One real estate investment trust (REIT) reporting early this earnings season was Sun Communities (SUI -1.32%). 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&P 500 index sliding by 1.2%.

Revenue was up; core FFO was slightly down

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.

On average, analysts tracking Sun Communities stock estimated the company would book only $940 million on the top line. Their collective $1.31 per share net income estimate was on the mark, though.

Rent increases are on the way

Sun Communities, which concentrates on manufactured housing, communities for recreational vehicle owners, and marinas, saw growth in all three property types. In the earnings release, the niche REIT said it anticipates this ball will keep rolling, as it expects rents will increase a respective 5.4%, 6.5%, and 5.6% in its U.S. properties.

The company did not discuss the future of its dividend in the release. It currently pays a distribution that yields 3.5%.