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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 March 31, 2022.
 
or

TRANSITION PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
sui-20220331_g1.jpg
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 the 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 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 19, 2022: 121,612,597



INDEX
  
PART I – FINANCIAL INFORMATION
 
Item 1.Consolidated Financial Statements
 
Consolidated Balance Sheets as of March 31, 2022 (Unaudited) and December 31, 2021
 
Consolidated Statements of Operations for the Three Months Ended March 31, 2022 and 2021 (Unaudited)
 
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2022 and 2021 (Unaudited)
Consolidated Statements of Equity for the Three Months Ended March 31, 2022 and 2021 (Unaudited)
 
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021 (Unaudited)
 Notes to Consolidated Financial Statements (Unaudited)
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 - FINANCIAL INFORMATION

ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS
(In millions, except for per share amounts)
(Unaudited)
March 31, 2022December 31, 2021
Assets  
Land$2,708.0 $2,556.3 
Land improvements and buildings10,169.4 9,958.3 
Rental homes and improvements583.1 591.7 
Furniture, fixtures and equipment684.8 656.4 
Investment property14,145.3 13,762.7 
Accumulated depreciation(2,441.5)(2,337.2)
Investment property, net (including $699.4 and $623.5 for consolidated VIEs at March 31, 2022 and December 31, 2021; see Note 7)
11,703.8 11,425.5 
Cash, cash equivalents and restricted cash (including $15.5 and $13.6 for consolidated VIEs at March 31, 2022 and December 31, 2021; see Note 7)
102.6 78.2 
Marketable securities (see Note 15)
158.3 186.9 
Inventory of manufactured homes63.3 51.1 
Notes and other receivables, net513.6 469.6 
Goodwill512.7 495.4 
Other intangible assets, net (including $13.8 and $13.4 for consolidated VIEs at March 31, 2022 and December 31, 2021; see Note 7)
334.2 306.8 
Other assets, net (including $6.7 and $5.3 for consolidated VIEs at March 31, 2022 and December 31, 2021; see Note 7)
525.7 480.6 
Total Assets$13,914.2 $13,494.1 
Liabilities  
Secured debt (see Note 8) (including $53.1 and $52.6 for consolidated VIEs at March 31, 2022 and December 31, 2021; see Note 7)
$3,366.6 $3,380.7 
Unsecured debt (see Note 8) (including $35.2 for consolidated VIEs at March 31, 2022 and December 31, 2021, respectively; see Note 7)
2,709.9 2,291.1 
Distributions payable104.5 98.4 
Advanced reservation deposits and rent335.1 242.8 
Accrued expenses and accounts payable228.0 237.5 
Other liabilities (including $123.2 and $94.0 for consolidated VIEs at March 31, 2022 and December 31, 2021; see Note 7)
236.6 224.1 
Total Liabilities6,980.7 6,474.6 
Commitments and contingencies (see Note 16)
Temporary equity (see Note 9) (including $32.3 and $35.4 for consolidated VIEs at March 31, 2022 and December 31, 2021; see Note 7)
283.9 288.9 
Shareholders' Equity  
Common stock, $0.01 par value. Authorized: 180.0 shares; Issued and outstanding: 116.2 at March 31, 2022 and 116.0 at December 31, 2021
1.2 1.2 
Additional paid-in capital8,169.4 8,175.6 
Accumulated other comprehensive income25.9 3.1 
Distributions in excess of accumulated earnings(1,654.6)(1,556.0)
Total Sun Communities, Inc. shareholders' equity6,541.9 6,623.9 
Noncontrolling interests  
Common and preferred OP units86.8 86.8 
Consolidated entities (including $20.3 and $19.4 for consolidated VIEs at March 31, 2022 and December 31, 2021; see Note 7)
20.9 19.9 
Total noncontrolling interests107.7 106.7 
Total Shareholders' Equity6,649.6 6,730.6 
Total Liabilities, Temporary Equity and Shareholders' Equity$13,914.2 $13,494.1 

See accompanying Notes to Consolidated Financial Statements.
1


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

 Three Months Ended
 March 31, 2022March 31, 2021
Revenues
Real property$388.2 $330.6 
Home sales64.7 52.2 
Service, retail, dining and entertainment80.8 50.6 
Interest6.8 2.6 
Brokerage commissions and other, net8.0 6.0 
Total Revenues548.5 442.0 
Expenses
Property operating and maintenance129.3 103.6 
Real estate tax26.1 22.4 
Home costs and selling45.9 41.6 
Service, retail, dining and entertainment70.5 45.4 
General and administrative 55.7 38.2 
Catastrophic event-related charges, net 2.4 
Business combinations0.5 1.2 
Depreciation and amortization148.5 123.9 
Loss on extinguishment of debt (see Note 8)
0.3  
Interest45.2 39.5 
Interest on mandatorily redeemable preferred OP units / equity1.0 1.0 
Total Expenses523.0 419.2 
Income Before Other Items25.5 22.8 
Gain / (loss) on remeasurement of marketable securities (see Note 15)
(34.5)3.7 
Loss on foreign currency translation(2.2) 
Gain on dispositions of properties13.4  
Other expense, net(0.6)(0.5)
Gain on remeasurement of notes receivable (see Note 4)
0.2 0.4 
Income from nonconsolidated affiliates (see Note 6)
0.9 1.2 
Gain on remeasurement of investment in nonconsolidated affiliates (see Note 6)
0.1 0.1 
Current tax benefit / (expense) (see Note 12)
(1.3)0.2 
Deferred tax benefit (see Note 12)
 0.1 
Net Income1.5 28.0 
Less: Preferred return to preferred OP units / equity interests3.0 2.9 
Less: Income / (loss) attributable to noncontrolling interests(2.2)0.3 
Net Income Attributable to Sun Communities, Inc. Common Shareholders$0.7 $24.8 
Weighted average common shares outstanding - basic115.3 107.9 
Weighted average common shares outstanding - diluted115.9 108.2 
Basic earnings per share (see Note 13)
$0.01 $0.23 
Diluted earnings per share (see Note 13)
$0.01 $0.23 

See accompanying Notes to Consolidated Financial Statements.
2


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

 Three Months Ended
 March 31, 2022March 31, 2021
Net Income$1.5 $28.0 
Foreign currency translation gain / (loss) adjustment(1.3)0.8 
Cash flow hedge - Unrealized gain on interest rate swaps25.2  
Total Comprehensive Income25.4 28.8 
Less: Comprehensive (income) / loss attributable to noncontrolling interests1.1 (0.3)
Comprehensive Income attributable to Sun Communities, Inc.$26.5 $28.5 

See accompanying Notes to Consolidated Financial Statements.

3


SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(In millions) (Unaudited)

Shareholders' Equity
 Temporary EquityCommon
Stock
Additional Paid-in CapitalDistributions in Excess of Accumulated EarningsAccumulated Other Comprehensive IncomeNon-controlling InterestsTotal Shareholders' EquityTotal
Equity
Balance at December 31, 2021$288.9 $1.2 $8,175.6 $(1,556.0)$3.1 $106.7 $6,730.6 $7,019.5 
Issuance of common stock and common OP units, net— — (0.2)— — 2.8 2.6 2.6 
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards— — (16.4)— — — (16.4)(16.4)
Conversion of OP units— — 0.7 — — (0.7)— — 
Share-based compensation - amortization and forfeitures— — 9.7 0.1 — — 9.8 9.8 
Other comprehensive income— — — — 22.8 1.1 23.9 23.9 
Net income / (loss)(3.1)— — 3.7 — 0.9 4.6 1.5 
Distributions(2.1)— — (102.3)— (3.1)(105.4)(107.5)
Other0.2 — — (0.1)— — (0.1)0.1 
Balance at March 31, 2022$283.9 $1.2 $8,169.4 $(1,654.6)$25.9 $107.7 $6,649.6 $6,933.5 

Shareholders' Equity
 Temporary EquityCommon
Stock
Additional Paid-in CapitalDistributions in Excess of Accumulated EarningsAccumulated Other Comprehensive
Income
Non-controlling InterestsTotal Shareholders' EquityTotal Equity
Balance at December 31, 2020$264.4 $1.1 $7,087.6 $(1,566.6)$3.2 $102.0 $5,627.3 $5,891.7 
Issuance of common stock and common OP units, net— — 537.1 — — — 537.1 537.1 
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards— — (14.8)— — — (14.8)(14.8)
Conversion of OP units— — 1.2 — — (1.2)— — 
Equity interest in consolidated entities— — — — — (0.1)(0.1)(0.1)
Other redeemable non-controlling interests0.1 — — (0.1)— — (0.1)— 
Share-based compensation - amortization and forfeitures— — 7.0 — — — 7.0 7.0 
Other comprehensive income— — — — 0.8  0.8 0.8 
Net income / (loss)(1.6)— — 27.7 — 1.9 29.6 28.0 
Distributions(1.8)— — (92.8)— (3.2)(96.0)(97.8)
Other— — — 0.8 — — 0.8 0.8 
Balance at March 31, 2021$261.1 $1.1 $7,618.1 $(1,631.0)$4.0 $99.4 $6,091.6 $6,352.7 

See accompanying Notes to Consolidated Financial Statements.

4


SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions) (Unaudited)

 Three Months Ended
 March 31, 2022March 31, 2021
Operating Activities  
Net Cash Provided By Operating Activities$225.7 $220.5 
Investing Activities  
Investment in properties(182.7)(152.0)
Acquisitions of properties, net of cash acquired(299.0)(141.7)
Proceeds from disposition of assets and depreciated homes, net24.7 17.8 
Proceeds related to disposition of properties0.1  
Issuance of notes and other receivables(25.8)(7.9)
Repayments of notes and other receivables1.3 1.2 
Investments in nonconsolidated affiliates(6.4)(4.5)
Distributions of capital from nonconsolidated affiliates3.6 1.2 
Net Cash Used For Investing Activities(484.2)(285.9)
Financing Activities  
Issuance and costs of common stock, OP units and preferred OP units, net(0.2)537.1 
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards(16.4)(14.8)
Borrowings on lines of credit474.7 442.3 
Payments on lines of credit(58.2)(766.3)
Proceeds from issuance of other debt0.9  
Payments on other debt(15.4)(14.8)
Fees paid in connection with extinguishment of debt(0.3) 
Distributions(101.4)(89.8)
Payments for deferred financing costs(0.8)(0.7)
Net Cash Provided By Financing Activities282.9 93.0 
Net change in cash, cash equivalents and restricted cash24.4 27.6 
Cash, cash equivalents and restricted cash, beginning of period78.2 92.6 
Cash, Cash Equivalents and Restricted Cash, End of Period $102.6 $120.2 

Three Months Ended
March 31, 2022March 31, 2021
Supplemental Information  
Cash paid for interest (net of capitalized interest of $1.0 and $1.2, respectively)
$46.2 $39.5 
Cash paid for interest on mandatorily redeemable debt$1.0 $1.0 
Cash (refunds) / paid for income taxes$0.1 $(0.5)
Noncash investing and financing activities  
Change in distributions declared and outstanding$6.0 $8.1 
Conversion of common and preferred OP units$0.7 $1.2 
Proceeds related to disposition of properties through 1031 exchange$28.7 $ 
Contingent consideration liability related to prior acquisitions$ $3.2 
Noncash investing and financing activities at the date of acquisition
Acquisitions - Common stock and OP units issued$2.8 $ 

See accompanying Notes to Consolidated Financial Statements.

5


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"), Sun Home Services, Inc. ("SHS") and Safe Harbor Marinas, LLC ("Safe Harbor") are referred to herein as the "Company," "us," "we," and "our."

We follow accounting standards set by the Financial Accounting Standards Board ("FASB"). FASB establishes accounting principles generally accepted in the United States of America ("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.

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, 2021 as filed with the SEC on February 22, 2022 (our "2021 Annual Report"). These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our 2021 Annual Report.

Our three reportable segments are: (i) Manufactured home ("MH") communities, (ii) Recreational vehicle ("RV") resorts and (iii) Marina.

2. Revenue

The following table disaggregates our revenue by major source (in millions):

Three Months Ended
March 31, 2022March 31, 2021
MHRVMarinaConsolidatedMHRVMarinaConsolidated
Revenues
Real property$208.8 $102.7 $76.7 $388.2 $198.3 $81.1 $51.2 $330.6 
Home sales58.0 6.7  64.7 45.3 6.9  52.2 
Service, retail, dining and entertainment2.3 7.3 71.2 80.8 1.9 4.3 44.4 50.6 
Interest6.2 0.6  6.8 2.1 0.5  2.6 
Brokerage commissions and other, net4.2 3.5 0.3 8.0 2.5 3.0 0.5 6.0 
Total Revenues$279.5 $120.8 $148.2 $548.5 $250.1 $95.8 $96.1 $442.0 

Our revenue consists of real property revenue at our MH, RV and Marina properties, revenue from Home sales, Service, retail, dining and entertainment revenue, Interest income, and Brokerage commissions and other revenue.

The majority of our revenue is derived from site and home leases, and wet slip and dry storage space leases that are accounted for pursuant to ASC 842, "Leases." We account for all revenue from contracts with customers following ASC 606, "Revenue from Contracts with Customers" except for those that are within the scope of other topics in the FASB ASC. For additional information, refer to Note 1, "Significant Accounting Policies," in our 2021 Annual Report.
6

SUN COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
3.      Real Estate Acquisitions and Dispositions

2022 Acquisitions and Dispositions

During the three months ended March 31, 2022, we acquired the following MH communities and marinas:

Community NameTypeSites, Wet Slips and
Dry Storage Spaces
Development SitesState / Province or Country Month Acquired
Harrison Yacht Yard(1)
Marina: asset acquisition21  MDJanuary
Outer BanksMarina: asset acquisition196  NCJanuary
Jarrett Bay BoatworksMarina: business combination12  NCFebruary
Tower MarineMarina: asset acquisition446  MIMarch
Sandy BayMH: asset acquisition616 570 UKMarch
Total1,291 570 
(1) Combined with Safe Harbor Narrows Point, an existing adjacent marina.

The following table summarizes the amount of assets acquired, net of liabilities assumed at the acquisition date and the consideration paid for the acquisitions completed during the three months ended March 31, 2022 (in millions):

At Acquisition DateConsideration
Investment in propertyInventory of manufactured homes, boat parts
and retail
related items
In-place leases, goodwill and other intangible assetsOther assets / (liabilities), netTotal identifiable assets acquired net of liabilities assumedCash and escrowTemporary and permanent equityTotal consideration
Asset Acquisition
Harrison Yacht Yard(1)
$5.8 $ $ $ $5.8 $5.8 $ $5.8 
Outer Banks5.2   (0.4)4.8 4.8  4.8 
Tower Marine(2)
20.0 0.1  (1.7)18.4 18.4  18.4 
Sandy Bay(2)
187.0 6.2   193.2 193.2  193.2 
Business Combination
Jarrett Bay Boatworks21.2 1.4 29.9 0.6 53.1 50.3 2.8 53.1 
Total$239.2 $7.7 $29.9 $(1.5)$275.3