Benzinga | Sep 29, 2020 01:16PM EDT

Why Sun Communities Is Trading Lower Today

Sun Communities, Inc. (NYSE:SUI) shares are trading lower on Tuesday, after the company announced it will acquire Safe Harbor Marinas in a transaction valued at $2.1 billion. The transaction is expected to close during the fourth quarter and is subject to customary closing conditions.

Safe Harbor Marinas was built in partnership with American Infrastructure Funds, Koch Real Estate Investments, Weatherford Capital, and Guggenheim Partners.

Sun Communities is a real estate investment trust that acquires, operates, and develops manufactured housing and recreational vehicle communities throughout the United States. The vast majority of the company's real estate portfolio is comprised of manufactured housing communities in terms of the total number of properties.

Sun Communities shares traded down 5.22% to $139.70 on Tuesday. The stock has a 52-week high of $173.98 and a 52-week low of $95.34.