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Sep 30, 2022
Sun Communities Q3 2022 Earnings Report
Sun Communities reported solid third-quarter results, driven by strong demand and accretive investments, with earnings exceeding expectations and increased guidance for Constant Currency Core FFO.
Key Takeaways
Sun Communities reported a net income attributable to common shareholders of $162.6 million, or $1.32 per diluted share, for the quarter ended September 30, 2022. Constant Currency Core FFO per diluted share was $2.71, exceeding guidance. The company experienced strong growth in all segments, driven by high occupancy in the Manufactured Housing portfolio and record conversions to annual sites in the RV segment. Same Property NOI increased for both MH/RV and Marina properties.
Diluted earnings per share were $1.32.
Constant Currency Core FFO per Diluted Share of $2.71 exceeded guidance.
Manufactured Housing & RV Same Property NOI increased 6.4 percent compared to the prior year.
Marina Same Property NOI increased 9.6 percent compared to the prior year.
Sun Communities
Sun Communities
Sun Communities Revenue by Segment
Sun Communities Revenue by Geographic Location
Revenue by Segment
Manufactured Housing Revenue
CapyFin.comRecreational Vehicles Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comUnited Kingdom Revenue
CapyFin.com Forward Guidance
The Company is updating its full-year guidance for diluted EPS and Constant Currency Core FFO per Share to reflect performance through September 30, 2022 and management's expectations for the remainder of the year.
Positive Outlook
- The Company is revising its full-year guidance for diluted EPS from the prior range of $1.91 - $2.01 to a new range of $1.96 - $2.02.
- The Company is revising its full-year guidance for Constant Currency Core FFO per Share from $7.22 - $7.32 to a new range of $7.32 - $7.38, representing an $0.08 cent increase at the midpoint.
- The Company is establishing fourth quarter 2022 guidance for diluted EPS and Constant Currency Core FFO per Share of $0.02 - $0.08 and $1.23 - $1.29, respectively.
- The Company is updating its expectations for Same Property NOI Growth for the remainder of the year as follows: MH and RV Same Property NOI growth 6.0% - 7.2%.
- Marina Same Property NOI growth 5.3% - 6.8%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income