[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","gdzmso9zydu210rh2ghnr3v7c","revision",2,"title","Sun Communities提交截至2026年9月30日季度的10-Q：英国业务出售相关亏损拖累前九个月净业绩","originalTitle","10-Q - SUN COMMUNITIES INC (0000912593) (Filer)","summary","Sun Communities提交截至2026年9月30日季度的10-Q；申报节选显示，2026年前九个月持续经营净利润为1.978亿美元，但计入已终止经营净亏损11.012亿美元后，公司净亏损9.034亿美元。","reason","申报节选显示，英国业务出售及相关减值显著影响九个月净利润比较，同时列示持续经营业绩、现金流与资本配置。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_78":91},"publishedAt","2026-10-27T19:30:04.000Z","discoveredAt","2026-10-28T01:19:36.489Z","timelineAt","category","ai-products","tags",[84,85,86,87,88],"stockSymbols",[83],"score",61,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fEmZ6ikGPtLY",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","3fcc2357-1e39-4669-b327-89ca1386e651","Sun Communities三季度业绩及英国业务出售亏损披露",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表

☒ 根据1934年《证券交易法》第13或15(d)条提交的季度报告

截至2026年9月30日的季度

或

☐ 根据1934年《证券交易法》第13或15(d)条提交的过渡报告

过渡期自______至______


委员会文件编号：	1-12616

$\"sun-corporate-tm-oval-orange-logo-pantone.jpg\"$

SUN COMMUNITIES, INC

（注册人章程中所列的确切名称）


马里兰州		38-2730780
（注册成立州）		（美国国税局雇主识别号）

27777 Franklin Rd,

Suite 300,

Southfield,

Michigan

48034

（主要行政办公室地址）

（邮政编码）

(248) 208-2500

（注册人电话号码，包括区号）

根据该法第12(b)条注册的证券：

各类别证券名称

交易代码

注册交易所名称

普通股，面值$0.01

SUI

纽约证券交易所

请勾选以表明注册人是否(1)已在此前12个月内（或注册人须提交此类报告的较短期间内）提交《1934年证券交易法》第13或15(d)条规定须提交的所有报告，且(2)在过去90天内一直受此类申报要求约束。是 ☒ 否 ☐

请勾选以表明注册人是否已在此前12个月内（或注册人须提交并发布此类文件的较短期间内）以电子方式提交根据S-T条例第405条（本章§232.405）须提交的每份交互式数据文件。是 ☒ 否 ☐

请勾选以表明注册人是大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司还是新兴成长型公司。参见《交易法》规则12b-2中“大型加速申报公司”“加速申报公司”“较小申报公司”和“新兴成长型公司”的定义。

大型加速申报公司

加速申报公司

非加速申报公司

较小申报公司

新兴成长型公司

☒

☐

如果是新兴成长型公司，请勾选以表明注册人是否选择不采用《交易法》第13(a)条规定的新订或修订财务会计准则的延长过渡期。 ☐

请勾选以表明注册人是否为空壳公司（定义见《交易法》规则12b-2）。是 ☐ 否 ☒

截至2026年10月20日发行在外的普通股（每股面值$0.01）数量：119,365,784



第一部分 – 财务信息
第1项。	简明合并财务报表
	截至2026年9月30日（未经审计）和2025年12月31日的简明合并资产负债表	1
	截至2026年和2025年9月30日止三个月和九个月简明合并经营报表（未经审计）	2
	截至2026年和2025年9月30日止三个月和九个月简明合并综合收益/（亏损）报表（未经审计）	3
	截至2026年和2025年9月30日止三个月和九个月简明合并股东权益报表（未经审计）	4
	截至2026年和2025年9月30日止九个月简明合并现金流量表（未经审计）	6
	简明合并财务报表附注（未经审计）	7
第2项	管理层对财务状况和经营业绩的讨论与分析	31
第3项	有关市场风险的定量和定性披露	47
第4项	控制与程序	47

第二部分 – 其他信息
第1项	法律诉讼	48
第1A项	风险因素	48
第2项	未注册股权证券销售及所得款项用途	48


第5项	其他信息	48
第6项	附件	49

	签名	50

SUN COMMUNITIES, INC.

第一部分 - 财务信息

第1项. 简明合并财务报表

简明合并资产负债表

（单位：百万美元，每股金额除外）（未经审计）



	2026年9月30日		2025年12月31日
资产
土地	$	1,787.9			$	1,810.5
土地改良和建筑物	8,646.7			8,699.2
出租房屋及改良设施	1,024.4			940.2
家具、固定装置及设备	690.3			674.3
投资性房地产	12,149.3			12,124.2
累计折旧	(3,769.3)			(3,505.7)
投资性房地产，净额	8,380.0			8,618.5
现金、现金等价物及受限现金	699.3			606.7

预制房屋存货	72.2			84.7
票据及其他应收款，净额（分别包括按公允价值计量的207.8和183.7，见附注 4）	289.2			262.9
抵押应收款，净额	37.6			43.2
商誉	9.5			9.5
其他无形资产，净额（见附注 5）	32.4			36.7
其他资产，净额	299.5			309.2
持有待售资产及已终止经营业务，净额（见附注 2）	—			2,551.5
资产总额	$	9,819.7			$	12,522.9
负债
应付抵押贷款（见附注 7）	$	1,950.2			$	2,429.0
以抵押应收款作担保的借款	37.6			43.2
无担保债务（见附注 7）	1,788.4			1,786.5
应付分配款	137.1			131.1
预收订金及租金	135.9			125.9
应计费用及应付账款	219.4			178.3
其他负债	73.5			73.2
持有待售负债及已终止经营业务负债，净额（见附注 2）	—			427.2
负债总额	4,342.1			5,194.4
承诺和或有事项（见附注 14）
临时权益（见附注 8）	181.3			255.7
股东权益
普通股，面值$0.01。授权发行：360.0股；截至2026年9月30日已发行并流通：119.9股；截至2025年12月31日已发行并流通：123.5股	1.2			1.2
额外实收资本	9,307.8			9,563.1
累计其他综合收益	0.1			26.5
超过累计收益的分配	(4,086.1)			(2,634.7)
SUI股东权益总额	5,223.0			6,956.1



非控股权益	73.3			116.7
股东权益总额	5,296.3			7,072.8
负债、临时权益及股东权益总额	$	9,819.7			$	12,522.9

请参阅随附的简明合并财务报表附注。

SUN COMMUNITIES, INC.

简明合并经营报表

（百万美元，每股金额除外）（未经审计）


	截至9月30日止三个月		截至9月30日止九个月
	2026		2025		2026		2025
收入
房地产	$	478.6			$	457.1		$	1,280.8	$	1,207.2
房屋销售	31.8			37.8			86.1		108.3
附属业务	38.2			40.6			71.3		74.4
利息	5.6			17.1			19.0		37.9
经纪佣金及其他，净额	4.0			3.3			9.0		18.2
总收入	558.2			555.9			1,466.2		1,446.0
费用
物业运营和维护	148.9			143.3			399.2		383.4
房地产税	27.1			26.5			82.0		77.8
房屋成本和销售费用	28.0			30.8			77.4		90.3
附属业务	22.2			21.8			48.5		48.6
一般及行政费用	48.9			46.2			157.4		143.8
灾难事件相关费用，净额（见附注 14）	0.2			0.8			1.5		1.1

折旧和摊销	125.7			115.3			371.0		347.3
资产减值（见附注 13）	17.2			165.9			35.4		223.3

债务提前清偿损失	0.1			1.6			0.1		104.0
利息	38.3			39.5			114.8		172.4

总费用	456.6			591.7			1,287.3		1,592.0
其他项目之前的收入／（亏损）	101.6			(35.8)			178.9		(146.0)

外币兑换收益／（损失）	0.7			(22.6)			(9.9)		25.5
处置物业收益／（损失）（见附注 3）	28.9			(1.0)			8.0		(3.1)
其他收入，净额	1.0			0.2			9.4		12.8
应收票据重新计量损失（见附注 4）	(1.7)			—			(4.5)		(1.6)
来自未合并关联公司的收入（见附注 6）	7.4			4.3			19.6		11.1
重新计量未合并关联公司投资的收益／（损失）	0.3			0.4			(1.2)		(1.1)
当期税收利益／（费用）	(1.6)			0.5			(3.1)		(3.3)
递延税收利益	0.5			0.9			0.6		0.9
持续经营净收入／（亏损）	137.1			(53.1)			197.8		(104.8)
已终止经营业务收入／（亏损），净额（见附注 2）	(9.3)			64.0			(1,101.2)		1,404.4
净收入／（亏损）	127.8			10.9			(903.4)		1,299.6
减：优先经营合伙企业（“OP”）单位／权益的优先回报	2.5			3.2			7.7		9.5
减：归属于非控股权益的收入／（亏损）	4.6			(0.8)			(30.4)		50.8


归属于SUI普通股股东的净收入／（亏损）	$	120.7			$	8.5		$	(880.7)	$	1,239.3

加权平均已发行普通股数—基本	120.8			123.9			122.0		125.6
加权平均已发行普通股数—稀释	123.2			124.1			126.7		125.6

持续经营业务基本每股收益／（亏损）	$	1.07			$	(0.45)		$	1.85	$	(1.37)
已终止经营业务基本每股收益／（亏损）	(0.07)			0.52			(9.03)		11.18
基本每股收益／（亏损）（见附注 11）	$	1.00			$	0.07		$	(7.18)	$	9.81

持续经营业务稀释每股收益／（亏损）	$	1.07			$	(0.45)		$	1.55	$	(1.37)
已终止经营业务稀释每股收益／（亏损）	(0.07)			0.52			(8.69)		11.18
稀释每股收益／（亏损）（见附注 11）	$	1.00			$	0.07		$	(7.14)	$	9.81

请参阅随附的简明合并财务报表附注。

SUN COMMUNITIES, INC.

简明合并综合收益／（亏损）表

（百万美元）（未经审计）


	截至9月30日止三个月		截至9月30日止九个月
	2026		2025		2026		2025
净收入／（亏损）	$	127.8			$	10.9		$	(903.4)	$	1,299.6
外币折算


外币折算净收益／（损失）	(1.1)			(16.3)			(21.5)		51.3
现金流量套期
利率衍生工具未实现损失变动	—			(0.3)			—		(3.9)
减：重新分类计入收益的利率衍生工具收益	(0.9)			(0.9)			(4.4)		(14.2)
利率衍生工具未实现净损失	(0.9)			(1.2)			(4.4)		(18.1)
综合收益／（亏损）总额	125.8			(6.6)			(929.3)		1,332.8
减：归属于非控股权益的综合收益／（亏损）	4.9			—			(29.9)		50.2
归属于 SUI 的综合收益 /（亏损）	$	120.9			$	(6.6)		$	(899.4)	$	1,282.6

请参阅随附的简明合并财务报表附注。

SUN COMMUNITIES, INC.

简明合并股东权益表

（单位：百万）（未经审计）


					股东权益
	临时权益		普通股（股数）		普通股（$值）	额外实收资本	累计其他综合收益 /（亏损）	超过累计收益的分配	非控股权益	股东权益总额		权益总额
2025年12月31日余额	$	255.7			123.5			$	1.2		$	9,563.1		$	26.5	$	(2,634.7)	$	116.7	$	7,072.8	$	7,328.5
发行普通股、普通 OP 单位及其他证券，净额	—			0.2			—		—		—		—		—	—		—
为履行限制性股票奖励归属相关的所得税义务而扣留的普通股	—			(0.1)			—		(6.9)		—		—		—	(6.9)		(6.9)
回购普通股	—			(0.4)			—		(36.9)		—		(23.2)		—	(60.1)		(60.1)
转换	—			0.1			—		4.2		—		—		(4.2)	—		—






股份支付——摊销及没收	—			—			—		16.3		—		0.1		—	16.4		16.4







赎回	(57.5)			—			—		3.3		—		—		—	3.3		(54.2)








其他综合收益 /（亏损）	—			—			—		—		(14.7)		—		0.8	(13.9)		(13.9)
净收益 /（亏损）	0.1			—			—		—		—		(6.0)		(0.4)	(6.4)		(6.3)
分配	(2.1)			—			—		—		—		(138.2)		(3.5)	(141.7)		(143.8)
OP 单位增值	0.6			—			—		—		—		(0.6)		—	(0.6)		—
2026年3月31日余额	$	196.8			123.3			$	1.2		$	9,543.1		$	11.8	$	(2,802.6)	$	109.4	$	6,862.9	$	7,059.7

为履行限制性股票奖励归属相关的所得税义务而扣留的普通股	—			—			—		(3.1)		—		—		—	(3.1)		(3.1)
回购普通股	—			(1.0)			—		(69.7)		—		(41.4)		—	(111.1)		(111.1)
转换	—			0.2			—		4.6		—		—		(4.6)	—		—





出售合并关联公司	—			—			—		—		—		—		(0.8)	(0.8)		(0.8)
股份支付——摊销及没收	—			—			—		12.6		—		0.1		—	12.7		12.7







赎回	(2.6)			—			—		—		—		—		—	—		(2.6)








其他综合亏损	—			—			—		—		(9.4)		—		(0.6)	(10.0)		(10.0)
净亏损	(9.1)			—			—		—		—		(990.2)		(25.6)	(1,015.8)		(1,024.9)
分配	(1.6)			—			—		—		—		(137.1)		(3.6)	(140.7)		(142.3)
OP 单位增值	0.5			—			—		—		—		(0.5)		—	(0.5)		—

2026年6月30日余额	$	184.0			122.5			$	1.2		$	9,487.5		$	2.4	$	(3,971.7)	$	74.2	$	5,593.6	$	5,777.6

为履行限制性股票奖励归属相关的所得税义务而扣留的普通股	—			(0.3)			—		(0.7)		—		—		—	(0.7)		(0.7)
回购普通股	—			(2.4)			—		(190.6)		—		(102.7)		—	(293.3)		(293.3)
转换	—			0.1			—		0.9		—		—		(0.9)	—		—




收购合并实体中的第三方股权	(2.8)			—			—		2.8		—		—		—	2.8		—

股份支付——摊销及没收	—			—			—		7.9		—		—		—	7.9		7.9
















其他综合收益 /（亏损）	—			—			—		—		(2.3)		—		0.3	(2.0)		(2.0)
净收益	1.6			—			—		—		—		123.2		3.0	126.2		127.8
分配	(1.9)			—			—		—		—		(134.5)		(3.3)	(137.8)		(139.7)
OP 单位增值	0.4			—			—		—		—		(0.4)		—	(0.4)		—

2026年9月30日余额	$	181.3			119.9			$	1.2		$	9,307.8		$	0.1	$	(4,086.1)	$	73.3	$	5,296.3	$	5,477.6

SUN COMMUNITIES, INC.


					股东权益
	临时权益		普通股（股数）		普通股（$值）	额外实收资本	累计其他综合收益 /（亏损）	超过累计收益的分配	非控股权益	股东权益总额		权益总额
2024年12月31日余额	$	259.8			127.4			$	1.3		$	9,864.2		$	(7.9)	$	(2,775.9)	$	111.1	$	7,192.8	$	7,452.6
发行普通股、普通 OP 单位及其他证券，净额	3.4			0.3			—		(0.1)		—		—		—	(0.1)		3.3
为履行限制性股票奖励归属相关的所得税义务而扣留的普通股	—			(0.1)			—		(8.4)		—		—		—	(8.4)		(8.4)

转换	—			—			—		1.2		—		—		(1.2)	—		—






股份支付——摊销及没收	—			—			—		10.9		—		0.1		—	11.0		11.0






赎回	(19.6)			—			—		(2.4)		—		—		—	(2.4)		(22.0)








其他综合收益 /（亏损）	—			—			—		—		1.3		—		(0.5)	0.8		0.8
净亏损	(0.4)			—			—		—		—		(39.7)		(1.5)	(41.2)		(41.6)
分配	(2.2)			—			—		—		—		(119.9)		(3.4)	(123.3)		(125.5)
OP 单位增值	3.3			—			—		—		—		(3.3)		—	(3.3)		—

2025年3月31日余额	$	244.3			127.6			$	1.3		$	9,865.4		$	(6.6)	$	(2,938.7)	$	104.5	$	7,025.9	$	7,270.2

为履行限制性股票奖励归属相关的所得税义务而扣留的普通股	—			(0.2)			—		(0.6)		—		—		—	(0.6)		(0.6)
回购普通股	—			(1.6)			—		(126.8)		—		(76.0)		—	(202.8)		(202.8)
转换	—			0.1			—		1.5		—		—		(1.5)	—		—






股份支付——摊销及没收	—			—			—		5.2		—		0.5		—	5.7		5.7






赎回	(2.0)			—			—		—		—		—		—	—		(2.0)








其他综合收益 /（亏损）	—			—			—		—		50.8		—		(0.9)	49.9		49.9
净收益	16.2			—			—		—		—		1,276.7		37.4	1,314.1		1,330.3
分配	(2.4)			—			—		—		—		(641.0)		(15.2)	(656.2)		(658.6)
OP 单位增值	1.8			—			—		—		—		(1.8)		—	(1.8)		—

截至 2025 年 6 月 30 日的余额	$	257.9			125.9			$	1.3		$	9,744.7		$	44.2	$	(2,380.3)	$	124.3	$	7,534.2	$	7,792.1
发行普通股、普通 OP 单位及其他证券，净额	—			—			—		(0.1)		—		—		—	(0.1)		(0.1)
为履行与受限股票奖励归属相关的所得税义务而扣留的普通股	—			—			—		0.3		—		—		—	0.3		0.3
回购普通股	—			(2.3)			(0.1)		(181.4)		—		(116.0)		—	(297.5)		(297.5)
转换	—			—			—		0.8		—		—		(0.8)	—		—






基于股票的薪酬——摊销和没收	—			—			—		8.7		—		—		—	8.7		8.7















其他综合收益 /（亏损）	—			—			—		—		(18.3)		—		0.8	(17.5)		(17.5)
净收益 /（亏损）	(1.2)			—			—		—		—		11.7		0.4	12.1		10.9
分配	(2.5)			—			—		—		—		(128.4)		(3.7)	(132.1)		(134.6)
OP 单位增值	2.0			—			—		—		—		(2.0)		—	(2.0)		—

截至 2025 年 9 月 30 日的余额	$	256.2			123.6			$	1.2		$	9,573.0		$	25.9	$	(2,615.0)	$	121.0	$	7,106.1	$	7,362.3

请参阅随附的简明合并财务报表附注。

SUN COMMUNITIES, INC.

简明合并现金流量表

（单位：百万）（未经审计）


	截至 9 月 30 日的九个月
	2026		2025
经营活动
持续经营业务经营活动提供的净现金	$	650.7			$	574.6
已终止经营业务经营活动提供的净现金	39.7			123.1
经营活动提供的净现金	690.4			697.7
投资活动
房地产投资	(269.9)			(268.9)
收购，扣除取得的现金	(22.3)			(1.6)

保险赔款收入	21.9			4.5

处置资产及已折旧房屋所得款项，净额	8.5			13.7
处置房地产所得款项	123.0			142.3

发行票据及其他应收款	(8.3)			(0.9)

偿还票据及其他应收款	5.5			38.7




从未合并关联公司获得的资本分配	7.2			9.0
其他投资活动	(3.1)			(5.7)
持续经营业务投资活动使用的净现金	(137.5)			(68.9)
已终止经营业务投资活动提供的净现金	941.6			5,452.9
投资活动提供的净现金	804.1			5,384.0
融资活动
发行普通股、OP 单位及优先 OP 单位及相关成本，净额	—			(0.2)
为履行与受限股票归属相关的所得税义务而扣留的普通股	(8.1)			(7.0)
回购普通股	(464.5)			(500.3)





赎回优先 OP 单位	(56.8)			(2.0)
信贷额度借款	509.0			624.5
偿还信贷额度	(509.0)			(2,106.5)



偿还其他债务	(478.2)			(1,772.5)



分配	(419.8)			(909.8)
支付递延融资成本，扣除预付回报	—			(11.3)




合并关联公司间资本净转移	1,007.8			5,282.5
持续经营业务融资活动提供 /（使用）的净现金	(419.6)			597.4
已终止经营业务融资活动使用的净现金	(1,010.4)			(5,564.5)
融资活动使用的净现金	(1,430.0)			(4,967.1)
汇率变动对现金、现金等价物及受限现金的影响	(1.3)			1.5
现金、现金等价物及受限现金净变动	63.2			1,116.1
期初现金、现金等价物及受限现金	636.1			63.9
期末现金、现金等价物及受限现金	699.3			1,180.0
减：已终止经营业务的现金、现金等价物及受限现金	—			(25.8)
持续经营业务的现金、现金等价物及受限现金	$	699.3			$	1,154.2


	截至 9 月 30 日的九个月
	2026		2025
补充信息
支付的利息现金，扣除资本化金额	$	110.3		$	194.1

支付的所得税现金	$	7.7		$	3.5
非现金投资和融资活动

有担保借款余额减少	$	4.7		$	5.5
已宣告及未支付分配的变动	$	6.0		$	8.9
普通及优先 OP 单位转换	$	9.7		$	3.5





以赎回优先 OP 单位换取应收票据余额减少	$	—		$	23.8

请参阅随附的简明合并财务报表附注。

SUN COMMUNITIES, INC.

简明合并财务报表附注

（未经审计）

1. 列报基础

Sun Communities, Inc. 及其所有全资或控股并受其控制的子公司，包括 Sun Communities Operating Limited Partnership（“Operating Partnership”）和 Sun Home Services, Inc.（“SHS”），在本文中统称为“公司”“SUI”“我们”或“我们的”。

我们已根据经修订的《1986年国内税收法典》（“法典”）第 856(c) 条选择按房地产投资信托基金（“REIT”）纳税。我们分析了各项 REIT 测试，并确认在截至 2026 年 9 月 30 日的三个月和九个月期间，我们继续符合 REIT 资格。

我们遵循财务会计准则委员会（“FASB”）制定的会计准则。FASB 制定美国公认会计原则（“GAAP”），我们遵循这些原则，以确保一致地报告我们的财务状况、经营业绩和现金流量。本脚注中提及的 FASB 发布的 GAAP，均指 FASB 会计准则汇编（“ASC”）。本未经审计的简明合并财务报表根据证券交易委员会（“SEC”）关于中期财务信息的规则和规定，并依照 GAAP 编制。我们列报 SEC 规则和规定要求的中期披露以及某些信息和脚注披露。因此，本未经审计的简明合并财务报表未包含 GAAP 要求完整财务报表所需的全部信息和脚注。随附的未经审计简明合并财务报表反映了管理层的意见，包含为公允列报中期财务报表所需的所有调整，包括正常且经常性的调整。所有重大公司间交易均已在合并时抵销。

中期期间的经营业绩不一定能代表其他中期期间或全年可能取得的业绩。阅读本未经审计的简明合并财务报表时，应同时参阅我们截至 2025 年 12 月 31 日止年度的 10-K 年度报告中所载的合并财务报表及其附注；该报告已于 2026 年 2 月 25 日向 SEC 提交（我们的“2025 年度报告”）。本报表的编制基础与我们 2025 年度报告中采用的会计原则基本一致。

持有待售房地产及终止经营

2026年5月，我们签订了一项最终协议，将我们英国子公司全部已发行股权出售给 Panther Bidco Limited（以下简称“Park Holidays”或“英国业务”）（以下简称“Park Holidays 出售”）。2026年9月22日，我们完成了 Park Holidays 出售的交割，并完全剥离了对英国业务的投资，这代表着运营方面的战略转变。因此，英国业务的业绩以及处置中包含的资产和负债，均已在最终交易交割日之前列为终止经营。我们对前期财务报表及相关附注作了某些重新分类，以符合本期列报方式。

2025年2月，我们签订了一项最终协议，出售前子公司 Safe Harbor Marinas, LLC（以下简称“Safe Harbor”），总收购价约为 56.5 亿美元，须作若干调整（以下简称“Safe Harbor 出售”）。Safe Harbor 出售代表我们出售了原码头业务，并构成运营方面的战略转变。因此，Safe Harbor 业务的业绩已在我们的简明合并经营报表中列为终止经营，截止日期为最终交易交割日2025年8月29日。

除非另有说明，附注 3至附注 17披露的信息仅涉及持续经营业务，不包括与英国和 Safe Harbor 业务相关的余额或活动；这两项业务均列入终止经营。更多信息请参阅附注 2“终止经营”。

可报告分部

由于 Park Holidays 出售，我们将报告结构从三个分部调整为两个分部，分别为：(i) 制造房屋（“MH”）社区；以及 (ii) 休闲车（“RV”）社区。更多信息请参阅附注 10“分部报告”。

SUN COMMUNITIES, INC.

简明合并财务报表附注——（续）

（未经审计）

2. 终止经营

终止经营包括我们原有的英国和 Safe Harbor 业务。下表汇总了终止经营所得/（亏损）净额（单位：百万）：


	截至9月30日止三个月，		截至9月30日止九个月，
	2026		2025		2026		2025
终止经营所得/（亏损）净额——Park Holidays 出售	$	(9.3)			$	49.4		$	(1,101.2)	$	(14.2)
终止经营所得净额——Safe Harbor 出售	—			14.6			—		1,418.6
终止经营所得/（亏损）净额	$	(9.3)			$	64.0		$	(1,101.2)	$	1,404.4

Park Holidays 出售

2026年5月，我们签订了 Park Holidays 出售交易，这代表着运营方面的战略转变，将对我们的运营和财务业绩产生重大影响。因此，根据 ASC 205-20《财务报表列报：终止经营》，截至最终交易于2026年9月22日完成之日，英国业务以及纳入 Park Holidays 出售交易的资产和负债的业绩已重新分类为终止经营。截至2026年6月30日，我们确定英国业务的公允价值（包括出售成本）低于其账面价值。2026年第二季度之前，英国业务按持有并使用的基础进行管理和评估。尽管管理层会定期评估整个投资组合的战略选择和资本配置机会，包括与英国业务相关的机会，但在宣布 Park Holidays 出售交易之前，我们尚未就出售该业务作出明确决定，并且一直继续投资于该业务的增长和扩张。因此，在截至2026年6月30日的三个月内，我们对持有待售资产计提了11亿美元的非现金估值备抵，以将英国业务的账面价值减记至其估计公允价值减去出售成本。公允价值根据与买方协商的预期售价估算，该售价采用市场参与者假设，属于第2级公允价值输入值。出售成本包括为完成 Park Holidays 出售交易而发生的估计增量直接成本。该费用计入简明合并经营报表中的“终止经营损益净额”。

在截至2026年9月30日的三个月内，我们完成了 Park Holidays 出售交易的交割，扣除某些惯常的锁箱调整及其他调整后，销售总收入为7.723亿英镑（约合10.5亿美元）。Park Holidays 出售交易交割为公司带来约10.3亿美元现金收入，扣除交割成本和员工离职成本后。在交割时，我们将估值备抵及处置损失增加了5060万美元，主要是由于结算了与出售相关的营运资金。估值备抵及处置损失的增加计入简明合并经营报表中的“终止经营损益净额”。

与 Park Holidays 出售交易相关，我们在持续经营业务中确认了一项与亏损结转相关的递延所得税资产，并计提了相应的估值备抵。截至2026年9月30日，递延所得税资产为7890万美元；计提全额估值备抵后，递延所得税资产净额为0美元。

我们与 Park Holidays 的持续参与有限，主要涉及根据过渡服务协议继续提供某些 IT 服务，期限不晚于2027年5月31日。截至2026年9月30日的三个月内，该安排产生的收入并不重大。

SUN COMMUNITIES, INC.

简明合并财务报表附注——（续）

（未经审计）

下表汇总了与英国业务相关、归类为已终止经营的资产和负债（单位：百万）：


	2026年9月30日		2025年12月31日
资产
土地	$	—			$	1,692.7
土地改良及建筑物	—			587.6
家具、固定装置及设备	—			95.5
投资性房地产	—			2,375.8
累计折旧	—			(92.6)
投资性房地产，净额	—			2,283.2
现金、现金等价物及受限现金	—			29.4
已建造房屋存货	—			58.2
应收票据及其他应收款，净额	—			69.2
其他无形资产，净额	—			64.8
其他资产，净额	—			46.7

归属于已终止经营的资产总额，净额	$	—			$	2,551.5
负债
预收订金及租金	$	—			$	130.0
应计费用及应付账款	—			49.8
其他负债	—			247.4
归属于已终止经营的负债总额，净额	$	—			$	427.2

SUN COMMUNITIES, INC.

简明合并财务报表附注——（续）

（未经审计）

下表汇总了英国业务截至最终交易交割日计入已终止经营净收益/（亏损）的经营业绩（单位：百万）：


	截至9月30日止三个月		截至9月30日止九个月
	2026		2025		2026		2025
收入
不动产	$	60.0			$	60.6		$	150.7	$	145.1
房屋销售	50.6			57.8			145.3		154.6
附属业务	19.9			20.2			41.7		41.0
利息、经纪佣金及其他，净额	2.2			2.7			4.0		4.2
收入总额	132.7			141.3			341.7		344.9
费用
物业运营及维护	25.4			25.5			77.0		74.6
房地产税	2.0			2.2			6.5		6.3
房屋成本及销售费用	34.9			40.3			103.6		110.2
附属业务	15.6			16.9			38.1		39.0
一般及行政费用(1)	14.4			9.6			50.0		30.2
折旧及摊销	—			10.9			18.9		30.0
资产减值	—			—			—		132.7
利息	0.1			2.0			0.3		9.4
费用总额	92.4			107.4			294.4		432.4
其他项目之前的收益/（亏损）	40.3			33.9			47.3		(87.5)
处置物业收益/（亏损），净额	5.0			(0.3)			3.3		(0.6)
其他收入/（费用），净额	—			18.9			(12.1)		43.9
外币兑换亏损	—			—			(0.7)		—
归类为持有待售及处置已终止经营业务产生的亏损(2)	(50.6)			—			(1,127.8)		—
所得税前已终止经营收益/（亏损）	(5.3)			52.5			(1,090.0)		(44.2)
当期所得税费用	(4.0)			(4.3)			(7.3)		(8.5)
递延所得税收益/（费用）	—			1.2			(3.9)		38.5
已终止经营收益/（亏损）	$	(9.3)			$	49.4		$	(1,101.2)	$	(14.2)

(1)包括与 Park Holidays 出售相关的交易成本，截至2026年9月30日止三个月和九个月分别为4.1 百万和19.0 百万，主要包括法律和顾问费用。

(2)包括与 Park Holidays 出售交割相关的交易成本，截至2026年9月30日止三个月和九个月分别为1.6 百万和65.4 百万，主要包括员工离职成本、经纪费用及其他交割成本。

SUN COMMUNITIES, INC.

简明合并财务报表附注——（续）

（未经审计）

Safe Harbor 出售

截至2025年6月30日的三个月内，我们完成了 Safe Harbor Sale 的首次交割，扣除交易成本后获得税前现金收益 52.5 亿美元。首次交割以及数家延迟同意的 Safe Harbor 子公司的交割完成后，我们在已终止经营业务的收入 /（亏损）净额中确认了 14 亿美元的出售收益。2025年8月29日，我们完成了所有剩余延迟同意子公司的最终交割，并完全剥离了对 Safe Harbor 业务的投资。截至2025年12月31日，没有与 Safe Harbor 相关、分类为已终止经营业务的资产或负债。下表列示截至最终交易交割日计入已终止经营业务收入净额的 Safe Harbor 经营业绩概要（单位：百万）：


	截至9月30日的三个月		截至9月30日的九个月
	2025		2025
收入
不动产	$	2.8			$	145.9
服务、零售、餐饮和娱乐	1.6			164.7
利息、经纪佣金及其他净额	—			1.6
收入总额	4.4			312.2
费用
物业运营和维护	1.4			53.6
房地产税	—			7.9
服务、零售、餐饮和娱乐	1.5			155.4
一般及行政费用(1)	0.4			81.4



折旧、摊销及资产处置损失	0.2			36.3
资产减值	—			2.3
费用总额	3.5			336.9
其他项目之前的收入 /（亏损）	0.9			(24.7)
处置物业收益净额	15.4			1,460.4
其他费用净额(2)	—			(14.8)
所得税前已终止经营业务收入	16.3			1,420.9
当期所得税费用	(1.7)			(2.3)
已终止经营业务收入净额	$	14.6			$	1,418.6

(1)包括截至2025年9月30日的九个月内确认的 6310 万美元交易成本，这些成本与 Safe Harbor Sale 直接相关，包括法律和咨询费用、员工离职成本及其他费用。

(2)截至2025年3月31日的三个月内，我们确认了 1460 万美元的或有对价费用，该费用与我们在收购时和某些码头物业的前所有者签订的税务保护协议有关。该协议规定，对于出售某些码头物业所产生的特定税务义务，我们须向这些所有者提供赔偿。由于 Safe Harbor Sale，我们认定对前所有者的税务负债很可能发生且可以估计。

3. 房地产收购与处置

2026年收购与处置

截至2026年9月30日的九个月内，我们持续经营业务发生了以下房地产物业收购：

物业名称

分部

州、省或国家

收购月份

Parkhurst Estates

1月

下表汇总了截至收购日取得的资产（扣除承担的负债）金额，以及截至2026年9月30日的九个月内完成收购所支付的对价（单位：百万）：


	收购日		对价
	物业投资			其他可辨认资产／（负债），净额	取得的可辨认资产总额，扣除承担的负债后		现金及托管款			对价总额
资产收购
Parkhurst Estates	$	17.0			$	0.3		$	17.3	$	17.3	$	17.3



2026年收购总额	$	17.0			$	0.3		$	17.3	$	17.3	$	17.3

SUN COMMUNITIES, INC.

简明合并财务报表附注——（续）

（未经审计）

有关2026年9月30日之后完成的收购，请参阅附注17“后续事项”。

截至2026年9月30日的九个月内，持续经营业务发生了以下房地产处置（金额单位：百万，统计数据除外）：



物业名称	分部	物业数量	州、省或国家	处置月份	销售总收入		现金对价，净额(1)	处置收益／（损失）(3)
Sun Retreats Amherstberg	房车	1	ON	4月	$	0.1		$	(0.2)		$	(0.4)
合资房车组合	房车	5	各地	6月	$	9.0		$	0.1	(2)	$	(21.1)
Fort Myers 房车组合	房车	3	FL	9月	$	127.0		$	122.5		$	28.9

(1)现金对价为扣除相关抵押债务结算款（如适用）及其他交割调整后的金额。

(2)根据处置条款，我们以应收票据形式向交易对方提供了800万美元融资。详情请参阅附注4“票据及其他应收款”。

(3)计入简明合并经营报表中的“物业处置收益／（损失）”。

4. 票据及其他应收款

下表列示了票据及其他应收款的若干信息（金额单位：百万）：


	2026年9月30日		2025年12月31日
制造房屋分期应收票据，净额	$	152.7			$	139.2
房地产运营商应收票据	55.1			44.5
其他应收款：
保险应收款(1)	29.4			42.4
居民及客户应收款(2)	20.6			15.1
房屋销售所得款	15.1			15.1
其他应收款	16.3			6.6
其他应收款，净额	81.4			79.2
票据及其他应收款总额，净额	$	289.2			$	262.9

(1)主要包括与飓风Helene和Milton相关的保险机构应收款。详情请参阅附注14“承诺与或有事项”。

(2)扣除截至2026年9月30日和2025年12月31日的信贷损失准备金550万美元和500万美元后，分别列示。

制造房屋分期应收票据

分期应收票据按照 ASC 820《公允价值计量》的规定，采用第三方估值专家提供的指示性定价模型按公允价值计量。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，分期应收票据余额分别为 1.527 亿美元（分期应收票据本金 1.602 亿美元减去公允价值调整 750 万美元）和 1.392 亿美元（分期应收票据本金 1.421 亿美元减去公允价值调整 290 万美元），并以预制房屋作抵押。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，这些票据的加权平均利率（扣除服务成本后）和期限分别为 7.6% 和 17.2 年、7.5% 和 17.3 年。更多详情请参阅附注 13“公允价值计量”。

应收房地产运营商票据

这些应收票据按公允价值计量，包括在房地产交易中向房地产运营商提供的贷款。截至 2026 年 9 月 30 日，这些票据余额为 5510 万美元，净加权平均利率和期限分别为 5.4% 和 1.2 年；截至 2025 年 12 月 31 日，余额为 4450 万美元，净加权平均利率和期限分别为 5.0% 和 1 年。更多信息请参阅附注 13“公允价值计量”。

SUN COMMUNITIES, INC.

简明合并财务报表附注（续）

（未经审计）

5. 其他无形资产

无形资产的账面总额和累计摊销如下（单位：百万美元）：


		2026 年 9 月 30 日		2025 年 12 月 31 日
	使用寿命	账面总额		累计摊销		账面总额		累计摊销
原址租约	7 年	$	146.8			$	(135.6)		$	146.5	$	(132.1)


特许经营协议及其他无形资产	10 - 27 年	31.1			(10.6)			31.2		(9.6)
有限寿命资产合计		$	177.9			$	(146.2)		$	177.7	$	(141.7)
无限寿命资产 - 商标、商号及其他	不适用	0.7			—			0.7		—
无限寿命资产合计		$	0.7			$	—		$	0.7	$	—
合计		$	178.6			$	(146.2)		$	178.4	$	(141.7)

无形资产相关摊销费用如下（单位：百万美元）：


	截至 9 月 30 日止三个月		截至 9 月 30 日止九个月
	2026		2025		2026		2025
原址租约	$	1.2			$	1.4		$	3.9	$	4.3


特许经营费及其他无形资产	0.2			0.2			0.5		0.6
合计	$	1.4			$	1.6		$	4.4	$	4.9

预计未来五年无形资产摊销费用如下（单位：百万美元）：


	2026 年剩余时间		2027	2028		2029	2030
未来年度摊销	$	1.3		$	4.8		$	3.4	$	2.7	$	2.5

6. 对未合并关联方的投资

未合并且未按成本入账的合资企业投资，按照 ASC 323《投资 - 权益法和合资企业》规定采用权益法核算。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，我们对未合并关联方的投资总额分别为 1.255 亿美元和 1.290 亿美元，计入简明合并资产负债表中的其他资产净额。

Sungenia 合资企业（“Sungenia JV”）

截至2026年9月30日和2025年12月31日，我们持有 Sungenia JV 50.0% 的所有权权益。该合资企业在澳大利亚运营一个 MH 社区开发项目。

GTSC LLC (“GTSC”)

截至2026年9月30日和2025年12月31日，我们持有 GTSC 40.0% 的所有权权益。GTSC 从事收购、持有和出售由位于我们社区内的预制房屋直接或间接担保的贷款。

各未合并关联公司的收入/（亏损）如下（单位：百万）：


	截至9月30日止三个月		截至9月30日止九个月
	2026		2025		2026		2025
Sungenia JV 权益收入	$	7.1			$	4.2		$	18.2	$	10.5
GTSC 权益收入	0.3			0.4			1.4		1.7
其他未合并关联公司的权益亏损	—			(0.3)			—		(1.1)
未合并关联公司收入总额	$	7.4			$	4.3		$	19.6	$	11.1

截至2026年和2025年9月30日止九个月，我们分别从未合并关联公司收到17.2百万美元和10.7百万美元的分配款，并分别向其出资零和0.7百万美元。

SUN COMMUNITIES, INC.

简明合并财务报表附注—（续）

（未经审计）

7. 债务和信贷额度

下表列示了债务的若干信息，包括溢价、折价和递延融资成本（单位：百万，统计信息除外）：


	账面金额		加权平均剩余期限		加权平均利率
	2026年9月30日		2025年12月31日		2026年9月30日		2025年12月31日	2026年9月30日	2025年12月31日
有担保债务




应付抵押贷款(1)	$	1,950.2			$	2,429.0		9.5	8.5		3.606	%		3.634	%
以证券化应收款为抵押的有担保借款(2)	37.6			43.2			11.6	12.3	8.530	%		8.538	%
有担保债务总额	1,987.8			2,472.2
无担保债务
高级无担保票据(3)	1,788.4			1,786.5			4.4	5.1	2.901	%		2.901	%




无担保债务总额	1,788.4			1,786.5
债务总额	$	3,776.2			$	4,258.7		7.1	7.1		3.321	%		3.376	%

(1)截至2026年9月30日和2025年12月31日的余额分别扣除了8.5百万美元和9.6百万美元的递延融资成本。

(2)截至2026年9月30日和2025年12月31日的余额分别扣除了2.9百万美元和3.8百万美元的公允价值调整。

(3)截至2026年9月30日和2025年12月31日的余额分别扣除了3.7百万美元和4.2百万美元的净债务折价，以及8.0百万美元和9.3百万美元的递延融资成本。加权平均利率包含套期保值活动的影响。

有担保债务

抵押定期贷款

截至2026年9月30日止九个月，我们偿还了以下抵押定期贷款（单位：百万，统计信息除外）：



期间	还款金额		加权平均利率		到期日		债务清偿损失
截至2026年9月30日止三个月	$	266.6		(1)	3.680	%		2026年7月1日—2030年5月1日	$	0.1
截至2026年6月30日止三个月	$	177.9		(2)	3.813	%		2026年6月15日	$	—

(1)包括三笔抵押定期贷款，以17处物业作抵押。其中一笔抵押定期贷款在到期前偿还。

(2)包括两笔抵押贷款定期贷款，以七处物业作抵押。

截至2026年9月30日，我们的抵押贷款定期贷款总额为$2.0 billion，以85处物业作抵押，这些物业的账面净值约为$1.4 billion。

以应收款项作抵押的有担保借款

有关以应收款项作抵押的有担保借款的更多信息，请参阅附注 13“公允价值计量”。

无担保债务

优先无担保票据

所有优先无担保票据均按半年期后付息，且计入简明合并资产负债表中的“无担保债务”项目。下表列示了有关优先无担保票据的若干信息（金额单位：百万，统计信息除外）。


			账面金额，日期为
	本金金额		2026年9月30日		2025年12月31日
4.2%票据，于2022年4月发行，2032年4月到期	$	600.0			$	594.7		$	594.1
2.3%票据，于2021年10月发行，2028年11月到期	450.0			448.6			448.1
2.7%票据，于2021年6月和10月发行，2031年7月到期	750.0			745.1			744.3
合计	$	1,800.0			$	1,788.4		$	1,786.5

SUN COMMUNITIES, INC.

简明合并财务报表附注——（续）

（未经审计）

信贷协议

运营合伙企业（作为借款人）、SUI（作为担保人）与若干贷款人签订了一份信贷协议（“信贷协议”），该协议规定了我们的优先信贷额度（“优先信贷额度”）。优先信贷额度下的可用总额包括最高$2.0 billion的循环贷款。信贷协议还允许在满足若干条件的前提下额外借款$1.0 billion。优先信贷额度的到期日为2030年1月31日；根据我们的选择并满足惯常条件及若干其他条件，可额外延长两个六个月期限。

优先信贷额度为以美元计价的借款提供多种利率（替代基准利率（“ABR”）、定期担保隔夜融资利率（“SOFR”）和每日有效SOFR），欧元（调整后欧洲银行间同业拆借利率（“EURIBOR”））、英镑（每日简单英镑隔夜指数平均利率（“SONIA”））、加元（定期加拿大隔夜回购利率平均值（“CORRA”）和每日简单CORRA）以及澳元（澳大利亚银行票据互换买入利率（“BBSY”）），另加利差；除ABR贷款外，所有利率的利差范围为0.725%至1.40%，ABR贷款的利差范围为0.000%至0.400%。

在截至2026年9月30日的三个月内，我们使用Park Holidays出售所得款项，结清了优先信贷额度项下未偿还的$509.0 million借款。截至2026年9月30日，优先信贷额度项下没有借款。

截至2026年9月30日，我们还记录了与优先信贷额度相关的递延融资成本$9.5 million，该金额计入简明合并资产负债表中的“其他资产净额”。

高级信贷额度还允许我们开立最高 100.0 百万美元的信用证。截至 2026 年 9 月 30 日，我们有 23.4 百万美元的未偿信用证。

契约

抵押定期贷款、高级无担保票据和我们的高级信贷额度均受各种财务及其他契约约束。截至 2026 年 9 月 30 日，我们遵守了所有财务契约。

此外，我们的某些子公司借款人拥有为贷款提供担保的物业。这些子公司已纳入随附的简明合并财务报表，但这些子公司的资产和信用均不得用于偿还我们的债务及其他义务，也不得用于偿还我们任何其他子公司或任何其他个人或实体的债务及义务。

SUN COMMUNITIES, INC.

简明合并财务报表附注——（续）

（未经审计）

8. 权益和临时权益

临时权益

临时权益包括持有人可选择以现金赎回的优先证券，或在发生并非完全由我们控制的事件时可按固定或可确定价格赎回的优先证券，以及其他可赎回权益。这些证券不要求强制以现金赎回，也不包含固定到期日。下表列示了截至 2026 年 9 月 30 日和 2025 年 12 月 31 日尚未偿付的各系列可赎回优先 OP 单位及其他可赎回权益的情况及相关条款，并汇总了计入简明合并资产负债表临时权益项目的余额（金额单位：百万美元，单位数量单位：千）：


说明		未偿付 OP 单位	兑换率(1)		年度分配率(2)		现金赎回(3)		赎回期限	账面金额，截至
	2026 年 9 月 30 日					2026 年 9 月 30 日		2025 年 12 月 31 日
D 系列优先 OP 单位		489		0.8000		4.0	%		持有人选择权	任何时候		$	46.9		$	51.3
F 系列优先 OP 单位		20		0.6250		3.0	%		持有人选择权	任何时候		2.2		7.5
G 系列优先 OP 单位		5		0.6452		3.2	%		持有人选择权	任何时候		0.1		3.3
H 系列优先 OP 单位		47		0.6098		3.0	%		持有人选择权	任何时候		7.8		59.6
J 系列优先 OP 单位		232		0.6061		2.85	%		持有人选择权	任何时候		22.5		24.2
K 系列优先 OP 单位		1,000		0.5882		4.0	%		持有人选择权	2028 年 3 月 23 日后 60 天内		92.3		98.2
其他可赎回权益(4)		不适用	不适用		不适用		不适用		不适用	9.5			11.6
合计		1,793									$	181.3		$	255.7

(1) 拆股、资本重组及类似事件可能导致兑换率调整。某些系列 OP 单位的兑换率以四位小数近似表示。

(2) 分配款按每个 OP 单位的发行价支付；所有这些优先 OP 单位的发行价均为每单位 100.00 美元。

(3) 每个赎回的优先 OP 单位的赎回价格等于其发行价加上所有已累计但尚未支付的分配款。

(4)包括与合资企业相关的可赎回股权权益，这些合资企业主要在美国部分社区运营和维护太阳能设备。2026年8月，我们以总购买价$0.1 million收购了一家合资企业的非控股股权权益，因此持有该合资企业100%的所有权。该收购作为股权交易入账，购买价与所收购非控股权益之间的差额$2.8 million计入简明合并资产负债表中的额外实收资本。

通用货架注册声明

我们已向美国证券交易委员会（SEC）提交一份Form S-3通用货架注册声明，用于注册数量未定的股权和债务证券。我们的股本授权发行股数为380,000,000股，其中普通股360,000,000股，优先股20,000,000股。截至2026年9月30日，我们已发行并流通的普通股为119,941,693股，且没有已发行并流通的优先股。

按市价发行销售协议

我们已与若干销售代理和远期卖方签订按市价发行销售协议（“ATM”），据此我们可不时出售总销售价格最高达$1.25 billion的普通股。截至2026年9月30日，我们已根据ATM签订并结算远期销售协议，总销售价格为$524.8 million，ATM项下尚有$725.2 million可供出售。

股票回购计划

2026年5月，我们的董事会授权了一项股票回购计划（“股票回购计划”），根据该计划，我们可在2027年5月27日前回购最多$1.0 billion的已发行普通股。该股票回购计划延续了我们此前的股票回购计划，并继续赋予我们回购普通股的灵活性。根据该股票回购计划，我们可不时通过公开市场交易、私下协商交易、一次或多次加速回购或其他方式回购普通股，具体须遵守经修订的《1934年证券交易法》（“交易法”）第10b5-1条和第10b-18条以及其他适用法律规定。该股票回购计划并不要求我们回购任何特定数量的股份，我们可随时启动、暂停或终止该计划项下的回购。

SUN COMMUNITIES, INC.

简明合并财务报表附注——（续）

（未经审计）

我们根据 ASC 505“权益”对股票回购进行会计处理，将回购价格分配至简明合并资产负债表中的普通股、额外实收资本以及超过累计收益的分配。根据我们注册地马里兰州的公司法，不存在库存股的概念。因此，所有回购股份在结算后均予以注销，并恢复为已授权但未发行股份。截至2026年9月30日的三个月内，我们回购并注销了240万股已发行普通股，金额为2.933亿美元。截至2026年9月30日的九个月内，我们回购并注销了380万股已发行普通股，金额为4.645亿美元。截至2026年9月30日，该计划尚有5.955亿美元获准用于购买。

累计其他综合收益

归属于 SUI 普通股股东的累计其他综合收益（“AOCI”）在我们的简明合并资产负债表中单独列示，作为 SUI 股东权益总额的组成部分。归属于非控股权益的其他综合收益（“OCI”）分配至我们的简明合并资产负债表中的非控股权益并计入其中。有关报告期内 OCI 活动的完整详情，请参阅简明合并综合收益/（亏损）表。

归属于 SUI 普通股股东的 AOCI（扣除税项后）包括以下内容（单位：百万）：


	2026年9月30日		2025年12月31日
外币折算净收益/（亏损）	$	(13.4)			$	8.8
衍生工具累计净收益	13.5			17.7
累计其他综合收益	$	0.1			$	26.5

非控股权益——普通及优先 OP 单位

下表汇总了简明合并资产负债表中列入非控股权益的普通及优先 OP 单位（金额单位：百万，单位数量单位：千）：


说明		未偿还 OP 单位	兑换率(1)		年度分配率(2)		现金赎回		赎回期		账面金额，截至
	2026年9月30日					2026年9月30日		2025年12月31日
普通 OP 单位		2,352		1.0000		与普通股分配率相同		不适用		不适用		$	39.0	$	71.6
A-1 系列优先 OP 单位		137		2.4390		6.0	%		不适用		不适用		6.9	12.3
A-3 系列优先 OP 单位		40		1.8605		4.5	%		不适用		不适用		2.3	2.9
C 系列优先 OP 单位		292		1.1100		5.0	%		不适用		不适用		17.8	21.3
E 系列优先 OP 单位		80		0.6897		5.5	%		不适用		不适用		5.4	6.2
L 系列优先 OP 单位		20		0.6250		3.5	%		不适用		不适用		1.9	2.0
合计		2,921										$	73.3	$	116.3

(1) 兑换率可能会因股票拆分、资本重组及类似事件而调整。某些系列 OP 单位的兑换率已四舍五入至小数点后四位。

(2) 除普通 OP 单位外，分配额按每个 OP 单位的发行价支付；所有这些优先 OP 单位的发行价均为每单位 $100.00。

转换

转换为普通股和普通 OP 单位 - 在符合某些限制的前提下，持有人可随时将某些系列的 OP 单位转换为我们的普通股和普通 OP 单位。下表列示截至 2026 年和 2025 年 9 月 30 日止九个月内的转换情况（单位和普通股以千计）：


		截至 9 月 30 日止九个月，
		2026		2025
说明	转换率	转换单位数 / 股数		普通股(1)		转换单位数 / 股数	普通股(1)

普通 OP 单位	1.0000		285			285		109		109
A-1 系列优先 OP 单位	2.4390		32			79		7		17



C 系列优先 OP 单位	1.1100		1			1		4		5




H 系列优先 OP 单位	0.6098	—			—		1		1

J 系列优先 OP 单位	0.6061	1			1		—		—

(1)由于上述数字中采用了四舍五入，计算结果可能存在细微差异。

SUN COMMUNITIES, INC.

简明合并财务报表附注——（续）

（未经审计）

赎回优先 OP 单位

在符合某些限制的前提下，持有人可在满足适用合同要求的情况下，以现金赎回某些系列的优先 OP 单位。根据赎回协议所列条款和条件，优先 OP 单位以现金赎回，支付的现金净额总额包括截至赎回日已计提但未支付的所有被赎回单位分派。下表汇总了截至 2026 年 9 月 30 日止九个月内以现金赎回的优先 OP 单位（金额以百万计，单位以千计）：


	截至 2026 年 9 月 30 日止九个月
说明	赎回单位数	现金净支付总额
F 系列优先 OP 单位	51		$	5.1
H 系列优先 OP 单位	514		$	51.4
J 系列优先 OP 单位	3		$	0.3

分派

截至 2026 年 9 月 30 日止九个月内宣派的普通股、普通 OP 单位和限制性股票分派如下（金额以百万计，每股金额除外）：


期间	登记日	支付日	每股分派		分派总额
截至 2026 年 3 月 31 日止三个月	3/31/2026	4/15/2026	$	1.12		$	140.9
截至 2026 年 6 月 30 日止三个月	6/30/2026	7/15/2026	$	1.12		$	139.8
截至 2026 年 9 月 30 日止三个月	9/30/2026	10/15/2026	$	1.12		$	137.1

9. 基于股份的薪酬

截至2026年9月30日，我们有两项基于股份的薪酬计划：Sun Communities, Inc. 2015 Equity Incentive Plan（经修订，以下简称“2015 Equity Incentive Plan”）以及 First Amended and Restated 2004 Non-Employee Director Option Plan（经修订，以下简称“2004 Non-Employee Director Option Plan”）。未结奖励包括基于时间和基于业绩的限制性股票奖励（“RSAs”）以及基于业绩的限制性股票单位（“RSUs”）。我们认为，授予股权奖励将为某些高管、关键员工和董事提供额外激励，促进我们的财务成功，并通过让这些人员有机会获得或增加其在我们运营和未来中的直接所有权权益，促进员工和董事留任。董事的基于时间的奖励通常分三年归属。关键员工和高管的基于时间的奖励通常分三年至五年归属。高管的市场条件和业绩条件奖励通常在三年后归属。对于 RSAs，奖励获得者会收到未归属股份对应的不可没收分配款。对于 RSUs，奖励获得者会收到未归属单位对应的可没收分配等价款，并在归属时支付。

During the nine months ended September 30, 2026, we granted performance-based RSUs to certain executives that provide the right to receive shares of our common stock at a future date. The performance-based RSUs vest at up to 200% of the target number of units, with the ultimate number of shares to be issued based on the total shareholder return of the Company’s common stock and / or operating performance metrics, measured over a three-year performance period. In accordance with ASC 718, “Compensation-Stock Compensation,” the fair value of RSUs subject to a market condition was measured using a Monte Carlo valuation model and the fair value of RSUs subject to a performance condition was measured based on the expected probability that the underlying units will vest using actual results and the forecast for the respective key performance metric during the performance period.

During the nine months ended September 30, 2026, we granted the RSUs listed below. We did not grant any RSUs during the nine months ended September 30, 2025:

Grant Period

Type

Plan

RSUs Granted

Weighted Average Grant Date Fair Value

Vesting Type

2026

Executive Officers

2015 Equity Incentive Plan

63,755

$139.42(1)

Market Condition

2026

Executive Officers

2015 Equity Incentive Plan

11,949

$123.83(2)

Performance Condition

(1)Represents the weighted average fair value per share of the Monte Carlo simulation fair value price of our market condition awards on the dates the shares were awarded.

(2)Represents the weighted average fair value per share of the closing price of our common stock on the dates the shares were awarded.

SUN COMMUNITIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

During the nine months ended September 30, 2026 and 2025, RSAs were granted as follows:


Grant Period	Type	Plan	Shares Granted	Weighted Average Grant Date Fair Value		Vesting Type
2026	Key Employees	2015 Equity Incentive Plan	128,229		$134.86(1)		Time Based
2026	Executive Officers	2015 Equity Incentive Plan	69,930		$123.55(1)		Time Based
2026	Directors	2004 Non-Employee Director Option Plan	14,553		$123.68(1)		Time Based
2025	Key Employees	2015 Equity Incentive Plan	156,101		$132.36(1)		Time Based
2025	Executive Officers	2015 Equity Incentive Plan	87,913		$128.76(1)		Time Based
2025	Executive Officers	2015 Equity Incentive Plan	87,000		$106.62(2)		Market Condition
2025	Directors	2004 Non-Employee Director Option Plan	14,000		$122.78(1)		Time Based

(1)Represents the weighted average fair value per share of the closing price of our common stock on the dates the shares were awarded.

(2)Represents the weighted average fair value per share of the Monte Carlo simulation fair value price of our market condition awards on the dates the shares were awarded.

Modifications

During the nine months ended September 30, 2026, we modified certain unvested RSAs to accelerate the vesting terms such that the respective awards vested in connection with the termination or retirement of the eligible grantees (“accelerated vestings”). We accounted for the accelerated vestings as modifications under ASC 718, “Compensation-Stock Compensation,” and recognized compensation expense based on the incremental fair value of the modified awards. Accordingly, during the nine months ended September 30, 2026, we recognized accelerated share-based compensation expense of $13.8 million within General and administrative expense related to 88,546 time-based RSAs and 94,200 performance-based RSAs previously subject to a market condition.

The vesting requirements for 307,574 and 189,679 restricted shares granted to our executives, directors, and employees were satisfied during the nine months ended September 30, 2026 and 2025, respectively.

We recognized total share-based compensation costs from our continuing operations within General and administrative expense on the Condensed Consolidated Statements of Operations of $6.3 million and $6.9 million during the three months ended September 30, 2026 and 2025, and $32.0 million and $21.7 million during the nine months ended September 30, 2026 and 2025, respectively.

10. Segment Reporting

ASC 280, “Segment Reporting,” establishes standards for the way that business enterprises report information about operating segments in their financial statements. As described in Note 1, “Basis of Presentation,” effective during the three months ended June 30, 2026, we have revised our reporting structure from three reportable segments to two reportable segments, which consists of (i) MH communities, and (ii) RV communities. The segment reporting structure reflects how the chief operating decision maker (“CODM”), a committee comprised of our Chief Executive Officer, President and Chief Operating Officer, and Chief Financial Officer, manages the business, makes operating decisions, allocates resources, and evaluates operating performance.

Each segment is primarily evaluated based on Net Operating Income (“NOI”). The CODM uses NOI to allocate resources (including employees, property, and financial or capital resources) for each segment predominately in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a monthly basis for this profit measure when making decisions about allocating capital and personnel to the segments. The CODM also uses NOI for evaluating product pricing and segment profit and in the compensation of certain employees. The CODM reviews balance sheet information at a consolidated level.

The MH segment owns, operates, develops, or has an interest in, a portfolio of MH communities in the U.S., and is in the business of acquiring, operating and developing ground-up MH communities to provide affordable housing solutions to residents. The MH segment in the U.S. also provides manufactured home sales and leasing services to tenants and prospective tenants of our communities.

The RV segment owns, operates, develops, or has an interest in, a portfolio of RV communities and is in the business of acquiring, operating, and developing ground-up RV communities in the U.S. and Canada. It also provides leasing services for vacation rentals within the RV communities.

SUN COMMUNITIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

A presentation of segment financial information is summarized as follows (in millions):


	Three Months Ended September 30,
	2026		2025
	MH		RV		Total		MH	RV		Total
Revenue
Income from real property	$	274.7			$	100.4				$	254.6			$	96.2
Income from real property - transient	0.1			103.4				0.1			106.2
Home sales	25.5			6.3				32.0			5.8
Ancillary	1.6			36.6				1.6			39.0
Total Functional Revenue	$	301.9			$	246.7		$	548.6			$	288.3			$	247.2	$	535.5
Expenses
Payroll - real property	15.3			27.4				14.3			28.1
Utilities - real property	27.9			25.2				25.6			23.8
Legal, taxes, and insurance - real property	7.7			2.7				8.9			3.4
Supplies and repairs - real property	14.4			11.4				12.9			10.1
Other expenses - real property	2.5			14.4				1.8			14.4
Real estate taxes - real property	20.0			7.1				19.4			7.1




Other segment items(1)	24.7			25.5				27.1			25.5
Total NOI	$	189.4			$	133.0		$	322.4			$	178.3			$	134.8	$	313.1

Adjustments to arrive at net income
Interest income					5.6						17.1
Brokerage commissions and other revenues, net					4.0						3.3
General and administrative expense					(48.9)						(46.2)
Catastrophic event-related charges, net					(0.2)						(0.8)

Depreciation and amortization					(125.7)						(115.3)
Asset impairments					(17.2)						(165.9)

Loss on extinguishment of debt					(0.1)						(1.6)
Interest expense					(38.3)						(39.5)


Gain / (loss) on foreign currency exchanges					0.7						(22.6)
Gain / (loss) on disposition of properties					28.9						(1.0)
Other income, net					1.0						0.2
Loss on remeasurement of note receivable					(1.7)						—
Income from nonconsolidated affiliates					7.4						4.3
Gain on remeasurement of investment in non-consolidated affiliates					0.3						0.4
Current tax benefit / (expense)					(1.6)						0.5
Deferred tax benefit					0.5						0.9
Net Income / (Loss) from Continuing Operations					137.1						(53.1)
Income / (loss) from discontinued operations, net					(9.3)						64.0
Net Income					127.8						10.9
Less: Preferred return to preferred OP units / equity interests					2.5						3.2
Less: Income / (loss) attributable to noncontrolling interests					4.6						(0.8)


Net Income Attributable to SUI Common Shareholders					$	120.7						$	8.5

(1)Other segment items for each reportable segment include costs related to home sales and ancillary, specifically payroll, utilities, legal, taxes and insurance, supplies and repairs, and other expenses.

SUN COMMUNITIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)



	Nine Months Ended September 30,
	2026		2025
	MH		RV		Total		MH	RV		Total
Revenue
Income from real property	$	815.2			$	272.6				$	753.2			$	255.5
Income from real property - transient	0.8			192.2				0.8			197.7
Home sales	67.8			18.3				88.7			19.6
Ancillary	6.3			65.0				5.6			68.8
Total Functional Revenue	$	890.1			$	548.1		$	1,438.2			$	848.3			$	541.6	$	1,389.9

Expenses
Payroll - real property	45.6			69.8				43.8			70.7
Utilities - real property	79.9			60.3				74.0			57.0
Legal, taxes, and insurance - real property	22.2			8.2				24.4			9.8
Supplies and repairs - real property	40.5			28.6				34.3			25.2
Other expenses - real property	8.7			35.4				8.3			35.9
Real estate taxes - real property	59.9			22.1				56.3			21.5




Other segment items(1)	66.8			59.1				80.1			58.8
Total NOI	$	566.5			$	264.6		$	831.1			$	527.1			$	262.7	$	789.8

Adjustments to arrive at net income
Interest income					19.0						37.9
Brokerage commissions and other revenues, net					9.0						18.2
General and administrative expense					(157.4)						(143.8)
Catastrophic event-related charges, net					(1.5)						(1.1)

Depreciation and amortization					(371.0)						(347.3)
Asset impairments					(35.4)						(223.3)

Loss on extinguishment of debt					(0.1)						(104.0)
Interest expense					(114.8)						(172.4)


Gain / (loss) on foreign currency exchanges					(9.9)						25.5
Gain / (loss) on disposition of properties					8.0						(3.1)
Other income, net					9.4						12.8
Loss on remeasurement of note receivable					(4.5)						(1.6)
Income from nonconsolidated affiliates					19.6						11.1
Gain on remeasurement of investment in non-consolidated affiliates					(1.2)						(1.1)
Current tax expense					(3.1)						(3.3)
Deferred tax benefit					0.6						0.9
Net Income / (Loss) from Continuing Operations					197.8						(104.8)
Income / (loss) from discontinued operations, net					(1,101.2)						1,404.4
Net Income / (Loss)					(903.4)						1,299.6
Less: Preferred return to preferred OP units / equity interests					7.7						9.5
Less: Income / (loss) attributable to noncontrolling interests					(30.4)						50.8


Net Income / (Loss) Attributable to SUI Common Shareholders					$	(880.7)						$	1,239.3

SUN COMMUNITIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)


	September 30, 2026		December 31, 2025
	MH		RV		Consolidated		MH	RV		Consolidated
Identifiable Assets
Investment property, net	$	5,229.2			$	3,150.8		$	8,380.0		$	5,279.4		$	3,339.1	$	8,618.5
Cash, cash equivalents and restricted cash	426.5			272.8			699.3		400.2		206.5		606.7

Inventory of manufactured homes	66.0			6.2			72.2		65.7		19.0		84.7
Notes and other receivables, net	215.2			74.0			289.2		201.9		61.0		262.9
Collateralized receivables, net	37.6			—			37.6		43.2		—		43.2
Goodwill	—			9.5			9.5		—		9.5		9.5
Other intangible assets, net	8.3			24.1			32.4		10.6		26.1		36.7
Other assets, net	258.4			41.1			299.5		273.3		35.9		309.2
Assets held for sale and discontinued operations, net	—			—			—		—		—		2,551.5
Total Assets	$	6,241.2			$	3,578.5		$	9,819.7		$	6,274.3		$	3,697.1	$	12,522.9

SUN COMMUNITIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

11. Earnings / (Loss) Per Share

Earnings / (loss) per share (“EPS”) is computed by dividing net income / (loss) by the weighted average number of common shares outstanding during the period on a basic and diluted basis. We calculate diluted EPS using the more dilutive of the treasury stock method and the two-class method for restricted common shares, the treasury stock method for RSUs and forward equity sales, and the if converted method for convertible units. Our potentially dilutive securities include our unvested restricted common shares and RSUs, and our Operating Partnership outstanding common and preferred OP units, which, if converted or exercised, may impact dilution.

Diluted EPS considers the impact of potentially dilutive securities except when the potential common shares have an anti-dilutive effect. Our unvested restricted common shares contain rights to receive non-forfeitable distributions and participate equally with common stock with respect to distributions issued or declared, and thus, are participating securities, requiring the two-class method of computing EPS.

Computations of basic and diluted EPS were as follows (in millions, except for per share data):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator for basic EPS
Net Income / (Loss) from continuing operations	$	137.1			$	(53.1)		$	197.8	$	(104.8)
Preferred return to preferred OP units equity interests	(2.5)			(3.2)			(7.7)		(9.5)
(Income) / loss attributable to noncontrolling interests	(4.6)			0.8			30.4		(50.8)
Net Income / (Loss) from continuing operations attributable to SUI common shareholders	130.0			(55.5)			220.5		(165.1)
Less: allocation to restricted stock awards	0.4			—			(5.0)		7.0
Basic earnings - net income / (loss) from continuing operations after allocation to restricted stock awards	129.6			(55.5)			225.5		(172.1)
Basic earnings - net income / (loss) from discontinued operations	(9.3)			64.0			(1,101.2)		1,404.4
Basic earnings - net income / (loss) attributable to common shareholders after allocation to restricted stock awards	$	120.3			$	8.5		$	(875.7)	$	1,232.3
Numerator for diluted EPS
Basic earnings - net income / (loss) from continuing operations after allocation to restricted stock awards	$	129.6			$	(55.5)		$	225.5	$	(172.1)
Add: allocation to common and preferred OP units dilutive effect	2.3			—			(24.2)		—
Add: allocation to restricted stock awards	0.4			—			(5.0)		—
Diluted net income / (loss) from continuing operations attributable to SUI common shareholders	132.3			(55.5)			196.3		(172.1)
Diluted net income / (loss) from discontinued operations	(9.3)			64.0			(1,101.2)		1,404.4
Diluted earnings - net income / (loss) attributable to common shareholders after allocation to common and preferred OP units(1)	$	123.0			$	8.5		$	(904.9)	$	1,232.3

Denominator
Weighted average common shares outstanding	120.8			123.9			122.0		125.6


Add: dilutive restricted stock	—			0.2			0.2		—
Add: common and preferred OP units dilutive effect	2.4			—			4.5		—
Diluted weighted average common shares and securities(1)	123.2			124.1			126.7		125.6
EPS Available to Common Shareholders After Allocation
Basic income / (loss) per share from continuing operations	$	1.07			$	(0.45)		$	1.85	$	(1.37)
Basic income / (loss) per share from discontinued operations	(0.07)			0.52			(9.03)		11.18
Basic income / (loss) per share	$	1.00			$	0.07		$	(7.18)	$	9.81
Diluted income / (loss) per share from continuing operations	$	1.07			$	(0.45)		$	1.55	$	(1.37)
Diluted income / (loss) per share from discontinued operations	(0.07)			0.52			(8.69)		11.18
Diluted income / (loss) per share(1)	$	1.00			$	0.07		$	(7.14)	$	9.81

(1) For the nine months ended September 30, 2026 and three months ended September 30, 2025, diluted earnings per share was calculated using the treasury stock method for restricted stock awards as the application of this method resulted in a more diluted earnings per share during those periods. For the three months ended September 30, 2026 and nine months ended September 30, 2025, diluted earnings per share was calculated using the two-class stock method for restricted stock awards as the application of this method resulted in a more diluted earnings per share during those periods.

SUN COMMUNITIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

We have excluded certain potentially dilutive securities from the computation of diluted EPS because the inclusion of those securities would have been anti-dilutive for the periods presented. For the nine months ended September 30, 2026, all outstanding convertible securities were dilutive and included in the computation of diluted EPS. The following table presents the outstanding securities that were excluded from the computations of diluted EPS for the three months ended September 30, 2026 and the three and nine months ended September 30, 2025 (in thousands):


	As of September 30,
	2026	2025
Common OP units	—		2,797
A-1 preferred OP units	137		170
A-3 preferred OP units	40		40
Series C preferred OP units	292		292
Series D preferred OP units	489		489
Series E preferred OP units	80		80
Series F preferred OP units	20		70
Series G preferred OP units	5		5
Series H preferred OP units	47		581
Series J preferred OP units	232		236
Series K preferred OP units	1,000		1,000
Series L preferred OP units	20		20
Redemption rights - Series G preferred OP units	—		201
Total Securities	2,362		5,981

12. Derivative Financial Instruments and Hedging Activities

We have historically utilized treasury rate lock contracts, interest rate swaps, and forward swaps for interest rate risk management purposes. We have also periodically entered into forward swaps and forward contracts to hedge foreign currency exchange risk exposures. We do not enter into derivative instruments for speculative purposes.

At September 30, 2026 and December 31, 2025, we did not have any outstanding derivative contracts. For previously settled cash flow hedges of interest rate risk, the unrealized gains or losses on the derivative instruments are recorded in AOCI and are reclassified to Interest expense on the Condensed Consolidated Statements of Operations during the same period in which the hedged transaction affects earnings. We estimate that $3.5 million will be reclassified as a reduction to Interest expense, net over the next 12 months.

Derivative Contract Activity

During the nine months ended September 30, 2026, we entered into foreign exchange forward contracts with a notional amount totaling $1.1 billion, which each expired upon reaching their respective maturity dates. These forward contracts were entered into as economic hedges of foreign currency exposure to the British pound in connection with the anticipated receipt of cash from the closing of the Park Holidays Sale.

The following table presents the gains recorded in earnings on derivative instruments that were utilized as economic hedges and not designated as hedging instruments (in millions):


Derivatives Not Designated as Hedging Instruments	Financial Statement Classification	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025		2026	2025
Foreign currency derivatives	Gain / (loss) on foreign currency exchanges	$	(4.1)		$	—	$	9.0	$	14.4

The following table presents the losses on derivatives in cash flow hedging relationships recognized in OCI (in millions):


	Three Months Ended September 30,		Nine Months Ended September 30,
Derivatives Designated as Cash Flow Hedges	2026		2025	2026		2025
Interest rate derivatives	$	—		$	(0.3)		$	—	$	(3.9)

SUN COMMUNITIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

The following table presents the amount of gains on derivative instruments reclassified from AOCI into earnings (in millions):


Derivatives Designated as Cash Flow Hedges	Financial Statement Classification	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025		2026	2025
Interest rate derivatives	Interest expense / Other income / (expense), net	$	0.9		$	0.9	$	4.4	$	14.2

During the three months March 31, 2026, we released net accumulated gains of $1.7 million from AOCI to earnings in conjunction with the discontinuation of a cash flow hedge related to a forecasted debt transaction that is not expected to occur by the end of the originally specified time period. The net accumulated gains were recorded to Other income, net on the Condensed Consolidated Statements of Operations.

13. Fair Value Measurements

Assets by Hierarchy Level

The table below sets forth our financial assets and liabilities (in millions) that required disclosure of fair value on a recurring basis as of September 30, 2026 and December 31, 2025. The carrying values of cash, cash equivalents and restricted cash, other receivables and accounts payable approximate their fair values since their maturities are less than one year. These financial instruments are classified as Level 1 in the hierarchy and are excluded from the table below.


		September 30, 2026		December 31, 2025
	Fair Value Level	Carrying Value			Fair Value		Carrying Value		Fair Value
Financial Assets
Installment notes receivable on manufactured homes, net	3	$	152.7				$	152.7		$	139.2	$	139.2

Notes receivable from real estate operators	3	55.1				55.1			44.5		44.5
Collateralized receivables, net	3	37.6				37.6			43.2		43.2

Total Assets Measured at Fair Value		$	245.4				$	245.4		$	226.9	$	226.9
Financial Liabilities
Mortgage loans payable	2	$	1,950.2				$	1,651.6		$	2,429.0	$	2,193.0
Secured borrowings on collateralized receivables	3	37.6				37.6			43.2		43.2
Total secured debt		1,987.8				1,689.2			2,472.2		2,236.2
Unsecured debt
Senior unsecured notes	2	1,788.4				1,608.0			1,786.5		1,655.1

Total unsecured debt		1,788.4				1,608.0			1,786.5		1,655.1


Other financial liabilities (contingent consideration)	3	1.1				1.1			0.2		0.2
Total Liabilities Measured at Fair Value		$	3,777.3				$	3,298.3		$	4,258.9	$	3,891.5

We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The following methods and assumptions were used in order to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:

Installment Notes Receivable on Manufactured Homes and Collateralized Receivables

Installment notes receivable on manufactured homes and collateralized receivables are recorded at fair value and are measured using model-derived indicative pricing using primarily unobservable inputs, inclusive of default rates, interest rates and recovery rates (Level 3). Refer to Note 4, “Notes and Other Receivables,” for additional information.

Notes Receivable from Real Estate Operators

Notes receivable from real estate operators are recorded at fair value and are measured using model-derived indicative pricing using primarily unobservable inputs including interest rates and counterparty performance (Level 3). The carrying values of the notes generally approximate their fair market values either due to the nature of the note and / or the note being secured primarily by underlying real estate, other collateral and / or personal guarantees. Refer to Note 4, “Notes and Other Receivables,” for additional information.

Secured Debt

Secured debt consists primarily of our mortgage term loans. The fair value of mortgage term loans is based on management estimates and on quoted rates, rates currently prevailing for comparable loans, and instruments of comparable maturities (Level 2). Refer to Note 7, “Debt and Line of Credit,” for additional information.

SUN COMMUNITIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Secured borrowings on collateralized receivables is recorded at fair value and adjusted based on the same interest rates as the related collateralized receivables (Level 3). Refer to Note 7, “Debt and Line of Credit,” for additional information.

Unsecured Debt

Senior unsecured notes - the fair value of senior unsecured notes is based on the estimates of management and on quoted rates, rates currently prevailing for comparable loans, and instruments of comparable maturities (Level 2). Refer to Note 7, “Debt and Line of Credit,” for additional information.

Other Financial Liabilities

We estimate the fair value of contingent consideration liabilities based on valuation models using significant unobservable inputs that generally consider discounting of future cash flows using market interest rates and adjusting for non-performance risk over the remaining term of the liability (Level 3).

Level 3 Reconciliation, Measurements, and Transfers

We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. Availability of secondary market activity and consistency of pricing from third-party sources impacts our ability to classify securities as Level 2 or Level 3. There were no transfers into or out of Level 3 during the nine months ended September 30, 2026.

The following tables summarize changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and nine months ended September 30, 2026 and 2025 (in millions):


	Three Months Ended September 30,
	2026		2025
Assets	Installment Notes Receivable on MH, net		Notes Receivable From Real Estate Operators		Collateralized Receivables, net			Installment Notes Receivable on MH, net		Notes Receivable From Real Estate Operators		Collateralized Receivables, net
Level 3 beginning balance at June 30, 2026 and 2025	$	150.5			$	50.9		$	39.2				$	116.3		$	93.1	$	46.6

Realized gains / (losses)(1)(2)	(1.7)			—			(0.3)				—		—		0.2
Purchases and issuances	10.4			7.9			—				15.3		1.6		—
Sales and settlements	(5.4)			(4.0)			(1.3)				(2.4)		(1.6)		(0.9)
Dispositions of properties	(1.1)			—			—				—		—		(0.5)
Foreign currency exchange gains / (losses)	—			0.2			—				—		(0.8)		—
Other adjustments	—			0.1			—				—		0.1		—
Level 3 ending balance at September 30, 2026 and 2025	$	152.7			$	55.1		$	37.6				$	129.2		$	92.4	$	45.4

(1) Realized losses for Installment Notes Receivable on MH, net are recorded within Loss on remeasurement of note receivable on the Condensed Consolidated Statements of Operations.

(2) Realized gains / (losses) for Collateralized Receivables, net are recorded within Other income, net on the Condensed Consolidated Statements of Operations.

SUN COMMUNITIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)



	Nine Months Ended September 30,
	2026		2025
Assets	Installment Notes Receivable on MH, net		Notes Receivable From Real Estate Operators		Collateralized Receivables, net		Installment Notes Receivable on MH, net	Notes Receivable From Real Estate Operators		Collateralized Receivables, net
Level 3 beginning balance at December 31, 2025 and 2024	$	139.2			$	44.5		$	43.2		$	93.9		$	148.5	$	51.2

Realized losses(1)(2)	(4.5)			—			(0.9)		(1.6)		—		(0.3)
Purchases and issuances	31.5			17.1			—		43.0		5.7		—
Sales and settlements	(12.2)			(5.1)			(4.7)		(6.1)		(63.3)		(4.0)
Dispositions of properties	(1.3)			—			—		—		—		(1.5)

Foreign currency exchange gains / (losses)	—			(1.5)			—		—		1.4		—
Other adjustments	—			0.1			—		—		0.1		—
Level 3 ending balance at September 30, 2026 and 2025	$	152.7			$	55.1		$	37.6		$	129.2		$	92.4	$	45.4

(1) Realized losses for Installment Notes Receivable on MH, net are recorded within Loss on remeasurement of note receivable on the Condensed Consolidated Statements of Operations.

(2) Realized losses for Collateralized Receivables, net are recorded within Other income, net on the Condensed Consolidated Statements of Operations.


	Three Months Ended September 30,
	2026		2025
Liabilities	Secured Borrowing on Collateralized Receivables		Other Liabilities (Contingent Consideration)		Secured Borrowing on Collateralized Receivables		Other Liabilities (Contingent Consideration)
Level 3 beginning balance June 30, 2026 and 2025	$	39.2			$	0.5		$	46.6	$	—

Realized (gains) / losses(1)	(0.3)			—			0.2		—
Purchases and issuances	—			0.6			—		—
Sales and settlements	(1.3)			—			(1.4)		(5.0)

Other adjustments	—			—			—		14.6
Level 3 ending balance at September 30, 2026 and 2025	$	37.6			$	1.1		$	45.4	$	9.6

(1) Realized (gains) / losses for Secured Borrowing on Collateralized Receivables are recorded within Other income, net on the Condensed Consolidated Statements of Operations.



	Nine Months Ended September 30,
	2026		2025
Liabilities	Secured Borrowing on Collateralized Receivables		Other Liabilities (Contingent Consideration)		Secured Borrowing on Collateralized Receivables		Other Liabilities (Contingent Consideration)
Level 3 beginning balance December 31, 2025 and 2024	$	43.2			$	0.2		$	51.2	$	11.3

Realized gains(1)	(0.9)			—			(0.3)		—
Purchases and issuances	—			0.9			—		—
Sales and settlements	(4.7)			—			(5.5)		(14.0)
Dispositions of properties	—			—			—		(2.3)
Other adjustments	—			—			—		14.6
Level 3 ending balance at September 30, 2026 and 2025	$	37.6			$	1.1		$	45.4	$	9.6

(1) Realized gains for Secured Borrowing on Collateralized Receivables are recorded within Other income, net on the Condensed Consolidated Statements of Operations.

SUN COMMUNITIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Fair Value Measurements on a Nonrecurring Basis

As of September 30, 2026, assets measured at fair value on a non-recurring basis consisted of real estate assets that have been written down to an estimated fair value for impairment purposes. We review the carrying value of long-lived assets to be held for use for impairment quarterly or whenever events or changes in circumstances indicate a possible impairment. The fair value measurements were determined by using a market and / or income approach, as applicable, and unobservable Level 3 inputs. During the nine months ended September 30, 2026 and 2025, we recognized the following asset impairment charges (in millions, except for number of properties):



Period	Fair Value Level		Number of Properties	Segment	Asset Impairment Charges		Aggregate Estimated Fair Value
Three months ended September 30, 2026	3	(1)	1	RV	$	17.2			$	4.7
Three months ended June 30, 2026	3	(2)	2	MH / RV	$	14.1		(3)	$	35.0

Three months ended September 30, 2025	3	(4)	6	RV	$	165.0			$	22.9

Three months ended June 30, 2025	3	(2)	3	RV	$	32.2			$	86.4
Three months ended March 31, 2025	3	(5)	7	MH / RV	$	20.5			$	93.4

(1) The non-recurring fair value measurement was driven by a reduction in projected future cash flows for the impaired property and was determined using an income and market approach. The analysis was based upon market conditions, expectations for future growth and comparable transactions, and utilized unobservable quantitative inputs, including a capitalization rate of 8.5% and a discount rate of 10.5%.

(2) The non-recurring fair value measurement was driven by our contemplated change in strategic plan for the properties and was determined using a market approach. The fair value methodology included a probability weighted holding period and estimated sale price for the assets based on current market conditions and comparable transactions in the applicable geographic location.

(3) We also recorded other miscellaneous impairment charges of $3.8 million at several properties, primarily due to changes in strategy related to development projects and property damages.

(4) The non-recurring fair value measurement was driven by a reduction in projected future cash flows and deteriorating NOI trends for the impaired properties and was determined using an income and market approach. The analysis was based upon market conditions, expectations for future growth and comparable transactions, and utilized unobservable quantitative inputs, including capitalization rates ranging from 9.5% to 10.0% and discount rates ranging from 11.0% to 13.0%.

(5) The fair value measurement was driven by pre-construction development costs and determined by estimating discounted cash flows based on the expectation that the development projects are no longer probable of being realized.

Although we have determined the estimated fair value amounts using available market information and commonly accepted valuation methodologies, considerable judgment is required in interpreting market data to develop fair value estimates. The fair value estimates are based on information available as of September 30, 2026. As such, our estimates of fair value could differ significantly from the actual carrying value.

14. Commitments and Contingencies

Legal Proceedings - Class Action Litigation

Since August 31, 2023, several putative class action complaints have been filed in the U.S. District Court for the Northern District of Illinois, Eastern Division, against Datacomp Appraisal Systems, Inc., us, and several other large MH operators in the U.S. The complaints allege that the defendants have violated federal antitrust laws by sharing and receiving competitively sensitive non-public information to maintain artificially high site rents. The complaints have been consolidated into the case captioned In re Manufactured Home Lot Rents Antitrust Litigation, No. 1:23-cv-06715.

Plaintiffs seek both injunctive and monetary damages, as well as attorneys’ fees. We are unable to estimate a range of loss, if any, that could result were there to be an adverse final decision in this litigation. If an unfavorable result were to occur, it is possible that the impact could be material to our results of operations in the periods in which any such outcome becomes probable and estimable.

We believe that the plaintiffs’ allegations are without merit and intend to defend against them vigorously. However, litigation is inherently uncertain and there can be no assurance regarding the likelihood that our defense of this litigation will be successful.

Other Legal Proceedings

We are involved in various other legal proceedings arising in the ordinary course of business. All such proceedings, taken together, are not expected to have a material adverse impact on our results of operations or financial condition.

SUN COMMUNITIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Catastrophic Event-Related Charges

Hurricanes Helene and Milton - In September and October 2024, Hurricane Helene and Hurricane Milton, respectively, made landfall in Florida and subsequently impacted several of our properties in the Southeastern and Mid-Atlantic region of the U.S. Estimated property insurance recoveries, excluding business interruption recoveries, of $28.7 million related to Hurricane Helene and Hurricane Milton, were recorded in Notes and other receivables, net, on the Condensed Consolidated Balance Sheets as of September 30, 2026. The table below sets forth changes in estimated property insurance recoveries, excluding business interruption recoveries (in millions):


	Nine Months Ended September 30, 2026
Total estimated insurance receivable - December 31, 2025	$	42.0
Change in estimated property insurance recoveries	2.6
Proceeds received from insurer	(15.9)
Total estimated insurance receivable - September 30, 2026	$	28.7

The foregoing estimates are based on current information available, and we continue to assess these estimates. Actual charges and insurance recoveries could vary significantly from these estimates. Any changes to these estimates will be recognized in the period(s) in which they are determined.

15. Leases

Lessee Accounting

We lease land under non-cancelable operating leases at certain properties expiring at various dates through 2085. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of revenues at those properties. We also have other operating leases, primarily office space and equipment expiring at various dates through 2033.

Future minimum lease payments under non-cancellable leases as of September 30, 2026, where we are the lessee include (in millions):


	Operating Leases
2026 (excluding nine months ended September 30, 2026)	$	0.9
2027	2.8
2028	2.3
2029	2.2
2030	2.2
Thereafter	28.9
Total Lease Payments	39.3
Less: Imputed interest	(17.2)
Present Value of Lease Liabilities	$	22.1

Right-of-use assets and lease liabilities for operating leases as included in our Condensed Consolidated Balance Sheets are as follows (in millions):


	Financial Statement Classification		As of
		September 30, 2026		December 31, 2025


Right-of-use lease assets, net	Other assets, net		$	42.9	$	44.8


Lease liabilities	Other liabilities		$	22.1	$	23.9

The components of lease costs for operating leases as included in our Condensed Consolidated Statements of Operations are as follows (in millions):


	Financial Statement Classification		Three Months Ended September 30,		Nine Months Ended September 30,
		2026		2025		2026		2025



Operating lease cost	General and administrative expense, Property operating and maintenance, Depreciation and amortization		$	0.7			$	0.7		$	2.2	$	2.1
Variable lease cost	Property operating and maintenance		0.5			0.4			1.5		1.2

Total Lease Cost			$	1.2			$	1.1		$	3.7	$	3.3

SUN COMMUNITIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Lease term, discount rates, and additional information for operating leases are as follows:


	As of
Lease Term and Discount Rate	September 30, 2026		December 31, 2025



Weighted-average remaining lease terms (years)	28.31		27.20


Weighted-average discount rate	4.04	%		3.95	%


	Nine Months Ended September 30,
Other Information (in millions)	2026		2025

Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases	$	2.2			$	1.8

Financing cash outflows for finance leases	—			4.1
Total Cash Paid on Lease Liabilities	$	2.2			$	5.9

Lessor Accounting

We are not the lessor for any finance leases at our properties as of September 30, 2026. Nearly all of our operating leases with our residents and customers at our properties where we are the lessor are for a time period not to exceed one year or month-to-month. As of September 30, 2026, future minimum lease payments with our residents or customers would not exceed 12 months.

Future minimum lease payments for operating leases with real estate operators at our properties were not material as of September 30, 2026.

16. Recent Accounting Pronouncements

Recent Accounting Pronouncements - Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Topic 220-40),” which requires disaggregated disclosure of certain expense captions into specified categories within the footnotes to the financial statements. This ASU is effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the provisions of this amendment and the impact on our Consolidated Financial Statements and related disclosures.

17. Subsequent Events

Acquisitions

Subsequent to the three months ended September 30, 2026, we acquired the following properties (in millions, except site information):



Property Name	Property Type	Sites	State, Province or Country		Total Purchase Price (in millions)
Rosewood / Rowan Oak	MH	169		OR		$	35.0
Battle Ground	MH	189		WA		44.5
Total Subsequent Acquisitions		358				$	79.5

Issuance of Preferred OP Units

In October 2026, we issued 283,126 Series M preferred OP units in conjunction with the acquisition of the Rosewood / Rowan Oak property. The Series M preferred OP units provide for quarterly distributions on the $100 per unit issue price of 3.2% per year during the 12 months ending October 1, 2027, 3.4% per year during the 12 months ending October 1, 2028, and 3.6% thereafter. Subject to certain limitations, each Series M preferred OP unit will be exchangeable at any time after its issuance date into that number of shares of our common stock equal to the quotient obtained by dividing $100.00 by $174.00 (as such ratio is subject to adjustment for certain capital events). Subject to certain limitations, the holders of Series M preferred OP units will have the right to cause SCOLP to redeem all or a portion of their Series M preferred OP units for $100 per unit (plus any accrued but unpaid distributions) at any time on or after October 1, 2027.

Stock Repurchase Program

In October 2026, we repurchased and retired 0.7 million shares of our outstanding common stock for $79.8 million.

We have evaluated our Condensed Consolidated Financial Statements for subsequent events through the date that this Form 10-Q was issued.

SUN COMMUNITIES, INC.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of the consolidated financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and the accompanying Notes, along with our 2025 Annual Report.

OVERVIEW

We are a fully integrated REIT. As of September 30, 2026, we owned and operated, directly or indirectly, or held an interest in, a portfolio of 452 developed properties located in the U.S. and Canada including 295 MH communities and 157 RV communities.

We have been in the business of operating, acquiring, developing and expanding MH and RV communities since 1975. We lease individual parcels of land, or sites, with utility access for the placement of manufactured homes and RVs to our MH and RV customers. Our MH communities are designed to offer affordable housing to individuals and families, while also providing certain amenities. In the U.S., we are also engaged in the marketing, selling and leasing of new and pre-owned homes to current and future residents in our MH communities. The rental program operations within our MH communities support and enhance our occupancy levels, property performance and cash flows. Our RV communities are designed to offer affordable vacation opportunities to individuals and families complemented by a diverse selection of high-quality amenities.

Over the past several years, we have shifted our strategy toward optimizing the value of our core business (North American MH / RV) through achieving strong rental rate growth and operating efficiencies, while also pursuing select new acquisition opportunities that meet our capital investment criteria. The Safe Harbor Sale and Park Holidays Sale, which closed in 2025 and 2026, respectively, advanced our strategy of focusing on our core business and enhanced our leverage profile and financial flexibility. We believe we are positioned for organic growth in 2026 with expected rental rate increases, occupancy gains, and expense management as we focus on increasing long-term value for shareholders.

PARK HOLIDAYS SALE

During the three months ended September 30, 2026, we completed the closing of the Park Holidays Sale for gross sales proceeds of $1.05 billion, inclusive of certain adjustments, generating cash proceeds of $1.03 billion, net of closing and employee separation costs. The Park Holidays Sale represents the disposition of our UK business and a strategic shift in operations. Accordingly, the results of the UK business and assets and liabilities included in the disposition are presented as discontinued operations for all periods presented herein. Unless otherwise noted, all amounts, percentages, and discussions below reflect only the results of operations and financial condition of our continuing operations.

The Park Holidays Sale accelerates our strategy of focusing on our core North American MH and RV portfolio. We intend to continue to utilize the cash proceeds from the Park Holidays Sale primarily to repurchase shares, pay down debt, and for general corporate purposes. Subsequent to the closing of the Park Holidays Sale, the majority of our total NOI is generated by Real Property NOI from properties located within the U.S.

SIGNIFICANT ACCOUNTING POLICIES

We have identified significant accounting policies that, as a result of the judgments, uncertainties, and complexities of the underlying accounting standards and operations involved could result in material changes to our financial condition or results of operations under different conditions or using different assumptions. Details regarding significant accounting policies are described fully in our Annual Report on Form 10-K for the year ended December 31, 2025.

NON-GAAP FINANCIAL MEASURES

In addition to the results reported in accordance with GAAP in our “Results of Operations” below, we have provided information regarding NOI and funds from operations (“FFO”) as supplemental performance measures. We believe NOI and FFO are appropriate measures given their wide use by and relevance to investors and analysts following the real estate industry. NOI provides a measure of rental operations and does not factor in depreciation, amortization, and non-property specific expenses such as general and administrative expenses. FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation / amortization of real estate assets. In addition, NOI, and FFO are commonly used in various ratios, pricing multiples / yields and returns, and valuation calculations that measure financial position, performance, and value.

SUN COMMUNITIES, INC.

NOI

Total Portfolio NOI - NOI is derived from property operating revenues minus property operating expenses and real estate taxes. NOI is a non-GAAP financial measure that we believe 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. We use 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 our properties rather than of the Company overall. We believe that NOI provides enhanced comparability for investor evaluation of property performance and growth over time.

We believe 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 our financial performance or GAAP net cash provided by operating activities as a measure of our liquidity; nor is it indicative of funds available for our cash needs, including our 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 the performance and growth of our Same Property portfolio. We define same properties as those we have owned and operated continuously since January 1, 2025. Same properties exclude ground-up development properties, acquired properties, properties classified as discontinued operations, properties impacted by catastrophic weather events, and properties sold after December 31, 2024. The Same Property data may change from time-to-time depending on acquisitions, dispositions, management discretion, significant transactions, or other unique situations. Same Property NOI does not include the revenues and expenses related to home sales and ancillary activities at the properties. We believe 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.

FFO

FFO is defined by the National Association of Real Estate Investment Trusts (“Nareit”) as GAAP net income (loss), excluding gains (or losses) from sales of certain real estate assets, real estate related depreciation and amortization, gains (or losses) from change in control, impairments of certain real estate assets and investments, and adjustments for nonconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure that management believes is a useful supplemental measure of our 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, we use FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of our core business (“Core FFO”) to evaluate our performance. These adjustments include acquisition and other transaction costs, gains and losses from the early extinguishment of debt, costs related to catastrophic weather events, net of insurance recoveries, gains and losses on foreign currency exchanges, and other miscellaneous non-comparable items, such as restructuring costs.

We believe that FFO and Core FFO provide enhanced comparability for investor evaluations of period-over-period results. We believe 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 our 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 our 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.

SUN COMMUNITIES, INC.

RESULTS OF OPERATIONS

The following tables reconcile the Net income / (loss) attributable to SUI common shareholders to NOI and summarize our consolidated financial results for the three and nine months ended September 30, 2026 and 2025 (in millions):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
Net Income / (Loss) Attributable to SUI Common Shareholders	$	120.7			$	8.5		$	(880.7)	$	1,239.3
Interest income	(5.6)			(17.1)			(19.0)		(37.9)
Brokerage commissions and other revenues, net	(4.0)			(3.3)			(9.0)		(18.2)
General and administrative	48.9			46.2			157.4		143.8
Catastrophic event-related charges, net	0.2			0.8			1.5		1.1

Depreciation and amortization	125.7			115.3			371.0		347.3
Asset impairments	17.2			165.9			35.4		223.3

Loss on extinguishment of debt	0.1			1.6			0.1		104.0
Interest expense	38.3			39.5			114.8		172.4


(Gain) / loss on foreign currency exchanges	(0.7)			22.6			9.9		(25.5)
(Gain) / loss on disposition of properties	(28.9)			1.0			(8.0)		3.1
Other income, net	(1.0)			(0.2)			(9.4)		(12.8)
Loss on remeasurement of notes receivable	1.7			—			4.5		1.6
Income from nonconsolidated affiliates	(7.4)			(4.3)			(19.6)		(11.1)
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates	(0.3)			(0.4)			1.2		1.1
Current tax (benefit) / expense	1.6			(0.5)			3.1		3.3
Deferred tax benefit	(0.5)			(0.9)			(0.6)		(0.9)
Net (income) / loss from discontinued operations, net	9.3			(64.0)			1,101.2		(1,404.4)
Add: Preferred return to preferred OP units / equity interests	2.5			3.2			7.7		9.5
Add: Income / (loss) attributable to noncontrolling interests	4.6			(0.8)			(30.4)		50.8

NOI	$	322.4			$	313.1		$	831.1	$	789.8


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
Real property NOI	$	302.6			$	287.3		$	799.6	$	746.0
Home sales NOI	3.8			7.0			8.7		18.0
Ancillary NOI	16.0			18.8			22.8		25.8
NOI	$	322.4			$	313.1		$	831.1	$	789.8

Seasonality of Revenue

The RV segment is seasonal and the results of operations in any one period may not be indicative of results in future periods.

In the RV segment, certain properties maintain higher occupancy during the summer months, while other properties maintain higher occupancy during the winter months. Properties may also have varying mixes of transient and annual sites. Based on the location of our properties with transient RV sites, our portfolio generally produces higher revenues between April and September than between October and March. During the nine months ended September 30, 2026, we recognized aggregate Real property - transient revenue from our RV segment of $28.4 million in the first quarter, $60.4 million in the second quarter, and $103.4 million in the third quarter.

During the year ended December 31, 2025, we recognized Real property - transient revenue as follows:


	Real property - transient revenue (in millions)		During the Three Months Ended
Year		March 31		June 30		September 30	December 31		Total

2025	$	230.4			12.4	%	27.6	%		46.2	%	13.8	%	100.0	%

SUN COMMUNITIES, INC.

Real Property Operations - Total Portfolio

The following tables reflect certain financial and other information for our real estate operations by segment as of and for the three and nine months ended September 30, 2026 and 2025 (in millions, except for statistical information).


	Three Months Ended September 30, 2026		Three Months Ended September 30, 2025
	MH		RV		Total	MH		RV		Total
Revenues
Real property (excluding transient)	$	274.7		$	100.4	$	375.1		$	254.6		$	96.2		$	350.8
Real property - transient	0.1		103.4		103.5	0.1		106.2			106.3
Total operating revenues	274.8		203.8		478.6	254.7		202.4			457.1
Expenses
Property operating expenses	87.8		88.2		176.0	82.9		86.9			169.8
Real Property NOI	$	187.0		$	115.6	$	302.6		$	171.8		$	115.5		$	287.3

	Nine Months Ended September 30, 2026		Nine Months Ended September 30, 2025
	MH		RV		Total	MH		RV		Total
Revenues
Real property (excluding transient)(1)	$	815.2		$	272.6	$	1,087.8		$	753.2		$	255.5		$	1,008.7
Real property - transient	0.8		192.2		193.0	0.8		197.7			198.5
Total operating revenues	816.0		464.8		1,280.8	754.0		453.2			1,207.2
Expenses
Property operating expenses	256.8		224.4		481.2	241.1		220.1			461.2
Real Property NOI	$	559.2		$	240.4	$	799.6		$	512.9		$	233.1		$	746.0

	As of September 30, 2026		As of September 30, 2025
	MH		RV		Total	MH		RV		Total
Number of Properties	295		157		452	284		164		448
Sites
Sites(1)	100,250		31,990		132,240	97,070		32,480		129,550
Transient sites	N/A		21,280		21,280	N/A		23,560		23,560
Total	100,250		53,270		153,520	97,070		56,040		153,110

Occupancy(2)	97.6	%		100.0	%	98.2	%		97.9	%		100.0	%	98.4	%

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

(1) MH annual sites included 13,381 and 11,856 rental homes in our rental program as of September 30, 2026 and 2025, respectively. Our gross investment in occupied rental homes at September 30, 2026 was $1.0 billion, an increase of 16.3% from $863.4 million at September 30, 2025.

(2) Occupancy percentages for the RV segment exclude transient RV sites.

For the three months ended September 30, 2026, the $15.3 million, or 5.3% increase in Real Property NOI as compared to the same period in 2025 was driven by increases in Same Property MH NOI of $11.8 million, $4.9 million from properties recently acquired or developed and other items not included in Same Property NOI, partially offset by a decrease of $1.4 million from Same Property RV NOI.

For the nine months ended September 30, 2026, the $53.6 million, or 7.2% increase in Real Property NOI as compared to the same period in 2025, was driven by an increase of $37.5 million from Same Property MH NOI, an increase of $0.9 million from Same Property RV NOI, and $15.2 million from properties recently acquired or developed and other items not included in Same Property NOI.

SUN COMMUNITIES, INC.

Real Property Operations - Same Property Portfolio

In order to evaluate the growth of the Same Property portfolio, management has classified certain items differently than our GAAP statements. The reclassification difference between our GAAP statements and our Same Property portfolio is the reclassification of utility revenues from real property revenue to operating expenses. A significant portion of our utility charges are re-billed to our residents.

The following tables reflect certain financial and other information for our Same Property MH and RV portfolios as of and for the three and nine months ended September 30, 2026 and 2025 (in millions, except for statistical information):


	Three Months Ended September 30,
	2026		2025		Total Change		% Change(1)
	MH		RV		Total		MH	RV		Total		MH	RV		Total
Same Property Revenues
Real property (excluding transient)	$	247.4			$	88.6		$	336.0		$	233.9		$	86.5		$	320.4		$	15.6		5.8	%	2.4	%	4.9	%
Real property - transient	0.1			100.4			100.5		0.1		101.4		101.5			(1.0)		(3.0)	%	(1.1)	%	(1.1)	%
Total Same Property operating revenues	247.5			189.0			436.5		234.0		187.9		421.9			14.6		5.8	%	0.5	%	3.4	%
Same Property Expenses
Payroll and benefits	14.9			25.7			40.6		14.3		25.3		39.6			1.0		4.4	%	1.7	%	2.7	%
Real estate taxes	19.5			6.6			26.1		19.1		6.6		25.7			0.4		2.4	%	(1.7)	%	1.4	%
Supplies and repairs	13.5			10.7			24.2		12.6		9.4		22.0			2.2		6.5	%	13.0	%	9.3	%
Utilities	5.7			17.8			23.5		5.1		16.5		21.6			1.9		10.7	%	7.8	%	8.5	%
Legal, state / local taxes, and insurance	7.5			2.4			9.9		8.9		3.2		12.1			(2.2)		(15.3)	%	(23.6)	%	(17.5)	%
Other	2.5			14.0			16.5		1.9		13.7		15.6			0.9		32.8	%	2.3	%	6.0	%
Same Property operating expenses(2)	63.6			77.2			140.8		61.9		74.7		136.6			4.2		2.8	%	3.2	%	3.0	%
Real Property NOI(3)	$	183.9			$	111.8		$	295.7		$	172.1		$	113.2		$	285.3		$	10.4		6.9	%	(1.3)	%	3.6	%

	Nine Months Ended September 30,
	2026		2025		Total Change		% Change(1)
	MH		RV		Total		MH	RV		Total		MH	RV		Total
Same Property Revenues
Real property (excluding transient)	$	736.5			$	240.5		$	977.0		$	693.4		$	231.2		$	924.6		$	52.4		6.2	%	4.0	%	5.7	%
Real property - transient	0.8			183.3			184.1		0.8		187.8		188.6			(4.5)		3.5	%	(2.4)	%	(2.4)	%
Total Same Property operating revenues	737.3			423.8			1,161.1		694.2		419.0		1,113.2			47.9		6.2	%	1.1	%	4.3	%
Same Property Expenses
Payroll and benefits	44.4			64.3			108.7		43.6		64.4		108.0			0.7		2.0	%	(0.2)	%	0.7	%
Real estate taxes	58.6			20.2			78.8		55.8		20.0		75.8			3.0		5.0	%	1.1	%	4.0	%
Supplies and repairs	38.2			26.6			64.8		33.9		23.7		57.6			7.2		12.8	%	12.3	%	12.6	%
Utilities	16.0			41.4			57.4		16.1		38.8		54.9			2.5		(0.4)	%	6.7	%	4.6	%
Legal, state / local taxes, and insurance	21.8			7.3			29.1		24.3		9.1		33.4			(4.3)		(10.4)	%	(19.1)	%	(12.7)	%
Other	8.5			33.6			42.1		8.2		33.5		41.7			0.4		3.4	%	0.1	%	0.8	%
Same Property operating expenses(2)	187.5			193.4			380.9		181.9		189.5		371.4			9.5		3.1	%	2.1	%	2.6	%
Real Property NOI(4)	$	549.8			$	230.4		$	780.2		$	512.3		$	229.5		$	741.8		$	38.4		7.3	%	0.4	%	5.2	%

(1) Percentages are calculated based on unrounded numbers.

(2) We net certain utilities revenues (which include utility reimbursement revenues from residents) against related utility expenses in property operating expenses as follows (in millions):


	Three Months Ended September 30, 2026		Three Months Ended September 30, 2025
	MH		RV	Total		MH	RV		Total
Utility revenue netted against related utility expense	$	21.4		$	6.8		$	28.2		$	20.0	$	6.7	$	26.7

	Nine Months Ended September 30, 2026		Nine Months Ended September 30, 2025
	MH		RV	Total		MH	RV		Total
Utility revenue netted against related utility expense	$	61.3		$	16.8		$	78.1		$	57.1	$	16.3	$	73.4

SUN COMMUNITIES, INC.


	As of September 30,
	2026		2025
	MH		RV		MH		RV
Number of properties	282			152			282			152
Sites
MH and annual RV sites	97,210			30,940			96,750			31,160
Transient RV sites	N/A		20,960			N/A		21,000
Total	97,210			51,900			96,750			52,160
MH and Annual RV Occupancy
Occupancy(1)	97.8	%		100.0	%		97.9	%		100.0	%
Average monthly base rent per site	$	776			$	700			$	737		$	674
% change in monthly base rent(2)	5.2	%		3.9	%		N/A		N/A
Rental Program Statistics included in MH
Number of occupied sites, end of period(3)	13,000			N/A		11,830			N/A
Average monthly rent per home and site - MH rental program	$	1,418		N/A		$	1,387		N/A
% change(3)	2.2	%		N/A		N/A		N/A

N/A = Not applicable.

(1) Same Property blended occupancy for MH and RV declined by 10 basis points to 98.3% at September 30, 2026, from 98.4% at September 30, 2025. Adjusting for recently delivered and vacant expansion sites, Same Property adjusted blended occupancy for MH and RV declined by 50 basis points to 98.8% at September 30, 2026, from 99.3% at September 30, 2025.

(2) Percentages are calculated based on unrounded numbers.

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

Same Property NOI

For the three months ended September 30, 2026 and 2025:

•The MH segment increase in NOI of $11.8 million, or 6.9%, when compared to the same period in 2025 is primarily due to an increase in Real property revenue of $13.5 million, or 5.8% and NOI outperformance in our Rental Program. Real property revenue increased primarily due to a 5.2% increase in monthly base rent.

•The RV segment decrease in NOI of $1.4 million, or 1.3%, when compared to the same period in 2025 is primarily due to a decrease in Transient revenue of $1.0 million, or 1.1% and an increase in Same Property operating expenses of $2.5 million, or 3.2%, partially offset by an increase in Real property (excluding transient) revenue of $2.1 million, or 2.4%. The increase in Same Property operating expenses was primarily due to an increase in supplies and repairs expense.

For the nine months ended September 30, 2026 and 2025:

•The MH segment increase in NOI of $37.5 million, or 7.3%, when compared to the same period in 2025 is primarily due to an increase in Real property revenue of $43.1 million, or 6.2% and NOI outperformance in our Rental Program, partially offset by an increase in Same Property operating expenses of $5.6 million, or 3.1%. Real property revenue increased primarily due to a 5.2% increase in monthly base rent.

•The RV segment increase in NOI of $0.9 million, or 0.4%, when compared to the same period in 2025 is primarily due to an increase in Real property (excluding transient) revenue of $9.3 million, or 4.0%, partially offset by an increase in Same Property operating expenses of $3.9 million, or 2.1%. The increase in Real property (excluding transient) revenue was primarily due to a 3.9% increase in monthly base rent. The increase in Same Property operating expenses was primarily due to increases in supplies and repairs expense and utilities expense, net of reimbursements.

SUN COMMUNITIES, INC.

Home Sales Summary

We sell new and pre-owned homes to current and prospective residents and customers in our communities. This inventory is purchased from manufacturers, lenders, dealers, former residents, or customers.

The following table reflects certain financial and statistical information for our home sales program for the three and nine months ended September 30, 2026 and 2025 (in millions, except for average selling price and statistical information):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		Change		% Change		2026		2025		Change		% Change
Financial Information
Home sales	$	31.8			$	37.8			$	(6.0)		(15.9)	%		$	86.1			$	108.3			$	(22.2)	(20.5)	%
Home cost and selling expenses	28.0			30.8			(2.8)		(9.1)	%		77.4			90.3			(12.9)			(14.3)	%
NOI	$	3.8			$	7.0			$	(3.2)		(45.7)	%		$	8.7			$	18.0			$	(9.3)	(51.7)	%
NOI margin %	11.9	%		18.5	%		(6.6)	%				10.1	%		16.6	%		(6.5)	%
Other Information
Units Sold:	349			404			(55)		(13.6)	%		967			1,231			(264)			(21.4)	%
Average Selling Price:	$	91,117			$	93,564			$	(2,447)			(2.6)	%		$	89,038			$	87,977		$	1,061	1.2	%

For each respective period, the changes were attributable to a shift in mix towards pre-owned homes and emphasis on the strength of the Rental Program.

Other Items - Statements of Operations(1)

The following table summarizes other income and expenses for the three and nine months ended September 30, 2026 and 2025 (in millions):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025	Change		% Change	2026		2025	Change		% Change
Revenues
Ancillary, net	$	16.0		$	18.8		$	(2.8)		(14.9)	%		$	22.8		$	25.8		$	(3.0)		(11.6)	%
Interest	$	5.6		$	17.1		$	(11.5)		(67.3)	%		$	19.0		$	37.9		$	(18.9)		(49.9)	%
Brokerage commissions and other, net	$	4.0		$	3.3		$	0.7		21.2	%		$	9.0		$	18.2		$	(9.2)		(50.5)	%
Expenses
General and administrative expense	$	48.9		$	46.2		$	2.7		5.8	%		$	157.4		$	143.8		$	13.6		9.5	%
Catastrophic event-related charges, net	$	0.2		$	0.8		$	(0.6)		(75.0)	%		$	1.5		$	1.1		$	0.4		36.4	%

Depreciation and amortization	$	125.7		$	115.3		$	10.4		9.0	%		$	371.0		$	347.3		$	23.7		6.8	%
Asset impairments	$	17.2		$	165.9		$	(148.7)		(89.6)	%		$	35.4		$	223.3		$	(187.9)		(84.1)	%

Loss on extinguishment of debt	$	0.1		$	1.6		$	(1.5)		(93.8)	%		$	0.1		$	104.0		$	(103.9)		(99.9)	%
Interest	$	38.3		$	39.5		$	(1.2)		(3.0)	%		$	114.8		$	172.4		$	(57.6)		(33.4)	%

Other Items
Gain / (loss) on foreign currency exchanges	$	0.7		$	(22.6)		$	23.3		N/M		$	(9.9)		$	25.5		$	(35.4)		N/M
Gain / (loss) on disposition of properties	$	28.9		$	(1.0)		$	29.9		N/M		$	8.0		$	(3.1)		$	11.1		N/M
Other income, net	$	1.0		$	0.2		$	0.8		N/M		$	9.4		$	12.8		$	(3.4)		(26.6)	%
Loss on remeasurement of note receivable	$	(1.7)		$	—		$	(1.7)		N/A		$	(4.5)		$	(1.6)		$	(2.9)		181.3	%
Income from nonconsolidated affiliates	$	7.4		$	4.3		$	3.1		72.1	%		$	19.6		$	11.1		$	8.5		76.6	%
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates	$	0.3		$	0.4		$	(0.1)		(25.0)	%		$	(1.2)		$	(1.1)		$	(0.1)		9.1	%
Current tax benefit / (expense)	$	(1.6)		$	0.5		$	(2.1)		N/M		$	(3.1)		$	(3.3)		$	0.2		(6.1)	%
Deferred tax benefit	$	0.5		$	0.9		$	(0.4)		(44.4)	%		$	0.6		$	0.9		$	(0.3)		(33.3)	%
Income / (loss) from discontinued operations, net	$	(9.3)		$	64.0		$	(73.3)		N/M		$	(1,101.2)		$	1,404.4		$	(2,505.6)		N/M
Preferred return to preferred OP units / equity interests	$	2.5		$	3.2		$	(0.7)		(21.9)	%		$	7.7		$	9.5		$	(1.8)		(18.9)	%
Income / (loss) attributable to noncontrolling interests	$	4.6		$	(0.8)		$	5.4		N/M		$	(30.4)		$	50.8		$	(81.2)		N/M

(1)Only items determined by management to be material, of interest, or unique to the periods disclosed above are explained below.

N/M = Percentage change is not meaningful. N/A = Not applicable

Ancillary, net - for the three months ended September 30, 2026, decreased primarily due to lower transient demand in the RV segment leading to a reduction in revenue generation from ancillary activities of $2.4 million in 2026, compared to the same period in 2025.

SUN COMMUNITIES, INC.

Interest income - for the three and nine months ended September 30, 2026, decreased due to a lower cash balance in 2026 after deploying cash to acquire new properties, pay down debt, and repurchase shares of our common stock. Refer to Note 7, “Debt and Line of Credit,” and Note 8, “Equity and Temporary Equity,” in our accompanying Condensed Consolidated Financial Statements for additional information.

Brokerage commissions and other, net - for the nine months ended September 30, 2026, decreased primarily due to the receipt of business interruption insurance proceeds of $10.7 million from properties impacted by Hurricane Ian in 2025, that did not recur in the current period.

Asset impairments - for the three and nine months ended September 30, 2026, decreased due to asset impairment charges at 16 properties in the U.S. and Canada in 2025 as compared to asset impairment charges at two MH and RV land development parcels and one RV property in 2026. Refer to Note 13, “Fair Value Measurements,” in our accompanying Condensed Consolidated Financial Statements for additional information.

Loss on extinguishment of debt - for the nine months ended September 30, 2026, decreased due to the recognition of early extinguishment premiums of $102.4 million related to the early redemption of $3.2 billion of debt obligations in 2025, compared to early extinguishment premiums of $0.1 million related to the early redemption of one mortgage term loan in 2026.

Interest expense - for the nine months ended September 30, 2026, decreased primarily due to the early redemption of $3.2 billion in debt obligations in 2025 using proceeds generated from the Safe Harbor Sale.

Gain / (loss) on foreign currency exchanges - for the three and nine months ended September 30, 2026, was a gain of $0.7 million and loss of $9.9 million, respectively, as compared to a loss of $22.6 million and gain of $25.5 million, respectively, during the same periods in 2025, primarily due to the fluctuation of the U.S. dollar versus the British pound sterling.

Gain / (loss) on disposition of properties - for the three months ended September 30, 2026, was a gain of $28.9 million, as compared to a loss of $1.0 million during the same period in 2025, primarily due to the disposition of a portfolio of three RV properties in Florida in 2026. Refer to Note 3, “Real Estate Acquisitions and Dispositions,” in our accompanying Condensed Consolidated Financial Statements for additional information.

Income from nonconsolidated affiliates - for the three and nine months ended September 30, 2026, was income of $7.4 million and $19.6 million, respectively, as compared to income of $4.3 million and $11.1 million, respectively, during the same periods in 2025, primarily due to the improved performance of our Sungenia JV. Refer to Note 6, “Investments in Nonconsolidated Affiliates,” in our accompanying Condensed Consolidated Financial Statements for additional information.

Income / (loss) from discontinued operations, net - for the three and nine months ended September 30, 2026, was a loss of $9.3 million and $1.1 billion, respectively, as compared to a gain of $64.0 million and $1.4 billion, respectively, in the same period in 2025, primarily due to a valuation allowance charge to adjust the assets of the former UK business to estimated fair value less costs to sell in 2026, as compared to a $1.4 billion gain recognized on the closing of the Safe Harbor Sale during the same period in 2025. Refer to Note 2, “Discontinued Operations,” in our accompanying Condensed Consolidated Financial Statements for additional information.

SUN COMMUNITIES, INC.

RECONCILIATION OF NET INCOME / (LOSS) ATTRIBUTABLE TO SUI COMMON SHAREHOLDERS TO FFO

The following table reconciles Net income / (loss) attributable to SUI common shareholders to FFO for the three and nine months ended September 30, 2026 and 2025 (in millions, except for per share amounts):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
Net Income / (Loss) Attributable to SUI Common Shareholders	$	120.7			$	8.5		$	(880.7)	$	1,239.3
Adjustments
Depreciation and amortization - continuing operations	124.1			114.2			366.2		345.6
Depreciation and amortization - discontinued operations	—			9.9			17.1		63.5
Depreciation on nonconsolidated affiliates	0.4			0.2			1.0		0.6
Asset impairments - continuing operations	17.2			165.9			35.4		223.3
Asset impairments - discontinued operations	—			—			—		135.0
Loss on classification to held for sale - discontinued operations	50.6			—			1,127.8		—


(Gain) / loss on remeasurement of investment in nonconsolidated affiliates	(0.3)			(0.4)			1.2		1.1
Loss on remeasurement of notes receivable	1.7			—			4.5		1.6

(Gain) / loss on dispositions of properties, including tax effect - continuing operations	(28.9)			(0.6)			(8.0)		3.1
Gain on dispositions of properties, including tax effect - discontinued operations	(5.0)			(13.5)			(3.3)		(1,458.2)
Add: Returns on preferred OP units / equity interests	2.5			3.1			7.7		9.3
Add: Income / (loss) attributable to noncontrolling interests	4.6			(0.9)			(30.4)		50.8
Gain on disposition of assets, net - continuing operations	(2.6)			(3.3)			(7.3)		(11.0)
Gain on disposition of assets, net - discontinued operations	(0.1)			(0.6)			(0.5)		(0.8)
FFO Attributable to SUI Common Shareholders and Convertible Securities(1)(5)(6)	284.9			282.5			630.7		603.2
Adjustments


Acquisition and other transaction costs - continuing operations(2)	1.8			2.1			5.2		15.7
Acquisition and other transaction costs - discontinued operations(2)	4.2			0.6			19.6		66.2
Loss on extinguishment of debt	0.1			1.6			0.1		104.0
Catastrophic event-related charges, net	0.2			0.8			1.5		1.1

Loss of earnings - catastrophic event-related charges, net(3)	3.2			4.2			9.6		2.5

(Gain) / loss on foreign currency exchanges - continuing operations	(0.7)			22.6			9.9		(25.5)
Loss on foreign currency exchanges - discontinued operations	—			—			0.7		—


Deferred tax benefit - continuing operations	(0.5)			(0.9)			(0.6)		(0.9)
Deferred tax (benefit) / expense - discontinued operations	—			(1.2)			3.9		(38.5)

Other adjustments, net - continuing operations(4)	1.7			1.0			15.2		(5.9)
Other adjustments, net - discontinued operations(4)	—			(18.9)			12.2		(28.6)


Core FFO Attributable to SUI Common Shareholders and Convertible Securities(1)(5)(6)	$	294.9			$	294.4		$	708.0	$	693.3

Weighted Average Common Shares and OP Units Outstanding(1)	125.3			129.3			126.7		131.2
FFO Attributable to SUI Common Shareholders and Convertible Securities(1)(5)(6)	$	2.27			$	2.18		$	4.98	$	4.60
Core FFO Attributable to SUI Common Shareholders and Convertible Securities(1)(5)(6)	$	2.35			$	2.28		$	5.59	$	5.28

(1)Assumes full conversion of all equity participating units, including common and preferred OP units, into our common stock.

(2)These costs represent (i) nonrecurring integration expenses associated with acquisitions during the three and nine months ended September 30, 2026 and 2025, (ii) costs associated with potential acquisitions that will not close, (iii) expenses incurred to bring recently acquired properties up to our operating standards, including items such as tree trimming and painting costs that do not meet our capitalization policy. Acquisition and other transaction costs - discontinued operations primarily represent non-recurring costs directly attributable to the Park Holidays Sale and the Safe Harbor Sale.

SUN COMMUNITIES, INC.

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
Hurricane Ian - Estimated loss of earnings in excess of the applicable business interruption deductible	$	—			$	4.1		$	—	$	12.0
Hurricane Ian - Insurance recoveries realized for previously estimated loss of earnings	—			—			—		(9.9)
Hurricane Ian - Recognition of deferred lump sum insurance settlement	3.2			—			9.6		—
Hurricane Helene - Estimated loss of earnings in excess of the applicable business interruption deductible, net	—			0.1			—		0.4
Loss of earnings - catastrophic event-related charges, net	$	3.2			$	4.2		$	9.6	$	2.5

During the year ended December 31, 2025, we received a settlement of $80.2 million from an insurance provider to settle all claims related to property, casualty, flood, and business interruption insurance recoveries from Hurricane Ian. We concluded that $36.5 million of the total settlement pertained to business interruption recoveries through 2027, which we recorded as a contingent gain in accordance with ASC 450, “Contingencies.” To better reflect the underlying economics of the transaction, we have elected to defer the business interruption recovery gain and recognize income ratably through 2027 for our presentation of Core FFO.

(4)Other adjustments, net - continuing operations relates primarily to accelerated deferred compensation expense during the nine months ended September 30, 2026; gains on insurance recoveries and severance costs during the three and nine months ended September 30, 2026; and cash flow hedge gains from debt extinguishments and a contingent consideration gain during the nine months ended September 30, 2025, and Other adjustments, net - discontinued operations relates primarily to long-term lease termination losses and gains during the three and nine months ended September 30, 2026 and 2025, respectively.

(5)FFO and Core FFO include discontinued operations activity of $36.3 million or $0.29 per share, and $40.5 million or $0.32 per share, respectively, during the three months ended September 30, 2026, and $59.9 million or $0.46 per share, and $40.5 million or $0.31 per share, respectively, during the three months ended September 30, 2025.

(6) FFO and Core FFO include discontinued operations activity of $39.9 million or $0.31 per share, and $76.3 million or $0.60 per share, respectively, during the nine months ended September 30, 2026, and $143.9 million or $1.10 per share, and $143.1 million or $1.09 per share, respectively, during the nine months ended September 30, 2025.

SUN COMMUNITIES, INC.

LIQUIDITY AND CAPITAL RESOURCES

Short-term Liquidity

Our principal short-term liquidity demands are expected to consist of distributions to our shareholders and the unit holders of the Operating Partnership through cash distributions and share repurchases, property acquisitions, development and expansion of our properties, capital improvement of our properties, and the purchase of new and pre-owned homes. We intend to meet our short-term liquidity requirements through available cash balances, cash flow generated from operations, cash generated from the Park Holidays Sale, draws on our Senior Credit Facility, and the use of debt and equity offerings under our shelf registration statement.

We employ a disciplined approach to selecting the optimal mix of financing sources to meet our liquidity demands and minimize our overall cost of capital. Our strategy centers on strengthening our core business, enhancing our leverage profile, and increasing financial flexibility. We continue to implement a balanced, tax-efficient capital allocation plan designed to optimize shareholder value by reducing leverage, enhancing financial flexibility to drive sustainable cash flow growth, and executing on a thoughtful capital return strategy. We intend to maintain our strong financial position and lower leverage profile by focusing on our core fundamentals, which are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and managing overhead costs.

Since our initial public offering in 1993, we have demonstrated operational reliability and cash flow strength throughout economic cycles. Our current objectives include streamlining our operations with an emphasis on our reliable real property income. We are positioned for ongoing organic growth with expected rental rate increases, occupancy gains, and expense management. In 2026, we continue to expect rental rate growth that exceeds headline inflation with ongoing focus on expense management to continue generating strong organic cash flow growth.

On September 22, 2026, we completed the closing of the Park Holidays Sale, generating cash proceeds of approximately $1.03 billion, net of closing and employee separation costs. The Park Holiday Sale resulted in the full divestment of our investment in the UK business, which will enable us to focus on our core North American MH and RV portfolio while further enhancing our financial flexibility. Refer to Note 1, “Basis of Presentation,” and Note 2, “Discontinued Operations,” for additional details related to the Park Holidays Sale.

On a year-to-date basis through September 30, 2026, we initiated the following capital allocation decisions:

•Repurchased 3.8 million shares of our common stock at an average cost of $121.09 per share for a total of $464.5 million.

•Repaid five mortgage term loans of $444.5 million, which were secured by 24 properties.

•Targeted reinvestment in strategic growth by acquiring one MH property for total cash consideration of $17.0 million, which was partially sourced from 1031 exchange escrow accounts to minimize tax impacts.

Subject to market conditions, and given the higher interest rate environment, we intend to selectively identify opportunities to acquire existing properties and expand our development pipeline. We finance acquisitions through available cash, secured financing, draws on our Senior Credit Facility, the assumption of existing debt on properties, and the issuance of debt and equity securities. Refer to Note 3, “Real Estate Acquisitions and Dispositions,” in our accompanying Condensed Consolidated Financial Statements for additional details on acquisitions and dispositions completed to date.

Capital Expenditures (excluding Acquisition Costs)

Our capital expenditure activity is summarized as follows (in millions):


	Nine Months Ended September 30,
	2026		2025
Recurring Capital Expenditures	$	53.5			$	37.7
Non-Recurring Capital Expenditures and Related Activities
Lot modifications	29.7			27.9
Growth projects	14.3			8.0

Capital improvements to recent acquisitions	7.8			4.8
Expansion and development	23.2			48.2
Rental program	128.3			137.8
Other	13.1			4.5
Total Non-Recurring Capital Expenditure and Related Activities	216.4			231.2
Total Capital Expenditure and Related Activities	$	269.9			$	268.9

Refer to the “Liquidity and Capital Resources” section in Part II, Item 7 of our 2025 Annual Report for capital expenditure activity definitions and additional information.

SUN COMMUNITIES, INC.

Cash Flow Activities

Our cash flow activities from continuing operations are summarized as follows (in millions):


	Nine Months Ended September 30,
	2026		2025
Net Cash Provided By Operating Activities	$	650.7		$	574.6
Net Cash Used For Investing Activities	$	(137.5)		$	(68.9)
Net Cash Provided By / (Used For) Financing Activities	$	(419.6)		$	597.4

Cash, cash equivalents and restricted cash for continuing operations increased by $92.6 million from $606.7 million as of December 31, 2025, to $699.3 million as of September 30, 2026.

Operating activities - Net cash provided by operating activities increased by $76.1 million to $650.7 million for the nine months ended September 30, 2026, compared to $574.6 million for the nine months ended September 30, 2025. The increase in operating cash flow was primarily due to growth in Same Property operating performance at our MH properties, a reduction in interest expense of $57.6 million in the current period due to the settlement of debt obligations in 2025, and favorable timing of changes in inventory, other assets, and other liabilities during the nine months ended September 30, 2026 as compared to the corresponding period in 2025.

Our net cash flows provided by operating activities from continuing operations may be adversely impacted by, among other things:

•the market and economic conditions in our current markets generally, and specifically in the metropolitan areas of our current markets;

•lower occupancy and rental rates of our properties;

•increases in other operating costs, such as wage and benefit costs, supplies and repairs, real estate taxes, and utilities;

•substantial increases in insurance premiums;

•decreased sales of manufactured homes;

•current volatility in economic conditions and the financial markets; and

•the effects of outbreaks of disease and related restrictions on business operations.

See “Risk Factors” in Part I, Item 1A of our 2025 Annual Report, and Part II, Item 1A of our Quarterly Report on Form 10-Q for the three months ended June 30, 2026.

Investing activities - Net cash used for investing activities increased by $68.6 million to $137.5 million for the nine months ended September 30, 2026, compared to $68.9 million for the nine months ended September 30, 2025. The increase in Net cash used for investing activities was primarily driven by an increase in cash deployed to acquire new properties and decreases in cash proceeds received from disposition activity and notes receivable during the nine months ended September 30, 2026 as compared to the corresponding period in 2025.

Financing activities - Net cash used for financing activities was $419.6 million for the nine months ended September 30, 2026, compared to net cash provided by financing activities of $597.4 million for the nine months ended September 30, 2025. The change in Net cash provided by / (used for) financing activities was primarily driven by a net capital transfer of $1.0 billion from Park Holidays to the Company in conjunction with the Park Holidays Sale during the nine months ended September 30, 2026, compared to a net capital transfer of $5.5 billion from Safe Harbor to the Company in conjunction with the Safe Harbor Sale during the nine months ended September 30, 2025, partially offset by a reduction in cash deployed to settle debt obligations in the current period, as compared to the corresponding period in 2025. Refer to Note 2, “Discontinued Operations,” in our accompanying Condensed Consolidated Financial Statements for additional information.

Our cash flow from discontinued operations is summarized as follows (in millions):


	Nine Months Ended September 30,
	2026		2025
Net cash provided by operating activities - discontinued operations	$	39.7		$	123.1
Net cash provided by investing activities - discontinued operations	$	941.6		$	5,452.9
Net cash used for financing activities - discontinued operations	$	(1,010.4)		$	(5,564.5)

Cash, cash equivalents and restricted cash for discontinued operations decreased by $29.4 million from $29.4 million as of December 31, 2025, to zero as of September 30, 2026.

SUN COMMUNITIES, INC.

Operating activities - Net cash provided by operating activities for discontinued operations decreased by $83.4 million to $39.7 million for the nine months ended September 30, 2026, compared to $123.1 million for the nine months ended September 30, 2025. The decrease in Net cash provided by operating activities from discontinued operations was due to the inclusion of operating cash flow from Park Holidays and Safe Harbor during the nine months ended September 30, 2025, compared to a partial year of operating cash flow from Park Holidays during the nine months ended September 30, 2026.

Investing activities - Net cash provided by investing activities for discontinued operations decreased by $4.5 billion to $941.6 million for the nine months ended September 30, 2026, compared to $5.5 billion for the nine months ended September 30, 2025. The decrease in Net cash provided by investing activities for discontinued operations is driven by the proceeds received from the Park Holidays Sale in 2026, compared to the Safe Harbor Sale during the corresponding period in 2025. Refer to Note 2, “Discontinued Operations,” in our accompanying Condensed Consolidated Financial Statements for additional information on acquisitions and investment activity.

Financing activities - Net cash used for financing activities for discontinued operations decreased by $4.6 billion to $1.0 billion for the nine months ended September 30, 2026, compared to $5.6 billion for the nine months ended September 30, 2025. The decrease in Net cash used for financing activities for discontinued operations is driven by a reduced net capital transfer from the Park Holidays Sale in 2026, compared to the Safe Harbor Sale during the corresponding period in 2025. Refer to Note 2, “Discontinued Operations,” in our accompanying Condensed Consolidated Financial Statements for additional information.

We are exposed to interest rate variability associated with potential floating rate debt and any maturing debt that has to be refinanced. Interest rate movements impact our borrowing costs and, while as of September 30, 2026, 100% of our total debt was fixed rate financing, increases in interest costs have the potential to adversely affect our financial results.

Equity and Debt Activity

At the Market Offering Sales Agreement

We have entered into the ATM program with certain sales agents and forward sellers pursuant to which we may sell, from time to time, up to an aggregate gross sales price of $1.25 billion of our common stock. Through September 30, 2026, we had entered into and settled forward sales agreements under the ATM for an aggregate gross sales price of $524.8 million, leaving $725.2 million available for sale under the ATM.

Stock Repurchase Program

In May 2026, our Board of Directors authorized a Stock Repurchase Program under which we may repurchase up to $1.0 billion in shares of our outstanding common stock through May 27, 2027. The Stock Repurchase Program renews our previous stock repurchase program and provides us with continued flexibility to repurchase shares of our common stock. Through September 30, 2026, we repurchased and retired 3.8 million shares of our outstanding common stock for $464.5 million. As of September 30, 2026, we had $595.5 million remaining authorized for purchase under this program. Refer to Note 8, “Equity and Temporary Equity,” in our accompanying Condensed Consolidated Financial Statements for additional information.

Senior Unsecured Notes

The following table sets forth certain information regarding our senior unsecured notes (in millions, except for statistical information). All senior unsecured notes include interest payments on a semi-annual basis in arrears.


			Carrying Amount at
	Principal Amount		September 30, 2026		December 31, 2025
4.2% notes, issued in April 2022 and due in April 2032	$	600.0			$	594.7		$	594.1
2.3% notes, issued in October 2021 and due in November 2028	450.0			448.6			448.1
2.7% notes, issued in June 2021 and October 2021, and due in July 2031	750.0			745.1			744.3
Total	$	1,800.0			$	1,788.4		$	1,786.5

The obligations of the Operating Partnership to pay principal, premiums, if any, and interest on our senior unsecured notes are guaranteed on a senior basis by Sun Communities, Inc. The guarantee is full and unconditional, and the Operating Partnership is a consolidated subsidiary of the Company. Under Rule 3-10 of Regulation S-X, as amended, subsidiary issuers of obligations guaranteed by its parent company are not required to provide separate financial statements, provided that the subsidiary obligor is consolidated into the parent company’s consolidated financial statements, the parent guarantee is “full and unconditional” and, subject to certain exceptions, the alternative disclosure required by Rule 13-01 is provided, which includes narrative disclosure and summarized financial information. Accordingly, separate consolidated financial statements of the Operating Partnership have not been presented. Furthermore, as permitted under Rule 13-01(a)(4)(vi), we have excluded the summarized financial information for the Operating Partnership as the assets, liabilities, and results of operations of the Operating Partnership are not materially different from the corresponding amounts presented in our consolidated financial statements, and management believes such summarized financial information would be repetitive and not provide incremental value to investors.

SUN COMMUNITIES, INC.

Credit Agreement

In September 2025, we entered into the Credit Agreement. Pursuant to the Credit Agreement, we may borrow up to $2.0 billion under a Senior Credit Facility. The Credit Agreement also permits, subject to the satisfaction of certain conditions, additional borrowings of $1.0 billion. The Senior Credit Facility’s maturity date is January 31, 2030, and, at our option, may be extended for two additional six-month periods subject to the satisfaction of certain conditions. During the three months ended September 30, 2026, we settled borrowings outstanding of $509.0 million under the Senior Credit Facility using proceeds from the Park Holidays Sale. As of September 30, 2026, there were no borrowings under the Senior Credit Facility. Refer to Note 7, “Debt and Line of Credit,” for additional information.

Financial Covenants

Pursuant to the terms of the Senior Credit Facility and senior unsecured notes payable, we are subject to various financial and other covenants. The most restrictive financial covenants for the Senior Credit Facility and senior unsecured notes payable are as follows:

Financial Covenants

Requirements

As of September 30, 2026

Credit Facility Covenants

Maximum leverage ratio

<65.0%

14.9%

Minimum fixed charge coverage ratio

>1.40

5.22

Maximum secured leverage ratio

<40.0%

8.7%

Senior Unsecured Note Covenants

Total debt to total assets

≤60.0%

28.2%

Secured debt to total assets

≤40.0%

14.7%

Consolidated income available for debt service to debt service

≥1.50

8.17

Unencumbered total asset value to total unsecured debt

≥150.0%

599.2%

As of September 30, 2026, we were in compliance with the above covenants and do not anticipate that we will be unable to meet these covenants in the near term.

Long-term Financing and Capital Requirements

Long-term Financing

We anticipate meeting our long-term liquidity requirements, such as scheduled debt maturities, large property acquisitions, expansion and development of properties, other nonrecurring capital improvements, and Operating Partnership unit redemptions through long-term unsecured and secured debt, and the issuance of certain debt or equity securities, subject to market conditions. If current market and economic conditions, including relating to, among other things, interest rates, currency fluctuations, equity valuations, and inflation, continue or worsen, our ability to obtain debt and equity capital in the long-term on attractive terms may be adversely affected.

As of September 30, 2026, we had unrestricted cash on hand of $658.9 million, $2.0 billion of remaining capacity on the Senior Credit Facility, and a total of 367 unencumbered MH and RV properties.

From time to time, we may also issue shares of our capital stock, issue equity units in our Operating Partnership, issue unsecured notes, obtain other debt financing, or sell selected assets. Our ability to finance our long-term liquidity requirements in such a manner will be affected by numerous economic factors affecting the MH and RV industries at the time, including the availability and cost of mortgage debt, our financial condition, the operating history of the properties, the state of the debt and equity markets, and the general national, regional, and local economic conditions. When it becomes necessary for us to approach the credit markets, the volatility in those markets could make borrowing more difficult to secure, more expensive, or effectively unavailable. In the event our current credit ratings are downgraded, it may become difficult or more expensive to obtain additional financing or refinance existing unsecured debt as maturities become due. See “Risk Factors” in Part I, Item 1A of our 2025 Annual Report. If we are unable to obtain additional debt or equity financing on acceptable terms, our business, results of operations, and financial condition would be adversely impacted.

As of September 30, 2026, our debt has a weighted average interest rate of 3.32% and a weighted average maturity of 7.1 years.

SUN COMMUNITIES, INC.

Capital Requirements

Certain of our nonconsolidated affiliates, which are accounted for under the equity-method of accounting, have incurred debt. We have not guaranteed the debt of our nonconsolidated affiliates in the arrangements referenced below, nor do we have any obligations to fund this debt should the nonconsolidated affiliates be unable to do so. Refer to Note 6, “Investments in Nonconsolidated Affiliates,” in the accompanying Condensed Consolidated Financial Statements for additional information about these entities.

GTSC - GTSC maintains a warehouse line of credit with a maximum borrowing capacity of $208.0 million. As of September 30, 2026 and December 31, 2025, the aggregate carrying amount of debt, including both our and our partner’s share, incurred by GTSC was $193.0 million (of which our proportionate share is $77.2 million), and $213.0 million (of which our proportionate share is $85.2 million), respectively. The debt bears interest at a variable rate based on a Commercial Paper or adjusted SOFR plus a margin ranging from 2.15% to 2.5% per annum and matures on December 15, 2026.

Sungenia JV - During the three months ended September 30, 2026, Sungenia entered into a debt facility agreement with the same maximum borrowing capacity as its former agreement of $54.1 million Australian dollars, or $37.7 million converted at the September 30, 2026 exchange rate. As of September 30, 2026 and December 31, 2025, the aggregate carrying amount of the debt, including both our and our partners’ share, incurred by Sungenia JV was $4.2 million (of which our proportionate share is approximately $2.1 million), and $20.8 million (of which our proportionate share is $10.4 million), respectively. The debt bears interest at a variable rate based on the Australian BBSY rate plus a margin of 1.15% per annum and matures on September 22, 2030.

SUN COMMUNITIES, INC.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains various “forward-looking statements” within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), and the Exchange Act, and we intend that such forward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this 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,” “intend,” “goal,” “estimate,” “expect,” “project,” “projections,” “plans,” “predicts,” “potential,” “seeks,” “anticipates,” “should,” “could,” “may,” “will,” “designed to,” “foreseeable future,” “believe,” “scheduled,” “guidance,” “target,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements reflect our current views with respect to future events and financial performance, but involve known and unknown risks, uncertainties, and other factors, both general and specific to the matters discussed in this document, some of which are beyond our control. These risks, uncertainties, and other factors may cause our actual results to be materially different from any future results expressed or implied by such forward-looking statements. In addition to the risks disclosed under “Risk Factors” in our 2025 Annual Report, in Item 8.01 of our Current Report on Form 8-K filed May 21, 2026, in Part II, Item 1A in our Quarterly Report on Form 10-Q for the three months ended June 30, 2026, and in our other filings with the SEC from time to time, such risks, uncertainties and other factors include, but are not limited to:


∙	The final costs, adjustments, and net proceeds related to the completed sale of Park Holidays;
∙	Our ability to realize the anticipated benefits of the completed sale of Park Holidays, including with respect to the intended use of proceeds;
∙	Our ability to deploy the proceeds from the Park Holidays Sale in a timely and value-accretive manner;
∙	Our liquidity and refinancing demands;
∙	Our ability to obtain or refinance maturing debt;
∙	Our ability to maintain compliance with covenants contained in our debt facilities and our unsecured notes;
∙	Availability of capital;
∙	General volatility of the capital markets and the market price of shares of our capital stock;
∙	The timing, manner, and amount of any repurchases under our share repurchase program;
∙	Increases in interest rates and operating costs, including insurance premiums, real estate taxes, and utilities;
∙	Difficulties in our ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully;
∙	Competitive market forces;
∙	The ability of purchasers of manufactured homes to obtain financing;
∙	The level of repossessions of manufactured homes;
∙	Our ability to maintain effective internal control over financial reporting and disclosure controls and procedures;
∙	Expectations regarding the amount or frequency of impairment losses;
∙	Changes in general economic conditions, including inflation, deflation, energy costs, the real estate industry, the effects of tariffs or threats of tariffs, wars or other international conflicts, trade wars, immigration issues, supply chain disruptions, and the markets within which we operate;

∙	Our ability to maintain our status as a REIT;
∙	Changes in real estate and zoning laws and regulations;
∙	Our ability to maintain rental rates and occupancy levels, and to implement and realize anticipated future rental rate increases, including as a result of rent control, rent stabilization, or similar legislative or regulatory limitations on the amount, frequency, or timing of rent increases;
∙	Legislative or regulatory changes, including changes to laws governing the taxation of REITs;
∙	Outbreaks of disease and related restrictions on business operations;
∙	Risks related to natural disasters such as hurricanes, earthquakes, floods, droughts, and wildfires; and
∙	Litigation, judgments or settlements, including costs associated with prosecuting or defending claims and any adverse outcomes.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. We undertake 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 our expectations or otherwise, except as required by law.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. All written and oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by these cautionary statements.

SUN COMMUNITIES, INC.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is the exposure to loss resulting from changes in market factors such as interest rates, foreign currency exchange rates, commodity prices, and equity prices.

Interest Rate Risk

Our principal market risk exposure is interest rate risk. We mitigate this risk by maintaining prudent amounts of leverage, minimizing capital costs, and interest expense while continuously evaluating all available debt and equity resources and following established risk management policies and procedures, which include the periodic use of derivatives. Our primary strategy in entering into derivative contracts is to minimize the variability that interest rate changes could have on our future cash flows. From time to time, we employ derivative instruments that effectively convert a portion of our variable rate debt to fixed rate debt. We do not enter into derivative instruments for speculative purposes. As of September 30, 2026, all of our outstanding debt obligations bore interest at fixed rates, which minimizes the impact of interest rate variability on our results of operations and cash flows in the near term. Additionally, we have exposure to long-term interest rates, which could affect the cost of refinancing existing debt or incurring additional debt in the future.

Capital Market Risk

We are exposed to risks related to the equity capital markets, and our related ability to raise capital through the issuance of our common stock or other equity instruments. We are also exposed to risks related to the debt capital markets, and our related ability to finance our business through borrowings under other financing arrangements. As a REIT, we are required to distribute a significant portion of our taxable income annually, which constrains our ability to accumulate operating cash flow and therefore requires us to utilize debt or equity capital to finance our business. We seek to mitigate these risks by monitoring the debt and equity capital markets to inform our decisions on the amount, timing and terms of capital we raise.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of disclosure controls and procedures

We maintain disclosure controls and procedures designed to ensure that information required to be disclosed in reports filed under the Exchange Act is recorded, processed, summarized and reported within the specified time periods and accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Our management, with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Based upon this evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of September 30, 2026.

Changes in Internal Control over Financial Reporting

There were no changes in internal control over financial reporting during the three months ended September 30, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

SUN COMMUNITIES, INC.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Legal Proceedings

We are involved in various legal proceedings. Refer to “Legal Proceedings - Class Action Litigation” and “Other Legal Proceedings” in Part I - Item 1 - Note 14, “Commitments and Contingencies,” in our accompanying Notes to the Condensed Consolidated Financial Statements.

Environmental Matters

Item 103 of Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will exceed an applied threshold not to exceed $1.0 million. Applying this threshold, there are no environmental matters to disclose for the three months ended September 30, 2026.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the risk factors described in Part 1, Item 1A., “Risk Factors,” in our 2025 Annual Report, in Item 8.01 of our Current Report on Form 8-K filed on May 21, 2026, and in Part II, Item 1A., “Risk Factors,” in our Quarterly Report on Form 10-Q for the three months ended June 30, 2026, which could materially affect our business, financial condition, or future results. There have been no material changes to the disclosure on these matters as set forth in such reports.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Holders of our OP units have converted the following units during the three months ended September 30, 2026 (units and common stock in thousands):


		Three Months Ended September 30, 2026
Series	Conversion Rate	Units / Shares Converted		Common Stock(1)

Common OP units	1.0000		1		1
Series A-1 preferred OP units	2.4390		17		41

(1)Calculation may yield minor differences due to rounding incorporated in the above numbers.

All of the securities described above were issued in private placements in reliance on Section 4(a)(2) of the Securities Act, including Regulation D promulgated thereunder. No underwriters were used in connection with any of such issuances.

Purchases of Equity Securities

The following table summarizes our common stock repurchases during the three months ended September 30, 2026 (dollar amounts in millions and number of shares in thousands, except for per share amounts):


Period	Total number of shares purchased(1)	Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs		Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs(2)
July 1, 2026 - July 31, 2026	743		$	120.65			737	$	799.9
August 1, 2026 - August 31, 2026	415		$	123.76			415	$	748.6
September 1, 2026 - September 30, 2026	1,308		$	117.01			1,308	$	595.5
Total	2,466				2,460

(1) During the three months ended September 30, 2026, we withheld six shares from employees to satisfy estimated statutory income tax obligations related to vesting of restricted stock awards. The value of the common stock withheld was based on the closing price of our common stock on the applicable vesting date.

(2) In May 2026, we announced that our Board of Directors authorized a stock repurchase program under which we may repurchase up to $1.0 billion in shares of our outstanding common stock through May 27, 2027. Under the Stock Repurchase Program, we may repurchase shares of our common stock in open market transactions, through privately negotiated transactions, through one or more accelerated repurchases, or otherwise, in accordance with the terms set forth in Rule 10b5-1 and Rule 10b-18 of the Exchange Act and other applicable legal requirements. The Stock Repurchase Program does not obligate us to repurchase any specific number of shares, and we may initiate, suspend, or discontinue purchases under the Stock Repurchase Program at any time. Refer to Note 8, “Equity and Temporary Equity,” for additional information regarding our Stock Repurchase Program.

ITEM 5. OTHER INFORMATION

Insider Trading Arrangements

None of our officers or directors, as defined in Rule 16a-1(f) of the Exchange Act, adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Item 408 of Regulation S-K, during the three months ended September 30, 2026.

SUN COMMUNITIES, INC.

ITEM 6. EXHIBITS


Exhibit No.	Description	Method of Filing

3.1	Sun Communities, Inc. Articles of Restatement	Incorporated by reference to Exhibit 3.1 to Sun Communities, Inc.’s Annual Report on Form 10-K filed on February 22, 2018
3.2	Sun Communities, Inc. Articles of Amendment effective May 18, 2023	Incorporated by reference to Exhibit 3.1 to Sun Communities, Inc.’s Current Report on Form 8-K filed on May 19, 2023
3.3	Fifth Amended and Restated Bylaws	Incorporated by reference to Exhibit 3.1 to Sun Communities, Inc.’s Current Report on Form 8-K filed on May 15, 2025
10.1#	Employment Agreement dated August 24, 2026, among Sun Communities, Inc., Sun Communities Operating Limited Partnership and Robert A. Garechana	Incorporated by reference to Exhibit 10.1 to Sun Communities, Inc.’s Current Report on Form 8-K filed on August 25, 2026
10.2#	Amended and Restated Employment Agreement among Sun Communities, Inc. Sun Communities Operating Limited Partnership and Aaron W. Weiss dated August 21, 2026	Incorporated by reference to Exhibit 10.1 to Sun Communities, Inc.’s Current Report on Form 8-K filed on August 27, 2026
10.3*	Thirteenth Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of Sun Communities Operating Limited Partnership, dated October 1, 2026	Incorporated by reference to Exhibit 3.1 to Sun Communities, Inc.’s Current Report on Form 8-K filed on October 2, 2026
22.1	List of issuers of guaranteed securities	Filed herewith
31.1	Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15(d)-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	Filed herewith
31.2	Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15(d)-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	Filed herewith
32.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	Filed herewith
101.INS	XBRL Instance Document	The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	XBRL Taxonomy Extension Schema Document	Filed herewith
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document	Filed herewith
101.LAB	XBRL Taxonomy Extension Label Linkbase Document	Filed herewith
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document	Filed herewith
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document	Filed herewith
104	Cover Page Interactive Data File (embedded within the Inline XBRL document contained in Exhibit 101)	Filed herewith
# Management contract or compensatory plan or arrangement.
*Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K because such schedules and exhibits do not contain information which is material to an investment decision, or which is not otherwise disclosed in the filed agreements. The Company will furnish the omitted schedules and exhibits to the SEC upon request by the SEC.

Items 3 and 4 are not applicable and have been omitted.

SUN COMMUNITIES, INC.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



Dated: October 27, 2026	By:	/s/ Brian Loftus
		Senior Vice President, Chief Accounting Officer, and Controller (Principal Accounting Officer)

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