Seeking diversity from the manufactured housing sector, Sun Communities—a REIT in the space—has agreed to buy Safe Harbor Marinas for approximately $2.11 billion.
Considered the largest and most diversified marina owner and operator in the country, Safe Harbor owns and operates 101 marinas, manages five marinas on behalf of third parties and has a member network of about 40,000 boat owners across 22 states.
The deal, which is expected to be accretive to 2021 Core FFO per share, will comprise approximately 15% of the company's pro forma total annual rental revenue.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
