GlobeNewswire Inc | Oct 21, 2020 04:47PM EDT

October 21, 2020

NEWS RELEASE

October21, 2020

Southfield, Michigan, Oct. 21, 2020 (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 2020.

Financial Results for the Quarter and Nine Months Ended September 30, 2020

For the quarter ended September 30, 2020, total revenues increased $38.1 million, or 10.5 percent, to $400.5 million compared to $362.4 million for the same period in 2019. Net income attributable to common stockholders was $81.2 million, or $0.83 per diluted common share, for the quarter ended September 30, 2020, as compared to net income attributable to common stockholders of $57.0 million, or $0.63 per diluted common share, for the same period in 2019.

For the nine months ended September 30, 2020, total revenues increased $51.9 million, or 5.4 percent, to $1.0 billion compared to $962.2 million for the same period in 2019. Net income attributable to common stockholders was $124.0 million, or $1.29 per diluted common share, for the nine months ended September 30, 2020, as compared to net income attributable to common stockholders of $131.7 million, or $1.49 per diluted common share, for the same period in 2019.

Non-GAAP Financial Measures and Portfolio Performance

-- Core Funds from Operations (Core FFO)(1) for the quarter ended September 30, 2020, was $1.60 per diluted share and OP unit (Share) as compared to $1.46 in the corresponding period in 2019. -- Same Community(2) Net Operating Income (NOI)(1)increased by 5.5 percent for the quarter ended September 30, 2020, as compared to the corresponding period in 2019, including the impact of $1.1 million of direct COVID-19 related expense. -- Revenue Producing Sites increased by 776 sites for the quarter ended September 30, 2020, bringing total portfolio occupancy to 97.2 percent. -- MH and Annual RV Rent Collections for the third quarter were approximately 97.0 percent and 98.0 percent, respectively.

Gary Shiffman, Chief Executive Officer of Sun Communities stated, The growth we delivered in the third quarter demonstrated the resilience of our platform and our ongoing positive operational momentum. Once again, our results were ahead of expectations as solid top line revenue performance and certain expense savings continued to mitigate the impact of the pandemic. We achieved same community NOI growth of 5.5 percent and added 776 revenue producing sites, boosting our occupancy by 50 basis points. Our RV resorts were exceptionally strong, as travelers elected drive-to vacation options and took advantage of our varied vacation destinations featuring lakes, mountains and beaches.

Mr. Shiffman continued, Despite the present challenges of the pandemic, we remain focused on positioning Sun for the future. During the quarter we acquired five RV and two MH communities as we continue to expand our portfolio. We are particularly excited about our pending acquisition of Safe Harbor Marinas, LLC and the integration of marinas onto our platform which should further enhance Suns growth profile over the long term.

OPERATING HIGHLIGHTS

Portfolio Occupancy

Total portfolio occupancy was 97.2 percent at September 30, 2020, compared to 96.7 percent at September 30, 2019. During the quarter ended September 30, 2020, revenue producing sites increased by 776 sites, as compared to 766 revenue producing sites gained during the third quarter of 2019, a 1.3 percent increase.

During the nine months ended September 30, 2020, revenue producing sites increased by 1,927 sites, as compared to an increase of 2,005 revenue producing sites during the nine months ended September 30, 2019.

Same Community(2) Results

For the 366 communities owned and operated by the Company since January 1, 2019, NOI(1)for the quarter ended September 30, 2020 increased 5.5 percent over the same period in 2019, resulting from a 5.4 percent increase in revenues, and a 5.2 percent increase in operating expenses. Adjusted to remove the impact of $1.1 million of direct COVID-19 related expense, Same Community NOI(1) growth was 6.2 percent for the quarter ended September 30, 2020. Same Community occupancy(3) increased to 98.8 percent at September 30, 2020 from 96.8 percent at September 30, 2019.

For the nine months ended September 30, 2020, NOI(1)increased 4.6 percent over the same period in 2019, as a result of a 3.0 percent increase in revenues and a 0.2 percent decrease in operating expenses. Adjusted to remove the impact of $2.1 million of direct COVID-19 related expense, Same Community NOI(1) growth was 5.0 percent for the nine months ended September 30, 2020.

Home Sales

During the quarter ended September 30, 2020, the Company sold 710 homes as compared to 906 homes sold during the same period in 2019. The Company sold 155 and 167 new homes for the quarters ended September 30, 2020 and 2019, respectively. Rental home sales, which are included in total home sales, were 225 and 317 for the quarters ended September 30, 2020 and 2019, respectively.

During the nine months ended September 30, 2020, 2,084 homes were sold as compared to 2,631 for the same period in 2019. Rental home sales, which are included in total home sales, were 581 and 859 for the nine months ended September 30, 2020 and 2019, respectively.

Rent Collections

For the third quarter of 2020, MH and annual RV rent collections were approximately 97.0 percent and 98.0 percent, respectively, after adjusting for the impact of hardship deferrals and prepaid rent balances.

PORTFOLIO ACTIVITY

Acquisitions and Dispositions

During the quarter ended September 30, 2020, the Company acquired the following communities:

TotalCommunity Type Sites Development State Purchase MonthName Sites Price (in Acquired millions)Flamingo RV 421 ? FL $ 34.0 JulyLakeWoodsmoke RV 300 ? FL 26.0 SeptemberJellystone RV 344 ? TX 21.0 SeptemberLone StarEl Capitan& Ocean RV 266 109 CA 59.5 SeptemberMesa^(a)(b)HighlandGreenEstates & MH 1,162 ? MI 64.7 SeptemberTroy Villa^(b) 2,493 109 $ 205.2

(a) In conjunction with the acquisition, the Company issued Series G preferred OP units. As of September 30, 2020, 260,710 Series G preferred OP units were outstanding.(b) Contains two communities.

Year to date, the Company has acquired 11 communities totaling 3,517 sites for a total purchase price of $303.5million.

During the quarter ended September 30, 2020, the Company sold a manufactured home community located in Montana, containing 226 sites, for $12.6million. The gain from the sale of the property was approximately $5.6 million.

Pending Transaction - Safe Harbor Marinas

On September 29, 2020, the Company entered into a merger agreement to acquire Safe Harbor Marinas, LLC (Safe Harbor) for approximately $2.1 billion. As of September 30, 2020, Safe Harbor directly or indirectly owned 101 marinas and managed five other marinas for third-party owners. The marinas collectively contain approximately 30,000 wet slips and moorings and approximately 8,300 dry racks, with approximately 9,500 additional spaces available for outside land storage. The marinas are located in 22 states in the Northeast, South, Mid-Atlantic, West and Midwest Regions of the United States, with the majority of such marinas concentrated in coastal regions and others located in various inland regions. The purchase price will be paid through a combination of the assumption of debt owed by Safe Harbor, the issuance of common and preferred OP units by the Companys Operating Partnership, and cash. We expect to acquire Safe Harbor no later than October 30, 2020. The consummation of the $2.1 billion acquisition is subject to the satisfaction of customary closing conditions. 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. As a result, there can be no assurances as to the actual closing or the timing of the closing.

Construction Activity

During the quarter ended September 30, 2020, the Company completed the construction of nearly 660 sites in four ground-up developments and one redevelopment community, and nearly 25 expansion sites in one RV community.

BALANCE SHEET AND CAPITAL MARKETS ACTIVITY

Debt Transactions

As of September 30, 2020, the Company had $3.3 billion of debt outstanding. The weighted average interest rate was 3.9 percent and the weighted average maturity was 11.4 years. The Company had $102.4 million of unrestricted cash on hand. At period-end the Companys net debt to trailing twelve-month Recurring EBITDA(1) ratio was 5.0 times.

Subsequent to the quarter ended September 30, 2020, the Company entered into a new $260.0 million term loan secured by 11 properties. The loan term is 12-years and the interest rate is fixed at 2.64 percent.

Equity Transactions

On September 30, 2020, the Company entered into two forward sale agreements relating to an underwritten registered public offering of 9,200,000 shares of the Companys common stock at a public offering price of $139.50 per share. The offering closed on October 5, 2020. The Company did not initially receive any proceeds from the sale of shares of its common stock in the offering. The Company expects to physically settle the forward sale agreements (by the delivery of shares of its common stock) and receive proceeds from the sale of those shares of its common stock upon one or more forward settlement dates no later than October 5, 2021. The Company may also elect to cash settle or net share settle all or a portion of its obligations under the forward sale agreements if it concludes it is in its best interest to do so. If the Company elects to cash settle or net settle the forward sale agreements it may not receive any proceeds. If the Company fully physically settles the forward sale agreements, it expects to receive net proceeds of approximately $1.23 billion. The Company intends to use the net proceeds, if any, received upon the settlement of the forward sale agreements to fund the cash component of the purchase price for the Safe Harbor acquisition. If for any reason the Safe Harbor acquisition is not consummated, or if the net proceeds, if any, received upon the future settlement of the forward sale agreements exceed the cash component of the purchase price, the Company intends to use any such net proceeds to repay borrowings outstanding under the revolving loan under its senior credit facility, to fund possible future acquisitions of properties and for working capital and general corporate purposes.

COVID-19 FINANCIAL IMPACT

Given the uncertainty surrounding the impact from the COVID-19 pandemic on its operations, the Company has withdrawn full year 2020 operational and financial guidance previously provided on February 19, 2020.

For the third quarter of 2020, the Company had a net benefit of approximately $4.6 million from its original budget as compared to a forecasted net reduction of up to $15.0 million outlined during the Companys second quarter earnings release. The improvement was primarily due to better than expected transient RV revenues, ancillary activities gross profit and lower property level payroll.

The Company expects fourth quarter 2020 Core FFO to be in the range of $1.08 to $1.12 per share.

This estimate range is inclusive of the Companys latest revenue expectations for transient RV revenue, the estimated two-month contribution from the Safe Harbor acquisition, the impact from the Companys 9.2 million share forward equity offering and announced financing activities. The forecast does not include any additional prospective acquisition or capital market activity.

EARNINGS CONFERENCE CALL

A conference call to discuss third quarter operating results will be held on Thursday, October22, 2020 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 November5, 2020 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 13708698. 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, 2020, owned, operated, or had an interest in a portfolio of 432 communities comprising nearly 146,000 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.

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, 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. For this purpose, any statements contained in this press release that relate to expectations, beliefs, projections, future plans and strategies, trends or prospective events or developments and similar expressions concerning matters that are not historical facts are deemed to be forward-looking statements. Words such as forecasts, intends, intend, intended, goal, estimate, estimates, expects, expect, expected, project, projected, projections, plans, predicts, potential, seeks, anticipates, anticipated, should, could, may, will, designed to, foreseeable future, believe, believes, scheduled, guidance, target and similar expressions are intended to identify forward-looking statements, although not all forward looking statements contain these words. These forward-looking statements reflect the Companys 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 or incorporated herein, some of which are beyond the Companys control. These risks, uncertainties and other factors may cause the Companys actual results to be materially different from any future results expressed or implied by such forward-looking statements. In addition to the risks disclosed under Risk Factors contained in the Companys Annual Report on Form 10-K for the year ended December 31, 2019, the Companys Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, and the Companys other filings with the Securities and Exchange Commission from time to time, such risks, uncertainties and other factors include but are not limited to:

-- outbreaks of disease, including the COVID 19 pandemic, and related stay at home orders, quarantine policies and restrictions on travel, trade and business operations; -- changes in general economic conditions, the real estate industry and the markets in which the Company operates; -- difficulties in the Companys ability to evaluate, finance, complete and integrate acquisitions (including the acquisition of Safe Harbor), developments and expansions successfully; -- the Companys liquidity and refinancing demands; -- the Companys ability to obtain or refinance maturing debt; -- the Companys ability to maintain compliance with covenants contained in its debt facilities; -- availability of capital; -- changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian and Australian dollars; -- the Companys ability to maintain rental rates and occupancy levels; -- the Companys failure to maintain effective internal control over financial reporting and disclosure controls and procedures; -- increases in interest rates and operating costs, including insurance premiums and real property taxes; -- risks related to natural disasters such as hurricanes, earthquakes, floods, and wildfires; -- general volatility of the capital markets and the market price of shares of the Companys capital stock; -- the Companys failure to maintain its status as a REIT; -- changes in real estate and zoning laws and regulations; -- legislative or regulatory changes, including changes to laws governing the taxation of REITs; -- litigation, judgments or settlements; -- competitive market forces; -- the ability of purchasers of manufactured homes and boats to obtain financing; and -- the level of repossessions by manufactured home and boat lenders.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements included in this press release, whether as a result of new information, future events, changes in its expectations or otherwise, except as required by law.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it 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 its behalf are qualified in their entirety by these cautionary statement.

Investor Information



RESEARCH COVERAGE Firm Analyst Phone EmailBank ofAmerica Joshua Dennerlein (646) joshua.dennerlein@baml.comMerrill 855-1681LynchBerenberg (646)Capital Keegan Carl 949-9052 keegan.carl@berenberg-us.comMarketsBMO (212)Capital John Kim 885-4115 johnp.kim@bmo.comMarketsCiti Michael Bilerman (212) michael.bilerman@citi.comResearch 816-1383 Nicholas Joseph (212) nicholas.joseph@citi.com 816-1909Evercore Steve Sakwa (212) steve.sakwa@evercoreisi.comISI 446-9462 Samir Khanal (212) samir.khanal@evercoreisi.com 888-3796Green (949)Street John Pawlowski 640-8780 jpawlowski@greenstreetadvisors.comAdvisorsWells Todd Stender (562) todd.stender@wellsfargo.comFargo 637-1371 INQUIRIES Sun Communities welcomes questions or comments from stockholders, analysts,investment managers, media, or any prospective investor. Please address allinquiries to our Investor Relations department. At Our www.suncommunities.com Website By Email investorrelations@suncommunities.com By Phone (248) 208-2500

Portfolio Overview (As of September 30, 2020)



Financial and Operating Highlights

(amounts in thousands, except for *)



Quarter Ended 9/30/2020 6/30/2020 3/31/2020 12/31/2019 9/30/2019Financial InformationTotal $ 400,514 $ 303,266 $ 310,302 $ 301,819 $ 362,443 revenuesNet income / $ 89,756 $ 63,355 $ (15,478 ) $ 30,685 $ 64,451 (loss)Net income /(loss)attributableto Sun $ 81,204 $ 58,910 $ (16,086 ) $ 28,547 $ 57,002 CommunitiesInc. commonstockholdersBasicearnings / $ 0.83 $ 0.61 $ (0.17 ) $ 0.31 $ 0.63 (loss) pershare*Dilutedearnings / $ 0.83 $ 0.61 $ (0.17 ) $ 0.31 $ 0.63 (loss) pershare* Cashdistributions $ 0.79 $ 0.79 $ 0.79 $ 0.75 $ 0.75 declared percommon share* Recurring $ 199,321 $ 148,650 $ 156,552 $ 144,738 $ 179,953 EBITDA ^(1)FFOattributableto SunCommunities,Inc. commonstockholders $ 165,209 $ 118,092 $ 95,046 $ 105,533 $ 119,496 and dilutiveconvertiblesecurities ^(1) (4)

Core FFOattributableto SunCommunities,Inc. commonstockholders $ 162,624 $ 110,325 $ 117,267 $ 104,534 $ 137,369 and dilutiveconvertiblesecurities ^(1) (4)

FFOattributableto SunCommunities,Inc. commonstockholders $ 1.63 $ 1.20 $ 0.98 $ 1.11 $ 1.27 and dilutiveconvertiblesecurities ^(1) (4) pershare - fullydiluted*Core FFOattributableto SunCommunities,Inc. commonstockholders $ 1.60 $ 1.12 $ 1.22 $ 1.10 $ 1.46 and dilutiveconvertiblesecurities ^(1) (4) pershare - fullydiluted* Balance Sheet Total assets $ 8,335,717 $ 8,348,659 $ 8,209,047 $ 7,802,060 $ 7,397,854 Total debt $ 3,340,613 $ 3,390,771 $ 3,926,494 $ 3,434,402 $ 3,271,341 Total $ 3,791,922 $ 3,845,308 $ 4,346,127 $ 3,848,104 $ 3,720,983 liabilities

Quarter Ended 9/30/2020 6/30/2020 3/31/2020 12/31/2019 9/30/2019Operating Information*Communities 432 426 424 422 389 Manufactured 95,209 94,232 93,834 93,821 88,024 home sitesAnnual RV 26,817 26,240 26,148 26,056 25,756 sitesTransient RV 23,728 22,360 21,880 21,416 20,882 sitesTotal sites 145,754 142,832 141,862 141,293 134,662 MH occupancy 96.4 % 96.5 % 95.8 % 95.5 % 95.7 %RV occupancy 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %Totalblended MH 97.2 % 97.3 % 96.7 % 96.4 % 96.7 %and RVoccupancy New home 155 140 119 140 167 salesPre-owned 555 471 644 668 739 home salesTotal home 710 611 763 808 906 sales

Quarter Ended 9/30/ 6/30/ 3/31/ 12/31/ 9/30/ 2020 2020 2020 2019 2019Net Leased Sites ^ (5)MH net leased sites 349 759 287 437 296 RV net leased sites 427 92 13 232 470 Total net leased 776 851 300 669 766 sites

Consolidated Balance Sheets(amounts in thousands)



(Unaudited) September 30, December 31, 2020 2019Assets Land $ 1,441,372 $ 1,414,279 Land improvements and buildings 7,119,163 6,595,272 Rental homes and improvements 649,004 627,175 Furniture, fixtures and equipment 338,236 282,874 Investment property 9,547,775 8,919,600 Accumulated depreciation (1,900,306 ) (1,686,980 ) Investment property, net 7,647,469 7,232,620 Cash, cash equivalents and restricted 115,529 34,830 cashMarketable securities 107,083 94,727 Inventory of manufactured homes 48,130 62,061 Notes and other receivables, net 191,508 157,926 Other assets, net 225,998 219,896 Total Assets $ 8,335,717 $ 7,802,060 Liabilities Mortgage loans payable $ 3,191,380 $ 3,180,592 Preferred Equity - Sun NG Resorts - 35,249 35,249 mandatorily redeemablePreferred OP units - mandatorily 34,663 34,663 redeemableLines of credit and other debt^(6) 79,321 183,898 Distributions payable 79,600 71,704 Advanced reservation deposits and rent 146,909 133,420 Accrued expenses and accounts payable 140,848 127,289 Other liabilities 83,952 81,289 Total Liabilities 3,791,922 3,848,104 Commitments and contingencies Series D preferred OP units 50,034 50,913 Series F preferred OP units 8,930 ? Series G preferred OP units 26,072 ? Equity Interests - NG Sun LLC and NG Sun 27,513 27,091 Whitewater LLCStockholders' Equity Common stock 983 932 Additional paid-in capital 5,851,380 5,213,264 Accumulated other comprehensive loss (2,226 ) (1,331 ) Distributions in excess of accumulated (1,491,338 ) (1,393,141 ) earningsTotal Sun Communities, Inc. stockholders' 4,358,799 3,819,724 equityNoncontrolling interests Common and preferred OP units 61,350 47,686 Consolidated variable interest entities 11,097 8,542 Total noncontrolling interests 72,447 56,228 Total Stockholders' Equity 4,431,246 3,875,952 Total Liabilities, Temporary Equity and $ 8,335,717 $ 7,802,060 Stockholders' Equity

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



Three Months Ended Nine Months Ended September 30, September 30, Change % Change September 30, September 30, Change % Change 2020 2019 2020 2019Revenues Income fromreal property(excluding $ 223,905 $ 202,205 $ 21,700 10.7 % $ 646,880 $ 588,273 $ 58,607 10.0 %transientrevenue)Transient 60,468 48,958 11,510 23.5 % 106,762 101,617 5,145 5.1 %revenueRevenue from 47,662 49,805 (2,143 ) (4.3 ) % 126,779 136,665 (9,886 ) (7.2 ) %home salesRental home 16,171 14,444 1,727 12.0 % 46,611 42,827 3,784 8.8 %revenueAncillary 43,803 37,259 6,544 17.6 % 66,373 67,157 (784 ) (1.2 ) %revenueInterest income 2,624 4,770 (2,146 ) (45.0 ) % 7,609 14,489 (6,880 ) (47.5 ) %Brokeragecommissions and 5,881 5,002 879 17.6 % 13,068 11,190 1,878 16.8 %other revenues,netTotal Revenues 400,514 362,443 38,071 10.5 % 1,014,082 962,218 51,864 5.4 %Expenses Propertyoperating and 90,647 79,095 11,552 14.6 % 219,908 202,892 17,016 8.4 %maintenanceReal estate 17,442 15,399 2,043 13.3 % 52,341 46,455 5,886 12.7 %taxesCost of home 36,237 36,318 (81 ) (0.2 ) % 95,450 100,030 (4,580 ) (4.6 ) %salesRental homeoperating and 5,949 6,444 (495 ) (7.7 ) % 16,128 16,453 (325 ) (2.0 ) %maintenanceAncillary 20,023 18,752 1,271 6.8 % 35,731 38,333 (2,602 ) (6.8 ) %expensesHome selling 3,652 3,972 (320 ) (8.1 ) % 10,508 10,922 (414 ) (3.8 ) %expensesGeneral andadministrative 27,243 22,946 4,297 18.7 % 79,493 68,530 10,963 16.0 %expensesCatastrophicweather-related 14 341 (327 ) (95.9 ) % 54 1,302 (1,248 ) (95.9 ) %charges, netDepreciationand 88,499 76,532 11,967 15.6 % 259,453 229,241 30,212 13.2 %amortizationLoss onextinguishment ? 12,755 (12,755 ) (100.0 ) % 5,209 13,478 (8,269 ) (61.4 ) %of debtInterest 30,214 32,219 (2,005 ) (6.2 ) % 94,058 99,894 (5,836 ) (5.8 ) %expenseInterest onmandatorilyredeemable 1,047 1,216 (169 ) (13.9 ) % 3,130 3,491 (361 ) (10.3 ) %preferred OPunits / equityTotal Expenses 320,967 305,989 14,978 4.9 % 871,463 831,021 40,442 4.9 %Income Before 79,547 56,454 23,093 40.9 % 142,619 131,197 11,422 8.7 %Other ItemsGain / (loss)onremeasurement 1,492 12,661 (11,169 ) (88.2 ) % (2,636 ) 16,548 (19,184 ) (115.9 ) %of marketablesecuritiesGain / (loss)on foreign 4,664 (3,046 ) 7,710 N/M (2,441 ) 35 (2,476 ) N/McurrencytranslationGain ondisposition of 5,595 ? 5,595 N/A 5,595 ? 5,595 N/ApropertyOther expense, (2,524 ) (1,362 ) (1,162 ) 85.3 % (3,378 ) (1,524 ) (1,854 ) 121.7 %net ^(7)Loss onremeasurement (445 ) ? (445 ) N/A (2,311 ) ? (2,311 ) N/Aof notesreceivableIncome fromnonconsolidated 1,204 513 691 134.7 % 1,348 1,380 (32 ) (2.3 ) %affiliatesLoss onremeasurementof investment (446 ) ? (446 ) N/A (1,505 ) ? (1,505 ) N/AinnonconsolidatedaffiliatesCurrent taxbenefit / 107 (420 ) 527 (125.5 ) % (462 ) (906 ) 444 (49.0 ) %(expense)Deferred taxbenefit / 562 (349 ) 911 N/M 804 (36 ) 840 N/M(expense)Net Income 89,756 64,451 25,305 39.3 % 137,633 146,694 (9,061 ) (6.2 ) %Less: Preferredreturn to 1,645 1,599 46 2.9 % 4,799 4,640 159 3.4 %preferred OPunits / equityLess: Incomeattributable to 6,907 5,422 1,485 27.4 % 8,806 9,048 (242 ) (2.7 ) %noncontrollinginterestsNet IncomeAttributable toSun 81,204 57,430 23,774 41.4 % 124,028 133,006 (8,978 ) (6.8 ) %Communities,Inc.Less: Preferredstock ? 428 (428 ) (100.0 ) % ? 1,288 (1,288 ) (100.0 ) %distributionNet IncomeAttributable toSun $ 81,204 $ 57,002 $ 24,202 42.5 % $ 124,028 $ 131,718 $ (7,690 ) (5.8 ) %Communities,Inc. CommonStockholders Weightedaverage commonshares 97,542 89,847 7,695 8.6 % 95,270 87,499 7,771 8.9 %outstanding -basicWeightedaverage commonshares 97,549 90,332 7,217 8.0 % 95,273 87,500 7,773 8.9 %outstanding -diluted Basic earnings $ 0.83 $ 0.63 $ 0.20 31.7 % $ 1.29 $ 1.49 $ (0.20 ) (13.4 ) %per shareDilutedearnings per $ 0.83 $ 0.63 $ 0.20 31.7 % $ 1.29 $ 1.49 $ (0.20 ) (13.4 ) %share

N/M = Percentage change is not meaningful.

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



Outstanding Securities - As of September 30, 2020 Number of Issuance Annual Units / Conversion If Price Distribution Shares Rate* Converted Per Rate* Outstanding Unit*Non-convertible SecuritiesCommon shares 98,280 N/A N/A N/A $3.16^ Convertible SecuritiesSeries A-1preferred OP 299 2.4390 728 $ 100 6.0 %unitsSeries A-3preferred OP 40 1.8605 75 $ 100 4.5 %unitsSeries Cpreferred OP 309 1.1100 343 $ 100 4.5 %unitsSeries Dpreferred OP 489 0.8000 391 $ 100 3.8 %unitsSeries Epreferred OP 90 0.6897 62 $ 100 5.25 %unitsSeries Fpreferred OP 90 0.6250 56 $ 100 3.0 %unitsSeries Gpreferred OP 261 0.6452 168 $ 100 3.2 %units MirrorsCommon OP units 2,473 1.0000 2,473 N/A common shares distributions

^ Annual distribution is based on the last quarterly distribution annualized.

Capitalization - As of September 30, 2020 Equity Shares Share Price* TotalCommon shares 98,280 $ 140.61 $ 13,819,151 Common OP units 2,473 $ 140.61 347,729 Subtotal 100,753 $ 14,166,880 Preferred OP units as 1,823 $ 140.61 $ 256,332 convertedTotal diluted shares 102,576 14,423,212 outstanding Debt Mortgage loans payable $ 3,191,380 Preferred Equity - Sun NGResorts - mandatorily 35,249 redeemablePreferred OP units - 34,663 mandatorily redeemableLines of credit and other 79,321 debt^(6)Total debt $ 3,340,613 Total Capitalization $ 17,763,825

Reconciliations to Non-GAAP Financial Measures

Reconciliation of Net Income Attributable to Sun Communities, Inc. Common Stockholders to FFO(1)(amounts in thousands except for per share data)



Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2020 2019 2020 2019Net IncomeAttributable ToSun $ 81,204 $ 57,002 $ 124,028 $ 131,718 Communities,Inc. CommonStockholdersAdjustments Depreciationand 88,495 76,692 259,543 229,698 amortizationDepreciation onnonconsolidated 9 ? 28 ? affiliatesGain / (loss)onremeasurement (1,492 ) (12,661 ) 2,636 (16,548 ) of marketablesecuritiesLoss onremeasurementof investment 446 ? 1,505 ? innonconsolidatedaffiliatesLoss onremeasurement 445 ? 2,311 ? of notesreceivableIncomeattributable to 6,196 4,839 7,725 7,720 noncontrollinginterestsPreferredreturn to 498 530 1,498 1,594 preferred OPunitsInterestExpense on 514 ? 1,542 ? Aspen preferredOP unitsPreferreddistribution to ? 428 ? 1,288 Series A-4preferred stockGain ondisposition of (5,595 ) ? (5,595 ) ? propertiesGain ondisposition of (5,511 ) (7,334 ) (15,251 ) (21,083 ) assets, netFFOAttributable ToSunCommunities,Inc. CommonStockholders $ 165,209 $ 119,496 $ 379,970 $ 334,387 And DilutiveConvertibleSecurities ^(1)(4)

Adjustments Otheracquisition 402 375 1,291 902 related costs ^(8)Loss onextinguishment ? 12,755 5,209 13,478 of debtCatastrophicweather-related 15 363 54 1,339 charges, netLoss ofearnings -catastrophic (300 ) (377 ) ? ? weather related^(9)(Gain) / losson foreign (4,664 ) 3,046 2,441 (35 ) currencytranslationOther expense, 2,524 1,362 3,378 1,524 net ^(7)Otheradjustments ^ (562 ) 349 (504 ) 36 (a)Core FFOAttributable ToSunCommunities,Inc. CommonStockholders $ 162,624 $ 137,369 $ 391,839 $ 351,631 And DilutiveConvertibleSecurities ^(1)(4)

Weightedaverage commonshares 97,542 89,847 95,270 87,499 outstanding -basicAdd Common sharesdilutive effect 6 ? 2 ? from forwardsale agreementCommon stockissuable upon 1 1 1 1 conversion ofstock optionsRestricted 390 484 395 431 stockCommon OP units 2,476 2,284 2,445 2,498 Common stockissuable uponconversion of 408 ? 408 ? Aspen preferredOP unitsCommon stockissuable uponconversion of 75 75 75 75 Series A-3preferred OPunitsCommon stockissuable uponconversion of 730 780 737 792 Series A-1preferred OPunitsCommon stockissuable uponconversion of ? 467 ? 467 Series A-4preferred stockWeightedAverage CommonShares 101,628 93,938 99,333 91,763 Outstanding -Fully Diluted FFOAttributable ToSunCommunities,Inc. CommonStockholders $ 1.63 $ 1.27 $ 3.83 $ 3.64 And DilutiveConvertibleSecurities ^(1)(4) Per Share -Fully Diluted

Core FFOAttributable ToSunCommunities,Inc. CommonStockholders $ 1.60 $ 1.46 $ 3.94 $ 3.83 And DilutiveConvertibleSecurities ^(1)(4) Per Share -Fully Diluted

(a) Adjustments include deferred compensation amortization upon retirement and deferred tax (benefit) / expense.

Reconciliation of Net Income Attributable to Sun Communities, Inc. Common Stockholders to Recurring EBITDA (1)(amounts in thousands)



Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2020 2019 2020 2019Net IncomeAttributable toSun $ 81,204 $ 57,002 $ 124,028 $ 131,718 Communities,Inc. CommonStockholdersAdjustments Depreciationand 88,499 76,532 259,453 229,241 amortizationLoss onextinguishment ? 12,755 5,209 13,478 of debtInterest 30,214 32,219 94,058 99,894 expenseInterest onmandatorilyredeemable 1,047 1,216 3,130 3,491 preferred OPunits / equityCurrent tax(benefit) / (107 ) 420 462 906 expenseDeferred tax(benefit) / (562 ) 349 (804 ) 36 expenseIncome fromnonconsolidated (1,204 ) (513 ) (1,348 ) (1,380 ) affiliatesLess: Gain ondispositions of (5,511 ) (7,334 ) (15,251 ) (21,083 ) assets, netLess: Gain ondisposition of (5,595 ) ? (5,595 ) ? propertiesEBITDAre ^(1) $ 187,985 $ 172,646 $ 463,342 $ 456,301 Adjustments Catastrophicweather related 14 341 54 1,302 charges, net(Gain) / lossonremeasurement (1,492 ) (12,661 ) 2,636 (16,548 ) of marketablesecurities(Gain) / losson foreign (4,664 ) 3,046 2,441 (35 ) currencytranslationOther expense, 2,524 1,362 3,378 1,524 net ^(6)Loss onremeasurement 445 ? 2,311 ? of notesreceivableLoss onremeasurementof investment 446 ? 1,505 ? innonconsolidatedaffiliatesPreferredreturn to 1,645 1,599 4,799 4,640 preferred OPunits / equityIncomeattributable to 6,907 5,422 8,806 9,048 noncontrollinginterestsPreferred stock ? 428 ? 1,288 distributionPlus: Gain ondispositions of 5,511 7,334 15,251 21,083 assets, netRecurring $ 199,321 $ 179,517 $ 504,523 $ 478,603 EBITDA ^(1)

Reconciliation of Net Income Attributable to Sun Communities, Inc. Common Stockholders to NOI (1)(amounts in thousands)



Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2020 2019 2020 2019Net IncomeAttributable toSun $ 81,204 $ 57,002 $ 124,028 $ 131,718 Communities,Inc. CommonStockholdersInterest income (2,624 ) (4,770 ) (7,609 ) (14,489 ) Brokeragecommissions and (5,881 ) (5,002 ) (13,068 ) (11,190 ) other revenues,netHome selling 3,652 3,972 10,508 10,922 expensesGeneral andadministrative 27,243 22,946 79,493 68,530 expensesCatastrophicweather-related 14 341 54 1,302 charges, netDepreciationand 88,499 76,532 259,453 229,241 amortizationLoss onextinguishment ? 12,755 5,209 13,478 of debtInterest 30,214 32,219 94,058 99,894 expenseInterest onmandatorilyredeemable 1,047 1,216 3,130 3,491 preferred OPunits / equity(Gain) / lossonremeasurement (1,492 ) (12,661 ) 2,636 (16,548 ) of marketablesecurities(Gain) / losson foreign (4,664 ) 3,046 2,441 (35 ) currencytranslationGain ondisposition of (5,595 ) ? (5,595 ) ? propertyOther expense, 2,524 1,362 3,378 1,524 net ^(7)Loss onremeasurement 445 ? 2,311 ? of notesreceivableIncome fromnonconsolidated (1,204 ) (513 ) (1,348 ) (1,380 ) affiliatesLoss onremeasurementof investment 446 ? 1,505 ? innonconsolidatedaffiliatesCurrent tax(benefit) / (107 ) 420 462 906 expenseDeferred tax(benefit) / (562 ) 349 (804 ) 36 expensePreferredreturn to 1,645 1,599 4,799 4,640 preferred OPunits / equityIncomeattributable to 6,907 5,422 8,806 9,048 noncontrollinginterestsPreferred stock ? 428 ? 1,288 distributionNOI ^(1) / $ 221,711 $ 196,663 $ 573,847 $ 532,376 Gross Profit

Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2020 2019 2020 2019RealProperty $ 176,284 $ 156,669 $ 481,393 $ 440,543 NOI^ (1)HomeSales NOI^(1) / 11,425 13,487 31,329 36,635 GrossProfitRentalProgram 29,323 25,270 86,182 77,700 NOI ^(1)AncillaryNOI ^(1) 23,780 18,507 30,642 28,824 / GrossProfitSite rentfromRentalProgram(included (19,101 ) (17,270 ) (55,699 ) (51,326 ) in RealPropertyNOI) ^(1)(10)NOI ^(1)/ Gross $ 221,711 $ 196,663 $ 573,847 $ 532,376 Profit

Non-GAAP and Other Financial Measures

Debt Analysis (amounts in thousands)



Quarter Ended 9/30/2020 6/30/2020 3/31/2020 12/31/2019 9/30/2019Debt OutstandingMortgage loans $ 3,191,380 $ 3,205,507 $ 3,273,808 $ 3,180,592 $ 2,967,128 payableSecuredborrowings oncollateralized ? ? ? ? 93,669 receivables ^(11)PreferredEquity - SunNG Resorts - 35,249 35,249 35,249 35,249 35,249 mandatorilyredeemablePreferred OPunits - 34,663 34,663 34,663 34,663 34,663 mandatorilyredeemableLines ofcredit and 79,321 115,352 582,774 183,898 140,632 other debt ^(6)Total debt $ 3,340,613 $ 3,390,771 $ 3,926,494 $ 3,434,402 $ 3,271,341 % Fixed / FloatingFixed 97.6 % 96.6 % 85.2 % 94.7 % 95.7 %Floating 2.4 % 3.4 % 14.8 % 5.3 % 4.3 %Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % WeightedAverage Interest RatesMortgage loans 3.88 % 3.88 % 3.91 % 4.05 % 4.13 %payablePreferredEquity - SunNG Resorts - 6.00 % 6.00 % 6.00 % 6.00 % 6.00 %mandatorilyredeemablePreferred OPunits - 5.93 % 5.93 % 5.93 % 6.50 % 6.50 %mandatorilyredeemableLines ofcredit and 1.32 % 2.03 % 1.85 % 2.71 % 3.23 %other debt ^(6)Average beforesecured 3.86 % 3.86 % 3.64 % 4.03 % 4.14 %borrowings ^(11)Securedborrowings oncollateralized ? % ? % ? % ? % 9.92 %receivables ^(11)Total average 3.86 % 3.86 % 3.64 % 4.03 % 4.30 % Debt Ratios Net Debt /Recurring 5.0 4.8 5.6 5.5 5.3 EBITDA ^(1)(TTM)Net Debt /Enterprise 18.3 % 17.8 % 22.6 % 19.0 % 18.7 %ValueNet Debt / 31.6 % 29.7 % 35.6 % 36.0 % 36.0 %Gross Assets Coverage RatiosRecurringEBITDA ^(1) 4.8 4.5 4.5 4.4 4.4(TTM) /InterestRecurringEBITDA ^(1)(TTM) /Interest + 4.6 4.4 4.3 4.2 4.2Pref.Distributions+ Pref. StockDistribution

Maturities /PrincipalAmortization 2020 2021 2022 2023 2024Next FiveYearsMortgageloans payableMaturities $ ? $ ? $ 82,155 $ 185,618 $ 315,330 Principal 14,554 59,615 61,326 60,604 57,082 amortizationPreferredEquity - SunNG Resorts - ? ? 35,249 ? ? mandatorilyredeemablePreferred OPunits - ? ? ? ? 27,373 mandatorilyredeemableLines ofcredit and 546 13,645 10,000 55,130 ? other debt ^(6)Total $ 15,100 $ 73,260 $ 188,730 $ 301,352 $ 399,785 Weightedaverage rate ? % ? % 4.46 % 4.08 % 4.47 %ofmaturities

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



Three Months Ended Nine Months Ended September 30, September 30, Change % Change September 30, September 30, Change % Change 2020 2019 2020 2019Financial InformationIncome fromreal $ 243,373 $ 230,983 $ 12,390 5.4 % $ 661,984 $ 642,809 $ 19,175 3.0 %property ^(12) Propertyoperating expensesPayroll and 23,720 23,642 78 0.3 % 60,457 63,255 (2,798 ) (4.4 ) %benefitsLegal,taxes, and 2,385 2,829 (444 ) (15.7 ) % 7,690 7,432 258 3.5 %insuranceUtilities ^ 21,269 19,102 2,167 11.3 % 49,814 49,290 524 1.1 %(12)Suppliesand repair 10,920 10,617 303 2.9 % 25,223 26,227 (1,004 ) (3.8 ) %^(13)Other ^(a) 9,774 8,626 1,148 13.3 % 21,607 21,276 331 1.6 %Real estate 15,937 15,066 871 5.8 % 47,920 45,610 2,310 5.1 %taxesPropertyoperating 84,005 79,882 4,123 5.2 % 212,711 213,090 (379 ) (0.2 ) %expensesRealProperty $ 159,368 $ 151,101 $ 8,267 5.5 % $ 449,273 $ 429,719 $ 19,554 4.6 %NOI ^(1)

(a) Includes COVID-19 personal protective equipment expense of $1,130 and $2,065 for the three and nine months ended September 30, 2020, respectively.

As of September 30, September 30, Change % 2020 2019 ChangeOther Information Number of properties 366 366 ? MH occupancy ^(3) 97.2 % RV occupancy ^(3) 100.0 % MH & RV blended occupancy^ 97.8 % (3) Adjusted MH occupancy^ (3) 98.4 % RV occupancy^ (3) 100.0 % Adjusted MH & RV blended 98.8 % 96.8 % 2.0 % occupancy^ (3) Monthly base rent per site - $ 594 $ 576 $ 18 3.2% ^MH (15)Monthly base rent per site - $ 444 $ 420 $ 24 5.5%^RV ^(14) (15)Monthly base rent per site - $ 559 $ 539 $ 20 3.6%^Total ^(14) (15)

Home Sales Summary (amounts in thousands except for *)



Three Months Ended Nine Months Ended September September Change % Change September September Change % Change 30, 2020 30, 2019 30, 2020 30, 2019Financial InformationNew Homes New home $ 23,734 $ 19,775 $ 3,959 20.0 % $ 58,536 $ 51,860 $ 6,676 12.9 %salesNew homecost of 19,294 16,761 2,533 15.1 % 47,611 44,740 2,871 6.4 %salesNOI ^(1) /Gross 4,440 3,014 1,426 47.3 % 10,925 7,120 3,805 53.4 %Profit ?new homesGrossmargin % ? 18.7 % 15.2 % 3.5 % 18.7 % 13.7 % 5.0 % new homesAverageselling $ 153,123 $ 118,413 $ 34,710 29.3 % $ 141,391 $ 120,325 $ 21,066 17.5 %price ? newhomes* Pre-owned HomesPre-owned $ 23,928 $ 30,030 $ (6,102 ) (20.3 ) % $ 68,243 $ 84,805 $ (16,562 ) (19.5 ) %home salesPre-ownedhome cost 16,943 19,557 (2,614 ) (13.4 ) % 47,839 55,290 (7,451 ) (13.5 ) %of salesNOI ^(1) /GrossProfit ? 6,985 10,473 (3,488 ) (33.3 ) % 20,404 29,515 (9,111 ) (30.9 ) %pre-ownedhomesGrossmargin % ? 29.2 % 34.9 % (5.7 ) % 29.9 % 34.8 % (4.9 ) % pre-ownedhomesAveragesellingprice ? $ 43,114 $ 40,636 $ 2,478 6.1 % $ 40,864 $ 38,548 $ 2,316 6.0 %pre-ownedhomes* Total Home SalesRevenuefrom home $ 47,662 $ 49,805 $ (2,143 ) (4.3 ) % $ 126,779 $ 136,665 $ (9,886 ) (7.2 ) %salesCost of 36,237 36,318 (81 ) (0.2 ) % 95,450 100,030 (4,580 ) (4.6 ) %home salesNOI ^(1) /Gross $ 11,425 $ 13,487 $ (2,062 ) (15.3 ) % $ 31,329 $ 36,635 $ (5,306 ) (14.5 ) %Profit ?home sales Statistical InformationNew homesales 155 167 (12 ) (7.2 ) % 414 431 (17 ) (3.9 ) %volume*Pre-ownedhome sales 555 739 (184 ) (24.9 ) % 1,670 2,200 (530 ) (24.1 ) %volume*Total homesales 710 906 (196 ) (21.6 ) % 2,084 2,631 (547 ) (20.8 ) %volume *



Rental Program Summary (amounts in thousands except for *)



Three Months Ended Nine Months Ended September 30, September 30, Change % Change September 30, September 30, Change % Change 2020 2019 2020 2019Financial InformationRevenues Rental home $ 16,171 $ 14,444 $ 1,727 12.0 % $ 46,611 $ 42,827 $ 3,784 8.8 %revenueSite rentfrom Rental 19,101 17,270 1,831 10.6 % 55,699 51,326 4,373 8.5 %Program ^(1)(10)RentalProgram 35,272 31,714 3,558 11.2 % 102,310 94,153 8,157 8.7 %revenue Expenses Repairs and 3,414 4,080 (666 ) (16.3 ) % 8,623 9,317 (694 ) (7.4 ) %refurbishmentTaxes and 2,059 1,940 119 6.1 % 6,078 5,631 447 7.9 %insuranceOther 476 424 52 12.3 % 1,427 1,505 (78 ) (5.2 ) %RentalProgram 5,949 6,444 (495 ) (7.7 ) % 16,128 16,453 (325 ) (2.0 ) %operating andmaintenanceRentalProgram NOI ^ $ 29,323 $ 25,270 $ 4,053 16.0 % $ 86,182 $ 77,700 $ 8,482 10.9 %(1) Other InformationNumber ofsold rental 225 317 (92 ) (29.0 ) % 581 859 (278 ) (32.4 ) %homes*Number ofoccupied 11,729 11,170 559 5.0 %rentals, endof period*Investment inoccupied $ 625,922 $ 570,053 $ 55,869 9.8 %rental homes,end of periodWeightedaveragemonthly $ 1,032 $ 987 $ 45 4.6 %rental rate,end ofperiod*

Acquisitions and Other Summary (16)(amounts in thousands except for statistical data)



Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020Financial Information Revenues Income from real property $ 30,921 $ 63,257 Property and Operating Expenses Payroll and benefits 4,241 9,557 Legal, taxes & insurance 246 780 Utilities 3,375 6,815 Supplies and repairs 1,570 3,871 Other 3,068 5,693 Real estate taxes 1,505 4,421 Property operating expenses 14,005 31,137 Net operating income (NOI) ^(1) $ 16,916 $ 32,120 Other Information September 30, 2020Number of properties 66 Occupied sites 9,171 Developed sites 10,188 Occupancy % 90.0 %Transient sites 5,403



Property Summary(includes MH and Annual RVs) COMMUNITIES 9/30/2020 6/30/2020 3/31/2020 12/31/2019 9/30/2019FLORIDA Communities 127 125 125 125 125 Developed 39,517 39,241 39,380 39,230 39,067 sites ^(17)Occupied ^ 38,743 38,453 38,526 38,346 38,155 (17)Occupancy % 98.0 % 98.0 % 97.8 % 97.7 % 97.7 %^(17)Sites for 1,427 1,427 1,527 1,527 1,633 developmentMICHIGAN Communities 74 72 72 72 72 Developed 29,086 27,901 27,883 27,905 27,906 sites ^(17)Occupied ^ 28,033 27,191 26,863 26,785 26,677 (17)Occupancy % 96.4 % 97.5 % 96.3 % 96.0 % 95.6 %^(17)Sites for 1,182 1,182 1,115 1,115 1,115 developmentTEXAS Communities 24 23 23 23 23 Developed 7,659 7,641 7,627 7,615 7,098 sites ^(17)Occupied ^ 7,427 7,289 7,076 7,006 6,834 (17)Occupancy % 97.0 % 95.4 % 92.8 % 92.0 % 96.3 %^(17)Sites for 1,378 565 555 555 1,086 developmentCALIFORNIA Communities 34 32 31 31 31 Developed 6,372 6,364 5,986 5,981 5,963 sites ^(17)Occupied ^ 6,290 6,272 5,948 5,941 5,917 (17)Occupancy % 98.7 % 98.6 % 99.4 % 99.3 % 99.2 %^(17)Sites for 373 264 302 302 302 developmentARIZONA Communities 13 13 13 13 13 Developed 4,274 4,259 4,268 4,263 4,239 sites ^(17)Occupied ^ 3,957 3,932 3,923 3,892 3,852 (17)Occupancy % 92.6 % 92.3 % 91.9 % 91.3 % 90.9 %^(17)Sites for ? ? ? ? ? developmentONTARIO, CANADACommunities 15 15 15 15 15 Developed 4,067 3,980 3,977 4,031 4,022 sites ^(17)Occupied ^ 4,067 3,980 3,977 4,031 4,022 (17)Occupancy % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %^(17)Sites for 1,593 1,593 1,608 1,611 1,675 developmentINDIANA Communities 11 11 11 11 11 Developed 3,087 3,087 3,087 3,087 3,089 sites ^(17)Occupied ^ 2,957 2,961 2,914 2,900 2,870 (17)Occupancy % 95.8 % 95.9 % 94.4 % 93.9 % 92.9 %^(17)Sites for 277 277 277 277 277 developmentOHIO Communities 9 9 9 9 9 Developed 2,790 2,778 2,768 2,770 2,770 sites ^(17)Occupied ^ 2,758 2,736 2,702 2,716 2,703 (17)Occupancy % 98.9 % 98.5 % 97.6 % 98.1 % 97.6 %^(17)Sites for 22 22 59 59 59 development COLORADO Communities 10 10 10 10 10 Developed 2,453 2,441 2,423 2,423 2,423 sites ^(16)Occupied ^ 2,365 2,327 2,318 2,322 2,325 (17)Occupancy % 96.4 % 95.3 % 95.7 % 95.8 % 96.0 %^(17)Sites for 1,282 1,566 1,867 1,867 1,973 developmentOTHER STATESCommunities 115 116 115 113 80 Developed 22,721 22,780 22,583 22,572 17,203 sites ^(17)Occupied ^ 21,995 22,024 21,749 21,678 16,657 (17)Occupancy % 96.8 % 96.7 % 96.3 % 96.0 % 96.8 %^(17)Sites for 2,596 2,846 2,980 2,980 2,437 developmentTOTAL - PORTFOLIOCommunities 432 426 424 422 389 Developed 122,026 120,472 119,982 119,877 113,780 sites ^(17)Occupied ^ 118,592 117,165 115,996 115,617 110,012 (17)Occupancy % 97.2 % ^ 97.3 % 96.7 % 96.4 % 96.7 %^(17) (18)Sites fordevelopment 10,130 9,742 10,290 10,293 10,557 ^(19)%Communities 33.6 % 34.0 % 34.0 % 34.1 % 30.8 %agerestricted TRANSIENTRV PORTFOLIOSUMMARYLocation Florida 5,993 5,547 5,311 5,465 5,506 California 2,236 1,978 1,947 1,952 1,970 Texas 1,917 1,590 1,612 1,623 1,642 Maryland 1,515 1,515 1,488 1,488 1,426 Arizona 1,386 1,401 1,392 1,397 1,421 Colorado 930 574 291 291 185 Ontario, 920 1,007 1,009 939 937 CanadaNew York 900 911 916 923 924 New Jersey 828 857 875 864 868 Maine 819 837 828 811 821 Utah 750 750 750 753 560 Virginia 564 598 630 324 329 Other 4,970 4,795 4,831 4,586 4,293 statesTotalTransient 23,728 22,360 21,880 21,416 20,882 RV Sites

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



Recurring Revenue Capital Recurring Lot Expansion Producing / Expenditures Capital Modifications Acquisitions ^ and Expense Average / Expenditures ^(21) (22) Development ^ Reduction Site* ^(20) (23) Projects ^ (24)YTD $ 147 $ 17,426 $ 21,837 $ 333,011 $ 197,669 $ 15,188 20202019 $ 345 $ 30,382 $ 31,135 $ 930,668 $ 281,808 $ 9,638 2018 $ 263 $ 24,265 $ 22,867 $ 414,840 $ 152,672 $ 3,864

Operating Statistics for MH and Annual RVs



Locations Resident Net Leased New Home Pre-owned Brokered Move-outs Sites ^(5) Sales Home Sales Re-salesFlorida 1,744 247 123 154 910 Michigan 351 533 32 808 113 Ontario, Canada 647 36 25 15 334 Texas 298 421 55 189 47 Arizona 64 65 26 20 91 Indiana 57 57 4 143 11 Ohio 85 42 ? 67 9 California 89 31 19 11 67 Colorado 21 43 25 20 34 Other states 1,076 452 105 243 236 Nine MonthsEnded September 4,432 1,927 414 1,670 1,852 30, 2020

TotalFor Resident Net Leased New Home Pre-owned BrokeredYear Move-outs Sites ^(5) Sales Home Sales Re-salesEnded2019 4,139 2,674 571 2,868 2,231 2018 3,435 2,600 526 3,103 2,147

Percentage Trends Resident Move-outs Resident Re-sales2020 (TTM) 3.2 % 6.6 %2019 2.6 % 6.6 %2018 2.4 % 7.2 %

Footnotes and Definitions



-- 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 nonconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure that management believes is a useful supplemental measure of the Companys 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 REITs ability to meet debt principal repayments and other cash requirements, nor as a measure of working capital. FFO is calculated in accordance with the Companys 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 Companys financial performance or GAAP cash flow from operating activities as a measure of the Companys liquidity; nor is it indicative of funds available for the Companys 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 nonconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entitys share of EBITDAre of nonconsolidated affiliates. EBITDAre is a non-GAAP financial measure that the Company uses to evaluate its ability to incur and service debt, fund dividends and other cash needs and cover fixed costs. Investors utilize EBITDAre as a supplemental measure to evaluate and compare investment quality and enterprise value of REITs. The Company also uses EBITDAre excluding certain gain and loss items that management considers unrelated to measurement of the Companys 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 Companys cash generated by operations or its dividend-paying capacity, and should therefore not replace GAAP net income (loss) as an indication of the Companys 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 2020 average exchange rates.

(3) The Same Community occupancy percentage is 97.2 percent for MH, 100.0 percent for RV, and 97.8 percent for the blended MH and RV. The MH and RV blended occupancy is derived from 111,838 developed sites, of which 109,421 were occupied. The Same Community occupancy percentage for 2019 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. The adjusted Same Community occupancy percentage for 2020 is derived from 110,773 developed sites, of which 109,421 were occupied. The number of developed sites excludes RV transient sites and approximately 1,100 recently completed but vacant MH expansion sites.

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

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

(6) Lines of credit and other debt includes the Companys MH floor plan facility. The effective interest rate on the MH floor plan facility was 6.0 percent for the quarters ended September 30 and June 30, 2020, and 7.0 percent for the quarters ended March 31, 2020, and December 31 and September 30, 2019. However, the Company pays no interest if the floor plan balance is repaid within 60 days.

(7) Other expense, net was as follows (in thousands):

Three Months Ended Nine Months Ended September September September September 30, 2020 30, 2019 30, 2020 30, 2019Foreign currencyremeasurement gain / $ 360 $ (107 ) $ (55 ) $ (92 ) (loss)Collateralizedreceivables derecognition ? 31 ? 31 gainContingent consideration (2,724 ) (1,286 ) (2,890 ) (1,421 ) value expenseLong term lease (160 ) ? (433 ) (42 ) termination expenseOther expense, net $ (2,524 ) $ (1,362 ) $ (3,378 ) $ (1,524 )

(8) These costs represent the expenses incurred to bring recently acquired properties up to the Companys operating standards, including items such as tree trimming and painting costs that do not meet the Companys capitalization policy.

(9) Core FFO(1) includes an adjustment of $(0.3)million and zero for the three and nine months ended September 30, 2020 and $(0.4) million and zero for the three and nine months ended September 30, 2019, respectively, for estimated loss of earnings in excess of the applicable business interruption deductible in relation to the Companys Florida Keys communities that required redevelopment due to damages sustained from Hurricane Irma in September 2017.

(10) The renters 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 Companys operations.

(11) 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. In November 2019, the Company derecognized thetransferred financial assets and secured borrowing as legal isolation criteria to be accounted for as a true sale were satisfied pursuant to the terms of the purchase agreement.

(12) Same Community results net $10.1 million and $8.9 million of certain utility revenue against the related utility expense in property operating and maintenance expense for the three months ended September 30, 2020 and 2019, respectively. Same Community results net $28.4 million and $25.8 million of utility revenue against the related utility expense in property operating and maintenance expense for the nine months ended September 30, 2020 and 2019, respectively.

(13) Same Community supplies and repair expense excludes $0.2 million and $0.6 million for the three and nine months ended September 30, 2019, ofexpenses incurred for recently acquired properties to bring the properties up to the Companys operating standards, including items such as tree trimming and painting costs that do not meet the Companys capitalization policy.

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

(15) Calculated using actual results without rounding.

(16) Acquisitions and other is comprised of 11 properties acquired and three properties that the Company has an interest in, but does not operate in 2020, 42 properties acquired in 2019, one property being operated under a temporary use permit, three Florida Keys properties that require redevelopment as a result of damage sustained from Hurricane Irma in 2017, five recently opened ground-up developments, one property undergoing redevelopment, and other miscellaneous transactions and activity.

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

(18) As of September 30, 2020, total portfolio MH occupancy was 96.4 percent inclusive of the impact of approximately 1,400 recently constructed but vacant MH expansion sites, and annual RV occupancy was 100.0 percent.

(19) Total sites for development were comprised of approximately 76.1 percent for expansion, 22.2 percent for greenfield development and 1.7 percent for redevelopment.

(20) 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.

(21) 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 manufacturers installation requirements and state building code, include items such as new foundations, driveways, and utility upgrades.

(22) 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, 2020 include $28.5 million of capital improvements identified during due diligence that are necessary to bring the communities to the Companys operating standards. For the years ended December 31, 2019 and 2018, these costs were $50.7 million and $94.6 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.

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

(24) 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.

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

Attachment

-- Exhibit 99.1 Press Release and Supplemental 2020.09.30