Sun Communities, Inc. · NYSE:SUI
Sun Communities — Investor Presentation (June 2026)
20 slides from Sun Communities's investor presentation, Jun 1, 2026
Slide 1: Sun Communities, Inc. Investor Presentation
Ju ne 2 02 6 OCEAN PINES – GARDEN CITY, SC Sun Communities, Inc. (NYSE: SUI) Investor Presentation
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements 2 This presentation has been prepared for informational purposes only from information supplied by Sun Communities, Inc., referred to herein as “we,” “our,” “Sun,” and “the Company,” and from third-party sources indicated herein. Such third-p
Slide 3: Company Highlights
3 Leading Owner and Operator of Manufactured Housing (“MH”) and Recreational Vehicle (“RV”) Communities High-Quality, Well-Located, Affordable Residential and Destination Communities Strong Cash Flow Generation Compelling Supply-Demand Dynamics Consistent, Long-Term NOI Growth Track Record Low-Lever
Slide 4: Largest Publicly-Traded Owner and Operator of MH and RV Communities
4 295 communities ~101,000 sites 97%+ occupancy 166 communities ~57,000 sites ~60% annual sites RVMH ~158,000 sites across 461 communities(1) MEADOWLANDS – GIBRALTAR, MI SUN RETREATS GWYNN’S ISLAND – GWYNN, VA Largest Publicly-Traded Owner and Operator of MH and RV Communities Source: Co
Slide 5: UK Sale Creates Leading "Pure Play" MH and RV Owner
UK Sale Creates Leading “Pure Play” MH and RV Owner 5 Core North American MH and RV Portfolio Focus Aligns with core competencies and best growth opportunities Sole focus on driving performance within the core portfolio Pro forma for the sale, Real Property NOI from Sun’s North American MH & R
Slide 6: More Focused Business, Better Positioned for Consistent Growth
89% MH & RV 68% MH & RV MH & RV 68%(2) Other 32%(3) MH & RV 89% Other 11% 6 2024 Post-Marina Sale Post-UK Sale 2026 & Beyond: More Focused Business, Better Positioned for Consistent Growth NOI Contribution by Segment MH & RV 100% 100% MH & RV UK sale creates “Pure-Play” North America MH and RV owner
Slide 7: Resilient Real Property Operations Drive Growth
Resilient Real Property Operations Drive Growth 7 Real Property NOI is the primary driver of results, with MH accounting for ~65% of Real Property NOI Real Property NOI(1) (in mms) Total Portfolio NOI(1) Rental Income Generates 92% of NOI Consolidated NOI for the year ending December 31, 2025 Source
Slide 8: Robust Fundamentals Drive Performance
6.7% 7.3% 4.0% 11.2% 5.4% 6.2% 3.7% 5.7% 4.2% 2018 2019 2020 2021 2022 2023 2024 2025 2026E Robust Fundamentals Drive Performance 8 Long Track Record of Strong MH / RV Growth Average MH Site Rental Rate Increases Average RV Site Rental Rate Increases Same Property MH Occupancy Same Property NOI Grow
Slide 9: 1Q26 & YTD Performance and 2026 Guidance
9 1Q26 & YTD Performance and 2026 Guidance Source: Company information. Refer to Sun Communities, Inc. Supplemental for the quarter ended March 31, 2026, as well as Press Releases and SEC Filings after March 31, 2026, for additional information. Refer to information regarding non-GAAP financial meas
Slide 10: Core Pillars Support Sun's Strategy
10 10 Strategic Investment Investing in people, communities, infrastructure and a unified digital backbone Continued Platform Optimization Driving greater consistency, accountability, and efficiency across the organization Thoughtful Capital Allocation Maintaining a strong and flexible balance sheet
Slide 11: Sun's Consistent NOI Growth Track Record
Sun’s Consistent NOI Growth Track Record 11 Multifamily REITsSun Communities Resilient demand, high barriers to entry, and Sun’s platform have resulted in consistent and cycle tested organic NOI growth For over 25 years, every individual year or rolling 4-quarter period recorded positive same pr
Slide 12: Compelling Supply-Demand Fundamentals MH
Compelling Supply-Demand Fundamentals 12 MH Source: Company information, U.S. Bureau of Labor Statistics., Wall Street Research, and Zillow. Refer to Sun Communities, Inc. Supplemental for the quarter ended March 31, 2026, as well as Press Releases and SEC Filings after March 31, 2026, for additiona
Slide 13: Compelling Supply-Demand Fundamentals RV
Compelling Supply-Demand Fundamentals 13 RV Installed base: ~8.1 million households own an RV versus ~1.7 million RV campsites in the U.S. Nearly 21 million new camping households since 2014 Offer affordable vacations where the average trip is 2-3 hours from a guest’s home Source: Company info
Slide 14: Fortress, Investment Grade Balance Sheet
Unencumbered 79% Encumbered 21% Fortress, Investment Grade Balance Sheet 14 100% fixed rate Credit Statistics Rate Type(1) Upcoming Mortgage Maturities ($ in millions)(1)(2) 11.6% 0.0% 4.1% % of Total Encumbrance(1) Gross Asset Value 70.2% NOI Unencumbered(3) Total Debt Outstanding ($ in millions)(2
Slide 15: Robust Sustainability Initiatives
Robust Sustainability Initiatives(1) 15 Environmental Committed to sustainable business practices that benefit all stakeholders including the communities in which we operate Current initiatives include policy enhancement, environmental targets and data coverage Received Prime status rating by
Slide 16: Appendix
Appendix 16WYMBERLY – MARTINEZ, GA
Slide 17: Defined Non-GAAP Terms
Defined Non-GAAP Terms 17 Investors and analysts following the real estate industry use non-GAAP supplemental performance measures, including net operating income ("NOI"), earnings before interest, tax, depreciation, and amortization ("EBITDA") and funds from operations ("FFO") to assess REITs. The
Slide 18: Net Income / (Loss) to FFO Reconciliation
18Source: Company information. Refer to Sun Communities, Inc. Supplemental for the quarter ended March 31, 2026, as well as Press Releases and SEC Filings after March 31, 2026, for additional information. Net Income / (Loss) to FFO Reconciliation 2026 2025 2025 2024 2023 Net Income / (Loss) Attribut
Slide 19: Net Income / (Loss) to NOI Reconciliation
Net Income / (Loss) to NOI Reconciliation 19Source: Company information. Refer to Sun Communities, Inc. Supplemental for the quarter ended March 31, 2026, as well as Press Releases and SEC Filings after March 31, 2026, for additional information. Three Months Ended March 31, Year Ended December 31,
Slide 20: Net Income / (Loss) to Recurring EBITDA Reconciliation
Net Income / (Loss) to Recurring EBITDA Reconciliation 20Source: Company information. Refer to Sun Communities, Inc. Supplemental for the quarter ended March 31, 2026, as well as Press Releases and SEC Filings after March 31, 2026, for additional information. 2026 2025 2025 2024 2023 Net Income / (L