SUN COMMUNITIES INC (SUI)

CIK: 0000912593. SIC: 6798 Real Estate Investment Trusts. Latest 10-K as of: 2026-02-25.

SIC breadcrumb: Finance, Insurance, And Real Estate > Holding And Other Investment Offices > SIC 6798 Real Estate Investment Trusts

SEC company page: https://www.sec.gov/edgar/browse/?CIK=912593. Latest filing source: 0000912593-26-000086.

Selected Fundamentals

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000912593.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Free cash flow = operating cash flow - capital expenditures. Missing metrics are omitted rather than fabricated.

Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-28. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000912593.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

Quarterly Charts

Macro Cross-References

• CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
• UNRATE - Unemployment Rate
• FEDFUNDS - Federal Funds Effective Rate
• CES0500000003 - Average Hourly Earnings of All Employees, Total Private
• DFEDTARU - Federal Funds Target Range - Upper Limit
• DFEDTARL - Federal Funds Target Range - Lower Limit
• DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
• DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
• DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
• DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
• T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
• CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
• CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
• CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
• CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
• PCEPI - Personal Consumption Expenditures: Chain-type Price Index
• PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
• PPIACO - Producer Price Index by Commodity: All Commodities
• T10YIE - 10-Year Breakeven Inflation Rate
• U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
• PAYEMS - All Employees, Total Nonfarm
• CIVPART - Labor Force Participation Rate
• EMRATIO - Employment-Population Ratio
• UNEMPLOY - Unemployed
• CE16OV - Employment Level
• ICSA - Initial Claims
• JTSJOL - Job Openings: Total Nonfarm
• JTSQUR - Quits: Total Nonfarm
• GDPC1 - Real Gross Domestic Product
• A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
• INDPRO - Industrial Production: Total Index
• TCU - Capacity Utilization: Total Index
• HOUST - New Privately-Owned Housing Units Started: Total Units
• PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
• RSAFS - Advance Retail Sales: Retail Trade
• PCE - Personal Consumption Expenditures
• DSPIC96 - Real Disposable Personal Income
• PSAVERT - Personal Saving Rate
• M2SL - M2
• BOPGSTB - U.S. International Trade in Goods and Services: Balance
• MSPUS - Median Sales Price of Houses Sold for the United States
• HSN1F - New One Family Houses Sold: United States
• RHORUSQ156N - Homeownership Rate in the United States
• TTLCONS - Total Construction Spending: Total Construction in the United States
• RRVRUSQ156N - Rental Vacancy Rate in the United States
• TOTALSL - Total Consumer Credit Owned and Securitized
• REVOLSL - Revolving Consumer Credit Owned and Securitized
• DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
• GDP - Gross Domestic Product
• GPDI - Gross Private Domestic Investment
• GCE - Government Consumption Expenditures and Gross Investment
• PCEC - Personal Consumption Expenditures
• NETEXP - Net Exports of Goods and Services
• GFDEBTN - Federal Debt: Total Public Debt
• GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
• FYFSD - Federal Surplus or Deficit
• FGRECPT - Federal Government Current Receipts
• FGEXPND - Federal Government: Current Expenditures
• MANEMP - All Employees, Manufacturing
• USCONS - All Employees, Construction
• USTRADE - All Employees, Retail Trade
• USFIRE - All Employees, Financial Activities
• USGOVT - All Employees, Government
• AWHAETP - Average Weekly Hours of All Employees, Total Private
• DGORDER - Manufacturers' New Orders: Durable Goods
• NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
• BUSINV - Total Business Inventories
• EXPGS - Exports of Goods and Services
• IMPGS - Imports of Goods and Services
• IR - Import Price Index (End Use): All Commodities
• PPIFIS - Producer Price Index by Commodity: Final Demand

Latest quarter (10-Q)

Latest 10-Q source: 0000912593-26-000160.

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high. Filing date: 2026-04-28. Report date: 2026-03-31.

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of the consolidated financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and the accompanying Notes, along with our 2025 Annual Report.

OVERVIEW

We are a fully integrated REIT. As of March 31, 2026, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 515 developed properties located in the U.S., Canada, and the United Kingdom including 295 MH communities, 166 RV communities, and 54 UK communities.

We have been in the business of operating, acquiring, developing and expanding MH and RV communities since 1975, and communities in the United Kingdom since 2022. We lease individual parcels of land, or sites, with utility access for the placement of manufactured homes and RVs to our MH, RV, and UK customers. Our MH communities are designed to offer affordable housing to individuals and families, while also providing certain amenities. In the U.S., we are also engaged in the marketing, selling and leasing of new and pre-owned homes to current and future residents in our MH communities. The rental program operations within our MH communities support and enhance our occupancy levels, property performance and cash flows. Our RV communities are designed to offer affordable vacation opportunities to individuals and families complemented by a diverse selection of high-quality amenities. In the United Kingdom, our UK communities are referred to as "holiday parks" and are located predominantly at irreplaceable seaside destinations in the south of England. We provide holiday home sales and associated site license activities to holiday homeowners in our communities.

Over the past several years, we have shifted our strategy toward optimizing the value of our core business through achieving strong rental rate growth and operating efficiencies, while also pursuing select new acquisition opportunities that meet our capital investment criteria. In 2025, the Safe Harbor Sale advanced our strategy of focusing on our core business and enhanced our leverage profile and financial flexibility. Our current objectives include continuing to streamline our operations with an emphasis on our reliable real property income, while also selectively pursuing MH and RV acquisition opportunities. We believe we are positioned for organic growth in 2026 with expected rental rate increases, occupancy gains, and expense management as we focus on increasing long-term value for shareholders.

SIGNIFICANT ACCOUNTING POLICIES

We have identified significant accounting policies that, as a result of the judgments, uncertainties, and complexities of the underlying accounting standards and operations involved could result in material changes to our financial condition or results of operations under different conditions or using different assumptions. Details regarding significant accounting policies are described fully in our Annual Report on Form 10-K for the year ended December 31, 2025.

NON-GAAP FINANCIAL MEASURES

In addition to the results reported in accordance with GAAP in our "Results of Operations" below, we have provided information regarding NOI and funds from operations ("FFO") as supplemental performance measures. We believe NOI and FFO are appropriate measures given their wide use by and relevance to investors and analysts following the real estate industry. NOI provides a measure of rental operations and does not factor in depreciation, amortization, and non-property specific expenses such as general and administrative expenses. FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation / amortization of real estate assets. In addition, NOI, and FFO are commonly used in various ratios, pricing multiples / yields and returns, and valuation calculations used to measure financial position, performance, and value.

NOI

Total Portfolio NOI - NOI is derived from property operating revenues minus property operating expenses and real estate taxes. NOI is a non-GAAP financial measure that we believe is helpful to investors as a supplemental measure of operating performance because it is an indicator of the return on property investment and provides a method of comparing property performance over time. We use NOI as a key measure when evaluating performance and growth of particular properties and / or groups of properties. The principal limitation of NOI is that it excludes depreciation, amortization, interest expense, and non-property specific expenses such as general and administrative expenses, all of which are significant costs. Therefore, NOI is a measure of the operating performance of our properties rather than of the Company overall. We believe that NOI provides enhanced comparability for investor evaluation of property performance and growth over time.

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SUN COMMUNITIES, INC.

We believe that GAAP net income (loss) is the most directly comparable measure to NOI. NOI should not be considered to be an alternative to GAAP net income (loss) as an indication of our financial performance or GAAP net cash provided by operating activities as a measure of our liquidity; nor is it indicative of funds available for our cash needs, including our ability to make cash distributions. Because of the inclusion of items such as interest, depreciation, and amortization, the use of GAAP net income (loss) as a performance measure is limited as these items may not accurately reflect the actual change in market value of a property, in the case of depreciation and in the case of interest, may not necessarily be linked to the operating performance of a real estate asset, as it is often incurred at a parent company level and not at a property level.

Same Property NOI - This is a key management tool used when evaluating the performance and growth of our Same Property portfolio. We define same properties as those we have owned and operated continuously since January 1, 2025. Same properties exclude ground-up development properties, acquired properties, properties classified as discontinued operations, properties impacted by catastrophic weather events, and properties sold after December 31, 2024. The Same Property data may change from time-to-time depending on acquisitions, dispositions, management discretion, significant transactions, or unique situations. Same Property NOI does not include the revenues and expenses related to home sales and ancillary activities at the properties. We believe that Same Property NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the Same Property portfolio from one period to the next. For the UK segment, we present Same Property NOI growth rate information on a constant currency basis to provide a framework for assessing how our underlying properties performed after excluding the effects of changes in exchange rates. We believe that the presentation of UK Same Property NOI on a constant currency basis helps to improve the ability to understand our performance because it excludes the effects of foreign currency volatility which are not indicative of our core operating results in the region.

FFO

FFO is defined by the National Association of Real Estate Investment Trusts ("Nareit") as GAAP net income (loss), excluding gains (or losses) from sales of certain real estate assets, plus real estate related depreciation and amortization, impairments of certain real estate assets and investments, and after adjustments for nonconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure that management believes is a useful supplemental measure of our operating performance. By excluding gains and losses related to sales of previously depreciated operating real estate assets, real estate related impairment and real estate asset depreciation and amortization (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO provides a performance measure that, when compared period-over-period, reflects the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing perspective not readily apparent from GAAP net income (loss). Management believes the use of FFO has been beneficial in improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful.

Core FFO - In addition to FFO, we use FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of our core business ("Core FFO") to evaluate our performance. These adjustments include acquisition and other transaction costs, gains and losses from the early extinguishment of debt, costs related to catastrophic weather events, net of insurance recoveries, gains and losses on foreign currency exchanges, and other miscellaneous non-comparable items, such as restructuring costs.

We believe that FFO and Core FFO provide enhanced comparability for investor evaluations of period-over-period results. We believe that GAAP net income (loss) is the most directly comparable measure to FFO. The principal limitation of FFO is that it does not replace GAAP net income (loss) as a financial performance measure or GAAP cash flow from operating activities as a measure of our liquidity. Because FFO excludes significant economic components of GAAP net income (loss) including depreciation and amortization, FFO should be used as a supplement to GAAP net income (loss) and not as an alternative to it. Furthermore, FFO is not intended as a measure of a REIT's ability to meet debt principal repayments and other cash requirements, nor as a measure of working capital. FFO is calculated in accordance with our interpretation of standards established by Nareit, which may not be comparable to FFO reported by other REITs that interpret the Nareit definition differently. Certain financial information has been revised to reflect reclassifications in prior periods to conform to current period presentation.

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SUN COMMUNITIES, INC.

RESULTS OF OPERATIONS

The following tables reconcile the Net loss attributable to SUI common shareholders to NOI and summarize our consolidated financial results for the three months ended March 31, 2026 and 2025 (in millions):

Three Months Ended March 31,

2026

2025

Net Loss Attributable to SUI Common Shareholders

$

(8.7)

$

(42.8)

Interest income

(7.4)

(4.4)

Brokerage commissions and other revenues, net

(1.9)

(1.7)

General and administrative

69.5 

57.0 

Catastrophic event-related charges, net

0.5 

(0.1)

Depreciation and amortization

132.5 

123.7 

Asset impairments

0.3 

24.0 

Interest expense

38.4 

82.1 

(Gain) / loss on foreign currency exchanges

24.5 

(8.7)

(Gain) / loss on disposition of properties

(0.2)

1.1 

Other (income) / expense, net

3.8 

(5.7)

(Gain) / loss on remeasurement of notes receivable

(0.1)

0.2 

Income from nonconsolidated affiliates

(6.1)

(3.0)

Gain on remeasurement of investment in nonconsolidated affiliates

(0.2)

— 

Current tax expense

1.7 

1.9 

Deferred tax (benefit) / expense

6.4 

(5.2)

Loss from discontinued operations, net

— 

18.5 

Add: Preferred return to preferred OP units / equity interests

2.7 

3.1 

Add: Loss attributable to noncontrolling interests

(0.3)

(1.9)

NOI

$

255.4 

$

238.1 

Three Months Ended March 31,

2026

2025

Real property NOI(1)

$

246.9 

$

226.4 

Home sales NOI(1)

11.9 

14.6 

Ancillary NOI(1)

(3.4)

(2.9)

NOI(1)

$

255.4 

$

238.1 

(1) Excludes properties classified as discontinued operations. During the three months ended March 31, 2025, our marina properties generated total NOI of $64.3 milli

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high. Filing date: 2026-02-25. Report date: 2025-12-31.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS

The following discussion and analysis of the consolidated financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and accompanying footnotes thereto included in this Annual Report on Form 10-K. In addition to the results presented in accordance with GAAP below, we have provided net operating income ("NOI") and FFO information as supplemental performance measures. Refer to Non-GAAP Financial Measures in this Item 7 for additional information.

OVERVIEW AND OUTLOOK

We are a fully integrated REIT. As of December 31, 2025, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 513 developed properties located in the U.S., Canada, and the UK including 294 MH communities, 166 RV communities, and 53 UK communities.

23

SUN COMMUNITIES, INC.

We have been in the business of operating, acquiring, developing and expanding MH and RV communities since 1975, and communities in the United Kingdom since 2022. We lease individual parcels of land, or sites, with utility access for the placement of manufactured homes and RVs to our MH, RV, and UK customers. Our MH communities are designed to offer affordable housing to individuals and families, while also providing certain amenities. In the U.S., we are also engaged in the marketing, selling and leasing of new and pre-owned homes to current and future residents in our MH communities. The rental program operations within our MH communities support and enhance our occupancy levels, property performance and cash flows. Our RV communities are designed to offer affordable vacation opportunities to individuals and families complemented by a diverse selection of high-quality amenities. In the United Kingdom, our UK communities are referred to as "holiday parks" and are located predominantly at irreplaceable seaside destinations in the south of England. We provide holiday home sales and associated site license activities to holiday homeowners in our communities.

In 2025, we continued our portfolio optimization and simplification strategy by completing the Safe Harbor Sale for total net cash proceeds of $5.5 billion, generating a total gain on sale of $1.5 billion. The Safe Harbor Sale accelerates our strategy of focusing on our core business and significantly enhances our leverage profile and financial flexibility. We have deployed the majority of the cash proceeds from the Safe Harbor Sale to implement a capital allocation plan that reflects a balanced, tax-efficient approach to optimize shareholder value through significantly lower leverage, greater financial flexibility to drive sustainable cash flow growth, and a thoughtful capital return strategy. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," in our accompanying Consolidated Financial Statements for additional details related to the Safe Harbor Sale.

Pursuant to our portfolio optimization strategy, we completed targeted, growth-oriented investment and acquisition opportunities in 2025, while also continuing our targeted disposition program to divest non-strategic assets in an effort to simplify management and maintain financial flexibility. During the year ended December 31, 2025, we acquired 11 MH and three RV properties for total cash consideration of $457.0 million and repurchased the titles to all 32 UK properties that were previously controlled via ground leases for total cash consideration of $386.8 million. Also during the year, we sold four MH properties, three RV properties, and three development land parcels in the U.S. and UK for a gross sale price of $202.6 million. The property dispositions have strengthened our financial position by enabling us to reduce debt while also exiting non-core markets. We remain focused on maximizing real property income, Same Property NOI growth, and Core FFO per share growth, which we believe will enhance long-term shareholder value.

Leadership Transition

Charles D. Young began serving as our CEO and as a Director on October 1, 2025. Mr. Young succeeds Gary Shiffman, who retired as our CEO after a distinguished 40 years leading Sun Communities. We entered into an employment agreement with Mr. Young under which he will serve as our CEO for a five year term, which is automatically renewable thereafter for successive one-year terms unless either party timely terminates the agreement. Refer to the Form 8-K filed with the SEC on July 23, 2025 for additional details related to Mr. Young's employment agreement.

Mr. Shiffman will continue to serve as the Chairman of our Board of Directors. Refer to the Form 8-K filed with the SEC on December 16, 2025 for additional details related to Mr. Shiffman's transition services agreement.

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SUN COMMUNITIES, INC.

EXECUTIVE SUMMARY

2025 General Overview

Key operational and financial highlights included the following:

•Completed the disposition of the Safe Harbor Marinas business for an aggregate purchase price of $5.65 billion.

•Acquired 11 MH and three RV properties for total cash consideration of $457.0 million, which was primarily sourced from 1031 exchange escrow accounts to minimize the tax impact from the Safe Harbor Sale.

•Repurchased 4.3 million shares of our common stock at an average cost of $125.62 per share for a total of $539.1 million.

•Completed the redemption of $956.5 million in outstanding unsecured senior notes, inclusive of prepayment costs of $56.5 million.

•Completed the repayment of $1.6 billion under our senior credit facility and $737.7 million of secured mortgage debt, inclusive of prepayments costs of $45.9 million.

•Entered into a new $2.0 billion multi-currency revolving credit facility that matures on January 31, 2030.

•Completed the repurchase of titles to 32 UK properties that were previously controlled via ground leases, reducing our financial liability by $355.9 million.

•Total revenues from continuing operations for 2025 were $2.3 billion, consistent with 2024 total revenues.

•Net income from continuing operations was $0.6 million in 2025, as compared to $32.9 million in 2024.

•Net income attributable to SUI common shareholders was $1.4 billion, as compared to a net income attributable to SUI common shareholders of $89.0 million in the prior year, driven primarily by a total gain of $1.5 billion from the Safe Harbor Sale in 2025.

•Achieved annual Core FFO of $6.68 per diluted share and OP unit.

•Achieved real property Same Property NOI growth of 8.9% for MH and 3.5% for the UK over 2024. For the RV segment, we experienced a decline in Same Property NOI growth of 1.4%, driven by lower than anticipated real property - transient revenues.

•Increased Same Property adjusted blended occupancy for MH and RV by 40 basis points to 99.1% as compared to 98.7% in 2024.

Property Operations

Occupancy in our MH and annual RV properties, as well as our ability to increase rental rates, directly affect revenues. Our revenue streams are predominantly derived from customers renting our sites on a long-term basis. Our Same Property communities continue to achieve revenue and occupancy increases which drive continued NOI growth.

Year Ended December 31,

Portfolio Information:

2025

2024

2023

Occupancy % - Total Portfolio - MH and Annual RV Occupancy(1)

96.9 

%

97.0 

%

96.4 

%

Occupancy % - Same Property - Adjusted MH and Annual RV Occupancy(1)(2)

99.1 

%

98.7 

%

97.4 

%

Core FFO per share

$

6.68 

$

6.81 

$

7.10 

Real property NOI - Total Portfolio (in millions)

$

1,058.8 

$

1,015.3 

$

976.6 

Real property NOI - Same Property (in millions) - MH and RV(3)

$

963.7 

$

911.8 

$

872.1 

Real property NOI - Same Property (in millions) - UK

$

81.6 

$

78.9 

$

69.8 

(1) Occupancy percentage includes annual RV sites and excludes transient RV sites.

(2) Occupancy percentage excludes recently completed but vacant expansion sites.

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SUN COMMUNITIES, INC.

Markets

Our MH and RV properties are largely concentrated in the U.S. in Florida, Michigan, Texas, and California, which collectively contain 64.7% of our total MH and RV sites. We have expanded our market share in multiple states through acquisitions and increased our property holdings in high-growth areas of the U.S. including retirement and vacation destinations. The age demographic of RV communities is attractive, as the population of retirement age adults in the U.S. is growing.

Our UK properties are located in irreplaceable coastal destination locations that are a short drive from London and other urban locations. Our UK properties are largely concentrated in England, which contain 93.2% of our total holiday parks.

The following table identifies our largest MH and RV markets by total sites:

December 31, 2025

Major Market

Segment

Number of Properties

Total Sites

% of Total Sites

Occupancy %(1)

Revenue %

Florida

MH

68 

26,600 

16.9 

%

95.4 

%

15.6 

%

RV

57 

20,590 

13.2 

%

100.0 

%

11.4 

%

Florida Total

125 

47,190 

30.1 

%

97.1 

%

27.0 

%

Michigan

MH

84 

33,020 

21.1 

%

97.8 

%

21.6 

%

RV

5 

1,640 

1.0 

%

100.0 

%

0.7 

%

Michigan Total

89 

34,660 

22.1 

%

97.9 

%

22.3 

%

California

MH

26 

6,210 

3.9 

%

99.5 

%

5.7 

%

RV

11 

2,610 

1.7 

%

100.0 

%

3.2 

%

California Total

37 

8,820 

5.6 

%

99.5 

%

8.9 

%

Texas

MH

16 

8,030 

5.1 

%

98.4 

%

5.8 

%

RV

13 

2,870 

1.8 

%

100.0 

%

1.8 

%

Texas Total

29 

10,900 

6.9 

%

98.6 

%

7.6 

%

Connecticut

MH

15 

1,850 

1.2 

%

96.7 

%

0.8 

%

RV

1 

150 

0.1 

%

100.0 

%

0.1 

%

Connecticut Total

16 

2,000 

1.3 

%

96.8 

%

0.9 

%

Maine

MH

9 

1,670 

1.0 

%

95.9 

%

0.7 

%

RV

6 

1,860 

1.2 

%

100.0 

%

0.9 

%

Maine Total

15 

3,530 

2.2 

%

97.4 

%

1.6 

%

New Jersey

MH

2 

310 

0.2 

%

100.0 

%

0.1 

%

RV

11 

4,190 

2.7 

%

100.0 

%

2.1 

%

New Jersey Total

13 

4,500 

2.9 

%

100.0 

%

2.2 

%

Arizona

MH

8 

2,650 

1.7 

%

96.8 

%

1.4 

%

RV

3 

2,350 

1.5 

%

100.0 

%

1.5 

%

Arizona Total

11 

5,000 

3.2 

%

98.0 

%

2.9 

%

Colorado

MH

9 

2,900 

1.9 

%

92.4 

%

2.1 

%

RV

2 

970 

0.6 

%

100.0 

%

0.8 

%

Colorado Total

11 

3,870 

2.5 

%

92.4 

%

2.9 

%

Indiana

MH

8 

2,740 

1.7 

%

98.8 

%

1.9 

%

RV

2 

1,080 

0.7 

%

100.0 

%

0.8 

%

Indiana Total

10 

3,820 

2.4 

%

98.8 

%

2.7 

%

New York

MH

4 

970 

0.6 

%

98.7 

%

0.5 

%

RV

6 

1,980 

1.3 

%

100.0 

%

1.1 

%

New York Total

10 

2,950 

1.9 

%

99.2 

%

1.6 

%

Maryland

MH

6 

770 

0.5 

%

99.1 

%

0.2 

%

RV

4 

1,520 

1.0 

%

100.0 

%

1.7 

%

Maryland Total

10 

2,290 

1.5 

%

99.1 

%

1.9 

%

Other

MH

39 

12,430 

7.9 

%

98.8 

%

7.5 

%

RV

45 

15,070 

9.5 

%

100.0 

%

10.0 

%

Other Total

84 

27,500 

17.4 

%

99.2 

%

17.5 

%

Total

MH

294 

100,150 

63.7 

%

97.2 

%

63.9 

%

RV

166 

56,880 

36.3%

100.0 

%

36.1%

MH / RV Total

460 

157,030 

100.0 

%

97.9 

%

100.0 

%

26

SUN COMMUNITIES, INC.

December 31, 2024

Major Market

Segment

Number of Properties

Total Sites

% of Total Sites

Occupancy %(1)

% Revenue

Florida

MH

70 

25,800 

16.7 

%

96.6 

%

15.5 

%

RV

57 

19,650 

12.7 

%

100.0 

%

11.5 

%

Florida Total

127 

45,450 

29.4 

%

97.9 

%

27.0 

%

Michigan

MH

80 

31,890 

20.6 

%

97.6 

%

20.6 

%

RV

5 

1,640 

1.1 

%

100.0 

%

0.7 

%

Michigan Total

85 

33,530 

21.7 

%

97.7 

%

21.3 

%

California

MH

26 

6,210 

4.0 

%

99.2 

%

5.6 

%

RV

11 

2,620 

1.7 

%

100.0 

%

3.3 

%

California Total

37 

8,830 

5.7 

%

99.3 

%

8.9 

%

Texas

MH

16 

8,030 

5.2 

%

97.0 

%

5.5 

%

RV

13 

2,880 

1.9 

%

100.0 

%

2.0 

%

Texas Total

29 

10,910 

7.1 

%

97.4 

%

7.5 

%

Connecticut

MH

15 

1,850 

1.2 

%

95.7 

%

0.8 

%

RV

1 

150 

0.1 

%

100.0 

%

0.1 

%

Connecticut Total

16 

2,000 

1.3 

%

95.8 

%

0.9 

%

Maine

MH

9 

1,670 

1.1 

%

95.7 

%

0.7 

%

RV

6 

1,860 

1.2 

%

100.0 

%

1.0 

%

Maine Total

15 

3,530 

2.3 

%

97.2 

%

1.7 

%

New Jersey

MH

2 

310 

0.2 

%

100.0 

%

0.1 

%

RV

9 

3,690 

2.4 

%

100.0 

%

2.1 

%

New Jersey Total

11 

4,000 

2.6 

%

100.0 

%

2.2 

%

Arizona

MH

8 

2,640 

1.7 

%

96.2 

%

1.5 

%

RV

3 

2,360 

1.5 

%

100.0 

%

1.5 

%

Arizona Total

11 

5,000 

3.2 

%

97.6 

%

3.0 

%

Colorado

MH

9 

2,900 

1.9 

%

90.4 

%

2.0 

%

RV

2 

980 

0.6 

%

100.0 

%

0.8 

%

Colorado Total

11 

3,880 

2.5 

%

90.5 

%

2.8 

%

Indiana

MH

9 

2,870 

1.9 

%

99.2 

%

1.9 

%

RV

2 

1,090 

0.7 

%

100.0 

%

0.8 

%

Indiana Total

11 

3,960 

2.6 

%

99.2 

%

2.7 

%

New York

MH

4 

970 

0.6 

%

98.5 

%

0.5 

%

RV

6 

2,210 

1.5 

%

100.0 

%

1.2 

%

New York Total

10 

3,180 

2.1 

%

99.0 

%

1.7 

%

Maryland

MH

2 

340 

0.2 

%

98.8 

%

0.2 

%

RV

4 

1,540 

1.0 

%

100.0 

%

1.7 

%

Maryland Total

6 

1,880 

1.2 

%

99.1 

%

1.9 

%

Other

MH

37 

11,950 

7.7 

%

99.0 

%

7.7 

%

RV

48 

16,260 

10.6 

%

100.0 

%

10.7 

%

Other Total

85 

28,210 

18.3 

%

99.4 

%

18.4 

%

Total

MH

287 

97,430 

63.0 

%

97.3 

%

62.6 

%

RV

167 

56,930 

37.0%

100.0 

%

37.4%

MH / RV Total

454 

154,360 

100.0 

%

98.0 

%

100.0 

%

The following table identifies our holiday park markets in the UK by total sites:

December 31, 2025

December 31, 2024

Major Market

Number of Properties

Total Sites

% of Total Sites

Occupancy %(1)

% Revenue

Number of Properties

Total Sites

% of Total Sites

Occupancy %(1)

% Revenue

England

50 

20,150 

93.2 

%

89.0 

%

92.3 

%

50 

20,560 

93.3 

%

89.6 

%

89.1 

%

Scotland / Wales

3 

1,470 

6.8 

%

91.4 

%

7.7 

%

3 

1,470 

6.7 

%

90.5 

%

10.9 

%

Total

53 

21,620 

100.0 

%

89.1 

%

100.0 

%

53 

22,030 

100.0 

%

89.7 

%

100.0 

%

(1) Occupancy percentage excludes transient RV sites. Percentage calculated by dividing revenue producing sites by developed sites. A revenue producing site is defined as a site that is occupied by a paying resident or reserved by a customer with annual or seasonal usage rights. A developed site is defined as an adequately sized parcel of land that has road and utility access which is zoned and licensed (if required) for use as a home site.

27

SUN COMMUNITIES, INC.

NON-GAAP FINANCIAL MEASURES

In addition to the results reported in accordance with GAAP in our "Results of Operations" below, we have provided information regarding NOI and FFO as supplemental performance measures. We believe NOI and FFO are appropriate measures given their wide use by and relevance to investors and analysts. Investors and analysts following the real estate industry use these supplemental non-GAAP measures to assess REITs. NOI provides a measure of rental operations and does not factor in depreciation, amortization, and non-property specific expenses such as general and administrative expenses. FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts net income for the effects of GAAP depreciation / amortization of real estate assets and gains or losses on real estate dispositions. In addition, NOI, and FFO are commonly used in various ratios, pricing multiples / yields and returns, and valuation calculations used to measure financial position, performance, and value.

NOI

Total Portfolio NOI - NOI is derived from property operating revenues minus property operating expenses and real estate taxes. NOI is a non-GAAP financial measure that we believe is helpful to investors as a supplemental measure of operating performance because it is an indicator of the return on property investment and provides a method of comparing property performance over time. We use NOI as a key measure when evaluating performance and growth of particular properties and / or groups of properties. The principal limitation of NOI is that it excludes depreciation, amortization, interest expense, and non-property specific expenses such as general and administrative expenses, all of which are significant costs. Therefore, NOI is a measure of the operating performance of our properties rather than of the Company overall. We believe that NOI provides enhanced comparability for investor evaluation of property performance and growth over time.

We believe that GAAP net income (loss) is the most directly comparable measure to NOI. NOI should not be considered to be an alternative to GAAP net income (loss) as an indication of our financial performance or GAAP net cash provided by operating activities as a measure of our liquidity; nor is it indicative of funds available for our cash needs, including our ability to make cash distributions. Because of the inclusion of items such as interest, depreciation, and amortization, the use of GAAP net income (loss) as a performance measure is limited as these items may not accurately reflect the actual change in market value of a property, in the case of depreciation and in the case of interest, may not necessarily be linked to the operating performance of a real estate asset, as it is often incurred at a parent company level and not at a property level.

Same Property NOI - This is a key management tool used when evaluating the performance and growth of our Same Property portfolio. We define same properties as those we have owned and operated continuously since January 1, 2024. Same properties exclude ground-up development properties, acquired properties, properties classified as discontinued operations, and properties sold after December 31, 2023. The Same Property data may change from time-to-time depending on acquisitions, dispositions, management discretion, significant transactions, or unique situations. Same Property NOI does not include the revenues and expenses related to home sales and ancillary activities at the properties. We believe that Same Property NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the Same Property portfolio from one period to the next. For the UK segment, we present Same Property NOI growth rate information on a constant currency basis to provide a framework for assessing how our underlying properties performed after excluding the effects of changes in exchange rates. We believe that the presentation of UK Same Property NOI on a constant currency basis helps to improve the ability to understand our performance because it excludes the effects of foreign currency volatility which are not indicative of our core operating results in the region.

FFO

FFO is defined by the National Association of Real Estate Investment Trusts ("Nareit") as GAAP net income (loss), excluding gains (or losses) from sales of certain real estate assets, plus real estate related depreciation and amortization, impairments of certain real estate assets and investments, and after adjustments for nonconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure that management believes is a useful supplemental measure of our operating performance. By excluding gains and losses related to sales of previously depreciated operating real estate assets, real estate related to impairment and real estate asset depreciation and amortization (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO provides a performance measure that, when compared period-over-period, reflects the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing perspective not readily apparent from GAAP net income (loss). Management believes the use of FFO has been beneficial in improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful.

Core FFO - In addition to FFO, we use FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of our core business ("Core FFO") to evaluate our performance. These adjustments include acquisition and other transaction costs, gains and losses from the early extinguishment of debt, costs related to catastrophic weather events, net of insurance recoveries, gains and losses on foreign currency exchanges, and other miscellaneous non-comparable items.

28

SUN COMMUNITIES, INC.

We believe that FFO and Core FFO provide enhanced comparability for investor evaluations of period-over-period results. We believe that GAAP net income (loss) is the most directly comparable measure to FFO. The principal limitation of FFO is that it does not replace GAAP net income (loss) as a financial performance measure or GAAP cash flow from operating activities as a measure of our liquidity. Because FFO excludes significant economic components of GAAP net income (loss) including depreciation and amortization, FFO should be used as a supplement to GAAP net income (loss) and not as an alternative to it. Furthermore, FFO is not intended as a measure of a REIT's ability to meet debt principal repayments and other cash requirements, nor as a measure of working capital. FFO is calculated in accordance with our interpretation of standards established by Nareit, which may not be comparable to FFO reported by other REITs that interpret the Nareit definition differently. Certain financial information has been revised to reflect reclassifications in prior periods to conform to current period presentation.

RESULTS OF OPERATIONS

Summary Statements of Operations

The following tables reconcile the Net income / (loss) attributable to SUI common shareholders to NOI and summarize our consolidated financial results (in millions):

Year Ended December 31,

2025

2024

2023

Net Income / (Loss) Attributable to SUI Common Shareholders

$

1,361.2 

$

89.0 

$

(213.3)

Interest income

(48.5)

(20.1)

(44.8)

Brokerage commissions and other revenues, net

(24.0)

(34.9)

(53.6)

General and administrative

236.7 

230.5 

213.5 

Catastrophic event-related charges, net

1.2 

23.6 

(3.4)

Business combination expense

— 

— 

3.0 

Depreciation and amortization

507.9 

490.5 

494.1 

Asset impairments

386.7 

66.7 

5.6 

Goodwill impairment

— 

180.8 

369.9 

Loss on extinguishment of debt

104.0 

1.4 

— 

Interest expense

221.0 

350.3 

325.7 

Interest on mandatorily redeemable preferred OP units / equity

— 

— 

3.3 

Loss on remeasurement of marketable securities

— 

— 

16.0 

(Gain) / loss on foreign currency exchanges

(26.7)

25.8 

0.3 

Gain on disposition of properties

(5.1)

(202.9)

(11.0)

Other (income) / expense, net

(133.9)

6.8 

7.3 

Loss on remeasurement of notes receivable

1.6 

36.4 

106.7 

Income from nonconsolidated affiliates

(16.4)

(9.5)

(16.0)

(Gain) / loss on remeasurement of investment in nonconsolidated affiliates

0.9 

(6.6)

4.2 

Current tax expense

10.8 

3.6 

13.7 

Deferred tax benefit

(60.0)

(39.6)

(22.9)

Net income from discontinued operations, net

(1,429.6)

(74.2)

(82.3)

Add: Preferred return to preferred OP units / equity interests

12.6 

12.8 

12.3 

Add: Income / (loss) attributable to noncontrolling interests

56.4 

5.3 

(8.1)

NOI

$

1,156.8 

$

1,135.7 

$

1,120.2 

Year Ended December 31,

2025

2024

2023

Real property NOI(1)

$

1,058.8 

$

1,015.3 

$

976.6 

Home sales NOI(1)

70.0 

96.8 

114.3 

Ancillary NOI(1)

28.0 

23.6 

29.3 

NOI

$

1,156.8 

$

1,135.7 

$

1,120.2 

(1) Excludes properties classified as discontinued operations. During the years ended December 31, 2025, 2024, and 2023 our marina properties generated total NOI of $93.7 million, $322.7 million, and $312.0 million, respectively, which was recorded within Income from discontinued operations, net on the Consolidated Statements of Operations. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," for additional information.

29

SUN COMMUNITIES, INC.

Seasonality of Revenue

The RV and UK segments are seasonal and the results of operations in any one period may not be indicative of results in future periods.

In the RV segment, certain properties maintain higher occupancy during the summer months, while other properties maintain higher occupancy during the winter months. Based on the location of our properties with transient RV sites, our portfolio generally produces higher revenues between April and September than between October and March. In the UK segment, vacation rental sites generally produce higher revenues between March and October. The following table presents the seasonality of real property-transient revenue:

Real property - transient revenue

(in millions)

For the Three Months Ended

Year

March 31

June 30

September 30

December 31

Total

2025

$

282.8 

10.8 

%

28.8 

%

47.2 

%

13.2 

%

100.0 

%

2024

$

296.4 

12.7 

%

27.6 

%

46.6 

%

13.1 

%

100.0 

%

2023

$

321.4 

12.4 

%

27.8 

%

47.3 

%

12.5 

%

100.0 

%

Real Property Operations - Total Portfolio

The following tables reflect certain financial and other information for our real estate operations by segment (in millions, except for statistical information):

Year Ended December 31, 2025

Year Ended December 31, 2024

MH

RV

UK

Total

MH

RV

UK

Total

Revenues

Real property (excluding transient)

$

1,012.5

$

337.2 

$

133.3 

$

1,483.0

$

956.2

$

318.8 

$

132.2

$

1,407.2

Real property - transient

1.0

229.4 

52.4 

282.8

1.2

249.7 

45.0

295.9

Total operating revenues

1,013.5

566.6 

185.7 

1,765.8

957.4

568.5 

177.2

1,703.1

Expenses

Property operating expenses

321.8

280.2 

105.0 

707.0

314.1

275.6 

98.1

687.8

Real Property NOI

$

691.7

$

286.4 

$

80.7 

$

1,058.8

$

643.3

$

292.9 

$

79.1

$

1,015.3

As of December 31, 2025

As of December 31, 2024

MH

RV

UK

Total

MH

RV

UK

Total

Number of Properties

294

166

53

513

287

167

53

507

Sites

Sites(1)

100,150

33,330

17,750

151,230

97,430

32,100

17,690

147,220

Transient sites

N/A

23,550

3,870

27,420

N/A

24,830

4,340

29,170

Total

100,150

56,880

21,620

178,650

97,430

56,930

22,030

176,390

Occupancy

97.2 

%

100.0 

%

89.1 

%

96.9 

%

97.3 

%

100.0 

%

89.7 

%

97.0 

%

N/A = Not applicable.

(1) MH annual sites included 12,518 and 10,923 rental homes in our Rental Program at December 31, 2025 and 2024, respectively. Our investment in occupied rental homes at December 31, 2025 was $921.3 million, an increase of 17.7% from $783.0 million at December 31, 2024.

For the year ended December 31, 2025, the $43.5 million, or 4.3%, increase in Real Property NOI as compared to the same period in 2024, consists of an increase of $56.0 million from Same Property MH, and an increase of $2.7 million from Same Property UK, partially offset by an NOI decrease of $11.1 million, net from properties outside of the Same Property population due to portfolio disposition activity that took place in 2024, primarily driven by the disposition of 10 MH properties for total gross sales proceeds of $349.1 million.

Real Property Operations - North America Same Property Portfolio

In order to evaluate the growth of the Same Property portfolio, management has classified certain items differently than our GAAP statements. The reclassification difference between our GAAP statements and our Same Property portfolio is the reclassification of utility revenues from real property revenue to operating expenses. A significant portion of our utility charges are re-billed to our residents. Additionally, for the UK segment, the amounts in the tables below reflect constant currency for comparative purposes.

30

SUN COMMUNITIES, INC.

The following tables reflect certain financial and other information for our Same Property MH and RV portfolios as of and for the years ended December 31, 2025 and 2024 (in millions, except for statistical information):

Year Ended December 31,

2025

2024

Total Change

% Change(2)

MH(1)

RV(1)

Total

MH(1)

RV(1)

Total

MH

RV

Total

Same Property Revenues

Real property (excluding transient)

$

927.4 

$

305.7 

$

1,233.1 

$

865.0 

$

284.4 

$

1,149.4 

$

83.7 

7.2 

%

7.5 

%

7.3 

%

Real property - transient

1.0 

214.4 

215.4 

1.1 

235.5 

236.6 

(21.2)

(13.7)

%

(9.0)

%

(9.0)

%

Total Same Property operating revenues

928.4 

520.1 

1,448.5 

866.1 

519.9 

1,386.0 

62.5 

7.2 

%

— 

%

4.5 

%

Same Property Expenses

Same Property operating expenses(1)(3)

241.5 

243.3 

484.8 

235.2 

239.0 

474.2 

10.6 

2.7 

%

1.8 

%

2.2 

%

Real Property NOI

$

686.9 

$

276.8 

$

963.7 

$

630.9 

$

280.9 

$

911.8 

$

51.9 

8.9 

%

(1.4)

%

5.7 

%

Year Ended December 31,

2024

2023

Total Change

% Change(2)

MH

RV

Total

MH

RV

Total

MH

RV

Total

Same Property Revenues

Real property (excluding transient)

$

865.6 

$

281.3 

$

1,146.9 

$

810.5 

$

253.3 

$

1,063.8 

$

83.1 

6.8 

%

11.1 

%

7.8 

%

Real property - transient

1.2 

222.4 

223.6 

1.3 

249.9 

251.2 

(27.6)

(9.2)

%

(11.0)

%

(11.0)

%

Total Same Property operating revenues

866.8 

503.7 

1,370.5 

811.8 

503.2 

1,315.0 

55.5 

6.8 

%

0.1 

%

4.2 

%

Same Property Expenses

Same Property operating expenses(1)(3)

235.2 

231.3 

466.5 

220.1 

222.8 

442.9 

23.6 

6.8 

%

3.8 

%

5.3 

%

Real Property NOI

$

631.6 

$

272.4 

$

904.0 

$

591.7 

$

280.4 

$

872.1 

$

31.9 

6.7 

%

(2.8)

%

3.7 

%

(1) We net certain utilities revenues (which include utility reimbursement revenues from residents) against related utility expenses in property operating expenses as follows (in millions):

Year Ended December 31, 2025

Year Ended December 31, 2024

MH

RV

Total

MH

RV

Total

Utility revenue netted against related utility expense

$

75.3 

$

20.2 

$

95.5 

$

71.5 

$

19.0 

$

90.5 

Year Ended December 31, 2024

Year Ended December 31, 2023

MH

RV

Total

MH

RV

Total

Utility revenue netted against related utility expense

$

71.5 

$

18.9 

$

90.4 

$

67.9 

$

18.5 

$

86.4 

(2) Percentages are calculated based on unrounded numbers.

(3) Total Same Property operating expenses consist of the following components for the periods shown (in millions), and exclude amounts invested into recently acquired properties to bring them up to our standards.

Year Ended December 31,

Year Ended December 31,

2025

2024

Change

% Change(3)

2024

2023

Change

% Change(3)

Payroll and benefits

$

141.2 

$

142.2 

$

(1.0)

(0.7)

%

$

139.8 

$

144.6 

$

(4.8)

(3.3)

%

Real estate taxes

99.7 

93.0 

6.7 

7.2 

%

92.7 

86.4 

6.3 

7.3 

%

Supplies and repairs

76.3 

74.3 

2.0 

2.8 

%

73.2 

62.9 

10.3 

16.4 

%

Utilities

72.6 

69.1 

3.5 

5.0 

%

67.2 

63.6 

3.6 

5.7 

%

Legal, state / local taxes, and insurance

44.0 

44.7 

(0.7)

(1.6)

%

44.4 

45.6 

(1.2)

(2.9)

%

Other

51.0 

50.9 

0.1 

(0.3)

%

49.2 

39.8 

9.4 

23.6 

%

Total Same Property Operating Expenses

$

484.8 

$

474.2 

$

10.6 

2.2 

%

$

466.5 

$

442.9 

$

23.6 

5.3 

%

31

SUN COMMUNITIES, INC.

As of December 31,

As of December 31,

2025

2024

2024

2023

MH

RV

MH

RV

MH

RV

MH

RV

Number of Properties1)

280

156

280

156

283

150

283

150

Sites

MH and Annual RV sites

96,460

31,430

96,680

31,010

96,640

31,070

96,370

29,400

Transient RV sites

N/M

21,560

N/M

22,550

N/M

21,620

N/M

22,710

Total

96,460

52,990

96,680

53,560

96,640

52,690

96,370

52,110

MH & Annual RV Occupancy

Occupancy(2)

98.1 

%

100.0 

%

97.5 

%

100.0 

%

97.6 

%

100.0 

%

97.1 

%

100.0 

%

Average monthly base rent per site

$

745 

$

682 

$

708 

$

652 

$

708 

$

654 

$

671 

$

617 

% change in monthly base rent(3)

5.2 

%

4.6 

%

N/A

N/A

5.5 

%

6.0 

%

N/A

N/A

Rental Program Statistics included in MH:

Number of occupied sites, end of period(4)

11,930 

N/A

10,780

N/A

10,630 

N/A

9,830

N/A

Monthly rent per site - MH Rental Program

$

1,384 

N/A

$

1,346

N/A

$

1,344 

N/A

$

1,300

N/A

% change(4)

2.8 

%

N/A

N/A

N/A

3.4 

%

N/A

N/A

N/A

N/M = Not meaningful. N/A = Not applicable.

(1) Includes one MH property that was sold on December 30, 2025 and therefore included in 2025 full year Same Property results.

(2) Same Property adjusted blended occupancy for MH and RV combined increased to 99.1% at December 31, 2025, from 98.7% at December 31, 2024. The 40 basis point increase was driven by MH expansion fills and the conversion of transient RV sites to annual sites. Same Property blended occupancy for MH and RV was 98.6% at December 31, 2025, an increase of 50 basis points from 98.1% at December 31, 2024. Same Property blended occupancy for MH and RV increased by 160 basis points at 99.0% at December 31, 2024 from 97.4% at December 31, 2023.

(3) Calculated using actual results without rounding.

(4) Occupied rental program sites in Same Property are included in total sites.

Real Property Operations - UK Same Property Portfolio

The following tables reflect certain financial and other information for our Same Property UK portfolio as of and for the years ended December 31, 2025 and 2024 (in millions, except for statistical information):

Year Ended December 31,

Year Ended December 31,

2025

2024

% Change(2)

2024

2023

% Change(2)

Same Property Revenues

Real property (excluding transient)

$

109.9

$

105.7

4.1 

%

$

102.4

$

95.5

7.2 

%

Real property - transient

50.0

46.6

7.1 

%

44.7

42.7

4.8 

%

Total Same Property operating revenues

159.9

152.3

5.0 

%

147.1

138.2

6.5 

%

Same Property Expenses

Same Property operating expenses(3)

78.3

73.4

6.6 

%

71.1

68.4

3.9 

%

Real Property NOI(1)

$

81.6

$

78.9

3.5 

%

$

76.0

$

69.8

9.0 

%

Number of properties

51

51

— 

51 

51 

— 

(1) Same Property results for our UK properties reflect constant currency for comparative purposes. British pound sterling figures in the prior comparative period have been translated at the average exchange rate of $1.3183 USD per GBP, during year ended December 31, 2025. Prior to constant currency adjustments, UK Same Property NOI increased by 7.3% during the year ended December 31, 2025.

(2) Percentages are calculated based on unrounded numbers.

(3) We net certain utility revenues (which include utility reimbursement revenues from residents) against related utility expenses in property operating expenses as follows (in millions):

Year Ended December 31,

Year Ended December 31,

2025

2024

2024

2023

Utility revenue netted against related utility expense

$

20.3

$

18.5

$

17.9

$

16.8

32

SUN COMMUNITIES, INC.

As of December 31,

As of December 31,

2025

2024

2024

2023

Number of Properties

51 

51 

51 

51 

Sites

UK

16,910 

16,980 

16,500 

16,210 

UK Transient

3,270 

3,380 

3,210 

3,120 

Occupancy(1)

89.2 

%

89.7 

%

89.6 

%

90.3 

%

Average monthly base rent per site

$

585 

$

562 

$

544 

$

502 

% change in monthly base rent(2)

4.1 

%

N/A

8.4 

%

N/A

(1) Adjusting for recently delivered and vacant expansion sites, Same Property adjusted occupancy decreased by 30 basis points year over year, to 89.7% at December 31, 2025, from 90.0% at December 31, 2024.

(2) Calculated using actual results without rounding.

For the years ended December 31, 2025 and 2024:

•The MH segment's increase in NOI of $56.0 million, or 8.9% when compared to the same period in 2024, is primarily due to an increase in real property (excluding transient) revenue of $62.4 million, or 7.2% and NOI outperformance in our Rental Program. Real property (excluding transient) revenue increased primarily due to a 5.2% increase in monthly base rent.

•The RV segment's decrease in NOI of $4.1 million, or 1.4% when compared to the same period in 2024, is primarily due an increase in Same Property operating expenses of $4.3 million or 1.8% and a decrease in real property transient revenue of $21.1 million or 9.0%, partially offset by an increase in real property (excluding transient) revenue of $21.3 million or 7.5% due to conversions of transient RV sites to annual RV sites. The increase in Same Property operating expenses was primarily due to increases in utilities, real estate taxes, and other expenses.

•The UK segment increase in NOI of $2.7 million, or 3.5% when compared to the same period in 2024 is primarily due to a $4.2 million, or 4.1%, increase in real property (excluding transient) revenue and a $3.4 million, or 7.1%, increase in real property transient revenue; partially offset by an increase in Same Property operating expenses of $4.9 million, or 6.6%. The increase in real property (excluding transient) revenue was primarily due to a 4.1% increase in monthly base rent per site. The increase in Same Property operating expenses was primarily due to increases in payroll wages, utilities, and other expenses.

For the years ended December 31, 2024 and 2023:

•The Same Property data for the comparative period includes all properties that we owned and operated continuously since January 1, 2023, exclusive of ground-up development and redevelopment properties recently completed or under construction, and other properties as determined by management.

•The MH segment's increase in NOI of $39.9 million, or 6.7% when compared to the same period in 2023, is primarily due to an increase in real property (excluding transient) revenue of $55.1 million, or 6.8%. Real property (excluding transient) revenue increased due to a 5.5% increase in monthly base rent.

•The RV segment's decrease in NOI of $8.0 million, or 2.8% when compared to the same period in 2023, is primarily due to a decrease in real property transient revenue of $27.5 million, or 11.0%, and an increase in Same Property operating expenses of $8.5 million or 3.8%, partially offset by an increase in real property (excluding transient) revenue of $28.0 million or 11.1%. The increase in Same Property operating expenses was primarily due to an increase in supplies and repairs expense and other expenses. The increase in real property (excluding transient) revenue was primarily due to a 6.0% increase in monthly base rent and conversions of transient RV sites to annual RV sites.

•The UK segment increase in NOI of $6.2 million, or 9.0%, when compared to the same period in 2023, is primarily due to a $6.9 million, or 7.2%, increase in real property (excluding transient) revenue partially offset by an increase in Same Property operating expenses of $2.7 million, or 3.9%. The increase in real property (excluding transient) revenue was primarily due to an 8.4% increase in monthly base rent per site.

33

SUN COMMUNITIES, INC.

Home Sales Summary

We sell new and pre-owned homes to current and prospective residents and customers in our communities. This inventory is purchased from manufacturers, lenders, dealers, and former residents or customers.

The following table reflects certain financial and statistical information for our home sales program (in millions, except for average selling prices and other information):

Year Ended December 31,

2025

2024

Change

% Change

Financial Information

North America

Home sales

$

140.4 

$

181.1 

$

(40.7)

(22.5)

%

Home cost and selling expenses

120.1 

145.7 

(25.6)

(17.6)

%

NOI

$

20.3 

$

35.4 

$

(15.1)

(42.7)

%

NOI margin %

14.5 

%

19.5 

%

(5.0)

%

UK

Home sales

$

193.4 

$

188.8

$

4.6 

2.4 

%

Home cost and selling expenses

143.7 

127.4

16.3 

12.8 

%

NOI

$

49.7 

$

61.4

$

(11.7)

(19.1)

%

NOI margin %

25.7 

%

32.5 

%

(6.8)

%

Total

Home sales

$

333.8 

$

369.9 

$

(36.1)

(9.8)

%

Home cost and selling expenses

263.8 

273.1 

(9.3)

(3.4)

%

NOI

$

70.0 

$

96.8 

$

(26.8)

(27.7)

%

NOI margin %

21.0 

%

26.2 

%

(5.2)

%

Other information

Units Sold:

North America

1,564 

2,001

(437)

(21.8)

%

UK

2,803 

2,948

(145)

(4.9)

%

Total home sales

4,367 

4,949

(582)

(11.8)

%

Average Selling Price:

North America

$

89,770 

$

90,505

$

(735)

(0.8)

%

UK

$

68,998 

$

64,043

$

4,955 

7.7 

%

NOI - North America

For the year ended December 31, 2025, the 42.7% decrease in NOI is primarily driven by a 21.8% decrease in total home sales volume as compared to the same period in 2024, primarily driven by fewer available sites in conjunction with reduced expansion and development activity.

NOI - UK

For the year ended December 31, 2025, the 19.1% decrease in NOI is primarily driven by a 6.8% decrease in NOI margin and a 4.9% decrease in total home sales volume, partially offset by a 7.7% increase in average selling price, as compared to the same period in 2024, primarily driven by increased competition in the region and changes in the mix of homes sold.

34

SUN COMMUNITIES, INC.

Other Items - Statements of Operations(1)

The following table summarizes other income and expenses (amounts in millions):

Year Ended December 31,

2025

2024

Change

% Change

Other Revenues

Ancillary, net

$

28.0 

$

23.6 

$

4.4 

18.6 

%

Interest

$

48.5 

$

20.1 

$

28.4 

141.3 

%

Brokerage commissions and other, net

$

24.0 

$

34.9 

$

(10.9)

(31.2)

%

Other Expenses

General and administrative expense

$

236.7 

$

230.5 

$

6.2 

2.7 

%

Catastrophic event-related charges, net

$

1.2 

$

23.6 

$

(22.4)

(94.9)

%

Depreciation and amortization

$

507.9 

$

490.5 

$

17.4 

3.5 

%

Asset impairments

$

386.7 

$

66.7 

$

320.0 

479.8 

%

Goodwill impairment

$

— 

$

180.8 

$

(180.8)

(100.0)

%

Loss on extinguishment of debt

$

104.0 

$

1.4 

$

102.6 

N/M

Interest

$

221.0 

$

350.3 

$

(129.3)

(36.9)

%

Other Items

Gain / (loss) on foreign currency exchanges

$

26.7 

$

(25.8)

$

52.5 

N/M

Gain on dispositions of properties

$

5.1 

$

202.9 

$

(197.8)

(97.5)

%

Other income / (expense), net

$

133.9 

$

(6.8)

$

140.7 

N/M

Loss on remeasurement of notes receivable

$

(1.6)

$

(36.4)

$

34.8 

(95.6)

%

Income from nonconsolidated affiliates

$

16.4 

$

9.5 

$

6.9 

72.6 

%

Gain / (loss) on remeasurement of investment in nonconsolidated affiliates

$

(0.9)

$

6.6 

$

(7.5)

N/M

Current tax expense

$

(10.8)

$

(3.6)

$

(7.2)

200.0 

%

Deferred tax benefit

$

60.0 

$

39.6 

$

20.4 

51.5 

%

Income from discontinued operations, net

$

1,429.6 

$

74.2 

$

1,355.4 

N/M

Preferred return to preferred OP units / equity interests

$

12.6 

$

12.8 

$

(0.2)

(1.6)

%

Income attributable to noncontrolling interests

$

56.4 

$

5.3 

$

51.1 

N/M

(1)Only items determined by management to be material, of interest, or unique to the periods disclosed above are explained below.

N/M = Percentage change is not meaningful.

Interest income - for the year ended December 31, 2025, increased due to the interest earned on our increased cash balances driven by proceeds received from the Safe Harbor Sale.

Brokerage commissions and other, net - for the year ended December 31, 2025, decreased primarily due to decreased business interruption insurance proceeds received as compared to the prior year. Refer to Note 15, "Commitments and Contingencies," in our accompanying Consolidated Financial Statements for additional information.

Catastrophic event-related charges, net - for the year ended December 31, 2025, decreased primarily due to asset impairment and debris removal charges, net of insurance recoveries in the prior year, driven by Hurricanes Helene and Milton, and flooding at an RV community in New Hampshire.

Asset impairments - for the year ended December 31, 2025, increased due to asset impairment charges at 22 properties, primarily within the RV and UK segments, driven by, in certain cases, a change in strategic plan for the properties, and in other cases, a decrease in projected future cash flows for the properties. Refer to Note 14, "Fair Value Measurements," in our accompanying Consolidated Financial Statements for additional information.

Goodwill impairment - there were no goodwill impairment charges for the year ended December 31, 2025, as compared to goodwill impairment charges of $180.8 million in the prior year, driven by declines in the fair value of our Park Holidays reporting unit within the UK reporting segment. Refer to Note 5, "Goodwill and Other Intangible Assets," in our accompanying Consolidated Financial Statements for additional information.

Loss on extinguishment of debt - for the year ended December 31, 2025, increased primarily due to the recognition of early extinguishment premiums of $102.4 million in the current year, due to the settlement of $3.3 billion of debt obligations using proceeds generated from the Safe Harbor Sale. Refer to Note 7, "Debt and Line of Credit," in our accompanying Consolidated Financial Statements for additional information.

35

SUN COMMUNITIES, INC.

Interest expense - for the year ended December 31, 2025, decreased primarily due to the settlement of $3.3 billion in debt obligations using proceeds generated from the Safe Harbor Sale. Refer to Note 7, "Debt and Line of Credit," in our accompanying Consolidated Financial Statements for additional information.

Gain / (loss) on foreign currency exchanges - for the year ended December 31, 2025, was a gain of $26.7 million, as compared to a loss of $25.8 million during the same period in 2024, primarily due to a gain of $14.4 million from the settlement of six foreign currency forward swaps, as well as the weakening of the U.S. dollar versus the British pound sterling. Refer to Note 13, "Derivative Financial Instruments," in our accompanying Consolidated Financial Statements for additional information.

Gain on dispositions of properties - for the year ended December 31, 2025, was a gain of $5.1 million, as compared to a gain of $202.9 million during the same period in 2024, driven by property dispositions in each period. Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Consolidated Financial Statements for additional information.

Other income / (expense), net - for the year ended December 31, 2025, was income of $133.9 million, as compared to an expense of $6.8 million during the same period in 2024, primarily due to a gain of $68.5 million from an insurance settlement, and long-term lease termination gains of $51.8 million from the repurchase of titles to 32 UK properties previously controlled via ground leases. Refer to Note 15, "Commitments and Contingencies," and Note 16, "Leases," in our accompanying Consolidated Financial Statements for additional information.

Loss on remeasurement of notes receivable - for the year ended December 31, 2025, decreased, primarily due to a fair value adjustment loss of $35.2 million in the prior year related to the sale of a portfolio of RV communities. Refer to Note 4, "Notes and Other Receivables," in our accompanying Consolidated Financial Statements for additional information.

Deferred tax benefit - for the year ended December 31, 2025, increased due to a tax benefit related to the sale of a UK land development parcel. Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Consolidated Financial Statements for additional information.

Income from discontinued operations, net - for the year ended December 31, 2025, increased due to a total gain of $1.5 billion recognized from the closing of the Safe Harbor Sale in the current period.

36

SUN COMMUNITIES, INC.

RECONCILIATION OF NET INCOME / (LOSS) ATTRIBUTABLE TO SUI COMMON SHAREHOLDERS TO FFO

The following table reconciles Net income / (loss) attributable to SUI common shareholders to FFO (in millions, except for per share amounts):

Year Ended December 31,

2025

2024

2023

Net Income / (Loss) Attributable to SUI Common Shareholders

$

1,361.2 

$

89.0 

$

(213.3)

Adjustments

Depreciation and amortization - continuing operations

501.0 

487.6 

491.7 

Depreciation and amortization - discontinued operations

36.2 

189.9 

165.5 

Depreciation on nonconsolidated affiliates

0.8 

0.5 

0.2 

Asset impairments - continuing operations

386.7 

66.7 

5.6 

Asset impairments - discontinued operations

2.3 

4.7 

4.5 

Goodwill impairment

— 

180.8 

369.9 

Loss on remeasurement of marketable securities

— 

— 

16.0 

(Gain) / loss on remeasurement of investment in nonconsolidated affiliates

0.9 

(6.6)

4.2 

Loss on remeasurement of notes receivable

1.6 

36.4 

106.7 

Loss on remeasurement of Collateralized Receivables and Secured Borrowings

— 

— 

0.4 

Gain on dispositions of properties, including tax effect - continuing operations

(5.5)

(203.6)

(8.9)

Gain on dispositions of properties, including tax effect - discontinued operations

(1,460.6)

— 

— 

Add: Returns on preferred OP units

12.4 

12.8 

12.3 

Add: Income / (loss) attributable to noncontrolling interests

56.4 

5.3 

(8.1)

Gain on disposition of assets, net

(14.9)

(27.1)

(38.0)

FFO Attributable to SUI Common Shareholders and Convertible Securities(1)(5)

$

878.5 

$

836.4 

$

908.7 

Adjustments

Business combination expense - continuing operations

— 

— 

3.0 

Business combination expense - discontinued operations

— 

0.4 

— 

Acquisition and other transaction costs - continuing operations(2)

19.8 

16.0 

22.8 

Acquisition and other transaction costs - discontinued operations(2)

63.8 

3.6 

2.5 

Loss on extinguishment of debt

104.0 

1.4 

— 

Catastrophic event-related charges, net - continuing operations

1.2 

23.6 

(3.4)

Catastrophic event-related charges, net - discontinued operations

— 

3.5 

7.2 

Loss of earnings - catastrophic event-related charges, net(3)

5.6 

3.4 

2.1 

Accelerated deferred compensation amortization

7.7 

1.2 

1.6 

(Gain) / loss on foreign currency exchanges

(26.7)

25.8 

0.3 

Deferred tax benefit

(60.0)

(39.6)

(22.9)

Long term lease termination (gains) / losses

(51.4)

1.1 

4.0 

Long term lease termination losses - discontinued operations

— 

— 

0.4 

Gain on insurance settlement

(68.5)

— 

— 

Other adjustments, net - continuing operations(4)

(7.1)

20.1 

(10.3)

Other adjustments, net - discontinued operations(4)

5.4 

(10.0)

(0.2)

Core FFO Attributable to SUI Common Shareholders and Convertible Securities(1)(5)

$

872.3 

$

886.9 

$

915.8 

Weighted Average Common Shares and OP Units Outstanding(1)

130.7 

130.2 

128.9 

FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share(1)(5)

$

6.72 

$

6.42 

$

7.05 

Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share(1)(5)

$

6.68 

$

6.81 

$

7.10 

(1)Assumes full conversion of all equity participating units, including common and preferred OP units, into our common stock, and has no material impact on previously reported results.

(2)These costs represent (i) nonrecurring integration expenses associated with acquisitions during the years ended December 31, 2025, 2024, and 2023 (ii) costs associated with potential acquisitions that will not close, (iii) expenses incurred to bring recently acquired properties up to our operating standards, including items such as tree trimming and painting costs that do not meet our capitalization policy. Acquisition and other transaction costs - discontinued operations primarily represent non-recurring costs directly attributable to the Safe Harbor Sale.

37

SUN COMMUNITIES, INC.

(3)Loss of earnings - catastrophic event-related charges, net include the following:

Year Ended December 31,

2025

2024

2023

Hurricane Ian - Estimated loss of earnings in excess of the applicable business interruption deductible

$

12.0 

$

19.2 

$

21.9 

Hurricane Ian - Insurance recoveries realized for previously estimated loss of earnings

(9.9)

(16.3)

(19.7)

Hurricane Ian - Recognition of deferred lump sum insurance settlement

3.1 

— 

— 

Other catastrophic weather event - Estimated loss of earnings in excess of the applicable business interruption deductible, net

0.4 

1.8 

(0.1)

Other catastrophic weather event - Insurance recoveries realized for previously estimated loss of earnings

— 

(1.3)

— 

Loss of earnings - catastrophic event-related charges, net

$

5.6 

$

3.4 

$

2.1 

During the three months ended December 31, 2025, we received a settlement of $80.2 million from an insurance provider to settle all claims related to property, casualty, flood, and business interruption insurance recoveries from Hurricane Ian. We concluded that $36.5 million of the total settlement pertained to business interruption recoveries through 2027, which we recorded as a contingent gain per Accounting Standards Codification ("ASC") 450. To better reflect the underlying economics of the transaction, we have elected to defer the business interruption recovery gain and recognize revenue ratably through 2027 for our presentation of Core FFO.

(4)Other adjustments, net - continuing operations primarily relates to (i) derivative settlement activity during the year ended December 31, 2025, (ii) litigation activity during the years ended December 31, 2024 and 2023, (iii) ERP implementation costs during the years ended December 31, 2025 and 2024, (iv) gain on sale of investment in nonconsolidated affiliates during the years ended December 31, 2025 and 2023, and (v) insurance loss recovery expense and severance costs during the year ended December 31, 2024. Other adjustments, net - discontinued operations primarily relates to contingent consideration expense during the year ended December 31, 2025 and litigation settlement gains during the year ended December 31, 2024.

(5)FFO and Core FFO include discontinued operations activity of $7.4 million or $0.06 per Share, and $76.4 million or $0.58 per Share, respectively, during the year ended December 31, 2025, $268.7 million or $2.06 per Share, and $266.3 million or $2.05 per Share, respectively, during the year ended December 31, 2024, and $252.3 million, or $1.96 per share, and $262.2 million or $2.03 per share, respectively, during the year ended December 31, 2023.

LIQUIDITY AND CAPITAL RESOURCES

Short-term Liquidity

Our principal short-term liquidity demands are expected to consist of distributions to our shareholders and the unit holders of the Operating Partnership through cash distributions and share repurchases, property acquisitions, development and expansion of our properties, capital improvement of our properties, and the purchase of new and pre-owned homes. We intend to meet our short-term liquidity requirements through available cash balances, cash flow generated from operations, draws on our senior credit facility, and the use of debt and equity offerings under our shelf registration statement.

We take a disciplined approach to selecting the optimal mix of financing sources to meet our liquidity demands and minimize our overall cost of capital. During the year ended December 31, 2025, we completed the closing of the Safe Harbor Sale for total net cash proceeds of $5.5 billion and recorded a gain on sale of $1.5 billion. The Safe Harbor Sale accelerates our strategy of focusing on our core business and significantly enhances our leverage profile and financial flexibility. We have deployed the cash proceeds from the Safe Harbor Sale to implement a balanced, tax-efficient capital allocation plan aimed at optimizing shareholder value through significantly lower leverage, greater financial flexibility to drive sustainable cash flow growth, and a thoughtful capital return strategy. We intend to maintain our strong financial position and lower leverage profile by focusing on our core fundamentals, which are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs.

Since our initial public offering in 1993, we have demonstrated operational reliability and cash flow strength throughout economic cycles. Our current objectives include streamlining our operations with an emphasis on our reliable real property income. We are positioned for ongoing organic growth with expected rental rate increases, occupancy gains, and expense management. In 2026, we continue to expect rental rate growth that exceeds headline inflation with ongoing focus on expense management to continue generating strong organic cash flow growth.

In connection with cash proceeds generated from the Safe Harbor Sale, through December 31, 2025, we initiated the following capital allocation decisions:

•Repaid approximately $3.3 billion of debt, including $1.6 billion of outstanding borrowings under our senior credit facility, as well as $737.7 million in secured mortgage debt, and $956.5 million in unsecured notes, inclusive of prepayment costs.

•Returned capital to shareholders, including the payment of a special cash distribution of $4.00 per share, totaling $521.3 million, the repurchase of 4.3 million shares of our common stock at an average cost of $125.62 per share for a total of $539.1 million, and a 10.6% increase to our regular cash distribution, to $1.04 per share.

•Targeted reinvestment in strategic growth by acquiring 11 MH properties and three RV properties for total cash consideration of $457.0 million, which was primarily sourced from 1031 exchange escrow accounts to minimize the tax impact from the Safe Harbor Sale. Refer to the "Acquisitions, Dispositions, Development, and Expansion Activities" section below for acquisitions that closed subsequent to December 31, 2025.

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SUN COMMUNITIES, INC.

•Repurchased the titles to all 32 UK properties that were previously controlled via ground leases for total cash payments of $386.8 million, inclusive of fees and recoverable VAT taxes.

Refer to Part I, Item 1. "Business - Safe Harbor Sale," and Note 2, "Assets Held for Sale and Discontinued Operations," for additional details related to the Safe Harbor Sale. Refer to Note 16, "Leases," for additional details related to the UK long-term lease terminations.

Subject to market conditions, we intend to selectively identify opportunities to acquire existing properties and expand our development pipeline. We finance acquisitions through available cash, secured financing, draws on our senior credit facility, the assumption of existing debt on properties, and the issuance of debt and equity securities. As of December 31, 2025, we had allocated restricted cash of $57.2 million into 1031 exchange escrow accounts to fund potential future MH and RV acquisitions. Given the higher interest rate environment, we continue to selectively pursue acquisition and development opportunities that meet our underwriting criteria. Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Consolidated Financial Statements for additional details on acquisitions and dispositions completed to date.

Capital Expenditures (excluding Acquisition Costs)

Our capital expenditure activity is summarized as follows (in millions):

Year Ended December 31,

2025

2024

Recurring Capital Expenditures

$

69.8 

$

68.0 

Non-Recurring Capital Expenditures and Related Activities

Lot modifications

40.1 

37.2 

Growth projects

14.8 

16.3 

Rebranding

0.5 

3.1

Capital improvements to recent acquisitions

15.1 

24.2 

Expansion and development

100.6 

123.0 

Rental program

194.4 

177.5 

Other

25.6 

20.3 

Total Non-Recurring Capital Expenditure and Related Activities

391.1 

401.6 

Total Capital Expenditure and Related Activities

$

460.9 

$

469.6 

Recurring Capital Expenditures

Property recurring capital expenditures are necessary to maintain asset quality, including purchasing and replacing items used to operate the communities. Recurring capital expenditures at our MH, RV, and UK properties include major road, driveway and pool improvements; clubhouse renovations; adding or replacing streetlights; playground equipment; signage; maintenance facilities; manager housing; and property vehicles. The minimum capitalized amount is one thousand dollars.

Non-Recurring Capital Expenditures and Related Activities

Lot modifications - consist of expenditures incurred to modify the foundational structures required to set a new home after a previous home has been removed. These expenditures are necessary to create a revenue stream from a new site renter and often improve the quality of the community. Other lot modification expenditures include land improvements added to annual RV sites to aid in the conversion of transient RV guests to annual contracts.

Growth projects - consist of revenue generating or expense reducing activities at the properties. These include, but are not limited to, utility efficiency and renewable energy projects, site or amenity upgrades such as the addition of a garage or shed, and other special capital projects that substantiate an incremental rental increase.

Rebranding - includes new signage at our RV communities and the costs of building an RV mobile application and updated website.

Capital improvements to recent acquisitions - often require 24 to 36 months to complete after closing and include upgrading clubhouses; landscaping; new street light systems; new mail delivery systems; pool renovations including larger decks, heaters and furniture; new maintenance facilities; lot modifications; and new signage including main signs and internal road signs.

Expansion and development expenditures - consist primarily of construction costs such as roads, activities, and amenities, and costs necessary to complete site improvements, such as driveways, sidewalks, and landscaping at our MH, RV, and UK communities. Expenditures also include costs to rebuild after damage has been incurred at our properties.

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SUN COMMUNITIES, INC.

Rental program - consists of investment in the acquisition of homes intended for the rental program and the purchase of vacation rental homes at our RV communities. Expenditures for these investments depend upon the condition of the markets for repossessions and new home sales, rental homes, and vacation rental homes.

Cash Flow Activities

Our cash flow activities from continuing operations are summarized as follows (in millions):

Year Ended December 31,

2025

2024

2023

Net Cash Provided By Operating Activities

$

808.0 

$

610.3 

$

549.9 

Net Cash Used For Investing Activities

$

(602.9)

$

(42.6)

$

(700.5)

Net Cash Provided By / (Used For) Financing Activities

$

372.2 

$

(547.3)

$

103.5 

Cash, cash equivalents and restricted cash increased by $579.0 million from $57.1 million as of December 31, 2024, to $636.1 million as of December 31, 2025.

Operating activities - Net cash provided by operating activities increased by $197.7 million to $808.0 million for the year ended December 31, 2025, compared to $610.3 million for the year ended December 31, 2024. The increase in operating cash flow was primarily due to growth in Same Property operating performance at our MH and UK properties and a reduction in interest expense of $129.3 million in the current period due to the settlement of $3.3 billion in debt obligations using proceeds generated from the Safe Harbor Sale, partially offset by reduced operating performance at our RV properties during the year ended December 31, 2025, as compared to the corresponding period in 2024.

Our net cash flows provided by operating activities from continuing operations may be adversely impacted by, among other things:

•the market and economic conditions in our current markets generally, and specifically in the metropolitan areas of our current markets;

•lower occupancy and rental rates of our properties;

•increases in other operating costs, such as wage and benefit costs, supplies and repairs, real estate taxes, and utilities;

•substantial increases in insurance premiums;

•decreased sales of manufactured homes;

•current volatility in economic conditions and the financial markets; and

•the effects of outbreaks of disease and related restrictions on business operations.

See "Risk Factors" in Part I, Item 1A in this Annual Report on Form 10-K.

Investing activities - Net cash used for investing activities increased by $560.3 million to $602.9 million for the year ended December 31, 2025, compared to $42.6 million for the year ended December 31, 2024. The increase in Net cash used for investing activities was primarily driven by an increase in cash deployed to acquire properties and a decrease in cash proceeds received from disposition activity during the year ended December 31, 2025 as compared to the corresponding period in 2024.

Financing activities - Net cash provided by financing activities was $372.2 million for the year ended December 31, 2025, compared to net cash used for financing activities of $547.3 million for the year ended December 31, 2024. The change in Net cash provided by / (used for) financing activities was primarily driven by a net capital transfer of $5.5 billion from Safe Harbor to the Company in conjunction with the Safe Harbor Sale, partially offset by an increase in cash deployed to settle debt obligations and distribute cash to shareholders through share repurchases and a special cash distribution paid in May 2025 during the year ended December 31, 2025 as compared to the corresponding period in 2024. Refer to Note 7, "Debt and Line of Credit" and Note 8, "Equity and Temporary Equity," in our accompanying Consolidated Financial Statements for additional information.

Our cash flow from discontinued activities are summarized as follows (in millions):

Year Ended December 31,

2025

2024

2023

Net cash provided by operating activities - discontinued operations

$

56.2 

$

250.7 

$

240.6 

Net cash provided by / (used for) investing activities - discontinued operations

$

5,528.7 

$

(224.8)

$

(219.0)

Net cash used for financing activities - discontinued operations

$

(5,591.6)

$

(24.3)

$

(23.2)

Cash, cash equivalents and restricted cash for discontinued operations decreased by $6.8 million from $6.8 million as of December 31, 2024, to zero as of December 31, 2025.

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SUN COMMUNITIES, INC.

Operating activities - Net cash provided by operating activities for discontinued operations decreased by $194.5 million to $56.2 million for the year ended December 31, 2025, compared to $250.7 million for the year ended December 31, 2024. The decrease in net cash provided by operating activities for discontinued operations was due to the closing of the Safe Harbor Sale during the year ended December 31, 2025 as compared to the corresponding period in 2024.

Investing activities - Net cash provided by investing activities for discontinued operations was $5.5 billion for the year ended December 31, 2025, compared to net cash used for investing activities for discontinued operations of $224.8 million for the year ended December 31, 2024. The change in Net cash provided by / (used for) investing activities for discontinued operations is driven by cash proceeds received from the closing of the Safe Harbor Sale.

Financing activities - Net cash used for financing activities for discontinued operations increased by $5.6 billion to $5.6 billion for the year ended December 31, 2025, compared to $24.3 million for the year ended December 31, 2024. The increase in net cash used for financing activities for discontinued operations is due to the net capital transfer of $5.6 billion from Safe Harbor to the Company in conjunction with the Safe Harbor Sale.

Refer to the Consolidated Statements of Cash Flows for detail on the net cash used for financing activities for discontinued operations during the year ended December 31, 2025 and 2024. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," in our accompanying Consolidated Financial Statements for additional information.

The absence of future cash flows from discontinued operations is not expected to significantly impact our liquidity, as the cash proceeds from the Safe Harbor Sale have been allocated to pay down debt, which will generate annualized interest expense savings, and to reinvest in our core MH and RV segments.

We are exposed to interest rate variability associated with potential floating rate debt and any maturing debt that has to be refinanced. Interest rate movements impact our borrowing costs and, while as of December 31, 2025, 100% of our total debt was fixed rate financing, increases in interest costs have the potential to adversely affect our financial results.

Equity and Debt Activity

At the Market Offering Sales Agreement

We have entered into an At the Market Offering Sales Agreement (the "ATM") with certain sales agents and forward sellers pursuant to which we may sell, from time to time, up to an aggregate gross sales price of $1.25 billion of our common stock. Through December 31, 2025, we had entered into and settled forward sales agreements under the ATM for an aggregate gross sales price of $524.8 million, leaving $725.2 million available for sale under the ATM.

Senior Unsecured Notes

The following table sets forth certain information regarding our senior unsecured notes (in millions, except for statistical information). All senior unsecured notes include interest payments on a semi-annual basis in arrears.

Carrying Amount at December 31,

Principal Amount

2025

2024

5.5% notes, issued in January 2024 and due in January 2029 (the "2029 Notes")

$

500.0 

$

— 

$

496.2 

5.7% notes, issued in January 2023 and due in January 2033 (the "2033 Notes")

400.0 

— 

396.1 

4.2% notes, issued in April 2022 and due in April 2032

600.0 

594.1 

593.2 

2.3% notes, issued in October 2021 and due in November 2028

450.0 

448.1 

447.4 

2.7% notes, issued in June 2021 and October 2021, and due in July 2031

750.0 

744.3 

743.4 

Total

$

2,700.0 

$

1,786.5 

$

2,676.3 

During the three months ended June 30, 2025, we redeemed the aggregate principal amount of $900.0 million on the 2029 Notes and the 2033 Notes using cash proceeds generated from the Safe Harbor Sale (the "2029 and 2033 Note Redemptions"). In accordance with the terms of each series of Notes, the redemption price was inclusive of a customary make-whole premium and accrued and unpaid interest. As a result, during the three months ended June 30, 2025, we recorded charges of $56.5 million to Loss on extinguishment of debt on the Consolidated Statements of Operations in connection with early extinguishment premiums on the 2029 and 2033 Note Redemptions. Refer to Note 13, "Derivative Financial Instruments," for cash flow hedge activity resulting from the redemptions.

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SUN COMMUNITIES, INC.

The obligations of the Operating Partnership to pay principal, premiums, if any, and interest on our senior unsecured notes are guaranteed on a senior basis by Sun Communities, Inc. The guarantee is full and unconditional, and the Operating Partnership is a consolidated subsidiary of the Company. Under Rule 3-10 of Regulation S-X, as amended, subsidiary issuers of obligations guaranteed by its parent company are not required to provide separate financial statements, provided that the subsidiary obligor is consolidated into the parent company's consolidated financial statements, the parent guarantee is "full and unconditional" and, subject to certain exceptions, the alternative disclosure required by Rule 13-01 is provided, which includes narrative disclosure and summarized financial information. Accordingly, separate consolidated financial statements of the Operating Partnership have not been presented. Furthermore, as permitted under Rule 13-01(a)(4)(vi), we have excluded the summarized financial information for the Operating Partnership as the assets, liabilities, and results of operations of the Operating Partnership are not materially different from the corresponding amounts presented in our consolidated financial statements and management believes such summarized financial information would be repetitive and not provide incremental value to investors.

New Credit Agreement

In September 2025, we entered into a credit agreement (the "New Credit Agreement"). Pursuant to the New Credit Agreement, we may borrow up to $2.0 billion under a senior credit facility consisting of a revolving loan. The New Credit Agreement also permits, subject to the satisfaction of certain conditions, additional borrowings of $1.0 billion. The senior credit facility’s maturity date is January 31, 2030, and, at our option, may be extended for two additional six-month periods subject to the satisfaction of certain conditions. As of December 31, 2025, there were no borrowings under the senior credit facility.

Refer to Note 7, "Debt and Line of Credit," for additional information.

Financial Covenants

Pursuant to the terms of the senior credit facility, we are subject to various financial and other covenants. The most restrictive financial covenants for the senior credit facility are as follows:

Covenant(1)

Requirement

As of December 31, 2025

Maximum leverage ratio

65.0%

18.6%

Minimum fixed charge coverage ratio

1.40

3.66

Maximum secured leverage ratio

40.0%

10.3%

(1) As of December 31, 2025, we did not have any borrowings outstanding under the senior credit facility.

In addition, we are required to maintain the following covenants with respect to the senior unsecured notes payable:

Covenant

Requirement

As of December 31, 2025

Total debt to total assets

≤60.0%

27.0%

Secured debt to total assets

≤40.0%

15.6%

Consolidated income available for debt service to debt service

≥1.50

6.95

Unencumbered total asset value to total unsecured debt

≥150.0%

700.7%

As of December 31, 2025, we were in compliance with the above covenants and do not anticipate that we will be unable to meet these covenants in the near term.

Long-term Financing and Capital Requirements

Long-term Financing

We anticipate meeting our long-term liquidity requirements, such as scheduled debt maturities, large property acquisitions, expansion and development of properties, other nonrecurring capital improvements, and Operating Partnership unit redemptions through long-term unsecured and secured debt, and the issuance of certain debt or equity securities, subject to market conditions. If current market and economic conditions, including relating to, among other things, interest rates, currency fluctuations, equity valuations, and inflation, continue or worsen, our ability to obtain debt and equity capital in the long term on attractive terms may be adversely affected.

As of December 31, 2025 we had unrestricted cash on hand of $569.6 million, $2.0 billion of remaining capacity on the senior credit facility, and a total of 403 unencumbered MH, RV, and UK properties.

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SUN COMMUNITIES, INC.

From time to time, we may also issue shares of our capital stock, issue equity units in our Operating Partnership, issue unsecured notes, obtain other debt financing, or sell selected assets. Our ability to finance our long-term liquidity requirements in such a manner will be affected by numerous economic factors affecting the MH and RV industries at the time, including the availability and cost of mortgage debt, our financial condition, the operating history of the properties, the state of the debt and equity markets, and the general national, regional, and local economic conditions. When it becomes necessary for us to approach the credit markets, the volatility in those markets could make borrowing more difficult to secure, more expensive, or effectively unavailable. In the event our current credit ratings are downgraded, it may become difficult or more expensive to obtain additional financing or refinance existing unsecured debt as maturities become due. Refer to "Risk Factors" in Part I, Item 1A of this Annual Report on Form 10-K. If we are unable to obtain additional debt or equity financing on acceptable terms, our business, results of operations and financial condition would be adversely impacted.

As of December 31, 2025, our debt has a weighted average interest rate of 3.38% and a weighted average maturity of 7.1 years.

Capital Requirements

Our capital requirements as of December 31, 2025 include both short and long-term obligations:

Our primary long-term liquidity needs are principal payments on outstanding debt as summarized in the table below:

Payments Due By Period (in millions)

Outstanding Debt(1)

Total Due

Short-term Obligation ≤1 Year

Long-term Obligation After 1 Year

Refer to

Principal payments on long-term debt

$

4,278.0 

$

534.8 

$

3,743.2 

Note 7. Debt and Line of Credit

Interest expense(2)

972.9 

147.2 

825.7 

Operating leases

97.7 

5.6 

92.1 

Note 16. Leases

Finance lease

41.3 

0.9 

40.4 

Note 16. Leases

Total Outstanding Debt

$

5,389.9 

$

688.5 

$

4,701.4 

(1)Our outstanding debt in this table excludes debt premiums, discounts, deferred financing costs, and fair value adjustments, as applicable.

(2)Our obligations related to interest expense are calculated based on the current debt levels, rates, and maturities as of December 31, 2025 (including finance leases), and actual payments required in future periods may be different than the amounts included above. Perpetual securities include one year of interest expense for payment due after five years.

Certain of our nonconsolidated affiliates, which are accounted for under the equity-method of accounting, have incurred debt. We have not guaranteed the debt of our nonconsolidated affiliates in the arrangements referenced below, nor do we have any obligations to fund this debt should the nonconsolidated affiliates be unable to do so. Refer to Note 6, "Investments in Nonconsolidated Affiliates," in the accompanying Consolidated Financial Statements for additional information about these entities.

GTSC - GTSC maintains a warehouse line of credit with a maximum borrowing capacity of $275.0 million. As of December 31, 2025 and 2024, the aggregate carrying amount of debt, including both our and our partner's share, incurred by GTSC was $213.0 million (of which our proportionate share is $85.2 million), and $242.9 million (of which our proportionate share is $97.1 million), respectively. The debt bears interest at a variable rate based on a Commercial Paper or adjusted SOFR plus a margin ranging from 1.65% to 2.5% per annum and matures on December 15, 2026.

Sungenia JV - Sungenia maintains a debt facility agreement with a maximum borrowing capacity of $54.1 million Australian dollars, or $36.1 million converted at the December 31, 2025 exchange rate. As of December 31, 2025 and 2024, the aggregate carrying amount of the debt, including both our and our partners' share, incurred by Sungenia JV was $20.8 million (of which our proportionate share is approximately $10.4 million), and $25.0 million (of which our proportionate share is $12.5 million), respectively. The debt bears interest at a variable rate based on the Australian BBSY rate plus a margin ranging from 0.95% to 1.4%, subject to adjustment for additional future commitments, per annum and matures on June 30, 2027.

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SUN COMMUNITIES, INC.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Our Consolidated Financial Statements are prepared in accordance with US GAAP, which require the use of estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses in the periods presented. We believe that the accounting estimates employed are appropriate and resulting balances are reasonable; however, due to inherent uncertainties in making estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. Refer to Note 1, "Significant Accounting Policies," in our accompanying Consolidated Financial Statements for additional information regarding our significant accounting policies.

Impairment of Long-lived Assets

We review the carrying value of long-lived assets to be held for use for impairment quarterly or whenever events or changes in circumstances indicate a possible impairment. Future events could occur which would cause us to conclude that impairment indicators exist, and significant adverse changes in national, regional, or local market conditions or trends may cause us to change the estimates and assumptions used in our impairment analysis. The results of an impairment analysis could be material to our financial statements. Our primary indicators for potential impairment include a reduction in projected future cash flows and deteriorating NOI trends period over period. Circumstances that may prompt a test of recoverability may include a significant decrease in the anticipated market price, an adverse change to the extent or manner in which an asset may be used or in its physical condition, or other events that may significantly change the value of the long-lived asset. Any adverse change in these factors could cause an impairment in our assets, including our investment in real estate.

An impairment loss is recognized when a long-lived asset's carrying value is not recoverable and exceeds estimated fair value. We estimate the fair value of our long-lived assets based on discounted future cash flows and any potential disposition proceeds for a given asset. Forecasting cash flows requires management to make estimates and assumptions about such variables as the estimated holding period, rental rates, occupancy, development and operating expenses during the holding period, as well as capitalization rates. Management uses its best judgment when developing these estimates and assumptions.

During the years ended December 31, 2025 and 2024, we recognized long-lived asset impairment charges of $386.7 million and $66.7 million, respectively. The asset impairment charges were primarily driven by a contemplated change in strategic plan and deteriorating cash flow and NOI trends pertaining to certain RV and UK properties. Refer to Note 14, "Fair Value Measurements," for additional information regarding these non-recurring fair value measurements.

Impact of New Accounting Standards

Refer to Note 18, "Recent Accounting Pronouncements," in our accompanying Consolidated Financial Statements for information regarding new accounting pronouncements.