Sun Communities Inc. (SUI, Financial) filed Quarterly Report for the period ended 2010-09-30.
Sun Communities Inc. has a market cap of $641.2 million; its shares were traded at around $32.8 with a P/E ratio of 11.5 and P/S ratio of 2.5. The dividend yield of Sun Communities Inc. stocks is 7.6%. Sun Communities Inc. had an annual average earning growth of 1.5% over the past 10 years. GuruFocus rated Sun Communities Inc. the business predictability rank of 4-star.SUI is in the portfolios of Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates.
Income from real property consists of manufactured home and recreational vehicle site rent and miscellaneous other property revenues. Revenue from our manufactured home and recreational vehicle portfolio increased by $1.2 million due to rental rate increases and the increased number of occupied home sites as indicated in the table above. This growth in revenue was partially offset by rent concessions offered to new residents and current residents who convert from home renters to home owners. We entered into a data service and cable royalty fee agreement in the fourth quarter of 2009 that has resulted in an increase of $0.1 million in other miscellaneous property revenues.
Property operating expenses increased $0.4 million or 2.9 percent. Supplies and repair expenses increased by $0.2 million due to increased landscape maintenance costs. Other increased by $0.1 million due to increased advertising costs and $0.1 million due to increased bad debt expense that was due to an increase in the allowance for doubtful accounts.
Rental Program NOI increased $0.2 million or 2.5 percent due to increased revenues of approximately $0.5 million offset by increased expenses of $0.3 million. Revenues increased approximately $0.5 million primarily due to the increased number of residents participating in the Rental Program as indicated in the table above.
Operating and maintenance expenses increased $0.3 million or 7.8 percent. Expenses associated with repairs and refurbishment increased by $0.4 million, primarily due to increased preventative maintenance costs associated with our occupied rental homes for air conditioning units, siding, and skirting. Commissions decreased by approximately $0.1 million due to a realignment of the commission plan that decreased the amount of commission paid on new and renewed leases.
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Sun Communities Inc. has a market cap of $641.2 million; its shares were traded at around $32.8 with a P/E ratio of 11.5 and P/S ratio of 2.5. The dividend yield of Sun Communities Inc. stocks is 7.6%. Sun Communities Inc. had an annual average earning growth of 1.5% over the past 10 years. GuruFocus rated Sun Communities Inc. the business predictability rank of 4-star.SUI is in the portfolios of Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates.
Highlight of Business Operations:
Real Property NOI increased by approximately $0.9 million or 2.9 percent. The growth in NOI is primarily due to increased revenues of $1.3 million offset by increased expenses of $0.4 million.Income from real property consists of manufactured home and recreational vehicle site rent and miscellaneous other property revenues. Revenue from our manufactured home and recreational vehicle portfolio increased by $1.2 million due to rental rate increases and the increased number of occupied home sites as indicated in the table above. This growth in revenue was partially offset by rent concessions offered to new residents and current residents who convert from home renters to home owners. We entered into a data service and cable royalty fee agreement in the fourth quarter of 2009 that has resulted in an increase of $0.1 million in other miscellaneous property revenues.
Property operating expenses increased $0.4 million or 2.9 percent. Supplies and repair expenses increased by $0.2 million due to increased landscape maintenance costs. Other increased by $0.1 million due to increased advertising costs and $0.1 million due to increased bad debt expense that was due to an increase in the allowance for doubtful accounts.
Rental Program NOI increased $0.2 million or 2.5 percent due to increased revenues of approximately $0.5 million offset by increased expenses of $0.3 million. Revenues increased approximately $0.5 million primarily due to the increased number of residents participating in the Rental Program as indicated in the table above.
Operating and maintenance expenses increased $0.3 million or 7.8 percent. Expenses associated with repairs and refurbishment increased by $0.4 million, primarily due to increased preventative maintenance costs associated with our occupied rental homes for air conditioning units, siding, and skirting. Commissions decreased by approximately $0.1 million due to a realignment of the commission plan that decreased the amount of commission paid on new and renewed leases.
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