Free Post Earnings Research Report: Sun Communities’ Revenues Jumped 10.7%; FFO Climbed 7.7%
Stock Monitor: Five Oaks Investment Post Earnings Reporting
LONDON, UK / ACCESSWIRE / April 04, 2018 / Active-Investors.com has just released a free earnings report on Sun Communities, Inc. (NYSE: SUI). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SUI. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on February 21, 2018. The Southfield, Michigan-based real estate investment trust reported better than expected revenues, while its funds from operations (FFO) were in-line with market estimates. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Five Oaks Investment Corp. (NYSE: OAKS), which also belongs to the Financial sector as the Company Sun Communities. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Sun Communities most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=SUI
Earnings Highlights and Summary
For the quarter ended December 31, 2017, Sun Communities' total revenues increased 10.7% to $242.0 million compared to $218.6 million in Q4 2016. The Company's revenue numbers topped analysts' estimates by $34.49 million.
During Q4 2017, Sun Communities' net income attributable to common stockholders was $7.4 million, or $0.09 per diluted common share, compared to a net loss attributable to common stockholders of $1.6 million, or $0.02 loss per diluted common share, in Q4 2016.
Sun Communities' core FFO was $0.98 per diluted share and OP unit in Q4 2017 compared to $0.91 in Q4 2016, reflecting an increase of 7.7%, and meeting market expectations of $0.98 per share.
For the full fiscal year ended December 31, 2017, Sun Communities' total revenues increased 17.9% to $982.6 million compared to $833.8 million in FY16.
Sun Communities' net income attributable to common stockholders was $65.0 million, or $0.85 per diluted common share, in FY17 compared to $17.4 million, or $0.26 per diluted common share, in FY16.
Sun Communities' core FFO was $4.17 per share in FY17 compared to $3.79 in FY16, reflecting an increase of 10.0%.
Operating Results
Sun Communities' total portfolio occupancy was 95.8% at December 31, 2017, compared to 96.2% at December 31, 2016. The decline in occupancy was primarily attributable to vacant MH expansion sites that were completed during the reported quarter.
Sun Communities' revenue producing sites increased by 573 sites and 2,406 sites for Q4 2017 and for FY17, respectively, compared to 301 sites and 1,686 sites for the same periods in 2016.
For the 231 communities owned by Sun Communities since January 01, 2016, the net operating income (NOI) increased 7.0% on a y-o-y basis in Q4 2017, as a result of a 6.4% increase in revenues and a 4.9% increase in operating expenses.
Sun Communities' total home sales were 850 in Q4 2017 compared to 762 homes sold during Q4 2016, reflecting a growth of 11.6%. During FY17, the Company sold 3,282 homes compared to 3,172 homes sold in FY16, representing a growth of 3.5%.
Sun Communities' rental homes sales, which are included in total home sales, were 340 and 231 for Q4 2017 and for Q4 2016, respectively. Rental home sales were 1,168 and 1,089 for the year ended December 31, 2017, and 2016, respectively.
Portfolio Activity
During Q4 2017, Sun Communities acquired a 201 site MH and RV resort located in Panama City Beach, Florida, for a total consideration of $19.5 million. Additionally, the Company acquired a 383-site age-restricted MH community located in Port Orange, Florida, for a total consideration of $32.5 million.
Balance Sheet and Capital Market Activity
As of December 31, 2017, Sun Communities had $3.1 billion of debt outstanding. The weighted average interest rate was 4.50% and the weighted average maturity was 8.9 years. The Company had $10.1 million of unrestricted cash on hand. At the end of the reported period, Sun Communities' net debt to trailing twelve-month recurring EBITDA ratio was 6.3 times.
Outlook
For the full fiscal year 2018, Sun Communities is forecasting net income per diluted share to be in the range of $1.26 to $1.42, and core FFO per diluted share to be in the band of $4.48 to $4.58.
For Q1 2018, the Company is projecting net income per diluted share to be in the range of $0.32 to $0.36, and core FFO per diluted share to be in the band of $1.12 to $1.14.
Stock Performance Snapshot
April 03, 2018 - At Tuesday's closing bell, Sun Communities' stock slightly advanced 0.31%, ending the trading session at $90.80.
Volume traded for the day: 458.73 thousand shares, which was above the 3-month average volume of 437.31 thousand shares.
Stock performance in the last month – up 4.45%; previous six-month period – up 5.98%; and past twelve-month period – up 13.03%
After yesterday's close, Sun Communities' market cap was at $7.23 billion.
Price to Earnings (P/E) ratio was at 106.45.
The stock has a dividend yield of 3.13%.
The stock is part of the Financial sector, categorized under the REIT - Residential industry. This sector was up 1.0% at the end of the session.
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