Sun Communities (SUI) Q3 FFO Lag Estimates

Core Insights - Sun Communities (SUI) reported quarterly funds from operations (FFO) of $2.34 per share, missing the Zacks Consensus Estimate of $2.51 per share, and down from $2.57 per share a year ago, representing an FFO surprise of -6.77% [1] - The company posted revenues of $939.9 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 0.60%, but down from $983.2 million year-over-year [2] - Sun Communities has underperformed the market with shares losing about 0.3% since the beginning of the year, compared to the S&P 500's gain of 21.2% [3] Financial Performance - Over the last four quarters, the company has surpassed consensus FFO estimates just once [2] - The current consensus FFO estimate for the coming quarter is $1.56 on revenues of $866.4 million, and for the current fiscal year, it is $7.11 on revenues of $3.34 billion [7] Market Outlook - The estimate revisions trend for Sun Communities is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market in the near future [6] - The outlook for the REIT and Equity Trust - Residential industry is currently in the top 40% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8]