Sun Communities sells Safe Harbor Marinas to Blackstone for $5.65B, refocuses on MH/RV

SUN COMMUNITIES INC

All-cash purchase price of $5.65B, subject to post-closing adjustments; initial close expected Q2 2025.
Pre-tax proceeds ~$5.5B to be used for debt reduction, dividends, and reinvestment in core MH/RV business.
Net debt to pro forma EBITDA expected to drop from ~6.0x to 2.5–3.0x; estimated book gain ~$1.3B.
Post-transaction, MH/RV portfolio expected to generate ~90% of NOI, positioning Sun as pure-play REIT.
Certain properties (~10% of consideration) may transfer later subject to third-party consents.

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