Sun Communities (SUI) Investor presentation summary

Company highlights

• Largest pure-play owner and operator of manufactured housing and RV communities in North America, with a high-quality, scalable portfolio and strong recurring cash flows supported by long-term resident tenure and high occupancy rates.

• Over 156,000 sites across 455 communities, with 295 manufactured housing and 160 RV communities as of June 30, 2026.

• Approximately 75% of revenue is derived from annual/recurring income, and 96% of NOI is generated by real property operations.

• Investment grade balance sheet with net debt to TTM recurring EBITDA at 3.9x and 100% fixed-rate debt.

• Dividend yield at 3.7% and a 30+ year public company track record.

Market fundamentals and demand drivers

• Manufactured housing and RV sectors benefit from strong demographic tailwinds, with 60% of MH homeowners aged 55+ and both 35-54 and 55+ cohorts projected to grow faster than younger groups.

• Affordability gap: new site-built homes average ~$400K versus ~$115K for new MH; RV vacations cost 50-60% less than comparable hotel trips.

• Structural supply scarcity with less than 1% annual MH supply growth and a significant shortfall in RV campsites relative to demand.

• MH offers lower cost per square foot and longer resident tenure (~10 years) compared to multifamily rentals.

• RV category supported by a large, loyal base and a 4.5% CAGR in active camping households since 2014.

Financial and operational performance

• 10-year average MH site rental rate growth of 4.4% and RV site rental rate growth of 5.6%.

• Same property NOI growth averaged 6.4% over the past decade, with 98%+ MH occupancy rates.

• Over 25 years of consistent, positive same property NOI growth, outperforming multifamily REITs by ~220bps since 2000.

• 2Q26 North America same property NOI growth at 6.0%; FY26E midpoint guidance for core FFO per share at $7.02 and NOI growth at 4.9%.

• $360m in YTD stock repurchases with ~$700m remaining capacity.