Net Earnings per Diluted Share of $0.72 for the Quarter Increased by 18% Year-over-Year

Core FFO per Share of $1.96 for the Quarter, in line with Guidance

Same Property NOI Grew by 6.3% and 6.5%, for the Quarter and Year-to-Date over the 2022 Periods;

Strong Demand and Effective Expense Management Drove Outperformance

Same Property Adjusted Occupancy for MH and RV Increased by 170 Basis Points, Year-over-Year

Solid Transient-to-Annual RV Site Conversions of over 750 Sites

Revising Full-Year Core FFO per Share Guidance for 2023 to $7.09 - $7.23

Increasing Guidance for Total Same Property NOI Growth to 5.3% - 6.1%

Southfield, MI, July 26, 2023 (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 second quarter results for 2023.

Financial Results for the Quarter and Six Months Ended June 30, 2023

For the quarter ended June 30, 2023, net income attributable to common shareholders was $89.8 million, or $0.72 per diluted share, compared to net income attributable to common shareholders of $74.0 million, or $0.61 per diluted share for the same period in 2022, an 18% increase.
For the six months ended June 30, 2023, net income attributable to common shareholders was $59.7 million, or $0.48 per diluted share, compared to net income attributable to common shareholders of $74.7 million, or $0.63 per diluted share, for the same period in 2022.

Non-GAAP Financial Measures

Core Funds from Operations ("Core FFO") for the quarter and six months ended June 30, 2023, were $1.96 per common share and dilutive convertible securities ("Share") and $3.19 per Share, respectively, representing 3.0% and 5.3% decreases as compared to the corresponding periods in 2022.
Same Property Net Operating Income ("NOI") increased by 6.3% and 6.5% for the quarter and six months ended June 30, 2023, respectively, as compared to the corresponding period in 2022.

"We delivered strong second quarter results that were in line with our expectations, driven by the reliability of our real property operations which produce steady growth through economic cycles," said Gary A. Shiffman, Chairman, President and CEO. "This growth was demonstrated across each of our segments which possess sustained compelling market dynamics. In Manufactured Housing, we are pleased with our ability to outpace inflation rates in rental income, while also realizing a steady increase in occupancy levels. In our RV segment, we continued to successfully convert transient guests into annual residents at a record pace. Our outperformance in Marinas was primarily fueled by robust demand, as our members recognize the value of our industry-leading marina network. In the UK, where a more challenging macro environment is creating home sales headwinds, we continue to see strength in real property income generation. Overall, we remain highly confident in our ability to produce solid cash flow growth and generate value throughout our exceptional MH, RV and Marina portfolios."

OPERATING HIGHLIGHTS

North America Portfolio Occupancy

Total MH and annual RV occupancy was 97.1% at June 30, 2023, as compared to 97.2% at June 30, 2022.
During the quarter ended June 30, 2023, the number of MH and annual RV revenue producing sites increased by 1,039 sites, as compared to an increase of 950 sites during the corresponding period in 2022, a 9.4% increase.
Transient-to-annual RV site conversions totaled over 750 sites during the second quarter of 2023 and account for 72.6% of the revenue producing site gains.

Same Property Results

For the properties owned and operated by the Company since at least January 1, 2022, the following table reflects the percentage changes for the quarter and six months ended June 30, 2023:

	Quarter Ended June 30, 2023
	MH		RV		Marina		Total
Revenue	6.7	%	3.6	%	9.2	%	6.2	%
Expense	9.4	%	4.1	%	3.4	%	6.0	%
NOI	5.7	%	3.2	%	11.9	%	6.3	%

	Six Months Ended June 30, 2023
	MH		RV		Marina		Total
Revenue	6.5	%	4.7	%	9.9	%	6.7	%
Expense	9.9	%	5.8	%	3.8	%	7.0	%
NOI	5.4	%	3.7	%	13.2	%	6.5	%

Number of Properties	289		161		119		569

Same Property adjusted blended occupancy for MH and RV increased 170 basis points to 98.7% at June 30, 2023, from 97.0% at June 30, 2022.

INVESTMENT ACTIVITY

During the quarter ended June 30, 2023, the Company expanded its existing communities by over 110 sites.

BALANCE SHEET, CAPITAL MARKETS ACTIVITY AND OTHER ITEMS

As of June 30, 2023, the Company had $7.6 billion in debt outstanding with a weighted average interest rate of 4.0% and a weighted average maturity of 7.1 years. At June 30, 2023, the Company's net debt to trailing twelve-month Recurring EBITDA ratio was 6.2 times.

2023 GUIDANCE UPDATE

The Company is updating full-year 2023 and establishing third quarter 2023 guidance for diluted EPS and Core FFO per Share as follows:

Reconciliation of Diluted EPS to Core FFO per Share	Full-Year Ending December 31, 2023												Third Quarter Ending September 30, 2023
Reconciliation of Diluted EPS to Core FFO per Share	Prior FY Guidance						Revised FY Range						Third Quarter Ending September 30, 2023
Diluted EPS	$	2.12		$	2.32		$	2.11		$	2.25		$	1.36		$	1.43
Depreciation and amortization		5.06			5.06			5.07			5.07			1.26			1.26
Gain / (loss) on sale of assets		(0.30	)		(0.30	)		(0.28	)		(0.28	)		(0.09	)		(0.09	)
Business combination expense and other acquisition related costs		0.07			0.07			0.09			0.09			0.01			0.01
Other adjustments^(a)		0.27			0.27			0.10			0.10			(0.05	)		(0.05	)
Core FFO^(b) per Share	$	7.22		$	7.42		$	7.09		$	7.23		$	2.49		$	2.56

^(a) Other adjustments consist primarily of deferred taxes, changes in remeasurement gains / (losses), contingent legal and insurance gains and other items presented in the table that reconciles Net income attributable to SUI common shareholders to Core FFO on page 6.

^(b)The Company's updated guidance translates forecasted results from operations in the UK using the relevant exchange rate in effect provided in the 2023 Guidance Assumptions table presented below. The impact of fluctuations in Canadian and Australian foreign currency rates on revised and initial guidance are not material.

The 2.2% downward revision to the midpoint of full-year guidance is due primarily to lower expected UK home sales NOI, higher interest expense related to short-term interest rate increases since April 26, 2023, and a modest reduction to expected Service, retail, dining and entertainment NOI as compared to prior guidance. In addition to the assumptions underlying the Company's revised 2023 guidance detailed in the table below, the Company expects total same property NOI to increase 3.2% - 4.5% during the third quarter ending September 30, 2023:

	FY 2022		Expected Change in 2023
2023 Guidance Assumptions (dollars in millions)	Actual Results		Prior FY Guidance	July 26, 2023 Update
Consolidated Portfolio:
Total real property NOI			6.1% - 7.0%	6.1% - 6.9%
Service, retail, dining and entertainment NOI			$53.3 - $55.3	$50.4 - $52.9
General and administrative expenses			$252.2 - $256.0	$249.9 - $255.4

North America home sales contribution to Core FFO^(a)			$18.9 - $19.7	$18.9 - $21.7

UK
UK real property NOI			$62.2 - $65.5	$63.6 - $65.6
UK home sales NOI			$79.1 - $82.4	$65.7 - $75.4
UK NOI			$141.3 - $147.9	$129.3 - $141.0

Same Property Portfolio^(b)
MH NOI (289 properties)	$	569.7	4.6% - 5.4%	5.2% - 5.8%
RV NOI (161 properties)	$	281.7	4.4% - 5.6%	3.4% - 4.6%
Marina NOI (119 properties)	$	210.8	6.8% - 8.0%	8.0% - 9.0%

Total Same Property Pool (569 Properties):
Revenue from real property	$	1,601.0	6.2% - 6.6%	6.2% - 6.5%
Property operating expenses^(c)(d)	$	538.8	7.9% - 8.8%	7.2% - 7.9%
Same Property NOI	$	1,062.2	5.0% - 6.0%	5.3% - 6.1%

Exchange rates in effect at:	December 31, 2022		March 31, 2023	June 30, 2023
U.S. Dollar ("USD") / Pound Sterling ("GBP")		1.21	1.24	1.27
USD / Canadian Dollar ("CAD")		0.74	0.74	0.75
USD / Australian Dollar ("AUS")		0.68	0.67	0.66

Footnotes to 2023 Guidance Assumptions
(a)	FFO from home sales in North America is net of home selling expenses and includes the gross profit from new and certain pre-owned home sales. Gross profit from pre-owned home sales of depreciated homes is excluded.
(b)	The amounts in the table reflect constant currency, as currency figures included within the 2022 actual amounts have been translated at the assumed exchange rate used for 2023 guidance.
(c)	Total Same Property results net $101.1 million of utility revenue for 2022 actual results and $108.0 million for 2023 guidance against the related utility expense in property operating expenses.
(d)	2022 actual results exclude $1.3 million of expense 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.

Seasonality (Updated as of July 26, 2023)	1Q23		2Q23		3Q23		4Q23
Same Property NOI:
MH	25	%	25	%	25	%	25	%
RV	16	%	25	%	41	%	18	%
Marina	20	%	27	%	29	%	24	%
Total Same Property	21	%	26	%	30	%	23	%

UK NOI:
Real property	10	%	27	%	42	%	21	%
Home sales	16	%	33	%	34	%	17	%
Total NOI from UK Operations	13	%	30	%	38	%	19	%

Consolidated Service, Retail, Dining and Entertainment NOI	5	%	37	%	49	%	9	%

Consolidated EBITDA	19	%	27	%	33	%	21	%

Core FFO per Share	17	%	28	%	35	%	20	%

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 July 26, 2023, and the effect of a property disposition under contract expected to close during the third quarter 2023. 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 second quarter results will be held on Thursday, July 27, 2023 at 12:00 P.M. (ET). To participate, call toll-free at (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 August 10, 2023 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 13739127. The conference call will be available live on the Company's website located at www.suncommunities.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," "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 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, 2022, 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 and related restrictions on business operations;
∙	Changes in general economic conditions, including inflation, deflation and 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;
∙	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;
∙	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;
∙	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 June 30, 2023, the Company owned, operated, or had an interest in a portfolio of 671 developed MH, RV and Marina properties comprising approximately 180,060 developed sites and approximately 48,180 wet slips and dry storage spaces in the U.S., the UK and Canada.

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

Company Contacts

Management	Investor Relations
Gary A. Shiffman, Chairman, President and CEO	Sara Ismail, Vice President
Fernando Castro-Caratini, EVP and CFO	(248) 208-2500
Bruce D. Thelen, EVP and COO	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
Barclays	Anthony Powell	anthony.powell@barclays.com
BMO Capital Markets	John Kim	jp.kim@bmo.com
Citi Research	Nicholas Joseph	nicholas.joseph@citi.com
	Eric Wolfe	eric.wolfe@citi.com
Evercore ISI	Samir Khanal	samir.khanal@evercoreisi.com
	Steve Sakwa	steve.sakwa@evercoreisi.com
Green Street Advisors	John Pawlowski	jpawlowski@greenstreetadvisors.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

(amounts in millions, except for *)

	Quarters Ended
	6/30/2023			3/31/2023			12/31/2022			9/30/2022			6/30/2022
Financial Information
Basic earnings / (loss) per share*	$	0.72		$	(0.24	)	$	0.04		$	1.32		$	0.61
Diluted earnings / (loss) per share*	$	0.72		$	(0.24	)	$	0.04		$	1.32		$	0.61

Cash distributions declared per common share*	$	0.93		$	0.93		$	0.88		$	0.88		$	0.88

FFO per Share^(a)*	$	1.95		$	1.14		$	1.02		$	2.54		$	1.95
Core FFO per Share^(a)*	$	1.96		$	1.23		$	1.33		$	2.65		$	2.02

Real Property NOI
MH	$	168.7		$	156.9		$	153.5		$	166.8		$	158.2
RV		76.5			45.8			46.1			127.0			78.8
Marinas		72.4			52.0			58.3			77.8			63.0
Total	$	317.6		$	254.7		$	257.9		$	371.6		$	300.0

Recurring EBITDA	$	339.7		$	237.4		$	236.3		$	408.1		$	328.4
TTM Recurring EBITDA / Interest*	4.3 x			4.6 x			5.2 x			5.7 x			5.9 x

Balance Sheet
Total assets	$	17,561.4		$	17,363.8		$	17,084.2		$	16,484.6		$	16,397.8
Total debt	$	7,614.0		$	7,462.0		$	7,197.2		$	6,711.0		$	6,930.9
Total liabilities	$	9,474.8		$	9,294.8		$	8,992.8		$	8,354.6		$	8,566.3

Operating Information*
Properties
MH		354			354			353			350			349
RV		182			182			182			181			182
Marina		135			135			134			131			130
Total		671			671			669			662			661

Sites, Wet Slips and Dry Storage Spaces*
Manufactured homes		118,170			117,970			118,020			116,910			116,420
Annual RV		31,620			30,860			30,330			32,030			31,770
Transient RV		30,270			30,870			31,180			31,150			31,990
Total sites		180,060			179,700			179,530			180,090			180,180
Marina wet slips and dry storage spaces^(b)		48,180			47,990			47,820			46,190			45,910

Occupancy*
MH occupancy (including UK)		95.3	%		95.1	%		95.0	%		95.5	%		95.6	%
Annual RV occupancy		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Blended MH and annual RV occupancy		96.3	%		96.1	%		96.0	%		96.5	%		96.6	%

MH and RV Revenue Producing Site Net Gains^(c) (excluding UK Operations)*
MH leased sites, net		285			278			346			122			132
RV leased sites, net		754			524			267			567			818
Total leased sites, net		1,039			802			613			689			950

^(a)Excludes the effects of certain anti-dilutive convertible securities.

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

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

^(d)

Portfolio Overview as of June 30, 2023

	MH & RV Properties
	Properties	MH & Annual RV			RV Transient Sites	Total MH and RV Sites	Sites for Development
Location	Properties	Sites	Occupancy %		RV Transient Sites	Total MH and RV Sites	Sites for Development
Florida	129	40,200	97.4	%	4,200	44,400	3,400
Michigan	85	32,740	96.8	%	660	33,400	1,250
California	37	6,900	98.8	%	1,900	8,800	940
Texas	31	8,910	94.9	%	2,510	11,420	1,960
Ontario, Canada	16	4,650	100.0	%	530	5,180	1,470
Connecticut	16	1,910	94.4	%	90	2,000	—
Maine	16	2,610	95.0	%	1,090	3,700	200
Arizona	13	4,540	93.8	%	970	5,510	—
Indiana	12	3,160	97.4	%	1,020	4,180	180
New Jersey	11	2,960	100.0	%	1,090	4,050	260
Colorado	11	2,800	88.7	%	990	3,790	1,490
Virginia	10	1,480	99.7	%	1,970	3,450	750
New York	10	1,500	99.1	%	1,440	2,940	780
New Hampshire	10	1,740	99.9	%	660	2,400	100
Other	74	15,740	98.3	%	7,800	23,540	1,170
North America Total	481	131,840	97.1	%	26,920	158,760	13,950
United Kingdom	55	17,950	90.1	%	3,350	21,300	1,770
Total	536	149,790	96.3	%	30,270	180,060	15,720

	Marina
	Properties	Wet Slips and Dry Storage Spaces
Location	Properties	Wet Slips and Dry Storage Spaces
Florida	21	5,200
Rhode Island	12	3,460
California	11	5,710
Connecticut	11	3,330
New York	9	3,020
Maryland	9	2,630
Massachusetts	9	2,520
Other	53	22,310
Total	135	48,180

	Properties	Sites, Wet Slips and Dry Storage Spaces
	Properties	Sites, Wet Slips and Dry Storage Spaces
Total Portfolio	671	228,240

Consolidated Balance Sheets

(amounts in millions)

	June 30, 2023			December 31, 2022
Assets
Land	$	4,039.5		$	4,322.3
Land improvements and buildings		11,323.5			10,903.4
Rental homes and improvements		694.1			645.2
Furniture, fixtures and equipment		941.8			839.0
Investment property		16,998.9			16,709.9
Accumulated depreciation		(3,011.4	)		(2,738.9	)
Investment property, net		13,987.5			13,971.0
Cash, cash equivalents and restricted cash		68.7			90.4
Marketable securities		110.4			127.3
Inventory of manufactured homes		236.6			202.7
Notes and other receivables, net		733.3			617.3
Goodwill		1,104.2			1,018.4
Other intangible assets, net		385.4			402.0
Other assets, net		935.3			655.1
Total Assets	$	17,561.4		$	17,084.2
Liabilities
Secured debt	$	3,373.0		$	3,217.8
Unsecured debt		4,241.0			3,979.4
Distributions payable		118.0			111.3
Advanced reservation deposits and rent		430.9			352.1
Accrued expenses and accounts payable		353.6			396.3
Other liabilities		958.3			935.9
Total Liabilities		9,474.8			8,992.8
Commitments and contingencies
Temporary equity		298.1			202.9
Shareholders' Equity
Common stock		1.2			1.2
Additional paid-in capital		9,567.5			9,549.7
Accumulated other comprehensive income / (loss)		37.6			(9.9	)
Distributions in excess of accumulated earnings		(1,898.2	)		(1,731.2	)
Total SUI shareholders' equity		7,708.1			7,809.8
Noncontrolling interests
Common and preferred OP units		80.4			78.7
Total noncontrolling interests		80.4			78.7
Total Shareholders' Equity		7,788.5			7,888.5
Total Liabilities, Temporary Equity and Shareholders' Equity	$	17,561.4		$	17,084.2

Consolidated Statements of Operations

(amounts in millions, except for per share amounts)

	Quarter Ended								Six Months Ended
	June 30, 2023			June 30, 2022			% Change		June 30, 2023			June 30, 2022			% Change
Revenues
Real property (excluding transient)	$	430.3		$	390.0		10.3	%	$	828.3		$	732.8		13.0	%
Real property - transient		95.9			98.1		(2.2) %			139.3			143.1		(2.7) %
Home sales		122.6			142.7		(14.1) %			208.9			207.4		0.7	%
Service, retail, dining and entertainment		190.9			167.6		13.9	%		293.5			248.8		18.0	%
Interest		14.0			7.3		91.8	%		25.4			14.1		80.1	%
Brokerage commissions and other, net		9.8			8.6		14.0	%		19.3			16.6		16.3	%
Total Revenues		863.5			814.3		6.0	%		1,514.7			1,362.8		11.1	%
Expenses
Property operating and maintenance		178.6			160.4		11.3	%		335.2			284.5		17.8	%
Real estate tax		30.0			27.7		8.3	%		60.1			53.8		11.7	%
Home costs and selling		81.2			92.9		(12.6) %			144.4			138.8		4.0	%
Service, retail, dining and entertainment		171.7			142.7		20.3	%		271.7			218.4		24.4	%
General and administrative		62.3			62.2		0.2	%		126.2			117.9		7.0	%
Catastrophic event-related charges, net		(0.1	)		0.1		N/M			0.9			0.1		N/M
Business combinations		0.2			15.0		(98.7) %			3.0			15.5		(80.6) %
Depreciation and amortization		164.1			150.1		9.3	%		319.7			298.0		7.3	%
Asset impairments		6.5			0.1		N/M			8.9			0.7		N/M
Loss on extinguishment of debt		—			0.1		(100.0) %			—			0.4		(100.0) %
Interest		79.2			55.3		43.2	%		155.8			100.5		55.0	%
Interest on mandatorily redeemable preferred OP units / equity		0.9			1.1		(18.2) %			1.9			2.1		(9.5) %
Total Expenses		774.6			707.7		9.5	%		1,427.8			1,230.7		16.0	%
Income Before Other Items		88.9			106.6		(16.6) %			86.9			132.1		(34.2) %
Gain / (loss) on remeasurement of marketable securities		5.8			(32.3	)	N/M			(14.1	)		(66.8	)	(78.9) %
Gain on foreign currency exchanges		2.7			9.0		—			—			6.8		—
Gain / (loss) on dispositions of properties		(0.6	)		(0.1	)	N/M			(2.2	)		13.3		N/M
Other income / (expense), net^(a)		(0.8	)		0.4		N/M			(1.8	)		(0.2	)	N/M
Gain / (loss) on remeasurement of notes receivable		(0.1	)		—		N/A			(1.8	)		0.2		N/M
Income / (loss) from nonconsolidated affiliates		(0.7	)		0.9		N/M			(0.9	)		1.8		N/M
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates		—			0.4		(100.0) %			(4.5	)		0.5		N/M
Current tax expense		(5.4	)		(3.9	)	38.5	%		(9.3	)		(5.2	)	78.8	%
Deferred tax benefit		7.7			0.3		N/M			12.3			0.3		N/M
Net Income		97.5			81.3		19.9	%		64.6			82.8		(22.0) %
Less: Preferred return to preferred OP units / equity interests		3.3			3.1		—			5.7			6.1		—
Less: Income / (loss) attributable to noncontrolling interests		4.4			4.2		4.8	%		(0.8	)		2.0		N/M
Net Income Attributable to SUI Common Shareholders	$	89.8		$	74.0		21.4	%	$	59.7		$	74.7		(20.1) %

Weighted average common shares outstanding - basic^(a)		123.4			120.0		2.8	%		123.4			117.6		4.9	%
Weighted average common shares outstanding - diluted^(a)		123.4			120.0		2.8	%		123.4			120.4		2.5	%

Basic earnings per share	$	0.72		$	0.61		18.0	%	$	0.48		$	0.63		(23.8) %
Diluted earnings per share^(b)	$	0.72		$	0.61		18.0	%	$	0.48		$	0.63		(23.8) %

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

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

N/M = Percentage change is not meaningful.

N/A = Percentage change is not applicable.

Reconciliation of Net Income Attributable to SUI Common Shareholders to Core FFO

(amounts in millions, except for per share data)

	Quarter Ended						Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Net Income Attributable to SUI Common Shareholders	$	89.8		$	74.0		$	59.7		$	74.7
Adjustments
Depreciation and amortization		163.4			149.4			318.3			297.1
Depreciation on nonconsolidated affiliates		0.1			0.1			0.1			0.1
Asset impairments		6.5			0.1			8.9			0.7
(Gain) / loss on remeasurement of marketable securities		(5.8	)		32.3			14.1			66.8
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates		—			(0.4	)		4.5			(0.5	)
(Gain) / loss on remeasurement of notes receivable		0.1			—			1.8			(0.2	)
(Gain) / loss on dispositions of properties, including tax effect		0.8			0.1			4.3			(13.3	)
Add: Returns on preferred OP units		1.5			3.4			5.2			6.7
Add: Income / (loss) attributable to noncontrolling interests		3.3			4.2			(1.1	)		2.0
Gain on dispositions of assets, net		(10.6	)		(17.2	)		(18.5	)		(32.3	)
FFO^(a)	$	249.1		$	246.0		$	397.3		$	401.8

Adjustments
Business combination expense and other acquisition related costs^(a)		4.9			17.8			11.4			20.9
Loss on extinguishment of debt		—			0.1			—			0.4
Catastrophic event-related charges, net		(0.1	)		0.2			0.9			0.2
Loss of earnings - catastrophic event-related charges, net		5.5			—			11.0			—
Gain on foreign currency exchanges		(2.7	)		(9.0	)		—			(6.8	)
Other adjustments, net^(a)		(7.1	)		(0.5	)		(10.7	)		1.4
Core FFO^(a)(b)	$	249.6		$	254.6		$	409.9		$	417.9

Weighted Average Common Shares Outstanding - Diluted		127.4			126.0			128.6			123.9

FFO per Share^(b)	$	1.95		$	1.95		$	3.09		$	3.24

Core FFO per Share^(b)	$	1.96		$	2.02		$	3.19		$	3.37

^(a) Refer to Definitions and Notes for additional information, including the Home sales contribution to FFO.

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

Reconciliation of Net Income Attributable to SUI Common Shareholders to NOI

(amounts in millions)

	Quarter Ended						Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Net Income Attributable to SUI Common Shareholders	$	89.8		$	74.0		$	59.7		$	74.7
Interest income		(14.0	)		(7.3	)		(25.4	)		(14.1	)
Brokerage commissions and other revenues, net		(9.8	)		(8.6	)		(19.3	)		(16.6	)
General and administrative		62.3			62.2			126.2			117.9
Catastrophic event-related charges, net		(0.1	)		0.1			0.9			0.1
Business combination expense		0.2			15.0			3.0			15.5
Depreciation and amortization		164.1			150.1			319.7			298.0
Asset impairments		6.5			0.1			8.9			0.7
Loss on extinguishment of debt		—			0.1			—			0.4
Interest expense		79.2			55.3			155.8			100.5
Interest on mandatorily redeemable preferred OP units / equity		0.9			1.1			1.9			2.1
(Gain) / loss on remeasurement of marketable securities		(5.8	)		32.3			14.1			66.8
Gain on foreign currency exchanges		(2.7	)		(9.0	)		—			(6.8	)
(Gain) / loss on disposition of properties		0.6			0.1			2.2			(13.3	)
Other (income) / expense, net^(a)		0.8			(0.4	)		1.8			0.2
(Gain) / loss on remeasurement of notes receivable		0.1			—			1.8			(0.2	)
(Income) / loss from nonconsolidated affiliates		0.7			(0.9	)		0.9			(1.8	)
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates		—			(0.4	)		4.5			(0.5	)
Current tax expense		5.4			3.9			9.3			5.2
Deferred tax benefit		(7.7	)		(0.3	)		(12.3	)		(0.3	)
Preferred return to preferred OP units / equity interests		3.3			3.1			5.7			6.1
Add: Income / (loss) attributable to noncontrolling interests		4.4			4.2			(0.8	)		2.0
NOI	$	378.2		$	374.7		$	658.6		$	636.6

	Quarter Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Real Property NOI^(a)	$	317.6	$	300.0	$	572.3	$	537.6
Home Sales NOI^(a)		41.4		49.8		64.5		68.6
Service, retail, dining and entertainment NOI^(a)		19.2		24.9		21.8		30.4
NOI	$	378.2	$	374.7	$	658.6	$	636.6

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

Reconciliation of Net Income Attributable to SUI Common Shareholders to Recurring EBITDA

(amounts in millions)

	Quarter Ended						Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Net Income Attributable to SUI Common Shareholders	$	89.8		$	74.0		$	59.7		$	74.7
Adjustments
Depreciation and amortization		164.1			150.1			319.7			298.0
Asset impairments		6.5			0.1			8.9			0.7
Loss on extinguishment of debt		—			0.1			—			0.4
Interest expense		79.2			55.3			155.8			100.5
Interest on mandatorily redeemable preferred OP units / equity		0.9			1.1			1.9			2.1
Current tax expense		5.4			3.9			9.3			5.2
Deferred tax benefit		(7.7	)		(0.3	)		(12.3	)		(0.3	)
(Income) / loss from nonconsolidated affiliates		0.7			(0.9	)		0.9			(1.8	)
Less: (Gain) / loss on dispositions of properties		0.6			0.1			2.2			(13.3	)
Less: Gain on dispositions of assets, net		(10.6	)		(17.2	)		(18.5	)		(32.3	)
EBITDAre	$	328.9		$	266.3		$	527.6		$	433.9
Adjustments
Catastrophic event-related charges, net		(0.1	)		0.1			0.9			0.1
Business combination expense		0.2			15.0			3.0			15.5
(Gain) / loss on remeasurement of marketable securities		(5.8	)		32.3			14.1			66.8
Gain on foreign currency exchanges		(2.7	)		(9.0	)		—			(6.8	)
Other (income) / expense, net^(a)		0.8			(0.4	)		1.8			0.2
(Gain) / loss on remeasurement of notes receivable		0.1			—			1.8			(0.2	)
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates		—			(0.4	)		4.5			(0.5	)
Preferred return to preferred OP units / equity interests		3.3			3.1			5.7			6.1
Add: Income / (loss) attributable to noncontrolling interests		4.4			4.2			(0.8	)		2.0
Add: Gain on dispositions of assets, net		10.6			17.2			18.5			32.3
Recurring EBITDA	$	339.7		$	328.4		$	577.1		$	549.4

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

Real Property Operations - Total Portfolio

(amounts in millions, except statistical information)

	Quarter Ended June 30, 2023																	Quarter Ended June 30, 2022
	MH																	MH
Financial Information	North America			UK			Total			RV			Marinas		Total			North America			UK^(a)			Total			RV			Marinas		Total
Revenues
Real property (excluding transient)	$	224.0		$	28.4		$	252.4		$	72.7		$	105.2	$	430.3		$	209.0		$	20.0		$	229.0		$	69.1		$	91.9	$	390.0
Real property - transient		0.3			13.4			13.7			75.5			6.7		95.9			0.4			12.9			13.3			79.8			5.0		98.1
Total operating revenues		224.3			41.8			266.1			148.2			111.9		526.2			209.4			32.9			242.3			148.9			96.9		488.1
Expenses
Property operating expenses		73.0			24.4			97.4			71.7			39.5		208.6			66.6			17.5			84.1			70.1			33.9		188.1
Real Property NOI	$	151.3		$	17.4		$	168.7		$	76.5		$	72.4	$	317.6		$	142.8		$	15.4		$	158.2		$	78.8		$	63.0	$	300.0

	Six Months Ended June 30, 2023																	Six Months Ended June 30, 2022
	MH																	MH
Financial Information	North America			UK			Total			RV			Marinas		Total			North America			UK^(a)			Total			RV			Marinas		Total
Revenues
Real property (excluding transient)	$	447.4		$	55.9		$	503.3		$	134.5		$	190.5	$	828.3		$	417.3		$	20.0		$	437.3		$	129.8		$	165.7	$	732.8
Real property - transient		0.8			14.8			15.6			113.3			10.4		139.3			0.9			12.9			13.8			121.8			7.5		143.1
Total operating revenues		448.2			70.7			518.9			247.8			200.9		967.6			418.2			32.9			451.1			251.6			173.2		875.9
Expenses
Property operating expenses		146.4			46.9			193.3			125.5			76.5		395.3			131.9			17.5			149.4			122.7			66.2		338.3
Real Property NOI	$	301.8		$	23.8		$	325.6		$	122.3		$	124.4	$	572.3		$	286.3		$	15.4		$	301.7		$	128.9		$	107.0	$	537.6

	As of June 30, 2023																	As of June 30, 2022
	MH																	MH
Other information	North America			UK			Total			RV			Marinas		Total			North America			UK^(a)			Total			RV			Marinas		Total
Number of properties		299			55			354			182			135		671			296			53			349			182			130		661
Sites, wet slips and dry storage spaces
Sites, wet slips and dry storage spaces^(b)		100,220			17,950			118,170			31,620			48,180		197,970			99,180			17,240			116,420			31,770			45,910		194,100
Transient sites	N/M				3,350			3,350			26,920		N/A			30,270		N/M				3,310			3,310			28,680		N/A			31,990
Total		100,220			21,300			121,520			58,540			48,180		228,240			99,180			20,550			119,730			60,450			45,910		226,090

MH and Annual RV Occupancy		96.2	%		90.1	%		95.3	%		100.0	%	N/A			96.3	%		96.3	%		91.4	%		95.6	%		100.0	%	N/A			96.6	%

N/M = Not meaningful. N/A = Not applicable.

^(a) UK amounts for the quarter and six months ended June 30, 2022 cover April 8, 2022 (date of acquisition) to June 30, 2022.

^(b) MH annual sites included 9,721 and 9,204 rental homes in the Company's Rental Program during the quarter ended June 30, 2023 and 2022, respectively. The Company's investment in occupied rental homes at June 30, 2023 was $630.0 million, an increase of 17.8% from $535.0 million at June 30, 2022.

Real Property Operations - Same Property Portfolio^(a)

(amounts in millions, except for statistical information)

Quarter Ended June 30, 2023

Quarter Ended June 30, 2022

Total Change

% Change^(c)

MH^(b)

RV^(b)

Sun Communities, Inc. Reports 2023 Second Quarter and Year-to-Date Results