Sun Communities, Inc. reported a Net Income per Diluted Share of $(1.77) for the fourth quarter of 2024 and $0.71 for the full year. Core FFO per Share was $1.41 for the quarter, surpassing analyst estimates, and $6.81 for the full year.
North America Same Property Net Operating Income (NOI) increased by 5.7% for the quarter and 4.1% for the full year 2024. North America Same Property Adjusted Blended Occupancy for MH and RV increased by 160 basis points year-over-year to 99.0% at December 31, 2024.
The company recognized charges of $13.9 million for debris removal and clean-up, and $4.4 million for impaired assets due to Hurricanes Helene and Milton. Additionally, a non-cash goodwill impairment charge of $180.8 million was recorded in the UK segment's Park Holidays reporting unit, driven by macroeconomic uncertainty and higher borrowing costs in the region.
Sun Communities established its first quarter and full year 2025 guidance for Core FFO per Share, excluding marinas, and anticipates North America Same Property NOI growth of 4.3% - 5.6%. The company also reiterated its agreement to sell Safe Harbor Marinas for $5.65 billion, with the initial closing expected in the second quarter of 2025, and the marina segment will be presented as discontinued operations starting in Q1 2025.
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