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Sun Communities
(NYSE:SUI)
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Rating:58Neutral
Price Target:
$114.00
â–¼(-9.48% Downside)
Action:Reiterated
Date:10/02/26
SUI’s score is held back primarily by weak and inconsistent earnings (TTM revenue decline and net loss) and a clearly bearish technical setup (below key moving averages with negative MACD). These are partially offset by strong, steady operating cash flow, a supportive and improving operating outlook from the earnings call (FFO beat and raised guidance with strong MH performance), and shareholder-friendly capital actions funded in part by the completed UK sale proceeds, alongside a ~4% dividend yield.
Positive Factors
Manufactured housing demand
Manufactured housing combines occupancy above 98% with 8.8% quarterly same-property NOI growth and 6.5% guided annual growth. This reflects durable demand and affordability support, giving SUI a resilient base for recurring rent growth and cash generation.
Negative Factors
Weak and volatile earnings
Revenue contraction and a current net loss weaken the reliability of reported earnings and shareholder returns. The uneven record across recent years suggests that accounting profitability is not yet durable, potentially limiting financial flexibility and investor confidence until results stabilize.
Read all positive and negative factors
Positive Factors
Negative Factors
Manufactured housing demand
Manufactured housing combines occupancy above 98% with 8.8% quarterly same-property NOI growth and 6.5% guided annual growth. This reflects durable demand and affordability support, giving SUI a resilient base for recurring rent growth and cash generation.
Read all positive factors
Sun Communities (SUI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.65B
Dividend Yield3.66%
Average Volume (3M)1.16M
Price to Earnings (P/E)―
Beta (1Y)0.19
Revenue Growth-21.07%
EPS Growth-169.14%
CountryUS
Employees3,611
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)-7.07
Shares Outstanding121,800,960
10 Day Avg. Volume1,089,150
30 Day Avg. Volume1,162,395
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)2.19
Price to Sales (P/S)6.71
P/FCF Ratio17.91
Enterprise Value/Market Cap1.32
Enterprise Value/Revenue8.82
Enterprise Value/Gross Profit16.33
Enterprise Value/Ebitda15.24
Forecast
1Y Price Target
$136.56Price Target Upside8.43% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)-6.07
Revenue Forecast (FY)$1.98B
Sun Communities Business Overview & Revenue Model
Company Description
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...
How the Company Makes Money
Sun Communities makes money primarily through recurring property-level income generated by leasing sites and collecting associated fees across its MH communities, RV resorts, and marina portfolio. The largest and most stable cash flows generally c...
Sun Communities Earnings Call Summary
Earnings Call Date:Jul 27, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 26, 2026
Earnings Call Sentiment Positive
The call conveyed a generally positive operating and financial picture: the company beat Q2 core FFO, raised same-property NOI guidance modestly, showed strong Manufactured Housing performance (high occupancy and double-digit MH NOI growth in the quarter), demonstrated disciplined capital allocation (large share buybacks) and maintained a healthy balance sheet. Offsetting items include sequential deceleration in some RV revenue metrics, softer home-sales volume, modest incremental guidance changes despite beats, and the pending UK sale which introduces timing and accounting uncertainty. Overall, operational improvements and cost discipline, plus buybacks and balance-sheet strength, outweigh the headwinds described.Positive Updates
Core FFO Beat and Raised Outlook
Core FFO per share of $1.84 in Q2, beating the high end of guidance by $0.05. Company raised its 2026 same-property NOI outlook; combined North America MH & RV same-property NOI midpoint now expected to increase 4.9% (up 20 basis points from prior guidance). Updated core FFO guidance midpoint referenced at approximately $7.02 (guidance currently includes UK contribution assumptions separately disclosed).
Negative Updates
RV Annual Revenue Deceleration and Mix Risk
Annual RV same-store revenue growth decelerated sequentially (mentioned Q1 ~6.5% to Q2 ~3.8% in Q&A). RV base-rent growth decelerated quarter-over-quarter and the RV business is sensitive to mix timing (transient contribution peaks in Q3, creating volatility in full-year pacing). Company expects only ~1% RV same-property NOI growth for the full year at midpoint.
Read all updates
Q2-2026 Updates
Positive
Negative
Core FFO Beat and Raised Outlook
Core FFO per share of $1.84 in Q2, beating the high end of guidance by $0.05. Company raised its 2026 same-property NOI outlook; combined North America MH & RV same-property NOI midpoint now expected to increase 4.9% (up 20 basis points from prior guidance). Updated core FFO guidance midpoint referenced at approximately $7.02 (guidance currently includes UK contribution assumptions separately disclosed).
Read all positive updates
Company Guidance
Sun raised its 2026 outlook: updated core FFO per share guidance midpoint of $7.02 (Q2 core FFO was $1.84, $0.05 above the prior high‑end), and combined North America MH+RV same‑property NOI is now guided to +4.9% at the midpoint (up 20 bps), with Manufactured Housing same‑property NOI +6.5% and RV +1.0%. The supplemental disclosure shows an expected full‑year UK core FFO contribution of about $86M (monthly UK FFO is embedded in the guidance even though the UK sale remains on track and the guidance does not assume the sale’s completion). Other guidance context: real‑property same‑store revenue midpoint remains 4.25% (YTD 4.8%, implying ~3.7% in H2), core G&A at the midpoint ~ $172M (UK G&A ~ $39–$40M reported as discontinued), recurring MH/RV CapEx running near $19M, and higher unconsolidated JV income from Sun‑Ingenia. Balance‑sheet and capital‑allocation metrics noted alongside the guidance include ~$4.1B debt at a 3.3% weighted average rate and 6.9‑year maturity, net debt/TTM recurring EBITDA ~3.9x, $56M of 2026 mortgage maturities (to be paid in Q4), ~ $200M repurchased in and after Q2 (~$260M YTD; ~$800M repurchased since program start, ~6.5M shares or ~5.1% of shares; ~$800M remaining capacity), and the guidance excludes future M&A, dispositions or repurchases beyond July 27.Sun Communities Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
58
Neutral
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.20B | 2.31B | 3.20B | 3.18B | 2.93B | 2.26B |
| Gross Profit | 1.19B | 213.50M | 1.50B | 1.49B | 1.42B | 1.15B |
| EBITDA | 1.27B | 683.80M | 1.10B | 771.60M | 1.08B | 1.10B |
| Net Income | -863.20M | 1.37B | 89.00M | -213.30M | 242.00M | 380.20M |
Balance Sheet | ||||||
| Total Assets | 10.87B | 12.52B | 16.55B | 16.94B | 17.08B | 13.49B |
| Cash, Cash Equivalents and Short-Term Investments | 165.20M | 636.10M | 47.40M | 29.20M | 200.10M | 252.70M |
| Total Debt | 4.05B | 1.83B | 7.35B | 7.78B | 7.13B | 5.60B |
| Total Liabilities | 5.09B | 5.33B | 9.36B | 9.77B | 9.20B | 6.76B |
| Stockholders Equity | 5.52B | 7.07B | 7.08B | 7.08B | 7.81B | 6.62B |
Cash Flow | ||||||
| Free Cash Flow | 830.40M | 864.20M | 888.80M | 807.90M | 752.20M | 770.50M |
| Operating Cash Flow | 896.40M | 864.20M | 888.80M | 807.90M | 752.20M | 770.50M |
| Investing Cash Flow | -640.30M | 4.93B | -295.20M | -935.00M | -3.08B | -2.35B |
| Financing Cash Flow | -1.52B | -5.22B | -571.60M | 78.40M | 2.35B | 1.57B |
Sun Communities Technical Analysis
Positive
125.94
Price Trends
116.15
Positive
117.99
Positive
121.59
Negative
Market Momentum
1.24
Negative
63.35
Neutral
80.54
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SUI, the sentiment is Positive. The current price of 125.94 is above the 20-day moving average (MA) of 114.16, above the 50-day MA of 116.15, and above the 200-day MA of 121.59, indicating a neutral trend. The MACD of 1.24 indicates Negative momentum. The RSI at 63.35 is Neutral, neither overbought nor oversold. The STOCH value of 80.54 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SUI.
Sun Communities Risk Analysis
Sun Communities disclosed 41 risk factors in its most recent earnings report. Sun Communities reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Sun Communities Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $12.19B | 31.20 | 22.27% | 3.52% | 2.75% | 1.18% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $18.50B | 43.29 | 7.60% | 3.71% | 4.74% | -48.36% | |
64 Neutral | $13.79B | 33.77 | 7.80% | 4.15% | 0.72% | 111.53% | |
64 Neutral | $11.49B | 25.33 | 6.85% | 4.04% | 4.15% | 13.70% | |
58 Neutral | $14.65B | -17.00 | -13.07% | 3.66% | -21.07% | -169.14% | |
58 Neutral | $14.25B | 35.02 | 7.16% | 5.11% | 0.85% | -29.53% |
* Real Estate Sector Average
SUI
Sun Communities
120.24
0.24
0.20%
ELS
Equity Lifestyle
60.84
1.05
1.76%
MAA
MAA
119.78
-6.96
-5.49%
ESS
Essex Property
278.35
26.04
10.32%
CPT
Camden Property
102.00
2.01
2.01%
AMH
American Homes
31.92
-0.13
-0.41%
Sun Communities Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Sun Communities Issues New Series M Preferred Units
Positive
Oct 2, 2026
On October 1, 2026, Sun Communities, Inc., as general partner of Sun Communities Operating Limited Partnership, adopted a Thirteenth Amendment to its limited partnership agreement creating a new class of Series M Preferred OP units, with tiered an...
Business Operations and StrategyStock BuybackM&A Transactions
Sun Communities Sells UK Operations to Refocus Strategy
Positive
Sep 23, 2026
On September 22, 2026, Sun Communities completed the sale of its United Kingdom operations, including the Park Holidays business, to Panther Bidco Limited, an affiliate of Aermont Capital, in an all-cash deal that delivered approximately $1.03 bil...
Business Operations and StrategyRegulatory Filings and Compliance
Sun Communities Issues Investor Presentation on Strategic Outlook
Neutral
Sep 9, 2026
On September 9, 2026, Sun Communities planned to begin distributing a new investor presentation to the market and post it on its website, outlining its business profile and current outlook. The materials, furnished via a Form 8-K, emphasize that t...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
Sun Communities Updates CIO Employment Agreement and Incentives
Positive
Aug 27, 2026
On August 21, 2026, Sun Communities, Inc. approved an amended and restated employment agreement for Chief Investment Officer and Executive Vice President Aaron Weiss, effective October 19, 2026, with an initial five-year term that renews annually ...
Business Operations and StrategyExecutive/Board Changes
Sun Communities Appoints New Chief Financial Officer
Positive
Aug 25, 2026
On August 24, 2026, Sun Communities appointed Robert A. “Bob” Garechana as Chief Financial Officer, Executive Vice President, and Treasurer, with his role effective September 8, 2026. Garechana, a seasoned REIT finance executive from E...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.