Sun Rises Again

Sun Communities, Inc., reports for the year ending 12-31-2011 its FFO (funds from operations) increased from $2.97 per diluted share in 2010 to $3.13 per share in 2011, a gain of 5.4 percent. Same site net operating income was up 3.6 percent. Revenue producing sites increased by 732 for year ending 12 31-2011 as opposed to 563 increase in sites by year’s end 2010. Same site occupancy rose to 85.8 percent 12-31-2011 from 84.5 percent at end of year 2010. As MarketWatch tells, for year’s end 2011 total revenues rose three percent over 12-31-2010 which resulted in a 3.6 percent increase in net operating income (NOI) for the year. Says Sun’s president and CEO Gary Shiffman, “Each year of late has proven to be our best in a very long time as every performance measure continues to outpace prior achievements. This year is no exception, as our accomplishments include achieving our highest revenue producing site gain since 1999, our largest FFO(1) per Share growth in a decade, our highest same site NOI(2) increase since 2005, another year over year increase in home sales and our sixth year of significantly increasing resident applications.”

(Graphic credit: Sun Communities)

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