Investor Presentaiton
RESILIENT REAL PROPERTY OPERATIONS DRIVE EARNINGS
2023 Guidance Update
FY 2022
Expected % Change
in 2023
Seasonality
1Q23
2Q23
3Q23
4Q23
Same Property - Expected NOI
Actual Results
(millions)
Prior FY
Guidance
Oct. 25, 2023
Update
Same Property NOI
ΜΗ
25%
25%
25%
25%
MH NOI (288 properties)
$569.2
5.2% -5.8%
5.8% -6.1%
RV
16%
25%
42%
17%
RV NOI (161 properties)
$281.8
3.4% -4.6%
3.5%-4.2%
Marina
20%
27%
30%
23%
Marina NOI (119 properties)
Total Same Property NOI
(568 Properties)
$210.8
8.0% - 9.0%
10.0% -10.3%
Total Same Property NOI
21%
26%
30%
23%
$1,061.8
5.3% -6.1%
6.0% - 6.4%
UK Real Property
10%
27%
44%
19%
Updated Ranges for Other Guidance
Points ($ mms)
Prior FY Guidance
Oct. 25, 2023
Update
UK Home Sales
18%
35%
33%
14%
NOI from UK Operations
14%
31%
38%
17%
UK Operations NOI from real property and
home sales
$129.3 $141.0
$132.3 $137.3
UK real property NOI
$63.6 - $65.6
$64.1 - $65.1
Service, retail, dining and
entertainment NOI
5%
36%
49%
10%
17%
28%
36%
19%
UK home sales NOI
$65.7 - $75.4
$68.2 - $72.2
Core FFO per Share
Service, retail, dining and entertainment NOI
$50.4-$52.9
$51.2 - $52.2
SUN OUTDOORS SARASOTA - SARASOTA, FL
General and administrative expenses
($255.4) ($249.9)
($253.6) ($252.1)
North America home sales contribution to
Core FFO
$18.9 - $21.7
$19.4 $20.5
Core FFO
Prior Guidance
2023E
Fourth quarter 2023, Core FFO per Share
NA
$1.28 - $1.36
Full year 2023, Core FFO per Share
$7.09 -$7.23
$7.05 - $7.13
SUN
SUN COMMUNITIES, INC.
Source: Company information. 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.
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