Sun Communities Rising to Raise $142 Million

RVBusiness tells Sun Communities, Inc. is offering four million shares of its common stock at $35.50 per share, a sale that is set to yield $142 million. As part of the underwritten registered public offering, Sun has granted the underwriters a 30-day option to purchase 600,000 additional shares. The company intends to use the funds to complete its purchase of three RV communities in Florida, repay debt, and for general corporate operating expenses. According to their website, Sun Communities, a real estate investment trust (REIT), owns 136 properties in 18 states. Of those, 124 are manufactured housing communities comprising 42,442 developed home sites and 6,000 undeveloped home sites. Approximately 3,585,800 shares changed hands Thursday, Jan.12, a 2,890.8 percent increase over its 65-day average volume. Sun’s stock closed at 37.70 Friday, Jan. 13., up 1.45% for the day.

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