SOUTHFIELD, Mich. (AP) _ Sun Communities Inc. (SUI) on Wednesday reported a key measure of profitability in its second quarter.
The real estate investment trust, based in Southfield, Michigan, said it had funds from operations of $110.3 million, or $1.12 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 $58.9 million, or 61 cents per share.
The real estate investment trust posted revenue of $303.3 million in the period.
The company's shares have decreased slightly more than 6% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $140.68, a climb of slightly more than 7% in the last 12 months.