Author: Ravi Shankar

CINCINNATI, Oct. 26, 2026 (GLOBE NEWSWIRE) — Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the “Company”), one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers, today reported financial and operating results for the period ended September 30, 2026 and provided updated 2026 earnings guidance. For the three and nine months ended September 30, 2026, net income attributable to stockholders was $62.7 million, or $0.49 per diluted share, and $134.2 million, or $1.05 per diluted share, respectively.

Highlights for the Third Quarter

• Reported Nareit FFO of $0.69 per diluted share, representing 7.8% year-over-year growth
• Reported Core FFO of $0.71 per diluted share, representing 9.2% year-over-year growth
• Increased same-center NOI year-over-year by 5.3%
• The increased midpoint of full year 2026 Nareit FFO per diluted share guidance of $2.70 represents 6.3% year-over-year growth
• The increased midpoint of full year 2026 Core FFO per diluted share guidance of $2.77 represents 6.5% year-over-year growth
• The increased midpoint of full year 2026 same-center NOI guidance represents 3.75% year-over-year growth
• Full year 2026 gross acquisitions guidance reflects a range of $600 million to $700 million
• Acquired two grocery-anchored shopping centers, one Everyday Retail™ center and land parcels for a total of $181.8 million and sold $87.1 million in assets
• Reported strong leased portfolio occupancy of 97.5% and same-center leased portfolio occupancy of 97.8%
• Reported leased anchor occupancy of 99.0% and same-center leased anchor occupancy of 99.2%
• Reported leased inline occupancy of 95.1% and same-center leased inline occupancy of 95.4%
• Executed comparable portfolio new and inline leases at a rent spread of 26.3% during the quarter
• Executed comparable portfolio renewal leases at a record rent spread of 25.2% and comparable inline renewal leases at a record-high rent spread of 24.2% during the quarter
• Generated net proceeds of $6.4 million through the issuance of 0.2 million common shares at a gross weighted average price of $42.20 per common share through PECO’s ATM program
• Trailing 12-month net debt to annualized adjusted EBITDAre at September 30, 2026 was 5.2x

Subsequent Highlights

• Acquired two grocery-anchored shopping centers for $59.4 million at PECO’s total prorated share and sold a land parcel for $0.9 million
• Year to date through October 26, 2026, acquired $519.1 million in assets at PECO’s total prorated share and sold $174.8 million in assets
• Expanded and extended by 10 years the joint venture partnership with Northwestern Mutual to acquire 13 high-quality, grocery-anchored shopping centers valued at approximately $377.5 million and currently owned and operated by PECO across eight states
• Closed on a new $350 million unsecured term loan with a portion of proceeds used to pay down the $162 million term loan due January 2027, lowering the interest rate by approximately 30 basis points

Management Commentary

Jeff Edison, Chairman and Chief Executive Officer of PECO stated: “PECO delivered another quarter of strong financial results, and the operating environment remains solid. Our record renewal rent spreads and high occupancy showcase the strength of PECO’s operating engine. PECO combines right-sized and well-located, grocery-anchored neighborhood shopping centers that support successful necessity-based retailers with a team that converts retailer demand into durable internal growth.”

Edison added: “We continue to match fund our external growth by selling stabilized centers and investing in centers with greater growth potential. Our leasing relationships, operating platform and market data give us a meaningful advantage when executing acquisitions. The embedded growth, together with our disciplined approach to investing, position PECO well for 2027 and beyond.”

Financial Results

Net Income

Third quarter 2026 net income attributable to stockholders totaled $62.7 million, or $0.49 per diluted share, compared to net income of $24.7 million, or $0.20 per diluted share, during the third quarter of 2025.

For the nine months ended September 30, 2026, net income attributable to stockholders totaled $134.2 million, or $1.05 per diluted share, compared to net income of $63.8 million, or $0.51 per diluted share, for the same period in 2025.

Nareit FFO

Third quarter 2026 funds from operations attributable to stockholders and operating partnership (“OP”) unit holders as defined by Nareit (“Nareit FFO”) increased 9.8% to $98.0 million, or $0.69 per diluted share, compared to $89.3 million, or $0.64 per diluted share, during the third quarter of 2025.

For the nine months ended September 30, 2026, Nareit FFO increased 7.7% to $284.6 million, or $2.03 per diluted share, compared to $264.3 million, or $1.90 per diluted share, during the same period in 2025.

Core FFO

Third quarter 2026 core funds from operations attributable to stockholders and OP unit holders (“Core FFO”) increased 11.3% to $100.7 million, or $0.71 per diluted share, compared to $90.6 million, or $0.65 per diluted share, during the third quarter of 2025.

For the nine months ended September 30, 2026, Core FFO increased 8.6% to $292.6 million, or $2.09 per diluted share, compared to $269.5 million, or $1.94 per diluted share, for the same period in 2025.

Same-Center NOI

Third quarter 2026 same-center net operating income (“NOI”) increased 5.3% to $122.4 million, compared to $116.2 million during the third quarter of 2025.

For the nine months ended September 30, 2026, same-center NOI increased 4.3% to $361.8 million, compared to $346.9 million during the same period in 2025.

Portfolio Overview

Portfolio Statistics

As of September 30, 2026, PECO’s wholly-owned portfolio consisted of 300 properties, totaling approximately 33.9 million square feet, located in 31 states. This compared to 303 properties, totaling approximately 34.0 million square feet, located in 31 states as of September 30, 2025.

Leased portfolio occupancy was 97.5% as of September 30, 2026, compared to 97.6% as of September 30, 2025. Same-center leased portfolio occupancy was 97.8% as of September 30, 2026 and 2025.

Leased anchor occupancy was 99.0% as of September 30, 2026, compared to 99.2% as of September 30, 2025. Same-center leased anchor occupancy was 99.2% as of September 30, 2026, compared to 99.4% as of September 30, 2025.

Leased inline occupancy was 95.1% as of September 30, 2026, compared to 94.8% as of September 30, 2025. Same-center leased inline occupancy was 95.4% as of September 30, 2026, compared to 95.0% as of September 30, 2025.

Leasing Activity

During the third quarter of 2026, 238 leases were executed totaling approximately 1.1 million square feet. This compared to 270 leases executed totaling approximately 1.7 million square feet during the third quarter of 2025.

For the nine months ended September 30, 2026, 788 leases were executed totaling approximately 3.9 million square feet. This compared to 780 leases executed totaling approximately 4.6 million square feet during the same period in 2025.

During the third quarter of 2026, comparable rent spreads, which represent the percentage increase of a lease to the expiring lease of a unit that was occupied within the past twelve months, were a record-high 25.2% for renewal leases, 26.3% for new leases and 25.5% combined.

Comparable rent spreads during the nine months ended September 30, 2026 were 32.3% for new leases, 22.3% for renewal leases and 24.9% combined.

Transaction Activity – Wholly-Owned

During the third quarter of 2026, the Company acquired $181.8 million in assets, which included three shopping centers and land parcels. The Company expects to drive value in these assets through occupancy increases and rent growth, as well as potential future development of ground-up outparcel retail spaces.

The third quarter 2026 acquisitions included:

• South Shore Commons, a 157,574 square foot Everyday Retail™ center located in Staten Island, New York.
• Alafaya Square, a 168,532 square foot shopping center anchored by Publix located in an Orlando, Florida suburb.
• Easton Commons, a 203,728 square foot shopping center anchored by Kroger located in a Houston, Texas suburb.

During the same period, the Company sold $87.1 million in assets, which included five shopping centers and a land parcel.

For the nine months ended September 30, 2026, the Company acquired $448.7 million in assets, which included 13 shopping centers and land parcels. During the same period, $174.0 million in assets were sold, which included nine shopping centers and land parcels.

Subsequent to quarter end, the Company acquired $52.8 million in assets, which included:

• Rice Lake Square, a 258,525 square foot shopping center anchored by Pete’s Fresh Market located in a Chicago, Illinois suburb.

Subsequent to quarter end, the Company sold a land parcel for $0.9 million.

Transaction Activity – Joint Venture

For the nine months ended September 30, 2026, the Company acquired $11.0 million in assets at PECO’s total prorated share, which included one shopping center and one outparcel.

Subsequent to quarter end, the Company acquired $6.6 million in assets at PECO’s total prorated share, which included:

• Memorial Commons, a 111,022 square foot shopping center anchored by Harris Teeter located in a Charlotte, North Carolina suburb, acquired through Neighborhood Grocery Catalyst Fund LLC.

The Company previously announced on October 1, 2026 an amended and restated joint venture partnership with Northwestern Mutual, one of the largest commercial real estate mortgage and equity investors in the U.S., which extends the term of the venture, Grocery Retail Partners I LLC (“GRP I”), by 10 years to 2036. The expanded joint venture will acquire 13 high-quality, grocery-anchored shopping centers currently owned and operated by PECO across eight states. Northwestern Mutual and PECO will retain approximately 86% and 14% interest in the joint venture, respectively. PECO will continue to provide leasing, asset management and property management services for the joint venture, in addition to earning recurring fees related to these services.

Balance Sheet Highlights

Subsequent to quarter end, the Company closed on a new $350 million unsecured term loan facility. The term loan facility has a three-year term maturing on October 23, 2029 and will initially bear interest at an annual rate of SOFR plus 0.80%, with future pricing subject to adjustment based on the Company’s credit ratings and leverage ratio. Phillips Edison Grocery Center Operating Partnership I, L.P., a subsidiary of the Company and the borrower under the term loan facility (the “Borrower”), borrowed $175 million of the term loan facility at closing with the remaining $175 million available to draw on or before April 21, 2027. The term loan also has an uncommitted accordion feature allowing the Borrower to borrow up to an additional $450 million of term loans, for total term loans of up to $800 million. The Borrower has the ability to prepay the term loan under the facility without premium or penalty any time prior to maturity. Proceeds from the initial $175 million borrowing were used to pay down the Borrower’s outstanding $161.8 million term loan along with outstanding balances under its $1 billion revolving credit facility.

As of September 30, 2026, the Company had approximately $762 million of total liquidity, comprised of $17.9 million of cash, cash equivalents and restricted cash, plus $744.3 million of borrowing capacity available on its $1.0 billion revolving credit facility. Pro forma for the new $350 million unsecured term loan, the Company had approximately $950 million of total liquidity.

As of September 30, 2026, the Company’s net debt to adjusted EBITDAre was 5.2x on a trailing twelve month basis and 5.0x on a current quarter annualized basis, which compares to 5.2x and 5.1x, respectively, as of December 31, 2025. As of September 30, 2026, the Company’s outstanding debt had a weighted-average interest rate of 4.5% and a weighted-average maturity of 5.3 years when including all extension options, and 85.2% of the Company’s total debt was fixed-rate debt, which includes PECO’s total prorated share of debt for its joint ventures.

During the third quarter of 2026, the Company generated net proceeds of $6.4 million through the issuance of 0.2 million common shares at a gross weighted average price of $42.20 per common share through PECO’s ATM program. For the nine months ended September 30, 2026, the Company generated net proceeds of $91.7 million through the issuance of 2.2 million common shares at a gross weighted average price of $42.07 per common share through PECO’s ATM program.

The Company’s interest rate swap with a notional value of $200 million and a fixed rate of 3.359% expired on September 1, 2026.

2026 Guidance and Expectations

PECO updated its 2026 earnings guidance and expectations, as summarized in the table below, which is based upon the Company’s current view of existing market conditions and assumptions for the year ending December 31, 2026. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Forward-Looking Statements” below.

(in thousands, except per share amounts)	Q3 2026 YTD		Updated Full Year 2026 Guidance and Expectations		Previous Full Year 2026 Guidance and Expectations
Net income per share – diluted	$1.05		$1.21 – $1.24		$0.95 – $0.97
Nareit FFO per share – diluted	$2.03		$2.68 – $2.72		$2.67 – $2.72
Core FFO per share – diluted	$2.09		$2.75 – $2.79		$2.73 – $2.79
Same-Center NOI growth	4.3%		3.50% – 4.00%		3.40% – 4.00%
Portfolio Activity:
Acquisitions, gross(1)	$459,705		$600,000 – $700,000		$600,000 – $700,000
Dispositions	$173,994		$175,000 – $210,000		$200,000 – $250,000
Contributions to joint ventures, net(2)	$—		$200,000 – $250,000		$200,000 – $250,000
Other:
Interest expense, net	$87,284		$116,000 – $120,000		$117,000 – $127,000
G&A expense	$37,424		$51,000 – $53,000		$49,000 – $53,000
Non-cash revenue items(3)	$17,158		$22,000 – $24,000		$21,000 – $23,000
Adjustments for collectibility	$3,773		$4,500 – $6,000		$4,000 – $7,000

⁽¹⁾   Includes the prorated portion owned through the Company’s unconsolidated joint ventures.
⁽²⁾   Subsequent to quarter end, contributions to Grocery Retail Partners I LLC were $138.6 million.
⁽³⁾   Represents straight-line rental income and net amortization of above- and below-market leases.

The Company does not provide a reconciliation for same-center NOI estimates on a forward-looking basis because it is unable to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to the Company’s results without unreasonable effort.

The following table provides a reconciliation of the range of the Company’s 2026 estimated net income to estimated Nareit FFO and Core FFO:

(Unaudited)	Low End				High End
Net income per share attributable to stockholders – diluted	$	1.21			$	1.24
Depreciation and amortization of real estate assets		1.90				1.91
Gain on disposal of property, net		(0.48	)			(0.48	)
Adjustments related to unconsolidated joint ventures		0.05				0.05
Nareit FFO attributable to stockholders and OP unit holders per share – diluted	$	2.68			$	2.72
Depreciation and amortization of corporate assets		0.01				0.01
Loss on extinguishment or modification of debt and other, net		0.01				0.01
Transaction costs and other		0.05				0.05
Core FFO attributable to stockholders and OP unit holders per share – diluted	$	2.75			$	2.79

Conference Call and Webcast Details

PECO will host a conference call and webcast on Tuesday, October 27, 2026 at 12:00 p.m. Eastern Time to discuss third quarter 2026 results and provide further business updates. Chairman and Chief Executive Officer Jeff Edison, President Bob Myers and Chief Financial Officer John Caulfield will host the conference call and webcast. Dial-in and webcast information is below.

Third Quarter 2026 Earnings Conference Call and Webcast Details:

Date: Tuesday, October 27, 2026
Time: 12:00 p.m. ET
Toll-Free Dial-In Number: (800) 715-9871
International Dial-In Number: (646) 307-1963
Conference ID: 4551083
Webcast: Third Quarter 2026 Webcast Link

Replay:

An audio replay will be available approximately one hour after the conclusion of the conference call using the webcast link above. The replay will be archived on PECO’s Investor Relations website under Events & Presentations.

For more information on the Company’s financial results, please refer to the Company’s Form 10-Q for the quarter ended September 30, 2026.

Connect with PECO

For additional information, please visit https://www.phillipsedison.com/  

Follow PECO on:

• X at https://x.com/PhillipsEdison
• LinkedIn at https://www.linkedin.com/company/phillipsedison&company

About Phillips Edison & Company

Phillips Edison & Company, Inc. (“PECO”) is one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers. Founded in 1991, PECO has generated strong results through its vertically-integrated operating platform and national footprint of well-occupied shopping centers. PECO’s centers feature a mix of national and regional retailers providing necessity-based goods and services in fundamentally strong markets throughout the United States. PECO’s top grocery anchors include Kroger, Publix, Albertsons and Ahold Delhaize. As of September 30, 2026, PECO managed 328 shopping centers, including 300 wholly-owned centers comprising 33.9 million square feet across 31 states and 28 shopping centers owned in three institutional joint ventures. PECO is focused on creating great grocery-anchored shopping experiences and improving communities, one neighborhood shopping center at a time.

PECO uses, and intends to continue to use, its Investors website, which can be found at https://investors.phillipsedison.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD.

PHILLIPS EDISON & COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2026 AND DECEMBER 31, 2025
(Condensed and Unaudited)
(In thousands, except per share amounts)

	September 30, 2026				December 31, 2025
ASSETS
Investment in real estate:
Land and improvements	$	1,988,992			$	1,963,735
Building and improvements		4,467,013				4,305,174
In-place lease assets		543,721				538,324
Above-market lease assets		82,600				77,551
Total investment in real estate assets		7,082,326				6,884,784
Accumulated depreciation and amortization		(2,026,479	)			(1,957,569	)
Net investment in real estate assets		5,055,847				4,927,215
Investment in unconsolidated joint ventures		47,252				42,561
Total investment in real estate assets, net		5,103,099				4,969,776
Cash and cash equivalents		8,903				3,544
Restricted cash		9,018				39,768
Goodwill		29,066				29,066
Other assets, net		248,820				244,284
Real estate investments and other assets held for sale		152,148				—
Total assets	$	5,551,054			$	5,286,438
LIABILITIES AND EQUITY
Liabilities:
Debt obligations, net	$	2,521,454			$	2,375,328
Below-market lease liabilities, net		138,387				118,356
Accounts payable and other liabilities		153,103				180,332
Deferred income		32,733				23,044
Liabilities of real estate investments held for sale		6,083				—
Total liabilities		2,851,760				2,697,060
Equity:
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and outstanding at September 30, 2026 and December 31, 2025		—				—
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 128,912 and 125,788 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively		1,289				1,258
Additional paid-in capital		3,778,531				3,664,205
Accumulated other comprehensive income		181				358
Accumulated deficit		(1,370,225	)			(1,379,252	)
Total stockholders’ equity		2,409,776				2,286,569
Noncontrolling interests		289,518				302,809
Total equity		2,699,294				2,589,378
Total liabilities and equity	$	5,551,054			$	5,286,438

PHILLIPS EDISON & COMPANY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
(Condensed and Unaudited)
(In thousands, except per share amounts)

	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenues:
Rental income	$	188,944			$	178,293			$	559,676			$	525,943
Fees and management income		3,464				3,274				10,963				9,373
Other property income		680				1,102				2,809				3,417
Total revenues		193,088				182,669				573,448				538,733
Operating Expenses:
Property operating		31,193				30,197				96,266				89,455
Real estate taxes		23,343				22,226				67,923				64,584
General and administrative		11,906				12,752				37,424				37,760
Depreciation and amortization		68,858				65,603				201,229				202,080
Total operating expenses		135,300				130,778				402,842				393,879
Other:
Interest expense, net		(28,118	)			(28,544	)			(87,284	)			(81,935	)
Gain on disposal of property, net		40,605				4,255				66,812				9,798
Other expense, net		(1,651	)			(374	)			(3,014	)			(2,344	)
Net income		68,624				27,228				147,120				70,373
Net income attributable to noncontrolling interests		(5,946	)			(2,543	)			(12,947	)			(6,595	)
Net income attributable to stockholders	$	62,678			$	24,685			$	134,173			$	63,778
Earnings per share of common stock:
Net income per share attributable to stockholders – basic	$	0.49			$	0.20			$	1.06			$	0.51
Net income per share attributable to stockholders – diluted	$	0.49			$	0.20			$	1.05			$	0.51

Discussion and Reconciliation of Non-GAAP Measures Same-Center Net Operating Income

The Company presents Same-Center NOI as a supplemental measure of its performance. The Company defines NOI as total operating revenues, adjusted to exclude non-cash revenue items and lease buyout income, less property operating expenses and real estate taxes. For the three and nine months ended September 30, 2026 and 2025, Same-Center NOI represents the NOI for the 275 properties that were wholly-owned for the entirety of both calendar year periods being compared. The Company believes Same-Center NOI provides useful information to its investors about its financial and operating performance because it provides a performance measure of the revenues and expenses directly involved in owning and operating real estate assets and provides a perspective not immediately apparent from net income (loss). Because Same-Center NOI excludes the change in NOI from properties acquired or disposed of after December 31, 2024, it highlights operating trends such as occupancy levels, rental rates, and operating costs for the Company’s same-center portfolio. Other REITs may use different methodologies for calculating Same-Center NOI, and accordingly, PECO’s Same-Center NOI may not be comparable to other REITs.

Same-Center NOI should not be viewed as an alternative measure of the Company’s financial performance as it does not reflect the operations of its entire portfolio, nor does it reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income (expense), or the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company’s properties that could materially impact its results from operations.

Nareit Funds from Operations and Core Funds from Operations

Nareit FFO is a non-GAAP financial performance measure that is widely recognized as a measure of REIT operating performance. The National Association of Real Estate Investment Trusts (“Nareit”) defines FFO as net income (loss) computed in accordance with GAAP, excluding: (i) gains (or losses) from sales of property and gains (or losses) from change in control; (ii) depreciation and amortization related to real estate; and (iii) impairment losses on real estate and impairments of in-substance real estate investments in investees that are driven by measurable decreases in the fair value of the depreciable real estate held by the unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect Nareit FFO on the same basis. The Company calculates Nareit FFO in a manner consistent with the Nareit definition.

Core FFO is an additional financial performance measure used by the Company as Nareit FFO includes certain non-comparable items that affect its performance over time. The Company believes that Core FFO is helpful in assisting management and investors with the assessment of the sustainability of operating performance in future periods, and that it is more reflective of its core operating performance and provides an additional measure to compare PECO’s performance across reporting periods on a consistent basis by excluding items that may cause short-term fluctuations in net income (loss). To arrive at Core FFO, the Company adjusts Nareit FFO to exclude certain recurring and non-recurring items including, but not limited to: (i) depreciation and amortization of corporate assets; (ii) changes in the fair value of the earn-out liability; (iii) adjustments related to its investments in unconsolidated joint ventures; (iv) gains or losses on the extinguishment or modification of debt and other; (v) other impairment charges; (vi) transaction and acquisition expenses; and (vii) realized performance income.

Nareit FFO and Core FFO should not be considered alternatives to net income (loss) under GAAP, as an indication of the Company’s liquidity, nor as an indication of funds available to cover its cash needs, including its ability to fund distributions. Core FFO may not be a useful measure of the impact of long-term operating performance on value if the Company does not continue to operate its business plan in the manner currently contemplated.

Accordingly, Nareit FFO and Core FFO should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. The Company’s Nareit FFO and Core FFO, as presented, may not be comparable to amounts calculated by other REITs.

Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate and Adjusted EBITDAre

Nareit defines Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (“EBITDAre”) as net income (loss) computed in accordance with GAAP before: (i) interest expense; (ii) income tax expense; (iii) depreciation and amortization; (iv) gains or losses from disposition of depreciable property; and (v) impairment write-downs of depreciable property. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect EBITDAre on the same basis.

Adjusted EBITDAre is an additional performance measure used by the Company as EBITDAre includes certain non-comparable items that affect the Company’s performance over time. To arrive at Adjusted EBITDAre, the Company excludes certain recurring and non-recurring items from EBITDAre, including, but not limited to: (i) changes in the fair value of the earn-out liability; (ii) other impairment charges; (iii) adjustments related to its investments in unconsolidated joint ventures; (iv) transaction and acquisition expenses; and (v) realized performance income.

The Company uses EBITDAre and Adjusted EBITDAre as additional measures of operating performance which allow it to compare earnings independent of capital structure, determine debt service and fixed cost coverage, and measure enterprise value. Additionally, the Company believes they are a useful indicator of its ability to support its debt obligations. EBITDAre and Adjusted EBITDAre should not be considered as alternatives to net income (loss), as an indication of the Company’s liquidity, nor as an indication of funds available to cover its cash needs, including its ability to fund distributions. Accordingly, EBITDAre and Adjusted EBITDAre should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. The Company’s EBITDAre and Adjusted EBITDAre, as presented, may not be comparable to amounts calculated by other REITs.

Same-Center Net Operating Income—The table below compares Same-Center NOI (dollars in thousands):

	Three Months Ended September 30,								Favorable (Unfavorable)							Nine Months Ended September 30,								Favorable (Unfavorable)
		2026				2025			$ Change				% Change				2026				2025			$ Change				% Change
Revenues:
Rental income(1)	$	126,692			$	121,549			$	5,143						$	376,284			$	363,146			$	13,138
Tenant recovery income		41,047				39,010				2,037							120,900				116,710				4,190
Reserves for uncollectibility(2)		(1,232	)			(1,265	)			33							(2,942	)			(3,884	)			942
Other property income		779				951				(172	)						2,390				2,974				(584	)
Total revenues		167,286				160,245				7,041			4.4	%			496,632				478,946				17,686			3.7	%
Operating expenses:
Property operating expenses		23,693				23,824				131							73,254				72,477				(777	)
Real estate taxes		21,222				20,259				(963	)						61,571				59,574				(1,997	)
Total operating expenses		44,915				44,083				(832	)		(1.9	)%			134,825				132,051				(2,774	)		(2.1	)%
Total Same-Center NOI	$	122,371			$	116,162			$	6,209			5.3	%		$	361,807			$	346,895			$	14,912			4.3	%

⁽¹⁾   Excludes straight-line rental income, net amortization of above- and below-market leases, and lease buyout income.
⁽²⁾   Includes billings that will not be recognized as revenue until cash is collected or the Neighbor resumes regular payments and/or the Company deems it appropriate to resume recording revenue on an accrual basis, rather than on a cash basis.

Same-Center Net Operating Income Reconciliation—Below is a reconciliation of Net Income to NOI and Same-Center NOI (in thousands):

	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net income	$	68,624			$	27,228			$	147,120			$	70,373
Adjusted to exclude:
Fees and management income		(3,464	)			(3,274	)			(10,963	)			(9,373	)
Straight-line rental income(1)		(3,335	)			(2,899	)			(9,477	)			(7,853	)
Net amortization of above- and below-market leases		(2,607	)			(2,204	)			(7,690	)			(6,276	)
Lease buyout income		(81	)			(144	)			(1,874	)			(2,062	)
General and administrative expenses		11,906				12,752				37,424				37,760
Depreciation and amortization		68,858				65,603				201,229				202,080
Interest expense, net		28,118				28,544				87,284				81,935
Gain on disposal of property, net		(40,605	)			(4,255	)			(66,812	)			(9,798	)
Other expense, net		1,651				374				3,014				2,344
Property operating expenses related to fees and management income		1,866				989				5,857				2,892
NOI for real estate investments		130,931				122,714				385,112				362,022
Less: Non-same-center NOI(2)		(8,560	)			(6,552	)			(23,305	)			(15,127	)
Total Same-Center NOI	$	122,371			$	116,162			$	361,807			$	346,895
Period-end Same-Center Leased Occupancy %										97.8	%			97.8	%

⁽¹⁾   Includes straight-line rent adjustments for Neighbors for whom revenue is being recorded on a cash basis.
⁽²⁾   Includes operating revenues and expenses from non-same-center properties, which includes properties acquired or sold, and corporate activities.

Nareit FFO and Core FFO—The following table presents the Company’s calculation of Nareit FFO and Core FFO and provides additional information related to its operations (in thousands, except per share amounts):

	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Calculation of Nareit FFO Attributable to Stockholders and OP Unit Holders
Net income	$	68,624			$	27,228			$	147,120			$	70,373
Adjustments:
Depreciation and amortization of real estate assets		68,478				65,205				200,131				200,908
Gain on disposal of property, net		(40,605	)			(4,255	)			(66,812	)			(9,798	)
Adjustments related to unconsolidated joint ventures		1,493				1,075				4,195				2,834
Nareit FFO attributable to stockholders and OP unit holders	$	97,990			$	89,253			$	284,634			$	264,317
Calculation of Core FFO Attributable to Stockholders and OP Unit Holders
Nareit FFO attributable to stockholders and OP unit holders	$	97,990			$	89,253			$	284,634			$	264,317
Adjustments:
Depreciation and amortization of corporate assets		380				398				1,098				1,172
Transaction and acquisition expenses		2,351				893				5,830				4,004
Loss on extinguishment or modification of debt and other, net		155				—				1,235				1
Adjustments related to unconsolidated joint ventures		(130	)			13				(158	)			45
Core FFO attributable to stockholders and OP unit holders	$	100,746			$	90,557			$	292,639			$	269,539
Nareit FFO/Core FFO Attributable to Stockholders and OP Unit Holders per Diluted Share
Weighted-average shares of common stock outstanding – diluted		141,308				138,860				139,958				138,927
Nareit FFO attributable to stockholders and OP unit holders per share – diluted	$	0.69			$	0.64			$	2.03			$	1.90
Core FFO attributable to stockholders and OP unit holders per share – diluted	$	0.71			$	0.65			$	2.09			$	1.94

EBITDAre and Adjusted EBITDAre—The following table presents the Company’s calculation of EBITDAre and Adjusted EBITDAre (in thousands):

	Three Months Ended September 30,								Nine Months Ended September 30,								Year Ended December 31,
		2026				2025				2026				2025				2025
Calculation of EBITDAre
Net income	$	68,624			$	27,228			$	147,120			$	70,373			$	122,968
Adjustments:
Depreciation and amortization		68,858				65,603				201,229				202,080				266,374
Interest expense, net		28,118				28,544				87,284				81,935				110,338
Gain on disposal of property, net		(40,605	)			(4,255	)			(66,812	)			(9,798	)			(38,790	)
Federal, state, and local tax expense		242				219				726				599				1,307
Adjustments related to unconsolidated joint ventures		2,325				1,652				6,523				4,296				6,200
EBITDAre	$	127,562			$	118,991			$	376,070			$	349,485			$	468,397
Calculation of Adjusted EBITDAre
EBITDAre	$	127,562			$	118,991			$	376,070			$	349,485			$	468,397
Adjustments:
Transaction and acquisition expenses		2,351				893				5,830				4,004				5,523
Adjustments related to unconsolidated joint ventures		1				13				25				45				60
Realized performance income(1)		—				—				—				—				(30	)
Adjusted EBITDAre	$	129,914			$	119,897			$	381,925			$	353,534			$	473,950

⁽¹⁾   Realized performance income includes fees received related to the achievement of certain performance targets in the Company’s Necessity Retail Partners joint venture, which was dissolved in December 2025.

Financial Leverage Ratios—The Company believes its net debt to Adjusted EBITDAre, net debt to total enterprise value, and debt covenant compliance as of September 30, 2026 allow it access to future borrowings as needed in the near term. The following table presents the Company’s calculation of net debt and total enterprise value, inclusive of its prorated portion of net debt and cash and cash equivalents owned through its unconsolidated joint ventures, as of September 30, 2026 and December 31, 2025 (in thousands):

	September 30, 2026			December 31, 2025
Net debt:
Total debt, excluding discounts, market adjustments, and deferred financing expenses	$	2,608,082		$	2,456,933
Less: Cash and cash equivalents		11,251			5,124
Total net debt	$	2,596,831		$	2,451,809
Enterprise value:
Net debt	$	2,596,831		$	2,451,809
Total equity market capitalization(1)(2)		5,262,774			4,926,872
Total enterprise value	$	7,859,605		$	7,378,681

⁽¹⁾   Total equity market capitalization is calculated as diluted shares multiplied by the closing market price per share, which includes 140.9 million and 138.5 million diluted shares as of September 30, 2026 and December 31, 2025, respectively, and the closing market price per share of $37.34 and $35.57 as of September 30, 2026 and December 31, 2025, respectively.
⁽²⁾   Fully diluted shares include common stock and OP units.

The following table presents the Company’s calculation of net debt to Adjusted EBITDAre and net debt to total enterprise value as of September 30, 2026 and December 31, 2025 (dollars in thousands):

	September 30, 2026				December 31, 2025
Net debt to Adjusted EBITDAre – annualized:
Net debt	$	2,596,831			$	2,451,809
Adjusted EBITDAre – annualized(1)		502,341				473,950
Net debt to Adjusted EBITDAre – annualized		5.2x				5.2x
Net debt to total enterprise value:
Net debt	$	2,596,831			$	2,451,809
Total enterprise value		7,859,605				7,378,681
Net debt to total enterprise value		33.0	%			33.2	%

⁽¹⁾   Adjusted EBITDAre is based on a trailing twelve month period.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Phillips Edison & Company, Inc. (the “Company”) intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Such forward-looking statements can generally be identified by the Company’s use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “seek,” “objective,” “goal,” “strategy,” “plan,” “focus,” “priority,” “should,” “could,” “potential,” “possible,” “look forward,” “optimistic,” “commit,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this earnings release. Such statements include, but are not limited to: (a) statements about the Company’s plans, strategies, initiatives, and prospects; (b) statements about the Company’s underwritten incremental yields; and (c) statements about the Company’s future results of operations, capital expenditures, and liquidity. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: (i) changes in national, regional, or local economic climates; (ii) local market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in the Company’s portfolio; (iii) vacancies, changes in market rental rates, and the need to periodically repair, renovate, and re-let space; (iv) competition from other available shopping centers, potential impact of e-commerce and the attractiveness of properties in the Company’s portfolio to its tenants; (v) the financial stability of the Company’s tenants, including, without limitation, their ability to pay rent; (vi) the Company’s ability to pay down, refinance, restructure, or extend its indebtedness as it becomes due; (vii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (viii) potential liability for environmental matters; (ix) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (x) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax, and other considerations; (xi) changes in laws and regulations, including those related to tax, real estate, environmental, and zoning laws; (xii) cybersecurity incidents or other disruptions to information technology systems; (xiii) the Company’s corporate responsibility initiatives; (xiv) loss of key executives; (xv) the concentration of the Company’s portfolio in a limited number of industries, geographies, or investments; (xvi) the economic, political, and social impact of, and uncertainty relating to, pandemics or other health crises; (xvii) the Company’s ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (xviii) the loss or bankruptcy of the Company’s tenants; (xix) to the extent the Company is seeking to dispose of properties, the Company’s ability to do so at attractive prices or at all; and (xx) the impact of heightened geopolitical instability, international conflicts, tariffs and global trade disruptions on the Company, its tenants, and consumers, including the impact on inflation, supply chains, and consumer sentiment. Additional important factors that could cause actual results to differ are described in the filings made from time to time by the Company with the SEC and include the risk factors and other risks and uncertainties described in the Company’s 2025 Annual Report on Form 10-K, filed with the SEC on February 10, 2026, as updated from time to time in the Company’s periodic and/or current reports filed with the SEC, which are accessible on the SEC’s website at www.sec.gov. Therefore, such statements are not intended to be a guarantee of the Company’s performance in future periods. Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Investors:

Kimberly Green, Head of Investor Relations
(513) 692-3399
kgreen@phillipsedison.com

Hannah Harper, Director of Investor Relations
(513) 824-7122
hharper@phillipsedison.com

MINNEAPOLIS, Oct. 26, 2026 (GLOBE NEWSWIRE) — Park Dental Partners, Inc. (NASDAQ: PARK), a leading dental resource organization, today announced that it will report its financial results for the quarter ended September 30, 2026 after market close on Thursday, November 12, 2026.

The Company will host a conference call to discuss these results the next day on Friday, November 13, 2026, at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).

A live webcast of the call will be accessible by registering using the link below or through the Investor Relations section of the Company’s website at https://investors.parkdentalpartners.com. A replay of the webcast will be available on the website for a limited time following the call.

Conference Call Details

• Date: November 13, 2026
• Time: 8:30 a.m. Eastern Time (7:30 a.m. Central Time)
• Webcast: Link to Webcast Registration 
• Conference Call: Link to Conference Call Registration

About Park Dental Partners, Inc.

Park Dental Partners, Inc., and its subsidiaries (NASDAQ: PARK) is a dental resource organization that has put patients first since the establishment of its general dentistry group in 1972. The Company provides comprehensive business support services, including clinical team members, administrative personnel, facilities, and equipment, to its affiliated general and multi-specialty dental practices. The Company has 222 affiliated doctors across 88 practice locations in three states. The Company’s clinical support team consists of over 1,000 hygienists, dental assistants, and patient care coordinators that support affiliated doctors in operating their practices. The mission of the Company’s affiliated dental practices since inception has been to ensure patients enjoy the benefits of a lifetime of good oral health. This mission continues to be the driving force behind our organization today.

Park Dental Partners is based in Roseville, MN. For more information, please visit parkdentalpartners.com. 

CONTACT: Investor Contact:
Park Dental Partners Investor Relations Team
763-233-3377
ir@parkdentalpartners.com

Media Contact:
Park Dental Partners Media Relations Team
651-633-0500
marketing@parkdentalpartners.com

SOUTH SAN FRANCISCO, Calif., Oct. 26, 2026 (GLOBE NEWSWIRE) — Lycia Therapeutics, Inc. (“Lycia”) (Nasdaq: LYCA), a clinical-stage biotechnology company focused on the discovery and development of novel therapeutics designed to degrade disease-causing extracellular proteins, with an initial focus on addressing autoimmune, inflammatory and allergic diseases, today announced the closing of its upsized initial public offering of 20,286,000 shares of its common stock, which includes the exercise in full by the underwriters of their option to purchase 2,646,000 additional shares, at the initial public offering price of $18.00 per share. The aggregate gross proceeds to Lycia from the initial public offering, before deducting underwriting discounts and commissions and other offering expenses, were approximately $365.1 million. All of the shares of common stock were offered by Lycia. Lycia’s common stock began trading on the Nasdaq Global Select Market on October 23, 2026, under the symbol “LYCA.”

Jefferies, TD Cowen, Evercore ISI and Guggenheim Securities acted as joint book-running managers for the offering. LifeSci Capital acted as a passive book-running manager for the offering.

Registration statements relating to the securities issued and sold in the initial public offering have been filed with the Securities and Exchange Commission (the “SEC”) and became effective on October 22, 2026. A prospectus relating to and describing the terms of the initial public offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. The offering was made only by means of a prospectus. A copy of the final prospectus may be obtained from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; TD Securities (USA) LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at TDManualrequest@broadridge.com; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, by telephone at (888) 474-0200, or by email at ecm.prospectus@evercore.com; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Lycia, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Lycia Therapeutics

Lycia Therapeutics is a clinical-stage biotechnology company focused on the discovery and development of novel therapeutics designed to degrade disease-causing extracellular proteins, with an initial focus on addressing autoimmune, inflammatory and allergic diseases. The company has advanced its proprietary LYTAC (Lysosomal Targeting Chimera) platform to generate cataLYTAC degraders, which are designed for repeated catalytic elimination of disease-causing proteins. The company’s lead candidates are LCA-0061, a cataLYTAC degrader of IgE for food allergy and other allergic diseases, and LCA-0321, a LYTAC degrader designed to selectively deplete the autoantibodies that cause Graves’ disease.

Lycia, headquartered in South San Francisco, was founded on the transformational work of Nobel laureate Carolyn Bertozzi, Ph.D., professor of chemistry and HHMI investigator at Stanford University.

CONTACT: Company Inquiries:

info@lyciatx.com

Media:

Jennifer Price
The Grace Group
jenprice@gracegroup.us

ROSEVILLE, Minn., Oct. 26, 2026 (GLOBE NEWSWIRE) — Hawkins, Inc. (Nasdaq: HWKN) today announced results for its second quarter of fiscal 2027, the three months ended September 27, 2026.

Second Quarter Fiscal Year 2027 Highlights:

(All comparisons are to the second quarter of fiscal 2026 unless otherwise noted.)

• Record second quarter revenue of $313.8 million, with growth of 12%, driven by increased sales across all segments, including Water Treatment segment growth of 16%, Food & Health Sciences segment growth of 5%, and Industrial Solutions segment growth of 10%.
• Record second quarter gross profit of $76.6 million, an increase of 13%.
• Record second quarter diluted earnings per share (“EPS”) of $1.34 increased $0.25, or 23%.
• Record second quarter net income of $27.8 million increased 23%, with record trailing twelve-month net income of $85.8 million. Record Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“adjusted EBITDA”), a non-GAAP measure, of $59.1 million, a 16% increase. Record trailing twelve-month adjusted EBITDA of $188.0 million.
• Generated operating cash flow of $75.5 million, an increase of 6% for the six months ended September 27, 2026. Free cash flow, defined as net cash provided by operating activities less capital expenditures, increased 14% to $53.1 million compared to the same period in the prior year, which we allocated to repurchasing $18.6 million of stock, paying down $15.0 million of debt and paying $8.1 million in dividends.
• Closed our second acquisition of fiscal 2027 with the purchase of Dave Symonds & Associates, Inc., a blended phosphates for corrosion control and sequestration focused water distributor based in Florida.
• Subsequent to quarter end, we expanded into the Dallas–Fort Worth region, pairing our greenfield Water Treatment facility with the acquisition of Eagle Labs, Inc., a water treatment distributor with in-house manufacturing capabilities and expertise in coagulants and polymers.

Executive Commentary – Patrick H. Hawkins, Chief Executive Officer and President:

“Our record second-quarter results in revenue, gross profit, EPS, and adjusted EBITDA reflect the agility of our employees and the resilience of our business model,” said Patrick Hawkins, President and Chief Executive Officer. “Revenue grew 12% in the quarter, including organic growth of 11%, with all three segments growing and Water Treatment revenue up 16%, primarily driven by increased volumes. Gross profit grew 13%, again led by Water Treatment at 20%, driven by volume growth and higher per-unit dollar margins. That gross profit growth flowed through to the bottom line, with diluted EPS up 23% and record adjusted EBITDA of $59 million, up 16%.”

Mr. Hawkins continued, “We continue to generate strong cash flow. During the quarter, we repurchased $12 million of our stock, paid down $15 million of debt, and closed on the acquisition of Dave Symonds & Associates, a tuck-in that expands our Water Treatment customer reach in Florida. Our leverage ratio at the end of the second quarter was 1.22x adjusted EBITDA, down from 1.37x at the end of fiscal 2026 and 1.54x in the same quarter last year. Subsequent to quarter end, we closed on the acquisition of Eagle Labs, which adds two locations in the Dallas–Fort Worth region, continuing our expansion in Texas. We will continue to deliver on our strategy of investing in our higher-margin businesses, acquiring companies that are accretive to Hawkins, and serving the needs of our customers to the highest level possible.”

Mr. Hawkins concluded, “Looking forward we expect the second half trends to be consistent with what we saw in the first half, recognizing that SG&A in the second half of fiscal 2026 benefited from a non-recurring $6.2 million reduction in SG&A which will not recur in the second half of fiscal 2027.”

Second Quarter Financial Highlights:

NET INCOME

For the second quarter of fiscal 2027, we reported net income of $27.8 million, or $1.34 per diluted share, compared to net income for the second quarter of fiscal 2026 of $22.6 million, or $1.08 per diluted share.

REVENUE

Sales were $313.8 million for the second quarter of fiscal 2027, an increase of $33.4 million, or 12%, from sales of $280.4 million in the same period a year ago. All of our segments grew by 5% or more from the same period a year ago. Sales increased as a result of 11% organic sales growth and approximately $3.7 million of sales from acquired businesses.

Water Treatment segment sales increased $24.1 million, or 16%, to $175.0 million for the current quarter, from $150.9 million in the same period a year ago. Organic sales grew 14%, driven primarily by increased volumes, along with improved pricing on certain of our products. Growth was broad-based across our product lines and end markets, with the municipal end market particularly strong. Acquired businesses contributed approximately $3.7 million in additional sales.

Food & Health Sciences segment sales increased $3.8 million, or 5%, to $76.7 million for the current quarter, from $72.9 million in the same period a year ago. Sales dollars increased as a result of increased volumes of our nutrition, food ingredients, and pharmaceutical products, partially offset by decreased sales of our agricultural products.

Industrial Solutions segment sales increased $5.6 million, or 10%, to $62.2 million for the current quarter, from $56.6 million in the same period a year ago. Sales increased as a result of improved pricing and favorable product mix, which more than offset lower volumes.

GROSS PROFIT

Gross profit increased $9.0 million, or 13%, to $76.6 million, or 24% of sales, for the current quarter, from $67.6 million, or 24% of sales, in the same period a year ago. During the current quarter, the LIFO reserve increased, and gross profit decreased, by $1.9 million due to higher raw material costs. In the same period a year ago, the LIFO reserve increased, and gross profit decreased, by $0.3 million. The $1.6 million year-over-year impact of the unfavorable LIFO reserve was partially offset by $1.3 million of refunds of previously paid tariffs, which were recorded as a reduction of cost of sales. The refunded tariffs related to products for which customer pricing had not been increased in response to tariffs. Gross profit was also pressured by higher fuel costs that were not fully recovered through freight charges billed to customers.

Gross profit for the Water Treatment segment increased $8.4 million, or 20%, to $51.7 million, or 30% of sales, for the current quarter, from $43.3 million, or 29% of sales, in the same period a year ago. During the current quarter, the LIFO reserve increased, and gross profit decreased, by $0.5 million. In the same period a year ago, the LIFO reserve decreased, and gross profit increased minimally. The $0.5 million year-over-year impact of the unfavorable LIFO reserve was more than offset by $1.2 million of refunds of previously paid tariffs, which were recorded as a reduction of cost of sales. The increase in gross profit was primarily driven by higher sales.

Gross profit for the Food & Health Sciences segment decreased $0.6 million, or 4%, to $14.9 million, or 19% of sales, for the current quarter, from $15.5 million, or 21% of sales, in the same period a year ago. During the current quarter, the LIFO reserve increased, and gross profit decreased, by $0.7 million. In the same period a year ago, the LIFO reserve increased, and gross profit decreased, by $0.2 million. Gross profit decreased as lower margins in our food and pharmaceutical products and the $0.5 million year-over-year impact of the unfavorable LIFO reserve more than offset the benefit of higher segment sales and improved margins in our nutrition and agriculture products.

Gross profit for the Industrial Solutions segment increased $1.1 million, or 12%, to $10.0 million, or 16% of sales, for the current quarter, from $8.9 million, or 16% of sales, in the same period a year ago. During the current quarter, the LIFO reserve increased, and gross profit decreased, by $0.7 million. In the same period a year ago, the LIFO reserve increased, and gross profit decreased, by $0.1 million. The benefit of higher sales and favorable product mix was partially offset by the $0.6 million year-over-year impact of the unfavorable LIFO reserve.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Selling, general and administrative (“SG&A”) expenses increased $1.0 million, or 3%, to $34.7 million, or 11% of sales, for the three months ended September 27, 2026, from $33.7 million, or 12% of sales, in the same period a year ago. This included $0.4 million due to added costs from the acquired businesses in our Water Treatment segment. SG&A expenses also increased due to increases in other variable costs, including variable pay and other personnel costs. These increases were partially offset by a $0.5 million decrease in non-qualified deferred compensation plan expense, as appreciation in the market value of plan investments was lower than in the same period a year ago. Deferred compensation plan expense is offset by a corresponding gain on plan investments recorded in other income (expense).

ADJUSTED EBITDA

Adjusted EBITDA, a non-GAAP financial measure, is an important performance indicator and a key compliance measure under the terms of our credit agreement. An explanation of the computation of adjusted EBITDA is presented below. Adjusted EBITDA for the three months ended September 27, 2026 was $59.1 million, an increase of $8.2 million, or 16%, from $50.9 million in the same period a year ago. In the third quarter of fiscal 2026, we revised our definition of adjusted EBITDA to exclude non-cash earnout related expense and income, in order to better reflect results from operations. Prior-year adjusted EBITDA has been recast in accordance with the current definition. As originally reported, adjusted EBITDA for the three months ended September 28, 2025 was $50.4 million, which included non-cash earnout related expense that is excluded under the current definition.

INCOME TAXES

Our effective income tax rate was 30% for the current quarter and 27% for the same period a year ago. The effective income tax rate for each period exceeded the U.S. federal statutory rate of 21%, primarily due to state income taxes on non-deductible expenses, including executive compensation and other permanent items. The increase in the effective income tax rate compared with prior-periods was primarily due to higher state income taxes and an increase in non-deductible items. The effective tax rate is impacted by projected levels of annual taxable income, permanent items, state taxes and discrete items, including tax effects of stock-based compensation. Our effective tax rate for the full year is expected to be approximately 25% to 27%.

BALANCE SHEET

As of September 27, 2026, our working capital was $18 million higher than the end of fiscal 2026 due primarily to increased trade receivables and inventory, partially offset by an increase in payables. Our total debt outstanding at the end of the second quarter was $229.0 million, and our leverage ratio was 1.22x our trailing twelve-month adjusted EBITDA, as compared to 1.37x our trailing twelve-month adjusted EBITDA at the end of fiscal 2026.

About Hawkins, Inc.

Hawkins, Inc. was founded in 1938 and is a leading water treatment and specialty ingredients company that formulates, manufactures, distributes, and blends products for its Water Treatment, Food & Health Sciences, and Industrial Solutions customers. Headquartered in Roseville, Minnesota, the Company has 69 facilities in 28 states and creates value for its customers through superb customer service and support, quality products and personalized applications. Hawkins, Inc. generated approximately $1.1 billion of revenue in fiscal 2026 and has approximately 1,200 employees. For more information, including registering to receive email alerts, please visit www.hawkinsinc.com/investors.

Reconciliation of Non-GAAP Financial Measures

We report our consolidated financial results in accordance with U.S. generally accepted accounting principles (GAAP). To assist investors in understanding our financial performance between periods, we have provided certain financial measures not computed according to GAAP, including adjusted EBITDA and free cash flow. These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures. The method we use to produce non-GAAP results is not computed according to GAAP and may differ from the methods used by other companies.

Management uses these non-GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. Management believes that these non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of the factors and trends affecting our financial condition and results of operations.

We define adjusted EBITDA as GAAP net income adjusted for the impact of the following: net interest expense resulting from our net borrowing position; income tax expense; non-cash expenses including amortization of intangibles, depreciation, charges for the employee stock purchase plan and restricted stock grants, non-recurring items of income or expense, and earnout related expense or income. The non-cash earnout related expense or income adjustment was added to our definition in the third quarter of fiscal 2026 to better reflect results from operations. Prior period amounts have been recast to conform to the current definition.

We define free cash flow as net cash provided by operating activities less purchases of property, plant, and equipment. Management believes free cash flow is a useful measure of the cash generated by our business that is available for, among other things, debt repayment, acquisitions, dividends, and share repurchases.

Adjusted EBITDA		Three months ended								Six months ended								Trailing Twelve months ended
(In thousands)		September 27, 2026				September 28, 2025				September 27, 2026				September 28, 2025				September 27, 2026
Net Income (GAAP)		$	27,781			$	22,598			$	56,035			$	51,773			$	85,810
Interest expense, net			2,643				3,832				5,416				7,101				11,822
Income tax expense			11,746				8,231				20,816				18,062				30,546
Amortization of intangibles			5,503				5,527				11,019				10,348				21,963
Depreciation expense			8,792				7,735				17,221				15,205				33,266
Non-cash compensation expense			1,933				2,375				4,168				4,587				8,154
Non-recurring acquisition expenses (1)			140				70				203				940				501
Non-cash earnout related expense (income)			552				535				1,087				(1,048	)			(4,042	)
Adjusted EBITDA		$	59,090			$	50,903			$	115,965			$	106,968			$	188,020
(1) Acquisition expenses consist of legal, professional, and other direct costs incurred in connection with business acquisitions. These costs are transaction-specific and not part of normal recurring operations.

Free Cash Flow Reconciliation		Six months ended
(In thousands)		September 27, 2026				September 28, 2025
Net cash provided by operating activities		$	75,488			$	71,031
Less: Purchases of property, plant & equipment			(22,355	)			(24,342	)
Free cash flow		$	53,133			$	46,689

HAWKINS, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In thousands, except share and per-share data)
		Three months ended								Six months ended
		September 27, 2026				September 28, 2025				September 27, 2026				September 28, 2025
Sales		$	313,817			$	280,434			$	629,492			$	573,706
Cost of sales			(237,211	)			(212,791	)			(478,879	)			(433,701	)
Gross profit			76,606				67,643				150,613				140,005
Selling, general and administrative expenses			(34,700	)			(33,703	)			(70,035	)			(64,732	)
Operating income			41,906				33,940				80,578				75,273
Interest expense, net			(2,643	)			(3,832	)			(5,416	)			(7,101	)
Other income			264				721				1,689				1,663
Income before income taxes			39,527				30,829				76,851				69,835
Income tax expense			(11,746	)			(8,231	)			(20,816	)			(18,062	)
Net income		$	27,781			$	22,598			$	56,035			$	51,773
Weighted average number of shares outstanding – basic			20,710,228				20,737,743				20,743,855				20,727,614
Weighted average number of shares outstanding – diluted			20,783,044				20,845,744				20,827,219				20,837,595
Basic earnings per share		$	1.34			$	1.09			$	2.70			$	2.50
Diluted earnings per share		$	1.34			$	1.08			$	2.69			$	2.48
Cash dividends declared per common share		$	0.20			$	0.19			$	0.39			$	0.37

HAWKINS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands, except share data)
		September 27, 2026				March 29, 2026
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	7,100			$	3,914
Trade accounts receivables, net			149,281				139,796
Inventories			92,947				78,199
Prepaid expenses and other current assets			7,793				9,556
Total current assets			257,121				231,465
Property, plant, and equipment			509,360				489,662
Less accumulated depreciation			237,614				223,406
Net property, plant, and equipment			271,746				266,256
OTHER ASSETS:
Right-of-use assets, net			17,170				16,840
Goodwill			224,439				223,042
Intangible assets, net			224,455				232,887
Deferred compensation plan asset			15,649				12,812
Other			1,472				2,988
Total other assets			483,185				488,569
Total assets		$	1,012,052			$	986,290
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable – trade		$	69,609			$	59,835
Accrued payroll and employee benefits			15,746				20,092
Income tax payable			5,025				98
Environmental remediation			7,700				7,700
Other current liabilities			14,676				17,119
Total current liabilities			112,756				104,844
LONG-TERM LIABILITIES:
Long-term debt			229,000				244,000
Long-term lease liabilities			14,699				14,457
Pension withdrawal liability			2,563				2,763
Deferred income taxes			26,143				25,110
Deferred compensation liability			16,941				14,850
Earnout liabilities			45,985				44,898
Other long-term liabilities			276				1,359
Total long-term liabilities			335,607				347,437
Total liabilities		$	448,363			$	452,281
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Common stock; authorized: 60,000,000 shares of $0.01 par value; 20,674,812 and 20,752,138 shares issued and outstanding as of September 27, 2026 and March 29, 2026, respectively			207				208
Additional paid-in capital			14,739				32,678
Retained earnings			548,041				500,142
Accumulated other comprehensive income			702				981
Total shareholders’ equity			563,689				534,009
Total liabilities and shareholders’ equity		$	1,012,052			$	986,290

HAWKINS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands)
		Six months ended
		September 27, 2026				September 28, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$	56,035			$	51,773
Reconciliation to cash flows:
Depreciation and amortization			28,240				25,553
Change in fair value of earnout liabilities			1,087				(1,048	)
Operating leases			2,121				1,881
Gain on deferred compensation assets			(1,689	)			(1,664	)
Deferred income taxes			1,131				—
Stock compensation expense			4,168				4,587
Other, net			(60	)			8
Changes in operating accounts providing (using) cash:
Trade receivables			(9,949	)			5,140
Inventories			(14,550	)			(5,196	)
Accounts payable			9,676				(11,013	)
Accrued liabilities			(6,320	)			(4,209	)
Lease liabilities			(2,376	)			(1,897	)
Income taxes			5,173				4,082
Other, net			2,801				3,034
Net cash provided by operating activities			75,488				71,031
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment			(22,355	)			(24,342	)
Acquisitions			(5,200	)			(162,508	)
Proceeds from asset disposals			517				1,037
Net cash used in investing activities			(27,038	)			(185,813	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends declared and paid			(8,136	)			(7,723	)
New shares issued			1,681				1,609
Payroll taxes paid in exchange for shares withheld			(5,143	)			(3,028	)
Shares repurchased			(18,646	)			—
Payments on senior secured revolving loan			(20,000	)			(40,000	)
Payments for debt issuance costs			—				(764	)
Borrowings on senior secured revolving loan			5,000				170,000
Other			(20	)			—
Net cash (used in) provided by financing activities			(45,264	)			120,094
NET INCREASE IN CASH AND CASH EQUIVALENTS			3,186				5,312
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD			3,914				5,103
CASH AND CASH EQUIVALENTS, END OF PERIOD		$	7,100			$	10,415
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for income taxes		$	14,512			$	13,980
Cash paid for interest		$	5,480			$	7,182
Noncash investing activities – capital expenditures in accounts payable		$	2,273			$	1,568

HAWKINS, INC. REPORTABLE SEGMENTS (UNAUDITED) (In thousands)
		Water Treatment				Food & Health Sciences				Industrial Solutions				Total
Three months ended September 27, 2026:
Sales		$	174,961			$	76,679			$	62,177			$	313,817
Cost of sales – materials			(104,388	)			(57,350	)			(49,294	)			(211,032	)
Cost of sales – operational overhead			(18,824	)			(4,432	)			(2,923	)			(26,179	)
Gross profit			51,749				14,897				9,960				76,606
Selling, general, and administrative expenses			(23,477	)			(7,941	)			(3,282	)			(34,700	)
Operating income			28,272				6,956				6,678				41,906
Three months ended September 28, 2025:
Sales		$	150,908			$	72,914			$	56,612			$	280,434
Cost of sales – materials			(88,814	)			(53,153	)			(45,131	)			(187,098	)
Cost of sales – operational overhead			(18,833	)			(4,280	)			(2,580	)			(25,693	)
Gross profit			43,261				15,481				8,901				67,643
Selling, general, and administrative expenses			(22,071	)			(8,084	)			(3,548	)			(33,703	)
Operating income			21,190				7,397				5,353				33,940
Six months ended September 27, 2026:
Sales		$	333,254			$	173,929			$	122,309			$	629,492
Cost of sales – materials			(198,869	)			(130,695	)			(97,152	)			(426,716	)
Cost of sales – operational overhead			(37,140	)			(9,062	)			(5,961	)			(52,163	)
Gross profit			97,245				34,172				19,196				150,613
Selling, general, and administrative expenses			(47,147	)			(15,969	)			(6,919	)			(70,035	)
Operating income			50,098				18,203				12,277				80,578
Six months ended September 28, 2025:
Sales		$	300,474			$	162,091			$	111,141			$	573,706
Cost of sales – materials			(177,973	)			(118,967	)			(87,979	)			(384,919	)
Cost of sales – operational overhead			(35,493	)			(8,295	)			(4,994	)			(48,782	)
Gross profit			87,008				34,829				18,168				140,005
Selling, general, and administrative expenses			(41,156	)			(16,465	)			(7,111	)			(64,732	)
Operating income			45,852				18,364				11,057				75,273

Forward-Looking Statements. Various remarks in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include those relating to consumer demand for products containing our ingredients and the impacts of those demands, expectations for results in our business segments and the timing of our filings with the Securities and Exchange Commission. These statements are not historical facts, but rather are based on our current expectations, estimates and projections, and our beliefs and assumptions. Forward-looking statements may be identified by terms, including “anticipate,” “believe,” “can,” “could,” “expect,” “intend,” “may,” “predict,” “should,” or “will” or the negative of these terms or other comparable terms. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Actual results may vary materially from those contained in forward looking statements based on a number of factors, including, but not limited to, changes in competition and price pressures, changes in demand and customer requirements or processes for our products, availability of product and disruptions to supplies, interruptions in production resulting from hazards, transportation limitations or other extraordinary events outside our control that may negatively impact our business or the supply chains in which we participate, changes in imported products and tariff levels, the availability of products and the prices at which they are available, the acceptance of new products by our customers and the timing of any such acceptance, changes in product supplies, the availability of target acquisitions, and changes in interest rates. Additional information concerning potential factors that could affect future financial results is included in our Annual Report on Form 10-K for the fiscal year ended March 29, 2026, as updated from time to time in amendments and subsequent reports filed with the SEC. Investors should take such risks into account when making investment decisions. Shareholders and other readers are cautioned not to place undue reliance on forward-looking statements, which reflect our management’s view only as of the date hereof. We do not undertake any obligation to update any forward-looking statements.

Contacts:	Jack Shufelt
	Investor Relations, Mergers and Acquisitions and Treasury Director
	612/617-8582
	ir@hawkinsinc.com
	jack.shufelt@hawkinsinc.com

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

Net Income per Diluted Share from Continuing Operations of $1.07 for the Quarter

FFO per Share of $2.27 for the Quarter; Core FFO per Share of $2.35 for the Quarter

Same Property NOI Grew by 3.6% for the Quarter

Same Property Adjusted Blended Occupancy for MH and RV of 98.8%

As Previously Announced, Completed the Sale of the UK Business,

Receiving Net Cash Consideration of Approximately $1.03 billion

Updating Guidance for 2026

Expecting Core FFO per Share of $7.01 at the Midpoint

Expecting North America Same Property NOI Growth of 4.9% – 5.3%

Establishing Preliminary 2027 Full Year Rental Rate Guidance as 5.4% for MH and 4.4% for Annual RV

Southfield, MI, Oct. 26, 2026 (GLOBE NEWSWIRE) — Sun Communities, Inc. (NYSE: SUI) (the “Company” or “SUI”), a real estate investment trust (“REIT”) that owns and operates, or has an interest in, manufactured housing (“MH”) and recreational vehicle (“RV”) communities (collectively, the “properties”), today reported its third quarter results for 2026.

Financial Results for the Quarter and Nine Months Ended September 30, 2026

• For the quarter ended September 30, 2026, net income attributable to continuing operations was $137.1 million, or $1.07 per diluted share, compared to a net loss from continuing operations of $53.1 million, or $0.45 per diluted share for the same period in 2025.
• For the quarter ended September 30, 2026, net income attributable to common shareholders was $120.7 million, or $1.00 per diluted share, compared to net income attributable to common shareholders of $8.5 million, or $0.07 per diluted share for the same period in 2025.
• For the nine months ended September 30, 2026, net income attributable to continuing operations was $197.8 million, or $1.55 per diluted share, compared to a net loss from continuing operations of $104.8 million, or $1.37 per diluted share for the same period in 2025.
• For the nine months ended September 30, 2026, net loss attributable to common shareholders was $880.7 million, or $7.14 per diluted share, compared to net income attributable to common shareholders of $1.2 billion, or $9.81 per diluted share for the same period in 2025.

Non-GAAP Financial Measures

• Funds from Operations (“FFO”) for the quarter and nine months ended September 30, 2026, was $2.27 and $4.98, respectively, per common share and convertible securities (“Share”), as compared to $2.18 and $4.60 for the same periods in 2025.
• Core Funds from Operations (“Core FFO”) for the quarter and nine months ended September 30, 2026, was $2.35 and $5.59, respectively, per common share and convertible securities (“Share”), as compared to $2.28 and $5.28 for the same periods in 2025.
• Same Property Net Operating Income (“NOI”) increased by $10.4 million and $38.4 million, or 3.6% and 5.2%, respectively, for the quarter and nine months ended September 30, 2026, as compared to the corresponding periods in 2025.

“We delivered another strong quarter of continued progress, with results exceeding our expectations, led by continued strength in manufactured housing,” said Charles Young, Chief Executive Officer. “In September, we completed the sale of our UK business and have been disciplined in putting the proceeds to work primarily repurchasing shares, along with other investment and balance sheet activity. We are ideally positioned around the durable demand for attainable housing and affordable vacationing, and we continue to optimize our platform while investing in our people, technology and communities. With 2027 expected rental rate increases coming in above 2026 levels, we enter next year with a solid foundation in our core business and Sun is a simpler, more focused company with a clearer path to long-term value creation.”

OPERATING HIGHLIGHTS

Portfolio Occupancy

• MH and annual RV sites were 98.2% occupied at September 30, 2026, as compared to 98.4% at September 30, 2025.
• During the quarter ended September 30, 2026, the number of MH and annual RV revenue producing sites increased by approximately 100 sites.

Same Property Results

For the properties owned and operated by the Company since at least January 1, 2025, excluding properties classified as discontinued operations, the following table reflects the percentage changes for the quarter and nine months ended September 30, 2026, as compared to the same period in 2025:

	Quarter Ended September 30, 2026									Nine Months Ended September 30, 2026
	MH			RV			Total			MH			RV			Total
Revenue	5.8	%		0.5	%		3.4	%		6.2	%		1.1	%		4.3	%
Expense	2.8	%		3.2	%		3.0	%		3.1	%		2.1	%		2.6	%
NOI	6.9	%		(1.3)        %			3.6	%		7.3	%		0.4	%		5.2	%
	As of September 30, 2026
	MH			RV			Total
Number of Properties	282			152			434

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.

INVESTMENT ACTIVITY

Acquisitions

The Company did not acquire any assets during the quarter ended September 30, 2026. Subsequent to quarter end, the Company acquired two MH properties in the Pacific Northwest for total consideration of $79.5 million, inclusive of the issuance of $28.3 million of Series M preferred operating partnership units.

Dispositions

As previously announced, on September 22, 2026, the Company completed the sale of all of the outstanding equity of the subsidiaries through which the Company operates its business in the United Kingdom (collectively, “Park Holidays Sale” or the “UK business”) for cash consideration of approximately £772.3 million (or approximately $1.05 billion). The net proceeds to the Company were approximately $1.03 billion, net of closing costs. As previously discussed, the results of the former UK business through the closing date of the transaction are presented as discontinued operations for all periods presented herein. Unless otherwise noted, the information disclosed in this Earnings Release and Supplemental Package refer only to continuing operations and do not include discussion of balances or activity related to discontinued operations.

In September, the Company sold a portfolio of three RV properties in Florida for total cash consideration of $127.0 million. These properties had been impacted in 2022 by Hurricane Ian.

Refer to page 11 for additional details related to the Company’s acquisition and disposition activity.

BALANCE SHEET AND CAPITAL MARKETS ACTIVITY

As of September 30, 2026, the Company had $3.8 billion in debt outstanding with a weighted average interest rate of 3.3% and a weighted average maturity of 7.1 years. At September 30, 2026, the Company’s Net Debt to trailing twelve-month Recurring EBITDAre ratio was 3.2 times.

Stock Repurchase Program

During the quarter ended September 30, 2026, the Company repurchased approximately 2.4 million shares of the Company’s common stock at an average price of $119.24 per share for a total of $293.3 million. Subsequent to the quarter ended September 30, 2026, through October 23, 2026, the Company repurchased approximately 0.7 million shares of the Company’s common stock at an average price of $113.24 per share for a total of $79.8 million.

Debt Repayments

During the quarter ended September 30, 2026, the Company repaid three mortgage term loans totaling $266.6 million, which unencumbered 17 properties.

2026 GUIDANCE

The Company is updating full-year and establishing fourth quarter 2026 guidance for Diluted EPS and Core FFO per Share and certain other items as set forth below. For the reasons described below, as well as other factors described elsewhere in this earnings release and in the Company’s public reports, the actual results from the Company’s business and operations in such period may differ materially from the Company’s guidance for that period.

		Fourth Quarter Ending December 31, 2026								Full Year Ending December 31, 2026
		Low				High				Low				High
Diluted EPS attributable to the Consolidated Portfolio(a)		$	0.36			$	0.44			$	(6.65	)		$	(6.57	)
Adjustments from Continuing Operations
Depreciation and amortization			0.97				0.97				3.86				3.86
Asset impairments			—				—				0.28				0.28
Gain on sale of assets			(0.04	)			(0.04	)			(0.09	)			(0.09	)
Gain on sale of properties			—				—				(0.06	)			(0.06	)
Distributions on preferred OP units			0.02				0.02				0.08				0.08
Noncontrolling interest			0.02				0.02				(0.22	)			(0.22	)
Transaction costs and other non-recurring G&A expenses			0.03				0.03				0.27				0.27
(Gain) / loss on foreign currency exchanges			—				—				0.08				0.08
Business interruption insurance income			—				—				0.08				0.08
Other adjustments			0.02				0.02				(0.01	)			(0.01	)
Total Adjustments – Discontinued Operations			—				—				9.35				9.35
Core FFO per Share attributable to the Consolidated Portfolio(a)		$	1.38			$	1.46			$	6.97			$	7.05

^(a) The diluted share counts for both the quarter and year ending December 31, 2026 are estimated to be 123.4 million and 125.8 million, respectively, which assumes full conversion of all equity participating units, including common and preferred OP units, into the Company’s common stock.

Same Property Portfolio (in millions and %)		FY 2025 Actual Results			Expected Change in 2026
					October 26, 2026 Update						Prior FY Range
North America (MH and RV)
Revenues from real property		$	1,453.0		4.1	%	–	4.3	%		3.9	%	–	4.6	%
Total property operating expenses			483.7		2.3	%	–	2.5	%		2.5	%	–	2.8	%
Total North America Same Property NOI(a)		$	969.3		4.9	%	–	5.3	%		4.5	%	–	5.3	%
MH NOI (282 properties)		$	688.3		6.9	%	–	7.2	%		6.1	%	–	6.9	%
RV NOI (152 properties)		$	281.0		0.0	%	–	0.8	%		0.2	%	–	1.8	%

For the fourth quarter ending December 31, 2026, the Company’s guidance range assumes North America Same Property NOI growth of 4.0% – 5.9%.

Consolidated Portfolio Guidance For 2026 (in millions)		FY 2025 Actual Results			FY 2026 Guidance Update as of October 26, 2026
Ancillary NOI		$	27.7		$	23.5
Interest income		$	48.1		$	25.5
Brokerage commissions, income from nonconsolidated affiliates, and other, net(b)		$	39.2		$	43.0
FFO contribution from North American home sales		$	6.6		$	1.0
General and administrative expenses excluding non-recurring expenses		$	165.8		$	174.5
Interest expense		$	210.7		$	149.0
Current tax expense		$	3.3		$	4.5
Contribution from Discontinued Operations(d)		$	77.8		$	76.1

Contribution		1Q26			2Q26			3Q26			4Q26
North America Same Property NOI:
MH		25	%		25	%		25	%		25	%
RV		17	%		25	%		39	%		19	%
Total		22	%		25	%		29	%		24	%
Home Sales FFO – North America		0	%		16	%		69	%		15	%
Consolidated Ancillary NOI		(12	)%		34	%		74	%		4	%
Consolidated EBITDAre		20	%		25	%		33	%		22	%
Core FFO per Share(c)		20	%		26	%		33	%		21	%

Preliminary 2027 Rental Rate Increase

The Company expects to realize the following rental rate increases, on average, during 2027:

Average 2027 Rental Rate Increases Expected
MH	5.4	%
Annual RV	4.4	%

Footnotes to Supplemental Guidance Tables:
(a)	Total North America Same Property results net $95.6 million and $102.6 million of utility revenue against the related utility expense in property operating expenses for 2025 results and 2026 guidance, respectively.
(b)	Brokerage commissions and other, net includes approximately $13.8 million and $10.1 million of business interruption income, and $16.4 million and $23.7 million of income from nonconsolidated affiliates for full year 2025 results and 2026 guidance, respectively. The business interruption income includes the pro rata recognition of the lump sum insurance settlement that was received during the quarter ended December 31, 2025.
(c)	Assumes full conversion of all equity participating units, including common and preferred OP units, into the Company’s common stock.
(d)	The Contribution from Discontinued Operations includes the entire net contribution from the UK Business through the closing of the sale on September 22, 2026, inclusive of Real Property NOI, Home Sales FFO, Brokerage and Other, General and Administrative Expenses excluding non-recurring items, Interest Expense, and Current Tax Expense.

The estimates and assumptions presented above represent a range of possible outcomes and may differ materially from actual results. These estimates include contributions from all acquisitions, dispositions and capital markets activity completed through October 26, 2026. These estimates exclude all other prospective acquisitions, dispositions and capital markets activity. The estimates and assumptions are forward-looking based on the Company’s current assessment of economic and market conditions and are subject to the other risks outlined below under the caption Cautionary Statement Regarding Forward-Looking Statements.

EARNINGS CONFERENCE CALL

A conference call to discuss third quarter results will be held on Tuesday, October 27, 2026 at 11:00 A.M. (ET). The live audio webcast and replay of the conference call will be available on the Company’s website located at www.suninc.com in the Investors & Media section under Event Calendar.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release contains various “forward-looking statements” within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this document that relate to expectations, beliefs, projections, future plans and strategies, trends or prospective events or developments, and similar expressions concerning matters that are not historical facts are deemed to be forward-looking statements. Words such as “forecasts,” “intend,” “goal,” “estimate,” “expect,” “project,” “projections,” “plans,” “predicts,” “potential,” “seeks,” “anticipates,” “should,” “could,” “may,” “will,” “designed to,” “foreseeable future,” “believe,” “scheduled,” “guidance,” “target,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements reflect the Company’s current views with respect to future events and financial performance, but involve known and unknown risks, uncertainties, and other factors, both general and specific to the matters discussed in this document, some of which are beyond the Company’s control. These risks, uncertainties, and other factors may cause the Company’s actual results to be materially different from any future results expressed or implied by such forward-looking statements. In addition to the risks described under “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, in Item 8.01 of the Company’s Current Report on Form 8-K filed May 21, 2026, in Part II, Item 1A. in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, and in the Company’s other filings with the Securities and Exchange Commission, from time to time, such risks, uncertainties and other factors include, but are not limited to:

∙	The final costs, adjustments, and net proceeds related to the completed sale of Park Holidays;
∙	The Company’s ability to realize the anticipated benefits of the completed sale of Park Holidays, including with respect to the intended use of proceeds;
∙	The Company’s ability to deploy the proceeds from the Park Holidays Sale in a timely and value-accretive manner;
∙	The Company’s liquidity and refinancing demands;
∙	The Company’s ability to obtain or refinance maturing debt;
∙	The Company’s ability to maintain compliance with covenants contained in its debt facilities and its unsecured notes;
∙	Availability of capital;
∙	General volatility of the capital markets and the market price of shares of the Company’s capital stock;
∙	The timing, manner, and amount of any repurchases under the Company’s share repurchase program;
∙	Increases in interest rates and operating costs, including insurance premiums, real estate taxes, and utilities;
∙	Difficulties in the Company’s ability to evaluate, finance, complete and integrate acquisitions, developments and expansions successfully;
∙	Competitive market forces;
∙	The ability of purchasers of manufactured homes to obtain financing;
∙	The level of repossessions of manufactured homes;
∙	The Company’s ability to maintain effective internal control over financial reporting and disclosure controls and procedures;
∙	Expectations regarding the amount or frequency of impairment losses;
∙	Changes in general economic conditions, including inflation, deflation, energy costs, the real estate industry, the effects of tariffs or threats of tariffs, wars or other international conflicts, trade wars, immigration issues, supply chain disruptions, and the markets within which the Company operates;
∙	The Company’s ability to maintain its status as a REIT;
∙	Changes in real estate and zoning laws and regulations;
∙	The Company’s ability to maintain rental rates and occupancy levels, and to implement and realize anticipated future rental rate increases, including as a result of rent control, rent stabilization, or similar legislative or regulatory limitations on the amount, frequency, or timing of rent increases;
∙	Legislative or regulatory changes, including changes to laws governing the taxation of REITs;
∙	Outbreaks of disease and related restrictions on business operations;
∙	Risks related to natural disasters such as hurricanes, earthquakes, floods, droughts, and wildfires; and
∙	Litigation, judgments or settlements, including costs associated with prosecuting or defending claims and any adverse outcomes.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements included or incorporated by reference into this document, whether as a result of new information, future events, changes in the Company’s expectations or otherwise, except as required by law.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. All written and oral forward-looking statements attributable to the Company or persons acting on the Company’s behalf are qualified in their entirety by these cautionary statements.

Company Overview and Investor Information

The Company

Established in 1975, Sun Communities, Inc. became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of September 30, 2026, the Company owned, operated, or had an interest in a portfolio of 452 developed MH and RV properties comprising approximately 153,520 developed sites in the U.S. and Canada.

For more information about the Company, please visit www.suninc.com.

Company Contacts
Investor Relations
Sara Ismail, Senior Vice President
(248) 208-2500
investorrelations@suncommunities.com

Corporate Debt Ratings
Moody’s	Baa2 | Stable
S&P	BBB+ | Stable

Portfolio Overview as of September 30, 2026

		MH & RV Properties
		Properties		MH & Annual RV					Transient RV Sites		Total Sites
Location				Sites		Occupancy %
Florida		122		41,140		97.7	%		3,570		44,710
Michigan		90		34,450		98.2	%		480		34,930
California		36		7,020		99.7	%		1,740		8,760
Texas		28		9,310		97.7	%		1,420		10,730
Connecticut		16		1,910		97.0	%		90		2,000
Maine		14		2,540		97.6	%		770		3,310
New Jersey		13		3,660		99.9	%		840		4,500
Arizona		11		4,160		97.7	%		850		5,010
Colorado		11		2,930		94.3	%		940		3,870
Indiana		10		2,820		99.1	%		990		3,810
Maryland		10		920		98.9	%		1,370		2,290
New York		9		1,590		99.3	%		1,020		2,610
Other		82		19,790		98.9	%		7,200		26,990
Total Portfolio		452		132,240		98.2	%		21,280		153,520

Financial and Operating Highlights
($ in millions, except Per Share amounts)

	Quarters Ended
	9/30/2026				6/30/2026				3/31/2026				12/31/2025				9/30/2025
Financial Information
Basic earnings / (loss) per share from continuing operations	$	1.07			$	0.65			$	0.13			$	0.88			$	(0.45	)
Basic earnings / (loss) per share from discontinued operations		(0.07	)			(8.71	)			(0.20	)			0.11				0.52
Basic earnings / (loss) per share	$	1.00			$	(8.06	)		$	(0.07	)		$	0.99			$	0.07
Diluted earnings / (loss) per share from continuing operations	$	1.07			$	0.32			$	0.13			$	0.88			$	(0.45	)
Diluted earnings / (loss) per share from discontinued operations		(0.07	)			(8.40	)			(0.20	)			0.11				0.52
Diluted earnings / (loss) per share	$	1.00			$	(8.08	)		$	(0.07	)		$	0.99			$	0.07
Cash distributions declared per common share	$	1.12			$	1.12			$	1.12			$	1.04			$	1.04
FFO per Share(a)	$	2.27			$	1.77			$	0.95			$	2.15			$	2.18
Core FFO per Share(a)	$	2.35			$	1.84			$	1.40			$	1.40			$	2.28
Real Property NOI(a)
MH	$	187.0			$	186.5			$	185.7			$	178.8			$	171.8
RV		115.6				74.1				50.7				53.3				115.5
Total	$	302.6			$	260.6			$	236.4			$	232.1			$	287.3
Recurring EBITDAre(a)	$	327.6			$	264.4			$	195.2			$	206.2			$	335.7
TTM Recurring EBITDAre / Interest(a)	6.7 x				6.6 x				6.0 x				4.9 x				4.4 x
Net Debt / TTM Recurring EBITDAre(a)	3.2 x				3.9 x				3.7 x				3.4 x				3.3 x
Balance Sheet
Total assets	$	9,819.7			$	10,867.6			$	12,358.8			$	12,522.9			$	12,800.3
Total debt	$	3,776.2			$	4,052.2			$	4,246.2			$	4,258.7			$	4,271.7
Total liabilities	$	4,342.1			$	5,090.0			$	5,299.1			$	5,194.4			$	5,438.0
Operating Information
Properties
MH		295				295				295				294				284
RV		157				160				166				166				164
Total		452				455				461				460				448
Sites
MH		100,250				100,860				100,830				100,150				97,070
Annual RV		31,990				32,510				32,730				33,330				32,480
Transient		21,280				22,760				23,820				23,550				23,560
Total sites		153,520				156,130				157,380				157,030				153,110
Occupancy
MH		97.6	%			97.3	%			97.1	%			97.2	%			97.9	%
Annual RV		100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
Blended MH and annual RV		98.2	%			97.9	%			97.8	%			97.9	%			98.4	%
MH and RV Revenue Producing Site Net Gains(a)
MH leased sites, net		46				157				16				178				152
RV leased sites, net		52				91				(324	)			(37	)			371
Total leased sites, net		98				248				(308	)			141				523

^(a) Refer to Definition and Notes for additional information.

Condensed Consolidated Balance Sheets
($ in millions)

	September 30, 2026				December 31, 2025
Assets
Land	$	1,787.9			$	1,810.5
Land improvements and buildings		8,646.7				8,699.2
Rental homes and improvements		1,024.4				940.2
Furniture, fixtures and equipment		690.3				674.3
Investment property		12,149.3				12,124.2
Accumulated depreciation		(3,769.3	)			(3,505.7	)
Investment property, net		8,380.0				8,618.5
Cash, cash equivalents and restricted cash(a)		699.3				606.7
Inventory of manufactured homes		72.2				84.7
Notes and other receivables, net		289.2				262.9
Collateralized receivables, net(a)		37.6				43.2
Goodwill		9.5				9.5
Other intangible assets, net		32.4				36.7
Other assets, net		299.5				309.2
Assets held for sale and discontinued operations, net(a)		—				2,551.5
Total Assets	$	9,819.7			$	12,522.9
Liabilities
Mortgage loans payable	$	1,950.2			$	2,429.0
Secured borrowings on collateralized receivables(a)		37.6				43.2
Unsecured debt		1,788.4				1,786.5
Distributions payable		137.1				131.1
Advanced reservation deposits and rent		135.9				125.9
Accrued expenses and accounts payable		219.4				178.3
Other liabilities		73.5				73.2
Liabilities held for sale and discontinued operations, net(a)		—				427.2
Total Liabilities		4,342.1				5,194.4
Commitments and contingencies
Temporary equity		181.3				255.7
Shareholders’ Equity
Common stock		1.2				1.2
Additional paid-in capital		9,307.8				9,563.1
Accumulated other comprehensive income		0.1				26.5
Distributions in excess of accumulated earnings		(4,086.1	)			(2,634.7	)
Total SUI Shareholders’ Equity		5,223.0				6,956.1
Noncontrolling interests		73.3				116.7
Total Shareholders’ Equity		5,296.3				7,072.8
Total Liabilities, Temporary Equity and Shareholders’ Equity	$	9,819.7			$	12,522.9

^(a) Refer to Definitions and Notes for additional information.

Condensed Consolidated Statements of Operations
($ in millions, except for per share amounts)

	Quarter Ended September 30,											Nine Months Ended September 30,
		2026				2025			% Change				2026				2025			% Change
Revenues
Real property (excluding transient)(a)	$	375.1			$	350.8			6.9	%		$	1,087.8			$	1,008.7			7.8	%
Real property – transient		103.5				106.3			(2.6)        %				193.0				198.5			(2.8)        %
Home sales		31.8				37.8			(15.9)        %				86.1				108.3			(20.5)        %
Ancillary		38.2				40.6			(5.9)        %				71.3				74.4			(4.2)        %
Interest		5.6				17.1			(67.3)        %				19.0				37.9			(49.9)        %
Brokerage commissions and other, net		4.0				3.3			21.2	%			9.0				18.2			(50.5)        %
Total Revenues		558.2				555.9			0.4	%			1,466.2				1,446.0			1.4	%
Expenses
Property operating and maintenance(a)		148.9				143.3			3.9	%			399.2				383.4			4.1	%
Real estate tax		27.1				26.5			2.3	%			82.0				77.8			5.4	%
Home costs and selling		28.0				30.8			(9.1)        %				77.4				90.3			(14.3)        %
Ancillary		22.2				21.8			1.8	%			48.5				48.6			(0.2)        %
General and administrative		48.9				46.2			5.8	%			157.4				143.8			9.5	%
Catastrophic event-related charges, net		0.2				0.8			(75.0)        %				1.5				1.1			36.4	%
Depreciation and amortization		125.7				115.3			9.0	%			371.0				347.3			6.8	%
Asset impairments(a)		17.2				165.9			(89.6)        %				35.4				223.3			(84.1)        %
Loss on extinguishment of debt		0.1				1.6			(93.8)        %				0.1				104.0			(99.9)        %
Interest		38.3				39.5			(3.0)        %				114.8				172.4			(33.4)        %
Total Expenses		456.6				591.7			(22.8)        %				1,287.3				1,592.0			(19.1)        %
Income / (Loss) Before Other Items		101.6				(35.8	)		N/M				178.9				(146.0	)		N/M
Gain / (loss) on foreign currency exchanges		0.7				(22.6	)		N/M				(9.9	)			25.5			N/M
Gain / (loss) on disposition of properties		28.9				(1.0	)		N/M				8.0				(3.1	)		N/M
Other income, net(a)		1.0				0.2			N/M				9.4				12.8			(26.6)        %
Loss on remeasurement of note receivable		(1.7	)			—			N/A				(4.5	)			(1.6	)		181.3	%
Income from nonconsolidated affiliates		7.4				4.3			72.1	%			19.6				11.1			76.6	%
Gain / (loss) on remeasurement of investment in non-consolidated affiliates		0.3				0.4			(25.0)        %				(1.2	)			(1.1	)		9.1	%
Current tax benefit / (expense)		(1.6	)			0.5			N/M				(3.1	)			(3.3	)		(6.1)        %
Deferred tax benefit		0.5				0.9			(44.4)        %				0.6				0.9			(33.3)        %
Net Income / (Loss) from Continuing Operations		137.1				(53.1	)		N/M				197.8				(104.8	)		N/M
Income / (loss) from discontinued operations, net(a)		(9.3	)			64.0			N/M				(1,101.2	)			1,404.4			N/M
Net Income / (Loss)		127.8				10.9			N/M				(903.4	)			1,299.6			N/M
Less: Preferred return to preferred Operating Partnership (“OP”) units / equity interests		2.5				3.2			(21.9)        %				7.7				9.5			(18.9)        %
Less: Income / (loss) attributable to noncontrolling interests		4.6				(0.8	)		N/M				(30.4	)			50.8			N/M
Net Income / (Loss) Attributable to SUI Common Shareholders	$	120.7			$	8.5			N/M			$	(880.7	)		$	1,239.3			N/M
Weighted average common shares outstanding – basic(a)		120.8				123.9			(2.5)        %				122.0				125.6			(2.9)        %
Weighted average common shares outstanding – diluted(a)		123.2				124.1			(0.7)        %				126.7				125.6			0.9	%
Basic earnings / (loss) per share from continuing operations	$	1.07			$	(0.45	)		N/M			$	1.85			$	(1.37	)		N/M
Basic earnings / (loss) per share from discontinued operations		(0.07	)			0.52			N/M				(9.03	)			11.18			N/M
Basic earnings / (loss) per share	$	1.00			$	0.07			N/M			$	(7.18	)		$	9.81			N/M
Diluted earnings / (loss) per share from continuing operations	$	1.07			$	(0.45	)		N/M			$	1.55			$	(1.37	)		N/M
Diluted earnings / (loss) per share from discontinued operations		(0.07	)			0.52			N/M				(8.69	)			11.18			N/M
Diluted earnings / (loss) per share	$	1.00			$	0.07			N/M			$	(7.14	)		$	9.81			N/M

^(a) Refer to Definitions and Notes for additional information. N/M = Not meaningful. N/A = Not applicable.

Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO
($ in millions, except for per share data)

	Quarter Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net Income / (Loss) Attributable to SUI Common Shareholders	$	120.7			$	8.5			$	(880.7	)		$	1,239.3
Adjustments
Depreciation and amortization – continuing operations		124.1				114.2				366.2				345.6
Depreciation and amortization – discontinued operations		—				9.9				17.1				63.5
Depreciation on nonconsolidated affiliates		0.4				0.2				1.0				0.6
Asset impairments – continuing operations(a)		17.2				165.9				35.4				223.3
Asset impairments – discontinued operations		—				—				—				135.0
Loss on classification to held for sale – discontinued operations(a)		50.6				—				1,127.8				—
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates		(0.3	)			(0.4	)			1.2				1.1
Loss on remeasurement of notes receivable		1.7				—				4.5				1.6
(Gain) / loss on dispositions of properties, including tax effect – continuing operations		(28.9	)			(0.6	)			(8.0	)			3.1
Gain on dispositions of properties, including tax effect – discontinued operations		(5.0	)			(13.5	)			(3.3	)			(1,458.2	)
Add: Returns on preferred OP units / equity interests		2.5				3.1				7.7				9.3
Add: Income / (loss) attributable to noncontrolling interests		4.6				(0.9	)			(30.4	)			50.8
Gain on disposition of assets, net – continuing operations		(2.6	)			(3.3	)			(7.3	)			(11.0	)
Gain on disposition of assets, net – discontinued operations		(0.1	)			(0.6	)			(0.5	)			(0.8	)
FFO(a)(c)(d)		284.9				282.5				630.7				603.2
Adjustments
Acquisition and other transaction costs – continuing operations(a)		1.8				2.1				5.2				15.7
Acquisition and other transaction costs – discontinued operations(a)		4.2				0.6				19.6				66.2
Loss on extinguishment of debt		0.1				1.6				0.1				104.0
Catastrophic event-related charges, net		0.2				0.8				1.5				1.1
Loss of earnings – catastrophic event-related charges, net(a)		3.2				4.2				9.6				2.5
(Gain) / loss on foreign currency exchanges – continuing operations		(0.7	)			22.6				9.9				(25.5	)
Loss on foreign currency exchanges – discontinued operations		—				—				0.7				—
Deferred tax benefit – continuing operations		(0.5	)			(0.9	)			(0.6	)			(0.9	)
Deferred tax (benefit) / expense – discontinued operations		—				(1.2	)			3.9				(38.5	)
Other adjustments, net – continuing operations(a)		1.7				1.0				15.2				(5.9	)
Other adjustments, net – discontinued operations(a)		—				(18.9	)			12.2				(28.6	)
Core FFO(a)(b)(c)(d)	$	294.9			$	294.4			$	708.0			$	693.3
Weighted Average Common Shares and OP Units Outstanding(a)(b)		125.3				129.3				126.7				131.2
FFO per Share(a)(b)(c)(d)	$	2.27			$	2.18			$	4.98			$	4.60
Core FFO per Share(a)(b)(c)(d)	$	2.35			$	2.28			$	5.59			$	5.28

^(a) Refer to Definitions and Notes for additional information.
^(b) Assumes full conversion of all equity participating units, including common and preferred OP units, into the Company’s common stock.
^(c) 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 quarter 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 quarter ended September 30, 2025.
^(d) 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.

Reconciliation of Net income / (Loss) Attributable to SUI Common Shareholders to NOI
($ in millions)

	Quarter Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net Income / (Loss) Attributable to SUI Common Shareholders	$	120.7			$	8.5			$	(880.7	)		$	1,239.3
Interest income		(5.6	)			(17.1	)			(19.0	)			(37.9	)
Brokerage commissions and other revenues, net		(4.0	)			(3.3	)			(9.0	)			(18.2	)
General and administrative		48.9				46.2				157.4				143.8
Catastrophic event-related charges, net		0.2				0.8				1.5				1.1
Depreciation and amortization		125.7				115.3				371.0				347.3
Asset impairments		17.2				165.9				35.4				223.3
Loss on extinguishment of debt		0.1				1.6				0.1				104.0
Interest expense		38.3				39.5				114.8				172.4
(Gain) / loss on foreign currency exchanges		(0.7	)			22.6				9.9				(25.5	)
(Gain) / loss on disposition of properties		(28.9	)			1.0				(8.0	)			3.1
Other income, net(a)		(1.0	)			(0.2	)			(9.4	)			(12.8	)
Loss on remeasurement of notes receivable		1.7				—				4.5				1.6
Income from nonconsolidated affiliates		(7.4	)			(4.3	)			(19.6	)			(11.1	)
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates		(0.3	)			(0.4	)			1.2				1.1
Current tax (benefit) / expense		1.6				(0.5	)			3.1				3.3
Deferred tax benefit		(0.5	)			(0.9	)			(0.6	)			(0.9	)
Net (income) / loss from discontinued operations, net		9.3				(64.0	)			1,101.2				(1,404.4	)
Add: Preferred return to preferred OP units / equity interests		2.5				3.2				7.7				9.5
Add: Income / (loss) attributable to noncontrolling interests		4.6				(0.8	)			(30.4	)			50.8
NOI(a)	$	322.4			$	313.1			$	831.1			$	789.8

	Quarter Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Real property NOI(a)	$	302.6		$	287.3		$	799.6		$	746.0
Home sales NOI(a)		3.8			7.0			8.7			18.0
Ancillary NOI(a)		16.0			18.8			22.8			25.8
NOI(a)	$	322.4		$	313.1		$	831.1		$	789.8

^(a) Refer to Definitions and Notes for additional information.

Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Recurring EBITDAre
($ in millions)

	Quarter Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net Income / (Loss) Attributable to SUI Common Shareholders	$	120.7			$	8.5			$	(880.7	)		$	1,239.3
Adjustments
Depreciation and amortization – continuing operations		125.7				115.3				371.0				347.3
Depreciation and amortization – discontinued operations		—				11.1				18.9				66.3
Asset impairments – continuing operations(a)		17.2				165.9				35.4				223.3
Asset impairments – discontinued operations		—				—				—				135.0
Loss on classification to held for sale – discontinued operations(a)		50.6				—				1,127.8				—
Loss on extinguishment of debt		0.1				1.6				0.1				104.0
Interest expense – continuing operations		38.3				39.5				114.8				172.4
Interest expense – discontinued operations		0.1				2.0				0.3				9.4
Current tax (benefit) / expense – continuing operations		1.6				(0.5	)			3.1				3.3
Current tax expense – discontinued operations		4.0				6.0				7.3				10.8
Deferred tax benefit – continuing operations		(0.5	)			(0.9	)			(0.6	)			(0.9	)
Deferred tax (benefit) / expense – discontinued operations		—				(1.2	)			3.9				(38.5	)
Income from nonconsolidated affiliates		(7.4	)			(4.3	)			(19.6	)			(11.1	)
Less: (Gain) / loss on dispositions of properties – continuing operations		(28.9	)			1.0				(8.0	)			3.1
Less: (Gain) / loss on dispositions of properties – discontinued operations		(5.0	)			(15.1	)			(3.3	)			(1,459.8	)
Less: Gain on dispositions of assets, net – continuing operations		(2.6	)			(3.3	)			(7.3	)			(11.0	)
Less: Gain on dispositions of assets, net – discontinued operations		(0.1	)			(0.6	)			(0.5	)			(0.8	)
EBITDAre(a)(b)		313.8				325.0				762.6				792.1
Adjustments
Transaction costs – discontinued operations(a)(c)		4.1				0.5				19.0				63.1
Catastrophic event-related charges, net		0.2				0.8				1.5				1.1
(Gain) / loss on foreign currency exchanges – continuing operations		(0.7	)			22.6				9.9				(25.5	)
Loss on foreign currency exchanges – discontinued operations(a)		—				—				0.7				—
Other income, net – continuing operations(a)		(1.0	)			(0.2	)			(9.4	)			(12.8	)
Other (income) / expense, net – discontinuing operations(a)		—				(18.9	)			12.1				(29.1	)
Loss on remeasurement of notes receivable		1.7				—				4.5				1.6
(Gain) / loss on remeasurement of investment in nonconsolidated affiliates		(0.3	)			(0.4	)			1.2				1.1
Add: Preferred return to preferred OP units / equity interests		2.5				3.2				7.7				9.5
Add: Income / (loss) attributable to noncontrolling interests		4.6				(0.8	)			(30.4	)			50.8
Add: Gain on dispositions of assets, net – continuing operations		2.6				3.3				7.3				11.0
Add: Gain on dispositions of assets, net – discontinued operations		0.1				0.6				0.5				0.8
Recurring EBITDAre(a)(b)	$	327.6			$	335.7			$	787.2			$	863.7

^(a) Refer to Definitions and Notes for additional information.
^(b) EBITDAre and Recurring EBITDAre include discontinued operations activity.
^(c) Represents non-recurring transaction costs that are directly attributable to the Park Holidays Sale and the Safe Harbor Sale for the applicable periods.

Real Property Operations – Total Portfolio
($ in millions)

	Quarter Ended September 30, 2026												Quarter Ended September 30, 2025
	MH				RV				Total				MH				RV				Total
Revenues
Real property (excluding transient)(a)	$	274.7			$	100.4			$	375.1			$	254.6			$	96.2			$	350.8
Real property – transient		0.1				103.4				103.5				0.1				106.2				106.3
Total operating revenues		274.8				203.8				478.6				254.7				202.4				457.1
Expenses
Property operating expenses		87.8				88.2				176.0				82.9				86.9				169.8
Real Property NOI(a)	$	187.0			$	115.6			$	302.6			$	171.8			$	115.5			$	287.3
	Nine Months Ended September 30, 2026												Nine Months Ended September 30, 2025
	MH				RV				Total				MH				RV				Total
Revenues
Real property (excluding transient)(a)	$	815.2			$	272.6			$	1,087.8			$	753.2			$	255.5			$	1,008.7
Real property – transient		0.8				192.2				193.0				0.8				197.7				198.5
Total operating revenues		816.0				464.8				1,280.8				754.0				453.2				1,207.2
Expenses
Property operating expenses		256.8				224.4				481.2				241.1				220.1				461.2
Real Property NOI	$	559.2			$	240.4			$	799.6			$	512.9			$	233.1			$	746.0
	As of September 30, 2026												As of September 30, 2025
	MH				RV				Total				MH				RV				Total
Number of Properties		295				157				452				284				164				448
Sites
Sites(b)		100,250				31,990				132,240				97,070				32,480				129,550
Transient sites	N/A					21,280				21,280			N/A					23,560				23,560
Total		100,250				53,270				153,520				97,070				56,040				153,110
Occupancy(c)		97.6	%			100.0	%			98.2	%			97.9	%			100.0	%			98.4	%

N/A = Not applicable.
^(a) Refer to Definitions and Notes for additional information.
^(b) MH sites included 13,381 and 11,856 rental homes in the Company’s rental program at September 30, 2026 and 2025, respectively. The Company’s 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.
^(c) Occupancy percentages for the RV segment exclude transient RV sites.

Real Property Operations – Same Property Portfolio^(a)
($ in millions)

	Quarter Ended September 30,
		2026									2025								Total Change				% Change(b)
	MH			RV			Total			MH			RV			Total							MH			RV			Total
Same Property Revenues
Real property (excluding transient)	$	247.4		$	88.6		$	336.0		$	233.9		$	86.5		$	320.4		$	15.6			5.8	%		2.4	%		4.9	%
Real property – transient		0.1			100.4			100.5			0.1			101.4			101.5			(1.0	)		(3.0)        %			(1.1)        %			(1.1)        %
Total Same Property operating revenues		247.5			189.0			436.5			234.0			187.9			421.9			14.6			5.8	%		0.5	%		3.4	%
Same Property Expenses
Payroll and benefits		14.9			25.7			40.6			14.3			25.3			39.6			1.0			4.4	%		1.7	%		2.7	%
Real estate taxes		19.5			6.6			26.1			19.1			6.6			25.7			0.4			2.4	%		(1.7)        %			1.4	%
Supplies and repairs		13.5			10.7			24.2			12.6			9.4			22.0			2.2			6.5	%		13.0	%		9.3	%
Utilities		5.7			17.8			23.5			5.1			16.5			21.6			1.9			10.7	%		7.8	%		8.5	%
Legal, state / local taxes, and insurance		7.5			2.4			9.9			8.9			3.2			12.1			(2.2	)		(15.3)        %			(23.6)        %			(17.5)        %
Other		2.5			14.0			16.5			1.9			13.7			15.6			0.9			32.8	%		2.3	%		6.0	%
Total Same Property operating expenses(a)		63.6			77.2			140.8			61.9			74.7			136.6			4.2			2.8	%		3.2	%		3.0	%
Real Property NOI(a)	$	183.9		$	111.8		$	295.7		$	172.1		$	113.2		$	285.3		$	10.4			6.9	%		(1.3)        %			3.6	%
	Nine Months Ended September 30,
		2026									2025								Total Change				% Change(b)
	MH			RV			Total			MH			RV			Total							MH			RV			Total
Same Property Revenues
Real property (excluding transient)	$	736.5		$	240.5		$	977.0		$	693.4		$	231.2		$	924.6		$	52.4			6.2	%		4.0	%		5.7	%
Real property – transient		0.8			183.3			184.1			0.8			187.8			188.6			(4.5	)		3.5	%		(2.4)        %			(2.4)        %
Total Same Property operating revenues		737.3			423.8			1,161.1			694.2			419.0			1,113.2			47.9			6.2	%		1.1	%		4.3	%
Same Property Expenses
Payroll and benefits		44.4			64.3			108.7			43.6			64.4			108.0			0.7			2.0	%		(0.2)        %			0.7	%
Real estate taxes		58.6			20.2			78.8			55.8			20.0			75.8			3.0			5.0	%		1.1	%		4.0	%
Supplies and repairs		38.2			26.6			64.8			33.9			23.7			57.6			7.2			12.8	%		12.3	%		12.6	%
Utilities		16.0			41.4			57.4			16.1			38.8			54.9			2.5			(0.4)        %			6.7	%		4.6	%
Legal, state / local taxes, and insurance		21.8			7.3			29.1			24.3			9.1			33.4			(4.3	)		(10.4)        %			(19.1)        %			(12.7)        %
Other		8.5			33.6			42.1			8.2			33.5			41.7			0.4			3.4	%		0.1	%		0.8	%
Total Same Property operating expenses(a)		187.5			193.4			380.9			181.9			189.5			371.4			9.5			3.1	%		2.1	%		2.6	%
Real Property NOI(a)	$	549.8		$	230.4		$	780.2		$	512.3		$	229.5		$	741.8		$	38.4			7.3	%		0.4	%		5.2	%

^(a) Refer to Definitions and Notes for additional information.
^(b) Percentages are calculated based on unrounded numbers.
Real Property Operations – Same Property Portfolio (Continued)

		As of September 30,
			2026								2025
		MH				RV				MH				RV
Number of properties(a)			282				152				282				152
Sites
MH and annual RV sites			97,210				30,940				96,750				31,160
Transient RV sites		N/A					20,960			N/A					21,000
Total			97,210				51,900				96,750				52,160
MH and Annual RV Occupancy
Occupancy(b)			97.8	%			100.0	%			97.9	%			100.0	%
Average monthly base rent per site		$	776			$	700			$	737			$	674
% Change of monthly base rent(c)			5.2	%			3.9	%		N/A				N/A
Rental Program Statistics included in MH
Number of occupied sites, end of period(d)			13,000			N/A					11,830			N/A
Average monthly rent per site – MH rental program		$	1,418			N/A				$	1,387			N/A
% Change(c)			2.2	%		N/A				N/A				N/A

N/A = Not applicable.
^(a) Financial results from properties impacted by dispositions and catastrophic weather events have been removed from Same Property reporting.
^(b) 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.
^(c) Percentages are calculated based on unrounded numbers.
^(d) Occupied rental program sites in Same Property are included in total sites.

Home Sales Summary
($ in millions, except for average selling price)

	Quarter Ended September 30,										Nine Months Ended September 30,
		2026				2025			% Change			2026				2025			% Change
Financial Information
Home sales	$	31.8			$	37.8			(15.9)        %		$	86.1			$	108.3			(20.5)        %
Home cost and selling expenses		28.0				30.8			(9.1)        %			77.4				90.3			(14.3)        %
NOI(a)	$	3.8			$	7.0			(45.7)        %		$	8.7			$	18.0			(51.7)        %
NOI margin %(a)		11.9	%			18.5	%					10.1	%			16.6	%
Other Information
Units Sold:		349				404			(13.6)        %			967				1,231			(21.4)        %
Average Selling Price:	$	91,117			$	93,564			(2.6)        %		$	89,038			$	87,977			1.2	%

^(a) Refer to Definitions and Notes for additional information.

Operating Statistics for MH and Annual RVs

		Resident Move-outs					Leased Sites, Net(b)		New Home Sales		Pre-owned Home Sales		Brokered Re-sales
		% of Total Sites			Number of Move-outs
2026 – YTD as of September 30		5.7%(a)			7,440		38		225		742		1,457
2025		6.2	%		10,179		1,138		354		1,210		1,646
2024		4.3	%		7,050		3,209		447		1,554		1,700

^(a) Percentage calculated based on a trailing 12-month basis.
^(b) Increase in revenue producing sites, net of new vacancies.

Acquisitions and Dispositions
($ in millions)

Property Name		Segment / Property Type		Number of Properties		Sites		State, Province, or Country		Total Purchase Price / Sales Proceeds			Month
ACQUISITIONS
First Quarter 2026
Parkhurst Estates		MH		1		279		MI		$	17.0		January
Fourth Quarter 2026 (through October 26, 2026)
Rosewood / Rowan Oak		MH		1		169		OR			35.0		October
Battle Ground		MH		1		189		WA			44.5		October
Total Acquisitions Year to Date				3		637				$	96.5
DISPOSITIONS
Second Quarter 2026
Sun Retreats Amherstberg		RV		1		299		ON		$	0.1		April
Joint Venture RV Portfolio		RV		5		945		Various			9.0		June
Third Quarter 2026
Park Holidays		UK		54		22,030		UK			1,050.4		September
Fort Myers RV Portfolio		RV		3		2,516		FL			127.0		September
Total Dispositions Year to Date				63		25,790				$	1,186.5

Capital Expenditures^(a)
($ in millions)

					Non-Recurring Capital Expenditures
Period		Recurring Capital Expenditures			Lot Modifications			Growth Projects			Capital Improvements to Recent Acquisitions			Expansion and Development			Total Non-Recurring Capital Expenditures			Total
Nine Months Ended September 30, 2026		$	53.5		$	29.7		$	14.3		$	7.8		$	23.2		$	75.0		$	128.5
Year Ended December 31, 2025		$	55.8		$	38.8		$	12.9		$	8.3		$	66.7		$	126.7		$	182.5
Year Ended December 31, 2024		$	54.5		$	35.5		$	11.5		$	22.9		$	105.2		$	175.1		$	229.6

^(a) Refer to Definitions and Notes for additional information.

Capitalization Overview
($ in millions, shares and units in thousands, except for share price)

	As of September 30, 2026
	Common Equivalent Shares		Share Price			Capitalization
Equity and Enterprise Value
Common shares	119,942		$	110.78		$	13,287.2
Convertible securities
Common OP units	2,352		$	110.78			260.5
Preferred OP units	1,966		$	110.78			217.8
Diluted shares outstanding and market capitalization(a)	124,260						13,765.5
Plus: Total debt, per condensed consolidated balance sheet							3,776.2
Total capitalization							17,541.7
Less: Cash and cash equivalents (excluding restricted cash)							(658.9	)
Enterprise Value(a)						$	16,882.8

^(a)  Refer to Definitions and Notes for additional information related to the Company’s securities outstanding.

^(b)  

	As of September 30, 2026
	Debt Outstanding			Weighted Average Interest Rate(a)			Weighted Average Maturity (in years)		Maturity Date
Secured Debt:
Mortgage loans payable	$	1,950.2		3.61	%		9.5		Various
Secured borrowings on collateralized receivables(b)		37.6		8.53	%		11.6		Various
Total Secured Debt		1,987.8		3.70	%
Unsecured Debt:
Senior Unsecured Notes:
2028 senior unsecured notes		448.6		2.29	%		2.1		November 2028
2031 senior unsecured notes		745.1		2.70	%		4.8		July 2031
2032 senior unsecured notes		594.7		3.61	%		5.5		April 2032
Total Unsecured Debt		1,788.4		2.90	%		4.4
Total carrying value of debt, per condensed consolidated balance sheets		3,776.2		3.32	%		7.1
Plus: Unamortized deferred financing costs, discounts / premiums on debt, and fair value adjustments(a)		17.3
Total debt	$	3,793.5

^(a)  Includes the effect of amortizing deferred financing costs, unsecured note discounts, and fair value adjustments on the Secured borrowings on collateralized receivables.
^(b)  Refer to Definitions and Notes for additional information.
^(c)  

Debt Maturities^(a)

($ in millions)

		As of September 30, 2026
Year		Mortgage Loans Payable(b)			Principal Amortization			Secured Borrowings on Collateralized Receivables(c)(d)			Senior Unsecured Notes			Total
2026		$	55.7		$	8.4		$	—		$	—		$	64.1
2027			—			34.6			0.5			—			35.1
2028			175.6			38.5			2.2			450.0			666.3
2029			310.8			37.9			2.3			—			351.0
2030			—			37.2			2.5			—			39.7
Thereafter			807.9			452.2			27.2			1,350.0			2,637.3
Total		$	1,350.0		$	608.8		$	34.7		$	1,800.0		$	3,793.5

^(a) Debt maturities include the unamortized deferred financing costs, discount / premiums, and fair value adjustments associated with outstanding debt.
^(b) For the Mortgage loans payable maturing between 2026 – 2030:

	2026			2027			2028			2029			2030
Weighted average interest rate	3.93	%		—	%		3.97	%		3.16	%		—	%

^(c) Balance at September 30, 2026 excludes fair value adjustments of $2.9 million.
^(d) Refer to Definitions and Notes for additional information.

Debt Analysis

				As of September 30, 2026
Select Credit Ratios
Net Debt / TTM Recurring EBITDAre(a)				3.2 x
Net Debt / Enterprise Value(a)				18.5	%
Net Debt / Gross Assets(a)				23.1	%
Unencumbered assets / Total assets				80.5	%
Floating rate debt / Total debt				N/A(c)
Coverage Ratios
TTM Recurring EBITDAre(a)(b) / Interest				6.7 x
TTM Recurring EBITDAre(a)(b) / Interest + Preferred distributions + Preferred stock distribution				6.7 x
Credit Facility Covenants(d)		Requirement
Maximum leverage ratio		<65.0 %		14.9	%
Minimum fixed charge coverage ratio		>1.40 x		5.22 x
Maximum secured leverage ratio		<40.0 %		8.7	%
Senior Unsecured Note Covenants		Requirement
Total debt / Total assets		≤60.0 %		28.2	%
Secured debt / Total assets		≤40.0 %		14.7	%
Consolidated income available for debt service / Debt service		≥1.50 x		8.17 x
Unencumbered total asset value / Total unsecured debt		≥150.0 %		599.2	%

^(a) Refer to Definitions and Notes for additional information.
^(b) Percentage includes the impact of hedge activities.
^(c) As of September 30, 2026, the Company had no floating rate debt.
^(d) As of September 30, 2026, the Company did not have any borrowings outstanding under its senior credit facility.

Definitions and Notes

Acquisition and Other Transaction Costs – In the Company’s Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO on page 5, “Acquisition and other transaction costs – continuing operations” represent (a) nonrecurring integration expenses associated with acquisitions during the quarters and nine months ended September 30, 2026 and 2025, (b) costs associated with potential acquisitions that will not close, (c) expenses incurred to bring recently acquired properties up to the Company’s operating standards, including items such as tree trimming and painting costs that do not meet the Company’s capitalization policy, and (d) other non-recurring transaction costs. Within this same reconciliation on page 5, “Acquisition and other transaction costs – discontinued operations” primarily represent non-recurring transaction costs that are directly attributable to the Park Holidays Sale and the Safe Harbor Sale and nonrecurring integration expenses associated with previous UK and marina acquisitions.

Adjusted Blended Occupancy – Occupancy percentage after adjusting for recently delivered and vacant expansion sites.

Asset Impairments – In the Company’s Condensed Consolidated Statements of Operations on page 4, the Company recorded asset impairment charges of $17.2 million for the quarter ended September 30, 2026, primarily consisting of charges to reduce the carrying value of one RV property in Texas, driven by a reduction in projected future cash flows for the impaired property.

Capital Expenditures – The Company classifies its investments in properties into the following categories:

• Recurring Capital Expenditures – Property recurring capital expenditures are necessary to maintain asset quality, including purchasing and replacing items used to operate the communities. Recurring capital expenditures at the Company’s MH and RV properties include major road, driveway and pool improvements; clubhouse renovations; adding or replacing streetlights; playground equipment; signage; maintenance facilities; manager housing and property vehicles. The minimum capitalized amount is one thousand dollars.
• Non-Recurring Capital Expenditures – The following investment and reinvestment activities are non-recurring in nature:
  • Lot Modifications – consist of expenditures incurred to modify the foundational structures required to set up a new home after a previous home has been removed. These expenditures are necessary to create a revenue stream from a new site renter and often improve the quality of the community. Other lot modification expenditures include land improvements added to annual RV sites to aid in the conversion of transient RV guests to annual contracts. See page 10 for move-out rates.
  • Growth Projects – consist of revenue-generating or expense-reducing activities at the properties. These include, but are not limited to, utility efficiency and renewable energy projects, site, or amenity upgrades, such as the addition of a garage or shed, and other special capital projects that substantiate an incremental rental increase.
  • Capital Improvements to Recent Acquisitions – represents capital improvements identified during due diligence from the acquisition date through the third year of ownership needed to bring acquired properties up to the Company’s operating standards.

Capital improvements subsequent to acquisition often require 24 to 36 months to complete after closing. At MH and RV properties, capital improvements include upgrading clubhouses; landscaping; new street lighting systems; new mail delivery systems; pool renovations including larger decks, heaters and furniture; new maintenance facilities; lot modifications; and new signage including main signs and internal road signs.

• Expansions and Developments – consist primarily of construction costs such as roads, activities, and amenities, and costs necessary to complete site improvements, such as driveways, sidewalks, and landscaping at the Company’s MH and RV communities. Expenditures also include costs to rebuild after damage has been incurred at MH or RV properties.

Cash, Cash Equivalents and Restricted Cash – Includes cash and cash equivalents of $40.4 million as of September 30, 2026, that was held in escrow accounts and restricted from general use.

Discontinued Operations:

Park Holidays Sale – In May 2026, the Company entered into an agreement to sell Park Holidays, which represents a strategic shift in operations that will have a major effect on the Company’s operations and financial results. 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.

On September 22, 2026, the Company closed the Park Holidays Sale, which generated cash proceeds of $1.03 billion, net of closing and employee separation costs. As a result, as of September 30, 2026, the Company has fully divested its investment in the UK business. As previously reported, during the quarter ended June 30, 2026, the Company recorded a non-cash valuation allowance of $1.1 billion against the assets held for sale to reduce the carrying value of the UK business to the estimated fair value less costs to sell. During the quarter ended September 30, 2026, the Company recorded an increase to the valuation allowance and loss on disposal of $50.6 million. Each respective change to the valuation allowance was recorded within Income / (loss) from discontinued operations, net on the Company’s Condensed Consolidated Statements of Operations.

Safe Harbor Sale – In 2025, the Company entered into the Safe Harbor Sale, which represented a strategic shift in operations. Accordingly, the results of the Safe Harbor business have been reflected as discontinued operations on the Company’s Condensed Consolidated Statements of Operations through the final transaction closing date of August 29, 2025.

The following table sets forth a summary of the operating results included within Income / (loss) from discontinued operations, net on the Company’s Condensed Consolidated Statements of Operations (in millions):

	Quarter Ended September 30,							Nine Months Ended September 30,
		2026				2025			2026				2025
Income / (loss) from discontinued operations, net – Park Holidays Sale	$	(9.3	)		$	49.4		$	(1,101.2	)		$	(14.2	)
Income from discontinued operations, net – Safe Harbor Sale		—				14.6			—				1,418.6
Income / (loss) from discontinued operations, net	$	(9.3	)		$	64.0		$	(1,101.2	)		$	1,404.4

The following table sets forth a summary of the operating results included within Income / (loss) from discontinued operations, net on the Company’s Condensed Consolidated Statements of Operations related to Park Holidays through the final transaction closing date (in millions):

	Quarter Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenues
Real property	$	60.0			$	60.6			$	150.7			$	145.1
Home sales		50.6				57.8				145.3				154.6
Ancillary		19.9				20.2				41.7				41.0
Interest, brokerage commissions and other, net		2.2				2.7				4.0				4.2
Total Revenues		132.7				141.3				341.7				344.9
Expenses
Property operating and maintenance		25.4				25.5				77.0				74.6
Real estate tax		2.0				2.2				6.5				6.3
Home costs and selling		34.9				40.3				103.6				110.2
Ancillary		15.6				16.9				38.1				39.0
General and administrative(a)		14.4				9.6				50.0				30.2
Depreciation and amortization		—				10.9				18.9				30.0
Asset impairments		—				—				—				132.7
Interest		0.1				2.0				0.3				9.4
Total Expenses		92.4				107.4				294.4				432.4
Income / (Loss) Before Other Items		40.3				33.9				47.3				(87.5	)
Gain / (loss) on disposition of properties, net		5.0				(0.3	)			3.3				(0.6	)
Other income / (expense), net		—				18.9				(12.1	)			43.9
Loss on foreign currency exchanges		—				—				(0.7	)			—
Loss from classification to held for sale and disposal of discontinued operation(b)		(50.6	)			—				(1,127.8	)			—
Income / (Loss) from Discontinued Operations, before income taxes		(5.3	)			52.5				(1,090.0	)			(44.2	)
Current tax expense		(4.0	)			(4.3	)			(7.3	)			(8.5	)
Deferred tax benefit / (expense)		—				1.2				(3.9	)			38.5
Income / (Loss) from Discontinued Operations	$	(9.3	)		$	49.4			$	(1,101.2	)		$	(14.2	)

^(a) Includes transaction costs associated with the Park Holidays Sale of $4.1 million and $19.0 million during the quarter and nine months ended September 30, 2026, respectively, primarily consisting of legal and advisory fees.
^(b) Includes transaction costs incurred in connection with the closing of the Park Holidays Sale of $1.6 million and $65.4 million during the quarter and nine months ended September 30, 2026, respectively, primarily consisting of employee separation costs, broker fees, and other closing costs.

Enterprise Value – Equals total equity market capitalization, plus total indebtedness reported on the Company’s balance sheet and less unrestricted cash and cash equivalents.

GAAP – U.S. Generally Accepted Accounting Principles.

Interest expense – The following is a summary of the components of the Company’s interest expense (in millions):

	Quarter Ended September 30,							Nine Months Ended September 30,
		2026			2025				2026				2025
Interest on secured debt, senior unsecured notes, and senior credit facility, net of interest rate swaps	$	35.9		$	36.5			$	107.7			$	163.9
Amortization of deferred financing costs, debt (premium) / discounts, and (gains) / losses on hedges		0.7			0.9				2.3				3.8
Senior credit facility commitment fees and other finance related charges		0.9			1.3				2.6				4.6
Capitalized interest expense		—			(0.2	)			(0.3	)			(2.9	)
Interest expense before interest on secured borrowings		37.5			38.5				112.3				169.4
Interest expense on secured borrowings on collateralized receivables		0.8			1.0				2.5				3.0
Interest expense, per Condensed Consolidated Statements of Operations	$	38.3		$	39.5			$	114.8			$	172.4

Loss of earnings – catastrophic event-related charges, net – include the following (in millions):

	Quarter Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Hurricane Ian – Estimated loss of earnings in excess of the applicable business interruption deductible	$	—		$	4.1		$	—		$	12.0
Hurricane Ian – Insurance recoveries realized for previously estimated loss of earnings		—			—			—			(9.9	)
Hurricane Ian – Recognition of deferred lump sum insurance settlement(1)		3.2			—			9.6			—
Hurricane Helene – Estimated loss of earnings in excess of the applicable business interruption deductible, net		—			0.1			—			0.4
Loss of earnings – catastrophic event-related charges, net	$	3.2		$	4.2		$	9.6		$	2.5

⁽¹⁾ During the year ended December 31, 2025, the Company received a settlement of $80.2 million from an insurance provider to settle all claims related to property, casualty, flood, and business interruption insurance recoveries from Hurricane Ian. The Company concluded that $36.5 million of the total settlement pertained to business interruption recoveries through 2027, which the Company recorded as a contingent gain in accordance with ASC 450, “Contingencies.” To better reflect the underlying economics of the transaction, the Company has elected to defer the business interruption recovery gain and recognize income ratably through 2027 for the Company’s presentation of Core FFO.

NAREIT – The National Association of Real Estate Investment Trusts is the worldwide representative voice for REITs and real estate companies with an interest in U.S. real estate and capital markets. More information is available at www.reit.com.

Net Debt – The carrying value of debt, plus, unamortized premiums, discounts, and deferred financing costs, less unrestricted cash and cash equivalents. The following table sets forth the components of Net Debt (in millions):

	September 30, 2026				December 31, 2025
Total carrying value of debt, per condensed consolidated balance sheets	$	3,776.2			$	4,258.7
Plus: Unamortized deferred financing costs, discounts / premiums on debt, and fair value adjustments		17.3				19.3
Less: Cash and cash equivalents (excluding restricted cash)		(658.9	)			(569.6	)
Net Debt	$	3,134.6			$	3,708.4

Other adjustments, net – In the Company’s Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO on page 5, Other adjustments, net – continuing operations and Other adjustments, net – discontinued operations consist of the following (in millions):

	Quarter Ended September 30,								Nine Months Ended September 30,
Other adjustments, net – continuing operations		2026				2025				2026				2025
Contingent consideration gains	$	—			$	—			$	—			$	(6.0	)
Gain on insurance recovery		(1.4	)			—				(8.1	)			—
Cash flow hedge gains from debt extinguishments		—				(0.2	)			(1.7	)			(7.6	)
Severance costs		0.7				0.1				5.1				0.2
Accelerated deferred compensation amortization		—				—				13.8				2.0
ERP implementation expense		0.8				0.8				2.3				2.6
Other		1.6				0.3				3.8				2.9
Other adjustments, net – continuing operations	$	1.7			$	1.0			$	15.2			$	(5.9	)

	Quarter Ended September 30,							Nine Months Ended September 30,
Other adjustments, net – discontinued operations		2026			2025				2026			2025
Long term lease termination (gains) / losses	$	—		$	(18.9	)		$	12.2		$	(44.6	)
Contingent consideration expense		—			—				—			15.5
Other		—			—				—			0.5
Other adjustments, net – discontinued operations	$	—		$	(18.9	)		$	12.2		$	(28.6	)

Other income, net – In the Company’s Condensed Consolidated Statements of Operations on page 4, Other income, net consists of the following (in millions):

	Quarter Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Contingent consideration gains	$	—			$	—			$	—			$	6.0
Gain on insurance recovery		1.4				—				8.1				—
Cash flow hedge gains from debt extinguishments		—				0.2				1.7				7.6
Repair reserve on repossessed homes		—				0.3				0.1				(0.3	)
Gain / (loss) on remeasurement of collateralized receivables		(0.3	)			0.2				(0.9	)			(0.3	)
Gain / (loss) on remeasurement of secured borrowings on collateralized receivables		0.3				(0.2	)			0.9				0.3
Other		(0.4	)			(0.3	)			(0.5	)			(0.5	)
Other income, net	$	1.0			$	0.2			$	9.4			$	12.8

Revenue Producing Site – Defined as a site that is occupied by a paying resident or reserved by a customer with annual or seasonal usage rights.

Revenue Producing Site Net Gains – Represents the net increase in Revenue Producing Sites during the period, excluding any occupied sites acquired during the year and excluding disposition activity.

Safe Harbor Sale – The Company’s sale of Safe Harbor Marinas, LLC in 2025.

Same Property – The Company defines Same Properties as those the Company has owned and operated continuously since at least 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.

Secured borrowings on collateralized receivables – This is a transferred asset transaction which has been classified as collateralized receivables with the cash received from this transaction recorded as secured borrowings. The interest income and interest expense accrue in equal amounts. The Company has elected to record the collateralized receivables and secured borrowings at fair value under ASC 820, “Fair Value Measurement.” As a result, the balance of collateralized receivables and related secured borrowings are net of fair value adjustments.

Securities – The Company had the following securities outstanding as of September 30, 2026:

	Number of Units / Shares Outstanding (in thousands)		Conversion Rate(a)		If Converted to Common shares (in thousands)(b)		Issuance Price Per Unit			Annual Distribution Rate
Non-Convertible Securities
Common shares	119,942		N/A		N/A		N/A			$4.48(c)
Convertible Securities Classified as Equity
Common OP units	2,352		1.0000		2,352		N/A			$4.48(c)
Preferred OP Units
Series A-1	137		2.4390		335		$	100.00		6.00	%
Series A-3	40		1.8605		75		$	100.00		4.50	%
Series C	292		1.1100		324		$	100.00		5.00	%
Series D	489		0.8000		391		$	100.00		4.00	%
Series E	80		0.6897		55		$	100.00		5.50	%
Series F	20		0.6250		12		$	100.00		3.00	%
Series G	5		0.6452		3		$	100.00		3.20	%
Series H	47		0.6098		29		$	100.00		3.00	%
Series J	232		0.6061		141		$	100.00		2.85	%
Series K	1,000		0.5882		588		$	100.00		4.00	%
Series L	20		0.6250		13		$	100.00		3.50	%
Total	2,362				1,966
Total Convertible Securities Outstanding	4,714				4,318

^(a) Exchange rates are subject to adjustment upon stock splits, recapitalizations, and similar events. The exchange rates of certain series of OP units are approximated to four decimal places.
^(b) Calculation may yield minor differences due to fractional shares paid in cash to the shareholder at conversion.
^(c) Based on the annualized last quarterly distribution.

Share – In addition to reporting net income on a diluted basis (“EPS”), the Company reports FFO and Core FFO on a per common share and convertible securities basis (per “Share”). For the periods presented below, the Company’s diluted weighted average common shares outstanding for EPS and FFO are as follows:

	Quarter Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Diluted Weighted Average Common Shares Outstanding – EPS
Weighted average common shares outstanding – Basic	120.8		123.9		122.0		125.6
Dilutive restricted stock	—		0.2		0.2		—
Common and preferred OP units dilutive effect	2.4		—		4.5		—
Weighted Average Common Shares Outstanding – Diluted	123.2		124.1		126.7		125.6
Diluted Weighted Average Common Shares Outstanding – FFO
Weighted average common shares outstanding – Basic	120.8		123.9		122.0		125.6
Restricted stock	0.2		0.2		0.2		0.4
Common OP units	2.4		2.8		2.4		2.9
Common stock issuable upon conversion of certain preferred OP units	1.9		2.4		2.1		2.3
Weighted Average Common Shares and OP Units Outstanding	125.3		129.3		126.7		131.2

Utility Revenues – In its Condensed Consolidated Statements of Operations and its total portfolio presentation of real property operating results, the Company includes the following utility reimbursement revenues in real property revenues (excluding transient) (in millions):

	Quarter Ended September 30,						Nine Months Ended September 30,
Consolidated Portfolio		2026			2025			2026			2025
Utility reimbursement revenues
MH	$	21.9		$	20.1		$	62.7		$	57.3
RV		6.8			6.7			17.0			16.4
Total	$	28.7		$	26.8		$	79.7		$	73.7

For its presentation of Same Property results on page 9, the Company nets the following utility revenues (which include utility reimbursement revenues from residents) against related utility expenses in Same Property operating expenses (in millions):

	Quarter Ended September 30,						Nine Months Ended September 30,
Same Property Portfolio		2026			2025			2026			2025
Utility revenues netted against related utility expenses
MH	$	21.4		$	20.0		$	61.3		$	57.1
RV		6.8			6.7			16.8			16.3
Total	$	28.2		$	26.7		$	78.1		$	73.4

Non-GAAP Supplemental Measures

Investors and analysts following the real estate industry use non-GAAP supplemental performance measures, including net operating income (“NOI”), Net Debt, earnings before interest, tax, depreciation, and amortization for real estate (“EBITDAre”), and funds from operations (“FFO”) to assess REITs. The Company believes that NOI, EBITDAre, Net Debt, and FFO are appropriate measures given their wide use by and relevance to investors and analysts. Additionally, these non-GAAP measures are commonly used in various ratios, pricing multiples, yields and returns and valuation calculations that measure financial position, performance, and value.

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.

EBITDAre provides a further measure to evaluate the Company’s ability to incur and service debt; EBITDAre also provides further measures to evaluate the Company’s ability to fund dividends and other cash needs. FFO, reflecting the assumption that real estate values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets.

• Net Operating Income (“NOI”)
  • Total Portfolio NOI – NOI is derived from property operating revenues minus property operating expenses and real estate taxes. NOI is a non-GAAP financial measure that the Company believes is helpful to investors as a supplemental measure of operating performance because it is an indicator of the return on property investment and provides a method of comparing property performance over time. The Company uses NOI as a key measure when evaluating performance and growth of particular properties and / or groups of properties. The principal limitation of NOI is that it excludes depreciation, amortization, interest expense, and non-property specific expenses such as general and administrative expenses, all of which are significant costs. Therefore, NOI is a measure of the operating performance of the properties of the Company rather than of the Company overall. The Company believes that NOI provides enhanced comparability for investor evaluation of property performance and growth over time.

The Company believes that GAAP net income (loss) is the most directly comparable measure to NOI. NOI should not be considered to be an alternative to GAAP net income (loss) as an indication of the Company’s financial performance or GAAP net cash provided by operating activities as a measure of the Company’s liquidity; nor is it indicative of funds available for the Company’s cash needs, including its ability to make cash distributions. Because of the inclusion of items such as interest, depreciation, and amortization, the use of GAAP net income (loss) as a performance measure is limited as these items may not accurately reflect the actual change in market value of a property, in the case of depreciation and in the case of interest, may not necessarily be linked to the operating performance of a real estate asset, as it is often incurred at a parent company level and not at a property level.

• Same Property NOI – This is a key management tool used when evaluating performance and growth of the Company’s Same Property portfolio. Same Property NOI does not include the revenues and expenses related to home sales and ancillary activities at the properties. The Company believes 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.

• Earnings before interest, tax, depreciation and amortization for real estate (“EBITDAre”)
  • EBITDAre – Nareit calculates “EBITDAre” as GAAP net income (loss), plus interest expense, plus income tax expense, plus depreciation and amortization, plus or minus losses or gains on the disposition of depreciated property (including losses or gains on change of control), plus impairment write-downs of depreciated property and of investments in nonconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity’s share of EBITDAre of nonconsolidated affiliates. EBITDAre is a non-GAAP financial measure that the Company uses to evaluate its ability to incur and service debt, fund dividends and other cash needs, and cover fixed costs. Investors utilize EBITDAre as a supplemental measure to evaluate and compare investment quality and enterprise value of REITs.
  • Recurring EBITDAre – The Company also uses EBITDAre excluding certain gain and loss items that management considers unrelated to measurement of the Company’s performance on a basis that is independent of capital structure (“Recurring EBITDAre”). The Company believes that GAAP net income (loss) is the most directly comparable measure to EBITDAre. EBITDAre is not intended to be used as a measure of the Company’s cash generated by operations or its dividend-paying capacity, and should therefore not replace GAAP net income (loss) as an indication of the Company’s financial performance or GAAP cash flow provided by / used for operating, investing, and financing activities as measures of liquidity.

• Funds from Operations (“FFO”)
  • FFO – Nareit defines FFO as GAAP net income (loss), excluding gains (or losses) from sales of certain real estate assets, real estate related depreciation and amortization, gains (or losses) from change in control, impairments of certain real estate assets and investments, and adjustments for nonconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure that management believes is a useful supplemental measure of the Company’s operating performance. By excluding gains and losses related to sales of previously depreciated operating real estate assets, real estate related impairment, and real estate asset depreciation and amortization (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO provides a performance measure that, when compared period-over-period, reflects the impact to operations from trends in occupancy rates, rental rates and operating costs, providing perspective not readily apparent from GAAP net income (loss). Management believes the use of FFO has been beneficial in improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful.
  • Core FFO – In addition to FFO, the Company uses FFO excluding certain gain and loss items that management considers unrelated to the operational and financial performance of the Company’s core business (“Core FFO”) to evaluate our performance. These adjustments include acquisition and other transaction costs, gains and losses from the early extinguishment of debt, costs related to catastrophic weather events, net of insurance recoveries, gains and losses on foreign currency exchanges, and other miscellaneous non-comparable items, such as restructuring costs.

The Company believes that FFO and Core FFO provide enhanced comparability for investor evaluations of period-over-period results. The Company believes that GAAP net income (loss) is the most directly comparable measure to FFO. The principal limitation of FFO is that it does not replace GAAP net income (loss) as a financial performance measure or GAAP cash flow from operating activities as a measure of the Company’s liquidity. Because FFO excludes significant economic components of GAAP net income (loss) including depreciation and amortization, FFO should be used as a supplement to GAAP net income (loss) and not as an alternative to it. Furthermore, FFO is not intended as a measure of a REIT’s ability to meet debt principal repayments and other cash requirements, nor as a measure of working capital. FFO is calculated in accordance with the Company’s interpretation of standards established by Nareit, which may not be comparable to FFO reported by other REITs that interpret the Nareit definition differently. Certain financial information has been revised to reflect reclassifications in prior periods to conform to current period presentation.

Attachment

• SUI 3Q 2026 Press Release and Supplemental