Attached files
| file | filename |
|---|---|
| EX-2.1 - AGREEMENT OF SALE - SUN COMMUNITIES INC | purchaseagreement.htm |
| 8-K - 8-K - SUN COMMUNITIES INC | a8-knorthvillecrossingpurc.htm |
FOR FURTHER INFORMATION AT THE COMPANY:
Karen J. Dearing
Chief Financial Officer
(248) 208-2500
SUN COMMUNITIES, INC. ANNOUNCES ACQUISITION OF
MICHIGAN MANUFACTURED HOME COMMUNITY
Southfield, MI, August 1, 2012, 2011 - Sun Communities, Inc. (NYSE: SUI) (the “Company”), a real estate investment trust (“REIT”) that owns and operates manufactured housing and recreational vehicle communities, today announced that on July 27, 2012, it acquired Northville Crossing and associated personal property, inventory and chattel loans for a purchase price of $32.3 million paid in cash. The community purchase price approximates a 7 cap rate on in place net operating income. It is a 756 site manufactured housing community located just west of Northville, Michigan in the growth corridor of Washtenaw County. Northville Crossing is an all double section community constructed within the last 15 years.
Sun Communities, Inc. is a REIT that currently owns and operates a portfolio of 164 communities comprising approximately 56,930 developed sites.
For more information about Sun Communities, Inc.
visit our website at www.suncommunities.com
Forward Looking Statements
This press release contains various “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. Forward-looking statements can be identified by words such as “will,” “may,” “could,” “expect,” “anticipate,” “believes,” “intends,” “should,” “plans,” “estimates,” “approximate”, “guidance” and similar expressions in this press release that predict or indicate future events and trends and that do not report historical matters.
These forward-looking statements reflect the Company's current views with respect to future events and financial performance, but involve known and unknown risks, uncertainties, and other factors, some of which are beyond our control. These risks, uncertainties, and other factors may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include national, regional and local economic climates, the ability to maintain rental rates and occupancy levels, competitive market forces, changes in market rates of interest, the ability of manufactured home buyers to obtain financing, the level of repossessions by manufactured home lenders and those risks and uncertainties referenced under the headings entitled “Risk Factors” contained in our Form 10-K for the year ended December 31, 2011, and the Company's other periodic filings with the Securities and Exchange Commission.
The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward- looking statements made herein to reflect changes in the Company's assumptions, expectations of future events, or trends.