SUN COMMUNITIES INC SUI Income Statement

Sun communities inc (SUI)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
REVENUES
Income from real property
237,785	228,059	256,423	226,099	215,083	200,485	229,607	198,670	197,211	181,450	198,263	179,461	183,054	167,357	184,324	140,001	129,235	123,172	137,548	125,833	119,525	89,946	94,245	86,105	87,497	78,128	80,158	75,746	79,065	66,943	63,015	61,507	64,296	59,262	58,251	52,264	53,836	50,169	49,948
Revenue from home sales
40,587	45,271	49,805	47,242	39,618	43,783	46,131	41,217	34,900	36,089	33,197	30,859	27,263	28,520	31,211	26,039	24,737	25,169	18,991	18,734	16,834	15,105	13,913	14,813	10,123	14,652	14,145	13,199	12,856	13,634	10,461	11,439	9,613	7,756	8,115	8,146	8,235	7,324	9,598
Rental home revenue
15,472	14,745	14,444	14,412	13,971	13,700	13,589	13,348	13,020	12,775	12,757	12,678	12,339	12,084	12,031	11,957	11,708	11,756	11,856	11,495	11,129	10,249	9,829	9,733	9,402	8,717	8,445	7,977	7,361	7,075	6,712	6,511	6,291	5,883	5,650	5,427	5,330	5,135	5,052
Ancillary revenue
10,195	7,439	31,999	17,265	10,178	7,900	27,608	12,031	6,568	5,425	17,017	8,850	6,219	4,982	16,446	7,383	4,613	3,576	12,511	5,254	3,191	4,267	8,762	4,254	518	7,265	932	-27	472	-267	-112	-64	263	-427	31	109	294	35	108
Interest income
2,350	3,368	4,770	4,919	4,800	5,003	5,256	5,277	5,316	5,570	5,920	5,043	4,646	4,791	4,705	4,672	3,945	4,074	3,987	3,893	3,984	4,037	3,545	3,526	3,354	3,486	3,442	3,182	2,963	3,111	2,847	2,655	2,405	2,720	2,430	2,291	2,068	2,036	1,973
Brokerage commissions and other revenues, net
3,913	2,937	5,002	2,508	3,680	3,132	1,222	891	960	717	1,091	1,008	879	900	984	747	406	491	462	729	537	316	338	95	287	200	79	74	196	87	95	175	260	707	246	25	-49	10	62
Revenues
310,302	301,819	362,443	312,445	287,330	274,003	323,413	271,434	257,975	242,026	268,245	237,899	234,400	218,634	249,701	190,799	174,644	168,238	185,355	165,938	155,200	123,920	130,632	118,526	111,181	112,448	107,201	100,151	102,913	90,583	83,018	82,223	83,128	75,901	74,723	68,262	69,714	64,709	66,741
Expenses
Real estate taxes
17,176	15,425	15,399	15,726	15,330	14,110	14,533	14,076	13,836	12,966	13,053	13,126	13,143	12,184	12,384	10,153	9,585	8,683	8,520	8,796	8,715	6,089	6,004	6,079	6,009	5,138	5,602	5,788	5,756	4,466	4,933	4,936	4,872	4,830	4,504	4,098	4,115	3,813	4,183
Property operating and maintenance
64,057	63,486	79,095	65,888	57,909	54,120	71,656	58,691	51,630	50,417	59,249	53,446	47,166	47,917	57,089	37,067	31,201	33,360	38,716	34,507	29,214	24,721	28,031	25,193	23,189	21,044	24,379	22,268	19,946	17,578	18,067	17,168	16,026	15,384	16,354	13,994	13,458	13,942	13,105
Cost of home sales
30,032	34,327	36,318	34,435	29,277	32,138	33,692	30,932	26,571	27,115	25,094	22,022	20,883	21,617	21,935	18,684	18,184	19,296	13,386	13,702	12,557	11,084	10,524	11,100	7,848	10,937	10,161	9,383	9,816	10,383	7,791	8,971	7,773	6,143	6,357	6,401	6,491	5,320	7,233
Rental home operating and maintenance
5,494	6,064	6,008	5,091	4,832	6,526	6,236	5,315	5,227	5,339	6,775	4,944	5,102	6,724	6,350	5,411	5,876	6,841	7,031	5,479	5,605	6,574	6,232	5,213	5,251	6,183	5,504	4,485	4,263	5,051	5,118	4,148	3,824	4,516	4,253	3,754	3,673	4,164	3,594
Ancillary expenses
7,482	9,144	18,707	12,480	7,101	9,058	15,361	8,241	5,383	5,548	10,086	7,148	4,668	5,086	9,449	5,599	3,649	3,888	6,936	4,149	2,546	-	5,197	3,139	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Home selling expenses
3,992	3,752	3,988	3,626	3,324	4,403	4,043	3,986	3,290	3,066	3,290	2,990	3,111	2,504	2,643	2,460	2,137	2,079	1,910	1,797	1,690	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Business Combination, Acquisition Related Costs
-	-	-	-	-	-	-	-	-	-	2,167	2,437	2,386	4,009	4,191	20,979	2,721	4,653	1,664	2,037	9,449	13,996	2,399	1,104	760	1,159	619	1,108	1,042	2,862	847	423	164	450	121	1,151	249	0	0
General and administrative - home sales and rentals
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,798	-	2,313	3,119	2,499	2,439	2,227	2,812	2,435	2,120	1,905	2,082	2,209	1,537	2,109	1,952	1,973	1,873	1,853
Catastrophic weather-related charges, net
606	435	341	179	782	-2,347	173	53	2,213	228	7,756	281	87	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
General and administrative expenses
25,517	25,405	22,975	23,697	21,887	20,457	19,763	21,452	19,757	27,968	18,174	19,899	17,932	16,752	16,575	16,543	13,792	12,309	12,670	12,646	9,830	14,210	6,971	8,393	7,813	6,855	5,927	6,369	6,790	4,632	5,165	5,182	5,058	5,255	5,138	4,833	4,478	3,408	5,627
Depreciation and amortization
83,689	98,826	76,532	76,153	76,556	81,070	71,982	67,773	66,437	71,817	64,232	62,721	62,766	62,205	61,483	49,670	48,412	47,530	44,695	41,411	44,001	44,875	29,917	30,045	28,889	29,962	28,790	26,064	25,262	26,647	22,092	21,067	19,868	20,645	18,748	18,121	16,679	17,132	16,832
Asset impairment charge
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	837	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Loss on extinguishment of debt
-3,279	-3,027	-12,755	-70	-653	1,056	-528	-1,522	-196	-3,917	0	-293	-466	-1,127	0	0	0	-	0	-2,800	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest expense
32,416	33,259	32,219	33,661	34,014	33,226	33,932	32,260	31,138	32,706	32,085	32,358	31,322	30,641	33,800	28,428	26,294	28,066	27,453	26,751	25,389	19,622	18,619	17,940	17,590	18,451	17,823	18,201	18,864	17,215	17,066	16,781	16,797	17,349	16,626	15,225	15,406	15,668	15,455
Interest on mandatorily redeemable preferred OP units / equity
1,041	1,207	1,216	1,181	1,094	1,143	1,142	790	619	753	790	787	784	789	789	787	787	790	790	787	852	793	808	806	803	808	809	812	809	822	825	833	841	844	834	829	826	826	819
Total Expenses
274,781	294,357	305,553	272,187	252,759	257,274	273,041	245,091	221,871	234,850	242,751	222,452	209,816	212,741	226,688	195,781	162,638	165,697	163,771	154,862	151,646	143,516	117,852	112,131	100,651	110,467	101,841	97,290	94,983	91,776	83,809	81,591	77,432	78,335	75,044	70,358	67,348	66,146	68,701
Income Before Other Items
35,521	7,462	56,890	40,258	34,571	16,729	50,372	26,343	36,104	7,176	25,494	15,447	24,584	5,893	23,013	-4,982	12,006	2,541	21,584	11,076	3,554	-19,596	12,780	6,395	10,530	1,981	5,360	2,861	7,930	-1,193	-791	632	5,696	-2,434	-321	-2,096	2,366	-1,437	-1,960
Gain / (loss) on remeasurement of marketable securities (see Note 14)
-28,647	17,692	12,661	3,620	267	-3,639	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain / (loss) on foreign currency translation
-17,479	-	-	-	1,965	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other expense, net
-302	6,911	-4,408	1,021	-67	-3,239	1,231	-1,828	-2,617	3,642	3,345	1,156	839	-4,676	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on remeasurement of notes receivable (see Note 4)
-2,112	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions from affiliates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	750	-	450	850	350	-69	-758
Current tax expense
450	189	420	272	214	-	-	-	-	-	-	-	-	-	-	56	228	-71	77	77	75	11	69	70	69	48	90	37	59	-	84	53	-	-	-	-	100	-	-
Gain on disposition of properties, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	98,430	18,190	-13	8,769	3,138	13,631	885	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-
Loss on remeasurement of investment in nonconsolidated affiliates (see Note 6)
-2,191	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Current State and Local Tax Expense (Benefit)
-	-	400	300	-	-	200	200	174	-	-38	-7	178	-	283	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred tax benefit
-100	-222	300	-100	-200	-60	-200	100	-347	163	-81	-364	-300	-400	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	53	-	150	-259	131	143	129
Net Income / (Loss)
-15,478	30,685	64,451	45,116	37,127	10,672	51,715	24,170	33,601	10,342	28,958	16,974	25,545	1,501	23,230	-5,038	11,778	100,042	39,697	18,486	12,248	-12,017	26,742	7,610	10,861	2,633	5,970	3,274	8,271	-602	-275	2,479	6,393	-2,112	-21	-987	2,585	-1,649	-2,847
Less: Preferred return to preferred OP units / equity
-1,570	4,064	1,599	1,718	-1,323	1,151	1,152	1,103	1,080	1,099	1,112	1,196	1,174	1,213	1,257	1,263	1,273	1,281	1,302	1,361	1,029	938	661	664	672	689	690	646	573	-	586	579	-	586	585	51	0	0	0
Less: Income / (loss) attributable to noncontrolling interests
962	2,802	5,422	2,585	-1,041	51	4,071	2,227	2,094	876	1,776	1,315	1,088	-310	879	-695	276	6,922	2,125	743	264	-1,341	1,851	458	784	303	-28	33	410	-781	-211	237	437	-475	-233	-148	185	-246	-398
Less: Preferred return to Series A-3 preferred OP units
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	45	46	45	45	45	46	30	-	0	0	-	-	-	-	-	-	-
Less: Preferred return to Series A-4 preferred OP units
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Preferred return to Series C preferred OP units
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Less: Comprehensive income attributable to noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	276	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income (Loss) Attributable to Parent
-16,086	28,547	57,430	40,813	34,763	9,470	46,492	20,840	30,427	8,367	26,070	14,463	23,283	598	21,094	-5,606	10,229	91,839	36,270	16,382	10,955	-11,478	24,185	6,442	9,360	1,596	5,263	2,549	7,258	-406	-650	1,663	5,377	-2,223	-373	-890	2,400	-1,403	-2,449
Less: Preferred stock distribution
0	864	428	428	-432	431	432	432	441	929	1,955	2,099	2,179	2,198	2,197	2,197	2,354	2,440	3,179	4,088	4,086	1,591	1,514	1,514	1,514	1,514	1,514	1,514	1,514	1,026	0	0	0	-	-	-	-	-	-
Less: Preferred stock redemption costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,328	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income (Loss) Available to Common Stockholders, Basic
-16,086	28,547	57,002	40,385	34,331	9,039	46,060	20,408	29,986	7,438	24,115	12,364	21,104	-1,600	18,897	-7,803	7,875	89,399	28,763	12,294	6,869	-13,069	22,671	4,928	7,846	82	3,749	1,035	5,744	-1,432	-650	1,663	5,377	-	-	-	-	-	-
Weighted average common shares outstanding:
Weighted Average Number of Shares Outstanding, Basic
92,410	91,343	89,847	87,130	85,520	85,482	81,599	79,612	78,855	78,612	78,369	74,678	72,677	72,276	68,655	64,757	57,736	56,180	53,220	52,846	52,498	47,499	41,023	40,331	36,495	34,123	36,128	35,887	30,774	28,886	26,938	26,469	25,587	21,324	21,366	21,090	20,808	19,323	19,031
Weighted Average Number of Shares Outstanding, Diluted
92,935	91,731	90,332	87,564	86,033	86,499	82,081	80,116	79,464	79,762	78,808	75,154	73,120	73,332	69,069	64,757	58,126	55,014	53,665	53,237	52,892	48,703	41,267	40,546	36,704	34,801	36,143	35,907	30,789	29,472	26,938	26,485	25,605	19,230	21,366	21,090	22,902	19,323	19,031
Earnings Per Share [Abstract]
Basic earnings / (loss) per share (see Note 13)
-0.17	0.31	0.63	0.46	0.40	0.10	0.56	0.25	0.38	0.09	0.31	0.16	0.29	-0.02	0.27	-0.12	0.14	1.64	0.53	0.23	0.13	-0.34	0.55	0.12	0.21	-0.01	0.10	0.03	0.19	-0.06	-0.02	0.06	0.21	-0.11	-0.02	-0.04	0.12	-0.07	-0.13
Diluted earnings / (loss) per share (see Note 13)
-0.17	0.31	0.63	0.46	0.40	0.10	0.56	0.25	0.38	0.09	0.31	0.16	0.29	-0.03	0.27	-0.12	0.14	1.63	0.53	0.23	0.13	-0.34	0.55	0.12	0.21	-0.01	0.10	0.03	0.19	-0.07	-0.02	0.06	0.21	-0.10	-0.02	-0.04	0.11	-0.07	-0.13
Distributions from Affiliate
52	-	77	393	388	-	126	-8	-59	-	-	-	-	-	500	-	-	-	0	7,500	-	0	400	400	400	700	700	450	400	-	600	1,900	-	-	-	-	-	-	-
Dividends per common share:
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.63	0.63	0.63	-	0.63	0.63	0.63	-	0.63	0.63	0.63	0.63	0.63