Sun Communities Reports Fourth Quarter, Full-Year Results

RV Business

SOUTHFIELD, Mich. – Sun Communities Inc. (NYSE: SUI), a real estate investment trust (“REIT”) that owns and operates, or has an interest in, manufactured housing (“MH”) and recreational vehicle communities and marinas, today (Feb. 23) reported its fourth quarter and full-year results for 2022.

Financial Results for the Quarter and Year Ended Dec. 31, 2022

For the quarter ended Dec. 31, 2022, net income attributable to common shareholders was $4.7 million, or $0.04 per diluted share, compared to net income attributable to common shareholders of $12.9 million, or $0.11 per diluted share, for the same period in 2021.
For the year ended Dec. 31, 2022, net income attributable to common shareholders was $242.0 million, or $2.00 per diluted share, compared to net income attributable to common shareholders of $380.2 million, or $3.36 per diluted share, for the same period in 2021.

Non-GAAP Financial Measures

Core Funds from Operations (Core FFO) for the quarter and year ended Dec. 31, 2022, was $1.33 per common share and dilutive convertible securities (Share) and $7.35 per Share, respectively, representing 1.5% and 12.9% increases as compared to the corresponding periods in 2021.
Constant Currency Core Funds from Operations (Constant Currency Core FFO) for the quarter and year ended Dec. 31, 2022, was $1.34 per Share and $7.44 per Share, respectively.
Same Property Net Operating Income (NOI) for MH and RV properties increased by 4.4% and 5.4% for the quarter and year ended Dec. 31, 2022, respectively, as compared to the corresponding periods in 2021. For the company’s Marina properties, Same Property NOI increased by 10.4% and 7.7% for the quarter and year ended Dec. 31, 2022, respectively, as compared to the corresponding periods in 2021.

“We are pleased to report another year of strong performance and earnings growth. The resilient demand for our manufactured housing, RV and marina properties, combined with the limited supply for each, are the foundations of our business model, which generates positive results throughout economic cycles,” said Gary A. Shiffman, Chairman and CEO.

“We delivered a record number of revenue producing sites in 2022, primarily driven by record conversions to annual leases at our RV communities, and we have nearly 16,200 sites in our portfolio available for development,” he continued. “We are optimistic in our outlook for 2023, supported by our healthy rental rate increases in our MH, annual RV and Marina properties. We will be disciplined in terms of capital deployment, pursuing selective acquisition opportunities while continuing to leverage our development platform to create new supply to meet the strong demand and deliver value for our shareholders.”

Read the full performance report here.

Source: https://rvbusiness.com/sun-communities-reports-fourth-quarter-full-year-results/