Sun Communities Q4 2022 Earnings Report
Key Takeaways
Sun Communities reported a net income of $4.7 million, or $0.04 per diluted share, for Q4 2022, compared to $12.9 million, or $0.11 per diluted share, for the same period in 2021. Core FFO was $1.33 per share, a 1.5% increase year-over-year. The company reported strong demand and accretive investments drive continued solid performance. They are expecting total Same Property NOI growth of 4.9% - 5.9% in 2023.
Net income attributable to common shareholders was $4.7 million, or $0.04 per diluted share.
Core FFO was $1.33 per Share, representing a 1.5% increase as compared to the corresponding period in 2021.
Same Property NOI for MH and RV properties increased by 4.4%.
Record volume of transient-to-annual RV conversions propel record gains in revenue producing sites.
Sun Communities
Sun Communities
Sun Communities Revenue by Segment
Forward Guidance
The Company is establishing full-year and first quarter 2023 guidance for diluted EPS and Core FFO per Share.
Positive Outlook
- Expecting Total Same Property NOI Growth of 4.9% - 5.9% during the year ending December 31, 2023.
- Total Expected NOI from Real Property: Change in 2023 Revenues Real property (excluding transient) 9.8% - 10.2%
- Real property (transient) 0.9% - 2.1%
- Increase in revenue producing sites 2,800 - 3,100
- Vacant site additions from expansions and ground-up developments 1,000 - 1,300
Challenges Ahead
- Diluted EPS $(0.03) - $0.02 for the first quarter ending March 31, 2023
- Total property operating expenses 13.5% - 13.9%
- General and administrative expenses $256.5 - $261.6 millions
- NOI from real property and home sales(a) $155.5 - $165.1 millions
- Total Same Property NOI(1) growth during the first quarter ending March 31, 2023 is 3.3% - 4.4%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income