SUI

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance out-performance was primarily driven by the Manufactured Housing (MH) segment, where limited new supply and high demand for affordable housing maintained occupancy above 98%. The company is undergoing a strategic simplification, highlighted by the sale of its UK business and previous marina divestitures, to focus resources on core North American MH and RV platforms. Management attributed margin strength to disciplined expense management, specifically citing improvements in payroll, utilities, and procurement efficiencies through enhanced operating discipline. The RV strategy has shifted from aggressive transient-to-annual site conversions to a balanced optimization approach, leveraging real-time data to maximize the bottom-line performance of each community. Strategic investments in technology, including a new enterprise-wide booking system and contact center enhancements, are improving lead capture and providing deeper visibility into customer behavior. The recently signed 21st Century ROAD to Housing Act is viewed as a long-term tailwind that could reduce development barriers and increase design flexibility by removing permanent chassis requirements. Full-year same-property NOI guidance was raised to 4.9% at the midpoint, reflecting sustained momentum in MH and improving operational trends in the RV segment. The company maintains a disciplined capital allocation framework, balancing a new $1 billion share buyback program against selective acquisitions in high-growth markets. Proceeds from the pending UK business sale are earmarked to repay the outstanding balance on the revolving credit facility, further strengthening the balance sheet. Guidance assumes a full-year contribution from the UK operations as the sale is expected to close in the second half of the year, though specific timing impacts are not yet factored into FFO targets. Management expects a seasonal revenue mix shift in the third quarter, which typically contributes 46% to 47% of annual transient RV revenue. The UK portfolio is now classified as 'held for sale' and reported as discontinued operations, leading to a recasting of prior-period financial statements for comparability. Sun repurchased approximately $200 million of common stock during and subsequent to the second quarter, totaling $800 million since the program's inception. Management noted a temporary slowdown in new home closings and fewer pre-owned home purchases as residents choose to stay in place, though brokerage activity remains a steady revenue contributor. The search for a permanent Chief Financial Officer is progressing with a focus on long-term leadership, while the existing finance team maintains operational continuity. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management reported that transient demand and pacing are solidly within expectations, with improved execution in the contact center capturing inquiries at record levels. The team is focused on striking the right revenue mix between transient and annual sites rather than just maximizing conversion volume. The acquisition pipeline remains robust with initial yields in the low-to-mid 4% range, but the company is prioritizing assets that offer long-term yield accretion and operational synergies. Management emphasized that share repurchases at current levels are viewed as a highly attractive risk-adjusted return compared to some external market opportunities. The removal of the permanent chassis requirement is expected to provide design flexibility that could help overcome local zoning hurdles and reduce development costs. While these changes will take time to manifest, they position Sun to better address the national affordable housing shortage through greenfield development and community expansions. Current leverage is near the midpoint of the 3.5x to 4.5x target range and is expected to move toward the lower end following the UK sale proceeds. There are no immediate plans for new debt offerings given current pricing and the anticipated liquidity from divestitures.

Interested in Sun Communities, Inc.? Here are five stocks we like better. Sun Communities exceeded expectations with second-quarter 2026 Core FFO of $1.84 per share, $0.05 above the top of its guidance range. Manufactured housing led performance, with same-property NOI up 8.8% and occupancy above 98%. The company raised its 2026 outlook, projecting 4.9% combined North American manufactured housing and RV same-property NOI growth and a Core FFO midpoint of $7.02 per share. The forecast still assumes a full-year contribution from the U.K. business, whose sale is expected to close by year-end. Sun repurchased roughly $200 million of stock during and after the quarter and continued reducing debt, while maintaining acquisition discipline. Management said U.K. sale proceeds may support debt repayment, buybacks, technology, infrastructure or acquisitions. 3 Stocks Built for America’s Affordable Housing Reality Sun Communities (NYSE:SUI) reported second-quarter 2026 Core FFO of $1.84 per share, exceeding the high end of its guidance range by $0.05, as strength in manufactured housing, resilient RV operations and expense management supported results. Chief Executive Officer Charles Young said the company’s performance was above expectations and prompted an increase to its outlook for the core business. He said Sun continues to benefit from long-term housing affordability trends, limited new manufactured-housing supply and demand for value-oriented RV destinations. → Volatility Is Back and These 3 Market Tollbooths Are Best Positioned to Profit Golden Cross Alert: 3 Stocks With Major Upside Potential “The fundamentals in our business remain strong across both manufactured housing and RV,” Young said, citing manufactured housing’s role in attainable housing and the company’s high occupancy levels and durable cash-flow profile. North American same-property manufactured housing and RV net operating income increased 6% in the second quarter, exceeding the company’s guidance range. Manufactured housing same-property NOI rose 8.8%, with revenue up 6.2%, primarily due to site-rent growth. Occupancy in the manufactured housing portfolio remained above 98%. → This Tiny AI Supplier Could Be More Important Than the Chipmakers REITs on the Rise After Rate Cuts: Where to Invest Now President and Chief Operating Officer John McLaren said disciplined management of controllable expenses also contributed to the manufactured housing outperformance. Chief Financial Officer Fernando Castro-Caratini said revenue growth above disclosed rental-rate increases was driven partly by the company’s rental-home program and other fees. RV same-property NOI was in line with guidance. McLaren said annual RV demand remained stable, while transient booking pace improved as the season progressed. The company expects the third quarter, its largest period of annual RV contribution, to benefit from the underlying trends, though management said it remains measured in its outlook. → 2 Stocks Built to Thrive If Inflation Refuses to Fade Sun has been balancing annual and transient RV site usage on a community-by-community basis. McLaren said the company had converted more than 8,000 transient sites to annual sites beginning in 2020, helping create a more recurring revenue base, but management has since sought to avoid over-converting at individual properties and during certain parts of the year. During the second quarter, Sun completed the deployment of technology and systems intended to provide enterprise-wide booking visibility. McLaren said the upgrades improve booking routing, customer interactions and the company’s ability to use data on booking patterns and market trends. He added that the company is capturing transient RV inquiries at its highest level to date, although he did not provide specific booking or pricing figures. Sun raised its 2026 same-property NOI outlook. At the midpoint, the company now expects combined North American manufactured housing and RV same-property NOI growth of 4.9%, up 20 basis points from prior guidance. The outlook calls for 6.5% growth in manufactured housing NOI and 1% growth in RV NOI. The updated Core FFO guidance midpoint is $7.02 per share and assumes a full-year contribution from the company’s U.K. operations. Sun said its guidance does not assume completion of the planned U.K. business sale or reflect the timing or use of its proceeds. The U.K. operation is now classified as held for sale and reported as discontinued operations under U.S. GAAP, with current and prior periods recast for comparability. Young said the U.K. sale, announced in May, remains on track to close by year-end, subject to customary closing conditions and regulatory approvals. The transaction follows the company’s sale of its marina business and is intended to further simplify Sun’s portfolio around manufactured housing and RV operations. Sun repurchased about $200 million of common stock during and after the second quarter. Year to date, it has repurchased approximately $260 million of stock. Since beginning the repurchase program last year, the company has bought back about 6.5 million shares, or roughly $800 million, representing 5.1% of shares outstanding when the program began. About $800 million remained available under the current authorization. Young said there is no predetermined allocation for expected U.K. sale proceeds, and the company will weigh share repurchases, operating-platform investments, technology, infrastructure and potential acquisitions based on long-term risk-adjusted returns. As of June 30, Sun had approximately $4.1 billion of debt, a weighted average interest rate of 3.3%, a weighted average maturity of 6.9 years and net debt to trailing 12-month recurring EBITDA of 3.9 times. The company repaid $178 million of mortgage loans during the quarter using cash and repaid another $258 million after quarter-end through a draw on its revolving credit facility. Castro-Caratini said Sun has $56 million of mortgage maturities remaining in 2026, which it expects to repay in the fourth quarter. The company expects to use U.K. sale proceeds to repay any outstanding revolver balance. Management continues to target leverage of between 3.5 times and 4.5 times, and said it expects to be near the low end of that range once the U.K. transaction closes. Executive Vice President and Chief Investment Officer Aaron Weiss said the acquisition pipeline remains robust, but Sun is maintaining a disciplined approach. He said institutional-grade manufactured housing assets continue to trade at low- to mid-4% initial yields, while the company evaluates long-term yield growth, operating synergies, capital needs and the alternative of repurchasing shares. Young also discussed the recently signed 21st Century Road to Housing Act, which includes provisions related to manufactured housing. He said the law preserves investment in the sector, provides manufacturers with more design flexibility and encourages state and local governments to accommodate additional manufactured homes. McLaren said removal of a permanent-chassis requirement could create more flexibility in home specifications and development discussions with municipalities. Both executives said the effects would take time to develop. Young said Sun appointed Ileana McAlary as general counsel last month. He added that the company’s search for a permanent chief financial officer is progressing, while Castro-Caratini and the finance organization continue to lead the function during the transition. Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company's portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers. Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Sun Communities Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

This article first appeared on GuruFocus. Core FFO per Share: $1.84, surpassing the high-end of guidance range. Manufactured Housing Same-Property NOI: Increased 8.8%. Revenue Growth: 6.2% in Manufactured Housing, driven by site rent growth. Occupancy Rate: Above 98% in Manufactured Housing communities. North American Same-Property NOI: Increased 6%. Debt Balance: Approximately $4.1 billion with a weighted average interest rate of 3.3%. Net Debt to EBITDA Ratio: 3.9 times. Share Repurchase: Approximately $260 million year-to-date, $800 million since program initiation. Same-Property NOI Guidance for 2026: Increased to 4.9% growth at midpoint. UK Business Sale: Expected to close by year-end, subject to conditions. Warning! GuruFocus has detected 6 Warning Signs with SUI. Is SUI fairly valued? Test your thesis with our free DCF calculator. Release Date: July 28, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Sun Communities Inc (NYSE:SUI) achieved core FFO per share of $1.84, surpassing the high-end of their guidance range. The company raised its outlook for the core business based on strong first-half performance and continued confidence in the business. Manufactured Housing (MH) same-property NOI increased by 8.8%, exceeding expectations, driven by site rent growth and disciplined expense management. The company announced a $1 billion buyback program, demonstrating confidence in the underlying value of the company. Sun Communities Inc (NYSE:SUI) completed the sale of its UK business, simplifying its portfolio and sharpening focus on core MH and RV platforms. The company faces risks and uncertainties that could cause actual results to differ materially from expectations. There is a potential slowdown in same-store revenue growth in the second half of the year, as indicated by guidance. The acquisition pipeline remains competitive, with initial yields for institutional-grade MH assets in the low to mid-4% range. Home sales volume has decreased year over year, partly due to fewer pre-owned home purchases. The company is still in the process of searching for a long-term Chief Financial Officer, which may impact financial leadership continuity. Q: Can you discuss the transient RV performance in Q2 and expectations for July? A: John McLaren, President and COO, highlighted that the team is pleased with the execution in the RV segment, noting stable demand trends and solid pacing within expectations. He emphasized the use of technology and data analytics to optimize performance and enhance revenue management, which has improved execution and is expected to support long-term growth. Q: What is the current status of the acquisition pipeline? A: Fernando Castro-Caratini, CFO, stated that the acquisition pipeline remains robust, with a focus on high-quality communities in strong markets. The company remains disciplined in its approach, targeting assets that are synergistic with their existing footprint and accretive to long-term growth. Q: How does Sun Communities approach capital allocation, particularly regarding acquisitions and share buybacks? A: Aaron Weiss, EVP and CIO, explained that the company evaluates acquisitions based on long-term yield growth and strategic fit, while also considering share buybacks as a means to drive shareholder value. The company remains judicious and thoughtful in balancing acquisitions with share repurchases and investments in people and technology. Q: Can you provide an update on the CFO search and the overall C-suite team? A: Charles Young, CEO, mentioned that the CFO search is progressing well, with a focus on finding the right long-term leader. The finance team, led by Fernando Castro-Caratini, continues to provide strong financial leadership. The overall team is rounding out well, with recent additions enhancing the company's capabilities. Q: What impact do you expect from the new housing legislation on Sun Communities? A: Charles Young, CEO, noted that the ROAD to Housing Act is a positive step for Manufactured Housing, potentially reducing barriers to development and supporting long-term growth. The company sees opportunities in increased home sales, community expansions, and easier zoning approvals, although it will take time for these benefits to materialize. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Net Loss per Diluted Share of $8.08 for the Quarter, inclusive of a Net Loss from Discontinued Operations Net Income per Diluted Share from Continuing Operations of $0.32 for the Quarter Core FFO per Share of $1.84 for the Quarter Same Property NOI Grew by 6.0% for the Quarter Driven by Strength in Manufactured Housing Same Property Adjusted Blended Occupancy for MH and RV of 98.8% Increasing 2026 Same Property NOI Growth Guidance by 20 Basis Points, to 4.5% - 5.3% Southfield, MI, July 27, 2026 (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 (collectively, the "properties"), today reported its second quarter results for 2026. Financial Results for the Quarter and Six Months Ended June 30, 2026 For the quarter ended June 30, 2026, net income attributable to continuing operations was $42.3 million, or $0.32 per diluted share, compared to a net loss from continuing operations of $30.0 million, or $0.74 per diluted share for the same period in 2025. For the quarter ended June 30, 2026, net loss attributable to common shareholders was $992.7 million, or $8.08 per diluted share, compared to net income attributable to common shareholders of $1.3 billion, or $10.02 per diluted share for the same period in 2025. For the six months ended June 30, 2026, net income attributable to continuing operations was $60.7 million, or $0.47 per diluted share, compared to a net loss from continuing operations of $51.7 million, or $0.92 per diluted share for the same period in 2025. For the six months ended June 30, 2026, net loss attributable to common shareholders was $1.0 billion, or $8.10 per diluted share, compared to net income attributable to common shareholders of $1.2 billion, or $9.68 per diluted share for the same period in 2025. Non-GAAP Financial Measures Funds from Operations ("FFO") for the quarter and six months ended June 30, 2026, was $1.77 and $2.71, respectively, per common share and convertible securities ("Share"), as compared to $1.36 and $2.43 for the same periods in 2025. Core Funds from Operations ("Core FFO") for the quarter and six months ended June 30, 2026, was $1.84 and $3.24, respectively, per common share and convertible securities ("Share"), as compared to $1.76 and $3.02 for the same periods in 2025. Same Property Net Operating Income ("NOI") increased by $14.4 million and $28.0 million, or 6.0% and 6.1%, respectively, for the quarter and six months ended June 30, 2026, as compared to the corresponding period in 2025. "We delivered another strong quarter, exceeding the high end of our guidance while demonstrating the strength of our Manufactured Housing and RV portfolio," said Charles Young, Chief Executive Officer. "Supported by durable demand for attainable housing and outdoor vacationing, together with disciplined expense management, we continue to execute on our strategic priorities. The planned sale of our UK platform further simplifies our business and sharpens our focus on our core portfolio. As we maintain our disciplined approach to capital allocation, we are investing in our people, technology, and communities to optimize our platform, and our full-year guidance reflects our confidence in the business and the opportunities ahead." OPERATING HIGHLIGHTS Portfolio Occupancy MH and annual RV sites were 97.9% occupied at June 30, 2026, as compared to 98.1% at June 30, 2025. During the quarter ended June 30, 2026, the number of MH and annual RV revenue producing sites increased by approximately 250 sites. Same Property Results For the properties owned and operated by the Company since at least January 1, 2025, excluding properties classified as discontinued operations, the following table reflects the percentage changes for the quarter and six months ended June 30, 2026, as compared to the same period in 2025: Same Property adjusted blended occupancy for MH and RV declined by 10 basis points to 98.8% at June 30, 2026, from 98.9% at June 30, 2025. INVESTMENT ACTIVITY During the quarter ended June 30, 2026, the Company sold a total of six RV properties in two transactions. Refer to page 12 for additional details related to the Company's acquisition and disposition activity. BALANCE SHEET, CAPITAL MARKETS ACTIVITY, AND OTHER ITEMS As of June 30, 2026, the Company had $4.1 billion in debt outstanding with a weighted average interest rate of 3.3% and a weighted average maturity of 6.9 years. At June 30, 2026, the Company's Net Debt to trailing twelve-month Recurring EBITDA ratio was 3.9 times. Park Holidays Sale As previously announced, during the quarter ended June 30, 2026, the Company entered into an agreement to sell (the "Park Holidays Sale") all of the outstanding equity of the subsidiaries through which the Company operates its business in the United Kingdom (collectively, "Park Holidays" or the "UK business") for a base consideration amount of £785.7 million (or approximately $1.04 billion). The total cash consideration received at closing is subject to certain customary locked box adjustments. The transaction is subject to receipt of a required regulatory approval from the UK Financial Conduct Authority, and is expected to close in the second half of 2026. Reporting Changes As a result of the Park Holidays Sale, the results of the UK business and assets and liabilities included in the disposition are presented as held for sale and as discontinued operations for all periods presented herein. During the quarter ended June 30, 2026, the Company recorded a non-cash valuation allowance charge of $1.1 billion to reduce the net assets of the UK business to its estimated fair value less costs to sell in accordance with its presentation as a discontinued operation. Unless otherwise noted, the information disclosed in this Earnings Release and Supplemental Package refer only to continuing operations and do not include discussion of balances or activity related to discontinued operations, including the UK business. The Company has also revised its reporting structure to two segments, which consist of (i) MH communities, and (ii) RV communities. The new structure removes the UK business from the Company's operating segments as a result of its classification as a discontinued operation and reflects how the chief operating decision maker manages the business, makes operating decisions, allocates resources, and evaluates operating performance. Stock Repurchase Program Effective May 27, 2026, the Company's Board of Directors authorized a stock repurchase program (the "Stock Repurchase Program") under which the Company may repurchase up to $1.0 billion of its common stock through May 27, 2027. The Stock Repurchase Program renewed the Company's previous stock repurchase program and provides the Company with continued flexibility to repurchase shares of its common stock. During the quarter ended June 30, 2026, the Company repurchased approximately 0.9 million shares of the Company's common stock at an average price of $123.30 per share for a total of $111.1 million. Subsequent to the quarter ended June 30, 2026, through July 22, 2026, the Company repurchased approximately 0.7 million shares of the Company's common stock at an average price of $120.62 per share for a total of $89.0 million. Debt Repayments During the quarter ended June 30, 2026, the Company repaid two mortgage term loans totaling $177.9 million, which unencumbered seven properties. Subsequent to the quarter ended June 30, 2026, the Company repaid two mortgage term loans totaling $258.3 million, which unencumbered 16 properties. 2026 GUIDANCE The Company is updating full-year and establishing third quarter 2026 guidance for Diluted EPS and Core FFO per Share and certain other items as set forth below. The Company's guidance presented in this earnings release does not give effect to the completion of the Park Holidays Sale, or potential use of transaction proceeds, nor does it reflect any impacts therefrom, including any effect of the Park Holidays Sale on Diluted EPS or Core FFO per Share. While the Park Holidays Sale is expected to close in the second half of 2026, it is subject to receipt of regulatory approval. Monthly contribution for the UK business is presented in the UK Contribution table below. For the reasons described above, as well as other factors described elsewhere in this earnings release and in the Company's public reports, the actual results from the Company's business and operations in such period may differ materially from the Company's guidance for that period. (a) The diluted share counts for both the quarter ending September 30, 2026 and the year ending December 31, 2026 are estimated to be 125.9 million and 126.6 million, respectively, which assumes full conversion of all equity participating units, including common and preferred OP units, into the Company's common stock.(b) No reconciliation of the forecasted range for FFO per share is included in this release because the Company is unable to quantify certain amounts that would be required to be included in the reconciliation to the comparable GAAP financial measure without unreasonable efforts. In particular, the timing and magnitude of the anticipated loss associated with the disposition of the Company's UK segment remain uncertain. The Company believes that any such reconciliation would imply a degree of precision that could be confusing or misleading to investors and would not be representative of the underlying operating performance of the Company's continuing operations.(c) The Company's guidance translates forecasted results from operations in the UK using the relevant exchange rate provided. Exchange rates are as follows: U.S. dollar ("USD") to British pound sterling ("GBP") is 1.30; USD to Canadian dollar ("CAD") is 0.72; and USD to Australian dollar ("AUD") is 0.64. The impact of fluctuations in Canadian and Australian foreign currency rates on guidance are not material. For the third quarter ending September 30, 2026, the Company's guidance range assumes North America Same Property NOI growth of 2.0% - 3.5%. The estimates and assumptions presented above 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 July 27, 2026. These estimates exclude the effects of the Park Holidays Sale and all other prospective acquisitions, dispositions and capital markets activity. The estimates and assumptions are forward-looking based on the Company's current assessment of economic and market conditions and are subject to the other risks outlined below under the caption Cautionary Statement Regarding Forward-Looking Statements. EARNINGS CONFERENCE CALL A conference call to discuss second quarter results will be held on Tuesday, July 28, 2026 at 11:00 A.M. (ET). To participate, call toll-free at (877) 407-9039. Callers outside the U.S. or Canada can access the call at (201) 689-8470. A replay will be available following the call through August 11, 2026 and can be accessed toll-free by calling (844) 512-2921 or (412) 317-6671. The Conference ID number for the call and the replay is 13760809. The conference call will be available live on the Company's website located at www.suninc.com. The replay will also be available on the website. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), 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 document 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," "intend," "goal," "estimate," "expect," "project," "projections," "plans," "predicts," "potential," "seeks," "anticipates," "should," "could," "may," "will," "designed to," "foreseeable future," "believe," "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, uncertainties, and other factors, both general and specific to the matters discussed in this document, some of which are beyond the Company's control. These risks, 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, 2025, in Item 8.01 of the Company's Current Report on Form 8-K filed May 21, 2026, 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: 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 or incorporated by reference into this document, 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. Company Overview and Investor Information The Company Established in 1975, Sun Communities, Inc. became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of June 30, 2026, the Company owned, operated, or had an interest in a portfolio of 455 developed MH and RV properties comprising approximately 156,130 developed sites in the U.S. and Canada. At that date, the Company also owned, operated, or held an interest in a portfolio of 54 U.K. properties comprising approximately 22,030 developed sites, which were classified within discontinued operations as of June 30, 2026. For more information about the Company, please visit www.suninc.com. Portfolio Overview as of June 30, 2026 Financial and Operating Highlights($ in millions, except Per Share amounts) (a) During the quarter ended June 30, 2025, the Company also paid a one-time special cash distribution of $4.00 per common share and unit.(b) Refer to Definition and Notes for additional information.(c) Revenue producing site net gains do not include occupied sites acquired during the year. Condensed Consolidated Balance Sheets($ in millions) (a) Refer to Definitions and Notes for additional information. Condensed Consolidated Statements of Operations($ in millions, except for per share amounts) (a) Refer to Definitions and Notes for additional information.(b) Excludes the effect of certain anti-dilutive convertible securities.N/M = Not meaningful. N/A = Not applicable. Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO($ in millions, except for per share data) (a) Refer to Definitions and Notes for additional information.(b) Assumes full conversion of all equity participating units, including common and preferred OP units, into the Company's common stock.(c) FFO and Core FFO include discontinued operations activity of $17.7 million or $0.14 per Share, and $30.0 million or $0.24 per Share, respectively, during the quarter ended June 30, 2026, and $57.2 million or $0.43 per Share, and $51.1 million or $0.39 per Share, respectively, during the quarter ended June 30, 2025.(d) FFO and Core FFO include discontinued operations activity of $3.6 million or $0.03 per Share, and $35.7 million or $0.28 per Share, respectively, during the six months ended June 30, 2026, and $84.1 million or $0.64 per Share, and $102.7 million or $0.78 per Share, respectively, during the six months ended June 30, 2025. Reconciliation of Net income / (Loss) Attributable to SUI Common Shareholders to NOI($ in millions) (a) Refer to Definitions and Notes for additional information. Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Recurring EBITDA($ in millions) (a) Refer to Definitions and Notes for additional information.(b) EBITDAre and Recurring EBITDA include discontinued operations activity.(c) Represents non-recurring transaction costs that are directly attributable to the Park Holidays Sale and the Safe Harbor Sale for the applicable periods. Real Property Operations - Total Portfolio($ in millions) N/A = Not applicable.(a) Refer to Definitions and Notes for additional information.(b) MH annual sites included 13,130 and 11,567 rental homes in the Company's rental program at June 30, 2026 and 2025, respectively. The Company's gross investment in occupied rental homes at June 30, 2026 was $979.3 million, an increase of 20.5% from $812.5 million at June 30, 2025. Real Property Operations - Same Property Portfolio(a)($ in millions) (a) Refer to Definitions and Notes for additional information.(b) Percentages are calculated based on unrounded numbers.Real Property Operations - Same Property Portfolio (Continued) N/A = Not applicable.(a) Financial results from properties impacted by dispositions and catastrophic weather events have been removed from Same Property reporting.(b) Same Property blended occupancy for MH and RV was 98.3% at June 30, 2026, up 30 basis points from 98.0% at June 30, 2025. Adjusting for recently delivered and vacant expansion sites, Same Property adjusted blended occupancy for MH and RV declined by 10 basis points to 98.8% at June 30, 2026, from 98.9% at June 30, 2025.(c) Percentages are calculated based on unrounded numbers.(d) Occupied rental program sites in Same Property are included in total sites. Home Sales Summary($ in millions, except for average selling price) (a) Refer to Definitions and Notes for additional information. Operating Statistics for MH and Annual RVs (a) Percentage calculated based on a trailing 12-month basis.(b) Increase in revenue producing sites, net of new vacancies. Acquisitions and Dispositions($ in millions) Capital Expenditures(a)($ in millions) (a) Refer to Definitions and Notes for additional information. Capitalization Overview($ in millions, shares and units in thousands, except for share price) (a)  Refer to Definitions and Notes for additional information related to the Company's securities outstanding. (b) (a)  Includes the effect of amortizing deferred financing costs, unsecured note discounts, and fair value adjustments on the Secured borrowings on collateralized receivables.(b)  Refer to Definitions and Notes for additional information.(c)  Debt Maturities(a) ($ in millions) (a) Debt maturities include the unamortized deferred financing costs, discount / premiums, and fair value adjustments associated with outstanding debt.(b) For the Mortgage loans payable maturing between 2026 - 2030: (c) Balance at June 30, 2026 excludes fair value adjustments of $3.2 million.(d) Refer to Definitions and Notes for additional information. Debt Analysis (a) Refer to Definitions and Notes for additional information.(b) Percentage includes the impact of hedge activities.(c) As of June 30, 2026, the Company had no floating rate debt.(d) As of June 30, 2026, the Company did not have any borrowings outstanding under its senior credit facility. Definitions and Notes Acquisition and Other Transaction Costs - In the Company's Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO on page 6, "Acquisition and other transaction costs - continuing operations" represent (a) nonrecurring integration expenses associated with acquisitions during the quarters and six months ended June 30, 2026 and 2025, (b) costs associated with potential acquisitions that will not close, (c) expenses incurred to bring recently acquired properties up to the Company's operating standards, including items such as tree trimming and painting costs that do not meet the Company's capitalization policy, and (d) other non-recurring transaction costs. Within this same reconciliation on page 6, "Acquisition and other transaction costs - discontinued operations" primarily represent non-recurring transaction costs that are directly attributable to the Park Holidays Sale and the Safe Harbor Sale and nonrecurring integration expenses associated with previous UK and marina acquisitions. Asset Impairments - In the Company's Condensed Consolidated Statements of Operations on page 5, the Company recorded asset impairment charges of $17.9 million for the quarter ended June 30, 2026, primarily consisting of asset impairment charges of $14.1 million to reduce the carrying value of two development land parcels in the US, driven by the Company's contemplated change in strategic plan for these properties. Assets Held for Sale and Discontinued Operations: Park Holidays Sale - In May 2026, the Company entered into an agreement to sell Park Holidays, which represents a strategic shift in operations that is expected to have a major effect on the Company's operations and financial results. Accordingly, the results of the UK business and assets and liabilities included in the disposition are presented as held for sale and as discontinued operations for all periods presented herein. The Company expects the Park Holidays Sale to close in the second half of 2026. As of June 30, 2026, the Company determined that the fair value of the UK business, including costs to sell, was lower than its carrying value. Accordingly, during the quarter ended June 30, 2026, the Company recorded a non-cash valuation allowance of $1.1 billion against the assets held for sale to reduce the carrying value of the UK business to the estimated fair value less costs to sell. The valuation allowance was recorded within Income / (loss) from discontinued operations, net on the Company's Condensed Consolidated Statements of Operations. Safe Harbor Sale - In 2025, the Company entered into the Safe Harbor Sale, which represented a strategic shift in operations. Accordingly, the results of the Safe Harbor business have been reflected as discontinued operations on the Company's Condensed Consolidated Statements of Operations through the final transaction closing date of August 29, 2025. The following table sets forth a summary of the operating results included within Income / (loss) from discontinued operations, net on the Company's Condensed Consolidated Statements of Operations (in millions): The following table sets forth a summary of assets and liabilities classified as held for sale and discontinued operations related to the UK business (in millions): The following table sets forth a summary of the operating results included within Income / (loss) from discontinued operations, net on the Company's Condensed Consolidated Statements of Operations related to the UK business (in millions): (a) Includes legal and advisory fees, employee separation costs, and other transaction costs of $78.7 million associated with the Park Holidays Sale during the quarter ended June 30, 2026; $14.9 million of which is recorded in General and administrative and $63.8 million of which is recorded in Loss from classification to held for sale within Income / (Loss) from Discontinued Operations. Capital Expenditures - The Company classifies its investments in properties into the following categories: 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 the Company's MH and RV 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 - The following investment and reinvestment activities are non-recurring in nature: Capital improvements subsequent to acquisition often require 24 to 36 months to complete after closing. At MH and RV properties, capital improvements include upgrading clubhouses; landscaping; new street lighting 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. Expansions and Developments - 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 the Company's MH and RV communities. Expenditures also include costs to rebuild after damage has been incurred at MH or RV properties. Cash, Cash Equivalents and Restricted Cash - Includes cash and cash equivalents of $14.6 million as of June 30, 2026, that was held in escrow accounts and restricted from general use. The restricted cash and cash equivalents include $9.7 million that has been designated to fund potential future MH and RV acquisitions under 1031 exchange transactions. Enterprise Value - Equals total equity market capitalization, plus total indebtedness reported on the Company's balance sheet and less unrestricted cash and cash equivalents. GAAP - U.S. Generally Accepted Accounting Principles. Interest expense - The following is a summary of the components of the Company's interest expense (in millions): Loss of earnings - catastrophic event-related charges, net - include the following (in millions): (1) During the year ended December 31, 2025, the Company 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. The Company concluded that $36.5 million of the total settlement pertained to business interruption recoveries through 2027, which the Company recorded as a contingent gain in accordance with ASC 450, "Contingencies." To better reflect the underlying economics of the transaction, the Company has elected to defer the business interruption recovery gain and recognize income ratably through 2027 for the Company's presentation of Core FFO. NAREIT - The National Association of Real Estate Investment Trusts is the worldwide representative voice for REITs and real estate companies with an interest in U.S. real estate and capital markets. More information is available at www.reit.com. Net Debt - The carrying value of debt, plus, unamortized premiums, discounts, and deferred financing costs, less unrestricted cash and cash equivalents. The following table sets forth the components of Net Debt (in millions): Other adjustments, net - In the Company's Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO on page 6, Other adjustments, net - continuing operations and Other adjustments, net - discontinued operations consist of the following (in millions): Other income / (expense), net - In the Company's Condensed Consolidated Statements of Operations on page 5, Other income / (expense), net consists of the following (in millions): Safe Harbor Sale - The Company's sale of Safe Harbor Marinas, LLC in 2025. Same Property - The Company defines Same Properties as those the Company has owned and operated continuously since at least 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. Secured borrowings on collateralized receivables - This is a transferred asset transaction which has been classified as collateralized receivables and the cash received from this transaction has been classified as secured borrowings. The interest income and interest expense accrue in equal amounts. The Company has elected to record the collateralized receivables and secured borrowings at fair value under ASC 820, "Fair Value Measurements." As a result, the balance of collateralized receivables and related secured borrowings are net of fair value adjustments. Securities - The Company had the following securities outstanding as of June 30, 2026: (a) Exchange rates are subject to adjustment upon stock splits, recapitalizations, and similar events. The exchange rates of certain series of OP units are approximated to four decimal places. (b) Calculation may yield minor differences due to fractional shares paid in cash to the shareholder at conversion. (c) Annual distribution is based on the last quarterly distribution annualized. Share - In addition to reporting net income on a diluted basis ("EPS"), the Company reports FFO and Core FFO on a per common share and convertible securities basis (per "Share"). For the periods presented below, the Company's diluted weighted average common shares outstanding for EPS and FFO are as follows: Utility Revenues - In its Condensed Consolidated Statements of Operations and its total portfolio presentation of real property operating results, the Company includes the following utility reimbursement revenues in real property revenues (excluding transient) (in millions): For its presentation of Same Property results on page 10, the Company nets the following utility revenues (which include utility reimbursement revenues from residents) against related utility expenses in Same Property operating expenses (in millions): Non-GAAP Supplemental Measures Investors and analysts following the real estate industry use non-GAAP supplemental performance measures, including net operating income ("NOI"), earnings before interest, tax, depreciation, and amortization ("EBITDA") and funds from operations ("FFO") to assess REITs. The Company believes that NOI, EBITDA, and FFO are appropriate measures given their wide use by and relevance to investors and analysts. Additionally, NOI, EBITDA, 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 provides a measure of rental operations and does not factor in depreciation, amortization and non-property specific expenses such as general and administrative expenses. EBITDA provides a further measure to evaluate the Company's ability to incur and service debt; EBITDA also provides further measures to evaluate the Company's ability to fund dividends and other cash needs. FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets. Net Operating Income ("NOI") The Company believes 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 the Company's financial performance or GAAP net cash provided by operating activities as a measure of the Company's liquidity; nor is it indicative of funds available for the Company's cash needs, including its 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 performance and growth of the Company's Same Property portfolio. Same Property NOI does not include the revenues and expenses related to home sales and ancillary activities at the properties. The Company believes 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. Earnings before interest, tax, depreciation and amortization ("EBITDA") Funds from Operations ("FFO") The Company believes that FFO and Core FFO provide enhanced comparability for investor evaluations of period-over-period results. The Company believes 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 the Company's 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 the Company's 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. Attachment SUI 2Q 2026 Press Release and Supplemental

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. Sun Communities (SUI) shares were in focus after first quarter 2026 results topped management expectations, supported by higher full year guidance, early strength in RV demand, and ongoing buybacks and acquisitions. See our latest analysis for Sun Communities. The share price has a year to date return of 4.68% and a 1 year total shareholder return of 4.77%, suggesting modest momentum that investors appear to be reassessing in light of the stronger guidance, RV demand trends, and ongoing buybacks. If Sun Communities' update has you thinking about where else capital could work hard, this is a good moment to scan opportunities in resilient real estate and infrastructure through the 35 power grid technology and infrastructure stocks With the shares up modestly and trading below some valuation estimates, yet supported by stronger guidance and active buybacks, should you view Sun Communities as underappreciated value, or has the market already incorporated the next leg of growth into the price? With Sun Communities last closing at $127.84 against a narrative fair value of $142.83, the widely followed view sees upside that hinges on a specific growth and margin path. Read the complete narrative. Want to see what is baked into that upside view? The narrative leans heavily on steadier top line growth, much higher profitability, and a future earnings multiple that assumes confidence in execution. Result: Fair Value of $142.83 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, that upside view can quickly look fragile if RV weakness persists or if rising payroll and property costs squeeze the margin path that analysts are relying on. Find out about the key risks to this Sun Communities narrative. While the narrative fair value points to upside, the current P/S ratio of 6.7x is higher than both the estimated fair ratio of 5.5x and the North American Residential REITs average of 5.2x, as well as the peer average of 6.4x. That premium raises a simple question: are you paying up today for a story that still needs to be proven? See what the numbers say about this price — find out in our valuation breakdown. If this mix of optimism and concern feels familiar, do not wait too long to look through the numbers yourself. Then weigh up Sun Communities' 3 key rewards and 2 important warning signs If you are serious about putting your capital to work, do not stop at one stock. Use targeted screens to surface ideas that fit your goals before others spot them. Zero in on potential mispricing by scanning for businesses that combine quality fundamentals with attractive valuations through the 51 high quality undervalued stocks Strengthen your income core by reviewing companies that offer higher yields with a focus on resilience via the 12 dividend fortresses Seek out future standouts by checking a curated screener containing 25 high quality undiscovered gems This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include SUI. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Sun Communities reported Q1 Core FFO per share of $1.40 and raised full-year 2026 Core FFO guidance to $6.87–$7.07 (midpoint $6.97) after beating internal expectations. Operationally, North America same-property MH and RV NOI rose 6.3% with occupancy above 98%, and RV transient demand is pacing ahead of last year early in the season. Management emphasized balanced capital allocation, returning over $1.5 billion to shareholders since 2025 (including ~$60 million to repurchase ~500,000 shares in Q1) while carrying $4.3 billion of debt at a 3.4% average rate and a 3.7x net debt/EBITDA. Interested in Sun Communities, Inc.? Here are five stocks we like better. 3 Stocks Built for America’s Affordable Housing Reality Sun Communities (NYSE:SUI) reported first-quarter 2026 results that topped management’s expectations and prompted an increase to its full-year outlook, citing continued strength in its manufactured housing portfolio and early-season outperformance in RV transient demand. Chief Executive Officer Charles Young said the company was “pleased with our performance this quarter, building on the strong momentum established in 2025,” pointing to what he described as a simplified platform, a strengthened balance sheet, and positioning as a leading manufactured housing (MH) and RV operator. → Homebuilder Earnings: D.R. Horton Sticks Out as Pulte & NVR Sales Tank Golden Cross Alert: 3 Stocks With Major Upside Potential Sun delivered Core FFO per share of $1.40 in the quarter, which CFO Fernando Castro-Caratini said exceeded the high end of the company’s guidance range. Castro-Caratini attributed the outperformance primarily to “continued strength in our manufactured housing fundamentals,” with support from “better than expected performance in RV transient” within the North America MH and RV segments. The company raised full-year 2026 Core FFO per share guidance to $6.87 to $7.07, with a midpoint of $6.97. Castro-Caratini said the $0.04 midpoint increase reflects “a strong start to the year and continued outperformance in our core manufactured housing business.” He also emphasized that the first quarter is “a seasonally smaller portion of our full-year earnings,” largely because RV contributes more heavily in the summer months, and said management wanted to be “thoughtful” in translating first-quarter outperformance into the full-year view. → Meta Platforms Earnings Preview: What to Watch in Q1 2026 Report REITs on the Rise After Rate Cuts: Where to Invest Now President and COO John McLaren said North American same-property MH and RV NOI increased 6.3% year-over-year, driven by a 5.9% revenue increase and partially offset by a 5.2% rise in expenses. He said same-property occupancy remained “strong at over 98%.” Within manufactured housing, McLaren said same-property NOI rose 6.3%, with revenue up 6.6%, “primarily driven by site rent growth.” He added that expense growth was consistent with expectations and reflected progress on “payroll efficiencies and procurement initiatives.” → Palantir Is Down 30%: Noise? Or a Signal to Accumulate? In the RV segment, McLaren said same-property NOI increased 6.3%, with revenue up 4.2% and expenses up 2.3%. He noted Sun focused on securing annual renewals earlier in the cycle, which he said “positions us well to enhance the annual and transient revenue mix as we move into peak season.” McLaren said transient demand trends were stable and pacing was ahead of last year, while also cautioning that it is early in the season and the first quarter is a relatively small portion of transient’s annual contribution. In the U.K., McLaren said same-property NOI increased 1.6%, with revenue up 5.3% and expenses in line with guidance. Young said the U.K. business is “high quality” with a “strong team” and a “solid asset base,” and that it has continued to perform in line with expectations. Management repeatedly framed its strategy around what Young described as three “core pillars”: disciplined capital allocation, optimizing the operating platform, and targeted investment in communities, infrastructure, and digital capabilities. On capital returns, Young said Sun has returned more than $1.5 billion to shareholders since the beginning of 2025, including continued repurchases in the first quarter of 2026. Castro-Caratini said the company repurchased about 500,000 shares during the quarter at an average price of $126, totaling $60 million. As of March 31, Castro-Caratini said Sun’s debt balance was $4.3 billion, with a weighted average interest rate of 3.4% and weighted average maturity of 6.8 years. He said net debt to trailing 12-month recurring EBITDA was 3.7x, and noted $492 million of debt maturities in 2026. Asked about the pace of buybacks, Young said the company intends to remain “balanced” across reinvestment in the platform, “thoughtful, disciplined, accretive external growth opportunities,” and capital returns through dividends or buybacks, choosing among those options based on long-term, risk-adjusted returns. On external growth, Young said the company deployed capital into its MH and RV platform over the past several quarters, including the integration of more than $450 million of acquisitions completed in late 2025, plus additional first-quarter investments. During Q&A, analysts pressed management on reports suggesting Sun might sell its Park Holidays U.K. business, including ground leases the company recently purchased. Young did not confirm any potential transaction, stating the company “regularly review[s] all parts of our business to ensure they’re optimally positioned,” and that its near-term focus is “to maximize value through execution, strengthening performance, driving growth where we can, and maintaining cost control and flexibility.” Castro-Caratini said that of roughly $2.4 billion in gross assets referenced by an analyst, the “majority” is operating assets for Park Holidays, adding that about $1.9 billion of that value is operating assets and that some development land came from a prior loan. Executive Vice President and CIO Aaron Weiss addressed the acquisition of Kingfisher in the U.K., describing it as “an attractive park” that is complementary to existing assets and has growth opportunities “to the extent we want to invest.” Weiss characterized the deal as small in the context of Sun’s overall investment base and said it would not affect broader strategic planning. He also noted the company has sold a couple of single assets in the U.K. over the past few years that did not meet return objectives. Castro-Caratini addressed higher G&A and addbacks in the quarter, saying the “majority of the adback activity” related to executive leadership transitions, including “Gary’s transition after 40 years with the organization,” plus costs tied to recent CFO and COO changes. He said the costs were largely concentrated in the first quarter and were “non-recurring in nature.” He provided a comparison, stating first-quarter G&A was about $61 million in the prior-year period and the comparable figure was $51 million for the first quarter of this year, noting the prior-year figure included some marina-related items. On operating initiatives, Young and McLaren discussed investments in data analytics and a “unified digital backbone.” Young cited benefits from an ERP implementation that has enabled more real-time data access, while McLaren said improved visibility is helping conversion of long- and short-term prospect funnels. He also described property-level RV “heat maps” showing site revenue and occupancy that can inform revenue management, marketing, and guest conversion strategy. Management also weighed in on housing policy. Young said Sun is supportive of measures aimed at attainable housing and is monitoring federal proposals, noting that housing production is often driven by local dynamics. McLaren said removing the permanent chassis requirement for manufactured homes could create opportunities for cost savings and different home specifications that may be more appealing to local decision-makers, while emphasizing the company will watch how the process unfolds. In closing remarks, Young said he was encouraged by the company’s momentum and thanked employees for strong execution, stating Sun believes it is well-positioned to sustain performance through 2026. Sun Communities, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas. The company's portfolio spans more than 500 manufactured housing communities and over 160 RV resorts, offering affordable, long-term housing as well as short-stay recreational lodging. Through professional on-site management and amenity-rich community designs, Sun Communities serves a diverse customer base that includes retirees, workforce families and vacationers. Founded in 1975 and headquartered in Southfield, Michigan, Sun Communities has grown organically and through strategic acquisitions to become one of the largest operators in its sector. The article "Sun Communities Q1 Earnings Call Highlights" was originally published by MarketBeat.

This article first appeared on GuruFocus. Core FFO per Share: $1.40, exceeding the high end of expectations. North American Same-Property NOI Growth: 6.3% increase. Manufactured Housing Same-Property NOI Growth: 6.3% increase, with revenues up 6.6%. RV Segment Same-Property NOI Growth: 6.3% increase, with revenues up 4.2%. UK Same-Property NOI Growth: 1.6% increase, with revenues up 5.3%. Share Repurchases: Approximately 0.5 million shares bought back at an average price of $126 per share, totaling $60 million. Debt Balance: $4.3 billion with a weighted average interest rate of 3.4%. Net Debt to EBITDA Ratio: 3.7 times. Full Year 2026 Core FFO per Share Guidance: Raised to $6.87 to $7.07, midpoint of $6.97. Full Year Same-Property NOI Growth Guidance: Approximately 4.7% for North America, with manufactured housing increasing to 6.2%. Warning! GuruFocus has detected 6 Warning Signs with SUI. Is SUI fairly valued? Test your thesis with our free DCF calculator. Release Date: April 28, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Sun Communities Inc (NYSE:SUI) reported a strong first quarter performance with core FFO per share of $1.40, exceeding the high end of their expectations. The company raised its full-year 2026 core FFO per share guidance range, reflecting a strong start to the year and continued outperformance in their core manufactured housing business. Same-property NOI for North American manufactured housing and RV segments increased by 6.3%, driven by a 5.9% increase in revenue. Sun Communities Inc (NYSE:SUI) maintained a strong and flexible balance sheet with a net debt to trailing 12-month recurring EBITDA ratio of 3.7 times. The company has returned over $1.5 billion to shareholders since the beginning of 2025, including continued share repurchases in the first quarter of 2026. The company experienced a 5.2% increase in expenses, partially offsetting revenue growth. There is uncertainty regarding the future of the UK segment, with discussions about potential sales and acquisitions creating mixed signals. The RV segment's transient revenue is expected to decline by 1.9% for the full year, indicating potential challenges in this area. The company is facing macroeconomic challenges in the UK, which could impact home sales and occupancy rates. Despite a strong first quarter, the guidance increase for the full year was conservative, suggesting potential caution about future performance. Q: There were some news articles suggesting you might sell Park Holidays, including the $400 million of ground leases. Can you comment on this and your strategy for the UK? A: Charles Young, CEO: We regularly review all parts of our business for optimal positioning. The UK business is high-quality with a strong team and asset base, performing in line with expectations. Our focus is on maximizing value through execution and maintaining cost control. Q: Can you explain what's included in the $2.4 billion of gross assets in your 10-K, and how much isn't generating much NOI? Also, what financing options are available for these assets? A: Fernando Castro-Caratini, CFO: The majority is operating assets for Park Holidays, with some development land. Aaron Weiss, CIO: We acquired ground leases at attractive yields, providing strategic flexibility. Park Holidays is financed against our corporate credit facility, and we maintain financial flexibility. Q: You bought an asset in the UK during the quarter. How does this fit into the broader Park Holiday portfolio, and how should people react to this activity? A: Aaron Weiss, CIO: We acquired Kingfisher, an attractive park in the UK, consistent with our strategy. It's complementary to existing assets and offers growth opportunities. This acquisition doesn't affect our overall strategic planning. Q: On the FFO guidance, you beat more during the quarter than the overall guidance went up. Is some of that timing related? A: Fernando Castro-Caratini, CFO: We increased our guidance by $0.04, reflecting a strong start to the year. The first quarter has a lower contribution, and we remain thoughtful about the rest of the year, especially with higher RV contributions during summer months. Q: Why not buy back more stock during the quarter, given your strong cash position? A: Charles Young, CEO: Our capital allocation aims for the best long-term risk-adjusted returns. We balance investing in communities, pursuing growth opportunities, and returning capital to shareholders through dividends or buybacks. We'll continue to be balanced and thoughtful in our approach. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Net Loss per Diluted Share of $0.07 for the Quarter Core FFO per Share of $1.40 for the Quarter North America Same Property NOI Grew by 6.3% for the Quarter Driven by Strength Across Both MH and RV North America Same Property Adjusted Blended Occupancy for MH and RV of 98.7% Raising Full-Year 2026 Core FFO per Share Guidance by $0.04, an Approximately 60 Basis Points Increase, to $6.87 to $7.07 Increasing North American Same Property NOI Growth Guidance by Approximately 25 Basis Points, to 4.2% - 5.2% Southfield, MI, April 27, 2026 (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 (collectively, the "properties"), today reported its first quarter results for 2026. Financial Results for the Quarter Ended March 31, 2026 For the quarter ended March 31, 2026, net loss attributable to common shareholders was $8.7 million, or $0.07 per diluted share, compared to a net loss attributable to common shareholders of $42.8 million, or $0.34 per diluted share for the same period in 2025. Non-GAAP Financial Measures Core Funds from Operations ("Core FFO") for the quarter ended March 31, 2026, was $1.40 per common share and convertible securities ("Share"), as compared to $1.26 for the same period in 2025. Same Property Net Operating Income ("NOI") North America Same Property NOI for MH and RV increased by $13.6 million, or 6.3%, for the quarter ended March 31, 2026, as compared to the corresponding period in 2025. UK Same Property NOI increased by $0.2 million, or 1.6%, on a constant currency basis, for the quarter ended March 31, 2026, as compared to the corresponding period in 2025. "I'm pleased with the Company’s strong first quarter results, continuing our momentum as we execute on our strategy," said Charles Young, Chief Executive Officer. "We drove better than expected results across our North America portfolio, where same property MH and RV NOI increased 6.3%, reflecting the strength of our portfolio and the sustained demand for our communities. Our strategy is anchored in three core pillars: disciplined capital allocation, optimization of our platform, and targeted investment in our communities, infrastructure, and digital capabilities. As we look ahead, I am confident that our strategy combined with successful execution of our capital priorities will deliver sustainable growth and create lasting value for all stakeholders, while providing exceptional communities and experiences for our residents and guests." OPERATING HIGHLIGHTS North America Portfolio Occupancy MH and annual RV sites were 97.8% occupied at March 31, 2026, as compared to 98.0% at March 31, 2025. Same Property Results For the properties owned and operated by the Company since at least January 1, 2025, the following table reflects the percentage changes for the quarter ended March 31, 2026, as compared to the same period in 2025: North America Same Property adjusted blended occupancy for MH and RV remained unchanged at 98.7% at March 31, 2026, from 98.7% at March 31, 2025. INVESTMENT ACTIVITY During the quarter ended March 31, 2026, the Company completed the acquisition of two properties for total cash consideration of $27.6 million. Refer to page 12 for additional details related to the Company's acquisition and disposition activity. BALANCE SHEET, CAPITAL MARKETS ACTIVITY, AND OTHER ITEMS As of March 31, 2026, the Company had $4.3 billion in debt outstanding with a weighted average interest rate of 3.4% and a weighted average maturity of 6.8 years. At March 31, 2026, the Company's Net Debt to trailing twelve-month Recurring EBITDA ratio was 3.7 times. Stock Repurchase Program During the quarter ended March 31, 2026, the Company repurchased approximately 0.5 million shares of the Company's common stock at an average price of $126.45 per share for a total of $60.1 million. 2026 GUIDANCE The Company is updating full-year and establishing second quarter 2026 guidance for diluted EPS and Core FFO per Share and certain other items as follows: (a) The diluted share counts for both the quarter ending June 30, 2026 and the year ending December 31, 2026 are estimated to be 127.4 million and 127.5 million, respectively, which assumes full conversion of all equity participating units, including common and preferred OP units, into the Company's common stock. (b) The Company's guidance translates forecasted results from operations in the UK using the relevant exchange rate provided. Exchange rates are as follows: U.S. dollar ("USD") to British pound sterling ("GBP") is 1.30; USD to Canadian dollar ("CAD") is 0.72; and USD to Australian dollar ("AUD") is 0.64. The impact of fluctuations in Canadian and Australian foreign currency rates on guidance are not material. Supplemental Guidance Tables: For the second quarter ending June 30, 2026, the Company's guidance range assumes North America Same Property NOI growth of 3.2% - 4.9% and UK Same Property NOI growth of (1.3)% - 1.7% on a constant currency basis. The estimates and assumptions presented above 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 27, 2026. These estimates exclude all other prospective acquisitions, dispositions and capital markets activity. The estimates and assumptions are forward-looking based on the Company's current assessment of economic and market conditions and are subject to the other risks outlined below under the caption Cautionary Statement Regarding Forward-Looking Statements. EARNINGS CONFERENCE CALL A conference call to discuss first quarter results will be held on Tuesday, April 28, 2026 at 11:00 A.M. (ET). To participate, call toll-free at (877) 407-9039. Callers outside the U.S. or Canada can access the call at (201) 689-8470. A replay will be available following the call through May 12, 2026 and can be accessed toll-free by calling (844) 512-2921 or (412) 317-6671. The Conference ID number for the call and the replay is 13759335. The conference call will be available live on the Company's website located at www.suninc.com. The replay will also be available on the website. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), 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 document 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," "intend," "goal," "estimate," "expect," "project," "projections," "plans," "predicts," "potential," "seeks," "anticipates," "should," "could," "may," "will," "designed to," "foreseeable future," "believe," "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, uncertainties, and other factors, both general and specific to the matters discussed in this document, some of which are beyond the Company's control. These risks, 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, 2025, 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: 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 or incorporated by reference into this document, 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. Company Overview and Investor Information The Company Established in 1975, Sun Communities, Inc. became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of March 31, 2026, the Company owned, operated, or had an interest in a portfolio of 515 developed MH, RV, and UK properties comprising approximately 179,300 developed sites in the U.S., Canada, and the U.K. For more information about the Company, please visit www.suninc.com. Portfolio Overview as of March 31, 2026 Financial and Operating Highlights ($ in millions, except Per Share amounts, Unaudited) (a) During the quarter ended June 30, 2025, the Company also paid a one-time special cash distribution of $4.00 per common share and unit. (b) Refer to Definition and Notes for additional information. (c) Revenue producing site net gains do not include occupied sites acquired during the year. Consolidated Balance Sheets ($ in millions, Unaudited) (a) Refer to Definitions and Notes for additional information. Consolidated Statements of Operations ($ in millions, except for per share amounts, Unaudited) (a) Refer to Definitions and Notes for additional information. (b) Excludes the effect of certain anti-dilutive convertible securities. N/M = Not meaningful. N/A = Not applicable. Reconciliation of Net Loss Attributable to SUI Common Shareholders to Core FFO ($ in millions, except for per share data, Unaudited) (a) Refer to Definitions and Notes for additional information. (b) Assumes full conversion of all equity participating units, including common and preferred OP units, into the Company's common stock, and has no material impact on previously reported results. (c) FFO and Core FFO include discontinued operations activity of $20.0 million or $0.15 per Share, and $49.2 million or $0.37 per Share, respectively, during the quarter ended March 31, 2025. Reconciliation of Net Loss Attributable to SUI Common Shareholders to NOI ($ in millions, Unaudited) (a) Refer to Definitions and Notes for additional information. Excludes properties classified as discontinued operations. During the quarter ended March 31, 2025, the Company's marina properties generated total NOI of $64.3 million, which was recorded within Loss from discontinued operations, net on the Consolidated Statements of Operations. Refer to the section "Discontinued Operations" within the Definitions and Notes for additional information. Reconciliation of Net Loss Attributable to SUI Common Shareholders to Recurring EBITDA ($ in millions, Unaudited) (a) Refer to Definitions and Notes for additional information. (b) Represents non-recurring transaction costs that are directly attributable to the Safe Harbor Sale. Real Property Operations - Total Portfolio ($ in millions, Unaudited) N/A = Not applicable. (a) Refer to Definitions and Notes for additional information. (b) MH annual sites included 12,800 and 11,262 rental homes in the Company's rental program at March 31, 2026 and 2025, respectively. The Company's gross investment in occupied rental homes at March 31, 2026 was $961.0 million, an increase of 18.3% from $812.1 million at March 31, 2025. Real Property Operations - North America Same Property Portfolio(a) ($ in millions, Unaudited) (a) Refer to Definitions and Notes for additional information. (b) Percentages are calculated based on unrounded numbers. (c) 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 the Company's standards: N/A = Not applicable. (a) Financial results from properties impacted by dispositions and catastrophic weather events have been removed from Same Property reporting. (b) Same Property blended occupancy for MH and RV was 98.2% at March 31, 2026, up 20 basis points from 98.0% at March 31, 2025. Adjusting for recently delivered and vacant expansion sites, Same Property adjusted blended occupancy for MH and RV remained at 98.7% at March 31, 2026, from 98.7% at March 31, 2025. (c) Calculated using actual results without rounding. (d) Occupied rental program sites in Same Property are included in total sites. Real Property Operations - UK Same Property Portfolio(a) ($ in millions, except for statistical information, Unaudited) (a) Refer to Definitions and Notes for additional information. (b) Same Property results for the Company's 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 $1.3478 USD per pound sterling, during the quarter March 31, 2026. Prior to constant currency adjustments, UK Same Property NOI increased by 8.1% during the quarter March 31, 2026. Refer to Definitions and Notes for additional information. (c) Percentages are calculated based on unrounded numbers. (d) Adjusting for recently delivered and vacant expansion sites, Same Property adjusted occupancy decreased by 50 basis points year over year, to 89.5% at March 31, 2026, from 90.0% at March 31, 2025. Home Sales Summary ($ in millions, except for average selling price, Unaudited) (a) Refer to Definitions and Notes for additional information. Operating Statistics for MH and Annual RVs (a) Percentage calculated based on a trailing 12-month basis. (b) Increase in revenue producing sites, net of new vacancies. Acquisitions and Dispositions ($ in millions, Unaudited) Capital Expenditures(a) ($ in millions, Unaudited) (a) Represents capital expenditures related to the Company's continuing operations and excludes 2025 and 2024 activity related to Safe Harbor Marinas, which is classified within discontinued operations. (b) Refer to Definitions and Notes for additional information. Capitalization Overview (Shares and units in thousands, $ in millions, except for *, Unaudited) (a) Refer to Definitions and Notes for additional information related to the Company's securities outstanding. (b) (a) Includes the effect of amortizing deferred financing costs, unsecured note discounts, and fair value adjustments on the Secured borrowings on collateralized receivables. (b) Refer to Definitions and Notes for additional information. (c) Debt Maturities(a) ($ in millions, Unaudited) (a) Debt maturities include the unamortized deferred financing costs, discount / premiums, and fair value adjustments associated with outstanding debt. (b) For the Mortgage loans payable maturing between 2026 - 2030: (c) Balance at March 31, 2026 excludes fair value adjustments of $3.8 million. (d) Refer to Definitions and Notes for additional information. Debt Analysis (Unaudited) (a) Refer to Definitions and Notes for additional information. (b) Percentage includes the impact of hedge activities. (c) As of March 31, 2026, the Company has no floating rate debt. (d) As of March 31, 2026, the Company did not have any borrowings outstanding under its senior credit facility. Definitions and Notes (Unaudited) Acquisition and Other Transaction Costs - In the Company's Reconciliation of Net Loss Attributable to SUI Common Shareholders to Core FFO on page 5, "Acquisition and other transaction costs - continuing operations" represent (a) nonrecurring integration expenses associated with acquisitions during the quarter ended March 31, 2026 and 2025, (b) costs associated with potential acquisitions that will not close, (c) expenses incurred to bring recently acquired properties up to the Company's operating standards, including items such as tree trimming and painting costs that do not meet the Company's capitalization policy, and (d) other non-recurring transaction costs. Within this same reconciliation on page 5, "Acquisition and other transaction costs - discontinued operations" primarily represent non-recurring transaction costs that are directly attributable to the Safe Harbor Sale and nonrecurring integration expenses associated with previous marina acquisitions. Capital Expenditures - The Company classifies its investments in properties into the following categories: 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 the Company's 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 - The following investment and reinvestment activities are non-recurring in nature: Lot Modifications - consist of expenditures incurred to modify the foundational structures required to set up 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. See page 11 for move-out rates. 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 the Company's RV communities and costs of building an RV mobile application and updated website. Capital Improvements to Recent Acquisitions - represents capital improvements identified during due diligence from the acquisition date through the third year of ownership needed to bring acquired properties up to the Company's operating standards. Capital improvements subsequent to acquisition often require 24 to 36 months to complete after closing. At MH, RV, and UK properties, capital improvements include upgrading clubhouses; landscaping; new street lighting 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. Expansions and Developments - 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 the Company's MH, RV, and UK communities. Expenditures also include costs to rebuild after damage has been incurred at MH, RV, or UK properties. Cash, Cash Equivalents and Restricted Cash - Includes cash and cash equivalents of $14.6 million as of March 31, 2026, that was held in escrow accounts and restricted from general use. The restricted cash and cash equivalents include $9.6 million that has been designated to fund potential future MH and RV acquisitions under 1031 exchange transactions. Discontinued Operations - In 2025, the Company entered into the Safe Harbor Sale, which represented a strategic shift in operations. Accordingly, the results of the Safe Harbor business have been reflected as discontinued operations on our Consolidated Statements of Operations through the final transaction closing date of August 29, 2025. Prior periods have been recast to reflect this presentation. Enterprise Value - Equals total equity market capitalization, plus total indebtedness reported on the Company's balance sheet and less unrestricted cash and cash equivalents. GAAP - U.S. Generally Accepted Accounting Principles. Home Sales Contribution to FFO - The reconciliation of NOI from home sales to FFO from home sales for the quarter ended March 31, 2026 is as follows (in millions): Interest expense - The following is a summary of the components of the Company's interest expense (in millions): Loss of earnings - catastrophic event-related charges, net - include the following (in millions): (1) During the quarter ended December 31, 2025, the Company 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. The Company concluded that $36.5 million of the total settlement pertained to business interruption recoveries through 2027, which the Company recorded as a contingent gain per ASC 450. To better reflect the underlying economics of the transaction, the Company has elected to defer the business interruption recovery gain and recognize income ratably through 2027 for our presentation of Core FFO. NAREIT - The National Association of Real Estate Investment Trusts is the worldwide representative voice for REITs and real estate companies with an interest in U.S. real estate and capital markets. More information is available at www.reit.com. Net Debt - The carrying value of debt, plus, unamortized premiums, discounts, and deferred financing costs, less unrestricted cash and cash equivalents. Other income / (expense), net - In the Company's Consolidated Statements of Operations on page 4, Other income / (expense), net consists of the following (in millions): Safe Harbor Sale - The Company's sale of Safe Harbor Marinas, LLC in 2025. Same Property - The Company defines Same Properties as those the Company has owned and operated continuously since at least 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. Secured borrowings on collateralized receivables - This is a transferred asset transaction which has been classified as collateralized receivables and the cash received from this transaction has been classified as secured borrowings. The interest income and interest expense accrue in equal amounts. The Company has elected to record the collateralized receivables and secured borrowings at fair value under ASC 820, "Fair Value Measurements and Disclosures." As a result, the balance of collateralized receivables and related secured borrowings are net of fair value adjustments. Securities - The Company had the following securities outstanding as of March 31, 2026: (a) Exchange rates are subject to adjustment upon stock splits, recapitalizations, and similar events. The exchange rates of certain series of OP units are approximated to four decimal places. (b) Calculation may yield minor differences due to fractional shares paid in cash to the shareholder at conversion. (c) Annual distribution is based on the last quarterly distribution annualized. Share - In addition to reporting net income on a diluted basis ("EPS"), the Company reports FFO and Core FFO on a per common share and convertible securities basis (per "Share"). For the periods presented below, the Company's diluted weighted average common shares outstanding for EPS and FFO are as follows: UK Same Property Portfolio - Constant Currency Reconciliation N/M = Not meaningful. Utility Revenues - In its Consolidated Statements of Operations and its total portfolio presentation of real property operating results, the Company includes the following utility reimbursement revenues in real property revenues (excluding transient) (in millions): For its presentation of Same Property results on page 9 and page 10, the Company nets the following utility revenues (which include utility reimbursement revenues from residents) against related utility expenses in Same Property operating expenses (in millions): Non-GAAP Supplemental Measures Investors and analysts following the real estate industry use non-GAAP supplemental performance measures, including net operating income ("NOI"), earnings before interest, tax, depreciation, and amortization ("EBITDA") and funds from operations ("FFO") to assess REITs. The Company believes that NOI, EBITDA, and FFO are appropriate measures given their wide use by and relevance to investors and analysts. Additionally, NOI, EBITDA, 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 provides a measure of rental operations and does not factor in depreciation, amortization and non-property specific expenses such as general and administrative expenses. EBITDA provides a further measure to evaluate the Company's ability to incur and service debt; EBITDA also provides further measures to evaluate the Company's ability to fund dividends and other cash needs. FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets. Net Operating Income ("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 the Company believes 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. The Company uses 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 the properties of the Company rather than of the Company overall. The Company believes that NOI provides enhanced comparability for investor evaluation of property performance and growth over time. The Company believes 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 the Company's financial performance or GAAP net cash provided by operating activities as a measure of the Company's liquidity; nor is it indicative of funds available for the Company's cash needs, including its 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 performance and growth of the Company's Same Property portfolio. Same Property NOI does not include the revenues and expenses related to home sales and ancillary activities at the properties. The Company believes 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, the Company presents Same Property NOI growth rate information on a constant currency basis to provide a framework for assessing how its underlying properties performed after excluding the effects of changes in exchange rates. The Company believes that the presentation of UK Same Property NOI on a constant currency basis helps to improve the ability to understand its performance because it excludes the effects of foreign currency volatility which are not indicative of the Company's core operating results in the region. Earnings before interest, tax, depreciation and amortization ("EBITDA") EBITDAre - Nareit refers to EBITDA as "EBITDAre" and calculates it as GAAP net income (loss), plus interest expense, plus income tax expense, plus depreciation and amortization, plus or minus losses or gains on the disposition of depreciated property (including losses or gains on change of control), plus impairment write-downs of depreciated property and of investments in nonconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity's share of EBITDAre of nonconsolidated affiliates. EBITDAre is a non-GAAP financial measure that the Company uses to evaluate its ability to incur and service debt, fund dividends and other cash needs, and cover fixed costs. Investors utilize EBITDAre as a supplemental measure to evaluate and compare investment quality and enterprise value of REITs. Recurring EBITDA - The Company also uses EBITDAre excluding certain gain and loss items that management considers unrelated to measurement of the Company's performance on a basis that is independent of capital structure ("Recurring EBITDA"). The Company believes that GAAP net income (loss) is the most directly comparable measure to EBITDAre. EBITDAre is not intended to be used as a measure of the Company's cash generated by operations or its dividend-paying capacity, and should therefore not replace GAAP net income (loss) as an indication of the Company's financial performance or GAAP cash flow provided by / used for operating, investing, and financing activities as measures of liquidity. Funds from Operations ("FFO") FFO - Nareit defines FFO 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 the Company's 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, the Company uses FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of the Company's 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. The Company believes that FFO and Core FFO provide enhanced comparability for investor evaluations of period-over-period results. The Company believes 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 the Company's 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 the Company's 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. Attachment SUI 1Q 2026 Press Release and Supplemental