SUI · Sun Communities, Inc.

Sun Communities, Inc. released an investor presentation available starting May 4, 2026, highlighting strong 1Q26 operational performance with Core FFO per share at $1.40 and North America Same Property NOI growth of 6.3%, exceeding prior trends. The company provided FY2026 guidance including Core FFO per share midpoint of $6.97, North America Same Property NOI growth midpoint of 4.7%, and MH Same Property NOI growth midpoint of 6.2%, reflecting confidence in continued execution. As the largest publicly-traded owner and operator of MH and RV communities, Sun operates ~179,000 sites across 515 communities as of March 31, 2026, with MH representing ~65% of Real Property NOI and 97.7% occupancy. Real Property NOI has grown consistently from $721 million in 2020 to $1,059 million in 2025, driven by rental income comprising 92% of NOI. The presentation emphasizes resilient supply-demand dynamics, with virtually no new MH supply, low move-outs at 0.3% annually, and strong RV demand from 8.1 million RV-owning households versus 1.7 million campsites. Sun's 25+ year track record shows positive same property NOI growth every year, averaging 5.2% annually since 2000, outperforming multifamily REITs. Strategic pillars include investments in people, infrastructure, and digital backbone, alongside thoughtful capital allocation to maintain a low-levered, investment grade balance sheet. All forward-looking information is qualified by extensive risk disclosures including economic conditions, interest rates, and operational challenges.