Sun Communities Inc., a real estate investment trust (REIT) that owns and operates or has an interest in manufactured housing and recreational vehicle communities, today reported its first-quarter results for 2019.
For the three months ended March 31, total revenues increased $29.4 million, or 11.4%, to $287.3 million compared to $258 million for the same period in 2018. Net income attributable to common stockholders was $34.3 million, or 40 cents per diluted common share as compared to $30 million, or 38 cents per diluted common share, for the same period in 2018.
CEO Gary Shiffman stated, “Our solid momentum has continued as we started the year with strong operating results and numerous investments. We delivered another quarter of robust same community NOI growth, which along with our recent investments and expansions contributed to our outperformance. Our extensive history of providing first-rate amenities and a focus on customer service continues to draw sustained demand. We remain confident in our outlook, maintain an attractive growth pipeline and anticipate the continued realization of the benefits of our developments and expansion opportunities as we bring them online over time.”
Core Funds from Operations for the three months was $1.18 per diluted share as compared to $1.14 in the prior year, an increase of 3.5%.
Same Community Net Operating Income increased by 7.2% for the three months as compared to the same period in 2018. New home sales volume increased 17.9% for the three months ended March 31, 2019, as compared to the same period in 2018.
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