Sun Communities : Supplemental Data September 30, 2023

Sun Communities, Inc.

Earnings Press Release & Supplemental Operating and Financial Data

For the Quarter and Nine Months Ended September 30, 2023 and 2022

Forward-Looking Statements	Page
i
Earnings Press Release and Guidance	ii
Overview
Company Overview and Investor Information	1
Financial and Operating Highlights	2
Portfolio Overview	3
Financial Statements and Reconciliations to Non-GAAP Financial Measures
Consolidated Balance Sheets	4
Consolidated Statements of Operations	5
Reconciliation of Net Income Attributable to SUI Common Shareholders to Core FFO	6
Reconciliation of Net Income Attributable to SUI Common Shareholders to NOI	7
Reconciliation of Net Income Attributable to SUI Common Shareholders to Recurring EBITDA	8
Supplemental Disclosure
Real Property Operations - Total Portfolio	9
Real Property Operations - Same Property Portfolio	10
Other Operating Information
Home Sales Summary	13
Operating Statistics for MH and Annual RVs (excluding UK Operations)	13
Investment Activity
Acquisitions and Dispositions	14
Capital Expenditures and Investments	15
Capitalization
Capitalization Overview	16
Summary of Outstanding Debt	17
Debt Analysis	18
Definitions and Notes
Define and provide additional notes related to Non-GAAP financial measures and other capitalized terms	19

Sun Communities, Inc.

Earnings Press Release & Supplemental Operating and Financial Data

For the Quarter and Nine Months Ended September 30, 2023 and 2022

Forward-Looking Statements:

This supplemental package contains various "forward-looking statements" within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Sun Communities, Inc. (the "Company") intends that such forward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this document that relate to expectations, beliefs, projections, future plans and strategies, trends or prospective events or developments and similar expressions concerning matters that are not historical facts are deemed to be forward- looking statements. Words such as "forecasts," "intends," "intend," "intended," "goal," "estimate," "estimates," "expects," "expect," "expected," "project," "projected," "projections," "plans," "predicts," "potential," "seeks," "anticipates," "anticipated," "should," "could," "may," "will," "designed to," "foreseeable future," "believe," "believes," "scheduled," "guidance," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements reflect the Company's current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this document some of which are beyond the Company's control. These risks and uncertainties may cause the Company's actual results to be materially different from any future results expressed or implied by such forward-looking statements. In addition to the risks described under "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 and in the Company's other filings with the Securities and Exchange Commission from time to time, such risks, uncertainties and other factors include those described under the heading "Cautionary Statement Regarding Forward-Looking Statements" in the accompanying press release.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements included or incorporated by reference into this document, whether as a result of new information, future events, changes in the Company's expectations or otherwise, except as required by law.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. All written and oral forward-looking statements attributable to the Company or persons acting on the Company's behalf are qualified in their entirety by these cautionary statements.

Note on Non-GAAP Measures:

This document includes information regarding various non-GAAP supplemental performance measures, including funds from operations ("FFO"), Core FFO, net operating income ("NOI"), earnings before interest, tax, depreciation and amortization ("EBITDA") and Recurring EBITDA. For information on these non-GAAP measures, please refer to "Reconciliation of Net Income Attributable to SUI Common Shareholders to Core FFO," "Reconciliation of Net Income Attributable to SUI Common Shareholders to NOI," "Reconciliation of Net Income Attributable to SUI Common Shareholders to Recurring EBITDA," and "Definitions and Notes."

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EARNINGS PRESS RELEASE

October 25, 2023

Sun Communities, Inc. Reports 2023 Third Quarter and Year-to-Date Results

Net Earnings per Diluted Share of $1.31 for the Quarter

Core FFO per Share of $2.57 for the Quarter Exceeded the High-End of Guidance Range

Total Same Property NOI Grew by 6.7% for the Quarter over the 2022 Period, Exceeding the High-End of Guidance

Range by 220 Basis Points

Strong Demand and Effective Expense Management Continue to Drive Outperformance

Same Property Adjusted Occupancy for MH and RV Increased by 170 Basis Points, Year-over-Year

Transient-to-Annual RV Site Conversions of nearly 537 Sites for the Quarter and 1,815 for the Year-to-Date

Revising Full-Year Core FFO per Share Guidance for 2023 to $7.05 - $7.13

Increasing Guidance Range for Full-Year Total Same Property NOI Growth to 6.0% - 6.4%

Establishing Preliminary Guidance for 2024 Rental Rate Increases of 5.4% for MH, 6.5% for Annual RV, and 5.6% for

Marina in North America, and 7.1% for UK

Southfield, Michigan, October 25, 2023 - Sun Communities, Inc. (NYSE: SUI) (the "Company" or "SUI"), a real estate investment trust ("REIT") that owns and operates, or has an interest in, manufactured housing ("MH") and recreational vehicle ("RV") communities and marinas (collectively, the "properties"), today reported its third quarter results for 2023.

Financial Results for the Quarter and Nine Months Ended September 30, 2023

• For the quarter ended September 30, 2023, net income attributable to common shareholders was $163.1 million, or $1.31 per diluted share, compared to net income attributable to common shareholders of $162.6 million, or $1.32 per diluted share for the same period in 2022.
• For the nine months ended September 30, 2023, net income attributable to common shareholders was $222.8 million, or $1.79 per diluted share, compared to net income attributable to common shareholders of $237.3 million, or $1.97 per diluted share, for the same period in 2022.

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Non-GAAP Financial Measures

• Core Funds from Operations ("Core FFO") for the quarter and nine months ended September 30, 2023, were $2.57 per common share and dilutive convertible securities ("Share") and $5.76 per Share, respectively.
• Same Property Net Operating Income ("NOI") increased by 6.7% and 6.6% for the quarter and nine months ended September 30, 2023, respectively, as compared to the corresponding periods in 2022.

"In the third quarter, we again delivered strong performance in our core real property portfolio, with Same Property NOI growth and Core FFO exceeding our expectations," said Gary A. Shiffman, Chairman, President and CEO. "This strength was exhibited across Manufactured Housing, RV and Marinas, all of which demonstrate the continued favorable backdrop of high demand and limited supply. Furthermore, we are positioned for ongoing organic growth with 2024 expected rental rate increases of approximately 5.4% for MH, 6.5% for RV, and 5.6% for Marina in North America and 7.1% for UK." He continued, "Our current objectives include implementing select changes to help our best-in-class portfolio deliver the FFO per share growth Sun shareholders historically have enjoyed. These changes include selective capital recycling opportunities and using the proceeds to de-lever. With the strength of our core business, which has a positive track record throughout economic cycles, and our focus on our durable cash flow business, we remain confident in our ability to create shareholder value."

OPERATING HIGHLIGHTS

North America Portfolio Occupancy

• Total MH and annual RV occupancy was 97.2% at September 30, 2023, as compared to 97.1% at September 30, 2022.
• During the quarter ended September 30, 2023, the number of MH and annual RV revenue producing sites increased by 744 sites, as compared to an increase of 689 sites during the corresponding period in 2022, an 8.0% increase.
• Transient-to-annualRV site conversions totaled 537 sites during the third quarter of 2023 and account for 72.2% of the revenue producing site gains. Total transient-to-annual RV site conversions totaled 1,815 for the nine months ended September 30, 2023.

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Same Property Results

For the properties owned and operated by the Company since at least January 1, 2022, the following table reflects the percentage changes for the quarter and nine months ended September 30, 2023:

	Quarter Ended September 30, 2023
	MH		RV		Marina		Total
Revenue	7.4 %	2.2 %	8.4 %	5.5 %
Expense	5.7 %	(0.8)%	7.4 %	3.0 %
NOI	8.0 %	4.1 %	8.9 %	6.7 %

	Nine Months Ended September 30, 2023
	MH		RV		Marina		Total
Revenue	6.8 %	3.6 %	9.4 %	6.2 %
Expense	8.5 %	3.1 %	5.1 %	5.5 %
NOI	6.2 %	3.9 %	11.5 %	6.6 %
Number of Properties	288	161	119	568

Same Property adjusted blended occupancy for MH and RV increased by 170 basis points to 98.8% at September 30, 2023, from 97.1% at September 30, 2022.

INVESTMENT ACTIVITY

During the quarter ended September 30, 2023, the Company:

• Expanded its existing communities by nearly 170 sites.
• Delivered over 70 sites at one ground-up development property.

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BALANCE SHEET, CAPITAL MARKETS ACTIVITY AND OTHER ITEMS

As of September 30, 2023, the Company had $7.7 billion in debt outstanding with a weighted average interest rate of 4.1% and a weighted average maturity of 6.8 years. At September 30, 2023, the Company's net debt to trailing twelve-month Recurring EBITDA ratio was 6.1 times.

During the quarter, the Company entered into interest rate swap contracts to hedge variable rate borrowings of $125.0 million in aggregate under its senior credit facility. The interest rate swaps lock in a weighted average SOFR rate of 4.771%, and inclusive of spread, an all-in rate of 5.681% through the maturity date of April 7, 2026.

Subsequent to the quarter, the Company:

• Entered into an interest rate swap contract to hedge variable rate borrowings of $25.0 million under its senior credit facility. The interest rate swap lock in a weighted average SOFR rate of 4.684%, and inclusive of spread, an all-in rate of 5.594% through the term loan maturity date of April 7, 2026.
• Terminated one SOFR interest rate swap hedging variable rate borrowings of $50.0 million under its senior credit facility and received a cash settlement payment of $6.0 million. The net accumulated gain is included in Accumulated other comprehensive income on the Company's Consolidated Balance Sheets, and will be amortized as a reduction to Interest expense over the term of the hedged transaction.
• Entered into a new mortgage term loan for $252.8 million that matures in November 2030 and bears interest at a fixed rate of 6.49%. The proceeds were used to repay $117.8 million of mortgage term loans that mature in 2023 and pay down amounts drawn under the Company's senior credit facility.
• Sold its 41.8 million share position in Ingenia Communities Group (ASX: INA), generating $102.5 million of proceeds, net of underwriting and other estimated fees, with an estimated realized loss of $9.0 million. The proceeds were used to pay down amounts drawn under the Company's senior credit facility.

UK Notes Receivable from Real Estate Operators

From time to time, the Company extends loans to third party real estate developers and operators to facilitate the Company's potential acquisition and development pipeline. At September 30, 2023, the Company had a $361.1 million note receivable due from Royale Holdings Group HoldCo Limited, a real estate development owner / operator in the UK, and certain other parties (the "Note"). As of the same date, the borrowings under the Note bear interest at a weighted average rate of 12.4%. The Note is not related to the Company's manufactured housing portfolio in the UK that operates under the Park Holidays brand.

Since inception, the Company has elected to measure the Note at fair value, using pricing models with the assistance of third-party valuation specialists, in accordance with Accounting Standards Codification Topic 820, "Fair Value Measurements and Disclosures." The Company has also periodically engaged third party valuation specialists to appraise the collateral in order to assess the fair value of the Note.

The Note is collateralized by a first-priority security interest in three real estate properties and three MH manufacturers in the UK. The real estate collateral consists of MH development properties that comprised a significant majority of the total appraised value of all collateral securing the Note at September 30, 2023.

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The Note matured on July 31, 2023, and remained due at September 30, 2023. On September 29, 2023, the Company appointed receivers over the real estate collateral and is assessing courses of action with respect to the other collateral.

The Company expects the receivers to start to market the real estate collateral for sale during the fourth quarter of 2023. Upon completion of the marketing process, the Company may elect to credit bid certain amounts due under the Note for the real estate collateral. If that were to occur and no third-party bid is received that exceeds the Company's credit bid, the Company may elect to receive the real estate collateral in satisfaction of related amounts due under the Note. If a third-party bid is received that exceeds the Company's bid, the Company will receive the cash proceeds of that bid up to the outstanding loan amount including interest, fees, and penalties, as applicable.

UK Contemplated Asset Sale

As previously disclosed, the Company had agreed to sell an operating MH community in the UK, Sandy Bay, in February 2023, which was expected to close in the third quarter. While the sale contract is no longer in effect, the asset remained classified as held for sale at September 30, 2023.

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2023 GUIDANCE UPDATE

The Company is updating full-year 2023 and establishing fourth quarter 2023 guidance for diluted EPS and Core FFO per Share as follows:

		Full-Year Ending December 31, 2023			Fourth Quarter
				Ending
Reconciliation of Diluted EPS to Core FFO per Share		Prior FY Guidance			Revised FY Range			December 31, 2023
Diluted EPS	$	2.11	$	2.25	$	1.92	$	2.00	$	0.12	$	0.20
Depreciation and amortization		5.07		5.07			5.06		5.06			1.26		1.26
Distributions on preferred OP units		0.09		0.09			0.09		0.09			0.02		0.02
Noncontrolling interest		0.11		0.11			0.09		0.09			(0.01)		(0.01)
Gain on sale of assets		(0.28)		(0.28)			(0.25)		(0.25)			(0.07)		(0.07)
Business combination expense and other acquisition		0.09		0.09			0.12		0.12			0.01		0.01
related costs
Other adjustments(a)		(0.10)		(0.10)			0.02		0.02			(0.05)		(0.05)
Core FFO(b) per Share	$	7.09	$	7.23	$	7.05	$	7.13	$	1.28	$	1.36

1. Other adjustments consist primarily of deferred taxes, changes in remeasurement (gains) / losses, contingent legal and insurance gains and other items presented in the table that reconciles Net income attributable to SUI common shareholders to Core FFO on page 6.
2. The Company's updated guidance translates forecasted results from operations in the UK using the relevant exchange rate in effect provided in the 2023 Guidance Assumptions table presented below. The impact of fluctuations in Canadian and Australian foreign currency rates on revised and initial guidance are not material.

The $7.09 per Share midpoint of the revised full-year guidance range is 1.0% lower than the prior range provided in July, primarily reflecting higher interest expense related to the UK Note remaining outstanding and lower expected transient RV revenues.

For the fourth quarter ending December 31, 2023, the Company's guidance ranges assume Total Same Property NOI growth of 4.4% - 5.9%. The midpoints of Same Property NOI growth for the fourth quarter ending December 31, 2023 are 5.1% for Manufactured Housing, 3.6% for RV and 6.2% for Marina.

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The assumptions underlying the Company's revised 2023 full-year guidance are as follows:

		FY 2022		Expected Change in 2023
2023 Guidance Assumptions (dollars in millions)		Results	Prior FY Guidance		Revised FY Range
Consolidated Portfolio:
Total real property NOI				6.1%	- 6.9%	6.9%	- 7.1%
Service, retail, dining and entertainment NOI				$50.4	- $52.9	$51.2	- $52.2
North America home sales contribution to Core FFO(a)				$18.9	- $21.7	$19.4	- $20.5
Interest income(b)				N/A	$44.8	- $45.1
Brokerage commissions and other, net(c)				N/A	$50.9	- $51.4
General and administrative expenses				($255.4)	- ($249.9)	($253.6)	- ($252.1)
UK
UK real property NOI(d)				$63.6	- $65.6	$64.1	- $65.1
UK home sales NOI				$65.7	- $75.4		$68.2	- $72.2
UK NOI				$129.3	- $141.0	$132.3	- $137.3
Same Property Portfolio(e)
MH NOI (288 properties)	$569.2		5.2%	- 5.8%	5.8%	- 6.1%
RV NOI (161 properties)	$281.8		3.4%	- 4.6%	3.5%	- 4.2%
Marina NOI (119 properties)	$210.8		8.0%	- 9.0%	10.0%	- 10.3%
Total Same Property Pool (568 Properties):
Revenue from real property	$1,600.4		6.2%	- 6.5%	5.8%	- 6.0%
Property operating expenses(f)(g)		$538.6		7.2%	- 7.9%		5.2%	- 5.4%
Same Property NOI	$1,061.8		5.3%	- 6.1%	6.0%	- 6.4%
Exchange rates in effect at:		December 31, 2022		June 30, 2023		September 30, 2023
U.S. Dollar ("USD") / Pound Sterling ("GBP")	1.21		1.27	1.22
USD / Canadian Dollar ("CAD")	0.74		0.75	0.74
USD / Australian Dollar ("AUS")	0.68		0.66	0.64

Footnotes to 2023 Guidance Assumptions

1. FFO from home sales in North America is net of home selling expenses and includes the gross profit from new and certain pre-owned home sales. Gross profit from pre-owned home sales of depreciated homes is excluded.
   Interest income recognized from the UK Note during the first nine months ended September 30, 2023, totaled $27.9 million, or $0.22 per Share. No interest
2. income from the UK Note is included in the Company's fourth quarter guidance. The following table summarizes the interest income contribution inclusive of fourth quarter guidance:

		Nine Months		4Q23		FY 2023
Interest Income - 2023 Guidance		Ended
	September 30, 2023		Guidance		Guidance
UK Note	$27.9	$0.0	$27.9
Other		12.7		4.2	- 4.5		16.9	- 17.2
Total	$40.6	$4.2	- $4.5	$44.8	- $45.1

For the third quarter and nine months ended September 30, 2023, Brokerage commissions and other, net includes recognition of $12.9 million of business

1. interruption proceeds, which nets against accrued 'Loss of earnings - catastrophic event-related charges, net' in the Reconciliation of Net Income Attributable to SUI Common Shareholders to Core FFO table.
2. UK Real Property NOI is included in the Total Real Property NOI forecast and the properties are excluded from the 2023 Same Property pool.
3. The amounts in the table reflect constant currency, as currency figures included within the 2022 actual amounts have been translated at the assumed exchange rate used for 2023 guidance.
4. Total Same Property results net $101.1 million of utility revenue for 2022 actual results and $109.7 million for 2023 guidance against the related utility expense in property operating expenses.
5. 2022 actual results exclude $1.3 million of expenses incurred at recently acquired properties to bring them up to the Company's standards. The improvements included items such as tree trimming and painting costs that do not meet the Company's capitalization policy.

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