Sun Communities Stock Price, News & Analysis

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.

Sun Communities, Inc. (NYSE: SUI), a leading REIT, declared a quarterly dividend of $0.79 per share for Q3 2020. This distribution aims to reward shareholders and is scheduled for payment on October 15, 2020, to those recorded by September 30, 2020. With a robust portfolio of 426 communities, housing nearly 143,000 developed sites across 33 states and Ontario, Canada, Sun Communities continues to showcase its operational strength and commitment to shareholder returns.

Sun Communities, Inc. (SUI) reported its 2020 second quarter results, revealing a total revenue decline of $9.2 million to $303.3 million, a 2.9% decrease year-over-year. However, net income rose to $58.9 million, or $0.61 per diluted share, compared to $40.4 million, or $0.46 per diluted share in 2019. Same Community Net Operating Income (NOI) increased by 1.4%, and total portfolio occupancy reached 97.3%. Despite COVID-19 challenges, MH rent collections remained stable at approximately 97%. The company also executed a public offering, raising $633.1 million for growth initiatives.

Sun Communities, Inc. (NYSE:SUI) announces the schedule for its second quarter 2020 earnings release and conference call. The earnings report will be released on July 22, 2020, after market close, followed by a conference call on July 23, 2020, at 11:00 A.M. ET. Interested participants are encouraged to dial in 5 minutes before the start time. The company, as of March 31, 2020, operates a portfolio of 424 communities with nearly 142,000 developed sites across 33 states and Ontario, Canada.

Sun Communities, Inc. (SUI) has announced a quarterly dividend of $0.79 per share of common stock for Q2 2020. This distribution is set to be paid on July 15, 2020, to shareholders of record as of June 30, 2020. As of March 31, 2020, Sun Communities operates or has interests in 424 communities with nearly 142,000 developed sites across 33 states and Ontario, Canada.