SUN COMMUNITIES, INC. (NYSE:SUI) Files An 8-K Other EventsItem 8.01Other Events.
On October 13, 2017, Sun Communities, Inc., a Maryland corporation (the “Company”) announced that it has elected to redeem on the Redemption Date all of the outstanding shares of its Series A Preferred Stock. There are 3,400,000 shares of Series A Preferred Stock outstanding with an aggregate liquidation preference of $85.0 million.
The Company will pay the holder of the Series A Preferred Stock cash in the amount of $25.00 per share, plus any accrued and unpaid distributions up to, but not including, the Redemption Date, without interest, in an amount equal to $0.14349 per share, for a Redemption Price of $25.14349 per share.
From and after the Redemption Date, dividends on the Series A Preferred Stock will cease to accrue and the only remaining right of the holders of the Series A Preferred Stock will be to receive payment of the Redemption Price.
A notice of redemption was mailed on October 13, 2017 to the holder of record of the Series A Preferred Stock. All of the Series A Preferred Stock being called for redemption are held of record by Cede & Co., as nominee of The Depositary Trust Company (“DTC”). Accordingly, the Series A Preferred Stock will be redeemed in accordance with the applicable procedures of DTC.
A copy of the press release announcing the redemption of, and the notice of redemption for, all of the outstanding shares of the Series A Preferred Stock is hereby incorporated by reference and filed herewith as Exhibits 99.1 and 99.2.
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Item 9.01 |
Financial Statements and Exhibits. |
(d)Exhibits.
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Exhibit No. |
Description |
Filing Method |
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99.1 |
Notice of Redemption to the Holders of the 7.125% Series A Cumulative Redeemable Preferred Stock of Sun Communities, Inc. |
Incorporated by reference to the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on October 13, 2017 |
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99.2 |
Press Release dated October 13, 2017 |
Incorporated by reference to the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on October 13, 2017 |
About SUN COMMUNITIES, INC. (NYSE:SUI)
Sun Communities, Inc. (SHS) is a self-administered and self-managed real estate investment trust (REIT). The Company operates in two segments: Real Property Operations, and Home Sales and Rentals. The Real Property Operations segment owns, operates and develops manufactured housing (MH) and recreational vehicle (RV) throughout the United States and is in the business of acquiring, operating and expanding MH and RV communities. Real Property Operations include several home options of various sizes and designs and consist of MH communities and RV communities. The Home Sales and Rentals segment offers manufactured home sales and leasing services to tenants and prospective tenants of its communities. It is engaged in the marketing, selling and leasing of new and pre-owned homes to residents in its communities. It has regional property management offices located in Austin, Texas; Dayton, Ohio; Grand Rapids, Michigan; Traverse City, Michigan; Ft. Myers, Florida, and Orlando, Florida.
