Sun Communities (SUI)
Market Price (11/6/2026): $122.04 | Market Cap: $14.6 BilSector: Real Estate | Industry: Single-Family Residential REITs
Sun Communities (SUI)
Market Price (11/6/2026): $122.04Market 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.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 19% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36% Attractive yieldDividend Yield is 3.8%, FCF Yield is 5.8% Stock buyback supportStock Buyback 3Y Total is 1.1 Bil Low stock price volatilityVol 12M is 21% 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 -33%, 3Y Excs Rtn is -58% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 37x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1% 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 -6.7% Key risksSUI key risks include [1] a challenging capital structure, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 19% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36% |
| Attractive yieldDividend Yield is 3.8%, FCF Yield is 5.8% |
| Stock buyback supportStock Buyback 3Y Total is 1.1 Bil |
| Low stock price volatilityVol 12M is 21% |
| 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 -33%, 3Y Excs Rtn is -58% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 37x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1% |
| 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 -6.7% |
| Key risksSUI key risks include [1] a challenging capital structure, Show more. |
Qualitative Assessment
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Sun Communities (SUI) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Mixed Fiscal Q3 2026 Performance Balanced by Strong Core FFO Beat.
Sun Communities reported mixed financial results for fiscal Q3 2026 (ended September 30, 2026). While total revenue of $558.2 million and net income from continuing operations of $137.1 million ($1.07 per diluted share) both fell slightly short of analyst expectations, the company's Core Funds From Operations (FFO) per share of $2.35 notably exceeded the consensus estimate of $2.30. This blend of slight misses on top-line figures and an outperformance in a key profitability metric like Core FFO contributed to a balanced market reaction, preventing significant stock movement.
2. Strategic UK Divestiture and Significant Share Repurchases.
The completion of the UK business sale in September 2026 generated approximately $1.03 billion in net proceeds. Sun Communities strategically utilized a portion of these proceeds for substantial share repurchases, buying back 2.4 million shares for $293.3 million during fiscal Q3 2026. This move was intended to simplify the business, strengthen the capital structure, and return value to shareholders, providing a supportive factor against potential downward stock pressure.
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Sun Communities (SUI) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Mixed Fiscal Q3 2026 Performance Balanced by Strong Core FFO Beat.
Sun Communities reported mixed financial results for fiscal Q3 2026 (ended September 30, 2026). While total revenue of $558.2 million and net income from continuing operations of $137.1 million ($1.07 per diluted share) both fell slightly short of analyst expectations, the company's Core Funds From Operations (FFO) per share of $2.35 notably exceeded the consensus estimate of $2.30. This blend of slight misses on top-line figures and an outperformance in a key profitability metric like Core FFO contributed to a balanced market reaction, preventing significant stock movement.
2. Strategic UK Divestiture and Significant Share Repurchases.
The completion of the UK business sale in September 2026 generated approximately $1.03 billion in net proceeds. Sun Communities strategically utilized a portion of these proceeds for substantial share repurchases, buying back 2.4 million shares for $293.3 million during fiscal Q3 2026. This move was intended to simplify the business, strengthen the capital structure, and return value to shareholders, providing a supportive factor against potential downward stock pressure.
3. Macroeconomic Headwinds from Rising Interest Rates Partially Offset by Core Segment Strength.
The broader Real Estate Investment Trust (REIT) sector experienced headwinds in August and September 2026, largely due to the Federal Reserve's 25-basis point interest rate hike in September 2026, which brought the federal funds rate to a target range of 3.75%-4.00%. However, Sun Communities' core Manufactured Housing business demonstrated resilience, achieving a 6.9% same-store Net Operating Income (NOI) growth for fiscal Q3 2026, which helped to mitigate some of the negative impact from the wider market conditions.
4. Stable Analyst Sentiment Despite Modest Price Target Adjustments.
Analyst coverage for Sun Communities remained generally positive with a consensus of "Moderate Buy" throughout the period. While some analysts made modest adjustments, trimming their price targets in October and November 2026, the average price target remained stable, typically around $136 to $137. This consistent, though slightly adjusted, positive outlook from the analytical community contributed to the stock maintaining its level.
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Stock Movement Drivers
Fundamental Drivers
The -0.1% change in SUI stock from 7/31/2026 to 11/5/2026 was primarily driven by a -2.1% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 122.24 | 122.08 | -0.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,367 | 2,381 | 0.6% |
| P/S Multiple | 6.3 | 6.2 | -2.1% |
| Shares Outstanding (Mil) | 122 | 121 | 1.4% |
| Cumulative Contribution | -0.1% |
Market Drivers
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| SUI | -0.1% | |
| Market (SPY) | -1.9% | -6.9% |
| Sector (XLRE) | -1.7% | 62.3% |
Fundamental Drivers
The -2.6% change in SUI stock from 4/30/2026 to 11/5/2026 was primarily driven by a -4.6% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 125.39 | 122.08 | -2.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,368 | 2,381 | 0.5% |
| P/S Multiple | 6.5 | 6.2 | -4.6% |
| Shares Outstanding (Mil) | 123 | 121 | 1.5% |
| Cumulative Contribution | -2.6% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| SUI | -2.6% | |
| Market (SPY) | 2.3% | -19.6% |
| Sector (XLRE) | 0.6% | 64.7% |
Fundamental Drivers
The 0.0% change in SUI stock from 10/31/2025 to 11/5/2026 was primarily driven by a 19.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 122.05 | 122.08 | 0.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,994 | 2,381 | 19.4% |
| P/S Multiple | 7.6 | 6.2 | -18.3% |
| Shares Outstanding (Mil) | 124 | 121 | 2.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| SUI | 0.0% | |
| Market (SPY) | 8.4% | -1.8% |
| Sector (XLRE) | 11.2% | 64.1% |
Fundamental Drivers
The 25.0% change in SUI stock from 10/31/2023 to 11/5/2026 was primarily driven by a 60.2% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 97.70 | 122.08 | 25.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,122 | 2,381 | -23.7% |
| P/S Multiple | 3.9 | 6.2 | 60.2% |
| Shares Outstanding (Mil) | 124 | 121 | 2.2% |
| Cumulative Contribution | 25.0% |
Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| SUI | 25.0% | |
| Market (SPY) | 81.3% | 20.7% |
| Sector (XLRE) | 47.1% | 65.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SUI Return | 41% | -30% | -4% | -5% | 7% | 1% | -3% |
| Peers Return | 64% | -32% | 9% | 10% | -8% | 2% | 26% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| SUI Win Rate | 67% | 25% | 33% | 50% | 58% | 55% | |
| Peers Win Rate | 75% | 32% | 55% | 53% | 38% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| SUI Max Drawdown | -11% | -43% | -35% | -18% | -15% | -18% | |
| Peers Max Drawdown | -10% | -36% | -22% | -13% | -21% | -15% | |
| 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 11/5/2026 (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.
Preserve Wealth
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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 | 15 | 18.1% | 67.6% | 71.7% | WELL 227% · OHI 136% · CTRE 125% |
| Retail REITs | 23 | 16.2% | 39.2% | 23.5% | SKT 120% · SPG 73% · IVT 52% |
| Other Specialized REITs | 11 | -0.8% | 27.7% | 11.9% | IRM 168% · LAMR 66% · EPR 59% |
| Hotel & Resort REITs | 16 | 56.6% | 44.8% | 8.7% | HST 72% · RHP 64% · DRH 51% |
| Real Estate Development | 6 | -2.3% | 21.6% | 6.5% | JOE 48% |
| Industrial REITs | 11 | 14.6% | 34.9% | 1.5% | EGP 13% · CUBE 7% · STAG 7% |
| Single-Family Residential REITs ← | 4 | 1.5% | 4.4% | -17.0% | AMH -4% · ELS -14% · INVH -20% |
| Multi-Family Residential REITs | 12 | -0.6% | 20.0% | -24.0% | ESS -3% · VMRK -6% · UDR -18% |
| Diversified REITs | 13 | 6.3% | 18.2% | -28.3% | EPRT 17% · WPC 12% · LXP 7% |
| Office REITs | 19 | 1.8% | 36.0% | -34.3% | CDP 41% · HIW -4% · SLG -5% |
| Telecom Tower REITs | 3 | 6.5% | 10.0% | -35.3% | AMT -18% · CCI -35% · SBAC -39% |
| Real Estate Services | 26 | -29.8% | -11.8% | -40.2% | JLL 40% · CBRE 28% · NMRK -22% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 48.23 |
| Mkt Cap | 12.1 |
| Rev LTM | 1,732 |
| Op Inc LTM | 454 |
| FCF LTM | 573 |
| FCF 3Y Avg | 546 |
| CFO LTM | 832 |
| CFO 3Y Avg | 819 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.7% |
| Rev Chg 3Y Avg | 4.8% |
| Rev Chg Q | 4.5% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | 7.3% |
| Op Inc Chg 3Y Avg | 6.4% |
| Op Mgn LTM | 21.7% |
| Op Mgn 3Y Avg | 22.6% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 40.1% |
| CFO/Rev 3Y Avg | 43.3% |
| FCF/Rev LTM | 31.4% |
| FCF/Rev 3Y Avg | 33.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 12.1 |
| P/S | 6.3 |
| P/Op Inc | 25.2 |
| P/EBIT | 21.4 |
| P/E | 28.6 |
| P/CFO | 14.6 |
| Total Yield | 7.5% |
| Dividend Yield | 4.1% |
| FCF Yield 3Y Avg | 5.3% |
| 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 | $122.08 | |
| Market Cap ($ Bil) | 14.7 | |
| First Trading Date | 12/09/1993 | |
| Distance from 52W High | -8.5% | |
| 50 Days | 200 Days | |
| DMA Price | $115.18 | $121.30 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 6.0% | 0.6% |
| 3M | 1YR | |
| Volatility | 25.9% | 21.2% |
| Downside Capture | -14.94 | -2.90 |
| Upside Capture | -5.35 | -1.55 |
| Correlation (S&P 500) | -3.4% | -0.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.05 | -0.48 | -0.34 | -0.48 | -0.05 | 0.32 |
| Up Beta | 1.30 | 0.32 | -0.30 | -0.71 | -0.12 | 0.42 |
| Down Beta | -1.34 | -1.41 | -1.22 | -0.70 | 0.13 | 0.31 |
| Up Capture | -89% | -50% | -27% | -33% | -6% | 7% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 14 | 21 | 29 | 58 | 125 | 389 |
| Down Capture | -123% | -2% | 14% | -30% | -9% | 49% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 8 | 22 | 35 | 68 | 126 | 362 |
[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 | 1.5% | 21.2% | -0.04 | - |
| Sector ETF (XLRE) | 11.1% | 14.6% | 0.49 | 64.2% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | -1.7% |
| Gold (GLD) | 3.6% | 28.7% | 0.11 | 2.5% |
| Commodities (DBC) | 37.7% | 21.2% | 1.40 | -15.1% |
| Real Estate (VNQ) | 12.0% | 14.2% | 0.55 | 64.6% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | 3.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SUI | |
|---|---|---|---|---|
| SUI | -5.8% | 25.4% | -0.26 | - |
| Sector ETF (XLRE) | 1.5% | 19.2% | -0.03 | 71.8% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 38.6% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 10.7% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 3.5% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | 72.8% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | 15.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SUI | |
|---|---|---|---|---|
| SUI | 7.8% | 25.9% | 0.31 | - |
| Sector ETF (XLRE) | 7.1% | 20.4% | 0.30 | 74.7% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 46.2% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | 11.4% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 9.7% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 76.0% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | 10.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 11/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/26/2026 | -4.1% | -2.5% | |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 10 |
| # Negative | 10 | 12 | 12 |
| Median Positive | 1.7% | 3.6% | 4.5% |
| Median Negative | -4.0% | -3.2% | -4.3% |
| 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 |
| 10/26/2026 | -4.1% | -2.5% | |
| 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% |
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 10 |
| # Negative | 10 | 12 | 12 |
| Median Positive | 1.7% | 3.6% | 4.5% |
| Median Negative | -4.0% | -3.2% | -4.3% |
| 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 |
|---|---|---|
| 09/30/2026 | 10/27/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/27/2026 | 10-Q |
| 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 |
Recent Forward Guidance
Updated 11/2/2026Latest: Q3 2026 Earnings Reported 10/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Core FFO per Share | Reported | 1.38 | 1.42 | 1.46 | -37.7% | Lower New | Guidance: 2.28 for Q3 2026 | |
| Q4 2026 North America Same Property NOI Growth | Reported | 4.0% | 4.95% | 5.9% | 2.2% | Higher New | Guidance: 2.75% for Q3 2026 | |
| Q4 2026 Diluted EPS | Reported | 0.36 | 0.4 | 0.44 | -66.1% | Lower New | Guidance: 1.18 for Q3 2026 | |
| 2026 Core FFO per Share | Reported | 6.97 | 7.01 | 7.05 | -0.1% | Lowered | Guidance: 7.02 for 2026 | |
| 2026 Total North America Same Property NOI Growth | Reported | 4.9% | 5.1% | 5.3% | 0.2% | Raised | Guidance: 4.9% for 2026 | |
| 2026 MH Same Property NOI Growth | Reported | 6.9% | 7.05% | 7.2% | ||||
| 2026 RV Same Property NOI Growth | Reported | 0.0% | 0.4% | 0.8% | ||||
| 2026 Ancillary NOI | Reported | 23.50 Mil | ||||||
| 2026 Brokerage commissions, income from nonconsolidated affiliates, and other, net | Reported | 43.00 Mil | ||||||
| 2026 General and administrative expenses excluding non-recurring expenses | Reported | 174.50 Mil | ||||||
| 2026 Contribution from Discontinued Operations | Reported | 76.10 Mil | ||||||
| 2026 Same Property Revenues from Real Property Growth | Reported | 4.1% | 4.2% | 4.3% | ||||
| 2026 FFO contribution from North American home sales | Reported | 1.00 Mil | ||||||
| 2026 Same Property Total Property Operating Expenses Growth | Reported | 2.3% | 2.4% | 2.5% | ||||
| 2026 Interest Income | Reported | 25.50 Mil | ||||||
| 2026 Interest Expense | Reported | 149.00 Mil | ||||||
| 2026 Current Tax Expense | Reported | 4.50 Mil | ||||||
| 2026 Diluted EPS | Reported | -6.65 | -6.61 | -6.57 | -0.5% | Raised | Guidance: -6.64 for 2026 | |
| 2027 MH Average Rental Rate Increase | Reported | 0.05 | ||||||
| 2027 Annual RV Average Rental Rate Increase | Reported | 0.04 | ||||||
Prior: 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 | |
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 | |||
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 Nov 6, 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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