Sun Communities Earnings Reports

Sun Communities, Inc. reported a net loss of $224.4 million for Q4 2024, driven by impairment charges and hurricane-related expenses. However, Core FFO per share increased to $1.41, and North American same-property NOI grew by 5.7%. The company completed key dispositions, including the planned sale of its marina segment for $5.65 billion, to focus on its core businesses and reduce leverage.

Sun Communities reported a net income of $288.7 million, or $2.31 per diluted share, for the quarter ended September 30, 2024, compared to $120.1 million, or $0.97 per diluted share, for the same period in 2023. Core FFO was $2.34 per share, as compared to $2.57 for the same period in 2023. North America Same Property NOI increased by 0.5%.

Sun Communities reported a net income per diluted share of $0.42 and Core FFO per Share of $1.86 for the second quarter of 2024. North America Same Property NOI increased by 3.6%, and the company has reiterated its full-year Core FFO per Share guidance of $7.06 - $7.22.

Sun Communities Inc. reported its first quarter results for 2024 with a net loss of $0.22 per diluted share. Total North America Same Property NOI increased by 7.9%. The company updated its full-year Core FFO per Share guidance to $7.06 - $7.22.

Sun Communities, Inc. reported a net loss attributable to common shareholders of $80.9 million, or $0.65 per diluted share, for the quarter ended December 31, 2023. Core FFO per Share was $1.34. Total revenue increased by 7.8%. Same Property NOI increased by 9.6%.

Sun Communities reported a net income of $163.1 million, or $1.31 per diluted share, for the quarter ended September 30, 2023. Core FFO per share was $2.57, exceeding the high-end of the guidance range. Same Property NOI grew by 6.7%, also exceeding expectations. The company is revising its full-year Core FFO per share guidance to $7.05 - $7.13 and increasing the guidance range for full-year Total Same Property NOI growth to 6.0% - 6.4%.

Sun Communities, Inc. reported strong second quarter results for 2023, with net income attributable to common shareholders increasing by 18% year-over-year. Same Property NOI grew by 6.3%, driven by strong demand and effective expense management. The company is revising full-year Core FFO per Share guidance for 2023 to $7.09 - $7.23 and increasing guidance for Total Same Property NOI Growth to 5.3% - 6.1%.

Sun Communities, Inc. reported a net loss of $30.1 million, or $0.24 per diluted share, for the quarter ended March 31, 2023. Core FFO was $1.23 per share, exceeding the midpoint of guidance by 4.7%. Total Same Property NOI grew 6.7%, exceeding internal expectations. The company acquired one MH community and one marina for $107.0 million.

Sun Communities reported a net income of $4.7 million, or $0.04 per diluted share, for Q4 2022, compared to $12.9 million, or $0.11 per diluted share, for the same period in 2021. Core FFO was $1.33 per share, a 1.5% increase year-over-year. The company reported strong demand and accretive investments drive continued solid performance. They are expecting total Same Property NOI growth of 4.9% - 5.9% in 2023.

Sun Communities reported a net income attributable to common shareholders of $162.6 million, or $1.32 per diluted share, for the quarter ended September 30, 2022. Constant Currency Core FFO per diluted share was $2.71, exceeding guidance. The company experienced strong growth in all segments, driven by high occupancy in the Manufactured Housing portfolio and record conversions to annual sites in the RV segment. Same Property NOI increased for both MH/RV and Marina properties.

Sun Communities, Inc. reported a strong second quarter in 2022, with total revenues increasing by 34.8% to $814.3 million. The company saw growth in revenue-producing sites and completed the acquisition of Park Holidays in the UK. They are focused on integrating these assets and delivering durable cash flows.

Sun Communities Inc. reported a revenue increase of 24.1% to $548.5 million compared to the same period in 2021. Net income attributable to common shareholders was $0.7 million, or $0.01 per diluted common share. Core Funds from Operations was $1.34 per diluted share, a 6.3 percent increase. Acquisitions totaled $1.6 billion during and subsequent to the quarter ended March 31, 2022.

Sun Communities reported a 41.2% increase in total revenues to $542.4 million for Q4 2021, compared to $384.3 million for the same period in 2020. Net income attributable to common stockholders increased by 69.1% to $12.8 million, or $0.11 per diluted common share. The company completed $1.4 billion of acquisitions across manufactured housing communities, RV resorts and marinas and opened four new ground-up development properties.

Sun Communities, Inc. reported a significant increase in total revenues and net income for the quarter ended June 30, 2021. Total revenues increased by 99.1 percent to $603.9 million, and net income attributable to common stockholders increased by 88.0 percent to $110.8 million, or $0.98 per diluted common share. The company also increased its guidance for the year.

Sun Communities, Inc. reported a 42.4% increase in total revenues for the quarter ended March 31, 2021, reaching $442.0 million compared to $310.3 million for the same period in 2020. Net income attributable to common stockholders was $24.8 million, or $0.23 per diluted common share, compared to a net loss of $16.1 million, or $0.17 per diluted common share, in the same period last year. Core FFO was $1.26 per diluted share, and Same Community NOI increased by 2.7%.

Sun Communities, Inc. reported a strong fourth quarter in 2020, with total revenues increasing by 27.3% to $384.3 million. The company's performance reflected resilience and stability, marked by same community NOI growth and strategic acquisitions, including Safe Harbor Marinas.

Sun Communities reported a 10.5% increase in total revenues to $400.5 million for Q3 2020, compared to $362.4 million for the same period in 2019. Net income attributable to common stockholders was $81.2 million, or $0.83 per diluted common share, compared to $57.0 million, or $0.63 per diluted common share, for the same period in 2019.

Sun Communities reported an increase in total revenues to $310.3 million, an 8.0 percent increase compared to the same period in 2019. However, the company experienced a net loss of $16.1 million, or $0.17 per diluted common share, compared to a net income of $34.3 million, or $0.40 per diluted common share, for the same period in 2019.

Sun Communities reported a revenue increase of 10.2% to $301.8 million for Q4 2019, with net income attributable to common stockholders rising to $28.5 million, or $0.31 per diluted share. The company's Same Community NOI increased by 7.6%, and Same Community Occupancy reached 98.4%.