Maryland
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38-2730780
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(State of Incorporation)
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(I.R.S. Employer Identification No.)
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27777 Franklin Rd.
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Suite 200
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Southfield, Michigan
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48034
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(Address of Principal Executive Offices)
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(Zip Code)
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(248) 208-2500
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Common Stock, Par Value $0.01 per Share
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New York Stock Exchange
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Securities Registered Pursuant to Section 12(b) of the Act
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Name of each exchange on which registered
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Securities Registered Pursuant to Section 12(g) of the Act: 6.50% Series A-4 Cumulative Convertible Preferred Stock, par value $0.01 per Share
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Large accelerated filer [ X ]
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Accelerated filer [ ]
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Non-accelerated filer [ ]
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Smaller reporting company [ ]
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Emerging growth company [ ]
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Item
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Description
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Page
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Part I.
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Item 1.
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Business
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Item 1A.
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Risk Factors
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Item 1B.
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Unresolved Staff Comments
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Item 2.
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Properties
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Item 3.
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Legal Proceedings
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Item 4.
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Mine Safety Disclosures
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Part II.
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Item 5.
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Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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Item 6.
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Selected Financial Data
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Item 7.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Item 7A.
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Quantitative and Qualitative Disclosures about Market Risk
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Item 8.
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Financial Statements and Supplementary Data
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Item 9.
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Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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Item 9A.
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Controls and Procedures
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Item 9B.
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Other Information
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Part III.
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Item 10.
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Directors, Executive Officers and Corporate Governance
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Item 11.
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Executive Compensation
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Item 12.
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
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Item 13.
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Certain Relationships and Related Transactions, and Director Independence
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Item 14.
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Principal Accountant Fees and Services
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Part IV.
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Item 15.
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Exhibits and Financial Statement Schedules
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Item 16.
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Form 10-K Summary
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•
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89,082,937 common OP units;
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•
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1,283,819 preferred OP units (“Aspen preferred OP units”);
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•
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331,941 Series A-1 preferred OP units;
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•
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40,268 Series A-3 preferred OP units;
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•
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1,473,153 Series A-4 preferred OP units;
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•
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26,750 Series B-3 preferred OP units; and
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•
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314,438 Series C preferred OP units.
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•
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86,357,426 common OP units, or approximately 96.9 percent of the issued and outstanding common OP units;
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•
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1,062,789 Series A-4 preferred OP units, or approximately 72.1 percent of the issued and outstanding Series A-4 preferred OP units; and
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•
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no Aspen preferred OP units, Series A-1 preferred OP units, Series A-3 preferred OP units, Series B-3 preferred OP units, or Series C preferred OP units.
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•
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first, the Series A-4 preferred OP units, Aspen preferred OP units and Series A-1 preferred OP units, on parity with each other;
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•
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next, the Series C preferred OP units;
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•
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next, the Series B-3 preferred OP units;
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•
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next, the Series D preferred OP units;
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•
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next, the Series A-3 preferred OP units; and
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•
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finally, the common OP units.
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•
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changes in general economic conditions, the real estate industry, and the markets in which we operate;
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•
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difficulties in our ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully;
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•
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our liquidity and refinancing demands;
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•
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our ability to obtain or refinance maturing debt;
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•
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our ability to maintain compliance with covenants contained in our debt facilities;
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•
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availability of capital;
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•
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changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar and the Australian dollar;
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•
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our ability to maintain rental rates and occupancy levels;
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•
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our failure to maintain effective internal control over financial reporting and disclosure controls and procedures;
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•
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increases in interest rates and operating costs, including insurance premiums and real property taxes;
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•
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risks related to natural disasters such as hurricanes, earthquakes, floods and wildfires;
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general volatility of the capital markets and the market price of shares of our capital stock;
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our failure to maintain our status as a REIT;
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changes in real estate and zoning laws and regulations;
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legislative or regulatory changes, including changes to laws governing the taxation of REITs;
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litigation, judgments or settlements;
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competitive market forces;
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the ability of manufactured home buyers to obtain financing; and
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•
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the level of repossessions by manufactured home lenders.
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the national and local economic climate which may be adversely impacted by, among other factors, plant closings, and industry slowdowns;
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local real estate market conditions such as the oversupply of MH and RV sites or a reduction in demand for MH and RV sites in an area;
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changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar and Australian dollar;
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the number of repossessed homes in a particular market;
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the lack of an established dealer network;
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the rental market which may limit the extent to which rents may be increased to meet increased expenses without decreasing occupancy rates;
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the perceptions by prospective tenants of the safety, convenience and attractiveness of our Properties and the neighborhoods where they are located;
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zoning or other regulatory restrictions;
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competition from other available MH and RV communities and alternative forms of housing (such as apartment buildings and site-built single-family homes);
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our ability to effectively manage, maintain and insure the Properties;
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increased operating costs, including insurance premiums, real estate taxes, and utilities; and
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the enactment of rent control laws or laws taxing the owners of manufactured homes.
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downturns in economic conditions which adversely impact the housing market;
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an oversupply of, or a reduced demand for, manufactured homes;
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•
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the difficulty facing potential purchasers in obtaining affordable financing as a result of heightened lending criteria; and
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an increase or decrease in the rate of manufactured home repossessions which provide aggressively priced competition to new manufactured home sales.
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we may be unable to acquire a desired property because of competition from other well-capitalized real estate investors, including both publicly traded REITs and institutional investment funds;
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even if we enter into an acquisition agreement for a property, it is usually subject to customary conditions to closing, including completion of due diligence investigations to our satisfaction, which may not be satisfied;
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even if we are able to acquire a desired property, competition from other real estate investors may significantly increase the purchase price;
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we may be unable to finance acquisitions on favorable terms;
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acquired properties may fail to perform as expected;
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acquired properties may be located in new markets where we face risks associated with a lack of market knowledge or understanding of the local economy, lack of business relationships in the area, and unfamiliarity with local governmental and permitting procedures; and
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we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations.
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we may not be able to obtain financing with favorable terms for community development which may make us unable to proceed with the development;
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we may be unable to obtain, or face delays in obtaining, necessary zoning, building and other governmental permits and authorizations, which could result in increased costs and delays, and even require us to abandon development of the community entirely if we are unable to obtain such permits or authorizations;
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we may abandon development opportunities that we have already begun to explore and as a result we may not recover expenses already incurred in connection with exploring such development opportunities;
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we may be unable to complete construction and lease‑up of a community on schedule resulting in increased debt service expense and construction costs;
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we may incur construction and development costs for a community which exceed our original estimates due to increased materials, labor or other costs, which could make completion of the community uneconomical and we may not be able to increase rents to compensate for the increase in development costs which may impact our profitability;
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we may be unable to secure long‑term financing on completion of development resulting in increased debt service and lower profitability; and
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occupancy rates and rents at a newly developed community may fluctuate depending on several factors, including market and economic conditions, which may result in the community not being profitable.
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result in legal claims or proceedings,
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disrupt our operations, including our ability to service our tenants and our ability to analyze and report our financial and operating results,
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decrease our revenues,
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•
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damage our reputation,
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cause a loss of confidence,
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increase our insurance premiums, or
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have other material adverse effects on our business.
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our cash flow may be insufficient to meet required payments of principal and interest, or require us to dedicate a substantial portion of our cash flow to pay our debt and the interest associated with our debt rather than to other areas of our business;
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our existing indebtedness may limit our operating flexibility due to financial and other restrictive covenants, including restrictions on incurring additional debt;
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it may be more difficult for us to obtain additional financing in the future for our operations, working capital requirements, capital expenditures, debt service or other general requirements;
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we may be more vulnerable in the event of adverse economic and industry conditions or a downturn in our business;
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we may be placed at a competitive disadvantage compared to our competitors that have less debt; and
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we may not be able to refinance at all or on favorable terms, as our debt matures.
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•
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“business combination” provisions that, subject to limitations, prohibit certain business combinations between us and an “interested stockholder” (defined generally as any person who beneficially owns 10 percent or more of the voting power of our shares or an affiliate thereof or an affiliate or associate of ours who was the beneficial owner, directly or indirectly, of 10 percent or more of the voting power of our then outstanding voting stock at any time within the two-year period immediately prior to the date in question) for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter impose fair price and/or supermajority and stockholder voting requirements on these combinations; and
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“control share” provisions that provide that “control shares” of our company (defined as shares that, when aggregated with other shares controlled by the stockholder, entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of issued and outstanding “control shares”) have no voting rights except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares.
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issuances of other equity securities in the future, including new series or classes of preferred stock;
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our operating performance and the performance of other similar companies;
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our ability to maintain compliance with covenants contained in our debt facilities;
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actual or anticipated variations in our operating results, funds from operations, cash flows or liquidity;
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changes in expectations of future financial performance or changes in our earnings estimates or those of analysts;
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changes in our distribution policy;
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publication of research reports about us or the real estate industry generally;
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•
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increases in market interest rates that lead purchasers of our common stock and preferred stock to demand a higher dividend yield;
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changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar and the Australian dollar;
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changes in market valuations of similar companies;
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adverse market reaction to the amount of our debt outstanding at any time, the amount of our debt maturing in the near-term and medium-term and our ability to refinance our debt, or our plans to incur additional debt in the future;
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additions or departures of key management personnel;
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speculation in the press or investment community;
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equity issuances by us, or share resales by our stockholders or the perception that such issuances or resales may occur;
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actions by institutional stockholders; and
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•
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general market and economic conditions.
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Property
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MH/RV
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City
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State
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MH and Annual RV Sites as of 12/31/18
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Transient RV Sites as of 12/31/18
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Occupancy as of 12/31/18
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Occupancy as of 12/31/17
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||||||
UNITED STATES
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MIDWEST
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Michigan
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Academy / West Point
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MH
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Canton
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MI
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441
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—
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97.5
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%
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97.5
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%
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Allendale Meadows Mobile Village
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MH
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Allendale
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MI
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352
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—
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94.9
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%
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96.9
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%
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Alpine Meadows Mobile Village
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MH
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Grand Rapids
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MI
|
403
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|
—
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98.0
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%
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97.5
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%
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Apple Carr Village
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MH
|
Muskegon
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MI
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680
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|
—
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79.4
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%
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(1)
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84.4
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%
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(1)
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Arbor Woods
|
MH
|
Ypsilanti
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MI
|
458
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|
—
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96.1
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%
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75.3
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%
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Brentwood Mobile Village
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MH
|
Kentwood
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MI
|
195
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|
—
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98.5
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%
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97.4
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%
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Brookside Village
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MH
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Kentwood
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MI
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196
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|
—
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99.0
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%
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99.0
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%
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Byron Center Mobile Village
|
MH
|
Byron Center
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MI
|
143
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|
—
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|
98.6
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%
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100.0
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%
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|
Camelot Villa
|
MH
|
Macomb
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MI
|
712
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|
—
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|
98.6
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%
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99.3
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%
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|
Cider Mill Crossings
|
MH
|
Fenton
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MI
|
570
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|
—
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|
67.5
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%
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(1)
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74.0
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%
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(1)
|
Cider Mill Village
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MH
|
Middleville
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MI
|
258
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|
—
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98.4
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%
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98.1
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%
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|
Continental North
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MH
|
Davison
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MI
|
474
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|
—
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77.6
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%
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73.4
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%
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|
Country Acres Mobile Village
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MH
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Cadillac
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MI
|
182
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|
—
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99.5
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%
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98.4
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%
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Country Hills Village
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MH
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Hudsonville
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MI
|
239
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|
—
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98.3
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%
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100.0
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%
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Country Meadows Mobile Village
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MH
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Flat Rock
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MI
|
577
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|
—
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96.9
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%
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95.5
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%
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Country Meadows Village
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MH
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Caledonia
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MI
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395
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—
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98.5
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%
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91.4
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%
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(1)
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Property
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MH/RV
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City
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State
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MH and Annual RV Sites as of 12/31/18
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Transient RV Sites as of 12/31/18
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Occupancy as of 12/31/18
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Occupancy as of 12/31/17
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||||||
Creekwood Meadows
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MH
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Burton
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MI
|
336
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|
—
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|
97.6
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%
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|
98.5
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%
|
|
Cutler Estates Mobile Village
|
MH
|
Grand Rapids
|
MI
|
259
|
|
—
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|
98.1
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%
|
|
98.5
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%
|
|
Dutton Mill Village
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MH
|
Caledonia
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MI
|
307
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|
—
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99.0
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%
|
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97.4
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%
|
|
East Village Estates
|
MH
|
Washington Twp
|
MI
|
708
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|
—
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99.4
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%
|
|
99.4
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%
|
|
Egelcraft
|
MH
|
Muskegon
|
MI
|
458
|
|
—
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|
96.9
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%
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|
97.6
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%
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Fisherman’s Cove
|
MH
|
Flint Twp.
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MI
|
162
|
|
—
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|
95.7
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%
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91.4
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%
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Frenchtown Villa / Elizabeth Woods
|
MH
|
Newport
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MI
|
1,140
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|
—
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|
88.9
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%
|
(1)
|
84.7
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%
|
(1)
|
Grand Mobile Estates
|
MH
|
Grand Rapids
|
MI
|
219
|
|
—
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|
96.3
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%
|
|
96.8
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%
|
|
Hamlin
|
MH
|
Webberville
|
MI
|
230
|
|
—
|
|
98.7
|
%
|
|
95.7
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%
|
(1)
|
Hickory Hills Village
|
MH
|
Battle Creek
|
MI
|
283
|
|
—
|
|
97.5
|
%
|
|
98.6
|
%
|
|
Hidden Ridge RV Resort (2)
|
RV
|
Hopkins
|
MI
|
177
|
|
158
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Holiday West Village
|
MH
|
Holland
|
MI
|
341
|
|
—
|
|
99.7
|
%
|
|
99.7
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%
|
|
Holly Village / Hawaiian Gardens
|
MH
|
Holly
|
MI
|
425
|
|
—
|
|
94.4
|
%
|
|
94.6
|
%
|
|
Hunters Crossing
|
MH
|
Capac
|
MI
|
114
|
|
—
|
|
99.1
|
%
|
|
99.1
|
%
|
|
Hunters Glen
|
MH
|
Wayland
|
MI
|
396
|
|
—
|
|
89.9
|
%
|
(1)
|
76.5
|
%
|
(1)
|
Kensington Meadows
|
MH
|
Lansing
|
MI
|
290
|
|
—
|
|
96.9
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%
|
|
96.6
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%
|
|
Kimberly Estates
|
MH
|
Newport
|
MI
|
387
|
|
—
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|
98.7
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%
|
|
94.8
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%
|
|
King’s Court Mobile Village
|
MH
|
Traverse City
|
MI
|
802
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|
—
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|
84.4
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%
|
(1)
|
78.8
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%
|
(1)
|
Knollwood Estates
|
MH
|
Allendale
|
MI
|
161
|
|
—
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|
96.9
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%
|
|
92.6
|
%
|
|
Lafayette Place
|
MH
|
Warren
|
MI
|
254
|
|
—
|
|
97.2
|
%
|
|
94.9
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%
|
|
Lakeview
|
MH
|
Ypsilanti
|
MI
|
392
|
|
—
|
|
98.7
|
%
|
|
98.2
|
%
|
|
Leisure Village
|
MH
|
Belmont
|
MI
|
256
|
|
—
|
|
94.9
|
%
|
(1)
|
100.0
|
%
|
|
Lincoln Estates
|
MH
|
Holland
|
MI
|
191
|
|
—
|
|
99.0
|
%
|
|
99.5
|
%
|
|
Meadow Lake Estates
|
MH
|
White Lake
|
MI
|
425
|
|
—
|
|
99.1
|
%
|
|
97.9
|
%
|
|
Meadowbrook Estates
|
MH
|
Monroe
|
MI
|
453
|
|
—
|
|
95.4
|
%
|
|
96.3
|
%
|
|
Meadowlands of Gibraltar
|
MH
|
Gibraltar
|
MI
|
320
|
|
—
|
|
99.7
|
%
|
|
96.9
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%
|
|
Northville Crossing
|
MH
|
Northville
|
MI
|
756
|
|
—
|
|
99.7
|
%
|
|
99.5
|
%
|
|
Oak Island Village
|
MH
|
East Lansing
|
MI
|
250
|
|
—
|
|
98.4
|
%
|
|
97.6
|
%
|
|
Petoskey KOA RV Resort (2)
|
RV
|
Petoskey
|
MI
|
51
|
|
159
|
|
100.0
|
%
|
|
N/A
|
|
|
Petoskey RV Resort (2)
|
RV
|
Petoskey
|
MI
|
—
|
|
152
|
|
N/A
|
|
|
N/A
|
|
|
Pinebrook Village
|
MH
|
Kentwood
|
MI
|
185
|
|
—
|
|
100.0
|
%
|
|
98.9
|
%
|
|
Presidential Estates Mobile Village
|
MH
|
Hudsonville
|
MI
|
364
|
|
—
|
|
98.1
|
%
|
|
98.9
|
%
|
|
Richmond Place
|
MH
|
Richmond
|
MI
|
117
|
|
—
|
|
95.7
|
%
|
|
94.9
|
%
|
|
River Haven Village
|
MH
|
Grand Haven
|
MI
|
721
|
|
—
|
|
85.4
|
%
|
|
78.8
|
%
|
|
Rudgate Clinton
|
MH
|
Clinton Township
|
MI
|
667
|
|
—
|
|
99.0
|
%
|
|
97.3
|
%
|
|
Rudgate Manor
|
MH
|
Sterling Heights
|
MI
|
931
|
|
—
|
|
97.9
|
%
|
|
97.3
|
%
|
|
Scio Farms Estates
|
MH
|
Ann Arbor
|
MI
|
913
|
|
—
|
|
99.5
|
%
|
|
98.4
|
%
|
|
Sheffield Estates
|
MH
|
Auburn Hills
|
MI
|
228
|
|
—
|
|
100.0
|
%
|
|
99.6
|
%
|
|
Silver Creek RV Resort (2)
|
RV
|
Mears
|
MI
|
159
|
|
105
|
|
100.0
|
%
|
|
N/A
|
|
|
Silver Springs
|
MH
|
Clinton Township
|
MI
|
547
|
|
—
|
|
99.5
|
%
|
|
99.5
|
%
|
|
Southwood Village
|
MH
|
Grand Rapids
|
MI
|
394
|
|
—
|
|
98.0
|
%
|
|
98.7
|
%
|
|
St. Clair Place
|
MH
|
St. Clair
|
MI
|
100
|
|
—
|
|
97.0
|
%
|
|
96.0
|
%
|
|
Sunset Ridge
|
MH
|
Portland
|
MI
|
388
|
|
—
|
|
65.7
|
%
|
(1)
|
92.0
|
%
|
(1)
|
Property
|
MH/RV
|
City
|
State
|
MH and Annual RV Sites as of 12/31/18
|
Transient RV Sites as of 12/31/18
|
Occupancy as of 12/31/18
|
Occupancy as of 12/31/17
|
||||||
Sycamore Village
|
MH
|
Mason
|
MI
|
396
|
|
—
|
|
99.7
|
%
|
|
98.5
|
%
|
|
Tamarac Village
|
MH
|
Ludington
|
MI
|
301
|
|
—
|
|
98.7
|
%
|
|
98.7
|
%
|
|
Tamarac Village RV Resort (2)
|
RV
|
Ludington
|
MI
|
112
|
|
2
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Timberline Estates
|
MH
|
Coopersville
|
MI
|
296
|
|
—
|
|
98.3
|
%
|
|
98.7
|
%
|
|
Town & Country Mobile Village
|
MH
|
Traverse City
|
MI
|
192
|
|
—
|
|
99.0
|
%
|
|
99.5
|
%
|
|
Warren Dunes Village
|
MH
|
Bridgman
|
MI
|
314
|
|
—
|
|
87.6
|
%
|
(1)
|
72.3
|
%
|
(1)
|
Waverly Shores Village
|
MH
|
Holland
|
MI
|
415
|
|
—
|
|
96.4
|
%
|
(1)
|
78.8
|
%
|
(1)
|
West Village Estates
|
MH
|
Romulus
|
MI
|
628
|
|
—
|
|
99.4
|
%
|
|
99.4
|
%
|
|
White Lake Mobile Home Village
|
MH
|
White Lake
|
MI
|
315
|
|
—
|
|
98.4
|
%
|
|
96.8
|
%
|
|
Windham Hills Estates
|
MH
|
Jackson
|
MI
|
469
|
|
—
|
|
88.9
|
%
|
(1)
|
85.5
|
%
|
(1)
|
Windsor Woods Village
|
MH
|
Wayland
|
MI
|
314
|
|
—
|
|
98.4
|
%
|
|
98.4
|
%
|
|
Woodhaven Place
|
MH
|
Woodhaven
|
MI
|
220
|
|
—
|
|
95.5
|
%
|
|
96.4
|
%
|
|
Michigan Total
|
|
|
|
26,504
|
|
576
|
|
94.6
|
%
|
|
93.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||
Indiana
|
|
|
|
|
|
|
|
|
|
||||
Brookside Mobile Home Village
|
MH
|
Goshen
|
IN
|
570
|
|
—
|
|
93.0
|
%
|
|
89.1
|
%
|
|
Carrington Pointe
|
MH
|
Ft. Wayne
|
IN
|
468
|
|
—
|
|
73.5
|
%
|
(1)
|
98.4
|
%
|
|
Clear Water Mobile Village
|
MH
|
South Bend
|
IN
|
227
|
|
—
|
|
97.8
|
%
|
|
96.5
|
%
|
|
Cobus Green Mobile Home Park
|
MH
|
Osceola
|
IN
|
386
|
|
—
|
|
93.8
|
%
|
|
96.4
|
%
|
|
Deerfield Run
|
MH
|
Anderson
|
IN
|
175
|
|
—
|
|
86.3
|
%
|
|
91.4
|
%
|
|
Four Seasons
|
MH
|
Elkhart
|
IN
|
218
|
|
—
|
|
93.6
|
%
|
|
95.4
|
%
|
|
Lake Rudolph Campground & RV Resort (2)
|
RV
|
Santa Claus
|
IN
|
—
|
|
519
|
|
N/A
|
|
|
N/A
|
|
|
Liberty Farm
|
MH
|
Valparaiso
|
IN
|
220
|
|
—
|
|
95.9
|
%
|
|
96.8
|
%
|
|
Pebble Creek
|
MH
|
Greenwood
|
IN
|
298
|
|
—
|
|
80.5
|
%
|
(1)
|
95.3
|
%
|
|
Pine Hills
|
MH
|
Middlebury
|
IN
|
129
|
|
—
|
|
93.8
|
%
|
|
98.5
|
%
|
|
Roxbury Park
|
MH
|
Goshen
|
IN
|
398
|
|
—
|
|
97.2
|
%
|
|
97.7
|
%
|
|
Indiana Total
|
|
|
|
3,089
|
|
519
|
|
89.7
|
%
|
|
95.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ohio
|
|
|
|
|
|
|
|
|
|
||||
Apple Creek
|
MH
|
Amelia
|
OH
|
176
|
|
—
|
|
98.9
|
%
|
|
97.7
|
%
|
|
East Fork Crossing
|
MH
|
Batavia
|
OH
|
350
|
|
—
|
|
99.1
|
%
|
|
98.9
|
%
|
(1)
|
Indian Creek RV & Camping Resort (2)
|
RV
|
Geneva on the Lake
|
OH
|
425
|
|
150
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Oakwood Village
|
MH
|
Miamisburg
|
OH
|
511
|
|
—
|
|
99.0
|
%
|
|
98.8
|
%
|
|
Orchard Lake
|
MH
|
Milford
|
OH
|
147
|
|
—
|
|
95.9
|
%
|
|
98.0
|
%
|
|
Westbrook Senior Village
|
MH
|
Toledo
|
OH
|
112
|
|
—
|
|
98.2
|
%
|
|
99.1
|
%
|
|
Westbrook Village
|
MH
|
Toledo
|
OH
|
344
|
|
—
|
|
95.6
|
%
|
|
94.2
|
%
|
|
Willowbrook Place
|
MH
|
Toledo
|
OH
|
266
|
|
—
|
|
97.4
|
%
|
|
94.0
|
%
|
|
Woodside Terrace
|
MH
|
Holland
|
OH
|
439
|
|
—
|
|
91.6
|
%
|
|
93.4
|
%
|
|
Ohio Total
|
|
|
|
2,770
|
|
150
|
|
97.2
|
%
|
|
97.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||
SOUTH
|
|
|
|
|
|
|
|
|
|
||||
Texas
|
|
|
|
|
|
|
|
|
|
||||
Austin Lone Star RV Resort (2)
|
RV
|
Austin
|
TX
|
17
|
|
137
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Property
|
MH/RV
|
City
|
State
|
MH and Annual RV Sites as of 12/31/18
|
Transient RV Sites as of 12/31/18
|
Occupancy as of 12/31/18
|
Occupancy as of 12/31/17
|
||||||
Blazing Star (2)
|
RV
|
San Antonio
|
TX
|
125
|
|
137
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Boulder Ridge
|
MH
|
Pflugerville
|
TX
|
896
|
|
—
|
|
80.2
|
%
|
(1)
|
95.4
|
%
|
(1)
|
Branch Creek Estates
|
MH
|
Austin
|
TX
|
392
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Chisholm Point Estates
|
MH
|
Pflugerville
|
TX
|
417
|
|
—
|
|
100.0
|
%
|
|
98.8
|
%
|
|
Comal Farms
|
MH
|
New Braunfels
|
TX
|
367
|
|
—
|
|
99.5
|
%
|
|
97.0
|
%
|
(1)
|
Hill Country Cottage and RV Resort (2)
|
RV
|
New Braunfels
|
TX
|
17
|
|
347
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Jellystone Park™ at Guadalupe River (2)
|
RV
|
Kerrville
|
TX
|
—
|
|
261
|
|
N/A
|
|
|
N/A
|
|
|
Jellystone Park™ at Hill Country (2)
|
RV
|
Canyon Lake
|
TX
|
—
|
|
173
|
|
N/A
|
|
|
N/A
|
|
|
La Hacienda RV Resort (2)
|
RV
|
Austin
|
TX
|
—
|
|
244
|
|
N/A
|
|
|
N/A
|
|
|
Oak Crest
|
MH
|
Austin
|
TX
|
433
|
|
—
|
|
99.1
|
%
|
|
96.8
|
%
|
|
Pecan Branch
|
MH
|
Georgetown
|
TX
|
229
|
|
—
|
|
49.3
|
%
|
(1)
|
37.6
|
%
|
(1)
|
Pine Trace
|
MH
|
Houston
|
TX
|
680
|
|
—
|
|
98.8
|
%
|
|
98.4
|
%
|
(1)
|
River Ranch
|
MH
|
Austin
|
TX
|
848
|
|
—
|
|
99.3
|
%
|
|
97.3
|
%
|
(1)
|
River Ridge Estates
|
MH
|
Austin
|
TX
|
515
|
|
—
|
|
99.2
|
%
|
|
98.5
|
%
|
|
Saddlebrook
|
MH
|
San Marcos
|
TX
|
562
|
|
—
|
|
87.7
|
%
|
(1)
|
83.8
|
%
|
(1)
|
Sandy Lake
|
MH
|
Carrollton
|
TX
|
54
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Sandy Lake RV Resort (2)
|
RV
|
Carrollton
|
TX
|
39
|
|
180
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Stonebridge
|
MH
|
San Antonio
|
TX
|
335
|
|
—
|
|
98.8
|
%
|
|
97.9
|
%
|
|
Summit Ridge
|
MH
|
Converse
|
TX
|
446
|
|
—
|
|
97.3
|
%
|
|
97.1
|
%
|
|
Sunset Ridge
|
MH
|
Kyle
|
TX
|
171
|
|
—
|
|
97.7
|
%
|
|
98.8
|
%
|
|
Traveler’s World
|
MH
|
San Antonio
|
TX
|
8
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Traveler’s World RV Resort (2)
|
RV
|
San Antonio
|
TX
|
26
|
|
129
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Treetops RV Resort (2)
|
RV
|
Arlington
|
TX
|
29
|
|
144
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Woodlake Trails
|
MH
|
San Antonio
|
TX
|
316
|
|
—
|
|
72.2
|
%
|
(1)
|
70.9
|
%
|
(1)
|
Texas Total
|
|
|
|
6,922
|
|
1,752
|
|
92.9
|
%
|
|
93.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||
SOUTHEAST
|
|
|
|
|
|
|
|
|
|
||||
Florida
|
|
|
|
|
|
|
|
|
|
||||
Arbor Terrace RV Park (2)
|
RV
|
Bradenton
|
FL
|
205
|
|
156
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Ariana Village
|
MH
|
Lakeland
|
FL
|
207
|
|
—
|
|
97.1
|
%
|
|
96.1
|
%
|
|
Bahia Vista Estates
|
MH
|
Sarasota
|
FL
|
251
|
|
—
|
|
99.2
|
%
|
|
98.8
|
%
|
|
Baker Acres RV Resort (2)
|
RV
|
Zephyrhills
|
FL
|
278
|
|
74
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Big Tree RV Resort (2)
|
RV
|
Arcadia
|
FL
|
367
|
|
44
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Blue Heron Pines
|
MH
|
Punta Gorda
|
FL
|
408
|
|
—
|
|
96.3
|
%
|
(1)
|
96.1
|
%
|
(1)
|
Blue Jay
|
MH
|
Dade City
|
FL
|
206
|
|
—
|
|
98.5
|
%
|
|
99.5
|
%
|
|
Blue Jay RV Resort (2)
|
RV
|
Dade City
|
FL
|
34
|
|
21
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Blueberry Hill (2)
|
RV
|
Bushnell
|
FL
|
275
|
|
130
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Brentwood Estates
|
MH
|
Hudson
|
FL
|
191
|
|
—
|
|
97.9
|
%
|
|
96.9
|
%
|
|
Buttonwood Bay
|
MH
|
Sebring
|
FL
|
407
|
|
—
|
|
99.8
|
%
|
|
99.8
|
%
|
|
Buttonwood Bay RV Resort (2)
|
RV
|
Sebring
|
FL
|
365
|
|
167
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Candlelight Manor
|
MH
|
South Daytona
|
FL
|
128
|
|
—
|
|
94.5
|
%
|
|
90.6
|
%
|
|
Carriage Cove
|
MH
|
Sanford
|
FL
|
467
|
|
—
|
|
99.1
|
%
|
|
98.5
|
%
|
(1)
|
Central Park
|
MH
|
Haines City
|
FL
|
108
|
|
—
|
|
92.6
|
%
|
|
90.9
|
%
|
|
Property
|
MH/RV
|
City
|
State
|
MH and Annual RV Sites as of 12/31/18
|
Transient RV Sites as of 12/31/18
|
Occupancy as of 12/31/18
|
Occupancy as of 12/31/17
|
||||||
Central Park RV Resort (2)
|
RV
|
Haines City
|
FL
|
189
|
|
180
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Citrus Hill RV Resort (2)
|
RV
|
Dade City
|
FL
|
143
|
|
39
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Club Naples (2)
|
RV
|
Naples
|
FL
|
220
|
|
84
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Club Wildwood
|
MH
|
Hudson
|
FL
|
478
|
|
—
|
|
98.5
|
%
|
|
98.7
|
%
|
|
Colony in the Wood
|
MH
|
Port Orange
|
FL
|
383
|
|
—
|
|
97.7
|
%
|
|
95.0
|
%
|
|
Compass RV Resort (2)
|
RV
|
St. Augustine
|
FL
|
—
|
|
175
|
|
N/A
|
|
|
N/A
|
|
|
Country Squire
|
MH
|
Paisley
|
FL
|
97
|
|
—
|
|
90.7
|
%
|
|
90.7
|
%
|
|
Country Squire RV Resort (2)
|
RV
|
Paisley
|
FL
|
20
|
|
5
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Cypress Greens
|
MH
|
Lake Alfred
|
FL
|
259
|
|
—
|
|
96.5
|
%
|
|
95.4
|
%
|
|
Daytona Beach RV Resort (2)
|
RV
|
Port Orange
|
FL
|
134
|
|
98
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Deerwood
|
MH
|
Orlando
|
FL
|
569
|
|
—
|
|
98.9
|
%
|
|
98.1
|
%
|
|
Dunedin RV Resort (2)
|
RV
|
Dunedin
|
FL
|
190
|
|
49
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Ellenton Gardens RV Resort (2)
|
RV
|
Ellenton
|
FL
|
147
|
|
47
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Emerald Coast
|
MH
|
Panama City Beach
|
FL
|
42
|
|
—
|
|
88.1
|
%
|
|
100.0
|
%
|
|
Emerald Coast RV Resort (2)
|
RV
|
Panama City Beach
|
FL
|
5
|
|
154
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Fairfield Village
|
MH
|
Ocala
|
FL
|
293
|
|
—
|
|
98.3
|
%
|
|
97.6
|
%
|
|
Forest View
|
MH
|
Homosassa
|
FL
|
300
|
|
—
|
|
97.0
|
%
|
|
96.7
|
%
|
|
Glen Haven
|
MH
|
Zephyrhills
|
FL
|
52
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Glen Haven RV Resort (2)
|
RV
|
Zephyrhills
|
FL
|
158
|
|
60
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Gold Coaster
|
MH
|
Homestead
|
FL
|
532
|
|
—
|
|
94.9
|
%
|
|
98.2
|
%
|
|
Gold Coaster RV Resort (2)
|
RV
|
Homestead
|
FL
|
8
|
|
5
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Grand Bay
|
MH
|
Dunedin
|
FL
|
135
|
|
—
|
|
98.5
|
%
|
|
96.3
|
%
|
|
Grand Lakes RV Resort (2)
|
RV
|
Citra
|
FL
|
305
|
|
99
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Grove Ridge RV Resort (2)
|
RV
|
Dade City
|
FL
|
159
|
|
87
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Groves RV Resort (2)
|
RV
|
Ft. Myers
|
FL
|
223
|
|
46
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Gulfstream Harbor
|
MH
|
Orlando
|
FL
|
974
|
|
—
|
|
97.5
|
%
|
|
95.3
|
%
|
|
Hidden River RV Resort (2)
|
RV
|
Riverview
|
FL
|
195
|
|
118
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Holly Forest Estates
|
MH
|
Holly Hill
|
FL
|
402
|
|
—
|
|
100.0
|
%
|
|
99.8
|
%
|
|
Homosassa River RV Resort (2)
|
RV
|
Homosassa Springs
|
FL
|
95
|
|
128
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Horseshoe Cove RV Resort (2)
|
RV
|
Bradenton
|
FL
|
344
|
|
132
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Indian Creek Park
|
MH
|
Ft. Myers Beach
|
FL
|
353
|
|
—
|
|
100.0
|
%
|
|
99.7
|
%
|
|
Indian Creek RV Park (2)
|
RV
|
Ft. Myers Beach
|
FL
|
973
|
|
104
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Island Lakes
|
MH
|
Merritt Island
|
FL
|
301
|
|
—
|
|
99.7
|
%
|
|
100.0
|
%
|
|
King’s Lake
|
MH
|
DeBary
|
FL
|
245
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
King’s Pointe
|
MH
|
Lake Alfred
|
FL
|
226
|
|
—
|
|
99.6
|
%
|
|
100.0
|
%
|
|
Kings Manor
|
MH
|
Lakeland
|
FL
|
239
|
|
—
|
|
92.5
|
%
|
|
82.9
|
%
|
|
Kissimmee Gardens
|
MH
|
Kissimmee
|
FL
|
239
|
|
—
|
|
99.6
|
%
|
|
99.2
|
%
|
|
Kissimmee South
|
MH
|
Davenport
|
FL
|
142
|
|
—
|
|
90.1
|
%
|
|
90.9
|
%
|
|
Kissimmee South RV Resort (2)
|
RV
|
Davenport
|
FL
|
102
|
|
98
|
|
100.0
|
%
|
|
100.0
|
%
|
|
La Costa Village
|
MH
|
Port Orange
|
FL
|
658
|
|
—
|
|
99.8
|
%
|
|
99.7
|
%
|
|
Lake Josephine RV Resort (2)
|
RV
|
Sebring
|
FL
|
112
|
|
66
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Lake Juliana Landings
|
MH
|
Auburndale
|
FL
|
274
|
|
—
|
|
98.2
|
%
|
|
97.5
|
%
|
|
Lake Pointe Village
|
MH
|
Mulberry
|
FL
|
362
|
|
—
|
|
99.2
|
%
|
|
99.2
|
%
|
|
Property
|
MH/RV
|
City
|
State
|
MH and Annual RV Sites as of 12/31/18
|
Transient RV Sites as of 12/31/18
|
Occupancy as of 12/31/18
|
Occupancy as of 12/31/17
|
||||||
Lake San Marino RV Park (2)
|
RV
|
Naples
|
FL
|
253
|
|
154
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Lakeland RV Resort (2)
|
RV
|
Lakeland
|
FL
|
190
|
|
41
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Lakeshore Landings
|
MH
|
Orlando
|
FL
|
306
|
|
—
|
|
99.3
|
%
|
|
100.0
|
%
|
|
Lakeshore Villas
|
MH
|
Tampa
|
FL
|
280
|
|
—
|
|
98.6
|
%
|
|
97.5
|
%
|
|
Lamplighter
|
MH
|
Port Orange
|
FL
|
260
|
|
—
|
|
96.5
|
%
|
|
97.3
|
%
|
|
Majestic Oaks RV Resort (2)
|
RV
|
Zephyrhills
|
FL
|
208
|
|
45
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Marco Naples RV Resort (2)
|
RV
|
Naples
|
FL
|
210
|
|
82
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Meadowbrook Village
|
MH
|
Tampa
|
FL
|
257
|
|
—
|
|
100.0
|
%
|
|
99.2
|
%
|
|
Mill Creek
|
MH
|
Kissimmee
|
FL
|
32
|
|
—
|
|
96.9
|
%
|
|
100.0
|
%
|
|
Mill Creek RV Resort (2)
|
RV
|
Kissimmee
|
FL
|
102
|
|
54
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Naples RV Resort (2)
|
RV
|
Naples
|
FL
|
106
|
|
61
|
|
100.0
|
%
|
|
100.0
|
%
|
|
New Ranch
|
MH
|
Clearwater
|
FL
|
94
|
|
—
|
|
97.9
|
%
|
|
97.9
|
%
|
|
North Lake Estates (2)
|
RV
|
Moore Haven
|
FL
|
204
|
|
68
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Oakview Estates
|
MH
|
Arcadia
|
FL
|
119
|
|
—
|
|
99.2
|
%
|
|
99.2
|
%
|
|
Ocean Breeze
|
MH
|
Marathon
|
FL
|
—
|
|
—
|
|
—
|
%
|
|
—
|
%
|
(4)
|
Ocean Breeze RV Resort
|
RV
|
Marathon
|
FL
|
—
|
|
—
|
|
—
|
%
|
|
—
|
%
|
(4)
|
Ocean Breeze Jensen Beach
|
MH
|
Jensen Beach
|
FL
|
236
|
|
—
|
|
64.0
|
%
|
(1)
|
63.1
|
%
|
(1)
|
Ocean Breeze Jensen Beach RV Resort (2)
|
RV
|
Jensen Beach
|
FL
|
42
|
|
211
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Orange City
|
MH
|
Orange City
|
FL
|
4
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Orange City RV Resort (2)
|
RV
|
Orange City
|
FL
|
315
|
|
206
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Orange Tree Village
|
MH
|
Orange City
|
FL
|
246
|
|
—
|
|
99.6
|
%
|
|
100.0
|
%
|
|
Paddock Park South
|
MH
|
Ocala
|
FL
|
188
|
|
|
78.7
|
%
|
|
76.1
|
%
|
|
|
Palm Key Village
|
MH
|
Davenport
|
FL
|
204
|
|
—
|
|
99.5
|
%
|
|
100.0
|
%
|
|
Palm Village
|
MH
|
Bradenton
|
FL
|
146
|
|
—
|
|
97.9
|
%
|
|
98.0
|
%
|
|
Park Place
|
MH
|
Sebastian
|
FL
|
475
|
|
—
|
|
94.7
|
%
|
|
93.3
|
%
|
|
Park Royale
|
MH
|
Pinellas Park
|
FL
|
309
|
|
—
|
|
99.7
|
%
|
|
99.7
|
%
|
|
Pecan Park RV Resort (2)
|
RV
|
Jacksonville
|
FL
|
—
|
|
183
|
|
N/A
|
|
|
N/A
|
|
|
Pelican Bay
|
MH
|
Micco
|
FL
|
216
|
|
—
|
|
99.5
|
%
|
|
92.6
|
%
|
|
Pelican RV Resort & Marina (2)
|
RV
|
Marathon
|
FL
|
75
|
|
11
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Plantation Landings
|
MH
|
Haines City
|
FL
|
394
|
|
—
|
|
99.2
|
%
|
|
99.2
|
%
|
|
Pleasant Lake RV Resort (2)
|
RV
|
Bradenton
|
FL
|
280
|
|
61
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Rainbow
|
MH
|
Frostproof
|
FL
|
37
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Rainbow RV Resort (2)
|
RV
|
Frostproof
|
FL
|
376
|
|
86
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Rainbow Village of Largo (2)
|
RV
|
Largo
|
FL
|
257
|
|
52
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Rainbow Village of Zephyrhills (2)
|
RV
|
Zephyrhills
|
FL
|
336
|
|
46
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Red Oaks
|
MH
|
Bushnell
|
FL
|
103
|
|
—
|
|
92.2
|
%
|
|
92.2
|
%
|
|
Red Oaks RV Resort (2)
|
RV
|
Bushnell
|
FL
|
485
|
|
432
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Regency Heights
|
MH
|
Clearwater
|
FL
|
391
|
|
—
|
|
97.4
|
%
|
|
95.4
|
%
|
|
Riptide RV Resort & Marina (2)
|
RV
|
Key Largo
|
FL
|
23
|
|
17
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Riverside Club
|
MH
|
Ruskin
|
FL
|
728
|
|
—
|
|
82.6
|
%
|
|
78.7
|
%
|
|
Rock Crusher Canyon RV Resort (2)
|
RV
|
Crystal River
|
FL
|
153
|
|
242
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Royal Country
|
MH
|
Miami
|
FL
|
864
|
|
—
|
|
99.8
|
%
|
|
99.9
|
%
|
|
Royal Palm Village
|
MH
|
Haines City
|
FL
|
395
|
|
—
|
|
86.1
|
%
|
|
82.3
|
%
|
|
Property
|
MH/RV
|
City
|
State
|
MH and Annual RV Sites as of 12/31/18
|
Transient RV Sites as of 12/31/18
|
Occupancy as of 12/31/18
|
Occupancy as of 12/31/17
|
||||||
Saddle Oak Club
|
MH
|
Ocala
|
FL
|
376
|
|
—
|
|
99.5
|
%
|
|
99.5
|
%
|
|
San Pedro Marina
|
MH
|
Islamorada
|
FL
|
—
|
|
—
|
|
—
|
%
|
|
—
|
%
|
(4)
|
San Pedro RV Resort & Marina
|
RV
|
Islamorada
|
FL
|
—
|
|
—
|
|
—
|
%
|
|
—
|
%
|
(4)
|
Saralake Estates
|
MH
|
Sarasota
|
FL
|
202
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Savanna Club
|
MH
|
Port St Lucie
|
FL
|
1,069
|
|
—
|
|
98.0
|
%
|
|
97.6
|
%
|
(1)
|
Sea Breeze
|
MH
|
Islamorada
|
FL
|
—
|
|
—
|
|
—
|
%
|
|
—
|
%
|
(4)
|
Sea Breeze RV Resort
|
RV
|
Islamorada
|
FL
|
—
|
|
—
|
|
—
|
%
|
|
—
|
%
|
(4)
|
Serendipity
|
MH
|
North Fort Myers
|
FL
|
338
|
|
—
|
|
97.0
|
%
|
|
98.5
|
%
|
|
Settler’s Rest RV Resort (2)
|
RV
|
Zephyrhills
|
FL
|
310
|
|
68
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Shadow Wood Village
|
MH
|
Hudson
|
FL
|
157
|
|
—
|
|
99.4
|
%
|
|
99.4
|
%
|
|
Shady Road Villas
|
MH
|
Ocala
|
FL
|
130
|
|
—
|
|
61.5
|
%
|
|
62.3
|
%
|
|
Shell Creek Marina
|
MH
|
Punta Gorda
|
FL
|
54
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Shell Creek RV Resort & Marina (2)
|
RV
|
Punta Gorda
|
FL
|
139
|
|
46
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Siesta Bay RV Park (2)
|
RV
|
Ft. Myers
|
FL
|
734
|
|
63
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Southern Charm
|
MH
|
Zephyrhills
|
FL
|
1
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Southern Charm RV Resort (2)
|
RV
|
Zephyrhills
|
FL
|
401
|
|
95
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Southern Pines
|
MH
|
Bradenton
|
FL
|
107
|
|
—
|
|
96.3
|
%
|
|
95.3
|
%
|
|
Southport Springs Golf & Country Club
|
MH
|
Zephyrhills
|
FL
|
547
|
|
—
|
|
98.9
|
%
|
|
98.4
|
%
|
(1)
|
Spanish Main
|
MH
|
Thonotosassa
|
FL
|
56
|
|
—
|
|
91.1
|
%
|
|
91.1
|
%
|
|
Spanish Main RV Resort (2)
|
RV
|
Thonotosassa
|
FL
|
202
|
|
74
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Stonebrook
|
MH
|
Homosassa
|
FL
|
215
|
|
—
|
|
92.1
|
%
|
|
90.7
|
%
|
|
Sun N Fun RV Resort (2)
|
RV
|
Sarasota
|
FL
|
957
|
|
562
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Suncoast Gateway
|
MH
|
Port Richey
|
FL
|
173
|
|
—
|
|
98.8
|
%
|
|
98.3
|
%
|
|
Sundance
|
MH
|
Zephyrhills
|
FL
|
332
|
|
—
|
|
99.7
|
%
|
|
100.0
|
%
|
|
Sunlake Estates
|
MH
|
Grand Island
|
FL
|
408
|
|
—
|
|
94.6
|
%
|
|
93.4
|
%
|
|
Sunset Harbor at Cow Key Marina
|
MH
|
Key West
|
FL
|
77
|
|
—
|
|
98.7
|
%
|
|
97.4
|
%
|
|
Sweetwater RV Resort (2)
|
RV
|
Zephyrhills
|
FL
|
212
|
|
79
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Tallowwood Isle
|
MH
|
Coconut Creek
|
FL
|
273
|
|
—
|
|
95.2
|
%
|
|
95.6
|
%
|
|
Tampa East
|
MH
|
Dover
|
FL
|
31
|
|
—
|
|
96.8
|
%
|
|
100.0
|
%
|
|
Tampa East RV Resort (2)
|
RV
|
Dover
|
FL
|
324
|
|
345
|
|
100.0
|
%
|
|
100.0
|
%
|
|
The Hamptons Golf & Country Club
|
MH
|
Auburndale
|
FL
|
829
|
|
—
|
|
98.4
|
%
|
|
98.8
|
%
|
|
The Hideaway
|
MH
|
Key West
|
FL
|
13
|
|
—
|
|
92.3
|
%
|
|
84.6
|
%
|
|
The Hills
|
MH
|
Apopka
|
FL
|
97
|
|
—
|
|
99.0
|
%
|
|
95.0
|
%
|
|
The Ridge
|
MH
|
Davenport
|
FL
|
481
|
|
—
|
|
99.2
|
%
|
|
98.3
|
%
|
|
The Valley
|
MH
|
Apopka
|
FL
|
148
|
|
—
|
|
100.0
|
%
|
|
99.3
|
%
|
|
Three Lakes (2)
|
RV
|
Hudson
|
FL
|
226
|
|
81
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Vista Del Lago
|
MH
|
Bradenton
|
FL
|
136
|
|
—
|
|
96.3
|
%
|
|
95.6
|
%
|
|
Vista Del Lago RV Resort (2)
|
RV
|
Bradenton
|
FL
|
27
|
|
13
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Vizcaya Lakes
|
MH
|
Port Charlotte
|
FL
|
113
|
|
—
|
|
86.7
|
%
|
|
79.7
|
%
|
|
Walden Woods
|
MH
|
Homosassa
|
FL
|
213
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Walden Woods II
|
MH
|
Homosassa
|
FL
|
213
|
|
—
|
|
99.1
|
%
|
|
98.6
|
%
|
|
Water Oak Country Club Estates
|
MH
|
Lady Lake
|
FL
|
1,317
|
|
—
|
|
89.5
|
%
|
(1)
|
95.3
|
%
|
(1)
|
Waters Edge RV Resort (2)
|
RV
|
Zephyrhills
|
FL
|
144
|
|
73
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Property
|
MH/RV
|
City
|
State
|
MH and Annual RV Sites as of 12/31/18
|
Transient RV Sites as of 12/31/18
|
Occupancy as of 12/31/18
|
Occupancy as of 12/31/17
|
||||||
Westside Ridge
|
MH
|
Auburndale
|
FL
|
219
|
|
—
|
|
99.1
|
%
|
|
99.1
|
%
|
|
Windmill Village
|
MH
|
Davenport
|
FL
|
509
|
|
—
|
|
98.8
|
%
|
|
99.2
|
%
|
|
Woodlands at Church Lake
|
MH
|
Groveland
|
FL
|
291
|
|
—
|
|
73.9
|
%
|
|
70.5
|
%
|
|
Florida Total
|
|
|
|
37,874
|
|
5,917
|
|
97.3
|
%
|
|
97.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||
SOUTHWEST
|
|
|
|
|
|
|
|
|
|
||||
California
|
|
|
|
|
|
|
|
|
|
||||
49’er Village RV Resort (2)
|
RV
|
Plymouth
|
CA
|
32
|
|
293
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Alta Laguna
|
MH
|
Rancho Cucamonga
|
CA
|
295
|
|
—
|
|
99.7
|
%
|
|
100.0
|
%
|
|
Caliente Sands
|
MH
|
Cathedral City
|
CA
|
118
|
|
—
|
|
99.2
|
%
|
|
97.5
|
%
|
|
Cava Robles RV Resort (2)
|
RV
|
Paso Robles
|
CA
|
—
|
|
331
|
|
N/A
|
|
|
N/A
|
|
|
Friendly Village of La Habra
|
MH
|
La Habra
|
CA
|
330
|
|
—
|
|
99.7
|
%
|
|
100.0
|
%
|
|
Friendly Village of Modesto
|
MH
|
Modesto
|
CA
|
289
|
|
—
|
|
97.2
|
%
|
|
94.5
|
%
|
|
Friendly Village of Simi
|
MH
|
Simi Valley
|
CA
|
222
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Friendly Village of West Covina
|
MH
|
West Covina
|
CA
|
157
|
|
—
|
|
99.4
|
%
|
|
99.4
|
%
|
|
Heritage
|
MH
|
Temecula
|
CA
|
196
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Indian Wells RV Resort (2)
|
RV
|
Indio
|
CA
|
147
|
|
169
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Jellystone Park™ at Tower Park (2)
|
RV
|
Lodi
|
CA
|
—
|
|
359
|
|
N/A
|
|
|
N/A
|
|
|
Lakefront
|
MH
|
Lakeside
|
CA
|
295
|
|
—
|
|
99.7
|
%
|
|
100.0
|
%
|
|
Lazy J Ranch
|
MH
|
Arcata
|
CA
|
220
|
|
—
|
|
99.1
|
%
|
|
100.0
|
%
|
|
Lemon Wood
|
MH
|
Ventura
|
CA
|
231
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Napa Valley
|
MH
|
Napa
|
CA
|
257
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Oak Creek
|
MH
|
Coarsegold
|
CA
|
198
|
|
—
|
|
97.0
|
%
|
|
95.0
|
%
|
|
Ocean West
|
MH
|
McKinleyville
|
CA
|
130
|
|
—
|
|
97.7
|
%
|
|
100.0
|
%
|
|
Palos Verdes Shores MH & Golf Community
|
MH
|
San Pedro
|
CA
|
242
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Pembroke Downs
|
MH
|
Chino
|
CA
|
163
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Pismo Dunes RV Resort
|
RV
|
Pismo Beach
|
CA
|
331
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Rancho Alipaz
|
MH
|
San Juan Capistrano
|
CA
|
132
|
|
—
|
|
99.2
|
%
|
|
100.0
|
%
|
|
Rancho Caballero
|
MH
|
Riverside
|
CA
|
303
|
|
—
|
|
99.7
|
%
|
|
99.7
|
%
|
|
Royal Palms
|
MH
|
Cathedral City
|
CA
|
439
|
|
—
|
|
99.6
|
%
|
|
96.8
|
%
|
|
Royal Palms RV Resort
|
RV
|
Cathedral City
|
CA
|
38
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
The Colony
|
MH
|
Oxnard
|
CA
|
150
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
The Sands RV & Golf Resort (2)
|
RV
|
Desert Hot Springs
|
CA
|
234
|
|
280
|
|
100.0
|
%
|
|
N/A
|
|
|
Vallecito
|
MH
|
Newbury Park
|
CA
|
303
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Victor Villa
|
MH
|
Victorville
|
CA
|
287
|
|
—
|
|
99.0
|
%
|
|
97.2
|
%
|
|
Vines RV Resort (2)
|
RV
|
Paso Robles
|
CA
|
—
|
|
130
|
|
N/A
|
|
|
N/A
|
|
|
Vista Del Lago
|
MH
|
Scotts Valley
|
CA
|
202
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Wine Country RV Resort (2)
|
RV
|
Paso Robles
|
CA
|
—
|
|
203
|
|
N/A
|
|
|
N/A
|
|
|
California Total
|
|
|
|
5,941
|
|
1,765
|
|
99.3
|
%
|
|
99.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||
Arizona
|
|
|
|
|
|
|
|
|
|
||||
Blue Star / Lost Dutchman
|
MH
|
Apache Junction
|
AZ
|
169
|
|
—
|
|
95.9
|
%
|
|
93.5
|
%
|
|
Blue Star / Lost Dutchman RV Resort (2)
|
RV
|
Apache Junction
|
AZ
|
88
|
|
118
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Property
|
MH/RV
|
City
|
State
|
MH and Annual RV Sites as of 12/31/18
|
Transient RV Sites as of 12/31/18
|
Occupancy as of 12/31/18
|
Occupancy as of 12/31/17
|
||||||
Brentwood West
|
MH
|
Mesa
|
AZ
|
350
|
|
—
|
|
98.9
|
%
|
|
99.1
|
%
|
|
Desert Harbor
|
MH
|
Apache Junction
|
AZ
|
205
|
|
—
|
|
99.5
|
%
|
|
99.0
|
%
|
|
Fiesta Village
|
MH
|
Mesa
|
AZ
|
154
|
|
—
|
|
83.8
|
%
|
|
79.9
|
%
|
|
Fiesta Village RV Resort (2)
|
RV
|
Mesa
|
AZ
|
2
|
|
8
|
|
100.0
|
%
|
|
100.0
|
%
|
|
La Casa Blanca
|
MH
|
Apache Junction
|
AZ
|
198
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Leaf Verde RV Resort (2)
|
RV
|
Buckeye
|
AZ
|
—
|
|
376
|
|
N/A
|
|
|
N/A
|
|
|
Mountain View
|
MH
|
Mesa
|
AZ
|
170
|
|
—
|
|
99.4
|
%
|
|
99.4
|
%
|
|
Palm Creek Golf
|
MH
|
Casa Grande
|
AZ
|
505
|
|
—
|
|
57.0
|
%
|
(1)
|
52.1
|
%
|
(1)
|
Palm Creek Golf & RV Resort (2)
|
RV
|
Casa Grande
|
AZ
|
915
|
|
921
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Rancho Mirage
|
MH
|
Apache Junction
|
AZ
|
312
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Reserve at Fox Creek
|
MH
|
Bullhead City
|
AZ
|
311
|
|
—
|
|
97.7
|
%
|
|
95.2
|
%
|
|
Sun Valley
|
MH
|
Apache Junction
|
AZ
|
268
|
|
—
|
|
94.0
|
%
|
|
91.8
|
%
|
|
Verde Plaza
|
MH
|
Tucson
|
AZ
|
189
|
|
—
|
|
93.1
|
%
|
|
90.0
|
%
|
|
Arizona Total
|
|
|
|
3,836
|
|
1,423
|
|
92.4
|
%
|
|
91.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||
Colorado
|
|
|
|
|
|
|
|
|
|
||||
Cave Creek
|
MH
|
Evans
|
CO
|
447
|
|
—
|
|
98.7
|
%
|
|
99.1
|
%
|
|
Eagle Crest
|
MH
|
Firestone
|
CO
|
441
|
|
—
|
|
99.8
|
%
|
|
100.0
|
%
|
|
Jellystone Park™ at Larkspur (2)
|
RV
|
Larkspur
|
CO
|
—
|
|
137
|
|
N/A
|
|
|
N/A
|
|
|
North Point Estates
|
MH
|
Pueblo
|
CO
|
108
|
|
—
|
|
97.2
|
%
|
|
99.1
|
%
|
|
Skyline
|
MH
|
Fort Collins
|
CO
|
170
|
|
—
|
|
100.0
|
%
|
|
99.4
|
%
|
|
Swan Meadow Village
|
MH
|
Dillon
|
CO
|
175
|
|
—
|
|
99.4
|
%
|
|
100.0
|
%
|
|
The Grove at Alta Ridge
|
MH
|
Thornton
|
CO
|
409
|
|
—
|
|
99.5
|
%
|
|
99.8
|
%
|
|
Timber Ridge
|
MH
|
Ft. Collins
|
CO
|
585
|
|
—
|
|
99.7
|
%
|
|
99.5
|
%
|
|
Colorado Total
|
|
|
|
2,335
|
|
137
|
|
99.4
|
%
|
|
99.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||
OTHER
|
|
|
|
|
|
|
|
|
|
||||
Seaport RV Resort (2)
|
RV
|
Old Mystic
|
CT
|
44
|
|
105
|
|
100.0
|
%
|
|
100.0
|
%
|
|
High Point Park
|
MH
|
Frederica
|
DE
|
409
|
|
—
|
|
96.3
|
%
|
|
96.6
|
%
|
|
Sea Air Village
|
MH
|
Rehoboth Beach
|
DE
|
373
|
|
—
|
|
100.0
|
%
|
|
98.4
|
%
|
|
Sea Air Village RV Resort (2)
|
RV
|
Rehoboth Beach
|
DE
|
120
|
|
14
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Countryside Village of Atlanta
|
MH
|
Lawrenceville
|
GA
|
261
|
|
—
|
|
87.4
|
%
|
(1)
|
65.0
|
%
|
(1)
|
Countryside Village of Gwinnett
|
MH
|
Buford
|
GA
|
331
|
|
—
|
|
98.2
|
%
|
|
99.1
|
%
|
|
Countryside Village of Lake Lanier
|
MH
|
Buford
|
GA
|
548
|
|
—
|
|
99.5
|
%
|
|
98.7
|
%
|
|
Autumn Ridge
|
MH
|
Ankeny
|
IA
|
413
|
|
—
|
|
96.6
|
%
|
|
97.1
|
%
|
|
Candlelight Village
|
MH
|
Sauk Village
|
IL
|
309
|
|
—
|
|
93.2
|
%
|
|
97.1
|
%
|
|
Maple Brook
|
MH
|
Matteson
|
IL
|
441
|
|
—
|
|
99.5
|
%
|
|
99.6
|
%
|
|
Oak Ridge
|
MH
|
Manteno
|
IL
|
426
|
|
—
|
|
93.2
|
%
|
|
93.0
|
%
|
|
Sunset Lakes RV Resort (2)
|
RV
|
Hillsdale
|
IL
|
225
|
|
273
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Wildwood Community
|
MH
|
Sandwich
|
IL
|
476
|
|
—
|
|
99.2
|
%
|
|
99.4
|
%
|
|
Campers Haven RV Resort (2)
|
RV
|
Dennisport
|
MA
|
230
|
|
43
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Peter’s Pond RV Resort (2)
|
RV
|
Sandwich
|
MA
|
329
|
|
77
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Castaways RV Resort & Campground (2)
|
RV
|
Berlin
|
MD
|
1
|
|
392
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Property
|
MH/RV
|
City
|
State
|
MH and Annual RV Sites as of 12/31/18
|
Transient RV Sites as of 12/31/18
|
Occupancy as of 12/31/18
|
Occupancy as of 12/31/17
|
||||||
Fort Whaley RV Resort & Campground (2)
|
RV
|
Whaleyville
|
MD
|
—
|
|
179
|
|
N/A
|
|
|
N/A
|
|
|
Frontier Town RV Resort & Campground (2)
|
RV
|
Berlin
|
MD
|
—
|
|
584
|
|
N/A
|
|
|
N/A
|
|
|
Jellystone Park™ at Maryland (2)
|
RV
|
Williamsport
|
MD
|
—
|
|
226
|
|
N/A
|
|
|
N/A
|
|
|
Maplewood Manor
|
MH
|
Brunswick
|
ME
|
296
|
|
—
|
|
99.7
|
%
|
|
99.3
|
%
|
|
Merrymeeting
|
MH
|
Brunswick
|
ME
|
43
|
|
—
|
|
93.0
|
%
|
|
100.0
|
%
|
|
Saco / Old Orchard Beach KOA (2)
|
RV
|
Saco
|
ME
|
—
|
|
196
|
|
N/A
|
|
|
N/A
|
|
|
Town & Country Village
|
MH
|
Lisbon
|
ME
|
144
|
|
—
|
|
95.8
|
%
|
|
99.3
|
%
|
|
Wagon Wheel RV Resort & Campground (2)
|
RV
|
Old Orchard Beach
|
ME
|
231
|
|
55
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Wild Acres RV Resort & Campground (2)
|
RV
|
Old Orchard Beach
|
ME
|
309
|
|
321
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Southern Hills / Northridge Place
|
MH
|
Stewartville
|
MN
|
475
|
|
—
|
|
98.1
|
%
|
(1)
|
92.8
|
%
|
(1)
|
Pin Oak Parc
|
MH
|
O’Fallon
|
MO
|
502
|
|
—
|
|
98.0
|
%
|
|
96.6
|
%
|
|
Southfork
|
MH
|
Belton
|
MO
|
474
|
|
—
|
|
68.6
|
%
|
|
65.0
|
%
|
|
Countryside Village
|
MH
|
Great Falls
|
MT
|
226
|
|
—
|
|
97.3
|
%
|
|
98.7
|
%
|
|
Fort Tatham RV Resort & Campground (2)
|
RV
|
Sylva
|
NC
|
56
|
|
34
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Glen Laurel
|
MH
|
Concord
|
NC
|
260
|
|
—
|
|
99.2
|
%
|
|
98.5
|
%
|
|
Meadowbrook
|
MH
|
Charlotte
|
NC
|
321
|
|
—
|
|
99.7
|
%
|
|
100.0
|
%
|
|
Mi-Te-Jo Campground (2)
|
RV
|
Milton
|
NH
|
106
|
|
118
|
|
100.0
|
%
|
|
N/A
|
|
|
Westward Shores Cottages & RV Resort (2)
|
RV
|
West Ossipee
|
NH
|
322
|
|
136
|
|
100.0
|
%
|
|
N/A
|
|
|
Big Timber Lake RV Camping Resort (2)
|
RV
|
Cape May Court House
|
NJ
|
322
|
|
206
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Cape May Crossing
|
MH
|
Cape May
|
NJ
|
28
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Cape May KOA (2)
|
RV
|
Cape May
|
NJ
|
367
|
|
262
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Driftwood RV Resort & Campground (2)
|
RV
|
Clermont
|
NJ
|
621
|
|
86
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Long Beach RV Resort & Campground (2)
|
RV
|
Barnegat
|
NJ
|
167
|
|
47
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Seashore Campsites & RV Resort (2)
|
RV
|
Cape May
|
NJ
|
433
|
|
243
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Shady Pines
|
MH
|
Galloway Township
|
NJ
|
39
|
|
—
|
|
100.0
|
%
|
|
97.5
|
%
|
|
Shady Pines RV Resort (2)
|
RV
|
Galloway Township
|
NJ
|
55
|
|
40
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Sun Villa Estates
|
MH
|
Reno
|
NV
|
324
|
|
—
|
|
99.7
|
%
|
|
99.7
|
%
|
|
Adirondack Gateway RV Resort & Campground (2)
|
RV
|
Gansevoort
|
NY
|
293
|
|
47
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Jellystone Park™ at Birchwood Acres
|
MH
|
Greenfield Park
|
NY
|
1
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Jellystone Park™ at Birchwood Acres RV Resort (2)
|
RV
|
Greenfield Park
|
NY
|
95
|
|
209
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Jellystone Park™ at Gardiner (2)
|
RV
|
Gardiner
|
NY
|
—
|
|
320
|
|
N/A
|
|
|
N/A
|
|
|
Jellystone Park™ of Western New York (2)
|
RV
|
North Java
|
NY
|
10
|
|
349
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Parkside Village
|
MH
|
Cheektowaga
|
NY
|
156
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Sky Harbor
|
MH
|
Cheektowaga
|
NY
|
522
|
|
—
|
|
96.7
|
%
|
|
94.8
|
%
|
|
The Villas at Calla Pointe
|
MH
|
Cheektowaga
|
NY
|
116
|
|
—
|
|
98.3
|
%
|
|
100.0
|
%
|
|
Forest Meadows
|
MH
|
Philomath
|
OR
|
75
|
|
—
|
|
98.7
|
%
|
|
100.0
|
%
|
|
Oceanside RV Resort & Campground (2)
|
RV
|
Coos Bay
|
OR
|
—
|
|
88
|
|
N/A
|
|
|
N/A
|
|
|
Woodland Park Estates
|
MH
|
Eugene
|
OR
|
398
|
|
—
|
|
99.7
|
%
|
|
100.0
|
%
|
|
Countryside Estates
|
MH
|
Mckean
|
PA
|
304
|
|
—
|
|
98.0
|
%
|
|
98.7
|
%
|
|
Jellystone Park™ at Quarryville (2)
|
RV
|
Quarryville
|
PA
|
—
|
|
243
|
|
N/A
|
|
|
N/A
|
|
|
Lake in Wood RV Resort (2)
|
RV
|
Narvon
|
PA
|
278
|
|
141
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Property
|
MH/RV
|
City
|
State
|
MH and Annual RV Sites as of 12/31/18
|
Transient RV Sites as of 12/31/18
|
Occupancy as of 12/31/18
|
Occupancy as of 12/31/17
|
||||||
Pheasant Ridge
|
MH
|
Lancaster
|
PA
|
553
|
|
—
|
|
100.0
|
%
|
|
99.8
|
%
|
|
Lakeside Crossing
|
MH
|
Conway
|
SC
|
588
|
|
—
|
|
82.7
|
%
|
(1)
|
76.0
|
%
|
(1)
|
Bell Crossing
|
MH
|
Clarksville
|
TN
|
237
|
|
—
|
|
97.5
|
%
|
|
99.2
|
%
|
|
Jellystone Park™ at Memphis (2)
|
RV
|
Horn Lake
|
TN
|
—
|
|
155
|
|
N/A
|
|
|
N/A
|
|
|
Archview RV Resort & Campground (2)
|
RV
|
Moab
|
UT
|
—
|
|
114
|
|
N/A
|
|
|
N/A
|
|
|
Canyonlands RV Resort & Campground (2)
|
RV
|
Moab
|
UT
|
—
|
|
131
|
|
N/A
|
|
|
N/A
|
|
|
Moab Valley RV Resort & Campground (2)
|
RV
|
Moab
|
UT
|
—
|
|
131
|
|
N/A
|
|
|
N/A
|
|
|
Pony Express RV Resort & Campground (2)
|
RV
|
North Salt Lake
|
UT
|
—
|
|
186
|
|
N/A
|
|
|
N/A
|
|
|
Gwynn’s Island RV Resort & Campground (2)
|
RV
|
Gwynn
|
VA
|
102
|
|
27
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Jellystone Park™ at Luray (2)
|
RV
|
East Luray
|
VA
|
—
|
|
255
|
|
N/A
|
|
|
N/A
|
|
|
New Point RV Resort (2)
|
RV
|
New Point
|
VA
|
247
|
|
77
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Pine Ridge
|
MH
|
Prince George
|
VA
|
323
|
|
—
|
|
82.4
|
%
|
(1)
|
90.9
|
%
|
(1)
|
Sunset Beach RV Resort (3)
|
RV
|
Cape Charles
|
VA
|
—
|
|
—
|
|
N/A
|
|
|
N/A
|
|
|
Thunderhill Estates
|
MH
|
Sturgeon Bay
|
WI
|
266
|
|
—
|
|
93.6
|
%
|
|
99.1
|
%
|
|
Westward Ho RV Resort & Campground (2)
|
RV
|
Glenbeulah
|
WI
|
226
|
|
96
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Other Total
|
|
|
|
15,847
|
|
6,206
|
|
96.7
|
%
|
|
96.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||
US TOTAL / AVERAGE
|
|
|
|
105,118
|
|
18,445
|
|
96.0
|
%
|
|
95.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||
CANADA
|
|
|
|
|
|
|
|
|
|
||||
Arran Lake RV Resort & Campground (2)
|
RV
|
Allenford
|
ON
|
149
|
|
40
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Craigleith RV Resort & Campground (2)
|
RV
|
Clarksburg
|
ON
|
68
|
|
43
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Deer Lake RV Resort & Campground (2)
|
RV
|
Huntsville
|
ON
|
168
|
|
72
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Grand Oaks RV Resort & Campground (2)
|
RV
|
Cayuga
|
ON
|
230
|
|
40
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Gulliver’s Lake RV Resort & Campground
|
RV
|
Millgrove
|
ON
|
199
|
|
—
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Hidden Valley RV Resort & Campground (2)
|
RV
|
Normandale
|
ON
|
203
|
|
42
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Lafontaine RV Resort & Campground (2)
|
RV
|
Tiny
|
ON
|
187
|
|
76
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Lake Avenue RV Resort & Campground (2)
|
RV
|
Cherry Valley
|
ON
|
115
|
|
12
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Pickerel Park RV Resort & Campground (2)
|
RV
|
Napanee
|
ON
|
148
|
|
61
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Sherkston Shores Beach Resort & Campground (2)
|
RV
|
Sherkston
|
ON
|
1,419
|
|
296
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Silver Birches RV Resort & Campground (2)
|
RV
|
Lambton Shores
|
ON
|
132
|
|
30
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Trailside RV Resort & Campground (2)
|
RV
|
Seguin
|
ON
|
185
|
|
52
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Willow Lake RV Resort & Campground (2)
|
RV
|
Scotland
|
ON
|
365
|
|
8
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Willowood RV Resort & Campground (2)
|
RV
|
Amherstburg
|
ON
|
116
|
|
211
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Woodland Lake RV Resort & Campground (2)
|
RV
|
Bornholm
|
ON
|
161
|
|
63
|
|
100.0
|
%
|
|
100.0
|
%
|
|
CANADA TOTAL / AVERAGE
|
|
|
|
3,845
|
|
1,046
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||
COMPANY TOTAL / AVERAGE
|
|
|
|
108,963
|
|
19,491
|
|
96.1
|
%
|
|
95.8
|
%
|
|
Name
|
|
Age
|
|
Title
|
Gary A. Shiffman
|
|
64
|
|
Chairman and Chief Executive Officer
|
John B. McLaren
|
|
48
|
|
President and Chief Operating Officer
|
Karen J. Dearing
|
|
54
|
|
Executive Vice President, Treasurer, Chief Financial Officer and Secretary
|
Jonathan M. Colman
|
|
63
|
|
Executive Vice President
|
ITEM 5.
|
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
|
|
|
Number of securities to be issued upon exercise of outstanding options, warrants and rights
|
|
Weighted-average exercise price of outstanding options, warrants and rights
|
|
Number of shares of common stock remaining available for future issuance under equity compensation plans (excluding securities reflected in column a)
|
||||
Plan Category
|
|
(a)
|
|
(b)
|
|
(c)
|
||||
Equity compensation plans approved by stockholders
|
|
3,000
|
|
|
$
|
33.45
|
|
|
1,136,194
|
|
Equity compensation plans not approved by stockholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
3,000
|
|
|
$
|
—
|
|
|
1,136,194
|
|
|
|
Year Ended
December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
||||||||||
Series
|
Conversion Rate
|
Units / Shares
|
Common Stock
|
|
Units / Shares
|
Common Stock
|
|
Units/Shares
|
Common Stock
|
|||||||
Common OP unit
|
1
|
|
20,608
|
|
20,608
|
|
|
36,055
|
|
36,055
|
|
|
104,106
|
|
104,106
|
|
Series A-1 preferred OP unit
|
2.439
|
|
13,430
|
|
32,752
|
|
|
21,919
|
|
53,456
|
|
|
20,691
|
|
50,458
|
|
Series A-4 preferred OP unit
|
0.4444
|
|
13,765
|
|
6,116
|
|
|
10,000
|
|
4,440
|
|
|
120,906
|
|
53,733
|
|
Series A-4 preferred stock
|
0.4444
|
|
22,576
|
|
10,033
|
|
|
158,036
|
|
70,238
|
|
|
385,242
|
|
171,218
|
|
Series C preferred OP unit
|
1.11
|
|
1,919
|
|
2,130
|
|
|
16,806
|
|
18,651
|
|
|
7,043
|
|
7,815
|
|
|
|
Period Ending
|
||||||||||||||||||||||
Index
|
|
12/31/13
|
|
12/31/14
|
|
12/31/15
|
|
12/31/16
|
|
12/31/17
|
|
12/31/18
|
||||||||||||
Sun Communities, Inc.
|
|
$
|
100.00
|
|
|
$
|
149.16
|
|
|
$
|
175.79
|
|
|
$
|
203.42
|
|
|
$
|
254.12
|
|
|
$
|
286.81
|
|
SNL U.S. REIT Residential Index
|
|
$
|
100.00
|
|
|
$
|
136.85
|
|
|
$
|
159.22
|
|
|
$
|
167.16
|
|
|
$
|
181.83
|
|
|
$
|
184.77
|
|
NYSE Composite Index
|
|
$
|
100.00
|
|
|
$
|
106.75
|
|
|
$
|
102.38
|
|
|
$
|
114.61
|
|
|
$
|
136.07
|
|
|
$
|
123.89
|
|
SUI New Peer Group (1)
|
|
$
|
100.00
|
|
|
$
|
138.90
|
|
|
$
|
159.06
|
|
|
$
|
163.79
|
|
|
$
|
167.48
|
|
|
$
|
163.60
|
|
SUI Old Peer Group (2)
|
|
$
|
100.00
|
|
|
$
|
137.53
|
|
|
$
|
158.50
|
|
|
$
|
167.15
|
|
|
$
|
174.93
|
|
|
$
|
175.02
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2018
|
|
2017 (1)
|
|
2016 (1)
|
|
2015 (1)
|
|
2014 (1)
|
||||||||||
|
(In thousands, except for share related data)
|
||||||||||||||||||
FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues
|
$
|
1,126,825
|
|
|
$
|
982,570
|
|
|
$
|
833,778
|
|
|
$
|
674,731
|
|
|
$
|
484,259
|
|
Net income
|
$
|
120,158
|
|
|
$
|
81,819
|
|
|
$
|
31,471
|
|
|
$
|
170,473
|
|
|
$
|
33,196
|
|
Net income attributable to Sun Communities, Inc. common stockholders
|
$
|
105,493
|
|
|
$
|
65,021
|
|
|
$
|
17,369
|
|
|
$
|
137,325
|
|
|
$
|
22,376
|
|
Earnings per share - basic
|
$
|
1.29
|
|
|
$
|
0.85
|
|
|
$
|
0.27
|
|
|
$
|
2.53
|
|
|
$
|
0.54
|
|
Earnings per share - diluted
|
$
|
1.29
|
|
|
$
|
0.85
|
|
|
$
|
0.26
|
|
|
$
|
2.52
|
|
|
$
|
0.54
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash distributions declared per common share
|
$
|
2.84
|
|
|
$
|
2.68
|
|
|
$
|
2.60
|
|
|
$
|
2.60
|
|
|
$
|
2.60
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities
|
$
|
385,615
|
|
|
$
|
320,119
|
|
|
$
|
225,653
|
|
|
$
|
192,128
|
|
|
$
|
134,549
|
|
Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities
|
$
|
394,369
|
|
|
$
|
337,384
|
|
|
$
|
266,131
|
|
|
$
|
210,559
|
|
|
$
|
148,356
|
|
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities per share - fully diluted
|
$
|
4.48
|
|
|
$
|
3.95
|
|
|
$
|
3.22
|
|
|
$
|
3.31
|
|
|
$
|
3.06
|
|
Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities per share - fully diluted
|
$
|
4.58
|
|
|
$
|
4.17
|
|
|
$
|
3.79
|
|
|
$
|
3.63
|
|
|
$
|
3.37
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
6,710,026
|
|
|
$
|
6,111,957
|
|
|
$
|
5,870,776
|
|
|
$
|
4,181,799
|
|
|
$
|
2,925,546
|
|
Total debt
|
$
|
3,124,303
|
|
|
$
|
3,079,238
|
|
|
$
|
3,110,042
|
|
|
$
|
2,336,297
|
|
|
$
|
1,819,941
|
|
Total liabilities
|
$
|
3,479,112
|
|
|
$
|
3,405,204
|
|
|
$
|
3,441,605
|
|
|
$
|
2,562,421
|
|
|
$
|
1,997,540
|
|
ITEM 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
|
•
|
Total revenues for 2018 increased 14.7 percent to $1.1 billion.
|
•
|
Core FFO for 2018 was $4.58 per diluted share and OP unit, an increase of 9.8 percent over 2017.
|
•
|
Achieved Same Community NOI growth of 6.7 percent.
|
•
|
Gained 2,600 revenue producing sites.
|
•
|
Reached Same Community occupancy of 98.0 percent, excluding approximately 2,100 recently completed, but vacant expansion sites.
|
•
|
Sold 3,629 homes, an increase of 10.6 percent over 2017.
|
•
|
Brokered homes sales increased by 7.0 percent to 2,147 in 2018 as compared to 2,006 in 2017.
|
•
|
Achieved 1-year, 3-year and 5-year total shareholder return of 14.2 percent, 66.9 percent and 191.3 percent, respectively, outperforming the MSCI US REIT, Russell 1000, U.S. REIT Residential, and S&P 500 indexes.
|
•
|
Delivered approximately 1,300 expansion sites in 13 communities.
|
•
|
Acquired 20 communities for total consideration of $349.1 million.
|
•
|
Entered into a strategic investment with Ingenia Communities Group (“Ingenia”) along with a development joint venture.
|
|
|
Year Ended December 31,
|
||||||||||
Portfolio Information:
|
|
2018
|
|
2017
|
|
2016
|
||||||
Occupancy % - Total Portfolio - MH and RV blended (1)
|
|
96.1
|
%
|
|
95.8
|
%
|
|
96.2
|
%
|
|||
Occupancy % - Same Community - MH and RV blended (1)(2)(3)
|
|
98.0
|
%
|
|
97.3
|
%
|
|
96.6
|
%
|
|||
Core FFO
|
|
$
|
4.58
|
|
|
$
|
4.17
|
|
|
$
|
3.79
|
|
NOI - Total Portfolio (in thousands)
|
|
$
|
533,321
|
|
|
$
|
479,662
|
|
|
$
|
403,337
|
|
NOI - Same Community (in thousands)
|
|
$
|
512,357
|
|
|
$
|
382,210
|
|
|
$
|
332,919
|
|
Homes Sold
|
|
3,629
|
|
|
3,282
|
|
|
3,172
|
|
|||
Number of Occupied Rental Homes
|
|
10,994
|
|
|
11,074
|
|
|
10,733
|
|
Property/Portfolio
|
|
State
|
|
Type
|
|
Total Consideration (in thousands)
|
|
Number of sites
|
|
Expansion Sites
|
||||
Leaf Verde RV Resort
|
|
Arizona
|
|
RV
|
|
$
|
11,647
|
|
|
376
|
|
|
—
|
|
Archview RV Resort & Campground
|
|
Utah
|
|
RV
|
|
14,550
|
|
|
114
|
|
|
50
|
|
|
Petoskey KOA RV Resort
|
|
Michigan
|
|
RV
|
|
9,000
|
|
|
210
|
|
|
—
|
|
|
The Sands RV & Golf Resort
|
|
California
|
|
RV
|
|
14,250
|
|
|
507
|
|
|
—
|
|
|
Sun NG RV Resorts LLC (1)(2)
|
|
Various
|
|
RV
|
|
241,878
|
|
|
2,700
|
|
|
940
|
|
|
Silver Creek RV Resort
|
|
Michigan
|
|
RV
|
|
7,250
|
|
|
264
|
|
|
176
|
|
|
Highway West (1)
|
|
Utah and Oregon
|
|
RV
|
|
36,500
|
|
|
536
|
|
|
—
|
|
|
Compass RV Resort
|
|
Florida
|
|
RV
|
|
14,000
|
|
|
175
|
|
|
—
|
|
|
Total
|
|
|
|
|
|
$
|
349,075
|
|
|
4,882
|
|
|
1,166
|
|
Name
|
|
Location
|
|
Type
|
|
Expansion / Development Sites
|
|
Cost (millions)
|
|
Month Acquired
|
|||
Ocean West
|
|
McKinleyville, CA
|
|
MH
|
|
26
|
|
|
$
|
0.2
|
|
|
December
|
Water Oak Country Club Estates
|
|
Lady Lake, FL
|
|
MH
|
|
296
|
|
|
$
|
1.9
|
|
|
November
|
Oak Crest
|
|
Austin, TX
|
|
MH
|
|
220
|
|
|
$
|
4.2
|
|
|
October
|
Pecan Park RV Resort
|
|
Jacksonville, FL
|
|
RV
|
|
158
|
|
|
$
|
1.3
|
|
|
September
|
Smith Creek Crossing
|
|
Granby, CO
|
|
MH
|
|
310
|
|
|
$
|
0.9
|
|
|
September
|
Apple Carr
|
|
Egelston, MI
|
|
MH
|
|
121
|
|
|
$
|
0.2
|
|
|
May
|
River Run Ranch
|
|
Granby, CO
|
|
MH / RV
|
|
1,144
|
|
|
$
|
5.3
|
|
|
May
|
|
|
|
|
Total
|
|
2,275
|
|
|
$
|
14.0
|
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||
Major Market
|
Number of Properties
|
Total Sites
|
% of Total Sites
|
|
Number of Properties
|
Total Sites
|
% of Total Sites
|
||||||
Florida
|
124
|
|
43,791
|
|
34.1
|
%
|
|
123
|
|
43,328
|
|
35.5
|
%
|
Michigan
|
70
|
|
27,080
|
|
21.1
|
%
|
|
68
|
|
26,137
|
|
21.4
|
%
|
Texas
|
23
|
|
8,674
|
|
6.8
|
%
|
|
21
|
|
7,974
|
|
6.5
|
%
|
California
|
30
|
|
7,706
|
|
6.0
|
%
|
|
27
|
|
6,498
|
|
5.3
|
%
|
Arizona
|
12
|
|
5,259
|
|
4.1
|
%
|
|
11
|
|
4,882
|
|
4.0
|
%
|
Ontario, Canada
|
15
|
|
4,891
|
|
3.8
|
%
|
|
15
|
|
4,882
|
|
4.0
|
%
|
Indiana
|
11
|
|
3,608
|
|
2.8
|
%
|
|
11
|
|
3,420
|
|
2.8
|
%
|
Ohio
|
9
|
|
2,920
|
|
2.3
|
%
|
|
9
|
|
2,904
|
|
2.4
|
%
|
New Jersey
|
7
|
|
2,916
|
|
2.3
|
%
|
|
7
|
|
2,917
|
|
2.4
|
%
|
Colorado
|
8
|
|
2,472
|
|
1.9
|
%
|
|
8
|
|
2,481
|
|
2.0
|
%
|
Illinois
|
5
|
|
2,150
|
|
1.6
|
%
|
|
5
|
|
2,150
|
|
1.8
|
%
|
New York
|
7
|
|
2,118
|
|
1.6
|
%
|
|
6
|
|
1,757
|
|
1.4
|
%
|
Maine
|
6
|
|
1,595
|
|
1.2
|
%
|
|
6
|
|
1,595
|
|
1.3
|
%
|
Pennsylvania
|
4
|
|
1,519
|
|
1.2
|
%
|
|
3
|
|
1,277
|
|
1.1
|
%
|
Maryland
|
4
|
|
1,382
|
|
1.1
|
%
|
|
3
|
|
1,156
|
|
1.0
|
%
|
Georgia
|
3
|
|
1,140
|
|
0.9
|
%
|
|
3
|
|
1,139
|
|
0.9
|
%
|
Virginia
|
5
|
|
1,031
|
|
0.8
|
%
|
|
4
|
|
718
|
|
0.6
|
%
|
Missouri
|
2
|
|
976
|
|
0.8
|
%
|
|
2
|
|
976
|
|
0.8
|
%
|
Delaware
|
2
|
|
916
|
|
0.7
|
%
|
|
2
|
|
916
|
|
0.8
|
%
|
New Hampshire
|
2
|
|
682
|
|
0.5
|
%
|
|
—
|
|
—
|
|
—
|
%
|
Massachusetts
|
2
|
|
679
|
|
0.5
|
%
|
|
2
|
|
680
|
|
0.6
|
%
|
North Carolina
|
3
|
|
671
|
|
0.5
|
%
|
|
3
|
|
672
|
|
0.6
|
%
|
South Carolina
|
1
|
|
588
|
|
0.5
|
%
|
|
1
|
|
588
|
|
0.5
|
%
|
Wisconsin
|
2
|
|
588
|
|
0.5
|
%
|
|
2
|
|
548
|
|
0.4
|
%
|
Utah
|
4
|
|
562
|
|
0.4
|
%
|
|
—
|
|
—
|
|
—
|
%
|
Oregon
|
3
|
|
561
|
|
0.4
|
%
|
|
2
|
|
473
|
|
0.4
|
%
|
Minnesota
|
1
|
|
475
|
|
0.4
|
%
|
|
1
|
|
475
|
|
0.4
|
%
|
Iowa
|
1
|
|
413
|
|
0.3
|
%
|
|
1
|
|
413
|
|
0.3
|
%
|
Tennessee
|
2
|
|
392
|
|
0.3
|
%
|
|
1
|
|
237
|
|
0.2
|
%
|
Nevada
|
1
|
|
324
|
|
0.3
|
%
|
|
1
|
|
324
|
|
0.3
|
%
|
Montana
|
1
|
|
226
|
|
0.2
|
%
|
|
1
|
|
226
|
|
0.2
|
%
|
Connecticut
|
1
|
|
149
|
|
0.1
|
%
|
|
1
|
|
149
|
|
0.1
|
%
|
|
371
|
|
128,454
|
|
|
|
|
350
|
|
121,892
|
|
|
|
|
Years Ended
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Net income attributable to Sun Communities, Inc. common stockholders
|
|
$
|
105,493
|
|
|
$
|
65,021
|
|
|
$
|
17,369
|
|
Other revenues
|
|
(27,057
|
)
|
|
(24,874
|
)
|
|
(21,150
|
)
|
|||
Home selling expenses
|
|
15,722
|
|
|
12,457
|
|
|
9,744
|
|
|||
General and administrative
|
|
81,438
|
|
|
74,232
|
|
|
63,662
|
|
|||
Transaction costs
|
|
472
|
|
|
9,801
|
|
|
31,914
|
|
|||
Catastrophic weather related charges, net
|
|
92
|
|
|
8,352
|
|
|
1,172
|
|
|||
Depreciation and amortization
|
|
287,262
|
|
|
261,536
|
|
|
221,770
|
|
|||
Loss on extinguishment of debt
|
|
2,657
|
|
|
6,019
|
|
|
1,127
|
|
|||
Interest expense
|
|
132,783
|
|
|
130,242
|
|
|
122,315
|
|
|||
Remeasurement of marketable securities
|
|
3,639
|
|
|
—
|
|
|
—
|
|
|||
Other expense / (income), net
|
|
6,453
|
|
|
(8,982
|
)
|
|
4,676
|
|
|||
Current tax expense
|
|
595
|
|
|
446
|
|
|
683
|
|
|||
Deferred tax benefit
|
|
(507
|
)
|
|
(582
|
)
|
|
(400
|
)
|
|||
Income from nonconsolidated affiliates
|
|
(646
|
)
|
|
—
|
|
|
(500
|
)
|
|||
Preferred return to preferred OP units
|
|
4,486
|
|
|
4,581
|
|
|
5,006
|
|
|||
Amounts attributable to noncontrolling interests
|
|
8,443
|
|
|
5,055
|
|
|
150
|
|
|||
Preferred stock distribution
|
|
1,736
|
|
|
7,162
|
|
|
8,946
|
|
|||
NOI/Gross Profit
|
|
$
|
623,061
|
|
|
$
|
550,466
|
|
|
$
|
466,484
|
|
|
|
Years Ended
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Real Property NOI
|
|
$
|
533,321
|
|
|
$
|
479,662
|
|
|
$
|
403,337
|
|
Rental Program NOI
|
|
96,173
|
|
|
92,268
|
|
|
85,019
|
|
|||
Home Sales NOI/Gross profit
|
|
42,698
|
|
|
32,294
|
|
|
30,087
|
|
|||
Ancillary NOI/Gross profit
|
|
16,484
|
|
|
10,075
|
|
|
9,641
|
|
|||
Site rent from Rental Program (included in Real Property NOI) (1)
|
|
(65,615
|
)
|
|
(63,833
|
)
|
|
(61,600
|
)
|
|||
NOI/Gross profit
|
|
$
|
623,061
|
|
|
$
|
550,466
|
|
|
$
|
466,484
|
|
|
|
Year Ended December 31,
|
|
|
|
|
|||||||||
Financial Information (in thousands)
|
|
2018
|
|
2017
|
|
Change
|
|
% Change
|
|||||||
Income from Real Property
|
|
$
|
825,973
|
|
|
$
|
742,228
|
|
|
$
|
83,745
|
|
|
11.3
|
%
|
Property operating expenses:
|
|
|
|
|
|
|
|
|
|||||||
Payroll and benefits
|
|
74,653
|
|
|
67,075
|
|
|
7,578
|
|
|
11.3
|
%
|
|||
Legal, taxes, and insurance
|
|
9,524
|
|
|
7,264
|
|
|
2,260
|
|
|
31.1
|
%
|
|||
Utilities
|
|
93,205
|
|
|
83,550
|
|
|
9,655
|
|
|
11.6
|
%
|
|||
Supplies and repair
|
|
28,594
|
|
|
25,871
|
|
|
2,723
|
|
|
10.5
|
%
|
|||
Other
|
|
30,121
|
|
|
26,518
|
|
|
3,603
|
|
|
13.6
|
%
|
|||
Real estate taxes
|
|
56,555
|
|
|
52,288
|
|
|
4,267
|
|
|
8.2
|
%
|
|||
Property operating expenses
|
|
292,652
|
|
|
262,566
|
|
|
30,086
|
|
|
11.5
|
%
|
|||
Real Property NOI
|
|
$
|
533,321
|
|
|
$
|
479,662
|
|
|
$
|
53,659
|
|
|
11.2
|
%
|
|
|
As of December 31,
|
|
|
|
|
||||||||
Other Information
|
|
2018
|
|
2017
|
|
Change
|
|
|
||||||
Number of properties
|
|
371
|
|
|
350
|
|
|
21
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
MH occupancy
|
|
95.0
|
%
|
|
|
|
|
|
|
|||||
RV occupancy
|
|
100.0
|
%
|
|
|
|
|
|
|
|||||
MH & RV blended occupancy (1)
|
|
96.1
|
%
|
|
95.8
|
%
|
|
0.3
|
%
|
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
Sites available for development
|
|
11,258
|
|
|
9,617
|
|
|
1,641
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
Monthly base rent per site - MH
|
|
$
|
554
|
|
|
$
|
533
|
|
|
$
|
21
|
|
|
|
Monthly base rent per site - RV (2)
|
|
$
|
455
|
|
|
$
|
435
|
|
|
$
|
20
|
|
|
|
Monthly base rent per site - Total
|
|
$
|
532
|
|
|
$
|
512
|
|
|
$
|
20
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
|
|||||||||
Financial Information (in thousands)
|
|
2018
|
|
2017
|
|
Change
|
|
% Change
|
|
|||||||
Income from Real Property
|
|
$
|
746,360
|
|
|
$
|
703,272
|
|
|
$
|
43,088
|
|
|
6.1
|
%
|
|
Property operating expenses:
|
|
|
|
|
|
|
|
|
|
|||||||
Payroll and benefits
|
|
66,502
|
|
|
65,524
|
|
|
978
|
|
|
1.5
|
%
|
|
|||
Legal, taxes, and insurance
|
|
9,026
|
|
|
7,152
|
|
|
1,874
|
|
|
26.2
|
%
|
|
|||
Utilities
|
|
54,949
|
|
|
51,480
|
|
|
3,469
|
|
|
6.7
|
%
|
|
|||
Supplies and repair(1)
|
|
26,476
|
|
|
25,347
|
|
|
1,129
|
|
|
4.5
|
%
|
|
|||
Other
|
|
22,952
|
|
|
21,960
|
|
|
992
|
|
|
4.5
|
%
|
|
|||
Real estate taxes
|
|
54,098
|
|
|
51,695
|
|
|
2,403
|
|
|
4.6
|
%
|
|
|||
Property operating expenses
|
|
234,003
|
|
|
223,158
|
|
|
10,845
|
|
|
4.9
|
%
|
|
|||
Real Property NOI
|
|
$
|
512,357
|
|
|
$
|
480,114
|
|
|
$
|
32,243
|
|
|
6.7
|
%
|
|
|
|
As of December 31,
|
|
|
|
|
|
||||||||
Other Information
|
|
2018
|
|
2017
|
|
Change
|
|
|
|
||||||
Number of properties
|
|
336
|
|
|
336
|
|
|
—
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
MH occupancy (2)
|
|
97.4
|
%
|
|
|
|
|
|
|
|
|||||
RV occupancy (2)
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|||||
MH & RV blended occupancy (2)
|
|
98.0
|
%
|
|
95.8
|
%
|
(3)
|
2.2
|
%
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Sites available for development
|
|
7,348
|
|
|
5,087
|
|
|
2,261
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Monthly base rent per site - MH
|
|
$
|
554
|
|
|
$
|
533
|
|
|
$
|
21
|
|
|
|
|
Monthly base rent per site - RV (4)
|
|
$
|
455
|
|
|
$
|
431
|
|
|
$
|
24
|
|
|
|
|
Monthly base rent per site - Total
|
|
$
|
532
|
|
|
$
|
511
|
|
|
$
|
21
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
|||||||||
Financial Information
|
|
2018
|
|
2017
|
|
Change
|
|
% Change
|
|||||||
Revenue:
|
|
|
|
|
|
|
|
|
|||||||
New home sales
|
|
$
|
59,578
|
|
|
$
|
36,915
|
|
|
$
|
22,663
|
|
|
61.4
|
%
|
Pre-owned home sales
|
|
106,453
|
|
|
90,493
|
|
|
15,960
|
|
|
17.6
|
%
|
|||
Revenue from homes sales
|
|
166,031
|
|
|
127,408
|
|
|
38,623
|
|
|
30.3
|
%
|
|||
Expenses:
|
|
|
|
|
|
|
|
|
|||||||
New home cost of sales
|
|
51,913
|
|
|
31,578
|
|
|
20,335
|
|
|
64.4
|
%
|
|||
Pre-owned home cost of sales
|
|
71,420
|
|
|
63,536
|
|
|
7,884
|
|
|
12.4
|
%
|
|||
Cost of home sales
|
|
123,333
|
|
|
95,114
|
|
|
28,219
|
|
|
29.7
|
%
|
|||
NOI / Gross profit
|
|
$
|
42,698
|
|
|
$
|
32,294
|
|
|
$
|
10,404
|
|
|
32.2
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Gross profit – new homes
|
|
$
|
7,665
|
|
|
$
|
5,337
|
|
|
$
|
2,328
|
|
|
43.6
|
%
|
Gross margin % – new homes
|
|
12.9
|
%
|
|
14.5
|
%
|
|
(1.6
|
)%
|
|
|
|
|||
Average selling price – new homes
|
|
$
|
113,266
|
|
|
$
|
101,975
|
|
|
$
|
11,291
|
|
|
11.1
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Gross profit – pre-owned homes
|
|
$
|
35,033
|
|
|
$
|
26,957
|
|
|
$
|
8,076
|
|
|
30.0
|
%
|
Gross margin % – pre-owned homes
|
|
32.9
|
%
|
|
29.8
|
%
|
|
3.1
|
%
|
|
|
|
|||
Average selling price – pre-owned homes
|
|
$
|
34,306
|
|
|
$
|
30,991
|
|
|
$
|
3,315
|
|
|
10.7
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Statistical Information
|
|
|
|
|
|
|
|
|
|||||||
New home sales volume
|
|
526
|
|
|
362
|
|
|
164
|
|
|
45.3
|
%
|
|||
Pre-owned home sales volume
|
|
3,103
|
|
|
2,920
|
|
|
183
|
|
|
6.3
|
%
|
|||
Total homes sold
|
|
3,629
|
|
|
3,282
|
|
|
347
|
|
|
10.6
|
%
|
|
|
Year Ended December 31,
|
|
|
|
|
|||||||||
Financial Information
|
|
2018
|
|
2017
|
|
Change
|
|
% Change
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|
|||||||
Rental home revenue
|
|
$
|
53,657
|
|
|
$
|
50,549
|
|
|
$
|
3,108
|
|
|
6.1
|
%
|
Site rent from Rental Program (1)
|
|
65,615
|
|
|
63,833
|
|
|
1,782
|
|
|
2.8
|
%
|
|||
Rental Program revenue
|
|
119,272
|
|
|
114,382
|
|
|
4,890
|
|
|
4.3
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Expenses:
|
|
|
|
|
|
|
|
|
|||||||
Commissions
|
|
2,291
|
|
|
2,734
|
|
|
(443
|
)
|
|
(16.2
|
)%
|
|||
Repairs and refurbishment
|
|
10,312
|
|
|
9,864
|
|
|
448
|
|
|
4.5
|
%
|
|||
Taxes and insurance
|
|
6,364
|
|
|
6,102
|
|
|
262
|
|
|
4.3
|
%
|
|||
Marketing and other
|
|
4,132
|
|
|
3,414
|
|
|
718
|
|
|
21.0
|
%
|
|||
Rental Program operating and maintenance
|
|
23,099
|
|
|
22,114
|
|
|
985
|
|
|
4.5
|
%
|
|||
Rental Program NOI
|
|
$
|
96,173
|
|
|
$
|
92,268
|
|
|
$
|
3,905
|
|
|
4.2
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Other Information
|
|
|
|
|
|
|
|
|
|||||||
Number of occupied rentals, end of period
|
|
10,994
|
|
|
11,074
|
|
|
(80
|
)
|
|
(0.7
|
)%
|
|||
Investment in occupied rental homes, end of period
|
|
$
|
530,006
|
|
|
$
|
494,945
|
|
|
$
|
35,061
|
|
|
7.1
|
%
|
Number of sold rental homes
|
|
1,122
|
|
|
1,168
|
|
|
(46
|
)
|
|
(3.9
|
)%
|
|||
Weighted average monthly rental rate, end of period
|
|
$
|
949
|
|
|
$
|
901
|
|
|
$
|
48
|
|
|
5.3
|
%
|
|
|
Year Ended December 31,
|
|
|
|
|
|||||||||
|
|
2018
|
|
2017
|
|
Change
|
|
% Change
|
|||||||
Ancillary revenue, net
|
|
$
|
16,484
|
|
|
$
|
10,075
|
|
|
$
|
6,409
|
|
|
63.6
|
%
|
Interest income
|
|
$
|
20,853
|
|
|
$
|
21,180
|
|
|
$
|
(327
|
)
|
|
(1.5
|
)%
|
Brokerage commissions and other revenues, net
|
|
$
|
6,204
|
|
|
$
|
3,694
|
|
|
$
|
2,510
|
|
|
67.9
|
%
|
Home selling expenses
|
|
$
|
15,722
|
|
|
$
|
12,457
|
|
|
$
|
3,265
|
|
|
26.2
|
%
|
General and administrative expenses
|
|
$
|
81,438
|
|
|
$
|
74,232
|
|
|
$
|
7,206
|
|
|
9.7
|
%
|
Transaction costs
|
|
$
|
472
|
|
|
$
|
9,801
|
|
|
$
|
(9,329
|
)
|
|
(95.2
|
)%
|
Catastrophic weather related charges, net
|
|
$
|
92
|
|
|
$
|
8,352
|
|
|
$
|
(8,260
|
)
|
|
(98.9
|
)%
|
Depreciation and amortization
|
|
$
|
287,262
|
|
|
$
|
261,536
|
|
|
$
|
25,726
|
|
|
9.8
|
%
|
Loss on extinguishment of debt
|
|
$
|
2,657
|
|
|
$
|
6,019
|
|
|
$
|
(3,362
|
)
|
|
(55.9
|
)%
|
Interest expense
|
|
$
|
132,783
|
|
|
$
|
130,242
|
|
|
$
|
2,541
|
|
|
2.0
|
%
|
Remeasurement of marketable securities
|
|
$
|
(3,639
|
)
|
|
$
|
—
|
|
|
$
|
(3,639
|
)
|
|
N/A
|
|
Other (expense) / income, net
|
|
$
|
(6,453
|
)
|
|
$
|
8,982
|
|
|
$
|
(15,435
|
)
|
|
(171.8
|
)%
|
Income from nonconsolidated affiliates
|
|
$
|
646
|
|
|
$
|
—
|
|
|
$
|
646
|
|
|
N/A
|
|
Current tax expense
|
|
$
|
(595
|
)
|
|
$
|
(446
|
)
|
|
$
|
(149
|
)
|
|
(33.4
|
)%
|
Deferred tax benefit
|
|
$
|
507
|
|
|
$
|
582
|
|
|
$
|
(75
|
)
|
|
(12.9
|
)%
|
|
|
Year Ended December 31,
|
|
|
|
|
|||||||||
Financial Information (in thousands)
|
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
|||||||
Income from Real Property
|
|
742,228
|
|
|
620,917
|
|
|
$
|
121,311
|
|
|
19.5
|
%
|
||
Property operating expenses:
|
|
|
|
|
|
|
|
|
|||||||
Payroll and benefits
|
|
67,075
|
|
|
56,744
|
|
|
10,331
|
|
|
18.2
|
%
|
|||
Legal, taxes, and insurance
|
|
7,264
|
|
|
5,941
|
|
|
1,323
|
|
|
22.3
|
%
|
|||
Utilities
|
|
83,550
|
|
|
67,495
|
|
|
16,055
|
|
|
23.8
|
%
|
|||
Supplies and repair
|
|
25,871
|
|
|
20,732
|
|
|
5,139
|
|
|
24.8
|
%
|
|||
Other
|
|
26,518
|
|
|
22,362
|
|
|
4,156
|
|
|
18.6
|
%
|
|||
Real estate taxes
|
|
52,288
|
|
|
44,306
|
|
|
7,982
|
|
|
18.0
|
%
|
|||
Property operating expenses
|
|
262,566
|
|
|
217,580
|
|
|
44,986
|
|
|
20.7
|
%
|
|||
Real Property NOI
|
|
$
|
479,662
|
|
|
$
|
403,337
|
|
|
$
|
76,325
|
|
|
18.9
|
%
|
|
|
As of December 31,
|
|
|
|
|
||||||||
Other Information
|
|
2017
|
|
2016
|
|
Change
|
|
|
||||||
Number of properties
|
|
350
|
|
|
341
|
|
|
9
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
MH occupancy
|
|
94.6
|
%
|
|
|
|
|
|
|
|||||
RV occupancy
|
|
100.0
|
%
|
|
|
|
|
|
|
|||||
MH & RV blended occupancy (1)
|
|
95.8
|
%
|
|
96.2
|
%
|
|
(0.4
|
)%
|
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
Sites available for development
|
|
9,617
|
|
|
10,337
|
|
|
(720
|
)
|
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
Monthly base rent per site - MH
|
|
$
|
533
|
|
|
$
|
515
|
|
|
$
|
18
|
|
|
|
Monthly base rent per site - RV (2)
|
|
$
|
439
|
|
|
$
|
420
|
|
|
$
|
19
|
|
|
|
Monthly base rent per site - Total
|
|
$
|
512
|
|
|
$
|
495
|
|
|
$
|
17
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
|||||||||
Financial Information (in thousands)
|
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
|||||||
Income from Real Property
|
|
$
|
533,942
|
|
|
$
|
503,770
|
|
|
$
|
30,172
|
|
|
6.0
|
%
|
Property operating expenses:
|
|
|
|
|
|
|
|
|
|||||||
Payroll and benefits
|
|
45,240
|
|
|
43,078
|
|
|
2,162
|
|
|
5.0
|
%
|
|||
Legal, taxes, and insurance
|
|
5,562
|
|
|
5,174
|
|
|
388
|
|
|
7.5
|
%
|
|||
Utilities
|
|
29,726
|
|
|
28,475
|
|
|
1,251
|
|
|
4.4
|
%
|
|||
Supplies and repair (1)
|
|
19,109
|
|
|
18,729
|
|
|
380
|
|
|
2.0
|
%
|
|||
Other
|
|
13,696
|
|
|
13,988
|
|
|
(292
|
)
|
|
(2.1
|
)%
|
|||
Real estate taxes
|
|
38,399
|
|
|
36,708
|
|
|
1,691
|
|
|
4.6
|
%
|
|||
Property operating expenses
|
|
151,732
|
|
|
146,152
|
|
|
5,580
|
|
|
3.8
|
%
|
|||
Real Property NOI
|
|
$
|
382,210
|
|
|
$
|
357,618
|
|
|
$
|
24,592
|
|
|
6.9
|
%
|
|
|
As of December 31,
|
|
|
|
|
|
||||||||
Other Information
|
|
2017
|
|
2016
|
|
Change
|
|
|
|
||||||
Number of properties
|
|
231
|
|
|
231
|
|
|
—
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
MH occupancy (2)
|
|
96.9
|
%
|
|
|
|
|
|
|
|
|||||
RV occupancy (2)
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|||||
MH & RV blended occupancy (2)
|
|
97.3
|
%
|
|
95.4
|
%
|
(3)
|
1.9
|
%
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Sites available for development
|
|
5,087
|
|
|
6,263
|
|
|
(1,176
|
)
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Monthly base rent per site - MH
|
|
$
|
518
|
|
|
$
|
500
|
|
|
$
|
18
|
|
|
|
|
Monthly base rent per site - RV (4)
|
|
$
|
459
|
|
|
$
|
441
|
|
|
$
|
18
|
|
|
|
|
Monthly base rent per site - Total
|
|
$
|
510
|
|
|
$
|
492
|
|
|
$
|
18
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
|||||||||
Financial Information
|
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
|||||||
Revenue:
|
|
|
|
|
|
|
|
|
|||||||
New home sales
|
|
$
|
36,915
|
|
|
$
|
30,977
|
|
|
$
|
5,938
|
|
|
19.2
|
%
|
Pre-owned home sales
|
|
90,493
|
|
|
79,530
|
|
|
10,963
|
|
|
13.8
|
%
|
|||
Revenue from homes sales
|
|
127,408
|
|
|
110,507
|
|
|
16,901
|
|
|
15.3
|
%
|
|||
Expenses:
|
|
|
|
|
|
|
|
|
|||||||
New home cost of sales
|
|
31,578
|
|
|
26,802
|
|
|
4,776
|
|
|
17.8
|
%
|
|||
Pre-owned home cost of sales
|
|
63,536
|
|
|
53,618
|
|
|
9,918
|
|
|
18.5
|
%
|
|||
Cost of home sales
|
|
95,114
|
|
|
80,420
|
|
|
14,694
|
|
|
18.3
|
%
|
|||
NOI / Gross profit
|
|
$
|
32,294
|
|
|
$
|
30,087
|
|
|
$
|
2,207
|
|
|
7.3
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Gross profit – new homes
|
|
$
|
5,337
|
|
|
$
|
4,175
|
|
|
$
|
1,162
|
|
|
27.8
|
%
|
Gross margin % – new homes
|
|
14.5
|
%
|
|
13.5
|
%
|
|
1.0
|
%
|
|
|
||||
Average selling price – new homes
|
|
$
|
101,975
|
|
|
$
|
94,156
|
|
|
$
|
7,819
|
|
|
8.3
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Gross profit – pre-owned homes
|
|
$
|
26,957
|
|
|
$
|
25,912
|
|
|
$
|
1,045
|
|
|
4.0
|
%
|
Gross margin % – pre-owned homes
|
|
29.8
|
%
|
|
32.6
|
%
|
|
(2.8
|
)%
|
|
|
||||
Average selling price – pre-owned homes
|
|
$
|
30,991
|
|
|
$
|
27,974
|
|
|
$
|
3,017
|
|
|
10.8
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Statistical Information
|
|
|
|
|
|
|
|
|
|||||||
New home sales volume
|
|
362
|
|
|
329
|
|
|
33
|
|
|
10.0
|
%
|
|||
Pre-owned home sales volume
|
|
2,920
|
|
|
2,843
|
|
|
77
|
|
|
2.7
|
%
|
|||
Total homes sold
|
|
3,282
|
|
|
3,172
|
|
|
110
|
|
|
3.5
|
%
|
|
|
Year Ended December 31,
|
|
|
|
|
|||||||||
Financial Information
|
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|
|||||||
Rental home revenue
|
|
$
|
50,549
|
|
|
$
|
47,780
|
|
|
$
|
2,769
|
|
|
5.8
|
%
|
Site rent from Rental Program (1)
|
|
63,833
|
|
|
61,600
|
|
|
2,233
|
|
|
3.6
|
%
|
|||
Rental Program revenue
|
|
114,382
|
|
|
109,380
|
|
|
5,002
|
|
|
4.6
|
%
|
|||
Expenses:
|
|
|
|
|
|
|
|
|
|||||||
Commissions
|
|
2,734
|
|
|
2,309
|
|
|
425
|
|
|
18.4
|
%
|
|||
Repairs and refurbishment
|
|
9,864
|
|
|
12,825
|
|
|
(2,961
|
)
|
|
(23.1
|
)%
|
|||
Taxes and insurance
|
|
6,102
|
|
|
5,734
|
|
|
368
|
|
|
6.4
|
%
|
|||
Marketing and other
|
|
3,414
|
|
|
3,493
|
|
|
(79
|
)
|
|
(2.3
|
)%
|
|||
Rental Program operating and maintenance
|
|
22,114
|
|
|
24,361
|
|
|
(2,247
|
)
|
|
(9.2
|
)%
|
|||
Rental Program NOI
|
|
$
|
92,268
|
|
|
$
|
85,019
|
|
|
$
|
7,249
|
|
|
8.5
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Other Information
|
|
|
|
|
|
|
|
|
|||||||
Number of occupied rentals, end of period
|
|
11,074
|
|
|
10,733
|
|
|
341
|
|
|
3.2
|
%
|
|||
Investment in occupied rental homes, end of period
|
|
$
|
494,945
|
|
|
$
|
457,691
|
|
|
$
|
37,254
|
|
|
8.1
|
%
|
Number of sold rental homes
|
|
1,168
|
|
|
1,089
|
|
|
79
|
|
|
7.3
|
%
|
|||
Weighted average monthly rental rate, end of period
|
|
$
|
901
|
|
|
$
|
882
|
|
|
$
|
19
|
|
|
2.2
|
%
|
|
|
Year Ended December 31,
|
|
|
|
|
|||||||||
|
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
|||||||
Ancillary revenue, net
|
|
$
|
10,075
|
|
|
$
|
9,641
|
|
|
$
|
434
|
|
|
4.5
|
%
|
Interest income
|
|
$
|
21,180
|
|
|
$
|
18,113
|
|
|
$
|
3,067
|
|
|
16.9
|
%
|
Brokerage commissions and other revenues, net
|
|
$
|
3,694
|
|
|
$
|
3,037
|
|
|
$
|
657
|
|
|
21.6
|
%
|
Home selling expenses
|
|
$
|
12,457
|
|
|
$
|
9,744
|
|
|
$
|
2,713
|
|
|
27.8
|
%
|
General and administrative expenses
|
|
$
|
74,232
|
|
|
$
|
63,662
|
|
|
$
|
10,570
|
|
|
16.6
|
%
|
Transaction costs
|
|
$
|
9,801
|
|
|
$
|
31,914
|
|
|
$
|
(22,113
|
)
|
|
(69.3
|
)%
|
Catastrophic weather related charges, net
|
|
$
|
8,352
|
|
|
$
|
1,172
|
|
|
$
|
7,180
|
|
|
612.6
|
%
|
Depreciation and amortization
|
|
$
|
261,536
|
|
|
$
|
221,770
|
|
|
$
|
39,766
|
|
|
17.9
|
%
|
Loss on extinguishment of debt
|
|
$
|
6,019
|
|
|
$
|
1,127
|
|
|
$
|
4,892
|
|
|
434.1
|
%
|
Interest expense
|
|
$
|
130,242
|
|
|
$
|
122,315
|
|
|
$
|
7,927
|
|
|
6.5
|
%
|
Other income / (expense), net
|
|
$
|
8,982
|
|
|
$
|
(4,676
|
)
|
|
$
|
13,658
|
|
|
292.1
|
%
|
Income from nonconsolidated affiliates
|
|
$
|
—
|
|
|
$
|
500
|
|
|
$
|
(500
|
)
|
|
(100.0
|
)%
|
Current tax expense
|
|
$
|
(446
|
)
|
|
$
|
(683
|
)
|
|
$
|
237
|
|
|
(34.7
|
)%
|
Deferred tax benefit
|
|
$
|
582
|
|
|
$
|
400
|
|
|
$
|
182
|
|
|
45.5
|
%
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Net income attributable to Sun Communities, Inc. common stockholders
|
|
$
|
105,493
|
|
|
$
|
65,021
|
|
|
$
|
17,369
|
|
Adjustments:
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
288,206
|
|
|
262,211
|
|
|
221,576
|
|
|||
Remeasurement of marketable securities
|
|
3,639
|
|
|
—
|
|
|
—
|
|
|||
Amounts attributable to noncontrolling interests
|
|
7,740
|
|
|
4,535
|
|
|
(41
|
)
|
|||
Preferred return to preferred OP units
|
|
2,206
|
|
|
2,320
|
|
|
2,462
|
|
|||
Preferred distribution to Series A-4 Preferred Stock
|
|
1,737
|
|
|
2,107
|
|
|
—
|
|
|||
Gain on disposition of assets, net
|
|
(23,406
|
)
|
|
(16,075
|
)
|
|
(15,713
|
)
|
|||
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1)
|
|
$
|
385,615
|
|
|
$
|
320,119
|
|
|
$
|
225,653
|
|
Adjustments:
|
|
|
|
|
|
|
||||||
Transaction costs (2)
|
|
—
|
|
|
9,801
|
|
|
31,914
|
|
|||
Other acquisition related costs (3)
|
|
1,001
|
|
|
2,810
|
|
|
3,328
|
|
|||
Income from nonconsolidated affiliates
|
|
—
|
|
|
—
|
|
|
(500
|
)
|
|||
Loss on extinguishment of debt
|
|
2,657
|
|
|
6,019
|
|
|
1,127
|
|
|||
Catastrophic weather related costs, net
|
|
92
|
|
|
8,352
|
|
|
1,172
|
|
|||
Loss of earnings - catastrophic weather related (4)
|
|
(292
|
)
|
|
292
|
|
|
—
|
|
|||
Other expense / (income), net
|
|
6,453
|
|
|
(8,982
|
)
|
|
4,676
|
|
|||
Debt premium write-off
|
|
(1,467
|
)
|
|
(1,343
|
)
|
|
(839
|
)
|
|||
Ground lease intangible write-off
|
|
817
|
|
|
898
|
|
|
—
|
|
|||
Deferred tax benefit
|
|
(507
|
)
|
|
(582
|
)
|
|
(400
|
)
|
|||
Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1)
|
|
$
|
394,369
|
|
|
$
|
337,384
|
|
|
$
|
266,131
|
|
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding - basic:
|
|
81,387
|
|
|
76,084
|
|
|
65,856
|
|
|||
Add:
|
|
|
|
|
|
|
||||||
Common stock issuable upon conversion of stock options
|
|
2
|
|
|
2
|
|
|
8
|
|
|||
Restricted stock
|
|
651
|
|
|
625
|
|
|
457
|
|
|||
Common OP units
|
|
2,733
|
|
|
2,756
|
|
|
2,844
|
|
|||
Common stock issuable upon conversion of Series A-1 preferred OP units
|
|
821
|
|
|
869
|
|
|
925
|
|
|||
Common stock issuable upon conversion of Series A-4 preferred stock
|
|
472
|
|
|
585
|
|
|
—
|
|
|||
Common stock issuable upon conversion of Series A-3 preferred OP units
|
|
75
|
|
|
75
|
|
|
75
|
|
|||
Weighted average common shares outstanding - fully diluted
|
|
86,141
|
|
|
80,996
|
|
|
70,165
|
|
|||
|
|
|
|
|
|
|
||||||
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities per share - fully diluted
|
|
$
|
4.48
|
|
|
$
|
3.95
|
|
|
$
|
3.22
|
|
Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities per share - fully diluted
|
|
$
|
4.58
|
|
|
$
|
4.17
|
|
|
$
|
3.79
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Net Cash Provided by Operating Activities
|
|
$
|
363,114
|
|
|
$
|
257,983
|
|
|
$
|
241,455
|
|
Net Cash Used for Investing Activities
|
|
$
|
(733,743
|
)
|
|
$
|
(401,642
|
)
|
|
$
|
(1,614,512
|
)
|
Net Cash Provided by Financing Activities
|
|
$
|
409,905
|
|
|
$
|
141,557
|
|
|
$
|
1,338,970
|
|
Effect of exchange rate on cash, cash equivalents and restricted cash
|
|
$
|
(523
|
)
|
|
$
|
298
|
|
|
$
|
(73
|
)
|
Covenant
|
|
Requirement
|
|
As of December 31, 2018
|
Maximum Leverage Ratio
|
|
< 65.0%
|
|
31.3%
|
Minimum Fixed Charge Coverage Ratio
|
|
> 1.40
|
|
2.95
|
Minimum Tangible Net Worth (in thousands)
|
|
> $2,918,046
|
|
$4,677,834
|
Maximum Dividend Payout Ratio
|
|
< 95.0%
|
|
58.7%
|
|
|
|
|
Payments Due By Period
|
||||||||||||||||
|
|
|
|
(In thousands)
|
||||||||||||||||
Contractual Cash Obligations (1)
|
|
Total Due
|
|
<1 year
|
|
1-3 years
|
|
3-5 years
|
|
After 5 years
|
||||||||||
Collateralized term loans - Life Companies
|
|
$
|
1,262,351
|
|
|
$
|
27,576
|
|
|
$
|
75,797
|
|
|
$
|
62,806
|
|
|
$
|
1,096,172
|
|
Collateralized term loans - FNMA
|
|
762,632
|
|
|
16,416
|
|
|
221,560
|
|
|
223,628
|
|
|
301,028
|
|
|||||
Collateralized term loans - CMBS
|
|
405,864
|
|
|
7,890
|
|
|
136,570
|
|
|
81,619
|
|
|
179,785
|
|
|||||
Collateralized term loans - FMCC
|
|
382,754
|
|
|
6,281
|
|
|
13,305
|
|
|
131,827
|
|
|
231,341
|
|
|||||
Secured borrowings
|
|
107,731
|
|
|
5,265
|
|
|
11,917
|
|
|
12,754
|
|
|
77,795
|
|
|||||
Lines of credit
|
|
128,000
|
|
|
—
|
|
|
128,000
|
|
|
—
|
|
|
—
|
|
|||||
Preferred Equity - Sun NG Resorts - mandatorily redeemable
|
|
35,277
|
|
|
—
|
|
|
—
|
|
|
35,277
|
|
|
—
|
|
|||||
Preferred OP units - mandatorily redeemable
|
|
37,338
|
|
|
2,675
|
|
|
—
|
|
|
—
|
|
|
34,663
|
|
|||||
Total principal payments
|
|
$
|
3,121,947
|
|
|
$
|
66,103
|
|
|
$
|
587,149
|
|
|
$
|
547,911
|
|
|
$
|
1,920,784
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense (2)
|
|
$
|
899,780
|
|
|
$
|
129,261
|
|
|
$
|
237,145
|
|
|
$
|
185,468
|
|
|
$
|
347,906
|
|
Operating leases
|
|
64,070
|
|
|
3,765
|
|
|
7,530
|
|
|
7,530
|
|
|
45,245
|
|
|||||
Capital lease obligation
|
|
4,660
|
|
|
120
|
|
|
240
|
|
|
240
|
|
|
4,060
|
|
|||||
Total contractual cash obligations
|
|
$
|
4,090,457
|
|
|
$
|
199,249
|
|
|
$
|
832,064
|
|
|
$
|
741,149
|
|
|
$
|
2,317,995
|
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
#
|
Management contract or compensatory plan or arrangement.
|
|
SUN COMMUNITIES, INC.
(Registrant)
|
||
Dated: February 21, 2019
|
By
|
/s/
|
Gary A. Shiffman
|
|
|
|
Gary A. Shiffman
Chief Executive Officer
|
|
Name
|
|
Capacity
|
|
Date
|
/s/
|
Gary A. Shiffman
|
|
Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer)
|
|
February 21, 2019
|
|
Gary A. Shiffman
|
|
|
|
|
/s/
|
Karen J. Dearing
|
|
Executive Vice President, Chief Financial Officer, Treasurer and Secretary (Principal Financial Officer and Principal Accounting Officer)
|
|
February 21, 2019
|
|
Karen J. Dearing
|
|
|
|
|
/s/
|
Meghan G. Baivier
|
|
Director
|
|
February 21, 2019
|
|
Meghan G. Baivier
|
|
|
|
|
/s/
|
Stephanie W. Bergeron
|
|
Director
|
|
February 21, 2019
|
|
Stephanie W. Bergeron
|
|
|
|
|
/s/
|
Brian M. Hermelin
|
|
Director
|
|
February 21, 2019
|
|
Brian M. Hermelin
|
|
|
|
|
/s/
|
Ronald A. Klein
|
|
Director
|
|
February 21, 2019
|
|
Ronald A. Klein
|
|
|
|
|
/s/
|
Clunet R. Lewis
|
|
Director
|
|
February 21, 2019
|
|
Clunet R. Lewis
|
|
|
|
|
/s/
|
Arthur A. Weiss
|
|
Director
|
|
February 21, 2019
|
|
Arthur A. Weiss
|
|
|
|
|
|
Page
|
Reports of Independent Registered Public Accounting Firm
|
F-2
|
Financial Statements:
|
|
Consolidated Balance Sheets as of December 31, 2018 and 2017
|
F-4
|
Consolidated Statements of Operations for the Years Ended December 31, 2018, 2017, and 2016
|
F-5
|
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2018, 2017, and 2016
|
F-6
|
Consolidated Statements of Stockholders’ Equity for the Years Ended December 31, 2018, 2017, and 2016
|
F-7
|
Consolidated Statements of Cash Flows for the Years Ended December 31, 2018, 2017, and 2016
|
F-8
|
Notes to Consolidated Financial Statements
|
F-9
|
Real Estate and Accumulated Depreciation, Schedule III
|
F-43
|
|
As of December 31,
|
||||||
|
2018
|
|
2017
|
||||
ASSETS
|
|
|
|
||||
Land
|
$
|
1,201,945
|
|
|
$
|
1,107,838
|
|
Land improvements and buildings
|
5,586,250
|
|
|
5,102,014
|
|
||
Rental homes and improvements
|
571,661
|
|
|
528,074
|
|
||
Furniture, fixtures and equipment
|
201,090
|
|
|
144,953
|
|
||
Investment property
|
7,560,946
|
|
|
6,882,879
|
|
||
Accumulated depreciation
|
(1,442,630
|
)
|
|
(1,237,525
|
)
|
||
Investment property, net (including $308,171 and $50,193 for consolidated variable interest entities at December 31, 2018 and December 31, 2017; see Note 8)
|
6,118,316
|
|
|
5,645,354
|
|
||
Cash and cash equivalents
|
50,311
|
|
|
10,127
|
|
||
Inventory of manufactured homes
|
49,199
|
|
|
30,430
|
|
||
Notes and other receivables, net
|
160,077
|
|
|
163,496
|
|
||
Collateralized receivables, net
|
106,924
|
|
|
128,246
|
|
||
Other assets, net (including $19,809 and $1,659 for consolidated variable interest entities at December 31, 2018 and December 31, 2017; see Note 8)
|
225,199
|
|
|
134,304
|
|
||
TOTAL ASSETS
|
$
|
6,710,026
|
|
|
$
|
6,111,957
|
|
LIABILITIES
|
|
|
|
||||
Mortgage loans payable (including $44,172 and $41,970 for consolidated variable interest entities at December 31, 2018 and December 31, 2017; see Note 8)
|
$
|
2,815,957
|
|
|
$
|
2,867,356
|
|
Secured borrowings on collateralized receivables
|
107,731
|
|
|
129,182
|
|
||
Preferred Equity - Sun NG RV Resorts LLC - mandatorily redeemable (fully attributable to consolidated variable interest entities at December 31, 2018; See Note 8)
|
35,277
|
|
|
—
|
|
||
Preferred OP units - mandatorily redeemable
|
37,338
|
|
|
41,443
|
|
||
Lines of credit
|
128,000
|
|
|
41,257
|
|
||
Distributions payable
|
63,249
|
|
|
55,225
|
|
||
Advanced reservation deposits and rent
|
133,698
|
|
|
132,205
|
|
||
Other liabilities (including $6,914 and $1,468 for consolidated variable interest entities at December 31, 2018 and December 31, 2017; see Note 8)
|
157,862
|
|
|
138,536
|
|
||
TOTAL LIABILITIES
|
3,479,112
|
|
|
3,405,204
|
|
||
Commitments and contingencies (see Note 18)
|
|
|
|
||||
Series A-4 preferred stock, $0.01 par value. Issued and outstanding: 1,063 shares at December 31, 2018 and 1,085 shares at December 31, 2017
|
31,739
|
|
|
32,414
|
|
||
Series A-4 preferred OP units
|
9,877
|
|
|
10,652
|
|
||
Equity Interests - NG Sun LLC (fully attributable to consolidated variable interest entities at December 31, 2018; See Note 8)
|
21,976
|
|
|
—
|
|
||
STOCKHOLDERS' EQUITY
|
|
|
|
||||
Common stock, $0.01 par value. Authorized: 180,000 shares; Issued and outstanding: 86,357 shares at December 31, 2018 and 79,679 shares at December 31, 2017
|
864
|
|
|
797
|
|
||
Additional paid-in capital
|
4,398,949
|
|
|
3,758,533
|
|
||
Accumulated other comprehensive (loss) income
|
(4,504
|
)
|
|
1,102
|
|
||
Distributions in excess of accumulated earnings
|
(1,288,486
|
)
|
|
(1,162,001
|
)
|
||
Total Sun Communities, Inc. stockholders' equity
|
3,106,823
|
|
|
2,598,431
|
|
||
Noncontrolling interests
|
|
|
|
||||
Common and preferred OP units
|
53,354
|
|
|
60,971
|
|
||
Consolidated variable interest entities
|
7,145
|
|
|
4,285
|
|
||
Total noncontrolling interests
|
60,499
|
|
|
65,256
|
|
||
TOTAL STOCKHOLDERS' EQUITY
|
3,167,322
|
|
|
2,663,687
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
6,710,026
|
|
|
$
|
6,111,957
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
REVENUES
|
|
|
|
|
|
|
||||||
Income from real property
|
|
$
|
825,973
|
|
|
$
|
742,228
|
|
|
$
|
620,917
|
|
Revenue from home sales
|
|
166,031
|
|
|
127,408
|
|
|
110,507
|
|
|||
Rental home revenue
|
|
53,657
|
|
|
50,549
|
|
|
47,780
|
|
|||
Ancillary revenue
|
|
54,107
|
|
|
37,511
|
|
|
33,424
|
|
|||
Interest
|
|
20,853
|
|
|
21,180
|
|
|
18,113
|
|
|||
Brokerage commissions and other revenues, net
|
|
6,204
|
|
|
3,694
|
|
|
3,037
|
|
|||
Total Revenues
|
|
1,126,825
|
|
|
982,570
|
|
|
833,778
|
|
|||
COSTS AND EXPENSES
|
|
|
|
|
|
|
||||||
Property operating and maintenance
|
|
236,097
|
|
|
210,278
|
|
|
173,274
|
|
|||
Real estate taxes
|
|
56,555
|
|
|
52,288
|
|
|
44,306
|
|
|||
Cost of home sales
|
|
123,333
|
|
|
95,114
|
|
|
80,420
|
|
|||
Rental home operating and maintenance
|
|
23,099
|
|
|
22,114
|
|
|
24,361
|
|
|||
Ancillary expenses
|
|
37,623
|
|
|
27,436
|
|
|
23,783
|
|
|||
Home selling expenses
|
|
15,722
|
|
|
12,457
|
|
|
9,744
|
|
|||
General and administrative
|
|
81,438
|
|
|
74,232
|
|
|
63,662
|
|
|||
Transaction costs
|
|
472
|
|
|
9,801
|
|
|
31,914
|
|
|||
Catastrophic weather related charges, net
|
|
92
|
|
|
8,352
|
|
|
1,172
|
|
|||
Depreciation and amortization
|
|
287,262
|
|
|
261,536
|
|
|
221,770
|
|
|||
Loss on extinguishment of debt
|
|
2,657
|
|
|
6,019
|
|
|
1,127
|
|
|||
Interest
|
|
129,089
|
|
|
127,128
|
|
|
119,163
|
|
|||
Interest on mandatorily redeemable preferred OP units / equity
|
|
3,694
|
|
|
3,114
|
|
|
3,152
|
|
|||
Total Expenses
|
|
997,133
|
|
|
909,869
|
|
|
797,848
|
|
|||
Income Before Other Items
|
|
129,692
|
|
|
72,701
|
|
|
35,930
|
|
|||
Remeasurement of marketable securities
|
|
(3,639
|
)
|
|
—
|
|
|
—
|
|
|||
Other (expense) / income, net
|
|
(6,453
|
)
|
|
8,982
|
|
|
(4,676
|
)
|
|||
Income from nonconsolidated affiliates
|
|
646
|
|
|
—
|
|
|
500
|
|
|||
Current tax expense
|
|
(595
|
)
|
|
(446
|
)
|
|
(683
|
)
|
|||
Deferred tax benefit
|
|
507
|
|
|
582
|
|
|
400
|
|
|||
Net Income
|
|
120,158
|
|
|
81,819
|
|
|
31,471
|
|
|||
Less: Preferred return to preferred OP units / equity
|
|
(4,486
|
)
|
|
(4,581
|
)
|
|
(5,006
|
)
|
|||
Less: Amounts attributable to noncontrolling interests
|
|
(8,443
|
)
|
|
(5,055
|
)
|
|
(150
|
)
|
|||
Net Income Attributable to Sun Communities, Inc.
|
|
107,229
|
|
|
72,183
|
|
|
26,315
|
|
|||
Less: Preferred stock distribution
|
|
(1,736
|
)
|
|
(7,162
|
)
|
|
(8,946
|
)
|
|||
Net Income Attributable to Sun Communities, Inc. Common Stockholders
|
|
$
|
105,493
|
|
|
$
|
65,021
|
|
|
$
|
17,369
|
|
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding:
|
|
|
|
|
|
|
||||||
Basic
|
|
81,387
|
|
|
76,084
|
|
|
65,856
|
|
|||
Diluted
|
|
82,040
|
|
|
76,711
|
|
|
66,321
|
|
|||
Earnings per share (Refer to Note 14):
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
1.29
|
|
|
$
|
0.85
|
|
|
$
|
0.27
|
|
Diluted
|
|
$
|
1.29
|
|
|
$
|
0.85
|
|
|
$
|
0.26
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net Income
|
$
|
120,158
|
|
|
$
|
81,819
|
|
|
$
|
31,471
|
|
Foreign currency translation (loss) / gain
|
(5,878
|
)
|
|
4,527
|
|
|
(3,401
|
)
|
|||
Total Comprehensive Income
|
114,280
|
|
|
86,346
|
|
|
28,070
|
|
|||
Less: Comprehensive income / (loss) attributable to noncontrolling interests
|
8,171
|
|
|
5,299
|
|
|
(70
|
)
|
|||
Comprehensive Income Attributable to Sun Communities, Inc.
|
$
|
106,109
|
|
|
$
|
81,047
|
|
|
$
|
28,140
|
|
|
|
|
Stockholders’ Equity
|
||||||||||||||||||||||||||||
|
Temporary Equity
|
|
7.125% Series A Cumulative Redeemable Preferred Stock
|
|
Common Stock
|
|
Additional Paid-In Capital
|
|
Distributions in Excess of Accumulated Earnings
|
|
Accumulated Other Comprehensive Income / (Loss)
|
|
Non-controlling Interests
|
|
Total Stockholders’ Equity
|
||||||||||||||||
Balance at December 31, 2015
|
$
|
82,797
|
|
|
$
|
34
|
|
|
$
|
584
|
|
|
$
|
2,319,314
|
|
|
$
|
(864,122
|
)
|
|
$
|
—
|
|
|
$
|
80,771
|
|
|
$
|
1,536,581
|
|
Issuance of common stock from exercise of options, net
|
—
|
|
|
—
|
|
|
—
|
|
|
149
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
149
|
|
||||||||
Issuance, conversion of OP units and associated costs of common stock, net
|
(3,248
|
)
|
|
—
|
|
|
144
|
|
|
981,174
|
|
|
—
|
|
|
—
|
|
|
(2,687
|
)
|
|
978,631
|
|
||||||||
Conversion of Series A-4 preferred stock
|
(11,503
|
)
|
|
—
|
|
|
—
|
|
|
11,503
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,503
|
|
||||||||
Share-based compensation - amortization and forfeitures
|
—
|
|
|
—
|
|
|
4
|
|
|
9,301
|
|
|
252
|
|
|
—
|
|
|
—
|
|
|
9,557
|
|
||||||||
Foreign currency translation loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,181
|
)
|
|
(220
|
)
|
|
(3,401
|
)
|
||||||||
Net income
|
90
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,321
|
|
|
—
|
|
|
60
|
|
|
31,381
|
|
||||||||
Distributions
|
(1,192
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(190,866
|
)
|
|
—
|
|
|
(11,308
|
)
|
|
(202,174
|
)
|
||||||||
Balance at December 31, 2016
|
$
|
66,944
|
|
|
$
|
34
|
|
|
$
|
732
|
|
|
$
|
3,321,441
|
|
|
$
|
(1,023,415
|
)
|
|
$
|
(3,181
|
)
|
|
$
|
66,616
|
|
|
$
|
2,362,227
|
|
Issuance of common stock and common OP units, net
|
—
|
|
|
—
|
|
|
63
|
|
|
514,024
|
|
|
—
|
|
|
—
|
|
|
2,001
|
|
|
516,088
|
|
||||||||
Conversion of OP units
|
(259
|
)
|
|
—
|
|
|
1
|
|
|
3,556
|
|
|
—
|
|
|
—
|
|
|
(3,298
|
)
|
|
259
|
|
||||||||
Redemption of Series A-4 preferred stock
|
(13,093
|
)
|
|
—
|
|
|
—
|
|
|
(3,867
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,867
|
)
|
||||||||
Conversion of Series A-4 preferred stock
|
(4,720
|
)
|
|
—
|
|
|
1
|
|
|
4,719
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,720
|
|
||||||||
Redemption of Series A-4 preferred OP units
|
(5,166
|
)
|
|
—
|
|
|
—
|
|
|
(2,571
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,571
|
)
|
||||||||
Redemption of Series A Cumulative Convertible Preferred Stock
|
—
|
|
|
(34
|
)
|
|
—
|
|
|
(84,966
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(85,000
|
)
|
||||||||
Share-based compensation - amortization and forfeitures
|
—
|
|
|
—
|
|
|
—
|
|
|
12,398
|
|
|
297
|
|
|
—
|
|
|
—
|
|
|
12,695
|
|
||||||||
Acquisition of noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,201
|
)
|
|
—
|
|
|
—
|
|
|
6,101
|
|
|
(100
|
)
|
||||||||
Foreign currency translation gain
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,283
|
|
|
244
|
|
|
4,527
|
|
||||||||
Net income
|
205
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76,765
|
|
|
—
|
|
|
4,849
|
|
|
81,614
|
|
||||||||
Distributions
|
(845
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(215,648
|
)
|
|
—
|
|
|
(11,257
|
)
|
|
(226,905
|
)
|
||||||||
Balance at December 31, 2017
|
$
|
43,066
|
|
|
$
|
—
|
|
|
$
|
797
|
|
|
$
|
3,758,533
|
|
|
$
|
(1,162,001
|
)
|
|
$
|
1,102
|
|
|
$
|
65,256
|
|
|
$
|
2,663,687
|
|
Issuance of common stock and common OP units, net
|
—
|
|
|
—
|
|
|
66
|
|
|
623,474
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
623,540
|
|
||||||||
Conversion of OP units
|
(342
|
)
|
|
—
|
|
|
1
|
|
|
1,514
|
|
|
—
|
|
|
—
|
|
|
(1,173
|
)
|
|
342
|
|
||||||||
Conversion of Series A-4 preferred stock
|
(675
|
)
|
|
—
|
|
|
—
|
|
|
675
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
675
|
|
||||||||
Share-based compensation - amortization and forfeitures
|
—
|
|
|
—
|
|
|
—
|
|
|
14,753
|
|
|
313
|
|
|
—
|
|
|
—
|
|
|
15,066
|
|
||||||||
Equity Interest - NG Sun LLC
|
21,976
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,606
|
)
|
|
(272
|
)
|
|
(5,878
|
)
|
||||||||
Net income
|
241
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
111,715
|
|
|
—
|
|
|
8,202
|
|
|
119,917
|
|
||||||||
Distributions
|
(674
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(238,513
|
)
|
|
—
|
|
|
(11,514
|
)
|
|
(250,027
|
)
|
||||||||
Balance at December 31, 2018
|
$
|
63,592
|
|
|
$
|
—
|
|
|
$
|
864
|
|
|
$
|
4,398,949
|
|
|
$
|
(1,288,486
|
)
|
|
$
|
(4,504
|
)
|
|
$
|
60,499
|
|
|
$
|
3,167,322
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
OPERATING ACTIVITIES:
|
|
|
|
|
|
||||||
Net income
|
$
|
120,158
|
|
|
$
|
81,819
|
|
|
$
|
31,471
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Gain on disposition of assets
|
(9,376
|
)
|
|
(9,338
|
)
|
|
(11,224
|
)
|
|||
Gain on acquisition of property
|
—
|
|
|
—
|
|
|
(510
|
)
|
|||
Unrealized foreign currency translation loss / (gain)
|
8,234
|
|
|
(6,146
|
)
|
|
5,005
|
|
|||
Remeasurement of marketable securities
|
3,639
|
|
|
—
|
|
|
—
|
|
|||
Contingent liability remeasurement (gain) / loss
|
(2,336
|
)
|
|
(3,035
|
)
|
|
181
|
|
|||
Asset impairment charges
|
—
|
|
|
742
|
|
|
—
|
|
|||
Share-based compensation
|
15,066
|
|
|
12,695
|
|
|
9,557
|
|
|||
Depreciation and amortization
|
274,432
|
|
|
256,193
|
|
|
218,669
|
|
|||
Deferred tax benefit
|
(507
|
)
|
|
(582
|
)
|
|
(400
|
)
|
|||
Amortization of below market lease
|
(7,399
|
)
|
|
(7,402
|
)
|
|
(6,570
|
)
|
|||
Amortization of debt premium
|
(7,821
|
)
|
|
(9,548
|
)
|
|
(10,693
|
)
|
|||
Amortization of deferred financing costs
|
3,867
|
|
|
2,910
|
|
|
2,160
|
|
|||
Amortization of ground lease intangibles
|
1,638
|
|
|
1,914
|
|
|
600
|
|
|||
Loss on extinguishment of debt
|
2,024
|
|
|
6,019
|
|
|
1,127
|
|
|||
Income from nonconsolidated affiliates
|
—
|
|
|
—
|
|
|
(500
|
)
|
|||
Change in notes receivable from financed sales of inventory homes, net of repayments
|
(2,299
|
)
|
|
(26,193
|
)
|
|
(20,933
|
)
|
|||
Change in inventory, other assets and other receivables, net
|
(40,304
|
)
|
|
(33,031
|
)
|
|
30,880
|
|
|||
Change in other liabilities
|
4,098
|
|
|
(9,034
|
)
|
|
(7,365
|
)
|
|||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
363,114
|
|
|
257,983
|
|
|
241,455
|
|
|||
INVESTING ACTIVITIES:
|
|
|
|
|
|
||||||
Investment in properties
|
(389,399
|
)
|
|
(288,537
|
)
|
|
(223,429
|
)
|
|||
Acquisitions of properties, net of cash acquired
|
(320,268
|
)
|
|
(120,377
|
)
|
|
(1,487,593
|
)
|
|||
Proceeds from nonconsolidated affiliate transactions
|
—
|
|
|
—
|
|
|
500
|
|
|||
Proceeds from dispositions of assets and depreciated homes, net
|
55,855
|
|
|
8,575
|
|
|
4,709
|
|
|||
Proceeds from disposition of properties
|
—
|
|
|
—
|
|
|
88,696
|
|
|||
Issuance of notes and other receivables
|
(216
|
)
|
|
(3,918
|
)
|
|
(10,633
|
)
|
|||
Repayments of notes and other receivables
|
4,312
|
|
|
2,615
|
|
|
13,238
|
|
|||
Investments in nonconsolidated affiliates
|
(84,027
|
)
|
|
—
|
|
|
—
|
|
|||
NET CASH USED FOR INVESTING ACTIVITIES
|
(733,743
|
)
|
|
(401,642
|
)
|
|
(1,614,512
|
)
|
|||
FINANCING ACTIVITIES:
|
|
|
|
|
|
||||||
Issuance of common stock, OP units, and preferred OP units, net
|
623,540
|
|
|
487,677
|
|
|
750,534
|
|
|||
Redemption of Series B-3 preferred OP units
|
(4,105
|
)
|
|
(4,460
|
)
|
|
—
|
|
|||
Borrowings on lines of credit
|
1,542,677
|
|
|
661,000
|
|
|
580,754
|
|
|||
Payments on lines of credit
|
(1,456,486
|
)
|
|
(719,536
|
)
|
|
(505,409
|
)
|
|||
Proceeds from issuance of other debt
|
250,000
|
|
|
185,153
|
|
|
964,252
|
|
|||
Payments on other debt
|
(298,754
|
)
|
|
(124,427
|
)
|
|
(230,785
|
)
|
|||
Prepayment penalty on debt
|
(2,024
|
)
|
|
(6,019
|
)
|
|
(1,127
|
)
|
|||
Redemption of Series A-4 preferred stock and OP units
|
—
|
|
|
(24,698
|
)
|
|
—
|
|
|||
Redemption of Series A cumulative convertible preferred stock
|
—
|
|
|
(85,000
|
)
|
|
—
|
|
|||
Distributions to stockholders, OP unit holders, and preferred OP unit holders
|
(242,813
|
)
|
|
(224,483
|
)
|
|
(193,740
|
)
|
|||
Payments for deferred financing costs
|
(2,130
|
)
|
|
(3,650
|
)
|
|
(25,509
|
)
|
|||
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
409,905
|
|
|
141,557
|
|
|
1,338,970
|
|
|||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(523
|
)
|
|
298
|
|
|
(73
|
)
|
|||
Net change in cash, cash equivalents and restricted cash
|
38,753
|
|
|
(1,804
|
)
|
|
(34,160
|
)
|
|||
Cash, cash equivalents and restricted cash, beginning of period
|
23,509
|
|
|
25,313
|
|
|
59,473
|
|
|||
Cash, cash equivalents and restricted cash, end of period (See Note 1 and 17)
|
$
|
62,262
|
|
|
$
|
23,509
|
|
|
$
|
25,313
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
SUPPLEMENTAL INFORMATION:
|
|
|
|
|
|
||||||
Cash paid for interest (net of capitalized interest of $4,328, $2,755 and $1,595, respectively)
|
$
|
126,153
|
|
|
$
|
124,046
|
|
|
$
|
121,480
|
|
Cash paid for interest on mandatorily redeemable debt
|
$
|
2,551
|
|
|
$
|
3,114
|
|
|
$
|
3,152
|
|
Cash paid (refunds) for income taxes
|
$
|
461
|
|
|
$
|
(194
|
)
|
|
$
|
452
|
|
Noncash investing and financing activities:
|
|
|
|
|
|
||||||
Reduction in secured borrowing balance
|
$
|
21,451
|
|
|
$
|
23,449
|
|
|
$
|
19,734
|
|
Change in distributions declared and outstanding
|
$
|
7,889
|
|
|
$
|
3,267
|
|
|
$
|
9,626
|
|
Conversion of common and preferred OP units
|
$
|
1,515
|
|
|
$
|
3,556
|
|
|
$
|
5,933
|
|
Conversion of Series A-4 preferred stock
|
$
|
675
|
|
|
$
|
4,720
|
|
|
$
|
11,503
|
|
Capital lease
|
$
|
—
|
|
|
$
|
4,114
|
|
|
$
|
—
|
|
Noncash investing and financing activities at the date of acquisition:
|
|
|
|
|
|
||||||
Acquisitions - Common stock and OP units issued
|
$
|
—
|
|
|
$
|
28,410
|
|
|
$
|
225,000
|
|
Acquisitions - Equity Interests - NG Sun LLC (see Note 8)
|
$
|
21,976
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Acquisitions - Preferred Equity - Sun NG RV Resorts LLC (see Note 8)
|
$
|
35,277
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Acquisitions - debt assumed
|
$
|
3,120
|
|
|
$
|
4,592
|
|
|
$
|
—
|
|
Acquisitions - contingent consideration liability
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,830
|
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
||||||||||||||||||||||||||||||
|
Real Property Operations
|
|
Home Sales and Rentals
|
|
Consolidated
|
|
Real Property Operations
|
|
Home Sales and Rentals
|
|
Consolidated
|
|
Real Property Operations
|
|
Home Sales and Rentals
|
|
Consolidated
|
||||||||||||||||||
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Income from real property
|
$
|
825,973
|
|
|
$
|
—
|
|
|
$
|
825,973
|
|
|
$
|
742,228
|
|
|
$
|
—
|
|
|
$
|
742,228
|
|
|
$
|
620,917
|
|
|
$
|
—
|
|
|
$
|
620,917
|
|
Revenue from home sales
|
—
|
|
|
166,031
|
|
|
166,031
|
|
|
—
|
|
|
127,408
|
|
|
127,408
|
|
|
—
|
|
|
110,507
|
|
|
110,507
|
|
|||||||||
Rental home revenue
|
—
|
|
|
53,657
|
|
|
53,657
|
|
|
—
|
|
|
50,549
|
|
|
50,549
|
|
|
—
|
|
|
47,780
|
|
|
47,780
|
|
|||||||||
Ancillary revenues
|
54,107
|
|
|
—
|
|
|
54,107
|
|
|
37,511
|
|
|
—
|
|
|
37,511
|
|
|
33,424
|
|
|
—
|
|
|
33,424
|
|
|||||||||
Interest
|
20,853
|
|
|
—
|
|
|
20,853
|
|
|
21,181
|
|
|
(1
|
)
|
|
21,180
|
|
|
18,113
|
|
|
—
|
|
|
18,113
|
|
|||||||||
Brokerage commissions and other revenues, net
|
6,204
|
|
|
—
|
|
|
6,204
|
|
|
3,694
|
|
|
—
|
|
|
3,694
|
|
|
3,037
|
|
|
—
|
|
|
3,037
|
|
|||||||||
Total revenue
|
$
|
907,137
|
|
|
$
|
219,688
|
|
|
$
|
1,126,825
|
|
|
$
|
804,614
|
|
|
$
|
177,956
|
|
|
$
|
982,570
|
|
|
$
|
675,491
|
|
|
$
|
158,287
|
|
|
$
|
833,778
|
|
Community Name
|
|
Type
|
|
Sites
|
|
Development Sites
|
|
State
|
|
Month Acquired
|
||
Leaf Verde RV Resort
|
|
RV
|
|
376
|
|
|
—
|
|
|
AZ
|
|
October
|
Archview RV Resort & Campground
|
|
RV
|
|
114
|
|
|
50
|
|
|
UT
|
|
August
|
Petoskey KOA RV Resort
|
|
RV
|
|
210
|
|
|
—
|
|
|
MI
|
|
August
|
The Sands RV & Golf Resort
|
|
RV (Age Restricted)
|
|
507
|
|
|
—
|
|
|
CA
|
|
July
|
Sun NG RV Resorts LLC (1)(2)
|
|
RV
|
|
2,700
|
|
|
940
|
|
|
Various
|
|
June
|
Silver Creek RV Resort
|
|
RV
|
|
264
|
|
|
176
|
|
|
MI
|
|
June
|
Highway West (Four Resorts) (1)
|
|
RV
|
|
536
|
|
|
—
|
|
|
UT & OR
|
|
June
|
Compass RV
|
|
RV
|
|
175
|
|
|
—
|
|
|
FL
|
|
May
|
|
|
Total
|
|
4,882
|
|
|
1,166
|
|
|
|
|
|
At Acquisition Date
|
|
Leaf Verde
|
|
Archview
|
|
Petoskey KOA
|
|
Sands
|
|
Sun NG Resorts
|
|
Silver Creek
|
|
Highway West
|
|
Compass
|
|
Total
|
||||||||||||||||||
Investment in property
|
|
$
|
11,587
|
|
|
$
|
14,550
|
|
|
$
|
8,730
|
|
|
$
|
13,790
|
|
|
$
|
240,649
|
|
|
$
|
7,250
|
|
|
$
|
36,500
|
|
|
$
|
13,930
|
|
|
$
|
346,986
|
|
In-place leases and other intangible assets
|
|
60
|
|
|
—
|
|
|
270
|
|
|
460
|
|
|
16,339
|
|
|
—
|
|
|
—
|
|
|
70
|
|
|
17,199
|
|
|||||||||
Debt assumed
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,120
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,120
|
)
|
|||||||||
Other liabilities, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,990
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,990
|
)
|
|||||||||
Total identifiable assets acquired net of liabilities assumed
|
|
$
|
11,647
|
|
|
$
|
14,550
|
|
|
$
|
9,000
|
|
|
$
|
14,250
|
|
|
$
|
241,878
|
|
|
$
|
7,250
|
|
|
$
|
36,500
|
|
|
$
|
14,000
|
|
|
$
|
349,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Consideration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Cash
|
|
$
|
11,647
|
|
|
$
|
14,550
|
|
|
$
|
9,000
|
|
|
$
|
14,250
|
|
|
$
|
184,625
|
|
|
$
|
7,250
|
|
|
$
|
36,500
|
|
|
$
|
14,000
|
|
|
$
|
291,822
|
|
Preferred Equity - Sun NG Resorts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,277
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,277
|
|
|||||||||
Equity Interests - NG Sun LLC
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,976
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,976
|
|
|||||||||
Total consideration
|
|
$
|
11,647
|
|
|
$
|
14,550
|
|
|
$
|
9,000
|
|
|
$
|
14,250
|
|
|
$
|
241,878
|
|
|
$
|
7,250
|
|
|
$
|
36,500
|
|
|
$
|
14,000
|
|
|
$
|
349,075
|
|
Name
|
|
Location
|
|
Type
|
|
Expansion / Development Sites
|
|
Cost (millions)
|
|
Month Acquired
|
|||
Ocean West
|
|
McKinleyville, CA
|
|
MH
|
|
26
|
|
|
$
|
0.2
|
|
|
December
|
Water Oak Country Club Estates
|
|
Lady Lake, FL
|
|
MH
|
|
296
|
|
|
$
|
1.9
|
|
|
November
|
Oak Crest
|
|
Austin, TX
|
|
MH
|
|
220
|
|
|
$
|
4.2
|
|
|
October
|
Pecan Park RV Resort
|
|
Jacksonville, FL
|
|
RV
|
|
158
|
|
|
$
|
1.3
|
|
|
September
|
Smith Creek Crossing
|
|
Granby, CO
|
|
MH
|
|
310
|
|
|
$
|
0.9
|
|
|
September
|
Apple Carr
|
|
Egelston, MI
|
|
MH
|
|
121
|
|
|
$
|
0.2
|
|
|
May
|
River Run Ranch
|
|
Granby, CO
|
|
MH / RV
|
|
1,144
|
|
|
$
|
5.3
|
|
|
May
|
|
|
|
|
Total
|
|
2,275
|
|
|
$
|
14.0
|
|
|
|
|
|
Year Ended
December 31, 2018 |
||
|
|
(unaudited)
|
||
Total revenues
|
|
$
|
41,937
|
|
Net income
|
|
$
|
6,718
|
|
|
|
Year Ended December 31,
|
||||||
|
|
(unaudited)
|
||||||
|
|
2018
|
|
2017
|
||||
Total revenues
|
|
$
|
1,136,581
|
|
|
$
|
1,028,894
|
|
Net income attributable to Sun Communities, Inc. common stockholders
|
|
$
|
103,308
|
|
|
$
|
75,607
|
|
Net income per share attributable to Sun Communities, Inc. common stockholders - basic
|
|
$
|
1.27
|
|
|
$
|
0.99
|
|
Net income per share attributable to Sun Communities, Inc. common stockholders - diluted
|
|
$
|
1.26
|
|
|
$
|
0.99
|
|
Community Name
|
|
Type
|
|
Sites
|
|
Development Sites
|
|
State
|
|
Month Acquired
|
||
Colony in the Wood
|
|
MH (Age Restricted)
|
|
383
|
|
|
—
|
|
|
FL
|
|
December
|
Emerald Coast
|
|
MH and RV
|
|
201
|
|
|
14
|
|
|
FL
|
|
November
|
Lazy J Ranch
|
|
MH (Age Restricted)
|
|
220
|
|
|
—
|
|
|
CA
|
|
September
|
Ocean West
|
|
MH (Age Restricted)
|
|
130
|
|
|
4
|
|
|
CA
|
|
September
|
Caliente Sands
|
|
MH (Age Restricted)
|
|
118
|
|
|
—
|
|
|
CA
|
|
September
|
Pismo Dunes
|
|
RV (Age Restricted)
|
|
331
|
|
|
—
|
|
|
CA
|
|
July
|
Arbor Woods
|
|
MH
|
|
458
|
|
|
—
|
|
|
MI
|
|
June
|
Sunset Lakes
|
|
RV
|
|
498
|
|
|
—
|
|
|
IL
|
|
May
|
49er Village
|
|
RV
|
|
328
|
|
|
—
|
|
|
CA
|
|
March
|
|
|
Total
|
|
2,667
|
|
|
18
|
|
|
|
|
|
At Acquisition Date
|
Colony in the Wood
|
Emerald Coast
|
Lazy J Ranch
|
Ocean West
|
Caliente Sands
|
Pismo Dunes
|
Arbor Woods
|
Sunset Lakes
|
49er Village
|
Total
|
||||||||||||||||||||
Investment in property
|
$
|
31,818
|
|
$
|
19,400
|
|
$
|
13,938
|
|
$
|
9,453
|
|
$
|
8,640
|
|
$
|
21,260
|
|
$
|
15,725
|
|
$
|
7,835
|
|
$
|
12,890
|
|
$
|
140,959
|
|
Notes receivable
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
23
|
|
—
|
|
—
|
|
23
|
|
||||||||||
Inventory of manufactured homes
|
—
|
|
—
|
|
2
|
|
—
|
|
21
|
|
—
|
|
465
|
|
—
|
|
—
|
|
488
|
|
||||||||||
In-place leases and other intangible assets
|
660
|
|
100
|
|
360
|
|
220
|
|
210
|
|
660
|
|
730
|
|
210
|
|
110
|
|
3,260
|
|
||||||||||
Total identifiable assets acquired net of liabilities assumed
|
$
|
32,478
|
|
$
|
19,500
|
|
$
|
14,300
|
|
$
|
9,673
|
|
$
|
8,871
|
|
$
|
21,920
|
|
$
|
16,943
|
|
$
|
8,045
|
|
$
|
13,000
|
|
$
|
144,730
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Consideration
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Cash
|
$
|
32,478
|
|
$
|
19,500
|
|
$
|
14,300
|
|
$
|
5,081
|
|
$
|
8,871
|
|
$
|
—
|
|
$
|
14,943
|
|
$
|
8,045
|
|
$
|
13,000
|
|
$
|
116,218
|
|
Equity
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
26,410
|
|
2,000
|
|
—
|
|
—
|
|
28,410
|
|
||||||||||
Liabilities assumed
|
—
|
|
—
|
|
—
|
|
4,592
|
|
—
|
|
510
|
|
—
|
|
—
|
|
—
|
|
5,102
|
|
||||||||||
Cash proceeds from seller
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(5,000
|
)
|
—
|
|
—
|
|
—
|
|
(5,000
|
)
|
||||||||||
Total consideration
|
$
|
32,478
|
|
$
|
19,500
|
|
$
|
14,300
|
|
$
|
9,673
|
|
$
|
8,871
|
|
$
|
21,920
|
|
$
|
16,943
|
|
$
|
8,045
|
|
$
|
13,000
|
|
$
|
144,730
|
|
Development Name
|
|
Location
|
|
Type
|
|
Development Sites
|
|
Cost (millions)
|
|
Month Acquired
|
|||
Carolina Pines
|
|
Myrtle Beach, SC
|
|
RV
|
|
841
|
|
|
$
|
5.9
|
|
|
April
|
|
|
|
|
Total
|
|
841
|
|
|
|
|
|
Number of Payments
|
|
Repurchase Percentage
|
|
Fewer than or equal to 15
|
|
100
|
%
|
Greater than 15 but fewer than 64
|
|
90
|
%
|
Equal to or greater than 64 but fewer than 120
|
|
65
|
%
|
120 or more
|
|
50
|
%
|
|
Year Ended
|
||||||
|
December 31, 2018
|
|
December 31, 2017
|
||||
Beginning balance
|
$
|
129,182
|
|
|
$
|
144,477
|
|
Financed sales of manufactured homes
|
—
|
|
|
8,153
|
|
||
Principal payments and payoffs from our customers
|
(12,577
|
)
|
|
(12,186
|
)
|
||
Principal reduction from repurchased homes
|
(8,874
|
)
|
|
(11,262
|
)
|
||
Total activity
|
(21,451
|
)
|
|
(15,295
|
)
|
||
Ending balance
|
$
|
107,731
|
|
|
$
|
129,182
|
|
|
Year Ended
|
||||||
|
December 31, 2018
|
|
December 31, 2017
|
||||
Beginning balance
|
$
|
(936
|
)
|
|
$
|
(607
|
)
|
Lower of cost or market write-downs
|
660
|
|
|
1,024
|
|
||
Increase to reserve balance
|
(531
|
)
|
|
(1,353
|
)
|
||
Total activity
|
129
|
|
|
(329
|
)
|
||
Ending balance
|
$
|
(807
|
)
|
|
$
|
(936
|
)
|
|
|
Year Ended
|
||||||
|
|
December 31, 2018
|
|
December 31, 2017
|
||||
Installment notes receivable on manufactured homes, net
|
|
$
|
112,798
|
|
|
$
|
115,797
|
|
Other receivables, net
|
|
47,279
|
|
|
47,699
|
|
||
Total notes and other receivables, net
|
|
$
|
160,077
|
|
|
$
|
163,496
|
|
|
Year Ended
|
||||||
|
December 31, 2018
|
|
December 31, 2017
|
||||
Beginning balance
|
$
|
116,174
|
|
|
$
|
59,524
|
|
Financed sales of manufactured homes
|
14,237
|
|
|
66,104
|
|
||
Acquired notes
|
—
|
|
|
23
|
|
||
Principal payments and payoffs from our customers
|
(8,966
|
)
|
|
(6,128
|
)
|
||
Principal reduction from repossessed homes
|
(7,950
|
)
|
|
(3,349
|
)
|
||
Total activity
|
(2,679
|
)
|
|
56,650
|
|
||
Ending balance
|
$
|
113,495
|
|
|
$
|
116,174
|
|
|
Year Ended
|
||||||
|
December 31, 2018
|
|
December 31, 2017
|
||||
Beginning balance
|
$
|
(377
|
)
|
|
$
|
(205
|
)
|
Lower of cost or market write-downs
|
678
|
|
|
170
|
|
||
Increase to reserve balance
|
(998
|
)
|
|
(342
|
)
|
||
Total activity
|
(320
|
)
|
|
(172
|
)
|
||
Ending balance
|
$
|
(697
|
)
|
|
$
|
(377
|
)
|
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
Intangible Asset
|
|
Useful Life
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
||||||||
Below market ground leases
|
|
2 - 75 years
|
|
$
|
31,060
|
|
|
$
|
(1,942
|
)
|
|
$
|
32,165
|
|
|
$
|
(1,409
|
)
|
In-place leases
|
|
7 years
|
|
103,547
|
|
|
(59,068
|
)
|
|
100,843
|
|
|
(45,576
|
)
|
||||
Franchise agreements and other intangible assets
|
|
7 - 20 years
|
|
16,641
|
|
|
(1,942
|
)
|
|
1,880
|
|
|
(1,451
|
)
|
||||
Total
|
|
|
|
$
|
151,248
|
|
|
$
|
(62,952
|
)
|
|
$
|
134,888
|
|
|
$
|
(48,436
|
)
|
|
|
Year Ended December 31,
|
||||||||||
Intangible Asset
|
|
2018
|
|
2017
|
|
2016
|
||||||
Below market ground leases
|
|
$
|
821
|
|
|
$
|
809
|
|
|
$
|
600
|
|
In-place leases
|
|
12,913
|
|
|
13,812
|
|
|
11,559
|
|
|||
Franchise fees and other intangible assets
|
|
507
|
|
|
301
|
|
|
535
|
|
|||
Total
|
|
$
|
14,241
|
|
|
$
|
14,922
|
|
|
$
|
12,694
|
|
|
|
Year
|
||||||||||||||||||
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
||||||||||
Estimated expense
|
|
$
|
14,630
|
|
|
$
|
12,902
|
|
|
$
|
12,510
|
|
|
$
|
7,908
|
|
|
$
|
4,533
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||
ASSETS
|
|
|
|
||||
Investment property, net
|
$
|
308,171
|
|
|
$
|
50,193
|
|
Other assets
|
19,809
|
|
|
1,659
|
|
||
Total Assets
|
$
|
327,980
|
|
|
$
|
51,852
|
|
|
|
|
|
||||
LIABILITIES AND OTHER EQUITY
|
|
|
|
||||
Debt
|
$
|
44,172
|
|
|
$
|
41,970
|
|
Preferred Equity - Sun NG Resorts - mandatorily redeemable
|
35,277
|
|
|
—
|
|
||
Other liabilities
|
6,914
|
|
|
1,468
|
|
||
Total Liabilities
|
86,363
|
|
|
43,438
|
|
||
Equity Interest - NG Sun LLC
|
21,976
|
|
|
—
|
|
||
Noncontrolling interests
|
7,145
|
|
|
4,285
|
|
||
Total Liabilities and Other Equity
|
$
|
115,484
|
|
|
$
|
47,723
|
|
|
Carrying Amount
|
|
Weighted Average
Years to Maturity
|
|
Weighted Average
Interest Rates
|
|||||||||||||
|
December 31, 2018
|
|
December 31, 2017
|
|
December 31, 2018
|
|
December 31, 2017
|
|
December 31, 2018
|
|
December 31, 2017
|
|||||||
Collateralized term loans - Life Companies
|
$
|
1,259,158
|
|
|
$
|
1,044,246
|
|
|
14.4
|
|
13.9
|
|
|
3.9
|
%
|
|
3.9
|
%
|
Collateralized term loans - FNMA
|
770,417
|
|
|
1,026,014
|
|
|
5.1
|
|
5.6
|
|
|
4.4
|
%
|
|
4.4
|
%
|
||
Collateralized term loans - CMBS
|
405,702
|
|
|
410,747
|
|
|
4.1
|
|
5.0
|
|
|
5.1
|
%
|
|
5.1
|
%
|
||
Collateralized term loans - FMCC
|
380,680
|
|
|
386,349
|
|
|
5.9
|
|
6.9
|
|
|
3.9
|
%
|
|
3.9
|
%
|
||
Secured borrowings
|
107,731
|
|
|
129,182
|
|
|
14.4
|
|
15.3
|
|
|
9.9
|
%
|
|
10.0
|
%
|
||
Lines of credit
|
128,000
|
|
|
41,257
|
|
|
2.3
|
|
3.1
|
|
|
3.8
|
%
|
|
2.8
|
%
|
||
Preferred Equity - Sun NG Resorts - mandatorily redeemable
|
35,277
|
|
|
—
|
|
|
3.8
|
|
—
|
|
|
6.0
|
%
|
|
—
|
%
|
||
Preferred OP units - mandatorily redeemable
|
37,338
|
|
|
41,443
|
|
|
4.7
|
|
5.0
|
|
|
6.6
|
%
|
|
6.7
|
%
|
||
Total debt
|
$
|
3,124,303
|
|
|
$
|
3,079,238
|
|
|
9.0
|
|
8.9
|
|
|
4.5
|
%
|
|
4.5
|
%
|
|
Maturities and Amortization By Year
|
||||||||||||||||||||||||||
|
Total Due
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
||||||||||||||
Mortgage loans payable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Maturities
|
$
|
2,078,926
|
|
|
$
|
—
|
|
|
$
|
58,078
|
|
|
$
|
270,680
|
|
|
$
|
82,155
|
|
|
$
|
307,465
|
|
|
$
|
1,360,548
|
|
Principal amortization
|
734,675
|
|
|
58,164
|
|
|
59,630
|
|
|
58,843
|
|
|
56,822
|
|
|
53,437
|
|
|
447,779
|
|
|||||||
Secured borrowings
|
107,731
|
|
|
5,265
|
|
|
5,746
|
|
|
6,171
|
|
|
6,379
|
|
|
6,374
|
|
|
77,796
|
|
|||||||
Preferred Equity - Sun NG Resorts - mandatorily redeemable
|
35,277
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,277
|
|
|
—
|
|
|
—
|
|
|||||||
Preferred OP units - mandatorily redeemable
|
37,338
|
|
|
2,675
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,663
|
|
|||||||
Lines of credit
|
128,000
|
|
|
—
|
|
|
—
|
|
|
128,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total
|
$
|
3,121,947
|
|
|
$
|
66,104
|
|
|
$
|
123,454
|
|
|
$
|
463,694
|
|
|
$
|
180,633
|
|
|
$
|
367,276
|
|
|
$
|
1,920,786
|
|
Quarter Ended
|
|
Common Stock Issued
|
|
Weighted Average Sales Price
|
|
Net Proceeds (in Millions)
|
|||||
September 30, 2018
|
|
398,516
|
|
|
$
|
100.19
|
|
|
$
|
39.4
|
|
June 30, 2018
|
|
1,008,699
|
|
|
$
|
92.98
|
|
|
$
|
92.6
|
|
December 31, 2017
|
|
321,800
|
|
|
$
|
93.33
|
|
|
$
|
29.7
|
|
Quarter Ended
|
|
Common Stock Issued
|
|
Weighted Average Sales Price
|
|
Net Proceeds (in Millions)
|
|||||
June 30, 2017
|
|
400,000
|
|
|
$
|
85.01
|
|
|
$
|
33.6
|
|
March 31, 2017
|
|
280,502
|
|
|
$
|
76.47
|
|
|
$
|
21.2
|
|
December 31, 2016
|
|
19,498
|
|
|
$
|
75.90
|
|
|
$
|
1.5
|
|
September 30, 2016
|
|
620,828
|
|
|
$
|
76.81
|
|
|
$
|
47.1
|
|
June 30, 2016
|
|
485,000
|
|
|
$
|
71.86
|
|
|
$
|
34.4
|
|
|
|
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|||||||
Series
|
|
Conversion Rate
|
|
Units/Shares
|
Common Stock
|
|
Units/Shares
|
Common Stock
|
|||||
Common OP unit
|
|
1
|
|
|
20,608
|
|
20,608
|
|
|
36,055
|
|
36,055
|
|
Series A-1 preferred OP unit
|
|
2.439
|
|
|
13,430
|
|
32,752
|
|
|
21,919
|
|
53,456
|
|
Series A-4 preferred OP unit
|
|
0.4444
|
|
|
13,765
|
|
6,116
|
|
|
10,000
|
|
4,440
|
|
Series A-4 preferred stock
|
|
0.4444
|
|
|
22,576
|
|
10,033
|
|
|
158,036
|
|
70,238
|
|
Series C preferred OP unit
|
|
1.11
|
|
|
1,919
|
|
2,130
|
|
|
16,806
|
|
18,651
|
|
Dividend
|
|
Record Date
|
Payment Date
|
Distribution per Share
|
Total Distribution (in Thousands)
|
||||
Common Stock, Common OP units and Restricted Stock
|
|
12/31/2018
|
1/15/2019
|
$
|
0.71
|
|
$
|
63,249
|
|
Series A-4 Preferred Stock
|
|
12/14/2018
|
12/31/2018
|
$
|
0.40625
|
|
$
|
432
|
|
Award
|
Type
|
Plan
|
Shares Granted
|
Grant Date Fair Value Per Share
|
|
Vesting Type
|
Vesting Anniversary
|
Percentage
|
||||
2018
|
Key Employees
|
2015 Equity Incentive Plan
|
16,500
|
|
$
|
88.30
|
|
(1)
|
Time Based
|
2nd
|
35.0
|
%
|
|
|
|
|
|
|
|
3rd
|
35.0
|
%
|
|||
|
|
|
|
|
|
|
4th
|
20.0
|
%
|
|||
|
|
|
|
|
|
|
5th
|
5.0
|
%
|
|||
|
|
|
|
|
|
|
6th
|
5.0
|
%
|
|||
2018
|
Key Employees
|
2015 Equity Incentive Plan
|
50,100
|
|
$
|
86.97
|
|
(1)
|
Time Based
|
20% annually over 5 years
|
||
2018
|
Executive Officers
|
2015 Equity Incentive Plan
|
60,000
|
|
$
|
87.24
|
|
(1)
|
Time Based
|
20% annually over 5 years
|
||
2018
|
Executive Officers
|
2015 Equity Incentive Plan
|
90,000
|
|
$
|
65.24
|
|
(2)
|
Market Condition
|
3rd
|
100.0
|
%
|
2018
|
Directors
|
2004 Non-Employee Director Option Plan
|
16,800
|
|
$
|
85.28
|
|
(1)
|
Time Based
|
3rd
|
100.0
|
%
|
2017
|
Key Employees
|
2015 Equity Incentive Plan
|
2,500
|
|
$
|
84.18
|
|
(1)
|
Time Based
|
2nd
|
35.0
|
%
|
|
|
|
|
|
|
|
3rd
|
35.0
|
%
|
|||
|
|
|
|
|
|
|
4th
|
20.0
|
%
|
|||
|
|
|
|
|
|
|
5th
|
5.0
|
%
|
|||
|
|
|
|
|
|
|
6th
|
5.0
|
%
|
|||
2017
|
Executive Officers
|
2015 Equity Incentive Plan
|
100,000
|
|
$
|
79.30
|
|
(1)
|
Time Based
|
3rd
|
20.0
|
%
|
|
|
|
|
|
|
|
4th
|
30.0
|
%
|
|||
|
|
|
|
|
|
|
5th
|
35.0
|
%
|
|||
|
|
|
|
|
|
|
6th
|
10.0
|
%
|
|||
|
|
|
|
|
|
|
7th
|
5.0
|
%
|
|||
2017
|
Executive Officers
|
2015 Equity Incentive Plan
|
100,000
|
|
$
|
72.39
|
|
(3)
|
Market & Performance Conditions
|
Multiple tranches through March 2022
|
||
2017
|
Directors
|
2004 Non-Employee Director Option Plan
|
16,900
|
|
$
|
79.64
|
|
(1)
|
Time Based
|
3rd
|
100.0
|
%
|
|
Number of Shares
|
|
Weighted Average Grant Date Fair Value
|
|||
Unvested restricted shares at January 1, 2016
|
813,260
|
|
|
$
|
50.59
|
|
Granted
|
227,800
|
|
|
$
|
69.43
|
|
Vested
|
(165,631
|
)
|
|
$
|
45.90
|
|
Forfeited
|
(33,795
|
)
|
|
$
|
56.49
|
|
Unvested restricted shares at December 31, 2016
|
841,634
|
|
|
$
|
56.38
|
|
Granted
|
219,400
|
|
|
$
|
79.38
|
|
Vested
|
(196,412
|
)
|
|
$
|
47.60
|
|
Forfeited
|
(4,769
|
)
|
|
$
|
56.43
|
|
Unvested restricted shares at December 31, 2017
|
859,853
|
|
|
$
|
64.25
|
|
Granted
|
233,400
|
|
|
$
|
87.12
|
|
Vested
|
(214,111
|
)
|
|
$
|
54.69
|
|
Forfeited
|
(8,025
|
)
|
|
$
|
72.16
|
|
Unvested restricted shares at December 31, 2018
|
871,117
|
|
|
$
|
72.65
|
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
||||||||
Expected share-based compensation costs, net
|
$
|
13.0
|
|
|
$
|
12.0
|
|
|
$
|
6.9
|
|
|
$
|
5.6
|
|
|
Year Ended December 31, 2018
|
||||||||||
|
Real Property Operations
|
|
Home Sales and Home Rentals
|
|
Consolidated
|
||||||
Revenues
|
$
|
880,080
|
|
|
$
|
219,688
|
|
|
$
|
1,099,768
|
|
Operating expenses / Cost of sales
|
330,275
|
|
|
146,432
|
|
|
476,707
|
|
|||
NOI / Gross profit
|
549,805
|
|
|
73,256
|
|
|
623,061
|
|
|||
Adjustments to arrive at net income / (loss):
|
|
|
|
|
|
||||||
Interest and other revenues, net
|
27,057
|
|
|
—
|
|
|
27,057
|
|
|||
Home selling expense
|
—
|
|
|
(15,722
|
)
|
|
(15,722
|
)
|
|||
General and administrative
|
(70,042
|
)
|
|
(11,396
|
)
|
|
(81,438
|
)
|
|||
Transaction costs
|
(470
|
)
|
|
(2
|
)
|
|
(472
|
)
|
|||
Catastrophic weather related charges, net
|
140
|
|
|
(232
|
)
|
|
(92
|
)
|
|||
Depreciation and amortization
|
(218,617
|
)
|
|
(68,645
|
)
|
|
(287,262
|
)
|
|||
Loss on extinguishment of debt
|
(2,657
|
)
|
|
—
|
|
|
(2,657
|
)
|
|||
Interest
|
(129,068
|
)
|
|
(21
|
)
|
|
(129,089
|
)
|
|||
Interest on mandatorily redeemable preferred OP units
|
(3,694
|
)
|
|
—
|
|
|
(3,694
|
)
|
|||
Remeasurement of marketable securities
|
(3,639
|
)
|
|
—
|
|
|
(3,639
|
)
|
|||
Other expense, net
|
(6,414
|
)
|
|
(39
|
)
|
|
(6,453
|
)
|
|||
Income from nonconsolidated affiliates
|
—
|
|
|
646
|
|
|
646
|
|
|||
Current tax expense
|
(372
|
)
|
|
(223
|
)
|
|
(595
|
)
|
|||
Deferred tax benefit
|
507
|
|
|
—
|
|
|
507
|
|
|||
Net income / (loss)
|
142,536
|
|
|
(22,378
|
)
|
|
120,158
|
|
|||
Less: Preferred return to preferred OP units
|
4,486
|
|
|
—
|
|
|
4,486
|
|
|||
Less: Amounts attributable to noncontrolling interests
|
9,532
|
|
|
(1,089
|
)
|
|
8,443
|
|
|||
Net income / (loss) attributable to Sun Communities, Inc.
|
128,518
|
|
|
(21,289
|
)
|
|
107,229
|
|
|||
Less: Preferred stock distributions
|
1,736
|
|
|
—
|
|
|
1,736
|
|
|||
Net income / (loss) attributable to Sun Communities, Inc. common stockholders
|
$
|
126,782
|
|
|
$
|
(21,289
|
)
|
|
$
|
105,493
|
|
|
Year Ended December 31, 2017
|
||||||||||
|
Real Property Operations
|
|
Home Sales and Home Rentals
|
|
Consolidated
|
||||||
Revenues
|
$
|
779,739
|
|
|
$
|
177,957
|
|
|
$
|
957,696
|
|
Operating expenses / Cost of sales
|
290,002
|
|
|
117,228
|
|
|
407,230
|
|
|||
NOI / Gross profit
|
489,737
|
|
|
60,729
|
|
|
550,466
|
|
|||
Adjustments to arrive at net income / (loss):
|
|
|
|
|
|
||||||
Interest and other revenues, net
|
24,875
|
|
|
(1
|
)
|
|
24,874
|
|
|||
Home selling expenses
|
—
|
|
|
(12,457
|
)
|
|
(12,457
|
)
|
|||
General and administrative
|
(64,735
|
)
|
|
(9,497
|
)
|
|
(74,232
|
)
|
|||
Transaction costs
|
(9,812
|
)
|
|
11
|
|
|
(9,801
|
)
|
|||
Catastrophic weather related charges, net
|
(7,856
|
)
|
|
(496
|
)
|
|
(8,352
|
)
|
|||
Depreciation and amortization
|
(199,960
|
)
|
|
(61,576
|
)
|
|
(261,536
|
)
|
|||
Loss on extinguishment of debt
|
(6,019
|
)
|
|
—
|
|
|
(6,019
|
)
|
|||
Interest
|
(127,113
|
)
|
|
(15
|
)
|
|
(127,128
|
)
|
|||
Interest on mandatorily redeemable preferred OP units
|
(3,114
|
)
|
|
—
|
|
|
(3,114
|
)
|
|||
Other income / (expense), net
|
8,983
|
|
|
(1
|
)
|
|
8,982
|
|
|||
Current tax expense
|
(62
|
)
|
|
(384
|
)
|
|
(446
|
)
|
|||
Deferred tax benefit
|
582
|
|
|
—
|
|
|
582
|
|
|||
Net income / (loss)
|
105,506
|
|
|
(23,687
|
)
|
|
81,819
|
|
|||
Less: Preferred return to preferred OP units
|
4,581
|
|
|
—
|
|
|
4,581
|
|
|||
Less: Amounts attributable to noncontrolling interests
|
6,319
|
|
|
(1,264
|
)
|
|
5,055
|
|
|||
Net income / (loss) attributable to Sun Communities, Inc.
|
94,606
|
|
|
(22,423
|
)
|
|
72,183
|
|
|||
Less: Preferred stock distribution
|
7,162
|
|
|
—
|
|
|
7,162
|
|
|||
Net income / (loss) attributable to Sun Communities, Inc. common stockholders
|
$
|
87,444
|
|
|
$
|
(22,423
|
)
|
|
$
|
65,021
|
|
|
Year Ended December 31, 2016
|
||||||||||
|
Real Property Operations
|
|
Home Sales and Home Rentals
|
|
Consolidated
|
||||||
Revenues
|
$
|
654,341
|
|
|
$
|
158,287
|
|
|
$
|
812,628
|
|
Operating expenses / Cost of sales
|
241,363
|
|
|
104,781
|
|
|
346,144
|
|
|||
Net operating income / Gross profit
|
412,978
|
|
|
53,506
|
|
|
466,484
|
|
|||
Adjustments to arrive at net income / (loss):
|
|
|
|
|
|
||||||
Interest and other revenues, net
|
21,150
|
|
|
—
|
|
|
21,150
|
|
|||
Home selling expenses
|
—
|
|
|
(9,744
|
)
|
|
(9,744
|
)
|
|||
General and administrative
|
(55,481
|
)
|
|
(8,181
|
)
|
|
(63,662
|
)
|
|||
Transaction costs
|
(31,863
|
)
|
|
(51
|
)
|
|
(31,914
|
)
|
|||
Catastrophic weather related charges, net
|
(1,147
|
)
|
|
(25
|
)
|
|
(1,172
|
)
|
|||
Depreciation and amortization
|
(166,296
|
)
|
|
(55,474
|
)
|
|
(221,770
|
)
|
|||
Loss on extinguishment of debt
|
(1,127
|
)
|
|
—
|
|
|
(1,127
|
)
|
|||
Interest
|
(119,150
|
)
|
|
(13
|
)
|
|
(119,163
|
)
|
|||
Interest on mandatorily redeemable preferred OP units
|
(3,152
|
)
|
|
—
|
|
|
(3,152
|
)
|
|||
Other expenses, net
|
(4,675
|
)
|
|
(1
|
)
|
|
(4,676
|
)
|
|||
Income from nonconsolidated affiliates
|
500
|
|
|
—
|
|
|
500
|
|
|||
Current tax expense
|
(471
|
)
|
|
(212
|
)
|
|
(683
|
)
|
|||
Deferred tax benefit
|
400
|
|
|
—
|
|
|
400
|
|
|||
Net income / (loss)
|
51,666
|
|
|
(20,195
|
)
|
|
31,471
|
|
|||
Less: Preferred return to preferred OP units
|
5,006
|
|
|
—
|
|
|
5,006
|
|
|||
Less: Amounts attributable to noncontrolling interests
|
1,455
|
|
|
(1,305
|
)
|
|
150
|
|
|||
Net income / (loss) attributable to Sun Communities, Inc.
|
45,205
|
|
|
(18,890
|
)
|
|
26,315
|
|
|||
Less: Preferred stock distribution
|
8,946
|
|
|
—
|
|
|
8,946
|
|
|||
Net income / (loss) attributable to Sun Communities, Inc. common stockholders
|
$
|
36,259
|
|
|
$
|
(18,890
|
)
|
|
$
|
17,369
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
Real Property Operations
|
|
Home Sales and Home Rentals
|
|
Consolidated
|
|
Real Property Operations
|
|
Home Sales and Home Rentals
|
|
Consolidated
|
||||||||||||
Identifiable assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investment property, net
|
$
|
5,586,444
|
|
|
$
|
531,872
|
|
|
$
|
6,118,316
|
|
|
$
|
5,172,521
|
|
|
$
|
472,833
|
|
|
$
|
5,645,354
|
|
Cash and cash equivalents
|
24,343
|
|
|
25,968
|
|
|
50,311
|
|
|
(7,649
|
)
|
|
17,776
|
|
|
10,127
|
|
||||||
Inventory of manufactured homes
|
—
|
|
|
49,199
|
|
|
49,199
|
|
|
—
|
|
|
30,430
|
|
|
30,430
|
|
||||||
Notes and other receivables, net
|
145,673
|
|
|
14,404
|
|
|
160,077
|
|
|
149,798
|
|
|
13,698
|
|
|
163,496
|
|
||||||
Collateralized receivables, net
|
106,924
|
|
|
—
|
|
|
106,924
|
|
|
128,246
|
|
|
—
|
|
|
128,246
|
|
||||||
Other assets, net
|
189,064
|
|
|
36,135
|
|
|
225,199
|
|
|
130,455
|
|
|
3,849
|
|
|
134,304
|
|
||||||
Total assets
|
$
|
6,052,448
|
|
|
$
|
657,578
|
|
|
$
|
6,710,026
|
|
|
$
|
5,573,371
|
|
|
$
|
538,586
|
|
|
$
|
6,111,957
|
|
|
Years Ended December 31,
|
|||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||
|
Amount
|
|
Percentage
|
|
Amount
|
|
Percentage
|
|
Amount
|
|
Percentage
|
|||||||||
Ordinary income (1)
|
$
|
1.58
|
|
|
56.4
|
%
|
|
$
|
0.83
|
|
|
31.2
|
%
|
|
$
|
0.81
|
|
|
31.2
|
%
|
Capital gain
|
0.13
|
|
|
4.8
|
%
|
|
—
|
|
|
—
|
%
|
|
0.51
|
|
|
19.6
|
%
|
|||
Return of capital
|
1.09
|
|
|
38.8
|
%
|
|
1.83
|
|
|
68.8
|
%
|
|
1.28
|
|
|
49.2
|
%
|
|||
Total distributions declared
|
$
|
2.80
|
|
|
100.0
|
%
|
|
$
|
2.66
|
|
|
100.0
|
%
|
|
$
|
2.60
|
|
|
100.0
|
%
|
|
|
Year Ended
December 31, 2018 |
|
Year Ended
December 31, 2017 |
||||
Federal
|
|
|
|
|
||||
Current
|
|
$
|
(102
|
)
|
|
$
|
(181
|
)
|
State and Local
|
|
|
|
|
||||
Current
|
|
701
|
|
|
675
|
|
||
Deferred
|
|
11
|
|
|
(11
|
)
|
||
Foreign
|
|
|
|
|
||||
Current
|
|
(4
|
)
|
|
(48
|
)
|
||
Deferred
|
|
(518
|
)
|
|
(571
|
)
|
||
|
|
|
|
|
||||
Total Provision / (Benefit)
|
|
$
|
88
|
|
|
$
|
(136
|
)
|
|
|
Year Ended
December 31, 2018 |
|
Year Ended
December 31, 2017 |
||||||||||
Pre-tax loss attributable to taxable subsidiaries
|
|
$
|
(7,299
|
)
|
|
|
|
$
|
(17,404
|
)
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||
Federal provision / (benefit) at statutory tax rate
|
|
(1,534
|
)
|
|
21.0
|
%
|
|
(5,918
|
)
|
|
34.0
|
%
|
||
State and local taxes, net of federal benefit
|
|
—
|
|
|
—
|
%
|
|
(3
|
)
|
|
—
|
%
|
||
Alternative minimum tax
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
||
Rate differential
|
|
(112
|
)
|
|
1.5
|
%
|
|
318
|
|
|
(1.8
|
)%
|
||
Change in valuation allowance
|
|
2,885
|
|
|
(39.5
|
)%
|
|
(21,322
|
)
|
|
122.5
|
%
|
||
Change in deferred tax asset
|
|
—
|
|
|
—
|
%
|
|
25,885
|
|
|
(148.7
|
)%
|
||
Others
|
|
(1,576
|
)
|
|
21.6
|
%
|
|
360
|
|
|
(2.1
|
)%
|
||
Tax (benefit) / provision - taxable subsidiaries
|
|
(337
|
)
|
|
4.6
|
%
|
|
(680
|
)
|
|
3.9
|
%
|
||
Other state taxes - flow through subsidiaries
|
|
425
|
|
|
|
|
544
|
|
|
|
||||
Total provision / (benefit)
|
|
$
|
88
|
|
|
|
|
$
|
(136
|
)
|
|
|
|
As of December 31,
|
||||||
|
2018
|
|
2017
|
||||
Deferred Tax Assets
|
|
|
|
||||
NOL carryforwards
|
$
|
18,071
|
|
|
$
|
19,739
|
|
Depreciation and basis differences
|
28,140
|
|
|
23,523
|
|
||
Other
|
784
|
|
|
1,272
|
|
||
Gross deferred tax assets
|
46,995
|
|
|
44,534
|
|
||
Valuation allowance
|
(44,817
|
)
|
|
(41,932
|
)
|
||
Net deferred tax assets
|
2,178
|
|
|
2,602
|
|
||
|
|
|
|
||||
Deferred Tax Liabilities
|
|
|
|
||||
Basis differences - foreign investment
|
(22,406
|
)
|
|
(25,114
|
)
|
||
Gross deferred tax liabilities
|
(22,406
|
)
|
|
(25,114
|
)
|
||
|
|
|
|
||||
Net Deferred Tax Liability (1)
|
$
|
(20,228
|
)
|
|
$
|
(22,512
|
)
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Numerator
|
|
|
|
|
|
|
||||||
Net income attributable to common stockholders
|
|
$
|
105,493
|
|
|
$
|
65,021
|
|
|
$
|
17,369
|
|
Allocation to restricted stock awards
|
|
(831
|
)
|
|
(455
|
)
|
|
115
|
|
|||
Basic earnings: net income attributable to common stockholders after allocation
|
|
$
|
104,662
|
|
|
$
|
64,566
|
|
|
$
|
17,484
|
|
Allocation of income to restricted stock awards
|
|
831
|
|
|
455
|
|
|
(115
|
)
|
|||
Diluted earnings: net income attributable to common stockholders after allocation
|
|
$
|
105,493
|
|
|
$
|
65,021
|
|
|
$
|
17,369
|
|
Denominator
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding
|
|
81,387
|
|
|
76,084
|
|
|
65,856
|
|
|||
Add: dilutive stock options
|
|
2
|
|
|
2
|
|
|
8
|
|
|||
Add: dilutive restricted stock
|
|
651
|
|
|
625
|
|
|
457
|
|
|||
Diluted weighted average common shares and securities
|
|
82,040
|
|
|
76,711
|
|
|
66,321
|
|
|||
Earnings per share available to common stockholders after allocation:
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
1.29
|
|
|
$
|
0.85
|
|
|
$
|
0.27
|
|
Diluted
|
|
$
|
1.29
|
|
|
$
|
0.85
|
|
|
$
|
0.26
|
|
|
Year Ended December 31,
|
|||||||
|
2018
|
|
2017
|
|
2016
|
|||
Common OP units
|
2,726
|
|
|
2,746
|
|
|
2,759
|
|
Series A-1 preferred OP units
|
332
|
|
|
345
|
|
|
367
|
|
Series A-3 preferred OP units
|
40
|
|
|
40
|
|
|
40
|
|
Series A-4 preferred OP units
|
410
|
|
|
424
|
|
|
634
|
|
Series A-4 preferred stock
|
1,063
|
|
|
1,085
|
|
|
1,682
|
|
Series C preferred OP units
|
314
|
|
|
316
|
|
|
333
|
|
Aspen preferred OP units
|
1,284
|
|
|
1,284
|
|
|
1,284
|
|
Total securities
|
6,169
|
|
|
6,240
|
|
|
7,099
|
|
|
|
Quarters
|
||||||||||||||
|
|
1st
|
|
2nd
|
|
3rd
|
|
4th
|
||||||||
|
|
(In thousands, except per share amounts)
|
||||||||||||||
2018
|
|
|
|
|
|
|
|
|
||||||||
Total Revenues
|
|
$
|
257,975
|
|
|
$
|
271,434
|
|
|
$
|
323,412
|
|
|
$
|
274,004
|
|
Total Expenses
|
|
221,871
|
|
|
245,091
|
|
|
273,040
|
|
|
257,131
|
|
||||
Income before other items
|
|
$
|
36,104
|
|
|
$
|
26,343
|
|
|
$
|
50,372
|
|
|
$
|
16,873
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net Income Attributable to Sun Communities, Inc. Common Stockholders
|
|
$
|
29,986
|
|
|
$
|
20,408
|
|
|
$
|
46,060
|
|
|
$
|
9,039
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.38
|
|
|
$
|
0.25
|
|
|
$
|
0.56
|
|
|
$
|
0.11
|
|
Diluted
|
|
$
|
0.38
|
|
|
$
|
0.25
|
|
|
$
|
0.56
|
|
|
$
|
0.11
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
2017
|
|
|
|
|
|
|
|
|
||||||||
Total Revenues
|
|
$
|
234,400
|
|
|
$
|
237,899
|
|
|
$
|
268,245
|
|
|
$
|
242,026
|
|
Total Expenses
|
|
209,816
|
|
|
222,452
|
|
|
242,751
|
|
|
234,850
|
|
||||
Income before other items
|
|
$
|
24,584
|
|
|
$
|
15,447
|
|
|
$
|
25,494
|
|
|
$
|
7,176
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net Income Attributable to Sun Communities, Inc. Common Stockholders
|
|
$
|
21,104
|
|
|
$
|
12,364
|
|
|
$
|
24,115
|
|
|
$
|
7,438
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.29
|
|
|
$
|
0.16
|
|
|
$
|
0.31
|
|
|
$
|
0.09
|
|
Diluted
|
|
$
|
0.29
|
|
|
$
|
0.16
|
|
|
$
|
0.31
|
|
|
$
|
0.09
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
Financial assets
|
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
Marketable securities
|
|
$
|
49,037
|
|
|
$
|
49,037
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Installment notes receivable on manufactured homes, net
|
|
$
|
112,798
|
|
|
$
|
112,798
|
|
|
$
|
115,797
|
|
|
$
|
115,797
|
|
Collateralized receivables, net
|
|
$
|
106,924
|
|
|
$
|
106,924
|
|
|
$
|
128,246
|
|
|
$
|
128,246
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
||||||||
Debt (excluding secured borrowings)
|
|
$
|
2,888,572
|
|
|
$
|
2,757,649
|
|
|
$
|
2,908,799
|
|
|
$
|
2,726,770
|
|
Secured borrowings
|
|
$
|
107,731
|
|
|
$
|
107,731
|
|
|
$
|
129,182
|
|
|
$
|
129,182
|
|
Lines of credit
|
|
$
|
128,000
|
|
|
$
|
128,000
|
|
|
$
|
41,257
|
|
|
$
|
41,257
|
|
Other liabilities (contingent consideration)
|
|
$
|
4,640
|
|
|
$
|
4,640
|
|
|
$
|
6,976
|
|
|
$
|
6,976
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||
Cash and cash equivalents
|
|
$
|
50,311
|
|
|
$
|
10,127
|
|
|
$
|
8,164
|
|
Restricted cash
|
|
11,951
|
|
|
13,382
|
|
|
17,149
|
|
|||
Cash, cash equivalents and restricted cash
|
|
$
|
62,262
|
|
|
$
|
23,509
|
|
|
$
|
25,313
|
|
|
Year Ended December 31, 2018
|
||
Total estimated insurance receivable - December 31, 2017
|
$
|
23.7
|
|
Change in estimated insurance recoveries
|
9.2
|
|
|
Business interruption payment receivable
|
2.2
|
|
|
Advances from insurer
|
(16.4
|
)
|
|
Total estimated insurance receivable - December 31, 2018
|
$
|
18.7
|
|
|
|
|
|
|
|
Initial Cost to Company
|
|
Costs Capitalized Subsequent to Acquisition (Improvements)
|
|
Gross Amount Carried at December 31, 2018
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Property Name
|
|
Location
|
|
Encumbrance
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Total
|
|
Accumulated Depreciation
|
|
Date
|
|
Acquired (A) or Constructed (C)
|
|||||||||||||||||
49’er Village RV Resort
|
|
Plymouth, CA
|
|
—
|
|
$
|
2,180
|
|
|
$
|
10,710
|
|
|
$
|
—
|
|
|
$
|
2,006
|
|
|
$
|
2,180
|
|
|
$
|
12,716
|
|
|
$
|
14,896
|
|
|
$
|
(717
|
)
|
|
2017
|
|
(A)
|
|
Academy / West Point
|
|
Canton, MI
|
|
B
|
|
1,485
|
|
|
14,278
|
|
|
—
|
|
|
8,768
|
|
|
1,485
|
|
|
23,046
|
|
|
24,531
|
|
|
(12,046
|
)
|
|
2000
|
|
(A)
|
|||||||||
Adirondack Gateway RV Resort & Campground
|
|
Gansevoort, NY
|
|
—
|
|
620
|
|
|
1,970
|
|
|
—
|
|
|
2,563
|
|
|
620
|
|
|
4,533
|
|
|
5,153
|
|
|
(384
|
)
|
|
2016
|
|
(A)
|
|||||||||
Allendale Meadows Mobile Village
|
|
Allendale, MI
|
|
—
|
|
366
|
|
|
3,684
|
|
|
—
|
|
|
10,892
|
|
|
366
|
|
|
14,576
|
|
|
14,942
|
|
|
(8,647
|
)
|
|
1996
|
|
(A)
|
|||||||||
Alpine Meadows Mobile Village
|
|
Grand Rapids, MI
|
|
A
|
|
729
|
|
|
6,692
|
|
|
—
|
|
|
9,893
|
|
|
729
|
|
|
16,585
|
|
|
17,314
|
|
|
(9,691
|
)
|
|
1996
|
|
(A&C)
|
|||||||||
Alta Laguna
|
|
Rancho Cucamonga, CA
|
|
D
|
|
23,736
|
|
|
21,088
|
|
|
—
|
|
|
1,405
|
|
|
23,736
|
|
|
22,493
|
|
|
46,229
|
|
|
(1,953
|
)
|
|
2016
|
|
(A)
|
|||||||||
Apple Carr Village
|
|
Muskegon, MI
|
|
—
|
|
800
|
|
|
6,172
|
|
|
334
|
|
|
13,629
|
|
|
1,134
|
|
|
19,801
|
|
|
20,935
|
|
|
(4,090
|
)
|
|
2011
|
|
(A&C)
|
|||||||||
Apple Creek
|
|
Amelia, OH
|
|
B
|
|
543
|
|
|
5,480
|
|
|
—
|
|
|
3,058
|
|
|
543
|
|
|
8,538
|
|
|
9,081
|
|
|
(4,313
|
)
|
|
1999
|
|
(A)
|
|||||||||
Arbor Terrace RV Park
|
|
Bradenton, FL
|
|
C
|
|
456
|
|
|
4,410
|
|
|
—
|
|
|
4,709
|
|
|
456
|
|
|
9,119
|
|
|
9,575
|
|
|
(4,718
|
)
|
|
1996
|
|
(A)
|
|||||||||
Arbor Woods
|
|
Ypsilanti, MI
|
|
—
|
|
3,340
|
|
|
12,385
|
|
|
—
|
|
|
10,778
|
|
|
3,340
|
|
|
23,163
|
|
|
26,503
|
|
|
(1,346
|
)
|
|
2017
|
|
(A)
|
|||||||||
Archview RV Resort & Campground (4)
|
|
Moab, UT
|
|
—
|
|
6,289
|
|
|
8,419
|
|
|
—
|
|
|
—
|
|
|
6,289
|
|
|
8,419
|
|
|
14,708
|
|
|
(156
|
)
|
|
2018
|
|
(A)
|
|||||||||
Ariana Village
|
|
Lakeland, FL
|
|
D
|
|
240
|
|
|
2,195
|
|
|
—
|
|
|
1,585
|
|
|
240
|
|
|
3,780
|
|
|
4,020
|
|
|
(2,224
|
)
|
|
1994
|
|
(A)
|
|||||||||
Arran Lake RV Resort & Campground
|
|
Allenford, ON
|
|
—
|
|
1,190
|
|
|
1,175
|
|
|
(81
|
)
|
(1
|
)
|
254
|
|
|
1,109
|
|
|
1,429
|
|
|
2,538
|
|
|
(125
|
)
|
|
2016
|
|
(A)
|
||||||||
Austin Lone Star RV Resort
|
|
Austin, TX
|
|
—
|
|
630
|
|
|
7,913
|
|
|
—
|
|
|
2,075
|
|
|
630
|
|
|
9,988
|
|
|
10,618
|
|
|
(870
|
)
|
|
2016
|
|
(A)
|
|||||||||
Autumn Ridge
|
|
Ankeny, IA
|
|
D
|
|
890
|
|
|
8,054
|
|
|
(33
|
)
|
(3
|
)
|
4,908
|
|
|
857
|
|
|
12,962
|
|
|
13,819
|
|
|
(7,521
|
)
|
|
1996
|
|
(A)
|
||||||||
Bahia Vista Estates
|
|
Sarasota, FL
|
|
—
|
|
6,810
|
|
|
17,650
|
|
|
—
|
|
|
1,381
|
|
|
6,810
|
|
|
19,031
|
|
|
25,841
|
|
|
(1,633
|
)
|
|
2016
|
|
(A)
|
|||||||||
Baker Acres RV Resort
|
|
Zephyrhills, FL
|
|
E
|
|
2,140
|
|
|
11,880
|
|
|
—
|
|
|
1,939
|
|
|
2,140
|
|
|
13,819
|
|
|
15,959
|
|
|
(1,216
|
)
|
|
2016
|
|
(A)
|
|||||||||
Bell Crossing
|
|
Clarksville, TN
|
|
B
|
|
717
|
|
|
1,916
|
|
|
(13
|
)
|
(3
|
)
|
8,364
|
|
|
704
|
|
|
10,280
|
|
|
10,984
|
|
|
(5,798
|
)
|
|
1999
|
|
(A&C)
|
||||||||
Big Timber Lake RV Camping Resort
|
|
Cape May Court House, NJ
|
|
A
|
|
590
|
|
|
21,308
|
|
|
—
|
|
|
2,027
|
|
|
590
|
|
|
23,335
|
|
|
23,925
|
|
|
(4,936
|
)
|
|
2013
|
|
(A)
|
|||||||||
Big Tree RV Resort
|
|
Arcadia, FL
|
|
—
|
|
1,250
|
|
|
13,534
|
|
|
—
|
|
|
2,063
|
|
|
1,250
|
|
|
15,597
|
|
|
16,847
|
|
|
(1,375
|
)
|
|
2016
|
|
(A)
|
|||||||||
Blazing Star
|
|
San Antonio, TX
|
|
C
|
|
750
|
|
|
6,163
|
|
|
—
|
|
|
1,733
|
|
|
750
|
|
|
7,896
|
|
|
8,646
|
|
|
(2,096
|
)
|
|
2012
|
|
(A)
|
|||||||||
Blue Heron Pines
|
|
Punta Gorda, FL
|
|
E
|
|
410
|
|
|
35,294
|
|
|
—
|
|
|
4,195
|
|
|
410
|
|
|
39,489
|
|
|
39,899
|
|
|
(4,447
|
)
|
|
2015
|
|
(A&C)
|
|||||||||
Blue Jay MH & RV Resort
|
|
Dade City, FL
|
|
—
|
|
2,040
|
|
|
9,679
|
|
|
—
|
|
|
1,422
|
|
|
2,040
|
|
|
11,101
|
|
|
13,141
|
|
|
(936
|
)
|
|
2016
|
|
(A)
|
|||||||||
Blue Star / Lost Dutchman MH & RV Resort
|
|
Apache Junction, AZ
|
|
E
|
|
5,120
|
|
|
12,720
|
|
|
—
|
|
|
5,946
|
|
|
5,120
|
|
|
18,666
|
|
|
23,786
|
|
|
(2,885
|
)
|
|
2014
|
|
(A)
|
|||||||||
Blueberry Hill
|
|
Bushnell, FL
|
|
C
|
|
3,830
|
|
|
3,240
|
|
|
—
|
|
|
3,545
|
|
|
3,830
|
|
|
6,785
|
|
|
10,615
|
|
|
(1,906
|
)
|
|
2012
|
|
(A)
|
|||||||||
Boulder Ridge
|
|
Pflugerville, TX
|
|
B
|
|
1,000
|
|
|
500
|
|
|
3,324
|
|
|
32,283
|
|
|
4,324
|
|
|
32,783
|
|
|
37,107
|
|
|
(12,231
|
)
|
|
1998
|
|
(C)
|
|||||||||
Branch Creek Estates
|
|
Austin, TX
|
|
D
|
|
796
|
|
|
3,716
|
|
|
—
|
|
|
6,151
|
|
|
796
|
|
|
9,867
|
|
|
10,663
|
|
|
(6,287
|
)
|
|
1995
|
|
(A&C)
|
|||||||||
Brentwood Estates
|
|
Hudson, FL
|
|
E
|
|
1,150
|
|
|
9,359
|
|
|
—
|
|
|
2,593
|
|
|
1,150
|
|
|
11,952
|
|
|
13,102
|
|
|
(1,490
|
)
|
|
2015
|
|
(A)
|
|||||||||
Brentwood Mobile Village
|
|
Kentwood, MI
|
|
B
|
|
385
|
|
|
3,592
|
|
|
—
|
|
|
2,091
|
|
|
385
|
|
|
5,683
|
|
|
6,068
|
|
|
(3,527
|
)
|
|
1996
|
|
(A)
|
|||||||||
Brentwood West
|
|
Mesa, AZ
|
|
—
|
|
13,620
|
|
|
24,202
|
|
|
—
|
|
|
1,070
|
|
|
13,620
|
|
|
25,272
|
|
|
38,892
|
|
|
(4,001
|
)
|
|
2014
|
|
(A)
|
|||||||||
Brookside Mobile Home Village
|
|
Goshen, IN
|
|
B
|
|
260
|
|
|
1,080
|
|
|
386
|
|
|
18,380
|
|
|
646
|
|
|
19,460
|
|
|
20,106
|
|
|
(9,204
|
)
|
|
1985
|
|
(A&C)
|
|||||||||
Brookside Village
|
|
Kentwood, MI
|
|
D
|
|
170
|
|
|
5,564
|
|
|
—
|
|
|
323
|
|
|
170
|
|
|
5,887
|
|
|
6,057
|
|
|
(1,496
|
)
|
|
2011
|
|
(A)
|
|
|
|
|
|
|
Initial Cost to Company
|
|
Costs Capitalized Subsequent to Acquisition (Improvements)
|
|
Gross Amount Carried at December 31, 2018
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Property Name
|
|
Location
|
|
Encumbrance
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Total
|
|
Accumulated Depreciation
|
|
Date
|
|
Acquired (A) or Constructed (C)
|
|||||||||||||||||
Buttonwood Bay MH & RV Resort
|
|
Sebring, FL
|
|
D
|
|
1,952
|
|
|
18,294
|
|
|
—
|
|
|
7,109
|
|
|
1,952
|
|
|
25,403
|
|
|
27,355
|
|
|
(13,596
|
)
|
|
2001
|
|
(A)
|
|||||||||
Byron Center Mobile Village
|
|
Byron Center, MI
|
|
A
|
|
253
|
|
|
2,402
|
|
|
—
|
|
|
2,002
|
|
|
253
|
|
|
4,404
|
|
|
4,657
|
|
|
(2,792
|
)
|
|
1996
|
|
(A)
|
|||||||||
Caliente Sands
|
|
Cathedral City, CA
|
|
—
|
|
1,930
|
|
|
6,710
|
|
|
—
|
|
|
221
|
|
|
1,930
|
|
|
6,931
|
|
|
8,861
|
|
|
(358
|
)
|
|
2017
|
|
(A)
|
|||||||||
Camelot Villa
|
|
Macomb, MI
|
|
A
|
|
910
|
|
|
21,211
|
|
|
—
|
|
|
11,972
|
|
|
910
|
|
|
33,183
|
|
|
34,093
|
|
|
(7,307
|
)
|
|
2013
|
|
(A)
|
|||||||||
Campers Haven RV Resort
|
|
Dennisport, MA
|
|
—
|
|
14,260
|
|
|
11,915
|
|
|
—
|
|
|
2,395
|
|
|
14,260
|
|
|
14,310
|
|
|
28,570
|
|
|
(1,177
|
)
|
|
2016
|
|
(A)
|
|||||||||
Candlelight Manor
|
|
South Daytona, FL
|
|
—
|
|
3,140
|
|
|
3,867
|
|
|
—
|
|
|
1,903
|
|
|
3,140
|
|
|
5,770
|
|
|
8,910
|
|
|
(427
|
)
|
|
2016
|
|
(A)
|
|||||||||
Candlelight Village
|
|
Sauk Village, IL
|
|
A
|
|
600
|
|
|
5,623
|
|
|
—
|
|
|
11,641
|
|
|
600
|
|
|
17,264
|
|
|
17,864
|
|
|
(9,256
|
)
|
|
1996
|
|
(A)
|
|||||||||
Canyonlands RV Resort &
Campground (4)
|
|
Moab, UT
|
|
—
|
|
3,661
|
|
|
7,415
|
|
|
—
|
|
|
41
|
|
|
3,661
|
|
|
7,456
|
|
|
11,117
|
|
|
(148
|
)
|
|
2018
|
|
(A)
|
|||||||||
Cape May Crossing
|
|
Cape May, NJ
|
|
—
|
|
270
|
|
|
1,693
|
|
|
—
|
|
|
476
|
|
|
270
|
|
|
2,169
|
|
|
2,439
|
|
|
(185
|
)
|
|
2016
|
|
(A)
|
|||||||||
Cape May KOA
|
|
Cape May, NJ
|
|
C
|
|
650
|
|
|
7,736
|
|
|
—
|
|
|
7,302
|
|
|
650
|
|
|
15,038
|
|
|
15,688
|
|
|
(3,572
|
)
|
|
2013
|
|
(A)
|
|||||||||
Carolina Pines RV Resort (5)
|
|
Longs, SC
|
|
—
|
|
5,900
|
|
|
—
|
|
|
—
|
|
|
10,521
|
|
|
5,900
|
|
|
10,521
|
|
|
16,421
|
|
|
—
|
|
|
2017
|
|
(A)
|
|||||||||
Carriage Cove
|
|
Sanford, FL
|
|
E
|
|
6,050
|
|
|
21,235
|
|
|
—
|
|
|
2,341
|
|
|
6,050
|
|
|
23,576
|
|
|
29,626
|
|
|
(3,752
|
)
|
|
2014
|
|
(A)
|
|||||||||
Carrington Pointe
|
|
Ft. Wayne, IN
|
|
—
|
|
1,076
|
|
|
3,632
|
|
|
—
|
|
|
15,234
|
|
|
1,076
|
|
|
18,866
|
|
|
19,942
|
|
|
(6,886
|
)
|
|
1997
|
|
(A&C)
|
|||||||||
Castaways RV Resort & Campground
|
|
Berlin, MD
|
|
A
|
|
14,320
|
|
|
22,277
|
|
|
—
|
|
|
5,029
|
|
|
14,320
|
|
|
27,306
|
|
|
41,626
|
|
|
(5,015
|
)
|
|
2014
|
|
(A&C)
|
|||||||||
Cava Robles RV Resort
|
|
Paso Robles, CA
|
|
—
|
|
1,396
|
|
|
—
|
|
|
—
|
|
|
37,097
|
|
|
1,396
|
|
|
37,097
|
|
|
38,493
|
|
|
(866
|
)
|
|
2014
|
|
(C)
|
|||||||||
Cave Creek
|
|
Evans, CO
|
|
B
|
|
2,241
|
|
|
15,343
|
|
|
—
|
|
|
9,463
|
|
|
2,241
|
|
|
24,806
|
|
|
27,047
|
|
|
(9,209
|
)
|
|
2004
|
|
(C)
|
|||||||||
Central Park MH & RV Resort
|
|
Haines City, FL
|
|
—
|
|
2,600
|
|
|
10,405
|
|
|
—
|
|
|
1,482
|
|
|
2,600
|
|
|
11,887
|
|
|
14,487
|
|
|
(1,040
|
)
|
|
2016
|
|
(A)
|
|||||||||
Chisholm Point Estates
|
|
Pflugerville, TX
|
|
—
|
|
609
|
|
|
5,286
|
|
|
—
|
|
|
4,354
|
|
|
609
|
|
|
9,640
|
|
|
10,249
|
|
|
(5,950
|
)
|
|
1995
|
|
(A&C)
|
|||||||||
Cider Mill Crossings
|
|
Fenton, MI
|
|
C
|
|
520
|
|
|
1,568
|
|
|
—
|
|
|
31,130
|
|
|
520
|
|
|
32,698
|
|
|
33,218
|
|
|
(6,890
|
)
|
|
2011
|
|
(A&C)
|
|||||||||
Cider Mill Village
|
|
Middleville, MI
|
|
A
|
|
250
|
|
|
3,590
|
|
|
—
|
|
|
2,940
|
|
|
250
|
|
|
6,530
|
|
|
6,780
|
|
|
(2,138
|
)
|
|
2011
|
|
(A)
|
|||||||||
Citrus Hill RV Resort
|
|
Dade City, FL
|
|
—
|
|
1,170
|
|
|
2,422
|
|
|
—
|
|
|
1,268
|
|
|
1,170
|
|
|
3,690
|
|
|
4,860
|
|
|
(297
|
)
|
|
2016
|
|
(A)
|
|||||||||
Clear Water Mobile Village
|
|
South Bend, IN
|
|
B
|
|
80
|
|
|
1,270
|
|
|
61
|
|
|
6,419
|
|
|
141
|
|
|
7,689
|
|
|
7,830
|
|
|
(4,222
|
)
|
|
1986
|
|
(A)
|
|||||||||
Club Naples
|
|
Naples, FL
|
|
C
|
|
5,780
|
|
|
4,952
|
|
|
—
|
|
|
2,852
|
|
|
5,780
|
|
|
7,804
|
|
|
13,584
|
|
|
(2,332
|
)
|
|
2011
|
|
(A)
|
|||||||||
Club Wildwood
|
|
Hudson, FL
|
|
E
|
|
14,206
|
|
|
21,275
|
|
|
—
|
|
|
1,005
|
|
|
14,206
|
|
|
22,280
|
|
|
36,486
|
|
|
(1,886
|
)
|
|
2016
|
|
(A)
|
|||||||||
Cobus Green Mobile Home Park
|
|
Osceola, IN
|
|
A
|
|
762
|
|
|
7,037
|
|
|
—
|
|
|
8,264
|
|
|
762
|
|
|
15,301
|
|
|
16,063
|
|
|
(8,928
|
)
|
|
1993
|
|
(A)
|
|||||||||
Colony in the Wood
|
|
Port Orange, FL
|
|
—
|
|
5,650
|
|
|
26,828
|
|
|
16
|
|
|
445
|
|
|
5,666
|
|
|
27,273
|
|
|
32,939
|
|
|
(466
|
)
|
|
2017
|
|
(A&C)
|
|||||||||
Comal Farms
|
|
New Braunfels, TX
|
|
C
|
|
1,455
|
|
|
1,732
|
|
|
—
|
|
|
9,240
|
|
|
1,455
|
|
|
10,972
|
|
|
12,427
|
|
|
(5,153
|
)
|
|
2000
|
|
(A&C)
|
|||||||||
Compass RV Resort (4)
|
|
St. Augustine, FL
|
|
—
|
|
4,151
|
|
|
10,480
|
|
|
—
|
|
|
37
|
|
|
4,151
|
|
|
10,517
|
|
|
14,668
|
|
|
(193
|
)
|
|
2018
|
|
(A)
|
|||||||||
Continental North
|
|
Davison, MI
|
|
A
|
|
749
|
|
|
6,089
|
|
|
—
|
|
|
16,332
|
|
|
749
|
|
|
22,421
|
|
|
23,170
|
|
|
(11,407
|
)
|
|
1996
|
|
(A&C)
|
|||||||||
Country Acres Mobile Village
|
|
Cadillac, MI
|
|
A
|
|
380
|
|
|
3,495
|
|
|
—
|
|
|
3,775
|
|
|
380
|
|
|
7,270
|
|
|
7,650
|
|
|
(4,301
|
)
|
|
1996
|
|
(A)
|
|||||||||
Country Hills Village
|
|
Hudsonville, MI
|
|
A
|
|
340
|
|
|
3,861
|
|
|
—
|
|
|
693
|
|
|
340
|
|
|
4,554
|
|
|
4,894
|
|
|
(1,286
|
)
|
|
2011
|
|
(A)
|
|||||||||
Country Meadows Mobile Village
|
|
Flat Rock, MI
|
|
B
|
|
924
|
|
|
7,583
|
|
|
296
|
|
|
19,467
|
|
|
1,220
|
|
|
27,050
|
|
|
28,270
|
|
|
(16,314
|
)
|
|
1994
|
|
(A&C)
|
|||||||||
Country Meadows Village
|
|
Caledonia, MI
|
|
C
|
|
550
|
|
|
5,555
|
|
|
—
|
|
|
8,218
|
|
|
550
|
|
|
13,773
|
|
|
14,323
|
|
|
(2,543
|
)
|
|
2011
|
|
(A&C)
|
|||||||||
Country Squire MH & RV Resort
|
|
Paisley, FL
|
|
—
|
|
520
|
|
|
1,719
|
|
|
—
|
|
|
1,272
|
|
|
520
|
|
|
2,991
|
|
|
3,511
|
|
|
(255
|
)
|
|
2016
|
|
(A)
|
|
|
|
|
|
|
Initial Cost to Company
|
|
Costs Capitalized Subsequent to Acquisition (Improvements)
|
|
Gross Amount Carried at December 31, 2018
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Property Name
|
|
Location
|
|
Encumbrance
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Total
|
|
Accumulated Depreciation
|
|
Date
|
|
Acquired (A) or Constructed (C)
|
|||||||||||||||||
Countryside Estates
|
|
Mckean, PA
|
|
E
|
|
320
|
|
|
11,610
|
|
|
—
|
|
|
1,534
|
|
|
320
|
|
|
13,144
|
|
|
13,464
|
|
|
(2,042
|
)
|
|
2014
|
|
(A)
|
|||||||||
Countryside Village
|
|
Great Falls, MT
|
|
C
|
|
430
|
|
|
7,157
|
|
|
—
|
|
|
1,025
|
|
|
430
|
|
|
8,182
|
|
|
8,612
|
|
|
(1,268
|
)
|
|
2014
|
|
(A)
|
|||||||||
Countryside Village of Atlanta
|
|
Lawrenceville, GA
|
|
C
|
|
1,274
|
|
|
10,957
|
|
|
—
|
|
|
9,478
|
|
|
1,274
|
|
|
20,435
|
|
|
21,709
|
|
|
(6,080
|
)
|
|
2004
|
|
(A&C)
|
|||||||||
Countryside Village of Gwinnett
|
|
Buford, GA
|
|
A
|
|
1,124
|
|
|
9,539
|
|
|
—
|
|
|
2,418
|
|
|
1,124
|
|
|
11,957
|
|
|
13,081
|
|
|
(5,831
|
)
|
|
2004
|
|
(A)
|
|||||||||
Countryside Village of Lake Lanier
|
|
Buford, GA
|
|
B
|
|
1,916
|
|
|
16,357
|
|
|
—
|
|
|
8,348
|
|
|
1,916
|
|
|
24,705
|
|
|
26,621
|
|
|
(11,509
|
)
|
|
2004
|
|
(A)
|
|||||||||
Craigleith RV Resort & Campground
|
|
Clarksburg, ON
|
|
—
|
|
420
|
|
|
705
|
|
|
(28
|
)
|
(1
|
)
|
458
|
|
|
392
|
|
|
1,163
|
|
|
1,555
|
|
|
(74
|
)
|
|
2016
|
|
(A)
|
||||||||
Creekwood Meadows
|
|
Burton, MI
|
|
A
|
|
808
|
|
|
2,043
|
|
|
404
|
|
|
14,796
|
|
|
1,212
|
|
|
16,839
|
|
|
18,051
|
|
|
(9,494
|
)
|
|
1997
|
|
(C)
|
|||||||||
Cutler Estates Mobile Village
|
|
Grand Rapids, MI
|
|
B
|
|
749
|
|
|
6,941
|
|
|
—
|
|
|
3,795
|
|
|
749
|
|
|
10,736
|
|
|
11,485
|
|
|
(6,665
|
)
|
|
1996
|
|
(A)
|
|||||||||
Cypress Greens
|
|
Lake Alfred, FL
|
|
E
|
|
960
|
|
|
17,518
|
|
|
—
|
|
|
1,882
|
|
|
960
|
|
|
19,400
|
|
|
20,360
|
|
|
(2,314
|
)
|
|
2015
|
|
(A)
|
|||||||||
Daytona Beach RV Resort
|
|
Port Orange, FL
|
|
—
|
|
2,300
|
|
|
7,158
|
|
|
—
|
|
|
2,210
|
|
|
2,300
|
|
|
9,368
|
|
|
11,668
|
|
|
(845
|
)
|
|
2016
|
|
(A)
|
|||||||||
Deer Lake RV Resort & Campground
|
|
Huntsville, ON
|
|
—
|
|
2,830
|
|
|
4,260
|
|
|
(192
|
)
|
(1
|
)
|
358
|
|
|
2,638
|
|
|
4,618
|
|
|
7,256
|
|
|
(385
|
)
|
|
2016
|
|
(A)
|
||||||||
Deerfield Run
|
|
Anderson, IN
|
|
C
|
|
990
|
|
|
1,607
|
|
|
—
|
|
|
6,772
|
|
|
990
|
|
|
8,379
|
|
|
9,369
|
|
|
(4,135
|
)
|
|
1999
|
|
(A&C)
|
|||||||||
Deerwood
|
|
Orlando, FL
|
|
B
|
|
6,920
|
|
|
37,593
|
|
|
—
|
|
|
4,743
|
|
|
6,920
|
|
|
42,336
|
|
|
49,256
|
|
|
(5,265
|
)
|
|
2015
|
|
(A)
|
|||||||||
Desert Harbor
|
|
Apache Junction, AZ
|
|
E
|
|
3,940
|
|
|
14,891
|
|
|
—
|
|
|
314
|
|
|
3,940
|
|
|
15,205
|
|
|
19,145
|
|
|
(2,367
|
)
|
|
2014
|
|
(A)
|
|||||||||
Driftwood RV Resort & Campground
|
|
Clermont, NJ
|
|
D
|
|
1,450
|
|
|
29,851
|
|
|
—
|
|
|
2,985
|
|
|
1,450
|
|
|
32,836
|
|
|
34,286
|
|
|
(5,689
|
)
|
|
2014
|
|
(A)
|
|||||||||
Dunedin RV Resort
|
|
Dunedin, FL
|
|
E
|
|
4,400
|
|
|
16,923
|
|
|
—
|
|
|
2,370
|
|
|
4,400
|
|
|
19,293
|
|
|
23,693
|
|
|
(1,657
|
)
|
|
2016
|
|
(A)
|
|||||||||
Dutton Mill Village
|
|
Caledonia, MI
|
|
A
|
|
370
|
|
|
8,997
|
|
|
—
|
|
|
1,840
|
|
|
370
|
|
|
10,837
|
|
|
11,207
|
|
|
(2,949
|
)
|
|
2011
|
|
(A)
|
|||||||||
Eagle Crest
|
|
Firestone, CO
|
|
D
|
|
2,015
|
|
|
150
|
|
|
—
|
|
|
30,681
|
|
|
2,015
|
|
|
30,831
|
|
|
32,846
|
|
|
(15,698
|
)
|
|
1998
|
|
(C)
|
|||||||||
East Fork Crossing
|
|
Batavia, OH
|
|
C
|
|
1,280
|
|
|
6,302
|
|
|
—
|
|
|
19,369
|
|
|
1,280
|
|
|
25,671
|
|
|
26,951
|
|
|
(10,734
|
)
|
|
2000
|
|
(A&C)
|
|||||||||
East Village Estates
|
|
Washington Twp, MI
|
|
A
|
|
1,410
|
|
|
25,413
|
|
|
—
|
|
|
5,123
|
|
|
1,410
|
|
|
30,536
|
|
|
31,946
|
|
|
(7,305
|
)
|
|
2012
|
|
(A)
|
|||||||||
Egelcraft
|
|
Muskegon, MI
|
|
D
|
|
690
|
|
|
22,596
|
|
|
—
|
|
|
2,136
|
|
|
690
|
|
|
24,732
|
|
|
25,422
|
|
|
(4,068
|
)
|
|
2014
|
|
(A)
|
|||||||||
Ellenton Gardens RV Resort
|
|
Ellenton, FL
|
|
E
|
|
2,130
|
|
|
7,755
|
|
|
—
|
|
|
2,121
|
|
|
2,130
|
|
|
9,876
|
|
|
12,006
|
|
|
(850
|
)
|
|
2016
|
|
(A)
|
|||||||||
Emerald Coast MH & RV Resort (2)
|
|
Panama City Beach, FL
|
|
—
|
|
10,330
|
|
|
9,070
|
|
|
—
|
|
|
531
|
|
|
10,330
|
|
|
9,601
|
|
|
19,931
|
|
|
(518
|
)
|
|
2017
|
|
(A)
|
|||||||||
Fairfield Village
|
|
Ocala, FL
|
|
B
|
|
1,160
|
|
|
18,673
|
|
|
—
|
|
|
475
|
|
|
1,160
|
|
|
19,148
|
|
|
20,308
|
|
|
(2,319
|
)
|
|
2015
|
|
(A)
|
|||||||||
Fiesta Village MH & RV Resort
|
|
Mesa, AZ
|
|
—
|
|
2,830
|
|
|
4,475
|
|
|
—
|
|
|
1,235
|
|
|
2,830
|
|
|
5,710
|
|
|
8,540
|
|
|
(868
|
)
|
|
2014
|
|
(A)
|
|||||||||
Fisherman’s Cove
|
|
Flint Twp, MI
|
|
A
|
|
380
|
|
|
3,438
|
|
|
—
|
|
|
4,369
|
|
|
380
|
|
|
7,807
|
|
|
8,187
|
|
|
(4,982
|
)
|
|
1993
|
|
(A)
|
|||||||||
Forest Meadows
|
|
Philomath, OR
|
|
A
|
|
1,031
|
|
|
2,050
|
|
|
—
|
|
|
588
|
|
|
1,031
|
|
|
2,638
|
|
|
3,669
|
|
|
(1,440
|
)
|
|
1999
|
|
(A)
|
|||||||||
Forest View
|
|
Homosassa, FL
|
|
B
|
|
1,330
|
|
|
22,056
|
|
|
—
|
|
|
735
|
|
|
1,330
|
|
|
22,791
|
|
|
24,121
|
|
|
(2,748
|
)
|
|
2015
|
|
(A)
|
|||||||||
Fort Tatham RV Resort & Campground
|
|
Sylva, NC
|
|
—
|
|
110
|
|
|
760
|
|
|
—
|
|
|
788
|
|
|
110
|
|
|
1,548
|
|
|
1,658
|
|
|
(137
|
)
|
|
2016
|
|
(A)
|
|||||||||
Fort Whaley RV Resort & Campground
|
|
Whaleyville, MD
|
|
C
|
|
510
|
|
|
5,194
|
|
|
—
|
|
|
6,219
|
|
|
510
|
|
|
11,413
|
|
|
11,923
|
|
|
(1,077
|
)
|
|
2015
|
|
(A)
|
|||||||||
Four Seasons
|
|
Elkhart, IN
|
|
A
|
|
500
|
|
|
4,811
|
|
|
—
|
|
|
3,474
|
|
|
500
|
|
|
8,285
|
|
|
8,785
|
|
|
(4,194
|
)
|
|
2000
|
|
(A)
|
|||||||||
Frenchtown Villa / Elizabeth Woods
|
|
Newport, MI
|
|
E
|
|
1,450
|
|
|
52,327
|
|
|
—
|
|
|
22,607
|
|
|
1,450
|
|
|
74,934
|
|
|
76,384
|
|
|
(11,053
|
)
|
|
2014
|
|
(A&C)
|
|||||||||
Friendly Village of La Habra
|
|
La Habra, CA
|
|
D
|
|
26,956
|
|
|
25,202
|
|
|
—
|
|
|
1,223
|
|
|
26,956
|
|
|
26,425
|
|
|
53,381
|
|
|
(2,359
|
)
|
|
2016
|
|
(A)
|
|
|
|
|
|
|
Initial Cost to Company
|
|
Costs Capitalized Subsequent to Acquisition (Improvements)
|
|
Gross Amount Carried at December 31, 2018
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Property Name
|
|
Location
|
|
Encumbrance
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Total
|
|
Accumulated Depreciation
|
|
Date
|
|
Acquired (A) or Constructed (C)
|
|||||||||||||||||
Friendly Village of Modesto
|
|
Modesto, CA
|
|
D
|
|
6,260
|
|
|
20,885
|
|
|
—
|
|
|
1,370
|
|
|
6,260
|
|
|
22,255
|
|
|
28,515
|
|
|
(1,870
|
)
|
|
2016
|
|
(A)
|
|||||||||
Friendly Village of Simi
|
|
Simi Valley, CA
|
|
D
|
|
14,906
|
|
|
15,986
|
|
|
—
|
|
|
904
|
|
|
14,906
|
|
|
16,890
|
|
|
31,796
|
|
|
(1,462
|
)
|
|
2016
|
|
(A)
|
|||||||||
Friendly Village of West Covina
|
|
West Covina, CA
|
|
D
|
|
14,520
|
|
|
5,221
|
|
|
—
|
|
|
833
|
|
|
14,520
|
|
|
6,054
|
|
|
20,574
|
|
|
(547
|
)
|
|
2016
|
|
(A)
|
|||||||||
Frontier Town RV Resort & Campground
|
|
Berlin, MD
|
|
C
|
|
18,960
|
|
|
43,166
|
|
|
—
|
|
|
19,610
|
|
|
18,960
|
|
|
62,776
|
|
|
81,736
|
|
|
(6,512
|
)
|
|
2015
|
|
(A)
|
|||||||||
Glen Haven RV Resort
|
|
Zephyrhills, FL
|
|
E
|
|
1,980
|
|
|
8,373
|
|
|
—
|
|
|
1,290
|
|
|
1,980
|
|
|
9,663
|
|
|
11,643
|
|
|
(874
|
)
|
|
2016
|
|
(A)
|
|||||||||
Glen Laurel
|
|
Concord, NC
|
|
C
|
|
1,641
|
|
|
453
|
|
|
—
|
|
|
13,273
|
|
|
1,641
|
|
|
13,726
|
|
|
15,367
|
|
|
(6,996
|
)
|
|
2001
|
|
(A&C)
|
|||||||||
Gold Coaster MH & RV Resort
|
|
Homestead, FL
|
|
A
|
|
446
|
|
|
4,234
|
|
|
172
|
|
|
5,809
|
|
|
618
|
|
|
10,043
|
|
|
10,661
|
|
|
(5,122
|
)
|
|
1997
|
|
(A)
|
|||||||||
Grand Bay
|
|
Dunedin, FL
|
|
—
|
|
3,460
|
|
|
6,314
|
|
|
—
|
|
|
866
|
|
|
3,460
|
|
|
7,180
|
|
|
10,640
|
|
|
(596
|
)
|
|
2016
|
|
(A)
|
|||||||||
Grand Lakes RV Resort
|
|
Citra, FL
|
|
C
|
|
5,280
|
|
|
4,501
|
|
|
—
|
|
|
4,186
|
|
|
5,280
|
|
|
8,687
|
|
|
13,967
|
|
|
(2,248
|
)
|
|
2012
|
|
(A)
|
|||||||||
Grand Mobile Estates
|
|
Grand Rapids, MI
|
|
B
|
|
374
|
|
|
3,587
|
|
|
—
|
|
|
4,077
|
|
|
374
|
|
|
7,664
|
|
|
8,038
|
|
|
(3,889
|
)
|
|
1996
|
|
(A)
|
|||||||||
Grand Oaks RV Resort & Campground
|
|
Cayuga, ON
|
|
—
|
|
970
|
|
|
4,220
|
|
|
(66
|
)
|
(1
|
)
|
656
|
|
|
904
|
|
|
4,876
|
|
|
5,780
|
|
|
(370
|
)
|
|
2016
|
|
(A)
|
||||||||
Grove Ridge RV Resort
|
|
Dade City, FL
|
|
E
|
|
1,290
|
|
|
5,387
|
|
|
—
|
|
|
1,702
|
|
|
1,290
|
|
|
7,089
|
|
|
8,379
|
|
|
(607
|
)
|
|
2016
|
|
(A)
|
|||||||||
Groves RV Resort
|
|
Ft. Myers, FL
|
|
A
|
|
249
|
|
|
2,396
|
|
|
—
|
|
|
3,946
|
|
|
249
|
|
|
6,342
|
|
|
6,591
|
|
|
(3,028
|
)
|
|
1997
|
|
(A)
|
|||||||||
Gulfstream Harbor
|
|
Orlando, FL
|
|
—
|
|
14,510
|
|
|
78,930
|
|
|
—
|
|
|
5,313
|
|
|
14,510
|
|
|
84,243
|
|
|
98,753
|
|
|
(10,240
|
)
|
|
2015
|
|
(A)
|
|||||||||
Gulliver’s Lake RV Resort & Campground
|
|
Millgrove, ON
|
|
—
|
|
2,950
|
|
|
2,950
|
|
|
(200
|
)
|
(1
|
)
|
286
|
|
|
2,750
|
|
|
3,236
|
|
|
5,986
|
|
|
(274
|
)
|
|
2016
|
|
(A)
|
||||||||
Gwynn’s Island RV Resort & Campground
|
|
Gwynn, VA
|
|
C
|
|
760
|
|
|
595
|
|
|
—
|
|
|
1,801
|
|
|
760
|
|
|
2,396
|
|
|
3,156
|
|
|
(613
|
)
|
|
2013
|
|
(A)
|
|||||||||
Hamlin
|
|
Webberville, MI
|
|
B
|
|
125
|
|
|
1,675
|
|
|
536
|
|
|
13,227
|
|
|
661
|
|
|
14,902
|
|
|
15,563
|
|
|
(6,811
|
)
|
|
1984
|
|
(A&C)
|
|||||||||
Heritage
|
|
Temecula, CA
|
|
D
|
|
13,200
|
|
|
7,877
|
|
|
—
|
|
|
1,017
|
|
|
13,200
|
|
|
8,894
|
|
|
22,094
|
|
|
(789
|
)
|
|
2016
|
|
(A)
|
|||||||||
Hickory Hills Village
|
|
Battle Creek, MI
|
|
—
|
|
760
|
|
|
7,697
|
|
|
—
|
|
|
2,227
|
|
|
760
|
|
|
9,924
|
|
|
10,684
|
|
|
(2,950
|
)
|
|
2011
|
|
(A)
|
|||||||||
Hidden Ridge RV Resort
|
|
Hopkins, MI
|
|
C
|
|
440
|
|
|
893
|
|
|
—
|
|
|
3,397
|
|
|
440
|
|
|
4,290
|
|
|
4,730
|
|
|
(1,020
|
)
|
|
2011
|
|
(A)
|
|||||||||
Hidden River RV Resort
|
|
Riverview, FL
|
|
—
|
|
3,950
|
|
|
6,376
|
|
|
—
|
|
|
2,459
|
|
|
3,950
|
|
|
8,835
|
|
|
12,785
|
|
|
(709
|
)
|
|
2016
|
|
(A)
|
|||||||||
Hidden Valley RV Resort & Campground
|
|
Normandale, ON
|
|
—
|
|
2,610
|
|
|
4,170
|
|
|
(177
|
)
|
(1
|
)
|
847
|
|
|
2,433
|
|
|
5,017
|
|
|
7,450
|
|
|
(419
|
)
|
|
2016
|
|
(A)
|
||||||||
High Point Park
|
|
Frederica, DE
|
|
—
|
|
898
|
|
|
7,031
|
|
|
(42
|
)
|
(3
|
)
|
7,433
|
|
|
856
|
|
|
14,464
|
|
|
15,320
|
|
|
(6,972
|
)
|
|
1997
|
|
(A)
|
||||||||
Hill Country Cottage and RV Resort
|
|
New Braunfels, TX
|
|
C
|
|
3,790
|
|
|
27,200
|
|
|
—
|
|
|
2,588
|
|
|
3,790
|
|
|
29,788
|
|
|
33,578
|
|
|
(3,007
|
)
|
|
2016
|
|
(A&C)
|
|||||||||
Holiday West Village
|
|
Holland, MI
|
|
B
|
|
340
|
|
|
8,067
|
|
|
—
|
|
|
866
|
|
|
340
|
|
|
8,933
|
|
|
9,273
|
|
|
(2,373
|
)
|
|
2011
|
|
(A)
|
|||||||||
Holly Forest Estates
|
|
Holly Hill, FL
|
|
D
|
|
920
|
|
|
8,376
|
|
|
—
|
|
|
1,153
|
|
|
920
|
|
|
9,529
|
|
|
10,449
|
|
|
(6,307
|
)
|
|
1997
|
|
(A)
|
|||||||||
Holly Village / Hawaiian Gardens
|
|
Holly, MI
|
|
B
|
|
1,514
|
|
|
13,596
|
|
|
—
|
|
|
5,768
|
|
|
1,514
|
|
|
19,364
|
|
|
20,878
|
|
|
(8,629
|
)
|
|
2004
|
|
(A)
|
|||||||||
Homosassa River RV Resort
|
|
Homosassa Springs, FL
|
|
—
|
|
1,520
|
|
|
5,020
|
|
|
—
|
|
|
2,019
|
|
|
1,520
|
|
|
7,039
|
|
|
8,559
|
|
|
(652
|
)
|
|
2016
|
|
(A)
|
|||||||||
Horseshoe Cove RV Resort
|
|
Bradenton, FL
|
|
E
|
|
9,466
|
|
|
32,612
|
|
|
—
|
|
|
3,011
|
|
|
9,466
|
|
|
35,623
|
|
|
45,089
|
|
|
(3,141
|
)
|
|
2016
|
|
(A)
|
|||||||||
Hunters Crossing
|
|
Capac, MI
|
|
C
|
|
430
|
|
|
1,092
|
|
|
—
|
|
|
1,253
|
|
|
430
|
|
|
2,345
|
|
|
2,775
|
|
|
(490
|
)
|
|
2012
|
|
(A)
|
|||||||||
Hunters Glen
|
|
Wayland, MI
|
|
C
|
|
1,102
|
|
|
11,926
|
|
|
—
|
|
|
14,989
|
|
|
1,102
|
|
|
26,915
|
|
|
28,017
|
|
|
(8,704
|
)
|
|
2004
|
|
(C)
|
|
|
|
|
|
|
Initial Cost to Company
|
|
Costs Capitalized Subsequent to Acquisition (Improvements)
|
|
Gross Amount Carried at December 31, 2018
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Property Name
|
|
Location
|
|
Encumbrance
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Total
|
|
Accumulated Depreciation
|
|
Date
|
|
Acquired (A) or Constructed (C)
|
|||||||||||||||||
Indian Creek Park
|
|
Ft. Myers Beach, FL
|
|
D
|
|
3,832
|
|
|
34,660
|
|
|
—
|
|
|
11,988
|
|
|
3,832
|
|
|
46,648
|
|
|
50,480
|
|
|
(29,971
|
)
|
|
1996
|
|
(A)
|
|||||||||
Indian Creek RV & Camping Resort
|
|
Geneva on the Lake, OH
|
|
C
|
|
420
|
|
|
20,791
|
|
|
(5
|
)
|
(3
|
)
|
7,888
|
|
|
415
|
|
|
28,679
|
|
|
29,094
|
|
|
(5,188
|
)
|
|
2013
|
|
(A&C)
|
||||||||
Indian Wells RV Resort
|
|
Indio, CA
|
|
D
|
|
2,880
|
|
|
19,470
|
|
|
—
|
|
|
3,213
|
|
|
2,880
|
|
|
22,683
|
|
|
25,563
|
|
|
(1,969
|
)
|
|
2016
|
|
(A)
|
|||||||||
Island Lakes
|
|
Merritt Island, FL
|
|
D
|
|
700
|
|
|
6,431
|
|
|
—
|
|
|
953
|
|
|
700
|
|
|
7,384
|
|
|
8,084
|
|
|
(5,292
|
)
|
|
1995
|
|
(A)
|
|||||||||
Jellystone Park™ at Birchwood Acres MH & RV Resort
|
|
Greenfield Park, NY
|
|
A
|
|
560
|
|
|
5,527
|
|
|
—
|
|
|
7,256
|
|
|
560
|
|
|
12,783
|
|
|
13,343
|
|
|
(2,851
|
)
|
|
2013
|
|
(A)
|
|||||||||
Jellystone Park™ at Gardiner (4)
|
|
Gardiner, NY
|
|
—
|
|
873
|
|
|
28,406
|
|
|
—
|
|
|
449
|
|
|
873
|
|
|
28,855
|
|
|
29,728
|
|
|
(669
|
)
|
|
2018
|
|
(A)
|
|||||||||
Jellystone Park™ at Golden Valley (4) (5)
|
|
Bostic, NC
|
|
—
|
|
4,829
|
|
|
4,260
|
|
|
—
|
|
|
9,412
|
|
|
4,829
|
|
|
13,672
|
|
|
18,501
|
|
|
(119
|
)
|
|
2018
|
|
(A&C)
|
|||||||||
Jellystone Park™ at Guadalupe River (4)
|
|
Kerrville, TX
|
|
—
|
|
2,519
|
|
|
23,939
|
|
|
—
|
|
|
594
|
|
|
2,519
|
|
|
24,533
|
|
|
27,052
|
|
|
(555
|
)
|
|
2018
|
|
(A)
|
|||||||||
Jellystone Park™ at Hill Country (4)
|
|
Canyon Lake, TX
|
|
—
|
|
1,991
|
|
|
20,709
|
|
|
—
|
|
|
74
|
|
|
1,991
|
|
|
20,783
|
|
|
22,774
|
|
|
(428
|
)
|
|
2018
|
|
(A)
|
|||||||||
Jellystone Park™ at Larkspur
|
|
Larkspur, CO
|
|
—
|
|
1,880
|
|
|
5,521
|
|
|
—
|
|
|
11,277
|
|
|
1,880
|
|
|
16,798
|
|
|
18,678
|
|
|
(620
|
)
|
|
2016
|
|
(A)
|
|||||||||
Jellystone Park™ at Luray(4)
|
|
East Luray, VA
|
|
—
|
|
3,164
|
|
|
29,588
|
|
|
—
|
|
|
476
|
|
|
3,164
|
|
|
30,064
|
|
|
33,228
|
|
|
(645
|
)
|
|
2018
|
|
(A)
|
|||||||||
Jellystone Park™ at Maryland (4)
|
|
Williamsport, MD
|
|
—
|
|
2,096
|
|
|
23,737
|
|
|
—
|
|
|
131
|
|
|
2,096
|
|
|
23,868
|
|
|
25,964
|
|
|
(539
|
)
|
|
2018
|
|
(A)
|
|||||||||
Jellystone Park™ at Memphis (4)
|
|
Horn Lake, TN
|
|
A
|
|
889
|
|
|
6,846
|
|
|
—
|
|
|
16
|
|
|
889
|
|
|
6,862
|
|
|
7,751
|
|
|
(151
|
)
|
|
2018
|
|
(A)
|
|||||||||
Jellystone Park™ at Quarryville (4)
|
|
Quarryville, PA
|
|
—
|
|
3,882
|
|
|
33,781
|
|
|
—
|
|
|
59
|
|
|
3,882
|
|
|
33,840
|
|
|
37,722
|
|
|
(726
|
)
|
|
2018
|
|
(A)
|
|||||||||
Jellystone Park™ at Tower Park (4)
|
|
Lodi, CA
|
|
—
|
|
2,560
|
|
|
29,819
|
|
|
—
|
|
|
963
|
|
|
2,560
|
|
|
30,782
|
|
|
33,342
|
|
|
(661
|
)
|
|
2018
|
|
(A)
|
|||||||||
Jellystone Park™ of Western New York
|
|
North Java, NY
|
|
A
|
|
870
|
|
|
8,884
|
|
|
—
|
|
|
6,801
|
|
|
870
|
|
|
15,685
|
|
|
16,555
|
|
|
(3,537
|
)
|
|
2013
|
|
(A)
|
|||||||||
Kensington Meadows
|
|
Lansing, MI
|
|
B
|
|
250
|
|
|
2,699
|
|
|
—
|
|
|
8,762
|
|
|
250
|
|
|
11,461
|
|
|
11,711
|
|
|
(6,971
|
)
|
|
1995
|
|
(A&C)
|
|||||||||
Kimberly Estates
|
|
Newport, MI
|
|
C
|
|
1,250
|
|
|
6,160
|
|
|
—
|
|
|
10,017
|
|
|
1,250
|
|
|
16,177
|
|
|
17,427
|
|
|
(1,772
|
)
|
|
2016
|
|
(A)
|
|||||||||
King’s Lake
|
|
DeBary, FL
|
|
D
|
|
280
|
|
|
2,542
|
|
|
—
|
|
|
2,808
|
|
|
280
|
|
|
5,350
|
|
|
5,630
|
|
|
(3,478
|
)
|
|
1994
|
|
(A)
|
|||||||||
King’s Pointe
|
|
Lake Alfred, FL
|
|
B
|
|
510
|
|
|
16,763
|
|
|
—
|
|
|
502
|
|
|
510
|
|
|
17,265
|
|
|
17,775
|
|
|
(2,069
|
)
|
|
2015
|
|
(A)
|
|||||||||
King’s Court Mobile Village
|
|
Traverse City, MI
|
|
—
|
|
1,473
|
|
|
13,782
|
|
|
269
|
|
|
12,730
|
|
|
1,742
|
|
|
26,512
|
|
|
28,254
|
|
|
(12,318
|
)
|
|
1996
|
|
(A&C)
|
|||||||||
Kings Manor
|
|
Lakeland, FL
|
|
—
|
|
2,270
|
|
|
5,578
|
|
|
—
|
|
|
3,708
|
|
|
2,270
|
|
|
9,286
|
|
|
11,556
|
|
|
(711
|
)
|
|
2016
|
|
(A)
|
|||||||||
Kissimmee Gardens
|
|
Kissimmee, FL
|
|
—
|
|
3,270
|
|
|
14,402
|
|
|
—
|
|
|
1,369
|
|
|
3,270
|
|
|
15,771
|
|
|
19,041
|
|
|
(1,351
|
)
|
|
2016
|
|
(A)
|
|||||||||
Kissimmee South MH & RV Resort
|
|
Davenport, FL
|
|
—
|
|
3,740
|
|
|
6,819
|
|
|
—
|
|
|
2,763
|
|
|
3,740
|
|
|
9,582
|
|
|
13,322
|
|
|
(785
|
)
|
|
2016
|
|
(A)
|
|||||||||
Knollwood Estates
|
|
Allendale, MI
|
|
A
|
|
400
|
|
|
4,061
|
|
|
—
|
|
|
3,894
|
|
|
400
|
|
|
7,955
|
|
|
8,355
|
|
|
(4,173
|
)
|
|
2001
|
|
(A)
|
|||||||||
La Casa Blanca
|
|
Apache Junction, AZ
|
|
B
|
|
4,370
|
|
|
14,142
|
|
|
—
|
|
|
592
|
|
|
4,370
|
|
|
14,734
|
|
|
19,104
|
|
|
(2,300
|
)
|
|
2014
|
|
(A)
|
|||||||||
La Costa Village
|
|
Port Orange, FL
|
|
D
|
|
3,640
|
|
|
62,315
|
|
|
—
|
|
|
1,251
|
|
|
3,640
|
|
|
63,566
|
|
|
67,206
|
|
|
(7,638
|
)
|
|
2015
|
|
(A)
|
|||||||||
La Hacienda RV Resort
|
|
Austin, TX
|
|
C
|
|
3,670
|
|
|
22,225
|
|
|
—
|
|
|
926
|
|
|
3,670
|
|
|
23,151
|
|
|
26,821
|
|
|
(3,421
|
)
|
|
2015
|
|
(A)
|
|||||||||
Lafayette Place
|
|
Warren, MI
|
|
A
|
|
669
|
|
|
5,979
|
|
|
—
|
|
|
8,105
|
|
|
669
|
|
|
14,084
|
|
|
14,753
|
|
|
(7,711
|
)
|
|
1998
|
|
(A)
|
|||||||||
Lafontaine RV Resort & Campground
|
|
Tiny, ON
|
|
—
|
|
1,290
|
|
|
2,075
|
|
|
(87
|
)
|
(1
|
)
|
1,354
|
|
|
1,203
|
|
|
3,429
|
|
|
4,632
|
|
|
(236
|
)
|
|
2016
|
|
(A)
|
||||||||
Lake Avenue RV Resort & Campground
|
|
Cherry Valley, ON
|
|
—
|
|
670
|
|
|
1,290
|
|
|
(45
|
)
|
(1
|
)
|
505
|
|
|
625
|
|
|
1,795
|
|
|
2,420
|
|
|
(155
|
)
|
|
2016
|
|
(A)
|
|
|
|
|
|
|
Initial Cost to Company
|
|
Costs Capitalized Subsequent to Acquisition (Improvements)
|
|
Gross Amount Carried at December 31, 2018
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Property Name
|
|
Location
|
|
Encumbrance
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Total
|
|
Accumulated Depreciation
|
|
Date
|
|
Acquired (A) or Constructed (C)
|
|||||||||||||||||
Lake in Wood RV Resort
|
|
Narvon, PA
|
|
A
|
|
7,360
|
|
|
7,097
|
|
|
—
|
|
|
2,107
|
|
|
7,360
|
|
|
9,204
|
|
|
16,564
|
|
|
(2,296
|
)
|
|
2012
|
|
(A)
|
|||||||||
Lake Josephine RV Resort
|
|
Sebring, FL
|
|
—
|
|
490
|
|
|
2,830
|
|
|
—
|
|
|
838
|
|
|
490
|
|
|
3,668
|
|
|
4,158
|
|
|
(176
|
)
|
|
2016
|
|
(A)
|
|||||||||
Lake Juliana Landings
|
|
Auburndale, FL
|
|
A
|
|
335
|
|
|
3,048
|
|
|
—
|
|
|
1,821
|
|
|
335
|
|
|
4,869
|
|
|
5,204
|
|
|
(3,198
|
)
|
|
1994
|
|
(A)
|
|||||||||
Lake Pointe Village
|
|
Mulberry, FL
|
|
D
|
|
480
|
|
|
29,795
|
|
|
—
|
|
|
444
|
|
|
480
|
|
|
30,239
|
|
|
30,719
|
|
|
(3,619
|
)
|
|
2015
|
|
(A)
|
|||||||||
Lake Rudolph Campground & RV Resort
|
|
Santa Claus, IN
|
|
A
|
|
2,340
|
|
|
28,113
|
|
|
—
|
|
|
8,092
|
|
|
2,340
|
|
|
36,205
|
|
|
38,545
|
|
|
(7,922
|
)
|
|
2014
|
|
(A&C)
|
|||||||||
Lake San Marino RV Park
|
|
Naples, FL
|
|
A
|
|
650
|
|
|
5,760
|
|
|
—
|
|
|
4,576
|
|
|
650
|
|
|
10,336
|
|
|
10,986
|
|
|
(5,575
|
)
|
|
1996
|
|
(A)
|
|||||||||
Lakefront
|
|
Lakeside, CA
|
|
D
|
|
21,556
|
|
|
17,440
|
|
|
—
|
|
|
1,050
|
|
|
21,556
|
|
|
18,490
|
|
|
40,046
|
|
|
(1,608
|
)
|
|
2016
|
|
(A)
|
|||||||||
Lakeland RV Resort
|
|
Lakeland, FL
|
|
—
|
|
1,730
|
|
|
5,524
|
|
|
—
|
|
|
1,812
|
|
|
1,730
|
|
|
7,336
|
|
|
9,066
|
|
|
(607
|
)
|
|
2016
|
|
(A)
|
|||||||||
Lakeshore Landings
|
|
Orlando, FL
|
|
D
|
|
2,570
|
|
|
19,481
|
|
|
—
|
|
|
1,351
|
|
|
2,570
|
|
|
20,832
|
|
|
23,402
|
|
|
(3,222
|
)
|
|
2014
|
|
(A)
|
|||||||||
Lakeshore Villas
|
|
Tampa, FL
|
|
B
|
|
3,080
|
|
|
18,983
|
|
|
—
|
|
|
843
|
|
|
3,080
|
|
|
19,826
|
|
|
22,906
|
|
|
(2,363
|
)
|
|
2015
|
|
(A)
|
|||||||||
Lakeside Crossing
|
|
Conway, SC
|
|
D
|
|
3,520
|
|
|
31,615
|
|
|
—
|
|
|
8,838
|
|
|
3,520
|
|
|
40,453
|
|
|
43,973
|
|
|
(4,162
|
)
|
|
2015
|
|
(A&C)
|
|||||||||
Lakeview
|
|
Ypsilanti, MI
|
|
C
|
|
1,156
|
|
|
10,903
|
|
|
—
|
|
|
7,166
|
|
|
1,156
|
|
|
18,069
|
|
|
19,225
|
|
|
(8,051
|
)
|
|
2004
|
|
(A)
|
|||||||||
Lamplighter
|
|
Port Orange, FL
|
|
B
|
|
1,330
|
|
|
12,846
|
|
|
—
|
|
|
695
|
|
|
1,330
|
|
|
13,541
|
|
|
14,871
|
|
|
(1,629
|
)
|
|
2015
|
|
(A)
|
|||||||||
Lazy J Ranch
|
|
Arcata, CA
|
|
—
|
|
7,100
|
|
|
6,838
|
|
|
—
|
|
|
84
|
|
|
7,100
|
|
|
6,922
|
|
|
14,022
|
|
|
(371
|
)
|
|
2017
|
|
(A)
|
|||||||||
Leaf Verde RV Resort (4)
|
|
Buckeye, AZ
|
|
—
|
|
3,417
|
|
|
8,437
|
|
|
—
|
|
|
—
|
|
|
3,417
|
|
|
8,437
|
|
|
11,854
|
|
|
(1
|
)
|
|
2018
|
|
(A)
|
|||||||||
Leisure Village
|
|
Belmont, MI
|
|
C
|
|
360
|
|
|
8,219
|
|
|
113
|
|
|
1,612
|
|
|
473
|
|
|
9,831
|
|
|
10,304
|
|
|
(2,233
|
)
|
|
2011
|
|
(A)
|
|||||||||
Lemon Wood
|
|
Ventura, CA
|
|
D
|
|
19,540
|
|
|
6,918
|
|
|
—
|
|
|
1,068
|
|
|
19,540
|
|
|
7,986
|
|
|
27,526
|
|
|
(692
|
)
|
|
2016
|
|
(A)
|
|||||||||
Liberty Farm
|
|
Valparaiso, IN
|
|
C
|
|
66
|
|
|
1,201
|
|
|
116
|
|
|
3,630
|
|
|
182
|
|
|
4,831
|
|
|
5,013
|
|
|
(2,829
|
)
|
|
1985
|
|
(A&C)
|
|||||||||
Lincoln Estates
|
|
Holland, MI
|
|
—
|
|
455
|
|
|
4,201
|
|
|
—
|
|
|
2,625
|
|
|
455
|
|
|
6,826
|
|
|
7,281
|
|
|
(4,150
|
)
|
|
1996
|
|
(A)
|
|||||||||
Long Beach RV Resort & Campground
|
|
Barnegat, NJ
|
|
—
|
|
710
|
|
|
3,414
|
|
|
—
|
|
|
1,174
|
|
|
710
|
|
|
4,588
|
|
|
5,298
|
|
|
(373
|
)
|
|
2016
|
|
(A)
|
|||||||||
Majestic Oaks RV Resort
|
|
Zephyrhills, FL
|
|
E
|
|
3,940
|
|
|
4,725
|
|
|
28
|
|
|
1,984
|
|
|
3,968
|
|
|
6,709
|
|
|
10,677
|
|
|
(571
|
)
|
|
2016
|
|
(A)
|
|||||||||
Maple Brook
|
|
Matteson, IL
|
|
D
|
|
8,460
|
|
|
48,865
|
|
|
—
|
|
|
574
|
|
|
8,460
|
|
|
49,439
|
|
|
57,899
|
|
|
(7,676
|
)
|
|
2014
|
|
(A)
|
|||||||||
Maplewood Manor
|
|
Brunswick, ME
|
|
E
|
|
1,770
|
|
|
12,982
|
|
|
—
|
|
|
1,513
|
|
|
1,770
|
|
|
14,495
|
|
|
16,265
|
|
|
(2,255
|
)
|
|
2014
|
|
(A)
|
|||||||||
Marco Naples RV Resort
|
|
Naples, FL
|
|
—
|
|
2,790
|
|
|
10,458
|
|
|
—
|
|
|
2,308
|
|
|
2,790
|
|
|
12,766
|
|
|
15,556
|
|
|
(1,104
|
)
|
|
2016
|
|
(A)
|
|||||||||
Meadow Lake Estates
|
|
White Lake, MI
|
|
—
|
|
1,188
|
|
|
11,498
|
|
|
127
|
|
|
8,277
|
|
|
1,315
|
|
|
19,775
|
|
|
21,090
|
|
|
(13,621
|
)
|
|
1994
|
|
(A)
|
|||||||||
Meadowbrook
|
|
Charlotte, NC
|
|
C
|
|
1,310
|
|
|
6,570
|
|
|
—
|
|
|
14,531
|
|
|
1,310
|
|
|
21,101
|
|
|
22,411
|
|
|
(9,507
|
)
|
|
2000
|
|
(A&C)
|
|||||||||
Meadowbrook Estates
|
|
Monroe, MI
|
|
A
|
|
431
|
|
|
3,320
|
|
|
379
|
|
|
14,782
|
|
|
810
|
|
|
18,102
|
|
|
18,912
|
|
|
(10,729
|
)
|
|
1986
|
|
(A)
|
|||||||||
Meadowbrook Village
|
|
Tampa, FL
|
|
B
|
|
519
|
|
|
4,728
|
|
|
—
|
|
|
1,249
|
|
|
519
|
|
|
5,977
|
|
|
6,496
|
|
|
(4,321
|
)
|
|
1994
|
|
(A)
|
|||||||||
Meadowlands of Gibraltar
|
|
Gibraltar, MI
|
|
A
|
|
640
|
|
|
7,673
|
|
|
—
|
|
|
4,913
|
|
|
640
|
|
|
12,586
|
|
|
13,226
|
|
|
(1,848
|
)
|
|
2015
|
|
(A)
|
|||||||||
Merrymeeting
|
|
Brunswick, ME
|
|
C
|
|
250
|
|
|
1,020
|
|
|
—
|
|
|
881
|
|
|
250
|
|
|
1,901
|
|
|
2,151
|
|
|
(342
|
)
|
|
2014
|
|
(A)
|
|||||||||
Mill Creek MH & RV Resort
|
|
Kissimmee, FL
|
|
—
|
|
1,400
|
|
|
4,839
|
|
|
—
|
|
|
2,530
|
|
|
1,400
|
|
|
7,369
|
|
|
8,769
|
|
|
(632
|
)
|
|
2016
|
|
(A)
|
|||||||||
Mi-Te-Jo Campground (4)
|
|
Milton, NH
|
|
—
|
|
1,416
|
|
|
7,580
|
|
|
—
|
|
|
482
|
|
|
1,416
|
|
|
8,062
|
|
|
9,478
|
|
|
(166
|
)
|
|
2018
|
|
(A)
|
|||||||||
Moab Valley RV Resort & Campground (4)
|
|
Moab, UT
|
|
—
|
|
3,693
|
|
|
8,732
|
|
|
—
|
|
|
244
|
|
|
3,693
|
|
|
8,976
|
|
|
12,669
|
|
|
(178
|
)
|
|
2018
|
|
(A)
|
|
|
|
|
|
|
Initial Cost to Company
|
|
Costs Capitalized Subsequent to Acquisition (Improvements)
|
|
Gross Amount Carried at December 31, 2018
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Property Name
|
|
Location
|
|
Encumbrance
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Total
|
|
Accumulated Depreciation
|
|
Date
|
|
Acquired (A) or Constructed (C)
|
|||||||||||||||||
Mountain View
|
|
Mesa, AZ
|
|
B
|
|
5,490
|
|
|
12,325
|
|
|
—
|
|
|
407
|
|
|
5,490
|
|
|
12,732
|
|
|
18,222
|
|
|
(1,998
|
)
|
|
2014
|
|
(A)
|
|||||||||
Napa Valley
|
|
Napa, CA
|
|
D
|
|
17,740
|
|
|
11,675
|
|
|
—
|
|
|
680
|
|
|
17,740
|
|
|
12,355
|
|
|
30,095
|
|
|
(1,109
|
)
|
|
2016
|
|
(A)
|
|||||||||
Naples RV Resort
|
|
Naples, FL
|
|
C
|
|
3,640
|
|
|
2,020
|
|
|
—
|
|
|
1,958
|
|
|
3,640
|
|
|
3,978
|
|
|
7,618
|
|
|
(1,108
|
)
|
|
2011
|
|
(A)
|
|||||||||
New Point RV Resort
|
|
New Point, VA
|
|
C
|
|
1,550
|
|
|
5,259
|
|
|
—
|
|
|
4,073
|
|
|
1,550
|
|
|
9,332
|
|
|
10,882
|
|
|
(2,186
|
)
|
|
2013
|
|
(A)
|
|||||||||
New Ranch
|
|
Clearwater, FL
|
|
—
|
|
2,270
|
|
|
2,723
|
|
|
—
|
|
|
944
|
|
|
2,270
|
|
|
3,667
|
|
|
5,937
|
|
|
(293
|
)
|
|
2016
|
|
(A)
|
|||||||||
North Lake Estates
|
|
Moore Haven, FL
|
|
C
|
|
4,150
|
|
|
3,486
|
|
|
—
|
|
|
1,801
|
|
|
4,150
|
|
|
5,287
|
|
|
9,437
|
|
|
(1,631
|
)
|
|
2011
|
|
(A)
|
|||||||||
North Point Estates
|
|
Pueblo, CO
|
|
C
|
|
1,582
|
|
|
3,027
|
|
|
—
|
|
|
4,550
|
|
|
1,582
|
|
|
7,577
|
|
|
9,159
|
|
|
(3,941
|
)
|
|
2001
|
|
(C)
|
|||||||||
Northville Crossing
|
|
Northville, MI
|
|
B
|
|
1,236
|
|
|
29,564
|
|
|
—
|
|
|
8,360
|
|
|
1,236
|
|
|
37,924
|
|
|
39,160
|
|
|
(10,422
|
)
|
|
2012
|
|
(A)
|
|||||||||
Oak Creek
|
|
Coarsegold, CA
|
|
B
|
|
4,760
|
|
|
11,185
|
|
|
—
|
|
|
1,483
|
|
|
4,760
|
|
|
12,668
|
|
|
17,428
|
|
|
(1,967
|
)
|
|
2014
|
|
(A)
|
|||||||||
Oak Crest
|
|
Austin, TX
|
|
B
|
|
4,311
|
|
|
12,611
|
|
|
4,365
|
|
|
8,101
|
|
|
8,676
|
|
|
20,712
|
|
|
29,388
|
|
|
(8,909
|
)
|
|
2002
|
|
(C)
|
|||||||||
Oak Island Village
|
|
East Lansing, MI
|
|
—
|
|
320
|
|
|
6,843
|
|
|
—
|
|
|
2,970
|
|
|
320
|
|
|
9,813
|
|
|
10,133
|
|
|
(2,798
|
)
|
|
2011
|
|
(A)
|
|||||||||
Oak Ridge
|
|
Manteno, IL
|
|
D
|
|
1,090
|
|
|
36,941
|
|
|
—
|
|
|
3,255
|
|
|
1,090
|
|
|
40,196
|
|
|
41,286
|
|
|
(6,291
|
)
|
|
2014
|
|
(A)
|
|||||||||
Oakview Estates
|
|
Arcadia, FL
|
|
—
|
|
850
|
|
|
3,881
|
|
|
—
|
|
|
1,221
|
|
|
850
|
|
|
5,102
|
|
|
5,952
|
|
|
(415
|
)
|
|
2016
|
|
(A)
|
|||||||||
Oakwood Village
|
|
Miamisburg, OH
|
|
B
|
|
1,964
|
|
|
6,401
|
|
|
—
|
|
|
14,183
|
|
|
1,964
|
|
|
20,584
|
|
|
22,548
|
|
|
(11,699
|
)
|
|
1998
|
|
(A&C)
|
|||||||||
Ocean Breeze Jensen Beach MH & RV Resort
|
|
Jensen Beach, FL
|
|
—
|
|
19,026
|
|
|
13,862
|
|
|
—
|
|
|
22,498
|
|
|
19,026
|
|
|
36,360
|
|
|
55,386
|
|
|
(2,016
|
)
|
|
2016
|
|
(A&C)
|
|||||||||
Ocean Breeze MH & RV Resort (6)
|
|
Marathon, FL
|
|
—
|
|
2,330
|
|
|
1,770
|
|
|
—
|
|
|
(150
|
)
|
|
2,330
|
|
|
1,620
|
|
|
3,950
|
|
|
—
|
|
|
2016
|
|
(A)
|
|||||||||
Ocean West
|
|
McKinleyville, CA
|
|
B
|
|
5,040
|
|
|
4,413
|
|
|
345
|
|
|
149
|
|
|
5,385
|
|
|
4,562
|
|
|
9,947
|
|
|
(239
|
)
|
|
2017
|
|
(A)
|
|||||||||
Oceanside RV Resort &
Campground (4)
|
|
Coos Bay, OR
|
|
—
|
|
2,718
|
|
|
3,244
|
|
|
—
|
|
|
54
|
|
|
2,718
|
|
|
3,298
|
|
|
6,016
|
|
|
(73
|
)
|
|
2018
|
|
(A)
|
|||||||||
Orange City MH & RV Resort
|
|
Orange City, FL
|
|
C
|
|
920
|
|
|
5,540
|
|
|
—
|
|
|
2,334
|
|
|
920
|
|
|
7,874
|
|
|
8,794
|
|
|
(2,002
|
)
|
|
2011
|
|
(A)
|
|||||||||
Orange Tree Village
|
|
Orange City, FL
|
|
D
|
|
283
|
|
|
2,530
|
|
|
15
|
|
|
1,121
|
|
|
298
|
|
|
3,651
|
|
|
3,949
|
|
|
(2,642
|
)
|
|
1994
|
|
(A)
|
|||||||||
Orchard Lake
|
|
Milford, OH
|
|
C
|
|
395
|
|
|
4,025
|
|
|
(15
|
)
|
(3
|
)
|
2,168
|
|
|
380
|
|
|
6,193
|
|
|
6,573
|
|
|
(3,059
|
)
|
|
1999
|
|
(A)
|
||||||||
Paddock Park South
|
|
Ocala, FL
|
|
—
|
|
630
|
|
|
6,601
|
|
|
—
|
|
|
1,165
|
|
|
630
|
|
|
7,766
|
|
|
8,396
|
|
|
(632
|
)
|
|
2016
|
|
(A)
|
|||||||||
Palm Creek Golf & RV Resort
|
|
Casa Grande, AZ
|
|
D
|
|
11,836
|
|
|
76,143
|
|
|
—
|
|
|
23,627
|
|
|
11,836
|
|
|
99,770
|
|
|
111,606
|
|
|
(23,840
|
)
|
|
2012
|
|
(A&C)
|
|||||||||
Palm Key Village
|
|
Davenport, FL
|
|
B
|
|
3,840
|
|
|
15,661
|
|
|
—
|
|
|
934
|
|
|
3,840
|
|
|
16,595
|
|
|
20,435
|
|
|
(2,067
|
)
|
|
2015
|
|
(A)
|
|||||||||
Palm Village
|
|
Bradenton, FL
|
|
—
|
|
2,970
|
|
|
2,849
|
|
|
—
|
|
|
1,174
|
|
|
2,970
|
|
|
4,023
|
|
|
6,993
|
|
|
(319
|
)
|
|
2016
|
|
(A)
|
|||||||||
Palos Verdes Shores MH & Golf Community (2)
|
|
San Pedro, CA
|
|
D
|
|
—
|
|
|
21,815
|
|
|
—
|
|
|
2,043
|
|
|
—
|
|
|
23,858
|
|
|
23,858
|
|
|
(1,986
|
)
|
|
2016
|
|
(A)
|
|||||||||
Park Place
|
|
Sebastian, FL
|
|
D
|
|
1,360
|
|
|
48,678
|
|
|
67
|
|
|
2,856
|
|
|
1,427
|
|
|
51,534
|
|
|
52,961
|
|
|
(5,975
|
)
|
|
2015
|
|
(A)
|
|||||||||
Park Royale
|
|
Pinellas Park, FL
|
|
D
|
|
670
|
|
|
29,046
|
|
|
—
|
|
|
372
|
|
|
670
|
|
|
29,418
|
|
|
30,088
|
|
|
(3,540
|
)
|
|
2015
|
|
(A)
|
|||||||||
Parkside Village
|
|
Cheektowaga, NY
|
|
B
|
|
550
|
|
|
10,402
|
|
|
—
|
|
|
292
|
|
|
550
|
|
|
10,694
|
|
|
11,244
|
|
|
(1,646
|
)
|
|
2014
|
|
(A)
|
|||||||||
Pebble Creek
|
|
Greenwood, IN
|
|
C
|
|
1,030
|
|
|
5,074
|
|
|
—
|
|
|
9,182
|
|
|
1,030
|
|
|
14,256
|
|
|
15,286
|
|
|
(6,632
|
)
|
|
2000
|
|
(A&C)
|
|||||||||
Pecan Branch
|
|
Georgetown, TX
|
|
C
|
|
1,379
|
|
|
—
|
|
|
235
|
|
|
10,234
|
|
|
1,614
|
|
|
10,234
|
|
|
11,848
|
|
|
(2,267
|
)
|
|
1999
|
|
(C)
|
|||||||||
Pecan Park RV Resort
|
|
Jacksonville, FL
|
|
—
|
|
2,000
|
|
|
5,000
|
|
|
1,417
|
|
|
1,051
|
|
|
3,417
|
|
|
6,051
|
|
|
9,468
|
|
|
(493
|
)
|
|
2016
|
|
(A)
|
|||||||||
Pelican Bay
|
|
Micco, FL
|
|
D
|
|
470
|
|
|
10,543
|
|
|
—
|
|
|
1,646
|
|
|
470
|
|
|
12,189
|
|
|
12,659
|
|
|
(1,428
|
)
|
|
2015
|
|
(A)
|
|
|
|
|
|
|
Initial Cost to Company
|
|
Costs Capitalized Subsequent to Acquisition (Improvements)
|
|
Gross Amount Carried at December 31, 2018
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Property Name
|
|
Location
|
|
Encumbrance
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Total
|
|
Accumulated Depreciation
|
|
Date
|
|
Acquired (A) or Constructed (C)
|
|||||||||||||||||
Pelican RV Resort & Marina
|
|
Marathon, FL
|
|
—
|
|
4,760
|
|
|
4,742
|
|
|
—
|
|
|
1,621
|
|
|
4,760
|
|
|
6,363
|
|
|
11,123
|
|
|
(576
|
)
|
|
2016
|
|
(A)
|
|||||||||
Pembroke Downs
|
|
Chino, CA
|
|
D
|
|
9,560
|
|
|
7,269
|
|
|
—
|
|
|
757
|
|
|
9,560
|
|
|
8,026
|
|
|
17,586
|
|
|
(654
|
)
|
|
2016
|
|
(A)
|
|||||||||
Peter’s Pond RV Resort
|
|
Sandwich, MA
|
|
C
|
|
4,700
|
|
|
22,840
|
|
|
—
|
|
|
3,485
|
|
|
4,700
|
|
|
26,325
|
|
|
31,025
|
|
|
(6,334
|
)
|
|
2013
|
|
(A)
|
|||||||||
Petoskey KOA RV Resort (4)
|
|
Petoskey, MI
|
|
—
|
|
214
|
|
|
8,676
|
|
|
—
|
|
|
11
|
|
|
214
|
|
|
8,687
|
|
|
8,901
|
|
|
(160
|
)
|
|
2018
|
|
(A)
|
|||||||||
Petoskey RV Resort
|
|
Petoskey, MI
|
|
—
|
|
230
|
|
|
3,270
|
|
|
—
|
|
|
3,391
|
|
|
230
|
|
|
6,661
|
|
|
6,891
|
|
|
(502
|
)
|
|
2016
|
|
(A)
|
|||||||||
Pheasant Ridge
|
|
Lancaster, PA
|
|
A
|
|
2,044
|
|
|
19,279
|
|
|
—
|
|
|
878
|
|
|
2,044
|
|
|
20,157
|
|
|
22,201
|
|
|
(10,794
|
)
|
|
2002
|
|
(A)
|
|||||||||
Pickerel Park RV Resort & Campground
|
|
Napanee, ON
|
|
—
|
|
900
|
|
|
2,125
|
|
|
(61
|
)
|
(1
|
)
|
1,029
|
|
|
839
|
|
|
3,154
|
|
|
3,993
|
|
|
(233
|
)
|
|
2016
|
|
(A)
|
||||||||
Pin Oak Parc
|
|
O’Fallon, MO
|
|
—
|
|
1,038
|
|
|
3,250
|
|
|
467
|
|
|
15,333
|
|
|
1,505
|
|
|
18,583
|
|
|
20,088
|
|
|
(8,942
|
)
|
|
1994
|
|
(A&C)
|
|||||||||
Pine Hills
|
|
Middlebury, IN
|
|
A
|
|
72
|
|
|
544
|
|
|
60
|
|
|
3,394
|
|
|
132
|
|
|
3,938
|
|
|
4,070
|
|
|
(2,313
|
)
|
|
1980
|
|
(A)
|
|||||||||
Pine Ridge
|
|
Prince George, VA
|
|
B
|
|
405
|
|
|
2,397
|
|
|
—
|
|
|
13,415
|
|
|
405
|
|
|
15,812
|
|
|
16,217
|
|
|
(4,460
|
)
|
|
1986
|
|
(A&C)
|
|||||||||
Pine Trace
|
|
Houston, TX
|
|
C
|
|
2,907
|
|
|
17,169
|
|
|
(257
|
)
|
(3
|
)
|
17,555
|
|
|
2,650
|
|
|
34,724
|
|
|
37,374
|
|
|
(13,644
|
)
|
|
2004
|
|
(A&C)
|
||||||||
Pinebrook Village
|
|
Kentwood, MI
|
|
C
|
|
130
|
|
|
5,692
|
|
|
—
|
|
|
1,583
|
|
|
130
|
|
|
7,275
|
|
|
7,405
|
|
|
(2,193
|
)
|
|
2011
|
|
(A)
|
|||||||||
Pismo Dunes RV Resort
|
|
Pismo Beach, CA
|
|
—
|
|
11,070
|
|
|
10,190
|
|
|
—
|
|
|
866
|
|
|
11,070
|
|
|
11,056
|
|
|
22,126
|
|
|
(564
|
)
|
|
2017
|
|
(A)
|
|||||||||
Plantation Landings
|
|
Haines City, FL
|
|
D
|
|
3,070
|
|
|
30,973
|
|
|
—
|
|
|
2,069
|
|
|
3,070
|
|
|
33,042
|
|
|
36,112
|
|
|
(3,882
|
)
|
|
2015
|
|
(A)
|
|||||||||
Pleasant Lake RV Resort
|
|
Bradenton, FL
|
|
E
|
|
5,220
|
|
|
20,403
|
|
|
—
|
|
|
2,999
|
|
|
5,220
|
|
|
23,402
|
|
|
28,622
|
|
|
(1,988
|
)
|
|
2016
|
|
(A)
|
|||||||||
Pony Express RV Resort & Campground (4)
|
|
North Salt Lake, UT
|
|
—
|
|
3,429
|
|
|
4,643
|
|
|
—
|
|
|
5
|
|
|
3,429
|
|
|
4,648
|
|
|
8,077
|
|
|
(118
|
)
|
|
2018
|
|
(A)
|
|||||||||
Presidential Estates Mobile Village
|
|
Hudsonville, MI
|
|
B
|
|
680
|
|
|
6,314
|
|
|
—
|
|
|
6,157
|
|
|
680
|
|
|
12,471
|
|
|
13,151
|
|
|
(7,600
|
)
|
|
1996
|
|
(A)
|
|||||||||
Rainbow MH & RV Resort
|
|
Frostproof, FL
|
|
A
|
|
1,890
|
|
|
5,682
|
|
|
—
|
|
|
4,210
|
|
|
1,890
|
|
|
9,892
|
|
|
11,782
|
|
|
(2,449
|
)
|
|
2012
|
|
(A)
|
|||||||||
Rainbow Village of Largo
|
|
Largo, FL
|
|
E
|
|
4,420
|
|
|
12,529
|
|
|
—
|
|
|
2,979
|
|
|
4,420
|
|
|
15,508
|
|
|
19,928
|
|
|
(1,356
|
)
|
|
2016
|
|
(A)
|
|||||||||
Rainbow Village of Zephyrhills
|
|
Zephyrhills, FL
|
|
—
|
|
1,800
|
|
|
9,884
|
|
|
—
|
|
|
1,907
|
|
|
1,800
|
|
|
11,791
|
|
|
13,591
|
|
|
(1,007
|
)
|
|
2016
|
|
(A)
|
|||||||||
Rancho Alipaz (2)
|
|
San Juan Capistrano, CA
|
|
D
|
|
—
|
|
|
2,856
|
|
|
16,165
|
|
|
861
|
|
|
16,165
|
|
|
3,717
|
|
|
19,882
|
|
|
(310
|
)
|
|
2016
|
|
(A)
|
|||||||||
Rancho Caballero
|
|
Riverside, CA
|
|
D
|
|
16,560
|
|
|
12,446
|
|
|
—
|
|
|
1,168
|
|
|
16,560
|
|
|
13,614
|
|
|
30,174
|
|
|
(1,120
|
)
|
|
2016
|
|
(A)
|
|||||||||
Rancho Mirage
|
|
Apache Junction, AZ
|
|
B
|
|
7,510
|
|
|
22,238
|
|
|
—
|
|
|
921
|
|
|
7,510
|
|
|
23,159
|
|
|
30,669
|
|
|
(3,528
|
)
|
|
2014
|
|
(A)
|
|||||||||
Red Oaks MH & RV Resort (2)
|
|
Bushnell, FL
|
|
—
|
|
5,180
|
|
|
20,499
|
|
|
—
|
|
|
4,089
|
|
|
5,180
|
|
|
24,588
|
|
|
29,768
|
|
|
(2,134
|
)
|
|
2016
|
|
(A)
|
|||||||||
Regency Heights
|
|
Clearwater, FL
|
|
—
|
|
11,330
|
|
|
15,734
|
|
|
—
|
|
|
1,565
|
|
|
11,330
|
|
|
17,299
|
|
|
28,629
|
|
|
(1,421
|
)
|
|
2016
|
|
(A)
|
|||||||||
Reserve at Fox Creek
|
|
Bullhead City, AZ
|
|
D
|
|
1,950
|
|
|
20,074
|
|
|
—
|
|
|
1,250
|
|
|
1,950
|
|
|
21,324
|
|
|
23,274
|
|
|
(3,256
|
)
|
|
2014
|
|
(A)
|
|||||||||
Richmond Place
|
|
Richmond, MI
|
|
A
|
|
501
|
|
|
2,040
|
|
|
(31
|
)
|
(3
|
)
|
3,222
|
|
|
470
|
|
|
5,262
|
|
|
5,732
|
|
|
(2,530
|
)
|
|
1998
|
|
(A)
|
||||||||
Riptide RV Resort & Marina
|
|
Key Largo, FL
|
|
—
|
|
2,440
|
|
|
991
|
|
|
—
|
|
|
1,724
|
|
|
2,440
|
|
|
2,715
|
|
|
5,155
|
|
|
(203
|
)
|
|
2016
|
|
(A)
|
|||||||||
River Haven Village
|
|
Grand Haven, MI
|
|
C
|
|
1,800
|
|
|
16,967
|
|
|
—
|
|
|
14,422
|
|
|
1,800
|
|
|
31,389
|
|
|
33,189
|
|
|
(13,636
|
)
|
|
2001
|
|
(A)
|
|||||||||
River Ranch
|
|
Austin, TX
|
|
C
|
|
4,690
|
|
|
843
|
|
|
182
|
|
|
42,959
|
|
|
4,872
|
|
|
43,802
|
|
|
48,674
|
|
|
(11,408
|
)
|
|
2000
|
|
(A&C)
|
|||||||||
River Ridge Estates
|
|
Austin, TX
|
|
A
|
|
3,201
|
|
|
15,090
|
|
|
—
|
|
|
8,941
|
|
|
3,201
|
|
|
24,031
|
|
|
27,232
|
|
|
(11,751
|
)
|
|
2002
|
|
(C)
|
|||||||||
River Run Ranch (4) (5)
|
|
Granby, CO
|
|
—
|
|
8,642
|
|
|
—
|
|
|
—
|
|
|
9,153
|
|
|
8,642
|
|
|
9,153
|
|
|
17,795
|
|
|
—
|
|
|
2018
|
|
(C)
|
|
|
|
|
|
|
Initial Cost to Company
|
|
Costs Capitalized Subsequent to Acquisition (Improvements)
|
|
Gross Amount Carried at December 31, 2018
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Property Name
|
|
Location
|
|
Encumbrance
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Total
|
|
Accumulated Depreciation
|
|
Date
|
|
Acquired (A) or Constructed (C)
|
|||||||||||||||||
Riverside Club
|
|
Ruskin, FL
|
|
D
|
|
1,600
|
|
|
66,207
|
|
|
—
|
|
|
5,123
|
|
|
1,600
|
|
|
71,330
|
|
|
72,930
|
|
|
(8,321
|
)
|
|
2015
|
|
(A)
|
|||||||||
Rock Crusher Canyon RV Resort
|
|
Crystal River, FL
|
|
C
|
|
420
|
|
|
5,542
|
|
|
166
|
|
|
3,162
|
|
|
586
|
|
|
8,704
|
|
|
9,290
|
|
|
(1,234
|
)
|
|
2015
|
|
(A)
|
|||||||||
Roxbury Park
|
|
Goshen, IN
|
|
B
|
|
1,057
|
|
|
9,870
|
|
|
—
|
|
|
4,204
|
|
|
1,057
|
|
|
14,074
|
|
|
15,131
|
|
|
(7,229
|
)
|
|
2001
|
|
(A)
|
|||||||||
Royal Country
|
|
Miami, FL
|
|
E
|
|
2,290
|
|
|
20,758
|
|
|
—
|
|
|
2,546
|
|
|
2,290
|
|
|
23,304
|
|
|
25,594
|
|
|
(18,076
|
)
|
|
1994
|
|
(A)
|
|||||||||
Royal Palm Village
|
|
Haines City, FL
|
|
E
|
|
1,730
|
|
|
27,446
|
|
|
—
|
|
|
3,248
|
|
|
1,730
|
|
|
30,694
|
|
|
32,424
|
|
|
(3,666
|
)
|
|
2015
|
|
(A)
|
|||||||||
Royal Palms MH & RV Resort (2)
|
|
Cathedral City, CA
|
|
—
|
|
—
|
|
|
21,660
|
|
|
—
|
|
|
1,364
|
|
|
—
|
|
|
23,024
|
|
|
23,024
|
|
|
(1,946
|
)
|
|
2016
|
|
(A)
|
|||||||||
Rudgate Clinton
|
|
Clinton Township, MI
|
|
A
|
|
1,090
|
|
|
23,664
|
|
|
—
|
|
|
8,224
|
|
|
1,090
|
|
|
31,888
|
|
|
32,978
|
|
|
(7,712
|
)
|
|
2012
|
|
(A)
|
|||||||||
Rudgate Manor
|
|
Sterling Heights, MI
|
|
A
|
|
1,440
|
|
|
31,110
|
|
|
—
|
|
|
11,129
|
|
|
1,440
|
|
|
42,239
|
|
|
43,679
|
|
|
(10,136
|
)
|
|
2012
|
|
(A)
|
|||||||||
Saco / Old Orchard Beach KOA
|
|
Saco, ME
|
|
C
|
|
790
|
|
|
3,576
|
|
|
—
|
|
|
5,361
|
|
|
790
|
|
|
8,937
|
|
|
9,727
|
|
|
(1,577
|
)
|
|
2014
|
|
(A)
|
|||||||||
Saddle Oak Club
|
|
Ocala, FL
|
|
D
|
|
730
|
|
|
6,743
|
|
|
—
|
|
|
1,605
|
|
|
730
|
|
|
8,348
|
|
|
9,078
|
|
|
(6,101
|
)
|
|
1995
|
|
(A)
|
|||||||||
Saddlebrook
|
|
San Marcos, TX
|
|
C
|
|
1,703
|
|
|
11,843
|
|
|
—
|
|
|
23,412
|
|
|
1,703
|
|
|
35,255
|
|
|
36,958
|
|
|
(11,682
|
)
|
|
2002
|
|
(C)
|
|||||||||
San Pedro RV Resort & Marina (6)
|
|
Islamorada, FL
|
|
—
|
|
3,110
|
|
|
2,416
|
|
|
—
|
|
|
(1,885
|
)
|
|
3,110
|
|
|
531
|
|
|
3,641
|
|
|
—
|
|
|
2016
|
|
(A)
|
|||||||||
Sandy Lake MH & RV Resort
|
|
Carrolton, TX
|
|
—
|
|
730
|
|
|
17,837
|
|
|
—
|
|
|
1,499
|
|
|
730
|
|
|
19,336
|
|
|
20,066
|
|
|
(1,636
|
)
|
|
2016
|
|
(A)
|
|||||||||
Saralake Estates
|
|
Sarasota, FL
|
|
—
|
|
6,540
|
|
|
11,403
|
|
|
—
|
|
|
1,027
|
|
|
6,540
|
|
|
12,430
|
|
|
18,970
|
|
|
(1,072
|
)
|
|
2016
|
|
(A)
|
|||||||||
Savanna Club
|
|
Port St. Lucie, FL
|
|
D
|
|
12,810
|
|
|
79,887
|
|
|
—
|
|
|
287
|
|
|
12,810
|
|
|
80,174
|
|
|
92,984
|
|
|
(9,659
|
)
|
|
2015
|
|
(A&C)
|
|||||||||
Scio Farms Estates
|
|
Ann Arbor, MI
|
|
B
|
|
2,300
|
|
|
22,659
|
|
|
(12
|
)
|
(3
|
)
|
15,500
|
|
|
2,288
|
|
|
38,159
|
|
|
40,447
|
|
|
(24,534
|
)
|
|
1995
|
|
(A&C)
|
||||||||
Sea Air Village
|
|
Rehoboth Beach, DE
|
|
—
|
|
1,207
|
|
|
10,179
|
|
|
—
|
|
|
2,492
|
|
|
1,207
|
|
|
12,671
|
|
|
13,878
|
|
|
(6,626
|
)
|
|
1997
|
|
(A)
|
|||||||||
Sea Breeze MH & RV Resort (6)
|
|
Islamorada, FL
|
|
—
|
|
7,390
|
|
|
4,616
|
|
|
2,311
|
|
|
(3,397
|
)
|
|
9,701
|
|
|
1,219
|
|
|
10,920
|
|
|
—
|
|
|
2016
|
|
(A)
|
|||||||||
Seaport RV Resort
|
|
Old Mystic, CT
|
|
C
|
|
120
|
|
|
290
|
|
|
—
|
|
|
2,481
|
|
|
120
|
|
|
2,771
|
|
|
2,891
|
|
|
(1,076
|
)
|
|
2013
|
|
(A)
|
|||||||||
Seashore Campsites & RV Resort
|
|
Cape May, NJ
|
|
D
|
|
1,030
|
|
|
23,228
|
|
|
—
|
|
|
2,735
|
|
|
1,030
|
|
|
25,963
|
|
|
26,993
|
|
|
(4,473
|
)
|
|
2014
|
|
(A)
|
|||||||||
Serendipity
|
|
North Fort Myers, FL
|
|
B
|
|
1,160
|
|
|
23,522
|
|
|
—
|
|
|
3,092
|
|
|
1,160
|
|
|
26,614
|
|
|
27,774
|
|
|
(3,287
|
)
|
|
2015
|
|
(A)
|
|||||||||
Settler’s Rest RV Resort
|
|
Zephyrhills, FL
|
|
—
|
|
1,760
|
|
|
7,685
|
|
|
—
|
|
|
1,468
|
|
|
1,760
|
|
|
9,153
|
|
|
10,913
|
|
|
(782
|
)
|
|
2016
|
|
(A)
|
|||||||||
Shadow Wood Village
|
|
Hudson, FL
|
|
—
|
|
4,520
|
|
|
3,898
|
|
|
—
|
|
|
1,525
|
|
|
4,520
|
|
|
5,423
|
|
|
9,943
|
|
|
(388
|
)
|
|
2016
|
|
(A)
|
|||||||||
Shady Pines MH & RV Resort
|
|
Galloway Township, NJ
|
|
—
|
|
1,060
|
|
|
3,768
|
|
|
—
|
|
|
1,247
|
|
|
1,060
|
|
|
5,015
|
|
|
6,075
|
|
|
(412
|
)
|
|
2016
|
|
(A)
|
|||||||||
Shady Road Villas
|
|
Ocala, FL
|
|
—
|
|
450
|
|
|
2,819
|
|
|
—
|
|
|
1,051
|
|
|
450
|
|
|
3,870
|
|
|
4,320
|
|
|
(304
|
)
|
|
2016
|
|
(A)
|
|||||||||
Sheffield Estates
|
|
Auburn Hills, MI
|
|
C
|
|
778
|
|
|
7,165
|
|
|
—
|
|
|
2,196
|
|
|
778
|
|
|
9,361
|
|
|
10,139
|
|
|
(4,129
|
)
|
|
2006
|
|
(A)
|
|||||||||
Shell Creek RV Resort & Marina
|
|
Punta Gorda, FL
|
|
E
|
|
2,200
|
|
|
9,662
|
|
|
—
|
|
|
1,551
|
|
|
2,200
|
|
|
11,213
|
|
|
13,413
|
|
|
(938
|
)
|
|
2016
|
|
(A)
|
|||||||||
Sherkston Shores Beach Resort & Campground
|
|
Sherkston, ON
|
|
—
|
|
22,750
|
|
|
97,164
|
|
|
(1,130
|
)
|
(1
|
)
|
(2,107
|
)
|
|
21,620
|
|
|
95,057
|
|
|
116,677
|
|
|
(8,503
|
)
|
|
2016
|
|
(A)
|
||||||||
Siesta Bay RV Park
|
|
Ft. Myers, FL
|
|
A
|
|
2,051
|
|
|
18,549
|
|
|
4
|
|
|
4,963
|
|
|
2,055
|
|
|
23,512
|
|
|
25,567
|
|
|
(15,644
|
)
|
|
1996
|
|
(A)
|
|||||||||
Silver Birches RV Resort & Campground
|
|
Lambton Shores, ON
|
|
—
|
|
880
|
|
|
1,540
|
|
|
(60
|
)
|
(1
|
)
|
366
|
|
|
820
|
|
|
1,906
|
|
|
2,726
|
|
|
(161
|
)
|
|
2016
|
|
(A)
|
|
|
|
|
|
|
Initial Cost to Company
|
|
Costs Capitalized Subsequent to Acquisition (Improvements)
|
|
Gross Amount Carried at December 31, 2018
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Property Name
|
|
Location
|
|
Encumbrance
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Total
|
|
Accumulated Depreciation
|
|
Date
|
|
Acquired (A) or Constructed (C)
|
|||||||||||||||||
Silver Creek RV Resort (4)
|
|
Mears, MI
|
|
—
|
|
605
|
|
|
7,014
|
|
|
—
|
|
|
139
|
|
|
605
|
|
|
7,153
|
|
|
7,758
|
|
|
(142
|
)
|
|
2018
|
|
(C)
|
|||||||||
Silver Springs
|
|
Clinton Township, MI
|
|
B
|
|
861
|
|
|
16,595
|
|
|
—
|
|
|
3,590
|
|
|
861
|
|
|
20,185
|
|
|
21,046
|
|
|
(5,194
|
)
|
|
2012
|
|
(A)
|
|||||||||
Sky Harbor
|
|
Cheektowaga, NY
|
|
A
|
|
2,318
|
|
|
24,253
|
|
|
—
|
|
|
5,522
|
|
|
2,318
|
|
|
29,775
|
|
|
32,093
|
|
|
(4,291
|
)
|
|
2014
|
|
(A)
|
|||||||||
Skyline
|
|
Fort Collins, CO
|
|
E
|
|
2,260
|
|
|
12,120
|
|
|
—
|
|
|
717
|
|
|
2,260
|
|
|
12,837
|
|
|
15,097
|
|
|
(2,027
|
)
|
|
2014
|
|
(A)
|
|||||||||
Smith Creek Crossing (4) (5)
|
|
Granby, CO
|
|
—
|
|
1,395
|
|
|
—
|
|
|
—
|
|
|
614
|
|
|
1,395
|
|
|
614
|
|
|
2,009
|
|
|
—
|
|
|
2018
|
|
(C)
|
|||||||||
Southern Charm MH & RV Resort
|
|
Zephyrhills, FL
|
|
E
|
|
4,940
|
|
|
17,366
|
|
|
—
|
|
|
2,163
|
|
|
4,940
|
|
|
19,529
|
|
|
24,469
|
|
|
(1,715
|
)
|
|
2016
|
|
(A)
|
|||||||||
Southern Hills / Northridge Place
|
|
Stewartville, MN
|
|
E
|
|
360
|
|
|
12,723
|
|
|
—
|
|
|
11,694
|
|
|
360
|
|
|
24,417
|
|
|
24,777
|
|
|
(3,463
|
)
|
|
2014
|
|
(A&C)
|
|||||||||
Southern Pines
|
|
Bradenton, FL
|
|
—
|
|
1,710
|
|
|
3,337
|
|
|
—
|
|
|
1,117
|
|
|
1,710
|
|
|
4,454
|
|
|
6,164
|
|
|
(376
|
)
|
|
2016
|
|
(A)
|
|||||||||
Southfork
|
|
Belton, MO
|
|
A
|
|
1,000
|
|
|
9,011
|
|
|
—
|
|
|
8,628
|
|
|
1,000
|
|
|
17,639
|
|
|
18,639
|
|
|
(8,722
|
)
|
|
1997
|
|
(A)
|
|||||||||
Southport Springs Golf & Country Club
|
|
Zephyrhills, FL
|
|
B
|
|
15,060
|
|
|
17,229
|
|
|
—
|
|
|
3,111
|
|
|
15,060
|
|
|
20,340
|
|
|
35,400
|
|
|
(2,366
|
)
|
|
2015
|
|
(A&C)
|
|||||||||
Southwood Village
|
|
Grand Rapids, MI
|
|
—
|
|
300
|
|
|
11,517
|
|
|
—
|
|
|
1,792
|
|
|
300
|
|
|
13,309
|
|
|
13,609
|
|
|
(3,596
|
)
|
|
2011
|
|
(A)
|
|||||||||
Spanish Main MH & RV Resort
|
|
Thonotasassa, FL
|
|
—
|
|
2,390
|
|
|
8,159
|
|
|
—
|
|
|
2,677
|
|
|
2,390
|
|
|
10,836
|
|
|
13,226
|
|
|
(862
|
)
|
|
2016
|
|
(A)
|
|||||||||
St. Clair Place
|
|
St. Clair, MI
|
|
A
|
|
501
|
|
|
2,029
|
|
|
—
|
|
|
2,321
|
|
|
501
|
|
|
4,350
|
|
|
4,851
|
|
|
(2,169
|
)
|
|
1998
|
|
(A)
|
|||||||||
Stonebridge (MI) (5)
|
|
Richfield Twp, MI
|
|
—
|
|
2,044
|
|
|
—
|
|
|
246
|
|
|
2,195
|
|
|
2,290
|
|
|
2,195
|
|
|
4,485
|
|
|
—
|
|
|
1998
|
|
(C)
|
|||||||||
Stonebridge (TX)
|
|
San Antonio, TX
|
|
C
|
|
2,515
|
|
|
2,096
|
|
|
(615
|
)
|
(3
|
)
|
6,657
|
|
|
1,900
|
|
|
8,753
|
|
|
10,653
|
|
|
(4,727
|
)
|
|
2000
|
|
(A&C)
|
||||||||
Stonebrook
|
|
Homosassa, FL
|
|
—
|
|
650
|
|
|
14,063
|
|
|
—
|
|
|
790
|
|
|
650
|
|
|
14,853
|
|
|
15,503
|
|
|
(1,747
|
)
|
|
2015
|
|
(A)
|
|||||||||
Summit Ridge
|
|
Converse, TX
|
|
C
|
|
2,615
|
|
|
2,092
|
|
|
(883
|
)
|
(3
|
)
|
21,225
|
|
|
1,732
|
|
|
23,317
|
|
|
25,049
|
|
|
(8,743
|
)
|
|
2000
|
|
(A&C)
|
||||||||
Sun N Fun RV Resort
|
|
Sarasota, FL
|
|
D
|
|
50,952
|
|
|
117,457
|
|
|
(139
|
)
|
(3
|
)
|
6,275
|
|
|
50,813
|
|
|
123,732
|
|
|
174,545
|
|
|
(11,798
|
)
|
|
2016
|
|
(A)
|
||||||||
Sun Valley
|
|
Apache Junction, AZ
|
|
D
|
|
2,750
|
|
|
18,408
|
|
|
—
|
|
|
1,602
|
|
|
2,750
|
|
|
20,010
|
|
|
22,760
|
|
|
(3,052
|
)
|
|
2014
|
|
(A)
|
|||||||||
Sun Villa Estates
|
|
Reno, NV
|
|
B
|
|
2,385
|
|
|
11,773
|
|
|
(1,100
|
)
|
(3
|
)
|
1,623
|
|
|
1,285
|
|
|
13,396
|
|
|
14,681
|
|
|
(8,508
|
)
|
|
1998
|
|
(A)
|
||||||||
Suncoast Gateway
|
|
Port Richey, FL
|
|
—
|
|
594
|
|
|
300
|
|
|
—
|
|
|
788
|
|
|
594
|
|
|
1,088
|
|
|
1,682
|
|
|
(286
|
)
|
|
2016
|
|
(A)
|
|||||||||
Sundance
|
|
Zephyrhills, FL
|
|
B
|
|
890
|
|
|
25,306
|
|
|
—
|
|
|
975
|
|
|
890
|
|
|
26,281
|
|
|
27,171
|
|
|
(3,144
|
)
|
|
2015
|
|
(A)
|
|||||||||
Sunlake Estates
|
|
Grand Island, FL
|
|
D
|
|
6,290
|
|
|
24,084
|
|
|
—
|
|
|
1,743
|
|
|
6,290
|
|
|
25,827
|
|
|
32,117
|
|
|
(3,079
|
)
|
|
2015
|
|
(A)
|
|||||||||
Sunset Beach RV Resort
|
|
Cape Charles, VA
|
|
—
|
|
3,800
|
|
|
24,030
|
|
|
—
|
|
|
—
|
|
|
3,800
|
|
|
24,030
|
|
|
27,830
|
|
|
(2,120
|
)
|
|
2016
|
|
(A)
|
|||||||||
Sunset Harbor at Cow Key Marina
|
|
Key West, FL
|
|
—
|
|
8,570
|
|
|
7,636
|
|
|
—
|
|
|
798
|
|
|
8,570
|
|
|
8,434
|
|
|
17,004
|
|
|
(672
|
)
|
|
2016
|
|
(A)
|
|||||||||
Sunset Lakes RV Resort
|
|
Hillsdale, IL
|
|
—
|
|
1,840
|
|
|
5,995
|
|
|
—
|
|
|
2,390
|
|
|
1,840
|
|
|
8,385
|
|
|
10,225
|
|
|
(442
|
)
|
|
2017
|
|
(A)
|
|||||||||
Sunset Ridge (MI)
|
|
Portland, MI
|
|
C
|
|
2,044
|
|
|
—
|
|
|
(9
|
)
|
(3
|
)
|
23,838
|
|
|
2,035
|
|
|
23,838
|
|
|
25,873
|
|
|
(8,527
|
)
|
|
1998
|
|
(C)
|
||||||||
Sunset Ridge (TX)
|
|
Kyle, TX
|
|
C
|
|
2,190
|
|
|
2,775
|
|
|
—
|
|
|
6,656
|
|
|
2,190
|
|
|
9,431
|
|
|
11,621
|
|
|
(4,687
|
)
|
|
2000
|
|
(A&C)
|
|||||||||
Swan Meadow Village
|
|
Dillon, CO
|
|
E
|
|
2,140
|
|
|
19,734
|
|
|
—
|
|
|
461
|
|
|
2,140
|
|
|
20,195
|
|
|
22,335
|
|
|
(2,854
|
)
|
|
2014
|
|
(A)
|
|||||||||
Sweetwater RV Resort
|
|
Zephyrhills, FL
|
|
E
|
|
1,340
|
|
|
9,113
|
|
|
—
|
|
|
1,576
|
|
|
1,340
|
|
|
10,689
|
|
|
12,029
|
|
|
(932
|
)
|
|
2016
|
|
(A)
|
|||||||||
Sycamore Village
|
|
Mason, MI
|
|
—
|
|
390
|
|
|
13,341
|
|
|
—
|
|
|
4,213
|
|
|
390
|
|
|
17,554
|
|
|
17,944
|
|
|
(5,004
|
)
|
|
2011
|
|
(A)
|
|||||||||
Tallowwood Isle
|
|
Coconut Creek, FL
|
|
—
|
|
13,796
|
|
|
20,797
|
|
|
—
|
|
|
854
|
|
|
13,796
|
|
|
21,651
|
|
|
35,447
|
|
|
(1,815
|
)
|
|
2016
|
|
(A)
|
|
|
|
|
|
|
Initial Cost to Company
|
|
Costs Capitalized Subsequent to Acquisition (Improvements)
|
|
Gross Amount Carried at December 31, 2018
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Property Name
|
|
Location
|
|
Encumbrance
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Total
|
|
Accumulated Depreciation
|
|
Date
|
|
Acquired (A) or Constructed (C)
|
|||||||||||||||||
Tamarac Village MH & RV Resort
|
|
Ludington, MI
|
|
—
|
|
300
|
|
|
12,028
|
|
|
85
|
|
|
3,549
|
|
|
385
|
|
|
15,577
|
|
|
15,962
|
|
|
(3,887
|
)
|
|
2011
|
|
(A)
|
|||||||||
Tampa East MH & RV Resort
|
|
Dover, FL
|
|
A
|
|
734
|
|
|
6,310
|
|
|
—
|
|
|
5,393
|
|
|
734
|
|
|
11,703
|
|
|
12,437
|
|
|
(4,949
|
)
|
|
2005
|
|
(A)
|
|||||||||
The Colony (2)
|
|
Oxnard, CA
|
|
—
|
|
—
|
|
|
6,437
|
|
|
—
|
|
|
922
|
|
|
—
|
|
|
7,359
|
|
|
7,359
|
|
|
(628
|
)
|
|
2016
|
|
(A)
|
|||||||||
The Grove at Alta Ridge
|
|
Thornton, CO
|
|
E
|
|
5,370
|
|
|
37,116
|
|
|
—
|
|
|
30
|
|
|
5,370
|
|
|
37,146
|
|
|
42,516
|
|
|
(5,703
|
)
|
|
2014
|
|
(A)
|
|||||||||
The Hamptons Golf & Country Club
|
|
Auburndale, FL
|
|
B
|
|
15,890
|
|
|
67,555
|
|
|
—
|
|
|
2,278
|
|
|
15,890
|
|
|
69,833
|
|
|
85,723
|
|
|
(8,331
|
)
|
|
2015
|
|
(A)
|
|||||||||
The Hideaway
|
|
Key West, FL
|
|
—
|
|
2,720
|
|
|
972
|
|
|
—
|
|
|
631
|
|
|
2,720
|
|
|
1,603
|
|
|
4,323
|
|
|
(135
|
)
|
|
2016
|
|
(A)
|
|||||||||
The Hills
|
|
Apopka, FL
|
|
—
|
|
1,790
|
|
|
3,869
|
|
|
—
|
|
|
1,166
|
|
|
1,790
|
|
|
5,035
|
|
|
6,825
|
|
|
(419
|
)
|
|
2016
|
|
(A)
|
|||||||||
The Ridge
|
|
Davenport, FL
|
|
B
|
|
8,350
|
|
|
35,463
|
|
|
—
|
|
|
3,019
|
|
|
8,350
|
|
|
38,482
|
|
|
46,832
|
|
|
(4,718
|
)
|
|
2015
|
|
(A)
|
|||||||||
The Sands RV & Golf Resort (4)
|
|
Desert Hot Springs, CA
|
|
—
|
|
3,071
|
|
|
12,611
|
|
|
—
|
|
|
542
|
|
|
3,071
|
|
|
13,153
|
|
|
16,224
|
|
|
(287
|
)
|
|
2018
|
|
(A)
|
|||||||||
The Valley
|
|
Apopka, FL
|
|
—
|
|
2,530
|
|
|
5,660
|
|
|
—
|
|
|
1,264
|
|
|
2,530
|
|
|
6,924
|
|
|
9,454
|
|
|
(552
|
)
|
|
2016
|
|
(A)
|
|||||||||
The Villas at Calla Pointe
|
|
Cheektowaga, NY
|
|
A
|
|
380
|
|
|
11,014
|
|
|
—
|
|
|
160
|
|
|
380
|
|
|
11,174
|
|
|
11,554
|
|
|
(1,709
|
)
|
|
2014
|
|
(A)
|
|||||||||
Three Lakes
|
|
Hudson, FL
|
|
C
|
|
5,050
|
|
|
3,361
|
|
|
—
|
|
|
2,922
|
|
|
5,050
|
|
|
6,283
|
|
|
11,333
|
|
|
(1,757
|
)
|
|
2012
|
|
(A)
|
|||||||||
Thunderhill Estates
|
|
Sturgeon Bay, WI
|
|
E
|
|
640
|
|
|
9,008
|
|
|
425
|
|
|
1,632
|
|
|
1,065
|
|
|
10,640
|
|
|
11,705
|
|
|
(1,685
|
)
|
|
2014
|
|
(A)
|
|||||||||
Timber Ridge
|
|
Ft. Collins, CO
|
|
D
|
|
990
|
|
|
9,231
|
|
|
—
|
|
|
3,079
|
|
|
990
|
|
|
12,310
|
|
|
13,300
|
|
|
(7,964
|
)
|
|
1996
|
|
(A)
|
|||||||||
Timberline Estates
|
|
Coopersville, MI
|
|
B
|
|
535
|
|
|
4,867
|
|
|
—
|
|
|
4,685
|
|
|
535
|
|
|
9,552
|
|
|
10,087
|
|
|
(6,107
|
)
|
|
1994
|
|
(A)
|
|||||||||
Town & Country Mobile Village
|
|
Traverse City, MI
|
|
A
|
|
406
|
|
|
3,736
|
|
|
—
|
|
|
1,878
|
|
|
406
|
|
|
5,614
|
|
|
6,020
|
|
|
(3,270
|
)
|
|
1996
|
|
(A)
|
|||||||||
Town & Country Village
|
|
Lisbon, ME
|
|
E
|
|
230
|
|
|
4,539
|
|
|
—
|
|
|
1,721
|
|
|
230
|
|
|
6,260
|
|
|
6,490
|
|
|
(1,058
|
)
|
|
2014
|
|
(A)
|
|||||||||
Trailside RV Resort & Campground
|
|
Seguin, ON
|
|
—
|
|
3,690
|
|
|
3,650
|
|
|
(250
|
)
|
(1
|
)
|
436
|
|
|
3,440
|
|
|
4,086
|
|
|
7,526
|
|
|
(359
|
)
|
|
2016
|
|
(A)
|
||||||||
Traveler’s World MH & RV Resort
|
|
San Antonio, TX
|
|
—
|
|
790
|
|
|
7,952
|
|
|
—
|
|
|
1,791
|
|
|
790
|
|
|
9,743
|
|
|
10,533
|
|
|
(888
|
)
|
|
2016
|
|
(A)
|
|||||||||
Treetops RV Resort
|
|
Arlington, TX
|
|
—
|
|
730
|
|
|
9,831
|
|
|
—
|
|
|
1,629
|
|
|
730
|
|
|
11,460
|
|
|
12,190
|
|
|
(992
|
)
|
|
2016
|
|
(A)
|
|||||||||
Vallecito
|
|
Newbury Park, CA
|
|
D
|
|
25,766
|
|
|
9,814
|
|
|
—
|
|
|
1,036
|
|
|
25,766
|
|
|
10,850
|
|
|
36,616
|
|
|
(893
|
)
|
|
2016
|
|
(A)
|
|||||||||
Verde Plaza
|
|
Tucson, AZ
|
|
—
|
|
710
|
|
|
7,069
|
|
|
—
|
|
|
2,709
|
|
|
710
|
|
|
9,778
|
|
|
10,488
|
|
|
(815
|
)
|
|
2016
|
|
(A)
|
|||||||||
Victor Villa
|
|
Victorville, CA
|
|
D
|
|
2,510
|
|
|
20,408
|
|
|
—
|
|
|
1,684
|
|
|
2,510
|
|
|
22,092
|
|
|
24,602
|
|
|
(1,885
|
)
|
|
2016
|
|
(A)
|
|||||||||
Vines RV Resort
|
|
Paso Robles, CA
|
|
C
|
|
890
|
|
|
7,110
|
|
|
—
|
|
|
1,951
|
|
|
890
|
|
|
9,061
|
|
|
9,951
|
|
|
(1,828
|
)
|
|
2013
|
|
(A)
|
|||||||||
Vista Del Lago
|
|
Scotts Valley, CA
|
|
D
|
|
17,830
|
|
|
9,456
|
|
|
—
|
|
|
1,123
|
|
|
17,830
|
|
|
10,579
|
|
|
28,409
|
|
|
(777
|
)
|
|
2016
|
|
(A)
|
|||||||||
Vista Del Lago MH & RV Resort
|
|
Bradenton, FL
|
|
E
|
|
3,630
|
|
|
5,329
|
|
|
—
|
|
|
1,819
|
|
|
3,630
|
|
|
7,148
|
|
|
10,778
|
|
|
(555
|
)
|
|
2016
|
|
(A)
|
|||||||||
Vizcaya Lakes
|
|
Port Charlotte, FL
|
|
C
|
|
670
|
|
|
4,221
|
|
|
—
|
|
|
566
|
|
|
670
|
|
|
4,787
|
|
|
5,457
|
|
|
(535
|
)
|
|
2015
|
|
(A)
|
|||||||||
Wagon Wheel RV Resort & Campground
|
|
Old Orchard Beach, ME
|
|
C
|
|
590
|
|
|
7,703
|
|
|
—
|
|
|
3,080
|
|
|
590
|
|
|
10,783
|
|
|
11,373
|
|
|
(2,783
|
)
|
|
2013
|
|
(A)
|
|||||||||
Walden Woods
|
|
Homosassa, FL
|
|
B / D
|
|
1,550
|
|
|
26,375
|
|
|
—
|
|
|
1,151
|
|
|
1,550
|
|
|
27,526
|
|
|
29,076
|
|
|
(3,278
|
)
|
|
2015
|
|
(A)
|
|||||||||
Warren Dunes Village
|
|
Bridgman, MI
|
|
C
|
|
310
|
|
|
3,350
|
|
|
—
|
|
|
10,143
|
|
|
310
|
|
|
13,493
|
|
|
13,803
|
|
|
(1,829
|
)
|
|
2011
|
|
(A&C)
|
|||||||||
Water Oak Country Club Estates
|
|
Lady Lake, FL
|
|
D
|
|
2,834
|
|
|
16,706
|
|
|
2,603
|
|
|
28,532
|
|
|
5,437
|
|
|
45,238
|
|
|
50,675
|
|
|
(21,286
|
)
|
|
1993
|
|
(A&C)
|
|||||||||
Waters Edge RV Resort
|
|
Zephyrhills, FL
|
|
E
|
|
1,180
|
|
|
5,450
|
|
|
—
|
|
|
1,908
|
|
|
1,180
|
|
|
7,358
|
|
|
8,538
|
|
|
(633
|
)
|
|
2016
|
|
(A)
|
|||||||||
Waverly Shores Village
|
|
Holland, MI
|
|
B
|
|
340
|
|
|
7,267
|
|
|
450
|
|
|
7,528
|
|
|
790
|
|
|
14,795
|
|
|
15,585
|
|
|
(2,110
|
)
|
|
2011
|
|
(A&C)
|
|
|
|
|
|
|
Initial Cost to Company
|
|
Costs Capitalized Subsequent to Acquisition (Improvements)
|
|
Gross Amount Carried at December 31, 2018
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Property Name
|
|
Location
|
|
Encumbrance
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Land
|
|
Depreciable Assets
|
|
Total
|
|
Accumulated Depreciation
|
|
Date
|
|
Acquired (A) or Constructed (C)
|
|||||||||||||||||
West Village Estates
|
|
Romulus, MI
|
|
B
|
|
884
|
|
|
19,765
|
|
|
—
|
|
|
4,457
|
|
|
884
|
|
|
24,222
|
|
|
25,106
|
|
|
(5,730
|
)
|
|
2012
|
|
(A)
|
|||||||||
Westbrook Senior Village
|
|
Toledo, OH
|
|
D
|
|
355
|
|
|
3,295
|
|
|
—
|
|
|
665
|
|
|
355
|
|
|
3,960
|
|
|
4,315
|
|
|
(2,128
|
)
|
|
2001
|
|
(A)
|
|||||||||
Westbrook Village
|
|
Toledo, OH
|
|
B
|
|
1,110
|
|
|
10,462
|
|
|
—
|
|
|
5,047
|
|
|
1,110
|
|
|
15,509
|
|
|
16,619
|
|
|
(8,916
|
)
|
|
1999
|
|
(A)
|
|||||||||
Westside Ridge
|
|
Auburndale, FL
|
|
D
|
|
760
|
|
|
10,714
|
|
|
—
|
|
|
734
|
|
|
760
|
|
|
11,448
|
|
|
12,208
|
|
|
(1,386
|
)
|
|
2015
|
|
(A)
|
|||||||||
Westward Ho RV Resort & Campground
|
|
Glenbeulah, WI
|
|
C
|
|
1,050
|
|
|
5,642
|
|
|
—
|
|
|
2,589
|
|
|
1,050
|
|
|
8,231
|
|
|
9,281
|
|
|
(1,900
|
)
|
|
2013
|
|
(A)
|
|||||||||
Westward Shores Cottages & RV Resort (4)
|
|
West Ossipee, NH
|
|
—
|
|
1,901
|
|
|
15,326
|
|
|
—
|
|
|
1,536
|
|
|
1,901
|
|
|
16,862
|
|
|
18,763
|
|
|
(299
|
)
|
|
2018
|
|
(A)
|
|||||||||
White Lake Mobile Home Village
|
|
White Lake, MI
|
|
B
|
|
672
|
|
|
6,179
|
|
|
—
|
|
|
10,891
|
|
|
672
|
|
|
17,070
|
|
|
17,742
|
|
|
(9,585
|
)
|
|
1997
|
|
(A&C)
|
|||||||||
Wild Acres RV Resort & Campground
|
|
Old Orchard Beach, ME
|
|
C
|
|
1,640
|
|
|
26,786
|
|
|
—
|
|
|
4,425
|
|
|
1,640
|
|
|
31,211
|
|
|
32,851
|
|
|
(7,989
|
)
|
|
2013
|
|
(A)
|
|||||||||
Wildwood Community
|
|
Sandwich, IL
|
|
D
|
|
1,890
|
|
|
37,732
|
|
|
—
|
|
|
924
|
|
|
1,890
|
|
|
38,656
|
|
|
40,546
|
|
|
(5,982
|
)
|
|
2014
|
|
(A)
|
|||||||||
Willow Lake RV Resort & Campground
|
|
Scotland, ON
|
|
—
|
|
1,260
|
|
|
2,275
|
|
|
(85
|
)
|
(1
|
)
|
560
|
|
|
1,175
|
|
|
2,835
|
|
|
4,010
|
|
|
(206
|
)
|
|
2016
|
|
(A)
|
||||||||
Willowbrook Place
|
|
Toledo, OH
|
|
B
|
|
781
|
|
|
7,054
|
|
|
—
|
|
|
4,992
|
|
|
781
|
|
|
12,046
|
|
|
12,827
|
|
|
(6,697
|
)
|
|
1997
|
|
(A)
|
|||||||||
Willowood RV Resort & Campground
|
|
Amherstburg, ON
|
|
—
|
|
1,160
|
|
|
1,490
|
|
|
(78
|
)
|
(1
|
)
|
409
|
|
|
1,082
|
|
|
1,899
|
|
|
2,981
|
|
|
(163
|
)
|
|
2016
|
|
(A)
|
||||||||
Windham Hills Estates
|
|
Jackson, MI
|
|
—
|
|
2,673
|
|
|
2,364
|
|
|
—
|
|
|
20,818
|
|
|
2,673
|
|
|
23,182
|
|
|
25,855
|
|
|
(11,000
|
)
|
|
1998
|
|
(A&C)
|
|||||||||
Windmill Village
|
|
Davenport, FL
|
|
B
|
|
7,560
|
|
|
36,294
|
|
|
—
|
|
|
1,566
|
|
|
7,560
|
|
|
37,860
|
|
|
45,420
|
|
|
(4,567
|
)
|
|
2015
|
|
(A)
|
|||||||||
Windsor Woods Village
|
|
Wayland, MI
|
|
C
|
|
270
|
|
|
5,835
|
|
|
—
|
|
|
3,445
|
|
|
270
|
|
|
9,280
|
|
|
9,550
|
|
|
(3,110
|
)
|
|
2011
|
|
(A)
|
|||||||||
Wine Country RV Resort
|
|
Paso Robles, CA
|
|
C
|
|
1,740
|
|
|
11,510
|
|
|
—
|
|
|
3,757
|
|
|
1,740
|
|
|
15,267
|
|
|
17,007
|
|
|
(2,659
|
)
|
|
2014
|
|
(A&C)
|
|||||||||
Woodhaven Place
|
|
Woodhaven, MI
|
|
B
|
|
501
|
|
|
4,541
|
|
|
—
|
|
|
6,407
|
|
|
501
|
|
|
10,948
|
|
|
11,449
|
|
|
(5,147
|
)
|
|
1998
|
|
(A)
|
|||||||||
Woodlake Trails
|
|
San Antonio, TX
|
|
C
|
|
1,186
|
|
|
287
|
|
|
(56
|
)
|
(3
|
)
|
15,848
|
|
|
1,130
|
|
|
16,135
|
|
|
17,265
|
|
|
(4,862
|
)
|
|
2000
|
|
(A&C)
|
||||||||
Woodland Lake RV Resort & Campground
|
|
Bornholm, ON
|
|
—
|
|
1,650
|
|
|
2,165
|
|
|
(112
|
)
|
(1
|
)
|
435
|
|
|
1,538
|
|
|
2,600
|
|
|
4,138
|
|
|
(240
|
)
|
|
2016
|
|
(A)
|
||||||||
Woodland Park Estates
|
|
Eugene, OR
|
|
—
|
|
1,592
|
|
|
14,398
|
|
|
—
|
|
|
936
|
|
|
1,592
|
|
|
15,334
|
|
|
16,926
|
|
|
(10,152
|
)
|
|
1998
|
|
(A)
|
|||||||||
Woodlands at Church Lake
|
|
Groveland, FL
|
|
—
|
|
2,480
|
|
|
9,072
|
|
|
—
|
|
|
1,954
|
|
|
2,480
|
|
|
11,026
|
|
|
13,506
|
|
|
(1,250
|
)
|
|
2015
|
|
(A)
|
|||||||||
Woodside Terrace
|
|
Holland, OH
|
|
B
|
|
1,063
|
|
|
9,625
|
|
|
—
|
|
|
9,929
|
|
|
1,063
|
|
|
19,554
|
|
|
20,617
|
|
|
(10,368
|
)
|
|
1997
|
|
(A)
|
|||||||||
Subtotal of Properties
|
|
|
|
|
|
$
|
1,171,638
|
|
|
$
|
4,592,685
|
|
|
$
|
30,307
|
|
|
$
|
1,685,224
|
|
|
$
|
1,201,945
|
|
|
$
|
6,277,909
|
|
|
$
|
7,479,854
|
|
|
$
|
(1,422,583
|
)
|
|
|
|
|
|
Corporate Headquarters and Other (7)
|
|
Southfield, MI
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
81,092
|
|
|
—
|
|
|
81,092
|
|
|
81,092
|
|
|
(20,047
|
)
|
|
|
|
|
|||||||||
Total
|
|
|
|
|
|
$
|
1,171,638
|
|
|
$
|
4,592,685
|
|
|
$
|
30,307
|
|
|
$
|
1,766,316
|
|
|
$
|
1,201,945
|
|
|
$
|
6,359,001
|
|
|
$
|
7,560,946
|
|
|
$
|
(1,442,630
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Beginning balance
|
$
|
6,882,879
|
|
|
$
|
6,496,339
|
|
|
$
|
4,573,522
|
|
Community and land acquisitions, including immediate improvements
|
414,840
|
|
|
204,375
|
|
|
1,822,564
|
|
|||
Community expansion and development
|
152,672
|
|
|
88,331
|
|
|
47,958
|
|
|||
Improvements
|
205,006
|
|
|
168,315
|
|
|
113,803
|
|
|||
Asset impairment
|
—
|
|
|
(10,511
|
)
|
|
—
|
|
|||
Dispositions and other
|
(94,451
|
)
|
|
(63,970
|
)
|
|
(61,508
|
)
|
|||
Ending balance
|
$
|
7,560,946
|
|
|
$
|
6,882,879
|
|
|
$
|
6,496,339
|
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Beginning balance
|
$
|
1,237,525
|
|
|
$
|
1,026,858
|
|
|
$
|
852,407
|
|
Depreciation for the period
|
253,952
|
|
|
236,422
|
|
|
201,157
|
|
|||
Asset impairment
|
—
|
|
|
(405
|
)
|
|
—
|
|
|||
Dispositions and other
|
(48,847
|
)
|
|
(25,350
|
)
|
|
(26,706
|
)
|
|||
Ending balance
|
$
|
1,442,630
|
|
|
$
|
1,237,525
|
|
|
$
|
1,026,858
|
|
2.
|
Office Premises. Monthly Base Rent for the Office Premises shall be as set forth below:
|
|
2nd Floor Premises Base Rent
31,346 sf
|
17th Floor Premises Base Rent
11,493 sf
|
3rd Floor Premises Base Rent
20,087 sf
|
4th Floor Premises Base Rent
20,087 sf
|
|||||||||
Date hereof - 10/31/2018
|
$17.95
|
$
|
46,888.39
|
|
$
|
17,191.61
|
|
$
|
30,046.80
|
|
$
|
30,046.80
|
|
11/1/2018 - 10/31/2019
|
$18.45
|
$
|
48,194.48
|
|
$
|
17,670.49
|
|
$
|
30,883.76
|
|
$
|
30,883.76
|
|
11/1/2019 - 10/31/2020
|
$18.95
|
$
|
49,500.56
|
|
$
|
18,149.36
|
|
$
|
31,720.72
|
|
$
|
31,720.72
|
|
11/1/2020 - 10/31/2021
|
$19.45
|
$
|
50,806.64
|
|
$
|
18,628.24
|
|
$
|
32,557.68
|
|
$
|
32,557.68
|
|
11/1/2021 - 10/31/2022
|
$19.95
|
$
|
52,112.73
|
|
$
|
19,107.11
|
|
$
|
33,394.64
|
|
$
|
33,394.64
|
|
11/1/2022 - 10/31/2023
|
$20.45
|
$
|
53,418.81
|
|
$
|
19,585.99
|
|
$
|
34,231.60
|
|
$
|
34,231.60
|
|
11/1/2023 - 10/31/2024
|
$20.95
|
$
|
54,724.89
|
|
$
|
20,064.86
|
|
$
|
35,068.55
|
|
$
|
35,068.55
|
|
11/1/2024 - 10/31/2025
|
$21.45
|
$
|
56,030.98
|
|
$
|
20,543.74
|
|
$
|
35,905.51
|
|
$
|
35,905.51
|
|
11/1/2025 - 10/31/2026
|
$21.95
|
$
|
57,337.06
|
|
$
|
21,022.61
|
|
$
|
36,742.47
|
|
$
|
36,742.47
|
|
|
5th Floor Expansion Premises Base Rent
20,087 sf
|
|||
Effective Date - 10/31/2020
|
$18.95
|
$
|
31,720.72
|
|
11/1/2020 - 10/31/2021
|
$19.45
|
$
|
32,557.68
|
|
11/1/2021 - 10/31/2022
|
$19.95
|
$
|
33,394.64
|
|
11/1/2022 - 10/31/2023
|
$20.45
|
$
|
34,231.60
|
|
11/1/2023 - 10/31/2024
|
$20.95
|
$
|
35,068.55
|
|
11/l /2024 - 10/3l /2025
|
$21.45
|
$
|
35,905.51
|
|
11/1/2025 - 10/31/2026
|
$21.95
|
$
|
36,742.47
|
|
5.
|
Proportionate Share. Tenant's Proportionate Share shall be as follows:
|
a.
|
As of the date hereof and continuing until the day prior to the Effective Date, Tenant's Proportionate Share shall remain 16.70% (83,013 rentable square feet of the Office Premises I 497,144 total Building rentable square footage). The First Floor Premises is not included in this calculation.
|
b.
|
From and after the Effective Date, Tenant's Proportionate Share shall be 20.74% (103,100 rentable square feet, consisting of the Office Premises plus the Fifth Floor Expansion Premises/ 497,144 total Building rentable square footage). The First Floor Premises is not included in this calculation.
|
6.
|
Base Year. The Base Year shall remain 2014 for all of the New Office Premises.
|
1.
|
Definitions. For the purposes of this Tenant Improvements Work Letter Agreement (the "Work Letter"), the following terms shall have the meanings set forth below. Terms which appear in bold in this paragraph, but which are not defined in this paragraph, shall have the meanings set forth in the Lease, as amended by the Fifth Lease Modification to which this Work Letter is attached (the "Modification"). The term "Premises" as used herein shall mean the Fifth Floor Expansion Space.
|
(i)
|
All costs of obtaining building permits and other necessary authorizations of the construction of the Tenant Improvements from all necessary governmental, quasi-governmental or regulatory agencies;
|
(ii)
|
All direct and indirect costs of procuring, constructing and installing Tenant Improvements including, but not limited to, Construction Manager's cost to install the Tenant Improvements, including overhead and profit, (excepting, however, there will be no overhead or profit on items which are not supplied by contractor, i.e., modular partitions, phone systems, etc.); electricity, HVAC, parking (as applicable), and non-standard elevator usage.
|
(iii)
|
Sewer permit and construction fees and all other utility fees to the extent the fees relate to any drains installed in the Premises at Tenant's request or any satellite dish to be installed on the Property at Tenant's request.
|
2.
|
Project Meeting. Commencing upon the execution of the Modification, Landlord and Tenant shall hold periodic meetings at reasonable times, upon reasonable notice, with the Space Planner and the Construction Manager regarding the progress of the preparation of the approved Working Drawings, and the construction of the Tenant Improvements and base, shell and core. Meeting notes shall be prepared by Landlord and provided to Tenant following each meeting.
|
(a)
|
Tenant has designated Joel Smith at Neumann/Smith Architecture as its sole representative with respect to the matters set forth in this Work Letter who, until further notice to Landlord, shall have full authority and responsibility to act on behalf of Tenant as required in this Section 2.
|
(b)
|
Landlord has designated Randy Payne of REDICO Management, Inc. as its sole representative with respect to the matters set forth in this Work Letter who, until further notice to Tenant, shall have full authority and responsibility to act on behalf of Landlord as required in this Section 2.
|
3.
|
Preliminary Plans for Tenant Improvements.
|
4.
|
Working Drawings for Tenant Improvements.
|
5.
|
Preliminary Plans and Working Drawings. Not later than February 14, 2019, Space Planner shall deliver to Landlord the Preliminary Plans. Not later than February 28, 2019, Space Planner shall deliver to Landlord the final Working Drawings.
|
6.
|
Building Permit. Landlord shall be responsible for obtaining a building permit (" Building Permit") for the Tenant .Improvements, consistent with the Working Drawings. The cost of the Building Permit shall be included as part of the Tenant Improvement Cost, however, Landlord shall not charge an additional administrative fee for obtaining the Building Permit. To the extent requested by Landlord, Tenant shall assist Landlord in obtaining the Building Permit.
|
7.
|
Review of Bids and Subcontract Award.
|
8.
|
Design Build Drawings.
|
9.
|
Change Requests.
|
(a)
|
No change request shall affect the structure of the Building;
|
(b)
|
The Landlord shall accept only change requests signed by Tenant's Representative. The Tenant may from time to time designate a different representative to authorize change requests.
|
10.
|
Payment. Tenant shall only be responsible for Tenant Improvement Costs in excess of the Base Tenant Improvement
|
11.
|
Completion and Commencement. Landlord covenants and agrees that upon establishment of the Working Drawings and receipt of necessary permits, it shall cause its Construction Manager to promptly commence construction of the Tenant Improvements and diligently proceed to complete same at its sole cost and expense. The construction shall be performed by Landlord in a good and workmanlike manner and in compliance with all laws. Landlord shall obtain or cause to be obtained all certificates of occupancy and other governmental approvals which may be required to permit the occupancy of the Premises for the uses permitted by this Lease, the cost of such approvals shall be charged against the Tenant Improvement Cost, however, Landlord shall not charge an additional administrative fee for obtaining such approvals.
|
12.
|
Tenant's Work. Tenant and Tenant's agents and contractors may enter the Premises prior to completion of the Tenant Improvements in order to make the Premises ready for Tenant's use and occupancy by means of activities including, but not limited to, furniture, telephone, and data installation and cabling as applicable. Such entry prior to completion of the Tenant Improvements is conditioned upon Tenant and Tenant's agents, contractors, workmen, mechanics, suppliers, and invitees working in harmony and not interfering with Landlord and Landlord's contractors in doing the Tenant Improvements or with other tenants and occupants of the Building. Tenant agrees that any such entry into the Premises shall be deemed to be under all of the terms, covenants, conditions, and provisions of the Lease (including, without limitation, all insurance agreements) except as to the covenant to pay Rent thereunder, and further agrees that Landlord shall not be liable in any way for any injury, loss, or damage which may occur to any items of work constructed by Tenant or to other property of Tenant that may be placed in the Premises prior to completion of the Tenant Improvements, the same being at Tenant ' s sole risk. Landlord agrees to cooperate with Tenant and Tenant's agents and contractors. Landlord, or its agent, shall retain physical control of the job site.
|
13.
|
Substantial Completion. Landlord shall construct the Tenant Improvements and the Tenant Improvements and deliver the Premises "ready for occupancy" (as defined below) to Tenant on or about November I, 2019. The Premises will be conclusively deemed "ready for occupancy" on the earlier to occur of when: (i) the work to be done under this Work Letter has been substantially completed and after the issuance of a conditional or temporary certificate of occupancy for the Premises by the appropriate government agency within whose jurisdiction the Building is located, or (ii) when Tenant takes possession of the Premises for the operation of its business. The Premises will not be considered unready or incomplete if (i) only minor or insubstantial details of construction, decoration or mechanical adjustments remain to be done within the Premises or Common Areas of the Building, (ii) only landscaping or exterior trim remains to be done outside the Premises, (iii) Tenant’s work is incomplete; (iv) if the delay in the availability of the Premises for Tenant's occupancy is caused in whole or in material part by Tenant. By occupying the Premises for the operation of its business, Tenant will be deemed to have accepted the Premises and to have acknowledged that they are in the condition called for in this Lease, subject only to "punch list" items (as the term "punch list" is customarily used in the construction industry in the area where the Project is located) identified by Tenant by written notice delivered to Landlord within ten (10) days after the date Landlord tenders possession of the Premises to Tenant
|
14.
|
Completion of Punchlist Items by Landlord. Landlord shall commence completion of punchlist items as expeditiously as possible after Substantial Completion, but in no event later than thirty (30) days after Substantial Completion and shall also diligently pursue obtaining a final certificate of occupancy, if only a conditional or temporary certificate was issued for Substantial Completion, as expeditiously as possible after Substantial Completion. The punchlist shall be developed by Landlord and Tenant after Substantial Completion of the Tenant Improvements by means of an inspection of the Premises by Landlord and Tenant.
|
15.
|
Landlord's Work. In all events, when constructing and installing the Tenant Improvements, Landlord and its contractors shall use their commercially reasonable efforts not to damage the Premises or interfere with or interrupt any business being conducted by Tenant within the Premises.
|
1.
|
I have reviewed this Annual Report on Form 10-K of Sun Communities, Inc.
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Dated: February 21, 2019
|
/s/ Gary A. Shiffman
|
|
Gary A. Shiffman, Chief Executive Officer
|
1.
|
I have reviewed this Annual Report on Form 10-K of Sun Communities, Inc.
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Dated: February 21, 2019
|
/s/ Karen J. Dearing
|
|
Karen J. Dearing, Chief Financial Officer
|
Signature
|
Date
|
/s/ Gary A. Shiffman
|
Dated: February 21, 2019
|
Gary A. Shiffman, Chief Executive Officer
|
|
/s/ Karen J. Dearing
|
Dated: February 21, 2019
|
Karen J. Dearing, Chief Financial Officer
|
|