Tear Sheet: Sun Communities Inc.

For the third quarter, same-property net operating income (NOI) increased by 8% for the company's manufactured housing (MH) portfolio, 4.1% for its recreational vehicle (RV) portfolio, and 8.9% for its marina portfolio. This brings the company?s year-to-date NOI growth for the respective segments to 6.2%, 3.9%, and 11.5%, for total NOI growth of 6.6%. We expect sound fundamentals across each of the company?s three key segments will continue to drive solid operating performance over the next 12-24 months, although the pace of growth could moderate due to macroeconomic conditions, as we have seen across most other REIT property types. Performance within the company?s U.K. portfolio has been a bit more unpredictable due to fluctuating home sales volume. However, U.K. home

...Foreign currency issuer credit rating ###/Stable/-- Local currency issuer credit rating ###/Stable/-- Business risk Satisfactory Country risk Very Low Industry risk Low Competitive position Satisfactory Financial risk Intermediate Cash flow/leverage Intermediate Anchor ###- Diversification/portfolio effect Neutral (no impact) Capital structure Neutral (no impact) Financial policy Neutral (no impact) Liquidity Adequate (no impact) Management and governance Satisfactory (no impact) Comparable rating analysis Positive (+1 notch) Stand-alone credit profile ###...

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