Sun Communities, Inc. reported strong second quarter results for 2023, with net income attributable to common shareholders increasing by 18% year-over-year. Same Property NOI grew by 6.3%, driven by strong demand and effective expense management. The company is revising full-year Core FFO per Share guidance for 2023 to $7.09 - $7.23 and increasing guidance for Total Same Property NOI Growth to 5.3% - 6.1%.
Net Earnings per Diluted Share of $0.72 for the Quarter Increased by 18% Year-over-Year
Core FFO per Share of $1.96 for the Quarter, in line with Guidance
Same Property NOI Grew by 6.3% for the Quarter over the 2022 Period; Strong Demand and Effective Expense Management Drove Outperformance
Same Property Adjusted Occupancy for MH and RV Increased by 170 Basis Points, Year-over-Year
The Company is updating full-year 2023 and establishing third quarter 2023 guidance for diluted EPS and Core FFO per Share.
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