"As lenders recognize their problems and repossess homes, the company's vacancies rise," Sun says in the statement.
In 2003, the company's occupancy rate on its developed properties slipped to 89.1%, compared to 92.0% in 2002, based on same property comparisons. Sun says, however, that its average rents on those properties increased to $328 per month from $315 the previous year.
According to Sun, industry estimates are that the number of repossessed homes in 2004 will be approximately 60,000, roughly one-half of the number in recent years. Sun says this abatement should have positive effects on new home sales that fill sites in its communities.
Sun had previously reported income from operations increased by $3.8 million from $21.6 million to $25.4 million in 2003, compared to 2002.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
