Sun Communities (SUI) Earnings Call Presentation

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]