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Dec 31, 2021
Sun Communities Q4 2021 Earnings Report
Sun Communities reported strong Q4 2021 results, driven by growth initiatives and high demand for attainable housing and outdoor experiences.
Key Takeaways
Sun Communities reported a 41.2% increase in total revenues to $542.4 million for Q4 2021, compared to $384.3 million for the same period in 2020. Net income attributable to common stockholders increased by 69.1% to $12.8 million, or $0.11 per diluted common share. The company completed $1.4 billion of acquisitions across manufactured housing communities, RV resorts and marinas and opened four new ground-up development properties.
Total revenues increased by 41.2% to $542.4 million compared to the same period in 2020.
Net income attributable to common stockholders increased by 69.1% to $12.8 million, or $0.11 per diluted common share.
Core Funds from Operations (FFO) increased by 12.9% to $1.31 per diluted share.
Same Community Net Operating Income (NOI) increased by 8.4%.
Sun Communities
Sun Communities
Sun Communities Revenue by Segment
Revenue by Segment
Manufactured Housing Revenue
CapyFin.comRecreational Vehicles Revenue
CapyFin.com Forward Guidance
The estimates and assumptions presented represent a range of possible outcomes and may differ materially from actual results. These estimates include contributions from all acquisitions completed through the date of this release, the expected contribution from the Park Holidays Acquisition, expected borrowings under the Proposed Loan Amendment and expected proceeds from the physical settlement of the Outstanding Forward Sale Agreements.
Positive Outlook
- Expected contributions from $62.2 million of property acquisitions completed in 2022 through the date of this release
- Expected contribution from the Park Holidays Acquisition
- Park Holidays Acquisition closes in mid-March 2022
- Estimated contribution of $99.5 - $104.6 million of EBITDA, inclusive of $29.1 - $30.5 million of general and administrative expenses
- Estimated income tax expense of $20.6 - $21.3 million
Challenges Ahead
- Actual future events may not coincide with the foregoing assumptions and other key assumptions relating to the 2022 guidance
- The closing of the Park Holidays Acquisition is subject to the receipt of a required regulatory approval and there can be no assurances as to the actual closing or timing of the closing
- The closing of the Proposed Loan Amendment is subject to, among other things, the completion of the Park Holidays Acquisition, the negotiation and execution of definitive documentation acceptable to the Company's lender group, and customary closing contingencies
- There can be no assurance that the Company will be able to successfully enter into the Proposed Loan Amendment on the terms described in this document or at all
- The proceeds to the Company from the settlement of the Outstanding Forward Sale Agreements may be less than the amount assumed above
Revenue & Expenses
Visualization of income flow from segment revenue to net income