Sun Communities Reports Results for the Second Quarter and First Six Months of 2026

Internet Loss per Diluted Share of $8.08for the Quarter, inclusive of a Internet Loss from Discontinued Operations

Internet Earnings per Diluted Share from Persevering with Operations of $0.32 for the Quarter

Core FFO per Share of $1.84for the Quarter

Identical Property NOI Grew by 6.0% for the Quarter Pushed by Energy in Manufactured Housing

Identical Property Adjusted Blended Occupancy for MH and RV of 98.8%

Growing 2026 Identical Property NOI Development Steering by 20 Foundation Factors, to 4.5% – 5.3%

Southfield, MI, July 27, 2026 (GLOBE NEWSWIRE) — Sun Communities, Inc. (NYSE: SUI) (the “Firm” or “SUI”), an actual property funding belief (“REIT”) that owns and operates, or has an curiosity in, manufactured housing (“MH”) and leisure automobile (“RV”) communities (collectively, the “properties”), at the moment reported its second quarter outcomes for 2026.

Monetary Results for the Quarter and Six Months Ended June 30, 2026

For the quarter ended June 30, 2026, internet revenue attributable to persevering with operations was $42.3 million, or $0.32 per diluted share, in comparison with a internet loss from persevering with operations of $30.0 million, or $0.74 per diluted share for the similar interval in 2025.
For the quarter ended June 30, 2026, internet loss attributable to frequent shareholders was $992.7 million, or $8.08 per diluted share, in comparison with internet revenue attributable to frequent shareholders of $1.3 billion, or $10.02 per diluted share for the similar interval in 2025.
For the six months ended June 30, 2026, internet revenue attributable to persevering with operations was $60.7 million, or $0.47 per diluted share, in comparison with a internet loss from persevering with operations of $51.7 million, or $0.92 per diluted share for the similar interval in 2025.
For the six months ended June 30, 2026, internet loss attributable to frequent shareholders was $1.0 billion, or $8.10 per diluted share, in comparison with internet revenue attributable to frequent shareholders of $1.2 billion, or $9.68 per diluted share for the similar interval in 2025.

Non-GAAP Monetary Measures

Funds from Operations (“FFO”) for the quarter and six months ended June 30, 2026, was $1.77 and $2.71, respectively, per frequent share and convertible securities (“Share”), as in comparison with $1.36 and $2.43 for the similar intervals in 2025.
Core Funds from Operations (“Core FFO”) for the quarter and six months ended June 30, 2026, was $1.84 and $3.24, respectively, per frequent share and convertible securities (“Share”), as in comparison with $1.76 and $3.02 for the similar intervals in 2025.
Identical Property Internet Working Earnings (“NOI”) elevated by $14.4 million and $28.0 million, or 6.0% and 6.1%, respectively, for the quarter and six months ended June 30, 2026, as in comparison with the corresponding interval in 2025.

“We delivered one other sturdy quarter, exceeding the excessive finish of our steering whereas demonstrating the power of our Manufactured Housing and RV portfolio,” mentioned Charles Younger, Chief Govt Officer. “Supported by sturdy demand for attainable housing and out of doors vacationing, along with disciplined expense administration, we proceed to execute on our strategic priorities. The deliberate sale of our UK platform additional simplifies our enterprise and sharpens our deal with our core portfolio. As we preserve our disciplined strategy to capital allocation, we’re investing in our individuals, expertise, and communities to optimize our platform, and our full-year steering displays our confidence in the enterprise and the alternatives forward.”

OPERATING HIGHLIGHTS

Portfolio Occupancy

MH and annual RV websites had been 97.9% occupied at June 30, 2026, as in comparison with 98.1% at June 30, 2025.
Throughout the quarter ended June 30, 2026, the quantity of MH and annual RV income producing websites elevated by roughly 250 websites.

Identical PropertyResults

For the properties owned and operated by the Firm since at the very least January 1, 2025, excluding properties categorized as discontinued operations, the following desk displays the proportion adjustments for the quarter and six months ended June 30, 2026, as in comparison with the similar interval in 2025:

	Quarter Ended June 30, 2026						Six Months Ended June 30, 2026
	MH		RV		Complete		MH		RV		Complete
Income	6.2	%	0.0	%	3.9	%	6.4	%	1.7	%	4.8	%
Expense	(0.7) %		0.8	%	0.1	%	3.3	%	1.3	%	2.3	%
NOI	8.8	%	(0.7) %		6.0	%	7.5	%	2.0	%	6.1	%

	As of June 30, 2026
	MH		RV		Complete
Quantity of Properties	282		152		434

Identical Property adjusted blended occupancy for MH and RV declined by 10 foundation factors to 98.8% at June 30, 2026, from 98.9% at June 30, 2025.

INVESTMENT ACTIVITY

Throughout the quarter ended June 30, 2026, the Firm bought a complete of six RV properties in two transactions. Discuss with web page 12 for further particulars associated to the Firm’s acquisition and disposition exercise.

BALANCE SHEET, CAPITAL MARKETS ACTIVITY, AND OTHER ITEMS

As of June 30, 2026, the Firm had $4.1 billion in debt excellent with a weighted common rate of interest of 3.3% and a weighted common maturity of 6.9 years. At June 30, 2026, the Firm’s Internet Debt to trailing twelve-month Recurring EBITDA ratio was 3.9 occasions.

Park Holidays Sale

As beforehand introduced, throughout the quarter ended June 30, 2026, the Firm entered into an settlement to promote (the “Park Holidays Sale”) all of the excellent fairness of the subsidiaries by means of which the Firm operates its enterprise in the United Kingdom (collectively, “Park Holidays” or the “UK enterprise”) for a base consideration quantity of £785.7 million (or roughly $1.04 billion). The overall money consideration acquired at closing is topic to sure customary locked field changes.

The transaction is topic to receipt of a required regulatory approval from the UK Monetary Conduct Authority, and is predicted to shut in the second half of 2026.

Reporting Adjustments

Consequently of the Park Holidays Sale, the outcomes of the UK enterprise and property and liabilities included in the disposition are offered as held for sale and as discontinued operations for all intervals offered herein. Throughout the quarter ended June 30, 2026, the Firm recorded a non-cash valuation allowance cost of $1.1 billion to scale back the internet property of the UK enterprise to its estimated honest worth much less prices to promote in accordance with its presentation as a discontinued operation. Until in any other case famous, the data disclosed on this Earnings Launch and Supplemental Package deal refer solely to persevering with operations and don’t embody dialogue of balances or exercise associated to discontinued operations, together with the UK enterprise.

The Firm has additionally revised its reporting construction to 2 segments, which consist of (i) MH communities, and (ii) RV communities. The brand new construction removes the UK enterprise from the Firm’s working segments consequently of its classification as a discontinued operation and displays how the chief working determination maker manages the enterprise, makes working selections, allocates sources, and evaluates working efficiency.

Inventory Repurchase Program

Efficient Might 27, 2026, the Firm’s Board of Administrators licensed a inventory repurchase program (the “Inventory Repurchase Program”) beneath which the Firm might repurchase as much as $1.0 billion of its frequent inventory by means of Might 27, 2027. The Inventory Repurchase Program renewed the Firm’s earlier inventory repurchase program and supplies the Firm with continued flexibility to repurchase shares of its frequent inventory.

Throughout the quarter ended June 30, 2026, the Firm repurchased roughly 0.9 million shares of the Firm’s frequent inventory at a median value of $123.30 per share for a complete of $111.1 million. Subsequent to the quarter ended June 30, 2026, by means of July 22, 2026, the Firm repurchased roughly 0.7 million shares of the Firm’s frequent inventory at a median value of $120.62 per share for a complete of $89.0 million.

Debt Repayments

Throughout the quarter ended June 30, 2026, the Firm repaid two mortgage time period loans totaling $177.9 million, which unencumbered seven properties. Subsequent to the quarter ended June 30, 2026, the Firm repaid two mortgage time period loans totaling $258.3 million, which unencumbered 16 properties.

2026 GUIDANCE

The Firm is updating full-year and establishing third quarter 2026 steering for Diluted EPS and Core FFO per Share and sure different gadgets as set forth under. The Firm’s steering offered on this earnings launch doesn’t give impact to the completion of the Park Holidays Sale, or potential use of transaction proceeds, nor does it replicate any impacts therefrom, together with any impact of the Park Holidays Sale on Diluted EPS or Core FFO per Share. Whereas the Park Holidays Sale is predicted to shut in the second half of 2026, it’s topic to receipt of regulatory approval. Month-to-month contribution for the UK enterprise is offered in the UK Contribution desk under. For the causes described above, in addition to different elements described elsewhere on this earnings launch and in the Firm’s public reviews, the precise outcomes from the Firm’s enterprise and operations in such interval might differ materially from the Firm’s steering for that interval.

	Third Quarter Ending September 30, 2026				Full Yr Ending December 31, 2026
	Low		Excessive		Low			Excessive
Diluted EPS attributable to the Consolidated Portfolio^(a)(b)	$	1.13	$	1.23	$	(6.72	)	$	(6.56	)
Core FFO per Share attributable to the Consolidated Portfolio^(a)(b)(c)	$	2.23	$	2.33	$	6.94		$	7.10

^(a)The diluted share counts for each the quarter ending September 30, 2026 and the 12 months ending December 31, 2026 are estimated to be 125.9 million and 126.6 million, respectively, which assumes full conversion of all fairness taking part models, together with frequent and most well-liked OP models, into the Firm’s frequent inventory.
^(b) No reconciliation of the forecasted vary for FFO per share is included on this launch as a result of the Firm is unable to quantify sure quantities that might be required to be included in the reconciliation to the comparable GAAP monetary measure with out unreasonable efforts. Specifically, the timing and magnitude of the anticipated loss related to the disposition of the Firm’s UK phase stay unsure. The Firm believes that any such reconciliation would indicate a level of precision that might be complicated or deceptive to buyers and wouldn’t be consultant of the underlying working efficiency of the Firm’s persevering with operations.
^(c)The Firm’s steering interprets forecasted outcomes from operations in the UK utilizing the related alternate charge supplied. Trade charges are as follows: U.S. greenback (“USD”) to British pound sterling (“GBP”) is 1.30; USD to Canadian greenback (“CAD”) is 0.72; and USD to Australian greenback (“AUD”) is 0.64. The impression of fluctuations in Canadian and Australian international forex charges on steering should not materials.

Identical Property Portfolio (in hundreds of thousands and %)	FY 2025 Precise Results		Anticipated Change in 2026
	FY 2025 Precise Results		July 27, 2026 Replace					Prior FY Vary
North America (MH and RV)
Revenues from actual property	$	1,453.0	3.9	%	–	4.6	%	3.9	%	–	4.6	%
Complete property working bills		483.7	2.5	%	–	2.8	%	3.2	%	–	3.6	%
Complete North America Identical Property NOI^(a)	$	969.3	4.5	%	–	5.3	%	4.2	%	–	5.2	%

MH NOI (282 properties)	$	688.3	6.1	%	–	6.9	%	5.7	%	–	6.7	%
RV NOI (152 properties)	$	281.0	0.2	%	–	1.8	%	0.0	%	–	1.8	%

For the third quarter ending September 30, 2026, the Firm’s steering vary assumes North America Identical Property NOI development of 2.0% – 3.5%.

Consolidated Portfolio Steering For 2026 (in hundreds of thousands)	FY 2025 Precise Results		FY 2026 Steering Replace at Midpoint as of July 27, 2026
Ancillary NOI	$	27.7	$	24.5
Curiosity revenue	$	48.1	$	21.5
Brokerage commissions and different, internet^(b)	$	39.2	$	45.5
FFO contribution from North American residence gross sales	$	6.6	$	1.5
Normal and administrative bills excluding non-recurring bills	$	165.8	$	172.0
Curiosity expense	$	210.7	$	153.0
Present tax expense	$	3.3	$	4.0
Contribution from Discontinued Operations^(c)	$	77.8	$	86.2

Contribution	1Q26		2Q26		3Q26		4Q26
North America Identical Property NOI:
MH	25	%	25	%	25	%	25	%
RV	17	%	25	%	39	%	19	%
Complete	22	%	25	%	29	%	24	%

House Gross sales FFO – North America	0	%	11	%	72	%	17	%
Consolidated Ancillary NOI	(2	)%	30	%	65	%	7	%
Consolidated EBITDA	20	%	25	%	31	%	24	%
Core FFO per Share^(d)	21	%	25	%	31	%	23	%

UK Contribution		1H26			Jul			Aug			Sep			Oct			Nov			Dec
Contribution from Discontinued Operations^(e)		40	%		14	%		20	%		10	%		11	%		4	%		1	%

Footnotes to Supplemental Steering Tables:
(a)	Complete North America Identical Property outcomes internet $95.6 million and $102.3 million of utility income in opposition to the associated utility expense in property working bills for 2025 outcomes and 2026 steering, respectively.
(b)	Brokerage commissions and different, internet consists of roughly $13.8 million and $12.8 million of enterprise interruption revenue, and $16.4 million and $22.6 million of revenue from nonconsolidated associates for full 12 months 2025 outcomes and 2026 steering, respectively. The enterprise interruption revenue consists of the professional rata recognition of the lump sum insurance coverage settlement that was acquired throughout the quarter ended December 31, 2025.
(c)	The Contribution from Discontinued Operations consists of the complete internet contribution from the UK Enterprise, inclusive of Actual Property NOI, House Gross sales FFO, Brokerage and Different, Normal and Administrative Bills excluding non-recurring gadgets, Curiosity Expense, and Present Tax Expense.
(d)	Assumes full conversion of all fairness taking part models, together with frequent and most well-liked OP models, into the Firm’s frequent inventory.
(e)	The UK enterprise sale is predicted to shut in the second half of 2026. Illustrative full 12 months contribution from the UK enterprise is proven.

The estimates and assumptions offered above characterize a spread of potential outcomes and might differ materially from precise outcomes. These estimates embody contributions from all acquisitions, tendencies and capital markets exercise accomplished by means of July 27, 2026. These estimates exclude the results of the Park Holidays Sale and all different potential acquisitions, tendencies and capital markets exercise. The estimates and assumptions are forward-looking primarily based on the Firm’s present evaluation of financial and market circumstances and are topic to the different dangers outlined under beneath the caption Cautionary Assertion Relating to Ahead-Trying Statements.

EARNINGS CONFERENCE CALL

A convention name to debate second quarter outcomes shall be held on Tuesday, July 28, 2026 at 11:00 A.M. (ET). To take part, name toll-free at (877) 407-9039. Callers outdoors the U.S. or Canada can entry the name at (201) 689-8470. A replay shall be accessible following the name by means of August 11, 2026 and might be accessed toll-free by calling (844) 512-2921 or (412) 317-6671. The Convention ID quantity for the name and the replay is 13760809. The convention name shall be accessible dwell on the Firm’s web site situated at www.suninc.com. The replay can even be accessible on the web site.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press launch accommodates numerous “forward-looking statements” inside the that means of the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Trade Act of 1934, as amended (the “Trade Act”), and the Firm intends that such forward-looking statements shall be topic to the secure harbors created thereby. For this objective, any statements contained on this doc that relate to expectations, beliefs, projections, future plans and methods, traits or potential occasions or developments, and comparable expressions regarding issues that aren’t historic information are deemed to be forward-looking statements. Phrases similar to “forecasts,” “intend,” “objective,” “estimate,” “count on,” “challenge,” “projections,” “plans,” “predicts,” “potential,” “seeks,” “anticipates,” “ought to,” “may,” “might,” “will,” “designed to,” “foreseeable future,” “imagine,” “scheduled,” “steering,” “goal,” and comparable expressions are meant to establish forward-looking statements, though not all forward-looking statements comprise these phrases. These forward-looking statements replicate the Firm’s present views with respect to future occasions and monetary efficiency, however contain recognized and unknown dangers, uncertainties, and different elements, each common and particular to the issues mentioned on this doc, some of that are past the Firm’s management. These dangers, uncertainties, and different elements might trigger the Firm’s precise outcomes to be materially totally different from any future outcomes expressed or implied by such forward-looking statements. Along with the dangers described beneath “Danger Components” contained in the Firm’s Annual Report on Type 10-Ok for the 12 months ended December 31, 2025, in Merchandise 8.01 of the Firm’s Present Report on Type 8-Ok filed Might 21, 2026, and in the Firm’s different filings with the Securities and Trade Fee, every so often, such dangers, uncertainties and different elements embody, however should not restricted to:

∙	The power of the Firm to finish the proposed sale of Park Holidays on a well timed foundation or in any respect;
∙	Dangers that the proposed sale of Park Holidays disrupts present plans and operations;
∙	The impacts of the announcement or consummation of the proposed sale of Park Holidays on enterprise relationships;
∙	The anticipated value associated to the proposed sale of Park Holidays;
∙	The power for the Firm to comprehend the anticipated advantages of the proposed sale of Park Holidays;
∙	The Firm’s liquidity and refinancing calls for;
∙	The Firm’s capacity to acquire or refinance maturing debt;
∙	The Firm’s capacity to take care of compliance with covenants contained in its debt services and its unsecured notes;
∙	Availability of capital;
∙	Normal volatility of the capital markets and the market value of shares of the Firm’s capital inventory;
∙	Will increase in rates of interest and working prices, together with insurance coverage premiums, actual property taxes, and utilities;
∙	Difficulties in the Firm’s capacity to guage, finance, full, and combine acquisitions, developments, and expansions efficiently;
∙	Aggressive market forces;
∙	The power of purchasers of manufactured houses to acquire financing;
∙	The extent of repossessions of manufactured houses;
∙	The Firm’s capacity to take care of efficient inside management over monetary reporting and disclosure controls and procedures;
∙	Expectations concerning the quantity or frequency of impairment losses;
∙	Adjustments normally financial circumstances, together with inflation, deflation, vitality prices, the actual property business, the results of tariffs or threats of tariffs, wars or different worldwide conflicts, commerce wars, immigration points, provide chain disruptions, and the markets inside which the Firm operates;
∙	Adjustments in international forex alternate charges, together with between the U.S. greenback and every of the British pound sterling, Canadian greenback, and Australian greenback;
∙	The Firm’s capacity to take care of its standing as a REIT;
∙	Adjustments in actual property and zoning legal guidelines and laws;
∙	The Firm’s capacity to take care of rental charges and occupancy ranges;
∙	Legislative or regulatory adjustments, together with adjustments to legal guidelines governing the taxation of REITs;
∙	Outbreaks of illness and associated restrictions on enterprise operations;
∙	Dangers associated to pure disasters similar to hurricanes, earthquakes, floods, droughts, and wildfires; and
∙	Litigation, judgments or settlements, together with prices related to prosecuting or defending claims and any opposed outcomes.

Readers are cautioned to not place undue reliance on these forward-looking statements, which communicate solely as of the date the assertion was made. The Firm undertakes no obligation to publicly replace or revise any forward-looking statements included or included by reference into this doc, whether or not consequently of new data, future occasions, adjustments in the Firm’s expectations or in any other case, besides as required by regulation.

Though the Firm believes that the expectations mirrored in the forward-looking statements are cheap, the Firm can not assure future outcomes, ranges of exercise, efficiency or achievements. All written and oral forward-looking statements attributable to the Firm or individuals appearing on the Firm’s behalf are certified of their entirety by these cautionary statements.

Firm Overview and Investor Info

The Firm

Established in 1975, Sun Communities, Inc. turned a publicly owned company in December 1993. The Firm is a totally built-in REIT listed on the New York Inventory Trade beneath the image: SUI. As of June 30, 2026, the Firm owned, operated, or had an curiosity in a portfolio of 455 developed MH and RV properties comprising roughly 156,130 developed websites in the U.S. and Canada. At that date, the Firm additionally owned, operated, or held an curiosity in a portfolio of 54 U.Ok. properties comprising roughly 22,030 developed websites, which had been categorized inside discontinued operations as of June 30, 2026.

For extra details about the Firm, please go to www.suninc.com.

Firm Contacts
Investor Relations
Sara Ismail, Senior Vice President
(248) 208-2500
investorrelations@suncommunities.com

Company Debt Scores
Moody’s	Baa2 \| Secure
S&P	BBB+ \| Secure

Portfolio Overview as of June 30, 2026

	MH & RV Properties
	Properties	MH & Annual RV			Transient RV Websites	Complete Websites
Location	Properties	Websites	Occupancy %		Transient RV Websites	Complete Websites
Florida	125	42,520	97.1	%	4,700	47,220
Michigan	90	34,420	98.2	%	510	34,930
California	36	7,040	99.6	%	1,720	8,760
Texas	28	9,330	97.8	%	1,410	10,740
Connecticut	16	1,910	96.6	%	100	2,010
Maine	14	2,520	97.7	%	810	3,330
New Jersey	13	3,590	100.0	%	910	4,500
Arizona	11	4,140	97.5	%	860	5,000
Colorado	11	2,930	94.0	%	940	3,870
Indiana	10	2,820	99.0	%	1,000	3,820
Maryland	10	920	99.1	%	1,370	2,290
New York	9	1,570	99.4	%	1,040	2,610
Different	82	19,660	98.9	%	7,390	27,050
Complete Portfolio	455	133,370	97.9	%	22,760	156,130

Monetary and Working Highlights
($ in hundreds of thousands, besides Per Share quantities)

	Quarters Ended
	6/30/2026			3/31/2026			12/31/2025			9/30/2025			6/30/2025
Monetary Info
Fundamental earnings / (loss) per share from persevering with operations	$	0.65		$	0.13		$	0.88		$	(0.45	)	$	(0.74	)
Fundamental earnings / (loss) per share from discontinued operations		(8.71	)		(0.20	)		0.11			0.52			10.76
Fundamental earnings / (loss) per share	$	(8.06	)	$	(0.07	)	$	0.99		$	0.07		$	10.02
Diluted earnings / (loss) per share from persevering with operations	$	0.32		$	0.13		$	0.88		$	(0.45	)	$	(0.74	)
Diluted earnings / (loss) per share from discontinued operations		(8.40	)		(0.20	)		0.11			0.52			10.76
Diluted earnings / (loss) per share	$	(8.08	)	$	(0.07	)	$	0.99		$	0.07		$	10.02

Money distributions declared per frequent share^(a)	$	1.12		$	1.12		$	1.04		$	1.04		$	1.04

FFO per Share^(b)	$	1.77		$	0.95		$	2.15		$	2.18		$	1.36
Core FFO per Share^(b)	$	1.84		$	1.40		$	1.40		$	2.28		$	1.76

Actual Property NOI^(b)
MH	$	186.5		$	185.7		$	178.8		$	171.8		$	168.5
RV		74.1			50.7			53.3			115.5			72.9
Complete	$	260.6		$	236.4		$	232.1		$	287.3		$	241.4

Recurring EBITDA^(b)	$	264.4		$	195.2		$	206.2		$	335.7		$	291.3
TTM Recurring EBITDA / Curiosity^(b)	6.6 x			6.0 x			4.9 x			4.4 x			3.8 x
Internet Debt / TTM Recurring EBITDA^(b)	3.9 x			3.7 x			3.4 x			3.3 x			2.9 x

Steadiness Sheet
Complete property	$	10,867.6		$	12,358.8		$	12,522.9		$	12,800.3		$	13,362.1
Complete debt	$	4,052.2		$	4,246.2		$	4,258.7		$	4,271.7		$	4,283.5
Complete liabilities	$	5,090.0		$	5,299.1		$	5,194.4		$	5,438.0		$	5,570.0

Working Info
Properties
MH		295			295			294			284			284
RV		160			166			166			164			164
Complete		455			461			460			448			448

Websites
MH		100,860			100,830			100,150			97,070			97,380
Annual RV		32,510			32,730			33,330			32,480			32,100
Transient		22,760			23,820			23,550			23,560			23,440
Complete websites		156,130			157,380			157,030			153,110			152,920

Occupancy
MH		97.3	%		97.1	%		97.2	%		97.9	%		97.4	%
Annual RV		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Blended MH and annual RV		97.9	%		97.8	%		97.9	%		98.4	%		98.1	%

MH and RV Income Producing Website Internet Positive factors^(c)
MH leased websites, internet		157			16			178			152			170
RV leased websites, internet		91			(324	)		(37	)		371			288
Complete leased websites, internet		248			(308	)		141			523			458

^(a)Throughout the quarter ended June 30, 2025, the Firm additionally paid a one-time particular money distribution of $4.00 per frequent share and unit.
^(b)Discuss with Definition and Notes for further data.
^(c)Income producing website internet features don’t embody occupied websites acquired throughout the 12 months.

Condensed Consolidated Steadiness Sheets
($ in hundreds of thousands)

	June 30, 2026			December 31, 2025
Property
Land	$	1,793.8		$	1,810.5
Land enhancements and buildings		8,733.9			8,699.2
Rental houses and enhancements		998.3			940.2
Furnishings, fixtures and tools		687.2			674.3
Funding property		12,213.2			12,124.2
Gathered depreciation		(3,702.0	)		(3,505.7	)
Funding property, internet		8,511.2			8,618.5
Money, money equivalents and restricted money^(a)		165.2			606.7
Stock of manufactured houses		75.7			84.7
Notes and different receivables, internet		282.4			262.9
Collateralized receivables, internet^(a)		39.2			43.2
Goodwill		9.5			9.5
Different intangible property, internet		34.0			36.7
Different property, internet		303.7			309.2
Property held for sale and discontinued operations, internet^(a)		1,446.7			2,551.5
Complete Property	$	10,867.6		$	12,522.9
Liabilities
Mortgage loans payable	$	2,225.3		$	2,429.0
Secured borrowings on collateralized receivables^(a)		39.2			43.2
Unsecured debt		1,787.7			1,786.5
Distributions payable		139.9			131.1
Superior reservation deposits and lease		199.9			125.9
Accrued bills and accounts payable		193.3			178.3
Different liabilities		75.8			73.2
Liabilities held for sale and discontinued operations, internet^(a)		428.9			427.2
Complete Liabilities		5,090.0			5,194.4
Commitments and contingencies
Non permanent fairness		184.0			255.7
Shareholders’ Fairness
Frequent inventory		1.2			1.2
Extra paid-in capital		9,487.5			9,563.1
Gathered different complete revenue		2.4			26.5
Distributions in extra of gathered earnings		(3,971.7	)		(2,634.7	)
Complete SUI Shareholders’ Fairness		5,519.4			6,956.1
Noncontrolling pursuits		74.2			116.7
Complete Shareholders’ Fairness		5,593.6			7,072.8
Complete Liabilities, Non permanent Fairness and Shareholders’ Fairness	$	10,867.6		$	12,522.9

^(a)Discuss with Definitions and Notes for further data.

Condensed Consolidated Statements of Operations
($ in hundreds of thousands, besides for per share quantities)

	Quarter Ended June 30,								Six Months Ended June 30,
		2026			2025		% Change			2026			2025		% Change
Revenues
Actual property (excluding transient)^(a)	$	362.1		$	335.3		8.0	%	$	712.7		$	657.9		8.3	%
Actual property – transient		60.6			63.6		(4.7) %			89.5			92.2		(2.9) %
House gross sales		27.8			41.8		(33.5) %			54.3			70.5		(23.0) %
Ancillary		24.6			25.5		(3.5) %			33.1			33.8		(2.1) %
Curiosity		6.2			16.4		(62.2) %			13.4			20.8		(35.6) %
Brokerage commissions and different, internet		3.3			13.3		(75.2) %			5.0			14.9		(66.4) %
Complete Revenues		484.6			495.9		(2.3) %			908.0			890.1		2.0	%
Bills
Property working and upkeep^(a)		134.5			131.0		2.7	%		250.3			240.1		4.2	%
Actual property tax		27.6			26.5		4.2	%		54.9			51.3		7.0	%
House prices and promoting		24.5			35.0		(30.0) %			49.4			59.5		(17.0) %
Ancillary		17.2			18.1		(5.0) %			26.3			26.8		(1.9) %
Normal and administrative		49.9			50.6		(1.4) %			108.5			97.6		11.2	%
Catastrophic event-related prices, internet		0.8			0.4		100.0	%		1.3			0.3		N/M
Depreciation and amortization		123.9			117.3		5.6	%		245.3			232.0		5.7	%
Asset impairments^(a)		17.9			33.4		(46.4) %			18.2			57.4		5.7	%
Loss on extinguishment of debt		—			102.4		(100.0) %			—			102.4		(100.0) %
Curiosity		38.1			54.4		(30.0) %			76.5			132.9		(42.4) %
Complete Bills		434.4			569.1		(23.7) %			830.7			1,000.3		(17.0) %
Earnings / (Loss) Earlier than Different Gadgets		50.2			(73.2	)	N/M			77.3			(110.2	)	N/M
Achieve / (loss) on international forex exchanges		13.3			39.4		(66.2) %			(10.6	)		48.1		N/M
Loss on tendencies of properties, internet		(22.0	)		(1.3	)	N/M			(20.9	)		(2.1	)	N/M
Different revenue / (expense), internet^(a)		(0.1	)		6.9		N/M			8.4			12.6		(33.3) %
Loss on remeasurement of notes receivable		(2.9	)		(1.4	)	107.1	%		(2.8	)		(1.6	)	75.0	%
Earnings from nonconsolidated associates		6.1			3.8		60.5	%		12.2			6.8		79.4	%
Loss on remeasurement of funding in nonconsolidated associates		(1.7	)		(1.5	)	13.3	%		(1.5	)		(1.5	)	—	%
Present tax expense		(0.6	)		(2.6	)	(76.9) %			(1.5	)		(3.8	)	(60.5) %
Deferred tax profit / (expense)		—			(0.1	)	(100.0) %			0.1			—		N/A
Internet Earnings / (Loss) from Persevering with Operations		42.3			(30.0	)	N/M			60.7			(51.7	)	N/M
Earnings / (loss) from discontinued operations, internet^(a)		(1,067.2	)		1,360.3		N/M			(1,091.9	)		1,340.4		N/M
Internet Earnings / (Loss)		(1,024.9	)		1,330.3		N/M			(1,031.2	)		1,288.7		N/M
Much less: Most popular return to most well-liked OP models / fairness pursuits		2.5			3.2		(21.9) %			5.2			6.3		(17.5) %
Much less: Earnings / (loss) attributable to noncontrolling pursuits		(34.7	)		53.5		N/M			(35.0	)		51.6		N/M
Internet Earnings / (Loss) Attributable to SUI Frequent Shareholders	$	(992.7	)	$	1,273.6		N/M		$	(1,001.4	)	$	1,230.8		N/M

Weighted common frequent shares excellent – primary^(a)		122.5			126.4		(3.1) %			122.6			126.5		(3.1) %
Weighted common frequent shares excellent – diluted^(a)		127.0			126.4		0.5	%		127.4			126.5		0.7	%

Fundamental earnings / (loss) per share from persevering with operations	$	0.65		$	(0.74	)	N/M		$	0.78		$	(0.92	)	N/M
Fundamental earnings / (loss) per share from discontinued operations		(8.71	)		10.76		N/M			(8.91	)		10.60		N/M
Fundamental earnings / (loss) per share	$	(8.06	)	$	10.02		N/M		$	(8.13	)	$	9.68		N/M

Diluted earnings / (loss) per share from persevering with operations^(b)	$	0.32		$	(0.74	)	N/M		$	0.47		$	(0.92	)	N/M
Diluted earnings / (loss) per share from discontinued operations^(b)		(8.40	)		10.76		N/M			(8.57	)		10.60		N/M
Diluted earnings / (loss) per share^(b)	$	(8.08	)	$	10.02		N/M		$	(8.10	)	$	9.68		N/M

^(a) Discuss with Definitions and Notes for further data.
^(b) Excludes the impact of sure anti-dilutive convertible securities.
N/M = Not significant. N/A = Not relevant.

Reconciliation of Internet Earnings / (Loss) Attributable to SUI Frequent Shareholders to Core FFO
($ in hundreds of thousands, besides for per share knowledge)

	Quarter Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Internet Earnings / (Loss) Attributable to SUI Frequent Shareholders	$	(992.7	)	$	1,273.6		$	(1,001.4	)	$	1,230.8
Changes
Depreciation and amortization – persevering with operations^(a)		122.3			117.1			242.1			231.3
Depreciation and amortization – discontinued operations^(a)		7.0			8.9			17.1			53.6
Depreciation on nonconsolidated associates		0.3			0.2			0.6			0.4
Asset impairments – persevering with operations		17.9			33.4			18.2			57.4
Asset impairments – discontinued operations		—			132.9			—			135.0
Loss on classification to held for sale – discontinued operations		1,077.2			—			1,077.2			—
Loss on remeasurement of funding in nonconsolidated associates		1.7			1.5			1.5			1.5
Loss on remeasurement of notes receivable		2.9			1.4			2.8			1.6
Loss on tendencies of properties, together with tax impact – persevering with operations		22.0			2.9			20.9			3.6
(Achieve) / loss on tendencies of properties, together with tax impact – discontinued operations		0.8			(1,445.0	)		1.7			(1,444.7	)
Add: Returns on most well-liked OP models / fairness pursuits		2.5			3.1			5.2			6.3
Add: Earnings / (loss) attributable to noncontrolling pursuits		(34.7	)		53.5			(35.0	)		51.6
Achieve on disposition of property, internet – persevering with operations		(3.0	)		(4.1	)		(4.7	)		(7.7	)
(Achieve) / loss on disposition of property, internet – discontinued operations		—			0.1			(0.4	)		(0.2	)
FFO^(a)(c)(d)		224.2			179.5			345.8			320.5
Changes
Acquisition and different transaction prices – persevering with operations^(a)		1.7			4.6			3.4			13.6
Acquisition and different transaction prices – discontinued operations		14.9			50.5			15.4			65.6
Loss on extinguishment of debt		—			102.4			—			102.4
Catastrophic event-related prices, internet		0.8			0.4			1.3			0.3
Loss of earnings – catastrophic event-related prices, internet^(a)		3.2			(5.7	)		6.4			(1.7	)
(Achieve) / loss on international forex exchanges – persevering with operations		(13.3	)		(39.4	)		10.6			(48.1	)
Loss on international forex exchanges – discontinued operations		0.1			—			0.7			—
Deferred tax (profit) / expense – persevering with operations		—			0.1			(0.1	)		—
Deferred tax (profit) / expense – discontinued operations		(2.6	)		(32.2	)		3.9			(37.3	)
Different changes, internet – persevering with operations		5.2			(3.8	)		13.5			(6.7	)
Different changes, internet – discontinued operations		(0.2	)		(24.5	)		12.2			(9.9	)
Core FFO^(a)(b)(c)(d)	$	234.0		$	231.9		$	413.1		$	398.7

Weighted Common Frequent Shares and OP Models Excellent^(a)(b)		127.0			131.8			127.4			132.1
FFO per Share^(a)(b)(c)	$	1.77		$	1.36		$	2.71		$	2.43
Core FFO per Share^(a)(b)(c)	$	1.84		$	1.76		$	3.24		$	3.02

^(a) Discuss with Definitions and Notes for further data.
^(b) Assumes full conversion of all fairness taking part models, together with frequent and most well-liked OP models, into the Firm’s frequent inventory.
^(c)FFO and Core FFO embody discontinued operations exercise of $17.7 million or $0.14 per Share, and $30.0 million or $0.24 per Share, respectively, throughout the quarter ended June 30, 2026, and $57.2 million or $0.43 per Share, and $51.1 million or $0.39 per Share, respectively, throughout the quarter ended June 30, 2025.
^(d) FFO and Core FFO embody discontinued operations exercise of $3.6 million or $0.03 per Share, and $35.7 million or $0.28 per Share, respectively, throughout the six months ended June 30, 2026, and $84.1 million or $0.64 per Share, and $102.7 million or $0.78 per Share, respectively, throughout the six months ended June 30, 2025.

Reconciliation of Internet revenue / (Loss) Attributable to SUI Frequent Shareholders to NOI
($ in hundreds of thousands)

	Quarter Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Internet Earnings / (Loss) Attributable to SUI Frequent Shareholders	$	(992.7	)	$	1,273.6		$	(1,001.4	)	$	1,230.8
Curiosity revenue		(6.2	)		(16.4	)		(13.4	)		(20.8	)
Brokerage commissions and different revenues, internet		(3.3	)		(13.3	)		(5.0	)		(14.9	)
Normal and administrative		49.9			50.6			108.5			97.6
Catastrophic event-related prices, internet		0.8			0.4			1.3			0.3
Depreciation and amortization		123.9			117.3			245.3			232.0
Asset impairments		17.9			33.4			18.2			57.4
Loss on extinguishment of debt		—			102.4			—			102.4
Curiosity expense		38.1			54.4			76.5			132.9
(Achieve) / loss on international forex exchanges		(13.3	)		(39.4	)		10.6			(48.1	)
Loss on disposition of properties		22.0			1.3			20.9			2.1
Different (revenue) / expense, internet^(a)		0.1			(6.9	)		(8.4	)		(12.6	)
Loss on remeasurement of notes receivable		2.9			1.4			2.8			1.6
Earnings from nonconsolidated associates		(6.1	)		(3.8	)		(12.2	)		(6.8	)
Loss on remeasurement of funding in nonconsolidated associates		1.7			1.5			1.5			1.5
Present tax expense		0.6			2.6			1.5			3.8
Deferred tax (profit) / expense		—			0.1			(0.1	)		—
Internet (revenue) / loss from discontinued operations, internet		1,067.2			(1,360.3	)		1,091.9			(1,340.4	)
Add: Most popular return to most well-liked OP models / fairness pursuits		2.5			3.2			5.2			6.3
Add: Earnings / (loss) attributable to noncontrolling pursuits		(34.7	)		53.5			(35.0	)		51.6
NOI	$	271.3		$	255.6		$	508.7		$	476.7

	Quarter Ended June 30,				Six Months Ended June 30,
		2026		2025		2026		2025
Actual property NOI^(a)	$	260.6	$	241.4	$	497.0	$	458.7
House gross sales NOI^(a)		3.3		6.8		4.9		11.0
Ancillary NOI^(a)		7.4		7.4		6.8		7.0
NOI^(a)	$	271.3	$	255.6	$	508.7	$	476.7

^(a) Discuss with Definitions and Notes for further data.

Reconciliation of Internet Earnings / (Loss) Attributable to SUI Frequent Shareholders to Recurring EBITDA
($ in hundreds of thousands)

	Quarter Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Internet Earnings / (Loss) Attributable to SUI Frequent Shareholders	$	(992.7	)	$	1,273.6		$	(1,001.4	)	$	1,230.8
Changes
Depreciation and amortization – persevering with operations		123.9			117.3			245.3			232.0
Depreciation and amortization – discontinued operations		7.8			9.8			18.9			55.2
Asset impairments – persevering with operations – persevering with operations^(a)		17.9			33.4			18.2			57.4
Asset impairments – discontinued operations		—			132.9			—			135.0
Loss on classification to held for sale – discontinued operations^(a)		1,077.2			—			1,077.2			—
Loss on extinguishment of debt		—			102.4			—			102.4
Curiosity expense – persevering with operations		38.1			54.4			76.5			132.9
Curiosity expense – discontinued operations		0.2			3.8			0.2			7.4
Present tax expense – persevering with operations		0.6			2.6			1.5			3.8
Present tax expense – discontinued operations		2.5			3.8			3.3			4.8
Deferred tax (profit) / expense – persevering with operations		—			0.1			(0.1	)		—
Deferred tax (profit) / expense – discontinued operations		(2.6	)		(32.2	)		3.9			(37.3	)
Earnings from nonconsolidated associates		(6.1	)		(3.8	)		(12.2	)		(6.8	)
Much less: Loss on tendencies of properties – persevering with operations		22.0			1.3			20.9			2.1
Much less: (Achieve) / loss on tendencies of properties – discontinued operations		0.8			(1,445.0	)		1.7			(1,444.7	)
Much less: Loss on tendencies of property, internet – persevering with operations		(3.0	)		(4.1	)		(4.7	)		(7.7	)
Much less: (Achieve) / loss on tendencies of property, internet – discontinued operations		—			0.1			(0.4	)		(0.2	)
EBITDAre^(a)(b)		286.6			250.4			448.8			467.1
Changes
Transaction prices – discontinued operations^(a)(c)		14.9			48.0			14.9			62.6
Catastrophic event-related prices, internet – persevering with operations		0.8			0.4			1.3			0.3
(Achieve) / loss on international forex exchanges – persevering with operations		(13.3	)		(39.4	)		10.6			(48.1	)
Loss on international forex exchanges – discontinued operations^(a)		0.1			—			0.7			—
Different (revenue) / expense, internet – persevering with operations^(a)		0.1			(6.9	)		(8.4	)		(12.6	)
Different (revenue) / expense, internet – discontinuing operations^(a)		(0.2	)		(24.8	)		12.1			(10.2	)
Loss on remeasurement of notes receivable		2.9			1.4			2.8			1.6
Loss on remeasurement of funding in nonconsolidated associates		1.7			1.5			1.5			1.5
Add: Most popular return to most well-liked OP models / fairness pursuits		2.5			3.2			5.2			6.3
Add: Earnings / (loss) attributable to noncontrolling pursuits		(34.7	)		53.5			(35.0	)		51.6
Add: Achieve on tendencies of property, internet – persevering with operations		3.0			4.1			4.7			7.7
Add: Achieve / (loss) on tendencies of property, internet – discontinued operations		—			(0.1	)		0.4			0.2
Recurring EBITDA^(a)(b)	$	264.4		$	291.3		$	459.6		$	528.0

^(a) Discuss with Definitions and Notes for further data.
^(b) EBITDAre and Recurring EBITDA embody discontinued operations exercise.
^(c) Represents non-recurring transaction prices which are immediately attributable to the Park Holidays Sale and the Protected Harbor Sale for the relevant intervals.

Actual Property Operations – Complete Portfolio
($ in hundreds of thousands)

	Quarter Ended June 30, 2026									Quarter Ended June 30, 2025
	MH			RV			Complete			MH			RV			Complete
Revenues
Actual property (excluding transient)^(a)	$	271.2		$	90.9		$	362.1		$	249.8		$	85.5		$	335.3
Actual property – transient		0.2			60.4			60.6			0.2			63.4			63.6
Complete working revenues		271.4			151.3			422.7			250.0			148.9			398.9
Bills
Property working bills		84.9			77.2			162.1			81.5			76.0			157.5
Actual Property NOI^(a)	$	186.5		$	74.1		$	260.6		$	168.5		$	72.9		$	241.4

	Six Months Ended June 30, 2026									Six Months Ended June 30, 2025
	MH			RV			Complete			MH			RV			Complete
Revenues
Actual property (excluding transient)^(a)	$	540.5		$	172.2		$	712.7		$	498.6		$	159.3		$	657.9
Actual property – transient		0.7			88.8			89.5			0.7			91.5			92.2
Complete working revenues		541.2			261.0			802.2			499.3			250.8			750.1
Bills
Property working bills		169.0			136.2			305.2			158.2			133.2			291.4
Actual Property NOI	$	372.2		$	124.8		$	497.0		$	341.1		$	117.6		$	458.7

	As of June 30, 2026									As of June 30, 2025
	MH			RV			Complete			MH			RV			Complete
Quantity of Properties		295			160			455			284			164			448
Websites
Websites^(b)		100,860			32,510			133,370			97,380			32,100			129,480
Transient websites	N/A				22,760			22,760		N/A				23,440			23,440
Complete		100,860			55,270			156,130			97,380			55,540			152,920
Occupancy		97.3	%		100.0	%		97.9	%		97.4	%		100.0	%		98.1	%

N/A = Not relevant.
^(a) Discuss with Definitions and Notes for further data.
^(b) MH annual websites included 13,130 and 11,567 rental houses in the Firm’s rental program at June 30, 2026 and 2025, respectively. The Firm’s gross funding in occupied rental houses at June 30, 2026 was $979.3 million, a rise of 20.5% from $812.5 million at June 30, 2025.

Actual Property Operations – Identical Property Portfolio^(a)
($ in hundreds of thousands)

	Quarter Ended June 30,
		2026						2025					Complete Change			% Change^(b)
	MH		RV		Complete		MH		RV		Complete		Complete Change			MH		RV		Complete
Identical Property Revenues
Actual property (excluding transient)	$	246.1	$	80.4	$	326.5	$	231.7	$	77.4	$	309.1	$	17.4		6.2	%	3.8	%	5.6	%
Actual property – transient		0.2		57.3		57.5		0.2		60.2		60.4		(2.9	)	22.1	%	(4.8) %		(4.7) %
Complete Identical Property working revenues		246.3		137.7		384.0		231.9		137.6		369.5		14.5		6.2	%	—	%	3.9	%
Identical Property Bills
Payroll and advantages		14.6		22.5		37.1		15.4		23.1		38.5		(1.4	)	(5.7) %		(2.8) %		(4.0) %
Actual property taxes		19.6		6.9		26.5		19.1		6.8		25.9		0.6		2.4	%	1.5	%	2.2	%
Provides and repairs		13.4		10.0		23.4		11.8		8.8		20.6		2.8		14.0	%	14.3	%	14.1	%
Utilities		5.4		12.7		18.1		5.3		11.8		17.1		1.0		2.8	%	7.6	%	6.1	%
Authorized, state / native taxes, and insurance coverage		6.9		2.3		9.2		7.9		3.0		10.9		(1.7	)	(13.2) %		(24.1) %		(16.1) %
Different		3.1		12.2		15.3		3.9		12.6		16.5		(1.2	)	(19.5) %		(3.0) %		(6.8) %
Complete Identical Property working bills^(a)		63.0		66.6		129.6		63.4		66.1		129.5		0.1		(0.7) %		0.8	%	0.1	%
Actual Property NOI^(a)	$	183.3	$	71.1	$	254.4	$	168.5	$	71.5	$	240.0	$	14.4		8.8	%	(0.7) %		6.0	%

	Six Months Ended June 30,
		2026						2025					Complete Change			% Change^(b)
	MH		RV		Complete		MH		RV		Complete		Complete Change			MH		RV		Complete
Identical Property Revenues
Actual property (excluding transient)	$	489.1	$	151.9	$	641.0	$	459.5	$	144.7	$	604.2	$	36.8		6.4	%	5.0	%	6.1	%
Actual property – transient		0.7		82.9		83.6		0.7		86.3		87.0		(3.4	)	4.5	%	(3.9) %		(3.9) %
Complete Identical Property working revenues		489.8		234.8		724.6		460.2		231.0		691.2		33.4		6.4	%	1.7	%	4.8	%
Identical Property Bills
Payroll and advantages		29.6		38.5		68.1		29.4		39.1		68.5		(0.4	)	0.8	%	(1.4) %		(0.4) %
Actual property taxes		39.0		13.8		52.8		36.7		13.4		50.1		2.7		6.4	%	2.5	%	5.3	%
Provides and repairs		24.7		15.9		40.6		21.2		14.2		35.4		5.2		16.5	%	11.8	%	14.6	%
Utilities		10.3		23.5		33.8		10.9		22.2		33.1		0.7		(5.6) %		5.8	%	2.1	%
Authorized, state / native taxes, and insurance coverage		14.3		4.9		19.2		15.4		5.9		21.3		(2.1	)	(7.5) %		(16.6) %		(10.0) %
Different		6.0		19.6		25.6		6.4		19.9		26.3		(0.7	)	(5.2) %		(1.4) %		(2.3) %
Complete Identical Property working bills^(a)		123.9		116.2		240.1		120.0		114.7		234.7		5.4		3.3	%	1.3	%	2.3	%
Actual Property NOI^(a)	$	365.9	$	118.6	$	484.5	$	340.2	$	116.3	$	456.5	$	28.0		7.5	%	2.0	%	6.1	%

^(a) Discuss with Definitions and Notes for further data.
^(b) Percentages are calculated primarily based on unrounded numbers.
Actual Property Operations – Identical Property Portfolio (Continued)

	As of June 30,
		2026						2025
	MH			RV			MH			RV
Quantity of properties^(a)		282			152			282			152
Websites
MH and annual RV websites		97,190			30,790			97,070			30,850
Transient RV websites	N/A				21,240		N/A				21,440
Complete		97,190			52,030			97,070			52,290
MH and Annual RV Occupancy
Occupancy^(b)		97.8	%		100.0	%		97.4	%		100.0	%
Common month-to-month base lease per website	$	766		$	700		$	730		$	679
% Change of month-to-month base lease^(c)		4.9	%		3.2	%	N/A			N/A
Rental Program Statistics included in MH
Quantity of occupied websites, finish of interval^(d)		12,750		N/A				11,540		N/A
Month-to-month lease per website – MH rental program	$	1,409		N/A			$	1,374		N/A
% Change^(c)		2.5	%	N/A			N/A			N/A

N/A = Not relevant.
^(a) Monetary outcomes from properties impacted by tendencies and catastrophic climate occasions have been faraway from Identical Property reporting.
^(b) Identical Property blended occupancy for MH and RV was 98.3% at June 30, 2026, up 30 foundation factors from 98.0% at June 30, 2025. Adjusting for lately delivered and vacant growth websites, Identical Property adjusted blended occupancy for MH and RV declined by 10 foundation factors to 98.8% at June 30, 2026, from 98.9% at June 30, 2025.
^(c) Percentages are calculated primarily based on unrounded numbers.
^(d) Occupied rental program websites in Identical Property are included in complete websites.

House Gross sales Abstract
($ in hundreds of thousands, besides for common promoting value)

	Quarter Ended June 30,							Six Months Ended June 30,
		2026			2025		% Change		2026			2025		% Change
Monetary Info
House gross sales	$	27.8		$	41.8		(33.5) %	$	54.3		$	70.5		(23.0) %
House value and promoting bills		24.5			35.0		(30.0) %		49.4			59.5		(17.0) %
NOI^(a)(b)	$	3.3		$	6.8		(51.5) %	$	4.9		$	11.0		(55.5) %
NOI margin %^(a)		11.9	%		16.3	%			9.0	%		15.6	%
Different Info
Models Bought:		326			480		(32.1) %		618			827		(25.3) %
Common Promoting Value:	$	85,276		$	87,083		(2.1) %	$	87,864		$	85,248		3.1	%

^(a) Discuss with Definitions and Notes for further data.

Working Statistics for MH and Annual RVs

	Resident Transfer-outs			Leased Websites, Internet^(b)		New House Gross sales	Pre-owned House Gross sales	Brokered Re-sales
	% of Complete Websites		Quantity of Transfer-outs	Leased Websites, Internet^(b)		New House Gross sales	Pre-owned House Gross sales	Brokered Re-sales
2026 – YTD as of June 30	5.8%^(a)		5,777	(60	)	139	479	946
2025	6.2	%	10,179	1,138		354	1,210	1,646
2024	4.3	%	7,050	3,209		447	1,554	1,700

^(a) Proportion calculated primarily based on a trailing 12-month foundation.
^(b) Improve in income producing websites, internet of new vacancies.

Acquisitions and Inclinations
($ in hundreds of thousands)

Property Title

Phase

Quantity of Properties

Websites

State, Province, or Nation

Complete Buy Value / Gross sales Proceeds

Month

ACQUISITIONS

First Quarter 2026

Parkhurst Estates

279

17.0

January

Complete Acquisitions Yr to Date

279

17.0

DISPOSITIONS

Second Quarter 2026

Sun Retreats Amherstberg

299

0.1

April

Joint Enterprise RV Portfolio

945

Numerous

9.0

June

Complete Inclinations to Date

1,244

9.1

Capital Expenditures^(a)
($ in hundreds of thousands)

			Non-Recurring Capital Expenditures
Interval	Recurring Capital Expenditures		Lot Modifications		Development Tasks		Capital Enhancements to Current Acquisitions		Enlargement and Improvement		Complete Non-Recurring Capital Expenditures		Complete
Six Months Ended June 30, 2026	$	29.7	$	20.3	$	8.3	$	3.8	$	14.8	$	47.2	$	76.9
Yr Ended December 31, 2025	$	55.8	$	38.8	$	12.9	$	8.3	$	66.7	$	126.7	$	182.5
Yr Ended December 31, 2024	$	54.5	$	35.5	$	11.5	$	22.9	$	105.2	$	175.1	$	229.6

^(a) Discuss with Definitions and Notes for further data.

Capitalization Overview
($ in hundreds of thousands, shares and models in hundreds, besides for share value)

	As of June 30, 2026
	Frequent Equal Shares	Share Value		Capitalization
Fairness and Enterprise Worth
Frequent shares	122,507	$	119.91	$	14,689.8
Convertible securities
Frequent OP models	2,353	$	119.91		282.1
Most popular OP models	2,007	$	119.91		240.7
Diluted shares excellent and market capitalization^(a)	126,867				15,212.6
Plus: Complete debt, per condensed consolidated stability sheet					4,052.2
Complete capitalization					19,264.8
Much less: Money and money equivalents (excluding restricted money) – persevering with operations					(150.6	)
Much less: Money and money equivalents (excluding restricted money) – discontinued operations					(33.5	)
Enterprise Worth^(a)				$	19,080.7

^(a)Discuss with Definitions and Notes for further data associated to the Firm’s securities excellent.

^(b)

	As of June 30, 2026
	Debt Excellent		Weighted Common Curiosity Price^(a)		Weighted Common Maturity (in years)	Maturity Date
Secured Debt:
Mortgage loans payable	$	2,225.3	3.62	%	8.6	Numerous
Secured borrowings on collateralized receivables^(b)		39.2	8.53	%	11.8	Numerous
Complete Secured Debt		2,264.5	3.70	%
Unsecured Debt:
Senior Unsecured Notes:
2028 senior unsecured notes		448.4	2.29	%	2.3	November 2028
2031 senior unsecured notes		744.8	2.70	%	5.0	July 2031
2032 senior unsecured notes		594.5	3.61	%	5.8	April 2032
Complete Unsecured Debt		1,787.7	2.90	%	4.6
Complete carrying worth of debt, per condensed consolidated stability sheets		4,052.2	3.35	%	6.9
Plus: Unamortized deferred financing prices, reductions / premiums on debt, and honest worth changes^(a)		17.9
Complete debt	$	4,070.1

^(a)Consists of the impact of amortizing deferred financing prices, unsecured observe reductions, and honest worth changes on the Secured borrowings on collateralized receivables.
^(b)Discuss with Definitions and Notes for further data.
^(c)

Debt Maturities^(a)

($ in hundreds of thousands)

	As of June 30, 2026
Yr	Mortgage Loans Payable^(b)		Principal Amortization		Secured Borrowings on Collateralized Receivables^(c)(d)		Senior Unsecured Notes		Complete
2026	$	314.1	$	17.1	$	—	$	—	$	331.2
2027		—		34.8		1.0		—		35.8
2028		175.6		38.8		2.2		450.0		666.6
2029		310.7		38.1		2.4		—		351.2
2030		7.5		37.3		2.6		—		47.4
Thereafter		807.9		452.1		27.9		1,350.0		2,637.9
Complete	$	1,615.8	$	618.2	$	36.1	$	1,800.0	$	4,070.1

^(a) Debt maturities embody the unamortized deferred financing prices, low cost / premiums, and honest worth changes related to excellent debt.
^(b) For the Mortgage loans payable maturing between 2026 – 2030:

	2026			2027			2028			2029			2030
Weighted common rate of interest	3.73	%		—	%		3.97	%		3.16	%		3.45	%

^(c) Steadiness at June 30, 2026 excludes honest worth changes of $3.2 million.
^(d) Discuss with Definitions and Notes for further data.

Debt Evaluation

		As of June 30, 2026
Choose Credit score Ratios
Internet Debt / TTM Recurring EBITDA^(a)		3.9 x
Internet Debt / Enterprise Worth^(a)		20.3	%
Internet Debt / Gross Property^(a)		26.7	%
Unencumbered property / Complete property		79.1	%
Floating charge debt / Complete debt		N/A^(c)
Protection Ratios
TTM Recurring EBITDA^(a)(b) / Curiosity		6.6 x
TTM Recurring EBITDA^(a)(b) / Curiosity + Most popular distributions + Most popular inventory distribution		6.6 x
Credit score Facility Covenants^(d)	Requirement
Most leverage ratio	<65.0 %	17.8	%
Minimal fastened cost protection ratio	>1.40 x	5.01 x
Most secured leverage ratio	<40.0 %	9.2	%
Senior Unsecured Be aware Covenants	Requirement
Complete debt / Complete property	≤60.0 %	28.4	%
Secured debt / Complete property	≤40.0 %	15.8	%
Consolidated revenue accessible for debt service / Debt service	≥1.50 x	7.33 x
Unencumbered complete asset worth / Complete unsecured debt	≥150.0 %	626.9	%

^(a)Discuss with Definitions and Notes for further data.
^(b) Proportion consists of the impression of hedge actions.
^(c) As of June 30, 2026, the Firm had no floating charge debt.
^(d) As of June 30, 2026, the Firm didn’t have any borrowings excellent beneath its senior credit score facility.

Definitions and Notes

Acquisition and Different Transaction Prices – In the Firm’s Reconciliation of Internet Earnings / (Loss) Attributable to SUI Frequent Shareholders to Core FFO on web page 6, “Acquisition and different transaction prices – persevering with operations” characterize (a) nonrecurring integration bills related to acquisitions throughout the quarters and six months ended June 30, 2026 and 2025, (b) prices related to potential acquisitions that won’t shut, (c) bills incurred to carry lately acquired properties as much as the Firm’s working requirements, together with gadgets similar to tree trimming and portray prices that don’t meet the Firm’s capitalization coverage, and (d) different non-recurring transaction prices. Inside this similar reconciliation on web page 6, “Acquisition and different transaction prices – discontinued operations” primarily characterize non-recurring transaction prices which are immediately attributable to the Park Holidays Sale and the Protected Harbor Sale and nonrecurring integration bills related to earlier UK and marina acquisitions.

Asset Impairments – In the Firm’s Condensed Consolidated Statements of Operations on web page 5, the Firm recorded asset impairment prices of $17.9 million for the quarter ended June 30, 2026, primarily consisting of asset impairment prices of $14.1 million to scale back the carrying worth of two improvement land parcels in the US, pushed by the Firm’s contemplated change in strategic plan for these properties.

Property Held for Sale and Discontinued Operations:

Park Holidays Sale – In Might 2026, the Firm entered into an settlement to promote Park Holidays, which represents a strategic shift in operations that’s anticipated to have a significant impact on the Firm’s operations and monetary outcomes. Accordingly, the outcomes of the UK enterprise and property and liabilities included in the disposition are offered as held for sale and as discontinued operations for all intervals offered herein. The Firm expects the Park Holidays Sale to shut in the second half of 2026.

As of June 30, 2026, the Firm decided that the honest worth of the UK enterprise, together with prices to promote, was decrease than its carrying worth. Accordingly, throughout the quarter ended June 30, 2026, the Firm recorded a non-cash valuation allowance of $1.1 billion in opposition to the property held for sale to scale back the carrying worth of the UK enterprise to the estimated honest worth much less prices to promote. The valuation allowance was recorded inside Earnings / (loss) from discontinued operations, internet on the Firm’s Condensed Consolidated Statements of Operations.

Protected Harbor Sale – In 2025, the Firm entered into the Protected Harbor Sale, which represented a strategic shift in operations. Accordingly, the outcomes of the Protected Harbor enterprise have been mirrored as discontinued operations on the Firm’s Condensed Consolidated Statements of Operations by means of the remaining transaction deadline of August 29, 2025.

The next desk units forth a abstract of the working outcomes included inside Earnings / (loss) from discontinued operations, internet on the Firm’s Condensed Consolidated Statements of Operations (in hundreds of thousands):

	Quarter Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Loss from discontinued operations, internet – Park Holidays Sale	$	(1,067.2	)	$	(62.2	)	$	(1,091.9	)	$	(63.6	)
Earnings from discontinued operations, internet – Protected Harbor Sale		—			1,422.5			—			1,404.0
Earnings / (loss) from discontinued operations, internet	$	(1,067.2	)	$	1,360.3		$	(1,091.9	)	$	1,340.4

The next desk units forth a abstract of property and liabilities categorized as held for sale and discontinued operations associated to the UK enterprise (in hundreds of thousands):

	June 30, 2026			December 31, 2025
Property
Land	$	1,689.3		$	1,692.7
Land enhancements and buildings		613.0			587.6
Furnishings, fixtures and tools		93.7			95.5
Funding property		2,396.0			2,375.8
Gathered depreciation		(89.7	)		(92.6	)
Funding property, internet		2,306.3			2,283.2
Money, money equivalents and restricted money		33.5			29.4
Stock of manufactured houses		53.2			58.2
Notes and different receivables, internet		23.7			69.2
Different intangible property, internet		61.3			64.8
Different property, internet		45.9			46.7
Valuation allowance to regulate property to estimated honest worth, much less prices to promote		(1,077.2	)		—
Property held for sale and discontinued operations, internet	$	1,446.7		$	2,551.5
Liabilities
Superior reservation deposits and lease	$	103.7		$	130.0
Accrued bills and accounts payable		69.7			49.8
Different liabilities		255.5			247.4
Liabilities held for sale and discontinued operations, internet	$	428.9		$	427.2

	Quarter Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Revenues
Actual property	$	53.0		$	51.3		$	90.7		$	84.5
House gross sales		53.1			58.3			94.7			96.8
Ancillary		17.0			16.6			21.8			20.8
Curiosity, brokerage commissions and different, internet		1.4			1.4			1.8			1.5
Complete Revenues		124.5			127.6			209.0			203.6
Bills
Property working and upkeep		26.6			26.9			51.6			49.1
Actual property tax		2.3			2.2			4.5			4.1
House prices and promoting		37.4			41.8			68.7			69.9
Ancillary		14.9			15.4			22.5			22.1
Normal and administrative^(a)		24.7			10.6			35.6			20.6
Depreciation and amortization		7.8			10.1			18.9			19.1
Asset impairments		—			132.7			—			132.7
Curiosity		0.2			3.8			0.2			7.4
Complete Bills		113.9			243.5			202.0			325.0
Earnings / (Loss) Earlier than Different Gadgets		10.6			(115.9	)		7.0			(121.4	)
Loss on disposition of properties, internet		(0.8	)		—			(1.7	)		(0.3	)
Different revenue / (expense), internet		0.2			25.0			(12.1	)		25.0
Loss on international forex exchanges		(0.1	)		—			(0.7	)		—
Loss from classification to held for sale^(a)		(1,077.2	)		—			(1,077.2	)		—
Loss from Discontinued Operations, earlier than revenue taxes		(1,067.3	)		(90.9	)		(1,084.7	)		(96.7	)
Present tax expense		(2.5	)		(3.5	)		(3.3	)		(4.2	)
Deferred tax profit / (expense)		2.6			32.2			(3.9	)		37.3
Loss from Discontinued Operations	$	(1,067.2	)	$	(62.2	)	$	(1,091.9	)	$	(63.6	)

^(a) Consists of authorized and advisory charges, worker separation prices, and different transaction prices of $78.7 million related to the Park Holidays Sale throughout the quarter ended June 30, 2026; $14.9 million of which is recorded in Normal and administrative and $63.8 million of which is recorded in Loss from classification to held for sale inside Earnings / (Loss) from Discontinued Operations.

Capital Expenditures – The Firm classifies its investments in properties into the following classes:

Recurring Capital Expenditures – Property recurring capital expenditures are crucial to take care of asset high quality, together with buying and changing gadgets used to function the communities. Recurring capital expenditures at the Firm’s MH and RV properties embody main highway, driveway and pool enhancements; clubhouse renovations; including or changing streetlights; playground tools; signage; upkeep services; supervisor housing and property automobiles. The minimal capitalized quantity is one thousand {dollars}.
Non-Recurring Capital Expenditures – The next funding and reinvestment actions are non-recurring in nature:
- Lot Modifications – consist of expenditures incurred to change the foundational constructions required to arrange a brand new residence after a earlier residence has been eliminated. These expenditures are essential to create a income stream from a brand new website renter and typically enhance the high quality of the group. Different lot modification expenditures embody land enhancements added to annual RV websites to assist in the conversion of transient RV company to annual contracts. See web page 11 for move-out charges.
- Development Tasks – consist of revenue-generating or expense-reducing actions at the properties. These embody, however should not restricted to, utility effectivity and renewable vitality tasks, website, or amenity upgrades, similar to the addition of a storage or shed, and different particular capital tasks that substantiate an incremental rental enhance.
- Capital Enhancements to Current Acquisitions – represents capital enhancements recognized throughout due diligence from the acquisition date by means of the third 12 months of possession wanted to carry acquired properties as much as the Firm’s working requirements.

Capital enhancements subsequent to acquisition typically require 24 to 36 months to finish after closing. At MH and RV properties, capital enhancements embody upgrading clubhouses; landscaping; new avenue lighting techniques; new mail supply techniques; pool renovations together with bigger decks, heaters and furnishings; new upkeep services; lot modifications; and new signage together with primary indicators and inside highway indicators.

Expansions and Developments – consist primarily of development prices similar to roads, actions, and facilities, and prices crucial to finish website enhancements, similar to driveways, sidewalks, and landscaping at the Firm’s MH and RV communities. Expenditures additionally embody prices to rebuild after injury has been incurred at MH or RV properties.

Money, Money Equivalents and Restricted Money – Consists of money and money equivalents of $14.6 million as of June 30, 2026, that was held in escrow accounts and restricted from common use. The restricted money and money equivalents embody $9.7 million that has been designated to fund potential future MH and RV acquisitions beneath 1031 alternate transactions.

Enterprise Worth – Equals complete fairness market capitalization, plus complete indebtedness reported on the Firm’s stability sheet and much less unrestricted money and money equivalents.

GAAP – U.S. Usually Accepted Accounting Ideas.

Curiosity expense – The next is a abstract of the parts of the Firm’s curiosity expense (in hundreds of thousands):

	Quarter Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Curiosity on secured debt, senior unsecured notes, and senior credit score facility, internet of rate of interest swaps	$	35.7		$	51.8		$	71.8		$	127.4
Amortization of deferred financing prices, debt (premium) / reductions, and (features) / losses on hedges		0.8			1.3			1.6			2.9
Senior credit score facility dedication charges and different finance associated prices		0.8			1.6			1.7			3.3
Capitalized curiosity expense		(0.1	)		(1.3	)		(0.3	)		(2.7	)
Curiosity expense earlier than curiosity on secured borrowings		37.2			53.4			74.8			130.9
Curiosity expense on secured borrowings on collateralized receivables		0.9			1.0			1.7			2.0
Curiosity expense, per Condensed Consolidated Statements of Operations	$	38.1		$	54.4		$	76.5		$	132.9

Loss of earnings – catastrophic event-related prices, internet – embody the following (in hundreds of thousands):

	Quarter Ended June 30,					Six Months Ended June 30,
		2026		2025			2026		2025
Hurricane Ian – Estimated loss of earnings in extra of the relevant enterprise interruption deductible	$	—	$	4.1		$	—	$	7.9
Hurricane Ian – Insurance coverage recoveries realized for beforehand estimated loss of earnings		—		(9.9	)		—		(9.9	)
Hurricane Ian – Recognition of deferred lump sum insurance coverage settlement⁽¹⁾		3.2		—			6.4		—
Hurricane Helene – Estimated loss of earnings in extra of the relevant enterprise interruption deductible, internet		—		0.1			—		0.3
Loss of earnings – catastrophic event-related prices, internet	$	3.2	$	(5.7	)	$	6.4	$	(1.7	)

⁽¹⁾ Throughout the 12 months ended December 31, 2025, the Firm acquired a settlement of $80.2 million from an insurance coverage supplier to settle all claims associated to property, casualty, flood, and enterprise interruption insurance coverage recoveries from Hurricane Ian. The Firm concluded that $36.5 million of the complete settlement pertained to enterprise interruption recoveries by means of 2027, which the Firm recorded as a contingent achieve in accordance with ASC 450, “Contingencies.” To higher replicate the underlying economics of the transaction, the Firm has elected to defer the enterprise interruption restoration achieve and acknowledge revenue ratably by means of 2027 for the Firm’s presentation of Core FFO.

NAREIT – The Nationwide Affiliation of Actual Property Funding Trusts is the worldwide consultant voice for REITs and actual property corporations with an curiosity in U.S. actual property and capital markets. Extra data is on the market at www.reit.com.

Internet Debt – The carrying worth of debt, plus, unamortized premiums, reductions, and deferred financing prices, much less unrestricted money and money equivalents. The next desk units forth the parts of Internet Debt (in hundreds of thousands):

	June 30, 2026			December 31, 2025
Complete carrying worth of debt, per condensed consolidated stability sheets	$	4,052.2		$	4,258.7
Plus: Unamortized deferred financing prices, reductions / premiums on debt, and honest worth changes		17.9			19.3
Much less: Money and money equivalents (excluding restricted money) – persevering with operations		(150.6	)		(569.6	)
Much less: Money and money equivalents (excluding restricted money) – discontinued operations		(33.5	)		—
Internet Debt	$	3,886.0		$	3,708.4

Different changes, internet – In the Firm’s Reconciliation of Internet Earnings / (Loss) Attributable to SUI Frequent Shareholders to Core FFO on web page 6, Different changes, internet – persevering with operations and Different changes, internet – discontinued operations consist of the following (in hundreds of thousands):

	Quarter Ended June 30,						Six Months Ended June 30,
Different changes, internet – persevering with operations		2026			2025			2026			2025
Contingent consideration features	$	—		$	—		$	—		$	(6.0	)
Achieve on insurance coverage restoration		—			—			(6.7	)		—
Money movement hedge features from debt extinguishments		—			(7.4	)		(1.7	)		(7.4	)
Severance prices		(0.7	)		0.2			4.4			0.4
Accelerated deferred compensation amortization		4.9			0.8			13.8			2.0
ERP implementation expense		0.7			0.8			1.5			1.8
Different		0.3			1.8			2.2			2.5
Different changes, internet – persevering with operations	$	5.2		$	(3.8	)	$	13.5		$	(6.7	)

	Quarter Ended June 30,						Six Months Ended June 30,
Different changes, internet – discontinued operations		2026			2025			2026		2025
Long run lease termination (features) / losses	$	(0.2	)	$	(25.7	)	$	12.2	$	(25.7	)
Contingent consideration expense		—			1.0			—		15.5
Different		—			0.2			—		0.3
Different changes, internet – discontinued operations	$	(0.2	)	$	(24.5	)	$	12.2	$	(9.9	)

Different revenue / (expense), internet – In the Firm’s Condensed Consolidated Statements of Operations on web page 5, Different revenue / (expense), internet consists of the following (in hundreds of thousands):

	Quarter Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Contingent consideration features	$	—		$	—		$	—		$	6.0
Achieve on insurance coverage restoration		—			—			6.7			—
Money movement hedge features from debt extinguishments		—			7.4			1.7			7.4
Restore reserve on repossessed houses		(0.2	)		(0.5	)		0.1			(0.6	)
Loss on remeasurement of collateralized receivables		(0.6	)		(0.5	)		(0.6	)		(0.5	)
Achieve on remeasurement of secured borrowings on collateralized receivables		0.6			0.5			0.6			0.5
Different		0.1			—			(0.1	)		(0.2	)
Different revenue / (expense), internet	$	(0.1	)	$	6.9		$	8.4		$	12.6

Protected Harbor Sale – The Firm’s sale of Protected Harbor Marinas, LLC in 2025.

Identical Property – The Firm defines Identical Properties as these the Firm has owned and operated repeatedly since at the very least January 1, 2025. Identical properties exclude ground-up improvement properties, acquired properties, properties categorized as discontinued operations, properties impacted by catastrophic climate occasions, and properties bought after December 31, 2024. The Identical Property knowledge might change from time-to-time relying on acquisitions, tendencies, administration discretion, vital transactions, or distinctive conditions.

Secured borrowings on collateralized receivables – This can be a transferred asset transaction which has been categorized as collateralized receivables and the money acquired from this transaction has been categorized as secured borrowings. The curiosity revenue and curiosity expense accrue in equal quantities. The Firm has elected to file the collateralized receivables and secured borrowings at honest worth beneath ASC 820, “Honest Worth Measurements.” Consequently, the stability of collateralized receivables and associated secured borrowings are internet of honest worth changes.

Securities – The Firm had the following securities excellent as of June 30, 2026:

	Quantity of Models / Shares Excellent (in hundreds)	Conversion Price^(a)	If Transformed to Frequent shares (in hundreds)^(b)	Issuance Value Per Unit		Annual Distribution Price
Non-Convertible Securities
Frequent shares	122,507	N/A	N/A	N/A		$4.48^(c)
Convertible Securities Categorised as Fairness
Frequent OP models	2,353	1.0000	2,353	N/A		$4.48^(c)
Most popular OP Models
Sequence A-1	154	2.4390	376	$	100.00	6.00	%
Sequence A-3	40	1.8605	75	$	100.00	4.50	%
Sequence C	292	1.1100	324	$	100.00	5.00	%
Sequence D	489	0.8000	391	$	100.00	4.00	%
Sequence E	80	0.6897	55	$	100.00	5.50	%
Sequence F	20	0.6250	12	$	100.00	3.00	%
Sequence G	5	0.6452	3	$	100.00	3.20	%
Sequence H	47	0.6098	29	$	100.00	3.00	%
Sequence J	232	0.6061	141	$	100.00	2.85	%
Sequence Ok	1,000	0.5882	588	$	100.00	4.00	%
Sequence L	20	0.6250	13	$	100.00	3.50	%
Complete	2,379		2,007
Complete Convertible Securities Excellent	4,732		4,360

^(a) Trade charges are topic to adjustment upon inventory splits, recapitalizations, and comparable occasions. The alternate charges of sure sequence of OP models are approximated to 4 decimal locations.
^(b)Calculation might yield minor variations because of fractional shares paid in money to the shareholder at conversion.
^(c)Annual distribution is predicated on the final quarterly distribution annualized.

Share – Along with reporting internet revenue on a diluted foundation (“EPS”), the Firm reviews FFO and Core FFO on a per frequent share and convertible securities foundation (per “Share”). For the intervals offered under, the Firm’s diluted weighted common frequent shares excellent for EPS and FFO are as follows:

	Quarter Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Diluted Weighted Common Frequent Shares Excellent – EPS
Weighted common frequent shares excellent – Fundamental	122.5	126.4	122.6	126.5
Dilutive restricted inventory	0.1	—	0.2	—
Frequent and most well-liked OP models dilutive impact	4.4	—	4.6	—
Weighted Common Frequent Shares Excellent – Diluted	127.0	126.4	127.4	126.5
Diluted Weighted Common Frequent Shares Excellent – FFO
Weighted common frequent shares excellent – Fundamental	122.5	126.4	122.6	126.5
Restricted inventory	0.1	0.2	0.2	0.3
Frequent OP models	2.4	2.8	2.5	2.9
Frequent inventory issuable upon conversion of sure most well-liked OP models	2.0	2.4	2.1	2.4
Weighted Common Frequent Shares and OP Models Excellent	127.0	131.8	127.4	132.1

Utility Revenues – In its Condensed Consolidated Statements of Operations and its complete portfolio presentation of actual property working outcomes, the Firm consists of the following utility reimbursement revenues in actual property revenues (excluding transient) (in hundreds of thousands):

	Quarter Ended June 30,				Six Months Ended June 30,
Consolidated Portfolio		2026		2025		2026		2025
Utility reimbursement revenues
MH	$	19.6	$	17.6	$	40.8	$	37.2
RV		5.4		5.4		10.2		9.7
Complete	$	25.0	$	23.0	$	51.0	$	46.9

For its presentation of Identical Property outcomes on web page 10, the Firm nets the following utility revenues (which embody utility reimbursement revenues from residents) in opposition to associated utility bills in Identical Property working bills (in hundreds of thousands):

	Quarter Ended June 30,				Six Months Ended June 30,
Identical Property Portfolio		2026		2025		2026		2025
Utility revenues netted in opposition to associated utility bills
MH	$	19.2	$	17.6	$	40.0	$	37.1
RV		5.4		5.3		10.0		9.6
Complete	$	24.6	$	22.9	$	50.0	$	46.7

Non-GAAP Supplemental Measures

Buyers and analysts following the actual property business use non-GAAP supplemental efficiency measures, together with internet working revenue (“NOI”), earnings earlier than curiosity, tax, depreciation, and amortization (“EBITDA”) and funds from operations (“FFO”) to evaluate REITs. The Firm believes that NOI, EBITDA, and FFO are acceptable measures given their extensive use by and relevance to buyers and analysts. Moreover, NOI, EBITDA, and FFO are generally utilized in numerous ratios, pricing multiples, yields and returns and valuation calculations used to measure monetary place, efficiency, and worth.

NOI supplies a measure of rental operations and doesn’t think about depreciation, amortization and non-property particular bills similar to common and administrative bills.

EBITDA supplies an extra measure to guage the Firm’s capacity to incur and service debt; EBITDA additionally supplies additional measures to guage the Firm’s capacity to fund dividends and different money wants. FFO, reflecting the assumption that actual property values rise or fall with market circumstances, principally adjusts for the results of GAAP depreciation and amortization of actual property property.

Internet Working Earnings (“NOI”)
- Complete Portfolio NOI – NOI is derived from property working revenues minus property working bills and actual property taxes. NOI is a non-GAAP monetary measure that the Firm believes is useful to buyers as a supplemental measure of working efficiency as a result of it’s an indicator of the return on property funding and supplies a technique of evaluating property efficiency over time. The Firm makes use of NOI as a key measure when evaluating efficiency and development of explicit properties and / or teams of properties. The principal limitation of NOI is that it excludes depreciation, amortization, curiosity expense, and non-property particular bills similar to common and administrative bills, all of that are vital prices. Subsequently, NOI is a measure of the working efficiency of the properties of the Firm fairly than of the Firm total. The Firm believes that NOI supplies enhanced comparability for investor analysis of property efficiency and development over time.

The Firm believes that GAAP internet revenue (loss) is the most immediately comparable measure to NOI. NOI shouldn’t be thought of to be an alternative choice to GAAP internet revenue (loss) as a sign of the Firm’s monetary efficiency or GAAP internet money supplied by working actions as a measure of the Firm’s liquidity; neither is it indicative of funds accessible for the Firm’s money wants, together with its capacity to make money distributions. As a result of of the inclusion of gadgets similar to curiosity, depreciation, and amortization, the use of GAAP internet revenue (loss) as a efficiency measure is proscribed as this stuff might not precisely replicate the precise change in market worth of a property, in the case of depreciation and in the case of curiosity, might not essentially be linked to the working efficiency of an actual property asset, as it’s typically incurred at a dad or mum firm degree and not at a property degree.

Identical Property NOI – This can be a key administration software used when evaluating efficiency and development of the Firm’s Identical Property portfolio. Identical Property NOI doesn’t embody the revenues and bills associated to residence gross sales and ancillary actions at the properties. The Firm believes that Identical Property NOI is useful to buyers as a supplemental comparative efficiency measure of the revenue generated from the Identical Property portfolio from one interval to the subsequent.

Earnings earlier than curiosity, tax, depreciation and amortization (“EBITDA“)
- EBITDAre – Nareit refers to EBITDA as “EBITDAre” and calculates it as GAAP internet revenue (loss), plus curiosity expense, plus revenue tax expense, plus depreciation and amortization, plus or minus losses or features on the disposition of depreciated property (together with losses or features on change of management), plus impairment write-downs of depreciated property and of investments in nonconsolidated associates brought on by a lower in worth of depreciated property in the affiliate, and changes to replicate the entity’s share of EBITDAre of nonconsolidated associates. EBITDAre is a non-GAAP monetary measure that the Firm makes use of to guage its capacity to incur and service debt, fund dividends and different money wants, and cowl fastened prices. Buyers make the most of EBITDAre as a supplemental measure to guage and evaluate funding high quality and enterprise worth of REITs.
- Recurring EBITDA – The Firm additionally makes use of EBITDAre excluding sure achieve and loss gadgets that administration considers unrelated to measurement of the Firm’s efficiency on a foundation that’s unbiased of capital construction (“Recurring EBITDA”). The Firm believes that GAAP internet revenue (loss) is the most immediately comparable measure to EBITDAre. EBITDAre shouldn’t be meant for use as a measure of the Firm’s money generated by operations or its dividend-paying capability, and ought to subsequently not substitute GAAP internet revenue (loss) as a sign of the Firm’s monetary efficiency or GAAP money movement supplied by / used for working, investing, and financing actions as measures of liquidity.

Funds from Operations (“FFO”)
- FFO – Nareit defines FFO as GAAP internet revenue (loss), excluding features (or losses) from gross sales of sure actual property property, actual property associated depreciation and amortization, features (or losses) from change in management, impairments of sure actual property property and investments, and changes for nonconsolidated partnerships and joint ventures. FFO is a non-GAAP monetary measure that administration believes is a helpful supplemental measure of the Firm’s working efficiency. By excluding features and losses associated to gross sales of beforehand depreciated working actual property property, actual property associated impairment, and actual property asset depreciation and amortization (which might fluctuate amongst homeowners of an identical property in comparable situation primarily based on historic value accounting and helpful life estimates), FFO supplies a efficiency measure that, compared period-over-period, displays the impression to operations from traits in occupancy charges, rental charges and working prices, offering perspective not readily obvious from GAAP internet revenue (loss). Administration believes the use of FFO has been helpful in bettering the understanding of working outcomes of REITs amongst the investing public and making comparisons of REIT working outcomes extra significant.
- Core FFO – Along with FFO, the Firm makes use of FFO excluding sure achieve and loss gadgets that administration considers unrelated to the operational and monetary efficiency of the Firm’s core enterprise (“Core FFO”) to guage our efficiency. These changes embody acquisition and different transaction prices, features and losses from the early extinguishment of debt, prices associated to catastrophic climate occasions, internet of insurance coverage recoveries, features and losses on international forex exchanges, and different miscellaneous non-comparable gadgets, similar to restructuring prices.

The Firm believes that FFO and Core FFO present enhanced comparability for investor evaluations of period-over-period outcomes. The Firm believes that GAAP internet revenue (loss) is the most immediately comparable measure to FFO. The principal limitation of FFO is that it doesn’t substitute GAAP internet revenue (loss) as a monetary efficiency measure or GAAP money movement from working actions as a measure of the Firm’s liquidity. As a result of FFO excludes vital financial parts of GAAP internet revenue (loss) together with depreciation and amortization, FFO must be used as a complement to GAAP internet revenue (loss) and not as an alternative choice to it. Moreover, FFO shouldn’t be meant as a measure of a REIT’s capacity to satisfy debt principal repayments and different money necessities, nor as a measure of working capital. FFO is calculated in accordance with the Firm’s interpretation of requirements established by Nareit, which might not be similar to FFO reported by different REITs that interpret the Nareit definition otherwise. Sure monetary data has been revised to replicate reclassifications in prior intervals to evolve to present interval presentation.