Company Quick10K Filing
Sun Communities
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 88 $11,237
10-Q 2019-10-24 Quarter: 2019-09-30
10-Q 2019-07-25 Quarter: 2019-06-30
10-Q 2019-04-25 Quarter: 2019-03-31
10-K 2019-02-21 Annual: 2018-12-31
10-Q 2018-10-25 Quarter: 2018-09-30
10-Q 2018-07-26 Quarter: 2018-06-30
10-Q 2018-04-24 Quarter: 2018-03-31
10-K 2018-02-22 Annual: 2017-12-31
10-Q 2017-10-24 Quarter: 2017-09-30
10-Q 2017-07-27 Quarter: 2017-06-30
10-Q 2017-04-27 Quarter: 2017-03-31
10-K 2017-02-23 Annual: 2016-12-31
10-Q 2016-11-01 Quarter: 2016-09-30
10-Q 2016-08-02 Quarter: 2016-06-30
10-Q 2016-04-26 Quarter: 2016-03-31
10-K 2016-02-23 Annual: 2015-12-31
10-Q 2015-10-27 Quarter: 2015-09-30
10-Q 2015-07-30 Quarter: 2015-06-30
10-Q 2015-04-23 Quarter: 2015-03-31
10-K 2015-03-02 Annual: 2014-12-31
10-Q 2014-10-30 Quarter: 2014-09-30
10-Q 2014-07-24 Quarter: 2014-06-30
10-Q 2014-04-30 Quarter: 2014-03-31
10-K 2014-02-20 Annual: 2013-12-31
10-Q 2013-10-29 Quarter: 2013-09-30
10-Q 2013-07-25 Quarter: 2013-06-30
10-Q 2013-04-25 Quarter: 2013-03-31
10-K 2013-02-25 Annual: 2012-12-31
10-Q 2012-10-25 Quarter: 2012-09-30
10-Q 2012-07-26 Quarter: 2012-06-30
10-Q 2012-04-26 Quarter: 2012-03-31
10-K 2012-02-23 Annual: 2011-12-31
10-Q 2011-10-25 Quarter: 2011-09-30
10-Q 2011-07-28 Quarter: 2011-06-30
10-Q 2011-04-28 Quarter: 2011-03-31
10-Q 2010-10-28 Quarter: 2010-09-30
10-Q 2010-07-28 Quarter: 2010-06-30
10-Q 2010-05-06 Quarter: 2010-03-31
10-K 2010-03-11 Annual: 2010-03-11
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 2019-09-03 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 2019-09-30
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 exhibit311-09302019ceo.htm
EX-31.2 exhibit312-09302019cfo.htm
EX-32.1 exhibit321-09302019ceo.htm

Sun Communities Earnings 2019-09-30

SUI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
HST 13,227 12,525 4,910 5,624 0 1,160 2,457 11,917 0% 4.9 9%
UDR 12,621 8,197 4,229 1,086 0 183 445 16,484 0% 37.1 2%
VNO 12,535 17,914 9,556 1,541 0 3,142 3,719 12,729 0% 3.4 18%
DRE 12,133 8,014 3,312 1,005 0 235 648 14,979 0% 23.1 3%
REG 11,683 10,947 4,594 560 0 53 183 15,325 0% 83.5 0%
ELS 11,481 4,014 2,707 1,008 0 279 349 11,390 0% 32.6 7%
SUI 11,237 7,222 3,542 1,197 536 143 483 11,191 45% 23.2 2%
CPT 10,322 6,622 2,933 489 0 162 566 12,644 0% 22.4 2%
FRT 10,090 6,384 3,738 928 0 265 624 9,950 0% 16.0 4%
VICI 10,008 12,522 4,450 893 876 584 802 12,923 98% 16.1 5%

Document
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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, 2019.
 
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 October 17, 2019: 90,687,618



INDEX

 
 
 
 
Consolidated Financial Statements
 
 
Consolidated Balance Sheets as of September 30, 2019 (Unaudited) and December 31, 2018
 
Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2019 and 2018 (Unaudited)
 
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2019 and 2018 (Unaudited)
 
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018 (Unaudited)
 
Consolidated Statement of Equity for the Three and Nine Months Ended September 30, 2019 and 2018 (Unaudited)
 
 
 
 
 
 





SUN COMMUNITIES, INC.

PART I

ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
 
(Unaudited)
 
 
 
September 30, 2019
 
December 31, 2018
Assets
 
 
 
Land
$
1,311,103

 
$
1,201,945

Land improvements and buildings
6,200,895

 
5,586,250

Rental homes and improvements
614,002

 
571,661

Furniture, fixtures and equipment
251,363

 
201,090

Investment property
8,377,363

 
7,560,946

Accumulated depreciation
(1,619,924
)
 
(1,442,630
)
Investment property, net (including $341,563 and $308,171 for consolidated VIEs at September 30, 2019 and December 31, 2018; see Note 8)
6,757,439

 
6,118,316

Cash and cash equivalents
26,198

 
50,311

Marketable securities
64,818

 
49,037

Inventory of manufactured homes
55,234

 
49,199

Notes and other receivables, net
174,934

 
160,077

Collateralized receivables, net
93,054

 
106,924

Other assets, net (including $22,598 and $19,809 for consolidated VIEs at September 30, 2019 and December 31, 2018; see Note 8)
226,177

 
176,162

Total Assets
$
7,397,854

 
$
6,710,026

Liabilities
 
 
 
Mortgage loans payable (including $47,256 and $44,172 for consolidated VIEs at September 30, 2019 and December 31, 2018; see Note 8)
$
2,967,128

 
$
2,815,957

Secured borrowings on collateralized receivables
93,669

 
107,731

Preferred Equity - Sun NG RV Resorts LLC - mandatorily redeemable (fully attributable to consolidated VIEs; see Note 8)
35,249

 
35,277

Preferred OP units - mandatorily redeemable
34,663

 
37,338

Lines of credit
140,632

 
128,000

Distributions payable
69,726

 
63,249

Advanced reservation deposits and rent
137,797

 
133,698

Other liabilities (including $28,031 and $6,914 for consolidated VIEs at September 30, 2019 and December 31, 2018; see Note 8)
242,119

 
157,862

Total Liabilities
3,720,983

 
3,479,112

Commitments and contingencies (see Note 17)
 
 
 
Series A-4 preferred stock, $0.01 par value. Issued and outstanding: 1,052 September 30, 2019 and 1,063 December 31, 2018
31,402

 
31,739

Series A-4 preferred OP units
9,540

 
9,877

Series D preferred OP units
51,248

 

Equity interests - NG Sun LLC and NG Whitewater (fully attributable to consolidated VIEs; see Note 8)
27,461

 
21,976

Stockholders' Equity
 
 
 
Common stock, $0.01 par value. Authorized: 180,000 shares; Issued and outstanding: 90,690 September 30, 2019 and 86,357 December 31, 2018
907

 
864

Additional paid-in capital
4,854,958

 
4,398,949

Accumulated other comprehensive loss
(2,825
)
 
(4,504
)
Distributions in excess of accumulated earnings
(1,353,214
)
 
(1,288,486
)
Total Sun Communities, Inc. stockholders' equity
3,499,826

 
3,106,823

Noncontrolling interests
 
 
 
Common and preferred OP units
49,540

 
53,354

Consolidated variable interest entities
7,854

 
7,145

Total noncontrolling interests
57,394

 
60,499

Total Stockholders' Equity
3,557,220

 
3,167,322

Total Liabilities, Temporary Equity and Stockholders' Equity
$
7,397,854

 
$
6,710,026


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
 
Nine Months Ended
 
September 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Revenues
 
 
 
 
 
 
 
Income from real property
$
256,423

 
$
229,607

 
$
699,301

 
$
625,488

Revenue from home sales
49,805

 
46,131

 
136,665

 
122,248

Rental home revenue
14,444

 
13,589

 
42,827

 
39,957

Ancillary revenue
31,999

 
27,608

 
57,746

 
46,207

Interest income
4,770

 
5,256

 
14,489

 
15,849

Brokerage commissions and other revenues, net
5,002

 
1,222

 
11,190

 
3,073

Total Revenues
362,443

 
323,413

 
962,218

 
852,822

Expenses
 
 
 
 
 
 
 
Property operating and maintenance
79,095

 
71,656

 
202,892

 
181,977

Real estate taxes
15,399

 
14,533

 
46,455

 
42,445

Cost of home sales
36,318

 
33,692

 
100,030

 
91,195

Rental home operating and maintenance
6,008

 
6,236

 
15,887

 
16,778

Ancillary expenses
18,707

 
15,361

 
38,288

 
28,985

Home selling expenses
3,988

 
4,043

 
10,938

 
11,319

General and administrative expenses
22,975

 
19,763

 
68,559

 
60,972

Catastrophic weather related charges, net
341

 
173

 
1,302

 
(1,987
)
Depreciation and amortization
76,532

 
71,982

 
229,241

 
206,192

Loss on extinguishment of debt
12,755

 
528

 
13,478

 
1,255

Interest expense
32,219

 
33,932

 
99,894

 
98,321

Interest on mandatorily redeemable preferred OP units / equity
1,216

 
1,142

 
3,491

 
2,551

Total Expenses
305,553

 
273,041

 
830,455

 
740,003

Income Before Other Items
56,890

 
50,372

 
131,763

 
112,819

Remeasurement of marketable securities
12,661

 

 
16,548

 

Other income / (expense), net
(4,408
)
 
1,231

 
(1,489
)
 
(3,214
)
Income from nonconsolidated affiliates
77

 
126

 
814

 
59

Current tax expense
(420
)
 
(213
)
 
(906
)
 
(612
)
Deferred tax benefit / (expense)
(349
)
 
199

 
(36
)
 
434

Net Income
64,451


51,715

 
146,694

 
109,486

Less: Preferred return to preferred OP units / equity
(1,599
)
 
(1,152
)
 
(4,640
)
 
(3,335
)
Less: Amounts attributable to noncontrolling interests
(5,422
)
 
(4,071
)
 
(9,048
)
 
(8,392
)
Net Income attributable to Sun Communities, Inc.
57,430


46,492


133,006


97,759

Less: Preferred stock distribution
(428
)
 
(432
)
 
(1,288
)
 
(1,305
)
Net Income attributable to Sun Communities, Inc. common stockholders
$
57,002


$
46,060

 
$
131,718

 
$
96,454

 
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
89,847

 
81,599

 
87,499

 
80,022

Weighted average common shares outstanding - diluted
90,332

 
82,081

 
87,931

 
80,024

 
 
 
 
 
 
 
 
Basic earnings per share (see Note 14)
$
0.63

 
$
0.56

 
$
1.49

 
$
1.19

Diluted earnings per share (see Note 14)
$
0.63

 
$
0.56

 
$
1.50

 
$
1.19


See accompanying Notes to Consolidated Financial Statements.

2


SUN COMMUNITIES, INC.

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

 
Three Months Ended
 
Nine Months Ended
 
September 30, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Net Income
$
64,451

 
$
51,715

 
$
146,694

 
$
109,486

Foreign currency translation gain / (loss) adjustment
(1,717
)
 
1,890

 
1,771

 
(1,565
)
Total Comprehensive Income
62,734

 
53,605

 
148,465

 
107,921

Less: Comprehensive Income attributable to noncontrolling interests
(5,346
)
 
(4,167
)
 
(9,140
)
 
(8,319
)
Comprehensive Income attributable to Sun Communities, Inc.
$
57,388

 
$
49,438

 
$
139,325

 
$
99,602


See accompanying Notes to Consolidated Financial Statements.



3


SUN COMMUNITIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
 
Nine Months Ended
 
September 30, 2019
 
September 30, 2018
Operating Activities
 
 
 
Net Cash Provided By Operating Activities
$
398,293

 
$
301,204

Investing Activities
 
 
 
Investment in properties
(412,092
)
 
(257,017
)
Acquisitions of properties, net of cash acquired
(403,889
)
 
(305,724
)
Proceeds from dispositions of assets and depreciated homes, net
43,157

 
34,825

Issuance of notes and other receivables
(30,186
)
 
(216
)
Repayments of notes and other receivables
3,249

 
2,880

Investments in nonconsolidated affiliates
(42,896
)
 
(19,851
)
Distributions from nonconsolidated affiliates
43,406

 

Net Cash Used For Investing Activities
(799,251
)
 
(545,103
)
Financing Activities
 
 
 
Issuance of common stock, OP units, and preferred OP units, net
441,871

 
624,152

Redemption of Series B-3 preferred OP units
(2,675
)
 
(4,105
)
Borrowings on lines of credit
2,681,980

 
1,187,098

Payments on lines of credit
(2,669,348
)
 
(1,228,907
)
Proceeds from issuance of other debt
523,721

 
228,336

Payments on other debt
(372,219
)
 
(275,401
)
Prepayment penalty on debt
(12,610
)
 
(2,024
)
Proceeds received from return of prepaid deferred financing costs
1,618

 

Distributions to stockholders, OP unit holders, and preferred OP unit holders
(205,639
)
 
(177,926
)
Payments for deferred financing costs
(6,568
)
 
(1,645
)
Net Cash Provided By Financing Activities
380,131

 
349,578

Effect of exchange rate changes on cash, cash equivalents and restricted cash
291

 
(94
)
Net change in cash, cash equivalents and restricted cash
(20,536
)
 
105,585

Cash, cash equivalents and restricted cash, beginning of period
62,262

 
23,509

Cash, cash equivalents and restricted cash, end of period (see Note 16)
$
41,726

 
$
129,094

 
Nine Months Ended
 
September 30, 2019
 
September 30, 2018
Supplemental Information
 
 
 
Cash paid for interest (net of capitalized interest of $5,673 and $3,216 respectively)
$
99,925

 
$
94,801

Cash paid for interest on mandatorily redeemable debt
$
3,132

 
$
2,551

Cash paid (refunds) for income taxes
$
818

 
$
741

Noncash investing and financing activities
 
 
 
Reduction in secured borrowing balance
$
14,062

 
$
16,093

Change in distributions declared and outstanding
$
6,442

 
$
7,991

Conversion of common and preferred OP units
$
1,411

 
$
1,489

Conversion of Series A-4 preferred stock
$
337

 
$
675

Noncash investing and financing activities at the date of acquisition
 
 
 
Acquisitions - Equity Interests - NG Sun LLC (see Note 8)
$

 
$
21,976

Acquisitions - Preferred Equity - Sun NG RV Resorts LLC (see Note 8)
$

 
$
35,277

Acquisitions - Debt assumed
$
3,900

 
$
3,120

Acquisitions - Series D preferred interest
$
51,930

 
$

Acquisitions - Escrow
$
1,395

 
$

Acquisitions - Deferred liability
$
12,597

 
$


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 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

Issuance of common stock and common OP units, net

 
37

447,704




447,741

 
447,741

Conversion of OP units
(112
)
 
5

242



(135
)
112

 

Conversion of Series A-4 preferred stock
(337
)
 

337




337

 

Equity Interests - NG Sun LLC
117

 


(308
)

191

(117
)
 

Share-based compensation - amortization and forfeitures

 

4,414

84



4,498

 
4,498

Foreign currency translation

 



1,822

91

1,913

 
1,913

Net income
15

 


42,531


2,570

45,101

 
45,116

Distributions
(558
)
 

(15
)
(68,494
)

(2,642
)
(71,151
)
 
(71,709
)
Balance at June 30, 2019
$
114,553

 
$
907

$
4,851,323

$
(1,343,792
)
$
(1,184
)
$
58,089

$
3,565,343

 
$
3,679,896

Issuance of common stock and common OP units, net

 

(1,549
)



(1,549
)
 
(1,549
)
Conversion of OP units

 

884



(884
)

 

Equity Interests - NG Sun LLC
788

 


(93
)


(93
)
 
695

Equity Interests - NG Sun Whitewater LLC
2,404

 






 
2,404

Share-based compensation - amortization and forfeitures

 

4,300

82



4,382

 
4,382

Foreign currency translation

 



(1,641
)
(76
)
(1,717
)
 
(1,717
)
Net income
2,533

 


59,028


2,890

61,918

 
64,451

Distributions
(627
)
 


(68,439
)

(2,625
)
(71,064
)
 
(71,691
)
Balance at September 30, 2019
$
119,651

 
$
907

$
4,854,958

$
(1,353,214
)
$
(2,825
)
$
57,394

$
3,557,220

 
$
3,676,871


5


SUN COMMUNITIES, INC.

CONSOLIDATED STATEMENT OF EQUITY
(In thousands) (Unaudited) - (Continued)
 
 
 
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, 2017
$
43,066

 
$
797

$
3,758,533

$
(1,162,001
)
$
1,102

$
65,256

$
2,663,687

 
$
2,706,753

Issuance of common stock and common OP units, net

 
2

(3,298
)



(3,296
)
 
(3,296
)
Conversion of OP units
(60
)
 

342



(283
)
59

 
(1
)
Share-based compensation - amortization and forfeitures

 

3,489

90



3,579

 
3,579

Foreign currency translation

 



(1,772
)
(89
)
(1,861
)
 
(1,861
)
Net income
71

 


31,507


2,023

33,530

 
33,601

Distributions
(171
)
 


(57,159
)

(2,888
)
(60,047
)
 
(60,218
)
Balance at March 31, 2018
$
42,906

 
$
799

$
3,759,066

$
(1,187,563
)
$
(670
)
$
64,019

$
2,635,651

 
$
2,678,557

Issuance of common stock and common OP units, net

 
10

89,255




89,265

 
89,265

Conversion of OP units
(233
)
 

778



(544
)
234

 
1

Conversion of Series A-4 preferred stock
(675
)
 

675




675