Welcome to our dedicated page for Sun Communities news (Ticker: SUI), a resource for investors and traders seeking the latest updates and insights on Sun Communities stock.
Sun Communities, Inc. (SUI) is a leading residential Real Estate Investment Trust (REIT) specializing in the ownership and operation of manufactured housing communities, residential vehicle (RV) resorts, and marinas. With a robust portfolio that includes 666 properties across the United States, Sun Communities is dedicated to providing top-notch living experiences in desirable locations.
Founded on the principle of the Golden Rule, Sun Communities prioritizes treating others the way it wishes to be treated. This philosophy extends to its team, which is considered a key asset. The company offers a supportive and rewarding workplace, promoting personal growth and career advancement through comprehensive training programs.
As of recent data, Sun Communities owns 351 manufactured housing communities, 179 RV resorts, and 136 marina properties. Nearly half of these properties are located in prime vacation destinations in Florida and Michigan, near major water bodies. This strategic placement caters to those seeking second homes or vacation properties.
Sun Communities' financial performance remains strong, with significant achievements in property acquisitions and development. The company has garnered numerous accolades, including being ranked as a “Top 100 Workplace” by the Detroit Free Press for six consecutive years. It was also recognized as one of Crain’s “Cool Places to Work” and received the American Heart Association's recognition.
For the latest updates on Sun Communities’ financial status, ongoing projects, and latest news, stakeholders can visit their website or contact Chief Financial Officer Fernando Castro-Caratini. The company continues to push forward with its vision, ensuring a high-quality living experience for its residents while maintaining solid financial health.
Sun Communities reported a 34.8% increase in total revenues for Q2 2022, amounting to $814.3 million, up from $603.9 million in Q2 2021. Despite this revenue growth, net income attributable to common shareholders declined to $74.0 million, or $0.61 per diluted share, from $110.8 million, or $0.98 per diluted share, in the previous year. Core Funds from Operations rose by 12.2% to $2.02 per diluted share. The company's UK operations contributed $40.5 million in NOI during the quarter. However, full-year earnings guidance was reduced from $2.46-$2.58 to $1.91-$2.01 per share.
Sun Communities, a real estate investment trust (REIT), announced a UK Investor Day and Property Tour presentation on June 21, 2022, hosted by CEO Gary A. Shiffman and Park Holidays CEO Jeff Sills. Investors can listen live via audio dial-in numbers provided. A video playback will be available on the company’s website within 48 hours post-event. As of March 31, 2022, Sun Communities owned or had an interest in 603 properties with nearly 159,300 sites across the US, Canada, Puerto Rico, and the UK.
Sun Communities, Inc. (SUI) announced that its Chairman and CEO, Gary A. Shiffman, will present at Nareit’s REITweek: 2022 Investor Conference on June 8, 2022, at 2:00 p.m. ET in New York City. A live audio-webcast will be accessible via the Company’s investor relations page, with a replay available for 30 days post-event. As of March 31, 2022, Sun Communities operated or had interests in 603 properties across 39 states, Canada, Puerto Rico, and the UK, with nearly 159,300 developed sites and over 45,700 wet slips and dry storage spaces.
Sun Communities, Inc. (SUI) announced the release date for its second quarter 2022 earnings report, set for July 25, 2022, after market close. A conference call to discuss the results will occur on July 26, 2022, at 11:00 A.M. ET. The company currently operates a portfolio of 603 properties, comprising nearly 159,300 developed sites. Interested parties can join the call or access a replay through the company’s website.
Sun Communities, Inc. (SUI) declared a quarterly distribution of $0.88 per share for Q2 2022, payable on July 15, 2022. This follows the company’s ongoing commitment to shareholder returns. As of March 31, 2022, Sun Communities owned and operated a portfolio of 603 properties across the U.S., Canada, Puerto Rico, and the UK, comprising approximately 159,300 developed sites and over 45,700 wet slips and dry storage spaces. This announcement underscores the company's solid financial strategy and growth in the manufactured housing and recreational vehicle market.
Sun Communities reported first quarter 2022 results, showing a revenue increase of $106.5 million (24.1%) to $548.5 million. However, net income fell to $0.7 million from $24.8 million year-over-year. Core FFO rose by 6.3% to $1.34 per share, with same property NOI for MH and RV properties up 7.7%. The company completed $1.6 billion in acquisitions and achieved a portfolio occupancy of 97.5%. Balancing this, debt stands at $6.1 billion with a 3.0% average interest rate and $90.4 million in cash.
Sun Communities, Inc. (NYSE: SUI) has announced the promotion of Fernando Castro-Caratini to Chief Financial Officer, effective May 2, 2022. He will succeed Karen Dearing, who will transition to a role focusing on the integration of the company’s UK acquisitions. Castro-Caratini has been pivotal in financial strategy since joining in 2016. Dearing reflects on her 14-year tenure as CFO and looks forward to integrating UK operations. The company continues to focus on strategic growth opportunities amid a changing market landscape.
Sun Communities (NYSE:SUI) has finalized its acquisition of Park Holidays UK for approximately £950 million ($1.3 billion), adding 40 owned and 2 managed communities in prime seaside locations in the UK. The deal was partially financed through $33 million in common stock and cash. This acquisition marks a strategic expansion into the UK market, allowing Sun to leverage synergies with its existing business model. The integration aims to enhance the holiday park experience, aligning with Sun's growth strategy and contributing to its earnings guidance.
Sun Communities, Inc. (NYSE: SUI) announced a public offering of $600 million senior notes due 2032 with an interest rate of 4.200%. The notes are priced at 99.442% of the principal amount, yielding an effective maturity rate of 4.269%. Proceeds will be utilized to repay existing debt, finance property acquisitions, and for general corporate purposes. This offering is estimated to close on April 12, 2022. Leading banks such as Citigroup and J.P. Morgan are managing this offering. Sun Communities operates a diverse portfolio of over 602 properties across multiple regions.
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