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Posts Tagged ‘REIT’

Dearing announces Sun’s dividend and new revolving credit facility

October 3rd, 2011 Comments off

Sun_Communiities_logoMHProNews has learned that Sun Communities Inc. (SUI) announced today that its Board of Directors declared a quarterly dividend of $0.63 per share for the third quarter of 2011.  According to Karen J. Dearing, Chief Financial Officer,  the dividend is payable October 21, 2011 to shareholders of record October 13, 2011.  Sun Communities has 21.7 million shares outstanding. Sun is a Real Estate Investment Trust (REIT) that currently owns and operates a portfolio of 155 manufactured home and RV communities comprising approximately 53,600 developed sites.  In other corporate news, Sun also announced today it has entered into a senior secured revolving credit facility in the amount of $130.0 million (the “Facility”) with the Company’s bank group led by Bank of America, N.A. (Administrative Agent) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (Sole Lead Arranger and Sole Book Manager). The Facility replaces the Company’s $115.0 Million revolving line of credit scheduled to mature on October 1, 2011.  The Facility is secured primarily by a first priority lien on all of the Company’s equity interests in each entity that owns all or a portion of the properties constituting the borrowing base.  The Facility has a built in accordion feature allowing up to $20.0 million in additional borrowings and a year extension option, both at the Company’s discretion.  The Facility will bear interest at a floating rate based on Eurodollar plus a margin determined on the Company’s leverage ratio calculated in accordance with the Facility, which ranges from 2.25% to 2.95%. Based on the Company’s current leverage ratio, the margin will be 2.75%.  Other banks participating in the transaction include Fifth Third Bank (Syndication Agent), PNC Bank, The PrivateBank, Citibank, N.A. and Comerica Bank.  At the time of the closing, there were $95.0 million of borrowings under the Facility, including letters of credit issued in the normal course of the Company’s business.  Sun Communities Inc. stock (SUI) is tracked by the market report in our Daily Business News.

(Graphic credit: Sun Corporate Logo)

Analysts rate a Manufactured Home Communities REIT a buy

August 24th, 2011 Comments off

stock market 7-11 manufactured housing Daily Business News, MHMSM.com, MHProNews.comNewsystocks reports that equities research analysts at Ladenburg Thalmann initiated coverage on Sun Communities Inc (NYSE: SUI) in a research note to investors on Wednesday. Thalmann set a “buy” rating on Sun stock and a $43.00 price target. Analysts at The Benchmark Company raised their price target on shares of Sun stock from $36.00 to $39.00 in a research note to investors on April 12nd. Benchmark has a “buy” rating on the stock. Sun Communities Inc has a 52 week low of $26.80 and a 52 week high of $40.21. The stock’s 50-day moving average is $37.08 and its 200-day moving average is $36.49. Sun has a market cap of $766.8 million. Sun Communities Inc last announced its quarterly results on Thursday, July 28th. The company reported $0.74 earnings per share (EPS) for the previous quarter, beating the Thomson Reuters consensus estimate of $0.64 EPS by $0.10. Sun Communities, Inc. is a self-administered and self-managed real estate investment trust (REIT).  Sun Communities owns, operates and develops manufactured housing communities concentrated in the Midwestern, southern and southeastern United States. The firm operates through two business segments: Real Property Operations, and Home Sales and Rentals.

(Stock image credit: Wikimedia Commons)

Origen Financial releases 2 Quarter 2011 statements

August 23rd, 2011 Comments off

Origen_Financial_Logo posted on Manufactured Home Marketing Sales Management MHMSM.com Daily Business News MHProNews.com Marketwatch reports that Origen Financial Announces Second Quarter 2011 Results. Origen is real estate investment trust managing residual interests in securitized manufactured housing loan portfolios. They reported a net loss of $3.5 million, or $0.13 per share, for the quarter ended June 30, 2011, as compared to a net loss of $4.1 million, or $0.16 per share, for the second quarter of 2010, as restated, an improvement of approximately 15 percent. Year to date the Company recorded a net loss of approximately $6.3 million as compared to a net loss of $9.3 million, as restated, for the year ago period, an improvement of approximately 32 percent. On August 18, 2011, Origen’s Board of Directors declared a common stock dividend of $0.09 per share to be paid to holders of Origen’s common stock of record on September 2, 2011. Ronald A. Klein, chief executive officer, stated, “While our cash flow was strong during the quarter, the weak housing market continues to impact our loan pools as recovery rates remain low. Overall loan performance was stable, however we did see a small increase in delinquency in some of our pools as our borrowers remain challenged by the high unemployment rate and the weak economy.” The second quarter 2011 provision for loan losses was $6.4 million versus $6.1 million for the prior year quarter, an increase of approximately 5 percent. The year to date 2011 provision for loan losses was $13.2 million as compared to $14.0 million for the year ago period, a decrease of approximately 6 percent.

(Image credit: Origen Financial Logo)

Top REIT stock? Manufactured home community giant Equity Lifestyle Properties

August 4th, 2011 Comments off

Equity_Lifestyle_Properties_listing_at_Quail_run posted MHMSM.com MHProNews.comZacks reports that Equity Lifestyle Properties (NYSE:ELS) is the best performing REIT among the top five Real Estate Investment Trusts. Equity Lifestyle Properties (NYSE:ELS) gain of 1.77% makes them the current leader. Education Realty Trust (NYSE:EDR) ranked number two gaining 1.64%. Apartment Investment & Management (NYSE:AIV) ranks third, having lost 0.08%. Camden Property Trust (NYSE:CPT) follows with a loss of 0.17%. Associated Estates Realty (NYSE:AEC) completes the top five with a loss of 0.18%. MHProNews.com readers know that ELS has recently completed another phase of its acquisition from Hometown America of manufactured home land lease communities.  ELS ranked number 1 in the most recent Allen Report as the largest portfolio operator of manufactured home communities. ELS also has RV properties such as Thousand Trails in its portfolio.

(photo credit: ELS’ Plant City FL listing)

Sun (Communities) Becoming More Orange

June 1st, 2011 Comments off

RVBusiness says that real estate investment trust (REIT) Sun Communities, Inc., of Southfield, Michigan, acquired Orange City RV Resort in Orange City, Florida, for $6.47 million cash.  Orange City has 517 RV sites and is less than 50 miles to Disney World and the Daytona Beach area.  According to the 2011 Allen Report, Sun operates manufactured home communities with 47,579 homesites and is ranked fourth largest land lease community (LLC).

Sun Communities is Currently a Good Stock to Buy

May 11th, 2011 Comments off

Zaquisha says the real estate investment trust (REIT) Sun Communities, Inc. (NYSE:SUI) was up 2.74 percent yesterday to close at $39.05, its 52-week high.  The report says it is a parabolic SAR (stop and reverse) in a trending market and could make for a good buy.  Its volume yesterday was 87,907.00 shares, opening at $38.04.  Its low in the last year was $25.60.  It has 20.83M outstanding shares, and its market capitalization is $812.80M.  As of December 31, 2009, Sun owned and operated 124 manufactured housing communities in 18 states in the Midwest and southern United States, and also owned four RV communities as well as eight combined manufactured housing and RV communities.  According to George F. Allen’s 2011 Allen report, Sun was ranked as the fourth largest land lease community (LLC) in the country.

New Bill Helps REIT Investors

December 29th, 2010 Comments off
Housingwire.com reports a new bill awaiting President Obama’s signature would expand tax exemptions for stock in REITs. While some of the return in REITs is already tax-free, Housingwire says the new legislation would promote foreign money being put into REITs. The Real Estate Jobs and Investment Act of 2010 amends the tax code to increase exemptions for foreign investments in REITs from a 5 percent ownership interest to 10 percent.