Investor Presentaiton
SUN
SUN COMMUNITIES, INC.
SUN'S TRACK RECORD OF GROWTH
Consistent, cycle-tested internal growth
ā
Resilient demand, high barriers to entry, and Sun's investment and operational platform have resulted in
consistent, and cycle tested organic cash flow growth
For more than 20 years, every individual year or rolling 4-quarter period, Sun has recorded positive same
property NOI growth
Over the same period, Sun's average annual same property NOI growth was 5.1%, which is ~200bps greater
than that of multifamily REITs of 3.1%
Same Property NOI Growth
Quarterly Year-over-Year Growth Since 2000
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
(5.0%)
(10.0%)
(15.0%)
3Q00
3Q01
3Q02
3Q03
3Q04
3Q05
3Q06
3Q07
3Q08
3Q09
3Q10
Sun Communities
3Q11
3Q12
3Q13
3Q14
3Q15
3Q16
3Q17
Multifamily REITS
(1)
3Q18
3Q19
3Q20
3Q21
3Q22
3Q23
CAGR Since 2000
5.1%
3.2%
3.1%
Source: Citi Research, September 2023. 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.
Multifamily REITs includes AIRC, AVB, CPT, EQR, ESS, IRT, MAA and UDR.
1)
2)
REIT Industry includes Healthcare, Industrial, Manufactured Housing, Multifamily, Mall, Office, Self Storage, Shopping Center, Single Family Rental, Student Housing and Diversified REITs.
14
Sun
Communities
Multifamily
REITS (1)
REIT
Industry (2)View entire presentation