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Mar 31, 2020
Sun Communities Q1 2020 Earnings Report
Sun Communities' first quarter results for 2020 were reported, along with an update on the effects of, and its response to, the COVID-19 pandemic.
Key Takeaways
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.
Core Funds from Operations (FFO) increased by 3.4 percent to $1.22 per diluted share and OP unit compared to $1.18 in the prior year.
Same Community Net Operating Income (NOI) increased by 6.7 percent compared to the corresponding period in 2019.
Revenue Producing Sites increased by 300 sites, bringing total portfolio occupancy to 96.7 percent.
MH rent collections for April totaled approximately 98 percent as of April 21, 2020.
Sun Communities
Sun Communities
Sun Communities Revenue by Segment
Revenue by Segment
Manufactured Housing Revenue
CapyFin.comRecreational Vehicles Revenue
CapyFin.com Forward Guidance
Given the uncertainty surrounding the impact from the COVID-19 pandemic on its operations, the Company has withdrawn full year 2020 operational and financial guidance previously issued on February 19, 2020.
Revenue & Expenses
Visualization of income flow from segment revenue to net income