SOUTHFIELD, Mich. (AP) _ Sun Communities Inc. (SUI) on Wednesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Southfield, Michigan, said it had funds from operations of $106.3 million, or $1.18 per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.12 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.
The company said it had net income of $34.3 million, or 40 cents per share.
The real estate investment trust posted revenue of $287.3 million in the period.
For the current quarter ending in July, Sun Communities expects its per-share funds from operations to range from $1.11 to $1.14.
The company expects full-year funds from operations in the range of $4.80 to $4.88 per share.
The company's shares have increased 19 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $120.63, a rise of 32 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SUI at https://www.zacks.com/ap/SUI