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Mar 31, 2023
Sun Communities Q1 2023 Earnings Report
Reported first quarter results exceeding expectations due to sustained demand and effective expense management.
Key Takeaways
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.
Real Property Revenue Increased 13.8%, Year-over-Year
Net Loss per Diluted Share of $0.24
Core FFO per Share of $1.23 Exceeded Midpoint of Guidance by 4.7%
Total Same Property NOI Grew 6.7%, Exceeding Internal Expectations
Sun Communities
Sun Communities
Sun Communities Revenue by Segment
Sun Communities Revenue by Geographic Location
Revenue by Segment
Manufactured Housing Revenue
CapyFin.comRecreational Vehicles Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comUnited Kingdom Revenue
CapyFin.com Forward Guidance
The Company is updating full-year 2023 and establishing second quarter 2023 guidance for diluted EPS and Core FFO per Share.
Positive Outlook
- Reiterating Full-Year Core FFO per Share Guidance for 2023 of $7.22 - $7.42
- Expecting Total Same Property NOI Growth of 5.0% - 6.0%
- Updated total Same Property NOI growth of 5.0% - 6.0% for the full year includes 3.5% - 4.8% total Same Property NOI growth during the second quarter ending June 30, 2023.
- The Company's updated full-year guidance reflects changes in the following underlying assumptions
- The Company's updated guidance translates forecasted results from operations in the UK using the relevant exchange rate in effect provided in the 2023 Guidance Assumptions table presented below.
Challenges Ahead
- Estimates and assumptions presented above represent a range of possible outcomes and may differ materially from actual results.
- Estimates include contributions from all acquisitions, dispositions and capital markets activity completed through April 26, 2023
- Estimates exclude all other prospective acquisitions, dispositions and capital markets activity.
- Estimates and assumptions are forward-looking based on the Company's current assessment of economic and market conditions
- Estimates and assumptions are subject to the other risks outlined below under the caption Cautionary Statement Regarding Forward-Looking Statements.
Revenue & Expenses
Visualization of income flow from segment revenue to net income