EX-25.1

Exhibit 25.1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM T-1

STATEMENT OF ELIGIBILITY UNDER

THE TRUST INDENTURE ACT OF 1939

OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE

☐	Check if an Application to Determine Eligibility of a Trustee Pursuant to Section 305(b)(2)

UMB BANK, NATIONAL ASSOCIATION

(Exact name of trustee as specified in its charter)

44-0194180

I.R.S. Employer Identification No.

1010 Grand Blvd.

Kansas City, Missouri

64106

(Address of principal executive offices)

(Zip Code)

Jully Jiang

UMB BANK, NATIONAL ASSOCIATION

5555 San Felipe, Suite 870

Houston, Texas 77056

(713) 300-0590

(Name, address and telephone number of agent for service)

Sun Communities Operating Limited Partnership

(Exact name of obligor as specified in its charter)

(In its capacity as (a) primary obligor with respect to indenture securities to be issued under (i) the indenture relating to senior debt securities or (ii) the indenture relating to subordinated debt securities, or (b) obligor with respect to guarantees of the senior debt securities and subordinated debt securities to be issued under either of the indentures referred to in the preceding clause (a))

Sun Communities, Inc.

(Exact name of obligor as specified in its charter)


Maryland (Sun Communities, Inc.)		38-2730780
Michigan (Sun Communities Operating Limited Partnership)		38-3144240
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

27777 Franklin Road, Suite 300 Southfield, Michigan		48034
(Address of Principal Executive Offices)		(Zip Code)

Senior Debt Securities, Subordinated Debt Securities, and Guarantees

(Title of the indenture securities)

FORM T-1

Item 1.

GENERAL INFORMATION. Furnish the following information as to the Trustee.

Name and address of each examining or supervising authority to which it is subject.

The Comptroller of the Currency

Mid-Western District

2345 Grand Avenue, Suite 700

Kansas City, Missouri 64108

Federal Reserve Bank of Kansas City

Federal Reserve P.O. Station

Kansas City, Missouri 64198

Supervising Examiner

Federal Deposit Insurance Corporation

720 Olive Street, Suite 2909

St. Louis, Missouri 63101

Whether it is authorized to exercise corporate trust powers.

Yes

Item 2.

AFFILIATIONS WITH OBLIGOR. If the obligor is an affiliate of the Trustee, describe each such affiliation.

None

Items 3-15

Items 3-15 are not applicable because, to the best of the Trustee’s knowledge, the obligor is not in default under any Indenture for which the Trustee acts as Trustee.

Item 16.

LIST OF EXHIBITS: List below all exhibits filed as a part of this statement of eligibility and qualification.

A copy of the Articles of Association of the Trustee (Exhibit 1 to Form T-1 filed with Registration Statement No. 333-74008).

Certificate of Authority from the Comptroller of the Currency evidencing a change of the corporate title of the Association (Exhibit 2 to Form T-1 filed with Registration Statement No. 333-74008).

Certificate from the Comptroller of the Currency evidencing authority to exercise corporate trust powers and a letter evidencing a change of the corporate title of the Association (Exhibit 3 to Form T-1 filed with Registration Statement No. 333-74008).

Bylaws, as amended of the Trustee (Exhibit 4 to Form T-1 filed with Registration Statement No. 333-74008).

A copy of each Indenture referred to in Item 4. Not applicable.

The consent of the Trustee required by Section 321(b) of the Act (Exhibit 6 to Registration Statement No. 333-74008).

Report of Condition of the Trustee as of December 31, 2023 published pursuant to law or the requirements of its supervising or examining authority, attached as Exhibit 7.

SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the Trustee, UMB BANK, NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility and qualification to be signed on its behalf by the undersigned, thereunto duly authorized, all in the city of Houston, State of Texas on the 29th of March, 2024.


By:		/s/ Jully Jiang
		Jully Jiang
		Vice President

Exhibit 7

(See Attached)

Exhibit 7

LOGO

Umb Bank, National Association—FDIC Certificate Number: 8273 Consolidated Report of Condition for Insured Banks and Savings Associations for December 31, 2023 FFIEC 031 Page 17 of 87 RC-1 All schedules are to be reported in thousands of dollars. Unless otherwise indicated, report the amount outstanding as of the last business day of the quarter. Schedule RC—Balance Sheet Dollar Amounts in Thousands RCFD Amount Assets 1. Cash and balances due from depository institutions (from Schedule RC-A): a. Noninterest-bearing balances and currency and coin (1)......................................................................................... b.Interest-bearing balances (2).............................................................................................................................................. 2.Securities: a.Held-to-maturity securities (from Schedule RC-B, column A) (3)............................................................................. b.Available-for-sale debt securities (from Schedule RC-B, column D)......................................................................... c.Equity securities with readily determinable fair values not held for trading (4)....................................................... 3.Federal funds sold and securities purchased under agreements to resell: 0081 464,766 0071 5,129,802 JJ34 5,688,610 1773 7,068,585 JA22 10,682 a.Federal funds sold............................................................................................................................................ b.Securities purchased under agreements to resell (5,6)................................................................................... RCON B987 5,000 RCFD B989 240,344 4. Loans and lease financing receivables (from Schedule RC-C): a. Loans and leases held for sale.................................................................................................................................. RCFD 5369 4,420 b. Loans and leases held for investment............................................................................. c. LESS: Allowance for loan and lease losses (7)................................................................. B528 23,172,484 3123 219,738 d. Loans and leases held for investment, net of allowance (item 4.b minus 4.c)......................................................... 5.Trading assets (from Schedule RC-D)........................................................................................................................... 6.Premises and fixed assets (including capitalized leases).............................................................................................. 7.Other real estate owned (from Schedule RC-M).......................................................................................................... 8.Investments in unconsolidated subsidiaries and associated companies..................................................................... 9.Direct and indirect investments in real estate ventures.............................................................................................. 10.Intangible assets (from Schedule RC-M)...................................................................................................................... 11.Other assets (from Schedule RC-F) (6)......................................................................................................................... 12.Total assets (sum of items 1 through 11)..................................................................................................................... Liabilities 13.Deposits: a. In domestic offices (sum of totals of columns A and C from Schedule RC-E, Part I) B529 22,952,746 3545 15,238 2145 206,782 2150 1,738 2130 0 3656 0 2143 238,350 2160 1,702,890 2170 43,729,953 RCON 2200 35,939,822 (1)Noninterest-bearing (8).................................................................................... (2)Interest-bearing................................................................................................ RCON 6631 12,273,757 RCON 6636 23,666,065 b. In foreign offices, Edge and Agreement subsidiaries, and IBFs (from Schedule RC-E, Part II) RCFN 2200 0 (1)Noninterest-bearing......................................................................................... (2)Interest-bearing................................................................................................ RCFN 6631 0 RCFN 6636 0 14. Federal funds purchased and securities sold under agreements to repurchase: a.Federal funds purchased in domestic offices (9).............................................................................................. b.Securities sold under agreements to repurchase (10)..................................................................................... 15.Trading liabilities (from Schedule RC-D)............................................................................................................. 16.Other borrowed money (includes mortgage indebtedness) (from Schedule RC-M).......................................... RCON B993 13,813 RCFD B995 2,105,831 RCFD 3548 0 RCFD 3190 1,800,000 1.a. 1.b. 2.a. 2.b. 2.c. 3.a. 3.b. 4.a. 4.b. 4.c. 4.d. 5. 6. 7. 8. 9. 10. 11. 12. 13.a. 13.a.1. 13.a.2. 13.b. 13.b.1. 13.b.2. 14.a. 14.b. 15. 16. 1 Includes cash items in process of collection and unposted debits. 2 Includes time certificates of deposit not held for trading. 3Institutions that have adopted ASU 2016-13 should report in item 2.a amounts net of any applicable allowance for credit losses, and item 2.a should equal Schedule RC-B, item 8, column A, less Schedule RI-B, Part II, item 7, column B. 4Item 2.c is to be completed by all institutions. See the instructions for this item and the Glossary entry for “Securities Activities” for further detail on accounting for investments in equity securities. 5Includes all securities resale agreements, regardless of maturity. 6Institutions that have adopted ASU 2016-13 should report in items 3.b and 11 amounts net of any applicable allowance for credit losses. 7Institutions that have adopted ASU 2016-13 should report in item 4.c the allowance for credit losses on loans and leases. 8Includes noninterest-bearing, demand, time, and savings deposits. 9Report overnight Federal Home Loan Bank advances in Schedule RC, item 16, “Other borrowed money.” 10Includes all securities repurchase agreements, regardless of maturity.

LOGO

Schedule RC—Continued FFIEC 031 Page 18 of 87 RC-2 Dollar Amounts in Thousands RCFD Amount Liabilities—continued 17. and 18. Not applicable 19. Subordinated notes and debentures (1)...................................................................................................................... 20. Other liabilities (from Schedule RC-G)......................................................................................................................... 21.Total liabilities (sum of items 13 through 20).............................................................................................................. 22.Not applicable Equity Capital Bank Equity Capital 23.Perpetual preferred stock and related surplus............................................................................................................ 24.Common stock............................................................................................................................................................. 25.Surplus (excludes all surplus related to preferred stock)............................................................................................. 26.a. Retained earnings.................................................................................................................................................... b. Accumulated other comprehensive income (2)....................................................................................................... c. Other equity capital components (3)........................................................................................................................ 27.a. Total bank equity capital (sum of items 23 through 26.c)........................................................................................ b. Noncontrolling (minority) interests in consolidated subsidiaries............................................................................ 28.Total equity capital (sum of items 27.a and 27.b)........................................................................................................ 29.Total liabilities and equity capital (sum of items 21 and 28)........................................................................................ 3200 0 2930 747,113 2948 40,606,579 3838 0 3230 21,250 3839 1,059,822 3632 2,603,186 B530 (560,884) A130 0 3210 3,123,374 3000 0 G105 3,123,374 3300 43,729,953 19. 20. 21. Memoranda To be reported with the March Report of Condition. 1. Indicate in the box at the right the number of the statement below that best describes the most comprehensive level of auditing work performed for the bank by independent external auditors as of any date during 2022................................................................................................................................. 23. 24. 25. 26.a. 26.b. 26.c. 27.a. 27.b. 28. 29. RCFD Number 6724NR M.1. 1a = An integrated audit of the reporting institution’s financial 2b = An audit of the reporting institution’s parent holding statements and its internal control over financial reporting company’s consolidated financial statements only conducted in conducted in accordance with the standards of the Americanaccordance with the auditing standards of the AICPA or the Institute of Certified Public Accountants (AICPA) or the PublicPCAOB by an independent public accountant that submits Company Accounting Oversight Board (PCAOB) by an indepen-a report on the consolidated holding company (but not on dent publicaccountant that submits a report on the institutionthe institution separately) 1b = An audit of the reporting institution’s financial statements only3 = This number is not to be used conducted in accordance with the auditing standards of the4 = Directors’ examination of the bank conducted in accordance AICPA or the PCAOB by an independent public accountant thatwith generally accepted auditing standards by a certified public submits a report on the institutionaccounting firm (may be required by state-chartering authority) 2a = An integrated audit of the reporting institution’s parent5 = Directors’ examination of the bank performed by other external holding company’s consolidated financial statements and itsauditors (may be required by state-chartering authority) internal control over financial reporting conducted in6 = Review of the bank’s financial statements by external auditors accordance with the standards of the AICPA or the PCAOB by7 = Compilation of the bank’s financial statements by external an independent public accountant that submits a report on theauditors consolidated holding company (but not on the8 = Other audit procedures (excluding tax preparation work) institution separately)9 = No external audit work To be reported with the March Report of Condition. 2. Bank’s fiscal year-end date (report the date in MMDD format)...................................................................................... RCON Date 8678 NR M.2. 1 Includes limited-life preferred stock and related surplus. 2Includes, but is not limited to, net unrealized holding gains (losses) on available-for-sale securities, accumulated net gains (losses) on cash flow hedges, cumulative foreign currency translation adjustments, and accumulated defined benefit pension and other postretirement plan adjustments. 3Includes treasury stock and unearned Employee Stock Ownership Plan shares.