Southfield, Michigan-based Sun Communities, Inc., in it release of 2nd quarter 2014 financials, reports funds from operations (FFO) was $34.7 million, or $0.78 per share, versus $27 million or $0.69 per share for the comparable period in 2013. Net income attributable to common stockholders for the second quarter of 2014 was $4.9 million, or $0.12 per diluted common share, as compared to net income of $1.0 million, or $0.03 per diluted common share, for the second quarter of 2013. As marketwatch.com says, Occupancy rose to 91.0 percent as of June 30, 2014 from 89.2 percent, June 30, 2013; and revenue producing homesites rose by 427 sites as of the end of Q2 2014 as opposed to 494 sites added in the second quarter 2013. Gary A. Shiffman, Chairman and CEO, said, “Our same site NOI growth of 8.5% in the second quarter was powered by the performance of both our manufactured housing and recreational vehicle communities. Same site net operating income grew 7.8% for the quarter in our MH communities driven by a combination of higher than budgeted revenues and lower than forecasted expenses.” MHProNews understands Sun is a real estate investment trust (REIT) that owns a portfolio of manufactured housing and recreational vehicle communities primarily in the eastern U.S. ##
