Sun Communities, Inc. · NYSE:SUI
Sun Communities — Investor Presentation (September 2025)
18 slides from Sun Communities's investor presentation, Sep 3, 2025
Slide 1: Sun Communities, Inc. Investor Presentation
Se pt em be r 2 02 5 WAVERLY SHORES VILLAGE – HOLLAND, MI 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 3Source: Company information. Refer to Sun Communities, Inc. Supplemental for the quarter ended June 30, 2025, as well as Press Releases and SEC Filings after June 30, 2025, for additional information. Refer to information regarding non-GAAP financial measures in
Slide 4: ~175,000 sites across ~500 communities
4 ~175,000 sites across ~500 communities Largest Publicly-Traded MH and RV Communities Owner and Operator Source: Company information. Refer to Sun Communities, Inc. Supplemental for the quarter ended June 30, 2025, as well as Press Releases and SEC Filings after June 30, 2025, for additional info
Slide 5: Resilient Real Property Operations Drive Growth
$721 $817 $921 $976 $1,015 $1,050 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
9.1% 7.1% 6.9% 6.7% 7.3% 4.0% 11.2% 5.4% 6.2% 3.7% 3.9% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2.9% 3.1% 4.2% 5.4% 6.1% 5.4% 4.8% 7.6% 8.7% 6.0% 5.1% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E CPI-U Robust Fundamentals Drive Performance 6 Long Track Record of Strong Gro
Slide 7: 2Q Performance and Business Update
2Q Performance and Business Update 7Source: Company information. Refer to Sun Communities, Inc. Supplemental for the quarter ended June 30, 2025, as well as Press Releases and SEC Filings after June 30, 2025, for additional information. Refer to information regarding non-GAAP financial measures in t
Slide 8: Sun's NOI Growth Track Record
Sun’s NOI Growth Track Record 8 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 grow
Slide 9: Compelling Supply-Demand Fundamentals MH – North America
Compelling Supply-Demand Fundamentals 9 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 June 30, 2025, as well as Press Releases and SEC Filings after June 30, 2025, f
Slide 10: Compelling Supply-Demand Fundamentals RV
Compelling Supply-Demand Fundamentals 10 RV Continued Demand for Affordable Vacationing Despite Declining RV Sales Growth in annual RV shipments and historical RV revenue growth Installed base: 11.2 million households own an RV versus 1.7 million RV campsites in the U.S. From 2008-2012, RV reven
Slide 11: Compelling Supply-Demand Fundamentals UK
Compelling Supply-Demand Fundamentals 11 UK Source: Company information, Wall Street Research and Zillow. Refer to Sun Communities, Inc. Supplemental for the quarter ended June 30, 2025, as well as Press Releases and SEC Filings after June 30, 2025, for additional information. Refer to information r
Slide 12: Investment Grade Balance Sheet (as of 6/30/2025)
Unencumbered 81% Encumbered 19% Investment Grade Balance Sheet (as of 6/30/2025) 12 100% 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 71% NOI Unencumbered(3) Total Debt O
Slide 13: Robust Sustainability Initiatives
Robust Sustainability Initiatives(1) 13 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 Social Internal Training Program O
Slide 14: Appendix
Appendix 14MALVERN VIEW – HEREFORDSHIRE, UK
Slide 15: Defined Non-GAAP Terms
Defined Non-GAAP Terms 15 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 C
Slide 16: Non-GAAP Reconciliation: FFO
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 December 31, 2024 December 31, 2023 Net Income / (Loss) Attributable to SUI Common Shareholders 1,273.6$ 52.1$ 1,230.8$ 24.7$ 89.0$ (213.3)$ Adjustments Depreciation and amortization - continuing operations 126.3 122.4 248.9 242.6 487.3 491.3 D
Slide 17: Non-GAAP Reconciliation: EBITDA and NOI
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 December 31, 2024 December 31, 2023 Net Income / (Loss) Attributable to SUI Common Shareholders 1,273.6$ 52.1$ 1,230.8$ 24.7$ 89.0$ (213.3)$ Interest income (16.5) (5.2) (20.9) (9.7) (20.1) (44.8) Brokerage commissions and other revenues, net (
Slide 18: Non-GAAP Reconciliation: Core FFO
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 December 31, 2024 December 31, 2023 Net Income / (Loss) Attributable to SUI Common Shareholders 1,273.6$ 52.1$ 1,230.8$ 24.7$ 89.0$ (213.3)$ Adjustments Depreciation and amortization - continuing operations 127.4 123.0 251.1 244.0 490.5 494.1 D
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