SOUTHFIELD, MI-Sun Communities' second quarter operations moved into the black in the second quarter, compared to the previous year. The locally based REIT, which owns and operates 135 manufactured home communities primarily in the eastern half of the nation, said Friday the company's FFO increased from a loss of $42.3 million in the second quarter 2004 to a positive $12.6 million in the second quarter 2005. Second quarter 2004 results reflected a charge of $57.2 million for costs associated with the repurchase of $345 million of unsecured debt.
"We have leased 394 net sites in our portfolio during the first six months of this year as compared to a loss of 21 sites during the same period last year," says Gary A. Shiffman, chairman and CEO. "This represents about 88% of the budgeted net-site increase for the entire year."
Also during the second quarter, the company sold two properties located in Florida comprised of 96 manufactured housing sites and 165 recreational vehicle sites for a combined sales price of $5.7 million. These transactions resulted in an $800,000 gain, which is included in interest and other income.
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