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(EDGAR Online via COMTEX) — ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION



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The afterward altercation and assay of the circumscribed banking action and after-effects of operations should be apprehend in affiliation with the Circumscribed Banking Statements and accompanying footnotes thereto included in this Anniversary Address on Form 10-K. In accession to the after-effects presented in accordance with GAAP below, we accept provided NOI and FFO as added achievement measures. Refer to Non-GAAP Banking Measures in this Item 7 for added information.

OVERVIEW

We are a absolutely integrated, self-administered and self-managed REIT. As of December 31, 2019, we endemic and operated or captivated an absorption in a portfolio of 422 developed backdrop amid in 33 states throughout the United States and one arena in Canada, including 266 MH communities, 122 RV communities, and 34 backdrop absolute both MH and RV sites. We accept been in the business of acquiring, operating, developing, and accretion MH and RV communities back 1975. We charter alone sites with account admission for adjustment of bogus homes and RVs to our customers. We are additionally affianced through SHS in the marketing, selling, and leasing of new and pre-owned homes to accepted and approaching association in our communities. The operations of SHS abutment and enhance our control levels, acreage performance, and banknote flows.



EXECUTIVE SUMMARY

2019 Accomplishments

Absolute revenues for 2019 added 12.2 percent to $1.3 billion.

Bulk FFO for 2019 was $4.92 per adulterated allotment and OP unit, an access of 7.4 percent over 2018.

Achieved Same Association NOI advance of 7.3 percent.

Gained 2,674 acquirement bearing sites.

Reached Same Association control of 98.4 percent.

Brokered homes sales added by 3.9 percent to 2,231 in 2019 as compared to 2,147 in 2018.

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Achieved 1-year, 3-year and 5-year absolute actor acknowledgment of 50.9 percent, 112.8 percent and 190.2 percent, respectively, outperforming the MSCI US REIT, Russell 1000, U.S. REIT Residential, and S&P 500 indexes.

Delivered 1,230 amplification sites in 16 communities.

Completed the architecture of about 1,100 sites at four ground-up developments and one re-development community.

Acquired the Jensen Portfolio absolute 31 MH communities in adorable areas forth the Atlantic Coast.

Including the Jensen Portfolio, acquired 47 communities, accretion over 10,000 sites, for a absolute acquirement bulk of $815.2 million.

(1) Control percent includes anniversary RV sites and excludes brief RV sites.

(1) Refer to Note 3, “Acquisitions” for advice on the Chula Vista, Chincoteague Island KOA RV Resort, and Strafford/Lake Winnipesaukee South KOA RV Resort arena leases not included in the table above.

Construction Activity

Ground-up Developments – During the year concluded December 31, 2019, we complete about 1,100 sites at four ground-up development communities and one re-development amid in Colorado, Florida, North Carolina and South Carolina. We apprehend to assemble 550 – 750 sites in 2020.

Expansions – We accept been focused on amplification opportunities adjoining to our absolute communities, and we accept developed over 4,600 sites aural the accomplished three years. We accept broadcast about 1,230 sites at 16 communities in 2019. We abide to aggrandize our Backdrop utilizing our account of endemic and advantaged acreage (approximately 10,300 sites accessible for development in 84 communities) and apprehend to assemble 1,000 – 1,200 added amplification sites in 2020.

Markets

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Our Backdrop are abundantly concentrated in Florida, Michigan, Texas and California. We accept broadcast our bazaar allotment in assorted states through contempo acquisitions and added our acreage backing in aerial advance areas of the U.S. including retirement and vacation destinations.

We accept additionally accomplished able acquirement advance through contempo acquisitions of RV communities. The age demographic of RV communities is attractive, as the citizenry of retirement age babyish boomers in the U.S. is growing. RV communities accept become a trending vacation befalling not alone for the retiree population, but as an affordable vacation another for families and millennials.

SUN COMMUNITIES, INC.

NON-GAAP FINANCIAL MEASURES

In accession to the after-effects appear in accordance with GAAP in our “Results of Operations” below, we accept provided advice apropos NOI and FFO as added achievement measures. We accept NOI and FFO are adapted measures accustomed their advanced use by and appliance to investors and analysts afterward the absolute acreage industry. NOI provides a admeasurement of rental operations and does not agency in depreciation, acquittal and non-property specific costs such as accepted and authoritative expenses. FFO, absorption the acceptance that absolute acreage ethics acceleration or abatement with bazaar conditions, principally adjusts for the furnishings of GAAP depreciation/amortization of absolute acreage assets. In addition, NOI and FFO are frequently acclimated in assorted ratios, appraisement multiples/yields and allotment and appraisal calculations acclimated to admeasurement banking position, achievement and value.

NOI is acquired from revenues bare acreage operating costs and absolute acreage taxes. NOI is a non-GAAP banking admeasurement that we accept is accessible to investors as a added admeasurement of operating achievement because it is an indicator of the acknowledgment on acreage advance and provides a adjustment of comparing acreage achievement over time. We use NOI as a key admeasurement back evaluating achievement and advance of accurate backdrop and/or groups of properties. The arch limitation of NOI is that it excludes depreciation, amortization, absorption bulk and non-property specific costs such as accepted and authoritative expenses, all of which are cogent costs. Therefore, NOI is a admeasurement of the operating achievement of our backdrop rather than of the Company overall.

We accept that GAAP net assets (loss) is the best anon commensurable admeasurement to NOI. NOI should not be advised to be an another to GAAP net assets

FFO is authentic by the National Association of Absolute Acreage Advance Trusts (“NAREIT”) as GAAP net assets (loss), excluding assets (or losses) from sales of depreciable operating property, added absolute estate-related abrasion and amortization, and afterwards adjustments for unconsolidated partnerships and collective ventures. FFO is a non-GAAP banking admeasurement that administration believes is a advantageous added admeasurement of our operating performance. By excluding assets and losses accompanying to sales of ahead attenuated operating absolute acreage assets, crime and excluding absolute acreage asset abrasion and acquittal (which can alter amid owners of identical assets in agnate action based on actual bulk accounting and advantageous activity estimates), FFO provides a achievement admeasurement that, back compared period-over-period, reflects the appulse to operations from trends in control rates, rental rates, and operating costs, accouterment angle not readily credible from GAAP net assets (loss). Administration believes the use of FFO has been benign in convalescent the compassionate of operating after-effects of REITs amid the advance accessible and authoritative comparisons of REIT operating after-effects added meaningful. We additionally use FFO excluding assertive accretion and accident items that administration considers different to the operational and banking achievement of our bulk business (“Core FFO”). We accept that Bulk FFO provides added allegory for broker evaluations of period-over-period results.

We accept that GAAP net assets (loss) is the best anon commensurable admeasurement to FFO. The arch limitation of FFO is that it does not alter GAAP net assets (loss) as a achievement admeasurement or GAAP banknote breeze from operations as a clamminess measure. Because FFO excludes cogent bread-and-butter apparatus of GAAP net assets (loss) including abrasion and amortization, FFO should be acclimated as a supplement to GAAP net assets (loss) and not as an another to it. Further, FFO is not advised as a admeasurement of a REIT’s adeptness to accommodated debt arch repayments and added banknote requirements, nor as a admeasurement of alive capital. FFO is affected in accordance with our estimation of standards accustomed by NAREIT, which may not be commensurable to FFO appear by added REITs that adapt the NAREIT analogue differently.

SUN COMMUNITIES, INC.

RESULTS OF OPERATIONS

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We address operating after-effects beneath two segments: Absolute Acreage Operations and Home Sales and Rentals. The Absolute Acreage Operations articulation owns, operates, develops, or has an absorption in, a portfolio of MH and RV communities throughout the U.S. and in Canada, and is in the business of acquiring, operating, and accretion MH and RV communities. The Home Sales and Rentals articulation offers MH and RV esplanade archetypal sales and leasing casework to tenants and -to-be tenants of our communities. We appraise articulation operating achievement based on NOI and gross profit. Refer to Note 12, “Segment Reporting,” in our accompanying Circumscribed Banking Statements for added information.

(1) The renter’s account acquittal includes the armpit hire and an bulk attributable to the home lease. The armpit hire is reflected in Absolute Acreage Operations’ articulation revenue. For purposes of administration analysis, armpit hire is included in Rental Program acquirement to appraise the incremental acquirement assets associated with the accomplishing of the Rental Program, and to appraise the all-embracing advance and achievement of the Rental Program and banking appulse on the Company’s operations.

(1) All-embracing control allotment includes MH and anniversary RV sites and excludes brief RV sites.

The $64.1 actor access in Absolute Acreage NOI from 2018 to 2019 consists of $38.0 actor from Same Communities as abundant beneath and $26.1 actor from afresh acquired backdrop in the year concluded December 31, 2019 as compared to 2018.

The $53.7 actor access in Absolute Acreage NOI from 2017 to 2018 consists of $35.6 actor from Same Communities as abundant beneath and $18.1 actor from afresh acquired backdrop in the years concluded December 31, 2018 as compared to 2017.

SUN COMMUNITIES, INC.

Real Acreage Operations – Same Communities

A key administration apparatus acclimated back evaluating achievement and advance of our backdrop is a allegory of Same Communities. The Same Association abstracts may change from time-to-time depending on acquisitions, dispositions, administration discretion, cogent transactions, or different situations. In adjustment to appraise the advance of the Same Communities, administration has classified assertive items abnormally than our GAAP statements. The reclassification aberration amid our GAAP statements and our Same Association portfolio is the reclassification of baptize and avenue revenues from assets from absolute acreage to utilities. A cogent allocation of our account accuse are re-billed to our residents.

Feb 20, 2020

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Last Updated: March 12th, 2020 by admin
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