Sun Communities: 4Q Earnings Snapshot
SOUTHFIELD, Mich. (AP) _ Sun Communities Inc. (SUI) on Wednesday reported a key measure of profitability in its fourth quarter.
The Southfield, Michigan-based real estate investment trust said it had funds from operations of $124.9 million, or $1.16 per share, in the period.
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 $7.6 million, or 7 cents per share.
The real estate investment trust posted revenue of $384.3 million in the period.
For the year, the company reported funds from operations of $515.6 million, or $5.09 per share. Revenue was reported as $1.4 billion.
For the current quarter ending in April, Sun Communities expects its per-share funds from operations to range from $1.13 to $1.17.
The company expects full-year funds from operations in the range of $5.79 to $5.95 per share.
The company’s shares have decreased nearly 2% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $149.36, a decrease of 12% in the last 12 months.