SOUTHFIELD, Mich. (AP) — SOUTHFIELD, Mich. (AP) — Sun Communities Inc. (SUI) on Wednesday reported a key measure of profitability in its first quarter.
The Southfield, Michigan-based real estate investment trust said it had funds from operations of $158 million, or $1.23 per share, in the period.
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 a loss of $30.1 million, or 24 cents per share.
The real estate investment trust, based in Southfield, Michigan, posted revenue of $651.2 million in the period.
For the current quarter ending in June, Sun Communities expects its per-share funds from operations to range from $1.90 to $1.98.
The company expects full-year funds from operations in the range of $7.22 to $7.42 per share.
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