Why Sun Communities Stock Burned So Brightly Today
Investors were very warm to Sun Communities (NYSE: SUI) on Thursday. After the veteran real estate investment trust (REIT) published an estimates-trouncing quarter following Wednesday's market close, they piled into the stock to boost it to an over 6% price gain on the day. This crushed the S&P 500 index, which fell to close marginally lower by 0.1%.
For its second quarter, Sun Communities' revenue rose by almost 5% year over year to hit $623.5 million. Thanks to a more than $1.4 billion gain on the sale of its Safe Harbor Marinas superyacht and marina servicing business to an affiliate of financial services giant Blackstone, the REIT's net income was a bit above $1.3 billion ($10.02 per share) against the year-ago profit of $58 million.
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Source Fool.com
