REUNION LAKE – PONCHATOULA, LA ACQUIRED IN JULY 2019 INVESTOR PRESENTATION SEPTEMBER 2019

FORWARD-LOOKING STATEMENTS This presentation has been prepared for informational purposes only from information supplied by Sun Communities, Inc. (the “Company” or “Sun”) and from third- party sources indicated herein. Such third-party information has not been independently verified. The Company makes no representation or warranty, expressed or implied, as to the accuracy or completeness of such information. This presentation contains various “forward-looking statements” 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 forward-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 forward-looking statements. Words such as “forecasts,” “intends,” “intend,” “intended,” “goal,” “estimate,” “estimates,” “expects,” “expect,” “expected,” “project,” “projected,” “projections,” “plans,” “predicts,” “potential,” “seeks,” “anticipates,” “anticipated,” “should,” “could,” “may,” “will,” “designed to,” “foreseeable future,” “believe,” “believes,” “scheduled,” “guidance” 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 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 forward-looking statements. In addition to the risks disclosed under “Risk Factors” contained in our Annual Report on Form 10-K for the year ended December 31, 2018, and our other filings with the Securities and Exchange Commission from time to time, such risks and uncertainties include but are not limited to: . 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; . changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian and Australian dollars; . our ability to maintain rental rates and occupancy levels; . 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 such as hurricanes, earthquakes, floods and wildfires; . 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; . competitive market forces; . 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 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 in this presentation, 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. 2

SUN COMMUNITIES, INC. (NYSE: SUI) OVERVIEW Current Portfolio as of June 30, 2019 4,972 382 communities 226 1,916 consisting of over 1,078 475 588 2,137 724 28,475 671 133,000 sites across 149 413 1,521 324 2,920 2,916 31 states and Ontario, 2,150 562 3,608 1,207 Wine Country RV Resort – Paso Robles, CA 2,446 7,931 1,381 976 1,084 Canada 671 5,659 698 869 1,140 Trailing Twelve Months Rental Revenue 8,690 as of June 30, 2019 84% Headquarters 44,572 Annual Revenues RV - Annual 12%18% 235 MH Communities Manufactured 31% Housing RV - Transient 116 RV Communities Age restricted 72% 16% 31 MH and RV Communities 69% 12% 69% All age 62% 30% 8% Source: Company information. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended June 30, 2019 as well as Press Releases and SEC Filings after June 30, 2019 for additional information. 3

POWERING SUN’S GROWTH ENGINE . Sun is the premier owner and operator of manufactured home (“MH”) and recreational vehicle (“RV”) communities . Strong cycle-tested record of operating, expanding and acquiring MH and RV communities dating back to 1975 INTERNAL EXTERNAL Contractual Rent Increases MH Occupancy Gains Acquisitions 95.7% $393mm YTD Annual historical 2Q19 MH Occupancy investment in 11 communities 2% - 4% 66% 2.4x increase weighted average monthly rental of MH communities at 98%+ in communities and sites since 2011 rate increase supported by continued reinvestment into communities 250bps+ High degree of visibility into MH and RV existing MH occupancy upside acquisition pipeline Expansions Transient Conversions Development 1,200 – 1,400 ~20,600 Targeting 2-3 2019E vacant site deliveries Current transient RV sites new development project starts / year ~6,700 ~1,100 800 – 1,000 sites available for expansion after 2019 average yearly converted sites1 2019E ground-up site deliveries 12% – 14% 40% – 60% 7% – 9% expansion IRRs2 1st year revenue uplift once converted ground-up development IRRs2 Source: Company information. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended June 30, 2019 as well as Press Releases and SEC Filings after June 30, 2019 for additional information. Refer to information regarding non-GAAP financial measures in the attached Appendix. 1 2017-2018 average 2 Expected 5-year unlevered internal rates of return based on certain assumptions 4

OPERATING AND FINANCIAL HIGHLIGHTS Financial Performance Quarter Ended June 30, YTD Ended June 30, 2019 2018 % Change 2019 2018 % Change Total Revenue $312.4mm $271.4mm 15.1% $599.8mm $529.4mm 13.3% Total NOI $171.4mm $148.0mm 15.8% $335.8mm $297.1mm 13.1% Same Community Revenue $196.3mm $184.5mm 6.4% $395.4mm $372.4mm 6.2% Same Community NOI $133.5mm $124.5mm 7.2% $274.8mm $256.3mm 7.2% EPS1 $0.46 $0.25 84.0% $0.86 $0.63 36.5% Core FFO / Share1,2 $1.18 $1.07 10.3% $2.36 $2.21 6.8% Operating Highlights QTD YTD Increase in Revenue 668 1,239 Producing Sites Home Sales 927 1,725 New Home Sales 139 264 Vacant HACIENDA DEL RIO – EDGEWATER, FL Expansion Site 121 188 ACQUIRED JANUARY 2019 Deliveries REUNION LAKE RV RESORT – PONCHATOULA, LA Source: Company information. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended June 30, 2019 as well as Press Releases and SEC Filings after June 30, 2019 for additional information. Refer to information regarding non-GAAP financial measures in the attached Appendix. 1 Company information. Diluted. 2 Based on fully diluted shares of 91.386 million and 84.223 million for three months ended June 30, 2019 and June 30, 2018, respectively; and 90.715 million and 84.021 million for six months ended June 30, 2019 and June 30, 2018, respectively. 5

2019 YTD ACQUISITIONS & DEVELOPMENT ACTIVITY Investment Activity Summary Acquisitions Ground-up Developments Expansions 2 $393mm purchase price $79mm YTD spend $52mm YTD spend 1st phases delivered for Sites delivered at 7 11 communities 3 RV resorts communities YTD ~4,100 sites ~600 sites ~200 sites Just announced pending 250 site Costa Vista project Pursuing additional land 31 MH community portfolio in San Diego just approved inventory purchases acquisition for ~$344mm Source: Company information. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended June 30, 2019 as well as Press Releases and SEC Filings after June 30, 2019 for additional information. Refer to information regarding non-GAAP financial measures in the attached Appendix. 6

SUN’S FAVORABLE REVENUE DRIVERS . Yearly home move-outs in Sun’s MH communities are less than 1% . Tenure of residents in Sun’s MH communities is approximately 141 years MH Resident Move-out Trends1 6.5% 0.8% Resident Re-sales Resident Move-outs (Home stays in community) (Home leaves community) LAKESHORE LANDINGS – ORLANDO, FL Source: Company information. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended June 30, 2019 as well as Press Releases and SEC Filings after June 30, 2019 for additional information. Refer to information regarding non-GAAP financial measures in the attached Appendix. 1. Annual average (2017 - 2Q 2019 annualized). 7

CONSISTENT AND CYCLE TESTED INTERNAL GROWTH . Sun’s average same community NOI growth has exceeded REIT industry average by ~190 bps and the apartment sector’s average by ~185 bps since 1998 . Since 1998, every individual year or rolling 4-quarter period has had positive same community NOI growth Same Community NOI Growth Annual Growth Since 1998 Average Annual Growth Since 1998 Apartment REITs Sun Communities 10.0% 5.0% SUI: SUI: + ~185bps + ~190bps 5.0% 3.2% 3.1% 0.0% (5.0%) (10.0%) 2Q08 2Q09 2Q98 2Q99 2Q00 2Q01 2Q02 2Q03 2Q04 2Q05 2Q06 2Q07 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17 2Q18 2Q19 Sun Apartment REIT Industry Communities REITs Source: Citi Investment research, June 2019. “REIT Industry Average” includes an index of REITs across a variety of asset classes including: self storage; mixed office; regional malls; shopping centers; apartments; student housing; manufactured homes and specialty. Refer to information regarding non-GAAP financial measures in the attached Appendix. 8

MANUFACTURED HOUSING VS. OTHER RENTAL OPTIONS . Sun’s manufactured homes provide nearly 25% more space at nearly 50% less cost per square foot Sun’s Manufactured Other Rental Homes1 VS. Options2 PRICE $0.78 per sq. ft.  $1.48 per sq. ft. SQUARE FOOTAGE 1,250 sq. ft.  1,000 sq. ft. RENT $975 per month  $1,483 per month 1 Source: Company information. 2 Source: Zillow – U.S. Median Monthly Rent (Zillow rent index, June 2019). Includes multifamily, single family and duplex 2-bedroom rentals 9

MANUFACTURED HOUSING VS. SINGLE FAMILY . Sun’s communities offer affordable options in attractive locations Manufactured Homes Single Family Homes  Average cost of a new Manufactured Home is  Average cost of Single Family is $293,727 or $71,900 or roughly 2 years median income roughly 7 years median income $400,000 Manufactured Homes Portion of purchase price attributable to land Single Family Homes $350,000 $300,000 $250,000 $293,727 $263,256 $272,454 $278,409 $200,000 $249,429 $223,085 $203,182 $206,560 $207,950 $150,000 $100,000 Average $50,000 Household $63,100 $62,800 $60,500 $62,200 $64,000 $65,300 $68,000 $70,600 $71,900 Income ~$40,0001 $- 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: U.S. Department of Census, Cost & Size Comparisons of New Manufactured & New Single-Family Site-Built Homes (2009-2017) 1 Average of 2018 primary applicant household income for SUI’s manufactured housing communities 10

EXPANSIONS PROVIDE ATTRACTIVE RETURNS . Investment in expansion sites boosts growth in highly accretive manner . Sun expands in communities and resorts with high occupancies and continued strong demand ~200 12 – 24 months expansion sites delivered YTD average lease-up for 100-site expansion ~$52 million $35k - $40k capital invested YTD typical per site construction cost 1,200 – 1,400 Target 12% - 14% IRRs1 2019E vacant expansion site deliveries HILL COUNTRY – NEW BRAUNFELS, TX BOULDER RIDGE – PFLUGERVILLE, TX Source: Company information. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended June 30, 2019 as well as Press Releases and SEC Filings after June 30, 2019 for additional information. Refer to information regarding non-GAAP financial measures in the attached Appendix. 1 Expected 5-year unlevered internal rates of return based on certain assumptions 11

MAXIMIZING VALUE FROM STRATEGIC ACQUISITIONS Professional Operational Management Adding Value with Expansions Home Sales & Rental Program Call Center & Digital Marketing Outreach Skilled Expense Management Repositioning with Additional Capex Year-end Communities and Sites . Since 2011, Sun has acquired communities valued in excess of $5.2 billion, increasing its number of sites 1 and communities by 2.4x 371 382 341 350 128,454 133,149 117,376 121,892 231 217 188 173 88,612 159 79,554 63,697 69,789 54,811 2011 2012 2013 2014 2015 2016 2017 2018 2Q19 Sites Communities Source: Company information. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended June 30, 2019 as well as Press Releases and SEC Filings after June 30, 2019 for additional information. Refer to information regarding non-GAAP financial measures in the attached Appendix. 1 Includes 30 community dispositions realized in 2014 and 2015. 12

STRATEGIC BALANCE SHEET . Balance sheet supports growth strategy . Sun’s annual mortgage maturities in the years 2019 - 2023 average 5.0% of total mortgage debt outstanding Mortgage Debt Outstanding Mortgage Debt 5-Year Maturity Ladder principal amounts in thousands amounts in thousands CMBS Fannie Mae Freddie Mac Life Companies Quarter Ended June 30, 2019 Principal WA $307,465 1 Outstanding Interest Rates $270,680 CMBS $401,977 5.10% Fannie Mae $760,315 4.39% Life Companies $1,323,482 4.01% $82,155 $58,078 Freddie Mac $377,711 3.86% Total $2,863,485 4.24% 2019 2020 2021 2022 2023 Net Debt / EBITDA2 Net Debt / TEV 3 7.5x 6.6x 6.3x 5.6x 5.2x 34.0% 33.8% 28.2% 25.2% 20.2% 2015 2016 2017 2018 2Q19 2015 2016 2017 2018 2Q19 Source: Company information. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended June 30, 2019 as well as Press Releases and SEC Filings after June 30, 2019 for additional information. Refer to information regarding non-GAAP financial measures in the attached Appendix. 1 Includes premium / discount on debt and financing costs. 2 The debt ratios are calculated using trailing 12 months recurring EBITDA for the period ended June 30, 2019. 3 Total Enterprise Value includes common shares outstanding (per Supplemental), Common OP Units and Preferred OP Units, as converted, outstanding at the end of each respective period. 13

STRATEGY-DRIVEN OUTPERFORMANCE . Sun has significantly outperformed major REIT and broader market indices over the last ten years YTD Total Return 3-year Total Return 35.0% 90.0% 32.7% 30.0% 80.0% 83.5% 70.0% 25.0% 20.7% 60.0% 20.0% 18.4% 50.0% 48.6% 15.0% 40.0% 10.0% 30.0% 20.0% 5.0% 12.8% 10.0% 0.0% 0.0% (5.0%) (10.0%) (20.0%) 5-year Total Return 10-year Total Return 225.0% 1,500.0% 1,533.5% 205.0% 201.8% 185.0% 1,200.0% 165.0% 145.0% 900.0% 125.0% 105.0% 85.0% 600.0% 65.0% 65.2% 319.0% 45.0% 44.9% 300.0% 25.0% 292.4% 5.0% 0.0% (15.0%) Sun Communities, Inc. (SUI) S&P 500 MSCI US REIT (RMS) Source: S&P Global as of June 30, 2019. 14

CONSISTENT NOI GROWTH . Manufactured housing is one of the most recession-resistant sectors in real estate and has consistently outperformed multifamily and most sectors in same community NOI growth since 2000 NOI Growth Sun Communities $242 Sun Communities $240 Manufactured Housing Multifamily $233 Manufactured Housing Industrial $232 Self-storage $220 Mall Office $200 Shopping Centers Self-storage $180 $164 Multifamily $160 $149 Industrial $145 Mall $140 $145 Shopping Centers $136 Office $120 $100 $80 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD Source: Citi Investment research, June, 2019. Refer to information regarding non-GAAP financial measures in the attached Appendix. 15

APPENDIX OCEAN BREEZE RESORT – JENSEN BEACH, FL

NON-GAAP TERMS DEFINED Investors in and analysts following the real estate industry utilize funds from operations (“FFO”), net operating income (“NOI”), and earnings before interest, tax, depreciation and amortization (“EBITDA”) as supplemental performance measures. The Company believes that FFO, NOI, and EBITDA are appropriate measures given their wide use by and relevance to investors and analysts. Additionally, FFO, NOI, and EBITDA are commonly used in various ratios, pricing multiples, yields and returns and valuation calculations used to measure financial position, performance and value. FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts for the effects of generally accepted accounting principles (“GAAP”) depreciation and amortization of real estate assets. NOI provides a measure of rental operations that does not factor in depreciation, amortization and non-property specific expenses such as general and administrative expenses. EBITDA provides a further measure to evaluate ability to incur and service debt and to fund dividends and other cash needs. FFO is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) as GAAP net income (loss), excluding gains (or losses) from sales of depreciable operating property, plus real estate- related depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure that management believes is a useful supplemental measure of the Company’s operating performance. By excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment and excluding real estate asset depreciation and amortization (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO provides a performance measure that, when compared period-over-period, reflects the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing perspective not readily apparent from GAAP net income (loss). Management believes the use of FFO has been beneficial in improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful. The Company also uses FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of our core business (“Core FFO”). The Company believes that Core FFO provides enhanced comparability for investor evaluations of period-over-period results. The Company believes that GAAP net income (loss) is the most directly comparable measure to FFO. The principal limitation of FFO is that it does not replace GAAP net income (loss) as a performance measure or GAAP cash flow from operations as a liquidity measure. Because FFO excludes significant economic components of GAAP net income (loss) including depreciation and amortization, FFO should be used as a supplement to GAAP net income (loss) and not as an alternative to it. Further, FFO is not intended as a measure of a REIT’s ability to meet debt principal repayments and other cash requirements, nor as a measure of working capital. FFO is calculated in accordance with the Company’s interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that interpret the NAREIT definition differently. NOI is derived from revenues minus property operating expenses and real estate taxes. NOI is a non-GAAP financial measure that the Company believes is helpful to investors as a supplemental measure of operating performance because it is an indicator of the return on property investment, and provides a method of comparing property performance over time. The Company uses NOI as a key measure when evaluating performance and growth of particular properties and/or groups of properties. The principal limitation of NOI is that it excludes depreciation, amortization, interest expense and non-property specific expenses such as general and administrative expenses, all of which are significant costs. Therefore, NOI is a measure of the operating performance of the properties of the Company rather than of the Company overall. The Company believes that GAAP net income (loss) is the most directly comparable measure to NOI. NOI should not be considered to be an alternative to GAAP net income (loss) as an indication of the Company’s financial performance or GAAP cash flow from operating activities as a measure of the Company’s liquidity; nor is it indicative of funds available for the Company’s cash needs, including its ability to make cash distributions. Because of the inclusion of items such as interest, depreciation, and amortization, the use of GAAP net income (loss) as a performance measure is limited as these items may not accurately reflect the actual change in market value of a property, in the case of depreciation and in the case of interest, may not necessarily be linked to the operating performance of a real estate asset, as it is often incurred at a parent company level and not at a property level. EBITDA as defined by NAREIT (referred to as “EBITDAre”) is calculated as GAAP net income (loss), plus interest expense, plus income tax expense, plus depreciation and amortization, plus or minus losses or gains on the disposition of depreciated property (including losses or gains on change of control), plus impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates. EBITDAre is a non-GAAP financial measure that the Company uses to evaluate its ability to incur and service debt, fund dividends and other cash needs and cover fixed costs. Investors utilize EBITDAre as a supplemental measure to evaluate and compare investment quality and enterprise value of REITs. The Company also uses EBITDAre excluding certain gain and loss items that management considers unrelated to measurement of the Company’s performance on a basis that is independent of capital structure (“Recurring EBITDA”). The Company believes that GAAP net income (loss) is the most directly comparable measure to EBITDAre. EBITDAre is not intended to be used as a measure of the Company’s cash generated by operations or its dividend-paying capacity, and should therefore not replace GAAP net income (loss) as an indication of the Company’s financial performance or GAAP cash flow from operating, investing and financing activities as measures of liquidity. 17

NET INCOME TO FFO RECONCILIATION (amounts in thousands except per share data) Three Months Ended June 30, Six Months Ended June 30, Year Ended December 31, 2019 2018 2019 2018 2018 2017 2016 Net income attributable to Sun Communities, Inc. common stockholders $ 40,385 $ 20,408 $ 74,716 $ 50,394 $ 105,493 $ 65,021 $ 17,369 Adjustments: Depreciation and amortization 76,294 67,977 153,006 134,623 288,206 262,211 221,576 Remeasurement of marketable securities (3,620) - (3,887) - 3,639 - - Amounts attributable to noncontrolling interests 2,158 2,089 2,881 3,978 7,740 4,535 (41) Preferred return to preferred OP units 537 552 1,064 1,105 2,206 2,320 2,462 Preferred distribution to Series A-4 preferred stock 428 432 860 873 1,737 2,107 - Gain on disposition of assets, net (8,070) (5,835) (13,749) (10,374) (23,406) (16,075) (15,713) FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities 108,112 85,623 214,891 180,599 385,615 320,119 225,653 Adjustments: Transaction costs - - - - - 9,801 31,914 Other acquisition related costs 366 301 526 436 1,001 2,810 3,328 Loss on extinguishment of debt 70 1,522 723 1,718 2,657 6,019 1,127 Debt premium write-off - (209) - (991) (1,467) (1,343) (839) Income from affiliate transactions - - - - - - (500) Catastrophic weather related charges, net 194 53 976 (2,160) 92 8,352 1,172 Loss of earnings - catastrophic weather related 377 325 377 650 (292) 292 - Other (income) / expense, net (1,021) 1,828 (2,919) 4,445 6,453 (8,982) 4,676 Ground lease intangible write-off - 817 - 817 817 898 - Deferred tax (benefit) / expense (96) 112 (313) (235) (507) (582) (400) Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities 108,002 90,372 214,261 185,279 394,369 337,384 266,131 Weighted average common shares outstanding - basic 87,130 79,612 86,325 79,233 81,387 76,084 65,856 Weighted average common shares outstanding - fully diluted 91,386 84,223 90,715 84,021 86,141 80,996 70,165 FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities per share - fully diluted $ 1.18 $ 1.02 $ 2.37 $ 2.15 $ 4.48 $ 3.95 $ 3.22 Core FFO attributable to Sun Communities, Inc. common stockholders and dilutive convertible securities per share - fully diluted $ 1.18 $ 1.07 $ 2.36 $ 2.21 $ 4.58 $ 4.17 $ 3.79 Source: Company information. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended June 30, 2019 as well as Press Releases and SEC Filings after June 30, 2019 for additional information. 18

NET INCOME TO NOI RECONCILIATION (amounts in thousands) Three Months Ended June 30, Six Months Ended June 30, Year Ended December 31, 2019 2018 2019 2018 2018 2017 2016 Net income attributable to Sun Communities, Inc., common stockholders $ 40,385 $ 20,408 $ 74,716 $ 50,394 $ 105,493 $ 65,021 $ 17,369 Other revenues (7,427) (6,168) (15,907) (12,444) (27,057) (24,874) (21,150) Home selling expenses 3,626 3,986 6,950 7,276 15,722 12,457 9,744 General and administrative 23,697 21,452 45,584 41,209 81,429 83,973 95,525 Catastrophic weather related charges, net 179 53 961 (2,160) 92 8,352 1,172 Depreciation and amortization 76,153 67,773 152,709 134,210 287,262 261,536 221,770 Loss on extinguishment of debt 70 1,522 723 1,718 2,657 6,019 1,127 Interest expense 34,842 33,050 69,950 64,807 132,783 130,242 122,315 Remeasurement of marketable securities (3,620) - (3,887) - 3,639 - - Other (income) / expense, net (1,021) 1,828 (2,919) 4,445 6,453 (8,982) 4,676 (Income) / loss from nonconsolidated affiliates (393) 8 (737) 67 (646) - (500) Current tax expense 272 225 486 399 595 446 683 Deferred tax (benefit) / expense (96) 112 (313) (235) (507) (582) (400) Preferred return to preferred OP units 1,718 1,103 3,041 2,183 4,486 4,581 5,006 Amounts attributable to noncontrolling interests 2,585 2,227 3,626 4,321 8,443 5,055 150 Preferred stock distributions 428 432 860 873 1,736 7,162 8,946 NOI/Gross Profit $ 171,398 $ 148,011 $ 335,843 $ 297,063 $ 622,580 $ 550,406 $ 466,433 Three Months Ended June 30, Six Months Ended June 30, Year Ended December 31, 2019 2018 2018 2017 2018 2017 2016 Real Property NOI $ 144,485 $ 125,903 $ 288,025 $ 257,648 $ 533,321 $ 479,662 $ 403,337 Rental Program NOI 26,499 24,572 52,560 48,674 96,112 92,222 84,968 Home Sales NOI / Gross Profit 12,807 10,285 23,148 18,614 42,698 32,294 30,087 Ancillary NOI / Gross Profit 4,785 3,790 6,166 4,975 16,064 10,061 9,641 Site rent from Rental Program (included in Real Property NOI) (17,178) (16,539) (34,056) (32,848) (65,615) (63,833) (61,600) NOI / Gross Profit $ 171,398 $ 148,011 $ 335,843 $ 297,063 $ 622,580 $ 550,406 $ 466,433 Source: Company information. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended June 30, 2019 as well as Press Releases and SEC Filings after June 30, 2019 for additional information. 19

NET INCOME TO RECURRING EBITDA RECONCILIATION (amounts in thousands) Three Months Ended June 30, Six Months Ended June 30, Year Ended December 31, 2019 2018 2019 2018 2018 2017 2016 Net income attributable to Sun Communities, Inc., common stockholders $ 40,385 $ 20,408 $ 74,716 $ 50,394 $ 105,493 $ 65,021 $ 17,369 Adjustments: Interest expense 34,842 33,050 69,950 64,807 132,783 130,242 122,315 Loss on extinguishment of debt 70 1,522 723 1,718 2,657 6,019 1,127 Current tax expense 272 225 486 399 595 446 683 Deferred tax (benefit) / expense (96) 112 (313) (235) (507) (582) (400) (Income) / loss from nonconsolidated affiliates (393) 8 (737) 67 (646) - (500) Depreciation and amortization 76,153 67,773 152,709 134,210 287,262 261,536 221,770 Gain on disposition of assets, net (8,070) (5,835) (13,749) (10,374) (23,406) (16,075) (15,713) EBITDAre $ 143,163 $ 117,263 $ 283,785 $ 240,986 $ 504,231 $ 446,607 $ 346,651 Adjustments: Reameasurement of marketable securities (3,620) - (3,887) - 3,639 - - Other (income) / expense, net (1,021) 1,828 (2,919) 4,445 6,453 (8,982) 4,676 Catastrophic weather related charges, net 179 53 961 (2,160) 92 8,352 1,172 Preferred return to preferred OP units / equity 1,718 1,103 3,041 2,183 4,486 4,581 5,006 Amounts attributable to noncontrolling interests 2,585 2,227 3,626 4,321 8,443 5,055 150 Preferred stock distributions 428 432 860 873 1,736 7,162 8,946 Plus: Gain on dispositions of assets, net 8,070 5,835 13,749 10,374 23,406 16,075 15,713 Recurring EBITDA $ 151,502 $ 128,741 $ 299,216 $ 261,022 $ 552,486 $ 478,850 $ 382,314 Source: Company information. Refer to Sun Communities, Inc. Form 10-Q and Supplemental for the quarter ended June 30, 2019 as well as Press Releases and SEC Filings after June 30, 2019 for additional information. 20