Research · Sep 3, 2026
[SUI] Sun Communities Thesis 2026: North American Manufactured Housing NOI Grows Ahead of Peers
Sun Communities, Inc. FY25 revenue $2.31B. Q4 NA same-property NOI +7.9% (rev +5.9% / exp +2%); FY NA SP NOI +5.7% (revenue +5.6% / expenses +5.4%). Q4 MH NOI +8.8%; FY MH NOI +8.9%. Q4 RV NOI +5%; FY RV NOI -1.4% (transient softness). UK FY +3.5%. Stabilized MH occupancy >99%. >$1.5B returned to shareholders FY25 (dividends + buyback + Safe Harbor monetization). Dividend raised +8% Q1 2026. FY26 guide: core FFO/share $6.83-$7.03 (+5% midpoint); NA SP NOI +4.5%; MH +5.9%; RV +0.9%; UK +2.2%. Risks: RV transient demand volatility, interest rate environment, FL/Sun Belt concentration, insurance + property tax dynamics, MH affordability, post-Safe Harbor concentration.