Investor Presentaiton
ROBUST FUNDAMENTALS CONTINUE TO DRIVE PERFORMANCE
Steady, Organic Growth
5.8% same property NOI growth in 2022 and expecting 6.0% - 6.4% in 2023 driven by:
Consistent annual rental rate increases that exceed expected inflationary cost pressures
。 Midpoints of 2023 average rental rate increases: North America MH 6.3%, UK MH 7.3%, Annual RV 7.8% and Marina 7.5%
Occupancy gains, including strategic focus on converting transient guests into annual residents, which increases our stream of stable revenue and improves operational
efficiencies
Since the start of 2020, we have converted -6,760 transient sites to annual through October 31, 2023, and we intend to continue driving conversions
MH Average Rental Rate Increases
10-Year Actual Average Rental Rate Growth: 3.6%
CPI-U
RV Average Rental Rate Increases
10-Year Actual Average Rental Rate Growth: 4.3%
CPI-U
8.8%
7.6%
6.1%
5.4%
4.6%
4.0%
4.2%
3.4% 3.4% 3.3%
3.6%
3.4% 3.4%
2.8%
6.1%
5.4%
5.4%
4.8%
4.2%
2.9% 3.1%
1.7% 2.0%
6.5%
2013 2014 2015
2016 2017 2018
2019
2020
2021
2022
3Q23 2024E(1)
2013 2014 2015 2016 2017 2018 2019 2020 2021
2022 3Q23 2024E(1)
Occupancy
Same Property Occupancy (2)
Same Property NOI Growth
10-Year Actual Average Same Property NOI Growth: 7.2%
96.6%
97.3%
98.0%
98.4%
98.8%
98.9%
98.6%
98.8%
9.1%
7.7%
7.1%
7.3%
6.9%
2016
2017
2018
2019
2020
2021
2022
3Q23
6.7%
5.9%
RV Transient to Annual Conversions
1,665
2,257
1,970
962
1,159
1,133
863
468
2016
2017
2018
2019
2020
2021
2022
YTD (3)
וין
6.4%
5.8%
6.0%
4.0%
11.2%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023E
Source: Company information and U.S. Bureau of Labor Statistics. 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.
Note: With respect to guidance, estimates and forecasted information, see "Cautionary Statement Regarding Guidance" on page 2 of this presentation.
1)
Preliminary 2024 rental rate increases.
SUN
2)
Same Property MH and Annual RV occupancy, adjusted for recently completed but vacant expansion sites.
SUN COMMUNITIES, INC.
3)
As of October 31, 2023.
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