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Sun Communities creates new class of operating partnership units

Manufactured-home real estate investment trust Sun Communities Inc. amended its partnership agreement to create a new class of operating partnership units.

The new series E preferred units provide for quarterly distributions of 5.25% annually through the second anniversary of their issuance date and 5.50% per year thereafter. The preferred units are exchangeable at any time after the first anniversary of their issuance date into common shares equating to the quotient obtained by dividing $100.00 by $145.00, subject to adjustments.

On Jan. 9, Sun Communities Operating LP issued 90,000 series E preferred units at $100 apiece as consideration for the initial holder's contribution of certain assets to the operating partnership.