Company Quick10K Filing
Sun Communities
Price150.85 EPS2
Shares91 P/E88
MCap13,681 P/FCF34
Net Debt69 EBIT156
TEV13,749 TEV/EBIT88
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-04-23
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-10-24
10-Q 2019-06-30 Filed 2019-07-25
10-Q 2019-03-31 Filed 2019-04-25
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-10-25
10-Q 2018-06-30 Filed 2018-07-26
10-Q 2018-03-31 Filed 2018-04-24
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-10-24
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-11-01
10-Q 2016-06-30 Filed 2016-08-02
10-Q 2016-03-31 Filed 2016-04-26
10-K 2015-12-31 Filed 2016-02-23
10-Q 2015-09-30 Filed 2015-10-27
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-23
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-07-24
10-Q 2014-03-31 Filed 2014-04-30
10-K 2013-12-31 Filed 2014-02-20
10-Q 2013-09-30 Filed 2013-10-29
10-Q 2013-06-30 Filed 2013-07-25
10-Q 2013-03-31 Filed 2013-04-25
10-K 2012-12-31 Filed 2013-02-25
10-Q 2012-09-30 Filed 2012-10-25
10-Q 2012-06-30 Filed 2012-07-26
10-Q 2012-03-31 Filed 2012-04-26
10-K 2011-12-31 Filed 2012-02-23
10-Q 2011-09-30 Filed 2011-10-25
10-Q 2011-06-30 Filed 2011-07-28
10-Q 2011-03-31 Filed 2011-04-28
10-Q 2010-09-30 Filed 2010-10-28
10-Q 2010-06-30 Filed 2010-07-28
10-Q 2010-03-31 Filed 2010-05-06
10-K 2010-03-11 Filed 2010-03-11
8-K 2020-05-14 Enter Agreement, Sale of Shares, Exhibits
8-K 2020-04-28 Enter Agreement, Other Events, Exhibits
8-K 2020-04-22 Earnings, Exhibits
8-K 2020-04-06 Officers
8-K 2020-02-24 Regulation FD, Exhibits
8-K 2020-02-19 Earnings, Exhibits
8-K 2020-01-13 Enter Agreement, Exhibits
8-K 2020-01-09 Enter Agreement, Sale of Shares, Exhibits
8-K 2019-11-12 Regulation FD, Exhibits
8-K 2019-11-05 Other Events, Exhibits
8-K 2019-10-30 Other Events, Exhibits
8-K 2019-10-25 Other Events, Exhibits
8-K 2019-10-23 Earnings, Exhibits
8-K 2019-09-03 Regulation FD, Exhibits
8-K 2019-08-22 Enter Agreement, Sale of Shares, Other Events, Exhibits
8-K 2019-07-24 Earnings, Exhibits
8-K 2019-06-03 Regulation FD, Exhibits
8-K 2019-05-31 Enter Agreement, Other Events, Exhibits
8-K 2019-05-24 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-05-22 Shareholder Vote
8-K 2019-04-24 Earnings, Exhibits
8-K 2019-02-26 Regulation FD, Exhibits
8-K 2019-02-22 Other Events
8-K 2019-02-20 Earnings, Exhibits
8-K 2019-02-19 Other Events, Exhibits
8-K 2019-02-05 Enter Agreement, Sale of Shares, Exhibits
8-K 2018-12-04 Other Events, Exhibits
8-K 2018-11-07 Regulation FD, Exhibits
8-K 2018-10-24 Earnings, Exhibits
8-K 2018-09-19 Regulation FD, Exhibits
8-K 2018-09-07 Enter Agreement, Other Events, Exhibits
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-06-04 Regulation FD, Exhibits
8-K 2018-05-18 Shareholder Vote
8-K 2018-04-26 Other Events, Exhibits
8-K 2018-04-23 Earnings, Exhibits
8-K 2018-03-07 Other Events, Exhibits
8-K 2018-02-27 Regulation FD, Exhibits
8-K 2018-02-21 Earnings, Exhibits
8-K 2018-02-13 Other Events, Exhibits

SUI 10Q Quarterly Report

Part I
Item 1. Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 exhibit311-03312020ceo.htm
EX-31.2 exhibit312-03312020cfo.htm
EX-32.1 exhibit321-03312020ceo.htm

Sun Communities Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.40.30.20.10.0-0.12012201420172020
Rev, G Profit, Net Income
1.00.50.0-0.5-1.0-1.52012201420172020
Ops, Inv, Fin

Document
false--12-31Q120200000912593P7Y80000000.010.01180000000180000000863570009069000093180000933270000.400.2290.504100000P20YP7Y3216000P7Y352490000.010.01000 0000912593 2020-01-01 2020-03-31 0000912593 2019-01-01 2019-12-31 0000912593 2020-04-16 0000912593 2020-03-31 0000912593 sui:PreferredEquityMandatorilyRedeemableMember 2020-03-31 0000912593 2019-12-31 0000912593 sui:SeriesDPreferredOPUnitsMember 2020-03-31 0000912593 sui:AspenSeriesB3PreferredOperatingPartnershipUnitsMember 2020-03-31 0000912593 sui:AspenSeriesB3PreferredOperatingPartnershipUnitsMember 2019-12-31 0000912593 sui:SeriesDPreferredOPUnitsMember 2019-12-31 0000912593 sui:PreferredEquityMandatorilyRedeemableMember 2019-12-31 0000912593 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2020-03-31 0000912593 sui:SeriesA4PreferredStockMember 2020-03-31 0000912593 sui:SeriesA4PreferredStockMember 2019-12-31 0000912593 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-12-31 0000912593 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-06-30 0000912593 2019-01-01 2019-03-31 0000912593 us-gaap:SeriesDPreferredStockMember 2020-01-01 2020-03-31 0000912593 sui:SeriesEPreferredOPUnitsDomain 2020-01-01 2020-03-31 0000912593 sui:SeriesEPreferredOPUnitsDomain 2019-01-01 2019-03-31 0000912593 us-gaap:SeriesDPreferredStockMember 2019-01-01 2019-03-31 0000912593 2018-12-31 0000912593 2019-03-31 0000912593 sui:SeriesB3PreferredOPUnitsMember 2019-01-01 2019-03-31 0000912593 us-gaap:SeriesAPreferredStockMember 2019-01-01 2019-03-31 0000912593 sui:SeriesB3PreferredOPUnitsMember 2020-01-01 2020-03-31 0000912593 us-gaap:SeriesAPreferredStockMember 2020-01-01 2020-03-31 0000912593 2018-01-01 2018-06-30 0000912593 2019-01-01 2019-06-30 0000912593 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0000912593 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0000912593 us-gaap:ParentMember 2019-01-01 2019-03-31 0000912593 sui:TemporaryEquityMember 2019-01-01 2019-03-31 0000912593 us-gaap:ParentMember 2019-03-31 0000912593 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000912593 sui:TemporaryEquityMember 2018-12-31 0000912593 us-gaap:ParentMember 2018-12-31 0000912593 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0000912593 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000912593 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-03-31 0000912593 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2019-03-31 0000912593 us-gaap:CommonStockMember 2019-03-31 0000912593 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-01-01 2019-03-31 0000912593 us-gaap:NoncontrollingInterestMember 2018-12-31 0000912593 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2018-12-31 0000912593 sui:TemporaryEquityMember 2019-03-31 0000912593 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-12-31 0000912593 us-gaap:NoncontrollingInterestMember 2019-03-31 0000912593 us-gaap:CommonStockMember 2018-12-31 0000912593 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2019-01-01 2019-03-31 0000912593 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2020-01-01 2020-03-31 0000912593 us-gaap:NoncontrollingInterestMember 2020-03-31 0000912593 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-01-01 2020-03-31 0000912593 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2020-03-31 0000912593 us-gaap:ParentMember 2020-01-01 2020-03-31 0000912593 sui:TemporaryEquityMember 2019-12-31 0000912593 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-03-31 0000912593 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-03-31 0000912593 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0000912593 sui:TemporaryEquityMember 2020-01-01 2020-03-31 0000912593 sui:TemporaryEquityMember 2020-03-31 0000912593 us-gaap:CommonStockMember 2019-12-31 0000912593 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-12-31 0000912593 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0000912593 us-gaap:CommonStockMember 2020-03-31 0000912593 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0000912593 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0000912593 us-gaap:ParentMember 2019-12-31 0000912593 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2019-12-31 0000912593 us-gaap:ParentMember 2020-03-31 0000912593 us-gaap:NoncontrollingInterestMember 2019-12-31 0000912593 sui:RevenueFromHomeSalesMember 2020-01-01 2020-03-31 0000912593 sui:BrokerageCommissionsAndOtherRevenuesNetMember sui:RealPropertyOperationsSegmentMember 2019-01-01 2019-03-31 0000912593 sui:InterestMember sui:RealPropertyOperationsSegmentMember 2019-01-01 2019-03-31 0000912593 sui:RentalHomeRevenueMember sui:HomeSalesAndHomeRentalsSegmentMember 2020-01-01 2020-03-31 0000912593 sui:RevenueFromHomeSalesMember sui:RealPropertyOperationsSegmentMember 2020-01-01 2020-03-31 0000912593 sui:BrokerageCommissionsAndOtherRevenuesNetMember sui:HomeSalesAndHomeRentalsSegmentMember 2020-01-01 2020-03-31 0000912593 sui:RentalHomeRevenueMember 2019-01-01 2019-03-31 0000912593 sui:RevenueFromHomeSalesMember sui:HomeSalesAndHomeRentalsSegmentMember 2020-01-01 2020-03-31 0000912593 sui:InterestMember 2019-01-01 2019-03-31 0000912593 sui:AncillaryRevenuesMember sui:HomeSalesAndHomeRentalsSegmentMember 2020-01-01 2020-03-31 0000912593 sui:InterestMember 2020-01-01 2020-03-31 0000912593 sui:RevenueFromHomeSalesMember sui:HomeSalesAndHomeRentalsSegmentMember 2019-01-01 2019-03-31 0000912593 sui:IncomeFromRealPropertyMember sui:RealPropertyOperationsSegmentMember 2020-01-01 2020-03-31 0000912593 sui:InterestMember sui:HomeSalesAndHomeRentalsSegmentMember 2020-01-01 2020-03-31 0000912593 sui:AncillaryRevenuesMember sui:HomeSalesAndHomeRentalsSegmentMember 2019-01-01 2019-03-31 0000912593 sui:RealPropertyOperationsSegmentMember 2020-01-01 2020-03-31 0000912593 sui:RealPropertyOperationsSegmentMember 2019-01-01 2019-03-31 0000912593 sui:HomeSalesAndHomeRentalsSegmentMember 2019-01-01 2019-03-31 0000912593 sui:IncomeFromRealPropertyMember sui:HomeSalesAndHomeRentalsSegmentMember 2020-01-01 2020-03-31 0000912593 sui:AncillaryRevenuesMember sui:RealPropertyOperationsSegmentMember 2020-01-01 2020-03-31 0000912593 sui:InterestMember sui:HomeSalesAndHomeRentalsSegmentMember 2019-01-01 2019-03-31 0000912593 sui:IncomeFromRealPropertyMember sui:HomeSalesAndHomeRentalsSegmentMember 2019-01-01 2019-03-31 0000912593 sui:RevenueFromHomeSalesMember sui:RealPropertyOperationsSegmentMember 2019-01-01 2019-03-31 0000912593 sui:HomeSalesAndHomeRentalsSegmentMember 2020-01-01 2020-03-31 0000912593 sui:RentalHomeRevenueMember sui:RealPropertyOperationsSegmentMember 2020-01-01 2020-03-31 0000912593 sui:BrokerageCommissionsAndOtherRevenuesNetMember sui:HomeSalesAndHomeRentalsSegmentMember 2019-01-01 2019-03-31 0000912593 sui:BrokerageCommissionsAndOtherRevenuesNetMember 2020-01-01 2020-03-31 0000912593 sui:AncillaryRevenuesMember sui:RealPropertyOperationsSegmentMember 2019-01-01 2019-03-31 0000912593 sui:AncillaryRevenuesMember 2020-01-01 2020-03-31 0000912593 sui:IncomeFromRealPropertyMember sui:RealPropertyOperationsSegmentMember 2019-01-01 2019-03-31 0000912593 sui:AncillaryRevenuesMember 2019-01-01 2019-03-31 0000912593 sui:IncomeFromRealPropertyMember 2020-01-01 2020-03-31 0000912593 sui:RevenueFromHomeSalesMember 2019-01-01 2019-03-31 0000912593 sui:RentalHomeRevenueMember sui:RealPropertyOperationsSegmentMember 2019-01-01 2019-03-31 0000912593 sui:BrokerageCommissionsAndOtherRevenuesNetMember sui:RealPropertyOperationsSegmentMember 2020-01-01 2020-03-31 0000912593 sui:BrokerageCommissionsAndOtherRevenuesNetMember 2019-01-01 2019-03-31 0000912593 sui:IncomeFromRealPropertyMember 2019-01-01 2019-03-31 0000912593 sui:RentalHomeRevenueMember 2020-01-01 2020-03-31 0000912593 sui:RentalHomeRevenueMember sui:HomeSalesAndHomeRentalsSegmentMember 2019-01-01 2019-03-31 0000912593 sui:InterestMember sui:RealPropertyOperationsSegmentMember 2020-01-01 2020-03-31 0000912593 sui:StraffordMember 2019-04-01 2019-04-30 0000912593 sui:JensenPropertyAcquisitionMember 2019-01-01 2019-12-31 0000912593 2019-03-01 2019-03-31 0000912593 sui:ChincoteagueMember 2019-08-01 2019-08-31 0000912593 sui:Acquisitions2020Member 2020-01-01 2020-03-31 0000912593 sui:Acquisitions2019Member 2019-01-01 2019-03-31 0000912593 sui:CountryVillageMember 2019-12-31 0000912593 sui:ShelbyPropertiesMember 2019-12-31 0000912593 sui:HaciendadelRioMember 2019-12-31 0000912593 sui:GlenEllisMember 2019-12-31 0000912593 sui:BuenaVistaMember 2019-12-31 0000912593 sui:MasseysLandingMember 2019-12-31 0000912593 sui:RiverPlantationMember 2019-12-31 0000912593 sui:LeisurePointResortMember 2019-12-31 0000912593 sui:PandionRidgeMember 2019-12-31 0000912593 sui:HidnPinesMember 2019-12-31 0000912593 sui:JensenPropertyAcquisitionMember 2019-12-31 0000912593 sui:ReunionLakeMember 2019-12-31 0000912593 sui:SlickRockMember 2019-12-31 0000912593 sui:CapeCodMember 2020-03-31 0000912593 sui:JellystoneNaturalBridgeMember 2020-03-31 0000912593 sui:CapeCodMember 2020-01-01 2020-03-31 0000912593 sui:JellystoneNaturalBridgeMember 2020-01-01 2020-03-31 0000912593 sui:HidnPinesMember 2019-01-01 2019-12-31 0000912593 sui:ShelbyPropertiesMember 2019-01-01 2019-12-31 0000912593 sui:CapeCodMember 2019-12-31 0000912593 sui:GlenEllisMember 2019-01-01 2019-12-31 0000912593 sui:BuenaVistaMember 2019-01-01 2019-12-31 0000912593 sui:CapeCodMember 2019-01-01 2019-12-31 0000912593 sui:HaciendadelRioMember 2019-01-01 2019-12-31 0000912593 sui:LeisurePointResortMember 2019-01-01 2019-12-31 0000912593 sui:MasseysLandingMember 2019-01-01 2019-12-31 0000912593 sui:RiverPlantationMember 2019-01-01 2019-12-31 0000912593 sui:ReunionLakeMember 2019-01-01 2019-12-31 0000912593 sui:CountryVillageMember 2019-01-01 2019-12-31 0000912593 sui:PandionRidgeMember 2019-01-01 2019-12-31 0000912593 sui:InstallmentNotesReceivableOnManufacturedHomesNetMember 2019-01-01 2019-12-31 0000912593 sui:InstallmentNotesReceivableOnManufacturedHomesNetMember us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000912593 sui:InstallmentNotesReceivableOnManufacturedHomesNetMember 2019-12-31 0000912593 sui:InstallmentNotesReceivableOnManufacturedHomesNetMember 2020-01-01 2020-03-31 0000912593 sui:NotesduefromRealEstateDevelopersMember 2020-03-31 0000912593 sui:InstallmentNotesReceivableOnManufacturedHomesNetMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000912593 sui:InstallmentNotesReceivableOnManufacturedHomesNetMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000912593 sui:NotesduefromRealEstateDevelopersMember 2019-12-31 0000912593 sui:OtherReceivablesNetMember 2019-12-31 0000912593 sui:OtherReceivablesNetMember 2020-03-31 0000912593 us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000912593 sui:InstallmentNotesReceivableOnManufacturedHomesNetMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000912593 sui:InstallmentNotesReceivableOnManufacturedHomesGrossMember 2020-01-01 2020-03-31 0000912593 sui:InstallmentNotesReceivableOnManufacturedHomesGrossMember 2020-03-31 0000912593 sui:CollateralizedReceivablesNetAndInstallmentNotesReceivablesOnManufacturedHomesMember 2018-12-31 0000912593 sui:CollateralizedReceivablesNetAndInstallmentNotesReceivablesOnManufacturedHomesMember 2019-12-31 0000912593 sui:InstallmentNotesReceivableOnManufacturedHomesGrossMember 2019-01-01 2019-12-31 0000912593 sui:InstallmentNotesReceivableOnManufacturedHomesGrossMember 2019-12-31 0000912593 sui:InstallmentNotesReceivableOnManufacturedHomesNetMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000912593 sui:CollateralizedReceivablesNetAndInstallmentNotesReceivablesOnManufacturedHomesMember 2019-01-01 2019-12-31 0000912593 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000912593 sui:InstallmentNotesReceivableOnManufacturedHomesNetMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000912593 sui:CollateralizedReceivablesNetAndInstallmentNotesReceivablesOnManufacturedHomesMember 2020-01-01 2020-03-31 0000912593 sui:CollateralizedReceivablesNetAndInstallmentNotesReceivablesOnManufacturedHomesMember 2020-03-31 0000912593 sui:InstallmentNotesReceivableOnManufacturedHomesGrossMember 2018-12-31 0000912593 us-gaap:LeasesAcquiredInPlaceMember 2019-01-01 2019-03-31 0000912593 us-gaap:LeasesAcquiredInPlaceMember 2020-01-01 2020-03-31 0000912593 us-gaap:FranchiseRightsMember 2020-01-01 2020-03-31 0000912593 us-gaap:FranchiseRightsMember 2019-01-01 2019-03-31 0000912593 us-gaap:LeasesAcquiredInPlaceMember 2020-03-31 0000912593 us-gaap:FranchiseRightsMember 2019-12-31 0000912593 us-gaap:LeasesAcquiredInPlaceMember 2019-12-31 0000912593 us-gaap:FranchiseRightsMember 2020-03-31 0000912593 srt:MaximumMember us-gaap:FranchiseRightsMember 2019-01-01 2019-06-30 0000912593 srt:MinimumMember us-gaap:FranchiseRightsMember 2019-01-01 2019-06-30 0000912593 sui:GTSCMember 2019-12-31 0000912593 sui:GTSCMember 2019-01-01 2019-12-31 0000912593 sui:GTSCMember 2020-01-01 2020-03-31 0000912593 sui:GTSCMember 2018-12-31 0000912593 sui:GTSCMember 2020-03-31 0000912593 sui:OrigenFinancialServicesMember 2019-09-30 0000912593 sui:RezPlotMember 2019-01-31 0000912593 sui:GTSCMember 2019-09-30 0000912593 sui:SungeniaJVMember 2019-09-30 0000912593 sui:GTSCMember 2019-07-01 2019-09-30 0000912593 2018-07-01 2018-09-30 0000912593 sui:SVLiftMember 2018-07-01 2018-09-30 0000912593 sui:RezPlotMember 2019-07-01 2019-09-30 0000912593 sui:OrigenFinancialServicesMember 2018-07-01 2018-09-30 0000912593 sui:SVLiftMember 2019-07-01 2019-09-30 0000912593 sui:GTSCMember 2018-07-01 2018-09-30 0000912593 sui:OrigenFinancialServicesMember 2019-07-01 2019-09-30 0000912593 sui:SungeniaJVMember 2018-07-01 2018-09-30 0000912593 2019-07-01 2019-09-30 0000912593 sui:RezPlotMember 2018-07-01 2018-09-30 0000912593 sui:SungeniaJVMember 2019-07-01 2019-09-30 0000912593 sui:OrigenFinancialServicesMember 2019-12-31 0000912593 2019-09-30 0000912593 sui:RezPlotMember 2019-12-31 0000912593 sui:SVLiftMember 2019-12-31 0000912593 sui:SungeniaJVMember 2019-12-31 0000912593 sui:RezPlotMember 2019-09-30 0000912593 sui:SVLiftMember 2019-09-30 0000912593 sui:OrigenFinancialServicesMember 2018-12-31 0000912593 sui:SungeniaJVMember 2018-12-31 0000912593 2019-01-01 2019-09-30 0000912593 sui:MaturesJuly120205.86PercentInterestRateMemberDomain us-gaap:SecuredDebtMember 2020-03-31 0000912593 sui:MaturesMarch120205.62PercentInterestRateMember us-gaap:SecuredDebtMember 2019-12-31 0000912593 sui:MaturesJuly120205.86PercentInterestRateMemberDomain us-gaap:SecuredDebtMember 2019-01-01 2019-12-31 0000912593 sui:MaturesJanuary120303.83PercentInterestRateMember us-gaap:SecuredDebtMember 2019-01-01 2019-03-31 0000912593 sui:MaturesMarch120215.837PercentInterestRateMemberDomainDomain us-gaap:SecuredDebtMember 2020-01-01 2020-03-31 0000912593 sui:MaturesNovember120215.10PercentInterestRateMember us-gaap:SecuredDebtMember 2019-12-31 0000912593 sui:MaturesMarch1andApril120206.24PercentInterestRateMember us-gaap:SecuredDebtMember 2019-01-01 2019-12-31 0000912593 sui:MaturesNovember120215.10PercentInterestRateMember us-gaap:SecuredDebtMember 2019-01-01 2019-12-31 0000912593 sui:MaturesMarch120205.62PercentInterestRateMember us-gaap:SecuredDebtMember 2019-01-01 2019-12-31 0000912593 sui:MaturesJanuary120303.83PercentInterestRateMember us-gaap:SecuredDebtMember 2019-03-31 0000912593 sui:MaturesJuly120205.86PercentInterestRateMemberDomain us-gaap:SecuredDebtMember 2020-01-01 2020-03-31 0000912593 sui:MaturesMarch1andApril120206.24PercentInterestRateMember us-gaap:SecuredDebtMember 2019-12-31 0000912593 sui:MaturesMarch120215.837PercentInterestRateMemberDomainDomain us-gaap:SecuredDebtMember 2020-03-31 0000912593 sui:MaturesMay120234.3PercentInterestRateMember us-gaap:SecuredDebtMember 2019-09-30 0000912593 sui:MaturesMay120234.3PercentInterestRateMember us-gaap:SecuredDebtMember 2019-01-01 2019-12-31 0000912593 sui:MaturesMay120234.3PercentInterestRateMember us-gaap:SecuredDebtMember 2019-01-01 2019-09-30 0000912593 us-gaap:RevolvingCreditFacilityMember 2020-03-31 0000912593 2018-06-01 2018-06-30 0000912593 us-gaap:LineOfCreditMember 2017-04-25 0000912593 sui:ConvertibleDebtAspenPreferredOpUnitsJanuary2024Member sui:AspenSeriesB3PreferredOperatingPartnershipUnitsMember 2014-12-31 0000912593 us-gaap:LineOfCreditMember 2019-09-30 0000912593 sui:PreferredEquityMandatorilyRedeemableMember 2019-06-30 0000912593 sui:ConvertibleDebtAspenPreferredOpUnitsJanuary2024Member sui:AspenSeriesB3PreferredOperatingPartnershipUnitsMember 2019-01-01 2019-09-30 0000912593 sui:LineOfCreditManufacturedHomeFloorPlanFacilityMember 2020-03-31 0000912593 us-gaap:RevolvingCreditFacilityMember 2017-04-25 0000912593 sui:ARFacilityMember 2020-03-31 0000912593 sui:AspenSeriesB3PreferredOperatingPartnershipUnitsMember 2019-01-01 2019-09-30 0000912593 us-gaap:MortgageBackedSecuritiesMember 2020-03-31 0000912593 us-gaap:RevolvingCreditFacilityMember sui:TermLoanMember 2020-03-31 0000912593 srt:MinimumMember sui:TermLoanMember 2019-09-30 0000912593 sui:LineOfCreditManufacturedHomeFloorPlanFacilityMember 2019-12-31 0000912593 us-gaap:RevolvingCreditFacilityMember sui:TermLoanMember 2019-10-31 0000912593 sui:GTSCMember 2019-09-30 0000912593 us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember us-gaap:EurodollarMember 2019-09-30 0000912593 sui:LineOfCreditManufacturedHomeFloorPlanFacilityMember us-gaap:PrimeRateMember 2019-01-01 2019-09-30 0000912593 sui:PreferredEquityMandatorilyRedeemableMember 2018-06-30 0000912593 us-gaap:RevolvingCreditFacilityMember sui:TermLoanMember 2019-12-31 0000912593 sui:GTSCMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-09-01 2019-09-30 0000912593 srt:MaximumMember sui:LineOfCreditManufacturedHomeFloorPlanFacilityMember us-gaap:PrimeRateMember 2019-09-30 0000912593 sui:PropertiessecuringdebtMember us-gaap:MortgageBackedSecuritiesMember 2020-03-31 0000912593 sui:TermLoanMember 2019-05-31 0000912593 sui:ConvertibleDebtAspenPreferredOpUnitsJanuary2024Member sui:AspenSeriesB3PreferredOperatingPartnershipUnitsMember 2019-09-30 0000912593 us-gaap:LineOfCreditMember 2018-12-31 0000912593 srt:MaximumMember us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember us-gaap:EurodollarMember 2017-04-25 0000912593 srt:MaximumMember sui:TermLoanMember 2019-09-30 0000912593 sui:LineOfCreditManufacturedHomeFloorPlanFacilityMember 2019-09-30 0000912593 srt:MinimumMember us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember us-gaap:EurodollarMember 2017-04-25 0000912593 sui:TermLoanMember 2017-04-25 0000912593 sui:GTSCMember 2019-12-31 0000912593 us-gaap:LineOfCreditMember 2017-04-01 2017-04-30 0000912593 us-gaap:RevolvingCreditFacilityMember 2019-12-31 0000912593 sui:TermLoanMember us-gaap:LineOfCreditMember us-gaap:EurodollarMember 2019-09-30 0000912593 sui:GTSCMember 2020-02-29 0000912593 sui:ConvertibleDebtAspenPreferredOpUnitsJanuary2024Member sui:AspenSeriesB3PreferredOperatingPartnershipUnitsMember 2018-12-31 0000912593 sui:LifeCompaniesMember us-gaap:MortgageBackedSecuritiesMember 2020-03-31 0000912593 sui:LifeCompaniesMember us-gaap:MortgageBackedSecuritiesMember 2019-12-31 0000912593 sui:AspenSeriesB3PreferredOperatingPartnershipUnitsMember 2019-01-01 2019-12-31 0000912593 us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2019-12-31 0000912593 us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember 2020-03-31 0000912593 us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2019-12-31 0000912593 us-gaap:CommercialMortgageBackedSecuritiesMember 2020-01-01 2020-03-31 0000912593 us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember 2020-01-01 2020-03-31 0000912593 us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember 2019-12-31 0000912593 sui:LifeCompaniesMember us-gaap:MortgageBackedSecuritiesMember 2020-01-01 2020-03-31 0000912593 us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2020-01-01 2020-03-31 0000912593 us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember 2019-01-01 2019-12-31 0000912593 sui:PreferredEquityMandatorilyRedeemableMember 2019-01-01 2019-12-31 0000912593 us-gaap:CommercialMortgageBackedSecuritiesMember 2019-01-01 2019-12-31 0000912593 us-gaap:CommercialMortgageBackedSecuritiesMember 2019-12-31 0000912593 us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2019-01-01 2019-12-31 0000912593 us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2020-01-01 2020-03-31 0000912593 us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2020-03-31 0000912593 us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2020-03-31 0000912593 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2020-01-01 2020-03-31 0000912593 us-gaap:CommercialMortgageBackedSecuritiesMember 2020-03-31 0000912593 sui:PreferredEquityMandatorilyRedeemableMember 2020-01-01 2020-03-31 0000912593 us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2019-01-01 2019-12-31 0000912593 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember 2020-03-31 0000912593 sui:LifeCompaniesMember us-gaap:MortgageBackedSecuritiesMember 2019-01-01 2019-12-31 0000912593 us-gaap:SecuredDebtMember 2019-12-31 0000912593 us-gaap:SecuredDebtMember 2019-09-30 0000912593 us-gaap:SecuredDebtMember 2019-03-31 0000912593 us-gaap:SecuredDebtMember 2020-03-31 0000912593 us-gaap:SecuredDebtMember 2019-01-01 2019-03-31 0000912593 us-gaap:SecuredDebtMember 2019-01-01 2019-09-30 0000912593 us-gaap:SecuredDebtMember 2019-01-01 2019-12-31 0000912593 us-gaap:SecuredDebtMember 2020-01-01 2020-03-31 0000912593 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0000912593 us-gaap:CommonStockMember us-gaap:SubsequentEventMember 2020-01-01 2020-03-31 0000912593 sui:SeriesA1PreferredOpUnitsMember 2019-01-01 2019-03-31 0000912593 sui:CommonOpUnitsMember sui:SeriesA1PreferredOpUnitsMember 2020-01-01 2020-03-31 0000912593 sui:SeriesA1PreferredOpUnitsMember 2020-01-01 2020-03-31 0000912593 sui:ConversionofCommonOPUnitsMember 2019-01-01 2019-03-31 0000912593 sui:ConversionofCommonOPUnitsMember 2020-01-01 2020-03-31 0000912593 sui:CommonOpUnitsMember sui:ConversionofCommonOPUnitsMember 2020-01-01 2020-03-31 0000912593 sui:CommonOpUnitsMember sui:SeriesA1PreferredOpUnitsMember 2019-01-01 2019-03-31 0000912593 sui:SunNGRVResortsMember sui:SunNGRVResortsMember us-gaap:CommonStockMember 2018-06-01 2018-06-30 0000912593 srt:ScenarioForecastMember sui:SeriesDPreferredOPUnitsMember 2020-02-01 2020-02-28 0000912593 sui:SeriesDPreferredOPUnitsMember 2019-02-01 2019-02-28 0000912593 sui:JensenCommunitiesDomain sui:CommonOpUnitsMember 2019-10-01 2019-12-31 0000912593 2019-05-01 2019-05-31 0000912593 sui:SunNGRVResortsMember sui:NGSunLLCMember 2020-01-01 2020-03-31 0000912593 sui:SeriesEPreferredOPUnitsDomain 2020-03-31 0000912593 2019-08-01 2019-08-31 0000912593 2017-07-01 2018-09-30 0000912593 sui:SeriesA4PreferredOpUnitsMember 2019-01-01 2019-12-31 0000912593 sui:SeriesDPreferredOPUnitsMember 2019-02-28 0000912593 sui:SeriesA4PreferredStockMember 2019-01-01 2019-12-31 0000912593 sui:CommonOpUnitsMember 2019-12-31 0000912593 sui:SunNGRVResortsMember sui:NGSunLLCMember us-gaap:CommonStockMember 2018-06-01 2018-06-30 0000912593 srt:ExecutiveOfficerMember sui:TimeBasedMember sui:AwardDateTwoMember us-gaap:RestrictedStockMember sui:TwoThousandFifteenEquityPlanMember 2020-01-01 2020-03-31 0000912593 srt:ExecutiveOfficerMember sui:MarketConditionMember us-gaap:RestrictedStockMember sui:TwoThousandFifteenEquityPlanMember 2019-01-01 2019-03-31 0000912593 srt:DirectorMember sui:TimeBasedMember us-gaap:RestrictedStockMember sui:A2004NonemployeePlanMember 2019-01-01 2019-03-31 0000912593 srt:ExecutiveOfficerMember sui:MarketConditionMember us-gaap:RestrictedStockMember sui:TwoThousandFifteenEquityPlanMember 2020-01-01 2020-03-31 0000912593 srt:DirectorMember sui:TimeBasedMember us-gaap:RestrictedStockMember sui:A2004NonemployeePlanMember 2020-01-01 2020-03-31 0000912593 srt:DirectorMember us-gaap:RestrictedStockMember sui:A2004NonemployeePlanMember 2019-01-01 2019-03-31 0000912593 sui:KeyEmployeesMember sui:TimeBasedMember sui:AwardDateOneMember us-gaap:RestrictedStockMember sui:TwoThousandFifteenEquityPlanMember 2020-01-01 2020-03-31 0000912593 srt:ExecutiveOfficerMember us-gaap:RestrictedStockMember sui:TwoThousandFifteenEquityPlanMember 2019-01-01 2019-03-31 0000912593 srt:ExecutiveOfficerMember us-gaap:RestrictedStockMember sui:TwoThousandFifteenEquityPlanMember 2020-01-01 2020-03-31 0000912593 srt:ExecutiveOfficerMember sui:TimeBasedMember us-gaap:RestrictedStockMember sui:TwoThousandFifteenEquityPlanMember 2019-01-01 2019-03-31 0000912593 us-gaap:RestrictedStockMember 2020-01-01 2020-03-31 0000912593 us-gaap:MaterialReconcilingItemsMember 2019-01-01 2019-03-31 0000912593 us-gaap:MaterialReconcilingItemsMember sui:HomeSalesAndHomeRentalsSegmentMember 2019-01-01 2019-03-31 0000912593 us-gaap:MaterialReconcilingItemsMember sui:RealPropertyOperationsSegmentMember 2019-01-01 2019-03-31 0000912593 us-gaap:MaterialReconcilingItemsMember sui:RealPropertyOperationsSegmentMember 2020-01-01 2020-03-31 0000912593 us-gaap:OperatingSegmentsMember 2020-01-01 2020-03-31 0000912593 us-gaap:OperatingSegmentsMember sui:HomeSalesAndHomeRentalsSegmentMember 2019-01-01 2019-03-31 0000912593 us-gaap:MaterialReconcilingItemsMember 2020-01-01 2020-03-31 0000912593 us-gaap:MaterialReconcilingItemsMember sui:HomeSalesAndHomeRentalsSegmentMember 2020-01-01 2020-03-31 0000912593 us-gaap:OperatingSegmentsMember sui:RealPropertyOperationsSegmentMember 2019-01-01 2019-03-31 0000912593 us-gaap:OperatingSegmentsMember 2019-01-01 2019-03-31 0000912593 us-gaap:OperatingSegmentsMember sui:HomeSalesAndHomeRentalsSegmentMember 2020-01-01 2020-03-31 0000912593 us-gaap:OperatingSegmentsMember sui:RealPropertyOperationsSegmentMember 2020-01-01 2020-03-31 0000912593 sui:RealPropertyOperationsSegmentMember 2019-12-31 0000912593 sui:HomeSalesAndHomeRentalsSegmentMember 2019-12-31 0000912593 sui:RealPropertyOperationsSegmentMember 2020-03-31 0000912593 sui:HomeSalesAndHomeRentalsSegmentMember 2020-03-31 0000912593 sui:RealPropertyOperationsSegmentMember 2018-04-01 2018-06-30 0000912593 sui:RealPropertyOperationsSegmentMember 2018-07-01 2018-09-30 0000912593 sui:RealPropertyOperationsSegmentMember 2018-01-01 2018-03-31 0000912593 sui:RealPropertyOperationsSegmentMember 2018-10-01 2018-12-31 0000912593 sui:RealPropertyOperationsSegmentMember 2018-12-31 0000912593 us-gaap:DomesticCountryMember 2019-12-31 0000912593 us-gaap:ForeignCountryMember 2020-03-31 0000912593 sui:SeriesEPreferredOPUnitsMember 2020-01-01 2020-03-31 0000912593 sui:SeriesA3PreferredOpUnitsMember 2019-01-01 2019-03-31 0000912593 sui:SeriesA4PreferredStockMember 2020-01-01 2020-03-31 0000912593 sui:SeriesDPreferredOPUnitsMember 2019-01-01 2019-03-31 0000912593 sui:SeriesA3PreferredOpUnitsMember 2020-01-01 2020-03-31 0000912593 sui:AspenPreferredOpUnitsMember 2020-01-01 2020-03-31 0000912593 sui:CommonOpUnitsMember 2019-01-01 2019-03-31 0000912593 sui:CommonOpUnitsMember 2020-01-01 2020-03-31 0000912593 sui:SeriesCpreferredOPunitsMember 2019-01-01 2019-03-31 0000912593 sui:SeriesA1PreferredOpUnitsMember 2019-01-01 2019-03-31 0000912593 sui:SeriesA4PreferredOpUnitsMember 2019-01-01 2019-03-31 0000912593 sui:SeriesA4PreferredStockMember 2019-01-01 2019-03-31 0000912593 sui:AspenPreferredOpUnitsMember 2019-01-01 2019-03-31 0000912593 sui:SeriesEPreferredOPUnitsMember 2019-01-01 2019-03-31 0000912593 sui:SeriesA1PreferredOpUnitsMember 2020-01-01 2020-03-31 0000912593 sui:SeriesA4PreferredOpUnitsMember 2020-01-01 2020-03-31 0000912593 sui:SeriesDPreferredOPUnitsMember 2020-01-01 2020-03-31 0000912593 sui:SeriesCpreferredOPunitsMember 2020-01-01 2020-03-31 0000912593 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000912593 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-03-31 0000912593 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000912593 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember sui:MarketableSecuritiesMember 2019-12-31 0000912593 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000912593 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember sui:MarketableSecuritiesMember 2020-03-31 0000912593 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember sui:MarketableSecuritiesMember 2020-03-31 0000912593 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember sui:MarketableSecuritiesMember 2019-12-31 0000912593 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000912593 sui:InstallmentNotesReceivableOnManufacturedHomesNetMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000912593 us-gaap:FairValueMeasurementsRecurringMember sui:MarketableSecuritiesMember 2020-01-01 2020-03-31 0000912593 us-gaap:FairValueMeasurementsRecurringMember sui:MarketableSecuritiesMember 2019-12-31 0000912593 us-gaap:FairValueMeasurementsRecurringMember sui:MarketableSecuritiesMember 2019-01-01 2019-12-31 0000912593 us-gaap:FairValueMeasurementsRecurringMember sui:MarketableSecuritiesMember 2020-03-31 0000912593 us-gaap:FairValueMeasurementsRecurringMember sui:MarketableSecuritiesMember 2018-12-31 0000912593 sui:BelowMarketLeasesMember 2020-01-01 2020-03-31 0000912593 sui:BelowMarketLeasesMember 2019-01-01 2019-03-31 0000912593 sui:AmericanCenterMember srt:ChiefExecutiveOfficerMember 2019-09-30 0000912593 sui:AmericanCenterMember srt:ChiefExecutiveOfficerMember 2020-01-01 2020-03-31 0000912593 sui:AmericanCenterMember srt:ChiefExecutiveOfficerMember 2019-01-01 2019-09-30 0000912593 sui:AmericanCenterMember srt:ChiefExecutiveOfficerMember 2020-03-31 0000912593 2018-09-30 0000912593 us-gaap:NotesReceivableMember 2020-01-01 2020-03-31 sui:expansion_site sui:site xbrli:shares sui:community sui:development_site sui:sites utreg:Rate iso4217:USD xbrli:shares iso4217:USD xbrli:pure utreg:sqft sui:properties sui:Enc_Community_Released sui:segment iso4217:USD sui:sqft


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020.
 
or

TRANSITION PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

SUN COMMUNITIES INC.
(Exact Name of Registrant as Specified in its Charter)


Maryland
1-12616
38-2730780
(State of Incorporation)
Commission file number
(I.R.S. Employer Identification No.)
27777 Franklin Rd,
Suite 200,
Southfield,
Michigan
 
48034
(Address of Principal Executive Offices)
 
(Zip Code)

(248) 208-2500
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.01 par value
 
SUI
 
New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes   No

Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes   No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. (Check one):
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No

Number of shares of Common Stock, $0.01 par value per share, outstanding as of April 16, 2020: 93,307,207



INDEX

 
 
 
 
Consolidated Financial Statements
 
 
Consolidated Balance Sheets as of March 31, 2020 (Unaudited) and December 31, 2019
 
Consolidated Statements of Operations for the Three Months Ended March 31, 2020 and 2019 (Unaudited)
 
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2020 and 2019 (Unaudited)
 
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019 (Unaudited)
 
Consolidated Statement of Equity for the Three Months Ended March 31, 2020 and 2019 (Unaudited)
 
 
 
 
 
 





SUN COMMUNITIES, INC.

PART I

ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
 
(Unaudited)
 
 
 
March 31, 2020
 
December 31, 2019
Assets
 
 
 
Land
$
1,418,985

 
$
1,414,279

Land improvements and buildings
6,697,376

 
6,595,272

Rental homes and improvements
640,709

 
627,175

Furniture, fixtures and equipment
285,922

 
282,874

Investment property
9,042,992

 
8,919,600

Accumulated depreciation
(1,754,591
)
 
(1,686,980
)
Investment property, net (including $350,019 and $344,300 for consolidated VIEs at March 31, 2020 and December 31, 2019; see Note 7)
7,288,401

 
7,232,620

Cash, cash equivalents and restricted cash
394,740

 
34,830

Marketable securities; (see Note 14)
55,602

 
94,727

Inventory of manufactured homes
64,436

 
62,061

Notes and other receivables, net
186,692

 
157,926

Other assets, net (including $23,751 and $23,894 for consolidated VIEs at March 31, 2020 and December 31, 2019; see Note 7)
219,176

 
219,896

Total Assets
$
8,209,047

 
$
7,802,060

Liabilities
 
 
 
Mortgage loans payable (including $46,727 and $46,993 for consolidated VIEs at March 31, 2020 and December 31, 2019; see Note 7)
$
3,273,808

 
$
3,180,592

Preferred Equity - Sun NG RV Resorts LLC - mandatorily redeemable (fully attributable to consolidated VIEs; see Note 7)
35,249

 
35,249

Preferred OP units - mandatorily redeemable
34,663

 
34,663

Lines of credit
582,774

 
183,898

Distributions payable
75,636

 
71,704

Advanced reservation deposits and rent
151,144

 
133,420

Accrued expenses and accounts payable
110,512

 
127,289

Other liabilities (including $19,604 and $13,631 for consolidated VIEs at March 31, 2020 and December 31, 2019; see Note 7)
82,341

 
81,289

Total Liabilities
4,346,127

 
3,848,104

Commitments and contingencies (see Note 15)
 
 
 
Series D preferred OP units
50,387

 
50,913

Equity interests - NG Sun LLC and NG Whitewater (fully attributable to consolidated VIEs; see Note 7)
26,063

 
27,091

Stockholders' Equity
 
 
 
Common stock, $0.01 par value. Authorized: 180,000 shares; Issued and outstanding: 93,327 March 31, 2020 and 93,180 December 31, 2019
933

 
932

Additional paid-in capital
5,211,678

 
5,213,264

Accumulated other comprehensive loss
(8,325
)
 
(1,331
)
Distributions in excess of accumulated earnings
(1,479,424
)
 
(1,393,141
)
Total Sun Communities, Inc. stockholders' equity
3,724,862

 
3,819,724

Noncontrolling interests
 
 
 
Common and preferred OP units
52,234

 
47,686

Consolidated VIEs
9,374

 
8,542

Total noncontrolling interests
61,608

 
56,228

Total Stockholders' Equity
3,786,470

 
3,875,952

Total Liabilities, Temporary Equity and Stockholders' Equity
$
8,209,047

 
$
7,802,060


See accompanying Notes to Consolidated Financial Statements.

1


SUN COMMUNITIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts) (Unaudited)
 
Three Months Ended
 
March 31, 2020
 
March 31, 2019
Revenues
 
 
 
Income from real property
$
237,785

 
$
215,083

Revenue from home sales
40,587

 
39,618

Rental home revenue
15,472

 
13,971

Ancillary revenue
10,195

 
10,178

Interest income
2,350

 
4,800

Brokerage commissions and other revenues, net
3,913

 
3,680

Total Revenues
310,302

 
287,330

Expenses
 
 
 
Property operating and maintenance
64,057

 
57,909

Real estate taxes
17,176

 
15,330

Cost of home sales
30,032

 
29,277

Rental home operating and maintenance
5,494

 
4,832

Ancillary expenses
7,482

 
7,101

Home selling expenses
3,992

 
3,324

General and administrative expenses
25,517

 
21,887

Catastrophic weather-related charges, net
606

 
782

Depreciation and amortization
83,689

 
76,556

Loss on extinguishment of debt
3,279

 
653

Interest expense
32,416

 
34,014

Interest on mandatorily redeemable preferred OP units / equity
1,041

 
1,094

Total Expenses
274,781

 
252,759

Income Before Other Items
35,521

 
34,571

Gain / (loss) on remeasurement of marketable securities (see Note 14)
(28,647
)
 
267

Gain / (loss) on foreign currency translation
(17,479
)
 
1,965

Other expense, net
(302
)
 
(67
)
Loss on remeasurement of notes receivable (see Note 4)
(2,112
)
 

Income from nonconsolidated affiliates
52

 
388

Loss on remeasurement of investment in nonconsolidated affiliates (see Note 6)
(2,191
)
 

Current tax expense
(450
)
 
(214
)
Deferred tax benefit
130

 
217

Net Income / (Loss)
(15,478
)

37,127

Less: Preferred return to preferred OP units / equity
1,570

 
1,323

Less: Income / (loss) attributable to noncontrolling interests
(962
)
 
1,041

Net Income / (Loss) Attributable to Sun Communities, Inc.
(16,086
)

34,763

Less: Preferred stock distribution

 
432

Net Income / (Loss) Attributable to Sun Communities, Inc. Common Stockholders
$
(16,086
)

$
34,331

 
 
 
 
Weighted average common shares outstanding - basic
92,410

 
85,520

Weighted average common shares outstanding - diluted
92,935

 
86,033

 
 
 
 
Basic earnings / (loss) per share (see Note 13)
$
(0.17
)
 
$
0.40

Diluted earnings / (loss) per share (see Note 13)
$
(0.17
)
 
$
0.40


See accompanying Notes to Consolidated Financial Statements.

2


SUN COMMUNITIES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands) (Unaudited)

 
Three Months Ended
 
March 31, 2020
 
March 31, 2019
Net Income / (Loss)
$
(15,478
)
 
$
37,127

Foreign currency translation gain / (loss) adjustment
(7,300
)
 
1,575

Total Comprehensive Income / (Loss)
(22,778
)
 
38,702

Less: Comprehensive Income / (Loss) attributable to noncontrolling interests
1,268

 
(1,118
)
Comprehensive Income / (Loss) attributable to Sun Communities, Inc.
$
(21,510
)
 
$
37,584


See accompanying Notes to Consolidated Financial Statements.



3


SUN COMMUNITIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
 
Three Months Ended
 
March 31, 2020
 
March 31, 2019
Operating Activities
 
 
 
Net Cash Provided By Operating Activities
$
118,513

 
$
103,141

Investing Activities
 
 
 
Investment in properties
(132,759
)
 
(114,804
)
Acquisitions of properties, net of cash acquired
(24,439
)
 
(279,302
)
Proceeds from dispositions of assets and depreciated homes, net
12,612

 
11,788

Issuance of notes and other receivables
(19,903
)
 

Repayments of notes and other receivables
854

 
1,030

Investments in nonconsolidated affiliates
(6,970
)
 
(11,416
)
Distributions from nonconsolidated affiliates
1,275

 
221

Net Cash Used For Investing Activities
(169,330
)
 
(392,483
)
Financing Activities
 
 
 
Issuance of common stock, OP units, and preferred OP units, net
(7,140
)
 
(4,321
)
Redemption of Series B-3 preferred OP units

 
(2,675
)
Borrowings on lines of credit
1,163,965

 
1,428,948

Payments on lines of credit
(763,076
)
 
(1,160,436
)
Proceeds from issuance of other debt
230,000

 
265,000

Payments on other debt
(134,203
)
 
(200,892
)
Prepayment penalty on collateralized term loans
(3,250
)
 

Proceeds received from return of prepaid deferred financing costs

 
1,618

Distributions to stockholders, OP unit holders, and preferred OP unit holders
(71,859
)
 
(65,145
)
Payments for deferred financing costs
(3,328
)
 
(1,000
)
Net Cash Provided By Financing Activities
411,109

 
261,097

Effect of exchange rate changes on cash, cash equivalents and restricted cash
(382
)
 
158

Net change in cash, cash equivalents and restricted cash
359,910

 
(28,087
)
Cash, cash equivalents and restricted cash, beginning of period
34,830

 
62,262

Cash, Cash Equivalents and Restricted Cash, End of Period
$
394,740

 
$
34,175

 
Three Months Ended
 
March 31, 2020
 
March 31, 2019
Supplemental Information
 
 
 
Cash paid for interest (net of capitalized interest of $2,258, $1,357 respectively)
$
32,464

 
$
32,711

Cash paid for interest on mandatorily redeemable debt
$
1,041

 
$
1,094

Cash paid (refunds) for income taxes
$
75

 
$
(60
)
Noncash investing and financing activities
 
 
 
Reduction in secured borrowing balance
$

 
$
5,055

Change in distributions declared and outstanding
$
4,787

 
$
3,536

Conversion of common and preferred OP units
$
446

 
$
280

Acquisitions - Series D preferred interest
$

 
$
51,930

Acquisitions - Series E preferred interest
$
9,000

 
$

Acquisitions - Escrow
$

 
$
4,035


See accompanying Notes to Consolidated Financial Statements.

4


SUN COMMUNITIES, INC.

CONSOLIDATED STATEMENT OF EQUITY
(In thousands) (Unaudited)
 
Temporary Equity
 
Stockholders’ Equity
 
 
 
 
Common
Stock
Additional Paid-in Capital
Distributions in Excess of Accumulated Earnings
Accumulated Other Comprehensive Loss
Non-controlling Interests
Total Stockholders’ Equity
 
Total
Equity
Balance at December 31, 2019
$
78,004

 
$
932

$
5,213,264

$
(1,393,141
)
$
(1,331
)
$
56,228

$
3,875,952

 
$
3,953,956

Issuance of common stock and common OP units, net

 
1

(7,141
)



(7,140
)
 
(7,140
)
Conversion of OP units

 

446



(446
)

 

Equity Interests - NG Sun LLC & NG Sun Whitewater RV LLC
98

 


(85
)


(85
)
 
13

Share-based compensation - amortization and forfeitures

 

4,928

93



5,021

 
5,021

Issuance of Series E OP units

 

181



8,819

9,000

 
9,000

Foreign currency translation

 



(6,994
)
(306
)
(7,300
)
 
(7,300
)
Remeasurement of notes receivable and equity method investment (see Note 17)

 


1,953



1,953

 
1,953

Net income (loss)
(1,195
)
 


(14,514
)

231

(14,283
)
 
(15,478
)
Distributions
(457
)
 


(73,730
)

(2,918
)
(76,648
)
 
(77,105
)
Balance at March 31, 2020
$
76,450

 
$
933

$
5,211,678

$
(1,479,424
)
$
(8,325
)
$
61,608

$
3,786,470

 
$
3,862,920



 
 
 
Stockholders’ Equity
 
 
 
Temporary Equity
 
Common
Stock
Additional Paid-in Capital
Distributions in Excess of Accumulated Earnings
Accumulated Other Comprehensive Income / (Loss)
Non-controlling Interests
Total Stockholders’ Equity
 
Total Equity
Balance at December 31, 2018
$
63,592

 
$
864

$
4,398,949

$
(1,288,486
)
$
(4,504
)
$
60,499

$
3,167,322

 
$
3,230,914

Issuance of common stock and common OP units, net

 
1

(4,322
)



(4,321
)
 
(4,321
)
Conversion of OP units

 

280



(280
)

 

Equity Interests - NG Sun LLC
256

 


(65
)

(191
)
(256
)
 

Share-based compensation - amortization and forfeitures

 

3,719

74



3,793

 
3,793

Issuance of Series D OP units
51,930

 






 
51,930

Foreign currency translation

 



1,498

77

1,575

 
1,575

Net income
178

 


36,086


863

36,949

 
37,127

Distributions
(528
)
 

15

(65,214
)

(2,954
)
(68,153
)
 
(68,681
)
Balance at March 31, 2019
$
115,428

 
$
865

$
4,398,641

$
(1,317,605
)
$
(3,006
)
$
58,014

$
3,136,909

 
$
3,252,337


See accompanying Notes to Consolidated Financial Statements.

5

SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)



1.      Basis of Presentation

Sun Communities, Inc., a Maryland corporation, and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership (the “Operating Partnership”) 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. We present interim disclosures and certain information and footnote disclosures as required by SEC rules and regulations. Accordingly, the unaudited Consolidated Financial Statements do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying unaudited Consolidated Financial Statements reflect, in the opinion of management, all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of the interim financial statements. All intercompany transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period financial statements in order to conform to current period presentation.

Estimates inherent in the current financial reporting process inevitably involve assumptions about future events. Since December 2019, a novel strain of coronavirus, referred to as the COVID-19 virus, has spread to countries in which we operate. COVID-19 has become a global pandemic. Commencing in March 2020, authorities in jurisdictions where our properties are located have issued stay-at-home orders and restrictions on travel and the types of businesses that may continue to operate. Our property site count consists of 66 percent manufactured housing (“MH”) for residents and 34 percent recreational vehicle (“RV”) for guests. As many RV resorts remain closed and unable to generate revenue and as the pandemic may adversely affect our revenues in our MH communities, the extent and duration of the stay-at-home order will have an effect on estimates used in the preparation of financial statements. This includes the net operating income (“NOI”) assumptions in our long-lived asset impairment testing, the ultimate collectability of rent payments from residents and guests due to the effects of COVID-19 on their financial position, and fair value measurement changes for financial assets that the Company has elected to measure at fair value.

The results of operations for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the SEC on February 20, 2020 (the “2019 Annual Report”). These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our 2019 Annual Report.







6

SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)



2. Revenue
        
Disaggregation of Revenue

The following tables details our revenue by major source (in thousands):
 
Three Months Ended
 
March 31, 2020
 
March 31, 2019
 
Real Property Operations
 
Home Sales and Rentals
 
Consolidated
 
Real Property Operations
 
Home Sales and Rentals
 
Consolidated
Revenues
 
 
 
 
 
 
 
 
 
 
 
Income from real property
$
237,785

 
$

 
$
237,785

 
$
215,083

 
$

 
$
215,083

Revenue from home sales

 
40,587

 
40,587

 

 
39,618

 
39,618

Rental home revenue

 
15,472

 
15,472

 

 
13,971

 
13,971

Ancillary revenue
10,195

 

 
10,195

 
10,178

 

 
10,178

Interest income
2,350

 

 
2,350

 
4,800

 

 
4,800

Brokerage commissions and other revenues, net
3,913

 

 
3,913

 
3,680

 

 
3,680

Total Revenues
$
254,243

 
$
56,059

 
$
310,302

 
$
233,741

 
$
53,589

 
$
287,330

 
 
 
 
 
 
 
 
 
 
 
 
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 the timing and pattern of 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. Resident leases are generally for one-year or month-to-month terms and are renewable by mutual agreement between us and the resident, or in some cases, as provided by jurisdictional statute. Lease revenues for sites and homes fall under the scope of ASC 842, and are accounted for as operating leases with straight-line recognition. Income from real property includes income from site leases for annual MH residents, site leases for annual RV residents and site rentals to transient RV residents. 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.
Revenue from home sales - Our taxable REIT subsidiary, SHS, sells manufactured homes 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. As of March 31, 2020, and December 31, 2019, we had $27.6 million and $20.9 million, respectively, of receivables from contracts with customers, which consists of home sales proceeds, and are presented as a component of Notes and other receivables, net on our Consolidated Balance Sheets. These receivables represent balances owed to us for previously completed performance obligations for sales of manufactured homes.

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.

7

SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)



Ancillary revenue - is primarily composed of proceeds from restaurant, golf, merchandise and other activities at our RV communities and is included in the scope of ASC 606. 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, leasing of short-term vacation home rentals is included within Ancillary revenue and falls within the scope of ASC 842. 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 receivable, which include installment notes receivables on manufactured homes purchased by the Company from loan originators. 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 Note 4, “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 notes receivable are also included herein. Refer to Note 4, “Notes and Other Receivables” for additional information regarding our loan loss reserves.



8

SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)



3.      Real Estate Acquisitions

2020 Acquisitions

Communities

For the three months ended March 31, 2020, we acquired the following communities:
Community Name
 
Type
 
Sites
 
Development Sites
 
State
 
Month Acquired
Cape Cod (1)
 
RV
 
230

 

 
MA
 
January
Jellystone Natural Bridge
 
RV
 
299

 

 
VA
 
February
 
 
Total
 
529

 

 
 
 
 
(1) In conjunction with the acquisition, we issued Series E Preferred Operating Partnership (“OP”) Units. As of March 31, 2020, 90,000 Series E 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 for the three months ended March 31, 2020 (in thousands):

 
At Acquisition Date
 
Consideration
 
Investment in property
 
In-place leases and other intangible assets
 
Other assets (liabilities), net
 
Total identifiable assets acquired net of liabilities assumed
 
Cash and escrow
 
Temporary and permanent equity
 
Total consideration
Cape Cod
$
13,350

 
$
150

 
$
(295
)
 
$
13,205

 
$
4,205

 
$
9,000

 
$
13,205

Jellystone Natural Bridge
11,364

 
80

 
(391
)
 
11,053

 
11,053

 

 
11,053

Total
$
24,714

 
$
230

 
$
(686
)
 
$
24,258

 
$
15,258

 
$
9,000

 
$
24,258



As of March 31, 2020, we have incurred $0.9 million of additional capitalized transaction costs which have been allocated among the various categories above.

The total amount of revenues and net income included in the Consolidated Statements of Operations for the three months ended March 31, 2020 related to the acquisitions completed in 2020 are set forth in the following table (in thousands):
 
 
Three Months Ended
 
 
March 31, 2020
Total revenues
 
$
92

Net loss
 
$
(106
)


The following unaudited pro forma financial information presents the results of our operations for the three months ended March 31, 2020 and 2019, as if the properties acquired in 2020 had been acquired on January 1, 2019. 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.


9

SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)



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, 2019 (in thousands, except per-share data):
 
 
Three Months Ended
 
 
March 31, 2020
 
March 31, 2019
Total revenues
 
$
310,711

 
$
288,136

Net income / (loss) attributable to Sun Communities, Inc. common stockholders
 
$
(14,776
)
 
$
40,078

Net income / (loss) per share attributable to Sun Communities, Inc. common stockholders - basic
 
$
(0.16
)
 
$
0.47

Net income / (loss) per share attributable to Sun Communities, Inc. common stockholders - diluted
 
$
(0.16
)
 
$
0.47



2019 Acquisitions

For the year ended December 31, 2019 we acquired the following communities:
Community Name
 
Type
 
Sites
 
Development Sites
 
State
 
Month Acquired
Slickrock Campground
 
RV
 
193

 

 
UT
 
December
Pandion Ridge
 
RV
 
142

 
351

 
AL
 
November
Jensen Portfolio (1)
 
MH
 
5,230

 
466

 
Various
 
October
Glen Ellis
 
RV
 
244

 
40

 
NH
 
September
Leisure Point Resort (2)
 
MH / RV
 
502

 

 
DE
 
September
Reunion Lake
 
RV
 
202

 
69

 
LA
 
July
River Plantation
 
RV
 
309

 

 
TN
 
May
Massey’s Landing RV
 
RV
 
291

 

 
DE
 
February
Shelby Properties (3)
 
MH
 
1,308

 

 
MI
 
February
Buena Vista
 
MH
 
400

 

 
AZ
 
February
Country Village Estates (4)
 
MH
 
518

 

 
OR
 
January
Hid’n Pines RV
 
RV
 
321