Sun Communities Stock Price, News & Analysis

Sun Communities, Inc. (NYSE:SUI), a REIT specializing in manufactured housing communities, RV resorts, and marinas, has declared a quarterly dividend of $0.83 per share for Q4 2021. This distribution will be payable on January 18, 2022, to shareholders recorded by December 31, 2021. As of September 30, 2021, the Company managed a portfolio of 584 properties across 38 states, Canada, and Puerto Rico, offering about 155,900 sites.

SVN Marinas has successfully advised the owners of Emerald Coast Marine Group on the sale of their marina in Niceville, Florida, to Safe Harbor Marinas, a subsidiary of Sun Communities (NYSE: SUI). Although the sale price remains undisclosed, the facility is noted as one of the largest and most diversified marinas in the Florida Panhandle. The marina features hurricane-rated indoor storage for 280 boats and 70 wet slips, alongside a leading regional boat dealership. This transaction highlights the expertise of SVN Marinas in complex marine business dealings.

On November 16, 2021, Sun RV Resorts announced a rebranding to Sun Outdoors, reflecting a shift towards outdoor travel experiences. This rebrand includes launching a new integrated website and a mobile app to enhance guest planning and booking. With over 175 resorts in the U.S. and Canada, Sun Outdoors offers varied accommodation types, including vacation and glamping options. The initiative aligns with growing traveler preferences for unique outdoor experiences, supported by partnerships with outdoor organizations and content creation for social media engagement.

Sun Communities, Inc. (NYSE:SUI) has announced a public offering of 3,500,000 shares of common stock, priced at $185.00 per share, and upsized from 2,750,000 shares. The offering is set to close on November 18, 2021. There is a 30-day option for underwriters to purchase an additional 525,000 shares. The proceeds from the future settlement of the forward sale agreement will fund the acquisition of Park Holidays UK, pay down credit facility borrowings, and support future acquisitions and general corporate purposes.

Sun Communities, Inc. (NYSE:SUI) has launched an underwritten public offering of 2,750,000 shares of common stock, expecting to grant underwriters a 30-day option for an additional 412,500 shares. The offering involves a forward sale agreement with Citibank, N.A., for cash proceeds to fund its acquisition of Park Holidays UK, repay credit facility borrowings, and for general corporate purposes. The Company will not initially receive proceeds from the share sale and is awaiting regulatory approval for the acquisition. Major banks are acting as book-running managers for the offering.

Sun Communities (NYSE: SUI) announced its acquisition of Park Holidays UK for approximately £950 million ($1.3 billion). This move is strategic as Park Holidays operates 40 communities in prime seaside locations in the UK, bolstering Sun’s portfolio and diversifying its geographic presence. The acquisition is projected to be accretive to 2022 Core FFO per share, representing around 7% of Sun’s properties. The holiday park sector, valued at around £5 billion, is experiencing consistent growth, supported by rising demand for domestic vacations.

Sun Communities (NYSE: SUI) reported impressive financial results for Q3 2021, with total revenues soaring 70.9% to $684.3 million, compared to $400.5 million in the same quarter of 2020. Net income attributable to common stockholders surged 185.4% to $231.8 million, or $2.00 per diluted share. Year-to-date, the Company executed $1.1 billion in acquisitions and experienced a 63.7% increase in home sales volume. Portfolio occupancy climbed to 97.4%. The Company revised its 2021 guidance upwards, anticipating a Core FFO of $6.44 - $6.50 per diluted share.

Sun Communities, Inc. (NYSE: SUI) announced the appointment of Aaron Weiss as Executive Vice President of Corporate Strategy and Business Development, effective October 18, 2021. This new role will report directly to Gary A. Shiffman and John B. McLaren. Weiss brings substantial experience from his previous role at Citigroup, where he advised numerous clients, including Sun. His expertise in real estate and lodging is expected to facilitate the company’s strategic growth and operational expansion.

Sun Communities, Inc. has announced a public offering of $450 million in 2.300% senior notes due 2028 and $150 million in 2.700% senior notes due 2031.

The offerings aim to refinance debt, fund future acquisitions, and support general corporate purposes. The notes will close around October 5, 2021, with Citigroup and J.P. Morgan acting as lead managers. This follows a previous issuance of $600 million of similar notes in June 2021. As of June 30, 2021, Sun Communities managed a portfolio of 569 properties across 39 states and Ontario, Canada.