Sun Communities (SUI) Investor presentation summary

Business overview and portfolio

• Operates as a leading owner and operator of manufactured housing (MH) and recreational vehicle (RV) communities, with a focus on high-quality, well-located affordable residential and destination properties.

• Portfolio includes approximately 179,000 sites across 513 communities, with 294 MH communities (~100,000 sites, 97%+ occupancy) and 166 RV communities (~33,000 annual sites).

• Rental revenue breakdown for FY25: 59% MH, 31% RV, 10% UK operations.

Financial performance and growth

• Real property net operating income (NOI) is the primary results driver, with MH accounting for ~65% of real property NOI.

• Rental income generates 92% of consolidated NOI for 2025; home sales and ancillary activities contribute 6% and 2%, respectively.

• 10-year average rental rate growth: 4.4% for MH, 5.6% for RV; 10-year average same property NOI growth: 6.4%.

• FY25 Core FFO per share was $6.68; FY26E Core FFO per share (midpoint) is $6.93.

• FY25 North America same property NOI growth was 5.7%; FY26E guidance is 4.5% (midpoint).

Strategic initiatives and capital allocation

• Completed $5.65bn sale of Safe Harbor Marinas at 21x FFO, enabling material de-leveraging and repayment of ~$3.3bn debt.

• Net debt/TTM EBITDA reduced to 3.4x; credit ratings upgraded to BBB+ (S&P) and Baa2 (Moody's).

• Deployed ~$844mm in acquisitions and UK ground lease purchases; returned over $1bn to shareholders via special distributions and buybacks, with an 11% dividend increase.

• Board refresh and successful CEO transition completed.