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Sun Communities prices upsized common stock offering

Residential real estate investment trust Sun Communities Inc. priced its offering of 4.4 million shares of common stock, which was upsized from a previously contemplated 4.0 million shares.

The REIT granted the offering's underwriters a 30-day option to buy up to an additional 660,000 shares, up from a previously projected option for up to 600,000 additional shares.

Based on Sun Communities' closing stock price of $102.90 per share on Sept. 4, gross proceeds, including the overallotment option, are expected to total approximately $520.7 million.

Net proceeds from the offering will be used to repay outstanding debt under the company's revolving loan and term loan under its senior credit facility, as well as to fund future acquisitions, to cover working capital and for general corporate purposes.

Citigroup, BofA Merrill Lynch, BMO Capital Markets and RBC Capital Markets are the joint book-running managers for the offering, which is expected to close Sept. 7, subject to customary conditions.