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Sun Communities Incurs 3Q Net Loss; Sales Up

October 25, 2012 by · Leave a Comment 

Sun Communities Inc., a real estate investment trust based in Southfield, Mich., that owns and operates manufactured housing and recreational vehicle communities, today (Oct. 25) reported its third quarter results for the period ending Sept. 30.

The company showed revenue of $83.1 million for the third quarter versus $74.7 million the year prior while sales for the nine months totaled $248. 6 million, up from $212.7 million. Sun Communities incurred a third-quarter net loss of $275,000 compared to a loss of $21,000 a year ago. Net income for the nine months was $8.6 million versus $1.6 million.

Highlights in the company’s filing with the Securities and Exchange Commission (SEC) included:

• Funds from operations (FFO) excluding transaction costs incurred in connection with acquisition activity was 71 cents per share and OP Unit, compared to 75 cents per share in the third quarter of 2011. FFO per share for the quarter was impacted by the dilutive effect of the company’s recent equity offerings.

• Same site net operating income increased by 4.4%.

• The number of home sales increased by 7.6% as compared to 2011.

• A 3 million share public offering of common stock was completed for net proceeds of $132.0 million.

“The $300 million of equity we raised during the year has allowed us to reposition our balance sheet, significantly reduce our leverage ratios, improve our liquidity position and acquire six high quality communities,” said Gary A. Shiffman, chairman and CEO. “With the strong year-to-date performance of our core portfolio and inclusive of the estimated accretion from the recently announced Rudgate portfolio, we expect to be able to offset the dilution for all of the equity raised during the year and achieve FFO per share in the range of $3.20 – $3.22.”

To view the entire report click here.

To view the entire report click here.

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ELS Posts Increase in FFO During 4Q, Year-end

January 24, 2012 by · Leave a Comment 

Real estate investment trust Equity LifeStyle Properties Inc. (ELS) reported fourth quarter Funds From Operations (FFO) of $43.5 million or $0.96 per share, up from $25.9 million or $0.73 per share in the prior year quarter. For the year ended Dec. 31, FFO was $143.2 million, or $3.55 per share on a fully-diluted basis, compared to $123.2 million, or $3.47 per share on a fully-diluted basis, for the same period in 2010.

Excluding about $1.2 million in transaction costs incurred in connection with the acquisition of a portfolio of 75 manufactured home communities and one RV resort during the quarter, FFO would have been $44.7 million or $0.99 per share for the quarter.

Net loss available to common stockholders totaled $0.2 million or breakeven per share, compared to net income available to common stockholders of $5.7 million, or $0.18 per share a year earlier. Excluding transaction costs incurred in connection with the acquisition, net income available to common stockholders would have been $0.9 million or $0.02 per share for the quarter.

Total revenues for the quarter were $159.31 million, up from $121.17 million in the prior year. Quarterly property operating revenues, excluding deferrals, were $158.4 million, compared to $120.9 million last year. Core property operating revenues increased about 2.5% as compared to previous year.

To view the entire report click here.

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Sun Communities Inc. REIT Releases Q3 Results

November 10, 2009 by · Leave a Comment 

SUN Communities logoSun Communities Inc., a Southfield, Mich.-based real estate investment trust (REIT) that owns and operates manufactured housing communities and permanent recreational vehicle revenue producing sites, has reported higher revenues and a smaller loss for the third quarter.

During the quarter ended Sept. 30, total revenues increased to $63.4 million compared to $61.3 million in the third quarter of 2008. Net loss for the third quarter was $2 million, compared with a net loss of $5.5 million for the same period in 2008. Funds from operations increased to $12.5 million in the third quarter compared to $11.3 million in the third quarter of 2008.

Included in net loss for the third quarter  is equity loss from affiliate of $800,000 from Origen Financial Inc. and losses due to flood damage of $800,000 at one property near Atlanta, Ga. The company continues to work with its insurer to determine deductible amounts and covered damages.

For the nine months ended Sept. 30, total revenues increased to $191.9 million, compared to $188 million for the same period in 2008, excluding $3.3 million in revenues from gain on sales of vacant land. Net loss for the nine months was $3.4 million, compared to $16 million for the nine months ended Sept. 30,2008.

FFO increased to $41.3 million for the nine months ended Sept. 30, compared to $27.1 million for the same period in 2008.

“Except for rain and reserves, we are happy with our third-quarter results which allow us to affirm guidance for the year,” said Gary A. Shiffman, chairman and CEO. “Efforts to repair the flood damage at our property are occurring swiftly and we commend our staff for their quick response to help our displaced residents. While we battled rain, our affiliate, Origen, battled increasing mark to market loan loss reserves causing them to post a $4.3 million loss for the third quarter. Although reserves have increased, Origen continues to report positive cash flow results as the reserves have no impact on cash flow.”

For 136 communities owned throughout 2009 and 2008, total revenues increased 1.4% for the nine months ended Sept. 30, 2009, and total expenses increased 3.3%, resulting in an increase in net operating income of 0.6%. Same property occupancy in manufactured housing sites was 82.3% at Sept. 30, 2009, compared to 82.2% at Sept. 30, 2008.

For the nine months ended Sept. 30, 2009 and 2008, manufactured housing and permanent recreational vehicle revenue producing sites increased by 243 and 88 sites, respectively, an increase of 155 sites period over the period. Manufactured housing and permanent recreational vehicle revenue producing sites decreased by 46 for the third quarter of 2009, compared to a decrease of 37 sites during the third quarter of 2008. The company rented an additional 232 homes in the first nine months of 2009 bringing the total number of occupied rentals to 5,749.

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