NYSE$SUI
Sun Communities Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Sun Communities reported solid second quarter results, driven by strong NOI growth in Manufactured Housing and Marina segments, supported by sustained demand. The company actively managed controllable expenses and executed on capital recycling objectives, selling over $300 million of properties to pay down debt.
Sun Communities reported a net income per diluted share of $0.42 and Core FFO per Share of $1.86 for the second quarter of 2024. North America Same Property NOI increased by 3.6%, and the company has reiterated its full-year Core FFO per Share guidance of $7.06 - $7.22.
- Net income per diluted share was $0.42 for the quarter.
- Core FFO per Share was $1.86 for the quarter.
- North America Same Property NOI increased by 3.6% for the quarter.
- Same Property adjusted blended occupancy for MH and RV of 98.7% represents a 150 basis point year-over-year increase
Headline financials
Revenue & EPS history
Sun Communities · Revenue · Quarterly
$864M
Revenue by segment
Sun Communities · $469M total across 2 segments · Q3 2023
- MH Total Revenue$259M-39.2%55.1%
- RV Total Revenue$211M+31.2%44.9%
Forward guidance
The Company is updating full year, and establishing third quarter 2024 guidance for diluted EPS and Core FFO per Share:
Tailwinds
- Re-affirming Core FFO per Share guidance in the range of $7.06 - $7.22 for the year ending December 31, 2024.
- Establishing Core FFO per Share guidance for the third quarter ending September 30, 2024 in the range of $2.46 - $2.56.
- Increasing Same Property NOI growth for MH to a range of 6.8% – 7.4% for the full year.
- Increasing Same Property NOI growth to a range of 8.6% – 10.4% for the full year in the UK.
- General and administrative expenses, excluding non-recurring expenses – decreasing the midpoint by approximately $5.0 million, or 210 basis points, reflecting corporate cost rationalization.
Headwinds
- Total Real Property NOI growth is 5.8% - 6.4%, 80 basis points lower at the midpoint of guidance for 2024, primarily reflecting the property dispositions and the resultant loss of income from those properties.
- Reducing Same Property NOI growth to a range of (0.7%) – 0.9% for RV.
- Reducing Same Property NOI to a range of 6.2% – 7.2% for Marinas.
- Lowering full year UK home sales FFO contribution by $850,000 or approximately 1.5% at the midpoint to reflect updated expectations.
- Interest expense guidance is $6.5 million lower at the midpoint primarily due to debt paydown with proceeds generated from the property dispositions.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
+0.4%
Avg return
Earnings day
+1.0%
Avg return
5 days after
+0.1%
Avg return
30 days after
64%
41 / 64 earnings
Positive
+8.8%
Q3 2022
Best reaction
-7.5%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.5% | -0.8% | -2.3% | |
| Q4 2025 | +2.0% | +4.5% | -4.4% | |
| Q3 2025 | +2.8% | +4.4% | +7.8% | |
| Q1 2025 | -4.5% | -3.8% | -4.3% | |
| Q4 2024 | -0.6% | -1.0% | -2.8% | |
| Q3 2024 | -7.5% | -4.6% | -6.4% | |
| Q2 2024 | +4.7% | +2.3% | +6.3% | |
| Q1 2024 | -6.5% | -1.5% | -3.1% | |
| Q4 2023 | +2.4% | +1.1% | +1.4% | |
| Q3 2023 | +2.4% | +4.4% | +18.7% | |
| Q2 2023 | -4.9% | -6.3% | -10.9% | |
| Q1 2023 | -2.3% | +0.3% | -7.6% | |
| Q4 2022 | -5.1% | -6.8% | -14.4% | |
| Q3 2022 | +8.8% | +12.1% | +21.9% | |
| Q2 2022 | +0.2% | +2.1% | -0.4% | |
| Q1 2022 | -1.8% | -6.0% | -13.8% | |
| Q4 2021 | -1.3% | -0.4% | -6.5% | |
| Q3 2021 | -2.2% | -3.1% | -1.1% | |
| Q2 2021 | +2.2% | +4.2% | +4.6% | |
| Q1 2021 | +1.4% | +3.5% | +3.9% | |
| Q4 2020 | +1.2% | +1.3% | -0.4% | |
| Q3 2020 | -2.3% | -2.3% | -3.6% | |
| Q2 2020 | +3.4% | +4.1% | +7.6% | |
| Q1 2020 | +3.4% | +15.8% | +13.0% | |
| Q4 2019 | +2.1% | +1.0% | -33.6% | |
| Q3 2019 | +1.9% | +1.9% | +2.0% | |
| Q2 2019 | -0.2% | +1.2% | +11.5% | |
| Q1 2019 | +2.2% | +1.7% | +5.5% | |
| Q4 2018 | -0.7% | -1.0% | +3.0% | |
| Q3 2018 | +3.7% | +3.2% | +3.0% | |
| Q2 2018 | +0.2% | +0.2% | +5.8% | |
| Q1 2018 | +0.0% | +2.9% | +2.2% | |
| Q4 2017 | +2.4% | +4.0% | +3.6% | |
| Q3 2017 | +0.5% | +0.7% | +4.2% | |
| Q2 2017 | +1.2% | +1.4% | +2.3% | |
| Q1 2017 | +0.5% | +0.2% | +4.0% | |
| Q4 2016 | +3.1% | +2.2% | -0.6% | |
| Q3 2016 | -1.0% | -2.3% | -7.6% | |
| Q2 2016 | -2.4% | -3.6% | -4.3% | |
| Q1 2016 | -0.2% | — | — | |
| Q4 2015 | +1.7% | — | — | |
| Q3 2015 | -2.9% | — | — | |
| Q2 2015 | +3.3% | — | — | |
| Q1 2015 | +2.7% | — | — | |
| Q4 2014 | -1.3% | — | — | |
| Q3 2014 | +6.6% | — | — | |
| Q2 2014 | +1.5% | — | — | |
| Q1 2014 | +2.7% | — | — | |
| Q4 2013 | -2.6% | — | — | |
| Q3 2013 | +0.1% | — | — | |
| Q2 2013 | -1.0% | — | — | |
| Q1 2013 | +0.3% | — | — | |
| Q4 2012 | +1.5% | — | — | |
| Q3 2012 | -3.9% | — | — | |
| Q2 2012 | +0.4% | — | — | |
| Q1 2011 | +1.4% | — | — | |
| Q1 2012 | +0.6% | — | — | |
| Q1 2010 | +0.7% | — | — | |
| Q4 2011 | +0.7% | — | — | |
| Q3 2011 | -1.9% | — | — | |
| Q3 2010 | -1.9% | — | — | |
| Q2 2010 | +2.5% | — | — | |
| Q2 2011 | +2.5% | — | — | |
| Q4 2010 | +2.5% | — | — |
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