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Sun Communities
🇺🇸 NYSE:SUI
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Sep 30, 2020

Sun Communities Q3 2020 Earnings Report

Sun Communities reported strong Q3 2020 results, demonstrating resilience and positive operational momentum, exceeding expectations due to solid revenue performance and expense savings.

Key Takeaways

Sun Communities reported a 10.5% increase in total revenues to $400.5 million for Q3 2020, compared to $362.4 million for the same period in 2019. Net income attributable to common stockholders was $81.2 million, or $0.83 per diluted common share, compared to $57.0 million, or $0.63 per diluted common share, for the same period in 2019.

Total revenues increased by 10.5% to $400.5 million compared to the same period in 2019.

Net income attributable to common stockholders was $81.2 million, or $0.83 per diluted common share.

Core Funds from Operations (FFO) was $1.60 per diluted share, compared to $1.46 in the corresponding period in 2019.

Same Community Net Operating Income (NOI) increased by 5.5%.

Total Revenue
$224M
Previous year: $202M
+10.7%
EPS
$1.6
Previous year: $1.46
+9.6%
RV Occupancy
100%
Gross Profit
$224M
Previous year: $198M
+13.0%
Cash and Equivalents
$116M
Previous year: $26.2M
+341.0%
Total Assets
$8.34B
Previous year: $7.4B
+12.7%

Sun Communities

Sun Communities

Sun Communities Revenue by Segment

Forward Guidance

The Company expects fourth quarter 2020 Core FFO to be in the range of $1.08 to $1.12 per share. This estimate range is inclusive of the Company’s latest revenue expectations for transient RV revenue, the estimated two-month contribution from the Safe Harbor acquisition, the impact from the Company’s 9.2 million share forward equity offering and announced financing activities. The forecast does not include any additional prospective acquisition or capital market activity.

Positive Outlook

  • Includes latest revenue expectations for transient RV revenue.
  • Includes estimated two-month contribution from the Safe Harbor acquisition.
  • Includes impact from the Company’s 9.2 million share forward equity offering.
  • Includes announced financing activities.
  • Core FFO to be in the range of $1.08 to $1.12 per share.

Challenges Ahead

  • Forecast does not include any additional prospective acquisition activity.
  • Forecast does not include any additional prospective capital market activity.
  • Uncertainty surrounding the impact from the COVID-19 pandemic on its operations.
  • The Company has withdrawn full year 2020 operational and financial guidance previously provided on February 19, 2020.
  • Potential negative impacts from outbreaks of disease, including the COVID-19 pandemic, and related restrictions.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Sun Communities