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Sun Reports $40M Net Loss for 2004

SOUTHFIELD, MI-Sun Communities says income from its 108 properties rose 5.5% during 2004. The second half saw an increase in repossessions, the company reports.

By Dan Heaton | Updated on February 25, 2005

SOUTHFIELD, MI-Sun Communities, Inc. reported a net loss of $40.5 million in 2004. The locally based REIT, which owns and operates manufactured housing communities, says income from rental property increased 5.5% to $167.8 million for the year.

“While we looked for a year of industry transition, manufactured housing conditions never reversed, but did seem to stabilize during 2004,” says chief executive officer Gary A. Shiffman. “Home shipments, repossessions, finance company recoveries and delinquencies ended the year at similar or slightly improved levels over 2003. The first half of the year reflected strongly improving occupancy statistics in the company’s portfolio, the second half suffered from another surge of repossessed homes, depressing overall occupancy. Performance of the same site portfolio was one bright spot in an otherwise difficult manufactured home environment.”

For the 108 communities Sun owned throughout both years, total revenues increased 4% percent for 2004 and expenses increased 3.4%, resulting in an increase in net operating income of 4.25%. Same-property occupancy in the manufactured housing sites decreased from 88.4% as of Sept. 30 to 87.4% as of Dec. 31.

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