Sun Communities, Inc. Reports 2022 Third Quarter Results

Diluted Earnings per Share of $1.32
Constant Currency Core FFO⁽¹⁾ per Diluted Share of $2.71 Exceeded Guidance

Strong Demand and Accretive Investments Drive Continued Solid Performance
Record Volume of Transient-to-Annual RV Conversions Propel Gains in Revenue Producing Sites

Manufactured Housing & RV Same Property⁽²⁾ NOI⁽¹⁾ in the Quarter Increased 6.4 Percent
as Compared to Prior Year

Marina Same Property NOI⁽¹⁾ in the Quarter Increased 9.6 Percent as Compared to Prior Year

Increasing Full-Year Guidance for Constant Currency Core FFO⁽¹⁾

Providing Preliminary Guidance for 2023 Rental Rate Increases for MH, Annual RV and Marina

Southfield, MI, Oct. 24, 2022 (GLOBE NEWSWIRE) — Sun Communities, Inc. (NYSE: SUI) (the “Company” or “SUI”), a real estate investment trust (“REIT”) that owns and operates, or has an interest in, manufactured housing (“MH”) and recreational vehicle (“RV”) communities, and marinas (collectively, the “properties”), today reported its third quarter results for 2022.

Financial Results for the Quarter and Nine Months Ended September 30, 2022

• For the quarter ended September 30, 2022, net income attributable to common shareholders was $162.6 million, or $1.32 per diluted share, compared to net income attributable to common shareholders of $231.7 million, or $2.00 per diluted share, for the same period in 2021.
• For the nine months ended September 30, 2022, net income attributable to common shareholders was $237.3 million, or $1.97 per diluted share, compared to net income attributable to common shareholders of $367.3 million, or $3.27 per diluted share, for the same period in 2021.

Non-GAAP Financial Measures and Portfolio Performance

• Constant Currency Core Funds from Operations (“Constant Currency Core FFO”)⁽¹⁾ for the quarter and nine months ended September 30, 2022, was $2.71 per common share and dilutive convertible securities (“Share”) and $6.11 per Share, respectively, representing 28.4 percent and 17.5 percent…