Sun Communities, Inc. Provides Update on Recent Activities
22 Janeiro 2024 - 10:01AM
Sun Communities, Inc. (NYSE: SUI) ("Sun" or the "Company"), a real
estate investment trust ("REIT") that owns and operates, or has an
interest in, manufactured housing ("MH") and recreational vehicle
("RV") communities and marinas (collectively, the "properties"),
today provided an update on the following recent activities:
- The Company recently completed its
North American MH and RV insurance renewal for 2024, resulting in
an expected increase in insurance-related expense of approximately
15% to 20%, as compared to 2023.
- In the UK, Park Holidays completed
the sale of over 2,800 homes during 2023, in line with guidance, of
which 74% were pre-owned and 26% were new homes. NOI margin for the
second half of 2023 was approximately $22,000, also in-line with
management’s previously communicated range.
- Sun recently completed an
administration process related to three real estate assets that
collateralized a note receivable extended to Royale Holdings Group
in the UK. Sun acquired these assets through a credit bid, a
potential outcome that was previously disclosed. Ownership of the
assets will be reflected on the Company’s December 31, 2023
consolidated balance sheets, and Sun continues to work through the
process relating to the remaining collateral under the note
receivable.
- On January 11, 2024, Sun completed
a public offering of $500 million aggregate principal amount of
5.50% senior notes due 2029. The majority of the net proceeds were
used to repay borrowings outstanding under its senior credit
facility, thereby reducing Sun's floating-rate debt to total debt
to approximately 10%.
The Company will provide more detailed
information and further updates in its upcoming earnings release
and conference call. The Company’s Full Year and Fourth Quarter
2023 results will be released on Tuesday, February 20, 2024, after
markets close. A conference call to discuss the results will be
held on Wednesday, February 21, 2024, at 11:00 a.m. Eastern
Time.
The financial information set forth above
reflects the Company’s preliminary estimates with respect to such
information, based on information currently available to
management, and may vary from actual financial results as of and
for the year ending December 31, 2023.
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 risks related to natural
disasters, such as hurricanes, earthquakes, floods, droughts and
wildfires; existing or potential supply chain disruptions;
outbreaks of disease and related restrictions on business
operations; national, regional and local economic climates; wars
and other international conflicts; difficulties in the Company's
ability to evaluate, finance, complete and integrate acquisitions,
developments and expansions successfully; the ability to maintain
rental rates and occupancy levels; competitive market forces; the
performance of recent acquisitions; changes in market rates of
interest; changes in foreign currency exchange rates; the ability
of purchasers of manufactured homes and boats to obtain financing;
and the level of repossessions by manufactured home and boat
lenders. Further details of potential risks that may affect the
Company are described in the Company’s periodic reports filed with
the U.S. Securities and Exchange Commission, including in the “Risk
Factors” section of the Company's Annual Report on Form 10-K for
the year ended December 31, 2022.
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.
About Sun Communities,
Inc.
Sun Communities, Inc. is a REIT that, as of
September 30, 2023, owned, operated, or had an interest in a
portfolio of 670 developed properties comprising approximately
180,170 developed sites and approximately 48,030 wet slips and dry
storage spaces in the United States, the United Kingdom and
Canada.
For Further Information at the
Company:
Fernando Castro-CaratiniChief Financial
Officer(248) 208-2500www.suncommunities.com
Sun Communities (NYSE:SUI)
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