Sun Communities, Inc. Reports 2022 Third Quarter Results

Diluted Earnings per Share of $1.32
Constant Currency Core FFO⁽¹⁾ per Diluted Share of $2.71 Exceeded Guidance

Strong Demand and Accretive Investments Drive Continued Solid Performance
Record Volume of Transient-to-Annual RV Conversions Propel Gains in Revenue Producing Sites

Manufactured Housing & RV Same Property⁽²⁾ NOI⁽¹⁾ within the Quarter Increased 6.4 Percent
as Compared to Prior Year

Marina Same Property NOI⁽¹⁾ within the Quarter Increased 9.6 Percent as Compared to Prior Year

Increasing Full-Year Guidance for Constant Currency Core FFO⁽¹⁾

Providing Preliminary Guidance for 2023 Rental Rate Increases for MH, Annual RV and Marina

Southfield, MI, Oct. 24, 2022 (GLOBE NEWSWIRE) — Sun Communities, Inc. (NYSE: SUI) (the “Company” or “SUI”), an actual property funding belief (“REIT”) that owns and operates, or has an curiosity in, manufactured housing (“MH”) and leisure automobile (“RV”) communities, and marinas (collectively, the “properties”), in the present day reported its third quarter outcomes for 2022.

Financial Results for the Quarter and Nine Months Ended September 30, 2022

• For the quarter ended September 30, 2022, internet revenue attributable to widespread shareholders was $162.6 million, or $1.32 per diluted share, in comparison with internet revenue attributable to widespread shareholders of $231.7 million, or $2.00 per diluted share, for a similar interval in 2021.
• For the 9 months ended September 30, 2022, internet revenue attributable to widespread shareholders was $237.3 million, or $1.97 per diluted share, in comparison with internet revenue attributable to widespread shareholders of $367.3 million, or $3.27 per diluted share, for a similar interval in 2021.

Non-GAAP Financial Measures and Portfolio Performance

• Constant Currency Core Funds from Operations (“Constant Currency Core FFO”)⁽¹⁾ for the quarter and 9 months ended September 30, 2022, was $2.71 per widespread share and dilutive convertible securities (“Share”) and $6.11 per Share, respectively, representing 28.4 % and 17.5 % will increase, respectively, as in comparison with the corresponding durations in 2021.
• Core Funds from Operations (“Core FFO”)⁽¹⁾ for the quarter and 9 months ended September 30, 2022, was $2.65 per Share and $6.04 per Share, respectively, representing 25.6 % and 16.2 % will increase, respectively, as in comparison with the corresponding durations in 2021.
• Same Property⁽²⁾ Net Operating Income (“NOI”)⁽¹⁾ for MH and RV properties elevated by 6.4 % and 5.8 % for the quarter and 9 months ended September 30, 2022, respectively, as in comparison with the corresponding durations in 2021. For the Company’s Marina properties, Same Property NOI⁽¹⁾ elevated by 9.6 % and 6.8 % for the quarter and 9 months ended September 30, 2022, respectively, as in comparison with the corresponding durations in 2021.
• Acquisitions totaled $213.9 million through the quarter ended September 30, 2022, together with one MH neighborhood within the United Kingdom (“UK”) and one marina within the United States.

“Our strong third quarter results highlight the sustained compelling attributes of the Sun platform, including a best-in-class portfolio of assets in high-demand locations and operational execution that is second to none,” stated Gary A. Shiffman, Chairman and CEO. “We delivered strong growth in each of our segments, and earnings that exceeded our expectations. With stable high occupancy in our Manufactured Housing portfolio, we are anticipating solid rental rate increases. Strong demand in RV has driven record conversions to annual sites, and over 85 percent of our marinas have wait lists to join as a member.” Mr. Shiffman continued, “We have a long-term track record of execution and a business model that is positioned to perform and create value through varying economic cycles.”

OPERATING HIGHLIGHTS

Portfolio Occupancy

• Total MH and annual RV occupancy (excluding UK Operations) was 97.1 % at September 30, 2022 as in comparison with 97.4 % at September 30, 2021.
• During the quarter ended September 30, 2022, the variety of MH and annual RV income producing websites elevated by 689 websites as in comparison with a rise of 576 websites through the corresponding interval in 2021, a 19.6 % improve. Transient RV web site conversions to annual leases accounted for 82 % of the rise within the quarter.
• During the 9 months ended September 30, 2022, MH and annual RV income producing websites elevated by 2,309 websites as in comparison with a rise of 1,673 websites through the corresponding interval in 2021, a 38.0 % improve. Transient RV web site conversions to annual leases accounted for 86 % of the rise through the 9 months ended September 30, 2022. Additionally, the 1,990 web site conversions in transient RV for the 9 months ended September 30, 2022 have already surpassed the report full-year quantity achieved throughout 2021.

Same Property Results

• MH and RV – For the 424 MH and RV properties owned and operated by the Company since not less than January 1, 2021, the next desk displays the proportion will increase / (decreases), each in whole and by phase, for the quarter and 9 months ended September 30, 2022:

	Quarter Ended September 30, 2022
	Total MH and RV Same Property(2)			MH Same Property(2)			RV Same Property(2)
Revenue	4.7	%		4.6	%		4.8	%
Expense	1.0	%		3.7	%		(1.1)        %
NOI(1)	6.4	%		4.9	%		8.4	%

	Nine Months Ended September 30, 2022
	Total MH and RV Same Property(2)			MH Same Property(2)			RV Same Property(2)
Revenue	6.0	%		4.5	%		8.3	%
Expense	6.3	%		6.8	%		5.9	%
NOI(1)	5.8	%		3.7	%		9.9	%

Same Property⁽²⁾ adjusted occupancy⁽³⁾ elevated to 98.5 % at September 30, 2022 from 96.5 % at September 30, 2021, a rise of 200 foundation factors.

• Marina – For the 101 Marina properties owned and operated by the Company since not less than January 1, 2021, the next desk displays the proportion will increase for the quarter and 9 months ended September 30, 2022:

	Quarter Ended September 30, 2022			Nine Months Ended September 30, 2022
Revenue	6.5	%		6.7	%
Expense	—	%		6.3	%
NOI(1)	9.6	%		6.8	%

UK Operations Results

UK Operations, a element of the Company’s MH phase, contributed $64.5 million of NOI⁽¹⁾ within the quarter ended September 30, 2022, and contributed $105.0 million of NOI⁽¹⁾ within the interval from date of acquisition to September 30, 2022. On a continuing foreign money foundation, UK Operations contributed $73.3 million of NOI⁽¹⁾ within the quarter ended September 30, 2022, and contributed $116.9 million of NOI⁽¹⁾ within the interval from date of acquisition to September 30, 2022. Refer to web page 13 for added data concerning UK working outcomes.

PORTFOLIO ACTIVITY

Acquisitions and Dispositions

During and subsequent to the quarter ended September 30, 2022, the Company acquired two properties totaling 612 websites, moist slips and dry storage areas and 1,060 websites for enlargement for a complete buy value of $213.9 million. During the quarter ended September 30, 2022, the Company bought an RV neighborhood positioned in California with 514 websites for $15.0 million, bringing year-to-date inclinations to $44.5 million.

Refer to web page 15 for added element on acquisitions and inclinations.

Development and Expansion Activities

During and subsequent to the quarter ended September 30, 2022, the Company acquired 4 land parcels positioned within the United States and UK for the potential improvement of almost 800 websites, for an combination buy value of $20.0 million. During the quarter and 9 months ended September 30, 2022, the Company accomplished the development of over 170 websites and over 300 websites, respectively, at two ground-up developments and 6 enlargement properties.

Impact of Hurricane Ian

On September 28, 2022, Hurricane Ian made landfall on Florida’s western coast. The storm primarily affected 4 properties within the Fort Myers space. Three RV properties, comprising roughly 2,500 websites, sustained important flooding and wind harm from the hurricane, and the ocean wall and sure docks at one marina had been broken. At different affected MH and RV properties, many of the harm was restricted to bushes, roofs, fences, skirting and carports. At different affected marina properties, docks, buildings, and landscaping sustained restricted wind and water harm.

The Company acknowledged $29.9 million for impaired belongings. The Company expects these expenses to be partially offset by insurance recoveries, at the moment estimated at $17.7 million. The estimated internet expenses of $12.2 million are categorized as Catastrophic event-related expenses, internet, within the Consolidated Statements of Operations. The Company maintains property, casualty, flood and business interruption insurance for its properties, topic to customary deductibles and limits. Expected insurance recoveries for lack of revenue and redevelopment prices larger than the impairment expenses can’t be estimated presently.

The foregoing impairment, anticipated insurance restoration, and internet cost estimates are based mostly on present data accessible, and the Company continues to evaluate these estimates. The precise remaining impairment, insurance recoveries and internet expenses may fluctuate considerably from these estimates. Any adjustments to those estimates will likely be acknowledged within the interval(s) wherein they’re decided.

BALANCE SHEET, CAPITAL MARKETS ACTIVITY AND OTHER ITEMS

Debt

As of September 30, 2022, the Company had $6.7 billion in debt excellent with a weighted common rate of interest of three.4 % and a weighted common maturity of 8.8 years. At September 30, 2022, the Company’s internet debt to trailing twelve-month Recurring EBITDA⁽¹⁾ ratio was 5.7 occasions.

During the quarter ended September 30, 2022, the Company repaid $318.0 million of time period loans collateralized by 35 properties. These loans had a weighted common rate of interest of 4.8 % and had been set to mature from December 2022 by September 2024.

Additionally, the Company has negotiated mounted price mortgages with an present lender on sure properties with present loans which have low loan-to-value ratios and are scheduled to mature between 2026 and 2029. The further financings are anticipated to shut earlier than year-end and supply proceeds to the Company of roughly $310.0 million. The Company intends to make use of the proceeds to repay borrowings excellent underneath its senior credit score facility.

Derivative Transactions

As beforehand introduced, through the quarter ended September 30, 2022, the Company entered into rate of interest swap agreements to hedge variable price borrowings of £400.0 million (equal to $445.3 million as of September 30, 2022) underneath its senior credit score facility’s time period mortgage. The rate of interest swaps locked in a complete mounted price, inclusive of unfold, of three.67 % by the time period mortgage’s maturity date of April 2025.

Equity Transactions

During the quarter ended September 30, 2022, the Company settled all excellent ahead sale agreements with respect to 1.5 million shares of widespread inventory underneath its on the market providing program. Net proceeds from the settlement of those ahead sale agreements of $275.5 million had been used to repay borrowings excellent underneath the Company’s senior credit score facility.

GUIDANCE

Updating Full-Year 2022 and Establishing Fourth Quarter 2022 Guidance

The Company is updating its full-year steerage for diluted EPS and Constant Currency Core FFO⁽¹⁾ per Share to mirror efficiency by September 30, 2022 and administration’s expectations for the rest of the yr:

• The Company is revising its full-year steerage for diluted EPS from the prior vary of $1.91 – $2.01 to a brand new vary of $1.96 – $2.02.
• The Company is revising its full-year steerage for Constant Currency Core FFO⁽¹⁾ per Share from $7.22 – $7.32 to a brand new vary of $7.32 – $7.38, representing an $0.08 cent improve on the midpoint.
• The Company is establishing fourth quarter 2022 steerage for diluted EPS and Constant Currency Core FFO⁽¹⁾ per Share of $0.02 – $0.08 and $1.23 – $1.29, respectively.

The desk under supplies a reconciliation from diluted EPS to Constant Currency Core FFO⁽¹⁾ per Share for the full-year and fourth quarter ending December 31, 2022, as follows:

Reconciliation of Diluted EPS to Core FFO(1) per Share and Constant Currency Core FFO(1) per Share		Previous Range FY 2022E								Revised Range FY 2022E								4Q 2022E
Diluted EPS		$	1.91			$	2.01			$	1.96			$	2.02			$	0.02			$	0.08
Depreciation and amortization			4.94				4.94				4.85				4.85				1.25				1.25
Gain on sale of belongings			(0.51	)			(0.51	)			(0.51	)			(0.51	)			(0.06	)			(0.06	)
Business mixture expense and different acquisition associated prices			0.19				0.19				0.30				0.30				0.01				0.01
Other changes(a)			0.64				0.64				0.64				0.64				0.01				0.01
Core FFO(1) per Share		$	7.17			$	7.27			$	7.24			$	7.30			$	1.23			$	1.29
Constant foreign money adjustment(b)			0.05				0.05				0.08				0.08				—				—
Constant Currency Core FFO(1) per Share		$	7.22			$	7.32			$	7.32			$	7.38			$	1.23			$	1.29

^(a) Other changes embody the identical classes offered within the desk that reconciles Net revenue attributable to SUI widespread shareholders to FFO on web page 7.

^(b) The Company calculates the international foreign money translation influence by evaluating the international foreign money change price used for steerage of 1.1133 USD per GBP in impact on September 30, 2022 with the weighted common international foreign money change price of 1.330 USD per GBP used to ascertain steerage in April 2022. The influence of fluctuations in Canadian and Australian international foreign money charges on revised or preliminary steerage usually are not materials.

The Company calculates diluted EPS, Core FFO⁽¹⁾ per Share and Constant Currency Core FFO⁽¹⁾ per Share independently for every quarter; in consequence, the sum of the quarters could differ from the annual calculation.

Same Property NOI⁽¹⁾ Growth

The Company is updating its expectations for Same Property NOI⁽¹⁾ Growth for the rest of the yr as follows:

		Previous Range		Revised Range		Guidance Range
		FY 2022E		FY 2022E		4Q 2022E
MH and RV Same Property(2) NOI(1) progress		6.0% – 6.8%		5.8% – 6.2%		6.0% – 7.2%
Marina Same Property NOI(1) progress		6.0% – 6.8%		6.4% – 6.8%		5.3% – 6.8%

UK Operations – Guidance

The Company’s UK Operations are a element of its MH reporting phase. The Company is establishing NOI⁽¹⁾ steerage for its UK Operations for the fourth quarter ending December 31, 2022, as proven within the desk under. These expectations are integrated into the Company’s Core FFO⁽¹⁾ per Share and Constant Currency Core FFO⁽¹⁾ per Share steerage and seasonality figures.

		Three Months Ending
($ in thousands and thousands)		December 31, 2022
UK Operations NOI(1)		$23.8 – $25.0
UK Operations NOI(1) – Constant Currency(a)		$28.3 – $29.8

^(a) For UK operations, the Company calculates the international foreign money change price translation influence by evaluating the international foreign money change price for steerage of 1.1133 USD per GBP in impact on September 30, 2022, with the weighted common international foreign money change price of 1.330 USD per GBP used to ascertain steerage in April 2022.

Preliminary 2023 Rental Rate Growth Assumptions

The Company has despatched notices to MH and annual RV residents and Marina members, and expects the next rental price will increase for 2023:

2023 Average Rental Rate Increases		Average Rental Increases
Manufactured Housing		6.2% – 6.4%
Annual RV		7.7% – 7.9%
Marina		7.3% – 7.6%
UK Operations		7.2% – 7.4%

The estimates and assumptions offered above signify a variety of potential outcomes and will differ materially from precise outcomes. These estimates embody contributions from all acquisitions and capital markets exercise accomplished by October 24, 2022 and the roughly $310.0 million of debt financing in progress, referred to on web page v. These estimates exclude all different potential acquisitions and capital markets exercise. The estimates and assumptions are forward-looking based mostly on the Company’s present evaluation of financial and market circumstances and are topic to the opposite dangers outlined under underneath the caption Cautionary Statement Regarding Forward-Looking Statements.

EARNINGS CONFERENCE CALL

A convention name to debate third quarter outcomes will likely be held on Tuesday, October 25, 2022 at 11:00 A.M. (ET). To take part, name toll-free (877) 407-9039. Callers outdoors the U.S. or Canada can entry the decision at (201) 689-8470. A replay will likely be accessible following the decision by November 8, 2022 and might be accessed toll-free by calling (844) 512-2921 or (412) 317-6671. The Conference ID quantity for the decision and the replay is 13732466. The convention name will likely be accessible dwell on Sun Communities’ web site positioned at www.suncommunities.com. The replay will even be accessible on the web site.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press launch accommodates varied “forward-looking statements” throughout the that means of the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Company intends that such forward-looking statements will likely be topic to the secure harbors created thereby. For this objective, any statements contained on this doc that relate to expectations, beliefs, projections, future plans and methods, developments or potential occasions or developments and comparable expressions regarding issues that aren’t historic information are deemed to be forward-looking statements. Words similar to “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,” “target” and comparable expressions are supposed to determine forward-looking statements, though not all forward-looking statements include these phrases. These forward-looking statements mirror the Company’s present views with respect to future occasions and monetary efficiency, however contain identified and unknown dangers and uncertainties, each common and particular to the issues mentioned on this doc, a few of that are past the Company’s management. These dangers and uncertainties could trigger the Company’s precise outcomes to be materially totally different from any future outcomes expressed or implied by such forward-looking statements. In addition to the dangers described underneath “Risk Factors” contained within the Company’s Annual Report on Form 10-Ok for the yr ended December 31, 2021 and within the Company’s different filings with the Securities and Exchange Commission every so often, such dangers, uncertainties and different components embody however usually are not restricted to:

• Outbreaks of illness, together with the COVID-19 pandemic, and associated stay-at-home orders, quarantine insurance policies and restrictions on journey, commerce and business operations;
• Changes basically financial circumstances, together with inflation, deflation, and power prices, the true property business and the markets wherein the Company operates;
• Difficulties within the Company’s means to judge, finance, full and combine acquisitions, developments and expansions efficiently;
• The Company’s liquidity and refinancing calls for;
• The Company’s means to acquire or refinance maturing debt;
• The Company’s means to keep up compliance with covenants contained in its debt amenities and its unsecured notes;
• Availability of capital;
• Changes in international foreign money change charges, together with between the U.S. greenback and every of the Canadian greenback, Australian greenback and Pounds sterling;
• The Company’s means to keep up rental charges and occupancy ranges;
• The Company’s means to keep up efficient inner management over monetary reporting and disclosure controls and procedures;
• Increases in rates of interest and working prices, together with insurance premiums and actual property taxes;
• The Company’s means to keep up efficient inner management over monetary reporting and disclosure controls and procedures;
• Increases in rates of interest and working prices, together with insurance premiums and actual property taxes;
• Risks associated to pure disasters similar to hurricanes, earthquakes, floods, droughts and wildfires;
• General volatility of the capital markets and the market value of shares of the Company’s capital inventory;
• The Company’s means to keep up its standing as a REIT;
• Changes in actual property and zoning legal guidelines and rules;
• Legislative or regulatory adjustments, together with adjustments to legal guidelines governing the taxation of REITs;
• Litigation, judgments or settlements;
• Competitive market forces;
• The means of purchasers of manufactured houses and boats to acquire financing; and
• The stage of repossessions by manufactured dwelling and boat lenders.

Readers are cautioned to not place undue reliance on these forward-looking statements, which converse solely as of the date the assertion was made. The Company undertakes no obligation to publicly replace or revise any forward-looking statements included or integrated by reference into this doc, whether or not on account of new data, future occasions, adjustments within the Company’s expectations or in any other case, besides as required by regulation.

Although the Company believes that the expectations mirrored within the forward-looking statements are cheap, the Company can not assure future outcomes, ranges of exercise, efficiency or achievements. All written and oral forward-looking statements attributable to the Company or individuals performing on the Company’s behalf are certified of their entirety by these cautionary statements.

Company Overview and Investor Information

The Company

Established in 1975, Sun Communities, Inc. (the “Company” or “SUI”) grew to become a publicly owned company in December, 1993. The Company is a completely built-in REIT listed on the New York Stock Exchange underneath the image: SUI. As of September 30, 2022, the Company owned, operated, or had an curiosity in a portfolio of 662 developed MH, RV and Marina properties comprising over 180,500 developed websites and over 46,100 moist slips and dry storage areas in 39 states, the United Kingdom, Canada and Puerto Rico.

For extra details about the Company, please go to www.suncommunities.com.

Company Contacts
Management:	Investor Relations:
Gary A. Shiffman, Chairman and CEO	Sara Ismail, Vice President
John B. McLaren, President and COO	(248) 208-2500
Fernando Castro-Caratini, EVP and CFO	[email protected]
Bruce D. Thelen, EVP of Operations and Sales

Corporate Debt Ratings
Moody’s	S&P:
Baa3 | Stable	BBB | Stable

Equity Research Coverage
Bank of America Merrill Lynch		Joshua Dennerlein		[email protected]
Barclays		Anthony Powell		[email protected]
BMO Capital Markets		John Kim		[email protected]
Citi Research		Nicholas Joseph		[email protected]
Evercore ISI		Samir Khanal		[email protected]
		Steve Sakwa		[email protected]
Green Street Advisors		John Pawlowski		[email protected]
JMP Securities		Aaron Hecht		[email protected]
RBC Capital Markets		Brad Heffern		[email protected]
Robert W. Baird & Co.		Wesley Golladay		[email protected]
Truist Securities		Anthony Hau		[email protected]
UBS		Michael Goldsmith		[email protected]
Wolfe Research		Andrew Rosivach		[email protected]
		Keegan Carl		[email protected]

Financial and Operating Highlights
(quantities in thousands and thousands, apart from *)

	Quarter Ended
	9/30/2022			6/30/2022			3/31/2022			12/31/2021			9/30/2021
Financial Information
Basic EPS*	$	1.32		$	0.61		$	0.01		$	0.11		$	2.00
Diluted EPS*	$	1.32		$	0.61		$	0.01		$	0.11		$	2.00
Cash distributions declared per widespread share*	$	0.88		$	0.88		$	0.88		$	0.83		$	0.83
FFO attributable to SUI widespread shareholders and dilutive convertible securities(1)(4) per Share*	$	2.54		$	1.95		$	1.28		$	1.28		$	1.92
Core FFO attributable to SUI widespread shareholders and dilutive convertible securities(1)(4) per Share*	$	2.65		$	2.02		$	1.34		$	1.31		$	2.11
Constant Currency Core FFO Attributable to SUI widespread shareholders and dilutive convertible securities(1)(4) per Share*	$	2.71		$	2.04		$	1.34		$	1.31		$	2.11
Recurring EBITDA(1)	$	408.1		$	328.4		$	221.0		$	208.6		$	314.5
Recurring EBITDA(1) (TTM) / Interest	5.7x			5.9x			6.2x			6.2x			6.1x
Balance Sheet
Total belongings	$	16,484.6		$	16,397.8		$	13,914.2		$	13,494.1		$	12,583.3
Total debt	$	6,711.0		$	6,930.9		$	6,076.5		$	5,671.8		$	4,689.4
Total liabilities	$	8,354.6		$	8,566.3		$	6,980.7		$	6,474.6		$	5,488.5

	Quarter Ended
	9/30/2022			6/30/2022			3/31/2022			12/31/2021			9/30/2021
Operating Information*
Properties	662			661			603			602			584
United States and Canada
Manufactured dwelling websites	99,428			99,185			98,279			98,621			98,301
Annual RV websites	32,026			31,768			31,121			30,540			29,640
Transient RV websites	27,945			28,682			29,267			29,847			27,922
Total websites	159,399			159,635			158,667			159,008			155,863
Marina moist slips and dry storage areas(a)	46,185			45,905			45,725			45,155			43,615
MH occupancy	96.2	%		96.3	%		96.7	%		96.6	%		96.6	%
Annual RV occupancy	100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Blended MH and annual RV occupancy	97.1	%		97.2	%		97.5	%		97.4	%		97.4	%
United Kingdom
Manufactured dwelling websites	17,952			17,330			616			N/A			N/A
Transient RV websites	3,246			3,349			—			N/A			N/A
Total websites	21,198			20,679			616			—			—
MH occupancy	91.7	%		91.4	%		94.8	%		N/A			N/A

	Quarter Ended
	9/30/2022		6/30/2022		3/31/2022		12/31/2021		9/30/2021
MH and RV Revenue Producing Site Net Gains(5)(b)*
MH internet leased websites	122		132		65		321		144
RV internet leased websites	567		818		605		489		432
Total internet leased websites	689		950		670		810		576

^(a) Total moist slips and dry storage areas are adjusted every quarter based mostly on web site configuration and usefulness.

^(b) These figures don’t embody UK operations internet leased websites.

Portfolio Overview as of September 30, 2022

		MH & RV Properties(6)
		Properties		MH & Annual RV Sites					RV Transient Sites		Sites for Development(b)		Total MH and RV Sites
Location				Sites		Occupancy %(a)
Florida		129		41,417		98.2	%		5,077		1,310		46,494
Michigan		84		32,465		96.2	%		755		1,448		33,220
California		37		6,864		98.5	%		1,936		942		8,800
Texas		31		8,665		94.2	%		2,408		2,266		11,073
Ontario, Canada		16		4,605		100.0	%		634		1,486		5,239
Connecticut		16		1,907		93.1	%		98		—		2,005
Maine		15		2,300		96.0	%		1,130		180		3,430
Arizona		13		4,453		91.5	%		1,050		6		5,503
Indiana		12		3,186		96.6	%		990		177		4,176
New Jersey		11		2,845		100.0	%		1,195		262		4,040
Colorado		10		2,553		96.1	%		987		1,739		3,540
Virginia		10		1,283		99.7	%		2,167		752		3,450
New York		10		1,496		98.3	%		1,645		778		3,141
New Hampshire		10		1,741		99.8	%		655		111		2,396
Ohio		9		2,810		97.9	%		115		53		2,925
Other		64		12,864		97.7	%		7,103		1,521		19,967
North America Total		477		131,454		97.1	%		27,945		13,031		159,399
United Kingdom		54		17,952		91.7	%		3,246		3,047		21,198
Total		531		149,406		96.5	%		31,191		16,078		180,597

^(a) As of September 30, 2022, whole portfolio MH occupancy was 95.5 % inclusive of the influence of over 1,600 lately constructed however vacant MH enlargement websites, and annual RV occupancy was 100.0 %.

^(b) Total websites for improvement had been comprised of 66.5 % for enlargement, 29.1 % for greenfield improvement and 4.4 % for redevelopment.

		Marina
		Properties				Wet Slips and Dry Storage Spaces
Location
Florida		20				5,139
Rhode Island		12				3,421
Connecticut		11				3,325
California		9				4,133
New York		9				3,018
Maryland		9				2,608
Massachusetts		9				2,520
Other		52				22,021
Total		131				46,185

		Properties				Sites, Wet Slips and Dry Storage Spaces
Total Portfolio		662				226,782

Portfolio Overview as of September 30, 2022 (continued)

The map under supplies an outline of our property places worldwide:

Consolidated Balance Sheets
(quantities in thousands and thousands)

	(Unaudited)
	September 30, 2022				December 31, 2021
Assets
Land	$	4,173.1			$	2,556.3
Land enhancements and buildings		10,632.6				9,958.3
Rental houses and enhancements		604.4				591.7
Furniture, fixtures and tools		813.8				656.4
Investment property		16,223.9				13,762.7
Accumulated depreciation		(2,611.8	)			(2,337.2	)
Investment property, internet		13,612.1				11,425.5
Cash, money equivalents and restricted money		112.0				78.2
Marketable securities		100.4				186.9
Inventory of manufactured houses		153.5				51.1
Notes and different receivables, internet		511.0				469.6
Goodwill		981.5				495.4
Other intangible belongings, internet		403.2				306.8
Other belongings, internet		610.9				480.6
Total Assets	$	16,484.6			$	13,494.1
Liabilities
Secured debt	$	3,006.0			$	3,380.7
Unsecured debt		3,705.0				2,291.1
Distributions payable		111.2				98.4
Advanced reservation deposits and hire		294.2				242.8
Accrued bills and accounts payable		392.8				237.5
Other liabilities		845.4				224.1
Total Liabilities		8,354.6				6,474.6
Commitments and contingencies
Temporary fairness		206.8				288.9
Shareholders’ Equity
Common inventory		1.2				1.2
Additional paid-in capital		9,536.4				8,175.6
Accumulated different complete revenue / (loss)		(69.9	)			3.1
Distributions in extra of amassed earnings		(1,628.9	)			(1,556.0	)
Total SUI shareholders’ fairness		7,838.8				6,623.9
Noncontrolling pursuits
Common and most popular OP models		83.8				86.8
Consolidated entities		0.6				19.9
Total noncontrolling pursuits		84.4				106.7
Total Shareholders’ Equity		7,923.2				6,730.6
Total Liabilities, Temporary Equity and Shareholders’ Equity	$	16,484.6			$	13,494.1

Consolidated Statements of Operations
(In thousands and thousands, apart from per share quantities) (Unaudited)

	Three Months Ended															Nine Months Ended
	September 30, 2022				September 30, 2021				Change				% Change			September 30, 2022				September 30, 2021				Change				% Change
Revenues
Real property (excluding transient)	$	425.3			$	352.0			$	73.3			20.8	%		$	1,158.1			$	978.3			$	179.8			18.4	%
Real property – transient		160.4				126.1				34.3			27.2	%			303.5				235.6				67.9			28.8	%
Home gross sales		150.7				81.1				69.6			85.8	%			358.1				215.1				143.0			66.5	%
Service, retail, eating and leisure		174.2				113.7				60.5			53.2	%			423.0				271.5				151.5			55.8	%
Interest		11.2				2.6				8.6			330.8	%			25.3				8.0				17.3			216.3	%
Brokerage commissions and different, internet		10.8				8.8				2.0			22.7	%			27.4				21.7				5.7			26.3	%
Total Revenues		932.6				684.3				248.3			36.3	%			2,295.4				1,730.2				565.2			32.7	%
Expenses
Property working and upkeep		184.7				150.8				33.9			22.5	%			469.2				375.2				94.0			25.1	%
Real property tax		29.4				24.8				4.6			18.5	%			83.2				70.4				12.8			18.2	%
Home prices and promoting		96.4				56.5				39.9			70.6	%			235.2				156.9				78.3			49.9	%
Service, retail, eating and leisure		144.9				94.5				50.4			53.3	%			363.3				227.6				135.7			59.6	%
General and administrative		69.1				43.2				25.9			60.0	%			187.0				126.7				60.3			47.6	%
Catastrophic event-related expenses, internet		12.2				0.3				11.9			N/M				12.3				3.1				9.2			296.8	%
Business mixtures		8.4				—				8.4			N/A				23.9				1.0				22.9			N/M
Depreciation and amortization		151.3				127.1				24.2			19.0	%			450.0				378.1				71.9			19.0	%
Loss on extinguishment of debt		4.0				—				4.0			N/A				4.4				8.1				(3.7	)		(45.7)        %
Interest		61.7				39.0				22.7			58.2	%			162.2				116.2				46.0			39.6	%
Interest on mandatorily redeemable most popular OP models / fairness		1.0				1.1				(0.1	)		(9.1)        %				3.1				3.1				—			—	%
Total Expenses		763.1				537.3				225.8			42.0	%			1,993.8				1,466.4				527.4			36.0	%
Income Before Other Items		169.5				147.0				22.5			15.3	%			301.6				263.8				37.8			14.3	%
Gain / (loss) on remeasurement of marketable securities		(7.2	)			12.0				(19.2	)		N/M				(74.0	)			43.2				(117.2	)		N/M
Gain / (loss) on international foreign money exchanges		14.9				(7.0	)			21.9			N/M				21.7				(7.1	)			28.8			N/M
Gain / (loss) on inclinations of properties		(0.8	)			108.1				(108.9	)		N/M				12.5				108.1				(95.6	)		(88.4)        %
Other revenue / (expense), internet(7)		2.8				(9.3	)			12.1			N/M				2.6				(10.0	)			12.6			N/M
Gain / (loss) on remeasurement of notes receivable		(0.1	)			0.1				(0.2	)		N/M				0.1				0.6				(0.5	)		(83.3)        %
Income from nonconsolidated associates		2.0				0.9				1.1			122.2	%			3.8				2.9				0.9			31.0	%
Gain / (loss) on remeasurement of funding in nonconsolidated associates		(0.4	)			(0.1	)			(0.3	)		(300.0)        %				0.1				(0.1	)			0.2			N/M
Current tax expense		(7.3	)			(0.4	)			(6.9	)		N/M				(12.5	)			(1.4	)			(11.1	)		N/M
Deferred tax profit / (expense)		3.6				(1.2	)			4.8			N/M				3.9				(1.1	)			5.0			N/M
Net Income		177.0				250.1				(73.1	)		(29.2)        %				259.8				398.9				(139.1	)		(34.9)        %
Less: Preferred return to most popular OP models / fairness pursuits		2.5				3.1				(0.6	)		(19.4)        %				8.6				9.0				(0.4	)		(4.4)        %
Less: Income attributable to noncontrolling pursuits		11.9				15.3				(3.4	)		(22.2)        %				13.9				22.6				(8.7	)		(38.5)        %
Net Income Attributable to SUI Common Shareholders	$	162.6			$	231.7			$	(69.1	)		(29.8)        %			$	237.3			$	367.3			$	(130.0	)		(35.4)        %
Weighted common widespread shares excellent – fundamental(8)		122.4				115.1				7.3			6.3	%			119.2				111.7				7.5			6.7	%
Weighted common widespread shares excellent – diluted(4)(8)		122.8				118.1				4.7			4.0	%			121.9				114.3				7.6			6.6	%
Basic earnings per share	$	1.32			$	2.00			$	(0.68	)		(34.0)        %			$	1.98			$	3.27			$	(1.29	)		(39.4)        %
Diluted earnings per share(4)	$	1.32			$	2.00			$	(0.68	)		(34.0)        %			$	1.97			$	3.27			$	(1.30	)		(39.8)        %

N/M = Percentage change shouldn’t be significant.

N/A = Percentage change shouldn’t be relevant.

Reconciliation of Net Income Attributable to SUI Common Shareholders to FFO⁽¹⁾
(quantities in thousands and thousands, apart from per share information)

	Three Months Ended								Nine Months Ended
	September 30, 2022				September 30, 2021				September 30, 2022				September 30, 2021
Net Income Attributable to SUI Common Shareholders	$	162.6			$	231.7			$	237.3			$	367.3
Adjustments
Depreciation and amortization		150.8				126.8				448.6				377.4
Depreciation on nonconsolidated associates		—				—				0.1				0.1
(Gain) / loss on remeasurement of marketable securities		7.2				(12.0	)			74.0				(43.2	)
(Gain) / loss on remeasurement of funding in nonconsolidated associates		0.4				0.1				(0.1	)			0.1
(Gain) / loss on remeasurement of notes receivable		0.1				(0.1	)			(0.1	)			(0.6	)
(Gain) / loss on inclinations of properties		0.8				(108.1	)			(12.5	)			(108.1	)
Add: Returns on most popular OP models		1.3				0.5				9.5				1.5
Add: Income attributable to noncontrolling pursuits		10.5				4.6				14.1				13.7
Gain on inclinations of belongings, internet		(11.9	)			(20.4	)			(44.2	)			(46.2	)
FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities(1)(4)	$	321.8			$	223.1			$	726.7			$	562.0
Adjustments
Business mixture expense and different acquisition associated prices(9)		19.2				2.5				40.1				6.7
Loss on extinguishment of debt		4.0				—				4.4				8.1
Catastrophic event-related expenses, internet		12.2				0.3				12.3				3.1
Loss of earnings – catastrophic event-related		0.2				0.2				0.2				0.4
(Gain) / loss on international foreign money exchanges		(14.9	)			7.0				(21.7	)			7.1
Other changes, internet(10)		(6.5	)			11.4				(5.1	)			11.5
Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities(1)(4)	$	336.0			$	244.5			$	756.9			$	598.9
Adjustment
Foreign foreign money translation influence(a)		7.3				—				9.3				—
Constant Currency Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities(1)(4)	$	343.3			$	244.5			$	766.2			$	598.9
Weighted Average Common Shares Outstanding – Diluted(8)		126.7				116.0				125.4				115.1
FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities per Share(1)(4)	$	2.54			$	1.92			$	5.80			$	4.88
Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities per Share(1)(4)	$	2.65			$	2.11			$	6.04			$	5.20
Constant Currency Core FFO Attributable to SUI Common Shareholders and Dilutive Convertible Securities per Share(1)(4)	$	2.71			$	2.11			$	6.11			$	5.20

^(a) The Company calculated the international foreign money translation influence by evaluating the precise weighted common international foreign money charges with the weighted common international foreign money charges used for steerage, as follows:

	Three Months Ended						Nine Months Ended
	September 30, 2022						September 30, 2022
	Actual			Guidance			Actual			Guidance
U.S. Dollars per Pounds Sterling	$	1.1821		$	1.330		$	1.2116		$	1.330
U.S. Dollars per Canadian Dollars	$	0.7691		$	0.770		$	0.7769		$	0.770
U.S. Dollars per Australian Dollars	$	0.6977		$	0.756		$	0.7096		$	0.756

Reconciliation of Net Income Attributable to SUI Common Shareholders to NOI⁽¹⁾
(quantities in thousands and thousands)

	Three Months Ended								Nine Months Ended
	September 30, 2022				September 30, 2021				September 30, 2022				September 30, 2021
Net Income Attributable to SUI Common Shareholders	$	162.6			$	231.7			$	237.3			$	367.3
Interest revenue		(11.2	)			(2.6	)			(25.3	)			(8.0	)
Brokerage commissions and different revenues, internet		(10.8	)			(8.8	)			(27.4	)			(21.7	)
General and administrative		69.1				43.2				187.0				126.7
Catastrophic event-related expenses, internet		12.2				0.3				12.3				3.1
Business mixture expense		8.4				—				23.9				1.0
Depreciation and amortization		151.3				127.1				450.0				378.1
Loss on extinguishment of debt		4.0				—				4.4				8.1
Interest expense		61.7				39.0				162.2				116.2
Interest on mandatorily redeemable most popular OP models / fairness		1.0				1.1				3.1				3.1
(Gain) / loss on remeasurement of marketable securities		7.2				(12.0	)			74.0				(43.2	)
(Gain) / loss on international foreign money exchanges		(14.9	)			7.0				(21.7	)			7.1
(Gain) / loss on disposition of properties		0.8				(108.1	)			(12.5	)			(108.1	)
Other (revenue) / expense, internet(7)		(2.8	)			9.3				(2.6	)			10.0
(Gain) / loss on remeasurement of notes receivable		0.1				(0.1	)			(0.1	)			(0.6	)
Income from nonconsolidated associates		(2.0	)			(0.9	)			(3.8	)			(2.9	)
(Gain) / loss on remeasurement of funding in nonconsolidated associates		0.4				0.1				(0.1	)			0.1
Current tax expense		7.3				0.4				12.5				1.4
Deferred tax expense / (profit)		(3.6	)			1.2				(3.9	)			1.1
Preferred return to most popular OP models / fairness pursuits		2.5				3.1				8.6				9.0
Add: Income attributable to noncontrolling pursuits		11.9				15.3				13.9				22.6
NOI(1)	$	455.2			$	346.3			$	1,091.8			$	870.4

	Three Months Ended						Nine Months Ended
	September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021
Real Property NOI(1)	$	371.6		$	302.5		$	909.2		$	768.3
Home Sales NOI(1)		54.3			24.6			122.9			58.2
Service, retail, eating and leisure NOI(1)		29.3			19.2			59.7			43.9
NOI(1)	$	455.2		$	346.3		$	1,091.8		$	870.4

Reconciliation of Net Income Attributable to SUI Common Shareholders to Recurring EBITDA⁽¹⁾
(quantities in thousands and thousands)

	Three Months Ended								Nine Months Ended
	September 30, 2022				September 30, 2021				September 30, 2022				September 30, 2021
Net Income Attributable to SUI Common Shareholders	$	162.6			$	231.7			$	237.3			$	367.3
Adjustments
Depreciation and amortization		151.3				127.1				450.0				378.1
Loss on extinguishment of debt		4.0				—				4.4				8.1
Interest expense		61.7				39.0				162.2				116.2
Interest on mandatorily redeemable most popular OP models / fairness		1.0				1.1				3.1				3.1
Current tax expense		7.3				0.4				12.5				1.4
Deferred tax (profit) / expense		(3.6	)			1.2				(3.9	)			1.1
Income from nonconsolidated associates		(2.0	)			(0.9	)			(3.8	)			(2.9	)
Less: (Gain) / loss on inclinations of properties		0.8				(108.1	)			(12.5	)			(108.1	)
Less: Gain on inclinations of belongings, internet		(11.9	)			(20.4	)			(44.2	)			(46.2	)
EBITDAre(1)	$	371.2			$	271.1			$	805.1			$	718.1
Adjustments
Catastrophic event-related expenses, internet		12.2				0.3				12.3				3.1
Business mixture expense		8.4				—				23.9				1.0
(Gain) / loss on remeasurement of marketable securities		7.2				(12.0	)			74.0				(43.2	)
(Gain) / loss on international foreign money transactions		(14.9	)			7.0				(21.7	)			7.1
Other (revenue) / expense, internet(7)		(2.8	)			9.3				(2.6	)			10.0
(Gain) / loss on remeasurement of notes receivable		0.1				(0.1	)			(0.1	)			(0.6	)
(Gain) / loss on remeasurement of funding in nonconsolidated associates		0.4				0.1				(0.1	)			0.1
Preferred return to most popular OP models / fairness pursuits		2.5				3.1				8.6				9.0
Add: Income attributable to noncontrolling pursuits		11.9				15.3				13.9				22.6
Plus: Gain on inclinations of belongings, internet		11.9				20.4				44.2				46.2
Recurring EBITDA(1)	$	408.1			$	314.5			$	957.5			$	773.4

Same Property⁽²⁾ Summary – MH / RV
(quantities in thousands and thousands)

	Three Months Ended
	Total Same Property – MH / RV												MH												RV
	September 30, 2022			September 30, 2021			Change			% Change(a)			September 30, 2022			September 30, 2021			Change			% Change(a)			September 30, 2022			September 30, 2021			Change				% Change(a)
Financial Information
Revenue
Real property (excluding transient)	$	239.5		$	225.0		$	14.5		6.5	%		$	185.7		$	177.6		$	8.1		4.6	%		$	53.8		$	47.4		$	6.4			13.4	%
Real property – transient		107.1			106.5			0.6		0.6	%			0.2			0.2			—		7.5	%			106.9			106.3			0.6			0.6	%
Other		16.0			14.9			1.1		7.2	%			5.1			4.9			0.2		3.1	%			10.9			10.0			0.9			9.2	%
Total Operating		362.6			346.4			16.2		4.7	%			191.0			182.7			8.3		4.6	%			171.6			163.7			7.9			4.8	%
Expense
Property Operating(11)(12)		114.3			113.1			1.2		1.0	%			52.6			50.8			1.8		3.7	%			61.7			62.3			(0.6	)		(1.1)        %
Real Property NOI(1)	$	248.3		$	233.3		$	15.0		6.4	%		$	138.4		$	131.9		$	6.5		4.9	%		$	109.9		$	101.4		$	8.5			8.4	%

^(a) Percentages are calculated based mostly on unrounded numbers.

	Nine Months Ended
	Total Same Property – MH / RV												MH													RV
	September 30, 2022			September 30, 2021			Change			% Change(a)			September 30, 2022			September 30, 2021			Change				% Change(a)			September 30, 2022			September 30, 2021			Change			% Change(a)
Financial Information
Revenue
Real property (excluding Transient)	$	708.3		$	666.3		$	42.0		6.3	%		$	552.3		$	528.9		$	23.4			4.4	%		$	156.0		$	137.4		$	18.6		13.6	%
Real property – transient		211.5			201.8			9.7		4.8	%			0.9			1.2			(0.3	)		(23.5)        %				210.6			200.6			10.0		4.9	%
Other		36.0			33.8			2.2		6.6	%			15.4			14.2			1.2			8.8	%			20.6			19.6			1.0		5.0	%
Total Operating		955.8			901.9			53.9		6.0	%			568.6			544.3			24.3			4.5	%			387.2			357.6			29.6		8.3	%
Expense
Property Operating(11)(12)		305.9			287.7			18.2		6.3	%			149.9			140.5			9.4			6.8	%			156.0			147.2			8.8		5.9	%
Real Property NOI(1)	$	649.9		$	614.2		$	35.7		5.8	%		$	418.7		$	403.8		$	14.9			3.7	%		$	231.2		$	210.4		$	20.8		9.9	%

^(a) Percentages are calculated based mostly on unrounded numbers.

Same Property⁽²⁾ Summary – MH / RV (Continued)
(quantities in thousands and thousands)

	As of
	September 30, 2022				September 30, 2021				Change				% Change
Other Information
Number of properties(a)		424				424				—
MH occupancy		97.3	%
RV occupancy		100.0	%
MH & RV blended occupancy(3)		97.9	%
Adjusted MH occupancy(3)		98.0	%
Adjusted RV occupancy(3)		100.0	%
Adjusted MH & RV blended occupancy(3)		98.5	%			96.5	%			2.0	%
Sites accessible for improvement		7,920				8,081				(161	)
Monthly base hire per web site – MH	$	629			$	604			$	25			4.3%(14)
Monthly base hire per web site – RV(13)	$	560			$	524			$	36			7.0%(14)
Monthly base hire per web site – Total(13)	$	613			$	585			$	28			4.7%(14)
Monthly base hire per web site – MH Rental Program	$	1,198			$	1,091			$	107			9.8	%

^(a) Financial outcomes from properties disposed of through the yr have been faraway from Same Property reporting

Same Property Summary – Marina
(quantities in thousands and thousands)

	Three Months Ended
	September 30, 2022			September 30, 2021			Change				% Change(a)
Financial Information
Revenue
Real property (excluding transient)	$	64.0		$	58.6		$	5.4			9.1	%
Real property – transient		4.4			5.4			(1.0	)		(17.4)        %
Other		3.9			3.9			—			0.3	%
Total Operating		72.3			67.9			4.4			6.5	%
Expense
Property Operating(11)		21.9			21.9			—			—	%
Real Property NOI(1)	$	50.4		$	46.0		$	4.4			9.6	%

^(a) Percentages are calculated based mostly on unrounded numbers.

	Nine Months Ended
	September 30, 2022			September 30, 2021			Change				% Change(a)
Financial Information
Revenue
Real property (excluding transient)	$	167.3		$	155.6		$	11.7			7.5	%
Real property – transient		9.5			10.4			(0.9	)		(7.8)        %
Other		9.5			8.8			0.7			8.0	%
Total Operating		186.3			174.8			11.5			6.7	%
Expense
Property Operating(11)		63.5			59.6			3.9			6.3	%
Real Property NOI(1)	$	122.8		$	115.2		$	7.6			6.8	%

^(a) Percentages are calculated based mostly on unrounded numbers.

	As of
	September 30, 2022		September 30, 2021		Change			% Change
Other Information
Number of properties	101		101		—			—	%
Wet slip and dry storage areas	35,621		35,744		(123	)		(0.3)        %

UK Operations Summary
(quantities in thousands and thousands, apart from statistical information)

	Three Months Ended			YTD Since Acquisition September 30, 2022
	September 30, 2022
Financial Information
Revenues
Real property (excluding transient)	$	21.2		$	38.1
Real property – transient		21.8			34.7
Other		0.4			1.0
Total Operating		43.4			73.8
Expenses
Property Operating(11)		18.2			33.2
Real Property NOI(1)		25.2			40.6
Home gross sales
Revenue		84.1			144.7
Cost of dwelling gross sales		43.6			75.7
Home promoting bills		1.3			3.6
NOI(1)		39.2			65.4
Retail, eating and leisure
Revenue		16.3			27.8
Expense		16.2			28.8
Net Operating Gain / (Loss)		0.1			(1.0	)
UK Operations NOI(1)	$	64.5		$	105.0
Adjustment
Foreign foreign money translation influence		8.8			11.9
UK Operations NOI(1) – Constant Currency	$	73.3		$	116.9
Other data
Number of properties					54
Developed websites					17,952
Occupied websites					16,463
Occupancy %					91.7	%
Transient websites					3,246
Sites accessible for improvement					3,047
Home Sales
New dwelling gross sales quantity		319			574
Pre-owned dwelling gross sales quantity		566			1,046
Total dwelling gross sales quantity		885			1,620

Acquisitions and Other Summary (excluding UK Operations)⁽¹⁵⁾
(quantities in thousands and thousands, apart from statistical information)

	Three Months Ended			Nine Months Ended
	September 30, 2022			September 30, 2022
Financial Information
Revenues
Real property (excluding transient)	$	35.0		$	94.4
Real property – transient		27.1			47.8
Other		13.1			19.3
Total Operating		75.2			161.5
Expenses
Property Operating(11)		27.5			65.6
Real Property NOI(1)	$	47.7		$	95.9
Other Information				September 30, 2022
Number of properties					83
MH and RV Developed websites					6,430
MH and RV Occupied websites					5,260
MH and RV Occupancy %					81.8	%
Transient websites					7,438
Wet slips and dry storage areas					10,564

Acquisitions and Dispositions
(quantities in thousands and thousands, apart from *)

Property Name		Property Type		Number of Properties*		Sites, Wet Slips and Dry Storage Spaces*		Expansion or Development Sites*		State, Province or Country		Total Purchase/Sale Price			Month Acquired
ACQUISITIONS
Harrison Yacht Yard(a)		Marina		—		21		—		MD		$	5.8		January
Outer Banks		Marina		1		196		—		NC			5.0		January
Jarrett Bay Boatworks		Marina		1		12		—		NC			51.4		February
Tower Marine		Marina		1		446		—		MI			20.0		March
Sandy Bay		MH		1		730		456		UK			183.5		March
First Quarter 2022				4		1,405		456				$	265.7
Park Holidays(b)		MH		40		15,906		1,140		UK		$	1,242.1		April
Christies Parks(a)		MH		—		249		—		UK			10.1		April
Bluewater		Marina		1		200		—		Multiple			25.0		April
Bluewater Yacht Sales(a)		Marina		—		—		—		Multiple			17.6		April
Bodmin Holiday Park		MH		1		69		—		UK			12.6		April
Kittery Point		Marina		1		62		—		ME			7.9		May
Spanish Trails MHC		MH		1		195		6		AZ			20.6		June
Pine Acre Trails		MH		1		251		603		TX			29.7		June
Bel Air Estates & Sunrise Estates		MH		2		379		—		CA			40.0		June
Park Leisure		MH		11		2,914		391		UK			223.4		June
Second Quarter 2022				58		20,225		2,140				$	1,629.0
Montauk Yacht Club		Marina		1		232		—		NY		$	190.0		July
Callaly Leisure(c)		MH		1		380		1,060		UK			23.9		September
Third Quarter 2022				2		612		1,060				$	213.9
Acquisitions to Date				64		22,242		3,656				$	2,108.6
DISPOSITIONS
Southern Pines		MH		1		107		—		FL		$	10.0		March
New Ranch		MH		1		94		—		FL			8.2		March
Country Squire		MH / RV		1		122		—		FL			11.3		March
First Quarter 2022				3		323		—				$	29.5
The Sands RV & Golf Course		RV		1		514		—		CA		$	15.0		September
Third Quarter 2022				1		514		—				$	15.0
Dispositions to Date				4		837		—				$	44.5

^(a) Combined with an present property.

^(b) Provides third-party administration for 2 properties.

^(c) Contains one improvement property.

Acquisitions, Development and Capital Improvements
(quantities in thousands and thousands, apart from *)

		Nine Months Ended						Year Ended
		September 30, 2022						December 31, 2021						December 31, 2020
		MH / RV			Marina			MH / RV			Marina			MH / RV			Marina
Financial data
Acquisitions(16)		$	2,703.5		$	468.9		$	944.3		$	852.9		$	571.9		$	2,533.7
Expansion and Development(17)			170.8			5.9			191.8			9.9			248.2			—
Recurring Capital Expenditures(18)			34.7			16.0			45.3			19.3			31.4			2.1
Lot Modifications(19)			25.9		N/A				28.8		N/A				29.4		N/A
Growth Projects(20)			23.1			50.0			25.6			51.4			28.3			—
Rebranding(21)			12.7		N/A				6.1		N/A			N/A			N/A
Total		$	2,970.7		$	540.8		$	1,241.9		$	933.5		$	909.2		$	2,535.8
Other Information
Recurring Capital Expenditures Average / Site*		$	270		$	408		$	371		$	491		$	265		N/A

Outstanding Securities and Capitalization
(shares and models in hundreds; greenback quantities in thousands and thousands, apart from *)

Outstanding Securities – As of September 30, 2022
	Number of Units / Shares Outstanding		Conversion Rate*		If Converted(a)		Issuance Price* Per Unit			Annual Distribution Rate
Common shares	123,880		N/A		N/A		N/A			$3.52^
Convertible Securities
Common OP models	2,429		1.0000		2,429		N/A			Mirrors widespread share distributions
Preferred OP Units
Series A-1	270		2.4390		659		$	100.00		6.00	%
Series A-3	40		1.8605		75		$	100.00		4.50	%
Series C	306		1.1100		340		$	100.00		5.00	%
Series D	489		0.8000		391		$	100.00		4.00	%
Series E	80		0.6897		55		$	100.00		5.50	%
Series F	90		0.6250		56		$	100.00		3.00	%
Series G	241		0.6452		155		$	100.00		3.20	%
Series H	581		0.6098		355		$	100.00		3.00	%
Series J	240		0.6061		145		$	100.00		2.85	%
Total	2,337				2,231
Total convertible securities excellent	4,766				4,660

^ Annual distribution relies on the final quarterly distribution annualized.

^(a) Calculation could yield minor variations resulting from fractional shares paid in money to the stockholder at conversion.

Capitalization – As of September 30, 2022
Equity		Shares		Share Price*			Total
Common shares		123,880		$	135.33		$	16,764.7
Common OP models		2,429		$	135.33			328.7
Subtotal		126,309					$	17,093.4
Preferred OP models, as transformed		2,231		$	135.33			301.9
Total diluted shares excellent		128,540					$	17,395.3
Debt
Secured debt							$	3,006.0
Unsecured debt								3,705.0
Total debt							$	6,711.0
Total Capitalization							$	24,106.3

Debt Analysis
(quantities in thousands and thousands, apart from *)

	Quarter Ended
	9/30/2022				6/30/2022				3/31/2022				12/31/2021				9/30/2021
Debt Outstanding
Secured debt	$	3,006.0			$	3,335.7			$	3,366.6			$	3,380.7			$	3,403.4
Unsecured debt
Senior unsecured notes		1,779.1				1,778.6				1,186.7				1,186.4				591.3
Line of credit score and different debt(22)(a)		1,856.0				1,746.7				1,453.3				1,034.8				624.8
Preferred Equity – Sun NG Resorts – mandatorily redeemable		35.2				35.2				35.2				35.2				35.2
Preferred OP models – mandatorily redeemable		34.7				34.7				34.7				34.7				34.7
Total unsecured debt		3,705.0				3,595.2				2,709.9				2,291.1				1,286.0
Total debt	$	6,711.0			$	6,930.9			$	6,076.5			$	5,671.8			$	4,689.4
% Fixed / Floating(b)*
Fixed		79.0	%			74.9	%			76.2	%			81.8	%			86.7	%
Floating		21.0	%			25.1	%			23.8	%			18.2	%			13.3	%
Total		100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
Weighted Average Interest Rates*
Secured debt		3.67	%			3.78	%			3.78	%			3.78	%			3.78	%
Senior unsecured notes(c)		2.90	%			2.90	%			2.55	%			2.55	%			2.70	%
Line of credit score and different debt(22)(c)		3.26	%			2.28	%			1.25	%			0.98	%			0.98	%
Preferred Equity – Sun NG Resorts – mandatorily redeemable		6.00	%			6.00	%			6.00	%			6.00	%			6.00	%
Preferred OP models – mandatorily redeemable		5.93	%			5.93	%			5.93	%			5.93	%			5.93	%
Total common		3.37	%			3.20	%			2.96	%			3.04	%			3.30	%
Debt Ratios*
Net Debt / Recurring EBITDA(1) (TTM)	5.7x				6.3x				5.9x				5.7x				4.9x
Net Debt / Enterprise Value		27.5	%			25.0	%			21.9	%			18.0	%			17.1	%
Net Debt / Gross Assets		34.6	%			35.7	%			36.6	%			35.4	%			31.2	%
Coverage Ratios*
Recurring EBITDA(1) (TTM) / Interest	5.7x				5.9x				6.2x				6.2x				6.1x
Recurring EBITDA(1) (TTM) / Interest + Pref. Distributions + Pref. Stock Distribution	5.6x				5.8x				6.0x				6.0x				6.0x

Maturities / Principal Amortization Next Five Years		2022				2023				2024				2025				2026
Secured debt
Maturities	$	—			$	117.8			$	128.8			$	50.6			$	521.6
Principal amortization		13.7				55.6				56.4				54.0				45.9
Line of credit score and different debt(22)		0.7				10.0				10.0				976.4				862.2
Preferred Equity – Sun NG Resorts – mandatorily redeemable		—				—				33.4				1.8				—
Preferred OP models – mandatorily redeemable		—				—				27.4				—				—
Total	$	14.4			$	183.4			$	256.0			$	1,082.8			$	1,429.7
Weighted common price of maturities*		—	%			3.54	%			4.03	%			4.04	%			3.75	%

^(a) As of September 30, 2022, £400.0 million ($445.3 million) had been swapped to a set rate of interest of three.67 %.

^(b) Percentages embody the influence of hedge exercise.

^(c) Weighted common rate of interest contains the influence the influence of hedge exercise.

Home Sales Summary (excluding UK dwelling gross sales)
(quantities in thousands and thousands, apart from *)

	Three Months Ended															Nine Months Ended
	September 30, 2022				September 30, 2021				Change				% Change			September 30, 2022				September 30, 2021				Change				% Change
Financial Information
New Homes
New dwelling gross sales	$	31.7			$	31.5			$	0.2			0.6	%		$	95.4			$	89.2			$	6.2			7.0	%
New dwelling value of gross sales		26.8				25.9				0.9			3.5	%			78.3				72.8				5.5			7.6	%
Gross revenue – new houses		4.9				5.6				(0.7	)		(12.5)        %				17.1				16.4				0.7			4.3	%
Gross margin % – new houses		15.5	%			17.7	%		(2.2)        %								17.9	%			18.4	%		(0.5)        %
Average promoting value – new houses*	$	183,237			$	151,850			$	31,387			20.7	%		$	174,406			$	152,943			$	21,463			14.0	%
Pre-owned Homes
Pre-owned dwelling gross sales	$	34.9			$	49.6			$	(14.7	)		(29.6)        %			$	118.0			$	125.9			$	(7.9	)		(6.3)        %
Pre-owned dwelling value of gross sales		19.4				25.8				(6.4	)		(24.8)        %				63.4				70.4				(7.0	)		(9.9)        %
Gross revenue – pre-owned houses		15.5				23.8				(8.3	)		(34.9)        %				54.6				55.5				(0.9	)		(1.6)        %
Gross margin % – pre-owned houses		44.4	%			48.0	%		(3.6)        %								46.3	%			44.1	%			2.2	%
Average promoting value – pre-owned houses*	$	63,339			$	52,006			$	11,333			21.8	%		$	59,267			$	48,981			$	10,286			21.0	%
Total Home Sales
Revenue from dwelling gross sales	$	66.6			$	81.1			$	(14.5	)		(17.9)        %			$	213.4			$	215.1			$	(1.7	)		(0.8)        %
Cost of dwelling gross sales		46.2				51.7				(5.5	)		(10.6)        %				141.7				143.2				(1.5	)		(1.0)        %
Home promoting bills		5.3				4.8				0.5			10.4	%			14.2				13.7				0.5			3.6	%
Home Sales NOI(1)	$	15.1			$	24.6			$	(9.5	)		(38.6)        %			$	57.5			$	58.2			$	(0.7	)		(1.2)        %
Other Information
New dwelling gross sales quantity*		173				207				(34	)		(16.4)        %				547				583				(36	)		(6.2)        %
Pre-owned dwelling gross sales quantity*		551				955				(404	)		(42.3)        %				1,991				2,572				(581	)		(22.6)        %
Total dwelling gross sales quantity*		724				1,162				(438	)		(37.7)        %				2,538				3,155				(617	)		(19.6)        %

        
Refer to the UK Operations Summary on web page 13 for monetary and statistical data associated to our dwelling gross sales within the UK.

Rental Program Summary
(quantities in thousands and thousands, apart from *)

	Three Months Ended													Nine Months Ended
	September 30, 2022			September 30, 2021			Change				% Change			September 30, 2022			September 30, 2021			Change				% Change
Financial Information
Revenues	$	31.4		$	33.9		$	(2.5	)		(7.4)        %			$	95.7		$	105.8		$	(10.1	)		(9.5)        %
Expenses		6.0			5.5			0.5			9.1	%			15.9			15.3			0.6			3.9	%
Rental Program NOI(1)	$	25.4		$	28.4		$	(3.0	)		(10.6)        %			$	79.8		$	90.5		$	(10.7	)		(11.8)        %
Other Information
Number of bought rental houses*		138			307			(169	)		(55.0)        %				508			799			(291	)		(36.4)        %
Number of occupied leases, finish of interval*															9,126			10,123			(997	)		(9.8)        %
Investment in occupied rental houses, finish of interval														$	543.8		$	559.0		$	(15.2	)		(2.7)        %
Weighted common month-to-month rental price, finish of interval*														$	1,192		$	1,085		$	107			9.9	%

Marina Segment Summary
(quantities in thousands and thousands, apart from statistical information)

		Three Months Ended												Nine Months Ended
		September 30, 2022			September 30, 2021			Change			% Change			September 30, 2022			September 30, 2021			Change			% Change
Financial Information
Revenues
Real property (excluding transient)		$	91.1		$	72.9		$	18.2		25.0	%		$	240.1		$	180.9		$	59.2		32.7	%
Real property – transient			7.1			6.3			0.8		12.7	%			14.7			11.4			3.3		28.9	%
Other			11.9			5.2			6.7		128.8	%			19.3			9.8			9.5		96.9	%
Total Operating			110.1			84.4			25.7		30.5	%			274.1			202.1			72.0		35.6	%
Expenses
Property Operating(11)			32.3			26.6			5.7		21.4	%			89.3			69.3			20.0		28.9	%
Real Property NOI(1)			77.8			57.8			20.0		34.6	%			184.8			132.8			52.0		39.2	%
Service, retail, eating and leisure
Revenue			112.3			74.7			37.6		50.3	%			310.9			202.0			108.9		53.9	%
Expense			98.8			68.0			30.8		45.3	%			272.1			176.1			96.0		54.5	%
NOI(1)			13.5			6.7			6.8		101.5	%			38.8			25.9			12.9		49.8	%
Marina NOI(1)		$	91.3		$	64.5		$	26.8		41.6	%		$	223.6		$	158.7		$	64.9		40.9	%
Other data
Number of properties															131			120			11		9.2	%
Total moist slips and dry storage areas															46,185			43,615			2,570		5.9	%

Operating Statistics for MH and Annual RVs (excluding UK Operations)

Locations		Resident Move-outs		Net Leased Sites(6)			New Home Sales		Pre-owned Home Sales		Brokered Re-sales
Florida		1,605		980			148		255		1,204
Michigan		419		166			52		1,087		211
Ontario, Canada		459		242			76		21		291
Texas		389		154			66		174		67
Arizona		94		159			35		27		128
Indiana		37		31			5		150		21
California		105		69			22		8		113
Colorado		3		12			19		25		44
Connecticut		34		11			29		3		32
New York		71		15			7		7		10
New Hampshire		1		(2	)		4		1		39
Maine		102		40			12		20		8
New Jersey		138		291			2		1		7
Virginia		146		28			—		7		6
Other states		589		113			70		205		134
Nine Months Ended September 30, 2022		4,192		2,309			547		1,991		2,315

Total For Year Ended		Resident Move-outs		Net Leased Sites(6)		New Home Sales		Pre-owned Home Sales		Brokered Re-sales
2021		5,276		2,483		732		3,356		3,528
2020		5,365		2,505		570		2,296		2,557

Percentage Trends		Resident Move-outs			Resident Re-sales
2022 TTM		2.9	%		7.1	%
2021		2.7	%		8.4	%
2020		3.3	%		6.9	%

Endnotes, Reconciliations and Definitions

(1)   Investors in and analysts following the true property business make the most of funds from operations (“FFO”), internet working revenue (“NOI”), and earnings earlier than curiosity, tax, depreciation and amortization (“EBITDA”) as supplemental efficiency measures. The Company believes that FFO, NOI and EBITDA are applicable measures given their huge use by and relevance to buyers and analysts. Additionally, FFO, NOI and EBITDA are generally utilized in varied ratios, pricing multiples, yields and returns and valuation calculations used to measure monetary place, efficiency and worth.

• FFO, reflecting the idea that actual property values rise or fall with market circumstances, principally adjusts for the consequences of typically accepted accounting rules (“GAAP”) depreciation and amortization of actual property belongings.
• NOI supplies a measure of rental operations that doesn’t consider depreciation, amortization and non-property particular bills similar to common and administrative bills.
• EBITDA supplies an additional measure to judge means to incur and repair debt and to fund dividends and different money wants.

FFO is outlined by the National Association of Real Estate Investment Trusts (“Nareit”) as GAAP internet revenue (loss), excluding beneficial properties (or losses) from gross sales of depreciable working property, plus actual property associated depreciation and amortization, actual property associated impairments, and after changes for nonconsolidated partnerships and joint ventures. FFO is a non-GAAP monetary measure that administration believes is a helpful supplemental measure of the Company’s working efficiency. By excluding beneficial properties and losses associated to gross sales of beforehand depreciated working actual property belongings, impairment and excluding actual property asset depreciation and amortization (which may fluctuate amongst house owners of an identical belongings in comparable situation based mostly on historic value accounting and helpful life estimates), FFO supplies a efficiency measure that, compared period-over-period, displays the influence to operations from developments in occupancy charges, rental charges and working prices, offering perspective not readily obvious from GAAP internet revenue (loss). Management believes the usage of FFO has been helpful in bettering the understanding of working outcomes of REITs among the many investing public and making comparisons of REIT working outcomes extra significant. The Company additionally makes use of FFO excluding sure acquire and loss objects that administration considers unrelated to the operational and monetary efficiency of our core business (“Core FFO”). In addition, the Company calculates Constant Currency Core FFO by translating the working outcomes from the UK, Canada and Australia on the international foreign money change charges used for steerage. The Company believes that Core FFO and Constant Currency Core FFO present enhanced comparability for investor evaluations of period-over-period outcomes.

The Company believes that GAAP internet revenue (loss) is essentially the most instantly comparable measure to FFO. The principal limitation of FFO is that it doesn’t exchange GAAP internet revenue (loss) as a efficiency measure or GAAP money move from operations as a liquidity measure. Because FFO excludes important financial elements of GAAP internet revenue (loss) together with depreciation and amortization, FFO must be used as a complement to GAAP internet revenue (loss) and never as a substitute for it. Furthermore, FFO shouldn’t be supposed as a measure of a REIT’s means to satisfy debt principal repayments and different money necessities, nor as a measure of working capital. FFO is calculated in accordance with the Company’s interpretation of requirements established by Nareit, which is probably not similar to FFO reported by different REITs that interpret the Nareit definition otherwise.

NOI is derived from revenues minus property working bills and actual property taxes. NOI is a non-GAAP monetary measure that the Company believes is useful to buyers as a supplemental measure of working efficiency as a result of it’s an indicator of the return on property funding and supplies a way of evaluating property efficiency over time. The Company makes use of NOI as a key measure when evaluating efficiency and progress of specific properties and / or teams of properties. The principal limitation of NOI is that it excludes depreciation, amortization, curiosity expense and non-property particular bills similar to common and administrative bills, all of that are important prices. Therefore, NOI is a measure of the working efficiency of the properties of the Company moderately than of the Company general.

The Company believes that GAAP internet revenue (loss) is essentially the most instantly comparable measure to NOI. NOI shouldn’t be thought-about to be a substitute for GAAP internet revenue (loss) as a sign of the Company’s monetary efficiency or GAAP money move from working actions as a measure of the Company’s liquidity; neither is it indicative of funds accessible for the Company’s money wants, together with its means to make money distributions. Because of the inclusion of things similar to curiosity, depreciation and amortization, the usage of GAAP internet revenue (loss) as a efficiency measure is restricted as these things could not precisely mirror the precise change in market worth of a property, within the case of depreciation and within the case of curiosity, could not essentially be linked to the working efficiency of an actual property asset, as it’s typically incurred at a mum or dad firm stage and never at a property stage. In addition, the Company calculates Constant Currency NOI for its UK Operations by translating the working outcomes on the international foreign money change price used for steerage. The Company believes that NOI and Constant Currency NOI present enhanced comparability for investor evaluations of period-over-period outcomes.

EBITDA as outlined by Nareit (known as “EBITDAre“) is calculated as GAAP internet revenue (loss), plus curiosity expense, plus revenue tax expense, plus depreciation and amortization, plus or minus losses or beneficial properties on the disposition of depreciated property (together with losses or beneficial properties on change of management), plus impairment write-downs of depreciated property and of investments in nonconsolidated associates brought on by a lower in worth of depreciated property within the affiliate, and changes to mirror the entity’s share of EBITDAre of nonconsolidated associates. EBITDAre is a non-GAAP monetary measure that the Company makes use of to judge its means to incur and repair debt, fund dividends and different money wants and canopy mounted prices. Investors make the most of EBITDAre as a supplemental measure to judge and examine funding high quality and enterprise worth of REITs. The Company additionally makes use of EBITDAre excluding sure acquire and loss objects that administration considers unrelated to measurement of the Company’s efficiency on a foundation that’s unbiased of capital construction (“Recurring EBITDA”).

The Company believes that GAAP internet revenue (loss) is essentially the most instantly comparable measure to EBITDAre. EBITDAre shouldn’t be supposed for use as a measure of the Company’s money generated by operations or its dividend-paying capability, and will due to this fact not exchange GAAP internet revenue (loss) as a sign of the Company’s monetary efficiency or GAAP money move from working, investing and financing actions as measures of liquidity.

(2)   Same Property outcomes for our MH and RV properties mirror fixed foreign money for comparative functions. Canadian foreign money figures within the prior comparative interval have been translated on the 2022 common change price of $0.7664 USD per Canadian greenback.

(3)   The Same Property MH and RV blended occupancy for 2022 is derived from 125,024 developed websites, of which 122,419 had been occupied. The Same Property adjusted MH and RV blended occupancy share is derived from 124,284 developed websites, of which 122,419 had been occupied. The variety of developed websites excludes RV transient websites and almost 750 lately accomplished however vacant MH enlargement websites.

The Same Property adjusted MH and RV blended occupancy share for 2021 has been adjusted to mirror incremental period-over-period progress from newly occupied enlargement websites and the conversion of transient RV websites to annual RV websites.

(4)   The impact of sure anti-dilutive convertible securities is excluded from these things.

(5)   Revenue producing web site internet beneficial properties don’t embody occupied websites acquired through the yr.

(6)   MH and annual RV developed websites and occupancy percentages embody MH and annual RV websites, and exclude transient RV websites, as relevant.

(7)   Other revenue / (expense), internet was as follows (in thousands and thousands):

	Three Months Ended								Nine Months Ended
	September 30, 2022				September 30, 2021				September 30, 2022				September 30, 2021
Litigation settlement	$	3.4			$	—			$	3.4			$	—
Contingent consideration profit / (expense)	$	—			$	(9.2	)		$	—			$	(9.3	)
Long time period lease termination profit / (expense)		(0.2	)			—				0.1				—
Repair reserve on repossessed houses		(0.4	)			(0.1	)			(0.9	)			(0.7	)
Other revenue / (expense), internet	$	2.8			$	(9.3	)		$	2.6			$	(10.0	)

(8)   Calculations of Diluted Weighted Average Common Shares Outstanding for EPS and FFO are as follows:

	Three Months Ended				Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Diluted Weighted Average Common Shares Outstanding – EPS
Weighted Average Common Shares Outstanding – Basic	122.4		115.1		119.2		111.7
Common shares dilutive impact: ahead fairness providing	—		—		0.2		—
Common and most popular OP models dilutive impact	0.4		3.0		2.5		2.6
Weighted Average Common Shares Outstanding – Diluted	122.8		118.1		121.9		114.3
Diluted Weighted Average Common Shares Outstanding – FFO(1)
Weighted Average Common Shares Outstanding – Basic	122.4		115.1		119.2		111.7
Common shares dilutive impact from ahead fairness sale	—		—		0.2		—
Restricted inventory	0.3		0.4		0.4		0.4
Common OP models	2.5		—		2.5		2.6
Common inventory issuable upon conversion of sure most popular OP models	1.5		0.5		3.1		0.4
Weighted Average Common Shares Outstanding – Diluted	126.7		116.0		125.4		115.1

(9)   Other acquisition associated prices signify (a) nonrecurring integration bills related to acquisitions through the three and 9 months ended September 30, 2022 and 2021, (b) Costs related to potential acquisitions that won’t shut, (c) prices related to the termination of the bridge mortgage dedication through the three months ended March 31, 2022 associated to the acquisition of Park Holidays and (d) bills incurred to convey lately acquired properties as much as the Company’s working requirements, together with objects similar to tree trimming and portray prices that don’t meet the Company’s capitalization coverage.

(10)   Other changes, internet was as follows (in thousands and thousands):

	Three Months Ended							Nine Months Ended
	September 30, 2022				September 30, 2021			September 30, 2022				September 30, 2021
Contingent consideration (profit) / expense	$	(3.4	)		$	9.1		$	(3.4	)		$	9.3
Long time period lease termination (profit) / expense		0.2				—			(0.1	)			—
Deferred tax (profit) / expense		(3.6	)			1.2			(3.9	)			1.1
RV rebranding non-recurring value		—				1.1			2.2				1.1
Accelerated deferred compensation amortization		0.3				—			0.4				—
Gain on sale of funding in a non-consolidated affiliate		—				—			(0.3	)			—
Other changes, internet	$	(6.5	)		$	11.4		$	(5.1	)		$	11.5

(11)   Same Property outcomes for our MH, RV and Marina properties, UK Operations outcomes, and Acquisitions and Other outcomes, internet sure utility income towards the associated utility expense in Property Operating expense as follows (in thousands and thousands):

	Three Months Ended						Nine Months Ended
	September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021
Same Property MH / RV	$	22.1		$	19.8		$	60.6		$	54.4
Same Property Marina		2.9			2.9			8.3			8.4
UK Operations		3.1		N/A				5.6		N/A
Acquisition and Other (excluding UK operations)		4.0			1.7			9.6			4.1
Total	$	32.1		$	24.4		$	84.1		$	66.9

Marina phase outcomes (web page 21) – Summary of utility income netted towards the associated utility expense in Property Operating expense (in thousands and thousands). These quantities are damaged out and included inside Same Property Marina and Acquisition and Other within the desk above.

	Three Months Ended						Nine Months Ended
	September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021
Marina whole portfolio	$	5.6		$	4.3		$	14.8		$	10.5

(12)   Same Property provides and restore expense for our MH and RV properties excludes $0.8 million and $1.6 million for the three and 9 months ended September 30, 2021, respectively, of bills incurred for lately acquired properties to convey the properties as much as the Company’s working requirements, together with objects similar to tree trimming and portray prices that don’t meet the Company’s capitalization coverage.

(13)   Monthly base hire per web site pertains to annual RV websites and excludes transient RV websites.

(14)   Calculated utilizing precise outcomes with out rounding.

(15)   Acquisitions and Other (excluding UK Operations) is comprised of latest acquisitions, lately opened ground-up improvement initiatives in stabilization and properties present process redevelopment.

(16)   Capital expenditures associated to acquisitions signify the acquisition value of present working properties and land parcels to develop expansions or new properties. Expenditures encompass capital enhancements recognized throughout due diligence which can be essential to convey the properties to the Company’s working requirements. These prices for the 9 months ended September 30, 2022, embody $79.6 million at our MH and RV properties and $141.3 million at our marina properties. For the years ended December 31, 2021 and 2020, these prices had been $75.8 million at our MH and RV properties and $100.7 million at our marina properties, and $40.6 million at our MH and RV properties, respectively. These embody objects similar to: upgrading clubhouses; landscaping; new road mild methods; new mail supply methods; pool renovation together with bigger decks, heaters and furnishings; new upkeep amenities; lot modifications; and new signage together with predominant indicators and inner highway indicators. These are thought-about acquisition prices and though recognized throughout due diligence, typically require 24 to 36 months after closing to finish.

(17)   Expansion and improvement expenditures consist primarily of development prices similar to roads, actions, and facilities, and prices vital to finish dwelling and RV web site enhancements, similar to driveways, sidewalks and landscaping at our MH and RV communities. Expenditures additionally embody prices to rebuild after harm has been incurred at MH, RV or marina properties, and analysis and improvement.

(18)   Property recurring capital expenditures are vital to keep up asset high quality, together with buying and changing belongings used to function the communities and marinas. Recurring capital expenditures at our MH and RV properties embody objects similar to: main highway, driveway, pool enhancements; clubhouse renovations; including or changing road lights; playground tools; signage; upkeep amenities; supervisor housing and property autos. Recurring capital expenditures at our marinas embody objects similar to: dredging, dock repairs and enhancements, and tools upkeep and upgrades. The minimal capitalized quantity is 5 hundred {dollars}.

(19)   Lot modification capital expenditures are incurred to change the foundational buildings required to set a brand new dwelling after a earlier dwelling has been eliminated. These expenditures are essential to create a income stream from a brand new web site renter and sometimes enhance the standard of the neighborhood. Other lot modification expenditures embody land enhancements added to annual RV websites to assist within the conversion of transient RV company to annual contracts.

(20)   Growth initiatives encompass income producing or expense decreasing actions at MH and RV communities, and marinas. This contains, however shouldn’t be restricted to, utility effectivity and renewable power initiatives, web site, slip or amenity upgrades such because the addition of a storage, shed or boat raise, and different particular capital initiatives that substantiate an incremental rental improve.

(21)   Rebranding contains new signage at our RV communities and prices of constructing an RV cell software and up to date web site.

(22)   Line of credit score and different debt contains borrowings underneath the Company’s $4.2 billion senior credit score facility and a $22.3 million unsecured time period mortgage.

Line of credit score and different debt beforehand included borrowings underneath the Company’s $2.0 billion credit score facility and, the debt underneath the Company’s $12.0 million MH flooring plan facility, which was terminated in October 2021.

Certain monetary data has been revised to mirror reclassifications in prior durations to adapt to present interval presentation.

• Exhibit 99.1 Press Release and Supplemental Package 2022.9.30 – Filed