Sun Communities (NYSE: SUI) reported Q1 EPS of ($0.17), $0.37 worse than the analyst estimate of $0.20. Revenue for the quarter came in at $310.3 million versus the consensus estimate of $257.7 million.

Gary Shiffman, Chief Executive Officer of Sun Communities stated, “We want to convey our best wishes for the health and safety of all of our stakeholders during these unprecedented times. Sun is deeply committed to prioritizing the welfare of its residents, guests and team members every day, and in light of the widespread concern over COVID-19 across the nation, we have re-doubled our efforts. We have moved swiftly to develop a rent deferral program for residents that have been adversely impacted by the pandemic and we have taken decisive measures to reduce controllable expenses and preserve the Company’s financial flexibility.”

Mr. Shiffman continued, “The ultimate impact of disruption from the virus will be determined by the length of time that the COVID-19 pandemic remains a threat and depends on a multitude of variables over which we have no control. It is important to remember the pandemic is not a permanent condition, but a point in time that has dramatically impacted consumers, businesses and travel. We know that with time, this disruption will cease, and we firmly believe the fundamental thesis of manufactured housing communities and recreational vehicle resorts remains intact. We offer unparalleled value to our residents and guests in housing and vacationing options. We are confident Sun is prepared to withstand these challenges and navigate this evolving situation with its strong balance sheet, superior properties and dedicated team members.”

For earnings history and earnings-related data on Sun Communities (SUI) click here.