Sun Communities, Inc. Reports Earnings Results for the Fourth Quarter Ended December 31, 2023
February 20, 2024 at 05:17 pm EST
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Sun Communities, Inc. reported earnings results for the fourth quarter ended December 31, 2023. For the fourth quarter, the company reported sales was USD 473.4 million compared to USD 440.6 million a year ago. Revenue was USD 726.7 million compared to USD 674.3 million a year ago.
Net loss was USD 80.9 million compared to net income of USD 4.7 million a year ago. Basic loss per share from continuing operations was USD 0.65 compared to basic earnings per share from continuing operations of USD 0.04 a year ago. Diluted loss per share from continuing operations was USD 0.65 compared to diluted earnings per share from continuing operations of USD 0.04 a year ago.
Sun Communities, Inc. is a fully integrated real estate investment trust (REIT). The Company owns manufactures housing (MH) and recreational vehicle (RV) communities and marinas in the United States, the United Kingdom, and Canada. The Company operates through four segments: MH communities, RV communities, Marinas, and communities in the United Kingdom (UK). The MH communities segment offers affordable housing to individuals and families, while also providing certain amenities. The RV communities offers affordable vacation opportunities to individuals and families with various amenities. The Marinas offers wet slip and dry storage space leases, end-to-end services, fuel sales and other amenities. The UK segment owns, operates, develops, or has an interest in, a portfolio of communities, referred to as holiday parks, and is in the business of acquiring, operating, and developing communities in the United Kingdom. The Company owns and operates portfolio of 665 developed properties.