Sun Communities Inc., a real estate investment trust that owns and operates manufactured housing and recreational vehicle communities, today (July 26) reported its second quarter results.
According to a Reuters account, highlights for the three months ending June 30, 2012, included:
• Funds From Operations (FFO) excluding transaction costs incurred in connection with acquisition activity was 78 cents per share compared to 74 cents per share in the second quarter of 2011, an increase of 4 cents per share, or 5.4%.
• Same site net operating income increased by 5.9%.
• Home sales increased by 26.2% as compared to 2011.
• Revenue producing sites increased by 410 sites during the quarter bringing total portfolio occupancy to 86.8% as compared to 85% at June 30, 2011.
“Our business is strong and growing stronger. We are positioned well to increase both revenues and occupancy in the core portfolio and recent acquisitions. In 2013 we expect to reach an overall portfolio occupancy of 90%,” said Gary A. Shiffman, chairman and CEO. “Our commitment is to acquire properties to which we can continue to deploy management’s strengths and systems to generate additional long-term growth and value.”