Sun Communities Stock Price, News & Analysis

Sun Communities (NYSE: SUI) reported its Q1 2025 results and announced the completion of its Safe Harbor Marinas sale for $5.25 billion in net pre-tax cash proceeds. The company posted a net loss of $0.34 per diluted share and Core FFO of $1.26 per share for the quarter. Key highlights include:

North America Same Property NOI for MH and RV increased by 4.6% year-over-year, with occupancy reaching 99.0%. The company announced a special cash distribution of $4.00 per share and increased its quarterly distribution by 10.6% to $1.04 per share. Additionally, SUI authorized a $1.0 billion stock repurchase program.

Following the Safe Harbor sale, SUI updated its 2025 guidance, expecting Core FFO per share of $6.43 to $6.63 and North American Same Property NOI growth of 3.5% - 5.2%. The company plans to use the sale proceeds for debt reduction, shareholder distributions, and reinvestment in its core portfolio.

Blackstone has successfully completed the acquisition of Safe Harbor Marinas, America's largest marina and superyacht servicing business, from Sun Communities for $5.65 billion.

The transaction, initially announced on February 24, 2025, positions Safe Harbor for strategic growth under Blackstone's infrastructure portfolio. Heidi Boyd, Senior Managing Director at Blackstone infrastructure, expressed enthusiasm about working with Safe Harbor's team to develop existing marinas and scale their platform.

Safe Harbor CEO Baxter Underwood highlighted the company's commitment to maintaining their people-first culture and community relationships while pursuing growth opportunities. The deal was facilitated by financial advisors Wells Fargo, J.P. Morgan Securities, and Goldman Sachs, with legal guidance from Gibson, Dunn & Crutcher and Simpson Thacher & Bartlett.

Sun Communities has announced the complete redemption of two series of senior notes through its operating partnership. The company will redeem $500 million of 5.500% Senior Notes due 2029 at $1,061.53 per $1,000 principal amount, and $400 million of 5.700% Senior Notes due 2033 at $1,085.88 per $1,000 principal amount.

The redemption is scheduled for May 10, 2025, when interest will cease to accrue on both note series. The redemption prices include a make-whole premium and accrued unpaid interest. Sun Communities plans to fund this redemption using proceeds from its previously announced Safe Harbor Marinas sale.

The company has already initiated the redemption process, with notices sent to all registered noteholders by the indenture trustee. This strategic financial move demonstrates Sun Communities' active management of its debt obligations and utilization of asset sale proceeds to strengthen its financial position.

Sun Communities has completed the initial sale of Safe Harbor Marinas to Blackstone Infrastructure for approximately $5.25 billion in pre-tax cash proceeds. The deal transforms Sun into a pure-play manufactured housing (MH) and recreational vehicle (RV) focused company.

Key financial actions include:

• Debt reduction of $3.3 billion, leading to $160 million in annual interest savings
• $1.0 billion allocated for future MH and RV acquisitions
• Special cash distribution of $4.00 per share ($520 million total)
• 10.6% increase in quarterly distribution to $1.04 per share
• New $1.0 billion stock buyback program

Properties worth $250 million remain pending sale, subject to third-party approvals. The company aims to maintain a leverage ratio of 3.5x to 4.5x long-term and expects to reduce its weighted average interest rate to 3.5%.

Sun Communities (NYSE: SUI), a REIT specializing in manufactured housing, RV communities, and marinas, has scheduled its first quarter 2025 earnings release for Monday, May 5, 2025 after market close.

The company will host a conference call to discuss the results on Tuesday, May 6, 2025, at 11:00 A.M. ET. Investors can participate via phone using U.S. and Canada toll-free number (877) 407-9039 or international number (201) 689-8470. The call will also be available live on suninc.com.

A replay will be accessible through May 20, 2025, using U.S. and Canada number (844) 512-2921 or international number (412) 317-6671 with passcode 13752708.

Sun Communities (NYSE: SUI), a real estate investment trust specializing in manufactured housing, RV communities, and marinas, has announced its quarterly dividend distribution for Q1 2025. The company's Board of Directors has declared a dividend of $0.94 per share of common stock. The distribution will be payable on April 15, 2025 to shareholders of record as of March 31, 2025.

Sun Communities (NYSE: SUI) has nominated Mark A. Denien as an independent director candidate for its Board of Directors. Denien brings over 30 years of experience in real estate transactions, capital markets, and strategic leadership.

Currently serving on Acadia Realty Trust's Board, Denien previously held executive positions at Duke Realty from 2005 to 2022, most recently as EVP and CFO. During his tenure as CFO (2013-2022), Duke Realty achieved a 500% total shareholder return and secured important credit rating upgrades.

If elected, Denien will join SUI's Audit Committee, leveraging his extensive background from KPMG (16 years) and his proven track record in financial stewardship. His nomination aligns with the company's strategy to enhance Board expertise in finance and real estate sectors.

Sun Communities (NYSE: SUI), a REIT specializing in manufactured housing, RV communities, and marinas, has announced its participation in the 2025 Citi Global Property CEO Conference. Gary A. Shiffman, Chairman and CEO, will deliver a presentation on Monday, March 3, 2025, at 1:30 p.m. EST in Hollywood, Florida.

Investors can access a live audio webcast of the presentation in listen-only mode through the Events Calendar section on www.suninc.com/event-calendar. The webcast recording will remain available for 90 days following the presentation.

Sun Communities (NYSE: SUI) reported mixed financial results for Q4 and full year 2024. The company posted a Q4 net loss of $224.4 million (-$1.77 per share), while achieving full-year net income of $89.0 million ($0.71 per share). Core FFO reached $1.41 per share for Q4 and $6.81 for the full year.

Notable operational highlights include a 5.7% increase in North American Same Property NOI for Q4 and 4.1% for the full year. The company maintained strong occupancy with 98% in MH and annual RV sites, representing a 160 basis point year-over-year improvement. During Q4, MH and annual RV revenue producing sites increased by 710.

The company announced the sale of Safe Harbor Marinas for $5.65 billion, expected to close in Q2 2025, with proceeds targeted for debt reduction, shareholder distributions, and core business reinvestment. For 2025, SUI projects North American Same Property NOI growth of 4.3-5.6% and UK Same Property NOI growth of 0.9-2.9%.