SUN COMMUNITIES INC SUI

Real estate SIC 6798 - Real Estate Investment Trusts NYSE

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.

Last close 119.44 2026-09-04
Market cap $14.72B 2026-03-31 share count
52-week range 115.90 - 137.85

Valuation FY2025 figures against the last close

P/S6.4x
P/E11.0x
P/FCF36.1x
EV/EBITDA
Dividend yield0.9%
Diluted EPS10.84

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 10.840.71-1.712.003.361.341.801.290.850.27
EPS, diluted 10.840.71-1.722.003.361.341.801.290.850.26
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

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