secwatch.observer — SEC 8-K summary
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Issuer:     SUN COMMUNITIES INC (SUI)
CIK:        0000912593
Form:       8-K
Filed at:   2023-03-27T23:59:59+00:00
Accession:  0000912593-23-000133
Event type: other_material
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Sun Communities issues $100M Series K preferred for marina assets
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- Issued 1,000,000 Series K Preferred Units at $100/unit (4.0% quarterly distribution) as consideration for contributed assets from Enmark Properties and Savannah Yacht Center.
- Units exchangeable into common OP units at $170 conversion price; each common unit is exchangeable for one share of SUI common stock.
- Partnership can force exchange after 5 years or if SUI stock trades at 120% of conversion price for 60 consecutive trading days.
- Holders can require redemption at $100/unit within 60 days after 5-year anniversary; Company agreed to register resale of underlying common stock within 60 days.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/912593/000091259323000133/0000912593-23-000133-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/912593/000091259323000133/sui-20230323.htm
  HTML page:      https://secwatch.observer/filing/0000912593-23-000133

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer