Sun Communities reports Q4 Core FFO $1.34, consensus $1.34

Reports Q4 revenue $726.7M, consensus $669.2M. Reports Q4 total Same Property NOI increased by 9.6%. “The Q4 culminated a year of solid real property performance. Same property NOI surpassed our expectations and highlights the resilience of our portfolio, supported by the robust demand and limited supply fundamentals of our properties,” said Gary Shiffman, Chairman, President and CEO. “We realized solid occupancy gains in our manufactured housing and RV communities, high levels of conversion of transient to annual RV sites and continued double digit NOI increases in our marinas. In the UK, although real property performance remains strong, macro headwinds continue to impact home sales. We are focused on realizing the consistent growth our portfolio provides and delivering reliable results from our real property assets. By remaining disciplined in pursuing new acquisition and development activity, de-leveraging our balance sheet, and maximizing the efficiency of our operating platform, we are confident in our strategic positioning to re-accelerate earnings growth in the coming years.”