SOUTHFIELD — Sun Communities Inc. (SUI) on Monday reported a key measure of profitability in its first quarter.
The real estate investment trust (REIT), based in Southfield, said it had funds from operations of $162.8 million, or $1.34 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 net income of $700,000, or 1 cent per share.
The REIT posted revenue of $548.5 million in the period.
For the current quarter ending in July, Sun Communities expects its per-share funds from operations to range from $1.97 to $2.01.
The company expects full-year funds from operations in the range of $7.20 to $7.32 per share.