Sun Communities Reports Higher Sales/Profits
Sun Communities Inc., a real estate investment trust that owns and operates manufactured housing and recreational vehicle communities, today (Feb. 25) reported its fourth quarter and year ended Dec. 31, 2010 results.
According to a news release, the following are financial highlights of 2010, vs. 2009:
- Funds from Operations, excluding certain items described in this release, was $2.97 per share share as compared to $2.86 per share in 2009, an increase of approximately 3.9%.
- Same Site Net Operating Income increased by 3.1%.
- Total revenues were $263.1 million, up $6.5 million or 2.6%.
- Revenue producing sites increased by 563 sites.
- Home sales increased 23.2%, from 1,116 units to 1,375 units.
"We are pleased with the achievements of 2010; homes sales are the highest in our history, our increase in revenue producing sites is the highest since 1999, and we are encouraged by the improvements attained in our Midwest portfolio," said Gary A. Shiffman, chairman and CEO. "Our FFO results of $2.97 per share are at the high end of guidance even after absorbing $0.07 per share of dilution from equity raised during the year. We executed our business plan beyond budgeted targets and are pleased to report these results to our shareholders."
To read the company's complete 10-K filing with the Securities and Exchange Commission click here.