Summary - Earnings Press Release
| i |
Investor Information |
1 |
Portfolio Overview |
2 |
Financial Information
| |
Financial and Operating Highlights |
3 |
Consolidated Balance Sheets
| 4 |
Statements of Operations |
5 |
Outstanding Securities and Capitalization |
6 |
Reconciliations to Non-GAAP Financial Measures |
7 |
Reconciliation of Net Income to Funds from Operations |
8 |
Reconciliation of Net Income to Net Operating Income |
9 |
Reconciliation of Net Income to Recurring EBITDA |
10 |
Non-GAAP and Other Financial Measures
| 11 |
Debt Analysis |
12 |
Selected Financial Information | |
Same Property Summary - MH / RV |
13 |
Same Property Summary - Marina |
14 |
Acquisitions and Other Summary |
15 |
Home Sales Summary |
16 |
Marina Summary |
18 |
Rental Program Summary |
17 |
Other Information | |
Property Summary |
19 |
Acquisitions, Development and Capital Improvements |
23 |
Operating Statistics for MH and Annual RVs |
24 |
Footnotes and Definitions |
25 |
Total MH and RV Same Property |
MH Same Property |
RV Same Property | ||||
Revenue | 9.2 | % | 4.4 | % | 20.5 | % |
Expense | 12.7 | % | 8.7 | % | 17.6 | % |
NOI | 7.7 | % | 3.0 | % | 22.9 | % |
Marina Same Property | ||
Revenue | 7.7 | % |
Expense | 15.2 | % |
NOI | 1.2 | % |
Property Name | Property Type |
Sites, Wet Slips and Dry Storage Spaces | Development Sites | State / Province or Country |
Total Purchase Price (in millions) | Month Acquired | |
Harrison Yacht Yard(a)
| Marina | 21 | - | MD | $ | 5.8 | January |
Outer Banks | Marina | 196 | - | NC | 5.0 | January | |
Jarrett Bay Boatworks | Marina | 12 | - | NC | 51.4 | February | |
Tower Marine | Marina | 446 | - | MI | 20.0 | March | |
Sandy Bay | MH | 616 | 570 | UK | 183.5 | March | |
Subtotal | 1,291 | 570 | $ | 265.7 | |||
Acquisitions subsequent to quarter end | |||||||
Park Holidays(b)
| MH | 15,906 | 1,140 | UK | $ | 1,242.1 | April |
Christies Parks(c)
| MH | 249 | - | UK | 10.1 | April | |
Bluewater Yacht Sales
| Marina | 200 | - | Various | 25.0 | April | |
Jarrett Bay Bluewater Yacht Sales(a)
| Marina | - | - | Various | 17.6 | April | |
Subtotal | 16,355 | 1,140 | $ | 1,294.8 | |||
Total acquisitions | 17,646 | 1,710 | $ | 1,560.5 |
Forward Equity Agreements |
Shares Sold |
Shares Settled | Shares Remaining |
Net Proceeds Received (in millions) |
Anticipated Net Proceeds Remaining (in millions) | ||
Q3 2021 ATM Forward Agreements | 107,400 | - | 107,400 | $ | - | $ | 21.4 |
Q4 2021 ATM Forward Agreements | 1,712,709 | 1,200,000 | 512,709 | 229.5 | 100.3 | ||
November 2021 Forward Offering | 4,025,000 | 4,025,000 | - | 705.4 | - | ||
Q1 2022 ATM Forward Agreements | 600,503 | - | 600,503 | - | 108.4 | ||
Total Forward Equity Agreements | 6,445,612 | 5,225,000 | 1,220,612 | $ | 934.9 | $ | 230.1 |
Previous Range | Revised Range | ||
FY 2022E | FY 2022E | 2Q 2022E | |
Basic earnings per share | $2.70 - $2.86 | $2.46 - $2.58 | $0.86 - $0.90 |
Core FFO per fully diluted Share(1)(4)
| $7.07 - $7.23 | $7.20 - $7.32 | $1.97 - $2.01 |
1Q22 | 2Q22 | 3Q22 | 4Q22 | |
Seasonality of Core FFOper fully diluted Share(1)(4)
| 18.5% | 27.4% | 35.2% | 18.9% |
Previous Range | Revised Range | ||
FY 2022E | FY 2022E | 2Q 2022E | |
MH and RV Same Property NOI(1) growth
| 6.0% - 6.8% | 6.5% - 7.3% | 3.5% - 4.3% |
Marina Same Property NOI(1) growth
| 6.0% - 7.4% | 6.0% - 7.4% | 5.7% - 7.3% |
Previous Range | Revised Range | |
March - December 2022 | April - December 2022 | |
EBITDA(a)
| $99.5 - $104.6 | $95.3 - $100.4 |
Income Tax Expense | $20.6 - $21.3 | $19.7 - $20.4 |
1Q22 | 2Q22 | 3Q22 | 4Q22 | |
Seasonality of Park Holidays' EBITDA | 6.7% | 31.6% | 49.9% | 11.8% |
RESEARCH COVERAGE | |||
Firm | Analyst | Phone | |
Bank of America Merrill Lynch | Joshua Dennerlein | (646) 855-1681 |
joshua.dennerlein@bofa.com
|
Barclays | Allison Gelman | (212) 526-3367 | allison.gelman@barclays.com |
Anthony Powell | (212) 526-8768 | anthony.powell@barclays.com | |
Berenberg Capital Markets | Keegan Carl | (646) 949-9052 | keegan.carl@berenberg-us.com |
BMO Capital Markets | John Kim | (212) 885-4115 |
jp.kim@bmo.com
|
Citi Research | Michael Bilerman | (212) 816-1383 | michael.bilerman@citi.com |
Nicholas Joseph | (212) 816-1909 | nicholas.joseph@citi.com | |
Evercore ISI | Samir Khanal | (212) 888-3796 | samir.khanal@evercoreisi.com |
Steve Sakwa | (212) 446-9462 | steve.sakwa@evercoreisi.com | |
Green Street Advisors | John Pawlowski | (949) 640-8780 | jpawlowski@greenstreetadvisors.com |
JMP Securities | Aaron Hecht | (415) 835-3963 | ahecht@jmpsecurities.com |
RBC Capital Markets | Brad Heffern | (512) 708-6311 | brad.heffern@rbccm.com |
Robert W. Baird & Co.
|
Wesley Golladay
|
(216) 737-7510
| wgolladay@rwbaird.com |
UBS | Michael Goldsmith | (212) 713-2951 |
michael.goldsmith@ubs.com
|
INQUIRIES | |||
The Company welcomes questions or comments from shareholders, analysts, investment managers, media or any prospective investor. Please address all inquiries to our Investor Relations department. | |||
At Our Website | www.suncommunities.com | ||
By Email | investorrelations@suncommunities.com | ||
By Phone | (248) 208-2500 |
Quarter Ended | ||||||||||
3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | 3/31/2021 | ||||||
Financial Information | ||||||||||
Total revenues | $ | 548.5 | $ | 542.4 | $ | 684.3 | $ | 603.9 | $ | 442.0 |
Net income | $ | 1.5 | $ | 14.8 | $ | 250.2 | $ | 120.8 | $ | 28.0 |
Net income attributable to Sun Communities Inc. common stockholders | $ | 0.7 | $ | 12.8 | $ | 231.8 | $ | 110.8 | $ | 24.8 |
Basic earnings per share* | $ | 0.01 | $ | 0.11 | $ | 2.00 | $ | 0.98 | $ | 0.23 |
Diluted earnings per share* | $ | 0.01 | $ | 0.11 | $ | 2.00 | $ | 0.98 | $ | 0.23 |
Cash distributions declared per common share* | $ | 0.88 | $ | 0.83 | $ | 0.83 | $ | 0.83 | $ | 0.83 |
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities(1)(4)
| $ | 155.3 | $ | 152.3 | $ | 223.1 | $ | 198.0 | $ | 135.9 |
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities(1)(4) per share - fully diluted*
| $ | 1.28 | $ | 1.28 | $ | 1.92 | $ | 1.70 | $ | 1.22 |
Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities(1)(4)
| $ | 162.8 | $ | 155.8 | $ | 244.5 | $ | 209.6 | $ | 141.0 |
Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities(1)(4) per share - fully diluted*
| $ | 1.34 | $ | 1.31 | $ | 2.11 | $ | 1.80 | $ | 1.26 |
Recurring EBITDA(1)
| $ | 221.0 | $ | 208.6 | $ | 314.5 | $ | 268.2 | $ | 190.8 |
Balance Sheet | ||||||||||
Total assets | $ | 13,914.2 | $ | 13,494.1 | $ | 12,583.3 | $ | 12,041.0 | $ | 11,454.2 |
Total debt | $ | 6,076.5 | $ | 5,671.8 | $ | 4,689.4 | $ | 4,311.2 | $ | 4,417.9 |
Total liabilities | $ | 6,980.7 | $ | 6,474.6 | $ | 5,488.5 | $ | 5,099.6 | $ | 5,101.5 |
Quarter Ended | ||||||||||
3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | 3/31/2021 | ||||||
Operating Information* | ||||||||||
Properties | 603 | 602 | 584 | 569 | 562 | |||||
Manufactured home sites | 98,895 | 98,621 | 98,301 | 97,448 | 96,876 | |||||
Annual RV sites | 31,121 | 30,540 | 29,640 | 28,807 | 28,441 | |||||
Transient RV sites | 29,267 | 29,847 | 27,922 | 27,032 | 26,295 | |||||
Total sites | 159,283 | 159,008 | 155,863 | 153,287 | 151,612 | |||||
Marina wet slips and dry storage spaces(a)
| 45,725 | 45,155 | 43,615 | 40,179 | 39,338 | |||||
MH occupancy | 96.7 | % | 96.6 | % | 96.6 | % | 96.7 | % | 96.5 | % |
Annual RV occupancy | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Blended MH and annual RV occupancy | 97.5 | % | 97.4 | % | 97.4 | % | 97.4 | % | 97.3 | % |
New home sales volume | 148 | 149 | 207 | 227 | 149 | |||||
Pre-owned home sales volume | 689 | 784 | 955 | 931 | 686 | |||||
Total home sales volume | 837 | 933 | 1,162 | 1,158 | 835 |
Quarter Ended | |||||
3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | 3/31/2021 | |
Revenue Producing Site Net Gains(5)*
| |||||
MH net leased sites | 65 | 321 | 144 | 226 | 127 |
RV net leased sites | 605 | 489 | 432 | 357 | 387 |
Total net leased sites | 670 | 810 | 576 | 583 | 514 |
March 31, 2022 | December 31, 2021 | |||
Assets | ||||
Land | $ | 2,708.0 | $ | 2,556.3 |
Land improvements and buildings | 10,169.4 | 9,958.3 | ||
Rental homes and improvements | 583.1 | 591.7 | ||
Furniture, fixtures and equipment | 684.8 | 656.4 | ||
Investment property | 14,145.3 | 13,762.7 | ||
Accumulated depreciation | (2,441.5) | (2,337.2) | ||
Investment property, net | 11,703.8 | 11,425.5 | ||
Cash, cash equivalents and restricted cash | 102.6 | 78.2 | ||
Marketable securities | 158.3 | 186.9 | ||
Inventory of manufactured homes | 63.3 | 51.1 | ||
Notes and other receivables, net | 513.6 | 469.6 | ||
Goodwill | 512.7 | 495.4 | ||
Other intangible assets, net | 334.2 | 306.8 | ||
Other assets, net | 525.7 | 480.6 | ||
Total Assets | $ | 13,914.2 | $ | 13,494.1 |
Liabilities | ||||
Secured debt | $ | 3,366.6 | $ | 3,380.7 |
Unsecured debt | 2,709.9 | 2,291.1 | ||
Distributions payable | 104.5 | 98.4 | ||
Advanced reservation deposits and rent | 335.1 | 242.8 | ||
Accrued expenses and accounts payable | 228.0 | 237.5 | ||
Other liabilities | 236.6 | 224.1 | ||
Total Liabilities | 6,980.7 | 6,474.6 | ||
Commitments and contingencies | ||||
Temporary equity | 283.9 | 288.9 | ||
Shareholders' Equity | ||||
Common stock | 1.2 | 1.2 | ||
Additional paid-in capital | 8,169.4 | 8,175.6 | ||
Accumulated other comprehensive income | 25.9 | 3.1 | ||
Distributions in excess of accumulated earnings | (1,654.6) | (1,556.0) | ||
Total Sun Communities, Inc. shareholders' equity | 6,541.9 | 6,623.9 | ||
Noncontrolling interests | ||||
Common and preferred OP units | 86.8 | 86.8 | ||
Consolidated entities | 20.9 | 19.9 | ||
Total noncontrolling interests | 107.7 | 106.7 | ||
Total Shareholders' Equity | 6,649.6 | 6,730.6 | ||
Total Liabilities, Temporary Equity and Shareholders' Equity | $ | 13,914.2 | $ | 13,494.1 |
Three Months Ended | ||||||||
March 31, 2022 | March 31, 2021 | Change | % Change | |||||
Revenues | ||||||||
Real property (excluding transient) | $ | 343.2 | $ | 298.1 | $ | 45.1 | 15.1 | % |
Real property - transient | 45.0 | 32.5 | 12.5 | 38.5 | % | |||
Home sales | 64.7 | 52.2 | 12.5 | 23.9 | % | |||
Service, retail, dining and entertainment | 80.8 | 50.6 | 30.2 | 59.7 | % | |||
Interest | 6.8 | 2.6 | 4.2 | 161.5 | % | |||
Brokerage commissions and other, net | 8.0 | 6.0 | 2.0 | 33.3 | % | |||
Total Revenues | 548.5 | 442.0 | 106.5 | 24.1 | % | |||
Expenses | ||||||||
Property operating and maintenance | 129.3 | 103.6 | 25.7 | 24.8 | % | |||
Real estate tax | 26.1 | 22.4 | 3.7 | 16.5 | % | |||
Home costs and selling | 45.9 | 41.6 | 4.3 | 10.3 | % | |||
Service, retail, dining and entertainment | 70.5 | 45.4 | 25.1 | 55.3 | % | |||
General and administrative | 55.7 | 38.2 | 17.5 | 45.8 | % | |||
Catastrophic event-related charges, net | - | 2.4 | (2.4) | N/M | ||||
Business combinations | 0.5 | 1.2 | (0.7) | (58.3) | % | |||
Depreciation and amortization | 148.5 | 123.9 | 24.6 | 19.9 | % | |||
Loss on extinguishment of debt | 0.3 | - | 0.3 | N/A | ||||
Interest | 45.2 | 39.5 | 5.7 | 14.4 | % | |||
Interest on mandatorily redeemable preferred OP units / equity | 1.0 | 1.0 | - | - | % | |||
Total Expenses | 523.0 | 419.2 | 103.8 | 24.8 | % | |||
Income Before Other Items | 25.5 | 22.8 | 2.7 | 11.8 | % | |||
Gain / (loss) on remeasurement of marketable securities | (34.5) | 3.7 | (38.2) | N/M | ||||
Loss on foreign currency translation | (2.2) | - | (2.2) | N/A | ||||
Gain on dispositions of properties | 13.4 | - | 13.4 | N/A | ||||
Other expense, net(6)
| (0.6) | (0.5) | (0.1) | (20.0) | % | |||
Gain on remeasurement of notes receivable | 0.2 | 0.4 | (0.2) | (50.0) | % | |||
Income from nonconsolidated affiliates | 0.9 | 1.2 | (0.3) | (25.0) | % | |||
Gain on remeasurement of investment in nonconsolidated affiliates | 0.1 | 0.1 | - | - | % | |||
Current tax benefit / (expense) | (1.3) | 0.2 | (1.5) | N/M | ||||
Deferred tax benefit | - | 0.1 | (0.1) | N/M | ||||
Net Income | 1.5 | 28.0 | (26.5) | (94.6) | % | |||
Less: Preferred return to preferred OP units / equity interests | 3.0 | 2.9 | 0.1 | 3.4 | % | |||
Less: Income / (loss) attributable to noncontrolling interests | (2.2) | 0.3 | (2.5) | N/M | ||||
Net Income Attributable to Sun Communities, Inc. | $ | 0.7 | $ | 24.8 | $ | (24.1) | (97.2) | % |
Weighted average common shares outstanding - basic | 115.3 | 107.9 | 7.4 | 6.9 | % | |||
Weighted average common shares outstanding - diluted | 115.9 | 108.2 | 7.7 | 7.1 | % | |||
Basic earnings per share | $ | 0.01 | $ | 0.23 | $ | (0.22) | (95.7) | % |
Diluted earnings per share | $ | 0.01 | $ | 0.23 | $ | (0.22) | (95.7) | % |
Outstanding Securities - As of March 31, 2022
| |||||
Number of Units / Shares Outstanding | Conversion Rate* |
If Converted(a)
|
Issuance Price* Per Unit | Annual Distribution Rate | |
Non-convertible Securities | |||||
Common shares | 116,207 | N/A | N/A | N/A | $3.52^ |
Convertible Securities | |||||
Common OP units | 2,551 | 1.0000 | 2,551 | N/A | Mirrors common shares distributions |
Series A-1 preferred OP units | 272 | 2.4390 | 664 | $100 | 6.00% |
Series A-3 preferred OP units | 40 | 1.8605 | 75 | $100 | 4.50% |
Series C preferred OP units | 306 | 1.1100 | 340 | $100 | 5.00% |
Series D preferred OP units | 489 | 0.8000 | 391 | $100 | 4.00% |
Series E preferred OP units | 85 | 0.6897 | 59 | $100 | 5.50% |
Series F preferred OP units | 90 | 0.6250 | 56 | $100 | 3.00% |
Series G preferred OP units | 241 | 0.6452 | 155 | $100 | 3.20% |
Series H preferred OP units | 581 | 0.6098 | 355 | $100 | 3.00% |
Series I preferred OP units | 922 | 0.6098 | 562 | $100 | 3.00% |
Series J preferred OP units | 240 | 0.6061 | 145 | $100 | 2.85% |
Capitalization - As of March 31, 2022
| |||||
Equity | Shares | Share Price* | Total | ||
Common shares | 116,207 | $ | 175.29 | $ | 20,369.9 |
Common OP units | 2,551 | $ | 175.29 | 447.2 | |
Subtotal | 118,758 | $ | 20,817.1 | ||
Preferred OP units, as converted | 2,802 | $ | 175.29 | 491.2 | |
Total diluted shares outstanding | 121,560 | $ | 21,308.3 | ||
Debt | |||||
Secured debt | $ | 3,366.6 | |||
Unsecured debt | 2,709.9 | ||||
Total debt | $ | 6,076.5 | |||
Total Capitalization | $ | 27,384.8 |
Three Months Ended | ||||
March 31, 2022 | March 31, 2021 | |||
Net Income Attributable to Sun Communities, Inc. Common Shareholders | $ | 0.7 | $ | 24.8 |
Adjustments | ||||
Depreciation and amortization | 148.3 | 123.8 | ||
(Gain) / loss on remeasurement of marketable securities | 34.5 | (3.7) | ||
Gain on remeasurement of investment in nonconsolidated affiliates | (0.1) | (0.1) | ||
Gain on remeasurement of notes receivable | (0.2) | (0.4) | ||
Loss attributable to noncontrolling interests | (2.2) | (0.1) | ||
Preferred return to preferred OP units | 2.8 | 0.5 | ||
Gain on dispositions of properties | (13.4) | - | ||
Gain on dispositions of assets, net | (15.1) | (8.2) | ||
FFO Attributable to Sun Communities, Inc. Common Shareholders and Dilutive Convertible Securities(1)(4)
| $ | 155.3 | $ | 136.6 |
Adjustments | ||||
Business combination expense and other acquisition related costs(7)
| 3.1 | 1.9 | ||
Loss on extinguishment of debt | 0.3 | - | ||
Catastrophic event-related charges, net | - | 2.4 | ||
Loss of earnings - catastrophic event-related | - | 0.2 | ||
Loss on foreign currency translation | 2.2 | - | ||
Other adjustments, net(8)
| 1.9 | (0.1) | ||
Core FFO Attributable to Sun Communities, Inc. Common Shareholders and Dilutive Convertible Securities(1)(4)
| $ | 162.8 | $ | 141.0 |
Weighted average common shares outstanding - basic | 115.3 | 107.9 | ||
Add | ||||
Common shares dilutive effect from forward equity sale | 0.2 | 0.2 | ||
Restricted stock | 0.4 | 0.2 | ||
Common OP units | 2.5 | 2.6 | ||
Common stock issuable upon conversion of certain preferred OP units | 2.8 | 0.8 | ||
Weighted Average Common Shares Outstanding - Fully Diluted | 121.2 | 111.7 | ||
FFO Attributable to Sun Communities, Inc. Common Shareholders and Dilutive Convertible Securities(1)(4) Per Share - Fully Diluted
| $ | 1.28 | $ | 1.22 |
Core FFO Attributable to Sun Communities, Inc. Common Shareholders and Dilutive Convertible Securities(1)(4) Per Share - Fully Diluted
| $ | 1.34 | $ | 1.26 |
FY 2022E | Q2 2022E | |||||||
Low | High | Low | High | |||||
Basic earnings per share | $ | 2.46 | $ | 2.58 | $ | 0.86 | $ | 0.90 |
Depreciation and amortization | 4.65 | 4.65 | 1.12 | 1.12 | ||||
Gain on sale of assets | (0.46) | (0.46) | (0.09) | (0.09) | ||||
NCI and preferred return to preferred OP units | 0.09 | 0.09 | 0.03 | 0.03 | ||||
Other adjustments* | 0.46 | 0.46 | 0.05 | 0.05 | ||||
Core FFO per fully diluted Share(1)(4)
| $ | 7.20 | $ | 7.32 | $ | 1.97 | $ | 2.01 |
Three Months Ended | ||||
March 31, 2022 | March 31, 2021 | |||
Net Income Attributable to Sun Communities, Inc. Common Shareholders | $ | 0.7 | $ | 24.8 |
Interest income | (6.8) | (2.6) | ||
Brokerage commissions and other revenues, net | (8.0) | (6.0) | ||
General and administrative expense | 55.7 | 38.2 | ||
Catastrophic event-related charges, net | - | 2.4 | ||
Business combination expense | 0.5 | 1.2 | ||
Depreciation and amortization | 148.5 | 123.9 | ||
Loss on extinguishment of debt | 0.3 | - | ||
Interest expense | 45.2 | 39.5 | ||
Interest on mandatorily redeemable preferred OP units / equity | 1.0 | 1.0 | ||
(Gain) / loss on remeasurement of marketable securities | 34.5 | (3.7) | ||
Loss on foreign currency translation | 2.2 | - | ||
Gain on disposition of properties | (13.4) | - | ||
Other expense, net(6)
| 0.6 | 0.5 | ||
Gain on remeasurement of notes receivable | (0.2) | (0.4) | ||
Income from nonconsolidated affiliates | (0.9) | (1.2) | ||
Gain on remeasurement of investment in nonconsolidated affiliates | (0.1) | (0.1) | ||
Current tax (benefit) / expense | 1.3 | (0.2) | ||
Deferred tax benefit | - | (0.1) | ||
Preferred return to preferred OP units / equity interests | 3.0 | 2.9 | ||
Less: Income / (loss) attributable to noncontrolling interests | (2.2) | 0.3 | ||
NOI(1)
| $ | 261.9 | $ | 220.4 |
Three Months Ended | ||||
March 31, 2022 | March 31, 2021 | |||
Real Property NOI(1)
| $ | 232.8 | $ | 204.6 |
Home Sales NOI(1)
| 18.8 | 10.6 | ||
Service, retail, dining and entertainment NOI(1)
| 10.3 | 5.2 | ||
NOI(1)
| $ | 261.9 | $ | 220.4 |
Three Months Ended | ||||
March 31, 2022 | March 31, 2021 | |||
Net Income Attributable to Sun Communities, Inc. Common Shareholders | $ | 0.7 | $ | 24.8 |
Adjustments | ||||
Depreciation and amortization | 148.5 | 123.9 | ||
Loss on extinguishment of debt | 0.3 | - | ||
Interest expense | 45.2 | 39.5 | ||
Interest on mandatorily redeemable preferred OP units / equity | 1.0 | 1.0 | ||
Current tax (benefit) / expense
| 1.3 | (0.2) | ||
Deferred tax benefit | - | (0.1) | ||
Income from nonconsolidated affiliates | (0.9) | (1.2) | ||
Less: Gain on dispositions of properties | (13.4) | - | ||
Less: Gain on dispositions of assets, net | (15.1) | (8.2) | ||
EBITDAre(1)
| $ | 167.6 | $ | 179.5 |
Adjustments | ||||
Catastrophic event-related charges, net | - | 2.4 | ||
Business combination expense | 0.5 | 1.2 | ||
(Gain) / loss on remeasurement of marketable securities | 34.5 | (3.7) | ||
Loss on foreign currency translation | 2.2 | - | ||
Other expense, net(6)
| 0.6 | 0.5 | ||
Gain on remeasurement of notes receivable | (0.2) | (0.4) | ||
Gain on remeasurement of investment in nonconsolidated affiliates | (0.1) | (0.1) | ||
Preferred return to preferred OP units / equity interests | 3.0 | 2.9 | ||
(Income) / loss attributable to noncontrolling interests | (2.2) | 0.3 | ||
Plus: Gain on dispositions of assets, net | 15.1 | 8.2 | ||
Recurring EBITDA(1)
| $ | 221.0 | $ | 190.8 |
Quarter Ended | ||||||||||
3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | 3/31/2021 | ||||||
Debt Outstanding | ||||||||||
Secured debt | $ | 3,366.6 | $ | 3,380.7 | $ | 3,403.4 | $ | 3,457.7 | $ | 3,472.9 |
Unsecured debt | ||||||||||
Senior unsecured notes | 1,186.7 | 1,186.4 | 591.3 | 591.7 | - | |||||
Line of credit and other debt(9)
| 1,453.3 | 1,034.8 | 624.8 | 191.9 | 875.1 | |||||
Preferred Equity - Sun NG Resorts - mandatorily redeemable | 35.2 | 35.2 | 35.2 | 35.2 | 35.2 | |||||
Preferred OP units - mandatorily redeemable | 34.7 | 34.7 | 34.7 | 34.7 | 34.7 | |||||
Total unsecured debt | 2,709.9 | 2,291.1 | 1,286.0 | 853.5 | 945.0 | |||||
Total debt | $ | 6,076.5 | $ | 5,671.8 | $ | 4,689.4 | $ | 4,311.2 | $ | 4,417.9 |
% Fixed / Floating* | ||||||||||
Fixed | 76.2 | % | 81.8 | % | 86.7 | % | 94.7 | % | 79.3 | % |
Floating | 23.8 | % | 18.2 | % | 13.3 | % | 5.3 | % | 20.7 | % |
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Weighted Average Interest Rates* | ||||||||||
Secured debt | 3.78 | % | 3.78 | % | 3.78 | % | 3.75 | % | 3.75 | % |
Senior unsecured notes | 2.55 | % | 2.55 | % | 2.70 | % | 2.70 | % | - | % |
Line of credit and other debt(9)
| 1.25 | % | 0.98 | % | 0.98 | % | 0.93 | % | 1.77 | % |
Preferred Equity - Sun NG Resorts - mandatorily redeemable | 6.00 | % | 6.00 | % | 6.00 | % | 6.00 | % | 6.00 | % |
Preferred OP units - mandatorily redeemable | 5.93 | % | 5.93 | % | 5.93 | % | 5.93 | % | 5.93 | % |
Total average | 2.96 | % | 3.04 | % | 3.30 | % | 3.52 | % | 3.39 | % |
Debt Ratios* | ||||||||||
Net Debt / Recurring EBITDA(1) (TTM)
| 5.9 | 5.7 | 4.9 | 5.1 | 6.1 | |||||
Net Debt / Enterprise Value | 21.9 | % | 18.0 | % | 17.1 | % | 16.8 | % | 19.7 | % |
Net Debt / Gross Assets | 36.6 | % | 35.4 | % | 31.2 | % | 29.6 | % | 31.8 | % |
Coverage Ratios* | ||||||||||
Recurring EBITDA(1) (TTM) / Interest
| 6.2 | 6.2 | 6.1 | 5.6 | 5.0 | |||||
Recurring EBITDA(1) (TTM) / Interest + Pref. Distributions + Pref. Stock Distribution
| 6.0 | 6.0 | 6.0 | 5.5 | 4.8 |
Maturities / Principal Amortization Next Five Years | 2022 | 2023 | 2024 | 2025 | 2026 | |||||
Secured debt | ||||||||||
Maturities | $ | 70.7 | $ | 185.6 | $ | 315.3 | $ | 50.5 | $ | 521.6 |
Principal amortization | 46.0 | 60.9 | 57.4 | 54.0 | 45.9 | |||||
Line of credit and other debt(9)
| 6.8 | 10.0 | 213.0 | 1,223.5 | - | |||||
Preferred Equity - Sun NG Resorts - mandatorily redeemable | - | - | 33.4 | 1.8 | - | |||||
Preferred OP units - mandatorily redeemable | - | - | 27.4 | - | - | |||||
Total | $ | 123.5 | $ | 256.5 | $ | 646.5 | $ | 1,329.8 | $ | 567.5 |
Weighted average rate of maturities* | 4.48 | % | 4.08 | % | 4.47 | % | 4.04 | % | 3.75 | % |
Three Months Ended | ||||||||||||||||||||||||
Total Same Property - MH/RV | MH | RV | ||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | Change |
% Change(a)
| March 31, 2022 | March 31, 2021 | Change |
% Change(a)
| March 31, 2022 | March 31, 2021 | Change |
% Change(a)
| |||||||||||||
Financial Information | ||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||
Real property (excluding transient) | $ | 233.1 | $ | 218.7 | $ | 14.4 | 6.6 | % | $ | 182.4 | $ | 174.9 | $ | 7.5 | 4.3 | % | $ | 50.7 | $ | 43.8 | $ | 6.9 | 15.5 | % |
Real property - transient | 39.1 | 30.3 | 8.8 | 28.9 | % | 0.5 | 0.6 | (0.1) | (23.1) | % | 38.6 | 29.7 | 8.9 | 30.0 | % | |||||||||
Other | 7.6 | 7.2 | 0.4 | 5.5 | % | 4.9 | 4.4 | 0.5 | 11.1 | % | 2.7 | 2.8 | (0.1) | (3.3) | % | |||||||||
Total Operating | 279.8 | 256.2 | 23.6 | 9.2 | % | 187.8 | 179.9 | 7.9 | 4.4 | % | 92.0 | 76.3 | 15.7 | 20.5 | % | |||||||||
Expense | ||||||||||||||||||||||||
Property Operating(10)(11)
| 88.9 | 78.9 | 10.0 | 12.7 | % | 47.7 | 43.9 | 3.8 | 8.7 | % | 41.2 | 35.0 | 6.2 | 17.6 | % | |||||||||
Real Property NOI(1)
| $ | 190.9 | $ | 177.3 | $ | 13.6 | 7.7 | % | $ | 140.1 | $ | 136.0 | $ | 4.1 | 3.0 | % | $ | 50.8 | $ | 41.3 | $ | 9.5 | 22.9 | % |
As of | |||||||
March 31, 2022 | March 31, 2021 | Change | % Change | ||||
Other Information | |||||||
Number of properties | 425 | 425 | - | ||||
MH occupancy | 97.3 | % | |||||
RV occupancy | 100.0 | % | |||||
MH & RV blended occupancy(3)
| 97.9 | % | |||||
Adjusted MH occupancy(3)
| 98.1 | % | |||||
Adjusted RV occupancy(3)
| 100.0 | % | |||||
Adjusted MH & RV blended occupancy(3)
| 98.5 | % | 96.9 | % | 1.6 | % | |
Sites available for development | 7,645 | 8,243 | (598) | ||||
Monthly base rent per site - MH | $ | 620 | $ | 597 | $ | 23 |
3.8%(14)
|
Monthly base rent per site - RV(13)
| $ | 553 | $ | 522 | $ | 31 |
6.0%(14)
|
Monthly base rent per site - Total(13)
| $ | 604 | $ | 580 | $ | 24 |
4.2%(14)
|
Three Months Ended | ||||||||
Financial Information | March 31, 2022 | March 31, 2021 | Change |
% Change(a)
| ||||
Revenue | ||||||||
Real property (excluding transient) | $ | 45.8 | $ | 43.3 | $ | 2.5 | 5.6 | % |
Real property - transient | 1.4 | 0.9 | 0.5 | 58.7 | % | |||
Other | 2.3 | 1.7 | 0.6 | 34.3 | % | |||
Total Operating | 49.5 | 45.9 | 3.6 | 7.7 | % | |||
Expense | ||||||||
Property Operating(12)
| 24.4 | 21.1 | 3.3 | 15.2 | % | |||
Real Property NOI | $ | 25.1 | $ | 24.8 | $ | 0.3 | 1.2 | % |
As of | |||||
March 31, 2022 | March 31, 2021 | Change | % Change | ||
Other Information | |||||
Number of properties | 101 | 101 | - | - | % |
Three Months Ended | ||
March 31, 2022 | ||
Financial Information | ||
Revenues | ||
Real property (excluding transient) | $ | 27.8 |
Real property - transient | 4.5 | |
Other | 2.0 | |
Total Operating | 34.3 | |
Expenses | ||
Property Operating(a)
| 17.6 | |
Real Property NOI | $ | 16.7 |
Other Information | March 31, 2022 | |
Number of properties | 77 | |
Occupied sites | 5,245 | |
Developed sites | 5,898 | |
Occupancy % | 88.9 | % |
Transient sites | 7,518 | |
Wet slip and dry storage spaces | 10,002 |
Three Months Ended | ||||||||
March 31, 2022 | March 31, 2021 | Change | % Change | |||||
Financial Information | ||||||||
New Homes | ||||||||
New home sales | $ | 26.6 | $ | 23.0 | $ | 3.6 | 15.7 | % |
New home cost of sales | 21.6 | 18.7 | 2.9 | 15.5 | % | |||
Gross profit- new homes
| 5.0 | 4.3 | 0.7 | 16.3 | % | |||
Gross margin % - new homes | 18.8 | % | 18.7 | % | 0.1 | % | ||
Average selling price - new homes* | $ | 179,730 | $ | 154,174 | $ | 25,556 | 16.6 | % |
Pre-owned Homes | ||||||||
Pre-owned home sales | $ | 38.1 | $ | 29.2 | $ | 8.9 | 30.5 | % |
Pre-owned home cost of sales | 19.8 | 18.6 | 1.2 | 6.5 | % | |||
Gross profit - pre-owned homes
| 18.3 | 10.6 | 7.7 | 72.6 | % | |||
Gross margin % - pre-owned homes | 48.0 | % | 36.4 | % | 11.6 | % | ||
Average selling price - pre-owned homes* | $ | 55,298 | $ | 42,605 | $ | 12,693 | 29.8 | % |
Total Home Sales | ||||||||
Revenue from home sales | $ | 64.7 | $ | 52.2 | $ | 12.5 | 23.9 | % |
Cost of home sales | 41.4 | 37.3 | 4.1 | 11.0 | % | |||
Home selling expenses | 4.5 | 4.3 | 0.2 | 4.7 | % | |||
Home Sales NOI(1)
| $ | 18.8 | $ | 10.6 | $ | 8.2 | 77.4 | % |
Other Information | ||||||||
New home sales volume* | 148 | 149 | (1) | (0.7) | % | |||
Pre-owned home sales volume* | 689 | 686 | 3 | 0.4 | % | |||
Total home sales volume* | 837 | 835 | 2 | 0.2 | % |
Three Months Ended | ||||||||
March 31, 2022 | March 31, 2021 | Change | % Change | |||||
Financial Information | ||||||||
Revenues | ||||||||
Home rent | $ | 16.1 | $ | 17.0 | $ | (0.9) | (5.3) | % |
Site rent
| 16.1 | 19.1 | (3.0) | (15.7) | % | |||
Total | 32.2 | 36.1 | (3.9) | (10.8) | % | |||
Expenses | ||||||||
Rental Program operating and maintenance | 4.9 | 5.2 | (0.3) | (5.8) | % | |||
Rental Program NOI(1)
| $ | 27.3 | $ | 30.9 | $ | (3.6) | (11.7) | % |
Other Information | ||||||||
Number of sold rental homes* | 177 | 211 | (34) | (16.1) | % | |||
Number of occupied rentals, end of period* | 9,467 | 11,473 | (2,006) | (17.5) | % | |||
Investment in occupied rental homes, end of period | $ | 541.9 | $ | 621.9 | $ | (80.0) | (12.9) | % |
Weighted average monthly rental rate, end of period* | $ | 1,139 | $ | 1,055 | $ | 84 | 8.0 | % |
Three Months Ended | ||||||||
March 31, 2022 | March 31, 2021 | Change | % Change | |||||
Financial Information | ||||||||
Revenues | ||||||||
Real property (excluding transient) | $ | 67.0 | $ | 46.1 | $ | 20.9 | 45.3 | % |
Real property - transient | 2.5 | 0.9 | 1.6 | 177.8 | % | |||
Other | 2.9 | 1.6 | 1.3 | 81.3 | % | |||
Total Operating | 72.4 | 48.6 | 23.8 | 49.0 | % | |||
Expenses | ||||||||
Property Operating
| 33.2 | 23.6 | 9.6 | 40.7 | % | |||
Real Property NOI | 39.2 | 25.0 | 14.2 | 56.8 | % | |||
Service, retail, dining and entertainment | ||||||||
Revenue | 71.2 | 44.4 | 26.8 | 60.4 | % | |||
Expense | 59.8 | 38.0 | 21.8 | 57.4 | % | |||
NOI | 11.4 | 6.4 | 5.0 | 78.1 | % | |||
Marina NOI | $ | 50.6 | $ | 31.4 | $ | 19.2 | 61.1 | % |
Statistical information | ||||||||
Number of properties | 128 | 110 | 18 | 16.4 | % | |||
Total wet slips and dry storage spaces | 45,725 | 39,338 | 6,387 | 16.2 | % |
MH and RV Property Summary(16)
| ||||||||||
3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | 3/31/2021 | ||||||
FLORIDA | ||||||||||
Properties
| 129 | 132 | 131 | 129 | 128 | |||||
MH & Annual RV Developed sites
| 40,774 | 40,783 | 40,500 | 40,171 | 40,011 | |||||
Occupied MH & Annual RV
| 40,046 | 40,019 | 39,747 | 39,402 | 39,283 | |||||
MH & Annual RV Occupancy %
| 98.2 | % | 98.1 | % | 98.1 | % | 98.1 | % | 98.2 | % |
Transient RV sites | 5,648 | 5,950 | 6,163 | 5,895 | 5,823 | |||||
Sites for development
| 1,243 | 1,268 | 1,414 | 1,414 | 1,497 | |||||
MICHIGAN | ||||||||||
Properties
| 84 | 84 | 83 | 75 | 74 | |||||
MH & Annual RV Developed sites
| 32,318 | 32,257 | 31,997 | 29,600 | 29,092 | |||||
Occupied MH & Annual RV
| 31,132 | 31,061 | 30,782 | 28,671 | 28,145 | |||||
MH & Annual RV Occupancy %
| 96.3 | % | 96.3 | % | 96.2 | % | 96.9 | % | 96.7 | % |
Transient RV sites | 806 | 869 | 554 | 509 | 541 | |||||
Sites for development
| 1,422 | 1,422 | 1,481 | 1,182 | 1,182 | |||||
CALIFORNIA | ||||||||||
Properties
| 36 | 36 | 37 | 36 | 36 | |||||
MH & Annual RV Developed sites
| 6,759 | 6,787 | 6,760 | 6,736 | 6,734 | |||||
Occupied MH & Annual RV
| 6,691 | 6,672 | 6,642 | 6,613 | 6,609 | |||||
MH & Annual RV Occupancy %
| 99.0 | % | 98.3 | % | 98.3 | % | 98.2 | % | 98.1 | % |
Transient RV sites | 2,174 | 2,147 | 2,410 | 2,416 | 2,418 | |||||
Sites for development
| 694 | 534 | 534 | 127 | 127 | |||||
TEXAS | ||||||||||
Properties
| 30 | 30 | 26 | 25 | 24 | |||||
MH & Annual RV Developed sites
| 8,257 | 8,192 | 8,004 | 7,947 | 7,928 | |||||
Occupied MH & Annual RV
| 8,071 | 8,006 | 7,805 | 7,731 | 7,671 | |||||
MH & Annual RV Occupancy %
| 97.7 | % | 97.7 | % | 97.5 | % | 97.3 | % | 96.8 | % |
Transient RV sites | 2,475 | 2,576 | 2,131 | 1,835 | 1,773 | |||||
Sites for development
| 1,184 | 1,184 | 1,066 | 1,194 | 1,275 | |||||
ONTARIO, CANADA | ||||||||||
Properties
| 16 | 16 | 16 | 16 | 16 | |||||
MH & Annual RV Developed sites
| 4,410 | 4,363 | 4,361 | 4,302 | 4,199 | |||||
Occupied MH & Annual RV
| 4,410 | 4,363 | 4,361 | 4,302 | 4,199 | |||||
MH & Annual RV Occupancy %
| 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Transient RV sites | 827 | 874 | 807 | 870 | 964 | |||||
Sites for development
| 1,429 | 1,429 | 1,525 | 1,525 | 1,525 | |||||
CONNECTICUT | ||||||||||
Properties
| 16 | 16 | 16 | 16 | 16 | |||||
MH & Annual RV Developed sites
| 1,896 | 1,902 | 1,901 | 1,901 | 1,897 | |||||
Occupied MH & Annual RV
| 1,756 | 1,765 | 1,760 | 1,757 | 1,746 | |||||
MH & Annual RV Occupancy %
| 92.6 | % | 92.8 | % | 92.6 | % | 92.4 | % | 92.0 | % |
Transient RV sites | 109 | 103 | 104 | 104 | 108 | |||||
Sites for development
| - | - | - | - | - | |||||
MAINE | ||||||||||
Properties
| 15 | 15 | 13 | 13 | 13 | |||||
MH & Annual RV Developed sites
| 2,449 | 2,424 | 2,220 | 2,204 | 2,190 | |||||
Occupied MH & Annual RV
| 2,365 | 2,339 | 2,136 | 2,127 | 2,119 | |||||
MH & Annual RV Occupancy %
| 96.6 | % | 96.5 | % | 96.2 | % | 96.5 | % | 96.8 | % |
Transient RV sites | 981 | 1,007 | 776 | 792 | 805 | |||||
Sites for development
| 180 | 180 | 30 | 30 | 30 | |||||
MH and RV Property Summary(16)
| ||||||||||
3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | 3/31/2021 | ||||||
ARIZONA | ||||||||||
Properties
| 12 | 12 | 12 | 14 | 14 | |||||
MH & Annual RV Developed sites
| 4,184 | 4,123 | 4,071 | 4,401 | 4,391 | |||||
Occupied MH & Annual RV
| 3,994 | 3,917 | 3,853 | 4,116 | 4,101 | |||||
MH & Annual RV Occupancy %
| 95.5 | % | 95.0 | % | 94.6 | % | 93.5 | % | 93.4 | % |
Transient RV sites | 1,124 | 1,185 | 1,237 | 1,260 | 1,270 | |||||
Sites for development
| - | - | - | - | - | |||||
INDIANA | ||||||||||
Properties
| 12 | 12 | 12 | 12 | 12 | |||||
MH & Annual RV Developed sites
| 3,184 | 3,174 | 3,057 | 3,087 | 3,087 | |||||
Occupied MH & Annual RV
| 3,049 | 3,047 | 2,963 | 2,970 | 2,961 | |||||
MH & Annual RV Occupancy %
| 95.8 | % | 96.0 | % | 96.9 | % | 96.2 | % | 95.9 | % |
Transient RV sites | 992 | 1,002 | 1,089 | 1,089 | 1,089 | |||||
Sites for development
| 177 | 177 | 204 | 277 | 277 | |||||
NEW JERSEY | ||||||||||
Properties
| 11 | 11 | 9 | 8 | 8 | |||||
MH & Annual RV Developed sites
| 2,599 | 2,554 | 2,551 | 2,396 | 2,366 | |||||
Occupied MH & Annual RV
| 2,599 | 2,554 | 2,551 | 2,396 | 2,366 | |||||
MH & Annual RV Occupancy %
| 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Transient RV sites | 1,395 | 1,436 | 899 | 762 | 794 | |||||
Sites for development
| 262 | 262 | 262 | 262 | 262 | |||||
COLORADO | ||||||||||
Properties
| 10 | 10 | 10 | 10 | 10 | |||||
MH & Annual RV Developed sites
| 2,552 | 2,552 | 2,552 | 2,453 | 2,453 | |||||
Occupied MH & Annual RV
| 2,450 | 2,442 | 2,431 | 2,420 | 2,395 | |||||
MH & Annual RV Occupancy %
| 96.0 | % | 95.7 | % | 95.3 | % | 98.7 | % | 97.6 | % |
Transient RV sites | 987 | 987 | 987 | 987 | 962 | |||||
Sites for development
| 1,744 | 1,744 | 1,629 | 1,225 | 1,250 | |||||
NEW HAMPSHIRE | ||||||||||
Properties
| 10 | 10 | 10 | 10 | 10 | |||||
MH & Annual RV Developed sites
| 1,743 | 1,748 | 1,777 | 1,777 | 1,776 | |||||
Occupied MH & Annual RV
| 1,736 | 1,740 | 1,769 | 1,769 | 1,769 | |||||
MH & Annual RV Occupancy %
| 99.6 | % | 99.5 | % | 99.5 | % | 99.5 | % | 99.6 | % |
Transient RV sites | 655 | 650 | 602 | 602 | 456 | |||||
Sites for development
| 111 | 111 | 111 | 151 | 151 | |||||
NEW YORK | ||||||||||
Properties
| 10 | 10 | 10 | 10 | 10 | |||||
MH & Annual RV Developed sites
| 1,495 | 1,482 | 1,457 | 1,457 | 1,452 | |||||
Occupied MH & Annual RV
| 1,466 | 1,455 | 1,432 | 1,428 | 1,415 | |||||
MH & Annual RV Occupancy %
| 98.1 | % | 98.2 | % | 98.3 | % | 98.0 | % | 97.5 | % |
Transient RV sites | 1,646 | 1,659 | 1,684 | 1,684 | 1,689 | |||||
Sites for development
| 371 | 371 | 371 | 371 | 371 | |||||
VIRGINIA | ||||||||||
Properties
| 10 | 10 | 9 | 9 | 8 | |||||
MH & Annual RV Developed sites
| 1,259 | 1,253 | 1,238 | 1,198 | 1,179 | |||||
Occupied MH & Annual RV
| 1,255 | 1,251 | 1,237 | 1,194 | 1,177 | |||||
MH & Annual RV Occupancy %
| 99.7 | % | 99.8 | % | 99.9 | % | 99.7 | % | 99.8 | % |
Transient RV sites | 2,181 | 2,182 | 1,956 | 1,996 | 1,365 | |||||
Sites for development
| 367 | 367 | 162 | 162 | 162 |
MH and RV Property Summary(16)
| |||||||||||
3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | 3/31/2021 | |||||||
OHIO | |||||||||||
Properties
| 9 | 9 | 9 | 9 | 9 | ||||||
MH & Annual RV Developed sites
| 2,796 | 2,796 | 2,796 | 2,797 | 2,797 | ||||||
Occupied MH & Annual RV
| 2,755 | 2,759 | 2,753 | 2,770 | 2,760 | ||||||
MH & Annual RV Occupancy %
| 98.5 | % | 98.7 | % | 98.5 | % | 99.0 | % | 98.7 | % | |
Transient RV sites | 129 | 129 | 129 | 128 | 128 | ||||||
Sites for development
| 22 | 22 | 22 | 22 | 22 | ||||||
OTHER STATES / COUNTRY | |||||||||||
Properties
| 65 | 64 | 61 | 63 | 64 | ||||||
MH & Annual RV Developed sites
| 13,341 | 12,771 | 12,699 | 13,828 | 13,765 | ||||||
Occupied MH & Annual RV
| 12,996 | 12,443 | 12,390 | 13,344 | 13,253 | ||||||
MH & Annual RV Occupancy %
| 97.4 | % | 97.4 | % | 97.6 | % | 96.5 | % | 96.3 | % | |
Transient RV sites | 7,138 | 7,091 | 6,394 | 6,103 | 6,110 | ||||||
Sites for development
| 2,171 | 1,601 | 1,501 | 1,501 | 1,545 | ||||||
TOTAL - MH AND RV PORTFOLIO | |||||||||||
Properties
| 475 | 477 | 464 | 455 | 452 | ||||||
MH & Annual RV Developed sites
| 130,016 | 129,161 | 127,941 | 126,255 | 125,317 | ||||||
Occupied MH & Annual RV
| 126,771 | 125,833 | 124,612 | 123,010 | 121,969 | ||||||
MH & Annual RV Occupancy %
| 97.5 | % |
(17)
| 97.4 | % | 97.4 | % | 97.4 | % | 97.3 | % |
Transient RV sites | 29,267 | 29,847 | 27,922 | 27,032 | 26,295 | ||||||
Sites for development(18)
| 11,377 | 10,672 | 10,312 | 9,443 | 9,676 | ||||||
MH Communities age restricted | 120 | 121 | 121 | 120 | 120 |
Marina Property Summary(a)
| |||||
3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | 3/31/2021 | |
FLORIDA | |||||
Properties | 20 | 20 | 19 | 18 | 16 |
Total wet slips and dry storage spaces | 5,235 | 5,233 | 4,825 | 4,528 | 4,274 |
RHODE ISLAND | |||||
Properties | 12 | 12 | 12 | 11 | 11 |
Total wet slips and dry storage spaces | 3,465 | 3,485 | 3,485 | 3,302 | 3,302 |
CONNECTICUT | |||||
Properties | 11 | 11 | 11 | 11 | 11 |
Total wet slips and dry storage spaces | 3,307 | 3,299 | 3,299 | 3,299 | 3,299 |
CALIFORNIA | |||||
Properties | 9 | 9 | 8 | 7 | 5 |
Total wet slips and dry storage spaces | 4,118 | 3,940 | 3,527 | 2,884 | 2,297 |
MARYLAND | |||||
Properties | 9 | 9 | 8 | 8 | 8 |
Total wet slips and dry storage spaces | 2,665 | 2,645 | 2,409 | 2,409 | 2,409 |
MASSACHUSETTS | |||||
Properties | 9 | 9 | 9 | 9 | 9 |
Total wet slips and dry storage spaces | 2,518 | 2,546 | 2,546 | 2,546 | 2,546 |
NEW YORK | |||||
Properties | 8 | 8 | 8 | 8 | 8 |
Total wet slips and dry storage spaces | 2,822 | 2,783 | 2,783 | 2,783 | 2,783 |
OTHER STATES | |||||
Properties | 50 | 47 | 45 | 42 | 42 |
Total wet slips and dry storage spaces | 21,595 | 21,224 | 20,741 | 18,428 | 18,428 |
TOTAL - MARINA PORTFOLIO | |||||
Properties | 128 | 125 | 120 | 114 | 110 |
Total wet slips and dry storage spaces | 45,725 | 45,155 | 43,615 | 40,179 | 39,338 |
Three Months Ended | Year Ended | |||||||||||
March 31, 2022 | December 31, 2021 | December 31, 2020 | ||||||||||
Financial information | MH / RV | Marina | MH / RV | Marina | MH / RV | Marina | ||||||
Acquisitions(19)(a)
| $ | 214.2 | $ | 127.0 | $ | 944.3 | $ | 852.9 | $ | 571.9 | $ | 2,533.7 |
Expansion and Development(20)
| 45.1 | 2.3 | 191.8 | 9.9 | 248.2 | - | ||||||
Recurring Capital Expenditures(21)
| 11.5 | 4.3 | 45.3 | 19.3 | 31.4 | 2.1 | ||||||
Lot Modifications(22)
| 6.4 | N/A | 28.8 | N/A | 29.4 | N/A | ||||||
Growth Projects(23)
| 7.2 | 15.5 | 25.6 | 51.4 | 28.3 | - | ||||||
Rebranding(24)
| 3.7 | N/A | 6.1 | N/A | N/A | N/A | ||||||
Total | $ | 288.1 | $ | 149.1 | $ | 1,241.9 | $ | 933.5 | $ | 909.2 | $ | 2,535.8 |
Other Information | ||||||||||||
Recurring Capital Expenditures Average / Site* | $ | 90 | $ | 109 | $ | 371 | $ | 491 | $ | 265 | N/A |
Locations | Resident Move-outs |
Net Leased Sites(5)
| New Home Sales | Pre-owned Home Sales |
Brokered Re-sales |
Florida | 264 | 343 | 49 | 75 | 451 |
Michigan | 156 | 71 | 13 | 385 | 60 |
Ontario, Canada | 213 | 47 | 7 | 2 | 59 |
Texas | 96 | 65 | 14 | 79 | 30 |
Arizona | 20 | 77 | 18 | 4 | 53 |
Indiana | 12 | 2 | - | 56 | 5 |
Ohio | 20 | (4) | - | 28 | 2 |
California | 25 | 19 | 7 | 1 | 34 |
Colorado | 1 | 8 | 9 | 7 | 12 |
Connecticut | 16 | (9) | 6 | - | 6 |
New York | 41 | 11 | 3 | 2 | 2 |
New Hampshire | - | (4) | - | 1 | 11 |
Maine | 41 | 26 | 2 | 4 | 4 |
New Jersey | 89 | 45 | - | - | 4 |
Virginia | 86 | 4 | - | 3 | 1 |
Other states | 285 | (31) | 20 | 42 | 34 |
Three Months Ended March 31, 2022 | 1,365 | 670 | 148 | 689 | 768 |
Total For Year Ended | Resident Move-outs |
Net Leased Sites(5)
| New Home Sales | Pre-owned Home Sales |
Brokered Re-sales |
2021 | 5,276 | 2,483 | 732 | 3,356 | 3,528 |
2020 | 5,365 | 2,505 | 570 | 2,296 | 2,557 |
Percentage Trends | Resident Move-outs |
Resident Re-sales | ||
2022 TTM | 2.8 | % | 7.5 | % |
2021 | 2.7 | % | 8.4 | % |
2020 | 3.3 | % | 6.9 | % |
Three Months Ended | ||||
March 31, 2022 | March 31, 2021 | |||
Contingent consideration expense | $ | - | $ | (0.1) |
Repair reserve on repossessed homes | (0.6) | (0.4) | ||
Other expenses, net | $ | (0.6) | $ | (0.5) |
Three Months Ended | ||||
March 31, 2022 | March 31, 2021 | |||
Contingent consideration expense | $ | - | $ | 0.1 |
Deferred tax benefit | - | (0.2) | ||
RV rebranding non-recurring cost | 1.9 | - | ||
Other adjustments, net | $ | 1.9 | $ | (0.1) |
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Disclaimer
Sun Communities Inc. published this content on 25 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2022 20:59:14 UTC.