PROSPECTUS SUPPLEMENT SUMMARY
This summary highlights certain information about us, the Registered Shares, this offering and information appearing elsewhere in this prospectus supplement, in the accompanying prospectus and in the documents we incorporate by reference. This summary is not intended to be a complete description of the matters covered in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein, and does not contain all of the information that you should consider before investing in our securities. To fully understand this offering and its consequences to you, you should read and consider this entire prospectus supplement and the accompanying prospectus carefully, including the information referred to under the heading “Risk Factors” in this prospectus supplement beginning onpage S-5, in the accompanying prospectus beginning on page 3, and in our Annual Report onForm 10-K for the year ended December 31, 2018 beginning on page 8, and in the other documents incorporated by reference into this document, and the financial statements and other information incorporated by reference in this prospectus supplement and the accompanying prospectus when making an investment decision. You should also read and consider the information in the documents to which we have referred you in “Where You Can Find More Information” onpage S-14 of this prospectus supplement.
About Sun Communities, Inc.
We are a self-administered and self-managed real estate investment trust, or REIT. We own, operate, and develop manufactured housing, or MH, and recreational vehicle, or RV, communities concentrated in the midwestern, southern and southeastern United States. We are a fully-integrated real estate company which, together with our affiliates and predecessors, has been in the business of acquiring, operating, developing and expanding MH and RV communities since 1975. As of September 30, 2019, we owned and operated or held an interest in a portfolio of 389 properties, which we refer to as Properties, located in 32 states throughout the United States and one province in Canada, including 236 MH communities, 120 RV communities, and 33 Properties containing both MH and RV sites. As of September 30, 2019, the Properties contained an aggregate of 134,662 developed sites comprised of 88,024 developed MH sites, 25,756 annual RV sites (inclusive of both annual and seasonal usage rights), and 20,882 transient RV sites. We have approximately 10,626 additional MH and RV sites suitable for development. We lease individual parcels of land, or sites, with utility access for placement of manufactured homes and RVs to our customers. The Properties are designed to offer affordable housing to individuals and families, while also providing certain amenities.
We are engaged through SHS, a taxable REIT subsidiary, in the marketing, selling, and leasing ofnew and pre-owned homes to current and future residents in our communities. The operations of SHS support and enhance our occupancy levels, property performance and cash flows.
Structured as an umbrella partnership REIT, or UPREIT, the Operating Partnership is the entity through which we conduct substantially all of our operations, and which owns, either directly or indirectly through SHS and other subsidiaries, all of our assets. This UPREIT structure enables us to comply with certain complex requirements under the U.S. federal tax rules and regulations applicable to REITs, and to acquire MH and RV communities in transactions that defer some or all of the sellers’ tax consequences. We are the sole general partner of, and, as of September 30, 2019, held approximately 95% of the interests (not including preferred limited partnership interests) in, the Operating Partnership. The interests in the Operating Partnership held by the partners are referred to herein as OP Units.
Principal Executive Offices and Website
We were incorporated in Maryland on July 23, 1993 and completed the initial public offering of our common stock on December 9, 1993. Our executive and principal property management office is located at