COMMUNAUTÉS SUN: RAPPORT DE GESTION ET ANALYSE DE LA SITUATION FINANCIÈRE ET DES RÉSULTATS DES OPÉRATIONS (formulaire 10-Q)


The following discussion and analysis of the consolidated financial condition
and results of operations should be read in conjunction with the Consolidated
Financial Statements and the accompanying Notes, along with our 2019 Annual
Report.

APERÇU


We are a fully integrated, self-administered and self-managed REIT. As of June
30, 2020, we owned and operated or held an interest in a portfolio of 426
developed properties located in 33 states throughout the U.S. and one province
in Canada, including 267 MH communities, 125 RV communities, and 34 properties
containing both MH and RV sites.

We have been in the business of acquiring, operating, developing, and expanding
MH and RV communities since 1975. We lease individual sites with utility access
for placement of manufactured homes and RVs to our customers. We are also
engaged through SHS in the marketing, selling, and leasing of new and pre-owned
homes to current and future residents in our communities. The operations of SHS
support and enhance our occupancy levels, property performance, and cash flows.

IMPACT DU COVID-19


As of June 30, 2020, all of our MH communities and RV resorts are open. Our
execution of both our operation and financial plans has helped to mitigate the
impact of COVID-19 on our business. These efforts include an equity offering in
May 2020 of $633.1 million after deducting expenses related to the offering, to
bolster our liquidity. We also eliminated, reduced or deferred non-essential
expenditures for a limited time period. We used a portion of the proceeds from
our equity raise in May 2020, to fund certain recurring capital expenditures to
maintain the quality of our communities and to protect the equity of our
residents' investments in their homes. We are actively reviewing our acquisition
pipeline for transactions that meet our business objectives. Additionally, our
Board of Directors and executive officers elected to forgo their base
compensation for the second quarter. Compensation to both our Board of Directors
and executive officers has been restored to prior levels effective July 1, 2020.
Cost containment measures included the furlough of a group of team members in
April 2020. Over 80 percent of furloughed team members have returned to work as
of June 30, 2020. We continue to provide medical health insurance coverage to
furloughed team members, if enrolled, at no cost to the team member.

We had $373.5 million of unrestricted cash on hand as of June 30, 2020 to
maintain elevated liquidity levels. We used a portion of the proceeds received
from the May 2020 equity offering to pay down our line of credit. As of June 30,
2020, there is $683.0 million of remaining capacity on the line of credit. We
also have 151 unencumbered properties with an estimated asset value, as of June
30, 2020, of approximately $2.8 billion available to secure potential mortgage
debt.

We continue to provide essential services using social distancing techniques and
minimal contact. To promote social distancing, we are encouraging our residents
to use our online rent payment portals and other payment methods. We have
instituted numerous health and safety measures at our communities and our Main
Office to keep team members safe. These measures include infrared thermometers
at entrances to monitor team members' temperatures, increased cleaning and
sanitation of shared spaces and social distancing protocols throughout our
footprint. We closely monitor and track orders by federal, state and local
authorities and hold regular status calls with our operations and Main Office
leadership teams. We have implemented and continue to encourage remote working
arrangements, wherever possible, to keep our team members safe and to do our
part to promote social distancing.

While we are experiencing lower traffic at our communities as would be expected
with shelter-in-place mandates and other travel restrictions, we are still
seeing demand for move-ins and expect fewer move-outs during this time. We are
complying with temporary bans enacted by certain states on evictions of past due
residents, which has created a backlog of anticipated move outs once the
eviction bans are lifted.

We provided a temporary hardship program to those residents who have been
economically disadvantaged as a result of COVID-19 for the months of April and
May. This hardship program defers the payment of April and May rent over twelve
months, commencing on July 1, 2020. When the program ended in June, we had
provided deferred relief of $4.4 million to approximately 4 percent of residents
in our communities, including owner occupied sites and rental home sites. As of
June 30, 2020, approximately 12 percent of the hardship program funds had been
repaid. We anticipate that a majority of these residents have or will receive
unemployment benefits and economic stimulus under the CARES Act which will aid
in the payment of rent due. Due to the effects of COVID-19 on our residents, we
have also suspended charging various fees, including late fees for delinquent
payments, non-sufficient funds fees, and incremental month to month fees if a
resident lease terminates during the pandemic. We have also deferred certain
increases to monthly rental rates.

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                             SUN COMMUNITIES, INC.

Tous nos centres de villégiature pour VR sont actuellement ouverts; cependant des activités intérieures et extérieures
sont limités à ce que la réglementation gouvernementale permet et à encourager
distancer.


We remain committed to assisting individuals who are in the process of leasing a
site or purchasing a home, while maintaining health and safety protocols
including following strict social distancing. Virtual viewings of homes are
being utilized to avoid or minimize contact. To the extent stay-at-home orders
and travel restrictions are not lifted, home sale revenue will be adversely
impacted.

PRINCIPALES MÉTHODES COMPTABLES


We have identified significant accounting policies that, as a result of the
judgments, uncertainties, and complexities of the underlying accounting
standards and operations involved could result in material changes to our
financial condition or results of operations under different conditions or using
different assumptions. Details regarding significant accounting policies are
described fully in our 2019 Annual Report.

MESURES FINANCIÈRES NON GAAP


In addition to the results reported in accordance with GAAP in our "Results of
Operations" below, we have provided information regarding net operating income
("NOI") and funds from operations ("FFO") as supplemental performance measures.
We believe NOI and FFO are appropriate measures given their wide use by and
relevance to investors and analysts following the real estate industry. NOI
provides a measure of rental operations and does not factor in depreciation,
amortization and non-property specific expenses such as general and
administrative expenses. FFO, reflecting the assumption that real estate values
rise or fall with market conditions, principally adjusts for the effects of GAAP
depreciation/amortization of real estate assets. In addition, NOI and FFO are
commonly used in various ratios, pricing multiples/yields and returns and
valuation calculations used to measure financial position, performance and
value.

NOI is derived from revenues minus property operating expenses and real estate
taxes. NOI is a non-GAAP financial measure that we believe is helpful to
investors as a supplemental measure of operating performance because it is an
indicator of the return on property investment and provides a method of
comparing property performance over time. We use NOI as a key measure when
evaluating performance and growth of particular properties and/or groups of
properties. The principal limitation of NOI is that it excludes depreciation,
amortization, interest expense and non-property specific expenses such as
general and administrative expenses, all of which are significant costs.
Therefore, NOI is a measure of the operating performance of our properties
rather than of the Company overall.

We believe that GAAP net income (loss) is the most directly comparable measure
to NOI. NOI should not be considered to be an alternative to GAAP net income
(loss) as an indication of our financial performance or GAAP cash flow from
operating activities as a measure of our liquidity; nor is it indicative of
funds available for our cash needs, including our ability to make cash
distributions. Because of the inclusion of items such as interest, depreciation,
and amortization, the use of GAAP net income (loss) as a performance measure is
limited as these items may not accurately reflect the actual change in market
value of a property, in the case of depreciation and in the case of interest,
may not necessarily be linked to the operating performance of a real estate
asset, as it is often incurred at a parent company level and not at a property
level.

FFO is defined by the National Association of Real Estate Investment Trusts
("NAREIT") as GAAP net income (loss), excluding gains (or losses) from sales of
depreciable operating property, plus real estate related depreciation and
amortization, and after adjustments for unconsolidated partnerships and joint
ventures. FFO is a non-GAAP financial measure that management believes is a
useful supplemental measure of our operating performance. By excluding gains and
losses related to sales of previously depreciated operating real estate assets,
impairment and excluding real estate asset depreciation and amortization (which
can vary among owners of identical assets in similar condition based on
historical cost accounting and useful life estimates), FFO provides a
performance measure that, when compared period-over-period, reflects the impact
to operations from trends in occupancy rates, rental rates, and operating costs,
providing perspective not readily apparent from GAAP net income (loss).
Management believes the use of FFO has been beneficial in improving the
understanding of operating results of REITs among the investing public and
making comparisons of REIT operating results more meaningful. We also use FFO
excluding certain gain and loss items that management considers unrelated to the
operational and financial performance of our core business ("Core FFO"). We
believe that Core FFO provides enhanced comparability for investor evaluations
of period-over-period results.


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                             SUN COMMUNITIES, INC.
We believe that GAAP net income (loss) is the most directly comparable measure
to FFO. The principal limitation of FFO is that it does not replace GAAP net
income (loss) as a performance measure or GAAP cash flow from operations as a
liquidity measure. Because FFO excludes significant economic components of GAAP
net income (loss) including depreciation and amortization, FFO should be used as
a supplement to GAAP net income (loss) and not as an alternative to it. Further,
FFO is not intended as a measure of a REIT's ability to meet debt principal
repayments and other cash requirements, nor as a measure of working capital. FFO
is calculated in accordance with our interpretation of standards established by
NAREIT, which may not be comparable to FFO reported by other REITs that
interpret the NAREIT definition differently.
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                             SUN COMMUNITIES, INC.

RÉSULTATS DES OPÉRATIONS


We report operating results under two segments: Real Property Operations and
Home Sales and Rentals. The Real Property Operations segment owns, operates,
develops, or has an interest in, a portfolio of MH and RV communities throughout
the U.S. and in Canada, and is in the business of acquiring, operating, and
expanding MH and RV communities. The Home Sales and Rentals segment offers MH
and RV park model sales and leasing services to tenants and prospective tenants
of our communities. We evaluate segment operating performance based on NOI and
gross profit. Refer to Note 11, "Segment Reporting," in our accompanying
Consolidated Financial Statements for additional information.

Déclarations sommaires des opérations


The extent to which the COVID-19 pandemic impacts our operations, financial
condition and financial results will depend on future developments, which are
highly uncertain and cannot be predicted with confidence, including the scope,
severity and duration of the pandemic, the actions taken to contain the pandemic
or mitigate its impact, and the direct and indirect economic effects of the
pandemic and containment measures, among others. The rapid development and
fluidity of this situation precludes any prediction as to the full adverse
impact of the COVID-19 pandemic.

The following tables reconcile the Net income attributable to Sun Communities,
Inc. common stockholders to NOI and summarize our consolidated financial results
for the three and six months ended June 30, 2020 and 2019 (in thousands):
                                                             Three Months Ended                                             Six Months Ended
                                                    June 30, 2020          June 30, 2019          June 30, 2020           June 30, 2019
Net Income Attributable to Sun Communities,
Inc. Common Stockholders                           $      58,910          $ 

40 385 42 824 $74 716 $
Le revenu d'intérêts

                                           (2,635)                (4,919)                (4,985)                  (9,719)
Brokerage commissions and other revenues,
net                                                       (3,274)                (2,508)                (7,187)                  (6,188)
Home selling expenses                                      2,864                  3,626                  6,856                    6,950
General and administrative expenses                       26,733                 23,697                 52,250                   45,584
Catastrophic weather-related charges, net                   (566)                   179                     40                      961
Depreciation and amortization                             87,265                 76,153                170,954                  152,709

Loss on extinguishment of debt (see Note 8)                1,930                     70                  5,209                      723
Interest expense                                          31,428                 33,661                 63,844                   67,675
Interest on mandatorily redeemable preferred
OP units / equity                                          1,042                  1,181                  2,083                    2,275
Gain / (loss) on remeasurement of marketable
securities (see Note 14)                                 (24,519)                (3,620)                 4,128                   (3,887)
(Gain) / loss on foreign currency
translation                                              (10,374)                (1,116)                 7,105                   (3,081)
Other expense, net                                           552                     95                    854                      162
(Gain) / loss on remeasurement of notes
receivable (see Note 4)                                     (246)                     -                  1,866                        -
Income from nonconsolidated affiliates (see
Note 6)                                                      (92)                  (479)                  (144)                    (867)
(Gain) / loss on remeasurement of investment
in nonconsolidated affiliates (see Note 6)                (1,132)                     -                  1,059                        -
Current tax expense (see Note 12)                            119                    272                    569                      486
Deferred tax benefit (see Note 12)                          (112)                   (96)                  (242)                    (313)
Preferred return to preferred OP units /
equity                                                     1,584                  1,718                  3,154                    3,041
Income attributable to noncontrolling
interests                                                  2,861                  2,585                  1,899                    3,626
Preferred stock distribution                                   -                    428                      -                      860

NOI / Gross Profit                                 $     172,338$     171,312$     352,136$       335,713


                                                             Three Months Ended                                             Six Months Ended
                                                    June 30, 2020          June 30, 2019          June 30, 2020           June 30, 2019
Real Property NOI                                  $     148,557          $

142 030 305 109 $283 874 $
Accueil Ventes NOI / Bénéfice brut

                              9,349                 12,807                 19,904                   23,148
Rental Program NOI                                        28,874                 26,413                 56,859                   52,430
Ancillary NOI / Gross Profit                               4,149                  7,240                  6,862                   10,317
Site rent from Rental Program (included in
Real Property NOI) (1)                                   (18,591)               (17,178)               (36,598)                 (34,056)
NOI / Gross Profit                                 $     172,338$     171,312$     352,136$       335,713


(1) The renter's monthly payment includes the site rent and an amount
attributable to the home lease. The site rent is reflected in Real Property
Operations' segment revenue. For purposes of management analysis, site rent is
included in Rental Program revenue to evaluate the incremental revenue gains
associated with the implementation of the Rental Program, and to assess the
overall growth and performance of the Rental Program and financial impact on our
operations.
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                             SUN COMMUNITIES, INC.

Comparaison des trois et six mois terminés 30 juin 2020 et 2019

Opérations immobilières – Portefeuille total


The following tables reflect certain financial and other information for our
Total Portfolio as of and for the three and six months ended June 30, 2020 and
2019:
                                                          Three Months Ended                                                                                                          Six Months Ended
                              June 30, 2020          June 30, 2019           Change           % Change           June 30, 2020          June 30, 2019           Change           % Change
Financial Information (in
thousands)
Income from real property    $     231,484$     223,644$ 7,840                 3.5  %       $     469,269$     438,727$ 30,542               7.0  %
Property operating expenses
Payroll and benefits                20,723                 22,097           (1,374)               (6.2) %              42,053                 40,968             1,085               2.6  %
Legal, taxes, and insurance          2,706                  2,364              342                14.5  %               5,839                  4,748             1,091              23.0  %
Utilities                           24,533                 23,650              883                 3.7  %              50,307                 48,078             2,229               4.6  %
Supplies and repairs                 9,574                  9,729             (155)               (1.6) %              16,604                 16,083               521               3.2  %
Other(1)                             7,668                  8,048             (380)               (4.7) %              14,458                 13,920               538               3.9  %
Real estate taxes                   17,723                 15,726            1,997                12.7  %              34,899                 31,056             3,843              12.4  %
Property operating expenses         82,927                 81,614            1,313                 1.6  %             164,160                154,853             9,307               6.0  %
Real Property NOI            $     148,557$     142,030$ 6,527                 4.6  %       $     305,109$     283,874$ 21,235               7.5  %

(1) Comprend les frais d'équipement de protection individuelle COVID-19 de 1 094 $ pour le
six mois terminés 30 juin 2020.

                                                    As of
                                       June 30, 2020      June 30, 2019          Change
Other Information
Number of properties                           426                382                44

MH occupancy                                  96.5  %
RV occupancy                                 100.0  %
MH & RV blended occupancy (1)                 97.3  %            96.6  %            0.7  %

Sites available for development              9,742             10,754       

(1 012)

Loyer mensuel de base par site – MH 584 $568 $

    $     16
Monthly base rent per site - RV (2)   $        497$        472    (3)   $     25
Monthly base rent per site - Total    $        565$        546    (3)   $     19


(1) Overall occupancy percentage includes MH and annual RV sites and excludes
transient RV sites.
(2) Monthly base rent pertains to annual RV sites and excludes transient RV
sites.
(3) Canadian currency figures included within the three and six months ended
June 30,2019 have been translated at 2020 average exchange rates.

le 6,5 millions de dollars l'augmentation du NOI des biens immobiliers se compose de 1,9 million de dollars de
Mêmes communautés que celles détaillées ci-dessous et 4,6 millions de dollars de récemment acquis
propriétés au cours des trois mois terminés 30 juin 2020 par rapport au même
période en 2019.


The $21.2 million increase in Real Property NOI consists of $11.3 million from
Same Communities as detailed below and $9.9 million from recently acquired
properties in the six months ended June 30, 2020 as compared to the same period
in 2019.

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                             SUN COMMUNITIES, INC.

Opérations immobilières – Mêmes communautés


A key management tool used when evaluating performance and growth of our
properties is a comparison of our Same Communities. The Same Communities data
includes all properties which we have owned and operated continuously since
January 1, 2019, exclusive of properties recently completed or under
construction, and other properties as determined by management. The Same
Community data may change from time-to-time depending on acquisitions,
dispositions, management discretion, significant transactions, or unique
situations. In order to evaluate the growth of the Same Communities, management
has classified certain items differently than our GAAP statements. The
reclassification difference between our GAAP statements and our Same Community
portfolio is the reclassification of water and sewer revenues from income from
real property to utilities. A significant portion of our utility charges are
re-billed to our residents.

The following tables reflect certain financial and other information for our
Same Communities as of and for the three and six months ended June 30, 2020 and
2019.
                                                           Three Months Ended                                                                                                           Six Months Ended
                               June 30, 2020          June 30, 2019           Change            % Change           June 30, 2020          June 30, 2019           Change           % Change
Financial Information (in
thousands)
Income from real property     $     204,478$     208,214$ (3,736)               (1.8) %       $     419,150$     412,352$  6,798               1.6  %
Property operating expenses
Payroll and benefits                 17,981                 21,232            (3,251)              (15.3) %              36,793                 39,656            (2,863)             (7.2) %
Legal, taxes, and insurance           2,427                  2,272               155                 6.8  %               5,315                  4,611               704              15.3  %
Utilities                            13,476                 14,512            (1,036)               (7.1) %              28,586                 30,232            (1,646)             (5.4) %
Supplies and repairs                  8,188                  9,325            (1,137)              (12.2) %              14,317                 15,627            (1,310)             (8.4) %
Other (1)                             6,276                  7,262              (986)              (13.6) %              11,843                 12,667              (824)             (6.5) %
Real estate taxes                    16,076                 15,436               640                 4.1  %              32,040                 30,596             1,444               4.7  %
Property operating expenses          64,424                 70,039            (5,615)               (8.0) %             128,894                133,389            (4,495)             (3.4) %
Real Property NOI             $     140,054$     138,175$  1,879                 1.4  %       $     290,256$     278,963$ 11,293               4.0  %


(1) Includes COVID-19 personal protective equipment expense of $910 for the six
month ended June 2020.

                                                              As of
                                                 June 30, 2020      June 30, 2019      Change
Other Information
Number of properties                                     367                367           -

MH occupancy                                            96.9  %
RV occupancy                                           100.0  %
MH & RV blended occupancy (2)                           97.6  %

Adjusted MH occupancy (1)                               98.4  %
Adjusted RV occupancy (1)                              100.0  %
Adjusted MH & RV blended occupancy (1) (2)              98.7  %            

96,8% 1,9%


Monthly base rent per site - MH                 $        593$        570$  23
Monthly base rent per site - RV (3)             $        499$        472$  27
Monthly base rent per site - Total              $        571       $        

547 24 $



(1) The adjusted occupancy percentage includes MH and annual RV sites and
excludes recently completed but vacant expansion sites and transient RV sites.
(2) The occupancy percentage for 2019 has been adjusted to reflect incremental
growth period-over-period from filled MH expansion sites and the conversion of
transient RV sites to annual RV sites.
(3) Monthly base rent pertains to annual RV sites and excludes transient RV
sites.

The amounts in the table above reflect constant currency for comparative
purposes. Canadian currency figures included within the three and six months
ended June 30, 2019 have been translated at 2020 average exchange rates. We have
reclassified water and sewer revenues of $9.4 million and $8.5 million for the
three months ended June 30, 2020 and 2019, and $18.3 million and $16.9 million
for the six months ended June 30, 2020 and 2019, respectively, to reflect the
utility expenses associated with our Same Community portfolio net of recovery.
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                             SUN COMMUNITIES, INC.
For the three months ended June 30, 2020 and 2019, the 1.4 percent growth in NOI
is primarily due to decreased Property operating expenses of $5.6 million, or
8.0 percent, partially offset by decreased Income from real property of $3.7
million, or 1.8 percent. The decrease in Property operating expenses was
primarily attributable to decreases in utilities, supplies and repair costs, and
payroll and benefits; all of which were impacted by COVID-19 business operation
restrictions. Income from real property decreased due to fewer transient
reservations at RV parks due to travel restrictions and required reduced
business operations.

For the six months ended June 30, 2020 and 2019, the 4.0 percent growth in NOI
is primarily due to increased Income from real property of $6.8 million, or 1.6
percent, and a $4.5 million, or 3.4 percent, decrease in Property operating
expenses. Income from real property increased due to a 4.3 percent increase in
total monthly base rent per site when compared to the same period in 2019, and a
1.9 percent increase in occupancy. This increase was partially offset by a
decrease in transient revenue primarily due to fewer transient reservations at
RV parks due to travel restrictions and required reduced business operations.
The decrease in Property operating expenses was primarily attributable to
decreases in utilities, supplies and repair costs, and payroll and benefits; all
of which were impacted by COVID-19 business operation restrictions.
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                             SUN COMMUNITIES, INC.

Sommaire des ventes à domicile

Nous achetons de nouvelles maisons et acquérons des maisons préfabriquées d'occasion et reprises,
généralement situés au sein de nos communautés, auprès de prêteurs, de concessionnaires et d'anciens
résidents à vendre ou à louer aux résidents actuels et potentiels.


The following table reflects certain financial and statistical information for
our Home Sales Program for the three and six months ended June 30, 2020 and 2019
(in thousands, except for average selling prices and statistical information):

                                                             Three Months Ended                                                                                                             Six Months Ended
                                June 30, 2020          June 30, 2019            Change            % Change           June 30, 2020          June 30, 2019            Change            % Change
Financial Information
New homes
New home sales                 $      19,206$      16,704$   2,502                15.0  %       $      34,802$      32,085$   2,717                8.5  %
New home cost of sales                15,707                 14,833                874                 5.9  %              28,317                 27,979                338                1.2  %

NOI / Gross Profit – maisons neuves 3 499 $1 871 $

  $   1,628                87.0  %       $       6,485$       4,106$   2,379               57.9  %
Gross margin % - new homes              18.2  %                11.2  %             7.0  %                                    18.6  %                12.8  %             5.8  %
Average selling price - new
homes                          $     137,186$     120,173$  17,013                14.2  %       $     134,371$     121,534$  12,837               10.6  %

Pre-owned homes
Pre-owned home sales           $      19,324$      30,538$ (11,214)              (36.7) %       $      44,315$      54,775$ (10,460)             (19.1) %
Pre-owned home cost of sales          13,474                 19,602             (6,128)              (31.3) %              30,896                 35,733             (4,837)             (13.5) %
NOI / Gross Profit - pre-owned
homes                          $       5,850$      10,936$  (5,086)              (46.5) %       $      13,419$      19,042$  (5,623)             (29.5) %
Gross margin % - pre-owned
homes                                   30.3  %                35.8  %            (5.5) %                                    30.3  %                34.8  %            (4.5) %
Average selling price -
pre-owned homes                $      41,028$      38,754$   2,274                 5.9  %       $      39,744$      37,491$   2,253                6.0  %

Total home sales
Revenue from home sales               38,530                 47,242             (8,712)              (18.4) %              79,117                 86,860             (7,743)              (8.9) %
Cost of home sales                    29,181                 34,435             (5,254)              (15.3) %              59,213                 63,712             (4,499)              (7.1) %
NOI / Gross Profit - home
sales                          $       9,349$      12,807$  (3,458)              (27.0) %       $      19,904$      23,148$  (3,244)             (14.0) %

Statistical Information
New home sales volume                    140                    139                  1                 0.7  %                 259                    264                 (5)              (1.9) %
Pre-owned home sales volume              471                    788               (317)              (40.2) %               1,115                  1,461               (346)             (23.7) %
Total home sales volume                  611                    927               (316)              (34.1) %               1,374                  1,725               (351)             (20.3) %



Gross Profit - new homes
For the three months ended June 30, 2020, the $1.6 million, or 87.0 percent
increase in gross profit is primarily the result of a 14.2 percent increase in
the new home average selling price which drove a 7.0 percent increase in new
home sales gross margin, as compared to the same period in 2019.

For the six months ended June 30, 2020, the $2.4 million, or 57.9 percent
increase in gross profit is primarily the result of a 10.6 percent increase in
the new home average selling price which drove a 5.8 percent increase in new
home sales gross margin, as compared to the same period in 2019.

Gross Profit - pre-owned homes
For the three months ended June 30, 2020, the $5.1 million or 46.5 percent
decrease in gross profit is primarily the result of a 40.2 percent decrease in
pre-owned home sales volume coupled with a 5.5 percent decrease in pre-owned
homes gross margin, as compared to the same period in 2019.

For the six months ended June 30, 2020, the $5.6 million or 29.5 percent
decrease in gross profit is primarily the result of a 23.7 percent decrease in
pre-owned home sales volume coupled with 4.5 percent decrease in pre-owned homes
gross margin, as compared to the same period in 2019.
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                             SUN COMMUNITIES, INC.

Résumé du programme de location


The following table reflects certain financial and other information for our
Rental Program as of and for the three and six months ended June 30, 2020 and
2019 (in thousands, except for statistical information):

                                                            Three Months Ended                                                                                                           Six Months Ended
                                June 30, 2020          June 30, 2019           Change           % Change           June 30, 2020          June 30, 2019           Change            % Change
Financial Information
Revenues
Rental home revenue            $      14,968$      14,412$   556                 3.9  %       $      30,440$      28,383$  2,057                7.2  %
Site rent from Rental Program
(1)                                   18,591                 17,178            1,413                 8.2  %              36,598                 34,056             2,542                7.5  %
Rental Program revenue                33,559                 31,590            1,969                 6.2  %              67,038                 62,439             4,599                7.4  %
Expenses
Repairs and refurbishment              2,256                  2,889             (633)              (21.9) %               5,209                  5,237               (28)              (0.5) %
Taxes and insurance                    2,006                  1,827              179                 9.8  %               4,019                  3,691               328                8.9  %
Other                                    423                    461              (38)               (8.2) %                 951                  1,081              (130)             (12.0) %
Rental Program operating and
maintenance                            4,685                  5,177             (492)               (9.5) %              10,179                 10,009               170                1.7  %
Rental Program NOI             $      28,874$      26,413$ 2,461                 9.3  %       $      56,859$      52,430$  4,429                8.4  %

Other Information
Number of sold rental homes              122                    332             (210)              (63.3) %                 356                    542 
            (186)             (34.3) %
Number of occupied rentals,
end of period                                                                                                            11,785                 11,230               555                4.9  %
Investment in occupied rental
homes, end of period                                                                                              $     621,327$     561,219$ 60,108               10.7  %
Weighted average monthly
rental rate, end of period                                                                                        $       1,018          $         975          $     43                4.4  %


(1) The renter's monthly payment includes the site rent and an amount
attributable to the home lease. The site rent is reflected in Real Property
Operations' segment revenue. For purposes of management analysis, site rent is
included in Rental Program revenue to evaluate the incremental revenue gains
associated with the implementation of the Rental Program, and to assess the
overall growth and performance of the Rental Program and financial impact on our
operations.

Rental Program NOI increased $2.5 million, or 9.3 percent for the three months
ended June 30, 2020 as compared to the same period in 2019. The increase is
primarily due to an increase in Rental Program revenue of 6.2 percent, or $2.0
million, in addition to a $0.5 million decrease in expenses.

Rental Program NOI increased $4.4 million, or 8.4 percent for the six months
ended June 30, 2020 as compared to the same period in 2019. The increase is
primarily due to an increase in Rental Program revenue of 7.4 percent, or $5.0
million. The increase in revenue is partially attributable to a 4.4 percent
increase in the weighted average monthly rental rate and a 4.9 percent increase
in the number of occupied rentals in the six months ended June 30, 2020 as
compared to the same period in 2019.

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