Core Viewpoint - Sun Communities, Inc. will release its first quarter 2025 operating results on May 5, 2025, and will host a conference call on May 6, 2025, to discuss these results [1]. Company Overview - Sun Communities, Inc. is a real estate investment trust (REIT) that, as of December 31, 2024, owned, operated, or had an interest in a portfolio of 645 developed properties, comprising approximately 176,390 developed sites and about 48,760 wet slips and dry storage spaces across the United States, Canada, and the United Kingdom [4].

Sun Communities, Inc. (NYSE:SUI) is a company that invested in mobile home, RV sites, and marinas. That's no longer true after a significant transaction. The marinas are gone, and the bears are wrong. In September 2024, we had an article come out on The REIT Forum about Blue Orca targeting Sun Communities. In short, they wanted investors to short the company. There were a bunch of metrics that weren’t relevant to doing REIT analysis. They were banking on readers not understanding how to analyze a REIT. Fast ...

Core Viewpoint - Sun Communities, Inc. has declared a quarterly distribution of $0.94 per share for Q1 2025, payable on April 15, 2025, to shareholders of record on March 31, 2025 [1]. Group 1 - Sun Communities, Inc. is a real estate investment trust (REIT) that owns and operates manufactured housing and recreational vehicle communities, as well as marinas [1][2]. - As of December 31, 2024, the company owned, operated, or had an interest in a portfolio of 645 developed properties, comprising approximately 176,390 developed sites and about 48,760 wet slips and dry storage spaces across the United States, Canada, and the United Kingdom [2].

Core Viewpoint - Sun Communities, Inc. has nominated Mr. Mark A. Denien as an independent director candidate for election at the upcoming annual meeting of shareholders [1] Group 1: Candidate Background - Mr. Denien has over three decades of experience in finance, real estate transactions, capital markets, strategy development, regulatory compliance, risk management, and acquisitions [2] - He served as Executive Vice President and Chief Financial Officer at Duke Realty Corporation from 2013 to 2022, leading the company through significant transformation and achieving a 500% total shareholder return over a decade [3] - Prior to Duke Realty, Mr. Denien spent 16 years at KPMG, specializing in real estate audit and advisory services, and became a partner [4] Group 2: Educational and Professional Qualifications - Mr. Denien holds a Bachelor of Science degree in Accounting from Indiana University Bloomington and is a Certified Public Accountant (CPA) [5] - If elected, he will be appointed to the Audit Committee, bringing valuable insights from his extensive experience in financial stewardship and strategic transformation [5] Group 3: Company Perspective - The Chairman and CEO of Sun Communities expressed excitement about Mr. Denien joining the Board, highlighting his expertise in finance and real estate as instrumental for driving growth and enhancing stakeholder value [6] Group 4: Company Overview - As of December 31, 2024, Sun Communities, Inc. owned, operated, or had an interest in a portfolio of 645 developed properties, comprising approximately 176,390 developed sites and about 48,760 wet slips and dry storage spaces across the United States, Canada, and the United Kingdom [10]

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, 2024 Commission file number: 1-12616 SUN COMMUNITIES, INC (Exact Name of Registrant as Specified in its Charter) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for ...

Financial Data and Key Metrics Changes - Core FFO per share for Q4 2024 was $1.41, a 5.2% increase from the prior year, while the full year core FFO per share was $6.81 [28] - The net debt-to-EBITDA ratio improved to 6x by year-end 2024, with total debt decreasing by $424 million compared to year-end 2023 [8][30] - The company disposed of approximately $570 million of nonstrategic assets throughout 2024 [7][29] Business Line Data and Key Metrics Changes - North American same-property NOI increased by 5.7% in Q4 2024, driven by a 5.8% increase in revenues [22] - Manufactured housing same-property NOI increased by 7.1%, while RV same-property NOI grew by 0.4% [23] - For the full year, North American same-property NOI increased by 4.1%, primarily due to a 4.6% increase in revenues [23] Market Data and Key Metrics Changes - Approximately 70% of revenue-producing site gains came from RV transient to annual conversions [16] - In the U.K., strong unit sales continued to drive real property income [16] Company Strategy and Development Direction - The company is focused on simplifying operations, concentrating on core assets, and improving the balance sheet to achieve steady earnings growth [6] - The recent sale of Safe Harbor Marinas for $5.65 billion is expected to enhance margins, earnings predictability, and revenue to free cash flow conversion [9][10] - The management aims to allocate proceeds from the sale towards debt reduction, shareholder distributions, and reinvestment in core businesses [11][44] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's favorable dynamics and predictable earnings, with a clear strategic direction for sustained earnings growth [12][17] - The company is encouraged by positive momentum and aims to maximize revenue and drive operational efficiency [20][21] Other Important Information - The company completed total dispositions of approximately $570 million, including $180 million in Q4 2024 [29] - The company is undergoing a CEO search process while continuing to evaluate capital allocation strategies [8][32] Q&A Session Summary Question: Capital allocation and potential acquisitions - Management indicated that proceeds from the Safe Harbor transaction could be used for debt reduction, shareholder distributions, and reinvestment in core businesses [44] Question: Background on the strategic shift and timing - The board recognized the opportunity to monetize a successful investment and sharpen focus on core segments, leading to the decision to proceed with the transaction [54] Question: Potential for special dividends and debt paydown - Management is evaluating all alternatives regarding the use of proceeds and will provide updates closer to the transaction's closing [58][78] Question: U.K. business expenses and drivers - Increased expenses in the U.K. are primarily due to payroll-related costs, including minimum wage increases and payroll taxes [90] Question: Home sales environment and guidance - The company is focusing on reshaping revenue streams to drive more rental income, despite challenging macroeconomic conditions [99]

Sun Communities (SUI) Q4 2024 Earnings Call March 03, 2025 10:25 AM ET Company Participants Gary Shiffman - Chairman & CEOJohn McLaren - President & COOFernando Castro-Caratini - Executive VP & CFOJana Galan - DirectorBrad Heffern - DirectorAnthony Hau - Vice President , Equity ResearchJohn Kim - Managing Director - US Real Estate Conference Call Participants Wesley Golladay - Senior Research AnalystNicholas Joseph - AnalystJames Feldman - AnalystDavid Segall - Senior AnalystMichael Goldsmith - Equity Resea ...

Core Viewpoint - Sun Communities, Inc. is actively participating in the 2025 Citi Global Property CEO Conference, indicating its commitment to engaging with investors and stakeholders in the real estate investment trust sector [1]. Company Overview - Sun Communities, Inc. is a real estate investment trust (REIT) that, as of December 31, 2024, owned, operated, or had an interest in a portfolio of 645 developed properties, which includes approximately 176,390 developed sites and around 48,760 wet slips and dry storage spaces across the United States, Canada, and the United Kingdom [3]. Event Details - Gary A. Shiffman, the Chairman and Chief Executive Officer of the company, will present at the conference on March 3, 2025, at 1:30 p.m. Eastern Standard Time [1]. - Investors can access a live audio-webcast of the presentation in listen-only mode through the company's website, with a replay available for 90 days [2]. Contact Information - For further inquiries, the Chief Financial Officer, Fernando Castro-Caratini, can be contacted at (248) 208-2500 or through the company's website [4].

分组1 - Sun Communities reported quarterly funds from operations (FFO) of $1.41 per share, exceeding the Zacks Consensus Estimate of $1.39 per share, and up from $1.34 per share a year ago, representing an FFO surprise of 1.44% [1] - The company posted revenues of $745.9 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 3.69%, compared to $726.7 million in the same quarter last year [2] - Sun Communities has outperformed the S&P 500, with shares increasing about 9.7% since the beginning of the year, while the S&P 500 gained 1.3% [3] 分组2 - The current consensus FFO estimate for the coming quarter is $1.20 on revenues of $674.66 million, and for the current fiscal year, it is $7.02 on revenues of $3.22 billion [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Residential sector is currently in the bottom 25% of over 250 Zacks industries, which may impact stock performance [8]

Core Insights - Sun Communities, Inc. reported a net loss of $224.4 million, or $1.77 per diluted share, for Q4 2024, compared to a loss of $80.9 million, or $0.65 per diluted share, in Q4 2023 [7] - For the full year 2024, the company achieved a net income of $89.0 million, or $0.71 per diluted share, compared to a net loss of $213.3 million, or $1.72 per diluted share, in 2023 [7] - Core Funds from Operations (Core FFO) were $1.41 per share for Q4 2024 and $6.81 per share for the full year, showing slight increases from $1.34 and $7.10 in the same periods of 2023 [7] Financial Performance - North America Same Property Net Operating Income (NOI) increased by 5.7% for Q4 2024 and 4.1% for the full year compared to 2023, amounting to increases of $14.8 million and $45.5 million respectively [7][8] - UK Same Property NOI rose by 12.9% for Q4 2024 and 9.0% for the full year, translating to increases of $1.8 million and $6.2 million respectively [7] - The company expects North American Same Property NOI growth of 4.3% to 5.6% and UK Same Property NOI growth of 0.9% to 2.9% for 2025 [7][28] Operational Highlights - The occupancy rate for North America’s manufactured housing (MH) and recreational vehicle (RV) properties reached 99.0%, a 160 basis point increase year-over-year [9] - The number of revenue-producing MH and RV sites increased by approximately 710 in Q4 2024, with MH occupancy gains accounting for about 57% of total gains [8] - The company disposed of approximately $570 million in non-strategic assets in 2024, contributing to its deleveraging efforts [4] Strategic Initiatives - The company announced the sale of Safe Harbor Marinas for an all-cash purchase price of $5.65 billion, expected to close in Q2 2025, which will allow a focus on core businesses and further reduce leverage [15][16] - A non-cash goodwill impairment charge of $180.8 million was recorded in the UK segment due to macroeconomic uncertainties affecting future cash flow projections [14] - The company is executing on strategic priorities aimed at maximizing revenue and managing expenses effectively [4] Guidance for 2025 - The company has established guidance for Q1 and full year 2025, excluding the marina portfolio, with projected diluted EPS ranging from $(0.28) to $0.78 for Q1 and $1.11 to $4.81 for the full year [22] - Core FFO per share guidance for 2025 is expected to range from $1.14 to $1.22 for Q1 and $6.82 to $7.06 for the full year [22][29] - The anticipated proceeds from the Safe Harbor Sale are expected to support debt reduction, shareholder distributions, and reinvestment in core businesses [15]