Sun Communities Reports Increase in 1Q FFO
Sun Communities Inc., a real estate investment trust (REIT) that owns and operates manufactured housing and recreational vehicle communities, reported an increase in funds from operations (FFO) for the Southfield, Mich.-based company’s first quarter ended March 31.
• FFO increased to $25.7 million, or 89 cents per share, in the first quarter as compared to $18.8 million, or 82 cents per Share, in the first quarter of 2011.
• Same site Net Operating Income (“NOI”) increased by 7.3%.
• Revenue producing sites increased by 294 sites, compared to an increase of 143 sites during the first quarter of 2011.
“We are pleased to report another quarter of strong core portfolio results as all significant growth drivers continue to meet or exceed expectations”, said Gary A. Shiffman, chairman and CEO. “Our expansions and acquisitions, particularly our Kentland acquisition, are adding to overall performance and contributing to revenue and occupancy gains.”
Net income attributable to common stockholders for the first quarter of 2012 was $5.4 million, or $0.21 per diluted common share, compared with net income of $2.4 million, or $0.11 per diluted common share, for the first quarter of 2011.
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