SUN COMMUNITIES INC
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
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Item 1A. RISK FACTORS
In addition to the other information set forth in this report, you should carefully consider the risk factors described in Part 1, Item 1A., "Risk Factors," in our 2023 Annual Report, which could materially affect our business, financial condition or future results. There have been no material changes to the disclosure on these matters as set forth in such report.
Holders of our OP units have converted the following units during the three months ended September 30, 2024:
| Three Months Ended | |||
|---|---|---|---|
| Series | Conversion Rate | Units / Shares Converted | Common Stock(1) |
| Common OP units | 1.0000 | 11,313 | 11,313 |
| Series A-1 preferred OP units | 2.4390 | 14,231 | 34,705 |
| Series J preferred OP units | 0.6061 | 2,000 | 1,212 |
(1)Calculation may yield minor differences due to rounding incorporated in the above numbers.
All of the securities described above were issued in private placements in reliance on Section 4(a)(2) of the Securities Act, including Regulation D promulgated thereunder. No underwriters were used in connection with any of such issuances.
Purchases of Equity Securities
The following table summarizes our common stock repurchases during the three months ended September 30, 2024:
| Period | Total number of shares purchased(a) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs |
|---|---|---|---|---|
| July 1, 2024 - July 31, 2024 | 587 | $123.03 | — | $— |
| August 1, 2024 - August 31, 2024 | 178 | $131.16 | — | $— |
| September 1, 2024 - September 30, 2024 | 75 | $144.78 | — | $— |
| Total | 840 | $126.70 | — | $— |
(a) During the three months ended September 30, 2024, we withheld 840 shares from employees to satisfy estimated statutory income tax obligations related to vesting of restricted stock awards. The value of the common stock withheld was based on the closing price of our common stock on the applicable vesting date.
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