Total revenues for the quarter increased $50.4 million, or 30.0 percent, to $218.6 million compared to $168.2 million for the same period in 2015.
Net loss attributable to Common Stockholders was $1.6 million, or $0.02 per diluted common share, as compared to net income attributable to Common Stockholders of $89.4 million, or $1.56 per diluted common share, for the same period in 2015.
For the year ending December 31, 2016, total revenues increased $159.1 million, or 23.6 percent, to $833.8 million compared to $674.7 million for the same period in 2015. Net income attributable to Common Stockholders for the year ended December 31, 2016 was $17.4 million, or $0.26 per diluted common share, as compared to $137.3 million, or $2.52 per diluted common share, for the same period in 2015.
For the quarter, funds from operations (FFO) excluding certain items was $0.91 per diluted share as compared to $0.81 in the prior year, an increase of 12.3 percent.
For the year, FFO excluding certain items was $3.79 per share as compared to $3.63 in the prior year, an increase of 4.4 percent.
Home sales for Sun Communities increased by 27.8 percent as compared to the year ended December 31, 2015, and revenue producing sites increased by 301 sites for the quarter, bringing total portfolio occupancy to 96.2 percent.
“Sun’s most recent results demonstrate the ongoing power of our platform. We achieved industry leading internal growth, increased or maintained occupancy for the 20th consecutive quarter and sold a record number of homes into our communities, while integrating our largest acquisition to date,” said Chairman and Chief Executive Officer Gary A. Shiffman.
“As we proceed through 2017, we are keenly focused on continuing to deliver exceptional results to our shareholders. Along with continuing to drive NOI growth from our core portfolio, we anticipate the most meaningful opportunities will come from value-add assets that we can reposition to deliver superior returns over the long term. Sun is well positioned to continue our track record of value creation.”
Sun Communities Q4 and year-end 2016 earnings report linked here. ##
As Daily Business News readers are already aware, Sun owns and operates 338 manufactured home and recreational vehicle communities located in 29 states throughout the United States and Ontario, Canada. Sun Communities’ portfolio consists of approximately 117,000 developed sites. The firm has one of the largest portfolios of manufactured home communities in the United States.
Sun is also one of the industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews. For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##
(Image credits are as shown above.)
Submitted by RC Williams to the Daily Business News for MHProNews.
