Business Description

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.…