SUN COMMUNITIES INC

Previous wording

We are a fully integrated REIT. As of June 30, 2026, we owned and operated, directly or indirectly, or held an interest in, a portfolio of 455 developed properties located in the U.S. and Canada including 295 MH communities and 160 RV communities. At that date, we also owned, operated, or held an interest in a portfolio of 54 UK properties, which were classified within discontinued operations as of June 30, 2026.

Current wording

We are a fully integrated REIT. As of September 30, 2026, we owned and operated, directly or indirectly, or held an interest in, a portfolio of 452 developed properties located in the U.S. and Canada including 295 MH communities and 157 RV communities.

Previous wording

Over the past several years, we have shifted our strategy toward optimizing the value of our core business through achieving strong rental rate growth and operating efficiencies, while also pursuing select new acquisition opportunities that meet our capital investment criteria. In 2025, the Safe Harbor Sale advanced our strategy of focusing on our core business and enhanced our leverage profile and financial flexibility. We believe we are positioned for organic growth in 2026 with expected rental rate increases, occupancy gains, and expense management as we focus on increasing long-term value for shareholders.

Current wording

Over the past several years, we have shifted our strategy toward optimizing the value of our core business (North American MH / RV) through achieving strong rental rate growth and operating efficiencies, while also pursuing select new acquisition opportunities that meet our capital investment criteria. The Safe Harbor Sale and Park Holidays Sale, which closed in 2025 and 2026, respectively, advanced our strategy of focusing on our core business and enhanced our leverage profile and financial flexibility. We believe we are positioned for organic growth in 2026 with expected rental rate increases, occupancy gains, and expense management as we focus on increasing long-term value for shareholders.

Previous wording

During the three months ended June 30, 2026, we announced the Park Holidays Sale. The Park Holidays Sale represents the expected disposition of our UK business and a strategic shift in operations. Accordingly, the results of the UK business and assets and liabilities included in the disposition are presented as held for sale and as discontinued operations for all periods presented herein. Unless otherwise noted, all amounts, percentages, and discussions below reflect only the results of operations and financial condition of our continuing operations. The Park Holidays Sale is subject to receipt of regulatory approval from the UK Financial Conduct Authority, and is expected to close in the second half of 2026.

Current wording

During the three months ended September 30, 2026, we completed the closing of the Park Holidays Sale for gross sales proceeds of $1.05 billion, inclusive of certain adjustments, generating cash proceeds of $1.03 billion, net of closing and employee separation costs. The Park Holidays Sale represents the disposition of our UK business and a strategic shift in operations. Accordingly, the results of the UK business and assets and liabilities included in the disposition are presented as discontinued operations for all periods presented herein. Unless otherwise noted, all amounts, percentages, and discussions below reflect only the results of operations and financial condition of our continuing operations.

Previous wording

The Park Holidays Sale accelerates our strategy of focusing on our core North American MH and RV portfolio and enhances our liquidity and credit profile. After the closing of the Park Holidays Sale, the majority of our total NOI will be generated by Real Property NOI from properties located within the U.S.

Current wording

The Park Holidays Sale accelerates our strategy of focusing on our core North American MH and RV portfolio. We intend to continue to utilize the cash proceeds from the Park Holidays Sale primarily to repurchase shares, pay down debt, and for general corporate purposes. Subsequent to the closing of the Park Holidays Sale, the majority of our total NOI is generated by Real Property NOI from properties located within the U.S.

Previous wording

In addition to the results reported in accordance with GAAP in our "Results of Operations" below, we have provided information regarding NOI and funds from operations ("FFO") as supplemental performance measures. We believe NOI and FFO are appropriate measures given their wide use by and relevance to investors and analysts following the real estate industry. NOI provides a measure of rental operations and does not factor in depreciation, amortization, and non-property specific expenses such as general and administrative expenses. FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation / amortization of real estate assets. In addition, NOI, and FFO are commonly used in various ratios, pricing multiples / yields and returns, and valuation calculations used to measure financial position, performance, and value.

Current wording

In addition to the results reported in accordance with GAAP in our “Results of Operations” below, we have provided information regarding NOI and funds from operations (“FFO”) as supplemental performance measures. We believe NOI and FFO are appropriate measures given their wide use by and relevance to investors and analysts following the real estate industry. NOI provides a measure of rental operations and does not factor in depreciation, amortization, and non-property specific expenses such as general and administrative expenses. FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation / amortization of real estate assets. In addition, NOI, and FFO are commonly used in various ratios, pricing multiples / yields and returns, and valuation calculations that measure financial position, performance, and value.

Previous wording

Same Property NOI - This is a key management tool used when evaluating the performance and growth of our Same Property portfolio. We define same properties as those we have owned and operated continuously since January 1, 2025. Same properties exclude ground-up development properties, acquired properties, properties classified as discontinued operations, properties impacted by catastrophic weather events, and properties sold after December 31, 2024. The Same Property data may change from time-to-time depending on acquisitions, dispositions, management discretion, significant transactions, or unique situations. Same Property NOI does not include the revenues and expenses related to home sales and ancillary activities at the properties. We believe that Same Property NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the Same Property portfolio from one period to the next.

Current wording

Same Property NOI - This is a key management tool used when evaluating the performance and growth of our Same Property portfolio. We define same properties as those we have owned and operated continuously since January 1, 2025. Same properties exclude ground-up development properties, acquired properties, properties classified as discontinued operations, properties impacted by catastrophic weather events, and properties sold after December 31, 2024. The Same Property data may change from time-to-time depending on acquisitions, dispositions, management discretion, significant transactions, or other unique situations. Same Property NOI does not include the revenues and expenses related to home sales and ancillary activities at the properties. We believe that Same Property NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the Same Property portfolio from one period to the next.

Previous wording

The following tables reconcile the Net income / (loss) attributable to SUI common shareholders to NOI and summarize our consolidated financial results for the three and six months ended June 30, 2026 and 2025 (in millions):

Current wording

The following tables reconcile the Net income / (loss) attributable to SUI common shareholders to NOI and summarize our consolidated financial results for the three and nine months ended September 30, 2026 and 2025 (in millions):

Previous wording

In the RV segment, certain properties maintain higher occupancy during the summer months, while other properties maintain higher occupancy during the winter months. Based on the location of our properties with transient RV sites, our portfolio generally produces higher revenues between April and September than between October and March. During the six months ended June 30, 2026, we recognized aggregate Real property - transient revenue from our RV segment of $28.9 million in the first quarter and $60.6 million in the second quarter.

Current wording

In the RV segment, certain properties maintain higher occupancy during the summer months, while other properties maintain higher occupancy during the winter months. Properties may also have varying mixes of transient and annual sites. Based on the location of our properties with transient RV sites, our portfolio generally produces higher revenues between April and September than between October and March. During the nine months ended September 30, 2026, we recognized aggregate Real property - transient revenue from our RV segment of $28.4 million in the first quarter, $60.4 million in the second quarter, and $103.4 million in the third quarter.

Previous wording

The following tables reflect certain financial and other information for our real estate operations by segment as of and for the three and six months ended June 30, 2026 and 2025 (in millions, except for statistical information).

Current wording

The following tables reflect certain financial and other information for our real estate operations by segment as of and for the three and nine months ended September 30, 2026 and 2025 (in millions, except for statistical information).

Previous wording

(1) MH annual sites included 13,130 and 11,567 rental homes in our rental program as of June 30, 2026 and 2025, respectively. Our gross investment in occupied rental homes at June 30, 2026 was $979.3 million, an increase of 20.5% from $812.5 million at June 30, 2025.

Current wording

(1) MH annual sites included 13,381 and 11,856 rental homes in our rental program as of September 30, 2026 and 2025, respectively. Our gross investment in occupied rental homes at September 30, 2026 was $1.0 billion, an increase of 16.3% from $863.4 million at September 30, 2025.

Previous wording

For the three months ended June 30, 2026, the $19.2 million, or 8.0% increase in Real Property NOI as compared to the same period in 2025, consists of an increase of $14.8 million from Same Property MH NOI, an NOI increase of $4.7 million, net from other recently acquired or developed properties and other items, partially offset by a decrease of $0.4 million from Same Property RV NOI.

Current wording

For the three months ended September 30, 2026, the $15.3 million, or 5.3% increase in Real Property NOI as compared to the same period in 2025 was driven by increases in Same Property MH NOI of $11.8 million, $4.9 million from properties recently acquired or developed and other items not included in Same Property NOI, partially offset by a decrease of $1.4 million from Same Property RV NOI.

Previous wording

For the six months ended June 30, 2026, the $38.3 million, or 8.3% increase in Real Property NOI as compared to the same period in 2025, consists of an increase of $25.7 million from Same Property MH NOI, an increase of $2.3 million from Same Property RV NOI, and an NOI increase of $10.2 million, net from other recently acquired or developed properties and other items.

Current wording

For the nine months ended September 30, 2026, the $53.6 million, or 7.2% increase in Real Property NOI as compared to the same period in 2025, was driven by an increase of $37.5 million from Same Property MH NOI, an increase of $0.9 million from Same Property RV NOI, and $15.2 million from properties recently acquired or developed and other items not included in Same Property NOI.

Previous wording

The following tables reflect certain financial and other information for our Same Property MH and RV portfolios as of and for the three and six months ended June 30, 2026 and 2025 (in millions, except for statistical information):

Current wording

The following tables reflect certain financial and other information for our Same Property MH and RV portfolios as of and for the three and nine months ended September 30, 2026 and 2025 (in millions, except for statistical information):

Previous wording

(1) Same Property adjusted blended occupancy for MH and RV combined was 98.8% at June 30, 2026, down 10 basis points from 98.9% at June 30, 2025. Same Property blended occupancy for MH and RV was 98.3% at June 30, 2026, up 30 basis points from 98.0% at June 30, 2025.

Current wording

(1) Same Property blended occupancy for MH and RV declined by 10 basis points to 98.3% at September 30, 2026, from 98.4% at September 30, 2025. Adjusting for recently delivered and vacant expansion sites, Same Property adjusted blended occupancy for MH and RV declined by 50 basis points to 98.8% at September 30, 2026, from 99.3% at September 30, 2025.

Previous wording

•The MH segment increase in NOI of $14.8 million, or 8.8%, when compared to the same period in 2025 is primarily due to an increase in Real property (excluding transient) revenue of $14.4 million, or 6.2% and NOI outperformance in our Rental Program. Real property (excluding transient) revenue increased primarily due to a 4.9% increase in monthly base rent and occupancy gains on a year-over-year basis.

Current wording

•The MH segment increase in NOI of $11.8 million, or 6.9%, when compared to the same period in 2025 is primarily due to an increase in Real property revenue of $13.5 million, or 5.8% and NOI outperformance in our Rental Program. Real property revenue increased primarily due to a 5.2% increase in monthly base rent.

Previous wording

•The RV segment decrease in NOI of $0.4 million, or 0.7%, when compared to the same period in 2025 is primarily due to a decrease in Transient revenue of $2.9 million, or 4.8% and an increase in Same Property operating expenses of $0.5 million, or 0.8%, partially offset by an increase in Real property (excluding transient) revenue of $3.0 million, or 3.8%. The increase in Same Property operating expenses was primarily due to an increase in supplies and repairs expense.

Current wording

•The RV segment decrease in NOI of $1.4 million, or 1.3%, when compared to the same period in 2025 is primarily due to a decrease in Transient revenue of $1.0 million, or 1.1% and an increase in Same Property operating expenses of $2.5 million, or 3.2%, partially offset by an increase in Real property (excluding transient) revenue of $2.1 million, or 2.4%. The increase in Same Property operating expenses was primarily due to an increase in supplies and repairs expense.

Previous wording

•The MH segment increase in NOI of $25.7 million, or 7.5%, when compared to the same period in 2025 is primarily due to an increase in Real property (excluding transient) revenue of $29.6 million, or 6.4% and NOI outperformance in our Rental Program, partially offset by an increase in Same Property operating expenses of $3.9 million, or 3.3%. Real property (excluding transient) revenue increased primarily due to a 4.9% increase in monthly base rent and occupancy gains on a year-over-year basis.

Current wording

•The MH segment increase in NOI of $37.5 million, or 7.3%, when compared to the same period in 2025 is primarily due to an increase in Real property revenue of $43.1 million, or 6.2% and NOI outperformance in our Rental Program, partially offset by an increase in Same Property operating expenses of $5.6 million, or 3.1%. Real property revenue increased primarily due to a 5.2% increase in monthly base rent.

Previous wording

•The RV segment increase in NOI of $2.3 million, or 2.0%, when compared to the same period in 2025 is primarily due to an increase in Real property (excluding transient) revenue of $7.2 million, or 5.0%, partially offset by an increase in Same Property operating expenses of $1.5 million, or 1.3%. The increase in Real property (excluding transient) revenue was primarily due to a 3.2% increase in monthly base rent. The increase in Same Property operating expenses was primarily due to increases in supplies and repairs expense and utilities expense, net of reimbursements.

Current wording

•The RV segment increase in NOI of $0.9 million, or 0.4%, when compared to the same period in 2025 is primarily due to an increase in Real property (excluding transient) revenue of $9.3 million, or 4.0%, partially offset by an increase in Same Property operating expenses of $3.9 million, or 2.1%. The increase in Real property (excluding transient) revenue was primarily due to a 3.9% increase in monthly base rent. The increase in Same Property operating expenses was primarily due to increases in supplies and repairs expense and utilities expense, net of reimbursements.

Previous wording

The following table reflects certain financial and statistical information for our home sales program for the three and six months ended June 30, 2026 and 2025 (in millions, except for average selling price and statistical information):

Current wording

The following table reflects certain financial and statistical information for our home sales program for the three and nine months ended September 30, 2026 and 2025 (in millions, except for average selling price and statistical information):

Previous wording

The following table summarizes other income and expenses for the three and six months ended June 30, 2026 and 2025 (in millions):

Current wording

The following table summarizes other income and expenses for the three and nine months ended September 30, 2026 and 2025 (in millions):

Previous wording

Interest income - for the three and six months ended June 30, 2026, decreased due to a lower cash balance in 2026 after deploying cash to acquire new properties, pay down debt, and repurchase shares of our common stock. Refer to Note 7, "Debt and Line of Credit," and Note 8, "Equity and Temporary Equity," in our accompanying Condensed Consolidated Financial Statements for additional information.

Current wording

Interest income - for the three and nine months ended September 30, 2026, decreased due to a lower cash balance in 2026 after deploying cash to acquire new properties, pay down debt, and repurchase shares of our common stock. Refer to Note 7, “Debt and Line of Credit,” and Note 8, “Equity and Temporary Equity,” in our accompanying Condensed Consolidated Financial Statements for additional information.

Previous wording

Brokerage commissions and other, net - for the three and six months ended June 30, 2026, decreased primarily due to the receipt of business interruption insurance proceeds from properties impacted by Hurricane Ian in 2025, that did not recur in the current period.

Current wording

Brokerage commissions and other, net - for the nine months ended September 30, 2026, decreased primarily due to the receipt of business interruption insurance proceeds of $10.7 million from properties impacted by Hurricane Ian in 2025, that did not recur in the current period.

Previous wording

Asset impairments - for the three and six months ended June 30, 2026, decreased due to asset impairment charges of $32.2 million related to three RV properties in 2025 as compared to asset impairment charges of $14.1 million at two MH and RV land development parcels in 2026. Refer to Note 13, "Fair Value Measurements," in our accompanying Condensed Consolidated Financial Statements for additional information.

Current wording

Asset impairments - for the three and nine months ended September 30, 2026, decreased due to asset impairment charges at 16 properties in the U.S. and Canada in 2025 as compared to asset impairment charges at two MH and RV land development parcels and one RV property in 2026. Refer to Note 13, “Fair Value Measurements,” in our accompanying Condensed Consolidated Financial Statements for additional information.

Previous wording

Loss on extinguishment of debt - for the three and six months ended June 30, 2026, decreased due to the recognition of early extinguishment premiums related to the settlement of $3.2 billion of debt obligations in 2025 that did not recur in 2026.

Current wording

Loss on extinguishment of debt - for the nine months ended September 30, 2026, decreased due to the recognition of early extinguishment premiums of $102.4 million related to the early redemption of $3.2 billion of debt obligations in 2025, compared to early extinguishment premiums of $0.1 million related to the early redemption of one mortgage term loan in 2026.

Previous wording

Interest expense- for the three and six months ended June 30, 2026, decreased primarily due to the settlement of $3.2 billion in debt obligations in 2025 using proceeds generated from the Safe Harbor Sale.

Current wording

Interest expense- for the nine months ended September 30, 2026, decreased primarily due to the early redemption of $3.2 billion in debt obligations in 2025 using proceeds generated from the Safe Harbor Sale.

Previous wording

Gain / (loss) on foreign currency exchanges - for the three and six months ended June 30, 2026, was a gain of $13.3 million and loss of $10.6 million, respectively, as compared to a gain of $39.4 million and $48.1 million, respectively, during the same periods in 2025, primarily due to the fluctuation of the U.S. dollar versus the British pound sterling.

Current wording

Gain / (loss) on foreign currency exchanges - for the three and nine months ended September 30, 2026, was a gain of $0.7 million and loss of $9.9 million, respectively, as compared to a loss of $22.6 million and gain of $25.5 million, respectively, during the same periods in 2025, primarily due to the fluctuation of the U.S. dollar versus the British pound sterling.

Previous wording

Loss on dispositions of properties, net - for the three and six months ended June 30, 2026, increased due to a loss of $22.0 million for the three months ended June 30, 2026, primarily driven by the disposition of a portfolio of five RV properties that we operated in joint ventures. Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Condensed Consolidated Financial Statements for additional information.

Current wording

Gain / (loss) on disposition of properties - for the three months ended September 30, 2026, was a gain of $28.9 million, as compared to a loss of $1.0 million during the same period in 2025, primarily due to the disposition of a portfolio of three RV properties in Florida in 2026. Refer to Note 3, “Real Estate Acquisitions and Dispositions,” in our accompanying Condensed Consolidated Financial Statements for additional information.

Previous wording

Income from nonconsolidated affiliates - for the three and six months ended June 30, 2026, was income of $6.1 million and $12.2 million, respectively, as compared to income of $3.8 million and $6.8 million, respectively, during the same periods in 2025, primarily due to the improved performance of our Sungenia JV. Refer to Note 6, "Investments in Nonconsolidated Affiliates," in our accompanying Condensed Consolidated Financial Statements for additional information.

Current wording

Income from nonconsolidated affiliates - for the three and nine months ended September 30, 2026, was income of $7.4 million and $19.6 million, respectively, as compared to income of $4.3 million and $11.1 million, respectively, during the same periods in 2025, primarily due to the improved performance of our Sungenia JV. Refer to Note 6, “Investments in Nonconsolidated Affiliates,” in our accompanying Condensed Consolidated Financial Statements for additional information.

Previous wording

Income / (loss) from discontinued operations, net - for the three months ended June 30, 2026, was a loss of $1.1 billion, as compared to a gain of $1.4 billion in the same period in 2025, primarily due to a valuation allowance charge to adjust our UK assets to estimated fair value less costs to sell in 2026, as compared to a $1.4 billion gain recognized on the initial closing of the Safe Harbor Sale during the same period in 2025.

Current wording

Income / (loss) from discontinued operations, net - for the three and nine months ended September 30, 2026, was a loss of $9.3 million and $1.1 billion, respectively, as compared to a gain of $64.0 million and $1.4 billion, respectively, in the same period in 2025, primarily due to a valuation allowance charge to adjust the assets of the former UK business to estimated fair value less costs to sell in 2026, as compared to a $1.4 billion gain recognized on the closing of the Safe Harbor Sale during the same period in 2025. Refer to Note 2, “Discontinued Operations,” in our accompanying Condensed Consolidated Financial Statements for additional information.

Previous wording

The following table reconciles Net income / (loss) attributable to SUI common shareholders to FFO for the three and six months ended June 30, 2026 and 2025 (in millions, except for per share amounts):

Current wording

The following table reconciles Net income / (loss) attributable to SUI common shareholders to FFO for the three and nine months ended September 30, 2026 and 2025 (in millions, except for per share amounts):

Previous wording

(1)Assumes full conversion of all equity participating units, including common and preferred OP units, into our common stock, and has no material impact on previously reported results.

Current wording

(1)Assumes full conversion of all equity participating units, including common and preferred OP units, into our common stock.

Previous wording

(2)These costs represent (i) nonrecurring integration expenses associated with acquisitions during the three and six months ended June 30, 2026 and 2025, (ii) costs associated with potential acquisitions that will not close, (iii) expenses incurred to bring recently acquired properties up to our operating standards, including items such as tree trimming and painting costs that do not meet our capitalization policy. Acquisition and other transaction costs - discontinued operations primarily represent non-recurring costs directly attributable to the Park Holidays Sale and the Safe Harbor Sale.

Current wording

(2)These costs represent (i) nonrecurring integration expenses associated with acquisitions during the three and nine months ended September 30, 2026 and 2025, (ii) costs associated with potential acquisitions that will not close, (iii) expenses incurred to bring recently acquired properties up to our operating standards, including items such as tree trimming and painting costs that do not meet our capitalization policy. Acquisition and other transaction costs - discontinued operations primarily represent non-recurring costs directly attributable to the Park Holidays Sale and the Safe Harbor Sale.

Previous wording

(4)Other adjustments, net - continuing operations relates primarily to accelerated deferred compensation expense during the three and six months ended June 30, 2026; a contingent consideration gain and severance costs during the six months ended June 30, 2026; and cash flow hedge gains from debt extinguishments and a contingent consideration gain during the six months ended June 30, 2025, and Other adjustments, net - discontinued operations relates primarily to long-term lease termination losses and gains during the three and six months ended June 30, 2026 and 2025, respectively.

Current wording

(4)Other adjustments, net - continuing operations relates primarily to accelerated deferred compensation expense during the nine months ended September 30, 2026; gains on insurance recoveries and severance costs during the three and nine months ended September 30, 2026; and cash flow hedge gains from debt extinguishments and a contingent consideration gain during the nine months ended September 30, 2025, and Other adjustments, net - discontinued operations relates primarily to long-term lease termination losses and gains during the three and nine months ended September 30, 2026 and 2025, respectively.

Previous wording

(5)FFO and Core FFO include discontinued operations activity of $17.7 million or $0.14 per Share, and $30.0 million or $0.24 per Share, respectively, during the three months ended June 30, 2026, and $57.2 million or $0.43 per Share, and $51.1 million or $0.39 per Share, respectively, during the three months ended June 30, 2025.

Current wording

(5)FFO and Core FFO include discontinued operations activity of $36.3 million or $0.29 per share, and $40.5 million or $0.32 per share, respectively, during the three months ended September 30, 2026, and $59.9 million or $0.46 per share, and $40.5 million or $0.31 per share, respectively, during the three months ended September 30, 2025.

Previous wording

(6) FFO and Core FFO include discontinued operations activity of $3.6 million or $0.03 per Share, and $35.7 million or $0.28 per Share, respectively, during the six months ended June 30, 2026, and $84.1 million or $0.64 per Share, and $102.7 million or $0.78 per Share, respectively, during six months ended June 30, 2025.

Current wording

(6) FFO and Core FFO include discontinued operations activity of $39.9 million or $0.31 per share, and $76.3 million or $0.60 per share, respectively, during the nine months ended September 30, 2026, and $143.9 million or $1.10 per share, and $143.1 million or $1.09 per share, respectively, during the nine months ended September 30, 2025.

Previous wording

Our principal short-term liquidity demands are expected to consist of distributions to our shareholders and the unit holders of the Operating Partnership through cash distributions and share repurchases, property acquisitions, development and expansion of our properties, capital improvement of our properties, and the purchase of new and pre-owned homes. We intend to meet our short-term liquidity requirements through available cash balances, cash flow generated from operations, draws on our Senior Credit Facility, and the use of debt and equity offerings under our shelf registration statement.

Current wording

Our principal short-term liquidity demands are expected to consist of distributions to our shareholders and the unit holders of the Operating Partnership through cash distributions and share repurchases, property acquisitions, development and expansion of our properties, capital improvement of our properties, and the purchase of new and pre-owned homes. We intend to meet our short-term liquidity requirements through available cash balances, cash flow generated from operations, cash generated from the Park Holidays Sale, draws on our Senior Credit Facility, and the use of debt and equity offerings under our shelf registration statement.

Previous wording

•Repurchased 1.4 million shares of our common stock at an average cost of $124.39 per share for a total of $171.2 million.

Current wording

•Repurchased 3.8 million shares of our common stock at an average cost of $121.09 per share for a total of $464.5 million.

Previous wording

•Repaid two mortgage term loans of $177.9 million, which were secured by seven properties.

Current wording

•Repaid five mortgage term loans of $444.5 million, which were secured by 24 properties.

Previous wording

Subject to market conditions, we intend to selectively identify opportunities to acquire existing properties and expand our development pipeline. We finance acquisitions through available cash, secured financing, draws on our Senior Credit Facility, the assumption of existing debt on properties, and the issuance of debt and equity securities. As of June 30, 2026, we had allocated restricted cash of $9.7 million into 1031 exchange escrow accounts to fund potential future MH and RV acquisitions. Given the higher interest rate environment, we continue to selectively pursue acquisition and development opportunities that meet our underwriting criteria. Refer to Note 3, "Real Estate Acquisitions and Dispositions," in our accompanying Condensed Consolidated Financial Statements for additional details on acquisitions and dispositions completed to date.

Current wording

Subject to market conditions, and given the higher interest rate environment, we intend to selectively identify opportunities to acquire existing properties and expand our development pipeline. We finance acquisitions through available cash, secured financing, draws on our Senior Credit Facility, the assumption of existing debt on properties, and the issuance of debt and equity securities. Refer to Note 3, “Real Estate Acquisitions and Dispositions,” in our accompanying Condensed Consolidated Financial Statements for additional details on acquisitions and dispositions completed to date.

Previous wording

Cash, cash equivalents and restricted cash decreased by $441.5 million from $606.7 million as of December 31, 2025, to $165.2 million as of June 30, 2026.

Current wording

Cash, cash equivalents and restricted cash for continuing operations increased by $92.6 million from $606.7 million as of December 31, 2025, to $699.3 million as of September 30, 2026.