Sun Communities, Inc. · NYSE:SUI
Sun Communities — Investor Presentation (December 2025)
19 slides from Sun Communities's investor presentation, Dec 1, 2025
Slide 1: Sun Communities, Inc. Investor Presentation
D ec em be r 2 02 5 ORANGE TREE VILLAGE – ORANGE CITY, FL 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: Sun Communities – Company Highlights
Sun Communities – Company Highlights 3 Robust Cash Flow Generation Leading Owner and Operator of Manufactured Housing (“MH”) and Recreational Vehicle (“RV”) Communities Compelling Supply-Demand Fundamentals Track Record of Strong NOI Growth Low-Levered, Investment Grade Balance Sheet Proven Operatio
Slide 4: Largest Publicly-Traded MH and RV Communities Owner and Operator
4 ~178,000 sites across ~515 communities(1) Largest Publicly-Traded MH and RV Communities Owner and Operator Source: Company information. Refer to Sun Communities, Inc. Supplemental for the quarter ended September 30, 2025, as well as Press Releases and SEC Filings after September 30, 2025, for ad
Slide 5: Resilient Real Property Operations Drive Growth
$721 $817 $921 $976 $1,015 $1,055 2020 2021 2022 2023 2024 2025E 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(1) Real Property NOI (in mms) Rental Income Generates 90% of NOI(1) Forecasted conso
Slide 6: Robust Fundamentals Drive Performance
3.1% 4.2% 5.4% 6.1% 5.4% 4.8% 7.6% 8.7% 6.0% 5.1% 4.0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q2025 2026E CPI-U 9.1% 7.1% 6.9% 6.7% 7.3% 4.0% 11.2% 5.4% 6.2% 3.7% 4.6% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Robust Fundamentals Drive Performance 6 Long Track Record of Strong G
Slide 7: 3Q Performance Update
7 3Q Performance Update Source: Company information. Refer to Sun Communities, Inc. Supplemental for the quarter ended September 30, 2025, as well as Press Releases and SEC Filings after September 30, 2025, for additional information. Refer to information regarding non-GAAP financial measures in the
Slide 8: Executing on Strategic Initiatives
51 2 3 4 Executing on Strategic Initiatives 8 • Sold Safe Harbor for $5.65 bn/ ~21x FFO • Disposed of ~$724M of non- strategic assets at blended cap rate of ~5.2% and ~$200mm of land from Jan 2023 through Oct 2025 • Exited non-core investments: ownership position in Ingenia, Blue Water JV (exit/rest
Slide 9: Sun's NOI Growth Track Record
Sun’s NOI Growth Track Record 9 Multifamily REITsSun Communities Resilient demand, high barriers to entry, and Sun’s platform have resulted in consistent and cycle tested organic NOI growth For ~20 years, every individual year or rolling 4-quarter period recorded positive same property NOI growt
Slide 10: Compelling Supply-Demand Fundamentals MH – North America
Compelling Supply-Demand Fundamentals 10 MH – North America Source: Company information, U.S. Bureau of Labor Statistics., Wall Street Research and Zillow. Refer to Sun Communities, Inc. Supplemental for the quarter ended September 30, 2025, as well as Press Releases and SEC Filings after September
Slide 11: Compelling Supply-Demand Fundamentals RV
Compelling Supply-Demand Fundamentals 11 RV Continued Demand for Affordable Vacationing Despite Declining RV Sales Growth in annual RV shipments and historical RV revenue growth Installed base: 8.1 million households own an RV versus 1.7 million RV campsites in the U.S. From 2008-2012, RV revenu
Slide 12: Compelling Supply-Demand Fundamentals UK
Compelling Supply-Demand Fundamentals 12 UK Source: Company information, Wall Street Research and Zillow. Refer to Sun Communities, Inc. Supplemental for the quarter ended September 30, 2025, as well as Press Releases and SEC Filings after September 30, 2025, for additional information. Refer to inf
Slide 13: Fortress, Investment Grade Balance Sheet
Unencumbered 80% Encumbered 20% Fortress, Investment Grade Balance Sheet (as of 9/30/2025) 13 100% fixed rate 0% variable rate Credit Statistics Rate Type(1) Upcoming Mortgage Maturities ($ in millions)(1)(2) 0.0% 11.5% 0.0% 4.1% % of Total Encumbrance(1) Gross Asset Value 69.5% NOI Unencumbered(3)
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 “C,” Prime status ratin
Slide 15: Appendix
Appendix 15PAR SANDS – CORNWALL, UK
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
17 Source: Company information. Refer to Sun Communities, Inc. Supplemental for the quarter ended September 30, 2025, as well as Press Releases and SEC Filings after September 30, 2025, for additional information. Net Income / (Loss) to FFO Reconciliation (amounts in millions except per share data)
Slide 18: Net Income / (Loss) to NOI Reconciliation
September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 December 31, 2024 December 31, 2023 Net Income / (Loss) Attributable to SUI Common Shareholders 8.5$ 288.7$ 1,239.3$ 313.4$ 89.0$ (213.3)$ Interest income (17.3) (5.3) (38.2) (15.0) (20.1) (44.8) Brokerage commissions and ot
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 September 30, 2025, as well as Press Releases and SEC Filings after September 30, 2025, for additional information. (amounts in millions) September
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