GlobeNewswire Inc | Apr 26, 2021 04:50PM EDT

April 26, 2021

Southfield, MI, April 26, 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 first quarter results for 2021.

Financial Results for the Quarter Ended March 31, 2021

For the quarter ended March 31, 2021, total revenues increased $131.7 million, or 42.4 percent, to approximately $442.0million compared to $310.3 million for the same period in 2020. Net income attributable to common stockholders was $24.8million, or $0.23 per diluted common share, for the quarter ended March 31, 2021, as compared to net loss attributable to common stockholders of $16.1million, or $0.17 per diluted common share, for the same period in 2020.

Non-GAAP Financial Measures and Portfolio Performance

-- Core Funds from Operations ("Core FFO")(1) for the quarter ended March 31, 2021, was $1.26 per diluted share and OP unit ("Share") as compared to $1.22 in the corresponding period in 2020, a 3.3 percent increase. -- Same Community(2) Net Operating Income ("NOI")(1)increased by 2.7 percent for the quarter ended March 31, 2021, as compared to the corresponding period in 2020. -- Same Community(2) Occupancyincreased by 190 basis points to 98.8 percent, as compared to 96.9 percent at March 31, 2020. -- MH and Annual RV Revenue Producing Sites increased by 514 sites in the quarter ended March 31, 2021, bringing total portfolio occupancy to 97.3 percent at March 31, 2021, as compared to an increase of 300 sites in the corresponding period in 2020 and total portfolio occupancy of 96.7 percent at March 31, 2020. -- Home Sales Volume increased 9.4 percent for the quarter ended March 31, 2021, as compared to the same period in 2020. -- Acquisitions totaled $183.0 million during and subsequent to the quarter ended March 31, 2021, including 2 MH communities, 6 RV resorts and 4 marinas.

Gary Shiffman, Chief Executive Officer stated, "Sun delivered a strong start to the year, as we continued to benefit from both the stability of our portfolio and the contribution of our growth initiatives across manufactured housing, RV resorts and marinas. Sustained demand for affordable housing and the desire for RV vacations are providing strong tailwinds, while marinas continue to exhibit durable customer retention and growth. With increased rates of vaccination and the beginning of a return to normalcy, we are seeing higher forward RV bookings providing better visibility into a stronger year ahead. Accordingly, we have increased our earnings guidance to reflect this confidence. To enhance our growth, we delivered approximately 350 ground-up development and expansion sites, and deployed $183.0 million into the acquisition of irreplaceable assets. As we execute on our investment strategies and further reinforce the high quality of our brand and offerings to our residents and guests, we are well positioned to continue to deliver industry-leading results."

OPERATING HIGHLIGHTS

Portfolio Occupancy

Total MH and annual RV occupancy was 97.3 percent at March 31, 2021, compared to 96.7 percent at March 31, 2020, an increase of 60 basis points.

During the quarter ended March 31, 2021, MH and annual RV revenue producing sites increased by 514 sites, as compared to an increase of 300 revenue producing sites during the quarter ended March 31, 2020.

Same Community(2) Results

For the 407 MH and RV properties owned and operated by the Company since January 1, 2020, NOI(1)for the quarter ended March 31, 2021 increased 2.7 percent over the same period in 2020, driven by a 3.5 percent increase in revenues. Same Community occupancy(3) increased to 98.8 percent at March 31, 2021 from 96.9 percent at March 31, 2020.

For the MH same community properties, NOI(1) increased by 4.9 percent in the quarter ended March 31, 2021, driven by a 5.1 percent increase in revenues and offset by a 5.7 percent increase in property operating expenses.

For the RV same community properties, NOI(1) declined by 4.0 percent in the quarter ended March 31, 2021, driven by a 0.2 percent decline in revenues and a 5.3 percent increase in property operating expenses. RV same community revenues were impacted by the continued Canadian border closure and the California shelter-in-place order that ran through early February 2021.

Home Sales

During the quarter ended March 31, 2021, the Company sold 835 homes as compared to 763 homes in the same period in 2020. The Company sold 149 and 119 new homes for the quarters ended March 31, 2021 and 2020, respectively, an increase of 25.2 percent. Pre-owned home sales were 686 in the first quarter 2021 as compared to 644 in the same period in 2020, an increase of 6.5 percent.

Marina Results

Marina NOI was $31.4 million for the quarter ended March 31, 2021. Refer to page 14 for additional information regarding the marina portfolio operating results.

PORTFOLIO ACTIVITY

Acquisitions

During and subsequent to the quarter ended March 31, 2021, the Company acquired the following communities, resorts and marinas:

Sites, Total Wet Slips PurchaseProperty Name Property and State / Price Month Type Dry Providence (in Acquired Storage millions) SpacesAssociation Island RV 294 NY $ 15.0 JanuaryKOABlue Water Beach RV 177 UT 9.0 FebruaryResortTranquility MHC MH 25 FL 1.3 FebruaryIslamorada and Marina 251 FL 18.0 FebruaryAngler House^(a)Prime Martha?s Marina 390 MA 22.2 MarchVineyard^(a)Pleasant Beach RV 102 ON 1.6 MarchCampgroundCherrystone Family RV 669 VA 59.9 MarchCamping ResortBeachwood Resort RV 672 WA 7.0 MarchSubtotal 2,580 134.0 Acquisitionssubsequent to quarter endThemeworld RV Resort RV 148 FL 25.0 AprilSylvan Glen Estates^ MH 476 MI 24.0 April(b)Subtotal 624 49.0 Total acquisitions 3,204 $ 183.0

(a) Includes two marinas.

(b) In conjunction with the acquisition, the Company issued 240,000 Series J preferred OP units.

Construction Activity

During the quarter ended March 31, 2021, the Company completed the construction of nearly 250 sites in its newly opened ground-up development in San Diego, California, and over 100 expansion sites in a Texas MH community.

BALANCE SHEET, CAPITAL MARKETS ACTIVITY AND OTHER ITEMS

Debt

As of March 31, 2021, the Company had approximately $4.4 billion of debt outstanding. The weighted average interest rate was 3.4 percent and the weighted average maturity was 9.5 years. The Company had $105.1million of unrestricted cash on hand. At March 31, 2021, the Company's net debt to trailing twelve month Recurring EBITDA(1) ratio was 6.1 times.

Equity Transaction

In March 2021, the Company completed a $1.1billion underwritten public offering of an aggregate 8,050,000 shares at a public offering price of $140.00 per share, before underwriting discounts and commissions. The offering consisted of 4,000,000 shares offered directly by the Company and 4,050,000 shares offered under a forward equity sales agreement. The Company sold the 4,000,000 shares on March 9, 2021 and received net proceeds of $537.6 million which it used to pay down revolving debt. The Company expects to settle the remaining forward equity sales agreement by March 2022.

Reporting Changes

Refer to the Summary of 2021 Reporting Changes document, which can be found in the Investor Relations section of the Companys website, for additional information regarding updated and expanded reporting implemented during the quarter.

2021 GUIDANCE

The Company is revising its 2021 guidance for the following metrics:

Previous Revised Range Range FY 2021E FY 2021E 2Q 2021EBasic earnings per share $1.66 - $1.68 - $0.53 - $1.82 $1.84 $0.57Core FFO^(1) per fully diluted $5.79 - $5.92 - $1.57 -Share $5.95 $6.08 $1.63 1Q21 2Q21 3Q21 4Q21Seasonality of Core FFO^(1) per 21.0 % 26.6 % 32.1 % 20.3 %fully diluted Share

Seasonality of Core FFO(1) per fully diluted Share is based off of the midpoint of full year guidance.

Previous Revised Range Range FY 2021E FY 2021E 2Q 2021ESame Community NOI^(1) 5.6% - 6.6% 7.5% - 8.5% 16.4% -growth 17.4%

Guidance estimates include acquisitions completed through the date of this release and exclude any prospective acquisitions or capital markets activity. The settlement of the remaining 4,050,000 shares offered under the March 2021 forward equity sales agreement, is not included in guidance.

The estimates and assumptions presented above represent a range of possible outcomes and may differ materially from actual results. The estimates and assumptions are forward looking based on the Company's current assessment of economic and market conditions, as well as other risks outlined below under the caption "Cautionary Statement Regarding Forward-Looking Statements."

EARNINGS CONFERENCE CALL

A conference call to discuss first quarter results will be held on Tuesday, April27, 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 May11, 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 13717209. 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 March 31, 2021, owned, operated, or had an interest in a portfolio of 562 developed MH, RV and marina properties comprising over 151,600 developed sites and nearly 38,800 wet slips and dry storage spaces 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 Company's 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 Company's control. These risks, uncertainties and other factors may cause the Company's 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 Company's Annual Report on Form 10-K for the year ended December 31, 2020, and the Company's 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 Company's ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully; -- the Company's liquidity and refinancing demands; -- the Company's ability to obtain or refinance maturing debt; -- the Company's 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 Company's ability to maintain rental rates and occupancy levels; -- the Company's 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 Company's capital stock; -- the Company's 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; -- ability of purchasers of manufactured homes and boats to obtain financing; and -- level of repossessions by manufactured home and 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 statements.

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.RBC (512)Capital Brad Heffern 708-6311 brad.heffern@rbccm.comMarketsWells 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 March 31, 2021)



Financial and Operating Highlights(amounts in thousands, except for *)



Quarter Ended 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020Financial InformationTotal $ 442,015 $ 384,265 $ 400,514 $ 303,266 $ 310,302 revenuesNet income / $ 27,941 $ 9,818 $ 89,756 $ 63,355 $ (15,478 ) (loss)Net income /(loss)attributableto Sun $ 24,782 $ 7,586 $ 81,204 $ 58,910 $ (16,086 ) CommunitiesInc. commonstockholdersBasicearnings / $ 0.23 $ 0.07 $ 0.83 $ 0.61 $ (0.17 ) (loss) pershare*Dilutedearnings / $ 0.23 $ 0.07 $ 0.83 $ 0.61 $ (0.17 ) (loss) pershare* Cashdistributions $ 0.83 $ 0.79 $ 0.79 $ 0.79 $ 0.79 declared percommon share* Recurring $ 190,830 $ 168,527 $ 199,321 $ 148,650 $ 156,552 EBITDA^(1)FFOattributableto SunCommunities,Inc. common $ 135,925 $ 110,849 $ 165,209 $ 118,092 $ 95,046 stockholdersand dilutiveconvertiblesecurities^(1)(4)Core FFOattributableto SunCommunities,Inc. common $ 141,036 $ 124,872 $ 162,624 $ 110,325 $ 117,267 stockholdersand dilutiveconvertiblesecurities^(1)(4)FFOattributableto SunCommunities,Inc. commonstockholders $ 1.22 $ 1.03 $ 1.63 $ 1.20 $ 0.98 and dilutiveconvertiblesecurities^(1)(4) pershare - fullydiluted*Core FFOattributableto SunCommunities,Inc. commonstockholders $ 1.26 $ 1.16 $ 1.60 $ 1.12 $ 1.22 and dilutiveconvertiblesecurities^(1)(4) pershare - fullydiluted* Balance Sheet Total assets $ 11,454,209 $ 11,206,586 $ 8,335,717 $ 8,348,659 $ 8,209,047 Total debt $ 4,417,935 $ 4,757,076 $ 3,340,613 $ 3,390,771 $ 3,926,494 Total $ 5,101,512 $ 5,314,879 $ 3,791,922 $ 3,845,308 $ 4,346,127 liabilities

Quarter Ended 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020Operating Information*Properties 562 552 432 426 424 Manufactured 96,876 96,688 95,209 94,232 93,834 home sitesAnnual RV 28,441 27,564 26,817 26,240 26,148 sitesTransient RV 26,295 25,043 23,728 22,360 21,880 sitesTotal sites 151,612 149,295 145,754 142,832 141,862 Marina wetslips and 38,753 38,152 N/A N/A N/Adry storagespaces MH occupancy 96.5 % 96.6 % 96.4 % 96.5 % 95.8 %Annual RV 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %occupancyBlended MHand annual 97.3 % 97.3 % 97.2 % 97.3 % 96.7 %RV occupancy New home 149 156 155 140 119 salesPre-owned 686 626 555 471 644 home salesTotal home 835 782 710 611 763 sales

Quarter Ended 3/31/ 12/31/ 9/30/ 6/30/ 3/31/ 2021 2020 2020 2020 2020Revenue Producing Site Gains^(5)MH net leased sites 127 247 349 759 287 RV net leased sites 387 331 427 92 13 Total net leased sites 514 578 776 851 300

Consolidated Balance Sheets(amounts in thousands)



March 31, 2021 December 31, 2020Assets Land $ 2,190,762 $ 2,119,364 Land improvements and buildings 8,664,199 8,480,597 Rental homes and improvements 652,559 637,603 Furniture, fixtures and 491,735 447,039 equipmentInvestment property 11,999,255 11,684,603 Accumulated depreciation (2,088,105 ) (1,968,812 ) Investment property, net 9,911,150 9,715,791 Cash, cash equivalents and 120,174 92,641 restricted cashMarketable securities 127,821 124,726 Inventory of manufactured homes 43,242 46,643 Notes and other receivables, 249,009 221,650 netGoodwill 438,842 428,833 Other intangible assets, net 300,554 305,611 Other assets, net 263,417 270,691 Total Assets $ 11,454,209 $ 11,206,586 Liabilities Mortgage loans payable $ 3,430,420 $ 3,444,967 Preferred Equity - Sun NGResorts - mandatorily 35,249 35,249 redeemablePreferred OP units - 34,663 34,663 mandatorily redeemableLines of credit and other debt 917,603 1,242,197 Distributions payable 95,076 86,988 Advanced reservation deposits 280,301 187,730 and rentAccrued expenses and accounts 160,072 148,435 payableOther liabilities 148,128 134,650 Total Liabilities 5,101,512 5,314,879 Commitments and contingencies Temporary equity 261,059 264,379 Stockholders' Equity Common stock 1,118 1,076 Additional paid-in capital 7,618,128 7,087,658 Accumulated other comprehensive 4,033 3,178 lossDistributions in excess of (1,631,044 ) (1,566,636 ) accumulated earningsTotal Sun Communities, Inc. 5,992,235 5,525,276 stockholders' equityNoncontrolling interests Common and preferred OP units 82,502 85,968 Consolidated variable interest 16,901 16,084 entitiesTotal noncontrolling interests 99,403 102,052 Total Stockholders' Equity 6,091,638 5,627,328 Total Liabilities, Temporary $ 11,454,209 $ 11,206,586 Equity and Stockholders' Equity

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



Three Months Ended March 31, 2021 March 31, 2020 Change % ChangeRevenues Real property(excluding $ 298,077 $ 228,002 $ 70,075 30.7 %transient)Real property - 32,536 30,347 2,189 7.2 %transientHome sales 52,199 40,587 11,612 28.6 %Service, retail,dining and 50,612 5,103 45,509 891.8 %entertainmentInterest 2,631 2,350 281 12.0 %Brokeragecommissions and 5,960 3,913 2,047 52.3 %other, netTotal Revenues 442,015 310,302 131,713 42.4 %Expenses Property operating 103,553 69,834 33,719 48.3 %and maintenanceReal estate tax 22,408 17,176 5,232 30.5 %Home costs and 41,590 34,039 7,551 22.2 %sellingService, retail,dining and 45,431 6,682 38,749 579.9 %entertainmentGeneral and 38,203 25,349 12,854 50.7 %administrativeCatastrophicevent-related 2,414 606 1,808 298.3 %charges, netBusiness 1,232 ? 1,232 N/AcombinationDepreciation and 123,304 83,689 39,615 47.3 %amortizationLoss onextinguishment of ? 3,279 (3,279 ) (100.0 ) %debtInterest 39,517 32,416 7,101 21.9 %Interest onmandatorilyredeemable 1,036 1,041 (5 ) (0.5 ) %preferred OP units/ equityTotal Expenses 418,688 274,111 144,577 52.7 %Income Before 23,327 36,191 (12,864 ) (35.5 ) %Other ItemsGain / (loss) onremeasurement of 3,661 (28,647 ) 32,308 112.8 %marketablesecuritiesGain / (loss) onforeign currency 25 (17,479 ) 17,504 100.1 %translationOther expense, net (1,099 ) (972 ) (127 ) (13.1 ) %^(6)Income / (loss) onremeasurement of 376 (2,112 ) 2,488 117.8 %notes receivableIncome fromnonconsolidated 1,171 52 1,119 N/MaffiliatesIncome / (loss) onremeasurement ofinvestment in 104 (2,191 ) 2,295 104.7 %nonconsolidatedaffiliatesCurrent taxbenefit / 229 (450 ) 679 150.9 %(expense)Deferred tax 147 130 17 13.1 %benefitNet Income / 27,941 (15,478 ) 43,419 280.5 %(Loss)Less: Preferredreturn to 2,864 1,570 1,294 82.4 %preferred OP units/ equityLess: Income /(loss)attributable to 295 (962 ) 1,257 130.7 %noncontrollinginterestsNet Income /(Loss)Attributable to $ 24,782 $ (16,086 ) $ 40,868 254.1 %Sun Communities,Inc. CommonStockholders Weighted averagecommon shares 107,932 92,410 15,522 16.8 %outstanding -basicWeighted averagecommon shares 108,161 92,411 15,750 17.0 %outstanding -diluted Basic earnings / $ 0.23 $ (0.17 ) $ 0.40 235.3 %(loss) per shareDiluted earnings / $ 0.23 $ (0.17 ) $ 0.40 235.3 %(loss) per share

N/M = Percentage change is not meaningful.

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



Outstanding Securities - As of March 31, 2021 Number of If Issuance Annual Units / Conversion Converted Price Distribution Shares Rate* ^(1) Per Rate* Outstanding Unit*Non-convertible SecuritiesCommon shares 111,835 N/A N/A N/A $3.32^ Convertible Securities MirrorsCommon OP units 2,582 1.0000 2,582 N/A common shares distributions Series A-1preferred OP 290 2.4390 708 $ 100 6.00 %unitsSeries A-3preferred OP 40 1.8605 75 $ 100 4.50 %unitsSeries Cpreferred OP 306 1.1100 340 $ 100 5.00 %unitsSeries Dpreferred OP 489 0.8000 391 $ 100 4.00 %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 March 31, 2021 Equity Shares Share Price* TotalCommon shares 111,835 $ 150.04 $ 16,779,723 Common OP units 2,582 $ 150.04 387,403 Subtotal 114,417 $ 17,167,126 Preferred OP units as 2,704 $ 150.04 $ 405,708 convertedTotal diluted shares 117,121 17,572,834 outstanding Debt Mortgage loans payable $ 3,430,420 Preferred Equity - Sun NGResorts - mandatorily 35,249 redeemablePreferred OP units - 34,663 mandatorily redeemableLines of credit and other 917,603 debtTotal debt $ 4,417,935 Total Capitalization $ 21,990,769

Reconciliations to Non-GAAP Financial Measures

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



Three Months Ended March 31, 2021 March 31, 2020Net Income / (Loss) Attributable to Sun $ 24,782 $ (16,086 ) Communities, Inc. Common StockholdersAdjustments Depreciation and amortization 123,076 83,752 Depreciation on nonconsolidated affiliates 30 ? (Gain) / loss on remeasurement of marketable (3,661 ) 28,647 securities(Gain) / loss on remeasurement of investment in (104 ) 2,191 nonconsolidated affiliates(Gain) / loss on remeasurement of notes (376 ) 2,112 receivableLoss attributable to noncontrolling interests (147 ) (882 ) Preferred return to preferred OP units 480 874 Gain on disposition of assets, net (8,155 ) (5,562 ) FFO Attributable to Sun Communities, Inc.Common Stockholders and Dilutive Convertible $ 135,925 $ 95,046 Securities^(1)(4) Adjustments Business combination expense and other 1,953 385 acquisition related costs^(7)Loss on extinguishment of debt ? 3,279 Catastrophic event-related charges, net 2,414 606 Loss of earnings - catastrophic event-related 200 300 (Gain) / loss on foreign currency translation (25 ) 17,479 Other expense, net^(6) 716 302 Deferred tax benefits (147 ) (130 ) Core FFO Attributable to Sun Communities, Inc.Common Stockholders and Dilutive Convertible $ 141,036 $ 117,267 Securities^(1)(4) Weighted average common shares outstanding - 107,932 92,410 basicAdd Common shares dilutive effect: March 2021 229 ? forward equity offeringCommon stock issuable upon conversion of stock ? 1 optionsRestricted stock 191 524 Common OP units 2,596 2,412 Common stock issuable upon conversion of 791 1,166 certain preferred OP unitsWeighted Average Common Shares Outstanding - 111,739 96,513 Fully Diluted FFO Attributable to Sun Communities, Inc.Common Stockholders and Dilutive Convertible $ 1.22 $ 0.98 Securities^(1)(4)Per Share - Fully Diluted Core FFO Attributable to Sun Communities, Inc.Common Stockholders and Dilutive Convertible $ 1.26 $ 1.22 Securities^(1)(4) Per Share - Fully Diluted

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



Three Months Ended March 31, 2021 March 31, 2020Net Income / (Loss) Attributable to Sun $ 24,782 $ (16,086 ) Communities, Inc. Common StockholdersInterest income (2,631 ) (2,350 ) Brokerage commissions and other revenues, net (5,960 ) (3,913 ) General and administrative expense 38,203 25,349 Catastrophic event-related charges, net 2,414 606 Business combination expense 1,232 ? Depreciation and amortization 123,304 83,689 Loss on extinguishment of debt ? 3,279 Interest expense 39,517 32,416 Interest on mandatorily redeemable preferred OP 1,036 1,041 units / equity(Gain) / loss on remeasurement of marketable (3,661 ) 28,647 securities(Gain) / loss on foreign currency translation (25 ) 17,479 Other expense, net^(6) 1,099 972 (Income) / loss on remeasurement of notes (376 ) 2,112 receivableIncome from nonconsolidated affiliates (1,171 ) (52 ) (Income) / loss on remeasurement of investment (104 ) 2,191 in nonconsolidated affiliatesCurrent tax (benefit) / expense (229 ) 450 Deferred tax benefit (147 ) (130 ) Preferred return to preferred OP units / equity 2,864 1,570 Income / (loss) attributable to noncontrolling 295 (962 ) interestsNOI^(1) $ 220,442 $ 176,308

Three Months Ended March 31, 2021 March 31, 2020Real Property NOI^(1) $ 204,652 $ 171,339 Home Sales NOI^(1) 10,609 6,548 Service, retail, dining and entertainment 5,181 (1,579 ) NOI^(1)NOI^(1) $ 220,442 $ 176,308

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



Three Months Ended March 31, 2021 March 31, 2020Net Income / (Loss) Attributable to Sun $ 24,782 $ (16,086 ) Communities, Inc. Common StockholdersAdjustments Depreciation and amortization 123,304 83,689 Loss on extinguishment of debt ? 3,279 Interest expense 39,517 32,416 Interest on mandatorily redeemable preferred OP 1,036 1,041 units / equityCurrent tax expense / (benefit) (229 ) 450 Deferred tax benefit (147 ) (130 ) Income from nonconsolidated affiliates (1,171 ) (52 ) Less: Gain on dispositions of assets, net (8,155 ) (5,562 ) EBITDAre^(1) $ 178,937 $ 99,045 Adjustments Catastrophic event-related charges, net 2,414 606 Business combination expense 1,232 ? (Gain) / loss on remeasurement of marketable (3,661 ) 28,647 securities(Gain) / loss on foreign currency translation (25 ) 17,479 Other expense, net^(6) 1,099 972 (Income) / loss on remeasurement of notes (376 ) 2,112 receivable(Gain) / loss on remeasurement of investment in (104 ) 2,191 nonconsolidated affiliatesPreferred return to preferred OP units / equity 2,864 1,570 Income / (loss) attributable to noncontrolling 295 (962 ) interestsPlus: Gain on dispositions of assets, net 8,155 5,562 Recurring EBITDA^(1) $ 190,830 $ 157,222

Non-GAAP and Other Financial Measures

Debt Analysis(amounts in thousands)



Quarter Ended 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020Debt OutstandingMortgage $ 3,430,420 $ 3,444,967 $ 3,191,380 $ 3,205,507 $ 3,273,808 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 917,603 1,242,197 79,321 115,352 582,774 other debtTotal debt $ 4,417,935 $ 4,757,076 $ 3,340,613 $ 3,390,771 $ 3,926,494 % Fixed / FloatingFixed 79.3 % 74.0 % 97.6 % 96.6 % 85.2 %Floating 20.7 % 26.0 % 2.4 % 3.4 % 14.8 %Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % WeightedAverage InterestRatesMortgage 3.78 % 3.78 % 3.88 % 3.88 % 3.91 %loans payablePreferredEquity - SunNG Resorts - 6.00 % 6.00 % 6.00 % 6.00 % 6.00 %mandatorilyredeemablePreferred OPunits - 5.93 % 5.93 % 5.93 % 5.93 % 5.93 %mandatorilyredeemableLines ofcredit and 1.75 % 2.08 % 1.32 % 2.03 % 1.85 %other debt^(8)Total average 3.39 % 3.37 % 3.86 % 3.86 % 3.64 % Debt Ratios Net Debt /Recurring 6.1 6.9 5.0 4.8 5.6 EBITDA^(1)(TTM)Net Debt /Enterprise 19.7 % 21.4 % 18.3 % 17.8 % 22.6 %ValueNet Debt / 31.8 % 35.5 % 31.6 % 29.7 % 35.6 %Gross Assets Coverage RatiosRecurringEBITDA^(1) 5.0 4.9 4.8 4.5 4.5(TTM) /InterestRecurringEBITDA^(1)(TTM) /Interest + 4.8 4.8 4.6 4.4 4.3Pref.Distributions+ Pref. StockDistribution

Maturities /PrincipalAmortization 2021 2022 2023 2024 2025Next FiveYearsMortgageloans payableMaturities $ ? $ 82,155 $ 185,618 $ 315,330 $ 50,528 Principal 44,810 61,364 60,739 57,293 53,879 amortizationPreferredEquity - SunNG Resorts - ? ? ? 33,428 1,821 mandatorilyredeemablePreferred OPunits - ? ? ? 27,373 ? mandatorilyredeemableLines ofcredit and 7,494 13,233 377,876 519,000 ? other debtTotal $ 52,304 $ 156,752 $ 624,233 $ 952,424 $ 106,228 Weightedaverage rate ? % 4.46 % 4.08 % 4.47 % 4.04 %ofmaturities

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



Three Months Ended Total Same Community MH RV March 31, 2021 March 31, 2020 Change % Change March 31, 2021 March 31, 2020 Change % Change March 31, March 31, Change % Change 2021 2020Financial Information Revenue Real property (excluding $ 215,471 $ 205,218 $ 10,253 5.0 % $ 172,741 $ 164,828 $ 7,913 4.8 % $ 42,729 $ 40,390 $ 2,339 5.8 %Transient)Real property - transient 25,907 28,870 (2,963 ) (10.3 ) % 601 928 (327 ) (35.2 ) % 25,306 27,942 (2,636 ) (9.4 )%Other 7,047 5,895 1,152 19.5 % 4,826 3,810 1,016 26.7 % 2,222 2,085 137 6.6 %Total Operating 248,425 239,983 8,442 3.5 % 178,168 169,566 8,602 5.1 % 70,257 70,417 (160 ) (0.2 )%Expense Property Operating ^(9)(10) 73,015 69,189 3,826 5.5 % 43,005 40,685 2,320 5.7 % 30,010 28,504 1,506 5.3 %Real Property NOI^(^1) $ 175,410 $ 170,794 $ 4,616 2.7 % $ 135,163 $ 128,881 $ 6,282 4.9 % $ 40,247 $ 41,913 $ (1,666 ) (4.0 )%

As of March 31, March 31, Change % 2021 2020 ChangeOther Information Number of properties 407 407 ? MH occupancy 97.3 % RV occupancy 100.0 % MH & RV blended occupancy^(3) 97.9 % Adjusted MH occupancy^(3) 98.4 % Adjusted RV occupancy^(3) 100.0 % Adjusted MH & RV blended 98.8 % 96.9 % 1.9 % occupancy^(3) Sites available for development 7,373 6,975 398 Monthly base rent per site - MH $ 599 $ 580 $ 19 3.2%^ (12)Monthly base rent per site - RV^ $ 524 $ 499 $ 25 5.0%^(11) (12)Monthly base rent per site - $ 582 $ 562 $ 20 3.5%^Total^(11) (12)

Marina Summary(amounts in thousands except for statistical data)



Three Months Ended March 31, 2021Financial Information Revenues Real property (excluding Transient) $ 46,106 Real property - transient 868 Other 1,649 Total Operating 48,623 Expenses Property Operating 23,575 Real Property NOI 25,048 Service, retail, dining and entertainment Service, retail, dining and entertainment revenue 44,354 Service, retail, dining and entertainment expense 38,009 Service, Retail, Dining and Entertainment NOI 6,345 Marina NOI $ 31,393 Other Information - Marinas March 31, 2021Number of properties^(a) 110Total wet slips and dry storage 38,753

(a) Marina properties comprised of four properties acquired in 2021 and 106 properties acquired in 2020.

MH and RV Acquisitions and Other Summary(13)(amounts in thousands except for statistical data)



Three Months Ended March 31, 2021Financial Information Revenues Real property (excluding transient) $ 7,189 Real property - transient 5,761 Other income 302 Total Operating 13,252 Expenses Property Operating 9,058 Real Property NOI $ 4,194 Other Information - MH and RVs March 31, 2021Number of properties 45 Occupied sites 4,864 Developed sites 5,730 Occupancy % 84.9 %Transient sites 6,598

Home Sales Summary(amounts in thousands except for *)



Three Months Ended March 31, March 31, Change % 2021 2020 ChangeFinancial Information New Homes New home sales $ 22,972 $ 15,596 $ 7,376 47.3 %New home cost of sales 18,674 12,610 6,064 48.1 %Gross Profit ? new homes 4,298 2,986 1,312 43.9 %Gross margin % ? new homes 18.7 % 19.1 % (0.4 ) % Average selling price ? new $ 154,174 $ 131,059 $ 23,115 17.6 %homes* Pre-owned Homes Pre-owned home sales $ 29,227 $ 24,991 $ 4,236 17.0 %Pre-owned home cost of 18,584 17,422 1,162 6.7 %salesGross Profit ? pre-owned 10,643 7,569 3,074 40.6 %homesGross margin % ? pre-owned 36.4 % 30.3 % 6.1 % homesAverage selling price ? $ 42,605 $ 38,806 $ 3,799 9.8 %pre-owned homes* Total Home Sales Revenue from home sales $ 52,199 $ 40,587 $ 11,612 28.6 %Cost of home sales 37,258 30,032 7,226 24.1 %Home selling expenses 4,332 4,007 325 8.1 %NOI^(1) ? home sales $ 10,609 $ 6,548 $ 4,061 62.0 % Statistical Information New home sales volume* 149 119 30 25.2 %Pre-owned home sales 686 644 42 6.5 %volume*Total home sales volume* 835 763 72 9.4 %

Rental Program Summary(amounts in thousands except for *)



Three Months Ended March 31, 2021 March 31, 2020 Change % ChangeFinancial InformationRevenues Home rent $ 17,022 $ 15,469 $ 1,553 10.0 %Site rent 19,117 18,007 1,110 6.2 %Total 36,139 33,476 2,663 8.0 % Expenses RentalProgramoperating 5,224 4,823 401 8.3 %andmaintenanceRentalProgram NOI $ 30,915 $ 28,653 $ 2,262 7.9 %^(1) Other InformationNumber ofsold rental 211 234 (23 ) (9.8 ) %homes*Number ofoccupiedrentals, 11,473 11,431 42 0.4 %end ofperiod*Investmentin occupiedrental $ 621,869 $ 596,319 $ 25,550 4.3 %homes, endof periodWeightedaveragemonthly $ 1,055 $ 1,009 $ 46 4.6 %rentalrate, endof period*

The Rental Program NOI is included in Real Property NOI. The Rental Program NOI is separately reviewed to assess the overall growth and performance of the Rental Program and its financial impact on the Company's operations.

MH and RV Property Summary 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020FLORIDA Properties 128 128 127 125 125 MH & AnnualRV 40,011 39,803 39,517 39,241 39,380 Developedsites^(14)Occupied MH& Annual RV 39,283 39,063 38,743 38,453 38,526 ^(14)MH & AnnualRV 98.2 % 98.1 % 98.0 % 98.0 % 97.8 %Occupancy %^(14)Transient 5,823 6,011 5,993 5,547 5,311 RV sitesSites for 1,497 1,497 1,427 1,427 1,527 developmentMICHIGAN Properties 74 74 74 72 72 MH & AnnualRV 29,092 29,086 29,086 27,901 27,883 Developedsites^(14)Occupied MH& Annual RV 28,145 28,109 28,033 27,191 26,863 ^(14)MH & AnnualRV 96.7 % 96.6 % 96.4 % 97.5 % 96.3 %Occupancy %^(14)Transient 541 546 546 572 590 RV sitesSites for 1,182 1,182 1,182 1,182 1,115 developmentCALIFORNIA Properties 36 35 34 32 31 MH & AnnualRV 6,734 6,675 6,372 6,364 5,986 Developedsites^(14)Occupied MH& Annual RV 6,609 6,602 6,290 6,272 5,948 ^(14)MH & AnnualRV 98.1 % 98.9 % 98.7 % 98.6 % 99.4 %Occupancy %^(14)Transient 2,418 2,231 2,236 1,978 1,947 RV sitesSites for 127 373 373 264 302 developmentTEXAS Properties 24 24 24 23 23 MH & AnnualRV 7,928 7,766 7,659 7,641 7,627 Developedsites^(14)Occupied MH& Annual RV 7,671 7,572 7,427 7,289 7,076 ^(14)MH & AnnualRV 96.8 % 97.5 % 97.0 % 95.4 % 92.8 %Occupancy %^(14)Transient 1,773 1,810 1,917 1,590 1,612 RV sitesSites for 1,275 1,378 1,378 565 555 developmentONTARIO, CANADAProperties 16 15 15 15 15 MH & AnnualRV 4,199 4,090 4,067 3,980 3,977 Developedsites^(14)Occupied MH& Annual RV 4,199 4,090 4,067 3,980 3,977 ^(14)MH & AnnualRV 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %Occupancy %^(14)Transient 964 966 920 1,007 1,009 RV sitesSites for 1,525 1,525 1,593 1,593 1,608 developmentCONNECTICUT Properties 16 16 16 16 16 MH & AnnualRV 1,897 1,897 1,898 1,898 1,892 Developedsites^(14)Occupied MH& Annual RV 1,746 1,739 1,736 1,735 1,721 ^(14)MH & AnnualRV 92.0 % 91.7 % 91.5 % 91.4 % 91.0 %Occupancy %^(14)Transient 108 108 107 107 113 RV sitesSites for ? ? ? ? ? developmentARIZONA Properties 14 14 13 13 13 MH & AnnualRV 4,391 4,323 4,274 4,259 4,268 Developedsites^(14)Occupied MH& Annual RV 4,101 4,030 3,957 3,932 3,923 ^(14)MH & AnnualRV 93.4 % 93.2 % 92.6 % 92.3 % 91.9 %Occupancy %^(14)Transient 1,270 1,337 1,386 1,401 1,392 RV sitesSites for ? ? ? ? ? development MAINE Properties 13 13 7 7 7 MH & AnnualRV 2,190 2,190 1,092 1,074 1,083 Developedsites^(14)Occupied MH& Annual RV 2,119 2,121 1,089 1,069 1,079 ^(14)MH & AnnualRV 96.8 % 96.8 % 99.7 % 99.5 % 99.6 %Occupancy %^(14)Transient 805 805 819 837 828 RV sitesSites for 30 30 30 30 30 developmentINDIANA Properties 12 12 11 11 11 MH & AnnualRV 3,087 3,087 3,087 3,087 3,087 Developedsites^(14)Occupied MH& Annual RV 2,961 2,950 2,957 2,961 2,914 ^(14)MH & AnnualRV 95.9 % 95.6 % 95.8 % 95.9 % 94.4 %Occupancy %^(14)Transient 1,089 1,089 534 534 534 RV sitesSites for 277 277 277 277 277 developmentCOLORADO Properties 10 10 10 10 10 MH & AnnualRV 2,453 2,453 2,453 2,441 2,423 Developedsites^(14)Occupied MH& Annual RV 2,395 2,380 2,365 2,327 2,318 ^(14)MH & AnnualRV 97.6 % 97.0 % 96.4 % 95.3 % 95.7 %Occupancy %^(14)Transient 962 962 930 574 291 RV sitesSites for 1,250 1,250 1,282 1,566 1,867 developmentNEW HAMPSHIREProperties 10 10 10 10 10 MH & AnnualRV 1,776 1,777 1,833 1,827 1,816 Developedsites^(14)Occupied MH& Annual RV 1,769 1,767 1,822 1,816 1,806 ^(14)MH & AnnualRV 99.6 % 99.4 % 99.4 % 99.4 % 99.4 %Occupancy %^(14)Transient 456 460 404 410 421 RV sitesSites for 151 151 151 151 151 developmentNEW YORK Properties 10 9 9 9 9 MH & AnnualRV 1,452 1,419 1,414 1,403 1,400 Developedsites^(14)Occupied MH& Annual RV 1,415 1,380 1,371 1,358 1,355 ^(14)MH & AnnualRV 97.5 % 97.3 % 97.0 % 96.8 % 96.8 %Occupancy %^(14)Transient 1,689 1,422 900 911 916 RV sitesSites for 371 371 371 371 371 developmentOHIO Properties 9 9 9 9 9 MH & AnnualRV 2,797 2,790 2,790 2,778 2,768 Developedsites^(14)Occupied MH& Annual RV 2,760 2,755 2,758 2,736 2,702 ^(14)MH & AnnualRV 98.7 % 98.7 % 98.9 % 98.5 % 97.6 %Occupancy %^(14)Transient 128 135 135 147 152 RV sitesSites for 22 22 22 22 59 developmentOTHER STATESProperties 80 77 73 74 73 MH & AnnualRV 17,310 16,896 16,484 16,578 16,392 Developedsites^(14)Occupied MH& Annual RV 16,796 16,394 15,977 16,046 15,788 ^(14)MH & AnnualRV 97.0 % 97.0 % 96.9 % 96.8 % 96.3 %Occupancy %^(14)Transient 8,269 7,161 6,901 6,745 6,764 RV sitesSites for 1,969 1,969 2,044 2,294 2,428 development TOTAL - MHAND ANNUAL RVPORTFOLIOProperties 452 446 432 426 424 MH & AnnualRV 125,317 124,252 122,026 120,472 119,982 Developedsites^(14)Occupied MH& Annual RV 121,969 120,952 118,592 117,165 115,996 ^(14)MH & AnnualRV 97.3 % ^ 97.3 % 97.2 % 97.3 % 96.7 %Occupancy % (15)^(14)Transient 26,295 25,043 23,728 22,360 21,880 RV sitesSites fordevelopment 9,676 10,025 10,130 9,742 10,290 ^(16)%Communities 32.7 % 33.2 % 33.6 % 34.0 % 34.0 %agerestricted

Marina Property Summary^(a) 3/31/2021 12/31/2020FLORIDA Properties 16 14 Total wet slips and dry storage spaces 3,796 3,564 CONNECTICUT Properties 11 11 Total wet slips and dry storage spaces 3,257 3,254 RHODE ISLAND Properties 11 11 Total wet slips and dry storage spaces 2,676 2,656 MASSACHUSETTS Properties 9 7 Total wet slips and dry storage spaces 2,613 2,193 NEW YORK Properties 8 8 Total wet slips and dry storage spaces 2,524 2,524 MARYLAND Properties 8 8 Total wet slips and dry storage spaces 2,104 2,106 OTHER STATES Properties 47 47 Total wet slips and dry storage spaces 21,783 21,855 TOTAL - MARINA PORTFOLIO Properties 110 106 Total wet slips and dry storage spaces 38,753 38,152

(a) Total wet slips and dry storage spaces are adjusted each quarter based on sites configuration and usability.

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



Recurring Recurring Recurring Recurring Expansion Capital Capital Capital Capital Lot Acquisitions^ and Growth Expenditures Expenditures Expenditures Expenditures Modifications (19) Development^ Projects^(21) Average / MH Average / - MH / RV^ - Marina^ ^(18) (20) & RV Site* Marina Site* (17) (17)YTD $ 86 $ 79 $ 10,544 $ 3,144 $ 7,260 $ 173,307 $ 46,859 $ 18,051 20212020 $ 265 N/A $ 31,398 $ 2,074 $ 29,789 $ 3,105,296 $ 248,146 $ 28,315 2019 $ 345 N/A $ 30,382 N/A $ 31,135 $ 930,668 $ 281,808 $ 9,638

Operating Statistics for MH and Annual RVs



Resident Net Leased New Pre-owned BrokeredLocations Move-outs Sites^(5) Home Home Sales Re-sales SalesFlorida 505 212 59 48 448 Michigan 140 36 11 351 48 Ontario, Canada 325 18 11 ? 64 Texas 82 99 14 86 18 Arizona 20 71 11 8 60 Indiana 17 11 2 68 5 Ohio 38 5 ? 19 3 California 32 7 6 3 34 Colorado ? 15 12 6 9 Connecticut 11 7 9 ? 9 New York 54 8 ? 1 4 New Hampshire ? 2 3 ? 10 Maine 54 (2 ) 1 4 ? Other states 510 25 10 92 46 Three Months Ended 1,788 514 149 686 758 March 31, 2021

Total Resident Net Leased New Home Pre-owned BrokeredFor Year Move-outs Sites^(5) Sales Home Sales Re-salesEnded2020 5,365 2,505 570 2,296 2,557 2019 4,139 2,674 571 2,868 2,231

Percentage Trends Resident Move-outs Resident Re-sales2021 TTM 3.2 % 7.2 %2020 3.3 % 6.9 %2019 2.6 % 6.6 %

Footnotes and Definitions



(1)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 Company's 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 REIT's ability to meet debt principal repayments and other cash requirements, nor as a measure of working capital. FFO is calculated in accordance with the Company's 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 Company's financial performance or GAAP cash flow from operating activities as a measure of the Company's liquidity; nor is it indicative of funds available for the Company's 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 entity's 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 Company's 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 Company's cash generated by operations or its dividend-paying capacity, and should therefore not replace GAAP net income (loss) as an indication of the Company's 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 2021 average exchange rates.

(3)The MH and RV blended occupancy is derived from 119,587 developed sites, of which 117,105 were occupied. The adjusted MH and RV blended occupancy percentage for 2020 has been adjusted to reflect incremental period-over-period growth from newly rented expansion sites and the conversion of transient RV sites to annual RV sites. The adjusted MH and RV blended occupancy percentage for 2021 is derived from 118,526 developed sites, of which 117,105 were occupied. The number of developed sites excludes RV transient sites and over 1,050 recently completed but vacant MH expansion sites.

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

(5)Revenue producing site gains do not include occupied sites acquired during that year.

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

Three Months Ended March 31, March 31, 2020 2021Foreign currency remeasurement loss $ (20 ) $ (220 ) Contingent consideration expense (71 ) (82 ) GTSC repair reserve (383 ) (670 ) Non-cash lease amortization expense (625 ) ? Other expense, net $ (1,099 ) $ (972 )

(7)Other acquisition related costs represent the expenses incurred to bring recently acquired properties up to the Company's operating standards, including items such as tree trimming and painting costs that do not meet the Company's capitalization policy. These costs also include nonrecurring integration expenses associated with a new acquisition.

(8)Lines of credit and other debt includes the Company's MH floor plan facility. The effective interest rate on the MH floor plan facility was 7.0 percent for the quarter ended March 31, 2021, 6.0 percent for the quarters ended December 31, September 30 and June 30, 2020, and 7.0 percent for the quarter ended March 31, 2020. However, the Company pays no interest if the floor plan balance is repaid within 60 days.

(9)Same Community results net $16.5 million and $14.8 million of certain utility revenue against the related utility expense in property operating and maintenance expense for the quarter ended March 31, 2021 and 2020, respectively.

(10)Same Community supplies and repair expense excludes $0.4million for the quarter ended March 31, 2020, ofexpenses incurred for recently acquired properties to bring the properties up to the Company's operating standards, including items such as tree trimming and painting costs that do not meet the Company's capitalization policy.

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

(12)Calculated using actual results without rounding.

(13)MH and RV acquisitions and other is comprised of six properties acquired and three properties that the Company has an interest in, but does not operate in 2021, 23 properties acquired in 2020, two Florida Keys properties that require redevelopment as a result of damage sustained from Hurricane Irma in 2017, six recently opened ground-up developments, one property undergoing redevelopment, four properties previously classified as held for sale and other miscellaneous transactions and activity.

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

(15)As of March 31, 2021, total portfolio MH occupancy was 96.5 percent inclusive of the impact of over 1,200 recently constructed but vacant MH expansion sites, and annual RV occupancy was 100.0 percent.

(16)Total sites for development were comprised of approximately 77.3 percent for expansion, 20.4 percent for greenfield development and 2.3 percent for redevelopment.

(17)Property recurring capital expenditures are necessary to maintain asset quality, including purchasing and replacing assets used to operate the communities, resorts and marinas. Recurring capital expenditures at our MH and RV properties 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. Recurring capital expenditures at our marinas include items such as: dredging, dock repairs and improvements, and equipment maintenance and upgrades.The minimum capitalized amount is five hundred dollars.

(18)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 manufacturer's installation requirements and state building code, include items such as new foundations, driveways, and utility upgrades.

(19)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 quarter ended March 31, 2021 include $16.1 million of capital improvements identified during due diligence that are necessary to bring the communities to the Company's operating standards. For the years ended December 31, 2020 and 2019, these costs were $40.6 million and $50.7 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.

(20)Expansion and development expenditures consist primarily of construction costs and costs necessary to complete home and RV site improvements, such as driveways, sidewalks and landscaping at our MH communities and RV resorts.

(21)Growth projects consist of revenue generating or expense reducing activities at MH communities, RV resorts and marinas. This includes, but is not limited to, utility efficiency and renewable energy projects, site, slip or amenity upgrades such as the addition of a garage, shed or boat lift, and other special capital projects that substantiate an incremental rental increase.

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 2021.3.31