Net Earnings per Diluted Share of $1.31 for the Quarter

Core FFO per Share of $2.57 for the Quarter Exceeded the High-End of Guidance Range

Total Same Property NOI Grew by 6.7% for the Quarter over the 2022 Period, Exceeding the High-End of Guidance Range by 220 Basis Points

Strong Demand and Effective Expense Management Continue to Drive Outperformance

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

Transient-to-Annual RV Site Conversions of nearly 537 Sites for the Quarter and 1,815 for the Year-to-Date

Revising Full-Year Core FFO per Share Guidance for 2023 to $7.05 - $7.13

Increasing Guidance Range for Full-Year Total Same Property NOI Growth to 6.0% - 6.4%

Establishing Preliminary Guidance for 2024 Rental Rate Increases of 5.4% for MH, 6.5% for Annual RV, and 5.6% for Marina in North America, and 7.1% for UK

Southfield, MI, Oct. 25, 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 third quarter results for 2023.

Financial Results for the Quarter and Nine Months Ended September 30, 2023

For the quarter ended September 30, 2023, net income attributable to common shareholders was $163.1 million, or $1.31 per diluted share, compared to net income attributable to common shareholders of $162.6 million, or $1.32 per diluted share for the same period in 2022.
For the nine months ended September 30, 2023, net income attributable to common shareholders was $222.8 million, or $1.79 per diluted share, compared to net income attributable to common shareholders of $237.3 million, or $1.97 per diluted share, for the same period in 2022.

Non-GAAP Financial Measures

Core Funds from Operations ("Core FFO") for the quarter and nine months ended September 30, 2023, were $2.57 per common share and dilutive convertible securities ("Share") and $5.76 per Share, respectively.
Same Property Net Operating Income ("NOI") increased by 6.7% and 6.6% for the quarter and nine months ended September 30, 2023, respectively, as compared to the corresponding periods in 2022.

"In the third quarter, we again delivered strong performance in our core real property portfolio, with Same Property NOI growth and Core FFO exceeding our expectations," said Gary A. Shiffman, Chairman, President and CEO. "This strength was exhibited across Manufactured Housing, RV and Marinas, all of which demonstrate the continued favorable backdrop of high demand and limited supply. Furthermore, we are positioned for ongoing organic growth with 2024 expected rental rate increases of approximately 5.4% for MH, 6.5% for RV, and 5.6% for Marina in North America and 7.1% for UK." He continued, "Our current objectives include implementing select changes to help our best-in-class portfolio deliver the FFO per share growth Sun shareholders historically have enjoyed. These changes include selective capital recycling opportunities and using the proceeds to de-lever. With the strength of our core business, which has a positive track record throughout economic cycles, and our focus on our durable cash flow business, we remain confident in our ability to create shareholder value."

OPERATING HIGHLIGHTS

North America Portfolio Occupancy

Total MH and annual RV occupancy was 97.2% at September 30, 2023, as compared to 97.1% at September 30, 2022.
During the quarter ended September 30, 2023, the number of MH and annual RV revenue producing sites increased by 744 sites, as compared to an increase of 689 sites during the corresponding period in 2022, an 8.0% increase.
Transient-to-annual RV site conversions totaled 537 sites during the third quarter of 2023 and account for 72.2% of the revenue producing site gains. Total transient-to-annual RV site conversions totaled 1,815 for the nine months ended September 30, 2023.

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 nine months ended September 30, 2023:

	Quarter Ended September 30, 2023
	MH		RV		Marina		Total
Revenue	7.4	%	2.2	%	8.4	%	5.5	%
Expense	5.7	%	(0.8) %		7.4	%	3.0	%
NOI	8.0	%	4.1	%	8.9	%	6.7	%

	Nine Months Ended September 30, 2023
	MH		RV		Marina		Total
Revenue	6.8	%	3.6	%	9.4	%	6.2	%
Expense	8.5	%	3.1	%	5.1	%	5.5	%
NOI	6.2	%	3.9	%	11.5	%	6.6	%

Number of Properties	288		161		119		568

Same Property adjusted blended occupancy for MH and RV increased by 170 basis points to 98.8% at September 30, 2023, from 97.1% at September 30, 2022.

INVESTMENT ACTIVITY

During the quarter ended September 30, 2023, the Company:

Expanded its existing communities by nearly 170 sites.
Delivered over 70 sites at one ground-up development property.

BALANCE SHEET, CAPITAL MARKETS ACTIVITY AND OTHER ITEMS

As of September 30, 2023, the Company had $7.7 billion in debt outstanding with a weighted average interest rate of 4.1% and a weighted average maturity of 6.8 years. At September 30, 2023, the Company's net debt to trailing twelve-month Recurring EBITDA ratio was 6.1 times.

During the quarter, the Company entered into interest rate swap contracts to hedge variable rate borrowings of $125.0 million in aggregate under its senior credit facility. The interest rate swaps lock in a weighted average SOFR rate of 4.771%, and inclusive of spread, an all-in rate of 5.681% through the maturity date of April 7, 2026.

Subsequent to the quarter, the Company:

Entered into an interest rate swap contract to hedge variable rate borrowings of $25.0 million under its senior credit facility. The interest rate swap lock in a weighted average SOFR rate of 4.684%, and inclusive of spread, an all-in rate of 5.594% through the term loan maturity date of April 7, 2026.
Terminated one SOFR interest rate swap hedging variable rate borrowings of $50.0 million under its senior credit facility and received a cash settlement payment of $6.0 million. The net accumulated gain is included in Accumulated other comprehensive income on the Company's Consolidated Balance Sheets, and will be amortized as a reduction to Interest expense over the term of the hedged transaction.
Entered into a new mortgage term loan for $252.8 million that matures in November 2030 and bears interest at a fixed rate of 6.49%. The proceeds were used to repay $117.8 million of mortgage term loans that mature in 2023 and pay down amounts drawn under the Company's senior credit facility.
Sold its 41.8 million share position in Ingenia Communities Group (ASX: INA), generating $102.5 million of proceeds, net of underwriting and other estimated fees, with an estimated realized loss of $9.0 million. The proceeds were used to pay down amounts drawn under the Company's senior credit facility.

UK Notes Receivable from Real Estate Operators

From time to time, the Company extends loans to third party real estate developers and operators to facilitate the Company's potential acquisition and development pipeline. At September 30, 2023, the Company had a $361.1 million note receivable due from Royale Holdings Group HoldCo Limited, a real estate development owner / operator in the UK, and certain other parties (the "Note"). As of the same date, the borrowings under the Note bear interest at a weighted average rate of 12.4%. The Note is not related to the Company's manufactured housing portfolio in the UK that operates under the Park Holidays brand.

Since inception, the Company has elected to measure the Note at fair value, using pricing models with the assistance of third-party valuation specialists, in accordance with Accounting Standards Codification Topic 820, "Fair Value Measurements and Disclosures." The Company has also periodically engaged third party valuation specialists to appraise the collateral in order to assess the fair value of the Note.

The Note is collateralized by a first-priority security interest in three real estate properties and three MH manufacturers in the UK. The real estate collateral consists of MH development properties that comprised a significant majority of the total appraised value of all collateral securing the Note at September 30, 2023.

The Note matured on July 31, 2023, and remained due at September 30, 2023. On September 29, 2023, the Company appointed receivers over the real estate collateral and is assessing courses of action with respect to the other collateral.

The Company expects the receivers to start to market the real estate collateral for sale during the fourth quarter of 2023. Upon completion of the marketing process, the Company may elect to credit bid certain amounts due under the Note for the real estate collateral. If that were to occur and no third-party bid is received that exceeds the Company's credit bid, the Company may elect to receive the real estate collateral in satisfaction of related amounts due under the Note. If a third-party bid is received that exceeds the Company's bid, the Company will receive the cash proceeds of that bid up to the outstanding loan amount including interest, fees, and penalties, as applicable.

UK Contemplated Asset Sale

As previously disclosed, the Company had agreed to sell an operating MH community in the UK, Sandy Bay, in February 2023, which was expected to close in the third quarter. While the sale contract is no longer in effect, the asset remained classified as held for sale at September 30, 2023.

2023 GUIDANCE UPDATE

The Company is updating full-year 2023 and establishing fourth 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												Fourth Quarter Ending December 31, 2023
Reconciliation of Diluted EPS to Core FFO per Share	Prior FY Guidance						Revised FY Range						Fourth Quarter Ending December 31, 2023
Diluted EPS	$	2.11		$	2.25		$	1.92		$	2.00		$	0.12		$	0.20
Depreciation and amortization		5.07			5.07			5.06			5.06			1.26			1.26
Distributions on preferred OP units		0.09			0.09			0.09			0.09			0.02			0.02
Noncontrolling interest		0.11			0.11			0.09			0.09			(0.01	)		(0.01	)
Gain on sale of assets		(0.28	)		(0.28	)		(0.25	)		(0.25	)		(0.07	)		(0.07	)
Business combination expense and other acquisition related costs		0.09			0.09			0.12			0.12			0.01			0.01
Other adjustments^(a)		(0.10	)		(0.10	)		0.02			0.02			(0.05	)		(0.05	)
Core FFO^(b) per Share	$	7.09		$	7.23		$	7.05		$	7.13		$	1.28		$	1.36

^(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 $7.09 per Share midpoint of the revised full-year guidance range is 1.0% lower than the prior range provided in July, primarily reflecting higher interest expense related to the UK Note remaining outstanding and lower expected transient RV revenues.

For the fourth quarter ending December 31, 2023, the Company's guidance ranges assume Total Same Property NOI growth of 4.4% - 5.9%. The midpoints of Same Property NOI growth for the fourth quarter ending December 31, 2023 are 5.1% for Manufactured Housing, 3.6% for RV and 6.2% for Marina.

The assumptions underlying the Company's revised 2023 full-year guidance are as follows:

	FY 2022		Expected Change in 2023
2023 Guidance Assumptions (dollars in millions)	Results		Prior FY Guidance	Revised FY Range
Consolidated Portfolio:
Total real property NOI			6.1% - 6.9%	6.9% - 7.1%
Service, retail, dining and entertainment NOI			$50.4 - $52.9	$51.2 - $52.2
North America home sales contribution to Core FFO^(a)			$18.9 - $21.7	$19.4 - $20.5
Interest income^(b)			N/A	$44.8 - $45.1
Brokerage commissions and other, net^(c)			N/A	$50.9 - $51.4
General and administrative expenses			($255.4) - ($249.9)	($253.6) - ($252.1)

UK
UK real property NOI^(d)			$63.6 - $65.6	$64.1 - $65.1
UK home sales NOI			$65.7 - $75.4	$68.2 - $72.2
UK NOI			$129.3 - $141.0	$132.3 - $137.3

Same Property Portfolio^(e)
MH NOI (288 properties)	$	569.2	5.2% - 5.8%	5.8% - 6.1%
RV NOI (161 properties)	$	281.8	3.4% - 4.6%	3.5% - 4.2%
Marina NOI (119 properties)	$	210.8	8.0% - 9.0%	10.0% - 10.3%

Total Same Property Pool (568 Properties):
Revenue from real property	$	1,600.4	6.2% - 6.5%	5.8% - 6.0%
Property operating expenses^(f)(g)	$	538.6	7.2% - 7.9%	5.2% - 5.4%
Same Property NOI	$	1,061.8	5.3% - 6.1%	6.0% - 6.4%

Exchange rates in effect at:	December 31, 2022		June 30, 2023	September 30, 2023
U.S. Dollar ("USD") / Pound Sterling ("GBP")		1.21	1.27	1.22
USD / Canadian Dollar ("CAD")		0.74	0.75	0.74
USD / Australian Dollar ("AUS")		0.68	0.66	0.64

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)	Interest income recognized from the UK Note during the first nine months ended September 30, 2023, totaled $27.9 million, or $0.22 per Share. No interest income from the UK Note is included in the Company's fourth quarter guidance. The following table summarizes the interest income contribution inclusive of fourth quarter guidance:
	Interest Income - 2023 Guidance	Nine Months Ended September 30, 2023		4Q23 Guidance		FY 2023 Guidance
	UK Note	$	27.9	$	0.0	$	27.9
	Other		12.7	4.2 - 4.5		16.9 - 17.2
	Total	$	40.6	$4.2 - $4.5		$44.8 - $45.1
(c)	For the third quarter and nine months ended September 30, 2023, Brokerage commissions and other, net includes recognition of $12.9 million of business interruption proceeds, which nets against accrued 'Loss of earnings - catastrophic event-related charges, net' in the Reconciliation of Net Income Attributable to SUI Common Shareholders to Core FFO table.
(d)	UK Real Property NOI is included in the Total Real Property NOI forecast and the properties are excluded from the 2023 Same Property pool.
(e)	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.
(f)	Total Same Property results net $101.1 million of utility revenue for 2022 actual results and $109.7 million for 2023 guidance against the related utility expense in property operating expenses.
(g)	2022 actual results exclude $1.3 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.

Seasonality (Updated as of October 25, 2023)	1Q23		2Q23		3Q23		4Q23
Same Property NOI:
MH	25	%	25	%	25	%	25	%
RV	16	%	25	%	42	%	17	%
Marina	20	%	27	%	30	%	23	%
Total Same Property	21	%	26	%	30	%	23	%

UK NOI:
Real property	10	%	27	%	44	%	19	%
Home sales	18	%	35	%	33	%	14	%
Total NOI from UK Operations	14	%	31	%	38	%	17	%

Consolidated Service, Retail, Dining and Entertainment NOI	5	%	36	%	49	%	10	%

Consolidated EBITDA	19	%	27	%	34	%	20	%

Core FFO per Share	17	%	28	%	36	%	19	%

Preliminary 2024 Rental Rate Increases

The Company expects to realize the following rental rate increases, on average, during 2024:

Average 2024 Rental Rate Increases Expected
Manufactured Housing:
North America	5.4	%
UK	7.1	%
Annual RV	6.5	%
Marina	5.6	%

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 October 25, 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 third quarter results will be held on Thursday, October 26, 2023 at 2:00 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 November 9, 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 13739128. 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, 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, 2023, the Company owned, operated, or had an interest in a portfolio of 670 developed MH, RV and Marina properties comprising approximately 180,170 developed sites and approximately 48,030 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	Eric Wolfe	eric.wolfe@citi.com
	Nicholas Joseph	nicholas.joseph@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
	9/30/2023			6/30/2023			3/31/2023			12/31/2022			9/30/2022
Financial Information
Basic earnings / (loss) per share*	$	1.31		$	0.72		$	(0.24	)	$	0.04		$	1.32
Diluted earnings / (loss) per share*	$	1.31		$	0.72		$	(0.24	)	$	0.04		$	1.32

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

FFO per Share^(a)*	$	2.55		$	1.95		$	1.14		$	1.02		$	2.54
Core FFO per Share^(a)*	$	2.57		$	1.96		$	1.23		$	1.33		$	2.65

Real Property NOI
MH	$	182.5		$	168.7		$	156.9		$	153.5		$	166.8
RV		128.4			76.5			45.8			46.1			127.0
Marinas		83.1			72.4			52.0			58.3			77.8
Total	$	394.0		$	317.6		$	254.7		$	257.9		$	371.6

Recurring EBITDA	$	433.0		$	339.7		$	237.4		$	236.3		$	408.1
TTM Recurring EBITDA / Interest*	4.0 x			4.3 x			4.6 x			5.2 x			5.7 x
Net Debt / TTM Recurring EBITDA	6.1 x			6.2 x			6.1 x			6.0 x			5.7 x

Balance Sheet
Total assets	$	17,605.3		$	17,561.4		$	17,363.8		$	17,084.2		$	16,484.6
Total debt	$	7,665.0		$	7,614.0		$	7,462.0		$	7,197.2		$	6,711.0
Total liabilities	$	9,465.0		$	9,474.8		$	9,294.8		$	8,992.8		$	8,354.6

Operating Information*
Properties
MH		353			354			354			353			350
RV		182			182			182			182			181
Marina		135			135			135			134			131
Total		670			671			671			669			662

Sites, Wet Slips and Dry Storage Spaces*
Manufactured homes		118,250			118,170			117,970			118,020			116,910
Annual RV		32,150			31,620			30,860			30,330			32,030
Transient site		29,770			30,270			30,870			31,180			31,150
Total sites		180,170			180,060			179,700			179,530			180,090
Marina wet slips and dry storage spaces^(b)		48,030			48,180			47,990			47,820			46,190

Occupancy*
MH occupancy (including UK)		95.4	%		95.3	%		95.1	%		95.0	%		95.5	%
Annual RV occupancy		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Blended MH and annual RV occupancy		96.4	%		96.3	%		96.1	%		96.0	%		96.5	%

MH and RV Revenue Producing Site Net Gains^(c) (excluding UK Operations)*
MH leased sites, net		207			285			278			346			122
RV leased sites, net		537			754			524			267			567
Total leased sites, net		744			1,039			802			613			689

^(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 September 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
North America
Florida	129	40,460	97.5	%	3,950	44,410	3,400
Michigan	85	32,850	96.7	%	630	33,480	1,300
California	37	6,920	98.8	%	1,880	8,800	850
Texas	31	8,950	95.2	%	2,580	11,530	4,000
Ontario, Canada	16	4,680	100.0	%	500	5,180	1,450
Connecticut	16	1,930	94.8	%	80	2,010	—
Maine	15	2,470	95.6	%	1,070	3,540	200
Arizona	13	4,570	94.4	%	940	5,510	—
Indiana	12	3,160	97.2	%	1,020	4,180	180
New Jersey	11	3,000	100.0	%	1,050	4,050	260
Colorado	11	2,810	89.1	%	990	3,800	1,490
Virginia	10	1,480	99.9	%	1,970	3,450	750
New York	10	1,520	99.1	%	1,420	2,940	780
New Hampshire	10	1,740	99.9	%	680	2,420	80
Other	74	15,810	98.5	%	7,730	23,540	940
North America Total	480	132,350	97.2	%	26,490	158,840	15,680
United Kingdom	55	18,050	90.6	%	3,280	21,330	2,290
Total	535	150,400	96.4	%	29,770	180,170	17,970

	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	2,480
Massachusetts	9	2,520
Other	53	22,310
Total	135	48,030

	Properties	Sites, Wet Slips and Dry Storage Spaces
	Properties	Sites, Wet Slips and Dry Storage Spaces
Total Portfolio	670	228,200

Consolidated Balance Sheets

(amounts in millions)

	September 30, 2023			December 31, 2022
Assets
Land	$	3,996.4		$	4,322.3
Land improvements and buildings		11,418.4			10,903.4
Rental homes and improvements		725.6			645.2
Furniture, fixtures and equipment		995.1			839.0
Investment property		17,135.5			16,709.9
Accumulated depreciation		(3,144.8	)		(2,738.9	)
Investment property, net		13,990.7			13,971.0
Cash, cash equivalents and restricted cash		62.0			90.4
Marketable securities		112.8			127.3
Inventory of manufactured homes		219.8			202.7
Notes and other receivables, net		832.2			617.3
Goodwill		1,084.1			1,018.4
Other intangible assets, net		374.7			402.0
Other assets, net		929.0			655.1
Total Assets	$	17,605.3		$	17,084.2
Liabilities
Secured debt	$	3,359.5		$	3,217.8
Unsecured debt		4,305.5			3,979.4
Distributions payable		118.2			111.3
Advanced reservation deposits and rent		372.7			352.1
Accrued expenses and accounts payable		380.2			396.3
Other liabilities		928.9			935.9
Total Liabilities		9,465.0			8,992.8
Commitments and contingencies
Temporary equity		304.5			202.9
Shareholders' Equity
Common stock		1.2			1.2
Additional paid-in capital		9,581.6			9,549.7
Accumulated other comprehensive income / (loss)		5.2			(9.9	)
Distributions in excess of accumulated earnings		(1,848.2	)		(1,731.2	)
Total SUI shareholders' equity		7,739.8			7,809.8
Noncontrolling interests
Common and preferred OP units		96.0			78.7
Total noncontrolling interests		96.0			78.7
Total Shareholders' Equity		7,835.8			7,888.5
Total Liabilities, Temporary Equity and Shareholders' Equity	$	17,605.3		$	17,084.2

Consolidated Statements of Operations

(amounts in millions, except for per share amounts)

	Quarter Ended								Nine Months Ended
	September 30, 2023			September 30, 2022			% Change		September 30, 2023			September 30, 2022			% Change
Revenues
Real property (excluding transient)	$	457.2		$	425.3		7.5	%	$	1,285.5		$	1,158.1		11.0	%
Real property - transient		161.6			160.4		0.7	%		300.9			303.5		(0.9) %
Home sales		117.8			150.7		(21.8) %			326.7			358.1		(8.8) %
Service, retail, dining and entertainment		205.4			174.2		17.9	%		498.9			423.0		17.9	%
Interest		15.2			11.2		35.7	%		40.6			25.3		60.5	%
Brokerage commissions and other, net		26.0			10.8		140.7	%		45.3			27.4		65.3	%
Total Revenues		983.2			932.6		5.4	%		2,497.9			2,295.4		8.8	%
Expenses
Property operating and maintenance		195.5			184.7		5.8	%		530.7			469.2		13.1	%
Real estate tax		29.3			29.4		(0.3) %			89.4			83.2		7.5	%
Home costs and selling		80.5			96.4		(16.5) %			224.9			235.2		(4.4) %
Service, retail, dining and entertainment		178.7			144.9		23.3	%		450.4			363.3		24.0	%
General and administrative		66.2			69.1		(4.2) %			192.4			187.0		2.9	%
Catastrophic event-related charges, net		(3.1	)		12.2		(125.4) %			(2.2	)		12.3		(117.9) %
Business combinations		—			8.4		(100.0) %			3.0			23.9		(87.4) %
Depreciation and amortization		162.6			149.7		8.6	%		482.3			447.7		7.7	%
Asset impairments		1.2			1.6		(25.0) %			10.1			2.3		N/M
Loss on extinguishment of debt		—			4.0		(100.0) %			—			4.4		(100.0) %
Interest		84.1			61.7		36.3	%		239.9			162.2		47.9	%
Interest on mandatorily redeemable preferred OP units / equity		0.8			1.0		(20.0) %			2.7			3.1		(12.9) %
Total Expenses		795.8			763.1		4.3	%		2,223.6			1,993.8		11.5	%
Income Before Other Items		187.4			169.5		10.6	%		274.3			301.6		(9.1) %
Gain / (loss) on remeasurement of marketable securities		6.1			(7.2	)	N/M			(8.0	)		(74.0	)	(89.2) %
Gain / (loss) on foreign currency exchanges		(6.5	)		14.9		N/M			(6.5	)		21.7		N/M
Gain / (loss) on dispositions of properties		(0.7	)		(0.8	)	(12.5) %			(2.9	)		12.5		N/M
Other income / (expense), net^(a)		(3.7	)		2.8		N/M			(5.5	)		2.6		N/M
Gain / (loss) on remeasurement of notes receivable		(1.3	)		(0.1	)	N/M			(3.1	)		0.1		N/M
Income from nonconsolidated affiliates		1.4			2.0		(30.0) %			0.5			3.8		(86.8) %
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates		—			(0.4	)	(100.0) %			(4.5	)		0.1		N/M
Current tax expense		(4.6	)		(7.3	)	(37.0) %			(13.9	)		(12.5	)	11.2	%
Deferred tax benefit		2.3			3.6		(36.1) %			14.6			3.9		274.4	%
Net Income		180.4			177.0		1.9	%		245.0			259.8		(5.7) %
Less: Preferred return to preferred OP units / equity interests		3.3			2.5		32.0	%		9.0			8.6		4.7	%
Less: Income attributable to noncontrolling interests		14.0			11.9		17.6	%		13.2			13.9		(5.0) %
Net Income Attributable to SUI Common Shareholders	$	163.1		$	162.6		0.3	%	$	222.8		$	237.3		(6.1) %

Weighted average common shares outstanding - basic^(a)		123.5			122.4		0.9	%		123.4			119.2		3.5	%
Weighted average common shares outstanding - diluted^(a)		123.5			122.8		0.6	%		123.4			121.9		1.2	%

Basic earnings per share	$	1.31		$	1.32		(0.8) %		$	1.79		$	1.98		(9.6) %
Diluted earnings per share^(b)	$	1.31		$	1.32		(0.8) %		$	1.79		$	1.97		(9.1) %

^(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.

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

(amounts in millions, except for per share data)

	Quarter Ended						Nine Months Ended
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Net Income Attributable to SUI Common Shareholders	$	163.1		$	162.6		$	222.8		$	237.3
Adjustments
Depreciation and amortization		162.2			149.2			480.5			446.3
Depreciation on nonconsolidated affiliates		0.1			—			0.2			0.1
Asset impairments		1.2			1.6			10.1			2.3
(Gain) / loss on remeasurement of marketable securities		(6.1	)		7.2			8.0			74.0
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates		—			0.4			4.5			(0.1	)
(Gain) / loss on remeasurement of notes receivable		1.3			0.1			3.1			(0.1	)
(Gain) / loss on dispositions of properties, including tax effect		0.7			0.8			5.0			(12.5	)
Add: Returns on preferred OP units		1.8			1.3			6.2			9.5
Add: Income attributable to noncontrolling interests		12.6			10.5			11.9			14.1
Gain on dispositions of assets, net		(10.5	)		(11.9	)		(29.0	)		(44.2	)
FFO^(a)	$	326.4		$	321.8		$	723.3		$	726.7

Adjustments
Business combination expense and other acquisition related costs^(a)		4.2			19.2			15.6			40.1
Loss on extinguishment of debt		—			4.0			—			4.4
Catastrophic event-related charges, net		(3.1	)		12.2			(2.2	)		12.3
Loss of earnings - catastrophic event-related charges, net^(b)		(6.1	)		0.2			4.9			0.2
(Gain) / loss on foreign currency exchanges		6.5			(14.9	)		6.5			(21.7	)
Other adjustments, net^(a)		1.1			(6.5	)		(9.6	)		(5.1	)
Core FFO^(a)(c)	$	329.0		$	336.0		$	738.5		$	756.9

Weighted Average Common Shares Outstanding - Diluted		128.0			126.7			128.3			125.4

FFO per Share^(c)	$	2.55		$	2.54		$	5.64		$	5.80

Core FFO per Share^(c)	$	2.57		$	2.65		$	5.76		$	6.04

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

^(b) Loss of earnings - catastrophic event-related charges, net include the following:

	Quarter Ended			Nine Months Ended
	September 30, 2023			September 30, 2023
Hurricane Ian - Three Fort Myers, Florida RV communities impaired
Estimated loss of earnings in excess of the applicable business interruption deductible	$	6.3		$	16.8
Insurance recoveries received for previously estimated loss of earnings through April 30, 2023		(11.8	)		(11.8	)
Hurricane Irma - Three Florida Keys communities impaired
Estimated loss of earnings in excess of the applicable business interruption deductible		—			0.5
Reversal of unpaid previously estimated loss of earnings that the Company does not expect to recover		(0.6	)		(0.6	)
Loss of earnings - catastrophic event-related charges, net	$	(6.1	)	$	4.9

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

Refer to Definitions and Notes for additional information for Home sales contribution to FFO.

Reconciliation of Net Income Attributable to SUI Common Shareholders to NOI

(amounts in millions)

	Quarter Ended						Nine Months Ended
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Net Income Attributable to SUI Common Shareholders	$	163.1		$	162.6		$	222.8		$	237.3
Interest income		(15.2	)		(11.2	)		(40.6	)		(25.3	)
Brokerage commissions and other revenues, net		(26.0	)		(10.8	)		(45.3	)		(27.4	)
General and administrative		66.2			69.1			192.4			187.0
Catastrophic event-related charges, net		(3.1	)		12.2			(2.2	)		12.3
Business combination expense		—			8.4			3.0			23.9
Depreciation and amortization		162.6			149.7			482.3			447.7
Asset impairments		1.2			1.6			10.1			2.3
Loss on extinguishment of debt		—			4.0			—			4.4
Interest expense		84.1			61.7			239.9			162.2
Interest on mandatorily redeemable preferred OP units / equity		0.8			1.0			2.7			3.1
(Gain) / loss on remeasurement of marketable securities		(6.1	)		7.2			8.0			74.0
(Gain) / loss on foreign currency exchanges		6.5			(14.9	)		6.5			(21.7	)
(Gain) / loss on disposition of properties		0.7			0.8			2.9			(12.5	)
Other (income) / expense, net^(a)		3.7			(2.8	)		5.5			(2.6	)
(Gain) / loss on remeasurement of notes receivable		1.3			0.1			3.1			(0.1	)
Income from nonconsolidated affiliates		(1.4	)		(2.0	)		(0.5	)		(3.8	)
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates		—			0.4			4.5			(0.1	)
Current tax expense		4.6			7.3			13.9			12.5
Deferred tax benefit		(2.3	)		(3.6	)		(14.6	)		(3.9	)
Add: Preferred return to preferred OP units / equity interests		3.3			2.5			9.0			8.6
Add: Income attributable to noncontrolling interests		14.0			11.9			13.2			13.9
NOI	$	458.0		$	455.2		$	1,116.6		$	1,091.8

	Quarter Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Real Property NOI^(a)	$	394.0	$	371.6	$	966.3	$	909.2
Home Sales NOI^(a)		37.3		54.3		101.8		122.9
Service, retail, dining and entertainment NOI^(a)		26.7		29.3		48.5		59.7
NOI	$	458.0	$	455.2	$	1,116.6	$	1,091.8

^(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						Nine Months Ended
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Net Income Attributable to SUI Common Shareholders	$	163.1		$	162.6		$	222.8		$	237.3
Adjustments
Depreciation and amortization		162.6			149.7			482.3			447.7
Asset impairments		1.2			1.6			10.1			2.3
Loss on extinguishment of debt		—			4.0			—			4.4
Interest expense		84.1			61.7			239.9			162.2
Interest on mandatorily redeemable preferred OP units / equity		0.8			1.0			2.7			3.1
Current tax expense		4.6			7.3			13.9			12.5
Deferred tax benefit		(2.3	)		(3.6	)		(14.6	)		(3.9	)
Income from nonconsolidated affiliates		(1.4	)		(2.0	)		(0.5	)		(3.8	)
Less: (Gain) / loss on dispositions of properties		0.7			0.8			2.9			(12.5	)
Less: Gain on dispositions of assets, net		(10.5	)		(11.9	)		(29.0	)		(44.2	)
EBITDAre	$	402.9		$	371.2		$	930.5		$	805.1
Adjustments
Catastrophic event-related charges, net		(3.1	)		12.2			(2.2	)		12.3
Business combination expense		—			8.4			3.0			23.9
(Gain) / loss on remeasurement of marketable securities		(6.1	)		7.2			8.0			74.0
(Gain) / loss on foreign currency exchanges		6.5			(14.9	)		6.5			(21.7	)
Other (income) / expense, net^(a)		3.7			(2.8	)		5.5			(2.6	)
(Gain) / loss on remeasurement of notes receivable		1.3			0.1			3.1			(0.1	)
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates		—			0.4			4.5			(0.1	)
Add: Preferred return to preferred OP units / equity interests		3.3			2.5			9.0			8.6
Add: Income attributable to noncontrolling interests		14.0			11.9			13.2			13.9
Add: Gain on dispositions of assets, net		10.5			11.9			29.0			44.2
Recurring EBITDA	$	433.0		$	408.1		$	1,010.1		$	957.5

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

Real Property Operations - Total Portfolio

(amounts in millions, except statistical information)

	Quarter Ended September 30, 2023												Quarter Ended September 30, 2022
	MH												MH
Financial Information	North America		UK		Total		RV		Marinas		Total		North America		UK		Total		RV		Marinas		Total
Revenues
Real property (excluding transient)	$	229.4	$	29.3	$	258.7	$	82.5	$	116.0	$	457.2	$	213.5	$	24.7	$	238.2	$	78.4	$	108.7	$	425.3
Real property - transient		0.8		23.0		23.8		128.0		9.8		161.6		0.3		21.8		22.1		131.2		7.1		160.4
Total operating revenues		230.2		52.3		282.5		210.5		125.8		618.8		213.8		46.5		260.3		209.6		115.8		585.7
Expenses
Property operating expenses		76.7		23.3		100.0		82.1		42.7		224.8		72.2		21.3		93.5		82.6		38.0		214.1
Real Property NOI	$	153.5	$	29.0	$	182.5	$	128.4	$	83.1	$	394.0	$	141.6	$	25.2	$	166.8	$	127.0	$	77.8	$	371.6

	Nine Months Ended September 30, 2023												Nine Months Ended September 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)	$	676.9	$	85.1	$	762.0	$	217.1	$	306.4	$	1,285.5	$	630.8	$	44.7	$	675.5	$	208.2	$	274.4	$	1,158.1
Real property - transient		1.5		37.9		39.4		241.3		20.2		300.9		1.2		34.7		35.9		253.0		14.6		303.5
Total operating revenues		678.4		123.0		801.4		458.4		326.6		1,586.4		632.0		79.4		711.4		461.2		289.0		1,461.6
Expenses

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