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Sun Communities Inc. (SUI),  real estate investment trust (REIT) that owns and operates, or has an interest in, manufactured housing and recreational vehicle communities, reported a key measure of profitability in its first quarter.

The company, based in Southfield, Mich., said it had funds from operations of $94.9 million, or $1.14 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.

For the three months ended March 31, 2018, total revenues increased $23.5 million, or 10%, to $257.9 million compared to $234.4 million for the same period in 2017. Net income attributable to common stockholders was $30 million, or 38 cents per diluted common share, for the three months ended March 31, 2018, as compared to net income of $21.1 million, or 29 cents net income per diluted common share, for the same period in 2017.

“Our positive results in the first quarter of 2018 were driven by solid occupancy gains, strong home sales and rentals, and a robust winter RV season,” said Gary A. Shiffman, chairman and CEO. “Our continued revenue growth underscores the ongoing demand for Sun’s communities. Furthermore, we delivered 246 new expansion sites in the quarter, which should contribute to our growth as they become revenue producing sites over time. Finally, our well positioned balance sheet supports an active pipeline of acquisition opportunities as we continue to pursue single asset and small portfolio investments. These combined elements are essential to Sun’s ability to generate superior total shareholder return over time.”

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