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Sun Communities, Inc. Reports 2016 Third Quarter Results

November 1, 2016 6:31 AM

NEWS RELEASE
November 1, 2016

Southfield, Michigan, November 1, 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 third quarter results.

Financial Results for the Quarter and Nine Months Ended September 30, 2016

For the quarter ended September 30, 2016, total revenues increased $64.3 million, or 34.7 percent, to $249.7 million compared to $185.4 million for the same period in 2015. Net income available for Common Stockholders was $18.9 million, or $0.27 per diluted common share, as compared to $28.8 million, or $0.53 per diluted common share, for the same period in 2015.

For the nine months ended September 30, 2016, total revenues increased $108.6 million, or 21.4 percent, to $615.1 million compared to $506.5 million for the same period in 2015. Net income available for Common Stockholders for the nine months ended September 30, 2016 was $19.0 million, or $0.30 per diluted common share, as compared to $47.9 million, or $0.90 per diluted common share, for the same period in 2015.

"Our strong third quarter results demonstrate the consistent growth profile of our portfolio. With home sales solidly ahead of last year in both the third quarter and year to date, the ongoing demand for manufactured housing in our high quality communities is clearly evident," said Gary A. Shiffman, Chairman and CEO. "I am pleased with the integration of the Carefree assets, which are performing ahead of expectations, as we employ our experience and expertise as a consolidator in this space. With both site expansion opportunities, and selective acquisitions such as the four communities purchased during and subsequent to the quarter, we continue to be well-positioned to drive ongoing growth across our platform."

Non-GAAP Financial Measures and Portfolio Performance


OPERATING HIGHLIGHTS

Community Occupancy

Total portfolio occupancy increased to 96.2 percent at September 30, 2016 from 93.7 percent at September 30, 2015. During the third quarter of 2016, revenue producing sites increased by 292 sites, as compared to 358 revenue producing sites gained in the third quarter of 2015.

Revenue producing sites gained during the nine months ended September 30, 2016 were 1,385 as compared to 1,357 revenue producing sites gained during the nine months ended September 30, 2015.


Same Community Results

For the 219 communities owned throughout 2016 and 2015, third quarter 2016 total revenues increased 5.9 percent and total expenses increased 5.6 percent, resulting in an increase in NOI(1) of 6.0 percent over the third quarter of 2015. Same community occupancy increased to 96.4 percent at September 30, 2016 from 94.2 percent at September 30, 2015.

For the nine months ended September 30, 2016, total revenues increased 6.0 percent and total expenses increased 5.1 percent, resulting in an increase in NOI(1) of 6.4 percent over the nine months ended September 30, 2015.


Home Sales

Total home sales were 895 for the third quarter as compared to 626 homes sold during the third quarter of 2015, a 43.0 percent increase.

During the nine months ended September 30, 2016, the Company sold 2,410 homes as compared to the 1,745 homes sold during the same period ending 2015, resulting in an additional 665 homes sold during 2016, or a 38.1 percent increase.

Rental homes sales, which are included in total home sales, were 286 and 223 for the three months ended and 858 and 611 for the nine months ended September 30, 2016 and 2015, respectively.


BALANCE SHEET AND CAPITAL MARKETS ACTIVITY

Debt Transactions

For the quarter ended September 30, 2016, the Company closed on $139.0 million of debt with a weighted average interest rate of 3.84 percent and maturities ranging between seven and ten years. Subsequent to quarter end, the Company completed a $58.5 million secured borrowing that bears interest at a fixed rate of 3.33 percent and has a seven-year term. During the quarter, the Company also repaid three mortgage loans totaling $62.1 million.

As of September 30, 2016, the Company had approximately $3.1 billion of debt outstanding. The weighted average interest rate was 4.56 percent and the weighted average maturity was 8.6 years. The Company had $69.8 million of unrestricted cash on hand. At period-end the Company's net debt to trailing twelve month EBITDA(1)(7) ratio was 7.7 times.

Equity Transactions

In September 2016, the Company completed an underwritten registered public equity offering of 3,737,500 shares at a net price of $75.89 per share for proceeds of $283.6 million. The Company used the proceeds of the offering to repay borrowings outstanding under the Company's revolving line of credit.

During the quarter the Company sold 620,828 shares of common stock through its At the Market equity sales program at a weighted average price of $76.81 per share. Net proceeds from the sales were $47.1 million.


PORTFOLIO ACTIVITY

Acquisitions (2)

During the quarter and also subsequent to September 30, 2016, the Company acquired four communities for total consideration of $41.0 million. The communities, located in Colorado, Michigan, New York, and Virginia, contain 964 RV sites and have expansion potential of approximately 400 sites.

These resorts are located in high demand destination locations and will undergo repositioning or expansion activities to fully realize the inherent value in the zoned and entitled land that was previously under-managed or under-utilized.


GUIDANCE 2016

The Company expects FFO(1) per Share excluding certain items for fourth quarter 2016 to be in the range of $0.89 to $0.91 per Share. This revised range includes a $0.03 to $0.04 per Share impact from the third quarter equity offerings, partially offset by a higher expected contribution from the Carefree portfolio. Guidance also includes expenses related to Hurricane Matthew as an adjustment to FFO(1) excluding certain items.

The Company anticipates full year same community NOI(1) growth of 6.7 percent to 6.9 percent. This revised outlook reflects transient RV revenues which were impacted by weather in a few communities in the third quarter, along with higher real estate tax assessments on a year to date basis.

Estimates of FFO(1) per Share excluding certain items assume certain non-core items are adjusted from
FFO(1). 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."


EARNINGS CONFERENCE CALL

A conference call to discuss third quarter operating results will be held on Tuesday, November 1, 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 November 15, 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 13646698. 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, as of September 30, 2016, owned or had an interest in a portfolio of 339 communities comprising approximately 117,000 developed sites in 29 states and Ontario.

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 [email protected] or by mail Sun Communities, Inc. Investor Relations, 27777 Franklin Road, Ste. 200, Southfield, MI 48034.


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 September 30, 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.


Investor Information


RESEARCH COVERAGE
BMO Capital Markets Paul Adornato
(212) 885-4170
[email protected]
Citi Research Michael Bilerman/Nicholas Joseph
(212) 816-1383
[email protected]
[email protected]
Evercore ISI Steve Sakwa
(212) 446-9462
[email protected]
Green Street Advisors Dave Bragg
(949) 640-9780
[email protected]
Robert W. Baird & Co. Drew Babin
(215) 553-7816
[email protected]
Wells Fargo Todd Stender
(212) 214-8067
[email protected]
INQUIRIES
Sun Communities welcomes questions or comments from stockholders, analysts, investment managers, media, or
any prospective investor. Please address all inquiries to our investor relations department.
At Our Website www.suncommunities.com
By Email [email protected]
By Phone (248) 208-2500


Portfolio Overview
(As of September 30, 2016)


Balance Sheets
(amounts in thousands)

Quarter Ended
9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015
ASSETS:
Land $ 1,072,964 $ 458,349 $ 456,380 $ 451,340 $ 457,279
Land improvements and buildings 4,682,920 5,294,663 3,586,969 3,535,909 3,604,444
Rental homes and improvements 485,340 477,875 469,217 460,480 478,764
Furniture, fixtures and equipment 125,603 107,123 104,855 102,746 98,567
Land held for future development 23,497 23,497 23,047 23,047 23,659
Investment property 6,390,324 6,361,507 4,640,468 4,573,522 4,662,713
Accumulated depreciation (977,486 ) (928,882 ) (889,941 ) (852,407 ) (879,184 )
Investment property, net 5,412,838 5,432,625 3,750,527 3,721,115 3,783,529
Cash and cash equivalents 69,829 31,441 410,408 45,086 23,917
Inventory of manufactured homes 24,147 29,044 16,636 14,828 15,263
Notes and other receivables, net 87,856 76,466 54,124 47,972 49,201
Collateralized receivables, net (3) 143,888 144,017 142,944 139,768 138,241
Other assets, net 166,148 109,598 188,247 213,030 95,728
Total assets, net $ 5,904,706 $ 5,823,191 $ 4,562,886 $ 4,181,799 $ 4,105,879
LIABILITIES:
Mortgage loans payable $ 2,854,831 $ 2,792,021 $ 2,114,818 $ 2,125,267 $ 2,197,359
Secured borrowings (3) 144,522 144,684 143,664 140,440 138,887
Preferred OP units - mandatorily redeemable 45,903 45,903 45,903 45,903 45,903
Lines of credit 57,737 357,721 58,065 24,687 166,677
Distributions payable 51,100 47,992 45,351 41,265 38,819
Other liabilities 275,650 257,423 184,102 184,859 190,284
Total liabilities 3,429,743 3,645,744 2,591,903 2,562,421 2,777,929
Series A-4 Preferred Stock 50,227 50,227 61,732 61,732 68,633
Series A-4 preferred OP units 19,906 20,266 20,762 21,065 20,982
STOCKHOLDERS' EQUITY:
Series A Preferred Stock 34 34 34 34 34
Common stock 730 686 646 584 545
Additional paid-in capital 3,313,905 2,980,382 2,706,657 2,319,314 2,079,139
Accumulated other comprehensive (loss) income (4,876 ) 1 - - -
Distributions in excess of accumulated earnings (975,511 ) (947,988 ) (896,896 ) (864,122 ) (916,961 )
Total SUI stockholders' equity 2,334,282 2,033,115 1,810,441 1,455,810 1,162,757
Noncontrolling interests:
Common and preferred OP units 73,284 76,166 80,018 82,538 76,914
Consolidated variable interest entities (2,736 ) (2,327 ) (1,970 ) (1,767 ) (1,336 )
Total noncontrolling interest 70,548 73,839 78,048 80,771 75,578
Total stockholders' equity 2,404,830 2,106,954 1,888,489 1,536,581 1,238,335
Total liabilities & stockholders' equity $ 5,904,706 $ 5,823,191 $ 4,562,886 $ 4,181,799 $ 4,105,879


Statements of Operations
(amounts in thousands, except per share amounts)

Three Months Ended
9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015
REVENUES:
Income from real property (excluding transient revenue) $ 158,020 $ 129,117 $ 119,084 $ 117,604 $ 119,784
Transient revenue 26,304 10,884 10,151 5,568 17,764
Revenue from home sales 31,211 26,039 24,737 25,169 18,991
Rental home revenue 12,031 11,957 11,708 11,756 11,856
Ancillary revenues 16,446 7,383 4,613 3,576 12,511
Interest 4,705 4,672 3,945 4,074 3,987
Brokerage commissions and other income, net 984 747 406 491 462
Total revenues 249,701 190,799 174,644 168,238 185,355
EXPENSES:
Property operating and maintenance 57,089 37,067 31,201 33,360 38,716
Real estate taxes 12,384 10,153 9,585 8,683 8,520
Cost of home sales 21,935 18,684 18,184 19,296 13,386
Rental home operating and maintenance 6,350 5,411 5,876 6,841 7,031
Ancillary expenses 8,539 5,201 3,508 3,888 6,936
Home selling expenses 3,553 2,858 2,278 2,079 1,910
General and administrative 16,575 16,543 13,792 10,511 12,670
Transaction costs 4,191 20,979 2,721 4,653 1,664
Depreciation and amortization 61,483 49,670 48,412 47,530 44,695
Interest 33,800 28,428 26,294 28,066 27,453
Interest on mandatorily redeemable preferred OP units 789 787 787 790 790
Total expenses 226,688 195,781 162,638 165,697 163,771
Income / (loss) before other items 23,013 (4,982 ) 12,006 2,541 21,584
Gains on disposition of properties, net - - - 98,430 18,190
Provision for income taxes (283 ) (56 ) (228 ) 71 (77 )
Income tax expense - reduction of deferred tax asset - - - (1,000 ) -
Income from affiliate transactions 500 - - - -
Net income / loss 23,230 (5,038 ) 11,778 100,042 39,697
Less: Preferred return to preferred OP units (1,257 ) (1,263 ) (1,273 ) (1,281 ) (1,302 )
Less: Amounts attributable to noncontrolling interests (879 ) 695 (276 ) (6,922 ) (2,125 )
Less: Preferred stock distribution (2,197 ) (2,197 ) (2,354 ) (2,440 ) (3,179 )
Less: Preferred stock redemption costs - - - - (4,328 )
NET INCOME / (LOSS) ATTRIBUTABLE TO SUI $ 18,897 $ (7,803 ) $ 7,875 $ 89,399 $ 28,763
Weighted average common shares outstanding:
Basic 68,655 64,757 57,736 56,181 53,220
Diluted 69,069 64,757 58,126 57,639 53,665
Earnings (loss) per share:
Basic $ 0.27 $ (0.12 ) $ 0.14 $ 1.57 $ 0.53
Diluted $ 0.27 $ (0.12 ) $ 0.14 $ 1.56 $ 0.53


Summary of Securities Outstanding as of September 30, 2016
(units/stock/shares in thousands)

Number of Units/Stock/Shares Outstanding Conversion Rate If Converted Issuance Price per unit Annual Distribution Rate
Convertible Securities
Series A-1 preferred OP Units 376 2.43902 917 $100 6.0%
Series A-3 preferred OP Units 40 1.8605 74 $100 4.5%
Series A-4 preferred OP Units 743 0.444444 330 $25 6.5%
Series C preferred OP Units 333 1.11 370 $100 4.0%
Common OP Units 2,838 1.0 2,838 N/A Mirrors the Common Share distributions
Series A-4 cumulative convertible Preferred Stock 1,682 0.444444 748 $25 6.5%
Non-Convertible Securities
Preferred Stock ( SUI-PrA) 3,400 N/A N/A $25 7.125%
Common Shares 73,027 N/A N/A N/A $2.60*
* Annual distribution is based on the last quarter distribution annualized.


Reconciliations to Non-GAAP Financial Measures


Reconciliation of Net Income Attributable to Sun Communities, Inc. Common Stockholders to Funds from Operations
(amounts in thousands except for per share data)

Three Months Ended
September 30, 		Nine Months Ended
September 30,
2016 2015 2016 2015
Net income attributable to Sun Communities, Inc. common stockholders $ 18,897 $ 28,763 $ 18,969 $ 47,926
Adjustments:
Preferred return to preferred OP units 616 - 1,858 -
Amounts attributable to noncontrolling interests 685 1,174 255 1,554
Preferred distribution to Series A-4 preferred stock 683 1,666 - -
Depreciation and amortization 61,809 45,014 159,225 130,247
Gain on disposition of properties, net - (18,190 ) - (26,946 )
Gain on disposition of assets, net (4,667 ) (2,937 ) (12,226 ) (7,065 )
Funds from operations ("FFO") attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) (5)

 78,023 55,490 168,081 145,716
Adjustments:
Transaction costs 4,191 1,664 27,891 13,150
Other acquisition related costs (4) 1,467 - 1,467 -
Income from affiliate transactions (500 ) - (500 ) (7,500 )
Preferred stock redemption costs - 4,328 - 4,328
Extinguishment of debt - - - 2,800
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities excluding certain items (1) (5)

 $ 83,181 $ 61,482 $ 196,939 $ 158,494
Weighted average common shares outstanding - basic: 68,655 53,220 63,716 52,855
Add:
Common stock issuable upon conversion of stock options 8 14 10 16
Restricted stock 406 431 437 400
Common stock issuable upon conversion of Series A-4 preferred stock 747 1,826 - -
Common OP units 2,856 2,874 2,861 2,783
Common stock issuable upon conversion of Series A-1 preferred OP units 920 - 932 -
Common stock issuable upon conversion of Series A-3 preferred OP units 75 - 75 -
Weighted average common shares outstanding - fully diluted 73,667 58,365 68,031 56,054
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (5) per Share - fully diluted

 $ 1.06 $ 0.95 $ 2.47 $ 2.60
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (5) per Share excluding certain items - fully diluted

 $ 1.13 $ 1.05 $ 2.89 $ 2.83


Reconciliation of Recurring EBITDA to Net Income Attributable to Sun Communities, Inc. Common Stockholders
(amounts in thousands)

The following table reconciles Recurring EBITDA to consolidated net income:

Three Months Ended September 30, Nine Months Ended September 30,
2016 2015 2016 2015
RECURRING EBITDA (1) $ 123,276 $ 96,186 $ 308,378 $ 264,293
Interest 33,800 27,453 88,522 79,593
Interest on mandatorily redeemable preferred OP units 789 790 2,363 2,429
Depreciation and amortization 61,483 44,695 159,565 130,107
Extinguishment of debt - - - 2,800
Transaction costs 4,191 1,664 27,891 13,150
Gains on disposition of properties, net - (18,190 ) - (26,946 )
Provision for income tax 283 77 567 229
Income from affiliate transactions (500 ) - (500 ) (7,500 )
Net income 23,230 39,697 29,970 70,431
Less: Preferred return to preferred OP units 1,257 1,302 3,793 3,692
Less: Amounts attributable to noncontrolling interests 879 2,125 460 3,132
Net income attributable to Sun Communities, Inc. 21,094 36,270 25,717 63,607
Less: Preferred stock distributions 2,197 3,179 6,748 11,353
Less: Preferred stock redemption costs - 4,328 - 4,328
Net income attributable to Sun Communities, Inc., common stockholders $ 18,897 $ 28,763 $ 18,969 $ 47,926


Reconciliation of Net Operating Income to Net Income Attributable to Sun Communities, Inc. Common Stockholders
(amounts in thousands)

The following table reconciles net operating income to consolidated net income:

Three Months Ended September 30, Nine Months Ended September 30,
2016 2015 2016 2015
Real Property NOI $ 114,851 $ 90,312 $ 296,081 $ 254,438
Rental Program NOI 21,213 20,587 64,223 62,805
Home Sales NOI/Gross profit 9,276 5,605 23,184 14,914
Ancillary NOI/Gross profit 7,907 5,575 11,194 7,325
Site rent from Rental Program (included in Real Property NOI) (6) (15,532 ) (15,762 ) (46,164 ) (46,440 )
NOI/Gross profit 137,715 106,317 348,518 293,042
Adjustments to arrive at net income:
Other revenues 5,689 4,449 15,459 13,592
Home selling expenses (3,553 ) (1,910 ) (8,689 ) (5,397 )
General and administrative (16,575 ) (12,670 ) (46,910 ) (36,944 )
Transaction costs (4,191 ) (1,664 ) (27,891 ) (13,150 )
Depreciation and amortization (61,483 ) (44,695 ) (159,565 ) (130,107 )
Extinguishment of debt - - - (2,800 )
Interest expense (34,589 ) (28,243 ) (90,885 ) (82,022 )
Gain on disposition of properties, net - 18,190 - 26,946
Provision for state income taxes (283 ) (77 ) (567 ) (229 )
Income from affiliate transactions 500 - 500 7,500
Net income 23,230 39,697 29,970 70,431
Less: Preferred return to preferred OP units 1,257 1,302 3,793 3,692
Less: Amounts attributable to noncontrolling interests 879 2,125 460 3,132
Net income attributable to Sun Communities, Inc. 21,094 36,270 25,717 63,607
Less: Preferred stock distributions 2,197 3,179 6,748 11,353
Less: Preferred stock redemption costs - 4,328 - 4,328
Net income attributable to Sun Communities, Inc., common stockholders $ 18,897 $ 28,763 $ 18,969 $ 47,926


Non-GAAP and Other Financial Measures


Financial Highlights
(amounts in thousands, except per share data)

Quarter Ended
9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015
OPERATING INFORMATION
Total revenues $ 249,701 $ 190,799 $ 174,644 $ 168,238 $ 185,355
Net income (loss) $ 23,230 $ (5,038 ) $ 11,778 $ 100,042 $ 39,697
Net income (loss) available for Common Stockholders $ 18,897 $ (7,803 ) $ 7,875 $ 89,399 $ 28,763
Earnings (loss) per share basic $ 0.27 $ (0.12 ) $ 0.14 $ 1.57 $ 0.53
Earnings (loss) per share diluted $ 0.27 $ (0.12 ) $ 0.14 $ 1.56 $ 0.53
Recurring EBITDA (1) $ 123,276 $ 94,882 $ 90,220 $ 83,580 $ 96,186
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities(1) (5) $ 78,023 $ 37,473 $ 53,270 $ 43,282 $ 55,490
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities excluding certain items(1) (5) $ 83,181 $ 58,452 $ 55,991 $ 48,935 $ 61,482
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (5) per Share - fully diluted $ 1.06 $ 0.54 $ 0.86 $ 0.72 $ 0.95
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (5) per Share excluding certain items - fully diluted $ 1.13 $ 0.85 $ 0.90 $ 0.81 $ 1.05
BALANCE SHEET
Total assets $ 5,904,706 $ 5,823,191 $ 4,562,886 $ 4,181,799 $ 4,105,879
Total debt $ 3,102,993 $ 3,340,329 $ 2,362,450 $ 2,336,297 $ 2,548,826
Total liabilities $ 3,429,743 $ 3,645,744 $ 2,591,903 $ 2,562,421 $ 2,777,929


Debt Analysis
(amounts in thousands)

Quarter Ended
9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015
DEBT OUTSTANDING
Lines of credit $ 57,737 $ 357,721 $ 58,065 $ 24,687 $ 166,677
Mortgage loans payable 2,854,831 2,792,021 2,114,818 2,125,267 2,197,359
Preferred OP units - mandatorily redeemable 45,903 45,903 45,903 45,903 45,903
Secured borrowing (3) 144,522 144,684 143,664 140,440 138,887
Total debt $ 3,102,993 $ 3,340,329 $ 2,362,450 $ 2,336,297 $ 2,548,826
% FIXED/FLOATING
Fixed 93.1% 84.5% 90.7% 92.0% 87.0%
Floating 6.9% 15.5% 9.3% 8.0% 13.0%
Total 100.0% 100.0% 100.0% 100.0% 100.0%
WEIGHTED AVERAGE INTEREST RATES
Lines of credit 1.93% 1.89% 1.87% 1.62% 1.66%
Mortgage loans payable 4.30% 4.38% 4.67% 4.65% 4.69%
Preferred OP units - mandatorily redeemable 6.87% 6.87% 6.87% 6.87% 6.87%
Average before Secured borrowing 4.29% 4.13% 4.64% 4.66% 4.52%
Secured borrowing (3) 10.06% 10.09% 10.12% 10.17% 10.23%
Total average 4.56% 4.39% 4.98% 4.99% 4.83%
DEBT RATIOS
Net Debt/Recurring EBITDA (1) (7) 7.7 9.1 5.5 6.6 7.8
Net Debt/Enterprise Value 32.8% 36.6% 27.7% 34.0% 37.9%
Net Debt + Preferred Stock/Enterprise Value 34.2% 38.0% 29.7% 36.1% 40.1%
Net Debt/Gross Assets 44.1% 49.0% 35.8% 45.6% 50.7%
COVERAGE RATIOS
Recurring EBITDA/ Interest (1) (7) 3.1 3.1 3.0 3.1 3.1
Recurring EBITDA/ Interest + Pref.
Distributions + Pref. Stock Distribution (1) (7) 		2.9 2.8 2.7 2.6 2.7

MATURITIES/PRINCIPAL AMORTIZATION NEXT FIVE YEARS 2016 2017 2018 2019 2020
Lines of credit $ - $ - $ - $ - $ 58,000
Mortgage loans payable:
Maturities - 87,489 49,109 64,314 49,003
Weighted average rate of maturities - % 5.96 % 6.02 % 6.24 % 5.82 %
Principal amortization 11,399 53,144 53,353 54,035 63,650
Preferred OP units - mandatorily redeemable 3,670 7,570 - - -
Secured borrowing (3) 1,357 5,752 6,291 6,838 7,459
Total $ 16,426 $ 153,955 $ 108,753 $ 125,187 $ 178,112

Statements of Operations - Same Community
(amounts in thousands except for percentages and other information)

Three Months Ended September 30, Nine Months Ended September 30,
2016 2015 Change % Change 2016 2015 Change % Change
REVENUES:
Income from real property $ 124,274 $ 117,337 $ 6,937 5.9 % $ 353,083 $ 332,978 $ 20,105 6.0 %
PROPERTY OPERATING EXPENSES:
Payroll and benefits 11,029 9,716 1,313 13.5 % 29,879 27,521 2,358 8.6 %
Legal, taxes & insurance 1,116 1,892 (776 ) (41.0 )% 4,174 5,221 (1,047 ) (20.1 )%
Utilities 7,954 7,564 390 5.2 % 20,400 19,716 684 3.5 %
Supplies and repair 5,352 5,270 (8) 82 1.6 % 12,733 12,503 (8) 230 1.8 %
Other 3,603 3,619 (16 ) (0.5 )% 9,662 9,490 172 1.8 %
Real estate taxes 8,575 7,557 1,018 13.5 % 26,303 23,683 2,620 11.1 %
Property operating expenses 37,629 35,618 2,011 5.6 % 103,151 98,134 5,017 5.1 %
NET OPERATING INCOME (NOI)(1) $ 86,645 $ 81,719 $ 4,926 6.0 % $ 249,932 $ 234,844 $ 15,088 6.4 %

As of September 30,
2016 2015 Change % Change
OTHER INFORMATION
Number of properties 219 219 -
Overall occupancy (9) 96.4 % 94.2 % (10) 2.2 %
Sites available for development 6,608 6,174 434 7.0 %
Monthly base rent per site - MH $ 495 $ 478 $ 17 3.5 %
Monthly base rent per site - RV (11) $ 432 $ 417 $ 15 3.6 %
Monthly base rent per site - Total $ 487 $ 470 $ 17 3.6 %

Rental Program Summary
(amounts in thousands except for *)

Three Months Ended September 30, Nine Months Ended September 30,
2016 2015 Change % Change 2016 2015 Change % Change
REVENUES:
Rental home revenue $ 12,031 $ 11,856 $ 175 1.5 % $ 35,696 $ 34,480 $ 1,216 3.5 %
Site rent included in Income from real property 15,532 15,762 (230 ) (1.5 )% 46,164 46,440 (276 ) (0.6 )%
Rental Program revenue 27,563 27,618 (55 ) (0.2 )% 81,860 80,920 940 1.2 %
EXPENSES:
Commissions 551 855 (304 ) (35.6 )% 1,710 2,441 (731 ) (30.0 )%
Repairs and refurbishment 3,349 3,389 (40 ) (1.2 )% 9,288 8,127 1,161 14.3 %
Taxes and insurance 1,446 1,645 (199 ) (12.1 )% 4,178 4,665 (487 ) (10.4 )%
Marketing and other 1,004 1,142 (138 ) (12.1 )% 2,461 2,882 (421 ) (14.6 )%
Rental Program operating and maintenance 6,350 7,031 (681 ) (9.7 )% 17,637 18,115 (478 ) (2.6 )%
NET OPERATING INCOME (NOI) (1) $ 21,213 $ 20,587 $ 626 3.0 % $ 64,223 $ 62,805 $ 1,418 2.3 %
Occupied rental home information as of September 30, 2016 and 2015:
Number of occupied rentals, end of period* 10,797 11,443 (646 ) (5.6 )%
Investment in occupied rental homes, end of period $ 453,521 $ 456,027 $ (2,506 ) (0.6 )%
Number of sold rental homes* 858 611 247 40.4 %
Weighted average monthly rental rate, end of period* $ 879 $ 843 $ 36 4.3 %


Homes Sales Summary
(amounts in thousands except for *)

Three Months Ended September 30, Nine Months Ended September 30,
2016 2015 Change % Change 2016 2015 Change % Change
New home sales $ 9,391 $ 4,469 $ 4,922 110.1 % $ 20,472 $ 14,890 $ 5,582 37.5 %
Pre-owned home sales 21,820 14,522 7,298 50.3 % 61,515 39,669 21,846 55.1 %
Revenue from home sales 31,211 18,991 12,220 64.3 % 81,987 54,559 27,428 50.3 %
New home cost of sales 7,896 3,739 4,157 111.2 % 17,513 12,348 5,165 41.8 %
Pre-owned home cost of sales 14,039 9,647 4,392 45.5 % 41,290 27,297 13,993 51.3 %
Cost of home sales 21,935 13,386 8,549 63.9 % 58,803 39,645 19,158 48.3 %
NOI / Gross Profit (1) $ 9,276 $ 5,605 $ 3,671 65.5 % $ 23,184 $ 14,914 $ 8,270 55.5 %
Gross profit - new homes $ 1,495 $ 730 $ 765 104.8 % $ 2,959 $ 2,542 $ 417 16.4 %
Gross margin % - new homes 15.9 % 16.3 % (0.4 )% 14.5 % 17.1 % (2.6 )%
Average selling price - new homes* $ 90,298 $ 74,483 $ 15,815 21.2 % $ 89,397 $ 77,958 $ 11,439 14.7 %
Gross profit - pre-owned homes $ 7,781 $ 4,875 $ 2,906 59.6 % $ 20,225 $ 12,372 $ 7,853 63.5 %
Gross margin % - pre-owned homes 35.7 % 33.6 % 2.1 % 32.9 % 31.2 % 1.7 %
Average selling price - pre-owned homes* $ 27,585 $ 25,657 $ 1,928 7.5 % $ 28,205 $ 25,527 $ 2,678 10.5 %
Home sales volume:
New home sales* 104 60 44 73.3 % 229 191 38 19.9 %
Pre-owned home sales* 791 566 225 39.8 % 2,181 1,554 627 40.3 %
Total homes sold* 895 626 269 43.0 % 2,410 1,745 665 38.1 %


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

Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016
REVENUES:
Income from real property (excluding transient revenue) $ 58,609 $ 82,283
Transient revenue 10,653 15,993
Revenue from home sales 9,644 14,018
Rental home revenue 276 475
Ancillary revenues 7,508 10,101
Total revenues 86,690 122,870
COSTS AND EXPENSES:
Property operating and maintenance 37,898 46,308
Real estate taxes 3,745 5,819
Cost of home sales 6,671 9,824
Rental home operating and maintenance 80 125
Ancillary expense 3,034 4,724
Total expenses 51,428 66,800
NET OPERATING INCOME (NOI) (1) $ 35,262 $ 56,070
As of September 30, 2016
Other information:
Number of properties 120
Occupied sites (12) 24,191
Developed sites (12) 24,982
Occupancy % (12) 96.8 %
Transient sites 8,907
Monthly base rent per site - MH $ 590
Monthly base rent per site - RV (11) $ 398
Monthly base rent per site - Total (11) $ 506
Home sales volume:
New homes sales 63
Pre-owned homes sales 190
Occupied rental home information:
Number of occupied rentals, end of period 291
Investment in occupied rental homes (in thousands) $ 7,582
Weighted average monthly rental rate $ 863


Property Summary
(includes MH and Annual/Seasonal RV's)
COMMUNITIES 9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015
FLORIDA
Communities 121 121 61 61 62
Sites for development 1,259 1,259 823 823 823
Developed sites (12) 36,116 36,119 24,312 24,216 24,528
Occupied (12) 34,817 34,720 23,359 23,201 23,427
Occupancy % (12) 96.4 % 96.1 % 96.1 % 95.8 % 95.5 %
MICHIGAN
Communities 67 66 66 65 70
Sites for development 2,628 2,248 2,105 2,105 2,262
Developed sites (12) 24,388 24,387 24,363 23,966 24,657
Occupied (12) 23,218 23,198 23,079 22,677 23,179
Occupancy % (12) 95.2 % 95.1 % 94.7 % 94.6 % 94.0 %
TEXAS
Communities 21 21 17 16 19
Sites for development 1,455 1,347 1,347 1,347 1,599
Developed sites (12) 6,088 6,071 5,970 5,965 6,507
Occupied (12) 5,774 5,771 5,602 5,517 6,034
Occupancy % (12) 94.8 % 95.1 % 93.8 % 92.5 % 92.7 %
CALIFORNIA
Communities 22 22 3 3 3
Sites for development 332 332 332 332 332
Developed sites (12) 4,797 4,864 198 198 198
Occupied (12) 4,720 4,796 192 192 191
Occupancy % (12) 98.4 % 98.6 % 97.0 % 97.0 % 96.5 %
ARIZONA
Communities 11 11 10 10 11
Sites for development 358 358 393 393 393
Developed sites (12) 3,567 3,532 3,302 3,301 3,279
Occupied (12) 3,305 3,281 3,102 3,078 3,043
Occupancy % (12) 92.7 % 92.9 % 93.9 % 93.2 % 92.8 %
ONTARIO
Communities 15 15 - - -
Sites for development 2,029 2,029 - - -
Developed sites (12) 3,453 3,375 - - -
Occupied (12) 3,453 3,375 - - -
Occupancy % (12) 100.0 % 100.0 % - % - % - %
INDIANA
Communities 11 11 11 11 16
Sites for development 316 316 363 363 522
Developed sites (12) 2,900 2,900 2,900 2,900 4,913
Occupied (12) 2,712 2,700 2,674 2,628 3,865
Occupancy % (12) 93.5 % 93.1 % 92.2 % 90.6 % 78.7 %
OHIO
Communities 9 9 9 9 9
Sites for development - - - - -
Developed sites (12) 2,719 2,718 2,700 2,703 2,703
Occupied (12) 2,602 2,616 2,585 2,560 2,565
Occupancy % (12) 95.7 % 96.2 % 95.7 % 94.7 % 94.9 %
COLORADO
Communities 7 7 7 7 7
Sites for development 304 304 304 304 304
Developed sites (12) 2,335 2,335 2,335 2,335 2,335
Occupied (12) 2,323 2,320 2,319 2,315 2,289
Occupancy % (12) 99.5 % 99.4 % 99.3 % 99.1 % 98.0 %
OTHER STATES
Communities 55 54 49 49 54
Sites for development 1,823 1,728 1,514 1,514 1,514
Developed sites (12) 14,415 14,337 13,683 13,657 14,705
Occupied (12) 13,991 13,912 13,237 13,142 13,938
Occupancy % (12) 97.1 % 97.0 % 96.7 % 96.2 % 94.8 %
TOTAL - PORTFOLIO
Communities 339 337 233 231 251
% Community age restricted 33.3 % 33.5 % 26.2 % 26.4 % 25.9 %
Sites for development 10,504 9,921 7,181 7,181 7,749
Developed sites (12) 100,778 100,638 79,763 79,241 83,825
Occupied (12) 96,915 96,689 76,149 75,310 78,531
Occupancy % (12) 96.2 % 96.1 % 95.5 % 95.0 % 93.7 %
TRANSIENT RV PORTFOLIO SUMMARY
Location
Florida 7,232 6,990 2,664 2,823 2,915
Michigan 203 126 150 160 165
Texas 1,446 1,455 799 414 864
California 478 518 296 296 296
Arizona 1,047 1,055 1,096 1,087 1,053
Ontario 1,485 1,657 - - -
Indiana 501 501 501 501 501
Ohio 194 195 213 210 237
Maine 556 571 575 604 605
New York 484 483 489 499 511
New Jersey 1,047 1,084 995 981 987
Other States 1,801 1,864 2,099 2,092 2,055
Total transient RV sites 16,474 16,499 9,877 9,667 10,189


Capital Improvements, Development, and Acquisitions
(amounts in thousands except for *)

Recurring
Capital Recurring
Expenditures Capital Lot Expansion & Revenue
Average/Site* Expenditures (13) Modifications (14) Acquisitions (15) Development (16) Producing (17)
2014 $ 227 $ 18,077 $ 9,414 $ 785,624 $ 22,196 $ 1,454
2015 $ 230 $ 20,344 $ 13,961 $ 1,214,482 $ 28,660 $ 4,497
YTD 2016 $ 149 $ 13,252 $ 13,799 $ 1,757,151 $ 34,346 $ 1,853


Operating Statistics for Manufactured Homes and Annual/Seasonal RV's


Resident Net Leased New Home Pre-owned Brokered
MARKETS Move-outs Sites (18) Sales Home Sales Re-sales
Michigan 326 251 6 986 112
Florida 232 494 119 229 653
Texas 106 162 9 290 39
Indiana 44 84 - 160 5
Ohio 80 42 1 85 4
Arizona 37 94 26 17 93
Colorado 8 8 15 158 32
Other states 346 250 53 256 350
YTD ended September 30, 2016 1,179 1,385 229 2,181 1,288

Resident Net Leased New Home Pre-owned Brokered
TOTAL FOR YEAR ENDED Move-outs Sites (18) Sales Home Sales Re-sales
2015 1,344 1,905 273 2,210 1,244
2014 1,504 1,890 113 1,853 618

Resident Resident
PERCENTAGE TRENDS Move-outs Re-sales
YTD 2016 1.9 % 6.5 %
2015 2.0 % 5.9 %
2014 2.6 % 5.0 %

Footnotes and Definitions

  1. Investors in and analysts following the real estate industry utilize funds from operations (FFO), net operating income (NOI), and recurring earnings before interest, tax, depreciation and amortization (Recurring EBITDA) as supplemental performance measures. We believe FFO, NOI, and Recurring EBITDA are appropriate measures given their wide use by and relevance to investors and analysts. FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation/amortization of real estate assets. NOI provides a measure of rental operations and does not factor in depreciation/amortization and non-property specific expenses such as general and administrative expenses. Recurring EBITDA, a metric calculated as EBITDA exclusive of certain nonrecurring items, provides a further tool to evaluate ability to incur and service debt and to fund dividends and other cash needs. In addition, FFO, NOI, and Recurring EBITDA are commonly used in various ratios, pricing multiples/yields and returns and valuation calculations used to measure financial position, performance and value.

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 period over period, reflects the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing perspective not readily apparent from net income (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. The Company also uses FFO excluding certain items, which excludes certain gain and loss items that management considers unrelated to the operational and financial performance of our core business. We believe that this provides investors with another financial measure of our operating performance that is more comparable when evaluating period over period results.

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 that, when combined with measures computed in accordance with GAAP such as net income (loss), cash flow from operating activities, investing activities and financing activities, provide investors with an indication of our ability to service debt and to fund acquisitions and other expenditures. Other REITs may use different methods for calculating FFO, accordingly, our FFO may not be comparable to other REITs.

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. Because of the inclusion of items such as interest, depreciation, and amortization, the use of 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. 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, therefore, NOI is a measure of the operating performance of the properties of the Company rather than of the Company overall.

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. The Company believes that net income (loss) is the most directly comparable GAAP measurement to EBITDA.

FFO, NOI, and EBITDA do not represent cash generated from operating activities in accordance with GAAP and are not necessarily indicative of cash available to fund cash needs, including the repayment of principal on debt and payment of dividends and distributions. FFO, NOI, and EBITDA should not be considered as alternatives to net income (loss) (calculated in accordance with GAAP) for purposes of evaluating our operating performance, or cash flows (calculated in accordance with GAAP) as a measure of liquidity. FFO, NOI, and EBITDA as calculated by us may not be comparable to similarly titled, but differently calculated, measures of other REITs or to the definition of FFO published by NAREIT.

(2) 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.

(3) This is a transferred asset transaction which has been classified as collateralized receivables and the cash received from this transaction has been classified as a secured borrowing. The interest income and interest expense accrue at the same rate/amount.

(4) These costs represent the first year expenses incurred to bring 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. These costs are expected to become more significant in connection with the size of our acquisitions, and are therefore included as an adjustment to FFO in the three and nine months ended September 30, 2016. The Company incurred $0.5 million and $1.7 million of these first year expenses in the three and nine month periods ended September 30, 2015, respectively, and had a similar adjustment been made, FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities per share excluding certain items would have been $1.06 and $2.86 for the three and nine months ended September 30, 2015, respectively.

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

(6) The renter's monthly payment includes the site rent and an amount attributable to the leasing of the home. The site rent is reflected in Real Property NOI. For purposes of management analysis, the site rent is included in the Rental Program revenue to evaluate the incremental revenue gains associated with implementation of the Rental Program, and to assess the overall growth and performance of the Rental Program and financial impact on our operations.

(7) The coverage ratios are calculated using the trailing 12 months for the period ended and have been adjusted to exclude: depreciation and amortization; income taxes; interest expense; transaction costs; extinguishment of debt; income from affiliate transactions; gain on dispositions; and gain on settlement. See Statement of Operations on page 4 for detailed amounts.

(8) Three and nine months ended September 30, 2015 excludes $0.5 million and $1.7 million of first year expenses for properties acquired in late 2014 and 2015 incurred to bring the properties up to Sun's operating standards. These costs did not meet the Company's capitalization policy.

(9) Includes manufactured housing (MH) and annual/seasonal recreational vehicle (RV) sites, and excludes transient RV sites and recently completed but vacant expansion 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.

(11) Monthly base rent per site pertains to annual/seasonal RV sites and excludes transient RV sites.

(12) Includes MH and annual/seasonal RV sites, and excludes transient RV sites.

(13) Includes capital expenditures necessary to maintain asset quality, including purchasing and replacing assets used to operate the community. These capital expenditures include items such as: major road, driveway, and pool improvements; clubhouse renovations; adding or replacing street lights; playground equipment; signage; maintenance facilities; manager housing and property vehicles. The minimum capitalized amount is five hundred dollars.

(14) Includes capital expenditures which improve the asset quality of the community. These costs are incurred when an existing older home moves out, and the site is prepared for a new home, more often than not, a multi-sectional home. These activities which are mandated by strict manufacturer's installation requirements and state building code include items such as new foundations, driveways, and utility upgrades.

(15) Acquisitions represent the purchase price of existing operating communities and land parcels to develop expansions or new communities. Acquisitions also include deferred maintenance identified during due diligence and those capital improvements necessary to bring the community up to Sun's standards. 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; and new signage including main signs and internal road signs. These are considered acquisition costs and although identified during due diligence, they sometimes require up to twelve months after closing to complete.

(16) Expansion and development costs consist primarily of construction costs and costs necessary to complete home site improvements.

(17) Capital costs related to revenue generating activities, consisting primarily of garages, sheds, and sub-metering of water, sewer and electricity. Revenue generating attractions at our RV resorts are also included here and, occasionally, a special capital project requested by residents and accompanied by an extra rental increase will be classified as revenue producing.

(18) Net leased sites do not include occupied sites acquired in that year.


3rd Quarter 2016 Press Release and Supplemental Information


This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Sun Communities via Globenewswire

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