NYSE$SUI
Sun Communities Inc · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Sun Communities reported solid third-quarter results, driven by strong demand and accretive investments, with earnings exceeding expectations and increased guidance for Constant Currency Core FFO.
Sun Communities reported a net income attributable to common shareholders of $162.6 million, or $1.32 per diluted share, for the quarter ended September 30, 2022. Constant Currency Core FFO per diluted share was $2.71, exceeding guidance. The company experienced strong growth in all segments, driven by high occupancy in the Manufactured Housing portfolio and record conversions to annual sites in the RV segment. Same Property NOI increased for both MH/RV and Marina properties.
- Diluted earnings per share were $1.32.
- Constant Currency Core FFO per Diluted Share of $2.71 exceeded guidance.
- Manufactured Housing & RV Same Property NOI increased 6.4 percent compared to the prior year.
- Marina Same Property NOI increased 9.6 percent compared to the prior year.
Headline financials
Revenue & EPS history
Sun Communities · Revenue · Quarterly
$933M
Revenue by segment
Sun Communities · $586M total across 2 segments · Q3 2022
- MH Total Revenue$425M+54.3%72.6%
- RV Total Revenue$160M-31.4%27.4%
Forward guidance
The Company is updating its full-year guidance for diluted EPS and Constant Currency Core FFO per Share to reflect performance through September 30, 2022 and management's expectations for the remainder of the year.
Tailwinds
- The Company is revising its full-year guidance for diluted EPS from the prior range of $1.91 - $2.01 to a new range of $1.96 - $2.02.
- The Company is revising its full-year guidance for Constant Currency Core FFO per Share from $7.22 - $7.32 to a new range of $7.32 - $7.38, representing an $0.08 cent increase at the midpoint.
- The Company is establishing fourth quarter 2022 guidance for diluted EPS and Constant Currency Core FFO per Share of $0.02 - $0.08 and $1.23 - $1.29, respectively.
- The Company is updating its expectations for Same Property NOI Growth for the remainder of the year as follows: MH and RV Same Property NOI growth 6.0% - 7.2%.
- Marina Same Property NOI growth 5.3% - 6.8%.
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 Q3 2022
+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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