Sun Communities (SUI) came out with quarterly funds from operations (FFO) of $1.86 per share, missing the Zacks Consensus Estimate of $1.87 per share. This compares to FFO of $1.96 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of -0.53%. A quarter ago, it was expected that this real estate investment trust would post FFO of $1.16 per share when it actually produced FFO of $1.19, delivering a surprise of 2.59%. Over the last four qu ...

Core Insights - Sun Communities, Inc. reported a net income of $52.1 million, or $0.42 per diluted share for Q2 2024, a significant recovery from a net loss of $207.6 million, or $1.68 per diluted share in Q2 2023 [1][18] - The company reaffirmed its full-year Core FFO per share guidance for 2024 in the range of $7.06 - $7.22, with a third-quarter guidance of $2.46 - $2.56 [1][6] - North America Same Property NOI increased by 3.6% for Q2 2024 and 5.6% for the first half of 2024 compared to the same periods in 2023 [1][3] Financial Performance - Core FFO per share for Q2 2024 was $1.86, down from $1.96 in Q2 2023, while for the first half of 2024, it was $3.05 compared to $3.19 in the same period last year [1][18] - North American Same Property NOI increased by $10.4 million for Q2 2024 and $29.8 million for the first half of 2024, representing growth rates of 3.6% and 5.6%, respectively [1][3] - UK Same Property NOI saw a notable increase of 9.3% for Q2 2024 and 19.4% for the first half of 2024 compared to the same periods in 2023 [1][3] Operational Highlights - The occupancy rate for manufactured housing (MH) and annual RV sites in North America reached 97.5% as of June 30, 2024, up from 97.1% a year earlier [2] - The company converted approximately 920 transient RV sites to annual RV sites during Q2 2024, marking a 22.7% increase from the same quarter in 2023 [2] - The Same Property adjusted blended occupancy for MH and RV increased by 150 basis points year-over-year to 98.7% as of June 30, 2024 [5] Investment Activity - In July 2024, the company sold a portfolio of six MH properties for $224.6 million, with an estimated gain of approximately $140 million, using proceeds to pay down debt [6] - The company also acquired a marina property and two marina expansion assets for $12 million in April 2024, and a parcel of land in the UK for $9.6 million in June 2024 [6] Balance Sheet and Debt Management - As of June 30, 2024, the company had $7.9 billion in debt outstanding with a weighted average interest rate of 4.2% and a weighted average maturity of 6.5 years [6] - The Net Debt to trailing twelve-month Recurring EBITDA ratio was reported at 6.2 times, improving to 6.0 times pro forma for recent property dispositions and debt repayments [6][18] Guidance and Future Outlook - The company updated its full-year guidance for Same Property NOI growth in North America to a range of 4.7% - 5.7%, maintaining a midpoint of 5.2% [6] - In the UK, the Same Property NOI growth guidance was revised upward to a range of 8.6% - 10.4% for the full year, reflecting strong annual rental income performance [6][9]

Southfield, MI, July 01, 2024 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE: SUI) (the "Company"), a real estate investment trust ("REIT") that owns and operates, or has an interest in, manufactured housing and recreational vehicle communities and marinas (collectively, the "properties"), announces it will release second quarter 2024 operating results after the market closes on Wednesday, July 31, 2024. The Company will host a conference call to discuss these results on Thursday, August 1, 2024, at 2:00 P ...

Southfield, MI, June 03, 2024 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE: SUI) (the "Company") a real estate investment trust ("REIT") that owns and operates, or has an interest in, manufactured housing ("MH") and recreational vehicle ("RV") communities and marinas (collectively, the "properties"), today announced its Board of Directors declared a quarterly distribution of $0.94 per share of common stock for the second quarter of 2024. The distribution is payable on July 15, 2024 to shareholders of rec ...

Southfield, MI, June 03, 2024 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE: SUI) (the "Company") a real estate investment trust ("REIT") that owns and operates, or has an interest in, manufactured housing ("MH") and recreational vehicle ("RV") communities and marinas (collectively, the "properties"), today announced its Board of Directors declared a quarterly distribution of $0.94 per share of common stock for the second quarter of 2024. The distribution is payable on July 15, 2024 to shareholders of rec ...

JamesBrey Introduction Net operating income breakdown in 2024 (Sun Communities May 2024 presentation) Operational Overview Sun Communities reports occupancy separately for the US/Canada and the UK, with the US/Canada MH and RV occupancy at 97.5% at the end of Q1 2024, up 0.6% Y/Y. In contrast, UK occupancy stood at 88.9%, down 1.2% Y/Y, indicating severe distress and underperformance of the UK portfolio. Core FFO was $1.19/share in the quarter, down 3% Y/Y, driven by higher services and interest expenses, p ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number: 1-12616 SUN COMMUNITIES, INC (Exact Name of Registrant as Specified in its Charter) Maryland 38-2730780 (State of Incorporation) ...

Sun Communities, Inc. (NYSE:SUI) Q1 2024 Earnings Conference Call April 30, 2024 2:00 PM ET Company Participants Gary Shiffman - Chairman, President & Chief Executive Officer Fernando Castro-Caratini - Chief Financial Officer Conference Call Participants Michael Goldsmith - UBS John Kim - BMO Capital Markets Josh Dennerlein - Bank of America Brad Heffern - RBC Capital Markets Wes Golladay - Robert W. Baird Keegan Carl - Wolfe Research Eric Wolfe - Citibank Anthony Powell - Barclays Jamie Feldman - Wells Far ...

Sun Communities, Inc. Earnings Press Release & Supplemental Operating and Financial Data For the Quarters Ended March 31, 2024 and 2023 | | Page | | --- | --- | | Forward-Looking Statements | i | | | ii | | Earnings Press Release and Guidance | | | Overview | | | Company Overview and Investor Information | 1 | | Financial and Operating Highlights | 2 | | Portfolio Overview | 3 | | Financial Statements and Reconciliations to Non-GAAP Financial Measures | | | Consolidated Balance Sheets | 4 | | Consolidated S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Commission file number: 1-12616 (Exact Name of Registrant as Specified in its Charter) SUN COMMUNITIES, INC Maryland 38-2730780 (State of Incorporation) (I.R.S. Employer Identification No.) 27777 Franklin Rd, Suite 300, Southfield, Michigan 48034 (Address of Principal Executive Offices) (Zip Code) (2 ...