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Sun Communities: Q1 Earnings Snapshot
By Ap News - Apr 29, 2024, 05:18 PM ET
Last Updated - May 27, 2024, 01:05 AM EDT
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.
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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.
The company said it had a loss of $27.4 million, or 22 cents per share.
The real estate investment trust, based in Southfield, Michigan, posted revenue of $671.3 million in the period.
Sun Communities expects full-year funds from operations in the range of $7.06 to $7.22 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SUI at https://www.zacks.com/ap/SUI
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