Sun Communities Stock Price, News & Analysis

Sun Communities (NYSE:SUI) announced a public offering of 7 million shares of common stock at $140 each. This includes 4 million shares from the company and 3 million through a forward sale agreement with Citibank. Intended uses for the proceeds include repayment of loans and potential property acquisitions. A 30-day option for underwriters to purchase an additional 1.05 million shares is also granted. The offering is scheduled to close on March 9, 2021. As of December 31, 2020, Sun Communities owned 552 properties with over 188,000 sites across 39 states and Canada.

Sun Communities (SUI) has initiated a public offering of 7,000,000 shares of its common stock, comprising 4,000,000 shares directly from the company and 3,000,000 shares via a forward sale agreement with Citibank. The underwriters may purchase an additional 1,050,000 shares. The raise aims to repay borrowings under a revolving loan and to fund future property acquisitions. The company currently owns interests in over 188,000 sites across 39 states and Ontario, Canada.

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.