Sun Communities : Investor Presentation – May 2024

May 2024

Sun Communities, Inc. (NYSE: SUI)

Investor Presentation

DESERT HARBOR - APACHE JUNCTION, AZ

Cautionary Statement Regarding Forward-looking Statements

This presentation has been prepared for informational purposes only from information supplied by Sun Communities, Inc., referred to herein as "we," "our," "Sun," and "the Company," and from third-party sources indicated herein. Such third-party information has not been independently verified. Sun makes no representation or warranty, expressed or implied, as to the accuracy or completeness of such information.

This presentation contains various "forward-looking statements" within the meaning of the United States Securities Act of 1933, as amended, and the United States Securities Exchange Act of 1934, as amended, and the Company intends that such forward- looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this presentation that relate to expectations, beliefs, projections, future plans and strategies, trends or prospective events or developments and similar expressions concerning matters that are not historical facts are deemed to be forward-looking statements. Words such as "forecasts," "intends," "intend," "intended," "goal," "estimate," "estimates," "expects," "expect," "expected," "project," "projected," "projections," "plans," "predicts," "potential," "seeks," "anticipates," "anticipated," "should," "could," "may," "will," "designed to," "foreseeable future," "believe," "believes," "scheduled," "guidance," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements reflect the Company's current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this presentation, some of which are beyond the Company's control. These risks and uncertainties and other factors may cause the Company's actual results to be materially different from any future results expressed or implied by such forward-looking statements. In addition to the risks described under "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and in the Company's other filings with the Securities and Exchange Commission, from time to time, such risks, uncertainties and other factors include, but are not limited to:

• Changes in general economic conditions, including inflation, deflation, energy costs, the real estate industry and the markets within which the Company operates;
• Difficulties in the Company's ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully;
• The Company's liquidity and refinancing demands;
• The Company's ability to obtain or refinance maturing debt;
• The Company's ability to maintain compliance with covenants contained in its debt facilities and its unsecured notes;
• Availability of capital;
• Outbreaks of disease and related restrictions on business operations;
• Changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, Australian dollar and Pound sterling;
• The Company's ability to maintain rental rates and occupancy levels;
• The Company's ability to maintain effective internal control over financial reporting and disclosure controls and procedures;
• The Company's remediation plan and its ability to remediate the material weaknesses in its internal control over financial reporting;
• Expectations regarding the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill;
• Increases in interest rates and operating costs, including insurance premiums and real estate taxes;
• Risks related to natural disasters such as hurricanes, earthquakes, floods, droughts and wildfires;
• General volatility of the capital markets and the market price of shares of the Company's capital stock;
• The Company's ability to maintain its status as a REIT;
• Changes in real estate and zoning laws and regulations;
• Legislative or regulatory changes, including changes to laws governing the taxation of REITs;
• Litigation, judgments or settlements, including costs associated with prosecuting or defending claims and any adverse outcomes;
• Competitive market forces;
• The ability of purchasers of manufactured homes and boats to obtain financing; and
• The level of repossessions by manufactured home and boat lenders.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements included in this presentation, whether as a result of new information, future events, changes in the Company's expectations or otherwise, except as required by law. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. All written and oral forward-looking statements attributable to the Company or persons acting on the Company's behalf are qualified in their entirety by these cautionary statements.

CAUTIONARY STATEMENT REGARDING GUIDANCE

This presentation includes certain estimates and assumptions included in the Company's financial, earnings and operational guidance, as presented in its earnings press release and supplemental operating and financial data dated April 29, 2024. These estimates and assumptions represent a range of possible outcomes and may differ materially from actual results. These estimates include contributions from all acquisitions, dispositions and capital markets activity completed through April 29, 2024. These estimates exclude all other prospective acquisitions, dispositions and capital markets activity. These estimates and assumptions are forward-looking based on the Company's assessment of economic and market conditions and the Company's assumptions as of the date guidance was issued and are subject to the other risks outlined above under the caption Cautionary Statement Regarding Forward-Looking Statements.

2

Sun Communities - Company Key Topics

Leading Owner / Operator of Manufactured Housing ("MH") &

Recreational Vehicle ("RV") Communities, Marinas and UK Properties

Stable & Resilient Real Property Operations Drive Growth

Compelling Supply-Demand Fundamentals & Best-in-Class Assets

Drive Strong Performance Throughout Economic Cycles

Long-Term Track Record of Growth

Investment Grade Balance Sheet

Robust ESG Initiatives

FOX RUN - BOYNE CITY, MI

Rental Revenue Breakdown

MH 45%

UK 8%

Marina	RV
26%
21%

Source: Company information. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended March 31, 2024, as well as Press Releases and SEC Filings after March 31, 2024, for additional information. Refer to	3
information regarding non-GAAP financial measures in the attached Appendix.

Resilient Real Property Operations Drive Growth

NOI from real property operations is largest contributor to results

Growth Driver Detail

(in mms)

$1,600	88%
$1,400
$1,200							2020
$1,000
						2021
$800
						2022
$600
$400							2023
$200		4%	4%	4%			2024E(1)
$0
MH, RV, Marina & UK	Service, retail, dining and	UK home sales NOI	North America
	real property NOI	entertainment NOI		home sales NOI

Rental Income Generates 88% of NOI	MH Generates 49% of Real Property NOI
Forecasted consolidated NOI for the year ended December 31, 2024	Forecasted consolidated NOI for the year ended December 31, 2024
Home Sales
8% Service, retail,
dining and		MH
entertainment
4%		49%
Real	UK
6%		RV
property		Marina	23%
88%
	22%
Source: Company information. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended March 31, 2024, as well as Press Releases and SEC Filings after March 31, 2024, for additional information. Refer to information regarding non-GAAP	4
financial measures in the attached Appendix.

Note: With respect to guidance, estimates and forecasted information, see "Cautionary Statement Regarding Guidance" on page 2 of this presentation.

1. Forecasted for the year ending December 31, 2024.

Leading Owner / Operator of MH, RV, Marinas and UK Properties

• With ~180,100 operational sites and ~48,200 wet slips and dry storage spaces, Sun is the largest publicly traded owner / operator of MH, RV, Marinas and UK Properties(1)

MH

• Largest publicly traded owner / operator of MH communities in North America:
• • 296 MH Communities
  • 100K sites
• 96.7% Occupied

RV	Marina	UK

• 179 best-in-class RV communities with 58K sites located in highly desirable destinations
• 33K annual sites in North

America		88.9% Occupied

• 25K transient RV sites in North America, 40% - 50% of which are candidates for conversion to annual leases

COUNTRYSIDE ESTATES - MCKEAN, PA	SUN RETREATS GLEN HAVEN - ZEPHYRHILLS, FL	SAFE HARBOR VENTURA ISLE - VENTURA, CA	CHANTRY HOLIDAY PARK - YORKSHIRE, UK

Source: Company information. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended March 31, 2024, as well as Press Releases and SEC Filings after March 31, 2024, for additional information. Refer to information regarding non-GAAP	5
financial measures in the attached Appendix.
1)	As of April 30, 2024.

Robust Fundamentals Continue to Drive Performance

Steady, Organic Growth

• 7.9% North America same property NOI growth in 1Q24; expect 4.6% - 5.8% growth in 2024 to be driven by rental rate increases and occupancy gains
• Consistent annual rental rate increases exceed expected inflationary cost pressures

• 1. Expected average rental rate increases: North America MH 5.4%, Annual RV 6.5%, Marina 5.6%, UK 7.1%
• Occupancy gains, including strategic focus on converting transient guests into annual residents, increase our stream of stable revenue and improves operational efficiencies
• 1. Since the start of 2020, we have completed nearly 7,100 conversions through March 31, 2024, and we intend to continue driving conversions

MH Average Rental Rate Increases								RV Average Rental Rate Increases
10-Year Actual Average Rental Rate Growth: 4.0%								10-Year Actual Average Rental Rate Growth: 5.0%				8.7%
	CPI-U														CPI-U
																				7.6%
									6.4%														6.5%
																		6.1%
										5.4%
								4.6%								5.4%	5.4%
			3.6%	4.0%	4.2%									4.2%		4.8%
3.4%	3.4%	3.3%	3.4%	3.4%
									2.9%	3.1%
													2.0%
2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024E⁽¹⁾	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024E⁽¹⁾
Occupancy										Same Property NOI Growth

			Same Property Occupancy(2)				10-Year Actual Average Same Property NOI Growth: 7.3%	11.2%
93.2%	95.9%	96.6%	97.3%	98.0%	98.4%	98.8%	98.9%	98.6%	98.9%	98.9%		9.1%
							7.7%
														7.3%
2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	1Q24		7.1%	6.9%	6.7%				7.3%	5.8%
						5.8%
		RV Transient to Annual Conversions									4.0%				4.6%
								2,257	2,111
		468	962	1,159	1,133	863	1,665	176
		2016	2017	2018	2019	2020	2021	2022	2023	1Q24	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024E

Source: Company information and U.S. Bureau of Labor Statistics. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended March 31, 2024, as well as Press Releases and SEC Filings after March 31, 2024, for additional information. Refer to	6
information regarding non-GAAP financial measures in the attached Appendix.

Note: With respect to guidance, estimates and forecasted information, see "Cautionary Statement Regarding Guidance" on page 2 of this presentation.

1. Preliminary 2024 rental rate increases. CPI-U12-month percentage change as of March 2024.
2. Same Property MH and Annual RV occupancy, adjusted for recently completed but vacant expansion sites.

OCEAN VIEW - JENSEN BEACH, FL

Strong NOI Growth and Progress Toward Simplifying

the Company

• Reported Core FFO per Share of $1.19 for the quarter ended March 31, 2024
• Compared to 2023, North America Same Property NOI increased by 7.9% and UK Same Property NOI increased $3.3 million, or 44.5%, for the first quarter of 2024
• For the trailing twelve months ended March 31, 2024, converted over 1,750 transient sites to annual contracts, accounting for ~65% of revenue producing site gains
• Balance Sheet: Net debt / TTM recurring EBITDA of 6.1x and ~11% floating rate debt for the quarter ended March 31, 2024
• Disposed of 2 MH properties in Florida and Arizona for ~$52mm
• Invested ~$12mm in strategic, bolt-on marina acquisitions year to date
• Updated Full Year 2024 Guidance: expecting total North America Same Property NOI growth of 4.6% - 5.8% and narrowed Core FFO per Share to a range of $7.06 - $7.22

Source: Company information. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended March 31, 2024, as well as Press Releases and SEC Filings	7
after March 31, 2024, for additional information. Refer to information regarding non-GAAP financial measures in the attached Appendix.

Note: With respect to guidance, estimates and forecasted information, see "Cautionary Statement Regarding Guidance" on page 2 of this presentation.

2024 Guidance Update

Same Property - Expected NOI	FY 2023	FY 2024E
(millions)	Change
MH NOI (291 properties)	$607.9	6.2%	- 7.1%
RV NOI (165 properties)	$291.7	(0.3)% - 1.3%
Marina NOI (127 properties)	$252.7	6.4%	- 7.6%
Total North America Same Property NOI (584 properties)	$1,152.3	4.6% - 5.8%
UK Same Property NOI (53 properties)	$69.2	6.0% - 8.0%
Consolidated Portfolio	FY 2023	FY 2024E
(millions)	Change / Range
Revenues from real property	$2,059.8	6.3%	- 6.6%
Total property operating expenses	$810.4	5.7%	- 6.0%
Total Real Property NOI	$1,249.4	6.5%	- 7.3%
Service, retail, dining and entertainment NOI	$68.5	$63.0	- $67.0
Interest income	$45.4	$17.8	- $18.8
Brokerage commissions and other, net	$60.6	$37.6	- $39.6
FFO contribution from North American home sales	$17.0	$13.0	- $13.9
Income from nonconsolidated affiliates	$16.0	$11.1	- $11.9
General and administrative expenses	$272.1	$269.7	- $274.7
Interest expense	$325.8	$355.6	- $361.1
Current tax expense	$14.5	$13.2	- $14.8
Core FFO		FY 2024E
	Range
Second Quarter 2024, Core FFO per Share		$1.83	- $1.91
Full year 2024, Core FFO per Share		$7.06	- $7.22

UK Home Sales Volume		FY 2023			FY 2024E
				Range
UK home sales volume		2,857			2,650 - 2,850
FFO contribution from UK home sales ($ in millions)	$59.2			$55.4 - $62.4
Other Guidance Assumptions					FY 2024E
				Range
Increase in revenue producing sites (North America)				2,450 - 2,750
Seasonality
1Q24	2Q24	3Q24	4Q24
North America Same Property NOI
MH	25%	25%	25%	25%
RV	17%	25%	41%	17%
Marina	19%	26%	31%	24%
Total North America Same Property NOI	22%	25%	30%	23%
UK Same Property NOI	14%	25%	40%	21%
Home Sales FFO
North America	11%	40%	29%	20%
UK	17%	31%	33%	19%
Consolidated Service, Retail, Dining	3%	37%	46%	14%
and Entertainment NOI
Consolidated EBITDA	18%	27%	33%	22%
Core FFO per Share	17%	26%	35%	22%

Source: Company information. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended March 31, 2024, as well as Press Releases and SEC Filings after March 31, 2024, for additional information. Refer to information regarding non-GAAP	8
financial measures in the attached Appendix.

Note: With respect to guidance, estimates and forecasted information, see "Cautionary Statement Regarding Guidance" on page 2 of this presentation.

Compelling Supply-Demand Fundamentals

Manufactured Housing (MH) - North America

Supply

• Virtually no new supply has been added for years

6%	US Inventory Growth by Property Type

4%

2%

0%

2015	2016	2017	2018	2019	2020	2021
	Manufactured Housing		Multifamily	RIVERSIDE CLUB - RUSKIN, FL

Demand

• Sun MH Communities provide 25% more space than multi-family and single- family rentals at ~50% less cost per square foot (see slide 20)
• 51K+ applications to live in a Sun community in 2023
• Average resident tenure of ~17 years(1) generates steady, growing rental revenue, then home generally sells in place
• • Annual home move-outs in Sun's MH communities average 0.4%(1)
  • Low turnover driven by a $6k - $10k average cost for a resident to move a home
• North America MH portfolio 96.7% occupied at March 31, 2024
• • 96.5% average occupancy for the five years ended March 31, 2024

Residents Moved into MH Communities in Record Numbers

US unemployment rate and SUI same property occupancy

12%			9.6%		88%	OccupancyPropertySame
UnemploymentUSRate		9.3%	8.9%	8.1%
8%	5.8%					84%
4%						80%
0%							76%	SUI
2008	2009	2010	2011	2012
	US Unemployment Rate		SUI Same Property Occupancy

Source: Company information, U.S. Bureau of Labor Statistics., Wall Street Research and Zillow. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended March 31, 2024, as well as Press Releases and SEC Filings after March 31, 2024, for	9
additional information. Refer to information regarding non-GAAP financial measures in the attached Appendix.
1)	MH sites in North America only (January 2022 - March 2024).

Compelling Supply-Demand Fundamentals

RV

Continued Demand for Affordable Vacationing Despite Declining RV Sales

Growth in annual RV shipments and historical RV revenue growth

	46.2%
4.8%	0.8%	6.6%	4.2%	5.4%	13.2% 4.9%
-32.9%	-30.1%
2008	2009	2010		2011	2012
			RV Shipments(1)			RV Revenue(2)

• Installed base: 11.2 million households own an RV versus 1.7 million RV campsites in the U.S.
• From 2008-2012, RV revenue for a portfolio of independent, single park operators grew at a 4.4%(2) CAGR
• ~122K new guests visited a Sun RV community in 2023
• RVs stay in Sun's communities for ~8 years on average(3)

Annual Active Camping Households

(in mms)

8% CAGR

					57	58
					48
		37	39	39	42
32	35

2014

2015

2016

2017

2018

2019

2020

2021

2022

• Over 6 million new camping households in 2022 vs. an average of 2 million per year 2015-2019
• 64% of campers camped more or replaced other types of trips with camping in 2022
• Sun's RV communities offer affordable vacations where the average trip is 2-3hours from a customer's home address
• 11% of RV campers rented from a private owner using a peer-to-peer listing service in 2022

Source: Company information, KOA and RVIA. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended March 31, 2024, as well as Press Releases and SEC Filings after March 31, 2024, for additional information. Refer to information	10
regarding non-GAAP financial measures in the attached Appendix.
1)	New RV shipments.
2)	Represents a portfolio of independently owned and operated RV community franchises that the Company did not have an interest in until after the period shown.
3)	Annual Average (January 2022 - March 2024) and excludes transient RV sites.