Sun Communities Inc. Notes Better Q3 Results
Sun Communities Inc., a Southfield, Mich.-based real estate investment trust that owns and operates manufactured housing and recreational vehicle communities, today (Oct. 28) reported improved results for the third quarter ending Sept. 30.
According to a release, highlights for the nine months ended Sept. 30, 2010, vs. Sept. 30, 2009, were as follows:
- Total revenues were $197.8 million, up $5.8 million or 3%.
- Funds from Operations (FFO) excluding certain items was $2.19 per diluted share and OP Unit, an increase of 5.3%.
- Same-site net operating income increased by 2.6%.
- Home sales increased 32.6%, from 811 units to 1,075 units.
“We have finished the quarter with a strong gain of 510 occupied sites year-to-date with gains being achieved throughout the portfolio. Demand has been increasing as applications to live in Sun’s communities have grown each year with 2010 final estimated results of over 22,000 representing more than double the 10,270 applications in 2006. Growth has also been fueled by the fifth year of increased home sales which have approximately tripled since 2005,” said Gary A. Shiffman, chairman and CEO. “We are experiencing continued positive fundamentals reflected in the fifth consecutive quarter of year over year quarterly FFO growth.”
Management projects FFO per share to be in the range of 75 cents to 79 cents for the quarter ending Dec. 31, 2010.
Preliminary guidance for 2011 FFO per share is projected to be in the range of $3.03 to $3.15. The company plans to refine this 2011 FFO guidance once it completes its 2011 budgeting process.