Sun Communities creates Series L Preferred Units with 3.5% distribution, exchangeable at $160/unit

SUN COMMUNITIES INC

Issued 20,000 Series L Preferred Units at $100/unit as consideration for contributed assets.
Series L Preferred Units pay 3.5% annual cumulative distribution, payable quarterly.
Each Series L Preferred Unit exchangeable for 0.625 Common OP units (conversion price $160).
Company can force exchange after 5 years or if stock price ≥ $192 for 60 trading days.
Units rank senior to Common OP Units but junior to other preferred series.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SUN COMMUNITIES INC amended Twelfth Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of SCOLP (effective 2023-12-31).

Action: amendment
Effective: 2023-12-31

Exact text from the filing

Effective December 31, 2023, Sun Communities, Inc. (the “Company”), as general partner of its operating subsidiary Sun Communities Operating Limited Partnership (“SCOLP”), entered into the Twelfth Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of SCOLP (the “Partnership Amendment”).

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Source: SEC EDGAR

accession 0000912593-24-000004

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