Sun Communities Inc., a real estate investment trust that owns and operates, or has an interest in, manufactured housing (MH) and RV communities, reported its third quarter results for 2020 on Wednesday (Oct. 21), according to a press release.
For the quarter that ended Sept. 30, total revenues increased $38.1 million, or 10.5%, to $400.5 million compared to $362.4 million for the same period in 2019. Net income attributable to common stockholders was $81.2 million, or $0.83 per diluted common share, for the quarter ended Sept. 30, as compared to net income attributable to common stockholders of $57.0 million, or $0.63 per diluted common share, for the same period in 2019.
For the nine months ended Sept.30, total revenues increased $51.9 million, or 5.4%, to $1 billion compared to $962.2 million for the same period in 2019. Net income attributable to common stockholders was $124.0 million, or $1.29 per diluted common share, for the nine months ended Sept. 30, as compared to net income attributable to common stockholders of $131.7 million, or $1.49 per diluted common share, for the same period in 2019.
Non-GAAP Financial Measures and Portfolio Performance
Core Funds from Operations for the quarter ended Sept. 30, was $1.60 per diluted share and OP unit as compared to $1.46 in the corresponding period in 2019.
Same Community Net Operating Income increased by 5.5% for the quarter ended Sept. 30, as compared to the corresponding period in 2019, including the impact of $1.1 million of direct COVID-19 related expense.
Revenue Producing Sites increased by 776 sites for the quarter ended Sept. 30, bringing total portfolio occupancy to 97.2%.
MH and Annual RV Rent Collections for the third quarter were approximately 97% and 98% percent, respectively.
“The growth we delivered in the third quarter demonstrated the resilience of our platform and our ongoing positive operational momentum,” said Gary Shiffman, CEO of Sun Communities Inc. “Once again, our results were ahead of expectations as solid top line revenue performance and certain expense savings continued to mitigate the impact of the pandemic. We achieved same community NOI growth of 5.5% and added 776 revenue producing sites, boosting our occupancy by 50 basis points. Our RV resorts were exceptionally strong, as travelers elected drive-to vacation options and took advantage of our varied vacation destinations featuring lakes, mountains and beaches.
“Despite the present challenges of the pandemic, we remain focused on positioning Sun for the future,” he continued. “During the quarter we acquired five RV and two MH communities as we continue to expand our portfolio. We are particularly excited about our pending acquisition of Safe Harbor Marinas LLC and the integration of marinas onto our platform which should further enhance Sun’s growth profile over the long term.”
