Sun Communities (SUI) investor relations material

Executive summary

• Core FFO per Share was $2.35, $0.02 above the high end of guidance and up from $2.28 a year earlier; MH performance led portfolio growth.

• Q3 continuing-operations net income was $137.1M versus a $53.1M loss; diluted EPS was $1.07 from continuing operations and $1.00 overall.

• Park Holidays sale completion shifted the portfolio focus to North American MH and RV operations.

Financial highlights

• Q3 revenue was $558.2M versus $555.9M; net income attributable to common shareholders was $120.7M versus $8.5M.

• Q3 Same Property NOI rose 3.6% to $295.7M; MH NOI grew 6.9% and RV NOI declined 1.3%.

• 9M revenue was $1.466B versus $1.446B; common-shareholder net loss was $880.7M, versus $1.239B net income, largely reflecting discontinued operations.

• 9M Core FFO per Share was $5.59 versus $5.28; Q3 was $2.35 versus $2.28.

• Q3 cash distribution was $1.12 per common share.

Outlook and guidance

• FY 2026 Core FFO guidance is $6.97-$7.05 per Share, with a $7.01 midpoint; revised guidance excludes UK contribution and is not directly comparable with prior guidance.

• North America Same Property NOI growth guidance is 4.9%-5.3%; MH range rose to 6.9%-7.2%, while RV range narrowed primarily due to property-specific utility costs.

• Preliminary 2027 average rent increases are 5.4% for MH and 4.4% for annual RV, both above 2026 levels.

• 2027 FFO faces a full year without UK earnings, nonrecurring Fort Myers NOI and business-interruption income, and lower expected Sungenia JV contribution; redeployment of proceeds partly offsets lost income.

• Full-year 2027 guidance is expected with Q4 results in February; 2026 guidance excludes transactions and capital-allocation activity after October 26.