logo-sun-communitiesSun Communities Inc., a Southfield, Mich.-based real-estate investment trust, today (Feb. 23) reported its financial results for the company’s fourth quarter and the year that ended Dec. 31.

For the quarter, total revenues were up by $50.4 million over the same period a year earlier, a jump of 30%, according to the announcement. Despite the revenue jump, the company reported a quaterly net loss of $1.6 million.

For the year, total revenues hit $833.8 million, up 23.6% over the $674.7 million for 2015. Net income for common stockholders for the year was $17.4 million, dosn significantly from $137.3 million in 2015.

Gary Shiffman

Gary Shiffman

“Sun’s most recent results demonstrate the ongoing power of our platform. We achieved industry leading internal growth, increased or maintained occupancy for the 20th consecutive quarter and sold a record number of homes into our communities, while integrating our largest acquisition to date,” said Gary A. Shiffman, chairman and CEO. “As we proceed through 2017, we are keenly focused on continuing to deliver exceptional results to our shareholders.”

The company’s properties, a mix of RV and manufactured housing parks, saw total occupancy increase to 96.2% as of Dec. 31, compared to 95% the year before, and that with a growth of 1,686 revenue-producing sites over the year.

In the quarter, Sun added RV communities in Colrado, New York and Florida for a total of 673 new RV sites, and are slated for repositioning and expansion, according to the company’s release.

At the end of the year, Sun owned or had an interest in 341 communities with 117,000 sites in 29 states and Ontario.

For the full earnings release, click here.