Sun Communities, Inc. · NYSE:SUI
Sun Communities — Merger or Acquisition (September 2020)
14 slides from Sun Communities's merger presentation, Sep 29, 2020
Slide 1: Acquisition of Safe Harbor Marinas, LLC
Acquisition of Safe Harbor Marinas, LLC September 2020 Safe Harbor Cabrillo Isle, San Diego, CA Safe Harbor Newport Shipyard, Newport, RI Safe Harbor Old Port Cove, North Palm Beach, FL Safe Harbor Glen Cove, Glen Cove, NY Exhibit 99.2
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation has been prepared for informational purposes only from information supplied by Sun Communities, Inc. (the “Company” or “Sun”) and from third-party sources indicated herein. Such third-party information has not been independently verified. The Company make
Slide 3: Acquisition of Safe Harbor Marinas
As of September 29, 2020. Includes approximately $104.5 million of value ascribed to land and development opportunities. At June 30, 2020, we had $373.5 million of unrestricted cash on hand and $683.0 million available under our senior credit facility. Sun annual rental revenue for manufactured hous
Slide 4: New Platform Enhances Growth Potential
New Platform Enhances Growth Potential Safe Harbor Essex Island, Essex, CT Safe Harbor Jefferson Beach, St. Clair Shores, MI Safe Harbor Marina Bay, Quincy, MA 3 Fragmented, high barrier to entry industry with favorable operating fundamentals Irreplaceable high-quality portfolio of scale in prime co
Slide 5: Transaction Rationale
Transaction Rationale Sun has a long and successful track record of identifying and investing in industries with strong growth profiles and “roll-up” potential Acquired, transitioned and repositioned approximately $5.8 billion of properties since 2010(5) Reshaped portfolio by focusing on strategic e
Slide 6: Marinas Are A Complementary Fit To Sun
Marinas Are A Complementary Fit To Sun P P P P P P P P P P P P P P P P P P P P P P Manufactured Homes RV Marinas Key Attributes Highly Fragmented Industry Primed for Consolidation No / Very Limited New Supply with High Barriers to Entry Supportive Demographic Trends Resilient Operating Fundamentals
Slide 7: Industry Fundamentals Support Consolidation
Industry Fundamentals Support Consolidation Fragmented Industry High Barriers to Entry Supportive Demographic Trends The top five operators collectively represent approximately 4% of the market by marina count Total Marinas in U.S.(1) ~4,000 Strict Regulatory Environment Regulatory hurdles continue
Slide 8: Attractive Industry Dynamics
Attractive Industry Dynamics Sources: Info-Link, U.S. Coast Guard Recreational Vessel Registration, U.S. Census Bureau and Yachtworld. Note: U.S. Coast Guard boat fleet data available since 2004; U.S. marinas data available through 2016 U.S. Census. Fundamentals are strong as a result of the limited
Slide 9: Best-In-Class Marina Platform
Best-In-Class Marina Platform Note: stars on map may indicate locations of more than one marina. As of September 29, 2020, Safe Harbor directly or indirectly owns 101 marinas and manages five marinas on behalf of third parties. Calculation of marinas located in coastal markets includes those along t
Slide 10: Experienced Team With Proven Track Record
Experienced Team With Proven Track Record The Safe Harbor team will join Sun Communities and continue to drive day-to-day operations and identify future marina investment opportunities Baxter Underwood Chief Executive Officer Prior experience acquiring and managing lifestyle assets, including over 2
Slide 11: Predictable, Recurring Rental Income Stream
Predictable, Recurring Rental Income Stream Results for the twelve months ended December 31, 2019. Gross profit represents the difference of total revenues and cost of revenues. Excludes management fees, cost of management fee and selling, general and administrative expenses. Other income includes e
Slide 12: Sun to Become Leader Across Three Industries
Sun to Become Leader Across Three Industries Pro Forma Sun Communities Sun Communities Today Number of Properties Number of Properties Annual Rental Revenue Geographic Footprint (by Number of Properties) Geographic Footprint (by Number of Properties) 267 MH Communities 125 RV Resorts 34 RV & MH Prop
Slide 13: A New Platform To Drive Growth
A New Platform To Drive Growth 12 Platform for acquisitions within a highly fragmented industry Positions Safe Harbor as acquiror of choice for marina owners given ability to issue Sun shares, OP units and other forms of currency in a public company Strategic Value Managed by an experienced team of
Slide 14: Transaction Sources And Uses
Transaction Sources And Uses Pending completion of our long-term financing plan, cash consideration will be funded by cash on hand and availability on our senior credit facility(1) The acquisition is not subject to financing conditions and is backstopped by a new $750 million 364-day senior unsecure
Sun Communities — Merger or Acquisition (September 2020) on 6ix