SUN COMMUNITIES INC SUI

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived 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 120.24 2026-10-23
Market cap $14.82B 2026-03-31 share count
52-week range 109.77 - 137.85

Valuation FY2025 figures against the last close

P/S6.4x
P/E11.1x
P/FCF36.4x
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.) 124.9M127.2M123.8M122.9M115.1M97.5M88.9M82.0M76.7M66.3M

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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B 3B Revenue, FY2016: 620.9M Gross profit, FY2016: 540.5M Net income, FY2016: 26.3M Revenue, FY2017: 742.2M Gross profit, FY2017: 647.1M Net income, FY2017: 72.2M Revenue, FY2018: 816.8M Gross profit, FY2018: 693.5M Net income, FY2018: 107.2M Revenue, FY2019: 1B Gross profit, FY2019: 855.6M Net income, FY2019: 177.4M Revenue, FY2020: 1.1B Gross profit, FY2020: 983M Net income, FY2020: 147.4M Revenue, FY2021: 2.3B Gross profit, FY2021: 2.1B Net income, FY2021: 408.3M Revenue, FY2022: 3B Gross profit, FY2022: 2.7B Net income, FY2022: 261.4M Revenue, FY2023: 2.3B Net income, FY2023: -206.9M Revenue, FY2024: 2.3B Net income, FY2024: 103.6M Revenue, FY2025: 2.3B Net income, FY2025: 1.4B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $620.9M $742.2M $816.8M $1.00B $1.13B $2.27B $2.97B $2.28B $2.26B $2.31B
Gross profit $540.5M $647.1M $693.5M $855.6M $983.0M $2.07B $2.66B — — —
Net income $26.3M $72.2M $107.2M $177.4M $147.4M $408.3M $261.4M -$206.9M $103.6M $1.41B

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Officer or director change Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material impairment The company has written down the carrying value of an asset - often goodwill from an acquisition that did not work out. Item 2.06
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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