Sun Communities reported second-quarter funds from operations of $1.84 per share, beating consensus by $0.08. Revenue came in at $484.6 million, a 2.3% decline from a year earlier and $122.26 million below expectations. Net income attributable to continuing operations was $42.3 million, or $0.32 per diluted share, compared with a net loss from continuing operations of $30.0 million, or $0.74 per diluted share, in the same period last year. The company issued third-quarter guidance for core FFO per share of $2.23 to $2.33 and full-year guidance of $6.94 to $7.10, while noting that the outlook does not reflect any impact from the pending Park Holidays sale.
Sun Communities IncFFO beat estimates but revenue missed significantly; mixed earnings results and guidance.