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Sun Communities Inc
Sun Communities Inc (SUI) is a real estate investment trust (REIT) that specializes in the ownership and operation of manufactured housing communities and recreational vehicle (RV) resorts. The company's portfolio includes over 400 communities located in 33 states and Ontario, Canada, and it is one of the largest operators of manufactured housing and RV resorts in the United States.
In terms of financial performance, Sun Communities has consistently delivered strong results in recent years. For the full year 2021, the company reported revenue of $1.55 billion, representing an increase of 12.2% compared to the previous year. Net income for the year was $447.4 million, or $4.67 per diluted share, compared to $352.3 million, or $3.64 per diluted share, in 2020.
The company has also shown robust growth in its funds from operations (FFO), which is a key metric for REITs. In 2021, Sun Communities' FFO was $923.8 million, or $9.64 per diluted share, up from $796.7 million, or $8.24 per diluted share, in 2020.
One of the factors driving Sun Communities' growth is the strong demand for affordable housing options, particularly in high-cost areas. The company's manufactured housing communities offer an attractive alternative to traditional single-family homes, which have become increasingly expensive in many parts of the country. Additionally, the RV resort segment has benefited from the growing popularity of RV travel and outdoor recreation.
Sun Communities has also been active in acquiring and developing new properties, which has contributed to its growth. In 2021, the company completed acquisitions and developments totaling $956.2 million, and it has a robust pipeline of potential acquisitions and development opportunities.
Overall, Sun Communities is a well-established and growing company with a strong financial performance and a compelling growth story. Investors interested in the REIT sector or the manufactured housing and RV resort industries may want to consider adding SUI to their watchlists.