Loading...
•
Mar 31, 2021
Sun Communities Q1 2021 Earnings Report
Sun Communities reported a strong start to the year, benefiting from portfolio stability and growth initiatives across manufactured housing, RV resorts, and marinas.
Key Takeaways
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%.
Total revenues increased by 42.4% to $442.0 million compared to 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, for the same period in 2020.
Same Community NOI increased by 2.7% for the quarter ended March 31, 2021, as compared to the corresponding period in 2020.
Acquisitions totaled $183.0 million during and subsequent to the quarter ended March 31, 2021, including 2 MH communities, 6 RV resorts and 4 marinas.
Sun Communities
Sun Communities
Sun Communities Revenue by Segment
Revenue by Segment
Manufactured Housing Revenue
CapyFin.comRecreational Vehicles Revenue
CapyFin.com Forward Guidance
The Company is revising its 2021 guidance for the following metrics:
Positive Outlook
- FY 2021 Basic earnings per share revised range: $1.68 - $1.84 (previous: $1.66 - $1.82)
- FY 2021 Core FFO per fully diluted Share revised range: $5.92 - $6.08 (previous: $5.79 - $5.95)
- 2Q 2021 Basic earnings per share: $0.53 - $0.57
- 2Q 2021 Core FFO per fully diluted Share: $1.57 - $1.63
- FY 2021 Same Community NOI growth revised range: 7.5% - 8.5% (previous: 5.6% - 6.6%)
Revenue & Expenses
Visualization of income flow from segment revenue to net income