SUN COMMUNITIES INC SUI
Sun Communities, Inc., and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership, a Michigan limited partnership (the "Operating Partnership"), Sun Home Services, Inc. ("SHS"), and our Park Holidays subsidiaries and the other entities through which we operate our business in the United Kingdom ("UK") are referred to herein as the "Company," "SUI," "us," "we," or "our."
We are a fully integrated real estate investment trust ("REIT"). We own manufactured housing ("MH") and recreational vehicle ("RV") communities in the United States ("U.S."), Canada, and the UK (together with MH and RV, the "properties"). We self-administer, self-manage, operate, or hold an interest in, and develop the majority of our properties, and a select number of our communities are operated by independent third-party contractors on our behalf under management agreements. Others are operated by lessees under ground lease arrangements. Together with our affiliates and predecessors, we have been in the business of operating, acquiring, developing, and expanding MH and RV communities since 1975 and communities in the UK since 2022.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.31B | $2.26B | $2.28B | $2.97B | $2.27B | $1.13B | $1.00B | $816.8M | $742.2M | $620.9M |
| Cost of revenue | — | — | — | $311.2M | $205.8M | $147.1M | $149.1M | $123.3M | $95.1M | $80.4M |
| Gross profit | — | — | — | $2.66B | $2.07B | $983.0M | $855.6M | $693.5M | $647.1M | $540.5M |
| SG&A | $236.7M | $230.5M | $213.5M | $257.4M | $181.3M | $109.5M | $92.8M | $81.4M | $84.0M | $63.7M |
| Total operating expenses | $2.53B | $2.41B | $2.48B | $2.66B | $1.99B | $1.26B | $1.12B | $997.3M | $909.9M | $797.8M |
| Operating income | — | — | — | — | — | — | — | — | $550.9M | $466.9M |
| Interest expense | — | — | — | — | — | — | — | — | $127.1M | $119.2M |
| Pre-tax income | -$257.4M | -$122.9M | -$54.4M | $267.5M | $284.9M | $135.6M | $139.9M | $129.5M | $72.7M | $35.9M |
| Income tax | $49.2M | $36.0M | $9.2M | $6.1M | $1.3M | $800.0K | $873.0K | $88.0K | $136.0K | $283.0K |
| Net income | $1.41B | $103.6M | -$206.9M | $261.4M | $408.3M | $147.4M | $177.4M | $107.2M | $72.2M | $26.3M |
| EPS, basic | 10.84 | 0.71 | -1.71 | 2.00 | 3.36 | 1.34 | 1.80 | 1.29 | 0.85 | 0.27 |
| EPS, diluted | 10.84 | 0.71 | -1.72 | 2.00 | 3.36 | 1.34 | 1.80 | 1.29 | 0.85 | 0.26 |
| Shares, diluted (wtd. avg.) | $124.9M | $127.2M | $123.8M | $122.9M | $115.1M | $97.5M | $88.9M | $82.0M | $76.7M | $66.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $569.6M | $47.9M | $36.3M | $90.4M | $78.2M | $92.6M | $34.8M | $62.3M | $23.5M | $25.3M |
| Goodwill | $9.5M | $9.5M | $733.0M | $1.02B | $495.4M | $428.8M | $0 | — | — | — |
| Other intangibles | $101.5M | $102.5M | $369.5M | $402.0M | $306.8M | $305.6M | — | — | — | — |
| Total assets | $12.52B | $16.55B | $16.94B | $17.08B | $13.49B | $11.21B | $7.80B | $6.71B | $6.11B | $5.87B |
| Long-term debt | — | $7.39B | $7.82B | $7.24B | $5.7M | $4.8M | $3.4M | $3.12B | $3.07B | $3.09B |
| Total liabilities | $5.19B | $9.10B | $9.51B | $8.99B | $6.47B | $5.31B | $3.85B | $3.48B | $3.41B | $3.44B |
| Total equity | $6.96B | $7.08B | $7.17B | $7.89B | $6.73B | $5.63B | $3.88B | $3.17B | $2.60B | $2.30B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $864.2M | $861.0M | $790.5M | $734.9M | $753.6M | $543.3M | $476.7M | $363.1M | $258.0M | $241.5M |
| Depreciation and amortisation | $507.9M | $490.5M | $494.1M | $601.8M | $522.7M | $376.9M | $328.1M | $287.3M | $261.5M | $221.8M |
| Stock-based compensation | $37.4M | $33.1M | $35.1M | $37.6M | $28.0M | $23.0M | $17.5M | $15.1M | $12.7M | $9.6M |
| Capital expenditure | $457.0M | $30.2M | $7.1M | $921.0M | $672.6M | $538.5M | $569.3M | $389.4M | $288.5M | $223.4M |
| Investing cash flow | $4.93B | -$267.4M | -$919.5M | -$3.06B | -$2.34B | -$2.49B | -$1.01B | -$733.7M | -$401.6M | -$1.61B |
| Financing cash flow | -$5.22B | -$571.6M | $80.3M | $2.35B | $1.57B | $2.00B | $505.9M | $409.9M | $141.6M | $1.34B |
| Dividends paid | $133.8M | $122.6M | $119.7M | — | — | — | — | — | — | — |
| Buybacks | $539.1M | $0 | $0 | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000912593-26-000086.
Others in SIC 6798
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|---|---|---|---|---|
| WELL | WELLTOWER INC. | $166.72B | 169.9x | 40.2% |
| PLD | Prologis, Inc. | $128.05B | 38.6x | 7.2% |
| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |