EX-99.1 2 exhibit991pressrelease2016.htm EXHIBIT 99.1 Exhibit


    



                                        
NEWS RELEASE
April 26, 2016

Sun Communities, Inc. Reports 2016 First Quarter Results

Southfield, Michigan, April 26, 2016 - Sun Communities, Inc. (NYSE: SUI) (the "Company"), a real estate investment trust ("REIT") that owns and operates manufactured housing ("MH") and recreational vehicle ("RV") communities, today reported its first quarter results.

Highlights: Three Months Ended March 31, 2016


•
Funds from operations ("FFO")(1) excluding certain items was $0.90 per diluted share and OP unit ("Share") for the three months ended March 31, 2016.

•
Home sales increased by 40.9 percent as compared to the first quarter of 2015.

•
Revenue producing sites increased by 592 sites for the quarter bringing total portfolio occupancy to 95.5 percent.

•
Same community Net Operating Income ("NOI")(2) increased by 6.4 percent as compared to the three months ended March 31, 2015.

•
Completed the purchase of two communities for $37.8 million.

•
Announced the agreement to purchase Carefree Communities, Inc. ("Carefree") for $1.68 billion.

•
Raised net proceeds of $385.3 million through the sale of 6,037,500 shares of common stock.


"Our performance during the first quarter continues to demonstrate the strength of the Sun Communities portfolio and the attractive fundamentals of our business," said Gary A. Shiffman, Chairman and CEO. "We delivered yet another quarter of impressive NOI growth as we grew occupancy, converted RV transient sites to annual leases, and continued to fill expansion sites. This consistently strong performance is proving out our strategy of owning well located high quality communities while providing superior amenities and customer service. I am also particularly excited to further accelerate this growth with the integration of Carefree in the second half of the year. This highly complementary, best-in-class portfolio further enhances our geographic diversity, deepens our presence in key coastal markets, and extends the contribution from age-restricted communities."









Sun Communities, Inc. 1st Quarter 2016                                 Page 2

FINANCIAL HIGHLIGHTS
(amounts in thousands)
 
Three Months Ended March 31,
 
2016
 
2015
 
Change
 
% Change
FFO per Share excluding certain items - fully diluted(1)

$
0.90

 
$
0.90

 
$
—

 
—
%
EBITDA (3)
$
90,220

 
$
83,245

 
$
6,975

 
8.4
%
Diluted Earnings Per Share
$
0.14

 
$
0.13

 
$
0.01

 
7.7
%


OPERATING HIGHLIGHTS

Community Occupancy

Total portfolio occupancy increased to 95.5 percent at March 31, 2016 from 92.9 percent at March 31, 2015 from a combination of occupancy gains and the disposition of properties with higher vacancy. During the first quarter of 2016, revenue producing sites increased by 592 sites, as compared to 499 revenue producing sites gained in the first quarter of 2015.


Same Community Results

For the 219 communities owned throughout 2016 and 2015, first quarter 2016 total revenues increased 6.6 percent and total expenses increased 7.2 percent, resulting in an increase in NOI(2) of 6.4 percent over the first quarter of 2015.

Rent increases in the same community portfolio were 3.4 percent. Same community occupancy increased by 2.5 percent to 96.1 percent at March 31, 2016 as compared to the same period last year.

Home Sales

Total home sales were 765 for the first quarter as compared to 543 homes sold during the first quarter of 2015, a 40.9 percent increase, driven by the sale of an additional 222 pre-owned homes.

Rental homes sales, which are included in total home sales, were 294 and 181 for the quarter ended March 31, 2016 and 2015, respectively, a 62.4 percent increase. The percentage of portfolio occupancy represented by home renters is 13.6 percent, compared to 14.0 percent for the quarter ended March 31, 2015.

Acquisitions (4) 

The Company acquired one MH and one RV community during the quarter comprised of 740 sites, for total consideration of $37.8 million. The communities are located in Texas and Michigan and were funded from the 1031 exchange completed in November of 2015 leaving $87.1 million in escrow.

The Company has entered into an agreement to acquire the high quality, 103 community manufactured housing and recreational vehicle Carefree portfolio for $1.68 billion, which is comprised of over 27,000 total

Sun Communities, Inc. 1st Quarter 2016                                 Page 3

sites. This portfolio is located in prime coastal markets and 51 percent of the sites are age restricted. The acquisition is expected to close in or before July 2016.

The consummation of the acquisition is subject to customary closing conditions. As a result, there can be no assurances as to the actual closing or the timing of the closing.

BALANCE SHEET AND CAPITAL MARKETS ACTIVITY

As of March 31, 2016, the Company had approximately $2.3 billion of debt outstanding. The weighted average interest rate was 4.98 percent and the weighted average maturity was 8.2 years. The Company had $410.4 million of unrestricted cash on hand and $392.0 million available on its credit facility. Additionally, the Company had $87.1 million of restricted cash on the balance sheet as a result of the assets sold in November 2015. At period-end the Company’s net debt to trailing twelve month EBITDA(3) ratio was 5.5 times.

Debt Transactions

In anticipation of the Carefree acquisition, the Company entered into rate lock agreements to replace $850.0 million of the $1.0 billion Carefree floating and short term debt with fixed rate debt carrying a weighted average maturity of 10.3 years.

Capital Transaction

In March 2016, the Company raised net proceeds of approximately $385.3 million through an offering of 6,037,500 shares of common stock at a price of $66.50 per share.

The Company intends to use the net proceeds of the offering to fund a portion of the purchase price for the Carefree acquisition. The consummation of the acquisition is subject to customary closing conditions. If for any reason the acquisition is not consummated, the Company intends to use the net proceeds of the offering to repay borrowings outstanding under the Company's revolving line of credit, to fund possible future acquisitions of properties and for working capital and general corporate purposes.


GUIDANCE 2016

The Company anticipates the second quarter 2016 FFO to be in the range of $0.79 to $0.81 per Share. The second quarter guidance incorporates the capital markets activity that has occurred to date. The Company expects a quarterly impact from the equity offering of approximately $.08 per Share until the capital is deployed. Guidance does not include transactions that have not yet closed or prospective acquisitions or capital markets activity. The Company intends to provide updated 2016 guidance after the Carefree transaction closes.

The estimates and assumptions presented above represent a range of possible outcomes and may differ materially from actual results. The estimates and assumptions are forward looking based on the Company's current assessment of economic and market conditions, as well as other risks outlined below under the caption "Forward-Looking Statements."
 


Sun Communities, Inc. 1st Quarter 2016                                 Page 4




EARNINGS CONFERENCE CALL

A conference call to discuss first quarter operating results will be held on Tuesday, April 26, 2016 at 11:00 A.M. (ET). To participate, call toll-free 877-407-4018. Callers outside the U.S. or Canada can access the call at 201-689-8471. A replay will be available following the call through May 3, 2016 and can be accessed toll-free by calling 877-870-5176 or by calling 858-384-5517. The Conference ID number for the call and the replay is 13634168. The conference call will be available live on Sun Communities' website www.suncommunities.com. Replay will also be available on the website.

Sun Communities, Inc. is a REIT that currently owns and operates a portfolio of 233 communities comprising approximately 89,400 developed sites.

For more information about Sun Communities, Inc., please visit the website at www.suncommunities.com.

CONTACT

Please address all inquiries to our investor relations department at our website www.suncommunities.com, by phone (248) 208-2500, by email investorrelations@suncommunities.com or by mail Sun Communities, Inc. Investor Relations, 27777 Franklin Road, Ste. 200, Southfield, MI 48034.

Sun Communities, Inc. 1st Quarter 2016                                 Page 5

Forward-Looking Statements

This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. Forward-looking statements can be identified by words such as "will," "may," "could," "expect," "anticipate," "believes," "intends," "should," "plans," "estimates," "approximate," "guidance," and similar expressions in this press release that predict or indicate future events and trends and that do not report historical matters.

These forward-looking statements reflect the Company’s current views with respect to future events and financial performance, but involve known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control. These risks, uncertainties, and other factors may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include national, regional and local economic climates, the ability to maintain rental rates and occupancy levels, competitive market forces, the performance of recent acquisitions, the ability to integrate future acquisitions smoothly and efficiently, changes in market rates of interest, the ability of manufactured home buyers to obtain financing, the level of repossessions by manufactured home lenders and those risks and uncertainties referenced under the headings entitled "Risk Factors" contained in the Company's 2015 Annual Report on Form 10-K, the Company's Quarterly Report on Form 10-Q for the Quarter ended March 31, 2016, and the Company’s other periodic filings with the Securities and Exchange Commission.

The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in the Company’s assumptions, expectations of future events, or trends.


Sun Communities, Inc. 1st Quarter 2016                                 Page 6

(1) 
Funds from operations attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities ("FFO") is defined by the National Association of Real Estate Investment Trusts ("NAREIT") as net income (loss) (computed in accordance with generally accepted accounting principles "GAAP"), excluding gains (or losses) from sales of depreciable operating property, plus real estate-related depreciation and amortization, and after adjustments for unconsolidated 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. Management generally considers FFO to be a useful measure for reviewing comparative operating and financial performance because, 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 year over year, reflects the impact to operations from trends in occupancy rates, rental rates and operating costs, providing perspective not readily apparent from net loss. Management believes that 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. FFO is computed in accordance with the Company's interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than the Company.

Because FFO excludes significant economic components of net income (loss) including depreciation and amortization, FFO should be used as an adjunct to net income (loss) and not as an alternative to net income (loss). The principal limitation of FFO is that it does not represent cash flow from operations as defined by GAAP and is a supplemental measure of performance that does not replace net income (loss) as a measure of performance or net cash provided by operating activities as a measure of liquidity. In addition, 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 only provides investors with an additional performance measure.


(2) 
Investors in and analysts following the real estate industry utilize NOI as a supplemental performance measure. NOI is derived from revenues minus property operating expenses and real estate taxes. NOI does not represent cash generated from operating activities in accordance with GAAP and should not be considered to be an alternative to net income (loss) (determined in accordance with GAAP) as an indication of the Company's financial performance or to be an alternative to cash flow from operating activities (determined in accordance with GAAP) 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. The Company believes that net income (loss) is the most directly comparable GAAP measurement to NOI. Net income (loss) includes interest and depreciation and amortization which often have no effect on the market value of a property and therefore limit its use as a performance measure. In addition, such expenses are often incurred at a parent company level and therefore are not necessarily linked to the performance of a real estate asset. The Company believes that NOI is helpful to investors as a 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 management tool 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, and therefore, NOI is a measure of the operating performance of the properties of the Company rather than of the Company overall.


(3) 
EBITDA is defined as NOI plus other income, plus (minus) equity earnings (loss) from affiliates, minus general and administrative expenses. EBITDA includes EBITDA from discontinued operations.


(4) 
The consideration amounts presented with respect to acquired communities represent the economic transaction and do not contemplate the fair value purchase accounting required by GAAP.





Sun Communities, Inc. 1st Quarter 2016                                 Page 7
                                        

Consolidated Balance Sheets
(in thousands, except per share amounts)
 
March 31, 2016
 
December 31, 2015
ASSETS
 
 
 
Land
$
456,380

 
$
451,340

Land improvements and buildings
3,586,969

 
3,535,909

Rental homes and improvements
469,217

 
460,480

Furniture, fixtures and equipment
104,855

 
102,746

Land held for future development
23,047

 
23,047

Investment property
4,640,468

 
4,573,522

Accumulated depreciation
(889,941
)
 
(852,407
)
Investment property, net (including $91,246 and $92,009 for consolidated variable interest entities at March 31, 2016 and December 31, 2015)
3,750,527

 
3,721,115

Cash and cash equivalents
410,408

 
45,086

Inventory of manufactured homes
16,636

 
14,828

Notes and other receivables, net
54,124

 
47,972

Collateralized receivables, net
142,944

 
139,768

Other assets, net
188,247

 
213,030

TOTAL ASSETS
$
4,562,886

 
$
4,181,799

LIABILITIES
 
 
 
Mortgage loans payable (including $63,450 and $64,082 for consolidated variable interest entities at March 31, 2016 and December 31, 2015)
$
2,114,818

 
$
2,125,267

Secured borrowings on collateralized receivables
143,664

 
140,440

Preferred OP units - mandatorily redeemable
45,903

 
45,903

Lines of credit
58,065

 
24,687

Distributions payable
45,351

 
41,265

Other liabilities (including $4,213 and $4,091 for consolidated variable interest entities at March 31, 2016 and December 31, 2015)
184,102

 
184,859

TOTAL LIABILITIES
$
2,591,903

 
$
2,562,421

Commitments and contingencies
 
 
 
Series A-4 preferred stock, $0.01 par value. Issued and outstanding: 2,067 shares at March 31, 2016 and December 31, 2015
$
61,732

 
$
61,732

Series A-4 preferred OP units
$
20,762

 
$
21,065

STOCKHOLDERS’ EQUITY
 
 
 
Series A preferred stock, $0.01 par value. Issued and outstanding: 3,400 shares at March 31, 2016 and December 31, 2015
$
34

 
$
34

Common stock, $0.01 par value. Authorized: 180,000 shares;
Issued and outstanding: 64,578 shares at March 31, 2016 and 58,395 shares at December 31, 2015
646

 
584

Additional paid-in capital
2,706,657

 
2,319,314

Distributions in excess of accumulated earnings
(896,896
)
 
(864,122
)
Total Sun Communities, Inc. stockholders' equity
1,810,441

 
1,455,810

Noncontrolling interests:
 

 
 

Common and preferred OP units
80,018

 
82,538

Consolidated variable interest entities
(1,970
)
 
(1,767
)
Total noncontrolling interest
78,048

 
80,771

TOTAL STOCKHOLDERS’ EQUITY
1,888,489

 
1,536,581

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
4,562,886

 
$
4,181,799


Sun Communities, Inc. 1st Quarter 2016                                 Page 8

Consolidated Statements of Operations
(in thousands, except per share amounts)
 
Three Months Ended March 31,
 
2016
 
2015
REVENUES
 
 
 
Income from real property
$
129,235

 
$
119,525

Revenue from home sales
24,737

 
16,834

Rental home revenue
11,708

 
11,129

Ancillary revenues
4,613

 
3,191

Interest
3,945

 
3,984

Brokerage commissions and other income, net
406

 
537

Total revenues
174,644

 
155,200

COSTS AND EXPENSES
 
 
 
Property operating and maintenance
31,201

 
29,214

Real estate taxes
9,585

 
8,715

Cost of home sales
18,184

 
12,557

Rental home operating and maintenance
5,876

 
5,605

Ancillary expenses
3,508

 
2,546

Home selling expenses
2,278

 
1,690

General and administrative
13,792

 
11,628

Transaction costs
2,721

 
9,449

Depreciation and amortization
48,412

 
44,001

Interest
26,294

 
25,389

Interest on mandatorily redeemable preferred OP units
787

 
852

Total expenses
162,638

 
151,646

Income before other gains
12,006

 
3,554

Gain on disposition of properties, net
—

 
8,769

Provision for income taxes
(228
)
 
(75
)
Net income
11,778

 
12,248

Less:  Preferred return to preferred OP units
1,273

 
1,029

Less:  Amounts attributable to noncontrolling interests
276

 
264

Net income attributable to Sun Communities, Inc.
10,229

 
10,955

Less: Preferred stock distributions
2,354

 
4,086

Net income attributable to Sun Communities, Inc. common stockholders
$
7,875

 
$
6,869

Weighted average common shares outstanding:
 
 
 
Basic
57,736

 
52,498

Diluted
58,126

 
52,892

Earnings per share:
 

 
 

Basic
$
0.14

 
$
0.13

Diluted
$
0.14

 
$
0.13


Sun Communities, Inc. 1st Quarter 2016                                 Page 9

Reconciliation of Net Income to FFO(1) 
(in thousands, except per share amounts)
 
Three Months Ended March 31,
 
2016
 
2015
Net income attributable to Sun Communities, Inc. common stockholders
$
7,875

 
$
6,869

Adjustments:
 
 
 
Preferred return to preferred OP units
625

 
45

Amounts attributable to noncontrolling interests
349

 
78

Depreciation and amortization
48,077

 
44,264

Gain on disposition of properties, net
—

 
(8,769
)
Gain on disposition of assets, net
(3,656
)
 
(1,702
)
Funds from operations (FFO) attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1)(6)
53,270

 
40,785

Adjustments:
 
 
 
Transaction costs
2,721

 
9,449

FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities excluding certain items (1)(6)
$
55,991

 
$
50,234

 
 
 
 
Weighted average common shares outstanding - basic:
57,736

 
52,498

Add:
 
 
 
Common stock issuable upon conversion of stock options
13

 
16

Restricted stock
377

 
378

Common OP units
2,863

 
2,560

Common stock issuable upon conversion of Series A-1 preferred OP units
945

 
—

Common stock issuable upon conversion of Series A-3 preferred OP units
75

 
75

Weighted average common shares outstanding - fully diluted
62,009

 
55,527

 
 
 
 
FFO(1) attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities per Share - fully diluted
$
0.86

 
$
0.73

FFO (1) attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities per Share excluding certain items - fully diluted
$
0.90

 
$
0.90


(6) The effect of certain anti-dilutive convertible securities is excluded from these items.

Sun Communities, Inc. 1st Quarter 2016                                 Page 10

Statement of Operations – Same Community
(in thousands except for Other Information)

 
Three Months Ended March 31,
 
2016
 
2015
 
Change
 
% Change
REVENUES:
 
 
 
 
 
 
 
Income from real property
$
114,545

 
$
107,447

 
$
7,098

 
6.6
%
 
 
 
 
 
 
 
 
PROPERTY OPERATING EXPENSES:
 
 
 
 
 
 
 
Payroll and benefits
8,877

 
8,157

 
720

 
8.8
%
Legal, taxes & insurance
1,685

 
1,625

 
60

 
3.7
%
Utilities
6,396

 
6,239

 
157

 
2.5
%
Supplies and repair
2,731

 
2,560

 
171

 
6.7
%
Other
2,890

 
2,621

 
269

 
10.3
%
Real estate taxes
8,993

 
8,263

 
730

 
8.8
%
Property operating expenses
31,572

 
29,465

 
2,107

 
7.2
%
NET OPERATING INCOME ("NOI")(2)
$
82,973

 
$
77,982

 
$
4,991

 
6.4
%

 
 
As of March 31,
OTHER INFORMATION
 
2016
 
2015
 
Change
 
% Change
Number of properties
 
219

 
219

 


 


 
 
 
 
 
 
 
 
 
Overall occupancy (7) (8)
 
96.1
%
 
93.6
%
(10) 
2.5
%
 
 
 
 
 
 
 
 
 
 
 
Sites available for development
 
5,906

 
6,574

 
(668
)
 
(10.2
)%
 
 
 
 
 
 
 
 
 
Monthly base rent per site - MH
 
$
488

 
$
472

 
$
16

 
3.4
 %
Monthly base rent per site - RV (9)
 
$
430

 
$
416

 
$
14

 
3.4
 %
Monthly base rent per site - Total (9)
 
$
481

 
$
465

 
$
16

 
3.4
 %

(7) Includes manufactured housing and annual/seasonal recreational vehicle sites and excludes transient recreational vehicle sites.
(8) Occupancy % excludes recently completed but vacant expansion sites.
(9) Monthly base rent per site pertains to annual/seasonal RV sites and excludes transient RV sites.
(10) Occupancy reflects current year gains from expansion sites and the conversion of transient RV guests to annual/seasonal RV contracts as vacant in 2015.



Sun Communities, Inc. 1st Quarter 2016                                 Page 11

Rental Program Summary
(amounts in thousands except for *)
 
Three Months Ended March 31,
 
2016
 
2015
 
Change
 
% Change
REVENUES:
 
 
 
 
 
 
 
Rental home revenue
$
11,708

 
$
11,129

 
$
579

 
5.2
 %
Site rent included in Income from real property
15,218

 
15,127

 
91

 
0.6
 %
Rental Program revenue
26,926

 
26,256

 
670

 
2.6
 %
 
 
 
 
 
 
 
 
EXPENSES:
 
 
 
 
 
 
 
Commissions
775

 
834

 
(59
)
 
(7.1
)%
Repairs and refurbishment
2,666

 
2,416

 
250

 
10.3
 %
Taxes and insurance
1,565

 
1,476

 
89

 
6.0
 %
Marketing and other
870

 
879

 
(9
)
 
(1.0
)%
Rental Program operating and maintenance
5,876

 
5,605

 
271

 
4.8
 %
 
 
 
 
 
 
 
 
NET OPERATING INCOME ("NOI") (2)
$
21,050

 
$
20,651

 
$
399

 
1.9
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Occupied rental home information as of March 31, 2016 and 2015:
Number of occupied rentals, end of period* 
10,815

 
11,157

 
(342
)
 
(3.1
)%
Investment in occupied rental homes, end of period
$
447,378

 
$
431,421

 
$
15,957

 
3.7
 %
Number of sold rental homes* 
294

 
181

 
113

 
62.4
 %
Weighted average monthly rental rate, end of period* 
$
865

 
$
834

 
$
31

 
3.7
 %



Sun Communities, Inc. 1st Quarter 2016                                 Page 12

Homes Sales Summary
(amounts in thousands except for *)
 
Three Months Ended March 31,
 
2016
 
2015
 
Change
 
% Change
New home sales
$
5,469

 
$
5,246

 
$
223

 
4.3
 %
Pre-owned home sales
19,268

 
11,588

 
7,680

 
66.3
 %
Revenue from home sales
24,737

 
16,834

 
7,903

 
46.9
 %
 
 
 
 
 
 
 
 
New home cost of sales
4,844

 
4,191

 
653

 
15.6
 %
Pre-owned home cost of sales
13,340

 
8,366

 
4,974

 
59.5
 %
Cost of home sales
18,184

 
12,557

 
5,627

 
44.8
 %
 
 
 
 
 
 
 
 
NOI / Gross Profit (2)
$
6,553

 
$
4,277

 
$
2,276

 
53.2
 %
 
 
 
 
 
 
 
 
Gross profit – new homes
$
625

 
$
1,055

 
$
(430
)
 
(40.8
)%
Gross margin % – new homes
11.4
%
 
20.1
%
 
(8.7
)%
 
 
Average selling price - new homes*
$
82,864

 
$
79,484

 
$
3,380

 
4.3
 %
 
 
 
 
 
 
 
 
Gross profit – pre-owned homes
$
5,928

 
$
3,222

 
$
2,706

 
84.0
 %
Gross margin % – pre-owned homes
30.8
%
 
27.8
%
 
3.0
 %
 
 
Average selling price - pre-owned homes*
$
27,565

 
$
24,294

 
$
3,271

 
13.5
 %
 
 
 
 
 
 
 
 
Home sales volume:
 
 
 
 
 
 
 
New home sales*
66

 
66

 
—

 
—
 %
Pre-owned home sales*
699

 
477

 
222

 
46.5
 %
Total homes sold*
765


543


222


40.9
 %


Sun Communities, Inc. 1st Quarter 2016                                 Page 13

Acquisition Summary - Properties Acquired in 2015 and 2016
(amounts in thousands except for statistical data)

 
Three Months Ended March 31, 2016
REVENUES:
 
Income from real property (excluding transient revenue)
$
6,950

Transient revenue
1,364

Revenue from home sales
1,842

Rental home revenue
49

Ancillary revenues
525

Total revenues
10,730

COSTS AND EXPENSES:
 
Property operating and maintenance
2,218

Real estate taxes
589

Cost of home sales
1,439

Rental home operating and maintenance
22

Ancillary expense
473

            Total expenses
4,741

 
 
NET OPERATING INCOME ("NOI") (2)
$
5,989

 
 
 
 
 
As of March 31, 2016
Other information:
 
Number of properties
14

Developed sites
6,075

Occupied sites (11)
4,033

Occupancy % (11)

92.9
%
Monthly base rent per site - MH
$
512

Monthly base rent per site - RV (9)
$
497

Monthly base rent per site - Total (9)
$
512

 
 
Home sales volume:
 
New homes
10

Pre-owned homes
31

 
 
Occupied rental home information:
 
Number of occupied rentals, end of period
65

Investment in occupied rental homes (in thousands)
$
2,765

Weighted average monthly rental rate
$
835


(9) Monthly base rent per site pertains to annual/seasonal recreational vehicle sites and excludes transient recreational vehicle sites.
(11) Includes manufactured housing and annual/seasonal recreational vehicle sites, and excludes transient recreational vehicle sites, which are included in total developed sites.


Sun Communities, Inc. 1st Quarter 2016                                 Page 14