Sun Communities Inc., a real estate investment trust (REIT) that owns and operates manufactured housing and recreational vehicle communities, today (July 30) reported second quarter results ending June 30.
- Total revenues were $66.3 million, up $3 million or 4.8% over the second quarter of 2009.
- Funds from Operations (“FFO”), excluding certain items, was $0.66 per diluted share, an increase of 6.5%.
- Same Site Net Operating Income increased 3.4%.
- Home sales increased 50.7%, from 270 units to 407 units.
“Our second quarter results continue to illustrate strong performance from our same site portfolio, home sales and revenue producing site metrics,” said Gary A. Shiffman, chairman and CEO. “Together these items produced a quarter-over-quarter increase in FFO of $0.04 per share which would have been even higher absent additional one-time expenses of $0.02 per share and dilution of $0.01 per Share from the issuance of common stock.”
“The performance of our Midwest portfolio continues to improve as our communities in Michigan, Ohio and Indiana gained over 100 sites for the second quarter in a row and produced over 200 of the home sales we recorded during the quarter, an improvement of nearly 67% from the same quarter last year,” added Shiffman.