Sun Communities : Supplemental Data March 31, 2023

Sun Communities, Inc.

Earnings Press Release & Supplemental Operating and Financial Data

For the Quarters Ended March 31, 2023 and 2022

Earnings Press Release and Guidance	Page
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Overview
Company Overview and Investor Information	1
Financial and Operating Highlights	2
Portfolio Overview	3
Financial Statements and Reconciliations to Non-GAAP Financial Measures
Consolidated Balance Sheets	4
Consolidated Statements of Operations	5
Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO	6
Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to NOI	7
Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Recurring EBITDA	8
Supplemental Disclosure
Real Property Operations - Total Portfolio	9
Real Property Operations - Same Property Portfolio	10
Other Operating Information
Home Sales Summary	12
Operating Statistics for MH and Annual RVs (excluding UK Operations)	12
Investment Activity
Acquisitions	13
Capital Expenditures and Investments	14
Capitalization
Capitalization Overview	15
Summary of Outstanding Debt	16
Debt Analysis	17
Definitions and Notes
Define and provide additional notes related to Non-GAAP financial measures and other capitalized terms	18

Sun Communities, Inc.

Earnings Press Release & Supplemental Operating and Financial Data

For the Quarters Ended March 31, 2023 and 2022

Forward-Looking Statements:

This supplemental package contains various "forward-looking statements" within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Sun Communities, Inc. (the "Company") intends that such forward- looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this document that relate to expectations, beliefs, projections, future plans and strategies, trends or prospective events or developments and similar expressions concerning matters that are not historical facts are deemed to be forward-looking statements. Words such as "forecasts," "intends," "intend," "intended," "goal," "estimate," "estimates," "expects," "expect," "expected," "project," "projected," "projections," "plans," "predicts," "potential," "seeks," "anticipates," "anticipated," "should," "could," "may," "will," "designed to," "foreseeable future," "believe," "believes," "scheduled," "guidance," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements reflect the Company's current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this document some of which are beyond the Company's control. These risks and uncertainties may cause the Company's actual results to be materially different from any future results expressed or implied by such forward-looking statements. In addition to the risks described under "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 and in the Company's other filings with the Securities and Exchange Commission from time to time, such risks, uncertainties and other factors include those described under the heading "Cautionary Statement Regarding Forward-Looking Statements" in the accompanying press release.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements included or incorporated by reference into this document, whether as a result of new information, future events, changes in the Company's expectations or otherwise, except as required by law.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. All written and oral forward-looking statements attributable to the Company or persons acting on the Company's behalf are qualified in their entirety by these cautionary statements.

Note on Non-GAAP Measures:

This document includes information regarding various non-GAAP supplemental performance measures, including funds from operations ("FFO"), Core FFO, net operating income ("NOI"), earnings before interest, tax, depreciation and amortization ("EBITDA") and Recurring EBITDA. For information on these non-GAAP measures, please refer to "Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to FFO", "Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to NOI", "Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Recurring EBITDA", and "Definitions and Notes."

EARNINGS PRESS RELEASE

April 26, 2023

Sun Communities, Inc. Reports 2023 First Quarter Results

Real Property Revenue Increased 13.8%, Year-over-Year

Net Loss per Diluted Share of $0.24

Core FFO per Share of $1.23 Exceeded Midpoint of Guidance by 4.7%

Total Same Property NOI Grew 6.7%, Exceeding Internal Expectations

Strong Demand and Effective Expense Management Drove Outperformance

Same Property Adjusted Occupancy for MH and RV Increased 190 Basis Points, Year-over-Year

Solid Transient-to-Annual RV Conversions of 524 Sites

Reiterating Full-Year Core FFO per Share Guidance for 2023 of $7.22 - $7.42

Expecting Total Same Property NOI Growth of 5.0% - 6.0%

Southfield, Michigan, April 26, 2023 - Sun Communities, Inc. (NYSE: SUI) (the "Company" or "SUI"), a real estate investment trust ("REIT") that owns and operates, or has an interest in, manufactured housing ("MH") and recreational vehicle ("RV") communities and marinas (collectively, the "properties"), today reported its first quarter results for 2023.

Financial Results for the Quarter Ended March 31, 2023

• For the quarter ended March 31, 2023, net loss attributable to common shareholders was $30.1 million, or $0.24 per diluted share, compared to net income attributable to common shareholders of $0.7 million, or $0.01 per diluted share, for the same period in 2022.

Non-GAAP Financial Measures

• Core Funds from Operations ("Core FFO") for the quarter ended March 31, 2023, was $1.23 per common share and dilutive convertible securities ("Share"), as compared to $1.34 for the same period in 2022.
• Same Property Net Operating Income ("NOI") increased by 6.7% for the quarter ended March 31, 2023, as compared to the corresponding period in 2022.

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"We are pleased with the start to the year, delivering first quarter results which exceeded our expectations. The sustained demand for manufactured housing, RV vacationing and marinas is evident in the 6.7% same property NOI growth in the quarter," said Gary A. Shiffman, Chairman, President and CEO. "During the quarter, we added over 800 revenue producing sites across our manufactured home and RV communities and delivered over 330 development and expansion sites. We also further enhanced our balance sheet by raising nearly $600 million of long-term, fixed rate debt, the proceeds from which we used to pay down variable rate borrowings. We remain focused on building a stream of long-term, durable revenue and are optimistic in our outlook for 2023."

OPERATING HIGHLIGHTS

North America Portfolio Occupancy

• Total MH and annual RV occupancy was 96.9% at March 31, 2023, as compared to 97.5% at March 31, 2022.
• During the quarter ended March 31, 2023, the number of MH and annual RV revenue producing sites increased by 802 sites, as compared to an increase of 670 sites during the corresponding period in 2022, a 19.7% increase.
• Transient-to-annualRV site conversions totaled 524 sites during the first quarter of 2023 and account for 65.3% of the revenue producing site gains.

Same Property Results

For the properties owned and operated by the Company since at least January 1, 2022, the following table reflects the percentage changes, by segment and in total, for the quarter ended March 31, 2023:

	Quarter Ended March 31, 2023
	MH		RV		Marina			Total
Revenue	6.4 %	6.2 %	10.9 %			7.2 %
Expense	10.4 %	8.1 %	4.3 %			8.2 %
NOI	5.0 %	4.4 %	15.1 %			6.7 %
Number of Properties	289	161	119			569

Same Property adjusted blended occupancy for MH and RV increased to 98.6% at March 31, 2023, from 96.7% at March 31, 2022, an increase of 190 basis points.

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