Sun Communities Inc., a real estate investment trust (“REIT”) that owns and operates manufactured housing and recreational vehicle communities, today (Oct. 25) reported its third quarter results, ended Sept. 30.
Highlights of the report include:
• Adjusted Funds from Operations (“AFFO”) – excluding certain items described in this release –was 75 cents per diluted share compared to 69 cents per share in the third quarter of 2010, an increase of 6 cents per share, or 8.7%.
• Same site net operating income increased by 4.7%.
• Same site revenue producing sites increased by 199 sites, compared to an increase of 76 sites during the third quarter of 2010.
• During the third quarter of 2011, 367 homes were sold, an increase of 7% from the 343 homes sold during the third quarter of 2010. Rental home sales included in total home sales above totaled 180 and 193 for the third quarters of 2011 and 2010, respectively.
• On Sept. 28, the company entered into a secured revolving credit facility in the amount of $130 million, which replaced the company’s $115 million revolving line of credit.
“We are pleased to report that we have completed the integration of our acquisition properties into our operations model ahead of schedule. This has resulted in the Kentland portfolio, located entirely in Michigan, gaining 103 revenue producing sites in our first 90 days of ownership,” said Gary A. Shiffman, Chairman and Chief Executive Officer. “Based on these positive results and operational efficiencies already realized, we are confident this acquisition will continue to meet or exceed anticipated proforma results.”
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