Same property occupancy in the manufactured housing sites decreased from 89.4% at the end of 2003, to 89.3%.
"These initial positive signs in the core portfolio seem to reflect the recovery we anticipate during the second half of this year," says chairman and chief executive officer Gary Shiffman. "The last wave of repossessions created by previous lending practices seem to be moving through the system and thereby eliminating the overhang of this type of inventory. Strategically, the company expects to benefit by leveraging its operational team to lease sites and sell additional homes into existing non-revenue producing sites."
Sun is in various stages of negotiation with respect to the acquisition of approximately $360 million of properties nationally.
Sun opened the year trading at about $38 a share. Share prices were above $42 a share in late March and are now trading at about $36 a share.
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