Sun Residential Real Estate Investment (SRES) Q3 2024 earnings summary

Executive summary

• Reported revenue of $1.49 million for Q3 2024, up 1.4% year-over-year; net rental income rose 0.3% to $1.02 million; net income for the quarter was $531,963.

• Nine-month revenue reached $4.38 million, up 0.9% year-over-year; net rental income increased 2.4% to $3.06 million; net income for the period was $1.47 million, including a $454,608 valuation adjustment.

• Occupancy stood at 95% at quarter-end and has since improved to 98%.

Financial highlights

• Net operating income margin was 52% for Q3 2024.

• FFO for Q3 2024 was $182,257, down from $207,547 a year ago; nine-month FFO was $532,772, down from $574,533.

• AFFO for Q3 2024 was $133,029, down from $177,958; nine-month AFFO was $436,356, down from $494,882.

• FFO per unit for Q3 was $0.0009; AFFO per unit was $0.0007.

Outlook and guidance

• Cape Coral renovation project delayed due to hurricane-related permitting issues; occupancy expected by year-end barring further weather disruptions.