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Sun Communities Turns To Profit In Q1

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(RTTNews) – Sun Communities Inc. (SUI) reported that its net income attributable to common stockholders for the first-quarter ended March 31, 2021 was $24.8 million or $0.23 per share, compared to net loss of $16.1 million or $0.17 per share last year.

Core funds from operations for the first-quarter was $1.26 per share and OP unit compared to $1.22 in the corresponding period in 2020.

Total revenues for the first-quarter increased 42.4 percent to about $442.0 million from $310.3 million for the same period in 2020.

For fiscal year 2021, the company now expects earnings per basis share to be between $1.68 and $1.84 compared to the prior outlook of $1.66 and $1.82.

The company raised annual core funds from operations per share to range of $5.92 – $6.08 from $5.79 – $5.95.