SOUTHFIELD, Mich. (AP) _ Sun Communities Inc. (SUI) on Wednesday reported a key measure of profitability in its third quarter.
The real estate investment trust, based in Southfield, Michigan, said it had funds from operations of $162.6 million, or $1.60 per share, in the period.
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 $81.2 million, or 83 cents per share.
The real estate investment trust posted revenue of $400.5 million in the period.
Sun Communities expects full-year funds from operations in the range of $1.08 to $1.12 per share.
The company's shares have declined slightly more than 3% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $145.12, a decrease of slightly more than 7% in the last 12 months.
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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
