Sun Communities: Q2 Earnings Snapshot
SOUTHFIELD, Mich. (AP) _ Sun Communities Inc. (SUI) on Monday reported a key measure of profitability in its second quarter.
The Southfield, Michigan-based real estate investment trust said it had funds from operations of $209.6 million, or $1.80 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 $110.8 million, or 98 cents per share.
The real estate investment trust posted revenue of $603.9 million in the period.
Sun Communities expects full-year funds from operations in the range of $6.25 to $6.37 per share.
The company’s shares have risen 24% since the beginning of the year. In the final minutes of trading on Monday, shares hit $189.11, a rise of 33% in the last 12 months.