Sun Communities, Inc. Appoints Jeff Blau to Its Board of Directors
Sun Communities, Inc. (NYSE: SUI) appointed Jeff Blau as an independent director on its Board, effective January 25, 2023. Blau, CEO of Related Companies, brings over 33 years of experience in real estate, overseeing developments worth over $60 billion. His leadership is expected to enhance the strategic direction of Sun Communities. The company, a REIT, operates a portfolio of 662 properties across multiple regions, with over 180,500 developed sites as of September 30, 2022. This move aims to strengthen governance and drive future growth amid ongoing market challenges.
- Appointment of Jeff Blau adds significant leadership experience from a major real estate firm.
- Blau's extensive background in development may provide fresh perspectives for strategic growth.
- Potential concerns about continuity as a new director joins the board, which may disrupt existing strategies.
Southfield, MI, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE: SUI) (the “Company” and “Sun”), announced, effective today, that, Mr. Jeff Blau has joined the Company’s Board of Directors (the “Board”) as an independent director.
Mr. Blau is Chief Executive Officer and a partner of Related Companies, a fully-integrated real estate firm based in New York, NY. For over 33 years, he has directed and overseen new developments totaling over
Mr. Blau serves on the Board of Directors of Equinox Holdings, Inc., a New York City-based luxury fitness company that serves customers worldwide and which operates several lifestyle brands, including Equinox, Equinox Hotels, and SoulCycle; he also serves on the Board of Real Estate Roundtable, where he Chairs the Equity, Diversity and Inclusion Committee (ED&I). Mr. Blau has received numerous honors for his business, civic and philanthropic activities, including being named to Crain’s New York’s New Influentials list of 25 leaders reshaping New York, and serves on the boards of the Central Park Conservancy, the New York City Partnership Fund, Robin Hood Foundation, Trinity School, Lincoln Center, and The Mount Sinai Medical Center. Mr. Blau completed his undergraduate studies at the University of Michigan, received a Master of Business Administration from the Wharton School of the University of Pennsylvania, and serves on the Boards of both schools.
“Sun is very pleased to welcome Jeff to our Board,” said Gary Shiffman, Chief Executive Officer. “Mr. Blau’s experience leading one of the most respected and forward-thinking real estate development companies will be a tremendous addition to our organization.”
About Sun Communities, Inc.
Sun Communities, Inc. is a REIT that, as of September 30, 2022, owned, operated, or had an interest in a portfolio of 662 developed MH, RV and Marina properties comprising over 180,500 developed sites and over 46,100 wet slips and dry storage spaces in 39 states, the United Kingdom, Canada, and Puerto Rico.
Forward Looking Statements:
This press release contains various “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. Forward-looking statements can be identified by words such as “will,” “may,” “could,” “expect,” “anticipate,” “believes,” “intends,” “should,” “plans,” “estimates,” “approximate,” “guidance,” and similar expressions in this press release that predict or indicate future events and trends and that do not report historical matters.
These forward-looking statements reflect the Company's current views with respect to future events and financial performance, but involve known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control. These risks, uncertainties, and other factors may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include risks related to natural disasters, such as hurricanes, earthquakes, floods, droughts and wildfires; existing or potential supply chain disruptions; the effects of the COVID-19 pandemic and related stay-at-home orders, quarantine policies and restrictions on travel, trade and business operations; national, regional and local economic climates; wars and other international conflicts; difficulties in the Company's ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully; the ability to maintain rental rates and occupancy levels; competitive market forces; the performance of recent acquisitions; changes in market rates of interest; changes in foreign currency exchange rates; the ability of purchasers of manufactured homes and boats to obtain financing; and the level of repossessions by manufactured home and boat lenders. Further details of potential risks that may affect the Company are described in the Company’s periodic reports filed with the U.S. Securities and Exchange Commission, including in the “Risk Factors” section of the Company's Annual Report on Form 10-K for the year ended December 31, 2021.
The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in the Company's assumptions, expectations of future events, or trends.
For Further Information at the Company:
Fernando Castro-Caratini
Chief Financial Officer
(248) 208-2500
www.suncommunities.com
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