Slide 1: Sun Communities, Inc. (NYSE: SUI) Investor Presentation
June 2025 Sun Communities, Inc. (NYSE: SUI) Investor Presentation CHERRYWOOD – CLINTON, NY
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements 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-par
Slide 3: Sun Communities – Company Highlights
Sun Communities – Company Highlights MOUNTAIN VIEW – MESA, AZ Leading Owner and Operator of Manufactured Housing (“MH”) and Recreational Vehicle (“RV”) Communities Robust Cash Flow Generation Compelling Supply-Demand Fundamentals 2025E Rental Revenue Breakdown(1) Long-Term NOI Growth Track Record MH
Slide 4: Largest Publicly-Traded MH and RV Communities Owner and Operator
Largest Publicly-Traded MH and RV Communities Owner and Operator ~175,000 sites across ~500 communities MH RV UK 284 high-quality age-restricted 165 communities in highly 53 holiday parks with 18K and all-age communities with desirable destinations; with 32K annual sites and 4K transient 97K sites
Slide 5: Compelling Strategic Rationale for Safe Harbor Marina Sale
Compelling Strategic Rationale for Safe Harbor Marina Sale Simplifies Business MH / RV contributes ~90% of post-transaction NOI Strategy “Pure Play” MH and RV owner and operator Significantly Strong, low-levered balance sheet Improves Financial & Manage leverage in a range of 3.5x to 4.5x on
Slide 6: Resilient Real Property Operations Drive Growth
Resilient Real Property Operations Drive Growth Real Property NOI is the primary driver of results, with MH accounting for ~65% of Real Property NOI(1) MH, RV & UK Real Property NOI Rental Income Generates 90% of NOI(1) (in mms) Forecasted consolidated NOI for the year ending December 31, 2025 Home
Slide 7: Robust Fundamentals Continue to Drive Performance
Robust Fundamentals Continue to Drive Performance Long Track Record of Strong Growth MH Average Rental Rate Increases RV Average Rental Rate Increases 10-Year Actual Average Rental Rate Growth: 4.2% 10-Year Actual Average Rental Rate Growth: 5.4% CPI-U CPI-U 8.7% 6.4% 7.6% 5.5% 6.1% 6.0% 4.6% 5.2% 5
Slide 8: 1Q Performance and Business Update
LA COSTA VILLAGE – PORT ORANGE, FL 1Q Performance and Business Update • 1Q25 Results: Core FFO per share of $1.26; Same Property NOI +4.6% in North America • Updated Guidance: Projecting 2025 Same Property NOI growth of 3.5% - 5.2% in North America; FY25 Core FFO guidance of $6.43 to $6.63 per share
Slide 9: Compelling Supply-Demand Fundamentals – Manufactured Housing
Compelling Supply-Demand Fundamentals Manufactured Housing (MH) – North America Supply(1) OAK CREST – AUSTIN, TX Virtually no new supply has been added for years 6% US Inventory Growth by Property Type 4% 2% 0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Manufactured Housing Office Retail Mu
Slide 10: Compelling Supply-Demand Fundamentals – RV
Compelling Supply-Demand Fundamentals RV Continued Demand for Affordable Vacationing Despite Annual Active Camping Households Declining RV Sales (in mms) Growth in annual RV shipments and historical RV revenue growth 5.9% CAGR 46.2% 57 58 54 13.2% 48 4.8% 0.8% 6.6% 4.2% 5.4% 4.9% 42 37 39 39 35 32 -
Slide 11: Compelling Supply-Demand Fundamentals – UK
Compelling Supply-Demand Fundamentals UK Business Model Supply & Demand Strategic goal of increasing real property NOI contribution Irreplaceable coastal ‘destination’ locations close to London Strong historical and expected income growth and other major cities 10-year average rental rate incr
Slide 12: Sun’s NOI Growth Track Record
Sun’s NOI Growth Track Record 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 growth Since 2000, Sun’s average annu
Slide 13: 2025E MH / RV Same Property Operating Expense Breakdown
2025E MH / RV Same Property Operating Expense Breakdown Legal, Local Taxes & Insurance Payroll & 9% Benefits Utilities 15% 30% SKY HARBOR – CHEEKTOWAGA, NY Supplies & Repair 16% Real Estate Taxes Other 20% 10% SUN OUTDOORS ROCKY MOUNTAINS – GRANBY, CO Source: Company information. Refer to Sun Commun
Slide 14: Robust Sustainability Initiatives
Robust Sustainability Initiatives(1) 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 Environmental Social Governance On-site renewable e
Slide 15: Appendix
Appendix STEEPLE BAY HOLIDAY PARK – ESSEX, UK 15
Slide 16: Defined Non-GAAP Terms
Defined Non-GAAP Terms 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 Comp
Slide 17: Net Income to FFO Reconciliation
Net Income to FFO Reconciliation Three Months Ended Year Ended March 31, 2025 March 31, 2024 December 31, 2024 December 31, 2023 December 31, 2022 (amounts in millions except per share data) Net Income / (Loss) Attributable to SUI Common Shareholders $ (42.8) $ (27.4) $ 89.0 $ (213.3) $ 242.0 Adjust
Slide 18: Net Income to NOI Reconciliation
Net Income to NOI Reconciliation Three Months Ended Year Ended March 31, 2025 March 31, 2024 December 31, 2024 December 31, 2023 December 31, 2022 (amounts in millions) Net Income / (Loss) Attributable to SUI Common Shareholders $ (42.8) $ (27.4) $ 89.0 $ (213.3) $ 242.0 Interest income (4.4) (4.5)
Slide 19: Net Income to Recurring EBITDA Reconciliation
Net Income to Recurring EBITDA Reconciliation Three Months Ended Year Ended (amounts in millions) March 31, 2025 March 31, 2024 December 31, 2024 December 31, 2023 December 31, 2022 Net Income / (Loss) Attributable to SUI Common Shareholders $ (42.8) $ (27.4) $ 89.0 $ (213.3) $ 242.0 Adjustments Dep