Sun Communities, Inc. reported its third-quarter 2024 financial results, with Net Income per Diluted Share at $2.31 and Core FFO per Share at $2.34. North America Same Property Net Operating Income (NOI) increased by 0.5% for the quarter, and North America Same Property Adjusted Blended Occupancy for Manufactured Housing (MH) and Recreational Vehicle (RV) reached 98.8%, a 160 basis point year-over-year increase.
The company also announced a comprehensive restructuring effort aimed at achieving $15 million to $20 million in annualized General and Administrative (G&A) and operating expense savings. These measures include reorganizing operational infrastructure, streamlining information technology, improving asset management, and implementing payroll savings.
John McLaren, who previously served as Chief Operating Officer for 14 years, is returning to the company full-time as President to oversee the execution of these restructuring initiatives. This move is intended to enhance operational efficiency and drive sustainable earnings growth.
Furthermore, Gary Shiffman, Chairman and CEO, informed the Board of his intention to retire in 2025 after over 40 years of service. He will remain on the Board of Directors, and a committee led by independent Board members Jeff Blau and Tonya Allen has been established to conduct a comprehensive search for a new CEO.
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