Sun Communities, Inc.
- Open
- 122.64
- Day high
- 122.64
- Day low
- 120.22
- Prev close
- 121.44
- Volume
- 1.3M
- Mkt cap
- $14.9B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.7
- P/S
- 6.8
- Yield
- 1.85%
- Per share
- $2.24
- ▼Insiders net selling -$3.0M over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
Sun Communities, Inc. (SUI) is a Real Estate company listed on NYSE. The stock is down 3% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering SUI.
Sun Communities, Inc. (SUI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SUI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $0.66 | $0.32 | -51.7% | $485M | -22.3% |
| Apr 28, 2026 | $1.31 | $1.40 | +6.9% | $508M | +3.5% |
| Feb 25, 2026 | $1.37 | $1.40 | +2.2% | $515M | +0.4% |
| Oct 29, 2025 | $2.18 | $2.28 | +4.6% | $697M | +36.9% |
| Jul 30, 2025 | $1.67 | $1.76 | +5.4% | $607M | -14.9% |
| Feb 26, 2025 | $1.39 | $1.41 | +1.4% | $741M | +2.2% |
| Jul 31, 2024 | $1.87 | $1.86 | -0.5% | $869M | -2.4% |
| Feb 20, 2024 | $1.34 | $1.34 | +0.0% | $727M | +8.6% |
| Oct 25, 2023 | $2.47 | $2.57 | +4.0% | $968M | +3.0% |
| Jul 26, 2023 | $1.95 | $1.96 | +0.5% | $850M | +1.5% |
| Feb 22, 2023 | $1.27 | $1.33 | +4.7% | $664M | +0.8% |
| Jul 25, 2022 | $2.01 | $2.02 | +0.5% | $807M | +19.1% |
SUI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 23, 2026 | Farrugia Marcofficer: EVP & Chief Admin. Officer | Tax | 1,234 | $119.04 |
| Jul 22, 2026 | McLaren John Bandiniofficer: President and COO | Tax | 418 | $119.04 |
| Jul 22, 2026 | Weiss Aaronofficer: EVP, Chief Investment Officer | Tax | 2,652 | $119.04 |
| Jul 22, 2026 | Loftus Brian Pofficer: SVP, CAO, Controller | Tax | 214 | $119.04 |
| Jul 1, 2026 | McAlary Ileanaofficer: EVP, General Counsel, & Sec. | Grant | 2,722 | $121.23 |
| Jul 1, 2026 | McAlary Ileanaofficer: EVP, General Counsel, & Sec. | Grant | 6,905 | — |
| Jun 25, 2026 | SHIFFMAN GARY Adirector | Sell | 25,031 | $119.96 |
| May 27, 2026 | Castro-Caratini Fernandoofficer: EVP, CFO, Sec. & Treas. | Sell | 21,261 | $124.37 |
| May 27, 2026 | Castro-Caratini Fernandoofficer: EVP, CFO, Sec. & Treas. | Sell | 2,489 | $124.97 |
| Mar 31, 2026 | Young Charles D.director, officer: CEO & Director | Grant | 14,334 | $125.57 |
| Mar 31, 2026 | McLaren John Bandiniofficer: President and COO | Grant | 4,690 | — |
| Mar 31, 2026 | Farrugia Marcofficer: EVP & Chief Admin. Officer | Grant | 4,778 | $125.57 |
| Mar 31, 2026 | Weiss Aaronofficer: EVP, Chief Investment Officer | Grant | 10,321 | — |
| Mar 31, 2026 | Farrugia Marcofficer: EVP & Chief Admin. Officer | Grant | 9,382 | — |
| Mar 31, 2026 | McLaren John Bandiniofficer: President and COO | Grant | 2,389 | $125.57 |
Source: SUI SEC Form 4 filings, latest Jul 23, 2026. For informational purposes only — not investment advice.
See the full SUI insider & 13F page →Sun Communities, Inc. company profile
Overview
Sun Communities, Inc. (NYSE:SUI) is a real estate investment trust (REIT) founded in 1975 and publicly traded since 1993. The company has evolved from a small manufactured housing community operator into one of the largest owners and operators of manufactured housing, recreational vehicle, and marina properties in North America and the United Kingdom. Following a major strategic repositioning in 2024-2025, Sun Communities completed the sale of its Safe Harbor Marinas division for $5.65 billion and is now focused primarily on its core manufactured housing and RV resort businesses.
Business
Sun Communities operates as a specialized real estate investment trust focused on alternative housing and outdoor hospitality properties. The company's business spans three primary segments that cater to different lifestyle and housing needs: Manufactured Housing Communities represent the company's largest and most stable segment, accounting for approximately 60-65% of total revenue. These are residential communities where residents own their manufactured homes but lease the land underneath from Sun Communities. Manufactured housing serves as an affordable homeownership alternative, particularly attractive to retirees, first-time homebuyers, and those seeking lower-cost living options. The average resident tenure is 21 years, creating highly stable rental income streams. These communities typically feature amenities like clubhouses, pools, and recreational facilities. RV Resorts and Communities comprise roughly 25-30% of revenue and serve the growing recreational vehicle market. This segment includes both transient sites for short-term vacationers and annual sites for long-term RV residents. Sun Communities has been strategically converting transient RV sites to annual leases to create more predictable income streams. The RV segment benefits from the growing popularity of outdoor recreation and the flexibility RV living offers, particularly among retirees and remote workers. UK Holiday Parks account for approximately 5-10% of revenue and operate vacation rental properties in the United Kingdom. These properties combine short-term vacation rentals with holiday home sales, serving the domestic UK tourism market. The business model includes both rental income from vacation stays and profits from selling holiday homes to private buyers. The company's portfolio spans 39 states in the US, several Canadian provinces, Puerto Rico, and the UK, with nearly 160,000 developed sites across more than 600 properties.
Revenue model
Sun Communities generates revenue through multiple complementary streams within its real estate portfolio. The primary revenue model is land lease income, where residents pay monthly rent for the land while owning their manufactured homes or RV units. This creates a unique dynamic where Sun Communities provides the infrastructure and community amenities while residents maintain their own housing units. In manufactured housing communities, residents typically sign long-term leases and pay monthly lot rent ranging from several hundred to over a thousand dollars depending on location and amenities. The company also generates ancillary income through utility services, amenity fees, and rental of company-owned manufactured homes to residents who prefer renting to owning. The RV segment operates on both short-term and long-term rental models. Transient RV sites generate higher per-night rates but with seasonal variability, while annual RV sites provide steady monthly income similar to manufactured housing. Sun Communities has been strategically converting transient sites to annual leases to improve income predictability and reduce operational complexity. Several factors significantly impact the company's margins and profitability. Positive margin drivers include the ability to raise rents annually (typically 5-7% increases), high occupancy rates near 97%, economies of scale in property management, and the recession-resistant nature of affordable housing demand. The business benefits from high barriers to exit for residents due to the significant cost and difficulty of relocating manufactured homes. Margin pressures come from rising insurance costs (particularly property and liability coverage), increasing property taxes, labor cost inflation for maintenance and management staff, and utility cost increases. Weather events and natural disasters can create significant one-time expenses, while economic downturns may pressure rent collection rates and limit rent increase capabilities. Competition from other affordable housing options and regulatory restrictions on rent increases in some jurisdictions also pose challenges to margin expansion.
Competitive moat
Sun Communities possesses a moderate to strong economic moat built primarily on location advantages and high switching costs for residents. The company's manufactured housing communities benefit from significant barriers to resident departure, as relocating a manufactured home typically costs $15,000-30,000 and many homes cannot be moved due to age or structural considerations. This creates substantial switching costs that help maintain high occupancy rates and pricing power. The location-based moat is particularly strong in desirable retirement destinations like Florida, Arizona, and coastal areas where zoning restrictions make it extremely difficult to develop new manufactured housing communities. Many of Sun Communities' properties are in areas where new development is prohibited or heavily restricted, creating a quasi-monopolistic position in those markets. However, the moat faces several competitive pressures and potential disruptions. Traditional housing market dynamics can impact demand, as periods of declining home prices or increased housing supply may reduce the relative attractiveness of manufactured housing. The rise of alternative affordable housing solutions, including tiny homes, accessory dwelling units, and co-living arrangements, could potentially compete for the same demographic. Regulatory risks pose another challenge, as rent control measures or changes in zoning laws could limit pricing power or force costly property modifications. The RV segment faces more direct competition from traditional campgrounds, state parks, and new RV resort developments, making this portion of the business more vulnerable to competitive pressures. The company's UK operations face additional risks from economic volatility, currency fluctuations, and the unique dynamics of the British holiday park market. Overall, while Sun Communities has built meaningful competitive advantages, the moat is not impregnable and requires active management to maintain its strength over time.
Risks & safety
Sun Communities presents a moderate margin of safety with mixed financial health indicators following its major asset sale and strategic repositioning. • Liquidity and Solvency: Cash position of $97.4 million with strong operating cash flow of $243.9 million quarterly. Current ratio of 2.05 indicates adequate short-term liquidity. The company completed a major deleveraging through the $5.65 billion marina sale. • Debt Profile: Debt-to-equity ratio of 1.06, which is elevated but typical for REITs. Management targets reducing net debt-to-EBITDA from current 6x to 3.5-4.5x range post-marina sale. Weighted average interest rate of 4.1% is manageable in current environment. • Valuation Metrics: EV/EBITDA of 32.8x appears expensive, though this reflects the transitional nature following asset sales. Price-to-book ratio of 2.35x is reasonable for a quality REIT. Core FFO yield provides decent income coverage. • Other Considerations: REIT structure requires 90% of taxable income distribution, limiting financial flexibility. Portfolio concentration in certain geographic markets creates weather and economic exposure. Regulatory risks around rent control and zoning changes pose potential threats to cash flows.
Recent development
Sun Communities has undergone significant strategic transformation over the past few years, marked by major asset sales and operational restructuring. The most significant development was the $5.65 billion sale of Safe Harbor Marinas to Blackstone in 2024, representing a complete exit from the marina business that had grown to become a substantial portion of the company's portfolio. This transaction allowed Sun Communities to refocus on its core manufactured housing and RV businesses while dramatically improving its leverage profile. The company has pursued an aggressive RV site conversion strategy, converting over 8,000 transient RV sites to annual leases since 2020. This initiative transforms seasonal, weather-dependent revenue into more predictable year-round income streams, though it has resulted in some near-term revenue declines as transient sites typically generate higher per-site revenue during peak seasons. Cost optimization initiatives have been a major focus, with management implementing $15-20 million in annual G&A and operating expense savings. These efforts include centralizing procurement, streamlining operations, and reducing corporate overhead following the marina divestiture. The company has also been actively recycling non-strategic assets, selling approximately $400 million in properties to improve portfolio quality and reduce debt. Leadership transition represents another significant development, with longtime CEO Gary Shiffman announcing his retirement plans and the board conducting a search for new leadership. John McLaren returned as President to oversee the strategic repositioning efforts. The company has also established a $1 billion stock repurchase program and announced plans for increased dividend distributions following the marina sale, signaling confidence in its refined business model and improved capital structure.
SUI company profile · for informational purposes only — not investment advice.
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