Sun Communities Inc (NYSE:SUI) Posts Strong Result in Q3

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Sun Communities Inc (NYSE:SUI) stock fell 0.19% (As on Oct 26, 11:22:38 AM UTC-4, Source: Google Finance) after the company’s earnings came in at $231.77 million in the third quarter of FY 21 compared with $81.20 million, in last year’s third quarter. SUI in the third quarter of FY 21 has reported the 70.9% increase in revenue to $684.29 million from $400.51 million last year. Core Funds from Operations for the quarter ended September 30, 2021, was $2.11 per diluted share and OP unit as compared to $1.60 in the corresponding period in 2020, a 31.9 percent increase. Same Community Net Operating Income  increased by 12.4 percent for the quarter ended September 30, 2021, as compared to the corresponding period in 2020. Home Sales Volume increased 63.7 percent to 1,162 homes for the quarter ended September 30, 2021, as compared to 710 homes in the same period in 2020. Acquisitions totaled $500.8 million during and subsequent to the quarter ended September 30, 2021, including 9 MH communities, 7 RV resorts and 6 marinas. Marina NOI was $64.5 million and $158.7 million for the quarter and nine months ended September 30, 2021, respectively.

Moreover, the RV segment continues to deliver strong results producing same community NOI growth of nearly 31 percent in the quarter, as the company benefit from the demand for outdoor experiences coming from existing and new Sun customers. As the leading industry consolidator, the company has completed $1.1 billion of acquisitions year-to-date. Total MH and annual RV occupancy was 97.4 percent at September 30, 2021 as compared to 97.2 percent at September 30, 2020, an increase of 20 basis points. During the quarter ended September 30, 2021, MH and annual RV revenue producing sites increased by 576 sites as compared to an increase of 776 sites during the quarter ended September 30, 2020.

Additionally, during the quarter ended September 30, 2021, the Company completed the construction of over 230 sites in two ground-up developments and over 90 expansion sites in two RV resorts. During the quarter ended September 30, 2021, the Company acquired three land parcels, which are located in Ft. Collins and Ft. Lupton, Colorado and Leighton, Michigan, approved for the development of over 500 MH sites, for total consideration of $7.7 million.

For the fourth quarter ending in December, Sun Communities expects its per-share funds from operations to range from $1.24 to $1.30.

The company expects full-year funds from operations to be in the range of $6.44 to $6.50 per share.

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