Sun Communities (SUI) Q1 2025 Earnings Call May 06, 2025 11:00 AM ET Speaker0 Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Sun Communities First Quarter twenty twenty five Earnings Conference Call. At this time, management would like me to inform you that certain statements made during this call, which are not historical facts, may be deemed forward looking statements within the meanings of the Private Securities Litigation Reform Act of 1995. Although the company believ ...

Net Loss per Diluted Share of $0.34 for the Quarter Core FFO per Share of $1.26 for the Quarter North America Same Property NOI for MH and RV Increased by 4.6% for the Quarter on a Year-over-Year Basis North America Same Property Adjusted Blended Occupancy for MH and RV of 99.0% Represents a 150 Basis Point Year-over-Year Increase Establishing Post-Safe Harbor Sale Guidance for 2025 Expecting Core FFO per Share of $6.43 to $6.63 Expecting North American Same Property NOI Growth of 3.5% - 5 ...

Financial Performance - Net loss per diluted share for Q1 2025 was $0.34, compared to a net loss of $0.31 per diluted share in Q1 2024[10] - Core FFO per share for Q1 2025 was $1.26, up from $1.19 in Q1 2024, representing a year-over-year increase of 5.9%[16] - Basic earnings per share from continuing operations for Q1 2025 was $(0.19), an improvement from $(1.84) in Q4 2024[48] - Total revenues for Q1 2025 were $470.2 million, a slight increase of 0.2% compared to $469.2 million in Q1 2024[51] - Net loss attributable to SUI common shareholders for Q1 2025 was $42.8 million, representing a 56.2% increase from a net loss of $27.4 million in Q1 2024[51] - Total revenues for the quarter ended March 31, 2025, were $212.7 million, an increase of 5.0% from $202.0 million in the same quarter of 2024[83] - Total expenses for the quarter were $216.3 million, up from $201.0 million in the prior year, resulting in a loss before other items of $(3.6) million compared to a profit of $1.0 million in Q1 2024[83] Occupancy and Property Performance - North America Same Property adjusted blended occupancy for MH and RV increased by 150 basis points to 99.0% as of March 31, 2025[18] - The occupancy rate for the total portfolio was 98.0% as of March 31, 2025[49] - Same Property blended occupancy for MH and RV increased to 98.1% as of March 31, 2025, up 40 basis points from 97.7% a year earlier[60] - The number of occupied sites in North America increased to 11,100 as of March 31, 2025, from 9,970 a year earlier[59] - The number of properties decreased from 529 in Q1 2024 to 502 in Q1 2025, a reduction of 5.1%[56] Debt and Financial Position - As of March 31, 2025, the company had $7.4 billion in debt outstanding with a weighted average interest rate of 4.1%[20] - Total debt remained stable at $7,348.1 million compared to $7,352.8 million in Q4 2024[48] - The company's total outstanding debt as of March 31, 2025, is $7,381.4 million, with a weighted average interest rate of 4.08%[68] - Secured debt amounts to $3,200.7 million, with a weighted average interest rate of 4.06%[68] - Unsecured debt totals $4,147.4 million, with a weighted average interest rate of 4.10%[68] - The company’s net debt to TTM recurring EBITDA ratio was 5.9x for Q1 2025, slightly improved from 6.0x in Q4 2024[48] - The total debt to total assets ratio stands at 38.5%, well within the covenant requirements[74] Guidance and Future Expectations - The company expects Core FFO per share guidance for 2025 to be between $6.43 and $6.63[10] - The Company has established guidance for Q2 2025 with diluted EPS ranging from $11.25 to $11.33 and Core FFO per Share between $1.62 and $1.70[30] - For the full year 2025, diluted EPS is projected to be between $12.62 and $12.82, while Core FFO per Share is expected to range from $6.43 to $6.63[30] - The North America Same Property NOI growth is anticipated to be between 1.7% and 4.0%, and UK Same Property NOI growth is expected to be between 3.9% and 5.9% for Q2 2025[31] Special Distributions and Transactions - A special cash distribution of $4.00 per share was announced, totaling approximately $520.0 million, payable on May 22, 2025[26] - The company completed the sale of Safe Harbor Marinas for net pre-tax cash proceeds of $5.25 billion, with an estimated book gain of approximately $1.4 billion[22] - The company has authorized a stock repurchase program of up to $1.0 billion of its outstanding common stock[28] Operational Metrics - Recurring EBITDA for Q1 2025 was $236.7 million, down from $271.5 million in Q4 2024[48] - Net Operating Income (NOI) for Q1 2025 was $238.1 million, down from $243.1 million in Q1 2024, reflecting a decrease of 2.1%[54] - Same Property Revenues for Q1 2025 totaled $321.9 million, an increase of 4.4% from $308.2 million in Q1 2024[58] - Same Property operating expenses increased by 4.0% to $105.4 million in Q1 2025 from $101.3 million in Q1 2024[58] Market and Sales Performance - North America home sales decreased by 12.5% to $28.7 million for the quarter ended March 31, 2025, compared to $32.8 million in the same period last year[62] - The average selling price of homes in North America decreased by 17.5% to $82,709 compared to $100,306 in the previous year[62] - Utility reimbursement revenues increased to $29.3 million in Q1 2025, compared to $27.5 million in Q1 2024, indicating a growth of 6.5%[92] Asset Management - The company owns, operates, or has an interest in a portfolio of 502 developed MH, RV, and UK properties, comprising approximately 174,850 developed sites[45] - The company has 13,510 sites available for development across its North American and UK properties[49] - The company recorded asset impairment charges of $20.5 million related to pre-construction development costs at seven properties[76] Accounting and Financial Metrics - The Company believes that GAAP net income (loss) is the most directly comparable measure to NOI, and Same Property NOI is a key management tool for evaluating performance and growth[98] - FFO is defined as GAAP net income (loss) excluding gains or losses from sales of certain real estate assets, plus real estate-related depreciation and amortization[101] - Core FFO provides enhanced comparability for investor evaluations of period-over-period results, excluding certain gain and loss items unrelated to the core business[101]

Our Purpose: To make the world smarter, happier, and richer. Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer. The Motley Fool reaches millions of people every month through our premium investing solutions, free guidance and market analysis on Fool.com, top-rated podcasts, and non-profit The Motley Fool Foundation. ...

Southfield, MI, April 30, 2025 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE: SUI) (the “Company”) today announced that its operating partnership, Sun Communities Operating Limited Partnership (“SCOLP”), will redeem all $500 million aggregate principal amount of its outstanding 5.500% Senior Notes due 2029 (CUSIP No. 866677AK3) (the “Notes due 2029”) and all $400 million aggregate principal amount of its outstanding 5.700% Senior Notes due 2033 (CUSIP No. 866677AJ6) (the “Notes due 2033” and together with ...

Sun Communities (SUI 1.04%) has a very durable business. The real estate investment trust (REIT) is the largest publicly traded owner-operator of manufactured home and RV communities. These properties produce very resilient recurring revenues, which help support the REIT's 3% yielding dividend. The residential REIT's already highly resilient dividend is about to grow even stronger in the future. Driving the improved sustainability are asset sales that will significantly bolster its already solid balance she ...

Core Viewpoint - Sun Communities, Inc. will release its first quarter 2025 operating results on May 5, 2025, and will host a conference call on May 6, 2025, to discuss these results [1]. Company Overview - Sun Communities, Inc. is a real estate investment trust (REIT) that, as of December 31, 2024, owned, operated, or had an interest in a portfolio of 645 developed properties, comprising approximately 176,390 developed sites and about 48,760 wet slips and dry storage spaces across the United States, Canada, and the United Kingdom [4].

Sun Communities, Inc. (NYSE:SUI) is a company that invested in mobile home, RV sites, and marinas. That's no longer true after a significant transaction. The marinas are gone, and the bears are wrong. In September 2024, we had an article come out on The REIT Forum about Blue Orca targeting Sun Communities. In short, they wanted investors to short the company. There were a bunch of metrics that weren’t relevant to doing REIT analysis. They were banking on readers not understanding how to analyze a REIT. Fast ...

Core Viewpoint - Sun Communities, Inc. has declared a quarterly distribution of $0.94 per share for Q1 2025, payable on April 15, 2025, to shareholders of record on March 31, 2025 [1]. Group 1 - Sun Communities, Inc. is a real estate investment trust (REIT) that owns and operates manufactured housing and recreational vehicle communities, as well as marinas [1][2]. - As of December 31, 2024, the company owned, operated, or had an interest in a portfolio of 645 developed properties, comprising approximately 176,390 developed sites and about 48,760 wet slips and dry storage spaces across the United States, Canada, and the United Kingdom [2].

Southfield, MI, March 13, 2025 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE:SUI) (the "Company") announced today that its Board of Directors (the "Board") has nominated Mr. Mark A. Denien as an independent director candidate for election at the upcoming annual meeting of shareholders. Mr. Denien is a seasoned finance executive with over three decades of experience in real estate transactions, capital markets, strategy development, regulatory compliance, risk management, and acquisitions. He currently ser ...