Maryland
|
38-2730780
|
|
(State
of Incorporation)
|
(I.R.S.
Employer Identification No.)
|
|
27777
Franklin Rd.
|
||
Suite
200
|
||
Southfield,
Michigan
|
48034
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
(248)
208-2500
|
Common
Stock, Par Value $0.01 per Share
|
New
York Stock Exchange
|
Securities
Registered Pursuant to Section 12(b) of the Act
|
Name
of each exchange on which
registered
|
Securities
Registered Pursuant to Section 12(g) of the Act:
None
|
Large
accelerated filer [ ]
|
Accelerated
filer [ X]
|
Non-accelerated
filer [ ]
|
Smaller
reporting company [ ]
|
Item
|
Description
|
Page
|
||
Part
I.
|
||||
3
|
||||
7
|
||||
15
|
||||
15
|
||||
20
|
||||
Part
II.
|
||||
21
|
||||
24
|
||||
25
|
||||
42
|
||||
42
|
||||
42
|
||||
43
|
||||
43
|
||||
Part
III.
|
||||
44
|
||||
51
|
||||
62
|
||||
64
|
||||
66
|
||||
Part
IV.
|
||||
67
|
·
|
the
national and local economic climate which may be adversely impacted by,
among other factors, plant closings, and industry
slowdowns;
|
·
|
local
real estate market conditions such as the oversupply of manufactured
housing sites or a reduction in demand for manufactured housing sites in
an area;
|
·
|
the
number of repossessed homes in a particular
market;
|
·
|
the
lack of an established dealer
network;
|
·
|
the
rental market which may limit the extent to which rents may be increased
to meet increased expenses without decreasing occupancy
rates;
|
·
|
the
perceptions by prospective tenants of the safety, convenience and
attractiveness of our Properties and the neighborhoods where they are
located;
|
·
|
zoning
or other regulatory restrictions;
|
·
|
competition
from other available manufactured housing communities and alternative
forms of housing (such as apartment buildings and site-built single-family
homes);
|
·
|
our
ability to provide adequate management, maintenance and
insurance;
|
·
|
increased
operating costs, including insurance premiums, real estate taxes, and
utilities; and
|
·
|
the
enactment of rent control laws or laws taxing the owners of manufactured
homes.
|
·
|
downturns
in economic conditions which adversely impact the housing
market;
|
·
|
an
oversupply of, or a reduced demand for, manufactured
homes;
|
·
|
the
difficulty facing potential purchasers in obtaining affordable financing
as a result of heightened lending criteria;
and
|
·
|
an
increase or decrease in the rate of manufactured home repossessions which
provide aggressively priced competition to new manufactured home
sales.
|
·
|
we
may not be able to obtain financing with favorable terms for community
development which may make us unable to proceed with the
development;
|
·
|
we
may be unable to obtain, or face delays in obtaining, necessary zoning,
building and other governmental permits and authorizations, which could
result in increased costs and delays, and even require us to abandon
development of the community entirely if we are unable to obtain such
permits or authorizations;
|
·
|
we
may abandon development opportunities that we have already begun to
explore and as a result we may not recover expenses already incurred in
connection with exploring such development
opportunities;
|
·
|
we
may be unable to complete construction and lease-up of a community on
schedule resulting in increased debt service expense and construction
costs;
|
·
|
we
may incur construction and development costs for a community which exceed
our original estimates due to increased materials, labor or other costs,
which could make completion of the community uneconomical and we may not
be able to increase rents to compensate for the increase in development
costs which may impact our
profitability;
|
·
|
we
may be unable to secure long-term financing on completion of development
resulting in increased debt service and lower profitability;
and
|
·
|
occupancy
rates and rents at a newly developed community may fluctuate depending on
several factors, including market and economic conditions, which may
result in the community not being
profitable.
|
·
|
we
may be unable to acquire a desired property because of competition from
other well capitalized real estate investors, including both publicly
traded real estate investment trusts and institutional investment
funds;
|
·
|
even
if we enter into an acquisition agreement for a property, it is usually
subject to customary conditions to closing, including completion of due
diligence investigations to our satisfaction, which may not be
satisfied;
|
·
|
even
if we are able to acquire a desired property, competition from other real
estate investors may significantly increase the purchase
price;
|
·
|
we
may be unable to finance acquisitions on favorable
terms;
|
·
|
acquired
properties may fail to perform as
expected;
|
·
|
acquired
properties may be located in new markets where we face risks associated
with a lack of market knowledge or understanding of the local economy,
lack of business relationships in the area and unfamiliarity with local
governmental and permitting procedures;
and
|
·
|
we
may be unable to quickly and efficiently integrate new acquisitions,
particularly acquisitions of portfolios of properties, into our existing
operations.
|
·
|
our
cash flow may be insufficient to meet required payments of principal and
interest, or require us to dedicate a substantial portion of
our cash flow to pay our debt and the interest associated with our debt
rather than to other areas of our
business;
|
·
|
our
existing indebtedness may limit our operating flexibility due to financial
and other restrictive covenants, including restrictions on incurring
additional debt;
|
·
|
it
may be more difficult for us to obtain additional financing in the future
for our operations, working capital requirements, capital expenditures,
debt service or other general
requirements;
|
·
|
we
may be more vulnerable in the event of adverse economic and industry
conditions or a downturn in our
business;
|
·
|
we
may be placed at a competitive disadvantage compared to our competitors
that have less debt; and
|
·
|
we
may not be able to refinance at all or on favorable terms, as our debt
matures.
|
·
|
the
borrowers may not be able to make debt service payments or pay principal
when due;
|
·
|
the
value of property securing the mortgages and installment notes receivable
may be less than the amounts owed;
and
|
·
|
interest
rates payable on the mortgages and installment notes receivable may be
lower than our cost of funds.
|
Property
|
City
|
State
|
MH
and
Permanent
RV
Sites
as of
12/31/09
|
Seasonal
RV
Sites
as of
12/31/09
|
Occupancy
as
of
12/31/09
|
Occupancy
as
of
12/31/08
|
Occupancy
as
of
12/31/07
|
||||||||||
MIDWEST
|
|||||||||||||||||
Michigan
|
|||||||||||||||||
Academy/West
Pointe (1)
|
Canton
|
MI
|
441
|
-
|
88%
|
88%
|
91%
|
||||||||||
Allendale
Meadows Mobile Village
|
Allendale
|
MI
|
352
|
-
|
74%
|
73%
|
78%
|
||||||||||
Alpine
Meadows Mobile Village
|
Grand
Rapids
|
MI
|
403
|
-
|
82%
|
84%
|
85%
|
||||||||||
Bedford
Hills Mobile Village
|
Battle
Creek
|
MI
|
339
|
-
|
76%
|
74%
|
78%
|
||||||||||
Brentwood
Mobile Village
|
Kentwood
|
MI
|
195
|
-
|
94%
|
92%
|
92%
|
||||||||||
Byron
Center Mobile Village
|
Byron
Center
|
MI
|
143
|
-
|
92%
|
93%
|
88%
|
||||||||||
Candlewick
Court
|
Owosso
|
MI
|
211
|
-
|
76%
|
84%
|
85%
|
||||||||||
College
Park Estates
|
Canton
|
MI
|
230
|
-
|
68%
|
73%
|
73%
|
||||||||||
Continental
Estates
|
Davison
|
MI
|
385
|
-
|
37%
|
37%
|
43%
|
||||||||||
Continental
North
|
Davison
|
MI
|
474
|
-
|
53%
|
54%
|
54%
|
||||||||||
Country
Acres Mobile Village
|
Cadillac
|
MI
|
182
|
-
|
85%
|
86%
|
90%
|
||||||||||
Country
Meadows Mobile Village
|
Flat
Rock
|
MI
|
577
|
-
|
90%
|
91%
|
89%
|
||||||||||
Countryside
Village
|
Perry
|
MI
|
359
|
-
|
70%
|
71%
|
80%
|
||||||||||
Creekwood
Meadows
|
Burton
|
MI
|
336
|
-
|
59%
|
61%
|
64%
|
||||||||||
Cutler
Estates Mobile Village
|
Grand
Rapids
|
MI
|
259
|
-
|
90%
|
84%
|
84%
|
||||||||||
Davison
East
|
Davison
|
MI
|
190
|
-
|
45%
|
45%
|
52%
|
||||||||||
Falcon
Pointe (2)
|
East
Lansing
|
MI
|
142
|
-
|
17%
|
(2)
|
18%
|
(2)
|
18%
|
(2)
|
|||||||
Fisherman’s
Cove
|
Flint
|
MI
|
162
|
-
|
85%
|
80%
|
83%
|
||||||||||
Grand
Mobile Estates
|
Grand
Rapids
|
MI
|
230
|
-
|
72%
|
75%
|
77%
|
||||||||||
Hamlin
(3)
|
Webberville
|
MI
|
209
|
-
|
72%
|
(3)
|
74%
|
(3)
|
75%
|
(3)
|
|||||||
Holly
Village/Hawaiian Gardens (1)
|
Holly
|
MI
|
425
|
-
|
97%
|
97%
|
97%
|
||||||||||
Hunters
Glen (2)
|
Wayland
|
MI
|
280
|
-
|
53%
|
(2)
|
48%
|
(2)
|
46%
|
(2)
|
|||||||
Kensington
Meadows
|
Lansing
|
MI
|
290
|
-
|
81%
|
81%
|
80%
|
||||||||||
Kings
Court Mobile Village
|
Traverse
City
|
MI
|
639
|
-
|
98%
|
98%
|
97%
|
||||||||||
Knollwood
Estates
|
Allendale
|
MI
|
161
|
-
|
79%
|
87%
|
88%
|
||||||||||
Lafayette
Place
|
Metro
Detroit
|
MI
|
254
|
-
|
65%
|
64%
|
68%
|
||||||||||
Lakeview
|
Ypsilanti
|
MI
|
392
|
-
|
91%
|
89%
|
91%
|
||||||||||
Lincoln
Estates
|
Holland
|
MI
|
191
|
-
|
88%
|
94%
|
94%
|
||||||||||
Meadow
Lake Estates
|
White
Lake
|
MI
|
425
|
-
|
81%
|
81%
|
87%
|
||||||||||
Meadowbrook
Estates
|
Monroe
|
MI
|
453
|
-
|
92%
|
94%
|
94%
|
||||||||||
Presidential
Estates Mobile Village
|
Hudsonville
|
MI
|
364
|
-
|
84%
|
80%
|
83%
|
||||||||||
Richmond
Place
|
Metro
Detroit
|
MI
|
117
|
-
|
82%
|
77%
|
84%
|
||||||||||
River
Haven Village
|
Grand
Haven
|
MI
|
721
|
-
|
58%
|
59%
|
63%
|
||||||||||
Scio
Farms Estates
|
Ann
Arbor
|
MI
|
913
|
-
|
95%
|
96%
|
93%
|
||||||||||
Sheffield
Estates
|
Auburn
Hills
|
MI
|
228
|
-
|
99%
|
99%
|
99%
|
||||||||||
Sherman
Oaks
|
Jackson
|
MI
|
366
|
-
|
72%
|
74%
|
77%
|
||||||||||
St.
Clair Place
|
Metro
Detroit
|
MI
|
100
|
-
|
77%
|
76%
|
80%
|
||||||||||
Sunset
Ridge (2)
|
Portland
Township
|
MI
|
190
|
-
|
92%
|
(2)
|
93%
|
(2)
|
87%
|
(2)
|
|||||||
Timberline
Estates
|
Grand
Rapids
|
MI
|
296
|
-
|
79%
|
79%
|
80%
|
||||||||||
Town
& Country Mobile Village
|
Traverse
City
|
MI
|
192
|
-
|
98%
|
100%
|
99%
|
||||||||||
Village
Trails (3)
|
Howard
City
|
MI
|
100
|
-
|
82%
|
(3)
|
79%
|
(3)
|
76%
|
(3)
|
|||||||
White
Lake Mobile Home Village
|
White
Lake
|
MI
|
315
|
-
|
98%
|
97%
|
95%
|
||||||||||
White
Oak Estates
|
Mt.
Morris
|
MI
|
480
|
-
|
70%
|
71%
|
74%
|
||||||||||
Windham
Hills Estates (3)
|
Jackson
|
MI
|
402
|
-
|
62%
|
(3)
|
66%
|
(3)
|
69%
|
(3)
|
|||||||
Woodhaven
Place
|
Metro
Detroit
|
MI
|
220
|
-
|
97%
|
95%
|
95%
|
||||||||||
Michigan
Total
|
14,333
|
-
|
78%
|
79%
|
80%
|
Property
|
City
|
State
|
MH
and
Permanent
RV
Sites
as of
12/31/09
|
Seasonal
RV
Sites
as of
12/31/09
|
Occupancy
as
of
12/31/09
|
Occupancy
as
of
12/31/08
|
Occupancy
as
of
12/31/07
|
||||||||||
MIDWEST
|
|||||||||||||||||
Indiana
|
|||||||||||||||||
Brookside
Mobile Home Village
|
Goshen
|
IN
|
570
|
-
|
61%
|
59%
|
66%
|
||||||||||
Carrington
Pointe (3)
|
Ft.
Wayne
|
IN
|
320
|
-
|
78%
|
(3)
|
76%
|
(3)
|
72%
|
(3)
|
|||||||
Clear
Water Mobile Village
|
South
Bend
|
IN
|
227
|
-
|
74%
|
72%
|
72%
|
||||||||||
Cobus
Green Mobile Home Park
|
Elkhart
|
IN
|
386
|
-
|
60%
|
62%
|
66%
|
||||||||||
Deerfield
Run (3)
|
Anderson
|
IN
|
175
|
-
|
68%
|
(3)
|
65%
|
(3)
|
67%
|
(3)
|
|||||||
Four
Seasons
|
Elkhart
|
IN
|
218
|
-
|
79%
|
83%
|
92%
|
||||||||||
Holiday
Mobile Home Village
|
Elkhart
|
IN
|
326
|
-
|
71%
|
79%
|
85%
|
||||||||||
Liberty
Farms
|
Valparaiso
|
IN
|
220
|
-
|
99%
|
98%
|
100%
|
||||||||||
Maplewood
|
Lawrence
|
IN
|
207
|
-
|
74%
|
78%
|
81%
|
||||||||||
Meadows
|
Nappanee
|
IN
|
330
|
-
|
51%
|
50%
|
52%
|
||||||||||
Pebble
Creek (2)
(4)
|
Greenwood
|
IN
|
257
|
-
|
88%
|
(2)
|
88%
|
(2)
|
85%
|
(2)
|
|||||||
Pine
Hills
|
Middlebury
|
IN
|
129
|
-
|
88%
|
78%
|
87%
|
||||||||||
Roxbury
Park
|
Goshen
|
IN
|
398
|
-
|
85%
|
86%
|
87%
|
||||||||||
Timberbrook
|
Bristol
|
IN
|
567
|
-
|
56%
|
53%
|
58%
|
||||||||||
Valley
Brook
|
Indianapolis
|
IN
|
798
|
-
|
54%
|
54%
|
59%
|
||||||||||
West
Glen Village
|
Indianapolis
|
IN
|
552
|
-
|
70%
|
74%
|
78%
|
||||||||||
Woodlake
Estates
|
Ft.
Wayne
|
IN
|
338
|
-
|
47%
|
45%
|
48%
|
||||||||||
Woods
Edge Mobile Village (3)
|
West
Lafayette
|
IN
|
598
|
-
|
54%
|
(3)
|
54%
|
(3)
|
53%
|
(3)
|
|||||||
Indiana
Total
|
6,616
|
-
|
66%
|
66%
|
69%
|
||||||||||||
Ohio
|
|||||||||||||||||
Apple
Creek Manufactured Home Community and Self Storage
|
Amelia
|
OH
|
176
|
-
|
92%
|
86%
|
84%
|
||||||||||
Byrne
Hill Village
|
Toledo
|
OH
|
236
|
-
|
86%
|
86%
|
90%
|
||||||||||
Catalina
|
Middletown
|
OH
|
462
|
-
|
61%
|
63%
|
65%
|
||||||||||
East
Fork (2)
(4)
|
Batavia
|
OH
|
215
|
-
|
93%
|
(2)
|
89%
|
(2)
|
89%
|
(2)
|
|||||||
Oakwood
Village
|
Miamisburg
|
OH
|
511
|
-
|
84%
|
84%
|
83%
|
||||||||||
Orchard
Lake
|
Milford
|
OH
|
147
|
-
|
95%
|
97%
|
99%
|
||||||||||
Westbrook
Senior Village
|
Toledo
|
OH
|
112
|
-
|
99%
|
100%
|
99%
|
||||||||||
Westbrook
Village
|
Toledo
|
OH
|
344
|
-
|
95%
|
97%
|
96%
|
||||||||||
Willowbrook
Place
|
Toledo
|
OH
|
266
|
-
|
94%
|
94%
|
95%
|
||||||||||
Woodside
Terrace
|
Holland
|
OH
|
439
|
-
|
84%
|
82%
|
84%
|
||||||||||
Worthington
Arms
|
Lewis
Center
|
OH
|
224
|
-
|
97%
|
95%
|
96%
|
||||||||||
Ohio
Total
|
3,132
|
-
|
86%
|
85%
|
86%
|
||||||||||||
SOUTH
|
|||||||||||||||||
Texas
|
|||||||||||||||||
Boulder
Ridge (2)
|
Pflugerville
|
TX
|
527
|
-
|
73%
|
(2)
|
69%
|
(2)
|
65%
|
(2)
|
|||||||
Branch
Creek Estates
|
Austin
|
TX
|
392
|
-
|
99%
|
100%
|
98%
|
||||||||||
Casa
del Valle
|
Alamo
|
TX
|
204
|
195
|
100%
|
(5)
|
99%
|
(5)
|
100%
|
(5)
|
|||||||
Chisholm
Point Estates
|
Pflugerville
|
TX
|
416
|
-
|
95%
|
95%
|
89%
|
||||||||||
Comal
Farms (2)
(4)
|
New
Braunfels
|
TX
|
351
|
-
|
80%
|
(2)
|
73%
|
(2)
|
67%
|
(2)
|
|||||||
Kenwood
RV and Mobile Home Plaza
|
LaFeria
|
TX
|
91
|
189
|
99%
|
(5)
|
100%
|
(5)
|
100%
|
(5)
|
|||||||
Oak
Crest (2)
|
Austin
|
TX
|
335
|
-
|
74%
|
(2)
|
70%
|
(2)
|
61%
|
(2)
|
|||||||
Pecan
Branch (2)
|
Georgetown
|
TX
|
69
|
-
|
93%
|
(2)
|
84%
|
(2)
|
72%
|
(2)
|
|||||||
Pine
Trace (2)
|
Houston
|
TX
|
406
|
-
|
81%
|
(2)
|
71%
|
(2)
|
68%
|
(2)
|
|||||||
River
Ranch (2)
(4)
|
Austin
|
TX
|
121
|
-
|
99%
|
(2)
|
96%
|
(2)
|
88%
|
(2)
|
|||||||
River
Ridge (2)
|
Austin
|
TX
|
337
|
-
|
96%
|
(2)
|
94%
|
(2)
|
82%
|
(2)
|
|||||||
Saddle
Brook (2)
|
Austin
|
TX
|
255
|
-
|
75%
|
(2)
|
63%
|
(2)
|
61%
|
(2)
|
|||||||
Snow
to Sun
|
Weslaco
|
TX
|
292
|
187
|
100%
|
(5)
|
100%
|
(5)
|
100%
|
(5)
|
|||||||
Stonebridge
(2)
(4)
|
San
Antonio
|
TX
|
338
|
-
|
96%
|
(2)
|
88%
|
(2)
|
84%
|
(2)
|
|||||||
Summit
Ridge (2)
(4)
|
Converse
|
TX
|
250
|
-
|
100%
|
(2)
|
95%
|
(2)
|
87%
|
(2)
|
|||||||
Sunset
Ridge (2)
(4)
|
Kyle
|
TX
|
170
|
-
|
96%
|
(2)
|
98%
|
(2)
|
92%
|
(2)
|
|||||||
Woodlake
Trails (2)
(4)
|
San
Antonio
|
TX
|
134
|
-
|
96%
|
(2)
|
96%
|
(2)
|
94%
|
(2)
|
|||||||
Texas
Total
|
4,688
|
571
|
89%
|
85%
|
80%
|
Property
|
City
|
State
|
MH
and
Permanent
RV
Sites
as of
12/31/09
|
Seasonal
RV
Sites
as of
12/31/09
|
Occupancy
as
of
12/31/09
|
Occupancy
as
of
12/31/08
|
Occupancy
as
of
12/31/07
|
||||||||||
SOUTHEAST
|
|||||||||||||||||
Florida
|
|||||||||||||||||
Arbor
Terrace RV Park
|
Bradenton
|
FL
|
194
|
201
|
98%
|
(5)
|
97%
|
(5)
|
100%
|
(5)
|
|||||||
Ariana
Village Mobile Home Park
|
Lakeland
|
FL
|
208
|
-
|
91%
|
92%
|
91%
|
||||||||||
Buttonwood
Bay
|
Sebring
|
FL
|
789
|
151
|
100%
|
(5)
|
100%
|
(5)
|
100%
|
(5)
|
|||||||
Gold
Coaster
|
Homestead
|
FL
|
428
|
117
|
99%
|
(5)
|
99%
|
(5)
|
99%
|
(5)
|
|||||||
Groves
RV Resort
|
Ft.
Myers
|
FL
|
148
|
136
|
99%
|
(5)
|
98%
|
(5)
|
97%
|
(5)
|
|||||||
Holly
Forest Estates
|
Holly
Hill
|
FL
|
402
|
-
|
100%
|
100%
|
100%
|
||||||||||
Indian
Creek Park
|
Ft.
Myers Beach
|
FL
|
1,342
|
115
|
99%
|
(5)
|
99%
|
(5)
|
99%
|
(5)
|
|||||||
Island
Lakes
|
Merritt
Island
|
FL
|
301
|
-
|
100%
|
100%
|
100%
|
||||||||||
Kings
Lake
|
Debary
|
FL
|
245
|
-
|
100%
|
99%
|
100%
|
||||||||||
Lake
Juliana Landings
|
Auburndale
|
FL
|
274
|
-
|
98%
|
98%
|
96%
|
||||||||||
Lake
San Marino RV Park
|
Naples
|
FL
|
205
|
204
|
100%
|
(5)
|
100%
|
(5)
|
100%
|
(5)
|
|||||||
Meadowbrook
Village
|
Tampa
|
FL
|
257
|
-
|
99%
|
100%
|
99%
|
||||||||||
Orange
Tree Village
|
Orange
City
|
FL
|
246
|
-
|
99%
|
100%
|
100%
|
||||||||||
Royal
Country
|
Miami
|
FL
|
864
|
-
|
100%
|
100%
|
100%
|
||||||||||
Saddle
Oak Club
|
Ocala
|
FL
|
376
|
-
|
100%
|
100%
|
100%
|
||||||||||
Siesta
Bay RV Park
|
Ft.
Myers Beach
|
FL
|
737
|
60
|
100%
|
(5)
|
100%
|
(5)
|
99%
|
(5)
|
|||||||
Silver
Star Mobile Village
|
Orlando
|
FL
|
406
|
-
|
99%
|
99%
|
99%
|
||||||||||
Tampa
East
|
Tampa
|
FL
|
193
|
507
|
99%
|
(5)
|
99%
|
(5)
|
100%
|
(5)
|
|||||||
Water
Oak Country Club Estates
|
Lady
Lake
|
FL
|
999
|
-
|
99%
|
99%
|
100%
|
||||||||||
Florida
Total
|
8,614
|
1,491
|
99%
|
99%
|
99%
|
Property
|
City
|
State
|
MH
and
Permanent
RV
Sites
as of
12/31/09
|
Seasonal
RV
Sites
as of
12/31/09
|
Occupancy
as
of
12/31/09
|
Occupancy
as
of
12/31/08
|
Occupancy
as
of
12/31/07
|
||||||||||
OTHER
|
|||||||||||||||||
Autumn
Ridge
|
Ankeny
|
IA
|
413
|
-
|
99%
|
99%
|
99%
|
||||||||||
Bell
Crossing (3)
|
Clarksville
|
TN
|
239
|
-
|
64%
|
(3)
|
60%
|
(3)
|
52%
|
(3)
|
|||||||
Candlelight
Village
|
Chicago
Heights
|
IL
|
309
|
-
|
88%
|
92%
|
91%
|
||||||||||
Cave
Creek (2)
|
Evans
|
CO
|
289
|
-
|
74%
|
(2)
|
69%
|
(2)
|
67%
|
(2)
|
|||||||
Countryside
Atlanta (6)
|
Lawrenceville
|
GA
|
271
|
-
|
99%
|
(6)
|
99%
|
97%
|
|||||||||
Countryside
Gwinnett
|
Buford
|
GA
|
331
|
-
|
91%
|
96%
|
93%
|
||||||||||
Countryside
Lake Lanier
|
Buford
|
GA
|
548
|
-
|
82%
|
83%
|
83%
|
||||||||||
Creekside
(2)
(4)
|
Reidsville
|
NC
|
45
|
-
|
64%
|
(2)
|
67%
|
(2)
|
63%
|
(2)
|
|||||||
Desert
View Village (2)
|
West
Wendover
|
NV
|
93
|
-
|
49%
|
(2)
|
48%
|
(2)
|
49%
|
(2)
|
|||||||
Eagle
Crest (2)
|
Firestone
|
CO
|
317
|
-
|
97%
|
(2)
|
86%
|
(2)
|
80%
|
(2)
|
|||||||
Edwardsville
|
Edwardsville
|
KS
|
634
|
-
|
66%
|
68%
|
68%
|
||||||||||
Forest
Meadows
|
Philomath
|
OR
|
75
|
-
|
100%
|
99%
|
99%
|
||||||||||
Glen
Laurel (2)
(4)
|
Concord
|
NC
|
260
|
-
|
57%
|
(2)
|
47%
|
(2)
|
44%
|
(2)
|
|||||||
High
Pointe
|
Frederica
|
DE
|
411
|
-
|
92%
|
93%
|
97%
|
||||||||||
Meadowbrook
(2)
(4)
|
Charlotte
|
NC
|
177
|
-
|
93%
|
(2)
|
92%
|
(2)
|
98%
|
(2)
|
|||||||
North
Point Estates (2)
|
Pueblo
|
CO
|
108
|
-
|
58%
|
(2)
|
51%
|
(2)
|
43%
|
(2)
|
|||||||
Pheasant
Ridge
|
Lancaster
|
PA
|
553
|
-
|
100%
|
100%
|
100%
|
||||||||||
Pin
Oak Parc
|
O’Fallon
|
MO
|
502
|
-
|
83%
|
88%
|
87%
|
||||||||||
Pine
Ridge
|
Petersburg
|
VA
|
245
|
-
|
98%
|
97%
|
92%
|
||||||||||
Sea
Air
|
Rehoboth
Beach
|
DE
|
483
|
40
|
99%
|
(5)
|
98%
|
(5)
|
98%
|
(5)
|
|||||||
Southfork
|
Belton
|
MO
|
477
|
-
|
69%
|
71%
|
70%
|
||||||||||
Sun
Villa Estates
|
Reno
|
NV
|
324
|
-
|
99%
|
99%
|
100%
|
||||||||||
Timber
Ridge
|
Ft.
Collins
|
CO
|
585
|
-
|
90%
|
88%
|
86%
|
||||||||||
Woodland
Park Estates
|
Eugene
|
OR
|
398
|
-
|
98%
|
99%
|
98%
|
||||||||||
Other
Total
|
8,087
|
40
|
86%
|
86%
|
85%
|
||||||||||||
TOTAL
/ AVERAGE
|
45,470
|
2,102
|
83%
|
83%
|
83%
|
(1)
|
Properties
have two licenses but operate as one
community.
|
(2)
|
Occupancy
in these properties reflects the fact that these communities are newly
developed from the ground up.
|
(3)
|
Occupancy
in these properties reflects the fact that these communities are in a
lease-up phase following an
expansion.
|
(4)
|
This
Property is owned by an affiliate of Sunchamp LLC, an entity in which we
own approximately a 78.9 percent equity interest as of December 31,
2009.
|
(5)
|
Occupancy
percentage excludes seasonal RV sites. Percentage calculated by
dividing revenue producing sites by developed sites. A revenue
producing site is defined as a site that is occupied by a paying
resident. A developed site is defined as an adequate sized
parcel of land that has road and utility access which is zoned and
licensed (if required) for use as a home
site.
|
(6)
|
The
number of developed sites and occupancy percentage at this Property
includes sites that we believe will be covered under our comprehensive
insurance coverage (subject to deductibles and certain limitations) for
both property damage and business interruption from a flood that caused
substantial damage to this
Property.
|
MARKET
FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
|
Year
Ended December 31, 2009
|
High
|
Low
|
Distributions
|
|||||||||
1st
Quarter
|
$
|
15.19
|
$
|
6.76
|
$
|
0.63
|
||||||
2nd
Quarter
|
16.29
|
11.72
|
0.63
|
|||||||||
3rd
Quarter
|
22.20
|
12.80
|
0.63
|
|||||||||
4th
Quarter
|
21.95
|
17.08
|
0.63
|
Year
Ended December 31, 2008
|
High
|
Low
|
Distributions
|
|||||||||
1st
Quarter
|
$
|
22.29
|
$
|
17.64
|
$
|
0.63
|
||||||
2nd
Quarter
|
21.47
|
17.93
|
0.63
|
|||||||||
3rd
Quarter
|
21.25
|
16.47
|
0.63
|
|||||||||
4th
Quarter
|
20.78
|
8.42
|
0.63
|
Number
of securities to be issued upon exercise of outstanding options, warrants
and rights
|
Weighted-average
exercise price of outstanding options, warrants and rights
|
Number
of securities remaining available for future issuance under equity
compensation plans (excluding securities reflected in column
a)
|
||||||||||
Plan
Category
|
(a)
|
(b)
|
(c)
|
|||||||||
Equity
compensation plans approved by shareholders
|
116,701
|
$
|
28.43
|
966,000
|
||||||||
Equity
compensation plans not approved by shareholders (1)
|
35,260
|
32.75
|
-
|
|||||||||
Total
|
151,961
|
$
|
29.43
|
966,000
|
(1)
|
On
May 29, 1997, we established a Long Term Incentive Plan (the “LTIP”)
pursuant to which all of our full-time salaried and full-time commission
only employees, excluding our officers, were entitled to receive options
to purchase shares of the our common stock at $32.75 per share (i.e., the
average of the highest and lowest selling prices for the common stock on
May 29, 1997), on January 31, 2002. In accordance with the terms of the
LTIP, (a) we granted the eligible participants options to purchase 167,918
shares of common stock; and (b) each eligible participant received an
option to purchase a number of shares of common stock equal to the product
of 167,918 and the quotient derived by dividing such participant’s total
compensation during the period beginning on January 1, 1997 and ending on
December 31, 2001 (the “Award Period”) by the aggregate compensation of
all of the eligible participants during the Award
Period.
|
As
of December31,
|
||||||||||||||||||||||||
Index
|
2004
|
2005
|
2006
|
2007
|
2008
|
2009
|
||||||||||||||||||
Sun
Communities, Inc.
|
100.00
|
83.69
|
93.11
|
65.77
|
50.79
|
85.09
|
||||||||||||||||||
SNL
US REIT Residential
|
100.00
|
113.60
|
158.92
|
119.21
|
88.88
|
119.25
|
||||||||||||||||||
NYSE
Market Index
|
100.00
|
120.95
|
145.95
|
159.29
|
96.93
|
124.63
|
Years
Ended December 31,
|
||||||||||||||||||||
2009
|
2008 (a)
|
2007 (a)
|
2006 (a)
|
2005
(a)
|
||||||||||||||||
(In
thousands, except for share related data)
|
||||||||||||||||||||
OPERATING
DATA:
|
||||||||||||||||||||
Revenues
|
$
|
256,609
|
$
|
254,291
|
$
|
235,075
|
$
|
226,773
|
$
|
210,976
|
||||||||||
Amounts
attributable to Sun Communities, Inc. common
stockholders:
|
||||||||||||||||||||
Loss
from continuing operations
|
(6,099
|
)
|
(29,209
|
)
|
(15,940
|
)
|
(24,680
|
)
|
(5,677
|
)
|
||||||||||
Net
loss
|
(6,302
|
)
|
(34,448
|
)
|
(16,643
|
)
|
(24,968
|
)
|
(5,452
|
)
|
||||||||||
Loss
from continuing operations per share - basic and
diluted
|
$
|
(0.33
|
)
|
$
|
(1.61
|
)
|
$
|
(0.89
|
)
|
$
|
(1.41
|
)
|
$
|
(0.32
|
)
|
|||||
Distributions
per common share
|
$
|
2.52
|
$
|
2.52
|
$
|
2.52
|
$
|
2.52
|
$
|
2.50
|
||||||||||
BALANCE
SHEET DATA:
|
||||||||||||||||||||
Investment
property before accumulated depreciation
|
$
|
1,565,700
|
$
|
1,549,339
|
$
|
1,537,865
|
$
|
1,511,655
|
$
|
1,463,853
|
||||||||||
Total
assets
|
1,181,365
|
1,206,999
|
1,245,823
|
1,289,739
|
1,320,536
|
|||||||||||||||
Total
debt and lines of credit
|
1,253,907
|
1,229,571
|
1,187,675
|
1,166,850
|
1,123,468
|
|||||||||||||||
Total
stockholders’ equity (deficit)
|
(111,308
|
)
|
(59,882
|
)
|
26,046
|
91,588
|
164,801
|
|||||||||||||
OTHER
FINANCIAL DATA:
|
||||||||||||||||||||
Net
operating income (NOI) (b)
from:
|
||||||||||||||||||||
Real
property operations
|
$
|
131,131
|
$
|
130,222
|
$
|
126,329
|
$
|
123,531
|
$
|
118,682
|
||||||||||
Home
sales and home rentals
|
13,410
|
12,051
|
9,734
|
8,466
|
6,304
|
|||||||||||||||
Funds
from operations (FFO) (c)
|
$
|
55,976
|
$
|
26,501
|
$
|
45,439
|
$
|
34,560
|
$
|
51,313
|
||||||||||
Adjustment
for special items
|
3,516
|
30,529
|
9,829
|
18,000
|
-
|
|||||||||||||||
Adjusted
FFO (c)
|
59,492
|
57,030
|
55,268
|
52,560
|
51,313
|
|||||||||||||||
Adjusted
FFO(c)
per weighted average Common Share/OP Unit - Diluted
|
$
|
2.86
|
$
|
2.78
|
$
|
2.72
|
$
|
2.61
|
$
|
2.54
|
(a)
|
Financial
information has been restated to reflect the reclassification of our cable
television service business as a discontinued
operation. Additionally, financial information has been
restated to reflect the reclassification of our noncontrolling interest as
a component of stockholders’ equity (deficit) and to reflect the amounts
attributable to Sun Communities, Inc. common
stockholders.
|
(b)
|
Refer
to Item 7, Supplemental Measures, for information regarding the
presentation of the net operating income (“NOI”) financial
measure.
|
(c)
|
Refer
to Item 7, Supplemental Measures, for information regarding the
presentation of the funds from operations (“FFO”) and adjusted FFO
financial measure.
|
Years
Ended December 31,
|
||||||||||||||||
Financial
Information (in thousands)
|
2009
|
2008
|
Change
|
%
Change
|
||||||||||||
Income
from Real Property, net
|
$
|
188,423
|
$
|
185,656
|
$
|
2,767
|
1.5
|
%
|
||||||||
Property
operating expenses:
|
||||||||||||||||
Payroll
and benefits
|
15,547
|
15,053
|
494
|
3.3
|
%
|
|||||||||||
Legal,
taxes, & insurance
|
3,163
|
2,996
|
167
|
5.6
|
%
|
|||||||||||
Utilities,
net
|
11,934
|
11,383
|
551
|
4.8
|
%
|
|||||||||||
Supplies
and repair
|
6,841
|
6,843
|
(2
|
)
|
0.0
|
%
|
||||||||||
Other
|
3,270
|
3,177
|
93
|
2.9
|
%
|
|||||||||||
Real
estate taxes
|
16,537
|
15,982
|
555
|
3.5
|
%
|
|||||||||||
Property
operating expenses
|
57,292
|
55,434
|
1,858
|
3.4
|
%
|
|||||||||||
Real
Property NOI
|
$
|
131,131
|
$
|
130,222
|
$
|
909
|
0.7
|
%
|
As
of December 31,
|
||||||||||||
Other
Information
|
2009
|
2008
|
Change
|
|||||||||
Number
of properties
|
136
|
136
|
-
|
|||||||||
Developed
sites
|
47,572
|
47,613
|
(41
|
)
|
||||||||
Occupied
sites (1)
|
37,935
|
37,711
|
224
|
|||||||||
Occupancy
% (1)
|
83.4
|
%
|
83.1
|
%
|
0.3
|
%
|
||||||
Weighted
average monthly rent per site (2)
|
$
|
404
|
$
|
393
|
$
|
11
|
||||||
Sites
available for development
|
5,588
|
5,583
|
5
|
(1)
|
Occupied sites and occupancy %
include manufactured housing and permanent recreational vehicle sites, and
exclude seasonal recreational vehicle
sites.
|
(2)
|
Average
rent relates only to manufactured housing sites, and excludes permanent
and seasonal recreational vehicle
sites.
|
Years
Ended December 31,
|
||||||||||||||||
Financial
Information
|
2009
|
2008
|
Change
|
%
Change
|
||||||||||||
Rental
home revenue
|
$
|
20,463
|
$
|
20,533
|
$
|
(70
|
)
|
-0.3
|
%
|
|||||||
Site
rent from Rental Program (1)
|
26,699
|
24,537
|
2,162
|
8.8
|
%
|
|||||||||||
Rental
Program revenue
|
47,162
|
45,070
|
2,092
|
4.6
|
%
|
|||||||||||
Expenses
|
||||||||||||||||
Payroll
and commissions
|
2,335
|
2,008
|
327
|
16.3
|
%
|
|||||||||||
Repairs
and refurbishment
|
7,513
|
7,419
|
94
|
1.3
|
%
|
|||||||||||
Taxes
and insurance
|
3,101
|
2,802
|
299
|
10.7
|
%
|
|||||||||||
Marketing
and other
|
3,342
|
3,444
|
(102
|
)
|
-3.0
|
%
|
||||||||||
Rental
Program operating and maintenance
|
16,291
|
15,673
|
618
|
3.9
|
%
|
|||||||||||
Rental
Program NOI
|
$
|
30,871
|
$
|
29,397
|
$
|
1,474
|
5.0
|
%
|
||||||||
Other
Information
|
||||||||||||||||
Number
of occupied rentals, end of period*
|
5,747
|
5,517
|
230
|
4.2
|
%
|
|||||||||||
Investment
in occupied rental homes
|
$
|
181,206
|
$
|
170,521
|
$
|
10,685
|
6.3
|
%
|
||||||||
Number
of sold rental homes*
|
705
|
596
|
109
|
18.3
|
%
|
|||||||||||
Weighted
average monthly rental rate*
|
$
|
728
|
$
|
736
|
$
|
(8
|
)
|
-1.1
|
%
|
(1)
|
The
renter’s monthly payment includes the site rent and an amount attributable
to the leasing of the home. The site rent is reflected in the Real
Property Operations segment. For purposes of management analysis, the site
rent is included in the Rental Program revenue to evaluate the growth and
performance of the Rental Program.
|
Years
Ended December 31,
|
||||||||||||||||
Financial
Information
|
2009
|
2008
|
Change
|
%
Change
|
||||||||||||
New
home sales
|
$
|
5,049
|
$
|
8,652
|
$
|
(3,603
|
)
|
-41.6
|
%
|
|||||||
Pre-owned
home sales
|
27,672
|
22,825
|
4,847
|
21.2
|
%
|
|||||||||||
Revenue
from homes sales
|
32,721
|
31,477
|
1,244
|
4.0
|
%
|
|||||||||||
New
home cost of sales
|
4,261
|
7,690
|
(3,429
|
)
|
-44.6
|
%
|
||||||||||
Pre-owned
home cost of sales
|
19,222
|
16,596
|
2,626
|
15.8
|
%
|
|||||||||||
Cost
of home sales
|
23,483
|
24,286
|
(803
|
)
|
-3.3
|
%
|
||||||||||
Home
Sales NOI / Gross profit
|
$
|
9,238
|
$
|
7,191
|
$
|
2,047
|
28.5
|
%
|
||||||||
Gross
profit – new homes
|
788
|
962
|
(174
|
)
|
-18.1
|
%
|
||||||||||
Gross
margin % – new homes
|
15.6
|
%
|
11.1
|
%
|
4.5
|
%
|
||||||||||
Gross
profit – pre-owned homes
|
8,450
|
6,229
|
2,221
|
35.7
|
%
|
|||||||||||
Gross
margin % – pre-owned homes
|
30.5
|
%
|
27.3
|
%
|
3.2
|
%
|
||||||||||
Statistical
Information
|
||||||||||||||||
Home
sales volume:
|
||||||||||||||||
New
home sales
|
71
|
122
|
(51
|
)
|
-41.8
|
%
|
||||||||||
Pre-owned
home sales
|
1,045
|
843
|
202
|
24.0
|
%
|
|||||||||||
Total
homes sold
|
1,116
|
965
|
151
|
15.6
|
%
|
Years
Ended December 31,
|
||||||||||||||||
Financial
Information (in thousands)
|
2008
|
2007
|
Change
|
%
Change
|
||||||||||||
Income
from Real Property, net
|
$
|
185,656
|
$
|
181,312
|
$
|
4,344
|
2.4
|
%
|
||||||||
Property
operating expenses:
|
||||||||||||||||
Payroll
and benefits
|
15,053
|
14,037
|
1,016
|
7.2
|
%
|
|||||||||||
Legal,
taxes, & insurance
|
2,996
|
3,687
|
(691
|
)
|
-18.7
|
%
|
||||||||||
Utilities,
net
|
11,383
|
11,214
|
169
|
1.5
|
%
|
|||||||||||
Supplies
and repair
|
6,843
|
6,699
|
144
|
2.1
|
%
|
|||||||||||
Other
|
3,177
|
2,980
|
197
|
6.6
|
%
|
|||||||||||
Real
estate taxes
|
15,982
|
16,366
|
(384
|
)
|
-2.3
|
%
|
||||||||||
Property
operating expenses
|
55,434
|
54,983
|
451
|
0.8
|
%
|
|||||||||||
Real
Property NOI
|
$
|
130,222
|
$
|
126,329
|
$
|
3,893
|
3.1
|
%
|
As
of December 31,
|
||||||||||||
Other
Information
|
2008
|
2007
|
Change
|
|||||||||
Number
of properties
|
136
|
136
|
-
|
|||||||||
Developed
sites
|
47,613
|
47,607
|
6
|
|||||||||
Occupied
sites (1)
|
37,711
|
37,758
|
(47
|
)
|
||||||||
Occupancy
% (1)
|
83.1
|
%
|
83.3
|
%
|
-0.2
|
%
|
||||||
Weighted
average monthly rent per site
(2)
|
$
|
393
|
$
|
382
|
$
|
11
|
||||||
Sites
available for development
|
5,583
|
6,090
|
(507
|
)
|
(1)
|
Occupied
sites and occupancy % include manufactured housing and permanent
recreational vehicle sites, and exclude seasonal recreational vehicle
sites.
|
(2)
|
Average
rent relates only to manufactured housing sites, and excludes permanent
and seasonal recreational vehicle
sites.
|
|
Years
Ended December 31,
|
|||||||||||||||
Financial
Information
|
2008
|
2007
|
Change
|
%
Change
|
||||||||||||
Rental
home revenue
|
$
|
20,533
|
$
|
18,840
|
$
|
1,693
|
9.0
|
%
|
||||||||
Site
rent from Rental Program (1)
|
24,537
|
21,704
|
2,833
|
13.1
|
%
|
|||||||||||
Rental
Program revenue
|
45,070
|
40,544
|
4,526
|
11.2
|
%
|
|||||||||||
Expenses
|
||||||||||||||||
Payroll
and commissions
|
2,008
|
2,459
|
(451
|
)
|
-18.3
|
%
|
||||||||||
Repairs
and refurbishment
|
7,419
|
6,526
|
893
|
13.7
|
%
|
|||||||||||
Taxes
and insurance
|
2,802
|
2,366
|
436
|
18.4
|
%
|
|||||||||||
Marketing
and other
|
3,444
|
2,479
|
965
|
38.9
|
%
|
|||||||||||
Rental
Program operating and maintenance
|
15,673
|
13,830
|
1,843
|
13.3
|
%
|
|||||||||||
Rental
Program NOI
|
$
|
29,397
|
$
|
26,714
|
$
|
2,683
|
10.0
|
%
|
||||||||
Other
Information
|
||||||||||||||||
Number
of occupied rentals, end of period*
|
5,517
|
5,328
|
189
|
3.5
|
%
|
|||||||||||
Investment
in occupied rental homes
|
$
|
170,521
|
$
|
161,057
|
$
|
9,464
|
5.9
|
%
|
||||||||
Number
of sold rental homes*
|
596
|
363
|
233
|
64.2
|
%
|
|||||||||||
Weighted
average monthly rental rate*
|
$
|
736
|
$
|
718
|
$
|
18
|
2.5
|
%
|
(1)
|
The
renter’s monthly payment includes the site rent and an amount attributable
to the leasing of the home. The site rent is reflected in the Real
Property Operations segment. For purposes of management analysis, the site
rent is included in the Rental Program revenue to evaluate the growth and
performance of the Rental Program.
|
Years
Ended December 31,
|
||||||||||||||||
Financial
Information
|
2008
|
2007
|
Change
|
%
Change
|
||||||||||||
New
home sales
|
$
|
8,652
|
$
|
6,056
|
$
|
2,596
|
42.9
|
%
|
||||||||
Pre-owned
home sales
|
22,825
|
16,849
|
5,976
|
35.5
|
%
|
|||||||||||
Revenue
from homes sales
|
31,477
|
22,905
|
8,572
|
37.4
|
%
|
|||||||||||
New
home cost of sales
|
7,690
|
4,928
|
2,762
|
56.0
|
%
|
|||||||||||
Pre-owned
home cost of sales
|
16,596
|
13,253
|
3,343
|
25.2
|
%
|
|||||||||||
Cost
of home sales
|
24,286
|
18,181
|
6,105
|
33.6
|
%
|
|||||||||||
Home
Sales NOI / Gross profit
|
$
|
7,191
|
$
|
4,724
|
$
|
2,467
|
52.2
|
%
|
||||||||
Gross
profit – new homes
|
962
|
1,128
|
(166
|
)
|
-14.7
|
%
|
||||||||||
Gross
margin % – new homes
|
11.1
|
%
|
18.6
|
%
|
-7.5
|
%
|
||||||||||
Gross
profit – pre-owned homes
|
6,229
|
3,596
|
2,633
|
73.2
|
%
|
|||||||||||
Gross
margin % – pre-owned homes
|
27.3
|
%
|
21.3
|
%
|
6.0
|
%
|
||||||||||
Statistical
Information
|
||||||||||||||||
Home
sales volume:
|
||||||||||||||||
New
home sales
|
122
|
76
|
46
|
60.5
|
%
|
|||||||||||
Pre-owned
home sales
|
843
|
636
|
207
|
32.5
|
%
|
|||||||||||
Total
homes sold
|
965
|
712
|
253
|
35.5
|
%
|
Years
Ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
Revenues
|
$
|
252,028
|
$
|
247,460
|
$
|
232,291
|
||||||
Operating
expenses/Cost of sales
|
107,487
|
105,187
|
96,228
|
|||||||||
NOI/gross
profit
|
144,541
|
142,273
|
136,063
|
|||||||||
Adjustments
to arrive at net loss:
|
||||||||||||
Other
revenues
|
4,581
|
6,831
|
2,784
|
|||||||||
General
and administrative
|
(25,099
|
)
|
(23,097
|
)
|
(20,649
|
)
|
||||||
Georgia
flood damage
|
(800
|
)
|
-
|
-
|
||||||||
Depreciation
and amortization
|
(65,011
|
)
|
(64,427
|
)
|
(61,900
|
)
|
||||||
Asset
impairment charge
|
-
|
(9,087
|
)
|
-
|
||||||||
Interest
expense
|
(62,779
|
)
|
(64,157
|
)
|
(65,540
|
)
|
||||||
Equity
loss from affiliates
|
(2,176
|
)
|
(16,498
|
)
|
(7,969
|
)
|
||||||
Provision
for state income taxes
|
(413
|
)
|
(336
|
)
|
(768
|
)
|
||||||
Loss
from continuing operations
|
(7,156
|
)
|
(28,498
|
)
|
(17,979
|
)
|
||||||
Loss
from discontinued operations
|
(227
|
)
|
(5,111
|
)
|
(793
|
)
|
||||||
Net
loss
|
(7,383
|
)
|
(33,609
|
)
|
(18,772
|
)
|
||||||
Less:
amounts attributable to noncontrolling interests
|
(1,081
|
)
|
839
|
(2,129
|
)
|
|||||||
Net
loss attributable to Sun Communities, Inc. common
stockholders
|
$
|
(6,302
|
)
|
$
|
(34,448
|
)
|
$
|
(16,643
|
)
|
Years
Ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
Net
loss
|
$
|
(7,383
|
)
|
$
|
(33,609
|
)
|
$
|
(18,772
|
)
|
|||
Adjustments:
|
||||||||||||
Depreciation
and amortization
|
66,888
|
66,892
|
64,615
|
|||||||||
Provision
(benefit) for state income taxes (1)
|
(97
|
)
|
(402
|
)
|
585
|
|||||||
Valuation
adjustment (2)
|
-
|
-
|
(248
|
)
|
||||||||
Gain
on disposition of assets, net
|
(3,432
|
)
|
(6,380
|
)
|
(741
|
)
|
||||||
Funds
from operations (FFO)
|
$
|
55,976
|
$
|
26,501
|
$
|
45,439
|
||||||
Weighted
average Common Shares/OP Units outstanding:
|
||||||||||||
Basic
|
20,833
|
20,463
|
20,240
|
|||||||||
Diluted
|
20,833
|
20,508
|
20,346
|
|||||||||
FFO
per weighted average Common Share/OP Unit - Basic
|
$
|
2.69
|
$
|
1.30
|
$
|
2.25
|
||||||
FFO
per weighted average Common Share/OP Unit - Diluted
|
$
|
2.69
|
$
|
1.29
|
$
|
2.24
|
Years
Ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
Net
loss
|
$
|
(7,383
|
)
|
$
|
(33,609
|
)
|
$
|
(18,772
|
)
|
|||
Equity
affiliate adjustment
|
1,654
|
16,470
|
9,829
|
|||||||||
Asset
impairment charge
|
-
|
13,171
|
-
|
|||||||||
Severance
charges
|
-
|
888
|
-
|
|||||||||
Georgia
flood damage
|
800
|
-
|
-
|
|||||||||
Michigan
Single Business tax provision
|
740
|
-
|
-
|
|||||||||
Origen
LLC impairment charge
|
322
|
-
|
-
|
|||||||||
Adjusted
net loss
|
(3,867
|
)
|
(3,080
|
)
|
(8,943
|
)
|
||||||
Depreciation
and amortization
|
66,888
|
66,892
|
64,615
|
|||||||||
Provision
(benefit) for state income taxes (1)
|
(97
|
)
|
(402
|
)
|
585
|
|||||||
Valuation
adjustment (2)
|
-
|
-
|
(248
|
)
|
||||||||
Gain
on disposition of assets, net
|
(3,432
|
)
|
(6,380
|
)
|
(741
|
)
|
||||||
Adjusted
funds from operations (FFO)
|
$
|
59,492
|
$
|
57,030
|
$
|
55,268
|
||||||
Adjusted
FFO per weighted average Common Share/OP Unit -
Diluted
|
$
|
2.86
|
$
|
2.78
|
$
|
2.72
|
(1)
|
The
tax provision for the year ended December 31, 2007 represents potential
taxes payable on the sale of company assets related to the enactment of
the Michigan Business Tax. The tax benefit for the years ended
December 31, 2008 and 2009 represent the reversal of this tax provision.
These taxes do not impact Funds from Operations and would be payable from
prospective proceeds of such sales.
|
(2)
|
We
had an interest rate swap, which matured in July 2007, which was not
eligible for hedge accounting. Accordingly, the valuation adjustment (the
theoretical non-cash profit or loss if the swap contract were to be
terminated at the balance sheet date) was recorded in interest expense. As
it was held till maturity the net cumulative valuation adjustment
approximated zero. We had no intention of terminating the swap prior to
maturity and therefore excluded the valuation adjustment from FFO so as
not to distort this comparative
measure.
|
2010
|
$1.3
million and any balance outstanding on the floor plan
facility
|
2011
|
$103.7
million and any balance outstanding on the unsecured line of
credit
|
2012
|
$35.8
million
|
2013
|
$30.2
million
|
2014
|
$520.9
million
|
Payments
Due By Period
|
||||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||
Contractual
Cash Obligations
|
Total
Due
|
1
year
|
2-3
years
|
4-5
years
|
After
5 years
|
|||||||||||||||
Collateralized
term loan - FNMA
|
$
|
373,501
|
$
|
4,353
|
$
|
9,337
|
$
|
307,302
|
$
|
52,509
|
||||||||||
Collateralized
term loan - B of A
|
471,299
|
8,012
|
117,883
|
186,936
|
158,468
|
|||||||||||||||
Mortgage
notes, other
|
213,327
|
1,693
|
34,978
|
35,187
|
141,469
|
|||||||||||||||
Lines
of credit
|
94,465
|
5,365
|
89,100
|
-
|
-
|
|||||||||||||||
Redeemable
preferred OP units
|
48,947
|
1,295
|
4,300
|
43,352
|
-
|
|||||||||||||||
Secured
debt
|
52,368
|
2,016
|
4,688
|
5,525
|
40,139
|
|||||||||||||||
Total
principal payments
|
1,253,907
|
22,734
|
260,286
|
578,302
|
392,585
|
|||||||||||||||
Interest
expense (1)
|
260,686
|
56,595
|
100,346
|
72,120
|
31,625
|
|||||||||||||||
Operating
leases
|
3,774
|
666
|
1,332
|
1,332
|
444
|
|||||||||||||||
Total
contractual obligations
|
$
|
1,518,367
|
$
|
79,995
|
$
|
361,964
|
$
|
651,754
|
$
|
424,654
|
·
|
The
candidate must have experience at a strategic or policymaking level in a
business, government, non-profit or academic organization of high
standing;
|
·
|
The
candidate must be highly accomplished in his or her field, with superior
credentials and recognition;
|
·
|
The
candidate must be well regarded in the community and must have a long-term
reputation for high ethical and moral
standards;
|
·
|
The
candidate must have sufficient time and availability to devote to our
affairs, particularly in light of the number of boards on which the
nominee may serve; and
|
·
|
The
candidate’s principal business or occupation must not be such as to place
the candidate in competition with us or conflict with the discharge of a
director’s responsibilities to us or to our
shareholders.
|
·
|
A
majority of the Board of Directors shall be “independent” as defined by
the NYSE rules;
|
·
|
Each
of its Audit, Compensation and NCG Committees shall be comprised entirely
of independent directors; and
|
·
|
At
least one member of the Audit Committee shall have such experience,
education and qualifications necessary to qualify as an “audit committee
financial expert” as defined by the rules of the
SEC.
|
·
|
The
shareholder’s name, address, number of shares owned, length of period held
and proof of ownership;
|
·
|
The
name, age, business and residential address, educational background,
current principal occupation or employment, and principal occupation or
employment for the preceding five full fiscal years of the proposed
director candidate;
|
·
|
A
description of the qualifications and background of the proposed director
candidate which addresses the minimum qualifications and other criteria
for Board membership as approved by the Board from time to
time;
|
·
|
A
description of all arrangements or understandings between the shareholder
and the proposed director
candidate;
|
·
|
The
consent of the proposed director candidate (1) to be named in the proxy
statement relating to our annual meeting of stockholders and (2) to serve
as a director if elected at such annual meeting;
and
|
·
|
Any
other information regarding the proposed director candidate that is
required to be included in a proxy statement filed pursuant to the rules
of the SEC.
|
Name
|
Age
|
Office
|
|||
Gary
A. Shiffman
|
55
|
Chairman,
Chief Executive Officer, President and Director
|
|||
Paul
D. Lapides
|
55
|
Director
|
|||
Clunet
R. Lewis
|
66
|
Director
|
|||
Robert
H. Naftaly
|
72
|
Director
|
|||
Ronald
L. Piasecki
|
70
|
Director
|
|||
Ted
J. Simon
|
79
|
Director
|
|||
Arthur
A. Weiss
|
61
|
Director
|
|||
Stephanie
W. Bergeron
|
56
|
Director
|
Name
|
Age
|
Office
|
|||
Gary
A. Shiffman
|
55
|
Chairman,
Chief Executive Officer, and President
|
|||
Karen
J. Dearing
|
45
|
Executive
Vice President, Treasurer, Chief Financial Officer and
Secretary
|
|||
John
B. McLaren
|
39
|
Executive
Vice President and Chief Operating Officer
|
|||
Jonathan
M. Colman
|
54
|
Executive
Vice President
|
·
|
consults
with executive management in developing a compensation
philosophy;
|
·
|
evaluates
and approves compensation for the our Chief Executive Officer and other
executive officers; and
|
·
|
oversees
and administers our cash and equity incentive
plans.
|
·
|
attract,
retain and reward executives who have the motivation, experience and
skills necessary to lead us effectively and encourage them to make career
commitments to us;
|
·
|
base
executive compensation levels on our overall financial and operational
performance and the individual contribution of an executive officer to our
success;
|
·
|
create
a link between the performance of our stock and executive compensation;
and
|
·
|
position
executive compensation levels to be competitive with other similarly
situated public companies including the real estate industry in general
and manufactured housing REITs in
particular.
|
Percentage
of Base Salary Awarded for Achievement of Individual and/or Corporate
Performance Objectives
|
Discretionary
Percentage of Base Salary Awarded
|
Bonus
|
||||||||||
Gary
A. Shiffman
|
55.0
|
%
|
1.8
|
%
|
$
|
340,000
|
||||||
Karen
J. Dearing
|
55.0
|
%
|
9.9
|
%
|
$
|
172,000
|
||||||
John
B. McLaren
|
4.6
|
%
|
49.9
|
%
|
$
|
147,500
|
||||||
Jonathan
M. Colman
|
0.0
|
%
|
25.7
|
%
|
$
|
47,000
|
(1)
|
Adjusted
FFO was determined by excluding the effect of certain equity losses and
impairment charges related to our investments in equity affiliates, and
certain other non-recurring or unusual charges as determined in the sole
discretion of the Compensation
Committee.
|
Chairman
|
Member
|
|||||||
Annual
Retainer
|
$
|
-
|
$
|
50,000
|
||||
Audit
Committee
|
$
|
32,500
|
$
|
30,000
|
||||
Compensation
Committee
|
$
|
10,000
|
$
|
5,000
|
||||
NCG
Committee
|
$
|
10,000
|
$
|
5,000
|
||||
Executive
Committee
|
$
|
5,000
|
$
|
-
|
Name
|
Fees
Earned or Paid in Cash
|
Option
Awards (1)
|
Total
|
|||||||||
Paul
D. Lapides
|
$
|
53,333
|
$
|
2,491
|
$
|
55,824
|
||||||
Clunet
R. Lewis
|
$
|
92,500
|
$
|
2,491
|
$
|
94,991
|
||||||
Robert
H. Naftaly
|
$
|
86,667
|
$
|
2,491
|
$
|
89,158
|
||||||
Ronald
L. Piasecki
|
$
|
58,333
|
$
|
2,491
|
$
|
60,824
|
||||||
Ted
J. Simon
|
$
|
66,667
|
$
|
2,491
|
$
|
69,158
|
||||||
Arthur
A. Weiss
|
$
|
-
|
$
|
2,491
|
$
|
2,491
|
||||||
Stephanie
W. Bergeron
|
$
|
80,000
|
$
|
2,491
|
$
|
82,491
|
(1)
|
This
column represents the aggregate grant date fair value computed in
accordance with Financial Accounting Standards Board Accounting Standards
Codification Topic 718, Compensation - Stock Compensation (“FASB ASC Topic
718”). For additional information on the valuation assumptions with
respect to these grants, refer to Note 8 of
our financial statements for the year ended December 31,
2009 included in this Annual Report on Form
10-K.
|
Name
|
July
2009
Option
Award
1,500
shares each(1)
|
Aggregate
number of options outstanding at December 31, 2009
|
|||
Paul
D. Lapides
|
$
|
2,491
|
12,000
|
||
Clunet
R. Lewis
|
$
|
2,491
|
9,500
|
||
Robert
H. Naftaly
|
$
|
2,491
|
4,500
|
||
Ronald
L Piasecki
|
$
|
2,491
|
9,750
|
||
Ted
J. Simon
|
$
|
2,491
|
12,000
|
||
Arthur
A. Weiss
|
$
|
2,491
|
12,000
|
||
Stephanie
W. Bergeron
|
$
|
2,491
|
4,500
|
(1)
|
This
column represents the aggregate grant date fair value computed in
accordance with FASB ASC Topic 718. For additional information on the
valuation assumptions with respect to these grants, refer to Note 8 of our
financial statements for the year ended December 31, 2009 included in
this Annual Report on Form 10-K.
|
Name
and Principal Position
|
Year
|
Salary (1)
|
Bonus (2)
|
Stock Awards
(3)
|
All Other Compensation
(4)
|
Total
|
|||||||||||||||
Gary
A. Shiffman, Chairman,
|
2009
|
$
|
621,779
|
$
|
340,000
|
$
|
897,000
|
$
|
47,926
|
(5)
|
$
|
1,906,705
|
|||||||||
Chief
Executive Officer, and
|
2008
|
$
|
598,150
|
$
|
239,260
|
$
|
-
|
$
|
83,594
|
(6)
|
$
|
921,004
|
|||||||||
President
|
2007
|
$
|
574,550
|
$
|
183,856
|
$
|
-
|
$
|
76,576
|
(7)
|
$
|
834,982
|
|||||||||
Karen
J. Dearing, Executive Vice
|
2009
|
$
|
275,192
|
$
|
172,000
|
$
|
149,500
|
$
|
6,022
|
$
|
602,714
|
||||||||||
President,
Treasurer, Chief
|
2008
|
$
|
236,892
|
$
|
85,750
|
$
|
198,100
|
$
|
2,594
|
$
|
523,336
|
||||||||||
Financial
Officer and Secretary
|
|||||||||||||||||||||
John
B. McLaren, Executive Vice
|
2009
|
$
|
280,696
|
$
|
147,500
|
$
|
149,500
|
$
|
5,385
|
$
|
583,081
|
||||||||||
President
and Chief Operating
|
2008
|
$
|
254,287
|
$
|
78,175
|
$
|
198,100
|
$
|
2,594
|
$
|
533,156
|
||||||||||
Officer
|
|||||||||||||||||||||
Jonathan
M. Colman, Executive
|
2009
|
$
|
190,194
|
$
|
47,000
|
$
|
-
|
$
|
2,314
|
$
|
239,508
|
||||||||||
Vice
President
|
2008
|
$
|
179,550
|
$
|
44,888
|
$
|
-
|
$
|
2,241
|
$
|
226,679
|
||||||||||
2007
|
$
|
172,450
|
$
|
43,113
|
$
|
-
|
$
|
1,945
|
$
|
217,508
|
(1)
|
The
base salary amounts for 2009 include payments for 27 bi-weekly pay
periods. The base salary amounts for 2008 and 2007 include payments for 26
bi-weekly pay periods.
|
(2)
|
See
“2009 Compensation” on page 54 for additional information regarding
bonuses awarded in 2009. Although the bonuses were earned for
2009, 2008, and 2007, such bonuses were not paid until March 2010, 2009
and 2008, respectively.
|
(3)
|
This
column represents the aggregate grant date fair value computed in
accordance with FASB ASC Topic 718. For additional information on the
valuation assumptions with respect to these grants, refer to Note 8 of our
financial statements for the year ended December 31, 2009 included in
this Annual Report on Form 10-K.
|
(4)
|
Includes
matching contributions to our 401(k) Plan of $4,158, $4,853, $2,062 and $4,900 for
each of Messrs. Shiffman, McLaren, Colman and Ms. Dearing
respectively; for the fiscal year ended December 31, 2009. Includes
matching contributions to our 401(k) Plan of $2,300 for each of
Messrs. Shiffman and McLaren, and Ms. Dearing; and $1,947 for
Mr. Colman for the fiscal year ended December 31, 2008. Includes
matching contributions our 401(k) Plan of $2,250 for Mr. Shiffman and
$1,669 for Mr. Colman for the fiscal year ended December 31, 2007.
Also includes premiums for life insurance and accidental death and
disability insurance in the amount of $252 for each of
Messrs. Shiffman, McLaren, Colman and Ms. Dearing for the fiscal
year ended December 31, 2009; $294 for each of Messrs. Shiffman,
McLaren and Colman and Ms. Dearing for the fiscal year ended December
31, 2008; and $276 for each of Messrs. Shiffman and Colman for the
fiscal year ended December 31, 2007. Includes perquisites for
sporting events valued in the amounts of $6,849, $280, and $870 for each
of Messrs. Shiffman, McLaren, and Ms. Dearing
respectively.
|
(5)
|
Includes
$36,667 paid to Mr. Shiffman by Origen Financial, Inc. for service on
its board of directors.
|
(6)
|
Includes
$81,000 paid to Mr. Shiffman by Origen Financial, Inc. for service on
its board of directors.
|
(7)
|
Includes
$74,050 paid to Mr. Shiffman by Origen Financial, Inc. for service on
its board of directors. The amount includes $38,750 in cash and restricted
stock awards with a grant date fair value of $35,300 computed in
accordance with FASB ASC Topic 718.
|
Name
|
Grant
Date
|
All
Other Stock Awards: Number of Shares of Stocks or Units
(#)
|
Grant
Date Fair Value of Stock and Option Awards (1)
|
||||||
Gary
A. Shiffman
|
07/29/09
|
60,000
|
$
|
897,000
|
|||||
Karen
J. Dearing
|
07/29/09
|
10,000
|
$
|
149,500
|
|||||
John
B. McLaren
|
07/29/09
|
10,000
|
$
|
149,500
|
(1)
|
Pursuant
to SEC rules, this column represents the total fair market value of
restricted stock awards, in accordance with FASB ASC Topic
718
|
Option
Awards (1)
|
Share
Awards (2)
|
||||||||||||||||||||||||||
Name
|
Number
of Securities Underlying Unexercised Options (Exercisable)
|
Number
of Securities Underlying Unexercised Options
(Unexercisable)
|
Equity
Incentive Plan Awards: Number of Securities Underlying Unexercised
Unearned Options
|
Option
Exercise Price
|
Option
Expiration Date
|
Number
of Shares or Units of Stock that Have Not Vested
|
Market
Value of Shares or Units of Stock that Have Not Vested (3)
|
Equity
Incentive Plan Awards: Number of Shares, Units, or Other Rights that have
not Vested (#)
|
Equity
Incentive Plan Awards: Number of Shares, Units, or Other Rights that have
not Vested ($)
|
||||||||||||||||||
Gary
A. Shiffman
|
25,000
|
-
|
-
|
$
|
27.03
|
04/12/11
|
9,000
|
(4)
|
$
|
177,750
|
-
|
-
|
|||||||||||||||
-
|
-
|
-
|
-
|
-
|
1,415
|
(5)
|
$
|
27,946
|
-
|
-
|
|||||||||||||||||
-
|
-
|
-
|
-
|
-
|
25,668
|
(6)
|
$
|
506,943
|
-
|
-
|
|||||||||||||||||
-
|
-
|
-
|
-
|
-
|
6,000
|
(7)
|
$
|
118,500
|
-
|
-
|
|||||||||||||||||
-
|
-
|
-
|
-
|
-
|
60,000
|
(12)
|
$
|
1,185,000
|
-
|
-
|
|||||||||||||||||
Karen
J. Dearing
|
-
|
-
|
-
|
-
|
-
|
2,100
|
(8)
|
$
|
41,475
|
-
|
-
|
||||||||||||||||
-
|
-
|
-
|
-
|
-
|
7,500
|
(10)
|
$
|
148,125
|
-
|
-
|
|||||||||||||||||
-
|
-
|
-
|
-
|
-
|
10,000
|
(11)
|
$
|
197,500
|
-
|
-
|
|||||||||||||||||
-
|
-
|
-
|
-
|
-
|
10,000
|
(12)
|
$
|
197,500
|
-
|
-
|
|||||||||||||||||
John
B. McLaren
|
-
|
-
|
-
|
-
|
-
|
10,000
|
(11)
|
$
|
197,500
|
-
|
-
|
||||||||||||||||
-
|
-
|
-
|
-
|
-
|
10,000
|
(12)
|
$
|
197,500
|
-
|
-
|
|||||||||||||||||
Jonathan
M. Colman
|
-
|
-
|
-
|
-
|
-
|
1,800
|
(4)
|
$
|
35,550
|
-
|
-
|
||||||||||||||||
-
|
-
|
-
|
-
|
-
|
517
|
(5)
|
$
|
10,211
|
-
|
-
|
|||||||||||||||||
-
|
-
|
-
|
-
|
-
|
3,000
|
(9)
|
$
|
59,250
|
-
|
-
|
(1)
|
The
options expiring on April 12, 2011 were granted at 85% of the closing
price of our Common Stock on NYSE on the date of
grant.
|
(2)
|
All
share awards begin to vest after either the third or fourth
anniversary of the date of grant.
|
(3)
|
Value
based $19.75, the closing price of our Common Stock on NYSE on December
31, 2009.
|
(4)
|
Shares
will vest on January 31, 2010.
|
(5)
|
Shares
will vest on March 30, 2011.
|
(6)
|
11,083
of the shares will vest on each of July 15th, 2010 and July 15, 2011 and
the remaining 3,502 shares will vest on July 15,
2014.
|
(7)
|
4,000
of the shares vest on May 10, 2010 and the remaining will vest in two
equal installments on May 10, 2011 and May 10,
2014.
|
(8)
|
1,400
of the shares vest on May 10, 2010 and the remaining will vest in two
equal installments on May 10, 2011 and May 10,
2014.
|
(9)
|
2,000
of the shares vest on May 10, 2010 and the remaining will vest in two
equal installments on May 10, 2011 and May 10,
2014.
|
(10)
|
Shares
of phantom stock that vest in three equal installments beginning on May
12, 2010 and ending on May 12, 2012. On each vesting date,
Ms. Dearing receives a cash payment equal to the total number of
shares vested multiplied by the ten day average trading price of our
common stock on NYSE.
|
(11)
|
Thirty-five
percent of the shares vest on February 5, 2012 and February 5, 2013,
twenty percent of the shares vest on February 5, 2014 and the remaining
ten percent will vest in two equal installments on February 5, 2015 and
February 5, 2018.
|
(12)
|
One
third of the shares vests on each of July 29, 2013, July 30, 2014 and July
31, 2015.
|
Option
Awards
|
Stock
Awards
|
|||||||||||||||||||
Name
|
Number
of Shares Acquired on Exercise
|
Value
Realized on Exercise
|
Number
of Shares Acquired on Vesting
|
Value
Realized on Vesting
|
||||||||||||||||
Gary
A. Shiffman
|
-
|
-
|
9,000
|
$
|
112,455
|
(1)
|
||||||||||||||
-
|
-
|
11,083
|
$
|
151,006
|
(1)
|
|||||||||||||||
-
|
-
|
7,000
|
$
|
102,270
|
(1)
|
|||||||||||||||
-
|
-
|
6,250
|
$
|
91,313
|
(1)
|
|||||||||||||||
Karen
J. Dearing
|
-
|
-
|
2,450
|
$
|
35,795
|
(1)
|
||||||||||||||
-
|
-
|
2,500
|
(2)
|
$
|
36,963
|
(2)
|
||||||||||||||
John
B. McLaren
|
-
|
-
|
-
|
$
|
-
|
|||||||||||||||
Jonathan
M. Colman
|
-
|
-
|
1,800
|
$
|
22,491
|
(1)
|
||||||||||||||
-
|
-
|
3,500
|
$
|
51,135
|
(1)
|
(1)
|
Value
based on the average of the high and low of the share price on the vesting
date, or the next business day if the vesting date was on a
weekend.
|
(2)
|
Represents
an award of phantom stock where a cash bonus is paid on the vesting date
in lieu of shares. The cash bonus value is based on a 10 day
average of our closing stock price prior to the vesting
date.
|
Name
|
Cash
Payment (1)
|
Acceleration
of Vesting of Stock Awards (2)
|
Benefits
|
Total
|
||||||||||||
Gary
A. Shiffman
|
$
|
898,125
|
$
|
2,016,139
|
$
|
-
|
$
|
2,914,264
|
||||||||
Karen
J. Dearing
|
$
|
265,000
|
$
|
584,600
|
$
|
-
|
$
|
849,600
|
||||||||
John
B. McLaren
|
$
|
270,300
|
$
|
395,000
|
$
|
-
|
$
|
665,300
|
||||||||
Jonathan
M. Colman
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
Name
|
Cash
Payment (1)
|
Acceleration
of Vesting of Stock Awards (2)
|
Benefits
|
Total
|
||||||||||||
Gary
A. Shiffman
|
$
|
1,197,500
|
$
|
2,016,139
|
$
|
-
|
$
|
3,213,639
|
||||||||
Karen
J. Dearing
|
$
|
530,000
|
$
|
584,600
|
$
|
-
|
$
|
1,114,600
|
||||||||
John
B. McLaren
|
$
|
270,300
|
$
|
395,000
|
$
|
-
|
$
|
665,300
|
||||||||
Jonathan
M. Colman
|
$
|
-
|
$
|
105,011
|
$
|
-
|
$
|
105,011
|
Name
|
Cash
Payment (1)
|
Acceleration
of Vesting of Stock Awards (2)
|
Benefits
(3)
|
Total
|
||||||||||||
Gary
A. Shiffman
|
$
|
1,796,250
|
$
|
2,016,139
|
$
|
9,960
|
$
|
3,822,349
|
||||||||
Karen
J. Dearing
|
$
|
795,000
|
$
|
584,600
|
$
|
252
|
$
|
1,379,852
|
||||||||
John
B. McLaren
|
$
|
810,900
|
$
|
395,000
|
$
|
9,960
|
$
|
1,215,860
|
||||||||
Jonathan
M. Colman
|
$
|
-
|
$
|
105,011
|
$
|
-
|
$
|
105,011
|
(1)
|
Assumes
a termination on December 31, 2009 and payments based on base salary
(without taking into account any accrued incentive based compensation) as
of December 31, 2009 for each executive for the periods specified
above.
|
(2)
|
Calculated
based on a termination as of December 31, 2009 and the fair market value
of our common stock on NYSE as of December 31,
2009.
|
(3)
|
Reflects
continuation of health benefits, life insurance and accidental death and
disability insurance for the periods specified
above.
|
·
|
reviewed
and discussed the audited financial statements with management and Grant
Thornton, LLP, our independent auditors, for the fiscal year ended
December 31, 2009;
|
·
|
discussed
with the independent auditors the matters required to be discussed by
Statement on Auditing Standards No. 61 (Codification of Statements on
Auditing Standards); and
|
·
|
reviewed
the written disclosures and the letter from the independent auditors
required by the Independence Standards Board’s Standard No. 1
(Independence Discussions with Audit Committees), and discussed with the
independent auditors any relationships that may impact their objectivity
and independence.
|
Name
and Address of Beneficial Owner
|
Amount
and Nature of
Beneficial
Ownership
|
Percent
of
Outstanding
Shares(1)
|
|||
Gary
A. Shiffman
27777 Franklin Road
Suite 200
Southfield, Michigan 48034
|
1,804,202
|
(2)
|
9.58
|
%
|
|
Karen
J. Dearing
27777 Franklin Road
Suite 200
Southfield, Michigan 48034
|
25,491
|
*
|
|||
Jonathan
M. Colman
27777 Franklin Road
Suite 200
Southfield, Michigan 48034
|
35,172
|
*
|
|||
John
B. McLaren
27777
Franklin Road
Suite
200
Southfield,
Michigan 48034
|
21,010
|
*
|
|||
Ted
J. Simon
27777
Franklin Road
Suite
200
Southfield,
Michigan 48034
|
15,741
|
(3)
|
*
|
||
Paul
D. Lapides
27777
Franklin Road
Suite
200
Southfield,
Michigan 48034
|
11,400
|
(4)
|
*
|
||
Clunet
R. Lewis
27777
Franklin Road
Suite
200
Southfield,
Michigan 48034
|
54,650
|
(5)
|
*
|
||
Ronald
L. Piasecki
27777
Franklin Road
Suite
200
Southfield,
Michigan 48034
|
163,922
|
(6)
|
*
|
||
Arthur
A. Weiss
27777 Franklin Road
Suite 2500
Southfield, Michigan 48034
|
628,369
|
(7)
|
3.34
|
%
|
|
Robert
H. Naftaly
27777
Franklin Road
Suite
200
Southfield,
Michigan 48034
|
8,500
|
(8)
|
*
|
Name
and Address of Beneficial Owner
|
Amount
and Nature of
Beneficial
Ownership
|
Percent
of
Outstanding
Shares(1)
|
|||
Stephanie
W. Bergeron
27777
Franklin Road
Suite
200
Southfield,
Michigan 48034
|
7,500
|
(9)
|
*
|
||
The
Vanguard Group, Inc. (10)
100
Vanguard Blvd.
Malvern,
PA 19355
|
1,929,299
|
10.25
|
%
|
||
Wells
Fargo & Company (11)
420
Montgomery Street
San
Francisco, CA 94163
|
1,037,596
|
5.51
|
%
|
||
Anchor
Capital Advisors LLC (12)
One Post Office Square
Boston, MA 02109
|
953,617
|
5.06
|
%
|
||
BlackRock,
Inc. (13)
40 East 52nd Street
New York, NY 10022
|
1,377,046
|
7.31
|
%
|
||
All
executive officers and directors as a group (11 persons)(14)
|
2,775,957
|
14.74
|
%
|
(1)
|
In
accordance with SEC regulations, the percentage calculations are based on
18,830,191 shares of Common Stock issued and outstanding as of March 1,
2010 plus shares of Common Stock which may be acquired pursuant to options
exercisable, common limited partnership interests (“Common OP Units”) and
preferred limited partnership interests (“Preferred OP Units”) of Sun
Communities Operating Limited Partnership that are convertible into Common
Stock, within sixty days of March 1, 2010, by each individual or group
listed.
|
(2)
|
Includes:
(a) 434,428 Common OP Units convertible into shares of Common Stock; (b)
25,000 shares of Common Stock which may be acquired pursuant to options
exercisable within sixty days of March 1, 2010; and (c) 890,933
shares of Common Stock and 453,841 Common OP Units owned by certain
limited liability companies of which Mr. Shiffman is a member and a
manager.
|
(3)
|
Includes
9,000 shares of Common Stock which may be acquired pursuant to options
exercisable within sixty days of March 1,
2010.
|
(4)
|
Includes
9,000 shares of Common Stock which may be acquired pursuant to options
exercisable within sixty days of March 1,
2010.
|
(5)
|
Includes
20,000 Common OP Units convertible into shares of Common Stock. Also
includes 6,500 shares of Common Stock which may be acquired pursuant to
options exercisable within sixty days of March 1,
2010.
|
(6)
|
Includes:
(a) 17,437 Common OP Units convertible into shares of Common Stock and
139,735 Preferred OP Units convertible into Common OP Units (which are
convertible into shares of Common Stock); (b) 6,750 shares of Common Stock
which may be acquired pursuant to options exercisable within sixty days of
March 1, 2010.
|
(7)
|
Includes
16,938 Common OP Units convertible into shares of Common Stock and 9,000
shares of Common Stock which may be acquired pursuant to options
exercisable within sixty days of March 1, 2010. Also, includes: (a)
453,841 shares of Common Stock and 141,794 Common OP Units owned by
certain limited liability companies of which Mr. Weiss is a manager,
and (b) 6,796 shares of Common Stock held by the 1997 Shiffman Charitable
Remainder Unitrust for which Mr. Weiss is a Co-Trustee.
Mr. Weiss does not have a pecuniary interest in any of the 1997
Shiffman Charitable Remainder Unitrust or the limited liability companies
described above and, accordingly, Mr. Weiss disclaims beneficial
ownership of the 453,841 shares of Common Stock and the 141,794 Common OP
Units held by the limited liability companies described above and the
6,796 shares of Common Stock held by the 1997 Shiffman Charitable
Remainder Unitrust.
|
(8)
|
Includes
1,500 Shares of Common Stock which may be acquired pursuant to options
exercisable within sixty days of March 1,
2010.
|
(9)
|
Includes
1,500 Shares of Common Stock which may be acquired pursuant to options
exercisable within sixty days of March 1,
2010.
|
(10)
|
According
to the Schedule 13G filed with the SEC as of December 31, 2009, The
Vanguard Group, Inc., in its capacity as investment advisor, beneficially
owns 1,929,299 shares of Common
Stock.
|
(11)
|
According
to the Schedule 13G filed with the SEC for calendar year 2009, Wells Fargo
& Company, in its capacity as a parent holding company or control
person in accordance with 240.13d-1(b)(1)(ii)(G), beneficially owns
1,037,596 shares of Common Stock of the
Company.
|
(12)
|
According
to the Schedule 13G filed with the SEC as of June 30, 2009, Anchor Capital
Advisors LLC, in its capacity as investment advisor, beneficially owns
953,617 shares of Common Stock.
|
(13)
|
According
to the Schedule 13G filed with the SEC for calendar year 2009, BlackRock,
Inc., in its capacity as a parent holding company or control person in
accordance with 240.13d-1(b)(1)(ii)(G), beneficially owns 1,377,046 shares
of Common Stock of the Company.
|
(14)
|
Includes
(a) 1,084,438 Common OP Units convertible into shares of Common Stock and
139,735 Preferred OP Units convertible into Common OP Units (which are
convertible into Common Stock); and (b) 68,250 shares of Common Stock
which may be acquired pursuant to options exercisable within sixty days of
March 1, 2010.
|
·
|
Investment in
LLC. We entered into an agreement with four unrelated
companies (“Members”) and contributed cash of approximately $0.5 million
towards the formation of a limited liability company. The LLC
purchased the origination platform of Origen. The purpose of the venture
is to originate manufactured housing installment contracts for its
Members. We account for our investment in the LLC using the
equity method of accounting. As of December 31, 2009, we had an
ownership interest in the LLC of 25 percent, and the carrying value of our
investment was zero.
|
·
|
Loan Origination, Sale and
Purchase Agreement. The LLC had agreed to fund loans that meet our
underwriting guidelines and then transfer those loans to us pursuant to a
Loan Origination, Sale and Purchase Agreement. We paid the LLC a weighted
average fee of approximately $620 per loan pursuant to a Loan Origination,
Sale and Purchase Agreement which totaled approximately $0.1 million
during the year ended December 31, 2009. We purchased, at par,
$6.9 million of these loans during the year ended December 31,
2009.
|
·
|
Capital Investment in
Origen: In the 2003 recapitalization of Origen, we purchased
5,000,000 shares of Origen common stock for $50.0 million and Shiffman
Origen LLC (which is owned by the Milton M. Shiffman Spouse’s Marital
Trust, Gary A. Shiffman (our Chairman and Chief Executive Officer), and
members of Mr. Shiffman’s family) purchased 1,025,000 shares of
Origen common stock for approximately $10.3
million. As of December 31, 2009 we had an
ownership interest in Origen of approximately 19 percent, and the carrying
value of our investment was $1.6
million.
|
·
|
Board Membership. Gary
A. Shiffman, our Chairman and Chief Executive Officer is a board member of
Origen.
|
Category
|
FYE
12/31/09
|
FYE
12/31/08
|
||||||
Audit
Fees: For professional services rendered for the audit of the Company’s
financial statements, the audit of internal controls relating to Section
404 of the Sarbanes-Oxley Act, the reviews of the quarterly financial
statements and consents
|
$
|
429,120
|
$
|
419,120
|
||||
Audit-Related
Fees: For professional services rendered for accounting assistance with
new accounting standards and potential transactions and other SEC related
matters
|
$
|
84,250
|
$
|
41,000
|
||||
Tax
Fees
|
$
|
-
|
$
|
-
|
||||
All
Other Fees
|
$
|
-
|
$
|
-
|
SUN
COMMUNITIES, INC.
(Registrant)
|
Date:
March 11, 2010
|
By
|
/s/
|
Gary
A. Shiffman
|
Gary
A. Shiffman
Chief
Executive Officer
|
Name
|
Capacity
|
Date
|
|||
/s/
|
Gary
A. Shiffman
|
Chief
Executive Officer, President and Chairman of the Board of
Directors
|
March
11, 2010
|
||
Gary
A. Shiffman
|
|||||
/s/
|
Karen
J. Dearing
|
Executive
Vice President, Chief Financial Officer, Treasurer, Secretary and
Principal Accounting Officer
|
March
11, 2010
|
||
Karen
J. Dearing
|
|||||
/s/
|
Paul
D. Lapides
|
Director
|
March
11, 2010
|
||
Paul
D. Lapides
|
|||||
/s/
|
Ted
J. Simon
|
Director
|
March
11, 2010
|
||
Ted
J. Simon
|
|||||
/s/
|
Clunet
R. Lewis
|
Director
|
March
11, 2010
|
||
Clunet
R. Lewis
|
|||||
/s/
|
Ronald
L. Piasecki
|
Director
|
March
11, 2010
|
||
Ronald
L. Piasecki
|
|||||
/s/
|
Arthur
A. Weiss
|
Director
|
March
11, 2010
|
||
Arthur
A. Weiss
|
|||||
/s/
|
Robert
H. Naftaly
|
Director
|
March
11, 2010
|
||
Robert
H. Naftaly
|
|||||
/s/
|
Stephanie
W. Bergeron
|
Director
|
March
11, 2010
|
||
Stephanie
W. Bergeron
|
Exhibit
Number
|
Description
|
Method
of Filing
|
||
1.1
|
Sales
Agreement dated August 27, 2009, executed by and between Sun Communities,
Inc. and Brinson Patrick Securities Corporation
|
(33)
|
||
2.1
|
Form
of Sun Communities, Inc.’s Common Stock Certificate
|
(1)
|
||
3.1
|
Amended
and Restated Articles of Incorporation of Sun Communities,
Inc
|
(1)
|
||
3.2
|
First
Amended and Restated Bylaws
|
(30)
|
||
3.3
|
Articles
Supplementary, dated October 16, 2006
|
(16)
|
||
4.1
|
Articles
Supplementary of Board of Directors of Sun Communities, Inc. Designating a
Series of Preferred Stock and Fixing Distribution and other Rights in such
Series
|
(24)
|
||
4.2
|
Articles
Supplementary of Board of Directors of Sun Communities, Inc. Designating a
Series of Preferred Stock
|
(8)
|
||
4.3
|
Rights
Agreement, dated as of June 2, 2008, between Sun Communities, Inc. and
Computershare Trust Company, N.A. as Rights Agent
|
(24)
|
||
4.4
|
Sun
Communities, Inc. Equity Incentive Plan
|
(31)
|
||
4.5
|
Form
of Senior Indenture
|
(34)
|
||
4.6
|
Form
of Subordinated Indenture
|
(34)
|
||
10.1
|
Second
Amended and Restated Agreement of Limited Partnership of Sun Communities
Operating Limited Partnership
|
(4)
|
||
10.1
|
Stock
Pledge Agreement between Gary A. Shiffman and the Operating Partnership
with respect to 80,000 shares of Common Stock
|
(5)
|
||
10.11
|
Employment
Agreement between Sun Communities, Inc. and Gary A. Shiffman, dated as of
January 1, 2005#
|
(14)
|
||
10.12
|
Employment
Agreement between Sun Communities, Inc. and Jeffrey P. Jorissen, dated as
of January 1, 2005#
|
(14)
|
||
10.13
|
Employment
Agreement by and between Brian W. Fannon and Sun Communities, Inc., dated
as of January 1, 2005#
|
(14)
|
||
10.14
|
First
Amendment to Employment Agreement by and between Brian W. Fannon and Sun
Communities, Inc. dated December 30, 2007 #
|
(21)
|
||
10.15
|
Second
Amendment to Employment Agreement by and between Brian W. Fannon and Sun
Communities, Inc. dated March 17, 2008#
|
(23)
|
||
10.16
|
Retirement
from Employment and Release, dated July 10, 2008 by and among Sun
Communities, Inc. and Brian W. Fannon#
|
(27)
|
||
10.17
|
Employment
Agreement by and between John B. McLaren and Sun Communities, Inc. dated
February 5, 2008#
|
(22)
|
||
10.18
|
Employment
Agreement by and between Karen J. Dearing and Sun Communities, Inc. dated
February 5, 2008#
|
(22)
|
||
10.19
|
Long
Term Incentive Plan
|
(5)
|
||
10.2
|
Sun
Communities, Inc. 1998 Stock Purchase Plan#
|
(6)
|
||
10.2
|
Second
Amended and Restated 1993 Stock Option Plan
|
(7)
|
||
10.21
|
One
Hundred Third Amendment to Second Amended and Restated Limited Partnership
Agreement of the Operating Partnership
|
(8)
|
||
10.22
|
One
Hundred Eleventh Amendment to Second Amended and Restated Limited
Partnership Agreement of the Operating Partnership
|
(9)
|
||
10.23
|
One
Hundred Thirty-Sixth Amendment to Second Amended and Restated Limited
Partnership Agreement of the Operating Partnership
|
(9)
|
||
10.24
|
One
Hundred Forty-Fifth Amendment to Second Amended and Restated Limited
Partnership Agreement of the Operating Partnership
|
(9)
|
||
10.25
|
One
Hundred Seventy-Second Amendment to Second Amended and Restated Limited
Partnership Agreement of the Operating Partnership
|
(15)
|
||
10.26
|
Restricted
Stock Award Agreement between Sun Communities, Inc. and Gary A. Shiffman,
dated May 10, 2004#
|
(15)
|
||
10.27
|
First
Amendment to Restricted Stock Award Agreement between Sun Communities,
Inc., and Gary A. Shiffman#
|
(15)
|
||
10.28
|
Second
Amendment to Restricted Stock Award Agreement between Sun Communities,
Inc. and Gary A. Shiffman#
|
(21)
|
||
10.29
|
Third
Amendment to Restricted Stock Award Agreement between Sun Communities,
Inc. and Gary A. Shiffman#
|
(23)
|
||
10.3
|
Amended
and Restated 1993 Non-Employee Director Stock Option
Plan
|
(2)
|
||
10.3
|
Restricted
Stock Award Agreement between Sun Communities, Inc. and Jeffrey P.
Jorissen, dated May 10, 2004#
|
(15)
|
||
10.31
|
First
Amendment to Restricted Stock Award Agreement between Sun Communities,
Inc. and Jeffrey P. Jorissen#
|
(15)
|
||
10.32
|
Second
Amendment to Restricted Stock Award Agreement between Sun Communities,
Inc. and Jeffrey P. Jorissen #
|
(21)
|
||
10.33
|
Third
Amendment to Restricted Stock Award Agreement between Sun Communities,
Inc. and Jeffrey P. Jorissen#
|
(23)
|
||
10.34
|
Restricted
Stock Award Agreement between Sun Communities, Inc. and John B.
McLaren, dated February 5, 2008#
|
(22)
|
||
10.35
|
Restricted
Stock Award Agreement between Sun Communities, Inc. and Karen
J. Dearing, dated February 5, 2008#
|
(22)
|
||
10.36
|
Form
of Loan Agreement dated June 9, 2004 by and among Sun Candlewick LLC, Sun
Silver Star LLC and Aspen-Holland Estates, LLC, as Borrowers, and Bank of
America, N.A., as Lender
|
(12)
|
||
10.37
|
Schedule
identifying substantially identical agreements to Exhibit
10.33
|
(12)
|
Exhibit
Number
|
Description
|
Method
of Filing
|
||
10.38
|
Form
of Loan Agreement dated June 9, 2004 by and between Sun Pool 8 LLC, as
Borrower, and Bank of America, N.A., as Lender
|
(12)
|
||
10.39
|
Schedule
identifying substantially identical agreements to Exhibit
10.35
|
(12)
|
||
10.4
|
Form
of Stock Option Agreement between Sun Communities, Inc. and certain
directors, officers and other individuals#
|
(1)
|
||
10.4
|
Form
of Loan Agreement dated June 9, 2004 by and between Sun Continental
Estates LLC as Borrower, and Bank of America, N.A., as
Lender
|
(12)
|
||
10.41
|
Schedule
identifying substantially identical agreements to Exhibit
10.37
|
(12)
|
||
10.42
|
Form
of Loan Agreement dated June 9, 2004 by and between Sun Indian Creek LLC,
as Borrower, and Bank of America, N.A., as Lender
|
(12)
|
||
10.43
|
Schedule
identifying substantially identical agreements to Exhibit
10.39
|
(12)
|
||
10.44
|
Amended
And Restated Master Credit Facility Agreement dated April 28, 2004 by and
among Sun Secured Financing LLC, Aspen Ft. Collins Limited Partnership,
Sun Secured Financing Houston Limited Partnership, Sun Communities
Finance, LLC, Sun Holly Forest LLC, Sun Saddle Oak LLC, as Borrowers, and
Arcs Commercial Mortgage Co., L.P., as Lender
|
(12)
|
||
10.45
|
Appendix
I (definitions) to Amended And Restated Master Credit Facility Agreement
dated April 28, 2004 by and among Sun Secured Financing LLC, Aspen Ft.
Collins Limited Partnership, Sun Secured Financing Houston Limited
Partnership, Sun Communities Finance, LLC, Sun Holly Forest LLC, Sun
Saddle Oak LLC, as Borrowers, and Arcs Commercial Mortgage Co., L.P., as
Lender
|
(12)
|
||
10.46
|
Fixed
Facility Note dated April 5, 2004 made by Sun Secured Financing LLC, Aspen
– Ft. Collins Limited Partnership and Sun Secured Financing Houston
Limited Partnership, in favor of Arcs Commercial Mortgage Co., L.P., in
the original principal amount of $77,362,500
|
(12)
|
||
10.47
|
Fixed
Facility Note dated April 28, 2004 made by Sun Secured Financing LLC, Sun
Secured Financing Houston Limited Partnership, Aspen – Ft. Collins Limited
Partnership, Sun Communities Finance LLC, Sun Holly Forest LLC and Sun
Saddle Oak LLC, in favor of Arcs Commercial Mortgage Co., L.P., in the
original principal amount of $100,000,000
|
(12)
|
||
10.48
|
Variable
Facility Note dated April 28, 2004 made by Sun Secured Financing LLC, Sun
Secured Financing Houston Limited Partnership, Aspen – Ft. Collins Limited
Partnership, Sun Communities Finance LLC, Sun Holly Forest LLC and Sun
Saddle Oak LLC, in favor of Arcs Commercial Mortgage Co., L.P., in the
original principal amount of $60,275,000
|
(12)
|
||
10.49
|
Fourth
Amended and Restated Variable Facility Note dated April 28, 2004 made by
Sun Secured Financing LLC, Sun Secured Financing Houston Limited
Partnership, Aspen – Ft. Collins Limited Partnership, Sun Communities
Finance LLC, Sun Holly Forest LLC and Sun Saddle Oak LLC, in favor of Arcs
Commercial Mortgage Co., L.P., in the original principal amount of
$152,362,500
|
(12)
|
||
10.5
|
Form
of Non-Employee Director Stock Option Agreement between Sun Communities,
Inc. and certain directors#
|
(2)
|
||
10.5
|
Credit
Agreement, dated September 30, 2004, among the Company, the Operating
Partnership, Standard Federal Bank National Association, LaSalle Bank
National Association and other lenders
|
(13)
|
||
10.51
|
Second
Amended and Restated Promissory Note (Secured), dated as of July 15, 2002,
made by Gary A. Shiffman in favor of the Operating
Partnership
|
(10)
|
||
10.52
|
First
Amended and Restated Promissory Note (Unsecured), dated as of July 15,
2002, made by Gary A. Shiffman in favor of the Operating
Partnership
|
(10)
|
||
10.53
|
First
Amended and Restated Promissory Note (Secured), dated as of July 15, 2002,
made by Gary A. Shiffman in favor of the Operating
Partnership
|
(10)
|
||
10.54
|
Second
Amended and Restated Promissory Note (Unsecured), dated as of July 15,
2002, made by Gary A. Shiffman in favor of the Operating
Partnership
|
(10)
|
||
10.55
|
Second
Amended and Restated Promissory Note (Secured), dated as of July 15, 2002,
made by Gary A. Shiffman in favor of the Operating
Partnership
|
(10)
|
||
10.56
|
Lease,
dated November 1, 2002, by and between the Operating Partnership as Tenant
and American Center LLC as Landlord
|
(11)
|
||
10.58
|
Promissory
Note dated July 10, 2006 made by Sun Villa MHC LLC in favor of ARCS
Commercial Mortgage Co., L.P., in the original principal amount of
$18,300,000
|
(17)
|
||
10.59
|
Promissory
Note dated July 10, 2006 made by Sun Countryside Atlanta LLC in favor of
ARCS Commercial Mortgage Co., L.P., in the original principal amount of
$12,950,000
|
(17)
|
||
10.6
|
Deed
of Trust, Assignment of Rents, Security Agreement and Fixture Filing,
dated July 10, 2006, made by Sun Villa MHC LLC in favor of ARCS Commercial
Mortgage Co., L.P.
|
(17)
|
||
10.6
|
2004
Non-Employee Director Stock Option Plan#
|
(20)
|
||
10.61
|
Deed
to Secure Debt and Security Agreement dated July 10, 2006 made by Sun
Countryside Atlanta LLC in favor of ARCS Commercial Mortgage Co.,
L.P.
|
(17)
|
||
10.62
|
Promissory
Note dated August 1, 2006 made by Sun Countryside Lake Lanier LLC in favor
of ARCS Commercial Mortgage Co., L.P., in the original principal amount of
$16,850,000
|
(18)
|
Exhibit
Number
|
Description
|
Method
of Filing
|
||
10.63
|
Deed
to Secured Debt and Security Agreement dated August 1, 2006 made by Sun
Countryside Lake Lanier LLC in favor of ARCS Commercial Mortgage Co.,
L.P.
|
(18)
|
||
10.64
|
Future
Advance, Renewal and Consolidation Promissory Note dated November 15, 2006
made by Miami Lakes Venture Associates in favor of Lehman Brothers Bank,
FSB in the original principal amount of $54,000,000
|
(18)
|
||
10.65
|
Notice
of Future Advance, Mortgage Modification, Extension and Spreader Agreement
and Security Agreement dated November 15, 2006 made by Miami Lakes Venture
Associates in favor of Lehman Brothers Bank, FSB
|
(18)
|
||
10.66
|
Promissory
Note dated January 4, 2007 made by High Point Associates, L.P., in favor
of Lehman Brothers Bank, FSB in the original principal amount of
$17,500,000
|
(18)
|
||
10.67
|
Mortgage
and Security Agreement dated January 4, 2007 made by High Point
Associates, L.P., in favor of Lehman Brothers Bank,
FSB
|
(18)
|
||
10.68
|
Promissory
Note dated January 5, 2007 made by Sea Breeze Limited Partnership in favor
of Lehman Brothers Bank, FSB in the original principal amount of
$20,000,000
|
(18)
|
||
10.69
|
Mortgage
and Security Agreement dated January 5, 2007 made by Sea Breeze Limited
Partnership in favor of Lehman Brothers Bank, FSB
|
(18)
|
||
10.7
|
Form
of Restricted Stock Award Agreement#
|
(15)
|
||
10.7
|
First
Amendment to Amended and Restated Master Credit Facility Agreement dated
May 31, 2007 by and among (i) Sun Secured Financing LLC, Aspen-Ft. Collins
Limited Partnership, Sun Secured Financing Houston Limited Partnership,
Sun Communities Finance, LLC, Sun Holly Forest LLC and Sun Saddle Oak LLC,
and (ii) ARCS Commercial Mortgage Co., L.P.
|
(19)
|
||
10.71
|
Fourth
Amendment to Credit Agreement dated June 1, 2007 by and among Sun
Communities Operating Limited Partnership, Sun Communities, Inc., LaSalle
Bank Midwest National Association, the Huntington National Bank, KeyBank
National Association, National City Bank of the Midwest and Sovereign
Bank
|
(19)
|
||
10.72
|
Loan
Agreement, dated as of June 20, 2008, by and among Apple Orchard, L.L.C.;
Sun Lakeview LLC; and Sun Tampa East, LLC, and LASALLE BANK MIDWEST
NATIONAL ASSOCIATION
|
(25)
|
||
10.73
|
Open-End
Mortgage, dated as of June 20, 2008, executed by Apple Orchard, L.L.C., to
and for the benefit of LASALLE BANK MIDWEST NATIONAL
ASSOCIATION
|
(25)
|
||
10.74
|
Commercial
Mortgage, dated as of June 20, 2008, executed by Sun Lakeview LLC to and
for the benefit of LASALLE BANK MIDWEST NATIONAL
ASSOCIATION
|
(25)
|
||
10.75
|
Commercial
Mortgage, dated as of June 20, 2008, executed by Sun Tampa East, LLC to
and for the benefit of LASALLE BANK MIDWEST NATIONAL
ASSOCIATION
|
(25)
|
||
10.76
|
Promissory
Note, dated June 20, 2008, in the principal amount of Twenty Seven Million
and 00/100 Dollars ($27,000,000.00), by Apple Orchard, L.L.C.; Sun
Lakeview LLC; and Sun Tampa East, LLC, in favor of LASALLE BANK MIDWEST
NATIONAL ASSOCIATION
|
(25)
|
||
10.77
|
Continuing
Unconditional Guaranty, dated as of June 20, 2008, executed by Sun
Communities Operating Limited Partnership to and for the benefit of
LASALLE BANK MIDWEST NATIONAL ASSOCIATION
|
(25)
|
||
10.78
|
Form
and Example of: Environmental Indemnity Agreement, dated as of June 20,
2008, executed by Apple Orchard, L.L.C. and Sun Communities Operating
Limited Partnership to and for the benefit of LASALLE BANK MIDWEST
NATIONAL ASSOCIATION
|
(25)
|
||
10.79
|
Form
and Example of: Assignment of Leases and Rents, dated as of June 20, 2008,
executed by Apple Orchard, L.L.C. to and for the benefit of LASALLE BANK
MIDWEST NATIONAL ASSOCIATION
|
(25)
|
||
10.8
|
Stock
Pledge Agreement between Gary A. Shiffman and the Operating Partnership
for 94,570 shares of Common Stock
|
(3)
|
||
10.8
|
Agreement
for Purchase and Sale, dated as of July 1, 2008, by and between Sun
Communities, Inc., Sun Communities Operating Limited Partnership, and 21st
Mortgage Corporation
|
(26)
|
||
10.81
|
Inventory
Security Agreement and Power of Attorney dated as of March 6, 2009,
executed by and between Sun Home Services, Inc. and 21st MORTGAGE
CORPORATION
|
(28)
|
||
10.82
|
Terms
Schedule dated as of March 6, 2009, executed by and between Sun Home
Services, Inc. and 21st MORTGAGE CORPORATION
|
(28)
|
||
10.83
|
Guaranty,
dated as of March 6, 2009, executed by Sun Communities, Inc. to and for
the benefit of 21st MORTGAGE CORPORATION
|
(28)
|
||
10.84
|
Letter
Agreement dated April 20, 2009, by and among Sun Secured Financing LLC,
Aspen – Ft. Collins Limited Partnership, Sun Secured Financing Houston
Limited Partnership, Sun Communities finance, LLC, Sun Holly Forest LLC,
Sun Saddle Oak LLC and PNC ARCS LLC.
|
(29)
|
Exhibit
Number
|
Description
|
Method
of Filing
|
||
10.85
|
Second
Amendment to Amended and Restated Master Credit Facility dated April 28,
2009 by and among Sun Secured Financing LLC, Aspen – Ft. Collins Limited
Partnership, Sun Secured Financing Houston Limited Partnership, Sun
Communities finance, LLC, Sun Holly Forest LLC, Sun Saddle Oak LLC and PNC
ARCS LLC.
|
(29)
|
||
10.86
|
Interest
Rate Cap Security, Pledge and Assignment Agreement dated April 28, 2009 by
and among Sun Secured Financing LLC, Aspen – Ft. Collins Limited
Partnership, Sun Secured Financing Houston Limited Partnership, Sun
Communities finance, LLC, Sun Holly Forest LLC, Sun Saddle Oak LLC and PNC
ARCS LLC.
|
(29)
|
||
10.87
|
Promissory
Note dated June 29, 2009, by and among Knollwood Estates Operating
Company, LLC, Sun River Ridge Limited Partnership, Sun Countryside
Gwinnett, LLC, and Bank of America, N.A.
|
(32)
|
||
10.88
|
Guaranty
Agreement dated June 29, 2009, by and among Sun Communities Operating
Limited Partnership on behalf of Knollwood Estates Operating Company,
LLC, Sun River Ridge Limited Partnership, Sun Countryside Gwinnett,
LLC, in favor of Bank of America, N.A.
|
(32)
|
||
10.89
|
Term
Loan Agreement dated June 29, 2009, by and among Knollwood Estates
Operating Company, LLC, Sun River Ridge Limited Partnership, Sun
Countryside Gwinnett, LLC, and Bank of America, N.A.
|
(32)
|
||
10.9
|
Stock
Pledge Agreement between Gary A. Shiffman and the Operating Partnership
for 305,430 shares of Common Stock
|
(3)
|
||
21.1
|
List
of Subsidiaries of Sun Communities, Inc.
|
(35)
|
||
23.1
|
Consent
of Grant Thornton LLP
|
(35)
|
||
31.1
|
Certification
of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
(35)
|
||
31.2
|
Certification
of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002
|
(35)
|
||
32.1
|
Certification
of Chief Executive Officer and Chief Financial Officer pursuant to Section
906 of the Sarbanes-Oxley Act of 2002
|
(35)
|
(1)
|
Incorporated
by reference to Sun Communities, Inc.’s Registration Statement No.
33-69340
|
(2)
|
Incorporated
by reference to Sun Communities, Inc.’s Registration Statement No.
33-80972
|
(3)
|
Incorporated
by reference to Sun Communities, Inc.’s Quarterly Report on Form 10-K for
the quarter ended September 30,
1995
|
(4)
|
Incorporated
by reference to Sun Communities, Inc.’s Annual Report on Form 10-K for the
year ended December 31, 1996
|
(5)
|
Incorporated
by reference to Sun Communities, Inc.’s Annual Report on Form 10-K for the
year ended December 31, 1997
|
(6)
|
Incorporated
by reference to Sun Communities, Inc.’s Annual Report on Form 10-K for the
year ended December 31, 1998
|
(7)
|
Incorporated
by reference to Sun Communities, Inc.’s Proxy Statement, dated April 20,
1999
|
(8)
|
Incorporated
by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated
October 14, 1999
|
(9)
|
Incorporated
by reference to Sun Communities, Inc.’s Annual Report on Form 10-K for the
year ended December 31, 2001
|
(10)
|
Incorporated
by reference to Sun Communities, Inc.’s Quarterly Report on Form 10-Q for
the quarter ended September 30,
2002
|
(11)
|
Incorporated
by reference to Sun Communities, Inc.’s Annual Report on Form 10-K for the
year ended December 31, 2002, as
amended
|
(12)
|
Incorporated
by reference to Sun Communities, Inc.’s Quarterly Report on Form 10-Q for
the quarter ended June 30, 2004
|
(13)
|
Incorporated
by reference to Sun Communities, Inc.’s Quarterly Report on Form 10-Q for
the quarter ended September 30,
2004
|
(14)
|
Incorporated
by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated
February 23, 2005
|
(15)
|
Incorporated
by reference to Sun Communities, Inc.’s Annual Report on Form 10-K for the
year ended December 31, 2004
|
(16)
|
Incorporated
by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated
October 19, 2006
|
(17)
|
Incorporated
by reference to Sun Communities, Inc.’s Quarterly Report on Form 10-Q for
the quarter ended June 30, 2006
|
(18)
|
Incorporated
by reference to Sun Communities, Inc.’s Quarterly Report on Form 10-Q for
the quarter ended March 31, 2007
|
(19)
|
Incorporated
by reference to Sun Communities, Inc.’s Quarterly Report on Form 10-Q for
the quarter ended June 30, 2007
|
(20)
|
Incorporated
by reference to Sun Communities, Inc.’s Proxy Statement dated April 20,
2004
|
(21)
|
Incorporated
by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated
January 4, 2008
|
(22)
|
Incorporated
by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated
February 7, 2008
|
(23)
|
Incorporated
by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated
March 19, 2008
|
(24)
|
Incorporated
by reference to Sun Communities, Inc.’s Current Report on Form 8-A dated
June 3, 2008
|
(25)
|
Incorporated
by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated
June 26, 2008
|
(26)
|
Incorporated
by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated
July 7, 2008
|
(27)
|
Incorporated
by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated
July 15, 2008
|
(28)
|
Incorporated
by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated
March 12, 2009
|
(29)
|
Incorporated
by reference to Sun Communities, Inc.’s Quarterly Report on Form 10-Q for
the quarter ended March 31, 2009
|
(30)
|
Incorporated
by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated
April 30, 2009
|
(31)
|
Incorporated
by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated
July 22, 2009
|
(32)
|
Incorporated
by reference to Sun Communities, Inc.’s Quarterly Report on Form 10-Q for
the quarter ended June 30, 2009
|
(33)
|
Incorporated
by reference to Sun Communities, Inc.’s Current Report on Form 8-K dated
August 27, 2009
|
(34)
|
Incorporated
by reference to Sun Communities, Inc.’s Registration Statement No.
333-158623
|
(35)
|
Filed
herewith
|
#
|
Management
contract or compensatory plan or
arrangement.
|
Page
|
|
|
|
Financial
Statements:
|
|
|
|
|
|
|
|
|
|
|
|
|
·
|
pertain
to the maintenance of records that in reasonable detail accurately and
fairly reflect the transactions and dispositions of our
assets;
|
·
|
provide
reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted
accounting principles;
|
·
|
provide
reasonable assurance that receipts and expenditures are being made only in
accordance with authorization of our management and directors;
and
|
·
|
provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of our assets that could have
a material adverse effect on the financial
statements.
|
As
of December 31,
|
||||||||
2009
|
2008
|
|||||||
ASSETS
|
||||||||
Investment
property, net
|
$
|
1,064,305
|
$
|
1,099,020
|
||||
Cash
and cash equivalents
|
4,496
|
6,162
|
||||||
Inventory
of manufactured homes
|
3,934
|
3,342
|
||||||
Investment
in affiliates
|
1,646
|
3,772
|
||||||
Notes
and other receivables
|
74,030
|
57,481
|
||||||
Other
assets
|
32,954
|
37,152
|
||||||
Assets
of discontinued operations
|
-
|
70
|
||||||
TOTAL
ASSETS
|
$
|
1,181,365
|
$
|
1,206,999
|
||||
LIABILITIES
|
||||||||
Debt
|
$
|
1,159,442
|
$
|
1,139,152
|
||||
Lines
of credit
|
94,465
|
90,419
|
||||||
Other
liabilities
|
38,766
|
37,240
|
||||||
Liabilities
of discontinued operations
|
-
|
70
|
||||||
TOTAL
LIABILITIES
|
1,292,673
|
1,266,881
|
||||||
Commitments
and contingencies
|
||||||||
STOCKHOLDERS’
DEFICIT
|
||||||||
Preferred
stock, $0.01 par value, 10,000 shares authorized, none
issued
|
$
|
-
|
$
|
-
|
||||
Common
stock, $0.01 par value, 90,000 shares
authorized (December 31, 2009 and 2008, 20,635 and 20,313
shares issued respectively)
|
206
|
203
|
||||||
Additional
paid-in capital
|
463,811
|
459,847
|
||||||
Officer's
notes
|
(5,028
|
)
|
(8,334
|
)
|
||||
Accumulated
other comprehensive loss
|
(1,858
|
)
|
(2,851
|
)
|
||||
Distributions
in excess of accumulated earnings
|
(498,370
|
)
|
(445,147
|
)
|
||||
Treasury
stock, at cost (December 31, 2009 and 2008, 1,802
shares)
|
(63,600
|
)
|
(63,600
|
)
|
||||
Total
Sun Communities, Inc. stockholders' deficit
|
(104,839
|
)
|
(59,882
|
)
|
||||
Noncontrolling
interests
|
(6,469
|
)
|
-
|
|||||
TOTAL
STOCKHOLDERS’ DEFICIT
|
(111,308
|
)
|
(59,882
|
)
|
||||
TOTAL
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
$
|
1,181,365
|
$
|
1,206,999
|
Years
ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
REVENUES
|
||||||||||||
Income
from real property
|
$
|
198,844
|
$
|
195,450
|
$
|
190,546
|
||||||
Revenue
from home sales
|
32,721
|
31,477
|
22,905
|
|||||||||
Rental
home revenue
|
20,463
|
20,533
|
18,840
|
|||||||||
Ancillary
revenues, net
|
387
|
455
|
508
|
|||||||||
Interest
|
6,005
|
3,902
|
2,884
|
|||||||||
Other
income (loss), net
|
(1,811
|
)
|
2,474
|
(608
|
)
|
|||||||
Total
revenues
|
256,609
|
254,291
|
235,075
|
|||||||||
COSTS
AND EXPENSES
|
||||||||||||
Property
operating and maintenance
|
51,176
|
49,246
|
47,851
|
|||||||||
Real
estate taxes
|
16,537
|
15,982
|
16,366
|
|||||||||
Cost
of home sales
|
23,483
|
24,286
|
18,181
|
|||||||||
Rental
home operating and maintenance
|
16,291
|
15,673
|
13,830
|
|||||||||
General
and administrative - real property
|
17,670
|
16,363
|
14,556
|
|||||||||
General
and administrative - home sales and rentals
|
7,429
|
6,734
|
6,093
|
|||||||||
Georgia
flood damage
|
800
|
-
|
-
|
|||||||||
Depreciation
and amortization
|
65,011
|
64,427
|
61,900
|
|||||||||
Asset
impairment charge
|
-
|
9,087
|
-
|
|||||||||
Interest
|
59,432
|
60,775
|
61,939
|
|||||||||
Interest
on mandatorily redeemable debt
|
3,347
|
3,382
|
3,601
|
|||||||||
Total
expenses
|
261,176
|
265,955
|
244,317
|
|||||||||
Loss
before income taxes and equity loss from affiliates
|
(4,567
|
)
|
(11,664
|
)
|
(9,242
|
)
|
||||||
Provision
for state income taxes
|
(413
|
)
|
(336
|
)
|
(768
|
)
|
||||||
Equity
loss from affiliates
|
(2,176
|
)
|
(16,498
|
)
|
(7,969
|
)
|
||||||
Loss
from continuing operations
|
(7,156
|
)
|
(28,498
|
)
|
(17,979
|
)
|
||||||
Loss
from discontinued operations
|
(227
|
)
|
(5,111
|
)
|
(793
|
)
|
||||||
Net
loss
|
(7,383
|
)
|
(33,609
|
)
|
(18,772
|
)
|
||||||
Less:
amounts attributable to noncontrolling interests
|
(1,081
|
)
|
839
|
(2,129
|
)
|
|||||||
Net
loss attributable to Sun Communities, Inc. common
stockholders
|
$
|
(6,302
|
)
|
$
|
(34,448
|
)
|
$
|
(16,643
|
)
|
|||
Amounts
attributable to Sun Communities, Inc. common
stockholders:
|
||||||||||||
Loss
from continuing operations, net of state income
taxes
|
$
|
(6,099
|
)
|
$
|
(29,209
|
)
|
$
|
(15,940
|
)
|
|||
Loss
from discontinued operations, net of state income
taxes
|
(203
|
)
|
(5,239
|
)
|
(703
|
)
|
||||||
Loss
attributable to Sun Communities, Inc. common
stockholders
|
$
|
(6,302
|
)
|
$
|
(34,448
|
)
|
$
|
(16,643
|
)
|
|||
Weighted
average common shares outstanding:
|
||||||||||||
Basic
|
18,484
|
18,176
|
17,938
|
|||||||||
Diluted
|
18,484
|
18,176
|
17,938
|
|||||||||
Basic
and diluted loss per share:
|
||||||||||||
Continuing
operations
|
$
|
(0.33
|
)
|
$
|
(1.61
|
)
|
$
|
(0.89
|
)
|
|||
Discontinued
operations
|
(0.01
|
)
|
(0.29
|
)
|
(0.04
|
)
|
||||||
Basic
and diluted loss per share
|
$
|
(0.34
|
)
|
$
|
(1.90
|
)
|
$
|
(0.93
|
)
|
|||
Cash
dividends per common share:
|
$
|
2.52
|
$
|
2.52
|
$
|
2.52
|
Common
Stock
|
Additional
Paid-in Capital
|
Officer's
Notes
|
Accumulated
Other Comprehensive Loss
|
Distributions
in Excess of Accumulated Earnings
|
Treasury
Stock
|
Total
Sun Communities Stockholders' Deficit
|
Non-controlling
Interest
|
Total
Stock-holders' Deficit
|
||||||||||||||||||||||||||||
Balance
as of December 31, 2006
|
$
|
200
|
$
|
452,882
|
$
|
(9,083
|
)
|
$
|
820
|
$
|
(302,022
|
)
|
$
|
(63,600
|
)
|
$
|
79,197
|
$
|
12,391
|
$
|
91,588
|
|||||||||||||||
Redemption
of common stock and OP units, net
|
2
|
5,988
|
-
|
(5,326
|
)
|
-
|
664
|
(962
|
)
|
(298
|
)
|
|||||||||||||||||||||||||
Exercise
of stock options
|
-
|
38
|
-
|
-
|
-
|
-
|
38
|
-
|
38
|
|||||||||||||||||||||||||||
Stock-based
compensation - amortization and forfeitures
|
-
|
1,121
|
-
|
-
|
-
|
-
|
1,121
|
-
|
1,121
|
|||||||||||||||||||||||||||
Reclassification
and conversion of noncontrolling interest
|
-
|
(1,542
|
)
|
-
|
-
|
-
|
-
|
(1,542
|
)
|
1,542
|
-
|
|||||||||||||||||||||||||
Net
loss
|
-
|
-
|
-
|
-
|
(16,643
|
)
|
-
|
(16,643
|
)
|
(2,129
|
)
|
(18,772
|
)
|
|||||||||||||||||||||||
Debt
payable on OP units
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(46
|
)
|
(46
|
)
|
|||||||||||||||||||||||||
Unrealized
loss on interest rate swaps
|
-
|
-
|
-
|
(1,676
|
)
|
-
|
-
|
(1,676
|
)
|
-
|
(1,676
|
)
|
||||||||||||||||||||||||
Repayment
of officer's notes
|
-
|
-
|
343
|
-
|
-
|
-
|
343
|
-
|
343
|
|||||||||||||||||||||||||||
Cash
distributions declared of $2.52 per share
|
-
|
-
|
-
|
-
|
(40,455
|
)
|
-
|
(40,455
|
)
|
(5,797
|
)
|
(46,252
|
)
|
|||||||||||||||||||||||
Balance
as of December 31, 2007
|
$
|
202
|
$
|
458,487
|
$
|
(8,740
|
)
|
$
|
(856
|
)
|
$
|
(364,446
|
)
|
$
|
(63,600
|
)
|
$
|
21,047
|
$
|
4,999
|
$
|
26,046
|
||||||||||||||
Redemption
of common stock, net
|
1
|
1
|
-
|
-
|
(1
|
)
|
-
|
1
|
-
|
1
|
||||||||||||||||||||||||||
Stock-based
compensation - amortization and forfeitures
|
-
|
1,359
|
-
|
-
|
-
|
-
|
1,359
|
-
|
1,359
|
|||||||||||||||||||||||||||
Net
loss
|
-
|
-
|
-
|
-
|
(34,448
|
)
|
-
|
(34,448
|
)
|
839
|
(33,609
|
)
|
||||||||||||||||||||||||
Debt
payable on OP units
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(47
|
)
|
(47
|
)
|
|||||||||||||||||||||||||
Unrealized
loss on interest rate swaps
|
-
|
-
|
-
|
(1,995
|
)
|
-
|
-
|
(1,995
|
)
|
-
|
(1,995
|
)
|
||||||||||||||||||||||||
Repayment
of officer's notes
|
-
|
-
|
406
|
-
|
-
|
-
|
406
|
-
|
406
|
|||||||||||||||||||||||||||
Cash
distributions declared of $2.52 per share
|
-
|
-
|
-
|
-
|
(46,252
|
)
|
-
|
(46,252
|
)
|
(5,791
|
)
|
(52,043
|
)
|
|||||||||||||||||||||||
Balance
as of December 31, 2008
|
$
|
203
|
$
|
459,847
|
$
|
(8,334
|
)
|
$
|
(2,851
|
)
|
$
|
(445,147
|
)
|
$
|
(63,600
|
)
|
$
|
(59,882
|
)
|
$
|
-
|
$
|
(59,882
|
)
|
||||||||||||
Issuance
of common stock, net
|
3
|
1,502
|
-
|
-
|
-
|
-
|
1,505
|
-
|
1,505
|
|||||||||||||||||||||||||||
Stock-based
compensation - amortization and forfeitures
|
-
|
2,462
|
-
|
-
|
-
|
-
|
2,462
|
-
|
2,462
|
|||||||||||||||||||||||||||
Net
loss
|
-
|
-
|
-
|
-
|
(6,302
|
)
|
-
|
(6,302
|
)
|
(1,081
|
)
|
(7,383
|
)
|
|||||||||||||||||||||||
Unrealized
gain on interest rate swaps and cap
|
-
|
-
|
-
|
993
|
-
|
-
|
993
|
118
|
1,111
|
|||||||||||||||||||||||||||
Repayment
of officer's notes
|
-
|
-
|
3,306
|
-
|
-
|
-
|
3,306
|
-
|
3,306
|
|||||||||||||||||||||||||||
Cash
distributions declared of $2.52 per share
|
-
|
-
|
-
|
-
|
(46,921
|
)
|
-
|
(46,921
|
)
|
(5,506
|
)
|
(52,427
|
)
|
|||||||||||||||||||||||
Balance
as of December 31, 2009
|
$
|
206
|
$
|
463,811
|
$
|
(5,028
|
)
|
$
|
(1,858
|
)
|
$
|
(498,370
|
)
|
$
|
(63,600
|
)
|
$
|
(104,839
|
)
|
$
|
(6,469
|
)
|
$
|
(111,308
|
)
|
Years
Ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
Net
loss
|
$
|
(7,383
|
)
|
$
|
(33,609
|
)
|
$
|
(18,772
|
)
|
|||
Unrealized
gain (loss) on interest rate swaps
|
1,111
|
(1,995
|
)
|
(1,676
|
)
|
|||||||
Total
comprehensive loss
|
(6,272
|
)
|
(35,604
|
)
|
(20,448
|
)
|
||||||
Less:
amounts attributable to noncontrolling interests
|
(963
|
)
|
839
|
(2,129
|
)
|
|||||||
Comprehensive
loss attributable to Sun Communities, Inc. common
stockholders
|
$
|
(5,309
|
)
|
$
|
(36,443
|
)
|
$
|
(18,319
|
)
|
Years
ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
OPERATING
ACTIVITIES:
|
||||||||||||
Net
loss
|
$
|
(7,383
|
)
|
$
|
(33,609
|
)
|
$
|
(18,772
|
)
|
|||
Less:
Loss from discontinued operations, net of tax
|
(227
|
)
|
(5,111
|
)
|
(793
|
)
|
||||||
Loss
from continuing operations
|
(7,156
|
)
|
(28,498
|
)
|
(17,979
|
)
|
||||||
Adjustments
to reconcile loss from continuing operations to net cash provided by
operating activities:
|
||||||||||||
Loss
(gain) from land dispositions
|
(90
|
)
|
(3,336
|
)
|
45
|
|||||||
Gain
on disposal of other assets and depreciated homes,
net
|
(3,215
|
)
|
(3,044
|
)
|
(835
|
)
|
||||||
Asset
impairment charges
|
-
|
9,087
|
-
|
|||||||||
Loss
(gain) on valuation of derivative instruments
|
(9
|
)
|
12
|
(248
|
)
|
|||||||
Stock
compensation expense
|
2,566
|
1,961
|
1,127
|
|||||||||
Depreciation
and amortization
|
67,516
|
66,958
|
65,431
|
|||||||||
Amortization
of deferred financing costs
|
1,659
|
1,543
|
1,437
|
|||||||||
Equity
loss from affiliates, net of distributions
|
2,176
|
16,728
|
9,319
|
|||||||||
Change
in notes receivables from financed sales of inventory homes, net of
repayments
|
(4,236
|
)
|
(4,773
|
)
|
(1,142
|
)
|
||||||
Change
in inventory, other assets and other receivables,
net
|
(881
|
)
|
(6,880
|
)
|
(1,682
|
)
|
||||||
Change
in accounts payable and other liabilities
|
1,957
|
1,816
|
43
|
|||||||||
Net
cash provided by operating activities of continuing
operations
|
60,287
|
51,574
|
55,516
|
|||||||||
Net
cash used for operating activities of discontinued
operations
|
(526
|
)
|
(464
|
)
|
(229
|
)
|
||||||
NET
CASH PROVIDED BY OPERATING ACTIVITIES
|
59,761
|
51,110
|
55,287
|
|||||||||
INVESTING
ACTIVITIES:
|
||||||||||||
Investment
in properties
|
(45,140
|
)
|
(49,499
|
)
|
(45,124
|
)
|
||||||
Investment
in affiliate
|
(50
|
)
|
(500
|
)
|
-
|
|||||||
Proceeds
related to dispositions of land
|
172
|
6,436
|
850
|
|||||||||
Proceeds
related to disposition of other assets and depreciated homes,
net
|
276
|
349
|
3,004
|
|||||||||
Payment
of notes receivable and officer's notes, net
|
5,257
|
2,660
|
14,832
|
|||||||||
NET
CASH USED FOR INVESTING ACTIVITIES
|
(39,485
|
)
|
(40,554
|
)
|
(26,438
|
)
|
||||||
FINANCING
ACTIVITIES:
|
||||||||||||
Issuance
(redemption) of common stock and OP units, net
|
1,505
|
(476
|
)
|
(298
|
)
|
|||||||
Proceeds
from option exercise
|
-
|
-
|
38
|
|||||||||
Borrowings
on lines of credit
|
132,701
|
147,837
|
117,712
|
|||||||||
Payments
on lines of credit
|
(128,655
|
)
|
(143,121
|
)
|
(118,409
|
)
|
||||||
Payments
to retire preferred operating partnership units
|
(500
|
)
|
-
|
(4,500
|
)
|
|||||||
Proceeds
from issuance of notes payable and other debt
|
49,855
|
54,500
|
39,825
|
|||||||||
Payments
on notes payable and other debt
|
(23,909
|
)
|
(16,078
|
)
|
(13,849
|
)
|
||||||
Payments
for deferred financing costs
|
(477
|
)
|
(338
|
)
|
(799
|
)
|
||||||
Distributions
to stockholders and OP unit holders
|
(52,462
|
)
|
(52,133
|
)
|
(46,337
|
)
|
||||||
NET
CASH USED FOR FINANCING ACTIVITIES
|
(21,942
|
)
|
(9,809
|
)
|
(26,617
|
)
|
||||||
Net
increase (decrease) in cash and cash equivalents
|
(1,666
|
)
|
747
|
2,232
|
||||||||
Cash
and cash equivalents, beginning of period
|
6,162
|
5,415
|
3,183
|
|||||||||
Cash
and cash equivalents, end of period
|
$
|
4,496
|
$
|
6,162
|
$
|
5,415
|
||||||
SUPPLEMENTAL
INFORMATION:
|
||||||||||||
Cash
paid for interest
|
$
|
52,938
|
$
|
56,567
|
$
|
60,001
|
||||||
Cash
paid for interest on mandatorily redeemable debt
|
$
|
3,348
|
$
|
3,433
|
$
|
3,573
|
||||||
Cash
paid for state income taxes
|
$
|
527
|
$
|
249
|
$
|
-
|
||||||
Noncash
investing and financing activities:
|
||||||||||||
Unrealized
gain (loss) on interest rate swaps
|
$
|
1,111
|
$
|
(1,995
|
)
|
$
|
(1,676
|
)
|
||||
Reduction
in secured borrowing balance
|
$
|
5,156
|
$
|
1,289
|
$
|
-
|
1.
|
Summary
of Significant Accounting Policies
|
1.
|
Summary
of Significant Accounting Policies,
continued
|
1.
|
Summary
of Significant Accounting Policies,
continued
|
2.
|
Discontinued
Operations
|
Years
Ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
Revenues
|
$
|
423
|
$
|
756
|
$
|
881
|
||||||
Expenses
|
(777
|
)
|
(1,783
|
)
|
(1,674
|
)
|
||||||
Asset
impairment
|
-
|
(4,084
|
)
|
-
|
||||||||
Gain
on sale of business
|
127
|
-
|
-
|
|||||||||
Loss
from discontinued operations
|
(227
|
)
|
(5,111
|
)
|
(793
|
)
|
||||||
Amounts
attributable to noncontrolling interests
|
24
|
(128
|
)
|
90
|
||||||||
Loss
from discontinued operations attributable to Sun Communities, Inc. common
stockholders
|
$
|
(203
|
)
|
$
|
(5,239
|
)
|
$
|
(703
|
)
|
As
of December 31,
|
||||||||
2009
|
2008
|
|||||||
ASSETS
|
||||||||
Accounts
receivable, net
|
$
|
-
|
$
|
16
|
||||
Other
assets
|
-
|
54
|
||||||
Total
assets
|
$
|
-
|
$
|
70
|
||||
LIABILITIES
|
||||||||
Accounts
payable
|
$
|
-
|
$
|
16
|
||||
Deferred
income
|
-
|
38
|
||||||
Other
liabilities
|
-
|
16
|
||||||
Total
liabilities
|
$
|
-
|
$
|
70
|
3.
|
Investment
Property
|
As
of December 31,
|
||||||||
2009
|
2008
|
|||||||
Land
|
$
|
116,266
|
$
|
116,292
|
||||
Land
improvements and buildings
|
1,183,613
|
1,177,362
|
||||||
Rental
homes and improvements
|
203,435
|
194,649
|
||||||
Furniture,
fixtures, and equipment
|
35,400
|
34,050
|
||||||
Land
held for future development
|
26,986
|
26,986
|
||||||
Investment
property
|
1,565,700
|
1,549,339
|
||||||
Less:
Accumulated depreciation
|
(501,395
|
)
|
(450,319
|
)
|
||||
Investment
property, net
|
$
|
1,064,305
|
$
|
1,099,020
|
3.
|
Investment
Property, continued
|
4.
|
Transfers
of Financial Assets
|
Number
of Payments
|
Recourse
%
|
|||
Less
than or equal to 15
|
100
|
%
|
||
Greater
than 15 but less than 64
|
90
|
%
|
||
64
or more
|
65
|
%
|
4.
|
Transfers
of Financial Assets, continued
|
Beginning
balance as of December 31, 2008
|
$
|
26,211
|
||
Financed
sales of manufactured homes and transfers of financial
assets
|
31,313
|
|||
Principal
payments and payoffs from our customers
|
(2,389
|
)
|
||
Repurchases
|
(2,767
|
)
|
||
Total
activity
|
26,157
|
|||
Ending
balance as of December 31, 2009
|
$
|
52,368
|
5.
|
Notes
and Other Receivables
|
As
of December 31,
|
||||||||
2009
|
2008
|
|||||||
Installment
notes receivable on manufactured homes, net
|
$
|
12,627
|
$
|
21,232
|
||||
Collateralized
receivables, net (see Note 4)
|
52,201
|
26,159
|
||||||
Other
receivables, net
|
9,202
|
10,090
|
||||||
Total
notes and other receivables, net
|
$
|
74,030
|
$
|
57,481
|
5.
|
Notes and Other Receivables,
continued
|
December
31, 2009
|
December
31, 2008
|
|||||||||||||||||||||||
Secured
by
|
Secured
by
|
|||||||||||||||||||||||
Promissory
Notes
|
Outstanding
Principal Balance
|
Common
Stock
|
Common
OP Units
|
Outstanding
Principal Balance
|
Common
Stock
|
Common
OP Units
|
||||||||||||||||||
Secured
- $1.3 million
|
$
|
581
|
35,756
|
-
|
$
|
963
|
59,263
|
-
|
||||||||||||||||
Secured
- $6.6 million
|
2,952
|
79,395
|
57,118
|
4,894
|
131,591
|
94,669
|
||||||||||||||||||
Secured
- $1.0 million
|
457
|
42,268
|
-
|
757
|
70,057
|
-
|
||||||||||||||||||
Subtotal
secured notes
|
3,990
|
157,419
|
57,118
|
6,614
|
260,911
|
94,669
|
||||||||||||||||||
Unsecured
- $1.0 million
|
457
|
-
|
-
|
757
|
-
|
-
|
||||||||||||||||||
Unsecured
- $1.3 million
|
581
|
-
|
-
|
963
|
-
|
-
|
||||||||||||||||||
Subtotal
unsecured notes
|
1,038
|
-
|
-
|
1,720
|
-
|
-
|
||||||||||||||||||
Total
promissory notes
|
$
|
5,028
|
157,419
|
57,118
|
$
|
8,334
|
260,911
|
94,669
|
6.
|
Investment
in Affiliates
|
Years
Ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
Total
revenues
|
$
|
84,799
|
$
|
90,474
|
$
|
94,902
|
||||||
Total
expenses
|
93,366
|
134,930
|
135,298
|
|||||||||
Loss
from continuing operations
|
(8,567
|
)
|
(44,456
|
)
|
(40,396
|
)
|
||||||
Discontinued
operations
|
-
|
9,092
|
8,629
|
|||||||||
Net
loss
|
$
|
(8,567
|
)
|
$
|
(35,364
|
)
|
$
|
(31,767
|
)
|
As
of December 31,
|
||||||||
ASSETS
|
2009
|
2008
|
||||||
Loans
receivable
|
$
|
808,360
|
$
|
911,947
|
||||
Other
assets
|
37,922
|
53,586
|
||||||
Total
assets
|
$
|
846,282
|
$
|
965,533
|
||||
LIABILITIES
|
||||||||
Warehouse
and securitization financing
|
$
|
689,762
|
$
|
775,120
|
||||
Repurchase
agreements
|
-
|
-
|
||||||
Other
liabilities
|
62,414
|
112,218
|
||||||
Total
liabilities
|
$
|
752,176
|
$
|
887,338
|
7.
|
Debt
and Lines of Credit
|
Principal
Outstanding
|
Weighted
Average Years to Maturity
|
Weighted
Average Interest Rates
|
||||||||||||||||||||||
December
31, 2009
|
December
31, 2008
|
December
31, 2009
|
December
31, 2008
|
December
31, 2009
|
December
31, 2008
|
|||||||||||||||||||
Collateralized
term loans - CMBS
|
$
|
471,299
|
$
|
478,907
|
4.6
|
5.6
|
5.1
|
%
|
5.1
|
%
|
||||||||||||||
Collateralized
term loans - FNMA
|
373,501
|
377,651
|
4.4
|
5.4
|
4.1
|
%
|
4.8
|
%
|
||||||||||||||||
Preferred
OP Units
|
48,947
|
49,447
|
3.7
|
4.7
|
6.8
|
%
|
6.8
|
%
|
||||||||||||||||
Secured
borrowing (see Note 4)
|
52,368
|
26,211
|
13.8
|
14.0
|
10.9
|
%
|
10.1
|
%
|
||||||||||||||||
Mortgage
notes, other
|
213,327
|
206,936
|
5.6
|
6.6
|
5.2
|
%
|
5.4
|
%
|
||||||||||||||||
Total
debt
|
$
|
1,159,442
|
$
|
1,139,152
|
5.1
|
5.9
|
5.1
|
%
|
5.2
|
%
|
7.
|
Debt
and Lines of Credit, continued
|
Maturities
and Amortization By Year
|
||||||||||||||||||||||||||||
Total
Due
|
2010
|
2011
|
2012
|
2013
|
2014
|
After
5 years
|
||||||||||||||||||||||
Lines
of credit
|
$
|
94,465
|
$
|
5,365
|
$
|
89,100
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||
Mortgage
loans payable:
|
||||||||||||||||||||||||||||
Maturities
|
987,954
|
-
|
103,708
|
31,519
|
26,814
|
480,883
|
345,030
|
|||||||||||||||||||||
Principal
amortization
|
70,173
|
14,058
|
13,921
|
13,050
|
13,267
|
8,461
|
7,416
|
|||||||||||||||||||||
Preferred
OP Units
|
48,947
|
1,295
|
-
|
4,300
|
3,345
|
40,007
|
-
|
|||||||||||||||||||||
Secured
borrowing
|
52,368
|
2,016
|
2,227
|
2,461
|
2,645
|
2,880
|
40,139
|
|||||||||||||||||||||
Total
|
$
|
1,253,907
|
$
|
22,734
|
$
|
208,956
|
$
|
51,330
|
$
|
46,071
|
$
|
532,231
|
$
|
392,585
|
8.
|
Share-Based
Compensation
|
Number
of
Shares
|
Weighted
Average
Grant
Date
Fair
Value
|
|||||||
Unvested
restricted shares at January 1, 2009
|
$
|
191,935
|
$
|
33.35
|
||||
Granted
|
80,000
|
$
|
14.95
|
|||||
Vested
|
(82,553
|
)
|
$
|
34.93
|
||||
Forfeited
|
(1,350
|
)
|
$
|
34.25
|
||||
Unvested
restricted shares at December 31, 2009
|
$
|
188,032
|
$
|
24.82
|
8.
|
Share-Based Compensation,
continued
|
July
2009
Award
|
July
2008
Award
|
May
2007
Award
|
||||||||||
Estimated
fair value per share of options granted:
|
$
|
1.66
|
$
|
1.17
|
$
|
2.66
|
||||||
Number
of options granted
|
10,500
|
10,500
|
10,500
|
|||||||||
Assumptions:
|
||||||||||||
Annualized
dividend yield
|
16.90
|
%
|
14.70
|
%
|
8.43
|
%
|
||||||
Common
stock price volatility
|
32.70
|
%
|
22.14
|
%
|
17.24
|
%
|
||||||
Risk-free
rate of return
|
3.24
|
%
|
3.63
|
%
|
4.76
|
%
|
||||||
Expected
option terms (in years)
|
7.3
|
7.3
|
7.3
|
Number
of
Options
|
Weighted
Average
Exercise
Price
(per
common share)
|
Weighted
Average
Contractual
Term
(in
years)
|
Aggregate
Intrinsic
Value
(in
000's)
|
|||||||||||||
Options
outstanding at January 1, 2009
|
205,906
|
$
|
30.82
|
|||||||||||||
Granted
|
10,500
|
14.95
|
||||||||||||||
Exercised
|
-
|
|||||||||||||||
Forfeited
or expired
|
(64,445
|
)
|
||||||||||||||
Options
outstanding at December 31, 2009
|
151,961
|
$
|
29.43
|
3.83
|
$
|
77
|
||||||||||
Options
vested and expected to vest
|
151,961
|
$
|
29.43
|
3.83
|
$
|
77
|
||||||||||
Options
vested and exercisable at December 31, 2009
|
130,961
|
$
|
31.23
|
3.03
|
$
|
9
|
8.
|
Share-Based
Compensation, continued
|
Number
of
Shares
|
Aggregate
Fair
Value
(in
000's)
|
|||||||
Unvested
phantom awards at January 1, 2009
|
12,113
|
$
|
170
|
|||||
Granted
|
-
|
|||||||
Vested
|
(3,637
|
)
|
(56
|
)
|
||||
Forfeited
|
-
|
|||||||
Unvested
phantom awards at December 31, 2009
|
8,476
|
$
|
167
|
9.
|
Stockholders’
Deficit
|
10.
|
Other
Income (Loss)
|
Years
Ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
Brokerage
commissions
|
$
|
506
|
$
|
588
|
$
|
701
|
||||||
Gain
(loss) on sale of land
|
90
|
3,336
|
(45
|
)
|
||||||||
Loss
on disposition of assets, net
|
(2,413
|
)
|
(1,112
|
)
|
(1,304
|
)
|
||||||
Other,
net
|
6
|
(338
|
)
|
40
|
||||||||
Total
other income (loss)
|
$
|
(1,811
|
)
|
$
|
2,474
|
$
|
(608
|
)
|
11.
|
Segment
Reporting
|
Year
Ended December 31, 2009
|
||||||||||||
Real
Property Operations
|
Home
Sales and Home Rentals
|
Consolidated
|
||||||||||
Revenues
|
$
|
198,844
|
$
|
53,184
|
$
|
252,028
|
||||||
Operating
expenses/Cost of sales
|
67,713
|
39,774
|
107,487
|
|||||||||
Net
operating income/Gross profit
|
131,131
|
13,410
|
144,541
|
|||||||||
Adjustments
to arrive at net income (loss):
|
||||||||||||
Other
revenues
|
4,212
|
369
|
4,581
|
|||||||||
General
and administrative
|
(17,670
|
)
|
(7,429
|
)
|
(25,099
|
)
|
||||||
Georgia
flood damage
|
(800
|
)
|
-
|
(800
|
)
|
|||||||
Depreciation
and amortization
|
(44,626
|
)
|
(20,385
|
)
|
(65,011
|
)
|
||||||
Interest
expense
|
(62,456
|
)
|
(323
|
)
|
(62,779
|
)
|
||||||
Equity
loss from affiliates
|
(1,654
|
)
|
(522
|
)
|
(2,176
|
)
|
||||||
Provision
for state income taxes
|
(413
|
)
|
-
|
(413
|
)
|
|||||||
Income
(loss) from continuing operations
|
7,724
|
(14,880
|
)
|
(7,156
|
)
|
|||||||
Loss
from discontinued operations
|
(227
|
)
|
-
|
(227
|
)
|
|||||||
Net
income (loss)
|
7,497
|
(14,880
|
)
|
(7,383
|
)
|
|||||||
Less:
amounts attributable to noncontrolling interests
|
487
|
(1,568
|
)
|
(1,081
|
)
|
|||||||
Net
income (loss) attributable to Sun Communities, Inc. common
stockholders
|
$
|
7,010
|
$
|
(13,312
|
)
|
$
|
(6,302
|
)
|
11.
|
Segment
Reporting, continued
|
Year
Ended December 31, 2008
|
||||||||||||
Real
Property Operations
|
Home
Sales and Home Rentals
|
Consolidated
|
||||||||||
Revenues
|
$
|
195,450
|
$
|
52,010
|
$
|
247,460
|
||||||
Operating
expenses/Cost of sales
|
65,228
|
39,959
|
105,187
|
|||||||||
Net
operating income/Gross profit
|
130,222
|
12,051
|
142,273
|
|||||||||
Adjustments
to arrive at net loss:
|
||||||||||||
Other
revenues
|
5,739
|
1,092
|
6,831
|
|||||||||
General
and administrative
|
(16,363
|
)
|
(6,734
|
)
|
(23,097
|
)
|
||||||
Asset
impairment charge
|
(9,087
|
)
|
-
|
(9,087
|
)
|
|||||||
Depreciation
and amortization
|
(45,692
|
)
|
(18,735
|
)
|
(64,427
|
)
|
||||||
Interest
expense
|
(64,088
|
)
|
(69
|
)
|
(64,157
|
)
|
||||||
Equity
loss from affiliates
|
(16,470
|
)
|
(28
|
)
|
(16,498
|
)
|
||||||
Provision
for state income taxes
|
(336
|
)
|
-
|
(336
|
)
|
|||||||
Loss
from continuing operations
|
(16,075
|
)
|
(12,423
|
)
|
(28,498
|
)
|
||||||
Loss
from discontinued operations
|
(5,111
|
)
|
-
|
(5,111
|
)
|
|||||||
Net
loss
|
(21,186
|
)
|
(12,423
|
)
|
(33,609
|
)
|
||||||
Less:
amounts attributable to noncontrolling interests
|
528
|
311
|
839
|
|||||||||
Net
loss attributable to Sun Communities, Inc. common
stockholders
|
$
|
(21,714
|
)
|
$
|
(12,734
|
)
|
$
|
(34,448
|
)
|
Year
Ended December 31, 2007
|
||||||||||||
Real
Property Operations
|
Home
Sales and Home Rentals
|
Consolidated
|
||||||||||
Revenues
|
$
|
190,546
|
$
|
41,745
|
$
|
232,291
|
||||||
Operating
expenses/Cost of sales
|
64,217
|
32,011
|
96,228
|
|||||||||
Net
operating income/Gross profit
|
126,329
|
9,734
|
136,063
|
|||||||||
Adjustments
to arrive at net loss:
|
||||||||||||
Other
revenues
|
2,301
|
483
|
2,784
|
|||||||||
General
and administrative
|
(14,556
|
)
|
(6,093
|
)
|
(20,649
|
)
|
||||||
Depreciation
and amortization
|
(45,136
|
)
|
(16,764
|
)
|
(61,900
|
)
|
||||||
Interest
expense
|
(65,360
|
)
|
(180
|
)
|
(65,540
|
)
|
||||||
Equity
loss from affiliates
|
(7,969
|
)
|
-
|
(7,969
|
)
|
|||||||
Provision
for state income tax
|
(768
|
)
|
-
|
(768
|
)
|
|||||||
Loss
from continuing operations
|
(5,159
|
)
|
(12,820
|
)
|
(17,979
|
)
|
||||||
Loss
from discontinued operations
|
(793
|
)
|
-
|
(793
|
)
|
|||||||
Net
loss
|
(5,952
|
)
|
(12,820
|
)
|
(18,772
|
)
|
||||||
Less:
amounts attributable to noncontrolling interests
|
(675
|
)
|
(1,454
|
)
|
(2,129
|
)
|
||||||
Net
loss attributable to Sun Communities, Inc. common
stockholders
|
$
|
(5,277
|
)
|
$
|
(11,366
|
)
|
$
|
(16,643
|
)
|
11.
|
Segment
Reporting, continued
|
As
of December 31,
|
||||||||||||||||||||||||
2009
|
2008
|
|||||||||||||||||||||||
Real
Property Operations
|
Home
Sales and Home Rentals
|
Consolidated
|
Real
Property Operations
|
Home
Sales and Home Rentals
|
Consolidated
|
|||||||||||||||||||
Identifiable
assets:
|
||||||||||||||||||||||||
Investment
property, net
|
$
|
922,094
|
$
|
142,211
|
$
|
1,064,305
|
$
|
954,196
|
$
|
144,824
|
$
|
1,099,020
|
||||||||||||
Cash
and cash equivalents
|
4,616
|
(120
|
)
|
4,496
|
6,138
|
24
|
6,162
|
|||||||||||||||||
Inventory
of manufactured homes
|
-
|
3,934
|
3,934
|
-
|
3,342
|
3,342
|
||||||||||||||||||
Investment
in affiliate
|
1,646
|
-
|
1,646
|
3,300
|
472
|
3,772
|
||||||||||||||||||
Notes
and other receivables
|
69,625
|
4,405
|
74,030
|
52,697
|
4,784
|
57,481
|
||||||||||||||||||
Other
assets
|
30,624
|
2,330
|
32,954
|
34,744
|
2,408
|
37,152
|
||||||||||||||||||
Assets
of discontinued operations
|
-
|
-
|
-
|
70
|
-
|
70
|
||||||||||||||||||
Total
assets
|
$
|
1,028,605
|
$
|
152,760
|
$
|
1,181,365
|
$
|
1,051,145
|
$
|
155,854
|
$
|
1,206,999
|
12.
|
Income
Taxes
|
Years
Ended December 31,
|
||||||||||||||||||||||||
2009
|
2008
|
2007
|
||||||||||||||||||||||
Amount
|
Percentage
|
Amount
|
Percentage
|
Amount
|
Percentage
|
|||||||||||||||||||
Ordinary
income
|
$
|
0.63
|
25.1
|
%
|
$
|
0.32
|
12.8
|
%
|
$
|
0.05
|
1.8
|
%
|
||||||||||||
Capital
gain
|
0.01
|
0.3
|
%
|
0.10
|
3.8
|
%
|
-
|
0.0
|
%
|
|||||||||||||||
Return
of capital
|
1.88
|
74.6
|
%
|
2.10
|
83.4
|
%
|
2.47
|
98.2
|
%
|
|||||||||||||||
Total
distributions paid
|
$
|
2.52
|
100.0
|
%
|
$
|
2.52
|
100.0
|
%
|
$
|
2.52
|
100.0
|
%
|
12.
|
Income
Taxes, continued
|
As
of December 31,
|
||||||||
2009
|
2008
|
|||||||
Deferred
tax assets:
|
||||||||
Net
operating loss carryforwards
|
$
|
11,864
|
$
|
9,964
|
||||
Real
estate assets
|
13,520
|
11,128
|
||||||
Amortization
of intangibles
|
(128
|
)
|
(120
|
)
|
||||
Gross
deferred tax assets
|
25,256
|
20,972
|
||||||
Less:
Valuation allowance
|
(24,256
|
)
|
(19,972
|
)
|
||||
Net
deferred tax assets
|
$
|
1,000
|
$
|
1,000
|
13.
|
Loss
Per Share
|
13.
|
Loss
Per Share, continued
|
Years
Ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
Numerator
|
||||||||||||
Net
loss from continuing operations attributable to Sun Communities, Inc.
common stockholders
|
$
|
(6,099
|
)
|
$
|
(29,209
|
)
|
$
|
(15,940
|
)
|
|||
Denominator
|
||||||||||||
Basic
weighted average common shares outstanding
|
18,484
|
18,176
|
17,938
|
|||||||||
Add:
dilutive securities
|
-
|
-
|
-
|
|||||||||
Diluted
weighted average common shares
|
18,484
|
18,176
|
17,938
|
|||||||||
Basic
and diluted loss per share from continuing operations available to Sun
Communities, Inc. common stockholders
|
$
|
(0.33
|
)
|
$
|
(1.61
|
)
|
$
|
(0.89
|
)
|
For
the Years Ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
Stock
options
|
152
|
206
|
286
|
|||||||||
Unvested
restricted stock
|
188
|
192
|
282
|
|||||||||
Common
OP Units
|
2,140
|
2,187
|
2,302
|
|||||||||
Convertible
Preferred OP Units
|
526
|
526
|
535
|
|||||||||
Total
securities
|
3,006
|
3,111
|
3,405
|
14.
|
Quarterly
Financial Information (Unaudited)
|
Quarters
|
||||||||||||||||
1st
|
2nd
|
3rd
|
4th
|
|||||||||||||
(In
thousands, except per share amounts)
|
||||||||||||||||
2009
|
||||||||||||||||
Total
revenues
|
$
|
65,284
|
$
|
63,272
|
$
|
63,392
|
$
|
64,661
|
||||||||
Total
expenses
|
64,025
|
64,976
|
65,173
|
67,002
|
||||||||||||
Income
(loss) before income taxes and equity income (loss) from
affiliates
|
1,259
|
(1,704
|
)
|
(1,781
|
)
|
(2,341
|
)
|
|||||||||
Equity
income (loss) from affiliates
|
27
|
(517
|
)
|
(854
|
)
|
(832
|
)
|
|||||||||
Amounts
attributable to Sun Communities, Inc. common
stockholders:
|
||||||||||||||||
Income
(loss) from continuing operations, net of state income
taxes
|
1,031
|
(2,116
|
)
|
(2,193
|
)
|
(2,821
|
)
|
|||||||||
Income
(loss) from discontinued operations, net of state income
taxes
|
(154
|
)
|
(143
|
)
|
158
|
(64
|
)
|
|||||||||
Income
(loss) attributable to Sun Communities, Inc. common
stockholders
|
$
|
877
|
$
|
(2,259
|
)
|
$
|
(2,035
|
)
|
$
|
(2,885
|
)
|
|||||
Basic
and diluted income (loss) per share:
|
||||||||||||||||
Continuing
operations
|
$
|
0.06
|
$
|
(0.11
|
)
|
$
|
(0.12
|
)
|
$
|
(0.15
|
)
|
|||||
Discontinued
operations
|
(0.01
|
)
|
(0.01
|
)
|
0.01
|
-
|
||||||||||
Basic
and diluted income (loss) per share
|
$
|
0.05
|
$
|
(0.12
|
)
|
$
|
(0.11
|
)
|
$
|
(0.15
|
)
|
|||||
2008
|
||||||||||||||||
Total
revenues
|
$
|
64,750
|
$
|
65,283
|
$
|
61,255
|
$
|
63,003
|
||||||||
Total
expenses
|
63,403
|
65,467
|
64,121
|
72,964
|
||||||||||||
Income
(loss) before income taxes and equity loss from
affiliates
|
1,347
|
(184
|
)
|
(2,866
|
)
|
(9,961
|
)
|
|||||||||
Equity
loss from affiliates
|
(4,830
|
)
|
(7,720
|
)
|
(1,486
|
)
|
(2,462
|
)
|
||||||||
Amounts
attributable to Sun Communities, Inc. common
stockholders:
|
||||||||||||||||
Loss
from continuing operations, net of state income
taxes
|
(2,881
|
)
|
(7,129
|
)
|
(5,190
|
)
|
(14,009
|
)
|
||||||||
Loss
from discontinued operations, net of state income
taxes
|
(214
|
)
|
(239
|
)
|
(303
|
)
|
(4,483
|
)
|
||||||||
Loss
attributable to Sun Communities, Inc. common
stockholders
|
$
|
(3,095
|
)
|
$
|
(7,368
|
)
|
$
|
(5,493
|
)
|
$
|
(18,492
|
)
|
||||
Basic
and diluted loss per share:
|
||||||||||||||||
Continuing
operations
|
$
|
(0.16
|
)
|
$
|
(0.39
|
)
|
$
|
(0.28
|
)
|
$
|
(0.77
|
)
|
||||
Discontinued
operations
|
(0.01
|
)
|
(0.02
|
)
|
(0.02
|
)
|
(0.24
|
)
|
||||||||
Basic
and diluted loss per share
|
$
|
(0.17
|
)
|
$
|
(0.41
|
)
|
$
|
(0.30
|
)
|
$
|
(1.01
|
)
|
15.
|
Derivative
Instruments and Hedging Activities
|
15.
|
Derivative
Instruments and Hedging Activities,
continued
|
Type
|
Purpose
|
Effective
Date
|
Maturity
Date
|
Notional
(in
millions)
|
Based
on
|
Variable
Rate
|
Fixed
Rate
|
Spread
|
Effective
Fixed Rate
|
|||||||||
Swap
|
Floating
to Fixed Rate
|
09/04/02
|
07/03/12
|
25.0
|
3
Month LIBOR
|
0.2844%
|
4.7000%
|
2.0000%
|
6.7000%
|
|||||||||
Swap
|
Floating
to Fixed Rate
|
01/02/09
|
01/02/14
|
20.0
|
3
Month LIBOR
|
0.2869%
|
2.1450%
|
2.0000%
|
4.1450%
|
|||||||||
Swap
|
Floating
to Fixed Rate
|
02/13/09
|
02/13/11
|
25.0
|
1
Month LIBOR
|
0.2341%
|
1.5700%
|
2.0500%
|
3.6200%
|
|||||||||
Cap
|
Cap
Floating Rate
|
04/28/09
|
05/01/12
|
152.4
|
3
Month LIBOR
|
0.2506%
|
11.0000%
|
0.0000%
|
N/A
|
Asset
Derivatives
|
Liability
Derivatives
|
|||||||||||||||||
Balance
Sheet Location
|
Fair
Value
As
of December 31,
|
Balance
Sheet Location
|
Fair
Value
As
of December 31,
|
|||||||||||||||
Derivatives
designated as hedging instruments
|
2009
|
2008
|
2009
|
2008
|
||||||||||||||
Interest
rate swaps and cap agreement
|
Other
assets
|
$
|
379
|
$
|
-
|
Other
liabilities
|
$
|
2,123
|
$
|
2,865
|
||||||||
Total
derivatives designated as hedging instruments
|
$
|
379
|
$
|
-
|
$
|
2,123
|
$
|
2,865
|
Derivatives
in cash flow hedging
|
Amount
of Gain or (Loss) Recognized in OCI
(Effective
Portion)
|
Location of Gain or
(Loss) Reclassified from Accumulated OCI into Income (Effective
Portion)
|
Amount of Gain or
(Loss) Reclassified
from
Accumulated
OCI
into Income
(Effective
Portion)
|
Location of Gain or
(Loss) Recognized in Income on Derivative
(Ineffective Portion and Amount
Excluded
from
Effectiveness
Testing)
|
Amount of Gain or
(Loss) Recognized in Income on Derivative
(Ineffective Portion and Amount
Excluded
from
Effectiveness
Testing)
|
|||||||||||||||||||||||||||||||||
Years
Ended
December
31,
|
Years
Ended
December
31,
|
Years
Ended
December
31,
|
||||||||||||||||||||||||||||||||||||
2009
|
2008
|
2007
|
2009
|
2008
|
2007
|
2009
|
2008
|
2007
|
||||||||||||||||||||||||||||||
Interest
rate swaps and cap agreement
|
$
|
1,111
|
$
|
(1,995
|
)
|
$
|
(1,676
|
)
|
Interest
expense
|
$
|
-
|
$
|
-
|
$
|
-
|
Interest
expense
|
$
|
9
|
$
|
(12
|
)
|
$
|
248
|
|||||||||||||||
Total
|
$
|
1,111
|
$
|
(1,995
|
)
|
$
|
(1,676
|
)
|
Total
|
$
|
-
|
$
|
-
|
$
|
-
|
Total
|
$
|
9
|
$
|
(12
|
)
|
$
|
248
|
16.
|
Fair
Value of Financial Instruments
|
As
of December 31,
|
||||||||||||||||
2009
|
2008
|
|||||||||||||||
Carrying
Value
|
Fair
Value
|
Carrying
Value
|
Fair
Value
|
|||||||||||||
Financial
assets
|
||||||||||||||||
Derivative
instruments
|
$
|
379
|
$
|
379
|
$
|
-
|
$
|
-
|
||||||||
Installment
notes on manufactured homes
|
12,627
|
12,627
|
21,232
|
21,232
|
||||||||||||
Collateralized
receivables
|
52,201
|
-
|
26,159
|
-
|
||||||||||||
Financial
liabilities
|
||||||||||||||||
Derivative
instruments
|
$
|
2,123
|
$
|
2,123
|
$
|
2,865
|
$
|
2,865
|
||||||||
Long
term debt (excluding secured borrowing)
|
1,107,074
|
1,057,326
|
1,112,941
|
1,098,339
|
||||||||||||
Secured
borrowing
|
52,368
|
-
|
26,211
|
-
|
||||||||||||
Lines
of credit
|
94,465
|
94,465
|
90,419
|
90,419
|
16.
|
Fair
Value of Financial Instruments,
continued
|
Total
Fair Value
|
Level
1
|
Level
2
|
Level
3
|
|||||||||||||
Assets
|
||||||||||||||||
Derivative
instruments
|
$
|
379
|
$
|
-
|
$
|
379
|
$
|
-
|
||||||||
Total
assets
|
$
|
379
|
$
|
-
|
$
|
379
|
$
|
-
|
||||||||
Liabilities
|
||||||||||||||||
Derivative
instruments
|
$
|
2,123
|
$
|
-
|
$
|
2,123
|
$
|
-
|
||||||||
Total
liabilities
|
$
|
2,123
|
$
|
-
|
$
|
2,123
|
$
|
-
|
17.
|
Noncontrolling
Interests in Consolidated Financial
Statements
|
17.
|
Noncontrolling
Interests in Consolidated Financial Statements,
continued
|
Loss
from continuing operations
|
$
|
(6,099
|
)
|
|
Loss
from discontinued operations
|
(203
|
)
|
||
Net
loss
|
(6,302
|
)
|
||
Noncontrolling
interests dividend distributions
|
(5,506
|
)
|
||
Net
loss attributable to Sun Communities, Inc. common
stockholders
|
$
|
(11,808
|
)
|
|
Basic
and diluted weighted average common shares
outstanding
|
18,484
|
|||
Basic
and diluted loss per share
|
$
|
(0.64
|
)
|
18.
|
Recent
Accounting Pronouncements
|
18.
|
Recent
Accounting Pronouncements,
continued
|
18.
|
Recent
Accounting Pronouncements,
continued
|
19.
|
Commitments
and Contingencies
|
20.
|
Related
Party Transactions
|
20.
|
Related
Party Transactions, continued
|
Initial
Cost to Company
|
Costs
Capitalized
Subsequent
to Acquisition
(Improvements)
|
Gross
Amount Carried
at
December 31, 2009
|
|||||||||||||||||||||||||||||||||||||||||
Property
Name
|
Location
|
Encumbrance
|
Land
|
Depreciable
Assets
|
Land
|
Depreciable
Assets
|
Land
|
Depreciable
Assets
|
Total
|
Accumulated
Depreciation
|
Date
|
Acquired
(A) or
Constructed
(C)
|
|||||||||||||||||||||||||||||||
Academy/Westpoint
|
Canton,
MI
|
A
|
1,485
|
14,278
|
-
|
4,011
|
1,485
|
18,289
|
19,774
|
(5,587
|
)
|
2000
|
(A)
|
||||||||||||||||||||||||||||||
Allendale
|
Allendale,
MI
|
A
|
366
|
3,684
|
-
|
6,965
|
366
|
10,649
|
11,015
|
(4,220
|
)
|
1996
|
(A)
|
||||||||||||||||||||||||||||||
Alpine
|
Grand
Rapids, MI
|
C
|
729
|
6,692
|
-
|
5,971
|
729
|
12,663
|
13,392
|
(4,959
|
)
|
1996
|
(A)
|
||||||||||||||||||||||||||||||
Apple
Creek
|
Amelia,
OH
|
B
|
543
|
5,480
|
-
|
1,310
|
543
|
6,790
|
7,332
|
(2,071
|
)
|
1999
|
(A)
|
||||||||||||||||||||||||||||||
Arbor
Terrace
|
Bradenton,
FL
|
C
|
456
|
4,410
|
-
|
819
|
456
|
5,229
|
5,686
|
(2,230
|
)
|
1996
|
(A)
|
||||||||||||||||||||||||||||||
Ariana
Village
|
Lakeland,
FL
|
C
|
240
|
2,195
|
-
|
1,032
|
240
|
3,227
|
3,467
|
(1,419
|
)
|
1994
|
(A)
|
||||||||||||||||||||||||||||||
Autumn
Ridge
|
Ankeny,
IA
|
A
|
890
|
8,054
|
(33
|
)
|
2,319
|
857
|
10,373
|
11,231
|
(4,116
|
)
|
1996
|
(A)
|
|||||||||||||||||||||||||||||
Bedford
Hills
|
Battle
Creek, MI
|
-
|
1,265
|
11,562
|
-
|
2,465
|
1,265
|
14,027
|
15,292
|
(6,035
|
)
|
1996
|
(A)
|
||||||||||||||||||||||||||||||
Bell
Crossing
|
Clarksville,
TN
|
-
|
717
|
1,916
|
(13
|
)
|
6,469
|
704
|
8,385
|
9,089
|
(2,476
|
)
|
1999
|
(A)
|
|||||||||||||||||||||||||||||
Boulder
Ridge
|
Pflugerville,
TX
|
A
|
1,000
|
500
|
3,324
|
22,085
|
4,324
|
22,585
|
26,909
|
(7,308
|
)
|
1998
|
(C)
|
||||||||||||||||||||||||||||||
Branch
Creek
|
Austin,
TX
|
A
|
796
|
3,716
|
-
|
5,356
|
796
|
9,072
|
9,868
|
(3,737
|
)
|
1995
|
(A)
|
||||||||||||||||||||||||||||||
Brentwood
|
Kentwood,
MI
|
C
|
385
|
3,592
|
-
|
2,088
|
385
|
5,680
|
6,065
|
(2,137
|
)
|
1996
|
(A)
|
||||||||||||||||||||||||||||||
Brookside
Village
|
Goshen,
IN
|
A
|
260
|
1,080
|
386
|
10,406
|
646
|
11,486
|
12,132
|
(4,958
|
)
|
1985
|
(A)
|
||||||||||||||||||||||||||||||
Buttonwood
Bay
|
Sebring,
FL
|
C
|
1,952
|
18,294
|
-
|
3,491
|
1,952
|
21,785
|
23,737
|
(6,280
|
)
|
2001
|
(A)
|
||||||||||||||||||||||||||||||
Byrne
Hill Village
|
Toledo,
OH
|
C
|
383
|
3,903
|
(1
|
)
|
1,423
|
383
|
5,326
|
5,709
|
(1,720
|
)
|
1999
|
(A)
|
|||||||||||||||||||||||||||||
Byron
Center
|
Byron
Center, MI
|
C
|
253
|
2,402
|
-
|
1,221
|
253
|
3,623
|
3,876
|
(1,364
|
)
|
1996
|
(A)
|
||||||||||||||||||||||||||||||
Candlelight
Village
|
Chicago
Heights, IL
|
C
|
600
|
5,623
|
-
|
4,249
|
600
|
9,872
|
10,472
|
(3,810
|
)
|
1996
|
(A)
|
||||||||||||||||||||||||||||||
Candlewick
Court
|
Owosso,
MI
|
C
|
125
|
1,900
|
132
|
2,470
|
257
|
4,370
|
4,627
|
(1,886
|
)
|
1985
|
(A)
|
||||||||||||||||||||||||||||||
Carrington
Pointe
|
Ft.
Wayne, IN
|
A
|
1,076
|
3,632
|
(1
|
)
|
6,530
|
1,075
|
10,162
|
11,238
|
(3,666
|
)
|
1997
|
(A)
|
|||||||||||||||||||||||||||||
Casa
Del Valle
|
Alamo,
TX
|
C
|
246
|
2,316
|
-
|
779
|
246
|
3,095
|
3,341
|
(1,249
|
)
|
1997
|
(A)
|
||||||||||||||||||||||||||||||
Catalina
|
Middletown,
OH
|
C
|
653
|
5,858
|
-
|
3,764
|
653
|
9,622
|
10,275
|
(4,671
|
)
|
1993
|
(A)
|
||||||||||||||||||||||||||||||
Cave
Creek
|
Evans,
CO
|
5,820
|
2,241
|
15,343
|
-
|
5,606
|
2,241
|
20,949
|
23,190
|
(4,157
|
)
|
2004
|
(A)
|
||||||||||||||||||||||||||||||
Chisholm
Point
|
Pflugerville,
TX
|
A
|
609
|
5,286
|
-
|
6,787
|
609
|
12,073
|
12,682
|
(4,448
|
)
|
1995
|
(A)
|
||||||||||||||||||||||||||||||
Clearwater
Village
|
South
Bend, IN
|
A
|
80
|
1,270
|
61
|
3,838
|
141
|
5,108
|
5,249
|
(2,129
|
)
|
1986
|
(A)
|
||||||||||||||||||||||||||||||
Cobus
Green
|
Elkhart,
IN
|
-
|
762
|
7,037
|
-
|
2,838
|
762
|
9,875
|
10,637
|
(4,957
|
)
|
1993
|
(A)
|
||||||||||||||||||||||||||||||
College
Park Estates
|
Canton,
MI
|
-
|
75
|
800
|
174
|
7,026
|
249
|
7,826
|
8,075
|
(3,430
|
)
|
1978
|
(A)
|
||||||||||||||||||||||||||||||
Comal
Farms
|
New
Braunfels, TX
|
-
|
1,455
|
1,732
|
-
|
7,980
|
1,455
|
9,712
|
11,167
|
(2,330
|
)
|
2000
|
(A&C)
|
||||||||||||||||||||||||||||||
Continental
Estates
|
Davison,
MI
|
C
|
1,625
|
16,581
|
150
|
1,912
|
1,775
|
18,493
|
20,268
|
(7,882
|
)
|
1996
|
(A)
|
||||||||||||||||||||||||||||||
Continental
North (1)
|
Davison,
MI
|
C
|
-
|
-
|
9,088
|
-
|
9,088
|
9,088
|
(3,605
|
)
|
1996
|
(A)
|
|||||||||||||||||||||||||||||||
Corporate
Headquarters
|
Southfield,
MI
|
-
|
-
|
-
|
-
|
8,802
|
-
|
8,802
|
8,802
|
(5,253
|
)
|
Various
|
|||||||||||||||||||||||||||||||
Country
Acres
|
Cadillac,
MI
|
C
|
380
|
3,495
|
-
|
1,833
|
380
|
5,328
|
5,708
|
(2,222
|
)
|
1996
|
(A)
|
||||||||||||||||||||||||||||||
Country
Meadows
|
Flat
Rock, MI
|
A
|
924
|
7,583
|
296
|
15,095
|
1,220
|
22,678
|
23,898
|
(9,122
|
)
|
1994
|
(A)
|
||||||||||||||||||||||||||||||
Countryside
Atlanta
|
Lawrenceville,
GA
|
12,950
|
1,274
|
10,957
|
-
|
1,261
|
1,274
|
12,218
|
13,492
|
(2,359
|
)
|
2004
|
(A)
|
||||||||||||||||||||||||||||||
Countryside
Gwinnett
|
Buford,
GA
|
D
|
1,124
|
9,539
|
-
|
2,984
|
1,124
|
12,523
|
13,647
|
(2,485
|
)
|
2004
|
(A)
|
Initial
Cost to Company
|
Costs
Capitalized
Subsequent
to Acquisition
(Improvements)
|
Gross
Amount Carried
at
December 31, 2009
|
|||||||||||||||||||||||||||||||||||||||||
Property
Name
|
Location
|
Encumbrance
|
Land
|
Depreciable
Assets
|
Land
|
Depreciable
Assets
|
Land
|
Depreciable
Assets
|
Total
|
Accumulated
Depreciation
|
Date
|
Acquired
(A) or
Constructed
(C)
|
|||||||||||||||||||||||||||||||
Countryside
Lake Lanier
|
Buford,
GA
|
16,850
|
1,916
|
16,357
|
-
|
4,093
|
1,916
|
20,450
|
22,367
|
(3,973
|
)
|
2004
|
(A)
|
||||||||||||||||||||||||||||||
Countryside
Village
|
Perry,
MI
|
-
|
275
|
3,920
|
185
|
4,127
|
460
|
8,047
|
8,507
|
(3,543
|
)
|
1987
|
(A)
|
||||||||||||||||||||||||||||||
Creekside
|
Reidsville,
NC
|
-
|
350
|
1,423
|
(200
|
)
|
248
|
150
|
1,671
|
1,820
|
(49
|
)
|
2000
|
(A&C)
|
|||||||||||||||||||||||||||||
Creekwood
Meadows
|
Burton,
MI
|
C
|
808
|
2,043
|
404
|
11,062
|
1,212
|
13,105
|
14,317
|
(5,012
|
)
|
1997
|
(C)
|
||||||||||||||||||||||||||||||
Cutler
Estates
|
Grand
Rapids, MI
|
-
|
749
|
6,941
|
-
|
2,103
|
749
|
9,044
|
9,793
|
(3,677
|
)
|
1996
|
(A)
|
||||||||||||||||||||||||||||||
Davison
East (1)
|
Davison,
MI
|
C
|
-
|
-
|
1,227
|
-
|
1,227
|
1,227
|
(508
|
)
|
1996
|
(A)
|
|||||||||||||||||||||||||||||||
Deerfield
Run
|
Anderson,
IN
|
-
|
990
|
1,607
|
-
|
4,916
|
990
|
6,523
|
7,513
|
(2,087
|
)
|
1999
|
(A)
|
||||||||||||||||||||||||||||||
Desert
View Village
|
West
Wendover, NV
|
-
|
1,119
|
-
|
(1,042
|
)
|
216
|
77
|
216
|
293
|
(81
|
)
|
1998
|
(C)
|
|||||||||||||||||||||||||||||
Eagle
Crest
|
Firestone,
CO
|
A
|
2,015
|
150
|
-
|
30,624
|
2,015
|
30,774
|
32,789
|
(7,357
|
)
|
1998
|
(C)
|
||||||||||||||||||||||||||||||
East
Fork
|
Batavia,
OH
|
-
|
1,280
|
6,302
|
-
|
6,934
|
1,280
|
13,236
|
14,516
|
(3,660
|
)
|
2000
|
(A&C)
|
||||||||||||||||||||||||||||||
Edwardsville
|
Edwardsville,
KS
|
-
|
425
|
8,805
|
541
|
4,818
|
966
|
13,623
|
14,589
|
(6,387
|
)
|
1987
|
(A)
|
||||||||||||||||||||||||||||||
Falcon
Pointe
|
East
Lansing, MI
|
2,288
|
450
|
4,049
|
(300
|
)
|
(2,594
|
)
|
150
|
1,455
|
1,604
|
(53
|
)
|
2003
|
(A)
|
||||||||||||||||||||||||||||
Fisherman's
Cove
|
Flint,
MI
|
C
|
380
|
3,438
|
-
|
2,420
|
380
|
5,858
|
6,238
|
(2,676
|
)
|
1993
|
(A)
|
||||||||||||||||||||||||||||||
Forest
Meadows
|
Philomath,
OR
|
C
|
1,031
|
2,050
|
-
|
724
|
1,031
|
2,774
|
3,805
|
(926
|
)
|
1999
|
(A)
|
||||||||||||||||||||||||||||||
Four
Seasons
|
Elkhart,
IN
|
C
|
500
|
4,811
|
-
|
1,676
|
500
|
6,487
|
6,987
|
(2,104
|
)
|
2000
|
(A)
|
||||||||||||||||||||||||||||||
Glen
Laurel
|
Concord,
NC
|
-
|
1,641
|
453
|
-
|
9,481
|
1,641
|
9,934
|
11,575
|
(2,251
|
)
|
2001
|
(A&C)
|
||||||||||||||||||||||||||||||
Goldcoaster
|
Homestead,
FL
|
C
|
446
|
4,234
|
172
|
2,471
|
618
|
6,705
|
7,323
|
(2,579
|
)
|
1997
|
(A)
|
||||||||||||||||||||||||||||||
Grand
|
Grand
Rapids, MI
|
C
|
374
|
3,587
|
-
|
1,668
|
374
|
5,255
|
5,628
|
(2,042
|
)
|
1996
|
(A)
|
||||||||||||||||||||||||||||||
Groves
|
Ft.
Myers, FL
|
C
|
249
|
2,396
|
-
|
966
|
249
|
3,362
|
3,611
|
(1,341
|
)
|
1997
|
(A)
|
||||||||||||||||||||||||||||||
Hamlin
|
Webberville,
MI
|
C
|
125
|
1,675
|
536
|
7,332
|
661
|
9,007
|
9,669
|
(2,745
|
)
|
1984
|
(A)
|
||||||||||||||||||||||||||||||
High
Point
|
Frederica,
DE
|
17,500
|
898
|
7,031
|
-
|
4,457
|
898
|
11,488
|
12,387
|
(3,182
|
)
|
1997
|
(A)
|
||||||||||||||||||||||||||||||
Holiday
Village
|
Elkhart,
IN
|
A
|
100
|
3,207
|
143
|
2,360
|
243
|
5,567
|
5,810
|
(2,669
|
)
|
1986
|
(A)
|
||||||||||||||||||||||||||||||
Holly
/ Hawaiian Gardens
|
Holly,
MI
|
C
|
1,514
|
13,596
|
-
|
1,109
|
1,514
|
14,705
|
16,219
|
(2,692
|
)
|
2004
|
(A)
|
||||||||||||||||||||||||||||||
Holly
Forest
|
Holly
Hill, FL
|
A
|
920
|
8,376
|
-
|
555
|
920
|
8,931
|
9,851
|
(3,698
|
)
|
1997
|
(A)
|
||||||||||||||||||||||||||||||
Hunters
Glen
|
Wayland,
MI
|
2,700
|
1,102
|
11,926
|
-
|
1,842
|
1,102
|
13,768
|
14,871
|
(2,870
|
)
|
2004
|
(A)
|
||||||||||||||||||||||||||||||
Indian
Creek
|
Ft.
Myers Beach, FL
|
C
|
3,832
|
34,660
|
-
|
3,900
|
3,832
|
38,560
|
42,392
|
(16,711
|
)
|
1996
|
(A)
|
||||||||||||||||||||||||||||||
Island
Lake
|
Merritt
Island, FL
|
C
|
700
|
6,431
|
-
|
507
|
700
|
6,938
|
7,638
|
(3,274
|
)
|
1995
|
(A)
|
||||||||||||||||||||||||||||||
Kensington
Meadows
|
Lansing,
MI
|
A
|
250
|
2,699
|
-
|
6,427
|
250
|
9,126
|
9,376
|
(3,576
|
)
|
1995
|
(A)
|
||||||||||||||||||||||||||||||
Kenwood
|
La
Feria, TX
|
-
|
145
|
1,842
|
-
|
217
|
145
|
2,059
|
2,204
|
(711
|
)
|
1999
|
(A)
|
||||||||||||||||||||||||||||||
King's
Court
|
Traverse
City, MI
|
A
|
1,473
|
13,782
|
(11
|
)
|
3,476
|
1,462
|
17,258
|
18,720
|
(7,251
|
)
|
1996
|
(A)
|
|||||||||||||||||||||||||||||
King's
Lake
|
Debary,
FL
|
C
|
280
|
2,542
|
-
|
2,566
|
280
|
5,108
|
5,388
|
(2,031
|
)
|
1994
|
(A)
|
||||||||||||||||||||||||||||||
Knollwood
Estates
|
Allendale,
MI
|
D
|
400
|
4,061
|
-
|
1,482
|
400
|
5,543
|
5,943
|
(1,652
|
)
|
2001
|
(A)
|
||||||||||||||||||||||||||||||
Lafayette
Place
|
Warren,
MI
|
C
|
669
|
5,979
|
-
|
3,038
|
669
|
9,017
|
9,686
|
(3,274
|
)
|
1998
|
(A)
|
||||||||||||||||||||||||||||||
Lake
Juliana
|
Auburndale,
FL
|
C
|
335
|
3,048
|
-
|
1,699
|
335
|
4,747
|
5,082
|
(2,019
|
)
|
1994
|
(A)
|
Initial
Cost to Company
|
Costs
Capitalized
Subsequent
to Acquisition
(Improvements)
|
Gross
Amount Carried
at
December 31, 2009
|
|||||||||||||||||||||||||||||||||||||||||
Property
Name
|
Location
|
Encumbrance
|
Land
|
Depreciable
Assets
|
Land
|
Depreciable
Assets
|
Land
|
Depreciable
Assets
|
Total
|
Accumulated
Depreciation
|
Date
|
Acquired
(A) or
Constructed
(C)
|
|||||||||||||||||||||||||||||||
Lake
San Marino
|
Naples,
FL
|
C
|
650
|
5,760
|
-
|
1,256
|
650
|
7,016
|
7,666
|
(2,738
|
)
|
1996
|
(A)
|
||||||||||||||||||||||||||||||
Lakeview
|
Ypsilanti,
MI
|
B
|
1,156
|
10,903
|
-
|
2,167
|
1,156
|
13,070
|
14,227
|
(2,455
|
)
|
2004
|
(A)
|
||||||||||||||||||||||||||||||
Liberty
Farms
|
Valparaiso,
IN
|
C
|
66
|
1,201
|
116
|
2,746
|
182
|
3,947
|
4,129
|
(1,724
|
)
|
1985
|
(A)
|
||||||||||||||||||||||||||||||
Lincoln
Estates
|
Holland,
MI
|
C
|
455
|
4,201
|
-
|
2,015
|
455
|
6,216
|
6,671
|
(2,406
|
)
|
1996
|
(A)
|
||||||||||||||||||||||||||||||
Maplewood
Mobile
|
Lawrence,
IN
|
C
|
275
|
2,122
|
-
|
2,013
|
275
|
4,135
|
4,411
|
(1,822
|
)
|
1989
|
(A)
|
||||||||||||||||||||||||||||||
Meadow
Lake Estates
|
White
Lake, MI
|
A
|
1,188
|
11,498
|
127
|
5,744
|
1,315
|
17,242
|
18,557
|
(8,115
|
)
|
1994
|
(A)
|
||||||||||||||||||||||||||||||
Meadowbrook
|
Charlotte,
NC
|
-
|
1,310
|
6,570
|
-
|
4,922
|
1,310
|
11,492
|
12,802
|
(3,488
|
)
|
2000
|
(A&C)
|
||||||||||||||||||||||||||||||
Meadowbrook
Estates
|
Monroe,
MI
|
C
|
431
|
3,320
|
379
|
9,080
|
810
|
12,400
|
13,210
|
(5,550
|
)
|
1986
|
(A)
|
||||||||||||||||||||||||||||||
Meadowbrook
Village
|
Tampa,
FL
|
C
|
519
|
4,728
|
-
|
657
|
519
|
5,385
|
5,904
|
(2,768
|
)
|
1994
|
(A)
|
||||||||||||||||||||||||||||||
Meadows
|
Nappanee,
IN
|
C
|
287
|
2,300
|
(1
|
)
|
4,234
|
286
|
6,534
|
6,819
|
(2,885
|
)
|
1987
|
(A)
|
|||||||||||||||||||||||||||||
North
Point Estates
|
Pueblo,
CO
|
-
|
1,582
|
3,027
|
1
|
3,704
|
1,583
|
6,731
|
8,314
|
(1,896
|
)
|
2001
|
(C)
|
||||||||||||||||||||||||||||||
Oak
Crest
|
Austin,
TX
|
-
|
4,311
|
12,611
|
-
|
5,821
|
4,311
|
18,432
|
22,743
|
(4,769
|
)
|
2002
|
(A)
|
||||||||||||||||||||||||||||||
Oakwood
Village
|
Miamisburg,
OH
|
A
|
1,964
|
6,401
|
(1
|
)
|
9,950
|
1,963
|
16,351
|
18,314
|
(5,208
|
)
|
1998
|
(A)
|
|||||||||||||||||||||||||||||
Orange
Tree
|
Orange
City, FL
|
C
|
283
|
2,530
|
15
|
996
|
298
|
3,526
|
3,824
|
(1,636
|
)
|
1994
|
(A)
|
||||||||||||||||||||||||||||||
Orchard
Lake
|
Milford,
OH
|
B
|
395
|
4,025
|
-
|
411
|
395
|
4,436
|
4,831
|
(1,550
|
)
|
1999
|
(A)
|
||||||||||||||||||||||||||||||
Pebble
Creek
|
Greenwood,
IN
|
-
|
1,030
|
5,074
|
-
|
5,142
|
1,030
|
10,216
|
11,246
|
(2,988
|
)
|
2000
|
(A&C)
|
||||||||||||||||||||||||||||||
Pecan
Branch
|
Georgetown,
TX
|
-
|
1,379
|
-
|
235
|
5,254
|
1,614
|
5,254
|
6,868
|
(1,440
|
)
|
1999
|
(C)
|
||||||||||||||||||||||||||||||
Pheasant
Ridge
|
Lancaster,
PA
|
C
|
2,044
|
19,279
|
-
|
372
|
2,044
|
19,651
|
21,696
|
(5,003
|
)
|
2002
|
(A)
|
||||||||||||||||||||||||||||||
Pin
Oak Parc
|
O'Fallon,
MO
|
A
|
1,038
|
3,250
|
467
|
7,309
|
1,505
|
10,559
|
12,064
|
(4,108
|
)
|
1994
|
(A)
|
||||||||||||||||||||||||||||||
Pine
Hills
|
Middlebury,
IN
|
-
|
72
|
544
|
60
|
3,315
|
132
|
3,859
|
3,991
|
(1,646
|
)
|
1980
|
(A)
|
||||||||||||||||||||||||||||||
Pine
Ridge
|
Petersburg,
VA
|
C
|
405
|
2,397
|
-
|
3,548
|
405
|
5,945
|
6,350
|
(2,383
|
)
|
1986
|
(A)
|
||||||||||||||||||||||||||||||
Pine
Trace
|
Houston,
TX
|
6,235
|
2,907
|
17,169
|
-
|
2,458
|
2,907
|
19,627
|
22,534
|
(4,280
|
)
|
2004
|
(A)
|
||||||||||||||||||||||||||||||
Presidential
|
Hudsonville,
MI
|
A
|
680
|
6,314
|
-
|
4,047
|
680
|
10,361
|
11,041
|
(4,108
|
)
|
1996
|
(A)
|
||||||||||||||||||||||||||||||
Richmond
|
Richmond,
MI
|
C
|
501
|
2,040
|
-
|
1,467
|
501
|
3,507
|
4,008
|
(1,167
|
)
|
1998
|
(A)
|
||||||||||||||||||||||||||||||
River
Haven
|
Grand
Haven, MI
|
-
|
1,800
|
16,967
|
-
|
3,573
|
1,800
|
20,540
|
22,340
|
(6,092
|
)
|
2001
|
(A)
|
||||||||||||||||||||||||||||||
River
Ranch
|
Austin,
TX
|
-
|
4,690
|
843
|
(4
|
)
|
9,265
|
4,686
|
10,108
|
14,795
|
(2,228
|
)
|
2000
|
(A&C)
|
|||||||||||||||||||||||||||||
River
Ridge
|
Austin,
TX
|
D
|
3,201
|
15,090
|
-
|
4,694
|
3,201
|
19,784
|
22,985
|
(5,426
|
)
|
2002
|
(A)
|
||||||||||||||||||||||||||||||
Roxbury
|
Goshen,
IN
|
A
|
1,057
|
9,870
|
1
|
1,951
|
1,058
|
11,821
|
12,878
|
(3,516
|
)
|
2001
|
(A)
|
||||||||||||||||||||||||||||||
Royal
Country
|
Miami,
FL
|
54,000
|
2,290
|
20,758
|
-
|
1,584
|
2,290
|
22,342
|
24,632
|
(11,572
|
)
|
1994
|
(A)
|
||||||||||||||||||||||||||||||
Saddle
Oak Club
|
Ocala,
FL
|
A
|
730
|
6,743
|
-
|
1,113
|
730
|
7,856
|
8,586
|
(3,796
|
)
|
1995
|
(A)
|
||||||||||||||||||||||||||||||
Saddlebrook
|
San
Marcos, TX
|
-
|
1,703
|
11,843
|
-
|
5,638
|
1,703
|
17,481
|
19,184
|
(4,415
|
)
|
2002
|
(A)
|
||||||||||||||||||||||||||||||
Scio
Farms
|
Ann
Arbor, MI
|
C
|
2,300
|
22,659
|
(11
|
)
|
8,403
|
2,289
|
31,062
|
33,351
|
(13,150
|
)
|
1995
|
(A)
|
|||||||||||||||||||||||||||||
Sea
Air
|
Rehoboth
Beach, DE
|
20,000
|
1,207
|
10,179
|
-
|
1,859
|
1,207
|
12,038
|
13,245
|
(3,248
|
)
|
1997
|
(A)
|
||||||||||||||||||||||||||||||
Sheffield
|
Auburn
Hills, MI
|
6,825
|
778
|
7,165
|
-
|
595
|
778
|
7,760
|
8,538
|
(1,061
|
)
|
2006
|
(A)
|
|
Initial
Cost to Company
|
Costs
Capitalized
Subsequent
to Acquisition
(Improvements)
|
Gross
Amount Carried
at
December 31, 2009
|
||||||||||||||||||||||||||||||||||||||||
Property
Name
|
Location
|
Encumbrance
|
Land
|
Depreciable
Assets
|
Land
|
Depreciable
Assets
|
Land
|
Depreciable
Assets
|
Total
|
Accumulated
Depreciation
|
Date
|
Acquired
(A) or
Constructed
(C)
|
|||||||||||||||||||||||||||||||
Sherman
Oaks
|
Jackson,
FL
|
-
|
200
|
2,400
|
240
|
5,871
|
440
|
8,271
|
8,711
|
(3,669
|
)
|
1986
|
(A)
|
||||||||||||||||||||||||||||||
Siesta
Bay
|
Ft.
Myers Beach, FL
|
C
|
2,051
|
18,549
|
-
|
1,865
|
2,051
|
20,414
|
22,465
|
(8,905
|
)
|
1996
|
(A)
|
||||||||||||||||||||||||||||||
Silver
Star
|
Orlando,
FL
|
C
|
1,022
|
9,306
|
-
|
978
|
1,022
|
10,284
|
11,306
|
(4,465
|
)
|
1996
|
(A)
|
||||||||||||||||||||||||||||||
Snow
to Sun
|
Weslaco,
TX
|
C
|
190
|
2,143
|
13
|
1,188
|
203
|
3,331
|
3,534
|
(1,263
|
)
|
1997
|
(A)
|
||||||||||||||||||||||||||||||
Southfork
|
Belton,
MO
|
C
|
1,000
|
9,011
|
-
|
3,504
|
1,000
|
12,515
|
13,515
|
(4,477
|
)
|
1997
|
(A)
|
||||||||||||||||||||||||||||||
St.
Clair Place
|
St.
Clair, MI
|
C
|
501
|
2,029
|
-
|
1,257
|
501
|
3,286
|
3,787
|
(1,207
|
)
|
1998
|
(A)
|
||||||||||||||||||||||||||||||
Stonebridge
|
San
Antonio, TX
|
-
|
2,515
|
2,096
|
(615
|
)
|
8,779
|
1,900
|
10,875
|
12,774
|
(2,776
|
)
|
2000
|
(A&C)
|
|||||||||||||||||||||||||||||
Stonebridge
|
Richfield
Twp., MI
|
-
|
2,044
|
-
|
2,130
|
(8
|
)
|
4,174
|
(8
|
)
|
4,166
|
-
|
1998
|
(C)
|
|||||||||||||||||||||||||||||
Summit
Ridge
|
Converse,
TX
|
-
|
2,615
|
2,092
|
(883
|
)
|
7,673
|
1,732
|
9,765
|
11,497
|
(2,681
|
)
|
2000
|
(A&C)
|
|||||||||||||||||||||||||||||
Sun
Villa
|
Reno,
NV
|
18,300
|
2,385
|
11,773
|
(1,100
|
)
|
729
|
1,285
|
12,502
|
13,787
|
(4,736
|
)
|
1998
|
(A)
|
|||||||||||||||||||||||||||||
Sunset
Ridge
|
Kyle,
TX
|
-
|
2,190
|
2,775
|
-
|
7,141
|
2,190
|
9,916
|
12,106
|
(2,729
|
)
|
2000
|
(A&C)
|
||||||||||||||||||||||||||||||
Sunset
Ridge
|
Portland,
MI
|
-
|
2,044
|
-
|
-
|
15,109
|
2,044
|
15,109
|
17,152
|
(3,845
|
)
|
1998
|
(C)
|
||||||||||||||||||||||||||||||
Tampa
East
|
Tampa,
FL
|
B
|
734
|
6,310
|
-
|
1,646
|
734
|
7,956
|
8,689
|
(1,348
|
)
|
2005
|
(A)
|
||||||||||||||||||||||||||||||
Timber
Ridge
|
Ft.
Collins, CO
|
A
|
990
|
9,231
|
-
|
5,488
|
990
|
14,719
|
15,709
|
(5,444
|
)
|
1996
|
(A)
|
||||||||||||||||||||||||||||||
Timberbrook
|
Bristol,
IN
|
-
|
490
|
3,400
|
101
|
8,725
|
591
|
12,125
|
12,716
|
(5,831
|
)
|
1987
|
(A)
|
||||||||||||||||||||||||||||||
Timberline
Estates
|
Grand
Rapids, MI
|
A
|
535
|
4,867
|
1
|
2,603
|
536
|
7,470
|
8,006
|
(3,359
|
)
|
1994
|
(A)
|
||||||||||||||||||||||||||||||
Town
and Country
|
Traverse
City, MI
|
C
|
406
|
3,736
|
-
|
1,024
|
406
|
4,760
|
5,166
|
(1,960
|
)
|
1996
|
(A)
|
||||||||||||||||||||||||||||||
Valley
Brook
|
Indianapolis,
IN
|
A
|
150
|
3,500
|
1,277
|
12,584
|
1,427
|
16,084
|
17,511
|
(7,269
|
)
|
1989
|
(A)
|
||||||||||||||||||||||||||||||
Village
Trails
|
Howard
City, MI
|
C
|
988
|
1,472
|
(51
|
)
|
1,892
|
938
|
3,364
|
4,302
|
(1,196
|
)
|
1998
|
(A)
|
|||||||||||||||||||||||||||||
Water
Oak
|
Lady
Lake, FL
|
A
|
2,834
|
16,706
|
100
|
10,500
|
2,935
|
27,206
|
30,140
|
(12,447
|
)
|
1993
|
(A)
|
Initial
Cost to Company
|
Costs
Capitalized
Subsequent
to Acquisition
(Improvements)
|
Gross
Amount Carried
at
December 31, 2009
|
|||||||||||||||||||||||||||||||||||||||||
Property
Name
|
Location
|
Encumbrance
|
Land
|
Depreciable
Assets
|
Land
|
Depreciable
Assets
|
Land
|
Depreciable
Assets
|
Total
|
Accumulated
Depreciation
|
Date
|
Acquired
(A) or
Constructed
(C)
|
|||||||||||||||||||||||||||||||
West
Glen Village
|
Indianapolis,
IN
|
C
|
1,100
|
10,028
|
-
|
3,470
|
1,100
|
13,498
|
14,598
|
(6,239
|
)
|
1994
|
(A)
|
||||||||||||||||||||||||||||||
Westbrook
|
Toledo,
OH
|
A
|
1,110
|
10,462
|
-
|
2,350
|
1,110
|
12,812
|
13,922
|
(4,277
|
)
|
1999
|
(A)
|
||||||||||||||||||||||||||||||
Westbrook
Senior
|
Toledo,
OH
|
A
|
355
|
3,295
|
-
|
307
|
355
|
3,602
|
3,958
|
(1,015
|
)
|
2001
|
(A)
|
||||||||||||||||||||||||||||||
White
Lake
|
White
Lake, MI
|
A
|
672
|
6,179
|
1
|
7,060
|
673
|
13,239
|
13,911
|
(4,554
|
)
|
1997
|
(A)
|
||||||||||||||||||||||||||||||
White
Oak
|
Mt.
Morris, MI
|
A
|
782
|
7,245
|
112
|
5,894
|
894
|
13,139
|
14,033
|
(4,970
|
)
|
1997
|
(A)
|
||||||||||||||||||||||||||||||
Willowbrook
|
Toledo,
OH
|
A
|
781
|
7,054
|
1
|
2,344
|
782
|
9,398
|
10,180
|
(3,337
|
)
|
1997
|
(A)
|
||||||||||||||||||||||||||||||
Windham
Hills
|
Jackson,
MI
|
A
|
2,673
|
2,364
|
-
|
12,019
|
2,673
|
14,383
|
17,056
|
(5,085
|
)
|
1998
|
(A)
|
||||||||||||||||||||||||||||||
Woodhaven
Place
|
Woodhaven,
MI
|
A
|
501
|
4,541
|
-
|
2,784
|
501
|
7,325
|
7,826
|
(2,466
|
)
|
1998
|
(A)
|
||||||||||||||||||||||||||||||
Woodlake
Estates
|
Yoder,
IN
|
C
|
632
|
3,674
|
(284
|
)
|
11
|
349
|
3,685
|
4,034
|
(567
|
)
|
1998
|
(A)
|
|||||||||||||||||||||||||||||
Woodlake
Trails
|
San
Antonio, TX
|
-
|
1,186
|
287
|
(283
|
)
|
4,777
|
903
|
5,064
|
5,967
|
(1,418
|
)
|
2000
|
(A&C)
|
|||||||||||||||||||||||||||||
Woodland
Park Estates
|
Eugene,
OR
|
4,722
|
1,592
|
14,398
|
1
|
2,163
|
1,592
|
16,561
|
18,152
|
(6,281
|
)
|
1998
|
(A)
|
||||||||||||||||||||||||||||||
Woods
Edge
|
West
Lafayette, IN
|
C
|
100
|
2,600
|
3
|
10,300
|
102
|
12,900
|
13,002
|
(4,848
|
)
|
1985
|
(A)
|
||||||||||||||||||||||||||||||
Woodside
Terrace
|
Holland,
OH
|
A
|
1,064
|
9,625
|
(1
|
)
|
3,106
|
1,062
|
12,731
|
13,793
|
(4,983
|
)
|
1997
|
(A)
|
|||||||||||||||||||||||||||||
Worthington
Arms
|
Lewis
Center, OH
|
A
|
376
|
2,624
|
-
|
2,308
|
375
|
4,932
|
5,307
|
(2,172
|
)
|
1990
|
(A)
|
||||||||||||||||||||||||||||||
136,202
|
839,284
|
7,050
|
583,164
|
143,252
|
1,422,448
|
1,565,700
|
(501,395
|
)
|
Years
Ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
Beginning
balance
|
$
|
1,549,339
|
$
|
1,537,865
|
$
|
1,511,655
|
||||||
Community
and land acquisitions, including immediate
improvements
|
-
|
-
|
789
|
|||||||||
Community
expansion and development
|
1,057
|
1,292
|
857
|
|||||||||
Improvements,
other
|
44,801
|
48,206
|
44,744
|
|||||||||
Asset
impairment
|
-
|
(13,855
|
)
|
-
|
||||||||
Dispositions
and other
|
(29,497
|
)
|
(24,169
|
)
|
(20,180
|
)
|
||||||
Ending
balance
|
$
|
1,565,700
|
$
|
1,549,339
|
$
|
1,537,865
|
Years
Ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
Beginning
balance
|
$
|
450,319
|
$
|
401,415
|
$
|
348,821
|
||||||
Depreciation
for the period
|
61,732
|
60,515
|
58,208
|
|||||||||
Asset
impairment
|
-
|
(4,768
|
)
|
-
|
||||||||
Dispositions
and other
|
(10,656
|
)
|
(6,843
|
)
|
(5,614
|
)
|
||||||
Ending
balance
|
$
|
501,395
|
$
|
450,319
|
$
|
401,415
|