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Sun Communities
(NYSE:SUI)
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Rating:60Neutral
Price Target:
$132.00
â–²(4.81% Upside)
Action:Reiterated
Date:08/28/26
The score is held back most by weak and volatile recent profitability (TTM net loss and declining revenue) despite solid operating cash generation. Offsetting this, technicals show constructive momentum and the earnings call was supportive with a core FFO beat, raised guidance, and continued buybacks. Valuation is mixed: an attractive yield, but a negative P/E reflecting pressured earnings.
Positive Factors
Manufactured housing demand and occupancy
High occupancy and strong MH NOI growth indicate durable demand for affordable housing sites. Because residents typically own their homes while leasing land, Sun can benefit from recurring rents and relatively stable retention.
Negative Factors
Weak and inconsistent profitability
The current loss and uneven profit history weaken confidence in earnings quality and returns on capital. Continued volatility could constrain internally funded growth and make the company more dependent on property cash flow, financing or asset sales.
Read all positive and negative factors
Positive Factors
Negative Factors
Manufactured housing demand and occupancy
High occupancy and strong MH NOI growth indicate durable demand for affordable housing sites. Because residents typically own their homes while leasing land, Sun can benefit from recurring rents and relatively stable retention.
Read all positive factors
Sun Communities (SUI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.60B
Dividend Yield3.62%
Average Volume (3M)2.17M
Price to Earnings (P/E)―
Beta (1Y)0.17
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. Volume1,390,886
30 Day Avg. Volume2,169,701
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$139.88Price Target Upside11.06% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)-2.52
Revenue Forecast (FY)$2.02B
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 generates revenue primarily from real estate operations tied to its MH communities, RV communities/resorts, and marinas. In manufactured housing communities, the core revenue stream is recurring site rent paid by homeowners who typ...
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 | 901.20M | 683.80M | 1.10B | 771.60M | 1.11B | 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
Negative
125.94
Price Trends
121.34
Negative
122.44
Negative
123.98
Negative
Market Momentum
-0.14
Positive
42.50
Neutral
9.25
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SUI, the sentiment is Negative. The current price of 125.94 is above the 20-day moving average (MA) of 121.54, above the 50-day MA of 121.34, and above the 200-day MA of 123.98, indicating a bearish trend. The MACD of -0.14 indicates Positive momentum. The RSI at 42.50 is Neutral, neither overbought nor oversold. The STOCH value of 9.25 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | $12.55B | 31.21 | 22.87% | 3.20% | 2.06% | 7.21% | |
68 Neutral | $18.52B | 43.33 | 7.60% | 3.52% | 4.74% | -48.36% | |
66 Neutral | $11.77B | 25.77 | 6.85% | 3.78% | 4.15% | 13.70% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $14.28B | 35.00 | 7.80% | 3.71% | 0.72% | 111.53% | |
60 Neutral | $14.60B | -16.89 | -13.07% | 3.55% | -21.07% | -169.14% | |
57 Neutral | $15.29B | 37.52 | 7.16% | 4.56% | 0.85% | -29.53% |
* Real Estate Sector Average
SUI
Sun Communities
119.44
-5.96
-4.76%
ELS
Equity Lifestyle
62.42
2.78
4.67%
MAA
Mid-America Apartment
128.32
-10.49
-7.56%
ESS
Essex Property
278.61
20.77
8.06%
CPT
Camden Property
105.69
-1.31
-1.23%
AMH
American Homes
32.47
-1.01
-3.02%
Sun Communities Corporate Events
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...
Business Operations and StrategyM&A Transactions
Sun Communities Highlights Strategy as Pure-Play MH and RV Operator
Positive
Jun 1, 2026
Sun Communities on June 1, 2026 began distributing a new investor presentation that underscores its strategy to become a pure-play North American manufactured housing and RV operator, following the planned sale of its U.K.-based Park Holidays busi...
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.