Sun Communities, Inc. · NYSE:SUI
Sun Communities — Investor Presentation (September 2026)
25 slides from Sun Communities's investor presentation, Sep 9, 2026
Slide 1: Sun Communities, Inc. Investor Presentation
Se pt em be r 2 02 6 FOREST SPRINGS – GRASS VALLEY, 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 Largest Pure-Play Owner and Operator of Manufactured Housing ("MH") and Recreational Vehicle ("RV") Communities in North America High-Quality Portfolio of Attainable Residential and Affordable Destination Communities Durable, Recurring Cash Flows Supported by Long-Term Resident Tenure and High Occ
Slide 4: Sun at a Glance
Sun at a Glance 4 Strategic Focus High Quality Earnings Profile Financial Flexibility Manufactured Housing (295 Properties) RV Communities (160 Properties) $19.1B Total Enterprise Value(1) Dividend Yield (2) 30+ YEAR PUBLIC COMPANY TRACK RECORD PortfolioDetail (1) (by Property Count) ~75% Leverage 2
Slide 5: Well-Located, Scaled, National MH / RV Footprint
Well-Located, Scaled, National MH / RV Footprint Current Portfolio As of June 30, 2026 156,000+ sites across 455 communities in North America(1) 47,223 34,931 8,757 10,737 2,010 2,040 1,717 5,003 3,869 1,365 2,614 1,270 1,573 771 71 324 969 3,812 325 264 315 155 497 314 3,221 1,534 3,236 1,417 2,6
Slide 6: Compelling Supply-Demand Fundamentals
Compelling Supply-Demand Fundamentals 6 MH & RV: Affordability-driven sectors converging around the same demographic and supply tailwinds Demographic Tailwinds 60% of MH homeowners are 55+; ~29% are 35-54(1) Both cohorts projected to grow 6.6%-9.2% over next decade, outpacing the 20-34 age group
Slide 7: MH: Affordable Housing Solution
MH: Affordable Housing Solution 7 Sticky demand + structural undersupply = recurring, resilient cash flow through every economic cycle Source: Company information, U.S. Bureau of Labor Statistics, Wall Street Research, MHInsider, Mizuho Research, and Zillow. Refer to Sun Communities, Inc. Supplement
Slide 8: RV: Large, Resilient Category Underpinned by Durable Demand
RV: Large, Resilient Category Underpinned by Durable Demand 8 Structural demand base remains robust and continues to grow Source: Company information, KOA, and RVIA. Refer to Sun Communities, Inc. Supplemental for the quarter ended June 30, 2026, as well as Press Releases and SEC Filings after June
Slide 9: Robust Fundamentals Drive Performance
4.2% 5.4% 6.1% 5.4% 4.8% 7.6% 8.7% 6.0% 4.6% 4.0% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E CPI-U 6.7% 7.3% 4.0% 11.2% 5.4% 6.2% 3.7% 5.7% 4.5% 2018 2019 2020 2021 2022 2023 2024 2025 2026E Robust Fundamentals Drive Performance 9 Long Track Record of Strong NOI Growth Average MH Site Rental
Slide 10: Generator of Consistent NOI Growth
Generator of Consistent NOI Growth 10 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 proper
Slide 11: Core Pillars Support Sun's Strategy
11 11 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, flexible balance sheet to
Slide 12: A Transformed Sun, Positioned to Execute
A Transformed Sun, Positioned to Execute Source: Company information. Refer to Sun Communities, Inc. Supplemental for the quarter ended June 30, 2026, as well as Press Releases and SEC Filings after June 30, 2026, for additional information. Refer to information regarding non-GAAP financial measures
Slide 13: "Pure Play" MH and RV Platform Positioned to Deliver Consistent Earnings Growth
MH & RV 68%(1) Other 32%(2) MH & RV 89% Other 11% 13 2024 — 68% MH & RV Post-Marina Sale — 89% Post-UK Sale — 100% NOI Contribution by Segment MH & RV 100% “Pure Play” MH and RV Platform Positioned to Deliver Consistent Earnings Growth 100% of NOI from MH and RV segments, versus 68% two years ago ~9
Slide 14: Credit Statistics and Debt Maturities
Unencumbered 79% Encumbered 21% 14 100% fixed rate Credit Statistics Rate Type(1) Upcoming Mortgage Maturities ($ in mms)(1)(2) 7.7% 0.0% 4.3% % of Total Encumbrance(1) Gross Asset Value 73% of NOI Unencumbered(3) Total Debt Outstanding ($ in mms)(2) $314 $0 $176 $311 2026 2027 2028 2029 As of June
Slide 15: 2Q26 & YTD Highlights and Guidance
15Source: Company information. Refer to Sun Communities, Inc. Supplemental for the quarter ended June 30, 2026, as well as Press Releases and SEC Filings after June 30, 2026, for additional information. Refer to information regarding non-GAAP financial measures in the attached Appendix. Note: With r
Slide 16: Technology and Data Investment Enhancing Operating Results
Source: Company information. Refer to Sun Communities, Inc. Supplemental for the quarter ended June 30, 2026, as well as Press Releases and SEC Filings after June 30, 2026, for additional information. Refer to information regarding non-GAAP financial measures in the attached Appendix. Note: With res
Slide 17: Capital Allocation: Proceeds from Strategic Re-Alignment
Source: Company information. Refer to Sun Communities, Inc. Supplemental for the quarter ended June 30, 2026, as well as Press Releases and SEC Filings after June 30, 2026, for additional information. Refer to information regarding non-GAAP financial measures in the attached Appendix. Note: With res
Slide 18: Acquisition Approach and Areas of Focus
~50 bps Current run-rate Year 1 annual yield improvement on acquired communities Acquisition Approach • MH / annual RV focused, concentrated within the existing Sun footprint • Acquired communities paired with established operating clusters creating efficiencies from day one through districting, pro
Slide 19: Robust Sustainability Initiatives
Robust Sustainability Initiatives(1) 19 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 20: Appendix
Appendix 20SUN OUTDOORS MYRTLE BEACH – MYRTLE BEACH, SC
Slide 21: Defined Non-GAAP Terms
Defined Non-GAAP Terms 21 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 22: Net Income / (Loss) to FFO Reconciliation
22Source: Company information. Refer to Sun Communities, Inc. Supplemental for the quarter ended June 30, 2026, as well as Press Releases and SEC Filings after June 30, 2026, for additional information. Net Income / (Loss) to FFO Reconciliation (amounts in millions except per share data)
Slide 23: Net Income / (Loss) to NOI Reconciliation
Net Income / (Loss) to NOI Reconciliation 23Source: Company information. Refer to Sun Communities, Inc. Supplemental for the quarter ended June 30, 2026, as well as Press Releases and SEC Filings after June 30, 2026, for additional information. (amounts in millions)
Slide 24: Net Income / (Loss) to Recurring EBITDA Reconciliation
Net Income / (Loss) to Recurring EBITDA Reconciliation 24Source: Company information. Refer to Sun Communities, Inc. Supplemental for the quarter ended June 30, 2026, as well as Press Releases and SEC Filings after June 30, 2026, for additional information. (amounts in millions)
Slide 25: Net Debt
Net Debt 25Source: Company information. Refer to Sun Communities, Inc. Supplemental for the quarter ended June 30, 2026, as well as Press Releases and SEC Filings after June 30, 2026, for additional information. (amounts in millions)
Sun Communities — Investor Presentation (September 2026) on 6ix