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Mar 31, 2024
Sun Communities Q1 2024 Earnings Report
Sun Communities reported a decrease in net loss per share and solid same property NOI growth.
Key Takeaways
Sun Communities Inc. reported its first quarter results for 2024 with a net loss of $0.22 per diluted share. Total North America Same Property NOI increased by 7.9%. The company updated its full-year Core FFO per Share guidance to $7.06 - $7.22.
Total Revenue Increased by 3.1%
Net Loss per Diluted Share of $0.22
Total North America Same Property NOI Increased by 7.9%
Full-Year Core FFO per Share Guidance for 2024 of $7.06 - $7.22
Sun Communities
Sun Communities
Sun Communities Revenue by Segment
Forward Guidance
The Company is updating full year, and establishing second quarter, 2024 guidance for diluted EPS and Core FFO per Share.
Positive Outlook
- Full Year Ending December 31, 2024 Core FFO per Share Low: $7.06
- Full Year Ending December 31, 2024 Core FFO per Share High: $7.22
- Second Quarter Ending June 30, 2024 Core FFO per Share Low: $1.83
- Second Quarter Ending June 30, 2024 Core FFO per Share High: $1.91
- Full Year Ending December 31, 2024 North America Same Property NOI growth of 4.6% - 5.8%
Challenges Ahead
- Full Year Ending December 31, 2024 Diluted EPS Low: $1.89
- Full Year Ending December 31, 2024 Diluted EPS High: $2.05
- Second Quarter Ending June 30, 2024 Diluted EPS Low: $0.61
- Second Quarter Ending June 30, 2024 Diluted EPS High: $0.69
- For the second quarter ending June 30, 2024, the Company's guidance range assumes North America Same Property NOI growth of 3.4% - 4.9% and UK Same Property NOI growth of 2.5% - 5.0%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income