Sun Communities Inc. announced that it has entered into a senior secured revolving credit facility in the amount of $350.0 million which has a built in accordion allowing up to $250.0 million in additional borrowings. The facility has a four-year term with an option to extend for one additional year and bears interest at a floating rate based on Eurodollar plus a margin that is determined based on the company's leverage ratio calculated in accordance with the Facility, which can range from 1.65% to 2.90%. Based on the company's current leverage ratio, the margin will be 1.65%. The facility replaces the company's $150.0 million revolving line of credit which was scheduled to mature on October 1, 2014.

Sun Communities Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, total revenue was $103.379 million against $83.128 million a year ago. Income before income taxes and distributions from affiliate was $7.930 million against $5.696 million a year ago. Net income attributable to common stockholders was $5.744 million or $0.19 per diluted share against $5.377 million or $0.21 per diluted share a year ago. Funds from operations was $30.686 million or $0.90 per diluted share against $25.712 million or $0.89 per diluted share a year ago. For the second quarter of 2013, FFO is expected to be $0.68 - $0.71 per share after adjustment for acquisition costs. The company maintains its 2013 FFO guidance of $3.19 - $3.29 per share assuming acquisition related expenses are added back in the computation of FFO and including acquisitions completed through March 31, 2013.

Sun Communities Inc., Q1 2013 Earnings Call, Apr 25, 2013