On April 1, 2024, Sun Communities Operating Limited Partnership ("SCOLP"), the operating subsidiary of Sun Communities, Inc. (the "Company"), issued 19,326 common OP units (the "Common Units") at an issuance price of $130.9799 per unit. All of the Common Units were issued as consideration for the initial holder's contribution of certain assets to SCOLP.
The issuance by SCOLP of the Common Units was made in reliance upon the exemption from registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended.
Each Common Unit is exchangeable at any time (subject to certain limited exceptions) at the holder's option for one share of common stock (the "Common Stock") of the Company.
Notwithstanding the foregoing exchange rights, the initial holder of the Common Stock has agreed not to sell or otherwise dispose of the shares of the Common Stock issuable upon the exchange of such securities for a period of six months after April 1, 2024, subject to certain limited exceptions.
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Sun Communities Inc. published this content on
03 April 2024 and is solely responsible for the information contained therein. Distributed by
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03 April 2024 20:21:36 UTC.
Sun Communities, Inc. is a fully integrated real estate investment trust (REIT). The Company owns manufactures housing (MH) and recreational vehicle (RV) communities and marinas in the United States, the United Kingdom, and Canada. The Company operates through three segments: MH communities, RV communities, and Marinas. The MH communities segment offers affordable housing to individuals and families, while also providing certain amenities. The RV communities offers affordable vacation opportunities to individuals and families with various amenities. The Marinas offers wet slip and dry storage space leases, end-to-end services, fuel sales and other amenities. The Company owns and operates, directly or indirectly, or had an interest in, a portfolio of 667 developed properties located in the United States, the United Kingdom, and Canada, including 353 MH communities, 179 RV communities and 135 marinas. The Companyâs properties contained an aggregate of 227,340 developed sites.