Maryland | 1-12616 | 38-2730780 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
27777 Franklin Rd. | ||
Suite 200 | ||
Southfield, Michigan | 48034 | |
(Address of Principal Executive Offices) | (Zip Code) |
(248) 208-2500 |
Item 2.02 | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits |
(d) | Exhibits. |
99.1 | Press release issued October 27, 2015 |
SUN COMMUNITIES, INC. | |||
Dated: October 27, 2015 | By: | /s/ Karen J. Dearing | |
Karen J. Dearing, Executive Vice President, Chief Financial Officer, Secretary and Treasurer |
Exhibit No. | Description | |
99.1 | Press release issued October 27, 2015 | |
• | Funds from operations ("FFO")(1) excluding certain items was $1.05 per diluted share and OP unit ("Share") for the three months ended September 30, 2015, representing an 8.2 percent increase over the same period last year. |
• | Same site Net Operating Income ("NOI")(2) increased by 9.1 percent as compared to the three months ended September 30, 2014. |
• | Revenue producing sites increased by 358 sites during the three months ended September 30, 2015, bringing total portfolio occupancy to 93.7 percent. |
• | New home sales more than doubled and pre-owned home sales grew by 13.7 percent as compared to the three months ended September 30, 2014, resulting in total homes sales increasing by 19.5 percent. |
• | Acquired three RV communities for $76.1 million; two in Maryland and one in Florida adding 1,185 developed sites and approximately 290 sites available for expansion. |
• | Sale of three MH communities; two in Ohio and one in Michigan for approximately $32.5 million. Subsequent to the quarter, completed the sale of three MH communities in Indiana for $36.1 million. |
• | Refinanced the Company's senior line of credit; increasing its capacity to $450.0 million, extending its maturity and reducing interest rate spreads. |
• | Obtained $51.2 million in financing for four communities for 25 years at 4.06 percent interest. |
• | Repurchased 4.1 million shares of Series A-4 Cumulative Convertible Preferred Stock for $126.4 million. |
(1) | Funds from operations attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities ("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. |
(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. |
(3) | The consideration amounts presented with respect to acquired communities represent the economic transaction and do not contemplate the fair value purchase accounting required by GAAP. |
(unaudited) September 30, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Land | $ | 457,279 | $ | 309,386 | |||
Land improvements and buildings | 3,604,444 | 2,509,827 | |||||
Rental homes and improvements | 478,764 | 439,163 | |||||
Furniture, fixtures, and equipment | 98,567 | 81,586 | |||||
Land held for future development | 23,659 | 23,955 | |||||
Investment property | 4,662,713 | 3,363,917 | |||||
Accumulated depreciation | (879,184 | ) | (795,753 | ) | |||
Investment property, net (including $92,593 and $94,230 for consolidated variable interest entities at September 30, 2015 and December 31, 2014) | $ | 3,783,529 | $ | 2,568,164 | |||
Cash and cash equivalents | 23,917 | 83,459 | |||||
Inventory of manufactured homes | 15,263 | 8,860 | |||||
Notes and other receivables, net | 49,201 | 51,895 | |||||
Collateralized receivables, net | 138,241 | 122,962 | |||||
Other assets, net | 104,452 | 102,352 | |||||
TOTAL ASSETS | $ | 4,114,603 | $ | 2,937,692 | |||
LIABILITIES | |||||||
Mortgage loans payable (including $64,531 and $65,849 for consolidated variable interest entities at September 30, 2015 and December 31, 2014) | $ | 2,205,760 | $ | 1,656,740 | |||
Secured borrowings on collateralized receivables | 138,887 | 123,650 | |||||
Preferred OP units - mandatorily redeemable | 45,903 | 45,903 | |||||
Lines of credit | 167,000 | 5,794 | |||||
Distributions payable | 38,819 | 35,084 | |||||
Other liabilities (including $19,474 and $10,442 for consolidated variable interest entities at September 30, 2015 and December 31, 2014) | 190,284 | 130,369 | |||||
TOTAL LIABILITIES | $ | 2,786,653 | $ | 1,997,540 | |||
Commitments and contingencies | |||||||
Series A-4 preferred stock, $0.01 par value. Issued and outstanding: 2,298 shares at September 30, 2015 and 483 shares at December 31, 2014 | $ | 68,633 | $ | 13,610 | |||
Series A-4 preferred OP units | $ | 20,982 | $ | 18,722 | |||
STOCKHOLDERS’ EQUITY | |||||||
Series A preferred stock, $0.01 par value. Issued and outstanding: 3,400 shares at September 30, 2015 and December 31, 2014 | $ | 34 | $ | 34 | |||
Common stock, $0.01 par value. Authorized: 180,000 shares; Issued and outstanding: 54,546 shares at September 30, 2015 and 48,573 shares at December 31, 2014 | 545 | 486 | |||||
Additional paid-in capital | 2,079,139 | 1,741,154 | |||||
Distributions in excess of accumulated earnings | (916,961 | ) | (863,545 | ) | |||
Total Sun Communities, Inc. stockholders' equity | 1,162,757 | 878,129 | |||||
Noncontrolling interests: | |||||||
Common and preferred OP units | 76,914 | 30,107 | |||||
Consolidated variable interest entities | (1,336 | ) | (416 | ) | |||
Total noncontrolling interest | 75,578 | 29,691 | |||||
TOTAL STOCKHOLDERS’ EQUITY | 1,238,335 | 907,820 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 4,114,603 | $ | 2,937,692 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
REVENUES | |||||||||||||||
Income from real property | $ | 137,548 | $ | 94,245 | $ | 382,906 | $ | 267,847 | |||||||
Revenue from home sales | 18,991 | 13,913 | 54,559 | 38,849 | |||||||||||
Rental home revenue | 11,856 | 9,829 | 34,480 | 28,964 | |||||||||||
Ancillary revenues | 12,511 | 8,762 | 20,956 | 15,452 | |||||||||||
Interest | 3,987 | 3,545 | 11,864 | 10,425 | |||||||||||
Brokerage commissions and other income, net | 462 | 338 | 1,728 | 720 | |||||||||||
Total revenues | 185,355 | 130,632 | 506,493 | 362,257 | |||||||||||
COSTS AND EXPENSES | |||||||||||||||
Property operating and maintenance | 38,716 | 28,031 | 102,437 | 76,413 | |||||||||||
Real estate taxes | 8,520 | 6,004 | 26,031 | 18,092 | |||||||||||
Cost of home sales | 13,386 | 10,524 | 39,645 | 29,472 | |||||||||||
Rental home operating and maintenance | 7,031 | 6,232 | 18,115 | 16,696 | |||||||||||
Ancillary expenses | 6,936 | 5,197 | 13,631 | 10,254 | |||||||||||
General and administrative - real property | 10,735 | 6,971 | 31,051 | 23,177 | |||||||||||
General and administrative - home sales and rentals | 3,845 | 2,313 | 11,290 | 7,932 | |||||||||||
Transaction costs | 1,664 | 2,399 | 13,150 | 4,263 | |||||||||||
Depreciation and amortization | 44,695 | 29,917 | 130,107 | 88,851 | |||||||||||
Asset impairment charge | — | 837 | — | 837 | |||||||||||
Extinguishment of debt | — | — | 2,800 | — | |||||||||||
Interest | 27,453 | 18,619 | 79,593 | 54,149 | |||||||||||
Interest on mandatorily redeemable preferred OP units | 790 | 808 | 2,429 | 2,417 | |||||||||||
Total expenses | 163,771 | 117,852 | 470,279 | 332,553 | |||||||||||
Income before other gains (losses) | 21,584 | 12,780 | 36,214 | 29,704 | |||||||||||
Gain on disposition of properties, net | 18,190 | 13,631 | 26,946 | 14,516 | |||||||||||
Provision for state income taxes | (77 | ) | (69 | ) | (229 | ) | (207 | ) | |||||||
Distributions from affiliate | — | 400 | 7,500 | 1,200 | |||||||||||
Net income | 39,697 | 26,742 | 70,431 | 45,213 | |||||||||||
Less: Preferred return to Series A-1 preferred OP units | 591 | 661 | 1,844 | 1,997 | |||||||||||
Less: Preferred return to Series A-3 preferred OP units | 45 | 45 | 136 | 136 | |||||||||||
Less: Preferred return to Series A-4 preferred OP units | 326 | — | 1,032 | — | |||||||||||
Less: Preferred return to Series C preferred OP units | 340 | — | 680 | — | |||||||||||
Less: Amounts attributable to noncontrolling interests | 2,125 | 1,851 | 3,132 | 3,093 | |||||||||||
Net income attributable to Sun Communities, Inc. | 36,270 | 24,185 | 63,607 | 39,987 | |||||||||||
Less: Preferred stock distributions | 3,179 | 1,514 | 11,353 | 4,542 | |||||||||||
Less: Preferred stock redemption costs | 4,328 | — | 4,328 | — | |||||||||||
Net income attributable to Sun Communities, Inc. common stockholders | $ | 28,763 | $ | 22,671 | $ | 47,926 | $ | 35,445 | |||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 53,220 | 41,023 | 52,855 | 39,283 | |||||||||||
Diluted | 53,665 | 41,267 | 53,271 | 41,575 | |||||||||||
Earnings per share: | |||||||||||||||
Basic | $ | 0.53 | $ | 0.55 | $ | 0.90 | $ | 0.89 | |||||||
Diluted | $ | 0.54 | $ | 0.55 | $ | 0.90 | $ | 0.85 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net income attributable to Sun Communities, Inc. common stockholders | $ | 28,763 | $ | 22,671 | $ | 47,926 | $ | 35,445 | |||||||
Adjustments: | |||||||||||||||
Amounts attributable to noncontrolling interests | 1,174 | 1,220 | 1,554 | 2,067 | |||||||||||
Preferred distribution to Series A-4 preferred stock | 1,666 | — | — | — | |||||||||||
Depreciation and amortization | 45,014 | 30,229 | 130,247 | 89,772 | |||||||||||
Asset impairment charge | — | 837 | — | 837 | |||||||||||
Gain on disposition of properties, net | (18,190 | ) | (13,631 | ) | (26,946 | ) | (14,516 | ) | |||||||
Gain on disposition of assets, net | (2,937 | ) | (1,634 | ) | (7,065 | ) | (4,663 | ) | |||||||
Funds from operations ("FFO") attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1)(4) | 55,490 | 39,692 | 145,716 | 108,942 | |||||||||||
Adjustments: | |||||||||||||||
Distribution from affiliate | — | — | (7,500 | ) | — | ||||||||||
Transaction costs | 1,664 | 2,399 | 13,150 | 4,263 | |||||||||||
Preferred stock redemption costs | 4,328 | — | 4,328 | — | |||||||||||
Extinguishment of debt | — | — | 2,800 | — | |||||||||||
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities excluding certain items (1)(4) | $ | 61,482 | $ | 42,091 | $ | 158,494 | $ | 113,205 | |||||||
Weighted average common shares outstanding - basic: | 53,220 | 41,023 | 52,855 | 39,283 | |||||||||||
Add: | |||||||||||||||
Common stock issuable upon conversion of stock options | 14 | 15 | 16 | 16 | |||||||||||
Restricted stock | 431 | 229 | 400 | 207 | |||||||||||
Common OP units | 2,874 | 2,069 | 2,783 | 2,069 | |||||||||||
Common stock issuable upon conversion of Series A-4 preferred stock | 1,826 | — | — | — | |||||||||||
Weighted average common shares outstanding - fully diluted | 58,365 | 43,336 | 56,054 | 41,575 | |||||||||||
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) per Share - fully diluted | $ | 0.95 | $ | 0.92 | $ | 2.60 | $ | 2.62 | |||||||
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities excluding certain items(1) per Share - fully diluted | $ | 1.05 | $ | 0.97 | $ | 2.83 | $ | 2.72 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2015 | 2014 | Change | % Change | 2015 | 2014 | Change | % Change | ||||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||||||||
Income from real property | $ | 84,972 | $ | 79,107 | $ | 5,865 | 7.4 | % | $ | 248,082 | $ | 230,860 | $ | 17,222 | 7.5 | % | |||||||||||||
PROPERTY OPERATING EXPENSES: | |||||||||||||||||||||||||||||
Payroll and benefits | 6,996 | 7,217 | (221 | ) | (3.1 | )% | 20,793 | 19,783 | 1,010 | 5.1 | % | ||||||||||||||||||
Legal, taxes, & insurance | 1,436 | 1,285 | 151 | 11.8 | % | 4,203 | 3,602 | 601 | 16.7 | % | |||||||||||||||||||
Utilities | 5,440 | 4,747 | 693 | 14.6 | % | 14,961 | 14,555 | 406 | 2.8 | % | |||||||||||||||||||
Supplies and repair | 4,119 | 3,654 | 465 | 12.7 | % | 9,538 | 9,221 | 317 | 3.4 | % | |||||||||||||||||||
Other | 2,706 | 2,559 | 147 | 5.7 | % | 7,386 | 7,084 | 302 | 4.3 | % | |||||||||||||||||||
Real estate taxes | 5,336 | 5,639 | (303 | ) | (5.4 | )% | 16,689 | 16,768 | (79 | ) | (0.5 | )% | |||||||||||||||||
Property operating expenses | 26,033 | 25,101 | 932 | 3.7 | % | 73,570 | 71,013 | 2,557 | 3.6 | % | |||||||||||||||||||
NET OPERATING INCOME ("NOI")(3) | $ | 58,939 | $ | 54,006 | $ | 4,933 | 9.1 | % | $ | 174,512 | $ | 159,847 | $ | 14,665 | 9.2 | % |
As of September 30, | ||||||||||||
OTHER INFORMATION | 2015 | 2014 | Change | |||||||||
Number of properties | 174 | 174 | — | |||||||||
Developed sites | 66,020 | 65,340 | 680 | |||||||||
Occupied sites (5) | 55,699 | 53,750 | 1,949 | |||||||||
Occupancy % (5) (6) | 95.0 | % | 93.5 | % | 1.5 | % | ||||||
Weighted average monthly rent per site - MH | $ | 472 | $ | 457 | $ | 15 | ||||||
Weighted average monthly rent per site - RV (7) | $ | 407 | $ | 394 | $ | 13 | ||||||
Weighted average monthly rent per site - Total | $ | 463 | $ | 449 | $ | 14 | ||||||
Sites available for development | 5,797 | 6,118 | (321 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2015 | 2014 | Change | % Change | 2015 | 2014 | Change | % Change | ||||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||||||||
Rental home revenue | $ | 11,856 | $ | 9,829 | $ | 2,027 | 20.6 | % | $ | 34,480 | $ | 28,964 | $ | 5,516 | 19.0 | % | |||||||||||||
Site rent included in Income from real property | 15,762 | 13,543 | 2,219 | 16.4 | % | 46,440 | 40,159 | 6,281 | 15.6 | % | |||||||||||||||||||
Rental Program revenue | 27,618 | 23,372 | 4,246 | 18.2 | % | 80,920 | 69,123 | 11,797 | 17.1 | % | |||||||||||||||||||
EXPENSES: | |||||||||||||||||||||||||||||
Commissions | 855 | 677 | 178 | 26.3 | % | 2,441 | 1,899 | 542 | 28.5 | % | |||||||||||||||||||
Repairs and refurbishment | 3,389 | 3,049 | 340 | 11.2 | % | 8,127 | 7,859 | 268 | 3.4 | % | |||||||||||||||||||
Taxes and insurance | 1,645 | 1,313 | 332 | 25.3 | % | 4,665 | 3,935 | 730 | 18.6 | % | |||||||||||||||||||
Marketing and other | 1,142 | 1,193 | (51 | ) | (4.3 | )% | 2,882 | 3,003 | (121 | ) | (4.0 | )% | |||||||||||||||||
Rental Program operating and maintenance | 7,031 | 6,232 | 799 | 12.8 | % | 18,115 | 16,696 | 1,419 | 8.5 | % | |||||||||||||||||||
NET OPERATING INCOME ("NOI") (3) | $ | 20,587 | $ | 17,140 | $ | 3,447 | 20.1 | % | $ | 62,805 | $ | 52,427 | $ | 10,378 | 19.8 | % | |||||||||||||
Occupied rental home information as of September 30, 2015 and 2014: | |||||||||||||||||||||||||||||
Number of occupied rentals, end of period* | 11,443 | 10,116 | 1,327 | 13.1 | % | ||||||||||||||||||||||||
Investment in occupied rental homes | $ | 456,027 | $ | 389,634 | $ | 66,393 | 17.0 | % | |||||||||||||||||||||
Number of sold rental homes* | 611 | 562 | 49 | 8.7 | % | ||||||||||||||||||||||||
Weighted average monthly rental rate, end of period* | $ | 843 | $ | 816 | $ | 27 | 3.3 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2015 | 2014 | Change | % Change | 2015 | 2014 | Change | % Change | ||||||||||||||||||||||
New home sales | $ | 4,469 | $ | 2,250 | $ | 2,219 | 98.6 | % | $ | 14,890 | $ | 6,825 | $ | 8,065 | 118.2 | % | |||||||||||||
Pre-owned home sales | 14,522 | 11,663 | 2,859 | 24.5 | % | 39,669 | 32,024 | 7,645 | 23.9 | % | |||||||||||||||||||
Revenue from home sales | 18,991 | 13,913 | 5,078 | 36.5 | % | 54,559 | 38,849 | 15,710 | 40.4 | % | |||||||||||||||||||
New home cost of sales | 3,739 | 1,910 | 1,829 | 95.8 | % | 12,348 | 5,785 | 6,563 | 113.4 | % | |||||||||||||||||||
Pre-owned home cost of sales | 9,647 | 8,614 | 1,033 | 12.0 | % | 27,297 | 23,687 | 3,610 | 15.2 | % | |||||||||||||||||||
Cost of home sales | 13,386 | 10,524 | 2,862 | 27.2 | % | 39,645 | 29,472 | 10,173 | 34.5 | % | |||||||||||||||||||
NOI / Gross Profit (2) | $ | 5,605 | $ | 3,389 | $ | 2,216 | 65.4 | % | $ | 14,914 | $ | 9,377 | $ | 5,537 | 59.0 | % | |||||||||||||
Gross profit – new homes | $ | 730 | $ | 340 | $ | 390 | 114.7 | % | $ | 2,542 | $ | 1,040 | $ | 1,502 | 144.4 | % | |||||||||||||
Gross margin % – new homes | 16.3 | % | 15.1 | % | 1.2 | % | 17.1 | % | 15.2 | % | 1.9 | % | |||||||||||||||||
Average selling price - new homes* | $ | 74,485 | $ | 86,482 | $ | (11,997 | ) | (13.9 | )% | $ | 77,956 | $ | 85,306 | $ | (7,350 | ) | (8.6 | )% | |||||||||||
Gross profit – pre-owned homes | $ | 4,875 | $ | 3,049 | $ | 1,826 | 59.9 | % | $ | 12,372 | $ | 8,337 | $ | 4,035 | 48.4 | % | |||||||||||||
Gross margin % – pre-owned homes | 33.6 | % | 26.1 | % | 7.5 | % | 31.2 | % | 26.0 | % | 5.2 | % | |||||||||||||||||
Average selling price - pre-owned homes* | $ | 25,658 | $ | 23,435 | $ | 2,223 | 9.5 | % | $ | 25,527 | $ | 24,011 | $ | 1,516 | 6.3 | % | |||||||||||||
Home sales volume: | |||||||||||||||||||||||||||||
New home sales* | 60 | 26 | 34 | 130.8 | % | 191 | 80 | 111 | 138.8 | % | |||||||||||||||||||
Pre-owned home sales* | 566 | 498 | 68 | 13.7 | % | 1,554 | 1,334 | 220 | 16.5 | % | |||||||||||||||||||
Total homes sold* | 626 | 524 | 102 | 19.5 | % | 1,745 | 1,414 | 331 | 23.4 | % |
Three Months Ended September 30, 2015 | Nine Months Ended September 30, 2015 | ||||||
REVENUES: | |||||||
Income from real property (excluding transient revenue) | $ | 37,148 | $ | 103,286 | |||
Transient revenue | 9,808 | 13,500 | |||||
Revenue from home sales | 5,366 | 14,880 | |||||
Rental home revenue | 683 | 2,121 | |||||
Ancillary revenues | 7,143 | 9,909 | |||||
Total revenues | 60,148 | 143,696 | |||||
COSTS AND EXPENSES: | |||||||
Property operating and maintenance | 11,936 | 28,575 | |||||
Real estate taxes | 3,130 | 8,794 | |||||
Cost of home sales | 4,001 | 11,515 | |||||
Rental home operating and maintenance | 294 | 527 | |||||
Ancillary expense | 3,630 | 5,322 | |||||
Total expenses | 22,991 | 54,733 | |||||
NET OPERATING INCOME ("NOI") (2) | $ | 37,157 | $ | 88,963 | |||
As of September 30, 2015 | |||||||
Other information: | |||||||
Number of properties | 77 | ||||||
Developed sites | 27,698 | ||||||
Occupied sites (5) | 22,832 | ||||||
Occupancy % (5) | 92.4 | % | |||||
Weighted average monthly rent per site - MH | $ | 486 | |||||
Weighted average monthly rent per site - RV (7) | $ | 425 | |||||
Weighted average monthly rent per site - MH/RV | $ | 483 | |||||
Home sales volume: | |||||||
New homes | 118 | ||||||
Pre-owned homes | 310 | ||||||
Occupied rental home information: | |||||||
Number of occupied rentals, end of period | 491 | ||||||
Investment in occupied rental homes (in thousands) | $ | 14,085 | |||||
Weighted average monthly rental rate | $ | 994 |
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