Shares of Sun Communities ( NYSE: SUI ) are dipped as much as 3.1% in Monday afterhours trading following downbeat revisions for its full-year outlooks in core FFO as well as same property NOI growth.
The residential REIT sees 2022 core funds from operations of $7.17-7.27 per share, compared with $7.20-7.32 in the prior view.
Same property net operating income is expected to grow 6.0%-6.8% in 2022 vs. 6.5%-7.3% in the previous guidance.
During the second quarter, "we delivered another record quarter of revenue-producing site gains which should contribute to sustained revenue growth," said CEO and Chairman Gary A. Shiffman, adding that "we are continuing to see healthy demand for attainable housing and affordable vacations."
As of July 30, the REIT's core FFO of $2.02 per diluted share jumped from $1.34 at March 31 and $1.80 from June 30, 2021.
Q2 revenue of $814.3M easily exceeded the average analyst estimate of $670.12M and surged from $548.5M in Q1 and $603.9M in Q2 a year ago.
Same property NOI for its manufactured housing and recreational vehicle properties increased by 3.6% in Q2.
Recurring EBITDA climbed to $328.4M in Q2 from $221.0M in Q1 and $268.1M in the year-ago period.
In the beginning of June, Sun Communities declared a quarterly dividend of $0.88 .
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Sun Communities shares slide after softer full-year core FFO guidance