Sun Communities 公佈 2025 年第三季度業績

Southfield, MI, Oct. 29, 2025 (GLOBE NEWSWIRE) --

Net Income per Diluted Share of $0.07for the Quarter, inclusive of Income from Discontinued Operations

Core FFO per Share of $2.28for the Quarter

North America Same Property NOI for MH and RV Increased by 5.4% for the Quarter on a Year-over-Year Basis

North America Same Property Adjusted Blended Occupancy for MH and RV of 99.2%
Represents a 130 Basis Point Year-over-Year Increase

Completed Sale of Remaining Safe Harbor Marinas Delayed Consent Properties

Since Initial Closing of Safe Harbor Sale, Over $1.0 Billion of Capital Return to Shareholders, Inclusive of Cash Distributions and Share Repurchases

Subsequent to Quarter End, Acquired 14 Communities for $457.0 million

Raising Full-Year 2025 Core FFO per Share Guidance by $0.04, a 0.6% Increase at the Midpoint, to $6.59 to $6.67

Raising North American Same Property NOI Growth Guidance by 35 Basis Points at the Midpoint, to 4.6% - 5.6%

Increasing UK Same Property NOI Growth Guidance to 3.7% - 4.4%

Establishing Preliminary 2026 Full Year Rental Rate Guidance as 5.0% for MH, 4.0% for Annual RV, and 4.1% for UK

Southfield, Michigan, October 29, 2025 – 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 third quarter results for 2025.

Financial Results for the Quarter and Nine Months Ended September 30, 2025

For the quarter ended September 30, 2025, net loss from continuing operations was $3.7 million, or $0.05 per diluted share, compared to net income from continuing operations of $278.4 million, or $2.09 per diluted share for the same period in 2024. For the quarter ended September 30, 2025, net income attributable to common shareholders was $8.5 million, or $0.07 per diluted share, compared to net income attributable to common shareholders of $288.7 million, or $2.31 per diluted share for the same period in 2024. For the nine months ended September 30, 2025, net loss from continuing operations was $119.0 million, or $1.48 per diluted share, compared to net income from continuing operations of $274.4 million, or $2.01 per diluted share for the same period in 2024. For the nine months ended September 30, 2025, net income attributable to common shareholders was $1.2 billion, or $9.81 per diluted share, compared to net income attributable to common shareholders of $313.4 million, or $2.51 per diluted share for the same period in 2024.

Non-GAAP Financial Measures

Core Funds from Operations ("Core FFO") for the quarter and nine months ended September 30, 2025, was $2.28 per common share and convertible securities ("Share") and $5.28 per Share, respectively, as compared to $2.36 and $5.41 for the same periods in 2024. Same Property Net Operating Income ("NOI")

North America Same Property NOI for MH and RV increased by $14.5 million and $35.3 million, or 5.4% and 5.0%, respectively, for the quarter and nine months ended September 30, 2025, as compared to the corresponding periods in 2024. UK Same Property NOI increased by $1.7 million and $3.2 million, or 5.4% and 5.2%, respectively, for the quarter and nine months ended September 30, 2025, as compared to the corresponding periods in 2024.

"I'm pleased to share that Sun delivered strong third quarter results that surpassed our expectations, driven by exceptional performance in manufactured housing, and continued progress in our RV business," said Charles Young, Chief Executive Officer. "This success reflects our team's unwavering commitment to operational excellence. Looking forward, the demand fundamentals for our communities remain intact, fueled by sustained demand for affordable housing and recreational experiences. I'm honored to join this remarkable team at such a pivotal moment in the company's journey. With our thoughtful strategic and financial re-positioning, I'm excited about the future and confident in our ability to create long-term value for all of our stakeholders."

OPERATING HIGHLIGHTS

North America Portfolio Occupancy

MH and annual RV sites were 98.4% occupied at September 30, 2025, as compared to 97.7% at September 30, 2024. During the quarter ended September 30, 2025, the number of MH and annual RV revenue producing sites increased by approximately 520 sites. During the nine months ended September 30, 2025, the number of MH and annual RV revenue producing sites increased by approximately 1,000 sites.

Same PropertyResults

For the properties owned and operated by the Company since at least January 1, 2024, excluding properties classified as discontinued operations, the following table reflects the percentage changes for the quarter and nine months ended September 30, 2025, as compared to the same period in 2024:

Quarter Ended September 30, 2025 North America MH RV Total UKRevenue 7.3 % (1.0)        % 3.5 % 4.8 %Expense 0.1 % (0.8)        % (0.4)        % 4.0 %NOI 10.1 % (1.1)        % 5.4 % 5.4 % Nine Months Ended September 30, 2025 North America MH RV Total UKRevenue 7.1 % (0.6)        % 4.1 % 5.4 %Expense 2.5 % 2.1 % 2.3 % 5.6 %NOI 8.9 % (2.8)        % 5.0 % 5.2 % Number of Properties281 156 437 51

North America Same Property adjusted blended occupancy for MH and RV increased by 130 basis points to 99.2% at September 30, 2025, from 97.9% at September 30, 2024.

INVESTMENT ACTIVITY

During the quarter ended September 30, 2025, the Company completed the following dispositions:

In August 2025, a total of nine marina properties for total cash consideration of $117.5 million. See "Balance Sheet, Capital Markets Activity, and Other Items" on page (v) for additional information. In September 2025, one RV development land parcel in California for total consideration of $18.0 million.

Subsequent to the quarter ended September 30, 2025, the Company completed the following acquisitions:

In October 2025, a total of 11 MH properties and 3 Annual RV properties for total cash consideration of $457.0 million.

Refer to page 15 for additional details related to the Company's acquisition and disposition activity.

BALANCE SHEET, CAPITAL MARKETS ACTIVITY, AND OTHER ITEMS

As of September 30, 2025, the Company had $4.3 billion in debt outstanding with a weighted average interest rate of 3.4% and a weighted average maturity of 7.4 years. At September 30, 2025, the Company's Net Debt to trailing twelve-month Recurring EBITDA ratio was 3.3 times.

Safe Harbor Sale

During the quarter ended September 30, 2025, the Company completed the sale of the remaining nine Delayed Consent Subsidiaries pertaining to its sale of the Safe Harbor Marinas business (the "Safe Harbor Sale"). With the initial closing of the Safe Harbor Sale in the prior quarter, and the closing of all Delayed Consent Subsidiaries, the Company has fully divested its investment in Safe Harbor for total net cash proceeds of approximately $5.5 billion. Refer to page 20 for additional details related to the closing of the Safe Harbor Sale.

1031 Update

As of September 30, 2025 the Company had $629.5 million in 1031 exchange escrow accounts to fund potential acquisitions, with those funds held as Restricted Cash until and if utilized in connection with potential acquisitions. In October 2025, the Company closed on the acquisitions of 14 MH and RV properties for total cash consideration of $457.0 million, which was primarily funded with restricted cash held in 1031 exchange escrow accounts. As of October 29, 2025 the Company had approximately $50 million remaining in 1031 exchange escrow accounts and approximately $550 million of unrestricted cash on the balance sheet.

New Credit Facility Agreement

As previously announced, during the quarter ended September 30, 2025, the Company entered into a new credit facility agreement with certain lenders (the "New Credit Agreement"). The New Credit Agreement replaced the Company's previous senior credit facility, which was scheduled to mature on April 7, 2026.

Pursuant to the New Credit Agreement, the Company may borrow up to $2.0 billion under a revolving loan (the "New Credit Facility"). The maturity date of the New Credit Facility is January 31, 2030. As of September 30, 2025, there were no borrowings outstanding under the New Credit Facility.

Stock Repurchase Program

During the quarter ended September 30, 2025, the Company repurchased approximately 2.3 million shares of the Company's common stock at an average cost of $126.92 per share for a total of $297.5 million. Year-to-date through October 29, 2025, the Company has repurchased 4.0 million shares of the Company's common stock at an average cost of $125.74 per share for a total of $500.3 million.

UK Ground Lease Transactions

During the quarter ended September 30, 2025, the Company repurchased the titles to six UK properties, previously controlled via ground leases for $101.2 million, inclusive of taxes and fees. In conjunction with the transaction, the Company recorded a lease termination gain of $19.2 million. Subsequent to September 30, 2025, the Company repurchased the title to one additional UK property, previously controlled via a ground lease, for $23.2 million, inclusive of taxes and fees.

On a year-to-date basis through October 29, 2025, the Company repurchased the titles to 28 UK properties, previously controlled via ground leases for $323.6 million, inclusive of taxes and fees.

The Company has entered into definitive agreements to acquire the titles to an additional five properties for approximately $63 million, inclusive of taxes and fees. The Company expects these transactions to close by the end of the first quarter of 2026, bringing the total number of titles previously held under ground lease acquired, or agreed to purchase, to 33.

2025 GUIDANCE
The Company is updating full-year and establishing fourth quarter 2025 guidance for diluted EPS and Core FFO per Share as follows:

Fourth Quarter Ending December 31, 2025 Full Year Ending December 31, 2025 Low High Low HighDiluted EPS attributable to the Consolidated Portfolio(a) $ 0.34 $ 0.42 $ 10.25 $ 10.33 Core FFO per Share attributable to the Consolidated Portfolio(a)(b)(c) $ 1.31 $ 1.39 $ 6.59 $ 6.67

(a) The diluted share counts for the quarter and the year ending December 31, 2025 are estimated to be 128.5 million and 130.6 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 Core FFO per share attributable to the Consolidated Portfolio is included in this release because we are unable to quantify certain amounts that would be required to be included in the reconciliation to the comparable GAAP financial measure without unreasonable efforts, particularly with respect to the allocations of itemized adjustments to the Consolidated Portfolio as the initial closing of the Safe Harbor Sale was effective on April 30, 2025, and the remaining closings of the sale of all Delayed Consent Subsidiaries were effective between June 30, 2025 and August 31, 2025, and we believe such reconciliation would imply a degree of precision that could be confusing or misleading to investors.

(c) The Company's guidance translates forecasted results from operations in the UK using the relevant exchange rate provided in the table presented below. The impact of fluctuations in Canadian and Australian foreign currency rates on guidance are not material.

Currencies Exchange RatesU.S. dollar ("USD") / pound sterling ("GBP") 1.24USD / Canadian dollar ("CAD") 0.70USD / Australian dollar ("AUD") 0.62

Supplemental Guidance Tables:

Expected Change in 2025Same Property Portfolio (in millions and %)(a) FY 2024 Actual Results Prior FY Range October 29, 2025 UpdateMH NOI (281 properties) $ 630.9 7.2%-7.8% 7.7%-7.9%RV NOI (156 properties) $ 280.8 (3.5%)-0.5% (2.5%)-0.5% North America (MH and RV) Revenues from real property $ 1,385.9 3.6%-4.4% 4.0%-4.6%Total property operating expenses 474.1 2.2%-3.0% 2.7%-2.9%Total North America Same Property NOI(b) $ 911.8 3.9%-5.6% 4.6%-5.6% UK (51 properties) Revenues from real property $ 150.0 4.3%-4.9% 4.8%-4.9%Total property operating expenses 72.3 6.6%-7.5% 5.5%-6.0%Total UK Same Property NOI(b) $ 77.7 1.3%-3.3% 3.7%-4.4%

For the fourth quarter ending December 31, 2025, the Company's guidance range assumes North America Same Property NOI growth of 3.5% - 7.5% and UK Same Property NOI growth of (2.0%) - 1.0%.

Consolidated Portfolio Guidance For 2025
(in millions, excluding marinas) Expected Change / Range in FY 2025 FY 2024 Actual Results Prior FY Range October 29, 2025 UpdateAncillary NOI $ 23.6 $ 19.0-$21.7 $ 26.1-$27.8Interest income $ 20.2 $ 52.9-$55.7 $ 46.7-$48.6Brokerage commissions and other, net(c) $ 44.5 $ 32.8-$39.3 $ 38.4-$41.6FFO contribution from North American home sales $ 9.9 $ 3.5-$5.1 $ 6.5-$8.1FFO contribution from UK home sales $ 59.9 $ 56.4-$63.0 $ 50.1-$56.4General and administrative expenses excluding non-recurring expenses $ 196.3 $ 194.6-$198.1 $ 198.3-$202.0Interest expense $ 350.3 $ 221.0-$224.0 $ 221.1-$223.3Current tax expense $ 3.6 $ 13.0-$15.1 $ 13.0-$15.1

Seasonality (excluding marinas) 1Q25 2Q25 3Q25 4Q25North America Same Property NOI: MH 25% 25% 25% 25%RV 16% 25% 40% 19%Total 23% 25% 29% 23% UK Same Property NOI 12% 28% 40% 20% Home Sales FFO North America 7% 33% 47% 13%UK 19% 32% 33% 16% Consolidated Ancillary NOI (10)% 31% 79% —% Consolidated EBITDA(d) 22% 27% 31% 20% Core FFO per Share(d)(e) 19% 27% 34% 20%

Preliminary 2026 Rental Rate Increase
The Company expects to realize the following rental rate increases, on average, during 2026:

Average 2026 Rental Rate Increases ExpectedNorth America MH 5.0 %Annual RV 4.0 %UK 4.1 %

Footnotes to Supplemental Guidance Tables: (a)The amounts in the Same Property Portfolio table reflect constant currency, as Canadian dollar and pound sterling figures included within the 2024 amounts have been translated at the assumed exchange rates used for 2025 guidance.(b)Total North America Same Property results net $90.5 million and $95.2 million of utility revenue against the related utility expense in property operating expenses for 2024 results and 2025 guidance, respectively. Total UK Same Property results net $18.1 million and $20.1 million of utility revenue against the related utility expense in property operating expenses for 2024 results and 2025 guidance, respectively.(c)Brokerage commissions and other, net includes approximately $18.0 million and $13.8 million of business interruption income and $9.5 million and $14.5 million of income from nonconsolidated affiliates for full year 2024 results and 2025 guidance, respectively.(d)Includes realized contribution from marinas through the date of the initial closing of the Safe Harbor Sale and the subsequent dates of the Delayed Consent Subsidiary closings.(e)Assumes full conversion of all equity participating units, including common and preferred OP units, into the Company's common stock.

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 October 29, 2025. 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 third quarter results will be held on Thursday, October 30, 2025 at 2:00 P.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 November 13, 2025 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 13755683. 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, 2024, in Part II, Item 1A of the Company's Quarterly Report on Form 10-Q for the three months ended March 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:

∙The Company's liquidity and refinancing demands;∙The Company's ability to obtain or refinance maturing debt;∙The Company's ability to maintain compliance with covenants contained in its debt facilities and its unsecured notes;∙Availability of capital;∙General volatility of the capital markets and the market price of shares of the Company's capital stock;∙Increases in interest rates and operating costs, including insurance premiums and real estate taxes;∙Difficulties in the Company's ability to evaluate, finance, complete, and integrate acquisitions, developments, and expansions successfully;∙The ability of the Company to realize the anticipated benefits of the Safe Harbor Sale, including with respect to tax strategies, or at all;∙Competitive market forces;∙The ability of purchasers of manufactured homes to obtain financing;∙The level of repossessions of manufactured homes;∙The Company's ability to maintain effective internal control over financial reporting and disclosure controls and procedures;∙The Company's remediation plan and its ability to remediate the material weakness in its internal control over financial reporting;∙Expectations regarding the amount or frequency of impairment losses;∙Changes in general economic conditions, including inflation, deflation, energy costs, the real estate industry, the effects of tariffs or threats of tariffs, trade wars, immigration issues, supply chain disruptions, and the markets within which the Company operates;∙Changes in foreign currency exchange rates, including between the U.S. dollar and each of the pound sterling, Canadian dollar, and Australian dollar;∙The Company's ability to maintain its status as a REIT;∙Changes in real estate and zoning laws and regulations;∙The Company's ability to maintain rental rates and occupancy levels;∙Legislative or regulatory changes, including changes to laws governing the taxation of REITs;∙Outbreaks of disease and related restrictions on business operations;∙Risks related to natural disasters such as hurricanes, earthquakes, floods, droughts, and wildfires; and∙Litigation, judgments or settlements, including costs associated with prosecuting or defending claims and any adverse outcomes;

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 September 30, 2025, the Company owned, operated, or had an interest in a portfolio of 501 developed MH, RV, and UK properties comprising approximately 174,680 developed sites in the U.S., Canada, and the U.K.

For more information about the Company, please visit www.suninc.com.

Company Contacts Investor Relations Sara Ismail, Senior Vice President (248) 208-2500 [email protected]

Corporate Debt Ratings Moody'sS&PBaa2 | StableBBB+ | Stable

Equity Research Coverage Bank of America Merrill Lynch Jana Galan [email protected] Richard Hightower [email protected] Jason Wayne [email protected] Capital Markets John Kim [email protected] Research Nicholas Joseph [email protected] Eric Wolfe [email protected] Barry Oxford [email protected] Bank Omotayo Okusanya [email protected] ISI Steve Sakwa [email protected] Street Advisors John Pawlowski [email protected] LLC Linda Tsai [email protected] Securities Aaron Hecht [email protected] Stanley Adam Kramer [email protected] Derrick Metzler [email protected] Capital Markets Brad Heffern [email protected] W. Baird & Co. Wesley Golladay [email protected] Securities Anthony Hau [email protected] Michael Goldsmith [email protected] Fargo James Feldman [email protected] Research Andrew Rosivach [email protected]

Financial and Operating Highlights
($ in millions, except Per Share amounts, Unaudited)

Quarters Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024Financial Information Basic earnings / (loss) per share from continuing operations$ (0.05 ) $ (1.23 ) $ (0.19 ) $ (1.84 ) $ 2.09 Basic earnings / (loss) per share from discontinued operations 0.12 11.25 (0.15 ) 0.08 0.22 Basic earnings / (loss) per share$ 0.07 $ 10.02 $ (0.34 ) $ (1.76 ) $ 2.31 Diluted earnings / (loss) per share from continuing operations$ (0.05 ) $ (1.23 ) $ (0.19 ) $ (1.85 ) $ 2.09 Diluted earnings / (loss) per share from discontinued operations 0.12 11.25 (0.15 ) 0.08 0.22 Diluted earnings / (loss) per share$ 0.07 $ 10.02 $ (0.34 ) $ (1.77 ) $ 2.31 Cash distributions declared per common share(a)$ 1.04 $ 1.04 $ 0.94 $ 0.94 $ 0.94 FFO per Share(b)$ 2.18 $ 1.36 $ 1.06 $ 1.30 $ 2.22 Core FFO per Share(b)$ 2.28 $ 1.76 $ 1.26 $ 1.41 $ 2.36 Real Property NOI(b) MH$ 171.8 $ 168.6 $ 172.5 $ 161.9 $ 158.3 RV 115.5 72.9 44.7 50.4 117.0 UK 32.9 22.1 9.2 16.3 28.8 Total$ 320.2 $ 263.6 $ 226.4 $ 228.6 $ 304.1 Recurring EBITDA(b)$ 335.7 $ 291.3 $ 236.7 $ 271.5 $ 382.6 TTM Recurring EBITDA / Interest(b)4.4 x 3.8 x 3.6 x 3.5 x 3.4 xNet Debt / TTM Recurring EBITDA(b)3.3 x 2.9 x 5.9 x 6.0 x 6.0 x Balance Sheet Total assets$ 12,800.3 $ 13,362.1 $ 16,505.6 $ 16,549.4 $ 17,085.1 Total debt$ 4,271.7 $ 4,283.5 $ 7,348.1 $ 7,352.8 $ 7,324.8 Total liabilities$ 5,438.0 $ 5,570.0 $ 9,235.4 $ 9,096.8 $ 9,245.7 Operating Information Properties MH 284 284 284 287 287 RV 164 164 165 167 180 UK 53 53 53 53 54 Total 501 501 502 507 521 Sites MH 97,070 97,380 97,320 97,430 97,300 Annual RV 32,480 32,100 31,960 32,100 34,480 Transient 23,560 23,440 23,810 24,830 25,060 UK annual 17,650 17,510 17,510 17,690 17,790 UK transient 3,920 4,020 4,250 4,340 4,500 Total sites 174,680 174,450 174,850 176,390 179,130 Occupancy MH 97.9 % 97.4 % 97.3 % 97.3 % 96.9 %Annual RV 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %Blended MH and annual RV 98.4 % 98.1 % 98.0 % 98.0 % 97.7 %UK annual 90.7 % 90.3 % 89.8 % 89.7 % 91.5 % MH and RV Revenue Producing Site Net Gains(c) MH leased sites, net 152 170 47 406 159 RV leased sites, net 371 288 (31 ) 304 893 Total leased sites, net 523 458 16 710 1,052

(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.

Portfolio Overview as of September 30, 2025

MH & RV Properties Properties MH & Annual RV Transient RV
Sites Total Sites Sites for Development Location Sites Occupancy % North America Florida 124 40,960 98.8 % 4,650 45,610 1,720 Michigan 85 33,050 98.0 % 480 33,530 1,150 California 37 7,030 99.4 % 1,790 8,820 570 Texas 29 9,330 98.1 % 1,580 10,910 3,850 Connecticut 16 1,900 96.7 % 100 2,000 — Maine 15 2,590 97.5 % 950 3,540 200 Arizona 11 4,190 97.6 % 820 5,010 1,120 Indiana 11 2,950 98.8 % 990 3,940 180 New Jersey 11 3,140 100.0 % 840 3,980 260 Colorado 11 2,970 91.5 % 900 3,870 1,390 New York 10 1,580 98.9 % 1,370 2,950 780 Other 88 19,860 99.2 % 9,090 28,950 1,530 Total 448 129,550 98.4 % 23,560 153,110 12,750

Properties UK Properties Transient Sites Total Sites Sites for Development Location Sites Occupancy % United Kingdom 53 17,650 90.7 % 3,920 21,570 3,110

Properties Total Sites Total Portfolio 501 174,680

Consolidated Balance Sheets
(amounts in millions)

(Unaudited) September 30, 2025 December 31, 2024Assets Land$ 3,388.1 $ 3,461.5 Land improvements and buildings 8,949.2 9,058.7 Rental homes and improvements 897.8 834.1 Furniture, fixtures and equipment 746.4 739.2 Investment property 13,981.5 14,093.5 Accumulated depreciation (3,495.6) (3,228.4)Investment property, net 10,485.9 10,865.1 Cash, cash equivalents and restricted cash(a) 1,180.0 57.1 Inventory of manufactured homes 155.1 129.8 Notes and other receivables, net 468.4 430.1 Collateralized receivables, net(a) 45.4 51.2 Goodwill 9.5 9.5 Other intangible assets, net 97.0 102.5 Other assets, net 359.0 442.4 Assets held for sale and discontinued operations, net(a) — 4,461.7 Total Assets$ 12,800.3 $ 16,549.4 Liabilities Mortgage loans payable$ 2,440.4 $ 3,212.2 Secured borrowings on collateralized receivables(a) 45.4 51.2 Unsecured debt 1,785.9 4,089.4 Distributions payable 131.4 122.6 Advanced reservation deposits and rent 308.3 249.4 Accrued expenses and accounts payable 282.0 265.8 Other liabilities 444.6 819.3 Liabilities held for sale and discontinued operations, net(a) — 286.9 Total Liabilities 5,438.0 9,096.8 Commitments and contingencies Temporary equity 256.2 259.8 Shareholders' Equity Common stock 1.2 1.3 Additional paid-in capital 9,573.0 9,864.2 Accumulated other comprehensive income / (loss) 25.9 (7.9)Distributions in excess of accumulated earnings (2,615.0) (2,775.9)Total SUI Shareholders' Equity 6,985.1 7,081.7 Noncontrolling interests Common and preferred OP units 120.6 110.4 Consolidated entities 0.4 0.7 Total noncontrolling interests 121.0 111.1 Total Shareholders' Equity 7,106.1 7,192.8 Total Liabilities, Temporary Equity and Shareholders' Equity$ 12,800.3 $ 16,549.4

(a) Refer to Definitions and Notes for additional information.

Consolidated Statements of Operations
(amounts in millions, except for per share amounts)

Quarter Ended Nine Months Ended September 30, 2025 September 30, 2024 % Change September 30, 2025 September 30, 2024 % ChangeRevenues Real property (excluding transient)(a)$ 384.2 $ 364.1 5.5 % $ 1,106.9 $ 1,058.1 4.6 %Real property - transient 133.5 138.1 (3.3)        % 245.4 257.2 (4.6)        %Home sales 95.6 105.3 (9.2)        % 262.9 281.7 (6.7)        %Ancillary 60.8 61.0 (0.3)        % 115.4 114.9 0.4 %Interest 17.3 5.3 226.4 % 38.2 15.0 154.7 %Brokerage commissions and other, net 5.8 6.6 (12.1)        % 22.1 19.0 16.3 %Total Revenues 697.2 680.4 2.5 % 1,790.9 1,745.9 2.6 %Expenses Property operating and maintenance(a) 168.8 172.2 (2.0)        % 458.0 451.0 1.6 %Real estate tax 28.7 25.9 10.8 % 84.1 77.6 8.4 %Home costs and selling 71.1 74.3 (4.3)        % 200.5 203.0 (1.2)        %Ancillary 38.7 42.5 (8.9)        % 87.6 90.9 (3.6)        %General and administrative 55.8 58.7 (4.9)        % 174.0 170.3 2.2 %Catastrophic event-related charges, net 0.8 0.8 — % 1.1 10.3 (89.3)        %Depreciation and amortization 126.2 124.1 1.7 % 377.3 368.1 2.5 %Asset impairments(a) 165.9 — N/A 356.0 30.4 N/MLoss on extinguishment of debt 1.6 0.8 100.0 % 104.0 1.4 N/MInterest 41.5 87.6 (52.6)        % 181.8 267.1 (31.9)        %Total Expenses 699.1 586.9 19.1 % 2,024.4 1,670.1 21.2 %Income / (Loss) Before Other Items (1.9) 93.5 (102.0)        % (233.5) 75.8 N/MGain / (loss) on foreign currency exchanges (22.6) (4.5) N/M 25.5 (6.2) N/MGain / (loss) on dispositions of properties (1.3) 178.7 N/M (3.7) 186.6 N/MOther income / (expense), net(a) 19.1 (0.8) N/M 56.7 (4.3) N/MGain / (loss) on remeasurement of notes receivable — 0.1 (100.0)        % (1.6) (1.0) 60.0 %Income from nonconsolidated affiliates 4.3 2.1 104.8 % 11.1 6.5 70.8 %Gain / (loss) on remeasurement of investment in nonconsolidated affiliates 0.4 1.2 (66.7)        % (1.1) 6.5 N/MCurrent tax benefit / (expense) (3.8) 1.0 N/M (11.8) (6.0) 96.7 %Deferred tax benefit 2.1 7.1 N/M 39.4 16.5 138.8 %Net Income / (Loss) from Continuing Operations (3.7) 278.4 (101.3)        % (119.0) 274.4 (143.4)        %Income from discontinued operations, net(a) 14.6 26.8 (45.5)        % 1,418.6 63.7 N/MNet Income 10.9 305.2 (96.4)        % 1,299.6 338.1 N/MLess: Preferred return to preferred OP units / equity interests 3.2 3.2 — % 9.5 9.6 (1.0)        %Less: Income / (loss) attributable to noncontrolling interests (0.8) 13.3 (106.0)        % 50.8 15.1 236.4 %Net Income Attributable to SUI Common Shareholders$ 8.5 $ 288.7 (97.1)        % $ 1,239.3 $ 313.4 N/M Weighted average common shares outstanding - basic(a) 123.9 124.0 (0.1)        % 125.6 123.8 1.5 %Weighted average common shares outstanding - diluted(a) 124.1 124.0 0.1 % 125.6 126.5 (0.7)        % Basic earnings / (loss) per share from continuing operations$ (0.05) $ 2.09 (97.0)        % $ (1.48) $ 2.01 N/MBasic earnings per share from discontinued operations 0.12 0.22 (45.5)        % 11.29 0.51 N/MBasic earnings per share$ 0.07 $ 2.31 (97.0)        % $ 9.81 $ 2.52 N/M Diluted earnings / (loss) per share from continuing operations(b)$ (0.05) $ 2.09 (97.0)        % $ (1.48) $ 2.01 N/MDiluted earnings per share from discontinued operations(b) 0.12 0.22 (45.5)        % 11.29 0.50 N/MDiluted earnings per share(b)$ 0.07 $ 2.31 (97.0)        % $ 9.81 $ 2.51 N/M

(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 Attributable to SUI Common Shareholders to Core FFO
(amounts in millions, except for per share data)

Quarter Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024Net Income Attributable to SUI Common Shareholders$ 8.5 $ 288.7 $ 1,239.3 $ 313.4 Adjustments Depreciation and amortization - continuing operations(a) 124.1 123.5 373.0 366.0 Depreciation and amortization - discontinued operations(a) — 48.1 36.1 142.1 Depreciation on nonconsolidated affiliates 0.2 0.1 0.6 0.3 Asset impairments - continuing operations(a) 165.9 — 356.0 30.4 Asset impairments - discontinued operations(a) — 0.2 2.3 2.1 (Gain) / loss on remeasurement of investment in nonconsolidated affiliates (0.4) (1.2) 1.1 (6.5)(Gain) / loss on remeasurement of notes receivable — (0.1) 1.6 1.0 (Gain) / loss on dispositions of properties, including tax effect - continuing operations (0.3) (181.4) 3.7 (188.5)Gain on dispositions of properties, including tax effect - discontinued operations (13.8) — (1,458.8) — Add: Returns on preferred OP units 3.1 3.2 9.3 9.5 Add: Income / (loss) attributable to noncontrolling interests (0.9) 13.3 50.8 15.1 Gain on disposition of assets, net (3.9) (7.1) (11.8) (21.1)FFO(a)(c)(d)(e)$ 282.5 $ 287.3 $ 603.2 $ 663.8 Adjustments Business combination expense - discontinued operations — 0.2 — 0.4 Acquisition and other transaction costs - continuing operations(a) 2.2 2.4 18.5 12.9 Acquisition and other transaction costs - discontinued operations(a) 0.5 0.5 63.4 3.0 Loss on extinguishment of debt 1.6 0.8 104.0 1.4 Catastrophic event-related charges, net - continuing operations 0.8 0.8 1.1 10.3 Catastrophic event-related charges, net - discontinued operations — 0.1 — 0.1 Loss of earnings - catastrophic event-related charges, net(b) 4.2 5.9 2.5 11.5 (Gain) / loss on foreign currency exchanges 22.6 4.5 (25.5) 6.2 Other adjustments, net - continuing operations(a) (20.0) 3.7 (88.7) 0.7 Other adjustments, net - discontinued operations(a) — — 14.8 (9.9)Core FFO(a)(c)(d)(e)$ 294.4 $ 306.2 $ 693.3 $ 700.4 Weighted Average Common Shares and OP Units Outstanding(a)(c) 129.3 129.5 131.2 129.4 FFO per Share(a)(c)(d)(e)$ 2.18 $ 2.22 $ 4.60 $ 5.13 Core FFO per Share(a)(c)(d)(e)$ 2.28 $ 2.36 $ 5.28 $ 5.41

(a) Refer to Definitions and Notes for additional information.
(b) Loss of earnings - catastrophic event-related charges, net include the following:

Quarter Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024Hurricane Ian - Estimated loss of earnings in excess of the applicable business interruption deductible$ 4.1 $ 4.6 $ 12.0 $ 15.2 Hurricane Ian - Insurance recoveries realized for previously estimated loss of earnings — — (9.9) (5.0)Hurricane Helene - Estimated loss of earnings in excess of the applicable business interruption deductible, net 0.1 — 0.4 — Flooding event - estimated loss of earnings at one New Hampshire RV community — 1.3 — 1.3 Loss of earnings - catastrophic event-related charges, net$ 4.2 $ 5.9 $ 2.5 $ 11.5

(c) 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.
(d) FFO and Core FFO include discontinued operations activity of $1.0 million or $0.01 per Share, and $1.5 million or $0.01 per Share, respectively, during the quarter ended September 30, 2025, and $75.1 million or $0.58 per Share, and $75.8 million or $0.59 per Share, respectively, during the quarter ended September 30, 2024.
(e) FFO and Core FFO include discontinued operations activity of $(1.8) million or $(0.01) per Share, and $76.7 million or $0.58 per Share, respectively, during the nine months ended September 30, 2025, and $208.0 million or $1.61 per Share, and $201.4 million or $1.56 per Share, respectively, during the nine months ended September 30, 2024.

Reconciliation of Net Income Attributable to SUI Common Shareholders to NOI
(amounts in millions)

Quarter Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024Net Income Attributable to SUI Common Shareholders$ 8.5 $ 288.7 $ 1,239.3 $ 313.4 Interest income (17.3) (5.3) (38.2) (15.0)Brokerage commissions and other revenues, net (5.8) (6.6) (22.1) (19.0)General and administrative 55.8 58.7 174.0 170.3 Catastrophic event-related charges, net 0.8 0.8 1.1 10.3 Depreciation and amortization 126.2 124.1 377.3 368.1 Asset impairments(a) 165.9 — 356.0 30.4 Loss on extinguishment of debt 1.6 0.8 104.0 1.4 Interest expense 41.5 87.6 181.8 267.1 (Gain) / loss on foreign currency exchanges 22.6 4.5 (25.5) 6.2 (Gain) / loss on disposition of properties 1.3 (178.7) 3.7 (186.6)Other (income) / expense, net(a) (19.1) 0.8 (56.7) 4.3 (Gain) / loss on remeasurement of notes receivable — (0.1) 1.6 1.0 Income from nonconsolidated affiliates (4.3) (2.1) (11.1) (6.5)(Gain) / loss on remeasurement of investment in nonconsolidated affiliates (0.4) (1.2) 1.1 (6.5)Current tax (benefit) / expense 3.8 (1.0) 11.8 6.0 Deferred tax benefit (2.1) (7.1) (39.4) (16.5)Net income from discontinued operations, net (14.6) (26.8) (1,418.6) (63.7)Add: Preferred return to preferred OP units / equity interests 3.2 3.2 9.5 9.6 Less: Income / (loss) attributable to noncontrolling interests (0.8) 13.3 50.8 15.1 NOI$ 366.8 $ 353.6 $ 900.4 $ 889.4

Quarter Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024Real property NOI(a)$ 320.2 $ 304.1 $ 810.2 $ 786.7 Home sales NOI(a) 24.5 31.0 62.4 78.7 Ancillary NOI(a) 22.1 18.5 27.8 24.0 NOI(a)$ 366.8 $ 353.6 $ 900.4 $ 889.4

(a) Refer to Definitions and Notes for additional information. Excludes properties classified as discontinued operations. During the quarter and nine months ended September 30, 2025, the Company's marina properties generated total NOI of $1.5 million and $93.7 million, respectively. During the quarter and nine months ended September 30, 2024, the Company's marina properties generated total NOI of $89.5 million and $243.3 million, respectively, which was recorded within Income from discontinued operations, net on the Consolidated Statements of Operations. Refer to the section "Assets Held for Sale and Discontinued Operations" within the Definitions and Notes for additional information.

Reconciliation of Net Income Attributable to SUI Common Shareholders to Recurring EBITDA
(amounts in millions)

Quarter Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024Net Income Attributable to SUI Common Shareholders$ 8.5 $ 288.7 $ 1,239.3 $ 313.4 Adjustments Depreciation and amortization - continuing operations 126.2 124.1 377.3 368.1 Depreciation and amortization - discontinued operations 0.2 48.3 36.3 142.4 Asset impairments - continuing operations(a) 165.9 — 356.0 30.4 Asset impairments - discontinued operations(a) — 0.2 2.3 2.1 Loss on extinguishment of debt 1.6 0.8 104.0 1.4 Interest expense - continuing operations 41.5 87.6 181.8 267.1 Interest expense - discontinued operations — 0.1 — 0.1 Current tax (benefit) / expense - continuing operations 3.8 (1.0) 11.8 6.0 Current tax expense - discontinued operations 1.7 0.1 2.3 0.5 Deferred tax benefit (2.1) (7.1) (39.4) (16.5)Income from nonconsolidated affiliates (4.3) (2.1) (11.1) (6.5)Less: (Gain) / loss on dispositions of properties - continuing operations 1.3 (178.7) 3.7 (186.6)Less: Gain on dispositions of properties - discontinued operations (15.4) — (1,460.4) — Less: Gain on dispositions of assets, net (3.9) (7.1) (11.8) (21.1)EBITDAre(a)$ 325.0 $ 353.9 $ 792.1 $ 900.8 Adjustments Transaction costs - discontinued operations(b) 0.5 N/A 63.1 N/ACatastrophic event-related charges, net - continuing operations 0.8 0.8 1.1 10.3 Catastrophic event-related charges, net - discontinued operations — 0.1 — 0.1 Business combination expense - discontinued operations — 0.2 — 0.4 (Gain) / loss on foreign currency exchanges 22.6 4.5 (25.5) 6.2 Other (income) / expense, net - continuing operations(a) (19.1) 0.8 (56.7) 4.3 Other (income) / expense, net - discontinued operations(a) — — 14.8 (9.9)(Gain) / loss on remeasurement of notes receivable — (0.1) 1.6 1.0 (Gain) / loss on remeasurement of investment in nonconsolidated affiliates (0.4) (1.2) 1.1 (6.5)Add: Preferred return to preferred OP units / equity interests 3.2 3.2 9.5 9.6 Add: Income / (loss) attributable to noncontrolling interests (0.8) 13.3 50.8 15.1 Add: Gain on dispositions of assets, net 3.9 7.1 11.8 21.1 Recurring EBITDA(a)$ 335.7 $ 382.6 $ 863.7 $ 952.5

(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
(amounts in millions, except statistical information)

Quarter Ended September 30, 2025 Quarter Ended September 30, 2024Financial InformationMH RV UK Total MH RV UK TotalRevenues Real property (excluding transient)(a)$ 254.6 $ 96.2 $ 33.4 $ 384.2 $ 240.2 $ 91.5 $ 32.4 $ 364.1 Real property - transient 0.1 106.2 27.2 133.5 0.2 114.1 23.8 138.1 Total operating revenues 254.7 202.4 60.6 517.7 240.4 205.6 56.2 502.2 Expenses Property operating expenses 82.9 86.9 27.7 197.5 82.1 88.6 27.4 198.1 Real Property NOI(a)$ 171.8 $ 115.5 $ 32.9 $ 320.2 $ 158.3 $ 117.0 $ 28.8 $ 304.1 Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024Financial InformationMH RV UK Total MH RV UK TotalRevenues Real property (excluding transient)(a)$ 753.2 $ 255.5 $ 98.2 $ 1,106.9 $ 717.1 $ 242.1 $ 98.9 $ 1,058.1 Real property - transient 0.8 197.7 46.9 245.4 0.9 216.3 40.0 257.2 Total operating revenues 754.0 453.2 145.1 1,352.3 718.0 458.4 138.9 1,315.3 Expenses Property operating expenses 241.1 220.1 80.9 542.1 236.5 216.0 76.1 528.6 Real Property NOI$ 512.9 $ 233.1 $ 64.2 $ 810.2 $ 481.5 $ 242.4 $ 62.8 $ 786.7 As of September 30, 2025 As of September 30, 2024Other InformationMH RV UK Total MH RV UK TotalNumber of Properties 284 164 53 501 287 180 54 521 Sites Sites(b) 97,070 32,480 17,650 147,200 97,300 34,480 17,790 149,570 Transient sitesN/A 23,560 3,920 27,480 N/A 25,060 4,500 29,560 Total 97,070 56,040 21,570 174,680 97,300 59,540 22,290 179,130 Occupancy 97.9 % 100.0 % 90.7 % 97.5 % 96.9 % 100.0 % 91.5 % 97.0 %

N/A = Not applicable.

(a) Refer to Definitions and Notes for additional information.

(b) MH annual sites included 11,856 and 10,457 rental homes in the Company's rental program at September 30, 2025 and 2024, respectively. The Company's investment in occupied rental homes at September 30, 2025 was $863.4 million, an increase of 18.4% from $729.5 million at September 30, 2024.

Real Property Operations - North America Same Property Portfolio(a)
(amounts in millions, except for statistical information)

Quarter Ended September 30, 2025 Quarter Ended September 30, 2024 Total Change % Change(d) MH(b) RV(b) Total MH(b) RV(b) Total MH RV TotalFinancial Information Same Property Revenues Real property (excluding transient)$ 233.2 $ 86.8 $ 320.0 $ 217.3 $ 80.3 $ 297.6 $ 22.4 7.3 % 8.1 % 7.5 %Real property - transient 0.1 98.4 98.5 0.2 106.7 106.9 (8.4) (39.0)        % (7.8)        % (7.8)        %Total Same Property operating revenues 233.3 185.2 418.5 217.5 187.0 404.5 14.0 7.3 % (1.0)        % 3.5 %Same Property Expenses Same Property operating expenses(e)(f) 61.6 75.5 137.1 61.5 76.1 137.6 (0.5) 0.1 % (0.8)        % (0.4)        %Real Property NOI(a)$ 171.7 $ 109.7 $ 281.4 $ 156.0 $ 110.9 $ 266.9 $ 14.5 10.1 % (1.1)        % 5.4 %

Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Total Change % Change(d) MH(b) RV(b) Total MH(b) RV(b) Total MH RV TotalFinancial Information Same Property Revenues Real property (excluding transient)$ 691.7 $ 232.1 $ 923.8 $ 645.4 $ 215.2 $ 860.6 $ 63.2 7.2 % 7.9 % 7.3 %Real property - transient 0.8 184.7 185.5 0.9 204.1 205.0 (19.5) (11.6)        % (9.5)        % (9.5)        %Total Same Property operating revenues 692.5 416.8 1,109.3 646.3 419.3 1,065.6 43.7 7.1 % (0.6)        % 4.1 %Same Property Expenses Same Property operating expenses(e)(f) 181.0 191.4 372.4 176.6 187.4 364.0 8.4 2.5 % 2.1 % 2.3 %Real Property NOI(a)$ 511.5 $ 225.4 $ 736.9 $ 469.7 $ 231.9 $ 701.6 $ 35.3 8.9 % (2.8)        % 5.0 %Other Information Number of properties 281 156 437 281 156 437 Sites 96,580 53,040 149,620 96,670 53,490 150,160

(a) Refer to Definitions and Notes for additional information.

(b) Same Property results for the Company's MH and RV properties reflect constant currency for comparative purposes. Canadian currency figures in the prior comparative period have been translated at the average exchange rate of $0.6956 USD and $0.7102 per Canadian dollar, respectively, during the quarter and nine months ended September 30, 2025.

(c) Financial results from properties impacted by dispositions and catastrophic weather events during 2024 have been removed from Same Property reporting.

(d) Percentages are calculated based on unrounded numbers.

(e) Refer to "Utility Revenues" within Definitions and Notes for additional information.

(f) 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:

Quarter Ended Nine Months Ended September 30, 2025 September 30, 2024 Change % Change(d) September 30, 2025 September 30, 2024 Change % Change(c)Payroll and benefits$ 40.2 $ 42.8 $ (2.6) (6.1)        % $ 109.0 $ 111.7 $ (2.7) (2.4)        %Real estate taxes 25.7 23.0 2.7 11.4 % 75.8 69.4 6.4 9.3 %Supplies and repairs 22.0 22.9 (0.9) (3.5)        % 57.5 55.2 2.3 4.2 %Utilities 21.8 20.4 1.4 6.8 % 55.1 51.6 3.5 6.7 %Legal, state / local taxes, and insurance 12.0 10.3 1.7 16.4 % 33.4 34.5 (1.1) (3.1)        %Other 15.4 18.2 (2.8) (15.5)        % 41.6 41.6 — (0.1)        %Total Same Property Operating Expenses$ 137.1 $ 137.6 $ (0.5) (0.4)        % $ 372.4 $ 364.0 $ 8.4 2.3 %

As of September 30, 2025 September 30, 2024 MH RV MH RVOther Information Number of properties(b) 281 156 281 156 Sites MH and annual RV sites 96,580 31,480 96,670 30,730 Transient RV sites N/A 21,560 N/A 22,760 Total 96,580 53,040 96,670 53,490 MH and Annual RV Occupancy Occupancy(c) 98.0 % 100.0 % 97.2 % 100.0 %Average monthly base rent per site $ 737 $ 677 $ 700 $ 644 % Change of monthly base rent(d) 5.3 % 5.1 % N/A N/ARental Program Statistics included in MH Number of occupied sites, end of period(e) 11,630 N/A 10,340 N/AMonthly rent per site – MH rental program $ 1,376 N/A $ 1,339 N/A% Change(d) 2.8 % N/A N/A N/A

N/A = Not applicable.

(a) Refer to Definitions and Notes for additional information.

(b) Financial results from properties impacted by dispositions and catastrophic weather events during 2024 have been removed from Same Property reporting.

(c) Same Property blended occupancy for MH and RV was 98.5% at September 30, 2025, up 60 basis points from 97.9% at September 30, 2024. Adjusting for recently delivered and vacant expansion sites, Same Property adjusted blended occupancy for MH and RV increased by 130 basis points year over year, to 99.2% at September 30, 2025, from 97.9% at September 30, 2024.

(d) Calculated using actual results without rounding.

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

Real Property Operations - UK Same Property Portfolio(a)
(amounts in millions, except for statistical information)

Quarter Ended Nine Months Ended September 30, 2025 September 30, 2024 % Change(c) September 30, 2025 September 30, 2024 % Change(c)Financial Information(b) Same Property Revenues Real property (excluding transient)$ 28.5 $ 27.4 4.1 % $ 81.0 $ 77.8 4.1 %Real property - transient 26.0 24.5 5.6 % 44.7 41.5 7.7 %Total Same Property operating revenues 54.5 51.9 4.8 % 125.7 119.3 5.4 %Same Property Expenses Same Property operating expenses(a) 22.4 21.5 4.0 % 60.5 57.3 5.6 %Real Property NOI(a)$ 32.1 $ 30.4 5.4 % $ 65.2 $ 62.0 5.2 %

As of September 30, 2025 September 30, 2024Other Information Number of properties 51 51 Sites UK sites 16,830 16,840 UK transient sites 3,320 3,500 Occupancy(d) 90.9 % 91.9 %Average monthly base rent per site $ 601 $ 561 % change in monthly base rent(c) 7.2 % N/A

(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 $1.2400 and $1.2958 USD per pound sterling, respectively, during the quarter and nine months ended September 30, 2025.

(c) Percentages are calculated based on unrounded numbers.

(d) Adjusting for recently delivered and vacant expansion sites, Same Property adjusted occupancy decreased by 90 basis points year over year, to 91.3% at September 30, 2025, from 92.2% at September 30, 2024.

Home Sales Summary
($ in millions, except for average selling price)

Quarter Ended Nine Months Ended September 30, 2025 September 30, 2024 % Change September 30, 2025 September 30, 2024 % ChangeFinancial Information North America Home sales$ 37.8 $ 47.0 (19.6)        % $ 108.3 $ 138.0 (21.5)        %Home cost and selling expenses 30.8 38.2 (19.4)        % 90.3 109.4 (17.5)        %NOI(a)$ 7.0 $ 8.8 (20.5)        % $ 18.0 $ 28.6 (37.1)        %NOI margin %(a) 18.5 % 18.7 % 16.6 % 20.7 % UK Home sales$ 57.8 $ 58.3 (0.9)        % $ 154.6 $ 143.7 7.6 %Home cost and selling expenses 40.3 36.1 11.6 % 110.2 93.6 17.7 %NOI(a)$ 17.5 $ 22.2 (21.2)        % $ 44.4 $ 50.1 (11.4)        %NOI margin %(a) 30.3 % 38.1 % 28.7 % 34.9 % Total Home sales$ 95.6 $ 105.3 (9.2)        % $ 262.9 $ 281.7 (6.7)        %Home cost and selling expenses 71.1 74.3 (4.3)        % 200.5 203.0 (1.2)        %NOI(a)$ 24.5 $ 31.0 (21.0)        % $ 62.4 $ 78.7 (20.7)        %NOI margin %(a) 25.6 % 29.4 % 23.7 % 27.9 % Other information Units Sold: North America 404 557 (27.5)        % 1,231 1,507 (18.3)        %UK 828 936 (11.5)        % 2,247 2,344 (4.1)        %Total home sales 1,232 1,493 (17.5)        % 3,478 3,851 (9.7)        %Average Selling Price: North America$ 93,564 $ 84,381 10.9 % $ 87,977 $ 91,573 (3.9)        %UK$ 69,807 $ 62,286 12.1 % $ 68,803 $ 61,305 12.2 %

(a) Refer to Definitions and Notes for additional information.

Operating Statistics for MH and Annual RVs

Resident Move-outs % of Total Sites Number of Move-outs Leased Sites, Net(b) New Home Sales Pre-owned Home Sales Brokered
Re-sales2025 - YTD as of September 30 4.5 %(a) 8,058 997 280 951 1,261 2024 4.3 % 7,050 3,209 447 1,554 1,700 2023 3.6 % 6,590 3,268 564 2,001 2,296

(a) Percentage calculated on a trailing 12-month basis.

(b) Increase in revenue producing sites, net of new vacancies.

Acquisitions and Dispositions
(amounts in millions, except for *)

Property Name Property Type Number of Properties* Sites, Wet Slips and Dry Storage Spaces* State, Province or Country Total Purchase Price / Sales Proceeds MonthACQUISITIONS Subsequent to Third Quarter2025 MH / RV Portfolio MH / RV 7 1,193 Various $ 175.2 OctoberMH Portfolio MH 3 936 MI 100.3 OctoberMarysville Farm MH 1 185 MI 20.5 OctoberReflections on Silver Lake MH / RV 1 593 FL 70.0 OctoberLakeridge Estates MH 1 192 OR 31.0 OctoberThe Preserve MHP MH 1 506 FL 60.0 October Acquisitions to Date 14 3,605 $ 457.0 DISPOSITIONS First Quarter 2025 RV Portfolio(a) RV 2 815 Various $ 92.9 JanuaryMH Portfolio MH 3 136 FL 27.8 March Second Quarter 2025 Sun Retreats Millbrook RV 1 394 IL 3.5 AprilSafe Harbor Marinas - Initial Closing Marina 123 43,143 Various 5,250.0 AprilSafe Harbor Marinas - Delayed Consent Subsidiaries Marina 6 1,770 Various 136.7 May / June Third Quarter 2025 Safe Harbor Marinas - Delayed Consent Subsidiaries Marina 9 3,880 Various 117.5 August Total Dispositions to Date 144 50,138 $ 5,628.4

(a) Total sales proceeds include the disposition of two operating properties and two development properties that were owned by the Company along with the settlement of a developer note receivable of $36.5 million pertaining to three additional properties in which the Company had provided financing to the developer.

Capital Expenditures and Investments(a)
(amounts in millions)

Nine Months Ended Year Ended September 30, 2025 December 31, 2024 December 31, 2023 MH / RV UK Total MH / RV UK Total MH / RV UK TotalRecurring Capital Expenditures(b)$ 37.7 $ 6.2 $ 43.9 $ 54.5 $ 13.5 $ 68.0 $ 51.8 $ — $ 51.8 Non-Recurring Capital Expenditures(b) Lot Modifications$ 27.9 $ 3.6 $ 31.5 $ 35.5 $ 1.7 $ 37.2 $ 54.9 $ — $ 54.9 Growth Projects 8.0 1.4 9.4 11.5 4.8 16.3 21.6 — 21.6 Rebranding — 0.5 0.5 — 3.1 3.1 4.7 — 4.7 Acquisitions 6.3 6.7 13.0 36.2 13.5 49.7 115.1 67.3 182.4 Expansion and Development 48.2 14.6 62.8 105.2 17.8 123.0 247.4 2.9 250.3 Total Non-Recurring Capital Expenditures 90.4 26.8 117.2 188.4 40.9 229.3 443.7 70.2 513.9 Total$ 128.1 $ 33.0 $ 161.1 $ 242.9 $ 54.4 $ 297.3 $ 495.5 $ 70.2 $ 565.7

(a) Represents capital expenditures and investments related to the Company's continuing operations and excludes 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, dollar amounts in millions, except for *)

As of September 30, 2025 Common Equivalent Shares Share Price* CapitalizationEquity and Enterprise Value Common shares 123,608 $ 129.00 $ 15,945.4 Convertible securities Common OP units 2,797 $ 129.00 360.8 Preferred OP units 2,405 $ 129.00 310.3 Diluted shares outstanding and market capitalization(a) 128,810 16,616.5 Plus: Total debt, per consolidated balance sheet 4,271.7 Total capitalization 20,888.2 Less: Cash and cash equivalents (excluding restricted cash) - continuing operations (542.7)Enterprise Value(a) $ 20,345.5 Weighted Average Maturity
(in years)* Debt OutstandingDebt Mortgage loans payable 8.7 $ 2,440.4 Secured borrowings on collateralized receivables(a) 12.6 45.4 Unsecured debt 5.4 1,785.9 Total carrying value of debt, per consolidated balance sheet 7.4 4,271.7 Plus: Unamortized deferred financing costs and discounts / premiums on debt 20.4 Total Debt $ 4,292.1 Corporate Debt Rating and Outlook Moody's Baa2 | StableS&P BBB+ | Stable

(a) Refer to Definitions and Notes for additional information related to the Company's securities outstanding.

(b)

Summary of Outstanding Debt

(amounts in millions, except for *)

Quarter Ended September 30, 2025 Debt Outstanding Weighted Average Interest Rate(a)* Maturity Date*Secured Debt: Mortgage loans payable $ 2,440.4 3.64 % VariousSecured borrowings on collateralized receivables(b) 45.4 8.54 % VariousTotal Secured Debt 2,485.8 3.72 % Unsecured Debt: Senior Unsecured Notes: 2028 senior unsecured notes 447.9 2.29 % November 20282031 senior unsecured notes 744.1 2.70 % July 20312032 senior unsecured notes 593.9 3.61 % April 2032Total Unsecured Debt 1,785.9 2.90 % Total carrying value of debt, per consolidated balance sheets 4,271.7 3.38 % Plus: Unamortized deferred financing costs, discounts / premiums on debt, and fair value adjustments(a) 20.4 Total debt $ 4,292.1

(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.

Debt Maturities(a)

(amounts in millions, except for *)

As of September 30, 2025Year Mortgage Loans Payable(b) Principal Amortization Secured Borrowings on Collateralized Receivables(c)(d) Senior
Unsecured Notes Total2025 $ — $ 11.8 $ 0.5 $ — $ 12.3 2026 492.0 40.6 2.3 — 534.9 2027 — 34.9 2.5 — 37.4 2028 175.7 38.8 2.6 450.0 667.1 2029 310.7 38.2 2.8 — 351.7 Thereafter 815.8 491.9 31.0 1,350.0 2,688.7 Total $ 1,794.2 $ 656.2 $ 41.7 $ 1,800.0 $ 4,292.1

(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 2025 - 2029:

2025 2026 2027 2028 2029 Weighted average interest rate — % 3.76 % — % 3.97 % 3.16 %

(c) Balance at September 30, 2025 excludes fair value adjustments of $3.7 million.

(d) Refer to Definitions and Notes for additional information.

Debt Analysis

As of September 30, 2025Select Credit Ratios Net Debt / TTM Recurring EBITDA(a) 3.3 xNet Debt / Enterprise Value(a) 18.3 %Net Debt / Gross Assets(a) 22.6 %Unencumbered Assets / Total Assets 79.9 %Floating rate debt / total debt N/A(c)Coverage Ratios TTM Recurring EBITDA(a)(b) / Interest 4.4 xTTM Recurring EBITDA(a)(b) / Interest + Preferred distributions + Preferred stock distribution 4.4 xNew Credit Facility Covenants(d) Requirement Maximum leverage ratio 1.40 x 3.69 xMaximum secured leverage ratio