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.
Revenue by Segment
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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...