Sun Communities, Inc. (NYSE: SUI) (the "Company"), a real estate
investment trust ("REIT") that owns and operates, or has an
interest in, manufactured housing ("MH") communities, recreational
vehicle ("RV") resorts and marinas (collectively, the
"properties"), today reported its first quarter results for 2022.
Financial Results for the Quarter
ended March 31, 2022
For the quarter ended March 31, 2022, total
revenues increased by $106.5 million, or 24.1 percent, to
$548.5 million compared to approximately $442.0 million for
the same period in 2021. Net income attributable to common
shareholders was $0.7 million, or $0.01 per diluted common
share, compared to net income attributable to common shareholders
of $24.8 million, or $0.23 per diluted common share, for the
same period in 2021.
Non-GAAP Financial Measures and
Portfolio Performance
- Core Funds from Operations
("Core FFO")(1) for the quarter ended
March 31, 2022, was $1.34 per diluted share and OP unit ("Share")
as compared to $1.26 in the corresponding period in 2021, a 6.3
percent increase.
- Same
Property(2) Net Operating Income
("NOI")(1) for the Company's MH and
RV properties increased by 7.7 percent for the quarter ended March
31, 2022, as compared to the corresponding period in 2021.
- Same
Property(2) NOI for
the Company's marina properties increased by 1.2 percent for the
quarter ended March 31, 2022, as compared to the corresponding
period in 2021.
- Acquisitions
totaled $1.6 billion during and subsequent to the quarter ended
March 31, 2022, including 41 properties in the United Kingdom
("UK") and four marinas in the United States.
"Our strong first quarter performance builds on
the momentum of last year as we delivered 6.3 percent growth in
Core FFO per Share," said Gary A. Shiffman, Chairman and CEO. "With
sustained tailwinds, the demand for attainable housing and outdoor
vacationing continues to reach new levels, and with our
best-in-class offering, Sun is uniquely positioned to meet these
customer needs. We are pleased to have completed the acquisition of
Park Holidays and already have a growing pipeline of acquisition
opportunities in the UK. Furthermore, we have been active in the
capital markets as we amended and upsized our Senior Credit
Facility, issued $600 million of senior notes with a favorable rate
lock, and settled forward equity sale agreements, all of which
enhanced our balance sheet position. Over the years, Sun has
delivered consistent and cycle tested organic cash flow growth, and
today the number of compelling investment opportunities is more
exciting than ever across our MH, RV and marina platforms."
OPERATING HIGHLIGHTS
Portfolio Occupancy
Total MH and annual RV occupancy was 97.5
percent at March 31, 2022 as compared to 97.3 percent at March 31,
2021, an increase of 20 basis points.
During the quarter ended March 31, 2022, the
number of MH and annual RV revenue producing sites increased by 670
sites as compared to an increase of 514 sites during the quarter
ended March 31, 2021, a 30.4 percent increase.
Same
Property(2) Results - MH and
RV
For the 425 MH and RV properties owned and
operated by the Company since January 1, 2021, the following table
reflects the percentage increases, both in total, and by segment,
for the quarter ended March 31, 2022:
|
Total MH and RV Same
Property |
|
MHSame Property |
|
RVSame
Property |
Revenue |
9.2 |
% |
|
4.4 |
% |
|
20.5 |
% |
Expense |
12.7 |
% |
|
8.7 |
% |
|
17.6 |
% |
NOI |
7.7 |
% |
|
3.0 |
% |
|
22.9 |
% |
Same Property adjusted occupancy(3) increased to
98.5 percent at March 31, 2022 from 96.9 percent at March 31, 2021,
an increase of 160 basis points.
Same
Property(2) Results -
Marina
For the 101 Marina properties owned and operated
by the Company since January 1, 2021, the following table reflects
the percentage increases for the quarter ended March 31, 2022:
|
Marina Same Property |
Revenue |
7.7 |
% |
Expense |
15.2 |
% |
NOI |
1.2 |
% |
PORTFOLIO ACTIVITY
Acquisitions and
Dispositions
During and subsequent to the quarter ended March
31, 2022, the Company acquired the following properties:
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 |
|
|
(a) Combined with an existing marina.
(b) Includes 40 owned properties.
(c) Combined with an existing adjacent MH
community.
During and subsequent to the quarter ended March
31, 2022, the Company acquired 45 properties totaling 17,646 sites,
wet slips and dry storage spaces and 1,710 sites for expansion for
a total purchase price of $1.6 billion.
During the quarter ended March 31, 2022, the
Company sold two MH communities and one property containing both MH
and RV sites located in Florida for $29.6 million. The gain
from the sale of the properties was
$13.4 million.Development Activity
During the quarter ended March 31, 2022, the
Company completed the construction of 25 expansion sites in one RV
resort.
BALANCE SHEET, CAPITAL MARKETS ACTIVITY
AND OTHER ITEMS
Debt
As of March 31, 2022, the Company had
approximately $6.1 billion in debt outstanding. The weighted
average interest rate was 3.0 percent and the weighted average
maturity was 8.1 years. At March 31, 2022, the Company's net debt
to trailing twelve month Recurring EBITDA(1) ratio was 5.9 times.
The Company had $90.4 million of unrestricted cash on
hand.
Senior Credit Facility
Amendment
On April 7, 2022, in conjunction with the
closing of the Park Holidays acquisition, Sun Communities Operating
Limited Partnership (the "Operating Partnership") as borrower, and
the Company, as guarantor, and certain lenders entered into
Amendment No. 1 to the Fourth Amended and Restated Credit Agreement
and Other Loan Documents (the "Credit Facility Amendment"), which
amended the Operating Partnership's Senior Credit Facility.
The Credit Facility Amendment increased the
aggregate amount of the Operating Partnership's Senior Credit
Facility to $4.2 billion with the ability to upsize the total
borrowings by an additional $800 million, subject to certain
conditions. The increased aggregate amount under the Senior Credit
Facility consists of the following: (a) a revolving loan in the
amount up to $3.05 billion and (b) a term loan facility of $1.15
billion, with the ability to draw funds from the combined
facilities in U.S. dollars, Pounds sterling, Euros, Canadian
dollars and Australian dollars, subject to certain limitations. The
Credit Facility Amendment extends the maturity date of the
revolving loan facility to April 7, 2027, assuming the Operating
Partnership's exercise of each of its two six-month extension
options, and, further, the Credit Facility Amendment extends the
maturity date of the term loan facility to April 7, 2025, which may
not be extended.
Prior to the amendment, the Senior Credit
Facility permitted aggregate borrowings of up to $2.0 billion, with
an accordion feature that allowed for additional commitments of up
to $1.0 billion, subject to the satisfaction of certain
conditions.
The Senior Credit Facility bears interest at a
floating rate based on Adjusted Term SOFR, the Adjusted
Eurocurrency Rate, the Daily RFR Rate, the Australian Bank Bill
Swap Bid Rate (BBSY), the Daily SONIA Rate or the Canadian Dollar
Offered Rate, as applicable, plus, in all cases, a margin which can
range from 0.725 percent to 1.6 percent, subject to certain
adjustments. As of March 31, 2022, the margin based on the
Operating Partnership's credit ratings would have been 0.85 percent
on the revolving loan facility and 0.95 percent on the term loan
facility.
Senior Unsecured Notes
On April 12, 2022, the Operating Partnership
issued $600.0 million of senior unsecured notes with an interest
rate of 4.2 percent and a 10-year term, due April 15, 2032 (the
"2032 Notes"). The net proceeds from the offering were $592.3
million after deducting underwriters' discounts and estimated
offering expenses. The Company used the net proceeds from the
offering to repay borrowings outstanding under its Senior Credit
Facility.
In connection with the 2032 Notes issuance, the
Company settled four 10-year Treasury rate locks totaling $600.0
million and received a settlement payment of $35.3 million. This
lowers the effective interest rate on the 2032 Notes from 4.2
percent to 3.6 percent.
Equity Transactions
Forward Share Settlements
In April 2022, the Company settled forward sale
agreements with respect to 1,200,000 shares of common stock under
its at the market offering sales program sold during the fourth
quarter 2021, and 4,025,000 shares of common stock in connection
with its November 2021 registered forward equity offering. The
aggregate net proceeds from the settlement of these forward sale
agreements was $934.9 million. The Company used the net proceeds to
repay borrowings outstanding under its Senior Credit Facility.
At the Market Offering
During the quarter ended March 31, 2022, the
Company entered into forward sale agreements with respect to
600,503 shares of common stock under its at the market offering
program for $107.9 million. These forward sale agreements were not
settled as of March 31, 2022, but the Company expects to settle
them by the end of the first quarter 2023.
The following table presents the Company's
outstanding unsettled forward equity agreements as of April 22,
2022:
Forward
EquityAgreements |
|
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 |
2022 GUIDANCE
The estimates and assumptions presented below
represent a range of possible outcomes and may differ materially
from actual results. These estimates include contributions from all
acquisitions and capital markets activity completed through the
date of this release. These estimates exclude prospective
acquisitions and capital markets activity. The estimates and
assumptions are forward-looking based on the Company's current
assessment of economic and market conditions and are subject to the
other risks outlined below under the caption Cautionary Statement
Regarding Forward-Looking Statements.
The Company is providing revised or initial 2022
guidance for the following metrics:
|
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 |
Refer to page 8 for the reconciliation of Basic
earnings per share to Core FFO per diluted Share(1)(4).
Basic earnings per share and Core FFO per fully
diluted Share(1)(4) are calculated independently for each quarter;
as a result, the sum of the quarters may differ from the annual
calculation.
|
1Q22 |
|
2Q22 |
|
3Q22 |
|
4Q22 |
Seasonality of Core FFO per fully diluted Share(1)(4) |
18.5 |
% |
|
27.4 |
% |
|
35.2 |
% |
|
18.9 |
% |
Seasonality of Core FFO per fully diluted
Share(1)(4) is based off of the midpoint of full year guidance.
|
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% |
Park Holidays Acquisition Assumptions
The acquisition of Park Holidays was on April 8,
2022.
The following table presents updated estimates
based on the actual closing date:
|
|
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 |
(a) Estimated EBITDA contribution is inclusive
of general and administrative expenses of $29.1 - $30.5 million in
the previous range and $26.1 - $27.5 million in the revised range,
respectively.
The following table shows Park Holidays'
estimated full year EBITDA seasonality if the transaction had
closed on January 1, 2022:
|
1Q22 |
|
2Q22 |
|
3Q22 |
|
4Q22 |
Seasonality of Park Holidays' EBITDA |
6.7 |
% |
|
31.6 |
% |
|
49.9 |
% |
|
11.8 |
% |
EARNINGS CONFERENCE CALL
A conference call to discuss first quarter
results will be held on Tuesday, April 26, 2022 at 11:00 A.M.
(ET). To participate, call toll-free (877) 407-9039. Callers
outside the U.S. or Canada can access the call at (201) 689-8470. A
replay will be available following the call through May 10,
2022 and can be accessed toll-free by calling (844) 512-2921 or
(412) 317-6671. The Conference ID number for the call and the
replay is 13727742. The conference call will be available live on
Sun Communities' website located at www.suncommunities.com. The
replay will also be available on the website.
Sun Communities, Inc. is a REIT that, as of
March 31, 2022, owned, operated, or had an interest in a portfolio
of 603 developed MH, RV and marina properties comprising nearly
159,300 developed sites and over 45,700 wet slips and dry storage
spaces in 39 states, Canada, Puerto Rico and the UK.
For more information about Sun Communities,
Inc., please visit www.suncommunities.com.
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS
This press release contains various
"forward-looking statements" within the meaning of the Securities
Act of 1933, as amended (the "Securities Act"), and the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), and we
intend that such forward-looking statements will be subject to the
safe harbors created thereby. For this purpose, any statements
contained in this filing that relate to expectations, beliefs,
projections, future plans and strategies, trends or prospective
events or developments and similar expressions concerning matters
that are not historical facts are deemed to be forward-looking
statements. Words such as "forecasts," "intends," "intend,"
"intended," "goal," "estimate," "estimates," "expects," "expect,"
"expected," "project," "projected," "projections," "plans,"
"predicts," "potential," "seeks," "anticipates," "anticipated,"
"should," "could," "may," "will," "designed to," "foreseeable
future," "believe," "believes," "scheduled," "guidance," "target"
and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these words. These forward-looking statements reflect our current
views with respect to future events and financial performance, but
involve known and unknown risks and uncertainties, both general and
specific to the matters discussed in this filing. These risks and
uncertainties may cause our actual results to be materially
different from any future results expressed or implied by such
forward-looking statements. In addition to the risks described
under "Risk Factors" contained in the Company's Annual Report on
Form 10-K for the year ended December 31, 2021 and in the Company's
other filings with the Securities and Exchange Commission from time
to time, such risks, uncertainties and other factors include but
are not limited to:
- Outbreaks of
disease, including the COVID-19 pandemic, and related stay-at-home
orders, quarantine policies and restrictions on travel, trade and
business operations;
- Changes in
general economic conditions, including, inflation, deflation, and
energy costs, the real estate industry and the markets in which the
Company operates;
- Difficulties in
the Company's ability to evaluate, finance, complete and integrate
acquisitions, developments and expansions successfully;
- The Company's
liquidity and refinancing demands;
- The Company's
ability to obtain or refinance maturing debt;
- The Company's
ability to maintain compliance with covenants contained in its debt
facilities and its senior unsecured notes;
- Availability of
capital;
- Changes in
foreign currency exchange rates, including between the U.S. dollar
and each of the Canadian dollar, Australian dollar and Pounds
sterling;
- The Company's
ability to maintain rental rates and occupancy levels;
- The Company's
ability to maintain effective internal control over financial
reporting and disclosure controls and procedures;
- Increases in
interest rates and operating costs, including insurance premiums
and real property taxes;
- Risks related to
natural disasters such as hurricanes, earthquakes, floods, droughts
and wildfires;
- General
volatility of the capital markets and the market price of shares of
our capital stock;
- The Company's
ability to maintain our status as a REIT;
- Changes in real
estate and zoning laws and regulations;
- Legislative or
regulatory changes, including changes to laws governing the
taxation of REITs;
- Litigation,
judgments or settlements;
- Competitive
market forces;
- The ability of
purchasers of manufactured homes and boats to obtain financing;
and
- The level of repossessions by
manufactured home and boat lenders.
Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date the statement was made. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements included or incorporated by reference into this filing,
whether as a result of new information, future events, changes in
the Company's expectations or otherwise, except as required by
law.
Although the Company believes that the
expectations reflected in the forward-looking statements are
reasonable, the Company cannot guarantee future results, levels of
activity, performance or achievements. All written and oral
forward-looking statements attributable to the Company or persons
acting on the Company's behalf are qualified in their entirety by
these cautionary statements.
Investor Information
RESEARCH
COVERAGE |
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|
Firm |
|
Analyst |
|
Phone |
|
Email |
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 |
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INQUIRIES |
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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. |
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At Our Website |
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www.suncommunities.com |
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By Email |
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investorrelations@suncommunities.com |
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By Phone |
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(248) 208-2500 |
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Portfolio Overview(As of
March 31, 2022)
Financial and Operating
Highlights(amounts in millions, except for
*)
|
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 |
|
|
(a) Total wet slips and dry storage spaces are
adjusted each quarter based on site configuration and
usability.
|
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 |
|
Consolidated Balance
Sheets(amounts in
millions)
|
|
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 |
|
Statements of Operations - Quarter to
Date Comparison(In millions, except for per share
amounts) (Unaudited)
|
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) % |
N/M = Percentage change is not meaningful.
N/A = Percentage change is not applicable.
Outstanding Securities and
Capitalization(amounts in millions, units / shares
outstanding in thousands, except for *)
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 |
% |
^ Annual distribution is based on the last
quarterly distribution annualized.
(a) Calculation may yield minor differences due
to fractional shares paid in cash to the stockholder at
conversion.
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 |
Reconciliations to Non-GAAP Financial
Measures
Reconciliation of Net Income Attributable to Sun
Communities, Inc. Common Shareholders to
FFO(1) (amounts in millions,
except for per share data)
|
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 |
|
Reconciliation of Basic Earnings per Share to Core FFO
per Fully Diluted Share(1)(4) for
Expected Full Year and Second Quarter
2022
|
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 |
|
* Other adjustments include the categories
presented in the reconciliation of Net Income to Core FFO table in
the supplemental.
Reconciliation of Net Income Attributable to Sun
Communities, Inc. Common Shareholders to
NOI(1)(amounts in
millions)
|
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 |
Reconciliation of Net Income Attributable to Sun
Communities, Inc. Common Shareholders to Recurring
EBITDA(1)(amounts in
millions)
|
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 |
|
Non-GAAP and Other
Financial Measures
Debt Analysis(amounts in millions,
except for *)
|
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 |
% |
Same
Property(2) Summary - MH /
RV(amounts in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
% |
(a) Percentages are calculated based on
unrounded numbers.
|
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) |
Same
Property(2) Summary -
Marina(amounts in millions)
|
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 |
% |
(a) Percentages are calculated based on
unrounded numbers.
|
As of |
|
|
|
|
|
March 31, 2022 |
|
March 31, 2021 |
|
Change |
|
% Change |
Other
Information |
|
|
|
|
|
|
|
Number of properties |
101 |
|
101 |
|
— |
|
— |
% |
Acquisitions and Other
Summary(15)(amounts in
millions, except for statistical data)
|
|
|
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 |
|
(a) Acquisitions and Other results net $20.4
million of certain utility revenue against the related utility
expense in property operating and maintenance expense for the
quarter ended March 31, 2022.
Home Sales Summary(amounts in millions,
except for *)
|
|
|
|
|
|
|
|
|
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 |
% |
Rental Program Summary(amounts in
millions, except for *)
|
|
|
|
|
|
|
|
|
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 |
% |
Rental Program NOI is included in Real Property
NOI. Rental Program NOI is separately reviewed to assess the
overall growth and performance of the Rental Program and its
financial impact on the Company's operations.
Marina Summary(amounts in millions,
except for statistical data)
|
|
|
|
|
|
|
|
|
|
|
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 |
% |
The Marina Real Property NOI is included in Real
Property NOI. The Marina NOI is separately reviewed to assess the
overall growth and performance of the Marina and its financial
impact on the Company's operations.
We have reclassified utility revenue of $4.3
million and $2.6 million for the three months ended March 31, 2022
and 2021, to reflect the utility expenses associated with our
marina properties portfolio net of recovery.
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
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 |
(a) Total wet slips and dry storage spaces are
adjusted each quarter based on site configuration and
usability.
Acquisitions, Development and Capital
Improvements(amounts in millions, except for
*)
|
|
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 |
(a) Acquisitions include intangibles
and goodwill included in purchase price.Operating
Statistics for MH and Annual RVs
Locations |
|
Resident Move-outs |
|
Net Leased Sites(5) |
|
New Home Sales |
|
Pre-owned Home Sales |
|
BrokeredRe-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 |
|
BrokeredRe-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 |
|
ResidentRe-sales |
2022 TTM |
|
2.8 |
% |
|
7.5 |
% |
2021 |
|
2.7 |
% |
|
8.4 |
% |
2020 |
|
3.3 |
% |
|
6.9 |
% |
Footnotes and Definitions
(1) Investors in and analysts
following the real estate industry utilize funds from operations
("FFO"), net operating income ("NOI"), and earnings before
interest, tax, depreciation and amortization ("EBITDA") as
supplemental performance measures. The Company believes that FFO,
NOI and EBITDA are appropriate measures given their wide use by and
relevance to investors and analysts. Additionally, FFO, NOI and
EBITDA are commonly used in various ratios, pricing multiples,
yields and returns and valuation calculations used to measure
financial position, performance and value.
- FFO, reflecting
the assumption that real estate values rise or fall with market
conditions, principally adjusts for the effects of generally
accepted accounting principles ("GAAP") depreciation and
amortization of real estate assets.
- NOI provides a
measure of rental operations that does not factor in depreciation,
amortization and non-property specific expenses such as general and
administrative expenses.
- EBITDA provides
a further measure to evaluate ability to incur and service debt and
to fund dividends and other cash needs.
FFO is defined by the National Association of
Real Estate Investment Trusts ("NAREIT") as GAAP net income (loss),
excluding gains (or losses) from sales of depreciable operating
property, plus real estate related depreciation and amortization,
real estate related impairments, and after adjustments for
nonconsolidated partnerships and joint ventures. FFO is a non-GAAP
financial measure that management believes is a useful supplemental
measure of the Company's operating performance. By excluding gains
and losses related to sales of previously depreciated operating
real estate assets, impairment and excluding real estate asset
depreciation and amortization (which can vary among owners of
identical assets in similar condition based on historical cost
accounting and useful life estimates), FFO provides a performance
measure that, when compared period-over-period, reflects the impact
to operations from trends in occupancy rates, rental rates and
operating costs, providing perspective not readily apparent from
GAAP net income (loss). Management believes the use of FFO has been
beneficial in improving the understanding of operating results of
REITs among the investing public and making comparisons of REIT
operating results more meaningful. The Company also uses FFO
excluding certain gain and loss items that management considers
unrelated to the operational and financial performance of our core
business ("Core FFO"). The Company believes that Core FFO provides
enhanced comparability for investor evaluations of
period-over-period results.
The Company believes that GAAP net income (loss)
is the most directly comparable measure to FFO. The principal
limitation of FFO is that it does not replace GAAP net income
(loss) as a performance measure or GAAP cash flow from operations
as a liquidity measure. Because FFO excludes significant economic
components of GAAP net income (loss) including depreciation and
amortization, FFO should be used as a supplement to GAAP net income
(loss) and not as an alternative to it. Furthermore, FFO is not
intended as a measure of a REIT's ability to meet debt principal
repayments and other cash requirements, nor as a measure of working
capital. FFO is calculated in accordance with the Company's
interpretation of standards established by NAREIT, which may not be
comparable to FFO reported by other REITs that interpret the NAREIT
definition differently.
NOI is derived from revenues minus property
operating expenses and real estate taxes. NOI is a non-GAAP
financial measure that the Company believes is helpful to investors
as a supplemental measure of operating performance because it is an
indicator of the return on property investment and provides a
method of comparing property performance over time. The Company
uses NOI as a key measure when evaluating performance and growth of
particular properties and / or groups of properties. The principal
limitation of NOI is that it excludes depreciation, amortization,
interest expense and non-property specific expenses such as general
and administrative expenses, all of which are significant costs.
Therefore, NOI is a measure of the operating performance of the
properties of the Company rather than of the Company overall.
The Company believes that GAAP net income (loss)
is the most directly comparable measure to NOI. NOI should not be
considered to be an alternative to GAAP net income (loss) as an
indication of the Company's financial performance or GAAP cash flow
from operating activities as a measure of the Company's liquidity;
nor is it indicative of funds available for the Company's cash
needs, including its ability to make cash distributions. Because of
the inclusion of items such as interest, depreciation and
amortization, the use of GAAP net income (loss) as a performance
measure is limited as these items may not accurately reflect the
actual change in market value of a property, in the case of
depreciation and in the case of interest, may not necessarily be
linked to the operating performance of a real estate asset, as it
is often incurred at a parent company level and not at a property
level.
EBITDA as defined by NAREIT (referred to as
"EBITDAre") is calculated as GAAP net income (loss), plus interest
expense, plus income tax expense, plus depreciation and
amortization, plus or minus losses or gains on the disposition of
depreciated property (including losses or gains on change of
control), plus impairment write-downs of depreciated property and
of investments in nonconsolidated affiliates caused by a decrease
in value of depreciated property in the affiliate, and adjustments
to reflect the entity's share of EBITDAre of nonconsolidated
affiliates. EBITDAre is a non-GAAP financial measure that the
Company uses to evaluate its ability to incur and service debt,
fund dividends and other cash needs and cover fixed costs.
Investors utilize EBITDAre as a supplemental measure to evaluate
and compare investment quality and enterprise value of REITs. The
Company also uses EBITDAre excluding certain gain and loss items
that management considers unrelated to measurement of the Company's
performance on a basis that is independent of capital structure
("Recurring EBITDA").
The Company believes that GAAP net income (loss)
is the most directly comparable measure to EBITDAre. EBITDAre is
not intended to be used as a measure of the Company's cash
generated by operations or its dividend-paying capacity, and should
therefore not replace GAAP net income (loss) as an indication of
the Company's financial performance or GAAP cash flow from
operating, investing and financing activities as measures of
liquidity.
(2) Same Property results for
our MH and RV properties reflect constant currency for comparative
purposes. Canadian currency figures in the prior comparative period
have been translated at 2022 average exchange rates.
(3) The Same Property MH and RV
blended occupancy for 2022 is derived from 124,118 developed sites,
of which 121,526 were occupied. The Same Property adjusted MH and
RV blended occupancy percentage is derived from 123,346 developed
sites, of which 121,526 were occupied. The number of developed
sites excludes RV transient sites and nearly 1,100 recently
completed but vacant MH expansion sites.
The Same Property adjusted MH and RV blended
occupancy percentage for 2021 has been adjusted to reflect
incremental period-over-period growth from newly rented expansion
sites and the conversion of transient RV sites to annual RV
sites.
(4) The effect of certain
anti-dilutive convertible securities is excluded from these
items.
(5) Revenue producing site net
gains do not include occupied sites acquired during that year.
(6) Other expenses, net was as
follows (in millions):
|
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 |
) |
(7) Business combination
expense and other acquisition related costs represent (a) the
expenses incurred to bring recently acquired properties up to the
Company's operating standards, including items such as tree
trimming and painting costs that do not meet the Company's
capitalization policy, and (b) nonrecurring integration expenses
associated with new acquisitions during the three months ended
March 31, 2022 and 2021, and (c) dead deal costs related to
acquisitions and (d) costs associated with the termination of the
bridge loan commitment during the three months ended March 31, 2022
related to the acquisition of Park Holidays.
(8) Other adjustments, net was
as follows (in millions):
|
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 |
) |
(9) Line of credit and other
debt includes borrowings under the Company's $2.0 billion
Senior Credit Facility and a $28.4 million unsecured term loan
which had been secured prior to July 1, 2021.
Line of credit and other debt previously
included borrowings under the Company's $2.0 billion credit
facility, the debt under the Company's $12.0 million MH floor
plan facility which was terminated in October 2021, and the
unsecured term loan which had been secured prior to July 1,
2021.
(10) Same Property results for
our MH and RV properties net $19.6 million and $17.3 million of
certain utility revenue against the related utility expense in
property operating and maintenance expense for the three months
ended March 31, 2022 and 2021, respectively.
(11) Same Property supplies and
repair expense for our MH and RV properties excludes
$0.4 million for the three months ended March 31, 2021,
of expenses incurred for recently acquired properties to bring
the properties up to the Company's operating standards, including
items such as tree trimming and painting costs that do not meet the
Company's capitalization policy.
(12) Same Property results for
our marina properties net $2.5 million and $2.6 million
of utility revenue against the related utility expense in property
operating and maintenance expense for the three months ended March
31, 2022 and 2021, respectively.
(13) Monthly base rent per site
pertains to annual RV sites and excludes transient RV sites.
(14) Calculated using actual
results without rounding.
(15) Acquisitions and Other is
comprised of recent acquisitions, recently opened ground-up
development projects in stabilization and properties undergoing
redevelopment.
(16) MH and annual RV developed
sites, Occupied MH and annual RV, and MH and annual RV occupancy
percentage includes MH and annual RV sites, and excludes transient
RV sites, as applicable.
(17) As of March 31, 2022,
total portfolio MH occupancy was 96.7 percent inclusive of the
impact of over 1,000 recently constructed but vacant MH expansion
sites, and annual RV occupancy was 100.0 percent.
(18) Total sites for
development were comprised of approximately 72.8 percent for
expansion, 22.4 percent for greenfield development and 4.8 percent
for redevelopment.
(19) Capital expenditures
related to acquisitions represent the purchase price of existing
operating properties (including marinas) and land parcels to
develop expansions or new properties. Expenditures consist of
capital improvements identified during due diligence that are
necessary to bring the communities, resorts and marinas to the
Company's operating standards. These costs for the three months
ended March 31, 2022 include $20.0 million at our MH and RV
properties and $42.6 million at our marina properties. For the
years ended December 31, 2021 and 2020, these costs were $75.8
million at our MH and RV properties and $100.7 million at our
marina properties, and $40.6 million at our MH and RV properties,
respectively. These include items such as: upgrading clubhouses;
landscaping; new street light systems; new mail delivery systems;
pool renovation including larger decks, heaters, and furniture; new
maintenance facilities; lot modifications; and new signage
including main signs and internal road signs. These are considered
acquisition costs and although identified during due diligence,
often require 24 to 36 months after closing to complete.
(20) Expansion and development
expenditures consist primarily of construction costs such as roads,
activities, and amenities, and costs necessary to complete home and
RV site improvements, such as driveways, sidewalks and landscaping
at our MH communities and RV resorts. Expenditures also include
costs to rebuild after damage has been incurred at MH, RV or marina
properties, and research and development.
(21) Property recurring capital
expenditures are necessary to maintain asset quality, including
purchasing and replacing assets used to operate the communities,
resorts and marinas. Recurring capital expenditures at our MH and
RV properties include items such as: major road, driveway, pool
improvements; clubhouse renovations; adding or replacing street
lights; playground equipment; signage; maintenance facilities;
manager housing and property vehicles. Recurring capital
expenditures at our marinas include items such as: dredging, dock
repairs and improvements, and equipment maintenance and upgrades.
The minimum capitalized amount is five hundred dollars.
(22) Lot modification capital
expenditures are incurred to modify the foundational structures
required to set a new home after a previous home has been removed.
These expenditures are necessary to create a revenue stream from a
new site renter and often improve the quality of the community.
Other lot modification expenditures include land improvements added
to annual RV sites to aid in the conversion of transient RV guests
to annual contracts.
(23) Growth projects consist of
revenue generating or expense reducing activities at MH
communities, RV resorts and marinas. This includes, but is not
limited to, utility efficiency and renewable energy projects, site,
slip or amenity upgrades such as the addition of a garage, shed or
boat lift, and other special capital projects that substantiate an
incremental rental increase.
(24) Rebranding includes new
signage at our RV resorts and costs of building an RV mobile
application and updated website.
Certain financial information has been revised
to reflect reclassifications in prior periods to conform to current
period presentation.
- Exhibit 99.1 Press Release and Supplemental Package
2022.3.31
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