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Mar 31, 2022
Sun Communities Q1 2022 Earnings Report
Sun Communities reported its strong first quarter results, driven by growth in Core FFO per Share and Same Property NOI.
Key Takeaways
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.
Total revenues increased by 24.1 percent to $548.5 million.
Core Funds from Operations increased by 6.3 percent to $1.34 per diluted share.
Same Property Net Operating Income for MH and RV properties increased by 7.7 percent.
Acquisitions totaled $1.6 billion during and subsequent to the quarter ended March 31, 2022.
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 providing revised or initial 2022 guidance for Basic earnings per share and Core FFO per fully diluted Share.
Positive Outlook
- FY 2022 Basic earnings per share revised range: $2.46 - $2.58
- FY 2022 Core FFO per fully diluted Share revised range: $7.20 - $7.32
- 2Q 2022 Basic earnings per share revised range: $0.86 - $0.90
- 2Q 2022 Core FFO per fully diluted Share revised range: $1.97 - $2.01
- MH and RV Same Property NOI growth revised range: 6.5% - 7.3%