株探米国株
英語
エドガーで原本を確認する
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2025
Commission file number: 1-12616
sun-corporate-tm-oval-orange-logo-pantone.jpg
SUN COMMUNITIES, INC
(Exact Name of Registrant as Specified in its Charter)
Maryland 38-2730780
(State of Incorporation) (I.R.S. Employer Identification No.)
27777 Franklin Rd, Suite 300, Southfield, Michigan   48034
(Address of Principal Executive Offices)   (Zip Code)
(248) 208-2500
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.01 par value SUI New York Stock Exchange
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. Yes ☐ No ☒
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company
☒ ☐ ☐ ☐ ☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Indicate by check mark whether the Registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the Registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the Registrant's executive officers during the relevant recovery period pursuant to Section 240.10D-1(b). ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of June 30, 2025, the aggregate market value of the Registrant's stock held by non-affiliates of the Registrant was $15,745,164,541 (computed by reference to the closing sales price of the Registrant's common stock as of June 30, 2025). For this computation, the Registrant has excluded the market value of all shares of common stock reported as beneficially owned by executive officers and directors of the Registrant; such exclusion shall not be deemed to constitute an admission that any such person is an affiliate of the Registrant.
Number of shares of Common Stock, $0.01 par value per share, outstanding as of February 17, 2026: 123,184,632
Documents Incorporated By Reference
Unless provided in an amendment to this Annual Report on Form 10-K, the information required by Part III is incorporated by reference to the Registrant's proxy statement to be filed pursuant to Regulation 14A, with respect to the Registrant's 2026 annual meeting of shareholders.

SUN COMMUNITIES, INC.
Table of Contents
Item Description Page
Part I.
Item 1.
 Business
Item 1A.
 Risk Factors
Item 1B.
 Unresolved Staff Comments
Item 1C.
 Cybersecurity
Item 2.
 Properties
Item 3.
 Legal Proceedings
Item 4.
 Mine Safety Disclosures
Part II.
Item 5.
 Market for the Registrant's Common Equity, Related Shareholder Matters, and Issuer Purchases of Equity Securities
Item 6.
 [Reserved]
Item 7.
 Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7A.
 Quantitative and Qualitative Disclosures about Market Risk
Item 8.
 Financial Statements and Supplementary Data
Item 9.
 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9A.
 Controls and Procedures
Item 9B.
 Other Information
Part III.
Item 10.
 Directors, Executive Officers and Corporate Governance
Item 11.
 Executive Compensation
Item 12.
 Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
Item 13.
 Certain Relationships and Related Transactions, and Director Independence
Item 14.
 Principal Accountant Fees and Services
Part IV.
Item 15.
 Exhibits and Financial Statement Schedules
Item 16.
 Form 10-K Summary
Exhibits
Signatures
Index to the Consolidated Financial Statements and Financial Statement Schedules
F - 1


SUN COMMUNITIES, INC.
PART I
ITEM 1. BUSINESS
GENERAL OVERVIEW
Sun Communities, Inc., and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership, a Michigan limited partnership (the "Operating Partnership"), Sun Home Services, Inc. ("SHS"), and our Park Holidays subsidiaries and the other entities through which we operate our business in the United Kingdom ("UK") are referred to herein as the "Company," "SUI," "us," "we," or "our."
We are a fully integrated real estate investment trust ("REIT"). We own manufactured housing ("MH") and recreational vehicle ("RV") communities in the United States ("U.S."), Canada, and the UK (together with MH and RV, the "properties"). We self-administer, self-manage, operate, or hold an interest in, and develop the majority of our properties, and a select number of our communities are operated by independent third-party contractors on our behalf under management agreements. Others are operated by lessees under ground lease arrangements. Together with our affiliates and predecessors, we have been in the business of operating, acquiring, developing, and expanding MH and RV communities since 1975 and communities in the UK since 2022.
For our MH and RV businesses, 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. Our RV communities are designed to offer affordable vacation opportunities to individuals and families complemented by a diverse selection of high-quality amenities. Through SHS, a taxable REIT subsidiary, we market, sell, and lease new and pre-owned homes to current and future residents in our MH and RV communities. The operations of SHS support and enhance our occupancy levels, property performance, and cash flows.
In the UK, our communities are referred to as "holiday parks" and are located predominantly at irreplaceable seaside destinations in the south of England. We sell homes to holiday homeowners who lease a pitch at one of our properties through a site fee license arrangement. In addition, we sell new and pre-owned homes to current and prospective customers, and provide vacation opportunities to individuals and families complemented by high-quality amenities.
As of December 31, 2025, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 513 developed properties located in the U.S., Canada, and the UK, including 294 MH communities, 166 RV communities, and 53 UK communities. As of December 31, 2025, the properties contained an aggregate of 178,650 developed sites comprised of 100,150 developed MH sites, 33,330 annual RV sites (inclusive of both annual and seasonal usage rights), 23,550 transient RV sites, 17,750 UK annual sites, and 3,870 UK transient RV sites.
Our executive and principal property management office is located at 27777 Franklin Road, Suite 300, Southfield, Michigan 48034, and our telephone number is (248) 208-2500. Our Park Holidays principal office is located in Bexhill-on-Sea, East Sussex, UK. We have regional property management offices throughout the U.S. We employed an aggregate of 3,614 full and part time employees as of December 31, 2025.
Our website address is www.suninc.com and we make available, free of charge, on or through our website all of our periodic reports, including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and current reports on Form 8-K, as soon as reasonably practicable after we file such reports with the SEC. Additionally, the SEC maintains a website at https://www.sec.gov, that contains reports, proxy information statements, and other information about us.
SAFE HARBOR SALE
From 2020 through 2024, we were in the business of operating, acquiring, developing, and expanding marinas through our Safe Harbor Marinas, LLC subsidiary ("Safe Harbor"). In February 2025, we entered into a definitive agreement to sell Safe Harbor for an aggregate purchase price of approximately $5.65 billion, subject to certain adjustments (the "Safe Harbor Sale"). During the three months ended June 30, 2025, we completed the initial closing of the Safe Harbor Sale, which generated approximately $5.25 billion of pre-tax cash proceeds, net of transaction costs. The subsequent closing of the transfer of subsidiaries owning 15 of Safe Harbor's properties (the "Delayed Consent Subsidiaries") with an aggregate agreed value of approximately $250.0 million was further subject to the receipt of certain third-party consents. Subsequent to the initial closing through June 30, 2025, we completed the sale of six Delayed Consent Subsidiaries for $136.7 million. On August 29, 2025, we completed the closing of the final nine Delayed Consent Subsidiaries for $117.5 million and fully divested our investment in the Safe Harbor business. In connection with the Safe Harbor Sale, we recorded a gain of $1.5 billion during the year ended December 31, 2025. The Safe Harbor Sale accelerates our strategy of focusing on our core business. Refer to Part II, Item 7, "Liquidity And Capital Resources," and Note 2, "Assets Held for Sale and Discontinued Operations," in our accompanying Consolidated Financial Statements for additional information related to Safe Harbor and the Safe Harbor Sale.

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REPORTABLE SEGMENTS
As a result of the Safe Harbor Sale, we have revised our reporting structure from a four-segment to a three-segment structure, which consists of (i) MH communities, (ii) RV communities, and (iii) communities in the UK. Additional information required by this item is incorporated herein by reference to the narrative and tabular description of segments and operating results under Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note 10, "Segment Reporting," in our accompanying Consolidated Financial Statements.
STRUCTURE OF THE COMPANY
The Company is a REIT and the general partner of the Operating Partnership. As the sole general partner of the Operating Partnership, we generally have the power to manage and have complete control over the conduct of the Operating Partnership's affairs, and all decisions or actions made or taken by us as the general partner pursuant to the partnership agreement are generally binding upon all of the partners and the Operating Partnership.
The Operating Partnership is structured as an umbrella partnership REIT ("UPREIT"). We conduct substantially all of our operations through the Operating Partnership, which, directly or indirectly through other subsidiaries, owns substantially all of our assets. This UPREIT structure enables us to comply with certain complex requirements under the federal tax rules and regulations applicable to REITs, and to acquire properties in transactions that defer some or all of the sellers' tax consequences. The financial results of the Operating Partnership and our other subsidiaries are consolidated in our Consolidated Financial Statements. The financial results of the Operating Partnership include certain activities that do not necessarily qualify as REIT activities under the Internal Revenue Code of 1986, as amended (the "Code"). We have formed taxable REIT subsidiaries, as defined in the Code, to engage in such activities. We use taxable REIT subsidiaries to offer certain services to our residents and engage in activities that would not otherwise be permitted under the REIT rules if provided directly by us or by the Operating Partnership. The taxable REIT subsidiaries include our home sales business, SHS, which provides manufactured home sales, leasing, and other services to current and prospective tenants of our properties. Currently, all of our UK operations are conducted through taxable REIT subsidiaries.
Under the partnership agreement, the Operating Partnership is structured to make distributions with respect to certain of the Operating Partnership units ("OP units") at the same time that distributions are made to our common shareholders. The Operating Partnership is structured to permit limited partners holding certain classes or series of OP units to exchange those OP units for shares of our common stock (in a taxable transaction) and achieve liquidity for their investment.
As of December 31, 2025, we owned 95.7% of the OP Units and the limited partners of the Operating Partnership own the rest. The following table sets forth:
•The various series of OP units and the number of units of each series outstanding as of December 31, 2025;
•The relative ranking of the various series of OP units with respect to rights to the payment of distributions and the distribution of assets in the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Operating Partnership;
•The number of shares of our common stock issuable upon the exchange, directly or indirectly, of each OP unit of the applicable series;
•Information regarding the annual distribution rate and terms of redemption rights for each series of OP units, as applicable.

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Ranking Description
OP Units Outstanding at December 31, 2025
Exchange Rate(1)
Annual Distribution Rate(2)
Cash Redemption(3)
 Redemption Period
1 Series A-1 preferred OP units 169,913  2.4390 6.0  % N/A N/A
2 Series C preferred OP units 292,436  1.1100 5.0  % N/A N/A
3 Series D preferred OP units 488,958  0.8000 4.0  % Holder's Option Any time
4 Series E preferred OP units 80,000  0.6897 5.5  % N/A N/A
5 Series F preferred OP units 70,000  0.6250 3.0  % Holder's Option Any time
6 Series G preferred OP units 4,898  0.6452 3.2  % Holder's Option Any time
7 Series H preferred OP units 560,968  0.6098 3.0  % Holder's Option Any time
8 Series J preferred OP units 236,000  0.6061 2.85  % Holder's Option During the 30-day period following a change of control of the Company or any time after April 21, 2026
9 Series K preferred OP units 1,000,000 
0.5882(4)
 4.0  % Holder's Option Within 60 days after March 23, 2028
10 Series L preferred OP units 20,000 
0.6250(5)
 3.5  % N/A N/A
11 Series A-3 preferred OP units 40,268  1.8605 4.5  % N/A N/A
12 Common OP units
126,124,022(6)
 1.0000 Same distribution rate for common stock and common OP units N/A N/A
(1)Exchange rates are subject to adjustment upon stock splits, recapitalizations, and similar events. The exchange rates of certain series of OP units are approximated to four decimal places. Subject to certain limitations, holders can convert certain series of OP units to shares of our common stock and to common OP units at any time.
(2)Except for Common OP units, distributions are payable on the issue price of each OP unit, which is $100.00 per unit for all these preferred OP units.
(3)The redemption price for each preferred OP unit redeemed will be equal to its issue price plus all accrued but unpaid distributions.
(4)Each Series K preferred OP unit is exchangeable for 0.5882 common OP units. Each such common OP unit will be exchangeable for one share of our common stock. We have the right to cause the holders of Series K preferred OP units to exchange such units into common OP units at the applicable exchange rate (a) within 60 days after March 23, 2028 or (b) if at any time the trading price of our common stock for each of the preceding 60 trading days is equal to or greater than 120% of the Series K conversion price of $170 (as it may be adjusted under the Operating Partnership's partnership agreement). If in connection with an exchange pursuant to clause (a) above the recent average price of our common stock (as determined under the Operating Partnership's partnership agreement) is less than the Series K conversion price, we will be required to make an additional cash payment in respect of each exchanged Series K preferred OP unit equal to the product of (i) the Series K exchange rate and (ii) the difference between such average price and the Series K conversion price.
(5)Each Series L preferred OP unit is exchangeable for 0.6250 common OP units. Each such common OP unit will be exchangeable for one share of our common stock. We have the right to cause the holders of Series L preferred OP units to exchange such units into common OP units at the applicable exchange rate (a) any time after December 31, 2028 or (b) if at any time the trading price of our common stock for each of the preceding 60 trading days is equal to or greater than 120% of the Series L conversion price of $160 (as it may be adjusted under the Operating Partnership's partnership agreement). If in connection with an exchange pursuant to clause (a) above the recent average price of our common stock (as determined under the Operating Partnership's partnership agreement) is less than the Series L conversion price, we will be required to make an additional cash payment in respect of each exchanged Series L preferred OP unit equal to the product of (i) the Series L exchange rate and (ii) the difference between such average price and the Series L conversion price.
(6)Of the 126,124,022 Common OP units, 123,486,747 or 97.9% were held by us, and 2,637,275 or 2.1% were owned by various limited partners.
REAL PROPERTY OPERATIONS AND COMPETITION
MH and RV Segments
An MH community is a residential subdivision with sites for the placement of manufactured homes, related improvements, and amenities. Our MH communities are designed to offer affordable housing to individuals and families, while also providing a number of lifestyle amenities. Manufactured homes are detached single-family homes that are produced off-site by manufacturers and installed on site within the community. Manufactured homes are available in a wide array of designs, providing owners with a level of customization generally unavailable in multi-family housing complexes. Modern MH communities contain improvements similar to other garden-style residential developments, including centralized entrances, paved streets, curbs, gutters, and parkways.
An RV community is a resort with sites for the placement of RVs for varied lengths of time, and in certain cases, also include vacation rental homes. Our RV communities are designed to offer affordable vacation opportunities to individuals and families, complemented by a diverse selection of high-quality amenities such as restaurants, golf courses, swimming pools, and tennis courts. We operate the majority of our RV communities under the "Sun Outdoors" brand, which we believe supports our competitive advantage in the outdoor market. Sun Outdoors offers RV sites, vacation rentals, and tent camping with world-class amenities, primarily in the U.S.
Renters at our MH and RV communities lease the site on which a manufactured home, RV, or vacation rental home is located. We typically own the underlying land, utility connections, streets, lighting, driveways, common area amenities, and other capital improvements, and are responsible for enforcement of community guidelines and maintenance. In certain MH and RV communities, we do not own all of the underlying land and operate the communities pursuant to contractual ground lease arrangements. Certain communities provide water and sewer service through public or private utility companies, while other communities provide these services to residents from on-site facilities. Each owner of a home within our properties is responsible for the maintenance of the home and leased site. As a result, our capital expenditure needs are less significant relative to multi-family rental apartment complexes.

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We compete with other MH and RV communities and alternative forms of housing (such as on-site constructed homes, apartments, condominiums, and townhouses) as they provide housing alternatives to potential tenants of MH and RV communities.
UK Segment
In the UK, homeowners occupy a pitch at one of our properties through a site fee license arrangement. In addition, we sell new and pre-owned homes to current and prospective customers. We also provide vacation opportunities to individuals and families complemented by high-quality amenities. The holiday park industry in the UK is highly fragmented.
PROPERTY MANAGEMENT
Our property management strategy emphasizes intensive, detail-oriented, hands-on management by dedicated, on-site MH, RV, and UK community managers. We believe our focus on creating an exceptional resident, guest, and member experience creates a competitive advantage. It enables us to continually monitor and address concerns, the performance of competitive properties, and local market conditions. As of December 31, 2025, of our 3,614 employees, 849 were located on-site as property managers, and of those, 99.8% were full-time employees. We also selectively utilize third-party managers to oversee the operations at certain of our RV properties to further enhance the efficiency of our property management strategy. As of December 31, 2025, approximately 56 of our RV properties, or approximately 34% of our total RV properties, were managed by third-party managers.
Our MH and RV property managers in the U.S. and Canada are overseen by our Chief Operating Officer ("COO"), and a team of Senior Vice Presidents, Divisional Vice Presidents, and Regional Vice Presidents. Each Regional Vice President typically oversees seven to 17 properties and is responsible for regular property inspections, oversight of property operations and sales functions, semi-annual market surveys of competitive communities, and interaction with local manufactured home dealers. Each property manager performs regular inspections in order to monitor the physical condition of properties and to effectively address tenant concerns. In addition to an on-site manager, each district or property has on-site maintenance personnel and management support staff. We hold mandatory training sessions for all new property management personnel to ensure that policies and procedures are executed effectively and professionally. All of our property management personnel participate in on-going training to ensure that changes to policies and procedures are implemented consistently. Our internal training program has led to increased knowledge and accountability for daily operations and policies and procedures.
Our UK business is overseen by the Chief Executive Officer ("CEO") of Park Holidays, a COO, and two Regional Operations Directors who are responsible for all on-site operations in the UK.
HOME SALES AND RENTALS
We market, sell, and lease new and pre-owned homes to current and future residents in our MH and RV communities through SHS in the U.S., and to current and future holiday homeowners through our subsidiaries in the UK. Because tenants and holiday homeowners often purchase a home already on-site within a community, the services SHS and our UK subsidiaries provide enhance occupancy and property performance. Additionally, because many of the homes on the properties are sold through SHS and Park Holidays, better control of home quality in our communities can be maintained than if sales services were conducted solely through third-party brokers.
SHS also leases homes to prospective tenants. As of December 31, 2025, SHS's portfolio consists of over 12,510 occupied leased homes. New and pre-owned homes are purchased for our Rental Program. Leases associated with our Rental Program generally have a term of one year. The Rental Program requires management of costs associated with repair and refurbishment of these homes as the tenants vacate and the homes are re-leased. In 2025, we received over 33,700 applications to live in our MH and RV properties, providing a significant "resident onboarding" system that allows us to market the purchase of a home to qualified applicants. Through our Rental Program, we demonstrate our product and lifestyle to the renters, while monitoring their payment history and converting qualified renters to owners.
Park Holidays also rents homes for short-stays to allow people to experience the community park and facilities. Their short-stay experiences may, in turn, lead guests to ultimately purchase a home in a Park Holidays community. Holiday makers drive the pipeline for future home sales opportunities.
Our home sales and leasing operations compete with other national and local MH dealers, and MH community owners in the U.S., and other holiday park owners in the UK.

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SITE LEASES OR USAGE RIGHTS
Typical tenant leases for MH sites in the U.S. are year-to-year or month-to-month, renewable upon the consent of both parties, or, in some instances, as provided by statute. Certain of our leases, mainly at our Florida and California properties, are tied to the consumer price index or other indices as they relate to rent increases. Generally, market rate adjustments are made on an annual basis. These leases are cancellable for non-payment of rent, violation of community rules and regulations, or other specified defaults. During the five calendar years ended December 31, 2025, on average, less than 1.0% of the homes in our MH communities have been removed by their owners and 5.3% of the homes have been sold by their owners to a new owner who then assumes rental obligations as a community resident.
Site licenses for MH sites in the UK are for a term of 20, 30, or 40 years depending on the product originally purchased. The holiday homeowner must pay an annual site fee for their holiday home to remain on the property.
Typical resident agreements for RV sites are year-to-year or from move-in date until the end of the current calendar year. Generally, increases and market rate adjustments are made on an annual basis. These agreements are cancellable for non-payment of rent, violation of community rules and regulations, or other specified defaults.
ACQUISITION AND DISPOSITION STRATEGY
From 2010 through 2022, a large component of our growth was driven by acquisitions as we opportunistically purchased high-quality MH, RV, and UK properties. Beginning in 2023, we shifted our strategy toward optimizing the value of our business through achieving strong rental rate growth and operating efficiencies, while still pursuing select new acquisition and expansion 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 while also selectively pursuing MH and RV acquisition opportunities.
During the year ended December 31, 2025, we acquired 11 MH and three RV properties for total cash consideration of $457.0 million. During this period, we also sold four MH properties, three RV properties, and three development land parcels for a gross sale price of $202.6 million.
REGULATIONS AND INSURANCE
General
MH, RV, and UK properties are subject to various laws, ordinances, and regulations, including regulations relating to recreational facilities such as swimming pools, clubhouses, and other common areas. Each property has the necessary operating permits and approvals.
Insurance
With increased insurance claims across the industry and other challenging insurance industry-related market conditions, it has been more difficult and expensive to obtain insurance, in particular property insurance covering wind events, named windstorms, business interruption, floods, and earthquakes. With fewer insurers willing to provide policies, and policies increasingly including lower coverage limits, higher deductibles, and higher premiums, we have changed, and will continue to assess and adjust, as appropriate, our insurance coverage strategy. This has resulted in increased self-insurance exposure retained by the Company. We believe that the properties are covered by adequate comprehensive liability, fire, property, business interruption, general liability, and (where appropriate) flood, wind, and earthquake insurance through a combination of self-insurance and insurance provided by third-party providers with commercially reasonable coverage, including deductibles and limits. We maintain a blanket policy that covers all of our properties. We have obtained title insurance insuring fee title to the properties in an aggregate amount which we believe to be adequate. Claims made to our insurance carriers that are determined to be recoverable are classified in other receivables as incurred.
HUMAN CAPITAL MATTERS
Human capital management is key to our success, and focuses on employee retention and talent development practices. We are committed to building a culture that inspires and supports the growth of our employees, serves our communities, and shapes a more competitive business.
We expect our leaders to be role models and lead in a way that enables our organization to achieve success. Our strategy is anchored in promoting the right internal talent and hiring the right external talent for career opportunities across our organization. We are focused on hiring and developing talent that mirrors the markets we serve, and investing in learning opportunities and capabilities that equip our workforce with the skills they need while improving engagement and retention.

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We believe we are a stronger organization when our workforce represents a broad range of ideas and experiences. As of December 31, 2025, 50% of our employees were female, 25% of our employees (excluding those in Canada and the UK) were racially or ethnically diverse, and 47% of our employees were aged 50 years and older, with approximately 26% being aged 60 years and older.
Training and Resources
We offer training and resources on cybersecurity; fair housing and anti-discrimination laws and regulation; preventing harassment, sexual harassment, and discrimination; and leadership development. We are committed to providing a total compensation package that is market-based, performance driven, fair, and internally equitable. We conduct ongoing pay equity analyses to ensure that our employees are compensated fairly. Our goal is to be competitive both within the general employment market as well as with our competitors in the real estate industry.
Our Code of Conduct and Business Ethics is grounded in our commitment to do the right thing. It serves as the foundation of our approach to ethics and compliance. Our anti-corruption compliance program is focused on conducting business in a fair, ethical, and legal manner. We do not tolerate harassing, discriminatory, or retaliatory conduct, as such conduct is inconsistent with our policies, practices, and philosophy.
We actively seek opportunities to minimize health, safety, and environmental risks to our team members, residents, and customers we serve in our communities by utilizing safe operating procedures in compliance with safety and health laws, providing ongoing role appropriate training, conducting regular inspections and reviews, and providing the appropriate tools and safeguards for accident prevention and risk management.

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K contains various "forward-looking statements" within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (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 this Annual Report on Form 10-K, 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 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.

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ITEM 1A. RISK FACTORS
Our prospects are subject to certain uncertainties and risks. Our future results could differ materially from current results, and our actual results could differ materially from those projected in forward-looking statements as a result of certain risk factors. These risk factors include, but are not limited to, those set forth below, other one-time events, and important factors disclosed previously and from time to time in our other filings with the SEC.
MATERIAL RISKS RELATING TO OUR MH, RV, AND UK BUSINESSES
General economic conditions and the concentration of our MH, RV, and UK properties in certain geographic areas may affect our ability to generate revenue.
The market and economic conditions in our current markets generally, and specifically in metropolitan areas of our current markets, may significantly affect occupancy or rental rates. Occupancy and rental rates, in turn, may significantly affect our revenues, and if our properties do not generate revenues sufficient to meet our operating expenses, including debt service and capital expenditures, our cash flows, and ability to pay or refinance our debt obligations could be adversely affected.
As of December 31, 2025, 125 of our MH, RV, and UK communities, representing 26.4% of developed sites, are located in Florida; 89 communities, representing 19.4% of developed sites, are located in Michigan; 53 communities, representing 12.1% of developed sites, are located in the UK; 29 communities, representing 6.1% of developed sites, are located in Texas; and 37 communities, representing 4.9% of developed sites, are located in California. As a result of the geographic concentration of our communities in Florida, Michigan, the UK, Texas, and California, we are exposed to the risks of downturns in local economies or other local real estate market conditions which could adversely affect occupancy rates, rental rates, and property values in these markets.
Our revenue would also be adversely affected if tenants and guests were unable to pay rent or if sites were unable to be rented on favorable terms. If we were unable to promptly relet or renew the leases for a significant number of the sites, or if the rental rates upon such renewal or reletting were significantly lower than expected rates, then our business and results of operations could be adversely affected. In addition, certain expenditures associated with each property (such as real estate taxes and maintenance costs) generally are not reduced when circumstances cause a reduction in income from the property. Furthermore, real estate investments are relatively illiquid and, therefore, will tend to limit our ability to vary our portfolio promptly in response to changes in economic or other conditions.
The following factors, among others, may adversely affect the revenues generated by our properties:
•the international, national, and local economic climate which may be adversely impacted by, among other factors, plant closings, industry slowdowns, inflation, tariffs or threats of tariffs, wars or other international conflicts, trade wars, immigration issues, and supply chain disruptions;
•local real estate market conditions such as the oversupply of MH or RV sites or a reduction in demand for MH or RV sites in an area, and an oversupply of, or a reduced demand for, manufactured homes;
•increased operating costs, including insurance premiums, real estate taxes, and utilities;
•competition from other available MH and RV communities and alternative forms of housing (such as apartment buildings and site-built single-family homes);
•a decrease in the number of people interested in the RV lifestyle;
•outbreaks of disease and related restrictions on business operations;
•changes in foreign currency exchange rates, including between the U.S. dollar and each of the British pound sterling, Canadian dollar, and Australian dollar;
•the difficulty facing potential purchasers in obtaining affordable financing as a result of heightened lending criteria;
•an increase or decrease in the rate of manufactured home repossessions which provide aggressively priced competition to new manufactured home sales;
•the lack of an established MH dealer network;
•the housing rental market which may limit the extent to which rents may be increased to meet increased expenses without decreasing occupancy rates;
•the perceptions by prospective tenants of the safety, convenience and attractiveness of our MH properties, and the neighborhoods where they are located;
•zoning or other environmental regulatory restrictions;
•our ability to effectively manage, maintain, and insure our properties; and
•the enactment of rent control laws or laws taxing the owners of manufactured homes.

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Competition affects occupancy levels and rents, which could adversely affect our revenues.
The MH and RV industries are highly-fragmented. There are many international, national, and regional competitors in the markets we currently serve and in new markets that we may enter. Our properties are located in developed areas that include other MH or RV communities. The number of competitive communities in a particular area could have a material adverse effect on our ability to lease sites and increase rents charged at our properties or at any newly acquired properties. We may be competing with others with greater resources. In addition, other forms of multi-family residential properties, such as private and federally funded or assisted multi-family housing projects and single-family housing, provide housing alternatives to potential tenants of MH or RV communities.
The cyclical and seasonal nature of the RV and UK segments may lead to fluctuations in our operating results.
The RV and UK segments can experience cycles of growth and downturn due to seasonality patterns in demand and cyclicality. 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 geographical considerations related to when the parks are open. The RV segment typically shows a decline in demand over the winter months, yet usually produces higher growth in the spring and summer months due to higher use by vacationers. In the UK segment, vacation rental sites generally produce higher revenues between March and October. In addition, since our RV and UK properties are designed to offer vacation opportunities, economic cyclicality resulting in a downtown that affects discretionary spending and disposable income for leisure activities could adversely affect demand. Our results on a quarterly basis can fluctuate due to this cyclicality and seasonality.
We may not be able to integrate or finance our acquisitions and our acquisitions may not perform as expected.
We have acquired and intend to continue to selectively acquire MH and RV properties. Our acquisition activities and their success are subject to the following risks:
•we may be unable to acquire a desired property because of competition from other well-capitalized real estate investors, including both publicly traded REITs and institutional investment funds;
•even if we enter into an acquisition agreement for a property, it is usually subject to customary conditions to closing, including completion of due diligence investigations to our satisfaction, which may not be satisfied;
•even if we are able to acquire a desired property, competition from other real estate investors may significantly increase the purchase price;
•we may be unable to finance acquisitions on favorable terms;
•acquired properties may fail to perform as expected;
•acquired properties may be located in new markets where we face risks associated with a lack of market knowledge or understanding of the local economy, lack of business relationships in the area, and unfamiliarity with local governmental and permitting procedures; and
•we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations.
If any of the above risks occur, our business and results of operations could be adversely affected.
In addition, we may acquire properties subject to liabilities and we may be left with no, or limited, recourse, with respect to unknown liabilities. As a result, we may have to pay substantial sums to settle any liabilities asserted against us based upon ownership of newly acquired properties, which could adversely affect our cash flows.
Investments through joint ventures involve risks not present in properties in which we are the sole owner.
We have invested and may continue to invest as a joint venture partner in joint ventures. These investments involve risks, including, but not limited to, the possibility the other joint venture partner may have business goals which are inconsistent with ours, possess the ability to take or force action or withhold consent contrary to our requests, fail to provide capital or fulfill its obligations, or become insolvent and require us to assume and fulfill the joint venture's financial obligations. Conflicts arising between us and our joint venture partners may be difficult to manage or resolve and it could be difficult to manage or otherwise monitor the existing business arrangements. We and our joint venture partners may each have the right to initiate a buy-sell arrangement, which could cause us to sell our interest, or acquire a joint venture partner's interest, at a time when we otherwise would not have entered into such a transaction. Each joint venture agreement is individually negotiated, and our ability to operate, finance, or dispose of a property in our sole discretion may be limited to varying degrees depending on the terms of the applicable joint venture agreement.

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Many of our properties are located in areas that experience extreme weather conditions and natural disasters and climate change may adversely affect our business.
Extreme weather or weather-related conditions and other natural disasters, including hurricanes, flash floods, sea-level rise, droughts, tornadoes, wildfires or earthquakes, may interrupt our operations, damage our properties and reduce the number of customers who utilize our properties in the affected areas. Many of our properties are on coastlines that are subject to hurricane seasons, flash flooding and sea level rise; in areas adversely affected by wildfires, such as the western U.S.; and in earthquake-prone areas, such as the West Coast. If there are prolonged disruptions at our properties due to extreme weather or natural disasters, our results of operations and financial condition could be materially adversely affected.
While we maintain insurance coverage that may cover certain of the costs and loss of revenue associated with the effect of extreme weather and natural disasters at our properties, our coverage is subject to deductibles and limits on maximum benefits. We cannot assure you that we will be able to fully collect, if at all, on any claims resulting from extreme weather or natural disasters.
If any of our properties are damaged or if their operations are disrupted as a result of extreme weather or natural disasters, or if extreme weather or natural disasters adversely impact general economic or other conditions in the areas in which our properties are located or from which they draw their tenants and customers, our business, financial condition, and results of operations could be materially adversely affected.
Significant changes in the climate could exacerbate extreme weather conditions or natural disasters that may occur in areas where our properties are located, all of which may result in additional physical damage to, or a decrease in demand for, properties located in these areas or affected by these conditions. If the impact of climate change is material in nature, including significant property damage to or destruction of our properties, or occurs for lengthy periods of time, our financial condition or results of operations may be adversely affected.
While they are unpredictable, the impacts of climate change may change residential migration and vacation trends, which could reduce demand for our properties. If the areas in which our properties are located become less desirable places to live or vacation, the value of our properties and their ability to generate revenue may be materially adversely affected.
In addition, changes in federal, state, local, and foreign legislation and regulation based on concerns about climate change, as well as voluntary measures we take to combat climate change, could result in increased capital expenditures at our properties. For example, these could include expenditures to improve energy efficiency, improve resistance to inclement weather and provide for infrastructure improvement to support existing and emerging low-carbon technologies. These expenditures may not result in a corresponding increase in revenue, resulting in material adverse impacts to our financial results.
We may incur liability under environmental laws arising from conditions at properties we acquire or operations at the properties we own and operate.
Under various federal, state, local, and foreign laws, ordinances and regulations, an owner or operator of real estate is liable for the costs of removal or remediation of certain hazardous substances at, on, under, or in such property. Such hazardous substances may be used at or located on our properties. Such laws often impose liability without regard to whether the owner knew of, or was responsible for, the presence of such hazardous substances. The presence of such substances, or the failure to properly remediate such substances, may adversely affect the owner's ability to sell or rent the property, to borrow using the property as collateral or to develop the property. Persons who arrange for the disposal or treatment of hazardous substances also may be liable for the costs of removal or remediation of such substances at a disposal or treatment facility owned or operated by another person. In addition, certain environmental laws impose liability for the management and disposal of asbestos-containing materials and for the release of such materials into the air. These laws may result in fines or penalties and may permit third parties to seek recovery from owners or operators of real properties for personal injury associated with asbestos-containing materials.
As the purchaser of properties we acquire, or in connection with the operation of properties we own or manage, we may be liable for removal or remediation costs, governmental fines and injuries to persons and property. When we arrange for the treatment or disposal of hazardous substances at landfills or other facilities owned by other persons, we may be liable for the removal or remediation costs at such facilities.
As part of our standard acquisition due diligence, we subject our properties to a Phase I or similar environmental assessment as well as limited compliance evaluations (which involve general inspections without soil sampling or ground water analysis) completed by independent environmental and engineering consultants. In some cases, where these evaluations have recommended further, invasive investigations, those have also been conducted. While these environmental evaluations have not revealed any significant environmental liability that would have a material adverse effect on our business, they cannot reflect conditions arising after the studies were completed. No assurances can be given that existing environmental studies reveal all environmental liabilities, that any prior owner or operator of a property or neighboring owner or operator did not create any material environmental condition not known to us, or that a material environmental condition does not otherwise exist with respect to any one or more properties.

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Moreover, we cannot be sure that future laws, ordinances or regulations will not impose any material environmental liability, or that the current environmental condition of our properties will not be affected by tenants and occupants of the properties, by the condition of land or operations in the vicinity of our properties (such as the presence of underground storage tanks), or by unrelated third parties. Environmental liabilities that we may incur could have an adverse effect on our financial condition, results of operations, and cash flows.
We are subject to additional risks from our international investments.
We have significant ownership in the UK through our ownership of Park Holidays and other subsidiaries. Our investments in the UK and any other international investments we may acquire, subject us to additional risks, including:
•the laws, rules, and regulations applicable in such jurisdictions outside of the U.S., including those related to property ownership by foreign entities, consumer and data protection, privacy, network security, encryption, payments, and restricting us from removing profits earned from activities within the country to the U.S. (i.e., nationalization of assets located within a country);
•complying with a wide variety of foreign laws;
•fluctuations in exchange rates between foreign currencies and the U.S. dollar, and exchange controls;
•limited experience with local business and cultural factors that differ from our usual standards and practices;
•changes in the availability, cost and terms of mortgage funds and other borrowings resulting from varying national economic policies or changes in interest rates;
•reliance on local management;
•challenges in establishing effective controls and procedures to regulate operations in different regions and to monitor and ensure compliance with applicable regulations, such as applicable laws related to corrupt practices, employment, licensing, construction, climate change or environmental compliance;
•unexpected changes in regulatory requirements, tax, tariffs, trade barriers, and other laws within jurisdictions outside the U.S. or between the U.S. and such jurisdictions;
•potentially adverse tax consequences with respect to our properties;
•the impact of regional or country-specific business cycles and economic instability, including deterioration in political relations with the U.S., instability in, or further withdrawals from, the European Union or other international trade alliances or agreements;
•the impact of disruptions in global, regional or local supply chains, including disruptions occurring as a result of outbreaks of disease; and
•political instability, uncertainty over property rights, civil unrest, drug trafficking, political activism or the continuation or escalation of terrorist activities.
If we are unable to adequately address these risks, they could have a significant adverse effect on our operations.
We may not be able to integrate or finance our expansion and development activities.
We build and develop new MH and RV communities and we expand existing communities. Our construction and development pipeline may be exposed to the following risks which are in addition to those risks associated with the ownership and operation of established MH and RV communities:
•we may not be able to obtain financing with favorable terms for development which may make us unable to proceed with the development;
•we may be unable to obtain, or face delays in obtaining, necessary zoning, building and other governmental permits and authorizations, which could result in increased costs and delays, and even require us to abandon development of the property entirely if we are unable to obtain such permits or authorizations;
•we may abandon development opportunities that we have already begun to explore and as a result we may not recover expenses already incurred in connection with exploring such development opportunities;
•we may be unable to complete construction and lease-up of a property on schedule resulting in increased debt service expense and construction costs;
•we may incur construction and development costs for a property which exceed our original estimates due to increased materials, labor, or other costs, which could make completing the development uneconomical and we may not be able to increase rents to compensate for the increase in development costs which may impact our profitability;
•we may be unable to secure long-term financing on completion of development resulting in increased debt service and lower profitability; and
•occupancy rates and rents at a newly developed property may fluctuate depending on several factors, including market and economic conditions, which may result in the property not being profitable.
If any of these risks occur, our business and results of operations could be adversely affected.

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Public health crises, such as outbreaks of disease, could materially and adversely affect our financial condition, operating results and cash flows.
A public health crisis, such as the COVID-19 pandemic, could have material and adverse effects on our ability to successfully operate our business and on our financial condition. The government and societal responses to public health crises are highly uncertain and we cannot predict with confidence the impact a public health crisis would have on our operations and financial condition.
Rent control legislation may harm our ability to increase rents.
National, state, and local rent control laws in certain jurisdictions may limit our ability to increase rents at our MH properties to recover increases in operating expenses and the costs of capital improvements. Enactment of such laws has been considered from time to time in other jurisdictions. Certain properties are located, and we may purchase additional properties, in markets that are either subject to rent control or in which rent-limiting legislation exists or may be enacted.
RISKS RELATED TO OUR DEBT FINANCINGS
Our debt could limit our operational flexibility or otherwise adversely affect our financial condition, and we may incur more debt in the future.
Our business is subject to risks normally associated with debt financing. As of December 31, 2025, we had approximately $4.3 billion of total debt outstanding, consisting of approximately $2.5 billion in collateralized term loans and debt that is secured by mortgage liens on 110 of our properties, and $1.8 billion of senior unsecured notes. As of December 31, 2025, 100% of our total debt was fixed rate financing. If we fail to meet our obligations under our secured debt, the lenders would be entitled to foreclose on all or some of the collateral securing such debt, which could have a material adverse effect on us and our ability to make expected distributions, and could threaten our continued viability.
We are subject to the risks normally associated with debt financing, including the following risks:
•our cash flows may be insufficient to meet required debt payments, or we may need to dedicate a substantial portion of our cash flows to pay our debt rather than to other areas of our business;
•our existing debt may limit our operating flexibility due to financial and other restrictive covenants, including restrictions on incurring additional debt;
•it may be more difficult for us to obtain additional financing for our operations, working capital requirements, capital expenditures, debt service or other general requirements;
•increases in interest rates will make obtaining new debt more expensive;
•we may be more vulnerable in the event of adverse economic and industry conditions or a downturn in our business;
•we may be placed at a competitive disadvantage compared to our competitors that have less debt; and
•we may not be able to refinance at all or on favorable terms, as our debt matures.
If any of the above risks occurred, our financial condition and results of operations could be materially adversely affected.
Despite our current debt levels, we may incur substantially more debt in the future. If new debt is added to our current debt levels, an even greater portion of our cash flows will be needed to satisfy our debt service obligations. As a result, the related risks that we now face could intensify and increase the risk of a default on our debt.
Covenants in our credit agreements and senior unsecured note indentures could limit our flexibility and adversely affect our financial condition.
The terms of our financing agreements and other debt require us to comply with a number of customary financial and other covenants. These covenants may limit our flexibility in our operations, and breaches of these covenants could result in defaults under the instruments governing the applicable debt even if we have satisfied our payment obligations. Our financing agreements contain certain cross-default provisions that could be triggered in the event that we default on our other debt. These cross-default provisions may require us to repay or restructure our senior credit facility in addition to any mortgage or other debt that is in default. If our properties were foreclosed upon, or if we are unable to refinance our debt at maturity or meet our payment obligations, the amount of our distributable cash flows, and our financial condition would be adversely affected.
Our senior credit facility contains various financial covenants including, but not limited to a maximum leverage ratio, a minimum fixed charge coverage ratio, and a maximum secured leverage ratio. In addition to our senior credit facility, our senior unsecured notes also contain various covenants including an aggregate debt test, a secured debt test, a debt service test, and a maintenance of total unencumbered assets test. These covenants may restrict our ability to pursue certain business initiatives or certain transactions that might otherwise be advantageous. Furthermore, failure to meet certain of these financial covenants could cause an event of default under and / or accelerate some or all of such debt which could have a material adverse effect on us.

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An increase in market interest rates could raise our interest costs on future debt or adversely affect our stock price, and a decrease in interest rates may lead to additional competition for the acquisition of real estate or adversely affect our results of operations.
Our interest costs for any new debt may rise if interest rates increase. This increased cost could make the financing of any new acquisition more expensive, as well as lower our current period earnings. Rising interest rates could limit our ability to refinance existing debt when it matures or cause us to pay higher interest rates upon refinancing. In addition, an increase in interest rates could decrease our customers' access to credit, thereby decreasing the demand for manufactured homes and recreational vehicles. An increase in market interest rates may lead prospective purchasers of our common stock to expect a higher dividend yield, which could adversely affect the market price of our common stock. Decreases in interest rates may lead to additional competition for the acquisition of real estate due to a reduction in desirable alternative income-producing investments. Increased competition for the acquisition of real estate may lead to a decrease in the yields on real estate targeted for acquisition. In such circumstances, if we are not able to offset the decrease in yields by obtaining lower interest costs on our borrowings, our results of operations may be adversely affected.
Our hedging strategies may not be successful in mitigating our risks associated with interest rates and could reduce the overall returns on your investment.
We have historically used various derivative financial instruments to provide a level of protection against interest rate risks, but no hedging strategy can protect us completely. These instruments involve risks, such as the risk that the counterparties may fail to honor their obligations under these arrangements, that these arrangements may not be effective in reducing our exposure to interest rate changes, that a court could rule that such agreements are not legally enforceable and that we may have to post collateral to enter into hedging transactions, which we may lose if we are unable to honor our obligations. These instruments may also generate income that may not be treated as qualifying REIT income for purposes of the REIT income tests. In addition, the nature and timing of hedging transactions may influence the effectiveness of our hedging strategies. Poorly designed strategies or improperly executed transactions could actually increase our risk and losses. Moreover, hedging strategies involve transaction and other costs. We cannot assure you that our hedging strategy and the derivatives that we use will adequately offset the risk of interest rate volatility or that our hedging transactions will not result in losses that may reduce the overall return on your investment.
A downgrade in our credit ratings could have material adverse effects on our business and financial condition.
We intend to manage our operations to maintain our investment grade credit ratings from S&P Global and Moody's. These ratings are based on a number of factors, which include assessments of our financial strength, liquidity, capital structure, asset quality, and sustainability of cash flows and earnings. Changes in these factors could lead to a downgrade of our ratings, resulting in an adverse impact on our cost and availability of capital, which could in turn have a material adverse impact on our financial condition, results of operations, and liquidity.
TAX RISKS RELATED TO OUR STATUS AS A REIT
We may suffer adverse tax consequences and be unable to attract capital if we fail to qualify as a REIT.
We believe that since our taxable year ended December 31, 1994, we have been organized and operated, and intend to continue to operate, so as to qualify for taxation as a REIT under the Code. Although we believe that we have been and will continue to be organized and have operated and will continue to operate so as to qualify for taxation as a REIT, we cannot be assured that we have been or will continue to qualify as a REIT. Qualification as a REIT involves the satisfaction of numerous requirements on an annual and quarterly basis established under highly technical and complex Code provisions for which there are limited judicial or administrative interpretations and involves the determination of various factual matters and circumstances not entirely within our control. In addition, frequent changes occur in the area of REIT taxation, which requires us to continually monitor our tax status.
If we fail to qualify as a REIT in any taxable year, our taxable income could be subject to U.S. federal income tax at regular corporate rates. Moreover, unless entitled to relief under certain statutory provisions, we also would be disqualified from treatment as a REIT for the four taxable years following the year during which qualification was lost. This treatment would reduce our net earnings available for investment or distribution to shareholders because of the additional tax liability to us for the years involved. In addition, distributions to shareholders would no longer be required to be made.
Federal, state, and foreign income tax laws governing REITs and related interpretations may change at any time, and any such legislative or other actions affecting REITs could have a negative effect on us.
Federal, state, and foreign income tax laws governing REITs, or the administrative interpretations of those laws may be amended at any time. Changes to tax laws, regulations or administrative interpretations, which may be applied retroactively, could adversely affect us. We cannot predict whether, when, in what forms, or with what effective dates, the tax laws, regulations, and administrative interpretations applicable to us may be changed. Such changes could significantly affect either our ability to qualify for taxation as a REIT or the income tax consequences to us.

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We intend for the Operating Partnership to be taxed as a partnership, but we cannot guarantee that it will qualify.
We believe that the Operating Partnership has been organized as a partnership and will qualify for treatment as such under the Code. However, if the Operating Partnership is deemed to be a "publicly traded partnership," it will be treated as a corporation instead of a partnership for federal income tax purposes unless at least 90% of its income is qualifying income as defined in the Code. The income requirements applicable to REITs and the definition of "qualifying income" for purposes of this 90% test are similar in most respects. Qualifying income for the 90% test generally includes passive income, such as specified types of real property rents, dividends, and interest. We believe that the Operating Partnership has and will continue to meet this 90% test, but we cannot guarantee that it has or will. If the Operating Partnership were to be taxed as a regular corporation, it would incur substantial tax liabilities, we would fail to qualify as a REIT for federal income tax purposes and our ability to raise additional capital could be significantly impaired.
Partnership tax audit rules could have a material adverse effect on us.
Under the rules applicable to U.S. federal income tax audits of partnerships, subject to certain exceptions, any audit adjustment to items of income, gain, loss, deduction or credit of a partnership (and a partner's allocable share thereof) is determined, and taxes, interest, and penalties attributable thereto are assessed and collected, at the partnership level. Unless the partnership makes an election or takes certain steps to require the partners to pay their tax on their allocable shares of the adjustment, it is possible that partnerships in which we directly or indirectly invest, including the Operating Partnership, would be required to pay additional taxes, interest and penalties as a result of an audit adjustment. We, as a direct or indirect partner of the Operating Partnership and other partnerships, could be required to bear the economic burden of those taxes, interest, and penalties even though the Company, as a REIT, may not otherwise have been required to pay additional corporate-level tax. These rules are significant for collecting tax in partnership audits and there can be no assurance that these rules will not have a material adverse effect on us.
Our ability to accumulate cash may be restricted due to certain REIT distribution requirements.
In order to qualify as a REIT, we must distribute to our shareholders at least 90% of our REIT taxable income (calculated without any deduction for dividends paid and excluding net capital gain) and to avoid federal income taxation, our distributions must not be less than 100% of our REIT taxable income, including net capital gains. As a result of the distribution requirements, we do not expect to accumulate significant amounts of cash. Accordingly, these distributions could significantly reduce the cash available to us in subsequent periods to fund our operations and future growth.
Our taxable REIT subsidiaries, or TRSs, are subject to special rules that may result in increased taxes.
As a REIT, we must pay a 100% penalty tax on certain payments that we receive if the economic arrangements between us and any of our TRSs are not comparable to similar arrangements between unrelated parties. The Internal Revenue Service may successfully assert that the economic arrangements of any of our inter-company transactions are not comparable to similar arrangements between unrelated parties. This would result in unexpected tax liability which would adversely affect our cash flows.
Dividends payable by REITs do not qualify for the reduced tax rates applicable to certain dividends.
The maximum federal tax rate for certain qualified dividends payable to domestic shareholders that are individuals, trusts, and estates is 20%. Dividends payable by REITs, however, are generally not eligible for this reduced rate, although Federal tax law permits a 20% deduction equal to the amount of qualifying REIT dividends received, thus bringing the maximum federal tax rate on qualifying REIT dividends to 29.6%. While this rule does not adversely affect the taxation of REITs or dividends paid by REITs, the more favorable rates applicable to regular qualified corporate dividends could cause investors who are individuals, trusts, and estates to perceive investments in REITs to be relatively less competitive than investments in stock of non-REIT corporations that pay dividends, which could adversely affect the comparative value of the stock of REITs, including our common stock and any preferred stock.
Complying with REIT requirements may cause us to forego otherwise attractive opportunities.
To remain qualified as a REIT for federal income tax purposes, we must continually satisfy requirements and tests under the tax law concerning, among other things, the sources of our income, the nature and diversification of our assets, the amounts we distribute to our shareholders, and the ownership of our stock. In order to meet these tests, we may be required to forego or limit attractive business or investment opportunities and distribute all of our net earnings rather than invest in attractive opportunities or hold larger liquid reserves. Therefore, compliance with the REIT requirements may hinder our ability to operate solely to maximize profits.

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RISKS RELATED TO OUR STRUCTURE
Certain provisions in our governing documents may make it difficult for a third-party to acquire us.
9.8% Ownership Limit. In order to qualify and maintain our qualification as a REIT, not more than 50% of the outstanding shares of our capital stock may be owned, directly or indirectly, by five or fewer individuals. Thus, ownership of more than 9.8%, in number of shares or value, of the issued and outstanding shares of our capital stock by any single shareholder has been restricted, with certain exceptions, for the purpose of maintaining our qualification as a REIT under the Code. Such restrictions in our charter do not apply to Milton M. Shiffman, Gary A. Shiffman, and Robert B. Bayer; trustees, personal representatives, and agents to the extent acting for them or their respective estates; or certain of their respective relatives.
The 9.8% ownership limit, as well as our ability to issue additional shares of common stock or shares of other stock (which may have rights and preferences over the common stock), may discourage a change of control of the Company and may also: (a) deter tender offers for the common stock, which offers may be advantageous to shareholders; and (b) limit the opportunity for shareholders to receive a premium for their common stock that might otherwise exist if an investor were attempting to assemble a block of common stock in excess of 9.8% of our outstanding shares or otherwise effect a change of control of the Company.
Preferred Stock. Our charter authorizes the Board of Directors to issue up to 20,000,000 shares of preferred stock, none of which is currently outstanding, and to establish the preferences and rights (including the right to vote and the right to convert into shares of common stock) of any shares issued. The power to issue preferred stock could have the effect of delaying or preventing a change in control of the Company even if a change in control were in the shareholders' interest.
Certain provisions of Maryland law could inhibit changes in control, which may discourage third parties from conducting a tender offer or seeking other change of control transactions that could involve a premium price for our common stock or that our shareholders otherwise believe to be in their best interest.
Certain provisions of the Maryland General Corporation Law ("MGCL") may have the effect of inhibiting a third-party from making a proposal to acquire us or of impeding a change of control under circumstances that otherwise could provide the holders of shares of our capital stock with the opportunity to realize a premium over the then-prevailing market price of such shares, including:
•"Business combination" provisions that, subject to limitations, prohibit certain business combinations between us and an "interested shareholder" (defined generally as any person who beneficially owns 10% or more of the voting power of our shares or an affiliate thereof or an affiliate or associate of ours who was the beneficial owner, directly or indirectly, of 10% or more of the voting power of our then outstanding voting stock at any time within the two-year period immediately prior to the date in question) for five years after the most recent date on which the shareholder becomes an interested shareholder, and thereafter impose fair price and / or supermajority and shareholder voting requirements on these combinations; and
•"Control share" provisions that provide that "control shares" of our company (defined as shares that, when aggregated with other shares controlled by the shareholder, entitle the shareholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a "control share acquisition" (defined as the direct or indirect acquisition of ownership or control of issued and outstanding "control shares") have no voting rights except to the extent approved by our shareholder by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares.
The provisions of the MGCL relating to business combinations do not apply, however, to business combinations that are approved or exempted by our Board of Directors prior to the time that the interested shareholder becomes an interested shareholder. As permitted by the statute, our Board of Directors has by resolution exempted Milton M. Shiffman, Robert B. Bayer, and Gary A. Shiffman, their affiliates and all persons acting in concert or as a group with the foregoing, from the business combination provisions of the MGCL and, consequently, the five-year prohibition and the supermajority vote requirements will not apply to business combinations between us and these persons. As a result, these persons may be able to enter into business combinations with us that may not be in the best interests of our shareholder without compliance by our company with the supermajority vote requirements and the other provisions of the statute.
Also, pursuant to a provision in our bylaws, we have exempted any acquisition of our stock from the control share provisions of the MGCL. However, our Board of Directors may, by amendment to our bylaws, opt into the control share provisions of the MGCL at any time in the future.

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Additionally, Subtitle 8 of Title 3 of the MGCL permits our Board of Directors, without shareholder approval and regardless of what is currently provided in our charter or bylaws, to elect to be subject to certain provisions relating to corporate governance that may have the effect of delaying, deferring or preventing a transaction or a change of control of our company that might involve a premium to the market price of our common stock or otherwise be in our shareholders' best interests. These provisions include a classified board; two-thirds vote to remove a director; that the number of directors may only be fixed by the Board of Directors; that vacancies on the board as a result of an increase in the size of the board or due to death, resignation or removal can only be filled by the board, and the director appointed to fill the vacancy serves for the remainder of the full term of the class of director in which the vacancy occurred; and a majority requirement for the calling by shareholders of special meetings. Other than a classified board, the filling of vacancies as a result of the removal of a director and a majority requirement for the calling by shareholders of special meetings, we are already subject to these provisions, either by provisions of our charter and bylaws unrelated to Subtitle 8 or by reason of an election to be subject to certain provisions of Subtitle 8. In the future, our Board of Directors may elect, without shareholder approval, to make us subject to the provisions of Subtitle 8, to which we are not currently subject.
Our Board of Directors has power to adopt, alter or repeal any provision of our bylaws or make new bylaws, provided, however, that our shareholders may alter or repeal any provision of our bylaws and adopt new bylaws if any such alteration, repeal or adoption is approved by the affirmative vote of a majority of all votes entitled to be cast on the matter.
GENERAL RISK FACTORS
If we fail to maintain an effective system of internal controls, we may not be able to accurately report financial results, which could result in a loss of investor confidence and adversely affect the market price of our common stock.
We are required to establish and maintain internal control over financial reporting and disclosure controls and procedures. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with US generally accepted accounting principles ("GAAP"). Disclosure controls and procedures are processes designed to ensure that information required to be disclosed is communicated to management and reported in a timely manner. We cannot be certain that we will successfully maintain adequate control over our financial reporting and disclosure controls and procedures. As described in Part II, Item 9A, "Controls and Procedures," management identified a material weakness as of December 31, 2024, which was remediated in 2025, relating to the lack of an effective risk assessment process that defined clear financial reporting objectives, that identified and evaluated risks of misstatement due to errors over certain financial reporting processes, or that developed internal controls to mitigate those risks. As part of management's evaluation of this material weakness, it had been identified that certain other deficiencies in control activities had materialized as a result of the deficiency in the Company's risk assessment.
Although such material weakness was remediated in 2025, we can give no assurances that additional material weaknesses will not occur in the future. In addition, to the extent we make additional significant acquisitions, our internal controls will become more complex and may require significantly more resources to ensure that our disclosure controls and procedures remain effective. Acquisitions can pose challenges in implementing the required processes, procedures, and controls in the operations of the companies that we acquire. Companies that are acquired by us may not have disclosure controls and procedures or internal control over financial reporting that are as thorough or effective as those required by the securities laws that currently apply to us.
If we cannot remediate future material weaknesses in a timely manner, they may adversely affect our ability to record, process, summarize, and report financial information timely and accurately and our financial statements may contain material misstatements or omissions. In addition, we may experience delays or be unable to meet our reporting obligations or to comply with SEC rules and regulations, which could result in investigations and sanctions by regulatory authorities. Any of these results may, among other adverse consequences, cause investors to lose confidence in our reported financial information, incur the expense of remediation, result in regulatory scrutiny, litigation, investigations or enforcement actions, limit our ability to access the capital markets, lead to a decline in our stock price, and otherwise have a material adverse effect on our business, financial condition, results of operations, and cash flows.
Our share price could be volatile and could decline, resulting in a substantial or complete loss on our shareholders' investment.
Our common stock has experienced significant price and volume fluctuations. In the future, the market price of our common stock and preferred stock could be similarly volatile, and investors in our common stock and preferred stock may experience a decrease in the value of their shares, including decreases unrelated to our operating performance or prospects. The price of our common stock and preferred stock could be subject to wide fluctuations in response to a number of factors, including:
•issuances of other equity securities in the future, including new series or classes of preferred stock;
•our operating performance and the performance of other similar companies;
•our ability to maintain compliance with covenants contained in our debt facilities and our unsecured notes;
•actual or anticipated variations in our operating results, funds from operations ("FFO"), cash flows or liquidity;
•changes in expectations of future financial performance or changes in our earnings estimates or those of analysts;

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•changes in our distribution policy;
•publication of research reports about us or the real estate industry generally;
•increases in market interest rates that lead purchasers of our common stock and preferred stock to demand a higher dividend yield;
•changes in foreign currency exchange rates, including between the U.S. dollar and each of the British pound sterling, Canadian dollar, and Australian dollar;
•changes in market valuations of similar companies;
•outbreaks of disease, and related restrictions on business operations;
•adverse market reaction to the amount of our debt outstanding at any time, the amount of our debt maturing in the near-term and medium-term and our ability to refinance our debt, or our plans to incur additional debt in the future;
•additions or departures of key management personnel;
•speculation in the press or investment community;
•equity issuances by us, or share resales by our shareholders or the perception that such issuances or resales may occur;
•actions by institutional shareholders;
•litigation or threatened litigation, which may divert our management's time and attention, require us to pay damages and expenses or restrict the operation of our business;
•failure to qualify and maintain our qualification as a REIT; and
•general market and economic conditions.
Many of the factors listed above are beyond our control. Those factors may cause the market price of our common stock or preferred stock to decline significantly, regardless of our financial condition, results of operations, and prospects. It is impossible to provide any assurance that the market price of our common stock or preferred stock will not fall in the future, and it may be difficult for holders to resell shares of our common stock or preferred stock at prices they find attractive, or at all. In the past, securities class action litigation has often been instituted against companies following periods of volatility in their stock price. This type of litigation could result in substantial costs and divert our management's attention and resources.
Substantial sales or issuances of our common or preferred stock could cause our stock price to fall.
The sale or issuance of substantial amounts of our common stock or preferred stock, whether directly by us or in the secondary market, the perception that such sales could occur or the availability of future issuances of shares of our common stock, preferred stock, OP units or other securities convertible into or exchangeable or exercisable for our common stock or preferred stock, could materially and adversely affect the market price of our common stock or preferred stock and our ability to raise capital through future offerings of equity or equity-related securities. In addition, we may issue capital stock that is senior to our common stock in the future for a number of reasons, including to finance our operations and business strategy, to adjust our ratio of debt to equity or for other reasons.
Based on the applicable conversion ratios then in effect, as of February 17, 2026, in the future we may issue to the limited partners of the Operating Partnership, up to approximately 4.6 million shares of our common stock in exchange for their OP units. The limited partners may sell such shares pursuant to registration rights, if available, or an available exemption from registration. As of February 17, 2026, there were no outstanding options to purchase shares of our common stock under our equity incentive plans, and we had the authority to issue restricted stock awards or options to purchase up to an additional 2.6 million shares of our common stock pursuant to our equity incentive plans. In addition, we have entered into an At the Market Offering Sales Agreement to sell shares of common stock. As of December 31, 2025, we have remaining capacity to sell up to an additional $725.2 million of common stock under this agreement. No prediction can be made regarding the effect that future sales of shares of our common stock or our other securities will have on the market price of shares.
Our business operations may not generate the cash needed to make distributions on our capital stock or to service our debt, and we may adjust our common stock distribution policy.
Our ability to make distributions on our common stock and preferred stock, and payments on our debt and to fund planned capital expenditures will depend on our ability to generate cash in the future. We cannot assure you that our business will generate sufficient cash flows from operations or that future borrowings will be available to us in an amount sufficient to enable us to make distributions on our common stock or preferred stock, to pay our debt, or to fund our other liquidity needs.
The decision to declare and pay distributions on shares of our common stock in the future, as well as the timing, amount, and composition of any such future distributions, will be at the sole discretion of our Board of Directors in light of conditions then existing, including our earnings, financial condition, capital requirements, debt maturities, the availability of debt and equity capital, applicable REIT and legal restrictions, general overall economic conditions, and other factors. Any change in our distribution policy could have a material adverse effect on the market price of our common stock.

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SUN COMMUNITIES, INC.
We rely on key management.
We depend on the efforts of our executive officers, including Charles D. Young, Fernando Castro-Caratini, John B. McLaren, Bruce D. Thelen, Marc Farrugia, and Aaron Weiss. The loss of services of one or more of these executive officers could have a temporary adverse effect on our operations. We do not currently maintain or contemplate obtaining any "key-man" life insurance on our executive officers.
Cybersecurity breaches and other disruptions could compromise our information and expose us to liability, which would cause our business and reputation to suffer.
We rely intensively on information technology to account for tenant transactions, manage the privacy of tenant data, communicate internally and externally, and analyze our financial and operating results. In the ordinary course of our business, we collect and store sensitive data, including our proprietary business information and that of our tenants, clients, vendors, and employees in our facilities and on our network. In addition, we engage third-party service providers that may have access to such information in connection with providing necessary information technology and security and other business services to us. This information may include personally identifiable information such as social security numbers, banking information, and credit card information.
We address potential breaches or disclosure of this confidential information by implementing a variety of security measures intended to protect the confidentiality and security of this information, including (among others) engaging reputable, recognized firms to help us design and maintain our information technology and data security systems, including testing and verification of their proper and secure operations on a periodic basis. We also maintain cyber risk insurance to provide some coverage for certain risks arising out of data and network breaches. Our senior leadership regularly updates the Board of Directors on security matters and meets at least annually to review program progress and plans, incidents if any, and emerging risks.
Despite our security measures, our information technology and infrastructure, as well as that of our third-party vendors, may be vulnerable to attacks by hackers (including through malware, ransomware, computer viruses, and email phishing schemes) or breached due to employee error, malfeasance, fire, flood or other physical event, or other disruptions. Furthermore, the risk of a breach or security failure, particularly through cyberattacks or cyber intrusion, has generally increased because of the rise in new technologies, including artificial intelligence, and the increased sophistication and activities of the perpetrators of attempted attacks and intrusions. Any such breach or disruption could compromise our or a third-party vendor's network and the information stored there could be accessed, publicly disclosed, lost, or stolen. Any such access, disclosure, or other loss of information could:
•result in legal claims or proceedings,
•disrupt our operations, including our ability to service our tenants and our ability to analyze and report our financial and operating results,
•decrease our revenues,
•damage our reputation,
•cause a loss of confidence,
•increase our insurance premiums, or
•have other material adverse effects on our business.
We depend on continuous access to the internet to use our cloud-based applications. Damage to, or failure of our information technology systems, including as a result of any of the reasons described above, could adversely affect our results of operations as we may incur significant costs or data loss. We continually assess new and enhanced information technology solutions to manage the risk of system failure or interruption.
The development and use of artificial intelligence ("AI") in the workplace presents risks and challenges that may adversely impact our business and operating results.
We have begun leveraging AI and machine learning capabilities for our employees to use in their day-to-day operations. Failure to invest adequately in such capabilities may result in us lagging behind our competitors in terms of improving operational efficiency and achieving superior outcomes for our business and our customers. As we embark on these initiatives, we may encounter challenges such as a shortage of appropriate data to train internal AI models, a lack of skilled talent to effectively execute our strategy of leveraging AI internally, or the possibility that the tools we utilize may not deliver the intended value. Use of third-party AI tools can also bring information security, data privacy, and legal risks. Failure to successfully harness these AI tools could negatively impact our business and operating results.

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SUN COMMUNITIES, INC.
Losses in excess of our insurance coverage or uninsured losses could adversely affect our operating results and cash flows and upon renewal of our insurance policies, our coverage may change and our costs may increase, including our assumption of a greater proportion of risk through self-insurance.
We have a significant concentration of MH and RV properties on coastlines and in other areas where natural disasters or other catastrophic events such as hurricanes, flash floods, sea-level rise, droughts, tornadoes, wildfires, or earthquakes could negatively impact our operating results and cash flows. We maintain comprehensive liability, fire, property, business interruption, general liability, and (where appropriate) flood and earthquake insurance, and other lines of insurance we have determined to be appropriate for our business through a combination of self-insurance and insurance provided by third-party providers with commercially reasonable coverage, including deductibles and limits. We believe the policy specifications and insured limits are appropriate and adequate given the relative risk of loss, the cost of the coverage, and industry practice. However, certain types of losses including, but not limited to, riots or acts of war, may be either uninsurable or not economically insurable. In the event an uninsured loss occurs, we could lose both our investment in and anticipated profits and cash flows from the affected property. We would also continue to be obligated to repay any mortgage debt or other obligations related to the community. If an uninsured liability to a third party were to occur, we would incur the cost of defense and settlement with, or court ordered damages to, that third party. A significant uninsured property or liability loss could have a material adverse effect on our business and our financial condition and results of operations.
We renew our insurance policies annually. As a result of increased insurance claims across the industry and other market conditions, it has been more difficult to obtain insurance, but in particular property insurance covering named windstorms, business interruption, flood, and earthquake insurance. There are fewer insurers willing to provide policies, and policies increasingly include lower coverage limits, higher deductibles, and higher premiums. These conditions may cause us to change the types and amounts of insurance we carry and may provide us with reduced coverage and / or higher costs. This has resulted in a change in our insurance purchasing philosophy and strategy, which has resulted in the assumption of greater risks to offset insurance market fluctuations.
Expanding social media platforms present new challenges.
Social media outlets continue to grow and expand, which presents us with new risks. Adverse content about us and our properties on social media platforms could result in damage to our reputation or brand. Improper posts by employees or others could result in disclosure of confidential or proprietary information regarding our operations.
Our operations are subject to regulation under various federal, state, local, and foreign laws and regulations that may expose us to significant costs and liabilities.
Our properties and the operations at them are subject to regulation under various federal, state, local, and foreign laws and regulations. Compliance with laws and regulations that govern our operations may require expenditures and modifications of development plans and operations that could have a detrimental effect on the operations of our properties and our financial condition, results of operations, and cash flows. There can be no assurance that the application of laws, regulations, or policies, including proposed federal or state legislative or regulatory initiatives or policy recommendations that may limit or restrict ownership of housing or real estate by certain classes of institutional investors, or changes in such laws, regulations and policies, will not occur in a manner that could have a detrimental effect on any property.
We may be adversely impacted by fluctuations in foreign currency exchange rates.
Our current and future investments in and operations of UK, Canadian, and Australian, properties are or will be exposed to the effects of changes in the British pound sterling, Canadian dollar, and Australian dollar, respectively, against the U.S. dollar. Changes in foreign currency exchange rates cannot always be predicted; as a result, substantial unfavorable changes in exchange rates could have a material adverse effect on our financial condition and results of operations.
Deterioration in general economic conditions in the United States, and globally, including the effect of prolonged periods of inflation, could harm our business and results of operations.
Our business and results of operations could be adversely affected by changes in national or global economic conditions. These conditions include but are not limited to inflation, deflation, rising interest rates, availability of capital markets, energy availability and costs, the negative impacts caused by outbreaks of disease and public health crises, negative impacts resulting from military conflicts, tariffs or threats of tariffs, wars or other international conflicts, trade wars, immigration issues, supply chain disruptions, and the effects of other governmental initiatives to manage economic conditions.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.

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SUN COMMUNITIES, INC.
ITEM 1C. CYBERSECURITY
Risk Management
Our business operations rely on the consistent availability of our communication platforms, enterprise applications, and related systems. We have implemented protocols to ensure the secure collection, storage, and transmission of data and have invested in the development and enhancement of controls designed to prevent, detect, and respond to unauthorized access, computer viruses, malware, data exfiltration, and other threats. Cybersecurity risk management is integrated into the Company's broader enterprise risk management framework and is evaluated alongside other operational, financial, and strategic risks.
We have established an Information Security Management Committee to manage information security in accordance with the ISO 27001.2022 standard to ensure the consistent application of security principles, policy statements, and controls. By adhering to this industry standard, we manage and mitigate material risks from threats to our systems and data through the following actions:
•Partnering with reputable, recognized security firms
•Conducting regular internal and external audits and risk assessments
•Providing frequent employee security awareness training
•Conducting tabletop exercises
•Running anti-phishing and social engineering campaigns
•Deploying tools for continuous vulnerability monitoring and management
•Performing penetration testing and continuous system monitoring activities
•Conducting recovery simulations for core systems and data centers
Our comprehensive policies and procedures address critical areas including:
•Vulnerability management
•Business continuity planning
•Incidence response
•Encryption of sensitive data
•Backup and recovery
•Physical security
•User access controls
•Vendor risk management
•Teleworking protocols
•Mobile device management
•Comprehensive system monitoring
These initiatives collectively reinforce our commitment to safeguarding information and ensuring the resilience of our security infrastructure. Comprehensive contingency and recovery plans are in place to ensure the ongoing provision of services to customers in the event of a cybersecurity incident. These are tested on a regular basis against scenarios of varying degrees by both internal and external resources. Our resilience planning is designed to maintain critical business operations and customer services during and following a cybersecurity incident.
To manage vendor risk, we conduct ongoing risk assessments based on the vendor's published Systems and Operational Controls ("SOC") reports, information provided in vendor security questionnaires, and any publicly available information including ongoing litigation or external disclosures. We evaluate third-party service providers prior to engagement and perform ongoing monitoring throughout the vendor lifecycle based on risk tiering, contractual security requirements, and review of independent assurance reports.
Our incident response framework includes defined escalation protocols designed to ensure that significant cybersecurity events are promptly evaluated for potential materiality and reported to senior leadership and the Board of Directors, as appropriate. We also maintain cybersecurity insurance coverage intended to help mitigate potential losses associated with certain cybersecurity incidents.
As of the time of this filing, we are not aware of any cybersecurity incidents that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial conditions. Refer to "Risk Factors" in Part I, Item 1A in this Annual Report on Form 10-K under the heading "Cybersecurity breaches and other disruptions could compromise our information and expose us to liability, which would cause our business and reputation to suffer," for additional discussion about cybersecurity related risks.

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SUN COMMUNITIES, INC.
Governance
Senior leadership provides the Board of Directors with ongoing security updates, which include notable changes to program plans, changes to the risk environment, information regarding material incidents that may have occurred, third-party audit reports on recent assessments of our security controls, and details regarding forward-looking plans and strategies to mitigate cyber risk. The Audit Committee of the Board of Directors provides oversight and is responsible for assessing risks to our business, in accordance with its charter. The Audit Committee engages in regular conversations with senior leadership about our security systems in order to monitor and mitigate risks from cybersecurity incidents, in accordance with our security principles and protocols. The Board of Directors and the Audit Committee receive periodic briefings, and additional updates are provided as needed in response to emerging threats or significant incidents.
The Chief Information Officer (CIO) and the Director of Information Security are directly responsible for managing cyber risk on a daily basis. The CIO reports to the Chief Administrative Officer (CAO), who oversees the Company's overall information technology strategy and governance. Executive oversight, spearheaded by the CAO, ensures strategic alignment across the organization. These leaders collectively bring significant experience across public and private sector organizations in information technology operations, cybersecurity, and risk management, including experience managing enterprise security programs and responding to cybersecurity incidents.
The Information Security Management Committee (ISMC) and Enterprise Risk Management Committees (ERM) meet regularly to provide oversight of cyber risk management functions. Committee composition includes members from cross-functional departments, including technology, innovation, human resources, accounting and finance, internal audit, operations, and executive management. Various members of these committees hold industry certifications representing expertise in information security risk and compliance management, including the Certified Information Technology Professional (CITP), Certified Information Systems Security Professional (CISSP), Certified Information Security Auditor (CISA), and Certified in Risk and Information Systems Control (CRISC) designations.
ITEM 2. PROPERTIES
As of December 31, 2025, our properties were located in the U.S., the UK, and Canada and consisted of 294 MH communities, 166 RV communities, and 53 UK communities. Most of our properties include amenities oriented toward family and retirement living. Of our 513 properties, 249 properties have 300 or more developed sites, with the largest having 2,340 developed MH and RV sites. For a list of our properties and details on properties that are encumbered, refer to "Real Estate and Accumulated Depreciation, Schedule III," included in our Consolidated Financial Statements. For details regarding our largest MH and RV markets by total sites, including occupancy rates and revenue percentages for each major market, refer to "Executive Summary" in Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Annual Report on Form 10-K.
As of December 31, 2025, our MH and RV properties had an occupancy rate of 97.9% excluding transient RV sites. Since January 1, 2021, our MH and RV properties have a five-year average annual turnover of homes (where the home is moved out of the community) of approximately 4.0% and a five-year average annual turnover of residents (where the resident-owned home is sold and remains within the community, typically without interruption of rental income) of approximately 5.7%. The average renewal rate for residents in our Rental Program was 68.3% for the year ended December 31, 2025.
We believe that our properties' high amenity levels, customer service loyalty, and customer retention program contribute to low turnover and generally high occupancy rates. All of the properties provide residents with attractive amenities with most offering a clubhouse, a swimming pool, and laundry facilities. Many of the properties offer additional amenities such as sauna / whirlpool spas, tennis courts, shuffleboard, basketball courts, and / or exercise rooms. Many RV communities offer incremental amenities including golf, pro shops, restaurants, waterparks, watersports, and thematic experiences.
Our MH and RV communities are principally located in the midwestern, southern, and southeastern regions of the U.S., as well as in California, in the south of England in the UK, and in Canada. We believe that geographic diversification helps to insulate the portfolio from regional economic influences. We have concentrated our properties within certain areas of the regions in order to achieve economies of scale in management and operations.
ITEM 3. LEGAL PROCEEDINGS
Legal Proceedings
We are involved in various legal proceedings. Refer to "Legal Proceedings - Class Action Litigation" and "Other Legal Proceedings" in Note 15, "Commitments and Contingencies," in our accompanying Notes to the Consolidated Financial Statements.

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SUN COMMUNITIES, INC.
Environmental Matters
Item 103 of Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will exceed an applied threshold not to exceed $1.0 million. Applying this threshold, there are no environmental matters to disclose for the year ended December 31, 2025.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS, AND ISSUER
PURCHASES OF EQUITY SECURITIES
Market Information
Our common stock has been listed on the New York Stock Exchange ("NYSE") since December 8, 1993, and trades under the symbol "SUI." On February 17, 2026, the closing share price of our common stock was $131.47 per share on the NYSE, and there were 522 holders of record of 123,184,632 outstanding shares of common stock.
On February 17, 2026, the following OP units of the Operating Partnership were outstanding:
OP Units OP Units Issued and Outstanding Exchangeable Shares of Common Stock
Series A-1 preferred OP units 154,336  376,429 
Series A-3 preferred OP units 40,268  74,917 
Series C preferred OP units 291,703  323,790 
Series D preferred OP units 488,958  391,166 
Series E preferred OP units 80,000  55,172 
Series F preferred OP units 60,000  37,500 
Series G preferred OP units 4,898  3,160 
Series H preferred OP units 130,879  79,804 
Series J preferred OP units 235,250  142,576 
Series K preferred OP units 1,000,000  588,235 
Series L preferred OP units 20,000  12,500 
Common OP units 2,544,819  2,544,819 
Total 5,051,111  4,630,068 
We have historically paid regular quarterly distributions to holders of our common stock and common OP units. In addition, we are obligated to make distributions to holders of each series of our preferred OP units. See "Structure of the Company" under Part I, Item 1 of this Annual Report on Form 10-K. Our ability to make distributions on our common stock and preferred OP units, payments on our indebtedness, and to fund planned capital expenditures will depend on our ability to generate cash in the future. The decision to declare and pay distributions on shares of our common stock and common OP units in the future, as well as the timing, amount, and composition of any such future distributions, will be at the sole discretion of our Board of Directors in light of conditions then existing, including our earnings, financial condition, capital requirements, debt maturities, the availability of debt and equity capital, applicable REIT and legal restrictions, general overall economic conditions, and other factors.
Securities Authorized for Issuance Under Equity Compensation Plans
The following table reflects information about the securities authorized for issuance under our equity compensation plans as of December 31, 2025:
Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted-average exercise price of outstanding options, warrants and rights Number of shares of common stock remaining available for future issuance under equity compensation plans (excluding securities reflected in column a)
Plan Category (a) (b) (c)
Equity compensation plans approved by shareholders —  $ —  2,616,305 
Total —  $ —  2,616,305 

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SUN COMMUNITIES, INC.
Recent Sales of Unregistered Securities
From time to time, we may issue shares of common stock or common OP units in exchange for OP units in accordance with the terms and provisions of the limited partnership agreement of the Operating Partnership. Such shares are issued based on the exchange ratios and formulas described in "Structure of the Company" under Part I, Item 1 of this Annual Report on Form 10-K. Below is the activity of conversions for the three months and year ended December 31, 2025:
Three Months Ended December 31, 2025 Year Ended December 31, 2025
Series Conversion Rate Units / Shares Converted
Common Stock(1)
 Units / Shares Converted
Common Stock(1)
Common OP units 1.0000 159,875  159,875  268,595  268,595 
Series A-1 preferred OP units 2.4390 —  —  6,884  16,788 
Series C preferred OP units 1.1100 —  —  4,309  4,782 
Series H preferred OP units 0.6098 —  —  765  465 
(1)Calculation may yield minor differences due to rounding incorporated in the above numbers.
On October 1, 2025, the Company granted 7,782 shares of unrestricted stock as an inducement award in connection with Charles D. Young’s appointment as our CEO, which was granted outside of our 2015 Equity Incentive Plan in accordance with New York Stock Exchange Listed Company Manual Rule 303A.08.
All of the securities described above were issued in private placements in reliance on Section 4(a)(2) of the Securities Act, including Regulation D promulgated thereunder. No underwriters were used in connection with any of such issuances.
Purchases of Equity Securities
The following table summarizes our common stock repurchases during the three months ended December 31, 2025 (in millions, except for number of shares and per share amounts):
Period
Total number of shares purchased(1)
 Average price paid per share Total number of shares purchased as part of publicly announced plans or programs
Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs(2)
October 1, 2025 - October 31, 2025 5,390  $ 126.97  —  $ 499.7 
November 1, 2025 - November 30, 2025 1,864  $ 124.20  —  $ 499.7 
December 1, 2025 - December 31, 2025 338,120  $ 124.22  312,330  $ 460.9 
Total 345,374  $ 124.26  312,330 
(1) During the three months ended December 31, 2025, we withheld 33,044 shares from employees to satisfy estimated statutory income tax obligations related to vesting of restricted stock awards. The value of the common stock withheld was based on the closing price of our common stock on the applicable vesting date.
(2) In April 2025, we announced by press release that our Board of Directors authorized a stock repurchase program (the "Stock Repurchase Program") under which we may repurchase up to $1.0 billion in shares of our outstanding common stock through April 30, 2026. Under the Stock Repurchase Program, we may repurchase shares of our common stock in open market transactions, through privately negotiated transactions, through one or more accelerated repurchases, or otherwise, in accordance with the terms set forth in Rule 10b5-1 and Rule 10b-18 of the Exchange Act and other applicable legal requirements. The Stock Repurchase Program does not obligate us to repurchase any specific number of shares, and we may initiate, suspend, or discontinue purchases under the Stock Repurchase Program at any time. Refer to Note 8, "Equity and Temporary Equity," for additional information regarding our Stock Repurchase Program.
ITEM 6. [Reserved]
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
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 accompanying footnotes thereto included in this Annual Report on Form 10-K. In addition to the results presented in accordance with GAAP below, we have provided net operating income ("NOI") and FFO information as supplemental performance measures. Refer to Non-GAAP Financial Measures in this Item 7 for additional information.
OVERVIEW AND OUTLOOK
We are a fully integrated REIT. As of December 31, 2025, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 513 developed properties located in the U.S., Canada, and the UK including 294 MH communities, 166 RV communities, and 53 UK communities.

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SUN COMMUNITIES, INC.
We have been in the business of operating, acquiring, developing and expanding MH and RV communities since 1975, and communities in the United Kingdom since 2022. We lease individual parcels of land, or sites, with utility access for the placement of manufactured homes and RVs to our MH, RV, and UK 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. In the United Kingdom, our UK communities are referred to as "holiday parks" and are located predominantly at irreplaceable seaside destinations in the south of England. We provide holiday home sales and associated site license activities to holiday homeowners in our communities.
In 2025, we continued our portfolio optimization and simplification strategy by completing the Safe Harbor Sale for total net cash proceeds of $5.5 billion, generating a total gain on sale of $1.5 billion. The Safe Harbor Sale accelerates our strategy of focusing on our core business and significantly enhances our leverage profile and financial flexibility. We have deployed the majority of the cash proceeds from the Safe Harbor Sale to implement a capital allocation plan that reflects a balanced, tax-efficient approach to optimize shareholder value through significantly lower leverage, greater financial flexibility to drive sustainable cash flow growth, and a thoughtful capital return strategy. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," in our accompanying Consolidated Financial Statements for additional details related to the Safe Harbor Sale.
Pursuant to our portfolio optimization strategy, we completed targeted, growth-oriented investment and acquisition opportunities in 2025, while also continuing our targeted disposition program to divest non-strategic assets in an effort to simplify management and maintain financial flexibility. During the year ended December 31, 2025, we acquired 11 MH and three RV properties for total cash consideration of $457.0 million and repurchased the titles to all 32 UK properties that were previously controlled via ground leases for total cash consideration of $386.8 million. Also during the year, we sold four MH properties, three RV properties, and three development land parcels in the U.S. and UK for a gross sale price of $202.6 million. The property dispositions have strengthened our financial position by enabling us to reduce debt while also exiting non-core markets. We remain focused on maximizing real property income, Same Property NOI growth, and Core FFO per share growth, which we believe will enhance long-term shareholder value.
Leadership Transition
Charles D. Young began serving as our CEO and as a Director on October 1, 2025. Mr. Young succeeds Gary Shiffman, who retired as our CEO after a distinguished 40 years leading Sun Communities. We entered into an employment agreement with Mr. Young under which he will serve as our CEO for a five year term, which is automatically renewable thereafter for successive one-year terms unless either party timely terminates the agreement. Refer to the Form 8-K filed with the SEC on July 23, 2025 for additional details related to Mr. Young's employment agreement.
Mr. Shiffman will continue to serve as the Chairman of our Board of Directors. Refer to the Form 8-K filed with the SEC on December 16, 2025 for additional details related to Mr. Shiffman's transition services agreement.

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SUN COMMUNITIES, INC.
EXECUTIVE SUMMARY
2025 General Overview
Key operational and financial highlights included the following:
•Completed the disposition of the Safe Harbor Marinas business for an aggregate purchase price of $5.65 billion.
•Acquired 11 MH and three RV properties for total cash consideration of $457.0 million, which was primarily sourced from 1031 exchange escrow accounts to minimize the tax impact from the Safe Harbor Sale.
•Repurchased 4.3 million shares of our common stock at an average cost of $125.62 per share for a total of $539.1 million.
•Completed the redemption of $956.5 million in outstanding unsecured senior notes, inclusive of prepayment costs of $56.5 million.
•Completed the repayment of $1.6 billion under our senior credit facility and $737.7 million of secured mortgage debt, inclusive of prepayments costs of $45.9 million.
•Entered into a new $2.0 billion multi-currency revolving credit facility that matures on January 31, 2030.
•Completed the repurchase of titles to 32 UK properties that were previously controlled via ground leases, reducing our financial liability by $355.9 million.
•Total revenues from continuing operations for 2025 were $2.3 billion, consistent with 2024 total revenues.
•Net income from continuing operations was $0.6 million in 2025, as compared to $32.9 million in 2024.
•Net income attributable to SUI common shareholders was $1.4 billion, as compared to a net income attributable to SUI common shareholders of $89.0 million in the prior year, driven primarily by a total gain of $1.5 billion from the Safe Harbor Sale in 2025.
•Achieved annual Core FFO of $6.68 per diluted share and OP unit.
•Achieved real property Same Property NOI growth of 8.9% for MH and 3.5% for the UK over 2024. For the RV segment, we experienced a decline in Same Property NOI growth of 1.4%, driven by lower than anticipated real property - transient revenues.
•Increased Same Property adjusted blended occupancy for MH and RV by 40 basis points to 99.1% as compared to 98.7% in 2024.
Property Operations
Occupancy in our MH and annual RV properties, as well as our ability to increase rental rates, directly affect revenues. Our revenue streams are predominantly derived from customers renting our sites on a long-term basis. Our Same Property communities continue to achieve revenue and occupancy increases which drive continued NOI growth.
Year Ended December 31,
Portfolio Information:
2025
2024
2023
Occupancy % - Total Portfolio - MH and Annual RV Occupancy(1)
 96.9  % 97.0  % 96.4  %
Occupancy % - Same Property - Adjusted MH and Annual RV Occupancy(1)(2)
 99.1  % 98.7  % 97.4  %
Core FFO per share $ 6.68  $ 6.81  $ 7.10 
Real property NOI - Total Portfolio (in millions)
 $ 1,058.8  $ 1,015.3  $ 976.6 
Real property NOI - Same Property (in millions) - MH and RV(3)
 $ 963.7  $ 911.8  $ 872.1 
Real property NOI - Same Property (in millions) - UK
 $ 81.6  $ 78.9  $ 69.8 
(1) Occupancy percentage includes annual RV sites and excludes transient RV sites.
(2) Occupancy percentage excludes recently completed but vacant expansion sites.

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SUN COMMUNITIES, INC.
Markets
Our MH and RV properties are largely concentrated in the U.S. in Florida, Michigan, Texas, and California, which collectively contain 64.7% of our total MH and RV sites. We have expanded our market share in multiple states through acquisitions and increased our property holdings in high-growth areas of the U.S. including retirement and vacation destinations. The age demographic of RV communities is attractive, as the population of retirement age adults in the U.S. is growing.
Our UK properties are located in irreplaceable coastal destination locations that are a short drive from London and other urban locations. Our UK properties are largely concentrated in England, which contain 93.2% of our total holiday parks.
The following table identifies our largest MH and RV markets by total sites:
December 31, 2025
Major Market Segment Number of Properties Total Sites % of Total Sites
Occupancy %(1)
 Revenue %
Florida
 MH 68  26,600  16.9  % 95.4  % 15.6  %
RV 57  20,590  13.2  % 100.0  % 11.4  %
Florida Total
 125  47,190  30.1  % 97.1  % 27.0  %
Michigan
 MH 84  33,020  21.1  % 97.8  % 21.6  %
RV 5  1,640  1.0  % 100.0  % 0.7  %
Michigan Total
 89  34,660  22.1  % 97.9  % 22.3  %
California
 MH 26  6,210  3.9  % 99.5  % 5.7  %
RV 11  2,610  1.7  % 100.0  % 3.2  %
California Total
 37  8,820  5.6  % 99.5  % 8.9  %
Texas
 MH 16  8,030  5.1  % 98.4  % 5.8  %
RV 13  2,870  1.8  % 100.0  % 1.8  %
Texas Total
 29  10,900  6.9  % 98.6  % 7.6  %
Connecticut
 MH 15  1,850  1.2  % 96.7  % 0.8  %
RV 1  150  0.1  % 100.0  % 0.1  %
Connecticut Total
 16  2,000  1.3  % 96.8  % 0.9  %
Maine
 MH 9  1,670  1.0  % 95.9  % 0.7  %
RV 6  1,860  1.2  % 100.0  % 0.9  %
Maine Total
 15  3,530  2.2  % 97.4  % 1.6  %
New Jersey
 MH 2  310  0.2  % 100.0  % 0.1  %
RV 11  4,190  2.7  % 100.0  % 2.1  %
New Jersey Total
 13  4,500  2.9  % 100.0  % 2.2  %
Arizona
 MH 8  2,650  1.7  % 96.8  % 1.4  %
RV 3  2,350  1.5  % 100.0  % 1.5  %
Arizona Total
 11  5,000  3.2  % 98.0  % 2.9  %
Colorado
 MH 9  2,900  1.9  % 92.4  % 2.1  %
RV 2  970  0.6  % 100.0  % 0.8  %
Colorado Total
 11  3,870  2.5  % 92.4  % 2.9  %
Indiana
 MH 8  2,740  1.7  % 98.8  % 1.9  %
RV 2  1,080  0.7  % 100.0  % 0.8  %
Indiana Total
 10  3,820  2.4  % 98.8  % 2.7  %
New York
 MH 4  970  0.6  % 98.7  % 0.5  %
RV 6  1,980  1.3  % 100.0  % 1.1  %
New York Total
 10  2,950  1.9  % 99.2  % 1.6  %
Maryland
 MH 6  770  0.5  % 99.1  % 0.2  %
RV 4  1,520  1.0  % 100.0  % 1.7  %
Maryland Total
 10  2,290  1.5  % 99.1  % 1.9  %
Other
 MH 39  12,430  7.9  % 98.8  % 7.5  %
RV 45  15,070  9.5  % 100.0  % 10.0  %
Other Total
 84  27,500  17.4  % 99.2  % 17.5  %
Total MH 294  100,150  63.7  % 97.2  % 63.9  %
RV 166  56,880  36.3% 100.0  % 36.1%
MH / RV Total 460  157,030  100.0  % 97.9  % 100.0  %

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SUN COMMUNITIES, INC.
December 31, 2024
Major Market Segment Number of Properties Total Sites % of Total Sites
Occupancy %(1)
 % Revenue
Florida
 MH 70  25,800  16.7  % 96.6  % 15.5  %
RV 57  19,650  12.7  % 100.0  % 11.5  %
Florida Total
 127  45,450  29.4  % 97.9  % 27.0  %
Michigan
 MH 80  31,890  20.6  % 97.6  % 20.6  %
RV 5  1,640  1.1  % 100.0  % 0.7  %
Michigan Total
 85  33,530  21.7  % 97.7  % 21.3  %
California
 MH 26  6,210  4.0  % 99.2  % 5.6  %
RV 11  2,620  1.7  % 100.0  % 3.3  %
California Total
 37  8,830  5.7  % 99.3  % 8.9  %
Texas
 MH 16  8,030  5.2  % 97.0  % 5.5  %
RV 13  2,880  1.9  % 100.0  % 2.0  %
Texas Total
 29  10,910  7.1  % 97.4  % 7.5  %
Connecticut
 MH 15  1,850  1.2  % 95.7  % 0.8  %
RV 1  150  0.1  % 100.0  % 0.1  %
Connecticut Total
 16  2,000  1.3  % 95.8  % 0.9  %
Maine
 MH 9  1,670  1.1  % 95.7  % 0.7  %
RV 6  1,860  1.2  % 100.0  % 1.0  %
Maine Total
 15  3,530  2.3  % 97.2  % 1.7  %
New Jersey
 MH 2  310  0.2  % 100.0  % 0.1  %
RV 9  3,690  2.4  % 100.0  % 2.1  %
New Jersey Total
 11  4,000  2.6  % 100.0  % 2.2  %
Arizona
 MH 8  2,640  1.7  % 96.2  % 1.5  %
RV 3  2,360  1.5  % 100.0  % 1.5  %
Arizona Total
 11  5,000  3.2  % 97.6  % 3.0  %
Colorado
 MH 9  2,900  1.9  % 90.4  % 2.0  %
RV 2  980  0.6  % 100.0  % 0.8  %
Colorado Total
 11  3,880  2.5  % 90.5  % 2.8  %
Indiana
 MH 9  2,870  1.9  % 99.2  % 1.9  %
RV 2  1,090  0.7  % 100.0  % 0.8  %
Indiana Total
 11  3,960  2.6  % 99.2  % 2.7  %
New York
 MH 4  970  0.6  % 98.5  % 0.5  %
RV 6  2,210  1.5  % 100.0  % 1.2  %
New York Total
 10  3,180  2.1  % 99.0  % 1.7  %
Maryland
 MH 2  340  0.2  % 98.8  % 0.2  %
RV 4  1,540  1.0  % 100.0  % 1.7  %
Maryland Total
 6  1,880  1.2  % 99.1  % 1.9  %
Other
 MH 37  11,950  7.7  % 99.0  % 7.7  %
RV 48  16,260  10.6  % 100.0  % 10.7  %
Other Total
 85  28,210  18.3  % 99.4  % 18.4  %
Total MH 287  97,430  63.0  % 97.3  % 62.6  %
RV 167  56,930  37.0% 100.0  % 37.4%
MH / RV Total 454  154,360  100.0  % 98.0  % 100.0  %
The following table identifies our holiday park markets in the UK by total sites:
December 31, 2025 December 31, 2024
Major Market Number of Properties Total Sites % of Total Sites
Occupancy %(1)
 % Revenue Number of Properties Total Sites % of Total Sites
Occupancy %(1)
 % Revenue
England 50  20,150  93.2  % 89.0  % 92.3  % 50  20,560  93.3  % 89.6  % 89.1  %
Scotland / Wales 3  1,470  6.8  % 91.4  % 7.7  % 3  1,470  6.7  % 90.5  % 10.9  %
Total 53  21,620  100.0  % 89.1  % 100.0  % 53  22,030  100.0  % 89.7  % 100.0  %
(1) Occupancy percentage excludes transient RV sites. Percentage calculated by dividing revenue producing sites by developed sites. A revenue producing site is defined as a site that is occupied by a paying resident or reserved by a customer with annual or seasonal usage rights. A developed site is defined as an adequately sized parcel of land that has road and utility access which is zoned and licensed (if required) for use as a home site.

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SUN COMMUNITIES, INC.
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 FFO as supplemental performance measures. We believe NOI and FFO are appropriate measures given their wide use by and relevance to investors and analysts. Investors and analysts following the real estate industry use these supplemental non-GAAP measures to assess REITs. 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 net income for the effects of GAAP depreciation / amortization of real estate assets and gains or losses on real estate dispositions. 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.
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, 2024. Same properties exclude ground-up development properties, acquired properties, properties classified as discontinued operations, and properties sold after December 31, 2023. 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. For the UK segment, we present Same Property NOI growth rate information on a constant currency basis to provide a framework for assessing how our underlying properties performed after excluding the effects of changes in exchange rates. We believe that the presentation of UK Same Property NOI on a constant currency basis helps to improve the ability to understand our performance because it excludes the effects of foreign currency volatility which are not indicative of our core operating results in the region.
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, plus real estate related depreciation and amortization, impairments of certain real estate assets and investments, and after adjustments for nonconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure that management believes is a useful supplemental measure of our operating performance. By excluding gains and losses related to sales of previously depreciated operating real estate assets, real estate related to 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.

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SUN COMMUNITIES, INC.
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.
RESULTS OF OPERATIONS
Summary Statements of Operations
The following tables reconcile the Net income / (loss) attributable to SUI common shareholders to NOI and summarize our consolidated financial results (in millions):
Year Ended December 31,
 
2025
2024
2023
Net Income / (Loss) Attributable to SUI Common Shareholders
 $ 1,361.2  $ 89.0  $ (213.3)
Interest income
 (48.5) (20.1) (44.8)
Brokerage commissions and other revenues, net
 (24.0) (34.9) (53.6)
General and administrative
 236.7  230.5  213.5 
Catastrophic event-related charges, net
 1.2  23.6  (3.4)
Business combination expense
 —  —  3.0 
Depreciation and amortization
 507.9  490.5  494.1 
Asset impairments
 386.7  66.7  5.6 
Goodwill impairment
 —  180.8  369.9 
Loss on extinguishment of debt
 104.0  1.4  — 
Interest expense
 221.0  350.3  325.7 
Interest on mandatorily redeemable preferred OP units / equity
 —  —  3.3 
Loss on remeasurement of marketable securities
 —  —  16.0 
(Gain) / loss on foreign currency exchanges
 (26.7) 25.8  0.3 
Gain on disposition of properties
 (5.1) (202.9) (11.0)
Other (income) / expense, net
 (133.9) 6.8  7.3 
Loss on remeasurement of notes receivable
 1.6  36.4  106.7 
Income from nonconsolidated affiliates
 (16.4) (9.5) (16.0)
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates
 0.9  (6.6) 4.2 
Current tax expense
 10.8  3.6  13.7 
Deferred tax benefit
 (60.0) (39.6) (22.9)
Net income from discontinued operations, net
 (1,429.6) (74.2) (82.3)
Add: Preferred return to preferred OP units / equity interests
 12.6  12.8  12.3 
Add: Income / (loss) attributable to noncontrolling interests
 56.4  5.3  (8.1)
NOI $ 1,156.8  $ 1,135.7  $ 1,120.2 
Year Ended December 31,
 
2025
2024
2023
Real property NOI(1)
 $ 1,058.8  $ 1,015.3  $ 976.6 
Home sales NOI(1)
 70.0  96.8  114.3 
Ancillary NOI(1)
 28.0  23.6  29.3 
NOI
 $ 1,156.8  $ 1,135.7  $ 1,120.2 
(1) Excludes properties classified as discontinued operations. During the years ended December 31, 2025, 2024, and 2023 our marina properties generated total NOI of $93.7 million, $322.7 million, and $312.0 million, respectively, which was recorded within Income from discontinued operations, net on the Consolidated Statements of Operations. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," for additional information.

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SUN COMMUNITIES, INC.
Seasonality of Revenue
The RV and UK segments are 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. In the UK segment, vacation rental sites generally produce higher revenues between March and October. The following table presents the seasonality of real property-transient revenue:
Real property - transient revenue
(in millions)		 For the Three Months Ended
Year March 31 June 30 September 30 December 31 Total
2025 $ 282.8  10.8  % 28.8  % 47.2  % 13.2  % 100.0  %
2024 $ 296.4  12.7  % 27.6  % 46.6  % 13.1  % 100.0  %
2023 $ 321.4  12.4  % 27.8  % 47.3  % 12.5  % 100.0  %
Real Property Operations - Total Portfolio
The following tables reflect certain financial and other information for our real estate operations by segment (in millions, except for statistical information):
Year Ended December 31, 2025
Year Ended December 31, 2024
MH RV UK Total MH RV UK Total
Revenues
Real property (excluding transient)
 $ 1,012.5 $ 337.2  $ 133.3  $ 1,483.0 $ 956.2 $ 318.8  $ 132.2 $ 1,407.2
Real property - transient
 1.0 229.4  52.4  282.8 1.2 249.7  45.0 295.9
Total operating revenues
 1,013.5 566.6  185.7  1,765.8 957.4 568.5  177.2 1,703.1
Expenses
Property operating expenses
 321.8 280.2  105.0  707.0 314.1 275.6  98.1 687.8
Real Property NOI
 $ 691.7 $ 286.4  $ 80.7  $ 1,058.8 $ 643.3 $ 292.9  $ 79.1 $ 1,015.3
As of December 31, 2025
As of December 31, 2024
MH RV UK Total MH RV UK Total
Number of Properties 294 166 53 513 287 167 53 507
Sites
Sites(1)
 100,150 33,330 17,750 151,230 97,430 32,100 17,690 147,220
Transient sites N/A 23,550 3,870 27,420 N/A 24,830 4,340 29,170
Total 100,150 56,880 21,620 178,650 97,430 56,930 22,030 176,390
Occupancy 97.2  % 100.0  % 89.1  % 96.9  % 97.3  % 100.0  % 89.7  % 97.0  %
N/A = Not applicable.
(1) MH annual sites included 12,518 and 10,923 rental homes in our Rental Program at December 31, 2025 and 2024, respectively. Our investment in occupied rental homes at December 31, 2025 was $921.3 million, an increase of 17.7% from $783.0 million at December 31, 2024.
For the year ended December 31, 2025, the $43.5 million, or 4.3%, increase in Real Property NOI as compared to the same period in 2024, consists of an increase of $56.0 million from Same Property MH, and an increase of $2.7 million from Same Property UK, partially offset by an NOI decrease of $11.1 million, net from properties outside of the Same Property population due to portfolio disposition activity that took place in 2024, primarily driven by the disposition of 10 MH properties for total gross sales proceeds of $349.1 million.
Real Property Operations - North America 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. Additionally, for the UK segment, the amounts in the tables below reflect constant currency for comparative purposes.

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SUN COMMUNITIES, INC.
The following tables reflect certain financial and other information for our Same Property MH and RV portfolios as of and for the years ended December 31, 2025 and 2024 (in millions, except for statistical information):
Year Ended December 31,
2025
2024
 Total Change
% Change(2)
MH(1)
RV(1)
 Total
MH(1)
RV(1)
 Total MH RV Total
Same Property Revenues
Real property (excluding transient) $ 927.4  $ 305.7  $ 1,233.1  $ 865.0  $ 284.4  $ 1,149.4  $ 83.7  7.2  % 7.5  % 7.3  %
Real property - transient 1.0  214.4  215.4  1.1  235.5  236.6  (21.2) (13.7) % (9.0) % (9.0) %
Total Same Property operating revenues 928.4  520.1  1,448.5  866.1  519.9  1,386.0  62.5  7.2  % —  % 4.5  %
Same Property Expenses
Same Property operating expenses(1)(3)
 241.5  243.3  484.8  235.2  239.0  474.2  10.6  2.7  % 1.8  % 2.2  %
Real Property NOI $ 686.9  $ 276.8  $ 963.7  $ 630.9  $ 280.9  $ 911.8  $ 51.9  8.9  % (1.4) % 5.7  %
Year Ended December 31,
2024
2023
 Total Change
% Change(2)
MH RV Total MH RV Total MH RV Total
Same Property Revenues
Real property (excluding transient) $ 865.6  $ 281.3  $ 1,146.9  $ 810.5  $ 253.3  $ 1,063.8  $ 83.1  6.8  % 11.1  % 7.8  %
Real property - transient 1.2  222.4  223.6  1.3  249.9  251.2  (27.6) (9.2) % (11.0) % (11.0) %
Total Same Property operating revenues 866.8  503.7  1,370.5  811.8  503.2  1,315.0  55.5  6.8  % 0.1  % 4.2  %
Same Property Expenses
Same Property operating expenses(1)(3)
 235.2  231.3  466.5  220.1  222.8  442.9  23.6  6.8  % 3.8  % 5.3  %
Real Property NOI $ 631.6  $ 272.4  $ 904.0  $ 591.7  $ 280.4  $ 872.1  $ 31.9  6.7  % (2.8) % 3.7  %
(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):
Year Ended December 31, 2025 Year Ended December 31, 2024
MH RV Total MH RV Total
Utility revenue netted against related utility expense
 $ 75.3  $ 20.2  $ 95.5  $ 71.5  $ 19.0  $ 90.5 
Year Ended December 31, 2024 Year Ended December 31, 2023
MH RV Total MH RV Total
Utility revenue netted against related utility expense
 $ 71.5  $ 18.9  $ 90.4  $ 67.9  $ 18.5  $ 86.4 
(2) Percentages are calculated based on unrounded numbers.
(3) Total Same Property operating expenses consist of the following components for the periods shown (in millions), and exclude amounts invested into recently acquired properties to bring them up to our standards.
Year Ended December 31,
Year Ended December 31,
2025
2024
 Change
% Change(3)
2024
2023
 Change
% Change(3)
Payroll and benefits $ 141.2  $ 142.2  $ (1.0) (0.7) % $ 139.8  $ 144.6  $ (4.8) (3.3) %
Real estate taxes 99.7  93.0  6.7  7.2  % 92.7  86.4  6.3  7.3  %
Supplies and repairs 76.3  74.3  2.0  2.8  % 73.2  62.9  10.3  16.4  %
Utilities 72.6  69.1  3.5  5.0  % 67.2  63.6  3.6  5.7  %
Legal, state / local taxes, and insurance 44.0  44.7  (0.7) (1.6) % 44.4  45.6  (1.2) (2.9) %
Other 51.0  50.9  0.1  (0.3) % 49.2  39.8  9.4  23.6  %
Total Same Property Operating Expenses $ 484.8  $ 474.2  $ 10.6  2.2  % $ 466.5  $ 442.9  $ 23.6  5.3  %

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SUN COMMUNITIES, INC.
 
As of December 31,
As of December 31,
2025
2024
2024
2023
MH RV MH RV MH RV MH RV
Number of Properties1)
 280 156 280 156 283 150 283 150
Sites
MH and Annual RV sites 96,460 31,430 96,680 31,010 96,640 31,070 96,370 29,400
Transient RV sites N/M 21,560 N/M 22,550 N/M 21,620 N/M 22,710
Total 96,460 52,990 96,680 53,560 96,640 52,690 96,370 52,110
MH & Annual RV Occupancy
Occupancy(2)
 98.1  % 100.0  % 97.5  % 100.0  % 97.6  % 100.0  % 97.1  % 100.0  %
Average monthly base rent per site $ 745  $ 682  $ 708  $ 652  $ 708  $ 654  $ 671  $ 617 
% change in monthly base rent(3)
 5.2  % 4.6  % N/A N/A 5.5  % 6.0  % N/A N/A
Rental Program Statistics included in MH:
Number of occupied sites, end of period(4)
 11,930  N/A 10,780 N/A 10,630  N/A 9,830 N/A
Monthly rent per site - MH Rental Program $ 1,384  N/A $ 1,346 N/A $ 1,344  N/A $ 1,300 N/A
% change(4)
 2.8  % N/A N/A N/A 3.4  % N/A N/A N/A
N/M = Not meaningful. N/A = Not applicable.
(1) Includes one MH property that was sold on December 30, 2025 and therefore included in 2025 full year Same Property results.
(2) Same Property adjusted blended occupancy for MH and RV combined increased to 99.1% at December 31, 2025, from 98.7% at December 31, 2024. The 40 basis point increase was driven by MH expansion fills and the conversion of transient RV sites to annual sites. Same Property blended occupancy for MH and RV was 98.6% at December 31, 2025, an increase of 50 basis points from 98.1% at December 31, 2024. Same Property blended occupancy for MH and RV increased by 160 basis points at 99.0% at December 31, 2024 from 97.4% at December 31, 2023.
(3) Calculated using actual results without rounding.
(4) Occupied rental program sites in Same Property are included in total sites.
Real Property Operations - UK Same Property Portfolio
The following tables reflect certain financial and other information for our Same Property UK portfolio as of and for the years ended December 31, 2025 and 2024 (in millions, except for statistical information):
Year Ended December 31,
Year Ended December 31,
2025
2024
% Change(2)
2024
2023
% Change(2)
Same Property Revenues
Real property (excluding transient) $ 109.9 $ 105.7 4.1  % $ 102.4 $ 95.5 7.2  %
Real property - transient 50.0 46.6 7.1  % 44.7 42.7 4.8  %
Total Same Property operating revenues 159.9 152.3 5.0  % 147.1 138.2 6.5  %
Same Property Expenses
Same Property operating expenses(3)
 78.3 73.4 6.6  % 71.1 68.4 3.9  %
Real Property NOI(1)
 $ 81.6 $ 78.9 3.5  % $ 76.0 $ 69.8 9.0  %
Number of properties 51 51 —  51  51  — 
(1) Same Property results for our UK properties reflect constant currency for comparative purposes. British pound sterling figures in the prior comparative period have been translated at the average exchange rate of $1.3183 USD per GBP, during year ended December 31, 2025. Prior to constant currency adjustments, UK Same Property NOI increased by 7.3% during the year ended December 31, 2025.
(2) Percentages are calculated based on unrounded numbers.
(3) We net certain utility revenues (which include utility reimbursement revenues from residents) against related utility expenses in property operating expenses as follows (in millions):
Year Ended December 31,
Year Ended December 31,
2025
2024
2024
2023
Utility revenue netted against related utility expense
 $ 20.3 $ 18.5 $ 17.9 $ 16.8

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As of December 31,
As of December 31,
2025
2024
2024
2023
Number of Properties 51  51  51  51 
Sites
UK 16,910  16,980  16,500  16,210 
UK Transient 3,270  3,380  3,210  3,120 
Occupancy(1)
 89.2  % 89.7  % 89.6  % 90.3  %
Average monthly base rent per site $ 585  $ 562  $ 544  $ 502 
% change in monthly base rent(2)
 4.1  % N/A 8.4  % N/A
(1) Adjusting for recently delivered and vacant expansion sites, Same Property adjusted occupancy decreased by 30 basis points year over year, to 89.7% at December 31, 2025, from 90.0% at December 31, 2024.
(2) Calculated using actual results without rounding.
For the years ended December 31, 2025 and 2024:
•The MH segment's increase in NOI of $56.0 million, or 8.9% when compared to the same period in 2024, is primarily due to an increase in real property (excluding transient) revenue of $62.4 million, or 7.2% and NOI outperformance in our Rental Program. Real property (excluding transient) revenue increased primarily due to a 5.2% increase in monthly base rent.
•The RV segment's decrease in NOI of $4.1 million, or 1.4% when compared to the same period in 2024, is primarily due an increase in Same Property operating expenses of $4.3 million or 1.8% and a decrease in real property transient revenue of $21.1 million or 9.0%, partially offset by an increase in real property (excluding transient) revenue of $21.3 million or 7.5% due to conversions of transient RV sites to annual RV sites. The increase in Same Property operating expenses was primarily due to increases in utilities, real estate taxes, and other expenses.
•The UK segment increase in NOI of $2.7 million, or 3.5% when compared to the same period in 2024 is primarily due to a $4.2 million, or 4.1%, increase in real property (excluding transient) revenue and a $3.4 million, or 7.1%, increase in real property transient revenue; partially offset by an increase in Same Property operating expenses of $4.9 million, or 6.6%. The increase in real property (excluding transient) revenue was primarily due to a 4.1% increase in monthly base rent per site. The increase in Same Property operating expenses was primarily due to increases in payroll wages, utilities, and other expenses.
For the years ended December 31, 2024 and 2023:
•The Same Property data for the comparative period includes all properties that we owned and operated continuously since January 1, 2023, exclusive of ground-up development and redevelopment properties recently completed or under construction, and other properties as determined by management.
•The MH segment's increase in NOI of $39.9 million, or 6.7% when compared to the same period in 2023, is primarily due to an increase in real property (excluding transient) revenue of $55.1 million, or 6.8%. Real property (excluding transient) revenue increased due to a 5.5% increase in monthly base rent.
•The RV segment's decrease in NOI of $8.0 million, or 2.8% when compared to the same period in 2023, is primarily due to a decrease in real property transient revenue of $27.5 million, or 11.0%, and an increase in Same Property operating expenses of $8.5 million or 3.8%, partially offset by an increase in real property (excluding transient) revenue of $28.0 million or 11.1%. The increase in Same Property operating expenses was primarily due to an increase in supplies and repairs expense and other expenses. The increase in real property (excluding transient) revenue was primarily due to a 6.0% increase in monthly base rent and conversions of transient RV sites to annual RV sites.
•The UK segment increase in NOI of $6.2 million, or 9.0%, when compared to the same period in 2023, is primarily due to a $6.9 million, or 7.2%, increase in real property (excluding transient) revenue partially offset by an increase in Same Property operating expenses of $2.7 million, or 3.9%. The increase in real property (excluding transient) revenue was primarily due to an 8.4% increase in monthly base rent per site.

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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, and former residents or customers.
The following table reflects certain financial and statistical information for our home sales program (in millions, except for average selling prices and other information):
Year Ended December 31,
2025
2024
 Change % Change
Financial Information
North America
Home sales
 $ 140.4  $ 181.1  $ (40.7) (22.5) %
Home cost and selling expenses
 120.1  145.7  (25.6) (17.6) %
NOI
 $ 20.3  $ 35.4  $ (15.1) (42.7) %
NOI margin %
 14.5  % 19.5  % (5.0) %
UK
Home sales
 $ 193.4  $ 188.8 $ 4.6  2.4  %
Home cost and selling expenses
 143.7  127.4 16.3  12.8  %
NOI
 $ 49.7  $ 61.4 $ (11.7) (19.1) %
NOI margin %
 25.7  % 32.5  % (6.8) %
Total
Home sales
 $ 333.8  $ 369.9  $ (36.1) (9.8) %
Home cost and selling expenses
 263.8  273.1  (9.3) (3.4) %
NOI
 $ 70.0  $ 96.8  $ (26.8) (27.7) %
NOI margin %
 21.0  % 26.2  % (5.2) %
Other information
Units Sold:
North America
 1,564  2,001 (437) (21.8) %
UK
 2,803  2,948 (145) (4.9) %
Total home sales
 4,367  4,949 (582) (11.8) %
Average Selling Price:
North America
 $ 89,770  $ 90,505 $ (735) (0.8) %
UK
 $ 68,998  $ 64,043 $ 4,955  7.7  %
NOI - North America
For the year ended December 31, 2025, the 42.7% decrease in NOI is primarily driven by a 21.8% decrease in total home sales volume as compared to the same period in 2024, primarily driven by fewer available sites in conjunction with reduced expansion and development activity.
NOI - UK
For the year ended December 31, 2025, the 19.1% decrease in NOI is primarily driven by a 6.8% decrease in NOI margin and a 4.9% decrease in total home sales volume, partially offset by a 7.7% increase in average selling price, as compared to the same period in 2024, primarily driven by increased competition in the region and changes in the mix of homes sold.

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Other Items - Statements of Operations(1)
The following table summarizes other income and expenses (amounts in millions):
Year Ended December 31,
2025
2024
 Change % Change
Other Revenues
Ancillary, net
 $ 28.0  $ 23.6  $ 4.4  18.6  %
Interest
 $ 48.5  $ 20.1  $ 28.4  141.3  %
Brokerage commissions and other, net
 $ 24.0  $ 34.9  $ (10.9) (31.2) %
Other Expenses
General and administrative expense
 $ 236.7  $ 230.5  $ 6.2  2.7  %
Catastrophic event-related charges, net
 $ 1.2  $ 23.6  $ (22.4) (94.9) %
Depreciation and amortization
 $ 507.9  $ 490.5  $ 17.4  3.5  %
Asset impairments
 $ 386.7  $ 66.7  $ 320.0  479.8  %
Goodwill impairment
 $ —  $ 180.8  $ (180.8) (100.0) %
Loss on extinguishment of debt
 $ 104.0  $ 1.4  $ 102.6  N/M
Interest
 $ 221.0  $ 350.3  $ (129.3) (36.9) %
Other Items
Gain / (loss) on foreign currency exchanges
 $ 26.7  $ (25.8) $ 52.5  N/M
Gain on dispositions of properties
 $ 5.1  $ 202.9  $ (197.8) (97.5) %
Other income / (expense), net
 $ 133.9  $ (6.8) $ 140.7  N/M
Loss on remeasurement of notes receivable
 $ (1.6) $ (36.4) $ 34.8  (95.6) %
Income from nonconsolidated affiliates
 $ 16.4  $ 9.5  $ 6.9  72.6  %
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates
 $ (0.9) $ 6.6  $ (7.5) N/M
Current tax expense
 $ (10.8) $ (3.6) $ (7.2) 200.0  %
Deferred tax benefit
 $ 60.0  $ 39.6  $ 20.4  51.5  %
Income from discontinued operations, net
 $ 1,429.6  $ 74.2  $ 1,355.4  N/M
Preferred return to preferred OP units / equity interests
 $ 12.6  $ 12.8  $ (0.2) (1.6) %
Income attributable to noncontrolling interests
 $ 56.4  $ 5.3  $ 51.1  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.
Interest income - for the year ended December 31, 2025, increased due to the interest earned on our increased cash balances driven by proceeds received from the Safe Harbor Sale.
Brokerage commissions and other, net - for the year ended December 31, 2025, decreased primarily due to decreased business interruption insurance proceeds received as compared to the prior year. Refer to Note 15, "Commitments and Contingencies," in our accompanying Consolidated Financial Statements for additional information.
Catastrophic event-related charges, net - for the year ended December 31, 2025, decreased primarily due to asset impairment and debris removal charges, net of insurance recoveries in the prior year, driven by Hurricanes Helene and Milton, and flooding at an RV community in New Hampshire.
Asset impairments - for the year ended December 31, 2025, increased due to asset impairment charges at 22 properties, primarily within the RV and UK segments, driven by, in certain cases, a change in strategic plan for the properties, and in other cases, a decrease in projected future cash flows for the properties. Refer to Note 14, "Fair Value Measurements," in our accompanying Consolidated Financial Statements for additional information.
Goodwill impairment - there were no goodwill impairment charges for the year ended December 31, 2025, as compared to goodwill impairment charges of $180.8 million in the prior year, driven by declines in the fair value of our Park Holidays reporting unit within the UK reporting segment. Refer to Note 5, "Goodwill and Other Intangible Assets," in our accompanying Consolidated Financial Statements for additional information.
Loss on extinguishment of debt - for the year ended December 31, 2025, increased primarily due to the recognition of early extinguishment premiums of $102.4 million in the current year, due to the settlement of $3.3 billion of debt obligations using proceeds generated from the Safe Harbor Sale. Refer to Note 7, "Debt and Line of Credit," in our accompanying Consolidated Financial Statements for additional information.

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Interest expense - for the year ended December 31, 2025, decreased primarily due to the settlement of $3.3 billion in debt obligations using proceeds generated from the Safe Harbor Sale. Refer to Note 7, "Debt and Line of Credit," in our accompanying Consolidated Financial Statements for additional information.
Gain / (loss) on foreign currency exchanges - for the year ended December 31, 2025, was a gain of $26.7 million, as compared to a loss of $25.8 million during the same period in 2024, primarily due to a gain of $14.4 million from the settlement of six foreign currency forward swaps, as well as the weakening of the U.S. dollar versus the British pound sterling. Refer to Note 13, "Derivative Financial Instruments," in our accompanying Consolidated Financial Statements for additional information.
Gain on dispositions of properties - for the year ended December 31, 2025, was a gain of $5.1 million, as compared to a gain of $202.9 million during the same period in 2024, driven by property dispositions in each period. Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Consolidated Financial Statements for additional information.
Other income / (expense), net - for the year ended December 31, 2025, was income of $133.9 million, as compared to an expense of $6.8 million during the same period in 2024, primarily due to a gain of $68.5 million from an insurance settlement, and long-term lease termination gains of $51.8 million from the repurchase of titles to 32 UK properties previously controlled via ground leases. Refer to Note 15, "Commitments and Contingencies," and Note 16, "Leases," in our accompanying Consolidated Financial Statements for additional information.
Loss on remeasurement of notes receivable - for the year ended December 31, 2025, decreased, primarily due to a fair value adjustment loss of $35.2 million in the prior year related to the sale of a portfolio of RV communities. Refer to Note 4, "Notes and Other Receivables," in our accompanying Consolidated Financial Statements for additional information.
Deferred tax benefit - for the year ended December 31, 2025, increased due to a tax benefit related to the sale of a UK land development parcel. Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Consolidated Financial Statements for additional information.
Income from discontinued operations, net - for the year ended December 31, 2025, increased due to a total gain of $1.5 billion recognized from the closing of the Safe Harbor Sale in the current period.

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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 (in millions, except for per share amounts):
Year Ended December 31,
 
2025
2024
2023
Net Income / (Loss) Attributable to SUI Common Shareholders
 $ 1,361.2  $ 89.0  $ (213.3)
Adjustments
Depreciation and amortization - continuing operations
 501.0  487.6  491.7 
Depreciation and amortization - discontinued operations
 36.2  189.9  165.5 
Depreciation on nonconsolidated affiliates
 0.8  0.5  0.2 
Asset impairments - continuing operations
 386.7  66.7  5.6 
Asset impairments - discontinued operations
 2.3  4.7  4.5 
Goodwill impairment
 —  180.8  369.9 
Loss on remeasurement of marketable securities
 —  —  16.0 
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates
 0.9  (6.6) 4.2 
Loss on remeasurement of notes receivable
 1.6  36.4  106.7 
Loss on remeasurement of Collateralized Receivables and Secured Borrowings
 —  —  0.4 
Gain on dispositions of properties, including tax effect - continuing operations
 (5.5) (203.6) (8.9)
Gain on dispositions of properties, including tax effect - discontinued operations
 (1,460.6) —  — 
Add: Returns on preferred OP units
 12.4  12.8  12.3 
Add: Income / (loss) attributable to noncontrolling interests
 56.4  5.3  (8.1)
Gain on disposition of assets, net
 (14.9) (27.1) (38.0)
FFO Attributable to SUI Common Shareholders and Convertible Securities(1)(5)
 $ 878.5  $ 836.4  $ 908.7 
Adjustments
Business combination expense - continuing operations
 —  —  3.0 
Business combination expense - discontinued operations
 —  0.4  — 
Acquisition and other transaction costs - continuing operations(2)
 19.8  16.0  22.8 
Acquisition and other transaction costs - discontinued operations(2)
 63.8  3.6  2.5 
Loss on extinguishment of debt
 104.0  1.4  — 
Catastrophic event-related charges, net - continuing operations
 1.2  23.6  (3.4)
Catastrophic event-related charges, net - discontinued operations
 —  3.5  7.2 
Loss of earnings - catastrophic event-related charges, net(3)
 5.6  3.4  2.1 
Accelerated deferred compensation amortization
 7.7  1.2  1.6 
(Gain) / loss on foreign currency exchanges
 (26.7) 25.8  0.3 
Deferred tax benefit
 (60.0) (39.6) (22.9)
Long term lease termination (gains) / losses
 (51.4) 1.1  4.0 
Long term lease termination losses - discontinued operations
 —  —  0.4 
Gain on insurance settlement
 (68.5) —  — 
Other adjustments, net - continuing operations(4)
 (7.1) 20.1  (10.3)
Other adjustments, net - discontinued operations(4)
 5.4  (10.0) (0.2)
Core FFO Attributable to SUI Common Shareholders and Convertible Securities(1)(5)
 $ 872.3  $ 886.9  $ 915.8 
Weighted Average Common Shares and OP Units Outstanding(1)
 130.7  130.2  128.9 
FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share(1)(5)
 $ 6.72  $ 6.42  $ 7.05 
Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities Per Share(1)(5)
 $ 6.68  $ 6.81  $ 7.10 
(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 years ended December 31, 2025, 2024, and 2023 (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 Safe Harbor Sale.

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(3)Loss of earnings - catastrophic event-related charges, net include the following:
Year Ended December 31,
2025
2024
2023
Hurricane Ian - Estimated loss of earnings in excess of the applicable business interruption deductible
 $ 12.0  $ 19.2  $ 21.9 
Hurricane Ian - Insurance recoveries realized for previously estimated loss of earnings
 (9.9) (16.3) (19.7)
Hurricane Ian - Recognition of deferred lump sum insurance settlement 3.1  —  — 
Other catastrophic weather event - Estimated loss of earnings in excess of the applicable business interruption deductible, net
 0.4  1.8  (0.1)
Other catastrophic weather event - Insurance recoveries realized for previously estimated loss of earnings
 —  (1.3) — 
Loss of earnings - catastrophic event-related charges, net
 $ 5.6  $ 3.4  $ 2.1 
During the three months 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 per Accounting Standards Codification ("ASC") 450. To better reflect the underlying economics of the transaction, we have elected to defer the business interruption recovery gain and recognize revenue ratably through 2027 for our presentation of Core FFO.
(4)Other adjustments, net - continuing operations primarily relates to (i) derivative settlement activity during the year ended December 31, 2025, (ii) litigation activity during the years ended December 31, 2024 and 2023, (iii) ERP implementation costs during the years ended December 31, 2025 and 2024, (iv) gain on sale of investment in nonconsolidated affiliates during the years ended December 31, 2025 and 2023, and (v) insurance loss recovery expense and severance costs during the year ended December 31, 2024. Other adjustments, net - discontinued operations primarily relates to contingent consideration expense during the year ended December 31, 2025 and litigation settlement gains during the year ended December 31, 2024.
(5)FFO and Core FFO include discontinued operations activity of $7.4 million or $0.06 per Share, and $76.4 million or $0.58 per Share, respectively, during the year ended December 31, 2025, $268.7 million or $2.06 per Share, and $266.3 million or $2.05 per Share, respectively, during the year ended December 31, 2024, and $252.3 million, or $1.96 per share, and $262.2 million or $2.03 per share, respectively, during the year ended December 31, 2023.
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 take a disciplined approach to selecting the optimal mix of financing sources to meet our liquidity demands and minimize our overall cost of capital. During the year ended December 31, 2025, we completed the closing of the Safe Harbor Sale for total net cash proceeds of $5.5 billion and recorded a gain on sale of $1.5 billion. The Safe Harbor Sale accelerates our strategy of focusing on our core business and significantly enhances our leverage profile and financial flexibility. We have deployed the cash proceeds from the Safe Harbor Sale to implement a balanced, tax-efficient capital allocation plan aimed at optimizing shareholder value through significantly lower leverage, greater financial flexibility to drive sustainable cash flow growth, and 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 controlling 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.
In connection with cash proceeds generated from the Safe Harbor Sale, through December 31, 2025, we initiated the following capital allocation decisions:
•Repaid approximately $3.3 billion of debt, including $1.6 billion of outstanding borrowings under our senior credit facility, as well as $737.7 million in secured mortgage debt, and $956.5 million in unsecured notes, inclusive of prepayment costs.
•Returned capital to shareholders, including the payment of a special cash distribution of $4.00 per share, totaling $521.3 million, the repurchase of 4.3 million shares of our common stock at an average cost of $125.62 per share for a total of $539.1 million, and a 10.6% increase to our regular cash distribution, to $1.04 per share.
•Targeted reinvestment in strategic growth by acquiring 11 MH properties and three RV properties for total cash consideration of $457.0 million, which was primarily sourced from 1031 exchange escrow accounts to minimize the tax impact from the Safe Harbor Sale. Refer to the "Acquisitions, Dispositions, Development, and Expansion Activities" section below for acquisitions that closed subsequent to December 31, 2025.

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•Repurchased the titles to all 32 UK properties that were previously controlled via ground leases for total cash payments of $386.8 million, inclusive of fees and recoverable VAT taxes.
Refer to Part I, Item 1. "Business - Safe Harbor Sale," and Note 2, "Assets Held for Sale and Discontinued Operations," for additional details related to the Safe Harbor Sale. Refer to Note 16, "Leases," for additional details related to the UK long-term lease terminations.
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 December 31, 2025, we had allocated restricted cash of $57.2 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 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):
Year Ended December 31,
2025 2024
Recurring Capital Expenditures $ 69.8  $ 68.0 
Non-Recurring Capital Expenditures and Related Activities
Lot modifications 40.1  37.2 
Growth projects 14.8  16.3 
Rebranding 0.5  3.1
Capital improvements to recent acquisitions 15.1  24.2 
Expansion and development 100.6  123.0 
Rental program 194.4  177.5 
Other 25.6  20.3 
Total Non-Recurring Capital Expenditure and Related Activities 391.1  401.6 
Total Capital Expenditure and Related Activities $ 460.9  $ 469.6 
Recurring Capital Expenditures
Property recurring capital expenditures are necessary to maintain asset quality, including purchasing and replacing items used to operate the communities. Recurring capital expenditures at our MH, RV, and UK properties include major road, driveway and pool improvements; clubhouse renovations; adding or replacing streetlights; playground equipment; signage; maintenance facilities; manager housing; and property vehicles. The minimum capitalized amount is one thousand dollars.
Non-Recurring Capital Expenditures and Related Activities
Lot modifications - consist of expenditures incurred to modify the foundational structures required to set a new home after a previous home has been removed. These expenditures are necessary to create a revenue stream from a new site renter and often improve the quality of the community. Other lot modification expenditures include land improvements added to annual RV sites to aid in the conversion of transient RV guests to annual contracts.
Growth projects - consist of revenue generating or expense reducing activities at the properties. These include, but are not limited to, utility efficiency and renewable energy projects, site or amenity upgrades such as the addition of a garage or shed, and other special capital projects that substantiate an incremental rental increase.
Rebranding - includes new signage at our RV communities and the costs of building an RV mobile application and updated website.
Capital improvements to recent acquisitions - often require 24 to 36 months to complete after closing and include upgrading clubhouses; landscaping; new street light systems; new mail delivery systems; pool renovations including larger decks, heaters and furniture; new maintenance facilities; lot modifications; and new signage including main signs and internal road signs.
Expansion and development expenditures - consist primarily of construction costs such as roads, activities, and amenities, and costs necessary to complete site improvements, such as driveways, sidewalks, and landscaping at our MH, RV, and UK communities. Expenditures also include costs to rebuild after damage has been incurred at our properties.

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Rental program - consists of investment in the acquisition of homes intended for the rental program and the purchase of vacation rental homes at our RV communities. Expenditures for these investments depend upon the condition of the markets for repossessions and new home sales, rental homes, and vacation rental homes.
Cash Flow Activities
Our cash flow activities from continuing operations are summarized as follows (in millions):
Year Ended December 31,
2025 2024 2023
Net Cash Provided By Operating Activities $ 808.0  $ 610.3  $ 549.9 
Net Cash Used For Investing Activities $ (602.9) $ (42.6) $ (700.5)
Net Cash Provided By / (Used For) Financing Activities $ 372.2  $ (547.3) $ 103.5 
Cash, cash equivalents and restricted cash increased by $579.0 million from $57.1 million as of December 31, 2024, to $636.1 million as of December 31, 2025.
Operating activities - Net cash provided by operating activities increased by $197.7 million to $808.0 million for the year ended December 31, 2025, compared to $610.3 million for the year ended December 31, 2024. The increase in operating cash flow was primarily due to growth in Same Property operating performance at our MH and UK properties and a reduction in interest expense of $129.3 million in the current period due to the settlement of $3.3 billion in debt obligations using proceeds generated from the Safe Harbor Sale, partially offset by reduced operating performance at our RV properties during the year ended December 31, 2025, as compared to the corresponding period in 2024.
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 in this Annual Report on Form 10-K.
Investing activities - Net cash used for investing activities increased by $560.3 million to $602.9 million for the year ended December 31, 2025, compared to $42.6 million for the year ended December 31, 2024. The increase in Net cash used for investing activities was primarily driven by an increase in cash deployed to acquire properties and a decrease in cash proceeds received from disposition activity during the year ended December 31, 2025 as compared to the corresponding period in 2024.
Financing activities - Net cash provided by financing activities was $372.2 million for the year ended December 31, 2025, compared to net cash used for financing activities of $547.3 million for the year ended December 31, 2024. The change in Net cash provided by / (used for) financing activities was primarily driven by a net capital transfer of $5.5 billion from Safe Harbor to the Company in conjunction with the Safe Harbor Sale, partially offset by an increase in cash deployed to settle debt obligations and distribute cash to shareholders through share repurchases and a special cash distribution paid in May 2025 during the year ended December 31, 2025 as compared to the corresponding period in 2024. Refer to Note 7, "Debt and Line of Credit" and Note 8, "Equity and Temporary Equity," in our accompanying Consolidated Financial Statements for additional information.
Our cash flow from discontinued activities are summarized as follows (in millions):
Year Ended December 31,
2025 2024 2023
Net cash provided by operating activities - discontinued operations $ 56.2  $ 250.7  $ 240.6 
Net cash provided by / (used for) investing activities - discontinued operations $ 5,528.7  $ (224.8) $ (219.0)
Net cash used for financing activities - discontinued operations $ (5,591.6) $ (24.3) $ (23.2)
Cash, cash equivalents and restricted cash for discontinued operations decreased by $6.8 million from $6.8 million as of December 31, 2024, to zero as of December 31, 2025.

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Operating activities - Net cash provided by operating activities for discontinued operations decreased by $194.5 million to $56.2 million for the year ended December 31, 2025, compared to $250.7 million for the year ended December 31, 2024. The decrease in net cash provided by operating activities for discontinued operations was due to the closing of the Safe Harbor Sale during the year ended December 31, 2025 as compared to the corresponding period in 2024.
Investing activities - Net cash provided by investing activities for discontinued operations was $5.5 billion for the year ended December 31, 2025, compared to net cash used for investing activities for discontinued operations of $224.8 million for the year ended December 31, 2024. The change in Net cash provided by / (used for) investing activities for discontinued operations is driven by cash proceeds received from the closing of the Safe Harbor Sale.
Financing activities - Net cash used for financing activities for discontinued operations increased by $5.6 billion to $5.6 billion for the year ended December 31, 2025, compared to $24.3 million for the year ended December 31, 2024. The increase in net cash used for financing activities for discontinued operations is due to the net capital transfer of $5.6 billion from Safe Harbor to the Company in conjunction with the Safe Harbor Sale.
Refer to the Consolidated Statements of Cash Flows for detail on the net cash used for financing activities for discontinued operations during the year ended December 31, 2025 and 2024. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," in our accompanying Consolidated Financial Statements for additional information.
The absence of future cash flows from discontinued operations is not expected to significantly impact our liquidity, as the cash proceeds from the Safe Harbor Sale have been allocated to pay down debt, which will generate annualized interest expense savings, and to reinvest in our core MH and RV segments.
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 December 31, 2025, 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 an At the Market Offering Sales Agreement (the "ATM") 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 December 31, 2025, 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.
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 December 31,
Principal Amount 2025 2024
5.5% notes, issued in January 2024 and due in January 2029 (the "2029 Notes")
 $ 500.0  $ —  $ 496.2 
5.7% notes, issued in January 2023 and due in January 2033 (the "2033 Notes")
 400.0  —  396.1 
4.2% notes, issued in April 2022 and due in April 2032
 600.0  594.1  593.2 
2.3% notes, issued in October 2021 and due in November 2028
 450.0  448.1  447.4 
2.7% notes, issued in June 2021 and October 2021, and due in July 2031
 750.0  744.3  743.4 
Total $ 2,700.0  $ 1,786.5  $ 2,676.3 
During the three months ended June 30, 2025, we redeemed the aggregate principal amount of $900.0 million on the 2029 Notes and the 2033 Notes using cash proceeds generated from the Safe Harbor Sale (the "2029 and 2033 Note Redemptions"). In accordance with the terms of each series of Notes, the redemption price was inclusive of a customary make-whole premium and accrued and unpaid interest. As a result, during the three months ended June 30, 2025, we recorded charges of $56.5 million to Loss on extinguishment of debt on the Consolidated Statements of Operations in connection with early extinguishment premiums on the 2029 and 2033 Note Redemptions. Refer to Note 13, "Derivative Financial Instruments," for cash flow hedge activity resulting from the redemptions.

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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.
New Credit Agreement
In September 2025, we entered into a credit agreement (the "New Credit Agreement"). Pursuant to the New Credit Agreement, we may borrow up to $2.0 billion under a senior credit facility consisting of a revolving loan. The New 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 December 31, 2025, 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, we are subject to various financial and other covenants. The most restrictive financial covenants for the senior credit facility are as follows:
Covenant(1)
 Requirement
As of December 31, 2025
Maximum leverage ratio <65.0% 18.6%
Minimum fixed charge coverage ratio >1.40 3.66
Maximum secured leverage ratio <40.0% 10.3%
(1) As of December 31, 2025, we did not have any borrowings outstanding under the senior credit facility.
In addition, we are required to maintain the following covenants with respect to the senior unsecured notes payable:
Covenant Requirement
As of December 31, 2025
Total debt to total assets ≤60.0% 27.0%
Secured debt to total assets ≤40.0% 15.6%
Consolidated income available for debt service to debt service ≥1.50 6.95
Unencumbered total asset value to total unsecured debt ≥150.0% 700.7%
As of December 31, 2025, 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 December 31, 2025 we had unrestricted cash on hand of $569.6 million, $2.0 billion of remaining capacity on the senior credit facility, and a total of 403 unencumbered MH, RV, and UK properties.

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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. Refer to "Risk Factors" in Part I, Item 1A of this Annual Report on Form 10-K. 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 December 31, 2025, our debt has a weighted average interest rate of 3.38% and a weighted average maturity of 7.1 years.
Capital Requirements
Our capital requirements as of December 31, 2025 include both short and long-term obligations:
Our primary long-term liquidity needs are principal payments on outstanding debt as summarized in the table below:
Payments Due By Period (in millions)
Outstanding Debt(1)
 Total Due Short-term Obligation ≤1 Year Long-term Obligation After 1 Year Refer to
Principal payments on long-term debt $ 4,278.0  $ 534.8  $ 3,743.2  Note 7. Debt and Line of Credit
Interest expense(2)
 972.9  147.2  825.7 
Operating leases 97.7  5.6  92.1  Note 16. Leases
Finance lease 41.3  0.9  40.4  Note 16. Leases
Total Outstanding Debt $ 5,389.9  $ 688.5  $ 4,701.4 
(1)Our outstanding debt in this table excludes debt premiums, discounts, deferred financing costs, and fair value adjustments, as applicable.
(2)Our obligations related to interest expense are calculated based on the current debt levels, rates, and maturities as of December 31, 2025 (including finance leases), and actual payments required in future periods may be different than the amounts included above. Perpetual securities include one year of interest expense for payment due after five years.
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 Consolidated Financial Statements for additional information about these entities.
GTSC - GTSC maintains a warehouse line of credit with a maximum borrowing capacity of $275.0 million. As of December 31, 2025 and 2024, the aggregate carrying amount of debt, including both our and our partner's share, incurred by GTSC was $213.0 million (of which our proportionate share is $85.2 million), and $242.9 million (of which our proportionate share is $97.1 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 $36.1 million converted at the December 31, 2025 exchange rate. As of December 31, 2025 and 2024, the aggregate carrying amount of the debt, including both our and our partners' share, incurred by Sungenia JV was $20.8 million (of which our proportionate share is approximately $10.4 million), and $25.0 million (of which our proportionate share is $12.5 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.

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CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Our Consolidated Financial Statements are prepared in accordance with US GAAP, which require the use of estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses in the periods presented. We believe that the accounting estimates employed are appropriate and resulting balances are reasonable; however, due to inherent uncertainties in making estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods. Refer to Note 1, "Significant Accounting Policies," in our accompanying Consolidated Financial Statements for additional information regarding our significant accounting policies.
Impairment of Long-lived Assets
We review the carrying value of long-lived assets to be held for use for impairment quarterly or whenever events or changes in circumstances indicate a possible impairment. Future events could occur which would cause us to conclude that impairment indicators exist, and significant adverse changes in national, regional, or local market conditions or trends may cause us to change the estimates and assumptions used in our impairment analysis. The results of an impairment analysis could be material to our financial statements. Our primary indicators for potential impairment include a reduction in projected future cash flows and deteriorating NOI trends period over period. Circumstances that may prompt a test of recoverability may include a significant decrease in the anticipated market price, an adverse change to the extent or manner in which an asset may be used or in its physical condition, or other events that may significantly change the value of the long-lived asset. Any adverse change in these factors could cause an impairment in our assets, including our investment in real estate.
An impairment loss is recognized when a long-lived asset's carrying value is not recoverable and exceeds estimated fair value. We estimate the fair value of our long-lived assets based on discounted future cash flows and any potential disposition proceeds for a given asset. Forecasting cash flows requires management to make estimates and assumptions about such variables as the estimated holding period, rental rates, occupancy, development and operating expenses during the holding period, as well as capitalization rates. Management uses its best judgment when developing these estimates and assumptions.
During the years ended December 31, 2025 and 2024, we recognized long-lived asset impairment charges of $386.7 million and $66.7 million, respectively. The asset impairment charges were primarily driven by a contemplated change in strategic plan and deteriorating cash flow and NOI trends pertaining to certain RV and UK properties. Refer to Note 14, "Fair Value Measurements," for additional information regarding these non-recurring fair value measurements.
Impact of New Accounting Standards
Refer to Note 18, "Recent Accounting Pronouncements," in our accompanying Consolidated Financial Statements for information regarding new accounting pronouncements.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk is the exposure to loss resulting from changes in market factors such as interest rates, foreign currency exchange rates, commodity prices, and equity prices.
Interest Rate Risk
Our principal market risk exposure is interest rate risk. We mitigate this risk by maintaining prudent amounts of leverage, minimizing capital costs, and interest expense while continuously evaluating all available debt and equity resources, and following established risk management policies and procedures, which include the periodic use of derivatives. Our primary strategy in entering into derivative contracts is to minimize the variability that interest rate changes could have on our future cash flows. From time to time, we employ derivative instruments that effectively convert a portion of our variable rate debt to fixed rate debt. We do not enter into derivative instruments for speculative purposes. As of December 31, 2025, all of our outstanding debt obligations bore interest at fixed rates, which minimizes the impact of interest rate variability on our results of operations and cash flows in the near term. Additionally, we have exposure to long-term interest rates, which could affect the cost of refinancing existing debt or incurring additional debt in the future.
Foreign Currency Exchange Rate Risk
Foreign currency exchange rate risk is the risk that fluctuations in currencies against the U.S. dollar will negatively impact our results of operations. We are exposed to foreign currency exchange rate risk as a result of remeasurement and translation of the assets and liabilities of our properties in the United Kingdom and Canada, and our joint venture in Australia, into U.S. dollars. Fluctuations in foreign currency exchange rates can therefore create volatility in our results of operations and may adversely affect our financial condition.

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At December 31, 2025 and 2024, our shareholder's equity included $1.0 billion and $672.3 million from our investments and operations in the United Kingdom, Canada, and Australia, which collectively represented 14.4% and 9.3% of total shareholder's equity, respectively. Based on our sensitivity analysis, a 10.0% strengthening of the U.S. dollar against the British pound sterling, Canadian dollar, and Australian dollar would have caused a reduction of $101.6 million and $67.2 million to our total shareholder's equity at December 31, 2025 and 2024, respectively.
Capital Market Risks
We are exposed to risks related to the equity capital markets, and our related ability to raise capital through the issuance of our common stock or other equity instruments. We are also exposed to risks related to the debt capital markets, and our related ability to finance our business through borrowings under other financing arrangements. As a REIT, we are required to distribute a significant portion of our taxable income annually, which constrains our ability to accumulate operating cash flow and therefore requires us to utilize debt or equity capital to finance our business. We seek to mitigate these risks by monitoring the debt and equity capital markets to inform our decisions on the amount, timing, and terms of capital we raise.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Financial statements and supplementary data are filed herewith under Item 15.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in reports filed under the Exchange Act is recorded, processed, summarized and reported within the specified time periods and accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Annual Report on Form 10-K.
Based upon this evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of December 31, 2025.
Management's Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining effective internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. This system is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with GAAP. Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, misstatements due to error or fraud may not be prevented or detected on a timely basis.
Our management performed an assessment of the effectiveness of our internal control over financial reporting as of December 31, 2025, utilizing the criteria discussed in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on management's assessment, we have concluded that our internal control over financial reporting was effective as of December 31, 2025.
The effectiveness of our internal control over financial reporting has been audited by Grant Thornton LLP, an independent registered public accounting firm, as stated in its report, which appears in Part II, Item 8 of this Annual Report on Form 10-K.

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Remediation of Previously Disclosed Material Weakness
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. As disclosed in Part II, Item 9A, "Controls and Procedures," of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, we identified a material weakness because we did not have an effective risk assessment and response process ("risk assessment") that defined clear financial reporting objectives, that identified and evaluated risks of misstatement due to errors over certain financial reporting processes, or that developed internal controls to mitigate those risks. As part of management's evaluation of this material weakness, it had been identified that certain other deficiencies in control activities had materialized as a result of the deficiency in the Company's risk assessment. Specifically, as of December 31, 2024, there were deficiencies in the design and implementation of the Company's internal controls due to ineffective risk assessment resulting in the following:
•Inadequate identification and timely consideration of accounting for certain transactions.
•Existence of inappropriate access and insufficient segregation of duties ("SOD") upon implementation of a new integrated enterprise resource planning and general ledger ("ERP") system during 2025.
•Reliance on information and reports from our new ERP used in internal controls over financial reporting without adequately validating their completeness and accuracy.
•Inadequate assessment of the impact our new ERP had on certain processes and related control activities, including investment property, inventory of manufactured homes, and the review and approval of manual journal entries.
These deficiencies related to both information technology general controls, manual controls, and manual controls dependent upon information technology that could impact the consistency, timeliness and accuracy of financial reporting in accordance with GAAP. These matters did not result in material misstatements to the Consolidated Financial Statements in the current period, but did allow for the reasonable possibility that material misstatements would not be prevented or detected on a timely basis.
Pursuant to our remediation plan, and with oversight from our Audit Committee, we have invested considerable time and resources to undertake a number of actions to address the material weakness relating to our risk assessment process. The actions that we have undertaken are as follows:
•Implemented more frequent communication between those charged with governance and management regarding progression on material weakness remediation. Additionally, an internal control project plan was developed and implemented under the monitoring and supervision of the Audit Committee.
•Engaged a third-party accounting and advisory firm to assist us with completing a comprehensive risk assessment and a gap analysis of certain aspects of our risk control matrix, including identification of risks of material misstatement, to assess the potential need for any new controls or controls that need to be redesigned to adequately address the corresponding financial reporting risk.
•Completed a risk-based review of user access to our ERP and when necessary modified roles or user access to eliminate SOD conflicts. We engaged a third-party accounting and advisory firm to confirm the scope and execution of this access review.
•Implemented a third-party software solution to assist management with monitoring user access to our ERP system to identify and prevent user access that violates our established SOD ruleset.
•Identified a complete population of information and reports used in internal controls over financial reporting and validated the completeness and accuracy of this information and reports generated from our new ERP.
Additionally, management has i) redesigned the review controls related to certain manual journal entries, ii) designed internal control processes to include policies and procedures to ensure that all information used in the performance of internal controls is validated for completeness and accuracy, iii) redesigned and developed new internal controls to address risks, determined to not be adequately mitigated following the completion of the risk assessment, and gap analysis, and iv) refined and developed additional SOD rules based on the results of the review of our SOD ruleset by the third-party accounting and advisory firm.
Management has completed its documentation, testing, and evaluation of the newly designed and enhanced control activities and determined that, as of December 31, 2025, these control activities have been appropriately designed and implemented, and have operated effectively for a sufficient period of time to conclude that the previously identified material weakness has been remediated.
Changes in Internal Control over Financial Reporting
Other than the material weakness remediation activities discussed above, there were no changes in internal control over financial reporting during the quarter ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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ITEM 9B. OTHER INFORMATION
During the three months ended December 31, 2025, none of our officers or directors, as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as defined in Item 408 of Regulation S-K.
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Pursuant to the general instructions of Item 401 of Regulation S-K, certain information regarding our executive officers is contained in Part I of this Form 10-K. Unless provided in an amendment to this Annual Report on Form 10-K, the other information required by this Item is incorporated herein by reference to the applicable information in the proxy statement for our 2026 annual meeting (the "Proxy Statement,") including the information set forth under the captions "Proposal No. 1 Election of Directors - Consideration of Director Nominees," "Corporate Governance - Board of Directors," "Corporate Governance - Board of Directors - Board Structure - Committees of the Board of Directors," "Information About Executive Officers - Executive Officers Biographies," and "Security Ownership Information - Security Ownership of Directors and Executive Officers."
ITEM 11. EXECUTIVE COMPENSATION
Unless provided in an amendment to this Annual Report on Form 10-K, the information required by this Item is incorporated by reference to the applicable information in the Proxy Statement, including the information set forth under the captions "Corporate Governance - Board of Directors - Board Structure - Compensation Committee Interlocks and Insider Participation," "Director Compensation," and "Compensation Discussion and Analysis." The information in the section captioned "Compensation Committee Report" in the Proxy Statement or an amendment to this Annual Report on Form 10-K is incorporated by reference herein but shall be deemed furnished, not filed, and shall not be deemed to be incorporated by reference into any filing we make under the Securities Act or the Exchange Act.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT, AND RELATED SHAREHOLDER MATTERS
Unless provided in an amendment to this Annual Report on Form 10-K, the information required by this Item is incorporated by reference to the applicable information in the Proxy Statement, including the information set forth under the captions "Security Ownership Information."
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Unless provided in an amendment to this Annual Report on Form 10-K, the information required by this Item is incorporated by reference to the Proxy Statement, including the information set forth under the captions "Corporate Governance - Board of Directors," "Corporate Governance - Board of Directors - Board Structure - Committees of the Board of Directors," "Corporate Governance - Board of Directors - Board Structure - Leadership Structure and Independence of Non-Employee Directors," and "Corporate Governance - Board of Directors - Other Board Policies and Processes - Certain Relationships and Related Party Transactions."
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Unless provided in an amendment to this Annual Report on Form 10-K, the information required by this Item is incorporated by reference to the Proxy Statement, including the information set forth under the caption for the proposal related to "Ratification of Selection of Grant Thornton LLP."
PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
The following documents are filed herewith as part of this Form 10-K:
1.    Financial Statements
A list of the financial statements required to be filed as a part of this Annual Report on Form 10‑K is shown in the "Index to the Consolidated Financial Statements and Financial Statement Schedules" filed herewith.
2.    Financial Statement Schedules
The financial statement schedules required to be filed as a part of this Annual Report on Form 10‑K is shown in the "Index to the Consolidated Financial Statements and Financial Statement Schedules" filed herewith.

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3.    Exhibits
A list of the exhibits required by Item 601 of Regulation S‑K to be filed as a part of this Annual Report on Form 10-K is filed herewith.
ITEM 16. FORM 10-K SUMMARY
None.

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EXHIBITS
Exhibit Number Description Method of Filing
3.1 Incorporated by reference to Exhibit 3.1 of Sun Communities, Inc.'s Annual Report on Form 10-K filed on February 22, 2018
3.2 Incorporated by reference to Exhibit 3.1 to Sun Communities, Inc.'s Current Report on Form 8-K filed on May 15, 2025
3.3 Incorporated by reference to Exhibit 3.1 to Sun Communities, Inc.'s Current Report on Form 8-K filed on May 19, 2023
4.1 Incorporated by reference to Exhibit 4.1 of Sun Communities, Inc.'s Annual Report on Form 10-K filed for the year ended December 31, 2019
4.2 Incorporated by reference to Exhibit 4.1 of Sun Communities Inc.'s Current Report on Form 8-K filed on June 28, 2021
4.3 Incorporated by reference to Exhibit 4.2 of Sun Communities Inc.'s Current Report on Form 8-K filed on June 28, 2021
4.4 Incorporated by reference to Exhibit 4.3 of Sun Communities Inc.'s Current Report on Form 8-K filed on June 28, 2021
4.5 Incorporated by reference to Exhibit 4.3 of Sun Communities Inc.'s Current Report on Form 8-K filed on October 5, 2021
4.6 Incorporated by reference to Exhibit 4.4 of Sun Communities Inc.'s Current Report on Form 8-K filed on October 5, 2021
4.7 Incorporated by reference to Exhibit 4.2 of Sun Communities Inc.'s Current Report on Form 8-k filed on April 12, 2022
4.8 Incorporated by reference to Exhibit 4.3 of Sun Communities Inc.'s Current Report on Form 8-K filed on April 12, 2022
10.1* Incorporated by reference to Exhibit 10.61 of Sun Communities, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2002, as amended
10.2* Incorporated by reference to Exhibit 10.9 of Sun Communities, Inc.'s Annual Report on Form 10-K filed on February 21, 2019
10.3* Incorporated by reference to Exhibit 10.1 of Sun Communities, Inc.'s Annual Report on Form 10-K filed on February 5, 2019
10.4* Incorporated by reference to Exhibit 10.1 of Sun Communities, Inc.'s Current Report on Form 8-K filed January 13, 2020
10.5* Incorporated by reference to Exhibit 10.1 of Sun Communities, Inc.'s Current Report on Form 8-K filed May 18, 2020
10.6* Incorporated by reference to Exhibit 10.1 of Sun Communities, Inc.'s Current Report on Form 8-K filed October 6, 2020
10.7* Incorporated by reference to Exhibit 10.1 of Sun Communities, Inc.'s Current Report on Form 8-K filed November 5, 2020
10.8* Incorporated by reference to Exhibit 10.1 of Sun Communities, Inc.'s Current Report on Form 8-K filed January 4, 2021
10.9* Incorporated by reference to Exhibit 10.1 of Sun Communities Inc.'s Current Report on Form 8-K filed on April 23, 2021
10.10* Incorporated by reference to Exhibit 10.1 to Sun Communities, Inc.'s Current Report on Form 8-K filed on March 27, 2023
10.11* Incorporated by reference to Exhibit 10.1 to Sun Communities, Inc.'s Current Report on Form 8-K filed on January 3, 2024
10.12# Incorporated by reference to Exhibit 10.1 of Sun Communities, Inc.'s Current Report on Form 8-K filed July 25, 2012
10.13# Filed herewith
10.14# Incorporated by reference to Exhibit 10.1 of Sun Communities Inc.'s Current Report on Form 10-Q filed on April 26, 2022
10.15# Filed herewith
10.16# Filed herewith
10.17# Filed herewith
10.18# Incorporated by reference to Exhibit 10.4 of Sun Communities Inc.'s Current Report on Form 8-K filed on April 13, 2022
10.19# Incorporated by reference to Exhibit 2.1 of Sun Communities, Inc.'s Annual Report on Form 10-K filed on February 28, 2015

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SUN COMMUNITIES, INC.
10.20# Incorporated by reference to Exhibit 10.1 of Sun Communities, Inc.'s Current Report on Form 8-K filed on March 31, 2021
10.21# Incorporated by reference to Exhibit 10.1 of Sun Communities Inc.'s Current Report on Form 8-K filed on April 1, 2022
10.22# Incorporated by reference to Exhibit 10.3 of Sun Communities Inc.'s Current Report on Form 8-K filed on April 13, 2022
10.23# Incorporated by reference to Exhibit 10.1 of Sun Communities, Inc.'s Current Report on Form 8-K filed on March 21, 2024
10.24# Incorporated by reference to Exhibit 10.1 of Sun Communities Inc.'s Current Report on Form 8-K filed on July 20, 2021
10.25# Incorporated by reference to Exhibit 10.4 of Sun Communities Inc.'s Current Report on Form 8-K filed on April 1, 2022
10.26# Incorporated by reference to Exhibit 10.2 of Sun Communities, Inc.'s Current Report on Form 8-K filed on March 21, 2024
10.27# Incorporated by reference to Exhibit 10.1 of Sun Communities Inc.'s Current Report on Form 8-K filed on October 18, 2021
10.28# Incorporated by reference to Exhibit 10.5 of Sun Communities Inc.'s Current Report on Form 8-K filed on April 1, 2022
10.29# Incorporated by reference to Exhibit 10.25 of Sun Communities Inc.'s Current Report on Form 10-K filed on February 28, 2024
10.30# Incorporated by reference to Exhibit 10.3 of Sun Communities Inc.'s Current Report on Form 8-K filed on March 21, 2024
10.31# Incorporated by reference to Exhibit 10.3 of Sun Communities Inc.'s Current Report on Form 8-K filed on November 7, 2024
10.32# Incorporated by reference to Exhibit 10.1 to Sun Communities, Inc.'s Current Report on Form 8-K filed on July 23, 2025
10.34 Incorporated by reference to Exhibit 10.1 to Sun Communities, Inc.'s Current Report on Form 8-K filed on February 10, 2026
10.35 Incorporated by reference to Exhibit 10.3 to Sun Communities, Inc.'s Current Report on Form 8-K filed on December 16, 2025
10.36# Incorporated by reference to Exhibit 10.25 of Sun Communities Inc.'s Current Report on Form 10-K filed on February 28, 2024
10.37# Incorporated by reference to Exhibit 10.1 of Sun Communities Inc.'s Current Report on Form 8-K filed on February 19, 2025
10.38# Incorporated by reference to Exhibit 10.25 of Sun Communities Inc.'s Current Report on Form 10-K filed on February 28, 2024
10.39*
Credit Agreement dated September 17, 2025, among Sun Communities Operating Limited Partnership, as borrower; Sun Communities, Inc., as parent guarantor; J.P.Morgan, as Administrative Agent; Bank of America, N.A., BMO Bank, N.A., Citibank, N.A., Fifth Third Bank, National Association and Wells Fargo Bank, National Association, as Syndication Agents; PNC Bank, National Association, Regions Bank, Royal Bank of Canada, Truist Bank and US Bank National Association, as Co-Documentation Agents; JPMorgan Chase Bank, N.A., BOFA Securities, Inc., BMO Capital Markets Corp., Citibank, N.A., Fifth Third Bank, National Association and Wells Fargo Securities LLC, as Joint Bookrunners and Joint Lead Arrangers and PNC Capital Markets LLC, Regions Capital Markets, RBC Capital Markets, Truist Securities, Inc., and U.S. Bank National Association, as Joint Lead Arrangers and certain other lenders
 Incorporated by reference to Exhibit 10.1 to Sun Communities, Inc.'s Current Report on Form 8-K filed on September 22, 2025
14.1 Incorporated by reference to Exhibit 14.1 of Sun Communities Inc.'s Current Report on Form 8-K filed on February 19, 2025
19.1 Incorporated by reference to Exhibit 99.1 of Sun Communities Inc.'s Current Report on Form 8-K filed on February 19, 2025
21.1 Filed herewith
22.1 Filed herewith
23.1 Filed herewith
31.1 Filed herewith
31.2 Filed herewith
32.1 Filed herewith
101.INS XBRL Instance Document The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH XBRL Taxonomy Extension Schema Document Filed herewith

50
SUN COMMUNITIES, INC.
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document Filed herewith
101.DEF XBRL Taxonomy Extension Definition Linkbase Document Filed herewith
101.LAB XBRL Taxonomy Extension Label Linkbase Document Filed herewith
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document Filed herewith
* Certain schedules and exhibits have been omitted pursuance to Item 601(a)(5) of Regulation S-K because such schedules and exhibits do not contain information which is material to an investment decision or which is not otherwise disclosed in the filed agreements. The Company will furnish the omitted schedules and exhibits to the SEC upon request by the SEC.
# Management contract or compensatory plan or arrangement


51
SUN COMMUNITIES, INC.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SUN COMMUNITIES, INC.
(Registrant)
Dated: February 25, 2026 By /s/ Charles D. Young
Charles D. Young, Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Name Capacity Date
/s/ Charles D. Young Chief Executive Officer and Director (Principal Executive Officer) February 25, 2026
Charles D. Young
/s/ Fernando Castro-Caratini Executive Vice President, Chief Financial Officer, Treasurer and Secretary (Principal Financial Officer) February 25, 2026
Fernando Castro-Caratini
/s/ Brian Loftus Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) February 25, 2026
Brian Loftus
/s/ Gary A. Shiffman Chairman of the Board February 25, 2026
Gary A. Shiffman
/s/ Tonya Allen Director February 25, 2026
Tonya Allen
/s/ Meghan G. Baivier Director February 25, 2026
Meghan G. Baivier
/s/ Mark Denien Director February 25, 2026
Mark Denien
/s/ Jeff T. Blau Director February 25, 2026
Jeff T. Blau
/s/ Jerome W. Ehlinger Director February 25, 2026
Jerome W. Ehlinger
/s/ Brian M. Hermelin Director February 25, 2026
Brian M. Hermelin
/s/ Craig A. Leupold Director February 25, 2026
Craig A. Leupold
/s/ Clunet R. Lewis Director February 25, 2026
Clunet R. Lewis


52
SUN COMMUNITIES, INC.
INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS AND
FINANCIAL STATEMENT SCHEDULES


Page
Reports of Independent Registered Public Accounting Firm (PCAOB ID Number 248)
F-2
Financial Statements:
Consolidated Balance Sheets as of December 31, 2025 and 2024
F-5
Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024, and 2023
F-6
Consolidated Statements of Comprehensive Income / (Loss) for the Years Ended December 31, 2025, 2024, and 2023
F-7
Consolidated Statements of Shareholders' Equity for the Years Ended December 31, 2025, 2024, and 2023
F-8
Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024, and 2023
F-9
Notes to Consolidated Financial Statements
F-11
Real Estate and Accumulated Depreciation, Schedule III
F-46


F - 1
SUN COMMUNITIES, INC.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors and Shareholders
Sun Communities, Inc.
Opinion on the financial statements
We have audited the accompanying consolidated balance sheets of Sun Communities, Inc. (a Maryland corporation) and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, shareholders' equity, and cash flows for each of the three years in the period ending December 31, 2025, and the related notes and schedule included under Item 15(a) (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"), and our report dated February 25, 2026 expressed an unqualified opinion.
Basis for opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical audit matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Impairment of Investment Properties
As described further in note 1 to the financial statements, the Company reviews the carrying value of its long-lived investment properties for impairment on a quarterly basis or whenever events or changes in circumstances indicate a possible impairment. Events or circumstances that may prompt a test of recoverability may include a significant decrease in the anticipated market price, an adverse change to the extent or manner in which an asset may be used or in its physical condition or other events that may significantly change the value of the long-lived investment property.
When impairment indicators are identified, the Company may undertake additional analyses comparing expected undiscounted future cash flows for identified investment properties to those properties' carrying values. When the results of the undiscounted cash flows analyses or other change in circumstances indicate the carrying value of the investment property is not recoverable, an impairment loss is calculated by comparing the carrying amount of the investment property to estimated fair value, using discounted cash flow models or third-party appraisals. For the year ended December 31, 2025, the Company recognized impairment charges of $386.7 million on its long-lived investment properties.
We identified the recognition of potential impairment indicators, evaluation of recoverability of long-lived investment properties when a potential impairment indicator is identified, and the measurement of an impairment charge when a property's carrying value exceeds its estimated fair value as a critical audit matter.

F - 2
SUN COMMUNITIES, INC.
The principal consideration for our determination that the recognition of potential impairment indicators, evaluation of recoverability of long-lived investment properties, and the measurement of an impairment charge when a property's carrying value exceeds its estimated fair value is a critical audit matter is that auditing management's evaluation of impairment is challenging due to the high degree of subjective auditor judgment necessary in evaluating management's evaluation of potential impairment indicators and determination of undiscounted cash flows for properties where impairment indicators have been identified. Forecasting of cash flows requires management to make estimates and assumptions about variables such as growth rates, forecasted net operating income, estimated holding period, development and operating expenses during the holding period, and capitalization rates, among other assumptions. These assumptions can be affected by expectations about future market or economic conditions, demand and competition. Further, auditing the measurement of the impairment charges recognized is complex and involves a high degree of subjectivity in evaluating management's estimates of certain assets' fair values less costs to sell, which were based on discounted cash flow analyses or valuation reports provided by third-party appraisers.
Our audit procedures related to the identification of potential impairment indicators, evaluating management's determination of recoverability when a potential impairment indicator has been identified, and measurement of an impairment charge when a property's carrying value exceeds its estimate fair value included the following, among others:
•We obtained an understanding, evaluated the design, and tested the operating effectiveness of the controls over the Company's impairment assessment process for long-lived investment properties. We tested controls over management's process of identifying potential impairment indicators, evaluating recoverability, including management's review of the operations and financial performance of long-lived investment properties and preparation of undiscounted cash flow analysis, as well as controls related to management's development of the fair value estimates used to calculate impairment charges.
•We evaluated the Company's quarterly analysis of potential impairment indicators.
•When an undiscounted cash flow analysis was necessary, we evaluated the significant assumptions and methods used in that analysis. As part of our evaluation, we compared significant assumptions used to estimate future cash flows to the Company's historical accounting records or to available market data. We also tested the mathematical accuracy of management's forecast of cash flows. We performed sensitivity analyses of certain significant assumptions to evaluate the changes in the undiscounted cash flows of certain properties that would result from changes in the assumptions used by management.
•We utilized an internal valuation specialist to assess certain significant assumptions used by the Company in their assessment of recoverability as well as estimation of fair value by the Company or third-party appraisers, including assessing whether those assumptions were consistent with available market data when applicable.
/s/ GRANT THORNTON LLP
We have served as the Company's auditor since 2003.
Southfield, Michigan
February 25, 2026


F - 3
SUN COMMUNITIES, INC.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors and Shareholders
Sun Communities, Inc.
Opinion on internal control over financial reporting
We have audited the internal control over financial reporting of Sun Communities, Inc., (a Maryland corporation) and subsidiaries (the "Company") as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by COSO.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the consolidated financial statements of the Company as of and for the year ended December 31, 2025, and our report dated February 25, 2026 expressed an unqualified opinion on those financial statements.
Basis for opinion
The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and limitations of internal control over financial reporting
A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ GRANT THORNTON LLP
Southfield, Michigan
February 25, 2026

F - 4



SUN COMMUNITIES, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except for per share amounts)
As of December 31,
2025
2024
Assets    
Land $ 3,503.2  $ 3,461.5 
Land improvements and buildings 9,286.8  9,058.7 
Rental homes and improvements 940.2  834.1 
Furniture, fixtures and equipment 769.8  739.2 
Investment property 14,500.0  14,093.5 
Accumulated depreciation (3,598.3) (3,228.4)
Investment property, net
 10,901.7  10,865.1 
Cash, cash equivalents and restricted cash
636.1  57.1 
Inventory of manufactured homes 142.9  129.8 
Notes and other receivables, net (includes $183.7 and $242.4 at fair value)
 332.1  430.1 
Collateralized receivables, net
 43.2  51.2 
Goodwill 9.5  9.5 
Other intangible assets, net
 101.5  102.5 
Other assets, net
 355.9  442.4 
Assets held for sale and discontinued operations, net (see Note 2)
 —  4,461.7 
Total Assets $ 12,522.9  $ 16,549.4 
Liabilities
Mortgage loans payable (see Note 7)
 $ 2,429.0  $ 3,212.2 
Secured borrowings on collateralized receivables
 43.2  51.2 
Unsecured debt (see Note 7)
 1,786.5  4,089.4 
Distributions payable
 131.1  122.6 
Advanced reservation deposits and rent
 255.9  249.4 
Accrued expenses and accounts payable
 228.1  265.8 
Other liabilities
 320.6  819.3 
Liabilities held for sale and discontinued operations, net (see Note 2)
 —  286.9 
Total Liabilities 5,194.4  9,096.8 
Commitments and contingencies (see Note 15)
Temporary equity (see Note 8)
 255.7  259.8 
Shareholders' Equity    
Common stock, $0.01 par value. Authorized: 360.0 shares; Issued and outstanding: 123.5 at December 31, 2025 and 127.4 at December 31, 2024
 1.2  1.3 
Additional paid-in capital 9,563.1  9,864.2 
Accumulated other comprehensive income / (loss) 26.5  (7.9)
Distributions in excess of accumulated earnings (2,634.7) (2,775.9)
Total SUI Shareholders' Equity 6,956.1  7,081.7 
Noncontrolling interests    
Common and preferred OP units 116.3  110.4 
Consolidated entities
 0.4  0.7 
Total noncontrolling interests 116.7  111.1 
Total Shareholders' Equity 7,072.8  7,192.8 
Total Liabilities, Temporary Equity and Shareholders' Equity $ 12,522.9  $ 16,549.4 
See accompanying Notes to Consolidated Financial Statements.

F - 5



SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except for per share amounts)
 
Year Ended December 31,
 
2025
2024
2023
Revenues  
Real property
 $ 1,765.8  $ 1,703.1  $ 1,628.2 
Home sales
 333.8  369.9  419.9 
Ancillary
 134.0  132.5  137.6 
Interest
 48.5  20.1  44.8 
Brokerage commissions and other, net
 24.0  34.9  53.6 
Total Revenues
 2,306.1  2,260.5  2,284.1 
Expenses
  
Property operating and maintenance
 595.9  584.0  555.9 
Real estate tax
 111.1  103.8  95.7 
Home costs and selling
 263.8  273.1  305.6 
Ancillary
 106.0  108.9  108.3 
General and administrative
 236.7  230.5  213.5 
Catastrophic event-related charges, net (see Note 15)
 1.2  23.6  (3.4)
Business combinations
 —  —  3.0 
Depreciation and amortization
 507.9  490.5  494.1 
Asset impairments (see Note 14)
 386.7  66.7  5.6 
Goodwill impairment (see Note 5)
 —  180.8  369.9 
Loss on extinguishment of debt (see Note 7)
 104.0  1.4  — 
Interest
 221.0  350.3  325.7 
Interest on mandatorily redeemable preferred OP units / equity
 —  —  3.3 
Total Expenses
 2,534.3  2,413.6  2,477.2 
Loss Before Other Items
 (228.2) (153.1) (193.1)
Loss on remeasurement of marketable securities
 —  —  (16.0)
Gain / (loss) on foreign currency exchanges
 26.7  (25.8) (0.3)
Gain on dispositions of properties, net (see Note 3)
 5.1  202.9  11.0 
Other income / (expense), net
 133.9  (6.8) (7.3)
Loss on remeasurement of notes receivable (see Note 4 and Note 14)
 (1.6) (36.4) (106.7)
Income from nonconsolidated affiliates (see Note 6)
 16.4  9.5  16.0 
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates (see Note 6)
 (0.9) 6.6  (4.2)
Current tax expense (see Note 11)
 (10.8) (3.6) (13.7)
Deferred tax benefit (see Note 11)
 60.0  39.6  22.9 
Net Income / (Loss) from Continuing Operations
 0.6  32.9  (291.4)
Income from discontinued operations, net
 1,429.6  74.2  82.3 
Net Income / (Loss)
 1,430.2  107.1  (209.1)
Less: Preferred return to preferred OP units / equity interests
 12.6  12.8  12.3 
Less: Income / (loss) attributable to noncontrolling interests
 56.4  5.3  (8.1)
Net Income / (Loss) Attributable to SUI Common Shareholders
 $ 1,361.2  $ 89.0  $ (213.3)
Weighted average common shares outstanding - basic
 124.9  124.5  123.4 
Weighted average common shares outstanding - diluted
 124.9  127.2  123.8 
Basic earnings / (loss) per share from continuing operations (see Note 12)
 $ (0.61) $ 0.12  $ (2.38)
Basic earnings per share from discontinued operations (see Note 12)
 11.45  0.59  0.67 
Basic earnings / (loss) per share (see Note 12)
 $ 10.84  $ 0.71  $ (1.71)
Diluted earnings / (loss) per share from continuing operations (see Note 12)
 $ (0.61) $ 0.12  $ (2.39)
Diluted earnings per share from discontinued operations (see Note 12)
 11.45  0.59  0.67 
Diluted earnings / (loss) per share (see Note 12)
 $ 10.84  $ 0.71  $ (1.72)
See accompanying Notes to Consolidated Financial Statements.

F - 6



SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)
(In millions)
 
Year Ended December 31,
 
2025
2024
2023
Net Income / (Loss)
 $ 1,430.2  $ 107.1  $ (209.1)
Foreign Currency Translation
Foreign currency translation gain / (loss) arising during period
 52.9  (16.7) 29.8 
Adjustment for accumulated foreign currency translation loss reclassified into earnings
 —  2.3  11.9 
Net foreign currency translation gain / (loss)
 52.9  (14.4) 41.7 
Cash Flow Hedges:
Change in unrealized gain / (loss) on interest rate derivatives
 (2.8) 13.2  (4.9)
Less: Interest rate derivative gain reclassified to earnings
 (16.4) (19.0) (14.9)
Net unrealized loss on interest rate derivatives
 (19.2) (5.8) (19.8)
Total Comprehensive Income / (Loss)
 1,463.9  86.9  (187.2)
Less: Comprehensive (income) / loss attributable to noncontrolling interests
 (55.7) (5.2) 8.3 
Comprehensive Income / (Loss) Attributable to SUI
 $ 1,408.2  $ 81.7  $ (178.9)
See accompanying Notes to Consolidated Financial Statements.

F - 7

SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In millions)
Shareholders' Equity
Temporary Equity Common Stock (Shares) Common Stock ($Value) Additional Paid-in Capital Distributions in Excess of Accumulated Earnings Accumulated Other Comprehensive Income / (Loss) Noncontrolling Interests Total Shareholders' Equity Total Equity
Balance at December 31, 2022 $ 202.9  124.0  $ 1.2  $ 9,549.7  $ (1,731.2) $ (9.9) $ 78.7  $ 7,888.5  $ 8,091.4 
Issuance of common stock, common OP units, and other securities, net —  0.4  —  (0.6) —  —  28.9  28.3  28.3 
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards —  (0.1) —  (12.8) —  —  —  (12.8) (12.8)
Conversions (3.2) 0.1  —  13.3  —  —  (0.5) 12.8  9.6 
Issuance of third-party equity interests in consolidated entities 1.9  —  —  —  —  —  —  —  1.9 
Other redeemable noncontrolling interests 0.2  —  —  —  (0.2) —  —  (0.2) — 
Acquisition of third-party equity interest in consolidated entities (28.2) —  —  (125.3) —  —  —  (125.3) (153.5)
Sale of consolidated affiliates (5.0) —  —  —  —  —  —  —  (5.0)
Share-based compensation - amortization and forfeitures —  —  —  42.6  0.3  —  —  42.9  42.9 
Issuance of Series K preferred OP units 100.6  —  —  —  —  —  —  —  100.6 
Issuance of Series L preferred OP units —  —  —  —  —  —  2.0  2.0  2.0 
Other comprehensive income / (loss) —  —  —  —  —  22.1  (0.2) 21.9  21.9 
Net loss (2.2) —  —  —  (201.0) —  (5.9) (206.9) (209.1)
Distributions (8.6) —  —  —  (462.9) —  (12.8) (475.7) (484.3)
OP Units accretion 2.5  —  —  —  (2.5) —  —  (2.5) — 
Balance at December 31, 2023 $ 260.9  124.4  $ 1.2  $ 9,466.9  $ (2,397.5) $ 12.2  $ 90.2  $ 7,173.0  $ 7,433.9 
Issuance of common stock, common OP units, and other securities, net —  3.1  0.1  361.0  —  —  35.9  397.0  397.0 
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards —  (0.2) —  (9.8) —  —  —  (9.8) (9.8)
Conversions (1.5) 0.1  —  4.6  —  —  (3.1) 1.5  — 
Sale of consolidated affiliates (0.2) —  —  —  —  —  —  —  (0.2)
Share-based compensation - amortization and forfeitures —  —  —  41.5  0.4  —  —  41.9  41.9 
Other comprehensive loss —  —  —  —  —  (20.1) (0.1) (20.2) (20.2)
Net income 3.5  —  —  —  101.8  —  1.8  103.6  107.1 
Distributions (9.7) —  —  —  (473.8) —  (13.6) (487.4) (497.1)
OP Units accretion 6.8  —  —  —  (6.8) —  —  (6.8) — 
Balance at December 31, 2024 $ 259.8  127.4  $ 1.3  $ 9,864.2  $ (2,775.9) $ (7.9) $ 111.1  $ 7,192.8  $ 7,452.6 
Issuance of common stock, common OP units, and other securities, net 3.4  0.4  —  1.1  —  —  —  1.1  4.5 
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards
 —  (0.4) —  (12.1) —  —  —  (12.1) (12.1)
Common stock repurchased —  (4.2) (0.1) (332.4) (206.6) —  —  (539.1) (539.1)
Conversions —  0.3  —  8.0  —  —  (8.0) —  — 
Share-based compensation - amortization and forfeitures —  —  —  36.7  0.7  —  —  37.4  37.4 
Redemptions (23.5) —  —  (2.4) —  —  —  (2.4) (25.9)
Other comprehensive income / (loss) —  —  —  —  —  34.4  (0.7) 33.7  33.7 
Net income 16.3  —  —  —  1,373.9  —  40.0  1,413.9  1,430.2 
Distributions (9.3) —  —  —  (1,017.8) —  (25.7) (1,043.5) (1,052.8)
OP Units accretion 9.0  —  —  —  (9.0) —  —  (9.0) — 
Balance at December 31, 2025 $ 255.7  123.5  $ 1.2  $ 9,563.1  $ (2,634.7) $ 26.5  $ 116.7  $ 7,072.8  $ 7,328.5 
See accompanying Notes to Consolidated Financial Statements.

F - 8

SUN COMMUNITIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Year Ended December 31,
2025 2024 2023
Operating Activities
Income / (loss) from continuing operations $ 0.6  $ 32.9  $ (291.4)
Income from discontinued operations, net 1,429.6  74.2  82.3 
Net income / (loss) 1,430.2  107.1  (209.1)
Adjustments to reconcile net income / (loss) to net cash provided by operating activities:
Gain on disposition of assets (14.9) (27.1) (9.1)
Gain on disposition of properties (5.1) (202.9) (11.0)
(Gain) / loss on foreign currency exchanges (26.7) 25.8  0.3 
Asset impairment charges 386.7  66.7  5.6 
Catastrophic event-related impairment 1.2  23.6  (3.4)
Goodwill impairment charges (See Note 5)
 —  180.8  369.9 
Share-based compensation 37.4  33.1  35.1 
Depreciation and amortization 507.9  490.5  494.1 
Deferred tax benefit (see Note 11)
 (60.0) (39.6) (22.9)
Loss on extinguishment of debt (see Note 7)
 104.0  1.4  — 
Loss on remeasurement of notes receivable (see Note 4)
 1.6  36.4  106.7 
Gain on insurance proceeds related to property damage (30.8) —  — 
Gain on early lease termination (51.8) —  (0.2)
Other, net (29.9) (26.1) 12.4 
Change in notes receivable from financed sales of inventory homes, net of repayments (33.9) (47.7) (7.9)
Change in inventory, other assets and other receivables, net 146.3  26.9  (117.6)
Change in other liabilities (124.6) 35.6  (10.7)
Net cash provided by operating activities - continuing operations 808.0  610.3  549.9 
Net cash provided by operating activities - discontinued operations 56.2  250.7  240.6 
Net Cash Provided By Operating Activities 864.2  861.0  790.5 
Investing Activities
Investment in properties (460.9) (469.6) (786.4)
Acquisitions, net of cash acquired (461.7) (22.1) (47.2)
Proceeds from insurance 43.7  2.4  9.8 
Proceeds from disposition of assets and depreciated homes, net 16.9  21.1  59.7 
Proceeds related to disposition of properties 161.9  421.8  9.9 
Repayments of notes and other receivables 86.6  7.8  9.0 
Proceeds from sale of marketable securities —  —  103.6 
Investments in nonconsolidated affiliates (0.9) (22.4) (39.5)
Other investing activities 11.5  18.4  (19.4)
Net cash used for investing activities - continuing operations (602.9) (42.6) (700.5)
Net cash provided by / (used for) investing activities - discontinued operations 5,528.7  (224.8) (219.0)
Net Cash Provided By / (Used For) Investing Activities 4,925.8  (267.4) (919.5)
Financing Activities
Issuance and costs of common stock, OP units and preferred OP units, net 1.1  361.1  (0.6)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock (12.1) (7.8) (11.3)
Repurchases of common stock (539.1) —  — 
Borrowings on lines of credit 624.5  2,630.7  1,635.0 
Payments on lines of credit (2,106.5) (3,286.3) (1,775.6)
Proceeds from secured borrowing —  —  53.4 
Proceeds from issuance of other debt —  499.8  835.7 
Payments on other debt (2,093.3) (269.2) (174.2)
Distributions (1,044.3) (491.4) (475.2)
Net capital transfer from consolidated affiliates 5,557.2  21.0  20.4 
Other Financing Activities (15.3) (5.2) (4.1)
Net cash provided by / (used for) financing activities - continuing operations 372.2  (547.3) 103.5 
Net cash used for financing activities - discontinued operations (5,591.6) (24.3) (23.2)
Net Cash Provided By / (Used For) Financing Activities (5,219.4) (571.6) 80.3 
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1.6  (0.8) 1.0 
Net change in cash, cash equivalents and restricted cash 572.2  21.2  (47.7)
Cash, cash equivalents and restricted cash, beginning of period 63.9  42.7  90.4 
Cash, cash equivalents and restricted cash, end of period 636.1  63.9  42.7 
Less: Cash, cash equivalents and restricted cash - discontinued operations —  (6.8) (6.4)
Cash, Cash Equivalents and Restricted Cash - Continuing Operations $ 636.1  $ 57.1  $ 36.3 

F - 9

Year Ended December 31,
2025 2024 2023
Supplemental Information
Cash paid for interest (net of capitalized interest of $3.5, $8.6, and $12.9, respectively)
 $ 245.9  $ 342.2  $ 326.7 
Noncash Investing and Financing Activities
Change in distributions declared and outstanding $ 8.5  $ 4.4  $ 7.9 
Reduction in note receivable balance in exchange for redemption of preferred OP units $ 23.8  $ —  $ — 
Release of note receivable and accrued interest in relation to acquisition of real estate collateral $ —  $ —  $ 263.8 
Issuance of notes and other receivables in relation to disposition of properties $ —  $ 42.4  $ 111.2 
Properties transferred in exchange for noncontrolling interests $ —  $ —  $ 159.2 
Equity interest and note receivable transferred in exchange for noncontrolling interests $ —  $ —  $ 27.5 
Settlement of preferred equity interests in connection with exchange for noncontrolling interests $ —  $ —  $ 39.1 
Noncash Investing and Financing Activities at the Date of Acquisition
Acquisitions - Common stock and OP units issued $ —  $ 35.9  $ 4.4 
Acquisitions - Series K preferred interest $ —  $ —  $ 100.6 
See accompanying Notes to Consolidated Financial Statements.

F - 10
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Significant Accounting Policies
Business
Sun Communities, Inc., a Maryland corporation, and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership, a Michigan limited partnership (the "Operating Partnership"), Sun Home Services, Inc., a Michigan corporation ("SHS"), and our Park Holidays subsidiaries and the other entities through which we operate our business in the UK are referred to herein as the "Company," "SUI," "us," "we," or "our."
We are a fully integrated, self-administered, and self-managed REIT. As of December 31, 2025, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 513 MH and RV properties located in the U.S., Canada, and the UK, including 294 MH communities, 166 RV communities, and 53 UK communities.
Principles of Consolidation
We consolidate our majority-owned and controlled subsidiaries and all variable interest entities with respect to which we are the primary beneficiary. We also consolidate entities in which we have a direct or indirect controlling or voting interest. All significant intercompany transactions have been eliminated in consolidation. Any subsidiaries in which we have an ownership percentage equal to or greater than 50%, but less than 100%, or are considered to be a consolidated variable interest entity ("VIE"), represent subsidiaries with a non-controlling interest. The noncontrolling interests in our subsidiaries are allocated their proportionate share of the subsidiaries' financial results. Certain reclassifications have been made to prior period financial statements and related notes in order to conform to current period presentation.
We consolidate the Operating Partnership under the guidance set forth in ASC 810, "Consolidation." We evaluated whether the Operating Partnership met the criteria for classification as a VIE or, alternatively, as a voting interest entity, and concluded that the Operating Partnership met the criteria of a VIE. Our significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership. We are the sole general partner and controlling owner of the Operating Partnership, with an ownership percentage of 95.7% as of December 31, 2025. Additionally, we have the power to direct the Operating Partnership's activities and the obligation to absorb its losses or the right to receive its benefits. Accordingly, we are the primary beneficiary, and we have continued to consolidate the Operating Partnership. Total assets, liabilities, and equity related to consolidated VIEs, with the exception of the Operating Partnership, were immaterial at December 31, 2025 and 2024, respectively.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions related to the reported amounts included in our Consolidated Financial Statements and accompanying footnotes thereto. Actual results could differ from those estimates.
Safe Harbor Sale and Discontinued Operations Presentation
In February 2025, we entered into the Safe Harbor Sale. During the year ended December 31, 2025, we completed the closing of the Safe Harbor Sale for total net cash proceeds of $5.5 billion and recorded a gain on sale of $1.5 billion. As a result, the results of the marina business and assets and liabilities included in the disposition are presented as held for sale and as discontinued operations through the final transaction closing date. Unless otherwise noted, the information disclosed in Note 3 through Note 19 refers only to our continuing operations and do not include discussion of balances or activity related to Safe Harbor, which is included within discontinued operations. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," for additional information related to Safe Harbor and the Safe Harbor Sale.
Investment Property
Investment property is recorded at cost, less accumulated depreciation.
Impairment of long-lived assets - we review the carrying value of long-lived assets to be held for use for impairment quarterly or whenever events or changes in circumstances indicate a possible impairment. Future events could occur which would cause us to conclude that impairment indicators exist, and significant adverse changes in national, regional, or local market conditions or trends may cause us to change the estimates and assumptions used in our impairment analysis. The results of an impairment analysis could be material to our financial statements. Our primary indicators for potential impairment include a reduction in projected future cash flows and deteriorating NOI trends period over period. Circumstances that may prompt a test of recoverability may include a significant decrease in the anticipated market price, an adverse change to the extent or manner in which an asset may be used or in its physical condition, or other events that may significantly change the value of the long-lived asset. Any adverse change in these factors could cause an impairment in our assets, including our investment in real estate.

F - 11
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
An impairment loss is recognized when a long-lived asset's carrying value is not recoverable and exceeds estimated fair value. We estimate the fair value of our long-lived assets based on discounted future cash flows and any potential disposition proceeds for a given asset. Forecasting cash flows requires management to make estimates and assumptions about such variables as the estimated holding period, rental rates, occupancy, development and operating expenses during the holding period, as well as capitalization rates. Management uses its best judgment when developing these estimates and assumptions.
During the years ended December 31, 2025 and 2024, we recognized long-lived asset impairment charges of $386.7 million and $66.7 million, respectively. Refer to Note 14, "Fair Value Measurements," for additional information.
Real estate held for sale - we periodically classify real estate as held for sale. An asset is classified as held for sale after an active program to sell an asset has commenced and when the sale is probable. Subsequent to the classification of assets as held for sale, no further depreciation expense is recorded.
Acquisitions - we evaluate acquisitions pursuant to ASC 805, "Business Combinations," to determine whether the acquisition should be classified as either an asset acquisition or a business combination.
Acquisitions for which substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or a group of similar identifiable assets are accounted for as an asset acquisition. The majority of our property acquisitions are accounted for as asset acquisitions. For asset acquisitions, we allocate the purchase price of these properties on a relative fair value basis and capitalize direct acquisition related costs as part of the purchase price. Acquisition costs that do not meet the criteria to be capitalized are expensed as incurred and presented as General and administrative costs in our Consolidated Statements of Operations.
Acquisitions that meet the definition of a business combination are recorded at fair value using a fair value model under which the assets and liabilities are generally recognized at their fair values and the difference between the consideration transferred, excluding transaction costs, and the fair values of the assets and liabilities is recognized as goodwill. For acquisitions that meet the definition of a business combination, we allocate the purchase price of those properties on a fair value basis and expense the acquisition related transaction costs as incurred. Transaction costs are presented as Business combinations expense in our Consolidated Statements of Operations.
For asset acquisitions and business combinations, we allocate the purchase price to net tangible and identified intangible assets acquired based on their fair values. In making estimates of fair values for purposes of allocating the purchase price, we utilize an independent third party to value the net tangible and identified intangible assets in connection with the acquisition of the respective property. We provide historical and pro forma financial information obtained about each property, as well as any other information needed in order for the third party to ascertain the fair value of the tangible and intangible assets acquired.
Capitalized Costs
We capitalize certain costs incurred in connection with the development, redevelopment, capital enhancement and leasing of our properties. Management is required to use professional judgment in determining whether such costs meet the criteria for capitalization or immediate expense. The amounts are dependent on costs, volume, and timing of such activities:
•Maintenance, repairs, and minor improvements to properties are expensed when incurred.
•Renovations and improvements to our properties are capitalized and depreciated over their estimated useful lives, and real estate project costs related to the development of new community or expansion sites are capitalized until the property is substantially complete and available for occupancy.
•Costs incurred to initially renovate pre-owned and repossessed homes that we acquire for our Rental Program are capitalized, and the majority of costs incurred to refurbish the homes at turnover and repair the homes while occupied, are expensed unless they extend the life of the home.
•Improvements made to buildings, systems, equipment, and site improvements are capitalized until the project is substantially complete and available for use.
•Certain expenditures to dealers and residents related to obtaining lessees in our communities are capitalized and amortized based on the anticipated term of occupancy of a resident.
•Costs incurred to develop internal-use software, including certain implementation costs in hosting arrangements accounted for as service contracts, are capitalized and amortized on a straight-line basis over the estimated useful life of the related software (typically four years).
•Costs associated with purchases of furniture, fixtures and equipment, major replacements, and improvements are capitalized and subsequently depreciated over their respective underlying assets estimated useful lives.

F - 12
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Deferred Financing Costs
Costs incurred to obtain new debt financing are amortized over the term of the underlying loan agreement using the effective interest method for senior unsecured notes and the straight-line method (which approximates the effective interest method) for other financing. Unamortized deferred financing costs are written off when debt is retired before the maturity date. Upon amendment of the line of credit or refinancing of mortgage debt, unamortized deferred financing costs and any related discounts or premiums are accounted for in accordance with ASC 470-50-40, "Modifications and Extinguishments."
Cash and Cash Equivalents
We consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash and cash equivalents. At December 31, 2025 and 2024, $569.6 million and $47.9 million of cash and cash equivalents, respectively, was included as a component of Cash, cash equivalents and restricted cash on the Consolidated Balance Sheets. The maximum amount of credit risk arising from cash deposits in excess of federally insured amounts was approximately $523.7 million and $46.4 million as of December 31, 2025 and 2024, respectively. The maximum amount of credit risk arising from cash deposits in the UK in excess of insured amounts through the Financial Services Compensation Scheme ("FSCS") was approximately £14.3 million ($19.3 million) and £0.8 million ($1.0 million) as of December 31, 2025 and 2024, respectively.
Restricted Cash
Restricted cash includes amounts generated from the Safe Harbor Sale and other dispositions and held in escrow accounts that have been designated to fund potential future MH and RV acquisitions in accordance with Section 1031 of the Code ("1031 exchange transactions"). Restricted cash also includes utility deposits and amounts held in deposit for tax, insurance, and repair escrows held by lenders in accordance with certain debt agreements. At December 31, 2025 and 2024, $66.5 million and $9.2 million of restricted cash, respectively, was included as a component of Cash, cash equivalents and restricted cash on the Consolidated Balance Sheets, including $57.2 million and $0.0 million, respectively, held in escrow accounts for 1031 exchange transactions. Changes in the restricted cash are reported in our Consolidated Statements of Cash Flows as operating, investing, or financing activities based on the nature of the underlying activity. Restricted cash and restricted cash equivalents are included with cash and cash equivalents in the reconciliation of the beginning of period and the end of period cash balance on the Consolidated Statements of Cash Flows.
Inventory
Inventory of manufactured homes is stated at lower of specific cost or net realizable value based on the specific identification method and the balance is separately disclosed on our Consolidated Balance Sheets. Other inventory at our MH and RV properties consists primarily of service and merchandise related items, grocery, food, and beverage products and are stated at the lower of cost or net realizable value. Physical inventory counts are performed where inventory exists. Inventory records are adjusted accordingly to reflect actual inventory counts and any resulting shortage is recognized. The other inventory balance is included in Other assets, net on our Consolidated Balance Sheet.
Investments in Nonconsolidated Affiliates
Investments in joint ventures that are not consolidated are accounted for using the equity method of accounting as prescribed in ASC Topic 323, "Investments - Equity Method and Joint Ventures." Investments in nonconsolidated affiliates are recorded within Other assets, net on the Consolidated Balance Sheets. Equity income and loss are recorded in the Income from nonconsolidated affiliates on the Consolidated Statements of Operations. The allocation provisions in these agreements may differ from the ownership interests held by each investor. Our exposure to losses associated with nonconsolidated affiliates is primarily limited to the carrying value of these investments. Accordingly, distributions from a nonconsolidated affiliate in excess of our carrying value are recognized in earnings. We review the carrying value of our investments in nonconsolidated affiliates for other than temporary impairment whenever events or changes in circumstances indicate a possible impairment. Financial condition, operational performance, and other economic trends are among the factors we consider when we evaluate the existence of impairment indicators. Refer to Note 6, "Investments in Nonconsolidated Affiliates," for additional information.
Notes and Other Receivables
Installment notes receivable on manufactured homes - represent notes receivable for the purchase of manufactured homes located in our communities, which are secured by the underlying manufactured home sold. Interest income is accrued based on the unpaid principal balance of the loans. Past due status of our notes receivable is determined based on the contractual terms of the note. When a note receivable becomes 60 days delinquent, we stop accruing interest on the note receivable. The interest on nonaccrual loans is accounted for on the cash basis until qualifying for return to accrual.
Notes receivable from real estate developers and operators - represent construction loans provided to real estate developers and loans provided to a real estate operator to finance acquisition and development costs.

F - 13
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
We elected to apply the fair value option to our installment notes receivable on manufactured homes and notes receivable from real estate developers and operators in accordance with ASC 820, "Fair Value Measurements and Disclosures." The fair value is evaluated quarterly, and any fair value adjustments are recorded in Loss on remeasurement of notes receivable on the Consolidated Statement of Operations. Refer to Note 14, "Fair Value Measurements," for additional information regarding the estimates and assumptions used to estimate the fair value of each financial instrument class.
Other receivables - are generally comprised of home sale proceeds receivable, amounts due from MH, annual RV, and UK residents for rent, and related charges (utility charges, fees, and other pass-through charges), insurance receivables and various other miscellaneous receivables. Accounts outstanding longer than the contractual payment terms are considered past due.
Accounts receivable from residents are typically due within 30 days and stated at amounts due from residents net of an allowance for credit losses. We evaluate the recoverability of our receivables whenever events occur or there are changes in circumstances such that management believes it is probable that it will be unable to collect all amounts due according to the contractual terms. Receivables related to MH community rents are reserved when we believe that collection is less than probable, which is generally after a resident balance reaches 60 to 90 days past due. In the UK, annual rents are noticed in full during the fourth quarter and due by January 31st of the following year. Payment can be made upfront or in monthly installments. Accounts receivables are reviewed regularly for collectability, with related reserves set quarterly for outstanding receivables. Refer to Note 4, "Notes and Other Receivables," for additional detail on receivables.
Collateralized Receivables
We account for transferred loans that have not met the requirements for sale accounting as collateralized receivables under ASC 860, "Transfers and Servicing." We are subject to certain recourse provisions related to previously transferred loans requiring us to purchase the underlying manufactured homes collateralizing such notes at a price calculated based on the agreed upon terms, in the event of a note default and subsequent repossession of the home by the unrelated entity. The transferred assets are classified as Collateralized receivables, net and the cash proceeds received from the transaction are classified as Secured borrowings on collateralized receivables within the Consolidated Balance Sheets. We have elected to apply the fair value option to the collateralized receivables and related secured borrowings under ASC 820, "Fair Value Measurements and Disclosures." Refer to Note 7, "Debt and Line of Credit" and Note 14, "Fair Value Measurements" for additional information.
Goodwill
We account for goodwill pursuant to ASC 350, "Intangibles—Goodwill and Other." Goodwill is not amortized but rather is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it is more likely than not that an impairment exists. We perform our annual goodwill assessment at the reporting unit level on October 31st. An impairment exists if quantitative testing indicates that the carrying amount of a reporting unit exceeds its fair value.
Goodwill is deductible for income tax purposes. As such, the goodwill portion allocated to our U.S. taxable REIT subsidiaries will reduce their taxable income. However, the resulting tax benefits will be offset by a valuation allowance. Given that REITs do not customarily report any taxable income (due to the dividends paid deduction), we do not expect any significant tax benefits arising from the goodwill allocable to the REIT.
Other Intangible Assets
Other intangible assets primarily comprise in-place leases, trademarks and trade names, customer relationships, and franchise agreements. We amortize finite-lived intangible assets on a straight-line basis over the period the assets are expected to contribute directly or indirectly to the future cash flows of the property or business. We evaluate the recoverability of intangible assets on an annual basis, or more frequently if indicators of impairment are identified, by reviewing events or circumstances that may warrant revised estimates of useful lives or that indicate that the asset may be impaired. The carrying amounts of other intangible assets are included in Other intangible assets, net on our Consolidated Balance Sheets. Refer to Note 5, "Goodwill and Other Intangible Assets," for additional information.
Deferred Taxes
We are subject to certain state and foreign income taxes and have certain subsidiaries that are taxed as regular corporations for U.S. and non-U.S. income tax purposes. Deferred tax assets or liabilities are recognized for temporary differences between the tax basis of assets and liabilities and their carrying amounts in the financial statements and net operating loss carryforwards in certain subsidiaries, including those domiciled in foreign jurisdictions, which may be realized in future periods if the respective subsidiary generates sufficient taxable income. Deferred tax assets and liabilities are measured using currently enacted tax rates. A valuation allowance is established if, based on the available evidence, it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. Refer to Note 11, "Income Taxes," for additional information.

F - 14
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Temporary Equity and Noncontrolling Interests
Temporary equity includes preferred securities and other equity interests that are redeemable for cash at the holder's option or upon the occurrence of an event that is not solely within our control based on a fixed or determinable price. These securities are not mandatorily redeemable for cash nor do they contain a fixed maturity date. Temporary equity is classified between Liabilities and Shareholders' Equity on the Consolidated Balance Sheets.
Our noncontrolling interest primarily consists of common and preferred OP units that are owned by limited partners of the Operating Partnership. The common and preferred OP units are exchangeable for shares of our common stock based on the exchange ratio for each OP unit class outstanding. Each exchange is treated as a capital transaction, which results in an allocation between Stockholders' equity, temporary equity, and noncontrolling interest to account for the change in the respective ownership of the underlying equity of the Operating Partnership. We allocate Net income (after allocating to preferred returns) between our common stock and the noncontrolling interests based on the respective ownership interests in the Operating Partnership. The noncontrolling interest allocation is adjusted for issuances, conversions, and any other applicable equity activity.
Share-Based Compensation
We account for restricted stock awards ("RSAs"), which include time based RSAs and performance-based RSAs subject to a market condition, in accordance with ASC 718, "Compensation-Stock Compensation." Compensation cost is measured at the fair value on the grant date and recognized as expense, net of estimated forfeitures, on a straight-line basis over the service or performance period. The fair value of time based RSAs is measured based on the quoted price of our common stock on the grant date. The fair value of performance-based RSAs subject to a market condition is measured using a Monte Carlo valuation model. We estimate forfeitures at the time of grant based on the historical turnover rate of employees and non-employees that are recipients of an award. We update our assumptions annually, or sooner, if subsequent information indicates that the actual number of instruments subject to forfeiture is likely to differ from previous estimates. Refer to Note 9, "Share-Based Compensation," for additional information.
Fair Value Measurements
Our financial instruments consist primarily of cash, cash equivalents and restricted cash, notes and other receivables, debt and other liabilities. We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures, pursuant to ASC 820, "Fair Value Measurements and Disclosures."
ASC 820, "Fair Value Measurements and Disclosures," requires disclosure regarding the determination of fair value for assets and liabilities and establishes a hierarchy under which these assets and liabilities must be grouped, based on significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair value hierarchy:
Level 1 - Quoted unadjusted prices for identical instruments in active markets that we have the ability to access;
Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets or can be corroborated by observable market data; and
Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The unobservable inputs reflect our assumptions about the assumptions that market participants would use.
Refer to Note 14, "Fair Value Measurements," for additional information on methods and assumptions used to estimate the fair value of each financial instrument class.
Revenue Recognition
As a real estate owner and operator, the majority of our revenue consists of Income from real property from site and home leases that are accounted for pursuant to ASC 842, "Leases." Other revenue streams, such as those generated from home sales and ancillary activities, are accounted for pursuant to ASC 606, "Revenue from Contracts with Customers," except for those that are within the scope of other topics in the FASB ASC. For transactions in the scope of ASC 606, we recognize revenue when control of goods or services transfers to the customer, in the amount that we expect to receive for the transfer of goods or provision of services. Due to the nature and timing of our identified revenue streams, there were no material outstanding performance obligations as of December 31, 2025.

F - 15
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Income from real property - includes revenue from residents and guests in our communities, who lease the site on which their home or RV is located and either own or lease their home or RV, rental home revenue, and short-term vacation home and site rentals. Resident leases are generally for a time period not to exceed one year or month to month and are renewable by mutual agreement between the parties, or in some cases, as provided by statute. Revenues from site and home leases fall under the scope of ASC 842, and are accounted for as operating leases with straight-line recognition. We combine fixed lease and non-lease components and account for them as a single lease component per ASC 842. The non-lease components primarily consist of reimbursement for utility services at our communities. In accordance with the practical expedient criteria, we noted that the timing and pattern of transfer for the lease and non-lease components are the same, and the leases qualify as operating leases. Accordingly, we present rental revenues and utility recoveries as a single lease component within Income from real property in the Consolidated Statement of Operations. Additionally, we include collections of real estate taxes from residents and guests within Income from real property. As a lessor, we also receive variable lease payments, usually from revenue derived from percentage-based leases. The revenue from these leases is accounted for on an as earned basis. We also have a number of short-term leases that are accounted for on an as earned basis. All our revenues are recognized net of taxes collected from customers and submitted to taxing authorities. Real estate taxes are recorded as a liability when collected and released when payments are remitted to tax authorities.
Revenue from home sales - SHS, our U.S. taxable REIT subsidiary, and Park Holidays sell manufactured homes to current and prospective residents in our communities. We recognize revenue from home sales pursuant to ASC 606. Manufactured homes are not permanent fixtures or improvements to the underlying real estate and we therefore do not consider them to be subject to the guidance in ASC 360-20, "Real Estate Sales." In accordance with ASC 606, we recognize revenue from home sales at the time of closing when control of the home transfers to the customer. After closing of the sale transaction, we have no remaining performance obligation. As of December 31, 2025 and 2024, we had $15.6 million and $24.5 million, respectively, of receivables from contracts with customers, which consists of home sales proceeds, and are presented as a component of Notes and other receivables, net on our Consolidated Balance Sheets. These receivables represent balances owed to us for previously completed performance obligations for sales of manufactured homes.
Ancillary - ancillary revenues are primarily composed of proceeds from restaurant, golf, merchandise, retail, service, and other activities at our MH and RV communities. Revenues at communities in the UK are recognized at the point of sale when control of the good or service transfers to the customer and our performance obligation has been satisfied.
Interest income - is earned primarily on our cash balances and notes receivable. For our notes receivable, interest income is accrued based on the unpaid principal balances of the underlying loans on a contractual yield basis over the life of the loan. Refer to Note 4, "Notes and Other Receivables," for additional information.
Brokerage commissions and other, net - comprise brokerage commissions for sales of manufactured homes at our communities, where we act as agent and arrange for a third party to transfer a manufactured home or a park model to a customer within one of our properties. Brokerage commission revenues are accounted for in accordance with ASC 606, and are recognized on a net basis at closing when the transaction is completed and our performance obligations have been fulfilled. Other revenues primarily include prepaid rent adjustments, proceeds from business interruption insurance, dividend income, and management fees earned from managing third-party-owned holiday parks.
Advertising Costs
Advertising costs are expensed as incurred. As of December 31, 2025, 2024, and 2023, we had advertising costs of $28.8 million, $34.1 million, and $33.8 million, respectively.
Depreciation and Amortization
Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the assets, ranging from four years to 30 years depending upon the asset classification.
Asset Class Useful Life
Land improvements and buildings
15 years
 -
30 years
Rental homes and improvements
10 years
Furniture, fixtures, and equipment
5 years
 -
30 years
Computer hardware and software
4 years
Site improvements
7 years
 -
30 years
Leasehold improvements Lesser of lease term or useful life of assets
In-place leases 7 years
Trademarks and trade names
15 years
Customer relationships 4 years
Franchise agreements and other intangible assets
10 years
 -
27 years

F - 16
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Foreign Currency
The assets and liabilities of our operations in the UK, Canada, and Australia, where the functional currency is the British pound sterling, Canadian dollar, and Australian dollar, respectively, are translated into U.S. dollars using the exchange rate in effect as of the balance sheet date. Income statement amounts are translated at the average exchange rate prevailing during the period. The resulting translation adjustments are recorded as a component of Accumulated other comprehensive income / (loss) ("AOCI"). Foreign currency exchange gains and losses arising from fluctuations in currency exchange rates on transactions and the effects of remeasurement of monetary balances denominated in currencies other than the functional currency are recorded in earnings within Gain / (loss) on foreign currency exchanges on the Consolidated Statements of Operations.
For the years ended December 31, 2025, 2024, and 2023, we recorded a foreign currency exchange gain of $26.7 million, a loss of $25.8 million, and a loss of $0.3 million, respectively, on our Consolidated Statements of Operations.
Derivative Instruments and Hedging Activities
We enter into derivative instruments for risk management purposes to minimize the effect of interest rate changes on future cash outflows related to outstanding floating rate debt and forecasted issuances of long-term debt, and the benchmark interest rates used are the SOFR and the SONIA Rates. Treasury rate lock contracts, interest rate swaps, and forward swaps are used to accomplish this objective. We do not enter into derivative instruments for speculative purposes. At December 31, 2025, we did not have any outstanding derivative contracts. Refer to Note 13, "Derivative Financial Instruments," for additional information regarding derivative activity.
We recognize derivative instruments at fair value on a recurring basis on the Consolidated Balance Sheets and classify the derivatives within Level 2 of the fair value hierarchy. We adjust our Consolidated Balance Sheets on a quarterly basis to reflect the current fair market value of the derivative instruments. Refer to Note 14, "Fair Value Measurements," for additional information related to the fair value methodology used for derivative financial instruments.
We assess the effectiveness of the derivative instruments in hedging the underlying interest rate exposure both at inception and on an ongoing basis. The unrealized gains or losses on the derivative instruments are recorded in AOCI and are reclassified to Interest expense on the Consolidated Statements of Operations during the same period in which the hedged transaction affects earnings. We estimate that $3.5 million will be reclassified as a reduction to Interest expense, net over the next 12 months for all of our settled cash flow hedges. Cash flow from these derivative instruments is classified in the same category as the cash flow items being hedged on the Consolidated Statements of Cash Flows.
Accounting for Leases
Lessee Accounting
Our operating lease agreements are primarily for land under non-cancelable operating leases at certain properties, executive office spaces, and certain equipment leases. Pursuant to ASC Topic 842, "Leases," we determine if an arrangement contains a lease at inception and most of our leases contain lease and non-lease components. We combine fixed lease and non-lease components and account for them as a single lease component.
For operating leases with a term greater than 12 months, ROU assets and lease liabilities are recognized at the commencement date within Other assets, net and Other liabilities on the Consolidated Balance Sheets. The lease liabilities are measured at the present value of the fixed lease payments at the lease commencement date. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred, less any lease incentives received, and any adjustments to reflect favorable or unfavorable terms of the lease when compared with market terms. Operating lease costs are recognized on a straight-line basis over the lease term.
Variable lease payments, except for payments that depend on an index or rate, are excluded from the calculation of the ROU assets and lease liabilities and are expensed as incurred. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Many of our lessee agreements include options to extend the lease, which we do not include in our minimum lease terms unless the extension is reasonably certain of being exercised. For operating leases with a term of 12 months or less, we elected the practical expedient to recognize lease expense on a straight-line basis over the term of the lease, with no asset or liability recognized on the Consolidated Balance Sheets.
Finance leases where we are the lessee primarily relate to ground leases for land and are included in Investment property, net and Other liabilities on our Consolidated Balance Sheets. The lease liabilities are initially measured in the same manner as operating leases and are subsequently measured at amortized cost using the effective interest method. Refer to Note 16, "Leases," for information regarding leasing activities.

F - 17
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Lessor Accounting
As detailed in the Revenue Recognition section, our income from real property at our communities is derived from rental agreements with our residents and customers where we are the lessor, which we classify as operating leases under ASC Topic 842, "Leases." Nearly all of our operating leases are for a time period not to exceed one year or month-to-month.
Fixed lease income from customers is recognized on a straight-line basis over the term of the relevant lease agreement and is included within Income from real property and Brokerage commissions and other revenue, net on the Consolidated Statements of Operations. When collectability is not reasonably assured, the resident is placed on non-accrual status and revenue is recognized when cash payments are received.
2. Assets Held for Sale and Discontinued Operations
In February 2025, we entered into the Safe Harbor Sale, which represented a strategic shift in operations. Accordingly, the results of the marina business and assets and liabilities included in the Safe Harbor Sale have been presented as discontinued operations through the final closing date of August 29, 2025 under ASC 205-20, "Presentation of Financial Statements: Discontinued Operations."
During the three months ended June 30, 2025, we completed the initial closing of the Safe Harbor Sale, which generated approximately $5.25 billion of pre-tax cash proceeds, net of transaction costs. The subsequent closing of the transfer of subsidiaries owning 15 of Safe Harbor's properties (the "Delayed Consent Subsidiaries") with an aggregate agreed value of approximately $250.0 million was further subject to the receipt of certain third-party consents. Subsequent to the initial closing through June 30, 2025, we completed the sale of six Delayed Consent Subsidiaries for $136.7 million. On August 29, 2025, we completed the closing of the final nine Delayed Consent Subsidiaries for $117.5 million and fully divested our investment in the Safe Harbor business. In connection with the Safe Harbor Sale, we recorded a gain of $1.5 billion during the year ended December 31, 2025
The following table sets forth a summary of assets and liabilities attributable to discontinued operations related to Safe Harbor (in millions):
December 31, 2025 December 31, 2024
Assets    
Land $ —  $ 1,049.5 
Land improvements and buildings —  2,401.9 
Furniture, fixtures and equipment —  369.2 
Investment property —  3,820.6 
Accumulated depreciation —  (512.6)
Investment property, net —  3,308.0 
Cash, cash equivalents and restricted cash —  6.8 
Notes and other receivables, net —  53.9 
Goodwill —  541.7 
Other intangible assets, net —  236.4 
Other assets, net —  267.7 
Total Assets $ —  $ 4,414.5 
Liabilities  
Advanced reservation deposits and rent $ —  $ 81.6 
Accrued expenses and accounts payable —  44.3 
Other liabilities —  161.0 
Total Liabilities $ —  $ 286.9 

F - 18
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table sets forth a summary of the operating results included within Income from discontinued operations, net (in millions):
Year Ended December 31,
2025 2024 2023
Revenues
Real property $ 145.9  $ 460.3  $ 431.6 
Service, retail, dining and entertainment revenue 164.7  494.4  501.3 
Interest, brokerage commissions and other, net 1.6  5.9  7.6 
Total Revenues 312.2  960.6  940.5 
Expenses    
Property operating and maintenance 53.6  148.3  137.1 
Real estate tax 7.9  21.9  21.7 
Service, retail, dining and entertainment expenses 155.4  461.8  462.1 
General and administrative(1)
 81.2  64.8  58.6 
Interest expense —  0.1  0.1 
Catastrophic event-related charges, net —  3.5  7.2 
Business combination costs 0.2  0.4  — 
Depreciation, amortization, and loss on disposal of assets 36.3  190.2  165.9 
Asset impairments 2.3  4.7  4.5 
Total Expenses 336.9  895.7  857.2 
Income / (Loss) Before Other Items (24.7) 64.9  83.3 
Gain on disposition of properties, net 1,463.2  —  — 
Other income / (expense), net(2)
 (5.4) 10.0  (0.2)
Income from Discontinued Operations, Before Income Taxes 1,433.1  74.9  83.1 
Current tax expense (see Note 11)
 (3.5) (0.7) (0.8)
Income from Discontinued Operations, net $ 1,429.6  $ 74.2  $ 82.3 
(1) Includes transaction costs of $63.1 million recognized during the year ended December 31, 2025 that were directly attributable to the Safe Harbor Sale, including legal and advisory fees, employee separation costs, and other expenses.
(2) During the three months ended March 31, 2025, we recorded a contingent consideration expense of $14.6 million related to a tax protection agreement that we entered into with former owners of certain marina properties at the time of acquisition. The tax protection agreement stipulates that we indemnify those owners for certain tax obligations incurred related to the sale of certain marina properties. As a result of the Safe Harbor Sale, we concluded that our tax liability to the former owners was probable of being realized and estimable. During the three months ended December 31, 2025, we recorded a benefit of $9.4 million after completing our 1031 exchange transactions using proceeds from the Safe Harbor Sale and remeasuring the remaining tax liability to a fair value of $0.2 million. Refer to Note 14, "Fair Value Measurements," for additional information.
The following table presents depreciation, amortization, and capital expenditures attributable to discontinued operations related to Safe Harbor (in millions):
Year Ended December 31,
2025 2024
Depreciation $ 31.9  $ 168.1 
Amortization $ 4.4  $ 22.1 
Capital Expenditures $ 73.3  $ 183.3 
3. Real Estate Acquisitions and Dispositions
2025 Acquisitions and Dispositions
The following acquisitions of real estate properties occurred during the year ended December 31, 2025:
Property Name Type State, Province or Country Month Acquired
Five MH / Two RV Portfolio
 MH / RV Various October
Marysville Farm
 MH MI October
Three MH Portfolio
 MH MI October
Reflections on Silver Lake
 MH / RV FL October
The Preserve
 MH FL October
Lakeridge of Eugene
 MH OR October

F - 19
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table summarizes the amount of assets acquired, net of liabilities assumed, at the acquisition date and the consideration paid for the acquisitions completed during the years ended December 31, 2025 and 2024 (in millions):
At Acquisition Date Consideration
Investment in property Inventory of manufactured homes
and retail
related items
Other intangible assets(1)
 Other assets / (liabilities), net Total identifiable assets acquired net of liabilities assumed Cash and escrow
Temporary and permanent equity(2)
 Total consideration
Asset Acquisitions
Five MH / Two RV Portfolio
 $ 175.7  $ —  $ 2.7  $ (1.1) $ 177.3  $ 177.3  $ —  $ 177.3 
Marysville Farm
 20.5  0.1  0.5  (0.1) 21.0  21.0  —  21.0 
Three MH Portfolio
 95.1  2.1  2.5  (1.0) 98.7  98.7  —  98.7 
Reflections on Silver Lake
 69.9  —  1.2  (0.8) 70.3  70.3  —  70.3 
The Preserve(3)
 57.0  —  0.6  —  57.6  57.6  —  57.6 
Lakeridge of Eugene
 31.3  —  0.5  0.3  32.1  32.1  —  32.1 
Total 2025 Acquisitions
 $ 449.5  $ 2.2  $ 8.0  $ (2.7) $ 457.0  $ 457.0  $ —  $ 457.0 
Total 2024 Acquisitions
 $ 63.4  $ 0.5  $ 1.9  $ (0.2) $ 65.6  $ 30.2  $ 35.4  $ 65.6 
(1) Includes acquired intangible assets subject to amortization of $8.0 million with a weighted average amortization period of seven years, primarily consisting of in-place leases.
(2) Refer to Note 8, "Equity and Temporary Equity," for additional detail.
(3) In conjunction with the acquisition, we entered into a leaseback transaction with the counterparty as a buyer-lessor. We concluded that both the purchase and lease were distinct and accounted for the lease in accordance with ASC 842, "Leases." Refer to Note 16, "Leases," for additional information.
During the year ended December 31, 2025, we incurred and capitalized $6.5 million of transaction costs, which have been allocated among various Investment property and other asset classes for purchases that meet the asset acquisition criteria.
During the year ended December 31, 2025, we also acquired one operating asset in the UK adjacent to an existing property for $2.6 million.
2025 Disposition Activity
The following dispositions of real estate properties for our continuing operations occurred during the year ended December 31, 2025:
Property Name Segment Number of Properties State, Province or Country Month Disposed Gross Sales Proceeds
Cash Consideration, net(1)
Gain / (Loss) on Disposition(2)
RV Portfolio(3)
 RV 2 Various January $ 92.9  $ 92.6  $ (0.2)
MH Portfolio
 MH 3 FL March $ 27.8  $ 27.2  $ (2.8)
Sun Retreats Millbrook
 RV 1 IL April $ 3.5  $ 2.8  $ (3.8)
Pine Hills
 MH 1 IN December $ 10.3  $ 9.5  $ 4.8 
(1) Cash consideration, net of settlement of the associated mortgage debt, when applicable, and other closing adjustments. Refer to Note 7, "Debt and Line of Credit," for additional detail.
(2) Recorded in Gain on dispositions of properties, net on the Consolidated Statements of Operations.
(3) Total sales proceeds include the disposition of two operating properties and two development properties that we owned along with the settlement of a developer note receivable of $36.5 million pertaining to three additional properties in which we had provided financing to the developer that were classified as held for sale as of December 31, 2024. During the year ended December 31, 2024, we recognized asset impairment charges of $12.1 million to reduce the carrying value of the four owned RV properties to an aggregate fair value of $47.5 million.
During the year ended December 31, 2025, we sold three developmental land parcels in the U.S. and UK for total consideration of $68.1 million and recorded a total gain on sale of $6.5 million. We previously recorded asset impairment charges of $97.4 million related to one of the development land parcels in the UK during the three months ended June 30, 2025. Refer to Note 14, "Fair Value Measurements," for additional information.

F - 20
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2024 Dispositions Activity
The following dispositions of real estate properties for our continuing operations occurred during the year ended December 31, 2024 (in millions, except for property and site count):
Property Name Segment Number of Properties State, Province or Country Month Disposed Gross Sales Proceeds
Cash Consideration, net(1)
Gain / (Loss) on Disposition(2)
Spanish Trails and Sundance MH 2 AZ & FL February $ 48.5  $ 51.7  $ 6.2 
Littondale UK 1 UK May $ 5.9  $ 5.4  $ 2.2 
Six Community MH Portfolio MH 6 Various July $ 224.6  $ 150.7  $ 142.0 
Lake Pointe Village MH 1 FL July $ 38.0  $ 20.3  $ 16.0 
Reserve at Fox Creek MH 1 AZ September $ 38.0  $ 22.7  $ 22.2 
Turnberry UK 1 UK November $ 7.6  $ 7.0  $ (1.1)
Canadian RV Portfolio(3)(4)
 RV 13 ON December $ 64.0  $ 20.1  $ 9.1 
(1) Cash consideration, net of settlement of the associated mortgage debt and other closing adjustments.
(2) Recorded in Gain on dispositions of properties, net on the Consolidated Statements of Operations.
(3) As part of the terms of the disposition, we provided financing to the counterparty in the form a note receivable of $42.4 million. Refer to Note 4, "Notes and Other Receivables," for additional details.
(4) Gain on disposition is net of the release of foreign currency translation losses from AOCI of $2.3 million.
In addition, during the year ended December 31, 2024, we sold three development land parcels in the U.S. for total consideration of $50.2 million and recorded a total gain on sale of $11.5 million.
4. Notes and Other Receivables
The following table sets forth certain information regarding notes and other receivables (in millions):
December 31, 2025 December 31, 2024
Installment notes receivable on manufactured homes, net $ 139.2  $ 93.9 
Notes receivable from real estate developers and operators 44.5  148.5 
Other receivables, net 148.4  187.7 
Total Notes and Other Receivables, net $ 332.1  $ 430.1 
Installment Notes Receivable on Manufactured Homes
Installment notes receivable are measured at fair value, using indicative pricing models from third-party valuation specialists, in accordance with ASC 820, "Fair Value Measurements and Disclosures." The balances of installment notes receivable of $139.2 million (principal of installment notes receivable of $142.1 million less fair value adjustment of $2.9 million) and $93.9 million (principal of installment notes receivable of $95.2 million less fair value adjustment of $1.3 million) as of December 31, 2025 and 2024, respectively, are secured by manufactured homes. The notes had a net weighted average interest rate (net of servicing costs) and maturity of 7.5% and 17.3 years as of December 31, 2025, and 6.4% and 18.6 years as of December 31, 2024, respectively. Refer to Note 14, "Fair Value Measurements," for additional details.
Notes Receivable from Real Estate Developers and Operators
The note receivable from a real estate operator consists of a loan provided to a real estate operator to fund the Canadian RV Portfolio disposition (the "Canadian RV Note"). The balance on the Canadian RV Note was $44.5 million with a net weighted average interest rate and maturity of 5.0% and one year as of December 31, 2025, and was $42.4 million with a net weighted average interest rate and maturity of 5.0% and two years as of December 31, 2024. Refer to Note 14, "Fair Value Measurements," for additional information.
As of December 31, 2025, we did not have any outstanding acquisition and construction loans provided to real estate developers. As of December 31, 2024, acquisition and construction loans provided to real estate developers totaled $106.1 million with a net weighted average interest rate and maturity of 8.0% and 1.9 years.
During the three months ended December 31, 2025, we settled a note receivable from a real estate developer of $48.7 million as part of the acquisition of one MH property in Florida. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional information.
During the three months ended March 31, 2025, we settled a note receivable from a real estate developer of $36.5 million as part of a sale of a portfolio of RV communities. We also entered into a non-monetary transaction with a real estate developer to settle a note receivable of $23.8 million in conjunction with one RV property in California. Refer to Note 3, "Real Estate Acquisitions and Dispositions," and Note 8, "Equity and Temporary Equity," respectively, for additional information.

F - 21
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Other Receivables, net
Other receivables, net were comprised of amounts due from the following categories (in millions):
December 31, 2025 December 31, 2024
Receivables from residents and customers(1)
 $ 80.6  $ 62.2 
Insurance receivables(2)
 42.4  67.2 
Home sale proceeds
 15.6  24.5 
Other receivables
 9.8  33.8 
Total Other Receivables, net $ 148.4  $ 187.7 
(1)Net of allowance for credit losses of $5.0 million and $5.6 million as of December 31, 2025 and 2024, respectively.
(2)Primarily consists of receivables from insurance providers related to Hurricanes Helene, Milton, and Ian. Refer to Note 15, "Commitments and Contingencies," for additional details.
5. Goodwill and Other Intangible Assets
Our intangible assets include goodwill, in-place leases, trademarks and trade names, customer relationships, franchise agreements, and other intangible assets.
Goodwill
The measurement periods for the valuation of assets acquired and liabilities assumed in a business combination end as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available on the earlier of (i) the dates of acquisition, or (ii) 12 months after the acquisition dates. Adjustments in purchase price allocations may require a change in the amounts allocated to goodwill during the periods in which the adjustments are determined.
Our entire goodwill balance of $9.5 million at December 31, 2025 is attributable to the RV segment. During the year ended December 31, 2025, goodwill of $541.7 million associated with the Safe Harbor subsidiary was allocated to discontinued operations and derecognized in conjunction with the closing of the Safe Harbor Sale. There were no other changes in our goodwill balance during the year ended December 31, 2025.
At October 31, 2025, we performed our annual goodwill impairment test for the RV segment and no impairment of goodwill was identified. During the years ended December 31, 2024 and 2023, we incurred impairment charges of $180.8 million and $369.9 million, respectively, related to the UK segment, primarily driven by a deterioration in the macroeconomic environment in the region, causing a decline in projected future cash flows for our Park Holidays business, bringing the balance associated with the UK segment to zero. As of December 31, 2025 and 2024, the accumulated impairment losses were $550.7 million.
Other Intangible Assets, net
The gross carrying amounts and accumulated amortization of our intangible assets were as follows (in millions):
December 31, 2025 December 31, 2024
Other Intangible Asset Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization
In-place leases
7 years
 $ 146.5  $ (132.1) $ 138.8  $ (126.4)
Trademarks and trade names
15 years
 87.4  (22.6) 81.7  (15.4)
Customer relationships
4 years
 1.9  (1.9) 1.8  (1.3)
Franchise agreements and other intangible assets
10 - 27 years
 32.9  (11.3) 32.7  (10.0)
Total finite-lived assets $ 268.7  $ (167.9) $ 255.0  $ (153.1)
Indefinite-lived assets - Trademarks, trade names, and other N/A 0.7  —  0.6  — 
Total indefinite-lived assets $ 0.7  $ —  $ 0.6  $ — 
Total $ 269.4  $ (167.9) $ 255.6  $ (153.1)
Amortization expenses related to our Other intangible assets were as follows (in millions):
Year Ended December 31,
Other Intangible Asset Amortization Expense 2025 2024 2023
In-place leases $ 5.7  $ 6.2  $ 8.7 
Trademarks and trade names 6.0  5.8  5.7 
Customer relationships 0.5  0.5  0.5 
Franchise fees and other intangible assets 0.7  0.8  2.2 
Total $ 12.9  $ 13.3  $ 17.1 

F - 22
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
We anticipate amortization expense for Other intangible assets to be as follows for the next five years (in millions):
Other Intangible Asset Future Amortization Expense 2026 2027 2028 2029 2030
In-place leases $ 4.7  $ 3.2  $ 1.9  $ 1.2  $ 1.1 
Trademarks and trade names 6.1  5.8  5.8  5.7  5.7 
Customer relationships —  —  —  —  — 
Franchise agreements and other intangible assets 1.3  1.3  1.3  1.3  1.3 
Total $ 12.1  $ 10.3  $ 9.0  $ 8.2  $ 8.1 
6. Investments in Nonconsolidated Affiliates
Our investments in joint ventures that are accounted for using the equity method of accounting are as follows:
Sungenia joint venture ("Sungenia JV")
At December 31, 2025 and 2024, we had a 50% ownership interest in Sungenia JV, a joint venture formed between us and Ingenia Communities Group (ASX:INA) to establish and operate a MH community development program in Australia.
GTSC LLC ("GTSC")
At December 31, 2025 and 2024, we had a 40% ownership interest in GTSC, which engages in acquiring, holding and selling loans secured, directly or indirectly, by manufactured homes located in our communities.
SV Lift, LLC ("SV Lift")
During the year ended December 31, 2025 we disposed of the primary asset held by SV Lift, a 50% owned joint venture which owned, operated and leased an aircraft. The disposition did not result in material activity on the Consolidated Statements of Operations, and we expect to dissolve the joint venture in 2026.
Our investment balances in nonconsolidated affiliates are as follows (in millions):
Investment December 31, 2025 December 31, 2024
Investment in Sungenia JV $ 91.1  $ 75.1 
Investment in GTSC(1)
 37.9  48.9 
Investment in SV Lift —  1.1 
Total $ 129.0  $ 125.1 
(1) Balances are net of fair value adjustment gains / (losses) of $(0.9) million and $6.6 million during the years ended December 31, 2025 and 2024.
The income / (loss) from nonconsolidated affiliates is as follows (in millions):
Year Ended December 31,
Income / (Loss) from Nonconsolidated Affiliates
2025
2024
2023
Sungenia JV equity income $ 14.0  $ 7.5  $ 3.2 
GTSC equity income 2.3  3.3  3.3 
Equity income / (loss) from other nonconsolidated affiliates 0.1  (1.3) 9.5 
Total Income from Nonconsolidated Affiliates $ 16.4  $ 9.5  $ 16.0 
During the years ended December 31, 2025, 2024, and 2023, we received distributions of $14.5 million, $31.1 million, and $20.7 million, respectively, and made contributions of $0.9 million, $22.4 million, and $38.4 million, respectively, with our nonconsolidated affiliates.

F - 23
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
7. Debt and Line of Credit
The following table sets forth certain information regarding debt, including premiums, discounts and deferred financing costs (in millions, except for statistical information):
Carrying Amount at December 31, Weighted Average Years to Maturity at December 31, Weighted Average Interest Rates at December 31,
2025 2024 2025 2024 2025 2024
Secured Debt
Mortgage loans payable(1)
 $ 2,429.0  $ 3,212.2  8.5 8.3 3.634  % 3.991  %
Secured borrowings on collateralized receivables(2)
 43.2  51.2  12.3 13.2 8.538  % 8.575  %
Total Secured Debt 2,472.2  3,263.4 
Unsecured Debt
Senior unsecured notes(3)
 1,786.5  2,676.3  5.1 6.0 2.901  % 3.778  %
Line of credit
 —  1,413.1  0.0 1.4 —  % 4.744  %
Total Unsecured Debt 1,786.5  4,089.4 
Total Debt $ 4,258.7  $ 7,352.8  7.1 6.2 3.376  % 4.090  %
(1)Balances at December 31, 2025 and 2024 include $9.6 million and $15.2 million of deferred financing costs, respectively.
(2)Balances at December 31, 2025 and 2024 include fair value adjustments of $3.8 million and $3.9 million, respectively.
(3)Balances at December 31, 2025 and 2024 include $4.2 million and $6.3 million of net debt discount, respectively, and $9.3 million and $17.4 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity.
Secured Debt
Mortgage term loans
During the years ended December 31, 2025 and 2024, we repaid the following mortgage term loans (in millions, except for statistical information, all loans were paid off on or before their respective maturity dates):
Period Repayment Amount Weighted Average Interest Rate Maturity Date Number of Properties by which Debt was Secured Loss on Extinguishment of Debt
Three months ended June 30, 2025 $ 691.8 
(1)
 5.346  % February 13, 2026 - September 10, 2044 44 $ 45.9 
Three months ended March 31, 2025 $ 48.4  4.013  % February 01, 2025 - March 31, 2025 5 $ — 
Three months ended December 31, 2024 $ 119.4  4.041  % December 1, 2024 -
February 6, 2025		 12 $ — 
Three months ended September 30, 2024 $ 93.5 
(2)
 4.096  % December 1, 2024 -
January 15, 2044		 7 $ 0.8 
(1)We settled $737.7 million of secured mortgage debt, inclusive of $45.9 million of prepayment costs and deferred financing cost write offs, resulting in a repayment of $691.8 million of net secured mortgage debt.
(2)Includes six mortgage term loans, which included two mortgage term loan payoffs and partial pay downs on four pooled mortgage term loans, that were secured by seven properties. The repayments occurred in conjunction with the disposition of real estate assets. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional information.
During the year ended December 31, 2025, we did not enter into any mortgage term loans.
The mortgage term loans, which total $2.4 billion as of December 31, 2025, are secured by 110 properties representing approximately $1.8 billion of net book value.
Secured Borrowings on Collateralized Receivables
Refer to Note 1, "Significant Accounting Policies," for information on secured borrowings on collateralized receivables.

F - 24
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Unsecured Debt
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 and are recorded within the Unsecured debt line item on the Consolidated Balance Sheets.
Carrying Amount at December 31,
Principal Amount 2025 2024
5.5% notes, issued in January 2024 and due in January 2029 (the "2029 Notes")
 $ 500.0  $ —  $ 496.2 
5.7% notes, issued in January 2023 and due in January 2033 (the "2033 Notes")
 400.0  —  396.1 
4.2% notes, issued in April 2022 and due in April 2032
 600.0  594.1  593.2 
2.3% notes, issued in October 2021 and due in November 2028
 450.0  448.1  447.4 
2.7% notes, issued in June 2021 and October 2021, and due in July 2031
 750.0  744.3  743.4 
Total $ 2,700.0  $ 1,786.5  $ 2,676.3 
During the three months ended June 30, 2025, we redeemed the aggregate principal amount of $900.0 million on the 2029 Notes and the 2033 Notes using cash proceeds generated from the Safe Harbor Sale. In accordance with the terms of each series of Notes, the redemption price was inclusive of a customary make-whole premium and accrued and unpaid interest. As a result, we recorded charges of $56.5 million to Loss on extinguishment of debt on the Consolidated Statements of Operations in connection with early extinguishment premiums on these note redemptions. Refer to Note 13, "Derivative Financial Instruments," for cash flow hedge activity resulting from the redemptions.
New Credit Agreement
In September 2025, we entered into a credit agreement (the "New Credit Agreement"), which replaced our previous $3.05 billion senior credit facility.
Pursuant to the New Credit Agreement, we may borrow up to $2.0 billion under a senior credit facility. The New 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.
The senior credit facility offers various interest rates for borrowings under U.S. dollars (at the ABR, Term SOFR, and Daily Effective SOFR), euros (at the Adjusted EURIBOR), British pound sterling (at the Daily Simple SONIA Rate), Canadian dollars (at the Term CORRA) and the Daily Simple CORRA), and Australian dollars (at the Australian BBSY Rate) plus a margin, which can range from 0.725% to 1.40% for all interest rates except ABR loans, which can range from 0.000% to 0.400%. As of December 31, 2025, there were no borrowings under the senior credit facility.
During the three months ended September 30, 2025, we recorded charges of $1.6 million to Loss on extinguishment of debt on the Consolidated Statements of Operations related to the write off of deferred financing costs in connection with the termination of our previous senior credit facility. As of December 31, 2025, we also recorded deferred financing costs of $11.6 million in connection with the senior credit facility, which was recorded within Other assets, net on the Consolidated Balance Sheet.
The senior credit facility provides us with the ability to issue up to $100.0 million of letters of credit. We had $13.7 million of outstanding letters of credit at December 31, 2025.
Covenants
The mortgage term loans, senior unsecured notes, and our senior credit facility are subject to various financial and other covenants. At December 31, 2025, we were in compliance with all financial covenants.
In addition, certain of our subsidiary borrowers own properties that secure loans. These subsidiaries are consolidated within our accompanying Consolidated Financial Statements, however, each of these subsidiaries' assets and credit are not available to satisfy our debts and other obligations, or any of our other subsidiaries or any other person or entity.

F - 25
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Long-term Debt Maturities
As of December 31, 2025, the total of our secured debt (excluding premiums and deferred financing costs) and unsecured debt (excluding discounts and deferred financing costs) by year of maturity were as follows (in millions):
Maturities and Amortization By Year
Total Due 2026 2027 2028 2029 2030 Thereafter
Secured Debt
Mortgage loans payable
Maturities $ 1,794.2  $ 492.0  $ —  $ 175.7  $ 310.7  $ 7.5  $ 808.3 
Principal amortization 644.4  40.6  34.9  38.8  38.2  37.4  454.5 
Secured borrowings on collateralized receivables(1)
 39.4  2.2  2.4  2.5  2.7  3.0  26.6 
Total Secured Debt 2,478.0  534.8  37.3  217.0  351.6  47.9  1,289.4 
Unsecured Debt
Senior unsecured notes 1,800.0  —  —  450.0  —  —  1,350.0 
Total Unsecured Debt 1,800.0  —  —  450.0  —  —  1,350.0 
Total Debt $ 4,278.0  $ 534.8  $ 37.3  $ 667.0  $ 351.6  $ 47.9  $ 2,639.4 
(1)Balance at December 31, 2025 excludes fair value adjustments of $3.8 million.
8. Equity and Temporary Equity
Temporary Equity
Temporary equity includes preferred securities that are redeemable for cash at the holder's option or upon the occurrence of an event that is not solely within our control based on a fixed or determinable price and other redeemable equity interests. These securities are not mandatorily redeemable for cash nor do they contain a fixed maturity date. The following table sets forth the various series of redeemable preferred OP units and other redeemable equity interests that were outstanding as of December 31, 2025 and 2024, and the related terms, and summarizes the balance included within Temporary Equity on our Consolidated Balance Sheets (in millions, except for statistical information):
Description OP Units Outstanding
Exchange Rate(1)
Annual Distribution Rate(2)
Cash Redemption(3)
 Redemption Period Carrying Amount at
December 31,
December 31, 2025 2025 2024
Series D preferred OP units 488,958  0.8000 4.0  % Holder's Option Any time $ 51.3  $ 47.5 
Series F preferred OP units 70,000  0.6250 3.0  % Holder's Option Any time 7.5  8.7 
Series G preferred OP units 4,898  0.6452 3.2  % Holder's Option Any time 3.3  19.8 
Series H preferred OP units 560,968  0.6098 3.0  % Holder's Option Any time 59.6  55.4 
Series J preferred OP units 236,000  0.6061 2.85  % Holder's Option
During the 30-day period following a change of control of the Company or any time after April 21, 2026
 24.2  22.4 
Series K preferred OP units 1,000,000  0.5882 4.0  % Holder's Option
Within 60 days after March 23, 2028
 98.2  94.1 
Other redeemable equity interests(4)
 N/A N/A N/A N/A N/A 11.6  11.9 
Total 2,360,824  $ 255.7  $ 259.8 
(1) Exchange rates are subject to adjustment upon stock splits, recapitalizations, and similar events. The exchange rates of certain series of OP units are approximated to four decimal places.
(2) Distributions are payable on the issue price of each OP unit, which is $100.00 per unit for all these preferred OP units.
(3) The redemption price for each preferred OP unit redeemed will be equal to its issue price plus all accrued but unpaid distributions.
(4) Includes redeemable equity interests related to joint ventures that primarily operate and maintain solar energy equipment in select communities and portfolios of RV communities in the U.S.
Permanent Equity
Universal Shelf Registration Statement
We have filed a universal shelf registration statement on Form S-3 with the SEC, which provides for the registration of unspecified amounts of equity and debt securities. The authorized number of shares of our capital stock is 380,000,000 shares, of which 360,000,000 shares are common stock and 20,000,000 shares are preferred stock. As of December 31, 2025, we had 123,486,747 shares of common stock issued and outstanding and no shares of preferred stock were issued and outstanding.

F - 26
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
At the Market Offering Sales Agreement
We have entered into an At the Market Offering Sales Agreement (the "ATM") 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. During the three months ended September 30, 2024, we entered into forward sale agreements with respect to 2,713,571 shares of common stock under the ATM. We completed the physical settlement of these shares for an aggregate gross sales price of $364.3 million and received net proceeds of $361.7 million, or $133.31 per share. The net proceeds were used to repay borrowings outstanding under the senior credit facility. Through December 31, 2025, 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 2025, our Board of Directors authorized a stock repurchase program (the "Stock Repurchase Program") under which we may repurchase up to $1.0 billion in shares of our outstanding common stock through April 30, 2026. Under the Stock Repurchase Program, we may repurchase shares of our common stock in open market transactions, through privately negotiated transactions, through one or more accelerated repurchases, or otherwise, in accordance with the terms set forth in Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and other applicable legal requirements. The Stock Repurchase Program does not obligate us to repurchase any specific number of shares, and we may initiate, suspend, or discontinue purchases under the Stock Repurchase Program at any time.
We account for stock repurchases in accordance with ASC 505, "Equity," by allocating the repurchase price to Common Stock, Additional paid-in-capital, and Distributions in excess of accumulated earnings on the Consolidated Balance Sheets. Under Maryland corporate law, our state of incorporation, there is no concept of treasury shares. As a result, all repurchased shares are retired and returned to the status of authorized but unissued shares upon settlement. Through December 31, 2025, we repurchased and retired 4.3 million shares of our outstanding common stock for $539.1 million. As of December 31, 2025, we had $460.9 million remaining authorized for purchase under this program.
Issuances of Common OP Units
During the year ended December 31, 2025, we did not issue any common OP units. During the year ended December 31, 2024, we issued common OP units in connection with the acquisition of certain properties:
Month Common OP Units Issued Fair Value at Issuance (in millions) Related Acquisition
September 2024 243,273  $ 31.5  Marina Village Yacht Harbor
April 2024 19,326  $ 2.5  Port Milford
March 2024 4,452  $ 0.6  Land for development
Accumulated Other Comprehensive Income
AOCI attributable to SUI common shareholders is separately presented on our Consolidated Balance Sheets as a component of total SUI shareholders' equity. Other Comprehensive Income ("OCI") attributable to noncontrolling interests is allocated to, and included within, Noncontrolling interests on our Consolidated Balance Sheets. Refer to the Consolidated Statements of Comprehensive Income / (Loss) for complete details related to OCI activity in the reporting period.
AOCI attributable to SUI common shareholders consisted of the following, net of tax (in millions):
December 31, 2025 December 31, 2024
Net foreign currency translation gains / (losses) $ 8.8  $ (44.1)
Accumulated net gain on derivatives 17.7  36.2 
Accumulated other comprehensive income / (loss) $ 26.5  $ (7.9)

F - 27
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Noncontrolling Interests - Common and Preferred OP Units
The following table summarizes the common and preferred OP units included within Noncontrolling interests on our Consolidated Balance Sheets (in millions, except for units and statistical information):
Description OP Units Outstanding
Exchange Rate(1)
Annual Distribution Rate(2)
 Cash Redemption Redemption Period Carrying Amount at December 31,
December 31, 2025 2025 2024
Common OP units 2,637,275  1.0000 Same distribution rate for common stock N/A N/A $ 71.6  $ 71.5 
Series A-1 preferred OP units 169,913  2.4390 6.0  % N/A N/A 12.3  9.2 
Series A-3 preferred OP units 40,268  1.8605 4.5  % N/A N/A 2.9  2.3 
Series C preferred OP units 292,436  1.1100 5.0  % N/A N/A 21.3  19.5 
Series E preferred OP units 80,000  0.6897 5.5  % N/A N/A 6.2  6.0 
Series L preferred OP units 20,000  0.6250 3.5  % N/A N/A 2.0  1.9 
Total 3,239,892  $ 116.3  $ 110.4 
(1) Exchange rates are subject to adjustment upon stock splits, recapitalizations, and similar events. The exchange rates of certain series of OP units are approximated to four decimal places.
(2) Except for Common OP units, distributions are payable on the issue price of each OP unit, which is $100.00 per unit for all these preferred OP units.
Conversions
Conversions to Common Stock and Common OP Units - Subject to certain limitations, holders can convert certain series of OP units to shares of our common stock and to common OP units at any time. Below is the activity of conversions during the years ended December 31, 2025 and 2024:
Year Ended December 31,
2025 2024
Series Conversion Rate Units / Shares Converted
Common Stock(1)
 Units / Shares Converted
Common Stock(1)
Common OP units 1.0000  268,595  268,595  96,164  96,164 
Series A-1 preferred OP units 2.4390  6,884  16,788  25,347  61,811 
Series C preferred OP units 1.1100  4,309  4,782  9,103  10,104 
Series G preferred OP units 0.6452  —  —  4,898  3,160 
Series H preferred OP units 0.6098  765  465  9  5 
Series J preferred OP units 0.6061  —  —  2,000  1,212 
(1)Calculation may yield minor differences due to rounding incorporated in the above numbers.
Non-Monetary Transaction and Redemption of Preferred OP Units
In January 2025, we entered into a non-monetary transaction with a real estate developer to settle a note receivable of $23.8 million in exchange for settlement of contingent consideration of $9.0 million in conjunction with one RV property in California, and redemption of 200,914 Series G preferred OP units held by the developer at a carrying value of $19.6 million. We also provided the developer with a redemption right to repurchase the Series G preferred OP units at an option price per unit of $84.42 through the option expiration date of January 1, 2026. The redemption right was not exercised and expired subsequent to January 1, 2026. In accordance with ASC 815, "Derivatives and Hedging," we accounted for the redemption right as an equity-linked financial instrument that is indexed to our own shares, thus qualifying for the scope exception to account for the option as a freestanding derivative financial instrument, and recorded the option to Temporary Equity at its transaction date fair value of $3.4 million. During the year ended December 31, 2025, we recorded a gain of $3.7 million within Other income / (expense), net on our Consolidated Statements of Operations in conjunction with the non-monetary transaction.
Redemption of Preferred OP Units
Subject to certain limitations, holders can redeem certain series of preferred OP units for cash, provided that the applicable contractual requirements are met. During the year ended December 31, 2025, 20,000 Series F preferred OP units and 19,496 Series H preferred OP units were redeemed for a total net cash payment of $3.9 million, inclusive of all distributions on the redeemed units that were accrued and unpaid as of the redemption date, in accordance with the terms and conditions set forth in the redemption agreement.

F - 28
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Distributions
Common stock, common OP unit, and restricted stock distributions declared for the year ended December 31, 2025 were as follows (in millions, except for per share amounts):
Period Record Date Payment Date Distribution Per Share Total Distribution
March 31, 2025 3/31/2025 4/15/2025 $ 0.94  $ 122.6 
May 14, 2025 Special Distribution(1)
 5/14/2025 5/22/2025 $ 4.00  $ 521.3 
June 30, 2025 6/30/2025 7/15/2025 $ 1.04  $ 133.8 
September 30, 2025 9/30/2025 10/15/2025 $ 1.04  $ 131.5 
December 31, 2025 12/31/2025 2/2/2026 $ 1.04  $ 131.2 
(1) In connection with the closing of the Safe Harbor Sale, our Board of Directors authorized a one-time special cash distribution of $4.00 per common share and common unit.
9. Share-Based Compensation
As of December 31, 2025, we had two share-based compensation plans: the Sun Communities, Inc. 2015 Equity Incentive Plan (as amended, the "2015 Equity Incentive Plan") and the First Amended and Restated 2004 Non-Employee Director Option Plan (as amended, the "2004 Non-Employee Director Option Plan"). We believe granting equity awards will provide certain executives, key employees, and directors additional incentives to promote our financial success and promote employee and director retention by providing an opportunity to acquire or increase the direct proprietary interest of those individuals in our operations and future. Award recipients receive non-forfeitable distribution payments on unvested shares of restricted stock.
Time based awards for key employees and executives granted under the 2015 Equity Incentive Plan generally vest over four to five years. Market condition awards for executives generally vest after three years. As of December 31, 2025, the number of shares of common stock that may be issued under the 2015 Equity Incentive Plan is 4,750,000. As of December 31, 2025, there were 2,508,340 shares available for future issuance under the 2015 Equity Incentive Plan.
The types of awards that may be granted under the 2004 Non-Employee Director Option Plan are options, restricted stock, and OP units. Only non-employee directors are eligible to participate in this plan. All outstanding awards under this plan are time based awards of restricted stock, which generally vest over three years. The maximum number of options, restricted stock, and OP units that may be issued under this plan is 375,000 shares. As of December 31, 2025, 107,965 shares remained available for future issuance.
During the years ended December 31, 2025 and 2024, shares were granted as follows:
Grant Period Type Plan Shares Granted Grant Date Fair Value Per Share Vesting Type
2025 Key Employees 2015 Equity Incentive Plan 156,851  $ 132.33 
(1)
 Time Based
2025 Executive Officers 2015 Equity Incentive Plan 119,041  $ 128.70 
(1)
 Time Based
2025 Executive Officers 2015 Equity Incentive Plan 114,626  $ 106.41 
(2)
Market Condition
2025 Directors 2004 Non-Employee Director Option Plan 14,000  $ 122.78 
(1)
 Time Based
2024 Key Employees 2015 Equity Incentive Plan 230,040  $ 131.10 
(1)
 Time Based
2024 Executive Officers 2015 Equity Incentive Plan 51,800  $ 131.99 
(1)
 Time Based
2024 Executive Officers 2015 Equity Incentive Plan 41,400  $ 98.14 
(2)
Market Condition
2024 Directors 2004 Non-Employee Director Option Plan 20,000  $ 129.47 
(1)
 Time Based
(1)Represents the weighted average fair value per share of the closing price of our common stock on the dates the shares were awarded.
(2)Represents the weighted average fair value per share of the Monte Carlo simulation fair value price of our market condition awards on the dates the shares were awarded.
In October 2025, we appointed Charles D. Young as our new CEO. Pursuant to Mr. Young's appointment, we issued 58,754 shares of restricted common stock, 31,128 of which will vest in equal annual installments over four years, and 27,626 are subject to performance vesting after three years based on certain market performance criteria. We also issued 7,782 shares of common stock that vested on October 1, 2025 as an inducement to Mr. Young's employment with the Company.

F - 29
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Share-based compensation for performance-based RSAs with market conditions is measured based on shares expected to vest using a Monte Carlo simulation to determine fair value. The following table summarizes the weighted average assumptions utilized to calculate the grant date fair value of these awards during the periods presented:
Grant Year
2025 2024 2023
Risk-free interest rate
3.5% - 4.0%
 4.4  % 4.5  %
Dividend yield
2.8% - 3.2%
 2.9  % 2.4  %
Volatility
24.8% - 26.6%
 25.9  % 28.1  %
Expected term (in years)
2.25 - 3
 3 3
The following table summarizes our restricted stock activity for the years ended December 31, 2025, 2024, and 2023 (in millions, except share and per share data):
Number of Shares Weighted Average Grant Date Fair Value Fair Value of
Shares Vested
Unvested restricted shares at January 1, 2023 854,767  $ 144.19 
Granted 381,858  $ 132.73 
Vested (243,776) $ 139.03  $ 33.9 
Forfeited (55,198) $ 153.68 
Unvested restricted shares at December 31, 2023 937,651  $ 140.30 
Granted 343,240  $ 127.17 
Vested (222,842) $ 150.36  $ 33.5 
Forfeited (148,161) $ 109.12 
Unvested restricted shares at December 31, 2024 909,888  $ 137.39 
Granted 404,518  $ 123.36 
Vested (251,061) $ 147.01  $ 36.9 
Forfeited (260,036) $ 134.47 
Unvested restricted shares at December 31, 2025 803,309  $ 128.91 
During the years ended December 31, 2025, 2024, and 2023 we recognized total share-based compensation expense from continuing operations of $39.6 million, $31.7 million, and $32.6 million, respectively, within General and administrative expense on the Consolidated Statements of Operations.
The remaining unrecognized share-based compensation cost, net related to our unvested restricted shares, which includes estimated forfeitures, as of December 31, 2025 was approximately $70.7 million and is expected to be recognized over a weighted average period of 1.7 years. Forfeitures are estimated at the grant date and are included monthly within compensation cost. The following table summarizes our expected share-based compensation cost, net related to our unvested restricted shares, in millions:
2026 2027 2028 Thereafter
Expected share-based compensation costs, net $ 28.3  $ 21.4  $ 11.4  $ 9.6 
Modifications
During the year ended December 31, 2025, we modified certain unvested RSAs to accelerate the vesting terms such that the respective awards vested in connection with the termination or retirement of the eligible grantees ("accelerated vestings"). We accounted for the accelerated vestings as modifications under ASC 718, "Compensation-Stock Compensation," and recognized compensation expense based on the incremental fair value of the modified awards. Accordingly, we recognized accelerated share-based compensation expense of $7.7 million within General and administrative expense related to 48,134 time based restricted shares and 21,000 performance-based restricted shares previously subject to a market condition.

F - 30
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
10. Segment Reporting
ASC Topic 280, "Segment Reporting," establishes standards for the way that business enterprises report information about operating segments in its financial statements. In 2025, following the Safe Harbor Sale, we revised our reporting structure from four segments to three segments, which consist of (i) MH communities, (ii) RV communities, and (iii) the communities in the UK. The new structure reflects how the chief operating decision maker ("CODM"), a committee comprised of our CEO, President, COO, and CFO, manages the business, makes operating decisions, allocates resources and evaluates operating performance. Beginning with the three months ended March 31, 2025, we report our financial results consistent with our realigned operating segments and have recast prior period amounts to conform to the way we internally manage our business and monitor segment performance. Certain reclassifications have been made to the prior period financial statements and related notes in order to conform to the current period presentation. There was no impact to prior period net income, shareholders' equity, or cash flows for any of the reclassifications.
Our three reportable segments are: (i) MH, (ii) RV, and (iii) UK. Each operating segment has discrete financial information evaluated regularly by our CODM in managing the business, making operating decisions, allocating resources, and evaluating operating performance.
The CODM uses NOI to allocate resources (including employees, property, and financial or capital resources) for each segment predominately in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a monthly basis for both profit measures when making decisions about allocating capital and personnel to the segments. The CODM also uses NOI for evaluating product pricing and segment profit and in the compensation of certain employees. The CODM reviews balance sheet information at a consolidated level.
The MH segment owns, operates, develops, or has an interest in, a portfolio of MH communities in the U.S., and is in the business of acquiring, operating and developing ground-up MH communities to provide affordable housing solutions to residents. The MH segment also provides manufactured home sales and leasing services to tenants and prospective tenants of our communities.
The RV segment owns, operates, develops, or has an interest in, a portfolio of RV communities and is in the business of acquiring, operating, and developing ground-up RV communities in the U.S. and Canada. It also provides leasing services for vacation rentals within the RV communities.
The UK segment owns, operates, develops, or has an interest in, a portfolio of communities, referred to as holiday parks, and is in the business of acquiring, operating, and developing communities in the United Kingdom. It also provides home sales and associated site license activities to owners and tenants within the communities.

F - 31
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
A presentation of our segment financial information is summarized as follows (in millions):
Year Ended December 31,
2025
2024
2023
MH RV UK Total MH RV UK Total MH RV UK Total
Revenue
Income from real property
 $ 1,012.5  $ 337.2  $ 133.3  $ 956.2  $ 318.8  $ 132.2  $ 906.1  $ 287.1  $ 114.2 
Income from real property - transient
 1.0  229.4  52.4  1.2  249.7  45.0  1.4  277.3  42.1 
Home sales
 116.9  23.5  193.4  149.9  31.2  188.8  188.6  45.2  186.1 
Ancillary
 7.4  78.5  48.1  7.6  81.0  43.9  8.4  89.2  40.0 
Total Operating Revenues $ 1,137.8  $ 668.6  $ 427.2  $ 2,233.6  $ 1,114.9  $ 680.7  $ 409.9  $ 2,205.5  $ 1,104.5  $ 698.8  $ 382.4  $ 2,185.7 
Expenses
Payroll - real property
 58.6  90.1  30.7  57.7  92.4  29.4  58.9  96.4  25.0 
Utilities - real property
 99.1  73.1  32.2  95.1  69.6  30.6  89.0  67.8  27.3 
Legal, taxes, and insurance - real property
 32.4  12.8  1.4  32.9  13.7  1.4  34.3  13.8  1.3 
Supplies and repairs - real property
 47.1  31.9  17.8  45.7  31.9  16.3  38.5  28.5  15.1 
Other expenses - real property
 10.4  43.9  14.4  12.9  41.5  12.9  10.4  34.7  14.9 
Real estate taxes - real property
 74.2  28.4  8.5  69.8  26.5  7.5  65.9  23.8  6.0 
Home sales - Cost of sales
 123.5  107.5  107.6 
Ancillary - Cost of goods sold
 16.8  15.7  14.4 
Other segment items(1)
 107.5  70.7  51.3  133.3  77.6  47.9  155.1  93.0  43.8 
Total NOI $ 708.5  $ 317.7  $ 130.6  $ 1,156.8  $ 667.5  $ 327.5  $ 140.7  $ 1,135.7  $ 652.4  $ 340.8  $ 127.0  $ 1,120.2 
Adjustments to arrive at net income
Interest income
 48.5  20.1  44.8 
Brokerage commissions and other revenues, net
 24.0  34.9  53.6 
General and administrative expense
 (236.7) (230.5) (213.5)
Catastrophic event-related charges, net
 (1.2) (23.6) 3.4 
Business combination expense, net
 —  —  (3.0)
Depreciation and amortization
 (507.9) (490.5) (494.1)
Asset impairments
 (386.7) (66.7) (5.6)
Goodwill impairment
 —  (180.8) (369.9)
Loss on extinguishment of debt
 (104.0) (1.4) — 
Interest expense
 (221.0) (350.3) (325.7)
Interest on mandatorily redeemable preferred OP units / equity
 —  —  (3.3)
Loss on remeasurement of marketable securities
 —  —  (16.0)
Gain / (loss) on foreign currency exchanges
 26.7  (25.8) (0.3)
Gain on dispositions of properties, net
 5.1  202.9  11.0 
Other income / (expense), net
 133.9  (6.8) (7.3)

F - 32
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Loss on remeasurement of notes receivable
 (1.6) (36.4) (106.7)
Income from nonconsolidated affiliates
 16.4  9.5  16.0 
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates
 (0.9) 6.6  (4.2)
Current tax expense
 (10.8) (3.6) (13.7)
Deferred tax benefit
 60.0  39.6  22.9 
Net Income / (Loss) from Continuing Operations
 0.6  32.9  (291.4)
Income from discontinued operations, net
 1,429.6  74.2  82.3 
Net Income / (Loss)
 1,430.2  107.1  (209.1)
Less: Preferred return to preferred OP units / equity interests
 12.6  12.8  12.3 
Less: Income / (loss) attributable to noncontrolling interests
 56.4  5.3  (8.1)
Net Income / (Loss) Attributable to SUI Common Shareholders
 $ 1,361.2  $ 89.0  $ (213.3)
(1)Other segment items for each reportable segment include:
MH and RV – costs related to home sales and ancillary, specifically payroll, utilities, legal, taxes and insurance, supplies and repairs, and other expenses.
UK – other costs related to home sales and ancillary, specifically home sales commission expense, payroll, utilities, legal, taxes, and insurance, supplies and repairs, and other expenses.
Our total assets by segment and by principal geographical area were as follows (in millions):
December 31, 2025
December 31, 2024
  MH RV UK Consolidated MH RV UK Consolidated
Identifiable Assets            
Investment property, net
 $ 5,279.4  $ 3,339.1  $ 2,283.2  $ 10,901.7  $ 5,114.7  $ 3,505.8  $ 2,244.6  $ 10,865.1 
Cash, cash equivalents and restricted cash
 400.2  206.5  29.4  636.1  32.3  16.7  8.1  57.1 
Inventory of manufactured homes
 65.7  19.0  58.2  142.9  52.4  15.3  62.1  129.8 
Notes and other receivables, net
 199.6  61.0  71.5  332.1  233.4  121.4  75.3  430.1 
Collateralized receivables, net
 43.2  —  —  43.2  51.2  —  —  51.2 
Goodwill
 —  9.5  —  9.5  —  9.5  —  9.5 
Other intangible assets, net
 10.6  26.1  64.8  101.5  9.5  26.3  66.7  102.5 
Other assets, net
 273.3  35.9  46.7  355.9  261.1  37.0  144.3  442.4 
Assets held for sale and discontinued operations, net
 —  —  —  —  —  47.2  —  4,461.7 
Total Assets $ 6,272.0  $ 3,697.1  $ 2,553.8  $ 12,522.9  $ 5,754.6  $ 3,779.2  $ 2,601.1  $ 16,549.4 
Year Ended December 31,
2025
 % of Total
2024
 % of Total
North America(1)
 $ 9,969.1  79.6  % $ 13,948.3  84.3  %
United Kingdom 2,553.8  20.4  % 2,601.1  15.7  %
Total Assets $ 12,522.9  100.0  % $ 16,549.4  100.0  %
(1)Includes $0.0 million and $4.4 billion of total assets from discontinued operations as of December 31, 2025 and December 31, 2024, respectively. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," for additional information.

F - 33
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
11. Income Taxes
We have elected to be taxed as a REIT pursuant to Section 856(c) of the Internal Revenue Code of 1986, as amended ("Code"). In order for us to qualify as a REIT, at least 95% of our gross income in any year must be derived from qualifying sources. In addition, a REIT must distribute annually at least 90% of its REIT taxable income (calculated without any deduction for dividends paid and excluding capital gains) to its shareholders and meet other tests.
Qualification as a REIT involves the satisfaction of numerous requirements (on an annual and quarterly basis) established under highly technical and complex Code provisions for which there are limited judicial or administrative interpretations and involves the determination of various factual matters and circumstances not entirely within our control. In addition, frequent changes occur in the area of REIT taxation, which requires us to continually monitor our tax status. We analyzed the various REIT tests and confirmed that we continued to qualify as a REIT for the year ended December 31, 2025.
As a REIT, we generally will not be subject to U.S. federal income taxes at the corporate level on the ordinary taxable income we distribute to our shareholders as dividends. If we fail to qualify as a REIT in any taxable year, our taxable income could be subject to U.S. federal income tax at regular corporate rates. Even if we qualify as a REIT, we may be subject to certain state and local income taxes, as well as U.S. federal income and excise taxes on our undistributed income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state and local income taxes. We are also subject to local income taxes in Canada and the UK due to certain properties located in those jurisdictions. We do not provide for withholding taxes on our undistributed earnings from our Canadian subsidiaries as they are reinvested and will continue to be reinvested indefinitely outside of the U.S. As currently structured, we are not subject to UK withholding taxes on distributions from our UK properties.
For income tax purposes, distributions paid to common shareholders consist of ordinary income, capital gains, and return of capital. Distributions paid per share were taxable as follows (unaudited / rounded):
Year Ended December 31,
2025
2024
2023
Amount Percentage Amount Percentage Amount Percentage
Ordinary income(1)
 $ 2.97  37.25  % $ 1.98  52.70  % $ 2.30  62.62  %
Capital gain 4.29  53.94  % 1.63  43.50  % —  —  %
Return of capital 0.70  8.81  % 0.14  3.80  % 1.37  37.38  %
Total distributions declared $ 7.96  100.00  % $ 3.75  100.00  % $ 3.67  100.00  %
(1)99.9995% of the ordinary taxable dividend qualifies as a Section 199A dividend for 2025 and 0.0005% of the ordinary taxable dividend qualifies as a Qualified Dividend for 2025.
The components of income / (loss) attributable to taxable subsidiaries before provision for income taxes are as follows (in millions):
Year Ended December 31,
2025
2024
2023
Domestic $ (61.4) $ (41.6) $ 1.6 
Foreign (196.0) (81.3) (56.0)
Income / (loss) before provision for income taxes $ (257.4) $ (122.9) $ (54.4)
The components of income tax expense / (benefit) attributable to continuing operations are as follows (in millions):
Year Ended December 31,
2025
2024
2023
State and Local
Current $ 3.0  $ 2.4  $ 2.7 
Foreign
Current 7.8  1.2  11.0 
Deferred (60.0) (39.6) (22.9)
Total expense / (benefit)(1)
 $ (49.2) $ (36.0) $ (9.2)
(1)We did not incur any income tax expense / (benefit) at the federal level for any of the periods presented.

F - 34
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
A reconciliation of the provision / (benefit) for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes after the adoption of ASU 2023-09 is as follows (amounts in millions):
Year Ended December 31,
2025
Federal provision / (benefit) at statutory tax rate
 $ (13.6) 21.0  %
Nontaxable or nondeductible items
Nontaxable REIT income (40.4) 62.2  %
State and local taxes, net of federal benefit(1)
 3.0  (4.6) %
Change in valuation allowance
 12.9  (19.9) %
Foreign tax effects
United Kingdom
Statutory tax rate difference between the UK and the U.S. (7.8) 12.0  %
Change in valuation allowance 1.4  (2.2) %
Foreign basis differences (4.3) 6.6  %
Deferred true ups 4.1  (6.3) %
Return to provision (3.2) 4.9  %
Nondeductible other expenses 1.4  (2.2) %
Other (2.1) 3.2  %
All other countries (0.6) 0.9  %
Total provision / (benefit) (49.2) 75.6  %
(1)The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include New Hampshire, New York, and Texas.
(2)The was no impact to the total provision / (benefit) from the effect of changes in tax laws, cross-border tax laws, tax credits, and changes in unrecognized tax benefits for the period presented.
A reconciliation of the provision / (benefit) for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes prior to the adoption of ASU 2023-09 is as follows (amounts in millions):
Year Ended December 31,
2024
2023
Pre-tax income / (loss) attributable to taxable subsidiaries
 $ (122.9) $ (54.4)
Federal provision / (benefit) at statutory tax rate
 (25.8) 21.0  % (11.4) 21.0  %
State and local taxes, net of federal benefit(1)
 1.4  (1.1) % 1.1  (2.1) %
Change in valuation allowance
 3.4  (2.8) % 0.5  (0.9) %
Foreign tax effects (19.0) 15.5  % 0.2  (0.4) %
Others
 3.0  (0.9) % (1.1) 1.8  %
Tax provision / (benefit) - taxable subsidiaries
 (37.0) 31.7  % (10.7) 19.4  %
Other state taxes - flow through subsidiaries
 1.0  1.5 
Total provision / (benefit) $ (36.0) $ (9.2)
Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the basis of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced, if necessary, by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence. Our temporary differences primarily relate to net operating loss carryforwards, depreciation, interest and basis differences between tax and GAAP. Our deferred tax assets that have a full valuation allowance relate to our taxable REIT subsidiaries.

F - 35
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The components of cash paid for income taxes was as follows (amounts in millions):
Year Ended December 31, 2025
Federal $ — 
State and local
Texas 0.7 
New Hampshire 0.5 
New York 0.3 
All other state and local 0.3 
Foreign
Canada 2.1 
United Kingdom 1.1 
Total cash paid for income taxes $ 5.0 
During the years ended December 31, 2024 and 2023, total cash paid for incomes taxes for our continuing operations was $2.9 million and $20.3 million, respectively.
The deferred tax assets and liabilities included in the Consolidated Balance Sheets are comprised of the following tax effects of temporary differences and based on the most recent tax rate legislation (in millions):
As of December 31,
2025
2024
2023
Deferred Tax Assets
NOL carryforwards
 $ 15.8  $ 32.0  $ 28.7 
Depreciation and basis differences
 58.7  24.7  24.1 
Restricted interest carryforwards
 102.4  81.3  51.9 
Other
 17.2  16.7  5.2 
Gross deferred tax assets
 194.1  154.7  109.9 
Valuation allowance
 (53.7) (61.2) (51.8)
Net deferred tax assets(1)
 140.4  93.5  58.1 
Deferred Tax Liabilities
Basis differences - US assets
 —  —  — 
Basis differences - foreign investment(2)
 (365.7) (360.3) (335.2)
Gross deferred tax liabilities(1)
 (365.7) (360.3) (335.2)
Net Deferred Tax Liability $ (225.3) $ (266.8) $ (277.1)
(1)Net deferred tax assets and Gross deferred tax liabilities are netted and presented within Other liabilities in our Consolidated Balance Sheets, as they pertain to the same tax-paying component of the entity and the same tax jurisdiction.
(2)Balance as of December 31, 2025 relates to basis differences in our foreign investments in properties in the UK and Canada.
Our U.S. taxable REIT subsidiaries operating loss carryforwards are $77.5 million, or $15.8 million after tax, including SHS loss carryforwards of $71.4 million, or $15.0 million after tax, as of December 31, 2025. Our U.S. loss carryforwards arose in tax years after 2017 and can be carried forward indefinitely, but are subject to an 80% limit in future years. In addition, our Canadian subsidiaries have operating loss carryforwards of $0.4 million, or $0.1 million after tax, as of December 31, 2025. The loss carryforwards will begin to expire in 2040 through 2042 if not offset by future taxable income.
Our policy is to report income tax penalties and income tax related interest expense as a component of income tax expense. No interest or penalty associated with any unrecognized income tax provision or benefit was accrued, nor was any income tax related interest or penalty recognized during the years ended December 31, 2025, 2024, and 2023.
12. Earnings / (Loss) Per Share
Earnings / (loss) per share ("EPS") is computed by dividing net earnings / (loss) by the weighted average number of common shares outstanding during the period on a basic and diluted basis. We calculate diluted EPS using the more dilutive of the treasury stock method and the two-class method for stock option and restricted common shares, the treasury stock method for forward equity sales and the if converted method for convertible units. Our potentially dilutive securities include our potential common shares related to our forward equity offerings, our unvested restricted common shares, and our Operating Partnership outstanding common and preferred OP units, which, if converted or exercised, may impact dilution.

F - 36
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Diluted EPS considers the impact of potentially dilutive securities except when the potential common shares have an anti-dilutive effect. Our unvested restricted stock common shares contain rights to receive non-forfeitable distributions and participate equally with common stock with respect to distributions issued or declared, and thus, are participating securities, requiring the two-class method of computing EPS. In calculating the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average number of shares outstanding during the period. The two-class method determines EPS by (1) dividing the sum of distributed earnings and undistributed earnings allocated to common shareholders by the weighted average number of shares of common stock outstanding for the period; and (2) dividing the sum of distributed earnings and undistributed earnings allocated to participating securities by the weighted average number of shares of participating securities for the period. The remaining potential dilutive common shares do not contain rights to distributions and are included in the computation of diluted EPS.
Computations of basic and diluted EPS were as follows (in millions, except per share data):
Year Ended December 31,
2025
2024
2023
Numerator for basic EPS
Net income / (loss) from continuing operations
 $ 0.6  $ 32.9  $ (291.4)
Preferred return to preferred OP units equity interests
 (12.6) (12.8) (12.3)
(Income) / loss attributable to noncontrolling interests
 (56.4) (5.3) 8.1 
Net income / (loss) from continuing operations attributable to SUI common shareholders
 (68.4) 14.8  (295.6)
Less: allocation to restricted stock awards
 7.7  0.4  (1.8)
Basic earnings - net income / (loss) from continuing operations after allocation to restricted stock awards
 (76.1) 14.4  (293.8)
Basic earnings - net income from discontinued operations
 1,429.6  74.2  82.3 
Basic earnings - net income / (loss) attributable to common shareholders after allocation to restricted stock awards
 $ 1,353.5  $ 88.6  $ (211.5)
Numerator for diluted EPS
Basic earnings - net income / (loss) from continuing operations after allocation to restricted stock awards
 $ (76.1) $ 14.4  $ (293.8)
Add: allocation to common and preferred OP units dilutive effect
 —  1.2  — 
Add: allocation to restricted stock awards
 —  —  (1.8)
Diluted net income / (loss) from continuing operations attributable to SUI common shareholders
 (76.1) 15.6  (295.6)
Diluted net income from discontinued operations
 1,429.6  74.2  82.3 
Diluted earnings - net income / (loss) attributable to common shareholders after allocation to common and preferred OP units(1)
 $ 1,353.5  $ 89.8  $ (213.3)
Denominator    
Weighted average common shares outstanding
 124.9  124.5  123.4 
Add: dilutive restricted stock
 —  —  0.4 
Add: common and preferred OP units dilutive effect
 —  2.7  — 
Diluted weighted average common shares and securities(1)
 124.9  127.2  123.8 
EPS Available to Common Shareholders After Allocation
    
Basic earnings / (loss) per share from continuing operations
 $ (0.61) $ 0.12  $ (2.38)
Basic earnings per share from discontinued operations
 11.45  0.59  0.67 
Basic earnings / (loss) per share
 $ 10.84  $ 0.71  $ (1.71)
Diluted earnings / (loss) per share from continuing operations
 $ (0.61) $ 0.12  $ (2.39)
Diluted earnings per share from discontinued operations
 11.45  0.59  0.67 
Diluted earnings / (loss) per share(1)
 $ 10.84  $ 0.71  $ (1.72)
(1) For the years ended December 31, 2025 and 2024, diluted earnings per share was calculated using the two-class method for RSAs as the application of this method resulted in a more diluted earnings per share during those periods. For the year ended December 31, 2023, diluted earnings per share was calculated using the treasury stock method for RSAs as the application of this method resulted in a more diluted earnings per share during this period.

F - 37
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
We have excluded certain potentially dilutive securities from the computation of diluted EPS because the inclusion of those securities would have been anti-dilutive for the periods presented. The following table presents the outstanding securities that were excluded from the computation of diluted EPS (in thousands):
Year Ended December 31,
2025
2024
2023
Common OP units 2,637  —  2,735 
A-1 preferred OP units 170  177  202 
A-3 preferred OP units 40  40  40 
Series C preferred OP units 292  297  306 
Series D preferred OP units 489  489  489 
Series E preferred OP units 80  80  80 
Series F preferred OP units 70  90  90 
Series G preferred OP units 5  206  211 
Series H preferred OP units 561  581  581 
Series J preferred OP units 236  236  238 
Series K preferred OP units 1,000  1,000  1,000 
Series L preferred OP units
 20  20  20 
Redemption rights - Series G preferred OP units 201  N/A N/A
Total Securities 5,801  3,216  5,992 
N/A = Not applicable.
13. Derivative Financial Instruments
We have utilized treasury rate lock contracts, interest rate swaps, and forward swaps for interest rate risk management purposes. We have also periodically entered into forward swaps to hedge foreign currency exchange risk exposures. We do not enter into derivative instruments for speculative purposes. At December 31, 2025, we did not have any outstanding derivative contracts. At December 31, 2024, we held 11 derivative contracts, which were designated as cash flow hedges under ASC Topic 815, "Derivatives and Hedging." The risk being hedged is the interest rate risk related to outstanding floating rate debt and forecasted debt issuance transactions, and the benchmark interest rate used is the SOFR Rate.
Derivative Contract Activity
During the year ended December 31, 2025, we entered into six forward swap contracts with a notional amount totaling $1.0 billion (equivalent to £768.0 million) to economically hedge a planned repayment of a GBP debt borrowing. In conjunction with the repayment of the debt during the same period, we settled the forward swap contracts and recognized a gain of $14.4 million within Gain / (loss) on foreign currency exchanges on the Consolidated Statements of Operations.
During the year ended December 31, 2025, we also terminated eight interest rate swap contracts with an aggregate notional amount of $300.0 million in conjunction with the settlement of outstanding debt obligations on our Senior Credit Facility. We recorded a loss on termination of $1.2 million within Other income / (expense), net on the Consolidated Statements of Operations.
During the year ended December 31, 2025, three forward swaps with a notional amount totaling $646.4 million (equivalent to £500.0 million) expired upon reaching their respective maturity dates.
The following table presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts (in millions):
December 31, 2025 December 31, 2024
Derivatives Designated as Cash Flow Hedges Notional
Fair Value
of Assets
 Fair Value of Liabilities Notional
Fair Value
of Assets(1)
Fair Value of Liabilities(2)
Interest rate derivatives $ —  $ —  $ —  $ 927.6  $ 6.3  $ 1.3 
(1)Included within Other assets, net on the Consolidated Balance Sheets.
(2)Included within Other liabilities on the Consolidated Balance Sheets.
The following table presents the gains / (losses) on derivatives in cash flow hedging relationships recognized in OCI (in millions):
Year Ended December 31,
Derivatives Designated as Cash Flow Hedges
2025
2024
2023
Interest rate derivatives $ (2.8) $ 13.2  $ (4.9)

F - 38
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table presents the amount of gains on derivative instruments reclassified from AOCI into earnings (in millions):
Year Ended December 31,
Derivatives Designated as Cash Flow Hedges Financial Statement Classification
2025
2024
2023
Interest rate derivatives
Interest expense /
Other income / (expense), net
 $ 16.4  $ 19.0  $ 14.9 
During the year ended December 31, 2025, we released net accumulated gains of $8.7 million from AOCI to earnings in conjunction with the settlement of the 2029 and 2033 Note Redemptions and the repayment of certain mortgage term loans. The debt instruments were previously classified as hedged transactions under ASC 815, "Derivatives and Hedging," and the extinguishment of the related debt obligations resulted in the discontinuation of the cash flow hedge relationship. The net accumulated gains were recorded to Other income / (expense), net on the Consolidated Statements of Operations.
Refer to Note 1, "Significant Accounting Policies," for our accounting policies pertaining to derivative financial instruments. Refer to Note 14, "Fair Value Measurements," for additional information related to the fair value methodology used for derivative financial instruments.
14. Fair Value Measurements
The table below sets forth our financial assets and liabilities (in millions) that require disclosure of fair value on a recurring basis as of December 31, 2025. The valuation techniques are described in Note 1, "Significant Accounting Policies." The carrying values of cash, cash equivalents and restricted cash, other receivables and accounts payable approximate their fair market values since their maturities are less than one year. These financial instruments are classified as Level 1 in the hierarchy and are excluded from the table below.
December 31, 2025 December 31, 2024
Fair Value Level Carrying Value Fair Value Carrying Value Fair Value
Financial Assets
Installment notes receivable on manufactured homes, net 3 $ 139.2  $ 139.2  $ 93.9  $ 93.9 
Notes receivable from real estate developers and operators 3 44.5  44.5  148.5  148.5 
Collateralized receivables, net 3 43.2  43.2  51.2  51.2 
Derivative assets 2 —  —  6.3  6.3 
Total assets measured at fair value $ 226.9  $ 226.9  $ 299.9  $ 299.9 
Financial Liabilities        
Mortgage loans payable 2 $ 2,429.0  $ 2,193.0  $ 3,212.2  $ 2,952.4 
Secured borrowings on collateralized receivables 3 43.2  43.2  51.2  51.2 
Total secured debt 2,472.2  2,236.2  3,263.4  3,003.6 
Unsecured debt
Senior unsecured notes 2 1,786.5  1,655.1  2,676.3  2,476.8 
Line of credit 2 —  —  1,413.1  1,413.1 
Total unsecured debt 1,786.5  1,655.1  4,089.4  3,889.9 
Derivative liabilities 2 —  —  1.3  1.3 
Other financial liabilities (contingent consideration) 3 0.2  0.2  11.3  11.3 
Total liabilities measured at fair value $ 4,258.9  $ 3,891.5  $ 7,365.4  $ 6,906.1 
We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The following methods and assumptions were used in order to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value.
Installment Notes Receivable on Manufactured Homes and Collateralized Receivables
Installment notes receivable on manufactured homes and collateralized receivables are recorded at fair value and are measured using model-derived indicative pricing using primarily unobservable inputs, inclusive of default rates, interest rates and recovery rates (Level 3). Refer to Note 4, "Notes and Other Receivables" for additional information.

F - 39
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Notes Receivable from Real Estate Developers and Operators
Notes receivable from real estate developers and operators are recorded at fair value and are measured using model-derived indicative pricing using primarily unobservable inputs including interest rates and counterparty performance (Level 3). The carrying values of the notes generally approximate their fair market values either due to the nature of the note and / or the note being secured primarily by underlying real estate and other collateral and / or personal guarantees. Refer to Note 4, "Notes and Other Receivables," for additional information.
Derivatives Assets and Liabilities - Interest Rate Derivatives
Interest rate derivatives are recorded at fair value and consist of interest rate swaps and forward swaps. The fair value of these financial instruments are measured using observable inputs based on the SOFR and SONIA Rates, respectively (Level 2).
Secured Debt
Secured debt consists primarily of our mortgage term loans. The fair value of mortgage term loans is based on the estimates of management and on rates currently quoted, rates currently prevailing for comparable loans and instruments of comparable maturities (Level 2). Refer to Note 7, "Debt and Line of Credit," for additional information.
Secured borrowings on collateralized receivables - recorded at fair value and adjusted based on the same interest rates as the related collateralized receivables (Level 3). Refer to Note 7, "Debt and Line of Credit," for additional information.
Unsecured Debt
Senior unsecured notes - the fair value of senior unsecured notes is based on the estimates of management and on rates currently quoted, rates currently prevailing for comparable loans and instruments of comparable maturities (Level 2). Refer to Note 7, "Debt and Line of Credit," for additional information.
Line of credit and other unsecured debt - consists primarily of our senior credit facility. We have variable rates on our senior credit facility. The fair value of the debt with variable rates approximates carrying value as the interest rates of these amounts approximate market rates (Level 2). The estimated fair value of our debt as of December 31, 2025 approximated its gross carrying value.
Other Financial Liabilities
We estimate the fair value of contingent consideration liabilities based on valuation models using significant unobservable inputs that generally consider discounting of future cash flows using market interest rates and adjusting for non-performance risk over the remaining term of the liability (Level 3).
Level 3 Reconciliation, Measurements, and Transfers
We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. Availability of secondary market activity and consistency of pricing from third-party sources impacts our ability to classify securities as Level 2 or Level 3. There were no transfers into or out of Level 3 during the years ended December 31, 2025 and 2024.

F - 40
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following tables summarize changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy (in millions):
Year Ended December 31,
2025
2024
Assets: Installment Notes Receivable on MH, net Notes Receivable From Real Estate Developers and Operators Collateralized Receivables, net Installment Notes Receivable on MH, net Notes Receivable From Real Estate Developers and Operators Collateralized Receivables, net
Level 3 beginning balance at January 1, 2025 and 2024 $ 93.9  $ 148.5  $ 51.2  $ 19.6  $ 134.5  $ 56.2 
Realized gains / (losses)
 (1.6)
(1)
 —  (0.2)
(2)
 (0.5)
(1)
 (35.8)
(1)
 2.1 
(2)
Purchases and issuances 57.4  6.5  —  81.4  63.2  — 
Sales and settlements (10.1) (112.6) (5.7) (4.6) (13.3) (7.1)
Dispositions of properties (0.4) —  (2.1) (2.0) —  — 
Foreign currency exchange gains / (losses) —  2.1  —  —  (0.5) — 
Other adjustments —  —  —  —  0.4  — 
Level 3 ending balance at December 31, 2025 and 2024
 $ 139.2  $ 44.5  $ 43.2  $ 93.9  $ 148.5  $ 51.2 
(1) Realized losses recorded within Loss on remeasurement of notes receivable on the Consolidated Statements of Operations.
(2) Realized gains / (losses) recorded within Other income / (expense), net on the Consolidated Statements of Operations.
Year Ended December 31,
2025
2024
Liabilities: Secured Borrowing on Collateralized Receivables Other Liabilities (Contingent Consideration) Secured Borrowing on Collateralized Receivables Other Liabilities (Contingent Consideration)
Level 3 beginning balance at January 1, 2025 and 2024 $ 51.2  $ 11.3  $ 55.8  $ 11.3 
Realized (gains) / losses(1)
 (0.2) —  2.1  — 
Purchases and issuances —  —  0.4  — 
Sales and settlements (7.8) (14.0) (7.1) — 
Dispositions of properties —  (2.3) —  — 
Other adjustments(2)
 —  5.2  —  — 
Level 3 ending balance at December 31, 2025 and 2024
 $ 43.2  $ 0.2  $ 51.2  $ 11.3 
(1) Realized losses are recorded within Other income / (expense), net on the Consolidated Statements of Operations.
(2) Represents contingent consideration from a tax protection agreement that we entered into with former owners of certain marina properties at the time of acquisition. Refer to Note 2, "Assets Held for Sale and Discontinued Operations," for additional information.
Fair Value Measurements on a Nonrecurring Basis
As of December 31, 2025, assets measured at fair value on a non-recurring basis consisted of real estate assets that have been written down to an estimated fair value for impairment purposes. We review the carrying value of long-lived assets to be held for use for impairment quarterly or whenever events or changes in circumstances indicate a possible impairment. During the year ended December 31, 2025, due to a contemplated change in strategic plan for certain assets, as well as a reduction in projected future cash flows and deteriorating NOI trends for certain other assets, we recognized the following asset impairment charges (in millions, except for number of properties):
Period Fair Value Level Number of Properties Segment Asset Impairment Charges Aggregate Estimated Fair Value
Three months ended December 31, 2025 3
(2)
 3 UK $ 30.6  $ 14.7 
Three months ended September 30, 2025 3
(1)
 6 RV $ 165.0  $ 22.9 
Three months ended June 30, 2025 3
(2)
 3 UK $ 132.7 
(3)
 $ 8.9 
Three months ended June 30, 2025 3
(2)
 3 RV $ 32.2  $ 86.4 
Three months ended March 31, 2025 3
(4)
 7 MH / RV $ 20.5  $ 93.4 
(1) The non-recurring fair value measurement was driven by a reduction in projected future cash flows and deteriorating NOI trends for the impaired properties and was determined using an income and market approach. The analysis was based upon market conditions, expectations for future growth and comparable transactions, and utilized unobservable quantitative inputs, including capitalization rates ranging from 9.5% to 10.0% and discount rates ranging from 11.0% to 13.0%.
(2) The non-recurring fair value measurement was driven by our contemplated change in strategic plan for the properties and was determined using an income approach. The fair value methodology included a probability weighted holding period and estimated sale price for the assets based on current market conditions and comparable transactions in the applicable geographic location.
(3) Recorded a deferred tax benefit of $29.5 million in conjunction with the impairment.
(4) The fair value measurement was driven by pre-construction development costs and determined by estimating discounted cash flows based on the expectation that the development projects are no longer probable of being realized.

F - 41
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Although we have determined the estimated fair value amounts using available market information and commonly accepted valuation methodologies, considerable judgment is required in interpreting market data to develop fair value estimates. The fair value estimates are based on information available as of December 31, 2025. As such, our estimates of fair value could differ significantly from the actual carrying value.
15. Commitments and Contingencies
Legal Proceedings - Class Action Litigation
Since August 31, 2023, several putative class action complaints have been filed in the U.S. District Court for the Northern District of Illinois, Eastern Division, against Datacomp Appraisal Systems, Inc., us, and several other large MH operators in the U.S. The complaints allege that the defendants have violated federal antitrust laws by sharing and receiving competitively sensitive non-public information to maintain artificially high site rents. The complaints have been consolidated into the case captioned In re Manufactured Home Lot Rents Antitrust Litigation, No. 1:23-cv-06715.
Plaintiffs seek both injunctive relief and monetary damages, as well as attorneys' fees. We are unable to estimate a range of loss, if any, that could result were there to be an adverse final decision in this litigation. If an unfavorable result were to occur, it is possible that the impact could be material to our results of operations in the periods in which any such outcome becomes probable and estimable.
We believe that the plaintiffs' allegations are without merit and intend to defend against them vigorously. However, litigation is inherently uncertain and there can be no assurance regarding the likelihood that our defense of this litigation will be successful.
Other Legal Proceedings
We are involved in various other legal proceedings arising in the ordinary course of business. All such proceedings, taken together, are not expected to have a material adverse impact on our results of operations or financial condition.
Catastrophic Event-Related Charges
Hurricanes Helene and Milton - In September and October 2024, Hurricane Helene and Hurricane Milton, respectively, made landfall in Florida and subsequently impacted several of our properties in the Southeastern and Mid-Atlantic regions of the U.S.
Estimated property insurance recoveries, excluding business interruption recoveries, of $42.0 million related to Hurricane Helene and Hurricane Milton, were recorded in Notes and other receivables, net, on the Consolidated Balance Sheets as of December 31, 2025. The table below sets forth changes in estimated property insurance recoveries, excluding business interruption recoveries (in millions):
Year Ended
December 31, 2025
Total estimated insurance receivable - December 31, 2024 $ 16.7 
Change in estimated property insurance recoveries 36.1 
Proceeds received from insurer (10.8)
Total estimated insurance receivable - December 31, 2025
 $ 42.0 
The foregoing estimates for each respective event are based on current information available, and we continue to assess these estimates. Actual charges and insurance recoveries could vary significantly from these estimates. Any changes to these estimates will be recognized in the period in which they are determined.
Hurricane Ian - During the year ended December 31, 2025, we received a settlement of $80.2 million from an insurance provider to settle all remaining claims related to property, casualty, flood, and business interruption insurance recoveries from Hurricane Ian. We concluded that $43.7 million and $36.5 million were attributable to property and casualty recoveries and business interruption recoveries, respectively. The business interruption recoveries represent lost earnings from Hurricane Ian through the year ending December 31, 2027. In conjunction with the settlement, we recorded a gain of $68.5 million within Other income / (expense), net. Prior to the settlement, during the years ended December 31, 2025 and 2024, we recognized $10.7 million and $16.7 million, respectively, as business interruption recoveries for the lost earnings from Hurricane Ian within Brokerage commissions and other revenue, net. Our business interruption insurance policy provides for up to 60 months of coverage from the date of restoration.
16. Leases
Lessee Accounting
We lease land under non-cancelable operating leases at certain properties expiring at various dates through 2100. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of revenues at those properties. We also have other operating leases, primarily office space and equipment expiring at various dates through 2042.

F - 42
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Future minimum lease payments under non-cancellable leases as of December 31, 2025 where we are the lessee include (in millions):

Maturity of Lease Liabilities Finance Leases Operating Leases Total
2026 $ 0.9  $ 5.6  $ 6.5 
2027 0.9  5.0  5.9 
2028 0.9  4.5  5.4 
2029 0.7  4.0  4.7 
2030 0.6  3.4  4.0 
Thereafter 37.3  75.2  112.5 
Total Lease Payments $ 41.3  $ 97.7  $ 139.0 
Less: Imputed interest (30.7) (58.7) (89.4)
Present Value of Lease Liabilities $ 10.6  $ 39.0  $ 49.6 
Right-of-use ("ROU") assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in millions):
Financial Statement Classification
As of December 31,
Description
2025
2024
Lease Assets
Finance lease, ROU asset, net of accumulated amortization Investment property, net $ 26.6  $ 31.3 
Operating lease, ROU asset, net Other assets, net $ 59.9  $ 52.4 
Lease Liabilities
Finance lease liabilities Other liabilities $ 10.6  $ 14.2 
Operating lease liabilities Other liabilities $ 39.0  $ 34.5 
The components of lease costs for finance and operating leases, as included in our Consolidated Statements of Operations are as follows (in millions):
Year Ended December 31,
Description Financial Statement Classification
2025
2024
2023
Finance Lease Cost
Amortization of ROU assets Depreciation and amortization $ 0.6  $ 0.8  $ 1.6 
Interest on lease liabilities Interest expense 0.3  0.5  0.6 
Operating lease cost General and administrative expense, Property operating and maintenance,
Depreciation and amortization		 5.0  2.9  6.1 
Variable lease cost Property operating and maintenance 1.6  1.5  1.6 
Total Lease Cost $ 7.5  $ 5.7  $ 9.9 
Lease term, discount rates and additional information for finance and operating leases are as follows:
As of December 31,
Lease Term and Discount Rate
2025
2024
Weighted-average Remaining Lease Terms (years)
Finance lease 64.60 33.79
Operating lease 52.07 42.59
Weighted-average Discount Rate
Finance lease 6.15  % 3.63  %
Operating lease 5.24  % 3.90  %

Year Ended December 31,
Other Information (in millions)
2025
2024
2023
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases $ 3.4  $ 3.4  $ 4.8 
Financing cash outflows for finance leases 4.3  0.8  0.8 
Total Cash Paid on Lease Liabilities $ 7.7  $ 4.2  $ 5.6 

F - 43
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Lessor Accounting
We are not the lessor for any finance leases at our properties as of December 31, 2025. Nearly all of our operating leases with our residents and customers at our properties where we are the lessor are for a time period not to exceed one year or month to month. As of December 31, 2025, future minimum lease payments with our residents or customers would not exceed 12 months.
Future minimum lease payments for operating leases with real estate operators at our properties were not material as of December 31, 2025.
Failed Sale Leaseback
In connection with our acquisition of Park Holidays, we assumed ground lease arrangements for certain UK properties that we concluded to be failed sale-leaseback transactions under ASC Topic 842, "Leases." As of December 31, 2024, we maintained these ground lease arrangements for 32 UK properties. The arrangements had maturities ranging from 2117 through 2197 with an option to repurchase for £1.00 at the end of the term. The obligation related to the underlying ground leases was recorded as a financial liability in Other Liabilities on the Consolidated Balance Sheets.
During the year ended December 31, 2025, we repurchased the titles to all 32 UK properties that were previously controlled via ground leases for total cash payments of $386.8 million, inclusive of fees and recoverable VAT taxes. In conjunction with the ground lease terminations, we recorded a gain of $51.8 million within Other income / (expense), net on the Consolidated Statements of Operations. The financial liability was $0.0 million and $355.9 million as of December 31, 2025 and December 31, 2024, respectively.
17. Related Party Transactions
Lease of Executive Offices - Gary A. Shiffman, together with certain of his family members, indirectly owns an equity interest of approximately 28.1% in American Center LLC, the entity from which we lease office space for our principal executive offices. Brian M. Hermelin, indirectly owns less than a 1% interest in American Center LLC. Mr. Shiffman is our Chairman of the Board and former CEO. Mr. Hermelin is a director of the Company. Under this agreement, we lease approximately 60,261 rentable square feet of permanent space. The lease agreement includes annual graduated rent increases through the contract end date. During the year ended December 31, 2025, we extended the agreement through October 31, 2033. As of December 31, 2025, the average gross base rent was $21.95 per square foot. Each of Mr. Shiffman and Mr. Hermelin may have a conflict of interest with respect to his obligations as our director and his ownership interest in American Center LLC.
Tax Consequences Upon Sale of Properties - Gary A. Shiffman holds limited partnership interests in the Operating Partnership which were received in connection with the contribution of properties from partnerships previously affiliated with him. Prior to any redemption of these limited partnership interests for our common stock, Mr. Shiffman will have tax consequences different from those on us and our public shareholders upon the sale of any of these partnerships. Therefore, we and Mr. Shiffman may have different objectives regarding the appropriate pricing and timing of any sale of those properties.
18. Recent Accounting Pronouncements
Recent Accounting Pronouncements - Adopted
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which requires disclosure of specific categories in the effective tax rate reconciliation as well as additional information for reconciling items that meet a quantitative threshold. Further, this amendment requires certain disclosure of income taxes paid disaggregated by federal, state, and foreign taxes, and the amount of income taxes paid disaggregated by individual jurisdiction in which income taxes paid meet a quantitative threshold. The new guidance is intended to enhance the transparency and decision usefulness of income tax disclosures. We adopted ASU 2023-09 for the year ended December 31, 2025 and applied the new disclosure requirements prospectively for the current annual period. Refer to Note 11, "Income Taxes," for additional information.
Recent Accounting Pronouncements - Not Yet Adopted
In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative," which adds interim and annual disclosure requirements to the US GAAP codification at the request of the SEC. The new guidance is intended to align GAAP requirements with those of the SEC and to facilitate the application of GAAP for all entities. These disclosure requirements are currently included in either SEC Regulation S-X or SEC Regulation S-K. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. Early adoption is prohibited and the amendments should be applied prospectively. If the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K by June 30, 2027, the amendments will be removed from the US GAAP codification and will not be effective.

F - 44
SUN COMMUNITIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Topic 220-40)," which requires disaggregated disclosure of certain expense captions into specified categories within the footnotes to the financial statements. This ASU is effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the provisions of this amendment and the impact on our Consolidated Financial Statements and related disclosures.
19. Subsequent Events
Redemption of Preferred OP Units
Subject to certain limitations, holders can redeem certain series of preferred OP units for cash, provided that the applicable contractual requirements are met. In January and February 2026, 10,000 Series F preferred OP units and 430,089 Series H preferred OP units were redeemed for a total net cash payment of $44.1 million, inclusive of all distributions on the redeemed units that were accrued and unpaid as of the redemption date, in accordance with the terms and conditions set forth in the redemption agreement.
We have evaluated our Consolidated Financial Statements for subsequent events through the date that this Form 10-K was issued.

F - 45
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2025
(amounts in millions)

The following tables set forth real estate and accumulated depreciation relating to our MH and RV properties.
Initial Cost to Company Costs Capitalized Subsequent to Acquisition (Improvements)
Gross Amount Carried at
December 31, 2025
Property Name Location
Encumbrances(1)
 Land Depreciable Assets Land Depreciable Assets Land Depreciable Assets Total Accumulated Depreciation Date Acquired (A) or Constructed (C)
49'er Village Plymouth, CA $ —  $ 2.2  $ 10.7  $ —  $ 7.0  $ 2.2  $ 17.7  $ 19.9  $ (4.6) 2017 (A)
Academy / West Point Canton, MI 50.3  1.5  14.3  —  14.7  1.5  29.0  30.5  (18.1) 2000 (A)
Allendale Meadows Allendale, MI 3.4  0.4  3.7  —  7.5  0.4  11.2  11.6  (8.3) 1996 (A)
Alpine Meadows Grand Rapids, MI —  0.7  6.7  —  10.6  0.7  17.3  18.0  (11.5) 1996 (A&C)
Alta Laguna Rancho Cucamonga, CA 35.9  23.7  21.1  —  1.9  23.7  23.0  46.7  (7.5) 2016 (A)
Andover Grass Lake, MI —  2.1  11.2  —  0.8  2.1  12.0  14.1  (1.9) 2021 (A)
Apple Carr Village Muskegon, MI —  0.8  6.2  0.2  31.1  1.0  37.3  38.3  (14.3) 2011 (A&C)
Apple Creek Amelia, OH 5.5  0.5  5.5  —  5.2  0.5  10.7  11.2  (6.8) 1999 (A)
Arbor Terrace Bradenton, FL 18.3  0.4  4.4  0.1  7.2  0.5  11.6  12.1  (6.6) 1996 (A)
Arbor Woods Ypsilanti, MI —  3.3  12.4  —  13.8  3.3  26.2  29.5  (10.5) 2017 (A)
Austin Lone Star Austin, TX —  0.6  7.9  —  2.5  0.6  10.4  11.0  (3.3) 2016 (A)
Bahia Vista Estates Sarasota, FL —  6.8  17.7  —  4.2  6.8  21.9  28.7  (6.9) 2016 (A)
Baker Acres Zephyrhills, FL —  2.1  11.9  —  4.4  2.1  16.3  18.4  (4.8) 2016 (A)
Bay Country Estates Rising Sun, MD —  10.8  5.9  —  0.3  10.8  6.2  17.0  —  2025 (A)
Bear Lake Resort(5)(7)
 Garden City Utah —  6.1  —  —  —  6.1  —  6.1  —  2022 (C)
Beechwood Killingworth, CT —  7.9  18.4  —  2.3  7.9  20.7  28.6  (4.5) 2019 (A)
Bel Air Estates Menifee, CA —  4.3  14.4  —  2.4  4.3  16.8  21.1  (2.0) 2022 (A)
Big Tree Arcadia, FL —  1.2  13.5  0.1  3.4  1.3  16.9  18.2  (5.3) 2016 (A)
Birch Hill Estates Bangor, ME —  2.0  29.5  —  1.9  2.0  31.4  33.4  (5.9) 2020 (A)
Blue Heron Pines Punta Gorda, FL —  0.4  35.3  —  8.2  0.4  43.5  43.9  (14.8) 2015 (A&C)
Blue Jay Dade City, FL —  2.0  9.7  —  2.9  2.0  12.6  14.6  (3.9) 2016 (A)
Blueberry Hill Bushnell, FL 14.3  3.8  3.2  —  5.3  3.8  8.5  12.3  (3.4) 2012 (A)
Bluebonnet Lake(5)(7)
 Austin, TX —  8.5  —  —  —  8.5  —  8.5  —  2021 (C)
Boulder Ridge Pflugerville, TX 44.2  —  —  2.8  63.8  2.8  63.8  66.6  (27.8) 1998 (C)
Branch Creek Austin, TX 21.3  0.8  3.7  —  9.1  0.8  12.8  13.6  (8.7) 1995 (A&C)
Brentwood Estates Hudson, FL —  1.1  9.4  0.1  2.5  1.2  11.9  13.1  (4.3) 2015 (A)
Brentwood Village Kentwood, MI 6.6  0.4  3.6  —  3.3  0.4  6.9  7.3  (4.2) 1996 (A)
Brentwood West Mesa, AZ 25.5  13.6  24.2  —  1.9  13.6  26.1  39.7  (10.0) 2014 (A)
Broadview Estates Davison, MI —  0.7  6.1  —  27.6  0.7  33.7  34.4  (20.6) 1996 (A&C)
Brookside Manor Goshen, IN —  0.3  1.1  0.3  22.4  0.6  23.5  24.1  (14.5) 1985 (A&C)
Brookside Village Kentwood, MI 5.5  0.2  5.6  —  0.7  0.2  6.3  6.5  (2.9) 2011 (A)

F - 46
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2025
(amounts in millions)
Initial Cost to Company Costs Capitalized Subsequent to Acquisition (Improvements)
Gross Amount Carried at
December 31, 2025
Property Name Location
Encumbrances(1)
 Land Depreciable Assets Land Depreciable Assets Land Depreciable Assets Total Accumulated Depreciation Date Acquired (A) or Constructed (C)
Buena Vista Buckeye, AZ —  9.2  14.4  —  5.4  9.2  19.8  29.0  (4.9) 2019 (A)
Bush River Manor Aberdeen, MD —  16.4  18.1  —  0.4  16.4  18.5  34.9  (0.1) 2025 (A)
Buttonwood Bay Sebring, FL 25.4  1.9  18.3  0.1  11.6  2.0  29.9  31.9  (19.7) 2001 (A)
Camelot Villa Macomb, MI —  0.9  21.2  —  20.2  0.9  41.4  42.3  (16.8) 2013 (A)
Candlelight Manor South Daytona, FL —  3.1  3.9  —  3.0  3.1  6.9  10.0  (2.3) 2016 (A)
Cape Island Resort Cape May, NJ —  14.5  54.5  —  0.7  14.5  55.2  69.7  (0.3) 2025 (A)
Carol Lynn Resorts East Woodbine, NJ —  2.4  4.4  —  0.3  2.4  4.7  7.1  —  2025 (A)
Carriage Cove Sanford, FL —  6.1  21.2  —  2.7  6.1  23.9  30.0  (9.0) 2014 (A)
Carrington Pointe Fort Wayne, IN 23.6  1.1  3.6  —  25.8  1.1  29.4  30.5  (16.0) 1997 (A&C)
Cave Creek Evans, CO 21.7  2.2  15.3  —  10.0  2.2  25.3  27.5  (14.8) 2004 (C)
Cedar Springs Southington, CT —  2.9  10.3  —  0.7  2.9  11.0  13.9  (2.4) 2019 (A)
Central Park Haines City, FL —  2.6  10.4  —  9.1  2.6  19.5  22.1  (5.1) 2016 (A)
Charlevoix Estates Charlevoix, MI —  0.4  12.0  —  1.0  0.4  13.0  13.4  (2.0) 2021 (A)
Cherrywood Clinton, NY —  0.7  9.6  (0.2)
(3)
 3.4  0.5  13.0  13.5  (2.7) 2019 (A)
Chesapeake Bay KOA Resort(6)
 Cape Charles, VA —  3.8  24.0  —  (2.8) 3.8  21.2  25.0  (6.6) 2016 (A)
Chisholm Point Pflugerville, TX 20.5  0.6  5.3  —  8.8  0.6  14.1  14.7  (9.1) 1995 (A&C)
Cider Mill Crossings Fenton, MI —  0.5  1.6  —  44.7  0.5  46.3  46.8  (21.5) 2011 (A&C)
Cisco Grove Campground & RV(7)
 Emigrant Gap, CA —  1.7  4.8  —  (0.9) 1.7  3.9  5.6  (0.2) 2021 (A)
Clear Water South Bend, IN 11.8  0.1  1.3  —  7.6  0.1  8.9  9.0  (4.9) 1986 (A)
Clinton River Mt Clemens, MI —  1.3  9.0  —  1.4  1.3  10.4  11.7  (0.1) 2025 (A)
Club Wildwood Hudson, FL 19.5  14.2  21.3  —  3.5  14.2  24.8  39.0  (7.6) 2016 (A)
Coastal Estates Hampstead, NC —  3.3  6.5  —  13.0  3.3  19.5  22.8  (2.3) 2019 (A)
Cobus Green Osceola, IN —  0.8  7.0  —  10.3  0.8  17.3  18.1  (11.6) 1993 (A)
Colony in the Wood Port Orange, FL —  5.7  26.8  —  5.2  5.7  32.0  37.7  (7.5) 2017 (A&C)
Comal Farms New Braunfels, TX —  1.4  1.7  0.1  9.1  1.5  10.8  12.3  (6.5) 2000 (A&C)
Country Acres Cadillac, MI —  0.4  3.5  —  6.1  0.4  9.6  10.0  (5.4) 1996 (A)
Country Meadows Flat Rock, MI 42.5  0.9  7.6  0.3  27.4  1.2  35.0  36.2  (22.8) 1994 (A&C)
Country Meadows Village Caledonia, MI —  0.5  5.6  0.1  4.4  0.6  10.0  10.6  (4.0) 2011 (A&C)
Country Village Estates Oregon City, OR —  22.0  42.6  —  1.5  22.0  44.1  66.1  (10.2) 2019 (A)
Countryside Estates Mckean, PA —  0.3  11.6  —  5.6  0.3  17.2  17.5  (6.0) 2014 (A)
Countryside Village of Atlanta Lawrenceville, GA —  1.3  11.0  —  9.2  1.3  20.2  21.5  (11.2) 2004 (A&C)
Countryside Village of Gwinnett Buford, GA 21.8  1.1  9.5  —  3.9  1.1  13.4  14.5  (7.5) 2004 (A)
Countryside Village of Lake Lanier Buford, GA 9.5  1.9  16.4  —  5.9  1.9  22.3  24.2  (14.2) 2004 (A)
Creek Wood Burton, MI 20.2  0.8  2.0  0.4  15.4  1.2  17.4  18.6  (12.7) 1997 (C)

F - 47
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2025
(amounts in millions)
Initial Cost to Company Costs Capitalized Subsequent to Acquisition (Improvements)
Gross Amount Carried at
December 31, 2025
Property Name Location
Encumbrances(1)
 Land Depreciable Assets Land Depreciable Assets Land Depreciable Assets Total Accumulated Depreciation Date Acquired (A) or Constructed (C)
Creeks Crossing Kyle, TX —  3.5  —  —  54.3  3.5  54.3  57.8  (7.7) 2019 (C)
Crestwood Concord, NH —  1.8  22.4  —  1.4  1.8  23.8  25.6  (5.2) 2019 (A)
Crossroads Aiken, SC —  0.8  3.7  —  10.4  0.8  14.1  14.9  (6.2) 2019 (A&C)
Cutler Estates Grand Rapids, MI 19.6  0.7  6.9  —  5.3  0.7  12.2  12.9  (8.5) 1996 (A)
Cypress Greens Lake Alfred, FL —  1.0  17.5  —  3.0  1.0  20.5  21.5  (7.1) 2015 (A)
Deep Run Cream Ridge, NJ —  2.0  13.1  —  0.6  2.0  13.7  15.7  (3.1) 2019 (A)
Deerwood Orlando, FL 33.7  6.9  37.6  —  5.2  6.9  42.8  49.7  (15.1) 2015 (A)
Desert Harbor Apache Junction, AZ —  3.9  14.9  —  0.8  3.9  15.7  19.6  (6.1) 2014 (A)
Dutton Mill Village Caledonia, MI —  0.3  9.0  0.1  2.5  0.4  11.5  11.9  (4.8) 2011 (A)
Eagle Crest Firestone, CO 30.8  2.0  0.2  —  31.7  2.0  31.9  33.9  (22.7) 1998 (C)
East Fork Crossing Batavia, OH —  1.3  6.3  —  16.6  1.3  22.9  24.2  (16.4) 2000 (A&C)
East Village Estates Washington Twp, MI —  1.4  25.4  —  11.3  1.4  36.7  38.1  (15.1) 2012 (A)
Egelcraft Muskegon, MI 17.9  0.7  22.6  —  5.1  0.7  27.7  28.4  (10.8) 2014 (A)
El Capitan Canyon(7)
 Goleta, CA —  57.8  6.8  (15.9)
(7)
 3.8  41.9  10.6  52.5  (3.1) 2020 (A)
Ellenton Gardens Ellenton, FL —  2.1  7.8  —  3.6  2.1  11.4  13.5  (3.4) 2016 (A)
Fairfield Village Ocala, FL —  1.2  18.7  —  1.1  1.2  19.8  21.0  (7.1) 2015 (A)
Farmwood Village Dover, NH —  1.2  12.3  —  0.8  1.2  13.1  14.3  (2.9) 2019 (A)
Flamingo Lake Jacksonville, FL —  4.5  31.9  0.1  3.7  4.6  35.6  40.2  (6.9) 2020 (A)
Fond du Lac East / Kettle Moraine KOA Glenbeulah, WI —  1.0  5.6  0.1  3.3  1.1  8.9  10.0  (4.0) 2013 (A)
Forest Hill Southington, CT —  5.1  10.8  —  2.1  5.1  12.9  18.0  (2.9) 2019 (A)
Forest Meadows Philomath, OR —  1.0  2.1  —  16.5  1.0  18.6  19.6  (4.1) 1999 (A)
Forest Springs Grass Valley, CA —  9.3  43.7  —  4.3  9.3  48.0  57.3  (9.3) 2020 (A)
Forest View Homosassa, FL —  1.3  22.1  —  1.2  1.3  23.3  24.6  (8.4) 2015 (A)
Forest View Village Elkton, MD —  4.5  2.5  —  0.3  4.5  2.8  7.3  —  2025 (A)
Four Seasons Elkhart, IN 13.9  0.5  4.8  —  4.5  0.5  9.3  9.8  (5.8) 2000 (A)
Fox Run Boyne City, MI —  0.4  6.8  —  13.4  0.4  20.2  20.6  (1.9) 2023 (A)
Frenchtown Villa / Elizabeth Woods Newport, MI —  1.4  52.3  0.1  43.9  1.5  96.2  97.7  (39.6) 2014 (A&C)
Friendly Village of La Habra La Habra, CA 43.0  27.0  25.2  —  1.9  27.0  27.1  54.1  (9.0) 2016 (A)
Friendly Village of Modesto Modesto, CA 21.4  6.3  20.9  —  1.4  6.3  22.3  28.6  (7.0) 2016 (A)
Friendly Village of Simi Valley Simi Valley, CA 21.6  14.9  16.0  —  1.3  14.9  17.3  32.2  (5.6) 2016 (A)
Friendly Village of West Covina West Covina, CA 15.9  14.5  5.2  —  1.4  14.5  6.6  21.1  (2.1) 2016 (A)
Glen Haven Zephyrhills, FL —  2.0  8.4  —  3.1  2.0  11.5  13.5  (3.4) 2016 (A)
Glen Laurel Concord, NC —  1.6  0.5  —  9.6  1.6  10.1  11.7  (7.0) 2001 (A&C)
Goldcoaster Homestead, FL —  0.4  4.2  0.2  6.1  0.6  10.3  10.9  (7.1) 1997 (A)

F - 48
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2025
(amounts in millions)
Initial Cost to Company Costs Capitalized Subsequent to Acquisition (Improvements)
Gross Amount Carried at
December 31, 2025
Property Name Location
Encumbrances(1)
 Land Depreciable Assets Land Depreciable Assets Land Depreciable Assets Total Accumulated Depreciation Date Acquired (A) or Constructed (C)
Grand Bay Dunedin, FL —  3.5  6.3  —  1.4  3.5  7.7  11.2  (2.4) 2016 (A)
Grand Village Grand Rapids, MI 6.7  0.4  3.6  —  4.7  0.4  8.3  8.7  (5.0) 1996 (A)
Grove Beach Westbrook, CT —  1.2  10.2  —  0.5  1.2  10.7  11.9  (2.4) 2019 (A)
Grove Ridge Dade City, FL —  1.3  5.4  —  3.4  1.3  8.8  10.1  (2.6) 2016 (A)
Gulfstream Harbor Orlando, FL —  14.5  78.9  —  5.9  14.5  84.8  99.3  (29.9) 2015 (A)
Hacienda Del Rio Edgewater, FL —  33.3  80.3  —  23.0  33.3  103.3  136.6  (21.4) 2019 (A)
Hamlin Webberville, MI 7.3  0.1  1.7  0.6  15.6  0.7  17.3  18.0  (10.6) 1984 (A&C)
Hancock Heights Hancock, ME —  0.7  9.4  —  0.5  0.7  9.9  10.6  (1.9) 2020 (A)
Hawaiian Gardens / Holly Village Holly, MI 12.6  1.5  13.6  —  13.4  1.5  27.0  28.5  (14.8) 2004 (A)
Hawk Hollow Coolidge, AZ —  11.7  —  4.0  —  15.7  —  15.7  —  2024 (A)
Heritage Temecula, CA 17.0  13.2  7.9  —  1.3  13.2  9.2  22.4  (3.0) 2016 (A)
Hickory Hills Village Battle Creek, MI —  0.8  7.7  —  4.1  0.8  11.8  12.6  (4.9) 2011 (A)
Hidden River RV Resort Riverview, FL —  4.0  6.4  —  10.6  4.0  17.0  21.0  (4.4) 2016 (A)
High Point Park Frederica, DE —  0.9  7.0  —  9.0  0.9  16.0  16.9  (9.6) 1997 (A)
Highland Greens Estates Highland, MI —  3.1  38.0  —  44.4  3.1  82.4  85.5  (17.2) 2020 (A)
Hillcrest Uncasville, CT —  10.6  9.6  0.1  1.6  10.7  11.2  21.9  (2.6) 2019 (A)
Holiday Park Estates Bangor, ME 8.4  1.1  13.9  —  3.5  1.1  17.4  18.5  (3.3) 2020 (A)
Holiday West Village Holland, MI 14.0  0.3  8.1  —  0.8  0.3  8.9  9.2  (4.1) 2011 (A)
Holly Forest Holly Hill, FL 21.6  0.9  8.4  —  2.2  0.9  10.6  11.5  (8.6) 1997 (A)
Horseshoe Cove RV Resort Bradenton, FL —  9.5  32.6  —  7.8  9.5  40.4  49.9  (11.9) 2016 (A)
Hunters Glen Wayland, MI —  1.1  11.9  0.3  19.8  1.4  31.7  33.1  (15.1) 2004 (C)
Huntington Run Kalamazoo, MI —  0.6  11.7  —  4.4  0.6  16.1  16.7  (2.1) 2021 (A)
Hyde Park Easton, MD —  6.6  18.3  —  1.4  6.6  19.7  26.3  (4.2) 2019 (A)
Independence Commons Potterville, MI —  1.7  34.1  —  5.0  1.7  39.1  40.8  (0.2) 2025 (A)
Indian Wells Indio, CA —  2.9  19.5  —  6.8  2.9  26.3  29.2  (7.9) 2016 (A)
Jellystone Park™ Androscoggin Lake North Monmouth, ME 3.3  0.5  4.1  0.1  5.2  0.6  9.3  9.9  (1.9) 2021 (A)
Jellystone Park™ at Birchwood Acres Greenfield Park, NY —  0.5  5.5  0.1  11.3  0.6  16.8  17.4  (7.5) 2013 (A)
Jellystone Park™ Barton Lake Fremont, IN —  —  —  4.7  32.3  4.7  32.3  37.0  (7.5) 2020 (A)
Jellystone Park™ Canyon Lake(6)
 Canyon Lake, TX —  2.0  20.7  —  7.6  2.0  28.3  30.3  (8.0) 2018 (A)
Jellystone Park™ Gardiner(6)
 Gardiner, NY —  0.9  28.4  —  19.1  0.9  47.5  48.4  (14.8) 2018 (A)
Jellystone Park™ Glen Ellis Glen, NH —  0.4  5.8  —  14.4  0.4  20.2  20.6  (5.4) 2019 (A)
Jellystone Park™ Golden Valley Bostic, NC —  4.8  4.3  —  65.9  4.8  70.2  75.0  (20.0) 2018 (A&C)
Jellystone Park™ Guadalupe River Kerrville, TX —  2.5  23.9  —  13.3  2.5  37.2  39.7  (12.1) 2018 (A)
Jellystone Park™ Larkspur Larkspur, CO —  1.9  5.5  0.4  108.8 
(9)
 2.3  114.3  116.6  (30.8) 2016 (A&C)

F - 49
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2025
(amounts in millions)
Initial Cost to Company Costs Capitalized Subsequent to Acquisition (Improvements)
Gross Amount Carried at
December 31, 2025
Property Name Location
Encumbrances(1)
 Land Depreciable Assets Land Depreciable Assets Land Depreciable Assets Total Accumulated Depreciation Date Acquired (A) or Constructed (C)
Jellystone Park™ Luray East Luray, VA —  3.2  29.6  —  12.4  3.2  42.0  45.2  (11.8) 2018 (A)
Jellystone Park™ Mammoth Cave Cave City, KY —  —  32.5  2.3  0.7  2.3  33.2  35.5  (6.3) 2021 (A)
Jellystone Park™ Natural Bridge Natural Bridge Station, VA —  0.9  11.7  —  6.0  0.9  17.7  18.6  (4.1) 2020 (A)
Jellystone Park™ of Western New York North Java, NY —  0.9  8.9  —  14.0  0.9  22.9  23.8  (8.3) 2013 (A)
Jellystone Park™ Petoskey Petoskey, MI —  0.2  8.7  0.4  11.0  0.6  19.7  20.3  (5.4) 2018 (A)
Jellystone Park™ Quarryville Quarryville, PA —  3.9  33.8  —  13.6  3.9  47.4  51.3  (13.1) 2018 (A)
Jellystone Park™ South Jersey Williamstown, NJ —  —  15.6  0.8  5.3  0.8  20.9  21.7  (3.6) 2021 (A)
Jellystone Park™ Tower Park(2)
 Lodi, CA —  2.6  29.8  —  37.3  2.6  67.1  69.7  (17.7) 2018 (A)
Jellystone Park™ Waller Waller, TX —  1.8  19.4  —  21.2  1.8  40.6  42.4  (9.1) 2020 (A)
Jellystone Park™ Wichita Falls Wichita Falls, TX —  —  12.6  0.5  6.9  0.5  19.5  20.0  (2.6) 2021 (A)
Jellystone Park™ Williamsport Williamsport, MD —  2.1  23.7  —  11.0  2.1  34.7  36.8  (10.4) 2018 (A)
Jellystone Park™ Chincoteague Island Chincoteague, VA —  5.7  13.8  —  16.9  5.7  30.7  36.4  (6.5) 2019 (A)
Kensington Meadows Lansing, MI 15.9  0.3  2.7  —  12.5  0.3  15.2  15.5  (10.1) 1995 (A&C)
Kimberly Estates Newport, MI —  1.3  6.2  —  17.9  1.3  24.1  25.4  (9.6) 2016 (A)
King's Court Traverse City, MI 58.5  1.5  13.8  0.2  22.9  1.7  36.7  38.4  (22.6) 1996 (A&C)
Kings Manor Lakeland, FL —  2.3  5.6  —  6.1  2.3  11.7  14.0  (4.5) 2016 (A)
Kings Pointe Lake Alfred, FL —  0.5  16.7  —  1.0  0.5  17.7  18.2  (6.2) 2015 (A)
Kissimmee Gardens Kissimmee, FL —  3.3  14.4  —  1.9  3.3  16.3  19.6  (5.3) 2016 (A)
Kissimmee South Davenport, FL —  3.7  6.8  —  7.1  3.7  13.9  17.6  (4.2) 2016 (A)
Kittatinny K-Camp(7)
 Barryville, NY —  —  —  3.1  1.3  3.1  1.3  4.4  (0.4) 2020 (A)
Knollwood Estates Allendale, MI 8.6  0.4  4.1  —  3.3  0.4  7.4  7.8  (4.6) 2001 (A)
La Casa Blanca Apache Junction, AZ —  4.4  14.1  —  1.1  4.4  15.2  19.6  (5.8) 2014 (A)
La Costa Village Port Orange, FL 45.5  3.6  62.3  —  4.0  3.6  66.3  69.9  (23.4) 2015 (A)
Lafayette Place Warren, MI 12.5  0.7  6.0  —  8.5  0.7  14.5  15.2  (9.9) 1998 (A)
Lake San Marino RV Resort Naples, FL 30.2  0.7  5.7  —  6.0  0.7  11.7  12.4  (7.7) 1996 (A)
Lakefront Lakeside, CA 32.4  21.6  17.4  —  1.7  21.6  19.1  40.7  (6.2) 2016 (A)
Lakeland Lakeland, FL —  1.7  5.5  —  4.2  1.7  9.7  11.4  (2.7) 2016 (A)
Lakeridge of Eugene Eugene, OR —  6.8  23.7  —  0.7  6.8  24.4  31.2  (0.1) 2025 (A)
Lakeshore Landings Orlando, FL 10.5  2.6  19.5  —  2.4  2.6  21.9  24.5  (8.4) 2014 (A)
Lakeshore Villas Tampa, FL —  3.1  19.0  —  2.3  3.1  21.3  24.4  (7.3) 2015 (A)
Lakeside Crossing Conway, SC 10.3  3.5  31.6  —  22.5  3.5  54.1  57.6  (16.1) 2015 (A&C)
Lakeview Ypsilanti, MI —  1.2  10.9  —  12.2  1.2  23.1  24.3  (13.2) 2004 (A)
Lakeview CT Danbury, CT —  2.5  8.9  —  1.9  2.5  10.8  13.3  (2.3) 2019 (A)
Lakeview Estates Yucaipa, CA —  —  —  4.1  22.9  4.1  22.9  27.0  (4.3) 2020 (A)

F - 50
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2025
(amounts in millions)
Initial Cost to Company Costs Capitalized Subsequent to Acquisition (Improvements)
Gross Amount Carried at
December 31, 2025
Property Name Location
Encumbrances(1)
 Land Depreciable Assets Land Depreciable Assets Land Depreciable Assets Total Accumulated Depreciation Date Acquired (A) or Constructed (C)
Lamplighter Port Orange, FL —  1.3  12.8  —  2.0  1.3  14.8  16.1  (5.0) 2015 (A)
Lantana Ranch(5)(7)
 Brookshire, TX —  33.1  1.3  0.3  (1.3) 33.4  —  33.4  —  2022/2023 (A)
Lazy J Ranch Arcata, CA —  7.1  6.8  —  1.0  7.1  7.8  14.9  (2.2) 2017 (A)
Leaf Verde Buckeye, AZ —  3.4  8.4  —  1.6  3.4  10.0  13.4  (2.7) 2018 (A)
Leisure Village Belmont, MI —  0.4  8.2  0.1  3.7  0.5  11.9  12.4  (4.8) 2011 (A)
Lemon Wood Ventura, CA 22.4  19.5  6.9  —  1.7  19.5  8.6  28.1  (2.8) 2016 (A)
Lost Dutchman Apache Junction, AZ —  —  —  4.1  17.5  4.1  17.5  21.6  (6.1) 2014 (A)
Majestic Oaks Zephyrhills, FL —  3.9  4.7  0.2  2.7  4.1  7.4  11.5  (2.2) 2016 (A)
Maple Brook Matteson, IL 34.5  8.5  48.8  —  1.0  8.5  49.8  58.3  (19.1) 2014 (A)
Maplewood Manor Brunswick, ME —  1.8  13.0  —  2.4  1.8  15.4  17.2  (5.5) 2014 (A)
Marco Naples Naples, FL —  2.8  10.5  —  5.9  2.8  16.4  19.2  (4.7) 2016 (A)
Marysville Farms Port Huron, MI —  3.2  14.9  —  2.3  3.2  17.2  20.4  (0.1) 2025 (A)
Meadow Lake White Lake, MI —  1.2  11.5  0.1  10.2  1.3  21.7  23.0  (15.7) 1994 (A)
Meadowbrook Charlotte, NC —  1.3  6.6  —  9.3  1.3  15.9  17.2  (11.1) 2000 (A&C)
Meadowbrook Estates Monroe, MI —  0.4  3.3  0.4  25.3  0.8  28.6  29.4  (16.3) 1986 (A)
Meadowbrook Village Tampa, FL 8.4  0.5  4.7  —  1.7  0.5  6.4  6.9  (5.4) 1994 (A)
Meadowlands Gibraltar, MI 16.6  0.6  7.7  —  3.8  0.6  11.5  12.1  (3.9) 2015 (A)
Meadowstone Hastings, MI —  0.7  20.3  —  0.6  0.7  20.9  21.6  (3.3) 2021 (A)
Mill Creek Kissimmee, FL —  1.4  4.8  —  6.2  1.4  11.0  12.4  (2.9) 2016 (A)
Mountain View Mesa, AZ —  5.5  12.3  —  1.7  5.5  14.0  19.5  (5.2) 2014 (A)
Napa Valley Napa, CA 25.8  17.7  11.7  —  1.4  17.7  13.1  30.8  (4.3) 2016 (A)
Navarre Village Navarre, OH —  11.4  15.2  —  0.3  11.4  15.5  26.9  (0.1) 2025 (A)
North Lake Moore Haven, FL —  4.2  3.5  —  4.1  4.2  7.6  11.8  (2.7) 2011 (A)
Northville Crossing Northville, MI 59.6  1.2  29.5  —  8.1  1.2  37.6  38.8  (16.1) 2012 (A)
Norway Commons Norway, ME —  —  15.9  0.7  2.3  0.7  18.2  18.9  (2.1) 2022 (A)
Oak Creek Coarsegold, CA —  4.8  11.2  —  2.5  4.8  13.7  18.5  (5.2) 2014 (A)
Oak Crest Austin, TX 23.7  4.3  12.6  4.4  29.7  8.7  42.3  51.0  (18.0) 2002 (C)
Oak Island Village East Lansing, MI 17.5  0.3  6.8  —  5.6  0.3  12.4  12.7  (5.5) 2011 (A)
Oak Ridge Manteno, IL 27.5  1.1  36.9  —  5.5  1.1  42.4  43.5  (16.9) 2014 (A)
Oakwood Village Miamisburg, OH 32.7  2.0  6.4  —  16.3  2.0  22.7  24.7  (15.0) 1998 (A&C)
Ocean Breeze Resort Jensen Beach, FL —  19.0  13.9  —  45.5  19.0  59.4  78.4  (14.4) 2016 (A&C)
Ocean Pines Garden City, SC —  7.6  35.3  —  2.3  7.6  37.6  45.2  (10.2) 2019 (A)
Ocean View Jensen Beach, FL —  4.6  —  0.2  22.1  4.8  22.1  26.9  (2.2) 2020 (A)

F - 51
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2025
(amounts in millions)
Initial Cost to Company Costs Capitalized Subsequent to Acquisition (Improvements)
Gross Amount Carried at
December 31, 2025
Property Name Location
Encumbrances(1)
 Land Depreciable Assets Land Depreciable Assets Land Depreciable Assets Total Accumulated Depreciation Date Acquired (A) or Constructed (C)
Ocean West McKinleyville, CA —  5.0  4.4  0.4  0.7  5.4  5.1  10.5  (1.5) 2017 (A)
Orange City Orange City, FL 26.1  0.9  5.5  —  7.3  0.9  12.8  13.7  (4.5) 2011 (A)
Orange Tree Village Orange City, FL 8.2  0.3  2.5  —  1.8  0.3  4.3  4.6  (3.5) 1994 (A)
Paddock Park South Ocala, FL —  0.6  6.6  —  4.4  0.6  11.0  11.6  (3.2) 2016 (A)
Palm Creek Resort & Residences Casa Grande, AZ 84.3  11.8  76.1  —  33.7  11.8  109.8  121.6  (50.9) 2012 (A&C)
Palm Key Village Davenport, FL 14.0  3.8  15.7  —  0.9  3.8  16.6  20.4  (5.9) 2015 (A)
Palos Verdes Shores MH & Golf Community(2)
 San Pedro, CA 32.4  —  21.8  —  8.9  —  30.7  30.7  (8.5) 2016 (A)
Park Place Sebastian, FL —  1.4  48.7  0.3  5.4  1.7  54.1  55.8  (18.5) 2015 (A)
Park Royale Pinellas Park, FL 12.0  0.7  29.0  —  1.8  0.7  30.8  31.5  (10.7) 2015 (A)
Parkside Village Cheektowaga, NY —  0.6  10.4  —  0.7  0.6  11.1  11.7  (4.2) 2014 (A)
Pearwood Pearland, TX —  —  10.3  1.2  0.3  1.2  10.6  11.8  (1.6) 2021 (A)
Pebble Creek Greenwood, IN —  1.0  5.1  —  11.4  1.0  16.5  17.5  (10.6) 2000 (A&C)
Pecan Branch Georgetown, TX —  1.4  —  0.2  19.5  1.6  19.5  21.1  (8.6) 1999 (C)
Pecan Park Jacksonville, FL —  2.0  5.0  1.4  12.9  3.4  17.9  21.3  (4.8) 2016 (A&C)
Pelican Bay Micco, FL 6.2  0.5  10.5  —  3.3  0.5  13.8  14.3  (4.6) 2015 (A)
Pembroke Downs Chino, CA 12.3  9.6  7.3  —  1.2  9.6  8.5  18.1  (2.6) 2016 (A)
Pheasant Ridge Lancaster, PA 45.4  2.0  19.3  —  3.9  2.0  23.2  25.2  (15.4) 2002 (A)
Pine Acre Trails Conroe, TX —  15.6  16.7  —  36.5  15.6  53.2  68.8  (6.0) 2022 (A)
Pine Ridge Prince George, VA 12.1  0.4  2.4  —  25.1  0.4  27.5  27.9  (13.7) 1986 (A&C)
Pine Trace Houston, TX —  2.9  17.2  (0.2)
(3)
 17.8  2.7  35.0  37.7  (20.2) 2004 (A&C)
Pineview Estates Flint, MI —  1.9  57.4  —  46.9  1.9  104.3  106.2  (21.1) 2021 (A)
Pismo Dunes Resort Pismo Beach, CA 17.4  11.1  10.2  —  1.9  11.1  12.1  23.2  (3.5) 2017 (A)
Pleasant Lake RV Resort Bradenton, FL 10.9  5.2  20.4  —  4.4  5.2  24.8  30.0  (7.7) 2016 (A)
Presidential Estates Hudsonville, MI 24.6  0.7  6.3  —  7.2  0.7  13.5  14.2  (8.6) 1996 (A)
Rainbow Frostproof, FL —  1.9  5.7  —  5.3  1.9  11.0  12.9  (4.7) 2012 (A)
Rainbow Village Largo Largo, FL 7.8  4.4  12.5  —  4.4  4.4  16.9  21.3  (5.2) 2016 (A)
Rainbow Village Zephyrhills Zephyrhills, FL 8.1  1.8  9.9  —  3.0  1.8  12.9  14.7  (3.9) 2016 (A)
Rancho Alipaz San Juan Capistrano, CA 11.2  —  2.9  16.2  1.0  16.2  3.9  20.1  (1.2) 2016 (A)
Rancho Caballero Riverside, CA 20.5  16.6  12.4  —  2.0  16.6  14.4  31.0  (4.5) 2016 (A)
Rancho Mirage Apache Junction, AZ —  7.5  22.2  —  1.4  7.5  23.6  31.1  (9.0) 2014 (A)
Red Oaks(2)
 Bushnell, FL —  5.2  20.5  —  8.8  5.2  29.3  34.5  (8.9) 2016 (A)
Reflections on Silver Lake Avon Park, FL —  14.2  54.6  —  0.9  14.2  55.5  69.7  (0.3) 2025 (A)
Regency Heights Clearwater, FL 24.3  11.3  15.7  —  5.0  11.3  20.7  32.0  (6.0) 2016 (A)

F - 52
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2025
(amounts in millions)
Initial Cost to Company Costs Capitalized Subsequent to Acquisition (Improvements)
Gross Amount Carried at
December 31, 2025
Property Name Location
Encumbrances(1)
 Land Depreciable Assets Land Depreciable Assets Land Depreciable Assets Total Accumulated Depreciation Date Acquired (A) or Constructed (C)
Richmond Place Richmond, MI 7.2  0.5  2.0  —  4.4  0.5  6.4  6.9  (4.1) 1998 (A)
River Beach Campsites and RV(7)
 Milford, PA —  —  —  0.3  0.3  0.3  0.3  0.6  (0.1) 2020 (A)
River Haven Grand Haven, MI —  1.8  16.9  —  18.3  1.8  35.2  37.0  (22.7) 2001 (A)
River Pines Nashua, NH —  2.7  37.8  —  1.3  2.7  39.1  41.8  (8.7) 2019 (A)
River Ranch Austin, TX —  4.7  0.8  0.2  39.4  4.9  40.2  45.1  (17.4) 2000 (A&C)
River Ridge Saline, MI —  1.0  26.9  —  1.1  1.0  28.0  29.0  (4.4) 2021 (A)
River Ridge Estates Austin, TX 31.5  3.2  15.1  —  10.0  3.2  25.1  28.3  (14.8) 2002 (C)
Riverside Club Ruskin, FL 38.4  1.6  66.2  —  22.3  1.6  88.5  90.1  (28.2) 2015 (A)
Riverside Drive Park Augusta, ME —  1.2  12.1  —  4.0  1.2  16.1  17.3  (3.0) 2020 (A)
Rolling Hills Storrs, CT —  4.0  3.7  —  6.3  4.0  10.0  14.0  (1.5) 2019 (A)
Roxbury Park Goshen, IN —  1.1  9.9  —  12.7  1.1  22.6  23.7  (11.7) 2001 (A)
Royal Country Miami, FL —  2.3  20.8  —  4.5  2.3  25.3  27.6  (22.5) 1994 (A)
Royal Palm Village Haines City, FL —  1.7  27.4  —  10.9  1.7  38.3  40.0  (11.9) 2015 (A)
Royal Palms(2)
 Cathedral City, CA —  —  21.6  —  3.0  —  24.6  24.6  (7.6) 2016 (A)
Rudgate Clinton Clinton Township, MI —  1.1  23.7  —  18.6  1.1  42.3  43.4  (17.3) 2012 (A)
Rudgate Manor Sterling Heights, MI —  1.4  31.1  —  26.5  1.4  57.6  59.0  (23.2) 2012 (A)
Saddle Oak Club Ocala, FL 16.1  0.7  6.7  —  1.1  0.7  7.8  8.5  (7.1) 1995 (A)
Saddlebrook San Marcos, TX —  1.7  11.8  —  25.8  1.7  37.6  39.3  (19.2) 2002 (C)
Sandy Lake Carrollton, TX —  0.7  17.8  —  2.3  0.7  20.1  20.8  (6.4) 2016 (A)
Saralake Estates Sarasota, FL —  6.5  11.4  —  1.6  6.5  13.0  19.5  (4.2) 2016 (A)
Savanna Club Port St. Lucie, FL 54.4  12.8  79.9  2.3  2.9  15.1  82.8  97.9  (28.9) 2015 (A&C)
Scio Farms Ann Arbor, MI 38.1  2.3  22.7  —  20.0  2.3  42.7  45.0  (30.6) 1995 (A&C)
Sea Air Village Rehoboth Beach, DE —  1.2  10.2  0.4  4.8  1.6  15.0  16.6  (10.7) 1997 (A)
Serendipity North Fort Myers, FL —  1.2  23.5  (0.3)
(3)
 9.5  0.9  33.0  33.9  (10.2) 2015 (A)
Settler's Rest Zephyrhills, FL —  1.8  7.7  —  3.1  1.8  10.8  12.6  (3.2) 2016 (A)
Shadow Wood Village Hudson, FL —  4.5  3.9  0.8  17.2  5.3  21.1  26.4  (5.0) 2016 (A)
Sheffield Estates Auburn Hills, MI —  0.8  7.2  —  5.2  0.8  12.4  13.2  (6.7) 2006 (A)
Shelby Forest Shelby Twp, MI —  4.0  42.4  —  2.1  4.0  44.5  48.5  (10.5) 2019 (A)
Shelby West Shelby Twp, MI —  5.7  38.9  —  1.3  5.7  40.2  45.9  (9.3) 2019 (A)
Shell Creek Punta Gorda, FL —  2.2  9.7  —  5.1  2.2  14.8  17.0  (4.4) 2016 (A)
Sherwood Forest Elkton, MD —  8.0  3.8  —  0.2  8.0  4.0  12.0  —  2025 (A)
Silver Springs Clinton Township, MI —  0.9  16.6  —  5.4  0.9  22.0  22.9  (9.3) 2012 (A)
Sky Harbor Cheektowaga, NY —  2.3  24.3  —  10.4  2.3  34.7  37.0  (12.4) 2014 (A)
Skyline Fort Collins, CO —  2.3  12.1  —  1.3  2.3  13.4  15.7  (5.1) 2014 (A)

F - 53
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2025
(amounts in millions)
Initial Cost to Company Costs Capitalized Subsequent to Acquisition (Improvements)
Gross Amount Carried at
December 31, 2025
Property Name Location
Encumbrances(1)
 Land Depreciable Assets Land Depreciable Assets Land Depreciable Assets Total Accumulated Depreciation Date Acquired (A) or Constructed (C)
Smith Creek Crossing Granby, CO —  1.4  —  —  64.3  1.4  64.3  65.7  (11.5) 2018 (C)
Southern Charm Zephyrhills, FL 10.1  4.9  17.4  —  4.1  4.9  21.5  26.4  (6.8) 2016 (A)
Southern Leisure RV Resort Chiefland, FL —  3.1  14.8  —  6.6  3.1  21.4  24.5  (3.2) 2021 (A)
Southern Palms Ladson, SC —  2.4  9.4  —  0.7  2.4  10.1  12.5  (7.7) 2019 (A)
Southport Springs Golf & Country Club Zephyrhills, FL 30.5  15.1  17.2  —  6.4  15.1  23.6  38.7  (8.2) 2015 (A&C)
Southwood Village Grand Rapids, MI —  0.3  11.5  —  4.3  0.3  15.8  16.1  (6.6) 2011 (A)
Space City Ellington Houston, TX —  3.0  14.5  —  0.6  3.0  15.1  18.1  (2.5) 2021 (A)
Spanish Main Thonotasassa, FL —  2.4  8.1  —  6.7  2.4  14.8  17.2  (4.1) 2016 (A)
Springrove Davisburg, MI —  2.6  34.4  —  6.7  2.6  41.1  43.7  (0.2) 2025 (A)
Stonebridge San Antonio, TX —  2.5  2.1  (0.6)
(3)
 6.7  1.9  8.8  10.7  (6.0) 2000 (A&C)
Stonebrook Homosassa, FL —  0.7  14.1  —  1.6  0.7  15.7  16.4  (5.4) 2015 (A)
Stoneridge Villas(5)(7)
 Gardnerville, NV —  5.3  —  0.1  —  5.4  —  5.4  —  2022 (A)
Summit Ridge Converse, TX —  2.6  2.1  (0.9)
(3)
 18.5  1.7  20.6  22.3  (11.9) 2000 (A&C)
Sun Outdoors Arches Gateway Moab, UT —  3.7  8.7  —  2.9  3.7  11.6  15.3  (3.4) 2018 (A)
Sun Outdoors Association Island Henderson, NY —  1.7  14.7  —  5.3  1.7  20.0  21.7  (3.8) 2021 (A)
Sun Outdoors Bend(2)
 Bend, OR —  4.0  13.3  —  0.9  4.0  14.2  18.2  (2.9) 2020 (A)
Sun Outdoors Canyonlands Gateway Moab, UT —  6.3  8.4  —  1.1  6.3  9.5  15.8  (2.6) 2018 (A)
Sun Outdoors Cape Charles Cape Charles, VA —  19.1  38.7  —  12.7  19.1  51.4  70.5  (8.4) 2021 (A)
Sun Outdoors Cape May Cape May, NJ —  —  27.5  2.2  (0.2) 2.2  27.3  29.5  (4.8) 2021 (A)
Sun Outdoors Central Coast Wine Country Paso Robles, CA —  1.7  11.5  —  5.0  1.7  16.5  18.2  (7.2) 2014 (A&C)
Sun Outdoors Frontier Town Berlin, MD —  19.0  43.2  —  40.0  19.0  83.2  102.2  (28.9) 2015 (A)
Sun Outdoors Garden City Utah Garden City, UT —  2.1  7.9  —  2.2  2.1  10.1  12.2  (1.7) 2021 (A)
Sun Outdoors Gig Harbor Gig Harbor, WA —  3.4  11.9  —  2.0  3.4  13.9  17.3  (2.5) 2020 (A)
Sun Outdoors Islamorada Islamorada, FL —  10.5  7.0  2.3  37.3  12.8  44.3  57.1  (4.5) 2016 (A)
Sun Outdoors Kensington Valley New Hudson, MI —  —  20.1  2.9  1.6  2.9  21.7  24.6  (3.5) 2021 (A)
Sun Outdoors Lake Rudolph Santa Claus, IN —  2.3  28.1  —  16.7 
(9)
 2.3  44.8  47.1  (22.3) 2014 (A&C)
Sun Outdoors Lake Travis Austin, TX —  3.7  22.2  —  0.6  3.7  22.8  26.5  (8.2) 2015 (A)
Sun Outdoors Marathon Marathon, FL —  4.8  4.7  —  6.4  4.8  11.1  15.9  (3.3) 2016 (A)
Sun Outdoors Moab Downtown Moab, UT —  3.7  7.4  —  0.8  3.7  8.2  11.9  (2.6) 2018 (A)
Sun Outdoors Myrtle Beach Conway, SC —  5.9  —  0.7  107.6  6.6  107.6  114.2  (28.7) 2017 (A&C)
Sun Outdoors New Orleans North Shore Ponchatoula, LA —  7.7  16.1  —  11.8  7.7  27.9  35.6  (7.0) 2019 (A)
Sun Outdoors North Moab Moab, UT —  —  —  3.2  12.4  3.2  12.4  15.6  (2.9) 2019 (A)
Sun Outdoors Ocean City Berlin, MD —  14.3  22.3  —  9.2  14.3  31.5  45.8  (13.8) 2014 (A&C)
Sun Outdoors Ocean City Gateway Whaleyville, MD —  0.5  5.2  —  19.0  0.5  24.2  24.7  (7.7) 2015 (A)

F - 54
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2025
(amounts in millions)
Initial Cost to Company Costs Capitalized Subsequent to Acquisition (Improvements)
Gross Amount Carried at
December 31, 2025
Property Name Location
Encumbrances(1)
 Land Depreciable Assets Land Depreciable Assets Land Depreciable Assets Total Accumulated Depreciation Date Acquired (A) or Constructed (C)
Sun Outdoors Old Orchard Beach Downtown Old Orchard Beach, ME —  2.0  10.0  —  3.2  2.0  13.2  15.2  (3.4) 2019 (A)
Sun Outdoors Orange Beach Orange Beach, AL —  12.7  7.5  0.9  34.8  13.6  42.3  55.9  (6.2) 2019 (A)
Sun Outdoors Panama City Beach(2)
 Panama City Beach, FL 13.4  10.3  9.1  —  3.9  10.3  13.0  23.3  (3.5) 2017 (A)
Sun Outdoors Paso Robles Paso Robles, CA —  1.4  —  —  44.7  1.4  44.7  46.1  (14.7) 2014 (C)
Sun Outdoors Pigeon Forge Sevierville, TN —  3.7  19.7  —  3.6  3.7  23.3  27.0  (5.5) 2019 (A)
Sun Outdoors Portland South Wilsonville, OR —  —  19.0  9.3  (8.5) 9.3  10.5  19.8  (1.8) 2021 (A)
Sun Outdoors Rehoboth Bay Millsboro, DE —  2.8  17.9  2.2  21.7  5.0  39.6  44.6  (9.4) 2019 (A)
Sun Outdoors Rocky Mountains(7)
 Granby, CO —  8.6  —  (3.1)
(7)
 9.5  5.5  9.5  15.0  (6.0) 2018 (C)
Sun Outdoors Saco Old Orchard Beach Saco, ME —  0.8  3.6  —  6.3  0.8  9.9  10.7  (4.3) 2014 (A)
Sun Outdoors Salt Lake City North Salt Lake, UT —  3.4  4.6  —  2.4  3.4  7.0  10.4  (2.4) 2018 (A)
Sun Outdoors San Diego Bay(2)
 San Diego, CA —  —  —  —  69.1  —  69.1  69.1  (15.8) 2019 (A)
Sun Outdoors Santa Barbara Goleta, CA —  16.0  6.2  —  0.8  16.0  7.0  23.0  (1.6) 2020 (A)
Sun Outdoors Sarasota Sarasota, FL —  51.0  117.5  (0.2)
(3)
 19.6  50.8  137.1  187.9  (46.9) 2016 (A)
Sun Outdoors St. Augustine St. Augustine, FL —  4.2  10.5  —  2.2  4.2  12.7  16.9  (3.1) 2018 (A)
Sun Outdoors Wells Beach Wells, ME —  1.4  11.4  —  1.8  1.4  13.2  14.6  (2.0) 2021 (A)
Sun Outdoors Yellowstone North Gardiner, MT —  —  12.5  5.6  (5.3) 5.6  7.2  12.8  (1.2) 2021 (A)
Sun Resorts & Residences Fort Myers Beach(6)
 Ft. Myers Beach, FL —  3.8  34.7  —  6.5  3.8  41.2  45.0  (10.1) 1996 (A)
Sun Resorts & Residences Sanibel Gateway(6)
 Ft. Myers, FL —  2.1  18.5  —  11.9  2.1  30.4  32.5  (5.8) 1996 (A)
Sun Retreats Amherstburg(7)
 Amherstburg, ON —  1.1  1.5  (0.7)
(4)
 (1.5)
(7)
 0.4  —  0.4  —  2016 (A)
Sun Retreats Avalon Cape May Court House, NJ —  0.6  21.3  —  5.0  0.6  26.3  26.9  (10.4) 2013 (A)
Sun Retreats Birch Bay(7)
 Blaine, WA —  7.5  7.6  (7.5)
(7)
 (7.6)
(7)
 —  —  —  —  2021 (A)
Sun Retreats Cape Cod East Falmouth, MA —  3.7  10.8  —  1.5  3.7  12.3  16.0  (2.8) 2020 (A)
Sun Retreats Cape May Wildwood Cape May, NJ —  0.7  7.7  —  9.1  0.7  16.8  17.5  (7.3) 2013 (A)
Sun Retreats Crystal River Crystal River, FL —  0.4  5.5  0.3  7.5  0.7  13.0  13.7  (3.7) 2015 (A)
Sun Retreats Daytona Beach Port Orange, FL —  2.3  7.2  —  5.8  2.3  13.0  15.3  (3.6) 2016 (A)
Sun Retreats Dennis Port Dennisport, MA 14.4  14.3  11.9  —  9.4  14.3  21.3  35.6  (6.0) 2016 (A)
Sun Retreats Dunedin Dunedin, FL 8.7  4.4  16.9  —  1.4  4.4  18.3  22.7  (5.8) 2016 (A)
Sun Retreats Estero Bay Fort Myers, FL —  4.9  20.6  —  2.9  4.9  23.5  28.4  (4.6) 2020 (A)
Sun Retreats Fort Myers Beach Ft. Myers, FL —  0.2  2.4  —  13.4  0.2  15.8  16.0  (1.4) 1997 (A)
Sun Retreats Geneva on the Lake Geneva on the Lake, OH —  0.4  20.8  —  11.6  0.4  32.4  32.8  (12.6) 2013 (A&C)
Sun Retreats Homosassa River Homosassa Springs, FL —  1.5  5.0  —  3.8  1.5  8.8  10.3  (2.7) 2016 (A)
Sun Retreats Lancaster County Narvon, PA —  7.4  7.1  —  3.5  7.4  10.6  18.0  (5.3) 2012 (A)

F - 55
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2025
(amounts in millions)
Initial Cost to Company Costs Capitalized Subsequent to Acquisition (Improvements)
Gross Amount Carried at
December 31, 2025
Property Name Location
Encumbrances(1)
 Land Depreciable Assets Land Depreciable Assets Land Depreciable Assets Total Accumulated Depreciation Date Acquired (A) or Constructed (C)
Sun Retreats Naples Naples, FL 10.6  3.6  2.0  —  3.0  3.6  5.0  8.6  (2.0) 2011 (A)
Sun Retreats Naples East Naples, FL —  5.8  5.0  —  3.1  5.8  8.1  13.9  (4.0) 2011 (A)
Sun Retreats New Point New Point, VA —  1.6  5.3  —  4.6  1.6  9.9  11.5  (4.4) 2013 (A)
Sun Retreats Ocala Orange Lake Citra, FL —  5.3  4.5  0.1  8.1  5.4  12.6  18.0  (5.0) 2012 (A)
Sun Retreats Old Orchard Beach Old Orchard Beach, ME —  0.6  7.7  —  3.5  0.6  11.2  11.8  (4.8) 2013 (A)
Sun Retreats Orlando ChampionsGate Davenport, FL —  —  —  3.6  20.1  3.6  20.1  23.7  (3.4) 2020 (A)
Sun Retreats Peters Pond Sandwich, MA —  4.7  22.8  —  4.7  4.7  27.5  32.2  (11.9) 2013 (A)
Sun Retreats Pleasant Acres Farm Sussex, NJ —  3.6  6.2  —  2.8  3.6  9.0  12.6  (1.5) 2021 (A)
Sun Retreats Rehoboth Bay Millsboro, DE —  3.6  41.3  —  2.3  3.6  43.6  47.2  (9.6) 2019 (A)
Sun Retreats Rock River Hillsdale, IL —  1.8  6.0  —  4.1  1.8  10.1  11.9  (3.1) 2017 (A)
Sun Retreats Sea Isle Clermont, NJ —  1.5  29.9  —  4.3  1.5  34.2  35.7  (13.4) 2014 (A)
Sun Retreats Seashore Cape May, NJ 12.3  1.0  23.2  —  3.8  1.0  27.0  28.0  (11.0) 2014 (A)
Sun Retreats Shenandoah Valley Stuarts Draft, VA —  —  —  1.9  20.5  1.9  20.5  22.4  (4.1) 2020 (A)
Sun Retreats Sherkston Shores Sherkston, ON —  22.8  97.2  (1.3)
(4)
 43.7  21.5  140.9  162.4  (40.5) 2016 (A)
Sun Retreats Texas Hill Country New Braunfels, TX —  3.8  27.2  —  3.1  3.8  30.3  34.1  (10.6) 2016 (A&C)
Sun Retreats Westward Shores West Ossipee, NH —  1.9  15.3  —  15.3  1.9  30.6  32.5  (8.0) 2018 (A)
Sun Retreats Wild Acres Old Orchard Beach, ME —  1.6  26.8  —  9.1  1.6  35.9  37.5  (16.2) 2013 (A)
Sun Valley Apache Junction, AZ 10.5  2.8  18.4  —  2.3  2.8  20.7  23.5  (7.6) 2014 (A)
Sun Villa Estates Reno, NV 16.7  2.4  11.8  (1.1)
(3)
 3.7  1.3  15.5  16.8  (11.9) 1998 (A)
Sunlake Estates Grand Island, FL 20.5  6.3  24.1  0.6  4.3  6.9  28.4  35.3  (9.7) 2015 (A)
Sunrise Estates Banning, CA —  5.5  17.2  —  1.7  5.5  18.9  24.4  (2.3) 2022 (A)
Sunset Ridge Portland, MI —  2.0  —  —  48.8  2.0  48.8  50.8  (21.0) 1998 (C)
Sunset Ridge TX Kyle, TX —  2.2  2.8  —  51.9  2.2  54.7  56.9  (11.9) 2000 (A&C)
Swan Meadow Village Dillon, CO —  2.1  19.7  —  0.7  2.1  20.4  22.5  (7.5) 2014 (A)
Sweetwater Zephyrhills, FL —  1.3  9.1  —  3.2  1.3  12.3  13.6  (3.8) 2016 (A)
Sycamore Village Mason, MI —  0.4  13.3  —  5.9  0.4  19.2  19.6  (9.4) 2011 (A)
Sylvan Crossing Chelsea, MI —  2.2  22.4  —  5.8  2.2  28.2  30.4  (4.0) 2021 (A)
Sylvan Glen Estates Brighton, MI —  2.7  22.7  —  5.7  2.7  28.4  31.1  (4.4) 2021 (A)
Tallowwood Isle Coconut Creek, FL —  13.8  20.8  0.3  3.5  14.1  24.3  38.4  (7.3) 2016 (A)
Tamarac Village Ludington, MI 16.9  0.4  12.0  —  4.1  0.4  16.1  16.5  (6.9) 2011 (A)
Tampa East Dover, FL —  0.7  6.3  0.9  11.7  1.6  18.0  19.6  (7.8) 2005 (A)
Tanglewood Village Brownstown, MI —  0.5  21.6  1.0  1.5  1.5  23.1  24.6  (3.6) 2021 (A)
The Foothills(5)(7)
 Fort Collins, CO —  3.8  —  1.1  —  4.9  —  4.9  —  2021 (C)
The Grove at Alta Ridge Thornton, CO —  5.4  37.1  —  1.1  5.4  38.2  43.6  (14.5) 2014 (A)

F - 56
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2025
(amounts in millions)
Initial Cost to Company Costs Capitalized Subsequent to Acquisition (Improvements)
Gross Amount Carried at
December 31, 2025
Property Name Location
Encumbrances(1)
 Land Depreciable Assets Land Depreciable Assets Land Depreciable Assets Total Accumulated Depreciation Date Acquired (A) or Constructed (C)
The Hamptons Golf & Country Club Auburndale, FL 60.9  15.9  67.6  —  7.4 
(9)
 15.9  75.0  90.9  (26.1) 2015 (A)
The Landings at Lake Henry Haines City, FL —  3.1  31.0  —  3.7  3.1  34.7  37.8  (12.1) 2015 (A)
The Preserve(2)
 Lake Suzy, FL —  40.5  16.8  —  —  40.5  16.8  57.3  —  2025 (A)
The Ridge Davenport, FL 33.0  8.4  35.5  —  2.9  8.4  38.4  46.8  (13.7) 2015 (A)
The Valley Apopka, FL —  2.5  5.7  —  1.9  2.5  7.6  10.1  (2.5) 2016 (A)
The Villas at Calla Pointe Cheektowaga, NY —  0.4  11.0  —  0.2  0.4  11.2  11.6  (4.3) 2014 (A)
The Willows Goshen, IN —  0.7  15.8  —  2.8  0.7  18.6  19.3  (2.9) 2021 (A)
Themeworld RV Resort Davenport, FL —  2.9  24.1  —  5.3  2.9  29.4  32.3  (4.8) 2021 (A)
Three Lakes Hudson, FL —  5.1  3.4  —  3.1  5.1  6.5  11.6  (2.6) 2012 (A)
Timber Ridge Ft. Collins, CO 33.2  1.0  9.2  —  5.4  1.0  14.6  15.6  (10.7) 1996 (A)
Timberline Estates Coopersville, MI 19.9  0.5  4.9  —  5.5  0.5  10.4  10.9  (6.4) 1994 (A)
Traveler's World(7)
 San Antonio, TX —  0.8  8.0  —  (6.1)
(7)
 0.8  1.9  2.7  (0.7) 2016 (A)
Treetops Arlington, TX —  0.7  9.8  —  2.8  0.7  12.6  13.3  (3.9) 2016 (A)
Troy Villa Troy, MI —  5.6  16.5  —  7.4  5.6  23.9  29.5  (4.7) 2020 (A)
Vallecito Newbury Park, CA 26.5  25.8  9.8  —  1.5  25.8  11.3  37.1  (3.5) 2016 (A)
Victor Villa Victorville, CA 16.1  2.5  20.4  —  1.5  2.5  21.9  24.4  (6.9) 2016 (A)
Vista Del Lago Scotts Valley, CA 22.9  17.8  9.5  —  1.9  17.8  11.4  29.2  (3.5) 2016 (A)
Vista Del Lago MH & RV Resort Bradenton, FL —  3.6  5.3  —  2.5  3.6  7.8  11.4  (2.4) 2016 (A)
Walden Woods Homosassa, FL 8.1  1.6  26.4  (0.1) 2.5  1.5  28.9  30.4  (10.1) 2015 (A)
Warren Dunes Village Bridgman, MI —  0.3  3.4  0.8  11.4  1.1  14.8  15.9  (5.9) 2011 (A&C)
Water Oak Country Club Estates Lady Lake, FL 69.1  2.8  16.7  3.1  91.6  5.9  108.3  114.2  (35.9) 1993 (A&C)
Waverly Shores Village Holland, MI 16.0  0.3  7.3  0.5  5.9  0.8  13.2  14.0  (5.3) 2011 (A&C)
West Village Estates Romulus, MI —  0.9  19.8  —  8.1  0.9  27.9  28.8  (11.2) 2012 (A)
Westbrook Senior Village Toledo, OH 4.9  0.4  3.3  —  1.0  0.4  4.3  4.7  (3.1) 2001 (A)
Westbrook Village Toledo, OH 22.7  1.1  10.5  —  8.9  1.1  19.4  20.5  (13.3) 1999 (A)
Westside Ridge Auburndale, FL 7.6  0.8  10.7  —  1.3  0.8  12.0  12.8  (4.2) 2015 (A)
White Lake White Lake, MI 22.4  0.7  6.2  —  15.1  0.7  21.3  22.0  (12.9) 1997 (A&C)
Willow Crossing Fort Lupton, CO —  5.1  —  —  80.7  5.1  80.7  85.8  (6.6) 2021 (C)
Willowbrook Place Toledo, OH 17.0  0.8  7.1  —  10.5  0.8  17.6  18.4  (10.8) 1997 (A)
Windham Hills Jackson, MI —  2.7  2.4  —  22.4  2.7  24.8  27.5  (14.6) 1998 (A&C)
Windmill Village Davenport, FL 40.7  7.6  36.3  —  1.7  7.6  38.0  45.6  (13.5) 2015 (A)
Woodhaven Place Woodhaven, MI 14.3  0.5  4.5  —  10.7  0.5  15.2  15.7  (8.9) 1998 (A)
Woodlake Trails San Antonio, TX —  1.1  0.3  —  24.2  1.1  24.5  25.6  (10.9) 2000 (A&C)
Woodland Park Estates Eugene, OR —  1.6  14.4  —  1.5  1.6  15.9  17.5  (13.7) 1998 (A)

F - 57
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2025
(amounts in millions)
Initial Cost to Company Costs Capitalized Subsequent to Acquisition (Improvements)
Gross Amount Carried at
December 31, 2025
Property Name Location
Encumbrances(1)
 Land Depreciable Assets Land Depreciable Assets Land Depreciable Assets Total Accumulated Depreciation Date Acquired (A) or Constructed (C)
Woodlands at Church Lake Groveland, FL —  2.5  9.1  —  8.3  2.5  17.4  19.9  (5.5) 2015 (A)
Woodside Terrace Holland, OH 26.2  1.1  9.6  —  19.8  1.1  29.4  30.5  (17.9) 1997 (A)
Wymberly Martinez, GA —  3.1  14.5  —  13.5  3.1  28.0  31.1  (4.9) 2019 (A)
$ 2,438.7  $ 1,676.3  $ 5,957.7  $ 72.6  $ 3,862.6  $ 1,748.9  $ 9,820.3  $ 11,569.2  $ (3,308.0)
Corporate Headquarters and Miscellaneous Investments(8)
 Southfield, MI —  63.2  209.7  (1.9) 283.7  61.6  493.4  555.0  (197.6)
$ 2,438.7  $ 1,739.5  $ 6,167.4  $ 70.7  $ 4,146.3  $ 1,810.5  $ 10,313.7  $ 12,124.2  $ (3,505.6)
(1)Balance outstanding represents total amount due at maturity and excludes any premiums or discounts and deferred financing costs.
(2)All or part of this property is subject to a ground lease.
(3)Gross amount carried at December 31, 2025 has decreased at this property due to a partial disposition of land or depreciable assets, as applicable.
(4)Gross amount carried at December 31, 2025 at our Canadian properties reflects the impact of foreign currency translation.
(5)This property was not included in our community count as of December 31, 2025 as it was not fully developed.
(6)This property had a name change during the year ended December 31, 2025.
(7)We recorded asset impairment charges during the year ended December 31, 2025 in association with the specified property. Refer to Note 14, "Fair Value Measurements," for additional information.
(8)We classified certain smaller operating properties within this category in an amount not exceeding 5% of the Total Gross Amount Carried at December 31, 2025, in accordance with SEC Regulation S-X, Item 12.
The following tables set forth real estate and accumulated depreciation relating to our UK properties.
Initial Cost to Company Costs Capitalized Subsequent to Acquisition (Improvements)
Gross Amount Carried at
December 31, 2025
Property Name Location Encumbrances Land Depreciable Assets Land Depreciable Assets Land Depreciable Assets Total Accumulated Depreciation Date Acquired (A) or Constructed (C)
Alberta Whitstable, Kent, England $ —  $ 24.7  $ 2.5  $ 1.0  $ 3.8  $ 25.7  $ 6.3  $ 32.0  $ (0.5) 2022 (A)
Amble Links Amble, Northumberland, England —  62.8  4.8  —  1.5  62.8  6.3  69.1  (1.2) 2022 (A)
Ashbourne Heights Ashbourne, Derbyshire, England —  7.3  2.6  —  2.2  7.3  4.8  12.1  (0.6) 2022 (A)
Beauport Hastings, Sussex, England —  76.9  5.4  —  1.4  76.9  6.8  83.7  (0.9) 2022 (A)
Birchington Vale(3)
 Birchington, Kent, England —  3.7  12.9  —  1.2  3.7  14.1  17.8  (1.9) 2022 (A)
Bodmin Holiday Park (formerly Cornwall) Bodmin, Cornwall, England —  7.3  7.0  —  4.9  7.3  11.9  19.2  (1.5) 2022 (A)
Bowland Fell Skipton, Yorkshire, England —  9.7  4.8  —  11.0  9.7  15.8  25.5  (2.0) 2022 (A)
Broadland Sands Lowestoft, Suffolk, England —  38.2  15.4  1.9  5.2  40.1  20.6  60.7  (2.6) 2022 (A)
Brynteg Llanryg, Caernafon, Wales —  26.3  7.2  —  3.9  26.3  11.1  37.4  (1.8) 2022 (A)
Burghead / Lossiemouth / Silver Sands Burghead, Moray, Scotland —  36.2  8.4  —  13.9  36.2  22.3  58.5  (3.1) 2022 (A)
Carlton Meres Saxmundham, Suffolk, England —  35.8  10.8  —  8.0  35.8  18.8  54.6  (2.3) 2022 (A)
Chantry(1)
 West Witton, Yorkshire, England —  11.4  1.4  (8.0)
(1)
 (0.9) 3.4  0.5  3.9  (0.1) 2022 (A)
Chichester Lakeside Chichester, Sussex, England —  75.1  9.8  —  7.4  75.1  17.2  92.3  (2.1) 2022 (A)

F - 58
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2025
(amounts in millions)
Initial Cost to Company Costs Capitalized Subsequent to Acquisition (Improvements)
Gross Amount Carried at
December 31, 2025
Property Name Location Encumbrances Land Depreciable Assets Land Depreciable Assets Land Depreciable Assets Total Accumulated Depreciation Date Acquired (A) or Constructed (C)
Coghurst Hall Hastings, Sussex, England —  50.0  7.3  —  2.6  50.0  9.9  59.9  (1.5) 2022 (A)
Dawlish Sands Dawlish, Devon, England —  10.8  4.1  —  —  10.8  4.1  14.9  (0.7) 2022 (A)
Dovercourt Harwich, Essex, England —  40.0  10.6  —  3.4  40.0  14.0  54.0  (1.7) 2022 (A)
Felixstowe Beach Felixstowe, Suffolk, England —  16.8  6.7  —  2.0  16.8  8.7  25.5  (1.0) 2022 (A)
Glendale Wigton, Cumbria, England —  19.0  12.7  0.1 

5.3  19.1  18.0  37.1  (1.6) 2022 (A)
Golden Sands Dawlish, Devon, England —  36.3  8.7  —  6.1  36.3  14.8  51.1  (2.5) 2022 (A)
Harts Isle of Sheppey, Kent, England —  30.5  9.3  —  2.9  30.5  12.2  42.7  (1.5) 2022 (A)
Hedley Wood Holsworthy, Devon, England —  2.6  2.6  —  14.4  2.6  17.0  19.6  (2.0) 2022 (A)
Hengar Manor(1)
 Bodmin, Cornwall, England —  8.5  5.7  (6.4)
(1)
 (2.9) 2.1  2.8  4.9  (0.4) 2022 (A)
Malvern View Stanford Bishop, Worcester, England —  18.4  9.6  —  5.2  18.4  14.8  33.2  (1.9) 2022 (A)
Marlie Romney, Kent, England —  43.2  8.6  —  2.7  43.2  11.3  54.5  (1.5) 2022 (A)
New Beach Dymchurch, Kent, England —  55.5  10.2  —  6.0  55.5  16.2  71.7 (2.4) 2022 (A)
Oaklands Clacton on Sea, Essex, England —  21.5  2.0  —  2.6  21.5  4.6  26.1 (0.4) 2022 (A)
Old Kerrow(1)(2)(4)
 Llfracombe, Devon, England —  —  28.0  2.5  (27.7) 2.5  0.3  2.8  —  2023 (A)
Oyster Bay Truro, Cornwall, England —  19.7  2.6  —  1.9  19.7  4.5  24.2  (0.6) 2022 (A)
Pakefield Pakefield, Suffolk, England —  13.0  3.8  —  20.4  13.0  24.2  37.2 (1.2) 2022 (A)
Pentire Bude, Cornwall, England —  18.1  3.8  —  2.8  18.1  6.6  24.7  (1.1) 2022 (A)
Pevensey Bay Pevensey Bay, Sussex, England —  46.5  6.5  —  6.6  46.5  13.1  59.6 (2.2) 2022 (A)
Plas Coch Llanedwen, Anglesey, Wales —  32.5  10.9  —  2.5  32.5  13.4  45.9  (2.3) 2022 (A)
Ribble Valley Clitheroe, Lancashire, England —  26.9  2.2  —  1.5  26.9  3.7  30.6  (0.5) 2022 (A)
Rye Harbour Rye, Sussex, England —  34.5  2.2  —  8.4  34.5  10.6  45.1 (1.0) 2022 (A)
Sand le Mere Hull, Yorkshire, England —  26.5  12.2  —  7.0  26.5  19.2  45.7 (3.4) 2022 (A)
Sandhills Christchurch, Dorset, England —  38.2  2.2  —  1.3  38.2  3.5  41.7 (0.4) 2022 (A)
Sandy Bay
 Canvey Island, Essex, England —  235.7  12.3  12.4  22.9  248.1  35.2  283.3 (4.1) 2022 (A)
Seaview Whitstable, Kent, England —  57.1  4.6  —  2.4  57.1  7.0  64.1 (0.9) 2022 (A)
Seawick Clacton on Sea, Essex, England —  31.4  10.2  —  1.9  31.4  12.1  43.5 (1.6) 2022 (A)
Solent Breezes Fareham, Hampshire, England —  32.1  3.2  —  2.5  32.1  5.7  37.8  (0.5) 2022 (A)
St. Osyth Beach / Martello Beach Clacton on Sea, Essex, England —  55.7  14.8  —  18.3  55.7  33.1  88.8  (4.4) 2022 (A)
Steeple Bay Sothminster, Essex, England —  25.0  6.2  —  1.6  25.0  7.8  32.8  (1.0) 2022 (A)
Stowford(4)
 Llfracombe, Devon, England —  —  145.4  151.6  (107.7) 151.6  37.7  189.3  (2.9) 2023 (A)
Trevella(3)
 Newquay, Cornwall, England —  —  9.7  —  3.8  —  13.5  13.5  (1.5) 2022 (A)
Waterside(3)
 Paignton, Devon, England —  —  6.1  —  5.8  —  11.9  11.9  (1.0) 2022 (A)
West Mersea West Mersea, Essex, England —  21.0  2.9  —  0.6  21.0 3.5  24.5  (0.6) 2022 (A)

F - 59
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2025
(amounts in millions)
Initial Cost to Company Costs Capitalized Subsequent to Acquisition (Improvements)
Gross Amount Carried at
December 31, 2025
Property Name Location Encumbrances Land Depreciable Assets Land Depreciable Assets Land Depreciable Assets Total Accumulated Depreciation Date Acquired (A) or Constructed (C)
Winchelsea Sands Winchelsea, Sussex, England —  16.9  3.4  —  5.8  16.9 9.2  26.1  (0.9) 2022 (A)
Wood Farm Charmouth, Dorset, England —  12.6  4.1  —  3.9  12.6 8.0  20.6  (1.0) 2022 (A)
Yorkshire Dales(1)
 Leyburn, Yorkshire, England —  10.5  1.1  (6.1)
(1)
 0.4  4.4  1.5  5.9  (0.2) 2022 (A)
$ —  $ 1,522.4  $ 489.5  $ 149.0  $ 100.7  $ 1,671.4  $ 590.2  $ 2,261.6  $ (73.0)
UK Headquarters and Miscellaneous Investments(3)(5)
 Sussex, England —  13.0  34.7  8.3  58.2  21.3  92.9  114.2  (19.6)
$ —  $ 1,535.4  $ 524.2  $ 157.3  $ 158.9  $ 1,692.7  $ 683.1  $ 2,375.8  $ (92.6)
(1) We recorded asset impairment charges during the year ended December 31, 2025 in association with the specified property. Refer to Note 14, "Fair Value Measurements," for additional information.
(2) This property was not included in our community count as of December 31, 2025 as it was not fully developed.
(3) All or part of this property is subject to a ground lease.
(4) These properties were reacquired in exchange for settlement of a related note receivable. Refer to Note 4, "Notes and Other Receivables," for additional information. Unallocated acquisition costs were reclassified between Land and Depreciable Assets as of December 31, 2025.
(5) We classified certain smaller operating properties within this category in an amount not exceeding 5% of the Total Gross Amount Carried at December 31, 2025, in accordance with SEC Regulation S-X, Item 12.
Depreciation of our buildings, improvements, furniture, fixtures and equipment is calculated over the following useful lives, on a straight-line basis:
•Land improvement and buildings: 15 years - 30 years
•Furniture, fixtures, and equipment: 5 years - 30 years
•Dock improvements: 30 years
•Site improvements: 7 years - 30 years
The aggregate cost of total real estate for federal income tax purposes was approximately $7.2 billion as of December 31, 2025.
The change in investment property for the years ended December 31, 2025, 2024, and 2023 is as follows (in millions):
Year Ended December 31,
2025 2024 2023
Beginning balance $ 14,093.5  $ 14,149.8  $ 13,453.4 
Property and land acquisitions, including immediate improvements 478.9  49.7  182.4 
Property expansion and development 100.6  123.0  250.3 
Improvements 335.1  327.1  387.9 
Asset impairments (429.6)
(1)
 (59.9) 2.8 
Dispositions and other (78.5) (496.2) (127.0)
Ending balance $ 14,500.0  $ 14,093.5  $ 14,149.8 

F - 60
SUN COMMUNITIES, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION, SCHEDULE III
DECEMBER 31, 2025
(amounts in millions)
The change in accumulated depreciation for the years ended December 31, 2025, 2024, and 2023 is as follows (in millions):
Year Ended December 31,
2025 2024 2023
Beginning balance $ 3,228.4  $ 2,920.6  $ 2,527.4 
Depreciation for the period 464.6  461.4  448.1 
Asset impairments (41.4)
(1)
 (10.0) 12.3 
Dispositions and other (53.3) (143.6) (67.2)
Ending balance $ 3,598.3  $ 3,228.4  $ 2,920.6 
(1)Consists of asset impairment charges primarily related to certain RV and UK properties. Refer to Note 14, "Fair Value Measurements," for additional information.





F - 61
EX-10.13 2 firstamendmenttofirstame.htm EX-10.13 firstamendmenttofirstame
EXHIBIT A FIRST AMENDMENT TO SUN COMMUNITIES, INC. FIRST AMENDED AND RESTATED 2004 NON-EMPLOYEE DIRECTOR OPTION PLAN This First Amendment to the Sun Communities, Inc. First Amended and Restated 2004 Non-Employee Director Option Plan (this “Amendment”) is effective as of May 17, 2018, the date it was approved by the Company's stockholders. All capitalized terms used, but not defined, in this Amendment have the same meanings as in the Sun Communities, Inc. First Amended and Restated 2004 Non-Employee Director Option Plan (the “Plan”). Recitals A. The Plan was approved by the Board of Sun Communities, Inc., a Maryland corporation (the “Company”) on April 24, 2012 and by the Company’s stockholders on July 19, 2012. B. This Amendment was approved by the Board on March 22, 2018, subject to approval of the Company's stockholders. Amendments The Plan is hereby amended as follows: 1. Section 4.01 of the Plan is hereby amended and restated in its entirety as follows: “4.01 Securities Issuable. Shares to be issued under the Plan may be authorized and unissued shares or issued shares which have been reacquired by the Company. OP Units to be issued under the Plan may be authorized and unissued OP Units or issued OP Units which have been reacquired by SCOLP. The maximum aggregate number of shares of Company Common Stock and OP Units that may be issued under this Plan, as amended, is 375,000 shares or OP Units. As of the date hereof, Awards with respect to an aggregate of 165,226 shares of Common Stock and zero OP Units have been made under the Plan. Accordingly, the maximum aggregate number of shares of Company Common Stock and OP Units that may be issued in the future after the date hereof under the Plan is 209,774 shares or OP Units. The aggregate number of shares to be issued under the Plan will be adjusted in accordance with Section 4.03 of the Plan.” 2. After the date of this Amendment, all references in the Plan to the “Plan” shall mean the Plan, as amended by this Amendment. The Plan is hereby amended accordingly. 3. Except as modified by this Amendment, the Plan remains unchanged and, as modified, continues in full force and effect. In the event of any conflict between the terms of the Plan and the terms of this Amendment, the terms of this Amendment shall control. A - 1

 
EX-10.15 3 suncommunitiesinc2015equ.htm EX-10.15 suncommunitiesinc2015equ
Appendix A SUN COMMUNITIES, INC. 2015 EQUITY INCENTIVE PLAN Sun Communities, Inc., a Maryland corporation (the “Company”), has adopted the Sun Communities, Inc. 2015 Equity Incentive Plan (the “Plan”) as set forth herein. Article I. Purpose and Adoption of the Plan 1.01 Purpose. The purpose of the Plan is to provide certain key employees of the Company with an additional incentive to promote the Company’s financial success and to provide an incentive which the Company may use to induce able persons to enter into or remain in the employment of the Company or a Subsidiary by providing such persons an opportunity to acquire or increase his or her direct proprietary interest in the operations and future of the Company. 1.02 Adoption and Term. The Plan has been adopted by the Board and shall be effective upon approval by the Company’s stockholders. The Plan replaces the Sun Communities, Inc. Equity Incentive Plan adopted in July 2009 and terminated by the Board of Directors effective as of the approval of this Plan by the Company’s stockholders. The Plan will terminate automatically on the tenth (10th) anniversary of the Effective Date, and may be terminated on an earlier date as provided in Section 12.01(b). Article II. Definitions 2.01 Administrator means the committee having authority to administer the Plan pursuant to Section 3.01. 2.02 Award means any one or combination of Non‑Qualified Stock Options, Performance Based Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Share Rights or any other award made under the terms of the Plan. 2.03 Award Agreement means a written agreement between the Company and Participant specifically setting forth the terms and conditions of an Award granted under the Plan, including the maximum number shares of Company Common Stock subject to the Award and the Exercise Price or Purchase Price. 2.04 Award Period means, with respect to an Award, the period of time set forth in the Award Agreement during which specified conditions set forth in the Award Agreement must be satisfied. 2.05 Beneficiary means (a) an individual, a trust or an estate who or which, by will or by operation of the laws of descent and distribution, succeeds to the rights and obligations of the Participant under the Plan and Award Agreement upon the Participant’s death; or (b) an A-1

 
individual, who by designation of the Participant, succeeds to the rights and obligations of the Participant under the Plan and Award Agreement upon the Participant’s death. 2.06 Board means the Board of Directors of the Company. 2.07 Business Combination means a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company. 2.08 Cause means unless otherwise provided in the Participant's Award Agreement, (a) engaging in (i) willful or gross misconduct or (ii) willful or gross neglect; (b) repeatedly failing to adhere to the directions of superiors or the Board or the written policies and practices of the Company or its Subsidiaries or affiliates; (c) the commission of a felony or a crime of moral turpitude, dishonesty, breach of trust or unethical business conduct, or any crime involving the Company or its Subsidiaries or affiliates; (d) fraud, misappropriation or embezzlement; (e) a material breach of the Participant's employment agreement (if any) with the Company, its Subsidiaries or affiliates; (f) acts or omissions constituting a material failure to perform substantially and adequately the duties assigned to the Participant; (g) any illegal act detrimental to the Company, its Subsidiaries or affiliates; or (h) repeated failure to devote substantially all of the Participant's business time and efforts to the Company, its Subsidiaries or affiliates if required by the Participant’s employment agreement; provided, however, that, if at any particular time the Participant is subject to an effective employment agreement with the Company, then, in lieu of the foregoing definition, “Cause” shall at that time have such meaning as may be specified in such employment agreement. 2.09 Change of Control Event means (a) an event or series of events by which any Person or other entity or group (as such term is used in Section 13(d) and 14(d) of the Exchange Act) of Persons or other entities acting in concert as a partnership or other group (a “Group of Persons”) (other than Persons who are, or Groups of Persons entirely made up of, (i) management personnel of the Company or (ii) any affiliates of any such management personnel) shall, as a result of a tender or exchange offer or offers, an open market purchase or purchases, a privately negotiated purchase or purchases or otherwise, become the beneficial owner (within the meaning of Rule 13d‑3 under the Exchange Act, except that a Person shall be deemed to have “beneficial ownership” of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of 50% or more of the combined voting power of the then outstanding voting stock of the Company; (b) the Company consolidates with, or merges with or into, another Person (other than a Subsidiary in a transaction which is not otherwise a Change of Control Event), or sells, assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of its assets to any Person, or any Person consolidates with, or merges with or into the Company, in any such event pursuant to a transaction in which the outstanding voting stock of the Company is converted into or exchanged for cash, securities or other property; (c) during any period of twelve (12) consecutive months, individuals who at the beginning of such period constituted the Board (together with any new directors whose election by such Board or whose nomination for election by the stockholders of the Company, was approved by a vote of 66-2/3% of the directors then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board then in office; A-2

 
or (d) any complete liquidation or dissolution of the Company (other than a liquidation into a Subsidiary that is not otherwise a Change of Control Event). 2.10 Code means the Internal Revenue Code of 1986, as amended. References to a section of the Code shall include that section and any comparable section or sections of any future legislation that amends, supplements or supersedes that section. 2.11 Company Common Stock means the Common Stock of the Company, par value $0.01. 2.12 Date of Grant means the date designated by the Administrator as the date as of which it grants an Award, which shall not be earlier than the date on which the Administrator approves the granting of such Award. 2.13 Director means a member of the Board of Directors of the Company. 2.14 Effective Date means the date the Plan was approved by the Company’s stockholders. 2.15 Exchange Act means the Securities Exchange Act of 1934, as amended. 2.16 Exercise Price means, with respect to a Stock Appreciation Right, the amount established by the Administrator, in accordance with Section 7.03 hereunder, and set forth in the Award Agreement, which is to be subtracted from the Fair Market Value on the date of exercise in order to determine the amount of the Incremental Value to be paid to the Participant. 2.17 Expiration Date means the date specified in an Award Agreement as the expiration date of such Award. 2.18 Fair Market Value means the value of a share of Company Common Stock, as determined as follows: if on the Date of Grant or other determination date (each, a “Valuation Date”) the shares of Company Common Stock are readily tradable on an established securities market, the Fair Market Value of a share of Company Common Stock will be the closing price of the shares in the established securities market (if there is more than one such exchange or market, the Board will determine the appropriate exchange or market) on the Valuation Date, or, if there is no such reported closing price, the Fair Market Value will be the arithmetic mean of the high and low prices on such Valuation Date. If the shares of Company Common Stock are not readily tradable on an established securities market, and are not transferred pursuant to an Incentive Stock Option, the Fair Market Value on a Valuation Date means a value determined by a reasonable application of a reasonable method as determined by the Board of Directors in good faith taking into account, without limitation, Section 409A of the Code. Any reasonable valuation method, made in good faith, including the valuation methods permitted under Section 20.2031-2 of the Treasury regulations, may be used to determine the Fair Market Value of a share transferred pursuant to an Incentive Stock Option. A-3

 
2.19 Incentive Stock Option means an incentive stock option described in Section 422 of the Code. 2.20 Incremental Value has the meaning given such term in Section 7.01 of the Plan. 2.21 Merger Price means the value (as determined by the Administrator) of the consideration payable for shares of Company Common Stock pursuant to a Business Combination. 2.22 Non‑Qualified Stock Option means an Option which is not an Incentive Stock Option or a Performance-Based Option. 2.23 Officer means any officer of the Company who is subject to the reporting provisions and trading restrictions of Section 16 of the Exchange Act. 2.24 Options means all Non‑Qualified Stock Options, Incentive Stock Options and Performance-Based Options granted to purchase shares of Company Common Stock under the terms of the Plan. 2.25 Participant shall have the meaning set forth in Article V. 2.26 Performance-Based Option means an Option subject to attainment of performance goals over a performance period that, upon exercise or at any other time, would not result in or give rise to “applicable employee remuneration” within the meaning of Section 162(m) of the Code. 2.27 Purchase Price, with respect to Options, shall have the meaning set forth in Section 6.02. 2.28 Restricted Share Right means a right to receive Company Common Stock subject to restrictions imposed under the terms of an Award granted pursuant to Article IX. 2.29 Rule 16b‑3 means Rule 16b‑3 promulgated by the Securities and Exchange Commission under Section 16 of the Exchange Act, as currently in effect and as it may be amended from time to time, and any successor rule. 2.30 Separation from Service means the voluntary or involuntary termination of a Participant’s employment with, or service to, the Company or a Subsidiary for any reason, including death, disability, retirement or as the result of the divestiture of the Participant’s employer or any other similar transaction in which the Participant’s employer ceases to be the Company or a Subsidiary of the Company. Whether an authorized leave of absence or absence on military or government service, absence due to disability, or absence for any other reason shall constitute Separation from Service shall be determined in each case by the Administrator in its sole discretion. A-4

 
2.31 Stock Appreciation Right means an Award granted in accordance with Article VII. 2.32 Subsidiary shall have the meaning set forth in Section 424(f) of the Code. Article III. Administration 3.01 Administration. The Administrator of the Plan shall be the committee appointed by the Board which shall at all times consist of three (3) or more persons, each of which shall be members of the Board and shall qualify as an “independent director” within the meaning of the New York Stock Exchange Listed Company Manual, as amended from time to time and any successor thereto, as an “outside director” within the meaning of Section 162(m) of the Code and as a “non-employee director” within the meaning of Rule 16b-3 promulgated under the Exchange Act. Until changed by the Board, the Administrator shall be the Compensation Committee of the Board. The Administrator shall have full power and authority to take all actions and to make all determinations required or provided under the Plan, any Award or any Award Agreement and shall have full power and authority to take all other actions and make all other determinations not inconsistent with the specific terms and provisions of the Plan that it deems necessary or appropriate to the administration of the Plan, any Award or Award Agreement, including without limitation, establishing and modifying administrative rules, imposing such conditions and restrictions on Awards as it determines appropriate and canceling Awards (including those made pursuant to other plans of the Company). All such actions and determinations of the Administrator must be made by the affirmative vote of a majority of the members of the Administrator. Unless otherwise expressly determined by the Board, the interpretation and construction by the Administrator of any provision of the Plan, any Award or any Award Agreement is final, binding and conclusive. The Administrator may delegate such of its powers and authority under the Plan as it deems appropriate to the Chief Executive Officer of the Company with respect to Awards, including the granting thereof, to individuals who are not Officers. Notwithstanding any provision of this Plan to the contrary, neither the Board nor the Administrator shall have the authority to take any of the following actions unless the stockholders of the Company have approved such action: (a) reduce the Purchase Price or Exercise Price of any outstanding Option or Stock Appreciation Right; (b) except as otherwise provided in Section 4.03, cancel any outstanding Option or Stock Appreciation Right in exchange for, or replace any outstanding Option or Stock Appreciation Right with, cash, another Award or any other consideration from the Company; and/or (c) take any other action that is treated as a repricing under generally accepted accounting principles. 3.02 Indemnification. Members of the Administrator shall be entitled to indemnification and reimbursement from the Company for any action or any failure to act in connection with service as Administrator to the full extent provided for or permitted by the Company’s articles of incorporation or bylaws or by any insurance policy or other agreement intended for the benefit of the Company’s officers, directors or employees or by any applicable law. A-5

 
3.03 Terms of Awards. Subject to other terms and conditions of the Plan, the Administrator has the full and final authority to: (a) designate Participants; (b) determine the type or types of Awards made to Participants; (c) determine the number of shares of Company Common Stock subject to any Award; (d) establish the terms and conditions of each Award, including without limitation, the Exercise Price or Purchase Price, the nature and duration of any restriction or condition relating to vesting, exercise, transfer or forfeiture of an Award or the shares subject to the Award, and any terms or conditions that may be necessary to remain exempt from the requirements of Section 409A of the Code or qualify Options as Incentive Stock Options; and (e) amend, modify or supplement the terms of any outstanding Award, provided, that, no such amendment, modification or supplement may cause an Award to violate Section 409A of the Code or, without the written consent of the Participant, impair the Participant’s vested rights under an Award Agreement. Article IV. Company Common Stock Issuable Pursuant to the Plan 4.01 Shares Issuable. The maximum number of shares of Company Common Stock that may be issued under the Plan is One Million Seven Hundred Fifty Thousand (1,750,000) shares. The aggregate number of Company Common Stock actually issued or transferred by the Company upon the exercise of Incentive Stock Options may not exceed One Million (1,000,000) shares. The aggregate number of shares to be issued under the Plan, will be adjusted in accordance with Section 4.03 of the Plan. Shares of Company Common Stock may be authorized and unissued shares or issued shares which have been reacquired by the Company. A share of Company Common Stock and its related tandem Stock Appreciation Right may only be counted once. 4.02 Shares Subject to Terminated Awards. In the event that any Award at any time granted under the Plan is surrendered to the Company, terminated, forfeited, cancelled (other than in connection with the exercise of a tandem Stock Appreciation Right), expires before it has been fully exercised, or an award of Stock Appreciation Rights is exercised for cash, then all shares of Company Common Stock underlying such portion of the Award shall be added to the remaining number of shares of Company Common Stock available for issuance under the Plan. Shares of Company Common Stock tendered or held back upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall not be available for issuance under the Plan. Any shares of Company Common Stock issued by the Company pursuant to its assumption or substitution of outstanding grants from acquired companies shall not reduce the number of shares available for Awards under this Plan unless issued under this Plan. A-6

 
4.03 Adjustments to Reflect Capital Changes. (a) Recapitalization. The number and kind of shares subject to outstanding Awards, the Purchase Price or Exercise Price for such shares, and the number and kind of shares available for Awards subsequently granted under the Plan shall be appropriately adjusted to reflect any stock dividend, stock split, combination or exchange of shares, merger, consolidation or other change in capitalization with a similar substantive effect upon the Plan or the Awards granted under the Plan. The Administrator shall have the power to determine the amount of the adjustment to be made in each case. (b) Sale or Reorganization. Upon consummation of a Business Combination in which the outstanding shares of Company Common Stock are exchanged for securities, cash or other property of an unrelated corporation or business entity or in the event of a liquidation of the Company (in each case, a “Transaction”), the Administrator may, in its discretion, take any one or more of the following actions as to outstanding Options: (i) provide that such Options shall be assumed, or equivalent options shall be substituted, by the acquiring or succeeding entity (or an affiliate thereof), (ii) upon written notice to the holders of the Options, provide that all unexercised Options will terminate immediately prior to the consummation of the Transaction unless exercised by the Option holder within a specified period following the date of such notice, and/or (iii) in the event of a Business Combination under the terms of which holders of the Company Common Stock will receive upon consummation thereof a cash payment for each share surrendered in the Business Combination, make or provide for a cash payment to the Option holders equal to the difference between (A) the Merger Price times the number of shares of Company Common Stock subject to such outstanding Options (to the extent then exercisable at prices not in excess of the Merger Price) and (B) the aggregate exercise prices of all such outstanding Options, in exchange for the termination of such Options. In the event Options will terminate upon consummation of the Transaction as provided in clause (ii) above, each Option holder shall be permitted, within a specified period determined by the Administrator, to exercise all non-vested Options, subject to the consummation of the Transaction. (c) Options to Purchase Stock of Acquired Companies. After any reorganization, merger or consolidation in which the Company or a Subsidiary of the Company shall be a surviving corporation, the Administrator may grant substituted Options under the provisions of the Plan, subject to the applicable requirements described in Section 424 of the Code or Section 1.409A-1(b)(5)(v)(D) of the Treasury regulations, replacing old Options granted under a plan of another party to the reorganization, merger or consolidation, where such party’s stock may no longer be issued following such merger or consolidation. The foregoing adjustments and manner of application of the foregoing provisions shall be determined by the Administrator in its sole discretion. Any adjustments may provide for the elimination of any fractional shares which might otherwise have become subject to any Awards. A-7

 
Article V. Participation 5.01 Eligible Employees. Participants in the Plan shall be the Officers and other employees of the Company or a Subsidiary as the Administrator, in its sole discretion, may designate from time to time to receive an Award. The Administrator’s designation of a Participant in any year shall not require the Administrator to designate such person to receive an Award in any other year. The Administrator shall consider such factors as it deems pertinent in selecting Participants and in determining the type and amount of their respective Awards. 5.02 Special Provisions for Certain Non-Employees. Notwithstanding any provision contained in this Plan to the contrary, the Administrator may grant Awards under the Plan to non-employees who, in the judgment of the Administrator, render significant services to the Company or a Subsidiary, on such terms and conditions as the Administrator deems appropriate and consistent with the intent of the Plan. Article VI. Option Awards 6.01 Power to Grant Options. The Administrator may grant to any Participant Options entitling the Participant to purchase shares of Company Common Stock at a price not less than the Fair Market Value of the shares on the Date of Grant, in such quantity and on such terms and subject to such conditions, not inconsistent with the terms of this Plan, as may be established by the Administrator. The Administrator may designate an Option as an Incentive Stock Option, a Non-Qualified Stock Option or a Performance-Based Option. The terms of any Option granted under this Plan shall be set forth in an Award Agreement. Notwithstanding any provision of this Plan to the contrary, (a) any Option awarded to an individual who is then subject to Section 16 of the Exchange Act must comply with the exemption requirements of Rule 16b-3, and (b) subject to Sections 8.03 and 8.07, no Option may be exercisable prior to the first anniversary of the Date of Grant and no shares of Company Common Stock shall vest under an Option prior to the first anniversary of the Date of Grant. 6.02 Purchase Price of Options. The per share Purchase Price of each share of Company Common Stock which may be purchased upon exercise of any Option granted under the Plan may never be less than the Fair Market Value of such shares on the Date of Grant, provided, however, that in the case of an Incentive Stock Option granted to a Participant who at the time of the grant owns (as defined in Section 424(d) of the Code) stock in the Company or a Subsidiary of the Company possessing more than ten percent (10%) of the total combined voting power of all classes of stock of any such entity (a “10% Stockholder”), the Purchase Price must be at least one hundred and ten percent (110%) of the Fair Market Value of the Company Common Stock on the Date of Grant. 6.03 Designation of Incentive Stock Options. If the Administrator designates, at the Date of Grant, that the Option is an Incentive Stock Option under Section 422 of the Code, the following additional provisions apply. A-8

 
(a) Incentive Stock Option Share Limitation. No Participant may be granted Incentive Stock Options under the Plan (or any other plans of the Company) which would result in stock with an aggregate Fair Market Value (measured on the Date of Grant) of more than $100,000 first becoming exercisable in any one calendar year, or which would entitle such Participant to purchase a number of shares greater than the maximum number permitted by Section 422 of the Code as in effect on the Date of Grant. If the aggregate Fair Market Value (determined at the Date of Grant) of the shares subject to the Option, which first becomes exercisable in any calendar year and during this period exceeds the limitation of this subsection, so much of the Option that does not exceed the applicable dollar limit will be designated as an Incentive Stock Option and the remainder will be designated as a Non-Qualified Stock Option, but in all other aspects the Award Agreement will remain in full force and effect. (b) Other Incentive Stock Option Terms. Whenever possible, each provision in the Plan and in every Option granted under this Plan which is designated by the Administrator as an Incentive Stock Option will be interpreted in such a manner as to entitle the Option to the tax treatment afforded by Section 422 of the Code. If any provision of this Plan or any Option designated by the Administrator as an Incentive Stock Option does not to comply with requirements necessary to entitle such Option to such tax treatment, then (i) such provision shall be deemed to have contained from the outset such language as is necessary to entitle the Option to the tax treatment afforded under Section 422 of the Code, and (ii) all other provisions of this Plan and the Award Agreement will remain in full force and effect. If any Award Agreement covering an Option designated by the Administrator to be an Incentive Stock Option under this Plan does not explicitly include any terms required to entitle such Incentive Stock Option to the tax treatment afforded by Section 422 of the Code, all such terms shall be deemed implicit in the designation of such Option and the Option shall be deemed to have been granted subject to all such terms. 6.04 Rights as a Stockholder. The Participant or any transferee of an Option pursuant to Section 8.02 or Section 11.05 shall have none of the rights of a stockholder with respect to any shares of Company Common Stock covered by an Option until the Participant or transferee is the holder of record of any such shares, and no adjustment shall be made for dividends and cash or other property or distributions or other rights for which the record date is prior to the date the Participant is the holder of record. Article VII. Stock Appreciation Rights 7.01 Power to Grant Stock Appreciation Rights. The Administrator is authorized to grant to any Participant a Stock Appreciation Right that entitles the Participant to receive, upon exercise thereof, a payment from the Company, payable as provided in Section 7.04, of an amount equal to the Incremental Value of the Stock Appreciation Rights. The Incremental Value of a single share of Company Common Stock is an amount equal to the remainder derived from subtracting (i) the Exercise Price for the right established in the Award Agreement from (ii) the A-9

 
Fair Market Value of a share of Company Common Stock on the date of exercise. The terms of any Stock Appreciation Right granted under the Plan, including the Exercise Price which may never be less than the Fair Market Value of the underlying share of Company Common Stock on the Date of Grant, will be set forth in an Award Agreement. Notwithstanding any other provision of the Plan, any Stock Appreciation Right awarded to an individual who is then subject to Section 16 of the Exchange Act must comply with the exemption requirements of Rule 16b-3. 7.02 Tandem Stock Appreciation Rights. The Administrator may grant to any Participant a Stock Appreciation Right covering any share of Company Common Stock which is, at the Date of Grant, also covered by an Option granted to the same Participant, either prior to or simultaneously with the grant to such Participant of the Stock Appreciation Rights, provided: (i) any Option covering any share of Company Common Stock shall expire and not be exercisable upon the exercise of any Stock Appreciation Rights with respect to the same share; (ii) any Stock Appreciation Rights covering any share of Company Common Stock shall not be exercisable upon the exercise of any related Option with respect to the same share; and (iii) an Option and Stock Appreciation Rights covering the same share of Company Common Stock may not be exercised simultaneously. 7.03 Exercise Price. In the case of a tandem Stock Appreciation Right, the Exercise Price established under any Stock Appreciation Right, as determined by the Administrator and set forth in the Award Agreement, may not be less than the Purchase Price of the related Option. Upon exercise of a tandem Stock Appreciation Right, the number of shares subject to exercise under a related Option will automatically be reduced by the number of shares of Company Common Stock represented by the Option or portion thereof which is surrendered as a result of the exercise of such Stock Appreciation Right. 7.04 Payment of Incremental Value. Any payment which may become due from the Company by reason of Participant’s exercise of a Stock Appreciation Right may be paid to the Participant as determined by the Administrator (i) all in cash, (ii) all in Company Common Stock, or (iii) in any combination of cash and Company Common Stock. In the event that all or a portion of the payment is made in Company Common Stock, the number of shares of the Company Common Stock delivered in satisfaction of such payment will be determined by dividing the amount of the payment by the Fair Market Value on the date of exercise. The Administrator may determine whether payment upon exercise of a Stock Appreciation Right will be made in cash or in stock, or a combination thereof, upon or at any time prior to the exercise of such Stock Appreciation Right. No fractional share of Company Common Stock will be issued to make any payment; if any fractional shares would be issuable, the mix of cash and Company Common Stock payable to the Participant will be adjusted as directed by the Administrator to avoid the issuance of any fractional share. A-10

 
Article VIII. Terms of Options and Stock Appreciation Rights 8.01 Duration of Options and Stock Appreciation Rights. Options and Stock Appreciation Rights shall terminate after the first to occur of the following events: (a) Expiration Date of the Award as provided in the Award Agreement; or (b) Termination of the Award as provided in Section 8.02; or (c) In the case of an Incentive Stock Option, the tenth (10th) anniversary of the Date of Grant, unless the Participant is a 10% Stockholder in which case on the fifth (5th) anniversary of the Date of Grant; or (d) Solely in the case of tandem Stock Appreciation Rights, upon the Expiration Date of the related Option. 8.02 Exercise on Death or Separation from Service. (a) Unless otherwise provided in the Award Agreement, in the event of the death, disability or retirement of a Participant while an employee of the Company or a Subsidiary of the Company, the right to exercise all unexpired Awards shall be accelerated and shall vest as of the date of death, disability or retirement (as applicable), and, except as provided in Section 8.02(c) below, the Participant’s Awards may be exercised by the Participant or his Beneficiary at any time within one year after the date of the Participant’s death, disability or retirement, as applicable. (b) Unless otherwise provided in the Award Agreement, in the event of Participant’s Separation from Service at any time for any reason other than death, disability, retirement or for Cause, an Award may be exercised, but only to the extent it was otherwise exercisable, on the date of Separation from Service, within ninety days after the date of Separation from Service. In the event of the death of the Participant within the ninety-day period following Separation from Service, his Award may be exercised by his Beneficiary within the one-year period provided in subparagraph 8.02(a) above. (c) With respect to an Award which is intended to constitute an Incentive Stock Option, upon Separation from Service, such Award shall be exercisable as provided in Section 422 of the Code. (d) In the event that a Participant’s Separation from Service is for Cause, the Participant’s Award Agreements and underlying Awards will terminate immediately upon Separation from Service. A-11

 
8.03 Acceleration of Exercise Time. The Administrator, in its sole discretion shall have the right (but shall not in any case be obligated) to permit purchase of shares of Company Common Stock under any Award prior to the time such Award would otherwise become exercisable under the terms of the Award Agreement; provided, however, that an Award shall not be exercisable prior to the first anniversary of the Date of Grant except in the case of the Participant’s death, disability or retirement or in connection with a Change of Control Event. 8.04 Extension of Exercise Time. The Administrator, in its sole discretion, shall have the right (but shall not in any case be obligated) to permit any Award granted under this Plan to be exercised after its Expiration Date or after the period set forth in Section 8.02, subject, however, to the limitations described in Section 8.01 (c) and (d). 8.05 Prohibited Modification or Extension of Options. Notwithstanding any provision of the Plan or any Award Agreement to the contrary, no Option may be modified, extended or renewed if such modification, extension or renewal would be considered as the granting of a new Option. Thus, an Option that is designated as an Incentive Stock Option may only be modified, extended, or renewed in compliance with section 424(h) of the Code and the related Treasury regulations under section 1.424-1(e), and an Option that is designated as a Non-Qualified Stock Option or a Performance-Based Option may only be modified, extended, or substituted in compliance with Treasury regulations under section 1.409A-1(b)(5)(v). 8.06 Conditions for Exercise. An Award Agreement may contain such waiting periods, exercise dates and restrictions on exercise (including, but not limited to, periodic installments which may be cumulative) as may be determined by the Administrator at the Date of Grant. 8.07 Change of Control Event. Unless otherwise provided in the Award Agreement, and subject to such other terms and conditions as the Administrator may establish in the Award Agreement, upon the occurrence of a Change of Control Event, irrespective of whether or not an Award is then exercisable, all outstanding Options shall automatically become fully vested and exercisable and all restrictions applicable to any other Award shall lapse and be of no further force or effect. 8.08 Exercise Procedures. (a) An Option that is exercisable may be exercised, prior to the Expiration Date of the Award, by the Participant’s delivery to the Officer designed in the Award Agreement of written notice of exercise on any business day, at the Company’s principal office, on the form specified by the Administrator. Such notice must specify the number of shares with respect to which the Option is being exercised and must be accompanied by payment in full of the Purchase Price of the shares of Company Common Stock for which the Option is being exercised plus the amount (if any) of federal and/or other taxes which the Company may, in its judgment, be required to withhold with respect to the Option (or portion thereof) being exercised. A-12

 
(b) Notwithstanding the prior provision, the Administrator may (but need not) permit payment to be made by delivery to the Company of either (i) shares of Company Common Stock (including shares issuable to the Participant pursuant to the exercise of the Option), (ii) any combination of cash and shares of Company Common Stock, or (iii) such other consideration as the Administrator deems appropriate and in compliance with applicable law (including payment in accordance with a cashless exercise program under which, if so instructed by the Participant, shares of Company Common Stock may be issued directly to the Participant’s broker or dealer upon receipt of the Purchase Price in cash from the broker or dealer.) In the event that any Company Common Stock shall be transferred to the Company to satisfy all or any part of the Purchase Price, the part of the Purchase Price deemed to have been satisfied by such transfer of Company Common Stock shall be equal to the product derived by multiplying the Fair Market Value as of the date of exercise times the number of shares transferred. The Participant may not transfer to the Company in satisfaction of the Purchase Price (y) a number of shares which when multiplied times the Fair Market Value as of the date of exercise would result in a product greater than the Purchase Price or (z) any fractional share of Company Common Stock. Any part of the Purchase Price paid in cash upon the exercise of any Option shall be added to the general funds of the Company and used for any proper corporate purpose. Unless the Administrator shall otherwise determine, any Company Common Stock transferred to the Company as payment of all or part of the Purchase Price upon the exercise of any Option shall be held as treasury shares. (c) A Stock Appreciation Right that is exercisable may be exercised, prior to the Expiration Date of the Award, by the Participant’s delivery to the Officer designed in the Award Agreement of written notice of exercise on any business day, at the Company’s principal office, on the form specified by the Administrator. The Administrator will determine whether the appreciation in a Stock Appreciation Right will be paid in the form of cash, shares of Company Common Stock or a combination of the two, in such proportion as the Administrator deems appropriate. For purposes of calculating the number of shares of Company Common Stock to be issued to the Participant, shares of Company Common Stock will be valued at their Fair Market Value on the date of exercise of the Stock Appreciation Right. If shares of Company Common Stock are issued to a Participant, cash will be paid in lieu of any fractional share. (d) In the event that an Option or Stock Appreciation Right is being exercised by a Beneficiary, or any other person pursuant to Section 11.05, appropriate proof of the right of such person to exercise the Option or Stock Appreciation Right must be provided to the Company. Article IX. Restricted Share Awards 9.01 Power to Grant Restricted Share Right. The Administrator may grant to any Participant an Award of a Restricted Share Right entitling such Participant to receive shares of Company Common Stock (“Restricted Stock”) in such quantity, and on such terms, conditions and restrictions (whether based on performance standards, periods of service or otherwise) as the A-13

 
Administrator shall determine on or prior to the Date of Grant. The terms of any Award of Restricted Stock granted under the Plan shall be set forth in an Award Agreement. 9.02 Duration of Restricted Share Rights. During a period established by the Administrator and set forth in a Participant’s Award Agreement, (the “Restriction Period”) the Participant will not be permitted to sell, assign, transfer, pledge or otherwise encumber or dispose of any shares Restricted Stock. Subject to Section 8.07, a Restriction Period will commence on the Date of Grant and will not expire prior to the first (1st) anniversary of the Date of Grant. Any attempt to dispose of Restricted Stock in a manner contrary to the restrictions set forth in the Plan or an Award Agreement will be ineffective. 9.03 Forfeiture of Restricted Share Rights. Subject to Section 9.05, an Award of a Restricted Share Right will terminate and any unvested shares will be forfeited unless the Participant (a) remains employed by the Company or a Subsidiary until the expiration of the Restriction Period, and (b) satisfies any other conditions set forth in the Award Agreement. If the Award Agreement so provides, in the case of the Participant’s death, disability or retirement prior to the expiration of the Restriction Period, any Restricted Stock will immediately vest and any restrictions will lapse as of the date of the Participant’s death, disability or retirement. 9.04 Delivery of Shares upon Vesting. Upon the lapse of the restrictions established in the Award Agreement, the Participant shall be entitled to receive, without payment of any cash or other consideration, certificates for the number of shares of Company Common Stock covered by the Award. 9.05 Waiver or Modification of Forfeiture Provisions. The Administrator has full power and authority to modify or waive any or all terms, conditions or restrictions (other than the minimum Restriction Period set forth in Section 9.02) applicable to any Restricted Share Right granted to a Participant under the Plan; provided, that, no modification shall, without consent of the Participant, adversely affect the Participant’s rights thereunder and no modification shall reduce the employment requirement to less than one (1) year, except in the case of the Participant’s death, disability or retirement or a Change of Control Event. 9.06 Rights as a Stockholder. Unless otherwise provided in the Award Agreement, no person shall have any rights as a stockholder with respect to any shares subject to Restricted Share Rights until such time as the person shall have been issued a certificate for such shares. Article X. Other Stock Based Awards 10.01 Grant of Other Awards. Other Awards of shares of Company Common Stock or other securities of the Company and other Awards that are valued in whole or in part by reference to, or are otherwise based on, Company Common Stock (“Other Awards”) may be granted either alone or in addition to or in conjunction with Options or Stock Appreciation Rights under the Plan. Subject to the provisions of the Plan, the Administrator shall have the sole and complete authority to determine the persons to whom and the time or times at which Other Awards shall be made, the number of shares of Company Common Stock or other A-14

 
securities, if any, to be granted pursuant to such Other Awards, and all other conditions of such Other Awards. Any Other Award shall be confirmed by an Award Agreement executed by the Administrator and the Participant, which agreement shall contain such provisions as the Administrator determines to be necessary or appropriate to carry out the intent of this Plan with respect to the Other Award. 10.02 Terms of Other Awards. In addition to the terms and conditions specified in the Award Agreement, Other Awards made pursuant to this Article X shall be subject to the following: (a) Any shares of Company Common Stock subject to such Other Awards may not be sold, assigned, transferred or otherwise encumbered prior to the date on which the shares are issued, or, if later, the date on which any applicable restriction, performance or deferral period lapses; and (b) If specified by the Administrator and the Award Agreement, the recipient of an Other Award shall be entitled to receive, currently or on a deferred basis, interest or dividends or dividend equivalents with respect to the Company Common Stock or other securities covered by the Other Award; and (c) The Award Agreement with respect to any Other Award shall contain provisions providing for the disposition of such Other Award in the event of Separation from Service prior to the exercise, realization or payment of such Other Award, with such provisions to take account of the specific nature and purpose of the Other Award. Article XI. Terms Applicable to All Awards 11.01 Award Agreement. The grant and the terms and conditions of the Award shall be set forth in an Award Agreement between the Company and the Participant. No person shall have any rights under any Award granted under the Plan unless and until the Administrator and the Participant to whom the Award is granted have executed and delivered an Award Agreement expressly granting the Award to such person and setting forth the terms of the Award. 11.02 Plan Provisions Control Award Terms. The terms of the Plan shall govern all Awards granted under the Plan, and in no event shall the Administrator have the power to grant any Award under the Plan which is contrary to any of the provisions of the Plan. In the event any provision of any Award granted under the Plan conflicts with any term in the Plan as constituted on the Date of Grant of such Award, the term in the Plan as constituted on the Date of Grant of such Award shall control. 11.03 Modification of Award After Grant. Except as provided in Section 4.03, the terms of any Award granted under the Plan may not be changed after the granting of such Award without the express written approval of the Participant and the Administrator. No modification may be made to an Award granted to an Officer except in compliance with Rule 16b‑3. No A-15

 
modification to the terms of an Award may result in the direct or indirect reduction in the Purchase Price or the Exercise Price of the stock right below the Fair Market Value of the shares on the Date of Grant. 11.04 Taxes. The Company is entitled to withhold (or secure payment from the Participant in lieu of withholding) the amount sufficient to satisfy any federal, state and local withholding tax requirements with respect to any amount payable and/or shares issuable under a Participant’s Award, or with respect to any income recognized upon a disqualifying disposition of shares received pursuant to the exercise of an Incentive Stock Option, and the Company may defer payment or issuance of the cash or stock upon exercise or vesting of an Award unless indemnified to its satisfaction against any liability for such tax. The amount of such withholding or tax payment shall be determined by the Administrator (the Participant shall provide to the Company such information as the Company may require to determine the amounts) and, unless otherwise provided by the Administrator, will be payable by the Participant at the time of issuance or payment in accordance with the following rules: (a) A Participant shall have the right to elect to meet his or her withholding requirement by: (1) having the Company withhold from such Award the appropriate number of shares of Company Common Stock, rounded out to the next whole number, the Fair Market Value of which is equal to such amount, or, in the case of the cash payment, the amount of cash, as is determined by the Company to be sufficient to satisfy applicable tax withholding requirements; or (2) direct payment to the Company in cash of the amount of any taxes required to be withheld with respect to such Award. (b) In the event that an Award or property received upon exercise of an Award has already been transferred to the Participant on the date upon which withholding requirements apply, the Participant shall pay directly to the Company the cash amount determined by the Company to be sufficient to satisfy applicable federal, state or local withholding requirements. (c) If permitted under applicable federal income tax laws, a Participant may elect to be taxed in the year in which an Award is exercised or received, even if it would not otherwise have become taxable to the Participant. If the Participant makes such an election, the Participant shall promptly notify the Company in writing and shall provide the Company with a copy of the executed election form as filed with the Internal Revenue Service no later than thirty days from the date of exercise or receipt of Restricted Stock. Promptly following such notification, the Participant shall pay directly to the Company the cash amount determined by the Company to be sufficient to satisfy applicable federal, state or local withholding tax requirements. 11.05 Limitations on Transfer. Except as otherwise provided in this Section 11.05, a Participant’s rights and interest under the Plan may not be assigned or transferred other than by will or the laws of descent and distribution. During the lifetime of a Participant, only the Participant personally (or the Participant’s personal representative or attorney-in-fact) may exercise the Participant’s rights under the Plan. The Participant’s Beneficiary may exercise a Participant’s rights to the extent they are exercisable under the Plan following the death of the A-16

 
Participant. Notwithstanding the foregoing, or any other provision of this Plan, a Participant who holds Non-Qualified Stock Options may transfer such Options to his or her spouse, lineal ascendants, lineal descendants, or to a duly established trust for the benefit of one or more of these individuals. Options so transferred may thereafter be transferred only to the Participant who originally received the Options or to an individual or trust to whom the Participant could have initially transferred the Option pursuant to this Section 11.05. Options which are transferred pursuant to this Section 11.05 shall be exercisable by the transferee according to the same terms and conditions as applied to the Participant. 11.06 General Restriction. Notwithstanding anything to the contrary herein, the Company shall have no obligation or liability to deliver any shares of Company Common Stock under the Plan or to make any other distribution of benefits under the Plan unless such delivery or distribution would comply with all applicable laws, rules and regulations, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations of the New York Stock Exchange and Section 409A of the Code. 11.07 Surrender of Awards. Any Award granted under the Plan may be surrendered to the Company for cancellation on such terms as the Administrator and Participant approve; provided, however, that the Administrator may not, without stockholder approval, permit the exchange or surrender of Awards, whether for cash or other Awards, that would directly or indirectly reprice the surrendered Award. Notwithstanding anything to the contrary contained in the Plan, the Administrator may not, without stockholder approval, grant new Awards to a Participant with Exercise Prices or Purchase Prices, as the case may be, lower than the Exercise Prices or Purchase Prices, as the case may be, of current Awards held by such Participant on the condition that such Participant surrender such current Awards to the Company. 11.08 Maximum Awards. The maximum number of shares of Company Common Stock granted to any employee that is a “covered employee” (within the meaning of Section 162(m) of the Code) under the Plan each year is 200,000 shares of Company Common Stock (subject to adjustment as provided in Section 4.03) or $5,000,000 in the case of Awards settled in cash. Article XII. General Provisions 12.01 Amendment and Termination of Plan. (a) Amendment. The Board shall have complete power and authority to amend the Plan at any time and to add any other stock based Award or other incentive compensation programs to the Plan as it deems necessary or appropriate and no approval by the stockholders of the Company or by any other person, committee or entity of any kind shall be required to make any amendment; provided, however, that the Board shall not, without the requisite affirmative approval of stockholders of the Company: (i) make any amendment which requires stockholder approval under any applicable law, including Rule 16b‑3 or the Code or which, unless approved by the requisite affirmative approval A-17

 
of stockholders of the Company, would cause, result in or give rise to “applicable employee remuneration” within the meaning of Section 162(m) of the Code with respect to any Performance-Based Option; (ii) reduce the Purchase Price or Exercise Price of any outstanding Option or Stock Appreciation Right; (iii) except as otherwise provided in Section 4.03, cancel any outstanding Option or Stock Appreciation Right in exchange for, or replace any outstanding Option or Stock Appreciation Right with, cash, another Award or any other consideration from the Company; and/or (iv) take any other action that is treated as a repricing under generally accepted accounting principles. No termination or amendment of the Plan may, without the consent of the Participant to whom any Award shall theretofore have been granted under the Plan, adversely affect the right of such individual under such Award. For the purposes of this section, an amendment to the Plan shall be deemed to have the affirmative approval of the stockholders of the Company if such amendment shall have been submitted for a vote by the stockholders at a duly called meeting of such stockholders at which a quorum was present and the majority of votes cast with respect to such amendment at such meeting shall have been cast in favor of such amendment, or if the holders of outstanding stock having not less than a majority of the outstanding shares consent to such amendment in writing in the manner provided under the Company’s bylaws. (b) Termination. The Board shall have the right and the power to terminate the Plan at any time. If the Plan is not earlier terminated, the Plan shall terminate when all shares authorized under the Plan have been issued. No Award shall be granted under the Plan after the termination of the Plan, but the termination of the Plan shall not have any other effect and any Award outstanding at the time of the termination of the Plan may be exercised after termination of the Plan at any time prior to the Expiration Date of such Award to the same extent such Award would have been exercisable if the Plan had not been terminated. 12.02 No Right To Employment. No employee or other person shall have any claim or right to be granted an Award under this Plan. Neither the Plan nor any action taken hereunder shall be construed as giving any employee any right to be retained in the employ of the Company or a Subsidiary of the Company. 12.03 Compliance with Rule 16b‑3. It is intended that the Plan be applied and administered in compliance with Rule 16b‑3. If any provision of the Plan would be in violation of Rule 16b‑3 if applied as written, such provision shall not have effect as written and shall be given effect so as to comply with Rule 16b‑3, as determined by the Administrator. The Board is authorized to amend the Plan and to make any such modifications to Award Agreements to comply with Rule 16b‑3, as it may be amended from time to time, and to make any other such amendments or modifications as it deems necessary or appropriate to better accomplish the purposes of the Plan in light of any amendments made to Rule 16b‑3. 12.04 Securities Law Restrictions. The shares of Company Common Stock issuable pursuant to the terms of any Awards granted under the Plan may not be issued by the Company without registration or qualification of such shares under the Securities Act of 1933, as amended, or under various state securities laws or without an exemption from such registration A-18

 
requirements. Unless the shares to be issued under the Plan have been registered and/or qualified as appropriate, the Company shall be under no obligation to issue shares of Company Common Stock upon exercise of an Award unless and until such time as there is an appropriate exemption available from the registration or qualification requirements of federal or state law as determined by the Administrator in its sole discretion. The Administrator may require any person who is granted an Award hereunder to represent and agree with the Company in writing that if such shares are issuable under an exemption from registration requirements, the shares will be “restricted” securities which may be resold only in compliance with applicable securities laws, and that such person is acquiring the shares issued upon exercise of the Award for investment, and not with the view toward distribution. 12.05 Captions. The captions (i.e., all section headings) used in the Plan are for convenience only, do not constitute a part of the Plan, and shall not be deemed to limit, characterize or affect in any way any provisions of the Plan, and all provisions of the Plan shall be construed as if no captions have been used in the Plan. 12.06 Severability. Whenever possible, each provision in the Plan and every Award Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of the Plan or any Award Agreement is held to be prohibited or invalid under applicable law, then (a) such provision shall be deemed amended to accomplish the objectives of the provision as originally written to the fullest extent permitted by law, and (b) all other provisions of the Plan and every Award Agreement shall remain in full force and effect. 12.07 No Strict Construction. No rule of strict construction shall be implied against the Company, the Administrator, or any other person in the interpretation of any of the terms of the Plan, any Award granted under the Plan or any rule or procedure established by the Administrator. 12.08 Choice of Law. All determinations made and actions taken pursuant to the Plan shall be governed by the laws of Michigan and construed in accordance therewith except to the extent such law is preempted by federal law. 12.09 Section 409A of the Code. (a) Awards granted under the Plan are intended to be exempt from Section 409A of the Code. To the extent that the Plan or any Award is not exempt from the requirements of Section 409A, the Plan or such Award is intended to comply with the requirements of Section 409A and shall be limited, construed and interpreted in accordance with such intent. Notwithstanding the foregoing, in no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on a Participant by Section 409A or any damages for failing to comply with Section 409A. (b) Notwithstanding anything in the Plan or in any Award Agreement to the contrary, to the extent that any amount or benefit that would constitute non−exempt “deferred compensation” for purposes of Section 409A would otherwise be payable or distributable, or a different form of payment (e.g., lump sum or installment) would be effected, under the Plan or any Award Agreement by reason of the occurrence A-19

 
of a Change of Control Event or the Participant's disability or Separation from Service, such amount or benefit will not be payable or distributable to the Participant, and/or such different form of payment will not be effected, by reason of such circumstance unless the circumstances giving rise to such Change of Control Event, disability or Separation from Service meet the description or definition of “change in control event,” “disability” or “separation from service,” as applicable, set forth in Section 409A (without giving effect to any elective provisions that may be available under such definition). This provision does not prohibit the vesting of any Award upon a Change of Control Event, disability or Separation from Service. If this provision prevents the payment or distribution of any amount or benefit, or the application of a different form of payment of any amount or benefit, such payment or distribution shall be made at the time and in the form that would have applied absent the Change of Control Event, disability or Separation from Service, as applicable. (c) If any one or more Awards granted under the Plan to a Participant could qualify for any separation pay exemption described in Treas. Reg. Section 1.409A−1(b)(9), but such Awards in the aggregate exceed the dollar limit permitted for the separation pay exemptions, the Administrator shall determine which Awards or portions thereof will be subject to such exemptions. (d) Notwithstanding anything in the Plan or in any Award Agreement to the contrary, if any amount or benefit that would constitute non- exempt “deferred compensation” for purposes of Section 409A would otherwise be payable or distributable under this Plan or any Award Agreement by reason of a Participant's Separation from Service during a period in which the Participant is a “Specified Employee”, then, subject to any permissible acceleration of payment by the Administrator under Treas. Reg. Section 1.409A−3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): (i) the amount of such non-exempt deferred compensation that would otherwise be payable during the six-month period immediately following the Participant's Separation from Service will be accumulated through and paid or provided on the first day of the seventh month following the Participant’s Separation from Service (or, if the Participant dies during such period, within 30 days after the Participant’s death); and (ii) the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of such delay period. A-20

 
EX-10.16 4 firstamendmenttosuncommuni.htm EX-10.16 Document

FIRST AMENDMENT TO SUN COMMUNITIES, INC.
2015 EQUITY INCENTIVE PLAN

This First Amendment to the Sun Communities, Inc. 2015 Equity Incentive Plan (this “Amendment”) is effective as of May ___, 2022, the date it was approved by the Company’s stockholders. All capitalized terms used, but not defined, in this Amendment have the same meanings as in the Sun Communities, Inc. 2015 Equity Incentive Plan (the “Plan”).

Recitals

A.The Plan was approved by the Board of Sun Communities, Inc., a Maryland corporation (the “Company”) on April 20, 2015 and by the Company’s stockholders on July 20, 2015.

B.This Amendment was approved by the Board on March 29, 2022, subject to approval of the Company's stockholders.

Amendments

The Plan is hereby amended as follows:

1.Section 4.01 of the Plan is hereby amended and restated in its entire to read:

“4.01 Shares Issuable. The maximum number of shares of Company Common Stock that may be issued under the Plan is 4,750,000 shares. The aggregate number of Company Common Stock actually issued or transferred by the Company upon the exercise of Incentive Stock Options may not exceed One Million (1,000,000) shares. The aggregate number of shares to be issued under the Plan, will be adjusted in accordance with Section 4.03 of the Plan. Shares of Company Common Stock may be authorized and unissued shares or issued shares which have been reacquired by the Company. A share of Company Common Stock and its related tandem Stock Appreciation Right may only be counted once.

EX-10.17 5 secondamendmenttosuncommun.htm EX-10.17 Document

SECOND AMENDMENT TO SUN COMMUNITIES, INC.
2015 EQUITY INCENTIVE PLAN

This Second Amendment to the Sun Communities, Inc. 2015 Equity Incentive Plan (this “Amendment”) is effective as of ________, 2025, the date it was approved by the Company’s stockholders. All capitalized terms used, but not defined, in this Amendment have the same meanings as in the Sun Communities, Inc. 2015 Equity Incentive Plan, as amended (the “Plan”).

Recitals

A.The Plan was approved by the Board of Sun Communities, Inc., a Maryland corporation (the “Company”), on April 20, 2015 and by the Company’s stockholders on July 20, 2015, and was amended by the First Amendment to the Plan which was approved by the Board on March 29, 2022 and by the Company’s shareholders on May 17, 2022.

B.This Amendment was approved by the Board on March 12, 2025, subject to approval of the Company's stockholders.

Amendments
The Plan is hereby amended as follows:

1.Section 1.02 of the Plan is hereby amended and restated in its entirety to read:

“Section 1.02 Adoption and Term. The Plan has been adopted by the Board and shall be effective upon approval by the Company’s stockholders. The Plan replaces the Sun Communities, Inc. Equity Incentive Plan adopted in July 2009 and terminated by the Board of Directors effective as of the approval of this Plan by the Company’s stockholders.

The Plan will terminate automatically on December 31, 2035, and may be terminated on an earlier date as provided in Section 12.01(b).

2.After the date of this Amendment, all references in the Plan to the “Plan” shall mean the Plan, as amended by this Amendment. The Plan is hereby amended accordingly.

3.Except as modified by this Amendment, the Plan remains unchanged and, as modified, continues in full force and effect. In the event of any conflict between the terms of the Plan and the terms of this Amendment, the terms of this Amendment shall control.
EX-21.1 6 exhibit211listofsubsidiari.htm EX-21.1 Document
SUN COMMUNITIES, INC.
Exhibit 21.1 – List of Subsidiaries
Main operating subsidiary:

Sun Communities Operating Limited Partnership, a Michigan limited partnership


Other subsidiaries:

481 Associates, a Florida general partnership
1008 Tuscany, LLC, a Mississippi limited liability company
AIOP Brentwood West, L.L.C., a Delaware limited liability company
AIOP Florida Properties I, L.L.C., a Delaware limited liability company
AIOP Florida Properties II, L.L.C., a Delaware limited liability company
AIOP Gulfstream Harbor, L.L.C., a Delaware limited liability company
AIOP Gulfstream Outlots, L.L.C., a Delaware limited liability company
AIOP Lost Dutchman Notes, L.L.C., a Delaware limited liability company
AIOP Serendipity, L.L.C., a Delaware limited liability company
ALL Acquisition, L.L.C., a Delaware limited liability company
AMLL Mountain View Estates, LLC, a Delaware limited liability company
AMLL Mountain View Estates Holding, LLC, a Delaware limited liability company
Apple Carr Village MHP Holding Company #1, LLC, a Michigan limited liability company
Apple Carr Village Mobile Home Park, LLC, a Michigan limited liability company
Apple Orchard, L.L.C., a Michigan limited liability company
Aspen-Alpine Project, LLC, a Michigan limited liability company
Aspen-Brentwood Project, LLC, a Michigan limited liability company
Aspen-Byron Project, LLC, a Michigan limited liability company
Aspen-Country Project, LLC, a Michigan limited liability company
Aspen-Ft. Collins Limited Partnership, a Michigan limited partnership
Aspen-Grand Project, LLC, a Michigan limited liability company
Aspen-Holland Estates, LLC, a Michigan limited liability company
Aspen-Town & Country Associates II, LLC, a Michigan limited liability company
Asset Investors Operating Partnership, L.P., a Delaware limited partnership
Audubon Point RV Park II LLC, a Mississippi limited liability company
Bay View Park Limited, an England and Wales corporation
Blue Heron Delaware One LLC, a Delaware limited liability company
Blue Heron Delaware Two LLC, a Delaware limited liability company
Bowland Fell Park Limited, an England and Wales corporation
Brentwood Delaware One LLC, a Delaware limited liability company
Brentwood Delaware Two LLC, a Delaware limited liability company
Bridge Leisure Bidco Limited, an England and Wales corporation
Bridge Leisure Finco Limited, an England and Wales corporation
Bridge Leisure Management Limited, an England and Wales corporation
Bridge Leisure Management (North) Limited, an England and Wales corporation
Bridge Leisure Midco Limited, an England and Wales corporation
Bridge Leisure Parks (Finance) Limited, an England and Wales corporation
Bridge Leisure Parks (Holdings) Limited, an England and Wales corporation
Bridge Leisure Parks Limited, an England and Wales corporation
Bridge Leisure Topco Limited, an England and Wales corporation
Bright Insurance Agency, Inc., a Michigan corporation
Brookside Village MHP Holding Company #1, LLC, a Michigan limited liability company Brookside Village Mobile Home Park, LLC, a Michigan limited liability company
i

SUN COMMUNITIES, INC.
Exhibit 21.1 – List of Subsidiaries, Continued


Camp Jellystone LLC, a Delaware series limited liability company
Carefree Broadacre Mezz 1 LLC, a Delaware limited liability company
Carefree Canada TRS Inc., an Ontario corporation
Carefree Communities CA LLC, a Delaware limited liability company
Carefree Communities LLC, a Delaware limited liability company
Carefree Property Mezz 1 LLC, a Delaware limited liability company
Carefree Shadowwood, LLC, a Delaware limited liability company
Carriage Cove, LLC, a Delaware limited liability company
Carriage Cove Holding, LLC, a Delaware limited liability company
CAX Cypress Greens, L.L.C., a Delaware limited liability company
CAX La Casa Blanca, L.L.C., a Delaware limited liability company
CAX La Casa Blanca East, L.L.C., a Delaware limited liability company
CAX Lakeshore, L.L.C., a Delaware limited liability company
CAX Rancho Mirage, L.L.C., a Delaware limited liability company
CC RP LLC, a Delaware limited liability company
CGVII, LLC, a North Carolina limited liability company
Christies Parks Limited, a Scotland corporation
Cider Mill Village Mobile Home Park, LLC, a Michigan limited liability company
Cima del Mundo, LLC, a California limited liability company
Cinque Ports Leisure Homes Ltd, an England and Wales corporation
Coghurst Hall Holiday Village Ltd, an England and Wales corporation
Comal Farms Manager LLC, a Michigan limited liability company
Community Blue Heron Pines Joint Venture LLC, a Delaware limited liability company
Community Brentwood Joint Venture LLC, a Delaware limited liability company
Community Savanna Club Joint Venture, a Delaware general partnership
Country Hills Village Mobile Home Park, LLC, a Michigan limited liability company
Country Meadows Village MHP Holding Company #1, LLC, a Michigan limited liability company
Country Meadows Village Mobile Home Park, LLC, a Michigan limited liability company
CP Acquisitionco Ltd, an England and Wales corporation
CP Comal Farms Limited Partnership, a Michigan limited partnership
CP Equityco Ltd, an England and Wales corporation
CP Woodlake Limited Partnership, a Michigan limited partnership
CPI/LC Silver Lake Owner, L.L.C., a Delaware limited liability company
Crown Holdco Limited, a Jersey private limited company
Crumpwood Ltd, an England and Wales corporation
Deerwood I Holding, LLC, a Delaware limited liability company
Deerwood I Park, LLC, a Delaware limited liability company
Deerwood II Holding, LLC, a Delaware limited liability company
Deerwood II Park, LLC, a Delaware limited liability company
Dutton Mill Village, LLC, a Michigan limited liability company
Egelcraft, LLC, a Delaware limited liability company
East Fork Crossing Manager LLC, a Michigan limited liability company
El Capitan Canyon, LLC, a California limited liability company
Evengain Ltd, an England and Wales corporation
FC East Fork Crossing LLC, a Michigan limited liability company
FC Glen Laurel LLC, a Michigan limited liability company
FC Meadowbrook LLC, a Michigan limited liability company
FC Pebble Creek LLC, a Michigan limited liability company FC River Ranch Limited Partnership, a Michigan limited partnership
ii

SUN COMMUNITIES, INC.
Exhibit 21.1 – List of Subsidiaries, Continued


FC Stonebridge Limited Partnership, a Michigan limited partnership
FC Summit Ridge Limited Partnership, a Michigan limited partnership
FC Sunset Ridge Limited Partnership, a Michigan limited partnership
Field of Dreams Financing LLC, a Maryland limited liability company
Field of Dreams Holding Company, LLC, a Maryland limited liability company
Fox Creek Reserve, L.L.C., a Delaware limited liability company
GCP Countryside GP, LLC, a Delaware limited liability company
GCP Countryside Limited Partnership, a Delaware limited partnership
GCP Fairfield Village, LLC, a Delaware limited liability company
GCP Kings Pointe, LLC, a Delaware limited liability company
GCP LaCosta Holding, LLC, a Delaware limited liability company
GCP Lakeshore, LLC, a Delaware limited liability company
GCP Lamplighter, LLC, a Delaware limited liability company
GCP Lamplighter Holding, LLC, a Delaware limited liability company
GCP Maplewood, LLC, a Delaware limited liability company
GCP Maplewood Holding, LLC, a Delaware limited liability company
GCP Maplewood Two, LLC, a Delaware limited liability company
GCP Murex Holding, LLC, a Delaware limited liability company
GCP Oak Creek, LLC, a Delaware limited liability company
GCP Oak Creek Holding, LLC, a Delaware limited liability company
GCP Parkside Holding, LLC, a Delaware limited liability company
GCP Parkside Village, LLC, a Delaware limited liability company
GCP Plantation Landings, LLC, a Delaware limited liability company
GCP Plantation Landings Holding, LLC, a Delaware limited liability company
GCP Skyline, LLC, a Delaware limited liability company
GCP Smart Holding, LLC, a Delaware limited liability company
GCP Smart Parent, LLC, a Delaware limited liability company
GCP Swan Meadow, LLC, a Delaware limited liability company
GCP Town and Country, LLC, a Delaware limited liability company
GCP Town and Country Holding, LLC, a Delaware limited liability company
GCP Valley View, LLC, a Delaware limited liability company
GCP Walden Woods One, LLC, a Delaware limited liability company
GCP Walden Woods Two, LLC, a Delaware limited liability company
GCP Westside Ridge, LLC, a Delaware limited liability company
Glen Laurel Manager LLC, a Michigan limited liability company
Golden Sands Ltd, an England and Wales corporation
Golden Valley TRS JV LLC, a Michigan limited liability company
Green Courte R.E. Fund, LLC, a Delaware limited liability company
Greenacres Leisure Limited, an England and Wales corporation
GTSC, LLC, a Delaware limited liability company
GTSC Warehouse Depositor, LLC, a Delaware limited liability company
GTSC Warehouse, LLC, a Delaware limited liability company
Guadalupe River TRS JV LLC, a Michigan limited liability company
Gulfstream Utility LLC, a Michigan limited liability company
Hagerstown TRS JV LLC, a Michigan limited liability company
Hammerton Caravan Group Limited, an England and Wales corporation
Hammerton Leisure Limited, an England and Wales corporation
Hamptons Holding, LLC, a Delaware limited liability company Hamptons Park, LLC, Delaware limited liability company
iii

SUN COMMUNITIES, INC.
Exhibit 21.1 – List of Subsidiaries, Continued


Harts Holiday Camps Ltd, an England and Wales corporation
Harts Holiday Village Ltd, an England and Wales corporation
Henfold Propco Limited, a Jersey private limited company
Hickory Hills Village, LLC, a Michigan limited liability company
Hickory Hills Village MHP Holding Company #1, LLC, a Michigan limited liability company
Hidden Ridge An RV Community, LLC, a Michigan limited liability company
Hidden Ridge RV Park Holding Company #1, LLC, a Michigan limited liability company
High Point Associates, L.P., a Delaware limited partnership
High Point GP One LLC, a Michigan limited liability company
Hill Country Resorts Bev. Co., LLC, a Texas limited liability company
Hill Country Resorts, LLC, a Michigan limited liability company
Hill Country Resorts SUB1, LLC, a Texas limited liability company
Hill Country Resorts SUB2, LLC, a Texas limited liability company
Hill Country TRS JV LLC, a Michigan limited liability company
Hitching Post Recreation, Inc., a Florida corporation
Holiday West Village Mobile Home Park, LLC, a Michigan limited liability company
Jensen’s Cherrywood Community, LLC, a New York limited liability company
Jensen’s Crossroads, LLC, a South Carolina limited liability company
Jensen’s Southside Landing, LLC, a Maryland limited liability company
Kerrville Camp-Resort, LLC, a Texas limited liability company
LaCosta Property, LLC, a Delaware limited liability company
Ladycroft Ltd, an England and Wales corporation
Lakeshore Landings, LLC, a Delaware limited liability company
Lakeshore Utilities, Inc., a Delaware corporation
Lakeshore Utilities, L.L.C., a Delaware limited liability company
Lazy River Resort, LLC, a New York limited liability company
Lazy River TRS JV LLC, a Michigan limited liability company
Leisure Village MHP Holding Company #1, LLC, a Michigan limited liability company
Leisure Village Mobile Home Park, LLC, a Michigan limited liability company
LIW Limited Partnership, a Michigan limited partnership
Long Neck Water Company, L.L.C., a Delaware limited liability company
Luray TRS JV LLC, a Michigan limited liability company
Maple Brook, L.L.C., an Illinois limited liability company
Marlie Fann Holiday Village Ltd, an England and Wales corporation
Martello Beach Ltd, an England and Wales corporation
McIntosh Utilities, Inc., a Florida non-profit corporation
Meadowbrook Manager LLC, a Michigan limited liability company
Meadow Lake Development Company LLC, a Michigan limited liability company
Memphis TRS JV LLC, a Michigan limited liability company
Miami Lakes GP One LLC, a Delaware limited liability company
Miami Lakes Venture Associates LLC, a Delaware limited liability company
Mountain View Resorts, LLC, a Virginia limited liability company
National Home Communities, LLC, a Delaware limited liability company
NHC-CA101, LLC, a Delaware limited liability company
NHC-FL101, LLC, a Delaware limited liability company
NHC-FL102, LLC, a Delaware limited liability company
NHC-FL103, LLC, a Delaware limited liability company
NHC-FL104, LLC, a Delaware limited liability company NHC-FL105, LLC, a Delaware limited liability company
iv

SUN COMMUNITIES, INC.
Exhibit 21.1 – List of Subsidiaries, Continued


NHC-FL106, LLC, a Delaware limited liability company
NHC-FL107, LLC, a Delaware limited liability company
NHC-FL108, LLC, a Delaware limited liability company
NHC-FL109, LLC, a Delaware limited liability company
NHC-FL110, LLC, a Delaware limited liability company
NHC-FL111, LLC, a Delaware limited liability company
NHC-FL112, LLC, a Delaware limited liability company
NHC-FL113, LLC, a Delaware limited liability company
NHC-FL114, LLC, a Delaware limited liability company
NHC-FL115, LLC, a Delaware limited liability company
NHC-FL116, LLC, a Delaware limited liability company
NHC-FL117, LLC, a Delaware limited liability company
NHC-FL118, LLC, a Delaware limited liability company
NHC-FL120, LLC, a Delaware limited liability company
NHC-FL122, LLC, a Delaware limited liability company
NHC-FL123, LLC, a Delaware limited liability company
NHC-FL124, LLC, a Delaware limited liability company
NHC-FL125, LLC, a Delaware limited liability company
NHC-FL126, LLC, a Delaware limited liability company
NHC-FL127, LLC, a Delaware limited liability company
NHC-FL128, LLC, a Delaware limited liability company
NHC-FL129, LLC, a Delaware limited liability company
NHC-FL130, LLC, a Delaware limited liability company
NHC-FL130A, LLC, a Delaware limited liability company
NHC-FL131, LLC, a Delaware limited liability company
NHC-FL132, LLC, a Delaware limited liability company
NHC-FL133, LLC, a Delaware limited liability company
NHC-FL134, LLC, a Delaware limited liability company
NHC-FL135, LLC, a Delaware limited liability company
NHC-FL136, LLC, a Delaware limited liability company
NHC-FL137, LLC, a Delaware limited liability company
NHC-FL138, LLC, a Delaware limited liability company
NHC-FL139, LLC, a Delaware limited liability company
NHC-FL140, LLC, a Delaware limited liability company
NHC-FL141, LLC, a Delaware limited liability company
NHC-FL142, LLC, a Delaware limited liability company
NHC-FL143, LLC, a Delaware limited liability company
NHC-FL144, LLC, a Delaware limited liability company
NHC-FL145, LLC, a Delaware limited liability company
NHC-FL201, LLC, a Delaware limited liability company
NHC-FL202, LLC, a Delaware limited liability company
NHC-FL203, LLC, a Delaware limited liability company
NHC-FL204, LLC, a Delaware limited liability company
NHC-FL205, LLC, a Delaware limited liability company
NHC-FL206, LLC, a Delaware limited liability company
NHC-FL207, LLC, a Delaware limited liability company
NHC-FL208, LLC, a Delaware limited liability company
NHC-FL209, LLC, a Delaware limited liability company NHC-MA101, LLC, a Delaware limited liability company
v

SUN COMMUNITIES, INC.
Exhibit 21.1 – List of Subsidiaries, Continued


NHC-NC101, LLC, a Delaware limited liability company
NHC-NJ101, LLC, a Delaware limited liability company
NHC-NJ102, LLC, a Delaware limited liability company
NHC-NJ103, LLC, a Delaware limited liability company
NHC-TX101, LLC, a Delaware limited liability company
NHC-TX102, LLC, a Delaware limited liability company
NHC-TX103, LLC, a Delaware limited liability company
NHC-TX104, LLC, a Delaware limited liability company
NHC Mezz Borrower LLC, a Delaware limited liability company
North American Glamping LLC, a Michigan limited liability company
Northgate Golden Valley, LLC, a North Carolina limited liability company
Northgate Ossipee Lessee, LLC, a New Hampshire limited liability company
Northgate Ossipee, LLC, a New Hampshire limited liability company
Northgate Ossipee Storage, LLC, a New Hampshire limited liability company
NRVC-Holding Co. LLC, a Delaware limited liability company
NRVC Valley Investment LLC, a Delaware limited liability company
Oak Island Village Mobile Home Park, LLC, a Michigan limited liability company
Oak Ridge, L.L.C., an Illinois limited liability company
Ocean One Hundred Limited, a United Kingdom corporation
Old Kerrow Propco Limited, a Jersey private limited company
Origen Financial Services LLC, a Delaware limited liability company
Palm Creek Holdings LLC, an Arizona limited liability company
Palm Key Village Holding, LLC, a Delaware limited liability company
Palm Key Village Park, LLC, a Delaware limited liability company
Park Leisure 2000 (Cornwall) Limited, an England corporation
Park Leisure 2000 Limited, an England corporation
Park Leisure 2000 (Northumberland) Limited, an England corporation
Park Leisure Group Limited, an England corporation
Park Holidays UK Finance Ltd, an England and Wales corporation
Park Holidays UK Limited, an England and Wales corporation
Park Place Community, L.L.C., a Delaware limited liability company
Park Royale MHP, L.L.C, a Delaware limited liability company
Pebble Creek Manager LLC, a Michigan limited liability company
Pelican Bay Communities, LLC, a Delaware limited liability company
Pelican Commercial, LLC, a Delaware limited liability company
Pemican Limited, a United Kingdom corporation
Pinebrook Village Mobile Home Park, LLC, a Michigan limited liability company
Preserve DeSoto One, LLC, a Delaware limited liability company
Preserve DeSoto Two, LLC, a Delaware limited liability company
Preserve Holding One, LLC, a Florida limited liability company
Preserve Holding Two, LLC, a Florida limited liability company
Prime-Forest Partners, a Florida general partnership
Quarryville Resorts GP, LLC, a Michigan limited liability company
Quarryville Resorts, LP, a Pennsylvania limited partnership
Quarryville TRS JV LLC, a Michigan limited liability company
Rancho Alipaz Owner LLC, a Michigan limited liability company
Rancho Alipaz Owner II LLC, a Michigan limited liability company
Rancho Alipaz Owner III LLC, a Michigan limited liability company R.E.Fund Newport, LLC, a Delaware limited liability company
vi

SUN COMMUNITIES, INC.
Exhibit 21.1 – List of Subsidiaries, Continued


River Haven Operating Company LLC, a Michigan limited liability company
River Ranch Manager LLC, a Michigan limited liability company
Riverside Golf Course Community, L.L.C., a Delaware limited liability company
Riverside Utilities, L.L.C., a Delaware limited liability company
RMLPG, LLC, a Delaware limited liability company
Route 27 Associates, LTD., a Florida limited partnership
Royal Palm Village, L.L.C., a Delaware limited liability company
Rudgate Clinton Estates Holdings, LLC, a Michigan limited liability company
Rudgate Clinton Estates SPE, LLC, a Delaware limited liability company
Rudgate Clinton Holdings, LLC, a Michigan limited liability company
Rudgate Clinton SPE, LLC, a Delaware limited liability company
Rudgate Village Holdings, LLC, a Michigan limited liability company
Rudgate Village SPE, LLC, a Delaware limited liability company
Sand Le Mere Caravan Park Limited, an England and Wales corporation
Savanna Eagles Retreat, L.L.C., a Delaware limited liability company
Savanna Landlord, L.L.C., a Delaware limited liability company
Savanna Links, L.L.C., a Delaware limited liability company
Savanna Preserve, L.L.C., a Delaware limited liability company
SCF Manager Inc., a Michigan corporation
SC Henfold Vernon LLC, a Michigan limited liability company
SCI BidCo Limited, a Jersey-Channel Islands corporation
SCI OpCo Limited, a United Kingdom corporation
SCI SG Bidco Limited, an England corporation
Sea Breeze GP One LLC, a Michigan limited liability company
Sea Breeze Limited Partnership, a Delaware limited partnership
Seaview Holiday Park Ltd, an England and Wales corporation
Seaview Holiday Village Limited, an England and Wales corporation
Shaddix Communities, LTD., a Florida limited partnership
Sheffield MHP, LLC, a Michigan limited liability company
Silver Sands Leisure Park Limited, an England and Wales corporation
Sky Harbor Property, LLC, a Delaware limited liability company
SNF Mezz 1 LLC, a Delaware limited liability company
SNF Property LLC, a Delaware limited liability company
SNF TRS LLC, a Delaware limited liability company
Solar Energy Project AZ LLC, a Michigan limited liability company
Solar Energy Project CA II LLC, a Michigan limited liability company
Solar Energy Project III LLC, a Michigan limited liability company
Solar Energy Project IV LLC, a Michigan limited liability company
Solar Energy Project LLC, a Michigan limited liability company
Southgate – Dan at Spyglass Hill – Bidco Limited, an England corporation
Southgate – Dan at Spyglass Hill – Equityco Limited, a Jersey corporation
Southgate – Dan at Spyglass Hill – Holdco Limited, a Jersey corporation
Southgate – Dan at Spyglass Hill – Propco 1 Limited, an England corporation
Southgate – Dan at Spyglass Hill – Propco 2 Limited, an England corporation
Southport Springs Holding, LLC, a Delaware limited liability company
Southport Springs Park, LLC, a Delaware limited liability company
Southwood Village MHP Holding Company #1, LLC, a Michigan limited liability company
Southwood Village Mobile Home Park, LLC, a Michigan limited liability company SR East LLC, a Delaware limited liability company
vii

SUN COMMUNITIES, INC.
Exhibit 21.1 – List of Subsidiaries, Continued


SR Hunter’s Crossing LLC, a Michigan limited liability company
SR Silver Springs LLC, a Michigan limited liability company
SR West II LLC, a Michigan limited liability company
SR West LLC, a Michigan limited liability company
SSI Amalco Real Estate Holdings ULC, a British Columbia ULC
SSI Canada Property LP, a Delaware limited partnership
SSI Mezz 1 GP Inc., an Ontario corporation
SSI Mezz 1 LP, a Delaware limited partnership
SSI Mezz 2 GP Inc., an Ontario corporation
SSI Mezz 2 LP, a Delaware limited partnership
SSI Property GP Inc., an Ontario corporation
SSI TRS GP Inc., an Ontario corporation
SSI TRS LP, an Ontario limited partnership
Stockton Delta Resort, LLC, a California limited liability company
Stonebridge Manager LLC, a Michigan limited liability company
Stonebrook Community, L.L.C., a Delaware limited liability company
Stowford Propco Limited, a Jersey private limited company
SUI TRS, Inc., a Michigan corporation
Summit Ridge Manager LLC, a Michigan limited liability company
Sun 47 North LLC, a Michigan limited liability company
Sun 47 North Marketing Center LLC, a Michigan limited liability company
Sun 49er Village RV LLC, a Michigan limited liability company
Sun Academy West Point LLC, a Michigan limited liability company
Sun ACQ LLC, a Michigan limited liability company
Sun ACQ II LLC, a Michigan limited liability company
Sun Adirondack Gateway RV LLC, a Michigan limited liability company
Sun AIOP GP LLC, a Delaware limited liability company
Sun Allendale Meadows LLC, a Michigan limited liability company
Sun Andover LLC, a Michigan limited liability company Sun Apple Creek LLC, a Michigan limited liability company
Sun Arbor Terrace LLC, a Michigan limited liability company
Sun Arbor Woods, LLC, a Michigan limited liability company
Sun Archview RV LLC, a Michigan limited liability company
Sun Ariana LLC, a Michigan limited liability company
Sun Assignment II LLC, a Michigan limited liability company
Sun Assignment, LLC, a Michigan limited liability company
Sun Association Island RV LLC, a Michigan limited liability company
Sun Augusta LLC, a Michigan limited liability company
Sun Bay Country LLC, a Michigan limited liability company
Sun Beachwood RV Resort LLC, a Michigan limited liability company
Sun Bear Commercial, LLC, a Michigan limited liability company
Sun Bear Lake Garden City LLC, a Michigan limited liability company
Sun Beechwood LLC, a Michigan limited liability company
Sun Bel Air LLC, a Michigan limited liability company
Sun Big Timber RV LLC, a Michigan limited liability company
Sun Birch Hill LLC, a Michigan limited liability company
Sun Blazing Star LLC, a Michigan limited liability company
Sun Blueberry Hill LLC, a Michigan limited liability company Sun Bluebonnet LLC, a Michigan limited liability company
viii

SUN COMMUNITIES, INC.
Exhibit 21.1 – List of Subsidiaries, Continued


Sun Bluewater Beach RV LLC, a Michigan limited liability company
Sun Boulder Ridge LLC, a Michigan limited liability company
Sun Branch Creek LLC, a Michigan limited liability company
Sun Brookside Manor LLC, a Michigan limited liability company
Sun Buena Vista MH LLC, a Michigan limited liability company
Sun Bush River LLC, a Michigan limited liability company
Sun BW Jelly-Mammoth Cave RV LLC, a Michigan limited liability company
Sun Caliente Sands, LLC, a Michigan limited liability company
Sun Camelot Villa LLC, a Delaware limited liability company
Sun Canyonlands RV LLC, a Michigan limited liability company
Sun Cape Cod RV LLC, a Massachusetts limited liability company
Sun Cape Cod RV II LLC, a Massachusetts limited liability company
Sun Cape Island LLC, a Michigan limited liability company
Sun Carol LLC, a Michigan limited liability company
Sun Carolina Pines RV LLC, a Michigan limited liability company
Sun Carrington Pointe LLC, a Michigan limited liability company
Sun Cave Creek LLC, a Michigan limited liability company
Sun Cedar Springs LLC, a Michigan limited liability company
SunChamp Holdings LLC, a Michigan limited liability company
SunChamp LLC, a Michigan limited liability company
Sun Charlevoix Estates LLC, a Michigan limited liability company
Sun Cherrystone RV LLC, a Michigan limited liability company
Sun Cherrywood LLC, a Michigan limited liability company
Sun Chincoteague Island LLC, a Michigan limited liability company
Sun Chula Vista Bayfront RV LLC, a Michigan limited liability company
Sun Cider Mill Crossings LLC, a Michigan limited liability company
Sun Clinton River LLC, a Michigan limited liability company
Sun Club Naples LLC, a Michigan limited liability company
Sun Coastal Plantation LLC, a Michigan limited liability company
Sun Cobus Green LLC, a Michigan limited liability company
Sun Colony in the Wood GP LLC, a Michigan limited liability company
Sun Communities Acquisitions, LLC, a Michigan limited liability company
Sun Communities Canada, Inc., an Ontario corporation
Sun Communities Finance, LLC, a Michigan limited liability company
Sun Communities Financial LLC, a Michigan limited liability company
Sun Communities Funding GP L.L.C., a Michigan limited liability company
Sun Communities Funding II LLC, a Michigan limited liability company
Sun Communities Funding Limited Partnership, a Michigan limited partnership
Sun Communities Mezzanine Lender, LLC, a Michigan limited liability company
Sun Communities Springing Corp., a Michigan corporation
Sun Communities Texas Limited Partnership, a Michigan limited partnership
Sun Communities Texas Mezzanine Lender Limited Partnership, a Michigan limited partnership
Sun Compass RV, LLC, a Michigan limited liability company
Sun Continental North LLC, a Michigan limited liability company
Sun Coolidge AZ LLC, a Michigan limited liability company
Sun Country Lakes LLC, a Michigan limited liability company
Sun Countryside Atlanta LLC, a Michigan limited liability company
Sun Countryside Lake Lanier LLC, a Michigan limited liability company Sun Country Village LLC, a Michigan limited liability company
ix

SUN COMMUNITIES, INC.
Exhibit 21.1 – List of Subsidiaries, Continued


Sun Creeks Crossing LLC, a Michigan limited liability company
Sun Crown Villa RV LLC, a Michigan limited liability company
Sun Cutler Estates LLC, a Michigan limited liability company
Sun Dos Pueblos LLC, a Michigan limited liability company
Sun Driftwood RV LLC, a Michigan limited liability company
Sun Dunedin Motel LLC, a Michigan limited liability company
Sun Eagle Crest LLC, a Michigan limited liability company
Sun Eleven Mile LLC, a Michigan limited liability company
Sun Emerald Coast RV, LLC, a Michigan limited liability company
Sun Emerald Coast RV Storage, LLC, a Michigan limited liability company
Sun Financial, LLC, a Michigan limited liability company
Sun Financial Texas Limited Partnership, a Michigan limited partnership
Sun Fisherman’s Cove LLC, a Michigan limited liability company
Sun Flamingo Lake RV LLC, a Michigan limited liability company
Sun FM2016 LLC, a Delaware limited liability company
Sun Foothills Fort Collins LLC, a Michigan limited liability company
Sun Forest Hill LLC, a Michigan limited liability company
Sun/Forest Holdings LLC, a Michigan limited liability company
Sun/Forest LLC, a Michigan limited liability company
Sun Forest Meadows LLC a Michigan limited liability company
Sun Forest Springs LLC, a Michigan limited liability company
Sun Forest View LLC, a Michigan limited liability company
Sun Fort Whaley LLC, a Michigan limited liability company
Sun Fort Whaley TRS LLC, a Michigan limited liability company
Sun Four Seasons LLC, a Michigan limited liability company
Sun Fox Run LLC, a Michigan limited liability company
Sun Frontier LLC, a Michigan limited liability company
Sun Frontier TRS LLC, a Michigan limited liability company
Sungenia Development Pty Ltd, an Australian entity
Sungenia LandCo Pty Ltd, an Australian entity
Sungenia Land Trust, an Australian trust
Sungenia OpCo Pty Ltd, an Australian entity
Sungenia Operations Trust, an Australian trust
Sun Gig Harbor RV LLC, a Michigan limited liability company
Sun Gold Coaster LLC, a Michigan limited liability company
Sun GP L.L.C., a Michigan limited liability company
Sun Grand Lake Golf, Inc., a Michigan corporation
Sun Grand Lake LLC, a Michigan limited liability company
Sun Grove Beach LLC, a Michigan limited liability company
Sun Groves LLC, a Michigan limited liability company
Sun Gwinnett LLC, a Michigan limited liability company
Sun Gwynn’s Island RV LLC, a Michigan limited liability company
Sun Gypsum Mill Development LLC, a Michigan limited liability company
Sun Gypsum Mill East LLC, a Michigan limited liability company
Sun Gypsum Mill West LLC, a Michigan limited liability company
Sun Haas Lake RV LLC, a Michigan limited liability company
Sun Hacienda Del Rio LLC, a Michigan limited liability company
Sun Hamlin LLC, a Michigan limited liability company Sun Hancock Heights LLC, a Michigan limited liability company
x

SUN COMMUNITIES, INC.
Exhibit 21.1 – List of Subsidiaries, Continued


Sun Hatch Court LLC, a Michigan limited liability company
Sun Hawaiian Holly LLC, a Michigan limited liability company
Sun HG Limited Partnership, a Michigan limited partnership
Sun Hid’n Pines RV LLC, a Michigan limited liability company
Sun High Point QRS, Inc., a Michigan corporation
Sun Highland Greens Estates LLC, a Michigan limited liability company
Sun Hillcrest LLC, a Michigan limited liability company
Sun Holiday Park LLC, a Michigan limited liability company
Sun Holly Forest LLC, a Michigan limited liability company
Sun Holly Shores RV Resort LLC, a Michigan limited liability company
Sun Home Services Canada, Inc., an Ontario corporation
Sun Home Services, Inc., a Michigan corporation
Sun Hotel LLC, a Michigan limited liability company
Sun Hunters Glen LLC, a Michigan limited liability company
Sun Huntington Run LLC, a Michigan limited liability company
Sun Hyde Park LLC, a Michigan limited liability company
Sun INA Development LLC, a Michigan limited liability company
Sun Independence Commons LLC, a Michigan limited liability company
Sun Indian Creek LLC, a Michigan limited liability company
Sun Indian Creek RV LLC, a Michigan limited liability company
Sun Inlet Lender LLC, a Michigan limited liability company
Sun Insurance, Inc., a Michigan corporation
Sun IP LLC, a Michigan limited liability company
Sun Island Lakes LLC, a Michigan limited liability company
Sun Jaguar 1 LLC, a Delaware limited liability company
Sun Jaguar 2 LLC, a Delaware limited liability company
Sun Jaguar 3 LLC, a Delaware limited liability company
Sun Jaguar 4 LLC, a Delaware limited liability company
Sun Jaguar 5 LLC, a Delaware limited liability company
Sun Jaguar 6 LLC, a Delaware limited liability company
Sun Jaguar 7 LLC, a Delaware limited liability company
Sun Jaguar 8 LLC, a Delaware limited liability company
Sun Jaguar 9 LLC, a Delaware limited liability company
Sun Jaguar 10 LLC, a Delaware limited liability company
Sun Jaguar 11 LLC, a Delaware limited liability company
Sun Jelly-Birchwood NY RV LLC, a Michigan limited liability company
Sun Jelly-Larkspur CO RV LLC, a Michigan limited liability company
Sun Jelly-Natural Bridge RV LLC, a Michigan limited liability company
Sun Jelly-WNY RV LLC, a Michigan limited liability company
Sun Jensen LLC, a Delaware limited liability company
Sun Jetstream NASA RV LLC, a Michigan limited liability company
Sun Kimberly Estates LLC, a Michigan limited liability company
Sun King’s Court LLC, a Michigan limited liability company
Sun Kings Lake LLC, a Michigan limited liability company
Sun Knollwood LLC, a Michigan limited liability company
Sun Lafayette Place LLC, a Michigan limited liability company
Sun La Hacienda RV LLC, a Michigan limited liability company
Sunlake Estates Utilities, L.L.C., a Delaware limited liability company Sun Lake Josephine RV LLC, a Michigan limited liability company
xi

SUN COMMUNITIES, INC.
Exhibit 21.1 – List of Subsidiaries, Continued


Sun Lake Juliana LLC, a Michigan limited liability company
Sun Lake Laurie RV LLC, a Michigan limited liability company
Sun Lake Rudolph Gas LLC, a Michigan limited liability company
Sun Lake Rudolph LLC, a Michigan limited liability company
Sun Lake Rudolph TRS LLC, a Michigan limited liability company
Sun Lake San Marino LLC, a Michigan limited liability company
Sun Lakeridge LLC, a Michigan limited liability company
Sun Lakeside Crossing LLC, a Michigan limited liability company
Sun Lakeside LLC, a Michigan limited liability company
Sun Lakeview CT LLC, a Michigan limited liability company
Sun Lakeview LLC, a Michigan limited liability company
Sun Lakeview Mobile Estates LLC, a Michigan limited liability company
Sun Lantana Ranch LLC, a Michigan limited liability company
Sun Laurel Heights LLC, a Michigan limited liability company
Sun Lazy J LLC, a Michigan limited liability company
Sun Leaf Verde RV LLC, a Michigan limited liability company
Sun Leisure Point Resort LLC, a Michigan limited liability company
Sun Lender RV LLC, a Michigan limited liability company
Sun Life Associates Limited Partnership, an Arizona limited partnership
Sun Life Trailer Resort Limited Partnership, an Arizona limited partnership
Sun LIW GP LLC, a Michigan limited liability company
Sun Marina Cove LLC, a Michigan limited liability company
Sun Marysville LLC, a Michigan limited liability company
Sun Massey’s Landing RV LLC, a Michigan limited liability company
Sun Maui Jack’s Waterpark LLC, a Michigan limited liability company
Sun Meadowbrook FL LLC, a Michigan limited liability company
Sun Meadowlands Gibralter LLC, a Delaware limited liability company
Sun Meadows Lake LLC, a Delaware limited liability company
Sun Meadowstone LLC, a Michigan limited liability company
Sun MHC Development LLC, a Michigan limited liability company
Sun Millwood LLC, a Michigan limited liability company
Sun Moab Valley RV LLC, a Michigan limited liability company
Sun Mouse Mountain RV LLC, a Michigan limited liability company
Sun Naples Gardens LLC, a Michigan limited liability company
Sun Navarre Village LLC, a Michigan limited liability company
Sun New England Village LLC, a Michigan limited liability company
Sun Newpoint RV LLC, a Michigan limited liability company
Sun NG Acquisitions LLC, a Michigan limited liability company
Sun NG Barryville Lot 8 RV Limited Partnership, a Michigan limited partnership
Sun NG Barryville RV LLC, a Michigan limited liability company
Sun NG Beaver Brook RV LLC, a Michigan limited liability company
Sun NG Cedar Rapids Home Services LLC, a Michigan limited liability company
Sun NG Cedar Rapids RV LLC, a Michigan limited liability company
Sun NG Cisco Grove RV LLC, a Michigan limited liability company
Sun NG Coyote Ranch Home Services LLC, a Michigan limited liability company
Sun NG Coyote Ranch RV LLC, a Michigan limited liability company
Sun NG Glen Ellis RV LLC, a Michigan limited liability company
Sun NG Hospitality Creek Home Services LLC, a Michigan limited liability company Sun NG Hospitality Creek LLC, a Michigan limited liability company
xii

SUN COMMUNITIES, INC.
Exhibit 21.1 – List of Subsidiaries, Continued


Sun NG Jelly-Barton Lake RV LLC, a Michigan limited liability company
Sun NG Jelly-Lone Star TX RV LLC, a Michigan limited liability company
Sun NG Kittatinny RV LLC, a Michigan limited liability company
Sun NG Lackawaxen RV LLC, a Michigan limited liability company
Sun NG LLC, a Michigan limited liability company
Sun NG Matamoras RV LLC, a Michigan limited liability company
Sun NG PE Barryville Holdings LLC, a Michigan limited liability company
Sun NG Pond Eddy Lot 39 RV Limited Partnership, a Michigan limited partnership
Sun NG Pond Eddy RV LLC, a Michigan limited liability company
Sun NG River Beach RV LLC, a Michigan limited liability company
Sun NG RV Resorts LLC, a Delaware limited liability company
Sun NG TRS Barryville LLC, a Michigan limited liability company
Sun NG TRS Beaver Brook LLC, a Michigan limited liability company
Sun NG TRS Cedar Rapids LLC, a Michigan limited liability company
Sun NG TRS Cisco Grove LLC, a Michigan limited liability company
Sun NG TRS Coyote Ranch LLC, a Michigan limited liability company
Sun NG TRS Glen Ellis LLC, a Michigan limited liability company
Sun NG TRS Hospitality Creek LLC, a Michigan limited liability company
Sun NG TRS Jelly-Barton LLC, a Michigan limited liability company
Sun NG TRS Jelly-Lone Star TX LLC, a Michigan limited liability company
Sun NG TRS Kittatinny LLC, a Michigan limited liability company
Sun NG TRS Lackawaxen LLC, a Michigan limited liability company
Sun NG TRS Matamoras LLC, a Michigan limited liability company
Sun NG TRS Pond Eddy LLC, a Michigan limited liability company
Sun NG TRS River Beach LLC, a Michigan limited liability company
Sun North Lake Estates LLC, a Michigan limited liability company
Sun Northville Crossing Owner LLC, a Michigan limited liability company
Sun Oakcrest LLC, a Michigan limited liability company
Sun Oakcrest II LLC, a Michigan limited liability company
Sun Oak Grove LLC, a Michigan limited liability company
SUNOA, LLC, a Michigan limited liability company
Sun Ocean Pines LLC, a Michigan limited liability company
Sun Oceanside Beachfront RV LLC, a Michigan limited liability company
Sun Ocean West Expansion, LLC, a Michigan limited liability company
Sun Ocean West, LLC, a Michigan limited liability company
Sun Orange City LLC, a Michigan limited liability company
Sun Orange Tree LLC, a Michigan limited liability company
Sun Pandion Ridge Commercial RV LLC, a Michigan limited liability company
Sun Pandion Ridge RV LLC, a Michigan limited liability company
Sun Park Owned Homes LLC, a Michigan limited liability company
Sun Parkhurst Estates LLC, a Michigan limited liability company
Sun Paso Robles RV LLC, a Michigan limited liability company
Sun Pearwood RV LLC, a Michigan limited liability company
Sun Pecan Park RV LLC, a Michigan limited liability company
Sun Peters Pond RV LLC, a Michigan limited liability company
Sun Petoskey RV, LLC, a Michigan limited liability company
Sun Petoskey RV Kampgrounds LLC, a Michigan limited liability company
Sun Pheasant Ridge LLC, a Michigan limited liability company Sun Pheasant Ridge RV LLC, a Michigan limited liability company
xiii

SUN COMMUNITIES, INC.
Exhibit 21.1 – List of Subsidiaries, Continued


Sun Pine Acre Trails LLC, a Michigan limited liability company
Sun Pine Hills LLC, a Michigan limited liability company
Sun Pine Ridge LLC, a Michigan limited liability company
Sun Pine Trace LLC, a Michigan limited liability company
Sun Pineview Estates LLC, a Michigan limited liability company
Sun Pleasant Acres RV Resort LLC, a Michigan limited liability company
Sun Pony Express RV LLC, a Michigan limited liability company
Sun Pool 1 LLC, a Michigan limited liability company
Sun Pool 3 LLC, a Michigan limited liability company
Sun PreAcq LLC, a Michigan limited liability company
Sun QRS Pool 1, Inc., a Michigan corporation
Sun QRS Pool 4, Inc., a Michigan corporation
Sun QRS Pool 9, Inc., a Michigan corporation
Sun QRS Pool 13, Inc., a Michigan corporation
Sun QRS Pool A, Inc., a Michigan corporation
Sun QRS Pool B, Inc., a Michigan corporation
Sun QRS Ridge, Inc., a Michigan corporation
Sun QRS Sheffield, Inc., a Michigan corporation
Sun Rainbow RV LLC, a Michigan limited liability company
Sun Rancho Alipaz LLC, a Michigan limited liability company
Sun Receivables LLC, a Delaware limited liability company
Sun Reflections on Silver Lake LLC, a Michigan limited liability company
Sun Resort Amenities LLC, a Michigan limited liability company
Sun Reunion Lake RV LLC, a Michigan limited liability company
Sun Richmond Industrial LLC, a Michigan limited liability company
Sun Richmond LLC, a Michigan limited liability company
Sun River Plantation RV LLC, a Michigan limited liability company
Sun River Plantation TRS LLC, a Michigan limited liability company
Sun River Ridge II LLC, a Michigan limited liability company
Sun River Ridge MI LLC, a Michigan limited liability company
Sun River Run Ranch RV LLC, a Michigan limited liability company
Sun Riverside Drive LLC, a Michigan limited liability company
Sun Riverside LLC, a Michigan limited liability company
Sun Rock Crusher Canyon RV LLC, a Michigan limited liability company
Sun Rocky Mountain RV LLC, a Michigan limited liability company
Sun Rolling Hills LLC, a Michigan limited liability company
Sun Roxbury Park LLC, a Michigan limited liability company
Sun RV Sunset Lakes, LLC, a Michigan limited liability company
Sun Saco RV LLC, a Michigan limited liability company
Sun Saddle Brook Limited Partnership, a Michigan limited partnership
Sun Saddle Oak LLC, a Michigan limited liability company
Sun Scio Farms LLC, a Michigan limited liability company
Sun Sea Breeze QRS, Inc., a Michigan corporation
Sun Seaport RV LLC, a Michigan limited liability company
Sun Seashore RV, LLC, a Michigan limited liability company
Sun Secured Financing Houston LLC, a Michigan limited liability company
Sun Secured Financing LLC, a Michigan limited liability company
Sun Secured Springing LLC, a Michigan limited liability company Sunset Ridge Manager LLC, a Michigan limited liability company
xiv

SUN COMMUNITIES, INC.
Exhibit 21.1 – List of Subsidiaries, Continued


Sun Shelby Forest LLC, a Michigan limited liability company
Sun Shelby West LLC, a Michigan limited liability company
Sun Shell 2 LLC, a Michigan limited liability company
Sun Shell 3 LLC, a Michigan limited liability company
Sun Shell 4 LLC, a Michigan limited liability company
Sun Shell 5 LLC, a Michigan limited liability company
Sun Shell 6 LLC, a Michigan limited liability company
Sun Shenandoah Acres RV LLC, a Michigan limited liability company
Sun Sherwood LLC, a Michigan limited liability company
Sun Siesta Bay LLC, a Michigan limited liability company
Sun Siesta Bay Vacant LLC, a Michigan limited liability company
Sun Silver Creek RV Resort LLC, a Michigan limited liability company
Sun Silver Creek RV Resort II LLC, a Michigan limited liability company
Sun Silver Star LLC, a Michigan limited liability company
Sun Slickrock RV LLC, a Michigan limited liability company
Sun Smith Creek Crossing LLC, a Michigan limited liability company
Sun Southern Leisure RV LLC, a Michigan limited liability company
Sun Southern Palms LLC, a Michigan limited liability company
Sun Springrove LLC, a Michigan limited liability company
Sun Stoneridge Villas LLC, a Michigan limited liability company
Sun Strafford Lake RV LLC, a Michigan limited liability company
Sun Sunlake Estates LLC, a Michigan limited liability company
Sun Sunrise Estates LLC, a Michigan limited liability company
Sun Sunset Beach RV LLC, a Michigan limited liability company
Sun Sylvan Crossing LLC, a Michigan limited liability company
Sun Sylvan Glen LLC, a Michigan limited liability company
Sun Sylvan Lender LLC, a Michigan limited liability company
Sun Tampa East, LLC, a Michigan limited liability company
Sun Tanglewood Village LLC, a Michigan limited liability company
Sun Texas QRS, Inc., a Michigan corporation
Sun The Colony LLC, a Michigan limited liability company
Sun The Preserve LLC, a Michigan limited liability company
Sun The Willows LLC, a Michigan limited liability company
Sun Themeworld RV LLC, a Michigan limited liability company
Sun Three Gardens LLC, a Michigan limited liability company
Sun Three Lakes LLC, a Michigan limited liability company
Sun Town & Country LLC, a Michigan limited liability company
Sun Tranquility LLC, a Michigan limited liability company
Sun Troy Villa LLC, a Michigan limited liability company
Sun TRS 49er Village LLC, a Michigan limited liability company
Sun TRS Archview LLC, a Michigan limited liability company
Sun TRS Association Island LLC, a Michigan limited liability company
Sun TRS Beachwood LLC, a Michigan limited liability company
Sun TRS Big Timber LLC, a Michigan limited liability company
Sun TRS Blazing Star LLC, a Michigan limited liability company
Sun TRS Blueberry Hill LLC, a Michigan limited liability company
Sun TRS Blue Heron Pines LLC, a Michigan limited liability company
Sun TRS Bluewater Beach LLC, a Michigan limited liability company Sun TRS Buttonwood Bay LLC, a Michigan limited liability company
xv

SUN COMMUNITIES, INC.
Exhibit 21.1 – List of Subsidiaries, Continued


Sun TRS Canyonlands LLC, a Michigan limited liability company
Sun TRS Cape Cod LLC, a Michigan limited liability company
Sun TRS Carolina Pines LLC, a Michigan limited liability company
Sun TRS Castaways LLC, a Michigan limited liability company
Sun TRS Castaways SPE, Inc., a Michigan corporation
Sun TRS Cava Robles LLC, a Michigan limited liability company
Sun TRS Cherrystone LLC, a Michigan limited liability company
Sun TRS Chincoteague Island LLC, a Michigan limited liability company
Sun TRS Costa Vista LLC, a Michigan limited liability company
Sun TRS Crown Villa LLC, a Michigan limited liability company
Sun TRS Cypress Greens LLC, a Michigan limited liability company
Sun TRS Driftwood LLC, a Michigan limited liability company
Sun TRS El Capitan/Ocean Mesa LLC, a Michigan limited liability company
Sun TRS Flamingo LLC, a Michigan limited liability company
Sun TRS Gas Archview LLC, a Michigan limited liability company
Sun TRS Gas Canyonlands LLC, a Michigan limited liability company
Sun TRS Gwynn’s Island LLC, a Michigan limited liability company
Sun TRS Haas Lake LLC, a Michigan limited liability company
Sun TRS Hidden Ridge LLC, a Michigan limited liability company
Sun TRS Hid N Pines LLC, a Michigan limited liability company
Sun TRS Hill Country LLC, a Michigan limited liability company
Sun TRS Holly Shores LLC, a Michigan limited liability company
Sun TRS Homosassa LLC, a Michigan limited liability company
Sun TRS Indian Creek FL LLC, a Michigan limited liability company
Sun TRS Indian Creek LLC, a Michigan limited liability company
Sun TRS Islamorado LLC, a Michigan limited liability company
Sun TRS Jelly-Birchwood NY LLC, a Michigan limited liability company
Sun TRS Jelly-Larkspur CO LLC, a Michigan limited liability company
Sun TRS Jelly-Mammoth Cave LLC, a Michigan limited liability company
Sun TRS Jelly-Natural Bridge LLC, a Michigan limited liability company
Sun TRS Jelly-WNY LLC, a Michigan limited liability company
Sun TRS La Hacienda LLC, a Michigan limited liability company
Sun TRS Lake Laurie LLC, a Michigan limited liability company
Sun TRS Leaf Verde LLC, a Michigan limited liability company
Sun TRS Leisure Point LLC, a Michigan limited liability company
Sun TRS LIW LLC, a Michigan limited liability company
Sun TRS LL Castaways LLC, a Michigan limited liability company
Sun TRS LL Southport Springs LLC, a Michigan limited liability company
Sun TRS Massey LLC, a Michigan limited liability company
Sun TRS Maui Jack’s LLC, a Michigan limited liability company
Sun TRS Moab Valley LLC, a Michigan limited liability company
Sun TRS Mouse Mountain LLC, a Michigan limited liability company
Sun TRS NASA LLC, a Michigan limited liability company
Sun TRS Newpoint LLC, a Michigan limited liability company
Sun TRS Northgate LLC, a Michigan limited liability company
Sun TRS North Lake LLC, a Michigan limited liability company
Sun TRS Ocean Breeze LLC, a Michigan limited liability company
Sun TRS Ocean Club LLC, a Michigan limited liability company Sun TRS Oceanside Beachfront LLC, a Michigan limited liability company
xvi

SUN COMMUNITIES, INC.
Exhibit 21.1 – List of Subsidiaries, Continued


Sun TRS Palm Creek LLC, a Michigan limited liability company
Sun TRS Pandion Ridge LLC, a Michigan limited liability company
Sun TRS Pecan Park LLC, a Michigan limited liability company
Sun TRS Peters Pond LLC, a Michigan limited liability company
Sun TRS Petoskey Kampgrounds LLC, a Michigan limited liability company
Sun TRS Pheasant Ridge LLC, a Michigan limited liability company
Sun TRS Pleasant Acres LLC, a Michigan limited liability company
Sun TRS Reunion Lake LLC, a Michigan limited liability company
Sun TRS River Plantation Aerial Park LLC, a Michigan limited liability company
Sun TRS River Run Ranch LLC, a Michigan limited liability company
Sun TRS Riverside LLC, a Michigan limited liability company
Sun TRS Rock Crusher Canyon LLC, a Michigan limited liability company
Sun TRS Saco LLC, a Michigan limited liability company
Sun TRS Sands RV LLC, a Michigan limited liability company
Sun TRS Seaport LLC, a Michigan limited liability company
Sun TRS Seashore LLC, a Michigan limited liability company
Sun TRS Shenandoah LLC, a Michigan limited liability company
Sun TRS Siesta Bay LLC, a Michigan limited liability company
Sun TRS Slickrock RV LLC, a Michigan limited liability company
Sun TRS Southern Leisure LLC, a Michigan limited liability company
Sun TRS Southport Springs LLC, a Michigan limited liability company
Sun TRS Strafford Lake LLC, a Michigan limited liability company
Sun TRS Sun N Fun RV Resort LLC, a Michigan limited liability company
Sun TRS Sunset Beach LLC, a Michigan limited liability company
Sun TRS Sunset Lakes LLC, a Michigan limited liability company
Sun TRS The Hamptons LLC, a Michigan limited liability company
Sun TRS Vines LLC, a Michigan limited liability company
Sun TRS Wagon Wheel LLC, a Michigan limited liability company
Sun TRS Wells Beach LLC, a Michigan limited liability company
Sun TRS Westward Ho LLC, a Michigan limited liability company
Sun TRS Wild Acres LLC, a Michigan limited liability company
Sun TRS Wine Country LLC, a Michigan limited liability company
Sun UK Holding LLC, a Delaware limited liability company
Sun Vacation Rentals LLC, a Michigan limited liability company
Sun Valley Arizona, L.L.C., a Delaware limited liability company
Sun Ventures LLC, a Michigan limited liability company
Sun Villa MHC LLC, a Michigan limited liability company
Sun Vines RV LLC, a Michigan limited liability company
Sun Vista Del Lago LLC, a Delaware limited liability company
Sun Wagon Wheel RV LLC, a Michigan limited liability company
Sun Water Oak Expansion LLC, a Michigan limited liability company
Sun Water Oak Golf, Inc., a Michigan corporation
Sun Wells Beach RV LLC, a Michigan limited liability company
Sun Westbrook Senior Village LLC, a Michigan limited liability company
Sun Westward Ho RV LLC, a Michigan limited liability company
Sun Wild Acres RV LLC, a Michigan limited liability company
Sun Willow Bend LLC, a Michigan limited liability company
Sun Windham Hills LLC, a Michigan limited liability company Sun Wine Country RV LLC, a Michigan limited liability company
xvii

SUN COMMUNITIES, INC.
Exhibit 21.1 – List of Subsidiaries, Continued


Sun Woodsmoke RV LLC, a Michigan limited liability company
Sun Yankee Village LLC, a Michigan limited liability company
Sun/York L.L.C., a Michigan limited liability company
Sycamore Village MHP Holding Company #1, LLC, a Michigan limited liability company
Sycamore Village Mobile Home Park, LLC, a Michigan limited liability company
Tamarac Village Mobile Home Park, LLC, a Michigan limited liability company
The South Devon Holiday Parks Limited, an England and Wales corporation
Thorney Bay Park Limited, a United Kingdom corporation
Tiger Bidco Ltd, an England and Wales corporation
Tiger Debtco Ltd, an England and Wales corporation
Tiger Group Ltd, an England and Wales corporation
Tiger Midco Ltd, an England and Wales corporation
Tiger Topco 1 Ltd, an England and Wales corporation
Time GB (SB) Limited, an England corporation
Tower Park & Marina TRS JV LLC, a Michigan limited liability company
Tower Park Restaurant, LLC, a California limited liability company
Vizcaya Lakes Communities, LLC, a Delaware limited liability company
Walden Woods Utility LLC, a Michigan limited liability company
Warren Dunes Village MHP Holding Company #1, LLC, a Michigan limited liability company
Warren Dunes Village MHP, LLC, a Delaware limited liability company
Waverly Shores Village II LLC, a Michigan limited liability company
Waverly Shores Village Mobile Home Park, LLC, a Michigan limited liability company
Westward Shores TRS JV LLC, a Michigan limited liability company
Wildwood Sales TRS, LLC, a Delaware limited liability company
Windmill Village Holding, LLC, a Delaware limited liability company
Windmill Village Park, LLC, a Delaware limited liability company
Windsor Woods Village MHP Holding Company #1, LLC, a Michigan limited liability company
Windsor Woods Village Mobile Home Park, LLC, a Michigan limited liability company
WM Pismo Beach Holdings, LLC, a Delaware limited liability company
Woodlake Manager LLC, a Michigan limited liability company
Woodlands Church Lake, L.L.C., a Delaware limited liability company
W.S.G. Operating Company Ltd, an England and Wales corporation
xviii
EX-22.1 7 exhibit221-20251231listofi.htm EX-22.1 Document

List of Issuers of Guaranteed Securities

As of February 25, 2026, the debt instruments indicated below are fully and unconditionally guaranteed by Sun Communities, Inc.

Debt Instrument Issuer Jurisdiction of Organization
2.3% Senior Notes due 2028 Sun Communities Operating Limited Partnership Michigan
2.7% Senior Notes due 2031 Sun Communities Operating Limited Partnership Michigan
4.2% Senior Notes due 2032 Sun Communities Operating Limited Partnership Michigan

EX-23.1 8 exhibit231-consentofgrantt.htm EX-23.1 Document

Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We have issued our reports dated February 25, 2026, with respect to the consolidated financial statements and internal control over financial reporting included in the Annual Report of Sun Communities, Inc. on Form 10-K for the year ended December 31, 2025. We consent to the incorporation by reference of said reports in the Registration Statements of Sun Communities, Inc. on Form S-3 (File No. 333-278371) and on Form S-8 (File No. 333-265524 and File No. 333-225105).

/s/ GRANT THORNTON LLP

Southfield, Michigan
February 25, 2026
EX-31.1 9 exhibit311-20251231ceocert.htm EX-31.1 Document

Exhibit 31.1

CERTIFICATIONS
(As Adopted Under Section 302 of the Sarbanes-Oxley Act of 2002)

I, Charles D. Young, certify that:

1.    I have reviewed this Annual Report on Form 10-K of Sun Communities, Inc.

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5.    The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: February 25, 2026 /s/ Charles D. Young
Charles D. Young, Chief Executive Officer

EX-31.2 10 exhibit312-20251231cfocert.htm EX-31.2 Document

Exhibit 31.2

CERTIFICATIONS
(As Adopted Under Section 302 of the Sarbanes-Oxley Act of 2002)

I, Fernando Castro-Caratini, certify that:

1.    I have reviewed this Annual Report on Form 10-K of Sun Communities, Inc.

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5.    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: February 25, 2026 /s/ Fernando Castro-Caratini
Fernando Castro-Caratini, Chief Financial Officer

EX-32.1 11 exhibit321-20251231ceoandc.htm EX-32.1 Document

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
(Adopted Under Section 906 of the Sarbanes-Oxley Act of 2002)

The undersigned officers, Charles D. Young and Fernando Castro-Caratini, hereby certify that to the best of their knowledge: (a) this Annual Report on Form 10-K of Sun Communities, Inc., for the period ended December 31, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and (b) the information contained in this Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Company.

Signature Date
/s/ Charles D. Young February 25, 2026
Charles D. Young, Chief Executive Officer
/s/ Fernando Castro-Caratini February 25, 2026
Fernando Castro-Caratini, Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to Sun Communities, Inc. and will be retained by Sun Communities, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.