Sun Communities operating partnership issues 283,126 Series M preferred units in unregistered sale
SUI•Sun Communities’ operating partnership issued 283,126 Series M preferred units in a private placement on Oct. 1, 2026, for $100 each, or $28,312,600 total. The units carry distributions that rise from 3.2% to 3.6% and have a $174 conversion price.
1. Unit issuance
Sun Communities’ operating partnership issued 283,126 Series M Preferred Units in an unregistered private placement on Oct. 1, 2026. The $100-per-unit issuance represented total consideration of $28,312,600 and was made in exchange for the initial holder’s contribution of certain assets to the partnership.
2. Distribution terms
Quarterly distributions are set at 3.2% through Oct. 1, 2027, rising to 3.4% through Oct. 1, 2028, and then to 3.6%. The units are exchangeable into common stock based on a $174 conversion price, and holders can require redemption at $100 per unit beginning Oct. 1, 2027.
