Southfield, Michigan-based Sun Communities, Inc. (NYSE:SUI) reported fourth quarter 2015 funds from operations of $48.9 million, or $0.81 earning per share (EPS), $0.04 short of what three analysts surveyed by Zacks Investment Research had estimated. Funds from operations in the real estate investment trust (REIT) is a significant indicator in the industry, as it combines net income with depreciation and amortization.
Sun reported net income of $89.4 million, or $1.56 EPS, on revenue of $168.2 million for the quarter, according to uk.finance.yahoo.
On the year, Sun reported revenue at $674.7 million with funds from operations at $210.6 million, or $3.63 EPS. For this year Sun anticipates funds from operations will yield $3.72 to $3.79 EPS. Company shares have fallen three percent since the beginning of the year. In today’s trading, Sun’s stock closed up +0.57 percent at $67.00.
As MHProNews knows, Sun Communities owns and operates 217 manufactured home and recreational vehicle communities, of which 217 are MHCs, 25 are RV communities and nine are mixed. The company counts approximately 92,500 developed home sites. ##
(Photo credit: Sun Communities, Inc.)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.