Sun Communities Issues $28.3M in Series M Preferred OP Units for Oregon Property Acquisition

Summary of Filing

On October 1, 2026, Sun Communities, Inc. (the "Company"), acting as general partner of Sun Communities Operating Limited Partnership ("SCOLP"), executed the Thirteenth Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of SCOLP.

Key Terms of the Series M Preferred Units:

• Units Issued: 283,126 Series M Preferred Units.
• Issue Price: $100.00 per unit (total transaction value of approximately $28.31 million).
• Consideration: Issued to Saint Lucia/Rowan Oak MHC, LLC as consideration for contributing real property in Eugene, Oregon, and related assets pursuant to a Contribution Agreement dated June 30, 2026.
• Distribution Rate:
  • 3.2% per annum for the 12-month period ending October 1, 2027;
  • 3.4% per annum for the 12-month period ending October 1, 2028; and
  • 3.6% per annum thereafter.
• Exchange Rights: Each unit is exchangeable into Company common stock at a conversion price of $174.00 per share (subject to standard anti-dilution adjustments).
• Redemption Rights: Holders can require SCOLP to redeem units for $100.00 per unit plus accrued unpaid distributions on or after October 1, 2027.
• Priority: Senior to Common OP Units and Series A-3 Preferred Units; junior to other senior series of preferred OP units.

Market & Trading Significance

This transaction represents a routine tax-advantaged property acquisition utilizing operating partnership units, commonly executed by UPREITs. Given the modest transaction size (~$28.3M) relative to Sun Communities' market capitalization, the trading significance is rated Low with no material dilutive impact expected in the near term.