Financing ·
Sun Communities issues 283,126 Series M Preferred Units valued at $28.3M for asset contributions
SUISun Communities Inc
Sun Communities entered into the Thirteenth Amendment to its limited partnership agreement on October 1, 2026, creating a new class of Series M Preferred Units. Sun Communities Operating Limited Partnership issued 283,126 units at $100 per unit as consideration for asset contributions. The units carry quarterly distributions starting at 3.2% annually, rising to 3.4% in the second year and 3.6% thereafter. Each unit is exchangeable into common stock at a conversion price of $174.00 and redeemable at $100 per unit plus accrued distributions on or after October 1, 2027. The company operates in the self-storage industry.