The highlights, according to the company, were:
Funds from operations (FFO)excluding certain items was $0.87 per diluted share, representing a 10% increase over the same period last year.
Same-site Net Operating Income (NOI) increased by 8.8% as compared to the three months ended June 30, 2014.
Revenue-producing sites increased by 500 sites during the three months ended June 30, 2015, bringing total portfolio occupancy to 93.5%.
The company acquired seven manufactured-housing communities; six in Florida and one in South Carolina, adding 3,554 sites for approximately $288.8 million and La Hacienda RV Resort in Austin, Texas, with 241 sites for $27.1 million.
“We have successfully merged the operations and cultures of our recent portfolio acquisitions and are operating as a unified portfolio. The acquired communities are delivering solid results which complement the excellent performance of our core portfolio,” said Gary A. Shiffman, chairman and CEO of Sun.
“We plan to continue to acquire high-quality assets with significant upside potential where Sun’s experienced operations team can utilize their expertise to build long term shareholder value,” Shiffman added.
“Our same site revenue growth is primarily from occupancy gains and rental increases and is being further enhanced by the solid growth in our transient RV revenues which is demonstrated by the 9% year over year revenue growth during the Memorial Day and Fourth of July holiday weekends,” said Shiffman. “We are pleased that our RV communities continue to offer a resort experience attracting both new and loyal repeat travelers.”
In addition, Sun announced that it has entered into agreements to acquire three recreational vehicle communities containing approximately 1,185 developed sites for a combined purchase price of $76.2 million and has completed its due diligence with respect to such communities.
It also entered into an agreement to sell six of its manufactured home communities containing approximately 2,200 sites and associated homes and notes for net proceeds of $68.0 million.
For the full details of Sun’s announcement, click here.
Currently, Sun owns and operates 251 communities with 93,100 sites.