SOUTHFIELD, MI - Sun Communities, Inc. (NYSE: NYSE:SUI), a real estate investment trust (REIT), announced the immediate addition of Jerry Ehlinger and Craig A. Leupold to its Board of Directors. This move is part of an ongoing effort to refresh the board with new perspectives and expertise to support the company's growth and success.
Jerry Ehlinger, a Chartered Financial Analyst with over 25 years of experience in the REIT sector, previously served as Global Head and CIO of Public Securities at Heitman Real Estate Investment Management. His background includes various leadership roles in REIT research and investment management.
Craig Leupold brings more than three decades of industry experience and is currently the CEO of GSI Capital Advisors. His previous tenure includes 27 years at Green Street Advisors, where he spent the last twelve years as CEO.
The appointments follow constructive engagement with Land & Buildings, a shareholder of Sun Communities. In connection with these board changes, Sun Communities has entered into a cooperation agreement with Land & Buildings, which includes an agreement to vote in favor of the board's director nominees at the 2024 Annual Meeting of Stockholders and other customary provisions.
Additionally, the Board has established a Capital Allocation Committee, which includes Mr. Leupold and two other directors yet to be named. The committee's role is to review the company's capital usage and investment, advising the full Board on these matters.
Sun Communities is known for owning, operating, or having an interest in a portfolio of manufactured housing (MH), recreational vehicle (RV), and marina properties. As of September 30, 2023, the company's portfolio included approximately 180,170 developed sites and around 48,030 wet slips and dry storage spaces across the United States, the United Kingdom, and Canada.
This announcement is based on a press release statement.
InvestingPro Insights
In light of Sun Communities, Inc.'s strategic board refreshment and capital allocation initiatives, InvestingPro provides valuable metrics and tips that could offer a deeper understanding of the company's financial position and market performance. Sun Communities, known for its extensive portfolio in manufactured housing and recreational vehicle properties, has a market capitalization of $16.45 billion and is trading at a high earnings multiple, with a P/E ratio of 69.78 as of the last twelve months ending Q3 2023. This high multiple indicates a premium market valuation, which could be attributed to the company's prominent role in the Residential REITs industry.
InvestingPro Tips highlight that Sun Communities has consistently rewarded its investors, raising its dividend for 7 consecutive years and maintaining dividend payments for an impressive 31 consecutive years. Additionally, analysts predict the company will remain profitable this year, a forecast supported by the company's profitability over the last twelve months. The dividend yield stands at 2.9%, with a dividend growth of 5.68% in the same period, reflecting the company's commitment to shareholder returns.
From a financial stability perspective, Sun Communities' liquid assets exceed its short-term obligations, which is a reassuring sign for investors concerned about the company's ability to meet its immediate liabilities. For those looking to delve deeper into the company's performance and prospects, InvestingPro offers additional tips, with PRONEWS24 providing an extra 10% off a yearly or biyearly Pro and Pro+ subscription. With 7 more InvestingPro Tips available, investors can gain a comprehensive view of Sun Communities' market potential and financial health.
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