Sun Communities Inc., a real estate investment trust (REIT) that owns and operates manufactured housing and recreational vehicle communities, reported an increase in revenue for the company’s second quarter.
During the period, ended June 30, total revenues increased $41 million, or 15.1%, to $312.4 million compared to $271.4 million for the same period in 2018. Net income attributable to common stockholders was $40.4 million, or 46 cents per diluted common share, compared to $20.4 million, or 25 cents per diluted common share, for the same period in 2018.
For the six months, revenues increased $70.4 million, or 13.3%, to $599.8 million compared to $529.4 million for the same period in 2018. Net income attributable to common stockholders was $74.7 million, or 86 cents per diluted common share, compared to net income attributable of $50.4 million, or 63 cents per diluted common share, for the same period in 2018.
Other highlights included:
• Core funds from operations for the quarter were $1.18 per diluted share as compared to $1.07 in the prior year, an increase of 10.3%.
• Same community net operating income increased by 7.2% for the quarter as compared to the same period in 2018.
• Revenue producing sites increased to 668 sites for the quarter bringing total portfolio occupancy to 96.6%.
During the quarter, the company acquired a 309-site RV resort in Sevierville, Tenn., for a purchase price of $23 million and an RV resort located in Strafford, N.H., for a purchase price of $2.7 million.
Subsequent to the quarter, the company acquired an RV resort located in Ponchatoula, La., with 202 developed sites and 69 expansion sites for a purchase price of $23.5 million.
In addition, Sun Communities opened 281 sites of the ground-up development at Carolina Pines RV Resort in Myrtle Beach, S.C. The remaining phases of 565 sites for 846 total developed sites are expected to be completed in 2019 and 2020.