Sun Communities Inc., a real estate investment trust (REIT) that owns RV and manufactured housing parks across the U.S. and Ontario, reported a 24.7% increase in revenue during its second quarter, ended June 30.
Total sales increased $47.1 million, or 24.7%, to $237.9 million compared to $190.8 million for the same period in 2016. Net income attributable to common stockholders was $12.4 million, or 16 cents per diluted common share, as compared to a net loss of $7.8 million, or 12 cents net loss per diluted common share, for the same period in 2016.
For the six months, total revenues increased $106.9 million, or 29.2%, to $472.3 million compared to $365.4 million for the same period in 2016. Net income was $33.5 million, or 45 cents per diluted common share, as compared to net income of $0.1 million, or $0.00 per diluted common share, for the same period in 2016.
Funds from Operations (FFO) funds from operations totaled $76.2 million, or 96 cents per share.
“Our second quarter performance demonstrates our ongoing commitment to deliver consistent operational results, while positioning ourselves for continued growth. Solid occupancy gains, stable rate increases and robust home sales all contributed to the quarter’s performance,” said Gary A. Shiffman, Chairman and Chief Executive Officer. “On the capital side, we further strengthened our balance sheet from both a debt and equity perspective. With a sizable expansion platform and an active acquisition pipeline, we expect to continue to drive attractive growth.”
Total portfolio occupancy was 96.1% at both June 30, 2017 and June 30, 2016, including the impact of recently completed but vacant expansion sites. During the quarter ended June 30, 2017, revenue producing sites increased by 752 sites, as compared to 501 revenue producing sites gained during the second quarter of 2016.
Revenue producing sites increased by 1,439 for the six months as compared to 1,093 revenue producing sites gained during the six months ended June 30, 2016.
Same Community Results
For the 231 communities owned since Jan. 1, 2016, Net Operating Income (NOI) for the quarter ended June 30, 2017, increased 6.1% over the same period in 2016, driven by a 6.2% increase in revenues and a 6.3% increase in operating expenses. Same community occupancy increased to 97.2% at June 30, 2017 from 95.6% at June 30, 2016.
For the six months revenues increased by 5.7% while total expenses increased by 3.8%, resulting in an increase to NOI of 6.4% over the six months ended June 30, 2016.
For the full report click here.