Sun Communities: Q2 Earnings Snapshot
By AP News
Published - Aug 01, 2024, 02:08 AM ET
Last Updated - Aug 01, 2024, 02:08 AM EDT
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.
