SEC Filings

SUN COMMUNITIES INC filed this Form 424B5 on 05/28/2019
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The following table sets forth our capitalization as of March 31, 2019 on:



an actual basis; and



an adjusted basis to give effect to the offering and sale of 3,250,000 shares of our common stock in this offering at a price of $         per share to the underwriters, after deducting our estimated offering expenses, and the application of the net proceeds of this offering as described under “Use of Proceeds.”

The following table does not reflect (i) borrowings and repayments under our senior credit facility and other debt facilities from April 1, 2019 through the date hereof, and (ii) our acquisition of two communities in the second quarter of 2019 for an initial aggregate purchase price of $25.7 million, subject to further adjustment.

The information set forth below should be read in conjunction with our consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2018, as updated by our subsequent filings under the Exchange Act incorporated by reference into this prospectus supplement and the accompanying prospectus.


     As of March 31, 2019  

(Dollars in thousands)

    As adjusted  

Cash and cash equivalents

   $ 21,946     $    




   $ 3,051,605     $ 3,051,605  

Lines of credit


Distributions payable

     66,887       66,887  

Other liabilities

     179,461       179,461  

Series A-4 preferred stock, $0.01 par value per share (liquidation preference $25.00 per share), 1,062,789 shares issued and outstanding at March 31, 2019

     31,739       31,739  

Series A-4 preferred OP units

     9,784       9,784  

Series D preferred OP units

     51,738       51,738  

Equity interests—NG Sun LLC

     22,167       22,167  



Common stock, $0.01 par value, 180,000,000 shares authorized, 86,462,866 shares issued and outstanding at March 31, 2019, 89,712,866 shares issued and outstanding as adjusted to give effect to this offering(2)(3)

     865       897  

Additional paid-in capital


Accumulated other comprehensive income

     (3,006     (3,006

Distributions in excess of accumulated earnings

     (1,317,605     (1,317,605







Total Sun Communities, Inc. stockholders’ equity


Noncontrolling interests:


Common and preferred OP Units

     51,816       51,816  

Consolidated variable interest entities

     6,198       6,198  


   $ 7,098,662     $                



Includes $34,663 in redeemable Aspen preferred OP Units and $35,249 preferred equity—Sun NG RV Resorts LLC—mandatorily redeemable.


Assumes no exercise of the underwriters’ option to purchase up to an additional 487,500 shares of common stock.