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Sun Communities Downgraded

SOUTHFIELD, MI-Sun Communities' stock was downgraded from "in-line" to "underperform" by an analyst. The Salomon Smith Barney analyst cited concerns over Sun's decision to offer discount financing for manufacturing housing.

By Dan Heaton | Updated on August 11, 2003

SOUTHFIELD, MI-Sun Communities, Inc, a Southfield, MI,-based real estate investment trust that owns and operates manufactured housing communities, has been downgraded by an analyst.

The company’s stock, which is listed on the New York Stock Exchange as SUI, was downgraded from “in-line” to “underperform” by Salomon Smith Barney analyst Jonathan Litt. Litt cited concerns over Sun’s decision to offer discount financing — what Sun is calling “Home Buying Made Easy” — for manufactured housing. He also noted Sun did not meet analyst expectations for profitability in the second quarter.

For the quarter ended June 30, 2003, total revenues at Sun increased 7.5% to $43.2 million, compared with $40.2 million in the second quarter of 2002. Funds from operations (FFO) was $17.3 million in both periods. On a diluted per share basis, FFO was $0.84 compared to $0.85 for the same period in the prior year. Net income for the second quarter of 2003 was $4.5 million or $0.25 per diluted common share, compared with $7.0 million, or $0.39 per diluted common share for the same period in the prior year.

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