Sun Communities: 2Q Earnings Snapshot
SOUTHFIELD, Mich. (AP) _ Sun Communities Inc. (SUI) on Wednesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Southfield, Michigan, said it had funds from operations of $108 million, or $1.18 per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.13 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $40.4 million, or 46 cents per share.
The real estate investment trust posted revenue of $312.4 million in the period.
For the current quarter ending in October, Sun Communities expects its per-share funds from operations to range from $1.43 to $1.46.
The company expects full-year funds from operations in the range of $4.84 to $4.90 per share.
The company’s shares have risen 29% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $131.34, a rise of 37% in the last 12 months.