Sun Communities creates Series M Preferred Units in 8-K filing

Sun Communities, Inc. (NYSE: SUI) entered into a material definitive agreement on October 1, 2026, creating a new class of preferred operating partnership units. The company filed an 8-K with the U.S. Securities and Exchange Commission to disclose the Thirteenth Amendment to the Fourth Amended and Restated Agreement of Limited Partnership for its operating subsidiary, Sun Communities Operating Limited Partnership (SCOLP).

The amendment established Series M Preferred Units with a $100.00 per unit issue price. These units provide for quarterly distributions at an annual rate of 3.2% during the 12 months ending October 1, 2027. The distribution rate steps up to 3.4% per year during the 12 months ending October 1, 2028, and rises to 3.6% per year thereafter. Subject to certain limitations, each Series M Preferred Unit is exchangeable into Sun Communities common stock at a conversion price of $174.00 per share.

SCOLP issued 283,126 Series M Preferred Units on October 1, 2026. All units were issued as consideration for the initial holder's contribution of certain assets to SCOLP. The issuance relied on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933.

The new Series M Preferred Units rank senior to SCOLP's outstanding Common OP Units and Series A-3 Preferred Units. They rank junior to all other series of SCOLP's outstanding preferred OP units and any other partnership units that specifically provide for senior ranking. Holders of the Series M Preferred Units have the right to cause SCOLP to redeem all or a portion of their units for $100.00 per unit, plus any accrued but unpaid distributions, at any time on or after October 1, 2027.

The filing was signed by Ileana McAlary, General Counsel, Executive Vice President, and Secretary of Sun Communities, Inc., on October 2, 2026. The full text of the Partnership Amendment is attached as Exhibit 10.1 to the report.