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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
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