"As lenders recognize their problems and repossess homes, the company's vacancies rise," Sun says in the statement.
In 2003, the company's occupancy rate on its developed properties slipped to 89.1%, compared to 92.0% in 2002, based on same property comparisons. Sun says, however, that its average rents on those properties increased to $328 per month from $315 the previous year.
According to Sun, industry estimates are that the number of repossessed homes in 2004 will be approximately 60,000, roughly one-half of the number in recent years. Sun says this abatement should have positive effects on new home sales that fill sites in its communities.
Sun had previously reported income from operations increased by $3.8 million from $21.6 million to $25.4 million in 2003, compared to 2002.
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