GlobeNewswire Inc | Oct 25, 2021 04:52PM EDT

October 25, 2021

Southfield, MI, Oct. 25, 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 third quarter results for 2021.

Financial Results for the Quarter and Nine Months Ended September 30, 2021

For the quarter ended September 30, 2021, total revenues increased $283.8 million, or 70.9 percent, to approximately $684.3million compared to $400.5 million for the same period in 2020. Net income attributable to common stockholders increased $150.6 million, or 185.4 percent, to approximately $231.8million, or $2.00 per diluted common share, compared to net income attributable to common stockholders of $81.2million, or $0.83 per diluted common share, for the same period in 2020.

For the nine months ended September 30, 2021, total revenues increased $716.1million, or 70.6 percent, to $1.7billion compared to approximately $1.0billion for the same period in 2020. Net income attributable to common stockholders increased $243.3million, or 196.2 percent, to approximately $367.3million, or $3.27 per diluted common share, compared to net income attributable to common stockholders of $124.0million, or $1.29 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 September 30, 2021, was $2.11 per diluted share and OP unit ("Share") as compared to $1.60 in the corresponding period in 2020, a 31.9 percent increase. -- Same Community(2) Net Operating Income ("NOI")(1)increased by 12.4 percent for the quarter ended September 30, 2021, as compared to the corresponding period in 2020. -- Home Sales Volume increased 63.7 percent to 1,162 homes for the quarter ended September 30, 2021, as compared to 710 homes in the same period in 2020. -- Acquisitions totaled $500.8 million during and subsequent to the quarter ended September 30, 2021, including 9 MH communities, 7 RV resorts and 6 marinas.

Gary Shiffman, Chief Executive Officer stated, "We are pleased with our third quarter results which highlight successful execution across all of our growth strategies. The RV segment continues to deliver strong results producing same community NOI growth of nearly 31 percent in the quarter, as we benefit from the demand for outdoor experiences coming from existing and new Sun customers. As the leading industry consolidator, we have completed $1.1 billion of acquisitions year-to-date, and believe our cycle tested ability to create value through acquisitions will continue to result in accretive growth. We have remained active in the capital markets to support this growth including completing our second bond offering of the year. Our talented team will continue to execute on opportunities across operations, acquisitions, expansions and ground-up developments, providing us with a confident outlook."

OPERATING HIGHLIGHTS

Portfolio Occupancy

Total MH and annual RV occupancy was 97.4 percent at September 30, 2021 as compared to 97.2 percent at September 30, 2020, an increase of 20 basis points.

During the quarter ended September 30, 2021, MH and annual RV revenue producing sites increased by 576 sites as compared to an increase of 776 sites during the quarter ended September 30, 2020.

During the nine months ended September 30, 2021, MH and annual RV revenue producing sites increased by 1,673 sites as compared to an increase of 1,927 sites during the nine months ended September 30, 2020.

Same Community(2) Results

For the 403 MH and RV properties owned and operated by the Company since January 1, 2020, the following table reflects the percentage increases, in total and by segment, for the quarter and nine months ended September 30, 2021:

Quarter Ended September 30, 2021 Total Same Community MH RVRevenue 12.8 % 5.2 % 24.2 %Expense 13.7 % 12.7 % 14.8 %NOI 12.4 % 2.6 % 30.6 %

Nine Months Ended September 30, 2021 Total Same Community MH RVRevenue 12.9 % 5.8 % 27.4 %Expense 14.6 % 10.2 % 20.0 %NOI 12.1 % 4.3 % 32.8 %

Same Community adjusted occupancy(3) increased to 98.9 percent at September 30, 2021 from 97.4 percent at September 30, 2020, an increase of 150 basis points.

Home Sales

The following table reflects the home sales volume increases for the quarter and nine months ended September 30, 2021:

Quarter Ended Nine Months Ended September September Change % Change September September Change % Change 30, 2021 30, 2020 30, 2021 30, 2020New homesales 207 155 52 33.5 % 583 414 169 40.8 %volumePre-ownedhome 955 555 400 72.1 % 2,572 1,670 902 54.0 %salesvolumeTotalhome 1,162 710 452 63.7 % 3,155 2,084 1,071 51.4 %salesvolume

Marina Results

Marina NOI was $64.5 million and $158.7 million for the quarter and nine months ended September 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 September 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) SpacesAllen Harbor Marina 165 ? RI $ 4.0 JulyCisco GroveCampground & RV 18 407 CA 6.6 JulyRVFour LeafPortfolio^ MH 2,545 340 MI / IN 215.0 July(a)Harborage Marina 300 ? FL 22.0 JulyYacht ClubZemanPortfolio^ RV 686 ? IL / NJ 15.2 July(b)SouthernLeisure RV 496 ? FL 17.8 AugustResortSunroad Marina 617 ? CA 84.4 AugustMarinaLazy Lakes RV 99 ? FL 9.8 AugustRVPuerto del Marina 1,450 ? Puerto 92.3 SeptemberRey RicoStingray Marina 219 ? VA 2.9 SeptemberPointDetroit Marina 440 ? MI 8.8 SeptemberRiverJetstream RV RV 202 ? TX 17.5 SeptemberResortSubtotal 7,237 747 496.3 Acquisitions subsequent to quarter endBeaver Brook RV 204 150 ME 4.5 OctoberCampgroundSubtotal 204 150 4.5 Total 7,441 897 $ 500.8 acquisitions

(a) Includes nine MH communities.

(b) Includes two RV communities.

During and subsequent to the nine months ended September 30, 2021, the Company acquired 38 properties totaling 11,910 sites, wet slips and dry storage spaces and 897 sites for expansion for a total purchase price of $1.1 billion.

During the quarter ended September 30, 2021, the Company acquired three land parcels, which are located in Ft. Collins and Ft. Lupton, Colorado and Leighton, Michigan, approved for the development of over 500 MH sites, for total consideration of $7.7 million.

During the quarter ended September 30, 2021, the Company sold six MH communities located in Arizona, Illinois, Indiana and Missouri for $162.1million.

Construction Activity

During the quarter ended September 30, 2021, the Company completed the construction of over 230 sites in two ground-up developments and over 90 expansion sites in two RV resorts.

During the nine months ended September 30, 2021, the Company completed the construction of over 580 sites in four ground-up developments and over 320 expansion sites in three MH communities and three RV resorts.

BALANCE SHEET, CAPITAL MARKETS ACTIVITY AND OTHER ITEMS

Debt

As of September 30, 2021, the Company had approximately $4.7 billion in debt outstanding. The weighted average interest rate was 3.3 percent and the weighted average maturity was 9.6 years. At September 30, 2021, the Company's net debt to trailing twelve month Recurring EBITDA(1) ratio was 4.9 times. The Company had $71.6million of unrestricted cash on hand.

Senior Unsecured Notes

Subsequent to the quarter ended September 30, 2021, Sun Communities Operating Limited Partnership ("SCOLP"), the Company's operating partnership, issued $450.0million of senior unsecured notes with an interest rate of 2.3 percent and a seven-year term, due November 1, 2028 (the "2028 Notes"), and $150.0million of senior unsecured notes with an interest rate of 2.7 percent, with a 10-year term, due July 15, 2031 (the "2031 Notes"). The 2031 Notes are additional notes of the same series as the $600.0million aggregate principal amount of 2.7 percent Senior Notes which are due July 15, 2031 that SCOLP issued on June 28, 2021. The net proceeds from the offering were approximately $595.5million after deducting underwriters' discounts and estimated offering expenses.

Equity Transaction

At the Market Offering

In September 2021, the Company completed the sale of 107,400 forward shares of common stock for $21.4 million under the terms of its At the Market Offering Sales Agreement. The average price before underwriting discounts and commissions was $199.42 per share. The Company expects to settle the forward shares by September 2022.

2021 GUIDANCE

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

Previous Revised Range Range FY 2021E FY 2021E 4Q 2021EBasic earnings per share $2.24 - $3.42 - $0.15 - $2.36 $3.48 $0.21Core FFO^(1) per fully diluted $6.25 - $6.44 - $1.24 -Share $6.37 $6.50 $1.30

Basic earnings per share and Core FFO(1) per fully diluted share and calculated independently for each quarter; as a result, the sum of the quarters may differ from the annual calculation. Full year 2021 guidance is based on the annual calculation.

Previous Revised Range Range FY 2021E FY 2021E 4Q 2021ESame Community NOI^(1) 9.9% - 10.7% 10.9% - 7.2% - 8.0%growth 11.1%

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 third quarter results will be held on Tuesday, October26, 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 November9, 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 13722742. 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 September 30, 2021, owned, operated, or had an interest in a portfolio of 584 developed MH, RV and marina properties comprising nearly 155,900 developed sites and nearly 44,900 wet slips and dry storage spaces in 38 states, Canada and Puerto Rico.

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, droughts 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 and boat lenders.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements included in this press release, whether as a result of new information, future events, changes in its expectations or otherwise, except as required by law.

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

Investor Information



RESEARCH COVERAGE Firm Analyst Phone EmailBank ofAmerica Joshua Dennerlein (646) joshua.dennerlein@baml.comMerrill 855-1681LynchBarclays Anthony Powell (212) anthony.powell@barclays.com 526-8768 Allison Gelman (212) allison.gelman@barclays.com 526-3367Berenberg (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 713-2951 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 September 30, 2021)



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



Quarter Ended 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020Financial InformationTotal $ 684,294 $ 603,863 $ 442,015 $ 384,265 $ 400,514 revenuesNet income $ 250,161 $ 120,849 $ 27,941 $ 9,818 $ 89,756 Net incomeattributableto Sun $ 231,770 $ 110,770 $ 24,782 $ 7,586 $ 81,204 CommunitiesInc. commonstockholdersBasicearnings per $ 2.00 $ 0.98 $ 0.23 $ 0.07 $ 0.83 share*Dilutedearnings per $ 2.00 $ 0.98 $ 0.23 $ 0.07 $ 0.83 share* Cashdistributions $ 0.83 $ 0.83 $ 0.83 $ 0.79 $ 0.79 declared percommon share* Recurring $ 314,499 $ 268,225 $ 190,830 $ 168,527 $ 199,321 EBITDA^(1)FFOattributableto SunCommunities,Inc. common $ 223,069 $ 198,017 $ 135,925 $ 110,849 $ 165,209 stockholdersand dilutiveconvertiblesecurities^(1)(4)Core FFOattributableto SunCommunities,Inc. common $ 244,535 $ 209,620 $ 141,036 $ 124,872 $ 162,624 stockholdersand dilutiveconvertiblesecurities^(1)(4)FFOattributableto SunCommunities,Inc. commonstockholders $ 1.92 $ 1.70 $ 1.22 $ 1.03 $ 1.63 and dilutiveconvertiblesecurities^(1)(4) pershare - fullydiluted*Core FFOattributableto SunCommunities,Inc. commonstockholders $ 2.11 $ 1.80 $ 1.26 $ 1.16 $ 1.60 and dilutiveconvertiblesecurities^(1)(4) pershare - fullydiluted* Balance Sheet Total assets $ 12,583,296 $ 12,040,990 $ 11,454,209 $ 11,206,586 $ 8,335,717 Total debt $ 4,689,437 $ 4,311,175 $ 4,417,935 $ 4,757,076 $ 3,340,613 Total $ 5,488,469 $ 5,099,563 $ 5,101,512 $ 5,314,879 $ 3,791,922 liabilities

Quarter Ended 9/30/2021 6/30/2021 3/31/2021 12/31/ 9/30/2020 2020Operating Information*Properties 584 569 562 552 432 Manufactured home 98,301 97,448 96,876 96,688 95,209sitesAnnual RV sites 29,640 28,807 28,441 27,564 26,817Transient RV 27,922 27,032 26,295 25,043 23,728sitesTotal sites 155,863 153,287 151,612 149,295 145,754Marina wet slipsand dry storage 44,859 41,275 38,753 38,152 N/Aspaces MH occupancy 96.6 % 96.7 % 96.5 % 96.6 % 96.4 %Annual RV 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %occupancyBlended MH andannual RV 97.4 % 97.4 % 97.3 % 97.3 % 97.2 %occupancy New home sales 207 227 149 156 155volumePre-owned home 955 931 686 626 555sales volumeTotal home sales 1,162 1,158 835 782 710volume

Quarter Ended 9/30/ 6/30/ 3/31/ 12/31/ 9/30/ 2021 2021 2021 2020 2020Revenue Producing Site Net Gains^(5)MH net leased sites 144 226 127 247 349RV net leased sites 432 357 387 331 427Total net leased sites 576 583 514 578 776

Consolidated Balance Sheets(amounts in thousands)



September 30, 2021 December 31, 2020Assets Land $ 2,457,236 $ 2,119,364 Land improvements and buildings 9,469,247 8,480,597 Rental homes and improvements 591,367 637,603 Furniture, fixtures and 590,829 447,039 equipmentInvestment property 13,108,679 11,684,603 Accumulated depreciation (2,232,243 ) (1,968,812 ) Investment property, net 10,876,436 9,715,791 Cash, cash equivalents and 85,619 92,641 restricted cashMarketable securities 160,321 124,726 Inventory of manufactured homes 43,708 46,643 Notes and other receivables, 256,924 221,650 netGoodwill 461,609 428,833 Other intangible assets, net 297,625 305,611 Other assets, net 401,054 270,691 Total Assets $ 12,583,296 $ 11,206,586 Liabilities Secured debt $ 3,403,436 $ 3,489,983 Unsecured debt 1,286,001 1,267,093 Distributions payable 98,453 86,988 Advanced reservation deposits 223,471 187,730 and rentAccrued expenses and accounts 232,590 148,435 payableOther liabilities 244,518 134,650 Total Liabilities 5,488,469 5,314,879 Commitments and contingencies Temporary equity 292,394 264,379 Stockholders' Equity Common stock 1,160 1,076 Additional paid-in capital 8,170,322 7,087,658 Accumulated other comprehensive 1,752 3,178 incomeDistributions in excess of (1,475,634 ) (1,566,636 ) accumulated earningsTotal Sun Communities, Inc. 6,697,600 5,525,276 stockholders' equityNoncontrolling interests Common and preferred OP units 85,756 85,968 Consolidated entities 19,077 16,084 Total noncontrolling interests 104,833 102,052 Total Stockholders' Equity 6,802,433 5,627,328 Total Liabilities, Temporary $ 12,583,296 $ 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 Nine Months Ended September 30, September 30, Change % Change September 30, September 30, Change % Change 2021 2020 2021 2020Revenues Real property(excluding $ 352,553 $ 240,076 $ 112,477 46.9 % $ 979,537 $ 693,491 $ 286,046 41.2 %transient)Real property - 126,072 80,412 45,660 56.8 % 235,606 136,473 99,133 72.6 %transientHome sales 81,099 47,662 33,437 70.2 % 215,146 126,779 88,367 69.7 %Service,retail, dining 113,039 23,859 89,180 373.8 % 270,103 36,662 233,441 636.7 %andentertainmentInterest 2,690 2,624 66 2.5 % 8,040 7,609 431 5.7 %Brokeragecommissions and 8,841 5,881 2,960 50.3 % 21,740 13,068 8,672 66.4 %other, netTotal Revenues 684,294 400,514 283,780 70.9 % 1,730,172 1,014,082 716,090 70.6 %Expenses Propertyoperating and 158,095 98,775 59,320 60.1 % 391,609 239,413 152,196 63.6 %maintenanceReal estate tax 24,751 17,442 7,309 41.9 % 70,361 52,341 18,020 34.4 %Home costs and 56,567 39,899 16,668 41.8 % 156,920 105,989 50,931 48.1 %sellingService,retail, dining 87,106 17,615 69,491 394.5 % 211,122 31,539 179,583 569.4 %andentertainmentGeneral and 43,276 26,834 16,442 61.3 % 126,606 78,710 47,896 60.9 %administrativeCatastrophicevent-related 328 14 314 N/M 3,097 54 3,043 N/Mcharges, netBusiness ? ? ? N/A 1,031 ? 1,031 N/AcombinationDepreciationand 127,091 88,499 38,592 43.6 % 378,068 259,453 118,615 45.7 %amortizationLoss onextinguishment ? ? ? N/A 8,108 5,209 2,899 55.7 %of debtInterest 39,026 30,214 8,812 29.2 % 116,224 94,058 22,166 23.6 %Interest onmandatorilyredeemable 1,047 1,047 ? ? % 3,124 3,130 (6 ) (0.2 ) %preferred OPunits / equityTotal Expenses 537,287 320,339 216,948 67.7 % 1,466,270 869,896 596,374 68.6 %Income Before 147,007 80,175 66,832 83.4 % 263,902 144,186 119,716 83.0 %Other ItemsGain / (loss)onremeasurement 12,072 1,492 10,580 709.1 % 43,227 (2,636 ) 45,863 N/Mof marketablesecuritiesGain / (loss)on foreign (7,028 ) 5,023 (12,051 ) (239.9 ) % (7,107 ) (2,496 ) (4,611 ) 184.7 %currencytranslationGain ondispositions of 108,104 5,595 102,509 N/M 108,104 5,595 102,509 N/MpropertiesOther expense, (9,372 ) (3,511 ) (5,861 ) (166.9 ) % (10,041 ) (4,890 ) (5,151 ) 105.3 %net^(6)Gain / (loss)onremeasurement 92 (445 ) 537 (120.7 ) % 561 (2,311 ) 2,872 (124.3 ) %of notesreceivableIncome fromnonconsolidated 962 1,204 (242 ) (20.1 ) % 2,927 1,348 1,579 117.1 %affiliatesLoss onremeasurementof investment (119 ) (446 ) 327 (73.3 ) % (130 ) (1,505 ) 1,375 (91.4 ) %innonconsolidatedaffiliatesCurrent taxbenefit / (402 ) 107 (509 ) (475.7 ) % (1,418 ) (462 ) (956 ) 206.9 %(expense)Deferred taxbenefit / (1,155 ) 562 (1,717 ) (305.5 ) % (1,074 ) 804 (1,878 ) (233.6 ) %(expense)Net Income 250,161 89,756 160,405 178.7 % 398,951 137,633 261,318 189.9 %Less: Preferredreturn topreferred OP 3,101 1,645 1,456 88.5 % 9,000 4,799 4,201 87.5 %units / equityinterestsLess: Incomeattributable to 15,290 6,907 8,383 121.4 % 22,629 8,806 13,823 157.0 %noncontrollinginterestsNet IncomeAttributable toSun $ 231,770 $ 81,204 $ 150,566 185.4 % $ 367,322 $ 124,028 $ 243,294 196.2 %Communities,Inc. Weightedaverage commonshares 115,136 97,542 17,594 18.0 % 111,717 95,270 16,447 17.3 %outstanding -basicWeightedaverage commonshares 118,072 97,549 20,523 21.0 % 114,291 95,273 19,018 20.0 %outstanding -diluted Basic earnings $ 2.00 $ 0.83 $ 1.17 141.0 % $ 3.27 $ 1.29 $ 1.98 153.5 %per shareDilutedearnings per $ 2.00 $ 0.83 $ 1.17 141.0 % $ 3.27 $ 1.29 $ 1.98 153.5 %share

N/M = Percentage change is not meaningful.

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



Outstanding Securities - As of September 30, 2021 Number of If Issuance Annual Units / Conversion Converted Price Distribution Shares Rate* ^(1) Per Rate* Outstanding Unit*Non-convertible SecuritiesCommon shares 115,959 N/A N/A N/A $3.32^ Convertible Securities MirrorsCommon OP units 2,528 1.0000 2,528 N/A common shares distributions Series A-1preferred OP 275 2.4390 672 $ 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 September 30, 2021 Equity Shares Share Price* TotalCommon shares 115,959 $ 185.10 $ 21,464,011 Common OP units 2,528 $ 185.10 467,933 Subtotal 118,487 $ 21,931,944 Preferred OP units, as 2,813 $ 185.10 520,686 convertedTotal diluted shares 121,300 $ 22,452,630 outstanding Debt Secured debt $ 3,403,436 Unsecured debt 1,286,001 Total debt $ 4,689,437 Total Capitalization $ 27,142,067

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 Nine Months Ended September 30, September 30, September 30, September 30, 2021 2020 2021 2020Net IncomeAttributable toSun $ 231,770 $ 81,204 $ 367,322 $ 124,028 Communities,Inc. CommonStockholdersAdjustments Depreciationand 126,814 88,495 377,367 259,543 amortizationDepreciation onnonconsolidated 30 9 91 28 affiliates(Gain) / lossonremeasurement (12,072 ) (1,492 ) (43,227 ) 2,636 of marketablesecuritiesLoss onremeasurementof investment 119 446 130 1,505 innonconsolidatedaffiliates(Gain) / lossonremeasurement (92 ) 445 (561 ) 2,311 of notesreceivableIncomeattributable to 4,616 6,196 13,678 7,725 noncontrollinginterestsPreferredreturn to ? 498 ? 1,498 preferred OPunitsInterestexpense on 514 514 1,542 1,542 Aspen preferredOP unitsGain ondispositions of (108,104 ) (5,595 ) (108,104 ) (5,595 ) propertiesGain ondispositions of (20,526 ) (5,511 ) (46,245 ) (15,251 ) assets, netFFOAttributable toSunCommunities,Inc. Common $ 223,069 $ 165,209 $ 561,993 $ 379,970 Stockholdersand DilutiveConvertibleSecurities^(1)(4) Adjustments Businesscombinationexpense andother 2,477 402 6,714 1,291 acquisitionrelated costs^(7)Loss onextinguishment ? ? 8,108 5,209 of debtCatastrophicevent-related 318 15 3,096 54 charges, net(Gain) / losson earnings - 200 (300 ) 400 ? catastrophicevent-related(Gain) / losson foreign 7,028 (5,024 ) 7,107 2,496 currencytranslationOtheradjustments, 11,443 2,322 11,505 2,819 net^(8)Core FFOAttributable toSunCommunities,Inc. Common $ 244,535 $ 162,624 $ 598,923 $ 391,839 Stockholdersand DilutiveConvertibleSecurities^(1)(4) Weightedaverage commonshares 115,136 97,542 111,717 95,270 outstanding -basicAdd Common sharesdilutive effect ? 6 ? 2 from forwardequity saleCommon stockissuable upon ? 1 ? 1 conversion ofstock optionsRestricted 438 390 414 395 stockCommon OP units ? 2,476 2,574 2,445 Common stockissuable uponconversion of 388 1,213 396 1,220 certainpreferred OPunitsWeightedAverage CommonShares 115,962 101,628 115,101 99,333 Outstanding -Fully Diluted FFOAttributable toSunCommunities,Inc. CommonStockholders $ 1.92 $ 1.63 $ 4.88 $ 3.83 and DilutiveConvertibleSecurities^(1)(4) Per Share -Fully Diluted Core FFOAttributable toSunCommunities,Inc. CommonStockholders $ 2.11 $ 1.60 $ 5.20 $ 3.94 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 Nine Months Ended September 30, September 30, September 30, September 30, 2021 2020 2021 2020Net IncomeAttributable toSun $ 231,770 $ 81,204 $ 367,322 $ 124,028 Communities,Inc. CommonStockholdersInterest income (2,690 ) (2,624 ) (8,040 ) (7,609 ) Brokeragecommissions and (8,841 ) (5,881 ) (21,740 ) (13,068 ) other revenues,netGeneral andadministrative 43,276 26,834 126,606 78,710 expenseCatastrophicevent-related 328 14 3,097 54 charges, netBusinesscombination ? ? 1,031 ? expenseDepreciationand 127,091 88,499 378,068 259,453 amortizationLoss onextinguishment ? ? 8,108 5,209 of debtInterest 39,026 30,214 116,224 94,058 expenseInterest onmandatorilyredeemable 1,047 1,047 3,124 3,130 preferred OPunits / equity(Gain) / lossonremeasurement (12,072 ) (1,492 ) (43,227 ) 2,636 of marketablesecurities(Gain) / losson foreign 7,028 (5,023 ) 7,107 2,496 currencytranslationGain ondispositions of (108,104 ) (5,595 ) (108,104 ) (5,595 ) propertiesOther expense, 9,372 3,511 10,041 4,890 net^(6)(Gain) / lossonremeasurement (92 ) 445 (561 ) 2,311 of notesreceivableIncome fromnonconsolidated (962 ) (1,204 ) (2,927 ) (1,348 ) affiliatesLoss onremeasurementof investment 119 446 130 1,505 innonconsolidatedaffiliatesCurrent tax(benefit) / 402 (107 ) 1,418 462 expenseDeferred tax(benefit) / 1,155 (562 ) 1,074 (804 ) expensePreferredreturn topreferred OP 3,101 1,645 9,000 4,799 units / equityinterestsIncomeattributable to 15,290 6,907 22,629 8,806 noncontrollinginterestsNOI^(1) $ 346,244 $ 218,278 $ 870,380 $ 564,123

Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2021 2020 2021 2020Real Property $ 295,779 $ 204,271 $ 753,173 $ 538,210 NOI^(1)Home Sales 24,532 7,763 58,226 20,790 NOI^(1)Service,retail,dining and 25,933 6,244 58,981 5,123 entertainmentNOI^(1)NOI^(1) $ 346,244 $ 218,278 $ 870,380 $ 564,123

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



Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2021 2020 2021 2020Net IncomeAttributable toSun $ 231,770 $ 81,204 $ 367,322 $ 124,028 Communities,Inc. CommonStockholdersAdjustments Depreciationand 127,091 88,499 378,068 259,453 amortizationLoss onextinguishment ? ? 8,108 5,209 of debtInterest 39,026 30,214 116,224 94,058 expenseInterest onmandatorilyredeemable 1,047 1,047 3,124 3,130 preferred OPunits / equityCurrent tax(benefit) / 402 (107 ) 1,418 462 expenseDeferred tax(benefit) / 1,155 (562 ) 1,074 (804 ) expenseIncome fromnonconsolidated (962 ) (1,204 ) (2,927 ) (1,348 ) affiliatesLess: Gain ondispositions of (20,526 ) (5,511 ) (46,245 ) (15,251 ) assets, netLess: Gain ondispositions of (108,104 ) (5,595 ) (108,104 ) (5,595 ) propertiesEBITDAre^(1) $ 270,899 $ 187,985 $ 718,062 $ 463,342 Adjustments Catastrophicevent-related 328 14 3,097 54 charges, netBusinesscombination ? ? 1,031 ? expense(Gain) / lossonremeasurement (12,072 ) (1,492 ) (43,227 ) 2,636 of marketablesecurities(Gain) / losson foreign 7,028 (5,023 ) 7,107 2,496 currencytranslationOther expense, 9,372 3,511 10,041 4,890 net^(6)(Gain) / lossonremeasurement (92 ) 445 (561 ) 2,311 of notesreceivableLoss onremeasurementof investment 119 446 130 1,505 innonconsolidatedaffiliatesPreferredreturn topreferred OP 3,101 1,645 9,000 4,799 units / equityinterestsIncomeattributable to 15,290 6,907 22,629 8,806 noncontrollinginterestsPlus: Gain ondispositions of 20,526 5,511 46,245 15,251 assets, netRecurring $ 314,499 $ 199,949 $ 773,554 $ 506,090 EBITDA^(1)

Non-GAAP and Other Financial Measures

Debt Analysis(amounts in thousands)



Quarter Ended 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020Debt OutstandingSecured debt $ 3,403,436 $ 3,457,734 $ 3,472,930 $ 3,489,983 $ 3,238,926 Unsecured debtSeniorunsecured 591,252 591,688 ? ? ? notesLine ofcredit and 624,837 191,841 875,093 1,197,181 31,775 other debt^(9)PreferredEquity - SunNG Resorts - 35,249 35,249 35,249 35,249 35,249 mandatorilyredeemablePreferred OPunits - 34,663 34,663 34,663 34,663 34,663 mandatorilyredeemableTotalunsecured 1,286,001 853,441 945,005 1,267,093 101,687 debtTotal debt $ 4,689,437 $ 4,311,175 $ 4,417,935 $ 4,757,076 $ 3,340,613 % Fixed / FloatingFixed 86.7 % 94.7 % 79.3 % 74.0 % 97.6 %Floating 13.3 % 5.3 % 20.7 % 26.0 % 2.4 %Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % WeightedAverage InterestRatesSecured debt 3.78 % 3.75 % 3.75 % 3.75 % 3.84 %Seniorunsecured 2.70 % 2.70 % ? % ? % ? %notesLine ofcredit and 0.98 % 0.93 % 1.77 % 2.11 % 1.34 %other debt^(9)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 3.30 % 3.52 % 3.39 % 3.37 % 3.86 % Debt Ratios Net Debt /Recurring 4.9 5.1 6.1 6.9 5.0 EBITDA^(1)(TTM)Net Debt /Enterprise 17.1 % 16.8 % 19.7 % 21.4 % 18.3 %ValueNet Debt / 31.2 % 29.6 % 31.8 % 35.5 % 31.6 %Gross Assets Coverage RatiosRecurringEBITDA^(1) 6.1 5.6 5.0 4.9 4.8(TTM) /InterestRecurringEBITDA^(1)(TTM) /Interest + 6.0 5.5 4.8 4.8 4.6Pref.Distributions+ Pref. StockDistribution

Maturities /PrincipalAmortization 2021 2022 2023 2024 2025Next FiveYearsSecured debt Maturities $ ? $ 82,155 $ 185,619 $ 315,330 $ 50,529 Principal 15,194 61,411 60,788 57,344 53,933 amortizationLine ofcredit and 331 10,000 10,000 10,000 594,506 other debt^(9)PreferredEquity - SunNG Resorts - ? ? ? 33,428 1,821 mandatorilyredeemablePreferred OPunits - ? ? ? 27,373 ? mandatorilyredeemableTotal $ 15,525 $ 153,566 $ 256,407 $ 443,475 $ 700,789 Weightedaverage rate ? % 4.46 % 4.08 % 4.47 % 4.04 %ofmaturities

Same Community(2) Summary(amounts in thousands)



Three Months Ended Total Same Community MH RV September 30, September 30, Change % Change September 30, September 30, Change % Change September 30, September 30, Change % Change 2021 2020 2021 2020 2021 2020Financial Information Revenue Real property (excluding $ 220,291 $ 207,407 $ 12,884 6.2 % $ 173,979 $ 167,051 $ 6,928 4.1 % $ 46,312 $ 40,356 $ 5,956 14.8 %transient)Real property - transient 87,049 67,408 19,641 29.1 % 238 242 (4 ) (1.7 ) % 86,811 67,166 19,645 29.2 %Other 13,352 9,375 3,977 42.4 % 4,845 2,863 1,982 69.2 % 8,507 6,512 1,995 30.6 %Total Operating 320,692 284,190 36,502 12.8 % 179,062 170,156 8,906 5.2 % 141,630 114,034 27,596 24.2 %Expense Property Operating^(10) 102,413 90,048 12,365 13.7 % 49,567 43,996 5,571 12.7 % 52,846 46,052 6,794 14.8 %(11)Real Property NOI^(1) $ 218,279 $ 194,142 $ 24,137 12.4 % $ 129,495 $ 126,160 $ 3,335 2.6 % $ 88,784 $ 67,982 $ 20,802 30.6 %

Nine Months Ended Total Same Community MH RV September 30, September 30, Change % Change September 30, September 30, Change % Change September 30, September 30, Change % Change 2021 2020 2021 2020 2021 2020Financial Information Revenue Real property (excluding $ 652,978 $ 615,711 $ 37,267 6.1 % $ 518,511 $ 495,989 $ 22,522 4.5 % $ 134,467 $ 119,722 $ 14,745 12.3 %Transient)Real property - transient 163,932 117,277 46,655 39.8 % 1,200 1,343 (143 ) (10.6 ) % 162,732 115,934 46,798 40.4 %Other 31,077 18,424 12,653 68.7 % 14,472 7,778 6,694 86.1 % 16,605 10,646 5,959 56.0 %Total Operating 847,987 751,412 96,575 12.9 % 534,183 505,110 29,073 5.8 % 313,804 246,302 67,502 27.4 %Expense Property Operating^(10)(11) 261,754 228,314 33,440 14.6 % 136,927 124,297 12,630 10.2 % 124,827 104,017 20,810 20.0 %Real Property NOI^(1) $ 586,233 $ 523,098 $ 63,135 12.1 % $ 397,256 $ 380,813 $ 16,443 4.3 % $ 188,977 $ 142,285 $ 46,692 32.8 %

Same Community(2) Summary (continued)



As of September 30, September 30, Change % 2021 2020 ChangeOther Information Number of properties 403 403 ? MH occupancy 97.5 % RV occupancy 100.0 % MH & RV blended occupancy^ 98.1 % (3) Adjusted MH occupancy^(3) 98.5 % Adjusted RV occupancy^(3) 100.0 % Adjusted MH & RV blended 98.9 % 97.4 % 1.5 % occupancy^(3) Sites available for 7,092 7,453 (361 ) development Monthly base rent per site - $ 606 $ 586 $ 20 3.4%^MH (13)Monthly base rent per site - $ 528 $ 503 $ 25 5.0%^RV^(12) (13)Monthly base rent per site - $ 588 $ 567 $ 21 3.7%^Total^(12) (13)

Marina Summary(amounts in thousands except for statistical data)



Three Months Nine Months Ended Ended September 30, September 30, 2021 2021Financial Information Revenues Real property (excluding transient) $ 72,888 $ 180,908Real property - transient 6,251 11,376Other 5,815 11,134Total Operating 84,954 203,418Expenses Property Operating^(a) 33,995 85,816Real Property NOI 50,959 117,602Service, retail, dining and entertainmentRevenue 74,110 200,702Expense 60,606 159,632NOI 13,504 41,070 Marina NOI $ 64,463 $ 158,672 Other Information - Marinas September 30, 2021Number of properties^(b) 120Total wet slips and dry storage 44,859

(a) Marina results net $4.3 million and $10.5 million of certain utility revenue against the related utility expense in property operating and maintenance expense for the quarter and nine months ended September 30, 2021.

(b) Marina properties consisted of 14 properties acquired in 2021 and 106 properties acquired in 2020.

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



Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021Financial Information Revenues Real property (excluding transient) $ 11,060 $ 29,248 Real property - transient 32,772 60,298 Other 4,168 7,357 Total Operating 48,000 96,903 Expenses Property Operating^(a) 21,459 47,565 Real Property NOI $ 26,541 $ 49,338 Other Information - MH and RVs September 30, 2021Number of properties 61 Occupied sites 7,312 Developed sites 8,357 Occupancy % 87.5 %Transient sites 9,293

(a) MH and RV Acquisitions and Other results net $1.7 million and $4.1 million of certain utility revenue against the related utility expense in property operating and maintenance expense for the quarter and nine months ended September 30, 2021.

Home Sales Summary(amounts in thousands except for *)



Three Months Ended Nine Months Ended September September Change % Change September September Change % Change 30, 2021 30, 2020 30, 2021 30, 2020Financial InformationNew Homes New home $ 31,433 $ 23,734 $ 7,699 32.4 % $ 89,166 $ 58,536 $ 30,630 52.3 %salesNew homecost of 25,856 19,294 6,562 34.0 % 72,799 47,611 25,188 52.9 %salesGrossProfit ? 5,577 4,440 1,137 25.6 % 16,367 10,925 5,442 49.8 %new homesGrossmargin % ? 17.7 % 18.7 % (1.0 ) % 18.4 % 18.7 % (0.3 ) % new homesAverageselling $ 151,850 $ 153,123 $ (1,273 ) (0.8 ) % $ 152,943 $ 141,391 $ 11,552 8.2 %price ? newhomes* Pre-owned HomesPre-owned $ 49,666 $ 23,928 $ 25,738 107.6 % $ 125,980 $ 68,243 $ 57,737 84.6 %home salesPre-ownedhome cost 25,840 16,943 8,897 52.5 % 70,369 47,839 22,530 47.1 %of salesGrossProfit ? 23,826 6,985 16,841 241.1 % 55,611 20,404 35,207 172.5 %pre-ownedhomesGrossmargin % ? 48.0 % 29.2 % 18.8 % 44.1 % 29.9 % 14.2 % pre-ownedhomesAveragesellingprice ? $ 52,006 $ 43,114 $ 8,892 20.6 % $ 48,981 $ 40,864 $ 8,117 19.9 %pre-ownedhomes* Total Home SalesRevenuefrom home $ 81,099 $ 47,662 $ 33,437 70.2 % $ 215,146 $ 126,779 $ 88,367 69.7 %salesCost of 51,696 36,237 15,459 42.7 % 143,168 95,450 47,718 50.0 %home salesHomeselling 4,871 3,662 1,209 33.0 % 13,752 10,539 3,213 30.5 %expensesHome Sales $ 24,532 $ 7,763 $ 16,769 216.0 % $ 58,226 $ 20,790 $ 37,436 180.1 %NOI^(1) Statistical InformationNew homesales 207 155 52 33.5 % 583 414 169 40.8 %volume*Pre-ownedhome sales 955 555 400 72.1 % 2,572 1,670 902 54.0 %volume*Total homesales 1,162 710 452 63.7 % 3,155 2,084 1,071 51.4 %volume*

Rental Program Summary(amounts in thousands except for *)



Three Months Ended Nine Months Ended September 30, September 30, Change % Change September 30, September 30, Change % Change 2021 2020 2021 2020Financial InformationRevenues Home rent $ 16,369 $ 16,171 $ 198 1.2 % $ 50,451 $ 46,607 $ 3,844 8.2 %Site rent 17,584 19,101 (1,517 ) (7.9 ) % 55,350 55,699 (349 ) (0.6 ) %Total 33,953 35,272 (1,319 ) (3.7 ) % 105,801 102,306 3,495 3.4 % Expenses RentalProgramoperating 5,547 5,328 219 4.1 % 15,332 14,576 756 5.2 %andmaintenanceRentalProgram NOI $ 28,406 $ 29,944 $ (1,538 ) (5.1 ) % $ 90,469 $ 87,730 $ 2,739 3.1 %^(1) Other InformationNumber ofsold rental 307 225 82 36.4 % 799 581 218 37.5 %homes*Number ofoccupiedrentals, 10,123 11,729 (1,606 ) (13.7 ) %end ofperiod*Investmentin occupiedrental $ 559,021 $ 625,922 $ (66,901 ) (10.7 ) %homes, endof periodWeightedaveragemonthly $ 1,114 $ 1,032 $ 82 7.9 %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 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020FLORIDA Properties 131 129 128 128 127 MH & AnnualRV 40,500 40,171 40,011 39,803 39,517 Developedsites^(15)Occupied MH& Annual RV 39,747 39,402 39,283 39,063 38,743 ^(15)MH & AnnualRV 98.1 % 98.1 % 98.2 % 98.1 % 98.0 %Occupancy %^(15)Transient 6,163 5,895 5,823 6,011 5,993 RV sitesSites for 1,414 1,414 1,497 1,497 1,427 developmentMICHIGAN Properties 83 75 74 74 74 MH & AnnualRV 31,997 29,600 29,092 29,086 29,086 Developedsites^(15)Occupied MH& Annual RV 30,782 28,671 28,145 28,109 28,033 ^(15)MH & AnnualRV 96.2 % 96.9 % 96.7 % 96.6 % 96.4 %Occupancy %^(15)Transient 554 509 541 546 546 RV sitesSites for 1,481 1,182 1,182 1,182 1,182 developmentCALIFORNIA Properties 37 36 36 35 34 MH & AnnualRV 6,760 6,736 6,734 6,675 6,372 Developedsites^(15)Occupied MH& Annual RV 6,642 6,613 6,609 6,602 6,290 ^(15)MH & AnnualRV 98.3 % 98.2 % 98.1 % 98.9 % 98.7 %Occupancy %^(15)Transient 2,410 2,416 2,418 2,231 2,236 RV sitesSites for 534 127 127 373 373 developmentTEXAS Properties 26 25 24 24 24 MH & AnnualRV 8,004 7,947 7,928 7,766 7,659 Developedsites^(15)Occupied MH& Annual RV 7,805 7,731 7,671 7,572 7,427 ^(15)MH & AnnualRV 97.5 % 97.3 % 96.8 % 97.5 % 97.0 %Occupancy %^(15)Transient 2,131 1,835 1,773 1,810 1,917 RV sitesSites for 1,066 1,194 1,275 1,378 1,378 developmentONTARIO, CANADAProperties 16 16 16 15 15 MH & AnnualRV 4,361 4,302 4,199 4,090 4,067 Developedsites^(15)Occupied MH& Annual RV 4,361 4,302 4,199 4,090 4,067 ^(15)MH & AnnualRV 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %Occupancy %^(15)Transient 807 870 964 966 920 RV sitesSites for 1,525 1,525 1,525 1,525 1,593 developmentCONNECTICUT Properties 16 16 16 16 16 MH & AnnualRV 1,901 1,901 1,897 1,897 1,898 Developedsites^(15)Occupied MH& Annual RV 1,760 1,757 1,746 1,739 1,736 ^(15)MH & AnnualRV 92.6 % 92.4 % 92.0 % 91.7 % 91.5 %Occupancy %^(15)Transient 104 104 108 108 107 RV sitesSites for ? ? ? ? ? developmentMAINE Properties 13 13 13 13 7 MH & AnnualRV 2,220 2,204 2,190 2,190 1,092 Developedsites^(15)Occupied MH& Annual RV 2,136 2,127 2,119 2,121 1,089 ^(15)MH & AnnualRV 96.2 % 96.5 % 96.8 % 96.8 % 99.7 %Occupancy %^(15)Transient 776 792 805 805 819 RV sitesSites for 30 30 30 30 30 development ARIZONA Properties 12 14 14 14 13 MH & AnnualRV 4,071 4,401 4,391 4,323 4,274 Developedsites^(15)Occupied MH& Annual RV 3,853 4,116 4,101 4,030 3,957 ^(15)MH & AnnualRV 94.6 % 93.5 % 93.4 % 93.2 % 92.6 %Occupancy %^(15)Transient 1,237 1,260 1,270 1,337 1,386 RV sitesSites for ? ? ? ? ? developmentINDIANA Properties 12 12 12 12 11 MH & AnnualRV 3,057 3,087 3,087 3,087 3,087 Developedsites^(15)Occupied MH& Annual RV 2,963 2,970 2,961 2,950 2,957 ^(15)MH & AnnualRV 96.9 % 96.2 % 95.9 % 95.6 % 95.8 %Occupancy %^(15)Transient 1,089 1,089 1,089 1,089 534 RV sitesSites for 204 277 277 277 277 developmentCOLORADO Properties 10 10 10 10 10 MH & AnnualRV 2,552 2,453 2,453 2,453 2,453 Developedsites^(15)Occupied MH& Annual RV 2,431 2,420 2,395 2,380 2,365 ^(15)MH & AnnualRV 95.3 % 98.7 % 97.6 % 97.0 % 96.4 %Occupancy %^(15)Transient 987 987 962 962 930 RV sitesSites for 1,629 1,225 1,250 1,250 1,282 developmentNEW HAMPSHIREProperties 10 10 10 10 10 MH & AnnualRV 1,777 1,777 1,776 1,777 1,833 Developedsites^(15)Occupied MH& Annual RV 1,769 1,769 1,769 1,767 1,822 ^(15)MH & AnnualRV 99.5 % 99.5 % 99.6 % 99.4 % 99.4 %Occupancy %^(15)Transient 602 602 456 460 404 RV sitesSites for 111 151 151 151 151 developmentNEW YORK Properties 10 10 10 9 9 MH & AnnualRV 1,457 1,457 1,452 1,419 1,414 Developedsites^(15)Occupied MH& Annual RV 1,432 1,428 1,415 1,380 1,371 ^(15)MH & AnnualRV 98.3 % 98.0 % 97.5 % 97.3 % 97.0 %Occupancy %^(15)Transient 1,684 1,684 1,689 1,422 900 RV sitesSites for 371 371 371 371 371 developmentOHIO Properties 9 9 9 9 9 MH & AnnualRV 2,796 2,797 2,797 2,790 2,790 Developedsites^(15)Occupied MH& Annual RV 2,753 2,770 2,760 2,755 2,758 ^(15)MH & AnnualRV 98.5 % 99.0 % 98.7 % 98.7 % 98.9 %Occupancy %^(15)Transient 129 128 128 135 135 RV sitesSites for 22 22 22 22 22 developmentOTHER STATESProperties 79 80 80 77 73 MH & AnnualRV 16,488 17,422 17,310 16,896 16,484 Developedsites^(15)Occupied MH& Annual RV 16,178 16,934 16,796 16,394 15,977 ^(15)MH & AnnualRV 98.1 % 97.2 % 97.0 % 97.0 % 96.9 %Occupancy %^(15)Transient 9,249 8,861 8,269 7,161 6,901 RV sitesSites for 1,925 1,925 1,969 1,969 2,044 development TOTAL - MHAND RV PORTFOLIOProperties 464 455 452 446 432 MH & AnnualRV 127,941 126,255 125,317 124,252 122,026 Developedsites^(15)Occupied MH& Annual RV 124,612 123,010 121,969 120,952 118,592 ^(15)MH & AnnualRV 97.4 % ^ 97.4 % 97.3 % 97.3 % 97.2 %Occupancy % (16)^(15)Transient 27,922 27,032 26,295 25,043 23,728 RV sitesSites fordevelopment 10,312 9,443 9,676 10,025 10,130 ^(17)%Communities 32.3 % 32.5 % 32.7 % 33.2 % 33.6 %agerestricted

Marina Property Summary^(a) 9/30/2021 06/30/2021 3/31/2021 12/31/2020FLORIDA Properties 19 18 16 14 Total wet slips and 4,493 4,186 3,837 3,585 dry storage spacesRHODE ISLAND Properties 12 11 11 11 Total wet slips and 3,417 3,207 2,829 2,829 dry storage spacesCONNECTICUT Properties 11 11 11 11 Total wet slips and 3,278 3,262 3,262 3,262 dry storage spacesMASSACHUSETTS Properties 9 9 9 7 Total wet slips and 2,650 2,650 2,650 2,223 dry storage spacesNEW YORK Properties 8 8 8 8 Total wet slips and 2,630 2,629 2,629 2,629 dry storage spacesMARYLAND Properties 8 8 8 8 Total wet slips and 2,139 2,110 2,110 2,110 dry storage spacesOTHER STATES Properties 53 49 47 47 Total wet slips and 26,252 23,389 22,851 22,851 dry storage spacesTOTAL - MARINA PORTFOLIOProperties 120 114 110 106 Total wet slips and 44,859 41,433 40,168 39,489 dry storage 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 *)





Nine Months Ended Year Ended Year Ended September 30, 2021 December 31, 2020 December 31, 2019 MH / RV Marina MH / RV Marina MH / RVRecurringCapitalExpenditures $ 258 $ 259 $ 265 N/A $ 345 Average /Site*RecurringCapital $ 31,484 $ 10,292 $ 31,398 $ 2,074 $ 30,382 Expenditures^(18)LotModifications $ 20,274 N/A $ 29,414 N/A $ 22,837 ^(19)Acquisitions^ $ 508,773 $ 711,366 $ 571,930 $ 2,533,741 $ 938,966 (20)(a)Expansion andDevelopment^ $ 135,758 $ 9,866 $ 248,146 $ ? $ 281,808 (21)Growth $ 19,900 $ 37,771 $ 28,315 $ ? $ 9,638 Projects^(22)

(a)Acquisitions includes intangibles and goodwill included in purchase price.

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 1,851 572 153 177 1,415 Michigan 327 154 43 1,334 196 Ontario, Canada 526 180 93 6 420 Texas 278 233 71 344 69 Arizona 88 124 30 35 171 Indiana 46 31 7 220 13 Ohio 68 (2 ) 1 109 15 California 100 22 23 8 109 Colorado 3 51 43 23 36 Connecticut 26 21 29 2 44 New York 90 25 10 7 9 New Hampshire ? 2 4 ? 37 Maine 80 15 10 9 3 Other states 837 245 66 298 176 Nine MonthsEnded September 4,320 1,673 583 2,572 2,713 30, 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 2.9 % 8.3 %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 for 2021 is derived from 119,584 developed sites, of which 117,300 were occupied. The adjusted MH and RV blended occupancy percentage is derived from 118,641 developed sites, of which 117,300 were occupied. The number of developed sites excludes RV transient sites and over 900 recently completed but vacant MH expansion sites.

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.

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

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

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

Three Months Ended Nine Months Ended September September September 30, September 30, 2021 30, 2020 2021 30, 2020Contingent $ (9,196 ) $ (2,724 ) $ (9,339 ) $ (2,890 ) consideration expenseLong term lease ? (160 ) ? (433 ) termination expenseRepair reserve on (176 ) (627 ) (702 ) (1,567 ) repossessed homesOther expenses, net $ (9,372 ) $ (3,511 ) $ (10,041 ) $ (4,890 )

(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)Other adjustments, net was as follows (in thousands):

Three Months Ended Nine Months Ended September September September September 30, 2021 30, 2020 30, 2021 30, 2020Contingent consideration $ 9,196 $ 2,724 $ 9,339 $ 2,890 expenseLong term lease ? 160 ? 433 termination expenseDeferred tax (benefit) / 1,155 (562 ) 1,074 (804 ) expenseRV rebranding 1,092 ? 1,092 ? non-recurring costdeferred compensationamortization upon ? ? ? 300 retirementOther adjustments, net $ 11,443 $ 2,322 $ 11,505 $ 2,819

(9)Line of credit and other debt includes borrowings under the Company's $2.0billion credit facility, a $12.0million MH floor plan facility, and a $35.3million unsecured term loan which had been secured prior to July 1, 2021.

(10)Same Community results net $19.1 million and $18.3 million of certain utility revenue against the related utility expense in property operating and maintenance expense for the three months ended September 30, 2021 and 2020, respectively. Same Community results net $52.2 million and $47.3 million of utility revenue against the related utility expense in property operating and maintenance expense for the nine months ended September 30, 2021 and 2020, respectively.

(11)Same Community supplies and repair expense excludes $0.4million and $1.2million for the three and nine months ended September 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.

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

(13)Calculated using actual results without rounding.

(14)MH and RV acquisitions and other is comprised of 21 properties acquired in 2021, one property acquired in which the Company has an interest in, but does not operate in 2021, 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, two properties undergoing redevelopment, and other miscellaneous transactions and activity.

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

(16)As of September 30, 2021, total portfolio MH occupancy was 96.6 percent inclusive of the impact of nearly 1,200 recently constructed but vacant MH expansion sites, and annual RV occupancy was 100.0 percent.

(17)Total sites for development were comprised of approximately 73.1 percent for expansion, 20.8 percent for greenfield development and 6.1 percent for redevelopment.

(18)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.

(19)Lot modification capital expenditures are incurred to modify the foundational structures required to set a new home after a previous home has been removed. These expenditures are necessary to create a revenue stream from a new site renter and often improve the quality of the community. Other lot modification expenditures include land improvements added to annual RV sites to aid in the conversion of transient RV guests to annual contracts.

(20)Capital expenditures related to acquisitions represent the purchase price of existing operating properties (including marinas) and land parcels to develop expansions or new properties. These costs for the nine months ended September 30, 2021 include $54.3 million at our MH and RV properties and $69.9 million at our marina properties. Expenditures consist 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; lot modifications; and new signage including main signs and internal road signs. These are considered acquisition costs and although identified during due diligence, often require 24 to 36 months after closing to complete.

(21)Expansion and development expenditures consist primarily of construction costs such as roads, activities, and amenities, and costs necessary to complete home and RV site improvements, such as driveways, sidewalks and landscaping at our MH communities and RV resorts. Expenditures also include costs to rebuild after damage has been incurred at MH, RV or marina properties.

(22)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

-- Press Release and Supplemental Package 2021.09.30