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REIT Comments |
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07/27/2010
SUI $29
Sun Communities SUI 2Q 2010 FFO $0.66 (adjusted) v $0.62 (adjusted) +6%
SUI guidance 2010 FFO unchanged in range of $2.89-$2.98 v $2.86 UP +1%-+4%
SUI 2Q 2010 same property NOI UP +3.4%
SUI 2Q 2010 occupancy 84.3% UP +0.7%
SUI 2Q 2010 revenues UP +5%
SUI 2Q 2010 number of manufactured home sites UP +1%
SUI 2Q 2010 average monthly rent $409 UP +10%
SUI number of manufactured home sales 407 UP +51%
SUI revenue from manufactured home sales $9.6 million UP +17%
SUI average sales price per manufactured home DOWN (23%)
SUI benefitting from extension of first time homebuyers tax credit to September 2010
SUI a Specialty REIT with a portfolio of manufactured home communities
SUI we rank 2 BUY
SUI market cap $608 million
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