Sun Communities Reports Results for the Second Quarter and First Six Months of 2024

(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 second quarter results for 2024.

Financial Results for the Quarter and Six Months Ended June 30, 2024

• For the quarter ended June 30, 2024, net income attributable to common shareholders was $52.1million, or $0.42 per diluted share, compared to a net loss attributable to common shareholders of $207.6million, or $1.68 per diluted share for the same period in 2023.
• For the six months ended June 30, 2024, net income attributable to common shareholders was $24.7million, or $0.20 per diluted share, compared to a net loss attributable to common shareholders of $252.5million, or $2.04 per diluted share for the same period in 2023.

Non-GAAP Financial Measures

• Core Funds from Operations (“Core FFO”) for the quarter and six months ended June 30, 2024, was $1.86 per common share and dilutive convertible securities (“Share”) and $3.05 per Share, respectively, as compared to $1.96 and $3.19 for the same periods in 2023.
• Same Property Net Operating Income (“NOI”)

• North American Same Property NOI increased by $10.4 million and $29.8 million, or 3.6% and 5.6%, respectively, for the quarter and six months ended June 30, 2024, as compared to the corresponding periods in 2023.
• UK Same Property NOI increased by $1.7 million and $5.0 million, or 9.3% and 19.4%, respectively, for the quarter and six months ended June 30, 2024, as compared to the corresponding periods in 2023.

“We are pleased to have delivered solid second quarter results, while advancing our strategy focused on delivering reliable earnings growth. In our Manufactured Housing and Marina segments we saw strong NOI growth supported by sustained demand,” said Gary A. Shiffman, Chairman, President and CEO. “We are also seeing growth in annual RV revenues, and while transient RV is still experiencing some headwinds, we are actively managing our controllable expenses. Our UK strategy remains focused on shifting a larger proportion of our income from home sale margins to the resilient, reliable NOI generated by real property rents. Finally, we are executing on our capital recycling objectives. Year to date, we have sold over $300 million of properties and used the proceeds to pay down debt.”

OPERATING HIGHLIGHTS

North America Portfolio Occupancy

• MH and annual RV sites were 97.5% occupied at June 30, 2024, as compared to 97.1% at June 30, 2023.
• During the quarter ended June 30, 2024, the number of MH and annual RV revenue producing sites increased by approximately 1,230 sites, as compared to an increase of approximately 1,040 sites during the corresponding period in 2023, an 18.7% increase.
• Transient-to-annual RV site conversions totaled approximately 920 sites during the second quarter of 2024, a 22.7% increase over the second quarter of 2023.

Same Property Results

For the properties owned and operated by the Company since at least January 1, 2023, the following table reflects the percentage changes for the quarter and six months ended June 30, 2024:

	Quarter Ended June 30, 2024
	North America
	MH			RV			Marina			Total			UK
Revenue	7.2	%		(0.7)%			5.5	%		4.4	%		4.9	%
Expense	9.2	%		4.0	%		4.2	%		6.0	%		0.5	%
NOI	6.4	%		(4.6)%			6.1	%		3.6	%		9.3	%
	Six Months Ended June 30, 2024
	North America
	MH			RV			Marina			Total			UK
Revenue	7.0	%		0.9	%		6.2	%		5.1	%		7.9	%
Expense	6.3	%		1.5	%		5.3	%		4.2	%		(0.5)%
NOI	7.2	%		0.3	%		6.7	%		5.6	%		19.4	%
Number of Properties	291			164			127			582			52

Same Property adjusted blended occupancy for MH and RV increased by 150 basis points to 98.7% at June 30, 2024, from 97.2% at June 30, 2023.

INVESTMENT ACTIVITY

During and subsequent to the quarter ended June 30, 2024, the Company completed the following dispositions:

• In July, a portfolio of six MH properties across six states for total cash consideration of $224.6 million, with an estimated gain on sale of approximately $140.0 million.
  • Net proceeds were used to pay down $62.3 million of mortgage debt and $151.1 million of borrowings under the Company’s Senior Credit Facility.

• In July, one MH property for total cash consideration of $38.0 million.
  • Net proceeds were used to pay down $16.7 million of mortgage debt and $20.3 million of borrowings under the Company’s Senior Credit Facility.

• In May, one Park Holidays property for total cash consideration of $5.4 million.

During the quarter ended June 30, 2024, the Company acquired:

• In April, one marina property and two marina expansion assets for total consideration of $12.0million including the issuance of common OP units valued at $2.5million.
• In June, a parcel of land in the UK for total consideration of $9.6 million, that will support the future expansion of an existing Park Holidays property.

BALANCE SHEET, CAPITAL MARKETS ACTIVITY AND OTHER ITEMS

As of June 30, 2024, the Company had $7.9 billion in debt outstanding with a weighted average interest rate of 4.2% and a weighted average maturity of 6.5 years. At June 30, 2024, the Company’s Net Debt to trailing twelve-month Recurring EBITDA ratio was 6.2 times. Pro forma solely for the post June 30, 2024 property dispositions and debt repayments outlined in “Investment Activity” above, the Company’s Net Debt to trailing twelve-month Recurring EBITDA ratio was 6.0 times.

2024 GUIDANCE

The Company is updating full year, and establishing third quarter 2024 guidance for diluted EPS and Core FFO per Share:

For the year ending December 31, 2024, the Company is re-affirming Core FFO per Share guidance in the range of $7.06 – $7.22 and establishing Core FFO per Share guidance for the third quarter ending September 30, 2024 in the range of $2.46 – $2.56.

		Full Year Ending December 31, 2024																Third Quarter Ending September 30, 2024
		Prior FY Guidance								Revised FY Range
Reconciliation of Diluted EPS to Core FFO per Share		Low				High				Low				High				Low				High
Diluted EPS		$	1.89			$	2.05			$	2.92			$	3.08			$	2.46			$	2.56
Depreciation and amortization			5.45				5.45				5.53				5.53				1.33				1.33
Gain on sale of assets			(0.30	)			(0.30	)			(0.26	)			(0.26	)			(0.09	)			(0.09	)
Gain on sale of properties			(0.04	)			(0.04	)			(1.18	)			(1.18	)			(1.12	)			(1.12	)
Distributions on preferred OP units			0.10				0.10				0.10				0.10				0.02				0.02
Noncontrolling interest			0.09				0.09				0.08				0.08				0.06				0.06
Transaction costs and other non-recurring G&A expenses			0.14				0.14				0.18				0.18				0.02				0.02
Deferred tax benefit			(0.18	)			(0.18	)			(0.23	)			(0.23	)			(0.13	)			(0.13	)
Difference in weighted average share count attributed to dilutive convertible securities			(0.09	)			(0.09	)			(0.14	)			(0.14	)			(0.11	)			(0.11	)
Other adjustments(a)			—				—				0.06				0.06				0.02				0.02
Core FFO(b)(c) per Share		$	7.06			$	7.22			$	7.06			$	7.22			$	2.46			$	2.56

^(a) Other adjustments consist primarily of remeasurement (gains) / losses, contingent legal and insurance gains and other items presented in the table that reconciles Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO on page 6.

^(b) The diluted share counts for the quarter ending September 30, 2024 and the year ending December 31, 2024 are estimated to be 129.6 million.

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

Exchange Rates in Effect at:		December 31, 2023		March 31, 2024		June 30, 2024
U.S. Dollar (“USD”) / Pound Sterling (“GBP”)		1.27		1.26		1.26
USD / Canadian Dollar (“CAD”)		0.75		0.74		0.73
USD / Australian Dollar (“AUS”)		0.68		0.65		0.67

The Company’s updated guidance for the full year ending December 31, 2024 is reflected below. Note that certain prior period amounts have been reclassified to conform with current period presentation, with no effect on Net income / (loss) and Core FFO. The reclassifications more precisely align certain indirect expenses with underlying activity drivers.

Key adjustments versus prior guidance are:

• Total Real Property NOI growth is 5.8% – 6.4%, 80 basis points lower at the midpoint of guidance for 2024, primarily reflecting the property dispositions and the resultant loss of income from those properties.
• Interest expense guidance is $6.5 million lower at the midpoint primarily due to debt paydown with proceeds generated from the property dispositions.
• Same Property Portfolio
  • In North America, the Company is reiterating the prior midpoint of 5.2% for Same Property NOI growth for the full year.
    • MH – increasing Same Property NOI growth to a range of 6.8% – 7.4%, an increase of 50 basis points at the midpoint, reflecting continued strong operational trends.
    • RV – reducing Same Property NOI growth to a range of (0.7%) – 0.9%, a decrease of 40 basis points at the midpoint, incorporating strength in annual RV and continued transient RV headwinds.
    • Marinas – reducing Same Property NOI to a range of 6.2% – 7.2%, a decrease of 30 basis points at the midpoint, reflecting current large-vessel movement dynamics.
  • In the UK, the Company is increasing Same Property NOI growth to a range of 8.6% – 10.4% for the full year, an increase of 250 basis points at the midpoint, reflecting continued strong annual rental income performance and expense management.
  • Full year 2023 and first half 2024 actual results have been adjusted for property dispositions in the 2024 Same Property Portfolio guidance for comparative performance purposes.
• FFO contribution from UK home sales – lowering full year UK home sales FFO contribution by $850,000 or approximately 1.5% at the midpoint to reflect updated expectations.
• General and administrative expenses, excluding non-recurring expenses – decreasing the midpoint by approximately $5.0 million, or 210 basis points, reflecting corporate cost rationalization.

Supplemental Guidance Tables:

Same Property Portfolio (in millions and %)(a)		FY 2023 Actual Results			Expected Change in 2024
					Prior FY Range						July31, 2024 Update
North America
Revenues from real property		$	1,710.8		5.4	%	–	5.8	%		4.8	%	–	5.2	%
Total property operating expenses		$	575.0		6.0	%	–	7.0	%		4.0	%	–	4.8	%
Total North America Same Property NOI(b)(c)		$	1,135.8		4.6	%	–	5.8	%		4.7	%	–	5.7	%
MH NOI (284 properties)		$	595.5		6.2	%	–	7.1	%		6.8	%	–	7.4	%
RV NOI (164 properties)		$	287.5		(0.3	%)	–	1.3	%		(0.7	%)	–	0.9	%
Marina NOI (127 properties)		$	252.7		6.4	%	–	7.6	%		6.2	%	–	7.2	%
UK (52 properties)
Revenues from real property		$	137.6		6.4	%	–	7.0	%		6.7	%	–	7.2	%
Total property operating expenses		$	68.3		6.0	%	–	6.9	%		3.9	%	–	4.7	%
Total UK Same Property NOI(b)		$	69.3		6.0	%	–	8.0	%		8.6	%	–	10.4	%

For the third quarter ending September 30, 2024, the Company’s guidance range assumes North America Same Property NOI growth of 3.1% – 4.9% and UK Same Property NOI growth of 2.1% – 4.1%.

Consolidated Portfolio Guidance For 2024 (in millions and %)		FY 2023 Actual Results			Expected Change / Range in 2024
					Prior FY Range								July31, 2024 Update
Revenues from real property		$	2,059.8			6.3	%	–		6.6	%			5.3	%	–		5.5	%
Total property operating expenses		$	810.4			5.7	%	–		6.0	%			4.1	%	–		4.4	%
Total Real Property NOI		$	1,249.4			6.5	%	–		7.3	%			5.8	%	–		6.4	%
Service, retail, dining and entertainment NOI		$	68.5		$	63.0		–	$	67.0			$	63.0		–	$	67.0
Interest income		$	45.4		$	17.8		–	$	18.8			$	17.8		–	$	18.8
Brokerage commissions and other, net(d)(e)		$	60.6		$	37.6		–	$	39.6			$	37.6		–	$	39.6
FFO contribution from North American home sales		$	17.0		$	13.0		–	$	13.9			$	13.0		–	$	13.9
FFO contribution from UK home sales(f)		$	59.2		$	55.4		–	$	62.4			$	55.1		–	$	61.0
Income from nonconsolidated affiliates		$	16.0		$	11.1		–	$	11.9			$	11.1		–	$	11.9
General and administrative expenses		$	272.1		$	269.7		–	$	274.7			$	268.7		–	$	272.0
General and administrative expenses excluding non-recurring expenses		$	242.5		$	251.3		–	$	256.3			$	247.0		–	$	250.3
Interest expense		$	325.8		$	355.6		–	$	361.1			$	350.1		–	$	353.6
Current tax expense		$	14.5		$	13.2		–	$	14.8			$	12.7		–	$	13.7

Expected Range in FY 2024

Seasonality		1Q24			2Q24			3Q24			4Q24
North America Same Property NOI:
MH		25	%		25	%		25	%		25	%
RV		17	%		24	%		40	%		19	%
Marina		19	%		26	%		30	%		25	%
Total		22	%		25	%		30	%		23	%
UK Same Property NOI		14	%		26	%		39	%		21	%
Home Sales FFO
North America		11	%		41	%		27	%		21	%
UK		17	%		28	%		34	%		21	%
Consolidated Service, Retail, Dining and Entertainment NOI		3	%		37	%		45	%		15	%
Consolidated EBITDA		18	%		26	%		33	%		23	%
Core FFO per Share		17	%		26	%		35	%		22	%

Footnotes to 2024 Guidance Assumptions
(a)	The amounts in the Same Property Portfolio table reflect constant currency, as Canadian and Pound Sterling currency figures included within the 2023 amounts have been translated at the assumed exchange rates used for 2024 guidance.
(b)	Total North America Same Property results net $111.2 million and $113.8 million of utility revenue against the related utility expense in property operating expenses for 2023 results and 2024 guidance, respectively. Total UK Same Property results net $16.7 million and $17.9 million of utility revenue against the related utility expense in property operating expenses for 2023 results and 2024 guidance, respectively.
(c)	2023 North America Same Property actual results exclude $0.4 million of expenses incurred at recently acquired properties to bring them up to the Company’s standards. The improvements included items such as tree trimming and painting costs that do not meet the Company’s capitalization policy.
(d)	Brokerage commissions and other, net includes $23.4 million and $16.3 million of business interruption income for the full year 2023 results and 2024 guidance, respectively. Business interruption recovery income for the first through second quarters of 2024 in the amount of $10.6 million was recorded as an adjustment to Core FFO in the loss of earnings – Catastrophic event-related charges, net line item.
(e)	Brokerage commissions and other, net included approximately $8.5 million of lease income in 2023 that will be recognized in total real property NOI in 2024.
(f)	Includes UK home sales from Park Holidays and Sandy Bay.

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 July31, 2024. 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 second quarter results will be held on Thursday, August1, 2024 at 2:00 P.M. (ET). To participate, call toll-free at (877) 407-9039. Callers outside the U.S. or Canada can access the call at (201) 689-8470. A replay will be available following the call through August15, 2024 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 13747122. The conference call will be available live on the Company’s website located at www.suninc.com. The replay will also be available on the website.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release contains various “forward-looking statements” within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this document that relate to expectations, beliefs, projections, future plans and strategies, trends or prospective events or developments and similar expressions concerning matters that are not historical facts are deemed to be forward-looking statements. Words such as “forecasts,” “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 and other factors may cause the Company’s actual results to be materially different from any future results expressed or implied by such forward-looking statements. In addition to the risks described under “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, 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:

∙	Changes in general economic conditions, including inflation, deflation, 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;
∙	Outbreaks of disease and related restrictions on business operations;
∙	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;
∙	The Company’s remediation plan and its ability to remediate the material weaknesses in its internal control over financial reporting;
∙	Expectations regarding the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill;
∙	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, including costs associated with prosecuting or defending claims and any adverse outcomes;
∙	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 June 30, 2024, the Company owned, operated, or had an interest in a portfolio of 666 developed MH, RV, Marina, and UK properties comprising approximately 181,760 developed sites and approximately 48,140 wet slips and dry storage spaces in the U.S., Canada and the UK.

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

Company Contacts
Investor Relations
Sara Ismail, Vice President
(248) 208-2500
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
BMO Capital Markets		John Kim		jp.kim@bmo.com
Citi Research		Eric Wolfe		eric.wolfe@citi.com
		Nicholas Joseph		nicholas.joseph@citi.com
Deutsche Bank		Conor Peaks		conor.peaks@db.com
		Omotayo Okusanya		omotayo.okusanya@db.com
Evercore ISI		Samir Khanal		samir.khanal@evercoreisi.com
		Steve Sakwa		steve.sakwa@evercoreisi.com
Green Street Advisors		John Pawlowski		jpawlowski@greenstreet.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
Wells Fargo		James Feldman		james.feldman@wellsfargo.com
Wolfe Research		Andrew Rosivach		arosivach@wolferesearch.com
		Keegan Carl		kcarl@wolferesearch.com

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

	Quarters Ended
	6/30/2024				3/31/2024				12/31/2023				9/30/2023				6/30/2023
Financial Information
Basic earnings / (loss) per share(a)	$	0.42			$	(0.22	)		$	(0.65	)		$	0.97			$	(1.67	)
Diluted earnings / (loss) per share(a)	$	0.42			$	(0.22	)		$	(0.65	)		$	0.97			$	(1.68	)
Cash distributions declared per common share	$	0.94			$	0.94			$	0.93			$	0.93			$	0.93
FFO per Share(a)(b)	$	1.79			$	1.12			$	1.41			$	2.55			$	1.96
Core FFO per Share(b)	$	1.86			$	1.19			$	1.34			$	2.57			$	1.96
Real Property NOI
MH	$	160.7			$	162.5			$	155.6			$	153.1			$	151.3
RV		74.2				51.2				50.4				128.2				75.6
Marina		77.7				56.9				65.3				83.1				72.2
UK		18.7				15.3				14.0				29.0				17.3
Total	$	331.3			$	285.9			$	285.3			$	393.4			$	316.4
Recurring EBITDA	$	335.9			$	234.0			$	256.0			$	433.0			$	339.7
TTM Recurring EBITDA / Interest	3.6 x				3.7 x				3.9 x				4.0 x				4.3 x
Net Debt / TTM Recurring EBITDA	6.2 x				6.1 x				6.1 x				6.1 x				6.2 x
Balance Sheet
Total assets(a)	$	17,011.1			$	17,113.3			$	16,940.7			$	17,246.6			$	17,234.9
Total debt	$	7,852.8			$	7,872.0			$	7,777.3			$	7,665.0			$	7,614.0
Total liabilities	$	9,781.6			$	9,830.0			$	9,506.8			$	9,465.0			$	9,474.8
Operating Information
Properties
MH		296				296				298				298				299
RV		179				179				179				182				182
Marina		137				136				135				135				135
UK		54				54				55				55				55
Total		666				665				667				670				671
Sites, Wet Slips and Dry Storage Spaces
MH		100,160				99,930				100,320				100,200				100,220
Annual RV		33,590				33,290				32,390				32,150				31,620
UK annual		17,710				18,110				18,110				18,050				17,950
Transient		30,300				28,780				28,490				29,770				30,270
Total sites		181,760				180,110				179,310				180,170				180,060
Marina wet slips and dry storage spaces(c)		48,140				48,040				48,030				48,030				48,180
Occupancy
MH		96.7	%			96.7	%			96.6	%			96.3	%			96.2	%
Annual RV		100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
Blended MH and annual RV		97.5	%			97.5	%			97.4	%			97.2	%			97.1	%
UK annual		89.9	%			88.9	%			89.5	%			90.6	%			90.1	%
MH and RV Revenue Producing Site Net Gains(d)
MH leased sites, net		315				57				387				207				285
RV leased sites, net		918				157				296				537				754
Total leased sites, net		1,233				214				683				744				1,039

^(a) As adjusted for non-cash goodwill impairment.

^(b) Excludes the effect of certain anti-dilutive convertible securities.

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

^(d) Revenue producing site net gains do not include occupied sites acquired during the year.

Portfolio Overview as of June 30, 2024

		MH & RV Properties
		Properties		MH & Annual RV					Transient RV Sites		Total Sites		Sites for Development
Location				Sites		Occupancy %
North America
Florida		128		40,980		97.8	%		4,500		45,480		2,340
Michigan		85		33,130		96.9	%		530		33,660		1,290
California		37		6,960		98.9	%		1,840		8,800		850
Texas		29		9,090		96.6	%		1,770		10,860		3,850
Ontario, Canada		16		4,640		100.0	%		540		5,180		1,450
Connecticut		16		1,920		95.4	%		80		2,000		—
Maine		15		2,540		96.1	%		1,020		3,560		200
Arizona		12		4,490		97.3	%		830		5,320		1,120
Indiana		12		3,160		97.8	%		1,030		4,190		180
New Jersey		11		3,000		100.0	%		1,000		4,000		260
Colorado		11		2,910		88.1	%		970		3,880		1,390
Virginia		10		1,660		100.0	%		2,050		3,710		750
New York		10		1,530		99.0	%		1,420		2,950		780
Other		83		17,740		98.8	%		8,140		25,880		1,000
Total		475		133,750		97.5	%		25,720		159,470		15,460

		Properties		UK Properties					Transient Sites		Total Sites		Sites for Development
Location				Sites		Occupancy %
United Kingdom		54		17,710		89.9	%		4,580		22,290		2,190

		Marina
		Properties				Wet Slips and Dry Storage Spaces
Location
Florida		21				5,060
Rhode Island		12				3,460
Connecticut		12				3,510
California		11				5,710
New York		9				3,020
Massachusetts		9				2,560
Maryland		9				2,480
Other		54				22,340
Total		137				48,140

		Properties				Sites, Wet Slips and Dry Storage Spaces
Total Portfolio		666				229,900

Consolidated Balance Sheets
(amounts in millions)

	June 30, 2024				December 31, 2023
Assets
Land	$	4,555.0			$	4,278.2
Land improvements and buildings		11,619.4				11,682.2
Rental homes and improvements		769.2				744.4
Furniture, fixtures and equipment		1,073.3				1,011.7
Investment property		18,016.9				17,716.5
Accumulated depreciation		(3,552.2	)			(3,272.9	)
Investment property, net		14,464.7				14,443.6
Cash, cash equivalents and restricted cash		104.2				42.7
Inventory of manufactured homes		182.3				205.6
Notes and other receivables, net		417.4				421.6
Collateralized receivables, net(a)		54.3				56.2
Goodwill		731.7				733.0
Other intangible assets, net		354.2				369.5
Other assets, net		702.3				668.5
Total Assets	$	17,011.1			$	16,940.7
Liabilities
Mortgage loans payable	$	3,452.0			$	3,478.9
Secured borrowings on collateralized receivables(a)		54.3				55.8
Unsecured debt		4,346.5				4,242.6
Distributions payable		119.7				118.2
Advanced reservation deposits and rent		423.3				344.5
Accrued expenses and accounts payable		406.3				313.7
Other liabilities		979.5				953.1
Total Liabilities		9,781.6				9,506.8
Commitments and contingencies
Temporary equity		259.7				260.9
Shareholders’ Equity
Common stock		1.2				1.2
Additional paid-in capital		9,481.2				9,466.9
Accumulated other comprehensive income		6.0				12.2
Distributions in excess of accumulated earnings		(2,604.1	)			(2,397.5	)
Total SUI Shareholders’ Equity		6,884.3				7,082.8
Noncontrolling interests
Common and preferred OP units		84.8				90.2
Consolidated entities		0.7				—
Total noncontrolling interests		85.5				90.2
Total Shareholders’ Equity		6,969.8				7,173.0
Total Liabilities, Temporary Equity and Shareholders’ Equity	$	17,011.1			$	16,940.7

^(a) Refer to “Secured borrowings on collateralized receivables” within Definitions and Notes for additional information.

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

	Quarter Ended											Six Months Ended
	June 30, 2024				June 30, 2023				% Change			June 30, 2024				June 30, 2023				% Change
Revenues					As Restated											As Restated
Real property (excluding transient)(a)	$	462.3			$	430.1			7.5	%		$	897.7			$	828.3			8.4	%
Real property – transient		89.1				95.9			(7.1)%				130.6				139.3			(6.2)%
Home sales		107.5				122.6			(12.3)%				176.4				208.9			(15.6)%
Service, retail, dining and entertainment		188.6				191.0			(1.3)%				306.5				293.4			4.5	%
Interest		5.3				14.0			(62.1)%				9.9				25.4			(61.0)%
Brokerage commissions and other, net		11.2				9.8			14.3	%			14.2				19.3			(26.4)%
Total Revenues		864.0				863.4			0.1	%			1,535.3				1,514.6			1.4	%
Expenses
Property operating and maintenance(a)		188.7				179.6			5.1	%			348.4				336.8			3.4	%
Real estate tax		31.4				30.0			4.7	%			62.7				60.1			4.3	%
Home costs and selling		76.8				86.4			(11.1)%				128.7				149.0			(13.6)%
Service, retail, dining and entertainment		165.9				165.0			0.5	%			281.8				264.8			6.4	%
General and administrative		65.3				62.7			4.1	%			143.8				126.8			13.4	%
Catastrophic event-related charges, net		2.3				(0.1	)		N/M				9.5				0.9			N/M
Business combinations		0.2				0.2			—	%			0.2				3.0			(93.3)%
Depreciation and amortization		172.8				164.1			5.3	%			338.1				319.7			5.8	%
Asset impairments(b)		11.6				6.5			78.5	%			32.3				8.9			262.9	%
Goodwill impairment		—				309.7			(100.0)%				—				325.1			(100.0)%
Loss on extinguishment of debt		—				—			N/A				0.6				—			N/A
Interest		89.8				79.2			13.4	%			179.5				155.8			15.2	%
Interest on mandatorily redeemable preferred OP units / equity		—				0.9			(100.0)%				—				1.9			(100.0)%
Total Expenses		804.8				1,084.2			(25.8)%				1,525.6				1,752.8			(13.0)%
Income / (Loss) Before Other Items		59.2				(220.8	)		N/M				9.7				(238.2	)		N/M
Gain / (loss) on remeasurement of marketable securities		—				5.8			(100.0)%				—				(14.1	)		(100.0)%
Gain / (loss) on foreign currency exchanges		(2.8	)			2.7			N/M				(1.7	)			—			N/A
Gain / (loss) on dispositions of properties		2.5				(0.6	)		N/M				7.9				(2.2	)		N/M
Other income / (expense), net(b)		(1.6	)			(0.8	)		100.0	%			6.4				(1.8	)		N/M
Loss on remeasurement of notes receivable		(0.4	)			(0.1	)		N/M				(1.1	)			(1.8	)		(38.9)%
Income / (loss) from nonconsolidated affiliates		3.0				(0.7	)		N/M				4.4				(0.9	)		N/M
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates		0.1				—			N/A				5.3				(4.5	)		N/M
Current tax expense		(5.3	)			(5.4	)		(1.9)%				(7.4	)			(9.3	)		(20.4)%
Deferred tax benefit		3.7				7.7			(51.9)%				9.4				12.3			(23.6)%
Net Income / (Loss)		58.4				(212.2	)		N/M				32.9				(260.5	)		N/M
Less: Preferred return to preferred OP units / equity interests		3.2				3.2			—	%			6.4				5.6			14.3	%
Less: Income / (loss) attributable to noncontrolling interests		3.1				(7.8	)		N/M				1.8				(13.6	)		N/M
Net Income / (Loss) Attributable to SUI Common Shareholders	$	52.1			$	(207.6	)		N/M			$	24.7			$	(252.5	)		N/M
Weighted average common shares outstanding – basic(b)		123.7				123.4			0.2	%			123.7				123.4			0.2	%
Weighted average common shares outstanding – diluted(b)		123.7				126.1			(1.9)%				126.4				126.2			0.2	%
Basic earnings / (loss) per share	$	0.42			$	(1.67	)		N/M			$	0.20			$	(2.03	)		N/M
Diluted earnings / (loss) per share(c)	$	0.42			$	(1.68	)		N/M			$	0.20			$	(2.04	)		N/M

^(a) Refer to “Utility Revenues” within Definitions and Notes for additional information.
^(b) Refer to Definitions and Notes for additional information.
^(c) Excludes the effect of certain anti-dilutive convertible securities.
N/M = Not meaningful.
N/A = Not applicable.

Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO
(amounts in millions, except for per share data)

	Quarter Ended								Six Months Ended
	June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
					As Restated								As Restated
Net Income / (Loss) Attributable to SUI Common Shareholders	$	52.1			$	(207.6	)		$	24.7			$	(252.5	)
Adjustments
Depreciation and amortization		172.0				163.4				336.5				318.3
Depreciation on nonconsolidated affiliates		0.1				0.1				0.2				0.1
Asset impairments		11.6				6.5				32.3				8.9
Goodwill impairment		—				309.7				—				325.1
(Gain) / loss on remeasurement of marketable securities		—				(5.8	)			—				14.1
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates		(0.1	)			—				(5.3	)			4.5
Loss on remeasurement of notes receivable		0.4				0.1				1.1				1.8
(Gain) / loss on dispositions of properties, including tax effect		(1.8	)			0.8				(7.1	)			4.3
Add: Returns on preferred OP units		2.1				3.7				4.1				6.4
Add: Income / (loss) attributable to noncontrolling interests		2.7				(7.9	)			1.7				(13.5	)
Gain on dispositions of assets, net		(8.6	)			(10.6	)			(14.0	)			(18.5	)
FFO(a)	$	230.5			$	252.4			$	374.2			$	399.0
Adjustments
Business combination expense		0.2				0.2				0.2				3.0
Acquisition and other transaction costs(a)		3.1				4.7				13.0				8.4
Loss on extinguishment of debt		—				—				0.6				—
Catastrophic event-related charges, net		2.3				(0.1	)			9.5				0.9
Loss of earnings – catastrophic event-related charges, net(b)		0.3				5.5				5.6				11.0
(Gain) / loss on foreign currency exchanges		2.8				(2.7	)			1.7				—
Other adjustments, net(a)		(0.5	)			(7.1	)			(12.9	)			(10.7	)
Core FFO(a)(c)	$	238.7			$	252.9			$	391.9			$	411.6
Weighted Average Common Shares Outstanding – Diluted		128.6				129.0				128.6				129.0
FFO per Share(a)(c)	$	1.79			$	1.96			$	2.91			$	3.09
Core FFO per Share(a)(c)	$	1.86			$	1.96			$	3.05			$	3.19

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

^(b) Loss of earnings – catastrophic event-related charges, net include the following:

	Quarter Ended							Six Months Ended
	June 30, 2024				June 30, 2023			June 30, 2024				June 30, 2023
Hurricane Ian – three Fort Myers, Florida RV communities impaired
Estimated loss of earnings in excess of the applicable business interruption deductible	$	5.3			$	5.3		$	10.6			$	10.6
Insurance recoveries realized for previously estimated loss of earnings		(5.0	)			—			(5.0	)			—
Hurricane Irma – three Florida Keys communities impaired
Estimated loss of earnings in excess of the applicable business interruption deductible		—				0.2			—				0.4
Loss of earnings – catastrophic event-related charges, net	$	0.3			$	5.5		$	5.6			$	11.0

^(c) Excludes the effect of certain anti-dilutive convertible securities.

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

	Quarter Ended								Six Months Ended
	June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
					As Restated								As Restated
Net Income / (Loss) Attributable to SUI Common Shareholders	$	52.1			$	(207.6	)		$	24.7			$	(252.5	)
Interest income		(5.3	)			(14.0	)			(9.9	)			(25.4	)
Brokerage commissions and other revenues, net		(11.2	)			(9.8	)			(14.2	)			(19.3	)
General and administrative		65.3				62.7				143.8				126.8
Catastrophic event-related charges, net		2.3				(0.1	)			9.5				0.9
Business combination expense		0.2				0.2				0.2				3.0
Depreciation and amortization		172.8				164.1				338.1				319.7
Asset impairments		11.6				6.5				32.3				8.9
Goodwill impairment		—				309.7				—				325.1
Loss on extinguishment of debt		—				—				0.6				—
Interest expense		89.8				79.2				179.5				155.8
Interest on mandatorily redeemable preferred OP units / equity		—				0.9				—				1.9
(Gain) / loss on remeasurement of marketable securities		—				(5.8	)			—				14.1
(Gain) / loss on foreign currency exchanges		2.8				(2.7	)			1.7				—
(Gain) / loss on disposition of properties		(2.5	)			0.6				(7.9	)			2.2
Other (income) / expense, net(a)		1.6				0.8				(6.4	)			1.8
Loss on remeasurement of notes receivable		0.4				0.1				1.1				1.8
(Income) / loss from nonconsolidated affiliates		(3.0	)			0.7				(4.4	)			0.9
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates		(0.1	)			—				(5.3	)			4.5
Current tax expense		5.3				5.4				7.4				9.3
Deferred tax benefit		(3.7	)			(7.7	)			(9.4	)			(12.3	)
Add: Preferred return to preferred OP units / equity interests		3.2				3.2				6.4				5.6
Add: Income / (loss) attributable to noncontrolling interests		3.1				(7.8	)			1.8				(13.6	)
NOI	$	384.7			$	378.6			$	689.6			$	659.2

	Quarter Ended						Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
				As Restated						As Restated
Real property NOI(a)	$	331.3		$	316.4		$	617.2		$	570.7
Home sales NOI(a)		30.7			36.2			47.7			59.9
Service, retail, dining and entertainment NOI(a)		22.7			26.0			24.7			28.6
NOI	$	384.7		$	378.6		$	689.6		$	659.2

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

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

	Quarter Ended								Six Months Ended
	June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
					As Restated								As Restated
Net Income / (Loss) Attributable to SUI Common Shareholders	$	52.1			$	(207.6	)		$	24.7			$	(252.5	)
Adjustments
Depreciation and amortization		172.8				164.1				338.1				319.7
Asset impairments		11.6				6.5				32.3				8.9
Goodwill impairment		—				309.7				—				325.1
Loss on extinguishment of debt		—				—				0.6				—
Interest expense		89.8				79.2				179.5				155.8
Interest on mandatorily redeemable preferred OP units / equity		—				0.9				—				1.9
Current tax expense		5.3				5.4				7.4				9.3
Deferred tax benefit		(3.7	)			(7.7	)			(9.4	)			(12.3	)
(Income) / loss from nonconsolidated affiliates		(3.0	)			0.7				(4.4	)			0.9
Less: (Gain) / loss on dispositions of properties		(2.5	)			0.6				(7.9	)			2.2
Less: Gain on dispositions of assets, net		(8.6	)			(10.6	)			(14.0	)			(18.5	)
EBITDAre(a)	$	313.8			$	341.2			$	546.9			$	540.5
Adjustments
Catastrophic event-related charges, net		2.3				(0.1	)			9.5				0.9
Business combination expense		0.2				0.2				0.2				3.0
(Gain) / loss on remeasurement of marketable securities		—				(5.8	)			—				14.1
(Gain) / loss on foreign currency exchanges		2.8				(2.7	)			1.7				—
Other (income) / expense, net(a)		1.6				0.8				(6.4	)			1.8
Loss on remeasurement of notes receivable		0.4				0.1				1.1				1.8
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates		(0.1	)			—				(5.3	)			4.5
Add: Preferred return to preferred OP units / equity interests		3.2				3.2				6.4				5.6
Add: Income / (loss) attributable to noncontrolling interests		3.1				(7.8	)			1.8				(13.6	)
Add: Gain on dispositions of assets, net		8.6				10.6				14.0				18.5
Recurring EBITDA(a)	$	335.9			$	339.7			$	569.9			$	577.1

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

Real Property Operations – Total Portfolio
(amounts in millions, except statistical information)

	Quarter Ended June 30, 2024																			Quarter Ended June 30, 2023
Financial Information	MH				RV				Marinas			UK				Total				MH				RV				Marinas			UK				Total
Revenues
Real property (excluding transient)(a)	$	239.4			$	80.6			$	111.2		$	31.1			$	462.3			$	224.0			$	72.7			$	105.0		$	28.4			$	430.1
Real property – transient		0.3				67.6				7.6			13.6				89.1				0.3				75.5				6.7			13.4				95.9
Total operating revenues		239.7				148.2				118.8			44.7				551.4				224.3				148.2				111.7			41.8				526.0
Expenses
Property operating expenses		79.0				74.0				41.1			26.0				220.1				73.0				72.6				39.5			24.5				209.6
Real Property NOI	$	160.7			$	74.2			$	77.7		$	18.7			$	331.3			$	151.3			$	75.6			$	72.2		$	17.3			$	316.4
	Six Months Ended June 30, 2024																			Six Months Ended June 30, 2023
Financial Information	MH				RV				Marinas			UK				Total				MH				RV				Marinas			UK				Total
Revenues
Real property (excluding transient)(a)	$	477.0			$	150.6			$	203.7		$	66.4			$	897.7			$	447.5			$	134.5			$	190.4		$	55.9			$	828.3
Real property – transient		0.7				102.1				11.5			16.3				130.6				0.8				113.3				10.4			14.8				139.3
Total operating revenues		477.7				252.7				215.2			82.7				1,028.3				448.3				247.8				200.8			70.7				967.6
Expenses
Property operating expenses		154.4				127.3				80.6			48.8				411.1				146.4				127.1				76.4			47.0				396.9
Real Property NOI	$	323.3			$	125.4			$	134.6		$	33.9			$	617.2			$	301.9			$	120.7			$	124.4		$	23.7			$	570.7
	As of June 30, 2024																			As of June 30, 2023
Other Information	MH				RV				Marinas			UK				Total				MH				RV				Marinas			UK				Total
Number of Properties		296				179				137			54				666				299				182				135			55				671
Sites, Wet Slips and Dry Storage Spaces
Sites, wet slips and dry storage spaces(b)		100,160				33,590				48,140			17,710				199,600				100,220				31,620				48,180			17,950				197,970
Transient sites	N/A					25,720			N/A				4,580				30,300			N/A					26,920			N/A				3,350				30,270
Total		100,160				59,310				48,140			22,290				229,900				100,220				58,540				48,180			21,300				228,240
Occupancy		96.7	%			100.0	%		N/A				89.9	%			96.7	%			96.2	%			100.0	%		N/A				90.1	%			96.3	%

N/M = Not meaningful. N/A = Not applicable.

^(a) Refer to “Utility Revenues” within Definitions and Notes for additional information.

^(b) MH annual sites included 10,589 and 9,721 rental homes in the Company’s Rental Program at June 30, 2024 and 2023, respectively. The Company’s investment in occupied rental homes at June 30, 2024 was $709.4 million, an increase of 12.6% from $630.0 million at June 30, 2023.

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

	Quarter Ended June 30, 2024												Quarter Ended June 30, 2023												Total Change				% Change(c)
	MH(b)			RV(b)			Marina			Total			MH(b)			RV(b)			Marina			Total							MH			RV			Marina			Total
Financial Information
Same Property Revenues
Real property (excluding transient)	$	222.1		$	74.1		$	96.0		$	392.2		$	207.1		$	66.8		$	91.4		$	365.3		$	26.9			7.2	%		11.0	%		5.1	%		7.4	%
Real property – transient		0.3			60.5			7.5			68.3			0.3			68.9			6.6			75.8			(7.5	)		(8.4)%			(12.0)%			11.2	%		(10.0)%
Total Same Property operating revenues		222.4			134.6			103.5			460.5			207.4			135.7			98.0			441.1			19.4			7.2	%		(0.7)%			5.5	%		4.4	%
Same Property Expenses
Same Property operating expenses(d)(e)		61.9			64.2			32.4			158.5			56.6			61.9			31.0			149.5			9.0			9.2	%		4.0	%		4.2	%		6.0	%
Real Property NOI(e)	$	160.5		$	70.4		$	71.1		$	302.0		$	150.8		$	73.8		$	67.0		$	291.6		$	10.4			6.4	%		(4.6)%			6.1	%		3.6	%

	Six Months Ended June 30, 2024												Six Months Ended June 30, 2023												Total Change				% Change(c)
	MH(b)			RV(b)			Marina			Total			MH(b)			RV(b)			Marina			Total							MH			RV			Marina			Total
Financial Information
Same Property Revenues
Real property (excluding transient)	$	440.1		$	139.1		$	174.9		$	754.1		$	411.3		$	124.1		$	164.9		$	700.3		$	53.8			7.0	%		12.1	%		6.1	%		7.7	%
Real property – transient		0.7			91.8			11.2			103.7			0.7			104.9			10.3			115.9			(12.2	)		6.6	%		(12.4)%			8.9	%		(10.4)%
Total Same Property operating revenues		440.8			230.9			186.1			857.8			412.0			229.0			175.2			816.2			41.6			7.0	%		0.9	%		6.2	%		5.1	%
Same Property Expenses
Same Property operating expenses(d)(e)		118.1			110.0			63.7			291.8			111.1			108.4			60.5			280.0			11.8			6.3	%		1.5	%		5.3	%		4.2	%
Real Property NOI(e)	$	322.7		$	120.9		$	122.4		$	566.0		$	300.9		$	120.6		$	114.7		$	536.2		$	29.8			7.2	%		0.3	%		6.7	%		5.6	%
Other Information
Number of properties		291			164			127			582			291			164			127			582
Sites, wet slips and dry storage spaces		99,390			55,590			43,380			198,360			99,380			55,200			43,620			198,200

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

^(b) Same Property results for the Company’s MH and RV properties reflect constant currency for comparative purposes. Canadian currency figures in the prior comparative period have been translated at the average exchange rate of $0.7309 and $0.7364 USD per Canadian dollar, respectively, during the quarter and six months ended June 30, 2024.

^(c) Percentages are calculated based on unrounded numbers.

^(d) Refer to “Utility Revenues” within Definitions and Notes for additional information.

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

^(e) Total Same Property operating expenses consist of the following components for the periods shown (in millions) and exclude amounts invested into recently acquired properties to bring them up to the Company’s standards:

	Quarter Ended												Six Months Ended
	June 30, 2024			June 30, 2023			Change			% Change(c)			June 30, 2024			June 30, 2023			Change			% Change(c)
Payroll and benefits	$	52.3		$	50.3		$	2.0		4.0	%		$	94.9		$	93.5		$	1.4		1.4	%
Real estate taxes		28.8			27.6			1.2		4.4	%			57.5			55.6			1.9		3.5	%
Supplies and repairs		22.8			20.8			2.0		9.5	%			38.2			35.2			3.0		8.7	%
Utilities		16.8			16.0			0.8		4.7	%			30.6			30.5			0.1		0.2	%
Legal, state / local taxes, and insurance		14.7			14.1			0.6		4.1	%			29.1			28.7			0.4		1.5	%
Other		23.1			20.7			2.4		11.6	%			41.5			36.5			5.0		13.8	%
Total Same Property Operating Expenses	$	158.5		$	149.5		$	9.0		6.0	%		$	291.8		$	280.0		$	11.8		4.2	%

		As of
		June 30, 2024								June 30, 2023
		MH				RV				MH				RV
Other Information
Number of properties			291				164				291				164
Sites
MH and annual RV sites			99,390				33,100				99,380				31,450
Transient RV sites		N/A					22,490			N/A					23,750
Total			99,390				55,590				99,380				55,200
MH and Annual RV Occupancy
Occupancy(b)			97.2	%			100.0	%			96.8	%			100.0	%
Monthly base rent per site		$	692			$	612			$	653			$	575
% Change of monthly base rent(c)			6.0	%			6.4	%		N/A				N/A
Rental Program Statistics included in MH:
Number of occupied sites, end of period(d)			10,300			N/A					9,680			N/A
Monthly rent per site – MH rental program		$	1,325			N/A				$	1,264			N/A
% Change(d)			4.8	%		N/A				N/A				N/A

N/A = Not applicable.

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

^(b) Same Property blended occupancy for MH and RV was 97.9% at June 30, 2024, up 30 basis points from 97.6% at June 30, 2023. Adjusting for recently delivered and vacant expansion sites, Same Property adjusted blended occupancy for MH and RV increased by 150 basis points year over year, to 98.7% at June 30, 2024, from 97.2% at June 30, 2023.

^(c) Calculated using actual results without rounding.

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

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

	Quarter Ended									Six Months Ended
	June 30, 2024			June 30, 2023			% Change(c)			June 30, 2024			June 30, 2023			% Change(c)
Financial Information(b)
Same Property Revenues
Real property (excluding transient)	$	24.7		$	23.1		7.1	%		$	49.6		$	46.0		7.7	%
Real property – transient		13.7			13.5		1.0	%			16.2			15.0		8.3	%
Total Same Property operating revenues		38.4			36.6		4.9	%			65.8			61.0		7.9	%
Same Property Expenses
Same Property operating expenses(d)		18.5			18.4		0.5	%			35.2			35.4		(0.5)%
Real Property NOI	$	19.9		$	18.2		9.3	%		$	30.6		$	25.6		19.4	%

		As of
		June 30, 2024				June 30, 2023				Change
Other Information
Number of properties			52				52				—
Sites
UK sites			16,560				16,440				120
UK transient sites			3,420				3,200				220
Occupancy(e)			90.0	%			90.7	%		(0.7)%
Monthly base rent per site		$	519			$	481			$	38

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

^(b) Same Property results for the UK properties reflect constant currency for comparative purposes. UK currency figures in the prior comparative period have been translated at the average exchange rate of $1.2618 USD and $1.2649 USD per Pound sterling, respectively, during the quarter and six months ended June 30, 2024.

^(c) Percentages are calculated based on unrounded numbers.

^(d) Refer to “Utility Revenues” within Definitions and Notes for additional information.

^(e) Adjusting for recently delivered and vacant expansion sites, Same Property adjusted occupancy decreased by 40 basis points year-over-year, to 90.8% at June 30, 2024, from 91.2% at June 30, 2023.

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

	Quarter Ended											Six Months Ended
Financial Information	June 30, 2024				June 30, 2023				% Change			June 30, 2024				June 30, 2023				% Change
MH
Home sales	$	58.2			$	62.3			(6.6)%			$	91.0			$	109.5			(16.9)%
Home cost and selling expenses		45.0				46.0			(2.2)%				71.2				82.0			(13.2)%
NOI	$	13.2			$	16.3			(19.0)%			$	19.8			$	27.5			(28.0)%
NOI margin %		22.7	%			26.2	%						21.8	%			25.1	%
UK
Home sales	$	49.3			$	60.3			(18.2)%			$	85.4			$	99.4			(14.1)%
Home cost and selling expenses		31.8				40.4			(21.3)%				57.5				67.0			(14.2)%
NOI	$	17.5			$	19.9			(12.1)%			$	27.9			$	32.4			(13.9)%
NOI margin %		35.5	%			33.0	%						32.7	%			32.6	%
Total
Home sales	$	107.5			$	122.6			(12.3)%			$	176.4			$	208.9			(15.6)%
Home cost and selling expenses		76.8				86.4			(11.1)%				128.7				149.0			(13.6)%
NOI	$	30.7			$	36.2			(15.2)%			$	47.7			$	59.9			(20.4)%
NOI margin %		28.6	%			29.5	%						27.0	%			28.7	%
Other information
Units Sold:
MH		623				684			(8.9)%				950				1,273			(25.4)%
UK		787				837			(6.0)%				1,408				1,426			(1.3)%
Total home sales		1,410				1,521			(7.3)%				2,358				2,699			(12.6)%
Average Selling Price:
MH	$	93,419			$	91,082			2.6	%		$	95,789			$	86,017			11.4	%
UK	$	62,643			$	72,043			(13.0)%			$	60,653			$	69,705			(13.0)%

Operating Statistics for MH and Annual RVs

		Resident Move-outs
		% of Total Sites			Number of Move-outs		Leased Sites, Net(b)		New Home Sales		Pre-owned Home Sales		Brokered Re-sales
2024 – YTD as of June 30		3.1	%	(a)	1,236		1,447		218		732		822
2023		3.6	%		6,590		3,268		564		2,001		2,296
2022		3.0	%		5,170		2,922		703		2,509		2,864

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

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

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

Property Name		Property Type		Number of Properties*		Sites, Wet Slips and Dry Storage Spaces*		State, Province or Country		Total Purchase Price / Sales Proceeds			Month
ACQUISITIONS
First Quarter 2024
Port of San Juan(a)		Marina		1		8		PR		$	—		March
Second Quarter 2024
Port Milford(b)		Marina		1		92		CT			4.0		April
Oak Leaf(c)		Marina		—		89		CT			5.0		April
Berth One Palm Beach(c)		Marina		—		4		FL			3.0		April
Acquisitions to Date				2		193				$	12.0
DISPOSITIONS
First Quarter 2024
Spanish Trails and Sundance		MH		2		533		AZ & FL		$	51.7		February
Second Quarter 2024
Littondale		UK		1		114		UK			5.4		May
Subsequent to Second Quarter 2024
Six Community MH Portfolio		MH		6		2,087		Various			224.6		July
Lake Pointe Village		MH		1		361		FL			38.0		July
Dispositions to Date				10		3,095				$	319.7

^(a) Acquired via ground lease agreement.

^(b) In conjunction with this acquisition, the Company issued 19,326 common OP units valued at $2.5million.

^(c) Combined with an existing property.

Capital Expenditures and Investments
(amounts in millions, except for *)

	Six Months Ended												Year Ended
	June 30, 2024												December 31, 2023												December 31, 2022
	MH / RV			Marina			UK			Total			MH / RV			Marina			UK			Total			MH / RV			Marina			UK			Total
Recurring Capital Expenditures(a)	$	30.9		$	25.8		$	6.7		$	63.4		$	51.8		$	35.5		$	—		$	87.3		$	51.0		$	22.8		$	—		$	73.8
Non-Recurring Capital Expenditures(a)
Lot Modifications	$	14.1		N/A			$	1.5		$	15.6		$	54.9		N/A			$	—		$	54.9		$	39.1		N/A			$	—		$	39.1
Growth Projects		3.0			50.0			4.7			57.7			21.6			82.9			—			104.5			28.4			71.1			—			99.5
Rebranding		—		N/A				2.9			2.9			4.7		N/A				—			4.7			15.0		N/A				—			15.0
Acquisitions		32.2			60.8			10.5			103.5			115.1			186.3			67.3			368.7			503.0			522.5			2,285.1			3,310.6
Expansion and Development		63.0			4.4			10.2			77.6			247.4			26.0			2.9			276.3			243.8			13.9			4.1			261.8
Total Non-Recurring Capital Expenditures		112.3			115.2			29.8			257.3			443.7			295.2			70.2			809.1			829.3			607.5			2,289.2			3,726.0
Total	$	143.2		$	141.0		$	36.5		$	320.7		$	495.5		$	330.7		$	70.2		$	896.4		$	880.3		$	630.3		$	2,289.2		$	3,799.8
Other Information
Recurring Capex per Site, Slip and Dry Storage Spaces(b)*	$	210		$	538		$	370		$	298		$	388		$	867		N/A			$	500		$	397		$	582		N/A			$	441

N/A = Not applicable.

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

^(b) Average based on actual number of MH and RV sites, Marina wet slips and dry storage spaces, and UK sites associated with the recurring capital expenditures in each period.

Capitalization Overview
(Shares and units in thousands, dollar amounts in millions, except for *)

		As of
		June 30, 2024
Equity and Enterprise Value		Common Equivalent Shares		Share Price*			Capitalization
Common shares		124,653		$	120.34		$	15,000.7
Convertible securities
Common OP units		2,690		$	120.34			323.7
Preferred OP units		2,607		$	120.34			313.7
Diluted shares outstanding and market capitalization(a)		129,950						15,638.1
Plus: Total debt, per consolidated balance sheet								7,852.8
Total capitalization								23,490.9
Less: Cash and cash equivalents (excluding restricted cash)								(89.1	)
Enterprise Value(b)							$	23,401.8
Debt				Weighted Average Maturity (in years)*			Debt Outstanding
Mortgage loans payable					8.7		$	3,452.0
Secured borrowings on collateralized receivables(c)					13.7			54.3
Unsecured debt					4.7			4,346.5
Total carrying value of debt, per consolidated balance sheet					6.5			7,852.8
Plus: Unamortized deferred financing costs and discounts / premiums on debt								37.4
Total Debt							$	7,890.2
Corporate Debt Rating and Outlook
Moody’s							Baa3 | Stable
S&P							BBB | Stable

^(a) Refer to “Securities” within Definitions and Notes for additional information related to the Company’s securities outstanding.

^(b) Refer to “Enterprise Value” within Definitions and Notes for additional information.

^(c) Refer to “Secured borrowings on collateralized receivables” within Definitions and Notes for additional information.

Summary of Outstanding Debt

(amounts in millions, except for *)

		Quarter Ended
		June 30, 2024
		Debt Outstanding			Weighted Average Interest Rate(a)*			Maturity Date*
Secured Debt:
Mortgage loans payable		$	3,452.0		4.00	%		Various
Secured borrowings on collateralized receivables(b)			54.3		8.59	%		Various
Total Secured Debt			3,506.3		4.07	%
Unsecured Debt:
Senior Credit Facility:
Revolving credit facilities (in USD)(c)			1,671.9		5.19	%		April 2026
Senior Unsecured Notes:
2028 senior unsecured notes			447.1		2.30	%		November 2028
2029 senior unsecured notes			495.8		5.55	%		January 2029
2031 senior unsecured notes			743.0		2.70	%		July 2031
2032 senior unsecured notes			592.8		3.59	%		April 2032
2033 senior unsecured notes			395.9		5.51	%		January 2033
Total Senior Unsecured Notes			2,674.6		3.78	%
Total Unsecured Debt			4,346.5		4.32	%
Total carrying value of debt, per consolidated balance sheets			7,852.8		4.21	%
Plus: Unamortized deferred financing costs, discounts / premiums on debt, and fair value adjustments(a)			37.4
Total debt		$	7,890.2

^(a)Includes the effect of amortizing deferred financing costs, loan premiums / discounts, and derivatives, as well as fair value adjustments on the Secured borrowings on collateralized receivables.

^(b)Refer to “Secured borrowings on collateralized receivables” within Definitions and Notes for additional information.

^(c)As of June 30, 2024, the Company’s revolving credit facilities consisted of:

• $228.0 million borrowed on its U.S. line of credit at the Secured Overnight Financing Rate (“SOFR”) plus 85 basis points margin. As of June 30, 2024, $150.0 million was swapped to a weighted average fixed SOFR rate of 4.757% for an all-in fixed rate of 5.707%.
• $1.4 billion (£1.1 billion) borrowed on its GBP and multicurrency lines of credit at the Daily Sterling Overnight Index Average (“SONIA”) base rate, plus 85 basis points margin. As of June 30, 2024, $632.2 million (£500.0 million) was swapped to a weighted average fixed SONIA rate of 2.924% for an all-in fixed rate of 3.806% inclusive of margin.
• $4.3 million USD equivalent borrowed on its AUD line of credit at the Bank Bill Swap Bid Rate (“BBSY”) plus 85 basis points margin.

Debt Maturities^(a)

(amounts in millions, except for *)

		As of
		June 30, 2024
Year		Mortgage Loans Payable(b)			Secured Borrowings on Collateralized Receivables(c)(d)			Principal Amortization			Senior Credit Facility			Senior Unsecured Notes			Total
2024		$	128.8		$	1.1		$	28.4		$	—		$	—		$	158.3
2025			50.5			2.4			54.2			—			—			107.1
2026			658.4			2.6			46.3			1,671.9			—			2,379.2
2027			4.0			2.8			40.7			—			—			47.5
2028			303.8			3.1			43.4			—			450.0			800.3
Thereafter			1,525.2			38.7			583.9			—			2,250.0			4,397.8
Total		$	2,670.7		$	50.7		$	796.9		$	1,671.9		$	2,700.0		$	7,890.2

^(a) Debt maturities include the unamortized deferred financing costs, discount / premiums, and fair value adjustments associated with outstanding debt.

^(b) For the Mortgage loan payables maturing between 2024 – 2028:

	2024			2025			2026			2027			2028
Weighted average interest rate	4.03	%		4.04	%		3.97	%		4.34	%		4.04	%

^(c) Balance at June 30, 2024 excludes fair value adjustments of $3.5million.

^(d) Refer to “Secured borrowings on collateralized receivables” within Definitions and Notes for additional information.

^ Excludes the Company’s borrowings under its senior credit facility.

Debt Analysis

				As of
				June 30, 2024
Select Credit Ratios
Net Debt / TTM recurring EBITDA				6.2 x
Net Debt / Enterprise Value				33.2	%
Net Debt / gross assets				37.8	%
Unencumbered assets / total assets				76.9	%
Floating rate debt / total debt(a)				11.3	%
Coverage Ratios
TTM Recurring EBITDA(a) / interest				3.6 x
TTM Recurring EBITDA(a) / interest + preferred distributions + preferred stock distribution				3.6 x
Senior Credit Facility Covenants		Requirement
Maximum leverage ratio		<65.0 %		33.9	%
Minimum fixed charge coverage ratio		>1.40 x		2.90 x
Maximum secured leverage ratio		<40.0 %		12.7	%
Senior Unsecured Note Covenants		Requirement
Total debt / total assets		≤60.0 %		41.1	%
Secured debt / total assets		≤40.0 %		18.3	%
Consolidated income available for debt service / debt service		≥1.50 x		3.90 x
Unencumbered total asset value / total unsecured debt		≥150.0 %		337.6	%

^(a) Percentage includes the impact of hedge activities.

Definitions and Notes

Acquisition and Other Transaction Costs – In the Company’s Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO on page 6, ‘Acquisition and other transaction costs’ represent (a) nonrecurring integration expenses associated with acquisitions during the quarter and six months ended June 30, 2024 and 2023, (b) costs associated with potential acquisitions that will not close, (c) expenses incurred to bring recently acquired properties up to the Company’s operating standards, including items such as tree trimming and painting costs that do not meet the Company’s capitalization policy, and other non-recurring transaction costs, and (d) other non-recurring transactions.

Capital Expenditures and Investment Activity – The Company classifies its investments in properties into the following categories:

• Recurring Capital Expenditures – Property recurring capital expenditures are necessary to maintain asset quality, including purchasing and replacing items used to operate the communities and marinas. Recurring capital expenditures at the Company’s MH, RV and UK properties include major road, driveway and pool improvements; clubhouse renovations; adding or replacing streetlights; playground equipment; signage; maintenance facilities; manager housing and property vehicles. Recurring capital expenditures at the marinas include dredging, dock repairs and improvements, and equipment maintenance and upgrades. The minimum capitalized amount is five hundred dollars.
• Non-Recurring Capital Expenditures – The following investment and reinvestment activities are non-recurring in nature:
  • Lot Modifications – Lot modification capital expenditures are incurred to modify the foundational structures required to set a new home after a previous home has been removed. These expenditures are necessary to create a revenue stream from a new site renter and often improve the quality of the community. Other lot modification expenditures include land improvements added to annual RV sites to aid in the conversion of transient RV guests to annual contracts. See page 13 for move-out rates.
  • Growth Projects – Growth projects consist of revenue-generating or expense-reducing activities at the properties. These include, but are not limited to, utility efficiency and renewable energy projects, site, slip or amenity upgrades, such as the addition of a garage, shed or boat lift, and other special capital projects that substantiate an incremental rental increase.
  • Rebranding – Rebranding includes new signage at the Company’s RV communities and costs of building an RV mobile application and updated website.
  • Acquisitions – Total acquisition investments represent the purchase price paid for operating properties (detailed for the current calendar year on page 14), the purchase price paid for land parcels for future ground-up development and expansions activities, and any capital improvements identified during due diligence from the acquisition date through the third year of ownership needed to bring acquired properties up to the Company’s operating standards.

Capital improvements subsequent to acquisition often require 24 to 36 months to complete after closing. At MH, RV and UK properties, capital improvements include upgrading clubhouses; landscaping; new street light systems; new mail delivery systems; pool renovations including larger decks, heaters and furniture; new maintenance facilities; lot modifications; and new signage including main signs and internal road signs. Capital improvements at Marina properties primarily include improvements to rooms, renovation of restaurant facilities, pools and fitness centers.

For the six months ended June 30, 2024, the components of total acquisition investment are as follows (in millions):

		Six Months Ended June 30, 2024
		MH and RV			Marina			UK			Total
Purchase price of property acquisitions		$	—		$	12.1		$	—		$	12.1
Capitalized transaction costs for property acquisitions			—			0.4			—			0.4
Purchase price of land acquisitions (including capitalized transaction costs)(a)			15.9			—			10.1			26.0
Capital improvements to recent property acquisitions			15.7			33.8			0.4			49.9
Other acquisitions			0.6			14.0			—			14.6
Total Acquisition Investments		$	32.2		$	60.3		$	10.5		$	103.0

^(a) Includes the value allocated to infrastructure improvements associated with acquired land, when applicable.

• Expansions and Developments – Expansion and development expenditures consist primarily of construction costs such as roads, activities, and amenities, and costs necessary to complete site improvements, such as driveways, sidewalks and landscaping at the Company’s MH, RV and UK communities. Expenditures also include costs to rebuild after damage has been incurred at MH, RV, Marina or UK properties, and research and development.

Enterprise Value – Equals total equity market capitalization, plus total indebtedness reported on the Company’s balance sheet and less unrestricted cash and cash equivalents.

GAAP – U.S. Generally Accepted Accounting Principles.

Home Sales Contribution to FFO – The reconciliation of NOI from home sales to FFO from home sales for the quarter and six months ended June 30, 2024 is as follows (in millions):

	Quarter Ended June 30, 2024												Six Months Ended June 30, 2024
	MH				UK				Total				MH				UK				Total
Home Sales NOI	$	13.2			$	17.5			$	30.7			$	19.8			$	27.9			$	47.7
Gain on dispositions of assets, net		(8.3	)			(0.3	)			(8.6	)			(13.5	)			(0.5	)			(14.0	)
FFO Contribution from home sales	$	4.9			$	17.2			$	22.1			$	6.3			$	27.4			$	33.7

Interest expense – The following is a summary of the components of the Company’s interest expense (in millions):

	Quarter Ended								Six Months Ended
	June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
Interest on Secured debt, Senior unsecured notes, Senior Credit Facility, Unsecured Term Loan and interest rate swaps	$	83.6			$	75.1			$	167.5			$	147.5
Lease related interest expense		3.6				3.6				7.1				7.1
Amortization of deferred financing costs, debt / (premium) or discounts and (gains) / losses on hedges		1.6				1.5				3.4				3.0
Senior credit facility commitment fees and other finance related charges		2.0				1.6				4.0				3.3
Capitalized interest expense		(2.2	)			(2.6	)			(4.9	)			(5.1	)
Interest Expense Before Interest on Secured borrowings		88.6				79.2				177.1				155.8
Interest expense on Secured borrowings on collateralized receivables		1.2				—				2.4				—
Interest Expense, per Consolidated Statements of Operations	$	89.8			$	79.2			$	179.5			$	155.8

Nareit – The National Association of Real Estate Investment Trusts is the worldwide representative voice for REITs and real estate companies with an interest in U.S. real estate and capital markets. More information is available at www.reit.com.

Net Debt – The carrying value of debt, plus, unamortized premiums, discounts and deferred financing costs, less unrestricted cash and cash equivalents.

Asset Impairments – In the Company’s Consolidated Statements of Operations on page 5, the Company recorded asset impairment charges during the quarter ended June 30, 2024, which primarily consist of a $10.8 million impairment of two non-operating ground-up development properties in California that the Company is anticipating selling later this year.

Other adjustments, net – In the Company’s Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO on page 6, Other adjustments, net consists of the following (in millions):

	Quarter Ended								Six Months Ended
	June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
Litigation activity	$	(0.5	)		$	(0.1	)		$	(8.6	)		$	(0.1	)
Long term lease termination expense		1.0				0.1				1.0				0.7
Severance costs		0.4				0.4				0.9				0.4
Deferred tax benefit		(3.7	)			(7.7	)			(9.4	)			(12.3	)
Accelerated deferred compensation amortization		0.5				—				0.7				0.4
ERP implementation expense		0.7				—				1.4				—
Other		1.1				0.2				1.1				0.2
Other adjustments, net	$	(0.5	)		$	(7.1	)		$	(12.9	)		$	(10.7	)

Other income / (expense), net – In the Company’s Consolidated Statements of Operations on page 5, Other income / (expense), net consists of the following (in millions):

	Quarter Ended								Six Months Ended
	June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
Litigation activity	$	0.5			$	0.1			$	8.6			$	0.1
Long term lease termination expense		(1.0	)			(0.1	)			(1.0	)			(0.7	)
Repair reserve on repossessed homes		(1.1	)			(0.8	)			(1.2	)			(1.2	)
Gain on remeasurement of Collateralized receivables		—				—				1.6				—
Loss on remeasurement of Secured borrowings on collateralized receivables		—				—				(1.6	)			—
Other income / (expense), net	$	(1.6	)		$	(0.8	)		$	6.4			$	(1.8	)

Same Property – The Company defines Same Properties as those the Company has owned and operated continuously since at least January 1, 2023. Same properties exclude ground-up development properties, acquired properties and properties sold after December 31, 2022. The Same Property data may change from time-to-time depending on acquisitions, dispositions, management discretion, significant transactions or unique situations.

Secured borrowings on collateralized receivables – This is a transferred asset transaction which has been classified as collateralized receivables and the cash received from this transaction has been classified as secured borrowings. The interest income and interest expense accrue at the same amount. The Company has elected to record the collateralized receivables and secured borrowings at fair value under ASC 820, “Fair Value Measurements and Disclosures.” As a result, the balance of collateralized receivables and related secured borrowings are net of fair value adjustments.

Securities – The Company had the following securities outstanding as of June 30, 2024:

	Number of Units / Shares Outstanding (in thousands)		Conversion Rate(a)		If Converted to Common shares (in thousands)(b)		Issuance Price Per Unit			Annual Distribution Rate
Non-Convertible Securities
Common shares	124,653		N/A		N/A		N/A			$3.76(c)
Convertible Securities Classified as Equity
Common OP units	2,690		1.0000		2,690		N/A			Mirrors common share distributions
Preferred OP Units
Series A-1	192		2.4390		468		$	100.00		6.00	%
Series A-3	40		1.8605		75		$	100.00		4.50	%
Series C	297		1.1100		329		$	100.00		5.00	%
Series D	489		0.8000		391		$	100.00		4.00	%
Series E	80		0.6897		55		$	100.00		5.50	%
Series F	90		0.6250		56		$	100.00		3.00	%
Series G	206		0.6452		133		$	100.00		3.20	%
Series H	581		0.6098		355		$	100.00		3.00	%
Series J	238		0.6061		144		$	100.00		2.85	%
Series K	1,000		0.5882		588		$	100.00		4.00	%
Series L	20		0.6250		13		$	100.00		3.50	%
Total	3,233				2,607
Total Convertible Securities Outstanding	5,923				5,297

^(a) Exchange rates are subject to adjustment upon stock splits, recapitalizations and similar events. The exchange rates of certain series of OP units are approximated to four decimal places.

^(b) Calculation may yield minor differences due to fractional shares paid in cash to the shareholder at conversion.

^(c) Annual distribution is based on the last quarterly distribution annualized.

Share – In addition to reporting net income on a diluted basis (“EPS”), the Company reports FFO and Core FFO on a per common share and dilutive convertible securities basis (per “Share”). For the periods presented below, the Company’s diluted weighted average common shares outstanding for EPS and FFO are as follows:

	Quarter Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Diluted Weighted Average Common Shares Outstanding – EPS			As Restated				As Restated
Weighted average common shares outstanding – Basic	123.7		123.4		123.7		123.4
Dilutive restricted stock	—		0.2		—		0.4
Common and preferred OP units dilutive effect	—		2.5		2.7		2.4
Weighted Average Common Shares Outstanding – Diluted	123.7		126.1		126.4		126.2
Diluted Weighted Average Common Shares Outstanding – FFO
Weighted average common shares outstanding – Basic	123.7		123.4		123.7		123.4
Restricted stock	0.2		0.2		0.2		0.4
Common OP units	2.7		2.5		2.7		2.4
Common stock issuable upon conversion of certain preferred OP units	2.0		2.9		2.0		2.8
Weighted Average Common Shares Outstanding – Diluted	128.6		129.0		128.6		129.0

Utility Revenues – In its Consolidated Statements of Operations and its total portfolio presentation of real property operating results, the Company includes the following utility reimbursement revenues in real property revenues (excluding transient):

	Quarter Ended						Six Months Ended
Consolidated Portfolio	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Utility reimbursement revenues
MH	$	16.4		$	15.9		$	34.9		$	34.4
RV		5.0			4.9			9.2			9.1
Marina		6.6			6.7			12.5			12.0
UK		4.6			4.4			9.4			9.0
Total	$	32.6		$	31.9		$	66.0		$	64.5

For its presentation of Same Property results on page 10 and page 12, the Company nets the following utility revenues (which include utility reimbursement revenues from residents) against related utility expenses in Same Property operating expenses:

	Quarter Ended						Six Months Ended
Same Property Portfolio	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Utility revenues netted against related utility expenses
MH	$	16.3		$	15.8		$	34.7		$	34.2
RV		5.1			4.9			9.2			9.1
Marina		6.1			6.2			11.6			11.3
UK		4.3			4.4			9.0			9.1
Total	$	31.8		$	31.3		$	64.5		$	63.7

Non-GAAP Supplemental Measures

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

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 the Company’s ability to incur and service debt; EBITDA also provides further measures to evaluate the Company’s ability to fund dividends and other cash needs.

FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets.

• Net Operating Income (“NOI”)
  • Total Portfolio NOI – The Company calculates NOI by subtracting property operating expenses and real estate taxes from operating property revenues. 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 NOI provides enhanced comparability for investor evaluation of properties performance and growth over time.

The Company believes that GAAP net income (loss) is the most directly comparable measure to NOI. NOI should not be considered to be an alternative to GAAP net income (loss) as an indication of the Company’s financial performance or GAAP net cash provided by operating activities as a measure of the Company’s liquidity; nor is it indicative of funds available for the Company’s cash needs, including its ability to make cash distributions. Because of the inclusion of items such as interest, depreciation and amortization, the use of GAAP net income (loss) as a performance measure is limited as these items may not accurately reflect the actual change in market value of a property, in the case of depreciation and in the case of interest, may not necessarily be linked to the operating performance of a real estate asset, as it is often incurred at a parent company level and not at a property level.

• Same Property NOI – This is a key management tool used when evaluating performance and growth of the Company’s Same Property portfolio. The Company believes that Same Property NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the Same property portfolio from one period to the next. Same Property NOI does not include the revenues and expenses related to home sales, service, retail, dining and entertainment activities at the properties.

• Earnings before interest, tax, depreciation and amortization (“EBITDA“)
  • EBITDAre – Nareit refers to EBITDA as “EBITDAre” and calculates it 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 entity’s 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.
  • Recurring EBITDA – The Company also uses EBITDAre excluding certain gain and loss items that management considers unrelated to measurement of the Company’s performance on a basis that is independent of capital structure (“Recurring EBITDA”). The Company believes that GAAP net income (loss) is the most directly comparable measure to EBITDAre. EBITDAre is not intended to be used as a measure of the Company’s cash generated by operations or its dividend-paying capacity, and should therefore not replace GAAP net income (loss) as an indication of the Company’s financial performance or GAAP cash flow provided by / used for operating, investing and financing activities as measures of liquidity.
• Funds from Operations (“FFO”)
  • FFO – Nareit defines FFO as GAAP net income (loss), excluding gains (or losses) from sales of certain real estate assets, plus real estate related depreciation and amortization, impairments of certain real estate assets and investments, 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 Company’s operating performance. By excluding gains and losses related to sales of previously depreciated operating real estate assets, real estate related impairment and 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.
  • Core FFO – In addition to FFO, the Company uses FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of the Company’s 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 financial performance measure or GAAP cash flow from operating activities as a measure of the Company’s liquidity. 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. Furthermore, FFO is not intended as a measure of a REIT’s ability to meet debt principal repayments and other cash requirements, nor as a measure of working capital. FFO is calculated in accordance with the Company’s interpretation of standards established by Nareit, which may not be comparable to FFO reported by other REITs that interpret the Nareit definition differently.

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 Package Q2 2024