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Sun Communities: Q2 Earnings Snapshot
By AP News - Aug 01, 2024, 02:08 AM ET
Last Updated - Aug 01, 2024, 02:08 AM EDT
SOUTHFIELD, Mich. (AP) — SOUTHFIELD, Mich. (AP) — Sun Communities Inc. (SUI) on Wednesday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.
The Southfield, Michigan-based real estate investment trust said it had funds from operations of $238.7 million, or $1.86 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 $1.87 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 net income of $52.1 million, or 42 cents per share.
The real estate investment trust, based in Southfield, Michigan, posted revenue of $864 million in the period.
For the current quarter ending in September, Sun Communities expects its per-share funds from operations to range from $2.46 to $2.56.
The company 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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