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Sun's Forecast: 'Improved Fundamentals'

SOUTHFIELD, MI-Sun Communities expects a stable 2004, and says it may make property acquisitions of $25 million to $40 million during the year.

By Dan Heaton | Updated on January 30, 2004

SOUTHFIELD, MI-Sun Communities Inc. expects a stable financial year in 2004 with funds from operations will be in the range of $3.30 to $3.38 per share. In a statement this week, the Southfield-based REIT says it doesn’t anticipate opening any new manufactured housing communities in 2004, but that developments in its existing communities are expected to lease approximately 400 net sites during 2004.

The company also said it is reviewing possible property acquisitions and expects to acquire new properties worth between $25 million to $40 million. Currently Sun operates 127 communities, mostly in the Midwest and Southeast.

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