SUN OUTDOORS PANAMA CITY BEACH - PANAMA CITY BEACH, FL

INVESTOR PRESENTATION

MARCH 4, 2022

FORWARD-LOOKINGSTATEMENTS

This presentation has been prepared for informational purposes only from information supplied by Sun Communities, Inc., referred to herein as "we," "our," "Sun," and "the Company," and from third-party sources indicated herein. Such third-party information has not been independently verified. Sun makes no representation or warranty, expressed or implied, as to the accuracy or completeness of such information.

This presentation contains various "forward-looking statements" within the meaning of the United States Securities Act of 1933, as amended, and the United States Securities Exchange Act of 1934, as amended, and we intend that such forward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this presentation that relate to expectations, beliefs, projections, future plans and strategies, trends or prospective events or developments and similar expressions concerning matters that are not historical facts are deemed to be forward-looking statements. Words such as "forecasts," "intends," "intend," "intended," "goal," "estimate," "estimates," "expects," "expect," "expected," "project," "projected," "projections," "plans," "predicts," "potential," "seeks," "anticipates," "anticipated," "should," "could," "may," "will," "designed to," "foreseeable future," "believe," "believes," "scheduled," "guidance," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements reflect our current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this presentation. These risks and uncertainties may cause our actual results to be materially different from any future results expressed or implied by such forward-looking statements. In addition to the risks disclosed under "Risk Factors" contained in our Annual Report on Form 10-K for the year ended December 31, 2021, and our other filings with the Securities and Exchange Commission from time to time, such risks and uncertainties include, but are not limited to:

  • outbreaks of disease, including the COVID-19 pandemic, and related stay-at-home orders, quarantine policies and restrictions on travel, trade and business operations;
  • changes in general economic conditions, the real estate industry, and the markets in which we operate;
  • difficulties in our ability to evaluate, finance, complete and integrate acquisitions (including the acquisition of Park Holidays), developments and expansions successfully;
  • our liquidity and refinancing demands;
  • our ability to obtain or refinance maturing debt and to complete the proposed amendment to our senior credit facility;
  • our ability to maintain compliance with covenants contained in our debt facilities and our senior unsecured notes;
  • availability of capital;
  • our ability to physically settle certain forward sale agreements and receive the expected amount of proceeds;
  • changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, Australian dollar and British pound;
  • our ability to maintain rental rates and occupancy levels;
  • our ability to maintain effective internal control over financial reporting and disclosure controls and procedures;
  • increases in interest rates and operating costs, including insurance premiums and real property taxes;
  • risks related to natural disasters such as hurricanes, earthquakes, floods, droughts and wildfires;
  • general volatility of the capital markets and the market price of shares of our capital stock;
  • our ability to maintain our status as a REIT;
  • changes in real estate and zoning laws and regulations;
  • legislative or regulatory changes, including changes to laws governing the taxation of REITs;
  • litigation, judgments or settlements;
  • competitive market forces;
  • the ability of purchasers of manufactured homes and boats to obtain financing; and
  • the level of repossessions by manufactured home and boat lenders.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. We undertake no obligation to publicly update or revise any forward-looking statements included in this presentation, whether as a result of new information, future events, changes in our expectations or otherwise, except as required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. All written and oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by these cautionary statements.

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COMPANY HIGHLIGHTS

Leading owner and operator of manufactured housing ("MH") communities, recreational vehicle ("RV") resorts and marinas

Favorable demand drivers combined

with supply constraints

Consistent organic growth enhanced with

embedded expansion opportunities

BAHIA VISTA ESTATES - SARASOTA, FL

Industry consolidator with proven value

creation from acquisitions

Cycle-tested growth driven by attractive value proposition

to residents, members and guests

Focus on exceptional service supported by culture of accountability and empowerment

Proven executive leadership team with over 100

combined years of industry experience

SUN OUTDOORS BLUE WATER BEACH RESORT - GARDEN CITY, UT

Source: Company information. Refer to Sun Communities, Inc. Form 10-K and Supplemental for the year ended December 31, 2021, as well as Press Releases and SEC Filings after December 31, 2021, for additional information. Refer to

3

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

SUN COMMUNITIES, INC. OVERVIEW (NYSE: SUI)

Current Portfolio

as of December 31, 2021

784

1,33075

324

8,934

3,940927

3,539

5,308

5,237

3,431

174

170

475

3,141

2,398 / 231

927 / 2,546

591

2,783

33,126

3,485

3,192

1,536

2,005 / 3,299

413

2,925

3,990 / 518

1,716

2,235 4,176 1,027

3,435

1,852 / 2,645

315

228

1,123

2,405

545 / 384

2,382

172

2,624

582

1,874

167

1,414

155

729

2,833

10,768

587

334

2,124

46,733

5,233

1,612

Property Count

as of December 31, 2021

602 properties across 39

states and Ontario, Canada

(1)

Rental Revenue Breakdown(2)

as of December 31, 2021

Total Number of Sites /

Wet Slips and Dry Storage Spaces: 204,163

Headquarters

MH & RV Sites (159,008)

Marina Wet Slips and Dry Storage Spaces (45,155)

Source: Company information. Refer to Sun Communities, Inc. Form 10-K and Supplemental for the year ended December 31, 2021, as well as Press Releases and SEC Filings after December 31, 2021, for additional information. Refer to information regarding non-GAAP financial measures in the attached Appendix.

  1. Does not include five marinas managed for third parties.

(2)

Represents percentage of rental revenue from the leasing of sites, homes, wet slips, dry storage spaces and commercial leases.

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2021 SUMMARY PERFORMANCE UPDATE

PORTFOLIO PERFORMANCE

  • 3.6% Weighted average monthly rental rate increase
  • 96.6% MH occupancy and 2,483 RPS Gains of which 67% were RV transient conversions to annual leases
  • Nearly 580 Expansion site deliveries in 11 properties
  • 42.6% increase in home sales, with 4,088 homes sold

EXTERNAL GROWTH

  • ~$1.5bn invested in 11 MH communities, 24 RV resorts and 21 marinas in 2021 and YTD, including ~$62mm YTD
  • Over 1,030 ground-up and redevelopment site deliveries in 8 properties
  • Announced ~$1.3bn planned acquisition of Park Holidays UK, the 2nd largest UK holiday park owner and operator with 42 owned and managed properties

LAKEFRONT - PORT CLINTON, OH

SUN OUTDOORS SAN DIEGO BAY - CHULA VISTA, CA

Source: Company information. Refer to Sun Communities, Inc. Form 10-K and Supplemental for the year ended December 31, 2021, as well as Press Releases and SEC Filings after December 31, 2021, for additional information. Refer

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to information regarding non-GAAP financial measures in the attached Appendix.

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Sun Communities Inc. published this content on 04 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 March 2022 21:57:04 UTC.