Sun Communities, Inc. Announces Acquisition of Remaining 26 Properties in Second Closing of American Land Lease Manufactured Housing Portfolio from Green Courte Partners
January 06, 2015 at 05:41 pm EST
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Sun Communities Inc. announced that it has closed the final portion of its previously announced acquisition of manufactured housing communities from Green Courte Partners, LLC sponsored funds. In the second closing, the Company acquired 26 communities (and the associated manufactured homes and notes receivable) for aggregate consideration of $742.9 million, consisting of the assumption of $270.8 million of debt, the payment of $107.0 million in cash, the issuance of $218.9 million in the Company's common stock and the issuance of $146.2 million in the Company's 6.50% Series A-4 Cumulative Convertible Preferred Stock. Immediately after the closing, the Company refinanced approximately $120.9 million of the mortgage debt on 13 of the communities, generating excess proceeds of $126.0 million, at a weighted average interest rate of 3.87% per annum and a weighted average term of 14.1 years.
Sun Communities, Inc. is a fully integrated real estate investment trust (REIT). The Company owns manufactured housing (MH) and recreational vehicle (RV) communities and marinas in the United States, the United Kingdom, and Canada. The Company operates through four segments: MH communities, RV communities, Marinas, and communities in the United Kingdom (UK). The MH communities segment offers affordable housing to individuals and families, while also providing certain amenities. The RV communities offers affordable vacation opportunities to individuals and families with various amenities. The Marinas offers wet slip and dry storage space leases, end-to-end services, fuel sales and other amenities. The UK segment owns, operates, develops, or has an interest in, a portfolio of communities, referred to as holiday parks, and is in the business of acquiring, operating, and developing communities in the United Kingdom. The Company owns and operates portfolio of 665 developed properties.
Sun Communities, Inc. Announces Acquisition of Remaining 26 Properties in Second Closing of American Land Lease Manufactured Housing Portfolio from Green Courte Partners
SUN COMMUNITIES, INC. 
