. Effective June 1, 2018, the Company acquired a majority interest in Sun NG RV Resorts LLC (“Sun NG Resorts”), which is comprised of ten RV resorts and one ground up RV development with 2,700 RV sites and an additional 940 sites available for development. The Company purchased an 80 percent interest in Sun NG Resorts for $ 61.6 million through Sun NG LLC; the remaining 20 percent interest of $ 15.4 million is held by NG Sun LLC, an unrelated third-party. Sun paid additional consideration of $ 123.3 million, consisting of a $ 1.8 million preferred equity investment and a $ 121.5 million temporary loan to Sun NG Resorts. We consolidate Sun NG Resorts under the guidance set forth in FASB ASC Topic 810 “Consolidation.” We concluded that Sun NG Resorts is a variable interest entity where we are the primary beneficiary, as we have power to direct the significant activities, absorb the significant losses and receive the significant benefits from the entity. Refer to Note 3, “Real Estate Acquisitions,” Note 9 , “Debt and Lines of Credit,” and Note 10 , “Equity and Temporary Equity” for additional information. We consolidate Rudgate Village SPE, LLC; Rudgate Clinton SPE, LLC; and Rudgate Clinton Estates SPE, LLC (collectively, “Rudgate”) as a VIE. We evaluated our arrangement with this property under the guidance set forth in FASB ASC Topic 810 “ Consolidation. ” We concluded that Rudgate qualified as a VIE where we are the primary beneficiary, as we have power to direct the significant activities, absorb the significant losses and receive the significant benefits from the entity. The following table summarizes the assets and liabilities included in our Consolidated Balance Sheets after eliminations (in thousands): March 31, 2019 December 31, 2018 ASSETS Investment property, net $ 314,669 $ 308,171 Other assets, net 22,369 19,809 Total Assets $ 337,038 $ 327,980 LIABILITIES AND OTHER EQUITY Debt $ 43,913 $ 44,172 Preferred Equity - Sun NG Resorts - mandatorily redeemable 35,249 35,277 Other liabilities 21,049 6,914 Total Liabilities 100,211 86,363 Equity Interests - NG Sun LLC 22,167 21,976 Noncontrolling interests 6,198 7,145 Total Liabilities and Other Equity $ 128,576 $ 115,484 Investment property, net and other assets, net related to the consolidated VIEs comprised approximately 4.7 percent and 4.9 percent of our consolidated total assets at March 31, 2019 and December 31, 2018 , respectively. Debt, Preferred Equity and other liabilities comprised approximately 2.6 percent and 2.6 percent of our consolidated total liabilities at March 31, 2019 and December 31, 2018 , respectively. Equity Interests and Noncontrolling interests related to the consolidated VIEs, on an absolute basis, comprised less than 1.0 percent of our consolidated total equity at March 31, 2019 and at December 31, 2018 |
Debt And Lines Of Credit
Debt And Lines Of Credit | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt and Lines of Credit The following table sets forth certain information regarding debt including premiums, discounts and deferred financing costs (in thousands): Carrying Amount Weighted Average Years to Maturity Weighted Average Interest Rates March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Collateralized term loans - Life Companies $ 1,330,591 $ 1,259,158 16.7 14.4 4.0 % 3.9 % Collateralized term loans - FNMA 765,391 770,417 4.9 5.1 4.4 % 4.4 % Collateralized term loans - CMBS 403,878 405,702 3.8 4.1 5.1 % 5.1 % Collateralized term loans - FMCC 379,157 380,680 5.6 5.9 3.9 % 3.9 % Secured borrowings 102,676 107,731 14.2 14.4 9.9 % 9.9 % Lines of credit 396,512 128,000 2.1 2.3 3.7 % 3.8 % Preferred Equity - Sun NG Resorts - mandatorily redeemable 35,249 35,277 3.5 3.8 6.0 % 6.0 % Preferred OP units - mandatorily redeemable 34,663 37,338 4.8 4.7 6.5 % 6.6 % Total debt $ 3,448,117 $ 3,124,303 9.3 9.0 4.4 % 4.5 % Collateralized Term Loans During the three months ended March 31, 2019, we completed a $ 265.0 million 25 -year term loan transaction which carries an interest rate of 4.17 percent . Concurrently, we repaid a $ 186.8 million term loan with an interest rate of 3.83 percent which was due to mature in January 2030. We recognized a loss on extinguishment of debt of $ 0.7 million as a result of the repayment transaction in our Consolidated Statement of Operations. During the three months ended December 31, 2018, we repaid a term loan of $ 10.2 million with an interest rate of 5.66 percent . The loan was due to mature on February 28, 2019. Concurrently, we entered into a $ 21.7 million collateralized term loan with a 4.10 percent fixed interest rate and 20 -year term. During the three months ended September 30, 2018, we entered into a $228.0 million collateralized term loan with a 4.10 percent fixed rate and a 20 -year term. During the three months ended September 30, 2018, we repaid one collateralized term loan of $30.5 million with an interest rate of 6.34 percent , releasing one encumbered community, which was due to mature March 1, 2019. We recognized a loss on extinguishment of debt of $0.9 million as a result of the repayment transaction in our Consolidated Statement of Operations. During the three months ended June 30, 2018 we repaid three collateralized term loans totaling $177.7 million with a weighted average interest rate of 4.53 percent, releasing 11 encumbered communities. One loan was due to mature on August 1, 2018 and two loans were due to mature on May 1, 2023. We recognized a loss on extinguishment of debt of $1.5 million as a result of the repayment transaction. In the first quarter of 2018, we repaid four collateralized term loans totaling $24.4 million with a weighted average interest rate of 6.36 percent , releasing three encumbered communities. The loans were due to mature on March 1, 2019. We recognized a loss on extinguishment of debt of $0.2 million as a result of the repayment transactions. The collateralized term loans totaling $2.9 billion as of March 31, 2019 , are secured by 185 properties comprised of 72,964 sites representing approximately $3.2 billion of net book value. Secured Borrowing See Note 4 , “Collateralized Receivables and Transfers of Financial Assets,” for information regarding our collateralized receivables and secured borrowing transactions. Preferred OP Units - mandatorily redeemable Preferred OP units at March 31, 2019 and December 31, 2018 include $34.7 million of Aspen preferred OP units issued by the Operating Partnership. As of March 31, 2019 , these units are convertible indirectly into 430,260 shares of our 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 or less, 0.397 common OP units; or (b) if the market price of our common stock is greater than $68.00 per share, the number of common OP units is determined by dividing (i) the sum of (A) $27.00 plus (B) 25 percent 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 percent . On January 2, 2024, we are required to redeem all Aspen preferred OP units that have not been converted to common OP units. Preferred OP units also include $2.7 million of Series B-3 preferred OP units at December 31, 2018 , which are not convertible. In January 2019, we redeemed all remaining 26,750 Series B-3 preferred OP units. The weighted average redemption price per unit, which included accrued and unpaid distributions, of $100.153424 . In the aggregate, we paid $2.7 million to redeem these units. Preferred Equity - Sun NG Resorts - mandatorily redeemable In June 2018, in connection with the investment in Sun NG Resorts, $35.3 million of mandatorily redeemable Preferred Equity (“Preferred Equity - Sun NG Resorts”) was purchased by unrelated third parties. The Preferred Equity - Sun NG Resorts carries a preferred rate of return of 6.0 percent per annum. The Preferred Equity - Sun NG Resorts has a seven -year term and can be redeemed in the fourth quarter of 2022 at the holders’ option. The Preferred Equity - Sun NG Resorts as of March 31, 2019 was $35.2 million . Refer to Note 3, “Real Estate Acquisitions,” Note 8, “Consolidated Variable Interest Entities,” and Note 10 , “Equity and Temporary Equity” for additional information. Lines of Credit In April 2017, we amended and restated our credit agreement (the “A&R Credit Agreement”) with Citibank, N.A. (“Citibank”) and certain other lenders. Pursuant to the A&R Credit Agreement, we entered into a senior revolving credit facility with Citibank and certain other lenders in the amount of $650.0 million , comprised of a $550.0 million revolving loan and a $100.0 million term loan (the “A&R Facility”). We repaid the term loan in full on September 7, 2018 and are unable to reborrow on the term loan. The A&R Credit Agreement has a four-year term ending April 25, 2021 , 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 A&R Credit Agreement also provides for, subject to the satisfaction of certain conditions, additional commitments in an amount not to exceed $350.0 million . If additional borrowings are made pursuant to any such additional commitments, the aggregate borrowing limit under the A&R Facility may be increased up to $900.0 million . The A&R 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 A&R Credit Agreement, which margin can range from 1.35 percent to 2.20 percent for the revolving loan. As of March 31, 2019 , the margin based on our leverage ratio was 1.35 percent on the revolving loan. We had $393.0 million borrowings on the revolving loan as of March 31, 2019 . The A&R 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 March 31, 2019 and December 31, 2018 , approximately $3.9 million 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 percent. At March 31, 2019 , the effective interest rate was 7.0 percent . The outstanding balance was $3.5 million as of March 31, 2019 and zero as of December 31, 2018 . Covenants Pursuant to the terms of the A&R 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 March 31, 2019 , we were in compliance with all covenants. |
Equity and Temporary Equity
Equity and Temporary Equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Equity and Temporary Equity | Equity and Temporary Equity At the Market Offering Sales Agreement In July 2017, we entered into a new at the market offering sales agreement (the “Sales Agreement”) with certain sales agents (collectively, the “Sales Agents”), whereby we may offer and sell shares of our common stock, having an aggregate offering price of up to $450.0 million , from time to time through the Sales Agents. The Sales Agents are entitled to compensation in an agreed amount not to exceed 2.0 percent of the gross price per share for any shares sold from time to time under the Sales Agreement. Through March 31, 2019 , we have sold shares of our common stock for gross proceeds of $163.8 million under the Sales Agreement. There were no issuances of common stock under the Sales Agreement during 2019. Issuance of Series D Preferred OP Units - Temporary Equity In February 2019, we issued 488,958 Series D Preferred OP Units in connection with the acquisition of Country Village Estates. The Series D preferred OP units have a stated issuance price of $100.00 per OP Unit and carry a preferred return of 3.75 percent until the second anniversary of the issuance date. Commencing with the second anniversary of the issuance date, the Series D Preferred OP Units carry a preferred return of 4.0 percent . Commencing with the first anniversary of the issuance date, each Series D Preferred OP Unit can be exchanged for 0.8 shares of SUI stock at the holder’s option. The holders may require redemption in cash after the fifth anniversary of the Series D issuance date or upon the holder’s death. Refer to Note 3 , “Real Estate Acquisitions”. Equity Interests - NG Sun LLC - Temporary Equity In June 2018, in connection with the investment in Sun NG Resorts, unrelated third parties purchased $6.5 million of Series B preferred equity interests and $15.4 million of common equity interest in Sun NG Resorts (herein jointly referred to as “Equity Interest - NG Sun LLC”). The Series B preferred equity interests carry a preferred return at a rate that, at any time, is equal to the interest rate on Sun NG Resorts’ indebtedness at such time. The current rate of return is 5.0 percent. The Equity Interests - NG Sun LLC do not have a fixed maturity date and can be redeemed in the fourth quarter of 2022 at the holders’ option. Sun NG LLC, our subsidiary, has the right during certain periods each year, with or without cause, or for cause at any time, to elect to buy NG Sun LLC’s interest. During a limited period in 2022, NG Sun LLC has the right to put its interest to Sun NG LLC. If either party exercises their option, the property management agreement will be terminated and the Company is required to purchase the remaining interests of NG Sun LLC and the property management agreement at fair value. Refer to Note 3, “Real Estate Acquisitions,” Note 8 , “Consolidated Variable Interest Entities,” and Note 9 , “Debt and Lines of Credit” for additional information. Conversions Subject to certain limitations, holders can convert certain series of stock and OP units to shares of our common stock at any time. Below is the activity of conversions during the three months ended March 31, 2019 and 2018 : Three Months Ended Three Months Ended Series Conversion Rate Units/Shares Converted Common Stock Units/Shares Converted Common Stock Common OP unit 1 6,533 6,533 6,777 6,777 Series A-1 preferred OP unit 2.439 3,950 9,633 3,700 9,023 Series A-4 preferred OP unit 0.4444 — — 2,373 1,054 Cash Distributions Cash Distributions for the three months ended March 31, 2019 were as follows: Cash Distributions Record Date Payment Date Distribution per Share Total Distribution (thousands) Common Stock, Common OP units and Restricted Stock 3/29/2019 4/15/2019 $ 0.75 $ 66,886 Series A-4 Preferred Stock 3/15/2019 4/1/2019 $ 0.40625 $ 432 Repurchase Program 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 as of March 31, 2019. No common shares were repurchased during the three months ended March 31, 2019 or 2018 |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | Share-Based Compensation As of March 31, 2019 , we had two share-based compensation plans; the Sun Communities, Inc. 2015 Equity Incentive Plan (“2015 Equity Incentive Plan”) and the First Amended and Restated 2004 Non-Employee Director Option Plan (“2004 Non-Employee Director Option Plan”). We believe granting equity awards will provide certain executives, key employees and directors additional incentives to promote our financial success, and promote employee and director retention by providing an opportunity to acquire or increase the direct proprietary interest of those individuals in our operations and future. The following table shows details on grants of equity awards during the three months ended March 31, 2019 : Grant Period Type Plan Shares Granted Grant Date Fair Value Per Share Vesting Type Vesting Anniversary Percentage 2019 Executive Officers 2015 Equity Incentive Plan 44,000 $ 115.39 (1) Time Based 20.0% annually over 5 years 2019 Executive Officers 2015 Equity Incentive Plan 66,000 $ 86.71 (2) Market Condition 3rd 100.0 % 2019 Directors 2004 Non-Employee Director Option Plan 18,000 $ 113.68 (1) Time Based 3rd 100.0 % (1) The fair value of the grants were determined by using the average closing price of our common stock on the dates the shares were issued. (2) Share-based compensation for restricted stock awards with market 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. At the grant date our common stock price was $115.39 . Based on the Monte Carlo simulation we expect 75.1% of the 66,000 shares to vest. Options During the three months ended March 31, 2019, 1,500 shares of common stock were issued in connection with the exercise of stock options with net proceeds of less than $0.1 million. There were no stock option exercises during the three months ended March 31, 2018. Vesting The vesting requirements for 108,435 restricted shares granted to our executives, directors and employees were satisfied during the three months ended March 31, 2019 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2019 | |
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 our 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, has an interest in a portfolio, 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 $129.7 million annually. Transient RV revenue was recognized 20.2 percent in the first quarter, and is expected to be 23.0 percent, 41.5 percent, and 15.3 percent in the second, third, and fourth quarters, respectively. Transient revenue was $106.2 million for the year ended December 31, 2018. We recognized 20.7 percent in the first quarter, 20.3 percent in the second quarter, 42.6 percent in the third quarter, and 16.4 percent in the fourth quarter. A presentation of segment financial information is summarized as follows (in thousands): Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Real Property Operations Home Sales and Rentals Consolidated Real Property Operations Home Sales and Rentals Consolidated Revenues $ 225,261 $ 53,589 $ 278,850 $ 203,779 $ 47,920 $ 251,699 Operating expenses/Cost of sales 80,340 34,065 114,405 70,849 31,798 102,647 Net operating income/Gross profit 144,921 19,524 164,445 132,930 16,122 149,052 Adjustments to arrive at net income / (loss): Interest and other revenues, net 8,480 — 8,480 6,276 — 6,276 Home selling expenses — (3,324 ) (3,324 ) — (3,290 ) (3,290 ) General and administrative (19,234 ) (2,653 ) (21,887 ) (17,187 ) (2,570 ) (19,757 ) Depreciation and amortization (58,245 ) (18,311 ) (76,556 ) (50,508 ) (15,929 ) (66,437 ) Loss on extinguishment of debt (653 ) — (653 ) (196 ) — (196 ) Interest (34,010 ) (4 ) (34,014 ) (31,134 ) (4 ) (31,138 ) Interest on mandatorily redeemable preferred OP units / equity (1,094 ) — (1,094 ) (619 ) — (619 ) Catastrophic weather related charges, net (782 ) — (782 ) 2,357 (144 ) 2,213 Remeasurement of marketable securities 267 — 267 — — — Income / (loss) from nonconsolidated affiliates — 344 344 — (59 ) (59 ) Other income / (expense), net 1,860 38 1,898 (2,616 ) (1 ) (2,617 ) Current tax expense (122 ) (92 ) (214 ) (96 ) (78 ) (174 ) Deferred tax benefit 217 — 217 347 — 347 Net income / (loss) 41,605 (4,478 ) 37,127 39,554 (5,953 ) 33,601 Less: Preferred return to preferred OP units / equity 1,323 — 1,323 1,080 — 1,080 Less: Amounts attributable to noncontrolling interests 1,259 (218 ) 1,041 2,394 (300 ) 2,094 Net income / (loss) attributable to Sun Communities, Inc. 39,023 (4,260 ) 34,763 36,080 (5,653 ) 30,427 Less: Preferred stock distributions 432 — 432 441 — 441 Net income / (loss) attributable to Sun Communities, Inc. common stockholders $ 38,591 $ (4,260 ) $ 34,331 $ 35,639 $ (5,653 ) $ 29,986 March 31, 2019 December 31, 2018 Real Property Operations Home Sales and Rentals Consolidated Real Property Operations Home Sales and Rentals Consolidated Identifiable assets: Investment property, net $ 5,929,030 $ 542,226 $ 6,471,256 $ 5,586,444 $ 531,872 $ 6,118,316 Cash and cash equivalents (7,233 ) 29,179 21,946 24,343 25,968 50,311 Marketable securities 50,501 — — 50,501 49,037 — 49,037 Inventory of manufactured homes — 52,993 52,993 — 49,199 49,199 Notes and other receivables, net 163,362 16,452 179,814 145,673 14,404 160,077 Collateralized receivables, net 101,938 — 101,938 106,924 — 106,924 Other assets, net 165,743 54,471 220,214 140,027 36,135 176,162 Total assets $ 6,403,341 $ 695,321 $ 7,098,662 $ 6,052,448 $ 657,578 $ 6,710,026 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
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, as amended (“Code”). In order for us to qualify as a REIT, at least 95 percent of our gross income in any year must be derived from qualifying sources. In addition, a REIT must distribute annually at least 90 percent of its REIT taxable income (calculated without any deduction for dividends paid and excluding capital gain) to its stockholders and meet other tests. Qualification as a REIT involves the satisfaction of numerous requirements (on an annual and quarterly basis) established under highly technical and complex Code provisions for which there are limited judicial or administrative interpretations, and involves the determination of various factual matters and circumstances not entirely within our control. In addition, frequent changes occur in the area of REIT taxation which requires us to continually monitor our tax status. We analyzed the various REIT tests and confirmed that we continued to qualify as a REIT for the quarter ended March 31, 2019 . 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. Even if we qualify as a REIT, we may be subject to certain state and local income taxes as well as U.S. federal income and excise taxes on our undistributed income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state, and local income taxes. The Company is also subject to local income taxes in Canada as a result of the acquisition of Carefree in 2016. We do not provide for withholding taxes on our undistributed earnings from our Canadian subsidiaries as they are reinvested and will continue to be reinvested indefinitely outside of the U.S. 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, depreciation and basis differences between tax and U.S. GAAP on our Canadian investments. Our deferred tax assets that have a full valuation allowance relate to our taxable REIT subsidiaries (“TRS”) business. Net deferred tax liabilities of $20.3 million for Canadian entities have been recorded in relation to corporate entities and included in “Other liabilities” in our Consolidated Balance Sheets as of March 31, 2019 . Net deferred tax liabilities of $21.6 million (Canada) and $0.1 million (U.S.) have been recorded in relation to corporate entities and included in “Other liabilities” in our Consolidated Balance Sheets as of March 31, 2018. There are no U.S. federal deferred tax assets or liabilities included in our Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018. We had no unrecognized tax benefits as of March 31, 2019 and 2018 . We do not expect significant changes in tax positions that would result in unrecognized tax benefits within one year of March 31, 2019 . We recorded a current tax expense for federal, state, and Canadian income taxes of $0.2 million for the three months ended March 31, 2019 and a current tax expense of approximately $0.2 million for the three months ended March 31, 2018 . For the three months ended March 31, 2019 and 2018, we recorded a deferred tax benefit of $0.2 million and $0.3 million |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share We have outstanding stock options, unvested restricted common 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; Series D preferred OP units; and Aspen preferred OP Units, which, if converted or exercised, may impact dilution. Computations of basic and diluted earnings per share were as follows (in thousands, except per share data): Three Months Ended March 31, Numerator 2019 2018 Net income attributable to common stockholders $ 34,331 $ 29,986 Allocation to restricted stock awards (437 ) (303 ) Basic earnings: Net income attributable to common stockholders after allocation 33,894 29,683 Allocation to restricted stock awards 437 303 Diluted earnings: Net income attributable to common stockholders after allocation $ 34,331 $ 29,986 Denominator Weighted average common shares outstanding 85,520 78,855 Add: dilutive stock options 1 2 Add: dilutive restricted stock 512 607 Diluted weighted average common shares and securities 86,033 79,464 Earnings per share available to common stockholders after allocation: Basic $ 0.40 $ 0.38 Diluted $ 0.40 $ 0.38 We have excluded certain convertible 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 March 31, 2019 and 2018 (in thousands): As of March 31, 2019 2018 Common OP units 2,719 2,739 Series A-4 preferred stock 1,063 1,085 Series A-3 preferred OP units 40 40 Series A-1 preferred OP units 328 342 Series D preferred OP units 489 — Aspen preferred OP units 1,284 1,284 Series A-4 preferred OP units 410 422 Series C preferred OP units 314 316 Total securities 6,647 6,228 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
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, ” requires disclosure regarding determination of fair value 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; and 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: Marketable Securities In November 2018, we purchased marketable securities on the Australian Securities Exchange (“ASX”) for total consideration of $54 million US. The marketable securities held by us accounted for under the ASC 321 “ Investment Equity Securities ” are measured at fair value. Any change in fair value is recognized in the Consolidated Statement of Operations in Remeasurement of marketable securities in accordance with ASU 2016-01 “ Financial Instruments - Overall (Subtopic 825-10): Recognition and measurement of financial assets and financial liabilities .” The fair value is measured by the quoted unadjusted share price of which is readily available in active markets (Level 1). 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). Refer to Note 5 , “Notes and Other Receivables.” 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). Refer to Note 9 , “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). Refer to Note 4 , “Collateralized Receivables and Transfers of Financial Assets.” Financial Liabilities We estimate the fair value of our contingent consideration liability based on discounting of future cash flows using market interest rates and adjusting for non-performance risk over the remaining term of the liability (Level 2). 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 required disclosure of fair value on a recurring basis as of March 31, 2019 . The table presents the carrying values and fair values of our financial instruments as of March 31, 2019 and December 31, 2018 , that were measured using the valuation techniques described above (in thousands). The table excludes other financial instruments such as cash and cash equivalents, accounts receivable, and accounts payable as the carrying values associated with these instruments approximate fair value since their maturities are less than one year. March 31, 2019 December 31, 2018 Financial assets Carrying Value Fair Value Carrying Value Fair Value Marketable securities $ 50,501 $ 50,501 $ 49,037 $ 49,037 Installment notes receivable on manufactured homes, net $ 109,256 $ 109,256 $ 112,798 $ 112,798 Collateralized receivables, net $ 101,938 $ 101,938 $ 106,924 $ 106,924 Financial liabilities Debt (excluding secured borrowings) $ 2,948,929 $ 2,906,358 $ 2,888,572 $ 2,757,649 Secured borrowings $ 102,676 $ 102,676 $ 107,731 $ 107,731 Lines of credit $ 396,512 $ 396,512 $ 128,000 $ 128,000 Other liabilities (contingent consideration) $ 4,702 $ 4,702 $ 4,640 $ 4,640 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recent Accounting Pronouncements - Adopted In February 2016, the FASB issued ASC 2016-02 codified in ASC Topic 842, Leases, which amends the guidance in former ASC Topic 840, Leases. On January 1, 2019, we adopted ASC 2016-02. The new standard increases transparency and comparability most significantly by requiring the recognition by lessees of right-of-use (“ROU”) assets and lease liabilities on the balance sheet for those leases classified as operating leases and disclose key information about leasing arrangements. As amended by ASU 2018-11, comparative reporting periods are presented in accordance with Topic 840, while periods subsequent to the effective date are presented in accordance with Topic 842. The Company elected the package of practical expedients, which permits the Company not to reassess expired or existing contracts containing a lease, the lease classification for expired or existing contracts, initial direct costs for any existing leases. The Company elected not to allocate lease obligation between lease and non-lease components of our agreements for both leases where we are a lessor and leases where we are a lessee. The Company did not elect the hindsight practical expedient, which permits the company to use hindsight in determining the lease terms and impairment implications. The Company did not elect to use a portfolio approach in the valuation of ROU assets and corresponding liabilities. Some ROU assets include an extension option, which is included in the ROU assets and liabilities only if we are reasonably certain to exercise. Lessor Accounting Our income from real property and rental home revenue streams are derived from rental agreements where we are the lessor. Our recognition of rental revenue remains mainly consistent with previous guidance, apart from the narrower definition of initial direct costs that can be capitalized. Our leases with customers are classified as operating leases and rental revenue is recognized on a straight-line basis over the customer lease term. ASC 842 limits the definition of initial direct costs to only the incremental costs of signing a lease. Internal sales employees’ compensation, payroll-related fringe benefits, certain legal fees rendered prior to the execution of a lease, negotiation costs, advertising and other origination effort costs no longer meet the definition of initial direct costs under the new standard, and will be accounted for as general and administrative expense in our condensed consolidated statements of operations. ASC 842 permits the capitalization of direct commission costs. The application of ASC 842 resulted in an immaterial impact on the statement of consolidated operations. Lease income from tenants is recognized on a straight-line basis over the terms of the relevant lease agreement and is included within income from real property, rental home revenue and ancillary revenue on the Consolidated Statements of Operations. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the resident is placed on non-accrual status and revenue is recognized when cash payments are received. Lessee Accounting We determine if an arrangement is a lease at inception. Our operating lease agreements are primarily for executive office spaces, ground leases at certain communities, and certain equipment leases. The ROU asset and ROU liabilities are included within Other assets, net and Other liabilities on the Consolidated Balance Sheets. For operating leases with a term greater than one year, the company recognizes the ROU assets and liabilities related to the lease payments on the Consolidated Balance Sheets. The lease liabilities are initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The ROU assets represent our right to use the underlying assets for the term of the lease and the lease liabilities represent our obligation to make lease payments arising for the agreements. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. The ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus unamortized initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The ROU asset is periodically reduced by impairment losses. As of March 31, 2019, we have not encountered any impairment losses. Variable lease payments, except for the ones that depend on index or rate, are excluded from the calculation of the ROU assets and lease liabilities and are recognized as variable lease expense in the consolidated Statement of Operations in the period in which they are incurred. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Many of our lessee agreements include options to extend the lease, which we do not include in our minimum lease terms unless they are reasonably certain to be exercised. The Lease liability costs are amortized over the straight-line method over the term of the lease. Operating leases with a term of less than one year are recognized as a lease expense over the term of the lease, with no asset or liability recognized on the Consolidated Balance Sheets. Finance leases where we are the lessee are included in Other assets, net and Other liabilities on our Consolidated Balance Sheets. The lease liabilities are initially measured in the same manner as operating leases and are subsequently measured at amortized cost using the effective interest method. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For finance leases the ROU asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of its useful life or the end of the lease term unless the lease transfers ownership of the underlying asset to us, or we are reasonably certain to exercise an option to purchase the underlying asset. In those cases, the ROU asset is amortized over the useful life of the underlying asset. Amortization of the ROU asset is recognized and presented separately from interest expense on the lease liability. ROU assets are periodically reduced by impairment losses. As of March 31, 2019, we have not encountered any impairment losses. Refer to Refer to Note 18, “Leases,” for information regarding leasing activities. On January 1, 2018, we adopted ASU 2014-09 “ Revenue from Contracts with Customers (Topic 606). ” Refer to Note 2, “Revenue” for information regarding our adoption of this guidance. On January 1, 2018, we adopted ASU 2017-01 “Business Combinations (Topic 805): Clarifying the Definition of a Business” and now capitalize direct acquisition related costs as part of the purchase price of asset acquisitions. Under previous guidance, substantially all of our property acquisitions were accounted for as business combinations with identifiable assets and liabilities measured at fair value, and acquisition related costs expensed as incurred. On January 1, 2018, we adopted ASU 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash.” This update required inclusion of restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Our restricted cash consists of amounts primarily held in deposit for tax, insurance and repair escrows held by lenders in accordance with certain debt agreements. Restricted cash is included as a component of Other assets, net on the Consolidated Balance Sheets. Changes in restricted cash are reported in our Consolidated Statements of Cash Flows as operating, investing or financing activities based on the nature of the underlying activity. The following table reconciles our beginning-of-period and end-of-period balances of cash, cash equivalents and restricted cash for the periods shown (in thousands): March 31, 2019 December 31, 2018 March 31, 2018 December 31, 2017 Cash and cash equivalents $ 21,946 $ 50,311 $ 15,153 $ 10,127 Restricted cash 12,229 11,951 12,271 13,382 Cash, cash equivalents and restricted cash $ 34,175 $ 62,262 $ 27,424 $ 23,509 Recent Accounting Pronouncements - Not Yet Adopted In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ” |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies Legal Proceedings |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases Lessee accounting: Future minimum lease payments under non-cancellable leases as of the quarter ended March 31, 2019 where we are the lessee include: Operating Leases Finance Leases 2019 (excluding the three months ended March 31, 2019) $ 1,766 $ 112 2020 2,397 120 2021 2,446 120 2022 2,483 120 2023 2,509 120 Thereafter 13,725 4,060 Total undiscounted lease payments $ 25,326 $ 4,652 Less: Imputed interest (6,213 ) (539 ) Total lease liabilities $ 19,113 $ 4,113 ROU assets and lease liabilities from operating lease as included within other assets, net and other liabilities in the Consolidated Balance Sheet were $47.7 million and $19.1 million , respectively, as of March 31, 2019. ROU assets from below market leases included within other assets, net in the Consolidated Balance Sheet was $29.1 as of December 31, 2018. No lease liabilities for operating leases were recognized as of December 31, 2018. ROU assets and lease liabilities from finance lease as included within land and other liabilities in the Consolidated Balance Sheets were $4.1 million respectively as of March 31, 2019. Capital lease assets and liabilities from finance lease as included within land and other liabilities in the Consolidated Balance Sheets were $4.1 million respectively as of December 31, 2018. Lease expense, as included in our consolidated statement of operations for the respective periods and additional information regarding lease terms are as follows (in thousands except*): March 31, 2019 March 31, 2018 Lease expense Lease expense Finance lease expense: Capital lease expense: Amortization of right - of-use assets $ 18 Amortization of lease $ 18 Interest on lease liabilities 26 Interest on lease liabilities 26 Operating lease expense 822 Operating lease expense 851 Variable lease expense 319 Below market ground lease amortization expense 223 Total lease expense 1,185 267 Other information Other information Cash paid for amounts included in the measurement of lease liabilities Cash paid for amounts included in the measurement of lease liabilities Operating cash flow used for operating leases 450 Operating cash flow used for operating leases 549 Financing cash flow used for finance leases 8 Financing cash flow used for finance leases 8 Right of use asset obtained (land) in exchange for new finance lease liabilities 4,116 March 31, 2019 December 31, 2018 Right of use asset obtained in exchange for new operating lease liabilities 18,775 Right of use asset obtained relative to below market operating leases 28,930 Below market ground lease intangibles asset 29,118 Total right of use asset from operating leases 47,705 Weighted - average remaining lease term - finance leases (in years)* 5.25 Weighted - average remaining lease term - operating leases (in years)* 13.56 Weighted - average discount rate - finance leases (annual)* 2.50 % Weighted - average discount rate - operating leases (annual)* 4.11 % As of the quarter ended March 31, 2019, we have an additional executive office space operating lease that has not yet commenced of $2.9 million . The lease will commence in November 2019 with a lease term of seven years . Related Party Leases: Lease of Executive Offices. Gary A. Shiffman, together with certain of his family members, indirectly owns an equity interest of approximately 28.1 percent in American Center LLC, the entity from which we lease office space for our principal executive offices. Each of Brian M. Hermelin, Ronald A. Klein and Arthur A. Weiss indirectly owns a less than one percent interest in American Center LLC. Mr. Shiffman is our Chief Executive Officer and Chairman of the Board. Each of Mr. Hermelin, Mr. Klein and Mr. Weiss is a director of the Company. Under this agreement, we lease approximately 103,100 rentable square feet of permanent space. The initial term of the lease is until October 31, 2026, and the average gross base rent is $18.55 per square foot until October 31, 2019 with graduated rental increases thereafter. Each of Mr. Shiffman, Mr. Hermelin, Mr. Klein and Mr. Weiss may have a conflict of interest with respect to his obligations as our officer and/or director and his ownership interest in American Center LLC. Lessor Accounting: We are not the lessor for any finance leases as of March 31, 2019. Over 99% of our operating leases where we are the lessor are either month to month or for a time period not to exceed one year. As of the reporting date, future minimum lease payments would |
Leases | Leases Lessee accounting: Future minimum lease payments under non-cancellable leases as of the quarter ended March 31, 2019 where we are the lessee include: Operating Leases Finance Leases 2019 (excluding the three months ended March 31, 2019) $ 1,766 $ 112 2020 2,397 120 2021 2,446 120 2022 2,483 120 2023 2,509 120 Thereafter 13,725 4,060 Total undiscounted lease payments $ 25,326 $ 4,652 Less: Imputed interest (6,213 ) (539 ) Total lease liabilities $ 19,113 $ 4,113 ROU assets and lease liabilities from operating lease as included within other assets, net and other liabilities in the Consolidated Balance Sheet were $47.7 million and $19.1 million , respectively, as of March 31, 2019. ROU assets from below market leases included within other assets, net in the Consolidated Balance Sheet was $29.1 as of December 31, 2018. No lease liabilities for operating leases were recognized as of December 31, 2018. ROU assets and lease liabilities from finance lease as included within land and other liabilities in the Consolidated Balance Sheets were $4.1 million respectively as of March 31, 2019. Capital lease assets and liabilities from finance lease as included within land and other liabilities in the Consolidated Balance Sheets were $4.1 million respectively as of December 31, 2018. Lease expense, as included in our consolidated statement of operations for the respective periods and additional information regarding lease terms are as follows (in thousands except*): March 31, 2019 March 31, 2018 Lease expense Lease expense Finance lease expense: Capital lease expense: Amortization of right - of-use assets $ 18 Amortization of lease $ 18 Interest on lease liabilities 26 Interest on lease liabilities 26 Operating lease expense 822 Operating lease expense 851 Variable lease expense 319 Below market ground lease amortization expense 223 Total lease expense 1,185 267 Other information Other information Cash paid for amounts included in the measurement of lease liabilities Cash paid for amounts included in the measurement of lease liabilities Operating cash flow used for operating leases 450 Operating cash flow used for operating leases 549 Financing cash flow used for finance leases 8 Financing cash flow used for finance leases 8 Right of use asset obtained (land) in exchange for new finance lease liabilities 4,116 March 31, 2019 December 31, 2018 Right of use asset obtained in exchange for new operating lease liabilities 18,775 Right of use asset obtained relative to below market operating leases 28,930 Below market ground lease intangibles asset 29,118 Total right of use asset from operating leases 47,705 Weighted - average remaining lease term - finance leases (in years)* 5.25 Weighted - average remaining lease term - operating leases (in years)* 13.56 Weighted - average discount rate - finance leases (annual)* 2.50 % Weighted - average discount rate - operating leases (annual)* 4.11 % As of the quarter ended March 31, 2019, we have an additional executive office space operating lease that has not yet commenced of $2.9 million . The lease will commence in November 2019 with a lease term of seven years . Related Party Leases: Lease of Executive Offices. Gary A. Shiffman, together with certain of his family members, indirectly owns an equity interest of approximately 28.1 percent in American Center LLC, the entity from which we lease office space for our principal executive offices. Each of Brian M. Hermelin, Ronald A. Klein and Arthur A. Weiss indirectly owns a less than one percent interest in American Center LLC. Mr. Shiffman is our Chief Executive Officer and Chairman of the Board. Each of Mr. Hermelin, Mr. Klein and Mr. Weiss is a director of the Company. Under this agreement, we lease approximately 103,100 rentable square feet of permanent space. The initial term of the lease is until October 31, 2026, and the average gross base rent is $18.55 per square foot until October 31, 2019 with graduated rental increases thereafter. Each of Mr. Shiffman, Mr. Hermelin, Mr. Klein and Mr. Weiss may have a conflict of interest with respect to his obligations as our officer and/or director and his ownership interest in American Center LLC. Lessor Accounting: We are not the lessor for any finance leases as of March 31, 2019. Over 99% of our operating leases where we are the lessor are either month to month or for a time period not to exceed one year. As of the reporting date, future minimum lease payments would |
Leases | Leases Lessee accounting: Future minimum lease payments under non-cancellable leases as of the quarter ended March 31, 2019 where we are the lessee include: Operating Leases Finance Leases 2019 (excluding the three months ended March 31, 2019) $ 1,766 $ 112 2020 2,397 120 2021 2,446 120 2022 2,483 120 2023 2,509 120 Thereafter 13,725 4,060 Total undiscounted lease payments $ 25,326 $ 4,652 Less: Imputed interest (6,213 ) (539 ) Total lease liabilities $ 19,113 $ 4,113 ROU assets and lease liabilities from operating lease as included within other assets, net and other liabilities in the Consolidated Balance Sheet were $47.7 million and $19.1 million , respectively, as of March 31, 2019. ROU assets from below market leases included within other assets, net in the Consolidated Balance Sheet was $29.1 as of December 31, 2018. No lease liabilities for operating leases were recognized as of December 31, 2018. ROU assets and lease liabilities from finance lease as included within land and other liabilities in the Consolidated Balance Sheets were $4.1 million respectively as of March 31, 2019. Capital lease assets and liabilities from finance lease as included within land and other liabilities in the Consolidated Balance Sheets were $4.1 million respectively as of December 31, 2018. Lease expense, as included in our consolidated statement of operations for the respective periods and additional information regarding lease terms are as follows (in thousands except*): March 31, 2019 March 31, 2018 Lease expense Lease expense Finance lease expense: Capital lease expense: Amortization of right - of-use assets $ 18 Amortization of lease $ 18 Interest on lease liabilities 26 Interest on lease liabilities 26 Operating lease expense 822 Operating lease expense 851 Variable lease expense 319 Below market ground lease amortization expense 223 Total lease expense 1,185 267 Other information Other information Cash paid for amounts included in the measurement of lease liabilities Cash paid for amounts included in the measurement of lease liabilities Operating cash flow used for operating leases 450 Operating cash flow used for operating leases 549 Financing cash flow used for finance leases 8 Financing cash flow used for finance leases 8 Right of use asset obtained (land) in exchange for new finance lease liabilities 4,116 March 31, 2019 December 31, 2018 Right of use asset obtained in exchange for new operating lease liabilities 18,775 Right of use asset obtained relative to below market operating leases 28,930 Below market ground lease intangibles asset 29,118 Total right of use asset from operating leases 47,705 Weighted - average remaining lease term - finance leases (in years)* 5.25 Weighted - average remaining lease term - operating leases (in years)* 13.56 Weighted - average discount rate - finance leases (annual)* 2.50 % Weighted - average discount rate - operating leases (annual)* 4.11 % As of the quarter ended March 31, 2019, we have an additional executive office space operating lease that has not yet commenced of $2.9 million . The lease will commence in November 2019 with a lease term of seven years . Related Party Leases: Lease of Executive Offices. Gary A. Shiffman, together with certain of his family members, indirectly owns an equity interest of approximately 28.1 percent in American Center LLC, the entity from which we lease office space for our principal executive offices. Each of Brian M. Hermelin, Ronald A. Klein and Arthur A. Weiss indirectly owns a less than one percent interest in American Center LLC. Mr. Shiffman is our Chief Executive Officer and Chairman of the Board. Each of Mr. Hermelin, Mr. Klein and Mr. Weiss is a director of the Company. Under this agreement, we lease approximately 103,100 rentable square feet of permanent space. The initial term of the lease is until October 31, 2026, and the average gross base rent is $18.55 per square foot until October 31, 2019 with graduated rental increases thereafter. Each of Mr. Shiffman, Mr. Hermelin, Mr. Klein and Mr. Weiss may have a conflict of interest with respect to his obligations as our officer and/or director and his ownership interest in American Center LLC. Lessor Accounting: We are not the lessor for any finance leases as of March 31, 2019. Over 99% of our operating leases where we are the lessor are either month to month or for a time period not to exceed one year. As of the reporting date, future minimum lease payments would |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Events Subsequent to the quarter ended March 31, 2019, we acquired a RV community located in New Hampshire for $ 2.7 million . |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables details our revenue by major source (in thousands): Three Months Ended Three Months Ended Real Property Operations Home Sales and Rentals Consolidated Real Property Operations Home Sales and Rentals Consolidated REVENUE Income from real property $ 216,779 $ — $ 216,779 $ 197,211 $ — $ 197,211 Revenue from home sales — 39,618 39,618 — 34,900 34,900 Rental home revenue — 13,971 13,971 — 13,020 13,020 Ancillary revenues 8,482 — 8,482 6,568 — 6,568 Interest 4,800 — 4,800 5,316 — 5,316 Brokerage commissions and other revenues, net 3,680 — 3,680 960 — 960 Total revenue $ 233,741 $ 53,589 $ 287,330 $ 210,055 $ 47,920 $ 257,975 |
Real Estate Acquisitions (Table
Real Estate Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | In 2019 we acquired the following communities: Community Name Type Sites Development Sites State Month Acquired Massey’s Landing RV RV 291 — DE February Shelby Properties (1) MH 1,308 — MI February Buena Vista MH 400 — AZ February Country Village Estates (2) MH 518 — OR January Hid’n Pines RV RV 321 — ME January Hacienda del Rio MH (Age-Restricted) 730 70 FL January Total 3,568 70 (1) Contains two MH communities. (2) In conjunction with the acquisition, we issued Series D Preferred Operating Partnership (“OP”) Units. As of March 31, 2019, 488,958 Community Name Type Sites Development Sites State Month Acquired Leaf Verde RV Resort RV 376 — AZ October Archview RV 114 50 UT August Petoskey KOA RV 210 — MI August The Sands RV and Golf Resort RV (Age Restricted) 507 — CA July Sun NG RV Resorts LLC (1)(2) RV 2,700 940 Various June Silver Creek RV 264 176 MI June Highway West (1) RV 536 — UT & OR June Compass RV RV 175 — FL May Total 4,882 1,166 (1) Highway West and Sun NG RV Resorts LLC are comprised of 4 RV and 10 RV resorts, respectively. (2) Refer to Note 8, “Consolidated Variable Interest Entities,” Note 9 , “Debt and Lines of Credit,” and Note 10 , “Equity and Temporary Equity” in our accompanying Consolidated Financial Statements for additional information. Name Location Type Expansion / Development Sites Cost (millions) Month Acquired Ocean West McKinleyville, CA MH 26 $ 0.2 December Water Oak Country Club Estates Lady Lake, FL MH 296 $ 1.9 November Oak Crest Austin, TX MH 220 $ 4.2 October Pecan Park Jacksonville, FL RV 158 $ 1.3 September Smith Creek Crossing Granby, CO MH 310 $ 0.9 September Apple Carr Egelston, MI MH 121 $ 0.2 May River Run Ranch Granby, CO MH / RV 1,144 $ 5.3 May Total 2,275 $ 14.0 |
Schedule of Purchase Price Allocation | The following table summarizes the amounts of assets acquired net of liabilities assumed at the acquisition date and the consideration paid for the acquisitions completed in the three months ended March 31, 2019 (in thousands): At Acquisition Date (1) Massey's Landing Shelby Properties Buena Vista Country Village Hid'n Pines Hacienda del Rio Total Investment in property $ 20,000 $ 85,969 $ 20,221 $ 62,784 $ 10,680 $ 111,971 $ 311,625 Inventory of manufactured homes — 2,011 439 — — 15 2,465 In-place leases and other intangible assets — 6,520 1,590 2,020 70 3,280 13,480 Other assets (liabilities), net (446 ) (1,015 ) (93 ) 31 (233 ) (237 ) (1,993 ) Total identifiable assets acquired net of liabilities assumed $ 19,554 $ 93,485 $ 22,157 $ 64,835 $ 10,517 $ 115,029 $ 325,577 Consideration Cash and escrow $ 19,554 $ 93,485 $ 22,157 $ 12,905 $ 10,517 $ 115,029 $ 273,647 Series D Preferred OP units — — — 51,930 — — 51,930 Total consideration $ 19,554 $ 93,485 $ 22,157 $ 64,835 $ 10,517 $ 115,029 $ 325,577 (1) At Acquisition Date Leaf Verde Archview Petoskey KOA Sands Sun NG Resorts Silver Creek Highway West Compass Total Investment in property $ 11,587 $ 14,550 $ 8,730 $ 13,790 $ 240,649 $ 7,250 $ 36,500 $ 13,930 $ 346,986 In-place leases and other intangible assets 60 — 270 460 16,339 — — 70 17,199 Debt assumed — — — — (3,120 ) — — — (3,120 ) Other liabilities, net — — — — (11,990 ) — — — (11,990 ) Total identifiable assets acquired net of liabilities assumed $ 11,647 $ 14,550 $ 9,000 $ 14,250 $ 241,878 $ 7,250 $ 36,500 $ 14,000 $ 349,075 Consideration Cash $ 11,647 $ 14,550 $ 9,000 $ 14,250 $ 184,625 $ 7,250 $ 36,500 $ 14,000 $ 291,822 Preferred Equity - Sun NG Resorts — — — — 35,277 — — — 35,277 Equity Interests - NG Sun LLC — — — — 21,976 — — — 21,976 Total consideration $ 11,647 $ 14,550 $ 9,000 $ 14,250 $ 241,878 $ 7,250 $ 36,500 $ 14,000 $ 349,075 |
Business Acquisition, Pro Forma Information | The total amount of revenues and net income included in the Consolidated Statements of Operations for the three months ended March 31, 2019 related to the acquisitions completed in 2019 are set forth in the following table (in thousands): Three Months Ended (unaudited) Total revenues $ 3,764 Net income $ 1,317 Three Months Ended March 31, (unaudited) 2019 2018 Total revenues $ 289,253 $ 263,706 Net income attributable to Sun Communities, Inc. common stockholders $ 34,885 $ 31,732 Net income per share attributable to Sun Communities, Inc. common stockholders - basic $ 0.41 $ 0.40 Net income per share attributable to Sun Communities, Inc. common stockholders - diluted $ 0.41 $ 0.40 |
Collateralized Receivables an_2
Collateralized Receivables and Transfers of Financial Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Repurchase price percentage | Number of Payments Repurchase Percentage Fewer than or equal to 15 100 % Greater than 15 but fewer than 64 90 % Equal to or greater than 64 but fewer than 120 65 % 120 or more 50 % |
Schedule of collateralized loans | Three Months Ended Beginning balance $ 107,731 Principal payments and payoffs from our customers (3,109 ) Principal reduction from repurchased homes (1,946 ) Total activity (5,055 ) Ending balance $ 102,676 |
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 March 31, 2019 (in thousands): Three Months Ended Beginning balance $ (807 ) Lower of cost or market write-downs 45 Decrease to reserve balance 24 Total activity 69 Ending balance $ (738 ) |
Notes And Other Receivables (Ta
Notes And Other Receivables (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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): March 31, 2019 December 31, 2018 Installment notes receivable on manufactured homes, net $ 109,256 $ 112,798 Other receivables, net 70,558 47,279 Total notes and other receivables, net $ 179,814 $ 160,077 |
Schedule of Installment Notes Receivable | The change in the aggregate gross principal balance of the installment notes receivable is as follows (in thousands): Three Months Ended Beginning balance $ 113,495 Investment in installment notes 63 Principal payments and payoffs from customers (1,653 ) Principal reduction from repossessed homes (1,994 ) Total activity (3,584 ) Ending balance $ 109,911 |
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): Three Months Ended Beginning balance $ (697 ) Lower of cost or market write-downs 57 Increase to reserve balance (15 ) Total activity 42 Ending balance $ (655 ) |
Intangible Assets Intangible As
Intangible Assets Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The gross carrying amounts, and accumulated amortization are as follows (in thousands): March 31, 2019 December 31, 2018 Intangible Asset Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization In-place leases 7 years 117,544 (62,740 ) 103,547 (59,068 ) Franchise agreements and other intangible assets 7-20 years 16,944 (2,146 ) 16,641 (1,942 ) Total $ 134,488 $ (64,886 ) $ 120,188 $ (61,010 ) |
Schedule of Intangible Assets Amortization Expense | Total amortization expenses related to the intangible assets are as follows (in thousands): Three Months Ended March 31, Intangible Asset 2019 2018 In-place leases 3,672 3,490 Franchise agreements and other intangible assets 205 19 Total $ 3,877 $ 3,509 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | We anticipate amortization expense for our intangible assets to be as follows for the next five years (in thousands): Year Remainder of 2019 2020 2021 2022 2023 Estimated expense $ 11,850 $ 14,144 $ 13,752 $ 9,151 $ 5,776 |
Consolidated Variable Interes_2
Consolidated Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
DisclosureofVariableInterestEntities [Abstract] | |
Schedule of Variable Interest Entities | The following table summarizes the assets and liabilities included in our Consolidated Balance Sheets after eliminations (in thousands): March 31, 2019 December 31, 2018 ASSETS Investment property, net $ 314,669 $ 308,171 Other assets, net 22,369 19,809 Total Assets $ 337,038 $ 327,980 LIABILITIES AND OTHER EQUITY Debt $ 43,913 $ 44,172 Preferred Equity - Sun NG Resorts - mandatorily redeemable 35,249 35,277 Other liabilities 21,049 6,914 Total Liabilities 100,211 86,363 Equity Interests - NG Sun LLC 22,167 21,976 Noncontrolling interests 6,198 7,145 Total Liabilities and Other Equity $ 128,576 $ 115,484 |
Debt And Lines Of Credit (Table
Debt And Lines Of Credit (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of debt and lines of credit [Table Text Block] | The following table sets forth certain information regarding debt including premiums, discounts and deferred financing costs (in thousands): Carrying Amount Weighted Average Years to Maturity Weighted Average Interest Rates March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Collateralized term loans - Life Companies $ 1,330,591 $ 1,259,158 16.7 14.4 4.0 % 3.9 % Collateralized term loans - FNMA 765,391 770,417 4.9 5.1 4.4 % 4.4 % Collateralized term loans - CMBS 403,878 405,702 3.8 4.1 5.1 % 5.1 % Collateralized term loans - FMCC 379,157 380,680 5.6 5.9 3.9 % 3.9 % Secured borrowings 102,676 107,731 14.2 14.4 9.9 % 9.9 % Lines of credit 396,512 128,000 2.1 2.3 3.7 % 3.8 % Preferred Equity - Sun NG Resorts - mandatorily redeemable 35,249 35,277 3.5 3.8 6.0 % 6.0 % Preferred OP units - mandatorily redeemable 34,663 37,338 4.8 4.7 6.5 % 6.6 % Total debt $ 3,448,117 $ 3,124,303 9.3 9.0 4.4 % 4.5 % |
Equity and Temporary Equity (Ta
Equity and Temporary Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Schedule of Sale of Common Stock | ssuances of common stock under the Sales Agreement during 2019. |
Activity of Conversions | Three Months Ended Three Months Ended Series Conversion Rate Units/Shares Converted Common Stock Units/Shares Converted Common Stock Common OP unit 1 6,533 6,533 6,777 6,777 Series A-1 preferred OP unit 2.439 3,950 9,633 3,700 9,023 Series A-4 preferred OP unit 0.4444 — — 2,373 1,054 |
Schedule of Dividends Payable | Cash Distributions Record Date Payment Date Distribution per Share Total Distribution (thousands) Common Stock, Common OP units and Restricted Stock 3/29/2019 4/15/2019 $ 0.75 $ 66,886 Series A-4 Preferred Stock 3/15/2019 4/1/2019 $ 0.40625 $ 432 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Share-based Compensation [Abstract] | |
Schedule of Restricted Stock Granted | The following table shows details on grants of equity awards during the three months ended March 31, 2019 : Grant Period Type Plan Shares Granted Grant Date Fair Value Per Share Vesting Type Vesting Anniversary Percentage 2019 Executive Officers 2015 Equity Incentive Plan 44,000 $ 115.39 (1) Time Based 20.0% annually over 5 years 2019 Executive Officers 2015 Equity Incentive Plan 66,000 $ 86.71 (2) Market Condition 3rd 100.0 % 2019 Directors 2004 Non-Employee Director Option Plan 18,000 $ 113.68 (1) Time Based 3rd 100.0 % (1) The fair value of the grants were determined by using the average closing price of our common stock on the dates the shares were issued. (2) Share-based compensation for restricted stock awards with market 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. At the grant date our common stock price was $115.39 . Based on the Monte Carlo simulation we expect 75.1% of the 66,000 shares to vest. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | A presentation of segment financial information is summarized as follows (in thousands): Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Real Property Operations Home Sales and Rentals Consolidated Real Property Operations Home Sales and Rentals Consolidated Revenues $ 225,261 $ 53,589 $ 278,850 $ 203,779 $ 47,920 $ 251,699 Operating expenses/Cost of sales 80,340 34,065 114,405 70,849 31,798 102,647 Net operating income/Gross profit 144,921 19,524 164,445 132,930 16,122 149,052 Adjustments to arrive at net income / (loss): Interest and other revenues, net 8,480 — 8,480 6,276 — 6,276 Home selling expenses — (3,324 ) (3,324 ) — (3,290 ) (3,290 ) General and administrative (19,234 ) (2,653 ) (21,887 ) (17,187 ) (2,570 ) (19,757 ) Depreciation and amortization (58,245 ) (18,311 ) (76,556 ) (50,508 ) (15,929 ) (66,437 ) Loss on extinguishment of debt (653 ) — (653 ) (196 ) — (196 ) Interest (34,010 ) (4 ) (34,014 ) (31,134 ) (4 ) (31,138 ) Interest on mandatorily redeemable preferred OP units / equity (1,094 ) — (1,094 ) (619 ) — (619 ) Catastrophic weather related charges, net (782 ) — (782 ) 2,357 (144 ) 2,213 Remeasurement of marketable securities 267 — 267 — — — Income / (loss) from nonconsolidated affiliates — 344 344 — (59 ) (59 ) Other income / (expense), net 1,860 38 1,898 (2,616 ) (1 ) (2,617 ) Current tax expense (122 ) (92 ) (214 ) (96 ) (78 ) (174 ) Deferred tax benefit 217 — 217 347 — 347 Net income / (loss) 41,605 (4,478 ) 37,127 39,554 (5,953 ) 33,601 Less: Preferred return to preferred OP units / equity 1,323 — 1,323 1,080 — 1,080 Less: Amounts attributable to noncontrolling interests 1,259 (218 ) 1,041 2,394 (300 ) 2,094 Net income / (loss) attributable to Sun Communities, Inc. 39,023 (4,260 ) 34,763 36,080 (5,653 ) 30,427 Less: Preferred stock distributions 432 — 432 441 — 441 Net income / (loss) attributable to Sun Communities, Inc. common stockholders $ 38,591 $ (4,260 ) $ 34,331 $ 35,639 $ (5,653 ) $ 29,986 |
Reconciliation of Assets from Segment to Consolidated | March 31, 2019 December 31, 2018 Real Property Operations Home Sales and Rentals Consolidated Real Property Operations Home Sales and Rentals Consolidated Identifiable assets: Investment property, net $ 5,929,030 $ 542,226 $ 6,471,256 $ 5,586,444 $ 531,872 $ 6,118,316 Cash and cash equivalents (7,233 ) 29,179 21,946 24,343 25,968 50,311 Marketable securities 50,501 — — 50,501 49,037 — 49,037 Inventory of manufactured homes — 52,993 52,993 — 49,199 49,199 Notes and other receivables, net 163,362 16,452 179,814 145,673 14,404 160,077 Collateralized receivables, net 101,938 — 101,938 106,924 — 106,924 Other assets, net 165,743 54,471 220,214 140,027 36,135 176,162 Total assets $ 6,403,341 $ 695,321 $ 7,098,662 $ 6,052,448 $ 657,578 $ 6,710,026 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 were as follows (in thousands, except per share data): Three Months Ended March 31, Numerator 2019 2018 Net income attributable to common stockholders $ 34,331 $ 29,986 Allocation to restricted stock awards (437 ) (303 ) Basic earnings: Net income attributable to common stockholders after allocation 33,894 29,683 Allocation to restricted stock awards 437 303 Diluted earnings: Net income attributable to common stockholders after allocation $ 34,331 $ 29,986 Denominator Weighted average common shares outstanding 85,520 78,855 Add: dilutive stock options 1 2 Add: dilutive restricted stock 512 607 Diluted weighted average common shares and securities 86,033 79,464 Earnings per share available to common stockholders after allocation: Basic $ 0.40 $ 0.38 Diluted $ 0.40 $ 0.38 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following table presents the outstanding securities that were excluded from the computation of diluted earnings per share as of March 31, 2019 and 2018 (in thousands): As of March 31, 2019 2018 Common OP units 2,719 2,739 Series A-4 preferred stock 1,063 1,085 Series A-3 preferred OP units 40 40 Series A-1 preferred OP units 328 342 Series D preferred OP units 489 — Aspen preferred OP units 1,284 1,284 Series A-4 preferred OP units 410 422 Series C preferred OP units 314 316 Total securities 6,647 6,228 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The table below sets forth our financial assets and liabilities that required disclosure of fair value on a recurring basis as of March 31, 2019 . The table presents the carrying values and fair values of our financial instruments as of March 31, 2019 and December 31, 2018 , that were measured using the valuation techniques described above (in thousands). The table excludes other financial instruments such as cash and cash equivalents, accounts receivable, and accounts payable as the carrying values associated with these instruments approximate fair value since their maturities are less than one year. March 31, 2019 December 31, 2018 Financial assets Carrying Value Fair Value Carrying Value Fair Value Marketable securities $ 50,501 $ 50,501 $ 49,037 $ 49,037 Installment notes receivable on manufactured homes, net $ 109,256 $ 109,256 $ 112,798 $ 112,798 Collateralized receivables, net $ 101,938 $ 101,938 $ 106,924 $ 106,924 Financial liabilities Debt (excluding secured borrowings) $ 2,948,929 $ 2,906,358 $ 2,888,572 $ 2,757,649 Secured borrowings $ 102,676 $ 102,676 $ 107,731 $ 107,731 Lines of credit $ 396,512 $ 396,512 $ 128,000 $ 128,000 Other liabilities (contingent consideration) $ 4,702 $ 4,702 $ 4,640 $ 4,640 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table reconciles our beginning-of-period and end-of-period balances of cash, cash equivalents and restricted cash for the periods shown (in thousands): March 31, 2019 December 31, 2018 March 31, 2018 December 31, 2017 Cash and cash equivalents $ 21,946 $ 50,311 $ 15,153 $ 10,127 Restricted cash 12,229 11,951 12,271 13,382 Cash, cash equivalents and restricted cash $ 34,175 $ 62,262 $ 27,424 $ 23,509 |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table reconciles our beginning-of-period and end-of-period balances of cash, cash equivalents and restricted cash for the periods shown (in thousands): March 31, 2019 December 31, 2018 March 31, 2018 December 31, 2017 Cash and cash equivalents $ 21,946 $ 50,311 $ 15,153 $ 10,127 Restricted cash 12,229 11,951 12,271 13,382 Cash, cash equivalents and restricted cash $ 34,175 $ 62,262 $ 27,424 $ 23,509 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | Lease expense, as included in our consolidated statement of operations for the respective periods and additional information regarding lease terms are as follows (in thousands except*): March 31, 2019 March 31, 2018 Lease expense Lease expense Finance lease expense: Capital lease expense: Amortization of right - of-use assets $ 18 Amortization of lease $ 18 Interest on lease liabilities 26 Interest on lease liabilities 26 Operating lease expense 822 Operating lease expense 851 Variable lease expense 319 Below market ground lease amortization expense 223 Total lease expense 1,185 267 Other information Other information Cash paid for amounts included in the measurement of lease liabilities Cash paid for amounts included in the measurement of lease liabilities Operating cash flow used for operating leases 450 Operating cash flow used for operating leases 549 Financing cash flow used for finance leases 8 Financing cash flow used for finance leases 8 Right of use asset obtained (land) in exchange for new finance lease liabilities 4,116 March 31, 2019 December 31, 2018 Right of use asset obtained in exchange for new operating lease liabilities 18,775 Right of use asset obtained relative to below market operating leases 28,930 Below market ground lease intangibles asset 29,118 Total right of use asset from operating leases 47,705 Weighted - average remaining lease term - finance leases (in years)* 5.25 Weighted - average remaining lease term - operating leases (in years)* 13.56 Weighted - average discount rate - finance leases (annual)* 2.50 % Weighted - average discount rate - operating leases (annual)* 4.11 % |
Finance Lease, Liability, Maturity [Table Text Block] | Future minimum lease payments under non-cancellable leases as of the quarter ended March 31, 2019 where we are the lessee include: Operating Leases Finance Leases 2019 (excluding the three months ended March 31, 2019) $ 1,766 $ 112 2020 2,397 120 2021 2,446 120 2022 2,483 120 2023 2,509 120 Thereafter 13,725 4,060 Total undiscounted lease payments $ 25,326 $ 4,652 Less: Imputed interest (6,213 ) (539 ) Total lease liabilities $ 19,113 $ 4,113 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future minimum lease payments under non-cancellable leases as of the quarter ended March 31, 2019 where we are the lessee include: Operating Leases Finance Leases 2019 (excluding the three months ended March 31, 2019) $ 1,766 $ 112 2020 2,397 120 2021 2,446 120 2022 2,483 120 2023 2,509 120 Thereafter 13,725 4,060 Total undiscounted lease payments $ 25,326 $ 4,652 Less: Imputed interest (6,213 ) (539 ) Total lease liabilities $ 19,113 $ 4,113 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Income from real property | $ 216,779 | $ 197,211 |
Revenues | 287,330 | 257,975 |
Income From Real Property [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Income from real property | 216,779 | 197,211 |
Revenue From Home Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Income from real property | 39,618 | 34,900 |
Rental Home Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Income from real property | 13,971 | 13,020 |
Ancillary Revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Income from real property | 8,482 | 6,568 |
Interest [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Income from real property | 4,800 | 5,316 |
Brokerage Commissions And Other Revenues, Net [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Income from real property | 3,680 | 960 |
Real Property Operations Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 233,741 | 210,055 |
Real Property Operations Segment [Member] | Income From Real Property [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Income from real property | 216,779 | 197,211 |
Real Property Operations Segment [Member] | Revenue From Home Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Income from real property | 0 | 0 |
Real Property Operations Segment [Member] | Rental Home Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Income from real property | 0 | 0 |
Real Property Operations Segment [Member] | Ancillary Revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Income from real property | 8,482 | 6,568 |
Real Property Operations Segment [Member] | Interest [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Income from real property | 4,800 | 5,316 |
Real Property Operations Segment [Member] | Brokerage Commissions And Other Revenues, Net [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Income from real property | 3,680 | 960 |
Home Sales and Home Rentals Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 53,589 | 47,920 |
Home Sales and Home Rentals Segment [Member] | Income From Real Property [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Income from real property | 0 | 0 |
Home Sales and Home Rentals Segment [Member] | Revenue From Home Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Income from real property | 39,618 | 34,900 |
Home Sales and Home Rentals Segment [Member] | Rental Home Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Income from real property | 13,971 | 13,020 |
Home Sales and Home Rentals Segment [Member] | Ancillary Revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Income from real property | 0 | 0 |
Home Sales and Home Rentals Segment [Member] | Interest [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Income from real property | 0 | 0 |
Home Sales and Home Rentals Segment [Member] | Brokerage Commissions And Other Revenues, Net [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Income from real property | $ 0 | $ 0 |
Revenue Contract Balances (Deta
Revenue Contract Balances (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Contract with Customer, Asset, Reclassified to Receivable | $ 18 | $ 16.1 |
Real Estate Acquisitions, Sched
Real Estate Acquisitions, Schedule of Properties Acquired (Details) | Mar. 31, 2019sitedevelopment_siteshares | Dec. 31, 2018sitedevelopment_site |
Business Acquisition [Line Items] | ||
Sites | site | 3,568 | 4,882 |
Development Sites | development_site | 70 | 1,166 |
Massey's Landing [Member] | ||
Business Acquisition [Line Items] | ||
Sites | site | 291 | |
Development Sites | development_site | 0 | |
Leaf Verde RV Resort [Member] | ||
Business Acquisition [Line Items] | ||
Sites | site | 376 | |
Development Sites | development_site | 0 | |
Archview [Member] | ||
Business Acquisition [Line Items] | ||
Sites | site | 114 | |
Development Sites | development_site | 50 | |
Petoskey RV Resort [Member] | ||
Business Acquisition [Line Items] | ||
Sites | site | 210 | |
Development Sites | development_site | 0 | |
The Sands [Member] | ||
Business Acquisition [Line Items] | ||
Sites | site | 507 | |
Development Sites | development_site | 0 | |
Sun NG RV Resorts [Member] | ||
Business Acquisition [Line Items] | ||
Sites | site | 2,700 | |
Development Sites | development_site | 940 | |
Silver Creek [Member] | ||
Business Acquisition [Line Items] | ||
Sites | site | 264 | |
Development Sites | development_site | 176 | |
Highway West [Member] | ||
Business Acquisition [Line Items] | ||
Sites | site | 536 | |
Development Sites | development_site | 0 | |
Compass [Member] | ||
Business Acquisition [Line Items] | ||
Sites | site | 175 | |
Development Sites | development_site | 0 | |
Shelby Properties [Member] | ||
Business Acquisition [Line Items] | ||
Sites | site | 1,308 | |
Development Sites | development_site | 0 | |
Buena Vista [Member] | ||
Business Acquisition [Line Items] | ||
Sites | site | 400 | |
Development Sites | development_site | 0 | |
Country Village [Member] | ||
Business Acquisition [Line Items] | ||
Sites | site | 518 | |
Development Sites | development_site | 0 | |
Hid'n Pines [Member] | ||
Business Acquisition [Line Items] | ||
Sites | site | 321 | |
Development Sites | development_site | 0 | |
Hacienda del Rio [Member] | ||
Business Acquisition [Line Items] | ||
Sites | site | 730 | |
Development Sites | development_site | 70 | |
Series D Preferred OP Units | ||
Business Acquisition [Line Items] | ||
Shares outstanding | shares | 488,958 |
Real Estate Acquisitions, Sch_2
Real Estate Acquisitions, Schedule of Other Acquisitions Purchase Price Allocation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||
Business Acquisition, Transaction Costs | $ 5,100 | |
At acquistion date | ||
Investment in property | 311,625 | $ 346,986 |
Inventory of manufactured homes | 2,465 | |
In-place leases and other intangible assets | 13,480 | 17,199 |
Other assets (liabilities), net | (1,993) | (11,990) |
Debt assumed | (3,120) | |
Total identifiable assets acquired and liabilities assumed | 325,577 | 349,075 |
Consideration | ||
Cash | 273,647 | 291,822 |
Equity | 51,930 | 35,277 |
Total consideration transferred | 325,577 | 349,075 |
sui_chulavistamember [Member] | ||
At acquistion date | ||
Investment in property | 300 | |
Massey's Landing [Member] | ||
At acquistion date | ||
Investment in property | 20,000 | |
Inventory of manufactured homes | 0 | |
In-place leases and other intangible assets | 0 | |
Other assets (liabilities), net | (446) | |
Total identifiable assets acquired and liabilities assumed | 19,554 | |
Consideration | ||
Cash | 19,554 | |
Equity | 0 | |
Total consideration transferred | 19,554 | |
Shelby Properties [Member] | ||
At acquistion date | ||
Investment in property | 85,969 | |
Inventory of manufactured homes | 2,011 | |
In-place leases and other intangible assets | 6,520 | |
Other assets (liabilities), net | (1,015) | |
Total identifiable assets acquired and liabilities assumed | 93,485 | |
Consideration | ||
Cash | 93,485 | |
Equity | 0 | |
Total consideration transferred | 93,485 | |
Silver Creek [Member] | ||
At acquistion date | ||
Investment in property | 7,250 | |
In-place leases and other intangible assets | 0 | |
Other assets (liabilities), net | 0 | |
Debt assumed | 0 | |
Total identifiable assets acquired and liabilities assumed | 7,250 | |
Consideration | ||
Cash | 7,250 | |
Equity | 0 | |
Total consideration transferred | 7,250 | |
Highway West [Member] | ||
At acquistion date | ||
Investment in property | 36,500 | |
In-place leases and other intangible assets | 0 | |
Other assets (liabilities), net | 0 | |
Debt assumed | 0 | |
Total identifiable assets acquired and liabilities assumed | 36,500 | |
Consideration | ||
Cash | 36,500 | |
Equity | 0 | |
Total consideration transferred | 36,500 | |
Compass [Member] | ||
At acquistion date | ||
Investment in property | 13,930 | |
In-place leases and other intangible assets | 70 | |
Other assets (liabilities), net | 0 | |
Debt assumed | 0 | |
Total identifiable assets acquired and liabilities assumed | 14,000 | |
Consideration | ||
Cash | 14,000 | |
Equity | 0 | |
Total consideration transferred | 14,000 | |
Leaf Verde RV Resort [Member] | ||
At acquistion date | ||
Investment in property | 11,587 | |
Total identifiable assets acquired and liabilities assumed | 11,647 | |
Consideration | ||
Cash | 11,647 | |
Total consideration transferred | 11,647 | |
Archview [Member] | ||
At acquistion date | ||
Investment in property | 14,550 | |
In-place leases and other intangible assets | 0 | |
Other assets (liabilities), net | 0 | |
Debt assumed | 0 | |
Total identifiable assets acquired and liabilities assumed | 14,550 | |
Consideration | ||
Cash | 14,550 | |
Equity | 0 | |
Total consideration transferred | 14,550 | |
Petoskey RV Resort [Member] | ||
At acquistion date | ||
Investment in property | 8,730 | |
In-place leases and other intangible assets | 270 | |
Other assets (liabilities), net | 0 | |
Debt assumed | 0 | |
Total identifiable assets acquired and liabilities assumed | 9,000 | |
Consideration | ||
Cash | 9,000 | |
Equity | 0 | |
Total consideration transferred | 9,000 | |
The Sands [Member] | ||
At acquistion date | ||
Investment in property | 13,790 | |
In-place leases and other intangible assets | 460 | |
Other assets (liabilities), net | 0 | |
Debt assumed | 0 | |
Total identifiable assets acquired and liabilities assumed | 14,250 | |
Consideration | ||
Cash | 14,250 | |
Equity | 0 | |
Total consideration transferred | 14,250 | |
Sun NG RV Resorts [Member] | ||
At acquistion date | ||
Investment in property | 240,649 | |
In-place leases and other intangible assets | 16,339 | |
Other assets (liabilities), net | (11,990) | |
Debt assumed | (3,120) | |
Total identifiable assets acquired and liabilities assumed | 241,878 | |
Consideration | ||
Cash | 184,625 | |
Equity | 35,277 | |
Total consideration transferred | 241,878 | |
Buena Vista [Member] | ||
At acquistion date | ||
Investment in property | 20,221 | |
Inventory of manufactured homes | 439 | |
In-place leases and other intangible assets | 1,590 | |
Other assets (liabilities), net | (93) | |
Total identifiable assets acquired and liabilities assumed | 22,157 | |
Consideration | ||
Cash | 22,157 | |
Equity | 0 | |
Total consideration transferred | 22,157 | |
Country Village [Member] | ||
At acquistion date | ||
Investment in property | 62,784 | |
Inventory of manufactured homes | 0 | |
In-place leases and other intangible assets | 2,020 | |
Other assets (liabilities), net | 31 | |
Total identifiable assets acquired and liabilities assumed | 64,835 | |
Consideration | ||
Cash | 12,905 | |
Equity | 51,930 | |
Total consideration transferred | 64,835 | |
Hid'n Pines [Member] | ||
At acquistion date | ||
Investment in property | 10,680 | |
Inventory of manufactured homes | 0 | |
In-place leases and other intangible assets | 70 | |
Other assets (liabilities), net | (233) | |
Total identifiable assets acquired and liabilities assumed | 10,517 | |
Consideration | ||
Cash | 10,517 | |
Equity | 0 | |
Total consideration transferred | 10,517 | |
Hacienda del Rio [Member] | ||
At acquistion date | ||
Investment in property | 111,971 | |
Inventory of manufactured homes | 15 | |
In-place leases and other intangible assets | 3,280 | |
Other assets (liabilities), net | (237) | |
Total identifiable assets acquired and liabilities assumed | 115,029 | |
Consideration | ||
Cash | 115,029 | |
Equity | 0 | |
Total consideration transferred | $ 115,029 | |
Series A Preferred Stock [Member] | ||
Consideration | ||
Equity | 21,976 | |
Series A Preferred Stock [Member] | Silver Creek [Member] | ||
Consideration | ||
Equity | 0 | |
Series A Preferred Stock [Member] | Highway West [Member] | ||
Consideration | ||
Equity | 0 | |
Series A Preferred Stock [Member] | Compass [Member] | ||
Consideration | ||
Equity | 0 | |
Series A Preferred Stock [Member] | Archview [Member] | ||
Consideration | ||
Equity | 0 | |
Series A Preferred Stock [Member] | Petoskey RV Resort [Member] | ||
Consideration | ||
Equity | 0 | |
Series A Preferred Stock [Member] | The Sands [Member] | ||
Consideration | ||
Equity | 0 | |
Series A Preferred Stock [Member] | Sun NG RV Resorts [Member] | ||
Consideration | ||
Equity | $ 21,976 |
Real Estate Acquisitions, Sch_3
Real Estate Acquisitions, Schedule of Land Acquired (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)development_site | |
Business Acquisition [Line Items] | |
Development Sites | development_site | 2,275 |
Cost | $ | $ 14 |
Ocean West [Member] | |
Business Acquisition [Line Items] | |
Development Sites | development_site | 26 |
Cost | $ | $ 0.2 |
Water Oak [Member] | |
Business Acquisition [Line Items] | |
Development Sites | development_site | 296 |
Cost | $ | $ 1.9 |
Oak Crest [Member] | |
Business Acquisition [Line Items] | |
Development Sites | development_site | 220 |
Cost | $ | $ 4.2 |
Pecan Park [Member] | |
Business Acquisition [Line Items] | |
Development Sites | development_site | 158 |
Cost | $ | $ 1.3 |
Smith Creek Crossing [Member] | |
Business Acquisition [Line Items] | |
Development Sites | development_site | 310 |
Cost | $ | $ 0.9 |
Apple Carr Village [Member] | |
Business Acquisition [Line Items] | |
Development Sites | development_site | 121 |
Cost | $ | $ 0.2 |
River Run Ranch [Member] | |
Business Acquisition [Line Items] | |
Development Sites | development_site | 1,144 |
Cost | $ | $ 5.3 |
Real Estate Acquisitions, Pro F
Real Estate Acquisitions, Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Business Acquisition [Line Items] | ||
Total revenues | $ 3,764 | |
Net income attributable to Sun Communities, Inc. common stockholders | 1,317 | |
Acquisitions - 2019 [Member] | ||
Business Acquisition [Line Items] | ||
Total revenues | 289,253 | $ 263,706 |
Net income attributable to Sun Communities, Inc. common stockholders | $ 34,885 | $ 31,732 |
Net income per share attributable to Sun Communities, Inc. common stockholders - basic | $ 0.41 | $ 0.40 |
Net income per share attributable to Sun Communities, Inc. common stockholders - diluted | $ 0.41 | $ 0.40 |
Collateralized Receivables an_3
Collateralized Receivables and Transfers of Financial Assets, Repurchase price percentage (Details) - Collateralized Receivables [Member] | 3 Months Ended |
Mar. 31, 2019 | |
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 an_4
Collateralized Receivables and Transfers of Financial Assets, Schedule of collateralized loans (Details) - Collateralized Receivables [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Principal payments and payoffs from our customers | $ (3,109) |
Principal reduction from repurchased homes | 1,946 |
Total activity | (5,055) |
Ending balance | 102,676 |
Secured Debt [Member] | Fair Value, Measurements, Recurring [Member] | Reported Value Measurement [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Beginning balance | 107,700 |
Ending balance | $ 102,676 |
Collateralized Receivables an_5
Collateralized Receivables and Transfers of Financial Assets Collateralized Receivables and Transfers of Financial Assets, Allowance for Collateralized Receivables (Details) - Collateralized Receivables [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Allowance for Loan and Lease Losses [Roll Forward] | |
Beginning balance | $ (807) |
Lower of cost or market write-downs | 45 |
Increase to reserve balance | 24 |
Total activity | 69 |
Ending balance | $ (738) |
Collateralized Receivables an_6
Collateralized Receivables and Transfers of Financial Assets, Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes and other receivables, net | $ 179,814 | $ 160,077 | |
Other Borrowings | 107,731 | ||
Interest income and expense, net | 2,400 | $ 2,800 | |
Collateralized Receivables [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Allowance | $ (738) | $ (807) | |
Receivable With Imputed Interest, Term | 13 years 10 months 24 days | 14 years 1 month 6 days | |
Financing Receivable, Gross | $ 102,676 | ||
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 9.90% | ||
Reported Value Measurement [Member] | Collateralized Receivables [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes and other receivables, net | $ 101,900 | $ 106,900 | |
Secured Debt [Member] | Reported Value Measurement [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other Borrowings | 107,731 | ||
Secured Debt [Member] | Fair Value, Measurements, Recurring [Member] | Reported Value Measurement [Member] | Collateralized Receivables [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | $ 102,676 | $ 107,700 |
Notes and Other Receivables, Sc
Notes and Other Receivables, Schedule of notes and other receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total notes and other receivables, net | $ 179,814 | $ 160,077 |
Installment notes receivable on manufactured homes, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total notes and other receivables, net | 109,300 | 112,800 |
Other receivables, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total notes and other receivables, net | $ 70,558 | 47,279 |
Reported Value Measurement [Member] | Installment notes receivable on manufactured homes, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total notes and other receivables, net | $ 112,798 |
Notes And Other Receivables Not
Notes And Other Receivables Notes and Other Receivables, Installment notes receivable on manufactured homes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and Notes Receivable, Net | $ 179,814 | $ 160,077 |
Installment notes receivable on manufactured homes, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and Notes Receivable, Net | 109,300 | 112,800 |
Loans and Leases Receivable, Allowance | $ (700) | $ (700) |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 8.00% | 8.00% |
Receivable With Imputed Interest, Term | 16 years 4 months 24 days | 16 years 7 months 6 days |
Reported Value Measurement [Member] | Installment notes receivable on manufactured homes, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and Notes Receivable, Net | $ 112,798 | |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Installment notes receivable on manufactured homes, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and Notes Receivable, Net | $ 109,256 | $ 112,798 |
Fair Value, Measurements, Recurring [Member] | Reported Value Measurement [Member] | Installment notes receivable on manufactured homes, net [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts and Notes Receivable, Net | $ 109,256 |
Notes and Other Receivables, _2
Notes and Other Receivables, Schedule of installment notes receivable (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Collateralized receivables, net and Installment Notes Receivables on Manufactured Homes [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Increase to reserve balance | $ 15 |
Installment notes receivable on manufactured homes, gross [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Beginning balance | 113,495 |
Financed sales of manufactured homes | 63 |
Principal payments and payoffs from our customers | (1,653) |
Principal reduction from repossessed homes | 1,994 |
Total activity | (3,584) |
Ending balance | $ 109,911 |
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 | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Allowance for Loan and Lease Losses [Roll Forward] | |
Beginning balance | $ 697 |
Lower of cost or market write-downs | 57 |
Increase to reserve balance | 15 |
Total activity | 42 |
Ending balance | $ (655) |
Notes And Other Receivables N_2
Notes And Other Receivables Notes and Other Receivables, Other receivables - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables for rent, water, sewer usage | $ 13 | $ 7.1 |
Allowance for rent, water, sewer usage receivables | (1.5) | |
Contract with Customer, Asset, Reclassified to Receivable | 18 | 16.1 |
Insurance receivables | 18.5 | $ 24.1 |
Other Receivables | $ 21.1 |
Intangible Assets Intangible _2
Intangible Assets Intangible Assets, Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 134,488 | $ 120,188 |
Accumulated Amortization | $ (64,886) | (61,010) |
Leases, Acquired-in-Place [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | |
Gross Carrying Amount | $ 117,544 | 103,547 |
Accumulated Amortization | (62,740) | (59,068) |
Franchise Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,944 | 16,641 |
Accumulated Amortization | $ (2,146) | $ (1,942) |
Minimum [Member] | Ground Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | |
Minimum [Member] | Franchise Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | |
Maximum [Member] | Ground Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 75 years | |
Maximum [Member] | Franchise Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Intangible Assets Intangible _3
Intangible Assets Intangible Assets, Schedule of Intangible Asset Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | $ 3,877 | $ 3,509 |
Leases, Acquired-in-Place [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | 3,672 | 3,490 |
Franchise Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | $ 205 | $ 19 |
Intangible Assets, Intangibles
Intangible Assets, Intangibles Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2019 | $ 11,850 |
2018 | 14,144 |
2019 | 13,752 |
2020 | 9,151 |
2021 | $ 5,776 |
Investment In Affiliates , Narr
Investment In Affiliates , Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | |
RezPlot [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 50.00% | ||||
Net income from investment | $ (0.2) | ||||
Investment carrying value | 5.3 | ||||
Sungenia JV [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 50.00% | ||||
Net income from investment | (0.1) | ||||
Investment carrying value | $ 2.2 | $ 0.7 | |||
GTSC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 40.00% | ||||
Net income from investment | $ 0.5 | $ (0.1) | |||
Investment carrying value | 37.9 | $ 29.8 | |||
Origen Financial Services [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 22.90% | ||||
Net income from investment | 0.1 | $ 0 | |||
Investment carrying value | $ 0.1 |
Consolidated Variable Interes_3
Consolidated Variable Interest Entities, Schedule of Variable Interest Entities (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018USD ($) | Mar. 31, 2019USD ($)propertiessitesitesRate | Dec. 31, 2018USD ($)siteRate | |
Variable Interest Entity [Line Items] | |||
Investment property, net | $ 6,471,256,000 | $ 6,118,316,000 | |
Other assets, net (including $22,369 and $19,809 for consolidated variable interest entities at March 31, 2019 and December 31, 2018; see Note 8) | 220,214,000 | 176,162,000 | |
Mortgage loans payable (including $43,913 and $44,172 for consolidated variable interest entities at March 31, 2019 and December 31, 2018; see Note 8) | 2,879,017,000 | 2,815,957,000 | |
Other liabilities (including $21,049 and $6,914 for consolidated variable interest entities at March 31, 2019 and December 31, 2018; see Note 8) | 179,461,000 | 157,862,000 | |
Liabilities | 3,846,325,000 | 3,479,112,000 | |
Consolidated variable interest entities | $ 6,198,000 | $ 7,145,000 | |
VIE as a Percentage of Consolidated Assets | Rate | 4.70% | 4.90% | |
VIE as a Percentage of Consolidated Liabilities | Rate | 2.60% | 2.60% | |
VIE as a Percentage of Total Equity | 1.00% | ||
Sites | site | 3,568 | 4,882 | |
Cash | $ 273,647,000 | $ 291,822,000 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Investment property, net | 314,669,000 | 308,171,000 | |
Other assets, net (including $22,369 and $19,809 for consolidated variable interest entities at March 31, 2019 and December 31, 2018; see Note 8) | 22,369,000 | 19,809,000 | |
Total Assets | 337,038,000 | 327,980,000 | |
Mortgage loans payable (including $43,913 and $44,172 for consolidated variable interest entities at March 31, 2019 and December 31, 2018; see Note 8) | 43,913,000 | 44,172,000 | |
Preferred OP units - mandatorily redeemable | 35,249,000 | 35,277,000 | |
Other liabilities (including $21,049 and $6,914 for consolidated variable interest entities at March 31, 2019 and December 31, 2018; see Note 8) | 21,049,000 | 6,914,000 | |
Liabilities | 100,211,000 | 86,363,000 | |
Equity Interests | 22,167,000 | 21,976,000 | |
Consolidated variable interest entities | 6,198,000 | 7,145,000 | |
Total Liabilities and Stockholder's Equity | 128,576,000 | $ 115,484,000 | |
Northgate Additional Consideration [Member] | |||
Variable Interest Entity [Line Items] | |||
Cash | $ 123,300,000 | ||
Northgate [Member] | |||
Variable Interest Entity [Line Items] | |||
Number of Real Estate Properties | properties | 10 | ||
Sites | sites | 2,700 | ||
Northgate [Member] | Sun NG RV Resorts [Member] | |||
Variable Interest Entity [Line Items] | |||
Ownership percentage | 80.00% | ||
Payments to Acquire Interest in Joint Venture | $ 61.6 | ||
Northgate [Member] | NG Sun LLC [Member] | |||
Variable Interest Entity [Line Items] | |||
Ownership percentage | 20.00% | ||
Payments to Acquire Interest in Joint Venture | $ 15.4 | ||
Development Sites [Member] | Northgate [Member] | |||
Variable Interest Entity [Line Items] | |||
Sites | sites | 940 | ||
Ground Up Development [Member] | Northgate [Member] | |||
Variable Interest Entity [Line Items] | |||
Number of Real Estate Properties | properties | 1 | ||
Preferred Partner [Member] | Northgate Additional Consideration [Member] | |||
Variable Interest Entity [Line Items] | |||
Cash | $ 1,800,000 | ||
Bridge Loan [Member] | Northgate Additional Consideration [Member] | |||
Variable Interest Entity [Line Items] | |||
Cash | $ 121,500,000 |
Debt And Lines Of Credit , Sche
Debt And Lines Of Credit , Schedule of debt and lines of credit (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||||
Secured debt | $ 2,879,017 | $ 2,815,957 | $ 2,815,957 | |
Secured borrowings on collateralized receivables | $ 107,731 | $ 107,731 | ||
Debt weighted average to maturity, years | 9 years 3 months 18 days | 9 years | ||
Weighted average interest rate | 4.40% | 4.50% | 4.50% | |
Lines of credit | $ 128,000 | $ 128,000 | ||
Total debt | $ 3,448,117 | 3,124,303 | 3,124,303 | |
Collateralized term loans - CMBS [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured debt | $ 765,391 | $ 405,702 | $ 405,702 | |
Debt weighted average to maturity, years | 4 years 10 months 24 days | 4 years 1 month 6 days | ||
Weighted average interest rate | 4.40% | 5.10% | 5.10% | |
Secured borrowing [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument term | 25 years | 20 years | 20 years | |
Preferred OP units [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured debt | $ 34,663 | |||
Preferred OP units - mandatorily redeemable | $ 34,663 | $ 37,338 | $ 37,338 | |
Debt weighted average to maturity, years | 14 years 2 months 12 days | 4 years 8 months 12 days | ||
Weighted average interest rate | 9.90% | 6.60% | 6.60% | |
Preferred Equity, Mandatorily Redeemable [Member] | ||||
Debt Instrument [Line Items] | ||||
Preferred OP units - mandatorily redeemable | $ 35,249 | $ 35,277 | $ 35,277 | |
Debt instrument term | 3 years 6 months | |||
Debt weighted average to maturity, years | 3 years 9 months 18 days | |||
Weighted average interest rate | 6.00% | 6.00% | 6.00% | |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured debt | $ 379,157 | $ 770,417 | $ 770,417 | |
Debt weighted average to maturity, years | 5 years 7 months 6 days | 5 years 1 month 6 days | ||
Weighted average interest rate | 3.90% | 4.40% | 4.40% | |
Life Companies [Member] | Collateralized Mortgage Backed Securities [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured debt | $ 1,330,591 | $ 1,259,158 | $ 1,259,158 | |
Debt weighted average to maturity, years | 16 years 8 months 12 days | 14 years 4 months 24 days | ||
Weighted average interest rate | 4.00% | 3.90% | 3.90% | |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured debt | $ 403,878 | $ 380,680 | $ 380,680 | |
Debt weighted average to maturity, years | 3 years 9 months 18 days | 5 years 10 months 24 days | ||
Weighted average interest rate | 5.10% | 3.90% | 3.90% | |
Reported Value Measurement [Member] | Secured borrowing [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured debt | $ 102,676 | $ 107,731 | $ 107,731 | |
Secured borrowings on collateralized receivables | $ 107,731 | $ 107,731 | ||
Debt weighted average to maturity, years | 4 years 9 months 18 days | 14 years 4 months 24 days | ||
Weighted average interest rate | 6.50% | 9.90% | 9.90% | |
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Lines of credit | $ 396,512 | |||
Revolving Credit Facility [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt weighted average to maturity, years | 2 years 1 month 6 days | 2 years 3 months 18 days | ||
Weighted average interest rate | 3.70% | 3.80% | 3.80% |
Debt And Lines Of Credit , Narr
Debt And Lines Of Credit , Narrative - Collateralized Term Loans (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2019USD ($)propertiessitesites | Dec. 31, 2018USD ($)site | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($)community | Mar. 31, 2018USD ($)community | Dec. 31, 2018USD ($)site | |
Debt Instrument [Line Items] | ||||||
Gain (loss) on extinguishment of debt | $ 653 | $ 196 | ||||
Reduction in secured borrowing balance | $ 5,055 | $ 5,105 | ||||
Number of Real Estate Units Released | community | 11 | 3 | ||||
Weighted average interest rate | 4.40% | 4.50% | 4.50% | |||
Sites | site | 3,568 | 4,882 | 4,882 | |||
Debt weighted average to maturity, length | 9 years 3 months 18 days | 9 years | ||||
Total debt | $ 2,879,017 | $ 2,815,957 | $ 2,815,957 | |||
Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Gain (loss) on extinguishment of debt | 700 | $ 900 | $ 1,500 | $ 200 | ||
Reduction in secured borrowing balance | 186,800 | 10,200 | 30,500 | $ 177,700 | $ 24,400 | |
Debt instrument, face amount | $ 265,000 | $ 21,700 | $ 228,000 | $ 21,700 | ||
Interest rate | 383.00% | 4.10% | 6.34% | 4.53% | 6.36% | 4.10% |
Debt instrument term | 25 years | 20 years | 20 years | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.17% | 5.66% | 4.10% | 5.66% | ||
Commercial Mortgage Backed Securities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average interest rate | 4.40% | 5.10% | 5.10% | |||
Debt weighted average to maturity, length | 4 years 10 months 24 days | 4 years 1 month 6 days | ||||
Total debt | $ 765,391 | $ 405,702 | $ 405,702 | |||
Collateralized Mortgage Backed Securities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Net book value of properties securing collateralized term loans | $ 3,200,000 | |||||
Properties securing debt [Member] | Collateralized Mortgage Backed Securities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Sites | sites | 72,964 | |||||
Debt Instrument, number of properties securing a debt instument | properties | 185 |
Debt And Lines Of Credit , Na_2
Debt And Lines Of Credit , Narrative - Aspen Preferred OP Units and Series B-3 preferred OP units (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Jan. 31, 2019USD ($)$ / sharesshares | Jun. 30, 2018USD ($) | Mar. 31, 2019USD ($)shares$ / sharesRate | Dec. 31, 2018USD ($) | Dec. 31, 2014$ / shares | |
Debt Instrument [Line Items] | |||||
Financial Instruments Subject to Mandatory Redemption, Rate Of Return | 6.00% | ||||
Financial Instruments Subject to Mandatory Redemption, Term | 7 years | ||||
Preferred Equity, Mandatorily Redeemable [Member] | |||||
Debt Instrument [Line Items] | |||||
Financial Instruments Subject to Mandatory Redemption, Value of Shares Issued | $ 35,300 | ||||
Preferred OP units - mandatorily redeemable | $ 35,249 | $ 35,277 | |||
Preferred OP units [Member] | |||||
Debt Instrument [Line Items] | |||||
Preferred OP units - mandatorily redeemable | 34,663 | 37,338 | |||
Preferred OP units [Member] | Convertible debt - Aspen Preferred OP Units January 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 34,700 | 34,700 | |||
Convertible units to shares (in shares) | shares | 430,260 | ||||
Debt Instrument, Interest Rate During Period | Rate | 6.50% | ||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 27 | $ 68 | |||
Debt Instrument, Convertible, Percent Of Amount By Which The Market Price Of Common Stock Exceeds Threshold | 25.00% | ||||
Conversion of Stock, Shares Converted | shares | 0.397 | ||||
Series B-3 Preferred OP Units [Member] | Convertible debt - Aspen Preferred OP Units January 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 2,700 | ||||
Series B-3 Preferred OP Units [Member] | |||||
Debt Instrument [Line Items] | |||||
Stock Redeemed or Called During Period, Shares | shares | 26,750 | ||||
Redemption price including accrued and unpaid dividends (in dollars per share) | $ / shares | $ 100.153424 | ||||
Stock Redeemed or Called During Period, Value | $ 2,700 |
Debt And Lines Of Credit , Na_3
Debt And Lines Of Credit , Narrative - Line of Credit (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Apr. 30, 2017 | Mar. 31, 2019USD ($)Rate | Jun. 30, 2018community | Mar. 31, 2018community | Dec. 31, 2018USD ($) | Apr. 25, 2017USD ($)Rate | |
Line of Credit Facility [Line Items] | ||||||
Lines of credit | $ 128,000,000 | |||||
Weighted average interest rate | 4.40% | 4.50% | ||||
Debt weighted average to maturity, length | 9 years 3 months 18 days | 9 years | ||||
Number of Real Estate Units Released | community | 11 | 3 | ||||
Line of Credit [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 650,000,000 | |||||
Line of credit, borrowing capacity | 900,000,000 | |||||
Debt Instrument, Maturity Date | Apr. 25, 2021 | |||||
Line of credit, additional borrowing capacity | 350,000,000 | |||||
Letters of credit outstanding, amount | $ 3,900,000 | $ 3,900,000 | ||||
Line of credit - manufactured home floor plan facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit, borrowing capacity | 12,000,000 | |||||
Lines of credit | $ 3,500,000 | $ 0 | ||||
Weighted average interest rate | Rate | 7.00% | |||||
Prime Rate [Member] | Line of credit - manufactured home floor plan facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis points | Rate | 100.00% | |||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit, borrowing capacity | 550,000,000 | |||||
Long-term Debt | $ 393,000,000 | |||||
Lines of credit | $ 396,512,000 | |||||
Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Weighted average interest rate | 3.70% | 3.80% | ||||
Debt weighted average to maturity, length | 2 years 1 month 6 days | 2 years 3 months 18 days | ||||
Revolving Credit Facility [Member] | Eurodollar [Member] | Line of Credit [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit variable interest rate | Rate | 1.35% | |||||
Term Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit, borrowing capacity | $ 100,000,000 | |||||
Minimum [Member] | Revolving Credit Facility [Member] | Eurodollar [Member] | Line of Credit [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate | Rate | 1.35% | |||||
Maximum [Member] | Prime Rate [Member] | Line of credit - manufactured home floor plan facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate | Rate | 6.00% | |||||
Maximum [Member] | Revolving Credit Facility [Member] | Eurodollar [Member] | Line of Credit [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate | Rate | 2.20% |
Equity and Temporary Equity, Na
Equity and Temporary Equity, Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 15, 2018 | Oct. 01, 2018 | Feb. 28, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2018 | Nov. 30, 2004 |
Class of Stock [Line Items] | ||||||||
Issuance of common stock and common OP units, net | $ (4,321) | $ (3,296) | $ 163,800 | |||||
Aggregate Value of Shares to be Issued in Accordance to Sales Agreement | $ 450,000 | |||||||
Commission, Maximum Percentage of Gross Sales Price Per Share According to Sales Agreement | 2.00% | |||||||
Series D Preferred OP Units | ||||||||
Class of Stock [Line Items] | ||||||||
Temporary Equity, Dividends For Term One, Percentage | 3.75% | |||||||
Series A-4 Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred Stock, Dividends Per Share, Declared | $ 0.40625 | |||||||
Payments of dividends | $ 432 | |||||||
Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Dividends per common share | $ 0.75 | |||||||
Payments of dividends | $ 66,886 | |||||||
Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of common stock and common OP units, net | $ 1 | $ 2 | ||||||
Authorized to be repurchased (in shares) | 1,000,000 | |||||||
Remaining number of shares authorized to be repurchased (in shares) | 400,000 | |||||||
Conversion of Common OP Units to common stock (in shares) | 0 | |||||||
Series A-4 preferred OP units | ||||||||
Class of Stock [Line Items] | ||||||||
Conversion of Common OP Units to common stock (in shares) | 0 | 2,373 | ||||||
Series A-4 preferred OP units | Common OP Units | ||||||||
Class of Stock [Line Items] | ||||||||
Conversion of Common OP Units to common stock (in shares) | 0 | 1,054 | ||||||
Conversion of Common OP Units | ||||||||
Class of Stock [Line Items] | ||||||||
Conversion of Common OP Units to common stock (in shares) | 6,533 | 6,777 | ||||||
Conversion of Common OP Units | Common OP Units | ||||||||
Class of Stock [Line Items] | ||||||||
Conversion of Common OP Units to common stock (in shares) | 6,533 | |||||||
Series A-1 Preferred OP Units | ||||||||
Class of Stock [Line Items] | ||||||||
Conversion of Common OP Units to common stock (in shares) | 3,950 | 3,700 | ||||||
Series A-1 Preferred OP Units | Common OP Units | ||||||||
Class of Stock [Line Items] | ||||||||
Conversion of Common OP Units to common stock (in shares) | 9,633 | 9,023 | ||||||
NG Sun LLC [Member] | Sun NG RV Resorts [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Variable Interest Entity, Equity Interests Issued, Floating Rate | 5.00% | |||||||
NG Sun LLC [Member] | Common Stock | Sun NG RV Resorts [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Variable Interest Entity, Equity Interests Issued | $ 6,500 | |||||||
Sun NG RV Resorts [Member] | Common Stock | Sun NG RV Resorts [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Variable Interest Entity, Equity Interests Issued | $ 15,400 |
Equity and Temporary Equity, Co
Equity and Temporary Equity, Conversion of Stock (Details) | 1 Months Ended | 3 Months Ended | ||
Feb. 28, 2020 | Feb. 28, 2019$ / sharesshares | Mar. 31, 2019shares | Mar. 31, 2018shares | |
Conversion of Common OP Units | ||||
Conversion of Stock [Line Items] | ||||
Conversion of units | 6,533 | 6,777 | ||
Series A-1 Preferred OP Units | ||||
Conversion of Stock [Line Items] | ||||
Conversion of units | 3,950 | 3,700 | ||
Series A-4 preferred OP units | ||||
Conversion of Stock [Line Items] | ||||
Conversion of units | 0 | 2,373 | ||
Series D Preferred OP Units | ||||
Conversion of Stock [Line Items] | ||||
Temporary Equity, Dividends For Term Two, Percentage | 4.00% | |||
Temporary Equity, Shares Issued | 488,958 | |||
Temporary Equity, Issuance Price | $ / shares | $ 100 | |||
Common OP Units | Conversion of Common OP Units | ||||
Conversion of Stock [Line Items] | ||||
Conversion Rate | 1,000 | |||
Conversion of units | 6,533 | |||
Common OP Units | Series A-1 Preferred OP Units | ||||
Conversion of Stock [Line Items] | ||||
Conversion Rate | 2,439 | |||
Conversion of units | 9,633 | 9,023 | ||
Common OP Units | Series A-4 preferred OP units | ||||
Conversion of Stock [Line Items] | ||||
Conversion Rate | 444.4000 | |||
Conversion of units | 0 | 1,054 | ||
Scenario, Forecast [Member] | Series D Preferred OP Units | ||||
Conversion of Stock [Line Items] | ||||
Convertible Preferred Stock, Shares Issued Per Share Upon Conversion | 0.8 |
Equity and Temporary Equity Equ
Equity and Temporary Equity Equity and Temporary Equity, Dividends Payable Table (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 15, 2018 | Oct. 01, 2018 | Sep. 28, 2018 | Sep. 14, 2018 | Mar. 31, 2019 |
Common Stock | |||||
Dividends Payable [Line Items] | |||||
Dividends Payable, Date of Record | Mar. 29, 2019 | ||||
Dividends Payable, Date to be Paid | Apr. 15, 2019 | ||||
Dividends per common share | $ 0.75 | ||||
Payments of dividends | $ 66,886 | ||||
Series A-4 Preferred Stock | |||||
Dividends Payable [Line Items] | |||||
Dividends Payable, Date of Record | Mar. 15, 2019 | ||||
Dividends Payable, Date to be Paid | Apr. 1, 2019 | ||||
Preferred Stock, Dividends Per Share, Declared | $ 0.40625 | ||||
Payments of dividends | $ 432 |
Equity and Temporary Equity E_2
Equity and Temporary Equity Equity and Temporary Equity, Schedule of Sale of Common Stock (Details) - USD ($) $ in Thousands | 3 Months Ended | 15 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2018 | |
Aggregate Value of Shares to be Issued in Accordance to Sales Agreement | $ 450,000 | ||
Issuance of common stock and common OP units, net | $ (4,321) | $ (3,296) | $ 163,800 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement By Share-based Payment Award, Fair Value Assumptions, Percent Expected To Vest | 75.10% | |
Stock Issued During Period, Value, Stock Options Exercised | $ 0.1 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 108,435 | |
Executive Officer [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting percentage | 100.00% | |
Director [Member] | Restricted Stock [Member] | 2004 Non-employee Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, shares (in shares) | 18,000 | |
Weighted average grant date fair value | $ 113.68 | |
Award vesting percentage | 100.00% | |
Time Based [Member] | Executive Officer [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, shares (in shares) | 44,000 | |
Weighted average grant date fair value | $ 115.39 | |
Market Condition [Member] | Executive Officer [Member] | Restricted Stock [Member] | 2015 Equity Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, shares (in shares) | 66,000 | |
Weighted average grant date fair value | $ 86.71 | |
Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Price | $ 115.39 | |
Exercises in period | 1,500 | 0 |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting, Seasonality (Details) $ in Millions | 3 Months Ended | |||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||||||||
Number of reportable segments | segment | 2 | |||||||
Real Property Operations Segment [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Expected annual transient RV revenue | $ | $ 129.7 | $ 106.2 | ||||||
Transient RV rental revenue recognized as a percentage | 20.20% | 16.40% | 42.60% | 20.30% | 20.70% | |||
Scenario, Forecast [Member] | Real Property Operations Segment [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Transient RV rental revenue recognized as a percentage | 15.30% | 41.50% | 23.00% |
Segment Reporting Results of Op
Segment Reporting Results of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Revenue From Home Sales | $ 287,330 | $ 257,975 |
Home selling expenses | (3,324) | (3,290) |
Loss on extinguishment of debt | (653) | (196) |
Interest on mandatorily redeemable preferred OP units / equity | (1,094) | (619) |
Catastrophic weather related charges | (782) | (2,213) |
Remeasurement of marketable securities | 267 | 0 |
Distributions from Affiliate | 344 | (59) |
Other income / (expense), net | 1,898 | (2,617) |
Deferred tax benefit | 217 | 347 |
Net Income | 37,127 | 33,601 |
Less: Preferred return to Series A-1 preferred OP units | 1,323 | 1,080 |
Less: Amounts attributable to noncontrolling interests | 1,041 | 2,094 |
Net Income Attributable to Sun Communities, Inc. | 34,763 | 30,427 |
Less: Preferred stock distributions | 432 | 441 |
Net income attributable to Sun Communities, Inc. common stockholders | 34,331 | 29,986 |
Real Property Operations Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue From Home Sales | 233,741 | 210,055 |
Net Income | 41,605 | 39,554 |
Less: Preferred return to Series A-1 preferred OP units | 1,323 | 1,080 |
Less: Amounts attributable to noncontrolling interests | 1,259 | 2,394 |
Net Income Attributable to Sun Communities, Inc. | 39,023 | 36,080 |
Less: Preferred stock distributions | 432 | 441 |
Net income attributable to Sun Communities, Inc. common stockholders | 38,591 | 35,639 |
Home Sales and Home Rentals Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue From Home Sales | 53,589 | 47,920 |
Net Income | (4,478) | (5,953) |
Less: Preferred return to Series A-1 preferred OP units | 0 | 0 |
Less: Amounts attributable to noncontrolling interests | (218) | (300) |
Net Income Attributable to Sun Communities, Inc. | (4,260) | (5,653) |
Less: Preferred stock distributions | 0 | 0 |
Net income attributable to Sun Communities, Inc. common stockholders | (4,260) | (5,653) |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue From Home Sales | 278,850 | 251,699 |
Operating expenses/Cost of sales | 114,405 | 102,647 |
Net operating income/Gross profit | 164,445 | 149,052 |
Operating Segments [Member] | Real Property Operations Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue From Home Sales | 225,261 | 203,779 |
Operating expenses/Cost of sales | 80,340 | 70,849 |
Net operating income/Gross profit | 144,921 | 132,930 |
Operating Segments [Member] | Home Sales and Home Rentals Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue From Home Sales | 53,589 | 47,920 |
Operating expenses/Cost of sales | 34,065 | 31,798 |
Net operating income/Gross profit | 19,524 | 16,122 |
Segment Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Interest and other revenues, net | 8,480 | 6,276 |
Home selling expenses | (3,324) | (3,290) |
General and administrative | (21,887) | (19,757) |
Depreciation and amortization | (76,556) | (66,437) |
Loss on extinguishment of debt | (653) | (196) |
Interest | (34,014) | (31,138) |
Interest on mandatorily redeemable preferred OP units / equity | (1,094) | (619) |
Catastrophic weather related charges | (782) | 2,213 |
Remeasurement of marketable securities | 267 | 0 |
Distributions from Affiliate | 344 | (59) |
Other income / (expense), net | 1,898 | (2,617) |
Current tax expense | (214) | (174) |
Deferred tax benefit | 217 | 347 |
Segment Reconciling Items [Member] | Real Property Operations Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Interest and other revenues, net | 8,480 | 6,276 |
Home selling expenses | 0 | 0 |
General and administrative | (19,234) | (17,187) |
Depreciation and amortization | (58,245) | (50,508) |
Loss on extinguishment of debt | (653) | (196) |
Interest | (34,010) | (31,134) |
Interest on mandatorily redeemable preferred OP units / equity | (1,094) | (619) |
Catastrophic weather related charges | (782) | 2,357 |
Remeasurement of marketable securities | 267 | 0 |
Distributions from Affiliate | 0 | 0 |
Other income / (expense), net | 1,860 | (2,616) |
Current tax expense | (122) | (96) |
Deferred tax benefit | 217 | 347 |
Segment Reconciling Items [Member] | Home Sales and Home Rentals Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Interest and other revenues, net | 0 | 0 |
Home selling expenses | (3,324) | (3,290) |
General and administrative | (2,653) | (2,570) |
Depreciation and amortization | (18,311) | (15,929) |
Loss on extinguishment of debt | 0 | 0 |
Interest | (4) | (4) |
Interest on mandatorily redeemable preferred OP units / equity | 0 | 0 |
Catastrophic weather related charges | 0 | (144) |
Remeasurement of marketable securities | 0 | 0 |
Distributions from Affiliate | 344 | (59) |
Other income / (expense), net | 38 | (1) |
Current tax expense | (92) | (78) |
Deferred tax benefit | $ 0 | $ 0 |
Segment Reporting Identifiable
Segment Reporting Identifiable Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Investment property, net | $ 6,471,256 | $ 6,118,316 | ||
Cash and cash equivalents | 21,946 | 50,311 | $ 15,153 | $ 10,127 |
Marketable securities | 50,501 | 49,037 | ||
Inventory of manufactured homes | 52,993 | 49,199 | ||
Notes and other receivables, net | 179,814 | 160,077 | ||
Collateralized receivables, net | 101,938 | 106,924 | ||
Other assets | 220,214 | 176,162 | ||
TOTAL ASSETS | 7,098,662 | 6,710,026 | ||
Real Property Operations Segment [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Investment property, net | 5,929,030 | 5,586,444 | ||
Cash and cash equivalents | (7,233) | 24,343 | ||
Marketable securities | 50,501 | 49,037 | ||
Inventory of manufactured homes | 0 | 0 | ||
Notes and other receivables, net | 163,362 | 145,673 | ||
Collateralized receivables, net | 101,938 | 106,924 | ||
Other assets | 165,743 | 140,027 | ||
TOTAL ASSETS | 6,403,341 | 6,052,448 | ||
Home Sales and Home Rentals Segment [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Investment property, net | 542,226 | 531,872 | ||
Cash and cash equivalents | 29,179 | 25,968 | ||
Marketable securities | 0 | 0 | ||
Inventory of manufactured homes | 52,993 | 49,199 | ||
Notes and other receivables, net | 16,452 | 14,404 | ||
Collateralized receivables, net | 0 | 0 | ||
Other assets | 54,471 | 36,135 | ||
TOTAL ASSETS | $ 695,321 | $ 657,578 |
Income Taxes , Narrative (Detai
Income Taxes , Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | ||
Minimum Percent of Income From Qualifying Sources to Allow For Real Estate Investment Trust Classification | 95.00% | |
Required Minimum Percent of Taxable Income Distributed to Stock Holders | 90.00% | |
Provision for state income taxes | $ 200 | $ 174 |
Deferred tax benefit | 217 | 347 |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Liabilities, Gross | $ 20,300 | 21,600 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Liabilities, Gross | $ 100 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator | ||
Net income attributable to common stockholders | $ 34,331 | $ 29,986 |
Allocation to restricted stock awards | (437) | (303) |
Basic earnings: Net income attributable to common stockholders after allocation | 33,894 | 29,683 |
Allocation to restricted stock awards | 437 | 303 |
Diluted earnings: Net income attributable to common stockholders after allocation | $ 34,331 | $ 29,986 |
Denominator | ||
Weighted average common shares outstanding | 85,520 | 78,855 |
Add: dilutive stock options | 1 | 2 |
Add: dilutive restricted stock | 512 | 607 |
Diluted weighted average common shares and securities | 86,033 | 79,464 |
Basic | $ 0.40 | $ 0.38 |
Diluted | $ 0.40 | $ 0.38 |
Earnings Per Share , Antidiluti
Earnings Per Share , Antidilutive Securities Excluded from Computation of Loss Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 6,647 | 6,228 |
Common OP Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 2,719 | 2,739 |
Series A-1 Preferred OP Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 328 | 342 |
Series D Preferred OP Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 489 | 0 |
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 | 40 | 40 |
Series A-4 preferred OP units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 410 | 422 |
Series A-4 Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 1,063 | 1,085 |
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 | 314 | 316 |
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 | 1,284 | 1,284 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments , By Balance Sheet Grouping (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Nov. 30, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Payments to acquire marketable securities | $ 54,000 | ||
Financial assets | |||
Notes and other receivables, net | $ 179,814 | $ 160,077 | |
Collateralized receivables, net | 101,938 | 106,924 | |
Financial liabilities | |||
Secured debt | 2,879,017 | 2,815,957 | |
Installment notes receivable on manufactured homes, net [Member] | |||
Financial assets | |||
Notes and other receivables, net | 109,300 | 112,800 | |
Reported Value Measurement [Member] | |||
Financial liabilities | |||
Debt (excluding secured borrowings) | 2,948,929 | 2,888,572 | |
Lines of credit | 396,512 | 128,000 | |
Other liabilities (contingent consideration) | 4,702 | 4,640 | |
Reported Value Measurement [Member] | Installment notes receivable on manufactured homes, net [Member] | |||
Financial assets | |||
Notes and other receivables, net | 112,798 | ||
Reported Value Measurement [Member] | Installment notes receivable on manufactured homes, net [Member] | Fair Value, Measurements, Recurring [Member] | |||
Financial assets | |||
Notes and other receivables, net | 109,256 | ||
Reported Value Measurement [Member] | Collateralized Receivables [Member] | |||
Financial assets | |||
Notes and other receivables, net | 101,900 | 106,900 | |
Reported Value Measurement [Member] | Collateralized Receivables [Member] | Fair Value, Measurements, Recurring [Member] | |||
Financial assets | |||
Collateralized receivables, net | 101,938 | 106,924 | |
Reported Value Measurement [Member] | Secured Debt [Member] | |||
Financial liabilities | |||
Secured debt | 102,676 | 107,731 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | |||
Financial liabilities | |||
Debt (excluding secured borrowings) | 2,906,358 | 2,757,649 | |
Secured debt | 102,676 | 107,731 | |
Lines of credit | 396,512 | 128,000 | |
Other liabilities (contingent consideration) | 4,702 | 4,640 | |
Estimate of Fair Value Measurement [Member] | Installment notes receivable on manufactured homes, net [Member] | Fair Value, Measurements, Recurring [Member] | |||
Financial assets | |||
Notes and other receivables, net | 109,256 | 112,798 | |
Estimate of Fair Value Measurement [Member] | Collateralized Receivables [Member] | Fair Value, Measurements, Recurring [Member] | |||
Financial assets | |||
Collateralized receivables, net | 101,938 | 106,924 | |
Marketable Securities [Member] | Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | |||
Financial assets | |||
Marketable securities | 50,501 | 49,037 | |
Marketable Securities [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | |||
Financial assets | |||
Marketable securities | $ 50,501 | $ 49,037 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements - Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | ||
Amortization of right - of-use assets | $ 18 | |
Interest on lease liabilities | 26 | |
Sublease income | 319 | |
Total lease expense | $ 1,185 | $ 267 |
Recent Accounting Pronounceme_4
Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accounting Changes and Error Corrections [Abstract] | ||||
Cash and cash equivalents | $ 21,946 | $ 50,311 | $ 15,153 | $ 10,127 |
Restricted cash | 12,229 | 11,951 | 12,271 | 13,382 |
Cash, cash equivalents and restricted cash | $ 34,175 | $ 62,262 | $ 27,424 | $ 23,509 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Operating Leases | ||
2019 (excluding the three months ended March 31, 2019) | $ 1,766,000 | |
2020 | 2,397,000 | |
2021 | 2,446,000 | |
2022 | 2,483,000 | |
2023 | 2,509,000 | |
Thereafter | 13,725,000 | |
Total undiscounted lease payments | 25,326,000 | |
Less: Imputed interest | (6,213,000) | |
Total lease liabilities | 19,113,000 | $ 0 |
Finance Leases | ||
2019 (excluding the three months ended March 31, 2019) | 112,000 | |
2020 | 120,000 | |
2021 | 120,000 | |
2022 | 120,000 | |
2023 | 120,000 | |
Thereafter | 4,060,000 | |
Total undiscounted lease payments | 4,652,000 | |
Less: Imputed interest | (539,000) | |
Total lease liabilities | $ 4,113,000 | $ 4,100,000 |
Leases - Additional Information
Leases - Additional Information (Details) | Mar. 31, 2019USD ($)ft²$ / ft² | Dec. 31, 2018USD ($) |
Lessee, Lease, Description [Line Items] | ||
ROU assets from operating lease | $ 47,705,000 | |
Operating lease liability | 19,113,000 | $ 0 |
ROU assets from finance lease | 4,100,000 | 4,100,000 |
Finance lease liability | 4,113,000 | 4,100,000 |
Operating lease, not yet commenced | $ 2,900,000 | |
Term of operating lease not yet commenced | 7 years | |
Below Market Leases | ||
Lessee, Lease, Description [Line Items] | ||
ROU assets from operating lease | $ 29,100,000 | |
CEO | American Center | ||
Lessee, Lease, Description [Line Items] | ||
Ownership percentage | 28.10% | |
Area of rentable real estate property | ft² | 103,100 | |
Gross base rent (USD per sqft) | $ / ft² | 18.55 |
Leases - Lease Expense (Details
Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Amortization of right - of-use assets | $ 18 | ||
Interest on lease liabilities | 26 | ||
Operating lease expense | 822 | ||
Variable lease expense | 319 | ||
Total lease expense | 1,185 | $ 267 | |
Amortization of lease | $ 18 | ||
Interest on lease liabilities | 26 | ||
Operating lease expense | 851 | ||
Operating cash flow used for operating leases | 450 | 549 | |
Financing cash flow used for finance leases | 8 | 8 | |
Right of use asset obtained (land) in exchange for new finance lease liabilities | 4,116 | ||
Right of use asset obtained in exchange for new operating lease liabilities | 18,775 | ||
Total right of use asset from operating leases | $ 47,705 | ||
Weighted - average remaining lease term - finance leases (in years) | 5 years 3 months | ||
Weighted - average remaining lease term - operating leases (in years) | 13 years 6 months 21 days | ||
Weighted - average discount rate - finance leases (annual) | 2.50% | ||
Weighted - average discount rate - operating leases (annual) | 4.11% | ||
Below Market Leases | |||
Lessee, Lease, Description [Line Items] | |||
Below market ground lease amortization expense | $ 223 | ||
Right of use asset obtained relative to below market operating leases | $ 28,930 | 29,118 | |
Total right of use asset from operating leases | $ 29,100 |