Summary - Earnings Press Release
| i |
Guidance |
vii |
Portfolio Overview, Research Coverage and Inquiries |
1 |
Financial Information
| |
Financial and Operating Highlights |
2 |
Consolidated Balance Sheets
| 4 |
Statements of Operations |
5 |
Outstanding Securities and Capitalization |
6 |
Debt Analysis |
7 |
Reconciliations to Non-GAAP Financial Measures |
8 |
Reconciliation of Net Income to Funds from Operations |
9 |
Reconciliation of Net Income to Net Operating Income |
10 |
Reconciliation of Net Income to Recurring EBITDA |
11 |
Non-GAAP and Other Financial Measures
| 12 |
Selected Financial Information | |
Same Property Summary - MH / RV |
13 |
Same Property Summary - Marina |
15 |
UK Operations Summary |
16 |
Acquisitions and Other Summary - (excluding UK Operations) |
17 |
Home Sales Summary - (excluding UK home sales) |
18 |
Rental Program Summary |
19 |
Marina Portfolio Summary |
20 |
Other Information | |
Property Summary - MH / RV |
21 |
Property Summary - Marina |
24 |
Acquisitions, Development and Capital Improvements |
25 |
Operating Statistics for MH and Annual RVs - (excluding UK Operations) |
26 |
Footnotes and Definitions |
27 |
Quarter Ended June 30, 2022 | ||||||
Total MH and RV Same Property |
MH Same Property |
RV Same Property | ||||
Revenue | 4.8 | % | 4.4 | % | 5.4 | % |
Expense | 7.3 | % | 8.3 | % | 6.4 | % |
NOI | 3.6 | % | 3.1 | % | 4.6 | % |
Six Months Ended June 30, 2022 | ||||||
Total MH and RV Same Property |
MH Same Property |
RV Same Property | ||||
Revenue | 6.8 | % | 4.4 | % | 11.3 | % |
Expense | 9.7 | % | 8.6 | % | 11.0 | % |
NOI | 5.5 | % | 3.1 | % | 11.5 | % |
Quarter Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||
Revenue | 6.1 | % | 6.8 | % |
Expense | 3.4 | % | 10.0 | % |
NOI | 7.1 | % | 5.0 | % |
Property Name | Property Type |
Sites, Wet Slips and Dry Storage Spaces | Development Sites | State, Province or Country |
Total Purchase Price (in millions) | Month Acquired | |
Park Holidays(a)
| MH | 15,906 | 1,140 | UK | $ | 1,242.1 | April |
Christies Parks(b)
| MH | 249 | - | UK | 10.1 | April | |
Bluewater Yacht Sales | Marina | 200 | - | Various states | 25.0 | April | |
Jarrett Bay Boatworks (Bluewater Yacht Sales)(b)
| Marina | - | - | Various states | 17.6 | April | |
Bodmin Holiday Park | MH | 69 | - | UK | 12.6 | April | |
Kittery Point
| Marina | 62 | - | ME | 7.9 | May | |
Spanish Trails MHC
| MH | 195 | 6 | AZ | 21.9 | June | |
Pine Acre Trails
| MH | 251 | 603 | TX | 29.7 | June | |
Bel Air Estates & Sunrise Estates(c)
| MH | 379 | - | CA | 40.0 | June | |
Park Leisure(d)
| MH | 2,914 | 391 | UK | 223.4 | June | |
Subtotal | 20,225 | 2,140 | $ | 1,630.3 | |||
Acquisitions subsequent to quarter end | |||||||
Gurney's Star Island Marina & Resort | Marina | 230 | - | NY | $ | 190.0 | July |
Subtotal | 230 | - | $ | 190.0 | |||
Total acquisitions | 20,455 | 2,140 | $ | 1,820.3 |
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 |
Q1 2022 ATM Forward Agreements | 600,503 | 455,500 | 145,003 | 80.3 | 26.0 | ||
Q2 2022 ATM Forward Agreements | 290,600 | 18,700 | 271,900 | 3.4 | 46.7 | ||
Total Unsettled Forward Equity Agreements | 998,503 | 474,200 | 524,303 | $ | 83.7 | $ | 94.1 |
Reconciliation of Basic earnings per share to Core FFO per diluted share and Constant Currency Core FFO per diluted share(1)(4)
|
Previous Range FY 2022E |
Revised Range FY 2022E | 3Q 2022E | |||||||||
Basic earnings per share | $ | 2.46 | $ | 2.58 | $ | 1.91 | $ | 2.01 | $ | 1.25 | $ | 1.30 |
Depreciation and amortization | 4.65 | 4.65 | 4.94 | 4.94 | 1.26 | 1.26 | ||||||
Gain on sale of assets | (0.46) | (0.46) | (0.51) | (0.51) | (0.09) | (0.09) | ||||||
Other adjustments(a)
| 0.55 | 0.55 | 0.83 | 0.83 | 0.10 | 0.10 | ||||||
Core FFO per fully diluted Share | $ | 7.20 | $ | 7.32 | $ | 7.17 | $ | 7.27 | $ | 2.52 | $ | 2.57 |
Constant currency adjustment(b)
| - | - | 0.05 | 0.05 | 0.04 | 0.04 | ||||||
Constant Currency Core FFO per fully diluted share | $ | 7.20 | $ | 7.32 | $ | 7.22 | $ | 7.32 | $ | 2.56 | $ | 2.61 |
1Q22 | 2Q22 | 3Q22 | 4Q22 | |
Seasonality of Constant Currency Core FFOper fully diluted Share(1)(4)
| 18.5% | 28.0% | 35.5% | 18.0% |
Previous Range | Revised Range | Guidance | |
MH and RV 2022 Same Property Portfolio (428 properties): | FY 2022E | FY 2022E | 3Q 2022E |
MH and RV Same Property NOI(1) growth
| 6.5% - 7.3% | 6.0% - 6.8% | 6.4% - 7.2% |
Marina 2022 Same Property Portfolio (101 properties) (in milions): |
2021 Marina Same Property NOI(1) Originally Reported
in Feb-2022 for
FY 2022 Guidance
|
2021 Marina Same Property NOI(1) Reclassified for
FY 2022 Guidance,
As Revised
| ||
Marina Same Property NOI(1)
| $ | 132.2 | $ | 151.1 |
Original Guidance FY 2022E Provided in Feb-2022 | Current Guidance | ||
Marina 2022 Same Property Growth: | FY 2022E | 3Q22E | |
Marina Same Property NOI(1) growth
| 6.0% - 7.4% | 6.0% - 6.8% | 7.6% - 9.0% |
1H22 | 3Q22 | 4Q22 | |
Seasonality of Marina Same Property NOI(1)
| 45.2% | 31.5% | 23.3% |
Quarter Ending | Six Months Ending | |
September 30, 2022 | December 31, 2022 | |
UK Operations NOI | $66.8 - $70.3 | $91.8 - $96.6 |
UK Operations NOI - constant currency | $73.2 - $77.0 | $100.5 - $105.8 |
RESEARCH COVERAGE | |
Refer to the Investor relations section of our website for research analyst coverage detail. | |
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 | ||||||||||
6/30/2022 | 3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | ||||||
Financial Information | ||||||||||
Total revenues | $ | 814.3 | $ | 548.5 | $ | 542.4 | $ | 684.3 | $ | 603.9 |
Net income | $ | 81.3 | $ | 1.5 | $ | 14.8 | $ | 250.2 | $ | 120.8 |
Net income attributable to SUI common shareholders | $ | 74.0 | $ | 0.7 | $ | 12.8 | $ | 231.8 | $ | 110.8 |
Basic earnings per share* | $ | 0.61 | $ | 0.01 | $ | 0.11 | $ | 2.00 | $ | 0.98 |
Diluted earnings per share* | $ | 0.61 | $ | 0.01 | $ | 0.11 | $ | 2.00 | $ | 0.98 |
Cash distributions declared per common share* | $ | 0.88 | $ | 0.88 | $ | 0.83 | $ | 0.83 | $ | 0.83 |
FFO attributable to SUI common shareholders and dilutive convertible securities(1)(4)
| $ | 246.0 | $ | 155.3 | $ | 152.3 | $ | 223.1 | $ | 198.4 |
Core FFO attributable to SUI common shareholders and dilutive convertible securities(1)(4)
| $ | 254.6 | $ | 162.8 | $ | 155.8 | $ | 244.5 | $ | 209.6 |
Constant Currency Core FFO Attributable to SUI Shareholders and Dilutive Convertible Securities | $ | 256.6 | N/A | N/A | N/A | N/A | ||||
FFO attributable to SUI common shareholders and dilutive convertible securities(1)(4) per share - fully diluted*
| $ | 1.95 | $ | 1.28 | $ | 1.28 | $ | 1.92 | $ | 1.70 |
Core FFO attributable to SUI common shareholders and dilutive convertible securities(1)(4) per share - fully diluted*
| $ | 2.02 | $ | 1.34 | $ | 1.31 | $ | 2.11 | $ | 1.80 |
Constant Currency Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share - Fully Diluted* | $ | 2.04 | N/A | N/A | N/A | N/A | ||||
Recurring EBITDA(1)
| $ | 328.4 | $ | 221.0 | $ | 208.6 | $ | 314.5 | $ | 268.1 |
Balance Sheet | ||||||||||
Total assets | $ | 16,397.8 | $ | 13,914.2 | $ | 13,494.1 | $ | 12,583.3 | $ | 12,041.0 |
Total debt | $ | 6,930.9 | $ | 6,076.5 | $ | 5,671.8 | $ | 4,689.4 | $ | 4,311.2 |
Total liabilities | $ | 8,566.3 | $ | 6,980.7 | $ | 6,474.6 | $ | 5,488.5 | $ | 5,099.6 |
Quarter Ended | ||||||||||
6/30/2022 | 3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | ||||||
Operating Information* | ||||||||||
Properties | 661 | 603 | 602 | 584 | 569 | |||||
United States and Canada | ||||||||||
Manufactured home sites | 99,185 | 98,279 | 98,621 | 98,301 | 97,448 | |||||
Annual RV sites | 31,768 | 31,121 | 30,540 | 29,640 | 28,807 | |||||
Transient RV sites | 28,682 | 29,267 | 29,847 | 27,922 | 27,032 | |||||
Total sites | 159,635 | 158,667 | 159,008 | 155,863 | 153,287 | |||||
Marina wet slips and dry storage spaces(a)
| 45,905 | 45,725 | 45,155 | 43,615 | 40,179 | |||||
MH occupancy | 96.3 | % | 96.7 | % | 96.6 | % | 96.6 | % | 96.7 | % |
Annual RV occupancy | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Blended MH and annual RV occupancy | 97.2 | % | 97.5 | % | 97.4 | % | 97.4 | % | 97.4 | % |
United Kingdom | ||||||||||
Manufactured home sites | 17,330 | 616 | N/A | N/A | N/A | |||||
Transient RV sites | 3,349 | - | N/A | N/A | N/A | |||||
Total sites | 20,679 | 616 | - | - | - | |||||
MH occupancy | 91.4 | % | 94.8 | % | N/A | N/A | N/A |
Quarter Ended | |||||
6/30/2022 | 3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | |
Revenue Producing Site Net Gains(5)*
| |||||
MH net leased sites(i)
| 132 | 65 | 321 | 144 | 226 |
RV net leased sites(i)
| 818 | 605 | 489 | 432 | 357 |
Total net leased sites(i)
| 950 | 670 | 810 | 576 | 583 |
June 30, 2022 | December 31, 2021 | |||
Assets | ||||
Land | $ | 3,766.7 | $ | 2,556.3 |
Land improvements and buildings | 10,867.1 | 9,958.3 | ||
Rental homes and improvements | 580.6 | 591.7 | ||
Furniture, fixtures and equipment | 749.9 | 656.4 | ||
Investment property | 15,964.3 | 13,762.7 | ||
Accumulated depreciation | (2,554.3) | (2,337.2) | ||
Investment property, net | 13,410.0 | 11,425.5 | ||
Cash, cash equivalents and restricted cash | 184.7 | 78.2 | ||
Marketable securities | 114.6 | 186.9 | ||
Inventory of manufactured homes | 108.1 | 51.1 | ||
Notes and other receivables, net | 509.0 | 469.6 | ||
Goodwill | 954.0 | 495.4 | ||
Other intangible assets, net | 399.1 | 306.8 | ||
Other assets, net | 718.3 | 480.6 | ||
Total Assets | $ | 16,397.8 | $ | 13,494.1 |
Liabilities | ||||
Secured debt | $ | 3,335.7 | $ | 3,380.7 |
Unsecured debt | 3,595.2 | 2,291.1 | ||
Distributions payable | 109.3 | 98.4 | ||
Advanced reservation deposits and rent | 385.2 | 242.8 | ||
Accrued expenses and accounts payable | 361.0 | 237.5 | ||
Other liabilities | 779.9 | 224.1 | ||
Total Liabilities | 8,566.3 | 6,474.6 | ||
Commitments and contingencies | ||||
Temporary equity | 293.3 | 288.9 | ||
Shareholders' Equity | ||||
Common stock | 1.2 | 1.2 | ||
Additional paid-in capital | 9,159.1 | 8,175.6 | ||
Accumulated other comprehensive income / (loss) | (28.3) | 3.1 | ||
Distributions in excess of accumulated earnings | (1,684.7) | (1,556.0) | ||
Total SUI shareholders' equity | 7,447.3 | 6,623.9 | ||
Noncontrolling interests | ||||
Common and preferred OP units | 86.2 | 86.8 | ||
Consolidated entities | 4.7 | 19.9 | ||
Total noncontrolling interests | 90.9 | 106.7 | ||
Total Shareholders' Equity | 7,538.2 | 6,730.6 | ||
Total Liabilities, Temporary Equity and Shareholders' Equity | $ | 16,397.8 | $ | 13,494.1 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, 2022 | June 30, 2021 | Change | % Change | June 30, 2022 | June 30, 2021 | Change | % Change | |||||||||
Revenues | ||||||||||||||||
Real property (excluding transient) | $ | 389.6 | $ | 328.3 | $ | 61.3 | 18.7 | % | $ | 732.8 | $ | 626.3 | $ | 106.5 | 17.0 | % |
Real property - transient | 98.1 | 77.0 | 21.1 | 27.4 | % | 143.1 | 109.5 | 33.6 | 30.7 | % | ||||||
Home sales | 142.7 | 81.8 | 60.9 | 74.4 | % | 207.4 | 134.0 | 73.4 | 54.8 | % | ||||||
Service, retail, dining and entertainment | 168.0 | 107.1 | 60.9 | 56.9 | % | 248.8 | 157.8 | 91.0 | 57.7 | % | ||||||
Interest | 7.3 | 2.8 | 4.5 | 160.7 | % | 14.1 | 5.4 | 8.7 | 161.1 | % | ||||||
Brokerage commissions and other, net | 8.6 | 6.9 | 1.7 | 24.6 | % | 16.6 | 12.9 | 3.7 | 28.7 | % | ||||||
Total Revenues | 814.3 | 603.9 | 210.4 | 34.8 | % | 1,362.8 | 1,045.9 | 316.9 | 30.3 | % | ||||||
Expenses | ||||||||||||||||
Property operating and maintenance | 155.2 | 123.8 | 31.4 | 25.4 | % | 284.5 | 224.4 | 60.1 | 26.8 | % | ||||||
Real estate tax | 27.7 | 23.2 | 4.5 | 19.4 | % | 53.8 | 45.6 | 8.2 | 18.0 | % | ||||||
Home costs and selling | 92.9 | 58.8 | 34.1 | 58.0 | % | 138.8 | 100.4 | 38.4 | 38.2 | % | ||||||
Service, retail, dining and entertainment | 147.9 | 84.7 | 63.2 | 74.6 | % | 218.4 | 133.1 | 85.3 | 64.1 | % | ||||||
General and administrative | 62.2 | 45.3 | 16.9 | 37.3 | % | 117.9 | 83.5 | 34.4 | 41.2 | % | ||||||
Catastrophic event-related charges, net | 0.1 | 0.4 | (0.3) | (75.0) | % | 0.1 | 2.8 | (2.7) | (96.4) | % | ||||||
Business combinations | 15.0 | (0.2) | 15.2 | N/M | 15.5 | 1.0 | 14.5 | N/M | ||||||||
Depreciation and amortization | 150.2 | 127.1 | 23.1 | 18.2 | % | 298.7 | 251.0 | 47.7 | 19.0 | % | ||||||
Loss on extinguishment of debt | 0.1 | 8.1 | (8.0) | (98.8) | % | 0.4 | 8.1 | (7.7) | (95.1) | % | ||||||
Interest | 55.3 | 37.7 | 17.6 | 46.7 | % | 100.5 | 77.2 | 23.3 | 30.2 | % | ||||||
Interest on mandatorily redeemable preferred OP units / equity | 1.1 | 1.0 | 0.1 | 10.0 | % | 2.1 | 2.0 | 0.1 | 5.0 | % | ||||||
Total Expenses | 707.7 | 509.9 | 197.8 | 38.8 | % | 1,230.7 | 929.1 | 301.6 | 32.5 | % | ||||||
Income Before Other Items | 106.6 | 94.0 | 12.6 | 13.4 | % | 132.1 | 116.8 | 15.3 | 13.1 | % | ||||||
Gain / (loss) on remeasurement of marketable securities | (32.3) | 27.5 | (59.8) | N/M | (66.8) | 31.2 | (98.0) | N/M | ||||||||
Gain / (loss) on foreign currency exchanges | 9.0 | (0.1) | 9.1 | N/M | 6.8 | (0.1) | 6.9 | N/M | ||||||||
Gain / (loss) on dispositions of properties | (0.1) | - | (0.1) | N/A | 13.3 | - | 13.3 | N/A | ||||||||
Other income / (expense), net(6)
| 0.4 | (0.2) | 0.6 | N/M | (0.2) | (0.7) | 0.5 | (71.4) | % | |||||||
Gain on remeasurement of notes receivable | - | 0.1 | (0.1) | N/A | 0.2 | 0.5 | (0.3) | (60.0) | % | |||||||
Income from nonconsolidated affiliates | 0.9 | 0.8 | 0.1 | 12.5 | % | 1.8 | 2.0 | (0.2) | (10.0) | % | ||||||
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates | 0.4 | (0.1) | 0.5 | N/M | 0.5 | - | 0.5 | N/A | ||||||||
Current tax expense | (3.9) | (1.2) | (2.7) | (225.0) | % | (5.2) | (1.0) | (4.2) | 420.0 | % | ||||||
Deferred tax benefit | 0.3 | - | 0.3 | N/A | 0.3 | 0.1 | 0.2 | 200.0 | % | |||||||
Net Income | 81.3 | 120.8 | (39.5) | (32.7) | % | 82.8 | 148.8 | (66.0) | (44.4) | % | ||||||
Less: Preferred return to preferred OP units / equity interests | 3.1 | 3.0 | 0.1 | 3.3 | % | 6.1 | 5.9 | 0.2 | 3.4 | % | ||||||
Less: Income attributable to noncontrolling interests | 4.2 | 7.0 | (2.8) | (40.0) | % | 2.0 | 7.3 | (5.3) | (72.6) | % | ||||||
Net Income Attributable to SUI Common Shareholders | $ | 74.0 | $ | 110.8 | $ | (36.8) | (33.2) | % | $ | 74.7 | $ | 135.6 | $ | (60.9) | (44.9) | % |
Weighted average common shares outstanding - basic | 120.0 | 112.1 | 7.9 | 7.0 | % | 117.6 | 110.0 | 7.6 | 6.9 | % | ||||||
Weighted average common shares outstanding - diluted | 120.0 | 112.1 | 7.9 | 7.0 | % | 120.4 | 112.6 | 7.8 | 6.9 | % | ||||||
Basic earnings per share | $ | 0.61 | $ | 0.98 | $ | (0.37) | (37.8) | % | $ | 0.63 | $ | 1.22 | $ | (0.59) | (48.4) | % |
Diluted earnings per share | $ | 0.61 | $ | 0.98 | $ | (0.37) | (37.8) | % | $ | 0.63 | $ | 1.22 | $ | (0.59) | (48.4) | % |
Outstanding Securities - As of June 30, 2022
| |||||||
Number of Units / Shares Outstanding | Conversion Rate* |
If Converted(a)
|
Issuance Price* Per Unit | Annual Distribution Rate | |||
Non-convertible Securities | |||||||
Common shares | 121,644 | N/A | N/A | N/A | $3.52^ | ||
Convertible Securities | |||||||
Common OP units | 2,565 | 1.0000 | 2,565 | 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 June 30, 2022
| |||||
Equity | Shares | Share Price* | Total | ||
Common shares | 121,644 | $ | 159.36 | $ | 19,385.2 |
Common OP units | 2,565 | $ | 159.36 | 408.8 | |
Subtotal | 124,209 | $ | 19,794.0 | ||
Preferred OP units, as converted | 2,802 | $ | 159.36 | 446.5 | |
Total diluted shares outstanding | 127,011 | $ | 20,240.5 | ||
Debt | |||||
Secured debt | $ | 3,335.7 | |||
Unsecured debt | 3,595.2 | ||||
Total debt | $ | 6,930.9 | |||
Total Capitalization | $ | 27,171.4 |
Quarter Ended | ||||||||||
6/30/2022 | 3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | ||||||
Debt Outstanding | ||||||||||
Secured debt | $ | 3,335.7 | $ | 3,366.6 | $ | 3,380.7 | $ | 3,403.4 | $ | 3,457.7 |
Unsecured debt | ||||||||||
Senior unsecured notes | 1,778.6 | 1,186.7 | 1,186.4 | 591.3 | 591.7 | |||||
Line of credit and other debt(7)
| 1,746.7 | 1,453.3 | 1,034.8 | 624.8 | 191.9 | |||||
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 | 3,595.2 | 2,709.9 | 2,291.1 | 1,286.0 | 853.5 | |||||
Total debt | $ | 6,930.9 | $ | 6,076.5 | $ | 5,671.8 | $ | 4,689.4 | $ | 4,311.2 |
% Fixed / Floating* | ||||||||||
Fixed | 74.9 | % | 76.2 | % | 81.8 | % | 86.7 | % | 94.7 | % |
Floating | 25.1 | % | 23.8 | % | 18.2 | % | 13.3 | % | 5.3 | % |
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Weighted Average Interest Rates* | ||||||||||
Secured debt | 3.78 | % | 3.78 | % | 3.78 | % | 3.78 | % | 3.75 | % |
Senior unsecured notes | 3.10 | % | 2.55 | % | 2.55 | % | 2.70 | % | 2.70 | % |
Line of credit and other debt(7)
| 2.76 | % | 1.25 | % | 0.98 | % | 0.98 | % | 0.93 | % |
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 | 3.37 | % | 2.96 | % | 3.04 | % | 3.30 | % | 3.52 | % |
Debt Ratios* | ||||||||||
Net Debt / Recurring EBITDA(1) (TTM)
| 6.3 | 5.9 | 5.7 | 4.9 | 5.1 | |||||
Net Debt / Enterprise Value | 25.0 | % | 21.9 | % | 18.0 | % | 17.1 | % | 16.8 | % |
Net Debt / Gross Assets | 35.7 | % | 36.6 | % | 35.4 | % | 31.2 | % | 29.6 | % |
Coverage Ratios* | ||||||||||
Recurring EBITDA(1) (TTM) / Interest
| 5.9 | 6.2 | 6.2 | 6.1 | 5.6 | |||||
Recurring EBITDA(1) (TTM) / Interest + Pref. Distributions + Pref. Stock Distribution
| 5.8 | 6.0 | 6.0 | 6.0 | 5.5 |
Maturities / Principal Amortization Next Five Years | 2022 | 2023 | 2024 | 2025 | 2026 | |||||
Secured debt | ||||||||||
Maturities | $ | 55.1 | $ | 185.6 | $ | 315.4 | $ | 50.6 | $ | 521.6 |
Principal amortization | 30.6 | 60.9 | 57.4 | 54.0 | 45.9 | |||||
Line of credit and other debt(7)
| 3.0 | 10.0 | 10.0 | 1,065.2 | 662.0 | |||||
Preferred Equity - Sun NG Resorts - mandatorily redeemable | - | - | 33.4 | 1.8 | - | |||||
Preferred OP units - mandatorily redeemable | - | - | 27.4 | - | - | |||||
Total | $ | 88.7 | $ | 256.5 | $ | 443.6 | $ | 1,171.6 | $ | 1,229.5 |
Weighted average rate of maturities* | 4.65 | % | 4.08 | % | 4.47 | % | 4.04 | % | 3.75 | % |
Three Months Ended | Six Months Ended | |||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||
Net Income Attributable to SUI Common Shareholders | $ | 74.0 | $ | 110.8 | $ | 74.7 | $ | 135.6 |
Adjustments | ||||||||
Depreciation and amortization | 149.5 | 126.7 | 297.8 | 250.5 | ||||
Depreciation on nonconsolidated affiliates | 0.1 | - | 0.1 | 0.1 | ||||
(Gain) / loss on remeasurement of marketable securities | 32.3 | (27.5) | 66.8 | (31.2) | ||||
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates | (0.4) | 0.1 | (0.5) | - | ||||
Gain on remeasurement of notes receivable | - | (0.1) | (0.2) | (0.5) | ||||
Income attributable to noncontrolling interests | 4.2 | 5.0 | 2.0 | 4.9 | ||||
Returns on preferred OP units | 3.4 | 1.0 | 6.7 | 1.9 | ||||
(Gain) / loss on dispositions of properties | 0.1 | - | (13.3) | - | ||||
Gain on dispositions of assets, net | (17.2) | (17.6) | (32.3) | (25.8) | ||||
FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities(1)(4)
| $ | 246.0 | $ | 198.4 | $ | 401.8 | $ | 335.5 |
Adjustments | ||||||||
Business combination expense and other acquisition related costs(8)
| 17.8 | 2.3 | 20.9 | 4.2 | ||||
Loss on extinguishment of debt | 0.1 | 8.1 | 0.4 | 8.1 | ||||
Catastrophic event-related charges, net | 0.2 | 0.4 | 0.2 | 2.8 | ||||
Loss of earnings - catastrophic event-related | - | - | - | 0.2 | ||||
(Gain) / loss on foreign currency exchanges | (9.0) | 0.1 | (6.8) | 0.1 | ||||
Other adjustments, net(9)
| (0.5) | 0.3 | 1.4 | 0.2 | ||||
Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities(1)(4)
| $ | 254.6 | $ | 209.6 | $ | 417.9 | $ | 351.1 |
Adjustment | ||||||||
Foreign currency impact(a)
| 2.0 | - | 2.0 | - | ||||
Constant Currency Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities | $ | 256.6 | $ | 209.6 | $ | 419.9 | $ | 351.1 |
Weighted average common shares outstanding - basic | 120.0 | 112.1 | 117.6 | 110.0 | ||||
Add | ||||||||
Common shares dilutive effect from forward equity sale | - | - | 0.2 | - | ||||
Restricted stock | 0.3 | 0.6 | 0.4 | 0.4 | ||||
Common OP units | 2.6 | 2.6 | 2.6 | 2.6 | ||||
Common stock issuable upon conversion of certain preferred OP units | 3.1 | 1.1 | 3.1 | 1.1 | ||||
Weighted Average Common Shares Outstanding - Fully Diluted | 126.0 | 116.4 | 123.9 | 114.1 | ||||
FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities(1)(4) Per Share - Fully Diluted
| $ | 1.95 | $ | 1.70 | $ | 3.24 | $ | 2.94 |
Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities(1)(4) Per Share - Fully Diluted
| $ | 2.02 | $ | 1.80 | $ | 3.37 | $ | 3.08 |
Constant Currency Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share - Fully Diluted | $ | 2.04 | $ | 1.80 | $ | 3.39 | $ | 3.08 |
Three Months Ended | Six Months Ended | |||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||
Net Income Attributable to SUI Common Shareholders | $ | 74.0 | $ | 110.8 | $ | 74.7 | $ | 135.6 |
Interest income | (7.3) | (2.8) | (14.1) | (5.4) | ||||
Brokerage commissions and other revenues, net | (8.6) | (6.9) | (16.6) | (12.9) | ||||
General and administrative | 62.2 | 45.3 | 117.9 | 83.5 | ||||
Catastrophic event-related charges, net | 0.1 | 0.4 | 0.1 | 2.8 | ||||
Business combination expense | 15.0 | (0.2) | 15.5 | 1.0 | ||||
Depreciation and amortization | 150.2 | 127.1 | 298.7 | 251.0 | ||||
Loss on extinguishment of debt | 0.1 | 8.1 | 0.4 | 8.1 | ||||
Interest expense | 55.3 | 37.7 | 100.5 | 77.2 | ||||
Interest on mandatorily redeemable preferred OP units / equity | 1.1 | 1.0 | 2.1 | 2.0 | ||||
(Gain) / loss on remeasurement of marketable securities | 32.3 | (27.5) | 66.8 | (31.2) | ||||
(Gain) / loss on foreign currency exchanges | (9.0) | 0.1 | (6.8) | 0.1 | ||||
(Gain) / loss on disposition of properties | 0.1 | - | (13.3) | - | ||||
Other (income) / expense, net(6)
| (0.4) | 0.2 | 0.2 | 0.7 | ||||
Gain on remeasurement of notes receivable | - | (0.1) | (0.2) | (0.5) | ||||
Income from nonconsolidated affiliates | (0.9) | (0.8) | (1.8) | (2.0) | ||||
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates | (0.4) | 0.1 | (0.5) | - | ||||
Current tax expense | 3.9 | 1.2 | 5.2 | 1.0 | ||||
Deferred tax benefit | (0.3) | - | (0.3) | (0.1) | ||||
Preferred return to preferred OP units / equity interests | 3.1 | 3.0 | 6.1 | 5.9 | ||||
Less: Income attributable to noncontrolling interests | 4.2 | 7.0 | 2.0 | 7.3 | ||||
NOI(1)
| $ | 374.7 | $ | 303.7 | $ | 636.6 | $ | 524.1 |
Three Months Ended | Six Months Ended | |||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||
Real Property NOI(1)
| $ | 304.8 | $ | 258.3 | $ | 537.6 | $ | 465.8 |
Home Sales NOI(1)
| 49.8 | 23.0 | 68.6 | 33.6 | ||||
Service, retail, dining and entertainment NOI(1)
| 20.1 | 22.4 | 30.4 | 24.7 | ||||
NOI(1)
| $ | 374.7 | $ | 303.7 | $ | 636.6 | $ | 524.1 |
Three Months Ended | Six Months Ended | |||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||
Net Income Attributable to SUI Common Shareholders | $ | 74.0 | $ | 110.8 | $ | 74.7 | $ | 135.6 |
Adjustments | ||||||||
Depreciation and amortization | 150.2 | 127.1 | 298.7 | 251.0 | ||||
Loss on extinguishment of debt | 0.1 | 8.1 | 0.4 | 8.1 | ||||
Interest expense | 55.3 | 37.7 | 100.5 | 77.2 | ||||
Interest on mandatorily redeemable preferred OP units / equity | 1.1 | 1.0 | 2.1 | 2.0 | ||||
Current tax expense
| 3.9 | 1.2 | 5.2 | 1.0 | ||||
Deferred tax benefit | (0.3) | - | (0.3) | (0.1) | ||||
Income from nonconsolidated affiliates | (0.9) | (0.8) | (1.8) | (2.0) | ||||
Less: (Gain) / loss on dispositions of properties | 0.1 | - | (13.3) | - | ||||
Less: Gain on dispositions of assets, net | (17.2) | (17.6) | (32.3) | (25.8) | ||||
EBITDAre(1)
| $ | 266.3 | $ | 267.5 | $ | 433.9 | $ | 447.0 |
Adjustments | ||||||||
Catastrophic event-related charges, net | 0.1 | 0.4 | 0.1 | 2.8 | ||||
Business combination expense | 15.0 | (0.2) | 15.5 | 1.0 | ||||
(Gain) / loss on remeasurement of marketable securities | 32.3 | (27.5) | 66.8 | (31.2) | ||||
(Gain) / loss on foreign currency transactions | (9.0) | 0.1 | (6.8) | 0.1 | ||||
Other (income) / expense, net(6)
| (0.4) | 0.2 | 0.2 | 0.7 | ||||
Gain on remeasurement of notes receivable | - | (0.1) | (0.2) | (0.5) | ||||
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates | (0.4) | 0.1 | (0.5) | - | ||||
Preferred return to preferred OP units / equity interests | 3.1 | 3.0 | 6.1 | 5.9 | ||||
Less: Income attributable to noncontrolling interests | 4.2 | 7.0 | 2.0 | 7.3 | ||||
Plus: Gain on dispositions of assets, net | 17.2 | 17.6 | 32.3 | 25.8 | ||||
Recurring EBITDA(1)
| $ | 328.4 | $ | 268.1 | $ | 549.4 | $ | 458.9 |
Three Months Ended | ||||||||||||||||||||||||
Total Same Property - MH / RV | MH | RV | ||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | Change |
% Change(a)
| June 30, 2022 | June 30, 2021 | Change |
% Change(a)
| June 30, 2022 | June 30, 2021 | Change |
% Change(a)
| |||||||||||||
Financial Information | ||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||
Real property (excluding transient) | $ | 236.4 | $ | 223.2 | $ | 13.2 | 5.9 | % | $ | 184.0 | $ | 176.5 | $ | 7.5 | 4.3 | % | $ | 52.4 | $ | 46.7 | $ | 5.7 | 12.1 | % |
Real property - transient | 65.5 | 65.2 | 0.3 | 0.6 | % | 0.2 | 0.4 | (0.2) | (42.8) | % | 65.3 | 64.8 | 0.5 | 0.8 | % | |||||||||
Other | 12.7 | 11.9 | 0.8 | 6.5 | % | 5.6 | 4.9 | 0.7 | 12.3 | % | 7.1 | 7.0 | 0.1 | 2.4 | % | |||||||||
Total Operating | 314.6 | 300.3 | 14.3 | 4.8 | % | 189.8 | 181.8 | 8.0 | 4.4 | % | 124.8 | 118.5 | 6.3 | 5.4 | % | |||||||||
Expense | ||||||||||||||||||||||||
Property Operating(10)(11)
| 103.6 | 96.6 | 7.0 | 7.3 | % | 49.6 | 45.9 | 3.7 | 8.3 | % | 54.0 | 50.7 | 3.3 | 6.4 | % | |||||||||
Real Property NOI(1)
| $ | 211.0 | $ | 203.7 | $ | 7.3 | 3.6 | % | $ | 140.2 | $ | 135.9 | $ | 4.3 | 3.1 | % | $ | 70.8 | $ | 67.8 | $ | 3.0 | 4.6 | % |
Six Months Ended | ||||||||||||||||||||||||
Total Same Property - MH / RV | MH | RV | ||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | Change |
% Change(a)
| June 30, 2022 | June 30, 2021 | Change |
% Change(a)
| June 30, 2022 | June 30, 2021 | Change |
% Change(a)
| |||||||||||||
Financial Information | ||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||
Real property (excluding Transient) | $ | 469.5 | $ | 441.8 | $ | 27.7 | 6.3 | % | $ | 366.5 | $ | 351.3 | $ | 15.2 | 4.3 | % | $ | 103.0 | $ | 90.5 | $ | 12.5 | 13.8 | % |
Real property - transient | 104.7 | 95.5 | 9.2 | 9.6 | % | 0.7 | 1.0 | (0.3) | (30.0) | % | 104.0 | 94.5 | 9.5 | 10.1 | % | |||||||||
Other | 20.2 | 19.1 | 1.1 | 5.8 | % | 10.4 | 9.3 | 1.1 | 12.3 | % | 9.8 | 9.8 | - | - | % | |||||||||
Total Operating | 594.4 | 556.4 | 38.0 | 6.8 | % | 377.6 | 361.6 | 16.0 | 4.4 | % | 216.8 | 194.8 | 22.0 | 11.3 | % | |||||||||
Expense | ||||||||||||||||||||||||
Property Operating(10)(11)
| 192.5 | 175.4 | 17.1 | 9.7 | % | 97.4 | 89.7 | 7.7 | 8.6 | % | 95.1 | 85.7 | 9.4 | 11.0 | % | |||||||||
Real Property NOI(1)
| $ | 401.9 | $ | 381.0 | $ | 20.9 | 5.5 | % | $ | 280.2 | $ | 271.9 | $ | 8.3 | 3.1 | % | $ | 121.7 | $ | 109.1 | $ | 12.6 | 11.5 | % |
As of | |||||||
June 30, 2022 | June 30, 2021 | Change | % Change | ||||
Other Information | |||||||
Number of properties | 425 | 425 | - | ||||
MH occupancy | 97.3 | % | |||||
RV occupancy | 100.0 | % | |||||
MH & RV blended occupancy(3)
| 98.0 | % | |||||
Adjusted MH occupancy(3)
| 98.0 | % | |||||
Adjusted RV occupancy(3)
| 100.0 | % | |||||
Adjusted MH & RV blended occupancy(3)
| 98.5 | % | 96.8 | % | 1.7 | % | |
Sites available for development | 8,082 | 8,135 | (53) | ||||
Monthly base rent per site - MH | $ | 625 | $ | 600 | $ | 25 |
4.1%(13)
|
Monthly base rent per site - RV(12)
| $ | 558 | $ | 523 | $ | 35 |
6.8%(13)
|
Monthly base rent per site - Total(12)
| $ | 608 | $ | 582 | $ | 26 |
4.5%(13)
|
Monthly base rent per site - MH Rental Program | $ | 1,168 | $ | 1,070 | $ | 98 | 9.2% |
Three Months Ended | ||||||||
June 30, 2022 | June 30, 2021 | Change |
% Change(a)
| |||||
Financial Information | ||||||||
Revenue | ||||||||
Real property (excluding transient) | $ | 57.6 | $ | 53.7 | $ | 3.9 | 7.4 | % |
Real property - transient | 3.7 | 4.1 | (0.4) | (9.3) | % | |||
Other | 3.3 | 3.2 | 0.1 | 3.8 | % | |||
Total Operating | 64.6 | 61.0 | 3.6 | 6.1 | % | |||
Expense | ||||||||
Property Operating(10)
| 17.2 | 16.7 | 0.5 | 3.4 | % | |||
Real Property NOI(1)
| $ | 47.4 | $ | 44.3 | $ | 3.1 | 7.1 | % |
Six Months Ended | ||||||||
June 30, 2022 | June 30, 2021 | Change |
% Change(a)
| |||||
Financial Information | ||||||||
Revenue | ||||||||
Real property (excluding Transient) | $ | 103.4 | $ | 97.0 | $ | 6.4 | 6.6 | % |
Real property - transient | 5.1 | 5.0 | 0.1 | 2.5 | % | |||
Other | 5.7 | 4.9 | 0.8 | 14.3 | % | |||
Total Operating | 114.2 | 106.9 | 7.3 | 6.8 | % | |||
Expense | ||||||||
Property Operating(10)
| 41.6 | 37.8 | 3.8 | 10.0 | % | |||
Real Property NOI(1)
| $ | 72.6 | $ | 69.1 | $ | 3.5 | 5.0 | % |
As of | |||||
June 30, 2022 | June 30, 2021 | Change | % Change | ||
Other Information | |||||
Number of properties | 101 | 101 | - | - | % |
Wet slip and dry storage spaces | 35,616 | 35,744 | (128) | (0.4) | % |
April 8, 2022
to
June 30, 2022
| ||
Financial Information | ||
Revenues | ||
Real property (excluding transient) | $ | 16.9 |
Real property - transient | 12.9 | |
Other | 0.6 | |
Total Operating | 30.4 | |
Expenses | ||
Property Operating(10)
| 15.0 | |
Real Property NOI(1)
| 15.4 | |
Home sales | ||
Revenue | 60.6 | |
Cost of home sales | 32.1 | |
Home selling expenses | 2.3 | |
NOI(1)
| 26.2 | |
Retail, dining and entertainment | ||
Revenue | 11.5 | |
Expense | 12.6 | |
Net Operating Loss | (1.1) | |
UK Operations NOI(1)
| $ | 40.5 |
Statistical information | ||
Number of properties | 53 | |
Developed sites | 17,330 | |
Occupied sites | 15,841 | |
Occupancy % | 91.4% | |
Sites available for development | 1,987 | |
Home Sales | ||
New home sales volume | 255 | |
Pre-owned home sales volume | 480 | |
Total home sales volume | 735 |
Three Months Ended | Six Months Ended | |||
June 30, 2022 | June 30, 2022 | |||
Financial Information | ||||
Revenues | ||||
Real property (excluding transient) | $ | 30.7 | $ | 58.5 |
Real property - transient | 15.9 | 20.4 | ||
Other | 4.2 | 6.2 | ||
Total Operating | 50.8 | 85.1 | ||
Expenses | ||||
Property Operating(10)
| 19.8 | 37.4 | ||
Real Property NOI(1)
| $ | 31.0 | $ | 47.7 |
Other Information | June 30, 2022 | |||
Number of properties | 106 | |||
MH and RV Developed sites | 23,583 | |||
MH and RV Occupied sites | 20,964 | |||
MH and RV Occupancy % | 88.9 | % | ||
Transient sites | 10,850 | |||
Wet slips and dry storage spaces | 10,289 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, 2022 | June 30, 2021 | Change | % Change | June 30, 2022 | June 30, 2021 | Change | % Change | |||||||||
Financial Information | ||||||||||||||||
New Homes | ||||||||||||||||
New home sales | $ | 37.1 | $ | 34.7 | $ | 2.4 | 6.9 | % | $ | 63.7 | $ | 57.7 | $ | 6.0 | 10.4 | % |
New home cost of sales | 29.9 | 28.2 | 1.7 | 6.0 | % | 51.5 | 46.9 | 4.6 | 9.8 | % | ||||||
Gross profit- new homes
| 7.2 | 6.5 | 0.7 | 10.8 | % | 12.2 | 10.8 | 1.4 | 13.0 | % | ||||||
Gross margin % - new homes | 19.4 | % | 18.7 | % | 0.7 | % | 19.2 | % | 18.7 | % | 0.5 | % | ||||
Average selling price - new homes* | $ | 164,159 | $ | 153,132 | $ | 11,027 | 7.2 | % | $ | 170,321 | $ | 153,545 | $ | 16,776 | 10.9 | % |
Pre-owned Homes | ||||||||||||||||
Pre-owned home sales | $ | 45.0 | $ | 47.1 | $ | (2.1) | (4.5) | % | $ | 83.1 | $ | 76.3 | $ | 6.8 | 8.9 | % |
Pre-owned home cost of sales | 24.2 | 26.0 | (1.8) | (6.9) | % | 44.0 | 44.6 | (0.6) | (1.3) | % | ||||||
Gross profit - pre-owned homes
| 20.8 | 21.1 | (0.3) | (1.4) | % | 39.1 | 31.7 | 7.4 | 23.3 | % | ||||||
Gross margin % - pre-owned homes | 46.2 | % | 44.9 | % | 1.3 | % | 47.1 | % | 41.7 | % | 5.4 | % | ||||
Average selling price - pre-owned homes* | $ | 59,920 | $ | 50,577 | $ | 9,343 | 18.5 | % | $ | 57,708 | $ | 47,195 | $ | 10,513 | 22.3 | % |
Total Home Sales | ||||||||||||||||
Revenue from home sales | $ | 82.1 | $ | 81.8 | $ | 0.3 | 0.4 | % | $ | 146.8 | $ | 134.0 | $ | 12.8 | 9.6 | % |
Cost of home sales | 54.1 | 54.2 | (0.1) | (0.2) | % | 95.5 | 91.5 | 4.0 | 4.4 | % | ||||||
Home selling expenses | 4.4 | 4.6 | (0.2) | (4.3) | % | 8.9 | 8.9 | - | - | % | ||||||
Home Sales NOI(1)
| $ | 23.6 | $ | 23.0 | $ | 0.6 | 2.6 | % | $ | 42.4 | $ | 33.6 | $ | 8.8 | 26.2 | % |
Other Information | ||||||||||||||||
New home sales volume* | 226 | 227 | (1) | (0.4) | % | 374 | 376 | (2) | (0.5) | % | ||||||
Pre-owned home sales volume* | 751 | 931 | (180) | (19.3) | % | 1,440 | 1,617 | (177) | (10.9) | % | ||||||
Total home sales volume* | 977 | 1,158 | (181) | (15.6) | % | 1,814 | 1,993 | (179) | (9.0) | % |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, 2022 | June 30, 2021 | Change | % Change | June 30, 2022 | June 30, 2021 | Change | % Change | |||||||||
Financial Information | ||||||||||||||||
Revenues | $ | 32.1 | $ | 35.8 | $ | (3.7) | (10.3) | % | $ | 64.3 | $ | 71.9 | $ | (7.6) | (10.6) | % |
Expenses | 5.0 | 4.6 | 0.4 | 8.7 | % | 9.9 | 9.8 | 0.1 | 1.0 | % | ||||||
Rental Program NOI(1)
| $ | 27.1 | $ | 31.2 | $ | (4.1) | (13.1) | % | $ | 54.4 | $ | 62.1 | $ | (7.7) | (12.4) | % |
Other Information | ||||||||||||||||
Number of sold rental homes* | 193 | 281 | (88) | (31.3) | % | 370 | 492 | (122) | (24.8) | % | ||||||
Number of occupied rentals, end of period* | 9,204 | 10,951 | (1,747) | (16.0) | % | |||||||||||
Investment in occupied rental homes, end of period | $ | 535.0 | $ | 601.8 | $ | (66.8) | (11.1) | % | ||||||||
Weighted average monthly rental rate, end of period* | $ | 1,162 | $ | 1,065 | $ | 97 | 9.1 | % |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, 2022 | June 30, 2021 | Change | % Change | June 30, 2022 | June 30, 2021 | Change | % Change | |||||||||
Financial Information | ||||||||||||||||
Revenues | ||||||||||||||||
Real property (excluding transient) | $ | 82.0 | $ | 61.9 | $ | 20.1 | 32.5 | % | $ | 149.0 | $ | 108.0 | $ | 41.0 | 38.0 | % |
Real property - transient | 5.1 | 4.2 | 0.9 | 21.4 | % | 7.6 | 5.1 | 2.5 | 49.0 | % | ||||||
Other | 4.5 | 3.0 | 1.5 | 50.0 | % | 7.4 | 4.6 | 2.8 | 60.9 | % | ||||||
Total Operating | 91.6 | 69.1 | 22.5 | 32.6 | % | 164.0 | 117.7 | 46.3 | 39.3 | % | ||||||
Expenses | ||||||||||||||||
Property Operating(10)
| 23.8 | 19.1 | 4.7 | 24.6 | % | 57.0 | 42.7 | 14.3 | 33.5 | % | ||||||
Real Property NOI(1)
| 67.8 | 50.0 | 17.8 | 35.6 | % | 107.0 | 75.0 | 32.0 | 42.7 | % | ||||||
Service, retail, dining and entertainment | ||||||||||||||||
Revenue | 127.3 | 82.9 | 44.4 | 53.6 | % | 198.5 | 127.3 | 71.2 | 55.9 | % | ||||||
Expense | 113.5 | 70.1 | 43.4 | 61.9 | % | 173.3 | 108.1 | 65.2 | 60.3 | % | ||||||
NOI(1)
| 13.8 | 12.8 | 1.0 | 7.8 | % | 25.2 | 19.2 | 6.0 | 31.3 | % | ||||||
Marina NOI(1)
| $ | 81.6 | $ | 62.8 | $ | 18.8 | 29.9 | % | $ | 132.2 | $ | 94.2 | $ | 38.0 | 40.3 | % |
Statistical information | ||||||||||||||||
Number of properties | 130 | 114 | 16 | 14.0 | % | |||||||||||
Total wet slips and dry storage spaces | 45,905 | 40,179 | 5,726 | 14.3 | % |
MH and RV Property Summary(15) - (excluding UK Operations)
| ||||||||||
6/30/2022 | 3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | ||||||
FLORIDA | ||||||||||
Properties
| 129 | 129 | 132 | 131 | 129 | |||||
MH & Annual RV Developed sites
| 41,076 | 40,774 | 40,783 | 40,500 | 40,171 | |||||
Occupied MH & Annual RV
| 40,390 | 40,046 | 40,019 | 39,747 | 39,402 | |||||
MH & Annual RV Occupancy %
| 98.3 | % | 98.2 | % | 98.1 | % | 98.1 | % | 98.1 | % |
Transient RV sites | 5,347 | 5,648 | 5,950 | 6,163 | 5,895 | |||||
Sites for development
| 1,380 | 1,243 | 1,268 | 1,414 | 1,414 | |||||
MICHIGAN | ||||||||||
Properties
| 84 | 84 | 84 | 83 | 75 | |||||
MH & Annual RV Developed sites
| 32,348 | 32,318 | 32,257 | 31,997 | 29,600 | |||||
Occupied MH & Annual RV
| 31,165 | 31,132 | 31,061 | 30,782 | 28,671 | |||||
MH & Annual RV Occupancy %
| 96.3 | % | 96.3 | % | 96.3 | % | 96.2 | % | 96.9 | % |
Transient RV sites | 776 | 806 | 869 | 554 | 509 | |||||
Sites for development
| 1,450 | 1,422 | 1,422 | 1,481 | 1,182 | |||||
CALIFORNIA | ||||||||||
Properties
| 38 | 36 | 36 | 37 | 36 | |||||
MH & Annual RV Developed sites
| 7,159 | 6,759 | 6,787 | 6,760 | 6,736 | |||||
Occupied MH & Annual RV
| 7,053 | 6,691 | 6,672 | 6,642 | 6,613 | |||||
MH & Annual RV Occupancy %
| 98.5 | % | 99.0 | % | 98.3 | % | 98.3 | % | 98.2 | % |
Transient RV sites | 2,154 | 2,174 | 2,147 | 2,410 | 2,416 | |||||
Sites for development
| 942 | 694 | 534 | 534 | 127 | |||||
TEXAS | ||||||||||
Properties
| 31 | 30 | 30 | 26 | 25 | |||||
MH & Annual RV Developed sites
| 8,611 | 8,257 | 8,192 | 8,004 | 7,947 | |||||
Occupied MH & Annual RV
| 8,115 | 8,071 | 8,006 | 7,805 | 7,731 | |||||
MH & Annual RV Occupancy %
| 94.2 | % | 97.7 | % | 97.7 | % | 97.5 | % | 97.3 | % |
Transient RV sites | 2,447 | 2,475 | 2,576 | 2,131 | 1,835 | |||||
Sites for development
| 2,266 | 1,184 | 1,184 | 1,066 | 1,194 | |||||
ONTARIO, CANADA | ||||||||||
Properties
| 16 | 16 | 16 | 16 | 16 | |||||
MH & Annual RV Developed sites
| 4,543 | 4,410 | 4,363 | 4,361 | 4,302 | |||||
Occupied MH & Annual RV
| 4,543 | 4,410 | 4,363 | 4,361 | 4,302 | |||||
MH & Annual RV Occupancy %
| 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Transient RV sites | 696 | 827 | 874 | 807 | 870 | |||||
Sites for development
| 1,486 | 1,429 | 1,429 | 1,525 | 1,525 | |||||
CONNECTICUT | ||||||||||
Properties
| 16 | 16 | 16 | 16 | 16 | |||||
MH & Annual RV Developed sites
| 1,901 | 1,896 | 1,902 | 1,901 | 1,901 | |||||
Occupied MH & Annual RV
| 1,769 | 1,756 | 1,765 | 1,760 | 1,757 | |||||
MH & Annual RV Occupancy %
| 93.1 | % | 92.6 | % | 92.8 | % | 92.6 | % | 92.4 | % |
Transient RV sites | 104 | 109 | 103 | 104 | 104 | |||||
Sites for development
| - | - | - | - | - | |||||
MAINE | ||||||||||
Properties
| 15 | 15 | 15 | 13 | 13 | |||||
MH & Annual RV Developed sites
| 2,287 | 2,449 | 2,424 | 2,220 | 2,204 | |||||
Occupied MH & Annual RV
| 2,203 | 2,365 | 2,339 | 2,136 | 2,127 | |||||
MH & Annual RV Occupancy %
| 96.3 | % | 96.6 | % | 96.5 | % | 96.2 | % | 96.5 | % |
Transient RV sites | 1,143 | 981 | 1,007 | 776 | 792 | |||||
Sites for development
| 180 | 180 | 180 | 30 | 30 |
MH and RV Property Summary(15) - (excluding UK Operations)
| ||||||||||
6/30/2022 | 3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | ||||||
ARIZONA | ||||||||||
Properties
| 13 | 12 | 12 | 12 | 14 | |||||
MH & Annual RV Developed sites
| 4,416 | 4,184 | 4,123 | 4,071 | 4,401 | |||||
Occupied MH & Annual RV
| 4,040 | 3,994 | 3,917 | 3,853 | 4,116 | |||||
MH & Annual RV Occupancy %
| 91.5 | % | 95.5 | % | 95.0 | % | 94.6 | % | 93.5 | % |
Transient RV sites | 1,087 | 1,124 | 1,185 | 1,237 | 1,260 | |||||
Sites for development
| 6 | - | - | - | - | |||||
INDIANA | ||||||||||
Properties
| 12 | 12 | 12 | 12 | 12 | |||||
MH & Annual RV Developed sites
| 3,186 | 3,184 | 3,174 | 3,057 | 3,087 | |||||
Occupied MH & Annual RV
| 3,068 | 3,049 | 3,047 | 2,963 | 2,970 | |||||
MH & Annual RV Occupancy %
| 96.3 | % | 95.8 | % | 96.0 | % | 96.9 | % | 96.2 | % |
Transient RV sites | 990 | 992 | 1,002 | 1,089 | 1,089 | |||||
Sites for development
| 177 | 177 | 177 | 204 | 277 | |||||
NEW JERSEY | ||||||||||
Properties
| 11 | 11 | 11 | 9 | 8 | |||||
MH & Annual RV Developed sites
| 2,801 | 2,599 | 2,554 | 2,551 | 2,396 | |||||
Occupied MH & Annual RV
| 2,801 | 2,599 | 2,554 | 2,551 | 2,396 | |||||
MH & Annual RV Occupancy %
| 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Transient RV sites | 1,239 | 1,395 | 1,436 | 899 | 762 | |||||
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 | 2,552 | 2,453 | |||||
Occupied MH & Annual RV
| 2,445 | 2,450 | 2,442 | 2,431 | 2,420 | |||||
MH & Annual RV Occupancy %
| 95.8 | % | 96.0 | % | 95.7 | % | 95.3 | % | 98.7 | % |
Transient RV sites | 987 | 987 | 987 | 987 | 987 | |||||
Sites for development
| 1,740 | 1,744 | 1,744 | 1,629 | 1,225 | |||||
NEW HAMPSHIRE | ||||||||||
Properties
| 10 | 10 | 10 | 10 | 10 | |||||
MH & Annual RV Developed sites
| 1,741 | 1,743 | 1,748 | 1,777 | 1,777 | |||||
Occupied MH & Annual RV
| 1,737 | 1,736 | 1,740 | 1,769 | 1,769 | |||||
MH & Annual RV Occupancy %
| 99.8 | % | 99.6 | % | 99.5 | % | 99.5 | % | 99.5 | % |
Transient RV sites | 658 | 655 | 650 | 602 | 602 | |||||
Sites for development
| 111 | 111 | 111 | 111 | 151 | |||||
NEW YORK | ||||||||||
Properties
| 10 | 10 | 10 | 10 | 10 | |||||
MH & Annual RV Developed sites
| 1,498 | 1,495 | 1,482 | 1,457 | 1,457 | |||||
Occupied MH & Annual RV
| 1,472 | 1,466 | 1,455 | 1,432 | 1,428 | |||||
MH & Annual RV Occupancy %
| 98.3 | % | 98.1 | % | 98.2 | % | 98.3 | % | 98.0 | % |
Transient RV sites | 1,643 | 1,646 | 1,659 | 1,684 | 1,684 | |||||
Sites for development
| 778 | 371 | 371 | 371 | 371 | |||||
VIRGINIA | ||||||||||
Properties
| 10 | 10 | 10 | 9 | 9 | |||||
MH & Annual RV Developed sites
| 1,274 | 1,259 | 1,253 | 1,238 | 1,198 | |||||
Occupied MH & Annual RV
| 1,270 | 1,255 | 1,251 | 1,237 | 1,194 | |||||
MH & Annual RV Occupancy %
| 99.7 | % | 99.7 | % | 99.8 | % | 99.9 | % | 99.7 | % |
Transient RV sites | 2,165 | 2,181 | 2,182 | 1,956 | 1,996 | |||||
Sites for development
| 752 | 367 | 367 | 162 | 162 |
MH and RV Property Summary(15) - (excluding UK Operations)
| |||||||||||
6/30/2022 | 3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | |||||||
OHIO | |||||||||||
Properties
| 9 | 9 | 9 | 9 | 9 | ||||||
MH & Annual RV Developed sites
| 2,797 | 2,796 | 2,796 | 2,796 | 2,797 | ||||||
Occupied MH & Annual RV
| 2,746 | 2,755 | 2,759 | 2,753 | 2,770 | ||||||
MH & Annual RV Occupancy %
| 98.2 | % | 98.5 | % | 98.7 | % | 98.5 | % | 99.0 | % | |
Transient RV sites | 128 | 129 | 129 | 129 | 128 | ||||||
Sites for development
| 53 | 22 | 22 | 22 | 22 | ||||||
OTHER STATES | |||||||||||
Properties
| 64 | 64 | 64 | 61 | 63 | ||||||
MH & Annual RV Developed sites
| 12,763 | 12,725 | 12,771 | 12,699 | 13,828 | ||||||
Occupied MH & Annual RV
| 12,483 | 12,412 | 12,443 | 12,390 | 13,344 | ||||||
MH & Annual RV Occupancy %
| 97.8 | % | 97.5 | % | 97.4 | % | 97.6 | % | 96.5 | % | |
Transient RV sites | 7,118 | 7,138 | 7,091 | 6,394 | 6,103 | ||||||
Sites for development
| 1,611 | 1,601 | 1,601 | 1,501 | 1,501 | ||||||
TOTAL - MH AND RV PORTFOLIO | |||||||||||
Properties
| 478 | 474 | 477 | 464 | 455 | ||||||
MH & Annual RV Developed sites
| 130,953 | 129,400 | 129,161 | 127,941 | 126,255 | ||||||
Occupied MH & Annual RV
| 127,300 | 126,187 | 125,833 | 124,612 | 123,010 | ||||||
MH & Annual RV Occupancy %
| 97.2 | % |
(16)
| 97.5 | % | 97.4 | % | 97.4 | % | 97.4 | % |
Transient RV sites | 28,682 | 29,267 | 29,847 | 27,922 | 27,032 | ||||||
Sites for development(17)
| 13,194 | 10,807 | 10,672 | 10,312 | 9,443 | ||||||
MH Communities age restricted | 123 | 123 | 121 | 121 | 120 |
MH and RV Property Summary - UK Operations | ||||
6/30/2022 | 3/31/2022 | |||
UNITED KINGDOM | ||||
Properties | 53 | 1 | ||
MH & Annual RV Developed sites | 17,330 | 616 | ||
Occupied MH & Annual RV | 15,841 | 584 | ||
MH & Annual RV Occupancy % | 91.4 | % | 94.8 | % |
Transient RV sites | 3,349 | - | ||
Sites for development | 1,987 | 570 |
Marina Property Summary(a)
| |||||
6/30/2022 | 3/31/2022 | 12/31/2021 | 9/30/2021 | 6/30/2021 | |
FLORIDA | |||||
Properties | 20 | 20 | 20 | 19 | 18 |
Total wet slips and dry storage spaces | 5,106 | 5,235 | 5,233 | 4,825 | 4,528 |
RHODE ISLAND | |||||
Properties | 12 | 12 | 12 | 12 | 11 |
Total wet slips and dry storage spaces | 3,421 | 3,465 | 3,485 | 3,485 | 3,302 |
CONNECTICUT | |||||
Properties | 11 | 11 | 11 | 11 | 11 |
Total wet slips and dry storage spaces | 3,325 | 3,307 | 3,299 | 3,299 | 3,299 |
CALIFORNIA | |||||
Properties | 9 | 9 | 9 | 8 | 7 |
Total wet slips and dry storage spaces | 4,133 | 4,118 | 3,940 | 3,527 | 2,884 |
MARYLAND | |||||
Properties | 9 | 9 | 9 | 8 | 8 |
Total wet slips and dry storage spaces | 2,608 | 2,665 | 2,645 | 2,409 | 2,409 |
MASSACHUSETTS | |||||
Properties | 9 | 9 | 9 | 9 | 9 |
Total wet slips and dry storage spaces | 2,517 | 2,518 | 2,546 | 2,546 | 2,546 |
NEW YORK | |||||
Properties | 8 | 8 | 8 | 8 | 8 |
Total wet slips and dry storage spaces | 2,786 | 2,822 | 2,783 | 2,783 | 2,783 |
OTHER STATES | |||||
Properties | 52 | 50 | 47 | 45 | 42 |
Total wet slips and dry storage spaces | 22,009 | 21,595 | 21,224 | 20,741 | 18,428 |
TOTAL - MARINA PORTFOLIO | |||||
Properties | 130 | 128 | 125 | 120 | 114 |
Total wet slips and dry storage spaces | 45,905 | 45,725 | 45,155 | 43,615 | 40,179 |
Six Months Ended | Year Ended | |||||||||||
June 30, 2022 | December 31, 2021 | December 31, 2020 | ||||||||||
MH / RV | Marina | MH / RV | Marina | MH / RV | Marina | |||||||
Financial information | ||||||||||||
Acquisitions(18)
| $ | 2,482.6 | $ | 220.7 | $ | 944.3 | $ | 852.9 | $ | 571.9 | $ | 2,533.7 |
Expansion and Development(19)
| 119.4 | 3.3 | 191.8 | 9.9 | 248.2 | - | ||||||
Recurring Capital Expenditures(20)
| 22.9 | 10.5 | 45.3 | 19.3 | 31.4 | 2.1 | ||||||
Lot Modifications(21)
| 14.4 | N/A | 28.8 | N/A | 29.4 | N/A | ||||||
Growth Projects(22)
| 17.9 | 31.6 | 25.6 | 51.4 | 28.3 | - | ||||||
Rebranding(23)
| 10.7 | N/A | 6.1 | N/A | N/A | N/A | ||||||
Total | $ | 2,667.9 | $ | 266.1 | $ | 1,241.9 | $ | 933.5 | $ | 909.2 | $ | 2,535.8 |
Other Information | ||||||||||||
Recurring Capital Expenditures Average / Site* | $ | 178 | $ | 267 | $ | 371 | $ | 491 | $ | 265 | N/A |
Locations | Resident Move-outs |
Net Leased Sites(5)
| New Home Sales | Pre-owned Home Sales |
Brokered Re-sales |
Florida | 1,067 | 687 | 98 | 186 | 902 |
Michigan | 284 | 104 | 35 | 787 | 130 |
Ontario, Canada | 425 | 180 | 43 | 19 | 169 |
Texas | 229 | 109 | 44 | 132 | 47 |
Arizona | 64 | 123 | 30 | 12 | 97 |
Indiana | 25 | 21 | 5 | 109 | 14 |
Ohio | 41 | (13) | - | 58 | 9 |
California | 81 | 47 | 14 | 6 | 73 |
Colorado | 2 | 3 | 14 | 17 | 28 |
Connecticut | 21 | 4 | 25 | 2 | 21 |
New York | 57 | 17 | 5 | 4 | 7 |
New Hampshire | 1 | (3) | 3 | 1 | 28 |
Maine | 84 | 35 | 10 | 11 | 6 |
New Jersey | 122 | 247 | 2 | 1 | 7 |
Virginia | 134 | 19 | - | 5 | 5 |
Other states | 446 | 40 | 46 | 90 | 78 |
Six Months Ended June 30, 2022 | 3,083 | 1,620 | 374 | 1,440 | 1,621 |
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 | 2.7 | % | 6.7 | % |
2021 | 2.7 | % | 8.4 | % |
2020 | 3.3 | % | 6.9 | % |
Three Months Ended | Six Months Ended | |||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||
Contingent consideration expense | $ | - | $ | - | $ | - | $ | (0.1) |
Long term lease termination benefit | 0.3 | - | 0.3 | - | ||||
Repair reserve on repossessed homes | 0.1 | (0.2) | (0.5) | (0.6) | ||||
Other income / (expense), net | $ | 0.4 | $ | (0.2) | $ | (0.2) | $ | (0.7) |
Three Months Ended | Six Months Ended | |||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||
Contingent consideration expense | $ | - | $ | 0.2 | $ | - | $ | 0.3 |
Long term lease termination benefit | (0.3) | - | (0.3) | - | ||||
Deferred tax (benefit) / expense | (0.3) | 0.1 | (0.3) | (0.1) | ||||
RV rebranding non-recurring cost | 0.3 | - | 2.2 | - | ||||
Accelerated deferred compensation amortization | 0.1 | - | 0.1 | - | ||||
Gain on sale of investment in a non-consolidated affiliate | (0.3) | - | (0.3) | - | ||||
Other adjustments, net | $ | (0.5) | $ | 0.3 | $ | 1.4 | $ | 0.2 |
Three Months Ended | Six Months Ended | |||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||
Same Property MH / RV | $ | 19.0 | $ | 17.4 | $ | 38.6 | $ | 34.7 |
Same Property Marina | 2.9 | 2.9 | 5.4 | 5.5 | ||||
UK Operations | 2.5 | N/A | 2.5 | N/A | ||||
Acquisition and Other | 2.9 | 1.1 | 5.4 | 2.3 | ||||
Total | $ | 27.3 | $ | 21.4 | $ | 51.9 | $ | 42.5 |
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Disclaimer
Sun Communities Inc. published this content on 26 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2022 10:08:01 UTC.