Sun Communities: Q2 Earnings Snapshot

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.

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.

_____

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