Sun Communities (SUI) Investor presentation summary

Company overview and portfolio

• Operates ~178,000 sites across ~515 communities, including manufactured housing (MH), recreational vehicle (RV), and UK properties.

• MH represents 59% of 2025E rental revenue, RV 31%, and UK 10%.

• Maintains 98%+ occupancy across its portfolio, with a strong presence in North America and the UK.

Financial performance and growth

• Forecasted 2025 core FFO per share is $6.59–$6.67, with 3Q25 core FFO per share at $2.28.

• Real property NOI is projected at $1,055 million for 2025, with MH accounting for ~65% of NOI.

• 10-year average same property NOI growth is 6.8%, outpacing multifamily REITs by ~230bps.

• Rental income generates 90% of NOI, with home sales and ancillary income contributing the remainder.

Operational excellence and fundamentals

• Average MH rental rate growth over 10 years is 4.2%; RV rental rate growth is 5.4%.

• Same property occupancy consistently exceeds 98%, with average resident tenure of ~21 years in MH.

• Virtually no new MH supply added in recent years, supporting high occupancy and stable demand.

• UK business model benefits from irreplaceable locations, strict regulations, and long resident tenures.