Sun Communities announces new chief accounting officer

In a recent filing with the Securities and Exchange Commission, Sun Communities Inc . (NYSE:SUI), a prominent $17.3 billion market cap real estate investment trust specializing in manufactured housing and recreational vehicle communities, announced the appointment of a new principal accounting officer. According to InvestingPro analysis, the company currently appears overvalued based on its Fair Value metrics, though it maintains a strong position in the Residential REITs sector with $3.2 billion in annual revenue. On Monday, the company’s Board of Directors named Brian Loftus as Senior Vice President and Chief Accounting Officer, effective immediately.

Loftus, 43, brings extensive experience to his new role at Sun Communities, joining at a time when the company maintains strong financial health with a current ratio of 1.3 and has demonstrated commitment to shareholder returns through 33 consecutive years of dividend payments. He served as Senior Vice President, Corporate Controller of the company since July 2024. Before joining Sun Communities, Loftus held the position of Vice President and Chief Financial Officer at Unique Fabricating (OTC:UFABQ), Inc. from April 2020 to November 2023. His career also includes tenure as Corporate Controller for Wabash National (NYSE:WNC) Corporation and Horizon Global (NYSE:HZN) Corporation, as well as various roles at TriMas Corporation. Loftus began his career in public accounting with Deloitte and Touche LLP. He is a Certified Public Accountant in Michigan and holds degrees in business administration and accounting, as well as an MBA from Central Michigan University.

In his new capacity, Loftus will report to Fernando Castro-Caratini, the Executive Vice President, Chief Financial Officer, Secretary, and Treasurer of Sun Communities. As part of his compensation package, Loftus will receive an annual base salary of $330,000 and may be eligible for discretionary annual bonuses up to 75% of his base salary, contingent on personal and company performance goals.

The company’s filing clarified that there are no familial relationships between Loftus and any directors or executive officers at Sun Communities. Furthermore, there are no financial transactions or affiliations between Loftus and the company that would necessitate disclosure under SEC regulations.

This leadership change comes as Sun Communities continues to manage a portfolio of properties across the United States, providing housing and recreational facilities to a diverse range of residents and guests. The information in this article is based on a press release statement from Sun Communities Inc.

In other recent news, Sun Communities Inc. reported a notable earnings per share (EPS) miss for the fourth quarter of 2024, with an actual EPS of -1.77 compared to the forecasted 0.08. Despite this, the company exceeded revenue expectations, bringing in $745.9 million against a forecast of $727.93 million. Additionally, Sun Communities announced the sale of its Safe Harbor Marina segment to Blackstone (NYSE:BX) for $5.65 billion, a move aimed at streamlining operations and focusing on core segments. The company is undergoing restructuring efforts that have already resulted in significant cost savings, with a reported 5.2% increase in core funds from operations per share for the year. Analysts are closely watching Sun Communities’ ongoing strategic initiatives, as the company expects a 4.2% revenue growth in 2025 while managing a 3% increase in expenses. The sale of the Marina segment is expected to help reduce the company’s debt, which stands at $7.35 billion with a weighted average interest rate of 4.1%. The ongoing CEO search and high debt levels remain areas of focus for investors. Sun Communities plans to utilize proceeds from the Marina sale for debt reduction and potential shareholder distributions, as discussed during the earnings call.

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