Sun Communities

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Sun Communities, Inc.
Public company
Traded asNYSESUI
Russell 1000 Component
IndustryReal estate investment trust
Founded1975; 43 years ago (1975)
HeadquartersSouthfield, Michigan
Key people
Gary A. Shiffman, Chairman & CEO
John B. McLaren, COO
Karen J. Dearing, CFO
RevenueIncrease $0.982 billion (2017)
Increase $0.085 billion (2017)
Total assetsIncrease $6.111 billion (2017)
Total equityIncrease $2.663 billion (2017)
Number of employees
2,727 (2017)
Websitewww.suncommunities.com
Footnotes / references
[1]

Sun Communities is a publicly traded real estate investment trust that invests in manufactured housing and recreational vehicle communities. As of December 31, 2017, the company owned interests in 350 such communities in the United States and Canada consisting of 121,892 homes.[1]

History[edit]

The company dates to 1975.[1]

In December 1993, the company became a public company via an initial public offering.[2]

In March 1996, the company acquired 25 manufactured housing communities for $226 million.[3]

In August 1996, the company made a hostile bid to buy Chateau Properties Inc. for $370 million in stock.[4][5][6]

In September 1997, the company acquired 9 manufactured housing communities for $93 million.[7]

In September 1999, the company opened its 4th community in Austin, Texas.[8]

In September 2012, the company acquired a 756-unit mobile home park in Michigan for $32.2 million.[9]

In April 2013, the company acquired Yogi Bear's Jellystone Park in Wyoming County, New York.[10]

In August 2015, the company sold properties in Ohio and Michigan to UMH Properties for $34.5 million.[11]

In June 2016, the company acquired a portfolio of 103-communities mostly located in California, Florida, and Ontario, Canada for $1.7 billion from an affiliate of Centerbridge Partners.[12][13][14]

Gallery[edit]

References[edit]

  1. ^ a b c "Sun Communities, Inc. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Equity Issues This Week". The New York Times. November 29, 1993.
  3. ^ "SUN COMMUNITIES TO BUY MANUFACTURED HOUSING GROUPS". The New York Times. Dow Jones & Company. March 21, 1996.
  4. ^ "Sun Communities Bid Creates a Battle for Chateau Properties". The New York Times. Bloomberg News. August 22, 1996.
  5. ^ "Hostile Bid Launched for REIT Chateau". Los Angeles Times. Reuters. September 5, 1996.
  6. ^ Lipin, Steven (August 22, 1996). "Sun Communities Announces Rival Bid for Chateau REIT". The Wall Street Journal.(subscription required)
  7. ^ "SUN COMMUNITIES IN $93 MILLION DEAL WITH PARK REALTY". The New York Times. Bloomberg News. September 12, 1997.
  8. ^ "Sun opens fourth subdivision here". American City Business Journals. September 24, 1999.
  9. ^ Harclerode, Joseph R. (September 5, 2012). "Northville Crossing Trades for $32.2 Million". CoStar Group.
  10. ^ Drury, Tracey (April 22, 2013). "Jellystone Park in Wyoming County gets new owners". American City Business Journals.
  11. ^ Yakteen, Kamal (August 24, 2015). "UMH Properties Pays $32.5 Million for Manufactured Housing Communities". CoStar Group.
  12. ^ "SUN COMMUNITIES, INC. CLOSES ACQUISITION OF CAREFREE COMMUNITIES FOR $1.68 BILLION" (Press release). GlobeNewswire. June 9, 2016.
  13. ^ Drummer, Randyl (March 24, 2016). "Sun Communities Buying Mfg Housing, RV Portfolio for $1.7 Billion". CoStar Group.
  14. ^ Beckerman, Josh (March 22, 2016). "Sun Communities Reaches $1.68 Billion Deal for Fellow REIT Carefree". The Wall Street Journal.(subscription required)

External links[edit]