Sun, which is based in Southfield, said net income for the year was $23.7 million, or $1.29 per diluted common share, compared to $13.6 million or $0.76 per diluted common share during 2002. Sun's operating results for the year and quarter ended Dec. 31 reflect the consolidation of Sun Home Services Inc into its overall performance, the company says.

"2003 was a challenging year, marked by the liquidation of repossession inventories, the resultant increase in vacancies, and much higher expense growth in our portfolio than we have been accustomed to," says Gary Shiffman, Sun chairman and CEO. "There's every reason to expect that these events are largely behind us--and the industry--now."

Sun closed on the sale of four properties during 2003 realizing proceeds of approximately $24.8 million. The properties were located in Michigan and Illinois, and comprised 731 sites of which 659 or 90 percent were occupied. Also during 2003, the company acquired a property located in East Lansing, MI, for approximately $4.5 million, of which $2.3 million was cash and $2.3 million was debt. When fully developed, the community will consist of 242 sites.