Sun Communities : Supplemental Data March 31, 2024

Sun Communities, Inc.

Earnings Press Release & Supplemental Operating and Financial Data

For the Quarters Ended March 31, 2024 and 2023

Forward-Looking Statements	Page
i
Earnings Press Release and Guidance	ii
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 Loss Attributable to SUI Common Shareholders to Core FFO	6
Reconciliation of Net Loss Attributable to SUI Common Shareholders to NOI	7
Reconciliation of Net Loss Attributable to SUI Common Shareholders to Recurring EBITDA	8
Supplemental Disclosure
Real Property Operations - Total Portfolio	9
Real Property Operations - North America Same Property Portfolio	10
Real Property Operations - UK Same Property Portfolio	12
Other Operating Information
Home Sales Summary	13
Operating Statistics for MH and Annual RVs	13
Investment Activity
Acquisitions and Dispositions	14
Capital Expenditures and Investments	15
Capitalization
Capitalization Overview	16
Summary of Outstanding Debt	17
Debt Maturities	18
Debt Analysis	19
Definitions and Notes
Define and provide additional notes related to Non-GAAP financial measures and other capitalized terms	20

Sun Communities, Inc.

Earnings Press Release & Supplemental Operating and Financial Data

For the Quarters Ended March 31, 2024 and 2023

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, 2023 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 Loss Attributable to SUI Common Shareholders to Core FFO," "Reconciliation of Net Loss Attributable to SUI Common Shareholders to NOI," "Reconciliation of Net Loss Attributable to SUI Common Shareholders to Recurring EBITDA" and "Definitions and Notes."

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EARNINGS PRESS RELEASE

April 29, 2024

Sun Communities, Inc. Reports 2024 First Quarter Results

Total Revenue Increased by 3.1%

Net Loss per Diluted Share of $0.22

Core FFO per Share of $1.19

Total North America Same Property NOI Increased by 7.9%

North America Same Property Adjusted Blended Occupancy for MH and RV

Increased by 180 Basis Points, Year-over-Year

Revenue Producing Site Gains of 233, Including 176 Transient-to-Annual RV Site Conversions

Full-Year Core FFO per Share Guidance for 2024 of $7.06 - $7.22

Guidance Range for Full-Year North America Same Property NOI Growth of 4.6% - 5.8%

Southfield, Michigan, April 29, 2024 - 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, marinas, and communities in the United Kingdom ("UK") (collectively, the "properties"), today reported its first quarter results for 2024.

Financial Results for the Quarter Ended March 31, 2024

• For the quarter ended March 31, 2024, net loss attributable to common shareholders was $27.4 million, or $0.22 per diluted share, compared to net loss attributable to common shareholders of $44.9 million, or $0.36 per diluted share for the same period in 2023.

Non-GAAP Financial Measures

• Core Funds from Operations ("Core FFO") for the quarter ended March 31, 2024, was $1.19 per common share and dilutive convertible securities ("Share"), as compared to $1.23 for the same period in 2023.

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• Same Property Net Operating Income ("NOI")
• • North American, Same Property NOI increased by 7.9% for the quarter ended March 31, 2024, as compared to the corresponding period in 2023.
  • UK Same Property NOI increased $3.3 million, or 44.5%, for the quarter ended March 31, 2024, as compared to the corresponding period in 2023.

"The first quarter results demonstrated a strong start to the year as we achieved solid same property NOI growth in the quarter, showcasing the resiliency of our portfolio," said Gary A. Shiffman, Chairman, President and CEO. "Our performance highlights the quality of the portfolio and the favorable fundamentals underpinning our asset classes, driven by consistent demand in a supply constrained environment. We are intently focused on realizing the dependable growth embedded in our portfolio and confident that we are positioned to drive reliable earnings growth and value creation over the long-term."

OPERATING HIGHLIGHTS

North America Portfolio Occupancy

• MH and annual RV sites were 97.5% occupied at March 31, 2024, as compared to 96.9% at March 31, 2023.
• Transient-to-annualRV site conversions totaled 176 sites during the first quarter of 2024 and accounted for 75.5% of revenue producing site gains.

Same Property Results

For the properties owned and operated by the Company since at least January 1, 2023, the following table reflects the percentage changes for the quarter ended March 31, 2024:

			Quarter Ended March 31, 2024
			North America
	MH		RV		Marina		Total		UK
Revenue	6.8 %	3.1 %	7.1 %	6.0 %	12.3 %
Expense	3.4 %	(1.8)%	6.5 %	2.2 %	(1.7)%
NOI	8.0 %	8.1 %	7.5 %	7.9 %	44.5 %
Number of Properties	291	165	127	583	53

Same Property adjusted blended occupancy for MH and RV increased by 180 basis points to 98.9% at March 31, 2024, from 97.1% at March 31, 2023.

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INVESTMENT ACTIVITY

During the quarter ended March 31, 2024, the Company:

• Sold two operating communities located in Florida and Arizona with 533 developed sites in aggregate for total cash consideration of approximately $51.7 million. The gain from the sale of the properties was $6.2 million.
• Expanded one existing community by approximately 30 sites and delivered 70 sites at one ground-up development property.
• Acquired two land parcels located in the U.S. for an aggregate purchase price of $12.9 million. In conjunction with one of the acquisitions, the Company issued 4,452 common OP units valued at $0.6 million.

Subsequent to the quarter, the Company acquired three marina properties for total consideration of $12.0 million. In conjunction with one of the acquisitions, the Company issued 19,326 common OP units valued at $2.5 million.

BALANCE SHEET, CAPITAL MARKETS ACTIVITY AND OTHER ITEMS

As of March 31, 2024, the Company had $7.9 billion in debt outstanding with a weighted average interest rate of 4.2% and a weighted average maturity of 6.8 years. At March 31, 2024, the Company's net debt to trailing twelve-month Recurring EBITDA ratio was 6.1 times.

During the quarter, the Company:

• Issued $500.0 million of senior unsecured notes with an interest rate of 5.5%, due January 15, 2029, and received net proceeds of $495.4 million, after deducting underwriters' discounts and estimated offering expenses. The majority of the net proceeds were used to reduce floating-rate debt.

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2024 GUIDANCE

The Company is updating full year, and establishing second quarter, 2024 guidance for diluted EPS and Core FFO per Share as follows:

			Full Year Ending December 31, 2024			Second Quarter
			Prior FY Guidance			Revised FY Range		Ending June 30, 2024
Reconciliation of Diluted EPS to Core FFO per Share		Low			High			Low			High			Low			High
Diluted EPS	$	2.08	$	2.28	$	1.89	$	2.05	$	0.61	$	0.69
Depreciation and amortization		5.35			5.35			5.45			5.45			1.33			1.33
Gain on sale of assets		(0.30)			(0.30)			(0.34)			(0.34)			(0.10)			(0.10)
Distributions on preferred OP units		0.10			0.10			0.10			0.10			0.02			0.02
Noncontrolling interest		0.10			0.10			0.09			0.09			0.03			0.03
Transaction costs and other non-recurring G&A		0.07			0.07			0.14			0.14			0.02			0.02
expenses
Deferred tax benefit		(0.18)			(0.18)			(0.18)			(0.18)			(0.05)			(0.05)
Difference in weighted average share count attributed		(0.11)			(0.11)			(0.09)			(0.09)			(0.03)			(0.03)
to dilutive convertible securities
Other adjustments(a)			(0.07)			(0.07)			-			-			-			-
Core FFO(b)(c) per Share		$	7.04	$	7.24	$	7.06	$	7.22	$	1.83	$	1.91

1. Other adjustments consist primarily of remeasurement (gains) / losses, contingent legal and insurance gains and other items presented in the table that reconciles Net loss attributable to SUI common shareholders to Core FFO on page 6.
2. The diluted share counts for the quarter ending June 30, 2024 and the year ending December 31, 2024 are estimated to be 129.6 million.
3. The Company's updated guidance translates forecasted results from operations in the UK using the relevant exchange rate in effect provided in the table presented below. The impact of fluctuations in Canadian and Australian foreign currency rates on revised and initial guidance are not material.

Exchange Rates in Effect at:		December 31, 2023		March 31, 2024
U.S. Dollar ("USD") / Pound Sterling ("GBP")	1.27	1.26
USD / Canadian Dollar ("CAD")	0.75	0.74
USD / Australian Dollar ("AUS")	0.68	0.65

The Company's updated guidance for the full year ending December 31, 2024 is reflected below. Note that certain prior period amounts have been reclassified to conform with current period presentation, with no effect on net income / (loss) and Core FFO. The reclassifications more precisely align certain indirect expenses with underlying activity drivers.

					Expected Change in 2024
Same Property Portfolio (in millions and %)(a)		FY 2023 Actual Results	Prior FY Range		April 29, 2024 Update
North America
Revenues from real property	$1,734.6		6.4%	- 6.8%	5.4%	- 5.8%
Total property operating expenses	$582.3		8.1%	- 9.1%	6.0%	- 7.0%
Total North America Same Property NOI(b)(c)		$1,152.3		5.0%	- 6.2%		4.6%	- 5.8%
MH NOI (291 properties)	$607.9		6.0%	- 7.0%	6.2%	- 7.1%
RV NOI (165 properties)	$291.7		2.1%	- 3.5%	(0.3)% - 1.3%
Marina NOI (127 properties)	$252.7		6.1%	- 7.5%	6.4%	- 7.6%
UK (53 properties)
Revenues from real property	$137.9		4.8%	- 5.4%	6.4%	- 7.0%
Total property operating expenses	$68.7		7.4%	- 8.4%	6.0%	- 6.9%
Total UK Same Property NOI(b)		$69.2		1.3%	- 3.3%		6.0%	- 8.0%

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For the second quarter ending June 30, 2024, the Company's guidance range assumes North America Same Property NOI growth of 3.4% - 4.9% and UK Same Property NOI growth of 2.5% - 5.0%.

Consolidated Portfolio Guidance For 2024				Expected Change / Range in 2024
(in millions and %)		FY 2023 Actual Results		Prior FY Range		April 29, 2024 Update
Revenues from real property	$2,059.8		7.1%	- 7.6%	6.3%	- 6.6%
Total property operating expenses	$810.4		8.1%	- 8.4%	5.7%	- 6.0%
Total Real Property NOI		$1,249.4		6.3%	- 7.3%		6.5%	- 7.3%
Service, retail, dining and entertainment NOI	$68.5		$58.4	- $63.2	$63.0	- $67.0
Interest income	$45.4		$17.6	- $18.6	$17.8	- $18.8
Brokerage commissions and other, net(d)(e)	$60.6		$44.8	- $47.2	$37.6	- $39.6
FFO contribution from North American home sales	$17.0		$14.4	- $15.9	$13.0	- $13.9
FFO contribution from UK home sales(f)	$59.2		$62.3	- $69.9	$55.4	- $62.4
Income from nonconsolidated affiliates	$16.0		$13.7	- $14.7	$11.1	- $11.9
General and administrative expenses(g)	$272.1		$262.2	- $267.4	$269.7	- $274.7
Interest expense	$325.8		$356.3	- $362.7	$355.6	- $361.1
Current tax expense	$14.5		$14.6	- $16.8	$13.2	- $14.8

Seasonality		1Q24		2Q24		3Q24		4Q24
North America Same Property NOI:
MH	25%	25%	25%	25%
RV	17%	25%	41%	17%
Marina	19%	26%	31%	24%
Total	22%	25%	30%	23%
UK Same Property NOI	14%	25%	40%	21%
Home Sales FFO
North America	11%	40%	29%	20%
UK	17%	31%	33%	19%
Consolidated Service, Retail, Dining and Entertainment NOI	3%	37%	46%	14%
Consolidated EBITDA	18%	27%	33%	22%
Core FFO per Share	17%	26%	35%	22%
Footnotes to 2024 Guidance Assumptions

1. The amounts in the Same Property Portfolio table reflect constant currency, as Canadian and Pound Sterling currency figures included within the 2023 amounts have been translated at the assumed exchange rates used for 2024 guidance.
2. Total North America Same Property results net $112.2 million and $115.0 million of utility revenue against the related utility expense in property operating expenses for 2023 results and 2024 guidance, respectively. Total UK Same Property results net $16.8 million and $17.7 million of utility revenue against the related utility expense in property operating expenses for 2023 results and 2024 guidance, respectively.
3. 2023 North America Same Property actual results exclude $0.4 million of expenses incurred at recently acquired properties to bring them up to the Company's standards. The improvements included items such as tree trimming and painting costs that do not meet the Company's capitalization policy.
4. Brokerage commissions and other, net includes $23.4 million of business interruption income for the full year in 2023 and $15.7 million in 2024 for the second through fourth quarters. Expected business interruption recovery for the first quarter of 2024 in the amount of $5.3 million was recorded as an adjustment to Core FFO in the loss of earnings - Catastrophic event-related charges, net line item.
5. Brokerage commissions and other, net included approximately $8.5 million of lease income in 2023 that will be recognized in total real property NOI in 2024.
6. Includes UK home sales from Park Holidays and Sandy Bay.
7. General and administrative in Consolidated Statements of Operations includes $29.6 million and $18.4 million of non-recurring expenses for 2023 results and 2024 updated guidance, respectively.

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The estimates and assumptions presented above represent a range of possible outcomes and may differ materially from actual results. These estimates include contributions from all acquisitions, dispositions and capital markets activity completed through April 29, 2024. These estimates exclude all other prospective acquisitions, dispositions and capital markets activity. The estimates and assumptions are forward-looking based on the Company's current assessment of economic and market conditions and are subject to the other risks outlined below under the caption Cautionary Statement Regarding Forward-Looking Statements.

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EARNINGS CONFERENCE CALL

A conference call to discuss first quarter results will be held on Tuesday, April 30, 2024 at 2:00 P.M. (ET). To participate, call toll-free at [phone]. Callers outside the U.S. or Canada can access the call at [phone]. A replay will be available following the call through May 14, 2024 and can be accessed toll-free by calling [phone] or [phone]. The Conference ID number for the call and the replay is 13745022. The conference call will be available live on the Company's website located at www.suninc.com. The replay will also be available on the website.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release 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 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 and other factors 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, 2023, and in the Company's other filings with the Securities and Exchange Commission, from time to time, such risks, uncertainties and other factors include, but are not limited to:

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Changes in general economic conditions, including inflation, deflation, energy costs, the real estate industry and the markets within which the Company operates;

Difficulties in the Company's ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully; The Company's liquidity and refinancing demands;

The Company's ability to obtain or refinance maturing debt;

The Company's ability to maintain compliance with covenants contained in its debt facilities and its unsecured notes; Availability of capital;

Outbreaks of disease and related restrictions on business operations;

Changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, Australian dollar and Pound sterling;

The Company's ability to maintain rental rates and occupancy levels;

The Company's ability to maintain effective internal control over financial reporting and disclosure controls and procedures;

The Company's remediation plan and its ability to remediate the material weakness in its internal control over financial reporting;

Expectations regarding the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill;

Increases in interest rates and operating costs, including insurance premiums and real estate taxes; Risks related to natural disasters such as hurricanes, earthquakes, floods, droughts and wildfires; General volatility of the capital markets and the market price of shares of the Company's capital stock; The Company's ability to maintain its status as a REIT;

Changes in real estate and zoning laws and regulations;

Legislative or regulatory changes, including changes to laws governing the taxation of REITs;

Litigation, judgments or settlements, including costs associated with prosecuting or defending claims and any adverse outcomes; Competitive market forces;

The ability of purchasers of manufactured homes and boats to obtain financing; and The level of repossessions by manufactured home and boat lenders;

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.

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