PreferredStockChannel
Sun Communities Inc | 7.125% Series A Cumulative Redeemable Preferred Stock (SUI.PRA)

Prospectus excerpt:  We are offering 3,000,000 shares of our 7.125% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share, or Series A Preferred Shares. Distributions on the Series A Preferred Shares will be payable on a cumulative basis quarterly in arrears on or about January 15, April 15, July 15 and October 15 of each year. The distribution rate will be 7.125% per annum of the $25.00 liquidation preference, which is equivalent to $1.78125 per annum per Series A Preferred Share. The first distribution on the Series A Preferred Shares sold in this offering will be paid on January 15, 2013, and will be a distribution payable in respect of the partial period ending on January 15, 2013 in the amount of approximately $0.30182 per share.

Generally, we may not redeem the Series A Preferred Shares until November 14, 2017. On and after November 14, 2017, we may, at our option, redeem the Series A Preferred Shares, in whole or in part, for cash at any time at a redemption price of $25.00 per share, plus any accumulated and unpaid distributions thereon to, but not including, the redemption date. In addition, upon the occurrence of a Change of Control (as defined in this prospectus supplement), we may, at our option, redeem the Series A Preferred Shares, in whole or in part, no later than 120 days after the first date on which such Change of Control occurs, at a redemption price of $25.00 per share, plus any accumulated and unpaid distributions thereon to, but not including the redemption date. If we exercise any of our redemption rights relating to the Series A Preferred Shares, the holders of Series A Preferred Shares will not have the conversion right described below. The Series A Preferred Shares will have no maturity date and will remain outstanding indefinitely unless redeemed by us or converted into shares of our common stock, $0.01 par value per share, in connection with a Change of Control by the holders of Series A Preferred Shares.

Upon the occurrence of a Change of Control, each holder of Series A Preferred Shares will have the right (unless, prior to the Change of Control Conversion Date (as defined in this prospectus supplement), we have timely provided notice of our election to redeem the Series A Preferred Shares) to convert some or all of the Series A Preferred Shares held by such holder into shares of our common stock on the Change of Control Conversion Date, all on the terms and subject to the conditions described in this prospectus supplement, and subject to a Share Cap (as defined in this prospectus supplement) and to provisions for the receipt of alternative consideration as described under ÙDescription of the Series A Preferred Shares?Conversion Rightsˆ in this prospectus supplement.

Full Prospectus PDF », Secondary Prospectus PDF », SUI Page »

Series:A
Alternate symbology:SUI-A, SUI-PA, SUIprA
Redeemable?:Yes
Call Date:11/14/2017 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:3,000,000
Overallotment:450,000
Liquidation Preference:$25.00
Original Coupon:7.125%
Pay Period:Quarterly
Pay Dates:15-Jan, 15-Apr, 15-Jul, 15-Oct
CDx3 Compliance Rating: Learn SUI.PRA's Rating
Sun Communities is a real estate investment trust. Co. owns manufactured housing (MH) communities and recreational vehicle (RV) resorts throughout the U.S. and in Ontario, Canada. Co. self-administers, self-manages, and operates or holds an interest in, and develops the majority of its MH communities and RV resorts. Co.'s Safe Harbor Marinas, LLC subsidiary owns, operates, develops and manages marinas throughout the U.S. and Puerto Rico, with the majority of such marinas concentrated in coastal regions and others located in various inland regions. Co. leases individual parcels of land, or sites, with utility access for the placement of manufactured homes and RVs to its MH and RV customers.

Preferred: SUI.PRA


Open the SUI Information Page »
Name: 
Sun Communities Inc
Website: 
www.suncommunities.com
Sector: 
REITs
Number of ETFs Holding SUI: 
56 (see which ones)
Total Market Value Held by ETFs: 
$2,229,781,859.8
Total Market Capitalization: 
$14,982,000,000
% of Market Cap. Held by ETFs: 
14.88%

Quotes delayed 20 minutes

Email EnvelopeFree Email Alerts:
Get Dividend Alerts
Get SEC Filing Alerts
Top Ten Highest Yielding Preferred Stocks
Feel-Good Income: Socially Responsible Preferreds
Dividend Channel's 25 S.A.F.E. Dividend Stocks
Increasing Payments For Decades

Safer than S.A.F.E: Preferreds of Dividend Channel's
S.A.F.E. Dividend Stocks

Recent Preferred Stock Offerings
Preferred Stocks of Dow Components
Preferred Stocks of S&P 500 Components
Preferred Stocks By Industry
Preferred Stocks Where Insiders Are Buying The Common
High Yield Preferred Stocks
Preferreds Trading At Premiums To Liquidation Preference
Preferreds Trading At Discounts To Liquidation Preference
The Top 10 DividendRank'ed U.S. Stocks
The Top 10 DividendRank'ed Canadian Stocks
Top 25 Broker Analyst Picks of the S&P 500
Stock market game

Sun Communities Inc | 7.125% Series A Cumulative Redeemable Preferred Stock (SUI.PRA) Information Page | Preferred Stock Channel | www.PreferredStockChannel.com

Copyright © 2010 - 2024, All Rights Reserved Nothing in Preferred Stock Channel is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy. Video widget and videos powered by Market News Video. Quote data delayed at least 20 minutes; data powered by Ticker Technologies, and Mergent. Contact Preferred Stock Channel; Meet Our Editorial Staff.