Sun Communities (NYSE: SUI) reported Q1 EPS of $0.23, $0.03 better than the analyst estimate of $0.20. Revenue for the quarter came in at $442.02 million versus the consensus estimate of $293.76 million.

Non-GAAP Financial Measures and Portfolio Performance

• Core Funds from Operations ("Core FFO")(1) for the quarter ended March 31, 2021, was $1.26 per diluted share and OP unit ("Share") as compared to $1.22 in the corresponding period in 2020, a 3.3 percent increase.
• Same Community(2) Net Operating Income ("NOI")(1) increased by 2.7 percent for the quarter ended March 31, 2021, as compared to the corresponding period in 2020.
• Same Community(2) Occupancy increased by 190 basis points to 98.8 percent, as compared to 96.9 percent at March 31, 2020.
• MH and Annual RV Revenue Producing Sites increased by 514 sites in the quarter ended March 31, 2021, bringing total portfolio occupancy to 97.3 percent at March 31, 2021, as compared to an increase of 300 sites in the corresponding period in 2020 and total portfolio occupancy of 96.7 percent at March 31, 2020.
• Home Sales Volume increased 9.4 percent for the quarter ended March 31, 2021, as compared to the same period in 2020.
• Acquisitions totaled $183.0 million during and subsequent to the quarter ended March 31, 2021, including 2 MH communities, 6 RV resorts and 4 marinas.
  

Gary Shiffman, Chief Executive Officer stated, "Sun delivered a strong start to the year, as we continued to benefit from both the stability of our portfolio and the contribution of our growth initiatives across manufactured housing, RV resorts and marinas. Sustained demand for affordable housing and the desire for RV vacations are providing strong tailwinds, while marinas continue to exhibit durable customer retention and growth. With increased rates of vaccination and the beginning of a return to normalcy, we are seeing higher forward RV bookings providing better visibility into a stronger year ahead. Accordingly, we have increased our earnings guidance to reflect this confidence. To enhance our growth, we delivered approximately 350 ground-up development and expansion sites, and deployed $183.0 million into the acquisition of irreplaceable assets. As we execute on our investment strategies and further reinforce the high quality of our brand and offerings to our residents and guests, we are well positioned to continue to deliver industry-leading results."

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