Financial Data and Key Metrics Changes - The company reported core FFO per share of $1.76 for the quarter, exceeding the high end of guidance [6][15] - Total North American same property NOI grew 4.9% in the second quarter, driven primarily by the manufactured housing portfolio [6][11] - The company paid down approximately $3.3 billion of debt, significantly improving its balance sheet position [4][15] Business Line Data and Key Metrics Changes - Same property manufactured housing NOI increased 7.7%, with occupancy up 60 basis points to 97.6% [12] - Same property RV NOI declined 1.1%, driven by a 0.9% revenue increase offset by a 3.1% expense increase [12] - In the UK, same property NOI increased 10.2%, with revenue up 9.5% [13] Market Data and Key Metrics Changes - The UK portfolio showed strong demand, with expenses up 8.8% due to a national minimum wage increase, partially mitigated by cost savings initiatives [13] - The company is evaluating acquisition opportunities in strong markets with attractive supply-demand dynamics [5][20] Company Strategy and Development Direction - The company completed the sale of Safe Harbor Marinas, repositioning itself as a pure play owner and operator of manufactured housing and RV communities [4] - The company is focusing on driving top-line growth while maintaining expense efficiency, with a disciplined approach to managing operating expenses [11][14] - The appointment of Charles Young as the new CEO is expected to guide the company through its next phase of growth [7][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong foundation and future growth potential, emphasizing the importance of operational excellence and team development [7][22] - The company raised its full-year 2025 guidance for FFO per share to a range of $6.51 to $6.67, reflecting second-quarter outperformance [19][20] Other Important Information - The company returned over $830 million to shareholders through special cash distributions and share repurchases [5][18] - The company received two credit rating upgrades during the quarter, reflecting its deleveraging progress and balance sheet strength [19] Q&A Session Summary Question: Expectations about 1031 acquisition volume and tax considerations - Management indicated no expected adverse tax impact from releasing funds out of the 1031 exchange accounts and identified approximately $565 million of potential acquisitions [25][26] Question: Trends in transient RV business - Management noted that transient RV revenue headwinds are mitigated by success in converting transient sites to annual sites, and they continue to flex operating expenses [28][30] Question: Annual membership renewals - Renewals are spread throughout the year, with peaks in early and summer seasons depending on the location [32] Question: Outlook for MH home sales - The company expects stability in long-term cash flows due to high occupancy and low resident turnover, similar to the first half of the year [34] Question: Economics of UK ground lease purchases - The acquisition of ground leases creates financial flexibility and eliminates future rent escalations, improving long-term economics [37] Question: Share repurchase program attractiveness - The share buyback program is one of several capital allocation tools, alongside strategic reinvestment and acquisitions [77] Question: Future development and expansion opportunities - The company is not pursuing new greenfield projects but is evaluating a few expansion projects that meet return hurdles [80][81]

Core Insights - Sun Communities reported a revenue of $623.5 million for the quarter ended June 2025, reflecting a decrease of 27.8% year-over-year, while EPS was $1.76 compared to $0.42 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $618.9 million by 0.74%, and the EPS also surpassed the consensus estimate of $1.67 by 5.39% [1] Revenue Breakdown - Real property revenues (excluding transient) were $368.8 million, exceeding the average estimate of $350.97 million, but down 20.2% year-over-year [4] - Real property revenues (transient) reached $81.4 million, above the average estimate of $76.22 million, with an 8.6% decline compared to the previous year [4] - Brokerage commissions and other net revenues were $14.6 million, surpassing the average estimate of $10.5 million, marking a year-over-year increase of 30.4% [4] - Service, retail, dining, and entertainment revenues totaled $54.8 million, exceeding the average estimate of $43.69 million, but showing a significant decline of 70.9% year-over-year [4] - Interest revenues were $16.5 million, below the average estimate of $19.31 million, yet reflecting a substantial increase of 211.3% year-over-year [4] - Home sales revenues amounted to $100.1 million, exceeding the average estimate of $94.33 million, with a 6.9% decline compared to the year-ago quarter [4] Stock Performance - Over the past month, shares of Sun Communities have returned -6.3%, contrasting with the Zacks S&P 500 composite's increase of 3.4% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Performance - For the quarter ended June 30, 2025, net income attributable to common shareholders was $1.3 billion, or $10.02 per diluted share, compared to $52.1 million, or $0.42 per diluted share for the same period in 2024 [7] - Core Funds from Operations (Core FFO) for the quarter was $1.76 per share, down from $1.86 in the same period of 2024 [7] - North America Same Property Net Operating Income (NOI) for manufactured housing (MH) and recreational vehicle (RV) increased by 4.9% year-over-year [7][8] Operational Highlights - North America Same Property adjusted blended occupancy for MH and RV increased by 150 basis points to 99.0% at June 30, 2025, from 97.5% at June 30, 2024 [9] - The number of MH and annual RV revenue-producing sites increased by approximately 460 sites during the quarter [8] - UK Same Property NOI increased by 10.2% for the quarter ended June 30, 2025, compared to the same period in 2024 [7] Capital Management - The company returned over $830 million to shareholders, including special cash distributions and share repurchases [7] - A one-time special cash distribution of $4.00 per common share was paid, totaling $521.3 million [14] - The company repurchased approximately 1.6 million shares at an average cost of $124.03 per share for a total of $202.8 million during the quarter [15] Strategic Developments - The company completed the sale of Safe Harbor Marinas, generating approximately $5.25 billion in pre-tax cash proceeds and a book gain of $1.4 billion [12] - The company is transitioning to a pure-play owner and operator of manufactured housing and RV communities, enhancing financial flexibility and shareholder value [5] - Charles D. Young has been appointed as the new CEO, effective October 1, 2025, succeeding Gary A. Shiffman [17] Guidance Updates - The company raised its full-year 2025 Core FFO per share guidance to a range of $6.51 to $6.67 [7] - North American Same Property NOI growth guidance has been increased to a range of 3.9% to 5.6% [7] - UK Same Property NOI growth guidance has been updated to a range of 1.3% to 3.3% [7]

[Earnings Press Release and Guidance](index=5&type=section&id=Earnings%20Press%20Release%20and%20Guidance) [Second Quarter 2025 Results and Highlights](index=5&type=section&id=Second%20Quarter%202025%20Results%20and%20Highlights) Sun Communities reported strong Q2 2025 results, driven by the Safe Harbor Marinas sale, balance sheet strengthening, and operational improvements Financial Metric | Financial Metric | Q2 2025 (USD) | Q2 2024 (USD) | | :--- | :--- | :--- | | Net Income Attributable to Common Shareholders | $1.3 billion | $52.1 million | | Diluted EPS | $10.02 | $0.42 | | Core FFO per Share | $1.76 | $1.86 | - Completed the sale of Safe Harbor Marinas, generating approximately **$5.25 billion** in pre-tax cash proceeds and a book gain of **$1.4 billion**. This transaction repositions Sun as a pure-play owner of MH and RV communities[15](index=15&type=chunk)[21](index=21&type=chunk)[23](index=23&type=chunk) - North America Same Property NOI for MH and RV increased by **4.9% YoY** for the quarter, and adjusted blended occupancy for MH and RV rose by **150 basis points** to **99.0%**[10](index=10&type=chunk)[19](index=19&type=chunk) - Returned over **$830 million** to shareholders, which includes a **$4.00 per share** special cash distribution (**$521.3 million** total) and significant share repurchases[10](index=10&type=chunk)[25](index=25&type=chunk)[26](index=26&type=chunk) - Appointed **Charles D. Young** as the new CEO, effective **October 1, 2025**, succeeding Gary Shiffman who is retiring after 40 years[28](index=28&type=chunk) - As of June 30, 2025, the company's Net Debt to trailing twelve-month Recurring EBITDA ratio was significantly reduced to **2.9 times**[22](index=22&type=chunk) [2025 Guidance](index=10&type=section&id=2025%20GUIDANCE) The company raised its full-year 2025 Core FFO per share and Same Property NOI growth guidance for both North America and the UK Guidance Metric | Guidance Metric | Q3 2025 Range (per share) | Full Year 2025 Range (per share) | | :--- | :--- | :--- | | Diluted EPS | $1.21 - $1.31 | $11.34 - $11.50 | | Core FFO per Share | $2.13 - $2.23 | $6.51 - $6.67 | Same Property NOI Growth Guidance (FY 2025) | Same Property NOI Growth Guidance (FY 2025) | Prior Range (%) | Updated Range (%) | | :--- | :--- | :--- | | North America (MH and RV) | 3.5% - 5.2% | 3.9% - 5.6% | | UK | 0.9% - 2.9% | 1.3% - 3.3% | - Guidance for Q3 2025 assumes North America Same Property NOI growth of **2.4% - 5.6%** and UK Same Property NOI growth of **0.1% - 3.1%**[31](index=31&type=chunk) [Company and Portfolio Overview](index=14&type=section&id=Overview) [Company Overview and Investor Information](index=14&type=section&id=Company%20Overview%20and%20Investor%20Information) Sun Communities is a publicly traded REIT with a portfolio of 501 MH, RV, and UK properties, holding stable investment-grade credit ratings - As of June 30, 2025, the portfolio consists of **501 developed properties** with approximately **174,450 sites** across the U.S., Canada, and the U.K[44](index=44&type=chunk) Rating Agency | Rating Agency | Rating | Outlook | | :--- | :--- | :--- | | Moody's | Baa2 | Stable | | S&P | BBB+ | Stable | [Financial and Operating Highlights](index=15&type=section&id=Financial%20and%20Operating%20Highlights) Q2 2025 highlights include a diluted EPS of $10.02, Core FFO of $1.76 per share, improved Net Debt to Recurring EBITDA to 2.9x, and strong blended occupancy Metric (Q2 2025) | Metric (Q2 2025) | Value | YoY Change/Comparison | | :--- | :--- | :--- | | Diluted EPS | $10.02 | vs. $0.42 in Q2 2024 | | Core FFO per Share | $1.76 | vs. $1.86 in Q2 2024 | | Real Property NOI | $263.6M | vs. $253.6M in Q2 2024 | | Net Debt / TTM Recurring EBITDA | 2.9x | vs. 6.2x in Q2 2024 | | Blended MH & Annual RV Occupancy | 98.1% | vs. 97.5% in Q2 2024 | [Portfolio Overview](index=16&type=section&id=Portfolio%20Overview) As of June 30, 2025, the company's portfolio includes 501 properties with 174,450 sites across North America and the UK, showing strong regional occupancy rates Region | Region | Properties | Total Sites | Occupancy (Annual) (%) | | :--- | :--- | :--- | :--- | | North America | 448 | 152,920 | 98.1% | | United Kingdom | 53 | 21,530 | 90.3% | | **Total Portfolio** | **501** | **174,450** | | - The portfolio has significant geographic concentration in **Florida (124 properties, 45,250 sites)** and **Michigan (85 properties, 33,540 sites)**[49](index=49&type=chunk) [Financial Statements and Reconciliations](index=17&type=section&id=Financial%20Statements%20and%20Reconciliations%20to%20Non-GAAP%20Financial%20Measures) [Consolidated Balance Sheets](index=17&type=section&id=Consolidated%20Balance%20Sheets) The June 30, 2025, balance sheet reflects the Safe Harbor Marinas sale, significantly reducing total assets and liabilities while increasing cash Balance Sheet Item | Balance Sheet Item | June 30, 2025 (USD millions) | Dec 31, 2024 (USD millions) | | :--- | :--- | :--- | | Total Assets | $13,362.1 | $16,549.4 | | Cash, cash equivalents and restricted cash | $1,463.1 | $57.1 | | Assets held for sale and discontinued operations, net | $121.1 | $4,461.7 | | Total Liabilities | $5,570.0 | $9,096.8 | | Total debt | $4,283.5 | $7,352.8 | | Total Shareholders' Equity | $7,534.2 | $7,192.8 | [Consolidated Statements of Operations](index=18&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2025 saw a net loss from continuing operations due to impairments and debt extinguishment, but a significant gain from discontinued operations resulted in a total net income of $1.27 billion Statement of Operations | Statement of Operations | Q2 2025 (USD millions) | Q2 2024 (USD millions) | | :--- | :--- | :--- | | Total Revenues | $623.5 | $596.3 | | Net (Loss) / Income from Continuing Operations | $(92.2) | $32.7 | | Income from discontinued operations, net | $1,422.5 | $25.7 | | Net Income Attributable to SUI Common Shareholders | $1,273.6 | $52.1 | - Significant expenses in Q2 2025 included a **$166.1 million** asset impairment charge and a **$102.4 million** loss on extinguishment of debt[51](index=51&type=chunk) [Reconciliation to Core FFO](index=20&type=section&id=Reconciliation%20of%20Net%20Income%20Attributable%20to%20SUI%20Common%20Shareholders%20to%20Core%20FFO) Q2 2025 FFO decreased to $1.36 per share, and Core FFO was $1.76 per share, with key adjustments including asset impairments and Safe Harbor sale-related items Per Share Data | Per Share Data | Q2 2025 (per share) | Q2 2024 (per share) | | :--- | :--- | :--- | | FFO per Share | $1.36 | $1.79 | | Core FFO per Share | $1.76 | $1.86 | - Major adjustments from Net Income to FFO included a **$1.445 billion** gain on disposition from discontinued operations and a **$166.1 million** asset impairment charge[52](index=52&type=chunk) - Key adjustments from FFO to Core FFO included a **$102.4 million** loss on extinguishment of debt and **$48.4 million** in transaction costs from discontinued operations (Safe Harbor Sale)[52](index=52&type=chunk) [Reconciliation to NOI](index=21&type=section&id=Reconciliation%20of%20Net%20Income%20Attributable%20to%20SUI%20Common%20Shareholders%20to%20NOI) Q2 2025 total Net Operating Income (NOI) slightly increased to $295.5 million, primarily from real property operations, home sales, and ancillary services NOI Breakdown | NOI Breakdown | Q2 2025 (USD millions) | Q2 2024 (USD millions) | | :--- | :--- | :--- | | Real property NOI | $263.6 | $253.6 | | Home sales NOI | $23.3 | $30.7 | | Ancillary NOI | $8.6 | $8.4 | | **Total NOI** | **$295.5** | **$292.7** | [Reconciliation to Recurring EBITDA](index=22&type=section&id=Reconciliation%20of%20Net%20Income%20Attributable%20to%20SUI%20Common%20Shareholders%20to%20Recurring%20EBITDA) Q2 2025 Recurring EBITDA was $291.3 million, with adjustments from Net Income including property dispositions and Safe Harbor sale transaction costs EBITDA Metric | EBITDA Metric | Q2 2025 (USD millions) | Q2 2024 (USD millions) | | :--- | :--- | :--- | | Net Income Attributable to SUI Common Shareholders | $1,273.6 | $52.1 | | EBITDAre | $250.4 | $313.8 | | Recurring EBITDA | $291.3 | $335.9 | [Supplemental Disclosure: Real Property Operations](index=23&type=section&id=Supplemental%20Disclosure) [Total Portfolio](index=23&type=section&id=Real%20Property%20Operations%20-%20Total%20Portfolio) Q2 2025 total portfolio Real Property NOI increased to $263.6 million, primarily from MH and RV segments, with a slight decrease in properties due to dispositions Real Property NOI | Real Property NOI | Q2 2025 (USD millions) | Q2 2024 (USD millions) | | :--- | :--- | :--- | | MH | $168.6 | $160.7 | | RV | $72.9 | $74.2 | | UK | $22.1 | $18.7 | | **Total** | **$263.6** | **$253.6** | - As of June 30, 2025, the total portfolio had **174,450 sites** across **501 properties**, compared to 181,760 sites across 529 properties in the prior year[55](index=55&type=chunk) [North America Same Property Portfolio](index=24&type=section&id=Real%20Property%20Operations%20-%20North%20America%20Same%20Property%20Portfolio) North America Same Property portfolio showed strong Q2 2025 results with a 4.9% total NOI increase, driven by MH growth and improved blended occupancy North America Same Property (Q2 2025 vs Q2 2024) | North America Same Property (Q2 2025 vs Q2 2024) | Revenue Change (%) | Expense Change (%) | NOI Change (%) | | :--- | :--- | :--- | :--- | | MH | +6.9% | +4.7% | +7.7% | | RV | +0.9% | +3.1% | -1.1% | | **Total** | **+4.6%** | **+3.9%** | **+4.9%** | - Same Property adjusted blended occupancy for MH and RV increased by **150 basis points** to **99.0%** at June 30, 2025, from 97.5% at June 30, 2024[59](index=59&type=chunk) - Average monthly base rent per site increased by **5.3%** for MH sites (to **$730**) and **5.0%** for annual RV sites (to **$677**)[58](index=58&type=chunk) [UK Same Property Portfolio](index=26&type=section&id=Real%20Property%20Operations%20-%20UK%20Same%20Property%20Portfolio) The UK Same Property portfolio showed strong Q2 2025 performance with a 10.2% NOI increase on a constant currency basis, driven by revenue growth and improved occupancy UK Same Property (Q2 2025 vs Q2 2024) | UK Same Property (Q2 2025 vs Q2 2024) | % Change (Constant Currency) | | :--- | :--- | | Total Operating Revenues | +9.5% | | Same Property Operating Expenses | +8.8% | | **Real Property NOI** | **+10.2%** | - Average monthly base rent per site increased by **5.3%** to **$584**[60](index=60&type=chunk) [Other Operating Information](index=27&type=section&id=Other%20Operating%20Information) [Home Sales Summary](index=27&type=section&id=Home%20Sales%20Summary) Q2 2025 total home sales NOI decreased by 24.1% to $23.3 million, primarily due to a significant decline in North American sales Home Sales (Q2 2025) | Home Sales (Q2 2025) | North America | UK | Total | | :--- | :--- | :--- | :--- | | Units Sold | 480 (-23.0% YoY) | 805 (+2.3% YoY) | 1,285 (-8.9% YoY) | | Average Selling Price | $87,083 (-6.8% YoY) | $72,422 (+15.6% YoY) | - | | NOI (in millions) | $6.8 (-48.5% YoY) | $16.5 (-5.7% YoY) | $23.3 (-24.1% YoY) | [Operating Statistics for MH and Annual RVs](index=27&type=section&id=Operating%20Statistics%20for%20MH%20and%20Annual%20RVs) As of June 30, 2025, the resident move-out rate for MH and RVs slightly decreased, resulting in a net gain of 474 leased sites Metric | Metric | YTD June 30, 2025 | Full Year 2024 | | :--- | :--- | :--- | | Resident Move-outs (% of Total Sites) | 4.2% | 4.3% | | Leased Sites, Net Gain | 474 | 3,209 | [Investment Activity](index=28&type=section&id=Investment%20Activity) [Acquisitions and Dispositions](index=28&type=section&id=Acquisitions%20and%20Dispositions) Year-to-date disposition activity, primarily the Safe Harbor Marinas sale, generated over $5.5 billion in proceeds from various property types Disposition | Disposition | Properties | Proceeds (USD millions) | Month | | :--- | :--- | :--- | :--- | | Safe Harbor Marinas - Initial Closing | 123 | $5,250.0 | April | | Safe Harbor Marinas - Delayed Consent | 6 | $136.7 | May/June | | RV Portfolio | 2 | $92.9 | January | | MH Portfolio | 3 | $27.8 | March | | **Total Dispositions to Date** | **135** | **$5,510.9** | | [Capital Expenditures and Investments](index=29&type=section&id=Capital%20Expenditures%20and%20Investments) For the six months ended June 30, 2025, the company invested $113.0 million in capital expenditures, primarily in non-recurring expansion and development projects Capital Expenditures (Six Months Ended June 30, 2025) | Capital Expenditures (Six Months Ended June 30, 2025) | Amount (USD millions) | | :--- | :--- | | Recurring Capital Expenditures | $27.8 | | Non-Recurring Capital Expenditures | $85.2 | |     - Lot Modifications | $18.2 | |     - Growth Projects | $7.2 | |     - Acquisitions | $9.6 | |     - Expansion and Development | $49.7 | | **Total** | **$113.0** | [Capitalization](index=30&type=section&id=Capitalization) [Capitalization Overview](index=30&type=section&id=Capitalization%20Overview) As of June 30, 2025, Sun Communities reported a total market capitalization of $16.6 billion, $4.3 billion in debt, and maintained stable investment-grade credit ratings Capitalization Metric | Capitalization Metric | As of June 30, 2025 (USD millions) | | :--- | :--- | | Diluted shares outstanding and market capitalization | $16,581.2 | | Total debt, per consolidated balance sheet | $4,283.5 | | Total capitalization | $20,864.7 | | Enterprise Value | $19,970.8 | [Summary of Outstanding Debt](index=31&type=section&id=Summary%20of%20Outstanding%20Debt) As of June 30, 2025, total debt was $4.3 billion at a 3.38% weighted average interest rate, comprising secured and unsecured notes Debt Type | Debt Type | Debt Outstanding (USD millions) | Weighted Average Interest Rate (%) | | :--- | :--- | :--- | | Secured Debt | $2,498.2 | 3.73% | | Unsecured Debt | $1,785.3 | 2.90% | | **Total Debt** | **$4,283.5** | **3.38%** | [Debt Maturities](index=32&type=section&id=Debt%20Maturities) The company maintains a well-staggered debt maturity profile with minimal near-term obligations and the largest portion maturing after 2029 Year | Year | Total Debt Maturing (USD millions) | | :--- | :--- | | 2025 | $24.5 | | 2026 | $534.9 | | 2027 | $37.4 | | 2028 | $667.2 | | 2029 | $351.8 | | Thereafter | $2,689.5 | [Debt Analysis](index=33&type=section&id=Debt%20Analysis) As of June 30, 2025, the company's credit metrics significantly improved, with a Net Debt to TTM Recurring EBITDA ratio of 2.9x, ensuring compliance with all debt covenants Select Credit Ratios | Select Credit Ratios | As of June 30, 2025 | | :--- | :--- | | Net Debt / TTM Recurring EBITDA | 2.9x | | Net Debt / Enterprise Value | 17.0% | | Unencumbered Assets / Total Assets | 80.7% | | TTM Recurring EBITDA / Interest | 3.8x | - The company is in compliance with all debt covenants, with its total debt to total assets ratio at **26.0%** versus a requirement of ≤60.0%, and its debt service coverage ratio at **7.48x** versus a requirement of ≥1.50x[71](index=71&type=chunk) [Definitions and Notes](index=34&type=section&id=Definitions%20and%20Notes) [Definitions and Notes](index=34&type=section&id=Definitions%20and%20Notes_child) This section defines non-GAAP financial measures like FFO, Core FFO, NOI, and EBITDAre, and provides explanatory notes on key accounting treatments and financial statement line items - The sale of Safe Harbor Marinas is treated as a strategic shift, with its results presented as discontinued operations. The initial closing generated a gain on sale of **$1.4 billion**[74](index=74&type=chunk)[75](index=75&type=chunk) - Asset impairments of **$166.1 million** in Q2 2025 were recorded, consisting of **$132.7 million** for three UK development properties and **$32.2 million** for three US/Canada RV properties due to changes in strategic plans[73](index=73&type=chunk) Other adjustments, net - continuing operations (Q2 2025) | Other adjustments, net - continuing operations (Q2 2025) | Amount (USD millions) | | :--- | :--- | | Deferred tax benefit | $(32.1) | | Long term lease termination gains | $(25.7) | | Cash flow hedge gains from debt extinguishments | $(7.4) | | **Total** | **$(60.8)** |

Core Viewpoint - Sun Communities, Inc. has appointed Charles D. Young as the new CEO, effective October 1, 2025, succeeding Gary A. Shiffman, who will transition to Non-Executive Chairman of the Board after 40 years of leadership [1][2][5]. Company Leadership Transition - Charles D. Young brings over 25 years of experience in real estate operations, development, and investment management, having served as President of Invitation Homes Inc. since March 2023 [3][4]. - Gary A. Shiffman has led Sun Communities for 40 years, during which the company grew from a market capitalization of approximately $100 million at its IPO in 1993 to over $16.5 billion [6]. Company Growth and Performance - Under Shiffman's leadership, Sun Communities expanded its portfolio from 31 properties to over 500 manufactured housing and recreational vehicle communities across North America and the UK [6]. - The company achieved a total return of over 4,100% from its IPO through June 30, 2025, including over 150% total return for the ten years ending June 30, 2025 [6]. - Sun Communities has maintained an average annual NOI growth of 5.3% for the past 25 years without a negative year-over-year Same Property NOI quarterly performance [6]. Company Overview - As of March 31, 2025, Sun Communities owned, operated, or had an interest in a portfolio of 502 developed properties, comprising approximately 174,850 developed sites in the United States, Canada, and the United Kingdom [7].

Core Viewpoint - Sun Communities, Inc. will release its second quarter 2025 operating results on July 30, 2025, and will host a conference call to discuss these results on July 31, 2025 [1]. Group 1: Conference Call Details - The conference call is scheduled for July 31, 2025, at 2:00 P.M. ET [1]. - Participants can dial in at least 5 minutes prior to the start time, with U.S. and Canada numbers being (877) 407-9039 and international number (201) 689-8470 [2]. - A replay of the conference call will be available until August 14, 2025, with U.S. and Canada replay number (844) 512-2921 and international number (412) 317-6671 [3]. Group 2: Company Overview - As of March 31, 2025, Sun Communities, Inc. owned, operated, or had an interest in a portfolio of 502 developed properties, comprising approximately 174,850 developed sites across the United States, Canada, and the United Kingdom [4].

Financial Performance & Growth - Core FFO per Share increased by 12.9% for the year ended December 31, 2022, reaching $7.35[19] - The company anticipates total same property NOI growth of 4.9% - 5.9% and Core FFO per Share of $7.22 - $7.42 for 2023[19] - Sun has generated greater FFO per share growth than Multifamily peers, with 8.6% Core FFO per share growth (10-year CAGR) and a 4.9% Core FFO per share yield[80] Revenue & NOI Composition - 53% of Real Property NOI is derived from MH (Manufactured Housing)[8] - 85% of NOI (Net Operating Income) is derived from Rental Income[10] - Average Rental Rate Increases are projected at 7.8% for North America and 7.5% for the UK in 2023[9] Portfolio & Occupancy - The total MH portfolio has a 95.9% occupancy rate[35] - Sun's MH communities provide 25% more space than multi-family and single-family rentals at ~51% less cost per square foot[35,81] - Sun is the largest publicly traded operator of MH, RV and Marinas, with ~179,700 MH and RV sites and ~48,000 wet slips and dry storage spaces[22] Expansion & Development - The company delivered over 2,000 expansion and greenfield development sites in 2022 and plans to invest ~$200 million in these activities in 2023[19] - Sun's development platform has delivered ~13,800 MH and RV expansion and development sites from 2012 – 2022[35] Marina Operations - 81% of Marinas are in coastal markets[30] - 91% of Marinas have a waitlist[30]

Group 1 - Albert Anthony is a senior analyst with over 10 years of experience in investment banking, focusing on market commentary and stock ratings using a 6-step methodology [1] - The analyst has gained over 1 thousand followers on Seeking Alpha since 2023 and writes for various financial media platforms [1] - A new book titled "The Analyst: 6 Steps To Picking Stocks For Future Growth (2025 edition)" is set to launch, aiming to reach over 1 million readers on Amazon [1] Group 2 - Albert Anthony has a background in IT analysis and transitioned to the financial sector during the remote-work era of 2020, renewing interest in home-based stock trading [1] - The analyst has earned degrees and certificates from institutions such as Drew University and the Corporate Finance Institute [1] - The brand "Albert Anthony & Company" is a privately-held enterprise registered in Austin, Texas [1]

Core Points - Sun Communities, Inc. declared a quarterly distribution of $1.04 per share for Q2 2025, payable on July 15, 2025, to shareholders of record on June 30, 2025 [1] Company Overview - As of March 31, 2025, Sun Communities, Inc. owned, operated, or had an interest in a portfolio of 502 developed properties, comprising approximately 174,850 developed sites across the United States, Canada, and the United Kingdom [2]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number: 1-12616 SUN COMMUNITIES, INC (Exact Name of Registrant as Specified in its Charter) Maryland 38-2730780 (State of Incorporation) ...