Slide 1: Acquisition of the American Land Lease Portfolio from Green Courte Partners
1 Blue Heron Pines – Punta Gorda, FL Lost Dutchman – Apache Junction, AZ Royal Palm Village – Haines City, FL July 30, 2014 Sun Communities, Inc. Acquisition of the American Land Lease Portfolio from Green Courte Partners
Slide 2: Disclaimer and forward-looking statements
1 This presentation has been prepared for informational purposes only from information supplied by Sun Communities, Inc. (the "Company") and from third-party sources indicated herein. Such third- party information has not been independently verified. The Company makes no representation or warranty,
Slide 3: Transaction Overview
2 Transaction Overview Transaction Acquisition of an irreplaceable portfolio (the American Land Lease or “ALL” portfolio)(1) of primarily age-restricted manufactured home communities from Green Courte Partners (“GCP”) sponsored funds 59 pure-play manufactured home communities 19,504 manufactur
Slide 4: A Compelling Investment Opportunity for SUI
3 A Compelling Investment Opportunity for SUI Riverside Club Gulfstream Harbor Desert Harbor Desert Harb r Unique opportunity to acquire one of the highest quality portfolios in the MH sector Increased scale and diversification Irreplaceable portfolio focused on attractive age-restricted segment Str
Slide 5: A Compelling Portfolio Opportunity
A Compelling Portfolio Opportunity Irreplaceable portfolio in high-barrier, sought after markets Large, well-located high-quality communities with attractive amenities Portfolio with potential for occupancy and rent growth Significant age-restricted nature of portfolio allows SUI to capture
Slide 6: Irreplaceable Portfolio with High-Quality Assets
Age- Restricted 73% All-Age 27% 5 Irreplaceable Portfolio with High-Quality Assets Source: Company as of 7/23/2014. 1) Excludes one additional property comprising 198 sites, which SUI has a contract to purchase for $15.8 million. Age-Restricted Properties 41 communities 14,245 sites All-Age Properti
Slide 7: Representative Properties of High-Quality Acquired Portfolio
6 Representative Properties of High-Quality Acquired Portfolio Savanna Club La Costa Village Property Highlights Irreplaceable property located approximately 5 miles northeast of Port St. Lucie, FL 5+ star, age-restricted community with resort- quality amenities including 18-hole golf course Pro
Slide 8: Representative Properties of High-Quality Acquired Portfolio
7 Representative Properties of High-Quality Acquired Portfolio Property Highlights Located in downtown Mesa, AZ, approximately 15 miles east of Phoenix, AZ Gated age-restricted community with mountain views and high-quality amenities Recent $1.7M clubhouse, entrance and park renovation Locatio
Slide 9: Pure-Play Portfolio of High-Quality Communities
8 Reserve at Fox Creek Bullhead City, AZ Gulfstream Harbor Orlando, FL Park Place Sebastian, FL Sunlake Estates Grand Island, FL Riverside Club Ruskin, FL Pure-Play Portfolio of High-Quality Communities Source: Company as of 7/23/2014.
Slide 10: Acquisition Increases SUI's Scale and Diversification
9 Acquisition Increases SUI’s Scale and Diversification Total Enterprise Value (1) $3.8 billion $1.3 billion $5.1 billion Number of Communities 186 (2) 59 (3) 245 Occupancy 92% (2) 90% (3) 91% Number of Sites 70,397 (2) 19,504 (3) 89,901 Avg. Monthly Rent / Site $444 (2) $454 (3) $446 Geographic Div
Slide 11: Strong Geographic Footprint and Overlap in Key Markets
10 Source: Company filings as of 6/30/2014, adjusted for four community dispositions subsequent to quarter end. Strong Geographic Footprint and Overlap in Key Markets SUI will strengthen its presence in key, high-barrier markets with this acquisition ALL Portfolio from Post-Acquisition ALL Propertie
Slide 12: Sources & Uses
11 Total Purchase Price: $1.32 billion Issuance by Sun Communities to GCP shareholders of: – 5.2 million SUI Common Stock / OP Units for approximately $262 million – $175 million Convertible Perpetual Preferred Stock / Convertible Perpetual Preferred OP Units with a dividend rate of 6.50% and a
Slide 13: Debt Structure and Debt Maturities Post-Acquisition
$27 $165 $379 $187 $416 $94 $71 $172 $139 $352 $313 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Thereafter SUI Debt Assumed ALL Mortgage Debt 12 Debt Structure and Debt Maturities Post-Acquisition Debt Maturity Schedule Assumption of approximately $560 million of fixed-rate, non-recourse mor
Slide 14: Earnings Accretion and Integration
13 Earnings Accretion and Integration Looking forward to the first year under SUI ownership and operation, SUI has underwritten the transaction at an estimated 6.0% cap rate based on projected Year 1 NOI and expects the acquisition to be approximately 5.0% - 8.0% accretive to 2015 FFO per share
Slide 15: Conclusion: A Compelling Investment Opportunity for SUI
14 Conclusion: A Compelling Investment Opportunity for SUI Desert Harbor Desert Har r Cypress Greens Fiesta Village Lamplighter Vizcaya Lakes Sun Valley Estates Unique opportunity to acquire one of the highest quality portfolios in the MH sector Increased scale and diversification Irreplaceable port