Investor Presentaiton
COMPELLING SUPPLY - DEMAND FUNDAMENTALS
SUN
SUN COMMUNITIES, INC.
•
Existing base of ~12 million registered boats within the
U.S. and an estimated supply of 900K - 1 million leasable
wet slips and dry storage racks
Shrinking supply of Marinas due to redevelopment of
waterfront properties
Pre-owned boat sales under 30' grew by ~17% from 2012-
2021 whereas sales for boats over 30' increased ~52%
49% of Marinas within our portfolio offer service, which
increases membership tenure on average by 20% compared
to non-service properties
Boat Registrations by Length
(2014-2022 CAGR)
Marinas
•
As boats become longer and wider, many marinas cannot keep
up with increasing vessel size
Recent example of wet slip reconfiguration at Safe Harbor
Wickford Cove in North Kingston, Rhode Island demonstrates
higher rate achievement:
Before
Wet Slip Reconfiguration - 2022
After
Dock Slip Count: 67
Dock Slip Count: 62
•
Berth Size: 25'- 100',
Avg. 35'
+ 5 wet slips
+7' Berth size
53% WA rental
rate increase
Average monthly rent
for dock was $26/ft
Berth Size: 25'- 100',
Avg. 42'
Average monthly rent
for reconfigured
dock is $39/ft
CAGR
1.0%
0.7%
0.0%
Portfolio average wet slip size: ~38'
0.3%
Total for Safe Harbor Wickford Cove
Average Wet Slip Rental Rate Increase
8.3%
-1.3%
5.8%
3.0%
3.0%
< 16'
16'-25'11" 26'-39'11"
40'-65'
> 65'
2020
2021
2022
2023
Source: Company information, NMMA and U.S. Census Bureau. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended September 30, 2023, as well as Press Releases and SEC Filings after September 30, 2023, for
additional information. Refer to information regarding non-GAAP financial measures in the attached Appendix.
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