Same site net operating income (NOI) rose by 8.6 percent compared to the same quarter last year, and revenue producing sites rose by 499 homesites to 92.9 percent total portfolio occupancy as compared to 90.2 percent as of March 31, 2014. Home sales rose by 47.2 percent when compared to the same time period 2014.
Sun completed the acquisition of one community in Michigan for $8 million and sold another one for $18.0 million in Indiana. Subsequent to the quarter, on April 1, 2015 the company completed the purchase of six age-restricted manufactured home communities in the Orlando, Florida area for $256.2 million. In addition, during Q1 2015 Sun sold 543 homes as compared to 369 homes sold in the same period of 2014.
“We are pleased to report our first quarter earnings reflecting strong core operating results during the period in which our experienced Operations team on-boarded a significant number of new communities,” said Gary A. Shiffman, Chairman and CEO. “Immediately after the end of the first quarter, we acquired six additional high quality MH communities located near Orlando, FL, further adding to our age-restricted asset holdings. With our current pipeline of quality acquisition opportunities, we are optimistic about the potential to continue to add best in class MH and RV properties to our portfolio.” ##
(Photo credit: Sun Communities, Inc.)
