Why Sun Communities Stock Was a Light in the Darkness Today

One real estate investment trust (REIT) reporting early this earnings season was Sun Communities (NYSE: SUI). The company published its third-quarter figures after market hours Wednesday, and on Thursday, happy investors rewarded it by pushing its stock price up by almost 5%. That was on a generally down day for the market, with the S 500 index sliding by 1.2%.

Sun Communities earned $983 million in total revenue during the period, more than 5% higher than in the same quarter of 2022. Net income, however, was only slightly higher year over year at $163 million ($1.31 per share).

Core (i.e., adjusted) funds from operations (FFO) -- a more revealing profitability metric for REITs -- fell for the company. It slipped to $329 million ($2.57 per share) from the year-ago figure of $336 million.

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Source Fool.com