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Think of it as the Public Storage for manufactured homes, RVs, and boats.

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• Manufactured Housing Communities: Provides land leases and community amenities for residents owning manufactured homes.
• Recreational Vehicle (RV) Resorts: Offers RV sites and resort amenities for short-term and long-term stays.
• Marinas: Leases wet slips and dry storage for boats, along with related services and amenities.

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Major Customers of Sun Communities (SUI)

Sun Communities (SUI) is a Real Estate Investment Trust (REIT) that owns and operates manufactured housing communities, recreational vehicle (RV) resorts, and marinas. As such, its primary customers are individuals rather than other companies.

The company serves the following categories of individual customers:

• Residents of Manufactured Housing Communities

  These customers are individuals and families who own their manufactured homes but lease the land beneath them from Sun Communities on a long-term basis. This demographic often includes retirees seeking active adult communities, or families looking for affordable housing options within well-maintained communities that offer various amenities.

• Guests of RV Resorts

  This category includes individuals and families who own recreational vehicles (RVs) and utilize Sun Communities' RV resorts for short-term stays, vacations, or extended seasonal living (e.g., "snowbirds" who migrate to warmer climates for winter). These customers seek amenities, community activities, and convenient locations for their RV lifestyle.

• Customers of Marinas

  These are individuals who own boats and lease slips, moorings, or storage from Sun Communities' marinas. They often utilize additional marina services such as fuel, repairs, and access to boating amenities. This category includes both recreational boaters and those who keep their boats for more regular use.

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Charles D. Young Chief Executive Officer

Charles D. Young became the Chief Executive Officer of Sun Communities, Inc. on October 1, 2025. He brings over 25 years of leadership experience in real estate operations, development, and investment management. Prior to joining Sun Communities, he served as President and Chief Operating Officer of Invitation Homes Inc., a single-family home leasing and management company. His career also includes senior roles at Starwood Waypoint Homes and Mesa Development, and he previously worked at Goldman Sachs in real estate principal investment and mergers and acquisitions. Mr. Young is also a member of the Board of Directors of Floor & Decor and serves on the Stanford University Board of Trustees.

Fernando Castro-Caratini Executive Vice President, Chief Financial Officer, Secretary and Treasurer

Fernando Castro-Caratini was appointed Executive Vice President, Chief Financial Officer, Secretary, and Treasurer of Sun Communities in May 2022. Before this role, he served as the Senior Vice President, Finance & Capital Markets for the company from 2016 to 2022. Prior to joining Sun Communities, Mr. Castro-Caratini was with Citigroup in the Real Estate & Lodging Investment Banking group, where professionals often provide strategic and financing advice to private equity clients.

John B. McLaren President

John B. McLaren returned to Sun Communities as President on November 6, 2024. He previously held the position of President from 2014 to 2022 and Chief Operating Officer from 2008 to 2022. Mr. McLaren has over 22 years of experience with Sun Communities, serving in various capacities including leading the rental home program and overseeing home sales and leasing through Sun Home Services. Earlier in his career, he was a Regional Vice President at Apartment Investment & Management Company (AIMCO).

Bruce D. Thelen Executive Vice President, Chief Operating Officer

Bruce D. Thelen has served as Executive Vice President and Chief Operating Officer of Sun Communities since December 2022. He previously held the role of Executive Vice President of Operations and Sales. Mr. Thelen has been responsible for leading Sun Home Services, Inc. since he joined Sun Communities in January 2018. His prior experience includes serving as Vice President of Sales and Marketing at a national manufactured home builder and working with the management consulting firm Booz & Company.

Aaron Weiss Executive Vice President of Corporate Strategy and Business Development

Aaron Weiss has been the Executive Vice President of Corporate Strategy and Business Development for Sun Communities since October 2021. He possesses a comprehensive background in real estate, lodging, finance, and strategic advisory. Before his tenure at Sun Communities, Mr. Weiss was a Managing Director in Citigroup's Real Estate & Lodging Investment Banking Group, where he provided strategic and financing advice to a diverse range of clients, including private equity firms, as well as public and private real estate and lodging companies.

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1. Economic Climate and Real Estate Market Volatility: Sun Communities' revenues and overall performance are highly susceptible to national and local economic conditions, including factors such as inflation, deflation, energy costs, and local real estate market dynamics. This encompasses potential oversupply of manufactured housing or RV sites and fluctuations in demand, directly impacting rental rates and occupancy levels.
2. Financing and Capital Structure Challenges: The company faces risks related to its ability to secure new debt financing or refinance existing debt on favorable terms, especially amidst market volatility, which could negatively affect its capital structure. There are concerns regarding liquidity and refinancing demands. Furthermore, the company's Return on Invested Capital (ROIC) is below its Weighted Average Cost of Capital (WACC), indicating potential inefficiencies, and its Altman Z-Score suggests a potential risk of bankruptcy within the next two years.
3. Operational Performance and Segment-Specific Weakness: Sun Communities has experienced a long-term decline in its gross margin, averaging a decrease of 4.1% per year, and overall remains unprofitable with accelerating losses over the last five years. Revenue is projected to decline in the near term, and the company faces challenges with lower expectations for its RV properties, signaling potential instability in revenue from this segment. Inflation and rising property taxes could also offset cost-saving measures.

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The rise of alternative peer-to-peer and experiential camping platforms, such as Hipcamp and Harvest Hosts, poses an emerging threat to Sun Communities' RV resort segment. These platforms connect RVers with private landowners, farms, wineries, and unique outdoor sites, offering experiences that traditional RV parks often cannot, sometimes at a lower cost or with different amenities. While not directly replacing the need for traditional RV parks entirely, these services divert potential customers and overnight stays from Sun Communities' RV resorts by providing diverse and often less conventional lodging options.

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The addressable markets for Sun Communities' main products and services in the U.S. are as follows:

• Manufactured Housing Communities: The United States manufactured homes market was valued at approximately USD 25.91 billion in 2024. Another estimate places the U.S. manufactured homes market size at USD 13.74 billion in 2025. This market is projected to grow to USD 43.43 billion by 2034.
• Recreational Vehicle (RV) Resorts: The market size of the Campgrounds & RV Parks industry in the United States is estimated at USD 10.9 billion in 2025. Industry revenues for RV parks in the U.S. reached about USD 10.7 billion in 2023 and are projected to grow to around USD 11.4 billion by 2028.
• Marinas: The Marinas industry in the United States is sized at USD 7.7 billion in 2025. However, another source indicates the U.S. marinas market was valued at approximately USD 18.28 billion in 2024 and is projected to reach USD 19.47 billion by 2025. The global marinas market size is projected to be around USD 25.68 billion in 2025.

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Sun Communities (SUI) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Consistent Rent Increases: The company demonstrates strong pricing power, implementing average rent increases across its portfolio. For 2026, manufactured housing residents have received notices for rent increases averaging approximately 5%. Similarly, annual RV rental rates are projected to rise by about 4%, and U.K. homeowners are seeing average rent increases of approximately 4.1%.
2. High and Stable Occupancy Rates: Maintaining high occupancy levels in its communities is a significant driver. The manufactured housing segment consistently shows strong occupancy, with a reported 98%. The blended occupancy rate across manufactured housing and RV communities is notably high at 99.2%, allowing the company to effectively capture rental rate increases.
3. Strategic Acquisitions and Geographic Expansion: Sun Communities actively pursues an acquisition strategy focused on high-quality, income-producing assets. Recent activities include the acquisition of 14 communities for approximately $457 million, as well as the purchase of titles to seven U.K. properties that were previously under long-term ground leases. These actions enhance the company's geographical presence and open new revenue streams, aligning with its long-term growth objectives.
4. Conversion of Transient RV to Annual RV Guests: The company is strategically shifting its RV business model by converting transient RV guests into annual residents. This involves reducing transient sites to foster more stable, recurring annual revenue, even as transient RV revenue sees declines as a result of this strategy.
5. Focus on Core Manufactured Housing and RV Segments: Sun Communities is streamlining its operations to become a "pure-play" owner and operator of manufactured housing and recreational vehicle communities. This sharpened focus on its core MH and RV assets, particularly manufactured housing due to its affordability factor and consistent demand, is expected to drive continued strong net operating income (NOI) growth in these segments.

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Share Repurchases

• Sun Communities authorized a new $1.0 billion stock buyback program in April 2025.
• The company repurchased $500.3 million of common stock year-to-date through October 2025, encompassing approximately 4.0 million shares.
• Through July 30, 2025, the company repurchased $300.3 million of common stock, including approximately 1.6 million shares in Q2 2025 for $202.8 million and an additional 0.8 million shares for $97.4 million subsequent to Q2 2025.

Share Issuance

• In November 2021, Sun Communities completed a follow-on offering of 4,025,000 shares, generating gross proceeds of approximately $744.6 million, intended to fund a UK portfolio acquisition and for general corporate purposes.
• An earlier follow-on offering in 2021 (before November) involved 8,050,000 shares, generating gross proceeds of approximately $1.127 billion, with proceeds aimed at repaying borrowings and funding future acquisitions.
• In March 2021, the company initiated a public offering of 7,000,000 shares to repay borrowings and fund future property acquisitions.

Outbound Investments

• Sun Communities acquired Safe Harbor Marinas for $2.11 billion in September 2020.
• In April 2022, the company acquired Park Leisure (now Park Holidays UK) for $1.24 billion, expanding its portfolio into Europe.
• In October 2025, the company closed acquisitions of 14 communities for $457.0 million.
• Following the Safe Harbor sale in April 2025, $1.0 billion was allocated for potential manufactured housing (MH) and recreational vehicle (RV) acquisitions, utilizing 1031 exchange escrow accounts for tax efficiency.

Capital Expenditures

• Forecasted capital expenditures for the next fiscal year are $513 million.
• Historical capital expenditures from 2020 to 2024 include $471 million in 2020, -$276 million in 2021, -$144 million in 2022, -$62 million in 2023, and -$444 million in 2024.
• The primary focus of capital expenditures is on reinvesting in properties to maintain asset quality, including major improvements to roads, driveways, pools, and clubhouses, as well as updating streetlights, playground equipment, signage, and maintenance facilities across its MH, RV, and UK properties.