Sun Communities, Inc - SUI STOCK NEWS

Sun Communities, a REIT focused on manufactured housing and RV communities, reported its Q1 2023 results showing a 13.8% increase in real property revenue. The net loss per diluted share was $0.24, a decline from a net income of $0.01 in Q1 2022. Core FFO per share was $1.23, surpassing guidance by 4.7%. Same property NOI rose 6.7%, driven by strong demand and effective expense management. Occupancy for MH and RV communities was 96.9%, down from 97.5% year-over-year, with 524 sites converted from transient to annual RV use. The company maintained its 2023 Core FFO guidance of $7.22 - $7.42 per share and expects 5.0% - 6.0% NOI growth.

Sun Communities, Inc. (SUI) has announced its first quarter 2023 earnings release set for April 26, 2023, after market close, with a conference call on April 27, 2023, at 11:00 A.M. ET to discuss the results. The company operates a portfolio of 669 properties, totaling over 179,700 developed sites across the US, UK, and Canada, as of December 31, 2022. Interested parties can participate by dialing in or accessing the live stream on the company's website.

Sun Communities, Inc. (NYSE: SUI) declared a quarterly distribution of $0.93 per share for Q1 2023. This payout will be made on April 17, 2023, to shareholders recorded by March 31, 2023. As of December 31, 2022, the company owned, operated, or held interest in 669 properties, offering over 179,700 developed sites and approximately 47,800 wet slips and dry storage spaces across the United States, the United Kingdom, and Canada.

Sun Communities, Inc. (NYSE: SUI) announced that Gary A. Shiffman, Chairman, President, and CEO, will present at the 2023 Citi Global Property CEO Conference on March 7, 2023, at 4:20 p.m. EST in Hollywood, Florida. The presentation will be available via a live audio-webcast on the Company's website, with a replay accessible for 90 days. As of December 31, 2022, Sun Communities owned, operated, or held interest in 669 developed properties, comprising over 179,700 sites and around 47,800 wet slips and dry storage spaces across the U.S., U.K., and Canada.

Sun Communities (SUI) reported a Q4 2022 net income of $4.7 million ($0.04/share), down from $12.9 million ($0.11/share) in Q4 2021. For the full year, net income was $242.0 million ($2.00/share), compared to $380.2 million ($3.36/share) in 2021. Core FFO grew to $1.33/share for Q4 and $7.35/share for the year, reflecting increases of 1.5% and 12.9%, respectively. The company anticipates a 4.9% - 5.9% growth in same property NOI for 2023 and has increased its annual distribution to $3.72/share. Despite challenges from Hurricane Ian-related impairments costing $17.3 million, SUI remains optimistic due to strong demand and ongoing investment opportunities.

Sun Communities, Inc. (NYSE: SUI) appointed Jeff Blau as an independent director on its Board, effective January 25, 2023. Blau, CEO of Related Companies, brings over 33 years of experience in real estate, overseeing developments worth over $60 billion. His leadership is expected to enhance the strategic direction of Sun Communities. The company, a REIT, operates a portfolio of 662 properties across multiple regions, with over 180,500 developed sites as of September 30, 2022. This move aims to strengthen governance and drive future growth amid ongoing market challenges.

Southfield, MI, Jan. 20, 2023 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE:SUI) announced the tax treatment of its 2022 common share distributions. The total capital gain distribution is $3.470000 per share, while ordinary taxable dividends include $2.554543 per share, with qualified and unqualified dividends also detailed. Notably, the company had several distribution dates and amounts throughout 2022, with shareholders encouraged to consult tax advisors regarding the specific treatment of these distributions. As of September 30, 2022, the company owned an interest in 662 properties across various locations.

Sun Communities, Inc. (NYSE: SUI) announced a public offering of $400 million in 5.700% senior notes due 2033. The notes are priced at 99.729% of the principal amount, providing an effective yield of 5.736%. Proceeds will be used to repay borrowings, fund future acquisitions, and for general corporate purposes. The offering is expected to close around January 17, 2023. This follows Sun Communities' portfolio of 662 properties across the U.S., U.K., Canada, and Puerto Rico, including 352 manufactured housing (MH) and 179 recreational vehicle (RV) communities.