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Sun Communities logs 8.1% YOY increase in Q3 core FFO per share

Sun Communities Inc. reported funds from operations attributable to the company's common stockholders and dilutive convertible securities for the third quarter of $119.5 million, or $1.27 per share, a 5.9% decrease on a per-share basis from $117.0 million, or $1.35 per share, in the 2018 third quarter.

Core FFO for the third quarter gained 8.1% from the year-ago period on a per-share basis to $137.4 million, or $1.46 per share, from $117.0 million, or $1.35 per share.

The S&P Global Market Intelligence consensus FFO estimate for the quarter was $1.44 per share.

For the quarter, total revenue came in at $362.4 million, a gain of 12.1% year over year from $323.4 million.

During the quarter, the company acquired the Glen Ellis, Leisure Point Resort, Chincoteague Island and Reunion Lake communities for a total of $93.5 million.

In reporting results, the manufactured-home real estate investment trust said it forecasts core FFO per share in the range of $4.86 to $4.90 for the full year, compared with its earlier guidance in the range of $4.84 to $4.90. Fourth-quarter core FFO is expected in a per-share range of $1.04 to $1.08.

The S&P Global Market Intelligence consensus FFO-per-share estimate for the 2019 full year is $4.89, while analysts expect fourth-quarter FFO-per-share at $1.09.