Sun Communities Q4 FFO Increases, Sees FY16 FFO Per Share Below Estimates

(RTTNews) - Sun Communities Inc. (SUI) Tuesday announced fourth quarter FFO attributable to the company of $48.94 million, up from $35.25 million in the previous year.

On a per share basis, FFO was $0.81 compared to $0.69 last year. Adjusted FFO surged to $1.56 per share from negative FFO of $0.28 per share last year.

On average, five analysts polled by Thomson Reuters expected the company to earn $0.85 per share. Analysts estimates usually exclude special items.

Net income for the fourth quarter was $100.04 million compared to a loss of $12.012 million in the previous year.

Revenue for the quarter increased to $168.24 million from $122.00 million in the prior year. Wall Street expects $167.15 million.

For the full year 2016, the company expects FFO per share in a range of $3.72 to $3.79 and net operating income to be in the range of $355.4 to $358.8 million. Street projects $3.91 per share.

For the first quarter, Sun Communities projects FFO per share of $0.87 to $0.89. Analysts expect $0.95 per share.