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SUI

Sun Communities, Inc.

SUI

Sun Communities, Inc. • NYSE
$128.84 ▲ 0.20% (+0.26)
Market Cap $16.21 B
52w High $137.77
52w Low $109.22
Dividend Yield 7.96%
P/E -46.35
Volume 371.75K
Outstanding Shares 125.85M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $697.2M ▲ $55.4M ▼ $11.7M ▼ 1.678% ▼ $0.07 ▼ $144.9M ▲
Q2-2025 $607M ▲ $188.6M ▲ $1.274B ▲ 209.819% ▲ $10.02 ▲ $67.4M ▼
Q1-2025 $465.8M ▼ $180.7M ▼ $-39.7M ▲ -8.523% ▲ $-0.34 ▲ $179.4M ▲
Q4-2024 $740.6M ▼ $246.9M ▼ $-224.4M ▼ -30.3% ▼ $-1.76 ▼ $-3.7M ▼
Q3-2024 $934.4M $247.2M $288.7M 30.897% $2.31 $557.7M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $542.7M ▼ $12.8B ▼ $5.694B ▼ $6.985B ▼
Q2-2025 $1.463B ▲ $13.362B ▼ $5.828B ▼ $7.41B ▲
Q1-2025 $97.4M ▲ $16.506B ▼ $9.48B ▲ $6.921B ▼
Q4-2024 $47.4M ▼ $16.549B ▼ $9.357B ▼ $7.082B ▼
Q3-2024 $81.8M $17.085B $9.509B $7.455B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-2.9M ▲ $197.9M ▼ $67.4M ▼ $-551.9M ▲ $-283.1M ▼ $197.9M ▼
Q2-2025 $-152.9M ▼ $259.4M ▲ $5.34B ▲ $-4.245B ▼ $1.366B ▲ $259.4M ▲
Q1-2025 $-25.3M ▲ $249.4M ▲ $-32.9M ▲ $-170.7M ▼ $33.5M ▲ $249.4M ▲
Q4-2024 $-219.6M ▼ $122M ▼ $-105.8M ▼ $-32.7M ▲ $-17.9M ▲ $122M ▼
Q3-2024 $289.9M $201.3M $142.2M $-366.8M $-22.4M $201.3M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
RV Segment
RV Segment
 $0 ▲$0 ▲$0 ▲$250.00M ▲
MH
MH
 $290.00M ▲$280.00M ▼$310.00M ▲$0 ▼
RV
RV
 $130.00M ▲$120.00M ▼$190.00M ▲$0 ▼
Marinas
Marinas
 $230.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Sun Communities has grown its revenue steadily over the past five years, showing that its communities and resorts continue to attract demand. However, profitability has been choppier. While core operating profit has held fairly steady, bottom-line earnings have swung from solid profits to a notable loss and then back to only a modest profit. This suggests cost pressures, higher interest expense, acquisition and integration costs, or other non-cash items are weighing on reported earnings. In plain terms: business activity and rents are growing well, but the translation into consistent net profit has been uneven.

Balance Sheet

Balance Sheet The company has built a large asset base over time, reflecting extensive ownership of manufactured housing communities, RV resorts, and UK holiday parks. Both total assets and shareholders’ equity have climbed, indicating ongoing expansion and retained value. At the same time, debt levels are also substantial and have risen with growth, making the business sensitive to interest rates and refinancing conditions. Cash on hand is relatively small compared with the size of the balance sheet, which is typical for a REIT but means the company relies heavily on ongoing access to capital markets and steady cash generation.

Cash Flow

Cash Flow Cash flow from operations has risen steadily, which is a positive sign that the underlying properties generate reliable, recurring cash. Free cash flow tracks closely with operating cash flow, as reported capital spending is limited in the data, implying that most cash generation is available for debt service, distributions, and acquisitions. This pattern fits a mature, income-focused real estate portfolio. The key watchpoint is not the ability to produce cash today, which looks solid, but how future borrowing costs and any large investment programs might affect that surplus over time.

Competitive Edge

Competitive Edge Sun Communities operates in niches with strong structural advantages: manufactured housing, RV resorts, and UK holiday parks. These areas face strict zoning and local resistance to new development, which limits new supply and protects existing communities. The company’s large scale, geographic diversification, and mix of housing, RV, and holiday assets give it bargaining power with suppliers, marketing advantages, and risk spreading across regions and customer types. Demand for affordable housing and outdoor leisure travel further supports occupancy and pricing. Its amenity-rich communities, integrated home sales and financing, and emphasis on resident lifestyle deepen relationships with tenants and make it harder for smaller competitors to match the full offering. Overall, the firm appears to enjoy a meaningful, multi-faceted moat, though it still faces economic cycles, interest rate risk, and competition from other large REITs and private owners.

Innovation and R&D

Innovation and R&D While not a traditional R&D-driven company, Sun Communities is actively using technology to sharpen its operations and resident experience. It runs modern back-office systems, uses cloud infrastructure, and follows recognized data security standards to keep operations efficient and compliant. Resident-facing tools like online portals for payments and service requests simplify the customer journey and can lower administrative costs. On the product side, partnerships with manufactured home builders to add smart home features improve the appeal and perceived quality of its communities. Its investment in RV reservation software and focus on mobile-friendly digital experiences help capture and manage demand in its RV and holiday segments. Looking ahead, wider use of data analytics, smart-community infrastructure, and sustainability initiatives could further differentiate the portfolio, though these are more about steady incremental improvement than breakthrough innovation.

Summary

Sun Communities shows a profile of steady growth in community-level activity and cash generation, backed by a sizable, diversified property base and structural advantages in hard-to-replicate housing and vacation niches. Its strengths lie in recurring lot rents, demand for affordable housing and outdoor leisure, scale across three complementary platforms, and a growing use of technology to enhance operations and the resident experience. On the other hand, earnings volatility, heavy reliance on debt, exposure to interest rates, and the ongoing challenges of integrating acquisitions and expanding internationally are important risks to keep in mind. The company appears positioned to benefit from long-term housing and lifestyle trends, but outcomes will depend on how well management balances growth, leverage, and investment in technology and property quality in a changing rate and economic environment.

NEWS

November 12, 2025 · 4:00 PM UTC

SUI Group Reports Third Quarter 2025 Results

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November 10, 2025 · 8:00 AM UTC

SUI Group Partners with Bluefin to Accelerate Institutional Adoption of Perpetual Futures and On-Chain Structured Products

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October 30, 2025 · 8:00 AM UTC

SUI Group Schedules Third Quarter 2025 Conference Call for November 13, 2025 at 8:00 a.m. ET

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October 29, 2025 · 4:25 PM UTC

Sun Communities Reports Results for the Third Quarter of 2025

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October 9, 2025 · 4:55 PM UTC

Sun Communities, Inc. Announces Date for Third Quarter 2025 Earnings Release and Conference Call

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