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Dec 31, 2023
Sun Communities Q4 2023 Earnings Report
Sun Communities reported solid real property performance, with Same Property NOI surpassing expectations, supported by robust demand and limited supply. Occupancy gains were realized in manufactured housing and RV communities, conversions of transient to annual RV sites remained high, and marinas experienced double-digit NOI increases.
Key Takeaways
Sun Communities, Inc. reported a net loss attributable to common shareholders of $80.9 million, or $0.65 per diluted share, for the quarter ended December 31, 2023. Core FFO per Share was $1.34. Total revenue increased by 7.8%. Same Property NOI increased by 9.6%.
Total Revenue Increased 7.8% for the Quarter
Net Loss per Diluted Share of $0.65 for the Quarter
Core FFO per Share of $1.34 for the Quarter
Total Same Property NOI Increased by 9.6% for the Quarter
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 establishing full year and first quarter 2024 guidance for diluted EPS and Core FFO per Share.
Positive Outlook
- Expecting Total Same Property NOI Growth of 4.8% - 6.0%
- Expecting Core FFO per Share of $7.04 to $7.24
- Increasing Annual Distribution by 1.1% in 2024, to $3.76 per share
- Increase in revenue producing sites (North America) 2,450 - 2,750
- Revenues from real property $2,059.8 million with Expected Change / Range in FY 2024 7.1% - 7.6%
Challenges Ahead
- Diluted EPS $(0.08) - $(0.03)
- Service, retail, dining and entertainment NOI $68.5 million to $58.4 - $63.2 million
- Interest income $45.4 million to $17.6 - $18.6 million
- Brokerage commissions and other, net $60.6 million to $44.8 - $47.2 million
- General and administrative expenses $272.1 million to $262.2 - $267.4 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income