Sun Communities Announces Expiration of Tender Offer for Its Unsecured Notes

Business Wire, May 6, 2004

Business Editors/Real Estate Writers

SOUTHFIELD, Mich.--(BUSINESS WIRE)--May 6, 2004

Sun Communities, Inc. (NYSE:SUI) (the "Company") and Sun Communities Operating Limited Partnership, a majority-owned subsidiary of the Company ("SCOLP"), today announced the expiration of its previously announced cash tender offer for all of SCOLP's outstanding unsecured notes (the "Notes"). The tender offer expired at 5:00 p.m., New York City time, on May 5, 2004 (the "Expiration Date"). All Notes validly tendered and not properly withdrawn pursuant to the tender offer have been accepted for payment by SCOLP.

SCOLP received tenders of Notes (and deliveries of consents in connection with the related consent solicitation) from holders of a total of $344,983,000 principal amount of Notes, representing approximately 98.6% of the aggregate principal amount of Notes outstanding prior to the tender offer. These Notes were tendered on or prior to 5:00 p.m., New York City time, on April 27, 2004 (the "Consent Date"), and SCOLP purchased the Notes tendered on or prior to the Consent Date on April 30, 2004. The Company expects to incur costs and expenses of approximately $53 million in connection with the repurchase of the Notes, in addition to the write-off of deferred financing costs related thereto.

Lehman Brothers Inc. and Banc One Capital Markets, Inc. acted as the dealer managers for the tender offer and as the solicitation agents for the consent solicitation. The information agent and tender agent for the tender offer and consent solicitation was D.F. King & Co., Inc.

This press release is neither an offer to purchase nor an offer to sell securities. The tender offer was made solely by the Offer to Purchase and Consent Solicitation Statement, dated April 8, 2004, and related documents.

About Sun Communities, Inc.

Sun Communities currently owns and operates a portfolio of 130 communities mainly in the Midwest and Southeast United States. The Company's properties are comprised of over 44,900 developed sites and approximately 7,420 additional sites available for development.

Forward-Looking Statements

This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. The words "will," "may," "could," "expect," "anticipate," "believes," "intends," "should," "plans," "estimates," "approximate" and similar expressions identify these forward-looking statements. These forward-looking statements reflect the Company's current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These risks and uncertainties 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 the ability of manufactured home buyers to obtain financing, the level of repossessions by manufactured home lenders and those referenced under the headings entitled "Factors That May Affect Future Results" or "Risk Factors" contained in the Company's 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 expectations of future events.

For more information about Sun Communities, Inc.

visit our website at www.suncommunities.com