Sun Communities, Inc. · NYSE:SUI
Sun Communities — Investor Presentation (May 2026)
19 slides from Sun Communities's investor presentation, May 4, 2026
Slide 1: Sun Communities, Inc. Investor Presentation
M ay 2 02 6 PALOS VERDES SHORES – SAN PEDRO, CA 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 UK 295 communities ~101,000 sites 97%+ occupancy 166 communities ~57,000 sites(2) ~60% annual sites 54 parks ~22,000 sites ~80%+ annual sites RVMH ~179,000 sites across 515 communities(1) MEADOWLANDS – GIBRALTER, MI WINCHELSEA SANDS – SUFFOLK, UKSUN RETREATS GWYNN’S ISLAND – GWYN
Slide 5: Resilient Real Property Operations Drive Growth
Resilient Real Property Operations Drive Growth 5 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 6: 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 6 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 7: 1Q26 Performance and 2026 Guidance
7 1Q26 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 measures i
Slide 8: Core Pillars Support Sun's Strategy
8 8 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 t
Slide 9: Sun's Consistent NOI Growth Track Record
Sun’s Consistent NOI Growth Track Record 9 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 pro
Slide 10: Compelling Supply-Demand Fundamentals MH
Compelling Supply-Demand Fundamentals 10 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 additional
Slide 11: Compelling Supply-Demand Fundamentals RV
Compelling Supply-Demand Fundamentals 11 RV Installed base: ~8.1 million households own an RV versus ~1.7 million RV campsites in the U.S. From 2008-2012, RV revenue for a portfolio of independent, single park operators grew at a 4.4%(1) CAGR Nearly 21 million new camping households since 2014
Slide 12: Compelling Supply-Demand Fundamentals UK
Compelling Supply-Demand Fundamentals 12 UK Source: Company information, 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 additional information. Refer to information
Slide 13: Fortress, Investment Grade Balance Sheet
Unencumbered 79% Encumbered 21% Fortress, Investment Grade Balance Sheet 13 100% 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 14: Robust Sustainability Initiatives
Robust Sustainability Initiatives(1) 14 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 15: Appendix
Appendix 15SOUTHERN PALMS – LADSON, SC
Slide 16: Defined Non-GAAP Terms
Defined Non-GAAP Terms 16 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 17: Net Income / (Loss) to FFO Reconciliation
17Source: 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 18: Net Income / (Loss) to NOI Reconciliation
Net Income / (Loss) to NOI 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. Three Months Ended March 31, Year Ended December 31,
Slide 19: Net Income / (Loss) to Recurring EBITDA Reconciliation
Net Income / (Loss) to Recurring EBITDA 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. 2026 2025 2025 2024 2023 Net Income / (L