Sun Communities (NYSE: SUI) reported Q2 EPS of $0.61, $0.36 better than the analyst estimate of $0.25. Revenue for the quarter came in at $303.27 million versus the consensus estimate of $236.84 million.

Non-GAAP Financial Measures and Portfolio Performance

• Core Funds from Operations (“Core FFO”)(1) for the quarter ended June 30, 2020, was $1.12 per diluted share and OP unit (“Share”) as compared to $1.18 in the corresponding period in 2019.
• Same Community(2) Net Operating Income (“NOI”)(1) increased by 1.4 percent for the quarter ended June 30, 2020, as compared to the corresponding period in 2019, including the impact of $0.9 million of direct COVID-19 related expense.
• Revenue Producing Sites increased by 851 sites for the quarter ended June 30, 2020, bringing total portfolio occupancy to 97.3 percent.
• MH rent collections for the second quarter were approximately 97.0 percent, in line with the corresponding period in 2019. MH rent collections as of July 21st are approximately 96.0 percent.
• Annual RV rent collections for the second quarter were approximately 98.0 percent, in line with the corresponding period in 2019.

Gary Shiffman, Chief Executive Officer of Sun Communities stated, “We are pleased to report, despite the ongoing uncertainty, all of our communities and resorts are open. In the second quarter, our portfolio performed better than our expectations as expense containment efforts helped to mitigate the impact of the pandemic. Furthermore, we achieved total portfolio occupancy of 97.3 percent, adding 851 revenue producing sites during the second quarter, a 27.4 percent increase year over year. Portions of our portfolio were restricted from opening early in the second quarter, but we are now seeing significant gains in demand for our RV resorts with forward reservations trending near or ahead of initial budget.”

Mr. Shiffman continued, “We remain focused on the health and safety of our residents, guests and team members as we navigate the COVID-19 virus. We are well positioned in the current environment and over the long term given our high-quality locations, affordable home price point and our alignment with the growing demand for the RV lifestyle.”

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