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Sun Communities, Inc. Reports 2019 First Quarter Results

Sun Communities, Inc. Reports 2019 First Quarter Results


Southfield, MI, April 24, 2019 (GLOBE NEWSWIRE) --  Sun Communities, Inc. (SUI) (the “Company”), a real estate investment trust (“REIT”) that owns and operates, or has an interest in, manufactured housing (“MH”) and recreational vehicle (“RV”) communities, today reported its first quarter results for 2019.

Financial Results for the Three Months Ended March 31, 2019

For the three months ended March 31, 2019, total revenues increased $29.4 million, or 11.4 percent, to $287.3 million compared to $258.0 million for the same period in 2018. Net income attributable to common stockholders was $34.3 million, or $0.40 per diluted common share, for the three months ended March 31, 2019, as compared to net income attributable to common stockholders of $30.0 million, or $0.38 per diluted common share, for the same period in 2018.

Non-GAAP Financial Measures and Portfolio Performance

  • Core Funds from Operations (“Core FFO”)(1) for the three months ended March 31, 2019, was $1.18 per diluted share and OP unit (“Share”) as compared to $1.14 in the prior year, an increase of 3.5 percent.
     
  • Same Community(2) Net Operating Income (“NOI”)(1) increased by 7.2 percent for the three months ended March 31, 2019, as compared to the same period in 2018.
     
  • New home sales volume increased 17.9 percent for the three months ended March 31, 2019, as compared to the same period in 2018.

Gary Shiffman, Chief Executive Officer of Sun Communities, stated, “Our solid momentum has continued as we started the year with strong operating results and numerous investments. We delivered another quarter of robust same community NOI growth, which along with our recent investments and expansions, contributed to our outperformance. Our extensive history of providing first-rate amenities and a focus on customer service continues to draw sustained demand. We remain confident in our outlook, maintain an attractive growth pipeline and anticipate the continued realization of the benefits of our developments and expansion opportunities as we bring them online over time.”

 

OPERATING HIGHLIGHTS

Community Occupancy

Total portfolio occupancy was 96.4 percent at March 31, 2019, compared to 95.8 percent at March 31, 2018.

During the three months ended March 31, 2019, revenue producing sites increased by 571 sites, as compared to 616 revenue producing sites gained during the first quarter of 2018.
Same Community(2) Results

For the 345 communities owned and operated by the Company since January 1, 2018, NOI(1) for the three months ended March 31, 2019, increased 7.2 percent over the same period in 2018, as a result of a 6.0 percent increase in revenues and a 3.1 percent increase in operating expenses. Same Community occupancy(3) increased to 98.2 percent at March 31, 2019 from 96.1 percent at March 31, 2018.

 

Home Sales

During the three months ended March 31, 2019, the Company sold 798 homes as compared to 837 homes sold during the same period in 2018, a 4.7 percent decrease. Rental home sales, which are included in total home sales, were 210 and 234 for the three months ended March 31, 2019 and 2018, respectively.

 

PORTFOLIO ACTIVITY

Acquisitions

During the quarter ended March 31, 2019, the Company acquired the following communities:

First Quarter 2019:      
Date of Acquisition Type Location Usable Sites Consideration  (in Millions)
1/2019 MH (Age Restricted) Edgewater, Florida (1) 730   $ 115.3  
1/2019 RV Old Orchard Beach, Maine 321     10.8  
1/2019 MH Oregon City, Oregon(2) 518     61.8  
2/2019 MH Buckeye, Arizona 400     22.3  
2/2019 MH (3) Shelby Township, Michigan 1,308     94.5  
2/2019 RV Millsboro, Delaware 291     20.0  
    Total 3,568   $ 324.7  
         

(1) Acquisition includes expansion potential of 70 sites.
(2) In conjunction with the acquisition, the Company issued a new class of Operating Partnership (“OP”) units named Series D Preferred Units. As of March 31, 2019, 488,958 Series D Preferred OP Units were outstanding.
 (3) Contains two MH communities.

 

BALANCE SHEET AND CAPITAL MARKETS ACTIVITY

Debt Transactions

During the quarter ended March 31, 2019, the Company completed a $265.0 million twenty-five year term loan transaction which carries an interest rate of 4.17 percent and concurrently repaid a $186.8 million term loan. The transaction provided $78.2 million of additional proceeds and extended the maturity date from 2030 to 2044 using the same assets as collateral for the new loan.

As of March 31, 2019, the Company had $3.4 billion of debt outstanding. The weighted average interest rate was 4.39 percent and the weighted average maturity was 9.3 years. The Company had $21.9 million of unrestricted cash on hand. At period-end the Company’s net debt to trailing twelve month Recurring EBITDA(1) ratio was 6.0 times.

2019 Distributions

As previously announced, the Company increased its annual distribution by 5.6 percent to $3.00 per common share from $2.84 per common share. The increase began with the distribution declared in March 2019 that was paid after quarter end.

 

GUIDANCE 2019

The Company revises full year 2019 net income per diluted share to be in the range of $1.61 to $1.71 and Core FFO(1) per Share to be in the range of $4.80 to $4.88. The Company anticipates second quarter 2019 net income per diluted share to be in the range of $0.31 to $0.35 and Core FFO(1) per Share to be in the range of $1.11 to $1.14. The Company is revising its Same Community NOI(1) growth guidance to be in the range of 6.4 percent to 7.0 percent for full year 2019.

Guidance estimates include acquisitions completed through the date of this release and exclude any perspective acquisitions or capital markets activity.

Core FFO(1) per Share estimates assume certain gain and loss items that management considers unrelated to the operational and financial performance of our core business will be 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 first quarter operating results will be held on Thursday, April 25, 2019 at 11:00 A.M. (ET). To participate, call toll-free 877-407-9039. Callers outside the U.S. or Canada can access the call at 201-689-8470. A replay will be available following the call through May 9, 2019 and can be accessed toll-free by calling 844-512-2921 or 412-317-6671. The Conference ID number for the call and the replay is 13688595. The conference call will be available live on Sun Communities’ website www.suncommunities.com. The replay will also be available on the website.

Sun Communities, Inc. is a REIT that, as of March 31, 2019, owned, operated, or had an interest in a portfolio of 379 communities comprising over 132,000 developed sites in 31 states and Ontario, Canada.

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

CONTACT

Please address all inquiries to our investor relations department at our website www.suncommunities.com, by phone to (248) 208-2500, by email to investorrelations@suncommunities.com or by mail to Sun Communities, Inc. Attn: 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, changes in foreign currency exchange rates, the ability of manufactured home buyers to obtain financing and the level of repossessions by manufactured home lenders. Further details of potential risks that may affect the Company are described in its periodic reports filed with the U.S. Securities and Exchange Commission, including in the “Risk Factors” section of the Company’s Annual Report on Form 10-K.

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            
             
Firm   Analyst   Phone   Email
Bank of America Merrill Lynch   Joshua Dennerlein   (646) 855-1681   joshua.dennerlein@baml.com
BMO Capital Markets   John Kim   (212) 885-4115   johnp.kim@bmo.com
Citi Research   Michael Bilerman   (212) 816-1383   michael.bilerman@citi.com
    Nicholas Joseph   (212) 816-1909   nicholas.joseph@citi.com
Evercore ISI   Steve Sakwa   (212) 446-9462   steve.sakwa@evercoreisi.com
    Samir Khanal   (212) 888-3796   samir.khanal@evercoreisi.com
Green Street Advisors   John Pawlowski   (949) 640-8780   jpawlowski@greenstreetadvisors.com
RBC Capital Markets   Wes Golladay   (440) 715-2650   wes.golladay@rbccm.com
Robert W. Baird & Co.   Drew Babin   (610) 238-6634   dbabin@rwbaird.com
Wells Fargo   Todd Stender   (562) 637-1371   todd.stender@wellsfargo.com
             
             
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   investorrelations@suncommunities.com    
             
By Phone   (248) 208-2500        
             
             
             
             
             
             
             
             

 

Portfolio Overview                                                                           
(As of March 31, 2019)


Balance Sheets                                                                                                                                              
(amounts in thousands)

 

    3/31/2019   12/31/2018
ASSETS:        
Land   $ 1,279,306     $ 1,201,945  
Land improvements and buildings   5,899,149     5,586,250  
Rental homes and improvements   585,994     571,661  
Furniture, fixtures and equipment   208,177     201,090  
Investment property   7,972,626     7,560,946  
Accumulated depreciation   (1,501,370 )   (1,442,630 )
Investment property, net   6,471,256     6,118,316  
Cash and cash equivalents   21,946     50,311  
Marketable securities   50,501     49,037  
Inventory of manufactured homes   52,993     49,199  
Notes and other receivables, net   179,814     160,077  
Collateralized receivables, net (4)   101,938     106,924  
Other assets, net   220,214     176,162  
TOTAL ASSETS   $ 7,098,662     $ 6,710,026  
LIABILITIES AND TEMPORARY EQUITY:        
Mortgage loans payable   $ 2,879,017     $ 2,815,957  
Secured borrowings (4)   102,676     107,731  
Preferred Equity - Sun NG Resorts - mandatorily redeemable   35,249     35,277  
Preferred OP units - mandatorily redeemable   34,663     37,338  
Lines of credit (5)   396,512     128,000  
Distributions payable   66,887     63,249  
Advanced reservation deposits and rent   151,860     133,698  
Other liabilities   179,461     157,862  
TOTAL LIABILITIES   3,846,325     3,479,112  
Commitments and contingencies        
Series A-4 preferred stock   31,739     31,739  
Series A-4 preferred OP units   9,784     9,877  
Series D preferred OP units   51,738      
Equity Interests - NG Sun LLC   22,167     21,976  
STOCKHOLDERS' EQUITY:        
Common stock   865     864  
Additional paid-in capital   4,398,641     4,398,949  
Accumulated other comprehensive loss   (3,006 )   (4,504 )
Distributions in excess of accumulated earnings   (1,317,605 )   (1,288,486 )
Total Sun Communities, Inc. stockholders' equity   3,078,895     3,106,823  
Noncontrolling interests:        
Common and preferred OP units   51,816     53,354  
Consolidated variable interest entities   6,198     7,145  
Total noncontrolling interests   58,014     60,499  
TOTAL STOCKHOLDERS' EQUITY   3,136,909     3,167,322  
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY   $ 7,098,662     $ 6,710,026  


Statements of Operations - Quarter to Date Comparison                                                            
(amounts in thousands, except per share amounts)

 

  Three Months Ended March 31,
  2019   2018   Change   % Change
REVENUES:              
Income from real property (excluding transient revenue) $ 190,564     $ 175,210     $ 15,354     8.8 %
Transient revenue 26,215     22,001     4,214     19.2 %
Revenue from home sales 39,618     34,900     4,718     13.5 %
Rental home revenue 13,971     13,020     951     7.3 %
Ancillary revenue 8,482     6,568     1,914     29.1 %
Interest 4,800     5,316     (516 )   (9.7 )%
Brokerage commissions and other revenues, net 3,680     960     2,720     283.3 %
Total Revenues 287,330     257,975     29,355     11.4 %
EXPENSES:              
Property operating and maintenance 57,909     51,630     6,279     12.2 %
Real estate taxes 15,330     13,836     1,494     10.8 %
Cost of home sales 29,277     26,571     2,706     10.2 %
Rental home operating and maintenance 4,788     5,227     (439 )   (8.4 )%
Ancillary expenses 7,101     5,383     1,718     31.9 %
Home selling expenses 3,324     3,290     34     1.0 %
General and administrative 21,887     19,757     2,130     10.8 %
Catastrophic weather related charges, net 782     (2,213 )   2,995     (135.3 )%
Depreciation and amortization 76,556     66,437     10,119     15.2 %
Loss on extinguishment of debt 653     196     457     233.2 %
Interest 34,014     31,138     2,876     9.2 %
Interest on mandatorily redeemable preferred OP units / equity 1,094     619     475     76.7 %
Total Expenses 252,715     221,871     30,844     13.9 %
Income Before Other Items 34,615     36,104     (1,489 )   (4.1 )%
Remeasurement of marketable securities 267         267     N/A
Other income / (expense), net (6) 1,898     (2,617 )   4,515     172.5 %
Income / (loss) from nonconsolidated affiliates 344     (59 )   403     683.1 %
Current tax expense (214 )   (174 )   (40 )   (23.0 )%
Deferred tax benefit 217     347     (130 )   (37.5 )%
Net Income 37,127     33,601     3,526     10.5 %
Less: Preferred return to preferred OP units / equity (1,323 )   (1,080 )   (243 )   22.5 %
Less: Amounts attributable to noncontrolling interests (1,041 )   (2,094 )   1,053     (50.3 )%
Net Income Attributable to Sun Communities, Inc. 34,763     30,427     4,336     14.3 %
Less: Preferred stock distribution (432 )   (441 )   9     (2.0 )%
Net Income Attributable to Sun Communities, Inc. Common Stockholders $ 34,331     $ 29,986     $ 4,345     14.5 %
               
Weighted average common shares outstanding:              
Basic 85,520     78,855     6,665     8.5 %
Diluted 86,033     79,464     6,569     8.3 %
Earnings per share:              
Basic $ 0.40     $ 0.38     $ 0.02     5.3 %
Diluted $ 0.40     $ 0.38     $ 0.02     5.3 %

 

Outstanding Securities and Capitalization 
(amounts in thousands except for *)

Outstanding Securities - As of March 31, 2019
                   
  Number of Units/Shares Outstanding   Conversion Rate*   If Converted   Issuance Price per unit*   Annual Distribution Rate*
Convertible Securities                  
Series A-1 preferred OP units 328   2.4390   800   $ 100   6.0 %
Series A-3 preferred OP units 40   1.8605   74   $ 100   4.5 %
Series A-4 preferred OP units 410   0.4444   182   $ 25   6.5 %
Series C preferred OP units 314   1.1100   349   $ 100   4.5 %
Series D preferred OP units 489   0.8000   391   $ 100   3.8 %
Common OP units 2,719   1.0000   2,719   N/A   Mirrors common shares distributions
Series A-4 preferred stock 1,063   0.4444   472   $ 25   6.5 %
Non-Convertible Securities                  
Common shares 86,463   N/A   N/A   N/A   $3.00^
^ Annual distribution is based on the last quarterly distribution annualized.

 

Capitalization - As of March 31, 2019            
             
Equity   Shares   Share Price*   Total
Common shares   86,463     $ 118.52     $ 10,247,595  
Common OP units   2,719     $ 118.52     322,256  
Subtotal   89,182         $ 10,569,851  
             
Series A-1 preferred OP units   800     $ 118.52     94,816  
Series A-3 preferred OP units   74     $ 118.52     8,770  
Series A-4 preferred OP units   182     $ 118.52     21,571  
Series C preferred OP units   349     $ 118.52     41,363  
Series D preferred OP units   391     $ 118.52     46,341  
Total diluted shares outstanding   90,978         $ 10,782,712  
 
Debt
Mortgage loans payable           $ 2,879,017  
Secured borrowings (4)           102,676  
Preferred Equity - Sun NG Resorts - mandatorily redeemable           35,249  
Preferred OP units - mandatorily redeemable           34,663  
Lines of credit (5)           396,512  
Total debt           $ 3,448,117  
 
Preferred
Series A-4 preferred stock   1,063     $ 25.00     $ 26,575  
Total Capitalization           $ 14,257,404  

 

Reconciliations to Non-GAAP Financial Measures

 

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

 

  Three Months Ended
 March 31,
  2019   2018
Net income attributable to Sun Communities, Inc. common stockholders: $ 34,331     $ 29,986  
Adjustments:      
Depreciation and amortization 76,712     66,646  
Remeasurement of marketable securities (267 )    
Amounts attributable to noncontrolling interests 723     1,889  
Preferred return to preferred OP units 527     553  
Preferred distribution to Series A-4 preferred stock 432     441  
Gain on disposition of assets, net (5,679 )   (4,539 )
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) (7)

$ 106,779     $ 94,976  
Adjustments:      
Other acquisition related costs (8) 160     135  
Loss on extinguishment of debt 653     196  
Catastrophic weather related charges, net 782     (2,213 )
Loss of earnings - catastrophic weather related (9)     325  
Other (income) / expense (6) (1,898 )   2,617  
Debt premium write-off     (782 )
Deferred tax benefit (217 )   (347 )
Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) (7)

$ 106,259     $ 94,907  
       
Weighted average common shares outstanding - basic: 85,520     78,855  
Add:      
Common stock issuable upon conversion of stock options 1     2  
Restricted stock 512     607  
Common OP units 2,722     2,741  
Common stock issuable upon conversion of Series A-4 preferred stock 472     482  
Common stock issuable upon conversion of Series A-3 preferred OP units 75     75  
Common stock issuable upon conversion of Series A-1 preferred OP units 803     836  
Weighted average common shares outstanding - fully diluted 90,105     83,598  
       
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) (7) per share - fully diluted
$ 1.19     $ 1.14  
Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) (7) per share - fully diluted
$ 1.18     $ 1.14  

 

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

 

  Three Months Ended
 March 31,
  2019   2018
Net income attributable to Sun Communities, Inc., common stockholders: $ 34,331     $ 29,986  
Adjustments:      
Interest expense 35,108     31,757  
Loss on extinguishment of debt 653     196  
Current tax expense 214     174  
Deferred tax benefit (217 )   (347 )
(Income) / loss from nonconsolidated affiliates (344 )   59  
Depreciation and amortization 76,556     66,437  
Gain on disposition of assets, net (5,679 )   (4,539 )
EBITDAre (1) $ 140,622     $ 123,723  
Adjustments:      
Remeasurement of marketable securities (267 )    
Other (income) / expense, net (6) (1,898 )   2,617  
Catastrophic weather related charges, net 782     (2,213 )
Preferred return to preferred OP units / equity 1,323     1,080  
Amounts attributable to noncontrolling interests 1,041     2,094  
Preferred stock distribution 432     441  
Plus: Gain on dispositions of assets, net 5,679     4,539  
Recurring EBITDA (1) $ 147,714     $ 132,281  


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

 

  Three Months Ended
 March 31,
  2019   2018
Net income attributable to Sun Communities, Inc., common stockholders: $ 34,331     $ 29,986  
Other revenues (8,480 )   (6,276 )
Home selling expenses 3,324     3,290  
General and administrative 21,887     19,757  
Catastrophic weather related charges, net 782     (2,213 )
Depreciation and amortization 76,556     66,437  
Loss on extinguishment of debt 653     196  
Interest expense 35,108     31,757  
Remeasurement of marketable securities (267 )    
Other (income) / expense, net (6) (1,898 )   2,617  
(Income) / loss from nonconsolidated affiliates (344 )   59  
Current tax expense 214     174  
Deferred tax benefit (217 )   (347 )
Preferred return to preferred OP units / equity 1,323     1,080  
Amounts attributable to noncontrolling interests 1,041     2,094  
Preferred stock distribution 432     441  
NOI(1) / Gross Profit $ 164,445     $ 149,052  

 

  Three Months Ended
 March 31,
  2019   2018
Real Property NOI (1) $ 143,540     $ 131,745  
Rental Program NOI (1) 26,061     24,102  
Home Sales NOI (1) / Gross Profit 10,341     8,329  
Ancillary NOI (1) / Gross Profit 1,381     1,185  
Site rent from Rental Program (included in Real Property NOI) (1)(10) (16,878 )   (16,309 )
NOI (1) / Gross profit $ 164,445     $ 149,052  


Non-GAAP and Other Financial Measures

 

Financial and Operating Highlights                                                                                                           
(amounts in thousands, except for *)

 

  Quarter Ended
  3/31/2019   12/31/2018   9/30/2018   6/30/2018   3/31/2018
FINANCIAL INFORMATION                  
Total revenues $ 287,330     $ 274,004     $ 323,538     $ 271,426     $ 257,975  
Net income 37,127     10,672     51,715     24,170     33,601  
Net income attributable to Sun Communities Inc. 34,331     9,039     46,060     20,408     29,986  
Earnings per share basic* $ 0.40     $ 0.11     $ 0.56     $ 0.25     $ 0.38  
Earnings per share diluted* 0.40     0.11     0.56     0.25     0.38  
                   
Cash distributions declared per common share* $ 0.75     $ 0.71     $ 0.71     $ 0.71     $ 0.71  
                   
Recurring EBITDA (1) $ 147,714     $ 133,669     $ 158,153     $ 128,798     $ 132,281  
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) (7)

106,779     88,562     117,018     85,623     94,976  
Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) (7)

106,259     92,695     116,959     90,372     94,907  
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) (7) per share - fully diluted* $ 1.19     $ 0.98     $ 1.35     $ 1.02     $ 1.14  
Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) (7) per share - fully diluted* 1.18     1.03     1.35     1.07     1.14  
                   
BALANCE SHEETS                  
Total assets $ 7,098,662     $ 6,710,026     $ 6,653,726     $ 6,492,348     $ 6,149,653  
Total debt 3,448,117     3,124,303     3,004,929     3,364,081     3,129,440  
Total liabilities 3,846,325     3,479,112     3,367,285     3,736,621     3,471,096  

 

  Quarter Ended
  3/31/2019   12/31/2018   9/30/2018   6/30/2018   3/31/2018
OPERATING INFORMATION*                  
New home sales 125     140     146     134     106  
Pre-owned home sales 673     738     825     809     731  
Total homes sold 798     878     971     943     837  
                   
Communities 379     371     370     367     350  
                   
Developed sites 112,175     108,963     108,142     107,192     106,617  
Transient RV sites 20,173     19,491     19,432     19,007     15,693  
Total sites 132,348     128,454     127,574     126,199     122,310  
                   
MH occupancy 95.4 %   95.0 %   94.9 %   95.0 %   94.7 %
RV occupancy 100.0 %   100.0 %   100.0 %   100.0 %   100.0 %
Total blended MH and RV occupancy 96.4 %   96.1 %   96.1 %   96.1 %   95.8 %


Debt Analysis
(amounts in thousands)

 

  Quarter Ended
  3/31/2019   12/31/2018   9/30/2018   6/30/2018   3/31/2018
DEBT OUTSTANDING                  
Mortgage loans payable $ 2,879,017     $ 2,815,957     $ 2,819,225     $ 2,636,847     $ 2,826,225  
Secured borrowings (4) 102,676     107,731     113,089     118,242     124,077  
Preferred Equity - Sun NG Resorts - mandatorily redeemable 35,249     35,277     35,277     35,277      
Preferred OP units - mandatorily redeemable 34,663     37,338     37,338     37,338     37,338  
Lines of credit (5) 396,512     128,000         536,377     141,800  
Total debt $ 3,448,117     $ 3,124,303     $ 3,004,929     $ 3,364,081     $ 3,129,440  
                   
% FIXED/FLOATING                  
Fixed 88.5 %   95.9 %   100.0 %   84.0 %   90.6 %
Floating 11.5 %   4.1 %   %   16.0 %   9.4 %
Total 100.0 %   100.0 %   100.0 %   100.0 %   100.0 %
                   
WEIGHTED AVERAGE INTEREST RATES                  
Mortgage loans payable 4.24 %   4.22 %   4.23 %   4.27 %   4.25 %
Preferred Equity - Sun NG Resorts - mandatorily redeemable 6.00 %   6.00 %   6.00 %   6.00 %   %
Preferred OP units - mandatorily redeemable 6.50 %   6.61 %   6.61 %   6.61 %   6.61 %
Lines of credit (5) 3.73 %   3.77 %   %   3.31 %   3.01 %
Average before Secured borrowings (4) 4.22 %   4.25 %   4.28 %   4.15 %   4.22 %
Secured borrowings (4) 9.94 %   9.94 %   9.95 %   9.96 %   9.97 %
Total average 4.39 %   4.45 %   4.40 %   4.36 %   4.45 %
                   
DEBT RATIOS                  
Net Debt / Recurring EBITDA (1) (TTM) 6.0     5.6     5.4     6.5     6.2  
Net Debt / Enterprise Value 24.1null