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

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021.
 
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)

Maryland1-1261638-2730780
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueSUINew York Stock Exchange

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and ‘emerging growth company” in rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging 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 October 19, 2021: 115,970,843



INDEX
  
PART I – FINANCIAL INFORMATION
 
Item 1.Consolidated Financial Statements
 
Consolidated Balance Sheets as of September 30, 2021 (Unaudited) and December 31, 2020
 
Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited)
 
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited)
Consolidated Statement of Equity for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited)
 
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 (Unaudited)
 Notes to 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 
 Signatures 




SUN COMMUNITIES, INC.
PART I

ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
(Unaudited)
September 30, 2021December 31, 2020
Assets  
Land$2,457,236 $2,119,364 
Land improvements and buildings9,469,247 8,480,597 
Rental homes and improvements591,367 637,603 
Furniture, fixtures and equipment590,829 447,039 
Investment property13,108,679 11,684,603 
Accumulated depreciation(2,232,243)(1,968,812)
Investment property, net (including $567,026 and $453,236 for consolidated VIEs at September 30, 2021 and December 31, 2020; see Note 7)
10,876,436 9,715,791 
Cash, cash equivalents and restricted cash85,619 92,641 
Marketable securities (see Note 14)160,321 124,726 
Inventory of manufactured homes43,708 46,643 
Notes and other receivables, net256,924 221,650 
Goodwill461,609 428,833 
Other intangible assets, net297,625 305,611 
Other assets, net (including $28,670 and $25,072 for consolidated VIEs at September 30, 2021 and December 31, 2020; see Note 7)
401,054 270,691 
Total Assets$12,583,296 $11,206,586 
Liabilities  
Secured debt (see Note 8) (including $49,054 and $47,706 for consolidated VIEs at September 30, 2021 and December 31, 2020; see Note 7)
$3,403,436 $3,489,983 
Unsecured debt (see Note 8) (including $35,249 and $35,249 for consolidated VIE at September 30, 2021 and December 31, 2020; see Note 7)
1,286,001 1,267,093 
Distributions payable98,453 86,988 
Advanced reservation deposits and rent223,471 187,730 
Accrued expenses and accounts payable232,590 148,435 
Other liabilities (including $22,908 and $22,221 for consolidated VIEs at September 30, 2021 and December 31, 2020; see Note 7)
244,518 134,650 
Total Liabilities5,488,469 5,314,879 
Commitments and contingencies (see Note 15)
Temporary equity (see Note 9) (including $37,064 and $32,719 for consolidated VIEs at September 30, 2021 and December 31, 2020; see Note 7)
292,394 264,379 
Stockholders' Equity  
Common stock, $0.01 par value. Authorized: 180,000 shares; Issued and outstanding: 115,959 September 30, 2021 and 107,626 December 31, 2020
1,160 1,076 
Additional paid-in capital8,170,322 7,087,658 
Accumulated other comprehensive income1,752 3,178 
Distributions in excess of accumulated earnings(1,475,634)(1,566,636)
Total Sun Communities, Inc. stockholders' equity6,697,600 5,525,276 
Noncontrolling interests  
Common and preferred OP units85,756 85,968 
Consolidated entities (including $18,527 and $16,084 for consolidated VIEs at September 30, 2021 and December 31, 2020; see Note 7)
19,077 16,084 
Total noncontrolling interests104,833 102,052 
Total Stockholders' Equity6,802,433 5,627,328 
Total Liabilities, Temporary Equity and Stockholders' Equity$12,583,296 $11,206,586 

See accompanying Notes to Consolidated Financial Statements.

1


SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts) (Unaudited)

 Three Months EndedNine Months Ended
 September 30, 2021September 30, 2020September 30, 2021September 30, 2020
Revenues  
Real property$478,625 $320,488 $1,215,143 $829,964 
Home sales81,099 47,662 215,146 126,779 
Service, retail, dining and entertainment113,039 23,859 270,103 36,662 
Interest2,690 2,624 8,040 7,609 
Brokerage commissions and other, net8,841 5,881 21,740 13,068 
Total Revenues684,294 400,514 1,730,172 1,014,082 
Expenses  
Property operating and maintenance158,095 98,775 391,609 239,413 
Real estate tax24,751 17,442 70,361 52,341 
Home costs and selling56,567 39,899 156,920 105,989 
Service, retail, dining and entertainment87,106 17,615 211,122 31,539 
General and administrative 43,276 26,834 126,606 78,710 
Catastrophic event-related charges, net328 14 3,097 54 
Business combination  1,031  
Depreciation and amortization127,091 88,499 378,068 259,453 
Loss on extinguishment of debt (see Note 8)
  8,108 5,209 
Interest39,026 30,214 116,224 94,058 
Interest on mandatorily redeemable preferred OP units / equity1,047 1,047 3,124 3,130 
Total Expenses537,287 320,339 1,466,270 869,896 
Income Before Other Items147,007 80,175 263,902 144,186 
Gain / (loss) on remeasurement of marketable securities (see Note 14)
12,072 1,492 43,227 (2,636)
Gain / (loss) on foreign currency translation(7,028)5,023 (7,107)(2,496)
Gain on dispositions of properties108,104 5,595 108,104 5,595 
Other expense, net(9,372)(3,511)(10,041)(4,890)
Gain / (loss) on remeasurement of notes receivable (see Note 4)
92 (445)561 (2,311)
Income from nonconsolidated affiliates (see Note 6)
962 1,204 2,927 1,348 
Loss on remeasurement of investment in nonconsolidated affiliates
(119)(446)(130)(1,505)
Current tax benefit / (expense) (see Note 12)
(402)107 (1,418)(462)
Deferred tax benefit / (expense) (see Note 12)
(1,155)562 (1,074)804 
Net Income250,161 89,756 398,951 137,633 
Less: Preferred return to preferred OP units / equity interests3,101 1,645 9,000 4,799 
Less: Income attributable to noncontrolling interests15,290 6,907 22,629 8,806 
Net Income Attributable to Sun Communities, Inc. Common Stockholders$231,770 $81,204 $367,322 $124,028 
Weighted average common shares outstanding - basic115,136 97,542 111,717 95,270 
Weighted average common shares outstanding - diluted118,072 97,549 114,291 95,273 
Basic earnings per share (see Note 13)
$2.00 $0.83 $3.27 $1.29 
Diluted earnings per share (see Note 13)
$2.00 $0.83 $3.27 $1.29 

See accompanying Notes to Consolidated Financial Statements.
2


SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands) (Unaudited)

 Three Months EndedNine Months Ended
 September 30, 2021September 30, 2020September 30, 2021September 30, 2020
Net Income$250,161 $89,756 $398,951 $137,633 
Foreign currency translation gain / (loss) adjustment(3,606)2,146 (1,491)(1,282)
Total Comprehensive Income246,555 91,902 397,460 136,351 
Less: Comprehensive income attributable to noncontrolling interests(15,129)(6,804)(22,564)(8,419)
Comprehensive Income attributable to Sun Communities, Inc.$231,426 $85,098 $374,896 $127,932 

See accompanying Notes to Consolidated Financial Statements.


3


SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENT OF EQUITY
(In thousands) (Unaudited)
Temporary EquityStockholders' Equity
 Common
Stock
Additional Paid-in CapitalDistributions in Excess of Accumulated EarningsAccumulated Other Comprehensive IncomeNon-controlling InterestsTotal Stockholders' EquityTotal
Equity
Balance at December 31, 2020$264,379 $1,076 $7,087,658 $(1,566,636)$3,178 $102,052 $5,627,328 $5,891,707 
Issuance of common stock and common OP units, net— 42 522,222 — — — 522,264 522,264 
Conversion of OP units— — 1,150 — — (1,150)— — 
Other redeemable non-controlling interests52 — — (52)— — (52)— 
Share-based compensation - amortization and forfeitures— — 7,118 62 — — 7,180 7,180 
Foreign currency translation— — — — 855 40 895 895 
Net income / (loss)(1,568)— — 27,647 — 1,862 29,509 27,941 
Distributions(1,804)— — (92,823)— (3,260)(96,083)(97,887)
Other— — (20)758 — (141)597 597 
Balance at March 31, 2021$261,059 $1,118 $7,618,128 $(1,631,044)$4,033 $99,403 $6,091,638 $6,352,697 
Issuance of common stock and common OP units, net— 40 537,557 — — — 537,597 537,597 
Conversion of OP units— 1 296 — — (297)— — 
Other redeemable non-controlling interests53 — — (53)— — (53)— 
Share-based compensation - amortization and forfeitures— — 7,099 74 — — 7,173 7,173 
Issuance of Series J preferred OP units24,000 — — — — — — 24,000 
Foreign currency translation— — — — 1,164 56 1,220 1,220 
Net income2,448 — — 113,804 — 4,597 118,401 120,849 
Distributions(1,957)— — (96,188)— (3,143)(99,331)(101,288)
Other— — 15 (836)— — (821)(821)
Balance at June 30, 2021$285,603 $1,159 $8,163,095 $(1,614,243)$5,197 $100,616 $6,655,824 $6,941,427 
Issuance of common stock and common OP units, net— — (813)— — — (813)(813)
Conversion of OP units— 1 1,336 — — (1,337)— — 
Equity interest in consolidated entities1,750 — — — — 550 550 2,300 
Other redeemable non-controlling interests56 — — (55)— — (55)1 
Share-based compensation - amortization and forfeitures— — 6,704 77 — — 6,781 6,781 
Foreign currency translation— — — — (3,445)(161)(3,606)(3,606)
Net income7,023 — — 234,871 — 8,267 243,138 250,161 
Distributions(2,038)— — (96,246)— (3,101)(99,347)(101,385)
Other— — — (38)— (1)(39)(39)
Balance at September 30, 2021$292,394 $1,160 $8,170,322 $(1,475,634)$1,752 $104,833 $6,802,433 $7,094,827 

4


SUN COMMUNITIES, INC.
Stockholders' Equity
 Temporary EquityCommon
Stock
Additional Paid-in CapitalDistributions in Excess of Accumulated EarningsAccumulated Other Comprehensive LossNon-controlling InterestsTotal Stockholders' EquityTotal 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)— — 
Other redeemable non-controlling interests98 — — (85)— — (85)13 
Share-based compensation - amortization and forfeitures— — 4,928 93 — — 5,021 5,021 
Issuance of Series E preferred 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— — —