Deal Details
Sun Communities Completes $1.1 Billion Follow-On Offering
Summary
Sun Communities, Inc. (“Sun Communities” or the “Company”) (NYSE: SUI) recently completed a follow-on offering of 8,050,000 shares of common stock (including exercise of the overallotment option) at a price of $140.00 per share, generating gross proceeds of approximately $1.127 billion. The Company intends to use the net proceeds to repay borrowings outstanding under the revolving loan under the credit facility of its subsidiary Safe Harbor Marinas, LLC, to fund possible future acquisitions of properties and for working capital and general corporate purposes.
Baird served as a co-manager on this offering.
About
Sun Communities is a publicly traded real estate investment trust that owns, operates and develops manufactured housing (“MH”) communities and recreational vehicle (“RV”) resorts throughout the United States and Ontario, Canada. Sun Communities acquired Safe Harbor and its portfolio of marinas in October 2020. Through Safe Harbor, the Company owns, operates, develops and manages marinas throughout the United States, with the majority of such marinas concentrated in coastal regions and others located in various inland regions. As of December 31, 2020, Sun Communities owned and operated or had an interest in a portfolio of 552 MH communities, RV resorts, and marinas located in 39 states throughout the United States and Ontario, Canada, including 276 MH communities, 136 RV resorts, 34 properties containing both MH and RV sites, and 106 marinas. As of December 31, 2020, the properties contained an aggregate of 188,176 developed sites comprised of 96,688 developed MH sites, 27,564 annual RV sites (inclusive of both annual and seasonal usage rights), 25,043 transient RV sites, and 38,881 wet slips and dry storage spaces. Additionally, there are 10,025 additional MH and RV sites suitable for development. Sun Communities is headquartered in Southfield, Michigan.CONTACT US TO LEARN MORE
- Date
- March 2021
- Company
- Sun Communities, Inc.
- Transaction
- Equity Capital Markets
- Sectors
- Real Estate
- Target Geography
- North America
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