Slide 1: Sun Communities, Inc. Investor Presentation
February 2026 Sun Communities, Inc. (NYSE: SUI) Investor Presentation HIGHLAND GREENS ESTATES – HIGHLAND, MI
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: Company Highlights
Company Highlights Palos Verdes Shores MH & Golf Community – San Pedro, CA 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 FY25 Rental Reven
Slide 4: Largest Publicly-Traded Owner and Operator of MH and RV Communities
Largest Publicly-Traded Owner and Operator of MH and RV Communities ~179,000 sites across 513 communities(1) MH RV UK SYLVAN CROSSING – CHELSEA, MI JELLYSTONE PARKTM QUARRYVILLE – QUARRYVILLE, PA STOWFORD FARM MEADOWS – DEVON, UK 294 communities 166 communities 53 parks ~100,000 sites ~33,
Slide 5: 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 Real Property NOI(1) Total Portfolio NOI(1) (in mms) Rental Income Generates 92% of NOI Consolidated NOI for the year ending December 31, 2025 Home Sal
Slide 6: Robust Fundamentals Drive Performance
Robust Fundamentals Drive Performance Long Track Record of Strong MH / RV Growth Average MH Site Rental Rate Increases Average RV Site Rental Rate Increases 10-Year Actual Average Rental Rate Growth: 4.4% 10-Year Actual Average Rental Rate Growth: 5.6% CPI-U CPI-U 8.7% 7.6% 6.4% 5.5% 6.1% 6.0% 4.6%
Slide 7: 4Q25 and FY25 Performance and 2026 Guidance
4Q25 and FY25 Performance and 2026 Guidance 4Q25 & FY25 Performance Highlights 1Q26 and FY2026 Guidance $1.40 $6.68 $1.28 $6.93 4Q25 Core FFO per Share FY25 Core FFO per Share 1Q26E Core FFO per Share FY26E Core FFO per Share (Midpoint) (Midpoint) 7.9% 5.7% 4.5% 5.9% 4Q25 North America Same FY25 Nor
Slide 8: 2025 Transformational Accomplishments
2025 Transformational Accomplishments SAFE HARBOR MARINAS SALE $5.65bn sale price at 21x FFO MATERIAL DE-LEVERAGING Repaid ~$3.3bn of debt and eliminated floating rate debt exposure 3.4x Net debt/TTM EBITDA; upgraded to BBB+ (S&P) and Baa2 (Moody’s) STRATEGIC CAPITAL ALLOCATION Deployed ~$84
Slide 9: Core Pillars Supporting Sun's Long-Term Strategy
Core Pillars Supporting Sun’s Long-Term Strategy Thoughtful Continued Operating Strategic Capital Allocation Platform Optimization Investment Maintaining a strong and Driving greater consistency, Investing in people, flexible balance sheet while accountability, and efficiency communities, infrastruc
Slide 10: Sun's Consistent NOI Growth Track Record
Sun’s Consistent NOI Growth Track Record Resilient demand, high barriers to entry, and Sun’s platform have resulted in consistent and cycle tested organic NOI growth For over 25 years, every individual year or rolling 4-quarter period recorded positive same property NOI growth Since 2000, Sun’
Slide 11: Compelling Supply-Demand Fundamentals (MH)
Compelling Supply-Demand Fundamentals MH – North America Supply(1) INDEPENDENCE COMMONS – POTTERVILLE, MI Virtually no new supply U.S. Inventory Growth by Property Type 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Manufactured Housing Senior Housing Sto
Slide 12: Compelling Supply-Demand Fundamentals (RV)
Compelling Supply-Demand Fundamentals RV Installed base: ~8.1 million households own an RV versus ~1.7 million Annual Active Camping Households (in mms) RV campsites in the U.S. 5.1% CAGR 58 From 2008-2012, RV revenue for a portfolio of independent, single park 57 54 53 48 operators grew at a 4.
Slide 13: Compelling Supply-Demand Fundamentals (UK)
Compelling Supply-Demand Fundamentals UK Business Model Supply & Demand Strategically increasing real property NOI contribution Irreplaceable coastal ‘destination’ locations close to London Strong historical and expected income growth and other major cities 10-year average rental rate increase
Slide 14: Fortress, Investment Grade Balance Sheet
Fortress, Investment Grade Balance Sheet Upcoming Mortgage Maturities ($ in millions)(1)(2) Credit Statistics Rate Type(1) % of Total BBB+ 11.6% 0.0% 4.1% 7.3% $492 $311 $176 $0 100% fixed rate Baa2 2026 2027 2028 2029 Total Debt Outstanding ($ in millions)(2) Encumbrance(1) As of December 31, 2025
Slide 15: 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 Received Prime status rating by ISS ESG, placing
Slide 16: Appendix
Appendix OAKLANDS HOLIDAY PARK – ESSEX, UK 16
Slide 17: 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 Com
Slide 18: Net Income / (Loss) to FFO Reconciliation
Net Income / (Loss) to FFO Reconciliation Three Months Ended December 31, Year Ended December 31, (amounts in millions except per share data) 2025 2024 2025 2024 2023 Net Income / (Loss) Attributable to SUI Common Shareholders $ 121.9 $ (224.4) $ 1,361.2 $ 89.0 $ (213.3) Adjustments Depreciation and
Slide 19: Net Income / (Loss) to NOI Reconciliation
Net Income / (Loss) to NOI Reconciliation Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 2023 (amounts in millions) Net Income / (Loss) Attributable to SUI Common Shareholders $ 121.9 $ (224.4) $ 1,361.2 $ 89.0 $ (213.3) Interest income (10.3) (5.1) (48.5) (20.1) (44.8)
Slide 20: Net Income / (Loss) to Recurring EBITDA Reconciliation
Net Income / (Loss) to Recurring EBITDA Reconciliation Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 2023 (amounts in millions) Net Income / (Loss) Attributable to SUI Common Shareholders $ 121.9 $ (224.4) $ 1,361.2 $ 89.0 $ (213.3) Adjustments Depreciation and amortiza