The following discussion and analysis of the consolidated financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and the accompanying Notes, along with our 2025 Annual Report. OVERVIEW We are a fully integrated REIT. As of June 30, 2026, we owned and operated, directly or indirectly, or held an interest in, a portfolio of 455 developed properties located in the U.S. and Canada including 295 MH communities and 160 RV communities. At that date, we also owned, operated, or held an interest in a portfolio of 54 UK properties, which were classified within discontinued operations as of June 30, 2026. We have been in the business of operating, acquiring, developing and expanding MH and RV communities since 1975. We lease individual parcels of land, or sites, with utility access for the placement of manufactured homes and RVs to our MH and RV customers. Our MH communities are designed to offer affordable housing to individuals and families, while also providing certain amenities. In the U.S., we are also engaged in the marketing, selling and leasing of new and pre-owned homes to current and future residents in our MH communities. The rental program operations within our MH communities support and enhance our occupancy levels, property performance and cash flows. Our RV communities are designed to offer affordable vacation opportunities to individuals and families complemented by a diverse selection of high-quality amenities. Over the past several years, we have shifted our strategy toward optimizing the value of our core business through achieving strong rental rate growth and operating efficiencies, while also pursuing select new acquisition opportunities that meet our capital investment criteria. In 2025, the Safe Harbor Sale advanced our strategy of focusing on our core business and enhanced our leverage profile and financial flexibility. We believe we are positioned for organic growth in 2026 with expected rental rate increases, occupancy gains, and expense management as we focus on increasing long-term value for shareholders. PARK HOLIDAYS SALE During the three months ended June 30, 2026, we announced the Park Holidays Sale. The Park Holidays Sale represents the expected disposition of our UK business and a strategic shift in operations. Accordingly, the results of the UK business and assets and liabilities included in the disposition are presented as held for sale and as discontinued operations for all periods presented herein. Unless otherwise noted, all amounts, percentages, and discussions below reflect only the results of operations and financial condition of our continuing operations. The Park Holidays Sale is subject to receipt of regulatory approval from the UK Financial Conduct Authority, and is expected to close in the second half of 2026. The Park Holidays Sale accelerates our strategy of focusing on our core North American MH and RV portfolio and enhances our liquidity and credit profile. After the closing of the Park Holidays Sale, the majority of our total NOI will be generated by Real Property NOI from properties located within the U.S. SIGNIFICANT ACCOUNTING POLICIES We have identified significant accounting policies that, as a result of the judgments, uncertainties, and complexities of the underlying accounting standards and operations involved could result in material changes to our financial condition or results of operations under different conditions or using different assumptions. Details regarding significant accounting policies are described fully in our Annual Report on Form 10-K for the year ended December 31, 2025. NON-GAAP FINANCIAL MEASURES In addition to the results reported in accordance with GAAP in our "Results of Operations" below, we have provided information regarding NOI and funds from operations ("FFO") as supplemental performance measures. We believe NOI and FFO are appropriate measures given their wide use by and relevance to investors and analysts following the real estate industry. NOI provides a measure of rental operations and does not factor in depreciation, amortization, and non-property specific expenses such as general and administrative expenses. FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation / amortization of real estate assets. In addition, NOI, and FFO are commonly used in various ratios, pricing multiples / yields and returns, and valuation calculations used to measure financial position, performance, and value. 30 SUN COMMUNITIES, INC. NOI Total Portfolio NOI - NOI is derived from property operating revenues minus property operating expenses and real estate taxes. NOI is a non-GAAP financial measure that we believe 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. We use 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 our properties rather than of the Company overall. We believe that NOI provides enhanced comparability for investor evaluation of property performance and growth over time. We believe 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 our financial performance or GAAP net cash provided by operating activities as a measure of our liquidity; nor is it indicative of funds available for our cash needs, including our 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. Same Property NOI - This is a key management tool used when evaluating the performance and growth of our Same Property portfolio. We define same properties as those we have owned and operated continuously since January 1, 2025. Same properties exclude ground-up development properties, acquired properties, properties classified as discontinued operations, properties impacted by catastrophic weather events, and properties sold after December 31, 2024. The Same Property data may change from time-to-time depending on acquisitions, dispositions, management discretion, significant transactions, or unique situations. Same Property NOI does not include the revenues and expenses related to home sales and ancillary activities at the properties. We believe that Same Property NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the Same Property portfolio from one period to the next. FFO 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 certain real estate assets, real estate related depreciation and amortization, gains (or losses) from change in control, impairments of certain real estate assets and investments, and adjustments for nonconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure that management believes is a useful supplemental measure of our operating performance. By excluding gains and losses related to sales of previously depreciated operating real estate assets, real estate related impairment and 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. Core FFO - In addition to FFO, we use FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of our core business ("Core FFO") to evaluate our performance. These adjustments include acquisition and other transaction costs, gains and losses from the early extinguishment of debt, costs related to catastrophic weather events, net of insurance recoveries, gains and losses on foreign currency exchanges, and other miscellaneous non-comparable items, such as restructuring costs. We believe that FFO and Core FFO provide enhanced comparability for investor evaluations of period-over-period results. We believe 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 financial performance measure or GAAP cash flow from operating activities as a measure of our liquidity. 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. Furthermore, 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 our interpretation of standards established by Nareit, which may not be comparable to FFO reported by other REITs that interpret the Nareit definition differently. Certain financial information has been revised to reflect reclassifications in prior periods to conform to current period presentation. 31 SUN COMMUNITIES, INC. RESULTS OF OPERATIONS The following tables reconcile the Net income / (loss) attributable to SUI common shareholders to NOI and summarize our consolidated financial results for the three and six months ended June 30, 2026 and 2025 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net Income / (Loss) Attributable to SUI Common Shareholders $ (992.7) $ 1,273.6 $ (1,001.4) $ 1,230.8 Interest income (6.2) (16.4) (13.4) (20.8) Brokerage commissions and other revenues, net (3.3) (13.3) (5.0) (14.9) General and administrative 49.9 50.6 108.5 97.6 Catastrophic event-related charges, net 0.8 0.4 1.3 0.3 Depreciation and amortization 123.9 117.3 245.3 232.0 Asset impairments 17.9 33.4 18.2 57.4 Loss on extinguishment of debt — 102.4 — 102.4 Interest expense 38.1 54.4 76.5 132.9 (Gain) / loss on foreign currency exchanges (13.3) (39.4) 10.6 (48.1) Loss on disposition of properties 22.0 1.3 20.9 2.1 Other (income) / expense, net 0.1 (6.9) (8.4) (12.6) Loss on remeasurement of notes receivable 2.9 1.4 2.8 1.6 Income from nonconsolidated affiliates (6.1) (3.8) (12.2) (6.8) Loss on remeasurement of investment in nonconsolidated affiliates 1.7 1.5 1.5 1.5 Current tax expense 0.6 2.6 1.5 3.8 Deferred tax (benefit) / expense — 0.1 (0.1) — Net (income) / loss from discontinued operations, net 1,067.2 (1,360.3) 1,091.9 (1,340.4) Add: Preferred return to preferred OP units / equity interests 2.5 3.2 5.2 6.3 Add: Income / (loss) attributable to noncontrolling interests (34.7) 53.5 (35.0) 51.6 NOI $ 271.3 $ 255.6 $ 508.7 $ 476.7 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Real property NOI $ 260.6 $ 241.4 $ 497.0 $ 458.7 Home sales NOI 3.3 6.8 4.9 11.0 Ancillary NOI 7.4 7.4 6.8 7.0 NOI $ 271.3 $ 255.6 $ 508.7 $ 476.7 Seasonality of Revenue The RV segment is seasonal and the results of operations in any one period may not be indicative of results in future periods. In the RV segment, certain properties maintain higher occupancy during the summer months, while other properties maintain higher occupancy during the winter months. Based on the location of our properties with transient RV sites, our portfolio generally produces higher revenues between April and September than between October and March. During the six months ended June 30, 2026, we recognized aggregate Real property - transient revenue from our RV segment of $28.9 million in the first quarter and $60.6 million in the second quarter. During the year ended December 31, 2025, we recognized Real property - transient revenue as follows: Real property - transient revenue (in millions) During the Three Months Ended Year March 31 June 30 September 30 December 31 Total 2025 $ 230.4 12.4 % 27.6 % 46.2 % 13.8 % 100.0 % 32 SUN COMMUNITIES, INC. Real Property Operations - Total Portfolio The following tables reflect certain financial and other information for our real estate operations by segment as of and for the three and six months ended June 30, 2026 and 2025 (in millions, except for statistical information). Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 MH RV Total MH RV Total Revenues Real property (excluding transient) $ 271.2 $ 90.9 $ 362.1 $ 249.8 $ 85.5 $ 335.3 Real property - transient 0.2 60.4 60.6 0.2 63.4 63.6 Total operating revenues 271.4 151.3 422.7 250.0 148.9 398.9 Expenses Property operating expenses 84.9 77.2 162.1 81.5 76.0 157.5 Real Property NOI $ 186.5 $ 74.1 $ 260.6 $ 168.5 $ 72.9 $ 241.4 Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 MH RV Total MH RV Total Revenues Real property (excluding transient)(1) $ 540.5 $ 172.2 $ 712.7 $ 498.6 $ 159.3 $ 657.9 Real property - transient 0.7 88.8 89.5 0.7 91.5 92.2 Total operating revenues 541.2 261.0 802.2 499.3 250.8 750.1 Expenses Property operating expenses 169.0 136.2 305.2 158.2 133.2 291.4 Real Property NOI $ 372.2 $ 124.8 $ 497.0 $ 341.1 $ 117.6 $ 458.7 As of June 30, 2026 As of June 30, 2025 MH RV Total MH RV Total Number of Properties 295 160 455 284 164 448 Sites Sites(1) 100,860 32,510 133,370 97,380 32,100 129,480 Transient sites N/A 22,760 22,760 N/A 23,440 23,440 Total 100,860 55,270 156,130 97,380 55,540 152,920 Occupancy 97.3 % 100.0 % 97.9 % 97.4 % 100.0 % 98.1 % N/M = Not meaningful. N/A = Not applicable. (1) MH annual sites included 13,130 and 11,567 rental homes in our rental program as of June 30, 2026 and 2025, respectively. Our gross investment in occupied rental homes at June 30, 2026 was $979.3 million, an increase of 20.5% from $812.5 million at June 30, 2025. For the three months ended June 30, 2026, the $19.2 million, or 8.0% increase in Real Property NOI as compared to the same period in 2025, consists of an increase of $14.8 million from Same Property MH NOI, an NOI increase of $4.7 million, net from other recently acquired or developed properties and other items, partially offset by a decrease of $0.4 million from Same Property RV NOI. For the six months ended June 30, 2026, the $38.3 million, or 8.3% increase in Real Property NOI as compared to the same period in 2025, consists of an increase of $25.7 million from Same Property MH NOI, an increase of $2.3 million from Same Property RV NOI, and an NOI increase of $10.2 million, net from other recently acquired or developed properties and other items. 33 SUN COMMUNITIES, INC. Real Property Operations - Same Property Portfolio In order to evaluate the growth of the Same Property portfolio, management has classified certain items differently than our GAAP statements. The reclassification difference between our GAAP statements and our Same Property portfolio is the reclassification of utility revenues from real property revenue to operating expenses. A significant portion of our utility charges are re-billed to our residents. The following tables reflect certain financial and other information for our Same Property MH and RV portfolios as of and for the three and six months ended June 30, 2026 and 2025 (in millions, except for statistical information): Three Months Ended June 30, 2026 2025 Total Change % Change(2) MH(1) RV(1) Total MH(1) RV(1) Total MH RV Total Same Property Revenues Real property (excluding transient) $ 246.1 $ 80.4 $ 326.5 $ 231.7 $ 77.4 $ 309.1 $ 17.4 6.2 % 3.8 % 5.6 % Real property - transient 0.2 57.3 57.5 0.2 60.2 60.4 (2.9) 22.1 % (4.8) % (4.7) % Total Same Property operating revenues 246.3 137.7 384.0 231.9 137.6 369.5 14.5 6.2 % — % 3.9 % Same Property Expenses Payroll and benefits 14.6 22.5 37.1 15.4 23.1 38.5 (1.4) (5.7) % (2.8) % (4.0) % Real estate taxes 19.6 6.9 26.5 19.1 6.8 25.9 0.6 2.4 % 1.5 % 2.2 % Supplies and repairs 13.4 10.0 23.4 11.8 8.8 20.6 2.8 14.0 % 14.3 % 14.1 % Utilities 5.4 12.7 18.1 5.3 11.8 17.1 1.0 2.8 % 7.6 % 6.1 % Legal, state / local taxes, and insurance 6.9 2.3 9.2 7.9 3.0 10.9 (1.7) (13.2) % (24.1) % (16.1) % Other 3.1 12.2 15.3 3.9 12.6 16.5 (1.2) (19.5) % (3.0) % (6.8) % Same Property operating expenses(1) 63.0 66.6 129.6 63.4 66.1 129.5 0.1 (0.7) % 0.8 % 0.1 % Real Property NOI(3) $ 183.3 $ 71.1 $ 254.4 $ 168.5 $ 71.5 $ 240.0 $ 14.4 8.8 % (0.7) % 6.0 % Six Months Ended June 30, 2026 2025 Total Change % Change(2) MH(1) RV(1) Total MH(1) RV(1) Total MH RV Total Same Property Revenues Real property (excluding transient) $ 489.1 $ 151.9 $ 641.0 $ 459.5 $ 144.7 $ 604.2 $ 36.8 6.4 % 5.0 % 6.1 % Real property - transient 0.7 82.9 83.6 0.7 86.3 87.0 (3.4) 4.5 % (3.9) % (3.9) % Total Same Property operating revenues 489.8 234.8 724.6 460.2 231.0 691.2 33.4 6.4 % 1.7 % 4.8 % Same Property Expenses Payroll and benefits 29.6 38.5 68.1 29.4 39.1 68.5 (0.4) 0.8 % (1.4) % (0.4) % Real estate taxes 39.0 13.8 52.8 36.7 13.4 50.1 2.7 6.4 % 2.5 % 5.3 % Supplies and repairs 24.7 15.9 40.6 21.2 14.2 35.4 5.2 16.5 % 11.8 % 14.6 % Utilities 10.3 23.5 33.8 10.9 22.2 33.1 0.7 (5.6) % 5.8 % 2.1 % Legal, state / local taxes, and insurance 14.3 4.9 19.2 15.4 5.9 21.3 (2.1) (7.5) % (16.6) % (10.0) % Other 6.0 19.6 25.6 6.4 19.9 26.3 (0.7) (5.2) % (1.4) % (2.3) % Same Property operating expenses(1) 123.9 116.2 240.1 120.0 114.7 234.7 5.4 3.3 % 1.3 % 2.3 % Real Property NOI(4) $ 365.9 $ 118.6 $ 484.5 $ 340.2 $ 116.3 $ 456.5 $ 28.0 7.5 % 2.0 % 6.1 % (1) We net certain utilities revenues (which include utility reimbursement revenues from residents) against related utility expenses in property operating expenses as follows (in millions): Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 MH RV Total MH RV Total Utility revenue netted against related utility expense $ 19.2 $ 5.4 $ 24.6 $ 17.6 $ 5.3 $ 22.9 Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 MH RV Total MH RV Total Utility revenue netted against related utility expense $ 40.0 $ 10.0 $ 50.0 $ 37.1 $ 9.6 $ 46.7 (2) Percentages are calculated based on unrounded numbers. 34 SUN COMMUNITIES, INC. As of June 30, 2026 2025 MH RV MH RV Number of properties 282 152 282 152 Sites MH and annual RV sites 97,190 30,790 97,070 30,850 Transient RV sites N/A 21,240 N/A 21,440 Total 97,190 52,030 97,070 52,290 MH and Annual RV Occupancy Occupancy(1) 97.8 % 100.0 % 97.4 % 100.0 % Average monthly base rent per site $ 766 $ 700 $ 730 $ 679 % change in monthly base rent(2) 4.9 % 3.2 % N/A N/A Rental Program Statistics included in MH Number of occupied sites, end of period(3) 12,750 N/A 11,540 N/A Monthly rent per home and site - MH rental program $ 1,409 N/A $ 1,374 N/A % change(3) 2.5 % N/A N/A N/A N/A = Not applicable. (1) Same Property adjusted blended occupancy for MH and RV combined was 98.8% at June 30, 2026, down 10 basis points from 98.9% at June 30, 2025. Same Property blended occupancy for MH and RV was 98.3% at June 30, 2026, up 30 basis points from 98.0% at June 30, 2025. (2) Percentages are calculated based on unrounded numbers. (3) Occupied rental program sites in Same Property are included in total sites. Same Property NOI For the three months ended June 30, 2026 and 2025: •The MH segment increase in NOI of $14.8 million, or 8.8%, when compared to the same period in 2025 is primarily due to an increase in Real property (excluding transient) revenue of $14.4 million, or 6.2% and NOI outperformance in our Rental Program. Real property (excluding transient) revenue increased primarily due to a 4.9% increase in monthly base rent and occupancy gains on a year-over-year basis. •The RV segment decrease in NOI of $0.4 million, or 0.7%, when compared to the same period in 2025 is primarily due to a decrease in Transient revenue of $2.9 million, or 4.8% and an increase in Same Property operating expenses of $0.5 million, or 0.8%, partially offset by an increase in Real property (excluding transient) revenue of $3.0 million, or 3.8%. The increase in Same Property operating expenses was primarily due to an increase in supplies and repairs expense. For the six months ended June 30, 2026 and 2025: •The MH segment increase in NOI of $25.7 million, or 7.5%, when compared to the same period in 2025 is primarily due to an increase in Real property (excluding transient) revenue of $29.6 million, or 6.4% and NOI outperformance in our Rental Program, partially offset by an increase in Same Property operating expenses of $3.9 million, or 3.3%. Real property (excluding transient) revenue increased primarily due to a 4.9% increase in monthly base rent and occupancy gains on a year-over-year basis. •The RV segment increase in NOI of $2.3 million, or 2.0%, when compared to the same period in 2025 is primarily due to an increase in Real property (excluding transient) revenue of $7.2 million, or 5.0%, partially offset by an increase in Same Property operating expenses of $1.5 million, or 1.3%. The increase in Real property (excluding transient) revenue was primarily due to a 3.2% increase in monthly base rent. The increase in Same Property operating expenses was primarily due to increases in supplies and repairs expense and utilities expense, net of reimbursements. 35 SUN COMMUNITIES, INC. Home Sales Summary We sell new and pre-owned homes to current and prospective residents and customers in our communities. This inventory is purchased from manufacturers, lenders, dealers, former residents, or customers. The following table reflects certain financial and statistical information for our home sales program for the three and six months ended June 30, 2026 and 2025 (in millions, except for average selling price and statistical information): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change % Change 2026 2025 Change % Change Financial Information Home sales $ 27.8 $ 41.8 $ (14.0) (33.5) % $ 54.3 $ 70.5 $ (16.2) (23.0) % Home cost and selling expenses 24.5 35.0 (10.5) (30.0) % 49.4 59.5 (10.1) (17.0) % NOI(a) $ 3.3 $ 6.8 $ (3.5) (51.5) % $ 4.9 $ 11.0 $ (6.1) (55.5) % NOI margin % 11.9 % 16.3 % (4.4) % 9.0 % 15.6 % (6.6) % Other Information Units Sold: 326 480 (154) (32.1) % 618 827 (209) (25.3) % Average Selling Price: $ 85,276 $ 87,083 $ (1,807) (2.1) % $ 87,864 $ 85,248 $ 2,616 3.1 % Home sales NOI For the three months ended June 30, 2026, the 51.5% decrease in NOI was primarily driven by a 32.1% decrease in units sold, and a 4.4% decrease in NOI margin, primarily driven by fewer available sites in conjunction with reduced expansion and development activity. For the six months ended June 30, 2026, the 55.5% decrease in NOI was primarily driven by a 25.3% decrease in units sold, and a 6.6% decrease in NOI margin, primarily driven by fewer available sites in conjunction with reduced expansion and development activity. Other Items - Statements of Operations(1) The following table summarizes other income and expenses for the three and six months ended June 30, 2026 and 2025 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change % Change 2026 2025 Change % Change Revenues Ancillary, net $ 7.4 $ 7.4 $ — — % $ 6.8 $ 7.0 $ (0.2) (2.9) % Interest $ 6.2 $ 16.4 $ (10.2) (62.2) % $ 13.4 $ 20.8 $ (7.4) (35.6) % Brokerage commissions and other, net $ 3.3 $ 13.3 $ (10.0) (75.2) % $ 5.0 $ 14.9 $ (9.9) (66.4) % Expenses General and administrative expense $ 49.9 $ 50.6 $ (0.7) (1.4) % $ 108.5 $ 97.6 $ 10.9 11.2 % Catastrophic event-related charges, net $ 0.8 $ 0.4 $ 0.4 100.0 % $ 1.3 $ 0.3 $ 1.0 333.3 % Depreciation and amortization $ 123.9 $ 117.3 $ 6.6 5.6 % $ 245.3 $ 232.0 $ 13.3 5.7 % Asset impairments $ 17.9 $ 33.4 $ (15.5) (46.4) % $ 18.2 $ 57.4 $ (39.2) (68.3) % Loss on extinguishment of debt $ — $ 102.4 $ (102.4) (100.0) % $ — $ 102.4 $ (102.4) (100.0) % Interest $ 38.1 $ 54.4 $ (16.3) (30.0) % $ 76.5 $ 132.9 $ (56.4) (42.4) % Other Items Gain / (loss) on foreign currency exchanges $ 13.3 $ 39.4 $ (26.1) (66.2) % $ (10.6) $ 48.1 $ (58.7) (122.0) % Loss on dispositions of properties, net $ (22.0) $ (1.3) $ (20.7) N/M $ (20.9) $ (2.1) $ (18.8) N/M Other income / (expense), net $ (0.1) $ 6.9 $ (7.0) N/M $ 8.4 $ 12.6 $ (4.2) (33.3) % Loss on remeasurement of notes receivable $ (2.9) $ (1.4) $ (1.5) (107.1) % $ (2.8) $ (1.6) $ (1.2) 75.0 % Income from nonconsolidated affiliates $ 6.1 $ 3.8 $ 2.3 60.5 % $ 12.2 $ 6.8 $ 5.4 79.4 % Gain / (loss) on remeasurement of investment in nonconsolidated affiliates $ (1.7) $ (1.5) $ (0.2) 13.3 % $ (1.5) $ (1.5) $ — 79.4 % Current tax expense $ (0.6) $ (2.6) $ 2.0 (76.9) % $ (1.5) $ (3.8) $ 2.3 (60.5) % Deferred tax benefit / (expense) $ — $ (0.1) $ 0.1 (100.0) % $ 0.1 $ — $ 0.1 N/A Income / (loss) from discontinued operations, net $ (1,067.2) $ 1,360.3 $ (2,427.5) N/M $ (1,091.9) $ 1,340.4 $ (2,432.3) (181.5) % Preferred return to preferred OP units / equity interests $ 2.5 $ 3.2 $ (0.7) (21.9) % $ 5.2 $ 6.3 $ (1.1) (17.5) % Income / (loss) attributable to noncontrolling interests $ (34.7) $ 53.5 $ (88.2) N/M $ (35.0) $ 51.6 $ (86.6) N/M (1)Only items determined by management to be material, of interest, or unique to the periods disclosed above are explained below. N/M = Percentage change is not meaningful. N/A = Not applicable 36 SUN COMMUNITIES, INC. Interest income - for the three and six months ended June 30, 2026, decreased due to a lower cash balance in 2026 after deploying cash to acquire new properties, pay down debt, and repurchase shares of our common stock. Refer to Note 7, "Debt and Line of Credit," and Note 8, "Equity and Temporary Equity," in our accompanying Condensed Consolidated Financial Statements for additional information. Brokerage commissions and other, net - for the three and six months ended June 30, 2026, decreased primarily due to the receipt of business interruption insurance proceeds from properties impacted by Hurricane Ian in 2025, that did not recur in the current period. General and administrative expense - for the six months ended June 30, 2026, increased primarily due to accelerated share-based compensation expense of $13.8 million and severance costs of $4.4 million related to executive leadership transitions in 2026. Refer to Note 9, "Share-Based Compensation," in our accompanying Condensed Consolidated Financial Statements for additional information. Asset impairments - for the three and six months ended June 30, 2026, decreased due to asset impairment charges of $32.2 million related to three RV properties in 2025 as compared to asset impairment charges of $14.1 million at two MH and RV land development parcels in 2026. Refer to Note 13, "Fair Value Measurements," in our accompanying Condensed Consolidated Financial Statements for additional information. Loss on extinguishment of debt - for the three and six months ended June 30, 2026, decreased due to the recognition of early extinguishment premiums related to the settlement of $3.2 billion of debt obligations in 2025 that did not recur in 2026. Interest expense - for the three and six months ended June 30, 2026, decreased primarily due to the settlement of $3.2 billion in debt obligations in 2025 using proceeds generated from the Safe Harbor Sale. Gain / (loss) on foreign currency exchanges - for the three and six months ended June 30, 2026, was a gain of $13.3 million and loss of $10.6 million, respectively, as compared to a gain of $39.4 million and $48.1 million, respectively, during the same periods in 2025, primarily due to the fluctuation of the U.S. dollar versus the British pound sterling. Loss on dispositions of properties, net - for the three and six months ended June 30, 2026, increased due to a loss of $22.0 million for the three months ended June 30, 2026, primarily driven by the disposition of a portfolio of five RV properties that we operated in joint ventures. Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Condensed Consolidated Financial Statements for additional information. Other income / (expense), net - for the three and six months ended June 30, 2026, was an expense of $0.1 million and income of $8.4 million, respectively, as compared to income of $6.9 million and $12.6 million, respectively, during the same periods in 2025, primarily due to an insurance recovery gain of $6.7 million in 2026, compared to cash flow hedge extinguishment gains of $7.4 million and contingent consideration gains of $6.0 million in 2025. Income from nonconsolidated affiliates - for the three and six months ended June 30, 2026, was income of $6.1 million and $12.2 million, respectively, as compared to income of $3.8 million and $6.8 million, respectively, during the same periods in 2025, primarily due to the improved performance of our Sungenia JV. Refer to Note 6, "Investments in Nonconsolidated Affiliates," in our accompanying Condensed Consolidated Financial Statements for additional information. Current tax expense - for the three and six months ended June 30, 2026, was an expense of $0.6 million and $1.5 million, respectively, as compared to an expense of $2.6 million and $3.8 million, respectively, during the same periods in 2025, primarily due to increased tax obligations resulting from the Safe Harbor Sale in 2025. Income / (loss) from discontinued operations, net - for the three months ended June 30, 2026, was a loss of $1.1 billion, as compared to a gain of $1.4 billion in the same period in 2025, primarily due to a valuation allowance charge to adjust our UK assets to estimated fair value less costs to sell in 2026, as compared to a $1.4 billion gain recognized on the initial closing of the Safe Harbor Sale during the same period in 2025. 37 SUN COMMUNITIES, INC. RECONCILIATION OF NET INCOME / (LOSS) ATTRIBUTABLE TO SUI COMMON SHAREHOLDERS TO FFO The following table reconciles Net income / (loss) attributable to SUI common shareholders to FFO for the three and six months ended June 30, 2026 and 2025 (in millions, except for per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net Income / (Loss) Attributable to SUI Common Shareholders $ (992.7) $ 1,273.6 $ (1,001.4) $ 1,230.8 Adjustments Depreciation and amortization - continuing operations 122.3 117.1 242.1 231.3 Depreciation and amortization - discontinued operations 7.0 8.9 17.1 53.6 Depreciation on nonconsolidated affiliates 0.3 0.2 0.6 0.4 Asset impairments - continuing operations 17.9 33.4 18.2 57.4 Asset impairments - discontinued operations — 132.9 — 135.0 Loss on classification to held for sale - discontinued operations 1,077.2 — 1,077.2 — Loss on remeasurement of investment in nonconsolidated affiliates 1.7 1.5 1.5 1.5 Loss on remeasurement of notes receivable 2.9 1.4 2.8 1.6 Loss on dispositions of properties, including tax effect - continuing operations 22.0 2.9 20.9 3.6 (Gain) / loss on dispositions of properties, including tax effect - discontinued operations 0.8 (1,445.0) 1.7 (1,444.7) Add: Returns on preferred OP units / equity interests 2.5 3.1 5.2 6.3 Add: Income / (loss) attributable to noncontrolling interests (34.7) 53.5 (35.0) 51.6 Gain on disposition of assets, net - continuing operations (3.0) (4.1) (4.7) (7.7) (Gain) / loss on disposition of assets, net - discontinued operations — 0.1 (0.4) (0.2) FFO Attributable to SUI Common Shareholders and Convertible Securities(1)(5)(6) 224.2 179.5 345.8 320.5 Adjustments Acquisition and other transaction costs - continuing operations(2) 1.7 4.6 3.4 13.6 Acquisition and other transaction costs - discontinued operations(2) 14.9 50.5 15.4 65.6 Loss on extinguishment of debt — 102.4 — 102.4 Catastrophic event-related charges, net 0.8 0.4 1.3 0.3 Loss of earnings - catastrophic event-related charges, net(3) 3.2 (5.7) 6.4 (1.7) (Gain) / loss on foreign currency exchanges - continuing operations (13.3) (39.4) 10.6 (48.1) Loss on foreign currency exchanges - discontinued operations 0.1 — 0.7 — Deferred tax (benefit) / expense - continuing operations — 0.1 (0.1) — Deferred tax (benefit) / expense - discontinued operations (2.6) (32.2) 3.9 (37.3) Other adjustments, net - continuing operations(4) 5.2 (3.8) 13.5 (6.7) Other adjustments, net - discontinued operations(4) (0.2) (24.5) 12.2 (9.9) Core FFO Attributable to SUI Common Shareholders and Convertible Securities(1)(5)(6) $ 234.0 $ 231.9 $ 413.1 $ 398.7 Weighted Average Common Shares and OP Units Outstanding(1) 127.0 131.8 127.4 132.1 FFO Attributable to SUI Common Shareholders and Convertible Securities(1)(5)(6) $ 1.77 $ 1.36 $ 2.71 $ 2.43 Core FFO Attributable to SUI Common Shareholders and Convertible Securities(1)(5)(6) $ 1.84 $ 1.76 $ 3.24 $ 3.02 (1)Assumes full conversion of all equity participating units, including common and preferred OP units, into our common stock, and has no material impact on previously reported results. (2)These costs represent (i) nonrecurring integration expenses associated with acquisitions during the three and six months ended June 30, 2026 and 2025, (ii) costs associated with potential acquisitions that will not close, (iii) expenses incurred to bring recently acquired properties up to our operating standards, including items such as tree trimming and painting costs that do not meet our capitalization policy. Acquisition and other transaction costs - discontinued operations primarily represent non-recurring costs directly attributable to the Park Holidays Sale and the Safe Harbor Sale. 38 SUN COMMUNITIES, INC. (3)Loss of earnings - catastrophic event-related charges, net include the following: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Hurricane Ian - Estimated loss of earnings in excess of the applicable business interruption deductible $ — $ 4.1 $ — $ 7.9 Hurricane Ian - Insurance recoveries realized for previously estimated loss of earnings — (9.9) — (9.9) Hurricane Ian - Recognition of deferred lump sum insurance settlement 3.2 — 6.4 — Hurricane Helene - Estimated loss of earnings in excess of the applicable business interruption deductible, net — 0.1 — 0.3 Loss of earnings - catastrophic event-related charges, net $ 3.2 $ (5.7) $ 6.4 $ (1.7) During the year ended December 31, 2025, we received a settlement of $80.2 million from an insurance provider to settle all claims related to property, casualty, flood, and business interruption insurance recoveries from Hurricane Ian. We concluded that $36.5 million of the total settlement pertained to business interruption recoveries through 2027, which we recorded as a contingent gain in accordance with ASC 450, "Contingencies." To better reflect the underlying economics of the transaction, we have elected to defer the business interruption recovery gain and recognize income ratably through 2027 for our presentation of Core FFO. (4)Other adjustments, net - continuing operations relates primarily to accelerated deferred compensation expense during the three and six months ended June 30, 2026; a contingent consideration gain and severance costs during the six months ended June 30, 2026; and cash flow hedge gains from debt extinguishments and a contingent consideration gain during the six months ended June 30, 2025, and Other adjustments, net - discontinued operations relates primarily to long-term lease termination losses and gains during the three and six months ended June 30, 2026 and 2025, respectively. (5)FFO and Core FFO include discontinued operations activity of $17.7 million or $0.14 per Share, and $30.0 million or $0.24 per Share, respectively, during the three months ended June 30, 2026, and $57.2 million or $0.43 per Share, and $51.1 million or $0.39 per Share, respectively, during the three months ended June 30, 2025. (6) FFO and Core FFO include discontinued operations activity of $3.6 million or $0.03 per Share, and $35.7 million or $0.28 per Share, respectively, during the six months ended June 30, 2026, and $84.1 million or $0.64 per Share, and $102.7 million or $0.78 per Share, respectively, during six months ended June 30, 2025. 39 SUN COMMUNITIES, INC. LIQUIDITY AND CAPITAL RESOURCES Short-term Liquidity Our principal short-term liquidity demands are expected to consist of distributions to our shareholders and the unit holders of the Operating Partnership through cash distributions and share repurchases, property acquisitions, development and expansion of our properties, capital improvement of our properties, and the purchase of new and pre-owned homes. We intend to meet our short-term liquidity requirements through available cash balances, cash flow generated from operations, draws on our Senior Credit Facility, and the use of debt and equity offerings under our shelf registration statement. We employ a disciplined approach to selecting the optimal mix of financing sources to meet our liquidity demands and minimize our overall cost of capital. Our strategy centers on strengthening our core business, enhancing our leverage profile, and increasing financial flexibility. We continue to implement a balanced, tax-efficient capital allocation plan designed to optimize shareholder value by reducing leverage, enhancing financial flexibility to drive sustainable cash flow growth, and executing on a thoughtful capital return strategy. We intend to maintain our strong financial position and lower leverage profile by focusing on our core fundamentals, which are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and managing overhead costs. Since our initial public offering in 1993, we have demonstrated operational reliability and cash flow strength throughout economic cycles. Our current objectives include streamlining our operations with an emphasis on our reliable real property income. We are positioned for ongoing organic growth with expected rental rate increases, occupancy gains, and expense management. In 2026, we continue to expect rental rate growth that exceeds headline inflation with ongoing focus on expense management to continue generating strong organic cash flow growth. On a year-to-date basis through June 30, 2026, we initiated the following capital allocation decisions: •Repurchased 1.4 million shares of our common stock at an average cost of $124.39 per share for a total of $171.2 million. •Repaid two mortgage term loans of $177.9 million, which were secured by seven properties. •Targeted reinvestment in strategic growth by acquiring one MH property for total cash consideration of $17.0 million, which was partially sourced from 1031 exchange escrow accounts to minimize tax impacts. Subject to market conditions, we intend to selectively identify opportunities to acquire existing properties and expand our development pipeline. We finance acquisitions through available cash, secured financing, draws on our Senior Credit Facility, the assumption of existing debt on properties, and the issuance of debt and equity securities. As of June 30, 2026, we had allocated restricted cash of $9.7 million into 1031 exchange escrow accounts to fund potential future MH and RV acquisitions. Given the higher interest rate environment, we continue to selectively pursue acquisition and development opportunities that meet our underwriting criteria. Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Condensed Consolidated Financial Statements for additional details on acquisitions and dispositions completed to date. Capital Expenditures (excluding Acquisition Costs) Our capital expenditure activity is summarized as follows (in millions): Six Months Ended June 30, 2026 2025 Recurring Capital Expenditures $ 29.7 $ 22.1 Non-Recurring Capital Expenditures and Related Activities Lot modifications 20.3 17.0 Growth projects 8.3 5.9 Capital improvements to recent acquisitions 3.8 4.0 Expansion and development 14.8 37.5 Rental program 87.0 89.4 Other 9.1 3.5 Total Non-Recurring Capital Expenditure and Related Activities 143.3 157.3 Total Capital Expenditure and Related Activities $ 173.0 $ 179.4 Refer to the "Liquidity and Capital Resources" section in Part II, Item 7 of our 2025 Annual Report for capital expenditure activity definitions and additional information. 40 SUN COMMUNITIES, INC. Cash Flow Activities Our cash flow activities from continuing operations are summarized as follows (in millions): Six Months Ended June 30, 2026 2025 Net Cash Provided By Operating Activities $ 471.2 $ 396.2 Net Cash Used For Investing Activities $ (179.7) $ (0.7) Net Cash Provided By / (Used For) Financing Activities $ (732.0) $ 993.2 Cash, cash equivalents and restricted cash decreased by $441.5 million from $606.7 million as of December 31, 2025, to $165.2 million as of June 30, 2026. Operating activities - Net cash provided by operating activities increased by $75.0 million to $471.2 million for the six months ended June 30, 2026, compared to $396.2 million for the six months ended June 30, 2025. The increase in operating cash flow was primarily due to growth in Same Property operating performance at our MH and RV properties and favorable timing of changes in inventory, other assets, and other liabilities during the six months ended June 30, 2026 as compared to the corresponding period in 2025. Our net cash flows provided by operating activities from continuing operations may be adversely impacted by, among other things: •the market and economic conditions in our current markets generally, and specifically in the metropolitan areas of our current markets; •lower occupancy and rental rates of our properties; •increases in other operating costs, such as wage and benefit costs, supplies and repairs, real estate taxes, and utilities; •substantial increases in insurance premiums; •decreased sales of manufactured homes; •current volatility in economic conditions and the financial markets; and •the effects of outbreaks of disease and related restrictions on business operations. See "Risk Factors" in Part I, Item 1A of our 2025 Annual Report, and Part II, Item 1A of this report. Investing activities - Net cash used for investing activities increased by $179.0 million to $179.7 million for the six months ended June 30, 2026, compared to $0.7 million for the six months ended June 30, 2025. The increase in Net cash used for investing activities was primarily driven by an increase in cash deployed to acquire new properties and a decrease in cash proceeds received from disposition activity during the six months ended June 30, 2026 as compared to the corresponding period in 2025. Financing activities - Net cash provided by financing activities was $732.0 million for the six months ended June 30, 2026, compared to net cash used for financing activities of $993.2 million for the six months ended June 30, 2025. The change in Net cash provided by / (used for) financing activities was primarily driven by a net capital transfer of $5.4 billion from Safe Harbor to the Company in conjunction with the Safe Harbor Sale in 2025, partially offset by an increase in cash deployed to settle debt obligations and distribute cash to shareholders in 2025, as compared to the corresponding period in 2026. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," in our accompanying Condensed Consolidated Financial Statements for additional information. Our cash flow from discontinued operations is summarized as follows (in millions): Six Months Ended June 30, 2026 2025 Net cash provided by operating activities - discontinued operations $ 64.0 $ 103.7 Net cash provided by / (used for) investing activities - discontinued operations $ (73.0) $ 5,317.2 Net cash provided by / (used for) financing activities - discontinued operations $ 13.5 $ (5,408.4) Cash, cash equivalents and restricted cash for discontinued operations increased by $4.1 million from $29.4 million as of December 31, 2025, to $33.5 million as of June 30, 2026. Operating activities - Net cash provided by operating activities for discontinued operations decreased by $39.7 million to $64.0 million for the six months ended June 30, 2026, compared to $103.7 million for the six months ended June 30, 2025. The decrease in net cash provided by operating activities from discontinued operations was due to the inclusion of operating cash flow from Safe Harbor during the six months ended June 30, 2025, which did not recur during the six months ended June 30, 2026, as the final closing of the Safe Harbor Sale completed on August 29, 2025. 41 SUN COMMUNITIES, INC. Investing activities - Net cash used for investing activities for discontinued operations was $73.0 million for the six months ended June 30, 2026, compared to net cash provided by investing activities for discontinued operations of $5.3 billion for the six months ended June 30, 2025. The change in Net cash provided by / (used for) investing activities for discontinued operations is driven by the proceeds received from the Safe Harbor Sale in 2025. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," in our accompanying Condensed Consolidated Financial Statements for additional information on acquisitions and investment activity. Financing activities - Net cash provided by financing activities for discontinued operations was $13.5 million for the six months ended June 30, 2026, compared to net cash used for financing activities for discontinued operation of $5.4 billion for the six months ended June 30, 2025. The change in Net cash provided by financing activities for discontinued operations is driven by the net capital transfers from the Safe Harbor Sale in 2025 which did not recur in 2026. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," in our accompanying Condensed Consolidated Financial Statements for additional information. We are exposed to interest rate variability associated with potential floating rate debt and any maturing debt that has to be refinanced. Interest rate movements impact our borrowing costs and, while as of June 30, 2026, 100% of our total debt was fixed rate financing, increases in interest costs have the potential to adversely affect our financial results. Equity and Debt Activity At the Market Offering Sales Agreement We have entered into the ATM program with certain sales agents and forward sellers pursuant to which we may sell, from time to time, up to an aggregate gross sales price of $1.25 billion of our common stock. Through June 30, 2026, we had entered into and settled forward sales agreements under the ATM for an aggregate gross sales price of $524.8 million, leaving $725.2 million available for sale under the ATM. Stock Repurchase Program In May 2026, our Board of Directors authorized a Stock Repurchase Program under which we may repurchase up to $1.0 billion in shares of our outstanding common stock through May 27, 2027. The Stock Repurchase Program renews our previous stock repurchase program and provides us with continued flexibility to repurchase shares of our common stock. Through June 30, 2026, we repurchased and retired 1.4 million shares of our outstanding common stock for $171.2 million. As of June 30, 2026, we had $888.9 million remaining authorized for purchase under this program. Refer to Note 8, "Equity and Temporary Equity," in our accompanying Condensed Consolidated Financial Statements for additional information. Senior Unsecured Notes The following table sets forth certain information regarding our senior unsecured notes (in millions, except for statistical information). All senior unsecured notes include interest payments on a semi-annual basis in arrears. Carrying Amount at Principal Amount June 30, 2026 December 31, 2025 4.2% notes, issued in April 2022 and due in April 2032 $ 600.0 $ 594.5 $ 594.1 2.3% notes, issued in October 2021 and due in November 2028 450.0 448.4 448.1 2.7% notes, issued in June 2021 and October 2021, and due in July 2031 750.0 744.8 744.3 Total $ 1,800.0 $ 1,787.7 $ 1,786.5 The obligations of the Operating Partnership to pay principal, premiums, if any, and interest on our senior unsecured notes are guaranteed on a senior basis by Sun Communities, Inc. The guarantee is full and unconditional, and the Operating Partnership is a consolidated subsidiary of the Company. Under Rule 3-10 of Regulation S-X, as amended, subsidiary issuers of obligations guaranteed by its parent company are not required to provide separate financial statements, provided that the subsidiary obligor is consolidated into the parent company's consolidated financial statements, the parent guarantee is "full and unconditional" and, subject to certain exceptions, the alternative disclosure required by Rule 13-01 is provided, which includes narrative disclosure and summarized financial information. Accordingly, separate consolidated financial statements of the Operating Partnership have not been presented. Furthermore, as permitted under Rule 13-01(a)(4)(vi), we have excluded the summarized financial information for the Operating Partnership as the assets, liabilities, and results of operations of the Operating Partnership are not materially different from the corresponding amounts presented in our consolidated financial statements and management believes such summarized financial information would be repetitive and not provide incremental value to investors. 42 SUN COMMUNITIES, INC. Credit Agreement In September 2025, we entered into the Credit Agreement. Pursuant to the Credit Agreement, we may borrow up to $2.0 billion under a Senior Credit Facility. The Credit Agreement also permits, subject to the satisfaction of certain conditions, additional borrowings of $1.0 billion. The Senior Credit Facility's maturity date is January 31, 2030, and, at our option, may be extended for two additional six-month periods subject to the satisfaction of certain conditions. As of June 30, 2026, there were no borrowings under the Senior Credit Facility. Refer to Note 7, "Debt and Line of Credit," for additional information. Financial Covenants Pursuant to the terms of the Senior Credit Facility and senior unsecured notes payable, we are subject to various financial and other covenants. The most restrictive financial covenants for the Senior Credit Facility and senior unsecured notes payable are as follows: Financial Covenants Requirements As of June 30, 2026 Credit Facility Covenants Maximum leverage ratio <65.0% 17.8% Minimum fixed charge coverage ratio >1.40 5.01 Maximum secured leverage ratio <40.0% 9.2% Senior Unsecured Note Covenants Total debt to total assets ≤60.0% 28.4% Secured debt to total assets ≤40.0% 15.8% Consolidated income available for debt service to debt service ≥1.50 7.33 Unencumbered total asset value to total unsecured debt ≥150.0% 626.9% As of June 30, 2026, we were in compliance with the above covenants and do not anticipate that we will be unable to meet these covenants in the near term. Long-term Financing and Capital Requirements Long-term Financing We anticipate meeting our long-term liquidity requirements, such as scheduled debt maturities, large property acquisitions, expansion and development of properties, other nonrecurring capital improvements, and Operating Partnership unit redemptions through long-term unsecured and secured debt, and the issuance of certain debt or equity securities, subject to market conditions. If current market and economic conditions, including relating to, among other things, interest rates, currency fluctuations, equity valuations, and inflation, continue or worsen, our ability to obtain debt and equity capital in the long-term on attractive terms may be adversely affected. As of June 30, 2026 we had unrestricted cash on hand of $150.6 million, $2.0 billion of remaining capacity on the Senior Credit Facility, and a total of 353 unencumbered MH and RV properties. From time to time, we may also issue shares of our capital stock, issue equity units in our Operating Partnership, issue unsecured notes, obtain other debt financing, or sell selected assets. Our ability to finance our long-term liquidity requirements in such a manner will be affected by numerous economic factors affecting the MH and RV industries at the time, including the availability and cost of mortgage debt, our financial condition, the operating history of the properties, the state of the debt and equity markets, and the general national, regional, and local economic conditions. When it becomes necessary for us to approach the credit markets, the volatility in those markets could make borrowing more difficult to secure, more expensive, or effectively unavailable. In the event our current credit ratings are downgraded, it may become difficult or more expensive to obtain additional financing or refinance existing unsecured debt as maturities become due. See "Risk Factors" in Part I, Item 1A of our 2025 Annual Report. If we are unable to obtain additional debt or equity financing on acceptable terms, our business, results of operations and financial condition would be adversely impacted. As of June 30, 2026, our debt has a weighted average interest rate of 3.35% and a weighted average maturity of 6.9 years. 43 SUN COMMUNITIES, INC. Capital Requirements Certain of our nonconsolidated affiliates, which are accounted for under the equity-method of accounting, have incurred debt. We have not guaranteed the debt of our nonconsolidated affiliates in the arrangements referenced below, nor do we have any obligations to fund this debt should the nonconsolidated affiliates be unable to do so. Refer to Note 6, "Investments in Nonconsolidated Affiliates," in the accompanying Condensed Consolidated Financial Statements for additional information about these entities. GTSC - GTSC maintains a warehouse line of credit with a maximum borrowing capacity of $208.0 million. As of June 30, 2026 and December 31, 2025, the aggregate carrying amount of debt, including both our and our partner's share, incurred by GTSC was $201.9 million (of which our proportionate share is $80.8 million), and $213.0 million (of which our proportionate share is $85.2 million), respectively. The debt bears interest at a variable rate based on a Commercial Paper or adjusted SOFR plus a margin ranging from 1.65% to 2.5% per annum and matures on December 15, 2026. Sungenia JV - Sungenia maintains a debt facility agreement with a maximum borrowing capacity of $54.1 million Australian dollars, or $37.2 million converted at the June 30, 2026 exchange rate. As of June 30, 2026 and December 31, 2025, the aggregate carrying amount of the debt, including both our and our partners' share, incurred by Sungenia JV was $13.9 million (of which our proportionate share is approximately $6.9 million), and $20.8 million (of which our proportionate share is $10.4 million), respectively. The debt bears interest at a variable rate based on the Australian BBSY rate plus a margin ranging from 0.95% to 1.4%, subject to adjustment for additional future commitments, per annum and matures on June 30, 2027. 44 SUN COMMUNITIES, INC. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This report contains various "forward-looking statements" within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), and the Exchange Act, and we intend that such forward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this document 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," "intend," "goal," "estimate," "expect," "project," "projections," "plans," "predicts," "potential," "seeks," "anticipates," "should," "could," "may," "will," "designed to," "foreseeable future," "believe," "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 our 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 this document, some of which are beyond our control. These risks, uncertainties, and other factors may cause our 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" in our 2025 Annual Report, in Item 8.01 of our Current Report on Form 8-K filed May 21, 2026, and in our other filings with the SEC from time to time, such risks, uncertainties and other factors include, but are not limited to: ∙ Our ability complete the proposed sale of Park Holidays on a timely basis or at all; ∙ Risks that the proposed sale of Park Holidays disrupts current plans and operations; ∙ The impacts of the announcement or consummation of the proposed sale of Park Holidays on business relationships; ∙ The anticipated cost related to the proposed sale of Park Holidays; ∙ Our ability to realize the anticipated benefits of the proposed sale of Park Holidays; ∙ Our liquidity and refinancing demands; ∙ Our ability to obtain or refinance maturing debt; ∙ Our ability to maintain compliance with covenants contained in our debt facilities and our unsecured notes; ∙ Availability of capital; ∙ General volatility of the capital markets and the market price of shares of our capital stock; ∙ Increases in interest rates and operating costs, including insurance premiums, real estate taxes, and utilities; ∙ Difficulties in our ability to evaluate, finance, complete, and integrate acquisitions, developments, and expansions successfully; ∙ Competitive market forces; ∙ The ability of purchasers of manufactured homes to obtain financing; ∙ The level of repossessions of manufactured homes; ∙ Our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; ∙ Expectations regarding the amount or frequency of impairment losses; ∙ Changes in general economic conditions, including inflation, deflation, energy costs, the real estate industry, the effects of tariffs or threats of tariffs, wars or other international conflicts, trade wars, immigration issues, supply chain disruptions, and the markets within which we operate; ∙ Changes in foreign currency exchange rates, including between the U.S. dollar and each of the British pound sterling, Canadian dollar, and Australian dollar; ∙ Our ability to maintain our status as a REIT; ∙ Changes in real estate and zoning laws and regulations; ∙ Our ability to maintain rental rates and occupancy levels; ∙ Legislative or regulatory changes, including changes to laws governing the taxation of REITs; ∙ Outbreaks of disease and related restrictions on business operations; ∙ Risks related to natural disasters such as hurricanes, earthquakes, floods, droughts, and wildfires; and ∙ Litigation, judgments or settlements, including costs associated with prosecuting or defending claims and any adverse outcomes. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. We undertake no obligation to publicly update or revise any forward-looking statements included or incorporated by reference into this document, whether as a result of new information, future events, changes in our expectations or otherwise, except as required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. All written and oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by these cautionary statements. 45 SUN COMMUNITIES, INC.