Sun Communities, Inc. Reports 2022 Fourth Quarter and Full Year Results; Provides 2023 Guidance and Increases Annual Distribution Rate for 2023

Sun Communities, Inc.

Net Income per Diluted Share of $0.04 and $2.00 for the Quarter and Year End, Respectively

Core FFO⁽¹⁾ per Share of $1.33 and $7.35 for the Quarter and Year End,
Respectively, Increased 1.5% and 12.9% over the 2021 Periods

Strong Demand and Accretive Investments Drive Continued Solid Performance
Record Volume of Transient-to-Annual RV Conversions Propel Record Gains in Revenue Producing Sites

Establishing Guidance for 2023

Expecting Total Same Property NOI⁽¹⁾⁽²⁾ Growth of 4.9% - 5.9%

Increasing Annual Distribution by 5.7% in 2023, to $3.72 per share

Southfield, MI, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE: SUI) (the "Company" or "SUI"), a real estate investment trust ("REIT") that owns and operates, or has an interest in, manufactured housing ("MH") and recreational vehicle ("RV") communities and marinas (collectively, the "properties"), today reported its fourth quarter and full-year results for 2022.

Financial Results for the Quarter and Year Ended December 31, 2022

• For the quarter ended December 31, 2022, net income attributable to common shareholders was $4.7 million, or $0.04 per diluted share, compared to net income attributable to common shareholders of $12.9 million, or $0.11 per diluted share, for the same period in 2021.
  
  

• For the year ended December 31, 2022, net income attributable to common shareholders was $242.0 million, or $2.00 per diluted share, compared to net income attributable to common shareholders of $380.2 million, or $3.36 per diluted share, for the same period in 2021.
  
  

Non-GAAP Financial Measures

• Core Funds from Operations ("Core FFO")⁽¹⁾ for the quarter and year ended December 31, 2022, was $1.33 per common share and dilutive convertible securities ("Share") and $7.35 per Share, respectively, representing 1.5% and 12.9% increases as compared to the corresponding periods in 2021.
  
  

• Constant Currency Core Funds from Operations ("Constant Currency Core FFO")⁽¹⁾ for the quarter and year ended December 31, 2022, was $1.34 per Share and $7.44 per Share, respectively.
  
  

• Same Property Net Operating Income ("NOI")⁽¹⁾⁽²⁾ for MH and RV properties increased by 4.4% and 5.4% for the quarter and year ended December 31, 2022, respectively, as compared to the corresponding periods in 2021. For the Company's Marina properties, Same Property NOI⁽¹⁾ increased by 10.4% and 7.7% for the quarter and year ended December 31, 2022, respectively, as compared to the corresponding periods in 2021.
  
  

"We are pleased to report another year of strong performance and earnings growth. The resilient demand for our manufactured housing, RV and marina properties, combined with the limited supply for each, are the foundations of our business model, which generates positive results throughout economic cycles," said Gary A. Shiffman, Chairman and CEO. "We delivered a record number of revenue producing sites in 2022, primarily driven by record conversions to annual leases at our RV communities, and we have nearly 16,200 sites in our portfolio available for development. We are optimistic in our outlook for 2023, supported by our healthy rental rate increases in our MH, annual RV and Marina properties. We will be disciplined in terms of capital deployment, pursuing selective acquisition opportunities while continuing to leverage our development platform to create new supply to meet the strong demand and deliver value for our shareholders."

OPERATING HIGHLIGHTS

Portfolio Occupancy

• Total MH and annual RV occupancy (excluding UK Operations) was 96.8% at December 31, 2022, as compared to 97.4% at December 31, 2021.
  
  

• Revenue Producing Sites Gains - During the quarter ended December 31, 2022, the number of MH and annual RV revenue producing sites increased by 613 sites, as compared to an increase of 810 sites during the corresponding period in 2021. During the year ended December 31, 2022, MH and annual RV revenue producing sites increased by 2,922 sites, a 17.7% increase over the 2,483 sites gained during 2021.
  
  

• Transient-to-annual RV site conversions totaled a record 2,257 sites in 2022, and accounted for 77.2% of 2022's revenue producing site gains.
  
  

Same Property Results⁽²⁾

• MH and RV - For the 421 MH and RV properties owned and operated by the Company since at least January 1, 2021, the following table reflects the percentage changes, both in total and by segment, for the quarter and year ended December 31, 2022:
  
  

	Quarter Ended December 31, 2022
	Total MH and RV Same Property(2)			MH Same Property(2)			RV Same Property(2)
Revenue	4.9	%		4.7	%		5.3	%
Expense	5.8	%		12.0	%		(0.9)        %
NOI(1)	4.4	%		2.2	%		11.8	%

	Year Ended December 31, 2022
	Total MH and RV Same Property(2)			MH Same Property(2)			RV Same Property(2)
Revenue	5.7	%		4.5	%		7.6	%
Expense	6.2	%		8.1	%		4.2	%
NOI(1)	5.4	%		3.3	%		10.3	%

Same Property adjusted blended occupancy⁽³⁾ increased to 98.6% at December 31, 2022, from 96.8% at December 31, 2021, an increase of 180 basis points.

• Marina - For the 101 Marina properties owned and operated by the Company since at least January 1, 2021, the following table reflects the percentage increases for the quarter and year ended December 31, 2022:
  
  

	Quarter Ended December 31, 2022			Year Ended December 31, 2022
Revenue	8.2	%		7.0	%
Expense	4.2	%		5.8	%
NOI(1)	10.4	%		7.7	%

UK Operations Results

During 2022, the Company expanded its MH segment into the United Kingdom ("UK") with the acquisition of Park Holidays, the second largest owner and operator of holiday parks in the UK. UK Operations contributed $23.3 million of NOI⁽¹⁾ in the quarter ended December 31, 2022, and contributed $128.3 million of NOI⁽¹⁾ in the period from date of acquisition to December 31, 2022. On a constant currency basis, UK Operations contributed $27.0 million of NOI⁽¹⁾ in the quarter ended December 31, 2022, and contributed $143.9 million of NOI⁽¹⁾ in the period from date of acquisition to December 31, 2022. Refer to page 13 for additional information regarding UK operating results.

Hurricane Ian Update

As previously announced, the Company's properties in Florida sustained damage from Hurricane Ian in September 2022. Complete asset impairments occurred at three communities in the Fort Myers area, which will require redevelopment. Charges, net of expected insurance recoveries, of $17.3 million were recognized as "Catastrophic event-related charges, net" in the Consolidated Statements of Operations for the year ended December 31, 2022. After quarter end, the Company received a reimbursement from its insurer for $3.5 million related to losses from debris and tree removal, common area repairs and flooding damage.

The foregoing estimates are based on current information available, and the Company continues to assess these estimates. The actual final impairment, insurance recoveries and net charges could vary from these estimates. Any changes to these estimates will be recognized in the period(s) in which they are determined.

INVESTMENT ACTIVITY

Acquisitions

Acquisitions totaled $66.7 million during the quarter ended December 31, 2022, including one MH community, one RV community and two marinas in the United States and one MH community in the UK. Refer to page 17 for additional detail on acquisitions and dispositions.

Development and Expansion Activities

During the year ended December 31, 2022, the Company:

• Acquired six land parcels located in the United States and UK for the potential development of over 1,300 sites, for an aggregate purchase price of $26.2 million.
  
  

• Constructed over 270 sites in the fourth quarter, bringing the total for the year to more than 840 sites at six ground-up development properties. This includes over 445 sites at two development properties acquired in the second quarter.
  
  

• Expanded existing communities by nearly 980 sites, bringing the total for the year to nearly 1,160 sites at 11 expansion properties.
  
  

BALANCE SHEET, CAPITAL MARKETS ACTIVITY AND OTHER ITEMS

Debt

As of December 31, 2022, the Company had $7.2 billion in debt outstanding with a weighted average interest rate of 3.8% and a weighted average maturity of 7.4 years. At December 31, 2022, the Company's net debt to trailing twelve-month Recurring EBITDA⁽¹⁾ ratio was 6.0 times.

During and subsequent to the quarter ended December 31, 2022, the Company completed previously announced secured financings on 23 properties that raised proceeds of $311.0 million. The loans mature between February 13, 2026 and December 15, 2029 and have fixed interest rates of 4.5% to 5.0%. The Company used the proceeds to repay borrowings outstanding under its senior credit facility.

Subsequent to the quarter ended December 31, 2022, the Company issued $400.0 million of senior unsecured notes with an interest rate of 5.7% and a 10-year term. The Company used net proceeds of $395.3 million, to repay borrowings outstanding under its unsecured revolving line of credit.

2023 Distributions

The Company's Board of Directors has approved setting the 2023 annual distribution rate at $3.72 per common share and unit, an increase of $0.20, or 5.7%, over the current annual dividend rate of $3.52 per common share and unit for 2022. This increase will begin with the first quarter distribution to be paid in April 2023. While the Board of Directors has adopted the new annual distribution policy, the amount of each quarterly distribution on the Company's common stock will be subject to approval by the Board of Directors.

2023 GUIDANCE

Establishing Full-Year and First Quarter 2023 Guidance

The Company is establishing full-year and first quarter 2023 guidance for diluted EPS and Core FFO⁽¹⁾ per Share as follows:

Reconciliation of Diluted EPS to Core FFO(1) per Share		First Quarter Ending March 31, 2023								Full-Year Ending December 31, 2023
		Low				High				Low				High
Diluted EPS		$	(0.03	)		$	0.02			$	2.50			$	2.70
Depreciation and amortization			1.24				1.24				5.02				5.02
Gain on sale of assets			(0.07	)			(0.07	)			(0.32	)			(0.32	)
FFO(1) per Share		$	1.14			$	1.19			$	7.20			$	7.40
Business combination expense and other acquisition related costs			0.01				0.01				0.03				0.03
Other adjustments(a)			—				—				(0.01	)			(0.01	)
Core FFO(1)(b) per Share		$	1.15			$	1.20			$	7.22			$	7.42

^(a) Other adjustments include the same categories presented in the table that reconciles Net income attributable to SUI common shareholders to FFO on page 6.

^(b) The Company's initial guidance translates forecasted results from operations in Canada, Australia and the UK using the relevant exchange rates in effect on December 31, 2022, which are provided in the 2023 Guidance Assumptions for Consolidated Portfolio table.

2023 Guidance Assumptions for Consolidated Portfolio
				Expected %
Total Expected NOI(1) from Real Property:				Change in 2023
Revenues
Real property (excluding transient)				9.8% - 10.2%
Real property (transient)				0.9% - 2.1%
Revenues from real property				8.1% - 8.7%
Total property operating expenses				13.5% - 13.9%
Total NOI(1) from real property				4.5% - 5.7%
Expected Ranges:				(in millions)
Service, retail, dining and entertainment NOI(1)				$49.5 - $52.1
Interest income, brokerage commissions and other revenues, net				$82.6 - $84.8
General and administrative expenses				$256.5 - $261.6
UK Operations:
NOI(1) from real property and home sales(a)				$155.5 - $165.1
Other MH / RV Operational Guidance - North America:				# of sites
Increase in revenue producing sites				2,800 - 3,100
Vacant site additions from expansions and ground-up developments				1,000 - 1,300
Exchange rates in effect at:				December 31, 2022
U.S. Dollar ("USD") / Pound Sterling ("GBP")				1.21
USD / Canadian Dollar ("CAD")				0.74
USD / Australian Dollar ("AUS")				0.68

^(a) UK NOI⁽¹⁾ from real property is included in Total NOI⁽¹⁾ from real property.

The Company expects total Same Property NOI⁽¹⁾ to increase 4.9% - 5.9% during the year ending December 31, 2023, inclusive of 3.3% - 4.4% total Same Property NOI⁽¹⁾ growth during the first quarter ending March 31, 2023.

2023 Guidance Assumptions for Same Property(1)(a) Portfolio		FY 2022 (in millions)			Expected % Change in 2023
MH NOI(1) (289 properties)		$	570.3		4.2% - 5.0%
RV NOI(1) (163 properties)		$	281.0		5.1% - 6.4%
Marina NOI(1) (120 properties)		$	217.0		6.3% - 7.7%
Total Same Property Portfolio (572 properties)
Income from real property(b)		$	1,608.9		6.6% - 7.0%
Total property operating expenses(b)(c)		$	540.6		9.1% - 10.0%
NOI(1)		$	1,068.3		4.9% - 5.9%
2023 Average Rental Rate Increases:					Guidance(d)
MH					6.2% - 6.4%
Annual RV					7.7% - 7.9%
Marina					7.3% - 7.6%
MH - UK Operations					7.2% - 7.4%

^(a) The amounts in the table reflect constant currency, as Canadian currency figures included within the 2022 actual amounts have been translated at the assumed exchange rate used for 2023 guidance.

^(b) Total Same Property results net $101.3 million and $105.5 million of utility revenue against the related utility expense in property operating expenses for 2022 actual results and 2023 guidance, respectively.

^(c) FY 2022 results exclude $1.3 million of expense incurred at recently acquired properties in order to bring them up to the Company's operating standards. The improvements included items such as tree trimming and painting costs that do not meet the Company's capitalization policy.

^(d) Rental rate guidance for 2023 is unchanged from the ranges provided by the Company in its third quarter 2022 supplemental information package.

Seasonality		1Q23			2Q23			3Q23			4Q23
Same Property NOI(1)
MH		25	%		25	%		25	%		25	%
RV		15	%		26	%		42	%		17	%
Marina		19	%		27	%		30	%		24	%
Total Same Property		21	%		26	%		30	%		23	%
NOI(1) from UK Operations		16	%		29	%		38	%		17	%
Consolidated EBITDA(1)		19	%		27	%		33	%		21	%
Core FFO(1) per Share		16	%		27	%		36	%		21	%

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 February 22, 2023, and the effect of a property disposition under contract expected to close in March 2023. 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 fourth quarter results will be held on Thursday, February 23, 2023 at 11:00 A.M. (ET). To participate, call toll-free at (877) 407-9039. Callers outside the U.S. or Canada can access the call at (201) 689-8470. A replay will be available following the call through March 9, 2023 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 13734720. The conference call will be available live on the Company's website located at www.suncommunities.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," "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 Company's 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 document, some of which are beyond the Company's control. These risks and uncertainties 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, 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 and related restrictions on business operations;

• Changes in general economic conditions, including inflation, deflation and energy costs, the real estate industry and the markets within 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 Pound 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 estate 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 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 December 31, 2022, the Company owned, operated, or had an interest in a portfolio of 669 developed MH, RV and Marina properties comprising over 179,700 developed sites and approximately 47,800 wet slips and dry storage spaces in the United States, the United Kingdom and Canada.

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

Company Contacts
Management:	Investor Relations:
Gary A. Shiffman, Chairman, President and CEO	Sara Ismail, Vice President
Fernando Castro-Caratini, EVP and CFO	(248) 208-2500
Bruce D. Thelen, EVP and COO	investorrelations@suncommunities.com

Corporate Debt Ratings
Moody's	S&P:
Baa3 | Stable	BBB | Stable

Equity Research Coverage
Bank of America Merrill Lynch		Joshua Dennerlein		joshua.dennerlein@bofa.com
Barclays		Anthony Powell		anthony.powell@barclays.com
BMO Capital Markets		John Kim		jp.kim@bmo.com
Citi Research		Nicholas Joseph		nicholas.joseph@citi.com
Evercore ISI		Samir Khanal		samir.khanal@evercoreisi.com
		Steve Sakwa		steve.sakwa@evercoreisi.com
Green Street Advisors		John Pawlowski		jpawlowski@greenstreetadvisors.com
JMP Securities		Aaron Hecht		ahecht@jmpsecurities.com
RBC Capital Markets		Brad Heffern		brad.heffern@rbccm.com
Robert W. Baird & Co.		Wesley Golladay		wgolladay@rwbaird.com
Truist Securities		Anthony Hau		anthony.hau@truist.com
UBS		Michael Goldsmith		michael.goldsmith@ubs.com
Wolfe Research		Andrew Rosivach		arosivach@wolferesearch.com
		Keegan Carl		kcarl@wolferesearch.com

Financial and Operating Highlights

(amounts in millions, except for *)

	Quarter Ended
	12/31/2022			9/30/2022			6/30/2022			3/31/2022			12/31/2021
Financial Information
Basic Earnings per share ("EPS")*	$	0.04		$	1.32		$	0.61		$	0.01		$	0.11
Diluted EPS*	$	0.04		$	1.32		$	0.61		$	0.01		$	0.11
Cash distributions declared per common share*	$	0.88		$	0.88		$	0.88		$	0.88		$	0.83
FFO(1)(4) per Share*	$	1.02		$	2.54		$	1.95		$	1.28		$	1.28
Core FFO(1)(4) per Share*	$	1.33		$	2.65		$	2.02		$	1.34		$	1.31
Constant Currency Core FFO(1)(4) per Share*	$	1.34		$	2.71		$	2.04		$	1.34		$	1.31
Recurring EBITDA(1)	$	236.3		$	408.1		$	328.4		$	221.0		$	208.6
Recurring EBITDA(1) (TTM) / Interest	5.2x			5.7x			5.9x			6.2x			6.2x
Balance Sheet
Total assets	$	17,084.2		$	16,484.6		$	16,397.8		$	13,914.2		$	13,494.1
Total debt	$	7,197.2		$	6,711.0		$	6,930.9		$	6,076.5		$	5,671.8
Total liabilities	$	8,992.8		$	8,354.6		$	8,566.3		$	6,980.7		$	6,474.6

Operating Information*
Properties
MH	353			350			349			293			292
RV	182			181			182			182			185
Marina	134			131			130			128			125
Total	669			662			661			603			602
United States and Canada
Manufactured home sites	99,977			99,428			99,185			98,279			98,621
Annual RV sites	30,333			32,026			31,768			31,121			30,540
Transient RV sites	28,038			27,945			28,682			29,267			29,847
Total sites	158,348			159,399			159,635			158,667			159,008
Marina wet slips and dry storage spaces(a)	47,823			46,185			45,905			45,725			45,155
MH occupancy	95.9	%		96.2	%		96.3	%		96.7	%		96.6	%
Annual RV occupancy	100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Blended MH and annual RV occupancy	96.8	%		97.1	%		97.2	%		97.5	%		97.4	%
United Kingdom
Manufactured home sites	18,227			17,733			17,112			616			N/A
Transient RV sites	3,143			3,203			3,306			—			N/A
Total sites	21,370			20,936			20,418			616			—
MH occupancy	89.0	%		91.7	%		91.4	%		94.8	%		N/A

MH and RV Revenue Producing Site Net Gains(5)* (excluding UK Operations)
MH net leased sites	346		122		132		65		321
RV net leased sites	267		567		818		605		489
Total net leased sites	613		689		950		670		810

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

Portfolio Overview as of December 31, 2022

		MH & RV Properties
		Properties		MH & Annual RV					RV Transient Sites		Total MH and RV Sites		Sites for Development(b)
Location				Sites		Occupancy %(a)
Florida		129		39,618		97.4	%		4,660		44,278		3,539
Michigan		84		32,471		96.7	%		749		33,220		1,337
California		37		6,861		98.6	%		1,936		8,797		942
Texas		31		8,778		94.3	%		2,566		11,344		2,015
Ontario, Canada		16		4,611		100.0	%		628		5,239		1,473
Connecticut		16		1,907		93.4	%		98		2,005		—
Maine		16		2,548		95.1	%		1,108		3,656		202
Arizona		13		4,537		91.3	%		986		5,523		6
Indiana		12		3,155		96.6	%		1,023		4,178		177
New Jersey		11		2,817		100.0	%		1,225		4,042		262
Colorado		11		2,799		88.2	%		987		3,786		1,493
Virginia		10		1,286		99.8	%		2,163		3,449		752
New York		10		1,497		98.5	%		1,443		2,940		778
New Hampshire		10		1,728		100.0	%		652		2,380		111
Other		74		15,697		97.9	%		7,814		23,511		1,220
North America Total		480		130,310		96.8	%		28,038		158,348		14,307
United Kingdom		55		18,227		89.0	%		3,143		21,370		1,888
Total		535		148,537		95.9	%		31,181		179,718		16,195

^(a) As of December 31, 2022, total portfolio MH occupancy was 94.8% inclusive of the impact of over 2,300 recently constructed but vacant MH expansion sites, and annual RV occupancy was 100.0%.

^(b) Total sites for development were comprised of 54% for expansion, 25% for greenfield development and 21% for redevelopment.

		Marina
		Properties				Wet Slips and Dry Storage Spaces
Location
Florida		21				5,054
Rhode Island		12				3,421
Connecticut		11				3,325
California		11				5,705
New York		9				3,018
Maryland		9				2,632
Massachusetts		9				2,520
Other		52				22,148
Total		134				47,823

		Properties				Sites, Wet Slips and Dry Storage Spaces
Total Portfolio		669				227,541

Consolidated Balance Sheets
(amounts in millions)

	December 31, 2022				December 31, 2021
Assets
Land	$	4,322.3			$	2,556.3
Land improvements and buildings		10,903.4				9,958.3
Rental homes and improvements		645.2				591.7
Furniture, fixtures and equipment		839.0				656.4
Investment property		16,709.9				13,762.7
Accumulated depreciation		(2,738.9	)			(2,337.2	)
Investment property, net		13,971.0				11,425.5
Cash, cash equivalents and restricted cash		90.4				78.2
Marketable securities		127.3				186.9
Inventory of manufactured homes		202.7				51.1
Notes and other receivables, net		617.3				469.6
Goodwill		1,018.4				495.4
Other intangible assets, net		402.0				306.8
Other assets, net		655.1				480.6
Total Assets	$	17,084.2			$	13,494.1
Liabilities
Secured debt	$	3,217.8			$	3,380.7
Unsecured debt		3,979.4				2,291.1
Distributions payable		111.3				98.4
Advanced reservation deposits and rent		352.1				242.8
Accrued expenses and accounts payable		396.3				237.5
Other liabilities		935.9				224.1
Total Liabilities		8,992.8				6,474.6
Commitments and contingencies
Temporary equity		202.9				288.9
Shareholders' Equity
Common stock		1.2				1.2
Additional paid-in capital		9,549.7				8,175.6
Accumulated other comprehensive income / (loss)		(9.9	)			3.1
Distributions in excess of accumulated earnings		(1,731.2	)			(1,556.0	)
Total SUI shareholders' equity		7,809.8				6,623.9
Noncontrolling interests
Common and preferred OP units		78.7				86.8
Consolidated entities		—				19.9
Total noncontrolling interests		78.7				106.7
Total Shareholders' Equity		7,888.5				6,730.6
Total Liabilities, Temporary Equity and Shareholders' Equity	$	17,084.2			$	13,494.1

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

	Three Months Ended											Year Ended
	December 31, 2022				December 31, 2021				% Change			December 31, 2022				December 31, 2021				% Change
Revenues
Real property (excluding transient)	$	390.8			$	338.5			15.5	%		$	1,548.9			$	1,316.8			17.6	%
Real property - transient		49.8				45.8			8.7	%			353.3				281.4			25.6	%
Home sales		107.7				65.1			65.4	%			465.8				280.2			66.2	%
Service, retail, dining and entertainment		108.6				80.3			35.2	%			531.6				351.8			51.1	%
Interest		9.9				4.2			135.7	%			35.2				12.2			188.5	%
Brokerage commissions and other, net		7.5				8.5			(11.8)        %				34.9				30.2			15.6	%
Total Revenues		674.3				542.4			24.3	%			2,969.7				2,272.6			30.7	%
Expenses
Property operating and maintenance		155.4				125.6			23.7	%			624.6				500.8			24.7	%
Real estate tax		27.4				24.4			12.3	%			110.6				94.8			16.7	%
Home costs and selling		76.0