MHProNews has learned the third quarter 2011 results for Sun Communities, Inc. Sun (SUI) is a real estate investment trust (REIT) that owns and operates manufactured housing and recreational vehicle communities. Sun’s highlights include Adjusted Funds from Operations (“AFFO”)(1) excluding certain items described in this release was $0.75 per diluted share and OP Unit (“Share”) compared to $0.69 per Share in the third quarter of 2010, an increase of $0.06 per share or 8.7 percent. Same site Net Operating Income (“NOI”)(2) increased by 4.7 percent. Same site revenue producing sites increased by 199 sites, compared to an increase of 76 sites during the third quarter of 2010. “We are pleased to report that we have completed the integration of our acquisition properties into our operations model ahead of schedule. This has resulted in the Kentland portfolio, located entirely in Michigan, gaining 103 revenue producing sites in our first 90 days of ownership,” said Gary A. Shiffman, Chairman and Chief Executive Officer. “Based on these positive results and operational efficiencies already realized, we are confident this acquisition will continue to meet or exceed anticipated proforma results,” Shiffman added. “The rate of occupancy growth in our same site portfolio has tripled, from 0.5 percent in 2009 to an estimated 1.5 percent for 2011, and we believe this momentum will carry us to 90 percent occupancy in the next two to three years,” said Shiffman. Sun Communities stock (SUI) is tracked by MHProNews.com here on the Daily Business News market report.
