Sun Communities : Investor Presentation – May 2026

Published: 2026-05-04 17:08:47 ET SUI

Published on 05/04/2026 at 05:08 pm EDT

May 2026

PALOS VERDES SHORES - SAN PEDRO, CA

Company Highlights

Leading Owner and Operator of Manufactured Housing ("MH") and Recreational Vehicle ("RV") Communities High-Ǫuality, Well-Located, Affordable Residential and Destination Communities

Strong Cash Flow Generation Compelling Supply-Demand Dynamics

Consistent, Long-Term NOI Growth Track Record Low-Levered, Investment Grade Balance Sheet

Appendix. 3

Largest Publicly-Traded Owner and Operator of MH and RV Communities

MEADOWLANDS - GIBRALTER, MI

SUN RETREATS GWYNN'S ISLAND - GWYNN, VA

WINCHELSEA SANDS - SUFFOLK, UK

2G5 communities

~101,000 sites

G7%+ occupancy

166 communities

~57,000 sites(2)

~60% annual sites

54 parks

~22,000 sites

~80%+ annual sites

As of March 31, 202C.

~50% of transient sites are candidates for conversion to annual sites.

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)

(in mms)

Total Portfolio NOI(1)

Rental Income Generates 92% of NOI

Consolidated NOI for the year ending December 31, 2025

$921

$976

$817

$721

Home Sales 6%

Ancillary 2%

Real Property 92%

$1,015 $1,059

2020 2021 2022 2023 2024 2025

1) Excludes marinas.

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

8.7%

6.4%

5.5%

4.6%

5.2%

5.0%

4.0%

4.2%

3.4%

7.6%

6.1%

6.0%

5.4% 5.4%

4.8%

4.6%

4.2%

4.0%

2018 2019 2020 2021 2022 2023 2024 2025 2026E (1)

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E (1)

Same Property MH Occupancy Same Property NOI Growth(2)

10-Year Actual Average Same Property NOI Growth: 6.4%

11.2%

97.4%

97.6%

97.1%

97.3%

97.6%

98.1%

97.7%

95.8%

95.0%

6.7%

7.3%

6.2%

5.4%

5.7%

5.2%

4.0%

3.7%

4.2%

2018 2019 2020 2021 2022 2023 2024 2025 1Ǫ2026 2018 2019 2020 2021 2022 2023 2024 2025 2026E

Source: Company information and U.S. Bureau of Labor Statistics. Refer to Sun Communities, Inc. Supplemental for the quarter ended March 31, 202C, as well as Press Releases and SEC Filings after March 31, 202C, for additional information. Refer to information regarding non-GAAP financial measures in the attached Appendix.

Note: With respect to guidance, estimates and forecasted information, see "Cautionary Statement Regarding Guidance" on page 2 of this presentation. 6

Preliminary 202C rental rate increases. CPI-U 12-month percentage change as of March 202C.

Same Property NOI Growth for North America MH and RV only.

1Ǫ26 Performance and 2026 Guidance

1Ǫ26 Performance Highlights FY2026 Guidance

1Ǫ26 Core FFO per Share

1Ǫ26 North America Same Property NOI Growth

2Ǫ26E Core FFO per Share (Midpoint)

FY26E North America Same Property NOI Growth (Midpoint)

FY26E Core FFO per Share (Midpoint)

FY26E MH Same Property NOI Growth (Midpoint)

BLUE HERON PINES - PUNTA GORDA, FL

Note: With respect to guidance, estimates and forecasted information, see "Cautionary Statement Regarding Guidance" on page 2 of this presentation.

Core Pillars Support Sun's Strategy

Leveraging Core Strengths, Improving Earnings Consistency, and Converting Scale into Data-Enabled Operational C Financial Advantage

Thoughtful Capital Allocation

Continued Platform Optimization

Strategic Investment

Maintaining a strong and flexible balance sheet to deliver growth

Driving greater consistency, accountability, and efficiency across the organization

Investing in people, communities, infrastructure and a unified digital backbone

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's average annual same property NOI growth was 5.2%, ~220bps greater than multifamily REITs

Same Property NOI Growth

Ǫuarterly Year-over-Year Growth Since 2000

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

(5.0%)

(10.0%)

1Ǫ00

1Ǫ01

1Ǫ02

1Ǫ03

1Ǫ04

1Ǫ05

1Ǫ06

1Ǫ07

1Ǫ08

1Ǫ09

1Ǫ10

1Ǫ11

1Ǫ12

1Ǫ13

1Ǫ14

1Ǫ15

1Ǫ16

1Ǫ17

1Ǫ18

1Ǫ19

1Ǫ20

1Ǫ21

1Ǫ22

1Ǫ23

1Ǫ24

1Ǫ25

1Ǫ26

(15.0%)

Same Property NOI

CAGR Since 2000

3.0%

3.3%

5.2%

Sun Communities

(1)

Sun Communities

Multifamily REITs (1)

REIT

Industry(2)

Source: Citi Research, March 202C. Refer to Sun Communities, Inc. Supplemental for the quarter ended March 31, 202C, as well as Press Releases and SEC Filings after March 31, 202C, for additional information. Refer to information regarding non-GAAP financial measures in the attached

Appendix. 9

Multifamily REITs includes AIRC, AVB, CPT, EǪR, ESS, IRT, MAA and UDR.

REIT Industry includes Healthcare, Industrial, Manufactured Housing, Multifamily, Mall, Office, Self Storage, Shopping Center, Single Family Rental, Student Housing and Diversified REITs.

Compelling Supply-Demand Fundamentals

HYDE PARK - EASTON, MD

Supply(1)

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 Storage Multifamily

Demand

In GFC, Residents Moved into SUI Communities in Record Numbers

US unemployment rate and SUI same property occupancy through GFC

25% more space than multi-family and single-family rentals at ~50%

less cost per square foot

Annual physical home move-outs average 0.3%(2)

G7.7% occupied at March 31, 2026(3)

G7.6% average occupancy for the five years ended 3/31/26(3)

12%

US Unemployment Rate

2008 2009 2010 2011 2012

88%

9.3%

9.6%

8.9%

8.1%

5.8%

SUI Same Property Occupancy

84%

80%

76%

Source: Company information, U.S. Bureau of Labor Statistics., Wall Street Research and Zillow. Refer to Sun Communities, Inc. Supplemental for the quarter ended March 31, 202C, as well as Press Releases and SEC Filings after March 31, 202C, for additional information. Refer to information

regarding non-GAAP financial measures in the attached Appendix. 10

Source: Wolfe Research, CoStar, and NIC Map.

MH sites in North America only (January 2024 - March 202C).

MH Same Property.

Compelling Supply-Demand Fundamentals

Installed base: ~8.1 million households own an RV versus ~1.7 million

RV campsites in the U.S.

Annual Active Camping Households

(in mms)

4.5% CAGR

▪

From 2008-2012, RV revenue for a portfolio of independent, single park

operators grew at a 4.4%(1) CAGR

53 52

▪

Nearly 21 million new camping households since 2014

Offer affordable vacations where the average trip is 2-3 hours from a

guest's home

2014 2015 2016 2017 2018 201G 2020 2021 2022 2023 2024 2025

SUN OUTDOORS REHOBOTH BAY - MILLSBORO, DE

Source: Company information, KOA and RVIA. Refer to Sun Communities, Inc. Supplemental for the quarter ended March 31, 202C, as well as Press Releases and SEC Filings after March 31, 202C, for additional information. Refer to information regarding non-GAAP financial measures in the

attached Appendix. 11

1) Represents a portfolio of independently owned and operated RV community franchises that the Company did not have an interest in until after the period shown.

Supply C Demand

Business Model

Compelling Supply-Demand Fundamentals

Strategically increasing real property NOI contribution

Strong historical and expected income growth

10-year average rental rate increase of 5.4%

Expecting 4.1% rental rate increase in 2026

Home Sales NOI:

Resident turnover in communities is largest driver of home sales volume (~60%)

Upgrade existing residents (~20%)

Select communities expansions (~10%)

Transient-to-annual conversions (~10%)

Irreplaceable coastal 'destination' locations close to London and other major cities

Numerous barriers to entry including strict regulations and scarcity of land

Brexit and other macroeconomic structural factors create demand for domestic vacationing throughout the UK

Majority of parks are owner-occupied on 20+ year licenses

subject to annual rent increases

Average resident tenure 7 - 8 years

PAKEFIELD - SUFFOLK, UK

Source: Company information, Wall Street Research and Zillow. Refer to Sun Communities, Inc. Supplemental for the quarter ended March 31, 202C, as well as Press Releases and SEC Filings after March 31, 202C, for additional information. Refer to information regarding non-GAAP financial 12

measures in the attached Appendix.

Note: With respect to guidance, estimates and forecasted information, see "Cautionary Statement Regarding Guidance" on page 2 of this presentation.

Fortress, Investment Grade Balance Sheet

Upcoming Mortgage Maturities (: in millions)(1)(2)

% of Total

Credit Statistics

BBB+

Rate Type(1)

11.6%

0.0%

4.1%

7.3%

$492

$311

$176

100% fixed rate

Baa2

2026 2027 2028 2029

Total Debt Outstanding (: in millions)(2)

As of March 31, 202C

Mortgage Loans Payable C Secured Borrowings $2,459 Unsecured Notes 1,787

Total Debt Outstanding $4,246

Net Debt / TTM EBITDA 3.7x

Cash Balance $4G7

Encumbrance(1)

Encumbered

21%

Unencumbered

7G%

Gross Asset Value

70.2%

NOI

Unencumbered(3)

Source: Company information. Refer to Sun Communities, Inc. Supplemental for the quarter ended March 31, 202C, as well as Press Releases and SEC Filings after March 31, 202C, for additional information. Refer to information regarding non-GAAP financial measures in the attached Appendix. Note: With respect to guidance, estimates and forecasted information, see "Cautionary Statement Regarding Guidance" on page 2 of this presentation.

As of March 31, 202C. 13

For further debt breakdown, please refer to the Supplemental for the quarter ended March 31, 202C.

Calculated using trailing 12-months NOI for the quarter ended March 31, 202C.

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 us among top ESG performers in our REIT peer group

Environmental

Social

Governance

On-site renewable energy

Generated 11,652 mwh via on-site solar arrays; 4% of total electric

IDEA

Launched three employee resource groups

BoD Composition

Mark Denien and Charles Young joined the Board of Directors in 2025

Carbon Reduction Goals

Achieved 60% reduction towards Carbon Neutral by 2035 goal

Internal Training Program

Offers 300+ courses to team members

BoD Nominating and Corporate Governance Committee

Oversees all Sustainability initiatives

GHG Inventory Assurance

Received reasonable assurance on Scope 1, 2 and 3 inventory

Supplier Assessments

Completed sustainability assessments with seventeen key suppliers

Enterprise Risk Management Committee Identifies, monitors and mitigates risks across the organization

Risk Assessments

Completed climate, water and biodiversity risks assessments on all properties

Sun Unity

Sun's social responsibility program, reporting over 17K volunteer hours in 2024

Comprehensive Policies and Procedures

Foster sound corporate governance

attached Appendix.

Performance and initiatives for the 2024 reporting year are referenced with Safe Harbor Marina data removed from reported numbers.

SOUTHERN PALMS - LADSON, SC 15

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 Company believes that NOI, EBITDA, and FFO are appropriate measures given their wide use by and relevance to investors and analysts. Additionally, NOI, EBITDA, and FFO are commonly used in various ratios, pricing multiples, yields and returns and valuation calculations used to measure financial position, performance, and value. NOI provides a measure of rental operations and does not factor in depreciation, amortization and non-property specific expenses such as general and administrative expenses. EBITDA provides a further measure to evaluate the Company's ability to incur and service debt; EBITDA also provides further measures to evaluate the Company's ability to fund dividends and other cash needs. FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets.

NOI

Total Portfolio NOI - NOI is derived from property operating revenues minus property operating expenses and real estate taxes. NOI is a non-GAAP financial measure that the Company believes is helpful to investors as a supplemental measure of operating performance because it is an indicator of the return on property investment and provides a method of comparing property performance over time. The Company uses NOI as a key measure when evaluating performance and growth of particular properties and / or groups of properties. The principal limitation of NOI is that it excludes depreciation, amortization, interest expense, and non-property specific expenses such as general and administrative expenses, all of which are significant costs. Therefore, NOI is a measure of the operating performance of the properties of the Company rather than of the Company overall. The Company believes that NOI provides enhanced comparability for investor evaluation of property performance and growth over time.

The Company believes that GAAP net income (loss) is the most directly comparable measure to NOI. NOI should not be considered to be an alternative to GAAP net income (loss) as an indication of the Company's financial performance or GAAP net cash provided by operating activities as a measure of the Company's liquidity; nor is it indicative of funds available for the Company's cash needs, including its ability to make cash distributions. Because of the inclusion of items such as interest, depreciation, and amortization, the use of GAAP net income (loss) as a performance measure is limited as these items may not accurately reflect the actual change in market value of a property, in the case of depreciation and in the case of interest, may not necessarily be linked to the operating performance of a real estate asset, as it is often incurred at a parent company level and not at a property level.

Same Property NOI - This is a key management tool used when evaluating performance and growth of the Company's Same Property portfolio. Same Property NOI does not include the revenues and expenses related to home sales and ancillary activities at the properties. The Company believes that Same Property NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the Same property portfolio from one period to the next. For the UK segment, the Company presents Same Property NOI growth rate information on a constant currency basis to provide a framework for assessing how its underlying properties performed after excluding the effects of changes in exchange rates. The Company believes that the presentation of UK Same Property NOI on a constant currency basis helps to improve the ability to understand its performance because it excludes the effects of foreign currency volatility which are not indicative of the Company's core operating results in the region.

EBITDA

EBITDAre - Nareit refers to EBITDA as "EBITDAre" and calculates it as GAAP net income (loss), plus interest expense, plus income tax expense, plus depreciation and amortization, plus or minus losses or gains on the disposition of depreciated property (including losses or gains on change of control), plus impairment write-downs of depreciated property and of investments in nonconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity's share of EBITDAre of nonconsolidated affiliates. EBITDAre is a non-GAAP financial measure that the Company uses to evaluate its ability to incur and service debt, fund dividends and other cash needs, and cover fixed costs. Investors utilize EBITDAre as a supplemental measure to evaluate and compare investment quality and enterprise value of REITs.

Recurring EBITDA - The Company also uses EBITDAre excluding certain gain and loss items that management considers unrelated to measurement of the Company's performance on a basis that is independent of capital structure ("Recurring EBITDA"). The Company believes that GAAP net income (loss) is the most directly comparable measure to EBITDAre. EBITDAre is not intended to be used as a measure of the Company's cash generated by operations or its dividend-paying capacity, and should therefore not replace GAAP net income (loss) as an indication of the Company's financial performance or GAAP cash flow provided by / used for operating, investing, and financing activities as measures of liquidity.

FFO

FFO - Nareit defines FFO as GAAP net income (loss), excluding gains (or losses) from sales of certain real estate assets, plus real estate related depreciation and amortization, impairments of certain real estate assets and investments, and after adjustments for nonconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure that management believes is a useful supplemental measure of the Company's operating performance. By excluding gains and losses related to sales of previously depreciated operating real estate assets, real estate related impairment, and real estate asset depreciation and amortization (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO provides a performance measure that, when compared period-over-period, reflects the impact to operations from trends in occupancy rates, rental rates and operating costs, providing perspective not readily apparent from GAAP net income (loss). Management believes the use of FFO has been beneficial in improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful.

Core FFO

Core FFO - In addition to FFO, the Company uses FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of the Company's core business ("Core FFO") to evaluate its performance. These adjustments include acquisition and other transaction costs, gains and losses from the early extinguishment of debt, costs related to catastrophic weather events, net of insurance recoveries, gains and losses on foreign currency exchanges, and other miscellaneous non-comparable items, such as restructuring costs.

The Company believes that FFO and Core FFO provide enhanced comparability for investor evaluations of period-over-period results. The Company believes that GAAP net income (loss) is the most directly comparable measure to FFO. The principal limitation of FFO is that it does not replace GAAP net income (loss) as a financial performance measure or GAAP cash flow from operating activities as a measure of the Company's liquidity. Because FFO excludes significant economic components of GAAP net income (loss) including depreciation and amortization, FFO should be used as a supplement to GAAP net income (loss) and not as an alternative to it. Furthermore, FFO is not intended as a measure of a REIT's ability to meet debt principal repayments and other cash requirements, nor as a measure of working capital. FFO is calculated in accordance with the Company's interpretation of standards established by Nareit, which may not be comparable to FFO reported by other REITs that interpret the Nareit definition differently. Certain financial information has been revised to reflect reclassifications in prior periods to conform to current period presentation.

Net Income / (Loss) to FFO Reconciliation

Three Months Ended March 31,

Year Ended December 31,

(amounts in millions except per share data)

2026 2025 2025 2024 2023

Net Income / (Loss) Attributable to SUI Common Shareholders

(8.7)

(42.8)

$ 1,361.2

89.0

(213.3)

Adjustments

Depreciation and amortization - continuing operations

129.9

122.6

501.0

487.6

491.7

Depreciation and amortization - discontinued operations

36.4

36.2

189.9

165.5

Depreciation on nonconsolidated affiliates

0.3

0.2

0.8

0.5

0.2

Asset impairments - continuing operations

0.3

24.0

386.7

66.7

5.6

Asset impairments - discontinued operations

2.1

2.3

4.7

4.5

Goodwill impairment

180.8

369.9

Loss on remeasurement of marketable securities

16.0

(Gain) / loss on remeasurement of investment in nonconsolidated affiliates

(0.2)

0.9

(6.6)

4.2

(Gain) / loss on remeasurement of notes receivable

(0.1)

0.2

1.6

36.4

106.7

Loss on remeasurement of collateralized receivables and secured borrowings, net

0.4

(Gain) / loss on dispositions of properties, including tax effect - continuing operations

(0.2)

1.1

(5.5)

(203.6)

(8.9)

Gain on dispositions of properties, including tax effect - discontinued operations

(1,460.6)

Add: Returns on preferred OP units

2.7

3.1

12.4

12.8

12.3

Add: Income / (loss) attributable to noncontrolling interests

(0.3)

(1.9)

56.4

5.3

(8.1)

Gain on disposition of assets, net

(2.1)

(3.9)

(14.9)

(27.1)

(38.0)

FFO Attributable to SUI Common Shareholders and Convertible Securities

121.6

141.1

878.5

836.4

908.7

Adjustments

Business combination expense - continuing operations

3.0

Business combination expense - discontinued operations

0.4

Acquisition and other transaction costs - continuing operations

2.2

9.5

19.8

16.0

22.8

Acquisition and other transaction costs - discontinued operations

14.6

63.8

3.6

2.5

Loss on extinguishment of debt

104.0

1.4

Catastrophic event-related charges, net - continuing operations

0.5

(0.1)

1.2

23.6

(3.4)

Catastrophic event-related charges, net - discontinued operations

3.5

7.2

Loss of earnings - catastrophic event-related charges, net

3.2

4.0

5.6

3.4

2.1

Accelerated deferred compensation amortization

8.9

1.2

7.7

1.2

1.6

(Gain) / loss on foreign currency exchanges

24.5

(8.7)

(26.7)

25.8

0.3

Deferred tax (benefit) / expense

6.4

(5.2)

(60.0)

(39.6)

(22.9)

Long term lease termination (gains) / losses

12.4

0.2

(51.4)

1.1

4.0

Long term lease termination losses - discontinued operations

0.4

Gain on insurance settlement

(68.5)

Other adjustments, net - continuing operations

(0.6)

(4.1)

(7.1)

20.1

(10.3)

Other adjustments, net - discontinued operations - 14.6 5.4 (10.0) (0.2)

Core FFO Attributable to SUI Common Shareholders and Convertible Securities

179.1

167.1

872.3

886.9

$ 915.8

Weighted Average Common Shares and OP Units Outstanding

127.6

132.2

130.7

130.2

128.9

FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share

0.95

1.07

6.72

6.42

$ 7.05

Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share

1.40

1.26

6.68

6.81

$ 7.10

Three Months Ended March 31, Year Ended December 31,

2026

2025

2024

2023

Hurricane Ian - Three Fort Myers, Florida RV communities impaired

Estimated loss of earnings in excess of the applicable business interruption deductible

3.8

12.0

19.2

21.9

Insurance recoveries received for previously estimated loss of earnings

(9.9)

(16.3)

(19.7)

Recognition of deferred lump sum insurance settlement

3.2

3.1

Other catastrophic weather event

Estimated loss of earnings in excess of the applicable business interruption deductible, net - 0.2 0.4 1.8 (0.1)

Insurance recoveries realized for previously estimated loss of earnings - - - (1.3) -

Loss of earnings - catastrophic event-related charges, net $ 3.2 $ 4.0 $ 5.6 $ 3.4 $ 2.1

Net Income / (Loss) to NOI Reconciliation

Three Months Ended March 31, Year Ended December 31,

2023

2024

2025

2026

(amounts in millions)

Net Income / (Loss) Attributable to SUI Common Shareholders

$ (8.7)

$ (42.8)

$ 1,361.2

$ 89.0

$ (213.3)

Interest income

(7.4)

(4.4)

(48.5)

(20.1)

(44.8)

Brokerage commissions and other revenues, net

(1.9)

(1.7)

(24.0)

(34.9)

(53.6)

General and administrative

69.5

57.0

236.7

230.5

213.5

Catastrophic event-related charges, net

0.5

(0.1)

1.2

23.6

(3.4)

Business combination expense

3.0

Depreciation and amortization

132.5

123.7

507.9

490.5

494.1

Asset impairments

0.3

24.0

386.7

66.7

5.6

Goodwill impairment

180.8

369.9

Loss on extinguishment of debt

104.0

1.4

Interest expense

38.4

82.1

221.0

350.3

325.7

Interest on mandatorily redeemable preferred OP units / equity

3.3

Loss on remeasurement of marketable securities

16.0

(Gain) / loss on foreign currency translation

24.5

(8.7)

(26.7)

25.8

0.3

(Gain) / loss on disposition of properties

(0.2)

1.1

(5.1)

(202.9)

(11.0)

Other (income) / expense, net

3.8

(5.7)

(133.9)

6.8

7.3

(Gain) / loss on remeasurement of notes receivable

(0.1)

0.2

1.6

36.4

106.7

Income from nonconsolidated affiliates

(6.1)

(3.0)

(16.4)

(9.5)

(16.0)

(Gain) / loss on remeasurement of investment in nonconsolidated affiliates

(0.2)

0.9

(6.6)

4.2

Current tax expense

1.7

1.9

10.8

3.6

13.7

Deferred tax (benefit) / expense

6.4

(5.2)

(60.0)

(39.6)

(22.9)

Net income / (loss) from discontinued operations, net

18.5

(1,429.6)

(74.2)

(82.3)

Add: Preferred return to preferred OP units / equity interests

2.7

3.1

12.6

12.8

12.3

Add: Income / (loss) attributable to noncontrolling interests

(0.3)

(1.9)

56.4

5.3

(8.1)

NOI

$ 255.4

$ 238.1

$ 1,156.8

$ 1,135.7

$ 1,120.2

Three Months Ended March 31, Year Ended December 31,

2026

2025

2024

2023

Real Property NOI

$ 246.9

$ 226.4

$ 1,058.8

$ 1,015.3

976.6

Home Sales NOI

11.9

14.6

70.0

96.8

114.3

Ancillary NOI

(3.4)

(2.9)

28.0

23.6

29.3

NOI

$ 255.4

$ 238.1

$ 1,156.8

$ 1,135.7

$ 1,120.2

Net Income / (Loss) to Recurring EBITDA Reconciliation

(amounts in millions)

Three Months Ended March 31, Year Ended December 31,

2024

2025

2026

2023

Net Income / (Loss) Attributable to SUI Common Shareholders $ (8.7) $ (42.8) $ 1,361.2 $ 89.0 $ (213.3)

Adjustments

Depreciation and amortization - continuing operations

132.5

123.7

507.9

490.5

494.1

Depreciation and amortization - discontinued operations

36.4

36.3

190.2

165.9

Asset impairments - continuing operations

0.3

24.0

386.7

66.7

5.6

Asset impairments - discontinued operations

2.1

2.3

4.7

4.5

Goodwill impairment

180.8

369.9

Loss on extinguishment of debt

104.0

1.4

Interest expense - continuing operations

38.4

82.1

221.0

350.3

325.7

Interest expense - discontinued operations

0.1

Interest on mandatorily redeemable preferred OP units / equity

3.3

Current tax expense - continuing operations

1.7

1.9

10.8

3.6

13.7

Current tax expense - discontinued operations

0.3

3.5

0.7

0.8

Deferred tax (benefit) / expense

6.4

(5.2)

(60.0)

(39.6)

(22.9)

Income from nonconsolidated affiliates

(6.1)

(3.0)

(16.4)

(9.5)

(16.0)

Less: Gain / (loss) on dispositions of properties - continuing operations (0.2) 1.1 (5.1) (202.9) (11.0)

Less: Gain on dispositions of properties - discontinued operations - - (1,463.2) - -

Less: Gain on dispositions of assets, net (2.1) (3.9) (14.9) (27.1) (38.0)

EBITDAre $ 162.2

216.7

$ 1,074.1

$ 1,098.9 $ 1,082.4

Adjustments

Transaction costs - discontinued operations -

14.6

63.4

N/A -

Catastrophic event-related charges, net - continuing operations 0.5

(0.1)

1.2

23.6 (3.4)

Catastrophic event-related charges, net - discontinued operations -

3.5 7.2

Business combination expense - continuing operations -

- 3.0

Business combination expense - discontinued operations -

0.4 -

Loss on remeasurement of marketable securities -

- 16.0

(Gain) / loss on foreign currency exchanges

24.5

(8.7)

(26.7)

25.8

0.3

Other (income) / expense, net - continuing operations

3.8

(5.7)

(133.9)

6.8

7.3

Other (income) / expense, net - discontinued operations

14.6

5.4

(10.0)

0.2

(Gain) / loss on remeasurement of notes receivable

(0.1)

0.2

1.6

36.4

106.7

(Gain) / loss on remeasurement of investment in nonconsolidated affiliates

(0.2)

0.9

(6.6)

4.2

Add: Preferred return to preferred OP units / equity interests

2.7

3.1

12.6

12.8

12.3

Add: Income / (loss) attributable to noncontrolling interests

(0.3)

(1.9)

56.4

5.3

(8.1)

Add: Gain on dispositions of assets, net

2.1

3.9

14.9

27.1

38.0

Recurring EBITDA

$ 195.2

$ 236.7

$ 1,069.9

$ 1,224.0

$ 1,266.1

Disclaimer

Sun Communities Inc. published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 21:00 UTC.