Sun Communities posted a 13% increase in revenue to $274 million during the Southfield, Mich.-based company’s fourth quarter, ended Dec. 31.
Net income was $9 million, or 11 cents per diluted common share, as compared to net income of $7.4 million, or 9 cents per share, for the same period in 2017.
For the year ended, total revenues increased $144.3 million, or 14.7%, to $1.1 billion compared to $982.6 million for the same period in 2017. Net income was $105.5 million, or $1.29 per diluted common share, as compared to net income $65 million, or 85 cents per diluted common share, for the same period in 2017.
Chief Executive Officer Gary Shiffman stated, “With same community NOI growth of 8.4% in the quarter, Sun completed another successful year which demonstrated the sustained demand for our housing and vacation solutions. We also continue to source attractive growth opportunities across the manufactured housing and RV segments, deploying more than $585 million during 2018.
“These investments included ongoing expansions at our highly occupied communities, acquisitions of income producing assets, and select greenfield developments, along with a strategic stake in a leading owner, operator and developer of senior manufactured housing communities and RV resorts based in Australia. The tailwinds for our sector remain strong, we have an excellent product, and we are well positioned to continue our track record of industry leading growth.”
In November, the company completed a $54 million strategic investment in Ingenia Communities Group, a leading owner, operator, and developer of senior manufactured housing communities and holiday resorts in Australia. The $54 million investment represents a 9.9% ownership stake in Ingenia. In addition, the Company and Ingenia have also formed a 50/50 joint venture to establish and grow a manufactured housing community development program in Australia.
• Revenue producing sites increased by 722 sites and 2,600 sites for the quarter and year, respectively, as compared to a 573 site and a 2,406 site increase in the same periods in 2017.
• During the year, revenue producing sites increased by 2,600 sites, as compared to an increase of 2,406 revenue producing sites a year ago.
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