Sun Communities reported a net income of $163.1 million, or $1.31 per diluted share, for the quarter ended September 30, 2023. Core FFO per share was $2.57, exceeding the high-end of the guidance range. Same Property NOI grew by 6.7%, also exceeding expectations. The company is revising its full-year Core FFO per share guidance to $7.05 - $7.13 and increasing the guidance range for full-year Total Same Property NOI growth to 6.0% - 6.4%.
Net earnings per diluted share were $1.31 for the quarter.
Core FFO per share was $2.57 for the quarter, exceeding the high-end of the guidance range.
Total Same Property NOI grew by 6.7% for the quarter, exceeding the high-end of the guidance range by 220 basis points.
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 fourth quarter 2023 guidance for diluted EPS and Core FFO per Share.
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