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: October 25, 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 October 25, 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 September 30, 2021, and certain other information.

The Company will hold an investor conference call and webcast at 11:00 a.m. ET on October 26, 2021 to discuss the financial results for the period ended September 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 October 25, 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: October 25, 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 Summary	13
Marina Summary	15
MH and RV 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

October 25, 2021

Sun Communities, Inc. Reports 2021 Third Quarter Results

Southfield, Michigan, October 25, 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 third quarter results for 2021.

Financial Results for the Quarter and Nine Months Ended September 30, 2021

For the quarter ended September 30, 2021, total revenues increased $283.8 million, or 70.9 percent, to approximately $684.3 million compared to $400.5 million for the same period in 2020. Net income attributable to common stockholders increased $150.6 million, or 185.4 percent, to approximately $231.8 million, or $2.00 per diluted common share, compared to net income attributable to common stockholders of $81.2 million, or $0.83 per diluted common share, for the same period in 2020.

For the nine months ended September 30, 2021, total revenues increased $716.1 million, or 70.6 percent, to $1.7 billion compared to approximately $1.0 billion for the same period in 2020. Net income attributable to common stockholders increased $243.3 million, or 196.2 percent, to approximately $367.3 million, or $3.27 per diluted common share, compared to net income attributable to common stockholders of $124.0 million, or $1.29 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 September 30, 2021, was $2.11 per diluted share and OP unit ("Share") as compared to $1.60 in the corresponding period in 2020, a 31.9 percent increase.

•Same Community(2) Net Operating Income ("NOI")(1) increased by 12.4 percent for the quarter ended September 30, 2021, as compared to the corresponding period in 2020.

•Home Sales Volume increased 63.7 percent to 1,162 homes for the quarter ended September 30, 2021, as compared to 710 homes in the same period in 2020.

•Acquisitions totaled $500.8 million during and subsequent to the quarter ended September 30, 2021, including 9 MH communities, 7 RV resorts and 6 marinas.

i

Gary Shiffman, Chief Executive Officer stated, "We are pleased with our third quarter results which highlight successful execution across all of our growth strategies. The RV segment continues to deliver strong results producing same community NOI growth of nearly 31 percent in the quarter, as we benefit from the demand for outdoor experiences coming from existing and new Sun customers. As the leading industry consolidator, we have completed $1.1 billion of acquisitions year-to-date, and believe our cycle tested ability to create value through acquisitions will continue to result in accretive growth. We have remained active in the capital markets to support this growth including completing our second bond offering of the year. Our talented team will continue to execute on opportunities across operations, acquisitions, expansions and ground-up developments, providing us with a confident outlook."

OPERATING HIGHLIGHTS

Portfolio Occupancy

Total MH and annual RV occupancy was 97.4 percent at September 30, 2021 as compared to 97.2 percent at September 30, 2020, an increase of 20 basis points.

During the quarter ended September 30, 2021, MH and annual RV revenue producing sites increased by 576 sites as compared to an increase of 776 sites during the quarter ended September 30, 2020.

During the nine months ended September 30, 2021, MH and annual RV revenue producing sites increased by 1,673 sites as compared to an increase of 1,927 sites during the nine months ended September 30, 2020.

Same Community(2) Results

For the 403 MH and RV properties owned and operated by the Company since January 1, 2020, the following table reflects the percentage increases, in total and by segment, for the quarter and nine months ended September 30, 2021:

	Quarter Ended September 30, 2021
	Total Same Community		MH		RV
Revenue	12.8	%	5.2	%	24.2	%
Expense	13.7	%	12.7	%	14.8	%
NOI	12.4	%	2.6	%	30.6	%

	Nine Months Ended September 30, 2021
	Total Same Community		MH		RV
Revenue	12.9	%	5.8	%	27.4	%
Expense	14.6	%	10.2	%	20.0	%
NOI	12.1	%	4.3	%	32.8	%

Same Community adjusted occupancy(3) increased to 98.9 percent at September 30, 2021 from 97.4 percent at September 30, 2020, an increase of 150 basis points.

ii

Home Sales

The following table reflects the home sales volume increases for the quarter and nine months ended September 30, 2021:

	Quarter Ended					Nine Months Ended
	September 30, 2021	September 30, 2020	Change	% Change		September 30, 2021	September 30, 2020	Change	% Change
New home sales volume	207	155	52	33.5	%	583	414	169	40.8	%
Pre-owned home sales volume	955	555	400	72.1	%	2,572	1,670	902	54.0	%
Total home sales volume	1,162	710	452	63.7	%	3,155	2,084	1,071	51.4	%

Marina Results

Marina NOI was $64.5 million and $158.7 million for the quarter and nine months ended September 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 September 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
Allen Harbor	Marina	165	—	RI	$	4.0	July
Cisco Grove Campground & RV	RV	18	407	CA	6.6		July
Four Leaf Portfolio(a)	MH	2,545	340	MI / IN	215.0		July
Harborage Yacht Club	Marina	300	—	FL	22.0		July
Zeman Portfolio(b)	RV	686	—	IL / NJ	15.2		July
Southern Leisure Resort	RV	496	—	FL	17.8		August
Sunroad Marina	Marina	617	—	CA	84.4		August
Lazy Lakes RV	RV	99	—	FL	9.8		August
Puerto del Rey	Marina	1,450	—	Puerto Rico	92.3		September
Stingray Point	Marina	219	—	VA	2.9		September
Detroit River	Marina	440	—	MI	8.8		September
Jetstream RV Resort	RV	202	—	TX	17.5		September
Subtotal		7,237	747		496.3
Acquisitions subsequent to quarter end
Beaver Brook Campground	RV	204	150	ME	4.5		October
Subtotal		204	150		4.5
Total acquisitions		7,441	897		$	500.8

(a) Includes nine MH communities.

(b) Includes two RV communities.

During and subsequent to the nine months ended September 30, 2021, the Company acquired 38 properties totaling 11,910 sites, wet slips and dry storage spaces and 897 sites for expansion for a total purchase price of $1.1 billion.

During the quarter ended September 30, 2021, the Company acquired three land parcels, which are located in Ft. Collins and Ft. Lupton, Colorado and Leighton, Michigan, approved for the development of over 500 MH sites, for total consideration of $7.7 million.

During the quarter ended September 30, 2021, the Company sold six MH communities located in Arizona, Illinois, Indiana and Missouri for $162.1 million.

iv

Construction Activity

During the quarter ended September 30, 2021, the Company completed the construction of over 230 sites in two ground-up developments and over 90 expansion sites in two RV resorts.

During the nine months ended September 30, 2021, the Company completed the construction of over 580 sites in four ground-up developments and over 320 expansion sites in three MH communities and three RV resorts.

BALANCE SHEET, CAPITAL MARKETS ACTIVITY AND OTHER ITEMS

Debt

As of September 30, 2021, the Company had approximately $4.7 billion in debt outstanding. The weighted average interest rate was 3.3 percent and the weighted average maturity was 9.6 years. At September 30, 2021, the Company's net debt to trailing twelve month Recurring EBITDA(1) ratio was 4.9 times. The Company had $71.6 million of unrestricted cash on hand.

Senior Unsecured Notes

Subsequent to the quarter ended September 30, 2021, Sun Communities Operating Limited Partnership ("SCOLP"), the Company's operating partnership, issued $450.0 million of senior unsecured notes with an interest rate of 2.3 percent and a seven-year term, due November 1, 2028 (the "2028 Notes"), and $150.0 million of senior unsecured notes with an interest rate of 2.7 percent, with a 10-year term, due July 15, 2031 (the "2031 Notes"). The 2031 Notes are additional notes of the same series as the $600.0 million aggregate principal amount of 2.7 percent Senior Notes which are due July 15, 2031 that SCOLP issued on June 28, 2021. The net proceeds from the offering were approximately $595.5 million after deducting underwriters' discounts and estimated offering expenses.

Equity Transaction

At the Market Offering

In September 2021, the Company completed the sale of 107,400 forward shares of common stock for $21.4 million under the terms of its At the Market Offering Sales Agreement. The average price before underwriting discounts and commissions was $199.42 per share. The Company expects to settle the forward shares by September 2022.

v

2021 GUIDANCE

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

	Previous Range	Revised Range
	FY 2021E	FY 2021E	4Q 2021E
Basic earnings per share	$2.24 - $2.36	$3.42 - $3.48	$0.15 - $0.21
Core FFO(1) per fully diluted Share	$6.25 - $6.37	$6.44 - $6.50	$1.24 - $1.30

Basic earnings per share and Core FFO(1) per fully diluted share and calculated independently for each quarter; as a result, the sum of the quarters may differ from the annual calculation. Full year 2021 guidance is based on the annual calculation.

	Previous Range	Revised Range
	FY 2021E	FY 2021E	4Q 2021E
Same Community NOI(1) growth	9.9% - 10.7%	10.9% - 11.1%	7.2% - 8.0%

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."

vi

EARNINGS CONFERENCE CALL

A conference call to discuss third quarter results will be held on Tuesday, October 26, 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 November 9, 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 13722742. 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 September 30, 2021, owned, operated, or had an interest in a portfolio of 584 developed MH, RV and marina properties comprising nearly 155,900 developed sites and nearly 44,900 wet slips and dry storage spaces in 38 states, Canada and Puerto Rico.

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;

vii

•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, droughts 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 and boat 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.

viii

Investor Information

RESEARCH COVERAGE
Firm	Analyst	Phone	Email
Bank of America Merrill Lynch	Joshua Dennerlein	(646) 855-1681	joshua.dennerlein@baml.com
Barclays	Anthony Powell	(212) 526-8768	anthony.powell@barclays.com
	Allison Gelman	(212) 526-3367	allison.gelman@barclays.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
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

3rd Quarter 2021 Supplemental Information     1          Sun Communities, Inc.

Portfolio Overview

(As of September 30, 2021)

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

Financial and Operating Highlights

(amounts in thousands, except for *)

	Quarter Ended
	9/30/2021		6/30/2021		3/31/2021		12/31/2020		9/30/2020
Financial Information
Total revenues	$	684,294	$	603,863	$	442,015	$	384,265	$	400,514
Net income	$	250,161	$	120,849	$	27,941	$	9,818	$	89,756
Net income attributable to Sun Communities Inc. common stockholders	$	231,770	$	110,770	$	24,782	$	7,586	$	81,204
Basic earnings per share*	$	2.00	$	0.98	$	0.23	$	0.07	$	0.83
Diluted earnings per share*	$	2.00	$	0.98	$	0.23	$	0.07	$	0.83
Cash distributions declared per common share*	$	0.83	$	0.83	$	0.83	$	0.79	$	0.79
Recurring EBITDA(1)	$	314,499	$	268,225	$	190,830	$	168,527	$	199,321
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities(1)(4)	$	223,069	$	198,017	$	135,925	$	110,849	$	165,209
Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities(1)(4)	$	244,535	$	209,620	$	141,036	$	124,872	$	162,624
FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities(1)(4) per share - fully diluted*	$	1.92	$	1.70	$	1.22	$	1.03	$	1.63
Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities(1)(4) per share - fully diluted*	$	2.11	$	1.80	$	1.26	$	1.16	$	1.60
Balance Sheet
Total assets	$	12,583,296	$	12,040,990	$	11,454,209	$	11,206,586	$	8,335,717
Total debt	$	4,689,437	$	4,311,175	$	4,417,935	$	4,757,076	$	3,340,613
Total liabilities	$	5,488,469	$	5,099,563	$	5,101,512	$	5,314,879	$	3,791,922

	Quarter Ended
	9/30/2021		6/30/2021		3/31/2021		12/31/2020		9/30/2020
Operating Information*
Properties	584		569		562		552		432
Manufactured home sites	98,301		97,448		96,876		96,688		95,209
Annual RV sites	29,640		28,807		28,441		27,564		26,817
Transient RV sites	27,922		27,032		26,295		25,043		23,728
Total sites	155,863		153,287		151,612		149,295		145,754
Marina wet slips and dry storage spaces	44,859		41,275		38,753		38,152		N/A
MH occupancy	96.6	%	96.7	%	96.5	%	96.6	%	96.4	%
Annual RV occupancy	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Blended MH and annual RV occupancy	97.4	%	97.4	%	97.3	%	97.3	%	97.2	%
New home sales volume	207		227		149		156		155
Pre-owned home sales volume	955		931		686		626		555
Total home sales volume	1,162		1,158		835		782		710

	Quarter Ended
	9/30/2021	6/30/2021	3/31/2021	12/31/2020	9/30/2020
Revenue Producing Site Net Gains(5)
MH net leased sites	144	226	127	247	349
RV net leased sites	432	357	387	331	427
Total net leased sites	576	583	514	578	776

3rd Quarter 2021 Supplemental Information     3          Sun Communities, Inc.

Consolidated Balance Sheets

(amounts in thousands)

	September 30, 2021		December 31, 2020
Assets
Land	$	2,457,236	$	2,119,364
Land improvements and buildings	9,469,247		8,480,597
Rental homes and improvements	591,367		637,603
Furniture, fixtures and equipment	590,829		447,039
Investment property	13,108,679		11,684,603
Accumulated depreciation	(2,232,243)		(1,968,812)
Investment property, net	10,876,436		9,715,791
Cash, cash equivalents and restricted cash	85,619		92,641
Marketable securities	160,321		124,726
Inventory of manufactured homes	43,708		46,643
Notes and other receivables, net	256,924		221,650
Goodwill	461,609		428,833
Other intangible assets, net	297,625		305,611
Other assets, net	401,054		270,691
Total Assets	$	12,583,296	$	11,206,586
Liabilities
Secured debt	$	3,403,436	$	3,489,983
Unsecured debt	1,286,001		1,267,093
Distributions payable	98,453		86,988
Advanced reservation deposits and rent	223,471		187,730
Accrued expenses and accounts payable	232,590		148,435
Other liabilities	244,518		134,650
Total Liabilities	5,488,469		5,314,879
Commitments and contingencies
Temporary equity	292,394		264,379
Stockholders' Equity
Common stock	1,160		1,076
Additional paid-in capital	8,170,322		7,087,658
Accumulated other comprehensive income	1,752		3,178
Distributions in excess of accumulated earnings	(1,475,634)		(1,566,636)
Total Sun Communities, Inc. stockholders' equity	6,697,600		5,525,276
Noncontrolling interests
Common and preferred OP units	85,756		85,968
Consolidated entities	19,077		16,084
Total noncontrolling interests	104,833		102,052
Total Stockholders' Equity	6,802,433		5,627,328
Total Liabilities, Temporary Equity and Stockholders' Equity	$	12,583,296	$	11,206,586

3rd 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								Nine Months Ended
	September 30, 2021		September 30, 2020		Change		% Change		September 30, 2021		September 30, 2020		Change		% Change
Revenues
Real property (excluding transient)	$	352,553	$	240,076	$	112,477	46.9	%	$	979,537	$	693,491	$	286,046	41.2	%
Real property - transient	126,072		80,412		45,660		56.8	%	235,606		136,473		99,133		72.6	%
Home sales	81,099		47,662		33,437		70.2	%	215,146		126,779		88,367		69.7	%
Service, retail, dining and entertainment	113,039		23,859		89,180		373.8	%	270,103		36,662		233,441		636.7	%
Interest	2,690		2,624		66		2.5	%	8,040		7,609		431		5.7	%
Brokerage commissions and other, net	8,841		5,881		2,960		50.3	%	21,740		13,068		8,672		66.4	%
Total Revenues	684,294		400,514		283,780		70.9	%	1,730,172		1,014,082		716,090		70.6	%
Expenses
Property operating and maintenance	158,095		98,775		59,320		60.1	%	391,609		239,413		152,196		63.6	%
Real estate tax	24,751		17,442		7,309		41.9	%	70,361		52,341		18,020		34.4	%
Home costs and selling	56,567		39,899		16,668		41.8	%	156,920		105,989		50,931		48.1	%
Service, retail, dining and entertainment	87,106		17,615		69,491		394.5	%	211,122		31,539		179,583		569.4	%
General and administrative	43,276		26,834		16,442		61.3	%	126,606		78,710		47,896		60.9	%
Catastrophic event-related charges, net	328		14		314		N/M		3,097		54		3,043		N/M
Business combination	—		—		—		N/A		1,031		—		1,031		N/A
Depreciation and amortization	127,091		88,499		38,592		43.6	%	378,068		259,453		118,615		45.7	%
Loss on extinguishment of debt	—		—		—		N/A		8,108		5,209		2,899		55.7	%
Interest	39,026		30,214		8,812		29.2	%	116,224		94,058		22,166		23.6	%
Interest on mandatorily redeemable preferred OP units / equity	1,047		1,047		—		—	%	3,124		3,130		(6)		(0.2)	%
Total Expenses	537,287		320,339		216,948		67.7	%	1,466,270		869,896		596,374		68.6	%
Income Before Other Items	147,007		80,175		66,832		83.4	%	263,902		144,186		119,716		83.0	%
Gain / (loss) on remeasurement of marketable securities	12,072		1,492		10,580		709.1	%	43,227		(2,636)		45,863		N/M
Gain / (loss) on foreign currency translation	(7,028)		5,023		(12,051)		(239.9)	%	(7,107)		(2,496)		(4,611)		184.7	%
Gain on dispositions of properties	108,104		5,595		102,509		N/M		108,104		5,595		102,509		N/M
Other expense, net(6)	(9,372)		(3,511)		(5,861)		(166.9)	%	(10,041)		(4,890)		(5,151)		105.3	%
Gain / (loss) on remeasurement of notes receivable	92		(445)		537		(120.7)	%	561		(2,311)		2,872		(124.3)	%
Income from nonconsolidated affiliates	962		1,204		(242)		(20.1)	%	2,927		1,348		1,579		117.1	%
Loss on remeasurement of investment in nonconsolidated affiliates	(119)		(446)		327		(73.3)	%	(130)		(1,505)		1,375		(91.4)	%
Current tax benefit / (expense)	(402)		107		(509)		(475.7)	%	(1,418)		(462)		(956)		206.9	%
Deferred tax benefit / (expense)	(1,155)		562		(1,717)		(305.5)	%	(1,074)		804		(1,878)		(233.6)	%
Net Income	250,161		89,756		160,405		178.7	%	398,951		137,633		261,318		189.9	%
Less: Preferred return to preferred OP units / equity interests	3,101		1,645		1,456		88.5	%	9,000		4,799		4,201		87.5	%
Less: Income attributable to noncontrolling interests	15,290		6,907		8,383		121.4	%	22,629		8,806		13,823		157.0	%
Net Income Attributable to Sun Communities, Inc.	$	231,770	$	81,204	$	150,566	185.4	%	$	367,322	$	124,028	$	243,294	196.2	%
Weighted average common shares outstanding - basic	115,136		97,542		17,594		18.0	%	111,717		95,270		16,447		17.3	%
Weighted average common shares outstanding - diluted	118,072		97,549		20,523		21.0	%	114,291		95,273		19,018		20.0	%
Basic earnings per share	$	2.00	$	0.83	$	1.17	141.0	%	$	3.27	$	1.29	$	1.98	153.5	%
Diluted earnings per share	$	2.00	$	0.83	$	1.17	141.0	%	$	3.27	$	1.29	$	1.98	153.5	%

N/M = Percentage change is not meaningful.

3rd Quarter 2021 Supplemental Information     5          Sun Communities, Inc.

Outstanding Securities and Capitalization

(amounts in thousands except for *)

Outstanding Securities - As of September 30, 2021
	Number of Units / Shares Outstanding	Conversion Rate*	If Converted(1)	Issuance Price Per Unit*	Annual Distribution Rate*
Non-convertible Securities
Common shares	115,959	N/A	N/A	N/A	$3.32^
Convertible Securities
Common OP units	2,528	1.0000	2,528	N/A	Mirrors common shares distributions
Series A-1 preferred OP units	275	2.4390	672	$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 September 30, 2021
Equity	Shares	Share Price*		Total
Common shares	115,959	$	185.10	$	21,464,011
Common OP units	2,528	$	185.10	467,933
Subtotal	118,487			$	21,931,944
Preferred OP units, as converted	2,813	$	185.10	520,686
Total diluted shares outstanding	121,300			$	22,452,630
Debt
Secured debt				$	3,403,436
Unsecured debt				1,286,001
Total debt				$	4,689,437
Total Capitalization				$	27,142,067

3rd Quarter 2021 Supplemental Information     6          Sun Communities, Inc.

Reconciliations to Non-GAAP Financial Measures

3rd 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				Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Net Income Attributable to Sun Communities, Inc. Common Stockholders	$	231,770	$	81,204	$	367,322	$	124,028
Adjustments
Depreciation and amortization	126,814		88,495		377,367		259,543
Depreciation on nonconsolidated affiliates	30		9		91		28
(Gain) / loss on remeasurement of marketable securities	(12,072)		(1,492)		(43,227)		2,636
Loss on remeasurement of investment in nonconsolidated affiliates	119		446		130		1,505
(Gain) / loss on remeasurement of notes receivable	(92)		445		(561)		2,311
Income attributable to noncontrolling interests	4,616		6,196		13,678		7,725
Preferred return to preferred OP units	—		498		—		1,498
Interest expense on Aspen preferred OP units	514		514		1,542		1,542
Gain on dispositions of properties	(108,104)		(5,595)		(108,104)		(5,595)
Gain on dispositions of assets, net	(20,526)		(5,511)		(46,245)		(15,251)
FFO Attributable to Sun Communities, Inc. Common Stockholders and Dilutive Convertible Securities(1)(4)	$	223,069	$	165,209	$	561,993	$	379,970
Adjustments
Business combination expense and other acquisition related costs(7)	2,477		402		6,714		1,291
Loss on extinguishment of debt	—		—		8,108		5,209
Catastrophic event-related charges, net	318		15		3,096		54
(Gain) / loss on earnings - catastrophic event-related	200		(300)		400		—
(Gain) / loss on foreign currency translation	7,028		(5,024)		7,107		2,496
Other adjustments, net(8)	11,443		2,322		11,505		2,819
Core FFO Attributable to Sun Communities, Inc. Common Stockholders and Dilutive Convertible Securities(1)(4)	$	244,535	$	162,624	$	598,923	$	391,839
Weighted average common shares outstanding - basic	115,136		97,542		111,717		95,270
Add
Common shares dilutive effect from forward equity sale	—		6		—		2
Common stock issuable upon conversion of stock options	—		1		—		1
Restricted stock	438		390		414		395
Common OP units	—		2,476		2,574		2,445
Common stock issuable upon conversion of certain preferred OP units	388		1,213		396		1,220
Weighted Average Common Shares Outstanding - Fully Diluted	115,962		101,628		115,101		99,333
FFO Attributable to Sun Communities, Inc. Common Stockholders and Dilutive Convertible Securities(1)(4) Per Share - Fully Diluted	$	1.92	$	1.63	$	4.88	$	3.83
Core FFO Attributable to Sun Communities, Inc. Common Stockholders and Dilutive Convertible Securities(1)(4) Per Share - Fully Diluted	$	2.11	$	1.60	$	5.20	$	3.94

3rd 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				Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Net Income Attributable to Sun Communities, Inc. Common Stockholders	$	231,770	$	81,204	$	367,322	$	124,028
Interest income	(2,690)		(2,624)		(8,040)		(7,609)
Brokerage commissions and other revenues, net	(8,841)		(5,881)		(21,740)		(13,068)
General and administrative expense	43,276		26,834		126,606		78,710
Catastrophic event-related charges, net	328		14		3,097		54
Business combination expense	—		—		1,031		—
Depreciation and amortization	127,091		88,499		378,068		259,453
Loss on extinguishment of debt	—		—		8,108		5,209
Interest expense	39,026		30,214		116,224		94,058
Interest on mandatorily redeemable preferred OP units / equity	1,047		1,047		3,124		3,130
(Gain) / loss on remeasurement of marketable securities	(12,072)		(1,492)		(43,227)		2,636
(Gain) / loss on foreign currency translation	7,028		(5,023)		7,107		2,496
Gain on dispositions of properties	(108,104)		(5,595)		(108,104)		(5,595)
Other expense, net(6)	9,372		3,511		10,041		4,890
(Gain) / loss on remeasurement of notes receivable	(92)		445		(561)		2,311
Income from nonconsolidated affiliates	(962)		(1,204)		(2,927)		(1,348)
Loss on remeasurement of investment in nonconsolidated affiliates	119		446		130		1,505
Current tax (benefit) / expense	402		(107)		1,418		462
Deferred tax (benefit) / expense	1,155		(562)		1,074		(804)
Preferred return to preferred OP units / equity interests	3,101		1,645		9,000		4,799
Income attributable to noncontrolling interests	15,290		6,907		22,629		8,806
NOI(1)	$	346,244	$	218,278	$	870,380	$	564,123

	Three Months Ended				Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Real Property NOI(1)	$	295,779	$	204,271	$	753,173	$	538,210
Home Sales NOI(1)	24,532		7,763		58,226		20,790
Service, retail, dining and entertainment NOI(1)	25,933		6,244		58,981		5,123
NOI(1)	$	346,244	$	218,278	$	870,380	$	564,123

3rd 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				Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Net Income Attributable to Sun Communities, Inc. Common Stockholders	$	231,770	$	81,204	$	367,322	$	124,028
Adjustments
Depreciation and amortization	127,091		88,499		378,068		259,453
Loss on extinguishment of debt	—		—		8,108		5,209
Interest expense	39,026		30,214		116,224		94,058
Interest on mandatorily redeemable preferred OP units / equity	1,047		1,047		3,124		3,130
Current tax (benefit) / expense	402		(107)		1,418		462
Deferred tax (benefit) / expense	1,155		(562)		1,074		(804)
Income from nonconsolidated affiliates	(962)		(1,204)		(2,927)		(1,348)
Less: Gain on dispositions of assets, net	(20,526)		(5,511)		(46,245)		(15,251)
Less: Gain on dispositions of properties	(108,104)		(5,595)		(108,104)		(5,595)
EBITDAre(1)	$	270,899	$	187,985	$	718,062	$	463,342
Adjustments
Catastrophic event-related charges, net	328		14		3,097		54
Business combination expense	—		—		1,031		—
(Gain) / loss on remeasurement of marketable securities	(12,072)		(1,492)		(43,227)		2,636
(Gain) / loss on foreign currency translation	7,028		(5,023)		7,107		2,496
Other expense, net(6)	9,372		3,511		10,041		4,890
(Gain) / loss on remeasurement of notes receivable	(92)		445		(561)		2,311
Loss on remeasurement of investment in nonconsolidated affiliates	119		446		130		1,505
Preferred return to preferred OP units / equity interests	3,101		1,645		9,000		4,799
Income attributable to noncontrolling interests	15,290		6,907		22,629		8,806
Plus: Gain on dispositions of assets, net	20,526		5,511		46,245		15,251
Recurring EBITDA(1)	$	314,499	$	199,949	$	773,554	$	506,090

3rd Quarter 2021 Supplemental Information     10          Sun Communities, Inc.

Non-GAAP and Other Financial Measures

3rd Quarter 2021 Supplemental Information     11          Sun Communities, Inc.

Debt Analysis

(amounts in thousands)

	Quarter Ended
	9/30/2021			6/30/2021			3/31/2021			12/31/2020			9/30/2020
Debt Outstanding
Secured debt	$	3,403,436		$	3,457,734		$	3,472,930		$	3,489,983		$	3,238,926
Unsecured debt
Senior unsecured notes	591,252			591,688			—			—			—
Line of credit and other debt(9)	624,837			191,841			875,093			1,197,181			31,775
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	1,286,001			853,441			945,005			1,267,093			101,687
Total debt	$	4,689,437		$	4,311,175		$	4,417,935		$	4,757,076		$	3,340,613
% Fixed / Floating
Fixed	86.7		%	94.7		%	79.3		%	74.0		%	97.6		%
Floating	13.3		%	5.3		%	20.7		%	26.0		%	2.4		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Weighted Average Interest Rates
Secured debt	3.78		%	3.75		%	3.75		%	3.75		%	3.84		%
Senior unsecured notes	2.70		%	2.70		%	—		%	—		%	—		%
Line of credit and other debt(9)	0.98		%	0.93		%	1.77		%	2.11		%	1.34		%
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	3.30		%	3.52		%	3.39		%	3.37		%	3.86		%
Debt Ratios
Net Debt / Recurring EBITDA(1) (TTM)	4.9			5.1			6.1			6.9			5.0
Net Debt / Enterprise Value	17.1		%	16.8		%	19.7		%	21.4		%	18.3		%
Net Debt / Gross Assets	31.2		%	29.6		%	31.8		%	35.5		%	31.6		%
Coverage Ratios
Recurring EBITDA(1) (TTM) / Interest	6.1			5.6			5.0			4.9			4.8
Recurring EBITDA(1) (TTM) / Interest + Pref. Distributions + Pref. Stock Distribution	6.0			5.5			4.8			4.8			4.6

Maturities / Principal Amortization Next Five Years	2021			2022			2023			2024			2025
Secured debt
Maturities	$	—		$	82,155		$	185,619		$	315,330		$	50,529
Principal amortization	15,194			61,411			60,788			57,344			53,933
Line of credit and other debt(9)	331			10,000			10,000			10,000			594,506
Preferred Equity - Sun NG Resorts - mandatorily redeemable	—			—			—			33,428			1,821
Preferred OP units - mandatorily redeemable	—			—			—			27,373			—
Total	$	15,525		$	153,566		$	256,407		$	443,475		$	700,789
Weighted average rate of maturities	—		%	4.46		%	4.08		%	4.47		%	4.04		%

3rd Quarter 2021 Supplemental Information     12          Sun Communities, Inc.

Same Community(2) Summary

(amounts in thousands)

	Three Months Ended
	Total Same Community								MH								RV
	September 30, 2021		September 30, 2020		Change		% Change		September 30, 2021		September 30, 2020		Change		% Change		September 30, 2021		September 30, 2020		Change		% Change
Financial Information
Revenue
Real property (excluding transient)	$	220,291	$	207,407	$	12,884	6.2	%	$	173,979	$	167,051	$	6,928	4.1	%	$	46,312	$	40,356	$	5,956	14.8	%
Real property - transient	87,049		67,408		19,641		29.1	%	238		242		(4)		(1.7)	%	86,811		67,166		19,645		29.2	%
Other	13,352		9,375		3,977		42.4	%	4,845		2,863		1,982		69.2	%	8,507		6,512		1,995		30.6	%
Total Operating	320,692		284,190		36,502		12.8	%	179,062		170,156		8,906		5.2	%	141,630		114,034		27,596		24.2	%
Expense
Property Operating(10)(11)	102,413		90,048		12,365		13.7	%	49,567		43,996		5,571		12.7	%	52,846		46,052		6,794		14.8	%
Real Property NOI(1)	$	218,279	$	194,142	$	24,137	12.4	%	$	129,495	$	126,160	$	3,335	2.6	%	$	88,784	$	67,982	$	20,802	30.6	%

	Nine Months Ended
	Total Same Community								MH								RV
	September 30, 2021		September 30, 2020		Change		% Change		September 30, 2021		September 30, 2020		Change		% Change		September 30, 2021		September 30, 2020		Change		% Change
Financial Information
Revenue
Real property (excluding Transient)	$	652,978	$	615,711	$	37,267	6.1	%	$	518,511	$	495,989	$	22,522	4.5	%	$	134,467	$	119,722	$	14,745	12.3	%
Real property - transient	163,932		117,277		46,655		39.8	%	1,200		1,343		(143)		(10.6)	%	162,732		115,934		46,798		40.4	%
Other	31,077		18,424		12,653		68.7	%	14,472		7,778		6,694		86.1	%	16,605		10,646		5,959		56.0	%
Total Operating	847,987		751,412		96,575		12.9	%	534,183		505,110		29,073		5.8	%	313,804		246,302		67,502		27.4	%
Expense
Property Operating(10)(11)	261,754		228,314		33,440		14.6	%	136,927		124,297		12,630		10.2	%	124,827		104,017		20,810		20.0	%
Real Property NOI(1)	$	586,233	$	523,098	$	63,135	12.1	%	$	397,256	$	380,813	$	16,443	4.3	%	$	188,977	$	142,285	$	46,692	32.8	%

3rd Quarter 2021 Supplemental Information     13          Sun Communities, Inc.

Same Community(2) Summary (continued)

	As of
	September 30, 2021			September 30, 2020			Change			% Change
Other Information
Number of properties	403			403			—
MH occupancy	97.5		%
RV occupancy	100.0		%
MH & RV blended occupancy(3)	98.1		%
Adjusted MH occupancy(3)	98.5		%
Adjusted RV occupancy(3)	100.0		%
Adjusted MH & RV blended occupancy(3)	98.9		%	97.4		%	1.5		%
Sites available for development	7,092			7,453			(361)
Monthly base rent per site - MH	$	606		$	586		$	20		3.4%(13)
Monthly base rent per site - RV(12)	$	528		$	503		$	25		5.0%(13)
Monthly base rent per site - Total(12)	$	588		$	567		$	21		3.7%(13)

3rd Quarter 2021 Supplemental Information     14          Sun Communities, Inc.

Marina Summary

(amounts in thousands except for statistical data)

	Three Months Ended		Nine Months Ended
	September 30, 2021		September 30, 2021
Financial Information
Revenues
Real property (excluding transient)	$	72,888	$	180,908
Real property - transient	6,251		11,376
Other	5,815		11,134
Total Operating	84,954		203,418
Expenses
Property Operating(a)	33,995		85,816
Real Property NOI	50,959		117,602
Service, retail, dining and entertainment
Revenue	74,110		200,702
Expense	60,606		159,632
NOI	13,504		41,070
Marina NOI	$	64,463	$	158,672
Other Information - Marinas			September 30, 2021
Number of properties(b)			120
Total wet slips and dry storage			44,859

(a) Marina results net $4.3 million and $10.5 million of certain utility revenue against the related utility expense in property operating and maintenance expense for the quarter and nine months ended September 30, 2021.

(b) Marina properties consisted of 14 properties acquired in 2021 and 106 properties acquired in 2020.

3rd Quarter 2021 Supplemental Information     15          Sun Communities, Inc.

MH and RV Acquisitions and Other Summary(14)

(amounts in thousands except for statistical data)

	Three Months Ended		Nine Months Ended
	September 30, 2021		September 30, 2021
Financial Information
Revenues
Real property (excluding transient)	$	11,060	$	29,248
Real property - transient	32,772		60,298
Other	4,168		7,357
Total Operating	48,000		96,903
Expenses
Property Operating(a)	21,459		47,565
Real Property NOI	$	26,541	$	49,338
Other Information - MH and RVs			September 30, 2021
Number of properties			61
Occupied sites			7,312
Developed sites			8,357
Occupancy %			87.5		%
Transient sites			9,293

(a) MH and RV Acquisitions and Other results net $1.7 million and $4.1 million of certain utility revenue against the related utility expense in property operating and maintenance expense for the quarter and nine months ended September 30, 2021.

3rd Quarter 2021 Supplemental Information     16          Sun Communities, Inc.

Home Sales Summary

(amounts in thousands except for *)

	Three Months Ended											Nine Months Ended
	September 30, 2021			September 30, 2020			Change			% Change		September 30, 2021			September 30, 2020			Change			% Change
Financial Information
New Homes
New home sales	$	31,433		$	23,734		$	7,699		32.4	%	$	89,166		$	58,536		$	30,630		52.3	%
New home cost of sales	25,856			19,294			6,562			34.0	%	72,799			47,611			25,188			52.9	%
Gross Profit– new homes	5,577			4,440			1,137			25.6	%	16,367			10,925			5,442			49.8	%
Gross margin % – new homes	17.7		%	18.7		%	(1.0)		%			18.4		%	18.7		%	(0.3)		%
Average selling price – new homes*	$	151,850		$	153,123		$	(1,273)		(0.8)	%	$	152,943		$	141,391		$	11,552		8.2	%
Pre-owned Homes
Pre-owned home sales	$	49,666		$	23,928		$	25,738		107.6	%	$	125,980		$	68,243		$	57,737		84.6	%
Pre-owned home cost of sales	25,840			16,943			8,897			52.5	%	70,369			47,839			22,530			47.1	%
Gross Profit – pre-owned homes	23,826			6,985			16,841			241.1	%	55,611			20,404			35,207			172.5	%
Gross margin % – pre-owned homes	48.0		%	29.2		%	18.8		%			44.1		%	29.9		%	14.2		%
Average selling price – pre-owned homes*	$	52,006		$	43,114		$	8,892		20.6	%	$	48,981		$	40,864		$	8,117		19.9	%
Total Home Sales
Revenue from home sales	$	81,099		$	47,662		$	33,437		70.2	%	$	215,146		$	126,779		$	88,367		69.7	%
Cost of home sales	51,696			36,237			15,459			42.7	%	143,168			95,450			47,718			50.0	%
Home selling expenses	4,871			3,662			1,209			33.0	%	13,752			10,539			3,213			30.5	%
Home Sales NOI(1)	$	24,532		$	7,763		$	16,769		216.0	%	$	58,226		$	20,790		$	37,436		180.1	%
Statistical Information
New home sales volume*	207			155			52			33.5	%	583			414			169			40.8	%
Pre-owned home sales volume*	955			555			400			72.1	%	2,572			1,670			902			54.0	%
Total home sales volume*	1,162			710			452			63.7	%	3,155			2,084			1,071			51.4	%

3rd Quarter 2021 Supplemental Information     17          Sun Communities, Inc.

Rental Program Summary

(amounts in thousands except for *)

	Three Months Ended								Nine Months Ended
	September 30, 2021		September 30, 2020		Change		% Change		September 30, 2021		September 30, 2020		Change		% Change
Financial Information
Revenues
Home rent	$	16,369	$	16,171	$	198	1.2	%	$	50,451	$	46,607	$	3,844	8.2	%
Site rent	17,584		19,101		(1,517)		(7.9)	%	55,350		55,699		(349)		(0.6)	%
Total	33,953		35,272		(1,319)		(3.7)	%	105,801		102,306		3,495		3.4	%
Expenses
Rental Program operating and maintenance	5,547		5,328		219		4.1	%	15,332		14,576		756		5.2	%
Rental Program NOI(1)	$	28,406	$	29,944	$	(1,538)	(5.1)	%	$	90,469	$	87,730	$	2,739	3.1	%
Other Information
Number of sold rental homes*	307		225		82		36.4	%	799		581		218		37.5	%
Number of occupied rentals, end of period*									10,123		11,729		(1,606)		(13.7)	%
Investment in occupied rental homes, end of period									$	559,021	$	625,922	$	(66,901)	(10.7)	%
Weighted average monthly rental rate, end of period*									$	1,114	$	1,032	$	82	7.9	%

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.

3rd Quarter 2021 Supplemental Information     18          Sun Communities, Inc.

MH and RV Property Summary
	9/30/2021		6/30/2021		3/31/2021		12/31/2020		9/30/2020
FLORIDA
Properties	131		129		128		128		127
MH & Annual RV Developed sites(15)	40,500		40,171		40,011		39,803		39,517
Occupied MH & Annual RV(15)	39,747		39,402		39,283		39,063		38,743
MH & Annual RV Occupancy %(15)	98.1	%	98.1	%	98.2	%	98.1	%	98.0	%
Transient RV sites	6,163		5,895		5,823		6,011		5,993
Sites for development	1,414		1,414		1,497		1,497		1,427
MICHIGAN
Properties	83		75		74		74		74
MH & Annual RV Developed sites(15)	31,997		29,600		29,092		29,086		29,086
Occupied MH & Annual RV(15)	30,782		28,671		28,145		28,109		28,033
MH & Annual RV Occupancy %(15)	96.2	%	96.9	%	96.7	%	96.6	%	96.4	%
Transient RV sites	554		509		541		546		546
Sites for development	1,481		1,182		1,182		1,182		1,182
CALIFORNIA
Properties	37		36		36		35		34
MH & Annual RV Developed sites(15)	6,760		6,736		6,734		6,675		6,372
Occupied MH & Annual RV(15)	6,642		6,613		6,609		6,602		6,290
MH & Annual RV Occupancy %(15)	98.3	%	98.2	%	98.1	%	98.9	%	98.7	%
Transient RV sites	2,410		2,416		2,418		2,231		2,236
Sites for development	534		127		127		373		373
TEXAS
Properties	26		25		24		24		24
MH & Annual RV Developed sites(15)	8,004		7,947		7,928		7,766		7,659
Occupied MH & Annual RV(15)	7,805		7,731		7,671		7,572		7,427
MH & Annual RV Occupancy %(15)	97.5	%	97.3	%	96.8	%	97.5	%	97.0	%
Transient RV sites	2,131		1,835		1,773		1,810		1,917
Sites for development	1,066		1,194		1,275		1,378		1,378
ONTARIO, CANADA
Properties	16		16		16		15		15
MH & Annual RV Developed sites(15)	4,361		4,302		4,199		4,090		4,067
Occupied MH & Annual RV(15)	4,361		4,302		4,199		4,090		4,067
MH & Annual RV Occupancy %(15)	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Transient RV sites	807		870		964		966		920
Sites for development	1,525		1,525		1,525		1,525		1,593
CONNECTICUT
Properties	16		16		16		16		16
MH & Annual RV Developed sites(15)	1,901		1,901		1,897		1,897		1,898
Occupied MH & Annual RV(15)	1,760		1,757		1,746		1,739		1,736
MH & Annual RV Occupancy %(15)	92.6	%	92.4	%	92.0	%	91.7	%	91.5	%
Transient RV sites	104		104		108		108		107
Sites for development	—		—		—		—		—
MAINE
Properties	13		13		13		13		7
MH & Annual RV Developed sites(15)	2,220		2,204		2,190		2,190		1,092
Occupied MH & Annual RV(15)	2,136		2,127		2,119		2,121		1,089
MH & Annual RV Occupancy %(15)	96.2	%	96.5	%	96.8	%	96.8	%	99.7	%
Transient RV sites	776		792		805		805		819
Sites for development	30		30		30		30		30

3rd Quarter 2021 Supplemental Information     19          Sun Communities, Inc.

MH and RV Property Summary
	9/30/2021		6/30/2021		3/31/2021		12/31/2020		9/30/2020
ARIZONA
Properties	12		14		14		14		13
MH & Annual RV Developed sites(15)	4,071		4,401		4,391		4,323		4,274
Occupied MH & Annual RV(15)	3,853		4,116		4,101		4,030		3,957
MH & Annual RV Occupancy %(15)	94.6	%	93.5	%	93.4	%	93.2	%	92.6	%
Transient RV sites	1,237		1,260		1,270		1,337		1,386
Sites for development	—		—		—		—		—
INDIANA
Properties	12		12		12		12		11
MH & Annual RV Developed sites(15)	3,057		3,087		3,087		3,087		3,087
Occupied MH & Annual RV(15)	2,963		2,970		2,961		2,950		2,957
MH & Annual RV Occupancy %(15)	96.9	%	96.2	%	95.9	%	95.6	%	95.8	%
Transient RV sites	1,089		1,089		1,089		1,089		534
Sites for development	204		277		277		277		277
COLORADO
Properties	10		10		10		10		10
MH & Annual RV Developed sites(15)	2,552		2,453		2,453		2,453		2,453
Occupied MH & Annual RV(15)	2,431		2,420		2,395		2,380		2,365
MH & Annual RV Occupancy %(15)	95.3	%	98.7	%	97.6	%	97.0	%	96.4	%
Transient RV sites	987		987		962		962		930
Sites for development	1,629		1,225		1,250		1,250		1,282
NEW HAMPSHIRE
Properties	10		10		10		10		10
MH & Annual RV Developed sites(15)	1,777		1,777		1,776		1,777		1,833
Occupied MH & Annual RV(15)	1,769		1,769		1,769		1,767		1,822
MH & Annual RV Occupancy %(15)	99.5	%	99.5	%	99.6	%	99.4	%	99.4	%
Transient RV sites	602		602		456		460		404
Sites for development	111		151		151		151		151
NEW YORK
Properties	10		10		10		9		9
MH & Annual RV Developed sites(15)	1,457		1,457		1,452		1,419		1,414
Occupied MH & Annual RV(15)	1,432		1,428		1,415		1,380		1,371
MH & Annual RV Occupancy %(15)	98.3	%	98.0	%	97.5	%	97.3	%	97.0	%
Transient RV sites	1,684		1,684		1,689		1,422		900
Sites for development	371		371		371		371		371
OHIO
Properties	9		9		9		9		9
MH & Annual RV Developed sites(15)	2,796		2,797		2,797		2,790		2,790
Occupied MH & Annual RV(15)	2,753		2,770		2,760		2,755		2,758
MH & Annual RV Occupancy %(15)	98.5	%	99.0	%	98.7	%	98.7	%	98.9	%
Transient RV sites	129		128		128		135		135
Sites for development	22		22		22		22		22
OTHER STATES
Properties	79		80		80		77		73
MH & Annual RV Developed sites(15)	16,488		17,422		17,310		16,896		16,484
Occupied MH & Annual RV(15)	16,178		16,934		16,796		16,394		15,977
MH & Annual RV Occupancy %(15)	98.1	%	97.2	%	97.0	%	97.0	%	96.9	%
Transient RV sites	9,249		8,861		8,269		7,161		6,901
Sites for development	1,925		1,925		1,969		1,969		2,044

3rd Quarter 2021 Supplemental Information     20          Sun Communities, Inc.

MH and RV Property Summary
	9/30/2021			6/30/2021		3/31/2021		12/31/2020		9/30/2020
TOTAL - MH AND RV PORTFOLIO
Properties	464			455		452		446		432
MH & Annual RV Developed sites(15)	127,941			126,255		125,317		124,252		122,026
Occupied MH & Annual RV(15)	124,612			123,010		121,969		120,952		118,592
MH & Annual RV Occupancy %(15)	97.4	%	(16)	97.4	%	97.3	%	97.3	%	97.2	%
Transient RV sites	27,922			27,032		26,295		25,043		23,728
Sites for development(17)	10,312			9,443		9,676		10,025		10,130
% Communities age restricted	32.3	%		32.5	%	32.7	%	33.2	%	33.6	%

Marina Property Summary(a)
	9/30/2021	06/30/2021	3/31/2021	12/31/2020
FLORIDA
Properties	19	18	16	14
Total wet slips and dry storage spaces	4,493	4,186	3,837	3,585
RHODE ISLAND
Properties	12	11	11	11
Total wet slips and dry storage spaces	3,417	3,207	2,829	2,829
CONNECTICUT
Properties	11	11	11	11
Total wet slips and dry storage spaces	3,278	3,262	3,262	3,262
MASSACHUSETTS
Properties	9	9	9	7
Total wet slips and dry storage spaces	2,650	2,650	2,650	2,223
NEW YORK
Properties	8	8	8	8
Total wet slips and dry storage spaces	2,630	2,629	2,629	2,629
MARYLAND
Properties	8	8	8	8
Total wet slips and dry storage spaces	2,139	2,110	2,110	2,110
OTHER STATES
Properties	53	49	47	47
Total wet slips and dry storage spaces	26,252	23,389	22,851	22,851
TOTAL - MARINA PORTFOLIO
Properties	120	114	110	106
Total wet slips and dry storage spaces	44,859	41,433	40,168	39,489

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

3rd Quarter 2021 Supplemental Information     21          Sun Communities, Inc.

Capital Improvements, Development and Acquisitions

(amounts in thousands except for *)

	Nine Months Ended				Year Ended				Year Ended
	September 30, 2021				December 31, 2020				December 31, 2019
	MH / RV		Marina		MH / RV		Marina		MH / RV
Recurring Capital Expenditures Average / Site*	$	258	$	259	$	265	N/A		$	345
Recurring Capital Expenditures(18)	$	31,484	$	10,292	$	31,398	$	2,074	$	30,382
Lot Modifications(19)	$	20,274	N/A		$	29,414	N/A		$	22,837
Acquisitions(20)(a)	$	508,773	$	711,366	$	571,930	$	2,533,741	$	938,966
Expansion and Development(21)	$	135,758	$	9,866	$	248,146	$	—	$	281,808
Growth Projects(22)	$	19,900	$	37,771	$	28,315	$	—	$	9,638

(a)Acquisitions includes intangibles and goodwill included in purchase price.

3rd 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	1,851	572	153	177	1,415
Michigan	327	154	43	1,334	196
Ontario, Canada	526	180	93	6	420
Texas	278	233	71	344	69
Arizona	88	124	30	35	171
Indiana	46	31	7	220	13
Ohio	68	(2)	1	109	15
California	100	22	23	8	109
Colorado	3	51	43	23	36
Connecticut	26	21	29	2	44
New York	90	25	10	7	9
New Hampshire	—	2	4	—	37
Maine	80	15	10	9	3
Other states	837	245	66	298	176
Nine Months Ended September 30, 2021	4,320	1,673	583	2,572	2,713

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	2.9	%	8.3	%
2020	3.3	%	6.9	%
2019	2.6	%	6.6	%

3rd 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.

3rd 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 for 2021 is derived from 119,584 developed sites, of which 117,300 were occupied. The adjusted MH and RV blended occupancy percentage is derived from 118,641 developed sites, of which 117,300 were occupied. The number of developed sites excludes RV transient sites and over 900 recently completed but vacant MH expansion sites.

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.

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

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

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

	Three Months Ended				Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Contingent consideration expense	$	(9,196)	$	(2,724)	$	(9,339)	$	(2,890)
Long term lease termination expense	—		(160)		—		(433)
Repair reserve on repossessed homes	(176)		(627)		(702)		(1,567)
Other expenses, net	$	(9,372)	$	(3,511)	$	(10,041)	$	(4,890)

(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)Other adjustments, net was as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Contingent consideration expense	$	9,196	$	2,724	$	9,339	$	2,890
Long term lease termination expense	—		160		—		433
Deferred tax (benefit) / expense	1,155		(562)		1,074		(804)
RV rebranding non-recurring cost	1,092		—		1,092		—
deferred compensation amortization upon retirement	—		—		—		300
Other adjustments, net	$	11,443	$	2,322	$	11,505	$	2,819

(9)Line of credit and other debt includes borrowings under the Company's $2.0 billion credit facility, a $12.0 million MH floor plan facility, and a $35.3 million unsecured term loan which had been secured prior to July 1, 2021.

(10)Same Community results net $19.1 million and $18.3 million of certain utility revenue against the related utility expense in property operating and maintenance expense for the three months ended September 30, 2021 and 2020, respectively. Same Community results net $52.2 million and $47.3 million of utility revenue against the related utility expense in property operating and maintenance expense for the nine months ended September 30, 2021 and 2020, respectively.

(11)Same Community supplies and repair expense excludes $0.4 million and $1.2 million for the three and nine months ended September 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.

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

3rd Quarter 2021 Supplemental Information     25          Sun Communities, Inc.

(13)Calculated using actual results without rounding.

(14)MH and RV acquisitions and other is comprised of 21 properties acquired in 2021, one property acquired in which the Company has an interest in, but does not operate in 2021, 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, two properties undergoing redevelopment, and other miscellaneous transactions and activity.

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

(16)As of September 30, 2021, total portfolio MH occupancy was 96.6 percent inclusive of the impact of nearly 1,200 recently constructed but vacant MH expansion sites, and annual RV occupancy was 100.0 percent.

(17)Total sites for development were comprised of approximately 73.1 percent for expansion, 20.8 percent for greenfield development and 6.1 percent for redevelopment.

(18)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.

(19)Lot modification capital expenditures are incurred to modify the foundational structures required to set a new home after a previous home has been removed. These expenditures are necessary to create a revenue stream from a new site renter and often improve the quality of the community. Other lot modification expenditures include land improvements added to annual RV sites to aid in the conversion of transient RV guests to annual contracts.

(20)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 nine months ended September 30, 2021 include $54.3 million at our MH and RV properties and $69.9 million at our marina properties. Expenditures consist 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; lot modifications; 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.

(21)Expansion and development expenditures consist primarily of construction costs such as roads, activities, and amenities, and costs necessary to complete home and RV site improvements, such as driveways, sidewalks and landscaping at our MH communities and RV resorts. Expenditures also include costs to rebuild after damage has been incurred at MH, RV or marina properties.

(22)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.

3rd Quarter 2021 Supplemental Information     26          Sun Communities, Inc.

XML

Document and Entity Information Document	Oct. 25, 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	Oct. 25, 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