Sun Communities Q2 2022 Earnings Report
Key Takeaways
Sun Communities, Inc. reported a strong second quarter in 2022, with total revenues increasing by 34.8% to $814.3 million. The company saw growth in revenue-producing sites and completed the acquisition of Park Holidays in the UK. They are focused on integrating these assets and delivering durable cash flows.
Total revenues increased by 34.8 percent to $814.3 million compared to the same period in 2021.
Net income attributable to common shareholders was $74.0 million, or $0.61 per diluted common share.
Core Funds from Operations (FFO) was $2.02 per diluted share, a 12.2 percent increase.
Acquisitions totaled $1.8 billion during and subsequent to the quarter ended June 30, 2022, including 56 MH communities in the United States and the UK and three marinas in the United States.
Sun Communities
Sun Communities
Sun Communities Revenue by Segment
Forward Guidance
The Company is updating its full-year guidance for Basic earnings per share and incorporating the anticipated effects from translating the Company's results from the UK, Canada and Australia by introducing a constant currency adjustment to Core FFO per fully diluted share.
Positive Outlook
- The Company is revising its Constant Currency Core FFO per fully diluted share from $7.20 - $7.32 to a new range of $7.22 - $7.32, representing a 1-cent increase at the midpoint.
Challenges Ahead
- The Company is revising its full-year guidance for Basic earnings per share from the prior range of $2.46 - $2.58 to a new range of $1.91 - $2.01.
Revenue & Expenses
Visualization of income flow from segment revenue to net income