8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report: July 26, 2021

(Date of earliest event reported)

SUN COMMUNITIES INC.

(Exact name of registrant as specified in its charter)

Maryland				1-12616	38-2730780
(State of Incorporation)				Commission file number	(I.R.S. Employer Identification No.)
27777 Franklin Rd.	Suite 200,	Southfield,	Michigan		48034
(Address of Principal Executive Offices)					(Zip Code)

(248) 208-2500

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	SUI	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On July 26, 2021, Sun Communities, Inc. (the "Company") issued a press release, furnished as Exhibit 99.1 and incorporated herein by reference, announcing its financial results for the period ended June 30, 2021, and certain other information.

The Company will hold an investor conference call and webcast at 11:00 a.m. ET on July 27, 2021 to discuss the financial results for the period ended June 30, 2021.

The information contained in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits

(d)        Exhibits.

Exhibit No.	Description
99.1	Press release dated July 26, 2021
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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 hereunto duly authorized.

	SUN COMMUNITIES, INC.
Dated: July 26, 2021	By:	/s/ Karen J. Dearing
		Karen J. Dearing, Executive Vice President, Chief Financial Officer, Secretary and Treasurer

EX-99.1

Table of Contents

Summary - Earnings Press Release	i
Investor Information	1
Portfolio Overview	2
Financial Information
Financial and Operating Highlights	3
Consolidated Balance Sheets	4
Statements of Operations	5
Outstanding Securities and Capitalization	6
Reconciliations to Non-GAAP Financial Measures	7
Reconciliation of Net Income to Funds from Operations	8
Reconciliation of Net Income to Net Operating Income	9
Reconciliation of Net Income to Recurring EBITDA	10
Non-GAAP and Other Financial Measures	11
Debt Analysis	12
Selected Financial Information
Same Community	13
Marina Summary	15
Manufactured Homes and RV's Acquisitions and Other Summary	16
Home Sales Summary	17
Rental Program Summary	18
Other Information
Property Summary	19
Capital Improvements, Development and Acquisitions	22
Operating Statistics for MH and Annual RVs	23
Footnotes and Definitions	24

NEWS RELEASE

July 26, 2021

Sun Communities, Inc. Reports 2021 Second Quarter Results

Southfield, Michigan, July 26, 2021 – Sun Communities, Inc. (NYSE: SUI) (the "Company"), a real estate investment trust ("REIT") that owns and operates, or has an interest in, manufactured housing ("MH") communities, recreational vehicle ("RV") resorts and marinas, (collectively, the "properties"), today reported its second quarter results for 2021.

Financial Results for the Quarter and Six Months Ended June 30, 2021

For the quarter ended June 30, 2021, total revenues increased $300.6 million, or 99.1 percent, to approximately $603.9 million compared to $303.3 million for the same period in 2020. Net income attributable to common stockholders increased $51.9 million or 88.0 percent, to approximately $110.8 million, or $0.98 per diluted common share, compared to net income attributable to common stockholders of $58.9 million, or $0.61 per diluted common share, for the same period in 2020.

For the six months ended June 30, 2021, total revenues increased $432.3 million, or 70.5 percent, to $1.0 billion compared to approximately $613.6 million for the same period in 2020. Net income attributable to common stockholders increased $92.7 million or 216.5 percent, to approximately $135.6 million, or $1.22 per diluted common share, compared to net income attributable to common stockholders of $42.8 million, or $0.45 per diluted common share, for the same period in 2020.

Non-GAAP Financial Measures and Portfolio Performance

•Core Funds from Operations ("Core FFO")(1)for the quarter ended June 30, 2021, was $1.80 per diluted share and OP unit ("Share") as compared to $1.12 in the corresponding period in 2020, a 60.7 percent increase.

•Same Community(2) Net Operating Income ("NOI")(1) increased by 21.6 percent for the quarter ended June 30, 2021, as compared to the corresponding period in 2020.

•Home Sales Volume increased 89.5 percent to 1,158 homes for the quarter ended June 30, 2021, as compared to 611 homes in the same period in 2020.

•Acquisitions totaled $719.4 million during and subsequent to the quarter ended June 30, 2021, including 10 MH communities, two RV resorts and six marinas.

i

Gary Shiffman, Chief Executive Officer stated, "Sun's ongoing strong momentum continued through the second quarter, as we saw robust performance across RV, Manufactured Housing and Marinas. Our RV business is demonstrating the growing appeal of an RV vacation for consumers, marinas are in the midst of an active boating season and our results continue to track ahead of our underwriting, and in our manufactured housing business, we are benefiting from sustained demand for affordable housing. Furthermore, our RV forward bookings have continued to accelerate and we are pleased to again increase our guidance for the year."

Mr. Shiffman continued, "We have remained active in terms of new site deliveries and have more than 9,400 sites available for development, representing an attractive source of growth and value creation over time. We also deployed over $719 million in acquisitions, including six marinas as we begin to realize the meaningful consolidation opportunity we have in the marina industry. To support this ongoing growth, we are pleased to have received investment grade ratings and completed our inaugural unsecured bond issuance as we issued $600 million in senior unsecured notes. This additional financing option provides Sun enhanced financial flexibility to efficiently match fund our investment activities as we continue to realize compelling growth opportunities across all of our businesses."

OPERATING HIGHLIGHTS

Portfolio Occupancy

Total MH and annual RV occupancy was 97.4 percent at June 30, 2021, compared to 97.3 percent at June 30, 2020, an increase of 10 basis points.

During the quarter ended June 30, 2021, MH and annual RV revenue producing sites increased by 583 sites, as compared to an increase of 851 revenue producing sites during the quarter ended June 30, 2020.

During the six months ended June 30, 2021, MH and annual RV revenue producing sites increased by 1,097 sites, as compared to an increase of 1,151 revenue producing sites during the six months ended June 30, 2020.

Same Community(2) Results

For the 405 MH and RV properties owned and operated by the Company since January 1, 2020, the following table reflects the NOI(1) percentage increases, in total and by segment, for the quarter and six months ended June 30, 2021:

	Quarter Ended June 30, 2021
	Total Same Community		MH		RV
Revenue	22.5	%	6.9	%	64.4	%
Expense	24.7	%	11.8	%	41.9	%
NOI	21.6	%	5.4	%	85.1	%

	Six Months Ended June 30, 2021
	Total Same Community		MH		RV
Revenue	12.8	%	6.0	%	30.2	%
Expense	15.2	%	8.7	%	24.2	%
NOI	11.8	%	5.1	%	34.8	%

Same Community adjusted occupancy(3) increased to 98.8 percent at June 30, 2021 from 97.2 percent at June 30, 2020.

ii

Home Sales

During the quarter ended June 30, 2021, the Company sold 1,158 homes as compared to 611 homes in the same period in 2020, an increase of 89.5 percent. The Company sold 227 and 140 new homes for the quarters ended June 30, 2021 and 2020, respectively, an increase of 62.1 percent. Pre-owned home sales were 931 in the second quarter 2021 as compared to 471 in the same period in 2020, an increase of 97.7 percent.

During the six months ended June 30, 2021, the Company sold 1,993 homes as compared to 1,374 homes in the same period in 2020, an increase of 45.1 percent. The Company sold 376 and 259 new homes for the six months ended June 30, 2021 and 2020, respectively, an increase of 45.2 percent. Pre-owned home sales were 1,617 in the six months ended June 30, 2021 as compared to 1,115 in the same period in 2020, an increase of 45.0 percent.

Marina Results

Marina NOI was $62.8 million and $94.2 million for the quarter and six months ended June 30, 2021, respectively. Refer to page 15 for additional information regarding the marina portfolio operating results.

iii

PORTFOLIO ACTIVITY

Acquisitions and Dispositions

During and subsequent to the quarter ended June 30, 2021, the Company acquired the following communities, resorts and marinas:

Property Name	Property Type	Sites, Wet Slips and Dry Storage Spaces	Development Sites	State / Province	Total Purchase Price (in millions)		Month Acquired
ThemeWorld RV Resort	RV	148	—	FL	$	25.0	April
Sylvan Glen Estates(a)	MH	476	—	MI	24.0		April
Shelter Island Boatyard	Marina	55	N/A	CA	10.0		May
Lauderdale Marine Center	Marina	202	N/A	FL	340.2		May
Apponaug Harbor(b)	Marina	378	N/A	RI	6.6		June
Cabrillo Isle(c)	Marina	483	N/A	CA	46.9		June
Marathon Marina	Marina	147	N/A	FL	19.1		June
Subtotal		1,889	—		471.8
Acquisitions subsequent to quarter end
Allen Harbor	Marina	165	N/A	RI	4.0		July
Cisco Grove Campground & RV	RV	18	407	CA	6.6		July
Four Leaf Portfolio(d)	MH	2,714	171	MI / IN	215.0		July
Harborage Yacht Club	Marina	300	N/A	FL	22.0		July
Subtotal		3,197	578		247.6
Total acquisitions		5,086	578		$	719.4

(a) In conjunction with the acquisition, the Company issued 240,000 Series J preferred OP units.

(b) Combined with an existing adjacent marina.

(c) Acquired in connection with Safe Harbor Marinas acquisition. Transfer of the marinas was contingent on receiving third party consent.

(d) Contains nine MH communities.

During and subsequent to the six months ended June 30, 2021 the Company acquired 28 properties totaling 7,666 sites, wet slips and dry storage spaces, and 578 sites for development for a total purchase price of $853.4 million.

Subsequent to the quarter ended June 30, 2021, the Company sold two MH communities located in Indiana and Missouri for $67.5 million. The assets and liabilities associated with the transaction were classified as held for sale on the Consolidated Balance Sheets as of June 30, 2021.

Construction Activity

During the quarter ended June 30, 2021, the Company completed the construction of over 100 sites in two ground-up developments and over 120 expansion sites in two MH communities and one RV resort.

Year to date June 30, 2021, the Company completed the construction of over 350 sites in three ground-up development and over 230 expansion sites in three MH communities and one RV resort.

iv

BALANCE SHEET, CAPITAL MARKETS ACTIVITY AND OTHER ITEMS

Debt

As of June 30, 2021, the Company had approximately $4.3 billion in debt outstanding. The weighted average interest rate was 3.5 percent and the weighted average maturity was 10.4 years. At June 30, 2021, the Company's net debt to trailing twelve month Recurring EBITDA(1) ratio was 5.1 times. The Company had $103.5 million of unrestricted cash on hand.

Senior Unsecured Notes

On June 14, 2021, the Company received investment grade ratings of BBB and Baa3 with a stable outlook from S&P Global and Moody's, respectively.

On June 28, 2021, Sun Communities Operating Limited Partnership ("SCOLP"), the Company's operating partnership, issued $600.0 million of senior unsecured notes with an interest rate of 2.7 percent and a ten-year term, due 2031. The net proceeds from the offering were $592.4 million, after deducting underwriters' discount and estimated offering expenses.

Credit Agreement

On June 14, 2021, SCOLP, as borrower, and the Company, as guarantor, entered into a new credit agreement with certain lenders. The new credit agreement combines and replaces SCOLP's $750.0 million credit facility which was scheduled to mature May 21, 2023, and the $1.8 billion credit facility of the Company's marina subsidiary, Safe Harbor Marinas, LLC (the "Safe Harbor Facility") which was scheduled to mature on October 11, 2024. The Safe Harbor Facility was terminated in connection with the execution of the new credit agreement and all amounts due and outstanding were repaid on or prior to the date of the New Credit Agreement. The Company recognized a loss on extinguishment of debt in its Consolidated Statement of Operations related to the termination of these prior credit facilities of $0.2 million and $7.9 million, respectively.

Pursuant to the New Credit Agreement, SCOLP may borrow up to $2.0 billion under a revolving loan (the "New Credit Facility") to fund the business of SCOLP and all its subsidiaries. The New Credit Facility has a four-year term ending June 14, 2025. Subject to the satisfaction of certain conditions, the term may be extended for two additional six-month periods, and additional borrowings not to exceed $1.0 billion is permitted. However, the maturity date with respect to $500.0 million of available borrowing under the New Credit Facility is October 11, 2024, which may not be extended. The New Credit Facility bears interest at a floating rate based on the Adjusted Eurocurrency Rate or Australian Bank Bill Swap Bid Rate (BBSY), plus a margin which can range from 0.725 percent to 1.400 percent. As of June 30, 2021, the margin based on our credit ratings was 0.850 percent on the New Credit Facility. The Company had $190.3 million of borrowings on the New Credit Facility as of June 30, 2021.

v

Equity Transactions

Public Equity Offering

In May and June 2021, the Company completed the physical settlement of the remaining 4,050,000 shares offered under the forward sale agreement pursuant to the Company's March 2021 equity offering of 8,050,000 shares. Net proceeds of $539.7 million after deducting expenses related to the offering, were used to acquire assets and pay down the Safe Harbor Facility.

At the Market Offering Sales Agreements

In June 2021, the Company entered into an At the Market Offering (ATM) Sales Agreement (the "Sales Agreement") with certain sales agents, forward sellers, pursuant to which the Company may sell, from time to time, up to an aggregate gross sales price of $500.0 million of its common stock. No shares were sold during the quarter ending June 30, 2021 under the ATM program. Upon entering into the Sales Agreement, the Company simultaneously terminated its previous ATM sales agreement entered into in July 2017.

vi

2021 GUIDANCE

The Company is providing revised or initial 2021 guidance for the following metrics:

		Previous Range	Revised Range
		FY 2021E	FY 2021E	3Q 2021E
Basic earnings per share		$1.68 - $1.84	$2.24 - $2.36	$0.90 - $0.96
Core FFO(1) per fully diluted Share		$5.92 - $6.08	$6.25 - $6.37	$2.00 - $2.06
	1Q21	2Q21	3Q21	4Q21
Seasonality of Core FFO(1) per fully diluted Share	20.0%	28.5%	32.1%	19.4%

Seasonality of Core FFO(1) per fully diluted Share is based off of the midpoint of full year guidance.

	Previous Range	Revised Range
	FY 2021E	FY 2021E	3Q 2021E
Same Community NOI(1) growth	7.5% - 8.5%	9.9% - 10.7%	11.2% - 12.0%

Guidance estimates include acquisitions completed through the date of this release and exclude any prospective acquisitions or capital markets activity.

The estimates and assumptions presented above represent a range of possible outcomes and may differ materially from actual results. The estimates and assumptions are forward looking based on the Company's current assessment of economic and market conditions, as well as other risks outlined below under the caption "Cautionary Statement Regarding Forward-Looking Statements."

vii

EARNINGS CONFERENCE CALL

A conference call to discuss second quarter results will be held on Tuesday, July 27, 2021at 11:00 A.M. (ET). To participate, call toll-free (877) 407-9039. Callers outside the U.S. or Canada can access the call at (201) 689-8470. A replay will be available following the call through August 10, 2021 and can be accessed toll-free by calling (844) 512-2921 or (412) 317-6671. The Conference ID number for the call and the replay is 13720116. The conference call will be available live on Sun Communities' website located at www.suncommunities.com. The replay will also be available on the website.

Sun Communities, Inc. is a REIT that, as of June 30, 2021, owned, operated, or had an interest in a portfolio of 569 developed MH, RV and marina properties comprising over 153,300 developed sites and nearly 41,300 wet slips and dry storage spaces in 39 states and Ontario, Canada.

For more information about Sun Communities, Inc., please visit www.suncommunities.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this press release 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," "intends," "intend," "intended," "goal," "estimate," "estimates," "expects," "expect," "expected," "project," "projected," "projections," "plans," "predicts," "potential," "seeks," "anticipates," "anticipated," "should," "could," "may," "will," "designed to," "foreseeable future," "believe," "believes," "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 the Company's 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 or incorporated herein, some of which are beyond the Company's control. These risks, uncertainties and other factors may cause the Company's 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" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and in the Company's other filings with the Securities and Exchange Commission from time to time, such risks, uncertainties and other factors include but are not limited to:

•outbreaks of disease, including the COVID-19 pandemic, and related stay-at-home orders, quarantine policies and restrictions on travel, trade and business operations;

•changes in general economic conditions, the real estate industry and the markets in which the Company operates;

•difficulties in the Company's ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully;

•the Company's liquidity and refinancing demands;

•the Company's ability to obtain or refinance maturing debt;

•the Company's ability to maintain compliance with covenants contained in its debt facilities and its senior unsecured notes;

•availability of capital;

viii

•changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian and Australian dollars;

•the Company's ability to maintain rental rates and occupancy levels;

•the Company's ability to maintain effective internal control over financial reporting and disclosure controls and procedures;

•increases in interest rates and operating costs, including insurance premiums and real property taxes;

•risks related to natural disasters such as hurricanes, earthquakes, floods and wildfires;

•general volatility of the capital markets and the market price of shares of the Company's capital stock;

•the Company's ability to maintain its status as a REIT;

•changes in real estate and zoning laws and regulations;

•legislative or regulatory changes, including changes to laws governing the taxation of REITs;

•litigation, judgments or settlements;

•competitive market forces;

•the ability of purchasers of manufactured homes and boats to obtain financing; and

•the level of repossessions by manufactured home lenders.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements included in this press release, whether as a result of new information, future events, changes in its expectations or otherwise, except as required by law.

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

ix

Investor Information

RESEARCH COVERAGE
Firm	Analyst	Phone	Email
Bank of America Merrill Lynch	Joshua Dennerlein	(646) 855-1681	joshua.dennerlein@baml.com
Berenberg Capital Markets	Keegan Carl	(646) 949-9052	keegan.carl@berenberg-us.com
BMO Capital Markets	John Kim	(212) 885-4115	johnp.kim@bmo.com
Citi Research	Michael Bilerman	(212) 816-1383	michael.bilerman@citi.com
	Nicholas Joseph	(212) 816-1909	nicholas.joseph@citi.com
Evercore ISI	Steve Sakwa	(212) 446-9462	steve.sakwa@evercoreisi.com
	Samir Khanal	(212) 888-3796	samir.khanal@evercoreisi.com
Green Street Advisors	John Pawlowski	(949) 640-8780	jpawlowski@greenstreetadvisors.com
Robert W. Baird & Co.	Wesley Golladay	(216) 737-7510	wgolladay@rwbaird.com
RBC Capital Markets	Brad Heffern	(512) 708-6311	brad.heffern@rbccm.com
UBS	Michael Goldsmith	(212) 713-2951	michael.goldsmith@ubs.com
Wells Fargo	Todd Stender	(562) 637-1371	todd.stender@wellsfargo.com
INQUIRIES
Sun Communities welcomes questions or comments from stockholders, analysts, investment managers, media, or any prospective investor. Please address all inquiries to our Investor Relations department.
At Our Website	www.suncommunities.com
By Email	investorrelations@suncommunities.com
By Phone	(248) 208-2500

2nd Quarter 2021 Supplemental Information     1          Sun Communities, Inc.

Portfolio Overview

(As of June 30, 2021)

2nd Quarter 2021 Supplemental Information     2          Sun Communities, Inc.

Financial and Operating Highlights

(amounts in thousands, except for *)

	Quarter Ended
	6/30/2021		3/31/2021		12/31/2020		9/30/2020		6/30/2020
Financial Information
Total revenues	$	603,863	$	442,015	$	384,265	$	400,514	$	303,266
Net income	$	120,849	$	27,941	$	9,818	$	89,756	$	63,355
Net income attributable to Sun Communities Inc. common stockholders	$	110,770	$	24,782	$	7,586	$	81,204	$	58,910
Basic earnings per share*	$	0.98	$	0.23	$	0.07	$	0.83	$	0.61
Diluted earnings per share*	$	0.98	$	0.23	$	0.07	$	0.83	$	0.61
Cash distributions declared per common share*	$	0.83	$	0.83	$	0.79	$	0.79	$	0.79
Recurring EBITDA(1)	$	268,225	$	190,830	$	168,527	$	199,321	$	148,650
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities(1)(4)	$	198,017	$	135,925	$	110,849	$	165,209	$	118,092
Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities(1)(4)	$	209,620	$	141,036	$	124,872	$	162,624	$	110,325
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities(1)(4) per share - fully diluted*	$	1.70	$	1.22	$	1.03	$	1.63	$	1.20
Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities(1)(4) per share - fully diluted*	$	1.80	$	1.26	$	1.16	$	1.60	$	1.12
Balance Sheet
Total assets	$	12,040,990	$	11,454,209	$	11,206,586	$	8,335,717	$	8,348,659
Total debt	$	4,311,175	$	4,417,935	$	4,757,076	$	3,340,613	$	3,390,771
Total liabilities	$	5,099,563	$	5,101,512	$	5,314,879	$	3,791,922	$	3,845,308

	Quarter Ended
	6/30/2021		3/31/2021		12/31/2020		9/30/2020		6/30/2020
Operating Information*
Properties	569		562		552		432		426
Manufactured home sites	97,448		96,876		96,688		95,209		94,232
Annual RV sites	28,807		28,441		27,564		26,817		26,240
Transient RV sites	27,032		26,295		25,043		23,728		22,360
Total sites	153,287		151,612		149,295		145,754		142,832
Marina wet slips and dry storage spaces	41,275		38,753		38,152		N/A		N/A
MH occupancy	96.7	%	96.5	%	96.6	%	96.4	%	96.5	%
Annual RV occupancy	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Blended MH and annual RV occupancy	97.4	%	97.3	%	97.3	%	97.2	%	97.3	%
New home sales	227		149		156		155		140
Pre-owned home sales	931		686		626		555		471
Total home sales	1,158		835		782		710		611

	Quarter Ended
	6/30/2021	3/31/2021	12/31/2020	9/30/2020	6/30/2020
Revenue Producing Site Gains(5)
MH net leased sites	226	127	247	349	759
RV net leased sites	357	387	331	427	92
Total net leased sites	583	514	578	776	851

2nd Quarter 2021 Supplemental Information     3          Sun Communities, Inc.

Consolidated Balance Sheets

(amounts in thousands)

	June 30, 2021		December 31, 2020
Assets
Land	$	2,412,629	$	2,119,364
Land improvements and buildings	8,995,041		8,480,597
Rental homes and improvements	622,397		637,603
Furniture, fixtures and equipment	529,549		447,039
Investment property	12,559,616		11,684,603
Accumulated depreciation	(2,165,564)		(1,968,812)
Investment property, net	10,394,052		9,715,791
Cash, cash equivalents and restricted cash	119,612		92,641
Marketable securities	153,049		124,726
Inventory of manufactured homes	43,686		46,643
Notes and other receivables, net	262,333		221,650
Goodwill	448,317		428,833
Other intangible assets, net	295,663		305,611
Other assets, net	324,278		270,691
Total Assets	$	12,040,990	$	11,206,586
Liabilities
Secured debt	$	3,457,734	$	3,489,983
Unsecured debt	853,441		1,267,093
Distributions payable	98,429		86,988
Advanced reservation deposits and rent	290,913		187,730
Accrued expenses and accounts payable	214,200		148,435
Other liabilities	184,846		134,650
Total Liabilities	5,099,563		5,314,879
Commitments and contingencies
Temporary equity	285,603		264,379
Stockholders' Equity
Common stock	1,159		1,076
Additional paid-in capital	8,163,095		7,087,658
Accumulated other comprehensive income	5,197		3,178
Distributions in excess of accumulated earnings	(1,614,243)		(1,566,636)
Total Sun Communities, Inc. stockholders' equity	6,555,208		5,525,276
Noncontrolling interests
Common and preferred OP units	82,865		85,968
Consolidated variable interest entities	17,751		16,084
Total noncontrolling interests	100,616		102,052
Total Stockholders' Equity	6,655,824		5,627,328
Total Liabilities, Temporary Equity and Stockholders' Equity	$	12,040,990	$	11,206,586

2nd Quarter 2021 Supplemental Information     4          Sun Communities, Inc.

Statements of Operations - Quarter to Date and Year to Date Comparison

(In thousands, except per share amounts) (Unaudited)

	Three Months Ended								Six Months Ended
	June 30, 2021		June 30, 2020		Change		% Change		June 30, 2021		June 30, 2020		Change		% Change
Revenues
Real property (excluding transient)	$	328,907	$	225,413	$	103,494	45.9	%	$	626,984	$	453,415	$	173,569	38.3	%
Real property - transient	76,998		25,714		51,284		199.4	%	109,534		56,061		53,473		95.4	%
Home sales	81,848		38,530		43,318		112.4	%	134,047		79,117		54,930		69.4	%
Service, retail, dining and entertainment	106,452		7,700		98,752		N/M		157,064		12,803		144,261		N/M
Interest	2,719		2,635		84		3.2	%	5,350		4,985		365		7.3	%
Brokerage commissions and other, net	6,939		3,274		3,665		111.9	%	12,899		7,187		5,712		79.5	%
Total Revenues	603,863		303,266		300,597		99.1	%	1,045,878		613,568		432,310		70.5	%
Expenses
Property operating and maintenance	129,961		70,804		59,157		83.6	%	233,514		140,638		92,876		66.0	%
Real estate tax	23,202		17,723		5,479		30.9	%	45,610		34,899		10,711		30.7	%
Home costs and selling	58,763		32,051		26,712		83.3	%	100,353		66,090		34,263		51.8	%
Service, retail, dining and entertainment	78,585		7,242		71,343		N/M		124,016		13,924		110,092		N/M
General and administrative	45,127		26,527		18,600		70.1	%	83,330		51,876		31,454		60.6	%
Catastrophic event-related charges, net	355		(566)		921		162.7	%	2,769		40		2,729		N/M
Business combination, net	(201)		—		(201)		N/A		1,031		—		1,031		N/A
Depreciation and amortization	126,423		87,265		39,158		44.9	%	249,727		170,954		78,773		46.1	%
Loss on extinguishment of debt	8,108		1,930		6,178		320.1	%	8,108		5,209		2,899		55.7	%
Interest	37,681		31,428		6,253		19.9	%	77,198		63,844		13,354		20.9	%
Interest on mandatorily redeemable preferred OP units / equity	1,041		1,042		(1)		(0.1)	%	2,077		2,083		(6)		(0.3)	%
Total Expenses	509,045		275,446		233,599		84.8	%	927,733		549,557		378,176		68.8	%
Income Before Other Items	94,818		27,820		66,998		240.8	%	118,145		64,011		54,134		84.6	%
Gain / (loss) on remeasurement of marketable securities	27,494		24,519		2,975		12.1	%	31,155		(4,128)		35,283		N/M
Gain / (loss) on foreign currency translation	(264)		10,374		(10,638)		(102.5)	%	(239)		(7,105)		6,866		(96.6)	%
Other expense, net(6)	(660)		(821)		161		19.6	%	(1,759)		(1,793)		34		(1.9)	%
Gain / (loss) on remeasurement of notes receivable	93		246		(153)		(62.2)	%	469		(1,866)		2,335		N/M
Income from nonconsolidated affiliates	794		92		702		N/M		1,965		144		1,821		N/M
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates	(115)		1,132		(1,247)		(110.2)	%	(11)		(1,059)		1,048		(99.0)	%
Current tax expense	(1,245)		(119)		(1,126)		N/M		(1,016)		(569)		(447)		78.6	%
Deferred tax benefit / (expense)	(66)		112		(178)		N/M		81		242		(161)		(66.5)	%
Net Income	120,849		63,355		57,494		90.7	%	148,790		47,877		100,913		210.8	%
Less: Preferred return to preferred OP units / equity	3,035		1,584		1,451		91.6	%	5,899		3,154		2,745		87.0	%
Less: Income attributable to noncontrolling interests	7,044		2,861		4,183		146.2	%	7,339		1,899		5,440		286.5	%
Net Income Attributable to Sun Communities, Inc.	$	110,770	$	58,910	$	51,860	88.0	%	$	135,552	$	42,824	$	92,728	216.5	%
Weighted average common shares outstanding - basic	112,082		95,859		16,223		16.9	%	110,007		94,134		15,873		16.9	%
Weighted average common shares outstanding - diluted	112,082		95,860		16,222		16.9	%	112,593		94,525		18,068		19.1	%
Basic earnings per share	$	0.98	$	0.61	$	0.37	60.7	%	$	1.22	$	0.45	$	0.77	171.1	%
Diluted earnings per share	$	0.98	$	0.61	$	0.37	60.7	%	$	1.22	$	0.45	$	0.77	171.1	%

N/M = Percentage change is not meaningful.

2nd Quarter 2021 Supplemental Information     5          Sun Communities, Inc.

Outstanding Securities and Capitalization

(amounts in thousands except for *)

Outstanding Securities - As of June 30, 2021
	Number of Units / Shares Outstanding	Conversion Rate*	If Converted(1)	Issuance Price Per Unit*	Annual Distribution Rate*
Non-convertible Securities
Common shares	115,889	N/A	N/A	N/A	$3.32^
Convertible Securities
Common OP units	2,569	1.0000	2,569	N/A	Mirrors common shares distributions
Series A-1 preferred OP units	288	2.4390	703	$100	6.00%
Series A-3 preferred OP units	40	1.8605	75	$100	4.50%
Series C preferred OP units	306	1.1100	340	$100	5.00%
Series D preferred OP units	489	0.8000	391	$100	4.00%
Series E preferred OP units	90	0.6897	62	$100	5.25%
Series F preferred OP units	90	0.6250	56	$100	3.00%
Series G preferred OP units	241	0.6452	155	$100	3.20%
Series H preferred OP units	581	0.6098	355	$100	3.00%
Series I preferred OP units	922	0.6098	562	$100	3.00%
Series J preferred OP units	240	0.6061	145	$100	2.85%

^ Annual distribution is based on the last quarterly distribution annualized.

(1)Calculation may yield minor differences due to fractional shares paid in cash to the stockholder at conversion.

Capitalization - As of June 30, 2021
Equity	Shares	Share Price*		Total
Common shares	115,889	$	171.40	$	19,863,375
Common OP units	2,569	$	171.40	440,327
Subtotal	118,458			$	20,303,702
Preferred OP units as converted	2,844	$	171.40	487,462
Total diluted shares outstanding	121,302			$	20,791,164
Debt
Secured debt				$	3,457,734
Unsecured debt				853,441
Total debt				$	4,311,175
Total Capitalization				$	25,102,339

2nd Quarter 2021 Supplemental Information     6          Sun Communities, Inc.

Reconciliations to Non-GAAP Financial Measures

2nd Quarter 2021 Supplemental Information     7          Sun Communities, Inc.

Reconciliation of Net Income Attributable to Sun Communities, Inc. Common Stockholders to FFO(1)

(amounts in thousands except for per share data)

	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Net Income Attributable to Sun Communities, Inc. Common Stockholders	$	110,770	$	58,910	$	135,552	$	42,824
Adjustments
Depreciation and amortization	126,227		87,296		249,303		171,048
Depreciation on nonconsolidated affiliates	31		19		61		19
(Gain) / loss on remeasurement of marketable securities	(27,494)		(24,519)		(31,155)		4,128
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates	115		(1,132)		11		1,059
(Gain) / loss on remeasurement of notes receivable	(93)		(246)		(469)		1,866
Income attributable to noncontrolling interests	5,033		1,942		4,886		1,646
Preferred return to preferred OP units	478		—		958		1,000
Interest expense on Aspen preferred OP units	514		—		1,028		—
Gain on disposition of assets, net	(17,564)		(4,178)		(25,719)		(9,740)
FFO Attributable to Sun Communities, Inc. Common Stockholders and Dilutive Convertible Securities(1)(4)	$	198,017	$	118,092	$	334,456	$	213,850
Adjustments
Business combination expense and other acquisition related costs(7)	2,284		504		4,237		889
Loss on extinguishment of debt	8,108		1,930		8,108		5,209
Catastrophic event-related charges, net	364		(567)		2,778		39
Loss of earnings - catastrophic event-related	—		—		200		300
(Gain) / loss on foreign currency translation	264		(10,374)		239		7,105
Other expense, net	517		552		1,233		854
Deferred tax (benefits) / expenses	66		188		(81)		58
Core FFO Attributable to Sun Communities, Inc. Common Stockholders and Dilutive Convertible Securities(1)(4)	$	209,620	$	110,325	$	351,170	$	228,304
Weighted average common shares outstanding - basic	112,082		95,859		110,007		94,134
Add
Common stock issuable upon conversion of stock options	—		1		—		1
Restricted stock	580		305		372		390
Common OP units	2,577		2,448		2,586		2,430
Common stock issuable upon conversion of certain preferred OP units	1,174		—		1,180		815
Weighted Average Common Shares Outstanding - Fully Diluted	116,413		98,613		114,145		97,770
FFO Attributable to Sun Communities, Inc. Common Stockholders and Dilutive Convertible Securities(1)(4) Per Share - Fully Diluted	$	1.70	$	1.20	$	2.93	$	2.19
Core FFO Attributable to Sun Communities, Inc. Common Stockholders and Dilutive Convertible Securities(1)(4) Per Share - Fully Diluted	$	1.80	$	1.12	$	3.08	$	2.34

2nd Quarter 2021 Supplemental Information     8          Sun Communities, Inc.

Reconciliation of Net Income Attributable to Sun Communities, Inc. Common Stockholders to NOI(1)

(amounts in thousands)

	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Net Income Attributable to Sun Communities, Inc. Common Stockholders	$	110,770	$	58,910	$	135,552	$	42,824
Interest income	(2,719)		(2,635)		(5,350)		(4,985)
Brokerage commissions and other revenues, net	(6,939)		(3,274)		(12,899)		(7,187)
General and administrative expense	45,127		26,527		83,330		51,876
Catastrophic event-related charges, net	355		(566)		2,769		40
Business combination expense, net	(201)		—		1,031		—
Depreciation and amortization	126,423		87,265		249,727		170,954
Loss on extinguishment of debt	8,108		1,930		8,108		5,209
Interest expense	37,681		31,428		77,198		63,844
Interest on mandatorily redeemable preferred OP units / equity	1,041		1,042		2,077		2,083
(Gain) / loss on remeasurement of marketable securities	(27,494)		(24,519)		(31,155)		4,128
(Gain) / loss on foreign currency translation	264		(10,374)		239		7,105
Other expense, net(6)	660		821		1,759		1,793
(Gain) / loss on remeasurement of notes receivable	(93)		(246)		(469)		1,866
Income from nonconsolidated affiliates	(794)		(92)		(1,965)		(144)
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates	115		(1,132)		11		1,059
Current tax expense	1,245		119		1,016		569
Deferred tax (benefit) / expense	66		(112)		(81)		(242)
Preferred return to preferred OP units / equity	3,035		1,584		5,899		3,154
Income attributable to noncontrolling interests	7,044		2,861		7,339		1,899
NOI(1)	$	303,694	$	169,537	$	524,136	$	345,845

	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Real Property NOI(1)	$	252,742	$	162,600	$	457,394	$	333,939
Home Sales NOI(1)	23,085		6,479		33,694		13,027
Service, retail, dining and entertainment NOI(1)	27,867		458		33,048		(1,121)
NOI(1)	$	303,694	$	169,537	$	524,136	$	345,845

2nd Quarter 2021 Supplemental Information     9          Sun Communities, Inc.

Reconciliation of Net Income Attributable to Sun Communities, Inc. Common Stockholders to Recurring EBITDA(1)

(amounts in thousands)

	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Net Income Attributable to Sun Communities, Inc. Common Stockholders	$	110,770	$	58,910	$	135,552	$	42,824
Adjustments
Depreciation and amortization	126,423		87,265		249,727		170,954
Loss on extinguishment of debt	8,108		1,930		8,108		5,209
Interest expense	37,681		31,428		77,198		63,844
Interest on mandatorily redeemable preferred OP units / equity	1,041		1,042		2,077		2,083
Current tax expense	1,245		119		1,016		569
Deferred tax (benefit) / expense	66		(112)		(81)		(242)
Income from nonconsolidated affiliates	(794)		(92)		(1,965)		(144)
Less: Gain on dispositions of assets, net	(17,564)		(4,178)		(25,719)		(9,740)
EBITDAre(1)	$	266,976	$	176,312	$	445,913	$	275,357
Adjustments
Catastrophic event-related charges, net	355		(566)		2,769		40
Business combination expense	(201)		—		1,031		—
(Gain) / loss on remeasurement of marketable securities	(27,494)		(24,519)		(31,155)		4,128
(Gain) / loss on foreign currency translation	264		(10,374)		239		7,105
Other expense, net(6)	660		821		1,759		1,793
(Gain) / loss on remeasurement of notes receivable	(93)		(246)		(469)		1,866
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates	115		(1,132)		11		1,059
Preferred return to preferred OP units / equity	3,035		1,584		5,899		3,154
Income attributable to noncontrolling interests	7,044		2,861		7,339		1,899
Plus: Gain on dispositions of assets, net	17,564		4,178		25,719		9,740
Recurring EBITDA(1)	$	268,225	$	148,919	$	459,055	$	306,141

2nd Quarter 2021 Supplemental Information     10          Sun Communities, Inc.

Non-GAAP and Other Financial Measures

2nd Quarter 2021 Supplemental Information     11          Sun Communities, Inc.

Debt Analysis

(amounts in thousands)

	Quarter Ended
	6/30/2021			3/31/2021			12/31/2020			9/30/2020			6/30/2020
Debt Outstanding
Mortgage term loans	$	3,418,097		$	3,430,420		$	3,444,967		$	3,191,380		$	3,205,507
Collateralized term loan	39,637			42,510			45,016			47,546			50,006
Total secured debt	3,457,734			3,472,930			3,489,983			3,238,926			3,255,513
Senior unsecured notes	591,688			—			—			—			—
Line of credit and other debt	191,841			875,093			1,197,181			31,775			65,346
Preferred Equity - Sun NG Resorts - mandatorily redeemable	35,249			35,249			35,249			35,249			35,249
Preferred OP units - mandatorily redeemable	34,663			34,663			34,663			34,663			34,663
Total unsecured debt	853,441			945,005			1,267,093			101,687			135,258
Total debt	$	4,311,175		$	4,417,935		$	4,757,076		$	3,340,613		$	3,390,771
% Fixed / Floating
Fixed	94.7		%	79.3		%	74.0		%	97.6		%	96.6		%
Floating	5.3		%	20.7		%	26.0		%	2.4		%	3.4		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Weighted Average Interest Rates
Mortgage term loans	3.78		%	3.78		%	3.78		%	3.88		%	3.88		%
Collateralized term loan	1.30		%	1.29		%	1.31		%	1.31		%	1.31		%
Senior unsecured notes	2.70		%	—		%	—		%	—		%	—		%
Line of credit and other debt(8)	0.93		%	1.77		%	2.11		%	1.34		%	2.57		%
Preferred Equity - Sun NG Resorts - mandatorily redeemable	6.00		%	6.00		%	6.00		%	6.00		%	6.00		%
Preferred OP units - mandatorily redeemable	5.93		%	5.93		%	5.93		%	5.93		%	5.93		%
Total average	3.52		%	3.39		%	3.37		%	3.86		%	3.86		%
Debt Ratios
Net Debt / Recurring EBITDA(1) (TTM)	5.1			6.1			6.9			5.0			4.8
Net Debt / Enterprise Value	16.8		%	19.7		%	21.4		%	18.3		%	17.8		%
Net Debt / Gross Assets	29.6		%	31.8		%	35.5		%	31.6		%	29.7		%
Coverage Ratios
Recurring EBITDA(1) (TTM) / Interest	5.6			5.0			4.9			4.8			4.5
Recurring EBITDA(1) (TTM) / Interest + Pref. Distributions + Pref. Stock Distribution	5.5			4.8			4.8			4.6			4.4

Maturities / Principal Amortization Next Five Years	2021			2022			2023			2024			2025
Mortgage term loans
Maturities	$	—		$	82,155		$	185,619		$	315,330		$	50,529
Principal amortization	30,083			61,411			60,788			57,344			53,933
Collateralized term loan	4,621			10,000			25,016			—			—
Line of credit and other debt	—			1,509			—			—			190,332
Preferred Equity - Sun NG Resorts - mandatorily redeemable	—			—			—			33,428			1,821
Preferred OP units - mandatorily redeemable	—			—			—			27,373			—
Total	$	34,704		$	155,075		$	271,423		$	433,475		$	296,615
Weighted average rate of maturities	—		%	4.46		%	4.08		%	4.47		%	4.04		%

2nd Quarter 2021 Supplemental Information     12          Sun Communities, Inc.

Same Community(2)

(amounts in thousands)

	Three Months Ended
	Total Same Community								MH								RV
	June 30, 2021		June 30, 2020		Change		% Change		June 30, 2021		June 30, 2020		Change		% Change		June 30, 2021		June 30, 2020		Change		% Change
Financial Information
Revenue
Real property (excluding transient)	$	219,693	$	205,449	$	14,244	6.9	%	$	174,158	$	166,473	$	7,685	4.6	%	$	45,535	$	38,976	$	6,559	16.8	%
Real property - transient	51,481		21,510		29,971		139.3	%	362		173		189		109.2	%	51,119		21,337		29,782		139.6	%
Other	10,798		3,219		7,579		235.4	%	4,869		1,130		3,739		330.9	%	5,929		2,089		3,840		183.8	%
Total Operating	281,972		230,178		51,794		22.5	%	179,389		167,776		11,613		6.9	%	102,583		62,402		40,181		64.4	%
Expense
Property Operating(9)(10)	87,459		70,159		17,300		24.7	%	44,984		40,226		4,758		11.8	%	42,475		29,933		12,542		41.9	%
Real Property NOI(1)	$	194,513	$	160,019	$	34,494	21.6	%	$	134,405	$	127,550	$	6,855	5.4	%	$	60,108	$	32,469	$	27,639	85.1	%

	Six Months Ended
	Total Same Community								MH								RV
	June 30, 2021		June 30, 2020		Change		% Change		June 30, 2021		June 30, 2020		Change		% Change		June 30, 2021		June 30, 2020		Change		% Change
Financial Information
Revenue
Real property (excluding Transient)	$	435,054	$	410,667	$	24,387	5.9	%	$	346,900	$	331,301	$	15,599	4.7	%	$	88,154	$	79,366	$	8,788	11.1	%
Real property - transient	76,883		49,869		27,014		54.2	%	962		1,101		(139)		(12.6)	%	75,921		48,768		27,153		55.7	%
Other	17,793		9,071		8,722		96.2	%	9,695		4,940		4,755		96.3	%	8,098		4,131		3,967		96.0	%
Total Operating	529,730		469,607		60,123		12.8	%	357,557		337,342		20,215		6.0	%	172,173		132,265		39,908		30.2	%
Expense
Property Operating(9)(10)	159,973		138,879		21,094		15.2	%	87,989		80,911		7,078		8.7	%	71,984		57,968		14,016		24.2	%
Real Property NOI(1)	$	369,757	$	330,728	$	39,029	11.8	%	$	269,568	$	256,431	$	13,137	5.1	%	$	100,189	$	74,297	$	25,892	34.8	%

2nd Quarter 2021 Supplemental Information     13          Sun Communities, Inc.

Same Community(2) (continued)

	As of
	June 30, 2021			June 30, 2020			Change			% Change
Other Information
Number of properties	405			405			—
MH occupancy	97.4		%
RV occupancy	100.0		%
MH & RV blended occupancy(3)	98.0		%
Adjusted MH occupancy(3)	98.5		%
Adjusted RV occupancy(3)	100.0		%
Adjusted MH & RV blended occupancy(3)	98.8		%	97.2		%	1.6		%
Sites available for development	7,246			7,553			(307)
Monthly base rent per site - MH	$	601		$	583		$	18		3.1%(12)
Monthly base rent per site - RV(11)	$	527		$	504		$	23		4.7%(12)
Monthly base rent per site - Total(11)	$	584		$	565		$	19		3.3%(12)

2nd Quarter 2021 Supplemental Information     14          Sun Communities, Inc.

Marina Summary

(amounts in thousands except for statistical data)

	Three Months Ended		Six Months Ended
	June 30, 2021		June 30, 2021
Financial Information
Revenues
Real property (excluding transient)	$	61,914	$	108,020
Real property - transient	4,257		5,125
Other	3,671		5,319
Total Operating	69,842		118,464
Expenses
Property Operating(a)	28,246		51,821
Real Property NOI	41,596		66,643
Service, retail, dining and entertainment
Service, retail, dining and entertainment revenue	82,238		126,592
Service, retail, dining and entertainment expense	61,017		99,026
Service, Retail, Dining and Entertainment NOI	21,221		27,566
Marina NOI	$	62,817	$	94,209
Other Information - Marinas			June 30, 2021
Number of properties(b)			114
Total wet slips and dry storage			41,275

(a) Marina results net $3.7 million and $6.3 million of certain utility revenue against the related utility expense in property operating and maintenance expense for the quarter and six months ended June 30, 2021.

(b) Marina properties comprised of eight properties acquired in 2021 and 106 properties acquired in 2020.

2nd Quarter 2021 Supplemental Information     15          Sun Communities, Inc.

MH and RV Acquisitions and Other Summary(13)

(amounts in thousands except for statistical data)

	Three Months Ended		Six Months Ended
	June 30, 2021		June 30, 2021
Financial Information
Revenues
Real property (excluding transient)	$	8,522	$	15,820
Real property - transient	21,259		27,525
Other income	2,767		3,122
Total Operating	32,548		46,467
Expenses
Property Operating(a)	15,915		25,475
Real Property NOI	$	16,633	$	20,992
Other Information - MH and RVs			June 30, 2021
Number of properties			50
Occupied sites			5,474
Developed sites			6,322
Occupancy %			86.6		%
Transient sites			8,122

(a) MH and RV Acquisitions and Other results net $1.1 million and $2.3 million of certain utility revenue against the related utility expense in property operating and maintenance expense for the quarter and six months ended June 30, 2021.

2nd Quarter 2021 Supplemental Information     16          Sun Communities, Inc.

Home Sales Summary

(amounts in thousands except for *)

	Three Months Ended											Six Months Ended
	June 30, 2021			June 30, 2020			Change			% Change		June 30, 2021			June 30, 2020			Change			% Change
Financial Information
New Homes
New home sales	$	34,761		$	19,206		$	15,555		81.0	%	$	57,733		$	34,802		$	22,931		65.9	%
New home cost of sales	28,269			15,707			12,562			80.0	%	46,943			28,317			18,626			65.8	%
Gross Profit– new homes	6,492			3,499			2,993			85.5	%	10,790			6,485			4,305			66.4	%
Gross margin % – new homes	18.7		%	18.2		%	0.5		%			18.7		%	18.6		%	0.1		%
Average selling price – new homes*	$	153,132		$	137,186		$	15,946		11.6	%	$	153,545		$	134,371		$	19,174		14.3	%
Pre-owned Homes
Pre-owned home sales	$	47,087		$	19,324		$	27,763		143.7	%	$	76,314		$	44,315		$	31,999		72.2	%
Pre-owned home cost of sales	25,945			13,474			12,471			92.6	%	44,529			30,896			13,633			44.1	%
Gross Profit – pre-owned homes	21,142			5,850			15,292			261.4	%	31,785			13,419			18,366			136.9	%
Gross margin % – pre-owned homes	44.9		%	30.3		%	14.6		%			41.7		%	30.3		%	11.4		%
Average selling price – pre-owned homes*	$	50,577		$	41,028		$	9,549		23.3	%	$	47,195		$	39,744		$	7,451		18.7	%
Total Home Sales
Revenue from home sales	$	81,848		$	38,530		$	43,318		112.4	%	$	134,047		$	79,117		$	54,930		69.4	%
Cost of home sales	54,214			29,181			25,033			85.8	%	91,472			59,213			32,259			54.5	%
Home selling expenses	4,549			2,870			1,679			58.5	%	8,881			6,877			2,004			29.1	%
Home Sales NOI(1)	$	23,085		$	6,479		$	16,606		256.3	%	$	33,694		$	13,027		$	20,667		158.6	%
Statistical Information
New home sales volume*	227			140			87			62.1	%	376			259			117			45.2	%
Pre-owned home sales volume*	931			471			460			97.7	%	1,617			1,115			502			45.0	%
Total home sales volume*	1,158			611			547			89.5	%	1,993			1,374			619			45.1	%

2nd Quarter 2021 Supplemental Information     17          Sun Communities, Inc.

Rental Program Summary

(amounts in thousands except for *)

	Three Months Ended								Six Months Ended
	June 30, 2021		June 30, 2020		Change		% Change		June 30, 2021		June 30, 2020		Change		% Change
Financial Information
Revenues
Home rent	$	17,060	$	14,968	$	2,092	14.0	%	$	34,082	$	30,436	$	3,646	12.0	%
Site rent	18,649		18,591		58		0.3	%	37,766		36,598		1,168		3.2	%
Total	35,709		33,559		2,150		6.4	%	71,848		67,034		4,814		7.2	%
Expenses
Rental Program operating and maintenance	4,561		4,425		136		3.1	%	9,785		9,248		537		5.8	%
Rental Program NOI(1)	$	31,148	$	29,134	$	2,014	6.9	%	$	62,063	$	57,786	$	4,277	7.4	%
Other Information
Number of sold rental homes*	281		122		159		130.3	%	492		356		136		38.2	%
Number of occupied rentals, end of period*									10,951		11,785		(834)		(7.1)	%
Investment in occupied rental homes, end of period									$	601,798	$	621,327	$	(19,529)	(3.1)	%
Weighted average monthly rental rate, end of period*									$	1,076	$	1,018	$	58	5.7	%

Rental Program NOI is included in Real Property NOI. Rental Program NOI is separately reviewed to assess the overall growth and performance of the Rental Program and its financial impact on the Company's operations.

2nd Quarter 2021 Supplemental Information     18          Sun Communities, Inc.

MH and RV Property Summary
	6/30/2021		3/31/2021		12/31/2020		9/30/2020		6/30/2020
FLORIDA
Properties	129		128		128		127		125
MH & Annual RV Developed sites(14)	40,171		40,011		39,803		39,517		39,241
Occupied MH & Annual RV(14)	39,402		39,283		39,063		38,743		38,453
MH & Annual RV Occupancy %(14)	98.1	%	98.2	%	98.1	%	98.0	%	98.0	%
Transient RV sites	5,895		5,823		6,011		5,993		5,547
Sites for development	1,414		1,497		1,497		1,427		1,427
MICHIGAN
Properties	75		74		74		74		72
MH & Annual RV Developed sites(14)	29,600		29,092		29,086		29,086		27,901
Occupied MH & Annual RV(14)	28,671		28,145		28,109		28,033		27,191
MH & Annual RV Occupancy %(14)	96.9	%	96.7	%	96.6	%	96.4	%	97.5	%
Transient RV sites	509		541		546		546		572
Sites for development	1,182		1,182		1,182		1,182		1,182
CALIFORNIA
Properties	36		36		35		34		32
MH & Annual RV Developed sites(14)	6,736		6,734		6,675		6,372		6,364
Occupied MH & Annual RV(14)	6,613		6,609		6,602		6,290		6,272
MH & Annual RV Occupancy %(14)	98.2	%	98.1	%	98.9	%	98.7	%	98.6	%
Transient RV sites	2,416		2,418		2,231		2,236		1,978
Sites for development	127		127		373		373		264
TEXAS
Properties	25		24		24		24		23
MH & Annual RV Developed sites(14)	7,947		7,928		7,766		7,659		7,641
Occupied MH & Annual RV(14)	7,731		7,671		7,572		7,427		7,289
MH & Annual RV Occupancy %(14)	97.3	%	96.8	%	97.5	%	97.0	%	95.4	%
Transient RV sites	1,835		1,773		1,810		1,917		1,590
Sites for development	1,194		1,275		1,378		1,378		565
ONTARIO, CANADA
Properties	16		16		15		15		15
MH & Annual RV Developed sites(14)	4,302		4,199		4,090		4,067		3,980
Occupied MH & Annual RV(14)	4,302		4,199		4,090		4,067		3,980
MH & Annual RV Occupancy %(14)	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Transient RV sites	870		964		966		920		1,007
Sites for development	1,525		1,525		1,525		1,593		1,593
CONNECTICUT
Properties	16		16		16		16		16
MH & Annual RV Developed sites(14)	1,901		1,897		1,897		1,898		1,898
Occupied MH & Annual RV(14)	1,757		1,746		1,739		1,736		1,735
MH & Annual RV Occupancy %(14)	92.4	%	92.0	%	91.7	%	91.5	%	91.4	%
Transient RV sites	104		108		108		107		107
Sites for development	—		—		—		—		—
ARIZONA
Properties	14		14		14		13		13
MH & Annual RV Developed sites(14)	4,401		4,391		4,323		4,274		4,259
Occupied MH & Annual RV(14)	4,116		4,101		4,030		3,957		3,932
MH & Annual RV Occupancy %(14)	93.5	%	93.4	%	93.2	%	92.6	%	92.3	%
Transient RV sites	1,260		1,270		1,337		1,386		1,401
Sites for development	—		—		—		—		—

2nd Quarter 2021 Supplemental Information     19          Sun Communities, Inc.

MH and RV Property Summary
	6/30/2021		3/31/2021		12/31/2020		9/30/2020		6/30/2020
MAINE
Properties	13		13		13		7		7
MH & Annual RV Developed sites(14)	2,204		2,190		2,190		1,092		1,074
Occupied MH & Annual RV(14)	2,127		2,119		2,121		1,089		1,069
MH & Annual RV Occupancy %(14)	96.5	%	96.8	%	96.8	%	99.7	%	99.5	%
Transient RV sites	792		805		805		819		837
Sites for development	30		30		30		30		30
INDIANA
Properties	12		12		12		11		11
MH & Annual RV Developed sites(14)	3,087		3,087		3,087		3,087		3,087
Occupied MH & Annual RV(14)	2,970		2,961		2,950		2,957		2,961
MH & Annual RV Occupancy %(14)	96.2	%	95.9	%	95.6	%	95.8	%	95.9	%
Transient RV sites	1,089		1,089		1,089		534		534
Sites for development	277		277		277		277		277
COLORADO
Properties	10		10		10		10		10
MH & Annual RV Developed sites(14)	2,453		2,453		2,453		2,453		2,441
Occupied MH & Annual RV(14)	2,420		2,395		2,380		2,365		2,327
MH & Annual RV Occupancy %(14)	98.7	%	97.6	%	97.0	%	96.4	%	95.3	%
Transient RV sites	987		962		962		930		574
Sites for development	1,225		1,250		1,250		1,282		1,566
NEW HAMPSHIRE
Properties	10		10		10		10		10
MH & Annual RV Developed sites(14)	1,777		1,776		1,777		1,833		1,827
Occupied MH & Annual RV(14)	1,769		1,769		1,767		1,822		1,816
MH & Annual RV Occupancy %(14)	99.5	%	99.6	%	99.4	%	99.4	%	99.4	%
Transient RV sites	602		456		460		404		410
Sites for development	151		151		151		151		151
NEW YORK
Properties	10		10		9		9		9
MH & Annual RV Developed sites(14)	1,457		1,452		1,419		1,414		1,403
Occupied MH & Annual RV(14)	1,428		1,415		1,380		1,371		1,358
MH & Annual RV Occupancy %(14)	98.0	%	97.5	%	97.3	%	97.0	%	96.8	%
Transient RV sites	1,684		1,689		1,422		900		911
Sites for development	371		371		371		371		371
OHIO
Properties	9		9		9		9		9
MH & Annual RV Developed sites(14)	2,797		2,797		2,790		2,790		2,778
Occupied MH & Annual RV(14)	2,770		2,760		2,755		2,758		2,736
MH & Annual RV Occupancy %(14)	99.0	%	98.7	%	98.7	%	98.9	%	98.5	%
Transient RV sites	128		128		135		135		147
Sites for development	22		22		22		22		22
OTHER STATES
Properties	80		80		77		73		74
MH & Annual RV Developed sites(14)	17,422		17,310		16,896		16,484		16,578
Occupied MH & Annual RV(14)	16,934		16,796		16,394		15,977		16,046
MH & Annual RV Occupancy %(14)	97.2	%	97.0	%	97.0	%	96.9	%	96.8	%
Transient RV sites	8,861		8,269		7,161		6,901		6,745
Sites for development	1,925		1,969		1,969		2,044		2,294

2nd Quarter 2021 Supplemental Information     20          Sun Communities, Inc.

MH and RV Property Summary
	6/30/2021			3/31/2021		12/31/2020		9/30/2020		6/30/2020
TOTAL - MH AND RV PORTFOLIO
Properties	455			452		446		432		426
MH & Annual RV Developed sites(14)	126,255			125,317		124,252		122,026		120,472
Occupied MH & Annual RV(14)	123,010			121,969		120,952		118,592		117,165
MH & Annual RV Occupancy %(14)	97.4	%	(15)	97.3	%	97.3	%	97.2	%	97.3	%
Transient RV sites	27,032			26,295		25,043		23,728		22,360
Sites for development(16)	9,443			9,676		10,025		10,130		9,742
% Communities age restricted	32.5	%		32.7	%	33.2	%	33.6	%	34.0	%

Marina Property Summary(a)
	6/30/2021	03/31/2021	12/31/2020
FLORIDA
Properties	18	16	14
Total wet slips and dry storage spaces	4,186	3,837	3,585
CONNECTICUT
Properties	11	11	11
Total wet slips and dry storage spaces	3,262	3,262	3,262
RHODE ISLAND
Properties	11	11	11
Total wet slips and dry storage spaces	3,207	2,829	2,829
MASSACHUSETTS
Properties	9	9	7
Total wet slips and dry storage spaces	2,650	2,650	2,223
NEW YORK
Properties	8	8	8
Total wet slips and dry storage spaces	2,629	2,629	2,629
MARYLAND
Properties	8	8	8
Total wet slips and dry storage spaces	2,110	2,110	2,110
OTHER STATES
Properties	49	47	47
Total wet slips and dry storage spaces	23,231	22,693	22,693
TOTAL - MARINA PORTFOLIO
Properties	114	110	106
Total wet slips and dry storage spaces	41,275	40,010	39,331

(a) Total wet slips and dry storage spaces are adjusted each quarter based on site configuration and usability.

2nd Quarter 2021 Supplemental Information     21          Sun Communities, Inc.

Capital Improvements, Development and Acquisitions

(amounts in thousands except for *)

	Recurring Capital Expenditures Average / MH & RV Site*		Recurring Capital Expenditures Average / Marina Site*		Recurring Capital Expenditures - MH / RV(17)		Recurring Capital Expenditures - Marina(17)		Lot Modifications(18)		Acquisitions(19)		Expansion and Development(20)		Growth Projects(21)
YTD 2021	$	178	$	149	$	21,697	$	5,909	$	16,945	$	692,344	$	90,380	$	36,357
2020	$	265	N/A		$	31,398	$	2,074	$	29,789	$	3,105,296	$	248,146	$	28,315
2019	$	345	N/A		$	30,382	N/A		$	31,135	$	930,668	$	281,808	$	9,638

2nd Quarter 2021 Supplemental Information     22          Sun Communities, Inc.

Operating Statistics for MH and Annual RVs

Locations	Resident Move-outs	Net Leased Sites(5)	New Home Sales	Pre-owned Home Sales	Brokered Re-sales
Florida	1,251	319	116	126	972
Michigan	241	113	29	807	124
Ontario, Canada	471	121	43	5	221
Texas	177	159	44	213	39
Arizona	60	86	15	23	132
Indiana	34	20	5	147	9
Ohio	58	15	1	59	9
California	68	11	14	4	82
Colorado	1	40	34	16	21
Connecticut	19	18	20	2	25
New York	87	24	6	1	7
New Hampshire	—	2	4	—	22
Maine	73	6	6	6	1
Other states	702	163	39	208	110
Six Months Ended June 30, 2021	3,242	1,097	376	1,617	1,774

Total For Year Ended	Resident Move-outs	Net Leased Sites(5)	New Home Sales	Pre-owned Home Sales	Brokered Re-sales
2020	5,365	2,505	570	2,296	2,557
2019	4,139	2,674	571	2,868	2,231

Percentage Trends	Resident Move-outs		Resident Re-sales
2021 TTM	2.1	%	8.1	%
2020	3.3	%	6.9	%
2019	2.6	%	6.6	%

2nd Quarter 2021 Supplemental Information     23          Sun Communities, Inc.

Footnotes and Definitions

(1)Investors in and analysts following the real estate industry utilize funds from operations ("FFO"), net operating income ("NOI"), and earnings before interest, tax, depreciation and amortization ("EBITDA") as supplemental performance measures. The Company believes that FFO, NOI, and EBITDA are appropriate measures given their wide use by and relevance to investors and analysts. Additionally, FFO, NOI, and EBITDA are commonly used in various ratios, pricing multiples, yields and returns and valuation calculations used to measure financial position, performance and value.

•FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts for the effects of generally accepted accounting principles ("GAAP") depreciation and amortization of real estate assets.

•NOI provides a measure of rental operations that does not factor in depreciation, amortization and non-property specific expenses such as general and administrative expenses.

•EBITDA provides a further measure to evaluate ability to incur and service debt and to fund dividends and other cash needs.

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 depreciable operating property, plus real estate related depreciation and amortization, real estate related impairments, and after adjustments for nonconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure that management believes is a useful supplemental measure of the Company's operating performance. By excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment and excluding 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. The Company also uses FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of our core business ("Core FFO"). The Company believes that Core FFO provides enhanced comparability for investor evaluations of period-over-period results.

The Company believes 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 performance measure or GAAP cash flow from operations as a liquidity measure. 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. Further, 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 the Company's interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that interpret the NAREIT definition differently.

NOI is derived from revenues minus property operating expenses and real estate taxes. NOI is a non-GAAP financial measure that the Company believes 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. The Company uses 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 the properties of the Company rather than of the Company overall.

The Company believes 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 the Company's financial performance or GAAP cash flow from operating activities as a measure of the Company's liquidity; nor is it indicative of funds available for the Company's cash needs, including its 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.

EBITDA as defined by NAREIT (referred to as "EBITDAre") is calculated as GAAP net income (loss), plus interest expense, plus income tax expense, plus depreciation and amortization, plus or minus losses or gains on the disposition of depreciated property (including losses or gains on change of control), plus impairment write-downs of depreciated property and of investments in nonconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity's share of EBITDAre of nonconsolidated affiliates. EBITDAre is a non-GAAP financial measure that the Company uses to evaluate its ability to incur and service debt, fund dividends and other cash needs and cover fixed costs.

2nd Quarter 2021 Supplemental Information     24          Sun Communities, Inc.

Investors utilize EBITDAre as a supplemental measure to evaluate and compare investment quality and enterprise value of REITs. The Company also uses EBITDAre excluding certain gain and loss items that management considers unrelated to measurement of the Company's performance on a basis that is independent of capital structure ("Recurring EBITDA").

The Company believes that GAAP net income (loss) is the most directly comparable measure to EBITDAre. EBITDAre is not intended to be used as a measure of the Company's cash generated by operations or its dividend-paying capacity, and should therefore not replace GAAP net income (loss) as an indication of the Company's financial performance or GAAP cash flow from operating, investing and financing activities as measures of liquidity.

(2)Same Community results reflect constant currency for comparative purposes. Canadian currency figures in the prior comparative period have been translated at 2021 average exchange rates.

(3)The MH and RV blended occupancy is derived from 119,933 developed sites, of which 117,536 were occupied. The adjusted MH and RV blended occupancy percentage for 2020 has been adjusted to reflect incremental period-over-period growth from newly rented expansion sites and the conversion of transient RV sites to annual RV sites. The adjusted MH and RV blended occupancy percentage for 2021 is derived from 118,907 developed sites, of which 117,536 were occupied. The number of developed sites excludes RV transient sites and over 1,000 recently completed but vacant MH expansion sites.

(4)The effect of certain anti-dilutive convertible securities is excluded from these items.

(5)Revenue producing site gains do not include occupied sites acquired during that year.

(6)Other expense, net was as follows (in thousands):

	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Foreign currency remeasurement income / (loss)	$	181	$	(195)	$	159	$	(415)
Contingent consideration expense	(72)		(84)		(143)		(166)
Long term lease termination expense	—		(273)		—		(273)
GTSC repair reserve	(144)		(269)		(525)		(939)
Non-cash lease amortization expense	(625)		—		(1,250)		—
Other expenses, net	$	(660)	$	(821)	$	(1,759)	$	(1,793)

(7)Other acquisition related costs represent the expenses incurred to bring recently acquired properties up to the Company's operating standards, including items such as tree trimming and painting costs that do not meet the Company's capitalization policy. These costs also include nonrecurring integration expenses associated with a new acquisition.

(8)Line of credit and other debt includes borrowings under the Company's $2.0 billion New Credit Facility and a $12.0 million MH floor plan facility. The effective interest rate on the MH floor plan facility was 7.0 percent for the quarters ended June 30 and March 31, 2021, and 6.0 percent for the quarters ended December 31, September 30 and June 30, 2020. However, the Company pays no interest if the floor plan balance is repaid within 60 days.

(9)Same Community results net $16.8 million and $14.3 million of certain utility revenue against the related utility expense in property operating and maintenance expense for the three months ended June 30, 2021 and 2020, respectively. Same Community results net $33.2 million and $29.1 million of utility revenue against the related utility expense in property operating and maintenance expense for the six months ended June 30, 2021 and 2020, respectively.

(10)Same Community supplies and repair expense excludes $0.5 million and $0.9 million for the three and six months ended June 30, 2020, respectively, of expenses incurred for recently acquired properties to bring the properties up to the Company's operating standards, including items such as tree trimming and painting costs that do not meet the Company's capitalization policy.

(11)Monthly base rent per site pertains to annual RV sites and excludes transient RV sites.

(12)Calculated using actual results without rounding.

(13)MH and RV acquisitions and other is comprised of eight properties acquired and five properties that the Company has an interest in, but does not operate in 2021, 23 properties acquired in 2020, two Florida Keys properties that require redevelopment as a result of damage sustained from Hurricane Irma in 2017, seven recently opened ground-up developments, one property undergoing redevelopment, four properties previously classified as held for sale and other miscellaneous transactions and activity.

2nd Quarter 2021 Supplemental Information     25          Sun Communities, Inc.

(14)Includes MH and annual RV sites, and excludes transient RV sites, as applicable.

(15)As of June 30, 2021, total portfolio MH occupancy was 96.7 percent inclusive of the impact of nearly 1,200 recently constructed but vacant MH expansion sites, and annual RV occupancy was 100.0 percent.

(16)Total sites for development were comprised of approximately 77.9 percent for expansion, 19.8 percent for greenfield development and 2.3 percent for redevelopment.

(17)Property recurring capital expenditures are necessary to maintain asset quality, including purchasing and replacing assets used to operate the communities, resorts and marinas. Recurring capital expenditures at our MH and RV properties include items such as: major road, driveway, pool improvements; clubhouse renovations; adding or replacing street lights; playground equipment; signage; maintenance facilities; manager housing and property vehicles. Recurring capital expenditures at our marinas include items such as: dredging, dock repairs and improvements, and equipment maintenance and upgrades. The minimum capitalized amount is five hundred dollars.

(18)Lot modification capital expenditures are MH expenditures necessary to improve the asset quality of the community. These costs are incurred when an existing older home moves out, and the site is prepared for a new home, more often than not, a multi-sectional home. These activities, which are mandated by strict manufacturer's installation requirements and state building code, include items such as new foundations, driveways, and utility upgrades.

(19)Capital expenditures related to acquisitions represent the purchase price of existing operating properties (including marinas) and land parcels to develop expansions or new properties. These costs for the six months ended June 30, 2021 include $70.7 million of capital improvements identified during due diligence that are necessary to bring the communities, resorts and marinas to the Company's operating standards. For the years ended December 31, 2020 and 2019, these costs were $40.6 million and $50.7 million, respectively. These include items such as: upgrading clubhouses; landscaping; new street light systems; new mail delivery systems; pool renovation including larger decks, heaters, and furniture; new maintenance facilities; and new signage including main signs and internal road signs. These are considered acquisition costs and although identified during due diligence, often require 24 to 36 months after closing to complete.

(20)Expansion and development expenditures consist primarily of construction costs and costs necessary to complete home and RV site improvements, such as driveways, sidewalks and landscaping at our MH communities and RV resorts.

(21)Growth projects consist of revenue generating or expense reducing activities at MH communities, RV resorts and marinas. This includes, but is not limited to, utility efficiency and renewable energy projects, site, slip or amenity upgrades such as the addition of a garage, shed or boat lift, and other special capital projects that substantiate an incremental rental increase.

Certain financial information has been revised to reflect reclassifications in prior periods to conform to current period presentation.

2nd Quarter 2021 Supplemental Information     26          Sun Communities, Inc.

XML

Document and Entity Information Document	Jul. 26, 2021
Cover Page [Abstract]
Amendment Flag	false
Title of 12(b) Security	Common Stock, $0.01 par value
Entity Incorporation, State or Country Code	MD
Entity File Number	1-12616
Document Type	8-K
Document Period End Date	Jul. 26, 2021
Entity Registrant Name	SUN COMMUNITIES INC
City Area Code	248
Local Phone Number	208-2500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Tax Identification Number	38-2730780
Entity Address, Address Line One	27777 Franklin Rd.
Entity Address, Address Line Two	Suite 200,
Entity Address, City or Town	Southfield,
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48034
Trading Symbol	SUI
Security Exchange Name	NYSE
Entity Central Index Key	0000912593