- Q1 FFO of $0.90 per share was flat from last year. EBITDA of $90.2M rose 8.4%.
- Same-community revenues of 6.6% Y/Y, and expenses up 7.2%, leading to NOI growth of 6.4%. Rate increases of 3.4% and occupancy up 2.5% to 96.1%.
- Home sales of 765 rose from 543 a year ago. The percentage of portfolio occupancy represented by home renters is 13.6%, down 40 basis points from a year ago.
- Q2 FFO per share guidance of $0.79-$0.81, which includes $0.08 of dilution from the March capital raise.
- Previously: Sun Communities beats by $0.01, beats on revenue (April 26)
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Earnings call at 11 ET
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SUI flat premarket