Sun Communities, Inc. (SUI) has reported 112.63 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $24.46 million, or $0.29 a share in the quarter, compared with $11.50 million, or $0.14 a share for the same period last year. Revenue during the quarter surged 34.22 percent to $234.40 million from $174.64 million in the previous year period.
Cost of revenue surged 33.08 percent or $21.45 million during the quarter to $86.29 million. Gross margin for the quarter expanded 32 basis points over the previous year period to 63.19 percent.
Revenue from real estate activities during the quarter surged 35.93 percent or $42.79 million to $161.88 million.
Other income during the quarter was $21.18 million, up 108.63 percent or $11.03 million from year-ago period.
“For the first quarter of 2017, we completed yet another quarter of strong, consistent results, reflecting the continued benefits of owning a best-in-class operating platform. Once again we delivered impressive NOI growth boosted by occupancy gains, prudent expense controls and the filling of expansion sites. This organic growth, when coupled with the contribution of recently acquired properties, helped Sun achieve FFO per share growth of over 22 percent for the first quarter of 2017," said Gary A. Shiffman, chairman and chief executive officer.
Real estate inventory stood at $23.87 million as on Mar. 31, 2017. Net receivables were at $239.44 million as on Mar. 31, 2017, up 342.40 percent or $185.32 million from year-ago.
Total assets grew 29.36 percent or $1,339.56 million to $5,902.45 million on Mar. 31, 2017. On the other hand, total liabilities were at $3,478.13 million as on Mar. 31, 2017, up 34.19 percent or $886.23 million from year-ago.
Return on assets moved up 13 basis points to 0.98 percent in the quarter. At the same time, return on equity moved up 48 basis points to 0.89 percent in the quarter.
Debt increases substantiallyTotal debt was at $3,094.64 million as on Mar. 31, 2017, up 30.99 percent or $732.19 million from year-ago. Shareholders equity stood at $2,358.95 million as on Mar. 31, 2017, up 24.91 percent or $470.46 million from year-ago. As a result, debt to equity ratio went up 6 basis points to 1.31 percent in the quarter. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
