Sun Communities : Sun Communities, Inc. Reports 2012 Fourth Quarter and Year End Results

 Sun Communities : Sun Communities, Inc. Reports 2012 Fourth Quarter and Year
                                 End Results



NEWS RELEASE
February21, 2013

Sun Communities, Inc. Reports 2012Fourth Quarter and Year End Results

Southfield, MI, February21,  2013 -  Sun Communities, Inc.  (NYSE: SUI)  (the 
"Company"), a real  estate investment  trust ("REIT") that  owns and  operates 
manufactured housing and recreational vehicle communities, today reported  its 
fourth quarter and year end results.

Highlights for the year ended December 31, 2012:

  *Acquired 14 communities for approximately $305.1 million.

  *Raised $382.8 million in common stock and preferred equity offerings.

  *Same site Net Operating Income ("NOI")^(2) increased by 5.5 percent.

  *Home sales increased by 21.1 percent as compared to 2011.

  *FFO^(1) excluding certain items as described in this release was $3.19 per
    diluted share and OP Unit ("Share") compared to $3.13 per Share in 2011.

  *Total portfolio occupancy increased to  87.3 percent at December 31,  2012 
    from 85.3 percent at December 31, 2011.

"We have substantially  strengthened our  balance sheet to  establish a  sound 
foundation  to   exploit  growth   opportunities  through   acquisitions   and 
expansions", said Gary A. Shiffman, Chairman and CEO. "The achievements  noted 
above clearly  demonstrate  management  's capabilities  to  fill  and  manage 
communities profitably.  It is  our intention  to leverage  those  attributes 
through additional growth. I  am confident that our  management team is  well 
situated to integrate and maximize performance of manufactured housing  and/or 
recreational vehicle communities", added Shiffman.

Funds from Operations ("FFO")^(1)

FFO^(1) was $23.3 million, or $0.71 per  Share, in the fourth quarter of  2012 
as compared to $19.7  million, or $0.79  per Share, in  the fourth quarter  of 
2011. Excluding approximately  $2.9 million  and $0.5  million in  transaction 
costs incurred in connection with acquisition activity during the three months
ended December 31, 2012 and 2011, respectively, FFO^(1) was $26.2 million  and 
$20.1 million,  or  $0.80 and  $0.81  per Share  for  the three  months  ended 
December 31, 2012 and 2011, respectively.

FFO^(1) was $92.4 million, or $3.05 per Share, for the year ended December 31,
2012 as compared  to $73.7 million,  or $3.06  per Share, for  the year  ended 
December 31, 2011. Excluding  approximately $4.3 million  and $1.6 million  of 
costs which  are  primarily  transaction costs  incurred  in  connection  with 
acquisition activity  during  the years  ended  December 31,  2012  and  2011, 
respectively, FFO^(1) was $96.7 million and $75.3 million, or $3.19 and  $3.13 
per Share for the years ended December 31, 2012 and 2011, respectively.


Net Income (Loss) Attributable to Common Stockholders

Net loss attributable to  common stockholders for the  fourth quarter of  2012 
was $(1.4) million,  or $(0.05) per  diluted common share,  compared with  net 
loss of $(2.2) million,  or $(0.10) per diluted  common share, for the  fourth 
quarter of 2011. Net income attributable to common stockholders for the  year 
ended December 31, 2012 was $5.0  million, or $0.18 per diluted common  share, 
compared with net loss of $(1.1) million, or $(0.05) per diluted common share,
for the year ended December 31, 2011.

Community Occupancy

During the fourth  quarter of 2012,  revenue producing sites  increased by  94 
sites as compared to 173 revenue producing sites gained in the fourth  quarter 
of 2011. For the  the year ended December  31, 2012, revenue producing  sites 
increased by 1,069 sites, comprised of 439 sites from properties acquired  in 
2011 and 2012 and 630  sites from same site  communities. This compares to  an 
increase of 892 sites  during the year ended  December 31, 2011, comprised  of 
160 sites  from properties  acquired in  2011  and 732  sites from  same  site 
communities.

Total portfolio occupancy was 87.3 percent at December 31, 2012 as compared to
85.3 percent at December 31, 2011.

Same Site Results

For 136 communities owned throughout 2012 and 2011, fourth quarter 2012  total 
revenues increased  4.2  percent and  total  expenses increased  3.3  percent, 
resulting in an increase in NOI^(2) of 4.6 percent over the fourth quarter  of 
2011. For the  year ended December  31, 2012, total  revenues increased  4.5 
percent and total expenses increased 2.2 percent, resulting in an increase  in 
NOI^(2) of 5.5 percent over the year ended December 31, 2011.

Same site occupancy increased to 86.7  percent at December31, 2012 from  85.8 
percent at December31, 2011.

Home Sales

During the fourth quarter  of 2012, 489  homes were sold,  an increase of  136 
sales, or 38.5 percent, from the 353  homes sold during the fourth quarter  of 
2011. Rental home sales included in total home sales above totaled 275 and 193
for the fourth quarters of 2012 and 2011, respectively.

During the year ended December 31, 2012, 1,742 homes were sold, an increase of
303 sales, or 21.1 percent,  from the 1,439 homes  sold during the year  ended 
December 31,  2011. Rental  home  sales included  in  total home  sales  above 
totaled  953  and  789  for  the  year  ended  December  31,  2012  and  2011, 
respectively.

Acquisitions

On October 22, 2012 the  Company acquired Rainbow Recreational Vehicle  Resort 
with approximately 500  sites located  in Frostproof, Florida  for a  purchase 
price of $7.7 million.

On November 15, 2012, the Company acquired four manufactured home communities
with approximately 1,996 sites located  in southeast Michigan for a  purchase 
price of $71.1 million. The Company also provided $15.0 million of mezzanine
financing  for  two  additional  manufactured  housing  communities  which  is 
subordinated to $45.9 million of third-party senior debt . The Company entered
into management  agreements under  which  it manages  and operates  these  two 
communities which are comprised  of 1,598 manufactured  housing sites. As  the 
Company is the primary beneficiary and holds a controlling financial  interest 
in these two communities, the Company accounts for these as variable interest
entities and  their  operating  results  are  included  in  the  consolidated 
financial statements.

On December  15, 2012,  the Company  acquired Lake-In-Wood  Camping Resort,  a 
recreational  vehicle  community  with  approximately  425  sites  located  in 
Lancaster County, Pennsylvania for $14.2 million.

On December 28, 2012,  the Company acquired  a 5-star institutional  quality, 
age restricted resort, Palm Creek Golf & RV Resort, for an aggregate purchase
price of $88.1 million. The community  has 283 manufactured home sites,  1,580 
recreational vehicle  sites  and  expansion  potential  of  approximately  550 
manufactured housing or 990 recreational vehicle  sites. Palm Creek Golf &  RV 
Resort is located in Casa Grande, Arizona.

As previously  announced, subsequent  to  year end  the Company  acquired  ten 
recreational vehicle communities,  with approximately 3,700  sites located  in 
Ohio, Virginia, Maine, Massachusetts,  Connecticut, New Jersey and  Wisconsin, 
for a purchase price of $111.5 million.

The table below summarizes the growth in the number of communities and sites
since December 31, 2010.

                                             Increase in
                      Total        Total     Properties
       Number of   Developed MH Developed RV  Year Over  Increase in Developed
      Communities     sites        sites        Year     Sites Year Over Year
2010      136         42,442        5,241
2011      159         47,935        6,876        23                   7,128
2012      173         52,833       10,864        14                   8,886
 YTD
2013      183         52,833       14,548        10                   3,684
         TOTAL CHANGE FROM 2010                  47                  19,698
     Growth Percentage since 12/2010             35 %                    41 %

"The acquisition environment remains very robust. The timing is perfect for us
as our performance metrics are all excellent and continuing to get better. Our
management team and supporting systems are broad, deep and talented. We  look 
forward to  further  growth  through acquisitions",  said  Gary  A.  Shiffman, 
Chairman and CEO.

Equity Transactions

In November  2012,  the  Company  closed  an  underwritten  registered  public 
offering of 3,400,000  shares of  7.125% Series A  (NYSE: SUIPr-A)  preferred 
stock at a price of $25.00 per share. The net proceeds from the offering  were 
$82.2 million after deducting the underwriting discounts and expenses  related 
to the offering. $55.3 million of the  net proceeds of the offering was  used 
to fund the acquisition on November 15, 2012.



2013 Guidance

Based on its current outlook, the Company anticipates that FFO^(1) per Share
for the full year 2013 will be between $3.45 to $3.55, which would produce
FFO^(1) growth of 8.2% to 11.3% when compared to 2012 results. FFO^(1)
guidance for the first quarter of 2013 is $0.96-$0.98 per Share.The Company's
guidance is based on several key variables and assumptions, which are
summarized below.

Following are the assumptions reflected in the Company's 2013 guidance:

  *Rent Increase: The  weighted average  site rental increase  for the  total 
    portfolio is expected to be 3.0 percent. 

  *Occupancy: Revenue producing sites in our total portfolio are expected  to 
    increase by approximately  1,500 sites. An  increase in revenue  producing 
    sites is  budgeted in  all  major markets.  Total portfolio  occupancy  is 
    projected to be  approximately88.3 percent  at year end,  an increase  in 
    occupancy of 100 basis points from 2012.

  *Same  Site  Portfolio:  The  Company's  same  property  portfolio  of  159 
    communities is expected  to generate revenue  growth of approximately  4.7 
    -4.9 percent and property and operating expense growth of 2.5-2.6  percent 
    resulting in NOI  ^(2) growth of  approximately 5.6-5.9 percent.  Revenue 
    producing sites are expected to  increase by approximately 1,200 sites  in 
    our same site portfolio.

  *Home Sales/Rental Home program: The Company expects to sell  approximately 
    2,000 homes, including  1,000 rental  homes, an increase  of 15.0  percent 
    over 2012. Guidance  assumes an increase  of approximately1,000  occupied 
    rental units; approximately one third of these are expected to be added in
    communities acquired by the Company in 2012.

  *Recurring capital  expenditures:  The Company  expects  recurring  capital 
    expenditures to approximate $9.3-$9.6 million for 2013, or about $0.29 per
    Share. Using the midpoint of earnings guidance and after consideration  of 
    recurring capital  expenditures, the  payout ratio  will approximate  79.0 
    percent when compared to an annual dividend rate of $2.52 per Share. 

  *General and  administrative  expenses-real property:  These  expenses  are 
    estimated  at   $23.5-$24.0   million   .   General   and   administrative 
    expenses-real property are inclusive of our property management costs  for 
    regional and senior level operations personnel.

  *Debt: Mortgage  debt maturities  in 2013  are $9.9  million excluding  the 
    $36.0 million seller note associated with the Palm Creek Golf & RV  resort 
    acquisition, as it was  repaid on January 2,  2013. The Company's Debt  to 
    EBITDA^(3) multiple is projected to be 7.6-7.8 by year end.

  *Expansions: The Company  continues to look  at expansion opportunities  in 
    communities that  are  near 95  percent  occupied and  which  continue  to 
    exhibit strong  demand.  Guidance  includes the  expansion  of  six  Texas 
    communities and three additional expansions in various states, which  will 
    add approximately 1,130 developed  sites by year  end. The expansions  are 
    expected to open  in late third  and fourth  quarter of 2013  and have  an 
    estimated fill rate of 6-8 sites per month.

  *Acquisitions: Guidance includes income from communities acquired  through 
    February 2013 but no prospective acquisitions. 

The estimates and assumptions presented above are forward looking based on the
Company's current assessment  of economic  and market conditions,  as well  as 
other risks outlined below under the caption "Forward-Looking Statements."

Earnings Conference Call

A conference call to discuss fourth quarter operating results will be held on
Thursday, February  21,  2013  at  11:00 A.M.  (EST).  To  participate,  call 
toll-free 877-941-0844. Callers  outside the  U.S. or Canada  can access  the 
call at 480-629-9835. A replay will  be available following the call  through 
March 7, 2013,  and can be  accessed toll-free by  calling 800-406-7325 or  by 
calling 303-590-3030. The Conference ID number for the call and the replay is
4591331. The conference call will be available live on Sun Communities website
www.suncommunities.com. Replay will also be available on the website.

Sun Communities, Inc. is a REIT  that currently owns and operates a  portfolio 
of 183 communities comprising approximately 67,380 developed sites.

For more information about Sun Communities, Inc., please visit our website  at 
www.suncommunities.com.

Contact

Please address  all inquiries  to our  investor relations  department, at  our 
website www.suncommunities.com, by  phone (248) 208-2500,  by facsimile  (248) 
208-2645 or by mail Sun  Communities, Inc. Investor Relations, 27777  Franklin 
Road,  Southfield, MI 48034.

1.Funds from operations ("FFO")  is defined by  the National Association  of 
    Real Estate Investment Trusts ("NAREIT") as net income (loss) (computed in
    accordance  with   generally  accepted   accounting  principles   "GAAP"), 
    excluding gains (or losses) from sales of depreciable operating  property, 
    plus  real  estate-related  depreciation   and  amortization,  and   after 
    adjustments for unconsolidated 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.  Management 
    generally considers FFO to be  a useful measure for reviewing  comparative 
    operating and financial performance because, by excluding gains and losses
    related to sales of previously  depreciated operating real estate  assets, 
    impairment and excluding 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  year  over  year, 
    reflects the impact to operations  from trends in occupancy rates,  rental 
    rates and operating costs, providing perspective not readily apparent from
    net loss. Management believes that 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.  FFO   is   computed   in  accordance   with   the   Company's 
    interpretation of  standards  established  by NAREIT,  which  may  not  be 
    comparable to FFO reported by other REITs  that do not define the term  in 
    accordance with  the  current  NAREIT definition  or  that  interpret  the 
    current NAREIT definition differently than the Company.

Because FFO  excludes significant  economic components  of net  income  (loss) 
including depreciation and amortization, FFO should  be used as an adjunct  to 
net income  (loss)  and  not as  an  alternative  to net  income  (loss).  The 
principal limitation  of FFO  is that  it does  not represent  cash flow  from 
operations as defined  by GAAP and  is a supplemental  measure of  performance 
that does not replace  net income (loss)  as a measure  of performance or  net 
cash provided by operating activities as a measure of liquidity. In  addition, 
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 only provides investors with an additional performance measure.

2.Investors in and analysts following  the real estate industry utilize  NOI 
    as a supplemental performance measure. NOI is derived from revenues  minus 
    property operating expenses and real estate taxes. NOI does not  represent 
    cash generated  from  operating activities  in  accordance with  GAAP  and 
    should not  be  considered to  be  an  alternative to  net  income  (loss) 
    (determined in accordance  with GAAP)  as an indication  of the  Company's 
    financial performance or to be an alternative to cash flow from  operating 
    activities (determined  in  accordance with  GAAP)  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. 
    The  Company  believes  that  net  income  (loss)  is  the  most  directly 
    comparable GAAP measurement  to NOI. Net  income (loss) includes  interest 
    and depreciation and amortization which often have no effect on the market
    value of a property and therefore limit its use as a performance  measure. 
    In addition, such expenses  are often incurred at  a parent company  level 
    and therefore are  not necessarily  linked to  the performance  of a  real 
    estate asset. The Company believes that  NOI is helpful to investors as  a 
    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 management tool  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,  and  therefore, NOI  is  a measure  of  the  operating 
    performance of the properties  of the Company rather  than of the  Company 
    overall.

3.EBITDA is defined as NOI plus  other income, plus (minus) equity  earnings 
    (loss) from affiliates, minus general and administrative expenses. EBITDA
    includes EBITDA from discontinued operations. 

Forward Looking Statements
This press release  contains various "forward-looking  statements" within  the 
meaning of the Securities Act of 1933, as amended, and the Securities Exchange
Act of 1934,  as amended, and  the Company intends  that such  forward-looking 
statements  will   be   subject  to   the   safe  harbors   created   thereby. 
Forward-looking statements can be identified  by words such as "will,"  "may," 
"could," "expect,"  "anticipate,"  "believes," "intends,"  "should,"  "plans," 
"estimates," "approximate", "guidance" and  similar expressions in this  press 
release that predict  or indicate  future events and  trends and  that do  not 
report historical matters. 

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, some of which are beyond  our 
control. These risks, uncertainties,  and other factors  may cause the  actual 
results of the  Company to  be materially  different from  any future  results 
expressed or  implied  by  such forward-looking  statements.  Such  risks  and 
uncertainties include  national, regional  and  local economic  climates,  the 
ability to  maintain rental  rates and  occupancy levels,  competitive  market 
forces, changes in market rates of interest, the ability of manufactured  home 
buyers to obtain financing,  the level of  repossessions by manufactured  home 
lenders and  those  risks  and uncertainties  referenced  under  the  headings 
entitled "Risk Factors" contained in our 2011 Annual Report, and the Company's
other periodic filings with the Securities and Exchange Commission.

The forward-looking statements contained in  this press release speak only  as 
of the  date hereof  and the  Company expressly  disclaims any  obligation  to 
provide public  updates,  revisions  or amendments  to  any  forward-  looking 
statements made  herein  to  reflect changes  in  the  Company's  assumptions, 
expectations of future events, or trends.

Consolidated Balance Sheets
(in thousands, except per share amounts)



                                          December31, 2012  December31, 2011
ASSETS
Investment property, net (including
$56,326 and $0 for consolidated
variable interest entities,
respectively)                           $         1,518,136  $       1,196,606
Cash and cash equivalents                            29,508              5,857
Inventory of manufactured homes                       7,527              5,832
Notes and other receivables                         139,067            114,884
Other assets                                         59,879             44,795
TOTAL ASSETS                            $         1,754,117  $       1,367,974
LIABILITIES
Debt (including $45,900 and $0 for
consolidated variable interest
entities, respectively)                 $         1,423,720  $       1,268,191
Lines of credit                                      29,781            129,034
Other liabilities                                    87,626             71,404
TOTAL LIABILITIES                       $         1,541,127  $       1,468,629
Commitments and contingencies
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock, $0.01 par value,
10,000 shares authorized (December 31,
2012 and 2011, 3,400 and 0 shares
issued, respectively)                   $                34  $               -
Common stock, $0.01 par value, 90,000
shares authorized(December 31, 2012
and 2011, 31,557 and 23,612 shares
issued, respectively)                                   316                236
Additional paid-in capital                          940,202            555,981
Accumulated other comprehensive loss                  (696)            (1,273)
Distributions in excess of accumulated
earnings                                          (683,734)          (617,953)
Treasury stock, at cost(December 31,
2012 and 2011, 1,802 shares)                       (63,600)           (63,600)
Total Sun Communities, Inc.
stockholders' equity (deficit)                      192,522          (126,609)
Noncontrolling interests:
                                                                   
Series A-1 preferred OP units                        45,548       45,548
Common OP units                                    (24,572)           (19,594)
Consolidated variable interest entities               (508)                  -
Total Noncontrolling Interest                        20,468             25,954
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)                212,990          (100,655)
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT)                        $         1,754,117  $       1,367,974

Consolidated Statements of Operations
(in thousands, except per share amounts)



                                 Three Months Ended       Twelve Months Ended
                                    December 31,             December 31,
                                  2012         2011        2012         2011
REVENUES
Income from real property     $   66,943  $    59,262  $  255,761  $   223,613
Revenue from home sales           13,634        7,756      45,147       32,252
Rental home revenue                7,075        5,883      26,589       22,290
Ancillary revenues, net              135          158         484          592
Interest                           3,111        2,720      11,018        9,509
Other income, net                     87          707         617          929
Total revenues                    90,985       76,486     339,616      289,185
COSTS AND EXPENSES
Property operating and
maintenance                       17,578       15,384      68,839       59,190
Real estate taxes                  4,466        4,830      19,207       17,547
Cost of home sales                10,383        6,143      34,918       25,392
Rental home operating and
maintenance                        5,051        4,516      18,141       16,196
General and administrative -
real property                      4,632        5,255      20,037       19,704
General and administrative -
home sales and rentals             2,522        2,122       8,980        8,156
Acquisition related costs          2,862          450       4,296        1,971
Depreciation and amortization     26,647       20,645      89,674       74,193
Asset impairment charge                -        1,382           -        1,382
Interest                          17,215       17,349      67,859       64,606
Interest on mandatorily
redeemable debt                      822          844       3,321        3,333
Total expenses                    92,178       78,920     335,272      291,670
Income (loss) before income
taxes and distributions from
affiliate                        (1,193)      (2,434)       4,344      (2,485)
Provision for state income
taxes                               (59)        (128)       (249)        (150)
Distributions from affiliate         650          450       3,900        2,100
Net income (loss)                  (602)      (2,112)       7,995        (535)
Less:Preferred return to
Series A-1 preferred OP units        585          586       2,329        1,222
Less:Amounts attributable
to noncontrolling interests        (781)        (475)       (318)        (671)
Less:Series A Preferred
Stock Distributions           $    1,026  $         -  $    1,026  $         -
Net income (loss)
attributable to Sun
Communities, Inc. common
stockholders                  $  (1,432)  $   (2,223)  $    4,958  $   (1,086)
Weighted average common
shares outstanding:
Basic                             29,444       21,474      27,255       21,147
Diluted                           29,444       21,474      27,272       21,147
Earnings (loss) per share:
Basic                         $   (0.05)  $    (0.10)  $     0.18  $    (0.05)
Diluted                       $   (0.05)  $    (0.10)  $     0.18  $    (0.05)
Dividends per common share:   $     0.63  $      0.63  $     2.52  $      3.15

Reconciliation of Net Income (Loss) to FFO^(1)
(in thousands, except per share amounts)



                           Three Months Ended             Twelve Months Ended
                              December 31,                   December 31,
                              2012          2011           2012       2011
Net income (loss)
attributable to Sun
Communities, Inc. common
stockholders             $    (1,432)   $     (2,223)  $    4,958  $   (1,086)
Adjustments:
Preferred return to
Series A-1 preferred OP                                           
units                             585         586           2,329      1,222
Amounts attributable to
noncontrolling interests        (781)           (475)       (318)        (671)
Depreciation and
amortization                   26,779          20,903      90,577       75,479
Asset impairment charge             -           1,382           -        1,382
Gain on disposition of
assets, net                   (1,813)           (488)     (5,137)      (2,635)
Funds from operations
("FFO") ^(1)                   23,338          19,685      92,409       73,691
Adjustments:
Acquisition related
costs                           2,862             450       4,296        1,971
  Benefit for state
income taxes ^(4)                   -               -           -        (407)
Funds from operations
excluding certain items  $     26,200   $      20,135  $   96,705  $    75,255
Weighted average common
shares outstanding:            29,444          21,474      26,970       21,147
Add:
OP Units                        2,070           2,072       2,071        2,075
Restricted stock                  294             276         285          235
Common stock issuable
upon conversion of
Series A-1 preferred OP
units                           1,111           1,111       1,111          580
Common stock issuable
upon conversion of stock
options                            15              14          17           16
Weighted average common
shares outstanding -
fully diluted                  32,934          24,947      30,454       24,053
Funds from operations
per Share - fully
diluted                  $       0.71   $        0.79  $     3.05  $      3.06
Funds from operations
per Share excluding
certain items- fully
diluted                  $       0.80   $        0.81  $     3.19  $      3.13

4.The state income tax benefit for the period ended December31, 2011
    represents the reversal of the Michigan Business Tax expense excluded
    from FFO^(1) in a prior period. 

Statement of Operations - Same Site
(in thousands except for Other Information)



              Three Months Ended December 31,         Twelve Months Ended December 31,
                                             %
               2012      2011     Change  Change      2012       2011      Change  % Change
REVENUES:
Income from
real
property    $ 52,374  $ 50,249  $  2,125   4.2 %   $ 207,849  $ 198,806  $  9,043    4.5 %
PROPERTY OPERATING
EXPENSES:
Payroll and
benefits       3,935     3,647       288   7.9 %      15,766     15,414       352    2.3 %
Legal,
taxes, &
insurance        717       766      (49)  (6.4 )%      2,652      2,993     (341)  (11.4 )%
Utilities      2,743     2,601       142   5.5 %      11,288     11,004       284    2.6 %
Supplies
and repair     1,786     1,905     (119)  (6.2 )%      8,428      8,163       265    3.2 %
Other          1,484     1,317       167  12.7 %       5,737      5,119       618   12.1 %
Real estate
taxes          4,034     3,999        35   0.9 %      16,157     16,055       102    0.6 %
Property
operating
expenses      14,699    14,235       464   3.3 %      60,028     58,748     1,280    2.2 %
NET
OPERATING
INCOME
("NOI")^(2) $ 37,675  $ 36,014  $  1,661   4.6 %   $ 147,821  $ 140,058  $  7,763    5.5 %

                                                        As of December 31,
OTHER INFORMATION                                     2012      2011    Change
Number of properties                                   136       136       -
Developed sites                                     48,222    47,850     372
Occupied sites ^(5)                                 39,860    39,230     630
Occupancy % ^(5) (6)                                  86.7 %    85.8 %   0.9 %
Weighted average monthly rent per site - MH ^(7)    $  437    $  425    $ 12
Weighted average monthly rent per site - Permanent
RV ^(7)                                             $  453    $  431    $ 22
Sites available for development                      4,908     5,247    (339 )

5.Occupied sites and occupancy % include manufactured housing and permanent
    RV sites, and exclude transient RV sites.

6.Occupancy % excludes recently completed but vacant expansion sites.

7.Weighted average rent pertains to manufactured housing and permanent
    recreational vehicle sites and excludes transient recreational vehicle
    sites.

Rental Program Summary
(in thousands except for *)



                Three Months Ended December 31,       Twelve Months Ended December 31,
                                              %                                        %
                 2012      2011     Change  Change     2012        2011      Change  Change
REVENUES:
Rental home
revenue       $  7,075  $  5,883  $  1,192  20.3 %  $   26,589  $  22,290  $  4,299  19.3 %
Site rent
included in
income from
real property   10,272     8,490     1,782  21.0 %      38,636     31,897     6,739  21.1 %
Rental
program
revenue         17,347    14,373     2,974  20.7 %      65,225     54,187    11,038  20.4 %
EXPENSES:
Commissions        560       479        81  16.9 %       2,207      1,908       299  15.7 %
Repairs and
refurbishment    2,434     2,335        99   4.2 %       9,002      8,080       922  11.4 %
Taxes and
insurance          958       794       164  20.7 %       3,467      3,100       367  11.8 %
Marketing and
other            1,099       908       191  21.0 %       3,465      3,108       357  11.5 %
Rental
program
operating and
maintenance      5,051     4,516       535  11.8 %      18,141     16,196     1,945  12.0 %
NET OPERATING
INCOME
("NOI") ^(2)  $ 12,296  $  9,857  $  2,439  24.7 %  $   47,084  $  37,991  $  9,093  23.9 %
Occupied rental home information as of December
31, 2012 and 2011:
Number of occupied rentals, end
of period*                                             8,110       7,047     1,063  15.1 %
Investment in occupied rental
homes                                              $ 287,261   $ 237,383  $ 49,878  21.0 %
Number of sold rental homes*                             953         789       164  20.8 %
Weighted average monthly rental
rate*                                              $     782   $     756  $     26   3.4 %

Acquisition Summary - Properties Acquired in 2011 and 2012
(amounts in thousands except for statistical data)



                                   Three Months Ended    Twelve Months Ended
                                   December 31, 2012      December 31, 2012
REVENUES:
Income from real property          $        11,029     $          34,134
Revenue from home sales                      1,218                 2,742
Rental home revenue                            667                 1,692
Total revenues                              12,914                38,568
COSTS AND EXPENSES:
Property operating and maintenance           3,374                11,191
Real estate taxes                              432                 3,050
Cost of home sales                           1,013                 2,194
Rental home operating and
maintenance                                    275                   682
Total expenses                               5,094                17,117
NET OPERATING INCOME ("NOI") ^ (2) $         7,820     $          21,451
Home sales volume :
Pre-Owned Homes                                 28                    89
                                                       As of December 31, 2012
Other information:
Number of properties                                                  37
Developed sites                                                   11,573
Occupied sites ^(4)                                               10,552
Occupancy % ^(4)(5)                                                 91.2 %
Weighted average monthly rent per
site ^(6)                                              $             406
Occupied rental home information :
Number of occupied rentals, end of
period                                                               650
Investment in occupied rental
homes (in thousands)                                   $          24,571
Number of sold rental homes                                           30
Weighted average monthly rental
rate                                                   $             829

4th Quarter Earnings Release
4th Quarter Supplemental Information

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