REITWo rld 2016: NAREIT's Annual Co nventio n Phoe nix, AZ | Nove - PowerPoint PPT Presentation

REITWo rld 2016: NAREIT's Annual Co nventio n Phoe nix, AZ | Nove mbe r 15-17, 2016 Gary Shiffman Jo hn McLaren Chie f Exe cutive Office r Chie f Ope rating Office r Karen Dearing Fernando Castro -Caratini Chie f Financial Office r SVP , Finance & Capital Marke ts

FO RWARD-LO O KING STATEMENTS This presentation has been prepared fo r informational purposes only from info rmation supplied by Sun Communities, Inc. (the " Company" ) and from third- party sources indicated herein. Such third-party info rmation has not been independently verified. The Company makes no representation or warranty, expressed or implied, as to the accuracy or completeness of such info rmation. This presentation contains various -loo king within the meaning of the United States Securities Act of 1933, as amended, and the United States Securities Exchange Act of 1934, as amended, and we intend that such fo rward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this presentation 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 fo rward-looking statements. Words such as 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 perfo rmance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this presentation. These risks and uncertainties may cause our actual results to be materially different from any future results expressed or implied by such fo rward-looking statements. In addition to the risks disclosed under contained in our Annual Report on Form 10-K fo r the year ended December 31, 2015, and our other filings with the Securities and Exchange Commission from time to time, such risks and uncertainties include:  changes in general economic conditions, the real estate industry and the markets in which we operate;  difficulties in our ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully;  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;  availability of capital;  our failure to maintain effective internal control over financial reporting and disclosure controls and procedures;  increases in interest rates and operating costs, including insurance premiums and real property taxes;  risks related to natural disasters;  general volatility of the capital markets and the market price of shares of our capital stock;  our failure to maintain our status as a REIT;  changes in real estate and zoning laws and regulations;  legislative or regulatory changes, including changes to laws governing the taxation of REITs;  litigation, judgments or settlements;  our ability to maintain rental rates and occupancy levels;  competitive market fo rces; and  the ability of manufactured home buyers to obtain financing and the level of repossessions by manufactured home lenders. Readers are cautioned not to place undue reliance on these fo rward-loo king 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 in this presentation, whether as a result of new info rmation, future events, changes in our expectations or otherwise, except as required by law. Although we believe that the expectations reflected in the fo rward- loo king statements are reasonable, we cannot guarantee future results, levels of activity, perfo rmance or achievements. All written and oral fo rward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by these cautionary statements. 1

SUN CO MMUNITIES, INC. (NYSE: SUI) Curre nt Po rtfo lio As of Se pte mbe r 30, 2016 4,938 339 339 co mmunitie s 1,521 226 404 473 co nsisting o f 549 1,370 682 24,591 149 413 1,277 appro ximate ly 117,000 2,913 324 3,009 1,652 916 2,335 698 1,187 site s acro ss 29 29 state s 5,275 976 672 237 and Ontario 4,614 418 1,150 7,534 43,348 27 manufactured housing and recreational vehicle communities 20,833 85 recreational vehicle only communities (56%) 227 manufactured housing only communities 37,307 annual / 79,945 seasonal recreational vehicle manufactured 16,474 sites housing sites (44%) transient 2 So urce: Co mpany Info rmatio n. Refer to Sun Communities, Inc. Fo rm 10-Q and Supplemental fo r the quarter-ended September 30, 2016 fo r additio nal info rmatio n.

Q 3 2016 HIGHLIGHTS Financial Data Three Mo nths Ended  895 total home s sold, an incre ase of 43.0%, as (in millions e xce pt for EPS) compare d to the third quarte r of 2015 9/ 30/ 16 6/ 30/ 16 9/ 30/ 15  Re ve nue producing site s incre ase d by 292 site s for the quarte r bringing total portfolio occupancy Revenue $249.7 $190.8 $185.4 1 , up ~250 basis points from the third to 96.2% quarte r of 2015 EPS $0.27 -$0.12 $0.53 (Diluted)  Same -community Ne t Ope rating Income gre w to FFO/Share $1.13 $0.85 $1.05 $86.6 million, an incre ase of 6.0% as compare d (Diluted) to the third quarte r of 2015  Subse que nt to the Care fre e acquisition, 4 Petoskey Motorcoach Resort Petoskey, MI communities with 964 site s locate d in CO, MI, Acquired September 2016 NY and VA we re acquire d for $41 million  $330.7 million of ne t proce e ds we re raise d in e quity offe rings, with the majority of the se proce e ds use d to pay down the line of cre dit So urce: Co mpany Info rmatio n. Refer to Sun Communities, Inc. Fo rm 10-Q and Supplemental fo r the quarter ended September 30, 2016 fo r additio nal info rmatio n. Refer to info rmatio n regarding no n-GAAP financial measures starting o n page 20 o f the attached Appendix. 4 3 1 Inclusive o f 100% o ccupancy fo r annual RV rentals and 95.2% o ccupancy fo r MH

BUILDING BLO CKS PO SITIO N SUN FO R SUSTAINABLE GRO WTH  Premier owner and operator of manufactured home (MH) and recreational vehicle (RV) communities Industry-Leading  Strong and cycle-tested record of operating, expanding and acquiring MH and RV communities dating back to 1975 Position  Provide the highest quality experience with top customer service for our MH and RV residents  Weighted average rent per site has historically increased 2-4% annually  Current MH occupancy of 95.2% with 280bps of occupancy growth available Rent & Occupancy  Consistent growth buoyed by favorable supply-demand dynamics for MH and RV communities  ~600 RV sites converted from transient to annual L TM  Low-risk way to add new sites in the highest demand communities in our portfolio with long runway Expansions  Approximately 10,500 sites available for expansion  314 expansion sites have been filled within our same-community portfolio in the last year  Proven consolidator with $4.3 billion of acquisitions brought onto the Sun platform over the last 5 years  Acquisitions Ability to leverage revenue opportunities while creating efficiencies for all on- boarded properties  High selectivity when analyzing new acquisition opportunities 4 So urce: Co mpany Info rmatio n. Refer to Sun Communities, Inc. Fo rm 10-Q and Supplemental fo r the quarter ended September 30, 2016 fo r additio nal info rmatio n.

Castaways RV Resort Berlin, MD  Cost to move a home range s from $4K-10K, re sulting in low move -out of home s  e nure of home s in our communitie s is ~43 ye ars 1 T  T e nure of re side nts in our communitie s is ~13 ye ars 1 -o ut Trends Royal Palm Village Haines City, FL 6.5% 5.9% 5.1% 5.0% 4.9% 4.9% 4.7% 4.6% 2.8% 2.6% 2.6% 2.5% 2.3% 2.3% 2.0% 1.9% 2009 2010 2011 2012 2013 2014 2015 Q3 2016 Resident Resales Home Mo ve-out 6 5 1 So urce: Co mpany Info rmatio n. 5 year average.

STRO NG SAME- CO MMUNITY GRO WTH  Low-annual resident turnover results in stability of income and occupancy  Strong and consistent rental growth creates a stable revenue stream that is recession-resistant  Positive NOI growth for 16 consecutive years  Occupancy gains are a function of integrated platform, which includes: leasing, sales, and financing Same-Co mmunity NO I Gro wth (%) 9.1% 7.7% 5.9% 5.5% Ave rag e NO I Gro wth 6 Ye ars 5.5% 3.6% 3.1% 0.7% 2010 2011 2014 2015 2009 2012 2013 WA Mo nthly Rent per Site O ccupancy 95.9% $472 93.2% $457 $445 88.9% $437 86.7% $425 85.8% $413 84.3% 83.4% $404 2009 2010 2011 2012 2013 2014 2015 2009 2010 2011 2012 2013 2014 2015 So urce: Co mpany Info rmatio n. Refer to Sun Communities, Inc. Fo rm 10-K and Supplemental fo r the respective perio ds ended set fo rth abo ve fo r additio nal info rmatio n. Refer to info rmatio n regarding no n- 6 GAAP financial measures starting o n page 20 o f the attached Appendix.