SUN COMMUNITIES Business Summary

Sun Communities Inc. (SUI) is a leading residential real estate investment trust (REIT) that owns, operates, and develops a premier portfolio of manufactured housing (MH) communities, recreational vehicle (RV) resorts, and holiday parks in the United Kingdom. The company’s primary revenue stream is derived from a land-lease model, where it collects recurring site rentals from residents and vacationers, supplemented by income from home sales, rentals, and ancillary services across approximately 500 properties. Following the strategic $5.25 billion divestiture of its Safe Harbor Marinas segment in mid-2025, Sun Communities has sharpened its focus on its core MH and RV assets to leverage the persistent demand for attainable housing and outdoor lifestyle experiences. It maintains a dominant market position alongside primary competitors Equity LifeStyle Properties (ELS) and UMH Properties (UMH), distinguishing itself through its significant international footprint via Park Holidays UK and its "Sun Outdoors" brand. Founded in 1975 by Milton M. Shiffman and Gary A. Shiffman, the company is currently led by Chief Executive Officer Charles D. Young, who succeeded Gary A. Shiffman in October 2025. Gary A. Shiffman remains a central figure as Executive Chairman, ensuring strategic continuity for the firm he helped take public in 1993. The executive leadership team was recently updated in February 2026 with the appointment of Fernando Castro-Caratini as interim Chief Financial Officer, Executive Vice President, Secretary, and Treasurer, following the departure of Mark E. Patten. Other key executives include President John B. McLaren and Chief Operating Officer Bruce D. Thelen. The company’s governance is supported by a board featuring independent directors such as Meghan G. Baivier and Jeff T. Blau, while its ownership is dominated by major institutional investors including Vanguard, BlackRock, and State Street.