Net Income per Diluted Share of $2.31 for the Quarter

Core FFO per Share of $2.34 for the Quarter

North America Same Property NOI increased by 0.5% for the Quarter and

3.6% for the First Nine Months of 2024 versus corresponding 2023 Periods

North America Same Property Adjusted Blended Occupancy for MH and RV of 98.8% represents

a 160 basis point year-over-year increase

Revising Full-Year Core FFO per Share Guidance for 2024 to $6.76 - $6.84

Revising Full-Year North America Same Property NOI Growth Guidance for 2024 to 2.6% - 3.3% and Revising Full-Year UK Same Property NOI Growth Guidance Range to 7.1% - 8.7%

Establishing Preliminary Guidance for 2025 Rental Rate Increases of 5.2% for MH, 5.1% for Annual RV, and 3.7% for Marina in North America, and 3.7% for UK

Southfield, MI, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE:SUI) (the "Company" or "SUI"), a real estate investment trust ("REIT") that owns and operates, or has an interest in, manufactured housing ("MH") and recreational vehicle ("RV") communities and marinas (collectively, the "properties"), today reported its third quarter results for 2024.

Financial Results for the Quarter and Nine Months Ended September 30, 2024

For the quarter ended September 30, 2024, net income attributable to common shareholders was $288.7 million, or $2.31 per diluted share, compared to net income attributable to common shareholders of $120.1 million, or $0.97 per diluted share for the same period in 2023.
For the nine months ended September 30, 2024, net income attributable to common shareholders was $313.4 million, or $2.51 per diluted share, compared to a net loss attributable to common shareholders of $132.4 million, or $1.07 per diluted share for the same period in 2023.

Non-GAAP Financial Measures

Core Funds from Operations ("Core FFO") for the quarter and nine months ended September 30, 2024, was $2.34 per common share and dilutive convertible securities ("Share") and $5.39 per Share, respectively, as compared to $2.57 and $5.76 for the same periods in 2023.
Same Property Net Operating Income ("NOI")

North American Same Property NOI increased by $1.9 million and $31.3 million, or 0.5% and 3.6%, respectively, for the quarter and nine months ended September 30, 2024, as compared to the corresponding periods in 2023.
UK Same Property NOI decreased by $0.7 million, or 2.3%, for the quarter ended September 30, 2024, and increased by $4.3 million, or 7.7% for the nine months ended September 30, 2024, as compared to the corresponding periods in 2023.

"Year-to-date we have achieved solid growth across our MH, annual RV, marina and UK segments, while continuing to see the volatility in the transient components of our business. Additionally, our third quarter performance reflects the impact of cost pressures which resulted in earnings and revised full year guidance that were below our expectations, and we are not satisfied with our results," said Gary A. Shiffman, Chairman and CEO. "We have continued to execute on our strategic priorities of recycling non-strategic assets, reducing debt, and increasing the revenue contribution from annual real property income, and we are now also implementing a broad restructuring effort to more effectively align the Company's cost structure to deliver sustainable earnings growth. The fundamentals underlying our business and real estate assets remain strong, we anticipate strong rental rate increases next year, and we are confident that by continuing to execute on these strategic priorities, we will position the company for more stable growth in the coming quarters and demonstrate our long-term value."

OPERATING HIGHLIGHTS

North America Portfolio Occupancy

MH and annual RV sites were 97.7% occupied at September 30, 2024, as compared to 97.2% at September 30, 2023.
During the quarter ended September 30, 2024, the number of MH and annual RV revenue producing sites increased by approximately 1,050 sites, as compared to an increase of approximately 740 sites during the corresponding period in 2023, an increase of approximately 42%. Transient-to-annual RV site conversions during the quarter ended September 30, 2024 accounted for approximately 85% of the gains.
During the nine months ended September 30, 2024, MH and annual RV revenue producing sites increased by approximately 2,500 sites, as compared to an increase of approximately 2,590 sites during the corresponding period in 2023, a decrease of approximately 3%. Transient-to-annual RV site conversions during the nine months ended September 30, 2024 accounted for approximately 79% of the gains.

Same Property Results

For the properties owned and operated by the Company since at least January 1, 2023, the following table reflects the percentage changes for the quarter and nine months ended September 30, 2024, as compared to the same periods in 2023:

	Quarter Ended September 30, 2024
	North America
	MH		RV		Marina		Total		UK
Revenue	6.4	%	(2.2) %		4.8	%	2.8	%	3.2	%
Expense	9.2	%	5.4	%	10.0	%	7.7	%	12.2	%
NOI	5.3	%	(6.9) %		2.5	%	0.5	%	(2.3) %

	Nine Months Ended September 30, 2024
	North America
	MH		RV		Marina		Total		UK
Revenue	6.8	%	(0.5) %		5.7	%	4.2	%	5.8	%
Expense	7.3	%	3.0	%	7.0	%	5.5	%	3.9	%
NOI	6.6	%	(3.2) %		5.0	%	3.6	%	7.7	%

Number of Properties	283		164		127		574		52

North America Same Property adjusted blended occupancy for MH and RV increased by 160 basis points to 98.8% at September 30, 2024, from 97.2% at September 30, 2023.

INVESTMENT ACTIVITY

During the quarter ended September 30, 2024, the Company completed the following dispositions:

In July, a portfolio of six MH properties across six states for total cash consideration of $224.6 million, with a gain on sale of $142.0 million.
In July, one MH property for total cash consideration of $38.0 million, with a gain on sale of $16.0 million.
In September, one MH property for total cash consideration of $38.0 million, with a gain on sale of $22.2 million.
In September, two MH land parcels under development for total cash consideration of $37.2 million.

Net proceeds from the dispositions were used to pay off an aggregate of $93.5 million of mortgage debt and $225.7 million of borrowings under the Company's senior credit facility.

During the quarter ended September 30, 2024, the Company acquired one marina property and one marina expansion asset for total consideration of $51.8 million, including $31.5 million in the form of common OP units.

Refer to page 14 for additional details related to the Company's acquisition and disposition activity.

Impact of Hurricane Helene

On September 26, 2024, Hurricane Helene made landfall in Florida and subsequently affected the Mid-Atlantic region of the U.S. Preliminary assessments indicate that material damage to the Company's properties was largely avoided. During the quarter ended September 30, 2024, the Company recognized charges of $2.2 million for impaired assets at two MH communities and three RV communities, and charges of $1.7 million for impaired assets at nine marinas. The impacted properties are located in Florida, South Carolina, North Carolina and Georgia.

The foregoing impairment is based on current information available, and the Company continues to assess these estimates. The actual final impairment could vary significantly from these estimates. Any changes to these estimates will be recognized in the period(s) in which they are determined.

Impact of Hurricane Milton

On October 9, 2024, Hurricane Milton made landfall in Florida and affected certain of the Company's properties in the region. The Company responded quickly to the event and clean-up and restoration efforts are in progress.

The Company maintains property, casualty, flood, and business interruption insurance for its properties, subject to customary deductibles and limits.

BALANCE SHEET, CAPITAL MARKETS ACTIVITY AND OTHER ITEMS

As of September 30, 2024, the Company had $7.4 billion in debt outstanding with a weighted average interest rate of 4.1% and a weighted average maturity of 6.4 years. At September 30, 2024, the Company's Net Debt to trailing twelve-month Recurring EBITDA ratio was 6.0 times and approximately 6.0% of its outstanding debt is floating rate.

Equity Transactions

During the quarter ended September 30, 2024, the Company entered into and settled all outstanding forward sale agreements with respect to 2,713,571 shares of common stock under its At the Market Offering Sales Agreement. Net proceeds of $361.7 million from the settlement of these forward sale agreements were used to repay borrowings outstanding under the Company's senior credit facility.

2024 GUIDANCE

The Company is updating full-year, and establishing fourth quarter 2024 guidance for diluted EPS and Core FFO per Share:

	Full-Year Ending December 31, 2024												Fourth Quarter Ending December 31, 2024
	Prior FY Guidance						Revised FY Range						Fourth Quarter Ending December 31, 2024
Reconciliation of Diluted EPS to Core FFO per Share	Low			High			Low			High			Low			High
Diluted EPS	$	2.92		$	3.08		$	2.73		$	2.81		$	0.21		$	0.29
Depreciation and amortization		5.53			5.53			5.46			5.46			1.29			1.29
Gain on sale of assets		(0.26	)		(0.26	)		(0.21	)		(0.21	)		(0.05	)		(0.05	)
Gain on sale of properties		(1.18	)		(1.18	)		(1.45	)		(1.45	)		—			—
Distributions on preferred OP units		0.10			0.10			0.10			0.10			0.02			0.02
Noncontrolling interest		0.08			0.08			0.12			0.12			0.01			0.01
Transaction costs and other non-recurring G&A expenses		0.18			0.18			0.29			0.29			0.05			0.05
Deferred tax benefit		(0.23	)		(0.23	)		(0.24	)		(0.24	)		(0.11	)		(0.11	)
Difference in weighted average share count attributed to dilutive convertible securities		(0.14	)		(0.14	)		(0.13	)		(0.13	)		(0.01	)		(0.01	)
Other adjustments^(a)		0.06			0.06			0.09			0.09			(0.04	)		(0.04	)
Core FFO^(b)(c) per Share	$	7.06		$	7.22		$	6.76		$	6.84		$	1.37		$	1.45

^(a)Other adjustments consist primarily of remeasurement (gains) / losses, contingent legal and insurance gains and other items presented in the table Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO on page 6.

^(b)The diluted share counts for the quarter and year ending December 31, 2024 are estimated to be 132.5 million and 130.4 million, respectively.

^(c)The Company's updated guidance translates forecasted results from operations in the UK using the relevant exchange rate in effect provided in the table presented below. The impact of fluctuations in Canadian and Australian foreign currency rates on revised and initial guidance are not material.

Exchange Rates in Effect at:	December 31, 2023	June 30, 2024	September 30, 2024
U.S. Dollar ("USD") / Pound Sterling ("GBP")	1.27	1.26	1.34
USD / Canadian Dollar ("CAD")	0.75	0.73	0.74
USD / Australian Dollar ("AUD")	0.68	0.67	0.69

The Company's updated guidance for the full-year ending December 31, 2024 is reflected below. Note that certain prior period amounts have been reclassified to conform with current period presentation, with no effect on Net income / (loss) and Core FFO. The reclassifications more precisely align certain indirect expenses with underlying activity drivers.

Key adjustments versus prior guidance are:

Total Real Property NOI growth is 3.5% – 3.9%, 240 basis points lower at the midpoint of guidance for 2024, primarily reflecting year-to-date property dispositions and the resultant loss of income from those properties, increased costs versus an anticipated reduction in costs and expense savings incorporated into previous guidance, and lower expected transient revenue in our RV and marina businesses.
Interest expense – lowering full-year interest expense guidance by $2.0 million at the midpoint, primarily due to reduced debt balances, partially offset by GBP to USD foreign currency exchange movement.
Same Property Portfolio
- In North America, the Company is reducing the midpoint for Same Property NOI growth for the full-year to approximately 3.0%.
  - MH – reducing Same Property NOI growth to a range of 5.6% – 6.2%, a decrease of 120 basis points at the midpoint, reflecting higher operating expenses than anticipated in prior guidance, primarily in supplies and repairs and utilities.
  - RV – reducing Same Property NOI growth to a range of (5.3%) – (4.1%), a decrease of 480 basis points at the midpoint, reflecting ongoing headwinds in the transient RV segment, particularly in September including storm-related disruption, and higher operating expenses than anticipated in prior guidance, primarily in supplies and repairs and utilities.
  - Marinas – reducing Same Property NOI to a range of 4.4% – 5.2%, a decrease of 190 basis points at the midpoint, reflecting delayed returns of large vessels to the US from Europe, in part due to weather, lower overall occupancy and higher expenses than originally expected, primarily in payroll.
- In the UK, the Company is reducing Same Property NOI growth to a range of 7.1% – 8.7% for the full-year, a decrease of 160 basis points at the midpoint, primarily due to the move-in timing of new owners and higher expenses in supplies and repairs and payroll.
- Full-year 2023 and year-to-date 2024 actual results have been adjusted for property dispositions in the 2024 Same Property Portfolio guidance for comparative performance purposes.
Service, retail, dining and entertainment NOI – lowering full-year service, retail, dining and entertainment NOI by $11.9 million at the midpoint due to lower transient demand in RV and Marinas leading to less revenue generation from ancillary service, retail, dining, entertainment and fuel sales and therefore lower resultant NOI.
FFO contribution from US home sales – lowering full-year North American home sales FFO contribution by $3.7 million at the midpoint due to lower home sale volume expectations in the fourth quarter, following September home sales that fell short of internal expectations after July and August finished ahead of internal expectations. Volumes particularly impacted in the Southeast and Florida, in large part due to the hurricanes.
General and administrative expenses, excluding non-recurring expenses – increasing the midpoint by approximately $1.9 million, or 75 basis points, reflecting primarily payroll-related corporate cost increases.
Current tax expense – lowering the midpoint by $9.5 million due to lower UK taxes than anticipated and higher than expected GBP to USD foreign currency exchange rates.

Supplemental Guidance Tables:

Same Property Portfolio (in millions and %)^(a)	FY 2023 Actual Results		Expected Change in 2024
Same Property Portfolio (in millions and %)^(a)	FY 2023 Actual Results		Prior FY Range					November 6, 2024 Update
North America
Revenues from real property	$	1,702.4	4.8	%	-	5.2	%	4.2	%	-	4.5	%
Total property operating expenses	$	572.6	4.0	%	-	4.8	%	6.9	%	-	7.3	%
Total North America Same Property NOI^(b)(c)	$	1,129.8	4.7	%	-	5.7	%	2.6	%	-	3.3	%

MH NOI (283 properties)	$	591.7	6.8	%	-	7.4	%	5.6	%	-	6.2	%
RV NOI (163 properties)	$	285.4	(0.7	%)	-	0.9	%	(5.3	%)	-	(4.1	%)
Marina NOI (127 properties)	$	252.7	6.2	%	-	7.2	%	4.4	%	-	5.2	%

UK (52 properties)
Revenues from real property	$	140.6	6.7	%	-	7.2	%	5.5	%	-	6.1	%
Total property operating expenses	$	69.7	3.9	%	-	4.7	%	3.4	%	-	3.9	%
Total UK Same Property NOI^(b)	$	70.9	8.6	%	-	10.4	%	7.1	%	-	8.7	%

For the fourth quarter ending December 31, 2024, the Company's guidance range assumes North America Same Property NOI growth of (0.8%) – 2.5% and UK Same Property NOI growth of 5.3% – 12.6%.

Consolidated Portfolio Guidance For 2024 (in millions and %)	FY 2023 Actual Results		Expected Change / Range in 2024
	FY 2023 Actual Results		Prior FY Range							November 6, 2024 Update
Revenues from real property	$	2,059.8		5.3	%	-		5.5	%		4.8	%	-		5.0	%
Total property operating expenses	$	810.4		4.1	%	-		4.4	%		6.6	%	-		6.9	%
Total Real Property NOI	$	1,249.4		5.8	%	-		6.4	%		3.5	%	-		3.9	%

Service, retail, dining and entertainment NOI	$	68.5	$	63.0		-	$	67.0		$	51.6		-	$	54.5
Interest income	$	45.4	$	17.8		-	$	18.8		$	19.6		-	$	20.4
Brokerage commissions and other, net^(d)(e)	$	60.6	$	37.6		-	$	39.6		$	37.6		-	$	39.6
FFO contribution from North American home sales	$	17.0	$	13.0		-	$	13.9		$	9.5		-	$	10.1
FFO contribution from UK home sales^(f)	$	59.2	$	55.1		-	$	61.0		$	55.1		-	$	61.0
Income from nonconsolidated affiliates	$	16.0	$	11.1		-	$	11.9		$	9.2		-	$	9.7
General and administrative expenses	$	272.1	$	268.7		-	$	272.0		$	285.3		-	$	287.4
General and administrative expenses excluding non-recurring expenses	$	242.5	$	247.0		-	$	250.3		$	249.5		-	$	251.6
Interest expense	$	325.8	$	350.1		-	$	353.6		$	348.6		-	$	351.2
Current tax expense	$	14.5	$	12.7		-	$	13.7		$	3.4		-	$	4.0

Expected

Range in FY 2024

Seasonality	1Q24		2Q24		3Q24		4Q24
North America Same Property NOI:
MH	25	%	25	%	25	%	25	%
RV	18	%	26	%	40	%	16	%
Marina	19	%	27	%	30	%	24	%
Total	22	%	25	%	30	%	23	%

UK Same Property NOI	14	%	26	%	38	%	22	%

Home Sales FFO
North America	13	%	53	%	23	%	11	%
UK	17	%	27	%	35	%	21	%

Consolidated Service, Retail, Dining and Entertainment NOI	4	%	41	%	42	%	13	%

Consolidated EBITDA	19	%	28	%	31	%	22	%

Core FFO per Share	18	%	27	%	34	%	21	%

Preliminary 2025 Rental Rate Increase

The Company expects to realize the following rental rate increases, on average, during 2025:

Average 2025 Rental Rate Increases Expected
North America
MH	5.2	%
Annual RV	5.1	%
Marina	3.7	%
UK	3.7	%

Footnotes to 2024 Guidance Assumptions
(a)	The amounts in the Same Property Portfolio table reflect constant currency, as Canadian dollar and pound sterling figures included within the 2023 amounts have been translated at the assumed exchange rates used for 2024 guidance.
(b)	Total North America Same Property results net $110.8 million and $113.5 million of utility revenue against the related utility expense in property operating expenses for 2023 results and 2024 guidance, respectively. Total UK Same Property results net $17.1 million and $18.3 million of utility revenue against the related utility expense in property operating expenses for 2023 results and 2024 guidance, respectively.
(c)	2023 North America Same Property actual results exclude $0.4 million of expenses incurred at recently acquired properties to bring them up to the Company's standards. The improvements included items such as tree trimming and painting costs that do not meet the Company's capitalization policy.
(d)	Brokerage commissions and other, net includes $23.4 million and $17.8 million of business interruption income for the full-year 2023 results and 2024 guidance, respectively. Business interruption recovery income for the first through third quarters of 2024 in the amount of $16.4 million was recorded as an adjustment to Core FFO in the loss of earnings - Catastrophic event-related charges, net line item.
(e)	Brokerage commissions and other, net included approximately $8.5 million of lease income in 2023 that will be recognized in total real property NOI in 2024.
(f)	Includes UK home sales from Park Holidays and Sandy Bay.

The estimates and assumptions presented above represent a range of possible outcomes and may differ materially from actual results. These estimates include contributions from all acquisitions, dispositions and capital markets activity completed through November 6, 2024. These estimates exclude all other prospective acquisitions, dispositions and capital markets activity. The estimates and assumptions are forward-looking based on the Company's current assessment of economic and market conditions and are subject to the 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 Wednesday, November 6, 2024 at 5:00 P.M. (ET). To participate, call toll-free at (800) 245-3047. Callers outside the U.S. or Canada can access the call at (203) 518-9765. A replay will be available following the call through November 20, 2024 and can be accessed toll-free by calling (844) 512-2921 or (412) 317-6671. The Conference ID for the call is "SUIQ3". The Conference ID number for the call and the replay is 11157495. The conference call will be available live on the Company's website located at www.suninc.com. The replay will also be available on the website.

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 (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), 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 document 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," "intend," "goal," "estimate," "expect," "project," "projections," "plans," "predicts," "potential," "seeks," "anticipates," "should," "could," "may," "will," "designed to," "foreseeable future," "believe," "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 and uncertainties, both general and specific to the matters discussed in this document, some of which are beyond the Company's control. These risks and 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 described under "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, 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:

∙	Changes in general economic conditions, including inflation, deflation, energy costs, the real estate industry and the markets within 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 unsecured notes;
∙	Availability of capital;
∙	Outbreaks of disease and related restrictions on business operations;
∙	Changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, Australian dollar and pound sterling;
∙	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;
∙	The Company's remediation plan and its ability to remediate the material weaknesses in its internal control over financial reporting;
∙	Expectations regarding the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill;
∙	Increases in interest rates and operating costs, including insurance premiums and real estate 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, including costs associated with prosecuting or defending claims and any adverse outcomes;
∙	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 or incorporated by reference into this document, whether as a result of new information, future events, changes in the Company's expectations or otherwise, except as required by law.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company 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 the Company's behalf are qualified in their entirety by these cautionary statements.

Company Overview and Investor Information

The Company

Established in 1975, Sun Communities, Inc. became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of September 30, 2024, the Company owned, operated, or had an interest in a portfolio of 659 developed MH, RV, Marina, and UK properties comprising approximately 179,130 developed sites and approximately 48,760 wet slips and dry storage spaces in the U.S., Canada and the U.K.

For more information about the Company, please visit www.suninc.com.

Company Contacts

Investor Relations
Sara Ismail, Vice President
(248) 208-2500
investorrelations@suncommunities.com

Corporate Debt Ratings
Moody's	S&P
Baa3 \| Stable	BBB \| Stable

Equity Research Coverage
Bank of America Merrill Lynch	Joshua Dennerlein	joshua.dennerlein@bofa.com
BMO Capital Markets	John Kim	jp.kim@bmo.com
Citi Research	Eric Wolfe	eric.wolfe@citi.com
	Nicholas Joseph	nicholas.joseph@citi.com
Deutsche Bank	Conor Peaks	conor.peaks@db.com
	Omotayo Okusanya	omotayo.okusanya@db.com
Evercore ISI	Samir Khanal	samir.khanal@evercoreisi.com
	Steve Sakwa	steve.sakwa@evercoreisi.com
Green Street Advisors	John Pawlowski	jpawlowski@greenstreet.com
Jefferies LLC	Peter Abramowitz	pabramowitz@jefferies.com
JMP Securities	Aaron Hecht	ahecht@jmpsecurities.com
RBC Capital Markets	Brad Heffern	brad.heffern@rbccm.com
Robert W. Baird & Co.	Wesley Golladay	wgolladay@rwbaird.com
Truist Securities	Anthony Hau	anthony.hau@truist.com
UBS	Michael Goldsmith	michael.goldsmith@ubs.com
Wells Fargo	James Feldman	james.feldman@wellsfargo.com
Wolfe Research	Andrew Rosivach	arosivach@wolferesearch.com
	Keegan Carl	kcarl@wolferesearch.com

Financial and Operating Highlights

($ in millions, except Per Share amounts)

	Quarters Ended
	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023^(a)
Financial Information
Basic earnings / (loss) per share	$	2.31		$	0.42		$	(0.22	)	$	(0.65	)	$	0.97
Diluted earnings / (loss) per share	$	2.31		$	0.42		$	(0.22	)	$	(0.65	)	$	0.97

Cash distributions declared per common share	$	0.94		$	0.94		$	0.94		$	0.93		$	0.93

FFO per Share^(b)(c)	$	2.19		$	1.79		$	1.12		$	1.41		$	2.55
Core FFO per Share^(b)(c)	$	2.34		$	1.86		$	1.19		$	1.34		$	2.57

Real Property NOI^(b)
MH	$	158.3		$	160.7		$	162.5		$	155.6		$	153.1
RV		117.0			74.2			51.2			50.4			128.2
Marina		85.1			77.7			56.9			65.3			83.1
UK		28.8			18.7			15.3			14.0			29.0
Total	$	389.2		$	331.3		$	285.9		$	285.3		$	393.4

Recurring EBITDA^(b)	$	382.6		$	335.9		$	234.0		$	256.0		$	433.0
TTM Recurring EBITDA / Interest^(b)	3.4 x			3.6 x			3.7 x			3.9 x			4.0 x
Net Debt / TTM Recurring EBITDA^(b)	6.0 x			6.2 x			6.1 x			6.1 x			6.1 x

Balance Sheet
Total assets	$	17,085.1		$	17,011.1		$	17,113.3		$	16,940.7		$	17,246.6
Total debt	$	7,324.8		$	7,852.8		$	7,872.0		$	7,777.3		$	7,665.0
Total liabilities	$	9,245.7		$	9,781.6		$	9,830.0		$	9,506.8		$	9,465.0

Operating Information
Properties
MH		288			296			296			298			298
RV		179			179			179			179			182
Marina		138			137			136			135			135
UK		54			54			54			55			55
Total		659			666			665			667			670

Sites, Wet Slips and Dry Storage Spaces
MH		97,300			100,160			99,930			100,320			100,200
Annual RV		34,480			33,590			33,290			32,390			32,150
Transient		25,060			25,720			25,560			25,290			26,490
UK annual		17,790			17,710			18,110			18,110			18,050
UK transient		4,500			4,580			3,220			3,200			3,280
Total sites		179,130			181,760			180,110			179,310			180,170
Marina wet slips and dry storage spaces^(d)		48,760			48,140			48,040			48,030			48,030

Occupancy
MH		96.9	%		96.7	%		96.7	%		96.6	%		96.3	%
Annual RV		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Blended MH and annual RV		97.7	%		97.5	%		97.5	%		97.4	%		97.2	%
UK annual		91.5	%		89.9	%		88.9	%		89.5	%		90.6	%

MH and RV Revenue Producing Site Net Gains^(e)
MH leased sites, net		159			315			57			387			207
RV leased sites, net		893			918			157			296			537
Total leased sites, net		1,052			1,233			214			683			744

^(a)Reflects restated financial information for non-cash goodwill impairment charges.

^(b)Refer to Definition and Notes for additional information.

^(c)Excludes the effect of certain anti-dilutive convertible securities.

^(d)Total wet slips and dry storage spaces are adjusted each quarter based on site configuration and usability.

^(e)Revenue producing site net gains do not include occupied sites acquired during the year.

Portfolio Overview as of September 30, 2024

	MH & RV Properties
	Properties	MH & Annual RV			Transient RV Sites	Total Sites	Sites for Development
Location	Properties	Sites	Occupancy %		Transient RV Sites	Total Sites	Sites for Development
North America
Florida	127	41,190	97.9	%	3,950	45,140	2,330
Michigan	85	33,020	97.3	%	510	33,530	1,290
California	37	6,970	99.1	%	1,870	8,840	570
Texas	29	9,170	96.4	%	1,750	10,920	3,850
Ontario, Canada	16	4,710	100.0	%	470	5,180	1,450
Connecticut	16	1,920	95.5	%	90	2,010	—
Maine	15	2,560	96.8	%	980	3,540	200
Arizona	11	4,190	97.3	%	810	5,000	1,120
Indiana	11	2,940	98.9	%	1,020	3,960	180
New Jersey	11	3,070	100.0	%	920	3,990	260
Colorado	11	2,920	89.0	%	960	3,880	1,390
Virginia	10	1,670	99.9	%	2,040	3,710	750
New York	10	1,550	98.8	%	1,630	3,180	780
Other	78	15,900	99.0	%	8,060	23,960	1,000
Total	467	131,780	97.7	%	25,060	156,840	15,170

Properties

UK Properties

Transient Sites

Total Sites

Sites for Development

Location

Sites

Occupancy %

United Kingdom

17,790

91.5

4,500

22,290

3,020

	Marina
	Properties	Wet Slips and Dry Storage Spaces
Location	Properties	Wet Slips and Dry Storage Spaces
Florida	21	5,060
Rhode Island	12	3,460
Connecticut	12	3,580
California	12	6,440
New York	9	2,970
Massachusetts	9	2,540
Maryland	9	2,400
Other	54	22,310
Total	138	48,760

	Properties	Sites, Wet Slips and Dry Storage Spaces
	Properties	Sites, Wet Slips and Dry Storage Spaces
Total Portfolio	659	227,890

Consolidated Balance Sheets

(amounts in millions)

	September 30, 2024			December 31, 2023
Assets	(Unaudited)
Land	$	4,646.2		$	4,278.2
Land improvements and buildings		11,608.6			11,682.2
Rental homes and improvements		782.2			744.4
Furniture, fixtures and equipment		1,090.2			1,011.7
Investment property		18,127.2			17,716.5
Accumulated depreciation		(3,635.7	)		(3,272.9	)
Investment property, net		14,491.5			14,443.6
Cash, cash equivalents and restricted cash		81.8			42.7
Inventory of manufactured homes		174.8			205.6
Notes and other receivables, net		494.4			421.6
Collateralized receivables, net^(a)		52.8			56.2
Goodwill		742.6			733.0
Other intangible assets, net		350.7			369.5
Other assets, net		696.5			668.5
Total Assets	$	17,085.1		$	16,940.7
Liabilities
Mortgage loans payable	$	3,344.5		$	3,478.9
Secured borrowings on collateralized receivables^(a)		52.8			55.8
Unsecured debt		3,927.5			4,242.6
Distributions payable		122.3			118.2
Advanced reservation deposits and rent		382.4			344.5
Accrued expenses and accounts payable		390.9			313.7
Other liabilities		1,025.3			953.1
Total Liabilities		9,245.7			9,506.8
Commitments and contingencies
Temporary equity		263.3			260.9
Shareholders' Equity
Common stock		1.3			1.2
Additional paid-in capital		9,853.6			9,466.9
Accumulated other comprehensive income		33.9			12.2
Distributions in excess of accumulated earnings		(2,433.3	)		(2,397.5	)
Total SUI Shareholders' Equity		7,455.5			7,082.8
Noncontrolling interests
Common and preferred OP units		119.8			90.2
Consolidated entities		0.8			—
Total noncontrolling interests		120.6			90.2
Total Shareholders' Equity		7,576.1			7,173.0
Total Liabilities, Temporary Equity and Shareholders' Equity	$	17,085.1		$	16,940.7

^(a)Refer to "Secured borrowings on collateralized receivables" within Definitions and Notes for additional information.

Consolidated Statements of Operations

(amounts in millions, except for per share amounts, unaudited)

	Quarter Ended								Nine Months Ended
	September 30, 2024			September 30, 2023			% Change		September 30, 2024			September 30, 2023			% Change
Revenues				As Restated								As Restated
Real property (excluding transient)^(a)	$	485.7		$	457.2		6.2	%	$	1,383.4		$	1,285.5		7.6	%
Real property - transient		148.4			161.6		(8.2) %			279.0			300.9		(7.3) %
Home sales		105.3			117.8		(10.6) %			281.7			326.7		(13.8) %
Service, retail, dining and entertainment		186.2			205.5		(9.4) %			492.7			498.9		(1.2) %
Interest		5.5			15.2		(63.8) %			15.4			40.6		(62.1) %
Brokerage commissions and other, net		8.8			26.0		(66.2) %			23.0			45.3		(49.2) %
Total Revenues		939.9			983.3		(4.4) %			2,475.2			2,497.9		(0.9) %
Expenses
Property operating and maintenance^(a)		213.4			196.1		8.8	%		561.8			532.9		5.4	%
Real estate tax		31.5			29.3		7.5	%		94.2			89.4		5.4	%
Home costs and selling		74.3			84.5		(12.1) %			203.0			233.5		(13.1) %
Service, retail, dining and entertainment		163.3			173.4		(5.8) %			445.1			438.2		1.6	%
General and administrative		74.8			67.0		11.6	%		218.6			193.8		12.8	%
Catastrophic event-related charges, net		0.9			(3.1	)	N/M			10.4			(2.2	)	N/M
Business combinations		0.2			—		N/A			0.4			3.0		(86.7) %
Depreciation and amortization		172.4			162.6		6.0	%		510.5			482.3		5.8	%
Asset impairments		0.2			1.2		(83.3) %			32.5			10.1		221.8	%
Goodwill impairment		—			44.8		(100.0) %			—			369.9		(100.0) %
Loss on extinguishment of debt		0.8			—		N/A			1.4			—		N/A
Interest		87.7			84.1		4.3	%		267.2			239.9		11.4	%
Interest on mandatorily redeemable preferred OP units / equity		—			0.8		(100.0) %			—			2.7		(100.0) %
Total Expenses		819.5			840.7		(2.5) %			2,345.1			2,593.5		(9.6) %
Income / (Loss) Before Other Items		120.4			142.6		(15.6) %			130.1			(95.6	)	N/M
Gain / (loss) on remeasurement of marketable securities		—			6.1		(100.0) %			—			(8.0	)	(100.0) %
Loss on foreign currency exchanges		(4.5	)		(6.5	)	(30.8) %			(6.2	)		(6.5	)	(4.6) %
Gain / (loss) on dispositions of properties		178.7			(0.7	)	N/M			186.6			(2.9	)	N/M
Other income / (expense), net^(b)		(0.8	)		(3.7	)	(78.4) %			5.6			(5.5	)	N/M
Gain / (loss) on remeasurement of notes receivable		0.1			(1.3	)	N/M			(1.0	)		(3.1	)	(67.7) %
Income from nonconsolidated affiliates		2.1			1.4		50.0	%		6.5			0.5		N/M
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates		1.2			—		N/A			6.5			(4.5	)	N/M
Current tax benefit / (expense)		0.9			(4.6	)	N/M			(6.5	)		(13.9	)	(53.2) %
Deferred tax benefit		7.1			2.3		208.7	%		16.5			14.6		13.0	%
Net Income / (Loss)		305.2			135.6		125.1	%		338.1			(124.9	)	N/M
Less: Preferred return to preferred OP units / equity interests		3.2			3.4		(5.9) %			9.6			9.0		6.7	%
Less: Income / (loss) attributable to noncontrolling interests		13.3			12.1		9.9	%		15.1			(1.5	)	N/M
Net Income / (Loss) Attributable to SUI Common Shareholders	$	288.7		$	120.1		140.4	%	$	313.4		$	(132.4	)	N/M

Weighted average common shares outstanding - basic^(b)		124.0			123.5		0.4	%		123.8			123.4		0.3	%
Weighted average common shares outstanding - diluted^(b)		124.0			123.5		0.4	%		126.5			123.8		2.2	%

Basic earnings / (loss) per share	$	2.31		$	0.97		138.1	%	$	2.52		$	(1.06	)	N/M
Diluted earnings / (loss) per share^(c)	$	2.31		$	0.97		138.1	%	$	2.51		$	(1.07	)	N/M

^(a) Refer to "Utility Revenues" within Definitions and Notes for additional information.

^(b) Refer to Definitions and Notes for additional information.

^(c) Excludes the effect of certain anti-dilutive convertible securities.

N/M = Not meaningful.

N/A = Not applicable.

Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO

(amounts in millions, except for per share data)

	Quarter Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
				As Restated						As Restated
Net Income / (Loss) Attributable to SUI Common Shareholders	$	288.7		$	120.1		$	313.4		$	(132.4	)
Adjustments
Depreciation and amortization		171.6			162.2			508.1			480.5
Depreciation on nonconsolidated affiliates		0.1			0.1			0.3			0.2
Asset impairments		0.2			1.2			32.5			10.1
Goodwill impairment		—			44.8			—			369.9
(Gain) / loss on remeasurement of marketable securities		—			(6.1	)		—			8.0
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates		(1.2	)		—			(6.5	)		4.5
(Gain) / loss on remeasurement of notes receivable		(0.1	)

Sun Communities Reports Results for the Third Quarter and First Nine Months of 2024