2013-01-03 23:30:47 -
Today, Sun Communities Inc. (SUI) (the "Company") announced that it acquired two
properties, Palm Creek Golf & RV resort and Lake in Wood. The two properties
contain approximately 2,288 sites for a stated purchase price of $102.6 million.
Palm Creek Golf & RV resort is a 5-star institutional quality, age restricted
resort with 1,863 sites located in Casa Grande, Arizona, just forty minutes
south of Phoenix. Amenities include an 18-hole golf course, pools, spas and a
world class pickle ball and tennis facility. The resort is rated very high with
a 29 out of 30 rating by Woodall's/Good Sam Club. The Company acquired the
resort and related improvements, personal
property and associated intangibles
for $70.4 million and a contiguous parcel of land being developed to add
approximately 990 recreational vehicle, or approximately 550 manufactured
housing sites, for $15.0 million. The aggregate purchase price of $88.0 million
includes the reimbursement of $2.6 million for certain construction costs
incurred in connection with the development of the land described above. The
Company assumed $41.7 million of mortgage debt secured by the community.
Lake in Wood is a 5-star 425 site family resort located in southwest
Pennsylvania. It is rated best recreational vehicle resort in Pennsylvania and
received Woodall's/Good Sam Club's highest and most exclusive rating of 30 out
of 30. Amenities include a water park, indoor and outdoor pools, full service
restaurant, themed vacation rentals, and a full slate of activities for all
ages. The purchase price of $14.6 million was paid in cash.
Sun Communities, Inc. is a REIT that currently owns and operates a portfolio of
173 communities comprising approximately 63,600 developed sites.
For more information about Sun Communities, Inc. visit our website at
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,"
"anticipate," "believes," "intends,"
"should," "plans," "estimates,"
"approximate", "guidance" and similar expressions in this press
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.
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Sun Communities via Thomson Reuters ONE