Sun Communities Takes Charges In 4Q

Fourth quarter total revenue was $63.2 million, up 6.6 percent from $59.3 million in the same period in 2007.

Analysts polled by Thomson Reuters had expected FFO of 72 cents per share on revenue of $54 million. Analysts typically don't include one-time charges in their estimates.

Shares rose $1.42, or 15.6 percent, to $10.52 on Friday.

For all of 2008, FFO were $26.5 million, or $1.29 per share, compared with $45.4 million, or $2.24 per share, for 2007.

After adjusting for charges, full-year FFO was $57 million, or $2.78 per share, compared with FFO of $55.2 million, or $2.72 per share, in 2007.

Chief Executive Gary Shiffman said the company was pleased with the year's performance amid the nation's economic uncertainty.

"Home sales remained strong, portfolio occupancy gains exceeded budget and nearly all key guidance metrics were achieved," Shiffman said.

For 2009, the company predicted FFO in a range of $2.84 to $2.92 per share, an increase of up to 5 percent, due to the affordability of manufactured homes.