SOUTHFIELD, MI – Sun Communities, Inc. (NYSE: NYSE:SUI), a real estate investment trust specializing in manufactured housing, RV communities, and marinas, announced upcoming changes to its Board of Directors. Arthur A. Weiss will retire from the Board on December 31, 2024, and Stephanie W. Bergeron will not seek re-election at the 2025 Annual Meeting of Shareholders. Clunet R. Lewis (JO:LEWJ) also plans to retire by the 2026 Annual Meeting. The company, which InvestingPro identifies as a prominent player in the Residential REITs industry with a market capitalization of $15.78 billion, has engaged a search firm to find new board candidates.
These changes are part of Sun Communities' broader strategy to refresh its Board. The outgoing members will continue their duties until their respective departures. The company's press release also included forward-looking statements regarding its future performance and strategy, which are subject to risks and uncertainties inherent in the real estate sector. According to InvestingPro, Sun Communities has maintained dividend payments for 32 consecutive years, demonstrating long-term stability. InvestingPro analysis suggests the stock is currently trading near its Fair Value.
Sun Communities, as of September 30, 2024, managed a portfolio of 659 properties, including approximately 179,130 developed sites and 48,760 wet slips and dry storage spaces across the United States, Canada, and the United Kingdom (TADAWUL:4280). The company's financial performance, which includes a current dividend yield of 3.06% and an EBITDA of $1.23 billion in the last twelve months, continues to show strength. The execution of its strategy is influenced by various factors, including economic conditions, natural disasters, supply chain disruptions, and competitive market forces, among others. For detailed analysis and additional insights, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 top US stocks including Sun Communities.
These forward-looking statements reflect the company's expectations but are not guarantees of future performance. As with any projections, they are subject to change based on numerous factors that may be outside the company's control.
Investors and stakeholders are reminded that this information is based on a press release statement and should consider the inherent risks detailed in Sun Communities' filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2023. The company does not undertake any obligation to update these statements as new information becomes available or as circumstances change.
In other recent news, Sun Communities has announced a series of board changes and a restructuring plan to save between $15 to $20 million annually. The restructuring initiative, led by returning President John McLaren, comes in response to the company's recent financial performance. Meanwhile, CEO Gary Shiffman has announced his intention to retire in 2025. On the analyst front, Sun Communities' stock has been downgraded from Buy to Neutral by UBS and from Neutral to Underperform by BofA Securities. The company also saw a downgrade from Baird, moving from Outperform to Neutral, following a disappointing earnings report. Despite these developments, Jefferies initiated coverage on Sun Communities with a Buy rating, citing the company's efforts to reduce financial pressures. These are the recent developments for Sun Communities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.