The Recreation Vehicle Industry Association commissioned an Economic Impact Study on the RV industry, released on June 7, 2016. The study found that the RV industry contributes about $49.7 billion in economic output or 0.28 percent of the Gross Domestic Product. Through its production and distribution linkages, the industry impacts firms in 426 of the 440 sectors of the United States economy.
Nationwide, the industry is responsible for 216,170 jobs, both directly and inderectly, creating an economic impact of $37.5 billion. The full study results, along with each individual state and congressional district's economic impact is available on the website by clicking here .
Fri Apr 28, 2017
Southfield, Michigan - Sun Communities, Inc., a real estate investment trust that owns and operates, or has an interest in, manufactured housing and recreational vehicle communities, reported its first quarter results.
For the three months ended March 31, total revenues increased $59.8 million, or 34.2 percent, to $234.4 million compared to $174.6 million for the same period in 2016. Net income attributable to Common Stockholders was $21.1 million, or $0.29 per diluted common share, as compared to net income attributable to Common Stockholders of $7.9 million, or $0.14 per diluted common share, for the same period in 2016.
Funds from Operations excluding certain items was $1.10 per diluted share and OP unit as compared to $0.90 for the same period in 2016, an increase of 22.2 percent.
Revenue producing sites increased by 687 sites, as compared to an increase of 592 sites in the same period in 2016.
Home sales volumes increased by 8 percent as compared to the same period in 2016.
Same Community Net Operating Income increased by 6.7 percent as compared to the same period in 2016.
Same Community occupancy increased 170 basis points to 96.7 percent, as compared to 95 percent at March 31, 2016.
"For the first quarter of 2017, we completed yet another quarter of strong, consistent results, reflecting the continued benefits of owning a best-in-class operating platform," Chairman and CEO Gary Shiffman says. "Once again we delivered impressive NOI growth boosted by occupancy gains, prudent expense controls and the filling of expansion sites. This organic growth, when coupled with the contribution of recently acquired properties, helped Sun achieve FFO per share growth of over 22 percent for the first quarter of 2017."
Total portfolio occupancy increased to 95.9 percent at March 31 from 95.5 percent at March 31, 2016. During the first quarter of 2017, revenue producing sites increased by 687 sites, as compared to 592 revenue producing sites gained in the first quarter of 2016.
For the 231 communities owned since Jan. 1, 2016, first quarter 2017 NOI increased 6.7 percent over the first quarter of 2016, driven by a 5.2 percent increase in revenues and a 1.1 percent increase in operating expenses. Same community occupancy increased to 96.7 percent at March 31 from 95 percent at March 31, 2016.
During the three months ended March 31, the company defeased an $18.9 million collateralized term loan with an interest rate of 6.49 percent that was due to mature on Aug. 1, 2017, releasing one encumbered community. As a result of this transaction, we recognized a loss on extinguishment of debt of $0.5 million.
In addition, the company repaid a $10 million collateralized term loan with an interest rate of 5.57 percent that was due to mature on May 1, releasing an additional encumbered community.
As of March 31, the company had about $3.1 billion of debt outstanding. The weighted average interest rate was 4.45 percent and the weighted average maturity was 8.2 years. The company had $10.9 million of unrestricted cash on hand. At period-end the company`s net debt to trailing 12 month Recurring EBITDA ratio was 7 times.
After quarter end, the company amended and restated its credit agreement with Citibank, N.A. and certain other lenders. Pursuant to the amendments, the company can borrow up to $550 million under a revolving loan and $100 million under a term loan. The Facility has a four-year term, and replaces the company`s $450 million credit facility that was scheduled to mature in August 2019. The Facility bears interest at a floating rate based on the Eurodollar rate plus a margin that can range from 1.35 percent to 2.2 percent for the revolving loan and 1.3 percent to 2.15 percent for the term loan.
In January 2017, as previously announced, the company sold about 281,000 shares of common stock through its At-the-Market equity sales program at a weighted average price of $76.47 per share. Net proceeds from the sales were $21.2 million.