Sun Communities : Supplemental Data June 30, 2022

Table of Contents

Summary - Earnings Press Release	i
Guidance	vii
Portfolio Overview, Research Coverage and Inquiries	1
Financial Information
Financial and Operating Highlights	2
Consolidated Balance Sheets	4
Statements of Operations	5
Outstanding Securities and Capitalization	6
Debt Analysis	7
Reconciliations to Non-GAAP Financial Measures	8
Reconciliation of Net Income to Funds from Operations	9
Reconciliation of Net Income to Net Operating Income	10
Reconciliation of Net Income to Recurring EBITDA	11
Non-GAAP and Other Financial Measures	12
Selected Financial Information
Same Property Summary - MH / RV	13
Same Property Summary - Marina	15
UK Operations Summary	16
Acquisitions and Other Summary - (excluding UK Operations)	17
Home Sales Summary - (excluding UK home sales)	18
Rental Program Summary	19
Marina Portfolio Summary	20
Other Information
Property Summary - MH / RV	21
Property Summary - Marina	24
Acquisitions, Development and Capital Improvements	25
Operating Statistics for MH and Annual RVs - (excluding UK Operations)	26
Footnotes and Definitions	27

NEWS RELEASE

July 25, 2022

Sun Communities, Inc. Reports 2022 Second Quarter Results

Southfield, Michigan, July 25, 2022 - Sun Communities, Inc. (NYSE: SUI) (the "Company" or "SUI"), a real estate investment trust ("REIT") that owns and operates, or has an interest in, manufactured housing ("MH") communities, recreational vehicle ("RV") resorts and marinas (collectively, the "properties"), today reported its second quarter results for 2022.

Financial Results for the Quarter and Six Months Ended June 30, 2022

For the quarter ended June 30, 2022, total revenues increased by $210.4 million, or 34.8 percent, to $814.3 million compared to $603.9 million for the same period in 2021. Net income attributable to common shareholders was $74.0 million, or $0.61 per diluted common share, compared to net income attributable to common shareholders of $110.8 million, or $0.98 per diluted common share, for the same period in 2021.

For the six months ended June 30, 2022, total revenues increased by $316.9 million, or 30.3 percent, to approximately $1.4 billion compared to approximately $1.0 billion for the same period in 2021. Net income attributable to common stockholders was $74.7 million, or $0.63 per diluted common share, compared to net income attributable to common stockholders of $135.6 million, or $1.22 per diluted common share, for the same period in 2021.

Non-GAAP Financial Measures and Portfolio Performance

• Core Funds from Operations ("Core FFO")(1) for the quarter ended June 30, 2022, was $2.02 per
  diluted share and OP unit ("Share") as compared to $1.80 in the corresponding period in 2021, a 12.2 percent increase. Core FFO(1) for the six months ended June 30, 2022, was $3.37 per share as compared to $3.08 in the corresponding period, an increase of 9.4 percent.
• Constant Currency Core FFO for the quarter and six months ended June 30, 2022, was $2.04 per Share and $3.39 per Share, respectively, when translating the Company's results from the United Kingdom ("UK"), Canada and Australia at the foreign currency translation rates used in first quarter 2022 guidance.
• Same Property(2) Net Operating Income ("NOI")(1) for the Company's MH and RV properties increased by 3.6 percent for the quarter ended June 30, 2022, and 5.5 percent for the six months ended June 30, 2022 as compared to the corresponding periods in 2021.
• Same Property(2) NOI for the Company's Marina properties increased by 7.1 percent for the quarter ended June 30, 2022, and 5.0 percent for the six months ended June 30, 2022 as compared to the corresponding periods in 2021.
• Acquisitions totaled $1.8 billion during and subsequent to the quarter ended June 30, 2022, including 56 MH communities in the United States and the UK and three marinas in the United States.

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"Sun produced solid earnings growth in the second quarter, driven by positive revenue and NOI growth across the portfolio, along with the contribution from recent acquisitions," said Gary A. Shiffman, Chairman and CEO. "We delivered another record quarter of revenue-producing site gains which should contribute to sustained revenue growth. We are continuing to see healthy demand for attainable housing and affordable vacations, and while transient RV is coming off of record levels; the desire to be at a Sun Outdoors RV resort is evident as we convert transient guests to annual customers as vacationers make a Sun community their long-term destination. Additionally, we completed the acquisition of Park Holidays in the UK and are focused on integrating these assets into our MH portfolio and realizing their accretive value. Sun has a cycle-tested portfolio of communities, resorts and marinas that deliver durable and reliable cash flows. We continue to see very favorable supply- demand dynamics and have a differentiated and experienced platform to acquire, develop and efficiently operate properties to create shareholder value."

OPERATING HIGHLIGHTS

Portfolio Occupancy

Total MH and annual RV occupancy was 97.2 percent at June 30, 2022 as compared to 97.4 percent at June 30, 2021, a decrease of 20 basis points.

During the quarter ended June 30, 2022, the number of MH and annual RV revenue producing sites increased by 950 sites as compared to an increase of 583 sites during the quarter ended June 30, 2021, a 63.0 percent increase.

During the six months ended June 30, 2022, MH and annual RV revenue producing sites increased by 1,620 sites as compared to an increase of 1,097 sites during the six months ended June 30, 2021, a 47.7 percent increase.

Same Property(2) Results - MH and RV

For the 425 MH and RV properties owned and operated by the Company since January 1, 2021, the following table reflects the percentage increases, both in total, and by segment, for the quarter and six months ended June 30, 2022:

	Quarter Ended June 30, 2022
	Total MH and RV		MH	RV
	Same Property		Same Property			Same Property
Revenue	4.8 %	4.4 %			5.4 %
Expense	7.3 %	8.3 %			6.4 %
NOI	3.6 %	3.1 %			4.6 %

	Six Months Ended June 30, 2022
	Total MH and RV		MH	RV
	Same Property		Same Property			Same Property
Revenue	6.8 %	4.4 %			11.3 %
Expense	9.7 %	8.6 %			11.0 %
NOI	5.5 %	3.1 %			11.5 %

Same Property adjusted occupancy(3) increased to 98.5 percent at June 30, 2022 from 96.8 percent at June 30, 2021, an increase of 170 basis points.

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Same Property(2) Results - Marina

For the 101 Marina properties owned and operated by the Company since January 1, 2021, the following table reflects the percentage increases for the quarter and six months ended June 30, 2022:

	Quarter Ended June 30,		Six Months Ended June 30,
	2022		2022
Revenue	6.1 %	6.8 %
Expense	3.4 %	10.0 %
NOI	7.1 %	5.0 %

UK Operations Results

During the quarter ended June 30, 2022, as previously announced, the Company acquired Park Holidays, a portfolio of 40 properties and an additional two properties that are managed by the Park Holidays team. UK operations, a component of the Company's MH segment, contributed $40.5 million of NOI in the quarter ended June 30, 2022. Refer to page 16 for additional information regarding UK operating results.

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