Sun Communities hikes dividend by 6%

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Sun Communities (SUI) will raise its quarterly dividend by 6.0 percent to $0.88 per share in 2022. This follows a dividend hike of 5.1 percent to 83 cent per share in 2021. The real estate investment trust (REIT) that owns and operates or has an interest in manufactured housing and recreational vehicle communities has now raised its dividend 6 consecutive years.

The next SUI distribution is payable April 15, 2022 to shareholders of record on March 31, 2022. A new annual rate of $3.52 per share yields 2.0% at a stock price of $179.53. Sun Communities will now pay shareholders $408 million in dividends annually.

Sun Communities, Inc. is a real estate investment trust that owns and operates or has an interest in manufactured housing and recreational vehicle communities. It has regional property management offices located in Austin, Texas; Dayton, Ohio; Grand Rapids, Michigan; Traverse City, Michigan; Ft. Myers, Florida, and Orlando, Florida. Established in 1975, Sun Communities became a publicly owned corporation in December, 1993. Distributions have traditionally been paid in January, April, July and October. SUI currently does not have a dividend reinvestment plan (the DRIP was terminated effective February 4, 2008).

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