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Sun Communities: 3Q Earnings Snapshot

SOUTHFIELD, Mich. (AP) _ Sun Communities Inc. (SUI) on Wednesday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.

The real estate investment trust, based in Southfield, Michigan, said it had funds from operations of $117 million, or $1.35 per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.32 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 $46.1 million, or 56 cents per share.

The real estate investment trust posted revenue of $323.5 million in the period.

For the current quarter ending in December, Sun Communities expects its per-share funds from operations to range from $1.01 to $1.04.

The company expects full-year funds from operations in the range of $4.57 to $4.60 per share.

The company's shares have increased 8.5 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $100.67, an increase of 12 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