Sun Communities (SUI) investor relations material

Opening remarks and business transformation

• 2025 marked a transformational year with the sale of marinas, simplifying the business and strengthening the balance sheet.

• Reduced leverage led to credit upgrades and over $1.5 billion returned to shareholders.

• Focus is now on core manufactured housing (MH) and annual RV businesses, which show strong fundamentals and high occupancy.

• Strategy centers on disciplined capital allocation, operational optimization, and strategic investment in communities and digital infrastructure.

• Leadership emphasizes building on existing strengths and culture, with a focus on thoughtful, team-oriented change.

Digital transformation and data strategy

• Recent ERP implementation provides greater data access, enabling transparency and targeted decision-making.

• Efforts underway to build a unified digital backbone, including new booking channels and centralized contact centers.

• Data-driven marketing and revenue management are improving efficiency and guest experience, especially in RV operations.

• Ongoing investment in data architecture aims to enhance operational efficiency and long-term value.

• AI adoption is currently focused on buying and partnering, with future plans to build capabilities as data infrastructure matures.

Portfolio performance and outlook

• Annual RV segment saw a tempered 4% rent increase in 2025, prioritizing retention and resulting in strong renewal pace.

• Net leasing of annual sites added 600 in 2025, with similar expectations for 2026.

• Transient RV revenue is stabilizing after prior declines, with guidance for a smaller decrease in 2026.

• Strategic asset dispositions and conversions have led to a balanced and healthy RV portfolio.