Sun Communities Q2 Adj. FFO, Revenues Beat Estimates; Updates Forecast

(RTTNews) - Sun Communities, Inc. (SUI), a real estate investment trust that owns and operates manufactured housing and recreational vehicle communities, reported Tuesday that its second-quarter funds from operations or FFO was $37.47 million, lower than $54.66 million last year. FFO per share was $0.54, down from $0.91 last year.

Adjusted FFO was $58.45 million, compared to $52 million a year ago. Adjusted FFO per share was $0.85, compared to $0.87 a year ago.

On average, four analysts polled by Thomson Reuters expected earnings of $0.82 per share. Analysts' estimates typically exclude special items.

Net loss attributable to shareholders was $7.83 million or $0.12 per share, compared to profit of $12.29 million or $0.23 per share last year.

Total revenues increased to $190.80 million from $165.94 million a year ago. Analysts expected revenues of $129.54 million.

Home sales increased 30.2 percent and revenue producing sites increased by 501 sites for the quarter, bringing total portfolio occupancy to 96.1 percent. Looking ahead, the company anticipates FFO per share of $1.10 to $1.12 for the third quarter and $0.90 to $0.93 for the fourth quarter.

Further, the company said it is updating its 2016 guidance for the impact of the Carefree acquisition, its other acquisitions, and other affiliated capital transactions.

The company anticipates FFO per Share for full year 2016 to be in the range of $3.75 to $3.80.

Analysts expect earnings of $1.08 per share for the third quarter and $3.72 per share for the year.