2014 Q3 Form 10-Q Financial Statement

#000091259314000088 Filed on October 30, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $185.4M $107.2M
YoY Change 72.9% 29.13%
Cost Of Revenue $56.00M $45.60M
YoY Change 22.81% 27.02%
Gross Profit $74.60M $61.60M
YoY Change 21.1% 30.79%
Gross Profit Margin 40.25% 57.46%
Selling, General & Admin $9.300M $8.200M
YoY Change 13.41% 15.49%
% of Gross Profit 12.47% 13.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $29.92M $28.79M
YoY Change 3.91% 30.32%
% of Gross Profit 40.1% 46.74%
Operating Expenses $39.20M $37.00M
YoY Change 5.95% 26.71%
Operating Profit $70.76M $57.10M
YoY Change 23.92% 28.96%
Interest Expense $18.62M $17.82M
YoY Change 4.47% -0.38%
% of Operating Profit 26.31% 31.21%
Other Income/Expense, Net $932.0K
YoY Change -932.14%
Pretax Income $12.78M $5.360M
YoY Change 138.43% -777.62%
Income Tax -$69.00K $90.00K
% Of Pretax Income -0.54% 1.68%
Net Earnings $22.67M $3.749M
YoY Change 504.72% -676.77%
Net Earnings / Revenue 12.23% 3.5%
Basic Earnings Per Share $0.54 $0.10
Diluted Earnings Per Share $0.54 $0.10
COMMON SHARES
Basic Shares Outstanding 41.02M shares 36.13M shares
Diluted Shares Outstanding 41.27M shares 36.14M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $259.0M $5.000M
YoY Change 5080.0% -87.18%
Cash & Equivalents $259.2M $4.955M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $5.000M $4.000M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $411.0M $155.0M
YoY Change 165.16% -0.64%
LONG-TERM ASSETS
Property, Plant & Equipment $1.885B $1.695B
YoY Change 11.21% 32.63%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.020B $1.782B
YoY Change 13.36% 32.45%
TOTAL ASSETS
Total Short-Term Assets $411.0M $155.0M
Total Long-Term Assets $2.020B $1.782B
Total Assets $2.431B $1.937B
YoY Change 25.51% 29.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $1.394B $1.408B
YoY Change -0.99% 10.69%
Other Long-Term Liabilities $123.0M $109.0M
YoY Change 12.84% 41.56%
Total Long-Term Liabilities $1.517B $1.517B
YoY Change 0.0% 12.45%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $1.517B $1.517B
Total Liabilities $1.517B $1.517B
YoY Change 0.02% 12.5%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $480.0K $361.0K
YoY Change 32.96% 14.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $902.0M $401.4M
YoY Change
Total Liabilities & Shareholders Equity $2.431B $1.937B
YoY Change 25.51% 29.01%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $22.67M $3.749M
YoY Change 504.72% -676.77%
Depreciation, Depletion And Amortization $29.92M $28.79M
YoY Change 3.91% 30.32%
Cash From Operating Activities $32.20M $33.90M
YoY Change -5.01% 135.42%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$51.80M -$49.60M
YoY Change 4.44% 71.03%
Cash From Investing Activities -$51.80M -$49.60M
YoY Change 4.44% -22.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 271.3M 14.20M
YoY Change 1810.56% -83.1%
NET CHANGE
Cash From Operating Activities 32.20M 33.90M
Cash From Investing Activities -51.80M -49.60M
Cash From Financing Activities 271.3M 14.20M
Net Change In Cash 251.7M -1.500M
YoY Change -16880.0% -104.39%
FREE CASH FLOW
Cash From Operating Activities $32.20M $33.90M
Capital Expenditures $0.00 $0.00
Free Cash Flow $32.20M $33.90M
YoY Change -5.01% -31.65%

Facts In Submission

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us-gaap Net Cash Provided By Used In Financing Activities
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393762000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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94326000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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109259000 USD
us-gaap Net Income Loss
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15070000 USD
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CY2013Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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3749000 USD
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3093000 USD
CY2013Q3 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
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-28000 USD
CY2014Q3 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
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1851000 USD
us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
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415000 USD
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CY2014Q3 us-gaap Noncontrolling Interest In Variable Interest Entity
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us-gaap Operating Income Loss
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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97000 USD
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89000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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CY2014Q3 us-gaap Other Liabilities
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CY2013Q4 us-gaap Other Liabilities
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CY2014Q3 us-gaap Other Receivables
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CY2013Q4 us-gaap Other Receivables
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CY2014Q3 us-gaap Other Sales Revenue Net
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us-gaap Other Sales Revenue Net
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us-gaap Other Sales Revenue Net
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us-gaap Payments For Capital Improvements
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us-gaap Payments For Deposits On Real Estate Acquisitions
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us-gaap Payments Of Financing Costs
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us-gaap Payments To Acquire Notes Receivable
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us-gaap Payments To Acquire Real Estate
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us-gaap Payments To Acquire Real Estate
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CY2013Q3 us-gaap Preferred Stock Dividends Income Statement Impact
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CY2014Q3 us-gaap Preferred Stock Dividends Income Statement Impact
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us-gaap Preferred Stock Dividends Income Statement Impact
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us-gaap Preferred Stock Dividends Income Statement Impact
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CY2014Q3 us-gaap Preferred Stock Shares Authorized
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CY2014Q3 us-gaap Preferred Stock Value
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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1200000 USD
us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Lines Of Credit
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us-gaap Proceeds From Lines Of Credit
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us-gaap Proceeds From Sale Of Land Held For Use
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us-gaap Proceeds From Sale Of Land Held For Use
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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757000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3940000 USD
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us-gaap Proceeds From Stock Options Exercised
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201000 USD
us-gaap Profit Loss
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us-gaap Profit Loss
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CY2014Q3 us-gaap Profit Loss
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CY2013Q3 us-gaap Profit Loss
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CY2013Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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CY2014Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
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CY2013Q4 us-gaap Real Estate Investment Property At Cost
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CY2014Q3 us-gaap Real Estate Investment Property At Cost
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CY2013Q4 us-gaap Real Estate Investment Property Net
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CY2014Q3 sui Allowance For Rent Water Sewer Usage Receivables
AllowanceForRentWaterSewerUsageReceivables
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CY2014Q3 sui Basic Weighted Average Common Shares Less Unvested Restricted Stock Outstanding
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CY2013Q3 us-gaap Real Estate Revenue Net
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us-gaap Real Estate Revenue Net
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us-gaap Real Estate Revenue Net
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CY2014Q3 us-gaap Real Estate Revenue Net
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us-gaap Real Estate Tax Expense
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CY2014Q3 us-gaap Real Estate Tax Expense
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us-gaap Real Estate Tax Expense
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CY2013Q3 us-gaap Real Estate Tax Expense
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CY2014Q3 us-gaap Rental Properties
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us-gaap Repayments Of Lines Of Credit
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us-gaap Repayments Of Lines Of Credit
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Secured Debt
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us-gaap Repayments Of Secured Debt
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us-gaap Revenues
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us-gaap Revenues
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CY2013Q3 us-gaap Revenues
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CY2014Q3 us-gaap Revenues
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us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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CY2014Q3 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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CY2014Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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15000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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16000 shares
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
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CY2013Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
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us-gaap Weighted Average Number Of Shares Restricted Stock
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sui Basic Weighted Average Common Shares Less Unvested Restricted Stock Outstanding
BasicWeightedAverageCommonSharesLessUnvestedRestrictedStockOutstanding
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sui Basic Weighted Average Common Shares Less Unvested Restricted Stock Outstanding
BasicWeightedAverageCommonSharesLessUnvestedRestrictedStockOutstanding
33802000 shares
sui Brokeragecommissionsandotherincomenet
Brokeragecommissionsandotherincomenet
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sui Brokeragecommissionsandotherincomenet
Brokeragecommissionsandotherincomenet
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CY2014Q3 sui Brokeragecommissionsandotherincomenet
Brokeragecommissionsandotherincomenet
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CY2013Q3 sui Brokeragecommissionsandotherincomenet
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sui Debt Weighted Average To Maturity Length
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CY2014Q3 sui Distributions From Affiliate
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CY2013Q3 sui Distributions From Affiliate
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sui Distributions From Affiliate
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sui Distributions From Affiliate
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sui Distributions To Stockholders Op Unit Holders And Preferred Op Unit Holders
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sui Distributions To Stockholders Op Unit Holders And Preferred Op Unit Holders
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CY2014Q3 sui Equity Income Loss And Distributions From Affiliates
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CY2013Q3 sui Equity Income Loss And Distributions From Affiliates
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700000 USD
sui Equity Income Loss And Distributions From Affiliates
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sui Equity Income Loss And Distributions From Affiliates
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sui General And Administrative Expenses Home Sales And Rentals
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sui General And Administrative Expenses Home Sales And Rentals
GeneralAndAdministrativeExpensesHomeSalesAndRentals
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CY2013Q3 sui General And Administrative Real Property
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sui General And Administrative Real Property
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CY2014Q3 sui General And Administrative Real Property
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sui General And Administrative Real Property
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23177000 USD
CY2013Q4 sui Home Sale Proceeds
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5700000 USD
CY2014Q3 sui Home Sale Proceeds
HomeSaleProceeds
6000000 USD
CY2013Q4 sui Insurance Receivables
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CY2014Q3 sui Insurance Receivables
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3300000 USD
sui Issuanceofnotesandotherreceivables
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sui Issuanceofnotesandotherreceivables
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sui Minimum Percent Of Income From Qualifying Sources To Allow For Real Estate Investment Trust Classification
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CY2014Q3 sui Miscellaneousnotereceivable
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CY2013Q4 sui Noncontrollinginterestin Series A1preferred O Punits
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CY2013Q4 sui Noncontrollinginterestin Series A3preferred O Punits
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3463000 USD
CY2014Q3 sui Noncontrollinginterestin Series A3preferred O Punits
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3463000 USD
CY2013Q4 sui Note Receivable Related To Acquistion
NoteReceivableRelatedToAcquistion
4300000 USD
CY2014Q2 sui Note Receivable Related To Acquistion
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4300000 USD
CY2014Q3 sui Operating Expenses And Cost Of Sales
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CY2013Q3 sui Operating Expenses And Cost Of Sales
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sui Operating Expenses And Cost Of Sales
OperatingExpensesAndCostOfSales
127351000 USD
sui Operating Expenses And Cost Of Sales
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sui Other Noncash Consideration Acquisitions
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49441000 USD
sui Other Noncash Consideration Acquisitions
OtherNoncashConsiderationAcquisitions
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CY2014Q3 sui Other Receivables For Rent Water Sewer Usage
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CY2013Q4 sui Other Receivables For Rent Water Sewer Usage
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6900000 USD
CY2013Q3 sui Other Revenues Segment
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4453000 USD
CY2014Q3 sui Other Revenues Segment
OtherRevenuesSegment
7448000 USD
sui Other Revenues Segment
OtherRevenuesSegment
11312000 USD
sui Other Revenues Segment
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16343000 USD
sui Payments To Retire Preferred Operating Patnership Units
PaymentsToRetirePreferredOperatingPatnershipUnits
0 USD
sui Payments To Retire Preferred Operating Patnership Units
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300000 USD
CY2014Q2 sui Pledged Assets Series A3 Preferred Op Units
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sui Preferredreturnto Series A1preferred O Punits
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CY2014Q3 sui Preferredreturnto Series A1preferred O Punits
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CY2013Q3 sui Preferredreturnto Series A1preferred O Punits
PreferredreturntoSeriesA1preferredOPunits
690000 USD
sui Preferredreturnto Series A1preferred O Punits
PreferredreturntoSeriesA1preferredOPunits
1909000 USD
CY2013Q3 sui Preferredreturnto Series A3preferred O Punits
PreferredreturntoSeriesA3preferredOPunits
45000 USD
CY2014Q3 sui Preferredreturnto Series A3preferred O Punits
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45000 USD
sui Preferredreturnto Series A3preferred O Punits
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121000 USD
sui Preferredreturnto Series A3preferred O Punits
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136000 USD
sui Proceedsfromsaleofproperties
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0 USD
sui Proceedsfromsaleofproperties
Proceedsfromsaleofproperties
-59683000 USD
CY2013Q4 sui Real Estate Investment Property Land Improvements And Buildings
RealEstateInvestmentPropertyLandImprovementsAndBuildings
1806546000 USD
CY2014Q3 sui Real Estate Investment Property Land Improvements And Buildings
RealEstateInvestmentPropertyLandImprovementsAndBuildings
1890077000 USD
sui Rental Home Revenue
RentalHomeRevenue
28964000 USD
CY2013Q3 sui Rental Home Revenue
RentalHomeRevenue
8445000 USD
sui Rental Home Revenue
RentalHomeRevenue
23783000 USD
CY2014Q3 sui Rental Home Revenue
RentalHomeRevenue
9829000 USD
sui Repaymentof Notesand Other Receivables
RepaymentofNotesandOtherReceivables
5754000 USD
sui Repaymentof Notesand Other Receivables
RepaymentofNotesandOtherReceivables
908000 USD
sui Required Minimum Percent Of Taxable Income Distributed To Stock Holders
RequiredMinimumPercentOfTaxableIncomeDistributedToStockHolders
0.90
CY2014Q3 sui Revenue From Home Sales
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13913000 USD
sui Revenue From Home Sales
RevenueFromHomeSales
40200000 USD
CY2013Q3 sui Revenue From Home Sales
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14145000 USD
sui Revenue From Home Sales
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38849000 USD
sui Stock Issued During Period Value New Issues Series A3 Preferred Op Units
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sui Stock Issued During Period Value New Issues Series A3 Preferred Op Units
StockIssuedDuringPeriodValueNewIssuesSeriesA3PreferredOPUnits
3463000 USD
CY2014Q3 sui Vi Easa Percentageof Total Equity
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0.01 Rate
CY2013Q4 sui Vi Easa Percentageof Total Equity
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0.01 Rate
CY2014Q3 sui Variable Interest Entities Consolidated Debt
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CY2013Q4 sui Variable Interest Entities Consolidated Debt
VariableInterestEntitiesConsolidatedDebt
45209000 USD
CY2014Q3 sui Variable Interest Entities Consolidated Investment Propertynet
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55648000 USD
CY2013Q4 sui Variable Interest Entities Consolidated Investment Propertynet
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56805000 USD
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VariableInterestEntitiesConsolidatedOtherAssets
3926000 USD
CY2014Q3 sui Variable Interest Entities Consolidated Other Assets
VariableInterestEntitiesConsolidatedOtherAssets
3328000 USD
CY2014Q3 sui Variable Interest Entities Consolidated Other Liabilities
VariableInterestEntitiesConsolidatedOtherLiabilities
10266000 USD
CY2013Q4 sui Variable Interest Entities Consolidated Other Liabilities
VariableInterestEntitiesConsolidatedOtherLiabilities
6564000 USD
CY2014Q3 sui Variable Interest Entities Consolidated Total Liabilities And Stockholders Equity
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54822000 USD
CY2013Q4 sui Variable Interest Entities Consolidated Total Liabilities And Stockholders Equity
VariableInterestEntitiesConsolidatedTotalLiabilitiesAndStockholdersEquity
51236000 USD
CY2014Q3 sui Variable Interest Entityasa Percentageof Consolidated Assets
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0.024 Rate
CY2013Q4 sui Variable Interest Entityasa Percentageof Consolidated Assets
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0.030 Rate
CY2014Q3 sui Variable Interest Entityasa Percentageof Consolidated Liabilities
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CY2013Q4 sui Variable Interest Entityasa Percentageof Consolidated Liabilities
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dei Amendment Flag
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false
dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000912593
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
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dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
SUN COMMUNITIES INC
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
dei Trading Symbol
TradingSymbol
SUI

Files In Submission

Name View Source Status
0000912593-14-000088-index-headers.html Edgar Link pending
0000912593-14-000088-index.html Edgar Link pending
0000912593-14-000088.txt Edgar Link pending
0000912593-14-000088-xbrl.zip Edgar Link pending
exhibit311-ceocertification.htm Edgar Link pending
exhibit312-cfocertification.htm Edgar Link pending
exhibit321-ceoandcfocertif.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
sui-20140930.xml Edgar Link completed
sui-20140930.xsd Edgar Link pending
sui-20140930_cal.xml Edgar Link unprocessable
sui-20140930_def.xml Edgar Link unprocessable
sui-20140930_lab.xml Edgar Link unprocessable
sui-20140930_pre.xml Edgar Link unprocessable
sui2014093010-q.htm Edgar Link pending