SCHEDULE: FMR LLC & Abigail Johnson Disclose 4.2% Stake in Sun Communities

FMR LLC and Abigail P. Johnson have reported a beneficial ownership of 4.2% in Sun Communities Inc. common stock as of September 30, 2025.

Summary

• FMR LLC and Abigail P. Johnson jointly reported beneficial ownership of 5,269,273.43 shares of Sun Communities Inc. common stock.
• This represents 4.2% of the total outstanding common stock of Sun Communities Inc.
• The ownership is reported as of September 30, 2025.
• FMR LLC holds sole voting power over 4,135,722.65 shares and sole dispositive power over 5,269,273.43 shares.
• Abigail P. Johnson, as an individual, holds sole dispositive power over 5,269,273.43 shares, with no sole or shared voting power directly attributed.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Sun Communities Inc.
• Abigail P. Johnson is the Director, Chairman, and CEO of FMR LLC, and members of the Johnson family are predominant owners of FMR LLC, forming a controlling group.
• Several FMR LLC subsidiaries and affiliates, including FIAM LLC, Fidelity Diversifying Solutions LLC, Fidelity Institutional Asset Management Trust Company, Fidelity Management & Research Company LLC, and Strategic Advisers LLC, are identified as relevant entities.

Sentiment

Score: 6

Explanation: The filing is neutral to slightly positive. It confirms a significant, passive institutional investment, which can be seen as a vote of confidence, but provides no new operational or financial performance information.

Positives

• A significant institutional investor, FMR LLC, and its principal, Abigail P. Johnson, maintain a substantial stake in Sun Communities Inc., indicating continued confidence in the company.
• The filing explicitly states the securities are held in the ordinary course of business and not for influencing control, suggesting a passive investment strategy.

Negatives

• No specific negative information is disclosed in this Schedule 13G filing.

Risks

• No specific risks related to Sun Communities Inc. are mentioned in this ownership disclosure filing.

Future Outlook

This Schedule 13G filing does not contain any forward-looking statements or guidance regarding Sun Communities Inc.'s future outlook.

Management Comments

• The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

Schedule 13G filings are routine disclosures by institutional investors or passive shareholders who acquire more than 5% (or in this case, close to 5% and filing an amendment) of a company's stock, indicating their ownership stake. This filing shows a continued significant, but passive, investment by a major financial institution in Sun Communities Inc., a real estate investment trust (REIT) specializing in manufactured housing, RV resorts, and marinas. Such disclosures provide transparency on major ownership positions but typically do not signal strategic shifts or operational changes for the issuer.

Comparison to Industry Standards

• NA

Management Changes

Corporate Governance

Legal Proceedings

• No legal proceedings or regulatory matters concerning Sun Communities Inc. are mentioned in this filing.

Related Party Transactions

• No related party transactions involving Sun Communities Inc. are disclosed in this filing.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional ownership stake, potentially reinforcing confidence in the company's long-term prospects due to a major investor's continued holding.
• Management: Awareness of a large, passive institutional holder, but no direct operational impact.

Next Steps

• No specific future actions, events, or milestones are mentioned in this beneficial ownership disclosure.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of beneficial ownership by FMR LLC and Abigail P. Johnson in Sun Communities Inc. The reported 4.2% stake, while significant, is below the 5% threshold that typically triggers initial 13G filings, suggesting this is an amendment to a previous filing or a reduction below 5%. The filing explicitly states the investment is for ordinary course business and not to influence control, indicating a passive stance. As such, it provides no new information regarding the operational performance, strategic direction, or financial health of Sun Communities Inc. that would warrant a change in investment thesis. Therefore, a 'hold' recommendation is appropriate, maintaining existing positions based on the company's fundamentals rather than this ownership disclosure.

Keywords

Sun Communities Inc, FMR LLC, Abigail P. Johnson, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, SEC Filing, Real Estate Investment Trust, REIT