Sun Communities, Inc. (NYSE: SUI) (the “Company” and “Sun”)
announced today that Jerry Ehlinger and Craig A. Leupold have
joined the Company’s Board of Directors (the “Board”), effective
immediately.
Gary Shiffman, Chairman, President and Chief
Executive Officer, commented, “We welcome Jerry and Craig to the
Board and appreciate the collaborative engagement we have had with
Land & Buildings, a Sun Communities shareholder. Jerry has a
decades-long REIT pedigree and Craig brings new perspectives in
real estate investment management. These appointments are another
step in refreshing our Board, ensuring we have fresh perspectives
and the right mix of skills to guide Sun Communities’ future growth
and success for the benefit of all shareholders.”
In addition, the Board has established a Capital
Allocation Committee to review the Company’s use and investment of
capital and make recommendations to the full Board. The Committee
will be comprised of Mr. Leupold and two other directors to be
named.
"We appreciate our constructive engagement with
the Sun Communities Board and management team," said Jonathan Litt,
Founder & CIO, Land & Buildings Investment Management LLC.
"We are confident that the refreshed Board is well positioned to
help the Company realize its significant potential and maximize
value for all shareholders.”
In connection with these changes to the Board,
the Company has entered into a cooperation agreement with Land
& Buildings, under which Land & Buildings will vote its
shares in favor of all of the Board’s director nominees at the 2024
Annual Meeting of Stockholders. Under the cooperation agreement,
Land & Buildings has agreed to customary standstill, voting and
other provisions. The full agreement between Sun Communities and
L&B will be filed on a Form 8-K with the U.S. Securities and
Exchange Commission (the “SEC”).
About Jerry Ehlinger
Mr. Ehlinger brings over 25 years of industry
experience to the Board. Most recently he served as Global Head and
CIO of Public Securities at Heitman Real Estate Investment
Management, responsible for all aspects of Heitman’s global public
securities business and was a Member of Heitman’s Firmwide Global
Management Committee. Prior to that, he was Head of U.S. Public
Securities at Heitman, responsible for the operations of the U.S.
REIT business. Previously, Mr. Ehlinger served as the Head of Real
Estate Securities, Americas and US Portfolio Manager for RREEF,
responsible for overseeing all areas of RREEF’s REIT investment
management business in the U.S. Prior to his time at RREEF, he was
a U.S. Portfolio Manager and Analyst in public real estate
securities at Heitman and also served in various REIT research and
investment management roles at Morgan Stanley Dean Witter.
He completed his undergraduate studies at
University of Wisconsin – Whitewater and received a Master of
Science in Finance, Investment, and Banking from the University of
Wisconsin – Madison. Mr. Ehlinger is a Chartered Financial
Analyst.
About Craig Leupold
Mr. Leupold brings over 30 years of industry
experience to the Board, and is currently the CEO of GSI Capital
Advisors, an investment manager with expertise in publicly traded
real estate securities, based in Newport Beach, CA. Prior to that,
Leupold spent 27 years at Green Street Advisors, the last twelve of
which as the firm's CEO, guiding its strategic direction and
overseeing its client relationships and interactions.
Mr. Leupold previously served on the Board of
Directors of American Campus Communities Inc., the largest
developer, owner and manager of student housing communities in the
United States, until the sale of the company to Blackstone. He
completed his undergraduate studies at the University of California
– San Diego, and received his Masters of Business Administration in
Finance and Real Estate at Columbia University.
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 MH, RV and Marina 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.
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.
For Further Information at the
Company:
Fernando Castro-CaratiniChief Financial Officer(248)
208-2500www.suncommunities.com
Sun Communities (NYSE:SUI)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Sun Communities (NYSE:SUI)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024