Sun Communities Takes Charges In 4Q
SOUTHFIELD, Mich. (AP) ¿ Sun Communities Inc. reported Friday a $600,000 loss in fourth quarter funds from operations due to heavy charges, but slightly beat analysts' expectations after certain items were excluded.
The developer of manufactured home communities also gave guidance for the year.
The real estate investment trust said the loss in fourth quarter funds from operations, or FFO, was 3 cents per share, compared with FFO of $4.5 million, or 22 cents per share, in the same period of 2007.
Those results include equity loss from affiliate Origen Financial Inc., impairment charges and severance costs.After adjustments, Sun Communities reported FFO of $14.9 million, or 73 cents per share, compared with FFO of $14.2 million, or 70 cents per share, in the fourth quarter of 2007. FFO, which adds such items as amortization and depreciation back to net income, is considered a key measure of strength for REITs because it provides a more accurate picture of cash performance.
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