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This content is a press release from our partner Globe Newswire. The AP newsroom and editorial departments were not involved in its creation.

Sun Communities, Inc. Reports 2018 Fourth Quarter Results and 2019 Guidance

February 22, 2019

NEWS RELEASE

February 20, 2019

Southfield, MI, Feb. 20, 2019 (GLOBE NEWSWIRE) -- 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”) and recreational vehicle (“RV”) communities, today reported its fourth quarter results for 2018 and initial 2019 guidance.

Financial Results for the Quarter and Year Ended December 31, 2018

For the quarter ended December 31, 2018, total revenues increased $32.0 million, or 13.2 percent, to $274.0 million compared to $242.0 million for the same period in 2017. Net income attributable to common stockholders was $9.0 million, or $0.11 per diluted common share, for the quarter ended December 31, 2018, as compared to net income attributable to common stockholders of $7.4 million, or $0.09 per diluted common share, for the same period in 2017.

For the year ended December 31, 2018, total revenues increased $144.3 million, or 14.7 percent, to $1.1 billion compared to $982.6 million for the same period in 2017. Net income attributable to common stockholders was $105.5 million, or $1.29 per diluted common share, for the year ended December 31, 2018, as compared to net income attributable to common stockholders of $65.0 million, or $0.85 per diluted common share, for the same period in 2017.

Non-GAAP Financial Measures and Portfolio Performance

-- Core Funds from Operations (“Core FFO”)(1) for the quarter ended December 31, 2018, was $1.03 per diluted share and OP unit (“Share”) as compared to $0.98 in the prior year, an increase of 5.1 percent. -- Core FFO(1) for the year ended December 31, 2018, was $4.58 per Share as compared to $4.17 in the prior year, an increase of 9.8 percent. -- Same Community(2) Net Operating Income (“NOI”)(1) increased by 8.4 percent and 6.7 percent for the quarter and year ended December 31, 2018, respectively, as compared to the same periods in 2017. -- Home sales volume increased 3.3 percent and 10.6 percent for the quarter and year ended December 31, 2018, respectively, as compared to the same periods in 2017. -- Revenue producing sites increased by 722 sites and 2,600 sites for the quarter and year ended December 31, 2018, respectively, as compared to a 573 site and a 2,406 site increase in the same periods in 2017.

Gary Shiffman, Chief Executive Officer of Sun Communities, stated, “With same community NOI growth of 8.4 percent in the quarter, Sun completed another successful year which demonstrated the sustained demand for our housing and vacation solutions. We also continue to source attractive growth opportunities across the manufactured housing and RV segments, deploying more than $585 million during 2018. These investments included ongoing expansions at our highly occupied communities, acquisitions of income producing assets, and select greenfield developments, along with a strategic stake in a leading owner, operator and developer of senior manufactured housing communities and RV resorts based in Australia. The tailwinds for our sector remain strong, we have an excellent product, and we are well positioned to continue our track record of industry leading growth.”

OPERATING HIGHLIGHTS

Community Occupancy

Total portfolio occupancy was 96.1 percent as of the year ended December 31, 2018, and 95.8 percent as of the year ended December 31, 2017.

During the quarter ended December 31, 2018, revenue producing sites increased by 722 sites, as compared to 573 revenue producing sites gained during the fourth quarter of 2017. During the year ended December 31, 2018, revenue producing sites increased by 2,600 sites, as compared to an increase of 2,406 revenue producing sites during the year ended December 31, 2017.

Same Community(2) Results

For the 336 communities owned and operated by the Company since January 1, 2017, NOI(1) for the quarter ended December 31, 2018, increased 8.4 percent over the same period in 2017, as a result of a 6.2 percent increase in revenues and a 1.4 percent increase in operating expenses. Same Community occupancy(3) increased to 98.0 percent as of the year ended December 31, 2018 from 95.8 percent as of the year ended December 31, 2017.

For the year ended December 31, 2018, total revenues increased by 6.1 percent while total expenses increased by 4.9 percent, resulting in an increase in NOI(1) of 6.7 percent over the year ended December 31, 2017.

Home Sales

During the quarter ended December 31, 2018, the Company sold 878 homes as compared to 850 homes sold during the same period in 2017, a 3.3 percent increase. Rental home sales, which are included in total home sales, were 297 and 340 for the quarters ended December 31, 2018 and 2017, respectively.

During the year ended December 31, 2018, 3,629 homes were sold compared to 3,282 homes sold during the same period in 2017, a 10.6 percent increase. Rental home sales, which are included in total home sales, were 1,122 and 1,168 for the year ended December 31, 2018 and 2017, respectively.

PORTFOLIO ACTIVITY

Acquisitions

During, and subsequent, to the quarter ended December 31, 2018, the Company acquired the following communities:

Fourth Quarter 2018: Date of Acquisition Type Location Usable Sites Consideration (in Millions) ------------------- ------------------- ------------------------- ------------ --------------------------- 10/2018 RV Buckeye, Arizona 376 $11.6 Total 376 $11.6 ----- ------ ------ -------------------- Subsequent to December 31, 2018: Date of Acquisition Type Location Usable Sites Consideration (in Millions) ------------------- ------------------- ------------------------- ------------ --------------------------- 1/2019 MH (Age Restricted) Edgewater, Florida(1) 730 $115.3 1/2019 RV Old Orchard Beach, Maine 321 10.8 1/2019 MH Oregon City, Oregon(2) 518 61.8 2/2019 MH Buckeye, Arizona 400 22.3 2/2019 MH (3) Shelby Township, Michigan 1,308 94.5 2/2019 RV Millsboro, Delaware 291 20.0 Total 3,568 $324.7 ----- ------ ------ --------------------

(1) Acquisition includes expansion potential of 70 sites.(2) In conjunction with the acquisition, the Company created a new class of OP units named Series D Preferred Units. As of February 14, 2019, 488,958 Series D Preferred OP Units were outstanding.(3) Contains two MH communities.

During the quarter ended December 31, 2018, the Company acquired three land parcels which are located in Texas, Florida, and California for total consideration of $6.3 million. These land parcels are adjacent to existing communities and have potential to add approximately 500 usable sites once constructed.

In November, the Company completed a $54 million strategic investment in Ingenia Communities Group (“Ingenia”), a leading owner, operator, and developer of senior manufactured housing communities and holiday resorts in Australia. The $54 million investment represents a 9.9 percent ownership stake in Ingenia. In addition, the Company and Ingenia have also formed a 50/50 joint venture to establish and grow a manufactured housing community development program in Australia.

BALANCE SHEET AND CAPITAL MARKETS ACTIVITY

Debt Transactions

During the quarter ended December 31, 2018, the Company repaid one collateralized term loan of $10.2 million with an interest rate of 5.66 percent. The loan was due to mature on February 28, 2019.

Subsequent to the quarter, the Company completed a $265.0 million twenty-five year term loan transaction which carries an interest rate of 4.17 percent. Concurrently, the Company repaid a $187.9 million term loan which was due to mature in January 2030.

As of December 31, 2018, the Company had $3.1 billion of debt outstanding. The weighted average interest rate was 4.45 percent and the weighted average maturity was 9.0 years. The Company had $50.3 million of unrestricted cash on hand. At period-end the Company’s net debt to trailing twelve month Recurring EBITDA(1) ratio was 5.6 times.

2019 Distributions

After quarter end, the Company announced a 5.6 percent annual distribution increase to $3.00 per common share from $2.84 per common share. This increase will begin with the first quarter distribution to be paid in April 2019.

GUIDANCE 2019

The estimates and assumptions presented below represent a range of possible outcomes and may differ materially from actual results. Guidance estimates include acquisitions completed through the date of this release, and exclude any prospective acquisitions or capital markets activity. 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 “Forward Looking Statements.”

Net Income Core FFO(1) ------------- ------------- Weighted average common shares outstanding, fully diluted (in mm)(i) 85.6 90.3 First quarter 2019, per fully diluted share $0.31 - $0.34 $1.10 - $1.13 Full year 2019, per fully diluted share $1.59 - $1.71 $4.76 - $4.86

1Q19 2Q19 3Q19 4Q19 ----- ----- ----- ----- Seasonality of Core FFO(1) 23.2% 23.7% 30.5% 22.6%

Total PortfolioNumber of communities: 378

2018 Actual 2019E (in Millions) Change % ------------------------------------------------------- ------------- ------------- Income from real property (excluding transient revenue) $ 719.8 10.6% - 11.0% Transient revenue 106.2 14.2% - 15.4% ------------------------------------------------------- ------- ----- ------------- Income from real property $ 826.0 11.1% - 11.6% Property operating and maintenance 236.1 14.4% - 15.0% Real estate taxes 56.6 11.5% - 12.4% ------------------------------------------------------- ------- ----- ------------- Total property operating expenses $ 292.7 13.9% - 14.5% ------------------------------------------------------- - ----- ----- ------------- NOI(1) $ 533.3 9.2% - 10.4%

Same Community Portfolio(ii)

Number of communities: 345

2018 Actual 2019E (in Millions) Change % ------------------------------------------------------- ------------- ----------- Income from real property (excluding transient revenue) $ 682.2 6.3% - 6.5% Transient revenue 81.3 2.7% - 3.3% ------------------------------------------------------- ------- ----- ----------- Income from real property(iii) $ 763.5 5.9% - 6.2% Property operating and maintenance(iii)(iv) 186.0 3.8% - 4.9% Real estate taxes 55.7 6.5% - 6.8% ------------------------------------------------------- ------- ----- ----------- Total property operating expenses $ 241.7 4.4% - 5.4% ------------------------------------------------------- - ----- ----- ----------- NOI(1) $ 521.8 6.2% - 7.0%

Same community property operating and maintenance expense includes $1.9 million of previously capitalized internal leasing costs related to the implementation of the new lease accounting standard. Without this change, 2019 Same community NOI(1) growth would be in the range of 6.6 percent to 7.4 percent.

Weighted average monthly rental rate increase 4.0% 1Q19 2Q19 3Q19 4Q19 ----- ----- ----- ----- Same Community NOI(1) Seasonality 25.2% 23.8% 26.1% 24.9%

Total Company Supplementary Information:

2018 Actual 2019E (in Millions) Change % ------------- --------------- Rental program, net $ 30.6 10.1% - 12.4% Ancillary revenues, net 16.5 9.1% - 10.9% Home sales contribution to Core FFO(v), net of home selling expenses 3.6 19.4% - 25.0% Interest income 20.9 (5.7%) - (4.3%) Brokerage commissions, other revenues, net, and income from nonconsolidated 6.9 75.4% - 76.8% affiliates General and administrative 81.4 8.8% - 10.6% Loss of earnings in 2019 from Florida Keys included in Core FFO(1) 1.5 –

General and administrative expense includes approximately $3.5 million of previously capitalized internal leasing costs related to the implementation of the new lease accounting standard. Without this change, 2019 General and administrative expense growth would be in the range of 4.6 percent to 6.3 percent.

Other line items impacted by the lease accounting standard include Rental program, net and Home sales contribution to FFO(1), net of home selling expenses. The capitalization of allowable costs within these line items substantially offsets the additional expense recognized in property operating and maintenance and general and administrative expense making the overall impact to the Company’s 2019 FFO(1) minimal.

2019E ------------- Increase in revenue producing sites 2,500 - 2,700 Expansion sites constructed 1,200 - 1,400 Ground-up development sites constructed 800 - 1,000 New home sales volume 550 - 600 Pre-owned home sales volume 2,700 - 3,000

(i) Certain securities that are dilutive to the computation of Core FFO per fully diluted share in the table above have been excluded from the computation of net income per fully diluted share, as inclusion of these securities would have been anti-dilutive to net income per fully diluted share.(ii) The amounts in the table reflect constant currency, as Canadian currency figures included within the 2018 actual amounts have been translated at the assumed exchange rate used for 2019 guidance.(iii) Water and sewer utility revenue of $34.5 million has been reclassified from Income from real property to net against the related expense in Property operating maintenance.(iv) 2018 actual property operating and maintenance expense excludes $0.7 million of expenses incurred for recently acquired properties to bring the properties up to the Company’s operating standards that do not meet the Company’s capitalization policy.(v) Includes gross profit from new and certain pre-owned home sales. Gross profit from pre-owned home sales of depreciated rental homes is excluded.

EARNINGS CONFERENCE CALL

A conference call to discuss fourth quarter operating results will be held on Thursday, February 21, 2019 at 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 March 7, 2019 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 13685225. The conference call will be available live on Sun Communities’ website www.suncommunities.com. The replay will also be available on the website.

Sun Communities, Inc. is a REIT that, as of December 31, 2018, owned, operated, or had an interest in a portfolio of 371 communities comprising over 128,000 developed sites in 31 states and Ontario, Canada.

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

CONTACT

Please address all inquiries to our investor relations department at our website www.suncommunities.com, by phone to (248) 208-2500, by email to investorrelations@suncommunities.com or by mail to Sun Communities, Inc. Attn: Investor Relations, 27777 Franklin Road, Ste. 200, Southfield, MI 48034.

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. Forward-looking statements can be identified by words such as “will,” “may,” “could,” “expect,” “anticipate,” “believes,” “intends,” “should,” “plans,” “estimates,” “approximate,” “guidance,” and similar expressions in this press release that predict or indicate future events and trends and that do not report historical matters.

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, some of which are beyond the Company’s control. These risks, uncertainties, and other factors may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include national, regional and local economic climates, the ability to maintain rental rates and occupancy levels, competitive market forces, the performance of recent acquisitions, the ability to integrate future acquisitions smoothly and efficiently, changes in market rates of interest, changes in foreign currency exchange rates, the ability of manufactured home buyers to obtain financing and the level of repossessions by manufactured home lenders. Further details of potential risks that may affect the Company are described in its periodic reports filed with the U.S. Securities and Exchange Commission, including in the “Risk Factors” section of the Company’s Annual Report on Form 10-K.

The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in the Company’s assumptions, expectations of future events, or trends.

Investor Information

RESEARCH COVERAGE Firm Analyst Phone Email Bank of America Merrill Lynch Joshua Dennerlein (646) 855-1681 joshua.dennerlein@baml.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 RBC Capital Markets Wes Golladay (440) 715-2650 wes.golladay@rbccm.com Robert W. Baird & Co. Drew Babin (610) 238-6634 dbabin@rwbaird.com Wells Fargo Todd Stender (562) 637-1371 todd.stender@wellsfargo.com ----------------------------- ---------------------- -------------- ---------------------------------- INQUIRIES Sun Communities welcomes questions or comments from stockholders, analysts, investment managers, media, or any prospective investor. Please address all inquiries to our Investor Relations department. At Our Website www.suncommunities.com By Email investorrelations@suncommunities.com By Phone (248) 208-2500

Portfolio Overview (As of December 31, 2018)

Balance Sheets (amounts in thousands)

12/31/2018 12/31/2017 ------------- ------------- ASSETS: Land $ 1,201,945 $ 1,107,838 Land improvements and buildings 5,586,250 5,102,014 Rental homes and improvements 571,661 528,074 Furniture, fixtures and equipment 201,090 144,953 ----------- - ----------- - Investment property 7,560,946 6,882,879 Accumulated depreciation (1,442,630 ) (1,237,525 ) ----------- - ----------- - Investment property, net 6,118,316 5,645,354 Cash and cash equivalents 50,311 10,127 Inventory of manufactured homes 49,199 30,430 Notes and other receivables, net 160,077 163,496 Collateralized receivables, net(4) 106,924 128,246 Other assets, net 225,199 134,304 ----------- - ----------- - TOTAL ASSETS $ 6,710,026 $ 6,111,957 - --------- - - --------- - LIABILITIES: Mortgage loans payable $ 2,815,957 $ 2,867,356 Secured borrowings(4) 107,731 129,182 Preferred Equity - Sun NG Resorts - mandatorily redeemable 35,277 — Preferred OP units - mandatorily redeemable 37,338 41,443 Lines of credit (5) 128,000 41,257 Distributions payable 63,249 55,225 Advanced reservation deposits and rent 133,698 132,205 Other liabilities 157,862 138,536 ----------- - TOTAL LIABILITIES 3,479,112 3,405,204 ----------- - ----------- - Commitments and contingencies — — Series A-4 preferred stock 31,739 32,414 Series A-4 preferred OP units 9,877 10,652 Equity Interests - NG Sun LLC 21,976 — STOCKHOLDERS’ EQUITY: Common stock 864 797 Additional paid-in capital 4,398,949 3,758,533 Accumulated other comprehensive (loss) / income (4,504 ) 1,102 Distributions in excess of accumulated earnings (1,288,486 ) (1,162,001 ) ----------- - ----------- - Total Sun Communities, Inc. stockholders’ equity 3,106,823 2,598,431 Noncontrolling interests: Common and preferred OP units 53,354 60,971 Consolidated variable interest entities 7,145 4,285 ----------- - ----------- - Total noncontrolling interests 60,499 65,256 ----------- - ----------- - TOTAL STOCKHOLDERS’ EQUITY 3,167,322 2,663,687 ----------- - ----------- - TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 6,710,026 $ 6,111,957 - --------- - - --------- -

Statements of Operations - Quarter to Date Comparison (amounts in thousands, except per share amounts)

Three Months Ended December 31, 2018 2017 Change % Change ----------- ----------- ---------- --------- REVENUES: Income from real property(excluding transient revenue) $ 183,059 $ 169,102 $ 13,957 8.3 % Transient revenue 17,426 12,348 5,078 41.1 % Revenue from home sales 43,783 36,089 7,694 21.3 % Rental home revenue 13,700 12,775 925 7.2 % Ancillary revenue 7,900 5,425 2,475 45.6 % Interest 5,004 5,571 (567 ) (10.2 )% Brokerage commissions and other revenues, net 3,132 716 2,416 337.4 % --------- - --------- - Total Revenues 274,004 242,026 31,978 13.2 % --------- - --------- - -------- - EXPENSES: Property operating and maintenance 54,120 50,417 3,703 7.3 % Real estate taxes 14,110 12,966 1,144 8.8 % Cost of home sales 32,138 27,115 5,023 18.5 % Rental home operating and maintenance 6,356 5,204 1,152 22.1 % Ancillary expenses 8,638 5,441 3,197 58.8 % Home selling expenses 4,403 3,066 1,337 43.6 % General and administrative 20,570 18,409 2,161 11.7 % Transaction costs (6) 334 2,811 (2,477 ) (88.1 )% Catastrophic weather related charges, net 2,079 228 1,851 811.8 % Depreciation and amortization 81,070 71,817 9,253 12.9 % Loss on extinguishment of debt — 5,260 (5,260 ) (100.0 )% Interest 32,170 31,363 807 2.6 % Interest on mandatorily redeemable preferred OP units / equity 1,143 753 390 51.8 % --------- - --------- - -------- - Total Expenses 257,131 234,850 22,281 9.5 % --------- - --------- - -------- - Income Before Other Items 16,873 7,176 9,697 135.1 % Remeasurement of marketable securities (3,639 ) — (3,639 ) N/A Other (expense) / income, net (7) (3,239 ) 3,642 (6,881 ) (188.9 )% Income from nonconsolidated affiliates 587 — 587 N/A Current tax benefit / (expense) 17 (313 ) 330 105.4 % Deferred tax benefit / (expense) 73 (163 ) 236 144.8 % --------- - --------- - -------- - Net Income 10,672 10,342 330 3.2 % Less: Preferred return to preferred OP units / equity (1,151 ) (1,099 ) (52 ) 4.7 % Less: Amounts attributable to noncontrolling interests (51 ) (876 ) 825 (94.2 )% --------- - --------- - -------- - Net Income Attributable to Sun Communities, Inc. 9,470 8,367 1,103 13.2 % Less: Preferred stock distribution (431 ) (929 ) 498 (53.6 )% Net Income Attributable to Sun Communities, Inc. Common $ 9,039 $ 7,438 $ 1,601 21.5 % Stockholders - ------- - - ------- - - ------ - Weighted average common shares outstanding: Basic 85,481 78,633 6,848 8.7 % Diluted 85,982 79,107 6,875 8.7 % Earnings per share: Basic $ 0.11 $ 0.09 $ 0.02 22.2 % Diluted $ 0.11 $ 0.09 $ 0.02 22.2 %

Statements of Operations - Year to Date Comparison (amounts in thousands, except per share amounts)

Year Ended December 31, 2018 2017 Change % Change ----------- ----------- ---------- --------- REVENUES: Income from real property (excluding transient revenue) $ 719,763 $ 664,281 $ 55,482 8.4 % Transient revenue 106,210 77,947 28,263 36.3 % Revenue from home sales 166,031 127,408 38,623 30.3 % Rental home revenue 53,657 50,549 3,108 6.1 % Ancillary revenue 54,107 37,511 16,596 44.2 % Interest 20,853 21,180 (327 ) (1.5 )% Brokerage commissions and other revenues, net 6,204 3,694 2,510 67.9 % --------- - Total Revenues 1,126,825 982,570 144,255 14.7 % --------- - --------- - -------- - EXPENSES: Property operating and maintenance 236,097 210,278 25,819 12.3 % Real estate taxes 56,555 52,288 4,267 8.2 % Cost of home sales 123,333 95,114 28,219 29.7 % Rental home operating and maintenance 23,099 22,114 985 4.5 % Ancillary expenses 37,623 27,436 10,187 37.1 % Home selling expenses 15,722 12,457 3,265 26.2 % General and administrative 81,438 74,232 7,206 9.7 % Transaction costs (6) 472 9,801 (9,329 ) (95.2 )% Catastrophic weather related charges, net 92 8,352 (8,260 ) (98.9 )% Depreciation and amortization 287,262 261,536 25,726 9.8 % Loss on extinguishment of debt 2,657 6,019 (3,362 ) (55.9 )% Interest 129,089 127,128 1,961 1.5 % Interest on mandatorily redeemable preferred OP units / 3,694 3,114 580 18.6 % equity --------- - --------- - -------- - Total Expenses 997,133 909,869 87,264 9.6 % Income Before Other Items 129,692 72,701 56,991 78.4 % Remeasurement of marketable securities (3,639 ) — (3,639 ) N/A Other (expense) / income, net (7) (6,453 ) 8,982 (15,435 ) (171.8 )% Income from nonconsolidated affiliates 646 — 646 N/A Current tax expense (595 ) (446 ) (149 ) 33.4 % Deferred tax benefit 507 582 (75 ) (12.9 )% --------- - --------- - -------- - Net Income 120,158 81,819 38,339 46.9 % Less: Preferred return to preferred OP units / equity (4,486 ) (4,581 ) 95 (2.1 )% Less: Amounts attributable to noncontrolling interests (8,443 ) (5,055 ) (3,388 ) 67.0 % --------- - --------- - -------- - Net Income Attributable to Sun Communities, Inc. 107,229 72,183 35,046 48.6 % Less: Preferred stock distribution (1,736 ) (7,162 ) 5,426 (75.8 )% --------- - Net Income Attributable to Sun Communities, Inc. Common $ 105,493 $ 65,021 $ 40,472 62.2 % Stockholders - ------- - - ------- - - ------ - Weighted average common shares outstanding: Basic 81,387 76,084 5,303 7.0 % Diluted 82,040 76,711 5,329 6.9 % Earnings per share: Basic $ 1.29 $ 0.85 $ 0.44 51.8 % Diluted $ 1.29 $ 0.85 $ 0.44 51.8 %

Outstanding Securities and Capitalization (amounts in thousands except for *)

Outstanding Securities - As of December 31, 2018 Number of Issuance Price per Annual Distribution Units/Shares Conversion Rate* If Converted unit* Rate* Outstanding ------------ ---------------- ------------ ------------------ --------------------- Convertible Securities --------------------- Series A-1 preferred 332 2.4390 810 $100 6.0% OP units Series A-3 preferred 40 1.8605 74 $100 4.5% OP units Series A-4 preferred 410 0.4444 182 $25 6.5% OP units Series C preferred OP 314 1.1100 349 $100 4.5% units Common OP units 2,726 1.0000 2,726 N/A Mirrors common shares distributions Series A-4 preferred 1,063 0.4444 472 $25 6.5% stock Non-Convertible Securities --------------------- Common shares 86,357 N/A N/A N/A $2.84^ ^ Annual distribution is based on the last quarterly distribution annualized.

Capitalization - As of December 31, 2018 Equity Shares Share Price* Total ---------------------------------------------------------- ------- ------------ ------------- Common shares 86,357 $ 101.71 $ 8,783,370 Common OP units 2,726 $ 101.71 277,261 ------ - ------ --- ------------ Subtotal 89,083 $ 9,060,631 Series A-1 preferred OP units 810 $ 101.71 82,385 Series A-3 preferred OP units 74 $ 101.71 7,527 Series A-4 preferred OP units 182 $ 101.71 18,511 Series C preferred OP units 349 $ 101.71 35,497 ------ - ------ --- ------------ Total diluted shares outstanding 90,498 $ 9,204,551 Debt Mortgage loans payable $ 2,815,957 Secured borrowings(4) 107,731 Preferred Equity - Sun NG Resorts - mandatorily redeemable 35,277 Preferred OP units - mandatorily redeemable 37,338 Lines of credit (5) 128,000 ------------ Total debt $ 3,124,303 Preferred Series A-4 preferred stock 1,063 $ 25.00 $ 26,575 Total Capitalization $ 12,355,429 - ----------

Reconciliations to Non-GAAP Financial Measures

Reconciliation of Net Income Attributable to Sun Communities, Inc. Common Stockholders to FFO (amounts in thousands except for per share data)

Three Months Ended Year Ended December 31, December 31, 2018 2017 2018 2017 ---------- ---------- ----------- ----------- Net income attributable to Sun Communities, Inc. common $ 9,039 $ 7,438 $ 105,493 $ 65,021 stockholders: Adjustments: Depreciation and amortization 81,314 72,068 288,206 262,211 Remeasurement of marketable securities 3,639 — 3,639 — Amounts attributable to noncontrolling interests 15 825 7,740 4,535 Preferred return to preferred OP units 552 570 2,206 2,320 Preferred distribution to Series A-4 preferred stock 432 441 1,737 2,107 Gain on disposition of assets, net (6,429 ) (4,733 ) (23,406 ) (16,075 ) -------- - -------- - --------- - --------- - FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) (8) $ 88,562 $ 76,609 $ 385,615 $ 320,119 Adjustments: Transaction costs (6) — 2,811 — 9,801 Other acquisition related costs(9) 220 98 1,001 2,810 Loss on extinguishment of debt — 5,260 2,657 6,019 Catastrophic weather related charges, net 2,079 228 92 8,352 Loss of earnings - catastrophic weather related (10) (1,267 ) 292 (292 ) 292 Other expense / (income), net (7) 3,239 (3,642 ) 6,453 (8,982 ) Debt premium write-off (65 ) (905 ) (1,467 ) (1,343 ) Ground lease intangible write-off — 898 817 898 Deferred tax (benefit) / expense (73 ) 163 (507 ) (582 ) -------- - Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) (8) $ 92,695 $ 81,812 $ 394,369 $ 337,384 - ------ - - ------ - - ------- - - ------- - Weighted average common shares outstanding - basic: 85,481 78,633 81,387 76,084 Add: Common stock issuable upon conversion of stock options 2 2 2 2 Restricted stock 499 472 651 625 Common OP units 2,727 2,751 2,733 2,756 Common stock issuable upon conversion of Series A-1 preferred 810 847 821 869 OP units Common stock issuable upon conversion of Series A-4 preferred 472 482 472 585 stock Common stock issuable upon conversion of Series A-3 preferred 75 75 75 75 OP units Weighted average common shares outstanding - fully diluted 90,066 83,262 86,141 80,996 -------- - -------- - --------- - --------- - FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) (8) per share - fully $ 0.98 $ 0.92 $ 4.48 $ 3.95 diluted Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities (1) (8) per $ 1.03 $ 0.98 $ 4.58 $ 4.17 share - fully diluted

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

Three Months Ended Year Ended December 31, December 31, 2018 2017 2018 2017 ----------- ----------- ----------- ----------- Net income attributable to Sun Communities, Inc., common $ 9,039 $ 7,438 $ 105,493 $ 65,021 stockholders: Adjustments: Interest expense 33,313 32,116 132,783 130,242 Loss on extinguishment of debt — 5,260 2,657 6,019 Current tax (benefit) / expense (17 ) 313 595 446 Deferred tax (benefit) / expense (73 ) 163 (507 ) (582 ) Income from nonconsolidated affiliates (587 ) — (646 ) — Depreciation and amortization 81,070 71,817 287,262 261,536 Gain on disposition of assets, net (6,429 ) (4,733 ) (23,406 ) (16,075 ) --------- - --------- - --------- - --------- - EBITDAre(1) $ 116,316 $ 112,374 $ 504,231 $ 446,607 Adjustments: Transaction costs (6) 334 2,811 472 9,801 Remeasurement of marketable securities 3,639 — 3,639 — Other expense / (income), net (7) 3,239 (3,642 ) 6,453 (8,982 ) Catastrophic weather related charges, net 2,079 228 92 8,352 Preferred return to preferred OP units / equity 1,151 1,099 4,486 4,581 Amounts attributable to noncontrolling interests 51 876 8,443 5,055 Preferred stock distribution 431 929 1,736 7,162 Plus: Gain on dispositions of assets, net 6,429 4,733 23,406 16,075 --------- - Recurring EBITDA (1) $ 133,669 $ 119,408 $ 552,958 $ 488,651 - ------- - - ------- - - ------- - - ------- -

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

Three Months Ended Year Ended December 31, December 31, 2018 2017 2018 2017 ----------- ----------- ----------- ----------- Net income attributable to Sun Communities, Inc., common $ 9,039 $ 7,438 $ 105,493 $ 65,021 stockholders: Other revenues (8,136 ) (6,287 ) (27,057 ) (24,874 ) Home selling expenses 4,403 3,066 15,722 12,457 General and administrative 20,570 18,409 81,438 74,232 Transaction costs (6) 334 2,811 472 9,801 Catastrophic weather related charges, net 2,079 228 92 8,352 Depreciation and amortization 81,070 71,817 287,262 261,536 Loss on extinguishment of debt — 5,260 2,657 6,019 Interest expense 33,313 32,116 132,783 130,242 Remeasurement of marketable securities 3,639 — 3,639 — Other expense / (income), net (7) 3,239 (3,642 ) 6,453 (8,982 ) Income from nonconsolidated affiliates (587 ) — (646 ) — Current tax (benefit) / expense (17 ) 313 595 446 Deferred tax (benefit) / expense (73 ) 163 (507 ) (582 ) Preferred return to preferred OP units / equity 1,151 1,099 4,486 4,581 Amounts attributable to noncontrolling interests 51 876 8,443 5,055 Preferred stock distribution 431 929 1,736 7,162 NOI(1)/ Gross Profit $ 150,506 $ 134,596 $ 623,061 $ 550,466 - ------- - - ------- - - ------- - - ------- -

Three Months Ended Year Ended December 31, December 31, 2018 2017 2018 2017 ----------- ----------- ----------- ----------- Real Property NOI(1) $ 132,255 $ 118,067 $ 533,321 $ 479,662 Rental Program NOI (1) 23,714 23,598 96,173 92,268 Home Sales NOI (1)/ Gross Profit 11,645 8,974 42,698 32,294 Ancillary NOI (1)/ Gross Profit (738 ) (16 ) 16,484 10,075 Site rent from Rental Program (included in Real Property (16,370 ) (16,027 ) (65,615 ) (63,833 ) NOI) (1)(11) --------- - --------- - NOI (1)/ Gross profit $ 150,506 $ 134,596 $ 623,061 $ 550,466 - ------- - - ------- - - ------- - - ------- -

Non-GAAP and Other Financial Measures

Financial and Operating Highlights (amounts in thousands, except for *)

Quarter Ended 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 ------------ ------------ ------------ ------------ ------------ FINANCIAL INFORMATION Total revenues $ 274,004 $ 323,538 $ 271,426 $ 257,916 $ 242,026 Net income 10,672 51,715 24,170 33,601 10,342 Net income attributable to Sun 9,039 46,060 20,408 29,986 7,438 Communities Inc. Earnings per share basic* $ 0.11 $ 0.56 $ 0.25 $ 0.38 $ 0.09 Earnings per share diluted* 0.11 0.56 0.25 0.38 0.09 Cash distributions declared per common $ 0.71 $ 0.71 $ 0.71 $ 0.71 $ 0.67 share* Recurring EBITDA (1) $ 133,669 $ 158,153 $ 128,798 $ 132,281 $ 119,408 FFO attributable to Sun Communities, Inc. common stockholders and dilutive 88,562 117,018 85,623 94,976 76,609 convertible securities (1) (8) Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive 92,695 116,959 90,372 94,907 81,812 convertible securities (1) (8) FFO attributable to Sun Communities, Inc. common stockholders and dilutive $ 0.98 $ 1.35 $ 1.02 $ 1.14 $ 0.92 convertible securities (1) (8)per share - fully diluted* Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive 1.03 1.35 1.07 1.14 0.98 convertible securities (1) (8) per share - fully diluted* BALANCE SHEETS Total assets $ 6,710,026 $ 6,653,726 $ 6,492,348 $ 6,149,653 $ 6,111,957 Total debt 3,124,303 3,004,929 3,364,081 3,129,440 3,079,238 Total liabilities 3,479,112 3,367,285 3,736,621 3,471,096 3,405,204

Quarter Ended 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 --------- --------- --------- --------- --------- OPERATING INFORMATION* New home sales 140 146 134 106 103 Pre-owned home sales 738 825 809 731 747 ------- - ------- - ------- - ------- - ------- - Total homes sold 878 971 943 837 850 Communities 371 370 367 350 350 Developed sites 108,963 108,142 107,192 106,617 106,036 Transient RV sites 19,491 19,432 19,007 15,693 15,856 ------- - ------- - ------- - ------- - ------- - Total sites 128,454 127,574 126,199 122,310 121,892 MH occupancy 95.0 % 94.9 % 95.0 % 94.7 % 94.6 % RV occupancy 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Total blended MH and RV occupancy 96.1 % 96.1 % 96.1 % 95.8 % 95.8 %

Debt Analysis (amounts in thousands)

Quarter Ended 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 ------------- ------------- ------------- ------------- ------------- DEBT OUTSTANDING Mortgage loans payable $ 2,815,957 $ 2,819,225 $ 2,636,847 $ 2,826,225 $ 2,867,356 Secured borrowings(4) 107,731 113,089 118,242 124,077 129,182 Preferred Equity - Sun NG Resorts - 35,277 35,277 35,277 — — mandatorily redeemable Preferred OP units - mandatorily 37,338 37,338 37,338 37,338 41,443 redeemable Lines of credit (5) 128,000 — 536,377 141,800 41,257 ----------- - ----------- - ----------- - ----------- - ----------- - Total debt $ 3,124,303 $ 3,004,929 $ 3,364,081 $ 3,129,440 $ 3,079,238 - --------- - - --------- - - --------- - - --------- - - --------- - % FIXED/FLOATING Fixed 95.9 % 100.0 % 84.0 % 90.6 % 93.7 % Floating 4.1 % — % 16.0 % 9.4 % 6.3 % Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % ----------- - ----------- - ----------- - ----------- - ----------- - WEIGHTED AVERAGE INTEREST RATES Mortgage loans payable 4.22 % 4.23 % 4.27 % 4.25 % 4.25 % Preferred Equity - Sun NG Resorts - 6.00 % 6.00 % 6.00 % — % — % mandatorily redeemable Preferred OP units - mandatorily 6.61 % 6.61 % 6.61 % 6.61 % 6.75 % redeemable Lines of credit (5) 3.77 % — % 3.31 % 3.01 % 2.79 % ----------- - ----------- - ----------- - ----------- - ----------- - Average before Secured borrowings 4.25 % 4.28 % 4.15 % 4.22 % 4.26 % (4) ----------- - ----------- - ----------- - ----------- - ----------- - Secured borrowings(4) 9.94 % 9.95 % 9.96 % 9.97 % 9.97 % ----------- - ----------- - ----------- - ----------- - ----------- - Total average 4.45 % 4.50 % 4.36 % 4.45 % 4.50 % ----------- - ----------- - ----------- - ----------- - ----------- - DEBT RATIOS Net Debt / Recurring EBITDA (1) 5.6 5.4 6.5 6.2 6.3 (TTM) Net Debt / Enterprise Value 25.2 % 23.9 % 28.6 % 28.8 % 28.2 % Net Debt / Gross Assets 37.7 % 35.9 % 42.7 % 41.9 % 41.8 % COVERAGE RATIOS Recurring EBITDA (1) (TTM) / 4.0 3.9 3.7 3.6 3.6 Interest Recurring EBITDA (1) (TTM) / Interest + Pref. Distributions + 3.9 3.8 3.6 3.4 3.3 Pref. Stock Distribution

MATURITIES/PRINCIPAL AMORTIZATION NEXT FIVE 2019 2020 2021 2022 2023 YEARS ---------- ----------- ----------- ----------- ----------- Mortgage loans payable: Maturities $ — $ 58,078 $ 270,680 $ 82,155 $ 307,465 Weighted average rate of maturities — % 5.92 % 5.53 % 4.46 % 4.17 % Principal amortization 58,164 59,630 58,843 56,822 53,437 Secured borrowings(4) 5,265 5,746 6,171 6,379 6,374 Preferred Equity - Sun NG Resorts - mandatorily — — — 35,277 — redeemable Preferred OP units - mandatorily redeemable 2,675 — — — — Lines of credit (5) — — 128,000 — — -------- - --------- - --------- - --------- - --------- - Total $ 66,104 $ 123,454 $ 463,694 $ 180,633 $ 367,276 - ------ - - ------- - - ------- - - ------- - - ------- -

Real Property Operations – Same Community(2) (amounts in thousands except for Other Information)

Three Months Ended December 31, Year Ended December 31, 2018 2017 Change % Change 2018 2017 Change % Change ---------- ---------- ---------- -------- ---------- ---------- --------- ------ Financial Information Income from real $ 181,147 $ 170,565 $ 10,582 6.2 % $ 746,360 $ 703,272 $ 43,088 6.1 % property (12) Property Operating Expenses: Payroll and benefits 15,707 15,331 376 2.5 % 66,502 65,524 978 1.5 % Legal, taxes & 2,053 1,885 168 8.9 % 9,026 7,152 1,874 26.2 % insurance Utilities (12) 12,000 11,596 404 3.5 % 54,949 51,480 3,469 6.7 % Supplies and repair 5,531 6,006 (475 ) (7.9 )% 26,476 25,347 1,129 4.5 % (13) Other 4,523 5,089 (566 ) (11.1 )% 22,952 21,960 992 4.5 % Real estate taxes 13,471 12,668 803 6.3 % 54,098 51,695 2,403 4.6 % --------- --------- -------- - --------- --------- -------- Total property 53,285 52,575 710 1.4 % 234,003 223,158 10,845 4.9 % operating expenses --------- --------- -------- - --------- --------- -------- Real Property NOI(1) $ 127,862 $ 117,990 $ 9,872 8.4 % $ 512,357 $ 480,114 $ 32,243 6.7 % - ------- - ------- - ------ - - ------- - ------- - ------

As of December 31, ---- 2018 2017 Change % Change ------- ------- ------ ------ ---- Other Information Number of properties 336 336 — MH occupancy(3) 97.4 % RV occupancy(3) 100.0 % MH & RV blended occupancy %(3) 98.0 % 95.8 % 2.2 % Sites available for development 7,348 5,087 2,261 44.4 % Monthly base rent per site - MH $ 554 $ 533 $ 21 4.0 % (15) Monthly base rent per site - RV (14) $ 455 $ 431 $ 24 5.4 % (15) Monthly base rent per site - Total (14) $ 532 $ 511 $ 21 4.1 % (15)

Home Sales Summary (amounts in thousands except for *)

Three Months Ended December 31, Year Ended December 31, Financial 2018 2017 Change % 2018 2017 Change % Information Change Change ----------------- ----------- ----------- ---------- ------- ----------- ----------- ----------- ------ Revenue: New home sales $ 16,600 $ 12,155 $ 4,445 36.6 % $ 59,578 $ 36,915 $ 22,663 61.4 % Pre-owned home 27,183 23,934 3,249 13.6 % 106,453 90,493 15,960 17.6 % sales --------- - --------- - ------- -- --------- - --------- - -------- -- Revenue from home 43,783 36,089 7,694 21.3 % 166,031 127,408 38,623 30.3 % sales --------- - --------- - ------- -- --------- - --------- - -------- -- Expenses: New home cost of 14,726 10,534 4,192 39.8 % 51,913 31,578 20,335 64.4 % sales Pre-owned home 17,412 16,581 831 5.0 % 71,420 63,536 7,884 12.4 % cost of sales --------- - --------- - ------- -- --------- - --------- - -------- -- Cost of home 32,138 27,115 5,023 18.5 % 123,333 95,114 28,219 29.7 % sales --------- - --------- - ------- -- --------- - --------- - -------- -- NOI / Gross $ 11,645 $ 8,974 $ 2,671 29.8 % $ 42,698 $ 32,294 $ 10,404 32.2 % Profit (1) - ------- - - ------- - - ----- -- - ------- - - ------- - - ------ -- Gross profit – $ 1,874 $ 1,621 $ 253 15.6 % $ 7,665 $ 5,337 $ 2,328 43.6 % new homes Gross margin % – 11.3 % 13.3 % (2.0 )% 12.9 % 14.5 % (1.6 )% new homes Average selling price – new $ 118,571 $ 118,010 $ 561 0.5 % $ 113,266 $ 101,975 $ 11,291 11.1 % homes* Gross profit – $ 9,771 $ 7,353 $ 2,418 32.9 % $ 35,033 $ 26,957 $ 8,076 30.0 % pre-owned homes Gross margin % – 35.9 % 30.7 % 5.2 % 32.9 % 29.8 % 3.1 % pre-owned homes Average selling price – pre-owned $ 36,833 $ 32,040 $ 4,793 15.0 % $ 34,306 $ 30,991 $ 3,315 10.7 % homes* Statistical Information New home sales 140 103 37 35.9 % 526 362 164 45.3 % volume* Pre-owned home 738 747 (9 ) (1.2 )% 3,103 2,920 183 6.3 % sales volume* --------- - --------- - ------- -- --------- - --------- - -------- -- Total homes sold* 878 850 28 3.3 % 3,629 3,282 347 10.6 % --------- - --------- - ------- -- --------- - --------- - -------- --

Rental Program Summary (amounts in thousands except for *)

Three Months Ended December 31, Year Ended December 31, Financial Information 2018 2017 Change % Change 2018 2017 Change % Change ------------------------- --------- --------- ------- -------- --------- --------- --------- -------- Revenues: Rental home revenue $ 13,700 $ 12,775 $ 925 7.2 % $ 53,657 $ 50,549 $ 3,108 6.1 % Site rent included in 16,370 16,027 343 2.1 % 65,615 63,833 1,782 2.8 % Income from real property -------- -------- ----- - -------- -------- ------- - Rental program revenue 30,070 28,802 1,268 4.4 % 119,272 114,382 4,890 4.3 % -------- -------- ----- - -------- -------- ------- - Expenses: Commissions 625 743 (118 ) (15.9 )% 2,291 2,734 (443 ) (16.2 )% Repairs and refurbishment 2,973 1,914 1,059 55.3 % 10,312 9,864 448 4.5 % Taxes and insurance 1,691 1,613 78 4.8 % 6,364 6,102 262 4.3 % Marketing and other 1,067 934 133 14.2 % 4,132 3,414 718 21.0 % -------- -------- ----- - -------- -------- ------- - Rental program operating 6,356 5,204 1,152 22.1 % 23,099 22,114 985 4.5 % and maintenance -------- -------- ----- - -------- -------- ------- - Rental Program NOI(1) $ 23,714 $ 23,598 $ 116 0.5 % $ 96,173 $ 92,268 $ 3,905 4.2 % - ------ - ------ - --- - - ------ - ------ - ----- -

As of December 31, Other Information 2018 2017 Change % Change ---------------------------------------------------- ---------- ---------- ---------- ------- Number of occupied rental homes, end of period* 10,994 11,074 (80 ) (0.7 )% Investment in occupied rental homes, end of period $ 530,006 $ 494,945 $ 35,061 7.1 % Number of sold rental homes (YTD)* 1,122 1,168 (46 ) (3.9 )% Weighted average monthly rental rate, end of period* $ 949 $ 901 $ 48 5.3 %

Acquisitions and Other Summary (16)(amounts in thousands except for statistical data)

Three Months Ended Year Ended December 31, 2018 December 31, 2018 ------------------ ---------- REVENUES: Income from real property $ 11,270 $ 47,406 PROPERTY AND OPERATING EXPENSES: Payroll and benefits 2,534 8,151 Legal, taxes & insurance 160 498 Utilities(12) 1,774 6,049 Supplies and repair 692 2,118 Other 1,476 7,169 Real estate taxes 639 2,457 -------- --------- -------- - Property operating expenses 7,275 26,442 -------- --------- -------- - NET OPERATING INCOME (NOI)(1) $ 3,995 $ 20,964 - ------ --------- - ------ - As of December 31, 2018 ---------- Other information: Number of properties 35 Occupied sites 2,778 Developed sites 2,816 Occupancy % 98.7 % Transient sites 5,179

Property Summary (includes MH and Annual RVs) --------- COMMUNITIES 12/31/2018 9/30/2018 6/30/2018 3/31/2018 12/31/2017 ------------------------------ --------- --------- --------- --------- --------- FLORIDA Communities 124 124 124 123 123 Developed sites (17) 37,874 37,879 37,723 37,726 37,254 Occupied (17) 36,868 36,822 36,602 36,546 36,170 Occupancy % (17) 97.3 % 97.2 % 97.0 % 96.9 % 97.1 % Sites for development 1,684 1,494 1,335 1,397 1,485 MICHIGAN Communities 70 70 69 68 68 Developed sites (17) 26,504 26,116 26,039 25,881 25,881 Occupied (17) 25,075 24,830 24,709 24,319 24,147 Occupancy % (17) 94.6 % 95.1 % 94.9 % 94.0 % 93.3 % Sites for development 1,202 1,533 1,668 1,371 1,371 TEXAS Communities 23 23 23 21 21 Developed sites (17) 6,922 6,905 6,622 6,614 6,601 Occupied (17) 6,428 6,301 6,251 6,191 6,152 Occupancy % (17) 92.9 % 91.3 % 94.4 % 93.6 % 93.2 % Sites for development 1,121 907 1,168 1,100 1,100 CALIFORNIA Communities 30 30 29 27 27 Developed sites (17) 5,941 5,932 5,694 5,692 5,692 Occupied (17) 5,897 5,881 5,647 5,646 5,639 Occupancy % (17) 99.3 % 99.1 % 99.2 % 99.2 % 99.1 % Sites for development 56 59 177 389 389 ONTARIO, CANADA Communities 15 15 15 15 15 Developed sites (17) 3,845 3,832 3,752 3,650 3,634 Occupied (17) 3,845 3,832 3,752 3,650 3,634 Occupancy % (17) 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Sites for development 1,682 1,662 1,662 1,664 1,696 ARIZONA Communities 12 11 11 11 11 Developed sites (17) 3,836 3,826 3,804 3,797 3,786 Occupied (17) 3,545 3,515 3,485 3,468 3,446 Occupancy % (17) 92.4 % 91.9 % 91.6 % 91.3 % 91.0 % Sites for development — — — — — INDIANA Communities 11 11 11 11 11 Developed sites (17) 3,089 3,089 3,089 3,048 2,900 Occupied (17) 2,772 2,778 2,791 2,785 2,756 Occupancy % (17) 89.7 % 89.9 % 90.4 % 91.4 % 95.0 % Sites for development 277 277 277 318 466 OHIO Communities 9 9 9 9 9 Developed sites (17) 2,770 2,770 2,767 2,756 2,759 Occupied (17) 2,693 2,694 2,698 2,672 2,676 Occupancy % (17) 97.2 % 97.3 % 97.5 % 97.0 % 97.0 % Sites for development 59 59 59 75 75 COLORADO Communities 8 8 8 8 8 Developed sites (17) 2,335 2,335 2,335 2,335 2,335 Occupied (17) 2,320 2,313 2,319 2,327 2,325 Occupancy % (17) 99.4 % 99.1 % 99.3 % 99.7 % 99.6 % Sites for development 2,129 2,129 1,819 650 650 OTHER STATES Communities 69 69 68 57 57 Developed sites (17) 15,847 15,458 15,367 15,118 15,194 Occupied (17) 15,323 14,932 14,786 14,544 14,587 Occupancy % (17) 96.7 % 96.6 % 96.2 % 96.2 % 96.0 % Sites for development 3,048 3,195 3,233 2,381 2,385 TOTAL - PORTFOLIO Communities 371 370 367 350 350 Developed sites (17) 108,963 108,142 107,192 106,617 106,036 Occupied (17) 104,766 103,898 103,040 102,148 101,532 Occupancy % (17)(18) 96.1 % 96.1 % 96.1 % 95.8 % 95.8 % Sites for development (19) 11,258 11,315 11,398 9,345 9,617 % Communities age restricted 32.1 % 32.2 % 32.2 % 33.7 % 33.7 % TRANSIENT RV PORTFOLIO SUMMARY Location Florida 5,917 5,786 5,942 5,870 6,074 California 1,765 1,774 1,377 806 806 Texas 1,752 1,758 1,776 1,360 1,373 Arizona 1,423 1,057 1,079 1,085 1,096 Ontario, Canada 1,046 1,056 1,133 1,234 1,248 New York 925 910 928 610 614 New Jersey 884 893 906 931 917 Michigan 576 629 350 256 256 Maine 572 578 591 591 596 Indiana 519 519 519 519 520 Ohio 150 150 153 148 145 Other locations 3,962 4,322 4,253 2,283 2,211 ------- - ------- - ------- - ------- - ------- - Total transient RV sites 19,491 19,432 19,007 15,693 15,856 ------- - ------- - ------- - ------- - ------- -

Capital Improvements, Development, and Acquisitions (amounts in thousands except for *)

Recurring Recurring Capital Capital Expenditures Lot Modifications Acquisitions (22) Expansion & Revenue Producing Expenditures (20) (21) Development (23) (24) Average/Site* ------------- -------------------- ----------------- ----------------- ---------------- ----------------- 2018 $ 263 $ 24,265 $ 22,867 $ 414,840 $ 152,672 $ 3,864 2017 $ 214 $ 14,166 $ 18,049 $ 204,375 $ 88,331 $ 1,990 2016 $ 211 $ 17,613 $ 19,040 $ 1,822,564 $ 47,958 $ 2,631

Operating Statistics for MH and Annual RVs

Net LOCATIONS Resident Move-outs Leased New Home Sales Pre-owned Home Sales Brokered Re-sales Sites (25) ----------------------- ------------------ ------- -------------- -------------------- ----------------- Florida 1,320 862 248 269 1,263 Michigan 414 720 75 1,539 137 Ontario, Canada 470 211 39 31 236 Texas 235 276 27 375 43 Arizona 78 99 38 16 180 Indiana 53 16 4 240 15 Ohio 77 17 1 148 10 California 48 29 21 7 74 Colorado 5 (5 ) 5 98 64 Other locations 735 375 68 380 125 ----- ------------ ----- - ----- ----------- Year Ended December 31, 3,435 2,600 526 3,103 2,147 2018 ----- ------------ ----- - --- ---------- ----- -------------- ----- -----------

TOTAL FOR YEAR Resident Move-outs New Leased Sites New Home Sales Pre-owned Home Sales Brokered Re-sales ENDED (25) -------------- ------------------ ---------------- -------------- -------------------- ----------------- 2017 2,739 2,406 362 2,920 2,006 2016 1,722 1,686 329 2,843 1,655

Reside Reside PERCENTAGE TRENDS nt nt Move-o Re-sal uts es ----- ----- 2018 2.4 % 7.2 % 2017 1.9 % 6.6 % 2016 2.0 % 6.1 %

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, and after adjustments for unconsolidated 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 unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated 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. 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 2018 actual exchange rates.

(3) The Same Community occupancy percentage for 2018 is derived from 104,059 developed sites, of which 101,988 were occupied. The number of developed sites excludes RV transient sites and approximately 2,100 recently completed but vacant MH expansion sites. The Same Community occupancy percentage for 2017 has been adjusted to reflect incremental period-over-period growth from filled expansion sites and the conversion of transient RV sites to annual RV sites. Without the adjustment for vacant expansion sites, the Same Community occupancy percentage is 95.0 percent for MH, 100 percent for RV, and 96.1 percent for the blended MH and RV. The MH and RV blended occupancy is derived from 106,147 developed sites, of which 101,988 were occupied.

(4) This is a transferred asset transaction which has been classified as collateralized receivables and the cash received from this transaction has been classified as a secured borrowing. The interest income and interest expense accrue at the same rate and amount.

(5) Lines of credit includes the Company’s MH floor plan facility. The effective interest rate on the MH floor plan facility was 7.0 percent for all periods presented. However, the Company pays no interest if the floor plan balance is repaid within 60 days.

(6) In January 2018, new accounting guidance became effective, which clarified the definition of a business with the objective of assisting entities in evaluating whether transactions should be accounted for as acquisitions of assets or businesses. Under previous guidance, substantially all of the Company’s property acquisitions were accounted for as business combinations with identifiable assets and liabilities measured at fair value, and acquisition related costs expensed as incurred and reported as Transaction costs. Under the new guidance, substantially all of the Company’s property acquisitions are accounted for as asset acquisitions. The purchase price of these properties are allocated on a relative fair value basis and direct acquisition related costs are capitalized as part of the purchase price. Acquisitions costs that do not meet the criteria for capitalization are expensed as incurred.

(7) Other (expense) / income, net was as follows (in thousands):

Three Months Ended Year Ended December 31, December 31, 2018 2017 2018 2017 ---------- --------- ---------- -------- Foreign currency translation (loss) / gain $ (5,795 ) $ (497 ) $ (8,435 ) $ 5,947 Contingent liability remeasurement gain 2,621 4,139 2,336 3,035 Long term lease termination expense (65 ) — (354 ) — Other (expense) / income, net $ (3,239 ) $ 3,642 $ (6,453 ) $ 8,982 - ------ - - ----- - - ------ - - -----

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

(9) These 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.

(10) We recorded a total estimated income of $0.3 million and $1.0 million in the Core FFO(1) during the fourth quarter ending December 31, 2017 and the first three quarters of 2018 respectively, for the income related to the loss of earnings in excess of the applicable business interruption deductible in relation to our Florida Keys communities. The estimated income was not recorded within our consolidated financial statements during those respective periods in accordance with GAAP. During the three months ended December 31, 2018, we recorded GAAP income of $1.8 million upon notification of payment by the insurance company and adjusted the Core FFO(1) for the previously estimated income of $1.3 million and $0.3 million for the three months and year ended December 31, 2018, respectively.

(11) The renter’s monthly payment includes the site rent and an amount attributable to the home lease. Site rent is reflected in Real Property NOI. For purposes of management analysis, site rent is included in Rental Program revenue to evaluate the incremental revenue gains associated with implementation of the Rental Program, and to assess the overall growth and performance of the Rental Program and financial impact on the Company’s operations.

(12) Same Community results net $8.1 million and $7.7 million of utility revenue against the related utility expense in property operating and maintenance expense for the three months ended December 31, 2018 and 2017, respectively and net $32.2 million and $30.6 million for the year ended December 31, 2018 and 2017, respectively.

(13) Same Community supplies and repair expense excludes $0.1 million and $2.6 million for the three months and year ended December 31, 2017, 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.

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

(15) Calculated using actual results without rounding.

(16) Acquisitions and other is comprised of twenty properties acquired in 2018, nine properties acquired in 2017, three Florida Keys properties that require redevelopment as a result of damage sustained from Hurricane Irma in 2017, one recently opened ground-up development, one property undergoing redevelopment, one property that we have an interest in, but do not operate, and other miscellaneous transactions and activity.

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

(18) As of December 31, 2018, total portfolio MH occupancy was 96.1 percent (including the impact of approximately 2,088 recently constructed but vacant MH expansion sites) and annual RV occupancy was 100.0 percent.

(19) Total sites for development were comprised of approximately 71.8 percent for expansion, 23.2 percent for greenfield development and 5.0 percent for redevelopment.

(20) Recurring capital expenditures are necessary to maintain asset quality, including purchasing and replacing assets used to operate the community. These capital expenditures 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. The minimum capitalized amount is five hundred dollars.

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

(22) Capital expenditures related to acquisitions represent the purchase price of existing operating communities and land parcels to develop expansions or new communities. These costs for the year ended December 31, 2018 include $94.6 million of capital improvements identified during due diligence that are necessary to bring a community to the Company’s operating standards. These include items such as: upgrading clubhouses; landscaping; new street light systems; new mail delivery systems; pool renovation including larger decks, heaters, and furniture; new maintenance facilities; and new signage including main signs and internal road signs. These are considered acquisition costs and although identified during due diligence, often require 24 to 36 months after closing to complete.

(23) Expansion and development expenditures consist primarily of construction costs and costs necessary to complete home site improvements, such as driveways, sidewalks and landscaping.

(24) Capital costs related to revenue generating activities consist primarily of garages, sheds, sub-metering of water, sewer and electricity. Revenue generating attractions at our RV resorts are also included here and, occasionally, a special capital project requested by residents and accompanied by an extra rental increase will be classified as revenue producing.

(25) Net leased sites do not include occupied sites acquired during that year.

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

Attachment

-- Exhibit 99.1 Press Release and Supplemental Package 2018.12.31