Sun Communities Inc., a real estate investment trust that owns and operates, or has an interest in, manufactured housing communities, RV resorts and marinas, saw revenues increase $131.7 million during the first quarter of 2021, which ended on March 31, according to a press release.
Financial Results for the Quarter Ended March 31
Total revenues increased $131.7 million, or 42.4%, to approximately $442 million compared to $310.3 million for the same period in 2020. Net income attributable to common stockholders was $24.8 million, or $0.23 per diluted common share, as compared to net loss attributable to common stockholders of $16.1 million, or $0.17 per diluted common share, for the same period in 2020.
Non-GAAP Financial Measures and Portfolio Performance
- Core Funds from Operations (“Core FFO”)(1) for the quarter was $1.26 per diluted share and OP unit (“Share”) as compared to $1.22 in the corresponding period in 2020, a 3.3% increase.
- Same Community(2) Net Operating Income (“NOI”)(1) increased by 2.7% for the quarter, as compared to the corresponding period in 2020.
- Same Community(2) Occupancy increased by 190 basis points to 98.8%, as compared to 96.9% on March 31, 2020.
- MH and Annual RV Revenue Producing Sites increased by 514 sites in the quarter, bringing total portfolio occupancy to 97.3% on March 31, as compared to an increase of 300 sites in the corresponding period in 2020 and total portfolio occupancy of 96.7% on March 31, 2020.
- Home Sales Volume increased 9.4% for the quarter ended, as compared to the same period in 2020.
- Acquisitions totaled $183 million during and subsequent to the quarter, including two MH communities, six RV resorts and four marinas.
“Sun delivered a strong start to the year, as we continued to benefit from both the stability of our portfolio and the contribution of our growth initiatives across manufactured housing, RV resorts and marinas,” noted Gary Shiffman, CEO of Sun Communities. “Sustained demand for affordable housing and the desire for RV vacations are providing strong tailwinds, while marinas continue to exhibit durable customer retention and growth. With increased rates of vaccination and the beginning of a return to normalcy, we are seeing higher forward RV bookings providing better visibility into a stronger year ahead. Accordingly, we have increased our earnings guidance to reflect this confidence. To enhance our growth, we delivered approximately 350 ground-up development and expansion sites and deployed $183.0 million into the acquisition of irreplaceable assets. As we execute on our investment strategies and further reinforce the high quality of our brand and offerings to our residents and guests, we are well-positioned to continue to deliver industry-leading results.”