<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] Quarterly report pursuant to Section 13 of 15(d) of the Securities
Exchange Act of 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2000.
OR
[ ] Transition pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
COMMISSION FILE NUMBER 333-2522-01
SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP
(Exact Name of Registrant as Specified in its Charter)
Michigan 38-3144240
(State of Incorporation) (I.R.S. Employer Identification No.)
31700 Middlebelt Road
Suite 145
Farmington Hills, Michigan 48334
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (248) 932-3100
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
Page 1 of 17
<PAGE> 2
SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP
INDEX
-----
<TABLE>
<CAPTION>
PAGES
-----
<S> <C> <C>
PART I
Item 1. Financial Statements:
Consolidated Balance Sheets as of March 31, 2000 and
December 31, 1999 3
Consolidated Statements of Income for the Three Months
Ended March 31, 2000 and 1999 4
Consolidated Statements of Cash Flows for the Three Months
Ended March 31, 2000 and 1999 5
Notes to Consolidated Financial Statements 6-10
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 11-14
PART II
Item 6.(a) Exhibits required by Item 601 of Regulation S-K 15
Item 6.(b) Reports on Form 8-K 15
Signatures 16
</TABLE>
2
<PAGE> 3
SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2000 AND DECEMBER 31, 1999
(IN THOUSANDS)
-----
<TABLE>
<CAPTION>
ASSETS 2000 1999
------------- -------------
<S> <C> <C>
Investment in rental property, net $ 756,665 $ 755,138
Cash and cash equivalents 12,549 11,330
Notes and other receivables 97,662 96,028
Investment in and advances to affiliate 37,382 18,841
Other assets 26,188 25,295
------------ -------------
Total assets $ 930,446 $ 906,632
============= =============
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Line of credit $ 70,000 $ 47,000
Debt 353,854 354,564
Accounts payable and accrued expenses 19,607 17,616
Deposits and other liabilities 9,594 8,660
------------- -------------
Total liabilities 453,055 427,840
------------- -------------
Partners' Capital:
Preferred Operating Partnership Units ("POP Units"),
unlimited authorized, 3,325 issued and
outstanding in 2000 and 1999 85,783 85,783
Operating Partnership Units ("OP Units"), unlimited
authorized; 20,196 and 20,163 issued and
outstanding in 2000 and 1999, respectively
General partner 345,076 346,417
Limited partners 51,836 52,051
Unearned compensation (5,304) (5,459)
------------- -------------
Total partners' capital 477,391 478,792
------------- -------------
Total liabilities and partners' capital $ 930,446 $ 906,632
============= =============
</TABLE>
The accompanying notes are an integral part of the consolidated financial
statements.
3
<PAGE> 4
SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(IN THOUSANDS EXCEPT FOR PER SHARE DATA)
-------
<TABLE>
<CAPTION>
2000 1999
------- -------
<S> <C> <C>
Revenues:
Income from property $33,129 $31,374
Other income 2,751 1,705
------- -------
Total revenues 35,880 33,079
------- -------
Expenses:
Property operating and maintenance 7,172 6,849
Real estate taxes 2,247 2,205
Property management 740 611
General and administrative 1,051 910
Depreciation and amortization 7,546 6,882
Interest 6,694 6,684
------- -------
Total expenses 25,450 24,141
------- -------
Income before distribution
to Preferred OP Units 10,430 8,938
Less distribution to Preferred OP Units 1,915 626
------- -------
Earnings attributable to OP Units $ 8,515 $ 8,312
======= =======
Net income attributed to:
General Partner $ 7,357 $ 7,135
Limited Partners 1,158 1,177
------- -------
$ 8,515 $ 8,312
======= =======
Earnings per OP Unit:
Basic $ 0.43 $ 0.42
======= =======
Diluted $ 0.42 $ 0.41
======= =======
Weighted average OP Units outstanding-basic 20,006 19,937
======= =======
</TABLE>
The accompanying notes are an integral part of the consolidated financial
statements.
4
<PAGE> 5
SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(IN THOUSANDS)
-------
<TABLE>
<CAPTION>
2000 1999
------------- ------------
<S> <C> <C>
Cash flows from operating activities:
Earnings attributable to OP Units $ 8,515 $ 8,312
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 7,546 6,882
Amortization of deferred financing costs 201 196
Increase in other assets (1,843) (910)
Increase in accounts payable and other liabilities 2,925 2,986
------------- ------------
Net cash provided by operating activities 17,344 17,466
------------- ------------
Cash flows from investing activities:
Investment in rental properties (8,090) (14,337)
Investment in and advances to affiliate (18,541) (2,305)
Investment in notes receivable, net (1,468) (21,953)
------------- ------------
Net cash used in investing activities (28,099) (38,595)
------------- ------------
Cash flows from financing activities:
Borrowings on line of credit, net 23,000 24,000
Repayments on notes payable and other debt (710) (684)
Capital contribution 33 15
Distributions (10,270) (9,830)
Payments for deferred financing costs (79) (21)
------------- ------------
Net cash provided by financing activities 11,974 13,480
------------- ------------
Net increase (decrease) in cash and cash equivalents 1,219 (7,649)
Cash and cash equivalents, beginning of period 11,330 9,588
------------- ------------
Cash and cash equivalents, end of period $ 12,549 $ 1,939
============= ============
Supplemental information:
Debt assumed for rental properties $ -- $ 1,700
Capitalized lease obligation for rental properties $ -- $ 10,605
</TABLE>
The accompanying notes are an integral part of the consolidated financial
statements
5
<PAGE> 6
SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
-------
1. BASIS OF PRESENTATION:
These unaudited condensed consolidated financial statements of Sun
Communities Operating Limited Partnership (the "Company"), have been
prepared pursuant to the Securities and Exchange Commission ("SEC") rules
and regulations and should be read in conjunction with the financial
statements and notes thereto of the Company as of December 31, 1999. The
following notes to consolidated financial statements present interim
disclosures as required by the SEC. The accompanying consolidated financial
statements reflect, in the opinion of management, all adjustments necessary
for a fair presentation of the interim financial statements. All such
adjustments are of a normal and recurring nature. Certain reclassifications
have been made to the prior period financial statements to conform with
current period presentation.
The Company owns 100 percent of the preferred stock of an affiliate, Sun
Home Services, Inc.("Sun Homes"), is entitled to 95 percent of the
operating cash flow of Sun Homes, and accounts for its investment utilizing
the equity method of accounting. The common stock is owned by two officers
of the Company and the estate of a former officer of the Company who are
entitled to receive 5 percent of the operating cash flow.
At March 31, 2000, "SunChamp", a 50 percent controlled joint venture of the
Company and Champion Enterprises, Inc., owns ten communities under initial
development. The Company accounts for its investment utilizing the equity
method of accounting.
Sun Communities, Inc. ("Sun"), a self-administered and self-managed Real
Estate Investment Trust with no independent operations of its own, is the
sole general partner of the Company. As general partner, Sun has unilateral
control and complete responsibility for management of the Company. Pursuant
to the terms of the Company's partnership agreement, the Company is
required to reimburse Sun for the net expenses incurred by Sun. Amounts
paid on behalf of Sun by the Company are reflected in the statement of
operations as general and administrative expenses. The balance sheet of Sun
as of March 31, 2000 is identical to the accompanying Company balance
sheet, except as follows:
6
<PAGE> 7
SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
-------
1. BASIS OF PRESENTATION: CONTINUED
<TABLE>
<CAPTION>
As Presented
Herein Sun Communities, Inc.
March 31, 2000 Adjustments March 31, 2000
-------------- --------------- ---------------------
(in thousands)
<S> <C> <C> <C>
Notes and other receivables................$ 97,662 $ (2,600) $ 95,062
================= ============== ================
Total assets...............................$ 930,446 $ (2,600) $ 927,846
================= ============== ================
Minority interests......................... $ 137,619 $ 137,619
================
Preferred OP Units.........................$ 85,783 (85,783)
General partner............................ 345,076 (345,076)
Limited partners........................... 51,836 (51,836)
Common stock............................... 175 $ 175
Additional paid-in capital................. 393,392 393,392
Distributions in excess of.................
accumulated earnings................... (39,805) (39,805)
Officers' notes............................ (11,286) (11,286)
Unearned compensation...................... (5,304) -- (5,304)
----------------- -------------- ----------------
Partners' capital/Stockholders'........
equity.............................$ 477,391 $ (2,600) $ 337,172
================= ============== ================
Total liabilities and partners'
capital/Stockholders' equity...........$ 930,446 $ (2,600) $ 927,846
================= ============== ================
</TABLE>
2. RENTAL PROPERTY:
The following summarizes rental property (in thousands):
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
------------- ---------------
<S> <C> <C>
Land $ 76,120 $ 76,069
Land improvements and buildings 724,106 720,662
Furniture, fixtures, equipment 17,291 16,943
Land held for future development 16,668 17,046
Property under development 21,601 16,976
------------- ---------------
855,786 847,696
Accumulated depreciation 99,121 92,558
------------- ---------------
Rental property, net $ 756,665 $ 755,138
============= ===============
</TABLE>
7
<PAGE> 8
SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
-------
3. NOTES RECEIVABLE:
Notes receivable consisted of the following (in thousands):
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
------------- ---------------
<S> <C> <C>
Mortgage notes receivable with minimum monthly interest payments at 7%,
maturing June 30, 2012,
collateralized by two communities(a) $ 15,093 $ 15,093
Note receivable, bears interest at LIBOR + 2.35%
and payable on demand 40,847 40,794
Note receivable, bears interest at 9.75% and
matures September 2005 4,000 4,000
Installment loans on manufactured homes with interest payable monthly
at a weighted average interest rate
and maturity of 11% and 21 years, respectively 18,200 18,635
Notes receivable, other, various interest rates ranging from 6% to 9.5%
or prime + 1.5%, various
maturity dates through December 31, 2003 1,562 1,562
10 year note receivable from an officer of the general partner
bearing interest at LIBOR + 1.75%, with a minimum and maximum
interest rate of 6% and 9%, respectively, collateralized by
80,000 shares of Sun's common
stock with personal liability up to $1.3 million 2,600 2,600
Other receivables 15,360 13,344
------------- ---------------
$ 97,662 $ 96,028
============= ===============
</TABLE>
(a) The stated interest rate is 12%. The excess of the interest earned
at the stated rate over the pay rate is recognized upon receipt of
payment.
8
<PAGE> 9
SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
------
4. DEBT:
The following table sets forth certain information regarding debt (in
thousands):
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
------------- ---------------
<S> <C> <C>
Collateralized term loan, interest at 7.01%,
due September 9, 2007 $ 43,797 $ 43,927
Senior notes, interest at 7.375%, due May 1, 2001 65,000 65,000
Senior notes, interest at 7.625%, due May 1, 2003 85,000 85,000
Senior notes, interest at 6.97%, due December 3, 2007 35,000 35,000
Callable/redeemable notes, interest at 6.77%,
due May 14, 2015, callable/redeemable
May 16, 2005 65,000 65,000
Capitalized lease obligations, interest ranging
from 5.5% to 6.3%, due March 2001 through
January 2004 36,474 36,620
Mortgage notes, other 23,583 24,017
------------- ---------------
$ 353,854 $ 354,564
============= ===============
</TABLE>
The Company had $55 million available to borrow under its $125 million
line of credit at March 31, 2000. Borrowings under the line of credit
bear interest at the rate of LIBOR plus 1.0% and mature January 1, 2003.
5. OTHER INCOME:
The components of other income are as follows for the periods ended March
31, 2000 and 1999 (in thousands):
<TABLE>
<CAPTION>
2000 1999
---------- ----------
<S> <C> <C>
Interest and other $ 2,832 $ 1,388
Income (loss) from affiliate (81) 317
---------- ----------
$ 2,751 $ 1,705
========== ==========
</TABLE>
9
<PAGE> 10
SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
------
6. EARNINGS PER OP UNIT (IN THOUSANDS):
<TABLE>
<CAPTION>
For the Three Months
Ended March 31,
2000 1999
---------- ----------
<S> <C> <C>
Earnings used for basic and diluted earnings per
OP unit computation $ 8,515 $ 8,312
========== ==========
Total units used for basic earnings per OP unit 20,006 19,937
Dilutive securities, principally Sun's stock options 59 124
---------- ----------
Total shares used for diluted earnings per OP unit
computation 20,065 20,061
========== ==========
</TABLE>
Diluted earnings per OP unit reflect the potential dilution that would
occur if securities were exercised or converted into OP units.
Convertible Preferred OP Units are excluded from the computations as
their inclusion would have an antidilutive effect on earnings per share
in 2000 and 1999.
10
<PAGE> 11
SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
------
OVERVIEW
The following discussion and analysis of the consolidated financial condition
and results of operations should be read in conjunction with the consolidated
financial statements and the notes thereto. Capitalized terms are used as
defined elsewhere in this Form 10-Q.
RESULTS OF OPERATIONS
Comparison of the three months ended March 31, 2000 and 1999
For the three months ended March 31, 2000, income before distribution to
Preferred OP Units increased by 16.7 percent from $8.9 million to $10.4 million,
when compared to the three months ended March 31, 1999. The increase was due to
increased revenues of $2.8 million while expenses increased by $1.3 million.
Income from property increased by $1.7 million from $31.4 million to $33.1
million, or 5.6 percent, due primarily to rent increases and other community
revenues ($1.8 million), lease up of manufactured home sites including new
developments ($0.7 million), and acquisitions ($0.6 million), offset by a
revenue reduction of $1.3 million due to the sale of four communities during
1999.
Other income increased by $1.0 million from $1.7 million to $2.7 million due
primarily to a $1.4 million increase in interest and other income offset by a
reduction of $0.4 million of income from affiliates.
Property operating and maintenance expenses increased by $0.3 million from $6.9
million to $7.2 million, or 4.7 percent, due primarily to acquisitions and
timing.
Real estate taxes remained constant at $2.2 million for both periods.
Property management expenses increased by $0.1 million from $0.6 million to $0.7
million representing 2.2 percent and 1.9 percent of income from property in 2000
and 1999, respectively.
General and administrative expenses increased by $0.1 million from $0.9 million
to $1.0 million, representing 2.9 percent and 2.8 percent of total revenues in
2000 and 1999, respectively.
Earnings before interest, taxes, depreciation and amortization ("EBITDA")
increased by $2.2 million from $22.5 million to $24.7 million. EBITDA as a
percent of revenues increased to 68.8 percent in 2000 compared to 68.0 percent
in 1999.
Depreciation and amortization increased by $0.7 million from $6.9 million to
$7.6 million, or 9.6 percent, due primarily to acquisitions and development of
communities in 1999.
Interest expense remained constant at $6.7 million for both periods.
11
<PAGE> 12
SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
-------
SAME PROPERTY INFORMATION
The following table reflects property-level financial information as of and for
the three months ended March 31, 2000 and 1999. The "Same Property data
represents information regarding the operation of communities owned as of
January 1, 1999 and March 31, 2000. Site, occupancy, and rent data for those
communities is presented as of the last day of each period presented. The table
includes sites where the Company is providing financing and managing the
properties. Such amounts relate to the total portfolio data and include 923
sites in 2000 and 1999.
<TABLE>
<CAPTION>
SAME PROPERTY TOTAL PORTFOLIO
2000 1999 2000 1999
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Income from property $ 24,739 $ 23,394 $ 33,129 $ 31,374
----------- ----------- ----------- -----------
Property operating expenses:
Property operating and maintenance 4,472 4,263 7,172 6,849
Real estate taxes 1,935 1,776 2,247 2,205
----------- ----------- ----------- -----------
Property operating expenses 6,407 6,039 9,419 9,054
----------- ----------- ----------- -----------
Property EBITDA $ 18,332 $ 17,355 $ 23,710 $ 22,320
=========== =========== =========== ===========
Number of operating properties 88 88 116 (2) 107
Developed sites 29,995 29,409 39,463 (2) 38,240
Occupied sites 28,552 27,905 35,636 35,427
Occupancy % 95.2% 94.9% 95.1% (1) 94.9% (1)
Weighted average monthly rent per site $ 285 $ 272 $ 282 (1) $ 272 (1)
Sites available for development 1,715 2,212 9,955 (3) 8,478
Sites planned for development in current year 278 641 1,992 (3) 2,327
</TABLE>
1 Occupancy % and weighted average rent relates to manufactured housing sites,
excluding recreational vehicle sites and sites owned through joint ventures.
2 Includes 7 communities and 1,150 develop sites owned through joint ventures.
3 Includes 4,017 sites available for development and 641 sites planned for
development owned through joint ventures.
On a same property basis, property revenues increased by $1.3 million from $23.4
million to $24.7 million, or 5.7 percent, due primarily to increases in rents
and occupancy related charges including water and property tax pass through.
Also contributing to revenue growth was the increase of 647 leased sites at
March 31, 2000 compared to March 31, 1999.
Property operating expenses increased by $0.4 million from $6.0 million to $6.4
million or 6.1 percent, due to increased occupancies and costs. Property EBITDA
increased by $1.0 million from $17.3 million to $18.3 million, or 5.6 percent.
12
<PAGE> 13
SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
-------
LIQUIDITY AND CAPITAL RESOURCES
Cash and cash equivalents increased by $1.2 million to $12.5 million at March
31, 2000 compared to $11.3 million at December 31, 1999 because cash provided by
operating and financing activities exceeded cash used in investing activities.
Net cash provided by operating activities decreased by $0.1 million to $17.3
million for the three months ended March 31, 2000 compared to $17.4 million for
the same period in 1999. This decrease was primarily due to other assets
increasing by $0.9 million offset by a $0.9 million increase in earnings
attributable to OP Units before depreciation and amortization.
Net cash used in investing activities decreased by $10.5 million to $28.1
million from $38.6 million primarily due to a reduction of $20.5 million used to
finance notes receivable and a $6.2 million decrease in rental property
acquisition activities offset by a $16.2 million increase in investments in and
advances to affiliates.
Net cash provided by financing activities decreased by $1.5 million to $12.0
million for the three months ended March 31, 2000 compared to $13.5 million for
the same period in 1999. This decrease was primarily because of a $1.0 million
reduction in borrowings on the line of credit and distributions increasing by
$0.4 million.
The Company expects to meet its short-term liquidity requirements generally
through its working capital provided by operating activities. The Company
expects to meet certain long-term liquidity requirements such as scheduled debt
maturities and property acquisitions through the issuance of debt securities, or
general or limited partnership interests. The Company considers these sources to
be adequate and anticipates they will continue to be adequate to meet operating
requirements, capital improvements, investment in development, and payment of
distributions by the Company in accordance with REIT requirements in both the
short and long term. The Company may also meet these short-term and long-term
requirements by utilizing its $125 million line of credit which bears interest
at LIBOR plus 1.0% and is due January 1, 2003. See "Special Note Regarding
Forward-Looking Statements."
At March 31, 2000, the Company's debt to total market capitalization
approximated 38% (assuming conversion of all Common and Preferred OP Units to
shares of common stock), with a weighted average maturity of approximately 4.9
years and a weighted average interest rate of 7.1%.
Recurring capital expenditures approximated $1.0 million for the three months
ended March 31, 2000.
13
<PAGE> 14
SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
-----
OTHER
Year 2000 Update
In February 2000, the Company officially concluded its Year 2000 compliance
program as no events had occurred that significantly affected either the
Company's operation or its financial statements.
Special Note Regarding Forward-Looking Statements
This Form 10-Q contains various "forward-looking statements" within the meaning
of the Securities Act of 1933 and the Securities Exchange Act of 1934, and the
Company intends that such forward-looking statements be subject to the safe
harbors created thereby. The words "may", "will", "expect", "believe",
"anticipate", "should", "estimate", and similar expressions identify
forward-looking statements. These forward-looking statements reflect the
Company's current views with respect to future events and financial performance,
but are based upon current assumptions regarding the Company's operations,
future results and prospects, and are subject to many uncertainties and factors
relating to the Company's operations and business environment which may cause
the actual results of the Company to be materially different from any future
results expressed or implied by such forward-looking statements. Please see the
section entitled "Risk Factors" of the Company's Registration Statement on Form
S-3 filed with the Securities and Exchange Commission on February 15, 2000, for
a list of uncertainties and factors.
Such factors include, but are not limited to, the following: (i) changes in the
general economic climate; (ii) increased competition in the geographic areas in
which the Company owns and operates manufactured housing communities; (iii)
changes in government laws and regulations affecting manufactured housing
communities; and (iv) the ability of the Company to continue to identify,
negotiate and acquire manufactured housing communities and/or vacant land which
may be developed into manufactured housing communities on terms favorable to the
Company. The Company undertakes no obligation to publicly update or revise any
forward-looking statements whether as a result of new information, future
events, or otherwise.
Recent Accounting Pronouncements
In June 1998, FASB issued SFAS No. 133 "Accounting for Derivative Instruments
and Hedging Activities" ("SFAS 133"). This statement establishes accounting and
reporting standards for derivative instruments including certain derivative
instruments embedded in other contracts, (collectively referred to as
derivatives) and for hedging activities. This statement will be effective
January 1, 2001. There is no effect from the application of SFAS 133 on the
earnings and financial position of the Company as the Company had no derivative
instruments at March 31, 2000 and December 31, 1999.
14
<PAGE> 15
SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP
PART II
ITEM 6.(A) - EXHIBITS REQUIRED BY ITEM 601 OF REGULATION S-K
EXHIBIT NO. DESCRIPTION
----------- -----------
27 Financial Data Schedule
ITEM 6.(B) - REPORTS ON FORM 8-K
The Company did not file any reports on Form 8-K during the period covered by
this Form 10-Q.
15
<PAGE> 16
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: May 12, 2000
SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP
BY: Sun Communities, Inc., General Partner
BY: /s/ Jeffrey P. Jorissen
---------------------------------------------------------
Jeffrey P. Jorissen, Chief Financial Officer
and Secretary
16
<PAGE> 17
SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP
EXHIBIT INDEX
PAGE FILED NUMBER
EXHIBIT NO. DESCRIPTION HEREWITH HEREIN
- ----------- ----------- -------- ------
27 Financial Data Schedule X
17
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 12,549
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 855,786
<DEPRECIATION> 99,121
<TOTAL-ASSETS> 930,446
<CURRENT-LIABILITIES> 70,000
<BONDS> 353,854
0
0
<COMMON> 0
<OTHER-SE> 477,391
<TOTAL-LIABILITY-AND-EQUITY> 930,446
<SALES> 0
<TOTAL-REVENUES> 35,880
<CGS> 0
<TOTAL-COSTS> 9,419
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,694
<INCOME-PRETAX> 10,430
<INCOME-TAX> 0
<INCOME-CONTINUING> 10,430
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8,515
<EPS-BASIC> 0.43
<EPS-DILUTED> 0.42
</TABLE>
