2012-11-19 23:15:40 -
FOR FURTHER INFORMATION AT THE COMPANY:
Karen J. Dearing
Chief Financial Officer
Southfield, MI, November 19, 2012 - Sun Communities, Inc. (NYSE: SUI) (the
"Company"), a real estate investment trust that owns and operates manufactured
housing and recreational vehicle communities, today announced that it has closed
on its previously announced acquisition of four manufactured housing communities
for a purchase price of $71.1 million. The Company also purchased related
manufactured homes, promissory notes and installment sales contracts. These four
communities are comprised of 1,996 manufactured housing sites. The Company also
has provided $15.0 million of mezzanine financing subordinated to $45.9 million
of third-party senior debt for two additional manufactured housing communities,
as previously announced.
The Company entered into management agreements under
which it will manage and operate these two communities which are comprised of
1,598 manufactured housing sites.
"The acquisition marketplace continues to offer opportunities for accretive
purchases of communities. These acquisitions provide additional sources of
growth through rental increases and occupancy growth, which complement the
strong performance of our core portfolio as it moves toward and above 90 percent
occupancy," said Gary A. Shiffman, Chairman and CEO. "We expect to stay active
in the market as we continue to see attractive opportunities to enhance earnings
growth," Shiffman added.
Sun Communities, Inc. is a REIT that currently owns and operates a portfolio of
171 communities comprising approximately 61,300 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,"
"approximate", "guidance" and similar expressions in this press release
predict or indicate future events and trends and that do not report historical
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
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
Thomson Reuters clients. The owner of this announcement warrants that:
(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