Sun Communities Posts Improved 2Q Results
Sun Communities Inc., a real estate investment trust (REIT) based in Southfield, Mich., that owns and operates manufactured housing and recreational vehicle communities, today (July 28) reported its second quarter results.
Highlights from the report include:
• Adjusted Funds from Operations excluding certain items described in this release was $0.74 per diluted share compared to $0.66 per share in the second quarter of 2010, an increase of $0.08 per share or 12.1%.
• Same Site Net Operating Income (NOI) increased by 3.6%.
• Completed acquisition of 19 communities comprising approximately 6,000 developed sites.
“The current quarter reflects continued occupancy improvement and solid operating fundamentals within the core portfolio, positively impacting same site NOI growth,” said Gary A. Shiffman, Chairman and CEO. “This quarter we closed on 19 communities and began work on six expansions in the Texas market. These developments, coupled with steady occupancy gains, in addition to our strengthened balance sheet, form a solid base for future growth” he added.
To read the entire report courtesy of Market Watch click here.