Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS, AND ISSUER
PURCHASES OF EQUITY SECURITIES
Market Information
Our common stock has been listed on the New York Stock Exchange ("NYSE") since December 8, 1993, and trades under the symbol "SUI." On February 17, 2026, the closing share price of our common stock was $131.47 per share on the NYSE, and there were 522 holders of record of 123,184,632 outstanding shares of common stock.
On February 17, 2026, the following OP units of the Operating Partnership were outstanding:
OP Units OP Units Issued and Outstanding Exchangeable Shares of Common Stock
Series A-1 preferred OP units 154,336 376,429
Series A-3 preferred OP units 40,268 74,917
Series C preferred OP units 291,703 323,790
Series D preferred OP units 488,958 391,166
Series E preferred OP units 80,000 55,172
Series F preferred OP units 60,000 37,500
Series G preferred OP units 4,898 3,160
Series H preferred OP units 130,879 79,804
Series J preferred OP units 235,250 142,576
Series K preferred OP units 1,000,000 588,235
Series L preferred OP units 20,000 12,500
Common OP units 2,544,819 2,544,819
Total 5,051,111 4,630,068
We have historically paid regular quarterly distributions to holders of our common stock and common OP units. In addition, we are obligated to make distributions to holders of each series of our preferred OP units. See "Structure of the Company" under Part I, Item 1 of this Annual Report on Form 10-K. Our ability to make distributions on our common stock and preferred OP units, payments on our indebtedness, and to fund planned capital expenditures will depend on our ability to generate cash in the future. The decision to declare and pay distributions on shares of our common stock and common OP units in the future, as well as the timing, amount, and composition of any such future distributions, will be at the sole discretion of our Board of Directors in light of conditions then existing, including our earnings, financial condition, capital requirements, debt maturities, the availability of debt and equity capital, applicable REIT and legal restrictions, general overall economic conditions, and other factors.
Securities Authorized for Issuance Under Equity Compensation Plans
The following table reflects information about the securities authorized for issuance under our equity compensation plans as of December 31, 2025:
Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted-average exercise price of outstanding options, warrants and rights Number of shares of common stock remaining available for future issuance under equity compensation plans (excluding securities reflected in column a)
Plan Category (a) (b) (c)
Equity compensation plans approved by shareholders — $ — 2,616,305
Total — $ — 2,616,305
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SUN COMMUNITIES, INC.
Recent Sales of Unregistered Securities
From time to time, we may issue shares of common stock or common OP units in exchange for OP units in accordance with the terms and provisions of the limited partnership agreement of the Operating Partnership. Such shares are issued based on the exchange ratios and formulas described in "Structure of the Company" under Part I, Item 1 of this Annual Report on Form 10-K. Below is the activity of conversions for the three months and year ended December 31, 2025:
Three Months Ended December 31, 2025 Year Ended December 31, 2025
Series Conversion Rate Units / Shares Converted Common Stock (1)
Units / Shares Converted Common Stock (1)
Common OP units 1.0000 159,875 159,875 268,595 268,595
Series A-1 preferred OP units 2.4390 — — 6,884 16,788
Series C preferred OP units 1.1100 — — 4,309 4,782
Series H preferred OP units 0.6098 — — 765 465
(1) Calculation may yield minor differences due to rounding incorporated in the above numbers.
On October 1, 2025, the Company granted 7,782 shares of unrestricted stock as an inducement award in connection with Charles D. Young’s appointment as our CEO, which was granted outside of our 2015 Equity Incentive Plan in accordance with New York Stock Exchange Listed Company Manual Rule 303A.08.
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 December 31, 2025 (in millions, except for number of shares and per share amounts):
Period Total number of shares purchased (1)
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 (2)
October 1, 2025 - October 31, 2025 5,390 $ 126.97 — $ 499.7
November 1, 2025 - November 30, 2025 1,864 $ 124.20 — $ 499.7
December 1, 2025 - December 31, 2025 338,120 $ 124.22 312,330 $ 460.9
Total 345,374 $ 124.26 312,330
(1) During the three months ended December 31, 2025, we withheld 33,044 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.
(2) In April 2025, we announced by press release that our Board of Directors authorized a stock repurchase program (the "Stock Repurchase Program") under which we may repurchase up to $1.0 billion in shares of our outstanding common stock through April 30, 2026. Under the Stock Repurchase Program, we may repurchase shares of our common stock in open market transactions, through privately negotiated transactions, through one or more accelerated repurchases, or otherwise, in accordance with the terms set forth in Rule 10b5-1 and Rule 10b-18 of the Exchange Act and other applicable legal requirements. The Stock Repurchase Program does not obligate us to repurchase any specific number of shares, and we may initiate, suspend, or discontinue purchases under the Stock Repurchase Program at any time. Refer to Note 8, "Equity and Temporary Equity," for additional information regarding our Stock Repurchase Program.
ITEM 6. [Reserved]