Sun Residential Real Estate Investment (SRES) Q4 2024 earnings summary

Executive summary

• Revenue for Q4 2024 rose 4.1% year-over-year to $1.5M; full-year revenue up 1.7% to $5.88M.

• Net rental income for Q4 increased 34.1% to $77K; full-year net rental income up 3.0% to $3.14M.

• Net income and comprehensive income for 2024 was $737K, including $1.08M in property valuation adjustments.

• FFO and AFFO grew 3.8% and 2.9% year-over-year, respectively.

• Evergreen at Southwood delivered strong performance; Cape Coral property nearing occupancy certification.

Financial highlights

• Q4 net income and comprehensive loss was $731K, including $630K in valuation adjustments.

• Total assets at year-end were $63.5M, down from $64.3M a year earlier.

• Cash and cash equivalents at year-end were $3.3M, compared to $3.8M in 2023.

• Working capital at year-end was $3.3M, down from $3.7M in 2023.

Outlook and guidance

• Management expects favorable operating trends to persist into 2025, citing strong asset performance and a healthy market.

• Cape Coral property expected to receive certificate of occupancy in Q1 2025.