EX-99.1 2 exhibit991pressrelease2013.htm PRESS RELEASE DATED OCTOBER 29, 2013 Exhibit 99.1 Press Release 2013.09.30


    


NEWS RELEASE
October 29, 2013

Sun Communities, Inc. Reports 2013 Third Quarter Results

Southfield, MI, October 29, 2013 - Sun Communities, Inc. (NYSE: SUI) (the “Company”), a real estate investment trust (“REIT”) that owns and operates manufactured housing and recreational vehicle communities, today reported its third quarter results.

Highlights: Three Months Ended September 30, 2013

•
FFO(1) excluding $0.6 million of acquisitions costs was $0.82 per diluted share and OP unit ("Share") for the three months ended September 30, 2013 as compared to $0.71 per Share for the three months ended September 30, 2012.

•
Same site Net Operating Income (“NOI”)(2) increased by 5.1 percent as compared to the three months ended September 30, 2012.

•
Total portfolio occupancy increased by 2.8 from 86.8 percent at September 30, 2012 to 89.6 percent at September 30, 2013.

•
Total home sales increased 23.3 percent as compared to the three months ended September 30, 2012.

"Applications to live in our communities have increased 15 percent to over 23,000 which have driven an increase in home sales of over 14 percent year over year. Overall portfolio occupancy approached 90 percent at September 30," said Gary A. Shiffman, CEO. "As we achieve full occupancy, the need to acquire new rental homes will decline significantly. We expect that rental home inventories in about 45 of our fully occupied communities will begin to see a reduction as annual rental sales steadily reduce rental home levels," Shiffman added.

Funds from Operations (“FFO”)(1) 

FFO(1) was $31.5 million, or $0.80 per Share, in the third quarter of 2013 as compared to $20.7 million, or $0.68 per Share, in the third quarter of 2012. Excluding approximately $0.6 million and $0.8 million of transaction costs incurred in connection with acquisition activity during the three months ended September 30, 2013 and 2012, respectively, FFO(1) was $32.1 million and $21.5 million, or $0.82 and $0.71 per Share for the three months ended September 30, 2013 and 2012, respectively.

FFO(1) was $88.1 million, or $2.36 per Share, for the nine months ended September 30, 2013 as compared to $69.1 million, or $2.34 per Share, in the nine months ended September 30, 2012. Excluding approximately $2.8 million and $1.4 million of transaction costs incurred in connection with acquisition activity during the nine months ended September 30, 2013 and 2012, respectively, FFO(1) was $90.9 million and $70.5 million, or $2.44 and $2.39 per Share for the nine months ended September 30, 2013 and 2012, respectively.








Net Income Attributable to Common Stockholders

Net income attributable to common stockholders for the third quarter of 2013 was $3.7 million, or $0.10 per diluted common share, compared with net loss of $0.7 million, or $(0.02) per diluted common share, for the third quarter of 2012. Net income attributable to common stockholders for the nine months ended September 30, 2013 was $10.5 million, or $0.31 per diluted common share, compared with net income of $6.4 million, or $0.24 per diluted common share, for the nine months ended September 30, 2012.

Community Occupancy

During the third quarter of 2013, revenue producing sites increased by 197 sites as compared to 271 revenue producing sites gained in the third quarter of 2012. Of the 197 sites, 135 were gained in same site properties while the remaining 62 were gained in properties acquired in 2012 and 2013. Total portfolio occupancy increased to 89.6 percent at September 30, 2013 from 86.8 percent at September 30, 2012.

During the nine months ended September 30, 2013, revenue producing sites increased by 1,312 sites as compared to an increase of 975 sites during the nine months ended September 30, 2012. Of the 1,312 sites, 983 were gained in same site properties while the remaining 329 were gained in properties acquired in 2012 and 2013.

The Company rented an additional 254 homes during the three months ended September 30, 2013, bringing the total number of occupied rentals to 9,232.

Same Site Results

For 159 communities owned throughout 2013 and 2012, third quarter 2013 total revenues increased 4.8 percent and total expenses increased 4.1 percent, resulting in an increase in NOI(2) of 5.1 percent over the third quarter of 2012. For the nine months ended September 30, 2013 total revenues increased 4.9 percent and total expenses increased 3.6 percent, resulting in an increase in NOI(2) of 5.4 percent over the nine months ended September 30, 2012. Same site occupancy increased to 88.8 percent at September 30, 2013 from 87.2 percent at September 30, 2012.

Home Sales

During the third quarter of 2013, 487 homes were sold, an increase of 92 sales, or 23.3 percent, from the 395 homes sold during the third quarter of 2012. Rental home sales, which are included in total home sales, were 239 and 209 for the third quarters of 2013 and 2012, respectively.

During the nine months ended September 30, 2013, 1,433 homes were sold, an increase of 180 sales or 14.4 percent, from the 1,253 homes sold during the nine months ended September 30, 2012. Rental home sales, which are included in total home sales, were 689 and 678 for the nine months ended September 30, 2013 and 2012, respectively.








Sun Communities, Inc. 3rd Quarter 2013                                 Page 3

Financing

The Company is currently negotiating the re-financing of a $176.3 million debt instrument which has a maturity date of July 1, 2014. The window for pre-payment without cost begins January 2, 2014 and the Company expects to repay the debt at that time with proceeds from financing transactions with 10 and 12 year terms. Based on current rates the indicative pricing is 50-85 basis points below the in-place interest rate. The completion of these transactions will extend the weighted average maturity of the Company's debt from 6.5 years to 10 years. Because the loans are subject to customary approvals and conditions, there can be no assurance that the loans will be made in the amounts anticipated, on the terms stated, or at all.

Litigation

The Company recently settled all claims arising out of the litigation that it filed against an affiliate of Equity Lifestyle Properties, Inc. ("ELS") with respect to our recently acquired Morgan RV Properties and, in connection with such settlement, the Company and ELS completely and fully released each other from any and all claims associated with the Morgan RV properties.

“We are pleased to have this uncertainty behind us and will continue to move forward with the repositioning and capital investment required for the success of these acquired properties,” said Shiffman. “Although 2013 results were impacted by a slight delay in beginning the capital improvement projects, we are gaining traction in seasonal business and expect this increase in seasonal contracts, along with currently booked future reservations and the positive response expressed by returning guests, to create mid-teen revenue growth in this portfolio in 2014,” Shiffman added.

Acquisitions

The Company currently has a pipeline of approximately $160 million of potential acquisitions of manufactured housing and recreational vehicle communities under various stages of agreements and due diligence, including approximately $135 million which will increase the Company’s footprint on the East and West Coasts. Subject to completion of due diligence and the execution of definitive agreements, the Company expects to close certain of these potential acquisitions late fourth quarter and early in 2014.

Guidance

The Company tightens its 2013 FFO(1) guidance to $3.19 - $3.23 per Share assuming acquisition related expenses are added back in the computation of FFO(1). No prospective transactions are included. The Company expects to provide 2014 guidance before the end of this year.

FFO(1) for the fourth quarter of 2013 is expected to be $0.75 - $0.79 per Share after adjustment for acquisition costs.

The estimates and assumptions presented above 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.”






Sun Communities, Inc. 3rd Quarter 2013                                 Page 4

Earnings Conference Call

A conference call to discuss third quarter operating results will be held on Tuesday, October 29, 2013 at 11:00 A.M. (EST). To participate, call toll-free 888-549-7750. Callers outside the U.S. or Canada can access the call at 480-629-9722. A replay will be available following the call through November 12, 2013, and can be accessed toll-free by calling 800-406-7325 or by calling 303-590-3030. The Conference ID number for the call and the replay is 4643598. The conference call will be available live on Sun Communities website www.suncommunities.com. Replay will also be available on the website.

Sun Communities, Inc. is a REIT that currently owns and operates a portfolio of 185 communities comprising approximately 68,270 developed sites.

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

Contact
Please address all inquiries to our investor relations department, at our website www.suncommunities.com, by phone (248) 208-2500, by email investorrelations@suncommunities.com or by mail Sun Communities, Inc. Investor Relations, 27777 Franklin Road, Ste. 200, Southfield, MI 48034.

(1) 
Funds from operations (“FFO”) is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) as net income (loss) (computed in accordance with generally accepted accounting principles “GAAP”), excluding gains (or losses) from sales of depreciable operating property, plus real estate-related depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure that management believes is a useful supplemental measure of the Company's operating performance. Management generally considers FFO to be a useful measure for reviewing comparative operating and financial performance because, by excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment and excluding real estate asset depreciation and amortization (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates and operating costs, providing perspective not readily apparent from net loss. Management believes that the use of FFO has been beneficial in improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful. FFO is computed in accordance with the Company's interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than the Company.

Because FFO excludes significant economic components of net income (loss) including depreciation and amortization, FFO should be used as an adjunct to net income (loss) and not as an alternative to net income (loss). The principal limitation of FFO is that it does not represent cash flow from operations as defined by GAAP and is a supplemental measure of performance that does not replace net income (loss) as a measure of performance or net cash provided by operating activities as a measure of liquidity. In addition, FFO is not intended as a measure of a REIT's ability to meet debt principal repayments and other cash requirements, nor as a measure of working capital. FFO only provides investors with an additional performance measure.

(2) 
Investors in and analysts following the real estate industry utilize NOI as a supplemental performance measure. NOI is derived from revenues minus property operating expenses and real estate taxes. NOI does not represent cash generated from operating activities in accordance with GAAP and should not be considered to be an alternative to net income (loss) (determined in accordance with GAAP) as an indication of the Company's financial performance or to be an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company's liquidity; nor is it indicative of funds available for the Company's cash needs, including its ability to make cash distributions. The Company believes that net income (loss) is the most directly comparable GAAP measurement to NOI. Net income (loss) includes interest and depreciation and amortization which often have no effect on the market value of a property and therefore limit its use as a performance measure. In addition, such expenses are often incurred at a parent company level and therefore are not necessarily linked to the performance of a real estate asset. The Company believes that NOI is helpful to investors as a measure of operating performance because it is an indicator of the return on property investment, and provides a method of comparing property performance over time. The Company uses NOI as a key management tool when evaluating performance and growth of particular properties and/or groups of properties. The principal limitation of NOI is that it excludes depreciation,



amortization, interest expense, and non-property specific expenses such as general and administrative expenses, all of which are significant costs, and therefore, NOI is a measure of the operating performance of the properties of the Company rather than of the Company overall.


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 our 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, changes in market rates of interest, the ability of manufactured home buyers to obtain financing, the level of repossessions by manufactured home lenders and those risks and uncertainties referenced under the headings entitled “Risk Factors” contained in our 2012 Annual Report, and the Company’s other periodic filings with the Securities and Exchange Commission.

The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward- looking statements made herein to reflect changes in the Company’s assumptions, expectations of future events, or trends.


Sun Communities, Inc. 3rd Quarter 2013                                 Page 6

Consolidated Balance Sheets
(in thousands, except per share amounts)

 
(unaudited)
September 30, 2013
 
December 31, 2012
ASSETS
 
 
 
Investment property, net (including $56,326 for consolidated variable interest entities at September 30, 2013 and December 31, 2012)
$
1,695,317

 
$
1,518,136

Cash and cash equivalents
4,955

 
29,508

Inventory of manufactured homes
4,005

 
7,527

Notes and other receivables, net
170,584

 
139,850

Other assets
61,830

 
59,607

TOTAL ASSETS
$
1,936,691

 
$
1,754,628

LIABILITIES
 
 
 
Debt (including $45,386 and $45,900 for consolidated variable interest entities at September 30, 2013 and December 31, 2012, respectively)
$
1,353,448

 
$
1,423,720

Lines of credit
54,765

 
29,781

Other liabilities
108,782

 
88,137

TOTAL LIABILITIES
$
1,516,995

 
$
1,541,638

Commitments and contingencies
 
 
 
STOCKHOLDERS’ EQUITY
 
 
 
Preferred stock, $0.01 par value, 10,000 shares authorized (3,400 shares issued at September 30, 2013 and December 31, 2012, respectively)
$
34

 
$
34

Common stock, $0.01 par value. Authorized: 90,000 shares;
Issued and outstanding: 36,140 at September 30, 2013 and 29,755 shares at December 31, 2012
361

 
298

Additional paid-in capital
1,140,625

 
876,620

Accumulated other comprehensive loss
(454
)
 
(696
)
Distributions in excess of accumulated earnings
(739,197
)
 
(683,734
)
Total Sun Communities, Inc. stockholders' equity
401,369

 
192,522

Noncontrolling interests:
 
 
 
Series A-1 preferred OP units
45,548

 
45,548

Series A-3 preferred OP units
3,463

 
—

Common OP units
(29,764
)
 
(24,572
)
Consolidated variable interest entities
(920
)
 
(508
)
Total noncontrolling interest
18,327

 
20,468

TOTAL STOCKHOLDERS’ EQUITY
419,696

 
212,990

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
1,936,691

 
$
1,754,628




Sun Communities, Inc. 3rd Quarter 2013                                 Page 7

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

 
Three Months Ended
September 30,
 
Nine Months Ended
 September 30,
 
2013
 
2012
 
2013
 
2012
REVENUES
 
 
 
 
 
 
 
Income from real property
$
80,158

 
$
63,015

 
$
234,969

 
$
188,818

Revenue from home sales
14,145

 
10,461

 
40,200

 
31,513

Rental home revenue
8,445

 
6,712

 
23,783

 
19,514

Ancillary revenues, net
932

 
(112
)
 
1,376

 
(124
)
Interest
3,442

 
2,847

 
9,587

 
7,907

Brokerage commissions and other income, net
79

 
95

 
349

 
530

Total revenues
107,201

 
83,018

 
310,264

 
248,158

COSTS AND EXPENSES
 
 
 
 
 
 
 
Property operating and maintenance
24,379

 
18,067

 
66,593

 
51,261

Real estate taxes
5,602

 
4,933

 
17,146

 
14,741

Cost of home sales
10,161

 
7,791

 
29,360

 
24,535

Rental home operating and maintenance
5,504

 
5,118

 
14,252

 
13,090

General and administrative - real property
5,927

 
5,165

 
19,086

 
15,405

General and administrative - home sales and rentals
2,227

 
1,905

 
7,473

 
5,985

Acquisition related costs
619

 
847

 
2,769

 
1,434

Depreciation and amortization
28,790

 
22,092

 
80,116

 
63,027

Interest
17,823

 
17,066

 
54,888

 
50,644

Interest on mandatorily redeemable debt
809

 
825

 
2,430

 
2,499

Total expenses
101,841

 
83,809

 
294,113

 
242,621

Income (loss) before income taxes and distributions from affiliate
5,360

 
(791
)
 
16,151

 
5,537

Provision for state income taxes
(90
)
 
(84
)
 
(186
)
 
(190
)
Distributions from affiliate
700

 
600

 
1,550

 
3,250

Net income (loss)
5,970

 
(275
)
 
17,515

 
8,597

Less:  Preferred return to Series A-1 preferred OP units
690

 
586

 
1,909

 
1,744

Less:  Preferred return to Series A-3 preferred OP units
45

 
—

 
121

 
—

Less:  Amounts attributable to noncontrolling interests
(28
)
 
(211
)
 
415

 
463

Net income (loss) attributable to Sun Communities, Inc.
5,263

 
(650
)
 
15,070

 
6,390

Less:  Series A preferred stock distributions
1,514

 
—

 
4,542

 
—

Net income (loss) attributable to Sun Communities, Inc. common stockholders
$
3,749

 
$
(650
)
 
$
10,528

 
$
6,390

Weighted average common shares outstanding:
 
 
 
 
 
 
 
Basic
36,128

 
26,938

 
34,263

 
26,427

Diluted
36,143

 
26,938

 
34,279

 
26,444

Earnings per share:
 

 
 

 
 

 
 

Basic
$
0.10

 
$
(0.02
)
 
$
0.31

 
$
0.24

Diluted
$
0.10

 
$
(0.02
)
 
$
0.31

 
$
0.24

 
 
 
 
 
 
 
 
Dividends per common share:
$
0.63

 
$
0.63

 
$
1.89

 
$
1.89




Sun Communities, Inc. 3rd Quarter 2013                                 Page 8

Reconciliation of Net Income to FFO(1) 
(in thousands, except per share amounts)


 
Three Months Ended
 September 30,
 
Nine Months Ended
 September 30,
 
2013
 
2012
 
2013
 
2012
Net income attributable to Sun Communities, Inc. common stockholders
$
3,749

 
$
(650
)
 
$
10,528

 
$
6,390

Adjustments:
 

 
 

 
 

 
 

Preferred return to Series A-1 preferred OP units
690

 
586

 
1,909

 
1,744

Preferred return to Series A-3 preferred OP units
45

 
—

 
121

 
—

Amounts attributable to noncontrolling interests
(28
)
 
(211
)
 
415

 
463

Depreciation and amortization
29,242

 
22,365

 
80,926

 
63,798

Gain on disposition of assets, net
(2,190
)
 
(1,427
)
 
(5,806
)
 
(3,324
)
Funds from operations ("FFO") (1)
31,508

 
20,663

 
88,093

 
69,071

Adjustments:
 
 
 
 
 
 
 
Acquisition related costs
619

 
847

 
2,769

 
1,434

Funds from operations excluding certain items
$
32,127

 
$
21,510

 
$
90,862

 
$
70,505

 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
35,499

 
26,938

 
33,802

 
26,145

Add:
 
 
 
 
 
 
 
Common OP Units
2,069

 
2,070

 
2,069

 
2,071

Restricted stock
629

 
289

 
461

 
282

Common stock issuable upon conversion of Series A-1 preferred OP units
1,111

 
1,111

 
1,111

 
1,111

Common stock issuable upon conversion of Series A-3 preferred OP units
75

 
—

 
64

 
—

Common stock issuable upon conversion of stock options
15

 
18

 
16

 
17

Weighted average common shares outstanding - fully diluted
39,398

 
30,426

 
37,523

 
29,626

 
 
 
 
 
 
 
 
FFO(1) per Share - fully diluted
$
0.80

 
$
0.68

 
$
2.36

 
$
2.34

FFO(1) per Share excluding certain items - fully diluted
$
0.82

 
$
0.71

 
$
2.44

 
$
2.39




Sun Communities, Inc. 3rd Quarter 2013                                 Page 9

Statement of Operations – Same Site
(in thousands except for Other Information)

 
Three Months Ended
September 30,
 
Nine Months Ended
 September 30,
 
2013
 
2012
 
Change
 
% Change
 
2013
 
2012
 
Change
 
% Change
REVENUES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from real property
$
60,621

 
$
57,835

 
$
2,786

 
4.8
 %
 
$
183,699

 
$
175,159

 
$
8,540

 
4.9
 %
PROPERTY OPERATING EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payroll and benefits
5,451

 
5,054

 
397

 
7.9
 %
 
15,739

 
14,608

 
1,131

 
7.7
 %
Legal, taxes, & insurance
1,100

 
865

 
235

 
27.2
 %
 
2,955

 
2,283

 
672

 
29.4
 %
Utilities
3,217

 
3,234

 
(17
)
 
(0.5
)%
 
10,370

 
10,159

 
211

 
2.1
 %
Supplies and repair
2,812

 
2,768

 
44

 
1.6
 %
 
7,145

 
7,551

 
(406
)
 
(5.4
)%
Other
1,613

 
1,472

 
141

 
9.6
 %
 
4,226

 
4,033

 
193

 
4.8
 %
Real estate taxes
4,754

 
4,806

 
(52
)
 
(1.1
)%
 
14,677

 
14,545

 
132

 
0.9
 %
Property operating expenses
18,947

 
18,199

 
748

 
4.1
 %
 
55,112

 
53,179

 
1,933

 
3.6
 %
NET OPERATING INCOME ("NOI")(2)
$
41,674

 
$
39,636

 
$
2,038

 
5.1
 %
 
$
128,587

 
$
121,980

 
$
6,607

 
5.4
 %


 
As of September 30,
OTHER INFORMATION
2013
 
2012
 
Change
Number of properties
159

 
159

 
—

Developed sites
55,138

 
54,844

 
294

Occupied sites (3)
46,445

 
45,163

 
1,282

Occupancy % (3) (4)
88.8
%
 
87.2
%
 
1.6
%
Weighted average monthly rent per site - MH
$
443

 
$
431

 
$
12

Weighted average monthly rent per site - Annual RV (5)
$
420

 
$
409

 
$
11

Sites available for development
5,924

 
6,217

 
(293
)
(3) 
Occupied sites and occupancy % include manufactured housing and annual RV sites, and exclude transient RV sites.
(4) 
Occupancy % excludes recently completed but vacant expansion sites.
(5) 
Weighted average rent pertains to annual RV sites and excludes transient RV sites.



Sun Communities, Inc. 3rd Quarter 2013                                 Page 10

Rental Program Summary
(in thousands except for *)

 
Three Months Ended
 September 30,
 
Nine Months Ended
 September 30,
 
2013
 
2012
 
Change
 
% Change
 
2013
 
2012
 
Change
 
% Change
REVENUES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental home revenue
$
8,445

 
$
6,712

 
$
1,733

 
25.8
 %
 
$
23,783

 
$
19,514

 
$
4,269

 
21.9
 %
Site rent included in income from real property
11,884

 
9,837

 
2,047

 
20.8
 %
 
34,115

 
28,364

 
5,751

 
20.3
 %
Rental program revenue
20,329

 
16,549

 
3,780

 
22.8
 %
 
57,898

 
47,878

 
10,020

 
20.9
 %
EXPENSES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commissions
550

 
569

 
(19
)
 
(3.3
)%
 
1,804

 
1,647

 
157

 
9.5
 %
Repairs and refurbishment
2,704

 
2,689

 
15

 
0.6
 %
 
6,381

 
6,568

 
(187
)
 
(2.8
)%
Taxes and insurance
1,133

 
876

 
257

 
29.3
 %
 
3,233

 
2,509

 
724


28.9
 %
Marketing and other
1,117

 
984

 
133

 
13.5
 %
 
2,834

 
2,366

 
468

 
19.8
 %
Rental program operating and maintenance
5,504

 
5,118

 
386

 
7.5
 %
 
14,252

 
13,090

 
1,162

 
8.9
 %
NET OPERATING INCOME ("NOI") (2)
$
14,825

 
$
11,431

 
$
3,394

 
29.7
 %
 
$
43,646

 
$
34,788

 
$
8,858

 
25.5
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Occupied rental home information as of September 30, 2013 and 2012:
 
 
 
 
 
 
Number of occupied rentals, end of period* 
 
 
 
 
 
9,232

 
7,930

 
1,302

 
16.4
 %
Investment in occupied rental homes 
 
 
 
 
 
$
338,110

 
$
276,300

 
$
61,810

 
22.4
 %
Number of sold rental homes* 
 
 
 
 
 
689

 
678

 
11

 
1.6
 %
Weighted average monthly rental rate* 
 
 
 
 
 
$
795

 
$
773

 
$
22

 
2.8
 %



Sun Communities, Inc. 3rd Quarter 2013                                 Page 11

Acquisition Summary - Properties Acquired in 2012 and 2013
(amounts in thousands except for statistical data)

 
Three Months Ended September 30, 2013
 
Nine Months Ended September 30, 2013
REVENUES:
 
 
 
Income from real property
$
15,388

 
$
39,168

Revenue from home sales
1,675

 
4,143

Rental home revenue
303

 
628

Ancillary revenues, net
1,019

 
1,282

Total revenues
18,385

 
45,221

COSTS AND EXPENSES:
 
 
 
Property operating and maintenance
6,037

 
14,057

Real estate taxes
848

 
2,469

Cost of home sales
1,377

 
3,357

Rental home operating and maintenance
119

 
258

Total expenses
8,381

 
20,141

 
 
 
 
NET OPERATING INCOME ("NOI") (2)
$
10,004

 
$
25,080

 
 
 
 
 
 
 
 
Home sales volume :
 
 
 
Pre-Owned Homes
 
 
95

 
 
 
 
 
 
 
As of September 30, 2013
Other information:
 
 
 
Number of properties
 
 
26

Developed sites
 
 
12,967

Occupied sites (3)
 
 
7,838

Occupancy % (3)
 
 
96.9
%
Weighted average monthly rent per site - MH
 
 
$
421

Weighted average monthly rent per site - Annual RV (5)
 
 
$
350

 
 
 
 
 
 
 
 
Occupied rental home information :
 
 
 
Number of occupied rentals, end of period
 
 
331

Investment in occupied rental homes (in thousands)
 
 
$
13,613

Weighted average monthly rental rate
 
 
$
872




Sun Communities, Inc. 3rd Quarter 2013                                 Page 12