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.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SUI at https://www.zacks.com/ap/SUI

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