Clearwater, FL (PRWEB) July 31, 2014
American Land Lease, Inc. (the “Company”) announced today that it has entered into an agreement to be acquired by Sun Communities, Inc. (“SUI”) as part of a broader transaction in which Green Courte Partners, LLC (“GCP”) is disposing of its manufactured housing portfolio across its existing three funds. The broader transaction involves the acquisition by SUI of GCP’s entire portfolio of manufactured home communities, including those owned by the Company when it was acquired by GCP in 2009.
As a condition to completion of the proposed transaction, the outstanding shares of 7.75% Series A Cumulative Redeemable Preferred Stock of the Company will be redeemed at the liquidation preference of $25.00 per share, plus accrued but unpaid dividends through the redemption date, in accordance with the procedures set forth in the certificate of designation establishing such stock.
The proposed transaction is subject to limited confirmatory diligence and customary closing conditions including loan assumptions, and is expected to close in two stages in 2014 and 2015.
About American Land Lease, Inc.
American Land Lease, Inc. is a Clearwater, Florida-based real estate investment trust that owns and manages high quality residential land-lease communities. The Company operates approximately 19,325 land-lease home sites in communities located in 11 states that are owned directly or by affiliated entities. For additional information, please visit http://www.AmericanLandLease.com.
American Land Lease, Inc.
David B. Lentz, President & Chief Executive Officer
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect management’s current views with respect to future events and financial performance. The words “believes,” “expects,” “anticipates,” “estimates” and similar words or expressions are generally intended to identify forward-looking statements. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to, changes in general economic conditions, adverse changes in real estate markets, the risk that the proposed transaction may not be consummated as well as other risks and uncertainties.