Southfield, Mich.-based Sun Communities Inc. saw revenues increase $23.4 million, or 10.7%, to $242 million during the fourth quarter of 2017 compared to $218.6 million during the same period in 2016.
Sun Communities owns or has an interest in 346 manufactured housing and RV communities throughout North America.
According to an SEC filing, in 2017 Sun Communities saw total revenues increase $148.8 million, or 17.9%, to $982.6 million compared to $833.8 million in 2016.
Sun Communities saw home sale volumes increase 11.6% in the fourth quarter, while for the entire year home sale volumes rose 3.5%
Revenue-producing sites increased by 573 sites during the fourth quarter, while for the entire year revenue-producing sites rose by 2,406. That is compared to 301 sites and 1,686 sites, respectively, during the same period in 2016.
“Our strong 2017 results demonstrate our commitment to creating shareholder value by sustaining our high-quality portfolio and delivering best in class service to our residents and guests,” said Gary A. Shiffman, chairman and CEO. “We begin 2018 with an optimistic outlook and an enthusiasm to once again deliver industry leading organic growth. Consistent annual rent increases, opportunities to capture occupancy gains, the ongoing development and lease up of our available expansion sites, and the opportunity to convert transient RV sites to annual leases over time provide us with a runway to deliver ongoing attractive results.”
Sun Communities saw their total portfolio occupancy rate decrease to 95.8% during 2017, compared to 96.2% at the end of 2016. The company attributes the decline to vacant manufactured home expansion sites that were completed during the fourth quarter of 2017.
To read more on the SEC filing you can click here.