Sun Communities : Investor Presentation – June 2021

SUN OUTDOORS SAN DIEGO BAY - CHULA VISTA, CA

OPENED IN MARCH 2021

INVESTOR PRESENTATION

JUNE 2021

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, 2020, 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, developments and expansions successfully;
• our liquidity and refinancing demands;
• our ability to obtain or refinance maturing debt;
• our ability to maintain compliance with covenants contained in our debt facilities;
• availability of capital;
• changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar and the Australian dollar;
• 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 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 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

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

Proven executive management team with over 100

combined years of industry experience

WATER OAK COUNTRY CLUB ESTATES - LADY LAKE, FL

WEST PALM BEACH - WEST PALM BEACH, FL

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

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SUN COMMUNITIES, INC. OVERVIEW (NYSE: SUI)

Current Portfolio	Property Count
as of March 31, 2021	as of March 31, 2021

(1)

	784		5,163			146	2,995503
					562 properties across
	1,200						2,232
			475	4,398		3,141	39 states and
				928 / 2,613
			588			2,524
			29,633		2,676
2,165	927		2,151		1,536	2,005 / 3,257	Ontario, Canada
	4,176 1,408		1,852 / 2,104
9,152	324		413	2,925		3,160 / 392
						1,715
		3,415	976	2,268		2,544
				1,083
			545 / 366		2,306
	5,661	132	2,500
	578		1,262
			142	1,355			(2)
			155	551	2,712			Annual Budgeted Rental Revenue Breakdown
		9,701	432
		226
		2,164			45,834
						3,796

Total Number of Sites /

Wet Slips and Dry Storage Spaces: 190,365

Headquarters

MH & RV Sites (151,612)

Marina Wet Slips and Dry Storage Spaces (38,753)

Source: Company information. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended March 31, 2021, as well as Press Releases and SEC Filings after March 31, 2021, for additional information. Refer to
information regarding non-GAAP financial measures in the attached Appendix.
(1)	Does not include six marinas managed for third parties.	4
(2)	Represents percentage of budgeted rental revenue for the twelve months ending December 31, 2021.

YTD 2021 BUSINESS UPDATE

PORTFOLIO PERFORMANCE

• Full-yearSame Community NOI growth guidance range increased by 190 bps to 7.5% - 8.5%
• Gained 514 revenue producing sites in 1Q21
• Same Community Memorial Day transient RV revenue up 39% to same weekend in 2019
• Transient RV revenue forecast exceeding budget by 24% in 2Q21 and 10% in 3Q21

EXTERNAL GROWTH

• ~$586mm invested in 2 MH, 6 RV resorts and 8 marinas YTD, including $453mm since end of 1Q21
• • Settled 1.55mm shares from March 2021 forward equity offering
• Opened new ~$58mm, 246 site ground-up development in San Diego, California

PALM CREEK RESORT & RESIDENCES - CASA GRANDE, AZ

LAUDERDALE MARINE CENTER - FT. LAUDERDALE, FL ACQUIRED IN MAY 2021

Source: Company information. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended March 31, 2021, as well as Press Releases and SEC Filings after March 31, 2021, for additional information. Refer to
information regarding non-GAAP financial measures in the attached Appendix.	5