Sun Communities lowers Q1, FY13 FFO views after equity raise

theflyonthewall.com

Sun Communities lowered its Q1 and FY13 FFO views after the issuance of 6M common shares through a public offering. WHAT'S NEW: The company now sees Q1 FFO 89c-91c, and had previously seen Q1 FFO 96c-98c; consensus is 93c. The company also sees FY13 FFO $3.19-$3.29, and had previously seen FY13 FFO $3.45-$3.55; consensus is $3.50. WHAT'S NOTABLE: The company said the change in these FFO views is primarily due to an increase in shares outstanding, as well as a reduction in interest expense and the write-off of certain deferred financing costs. The company said this guidance assumes no additional equity raises during the year.

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