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Dec 31, 2020
Sun Communities Q4 2020 Earnings Report
Sun Communities reported Q4 2020 results, with revenue increasing and strategic acquisitions made.
Key Takeaways
Sun Communities, Inc. reported a strong fourth quarter in 2020, with total revenues increasing by 27.3% to $384.3 million. The company's performance reflected resilience and stability, marked by same community NOI growth and strategic acquisitions, including Safe Harbor Marinas.
Total revenues increased by 27.3% to $384.3 million compared to the same period in 2019.
Net income attributable to common stockholders was approximately $7.6 million, or $0.07 per diluted common share.
MH and Annual RV Revenue Producing Sites increased by 578 sites. Total portfolio occupancy reached 97.3 percent.
The company acquired approximately $3.0 billion of operating properties, including the acquisition of Safe Harbor Marinas.
Sun Communities
Sun Communities
Sun Communities Revenue by Segment
Revenue by Segment
Manufactured Housing Revenue
CapyFin.comRecreational Vehicles Revenue
CapyFin.com Forward Guidance
Sun Communities provided 2021 earnings and Core FFO guidance, incorporating contributions from recent acquisitions. The guidance is based on the company's current assessment of economic and market conditions, as well as other risks.
Positive Outlook
- Includes contributions from recently completed acquisitions of MH communities and RV resorts.
- Includes contributions from recently completed marina acquisitions.
- Full year 2021, basic earnings per share is expected to be $1.66 - $1.82
- Full year 2021, Core FFO per Share is expected to be $5.79 - $5.95
- MH weighted average monthly rental rate increase of 3.2%
Challenges Ahead
- Includes a lower transient RV revenue estimate of $8.0 - $10.0 million in the first quarter 2021 due to the extension of the Canadian border closure order and the California travel restrictions imposed through early February, 2021
- General and administrative expenses include the impact of the Company’s entry into the marina asset class.
- Costs associated with scaling to effectively operate a larger portfolio are required.
- Same community NOI growth is expected to be between 5.6 percent and 6.6 percent for full year 2021.
- Marina NOI is expected to be $163.0 million - $169.0 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income