Sun Communities Inc. (SUI, Financial) filed Quarterly Report for the period ended 2012-06-30.
Sun Communities, Inc. has a market cap of $1.23 billion; its shares were traded at around $45.79 with and P/S ratio of 4.2. The dividend yield of Sun Communities, Inc. stocks is 5.4%. Sun Communities, Inc. had an annual average earning growth of 1.3% over the past 10 years. GuruFocus rated Sun Communities, Inc. the business predictability rank of 2.5-star.
Income from real property revenue consists of manufactured home and recreational vehicle site rent, and miscellaneous other property revenues. Income from real property revenues increased $4.9 million, from $99.5 million to $104.4 million, or 5.0 percent. The growth in income from real property was due to a combination of factors. Revenue from our manufactured home and recreational vehicle portfolio increased by $5.3 million due to average rental rate increases of 3.1 percent and the increased number of occupied home sites and was partially offset by rent concessions offered to new residents and current residents who convert from home renters to home owners. Additionally, revenue realized on cable television royalties and utility income decreased by $0.3 million and $0.1 million respectively.
The renter s monthly payment includes the site rent and an amount attributable to the leasing of the home. The site rent is reflected in the Real Property Operations segment. For purposes of management analysis, the site rent is included in the Rental Program revenue to evaluate the incremental revenue gains associated with implementation of the Rental Program, and assess the overall growth and performance of Rental Program and financial impact to our operations.
Rental Program NOI increased $4.7 million from $18.7 million to $23.4 million, or 25.3 percent due to increased revenues of $5.3 million, offset by increased expenses of $0.6 million. Revenues increased $5.3 million primarily due to the increased number of residents participating in the Rental Program and from increased monthly rental rates as indicated in the table above.
During the six months ended June 30, 2012, we have invested $29.8 million in the acquisition of homes intended for the Rental Program net of proceeds from third party financing from homes sales. Expenditures for 2012 will be dependent upon the condition of the markets for repossessions and new home sales, as well as rental homes. We finance new home purchases with a $12.0 million floor plan facility. Our ability to purchase homes for sale or rent may be limited by cash received from third party financing of our home sales, available floor plan financing and working capital available on our secured lines of credit.
Read the The complete Report
Sun Communities, Inc. has a market cap of $1.23 billion; its shares were traded at around $45.79 with and P/S ratio of 4.2. The dividend yield of Sun Communities, Inc. stocks is 5.4%. Sun Communities, Inc. had an annual average earning growth of 1.3% over the past 10 years. GuruFocus rated Sun Communities, Inc. the business predictability rank of 2.5-star.
Highlight of Business Operations:
Rental Program NOI increased $2.4 million from $9.4 million to $11.8 million or 25.8 percent due to increased revenues of $2.8 million, offset by increased expenses of $0.4 million. Revenues increased $2.8 million due to the increased number of residents participating in the Rental Program and from increased monthly rental rates as indicated in the table above.Income from real property revenue consists of manufactured home and recreational vehicle site rent, and miscellaneous other property revenues. Income from real property revenues increased $4.9 million, from $99.5 million to $104.4 million, or 5.0 percent. The growth in income from real property was due to a combination of factors. Revenue from our manufactured home and recreational vehicle portfolio increased by $5.3 million due to average rental rate increases of 3.1 percent and the increased number of occupied home sites and was partially offset by rent concessions offered to new residents and current residents who convert from home renters to home owners. Additionally, revenue realized on cable television royalties and utility income decreased by $0.3 million and $0.1 million respectively.
The renter s monthly payment includes the site rent and an amount attributable to the leasing of the home. The site rent is reflected in the Real Property Operations segment. For purposes of management analysis, the site rent is included in the Rental Program revenue to evaluate the incremental revenue gains associated with implementation of the Rental Program, and assess the overall growth and performance of Rental Program and financial impact to our operations.
Rental Program NOI increased $4.7 million from $18.7 million to $23.4 million, or 25.3 percent due to increased revenues of $5.3 million, offset by increased expenses of $0.6 million. Revenues increased $5.3 million primarily due to the increased number of residents participating in the Rental Program and from increased monthly rental rates as indicated in the table above.
During the six months ended June 30, 2012, we have invested $29.8 million in the acquisition of homes intended for the Rental Program net of proceeds from third party financing from homes sales. Expenditures for 2012 will be dependent upon the condition of the markets for repossessions and new home sales, as well as rental homes. We finance new home purchases with a $12.0 million floor plan facility. Our ability to purchase homes for sale or rent may be limited by cash received from third party financing of our home sales, available floor plan financing and working capital available on our secured lines of credit.
Read the The complete Report