Sun Communities Reports 2025 First Quarter Results; Announces Completion of Safe Harbor Sale

About this update from Sun Communities, Inc.

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5.2% ","length":64,"tagName":"p"},{"type":"text","content":" Expecting UK Same Property NOI Growth of 0.9% - 2.9% ","length":52,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]}],"length":30},{"type":"text","content":" Completed Initial Closing of Safe Harbor Marinas Sale in April for Net Pre-tax Cash Proceeds of $5.25 Billion ","length":109,"tagName":"p"},{"type":"text","content":" Announced a Special Cash Distribution of $4.00 per Share ","length":56,"tagName":"p"},{"type":"text","content":" Increasing Quarterly Distribution by 10.6% in 2025, to $1.04 per Share ","length":70,"tagName":"p"},{"type":"text","content":" Announced the Authorization of a Stock Repurchase Program of Up to $1.0 Billion ","length":84,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]}],"length":30},{"type":"text","content":" Southfield, Michigan, May 05, 2025 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE: SUI) (the "Company" or "SUI"), a real estate investment trust ("REIT") that owns and operates, or has an interest in, manufactured housing ("MH") and recreational vehicle ("RV") communities and marinas (collectively, the "properties"), today reported its first quarter results for 2025. In February 2025, the Company entered into an agreement to sell 100% of the Company's interest in its Safe Harbor Marinas business. Accordingly, the results of the Safe Harbor Marinas business, along with the related assets and liabilities included in the disposition, are presented as held for sale and as discontinued operations for all periods presented herein. The sale was substantially completed subsequent to the quarter ended March 31, 2025.","length":884,"tagName":"p"},{"type":"text","content":" Financial Results for the Quarter Ended March 31, 2025 ","length":54,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"For the quarter ended March 31, 2025, net loss from continuing operations was $23.1 million, or $0.19 per diluted share, compared to net loss from continuing operations of $36.7 million, or $0.31 per diluted share for the same period in 2024. ","length":252,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":252,"olType":false},{"type":"text","content":" Non-GAAP Financial Measures ","length":27,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Core Funds from Operations ("Core FFO") for the quarter ended March 31, 2025, was $1.26 per common share and dilutive convertible securities ("Share"), as compared to $1.19 for the same period in 2024. ","length":221,"tagName":"p"}]},{"val":[{"type":"text","content":" Same Property Net Operating Income ("NOI") ","length":52,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" North America Same Property NOI for MH and RV increased by $9.6 million, or 4.6%, for the quarter ended March 31, 2025, as compared to the corresponding period in 2024. ","length":168,"tagName":"p"}]},{"val":[{"type":"text","content":" UK Same Property NOI decreased by $0.6 million, or 5.4%, for the quarter ended March 31, 2025, as compared to the corresponding period in 2024. ","length":143,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":311,"olType":false}]}],"tagName":"ul","bulletedList":true,"length":584,"olType":false},{"type":"readMore"},{"type":"text","content":""We recently marked a milestone for Sun, as we completed the sale of Safe Harbor as part of our long-term strategy to reduce leverage, increase financial and strategic flexibility and further simplify the business," said Gary A. Shiffman, Chairman and CEO. "With this transaction, we have repositioned the Company’s balance sheet and are laser focused on our core business and delivering reliable earnings growth. We are encouraged by our operational focus as we implement efficiencies and enhanced revenue-driving strategies. These have already started to deliver results, as seen in our solid first quarter, with particularly strong performance in Manufactured Housing and ongoing progress in expense management."","length":735,"tagName":"p"},{"type":"text","content":"Shiffman continued, "While the broader macro environment is seeing uncertainty, we are confident in our positioning and the resilience of our communities. The fundamentals driving demand remains intact, particularly around affordable housing and vacationing, and our markets remain supply constrained. Furthermore, with our financial flexibility and enhanced capital position, which allow us to invest in our growth, we are optimistic in our ability to create long-term value."","length":487,"tagName":"p"},{"type":"text","content":" OPERATING HIGHLIGHTS ","length":20,"tagName":"p"},{"type":"text","content":" North America Portfolio Occupancy ","length":33,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"MH and annual RV sites were 98.0% occupied at March 31, 2025, as compared to 97.5% at March 31, 2024. ","length":101,"tagName":"p"}]},{"val":[{"type":"text","content":"During the quarter ended March 31, 2025, the number of MH and annual RV revenue producing sites increased by approximately 20 sites, as compared to an increase of approximately 210 sites during the corresponding period in 2024. ","length":227,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":328,"olType":false},{"type":"text","content":" Same Property Results ","length":21,"tagName":"p"},{"type":"text","content":"For the properties owned and operated by the Company since at least January 1, 2024, excluding properties classified as discontinued operations, the following table reflects the percentage changes for the quarter ended March 31, 2025, as compared to the same period in 2024:","length":274,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"11","style":"border-bottom:solid black 1pt;text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Quarter Ended March 31, 2025 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America Same Property adjusted blended occupancy for MH and RV increased by 150 basis points to 99.0% at March 31, 2025, from 97.5% at March 31, 2024.","length":156,"tagName":"p"},{"type":"text","content":" INVESTMENT ACTIVITY ","length":19,"tagName":"p"},{"type":"text","content":"During the quarter ended March 31, 2025, the Company completed the following dispositions:","length":90,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"As previously announced, in January 2025, a portfolio of RV properties for total cash consideration of $92.9 million. The total consideration included proceeds from the disposition of four RV properties that were owned by the Company along with proceeds from the settlement of a developer note receivable of $36.5 million pertaining to three additional developer-owned properties in which the Company had provided financing. ","length":429,"tagName":"p"}]},{"val":[{"type":"text","content":"In March 2025, a portfolio of three MH properties for total cash consideration of $27.8 million. ","length":96,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":525,"olType":false},{"type":"text","content":"Subsequent to the quarter ended March 31, 2025, the Company completed the following dispositions:","length":97,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"In April 2025, a total of 123 marina properties for total cash consideration of $5.25 billion. See "Balance Sheet, Capital Markets Activity and Other Items" below for additional information. ","length":200,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":200,"olType":false},{"type":"text","content":"Refer to page 14 for additional details related to the Company's acquisition and disposition activity.","length":106,"tagName":"p"},{"type":"text","content":" BALANCE SHEET, CAPITAL MARKETS ACTIVITY, AND OTHER ITEMS ","length":56,"tagName":"p"},{"type":"text","content":"As of March 31, 2025, the Company had $7.4 billion in debt outstanding with a weighted average interest rate of 4.1% and a weighted average maturity of 5.9 years. At March 31, 2025, the Company's Net Debt to trailing twelve-month Recurring EBITDA ratio was 5.9 times.","length":271,"tagName":"p"},{"type":"text","content":"Safe Harbor Sale","length":16,"tagName":"p"},{"type":"text","content":"Subsequent to the quarter ended March 31, 2025, the Company completed the initial closing of its sale of the Safe Harbor Marinas business (the "Safe Harbor Sale"). The initial closing of the Safe Harbor Sale generated approximately $5.25 billion of pre-tax cash proceeds, net of transaction costs, with an estimated book gain on sale of approximately $1.4 billion. Pursuant to the terms of the transaction agreement, subsidiaries owning 15 marina properties representing approximately $250.0 million of value (the "Delayed Consent Subsidiaries") were not part of the initial closing. The sales of those properties remain subject to the receipt of certain third-party consents, which may delay the timing of any such sale or may prevent any such property from being sold at all. The Company anticipates that the acquisitions of most or all of the Delayed Consent Subsidiaries will occur in the second quarter of 2025. The Company has begun to use the net cash proceeds to support a combination of debt reduction, distributions to shareholders, and reinvestment in the Company's core portfolio.","length":1126,"tagName":"p"},{"type":"text","content":"Accordingly, subsequent to the quarter ended March 31, 2025, the Company settled outstanding debt balances of $1.6 billion under the Company's senior credit facility and $740.0 million of secured mortgage debt, inclusive of prepayments costs. The Company also announced the planned redemption of $950.0 million, inclusive of prepayment costs, in outstanding unsecured senior notes that is expected to occur on May 10, 2025. Furthermore, the Company allocated approximately $1.0 billion into 1031 exchange escrow accounts to fund potential future MH and RV acquisitions.","length":573,"tagName":"p"},{"type":"text","content":"Reporting Changes","length":17,"tagName":"p"},{"type":"text","content":"As a result of the Safe Harbor Sale, we have revised the Company's reporting structure to three segments, which consist of (i) MH communities, (ii) RV communities, and (iii) communities in the United Kingdom ("UK"). The new structure removes the Marina business from the Company's operating segments as a result of its classification as a discontinued operation and reflects how the chief operating decision maker manages the business, makes operating decisions, allocates resources, and evaluates operating performance.","length":538,"tagName":"p"},{"type":"text","content":"Service, retail, dining and entertainment revenues and expenses have been renamed as ancillary revenues and expenses to more appropriately reflect the nature of these activities for the Company's continuing operations, after reclassifying the Marina results to discontinued operations. There was no impact to prior period net income, stockholders equity', or cash flows due to the change in naming convention.","length":417,"tagName":"p"},{"type":"text","content":"2025 Distributions","length":18,"tagName":"p"},{"type":"text","content":"The Company's Board of Directors has authorized a one-time special cash distribution of $4.00 per common share and unit, equating to approximately $520.0 million. The distribution will be payable on May 22, 2025 to shareholders of record on May 14, 2025. The Company's Board of Directors also approved a quarterly distribution increase of 10.6%, to $1.04 per common share and unit. The increase is expected to begin with the second quarter distribution that is anticipated to be paid in July 2025. While the Board of Directors has approved the new quarterly distribution policy, the amount of each quarterly distribution on the Company's common stock will be subject to approval by the Board of Directors.","length":717,"tagName":"p"},{"type":"text","content":"Stock Repurchase Program","length":24,"tagName":"p"},{"type":"text","content":"The Company's Board of Directors has authorized a stock repurchase program of up to $1.0 billion of the Company's outstanding common stock. The stock repurchase program does not obligate the Company to acquire any particular amount of common stock, and the repurchase program may be suspended or discontinued at any time at the Company's discretion, through the expiration date of April 30, 2026.","length":413,"tagName":"p"},{"type":"text","content":" 2025 GUIDANCE Following the substantial completion of the Safe Harbor Sale, the Company is establishing second quarter and full-year 2025 guidance for diluted EPS and Core FFO per Share as follows:","length":197,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"5","style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Second Quarter Ending June 30, 2025 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