Sun Communities, a REIT that owns and operates or has an interest in manufactured housing and recreational vehicle communities, has entered into a definitive merger agreement to acquire Safe Harbor Marinas, marina owner and operator in the United States. The sales price was $2.11 billion.
Safe Harbor owns and operates 101 marinas, manages five marinas on behalf of third parties and has an approximate 40,000-member network of boat owners across 22 states. Safe Harbor’s portfolio of high-quality, prime coastal market marinas generates recurring rental income from annual and seasonal leases and further diversifies Sun’s geographic and demographic footprint. Safe Harbor has a proven ability to generate organic and external growth.
The acquisition, which is expected to be accretive to Sun’s 2021 core funds from operations per share, will comprise approximately 15 percent of the company’s pro forma total annual rental revenue.
