SOUTHFIELD, Mich. (AP) _ Sun Communities Inc. (SUI) on Wednesday reported a key measure of profitability in its second quarter.
The real estate investment trust, based in Southfield, Michigan, said it had funds from operations of $90.4 million, or $1.07 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 $20.4 million, or 25 cents per share.
The real estate investment trust posted revenue of $271.4 million in the period.
For the current quarter ending in October, Sun Communities expects its per-share funds from operations to range from $1.34 to $1.37.
The company expects full-year funds from operations in the range of $4.57 to $4.63 per share.
The company's shares have increased 4 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $96.53, an increase of 10 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