Sun Communities Releases 1st Quarter 2014 Financials

In its first quarter, 2014 financials, manufactured housing community (MHC) owner Sun Communities, Inc. (SUI) reports funds from operations (FFO) of $38.3 million versus $31.7 million for the first quarter, 2013. Net income attributable to common stockholders in Q1 2014 was $7.8 million versus $5.7 million for the same period 2013. Total portfolio occupancy rose to 90.2 percent during the first three months of 2014 from 88.6 percent for the same period 2013. While 369 homes were sold in Q1 2014, 466 were sold in the first quarter 2013. Sun has selected 11 communities for disposition, according to, in Michigan, Indiana, Ohio and Nevada. The company closed an underwritten registered public offering in March and April, 2014 that raised $214 million. MHProNews understands Sun owns and operates 185 manufactured housing and recreational vehicle communities comprised of approximately 68,300 homesites.

(Photo credit: Sun Communities, Inc.)


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