Sun Communities, Inc. (SUI) Tops Q4 FFO by 6c; Guides Q2, FY14 FFO

Sun Communities, Inc. (NYSE: SUI) reported Q4 FFO of $0.95, $0.06 better than the analyst estimate of $0.89. Revenue for the quarter came in at $111.18 million versus the consensus estimate of $110.28 million.

Same Site Results

For 173 communities owned throughout 2014 and 2013, first quarter 2014 total revenues increased 6.8 percent and total expenses increased 7.2 percent, resulting in an increase in NOI(2) of 6.6 percent over the first quarter of 2013. Approximately $0.7 million of repair, maintenance and utility expenses were incurred related to extreme weather conditions in certain of the Company's markets. Same site occupancy increased to 89.9 percent at March 31, 2014 from 88.6 percent at March 31, 2013.

Sees Q2 2014 FFO of $0.74 - $0.76, versus the consensus of $0.75.

Sees FY2014 FFO of $3.33 - $3.43, versus the consensus of $3.39.

For earnings history and earnings-related data on Sun Communities, Inc. (SUI) click here.

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