Sun Communities (SUI) Investor presentation summary

Business highlights and portfolio overview

• Operates ~175,000 sites across ~500 communities, including manufactured housing, RV, and UK parks.

• 2025E rental revenue: 59% MH, 31% RV, 10% UK; excludes marina revenue.

• Maintains 97%+ occupancy in MH, with strong presence in North America and the UK.

• Demonstrates robust cash flow, low leverage, and investment grade balance sheet.

• Proven operational performance across economic cycles.

Financial performance and growth

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

• Rental income generates 90% of NOI; forecasted consolidated NOI for 2025 is $1,050 million.

• 10-year average same property NOI growth is 6.8%, with 2025E guidance of 3.9%-5.6% growth in North America.

• Core FFO per share for 2Q25 was $1.76; FY25 Core FFO guidance is $6.51 to $6.67 per share.

• Every year since 2000 has recorded positive same property NOI growth, averaging 5.2% annually.

Supply-demand fundamentals

• Virtually no new MH supply added in recent years; 97.6% occupancy as of June 30, 2025.

• Average MH resident tenure is ~21 years, with annual move-outs at 0.4%.

• RV sector benefits from a large installed base and growing demand for affordable vacationing.

• UK business model features irreplaceable coastal locations, strict regulations, and high barriers to entry.