Sun Communities Inc: creates Series M preferred OP units

What happened

• The filing says Sun Communities Inc, as general partner of Sun Communities Operating Limited Partnership (SCOLP), entered into the Thirteenth Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of SCOLP on Oct 1, 2026. The Partnership Amendment created a new class of preferred OP units named Series M Preferred Units.
• The filing says all of the Series M Preferred Units were issued as consideration for the initial holder’s contribution of certain assets to SCOLP.

Key details

• Series M Preferred Units have a $100.00 per unit issue price and provide for quarterly distributions of 3.2% per year during the 12 months ending Oct 1, 2027, 3.4% per year during the 12 months ending Oct 1, 2028, and 3.6% per year thereafter.
• Subject to limitations, each Series M Preferred Unit “will be exchangeable” at any time after issuance into that number of shares of the company’s common stock equal to the quotient obtained by dividing $100.00 by $174.00 (the Series M Conversion Price), as that ratio may be adjusted for certain capital events.
• Subject to limitations, holders “will have the right to cause SCOLP to redeem” all or a portion of their Series M Preferred Units for $100.00 per unit (plus any accrued but unpaid distributions) at any time on or after Oct 1, 2027.
• The Series M Preferred Units rank senior to SCOLP’s outstanding Common OP Units and Series A-3 Preferred Units and junior to other series of SCOLP’s outstanding preferred OP Units and any partnership units that provide they rank senior. The issuance was made in reliance on the exemption in Section 4(a)(2) of the Securities Act of 1933.

Why it may matter

• The filing reports Item 1.01 (entry into a material definitive agreement) covering the creation and terms of the Series M Preferred Units and Item 3.02 (unregistered sales of equity securities) covering the issuance of those units in exchange for assets. The filing does not show why the insider traded or why the company acted.