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Sun Communities Details Acquisition Program

Sun Communities Inc., a Southfield, Mich.-based real estate investment trust (REIT) that owns and operates manufactured housing and recreational vehicle communities, today (July 25) reported its second-quarter results.

Highlights for the quarter ending June 30 include:

“Core portfolio performance has been right on budget with solid same site growth in NOI and occupancy,” said Gary A. Shiffman, Chairman and CEO. “In the last 18 months, we have executed a substantial acquisition program including a significant commitment to the recreational vehicle business. In addition, we have dramatically reduced our leverage while increasing both the term and amount of our credit facility. Our attention is now concentrated on maximizing the earnings power of our portfolio with a special focus on our investment in recreational vehicle communities.

“Approximately 60% of the capital expenditures planned for the repositioning of the 10 “Morgan” RV properties on the Eastern Seaboard have been completed. We are beginning to experience both positive feedback and results from residents who have begun to return to the communities since the opening of the season in June.”

Click here to read the entire report, courtesy of Market Watch.

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