RVBusiness says real estate investment trust (REIT) Sun Communities, Inc. (SUI) reports an increase in sales for the third quarter 2012 of $83.1 million versus $74.7 million for the same period 2011. Sun incurred a third quarter net loss of $275,000 as compared to Q3 2011 when the company lost $21,000. Sales for the first nine months of 2012 totaled $248.6 versus $212.7 for the comparable period last year. Net income for the nine months 2012 was $8.6 million versus $1.6 million for the first nine months last year. As MHProNews learned from the Securities and Exchange Commission (SEC) filing, same site net operating income rose 4.4 percent, and home sales increased by 7.4 percent. Chairman and CEO Gary Shiffman said, ?The $300 million of equity we raised during the year has allowed us to reposition our balance sheet, significantly reduce our leverage ratios, improve our liquidity position and acquire six high quality communities.? Based in Southfield, Mich., Sun operates over 55,000 homesites in 15 states.
(Photo credit: Sun Communities, Inc.)
Categories: Business, Communities, Company News, Manufactured Homes, News Item Tags: 1 million, 6 million, balance sheet, comparable period, estate investment trust, first nine months, homesites, leverage ratios, liquidity position, MHProNews, net income, operating income, profits, q3, quality communities, real estate investment, real estate investment trust, securities and exchange, Securities and Exchange Commission, sun communities inc gary shiffmanSource: http://www.mhmarketingsalesmanagement.com/blogs/daily-business-news/sales-up-but-profits-fall/
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