Sun Communities’ Stock Upgraded

According to, Wells Fargo upgraded real estate investment trust (REIT) Sun Communities, Inc. to Outperform, as it cited positive home sales trends. In addition, Sun’s guidance for 2014 includes an $0.08 increase in distribution per common share; a midrange estimate of funds from operations (FFO) per share increase of 11.23% over 2013 FFO; and average annual rent increases of 3.2 percent. The company’s common stock is yielding 5.3 percent even after the recent increases in the stock. As knows, Sun has a $1.72 billion market cap, and owns 190 manufactured home and recreational vehicle sites comprised of 69,800 developed home sites.

(Photo credit: Sun Communities, Inc.)

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