NEWS RELEASES
Sun Communities Report Revenues Up, New Parks Added
Editor's Note: This news item was retrieved and first published through Sun Communities' website.
SouthfieldSOUTHFIELD, Mich. - Real estate investment trust, Sun Communities, Inc., reported its results for the second fiscal quarter which ended June 30, 2019. Overall, total revenues were up over the same period last year, $312.4 million compared to $271.4 million, a 15 percent increase. During the quarter that ended June 30, revenue producing sites increased to 668, a 5 percent increase, and had 96.6 percent total occupancy. During the quarter, Sun sold 927 homes as compared to 943 during the same period in 2018.
Sun owns and operates, 345 manufactured housing and RV communities across the country. During the quarter ended June 30, 2019, the company acquired the 309-site River Plantation RV Resort in Sevierville, Tennessee for a purchase price of $23 million, as well as an RV resort in Strafford, New Hampshire for a purchase price of $2.7 million. These resorts join Reunion Lake RV resort with 202 developed sites and 69 expansion sites in Ponchatoula, Louisiana, acquired for $23.5 million in the first quarter of 2019. During the second quarter, Sun also opened 281 sites of its new ground-up development, Carolina Pines RV Resort in Myrtle Beach, South Carolina. The remaining phases of 565 sites, bringing the total to 846 developed sites, are expected to be completed in 2019 and 2020.
For additional details on Sun Communities’ second quarter results, visit its investor relations website.