MarketWatch says real estate investment trust (REIT) Sun Communities, Inc. reported its second quarter 2012 financials. For Q2 2012, funds from operations (FFO) increased to $22.7 million, $.77 per share versus $16.4 million in the comparable 2011 quarter, which produced $.70 per share. Net income for the second quarter 2012 was $1.7 million as compared to the second quarter 2011 which saw a net loss of (0.9) million. FFO for the six months of 2012 increased to $48.4 million versus $35.1 million for the same period 2011. Net income for the first and second quarters of 2012 was $7.0 million versus $1.5 million for the six months ending June 30, 2011. In addition, for Q2 2012, same site net operating income increased 5.9 percent, home sales rose 26.2 percent, and revenue producing sites increased by 410 during the quarter. MHProNews has learned Sun owns and operates a portfolio of 136 communities comprised of 56,180 MH and RV sites.
(Photo credit: Sun Communities, Inc.)