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) 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.
Sun Communities (NYSE: SUI) has announced a definitive merger agreement to acquire Safe Harbor Marinas for approximately $2.11 billion. This acquisition will allow Sun to diversify its portfolio by adding 101 marinas, enhancing both its geographic reach and customer diversity. Safe Harbor is the largest marina operator in the U.S., boasting a 40,000-member network. The deal, expected to close in Q4 2020, will assume around $808 million in debt and aims to boost Sun's Core FFO per share by approximately 15%. A conference call will follow today to discuss the details.
Sun Communities, Inc. (NYSE: SUI) announced a definitive merger agreement to acquire Safe Harbor Marinas, LLC for approximately $2.11 billion. Safe Harbor, the largest marina owner in the U.S., will operate independently under Sun. The acquisition is expected to contribute about 15% of Sun's pro forma total annual rental revenue and enhance its geographic and customer diversity. The transaction includes an estimated $808 million in debt and $130 million in REIT operating partnership units. It is slated to close in Q4 2020.
Sun Communities, Inc. (SUI), a real estate investment trust, announced the schedule for its third quarter 2020 earnings release and conference call. The operating results will be released on October 21, 2020, after market closure, followed by a conference call on October 22, 2020, at 11:00 A.M. ET. Interested parties can participate via phone or listen live on the company's website. As of June 30, 2020, SUI owned or had interests in 426 communities across 33 states and Ontario, Canada, with nearly 143,000 developed sites.
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