GlobeNewswire Inc | Feb 17, 2021 05:21PM EST

February 17, 2021

Southfield, MI, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE: SUI) (the Company), 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 fourth quarter results for 2020.

Financial Results for the Quarter and Year Ended December 31, 2020

For the quarter ended December 31, 2020, total revenues increased $82.4million, or 27.3 percent, to approximately $384.3 million compared to $301.8 million for the same period in 2019. Net income attributable to common stockholders was approximately $7.6million, or $0.07 per diluted common share, for the quarter ended December 31, 2020.

For the year ended December 31, 2020, total revenues increased $134.3 million, or 10.6 percent, to approximately $1.4 billion compared to $1.3 billion for the same period in 2019. Net income attributable to common stockholders was $131.6million, or $1.34 per diluted common share, for the year ended December 31, 2020.

Non-GAAP Financial Measures and Portfolio Performance

-- Core Funds from Operations (Core FFO)(1) for the quarter ended December 31, 2020, was $1.16 per diluted share and OP unit (Share) as compared to $1.10 in the corresponding period in 2019, a 5.5 percent increase. Core FFO(1) for the year ended December 31, 2020, was $5.09 per Share as compared to $4.92 in the prior year, an increase of 3.5 percent. -- Same Community(2) Net Operating Income (NOI)(1)increased by 2.1 percent and 4.0 percent for the quarter and year ended December 31, 2020, respectively, as compared to the corresponding periods in 2019. -- Acquired approximately $3.0 billion of operating properties including the $2.1 billion acquisition of Safe Harbor Marinas in 2020. -- MH and Annual RV Revenue Producing Sites increased by 578 sites in the fourth quarter and 2,505 sites during the year ended December 31, 2020, bringing total portfolio occupancy to 97.3 percent. -- MH and Annual RV Rent Collections for the fourth quarter were over 96.0 percent and 97.0 percent, respectively.

Gary Shiffman, Chief Executive Officer stated, As we reflect on the events of 2020, we are pleased with our performance and the demonstrated resilience and stability of our business and operating platform, particularly in light of the challenging environment. We generated 4.0 percent same community NOI growth, delivered 3.5 percent year over year Core FFO(1) per Share growth, deployed $3.0 billion into accretive acquisitions and raised approximately $1.9 billion in two equity offerings with strong investor demand. We are well positioned to continue delivering industry leading growth and have a new business line that broadens our opportunity set with the addition of Safe Harbor Marinas.

Mr. Shiffman continued, The dedication and perseverance of our team to create value for our shareholders continues to be a key factor in our success.

OPERATING HIGHLIGHTS

Portfolio Occupancy

Total MH and annual RV occupancy was 97.3 percent at December 31, 2020, compared to 96.4 percent at December 31, 2019, an increase of 90 basis points.

During the quarter ended December 31, 2020, MH and annual RV revenue producing sites increased by 578 sites, bringing full year 2020 revenue producing site gains to 2,505 sites.

Same Community(2) Results

For the 367 MH and RV properties owned and operated by the Company since January 1, 2019, NOI(1)for the quarter ended December 31, 2020 increased 2.1 percent over the same period in 2019, resulting from a 5.7 percent increase in revenues and a 13.6 percent increase in expenses. Adjusted to remove the impact of $0.3 million of direct COVID-19 related health and safety expense, Same Community NOI(1) growth was 2.4 percent for the quarter ended December 31, 2020. Payroll, utilities and supplies and repair costs were elevated during the quarter primarily due to the extended season of the Companys northern RV resorts. Same Community occupancy(3) increased to 98.8 percent at December 31, 2020 from 97.0 percent at December 31, 2019.

For the year ended December 31, 2020, NOI(1)increased 4.0 percent over the same period in 2019, resulting from a 3.6 percent increase in revenues and a 3.0 percent increase in expenses. Adjusted to remove the impact of $2.4 million of direct COVID-19 related health and safety expense, Same Community NOI(1) growth was 4.4 percent for the year ended December 31, 2020.

Home Sales

During the quarter ended December 31, 2020, the Company sold 782 homes as compared to 808 homes in the same period in 2019. The Company sold 156 and 140 new homes for the quarters ended December 31, 2020 and 2019, respectively, an increase of 11.4 percent. Pre-owned home sales were 626 in the fourth quarter 2020 as compared to 668 in the same period in 2019. Rental home sales, which are included in total pre-owned home sales, were 269 and 281 for the quarters ended December 31, 2020 and 2019, respectively.

During the year ended December 31, 2020, the Company sold 2,866 homes as compared to 3,439 homes sold during 2019. The Company sold 570 and 571 new homes during the years ended December 31, 2020 and 2019, respectively. Pre-owned home sales were 2,296 during the year ended December 31, 2020, as compared to 2,868 during 2019. Rental home sales, which are included in total pre-owned home sales, were 850 and 1,140 for the years ended December 31, 2020 and 2019, respectively.

Rent Collections

For the fourth quarter of 2020, MH and annual RV rent collections were over 96.0 percent and 97.0 percent, respectively, after adjusting for the impact of COVID-19 related hardship deferrals and prepaid rent balances.

January 2021 rent collections were 97.0 percent for MH and 97.0 percent for annual RV.

PORTFOLIO ACTIVITY

Acquisitions

During and subsequent to the quarter ended December 31, 2020, the Company acquired the following communities and resorts:

Property Property Total Purchase MonthName Type Sites State Price (in Acquired millions)Gig Harbor RV 115 WA $ 15.3 NovemberMaine MHPortfolio^ MH 1,083 ME $ 81.3 November(a)Mouse MH / RV 304 FL $ 15.5 DecemberMountainLakeviewMobile MH 296 CA $ 23.8 DecemberEstatesShenandoah RV 522 VA $ 17.0 DecemberAcresJellystoneat Barton RV 555 IN $ 24.0 DecemberLakeKittatinny NY &Portfolio^ RV 527 PA $ 16.3 December(b)Association RV 294 NY $ 15.0 JanuaryIsland KOABlue Water RV 177 UT $ 9.0 FebruaryTranquility MH 25 FL $ 1.3 FebruaryMHC 3,898 $ 218.5

(a) Includes six MH communities.

(b) Includes two RV resorts.

During and subsequent to the quarter ended December 31, 2020, the Company acquired the following marinas:

Wet Slips & Dry Total Purchase MonthProperty Name Storage Spaces State Price (in Acquired millions)Safe Harbor 37,305 Various $ 2,016.4 OctoberMarinas^(a)Hideaway Bay^ 628 GA $ 32.9 November(b)Anacapa Isle^ 453 CA $ 13.9 December(b)Annapolis 184 MD $ 31.0 DecemberWickford 60 RI $ 3.5 DecemberRybovich 78 FL $ 368.8 DecemberPortfolio^(c)Rockland 173 ME $ 16.0 DecemberIslamorada andAngler House^ 251 FL $ 18.0 February(d) 39,132 $ 2,500.5

(a) Includes 99 owned marinas located in 22 states. In conjunction with the acquisition, the Company issued Series H preferred OP units. As of December 31, 2020, 581,407 Series H preferred OP units were outstanding.

(b) Acquired in connection with Safe Harbor Marinas acquisition. Transfer of the marinas was contingent on receiving third party consents.

(c) Includes two marinas. In conjunction with the acquisition, the Company issued Series I preferred OP units. As of December 31, 2020, 922,000 Series I preferred OP units were outstanding.

(d) Includes two marinas.

During the year ended December 31, 2020, the Company acquired 24 MH communities and RV resorts with 6,919 sites and 106 marinas with over 38,800 wet slips and dry rack storage spaces for a total purchase price of approximately $3.0billion.

Construction Activity

During the quarter ended December 31, 2020, the Company completed the construction of nearly 50 sites in two ground-up developments and one redevelopment property, and over 120 expansion sites in one RV resort and one MH community. Full-year ground-up and redevelopment site deliveries were over 1,000 sites in five properties and over 300 total expansion sites in eight properties.

BALANCE SHEET, CAPITAL MARKETS ACTIVITY AND OTHER ITEMS

Debt Transactions

As of December 31, 2020, the Company had approximately $4.8 billion of debt outstanding. The weighted average interest rate was 3.4 percent and the weighted average maturity was 9.4 years. The Company had $83.0million of unrestricted cash on hand. At December 31, 2020, the Companys net debt to trailing twelve-month Recurring EBITDA(1) ratio was 6.9 times, which includes all of Safe Harbors debt, but only two months of its EBITDA contribution.

During the quarter ended December 31, 2020, as previously disclosed, the Company entered into a new $260.0 million term loan secured by 11 MH and RV properties. The loan has a 12-year maturity and a fixed interest rate of 2.64 percent.

Equity Transactions

During the quarter ended December 31, 2020, as previously disclosed, the Company closed an underwritten registered public offering of 9,200,000 shares of common stock. Proceeds from the offering were $1.2 billion after deducting expenses related to the offering. The Company used the net proceeds of the offering to fund the cash portion of the acquisition of Safe Harbor and for working capital and general corporate purposes.

2021 Distributions

The Companys Board of Directors has approved setting the 2021 annual distribution rate at $3.32 per common share, an increase of $0.16, or 5.1 percent, over the current $3.16 per common share for 2020. This increase will begin with the first quarter distribution to be paid in April 2021. While the Board of Directors has adopted the new annual distribution policy, the amount of each quarterly distribution on the Company's common stock will be subject to approval by the Board of Directors.

New Director

On February 11, 2020 the Board of Directors increased the size of the board from seven to eight directors and appointed Tonya Allen to the Companys Board of Directors as an independent director. Ms. Allen brings an expert perspective on sustainability and social issues, an important focus for the Company.

2021 GUIDANCE

The estimates and assumptions presented below represent a range of possible outcomes and may differ materially from actual results. These estimates include contributions from all acquisitions through the date of this release and exclude prospective acquisitions and capital markets activity. The estimates and assumptions are forward-looking based on the Companys current assessment of economic and market conditions, as well as other risks outlined below under the caption Cautionary Statement Regarding Forward-Looking Statements.

Notes to 2021 guidance:

-- Includes contributions from recently completed acquisitions $218.5 million of MH community and RV resort acquisitions in the fourth quarter 2020 and subsequent to year end$437.3 million of marina acquisitions subsequent to the closing of the Safe Harbor transaction on October 30, 2020 -- Includes a lower transient RV revenue estimate of $8.0 - $10.0 million in the first quarter 2021 due to the extension of the Canadian border closure order and the California travel restrictions imposed through early February, 2021

Earnings and Core FFO(1)

Net IncomeWeighted average common shares outstanding (in millions) 106.9First quarter 2021, basic earnings per share $0.08 - $0.12Full year 2021, basic earnings per share $1.66 - $1.82

Core FFO^(1)Weighted average common shares outstanding, fully diluted (in 112.7millions)^(i)First quarter 2021, Core FFO^(1) per Share $1.13 - $1.17Full year 2021, Core FFO^(1) per Share $5.79 - $5.95

(i) Certain securities that are dilutive to the computation of Core FFO(1) per fully diluted share in the table above have been excluded from the computation of net income per fully diluted share, as inclusion of these securities would have been anti-dilutive to net income per fully diluted share.

1Q21 2Q21 3Q21 4Q21Seasonality of Core FFO^(1) 19.6 % 26.2 % 32.8 % 21.4 %

Total MH and RV Portfolio

Number of properties: 446

2020 Actual 2021E (in millions) Change %Income from real property $ 1,002.4 10.9% - 11.4%Total property operating expenses 367.3 13.7% - 14.4%Net operating income $ 635.1 8.8% - 10.1%

1Q21 2Q21 3Q21 4Q21Seasonality of total MH and RV 22.6 % 25.0 % 28.6 % 23.8 %portfolio NOI

2021EMH weighted average monthly rental rate increase 3.2 %RV weighted average monthly rental rate increase 4.3 %Blended weighted average monthly rental rate increase 3.4 % Increase in revenue producing sites 2,150 - 2,350 New home sales volume 550 - 650Pre-owned home sales volume 2,400 - 2,600 Newly built ground-up and expansion sites 1,200 - 1,600

General and Administrative Expenses

2021EGeneral and administrative expenses $163.7 - $167.3

General and administrative expenses include the impact of the Companys entry into the marina asset class. The marina portfolio is operated as an independent wholly-owned subsidiary retaining its own senior management, property management and back office operations. As significant growth potential through the consolidation of the highly fragmented marina industry is anticipated, costs associated with scaling to effectively operate a larger portfolio are required. As a general practice, marina acquisitions are underwritten with an expected incremental general and administrative cost of 3.0 percent of revenues.

Same Community(2) Portfolio

Number of MH and RV properties: 407

Same community NOI(1) growth is expected to be between 5.6 percent and 6.6 percent for full year 2021.

Marinas

NOI(1) inclusive of the contribution from service and ancillary operations is expected to be $163.0 million - $169.0 million.

1Q21 2Q21 3Q21 4Q21Seasonality of marina NOI^(1) 18.0 % 29.0 % 28.6 % 24.4 %

EARNINGS CONFERENCE CALL

A conference call to discuss fourth quarter operating results will be held on Thursday, February18, 2021 at 11:00 A.M. (ET). To participate, call toll-free 877-407-9039. Callers outside the U.S. or Canada can access the call at 201-689-8470. A replay will be available following the call through March4, 2021 and can be accessed toll-free by calling 844-512-2921 or 412-317-6671. The Conference ID number for the call and the replay is 13713712. The conference call will be available live on Sun Communities website located at www.suncommunities.com. The replay will also be available on the website.

Sun Communities, Inc. is a REIT that, as of December 31, 2020, owned, operated, or had an interest in a portfolio of 552 developed MH, RV and marina properties comprising over 188,000 developed sites in 39 states and Ontario, Canada.

For more information about Sun Communities, Inc., please visit www.suncommunities.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release contains various forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this press release 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 the Companys current views with respect to future events and financial performance, but involve known and unknown risks, uncertainties and other factors, both general and specific to the matters discussed in or incorporated herein, some of which are beyond the Companys control. These risks, uncertainties and other factors may cause the Companys 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 the Companys Annual Report on Form 10-K for the year ended December 31, 2019, the Companys Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and September 30, 2020, and the Companys other filings with the Securities and Exchange Commission from time to time, such risks, uncertainties and other factors 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 the Company operates; -- difficulties in the Companys ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully; -- the Companys liquidity and refinancing demands; -- the Companys ability to obtain or refinance maturing debt; -- the Companys ability to maintain compliance with covenants contained in its debt facilities; -- availability of capital; -- changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian and Australian dollars; -- the Companys ability to maintain rental rates and occupancy levels; -- the Companys 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 the Companys capital stock; -- the Companys ability to maintain its 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. The Company undertakes no obligation to publicly update or revise any forward-looking statements included in this press release, whether as a result of new information, future events, changes in its expectations or otherwise, except as required by law.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. All written and oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by these cautionary statement.

Investor Information



RESEARCH COVERAGE Firm Analyst Phone EmailBank ofAmerica Joshua Dennerlein (646) joshua.dennerlein@baml.comMerrill 855-1681LynchBerenberg (646)Capital Keegan Carl 949-9052 keegan.carl@berenberg-us.comMarketsBMO (212)Capital John Kim 885-4115 johnp.kim@bmo.comMarketsCiti Michael Bilerman (212) michael.bilerman@citi.comResearch 816-1383 Nicholas Joseph (212) nicholas.joseph@citi.com 816-1909Evercore Steve Sakwa (212) steve.sakwa@evercoreisi.comISI 446-9462 Samir Khanal (212) samir.khanal@evercoreisi.com 888-3796Green (949)Street John Pawlowski 640-8780 jpawlowski@greenstreetadvisors.comAdvisorsRobert W. (216)Baird & Wesley Golladay 737-7510 wgolladay@rwbaird.comCo.Wells Todd Stender (562) todd.stender@wellsfargo.comFargo 637-1371 INQUIRIES Sun Communities welcomes questions or comments from stockholders, analysts,investment managers, media, or any prospective investor. Please address allinquiries to our Investor Relations department. At Our www.suncommunities.com Website By Email investorrelations@suncommunities.com By Phone (248) 208-2500

Portfolio Overview (As of December 31, 2020)



Financial and Operating Highlights

(amounts in thousands, except for *)



Quarter Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019Financial InformationTotal $ 384,265 $ 400,514 $ 303,266 $ 310,302 $ 301,819 revenuesNet income / $ 9,818 $ 89,756 $ 63,355 $ (15,478 ) $ 30,685 (loss)Net income /(loss)attributableto Sun $ 7,586 $ 81,204 $ 58,910 $ (16,086 ) $ 28,547 CommunitiesInc. commonstockholdersBasicearnings / $ 0.07 $ 0.83 $ 0.61 $ (0.17 ) $ 0.31 (loss) pershare*Dilutedearnings / $ 0.07 $ 0.83 $ 0.61 $ (0.17 ) $ 0.31 (loss) pershare* Cashdistributions $ 0.79 $ 0.79 $ 0.79 $ 0.79 $ 0.75 declared percommon share* Recurring $ 168,527 $ 199,321 $ 148,650 $ 156,552 $ 144,738 EBITDA^(1)FFOattributableto SunCommunities,Inc. commonstockholders $ 110,849 $ 165,209 $ 118,092 $ 95,046 $ 105,533 and dilutiveconvertiblesecurities^(1)(4)

Core FFOattributableto SunCommunities,Inc. commonstockholders $ 124,872 $ 162,624 $ 110,325 $ 117,267 $ 104,534 and dilutiveconvertiblesecurities^(1)(4)

FFOattributableto SunCommunities,Inc. commonstockholders $ 1.03 $ 1.63 $ 1.20 $ 0.98 $ 1.11 and dilutiveconvertiblesecurities^(1)(4) pershare - fullydiluted*Core FFOattributableto SunCommunities,Inc. commonstockholders $ 1.16 $ 1.60 $ 1.12 $ 1.22 $ 1.10 and dilutiveconvertiblesecurities^(1)(4) pershare - fullydiluted* Balance Sheet Total assets $ 11,206,586 $ 8,335,717 $ 8,348,659 $ 8,209,047 $ 7,802,060 Total debt $ 4,757,076 $ 3,340,613 $ 3,390,771 $ 3,926,494 $ 3,434,402 Total $ 5,314,879 $ 3,791,922 $ 3,845,308 $ 4,346,127 $ 3,848,104 liabilities

Quarter Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019Operating Information*Properties 552 432 426 424 422 Manufactured 96,688 95,209 94,232 93,834 93,821 home sitesAnnual RV 27,564 26,817 26,240 26,148 26,056 sitesTransient RV 25,043 23,728 22,360 21,880 21,416 sitesTotal sites 149,295 145,754 142,832 141,862 141,293 Wet slipsand dry 38,881 N/A N/A N/A N/Astoragespaces MH occupancy 96.6 % 96.4 % 96.5 % 95.8 % 95.5 %RV annual 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %occupancyTotalblended MH 97.3 % 97.2 % 97.3 % 96.7 % 96.4 %and annualRV occupancy New home 156 155 140 119 140 salesPre-owned 626 555 471 644 668 home salesTotal home 782 710 611 763 808 sales

Quarter Ended 12/31/ 9/30/ 6/30/ 3/31/ 12/31/ 2020 2020 2020 2020 2019Net Leased Sites^(5) MH net leased sites 247 349 759 287 437 RV net leased sites 331 427 92 13 232 Total net leased 578 776 851 300 669 sites

Consolidated Balance Sheets(amounts in thousands)



December 31, 2020 December 31, 2019Assets Land $ 2,119,364 $ 1,414,279 Land improvements and buildings 8,480,597 6,595,272 Rental homes and improvements 637,603 627,175 Furniture, fixtures and equipment 447,039 282,874 Investment property 11,684,603 8,919,600 Accumulated depreciation (1,968,812 ) (1,686,980 ) Investment property, net 9,715,791 7,232,620 Cash, cash equivalents and restricted cash 98,294 34,830 Marketable securities 124,726 94,727 Inventory of manufactured homes 46,643 62,061 Notes and other receivables, net 221,650 157,926 Goodwill 428,833 ? Other intangible assets, net 305,611 66,948 Other assets, net 265,038 152,948 Total Assets $ 11,206,586 $ 7,802,060 Liabilities Mortgage loans payable $ 3,444,967 $ 3,180,592 Preferred Equity - Sun NG Resorts - 35,249 35,249 mandatorily redeemablePreferred OP units - mandatorily 34,663 34,663 redeemableLines of credit and other debt^(6) 1,242,197 183,898 Distributions payable 86,988 71,704 Advanced reservation deposits and rent 187,730 133,420 Accrued expenses and accounts payable 148,435 127,289 Other liabilities 134,650 81,289 Total Liabilities 5,314,879 3,848,104 Commitments and contingencies Series D preferred OP units 49,600 50,913 Series F preferred OP units 8,871 ? Series G preferred OP units 25,074 ? Series H preferred OP units 57,833 ? Series I preferred OP units 94,532 ? Other redeemable noncontrolling interests 28,469 27,091 Stockholders' Equity Common stock 1,076 932 Additional paid-in capital 7,087,658 5,213,264 Accumulated other comprehensive loss 3,178 (1,331 ) Distributions in excess of accumulated (1,566,636 ) (1,393,141 ) earningsTotal Sun Communities, Inc. stockholders' 5,525,276 3,819,724 equityNoncontrolling interests Common and preferred OP units 85,968 47,686 Consolidated variable interest entities 16,084 8,542 Total noncontrolling interests 102,052 56,228 Total Stockholders' Equity 5,627,328 3,875,952 Total Liabilities, Temporary Equity and $ 11,206,586 $ 7,802,060 Stockholders' Equity

Statements of Operations - Quarter to Date and Year to Date Comparison(In thousands, except per share amounts) (Unaudited)



Three Months Ended Year Ended December 31, December 31, Change % Change December 31, December 31, Change % Change 2020 2019 2020 2019Revenues Income fromreal property(excluding $ 249,065 $ 205,131 $ 43,934 21.4 % $ 895,945 $ 793,403 $ 102,542 12.9 %transientrevenue)Transient 27,929 19,886 8,043 40.4 % 134,691 121,504 13,187 10.9 %revenueRevenue from 48,920 45,271 3,649 8.1 % 175,699 181,936 (6,237 ) (3.4 ) %home salesRental home 16,035 14,745 1,290 8.7 % 62,646 57,572 5,074 8.8 %revenueAncillary 35,644 10,481 25,163 240.1 % 102,017 77,638 24,379 31.4 %revenueInterest income 2,510 3,368 (858 ) (25.5 ) % 10,119 17,857 (7,738 ) (43.3 ) %Brokeragecommissions and 4,162 2,937 1,225 41.7 % 17,230 14,127 3,103 22.0 %other revenues,netTotal Revenues 384,265 301,819 82,446 27.3 % 1,398,347 1,264,037 134,310 10.6 %Expenses Propertyoperating and 88,889 63,486 25,403 40.0 % 308,797 266,378 42,419 15.9 %maintenanceReal estate 20,265 15,425 4,840 31.4 % 72,606 61,880 10,726 17.3 %taxesCost of home 36,434 34,327 2,107 6.1 % 131,884 134,357 (2,473 ) (1.8 ) %salesRental homeoperating and 6,058 5,542 516 9.3 % 22,186 21,995 191 0.9 %maintenanceAncillary 27,671 9,099 18,572 204.1 % 63,402 47,432 15,970 33.7 %expensesHome selling 4,626 3,768 858 22.8 % 15,134 14,690 444 3.0 %expensesGeneral andadministrative 31,795 25,434 6,361 25.0 % 111,288 93,964 17,324 18.4 %expensesCatastrophicweather-related 831 435 396 91.0 % 885 1,737 (852 ) (49.1 ) %charges, netBusinesscombination 23,008 ? 23,008 N/A 23,008 ? 23,008 N/AexpenseDepreciationand 117,423 98,826 18,597 18.8 % 376,876 328,067 48,809 14.9 %amortizationLoss onextinguishment ? 3,027 (3,027 ) N/A 5,209 16,505 (11,296 ) (68.4 ) %of debtInterest 35,013 33,259 1,754 5.3 % 129,071 133,153 (4,082 ) (3.1 ) %expenseInterest onmandatorilyredeemable 1,047 1,207 (160 ) (13.3 ) % 4,177 4,698 (521 ) (11.1 ) %preferred OPunits / equityTotal Expenses 393,060 293,835 99,225 33.8 % 1,264,523 1,124,856 139,667 12.4 %Income / (Loss)Before Other (8,795 ) 7,984 (16,779 ) (210.2 ) % 133,824 139,181 (5,357 ) (3.8 ) %ItemsGain onremeasurement 8,765 17,692 (8,927 ) (50.5 ) % 6,129 34,240 (28,111 ) (82.1 ) %of marketablesecuritiesGain on foreigncurrency 10,480 4,522 5,958 131.8 % 8,039 4,557 3,482 76.4 %translationGain ondisposition of ? ? ? N/A 5,595 ? 5,595 N/ApropertyOther income /(expense), net^ (390 ) 424 (814 ) (192.0 ) % (3,768 ) (1,100 ) (2,668 ) 242.5 %(7)Loss onremeasurement (964 ) ? (964 ) N/A (3,275 ) ? (3,275 ) N/Aof notesreceivableIncome / (loss)from 392 (6 ) 398 N/M 1,740 1,374 366 26.6 %nonconsolidatedaffiliatesLoss onremeasurementof investment (103 ) ? (103 ) N/A (1,608 ) ? (1,608 ) N/AinnonconsolidatedaffiliatesCurrent tax (328 ) (189 ) (139 ) 73.5 % (790 ) (1,095 ) 305 (27.9 ) %expenseDeferred tax 761 258 503 195.0 % 1,565 222 1,343 605.0 %benefitNet Income 9,818 30,685 (20,867 ) (68.0 ) % 147,451 177,379 (29,928 ) (16.9 ) %Less: Preferredreturn to 2,136 1,418 718 50.6 % 6,935 6,058 877 14.5 %preferred OPunits / equityLess: Incomeattributable to 96 720 (624 ) (86.7 ) % 8,902 9,768 (866 ) (8.9 ) %noncontrollinginterestsNet IncomeAttributable toSun 7,586 28,547 (20,961 ) (73.4 ) % 131,614 161,553 (29,939 ) (18.5 ) %Communities,Inc.Less: Preferredstock ? ? ? N/A ? 1,288 (1,288 ) N/AdistributionNet IncomeAttributable toSun $ 7,586 $ 28,547 $ (20,961 ) (73.4 ) % $ 131,614 $ 160,265 $ (28,651 ) (17.9 ) %Communities,Inc. CommonStockholders Weightedaverage commonshares 104,275 91,342 12,933 14.2 % 97,521 88,460 9,061 10.2 %outstanding -basicWeightedaverage commonshares 104,744 91,893 12,851 14.0 % 97,522 88,915 8,607 9.7 %outstanding -diluted Basic earnings $ 0.07 $ 0.31 $ (0.24 ) (77.4 ) % $ 1.34 $ 1.80 $ (0.46 ) (25.6 ) %per shareDilutedearnings per $ 0.07 $ 0.31 $ (0.24 ) (77.4 ) % $ 1.34 $ 1.80 $ (0.46 ) (25.6 ) %share

N/M = Percentage change is not meaningful.

Outstanding Securities and Capitalization(amounts in thousands except for *)



Outstanding Securities - As of December 31, 2020 Number of If Issuance Annual Units / Conversion Converted Price Distribution Shares Rate* ^(1) Per Rate* Outstanding Unit*Non-convertible SecuritiesCommon shares 107,626 N/A N/A N/A $3.16^ Convertible Securities MirrorsCommon OP units 2,607 1.0000 2,607 N/A common shares distributions Series A-1preferred OP 295 2.4390 719 $ 100 6.00 %unitsSeries A-3preferred OP 40 1.8605 75 $ 100 4.50 %unitsSeries Cpreferred OP 306 1.1100 340 $ 100 4.50 %unitsSeries Dpreferred OP 489 0.8000 391 $ 100 3.80 %unitsSeries Epreferred OP 90 0.6897 62 $ 100 5.25 %unitsSeries Fpreferred OP 90 0.6250 56 $ 100 3.00 %unitsSeries Gpreferred OP 241 0.6452 155 $ 100 3.20 %unitsSeries Hpreferred OP 581 0.6098 355 $ 100 3.00 %unitsSeries Ipreferred OP 922 0.6098 562 $ 100 3.00 %units

^ Annual distribution is based on the last quarterly distribution annualized.

(1) Calculation may yield minor differences due to fractional shares paid in cash to the stockholder at conversion.

Capitalization - As of December 31, 2020 Equity Shares Share Price* TotalCommon shares 107,626 $ 151.95 $ 16,353,771 Common OP units 2,607 $ 151.95 396,134 Subtotal 110,233 $ 16,749,905 Preferred OP units as 2,715 $ 151.95 $ 412,544 convertedTotal diluted shares 112,948 17,162,449 outstanding Debt Mortgage loans payable $ 3,444,967 Preferred Equity - Sun NGResorts - mandatorily 35,249 redeemablePreferred OP units - 34,663 mandatorily redeemableLines of credit and other 1,242,197 debt^(6)Total debt $ 4,757,076 Total Capitalization $ 21,919,525

Reconciliations to Non-GAAP Financial Measures

Reconciliation of Net Income Attributable to Sun Communities, Inc. Common Stockholders to FFO(1)(amounts in thousands except for per share data)



Three Months Ended Year Ended December 31, December 31, December 31, December 31, 2020 2019 2020 2019Net IncomeAttributable ToSun $ 7,586 $ 28,547 $ 131,614 $ 160,265 Communities,Inc. CommonStockholdersAdjustments Depreciationand 117,354 98,950 376,897 328,646 amortizationDepreciation onnonconsolidated 38 ? 66 ? affiliatesGain onremeasurement (8,765 ) (17,692 ) (6,129 ) (34,240 ) of marketablesecuritiesLoss onremeasurementof investment 103 ? 1,608 ? innonconsolidatedaffiliatesLoss onremeasurement 964 ? 3,275 ? of notesreceivableIncomeattributable to 4 482 7,881 8,474 noncontrollinginterestsPreferredreturn to 494 519 2,231 2,610 preferred OPunitsPreferreddistribution to ? ? ? 1,288 Series A-4preferred stockGain ondisposition of ? ? (5,595 ) ? propertiesGain ondisposition of (6,929 ) (5,273 ) (22,180 ) (26,356 ) assets, netFFOAttributable ToSunCommunities,Inc. CommonStockholders $ 110,849 $ 105,533 $ 489,668 $ 440,687 And DilutiveConvertibleSecurities^(1)(4)

Adjustments Businesscombination 23,008 ? 23,008 ? expenseOtheracquisition 1,035 244 2,326 1,146 related costs^(8)Loss onextinguishment ? 3,027 5,209 16,505 of debtCatastrophicweather-related 831 398 885 1,737 charges, netGain on foreigncurrency (10,480 ) (4,522 ) (8,039 ) (4,557 ) translationOther (income)/ expense, net^ 390 (424 ) 3,768 1,100 (7)Other (761 ) 278 (1,265 ) 314 adjustments^(a)Core FFOAttributable ToSunCommunities,Inc. Common $ 124,872 $ 104,534 $ 515,560 $ 456,932 StockholdersAnd DilutiveConvertibleSecurities^(1)(4) Weightedaverage commonshares 104,275 91,342 97,521 88,460 outstanding -basicAdd Common stockissuable upon 1 1 1 1 conversion ofstock optionsRestricted 468 550 455 454 stockCommon OP units 2,496 2,300 2,458 2,448 Common stockissuable uponconversion of 798 1,270 907 1,454 certainpreferred OPunitsWeightedAverage CommonShares 108,038 95,463 101,342 92,817 Outstanding -Fully Diluted FFOAttributable ToSunCommunities,Inc. CommonStockholders $ 1.03 $ 1.11 $ 4.83 $ 4.75 And DilutiveConvertibleSecurities^(1)(4) Per Share -Fully Diluted

Core FFOAttributable ToSunCommunities,Inc. CommonStockholders $ 1.16 $ 1.10 $ 5.09 $ 4.92 And DilutiveConvertibleSecurities^(1)(4) Per Share -Fully Diluted

(a) Adjustments include deferred compensation amortization upon retirement and deferred tax (benefit) / expense.

Reconciliation of Net Income Attributable to Sun Communities, Inc. Common Stockholders to Recurring EBITDA(1)(amounts in thousands)



Three Months Ended Year Ended December 31, December 31, December 31, December 31, 2020 2019 2020 2019Net IncomeAttributable toSun $ 7,586 $ 28,547 $ 131,614 $ 160,265 Communities,Inc. CommonStockholdersAdjustments Depreciationand 117,423 98,826 376,876 328,067 amortizationLoss onextinguishment ? 3,027 5,209 16,505 of debtInterest 35,013 33,259 129,071 133,153 expenseInterest onmandatorilyredeemable 1,047 1,207 4,177 4,698 preferred OPunits / equityCurrent tax 328 189 790 1,095 expenseDeferred tax (761 ) (258 ) (1,565 ) (222 ) benefit(Income) / lossfrom (392 ) 6 (1,740 ) (1,374 ) nonconsolidatedaffiliatesLess: Gain ondispositions of (6,929 ) (5,273 ) (22,180 ) (26,356 ) assets, netLess: Gain ondisposition of ? ? (5,595 ) ? propertiesEBITDAre^(1) $ 153,315 $ 159,530 $ 616,657 $ 615,831 Adjustments Catastrophicweather related 831 435 885 1,737 charges, netBusinesscombination 23,008 ? 23,008 ? expenseGain onremeasurement (8,765 ) (17,692 ) (6,129 ) (34,240 ) of marketablesecuritiesGain on foreigncurrency (10,480 ) (4,522 ) (8,039 ) (4,557 ) translationOther (income)/ expense, net^ 390 (424 ) 3,768 1,100 (6)Loss onremeasurement 964 ? 3,275 ? of notesreceivableLoss onremeasurementof investment 103 ? 1,608 ? innonconsolidatedaffiliatesPreferredreturn to 2,136 1,418 6,935 6,058 preferred OPunits / equityIncomeattributable to 96 720 8,902 9,768 noncontrollinginterestsPreferred stock ? ? ? 1,288 distributionPlus: Gain ondispositions of 6,929 5,273 22,180 26,356 assets, netRecurring $ 168,527 $ 144,738 $ 673,050 $ 623,341 EBITDA^(1)

Reconciliation of Net Income Attributable to Sun Communities, Inc. Common Stockholders to NOI(1)(amounts in thousands)



Three Months Ended Year Ended December 31, December 31, December 31, December 31, 2020 2019 2020 2019Net IncomeAttributable toSun $ 7,586 $ 28,547 $ 131,614 $ 160,265 Communities,Inc. CommonStockholdersInterest income (2,510 ) (3,368 ) (10,119 ) (17,857 ) Brokeragecommissions and (4,162 ) (2,937 ) (17,230 ) (14,127 ) other revenues,netHome selling 4,626 3,768 15,134 14,690 expensesGeneral andadministrative 31,795 25,434 111,288 93,964 expensesCatastrophicweather-related 831 435 885 1,737 charges, netBusinesscombination 23,008 ? 23,008 ? expenseDepreciationand 117,423 98,826 376,876 328,067 amortizationLoss onextinguishment ? 3,027 5,209 16,505 of debtInterest 35,013 33,259 129,071 133,153 expenseInterest onmandatorilyredeemable 1,047 1,207 4,177 4,698 preferred OPunits / equityGain onremeasurement (8,765 ) (17,692 ) (6,129 ) (34,240 ) of marketablesecuritiesGain on foreigncurrency (10,480 ) (4,522 ) (8,039 ) (4,557 ) translationGain ondisposition of ? ? (5,595 ) ? propertyOther (income)/ expense, net^ 390 (424 ) 3,768 1,100 (7)Loss onremeasurement 964 ? 3,275 ? of notesreceivableLoss / (income)from (392 ) 6 (1,740 ) (1,374 ) nonconsolidatedaffiliatesLoss onremeasurementof investment 103 ? 1,608 ? innonconsolidatedaffiliatesCurrent tax 328 189 790 1,095 expenseDeferred tax (761 ) (258 ) (1,565 ) (222 ) benefitPreferredreturn to 2,136 1,418 6,935 6,058 preferred OPunits / equityIncomeattributable to 96 720 8,902 9,768 noncontrollinginterestsPreferred stock ? ? ? 1,288 distributionNOI^(1) / Gross $ 198,276 $ 167,635 $ 772,123 $ 700,011 Profit

Three Months Ended Year Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019RealProperty $ 167,840 $ 146,106 $ 649,233 $ 586,649 NOI^(1)HomeSales NOI^(1) / 12,486 10,944 43,815 47,579 GrossProfitRentalProgram 29,101 26,682 115,283 104,382 NOI^(1)AncillaryNOI^(1) / 7,973 1,382 38,615 30,206 GrossProfitSite rentfromRentalProgram(included (19,124 ) (17,479 ) (74,823 ) (68,805 ) in RealPropertyNOI)^(1)(9)NOI^(1) /Gross $ 198,276 $ 167,635 $ 772,123 $ 700,011 Profit

Non-GAAP and Other Financial Measures

Debt Analysis (amounts in thousands)



Quarter Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019Debt OutstandingMortgage $ 3,444,967 $ 3,191,380 $ 3,205,507 $ 3,273,808 $ 3,180,592 loans payablePreferredEquity - SunNG Resorts - 35,249 35,249 35,249 35,249 35,249 mandatorilyredeemablePreferred OPunits - 34,663 34,663 34,663 34,663 34,663 mandatorilyredeemableLines ofcredit and 1,242,197 79,321 115,352 582,774 183,898 other debt^(6)Total debt $ 4,757,076 $ 3,340,613 $ 3,390,771 $ 3,926,494 $ 3,434,402 % Fixed / FloatingFixed 74.0 % 97.6 % 96.6 % 85.2 % 94.7 %Floating 26.0 % 2.4 % 3.4 % 14.8 % 5.3 %Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % WeightedAverage InterestRatesMortgage 3.78 % 3.88 % 3.88 % 3.91 % 4.05 %loans payablePreferredEquity - SunNG Resorts - 6.00 % 6.00 % 6.00 % 6.00 % 6.00 %mandatorilyredeemablePreferred OPunits - 5.93 % 5.93 % 5.93 % 5.93 % 6.50 %mandatorilyredeemableLines ofcredit and 2.08 % 1.32 % 2.03 % 1.85 % 2.71 %other debt^(6)Total average 3.37 % 3.86 % 3.86 % 3.64 % 4.03 % Debt Ratios Net Debt /Recurring 6.9 5.0 4.8 5.6 5.5 EBITDA^(1)(TTM)Net Debt /Enterprise 21.4 % 18.3 % 17.8 % 22.6 % 19.0 %ValueNet Debt / 35.5 % 31.6 % 29.7 % 35.6 % 36.0 %Gross Assets Coverage RatiosRecurringEBITDA^(1) 4.9 4.8 4.5 4.5 4.4(TTM) /InterestRecurringEBITDA^(1)(TTM) /Interest + 4.8 4.6 4.4 4.3 4.2Pref.Distributions+ Pref. StockDistribution

Maturities /PrincipalAmortization 2021 2022 2023 2024 2025Next FiveYearsMortgageloans payableMaturities $ ? $ 82,155 $ 185,618 $ 315,330 $ 50,528 Principal 59,585 61,364 60,739 57,293 53,879 amortizationPreferredEquity - SunNG Resorts - ? ? ? 33,428 1,821 mandatorilyredeemablePreferred OPunits - ? ? ? 27,373 ? mandatorilyredeemableLines ofcredit and 10,000 14,794 65,403 1,152,000 ? other debt^(6)Total $ 69,585 $ 158,313 $ 311,760 $ 1,585,424 $ 106,228 Weightedaverage rate ? % 4.46 % 4.08 % 4.47 % 4.04 %ofmaturities

Real Property Operations Same Community(2) (amounts in thousands except for Other Information)



Three Months Ended Year Ended December 31, December 31, Change % Change December 31, December 31, Change % Change 2020 2019 2020 2019Financial InformationIncome fromreal $ 214,996 $ 203,422 $ 11,574 5.7 % $ 876,981 $ 846,231 $ 30,750 3.6 %property^(10) Propertyoperating expensesPayroll and 21,440 19,472 1,968 10.1 % 81,897 82,727 (830 ) (1.0 ) %benefitsLegal,taxes, and 3,170 2,919 251 8.6 % 10,860 10,351 509 4.9 %insuranceUtilities^ 16,399 14,120 2,279 16.1 % 66,214 63,410 2,804 4.4 %(10)Suppliesand repair^ 8,393 6,926 1,467 21.2 % 33,616 33,153 463 1.4 %(11)Other^(a) 6,309 5,462 847 15.5 % 27,916 26,738 1,178 4.4 %Real estate 15,786 14,039 1,747 12.4 % 63,706 59,649 4,057 6.8 %taxesPropertyoperating 71,497 62,938 8,559 13.6 % 284,209 276,028 8,181 3.0 %expensesRealProperty $ 143,499 $ 140,484 $ 3,015 2.1 % $ 592,772 $ 570,203 $ 22,569 4.0 %NOI^(1)

(a) Includes COVID-19 personal protective equipment expense of $0.3 million and $2.4 million for the quarter and year ended December 31, 2020, respectively.

As of December 31, December 31, Change % 2020 2019 ChangeOther Information Number of properties 367 367 ? MH occupancy^(3) 97.4 % RV occupancy^(3) 100.0 % MH & RV blended occupancy^(3) 98.0 % Adjusted MH occupancy^(3) 98.5 % Adjusted RV occupancy^(3) 100.0 % Adjusted MH & RV blended 98.8 % 97.0 % 1.8 % occupancy^(3) Sites available for 6,682 6,314 368 development Monthly base rent per site - $ 600 $ 580 $ 20 3.4%^MH (13)Monthly base rent per site - $ 514 $ 488 $ 26 5.4%^RV^(12) (13)Monthly base rent per site - $ 579 $ 558 $ 21 3.8%^Total^(12) (13)

Home Sales Summary (amounts in thousands except for *)



Three Months Ended Year Ended December 31, December 31, Change % Change December 31, December 31, Change % Change 2020 2019 2020 2019Financial InformationNew Homes New home $ 21,192 $ 19,900 $ 1,292 6.5 % $ 79,728 $ 71,760 $ 7,968 11.1 %salesNew homecost of 17,922 16,817 1,105 6.6 % 65,533 61,557 3,976 6.5 %salesNOI^(1) /Gross 3,270 3,083 187 6.1 % 14,195 10,203 3,992 39.1 %Profit ?new homesGrossmargin % ? 15.4 % 15.5 % (0.1 ) % 17.8 % 14.2 % 3.6 % new homesAverageselling $ 135,846 $ 142,143 $ (6,297 ) (4.4 ) % $ 139,874 $ 125,674 $ 14,200 11.3 %price ? newhomes* Pre-owned HomesPre-owned $ 27,728 $ 25,371 $ 2,357 9.3 % $ 95,971 $ 110,176 $ (14,205 ) (12.9 ) %home salesPre-ownedhome cost 18,512 17,510 1,002 5.7 % 66,351 72,800 (6,449 ) (8.9 ) %of salesNOI^(1) /GrossProfit ? 9,216 7,861 1,355 17.2 % 29,620 37,376 (7,756 ) (20.8 ) %pre-ownedhomesGrossmargin % ? 33.2 % 31.0 % 2.2 % 30.9 % 33.9 % (3.0 ) % pre-ownedhomesAveragesellingprice ? $ 44,294 $ 37,981 $ 6,313 16.6 % $ 41,799 $ 38,416 $ 3,383 8.8 %pre-ownedhomes* Total Home SalesRevenuefrom home $ 48,920 $ 45,271 $ 3,649 8.1 % $ 175,699 $ 181,936 $ (6,237 ) (3.4 ) %salesCost of 36,434 34,327 2,107 6.1 % 131,884 134,357 (2,473 ) (1.8 ) %home salesNOI^(1) /Gross $ 12,486 $ 10,944 $ 1,542 14.1 % $ 43,815 $ 47,579 $ (3,764 ) (7.9 ) %Profit ?home sales Statistical InformationNew homesales 156 140 16 11.4 % 570 571 (1 ) (0.2 ) %volume*Pre-ownedhome sales 626 668 (42 ) (6.3 ) % 2,296 2,868 (572 ) (19.9 ) %volume*Total homesales 782 808 (26 ) (3.2 ) % 2,866 3,439 (573 ) (16.7 ) %volume*

Rental Program Summary (amounts in thousands except for *)



Three Months Ended Year Ended December 31, December 31, Change % Change December 31, December 31, Change % Change 2020 2019 2020 2019Financial InformationRevenues Rental home $ 16,035 $ 14,745 $ 1,290 8.7 % $ 62,646 $ 57,572 $ 5,074 8.8 %revenueSite rentfrom Rental 19,124 17,479 1,645 9.4 % 74,823 68,805 6,018 8.7 %Program^(1)(9)RentalProgram 35,159 32,224 2,935 9.1 % 137,469 126,377 11,092 8.8 %revenue Expenses Repairs and 3,263 3,273 (10 ) (0.3 ) % 11,886 12,591 (705 ) (5.6 ) %refurbishmentTaxes and 2,382 1,857 525 28.3 % 8,460 7,488 972 13.0 %insuranceOther 413 412 1 0.2 % 1,840 1,916 (76 ) (4.0 ) %RentalProgram 6,058 5,542 516 9.3 % 22,186 21,995 191 0.9 %operating andmaintenanceRentalProgram NOI^ $ 29,101 $ 26,682 $ 2,419 9.1 % $ 115,283 $ 104,382 $ 10,901 10.4 %(1) Other InformationNumber ofsold rental 269 281 (12 ) (4.3 ) % 850 1,140 (290 ) (25.4 ) %homes*Number ofoccupied 11,752 11,325 427 3.8 %rentals, endof period*Investment inoccupied $ 629,162 $ 584,771 $ 44,391 7.6 %rental homes,end of periodWeightedaveragemonthly $ 1,042 $ 997 $ 45 4.5 %rental rate,end ofperiod*

Acquisitions and Other Summary(14)(amounts in thousands except for statistical data)



Three Months Year Ended Ended December 31, 2020 December 31, 2020Financial Information Revenues Income from real property $ 52,737 $ 115,994 Property and Operating Expenses Payroll and benefits 9,791 19,348 Legal, taxes & insurance 1,064 1,844 Utilities 5,492 12,307 Supplies and repairs 2,205 6,076 Other 5,365 11,058 Real estate taxes 4,479 8,900 Property operating expenses 28,396 59,533 Net operating income (NOI)^(1) $ 24,341 $ 56,461 Other Information - MH and RVs December 31, 2020Number of properties 79 Occupied sites 11,070 Developed sites 12,118 Occupancy % 91.4 %Transient sites 6,942

Other Information - Marinas December 31, 2020Number of properties 106Wet slips 29,530Dry storage 9,351Total wet slips and dry storage 38,881

MH and RV Property Summary Properties 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019FLORIDA Properties 128 127 125 125 125 Developed 39,803 39,517 39,241 39,380 39,230 sites^(15)Occupied^ 39,063 38,743 38,453 38,526 38,346 (15)Occupancy % 98.1 % 98.0 % 98.0 % 97.8 % 97.7 %^(15)Sites for 1,497 1,427 1,427 1,527 1,527 developmentMICHIGAN Properties 74 74 72 72 72 Developed 29,086 29,086 27,901 27,883 27,905 sites^(15)Occupied^ 28,109 28,033 27,191 26,863 26,785 (15)Occupancy % 96.6 % 96.4 % 97.5 % 96.3 % 96.0 %^(15)Sites for 1,182 1,182 1,182 1,115 1,115 developmentCALIFORNIA Properties 35 34 32 31 31 Developed 6,675 6,372 6,364 5,986 5,981 sites^(15)Occupied^ 6,602 6,290 6,272 5,948 5,941 (15)Occupancy % 98.9 % 98.7 % 98.6 % 99.4 % 99.3 %^(15)Sites for 373 373 264 302 302 developmentTEXAS Properties 24 24 23 23 23 Developed 7,766 7,659 7,641 7,627 7,615 sites^(15)Occupied^ 7,572 7,427 7,289 7,076 7,006 (15)Occupancy % 97.5 % 97.0 % 95.4 % 92.8 % 92.0 %^(15)Sites for 1,378 1,378 565 555 555 developmentONTARIO, CANADAProperties 15 15 15 15 15 Developed 4,090 4,067 3,980 3,977 4,031 sites^(15)Occupied^ 4,090 4,067 3,980 3,977 4,031 (15)Occupancy % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %^(15)Sites for 1,525 1,593 1,593 1,608 1,611 developmentARIZONA Properties 14 13 13 13 13 Developed 4,323 4,274 4,259 4,268 4,263 sites^(15)Occupied^ 4,030 3,957 3,932 3,923 3,892 (15)Occupancy % 93.2 % 92.6 % 92.3 % 91.9 % 91.3 %^(15)Sites for ? ? ? ? ? developmentINDIANA Properties 12 11 11 11 11 Developed 3,087 3,087 3,087 3,087 3,087 sites^(15)Occupied^ 2,950 2,957 2,961 2,914 2,900 (15)Occupancy % 95.6 % 95.8 % 95.9 % 94.4 % 93.9 %^(15)Sites for 277 277 277 277 277 developmentCOLORADO Properties 10 10 10 10 10 Developed 2,453 2,453 2,441 2,423 2,423 sites^(14)Occupied^ 2,380 2,365 2,327 2,318 2,322 (15)Occupancy % 97.0 % 96.4 % 95.3 % 95.7 % 95.8 %^(15)Sites for 1,250 1,282 1,566 1,867 1,867 development OHIO Properties 9 9 9 9 9 Developed 2,790 2,790 2,778 2,768 2,770 sites^(15)Occupied^ 2,755 2,758 2,736 2,702 2,716 (15)Occupancy % 98.7 % 98.9 % 98.5 % 97.6 % 98.1 %^(15)Sites for 22 22 22 59 59 developmentOTHER STATESProperties 125 115 116 115 113 Developed 24,179 22,721 22,780 22,583 22,572 sites^(15)Occupied^ 23,401 21,995 22,024 21,749 21,678 (15)Occupancy % 96.8 % 96.8 % 96.7 % 96.3 % 96.0 %^(15)Sites for 2,521 2,596 2,846 2,980 2,980 developmentTOTAL - MHAND ANNUAL RVPORTFOLIOProperties 446 432 426 424 422 Developed 124,252 122,026 120,472 119,982 119,877 sites^(15)Occupied^ 120,952 118,592 117,165 115,996 115,617 (15)Occupancy % 97.3 % ^ 97.2 % 97.3 % 96.7 % 96.4 %^(15) (16)Sites fordevelopment 10,025 10,130 9,742 10,290 10,293 ^(17)%Communities 33.2 % 33.6 % 34.0 % 34.0 % 34.1 %agerestricted TRANSIENTRV SITE SUMMARYLocation Florida 6,011 5,993 5,547 5,311 5,465 California 2,231 2,236 1,978 1,947 1,952 Texas 1,810 1,917 1,590 1,612 1,623 Maryland 1,515 1,515 1,515 1,488 1,488 New York 1,422 900 911 916 923 Arizona 1,337 1,386 1,401 1,392 1,397 Indiana 1,089 534 534 534 534 Ontario, 966 920 1,007 1,009 939 CanadaColorado 962 930 574 291 291 Maine 805 819 837 828 811 New Jersey 813 828 857 875 864 Virginia 737 564 598 630 324 Other 5,345 5,186 5,011 5,047 4,805 statesTotalTransient 25,043 23,728 22,360 21,880 21,416 RV Sites

Marina Property Summary MARINAS 12/31/2020MICHIGAN Properties 5 Total wet slips and dry storage spaces 4,468 FLORIDA Properties 14 Total wet slips and dry storage spaces 3,573 CONNECTICUT Properties 11 Total wet slips and dry storage spaces 3,254 GEORGIA Properties 4 Total wet slips and dry storage spaces 2,834 RHODE ISLAND Properties 11 Total wet slips and dry storage spaces 2,690 NEW YORK Properties 8 Total wet slips and dry storage spaces 2,620 OTHER STATES Properties 53 Total wet slips and dry storage spaces 19,442 TOTAL - MARINA PORTFOLIO Properties 106 Total wet slips and dry storage spaces 38,881

Capital Improvements, Development, and Acquisitions(amounts in thousands except for *)



Recurring Recurring Expansion Revenue Marina Capital Capital Lot Acquisitions^ and Producing / Related Expenditures Expenditures^ Modifications (20) Development^ Expense Capital Average / (18) ^(19) (21) Reduction Expenditures^ Site* Projects^(22) (a)2020 $ 265 $ 31,398 $ 29,789 $ 3,099,547 $ 246,454 $ 23,683 $ 14,147 2019 $ 345 $ 30,382 $ 31,135 $ 930,668 $ 281,808 $ 9,638 N/A2018 $ 263 $ 24,265 $ 22,867 $ 414,840 $ 152,672 $ 3,864 N/A

(a) Includes capital improvements at recently acquired marinas, recurring capital expenditures, revenue producing capital expenditures and expansion and development.

Operating Statistics for MH and Annual RVs



Locations Resident Net Leased New Home Pre-owned Brokered Move-outs Sites^(5) Sales Home Sales Re-salesFlorida 2,303 410 164 209 1,251 Michigan 422 601 43 1,148 159 Ontario, 677 59 37 21 424 CanadaTexas 398 566 73 254 68 Arizona 81 138 43 28 143 Indiana 67 50 4 187 18 Ohio 95 39 ? 98 9 California 116 47 29 15 94 Colorado 22 58 33 26 48 Other states 1,184 537 144 310 343 Year EndedDecember 31, 5,365 2,505 570 2,296 2,557 2020

Total Resident Net Leased New Home Pre-owned BrokeredFor Year Move-outs Sites^(5) Sales Home Sales Re-salesEnded2019 4,139 2,674 571 2,868 2,231 2018 3,435 2,600 526 3,103 2,147

Percentage Trends Resident Move-outs Resident Re-sales2020 3.3 % 6.9 %2019 2.6 % 6.6 %2018 2.4 % 7.2 %

Footnotes and Definitions



-- Investors in and analysts following the real estate industry utilize funds from operations (FFO), net operating income (NOI), and earnings before interest, tax, depreciation and amortization (EBITDA) as supplemental performance measures. The Company believes that FFO, NOI, and EBITDA are appropriate measures given their wide use by and relevance to investors and analysts. Additionally, FFO, NOI, and EBITDA are commonly used in various ratios, pricing multiples, yields and returns and valuation calculations used to measure financial position, performance and value. FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts for the effects of generally accepted accounting principles (GAAP) depreciation and amortization of real estate assets.NOI provides a measure of rental operations that does not factor in depreciation, amortization and non-property specific expenses such as general and administrative expenses.EBITDA provides a further measure to evaluate ability to incur and service debt and to fund dividends and other cash needs.

FFO is defined by the National Association of Real Estate Investment Trusts (NAREIT) as GAAP net income (loss), excluding gains (or losses) from sales of depreciable operating property, plus real estate related depreciation and amortization, real estate related impairments, and after adjustments for nonconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure that management believes is a useful supplemental measure of the Companys operating performance. By excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment and excluding real estate asset depreciation and amortization (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO provides a performance measure that, when compared period-over-period, reflects the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing perspective not readily apparent from GAAP net income (loss). Management believes the use of FFO has been beneficial in improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful. The Company also uses FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of our core business (Core FFO). The Company believes that Core FFO provides enhanced comparability for investor evaluations of period-over-period results.

The Company believes that GAAP net income (loss) is the most directly comparable measure to FFO. The principal limitation of FFO is that it does not replace GAAP net income (loss) as a performance measure or GAAP cash flow from operations as a liquidity measure. Because FFO excludes significant economic components of GAAP net income (loss) including depreciation and amortization, FFO should be used as a supplement to GAAP net income (loss) and not as an alternative to it. Further, FFO is not intended as a measure of a REITs ability to meet debt principal repayments and other cash requirements, nor as a measure of working capital. FFO is calculated in accordance with the Companys interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that interpret the NAREIT definition differently.

NOI is derived from revenues minus property operating expenses and real estate taxes. NOI is a non-GAAP financial measure that the Company believes is helpful to investors as a supplemental measure of operating performance because it is an indicator of the return on property investment and provides a method of comparing property performance over time. The Company uses NOI as a key measure when evaluating performance and growth of particular properties and / or groups of properties. The principal limitation of NOI is that it excludes depreciation, amortization, interest expense and non-property specific expenses such as general and administrative expenses, all of which are significant costs. Therefore, NOI is a measure of the operating performance of the properties of the Company rather than of the Company overall.

The Company believes that GAAP net income (loss) is the most directly comparable measure to NOI. NOI should not be considered to be an alternative to GAAP net income (loss) as an indication of the Companys financial performance or GAAP cash flow from operating activities as a measure of the Companys liquidity; nor is it indicative of funds available for the Companys cash needs, including its ability to make cash distributions. Because of the inclusion of items such as interest, depreciation, and amortization, the use of GAAP net income (loss) as a performance measure is limited as these items may not accurately reflect the actual change in market value of a property, in the case of depreciation and in the case of interest, may not necessarily be linked to the operating performance of a real estate asset, as it is often incurred at a parent company level and not at a property level.

EBITDA as defined by NAREIT (referred to as EBITDAre) is calculated as GAAP net income (loss), plus interest expense, plus income tax expense, plus depreciation and amortization, plus or minus losses or gains on the disposition of depreciated property (including losses or gains on change of control), plus impairment write-downs of depreciated property and of investments in nonconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entitys share of EBITDAre of nonconsolidated affiliates. EBITDAre is a non-GAAP financial measure that the Company uses to evaluate its ability to incur and service debt, fund dividends and other cash needs and cover fixed costs. Investors utilize EBITDAre as a supplemental measure to evaluate and compare investment quality and enterprise value of REITs. The Company also uses EBITDAre excluding certain gain and loss items that management considers unrelated to measurement of the Companys performance on a basis that is independent of capital structure (Recurring EBITDA).

The Company believes that GAAP net income (loss) is the most directly comparable measure to EBITDAre. EBITDAre is not intended to be used as a measure of the Companys cash generated by operations or its dividend-paying capacity, and should therefore not replace GAAP net income (loss) as an indication of the Companys financial performance or GAAP cash flow from operating, investing and financing activities as measures of liquidity.

(2) Same Community results reflect constant currency for comparative purposes. Canadian currency figures in the prior comparative period have been translated at 2020 average exchange rates.

(3) The Same Community occupancy percentage is 97.4 percent for MH, 100.0 percent for RV, and 98.0 percent for the blended MH and RV. The MH and RV blended occupancy is derived from 112,134 developed sites, of which 109,882 were occupied. The Same Community occupancy percentage for 2019 has been adjusted to reflect incremental period-over-period growth from filled expansion sites and the conversion of transient RV sites to annual RV sites. The adjusted Same Community occupancy percentage for 2020 is derived from 111,196 developed sites, of which 109,882 were occupied. The number of developed sites excludes RV transient sites and approximately 950 recently completed but vacant MH expansion sites.

(4) The effect of certain anti-dilutive convertible securities is excluded from these items.

(5) Net leased sites do not include occupied sites acquired during that year.

(6) Lines of credit and other debt includes the Companys MH floor plan facility. The effective interest rate on the MH floor plan facility was 6.0 percent for the quarters ended December 31, September 30 and June 30, 2020, and 7.0 percent for the quarters ended March 31, 2020, and December 31, 2019. However, the Company pays no interest if the floor plan balance is repaid within 60 days.

(7) Other expense, net was as follows (in thousands):

Three Months Ended Year Ended December December December 31, December 31, 31, 2020 31, 2019 2020 2019Foreign currencyremeasurement gain / $ (318 ) $ (16 ) $ (373 ) $ (77 ) (loss)Collateralizedreceivables derecognition ? 587 ? 587 gainContingent consideration (72 ) (82 ) (2,962 ) (1,503 ) value expenseLong term lease ? (65 ) (433 ) (107 ) termination expenseOther expense, net $ (390 ) $ 424 $ (3,768 ) $ (1,100 )

(8) These costs represent the expenses incurred to bring recently acquired properties up to the Companys operating standards, including items such as tree trimming and painting costs that do not meet the Companys capitalization policy.

(9) The renters monthly payment includes the site rent and an amount attributable to the home lease. The site rent is reflected in Real Property Operations segment revenue. For purposes of management analysis, site rent is included in Rental Program revenue to evaluate the incremental revenue gains associated with the Rental Program, and to assess the overall growth and performance of the Rental Program and financial impact on the Companys operations.

(10) Same Community results net $9.3 million and $8.7 million of certain utility revenue against the related utility expense in property operating and maintenance expense for the three months ended December 31, 2020 and 2019, respectively. Same Community results net $37.7 million and $34.7 million of utility revenue against the related utility expense in property operating and maintenance expense for the years ended December 31, 2020 and 2019, respectively.

(11) Same Community supplies and repair expense excludes $0.1 million and $0.7 million for the three months and year ended December 31, 2019, ofexpenses incurred for recently acquired properties to bring the properties up to the Companys operating standards, including items such as tree trimming and painting costs that do not meet the Companys capitalization policy.

(12) Monthly base rent per site pertains to annual RV sites and excludes transient RV sites.

(13) Calculated using actual results without rounding.

(14) Acquisitions and other is comprised of 130 properties acquired and three properties that the Company has an interest in, but does not operate in 2020, 42 properties acquired in 2019, one property being operated under a temporary use permit, three Florida Keys properties that require redevelopment as a result of damage sustained from Hurricane Irma in 2017, five recently opened ground-up developments, one property undergoing redevelopment, and other miscellaneous transactions and activity.

(15) Includes MH and annual RV sites, and excludes transient RV sites, as applicable.

(16) As of December 31, 2020, total portfolio MH occupancy was 96.6 percent inclusive of the impact of over 1,200 recently constructed but vacant MH expansion sites, and annual RV occupancy was 100.0 percent.

(17) Total sites for development were comprised of 75.7 percent for expansion, 22.2 percent for greenfield development and 2.2 percent for redevelopment.

(18) MH recurring capital expenditures are necessary to maintain asset quality, including purchasing and replacing assets used to operate the communities. These capital expenditures include items such as: major road, driveway, pool improvements; clubhouse renovations; adding or replacing street lights; playground equipment; signage; maintenance facilities; manager housing and property vehicles. The minimum capitalized amount is five hundred dollars.

(19) MH lot modification capital expenditures improve the asset quality of the community. These costs are incurred when an existing older home moves out, and the site is prepared for a new home, more often than not, a multi-sectional home. These activities, which are mandated by strict manufacturers installation requirements and state building code, include items such as new foundations, driveways, and utility upgrades.

(20) Capital expenditures related to acquisitions represent the purchase price of existing operating properties (including marinas) and land parcels to develop expansions or new properties. These costs for the year ended December 31, 2020 include $40.6 million of capital improvements identified during due diligence that are necessary to bring the communities to the Companys operating standards. For the years ended December 31, 2019 and 2018, these costs were $50.7 million and $94.6 million, respectively. These include items such as: upgrading clubhouses; landscaping; new street light systems; new mail delivery systems; pool renovation including larger decks, heaters, and furniture; new maintenance facilities; and new signage including main signs and internal road signs. These are considered acquisition costs and although identified during due diligence, often require 24 to 36 months after closing to complete.

(21) MH expansion and development expenditures consist primarily of construction costs and costs necessary to complete home site improvements, such as driveways, sidewalks and landscaping.

(22) MH capital costs related to revenue generating activities consist primarily of garages, sheds, sub-metering of water, sewer and electricity. Revenue generating attractions at our RV resorts are also included here and, occasionally, a special capital project requested by residents and accompanied by an extra rental increase will be classified as revenue producing.

Certain financial information has been revised to reflect reclassifications in prior periods to conform to current period presentation.

Attachment

-- Exhibit 99.1 Press Release and Supplemental Package 2020.12.31