SOUTHFIELD, Mich. (AP) — SOUTHFIELD, Mich. (AP) — Sun Communities Inc. (SUI) on Monday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Southfield, Michigan, said it had funds from operations of $153.4 million, or $1.19 per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.16 per share.
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.