"Sun produced solid earnings growth in the second quarter, driven by positive revenue and NOI growth across the portfolio, along with the contribution from recent acquisitions," said Gary A. Shiffman, Chairman and CEO. "We delivered another record quarter of revenue-producing site gains which should contribute to sustained revenue growth. We are continuing to see healthy demand for attainable housing and affordable vacations, and while transient RV is coming off of record levels; the desire to be at a Sun Outdoors RV resort is evident as we convert transient guests to annual customers as vacationers make a Sun community their long-term destination. Additionally, we completed the acquisition of Park Holidays in the UK and are focused on integrating these assets into our MH portfolio and realizing their accretive value. Sun has a cycle-tested portfolio of communities, resorts and marinas that deliver durable and reliable cash flows. We continue to see very favorable supply-demand dynamics and have a differentiated and experienced platform to acquire, develop and efficiently operate properties to create shareholder value."

OPERATING HIGHLIGHTS

Portfolio Occupancy

Total MH and annual RV occupancy was 97.2 percent at June 30, 2022 as compared to 97.4 percent at June 30, 2021, a decrease of 20 basis points.

During the quarter ended June 30, 2022, the number of MH and annual RV revenue producing sites increased by 950 sites as compared to an increase of 583 sites during the quarter ended June 30, 2021, a 63.0 percent increase.

During the six months ended June 30, 2022, MH and annual RV revenue producing sites increased by 1,620 sites as compared to an increase of 1,097 sites during the six months ended June 30, 2021, a 47.7 percent increase.

Same Property⁽²⁾ Results - MH and RV

For the 425 MH and RV properties owned and operated by the Company since January 1, 2021, the following table reflects the percentage increases, both in total, and by segment, for the quarter and six months ended June 30, 2022:

Same Property adjusted occupancy⁽³⁾ increased to 98.5 percent at June 30, 2022 from 96.8 percent at June 30, 2021, an increase of 170 basis points.

Same Property⁽²⁾ Results - Marina

For the 101 Marina properties owned and operated by the Company since January 1, 2021, the following table reflects the percentage increases for the quarter and six months ended June 30, 2022:

UK Operations Results

During the quarter ended June 30, 2022, as previously announced, the Company acquired Park Holidays, a portfolio of 40 properties and an additional two properties that are managed by the Park Holidays team. UK operations, a component of the Company's MH segment, contributed $40.5 million of NOI in the quarter ended June 30, 2022. Refer to page 16 for additional information regarding UK operating results.

PORTFOLIO ACTIVITY

Acquisitions and Dispositions

During and subsequent to the quarter ended June 30, 2022, the Company acquired the following properties:

^(a) Includes 40 owned and two managed properties.

^(b) Combined with an existing property.

^(c) Includes two properties.

^(d) Includes 11 communities.

During and subsequent to the six months ended June 30, 2022, the Company acquired 63 properties totaling 21,860 sites, wet slips and dry storage spaces and 2,596 sites for expansion for a total purchase price of $2.1 billion.

Development and Expansion Activities

During and subsequent to the quarter ended June 30, 2022, the Company acquired three land parcels located in the United States for the potential development of over 650 sites, for an aggregate purchase price of $10.7 million.

During the quarter and the six months ended June 30, 2022, the Company completed the construction of nearly 110 sites and over 134 sites, respectively, in one ground-up development and three expansion sites.

BALANCE SHEET, CAPITAL MARKETS ACTIVITY AND OTHER ITEMS

Debt

As of June 30, 2022, the Company had $6.9 billion in debt outstanding. The weighted average interest rate was 3.4 percent and the weighted average years to maturity was 7.9 years. At June 30, 2022, the Company's net debt to trailing twelve-month Recurring EBITDA⁽¹⁾ ratio was 6.3 times.

Senior Credit Facility Amendment

As previously announced, during the quarter ended June 30, 2022, in conjunction with the closing of the Park Holidays acquisition, the Company amended its senior credit facility.

The amendment increased the aggregate amount of the Company's senior credit facility to $4.2 billion with the ability to upsize the total borrowings by an additional $800.0 million, subject to certain conditions. The increased aggregate amount under the senior credit facility consists of the following: (a) a revolving loan in the amount up to $3.05 billion and (b) a term loan facility of $1.15 billion, with the ability to draw funds from the combined facilities in U.S. dollars, Pounds sterling, Euros, Canadian dollars and Australian dollars, subject to certain limitations. The amendment extended the maturity date of the revolving loan facility to April 7, 2026. At the Company's option, that maturity date may be extended two additional six-month periods. In addition, the amendment established the maturity date of the term loan facility under the amendment as April 7, 2025, which may not be further extended.

Senior Unsecured Notes

As previously announced, during the quarter ended June 30, 2022, the Company issued $600.0 million of senior unsecured notes with an interest rate of 4.2 percent and a 10-year term, due April 15, 2032 (the "2032 Notes"). The net proceeds from the offering were $592.3 million after deducting underwriters' discounts and estimated offering expenses. The Company used the net proceeds from the offering to repay borrowings outstanding under its senior credit facility.

In connection with the 2032 Notes issuance, the Company settled four 10-year Treasury rate locks totaling $600.0 million and received a settlement payment of $35.3 million. This lowered the effective interest rate on the 2032 Notes from 4.2 percent to 3.6 percent.

Interest Rate Swap

Subsequent to the quarter ended June 30, 2022, the Company entered into interest rate swap agreements to hedge variable rate borrowings of £400.0 million under the term loan on the Senior Credit Facility. The interest rate swaps lock in a total fixed rate, inclusive of spread, of 3.67 percent through the term loan maturity date of April, 2025.

Equity Transactions

Forward Share Settlements

As previously announced, during the quarter ended June 30, 2022, the Company settled forward sale agreements with respect to 1,200,000 shares of common stock under its at the market offering sales program and 4,025,000 shares of common stock in connection with its November 2021 registered forward equity offering. The aggregate net proceeds from the settlement of these forward sale agreements was $934.9 million. The Company used the net proceeds to repay borrowings outstanding under its senior credit facility.

Subsequent to the quarter ended June 30, 2022, the Company settled forward sale agreements with respect to 986,909 shares of common stock under its at the market offering sales program. The aggregate net proceeds from the settlement of these forward sale agreements was $180.7 million. The Company used the net proceeds to repay borrowings outstanding under its senior credit facility.

At the Market Offering

During the quarter ended June 30, 2022, the Company entered into forward sale agreements with respect to 290,600 shares of common stock under its at the market offering program for $50.1 million. These forward sale agreements were not settled as of June 30, 2022, but the Company expects to settle them by June 30, 2023.

The following table presents the Company's outstanding unsettled forward sale agreements as of July 22, 2022:

GUIDANCE

The Company is updating its full-year guidance for Basic earnings per share and incorporating the anticipated effects from translating the Company's results from the UK, Canada and Australia by introducing a constant currency adjustment to Core FFO ("Constant Currency Core FFO") per fully diluted share⁽¹⁾⁽⁴⁾. The Company is revising its full-year guidance for Basic earnings per share from the prior range of $2.46 - $2.58 to a new range of $1.91 - $2.01. The Company is revising its Constant Currency Core FFO per fully diluted share⁽¹⁾⁽⁴⁾ from $7.20 - $7.32 to a new range of $7.22 - $7.32, representing a 1-cent increase at the midpoint. The Company is also establishing guidance for third quarter Basic earnings per share and Constant Currency Core FFO per fully diluted share⁽¹⁾⁽⁴⁾ of $1.25 - $1.30 and $2.56 - $2.61, respectively. Reconciliations of projected Basic earnings per share to Constant Currency Core FFO per fully diluted share⁽¹⁾⁽⁴⁾ are as follows:

^(a) Other adjustments include the same categories presented in the table that reconciles the Net income attributable to SUI common shareholders to FFO on page 9.

^(b) The Company calculates the foreign currency translation impact comparing the weighted average foreign currency rate for revised guidance ($1.2146 U.S. dollars ("USD") per British pound sterling ("GBP")) with the weighted average foreign currency rate used in April 2022 guidance ($1.330 USD per GBP). The impact of fluctuations in Canadian and Australian foreign currency rates on revised or initial guidance are not material.

Basic earnings per share, Core FFO per fully diluted share⁽¹⁾⁽⁴⁾ and Constant Currency Core FFO per fully diluted share⁽¹⁾⁽⁴⁾ are calculated independently for each quarter; as a result, the sum of the quarters may differ from the annual calculation. Seasonality of Constant Currency Core FFO per fully diluted Share⁽¹⁾⁽⁴⁾ is based off the midpoint of full-year guidance and is expected to be as follows:

Same Property NOI Growth: The Company is updating its expectations for Same Property NOI Growth as follows:

Within the Marina Portfolio, certain amounts have been revised to conform with current presentation, with no effect on net income. These include reclassifications of certain revenues and expenses between Real property and Service, retail, dining and entertainment within our Marina portfolio. 2021 Same Property Marina NOI is presented below reflecting these reclassifications, along with updated guidance on NOI growth the Company expects from the 2022 same property Marina portfolio:

UK Operations Guidance: For the third quarter ending September 30, 2022, and the six months ending December 31, 2022, the Company is establishing guidance for NOI from its UK Operations, including Park Holidays and other UK acquisitions, before and after the anticipated effects from currency translation. The following guidance for UK Operations is incorporated into the Company's Core FFO per fully diluted share⁽¹⁾⁽⁴⁾ and Constant Currency Core FFO per fully diluted share⁽¹⁾⁽⁴⁾ guidance and seasonality figures provided above (in millions).

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 and capital markets activity completed through July 25, 2022. These estimates exclude prospective acquisitions and capital markets activity. The estimates and assumptions are forward-looking based on the Company's current assessment of economic and market conditions and are subject to the other risks outlined below under the caption Cautionary Statement Regarding Forward-Looking Statements.

EARNINGS CONFERENCE CALL

A conference call to discuss second quarter results will be held on Tuesday, July 26, 2022 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 August 9, 2022 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 13730379. 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.

SUI is a REIT that, as of June 30, 2022, owned, operated, or had an interest in a portfolio of 661 developed MH, RV and Marina properties comprising over 180,300 developed sites and over 45,900 wet slips and dry storage spaces in 39 states, Canada, Puerto Rico and the UK.

For more information about SUI, please visit www.suncommunities.com.

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 we intend that such forward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this filing 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 our current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this filing. These risks and uncertainties may cause our 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, 2021 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:

• 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, including inflation, deflation, and energy costs, the real estate industry and the markets in which the Company operates;

• Difficulties in the Company's ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully;

• 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;

• Changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, Australian dollar and Pounds sterling;

• The Company's ability to maintain rental rates and occupancy levels;

• The Company's ability 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;

• The Company's ability 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, droughts and wildfires;

• General volatility of the capital markets and the market price of shares of the Company's capital stock;

• The Company's ability 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 or incorporated by reference into this filing, 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.

Portfolio Overview, Research Coverage and Inquiries
(As of June 30, 2022)

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

^(a) Total wet slips and dry storage spaces are adjusted each quarter based on site configuration and usability.

⁽ⁱ⁾ These figures do not include UK operations volumes.

Consolidated Balance Sheets
(amounts in millions)

Statements of Operations - Quarter to Date Comparison
(In millions, except for per share amounts) (Unaudited)