Sun Communities (SUI) Proxy filing summary

Executive summary

• Achieved significant strategic transformation in 2025, including the $5.65 billion sale of Safe Harbor Marinas, focusing on core manufactured housing (MH) and recreation vehicle (RV) segments, and strengthening the balance sheet by reducing debt by over $3 billion and eliminating floating-rate debt exposure.

• Returned capital to shareholders through share repurchases, a special cash distribution, and a 10.6% increase in the annual dividend.

• Acquired 14 MH and annual RV communities and obtained full freehold interest in 32 UK properties, enhancing portfolio flexibility.

• Leadership transition with Charles D. Young appointed CEO and director in October 2025; Board refreshment with six new directors since 2021.

• Achieved strong financial results: $2.3 billion in revenues, 5.5% combined North America and UK Same Property NOI growth, and Core FFO per Share of $6.68.

Voting matters and shareholder proposals

• Shareholders will vote to elect nine directors, approve a non-binding advisory vote on executive compensation (say-on-pay), and ratify the selection of Deloitte & Touche LLP as the independent registered public accounting firm for 2026.

• Proxy access allows shareholders (or groups up to 20) owning 3%+ of stock for three years to nominate up to 20% of the Board.

Board of directors and corporate governance

• Board consists of nine nominees, 80% independent, with a Lead Independent Director and annual elections.

• Board committees include Audit, Compensation, Capital Allocation, NCG, and Executive Committees, all with independent members.

• Board refreshment ongoing, with six new directors since 2021 and committee realignment planned post-Annual Meeting.

• Governance best practices include termination of poison pill, anti-hedging policy, clawback policy, and annual Board evaluations.