GlobeNewswire Inc | Jul 26, 2021 04:36PM EDT

July 26, 2021

NEWS RELEASE

July26, 2021

Sun Communities, Inc. Reports 2021 Second Quarter Results

Southfield, MI, July 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 second quarter results for 2021.

Financial Results for the Quarter and Six Months Ended June 30, 2021

For the quarter ended June 30, 2021, total revenues increased $300.6 million, or 99.1 percent, to approximately $603.9million compared to $303.3 million for the same period in 2020. Net income attributable to common stockholders increased $51.9 million or 88.0 percent, to approximately $110.8million, or $0.98 per diluted common share, compared to net income attributable to common stockholders of $58.9million, or $0.61 per diluted common share, for the same period in 2020.

For the six months ended June 30, 2021, total revenues increased $432.3million, or 70.5 percent, to $1.0billion compared to approximately $613.6million for the same period in 2020. Net income attributable to common stockholders increased $92.7million or 216.5 percent, to approximately $135.6million, or $1.22 per diluted common share, compared to net income attributable to common stockholders of $42.8million, or $0.45 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 June 30, 2021, was $1.80 per diluted share and OP unit ("Share") as compared to $1.12 in the corresponding period in 2020, a 60.7 percent increase. -- Same Community(2) Net Operating Income ("NOI")(1)increased by 21.6 percent for the quarter ended June 30, 2021, as compared to the corresponding period in 2020. -- Home Sales Volume increased 89.5 percent to 1,158 homes for the quarter ended June 30, 2021, as compared to 611 homes in the same period in 2020. -- Acquisitions totaled $719.4 million during and subsequent to the quarter ended June 30, 2021, including 10 MH communities, two RV resorts and six marinas.

Gary Shiffman, Chief Executive Officer stated, "Sun's ongoing strong momentum continued through the second quarter, as we saw robust performance across RV, Manufactured Housing and Marinas. Our RV business is demonstrating the growing appeal of an RV vacation for consumers, marinas are in the midst of an active boating season and our results continue to track ahead of our underwriting, and in our manufactured housing business, we are benefiting from sustained demand for affordable housing. Furthermore, our RV forward bookings have continued to accelerate and we are pleased to again increase our guidance for the year."

Mr. Shiffman continued, "We have remained active in terms of new site deliveries and have more than 9,400 sites available for development, representing an attractive source of growth and value creation over time. We also deployed over $719 million in acquisitions, including six marinas as we begin to realize the meaningful consolidation opportunity we have in the marina industry. To support this ongoing growth, we are pleased to have received investment grade ratings and completed our inaugural unsecured bond issuance as we issued $600 million in senior unsecured notes. This additional financing option provides Sun enhanced financial flexibility to efficiently match fund our investment activities as we continue to realize compelling growth opportunities across all of our businesses."

OPERATING HIGHLIGHTS

Portfolio Occupancy

Total MH and annual RV occupancy was 97.4 percent at June 30, 2021, compared to 97.3 percent at June 30, 2020, an increase of 10 basis points.

During the quarter ended June 30, 2021, MH and annual RV revenue producing sites increased by 583 sites, as compared to an increase of 851 revenue producing sites during the quarter ended June 30, 2020.

During the six months ended June 30, 2021, MH and annual RV revenue producing sites increased by 1,097 sites, as compared to an increase of 1,151 revenue producing sites during the six months ended June 30, 2020.

Same Community(2) Results

For the 405 MH and RV properties owned and operated by the Company since January 1, 2020, the following table reflects the NOI(1) percentage increases, in total and by segment, for the quarter and six months ended June 30, 2021:

Quarter Ended June 30, 2021 Total Same Community MH RVRevenue 22.5 % 6.9 % 64.4 %Expense 24.7 % 11.8 % 41.9 %NOI 21.6 % 5.4 % 85.1 %

Six Months Ended June 30, 2021 Total Same Community MH RVRevenue 12.8 % 6.0 % 30.2 %Expense 15.2 % 8.7 % 24.2 %NOI 11.8 % 5.1 % 34.8 %

Same Community adjusted occupancy(3) increased to 98.8 percent at June 30, 2021 from 97.2 percent at June 30, 2020.

Home Sales

During the quarter ended June 30, 2021, the Company sold 1,158 homes as compared to 611 homes in the same period in 2020, an increase of 89.5 percent. The Company sold 227 and 140 new homes for the quarters ended June 30, 2021 and 2020, respectively, an increase of 62.1 percent. Pre-owned home sales were 931 in the second quarter 2021 as compared to 471 in the same period in 2020, an increase of 97.7 percent.

During the six months ended June 30, 2021, the Company sold 1,993 homes as compared to 1,374 homes in the same period in 2020, an increase of 45.1 percent. The Company sold 376 and 259 new homes for the six months ended June 30, 2021 and 2020, respectively, an increase of 45.2 percent. Pre-owned home sales were 1,617 in the six months ended June 30, 2021 as compared to 1,115 in the same period in 2020, an increase of 45.0 percent.

Marina Results

Marina NOI was $62.8 million and $94.2 million for the quarter and six months ended June 30, 2021, respectively. Refer to page 15 for additional information regarding the marina portfolio operating results.

PORTFOLIO ACTIVITY

Acquisitions and Dispositions

During and subsequent to the quarter ended June 30, 2021, the Company acquired the following communities, resorts and marinas:

Sites, Wet TotalProperty Property Slips Development State / Purchase MonthName Type and Sites Province Price Acquired Dry (in Storage millions) SpacesThemeWorld RV 148 ? FL $ 25.0 AprilRV ResortSylvan Glen MH 476 ? MI 24.0 AprilEstates^(a)ShelterIsland Marina 55 N/A CA 10.0 MayBoatyardLauderdaleMarine Marina 202 N/A FL 340.2 MayCenterApponaug Marina 378 N/A RI 6.6 JuneHarbor^(b)Cabrillo Marina 483 N/A CA 46.9 JuneIsle^(c)Marathon Marina 147 N/A FL 19.1 JuneMarinaSubtotal 1,889 ? 471.8 Acquisitions subsequent to quarter endAllen Harbor Marina 165 N/A RI 4.0 JulyCisco GroveCampground & RV 18 407 CA 6.6 JulyRVFour LeafPortfolio^ MH 2,714 171 MI / IN 215.0 July(d)Harborage Marina 300 N/A FL 22.0 JulyYacht ClubSubtotal 3,197 578 247.6 Total 5,086 578 $ 719.4 acquisitions

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

(b) Combined with an existing adjacent marina.

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

(d) Contains nine MH communities.

During and subsequent to the six months ended June 30, 2021 the Company acquired 28 properties totaling 7,666 sites, wet slips and dry storage spaces, and 578 sites for development for a total purchase price of $853.4 million.

Subsequent to the quarter ended June 30, 2021, the Company sold two MH communities located in Indiana and Missouri for $67.5million. The assets and liabilities associated with the transaction were classified as held for sale on the Consolidated Balance Sheets as of June 30, 2021.

Construction Activity

During the quarter ended June 30, 2021, the Company completed the construction of over 100 sites in two ground-up developments and over 120 expansion sites in two MH communities and one RV resort.

Year to date June 30, 2021, the Company completed the construction of over 350 sites in three ground-up development and over 230 expansion sites in three MH communities and one RV resort.

BALANCE SHEET, CAPITAL MARKETS ACTIVITY AND OTHER ITEMS

Debt

As of June 30, 2021, the Company had approximately $4.3 billion in debt outstanding. The weighted average interest rate was 3.5 percent and the weighted average maturity was 10.4 years. At June 30, 2021, the Company's net debt to trailing twelve month Recurring EBITDA(1) ratio was 5.1 times. The Company had $103.5million of unrestricted cash on hand.

Senior Unsecured Notes

On June 14, 2021, the Company received investment grade ratings of BBB and Baa3 with a stable outlook from S&P Global and Moody's, respectively.

On June 28, 2021, Sun Communities Operating Limited Partnership ("SCOLP"), the Company's operating partnership, issued $600.0million of senior unsecured notes with an interest rate of 2.7 percent and a ten-year term, due 2031. The net proceeds from the offering were $592.4million, after deducting underwriters' discount and estimated offering expenses.

Credit Agreement

On June 14, 2021, SCOLP, as borrower, and the Company, as guarantor, entered into a new credit agreement with certain lenders. The new credit agreement combines and replaces SCOLP's $750.0million credit facility which was scheduled to mature May 21, 2023, and the $1.8billion credit facility of the Company's marina subsidiary, Safe Harbor Marinas, LLC (the "Safe Harbor Facility") which was scheduled to mature on October 11, 2024. The Safe Harbor Facility was terminated in connection with the execution of the new credit agreement and all amounts due and outstanding were repaid on or prior to the date of the New Credit Agreement. The Company recognized a loss on extinguishment of debt in its Consolidated Statement of Operations related to the termination of these prior credit facilities of $0.2 million and $7.9 million, respectively.

Pursuant to the New Credit Agreement, SCOLP may borrow up to $2.0billion under a revolving loan (the "New Credit Facility") to fund the business of SCOLP and all its subsidiaries. The New Credit Facility has a four-year term ending June 14, 2025. Subject to the satisfaction of certain conditions, the term may be extended for two additional six-month periods, and additional borrowings not to exceed $1.0billion is permitted. However, the maturity date with respect to $500.0million of available borrowing under the New Credit Facility is October 11, 2024, which may not be extended. The New Credit Facility bears interest at a floating rate based on the Adjusted Eurocurrency Rate or Australian Bank Bill Swap Bid Rate (BBSY), plus a margin which can range from 0.725 percent to 1.400 percent. As of June 30, 2021, the margin based on our credit ratings was 0.850 percent on the New Credit Facility. The Company had $190.3 million of borrowings on the New Credit Facility as of June 30, 2021.Equity Transactions

Public Equity Offering

In May and June 2021, the Company completed the physical settlement of the remaining 4,050,000 shares offered under the forward sale agreement pursuant to the Company's March 2021 equity offering of 8,050,000 shares. Net proceeds of $539.7 million after deducting expenses related to the offering, were used to acquire assets and pay down the Safe Harbor Facility.

At the Market Offering Sales Agreements

In June 2021, the Company entered into an At the Market Offering (ATM) Sales Agreement (the "Sales Agreement") with certain sales agents, forward sellers, pursuant to which the Company may sell, from time to time, up to an aggregate gross sales price of $500.0million of its common stock. No shares were sold during the quarter ending June 30, 2021 under the ATM program. Upon entering into the Sales Agreement, the Company simultaneously terminated its previous ATM sales agreement entered into in July 2017.

2021 GUIDANCE

The Company is providing revised or initial 2021 guidance for the following metrics:

Previous Revised Range Range FY 2021E FY 2021E 3Q 2021EBasic earnings per share $1.68 - $2.24 - $0.90 - $1.84 $2.36 $0.96Core FFO^(1) per fully diluted $5.92 - $6.25 - $2.00 -Share $6.08 $6.37 $2.06 1Q21 2Q21 3Q21 4Q21Seasonality of Core FFO^(1) per 20.0 % 28.5 % 32.1 % 19.4 %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 3Q 2021ESame Community NOI^(1) 7.5% - 8.5% 9.9% - 10.7% 11.2% -growth 12.0%

Guidance estimates include acquisitions completed through the date of this release and exclude any prospective acquisitions or capital markets activity.

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 second quarter results will be held on Tuesday, July27, 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 August10, 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 13720116. 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 June 30, 2021, owned, operated, or had an interest in a portfolio of 569 developed MH, RV and marina properties comprising over 153,300 developed sites and nearly 41,300 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 in 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 and its senior unsecured notes; -- 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; -- the ability of purchasers of manufactured homes and boats to obtain financing; and -- the level of repossessions by manufactured home lenders.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. 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.comMarketsUBS Michael Goldsmith (212) michael.goldsmith@ubs.com 713-2951Wells 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 June 30, 2021)



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



Quarter Ended 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020Financial InformationTotal $ 603,863 $ 442,015 $ 384,265 $ 400,514 $ 303,266 revenuesNet income $ 120,849 $ 27,941 $ 9,818 $ 89,756 $ 63,355 Net incomeattributableto Sun $ 110,770 $ 24,782 $ 7,586 $ 81,204 $ 58,910 CommunitiesInc. commonstockholdersBasicearnings per $ 0.98 $ 0.23 $ 0.07 $ 0.83 $ 0.61 share*Dilutedearnings per $ 0.98 $ 0.23 $ 0.07 $ 0.83 $ 0.61 share* Cashdistributions $ 0.83 $ 0.83 $ 0.79 $ 0.79 $ 0.79 declared percommon share* Recurring $ 268,225 $ 190,830 $ 168,527 $ 199,321 $ 148,650 EBITDA^(1)FFOattributableto SunCommunities,Inc. common $ 198,017 $ 135,925 $ 110,849 $ 165,209 $ 118,092 stockholdersand dilutiveconvertiblesecurities^(1)(4)Core FFOattributableto SunCommunities,Inc. common $ 209,620 $ 141,036 $ 124,872 $ 162,624 $ 110,325 stockholdersand dilutiveconvertiblesecurities^(1)(4)FFOattributableto SunCommunities,Inc. commonstockholders $ 1.70 $ 1.22 $ 1.03 $ 1.63 $ 1.20 and dilutiveconvertiblesecurities^(1)(4) pershare - fullydiluted*Core FFOattributableto SunCommunities,Inc. commonstockholders $ 1.80 $ 1.26 $ 1.16 $ 1.60 $ 1.12 and dilutiveconvertiblesecurities^(1)(4) pershare - fullydiluted* Balance Sheet Total assets $ 12,040,990 $ 11,454,209 $ 11,206,586 $ 8,335,717 $ 8,348,659 Total debt $ 4,311,175 $ 4,417,935 $ 4,757,076 $ 3,340,613 $ 3,390,771 Total $ 5,099,563 $ 5,101,512 $ 5,314,879 $ 3,791,922 $ 3,845,308 liabilities

Quarter Ended 6/30/2021 3/31/2021 12/31/ 9/30/2020 6/30/2020 2020Operating Information*Properties 569 562 552 432 426 Manufactured home 97,448 96,876 96,688 95,209 94,232sitesAnnual RV sites 28,807 28,441 27,564 26,817 26,240Transient RV 27,032 26,295 25,043 23,728 22,360sitesTotal sites 153,287 151,612 149,295 145,754 142,832Marina wet slipsand dry storage 41,275 38,753 38,152 N/A N/Aspaces MH occupancy 96.7 % 96.5 % 96.6 % 96.4 % 96.5 %Annual RV 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %occupancyBlended MH andannual RV 97.4 % 97.3 % 97.3 % 97.2 % 97.3 %occupancy New home sales 227 149 156 155 140Pre-owned home 931 686 626 555 471salesTotal home sales 1,158 835 782 710 611

Quarter Ended 6/30/ 3/31/ 12/31/ 9/30/ 6/30/ 2021 2021 2020 2020 2020Revenue Producing Site Gains^(5)MH net leased sites 226 127 247 349 759RV net leased sites 357 387 331 427 92Total net leased sites 583 514 578 776 851

Consolidated Balance Sheets(amounts in thousands)



June 30, 2021 December 31, 2020Assets Land $ 2,412,629 $ 2,119,364 Land improvements and buildings 8,995,041 8,480,597 Rental homes and improvements 622,397 637,603 Furniture, fixtures and 529,549 447,039 equipmentInvestment property 12,559,616 11,684,603 Accumulated depreciation (2,165,564 ) (1,968,812 ) Investment property, net 10,394,052 9,715,791 Cash, cash equivalents and 119,612 92,641 restricted cashMarketable securities 153,049 124,726 Inventory of manufactured homes 43,686 46,643 Notes and other receivables, 262,333 221,650 netGoodwill 448,317 428,833 Other intangible assets, net 295,663 305,611 Other assets, net 324,278 270,691 Total Assets $ 12,040,990 $ 11,206,586 Liabilities Secured debt $ 3,457,734 $ 3,489,983 Unsecured debt 853,441 1,267,093 Distributions payable 98,429 86,988 Advanced reservation deposits 290,913 187,730 and rentAccrued expenses and accounts 214,200 148,435 payableOther liabilities 184,846 134,650 Total Liabilities 5,099,563 5,314,879 Commitments and contingencies Temporary equity 285,603 264,379 Stockholders' Equity Common stock 1,159 1,076 Additional paid-in capital 8,163,095 7,087,658 Accumulated other comprehensive 5,197 3,178 incomeDistributions in excess of (1,614,243 ) (1,566,636 ) accumulated earningsTotal Sun Communities, Inc. 6,555,208 5,525,276 stockholders' equityNoncontrolling interests Common and preferred OP units 82,865 85,968 Consolidated variable interest 17,751 16,084 entitiesTotal noncontrolling interests 100,616 102,052 Total Stockholders' Equity 6,655,824 5,627,328 Total Liabilities, Temporary $ 12,040,990 $ 11,206,586 Equity and Stockholders' Equity

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



Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 Change % Change June 30, 2021 June 30, 2020 Change % ChangeRevenues Real property(excluding $ 328,907 $ 225,413 $ 103,494 45.9 % $ 626,984 $ 453,415 $ 173,569 38.3 %transient)Real property - 76,998 25,714 51,284 199.4 % 109,534 56,061 53,473 95.4 %transientHome sales 81,848 38,530 43,318 112.4 % 134,047 79,117 54,930 69.4 %Service,retail, dining 106,452 7,700 98,752 N/M 157,064 12,803 144,261 N/MandentertainmentInterest 2,719 2,635 84 3.2 % 5,350 4,985 365 7.3 %Brokeragecommissions and 6,939 3,274 3,665 111.9 % 12,899 7,187 5,712 79.5 %other, netTotal Revenues 603,863 303,266 300,597 99.1 % 1,045,878 613,568 432,310 70.5 %Expenses Propertyoperating and 129,961 70,804 59,157 83.6 % 233,514 140,638 92,876 66.0 %maintenanceReal estate tax 23,202 17,723 5,479 30.9 % 45,610 34,899 10,711 30.7 %Home costs and 58,763 32,051 26,712 83.3 % 100,353 66,090 34,263 51.8 %sellingService,retail, dining 78,585 7,242 71,343 N/M 124,016 13,924 110,092 N/MandentertainmentGeneral and 45,127 26,527 18,600 70.1 % 83,330 51,876 31,454 60.6 %administrativeCatastrophicevent-related 355 (566 ) 921 162.7 % 2,769 40 2,729 N/Mcharges, netBusinesscombination, (201 ) ? (201 ) N/A 1,031 ? 1,031 N/AnetDepreciationand 126,423 87,265 39,158 44.9 % 249,727 170,954 78,773 46.1 %amortizationLoss onextinguishment 8,108 1,930 6,178 320.1 % 8,108 5,209 2,899 55.7 %of debtInterest 37,681 31,428 6,253 19.9 % 77,198 63,844 13,354 20.9 %Interest onmandatorilyredeemable 1,041 1,042 (1 ) (0.1 ) % 2,077 2,083 (6 ) (0.3 ) %preferred OPunits / equityTotal Expenses 509,045 275,446 233,599 84.8 % 927,733 549,557 378,176 68.8 %Income Before 94,818 27,820 66,998 240.8 % 118,145 64,011 54,134 84.6 %Other ItemsGain / (loss)onremeasurement 27,494 24,519 2,975 12.1 % 31,155 (4,128 ) 35,283 N/Mof marketablesecuritiesGain / (loss)on foreign (264 ) 10,374 (10,638 ) (102.5 ) % (239 ) (7,105 ) 6,866 (96.6 ) %currencytranslationOther expense, (660 ) (821 ) 161 19.6 % (1,759 ) (1,793 ) 34 (1.9 ) %net^(6)Gain / (loss)onremeasurement 93 246 (153 ) (62.2 ) % 469 (1,866 ) 2,335 N/Mof notesreceivableIncome fromnonconsolidated 794 92 702 N/M 1,965 144 1,821 N/MaffiliatesGain / (loss)onremeasurementof investment (115 ) 1,132 (1,247 ) (110.2 ) % (11 ) (1,059 ) 1,048 (99.0 ) %innonconsolidatedaffiliatesCurrent tax (1,245 ) (119 ) (1,126 ) N/M (1,016 ) (569 ) (447 ) 78.6 %expenseDeferred taxbenefit / (66 ) 112 (178 ) N/M 81 242 (161 ) (66.5 ) %(expense)Net Income 120,849 63,355 57,494 90.7 % 148,790 47,877 100,913 210.8 %Less: Preferredreturn to 3,035 1,584 1,451 91.6 % 5,899 3,154 2,745 87.0 %preferred OPunits / equityLess: Incomeattributable to 7,044 2,861 4,183 146.2 % 7,339 1,899 5,440 286.5 %noncontrollinginterestsNet IncomeAttributable toSun $ 110,770 $ 58,910 $ 51,860 88.0 % $ 135,552 $ 42,824 $ 92,728 216.5 %Communities,Inc. Weightedaverage commonshares 112,082 95,859 16,223 16.9 % 110,007 94,134 15,873 16.9 %outstanding -basicWeightedaverage commonshares 112,082 95,860 16,222 16.9 % 112,593 94,525 18,068 19.1 %outstanding -diluted Basic earnings $ 0.98 $ 0.61 $ 0.37 60.7 % $ 1.22 $ 0.45 $ 0.77 171.1 %per shareDilutedearnings per $ 0.98 $ 0.61 $ 0.37 60.7 % $ 1.22 $ 0.45 $ 0.77 171.1 %share

N/M = Percentage change is not meaningful.

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



Outstanding Securities - As of June 30, 2021 Number of If Issuance Annual Units / Conversion Converted Price Distribution Shares Rate* ^(1) Per Rate* Outstanding Unit*Non-convertible SecuritiesCommon shares 115,889 N/A N/A N/A $3.32^ Convertible Securities MirrorsCommon OP units 2,569 1.0000 2,569 N/A common shares distributions Series A-1preferred OP 288 2.4390 703 $ 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 %unitsSeries Jpreferred OP 240 0.6061 145 $ 100 2.85 %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 June 30, 2021 Equity Shares Share Price* TotalCommon shares 115,889 $ 171.40 $ 19,863,375 Common OP units 2,569 $ 171.40 440,327 Subtotal 118,458 $ 20,303,702 Preferred OP units as 2,844 $ 171.40 487,462 convertedTotal diluted shares 121,302 $ 20,791,164 outstanding Debt Secured debt $ 3,457,734 Unsecured debt 853,441 Total debt $ 4,311,175 Total Capitalization $ 25,102,339

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 Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020Net IncomeAttributable toSun $ 110,770 $ 58,910 $ 135,552 $ 42,824 Communities,Inc. CommonStockholdersAdjustments Depreciationand 126,227 87,296 249,303 171,048 amortizationDepreciation onnonconsolidated 31 19 61 19 affiliates(Gain) / lossonremeasurement (27,494 ) (24,519 ) (31,155 ) 4,128 of marketablesecurities(Gain) / lossonremeasurementof investment 115 (1,132 ) 11 1,059 innonconsolidatedaffiliates(Gain) / lossonremeasurement (93 ) (246 ) (469 ) 1,866 of notesreceivableIncomeattributable to 5,033 1,942 4,886 1,646 noncontrollinginterestsPreferredreturn to 478 ? 958 1,000 preferred OPunitsInterestexpense on 514 ? 1,028 ? Aspen preferredOP unitsGain ondisposition of (17,564 ) (4,178 ) (25,719 ) (9,740 ) assets, netFFOAttributable toSunCommunities,Inc. Common $ 198,017 $ 118,092 $ 334,456 $ 213,850 Stockholdersand DilutiveConvertible Securities^(1)(4) Adjustments Businesscombinationexpense andother 2,284 504 4,237 889 acquisitionrelated costs^(7)Loss onextinguishment 8,108 1,930 8,108 5,209 of debtCatastrophicevent-related 364 (567 ) 2,778 39 charges, netLoss ofearnings - ? ? 200 300 catastrophicevent-related(Gain) / losson foreign 264 (10,374 ) 239 7,105 currencytranslationOther expense, 517 552 1,233 854 netDeferred tax(benefits) / 66 188 (81 ) 58 expensesCore FFOAttributable toSunCommunities,Inc. Common $ 209,620 $ 110,325 $ 351,170 $ 228,304 Stockholdersand DilutiveConvertibleSecurities^(1)(4) Weightedaverage commonshares 112,082 95,859 110,007 94,134 outstanding -basicAdd Common stockissuable upon ? 1 ? 1 conversion ofstock optionsRestricted 580 305 372 390 stockCommon OP units 2,577 2,448 2,586 2,430 Common stockissuable uponconversion of 1,174 ? 1,180 815 certainpreferred OPunitsWeightedAverage CommonShares 116,413 98,613 114,145 97,770 Outstanding -Fully Diluted FFOAttributable toSunCommunities,Inc. CommonStockholders $ 1.70 $ 1.20 $ 2.93 $ 2.19 and DilutiveConvertibleSecurities^(1)(4) Per Share -Fully Diluted Core FFOAttributable toSunCommunities,Inc. CommonStockholders $ 1.80 $ 1.12 $ 3.08 $ 2.34 and DilutiveConvertibleSecurities^(1)(4) Per Share -Fully Diluted

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



Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020Net IncomeAttributable toSun $ 110,770 $ 58,910 $ 135,552 $ 42,824 Communities,Inc. CommonStockholdersInterest income (2,719 ) (2,635 ) (5,350 ) (4,985 ) Brokeragecommissions and (6,939 ) (3,274 ) (12,899 ) (7,187 ) other revenues,netGeneral andadministrative 45,127 26,527 83,330 51,876 expenseCatastrophicevent-related 355 (566 ) 2,769 40 charges, netBusinesscombination (201 ) ? 1,031 ? expense, netDepreciationand 126,423 87,265 249,727 170,954 amortizationLoss onextinguishment 8,108 1,930 8,108 5,209 of debtInterest 37,681 31,428 77,198 63,844 expenseInterest onmandatorilyredeemable 1,041 1,042 2,077 2,083 preferred OPunits / equity(Gain) / lossonremeasurement (27,494 ) (24,519 ) (31,155 ) 4,128 of marketablesecurities(Gain) / losson foreign 264 (10,374 ) 239 7,105 currencytranslationOther expense, 660 821 1,759 1,793 net^(6)(Gain) / lossonremeasurement (93 ) (246 ) (469 ) 1,866 of notesreceivableIncome fromnonconsolidated (794 ) (92 ) (1,965 ) (144 ) affiliates(Gain) / lossonremeasurementof investment 115 (1,132 ) 11 1,059 innonconsolidatedaffiliatesCurrent tax 1,245 119 1,016 569 expenseDeferred tax(benefit) / 66 (112 ) (81 ) (242 ) expensePreferredreturn to 3,035 1,584 5,899 3,154 preferred OPunits / equityIncomeattributable to 7,044 2,861 7,339 1,899 noncontrollinginterestsNOI^(1) $ 303,694 $ 169,537 $ 524,136 $ 345,845

Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020Real Property $ 252,742 $ 162,600 $ 457,394 $ 333,939 NOI^(1)Home Sales 23,085 6,479 33,694 13,027 NOI^(1)Service,retail,dining and 27,867 458 33,048 (1,121 ) entertainmentNOI^(1)NOI^(1) $ 303,694 $ 169,537 $ 524,136 $ 345,845

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



Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020Net IncomeAttributable toSun $ 110,770 $ 58,910 $ 135,552 $ 42,824 Communities,Inc. CommonStockholdersAdjustments Depreciationand 126,423 87,265 249,727 170,954 amortizationLoss onextinguishment 8,108 1,930 8,108 5,209 of debtInterest 37,681 31,428 77,198 63,844 expenseInterest onmandatorilyredeemable 1,041 1,042 2,077 2,083 preferred OPunits / equityCurrent tax 1,245 119 1,016 569 expenseDeferred tax(benefit) / 66 (112 ) (81 ) (242 ) expenseIncome fromnonconsolidated (794 ) (92 ) (1,965 ) (144 ) affiliatesLess: Gain ondispositions of (17,564 ) (4,178 ) (25,719 ) (9,740 ) assets, netEBITDAre^(1) $ 266,976 $ 176,312 $ 445,913 $ 275,357 Adjustments Catastrophicevent-related 355 (566 ) 2,769 40 charges, netBusinesscombination (201 ) ? 1,031 ? expense(Gain) / lossonremeasurement (27,494 ) (24,519 ) (31,155 ) 4,128 of marketablesecurities(Gain) / losson foreign 264 (10,374 ) 239 7,105 currencytranslationOther expense, 660 821 1,759 1,793 net^(6)(Gain) / lossonremeasurement (93 ) (246 ) (469 ) 1,866 of notesreceivable(Gain) / lossonremeasurementof investment 115 (1,132 ) 11 1,059 innonconsolidatedaffiliatesPreferredreturn to 3,035 1,584 5,899 3,154 preferred OPunits / equityIncomeattributable to 7,044 2,861 7,339 1,899 noncontrollinginterestsPlus: Gain ondispositions of 17,564 4,178 25,719 9,740 assets, netRecurring $ 268,225 $ 148,919 $ 459,055 $ 306,141 EBITDA^(1)

Non-GAAP and Other Financial Measures

Debt Analysis(amounts in thousands)



Quarter Ended 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020Debt OutstandingMortgage term $ 3,418,097 $ 3,430,420 $ 3,444,967 $ 3,191,380 $ 3,205,507 loansCollateralized 39,637 42,510 45,016 47,546 50,006 term loanTotal secured 3,457,734 3,472,930 3,489,983 3,238,926 3,255,513 debtSeniorunsecured 591,688 ? ? ? ? notesLine of credit 191,841 875,093 1,197,181 31,775 65,346 and other debtPreferredEquity - SunNG Resorts - 35,249 35,249 35,249 35,249 35,249 mandatorilyredeemablePreferred OPunits - 34,663 34,663 34,663 34,663 34,663 mandatorilyredeemableTotal 853,441 945,005 1,267,093 101,687 135,258 unsecured debtTotal debt $ 4,311,175 $ 4,417,935 $ 4,757,076 $ 3,340,613 $ 3,390,771 % Fixed / FloatingFixed 94.7 % 79.3 % 74.0 % 97.6 % 96.6 %Floating 5.3 % 20.7 % 26.0 % 2.4 % 3.4 %Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % WeightedAverage Interest RatesMortgage term 3.78 % 3.78 % 3.78 % 3.88 % 3.88 %loansCollateralized 1.30 % 1.29 % 1.31 % 1.31 % 1.31 %term loanSeniorunsecured 2.70 % ? % ? % ? % ? %notesLine of creditand other debt 0.93 % 1.77 % 2.11 % 1.34 % 2.57 %^(8)PreferredEquity - SunNG Resorts - 6.00 % 6.00 % 6.00 % 6.00 % 6.00 %mandatorilyredeemablePreferred OPunits - 5.93 % 5.93 % 5.93 % 5.93 % 5.93 %mandatorilyredeemableTotal average 3.52 % 3.39 % 3.37 % 3.86 % 3.86 % Debt Ratios Net Debt /Recurring 5.1 6.1 6.9 5.0 4.8 EBITDA^(1)(TTM)Net Debt /Enterprise 16.8 % 19.7 % 21.4 % 18.3 % 17.8 %ValueNet Debt / 29.6 % 31.8 % 35.5 % 31.6 % 29.7 %Gross Assets Coverage RatiosRecurringEBITDA^(1) 5.6 5.0 4.9 4.8 4.5(TTM) /InterestRecurringEBITDA^(1)(TTM) /Interest + 5.5 4.8 4.8 4.6 4.4Pref.Distributions+ Pref. StockDistribution

Maturities /PrincipalAmortization 2021 2022 2023 2024 2025Next FiveYearsMortgage term loansMaturities $ ? $ 82,155 $ 185,619 $ 315,330 $ 50,529 Principal 30,083 61,411 60,788 57,344 53,933 amortizationCollateralized 4,621 10,000 25,016 ? ? term loanLine of credit ? 1,509 ? ? 190,332 and other debtPreferredEquity - SunNG Resorts - ? ? ? 33,428 1,821 mandatorilyredeemablePreferred OPunits - ? ? ? 27,373 ? mandatorilyredeemableTotal $ 34,704 $ 155,075 $ 271,423 $ 433,475 $ 296,615 Weightedaverage rate ? % 4.46 % 4.08 % 4.47 % 4.04 %of maturities

Same Community(2) (amounts in thousands)



Three Months Ended Total Same Community MH RV June 30, 2021 June 30, 2020 Change % Change June 30, 2021 June 30, 2020 Change % Change June 30, 2021 June 30, 2020 Change % ChangeFinancial Information Revenue Real property (excluding $ 219,693 $ 205,449 $ 14,244 6.9 % $ 174,158 $ 166,473 $ 7,685 4.6 % $ 45,535 $ 38,976 $ 6,559 16.8 %transient)Real property - transient 51,481 21,510 29,971 139.3 % 362 173 189 109.2 % 51,119 21,337 29,782 139.6 %Other 10,798 3,219 7,579 235.4 % 4,869 1,130 3,739 330.9 % 5,929 2,089 3,840 183.8 %Total Operating 281,972 230,178 51,794 22.5 % 179,389 167,776 11,613 6.9 % 102,583 62,402 40,181 64.4 %Expense Property Operating^(9)(10) 87,459 70,159 17,300 24.7 % 44,984 40,226 4,758 11.8 % 42,475 29,933 12,542 41.9 %Real Property NOI^(1) $ 194,513 $ 160,019 $ 34,494 21.6 % $ 134,405 $ 127,550 $ 6,855 5.4 % $ 60,108 $ 32,469 $ 27,639 85.1 %

Six Months Ended Total Same Community MH RV June 30, 2021 June 30, 2020 Change % Change June 30, 2021 June 30, 2020 Change % Change June 30, 2021 June 30, 2020 Change % ChangeFinancial Information Revenue Real property (excluding $ 435,054 $ 410,667 $ 24,387 5.9 % $ 346,900 $ 331,301 $ 15,599 4.7 % $ 88,154 $ 79,366 $ 8,788 11.1 %Transient)Real property - transient 76,883 49,869 27,014 54.2 % 962 1,101 (139 ) (12.6 ) % 75,921 48,768 27,153 55.7 %Other 17,793 9,071 8,722 96.2 % 9,695 4,940 4,755 96.3 % 8,098 4,131 3,967 96.0 %Total Operating 529,730 469,607 60,123 12.8 % 357,557 337,342 20,215 6.0 % 172,173 132,265 39,908 30.2 %Expense Property Operating^(9)(10) 159,973 138,879 21,094 15.2 % 87,989 80,911 7,078 8.7 % 71,984 57,968 14,016 24.2 %Real Property NOI^(1) $ 369,757 $ 330,728 $ 39,029 11.8 % $ 269,568 $ 256,431 $ 13,137 5.1 % $ 100,189 $ 74,297 $ 25,892 34.8 %

Same Community(2) (continued)



As of June 30, June 30, Change % 2021 2020 ChangeOther Information Number of properties 405 405 ? MH occupancy 97.4 % RV occupancy 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 % 97.2 % 1.6 % occupancy^(3) Sites available for development 7,246 7,553 (307 ) Monthly base rent per site - MH $ 601 $ 583 $ 18 3.1%^ (12)Monthly base rent per site - RV^ $ 527 $ 504 $ 23 4.7%^(11) (12)Monthly base rent per site - $ 584 $ 565 $ 19 3.3%^Total^(11) (12)

Marina Summary(amounts in thousands except for statistical data)



Three Months Six Months Ended Ended June 30, 2021 June 30, 2021Financial Information Revenues Real property (excluding transient) $ 61,914 $ 108,020Real property - transient 4,257 5,125Other 3,671 5,319Total Operating 69,842 118,464Expenses Property Operating^(a) 28,246 51,821Real Property NOI 41,596 66,643Service, retail, dining and entertainment Service, retail, dining and entertainment 82,238 126,592revenueService, retail, dining and entertainment 61,017 99,026expenseService, Retail, Dining and Entertainment 21,221 27,566NOI Marina NOI $ 62,817 $ 94,209 Other Information - Marinas June 30, 2021Number of properties^(b) 114Total wet slips and dry storage 41,275

(a) Marina results net $3.7 million and $6.3 million of certain utility revenue against the related utility expense in property operating and maintenance expense for the quarter and six months ended June 30, 2021.

(b) Marina properties comprised of eight 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 Six Months Ended June 30, 2021 June 30, 2021Financial Information Revenues Real property (excluding transient) $ 8,522 $ 15,820 Real property - transient 21,259 27,525 Other income 2,767 3,122 Total Operating 32,548 46,467 Expenses Property Operating^(a) 15,915 25,475 Real Property NOI $ 16,633 $ 20,992 Other Information - MH and RVs June 30, 2021Number of properties 50 Occupied sites 5,474 Developed sites 6,322 Occupancy % 86.6 %Transient sites 8,122

(a) MH and RV Acquisitions and Other results net $1.1 million and $2.3 million of certain utility revenue against the related utility expense in property operating and maintenance expense for the quarter and six months ended June 30, 2021.

Home Sales Summary(amounts in thousands except for *)



Three Months Ended Six Months Ended June 30, June 30, Change % Change June 30, June 30, Change % Change 2021 2020 2021 2020Financial InformationNew Homes New home $ 34,761 $ 19,206 $ 15,555 81.0 % $ 57,733 $ 34,802 $ 22,931 65.9 %salesNew homecost of 28,269 15,707 12,562 80.0 % 46,943 28,317 18,626 65.8 %salesGrossProfit ? 6,492 3,499 2,993 85.5 % 10,790 6,485 4,305 66.4 %new homesGrossmargin % ? 18.7 % 18.2 % 0.5 % 18.7 % 18.6 % 0.1 % new homesAverageselling $ 153,132 $ 137,186 $ 15,946 11.6 % $ 153,545 $ 134,371 $ 19,174 14.3 %price ? newhomes* Pre-owned HomesPre-owned $ 47,087 $ 19,324 $ 27,763 143.7 % $ 76,314 $ 44,315 $ 31,999 72.2 %home salesPre-ownedhome cost 25,945 13,474 12,471 92.6 % 44,529 30,896 13,633 44.1 %of salesGrossProfit ? 21,142 5,850 15,292 261.4 % 31,785 13,419 18,366 136.9 %pre-ownedhomesGrossmargin % ? 44.9 % 30.3 % 14.6 % 41.7 % 30.3 % 11.4 % pre-ownedhomesAveragesellingprice ? $ 50,577 $ 41,028 $ 9,549 23.3 % $ 47,195 $ 39,744 $ 7,451 18.7 %pre-ownedhomes* Total Home SalesRevenuefrom home $ 81,848 $ 38,530 $ 43,318 112.4 % $ 134,047 $ 79,117 $ 54,930 69.4 %salesCost of 54,214 29,181 25,033 85.8 % 91,472 59,213 32,259 54.5 %home salesHomeselling 4,549 2,870 1,679 58.5 % 8,881 6,877 2,004 29.1 %expensesHome Sales $ 23,085 $ 6,479 $ 16,606 256.3 % $ 33,694 $ 13,027 $ 20,667 158.6 %NOI^(1) Statistical InformationNew homesales 227 140 87 62.1 % 376 259 117 45.2 %volume*Pre-ownedhome sales 931 471 460 97.7 % 1,617 1,115 502 45.0 %volume*Total homesales 1,158 611 547 89.5 % 1,993 1,374 619 45.1 %volume*

Rental Program Summary(amounts in thousands except for *)



Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 Change % Change June 30, 2021 June 30, 2020 Change % ChangeFinancial InformationRevenues Home rent $ 17,060 $ 14,968 $ 2,092 14.0 % $ 34,082 $ 30,436 $ 3,646 12.0 %Site rent 18,649 18,591 58 0.3 % 37,766 36,598 1,168 3.2 %Total 35,709 33,559 2,150 6.4 % 71,848 67,034 4,814 7.2 % Expenses RentalProgramoperating 4,561 4,425 136 3.1 % 9,785 9,248 537 5.8 %andmaintenanceRentalProgram NOI $ 31,148 $ 29,134 $ 2,014 6.9 % $ 62,063 $ 57,786 $ 4,277 7.4 %^(1) Other InformationNumber ofsold rental 281 122 159 130.3 % 492 356 136 38.2 %homes*Number ofoccupiedrentals, 10,951 11,785 (834 ) (7.1 ) %end ofperiod*Investmentin occupiedrental $ 601,798 $ 621,327 $ (19,529 ) (3.1 ) %homes, endof periodWeightedaveragemonthly $ 1,076 $ 1,018 $ 58 5.7 %rentalrate, endof period*

Rental Program NOI is included in Real Property NOI. 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 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020FLORIDA Properties 129 128 128 127 125 MH & AnnualRV 40,171 40,011 39,803 39,517 39,241 Developedsites^(14)Occupied MH& Annual RV 39,402 39,283 39,063 38,743 38,453 ^(14)MH & AnnualRV 98.1 % 98.2 % 98.1 % 98.0 % 98.0 %Occupancy %^(14)Transient 5,895 5,823 6,011 5,993 5,547 RV sitesSites for 1,414 1,497 1,497 1,427 1,427 developmentMICHIGAN Properties 75 74 74 74 72 MH & AnnualRV 29,600 29,092 29,086 29,086 27,901 Developedsites^(14)Occupied MH& Annual RV 28,671 28,145 28,109 28,033 27,191 ^(14)MH & AnnualRV 96.9 % 96.7 % 96.6 % 96.4 % 97.5 %Occupancy %^(14)Transient 509 541 546 546 572 RV sitesSites for 1,182 1,182 1,182 1,182 1,182 developmentCALIFORNIA Properties 36 36 35 34 32 MH & AnnualRV 6,736 6,734 6,675 6,372 6,364 Developedsites^(14)Occupied MH& Annual RV 6,613 6,609 6,602 6,290 6,272 ^(14)MH & AnnualRV 98.2 % 98.1 % 98.9 % 98.7 % 98.6 %Occupancy %^(14)Transient 2,416 2,418 2,231 2,236 1,978 RV sitesSites for 127 127 373 373 264 developmentTEXAS Properties 25 24 24 24 23 MH & AnnualRV 7,947 7,928 7,766 7,659 7,641 Developedsites^(14)Occupied MH& Annual RV 7,731 7,671 7,572 7,427 7,289 ^(14)MH & AnnualRV 97.3 % 96.8 % 97.5 % 97.0 % 95.4 %Occupancy %^(14)Transient 1,835 1,773 1,810 1,917 1,590 RV sitesSites for 1,194 1,275 1,378 1,378 565 developmentONTARIO, CANADAProperties 16 16 15 15 15 MH & AnnualRV 4,302 4,199 4,090 4,067 3,980 Developedsites^(14)Occupied MH& Annual RV 4,302 4,199 4,090 4,067 3,980 ^(14)MH & AnnualRV 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %Occupancy %^(14)Transient 870 964 966 920 1,007 RV sitesSites for 1,525 1,525 1,525 1,593 1,593 developmentCONNECTICUT Properties 16 16 16 16 16 MH & AnnualRV 1,901 1,897 1,897 1,898 1,898 Developedsites^(14)Occupied MH& Annual RV 1,757 1,746 1,739 1,736 1,735 ^(14)MH & AnnualRV 92.4 % 92.0 % 91.7 % 91.5 % 91.4 %Occupancy %^(14)Transient 104 108 108 107 107 RV sitesSites for ? ? ? ? ? developmentARIZONA Properties 14 14 14 13 13 MH & AnnualRV 4,401 4,391 4,323 4,274 4,259 Developedsites^(14)Occupied MH& Annual RV 4,116 4,101 4,030 3,957 3,932 ^(14)MH & AnnualRV 93.5 % 93.4 % 93.2 % 92.6 % 92.3 %Occupancy %^(14)Transient 1,260 1,270 1,337 1,386 1,401 RV sitesSites for ? ? ? ? ? development MAINE Properties 13 13 13 7 7 MH & AnnualRV 2,204 2,190 2,190 1,092 1,074 Developedsites^(14)Occupied MH& Annual RV 2,127 2,119 2,121 1,089 1,069 ^(14)MH & AnnualRV 96.5 % 96.8 % 96.8 % 99.7 % 99.5 %Occupancy %^(14)Transient 792 805 805 819 837 RV sitesSites for 30 30 30 30 30 developmentINDIANA Properties 12 12 12 11 11 MH & AnnualRV 3,087 3,087 3,087 3,087 3,087 Developedsites^(14)Occupied MH& Annual RV 2,970 2,961 2,950 2,957 2,961 ^(14)MH & AnnualRV 96.2 % 95.9 % 95.6 % 95.8 % 95.9 %Occupancy %^(14)Transient 1,089 1,089 1,089 534 534 RV sitesSites for 277 277 277 277 277 developmentCOLORADO Properties 10 10 10 10 10 MH & AnnualRV 2,453 2,453 2,453 2,453 2,441 Developedsites^(14)Occupied MH& Annual RV 2,420 2,395 2,380 2,365 2,327 ^(14)MH & AnnualRV 98.7 % 97.6 % 97.0 % 96.4 % 95.3 %Occupancy %^(14)Transient 987 962 962 930 574 RV sitesSites for 1,225 1,250 1,250 1,282 1,566 developmentNEW HAMPSHIREProperties 10 10 10 10 10 MH & AnnualRV 1,777 1,776 1,777 1,833 1,827 Developedsites^(14)Occupied MH& Annual RV 1,769 1,769 1,767 1,822 1,816 ^(14)MH & AnnualRV 99.5 % 99.6 % 99.4 % 99.4 % 99.4 %Occupancy %^(14)Transient 602 456 460 404 410 RV sitesSites for 151 151 151 151 151 developmentNEW YORK Properties 10 10 9 9 9 MH & AnnualRV 1,457 1,452 1,419 1,414 1,403 Developedsites^(14)Occupied MH& Annual RV 1,428 1,415 1,380 1,371 1,358 ^(14)MH & AnnualRV 98.0 % 97.5 % 97.3 % 97.0 % 96.8 %Occupancy %^(14)Transient 1,684 1,689 1,422 900 911 RV sitesSites for 371 371 371 371 371 developmentOHIO Properties 9 9 9 9 9 MH & AnnualRV 2,797 2,797 2,790 2,790 2,778 Developedsites^(14)Occupied MH& Annual RV 2,770 2,760 2,755 2,758 2,736 ^(14)MH & AnnualRV 99.0 % 98.7 % 98.7 % 98.9 % 98.5 %Occupancy %^(14)Transient 128 128 135 135 147 RV sitesSites for 22 22 22 22 22 developmentOTHER STATESProperties 80 80 77 73 74 MH & AnnualRV 17,422 17,310 16,896 16,484 16,578 Developedsites^(14)Occupied MH& Annual RV 16,934 16,796 16,394 15,977 16,046 ^(14)MH & AnnualRV 97.2 % 97.0 % 97.0 % 96.9 % 96.8 %Occupancy %^(14)Transient 8,861 8,269 7,161 6,901 6,745 RV sitesSites for 1,925 1,969 1,969 2,044 2,294 development TOTAL - MHAND RV PORTFOLIOProperties 455 452 446 432 426 MH & AnnualRV 126,255 125,317 124,252 122,026 120,472 Developedsites^(14)Occupied MH& Annual RV 123,010 121,969 120,952 118,592 117,165 ^(14)MH & AnnualRV 97.4 % ^ 97.3 % 97.3 % 97.2 % 97.3 %Occupancy % (15)^(14)Transient 27,032 26,295 25,043 23,728 22,360 RV sitesSites fordevelopment 9,443 9,676 10,025 10,130 9,742 ^(16)%Communities 32.5 % 32.7 % 33.2 % 33.6 % 34.0 %agerestricted

Marina Property Summary^(a) 6/30/2021 03/31/2021 12/31/2020FLORIDA Properties 18 16 14 Total wet slips and dry storage 4,186 3,837 3,585 spacesCONNECTICUT Properties 11 11 11 Total wet slips and dry storage 3,262 3,262 3,262 spacesRHODE ISLAND Properties 11 11 11 Total wet slips and dry storage 3,207 2,829 2,829 spacesMASSACHUSETTS Properties 9 9 7 Total wet slips and dry storage 2,650 2,650 2,223 spacesNEW YORK Properties 8 8 8 Total wet slips and dry storage 2,629 2,629 2,629 spacesMARYLAND Properties 8 8 8 Total wet slips and dry storage 2,110 2,110 2,110 spacesOTHER STATES Properties 49 47 47 Total wet slips and dry storage 23,231 22,693 22,693 spacesTOTAL - MARINA PORTFOLIO Properties 114 110 106 Total wet slips and dry storage 41,275 40,010 39,331 spaces

(a) Total wet slips and dry storage spaces are adjusted each quarter based on site 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 $ 178 $ 149 $ 21,697 $ 5,909 $ 16,945 $ 692,344 $ 90,380 $ 36,357 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



Locations Resident Net Leased New Home Pre-owned Brokered Move-outs Sites^(5) Sales Home Sales Re-salesFlorida 1,251 319 116 126 972 Michigan 241 113 29 807 124 Ontario, 471 121 43 5 221 CanadaTexas 177 159 44 213 39 Arizona 60 86 15 23 132 Indiana 34 20 5 147 9 Ohio 58 15 1 59 9 California 68 11 14 4 82 Colorado 1 40 34 16 21 Connecticut 19 18 20 2 25 New York 87 24 6 1 7 New Hampshire ? 2 4 ? 22 Maine 73 6 6 6 1 Other states 702 163 39 208 110 Six MonthsEnded June 30, 3,242 1,097 376 1,617 1,774 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 2.1 % 8.1 %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 119,933 developed sites, of which 117,536 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 118,907 developed sites, of which 117,536 were occupied. The number of developed sites excludes RV transient sites and over 1,000 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 Six Months Ended June 30, June 30, June 30, June 30, 2021 2020 2021 2020Foreign currencyremeasurement income / $ 181 $ (195 ) $ 159 $ (415 ) (loss)Contingent consideration (72 ) (84 ) (143 ) (166 ) expenseLong term lease termination ? (273 ) ? (273 ) expenseGTSC repair reserve (144 ) (269 ) (525 ) (939 ) Non-cash lease amortization (625 ) ? (1,250 ) ? expenseOther expenses, net $ (660 ) $ (821 ) $ (1,759 ) $ (1,793 )

(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)Line of credit and other debt includes borrowings under the Company's $2.0 billion New Credit Facility and a $12.0 million MH floor plan facility. The effective interest rate on the MH floor plan facility was 7.0 percent for the quarters ended June 30 and March 31, 2021, and 6.0 percent for the quarters ended December 31, September 30 and June 30, 2020. However, the Company pays no interest if the floor plan balance is repaid within 60 days.

(9)Same Community results net $16.8 million and $14.3 million of certain utility revenue against the related utility expense in property operating and maintenance expense for the three months ended June 30, 2021 and 2020, respectively. Same Community results net $33.2 million and $29.1 million of utility revenue against the related utility expense in property operating and maintenance expense for the six months ended June 30, 2021 and 2020, respectively.

(10)Same Community supplies and repair expense excludes $0.5million and $0.9million for the three and six months ended June 30, 2020, respectively, 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 eight properties acquired and five 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, seven 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 June 30, 2021, total portfolio MH occupancy was 96.7 percent inclusive of the impact of nearly 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 77.9 percent for expansion, 19.8 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)Lot modification capital expenditures are MH expenditures necessary to 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 six months ended June 30, 2021 include $70.7 million of capital improvements identified during due diligence that are necessary to bring the communities, resorts and marinas 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 2021.06.30