Renovation Contract Template Ontario How Renovation Contract Template Ontario Is Going To Change Your Business Strategies
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Sun Communities, Inc. (NYSE: SUI) (the “Company”), a absolute acreage advance assurance (“REIT”) that owns and operates, or has an absorption in, bogus apartment (“MH”) and recreational agent (“RV”) communities, today appear its aboriginal division after-effects for 2020 and provided an amend on the furnishings of, and its acknowledgment to, the COVID-19 pandemic.
Financial After-effects for the Three Months Concluded March 31, 2020
For the three months concluded March 31, 2020, absolute revenues added $23.0 million, or 8.0 percent, to $310.3 actor compared to $287.3 actor for the aforementioned aeon in 2019. Net accident attributable to accustomed stockholders was $16.1 million, or $0.17 per adulterated accustomed share, for the three months concluded March 31, 2020, as compared to net assets attributable to accustomed stockholders of $34.3 million, or $0.40 per adulterated accustomed share, for the aforementioned aeon in 2019.
Non-GAAP Banking Measures and Portfolio Achievement
— Bulk Funds from Operations (“Core FFO”) for the three months concluded March 31, 2020, was $1.22 per adulterated allotment and OP assemblage (“Share”) as compared to $1.18 in the above-mentioned year, an admission of 3.4 percent.
— Aforementioned Association Net Operating Assets (“NOI”) added by 6.7 percent for the three months concluded March 31, 2020, as compared to the agnate aeon in 2019.
— Acquirement Bearing Sites added by 300 sites for the three months concluded March 31, 2020, bringing absolute portfolio ascendancy to 96.7 percent.
— MH hire collections for the ages of April absolute about 98 percent as of April 21, 2020.
Gary Shiffman, Chief Controlling Officer of Sun Communities stated, “We appetite to back our best wishes for the bloom and assurance of all of our stakeholders during these aberrant times. Sun is acutely committed to prioritizing the abundance of its residents, guests and aggregation associates every day, and in ablaze of the boundless affair over COVID-19 above the nation, we accept re-doubled our efforts. We accept confused apace to advance a hire cessation affairs for association that accept been abnormally impacted by the communicable and we accept taken absolute measures to abate controllable costs and bottle the Company’s banking flexibility.”
Mr. Shiffman continued, “The ultimate appulse of disruption from the virus will be bent by the breadth of time that the COVID-19 communicable charcoal a blackmail and depends on a aggregation of variables over which we accept no control. It is important to bethink the communicable is not a abiding condition, but a point in time that has badly impacted consumers, businesses and travel. We apperceive that with time, this disruption will cease, and we durably accept the axiological apriorism of bogus apartment communities and recreational agent resorts charcoal intact. We action unparalleled bulk to our association and guests in apartment and vacationing options. We are assured Sun is able to bear these challenges and cross this evolving bearings with its able antithesis sheet, above backdrop and committed aggregation members.”
COVID-19 and Appulse on Operations
Since the acknowledgment of COVID-19 as a communicable at the alpha of March, the Aggregation has adopted recommendations and protocols from the Centers for Disease Control, the World Bloom Organization and federal, accompaniment and bounded authorities area it operates, to ensure the assurance and abundance of its aggregation members, association and guests.
The Aggregation is continuing to accommodate basal casework application amusing break techniques and basal contact. The Company’s association and resort offices are partially staffed with bargain hours and accessible for basal casework only. To advance amusing distancing, the Aggregation is auspicious its association to use its online hire acquittal portals and added acquittal methods. Amenities accept been bankrupt at the administration of accompaniment and bounded municipalities and to anticipate amusing gathering.
Certain of the Company’s RV resorts abide open, area government regulations permit, about all calm and alfresco activities accept been abeyant to animate amusing distancing. Forty four RV resorts in the arctic United States and Canada, that frequently would arise operations in aboriginal spring, accept had their openings delayed and do not yet accept accustomed aperture dates from bounded municipalities.
The Aggregation has implemented measures to abate the appulse of COVID-19 on the business. These efforts accommodate accretion its banknote position, bolstering clamminess and eliminating, abbreviation or deferring non-essential expenditures. Additionally, the Board of Directors and controlling admiral accept adopted to abandon abject advantage for at atomic the added quarter. Bulk ascendancy measures accept additionally included the added furlough of aggregation associates and reductions in abject advantage for non-furloughed aggregation members. The Aggregation will accommodate bloom account advantage to furloughed aggregation members, if enrolled, at no bulk to the aggregation members.
The appulse of calm orders and biking restrictions is accustomed to accept a cogent appulse on the Company’s brief RV banking after-effects including a abridgement of acquirement becoming from the rental of sites, accessory assets and fee generation. These reductions, accumulated with the abeyant appulse on bogus apartment operations and home affairs activities, account by the Company’s accomplishing of bulk extenuative measures, could accept an estimated net abridgement for the added division of 2020 of $15.0 – $18.0 actor from the Company’s aboriginal expectations.
Total portfolio ascendancy was 96.7 percent at March 31, 2020, compared to 96.4 percent at March 31, 2019.
During the three months concluded March 31, 2020, acquirement bearing sites added by 300 sites, as compared to an admission of 571 acquirement bearing sites during the three months concluded March 31, 2019.
For the 367 communities endemic and operated by the Aggregation back January 1, 2019, NOI for the three months concluded March 31, 2020 added 6.7 percent over the aforementioned aeon in 2019, as a aftereffect of a 5.2 percent admission in revenues and a 1.8 percent admission in operating expenses. Aforementioned Association ascendancy added to 98.4 percent at March 31, 2020 from 96.6 percent at March 31, 2019.
During the three months concluded March 31, 2020, the Aggregation awash 763 homes as compared to 798 homes awash during the aforementioned aeon in 2019. New home sales aggregate was 119 and 125 for the three months concluded March 31, 2020 and 2019, respectively. Rental home sales volume, which are included in absolute home sales, were 234 and 210 for the three months concluded March 31, 2020 and 2019, respectively.
During the three months concluded March 31, 2020, the Aggregation acquired the afterward communities:
In affiliation with the acquisition, we issued Series E Adopted Operating Partnership (“OP”) Units. As of March 31, 2020, 90,000 Series E Adopted OP Units were outstanding.
BALANCE SHEET AND CAPITAL MARKETS ACTIVITY
During the three months concluded March 31, 2020, the Aggregation completed a 15-year, $230.0 actor appellation accommodation transaction that carries an absorption bulk of 3.0 percent. The Aggregation repaid a $99.6 actor appellation accommodation due to complete in 2021 with an absorption bulk of 5.8 percent. Also, during the quarter, the Aggregation repaid four appellation loans anchored by two backdrop with a abounding boilerplate absorption bulk of 5.8 percent accretion $19.9 actor which were set to complete in 2020.
As of March 31, 2020, the Aggregation had $3.9 billion of debt outstanding. The abounding boilerplate absorption bulk was 3.64 percent and the abounding boilerplate adeptness was 10.6 years. The Aggregation had $382.5 actor of complete banknote on hand. At period-end the Company’s net debt to abaft twelve-month Recurring EBITDA arrangement was 5.6 times.
As ahead announced, the Aggregation added its anniversary administration by 5.3 percent to $3.16 per accustomed allotment from $3.00 per accustomed share. The admission began with the administration declared in March 2020 that was paid afterwards division end. While the Aggregation has adopted the anniversary administration policy, the bulk of anniversary anniversary administration on the Company’s accustomed banal will be accountable to approval by its Board of Directors.
GUIDANCE 2020 UPDATE
The continuance of the aberrant COVID-19 crisis is alien and its appulse is always evolving. Accustomed the ambiguity surrounding the appulse from the COVID-19 communicable on its operations, the Aggregation has aloof abounding year 2020 operational and banking advice ahead issued on February 19, 2020.
When the Aggregation has added accuracy on the abeyance of biking restrictions and calm orders, it expects to accommodate adapted advice for the antithesis of 2020.
EARNINGS CONFERENCE CALL
A appointment alarm to altercate aboriginal division operating after-effects will be captivated on Thursday, April 23, 2020 at 11:00 A.M. (ET). To participate, alarm toll-free 877-407-9039. Callers alfresco the U.S. or Canada can admission the alarm at 201-689-8470. A epitomize will be accessible afterward the alarm through May 7, 2020 and can be accessed toll-free by calling 844-512-2921 or 412-317-6671. The Appointment ID cardinal for the alarm and the epitomize is 13699860. The appointment alarm will be accessible alive on Sun Communities’ website amid at www.suncommunities.com. The epitomize will additionally be accessible on the website.
Sun Communities, Inc. is a REIT that, as of March 31, 2020, owned, operated, or had an absorption in a portfolio of 424 communities absolute about 142,000 developed sites in 33 states and Ontario, Canada.
For added advice about Sun Communities, Inc., amuse appointment www.suncommunities.com.
Please abode all inquiries to our broker relations administration at our website www.suncommunities.com, by buzz to (248) 208-2500, by email to [email protected] or by mail to Sun Communities, Inc. Attn: Broker Relations, 27777 Franklin Road, Ste. 200, Southfield, MI 48034.
This columnist absolution contains assorted “forward-looking statements” aural the acceptation of the Antithesis Act of 1933, as amended, and the Antithesis Barter Act of 1934, as amended, and the Aggregation intends that such advanced statements will be accountable to the safe harbors created thereby. Advanced statements can be articular by words such as “will,” “may,” “could,” “expect,” “anticipate,” “believes,” “intends,” “should,” “plans,” “estimates,” “approximate,” “guidance,” and agnate expressions in this columnist absolution that adumbrate or announce approaching contest and trends and that do not abode absolute matters.
These advanced statements reflect the Company’s accustomed angle with account to approaching contest and banking performance, but absorb accustomed and alien risks, uncertainties, and added factors, some of which are above the Company’s control. These risks, uncertainties, and added factors may account the absolute after-effects of the Aggregation to be materially altered from any approaching after-effects bidding or adumbrated by such advanced statements. Such risks and uncertainties accommodate the furnishings of the COVID-19 communicable and accompanying calm orders, apprehension behavior and restrictions on travel, barter and business operations; national, bounded and bounded bread-and-butter climates; the adeptness to advance rental ante and ascendancy levels; aggressive bazaar forces; the achievement of contempo acquisitions; the adeptness to accommodate approaching acquisitions calmly and efficiently; changes in bazaar ante of interest; changes in adopted bill barter rates; the adeptness of bogus home buyers to access costs and the akin of repossessions by bogus home lenders. Added accommodation of abeyant risks that may affect the Aggregation are declared in its alternate letters filed with the U.S. Antithesis and Barter Commission, including in the “Risk Factors” area of the Company’s Anniversary Abode on Form 10-K.
The advanced statements absolute in this columnist absolution allege alone as of the date hereof and the Aggregation especially disclaims any obligation to accommodate accessible updates, revisions or amendments to any advanced statements fabricated herein to reflect changes in the Company’s assumptions, expectations of approaching events, or trends.
(As of March 31, 2020)
Financial and Operating Highlights
(amounts in thousands, except for *)
(amounts in thousands)
Statements of Operations – Division to Date Comparison
(amounts in thousands, except per allotment amounts) (Unaudited)
Percentage change is not meaningful, (“N/M”)
Outstanding Antithesis and Assets
(amounts in bags except for *)
Reconciliations to Non-GAAP Banking Measures
Reconciliation of Net Assets / (Loss) Attributable to Sun Communities, Inc. Accustomed Stockholders to FFO
(amounts in bags except for per allotment data)
Reconciliation of Net Assets / (Loss) Attributable to Sun Communities, Inc. Accustomed Stockholders to Recurring EBITDA
(amounts in thousands)
Reconciliation of Net Assets / (Loss) Attributable to Sun Communities, Inc. Accustomed Stockholders to NOI
(amounts in thousands)
Non-GAAP and Added Banking Measures
(amounts in thousands)
Real Acreage Operations – Aforementioned Association
(amounts in bags except for Added Information)
Home Sales Summary
(amounts in bags except for *)
Rental Affairs Summary
(amounts in bags except for *)
Acquisitions and Added Summary
(amounts in bags except for statistical data)
Capital Improvements, Development, and Acquisitions
(amounts in bags except for *)
Operating Statistics for MH and Anniversary RVs
Footnotes and Definitions
(1)Investors in and analysts afterward the absolute acreage industry advance funds from operations (“FFO”), net operating assets (“NOI”), and antithesis afore interest, tax, abrasion and acquittal (“EBITDA”) as added achievement measures. The Aggregation believes that FFO, NOI, and EBITDA are adapted measures accustomed their advanced use by and appliance to investors and analysts. Additionally, FFO, NOI, and EBITDA are frequently acclimated in assorted ratios, appraisement multiples, yields and allotment and appraisal calculations acclimated to admeasurement banking position, achievement and value.
? FFO, absorption the acceptance that absolute acreage ethics acceleration or abatement with bazaar conditions, principally adjusts for the furnishings of about accustomed accounting attempt (“GAAP”) abrasion and acquittal of absolute acreage assets.
? NOI provides a admeasurement of rental operations that does not agency in depreciation, acquittal and non-property specific costs such as accepted and authoritative expenses.
? EBITDA provides a added admeasurement to appraise adeptness to acquire and account debt and to armamentarium assets and added banknote needs.
FFO is authentic by the Civic Association of Absolute Acreage Advance Trusts (“NAREIT”) as GAAP net assets (loss), excluding assets (or losses) from sales of depreciable operating property, additional absolute estate-related abrasion and amortization, and afterwards adjustments for unconsolidated partnerships and collective ventures. FFO is a non-GAAP banking admeasurement that administration believes is a advantageous added admeasurement of the Company’s operating performance. By excluding assets and losses accompanying to sales of ahead attenuated operating absolute acreage assets, crime and excluding absolute acreage asset abrasion and acquittal (which can alter amid owners of identical assets in agnate action based on absolute bulk accounting and advantageous action estimates), FFO provides a achievement admeasurement that, back compared period-over-period, reflects the appulse to operations from trends in ascendancy rates, rental rates, and operating costs, accouterment angle not readily credible from GAAP net assets (loss). Administration believes the use of FFO has been benign in convalescent the compassionate of operating after-effects of REITs amid the advance accessible and authoritative comparisons of REIT operating after-effects added meaningful. The Aggregation additionally uses FFO excluding assertive accretion and accident items that administration considers different to the operational and banking achievement of our bulk business (“Core FFO”). The Aggregation believes that Bulk FFO provides added allegory for broker evaluations of period-over-period results.
The Aggregation believes that GAAP net assets (loss) is the best anon commensurable admeasurement to FFO. The arch limitation of FFO is that it does not alter GAAP net assets (loss) as a achievement admeasurement or GAAP banknote breeze from operations as a clamminess measure. Because FFO excludes cogent bread-and-butter apparatus of GAAP net assets (loss) including abrasion and amortization, FFO should be acclimated as a supplement to GAAP net assets (loss) and not as an another to it. Further, FFO is not advised as a admeasurement of a REIT’s adeptness to accommodated debt arch repayments and added banknote requirements, nor as a admeasurement of alive capital. FFO is affected in accordance with the Company’s estimation of standards accustomed by NAREIT, which may not be commensurable to FFO appear by added REITs that adapt the NAREIT analogue differently.
NOI is acquired from revenues bare acreage operating costs and absolute acreage taxes. NOI is a non-GAAP banking admeasurement that the Aggregation believes is accessible to investors as a added admeasurement of operating achievement because it is an indicator of the acknowledgment on acreage advance and provides a acclimation of comparing acreage achievement over time. The Aggregation uses NOI as a key admeasurement back evaluating achievement and advance of accurate backdrop and/or groups of properties. The arch limitation of NOI is that it excludes depreciation, amortization, absorption bulk and non-property specific costs such as accepted and authoritative expenses, all of which are cogent costs. Therefore, NOI is a admeasurement of the operating achievement of the backdrop of the Aggregation rather than of the Aggregation overall.
The Aggregation believes that GAAP net assets (loss) is the best anon commensurable admeasurement to NOI. NOI should not be advised to be an another to GAAP net assets (loss) as an adumbration of the Company’s banking achievement or GAAP banknote breeze from operating activities as a admeasurement of the Company’s liquidity; nor is it apocalyptic of funds accessible for the Company’s banknote needs, including its adeptness to accomplish banknote distributions. Because of the admittance of items such as interest, depreciation, and amortization, the use of GAAP net assets (loss) as a achievement admeasurement is bound as these items may not accurately reflect the absolute change in bazaar bulk of a property, in the case of abrasion and in the case of interest, may not necessarily be affiliated to the operating achievement of a absolute acreage asset, as it is generally incurred at a ancestor aggregation akin and not at a acreage level.
EBITDA as authentic by NAREIT (referred to as “EBITDAre”) is affected as GAAP net assets (loss), additional absorption expense, additional assets tax expense, additional abrasion and amortization, additional or bare losses or assets on the disposition of attenuated acreage (including losses or assets on change of control), additional crime write-downs of attenuated acreage and of investments in unconsolidated affiliates acquired by a abatement in bulk of attenuated acreage in the affiliate, and adjustments to reflect the entity’s allotment of EBITDAre of unconsolidated affiliates. EBITDAre is a non-GAAP banking admeasurement that the Aggregation uses to appraise its adeptness to acquire and account debt, armamentarium assets and added banknote needs and awning anchored costs. Investors advance EBITDAre as a added admeasurement to appraise and analyze advance affection and action bulk of REITs. The Aggregation additionally uses EBITDAre excluding assertive accretion and accident items that administration considers different to altitude of the Company’s achievement on a abject that is absolute of basal anatomy (“Recurring EBITDA”).
The Aggregation believes that GAAP net assets (loss) is the best anon commensurable admeasurement to EBITDAre. EBITDAre is not advised to be acclimated as a admeasurement of the Company’s banknote generated by operations or its dividend-paying capacity, and should accordingly not alter GAAP net assets (loss) as an adumbration of the Company’s banking achievement or GAAP banknote breeze from operating, advance and costs activities as measures of liquidity.
(2) Aforementioned Association after-effects reflect connected bill for allusive purposes. Canadian bill abstracts in the above-mentioned allusive aeon accept been translated at 2020 absolute barter rates.
(3) The Aforementioned Association ascendancy allotment is 96.1 percent for MH, 100.0 percent for RV, and 97.0 percent for the attenuated MH and RV. The MH and RV attenuated ascendancy is acquired from 111,655 developed sites, of which 108,266 were occupied. The Aforementioned Association ascendancy allotment for 2019 has been adapted to reflect incremental period-over-period advance from abounding amplification sites and the about-face of brief RV sites to anniversary RV sites. The adapted Aforementioned Association ascendancy allotment for 2020 is acquired from 110,001 developed sites, of which 108,266 were occupied. The cardinal of developed sites excludes RV brief sites and about 1,700 afresh completed but abandoned MH amplification sites.
(4) This is a transferred asset transaction which has been classified as collateralized receivables and the banknote accustomed from this transaction has been classified as a anchored borrowing. The absorption assets and absorption bulk accumulate at the aforementioned bulk and amount. In November 2019, the Aggregation derecognized the transferred banking assets and anchored borrowing as acknowledged abreast belief to be accounted for as a accurate auction were annoyed pursuant to the acceding of the acquirement agreement.
(5) Lines of acclaim includes the Company’s MH attic plan facility. The able absorption bulk on the MH attic plan ability was 7.0 percent for all periods presented. However, the Aggregation pays no absorption if the attic plan antithesis is repaid aural 60 days.
(6) Added expense, net was as follows (in thousands)
(7) The aftereffect of assertive anti-dilutive convertible antithesis is afar from these items.
(8) These costs represent the costs incurred to accompany afresh acquired backdrop up to the Company’s operating standards, including items such as timberline accent and painting costs that do not accommodated the Company’s assets policy.
(9) Bulk FFO includes an acclimation of $0.3 actor for the three months concluded March 31, 2020, for estimated accident of antithesis in antithesis of the applicative business abeyance deductible in affiliation to the Company’s Florida Keys communities that appropriate redevelopment due to amercement abiding from Hurricane Irma in September 2017.
(10) The renter’s account acquittal includes the armpit hire and an bulk attributable to the home lease. The armpit hire is reflected in Absolute Acreage Operations’ articulation revenue. For purposes of administration analysis, armpit hire is included in Rental Affairs acquirement to appraise the incremental acquirement assets associated with the Rental Program, and to appraise the all-embracing advance and achievement of the Rental Affairs and banking appulse on the Company’s operations.
(11) Aforementioned Association after-effects net $9.0 actor and $8.5 actor of assertive account acquirement adjoin the accompanying account bulk in acreage operating bulk for the three months concluded March 31, 2020 and 2019, respectively.
(12) Aforementioned Association food and acclimation bulk excludes $0.1 actor for the three months concluded March 31, 2019, of costs incurred for afresh acquired backdrop to accompany the backdrop up to the Company’s operating standards, including items such as timberline accent and painting costs that do not accommodated the Company’s assets policy.
(13) Account abject hire per armpit pertains to anniversary RV sites and excludes brief RV sites.
(14) Affected application absolute after-effects afterwards rounding.
(15) Acquisitions and added is comprised of 2 backdrop acquired and 3 backdrop that we accept an absorption in, but do not accomplish in 2020, forty-two backdrop acquired in 2019, one acreage actuality operated beneath a acting use permit, three Florida Keys backdrop that crave redevelopment as a aftereffect of accident abiding from Hurricane Irma in 2017, bristles afresh opened ground-up developments, one acreage ability redevelopment, and added assorted affairs and activity.
(16) Includes MH and anniversary RV sites, and excludes brief RV sites, as applicable.
(17) As of March 31, 2020, absolute portfolio MH ascendancy was 95.8 percent across-the-board of the appulse of about 1,900 afresh complete but abandoned MH amplification sites, and anniversary RV ascendancy was 100.0 percent.
(18) Absolute sites for development were comprised of about 76.3 percent for expansion, 17.6 percent for greenfield development and 6.1 percent for redevelopment.
(19) Recurring basal expenditures are all-important to advance asset quality, including purchasing and replacing assets acclimated to accomplish the community. These basal expenditures accommodate items such as: above road, driveway, basin improvements; adviser renovations; abacus or replacing artery lights; amphitheater equipment; signage; aliment facilities; administrator apartment and acreage vehicles. The minimum capitalized bulk is bristles hundred dollars.
(20) Lot modification basal expenditures advance the asset affection of the community. These costs are incurred back an absolute earlier home moves out, and the armpit is able for a new home, added generally than not, a multi-sectional home. These activities, which are allowable by austere manufacturer’s accession requirements and accompaniment architecture code, accommodate items such as new foundations, driveways, and account upgrades.
(21) Basal expenditures accompanying to acquisitions represent the acquirement bulk of absolute operating communities and acreage accoutrements to advance expansions or new communities. These costs for the three months concluded March 31, 2020 accommodate $10.9 actor of basal improvements articular during due activity that are all-important to accompany the communities to the Company’s operating standards. For the years concluded December 31, 2019 and 2018, these costs were $50.7 actor and $94.6 million, respectively. These accommodate items such as: advance clubhouses; landscaping; new artery ablaze systems; new mail commitment systems; basin advance including beyond decks, heaters, and furniture; new aliment facilities; and new signage including basic signs and centralized alley signs. These are advised accretion costs and although articular during due diligence, generally crave 24 to 36 months afterwards closing to complete.
(22) Amplification and development expenditures abide primarily of architecture costs and costs all-important to complete home armpit improvements, such as driveways, sidewalks and landscaping.
(23) Basal costs accompanying to acquirement breeding activities abide primarily of garages, sheds, sub-metering of water, avenue and electricity. Acquirement breeding attractions at our RV resorts are additionally included actuality and, occasionally, a appropriate basal activity requested by association and accompanied by an added rental admission will be classified as acquirement producing.
(24) Net busy sites do not accommodate active sites acquired during that year.
Certain banking advice has been revised to reflect reclassifications in above-mentioned periods to accommodate to accustomed aeon presentation.
— Exhibit 99.1 Columnist Absolution and Added Package 2020.03.31
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