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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, 2022.
 
or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
sui-20220930_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 October 18, 2022: 123,890,230



INDEX
  
PART I – FINANCIAL INFORMATION
 
Item 1.Consolidated Financial Statements
 
Consolidated Balance Sheets as of September 30, 2022 (Unaudited) and December 31, 2021
 
Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2022 and 2021 (Unaudited)
 
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2022 and 2021 (Unaudited)
Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2022 and 2021 (Unaudited)
 
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 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)
September 30, 2022December 31, 2021
Assets  
Land$4,173.1 $2,556.3 
Land improvements and buildings10,632.6 9,958.3 
Rental homes and improvements604.4 591.7 
Furniture, fixtures and equipment813.8 656.4 
Investment property16,223.9 13,762.7 
Accumulated depreciation(2,611.8)(2,337.2)
Investment property, net (see Note 7 at VIEs)
13,612.1 11,425.5 
Cash, cash equivalents and restricted cash (see Note 7 at VIEs)
112.0 78.2 
Marketable securities (see Note 15)
100.4 186.9 
Inventory of manufactured homes153.5 51.1 
Notes and other receivables, net511.0 469.6 
Goodwill981.5 495.4 
Other intangible assets, net (see Note 7 at VIEs)
403.2 306.8 
Other assets, net (see Note 7 at VIEs)
610.9 480.6 
Total Assets$16,484.6 $13,494.1 
Liabilities  
Secured debt (see Note 8; Note 7 at VIEs)
$3,006.0 $3,380.7 
Unsecured debt (see Note 8; Note 7 at VIEs)
3,705.0 2,291.1 
Distributions payable111.2 98.4 
Advanced reservation deposits and rent (see Note 7 at VIEs)
294.2 242.8 
Accrued expenses and accounts payable (see Note 7 at VIEs)
392.8 237.5 
Other liabilities (see Note 7 at VIEs)
845.4 224.1 
Total Liabilities8,354.6 6,474.6 
Commitments and contingencies (see Note 16)
Temporary equity (see Note 9; Note 7 at VIEs)
206.8 288.9 
Shareholders' Equity  
Common stock, $0.01 par value. Authorized: 180.0 shares; Issued and outstanding: 123.9 at September 30, 2022 and 116.0 at December 31, 2021
1.2 1.2 
Additional paid-in capital9,536.4 8,175.6 
Accumulated other comprehensive income / (loss)(69.9)3.1 
Distributions in excess of accumulated earnings(1,628.9)(1,556.0)
Total SUI shareholders' equity7,838.8 6,623.9 
Noncontrolling interests  
Common and preferred OP units83.8 86.8 
Consolidated entities (see Note 7 at VIEs)
0.6 19.9 
Total noncontrolling interests84.4 106.7 
Total Shareholders' Equity7,923.2 6,730.6 
Total Liabilities, Temporary Equity and Shareholders' Equity$16,484.6 $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 EndedNine Months Ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Revenues  
Real property$585.7 $478.1 $1,461.6 $1,213.9 
Home sales150.7 81.1 358.1 215.1 
Service, retail, dining and entertainment174.2 113.7 423.0 271.5 
Interest11.2 2.6 25.3 8.0 
Brokerage commissions and other, net10.8 8.8 27.4 21.7 
Total Revenues932.6 684.3 2,295.4 1,730.2 
Expenses  
Property operating and maintenance184.7 150.8 469.2 375.2 
Real estate tax29.4 24.8 83.2 70.4 
Home costs and selling96.4 56.5 235.2 156.9 
Service, retail, dining and entertainment144.9 94.5 363.3 227.6 
General and administrative 69.1 43.2 187.0 126.7 
Catastrophic event-related charges, net12.2 0.3 12.3 3.1 
Business combinations8.4  23.9 1.0 
Depreciation and amortization151.3 127.1 450.0 378.1 
Loss on extinguishment of debt (see Note 8)
4.0  4.4 8.1 
Interest61.7 39.0 162.2 116.2 
Interest on mandatorily redeemable preferred OP units / equity1.0 1.1 3.1 3.1 
Total Expenses763.1 537.3 1,993.8 1,466.4 
Income Before Other Items169.5 147.0 301.6 263.8 
Gain / (loss) on remeasurement of marketable securities (see Note 15)
(7.2)12.0 (74.0)43.2 
Gain / (loss) on foreign currency exchanges14.9 (7.0)21.7 (7.1)
Gain / (loss) on dispositions of properties(0.8)108.1 12.5 108.1 
Other income / (expense), net2.8 (9.3)2.6 (10.0)
Gain / (loss) on remeasurement of notes receivable (see Note 4)
(0.1)0.1 0.1 0.6 
Income from nonconsolidated affiliates (see Note 6)
2.0 0.9 3.8 2.9 
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates (see Note 6)
(0.4)(0.1)0.1 (0.1)
Current tax expense (see Note 12)
(7.3)(0.4)(12.5)(1.4)
Deferred tax benefit / (expense) (see Note 12)
3.6 (1.2)3.9 (1.1)
Net Income177.0 250.1 259.8 398.9 
Less: Preferred return to preferred OP units / equity interests2.5 3.1 8.6 9.0 
Less: Income attributable to noncontrolling interests11.9 15.3 13.9 22.6 
Net Income Attributable to SUI Common Shareholders$162.6 $231.7 $237.3 $367.3 
Weighted average common shares outstanding - basic122.4 115.1 119.2 111.7 
Weighted average common shares outstanding - diluted
122.8 118.1 121.9 114.3 
Basic earnings per share (see Note 13)
$1.32 $2.00 $1.98 $3.27 
Diluted earnings per share (see Note 13)
$1.32 $2.00 $1.97 $3.27 

See accompanying Notes to Consolidated Financial Statements.
2


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

 Three Months EndedNine Months Ended
 September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Net Income$177.0 $250.1 $259.8 $398.9 
Foreign currency translation loss adjustment(84.2)(3.5)(151.2)(1.5)
Cash Flow Hedges:
Change in unrealized gain on interest rate derivatives40.7  75.7  
Less: interest rate derivative (gain) / loss reclassified to earnings0.2  (0.6) 
Net unrealized gain on interest rate derivatives40.9  75.1  
Total Comprehensive Income133.7 246.6 183.7 397.4 
Less: Comprehensive income attributable to noncontrolling interests(10.2)(15.2)(10.8)(22.5)
Comprehensive Income attributable to SUI$123.5 $231.4 $172.9 $374.9 

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 Income / (loss)Noncontrolling 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)
OP Units accretion0.2 — — (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 
Issuance of common stock and common OP units, net— — 968.6 — — 2.7 971.3 971.3 
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards— — (1.2)— — — (1.2)(1.2)
Third party equity interest in consolidated entities9.7 — — — — — — 9.7 
Other redeemable noncontrolling interests0.1 — — (0.1)— — (0.1) 
Acquisition of third parties equity interest in consolidated entities— — 13.2 — — (16.5)(3.3)(3.3)
Share-based compensation - amortization and forfeitures— — 9.1 0.1 — — 9.2 9.2 
Other comprehensive loss— — — — (54.2)(2.5)(56.7)(56.7)
Net income1.5 — — 77.1 — 2.7 79.8 81.3 
Distributions(2.0)— — (107.0)— (3.2)(110.2)(112.2)
OP Units accretion0.1 — — (0.2)— — (0.2)(0.1)
Balance at June 30, 2022$293.3 $1.2 $9,159.1 $(1,684.7)$(28.3)$90.9 $7,538.2 $7,831.5 
Issuance of common stock and common OP units, net— — 275.3 — — — 275.3 275.3 
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards— — (0.8)— — — (0.8)(0.8)
Conversion of OP units(92.6)— 95.0 — — (2.4)92.6  
Acquisition of third party equity interest in consolidated entities— — (1.5)— — (4.1)(5.6)(5.6)
Share-based compensation - amortization and forfeitures— — 9.3 — — — 9.3 9.3 
Other comprehensive loss— — — — (41.6)(1.7)(43.3)(43.3)
Net income7.1 — — 165.1 — 4.8 169.9 177.0 
Distributions(1.2)— — (109.0)— (3.1)(112.1)(113.3)
OP Units accretion0.2 — — (0.3)— — (0.3)(0.1)
Balance at September 30, 2022$206.8 $1.2 $9,536.4 $(1,628.9)$(69.9)$84.4 $