Sun Communities Inc., a real estate investment trust that owns and operates 136 manufactured housing and recreational vehicle communities, announced on Wednesday (March 2) the completion of a $115 million collateralized mortgage backed security (CMBS) financing with JPMorgan Chase Bank, National Association.
The CMBS, which is for a term of 10 years, is secured by 11 properties and carries a fixed interest rate of 5.837% and principal payments based on a 30-year amortization period, according to a news release. The company said $104.8 million of the proceeds were used to repay interest and principal on existing debt. The remaining proceeds were used to pay closing costs and expenses, fund escrows and approximately $8.3 million will be used to pay down the company’s revolving line of credit.
“We are pleased to have successfully completed our plan to refinance this debt several months in advance of its maturity, while paying no pre-payment penalty, and to be a significant piece of a current CMBS transaction,” said Gary A. Shiffman, chairman and CEO. “The conclusion of this transaction allows us to further focus our attention on our remaining strategic initiatives for 2011.”
Sun Communities Inc. announced its quarterly results on Thursday (Feb. 24).
The company reported 78 cents earnings per share for the quarter, beating the Thomson Reuters consensus estimate of 77 cents by a penny. During the same quarter in 2010, the company posted 70 cents earnings per share. The company’s quarterly revenue was up 1.1% on a year-over-year basis, American Banking & Marketing News reported.
Total revenues were $263.1 million, up $6.5 million or 2.6%.
Sun Communities Inc. is a self-administered and self-managed real estate investment trust (REIT). The company owns, operates and develops 124 manufactured housing communities, four RV parks and eight MH/RV communities concentrated in the Midwestern, South and Southeast.
Shares of Sun Communities Inc. traded down 1.69% during mid-day trading on Thursday, hitting $33.09. Sun Communities Inc has a 52- week low of $18.81 and a 52-week high of $35.11. The stock’s 50-day moving average is $33.50 and its 200-day moving average is $32.27. On average, analysts predict that Sun Communities Inc will post 82 cents earnings per share next quarter. The company has a market cap of $648.5 million.
Shares of Sun Communities Inc. hit a new 52-week high today (Feb. 7) on Wall Street. The stock traded as high as $34.49 during mid-day trading and last traded at $34.27. The stock previously closed at $34.02, American Banking News reported.
Sun Communities Inc. is a self-administered and self-managed real estate investment trust that owns, operates and develops manufactured housing communities and RV parks concentrated in the Midwest, South and Southeast.
The company’s stock traded up 0.79% during mid-day trading today. The stock has a 52-week low of $17.12 and a 52-week high of $35.11. Its 50-day moving average is $33.31 and its 200-day moving average is $31.71. The company has a market cap of $672.0 million
As of Dec. 31, 2009, the company owned and operated a portfolio of 136 properties located in 18 states, including 124 manufactured housing communities, four recreational vehicle communities and eight properties containing both manufactured housing and recreational vehicle sites.
Sun Communities Inc., a Southfield, Mich.-based real estate investment trust that owns and operates manufactured housing and recreational vehicle communities, today (Oct. 28) reported improved results for the third quarter ending Sept. 30.
According to a release, highlights for the nine months ended Sept. 30, 2010, vs. Sept. 30, 2009, were as follows:
- Total revenues were $197.8 million, up $5.8 million or 3%.
- Funds from Operations (FFO) excluding certain items was $2.19 per diluted share and OP Unit, an increase of 5.3%.
- Same-site net operating income increased by 2.6%.
- Home sales increased 32.6%, from 811 units to 1,075 units.
“We have finished the quarter with a strong gain of 510 occupied sites year-to-date with gains being achieved throughout the portfolio. Demand has been increasing as applications to live in Sun’s communities have grown each year with 2010 final estimated results of over 22,000 representing more than double the 10,270 applications in 2006. Growth has also been fueled by the fifth year of increased home sales which have approximately tripled since 2005,” said Gary A. Shiffman, chairman and CEO. “We are experiencing continued positive fundamentals reflected in the fifth consecutive quarter of year over year quarterly FFO growth.”
Management projects FFO per share to be in the range of 75 cents to 79 cents for the quarter ending Dec. 31, 2010.
Preliminary guidance for 2011 FFO per share is projected to be in the range of $3.03 to $3.15. The company plans to refine this 2011 FFO guidance once it completes its 2011 budgeting process.
Sun 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.