Sun Communities (SUI)
Market Price (9/9/2026): $119.0 | Market Cap: $14.6 BilSector: Real Estate | Industry: Single-Family Residential REITs
Sun Communities (SUI)
Market Price (9/9/2026): $119.0Market Cap: $14.6 BilSector: Real EstateIndustry: Single-Family Residential REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 42%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 42% Attractive yieldDividend Yield is 3.8%, FCF Yield is 6.2% Low stock price volatilityVol 12M is 19% Megatrend and thematic driversMegatrends include Changing Demographics & Affordability, and Experience Economy & Recreation. Themes include Affordable Lifestyle Communities, and Outdoor Hospitality & Leisure. | Weak multi-year price returns2Y Excs Rtn is -43%, 3Y Excs Rtn is -61% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 48x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.2%, Rev Chg QQuarterly Revenue Change % is -0.2% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.5% Key risksSUI key risks include [1] a challenging capital structure, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 42%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 42% |
| Attractive yieldDividend Yield is 3.8%, FCF Yield is 6.2% |
| Low stock price volatilityVol 12M is 19% |
| Megatrend and thematic driversMegatrends include Changing Demographics & Affordability, and Experience Economy & Recreation. Themes include Affordable Lifestyle Communities, and Outdoor Hospitality & Leisure. |
| Weak multi-year price returns2Y Excs Rtn is -43%, 3Y Excs Rtn is -61% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 48x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.2%, Rev Chg QQuarterly Revenue Change % is -0.2% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.5% |
| Key risksSUI key risks include [1] a challenging capital structure, Show more. |
Qualitative Assessment
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Sun Communities (SUI) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Earnings Performance.
Sun Communities reported a significant GAAP net loss attributable to common shareholders of $992.7 million, or $(8.08) per diluted share, for fiscal Q2 2026 (ended June 30, 2026), primarily driven by a $1.1 billion non-cash valuation allowance related to its UK business held-for-sale. However, this large accounting loss was largely offset by strong operational results, with Core Funds from Operations (FFO) per share reaching $1.84, surpassing the high end of the company's guidance by $0.05. Additionally, the company reported an 8% year-over-year increase in real property net operating income to $260.6 million and raised its 2026 North America Same Property NOI growth guidance by 20 basis points to 4.5%–5.3%, demonstrating underlying operational strength that countered the negative impact of the non-cash charge.
2. Strategic Capital Allocation through Share Repurchases and Consistent Dividends.
The company demonstrated a commitment to shareholder value through active capital allocation, repurchasing approximately $111.1 million of its common stock during fiscal Q2 2026 and an additional $89.0 million through July 22, 2026. This buyback activity, often occurring in the mid-$125 range, provided support for the stock price. Concurrently, Sun Communities maintained a steady quarterly dividend of $1.12 per share, yielding approximately 3.6% annually, payable on July 15, 2026. The consistent dividend payout appeals to income-focused investors, contributing to the stock's stability.
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Sun Communities (SUI) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Earnings Performance.
Sun Communities reported a significant GAAP net loss attributable to common shareholders of $992.7 million, or $(8.08) per diluted share, for fiscal Q2 2026 (ended June 30, 2026), primarily driven by a $1.1 billion non-cash valuation allowance related to its UK business held-for-sale. However, this large accounting loss was largely offset by strong operational results, with Core Funds from Operations (FFO) per share reaching $1.84, surpassing the high end of the company's guidance by $0.05. Additionally, the company reported an 8% year-over-year increase in real property net operating income to $260.6 million and raised its 2026 North America Same Property NOI growth guidance by 20 basis points to 4.5%–5.3%, demonstrating underlying operational strength that countered the negative impact of the non-cash charge.
2. Strategic Capital Allocation through Share Repurchases and Consistent Dividends.
The company demonstrated a commitment to shareholder value through active capital allocation, repurchasing approximately $111.1 million of its common stock during fiscal Q2 2026 and an additional $89.0 million through July 22, 2026. This buyback activity, often occurring in the mid-$125 range, provided support for the stock price. Concurrently, Sun Communities maintained a steady quarterly dividend of $1.12 per share, yielding approximately 3.6% annually, payable on July 15, 2026. The consistent dividend payout appeals to income-focused investors, contributing to the stock's stability.
3. Supportive REIT Sector Performance and Strong Manufactured Housing Fundamentals.
The broader Real Estate Investment Trust (REIT) sector exhibited overall stability during the period, with a 3-month winning streak through June 2026, posting an average return of +3.08% in June. Although the sector experienced a slight average decline of -0.49% in July, large-cap REITs continued to perform well (+1.48%). Notably, the manufactured housing segment, in which Sun Communities operates, consistently traded at high average FFO multiples (17.6x in June and 17.8x in July), indicating sustained investor confidence and robust demand within this specific property type. This underlying sector strength provided a positive backdrop for SUI's performance.
4. Analyst Sentiment and Index Inclusion.
Despite some mixed adjustments in analyst ratings and price targets during the period, the overall consensus for Sun Communities remained a "Moderate Buy" with an average target price around $139.42. Furthermore, the stock's inclusion in the S&P Composite 1500, S&P 1000, and S&P 400 indices, effective August 13, 2026, likely contributed to its stable price trend by increasing its visibility among institutional investors and potentially driving passive investment inflows.
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Stock Movement Drivers
Fundamental Drivers
The -4.0% change in SUI stock from 5/31/2026 to 9/8/2026 was primarily driven by a -4.0% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 122.52 | 117.65 | -4.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,165 | 2,164 | -0.1% |
| P/S Multiple | 6.9 | 6.7 | -4.0% |
| Shares Outstanding (Mil) | 123 | 122 | 0.1% |
| Cumulative Contribution | -4.0% |
Market Drivers
5/31/2026 to 9/8/2026| Return | Correlation | |
|---|---|---|
| SUI | -4.0% | |
| Market (SPY) | 1.3% | -34.6% |
| Sector (XLRE) | -0.2% | 67.3% |
Fundamental Drivers
The -12.2% change in SUI stock from 2/28/2026 to 9/8/2026 was primarily driven by a -13.8% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 134.00 | 117.65 | -12.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,130 | 2,164 | 1.6% |
| P/S Multiple | 7.7 | 6.7 | -13.8% |
| Shares Outstanding (Mil) | 123 | 122 | 0.2% |
| Cumulative Contribution | -12.2% |
Market Drivers
2/28/2026 to 9/8/2026| Return | Correlation | |
|---|---|---|
| SUI | -12.2% | |
| Market (SPY) | 12.0% | -8.8% |
| Sector (XLRE) | 0.8% | 63.0% |
Fundamental Drivers
The -4.0% change in SUI stock from 8/31/2025 to 9/8/2026 was primarily driven by a -8.4% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 122.55 | 117.65 | -4.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,130 | 2,164 | 1.6% |
| P/S Multiple | 7.3 | 6.7 | -8.4% |
| Shares Outstanding (Mil) | 126 | 122 | 3.2% |
| Cumulative Contribution | -4.0% |
Market Drivers
8/31/2025 to 9/8/2026| Return | Correlation | |
|---|---|---|
| SUI | -4.0% | |
| Market (SPY) | 19.8% | -0.4% |
| Sector (XLRE) | 6.4% | 64.2% |
Fundamental Drivers
The 9.2% change in SUI stock from 8/31/2023 to 9/8/2026 was primarily driven by a 54.0% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9082026 | Change |
|---|---|---|---|
| Stock Price ($) | 107.75 | 117.65 | 9.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,075 | 2,164 | -29.6% |
| P/S Multiple | 4.3 | 6.7 | 54.0% |
| Shares Outstanding (Mil) | 123 | 122 | 0.7% |
| Cumulative Contribution | 9.2% |
Market Drivers
8/31/2023 to 9/8/2026| Return | Correlation | |
|---|---|---|
| SUI | 9.2% | |
| Market (SPY) | 76.1% | 23.0% |
| Sector (XLRE) | 30.2% | 64.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SUI Return | 41% | -30% | -4% | -5% | 7% | -2% | -6% |
| Peers Return | 64% | -32% | 9% | 10% | -8% | 3% | 27% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| SUI Win Rate | 67% | 25% | 33% | 50% | 58% | 44% | |
| Peers Win Rate | 75% | 32% | 55% | 53% | 38% | 38% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| SUI Max Drawdown | -11% | -43% | -35% | -18% | -15% | -13% | |
| Peers Max Drawdown | -10% | -36% | -22% | -13% | -21% | -13% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ELS, UMH, AMH, INVH, CPT. See SUI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/8/2026 (YTD)
How Low Can It Go
| Event | SUI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.4% | -9.5% |
| % Gain to Breakeven | 34.0% | 10.5% |
| Time to Breakeven | 282 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.5% | -33.7% |
| % Gain to Breakeven | 65.3% | 50.9% |
| Time to Breakeven | 402 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -11.8% | -3.7% |
| % Gain to Breakeven | 13.4% | 3.9% |
| Time to Breakeven | 83 days | 6 days |
| 2013 Taper Tantrum | ||
| % Loss | -17.6% | -0.2% |
| % Gain to Breakeven | 21.4% | 0.2% |
| Time to Breakeven | 56 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -20.8% | -17.9% |
| % Gain to Breakeven | 26.3% | 21.8% |
| Time to Breakeven | 39 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -11.7% | -15.4% |
| % Gain to Breakeven | 13.2% | 18.2% |
| Time to Breakeven | 20 days | 125 days |
In The Past
Sun Communities's stock fell -7.6% during the 2025 US Tariff Shock. Such a loss loss requires a 8.3% gain to breakeven.
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Asset Allocation
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| Event | SUI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.4% | -9.5% |
| % Gain to Breakeven | 34.0% | 10.5% |
| Time to Breakeven | 282 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.5% | -33.7% |
| % Gain to Breakeven | 65.3% | 50.9% |
| Time to Breakeven | 402 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -20.8% | -17.9% |
| % Gain to Breakeven | 26.3% | 21.8% |
| Time to Breakeven | 39 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -61.2% | -53.4% |
| % Gain to Breakeven | 157.8% | 114.4% |
| Time to Breakeven | 155 days | 1085 days |
In The Past
Sun Communities's stock fell -7.6% during the 2025 US Tariff Shock. Such a loss loss requires a 8.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Sun Communities (SUI)
Sun Communities, Inc. (SUI) is a Real Estate Investment Trust (REIT) focused on the ownership, operation, and development of a diverse portfolio of communities across North America. As of September 30, 2020, the company managed a substantial collection of 432 communities.
These communities collectively comprise nearly 146,000 developed sites. Sun Communities primarily specializes in providing leasable sites within manufactured housing communities, recreational vehicle (RV) resorts, and marinas. For manufactured housing communities, the company offers land leases to residents who own their homes. In RV resorts, it provides sites for short-term or extended stays, while marinas offer boat slips and related services.
The company's main products and services revolve around providing high-quality residential, recreational, and marine sites, generating revenue primarily from lease payments. Its primary customers include residents seeking long-term manufactured housing options, vacationers and travelers utilizing RV resorts, and boat owners requiring marina services. Sun Communities serves these markets across 32 states in the U.S. and in Ontario, Canada.
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Here are 1-2 brief analogies for Sun Communities (SUI):
- Equity Residential for manufactured home communities and RV resorts.
- Marriott for RV park and manufactured home sites.
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- Manufactured Home Community Site Leases: Sun Communities leases developed land lots for residents to place their manufactured homes within planned communities, offering long-term residency and various amenities.
- Recreational Vehicle (RV) Resort Site Leases: The company provides rental sites for recreational vehicles, catering to short-term or seasonal stays within amenity-rich resort communities.
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Sun Communities (SUI) sells primarily to individuals rather than other companies. Based on its business model of owning and operating communities, its major customer categories are:
- Manufactured Home Residents: Individuals and families who lease sites within Sun Communities' manufactured home communities, often on a long-term basis, where they place their own manufactured homes.
- RV Resort Guests: Individuals and families who rent sites for their recreational vehicles at Sun Communities' RV resorts, typically for short-term vacations, seasonal stays, or extended periods.
- Marina Slip Holders: Individuals who own boats and lease slips or moorings at Sun Communities' marinas for docking and storage.
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- Cavco Industries, Inc. (CVCO)
- Skyline Champion Corporation (SKY)
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Charles D. Young, Chief Executive Officer
Charles D. Young was appointed Chief Executive Officer of Sun Communities effective 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 of Invitation Homes Inc., a role he held since March 2023, and also previously as Chief Operating Officer of Invitation Homes. Mr. Young has held senior roles at Starwood Waypoint Homes and Mesa Development, and earlier in his career, he worked at Goldman Sachs in real estate principal investment and mergers and acquisitions. He holds degrees from Stanford University.
Fernando Castro-Caratini, Interim Chief Financial Officer, Executive Vice President, Treasurer and Secretary
Fernando Castro-Caratini assumed the role of Interim Chief Financial Officer, Executive Vice President, Treasurer and Secretary of Sun Communities effective February 4, 2026. He previously served as the company's Executive Vice President, Chief Financial Officer, Treasurer and Secretary since May 2022, and prior to that, joined Sun Communities in November 2016 as Senior Vice President, Finance & Capital Markets. Before joining Sun Communities, Mr. Castro-Caratini worked at Citigroup within the Real Estate & Lodging Investment Banking Group, where his focus included strategic advisory, mergers and acquisitions, and initial public offerings for real estate and lodging clients. His background includes advising private equity clients on real estate matters. He holds a B.A. from Washington University in St. Louis and an MBA from New York University's Stern School of Business.
John B. McLaren, President and Chief Operating Officer
John B. McLaren was appointed President of Sun Communities on November 6, 2024, and expanded his role to include Chief Operating Officer responsibilities on March 9, 2026. He is a veteran of the company, having been with Sun Communities since 2005, and has over 20 years of experience with the company in various roles. His previous positions include Chief Operating Officer (from 2008 to 2022) and President (from 2014 to 2022). Mr. McLaren is recognized for overseeing the acquisition and integration of approximately 350 manufactured housing and recreational vehicle communities during his tenure as COO. He also served as Executive Vice President from 2008 to 2014 and as Senior Vice President of Sun Home Services, a subsidiary, since August 2005. Prior to joining Sun Communities, he served as Regional Vice President at Apartment Investment & Management Company (AIMCO).
Gary A. Shiffman, Non-Executive Chairman
Gary A. Shiffman currently serves as the Non-Executive Chairman of Sun Communities, a role he transitioned into on October 1, 2025. He was instrumental in the company's early development, co-founding it in 1975 with his father, Milton M. Shiffman. Mr. Shiffman served as Chairman and Chief Executive Officer since Sun Communities became a public entity in 1993 until October 2025. He has more than thirty years of active involvement in the management, acquisition, construction, and development of manufactured housing communities. His leadership has overseen the acquisition, rezoning, development, expansion, and marketing of numerous manufactured home, recreational vehicle communities, and marinas. Through family-related interests, Mr. Shiffman also holds significant direct investments across various real estate asset classes, including office, multi-family, industrial, residential, and retail.
Aaron Weiss, Executive Vice President of Corporate Strategy and Business Development
Aaron Weiss has served as the Executive Vice President of Corporate Strategy and Business Development for Sun Communities since October 2021. In this role, he is responsible for coordinating the company's corporate strategy, planning, and business development initiatives. Mr. Weiss possesses a comprehensive background in real estate, lodging, finance, and strategic advisory. Before joining Sun Communities, he was a Managing Director in Citigroup's Real Estate & Lodging Investment Banking Group, where he provided strategic and financing advice to various clients, including private equity firms, and public and private real estate and lodging companies.
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Key Risks to Sun Communities (SUI)
- Economic and Market Conditions: Sun Communities is significantly exposed to general economic conditions, including inflation, interest rate fluctuations, and local real estate market dynamics. Adverse changes in these conditions can negatively impact occupancy rates, rental rates, and overall property values across its portfolio of manufactured housing, RV, and marina communities. Rising interest rates, in particular, increase borrowing costs and can affect the company's ability to refinance existing debt or secure new financing for acquisitions and developments.
- Regulatory and Legislative Changes: The company faces risks associated with evolving regulatory and legislative landscapes. This includes potential changes in zoning laws, rent control legislation, and environmental regulations, all of which could impact its operational flexibility and profitability. Additionally, maintaining its status as a Real Estate Investment Trust (REIT) requires compliance with complex tax regulations, and any failure to adhere to these could have significant financial implications. There has also been mention of legal risks, including a securities investigation.
- Debt and Financial Health: As a REIT, Sun Communities carries substantial debt obligations. This leverage can limit its operational flexibility, increase its vulnerability during economic downturns, and expose it to potential increases in borrowing costs if interest rates rise. Challenges in the ability of potential manufactured home buyers to obtain financing also pose a risk, as it can impact sales and occupancy within those communities. Furthermore, the company has faced financial challenges such as a high dividend payout ratio and a declining operating margin.
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Sun Communities, Inc. (SUI) operates primarily in two main addressable markets in North America: manufactured housing communities and recreational vehicle (RV) resorts and campgrounds.
Manufactured Housing Communities
- United States: The U.S. manufactured homes market was valued at approximately USD 14.6 billion in 2026 and is projected to reach USD 19.8 billion by 2031.
- Canada: The Canadian manufactured homes market was valued at approximately USD 3.09 billion in 2025. It is estimated to grow to USD 3.31 billion in 2026 and is projected to reach USD 4.66 billion by 2031.
Recreational Vehicle (RV) Parks and Campgrounds
- United States: The campground and RV park industry in the United States had a revenue of approximately USD 10.7 billion in 2023. This revenue is projected to trend upwards at a Compound Annual Growth Rate (CAGR) of 1.4%, reaching USD 11.4 billion over the next five years.
- Canada: The market size of the Campgrounds & RV Parks in Canada is approximately USD 3.3 billion in 2025.
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- North American Same-Property Net Operating Income (NOI) Growth: Sun Communities anticipates continued growth in same-property NOI across its North American portfolio, particularly in manufactured housing (MH) and recreational vehicle (RV) communities. This growth is expected to be fueled by disciplined expense management, ongoing rental increases, and sustained high occupancy rates. North American same-property NOI growth is projected at approximately 4.5% for 2026, with manufactured housing expected to grow by 5.9% and RV by 0.9%.
- Strategic Acquisitions and Portfolio Expansion: The company has a history of pursuing accretive growth opportunities through strategic acquisitions. In 2025, Sun Communities acquired 14 manufactured housing and annual RV communities for $457 million, and also purchased freehold interests in 32 UK properties, enhancing its long-term financial flexibility. While 2026 guidance does not explicitly include future acquisitions, the company's strong balance sheet and focus on attractive growth opportunities suggest this will remain a driver.
- Conversion of Transient RV Sites to Annual Stays: Sun Communities is actively pursuing a strategy to convert transient RV stays into more stable and predictable annual leases. This conversion process aims to optimize revenue streams and improve the overall stability of its RV segment.
- Operational Optimization and Digital Transformation: The company is focused on enhancing operational efficiency through sharpened execution and increased digital integration across its business processes. This strategic emphasis on data-driven decision-making and a unified digital infrastructure is expected to contribute to revenue growth by streamlining operations and improving performance.
- Sustained Demand in Manufactured Housing: The manufactured housing segment continues to be a robust driver, benefiting from the fundamental demand for attainable housing solutions. This sector is characterized by strong performance, high occupancy rates (98.1% for the same-property MH portfolio), and consistent rent growth, positioning it as a resilient component of the company's revenue.
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Share Repurchases
- In 2025, Sun Communities repurchased approximately 4.3 million shares of its common stock for a total of $539.1 million.
- The Board of Directors authorized a stock repurchase program of up to $1.0 billion, effective April 30, 2025, and expiring April 30, 2026.
Share Issuance
- In 2021, Sun Communities completed a follow-on offering of 4,025,000 shares of common stock at a price of $185.00 per share, generating gross proceeds of approximately $744.6 million.
Outbound Investments
- In 2025, Sun Communities completed the initial closing of the sale of Safe Harbor Marinas to an affiliate of Blackstone Inc. for approximately $5.25 billion in pre-tax cash proceeds, marking a strategic exit from the marina business.
- During 2025, the company acquired 14 manufactured housing and annual RV communities for $457.0 million.
- In 2025, Sun Communities purchased the freehold titles to 32 UK properties, previously held under ground leases, for approximately $387 million, which strengthened its long-term financial position in the UK.
Capital Expenditures
- Net cash used for investing activities in 2025 was $602.9 million, primarily driven by an increase in cash deployed for property acquisitions.
- The company plans to selectively pursue future acquisition and development opportunities, supported by capital allocated into 1031 exchange escrow accounts.
Peer Outperformance in Single-Family Residential REITs
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 14 | 18.6% | 62.4% | 65.2% | WELL 211% · DHC 132% · CTRE 128% |
| Retail REITs | 22 | 12.1% | 38.3% | 39.0% | IVT 1598% · SKT 170% · SPG 107% |
| Other Specialized REITs | 11 | 6.5% | 21.0% | 20.3% | IRM 195% · EPR 74% · LAMR 72% |
| Real Estate Development | 6 | -13.6% | 11.9% | 19.2% | JOE 55% · AXR 40% · FOR 35% |
| Industrial REITs | 11 | 16.2% | 19.5% | 7.6% | EGP 32% · FR 30% · PLD 19% |
| Hotel & Resort REITs | 16 | 26.9% | 23.4% | 7.2% | RHP 82% · HST 74% · DRH 58% |
| Diversified REITs | 12 | 10.7% | 28.2% | -5.4% | CTO 74% · WPC 23% · EPRT 17% |
| Multi-Family Residential REITs | 13 | -5.0% | 5.9% | -17.9% | AIV 16% · ESS 1% · VMRK -2% |
| Single-Family Residential REITs ← | 4 | -2.1% | 1.5% | -18.0% | AMH -10% · ELS -17% · INVH -19% |
| Real Estate Services | 27 | -17.5% | -8.0% | -27.7% | REAX 978% · MDRR 572% · CHCI 288% |
| Office REITs | 18 | -9.5% | 15.9% | -28.5% | PSTL 68% · CDP 57% · SLG 5% |
| Telecom Tower REITs | 3 | -5.7% | -7.4% | -42.9% | AMT -31% · SBAC -43% · CCI -50% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 47.06 |
| Mkt Cap | 11.8 |
| Rev LTM | 1,722 |
| Op Inc LTM | 442 |
| FCF LTM | 553 |
| FCF 3Y Avg | 540 |
| CFO LTM | 836 |
| CFO 3Y Avg | 814 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.8% |
| Rev Chg 3Y Avg | 4.6% |
| Rev Chg Q | 3.8% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Inc Chg LTM | 2.8% |
| Op Inc Chg 3Y Avg | 7.0% |
| Op Mgn LTM | 22.4% |
| Op Mgn 3Y Avg | 22.6% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 41.8% |
| CFO/Rev 3Y Avg | 43.0% |
| FCF/Rev LTM | 33.4% |
| FCF/Rev 3Y Avg | 35.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 11.8 |
| P/S | 6.4 |
| P/Op Inc | 26.0 |
| P/EBIT | 21.1 |
| P/E | 27.6 |
| P/CFO | 14.4 |
| Total Yield | 7.5% |
| Dividend Yield | 4.1% |
| FCF Yield 3Y Avg | 5.1% |
| D/E | 0.4 |
| Net D/E | 0.4 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Manufactured housing (MH) communities | 1,138 | 1,115 | 1,104 | 1,092 | 1,060 |
| Recreational vehicle (RV) communities | 669 | 681 | 699 | 689 | 606 |
| United Kingdom (UK) | 427 | 410 | 382 | 332 | |
| Interest | 48 | 20 | 45 | 35 | 12 |
| Brokerage commissions and other revenues, net | 24 | 35 | 54 | 35 | 30 |
| Marina | 787 | 564 | |||
| Total | 2,306 | 2,260 | 2,284 | 2,970 | 2,273 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Manufactured housing (MH) communities | 708 | 668 | 652 | 633 | 621 |
| Recreational vehicle (RV) communities | 318 | 328 | 341 | 330 | 288 |
| United Kingdom (UK) | 131 | 141 | 127 | 129 | |
| Brokerage commissions and other revenues, net | 24 | 35 | 54 | 35 | 30 |
| General and administrative expense | -237 | -230 | -214 | -257 | -181 |
| Depreciation and amortization | -508 | -490 | -494 | -602 | -523 |
| Marina | 288 | 212 | |||
| Total | 436 | 450 | 466 | 557 | 447 |
| $ Mil | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| Real Property Operations | 162 | 179 | 127 | 88 | 37 |
| Home Sales and Home Rentals | -30 | -19 | -21 | -23 | -19 |
| Total | 132 | 160 | 105 | 65 | 17 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Manufactured housing (MH) communities | 6,272 | 5,755 | 8,670 | 8,899 | 5,974 |
| Recreational vehicle (RV) communities | 3,697 | 3,779 | 3,961 | 4,035 | 3,873 |
| United Kingdom (UK) | 2,554 | 2,601 | |||
| Assets held for sale & discontinued operations, net | 0 | 4,462 | |||
| Marina | 4,310 | 4,150 | 3,647 | ||
| Total | 12,523 | 16,597 | 16,941 | 17,084 | 13,494 |
Price Behavior
| Market Price | $117.65 | |
| Market Cap ($ Bil) | 14.4 | |
| First Trading Date | 12/09/1993 | |
| Distance from 52W High | -12.7% | |
| 50 Days | 200 Days | |
| DMA Price | $121.29 | $123.96 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | -3.0% | -5.1% |
| 3M | 1YR | |
| Volatility | 21.9% | 19.4% |
| Downside Capture | -35.06 | -5.62 |
| Upside Capture | -51.17 | -11.41 |
| Correlation (SPY) | -38.6% | -1.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.05 | -0.73 | -0.60 | -0.13 | 0.00 | 0.35 |
| Up Beta | -0.74 | -1.31 | -0.91 | -0.13 | -0.04 | 0.44 |
| Down Beta | 0.27 | -1.21 | -0.49 | 0.02 | 0.23 | 0.34 |
| Up Capture | 11% | -28% | -45% | -19% | -4% | 8% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 8 | 18 | 28 | 58 | 127 | 385 |
| Down Capture | 66% | -47% | -61% | -9% | -10% | 56% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 13 | 24 | 36 | 69 | 124 | 364 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SUI | |
|---|---|---|---|---|
| SUI | -6.2% | 19.4% | -0.45 | - |
| Sector ETF (XLRE) | 6.8% | 13.9% | 0.23 | 64.3% |
| Equity (SPY) | 19.4% | 12.8% | 1.11 | -1.2% |
| Gold (GLD) | 20.8% | 29.2% | 0.65 | 1.3% |
| Commodities (DBC) | 45.0% | 20.4% | 1.72 | -11.2% |
| Real Estate (VNQ) | 7.8% | 13.6% | 0.30 | 64.4% |
| Bitcoin (BTCUSD) | -28.1% | 43.9% | -0.63 | 4.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SUI | |
|---|---|---|---|---|
| SUI | -7.1% | 25.1% | -0.32 | - |
| Sector ETF (XLRE) | 1.7% | 19.2% | -0.01 | 72.2% |
| Equity (SPY) | 12.6% | 17.2% | 0.56 | 40.1% |
| Gold (GLD) | 18.8% | 18.8% | 0.81 | 10.8% |
| Commodities (DBC) | 10.6% | 19.5% | 0.42 | 5.0% |
| Real Estate (VNQ) | 1.5% | 18.9% | -0.03 | 73.2% |
| Bitcoin (BTCUSD) | 11.1% | 52.6% | 0.39 | 16.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SUI | |
|---|---|---|---|---|
| SUI | 7.9% | 25.7% | 0.31 | - |
| Sector ETF (XLRE) | 6.3% | 20.4% | 0.26 | 74.9% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 47.0% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 11.8% |
| Commodities (DBC) | 7.9% | 18.1% | 0.36 | 10.5% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 76.2% |
| Bitcoin (BTCUSD) | 63.6% | 66.2% | 1.03 | 10.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/27/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/27/2026 | 2.2% | 0.8% | 3.7% |
| 4/27/2026 | 0.5% | -2.2% | -2.2% |
| 2/24/2026 | 1.0% | 3.9% | -2.8% |
| 10/29/2025 | 2.8% | 4.6% | 7.2% |
| 7/30/2025 | 6.4% | 7.5% | 7.7% |
| 5/5/2025 | -4.4% | -4.1% | -1.4% |
| 2/26/2025 | -0.6% | -0.0% | -4.4% |
| 11/6/2024 | -6.5% | -4.5% | -5.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 10 |
| # Negative | 10 | 12 | 13 |
| Median Positive | 1.7% | 3.6% | 4.5% |
| Median Negative | -3.4% | -4.0% | -4.2% |
| Max Positive | 9.4% | 13.9% | 22.1% |
| Max Negative | -7.5% | -9.9% | -15.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/27/2026 | 2.2% | 0.8% | 3.7% |
| 4/27/2026 | 0.5% | -2.2% | -2.2% |
| 2/24/2026 | 1.0% | 3.9% | -2.8% |
| 10/29/2025 | 2.8% | 4.6% | 7.2% |
| 7/30/2025 | 6.4% | 7.5% | 7.7% |
| 5/5/2025 | -4.4% | -4.1% | -1.4% |
| 2/26/2025 | -0.6% | -0.0% | -4.4% |
| 11/6/2024 | -6.5% | -4.5% | -5.4% |
| 7/31/2024 | 5.1% | 1.7% | 4.9% |
| 4/29/2024 | -7.5% | -3.9% | -4.1% |
| 2/20/2024 | 1.7% | -0.1% | 0.3% |
| 10/25/2023 | 4.6% | 10.2% | 21.2% |
| 7/26/2023 | -6.3% | -8.2% | -11.6% |
| 4/26/2023 | -1.2% | -2.4% | -7.5% |
| 2/23/2023 | -3.9% | -9.6% | -15.7% |
| 10/24/2022 | 9.4% | 13.9% | 22.1% |
| 7/25/2022 | 0.5% | 1.5% | -0.2% |
| 4/25/2022 | -2.9% | -9.9% | -15.5% |
| 2/22/2022 | -1.3% | -2.4% | -4.2% |
| 7/26/2021 | 1.7% | 3.5% | 4.1% |
| 4/26/2021 | 0.5% | 2.6% | 3.5% |
| 2/17/2021 | 1.4% | 3.6% | 1.2% |
| 10/21/2020 | -2.0% | -4.2% | -3.6% |
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 10 |
| # Negative | 10 | 12 | 13 |
| Median Positive | 1.7% | 3.6% | 4.5% |
| Median Negative | -3.4% | -4.0% | -4.2% |
| Max Positive | 9.4% | 13.9% | 22.1% |
| Max Negative | -7.5% | -9.9% | -15.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| 06/30/2022 | 07/26/2022 | 10-Q |
| 03/31/2022 | 04/26/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 10/26/2021 | 10-Q |
| 06/30/2021 | 07/27/2021 | 10-Q |
| 03/31/2021 | 04/27/2021 | 10-Q |
| 12/31/2020 | 02/18/2021 | 10-K |
| 09/30/2020 | 10/22/2020 | 10-Q |
| 06/30/2020 | 07/23/2020 | 10-Q |
| 03/31/2020 | 04/23/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 10/24/2019 | 10-Q |
Recent Forward Guidance
Updated 7/28/2026Latest: Q2 2026 Earnings Reported 7/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Core FFO per Share | Reported | 2.23 | 2.28 | 2.33 | 30.3% | Higher New | Guidance: 1.75 for Q2 2026 | |
| Q3 2026 North America Same Property NOI Growth | Reported | 2.0% | 2.75% | 3.5% | ||||
| Q3 2026 Diluted EPS | Reported | 1.13 | 1.18 | 1.23 | 78.8% | Higher New | Guidance: 0.66 for Q2 2026 | |
| 2026 Core FFO per Share | Reported | 6.94 | 7.02 | 7.1 | 0.7% | Raised | Guidance: 6.97 for 2026 | |
| 2026 North America Same Property NOI Growth | Reported | 4.5% | 4.9% | 5.3% | 0.2% | Raised | Guidance: 4.7% for 2026 | |
| 2026 Diluted EPS | Reported | -6.72 | -6.64 | -6.56 | -393.8% | Lowered | Guidance: 2.26 for 2026 | |
Prior: Q1 2026 Earnings Reported 4/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Core FFO per Share | Reported | 1.71 | 1.75 | 1.79 | ||||
| Q2 2026 Diluted EPS | Reported | 0.62 | 0.66 | 0.7 | ||||
| 2026 Core FFO per Share | Reported | 6.87 | 6.97 | 7.07 | 0.6% | Raised | Guidance: 6.93 for 2026 | |
| 2026 North America Same Property NOI Growth | Reported | 4.2% | 4.7% | 5.2% | 0.2% | Raised | Guidance: 4.5% for 2026 | |
| 2026 MH NOI Growth | Reported | 5.7% | 6.2% | 6.7% | ||||
| 2026 RV NOI Growth | Reported | 0.0% | 0.9% | 1.8% | ||||
| 2026 UK Same Property NOI Growth | Reported | 0.9% | 2.15% | 3.4% | -0.0% | Lowered | Guidance: 2.2% for 2026 | |
| 2026 Diluted EPS | Reported | 2.16 | 2.26 | 2.36 | ||||
Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Core FFO per Share | Reported | 1.24 | 1.28 | 1.32 | -5.2% | Lower New | Actual: 1.35 for Q4 2025 | |
| 2026 Core FFO per Share | Reported | 6.83 | 6.93 | 7.03 | 4.5% | Higher New | Actual: 6.63 for 2025 | |
| 2026 North American Same Property NOI Growth | Reported | 4.5% | -0.6% | Lower New | Actual: 5.1% for 2025 | |||
| 2026 UK Same Property NOI Growth | Reported | 2.2% | -1.8% | Lower New | Actual: 4.05% for 2025 | |||
| 2026 North America MH Rental Rate Increase | Reported | 0.05 | 0.0% | Affirmed | Guidance: 0.05 for 2026 | |||
| 2026 North America Annual RV Rental Rate Increase | Reported | 0.04 | 0.0% | Affirmed | Guidance: 0.04 for 2026 | |||
| 2026 UK Rental Rate Increase | Reported | 0.04 | 0.0% | Affirmed | Guidance: 0.04 for 2026 | |||
Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Core FFO per Share | Reported | 1.31 | 1.35 | 1.39 | ||||
| Q4 2025 Diluted EPS | Reported | 0.34 | 0.38 | 0.42 | ||||
| 2025 Core FFO per Share | Reported | 6.59 | 6.63 | 6.67 | 0.6% | Raised | Guidance: 6.59 for 2025 | |
| 2025 MH NOI Growth | Reported | 7.7% | 7.8% | 7.9% | ||||
| 2025 RV NOI Growth | Reported | -2.5% | -1.5% | 0.5% | ||||
| 2025 North America Same Property NOI Growth | Reported | 4.6% | 5.1% | 5.6% | 0.4% | Raised | Guidance: 4.75% for 2025 | |
| 2025 UK Same Property NOI Growth | Reported | 3.7% | 4.05% | 4.4% | 1.8% | Raised | Guidance: 2.3% for 2025 | |
| 2025 North America Revenue Growth | Reported | 4.0% | 4.3% | 4.6% | ||||
| 2025 Diluted EPS | Reported | 10.2 | 10.3 | 10.3 | -9.9% | Lowered | Guidance: 11.4 for 2025 | |
| 2026 MH Rental Rate Increase | Reported | 0.05 | ||||||
| 2026 Annual RV Rental Rate Increase | Reported | 0.04 | ||||||
| 2026 UK Rental Rate Increase | Reported | 0.04 | ||||||
Insider Activity
Updated 7/22/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Shiffman, Gary A | Direct | Sell | 6252026 | 119.96 | 25,031 | 3,002,719 | 102,897,010 | Form | |
| 2 | Castro-Caratini, Fernando | EVP, CFO, Sec. & Treas. | Direct | Sell | 5272026 | 124.43 | 23,750 | 2,955,281 | 1,244,080 | Form |
| 3 | Lewis, Clunet R | Direct | Sell | 3062026 | 136.01 | 3,800 | 516,838 | 2,287,280 | Form | |
| 4 | Lewis, Clunet R | Wife's IRA | Sell | 3062026 | 136.15 | 3,200 | Form | |||
| 5 | Lewis, Clunet R | Direct | Sell | 3032026 | 136.51 | 7,000 | 955,560 | 2,814,397 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Shiffman, Gary A | Direct | Sell | 6252026 | 119.96 | 25,031 | 3,002,719 | 102,897,010 | Form | |
| 2 | Castro-Caratini, Fernando | EVP, CFO, Sec. & Treas. | Direct | Sell | 5272026 | 124.43 | 23,750 | 2,955,281 | 1,244,080 | Form |
| 3 | Lewis, Clunet R | Direct | Sell | 3062026 | 136.01 | 3,800 | 516,838 | 2,287,280 | Form | |
| 4 | Lewis, Clunet R | Wife's IRA | Sell | 3062026 | 136.15 | 3,200 | Form | |||
| 5 | Lewis, Clunet R | Direct | Sell | 3032026 | 136.51 | 7,000 | 955,560 | 2,814,397 | Form | |
| 6 | Shiffman, Gary A | Owned by irrevocable trust. | Sell | 12182025 | 123.53 | 156,875 | Form | |||
| 7 | Lewis, Clunet R | Direct | Sell | 11122025 | 126.24 | 4,000 | 504,957 | 3,282,220 | Form |
Investor Activity (13F)
Updated Sep 9, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
| Active Manager |
|---|
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Single-Family Residential REITs Resources |
| National Rental Home Council |
| HousingWire |
| BiggerPockets |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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