📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Sun Communities, Inc. became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of June 30, 2026, the Company owned, operated, or had an interest in a portfolio of 455 developed MH and RV properties comprising approximately 156,130 developed sites in the U.S. and Canada. At that date, the Company also owned, operated, or held an interest in a portfolio of 54 U.K. properties comprising approximately 22,030 developed sites, which were classified within discontinued operations as of June 30, 2026. Sun Communities, Inc. was incorporated in 1975 in Maryland and is based in Southfield, Michigan.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding SUI

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	30.1K	$3.8M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management used specific outperformance numbers: core FFO per share of $1.76 exceeding high end of guidance, 4.9% same property NOI growth, and raised full-year guidance by $0.06 at the midpoint. Language like 'pivotal quarter', 'pleased with our financial results', and 'best organic growth I have seen in my long career' reinforces confidence.

Q3 2025

Confident Specific

Management repeatedly uses positive language like 'very pleased', 'exceeding the high end of guidance', 'strong performance', and provides precise numbers (e.g., core FFO $2.28, MH NOI +10.1%, occupancy 98%).

Q4 2025

Confident Specific

The CEO opens with 'strong operational momentum' and 'core FFO per share above guidance'. Language like 'durable fundamentals', 'strong demand', 'optimism in our outlook' and providing specific growth figures reinforces a confident, data-backed tone.

Q1 2026 latest

Confident Specific

Management repeatedly emphasized 'momentum', 'outperformance', 'exceeding high end of expectations', and cited specific numbers like 6.3% same-property NOI growth and Core FFO $1.40. However, a cautious undercurrent is present regarding RV transient (early in season, measured expectations) and the UK (macro challenges).

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis for Sun Communities appears stronger after this call, driven by resilient MH fundamentals, strong occupancy (>98%), and evidence of pricing power. The 6.3% same-property NOI beat and upward guidance revision reinforce the durability of the core platform. However, the RV segment remains a wildcard – early transient trends are encouraging but management explicitly cautioned against extrapolating Q1 results. The UK business continues to face macro headwinds and the strategic review (potential sale) adds uncertainty. Investors should watch Q2 RV transient performance closely and any further disclosure on the UK portfolio. The disciplined capital allocation, including buybacks and selective acquisitions, signals confidence in intrinsic value. Overall thesis is modestly strengthened but execution on RV and UK will be key to sustaining momentum.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Sun Communities Q1 Core FFO $1.40, raises full-year guidance to $6.97 midpoint, North America same-property NOI +6.3%

Revenue & Profitability

Core FFO per share for Q1 2026 was $1.40, exceeding the high end of guidance. Full-year 2026 Core FFO guidance was raised to $6.87-$7.07 per share (midpoint $6.97). Same-property MH NOI grew 6.3% (revenues +6.6%), RV NOI also +6.3% (revenues +4.2%), and UK NOI +1.6% (revenues +5.3%). The company bought back 500,000 shares at $126 for $60 million, and net debt to trailing EBITDA stood at 3.7x.

Outlook

Management is confident in long-term industry tailwinds from housing affordability stress, which supports sustained demand for MH and RV options. They note stable transient demand trends and pacing ahead of last year, though it's early in the season. In the UK, the macro environment remains challenging, but the team is executing in line with expectations. The company expects full-year North America same-property NOI growth of approximately 4.7% (MH 6.2%, RV 0.9%).

Growth Drivers

Key growth drivers include site rent growth in manufactured housing (5.2% in Q1), acceleration of RV annual renewals earlier in the cycle, and selective acquisitions of high-quality MH and annual RV communities. In the UK, the strategy is to increase home sales volume (volume up modestly in Q1) to drive more real property income. The company also focuses on data analytics to optimize revenue mix between annual and transient RV stays, and on disciplined expense management to expand margins.

Balance Sheet & CapEx

Not discussed in this earnings call as a separate line item. However, management highlighted targeted investments in communities, infrastructure, and digital capabilities to enhance the resident/guest experience and enable data-driven decision-making. These investments include a unified digital backbone and customer journey platform.

Margins

Expense growth in Q1 was in line with expectations (MH and RV expenses up 5.2% and 2.3% respectively), with improvements from payroll efficiencies and procurement initiatives. Full-year expense growth is expected to moderate to mid-3% for the MH and RV portfolio. The company is focused on margin expansion through data-driven revenue management and cost discipline, while non-recurring G&A costs (executive transitions) were concentrated in Q1.

Key Risks

Management and analysts flagged several risks: uncertain UK macro environment affecting home sales volumes; the seasonal nature of RV business (first quarter small portion of full-year earnings); non-recurring G&A costs from leadership transitions; and potential changes in housing policy (e.g., removal of chassis requirement for manufactured homes) which could affect development. Also, the company noted that MH acquisition opportunities remain challenging to find at attractive cap rates (low to mid-4%).

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-28

Core FFO per share exceeded guidance, driven by strong MH and stable RV performance, with disciplined expense management and robust capital allocation. Raised 2026 NOI and FFO guidance, announced U.K. business sale, and continued share repurchases.

Q1 2026 Q1 2026 2026-04-28

Core FFO per share exceeded expectations in Q1 2026, driven by strong MH and RV performance and disciplined capital allocation. Full-year guidance was raised, with continued focus on operational optimization and selective growth.

Q4 2025 Q4 2025 2026-02-25

Core FFO per share exceeded guidance for both Q4 and 2025, driven by strong MH occupancy and disciplined expense management. Balance sheet strengthened with significant debt reduction, asset sales, and credit upgrades. 2026 guidance anticipates steady NOI growth and continued focus on operational excellence.

Q3 2025 Q3 2025 2025-10-30

Q3 results exceeded guidance with strong NOI growth in manufactured housing and the U.K., while RV annual revenue rose but transient revenue declined. 2025 guidance was raised, capital deployment remained disciplined, and recent acquisitions were completed at low 4% cap rates.

Q2 2025 Q2 2025 2025-07-31

Core FFO per share exceeded guidance, driven by strong manufactured housing and U.K. performance. Debt was reduced by $3.3 billion, and shareholder returns exceeded $830 million. 2025 FFO guidance was raised, with continued focus on acquisitions, efficiency, and strategic capital allocation.

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