Sun Communities: 3Q Earnings Snapshot
SOUTHFIELD, Mich. (AP) _ Sun Communities Inc. (SUI) on Wednesday reported a key measure of profitability in its third quarter.
The real estate investment trust, based in Southfield, Michigan, said it had funds from operations of $137.4 million, or $1.46 per share, in the period.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $57 million, or 63 cents per share.
The real estate investment trust posted revenue of $362.4 million in the period.
For the current quarter ending in December, Sun Communities expects its per-share funds from operations to range from $1.04 to $1.08.
The company expects full-year funds from operations in the range of $4.86 to $4.90 per share.
The company’s shares have increased 52% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $154.96, a rise of 57% in the last 12 months.