SOUTHFIELD, Mich. (AP) — SOUTHFIELD, Mich. (AP) — Sun Communities Inc. (SUI) on Wednesday reported a key measure of profitability in its fourth quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Southfield, Michigan, said it had funds from operations of $186.4 million, or $1.41 per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.39 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 a loss of $224.4 million, or $1.77 per share.
The real estate investment trust, based in Southfield, Michigan, posted revenue of $745.9 million in the period.
For the year, the company reported funds from operations of $881.9 million. Revenue was reported as $3.22 billion.
For the current quarter ending in March, Sun Communities expects its per-share funds from operations to range from 78 cents to 86 cents.
The company expects full-year funds from operations in the range of $4.81 to $5.05 per share.
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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
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