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Sun Communities, Inc. (SUI)

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Neutralpattern detected
Previous Close146.20
Open146.01
Bid148.84 x 3100
Ask148.89 x 800
Day's Range145.85 - 148.92
52 Week Range95.34 - 173.98
Volume104,217
Avg. Volume597,037
Market Cap14.611B
Beta (5Y Monthly)0.54
PE Ratio (TTM)107.50
EPS (TTM)1.38
Earnings DateOct 21, 2020 - Oct 26, 2020
Forward Dividend & Yield3.16 (2.16%)
Ex-Dividend DateJun 29, 2020
1y Target Est155.43
  • Sun Communities Inc (SUI) Q2 2020 Earnings Call Transcript
    Motley Fool

    Sun Communities Inc (SUI) Q2 2020 Earnings Call Transcript

    Having said this, I'd like to introduce management with us today: Gary Shiffman, Chairman and Chief Executive Officer; John McLaren, President and Chief Operating Officer; and Karen Dearing, Chief Financial Officer. After their remarks, there'll be an opportunity to ask a question.

  • Sun Communities (SUI) Misses Q2 FFO and Revenue Estimates
    Zacks

    Sun Communities (SUI) Misses Q2 FFO and Revenue Estimates

    Sun Communities (SUI) delivered FFO and revenue surprises of -4.27% and -2.56%, respectively, for the quarter ended June 2020. Do the numbers hold clues to what lies ahead for the stock?

  • Sun Communities, Inc. Reports 2020 Second Quarter Results
    GlobeNewswire

    Sun Communities, Inc. Reports 2020 Second Quarter Results

    NEWS RELEASE July 22, 2020Sun Communities, Inc. Reports 2020 Second Quarter ResultsSouthfield, Michigan, July 22, 2020 (GLOBE NEWSWIRE) --  Sun Communities, Inc. (NYSE: 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 second quarter results for 2020.Financial Results for the Quarter and Six Months Ended June 30, 2020 For the quarter ended June 30, 2020, total revenues decreased $9.2 million, or 2.9 percent, to $303.3 million compared to $312.4 million for the same period in 2019. Net income attributable to common stockholders was $58.9 million, or $0.61 per diluted common share, for the quarter ended June 30, 2020, as compared to net income attributable to common stockholders of $40.4 million, or $0.46 per diluted common share, for the same period in 2019.For the six months ended June 30, 2020, total revenues increased $13.8 million, or 2.3 percent, to $613.6 million compared to $599.8 million for the same period in 2019. Net income attributable to common stockholders was $42.8 million, or $0.45 per diluted common share, for the six months ended June 30, 2020, as compared to net income attributable to common stockholders of $74.7 million, or $0.86 per diluted common share, for the same period in 2019.Non-GAAP Financial Measures and Portfolio Performance * Core Funds from Operations (“Core FFO”)(1) for the quarter ended June 30, 2020, was $1.12 per diluted share and OP unit (“Share”) as compared to $1.18 in the corresponding period in 2019.   * Same Community(2) Net Operating Income (“NOI”)(1) increased by 1.4 percent for the quarter ended June 30, 2020, as compared to the corresponding period in 2019, including the impact of $0.9 million of direct COVID-19 related expense.   * Revenue Producing Sites increased by 851 sites for the quarter ended June 30, 2020, bringing total portfolio occupancy to 97.3 percent.   * MH rent collections for the second quarter were approximately 97.0 percent, in line with the corresponding period in 2019. MH rent collections as of July 21st are approximately 96.0 percent.   * Annual RV rent collections for the second quarter were approximately 98.0 percent, in line with the corresponding period in 2019.Gary Shiffman, Chief Executive Officer of Sun Communities stated, “We are pleased to report, despite the ongoing uncertainty, all of our communities and resorts are open. In the second quarter, our portfolio performed better than our expectations as expense containment efforts helped to mitigate the impact of the pandemic. Furthermore, we achieved total portfolio occupancy of 97.3 percent, adding 851 revenue producing sites during the second quarter, a 27.4 percent increase year over year. Portions of our portfolio were restricted from opening early in the second quarter, but we are now seeing significant gains in demand for our RV resorts with forward reservations trending near or ahead of initial budget.”Mr. Shiffman continued, “We remain focused on the health and safety of our residents, guests and team members as we navigate the COVID-19 virus. We are well positioned in the current environment and over the long term given our high-quality locations, affordable home price point and our alignment with the growing demand for the RV lifestyle.” OPERATING HIGHLIGHTSPortfolio OccupancyTotal portfolio occupancy was 97.3 percent at June 30, 2020, compared to 96.6 percent at June 30, 2019. During the quarter ended June 30, 2020, revenue producing sites increased by 851 sites, as compared to 668 revenue producing sites gained during the second quarter of 2019, a 27.4 percent increase.During the six months ended June 30, 2020, revenue producing sites increased by 1,151 sites, as compared to an increase of 1,239 revenue producing sites during the six months ended June 30, 2019. Same Community(2) Results For the 367 communities owned and operated by the Company since January 1, 2019, NOI(1) for the quarter ended June 30, 2020 increased 1.4 percent over the same period in 2019, resulting from a 1.8 percent decrease in revenues and an 8.0 percent decrease in operating expenses. Adjusted to remove the impact of $0.9 million of direct COVID-19 related expense, Same Community NOI(1) growth was 2.0 percent. Same Community occupancy(3) increased to 98.7 percent at June 30, 2020 from 96.8 percent at June 30, 2019.For the six months ended June 30, 2020, NOI(1) increased 4.0 percent over the same period in 2019, as a result of a 1.6 percent increase in revenues and a 3.4 percent decrease in operating expenses. Adjusted to remove the impact of $0.9 million of direct COVID-19 related expense, Same Community NOI(1) growth was 4.4 percent. Home SalesDuring the quarter ended June 30, 2020, the Company sold 611 homes as compared to 927 homes sold during the same period in 2019. The Company sold 140 and 139 new homes for the quarters ended June 30, 2020 and 2019, respectively. Rental home sales, which are included in total home sales, were 122 and 332 for the quarters ended June 30, 2020 and 2019, respectively.During the six months ended June 30, 2020, 1,374 homes were sold as compared to 1,725 for the same period in 2019\. Rental home sales, which are included in total home sales, were 356 and 542 for the six months ended June 30, 2020 and 2019, respectively.Rent CollectionsFor the second quarter of 2020, MH and annual RV rent collections approximated 97.0 percent and 98.0 percent, respectively, after adjusting for the impact of hardship deferrals and prepaid rent balances. These collection percentages are in line with the second quarter of 2019. PORTFOLIO ACTIVITYAcquisitions and DispositionsDuring and subsequent to the quarter ended June 30, 2020, the Company acquired the following communities:Community Name Type Sites  State Total Purchase Price (in millions) Month Acquired Forest Springs (a) MH 372    CA $56.5   May Crown Villa RV 123    OR $16.8   June Flamingo Village RV 421    FL $34.0   July (a)   In conjunction with the acquisition, the Company issued Series F preferred Operating Partnership (“OP”) units and Common OP units. As of June 30, 2020, 90,000 Series F preferred OP units and 82,420 common OP units, specific to this acquisition, were outstanding.Year to date, the Company has acquired five communities totaling 1,445 sites for a total purchase price of $132.3 million.Subsequent to the quarter ended June 30, 2020, the Company sold a MH community located in Great Falls, Montana, containing 226 sites, for $13.0 million. The assets and liabilities associated with the transaction were classified as held for sale on the Consolidated Balance Sheets as of June 30, 2020.Construction ActivityDuring the quarter ended June 30, 2020, the Company completed the construction of nearly 180 expansion sites in five communities and nearly 320 sites in three ground-up developments and one redevelopment community. BALANCE SHEET AND CAPITAL MARKETS ACTIVITYDebt TransactionsDuring the quarter, the Company repaid four term loans totaling $52.7 million collateralized by six properties. These loans had a weighted average interest rate of 5.98 percent and were set to mature in 2021.As of June 30, 2020, the Company had $3.4 billion of debt outstanding. The weighted average interest rate was 3.86 percent and the weighted average maturity was 11.6 years. The Company had $373.5 million of unrestricted cash on hand. At period-end the Company’s net debt to trailing twelve-month Recurring EBITDA(1) ratio was 4.8 times.Equity TransactionsDuring the quarter ended June 30, 2020, the Company closed an underwritten registered public offering of 4,968,000 shares of common stock. Proceeds from the offering were $633.1 million after deducting expenses related to the offering. The Company used a portion of the net proceeds of the offering to repay borrowings outstanding under its senior credit facility. The Company intends to use the proceeds of this offering to fund acquisitions, working capital needs and for general corporate purposes. COVID-19 FINANCIAL IMPACTGiven the uncertainty surrounding the impact from the COVID-19 pandemic on its operations, the Company has withdrawn full year 2020 operational and financial guidance previously provided on February 19, 2020.For the second quarter of 2020, the Company had a net reduction of $10.8 million from its original budget as compared to its estimated net reduction of $15.0 million to $18.0 million.The Company’s third quarter is typically the largest contributor to earnings due to seasonality. The Company’s original budget for the third quarter of 2020 was approximately 31.0 percent of FFO(1) for the year. The Company has estimated a net reduction of $12.0 million to $15.0 million from its original budget for the third quarter of 2020. This range includes an expected $9.5 million of impact to income from real property across manufactured housing, annual RV and transient RV, and a reduction of $2.5 million and $2.0 million in net contribution from ancillary services and home sales, respectively. EARNINGS CONFERENCE CALLA conference call to discuss second quarter operating results will be held on Thursday, July 23, 2020 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 August 6, 2020 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 13704750. The conference call will be available live on Sun Communities’ website located at www.suncommunities.com. The replay will also be available on the website.Sun Communities, Inc. is a REIT that, as of June 30, 2020, owned, operated, or had an interest in a portfolio of 426 communities comprising nearly 143,000 developed sites in 33 states and Ontario, Canada.For more information about Sun Communities, Inc., please visit www.suncommunities.com.CONTACTPlease 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 StatementsThis 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 the effects of the COVID-19 pandemic and related stay-at-home orders, quarantine policies and restrictions on travel, trade and business operations; 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 for the year ended December 31, 2019 and in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2020.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 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 June 30, 2020)  Financial and Operating Highlights(amounts in thousands, except for *)   Quarter Ended  6/30/2020 3/31/2020 12/31/2019 9/30/2019 6/30/2019 Financial Information          Total revenues$303,266   $310,302    $301,819   $362,443   $312,445   Net income / (loss)$63,355   $(15,478)  $30,685   $64,451   $45,116   Net Income / (loss) attributable to Sun Communities Inc. common stockholders$58,910   $(16,086)  $28,547   $57,002   $40,385   Basic earnings / (loss) per share*$0.61   $(0.17)  $0.31   $0.63   $0.46   Diluted earnings / (loss) per share*$0.61   $(0.17)  $0.31   $0.63   $0.46              Cash distributions declared per common share*$0.79   $0.79    $0.75   $0.75   $0.75              Recurring EBITDA (1) $148,650   $156,552    $144,738   $179,953   $151,502   FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) (4)$118,092   $95,046    $105,533   $119,496   $108,112   Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) (4)$110,325   $117,267    $104,534   $137,369   $108,002   FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) (4) per share - fully diluted*$1.20   $0.98    $1.11   $1.27   $1.18   Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) (4) per share - fully diluted*$1.12   $1.22    $1.10   $1.46   $1.18              Balance Sheet          Total assets$8,348,659   $8,209,047    $7,802,060   $7,397,854   $7,222,084   Total debt$3,390,771   $3,926,494    $3,434,402   $3,271,341   $3,107,775   Total liabilities$3,845,308   $4,346,127    $3,848,104   $3,720,983   $3,542,188    Quarter Ended  6/30/2020 3/31/2020 12/31/2019 9/30/2019 6/30/2019 Operating Information*          Communities426   424    422   389   382              Manufactured home sites94,232   93,834    93,821   88,024   87,555   Annual RV sites26,240   26,148    26,056   25,756   25,009   Transient RV sites22,360   21,880    21,416   20,882   20,585   Total sites142,832   141,862    141,293   134,662   133,149              MH occupancy96.5 % 95.8  % 95.5 % 95.7 % 95.7 % RV occupancy100.0 % 100.0  % 100.0 % 100.0 % 100.0 % Total blended MH and RV occupancy97.3 % 96.7  % 96.4 % 96.7 % 96.6 %            New home sales140   119    140   167   139   Pre-owned home sales471   644    668   739   788   Total home sales611   763    808   906   927    Quarter Ended  6/30/2020 3/31/2020 12/31/2019 9/30/2019 6/30/2019 Net Leased Sites (5)          MH net leased sites759   287    437   296   410   RV net leased sites92   13    232   470   258   Total net leased sites851   300    669   766   668   Consolidated Balance Sheets (amounts in thousands)  (Unaudited)     June 30, 2020 December 31, 2019 Assets       Land $1,433,272    $1,414,279    Land improvements and buildings 6,826,741    6,595,272    Rental homes and improvements 652,177    627,175    Furniture, fixtures and equipment 312,139    282,874    Investment property 9,224,329    8,919,600    Accumulated depreciation (1,826,810)  (1,686,980)  Investment property, net 7,397,519    7,232,620    Cash, cash equivalents and restricted cash 389,214    34,830    Marketable securities 100,564    94,727    Inventory of manufactured homes 58,744    62,061    Notes and other receivables, net 180,391    157,926    Other assets, net 222,227    219,896    Total Assets $8,348,659    $7,802,060    Liabilities     Mortgage loans payable $3,205,507    $3,180,592    Preferred Equity - Sun NG Resorts - mandatorily redeemable 35,249    35,249    Preferred OP units - mandatorily redeemable 34,663    34,663    Lines of credit (6) 115,352    183,898    Distributions payable 79,549    71,704    Advanced reservation deposits and rent 169,931    133,420    Accrued expenses and accounts payable 124,324    127,289    Other liabilities 80,733    81,289    Total Liabilities 3,845,308    3,848,104    Commitments and contingencies     Series D preferred OP units 50,171    50,913    Series F preferred OP units 8,948    —    Equity Interests - NG Sun LLC and NG Sun Whitewater LLC 24,863    27,091    Stockholders' Equity     Common stock 983    932    Additional paid-in capital 5,847,598    5,213,264    Accumulated other comprehensive loss (4,475)  (1,331)  Distributions in excess of accumulated earnings (1,496,542)  (1,393,141)  Total Sun Communities, Inc. stockholders' equity 4,347,564    3,819,724    Noncontrolling interests     Common and preferred OP units 61,555    47,686    Consolidated variable interest entities 10,250    8,542    Total noncontrolling interests 71,805    56,228    Total Stockholders' Equity 4,419,369    3,875,952    Total Liabilities, Temporary Equity and Stockholders' Equity $8,348,659    $7,802,060    Statements of Operations - Quarter to Date and Year to Date Comparison (In thousands, except per share amounts) (Unaudited)   Three Months Ended Six Months Ended  June 30, 2020 June 30, 2019 Change % Change June 30, 2020 June 30, 2019 Change % Change Revenues                Income from real property (excluding transient revenue)$210,445    $195,503    $14,942    7.6  % $422,975    $386,068    $36,907    9.6  % Transient revenue21,039    28,141    (7,102)  (25.2)% 46,294    52,659    (6,365)  (12.1)% Revenue from home sales38,530    47,242    (8,712)  (18.4)% 79,117    86,860    (7,743)  (8.9)% Rental home revenue14,968    14,412    556    3.9  % 30,440    28,383    2,057    7.2  % Ancillary revenue12,375    19,720    (7,345)  (37.2)% 22,570    29,898    (7,328)  (24.5)% Interest income2,635    4,919    (2,284)  (46.4)% 4,985    9,719    (4,734)  (48.7)% Brokerage commissions and other revenues, net3,274    2,508    766    30.5  % 7,187    6,188    999    16.1  % Total Revenues303,266    312,445    (9,179)  (2.9)% 613,568    599,775    13,793    2.3  % Expenses                Property operating and maintenance65,204    65,888    (684)  (1.0)% 129,261    123,797    5,464    4.4  % Real estate taxes17,723    15,726    1,997    12.7  % 34,899    31,056    3,843    12.4  % Cost of home sales29,181    34,435    (5,254)  (15.3)% 59,213    63,712    (4,499)  (7.1)% Rental home operating and maintenance4,685    5,177    (492)  (9.5)% 10,179    10,009    170    1.7  % Ancillary expenses8,226    12,480    (4,254)  (34.1)% 15,708    19,581    (3,873)  (19.8)% Home selling expenses2,864    3,626    (762)  (21.0)% 6,856    6,950    (94)  (1.4)% General and administrative expenses26,733    23,697    3,036    12.8  % 52,250    45,584    6,666    14.6  % Catastrophic weather-related charges, net(566)  179    (745)  N/M 40    961    (921)  (95.8)% Depreciation and amortization87,265    76,153    11,112    14.6  % 170,954    152,709    18,245    11.9  % Loss on extinguishment of debt1,930    70    1,860    N/M 5,209    723    4,486    N/M Interest expense31,428    33,661    (2,233)  (6.6)% 63,844    67,675    (3,831)  (5.7)% Interest on mandatorily redeemable preferred OP units / equity1,042    1,181    (139)  (11.8)% 2,083    2,275    (192)  (8.4)% Total Expenses275,715    272,273    3,442    1.3  % 550,496    525,032    25,464    4.8  % Income Before Other Items27,551    40,172    (12,621)  (31.4)% 63,072    74,743    (11,671)  (15.6)% Gain / (loss) on remeasurement of marketable securities24,519    3,620    20,899    N/M (4,128)  3,887    (8,015)  N/M Gain / (loss) on foreign currency translation10,374    1,116    9,258    N/M (7,105)  3,081    (10,186)  N/M Other expense, net (7)(552)  (95)  (457)  N/M (854)  (162)  (692)  N/M Gain / (loss) on remeasurement of notes receivable246    —    246    N/A (1,866)  —    (1,866)  N/A Income from nonconsolidated affiliates92    479    (387)  (80.8)% 144    867    (723)  (83.4)% Gain / (loss) on remeasurement of investment in nonconsolidated affiliates1,132    —    1,132    N/A (1,059)  —    (1,059)  N/A Current tax expense(119)  (272)  153    (56.3)% (569)  (486)  (83)  17.1  % Deferred tax benefit112    96    16    16.7  % 242    313    (71)  (22.7)% Net Income63,355    45,116    18,239    40.4  % 47,877    82,243    (34,366)  (41.8)% Less: Preferred return to preferred OP units / equity1,584    1,718    (134)  (7.8)% 3,154    3,041    113    3.7  % Less: Income attributable to noncontrolling interests2,861    2,585    276    10.7  % 1,899    3,626    (1,727)  (47.6)% Net Income Attributable to Sun Communities, Inc.58,910    40,813    18,097    44.3  % 42,824    75,576    (32,752)  (43.3)% Less: Preferred stock distribution—    428    (428)  (100.0)% —    860    (860)  (100.0)% Net Income Attributable to Sun Communities, Inc. Common Stockholders$58,910    $40,385    $18,525    45.9  % $42,824    $74,716    $(31,892)  (42.7)%                  Weighted average common shares outstanding - basic95,859    87,130    8,729    10.0  % 94,134    86,325    7,809    9.0  % Weighted average common shares outstanding - diluted96,165    87,564    8,601    9.8  % 94,525    86,770    7,755    8.9  %                  Basic earnings per share$0.61    $0.46    $0.15    32.6  % $0.45    $0.86    $(0.41)  (47.7)% Diluted earnings per share$0.61    $0.46    $0.15    32.6  % $0.45    $0.86    $(0.41)  (47.7)%   N/M = Percentage change is not meaningful Outstanding Securities and Capitalization (amounts in thousands except for *)  Outstanding Securities - As of  June 30, 2020             Number of Units/Shares Outstanding Conversion Rate* If Converted Issuance Price per unit* Annual Distribution Rate* Non-convertible Securities          Common shares98,274 N/A N/A N/A $3.16^            Convertible Securities          Series A-1 preferred OP units300 2.4390 732 $100 6.0% Series A-3 preferred OP units40 1.8605 75 $100 4.5% Series C preferred OP units310 1.1100 345 $100 4.5% Series D preferred OP units489 0.8000 391 $100 3.8% Series E preferred OP units90 0.6897 62 $100 5.25% Series F preferred OP units90 0.6250 56 $100 3.0% Common OP units2,477 1.0000 2,477 N/A Mirrors common shares distributions ^ Annual distribution is based on the last quarterly distribution annualized. Capitalization - As of June 30, 2020               Equity Shares Share Price* Total Common shares 98,274   $135.68   $13,333,816   Common OP units 2,477   $135.68   336,079   Subtotal 100,751     $13,669,895           Series A-1 preferred OP units 732   $135.68   $99,318   Series A-3 preferred OP units 75   $135.68   10,176   Series C preferred OP units 345   $135.68   46,810   Series D preferred OP units 391   $135.68   53,051   Series E preferred OP units 62   $135.68   8,412   Series F preferred OP units 56   $135.68   7,598   Total diluted shares outstanding 102,412     $13,895,260           Debt       Mortgage loans payable     $3,205,507   Preferred Equity - Sun NG Resorts - mandatorily redeemable     35,249   Preferred OP units - mandatorily redeemable     34,663   Lines of credit (6)     115,352   Total debt     $3,390,771           Total Capitalization     $17,286,031   Reconciliations to Non-GAAP Financial Measures Reconciliation of Net Income Attributable to Sun Communities, Inc. Common Stockholders to FFO(1) (amounts in thousands except for per share data)   Three Months Ended Six Months Ended  June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Net Income Attributable To Sun Communities, Inc. Common Stockholders$58,910    $40,385    $42,824    $74,716    Adjustments        Depreciation and amortization87,296    76,294    171,048    153,006    Depreciation on nonconsolidated affiliates19    —    19    —    (Gain) / loss on remeasurement of marketable securities(24,519)  (3,620)  4,128    (3,887)  (Gain) / loss on remeasurement of investment in nonconsolidated affiliates(1,132)  —    1,059    —    (Gain) / loss on remeasurement of notes receivable(246)  —    1,866    —    Income attributable to noncontrolling interests1,942    2,158    1,646    2,881    Preferred return to preferred OP units—    537    1,000    1,064    Preferred distribution to Series A-4 preferred stock—    428    —    860    Gain on disposition of assets, net(4,178)  (8,070)  (9,740)  (13,749)  FFO Attributable To Sun Communities, Inc. Common Stockholders And Dilutive Convertible Securities (1) (4)$118,092    $108,112    $213,850    $214,891    Adjustments        Other acquisition related costs (8)504    366    889    526    Loss on extinguishment of debt1,930    70    5,209    723    Catastrophic weather-related charges, net(567)  194    39    976    Loss of earnings - catastrophic weather related (9)—    377    300    377    (Gain) / loss on foreign currency translation(10,374)  (1,116)  7,105    (3,081)  Other expense, net (7)552    95    854    162    Other adjustments (a)188    (96)  58    (313)  Core FFO Attributable To Sun Communities, Inc. Common Stockholders And Dilutive Convertible Securities (1) (4)$110,325    $108,002    $228,304    $214,261             Weighted average common shares outstanding - basic95,859    87,130    94,134    86,325    Add        Common OP units2,448    2,487    2,430    2,605    Common stock issuable upon conversion of stock options1    1    1    1    Restricted stock305    433    390    444    Common stock issuable upon conversion of Series A-3 preferred OP units—    75    75    75    Common stock issuable upon conversion of Series A-1 preferred OP units—    793    740    798    Common stock issuable upon conversion of Series A-4 preferred stock—    467    —    467    Weighted Average Common Shares Outstanding - Fully Diluted98,613    91,386    97,770    90,715             FFO Attributable To Sun Communities, Inc. Common Stockholders And Dilutive Convertible Securities (1) (4) Per Share - Fully Diluted$1.20    $1.18    $2.19    $2.37             Core FFO Attributable To Sun Communities, Inc. Common Stockholders And Dilutive Convertible Securities (1) (4) Per Share - Fully Diluted$1.12    $1.18    $2.34    $2.36    (a) Adjustments include deferred compensation amortization upon retirement and deferred tax benefits. Reconciliation of Net Income Attributable to Sun Communities, Inc. Common Stockholders to Recurring EBITDA (1) (amounts in thousands)   Three Months Ended Six Months Ended  June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Net Income Attributable to Sun Communities, Inc. Common Stockholders$58,910    $40,385    $42,824    $74,716    Adjustments        Depreciation and amortization87,265    76,153    170,954    152,709    Loss on extinguishment of debt1,930    70    5,209    723    Interest expense31,428    33,661    63,844    67,675    Interest on mandatorily redeemable preferred OP units / equity1,042    1,181    2,083    2,275    Current tax expense119    272    569    486    Deferred tax benefit(112)  (96)  (242)  (313)  Income from nonconsolidated affiliates(92)  (479)  (144)  (867)  Less: Gain on dispositions of assets, net(4,178)  (8,070)  (9,740)  (13,749)  EBITDAre (1)$176,312    $143,077    $275,357    $283,655    Adjustments        Catastrophic weather related charges, net(566)  179    40    961    (Gain) / loss on remeasurement of marketable securities(24,519)  (3,620)  4,128    (3,887)  (Gain) / loss on foreign currency translation(10,374)  (1,116)  7,105    (3,081)  Other expense, net (7)552    95    854    162    (Gain) / loss on remeasurement of notes receivable(246)  —    1,866    —    (Gain) / loss on remeasurement of investment in nonconsolidated affiliates(1,132)  —    1,059    —    Preferred return to preferred OP units / equity1,584    1,718    3,154    3,041    Income attributable to noncontrolling interests2,861    2,585    1,899    3,626    Preferred stock distribution—    428    —    860    Plus: Gain on dispositions of assets, net4,178    8,070    9,740    13,749    Recurring EBITDA (1) $148,650    $151,416    $305,202    $299,086    Reconciliation of Net Income Attributable to Sun Communities, Inc. Common Stockholders to NOI (1) (amounts in thousands)   Three Months Ended Six Months Ended  June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Net Income Attributable to Sun Communities, Inc. Common Stockholders$58,910    $40,385    $42,824    $74,716    Interest income(2,635)  (4,919)  (4,985)  (9,719)  Brokerage commissions and other revenues, net(3,274)  (2,508)  (7,187)  (6,188)  Home selling expenses2,864    3,626    6,856    6,950    General and administrative expenses26,733    23,697    52,250    45,584    Catastrophic weather-related charges, net(566)  179    40    961    Depreciation and amortization87,265    76,153    170,954    152,709    Loss on extinguishment of debt1,930    70    5,209    723    Interest expense31,428    33,661    63,844    67,675    Interest on mandatorily redeemable preferred OP units / equity1,042    1,181    2,083    2,275    Gain / (loss) on remeasurement of marketable securities(24,519)  (3,620)  4,128    (3,887)  (Gain) / loss on foreign currency translation(10,374)  (1,116)  7,105    (3,081)  Other expense, net (7)552    95    854    162    (Gain) / loss on remeasurement of notes receivable(246)  —    1,866    —    Income from nonconsolidated affiliates(92)  (479)  (144)  (867)  (Gain) / loss on remeasurement of investment in nonconsolidated affiliates(1,132)  —    1,059    —    Current tax expense119    272    569    486    Deferred tax benefit(112)  (96)  (242)  (313)  Preferred return to preferred OP units / equity1,584    1,718    3,154    3,041    Income attributable to noncontrolling interests2,861    2,585    1,899    3,626    Preferred stock distribution—    428    —    860    NOI (1) / Gross Profit$172,338    $171,312    $352,136    $335,713     Three Months Ended Six Months Ended  June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Real Property NOI (1)$148,557    $142,030    $305,109    $283,874    Home Sales NOI (1) / Gross Profit9,349    12,807    19,904    23,148    Rental Program NOI (1)28,874    26,413    56,859    52,430    Ancillary NOI (1) / Gross Profit4,149    7,240    6,862    10,317    Site rent from Rental Program (included in Real Property NOI) (1) (10)(18,591)  (17,178)  (36,598)  (34,056)  NOI (1) / Gross Profit$172,338    $171,312    $352,136    $335,713    Non-GAAP and Other Financial Measures Debt Analysis (amounts in thousands)   Quarter Ended   6/30/2020 3/31/2020 12/31/2019 9/30/2019 6/30/2019  Debt Outstanding           Mortgage loans payable$3,205,507   $3,273,808   $3,180,592   $2,967,128   $2,863,485    Secured borrowings on collateralized receivables (11)—   —   —   93,669   98,299    Preferred Equity - Sun NG Resorts - mandatorily redeemable35,249   35,249   35,249   35,249   35,249    Preferred OP units - mandatorily redeemable34,663   34,663   34,663   34,663   34,663    Lines of credit (6)115,352   582,774   183,898   140,632   76,079    Total debt$3,390,771   $3,926,494   $3,434,402   $3,271,341   $3,107,775                % Fixed / Floating           Fixed96.6 % 85.2 % 94.7 % 95.7 % 97.6 %  Floating3.4 % 14.8 % 5.3 % 4.3 % 2.4 %  Total100.0 % 100.0 % 100.0 % 100.0 % 100.0 %              Weighted Average Interest Rates           Mortgage loans payable3.88 % 3.91 % 4.05 % 4.13 % 4.24 %  Preferred Equity - Sun NG Resorts - mandatorily redeemable6.00 % 6.00 % 6.00 % 6.00 % 6.00 %  Preferred OP units - mandatorily redeemable5.93 % 5.93 % 6.50 % 6.50 % 6.50 %  Lines of credit (6)2.03 % 1.85 % 2.71 % 3.23 % 3.34 %  Average before secured borrowings (11)3.86 % 3.64 % 4.03 % 4.14 % 4.27 %  Secured borrowings on collateralized receivables (11)— % — % — % 9.92 % 9.93 %  Total average3.86 % 3.64 % 4.03 % 4.30 % 4.44 %              Debt Ratios           Net Debt / Recurring EBITDA (1) (TTM)4.8   5.6   5.5   5.3   5.2    Net Debt / Enterprise Value17.8 % 22.6 % 19.0 % 18.7 % 20.2 %  Net Debt / Gross Assets29.7 % 35.6 % 36.0 % 36.0 % 35.1 %              Coverage Ratios           Recurring EBITDA (1) (TTM) / Interest4.5 4.5 4.4 4.4 4.2  Recurring EBITDA (1) (TTM) / Interest + Pref. Distributions + Pref. Stock Distribution4.4 4.3 4.2 4.2 4.0  Maturities / Principal Amortization Next Five Years2020 2021 2022 2023 2024 Mortgage loans payable          Maturities$—   $—   $82,155   $185,618   $315,330   Principal amortization28,842   59,615   61,326   60,604   57,082   Preferred Equity - Sun NG Resorts - mandatorily redeemable—   —   35,249   —   —   Preferred OP units - mandatorily redeemable—   —   —   —   27,373   Lines of credit (6)3,006   11,440   10,000   90,906   —   Total$31,848   $71,055   $188,730   $337,128   $399,785              Weighted average rate of maturities— % — % 4.46 % 4.08 % 4.47 % Real Property Operations – Same Community(2)                                                      (amounts in thousands except for Other Information)   Three Months Ended Six Months Ended  June 30, 2020 June 30, 2019 Change % Change June 30, 2020 June 30, 2019 Change % Change Financial Information                Income from real property (12)$204,478   $208,214   $(3,736)  (1.8)% $419,150   $412,352   $6,798    1.6  %                  Property operating expenses                Payroll and benefits17,981   21,232   (3,251)  (15.3)% 36,793   39,656   (2,863)  (7.2)% Legal, taxes, and insurance2,427   2,272   155    6.8  % 5,315   4,611   704    15.3  % Utilities (12)13,476   14,512   (1,036)  (7.1)% 28,586   30,232   (1,646)  (5.4)% Supplies and repair (13)8,188   9,325   (1,137)  (12.2)% 14,317   15,627   (1,310)  (8.4)% Other (a)6,276   7,262   (986)  (13.6)% 11,843   12,667   (824)  (6.5)% Real estate taxes16,076   15,436   640    4.1  % 32,040   30,596   1,444    4.7  % Property operating expenses64,424   70,039   (5,615)  (8.0)% 128,894   133,389   (4,495)  (3.4)% Real Property NOI (1)$140,054   $138,175   $1,879    1.4  % $290,256   $278,963   $11,293    4.0  % (a) Includes COVID-19 personal protective equipment expense of $910. As of       June 30, 2020 June 30, 2019 Change % Change Other Information        Number of properties367   367   -            MH occupancy (3)96.9 %       RV occupancy (3)100.0 %       MH & RV blended occupancy (3)97.6 %                Adjusted MH occupancy (3)98.4 %       Adjusted RV occupancy (3)100.0 %       Adjusted MH & RV blended occupancy (3)98.7 % 96.8 % 1.9 %            Monthly base rent per site - MH$593   $570   $23   3.9% (15) Monthly base rent per site - RV (14)$499   $472   $27   5.8% (15) Monthly base rent per site - Total (14)$571   $547   $24   4.3% (15) Home Sales Summary            (amounts in thousands except for *)   Three Months Ended Six Months Ended  June 30, 2020 June 30, 2019 Change % Change June 30, 2020 June 30, 2019 Change % Change Financial Information                New homes                New home sales$19,206   $16,704   $2,502    15.0  % $34,802   $32,085   $2,717    8.5  % New home cost of sales15,707   14,833   874    5.9  % 28,317   27,979   338    1.2  % NOI (1) / Gross Profit  – new homes3,499   1,871   1,628    87.0  % 6,485   4,106   2,379    57.9  % Gross margin % – new homes18.2 % 11.2 % 7.0  %   18.6 % 12.8 % 5.8  %   Average selling price – new homes*$137,186   $120,173   $17,013    14.2  % $134,371   $121,534   $12,837    10.6  %                  Pre-owned homes                Pre-owned home sales$19,324   $30,538   $(11,214)  (36.7)% $44,315   $54,775   $(10,460)  (19.1)% Pre-owned home cost of sales13,474   19,602   (6,128)  (31.3)% 30,896   35,733   (4,837)  (13.5)% NOI (1) / Gross Profit – pre-owned homes5,850   10,936   (5,086)  (46.5)% 13,419   19,042   (5,623)  (29.5)% Gross margin % – pre-owned homes30.3 % 35.8 % (5.5)%   30.3 % 34.8 % (4.5)%   Average selling price – pre-owned homes*$41,028   $38,754   $2,274    5.9  % $39,744   $37,491   $2,253    6.0  %                  Total home sales                Revenue from home sales$38,530   $47,242   $(8,712)  (18.4)% $79,117   $86,860   $(7,743)  (8.9)% Cost of home sales29,181   34,435   (5,254)  (15.3)% 59,213   63,712   (4,499)  (7.1)% NOI (1) / Gross Profit – home sales$9,349   $12,807   $(3,458)  (27.0)% $19,904   $23,148   $(3,244)  (14.0)%                  Statistical Information                New home sales volume*140   139   1    0.7  % 259   264   (5)  (1.9)% Pre-owned home sales volume*471   788   (317)  (40.2)% 1,115   1,461   (346)  (23.7)% Total home sales volume *611   927   (316)  (34.1)% 1,374   1,725   (351)  (20.3)%                 Rental Program Summary     (amounts in thousands except for *)   Three Months Ended Six Months Ended  June 30, 2020 June 30, 2019 Change % Change June 30, 2020 June 30, 2019 Change % Change Financial Information                Revenues                Rental home revenue$14,968   $14,412   $556    3.9  % $30,440   $28,383   $2,057    7.2  % Site rent from Rental Program (1) (10)18,591   17,178   1,413    8.2  % 36,598   34,056   2,542    7.5  % Rental Program revenue33,559   31,590   1,969    6.2  % 67,038   62,439   4,599    7.4  %                  Expenses                Repairs and refurbishment2,256   2,889   (633)  (21.9)% 5,209   5,237   (28)  (0.5)% Taxes and insurance2,006   1,827   179    9.8  % 4,019   3,691   328    8.9  % Other423   461   (38)  (8.2)% 951   1,081   (130)  (12.0)% Rental Program operating and maintenance4,685   5,177   (492)  (9.5)% 10,179   10,009   170    1.7  % Rental Program NOI (1)$28,874   $26,413   $2,461    9.3  % $56,859   $52,430   $4,429    8.4  %                  Other Information                Number of sold rental homes*122   332   (210)  (63.3)% 356   542   (186)  (34.3)% Number of occupied rentals, end of period* 11,785   11,230   555    4.9  % Investment in occupied rental homes, end of period $621,327   $561,219   $60,108    10.7  % Weighted average monthly rental rate, end of period* $1,018   $975   $43    4.4  % Acquisitions and Other Summary (16) (amounts in thousands except for statistical data)    Three Months Ended Six Months Ended   June 30, 2020 June 30, 2020 Financial Information     Revenues     Income from real property $17,649   $31,797         Property and operating expenses     Payroll and benefits 2,742   5,260   Legal, taxes & insurance 232   524   Utilities 1,700   3,399   Supplies and repairs 1,386   2,287   Other 1,439   2,615   Real estate taxes 1,647   2,859   Property operating expenses 9,146   16,944   Net operating income (NOI) (1) $8,503   $14,853               Other Information   June 30, 2020 Number of properties   59   Occupied sites   8,198   Developed sites   8,820   Occupancy %   92.9 % Transient sites   3,620                   Property Summary           (includes MH and Annual RVs)             COMMUNITIES 6/30/2020 3/31/2020 12/31/2019 9/30/2019 6/30/2019 FLORIDA           Communities 125   125   125   125   125   Developed sites (17) 39,241   39,380   39,230   39,067   38,879   Occupied (17) 38,453   38,526   38,346   38,155   37,944   Occupancy % (17) 98.0 % 97.8 % 97.7 % 97.7 % 97.6 % Sites for development 1,427   1,527   1,527   1,633   1,638   MICHIGAN           Communities 72   72   72   72   72   Developed sites (17) 27,901   27,883   27,905   27,906   27,891   Occupied (17) 27,191   26,863   26,785   26,677   26,591   Occupancy % (17) 97.5 % 96.3 % 96.0 % 95.6 % 95.3 % Sites for development 1,182   1,115   1,115   1,115   1,115   TEXAS            Communities 23   23   23   23   23   Developed sites (17) 7,641   7,627   7,615   7,098   6,997   Occupied (17) 7,289   7,076   7,006   6,834   6,683   Occupancy % (17) 95.4 % 92.8 % 92.0 % 96.3 % 95.5 % Sites for development 565   555   555   1,086   1,100   CALIFORNIA           Communities 32   31   31   31   31   Developed sites (17) 6,364   5,986   5,981   5,963   5,946   Occupied (17) 6,272   5,948   5,941   5,917   5,896   Occupancy % (17) 98.6 % 99.4 % 99.3 % 99.2 % 99.2 % Sites for development 264   302   302   302   56   ARIZONA           Communities 13   13   13   13   13   Developed sites (17) 4,259   4,268   4,263   4,239   4,235   Occupied (17) 3,932   3,923   3,892   3,852   3,842   Occupancy % (17) 92.3 % 91.9 % 91.3 % 90.9 % 90.7 % Sites for development —   —   —   —   —   ONTARIO, CANADA           Communities 15   15   15   15   15   Developed sites (17) 3,980   3,977   4,031   4,022   3,929   Occupied (17) 3,980   3,977   4,031   4,022   3,929   Occupancy % (17) 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Sites for development 1,593   1,608   1,611   1,675   1,675   INDIANA           Communities 11   11   11   11   11   Developed sites (17) 3,087   3,087   3,087   3,089   3,089   Occupied (17) 2,961   2,914   2,900   2,870   2,849   Occupancy % (17) 95.9 % 94.4 % 93.9 % 92.9 % 92.2 % Sites for development 277   277   277   277   277   OHIO            Communities 9   9   9   9   9   Developed sites (17) 2,778   2,768   2,770   2,770   2,770   Occupied (17) 2,736   2,702   2,716   2,703   2,705   Occupancy % (17) 98.5 % 97.6 % 98.1 % 97.6 % 97.7 % Sites for development 22   59   59   59   59               COLORADO           Communities 10   10   10   10   8   Developed sites (16) 2,441   2,423   2,423   2,423   2,335   Occupied (17) 2,327   2,318   2,322   2,325   2,323   Occupancy % (17) 95.3 % 95.7 % 95.8 % 96.0 % 99.5 % Sites for development 1,566   1,867   1,867   1,973   2,129   OTHER STATES            Communities 116   115   113   80   75   Developed sites (17) 22,780   22,583   22,572   17,203   16,493   Occupied (17) 22,024   21,749   21,678   16,657   16,026   Occupancy % (17) 96.7 % 96.3 % 96.0 % 96.8 % 97.2 % Sites for development 2,846   2,980   2,980   2,437   2,705   TOTAL - PORTFOLIO            Communities 426   424   422   389   382   Developed sites (17) 120,472   119,982   119,877   113,780   112,564   Occupied (17) 117,165   115,996   115,617   110,012   108,788   Occupancy % (17) 97.3 %(18)96.7 % 96.4 % 96.7 % 96.6 % Sites for development (19) 9,742   10,290   10,293   10,557   10,754   % Communities age restricted 34.0 % 34.0 % 34.1 % 30.8 % 31.4 %             TRANSIENT RV PORTFOLIO SUMMARY           Location           Florida 5,547   5,311   5,465   5,506   5,693   California 1,978   1,947   1,952   1,970   1,985   Texas 1,590   1,612   1,623   1,642   1,693   Maryland 1,515   1,488   1,488   1,426   1,380   Arizona 1,401   1,392   1,397   1,421   1,424   Ontario, Canada 1,007   1,009   939   937   1,043   New York 911   916   923   924   935   New Jersey 857   875   864   868   875   Maine 837   828   811   821   848   Utah 750   750   753   560   562   Virginia 598   630   324   329   358   Colorado 574   291   291   185   111   Other states 4,795   4,831   4,586   4,293   3,678   Total transient RV sites 22,360   21,880   21,416   20,882   20,585   Capital Improvements, Development, and Acquisitions    (amounts in thousands except for *)    Recurring Capital Expenditures Average / Site*Recurring Capital Expenditures (20)  Lot Modifications (21) Acquisitions (22)  Expansion and Development (23) Revenue Producing /Expense Reduction Projects (24) YTD 2020$77  $9,147  $14,177  $116,750  $127,126  $8,035   2019$345  $30,382  $31,135  $930,668  $281,808  $9,638   2018$263  $24,265  $22,867  $414,840  $152,672  $3,864   Operating Statistics for MH and Annual RVs  Locations Resident Move-outs Net Leased Sites (5) New Home Sales Pre-owned Home Sales Brokered Re-sales  Florida 1,193   107    85   97   601    Michigan 284   406    17   525   66    Ontario, Canada 591   (51)  16   9   90    Texas 194   283    32   142   26    Arizona 48   40    22   13   62    Indiana 43   61    4   100   7    Ohio 72   20    —   42   5    California 61   13    12   7   33    Colorado 13   5    3   15   17    Other states 879   267    68   165   130    Six Months Ended June 30, 2020 3,378   1,151    259   1,115   1,037    Total For Year Ended Resident Move-outs  Net Leased Sites (5) New Home Sales Pre-owned Home Sales Brokered Re-sales 2019 4,139   2,674   571   2,868   2,231   2018 3,435   2,600   526   3,103   2,147   Percentage Trends Resident Move-outs  Resident Re-sales 2020 (TTM) 3.1 % 6.3 % 2019 2.6 % 6.6 % 2018 2.4 % 7.2 % Footnotes and Definitions                                                                   1. Investors in and analysts following the real estate industry utilize funds from operations (“FFO”), net operating income (“NOI”), and earnings before interest, tax, depreciation and amortization (“EBITDA”) as supplemental performance measures. The Company believes that FFO, NOI, and EBITDA are appropriate measures given their wide use by and relevance to investors and analysts. Additionally, FFO, NOI, and EBITDA are commonly used in various ratios, pricing multiples, yields and returns and valuation calculations used to measure financial position, performance and value. * FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts for the effects of generally accepted accounting principles (“GAAP”) depreciation and amortization of real estate assets. * NOI provides a measure of rental operations that does not factor in depreciation, amortization and non-property specific expenses such as general and administrative expenses. * EBITDA provides a further measure to evaluate ability to incur and service debt and to fund dividends and other cash needs.FFO is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) as GAAP net income (loss), excluding gains (or losses) from sales of depreciable operating property, plus real estate related depreciation and amortization, and after adjustments for nonconsolidated 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. 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 GAAP net income (loss). Management believes 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. The Company also uses FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of our core business (“Core FFO”). The Company believes that Core FFO provides enhanced comparability for investor evaluations of period-over-period results.The Company believes that GAAP net income (loss) is the most directly comparable measure to FFO. The principal limitation of FFO is that it does not replace GAAP net income (loss) as a performance measure or GAAP cash flow from operations as a liquidity measure. Because FFO excludes significant economic components of GAAP net income (loss) including depreciation and amortization, FFO should be used as a supplement to GAAP net income (loss) and not as an alternative to it. Further, 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 is calculated in accordance with the Company’s interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that interpret the NAREIT definition differently.NOI is derived from revenues minus property operating expenses and real estate taxes. NOI is a non-GAAP financial measure that the Company believes is helpful to investors as a supplemental 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 measure 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.The Company believes that GAAP net income (loss) is the most directly comparable measure to NOI. NOI should not be considered to be an alternative to GAAP net income (loss) as an indication of the Company’s financial performance or GAAP cash flow from operating activities 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. Because of the inclusion of items such as interest, depreciation, and amortization, the use of GAAP 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.EBITDA as defined by NAREIT (referred to as “EBITDAre”) is calculated as GAAP net income (loss), plus interest expense, plus income tax expense, plus depreciation and amortization, plus or minus losses or gains on the disposition of depreciated property (including losses or gains on change of control), plus impairment write-downs of depreciated property and of investments in nonconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity’s share of EBITDAre of nonconsolidated affiliates. EBITDAre is a non-GAAP financial measure that the Company uses to evaluate its ability to incur and service debt, fund dividends and other cash needs and cover fixed costs. Investors utilize EBITDAre as a supplemental measure to evaluate and compare investment quality and enterprise value of REITs. The Company also uses EBITDAre excluding certain gain and loss items that management considers unrelated to measurement of the Company’s performance on a basis that is independent of capital structure (“Recurring EBITDA”).The Company believes that GAAP net income (loss) is the most directly comparable measure to EBITDAre. EBITDAre is not intended to be used as a measure of the Company’s cash generated by operations or its dividend-paying capacity, and should therefore not replace GAAP net income (loss) as an indication of the Company’s financial performance or GAAP cash flow from operating, investing and financing activities as measures of liquidity.(2)   Same Community results reflect constant currency for comparative purposes. Canadian currency figures in the prior comparative period have been translated at 2020 actual exchange rates.(3) The Same Community occupancy percentage is 96.9 percent for MH, 100.0 percent for RV, and 97.6 percent for the blended MH and RV. The MH and RV blended occupancy is derived from 111,652 developed sites, of which 108,967 were occupied. The Same Community occupancy percentage for 2019 has been adjusted to reflect incremental period-over-period growth from filled expansion sites and the conversion of transient RV sites to annual RV sites. The adjusted Same Community occupancy percentage for 2020 is derived from 110,362 developed sites, of which 108,967 were occupied. The number of developed sites excludes RV transient sites and approximately 1,300 recently completed but vacant MH expansion sites.(4) The effect of certain anti-dilutive convertible securities is excluded from these items.(5) Net leased sites do not include occupied sites acquired during that year.(6)   Lines of credit includes the Company’s MH floor plan facility. The effective interest rate on the MH floor plan facility was 7.0 percent for all periods presented. However, the Company pays no interest if the floor plan balance is repaid within 60 days.(7)   Other expense, net was as follows (in thousands): Three Months Ended Six Months Ended  June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Foreign currency remeasurement loss$(195)  $(28)  $(415)  $(23)  Collateralized receivables derecognition gain—    1    —    —    Contingent liability remeasurement loss(84)  (42)  (166)  (97)  Long term lease termination expense(273)  (26)  (273)  (42)  Other expense, net$(552)  $(95)  $(854)  $(162)  (8)   These costs represent the expenses incurred to bring recently 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.(9)   Core FFO(1) includes an adjustment of $0.3 million for the six months ended June 30, 2020 and $0.4 million for the three and six months ended June 30, 2019, respectively, for estimated loss of earnings in excess of the applicable business interruption deductible in relation to the Company’s Florida Keys communities that required redevelopment due to damages sustained from Hurricane Irma in September 2017. For the three months ended June 30, 2020, the adjustment of $0.3 million was offset by the reversal of the first quarter 2020 adjustment of $0.3 million for which payment was received and income recognized  during the current quarter in accordance with GAAP.(10) The renter’s monthly payment includes the site rent and an amount attributable to the home lease. The site rent is reflected in Real Property Operations’ segment revenue. For purposes of management analysis, site rent is included in Rental Program revenue to evaluate the incremental revenue gains associated with the Rental Program, and to assess the overall growth and performance of the Rental Program and financial impact on the Company’s operations.(11) 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 and amount. In November 2019, the Company derecognized the transferred financial assets and secured borrowing as legal isolation criteria to be accounted for as a true sale were satisfied pursuant to the terms of the purchase agreement.(12) Same Community results net $9.4 million and $8.5 million of certain utility revenue against the related utility expense in property operating and maintenance expense for the three months ended June 30, 2020 and 2019, respectively. Same Community results net $18.3 million and $16.9 million of utility revenue against the related utility expense in property operating and maintenance expense for the six months ended June 30, 2020 and 2019, respectively.(13) Same Community supplies and repair expense excludes $0.3 million and $0.4 million for the three and six months ended June 30, 2019, of expenses incurred for recently acquired properties to bring the 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.(14) Monthly base rent per site pertains to annual RV sites and excludes transient RV sites.(15) Calculated using actual results without rounding.(16) Acquisitions and other is comprised of 4 properties acquired and 3 properties that the Company has an interest in, but does not operate in 2020, forty-two properties acquired in 2019, one property being operated under a temporary use permit, three Florida Keys properties that require redevelopment as a result of damage sustained from Hurricane Irma in 2017, five recently opened ground-up developments, one property undergoing redevelopment, and other miscellaneous transactions and activity.(17) Includes MH and annual RV sites, and excludes transient RV sites, as applicable.(18) As of June 30, 2020, total portfolio MH occupancy was 96.5 percent inclusive of the impact of approximately 1,600 recently constructed but vacant MH expansion sites, and annual RV occupancy was 100.0 percent.(19) Total sites for development were comprised of approximately 78.2 percent for expansion, 18.0 percent for greenfield development and 3.8 percent for redevelopment.(20) Recurring capital expenditures are 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, 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.(21) Lot modification capital expenditures 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.(22) Capital expenditures related to acquisitions represent the purchase price of existing operating communities and land parcels to develop expansions or new communities. These costs for the six months ended June 30, 2020 include $19.8 million of capital improvements identified during due diligence that are necessary to bring the communities to the Company’s operating standards. For the years ended December 31, 2019 and 2018, these costs were $50.7 million and $94.6 million, respectively. 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, often require 24 to 36 months after closing to complete.(23) Expansion and development expenditures consist primarily of construction costs and costs necessary to complete home site improvements, such as driveways, sidewalks and landscaping.(24) Capital costs related to revenue generating activities consist primarily of garages, sheds, 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.Certain financial information has been revised to reflect reclassifications in prior periods to conform to current period presentation.Attachment * Exhibit 99.1 Press Release and Supplemental Package 2020.06.30