2023-10-26 17:28:13 ET
One real estate investment trust (REIT) reporting early this earnings season was Sun Communities (NYSE: SUI) . The company published its third-quarter figures after market hours Wednesday, and on Thursday, happy investors rewarded it by pushing its stock price up by almost 5%. That was on a generally down day for the market, with the S&P 500 index sliding by 1.2%.
Sun Communities earned $983 million in total revenue during the period, more than 5% higher than in the same quarter of 2022. Net income, however, was only slightly higher year over year at $163 million ($1.31 per share).
Core (i.e., adjusted) funds from operations (FFO) -- a more revealing profitability metric for REITs -- fell for the company. It slipped to $329 million ($2.57 per share) from the year-ago figure of $336 million.
For further details see:
Why Sun Communities Stock Was a Light in the Darkness Today