Sun Communities, Inc.

Sun Communities, Inc. ( SUI ) Q3 2026 Earnings Call October 27, 2026 11:00 AM EDT Company Participants Charles Young - CEO & Director John McLaren - President & COO Robert Garechana - Executive VP, CFO & Treasurer Aaron Weiss - Executive VP & Chief Investment Officer Conference Call Participants James Feldman - Wells Fargo Securities, LLC, Research Division Michael Goldsmith - UBS Investment Bank, Research Division Brad Heffern - RBC Capital Markets, Research Division Steve Sakwa - Evercore ISI Institutional Equities, Research Division Nicholas Joseph - Citigroup Inc., Research Division Jana Galan - BofA Securities, Research Division Jason Wayne - Barclays Bank PLC, Research Division John Kim - BMO Capital Markets Equity Research Adam Kramer - Morgan Stanley, Research Division Peter Abramowitz - Deutsche Bank AG, Research Division John Pawlowski - Green Street Advisors, LLC, Research Division Wesley Golladay - Robert W. Baird & Co. Incorporated, Research Division Presentation Operator Good morning, ladies and gentlemen.

Net Income per Diluted Share of $1.00 for the Quarter, inclusive of a Net Loss from Discontinued Operations

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Valuations seemed much more favorable for international property companies, particularly in comparison to some of the larger U.S. companies involved with senior housing and data centers. Along these lines, the Fund initiated positions in the common stock of Scentre Group and Home Depot during the quarter. Third Avenue Real Estate Value Fund trimmed back WESCO and Freddie Mac preferred, exited D.R. Horton, and extended its British Pound and Hong Kong Dollar hedges for portfolio management purposes.