Recent Updates — SUI

Sun Communities reported third-quarter net income attributable to continuing operations of $137.1 million, or $1.07 per diluted share, compared to a loss in the prior year period. Funds from Operations (FFO) were $2.27 per share and Core FFO was $2.35 per share. Same Property NOI grew 3.6% for the quarter. The company completed the sale of its UK business for approximately $1.03 billion in net proceeds and repurchased $293.3 million of common stock during the quarter. Management updated full-year guidance, expecting Core FFO per share of $7.01 at the midpoint and North America Same Property NOI growth of 4.9% to 5.3%. The company also established preliminary 2027 rental rate increase expectations of 5.4% for manufactured housing and 4.4% for annual RVs. Sun Communities is a real estate investment trust that owns and operates manufactured housing and recreational vehicle communities.

Sun Communities entered into the Thirteenth Amendment to its limited partnership agreement on October 1, 2026, creating a new class of Series M Preferred Units. Sun Communities Operating Limited Partnership issued 283,126 units at $100 per unit as consideration for asset contributions. The units carry quarterly distributions starting at 3.2% annually, rising to 3.4% in the second year and 3.6% thereafter. Each unit is exchangeable into common stock at a conversion price of $174.00 and redeemable at $100 per unit plus accrued distributions on or after October 1, 2027. The company operates in the self-storage industry.

Sun Communities, Inc. completed the sale of its UK business, Park Holidays, to Panther Bidco Limited, an affiliate of Aermont Capital LLP, on September 22, 2026. The buyer paid approximately £772.3 million (about $1.05 billion) in cash consideration, resulting in net proceeds of approximately $1.03 billion after transaction costs and adjustments. Sun Communities intends to use the proceeds primarily for share repurchases, debt repayment, and general corporate purposes. Year-to-date through September 21, 2026, the company had repurchased approximately 3.5 million shares for an aggregate of $425 million. The sale positions Sun as a pure-play North American manufactured housing and RV community operator. Sun Communities is a real estate investment trust that owns and operates manufactured housing and recreational vehicle communities in the United States and Canada.

Sun Communities, Inc. announced that Aaron Weiss, its Chief Investment Officer and Executive Vice President, entered into an Amended and Restated Employment Agreement effective October 19, 2026. The five-year agreement sets his annual base salary at $600,000 with a target cash bonus equal to 100% of base salary. Severance provisions include payments of 1.5 times the sum of base salary and target bonus for termination without cause or resignation for good reason, resulting in full vesting of equity awards. In a change of control scenario, Weiss would receive severance equal to two times his combined compensation plus accelerated equity vesting. Sun Communities operates in the self-storage industry.