![]() For this purpose, any statements contained in this press release that relate to expectations, beliefs, projections, future plans and strategies, trends or prospective events or developments and similar expressions concerning matters that are not historical facts are deemed to be 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. is a REIT that, as of September 30, 2020, owned, operated, or had an interest in a portfolio of 432 communities comprising nearly 146,000 developed sites in 32 states and Ontario, Canada. Moelis & Company LLC acted as lead financial advisor and Citizens Capital Markets also acted as financial advisor to Safe Harbor and Sidley Austin LLP and Duane Morris LLP acted as legal advisors. In order to fund the cash portion of the transaction, the Company settled its October 2020 forward equity offering of 9,200,000 shares for net proceeds of approximately $1.2 billion on October 26, 2020.Ĭitigroup acted as financial advisor to the Company and Jaffe, Raitt, Heuer & Weiss, Professional Corporation acted as legal advisor. The Company (i) assumed debt in the amount of approximately $829 million, (ii) issued the sellers REIT operating partnership common and preferred OP units in the amount of approximately $66 million, and (iii) paid the balance of the purchase price in cash. ![]() If the Company acquires all three additional properties described above, it will pay additional aggregate consideration of approximately $94 million. The aggregate purchase price for Safe Harbor is approximately $2.0 billion. Safe Harbor has an approximate 40,000-member network of boat owners across 22 states. As part of the acquisition, the Company expects to acquire one of the managed properties by Novemand two of the managed properties at a future date. The Company acquired 99 marinas owned and operated by Safe Harbor and eight marinas Safe Harbor manages on behalf of third parties. (NYSE: SUI) (the "Company") today announced the closing of its previously announced acquisition of Safe Harbor Marinas, LLC (“Safe Harbor”). ![]() 30, 2020 (GLOBE NEWSWIRE) - Sun Communities, Inc. ![]()
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