Sun Communities, Inc - SUI STOCK NEWS

Sun Communities, Inc. (SUI) announced that its Chairman and CEO, Gary A. Shiffman, will present at Nareit’s REITweek: 2022 Investor Conference on June 8, 2022, at 2:00 p.m. ET in New York City. A live audio-webcast will be accessible via the Company’s investor relations page, with a replay available for 30 days post-event. As of March 31, 2022, Sun Communities operated or had interests in 603 properties across 39 states, Canada, Puerto Rico, and the UK, with nearly 159,300 developed sites and over 45,700 wet slips and dry storage spaces.

Sun Communities, Inc. (SUI) announced the release date for its second quarter 2022 earnings report, set for July 25, 2022, after market close. A conference call to discuss the results will occur on July 26, 2022, at 11:00 A.M. ET. The company currently operates a portfolio of 603 properties, comprising nearly 159,300 developed sites. Interested parties can join the call or access a replay through the company’s website.

Sun Communities, Inc. (SUI) declared a quarterly distribution of $0.88 per share for Q2 2022, payable on July 15, 2022. This follows the company’s ongoing commitment to shareholder returns. As of March 31, 2022, Sun Communities owned and operated a portfolio of 603 properties across the U.S., Canada, Puerto Rico, and the UK, comprising approximately 159,300 developed sites and over 45,700 wet slips and dry storage spaces. This announcement underscores the company's solid financial strategy and growth in the manufactured housing and recreational vehicle market.

Sun Communities reported first quarter 2022 results, showing a revenue increase of $106.5 million (24.1%) to $548.5 million. However, net income fell to $0.7 million from $24.8 million year-over-year. Core FFO rose by 6.3% to $1.34 per share, with same property NOI for MH and RV properties up 7.7%. The company completed $1.6 billion in acquisitions and achieved a portfolio occupancy of 97.5%. Balancing this, debt stands at $6.1 billion with a 3.0% average interest rate and $90.4 million in cash.

Sun Communities, Inc. (NYSE: SUI) has announced the promotion of Fernando Castro-Caratini to Chief Financial Officer, effective May 2, 2022. He will succeed Karen Dearing, who will transition to a role focusing on the integration of the company’s UK acquisitions. Castro-Caratini has been pivotal in financial strategy since joining in 2016. Dearing reflects on her 14-year tenure as CFO and looks forward to integrating UK operations. The company continues to focus on strategic growth opportunities amid a changing market landscape.

Sun Communities (NYSE:SUI) has finalized its acquisition of Park Holidays UK for approximately £950 million ($1.3 billion), adding 40 owned and 2 managed communities in prime seaside locations in the UK. The deal was partially financed through $33 million in common stock and cash. This acquisition marks a strategic expansion into the UK market, allowing Sun to leverage synergies with its existing business model. The integration aims to enhance the holiday park experience, aligning with Sun's growth strategy and contributing to its earnings guidance.

Sun Communities, Inc. (NYSE: SUI) announced a public offering of $600 million senior notes due 2032 with an interest rate of 4.200%. The notes are priced at 99.442% of the principal amount, yielding an effective maturity rate of 4.269%. Proceeds will be utilized to repay existing debt, finance property acquisitions, and for general corporate purposes. This offering is estimated to close on April 12, 2022. Leading banks such as Citigroup and J.P. Morgan are managing this offering. Sun Communities operates a diverse portfolio of over 602 properties across multiple regions.

Sun Communities, Inc. (NYSE:SUI) has announced its first quarter 2022 earnings release and conference call schedule. The earnings report will be made public on April 25, 2022, following market closure. A conference call is set for April 26, 2022, at 11:00 A.M. ET, to discuss the financial results. Interested participants can join via dial-in numbers provided, and the call will be streamed live on the company’s website. As of December 31, 2021, Sun Communities owned or managed 602 properties across 39 states, Canada, and Puerto Rico, with over 159,000 developed sites.

Sun Communities (NYSE:SUI) announced a quarterly dividend of $0.88 per share for Q1 2022. This distribution is payable on April 15, 2022, to shareholders on record as of March 31, 2022. As of December 31, 2021, Sun Communities owns or operates 602 properties, which include manufactured housing communities, RV resorts, and marinas across 39 states, Canada, and Puerto Rico, with over 159,000 developed sites and over 45,000 storage spaces.