Welcome to our dedicated page for Sun Communities news (Ticker: SUI), a resource for investors and traders seeking the latest updates and insights on Sun Communities stock.
Sun Communities, Inc. (SUI) is a leading residential Real Estate Investment Trust (REIT) specializing in the ownership and operation of manufactured housing communities, residential vehicle (RV) resorts, and marinas. With a robust portfolio that includes 666 properties across the United States, Sun Communities is dedicated to providing top-notch living experiences in desirable locations.
Founded on the principle of the Golden Rule, Sun Communities prioritizes treating others the way it wishes to be treated. This philosophy extends to its team, which is considered a key asset. The company offers a supportive and rewarding workplace, promoting personal growth and career advancement through comprehensive training programs.
As of recent data, Sun Communities owns 351 manufactured housing communities, 179 RV resorts, and 136 marina properties. Nearly half of these properties are located in prime vacation destinations in Florida and Michigan, near major water bodies. This strategic placement caters to those seeking second homes or vacation properties.
Sun Communities' financial performance remains strong, with significant achievements in property acquisitions and development. The company has garnered numerous accolades, including being ranked as a “Top 100 Workplace” by the Detroit Free Press for six consecutive years. It was also recognized as one of Crain’s “Cool Places to Work” and received the American Heart Association's recognition.
For the latest updates on Sun Communities’ financial status, ongoing projects, and latest news, stakeholders can visit their website or contact Chief Financial Officer Fernando Castro-Caratini. The company continues to push forward with its vision, ensuring a high-quality living experience for its residents while maintaining solid financial health.
Sun Communities, Inc. (NYSE: SUI) reported strong Q4 2020 results, with total revenues rising by 27.3% to $384.3 million and net income of $7.6 million. For the full year, revenues increased to $1.4 billion, a 10.6% rise. Core Funds from Operations per share grew by 5.5% in Q4 and 3.5% for the year. The company acquired $3.0 billion in properties, boosting occupancy to 97.3%. Despite some increases in operational expenses, same community net operating income grew by 2.1% in Q4. A dividend increase of 5.1% was also announced for 2021, reflecting strong financial performance.
Sun Communities, Inc. (NYSE:SUI) has appointed Ms. Tonya Allen as an independent director on its Board, effective February 11, 2021. Ms. Allen brings expertise in sustainability and social issues, enhancing the Board's focus on these themes. She has a strong background in community advocacy and philanthropy, having served as President and CEO of The Skillman Foundation and set to lead the McKnight Foundation in March 2021. Her qualifications include degrees in public health, social work, and sociology from the University of Michigan, along with notable fellowships.
Sun Communities, Inc. (NYSE:SUI) announced the tax treatment of its 2020 common share distributions, detailing dividends regarding its common shares.
The notable figures include a total capital gain distribution per share of $3.12, with the ordinary taxable dividend at $2.14. Investors are advised to consult tax advisors for the specific treatment of these distributions.
As of October 30, 2020, Sun Communities owned or had interests in 532 properties comprising about 184,000 developed sites across the U.S. and Canada.
Sun Communities, Inc. (NYSE:SUI) has announced the release date for its fourth quarter 2020 earnings results, set for February 17, 2021, after market close. A conference call to discuss these results will occur the following day, February 18, 2021, at 11:00 A.M. ET. Investors can participate by calling the designated numbers or via the company’s website. As of October 30, 2020, the company owns, operates, or has interests in 532 properties across 38 states and Ontario, Canada, encompassing approximately 184,000 developed sites.
Sun Communities, Inc. (NYSE:SUI) has declared a quarterly distribution of $0.79 per share for Q4 2020. This payment is set to benefit shareholders who are on record by December 31, 2020, with funds disbursed on January 15, 2021. Following its acquisition of Safe Harbor Marinas, the company now operates a portfolio of 532 properties across 38 states and Ontario, Canada, featuring approximately 184,000 developed sites. This move indicates the company’s ongoing commitment to providing returns to its investors.
Sun Communities, Inc. (NYSE: SUI) has completed its acquisition of Safe Harbor Marinas, LLC for approximately $2.0 billion, including the assumption of about $829 million in debt. The acquisition encompasses 99 owned marinas and eight managed on behalf of third parties, with an expected additional payment of $94 million for three managed properties. This expansion adds a network of approximately 40,000 members across 22 states. The cash portion was financed through a recent equity offering generating $1.2 billion.
Sun Communities reported its Q3 2020 financial results, reflecting a 10.5% revenue increase to $400.5 million compared to Q3 2019. Net income rose to $81.2 million, or $0.83 per diluted share, while same community Net Operating Income (NOI) grew 5.5%. Portfolio occupancy stood at 97.2%. The company acquired five RV and two MH communities, with a pending $2.1 billion acquisition of Safe Harbor Marinas. COVID-19 impacted operations, prompting the withdrawal of full-year guidance, but fourth-quarter expectations for Core FFO range from $1.08 to $1.12 per share.
Sun Communities, Inc. (NYSE:SUI) announced an underwritten public offering of 8,000,000 shares of its common stock at $139.50 per share, up from an initial offering of 5,600,000 shares. Underwriters have a 30-day option to buy an additional 1,200,000 shares. The offering is linked to a forward sale agreement with Citibank, N.A. Proceeds, if any, are intended for the cash component of the acquisition of Safe Harbor Marinas, LLC, or to repay borrowings and fund future acquisitions.
Sun Communities, Inc. (NYSE:SUI) has initiated a public offering of 5,600,000 shares of its common stock, with an option for underwriters to purchase an additional 840,000 shares. This offering ties into a forward sale agreement with Citibank, N.A., and the settlement is expected by October 5, 2021. The net proceeds from this offering will potentially fund the acquisition of Safe Harbor Marinas, LLC, or repay existing debt. The company currently operates 426 communities across 33 states and Ontario, Canada.
Safe Harbor Marinas has entered into a definitive merger agreement with Sun Communities, Inc. (NYSE: SUI) valued at $2.11 billion. The agreement includes both cash and equity components, marking a significant strategic expansion for Sun Communities, which operates 426 properties across North America. Safe Harbor Marinas will maintain its independence while leveraging Sun's resources. The merger is expected to close in the fourth quarter of 2020, pending customary closing conditions. This partnership aims to enhance growth and operational capabilities within the marina sector.
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