Sun Releases First Quarter Data

MarketWatch informs MHProNews real estate investment trust (REIT) Sun Communities, Inc. (NYSE:SUI) reports its funds from operations (FFO) in the first quarter of 2013 were $30.7 million, or $.90 per share versus $25.7 million for the same period in 2012, or $.89 per share. Net income attributable to common shareholders for Q1 2013 was $5.7 million, or $0.19 per diluted common share, compared with net income of $5.4 million, or $0.21 per diluted common share, for the same period of 2012. Same site net operating income (NOI) grew 5.6 percent Q1 2013 over Q1 2012, and 621 revenue producing sites were added in the first quarter of 2013 versus 294 that were added in the same period in 2012. Portfolio occupancy increased from 86 percent in the first quarter of 2012 to 88.6 percent for the first quarter of 2013 ending March 31. Based in Southfield, Mich., Sun owns and operates 184 manufactured housing and recreational vehicle communities comprised of 67,770 developed sites. Thurs. April 25 Sun closed down -0.12% at 48.77.

(Photo credit: Sun Communities, Inc.)

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