Sun Communities: '12 Net Income Up 5.5%
Sun Communities Inc., a real estate investment trust (REIT) based in Southfield Mich., that owns and operates manufactured housing and recreational vehicle communities, today (Feb. 21) reported its fourth quarter and year end results.
According to a news release, highlights for the year ended Dec. 31, 2012:
- Acquired 14 communities for approximately $305.1 million.
- Raised $382.8 million in common stock and preferred equity offerings.
- Same site Net Operating Income (NOI) increased by 5.5%.
- Home sales increased by 21.1% as compared to 2011.
- FFO excluding certain items as described in the release was $3.19 per diluted share compared to $3.13 per share in 2011.
- Total portfolio occupancy increased to 87.3% at Dec. 31, 2012, from 85.3% at Dec. 31, 2011.
"We have substantially strengthened our balance sheet to establish a sound foundation to exploit growth opportunities through acquisitions and expansions," said Gary A. Shiffman, chairman and CEO. "The achievements noted above clearly demonstrate management 's capabilities to fill and manage communities profitably. It is our intention to leverage those attributes through additional growth. I am confident that our management team is well situated to integrate and maximize performance of manufactured housing and/or recreational vehicle communities."
Click here to read the entire year-end report.