Attached files
| file | filename |
|---|---|
| EX-4.2 - EXHIBIT 4.2 FORM OF CERTIFICATE - SUN COMMUNITIES INC | exhibit42formofstockcertif.htm |
| EX-10.1 - EXHIBIT 10.1 AMENDMENT NO. 2 DATED NOVEMBER 26, 2014 - SUN COMMUNITIES INC | exhibit101amendmentno2tosc.htm |
| EX-4.1 - EXHIBIT 4.1 REGISTRATION RIGHTS AGREEMENT - SUN COMMUNITIES INC | exhibit41registrationright.htm |
| EX-3.1 - EXHIBIT 3.1 ARTICLES SUPPLEMENTARY - SUN COMMUNITIES INC | exhibit31articlessupplemen.htm |
| 8-K - FORM 8-K DATED NOVEMBER 25, 2014 - SUN COMMUNITIES INC | form8-kgreencourteclosing.htm |
FOR FURTHER INFORMATION AT THE COMPANY:
Karen J. Dearing
Chief Financial Officer
(248) 208-2500
Sun Communities, Inc. Announces Acquisition of 31 Properties in First Closing
of American Land Lease Manufactured Housing Portfolio from Green Courte Partners
Southfield, MI, November 26, 2014 - Sun Communities, Inc. (NYSE: SUI) (the “Company”) today announced that it has closed the first portion of its previously-announced acquisition of manufactured housing communities from Green Courte Partners, LLC ("GCP") sponsored funds. In the initial closing, the Company acquired 31 communities (and the associated manufactured homes and notes receivable) for aggregate consideration of $552.4 million, consisting of the assumption of $263.6 million of debt, the payment of $220.6 million in cash, the issuance of $40.9 million in a combination of the Company's common stock and common OP units of the Company’s subsidiary Sun Communities Operating Limited Partnership (“SCOLP”), and the issuance of $27.3 million in a combination of the Company's newly-created 6.50% Series A-4 Cumulative Convertible Preferred Stock and SCOLP’s Series A-4 preferred OP units. Immediately after the closing, the Company refinanced approximately $100.7 million of the mortgage debt on 12 of the communities. Proceeds from the financing were $152.5 million at an interest rate of 4.03% per annum and a term of 10 years.
Sun expects to acquire the remaining manufactured housing communities from GCP at a second closing in January 2015. The second closing is subject to certain customary closing conditions.
The communities included in both closings comprise over 19,000 sites in eleven states, including nearly 11,000 sites located in Florida. Over 14,000 sites, or 73%, of the portfolio are age-restricted. In connection with this transaction, the Company assumed GCP's right to acquire an additional manufactured home community pursuant to a binding purchase agreement.
Sun Communities, Inc. is a real estate investment trust, or REIT, that currently owns and operates a portfolio of 215 manufactured housing and recreational vehicle communities comprising approximately 78,400 developed sites.
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 the Company’s 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; difficulties in the Company’s
ability to complete and integrate acquisitions (including the acquisition described above), developments and expansions successfully; and those risks and uncertainties referenced under the headings entitled "Risk Factors" contained in the Company's annual report on Form 10-K, 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.