Sun Communities reports Q3 core FFO per share $2.34, consensus $2.51

Reports Q3 revenue $939.9M, consensus $980.41M. “Year-to-date we have achieved solid growth across our MH, annual RV, marina and UK segments, while continuing to see the volatility in the transient components of our business. Additionally, our third quarter performance reflects the impact of cost pressures which resulted in earnings and revised full year guidance that were below our expectations, and we are not satisfied with our results,” said Gary A. Shiffman, Chairman and CEO. “We have continued to execute on our strategic priorities of recycling non-strategic assets, reducing debt, and increasing the revenue contribution from annual real property income, and we are now also implementing a broad restructuring effort to more effectively align the Company’s cost structure to deliver sustainable earnings growth. The fundamentals underlying our business and real estate assets remain strong, we anticipate strong rental rate increases next year, and we are confident that by continuing to execute on these strategic priorities, we will position the company for more stable growth in the coming quarters and demonstrate our long-term value.”