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FY2025 Annual Report · Sun Communities
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2025 Annual Report
And Form 10-K
Lakeside Crossing - South Carolina
Birchington Vale - Birchington UK
Forest Meadows - Oregon
Panama City Beach - Florida

LETTER TO OUR SHAREHOLDERS
Dear Fellow Shareholders, 
We enter 2026  positioned to build on Sun’s strong operational and cultural legacy and create value for our shareholders. In 2025, we successfully executed on our strategic 
objectives, simplifying our business and strengthening our balance sheet. With the closing of the Safe Harbor Marinas sale and other non-strategic assets, we sharpened 
our focus on our core manufactured housing (MH) and recreation vehicle (RV) segments. Importantly, we deployed the proceeds deliberately through a thoughtful capital 
allocation process, meaningfully enhancing our balance sheet position and financial flexibility.
2025 RESULTS
Our disciplined execution of our strategic priorities was reflected in our strong 2025 results. In addition to optimizing our portfolio, we significantly enhanced our capital 
deployment strategy by using the proceeds from the Safe Harbor sale to reposition our balance sheet. We paid down more than $3 billion of debt and fully eliminated
our floating-rate debt exposure. We also returned capital to shareholders through share repurchases, a special cash distribution, and a meaningful increase to our 
quarterly dividend.
On the strategic investment front, we acquired fourteen MH and annual RV communities within existing Sun geographies. In the UK, we acquired the ground leases for 32 
properties, resulting in Sun owning the full freehold interest across our UK portfolio, reducing lease complexity while creating meaningful financial and strategic flexibility.
BOARD AND MANAGEMENT
As we advanced our strategic and financial priorities, we also strengthened our leadership team and further enhanced our Board of Directors. In October 2025, Charles
Young joined Sun as both our Chief Executive Officer and director.
At the Board level, Mark Denien was elected to the Board in 2025 as an independent director and, after decades of distinguished and dedicated service to the Company and 
our shareholders, Clunet Lewis will retire from the Board this year.
LOOKING AHEAD
We remain committed to creating long-term value for our shareholders. Building on the successes of 2025, we expect to continue to take purposeful, measured actions 
to support and further strengthen our core business and seek to deliver reliable earnings growth. With a clear strategic direction, we remain focused on realizing the full 
potential of our portfolio and platform.
Thank you for your continued support. 
Sincerely, 
GARY A. SHIFFMAN
Chairman
CHARLES YOUNG
Chief Executive Officer
MEGHAN G. BAIVIER
Lead Independent Director

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Charles D. Young
Chief Executive Officer and Director
John B. McLaren
President and Chief Operating Officer
Fernando Castro-Caratini
Executive Vice President, Chief Financial Officer, 
Treasurer and Secretary
Marc Farrugia 
Executive Vice President and Chief Administrative Officer
Aaron Weiss
Executive Vice President and Chief Investment Officer
Tonya Allen 
Director; President of the McKnight Foundation
Meghan G. Baivier
Director; Chief Financial Officer of Aligned Data Centers, LLC
Jeff T. Blau
Director; Chief Executive Officer and Partner 
of Related Companies, L.P. 
Mark A. Denien
Director, Retired Chief Financial Officer
Jerome W. Ehlinger
Director; Retired Real Estate Business Manager, 
Portfolio Manager and Chief Investment Officer
Brian M. Hermelin
Director; Co-Founder and Managing Partner of Rockbridge 
Growth Equity Management LP, Co-Founder and 
General Partner of Detroit Venture Partners, LLC
Craig A. Leupold
Director; Chief Executive Officer of GSI Capital Advisors
Clunet R. Lewis
Director; Retired Attorney and Businessman
Gary A. Shiffman
Chairman of the Board
OFFICERS AND DIRECTORS
ANNUAL MEETING
The Annual Meeting of shareholders will be conducted in a virtual format only 
by visiting www.virtualshareholdermeeting.com/SUI2026 on May 12, 2026 at
11:00 a.m. Eastern Daylight Time.
SEC FORM 10-K
A copy of the Annual Report on Form 10-K filed with the Securities and
Exchange Commission for the year ended December 31, 2025 is available at no 
charge to shareholders who direct a written request to: 
Investor Relations Department
Sun Communities, Inc.
27777 Franklin Road, Suite 300
Southfield, Michigan 48034
Telephone: (248) 208-2500
Website: www.suninc.com
TRANSFER AGENT & DIVIDEND DISBURSING AGENT
Computershare Trust Company, N.A.
P.O. Box 43010
Providence, Rhode Island 02940-3010
Shareholder Inquiries: (800) 426-5523
INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS
Deloitte & Touche, LLP
1001 Woodward, Suite 700
Detroit, MI 48226
CORPORATE COUNSEL
Taft Stettinius & Hollister LLP
27777 Franklin Road, Suite 2500
Southfield, Michigan 48034
CORPORATE HEADQUARTERS
Sun Communities, Inc.
27777 Franklin Road, Suite 300
Southfield, Michigan 48034
Telephone: (248) 208-2500
STOCK TRADING INFORMATION
New York Stock Exchange
Ticker Symbol – SUI (Common Stock)
SHAREHOLDER INFORMATION
Source:  S&P Global Market Intelligence © 2026
Index Value
CERTAIN FILINGS
The Annual CEO Certification was submitted to the NYSE pursuant to NYSE rules and
guidelines without qualification on May 14, 2025.
Sun Communities, Inc. has filed, as exhibits to its Annual Report on Form 10-K for the 
year ended December 31, 2025, the required certifications regarding the quality of its 
public disclosure under the applicable provisions of the Sarbanes-Oxley Act of 2002.
PERFORMANCE GRAPH
Set forth below is a line graph comparing the yearly percentage change in the cumulative 
total shareholder return on our common stock against the cumulative total return of a broad 
market index composed of all issuers listed on the NYSE and an industry index comprised
of 20 publicly traded REITs, for the five year period ending on December 31, 2025. This line 
graph assumes a $100.00 investment on December 31, 2020, a reinvestment of distributions
and actual increase of the market value of our common stock relative to an initial investment 
of $100.00. The comparisons in this table are required by the SEC and are not intended to 
forecast or be indicative of possible future performance of our common stock.
We utilize peer group data for quantitative benchmarking against external market participants. We select our peer 
group based on a number of quantitative and qualitative factors including, but not limited to, revenues, total assets, 
market capitalization, industry, sub-industry, location, total shareholder return history, executive compensation 
components and peer decisions made by other companies.
(1)SUI Peer Group includes: AvalonBay Communities, Inc., Camden Property Trust, CubeSmart, Equity Lifestyle Properties, Inc., Equity Residential,
Essex Property Trust, Inc., Extra Space Storage Inc., Federal Realty Investment Trust, Invitation Homes Inc., Mid-America Apartment Communities,
Inc., UDR, Inc. and Ventas, Inc.
Sun Communities, Inc. - Total Return Performance

27777 Franklin Road, Suite 300 • Southfield, Michigan 48034
www.suninc.com • NYSE: SUI
Sun Communities, Inc. Headquarters
United Kingdom
DOMESTIC & INTERNATIONAL PRESENCE
ALABAMA
ARIZONA
CALIFORNIA
COLORADO
CONNECTICUT
DELAWARE
FLORIDA
GEORGIA
ILLINOIS
INDIANA  
KENTUCKY
LOUISIANA
MAINE
MARYLAND
MASSACHUSETTS
MICHIGAN
MISSISSIPPI
MONTANA
NEVADA
NEW HAMPSHIRE
NEW JERSEY
NEW YORK
NORTH CAROLINA
OHIO
OREGON
PENNSYLVANIA
SOUTH CAROLINA
TENNESSEE
TEXAS
UTAH
VIRGINIA
WASHINGTON 
WISCONSIN
ONTARIO, CANADA
UNITED KINGDOM