Sun Communities

Sun Communities is a publicly traded real estate investment trust that invests in manufactured housing and recreational vehicle communities. As of June 30, 2020, the company owned interests in 426 such communities in the United States and Canada consisting of nearly 143,000 sites.

Sun Communities, Inc.
Public company
Traded asNYSE: SUI
Russell 1000 Index component
IndustryReal estate investment trust
Founded1975 (1975)
HeadquartersSouthfield, Michigan
Key people
Gary A. Shiffman, Chairman & CEO
John B. McLaren, COO
Karen J. Dearing, CFO
Revenue $1.264 billion (2019)
$0.160 billion (2019)
Total assets $7.802 billion (2019)
Total equity $3.875 billion (2019)
Number of employees
3,146 (2019)
Websitewww.suncommunities.com
Footnotes / references
[1]

History

The company dates to 1975.[1]

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

As of June 30, 2020, the company owned interests in 426 such communities in the United States and Canada consisting of nearly 143,000 sites.

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 April 2013, the company acquired Yogi Bear's Jellystone Park in Wyoming County, New York.[9]

In August 2015, the company sold properties in Ohio and Michigan to UMH Properties for $34.5 million.[10]

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.[11][12][13]

In October 2019, the company acquired a portfolio of 31 manufactured housing communities for $343.6 million.[14]

  • Water Oak Country Club is in Lady Lake, FL (55+ community)
  • Branch Creek in Austin, TX
  • Country Meadows in Flat Rock, MI
  • Sun Villa in Reno, NV
  • Carrington Pointe in Ft. Wayne, IN
  • Oak Crest in Austin, TX
  • Cave Creek in Evans, CO
  • Deerfield Run in Anderson, IN

References
  1. "Sun Communities, Inc. 2019 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.
  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. Drury, Tracey (April 22, 2013). "Jellystone Park in Wyoming County gets new owners". American City Business Journals.
  10. "Sun Communities Closes Credit Facility, Sells & Buys Assets". NASDAQ. August 24, 2015.
  11. "SUN COMMUNITIES, INC. CLOSES ACQUISITION OF CAREFREE COMMUNITIES FOR $1.68 BILLION" (Press release). GlobeNewswire. June 9, 2016.
  12. "Carefree Communities Inc. To Be Acquired By Sun Communities, Inc" (Press release). PR Newswire. March 22, 2016.
  13. Beckerman, Josh (March 22, 2016). "Sun Communities Reaches $1.68 Billion Deal for Fellow REIT Carefree". The Wall Street Journal.
  14. "Sun Communities, Inc. Closes Acquisition of Jensen Portfolio" (Press release). GlobeNewswire. October 30, 2019.
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