SOUTHFIELD, Mich. (AP) _ Sun Communities Inc. (SUI) on Wednesday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.
The Southfield, Michigan-based real estate investment trust said it had funds from operations of $92.7 million, or $1.03 per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.03 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 $9 million, or 11 cents per share.
The real estate investment trust posted revenue of $274 million in the period.
For the year, the company reported funds from operations of $394.4 million, or $4.58 per share. Revenue was reported as $1.13 billion.
For the current quarter ending in April, Sun Communities expects its per-share funds from operations to range from $1.10 to $1.13.
The company expects full-year funds from operations in the range of $4.76 to $4.86 per share.
The company's shares have increased 12 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $113.95, an increase of 33 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