Sun Communities, Inc. a real estate investment trust that owns and operates, or has an interest in, manufactured housing communities, recreational vehicle resorts, and marinas, on Monday reported its first-quarter results for 2022.
Financial Results for the Quarter ended March 31, 2022
For the quarter ended March 31, 2022, total revenues increased by $106.5 million, or 24.1 percent, to $548.5 million compared to approximately $442.0 million for the same period in 2021. Net income attributable to common shareholders was $0.7 million, or $0.01 per diluted common share, compared to net income attributable to common shareholders of $24.8 million, or $0.23 per diluted common share, for the same period in 2021.
Non-GAAP Financial Measures and Portfolio Performance
Core Funds from Operations for the quarter ended March 31, 2022, was $1.34 per diluted share and OP unit as compared to $1.26 in the corresponding period in 2021, a 6.3 percent increase.
Same Property Net Operating Income for the Company’s MH and RV properties increased by 7.7 percent for the quarter ended March 31, 2022, as compared to the corresponding period in 2021.
Same Property NOI for the Company’s marina properties increased by 1.2 percent for the quarter ended March 31, 2022, as compared to the corresponding period in 2021.
Acquisitions totaled $1.6 billion during and subsequent to the quarter ended March 31, 2022, including 41 properties in the United Kingdom (“UK”) and four marinas in the United States.
“Our strong first-quarter performance builds on the momentum of last year as we delivered 6.3 percent growth in Core FFO per Share,” said Gary A. Shiffman, chairman and CEO. “With sustained tailwinds, the demand for attainable housing and outdoor vacationing continues to reach new levels, and with our best-in-class offering, Sun is uniquely positioned to meet these customer needs. We are pleased to have completed the acquisition of Park Holidays and already have a growing pipeline of acquisition opportunities in the UK.”
“Furthermore, we have been active in the capital markets as we amended and upsized our Senior Credit Facility, issued $600 million of senior notes with a favorable rate lock, and settled forward equity sale agreements, all of which enhanced our balance sheet position. Over the years, Sun has delivered consistent and cycle tested organic cash flow growth, and today the number of compelling investment opportunities is more exciting than ever across our MH, RV, and marina platforms.”
OPERATING HIGHLIGHTS
Portfolio Occupancy
Total MH and annual RV occupancy was 97.5 percent at March 31, 2022 as compared to 97.3 percent at March 31, 2021, an increase of 20 basis points.
During the quarter ended March 31, 2022, the number of MH and annual RV revenue producing sites increased by 670 sites as compared to an increase of 514 sites during the quarter ended March 31, 2021, a 30.4 percent increase.
Development Activity
During the quarter ended March 31, 2022, the Company completed the construction of 25 expansion sites in one RV resort.
EARNINGS CONFERENCE CALL
A conference call to discuss first-quarter results will be held on Tuesday, April 26, 2022 at 11:00 A.M. (ET). To participate, call toll-free (877) 407-9039. Callers outside the U.S. or Canada can access the call at (201) 689-8470. A replay will be available following the call through May 10, 2022 and can be accessed toll-free by calling (844) 512-2921 or (412) 317-6671.
The Conference ID number for the call and the replay is 13727742. The conference call will be available live on Sun Communities’ website located at www.suncommunities.com.
The replay will also be available on the website.
Sun Communities, Inc. is a REIT that, as of March 31, 2022, owned, operated, or had an interest in a portfolio of 603 developed MH, RV and marina properties comprising nearly 159,300 developed sites and over 45,700 wet slips and dry storage spaces in 39 states, Canada, Puerto Rico and the UK.
To view the full financial report, click here. For more information about Sun Communities, Inc., please visit www.suncommunities.com.