Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.