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Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Sun Communities, Inc. Reports 2019 Third Quarter Results

October 23, 2019 GMT

Southfield, Michigan, Oct. 23, 2019 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE: SUI) (the “Company”), a real estate investment trust (“REIT”) that owns and operates, or has an interest in, manufactured housing (“MH”) and recreational vehicle (“RV”) communities, today reported its third quarter results for 2019.

Financial Results for the Quarter and Nine Months Ended September 30, 2019

For the quarter ended September 30, 2019, total revenues increased $39.0 million, or 12.1 percent, to $362.4 million compared to $323.4 million for the same period in 2018. Net income attributable to common stockholders was $57.0 million, or $0.63 per diluted common share, for the quarter ended September 30, 2019, as compared to net income attributable to common stockholders of $46.1 million, or $0.56 per diluted common share, for the same period in 2018.

For the nine months ended September 30, 2019, total revenues increased $109.4 million, or 12.8 percent, to $962.2 million compared to $852.8 million for the same period in 2018. Net income attributable to common stockholders was $131.7 million, or $1.50 per diluted common share, for the nine months ended September 30, 2019, as compared to net income attributable to common stockholders of $96.5 million, or $1.19 per diluted common share, for the same period in 2018.

Non-GAAP Financial Measures and Portfolio Performance

-- Core Funds from Operations (“Core FFO”)(1) for the quarter ended September 30, 2019, was $1.46 per diluted share and OP unit (“Share”) as compared to $1.35 in the prior year, an increase of 8.1 percent. -- Same Community(2) Net Operating Income (“NOI”)(1) increased by 7.2 percent for the quarter ended September 30, 2019, as compared to the same period in 2018. -- Same Community(2) Occupancy increased by 210 basis points to 98.3 percent, as compared to 96.2 percent at September 30, 2018. -- Revenue Producing Sites increased by 766 sites for the quarter ended September 30, 2019, bringing total portfolio occupancy to 96.7 percent.

Gary Shiffman, Chief Executive Officer of Sun Communities stated, “During the third quarter, we continued our consistent track record of delivering strong organic growth, as portfolio-wide occupancy gains along with tight cost controls contributed to 7.2 percent same community NOI growth. These results were further enhanced by the solid performance at our recent acquisitions. Despite a competitive acquisition environment, Sun has completed over $444.0 million of transactions year to date which will strengthen our growth over time. We believe that our ability to address sellers’ needs for flexible exit and monetization strategies will continue to be a competitive advantage in our pursuit of accretive acquisitions.”

OPERATING HIGHLIGHTS

Portfolio Occupancy

Total portfolio occupancy was 96.7 percent at September 30, 2019, compared to 96.1 percent at September 30, 2018.

During the quarter ended September 30, 2019, revenue producing sites increased by 766 sites, as compared to 628 revenue producing sites gained during the third quarter of 2018, a 22.0 percent increase.

During the nine months ended September 30, 2019, revenue producing sites increased by 2,005 sites, as compared to an increase of 1,878 revenue producing sites during the nine months ended September 30, 2018, a 6.8 percent increase.

Same Community(2) Results

For the 345 communities owned and operated by the Company since January 1, 2018, NOI(1) for the quarter ended September 30, 2019, increased 7.2 percent over the same period in 2018, as a result of a 6.1 percent increase in revenues, and 3.9 percent increase in operating expenses. Same Community occupancy(3) increased to 98.3 percent at September 30, 2019 from 96.2 percent at September 30, 2018.

For the nine months ended September 30, 2019, NOI(1) increased 7.2 percent over the same period in 2018, as a result of a 6.2 percent increase in revenues, and a 3.9 percent increase in operating expenses.

Home Sales

During the quarter ended September 30, 2019, the Company sold 906 homes as compared to 971 homes sold during the same period in 2018. New home sales volume increased 14.4 percent to 167 new home sales for the quarter ended September 30, 2019, as compared to 146 homes in the same period in 2018. Rental home sales, which are included in total home sales, were 317 in 2019, as compared to 316 sold during 2018.

During the nine months ended September 30, 2019, 2,631 homes were sold compared to 2,751 for the same period in 2018. New home sales volume increased 11.7 percent to 431 new home sales for the nine months ended September 30, 2019, as compared to 386 homes during the same period in 2018. Rental home sales, which are included in total home sales, were 859 in 2019, an increase of 4.1 percent over the 825 sold during 2018.

PORTFOLIO ACTIVITY

Acquisitions

During the quarter ended September 30, 2019, the Company acquired the following communities:

Community Name Type Sites Expansion Sites State Total Purchase Price(in Month Acquired millions) -------------------- ------- ----- --------------- ----- ----------------------- -------------- Glen Ellis RV 244 40 NH $ 6.0 September Leisure Point Resort MH / RV 502 (1) — DE $ 44.5 September Chincoteague Island RV — — VA $ 19.5 August Reunion Lake RV 202 69 LA $ 23.5 July

(1) Contains 201 MH sites and 301 RV sites.

For the nine months ended September 30, 2019, the Company acquired 14 communities, totaling 5,058 sites, for a total purchase price of $444.2 million.

Pending Transaction - Jensen Portfolio

On August 22, 2019, the Company entered into an agreement to acquire a 31-community manufactured housing portfolio (the “Jensen Portfolio”) for $343.6 million. The Jensen Portfolio has 5,230 operating sites and 466 additional sites available for development. The 31 communities are located in eight states across the eastern United States. The purchase price will be paid through a combination of $274.8 million shares of common stock and cash consideration. We expect to acquire the Jensen Portfolio no later than October 31, 2019. However, the closing is subject to the satisfaction of customary closing conditions, including obtaining certain third party consents. If these conditions are not satisfied or waived, or if the merger agreement is otherwise terminated in accordance with its terms, then the acquisition will not be consummated.

Construction Activity

During the quarter ended September 30, 2019, the Company completed the construction of 485 sites at the following ground-up developments:

Community Name Type State Completed Construction Sites Remaining Construction Sites (1) ------------------------ ---- ----- ---------------------------- -------------------------------- Carolina Pines RV SC 105 460 Jellystone Golden Valley RV NC 113 202 River Run Ranch RV CO 215 929 Smith Creek Crossing MH CO 52 258

(1) Remaining sites are approximate and may be adjusted as final construction is completed.

During the quarter ended September 30, 2019, the Company completed the construction of 177 expansion sites in three communities. Year to date, the Company has completed the construction of 365 expansion sites in 10 communities. The Company expects to complete the construction of an additional 800 to 1,000 expansion sites by year end.

BALANCE SHEET AND CAPITAL MARKETS ACTIVITY

Series A-4 Preferred Stock and Series A-4 Preferred OP Units Conversion

The Company intends to convert 1,051,501 shares of Series A-4 preferred stock and 405,656 Series A-4 preferred OP units issued by the Operating Partnership into its common stock and common OP units. Each share of Series A-4 preferred stock is convertible into approximately 0.4444 shares of common stock and each Series A-4 preferred OP unit is convertible into approximately 0.4444 common OP units. The Company has the right under its charter and the Operating Partnership’s partnership agreement to convert these securities, if at any time after November 26, 2019, the volume weighted average of the daily volume weighted average price of a share of its common stock on the New York Stock Exchange is equal to or greater than $64.97 for at least 20 trading days in a period of 30 consecutive trading days (the “Pricing Target”). On October 17, 2019, the Company’s Board of Directors approved the conversion of all of the Series A-4 preferred stock and Series A-4 preferred OP units into common stock and common OP units, respectively, provided that the Pricing Target is satisfied on November 27, 2019. If the Pricing target is satisfied, the conversion is expected to occur on December 13, 2019.

Debt Transactions

As of September 30, 2019, the Company had $3.3 billion of debt outstanding. The weighted average interest rate was 4.3 percent and the weighted average maturity was 9.8 years. The Company had $26.2 million of unrestricted cash on hand. At period-end the Company’s net debt to trailing twelve month Recurring EBITDA(1) ratio was 5.3 times.

During the quarter ended September 30, 2019, the Company completed a $250.0 million ten-year term loan transaction which carries an interest rate of 2.925 percent. Concurrently, the Company repaid a $134.0 million term loan which was due to mature in May 2023.

GUIDANCE 2019

The Company is revising its 2019 guidance for the following metrics:

Previous Range Revised Range 4Q 2019E FY 2019E FY 2019E Net Income per fully diluted share $1.81 - $1.87 $1.77 - $1.81 $0.28 - $0.32 Core FFO (1) per fully diluted share $4.84 - $4.90 $4.86 - $4.90 $1.04 - $1.08

Same Community(2) PortfolioNumber of communities: 345

2019E Change % -------------- Income from real property 6.0% - 6.2% Total property operating expenses 4.1% - 4.5% Net operating income (1) 6.8% - 7.2%

Guidance estimates include the 31-community Jensen Portfolio acquisition, which is expected to close by October 31, 2019, and exclude any other prospective acquisitions and capital markets activity.

Core FFO(1) per Share estimates assume certain gain and loss items that management considers unrelated to the operational and financial performance of our core business will be adjusted from FFO(1). The estimates and assumptions presented above represent a range of possible outcomes and may differ materially from actual results. The estimates and assumptions are forward looking based on the Company’s current assessment of economic and market conditions, as well as other risks outlined below under the caption “Forward-Looking Statements.”

EARNINGS CONFERENCE CALL

A conference call to discuss third quarter operating results will be held on Thursday, October 24, 2019 at 11:00 A.M. (ET). To participate, call toll-free 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 November 7, 2019 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 13694212. The conference call will be available live on Sun Communities’ website located at www.suncommunities.com. The replay will also be available on the website.

Sun Communities, Inc. is a REIT that, as of September 30, 2019, owned, operated, or had an interest in a portfolio of 389 communities comprising over 134,000 developed sites in 32 states and Ontario, Canada.

For more information about Sun Communities, Inc., please visit www.suncommunities.com.

CONTACT

Please address all inquiries to our investor relations department at our website www.suncommunities.com, by phone to (248) 208-2500, by email to investorrelations@suncommunities.com or by mail to Sun Communities, Inc. Attn: Investor Relations, 27777 Franklin Road, Ste. 200, Southfield, MI 48034.

Forward-Looking Statements

This press release contains various “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. Forward-looking statements can be identified by words such as “will,” “may,” “could,” “expect,” “anticipate,” “believes,” “intends,” “should,” “plans,” “estimates,” “approximate,” “guidance,” and similar expressions in this press release that predict or indicate future events and trends and that do not report historical matters.

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, some of which are beyond the Company’s control. These risks, uncertainties, and other factors may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include national, regional and local economic climates, the ability to maintain rental rates and occupancy levels, competitive market forces, the performance of recent acquisitions, the ability to integrate future acquisitions smoothly and efficiently, changes in market rates of interest, changes in foreign currency exchange rates, the ability of manufactured home buyers to obtain financing and the level of repossessions by manufactured home lenders. Further details of potential risks that may affect the Company are described in its periodic reports filed with the U.S. Securities and Exchange Commission, including in the “Risk Factors” section of the Company’s Annual Report on Form 10-K.

The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in the Company’s assumptions, expectations of future events, or trends.

Investor Information

RESEARCH COVERAGE Firm Analyst Phone Email Bank of America Merrill Lynch Joshua Dennerlein (646) 855-1681 joshua.dennerlein@baml.com BMO Capital Markets John Kim (212) 885-4115 johnp.kim@bmo.com Citi Research Michael Bilerman (212) 816-1383 michael.bilerman@citi.com Nicholas Joseph (212) 816-1909 nicholas.joseph@citi.com Evercore ISI Steve Sakwa (212) 446-9462 steve.sakwa@evercoreisi.com Samir Khanal (212) 888-3796 samir.khanal@evercoreisi.com Green Street Advisors John Pawlowski (949) 640-8780 jpawlowski@greenstreetadvisors.com RBC Capital Markets Wes Golladay (440) 715-2650 wes.golladay@rbccm.com Robert W. Baird & Co. Drew Babin (610) 238-6634 dbabin@rwbaird.com Wells Fargo Todd Stender (562) 637-1371 todd.stender@wellsfargo.com ----------------------------- ---------------------- -------------- ---------------------------------- INQUIRIES Sun Communities welcomes questions or comments from stockholders, analysts, investment managers, media, or any prospective investor. Please address all inquiries to our Investor Relations department. At Our Website www.suncommunities.com By Email investorrelations@suncommunities.com By Phone (248) 208-2500

Portfolio Overview (As of September 30, 2019)

Balance Sheets (amounts in thousands)

(Unaudited) September 30, December 31, 2019 2018 ------------- ------------- Assets Land $ 1,311,103 $ 1,201,945 Land improvements and buildings 6,200,895 5,586,250 Rental homes and improvements 614,002 571,661 Furniture, fixtures and equipment 251,363 201,090 ----------- - ----------- - Investment property 8,377,363 7,560,946 Accumulated depreciation (1,619,924 ) (1,442,630 ) ----------- - ----------- - Investment property, net 6,757,439 6,118,316 Cash and cash equivalents 26,198 50,311 Marketable securities 64,818 49,037 Inventory of manufactured homes 55,234 49,199 Notes and other receivables, net 174,934 160,077 Collateralized receivables, net (4) 93,054 106,924 Other assets, net 226,177 176,162 ----------- - ----------- - Total Assets $ 7,397,854 $ 6,710,026 - --------- - - --------- - Liabilities Mortgage loans payable $ 2,967,128 $ 2,815,957 Secured borrowings on collateralized receivables(4) 93,669 107,731 Preferred Equity - Sun NG Resorts - mandatorily redeemable 35,249 35,277 Preferred OP units - mandatorily redeemable 34,663 37,338 Lines of credit (5) 140,632 128,000 Distributions payable 69,726 63,249 Advanced reservation deposits and rent 137,797 133,698 Other liabilities 242,119 157,862 ----------- - ----------- - Total Liabilities 3,720,983 3,479,112 ----------- - ----------- - Commitments and contingencies Series A-4 preferred stock 31,402 31,739 Series A-4 preferred OP units 9,540 9,877 Series D preferred OP units 51,248 — Equity Interests - NG Sun LLC and NG Whitewater 27,461 21,976 Stockholders’ Equity Common stock 907 864 Additional paid-in capital 4,854,958 4,398,949 Accumulated other comprehensive loss (2,825 ) (4,504 ) Distributions in excess of accumulated earnings (1,353,214 ) (1,288,486 ) ----------- - ----------- - Total Sun Communities, Inc. stockholders’ equity 3,499,826 3,106,823 Noncontrolling interests Common and preferred OP units 49,540 53,354 Consolidated variable interest entities 7,854 7,145 ----------- - ----------- - Total noncontrolling interests 57,394 60,499 ----------- - ----------- - Total Stockholders’ Equity 3,557,220 3,167,322 ----------- - ----------- - Total Liabilities, Temporary Equity and Stockholders’ Equity $ 7,397,854 $ 6,710,026 - --------- - - --------- -

Statements of Operations - Quarter to Date and Year to Date Comparison(amounts in thousands, except per share amounts) (Unaudited)

Three Months Ended Nine Months Ended September September Change % Change September September Change % Change 30, 2019 30, 2018 30, 2019 30, 2018 ----------- ----------- ---------- ---------- ----------- ----------- ---------- ---------- Revenues Income from real property (excluding $ 202,205 $ 184,414 $ 17,791 9.6 % $ 588,272 $ 536,704 $ 51,568 9.6 % transient revenue) Transient 54,218 45,193 9,025 20.0 % 111,029 88,784 22,245 25.1 % revenue Revenue from 49,805 46,131 3,674 8.0 % 136,665 122,248 14,417 11.8 % home sales Rental home 14,444 13,589 855 6.3 % 42,827 39,957 2,870 7.2 % revenue Ancillary 31,999 27,608 4,391 15.9 % 57,746 46,207 11,539 25.0 % revenue Interest income 4,770 5,256 (486 ) (9.2 )% 14,489 15,849 (1,360 ) (8.6 )% Brokerage commissions and 5,002 1,222 3,780 309.3 % 11,190 3,073 8,117 264.1 % other revenues, net --------- - --------- - --------- - --------- - Total Revenues 362,443 323,413 39,030 12.1 % 962,218 852,822 109,396 12.8 % --------- - --------- - -------- - --------- - --------- - -------- - Expenses Property operating and 79,095 71,656 7,439 10.4 % 202,892 181,977 20,915 11.5 % maintenance Real estate 15,399 14,533 866 6.0 % 46,455 42,445 4,010 9.4 % taxes Cost of home 36,318 33,692 2,626 7.8 % 100,030 91,195 8,835 9.7 % sales Rental home operating and 6,008 6,236 (228 ) (3.7 )% 15,887 16,778 (891 ) (5.3 )% maintenance Ancillary 18,707 15,361 3,346 21.8 % 38,288 28,985 9,303 32.1 % expenses Home selling 3,988 4,043 (55 ) (1.4 )% 10,938 11,319 (381 ) (3.4 )% expenses General and administrative 22,975 19,763 3,212 16.3 % 68,559 60,972 7,587 12.4 % expenses Catastrophic weather related 341 173 168 97.1 % 1,302 (1,987 ) 3,289 (165.5 )% charges, net Depreciation and 76,532 71,982 4,550 6.3 % 229,241 206,192 23,049 11.2 % amortization Loss on extinguishment 12,755 528 12,227 2,315.7 % 13,478 1,255 12,223 973.9 % of debt Interest 32,219 33,932 (1,713 ) (5.0 )% 99,894 98,321 1,573 1.6 % expense Interest on mandatorily redeemable 1,216 1,142 74 6.5 % 3,491 2,551 940 36.8 % preferred OP units / equity --------- - --------- - -------- - Total Expenses 305,553 273,041 32,512 11.9 % 830,455 740,003 90,452 12.2 % --------- - --------- - -------- - --------- - --------- - -------- - Income Before 56,890 50,372 6,518 12.9 % 131,763 112,819 18,944 16.8 % Other Items Remeasurement of marketable 12,661 — 12,661 N/A 16,548 — 16,548 N/A securities Other income / (expense), net (4,408 ) 1,231 (5,639 ) (458.1 )% (1,489 ) (3,214 ) 1,725 (53.7 )% (6) Income from nonconsolidated 77 126 (49 ) (38.9 )% 814 59 755 1,279.7 % affiliates Current tax (420 ) (213 ) (207 ) 97.2 % (906 ) (612 ) (294 ) 48.0 % expense Deferred tax benefit / (349 ) 199 (548 ) (275.4 )% (36 ) 434 (470 ) (108.3 )% (expense) --------- - --------- - -------- - --------- - --------- - -------- - Net Income 64,451 51,715 12,736 24.6 % 146,694 109,486 37,208 34.0 % Less: Preferred return to (1,599 ) (1,152 ) 447 38.8 % (4,640 ) (3,335 ) 1,305 39.1 % preferred OP units / equity Less: Amounts attributable to (5,422 ) (4,071 ) 1,351 33.2 % (9,048 ) (8,392 ) 656 7.8 % noncontrolling interests --------- - --------- - -------- - --------- - --------- - -------- - Net Income attributable to Sun 57,430 46,492 10,938 23.5 % 133,006 97,759 35,247 36.1 % Communities, Inc. Less: Preferred stock (428 ) (432 ) (4 ) (0.9 )% (1,288 ) (1,305 ) (17 ) (1.3 )% distribution -------- - --------- - Net Income attributable to Sun $ 57,002 $ 46,060 $ 10,942 23.8 % $ 131,718 $ 96,454 $ 35,264 36.6 % Communities, Inc. common stockholders - ------- - - ------- - - ------ - - ------- - - ------- - - ------ - Weighted average common shares 89,847 81,599 8,248 10.1 % 87,499 80,022 7,477 9.3 % outstanding - basic Weighted average common shares 90,332 82,081 8,251 10.1 % 87,931 80,024 7,907 9.9 % outstanding - diluted Basic earnings $ 0.63 $ 0.56 $ 0.07 12.5 % $ 1.49 $ 1.19 $ 0.30 25.2 % per share 26.1 Diluted earnings per $ 0.63 $ 0.56 $ 0.07 12.5 % $ 1.50 $ 1.19 $ 0.31 % share

Outstanding Securities and Capitalization (amounts in thousands except for *)

Outstanding Securities - As of September 30, 2019 Issuan Annual ce Distri Number of Units/Shares Outstanding Conversion Rate* If Converted Price bution per Rate* unit* ---------------------------------- ---------------- ------------ ----- ----- Non-convertible securities Common shares 90,683 N/A N/A N/A $3.00^ Convertible securities Series A-1 preferred OP units 316 2.4390 771 $ 100 6.0 % Series A-3 preferred OP units 40 1.8605 75 $ 100 4.5 % Series A-4 preferred OP units 406 0.4444 180 $ 25 6.5 % Series C preferred OP units 310 1.1100 345 $ 100 4.5 % Series D preferred OP units 489 0.8000 391 $ 100 3.8 % Mirror s common Common OP units 2,282 1.0000 2,282 N/A shares distri bution s Series A-4 preferred stock 1,052 0.4444 468 $ 25 6.5 % ^ Annual distribution is based on the last quarterly distribution annualized.

Capitalization - As of September 30, 2019 Equity Shares Share Price* Total ---------------------------------------------------------- ------- ------------ ------------- Common shares 90,683 $ 148.45 $ 13,461,891 Common OP units 2,282 $ 148.45 338,763 ------ ------------ Subtotal 92,965 $ 13,800,654 Series A-1 preferred OP units 771 $ 148.45 $ 114,455 Series A-3 preferred OP units 75 $ 148.45 11,134 Series A-4 preferred OP units 180 $ 148.45 26,721 Series C preferred OP units 345 $ 148.45 51,215 Series D preferred OP units 391 $ 148.45 58,044 ------ Total diluted shares outstanding 94,727 $ 14,062,223 Debt Mortgage loans payable $ 2,967,128 Secured borrowings on collateralized receivables (4) 93,669 Preferred Equity - Sun NG Resorts - mandatorily redeemable 35,249 Preferred OP units - mandatorily redeemable 34,663 Lines of credit (5) 140,632 ------------ Total debt $ 3,271,341 Preferred Series A-4 preferred stock 1,052 $ 25.00 $ 26,300 - ---------- $ 17,359,864 Total Capitalization - ----------

Reconciliations to Non-GAAP Financial Measures

Reconciliation of Net Income Attributable to Sun Communities, Inc. Common Stockholders to FFO (amounts in thousands except for per share data)

Three Months Ended Nine Months Ended September September September September 30, 2019 30, 2018 30, 2019 30, 2018 ----------- ----------- ----------- ----------- Net income attributable to Sun Communities, Inc. common $ 57,002 $ 46,060 $ 131,718 $ 96,454 stockholders Adjustments Depreciation and amortization 76,692 72,269 229,698 206,892 Remeasurement of marketable securities (12,661 ) — (16,548 ) — Amounts attributable to noncontrolling interests 4,839 4,311 7,720 7,724 Preferred return to preferred OP units 530 549 1,594 1,654 Preferred distribution to Series A-4 preferred stock 428 432 1,288 1,305 Gain on disposition of assets, net (7,334 ) (6,603 ) (21,083 ) (16,977 ) --------- - --------- - --------- - --------- - FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) (7) $ 119,496 $ 117,018 $ 334,387 $ 297,052 Adjustments Other acquisition related costs (8) 375 345 902 781 Loss on extinguishment of debt 12,755 528 13,478 1,255 Catastrophic weather related charges, net 363 173 1,339 (1,987 ) Loss of earnings - catastrophic weather related (9) (377 ) 325 — 975 Other (income) / expense (6) 4,408 (1,231 ) 1,489 3,214 Ground lease intangible write-off — — — 817 Deferred tax (benefit) / expense 349 (199 ) 36 (434 ) --------- - Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) (7) $ 137,369 $ 116,959 $ 351,631 $ 301,673 - ------- - - ------- - - ------- - - ------- - Weighted average common shares outstanding - basic 89,847 81,599 87,499 80,022 Add Common stock issuable upon conversion of stock options 1 2 1 2 Restricted stock 484 480 431 633 Common OP units 2,284 2,731 2,498 2,735 Common stock issuable upon conversion of Series A-4 467 472 467 472 preferred stock Common stock issuable upon conversion of Series A-3 75 75 75 75 preferred OP units Common stock issuable upon conversion of Series A-1 780 813 792 825 preferred OP units Common stock issuable upon conversion of Aspen preferred OP — 448 — — units --------- - Weighted average common shares outstanding - fully diluted 93,938 86,620 91,763 84,764 --------- - --------- - --------- - --------- - FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) (7) $ 1.27 $ 1.35 $ 3.64 $ 3.50 per share - fully diluted Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) (7) $ 1.46 $ 1.35 $ 3.83 $ 3.56 per share - fully diluted

Reconciliation of Net Income Attributable to Sun Communities, Inc. Common Stockholders to Recurring EBITDA(amounts in thousands)

Three Months Ended Nine Months Ended September September September September 30, 2019 30, 2018 30, 2019 30, 2018 ----------- ----------- ----------- ----------- Net Income attributable to Sun Communities, Inc. common $ 57,002 $ 46,060 $ 131,718 $ 96,454 stockholders Adjustments Depreciation and amortization 76,532 71,982 229,241 206,192 Loss on extinguishment of debt 12,755 528 13,478 1,255 Interest expense 33,435 35,074 103,385 100,872 Current tax expense 420 213 906 612 Deferred tax (benefit) / expense 349 (199 ) 36 (434 ) Income from nonconsolidated affiliates (77 ) (126 ) (814 ) (59 ) Less: Gain on dispositions of assets, net (7,334 ) (6,603 ) (21,083 ) (16,977 ) --------- - --------- - --------- - --------- - EBITDAre(1) $ 173,082 $ 146,929 $ 456,867 $ 387,915 Adjustments Catastrophic weather related charges, net 341 173 1,302 (1,987 ) Remeasurement of marketable securities (12,661 ) — (16,548 ) — Other (income) / expense, net (6) 4,408 (1,231 ) 1,489 3,214 Preferred return to preferred OP units / equity 1,599 1,152 4,640 3,335 Amounts attributable to noncontrolling interests 5,422 4,071 9,048 8,392 Preferred stock distribution 428 432 1,288 1,305 Plus: Gain on dispositions of assets, net 7,334 6,603 21,083 16,977 --------- - --------- - Recurring EBITDA (1) $ 179,953 $ 158,129 $ 479,169 $ 419,151 - ------- - - ------- - - ------- - - ------- -

Reconciliation of Net Income Attributable to Sun Communities, Inc. Common Stockholders to NOI(amounts in thousands)

Three Months Ended Nine Months Ended September September September September 30, 2019 30, 2018 30, 2019 30, 2018 ----------- ----------- ----------- ----------- Net Income attributable to Sun Communities, Inc. common $ 57,002 $ 46,060 $ 131,718 $ 96,454 stockholders Other revenues (9,772 ) (6,478 ) (25,679 ) (18,922 ) Home selling expenses 3,988 4,043 10,938 11,319 General and administrative expenses 22,975 19,763 68,559 60,972 Catastrophic weather related charges, net 341 173 1,302 (1,987 ) Depreciation and amortization 76,532 71,982 229,241 206,192 Loss on extinguishment of debt 12,755 528 13,478 1,255 Interest expense 33,435 35,074 103,385 100,872 Remeasurement of marketable securities (12,661 ) — (16,548 ) — Other (income) / expense, net (6) 4,408 (1,231 ) 1,489 3,214 Income from nonconsolidated affiliates (77 ) (126 ) (814 ) (59 ) Current tax expense 420 213 906 612 Deferred tax (benefit) / expense 349 (199 ) 36 (434 ) Preferred return to preferred OP units / equity 1,599 1,152 4,640 3,335 Amounts attributable to noncontrolling interests 5,422 4,071 9,048 8,392 Preferred stock distribution 428 432 1,288 1,305 NOI (1)/ Gross Profit $ 197,144 $ 175,457 $ 532,987 $ 472,520 - ------- - - ------- - - ------- - - ------- -

Three Months Ended Nine Months Ended September September September September 30, 2019 30, 2018 30, 2019 30, 2018 ----------- ----------- ----------- ----------- Real Property NOI(1) $ 161,929 $ 143,418 $ 449,954 $ 401,066 Home Sales NOI (1)/ Gross Profit 13,487 12,439 36,635 31,053 Rental Program NOI (1) 25,706 23,750 78,266 72,424 Ancillary NOI (1)/ Gross Profit 13,292 12,247 19,458 17,222 Site rent from Rental Program (included in Real Property (17,270 ) (16,397 ) (51,326 ) (49,245 ) NOI) (1) (10) --------- - --------- - NOI (1)/ Gross Profit $ 197,144 $ 175,457 $ 532,987 $ 472,520 - ------- - - ------- - - ------- - - ------- -

Non-GAAP and Other Financial Measures

Financial and Operating Highlights (amounts in thousands, except for *)

Quarter Ended 9/30/2019 6/30/2019 3/31/2019 12/31/2018 9/30/2018 ------------ ------------ ------------ ------------ ------------ Financial Information Total revenues $ 362,443 $ 312,445 $ 287,330 $ 274,004 $ 323,538 Net income $ 64,451 $ 45,116 $ 37,127 $ 10,672 $ 51,715 Net Income attributable to Sun $ 57,002 $ 40,385 $ 34,331 $ 9,039 $ 46,060 Communities Inc. Basic earnings per share* $ 0.63 $ 0.46 $ 0.40 $ 0.11 $ 0.56 Diluted earnings per share* $ 0.63 $ 0.46 $ 0.40 $ 0.11 $ 0.56 Cash distributions declared per common $ 0.75 $ 0.75 $ 0.75 $ 0.71 $ 0.71 share* Recurring EBITDA (1) $ 179,953 $ 151,502 $ 147,714 $ 133,335 $ 158,129 FFO attributable to Sun Communities, Inc. common stockholders and dilutive $ 119,496 $ 108,112 $ 106,779 $ 88,562 $ 117,018 convertible securities (1) (7) Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive $ 137,369 $ 108,002 $ 106,259 $ 92,695 $ 116,959 convertible securities (1) (7) FFO attributable to Sun Communities, Inc. common stockholders and dilutive $ 1.27 $ 1.18 $ 1.19 $ 0.98 $ 1.35 convertible securities (1) (7)per share - fully diluted* Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive $ 1.46 $ 1.18 $ 1.18 $ 1.03 $ 1.35 convertible securities (1) (7) per share - fully diluted* Balance Sheet Total assets $ 7,397,854 $ 7,222,084 $ 7,098,662 $ 6,710,026 $ 6,653,726 Total debt $ 3,271,341 $ 3,107,775 $ 3,448,117 $ 3,124,303 $ 3,004,929 Total liabilities $ 3,720,983 $ 3,542,188 $ 3,846,325 $ 3,479,112 $ 3,367,285

Quarter Ended 9/30/2019 6/30/2019 3/31/2019 12/31/2018 9/30/2018 --------- --------- --------- --------- --------- Operating Information* Communities 389 382 379 371 370 Manufactured home sites 88,024 87,555 87,425 84,428 84,033 Annual RV sites 25,756 25,009 24,750 24,535 24,109 Transient RV sites 20,882 20,585 20,173 19,491 19,432 ------- - ------- - ------- - ------- - ------- - Total sites 134,662 133,149 132,348 128,454 127,574 MH occupancy 95.7 % 95.7 % 95.4 % 95.0 % 94.9 % RV occupancy 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Total blended MH and RV occupancy 96.7 % 96.6 % 96.4 % 96.1 % 96.1 % New home sales 167 139 125 140 146 Pre-owned home sales 739 788 673 738 825 ------- - ------- - ------- - ------- - ------- - Total home sales 906 927 798 878 971

Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 ------------------ Net Lease Sites (24) MH net lease sites 296 1,104 RV net lease sites 470 901 Total net leased sites 766 2,005

Debt Analysis (amounts in thousands)

Quarter Ended 9/30/2019 6/30/2019 3/31/2019 12/31/2018 9/30/2018 ------------- ------------- ------------- ------------- ------------- Debt Outstanding Mortgage loans payable $ 2,967,128 $ 2,863,485 $ 2,879,017 $ 2,815,957 $ 2,819,225 Secured borrowings on collateralized 93,669 98,299 102,676 107,731 113,089 receivables (4) Preferred Equity - Sun NG Resorts - 35,249 35,249 35,249 35,277 35,277 mandatorily redeemable Preferred OP units - mandatorily 34,663 34,663 34,663 37,338 37,338 redeemable Lines of credit (5) 140,632 76,079 396,512 128,000 — ----------- - ----------- - ----------- - ----------- - ----------- - Total debt $ 3,271,341 $ 3,107,775 $ 3,448,117 $ 3,124,303 $ 3,004,929 - --------- - - --------- - - --------- - - --------- - - --------- - % Fixed / Floating Fixed 95.7 % 97.6 % 88.5 % 95.9 % 100.0 % Floating 4.3 % 2.4 % 11.5 % 4.1 % — % ----------- - ----------- - ----------- - ----------- - ----------- - Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % ----------- - ----------- - ----------- - ----------- - ----------- - Weighted Average Interest Rates Mortgage loans payable 4.13 % 4.24 % 4.24 % 4.22 % 4.23 % Preferred Equity - Sun NG Resorts - 6.00 % 6.00 % 6.00 % 6.00 % 6.00 % mandatorily redeemable Preferred OP units - mandatorily 6.50 % 6.50 % 6.50 % 6.61 % 6.61 % redeemable Lines of credit (5) 3.23 % 3.34 % 3.73 % 3.77 % — % ----------- - ----------- - ----------- - ----------- - ----------- - Average before Secured borrowings 4.14 % 4.27 % 4.22 % 4.25 % 4.28 % (4) ----------- - ----------- - ----------- - ----------- - ----------- - Secured borrowings on collateralized 9.92 % 9.93 % 9.94 % 9.94 % 9.95 % receivables (4) ----------- - ----------- - ----------- - ----------- - ----------- - Total average 4.30 % 4.44 % 4.39 % 4.45 % 4.40 % ----------- - ----------- - ----------- - ----------- - ----------- - Debt Ratios Net Debt / Recurring EBITDA (1) 5.3 5.2 6.0 5.6 5.4 (TTM) Net Debt / Enterprise Value 18.7 % 20.2 % 24.1 % 25.2 % 24.1 % Net Debt / Gross Assets 36.0 % 35.1 % 39.8 % 37.7 % 35.9 % Coverage Ratios Recurring EBITDA (1) (TTM) / 4.4 4.2 4.1 4.0 3.9 Interest Recurring EBITDA (1) (TTM) / Interest + Pref. Distributions + 4.2 4.0 3.9 3.9 3.8 Pref. Stock Distribution

Maturities / Principal Amortization Next Five Remaining 2020 2021 2022 2023 Years 2019 ---------- ----------- ----------- ----------- ----------- Mortgage loans payable Maturities $ — $ 58,078 $ 270,680 $ 82,155 $ 185,618 Principal amortization 14,185 56,702 55,804 53,726 52,693 Secured borrowings on collateralized 1,220 5,166 5,553 5,747 5,756 receivables (4) Preferred Equity - Sun NG Resorts - mandatorily — — — 35,249 — redeemable Lines of credit (5) — 3,632 — — 137,000 Total $ 15,405 $ 123,578 $ 332,037 $ 176,877 $ 381,067 - ------ - - ------- - - ------- - - ------- - - ------- - Weighted average rate of maturities — % 5.92 % 5.53 % 4.46 % 4.08 %

Real Property Operations – Same Community(2) (amounts in thousands except for Other Information)

Three Months Ended Nine Months Ended September September 30, Change % September 30, September 30, Change % 30, 2019 2018 Change 2019 2018 Change ---------- ------------- ---------- ------- ------------- ------------- ---------- ------- Financial Information Income from real $ 214,452 $ 202,133 $ 12,319 6.1 % $ 609,841 $ 574,491 $ 35,350 6.2 % property (11) Property operating expenses Payroll and 20,418 19,244 1,174 6.1 % 55,512 52,387 3,125 6.0 % benefits Legal, taxes, and 2,589 2,600 (11 ) (0.4 )% 6,911 7,118 (207 ) (2.9 )% insurance Utilities 17,382 16,958 424 2.5 % 45,060 44,746 314 0.7 % (11) Supplies and repair 9,492 8,575 917 10.7 % 23,683 21,473 2,210 10.3 % (12) Other 5,670 6,013 (343 ) (5.7 )% 15,536 16,103 (567 ) (3.5 )% Real estate 14,607 14,110 497 3.5 % 44,093 41,772 2,321 5.6 % taxes --------- --------- --- -------- - --------- --- --------- --- -------- - Property operating 70,158 67,500 2,658 3.9 % 190,795 183,599 7,196 3.9 % expenses --------- --------- --- -------- - --------- --- --------- --- -------- - Real Property $ 144,294 $ 134,633 $ 9,661 7.2 % $ 419,046 $ 390,892 $ 28,154 7.2 % NOI(1) - ------- - ------- --- - ------ - - ------- --- - ------- --- - ------ -

As of ---- Septembe Septembe % r 30, r 30, Change Change 2019 2018 ------- ------- ------ ----- ---- Other Information Number of properties 345 MH occupancy(3) 97.8 % RV occupancy(3) 100.0 % MH & RV blended occupancy(3) 98.3 % 96.2 % 2.1 % Monthly base rent per site - MH $ 573 $ 551 $ 22 4.2 % (14) Monthly base rent per site - RV (13) $ 475 $ 448 $ 27 6.1 % (14) Monthly base rent per site - Total (13) $ 551 $ 527 $ 24 4.5 % (14)

Home Sales Summary (amounts in thousands except for *)

Three Months Ended Nine Months Ended September September Change % Change September September Change % 30, 2019 30, 2018 30, 2019 30, 2018 Change ----------- ----------- --------- -------- ----------- ----------- --------- ------- Financial Information New homes New home sales $ 19,775 $ 16,433 $ 3,342 20.3 % $ 51,860 $ 42,978 $ 8,882 20.7 % New home cost of 16,761 14,278 2,483 17.4 % 44,740 37,187 7,553 20.3 % sales --------- - --------- - ------- - --------- - --------- - ------- - NOI / Gross Profit 3,014 2,155 859 39.9 % 7,120 5,791 1,329 22.9 % (1)– new homes Gross margin % – 15.2 % 13.1 % 2.1 % 13.7 % 13.5 % 0.2 % new homes Average selling $ 118,413 $ 112,555 $ 5,858 5.2 % $ 120,325 $ 111,342 $ 8,983 8.1 % price – new homes* Pre-owned homes Pre-owned home $ 30,030 $ 29,698 $ 332 1.1 % $ 84,805 $ 79,270 $ 5,535 7.0 % sales Pre-owned home 19,557 19,414 143 0.7 % 55,290 54,008 1,282 2.4 % cost of sales --------- - --------- - --------- - --------- - NOI / Gross Profit (1)– pre-owned 10,473 10,284 189 1.8 % 29,515 25,262 4,253 16.8 % homes Gross margin % – 34.9 % 34.6 % 0.3 % 34.8 % 31.9 % 2.9 % pre-owned homes Average selling price – pre-owned $ 40,636 $ 35,998 $ 4,638 12.9 % $ 38,548 $ 33,518 $ 5,030 15.0 % homes* Total home sales Revenue from home 49,805 46,131 3,674 8.0 % 136,665 122,248 14,417 11.8 % sales Cost of home sales 36,318 33,692 2,626 7.8 % 100,030 91,195 8,835 9.7 % --------- - --------- - ------- - --------- - --------- - NOI / Gross Profit $ 13,487 $ 12,439 $ 1,048 8.4 % $ 36,635 $ 31,053 $ 5,582 18.0 % (1)– home sales - ------- - - ------- - - ----- - - ------- - - ------- - - ----- - Statistical Information New home sales 167 146 21 14.4 % 431 386 45 11.7 % volume* Pre-owned home 739 825 (86 ) (10.4 )% 2,200 2,365 (165 ) (7.0 )% sales volume* --------- - --------- - ------- - --------- - --------- - ------- - Total home sales 906 971 (65 ) (6.7 )% 2,631 2,751 (120 ) (4.4 )% volume * --------- - --------- - ------- - --------- - --------- - ------- -

Rental Program Summary (amounts in thousands except for *)

Three Months Ended Nine Months Ended September September Change % Change September 30, September 30, Change % Change 30, 2019 30, 2018 2019 2018 --------- --------- --------- -------- ------------- ------------- ---------- -------- Financial Information Revenues Rental home $ 14,444 $ 13,589 $ 855 6.3 % $ 42,827 $ 39,957 $ 2,870 7.2 % revenue Site rent from Rental 17,270 16,397 873 5.3 % 51,326 49,245 2,081 4.2 % Program (1) (10) -------- -------- ------- - --------- --- --------- --- -------- - Rental Program 31,714 29,986 1,728 5.8 % 94,153 89,202 4,951 5.6 % revenue -------- -------- ------- - --------- --- --------- --- -------- - Expenses Repairs and 3,644 2,818 826 29.3 % 8,751 7,339 1,412 19.2 % refurbishment Taxes and 1,940 1,593 347 21.8 % 5,631 4,708 923 19.6 % insurance Other 424 1,825 (1,401 ) (76.8 )% 1,505 4,731 (3,226 ) (68.2 )% -------- -------- ------- - --------- --- --------- --- -------- - Rental Program 6,008 6,236 (228 ) (3.7 )% 15,887 16,778 (891 ) (5.3 )% operating and maintenance -------- -------- --------- --- --------- --- Rental Program NOI $ 25,706 $ 23,750 $ 1,956 8.2 % $ 78,266 $ 72,424 $ 5,842 8.1 % (1) - ------ - ------ - ----- - - ------- --- - ------- --- - ------ - Other Information Number of sold rental 317 316 1 0.3 % 859 825 34 4.1 % homes* Number of occupied rentals, end of period* 11,170 10,913 257 2.4 % Investment in occupied rental homes, end of period $ 570,053 $ 517,321 $ 52,732 10.2 % Weighted average monthly rental rate, end of period* $ 987 $ 940 $ 47 5.0 %

Acquisitions and Other Summary (15)(amounts in thousands except for statistical data)

Nine Three Months Ended Months Ended September 30, 2019 September 30, 2019 ------------------ ---------- Financial Information Revenues Income from real property $ 33,035 $ 63,548 Property and operating expenses Payroll and benefits 5,007 10,881 Legal, taxes & insurance 379 805 Utilities 3,066 6,490 Supplies and repairs 1,474 3,366 Other 4,682 8,736 Real estate taxes 792 2,362 -------- --------- -------- - Property operating expenses 15,400 32,640 -------- --------- -------- - Net operating income (NOI) (1) $ 17,635 $ 30,908 - ------ --------- - ------ - September 30, 2019 ---------- Other Information Number of properties 44 Occupied sites 4,329 Developed sites 4,608 Occupancy % 93.9 % Transient sites 6,515

Property Summary (includes MH and Annual RVs) COMMUNITIES 9/30/2019 6/30/2019 3/31/2019 12/31/2018 9/30/2018 ------------------------------ --------- ---- --------- --------- --------- --------- FLORIDA Communities 125 125 125 124 124 Developed sites (16) 39,067 38,879 38,878 37,874 37,879 Occupied (16) 38,155 37,944 37,932 36,868 36,822 Occupancy % (16) 97.7 % 97.6 % 97.6 % 97.3 % 97.2 % Sites for development 1,633 1,638 1,685 1,684 1,494 MICHIGAN Communities 72 72 72 70 70 Developed sites (16) 27,906 27,891 27,777 26,504 26,116 Occupied (16) 26,677 26,591 26,430 25,075 24,830 Occupancy % (16) 95.6 % 95.3 % 95.2 % 94.6 % 95.1 % Sites for development 1,115 1,115 1,202 1,202 1,533 TEXAS Communities 23 23 23 23 23 Developed sites (16) 7,098 6,997 6,953 6,922 6,905 Occupied (16) 6,834 6,683 6,529 6,428 6,301 Occupancy % (16) 96.3 % 95.5 % 93.9 % 92.9 % 91.3 % Sites for development 1,086 1,100 1,107 1,121 907 CALIFORNIA Communities 31 31 31 30 30 Developed sites (16) 5,963 5,946 5,949 5,941 5,932 Occupied (16) 5,917 5,896 5,902 5,897 5,881 Occupancy % (16) 99.2 % 99.2 % 99.2 % 99.3 % 99.1 % Sites for development 302 56 56 56 59 ARIZONA Communities 13 13 13 12 11 Developed sites (16) 4,239 4,235 4,238 3,836 3,826 Occupied (16) 3,852 3,842 3,830 3,545 3,515 Occupancy % (16) 90.9 % 90.7 % 90.4 % 92.4 % 91.9 % Sites for development — — — — — ONTARIO, CANADA Communities 15 15 15 15 15 Developed sites (16) 4,022 3,929 3,832 3,845 3,832 Occupied (16) 4,022 3,929 3,832 3,845 3,832 Occupancy % (16) 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Sites for development 1,675 1,675 1,675 1,682 1,662 INDIANA Communities 11 11 11 11 11 Developed sites (16) 3,089 3,089 3,089 3,089 3,089 Occupied (16) 2,870 2,849 2,823 2,772 2,778 Occupancy % (16) 92.9 % 92.2 % 91.4 % 89.7 % 89.9 % Sites for development 277 277 277 277 277 OHIO Communities 9 9 9 9 9 Developed sites (16) 2,770 2,770 2,770 2,770 2,770 Occupied (16) 2,703 2,705 2,704 2,693 2,694 Occupancy % (16) 97.6 % 97.7 % 97.6 % 97.2 % 97.3 % Sites for development 59 59 59 59 59 COLORADO Communities 10 8 8 8 8 Developed sites (16) 2,423 2,335 2,335 2,335 2,335 Occupied (16) 2,325 2,323 2,323 2,320 2,313 Occupancy % (16) 96.0 % 99.5 % 99.5 % 99.4 % 99.1 % Sites for development 1,973 2,129 2,129 2,129 2,129 OTHER STATES Communities 80 75 72 69 69 Developed sites (16) 17,203 16,493 16,354 15,847 15,458 Occupied (16) 16,657 16,026 15,826 15,323 14,932 Occupancy % (16) 96.8 % 97.2 % 96.8 % 96.7 % 96.6 % Sites for development 2,437 2,705 2,987 3,048 3,195 TOTAL - PORTFOLIO Communities 389 382 379 371 370 Developed sites (16) 113,780 112,564 112,175 108,963 108,142 Occupied (16) 110,012 108,788 108,131 104,766 103,898 Occupancy % (16) 96.7 % (17) 96.6 % 96.4 % 96.1 % 96.1 % Sites for development (18) 10,557 10,754 11,177 11,258 11,315 % Communities age restricted 30.8 % 31.4 % 31.7 % 32.1 % 32.2 % TRANSIENT RV PORTFOLIO SUMMARY Location Florida 5,506 5,693 5,650 5,917 5,786 California 1,970 1,985 1,975 1,765 1,774 Texas 1,642 1,693 1,717 1,752 1,758 Maryland 1,426 1,380 1,375 1,381 1,386 Arizona 1,421 1,424 1,421 1,423 1,057 Ontario, Canada 937 1,043 1,131 1,046 1,056 New York 924 935 929 925 910 New Jersey 868 875 906 884 893 Maine 821 848 857 572 578 Michigan 569 584 611 576 629 Utah 560 562 562 562 562 Indiana 519 519 519 519 519 Other states 3,719 3,044 2,520 2,169 2,524 Total transient RV sites 20,882 20,585 20,173 19,491 19,432 ------- - ------- - ------- - ------- - ------- -

Capital Improvements, Development, and Acquisitions (amounts in thousands except for *)

Recurring Recurring Capital Capital Lot Modifications Acquisitions (21) Expansion & Revenue Expenditures Expenditures (19) (20) Development (22) Producing (23) Average/Site* ------------- ----------------- ----------------- ----------------- ---------------- -------------- YTD 2019 $ 192 $ 16,922 $ 22,163 $ 497,123 $ 203,940 $ 8,159 2018 $ 263 $ 24,265 $ 22,867 $ 414,840 $ 152,672 $ 3,864 2017 $ 214 $ 14,166 $ 18,049 $ 204,375 $ 88,331 $ 1,990

Operating Statistics for MH and Annual RVs

LOCATIONS Resident Move-outs Net Leased Sites New Home Sales Pre-owned Home Sales Brokered Re-sales (24) ------------- ------------------ ---------------- -------------- -------------------- ----------------- Florida 1,253 571 189 247 1,001 Michigan 401 365 49 1,056 135 Ontario, 467 177 29 21 219 Canada Texas 245 406 37 267 48 Arizona 62 43 32 9 125 Indiana 45 98 6 191 16 Ohio 71 10 — 106 8 California 63 20 22 6 55 Colorado 2 5 8 52 35 Other states 677 310 59 245 81 ----- ------------ ----- ---------- ----- ----------- Nine Months Ended 3,286 2,005 431 2,200 1,723 September 30, 2019 ----- ------------ ----- ---------- --- ---------- ----- -------------- ----- -----------

TOTAL FOR YEAR Resident Move-outs Net Leased Sites New Home Sales Pre-owned Home Sales Brokered Re-sales ENDED (24) -------------- ------------------ ---------------- -------------- -------------------- ----------------- 2018 3,435 2,600 526 3,103 2,147 2017 2,739 2,406 362 2,920 2,006

Reside Reside PERCENTAGE TRENDS nt nt Move-o Re-sal uts es ----- ----- 2019 (TTM) 2.7 % 7.1 % 2018 2.4 % 7.2 % 2017 1.9 % 6.6 %

Footnotes and Definitions

(1)Investors in and analysts following the real estate industry utilize funds from operations (“FFO”), net operating income (“NOI”), and earnings before interest, tax, depreciation and amortization (“EBITDA”) as supplemental performance measures. The Company believes that FFO, NOI, and EBITDA are appropriate measures given their wide use by and relevance to investors and analysts. Additionally, FFO, NOI, and EBITDA are commonly used in various ratios, pricing multiples, yields and returns and valuation calculations used to measure financial position, performance and value.

• FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts for the effects of generally accepted accounting principles (“GAAP”) depreciation and amortization of real estate assets.

• NOI provides a measure of rental operations that does not factor in depreciation, amortization and non-property specific expenses such as general and administrative expenses.

• EBITDA provides a further measure to evaluate ability to incur and service debt and to fund dividends and other cash needs.

FFO is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) as GAAP net income (loss), excluding gains (or losses) from sales of depreciable operating property, plus real estate-related depreciation and amortization, and after adjustments for unconsolidated 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, impairment and excluding 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. The Company also uses FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of our core business (“Core FFO”). The Company believes that Core FFO provides 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 performance measure or GAAP cash flow from operations as a liquidity measure. 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. Further, 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.

NOI is derived from 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 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 cash flow from 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.

EBITDA as defined by NAREIT (referred to as “EBITDAre”) is calculated 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 unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated 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. 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 from operating, investing and financing activities as measures of liquidity.

(2) Same Community results reflect constant currency for comparative purposes. Canadian currency figures in the prior comparative period have been translated at 2019 actual exchange rates.

(3) The Same Community occupancy percentage for 2019 is derived from 107,553 developed sites, of which 105,683 were occupied. The number of developed sites excludes RV transient sites and approximately 1,700 recently completed but vacant MH expansion sites. Without the adjustment for vacant expansion sites, the Same Community occupancy percentage is 95.9 percent for MH, 100.0 percent for RV, and 96.8 percent for the blended MH and RV. The MH and RV blended occupancy is derived from 109,172 developed sites, of which 105,683 were occupied. The Same Community occupancy percentage for 2018 has been adjusted to reflect incremental period-over-period growth from filled expansion sites and the conversion of transient RV sites to annual RV sites.

(4) This is a transferred asset transaction which has been classified as collateralized receivables and the cash received from this transaction has been classified as a secured borrowing. The interest income and interest expense accrue at the same rate and amount.

(5) Lines of credit includes the Company’s MH floor plan facility. The effective interest rate on the MH floor plan facility was 7.0 percent for all periods presented. However, the Company pays no interest if the floor plan balance is repaid within 60 days.

(6) Other income / (expense), net was as follows (in thousands):

Three Months Ended Nine Months Ended September September September September 30, 2019 30, 2018 30, 2019 30, 2018 ---------- --------- ---------- ---------- Foreign currency translation gain / (loss) $ (3,121 ) $ 1,547 $ (26 ) $ (2,640 ) Contingent liability remeasurement loss (1,287 ) (97 ) (1,421 ) (285 ) Long term lease termination expense — (219 ) (42 ) (289 ) -------- - ------- - -------- - -------- - Other income / (expense), net $ (4,408 ) $ 1,231 $ (1,489 ) $ (3,214 ) - ------ - - ----- - - ------ - - ------ -

(7) The effect of certain anti-dilutive convertible securities is excluded from these items.

(8) These costs represent the 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.

(9) Core FFO(1) includes an adjustment of $(0.4) million and zero for the three and nine months ended September 30, 2019 and $0.3 million and $1.0 million for the three and nine months ended September 30, 2018 for estimated loss of earnings in excess of the applicable business interruption deductible in relation to our Florida Keys communities that require redevelopment due to damages sustained from Hurricane Irma in September 2017, as previously announced. Amounts recognized in 2018 were received in 2019.

(10) The renter’s monthly payment includes the site rent and an amount attributable to the home lease. The site rent is reflected in Real Property Operations’ segment revenue. For purposes of management analysis, site rent is included in Rental Program revenue to evaluate the incremental revenue gains associated with the Rental Program, and to assess the overall growth and performance of the Rental Program and financial impact on the Company’s operations.

(11) Same Community results net $8.9 million and $8.5 million of utility revenue against the related utility expense in property operating and maintenance expense for the quarter ended September 30, 2019 and 2018, respectively. Same Community results net $25.8 million and $24.5 million of utility revenue against the related utility expense in property operating and maintenance expense for the nine months ended September 30, 2019 and 2018, respectively. Additionally, the Company adopted ASC 842, the new leasing standard, as of January 1, 2019 which required the reclassification of bad debt expense from Property operating expense to Income from real property. To assist with comparability within Same Community results, bad debt expense has been reclassified to be shown as a reduction of Income from real property for all periods presented.

(12) Same Community supplies and repair expense excludes $0.3 million and $1.8 million for the three and nine months ended September 30, 2018, respectively, of expenses incurred for recently acquired properties to bring the 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.

(13) Monthly base rent per site pertains to annual RV sites and excludes transient RV sites.

(14) Calculated using actual results without rounding.

(15) Acquisitions and other is comprised of eleven properties acquired, one property being operated under a temporary use permit, and two properties that we have an interest in, but do not operate in 2019, twenty properties acquired in 2018, three Florida Keys properties that require redevelopment as a result of damage sustained from Hurricane Irma in 2017, five recently opened ground-up development properties, one property undergoing redevelopment, three properties that we have an interest in, but do not operate, and other miscellaneous transactions and activity.

(16) Includes MH and annual RV sites, and excludes transient RV sites, as applicable.

(17) As of September 30, 2019, total portfolio MH occupancy was 95.7 percent inclusive of the impact of approximately 1,700 recently constructed but vacant MH expansion sites, and annual RV occupancy was 100.0 percent.

(18) Total sites for development were comprised of approximately 74.2 percent for expansion, 19.8 percent for greenfield development and 6.0 percent for redevelopment.

(19) Recurring capital expenditures are necessary to maintain asset quality, including purchasing and replacing assets used to operate the community. These capital expenditures include items such as: major road, driveway, pool improvements; clubhouse renovations; adding or replacing street lights; playground equipment; signage; maintenance facilities; manager housing and property vehicles. The minimum capitalized amount is five hundred dollars.

(20) Lot modification capital expenditures improve the asset quality of the community. These costs are incurred when an existing older home moves out, and the site is prepared for a new home, more often than not, a multi-sectional home. These activities, which are mandated by strict manufacturer’s installation requirements and state building code, include items such as new foundations, driveways, and utility upgrades.

(21) Capital expenditures related to acquisitions represent the purchase price of existing operating communities and land parcels to develop expansions or new communities. These costs for the nine months ended September 30, 2019 include $36.6 million of capital improvements identified during due diligence that are necessary to bring the communities to the Company’s operating standards. For the years ended December 31, 2018 and 2017, these costs were $94.6 million and $84.0 million, respectively. These include items such as: upgrading clubhouses; landscaping; new street light systems; new mail delivery systems; pool renovation including larger decks, heaters, and furniture; new maintenance facilities; and new signage including main signs and internal road signs. These are considered acquisition costs and although identified during due diligence, often require 24 to 36 months after closing to complete.

(22) Expansion and development expenditures consist primarily of construction costs and costs necessary to complete home site improvements, such as driveways, sidewalks and landscaping.

(23) Capital costs related to revenue generating activities consist primarily of garages, sheds, sub-metering of water, sewer and electricity. Revenue generating attractions at our RV resorts are also included here and, occasionally, a special capital project requested by residents and accompanied by an extra rental increase will be classified as revenue producing.

(24) Net leased sites do not include occupied sites acquired during that year.

Certain financial information has been revised to reflect reclassifications in prior periods to conform to current period presentation.

Attachment

-- 3rd Quarter Press Release and Supplemental Package