olivLaw · US equity research
Sun Communities, Inc. SUI
Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)
Sun Communities is a fully integrated REIT that owns and operates manufactured housing and RV communities in the United States and Canada after selling its UK business. The company is now focused on its North American portfolio, where rental rate growth and occupancy support the 2027 outlook if these trends hold.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 02 Nov 2026, Sun Communities, Inc. (SUI) stock was 116.81 USD (+3.13% on the day), with market capitalisation 13.9 bn USD, dividend yield 3.77%, beta 0.26, 52-week range 110.00–137.18 USD. Latest reported quarter (Q3 2026): revenue of 558.2 m USD (+0.4% YoY), net income of 126.2 m USD (+943.0% YoY), diluted EPS 1.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.0
- neutral
- Bollinger (20, 2)
- 109.07 – 121.45
- in the upper half of the band · %B 0.63 · band width 10.7%
- SMA 50 / 200
- 116.04 / 123.40
- mixed trend
- MACD (12, 26, 9)
- -0.03 / 0.14
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.5% | −2.3% | +7.8 pp | — |
| 3 months | −4.6% | −0.8% | −3.8 pp | — |
| 6 months | −6.4% | +4.7% | −11.1 pp | — |
| Year to date | −5.7% | +10.2% | −15.9 pp | — |
| 1 year | −7.7% | +10.3% | −18.0 pp | +0.8% |
| 3 years | −2.3% | +73.0% | −75.3 pp | +14.2% |
| 5 years | −40.4% | +61.8% | −102.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 514.6 m | 470.2 m | 495.9 m | 555.9 m | 860.1 m | 507.9 m | 484.6 m | 558.2 m |
| Depreciation & amortisation | 122.4 m | 123.7 m | 117.3 m | 115.3 m | 160.6 m | 132.5 m | 123.9 m | 125.7 m |
| Interest expense | 83.2 m | 82.1 m | 54.4 m | 39.5 m | 48.6 m | 38.4 m | 38.1 m | 38.3 m |
| Net income | -234.5 m | -41.2 m | 1.3 bn | 12.1 m | 114.3 m | -6.4 m | -1.0 bn | 126.2 m |
| Diluted EPS | -1.81 ≈ | -0.34 | 10.02 | 0.07 | 0.93 ≈ | -0.07 | -8.08 | 1.00 |
| Operating cash flow | 118.0 m | 243.9 m | 256.0 m ≈ | 197.8 m ≈ | 166.5 m | 269.3 m | 265.9 m ≈ | 155.2 m ≈ |
| Dividends paid | 124.5 m | 122.6 m | 650.3 m ≈ | 131.5 m | 134.5 m | 134.0 m | 143.4 m ≈ | 142.4 m ≈ |
| Share repurchases | 0 | 0 | 202.8 m ≈ | 297.5 m ≈ | 38.8 m | 60.1 m | 111.1 m ≈ | 293.3 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.3 bn | 1.4 bn | 2.3 bn | 3.0 bn | 2.3 bn | 2.3 bn | 2.3 bn |
| Revenue YoY | +14.7% | +12.2% | +10.6% | +62.5% | +30.7% | −23.1% | −1.0% | +2.0% |
| Net income | 107.2 m | 161.6 m | 131.6 m | 408.3 m | 261.4 m | -206.9 m | 103.6 m | 1.4 bn |
| Net income YoY | +48.6% | +50.7% | −18.5% | +210.2% | −36.0% | −179.2% | unavailable | +1,264.8% |
| Diluted EPS | 1.29 | 1.80 | 1.34 | 3.36 | 2.00 | -1.72 | 0.71 | 10.84 |
| Diluted EPS YoY | +51.8% | +39.5% | −25.6% | +150.7% | −40.5% | −186.0% | unavailable | +1,426.8% |
| net % | 9.5% | 12.8% | 9.4% | 18.0% | 8.8% | -9.1% | 4.6% | 61.3% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | 783.4 m | 830.8 m | 407.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 569.6 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 7.1 bn USD
- Total assets
- 12.5 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 19.8%
- ROA
- 9.7%
- FCF margin
- 17.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | 2.3 bn | 3.0 bn | 2.3 bn | 2.3 bn | 2.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | 147.1 m | 205.8 m | 311.2 m | — | — | — | SEC (XBRL)· 23 Feb 2023verified |
| Gross profit | 1.3 bn ≈ | 2.1 bn ≈ | 2.7 bn ≈ | — | — | — | SEC (XBRL)· 23 Feb 2023derived |
| Depreciation & amortisation | 376.9 m | 522.7 m | 601.8 m | 494.1 m | 490.5 m | 507.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Interest expense | 129.1 m | 158.6 m | 229.8 m | 325.7 m | 350.3 m | 221.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | 135.6 m | 284.9 m | — | -54.4 m | -122.9 m | -257.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | -800.0 k | 1.3 m | 6.1 m | -9.2 m | -36.0 m | -49.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 131.6 m | 408.3 m | 261.4 m | -206.9 m | 103.6 m | 1.4 bn | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 1.34 | 3.36 | 2.00 | -1.72 | 0.71 | 10.84 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 97.5 m | 115.1 m | 122.9 m | 123.8 m | 127.2 m | 124.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividend per share | 3.12 | 3.28 | 3.47 | 3.67 | 3.75 | 7.96 | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 77.3 m | 65.8 m | 72.8 m | 29.2 m | 47.9 m | 569.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 428.8 m | 495.4 m | 1.0 bn | 733.0 m | 9.5 m | 9.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 305.6 m | 306.8 m | 402.0 m | 369.5 m | 102.5 m | 36.7 m | SEC (XBRL)· 28 Jul 2026verified |
| Total assets | 11.2 bn | 13.5 bn | 17.1 bn | 16.9 bn | 16.5 bn | 12.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 6.6 m | 5.7 m | 7.2 bn | 7.8 bn | 7.4 bn | — | SEC (XBRL)· 28 Feb 2025verified |
| Total liabilities | 5.3 bn | 6.5 bn | 9.0 bn | 9.5 bn | 9.1 bn | 5.2 bn | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 5.6 bn | 6.7 bn | 7.9 bn | 7.2 bn | 7.2 bn | 7.1 bn | SEC (XBRL)· 25 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 543.3 m | 753.6 m | 734.9 m | 790.5 m | 861.0 m | 864.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | — | — | — | 7.1 m | 30.2 m | 457.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | — | — | — | 783.4 m ≈ | 830.8 m ≈ | 407.2 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -2.5 bn | -2.3 bn | -3.1 bn | -919.5 m | -267.4 m | 4.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | 2.0 bn | 1.6 bn | 2.3 bn | 80.3 m | -571.6 m | -5.2 bn | SEC (XBRL)· 25 Feb 2026verified |
| Dividends paid | 313.1 m | 390.8 m | 434.2 m | 475.2 m | 491.4 m | 1.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | — | — | — | 0 | 0 | 539.1 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 13.9 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 41.52 – 140.67 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)104.60 – 140.67 (Mid 119.99)
- Peers: P/B41.52 – 126.95 (Mid 93.67)29 companies used · median multiple 2.1x · quartiles 0.9x – 2.9xADC, ARR, BRX, CBL, CFTR-PA, CTO, CUBE, DLR, ESS, EXR, FBRT, HST, IHT, JBGS, KIM, LXP, MAC, NHI, NXRT, O, ONL, PLD, PMT, PSA, SQFT, VICI, VMRK, VTR, WELL
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | -12.8% | 15 (vs peers) | 13% |
| EBITDA margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -8.1% | 0 (on a fixed band) | 17% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | 2.7x | 41 (vs peers) | 39% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | 3.8% | 44 (vs peers) | 30% |
| Payout ratio (EPS) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/2 factors with a value
- Growth0/100 · 1/1 factors with a value
- Quality· partial15/100 · 1/2 factors with a value
- Returns· partial44/100 · 1/2 factors with a value
- Valuation· partial41/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SUN COMMUNITIES, INC (SUI). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.3 bn USD in 2025; YoY growth 2.0%; net margin -32.4%; ROE -12.8%.
The estimated value range is 73.06–133.81 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 106.83 USD, the price of 116.81 USD leaves a potential of -8.5% (value / price − 1) and a margin of safety of -9.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROE: -12.8%
- Revenue CAGR 3Y: -8.1%
Not assessed (insufficient data or a ratio without meaning): EBITDA margin, Net debt / EBITDA, Interest coverage, P/E (TTM), Payout ratio (EPS).
Versus the vertical median
Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WELLWelltower Inc. | 175.3 bn | 102.3 | 4.0% | 12.7% | +35.6% | +15% / +168% |
| PLDPrologis, Inc. | 120.9 bn | 32.7 | 7.1% | 42.5% | +7.2% | +1% / +13% |
| EQIXEquinix Inc | 98.4 bn | 59.7 | 11.5% | 16.4% | +5.4% | +32% / +22% |
| AMTAmerican Tower Corporation | 87.3 bn | 26.4 | 90.6% | 30.7% | +5.1% | +4% / −10% |
| PSAPublic Storage | 62.3 bn | 33.9 | 16.0% | 37.8% | +2.7% | +21% / +29% |
| DLRDigital Realty Trust, Inc. | 61.8 bn | 45.9 | 6.2% | 21.7% | +10.0% | +10% / +27% |
| ORealty Income Corporation | 54.5 bn | 42.0 | 3.3% | 21.5% | +9.1% | −0% / +7% |
| VTRVentas, Inc. | 45.9 bn | 163.1 | 1.9% | 4.0% | +18.5% | +8% / +89% |
| CCICrown Castle Inc. | 37.0 bn | 44.2 | — | 20.7% | −4.4% | −5% / −26% |
| IRMIron Mountain Inc | 34.3 bn | 81.6 | — | 5.7% | +12.2% | +33% / +80% |
| EXRExtra Space Storage Inc. | 32.6 bn | 31.7 | 7.9% | 29.9% | +3.7% | +17% / +20% |
| VICIVICI Properties Inc. | 27.5 bn | 11.5 | 8.3% | 56.5% | +4.1% | −13% / −16% |
| VMRKVivmark Residential | 23.3 bn | 27.2 | 8.1% | — | +4.8% | +1% / +9% |
| SBACSba Communications Corporation | 19.6 bn | 19.9 | — | 34.5% | +5.1% | −5% / −25% |
| HSTHost Hotels & Resorts, Inc. | 17.5 bn | 17.1 | 15.8% | 16.5% | +7.6% | +45% / +46% |
| ESSEssex Property Trust, Inc. | 17.1 bn | 40.8 | 8.0% | 22.7% | +6.4% | +1% / +24% |
| KIMKimco Realty Corporation | 16.8 bn | 27.7 | 5.8% | 27.8% | +5.1% | +21% / +30% |
| SUISun Communities, Inc | 13.9 bn | — | -12.8% | -32.4% | +2.0% | −8% / −2% |
| ELSEquity Lifestyle Properties, Inc. | 11.8 bn | 29.8 | 23.1% | 25.6% | +0.3% | −4% / −15% |
| CUBECubesmart | 10.0 bn | 31.2 | 11.8% | 28.7% | +5.3% | +19% / +11% |
| BRXBrixmor Property Group Inc. | 9.1 bn | 21.5 | 14.2% | 30.0% | +6.7% | +13% / +37% |
| ADCAgree Realty Corporation | 8.9 bn | 35.0 | 3.8% | 29.8% | +16.4% | −9% / +16% |
| MACMacerich Co | 7.0 bn | — | -6.3% | -16.8% | +10.4% | +43% / +116% |
| OUTOUTFRONT Media Inc. | 5.7 bn | 22.9 | 39.7% | 12.7% | +0.0% | +37% / +157% |
| LXPLxp Industrial Trust | 3.6 bn | 31.1 | 5.9% | 34.3% | −2.3% | +29% / +56% |
1- and 3-year price returns: for SUI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 26 Oct 2026; since then the company filed 10-Q (27 Oct 2026).
In brief
Sun Communities is a fully integrated REIT that owns and operates manufactured housing and RV communities in the United States and Canada after selling its UK business. The company is now focused on its North American portfolio, where rental rate growth and occupancy support the 2027 outlook if these trends hold.
SWOT
Strengths
- Large and diversified portfolio of MH and RV communities with high occupancy, supported by a UPREIT structure that gives financial flexibility 13.
- Intensive on-site management and an in-house sales and rental program that support occupancy and property performance 1.
- A healthier balance sheet after the Safe Harbor and Park Holidays sales gives room for reinvestment and share repurchases 23.
Weaknesses
Opportunities
- Rental rate growth planned for 2027 and higher occupancy could support revenues if demand for affordable housing stays high 3.
- Reinvesting sale proceeds in property acquisitions or share repurchases could create value for shareholders 3.
- A focus on the North American market could simplify operations and improve the credit profile 2.
Threats
Risks
- Geographic concentrationhigh
Properties are concentrated in a few states, so revenues could suffer if local economies weaken 1.
- Climate and disaster riskhigh
Hurricanes, floods and wildfires can interrupt operations and reduce revenues in affected areas 1.
- Competition and rent pressuremedium
Competition from other communities may limit the ability to raise rents or keep occupancy 1.
- RV seasonalitymedium
Demand in the RV segment falls in winter months, which can make quarterly results volatile 1.
- Acquisitions and integrationlow
Acquisitions may underperform or carry unknown liabilities, which could affect cash flows 1.
Investment thesis
What would need to be true (bull case)
- If MH rent growth holds at the levels announced for 2027, revenues and cash flows could keep progressing steadily 3.
- A concentrated North American portfolio and a strengthened balance sheet after the sales could provide room for reinvestment or shareholder returns 23.
- High occupancy in MH communities and the sales and rental program could support performance even in a harder economic environment 13.
What would break the thesis
- If demand for affordable housing falls or the economies of Florida and Michigan slow, revenues could be significantly affected 1.
- Climate risks and insurance costs could rise over time and compress operating margins 1.
- If capital from the sales is redeployed at low returns, value for shareholders could be smaller than expected 23.
What to watch
- Delivery of the 5.4% MH rental rate increase guided for 20272027
- Trend in MH and RV occupancy against September 2026 levelsQ1 2027
- Use of proceeds from the sale of the UK businessnext 10-K
- RV segment performance, which was weaker in the third quarterQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 26 Oct 2026; since then the company filed 10-Q (27 Oct 2026).
The business
Sun Communities, Inc. is a real estate investment trust that owns, operates or holds interests in manufactured housing (MH) and recreational vehicle (RV) communities. The company leases sites with utility access, and its communities are designed as affordable housing and vacation destinations with varied amenities. Through SHS, a taxable REIT subsidiary, it markets, sells and leases new and pre-owned homes to current and future residents. According to the 2025 Form 10-K, the company had 513 developed properties, including 294 MH communities, 166 RV communities and 53 UK communities 1.
After the Safe Harbor Sale, the company revised its reporting structure from four segments to three: MH, RV and UK 1. In October 2026 the sale of the UK business (Park Holidays) was completed, and its results are presented as discontinued operations 3. The current strategy focuses on the North American MH and RV portfolio, which simplifies the operating structure 2.
The company also operates a rental program for homes and sells homes to residents of its communities. These operations support occupancy and property revenues and complement the site leasing business 1.
Segments
MH communities
Manufactured housing communities make up the largest share of the site base, with 100,150 developed MH sites at December 31, 2025, making this the company's main segment 1.
RV communities
RV communities are operated largely under the Sun Outdoors brand and offer sites for RVs, vacation rentals and tent camping, with a seasonal profile 1.
Market context
MH and RV properties are concentrated in Florida, Michigan, Texas and California, which together hold most of the company's MH and RV sites 1. This geographic concentration makes results depend on local economies in these states, but it also gives the company a strong position in growth markets with retirement and vacation destinations 1.
Until the 2026 sale, the UK was a fragmented holiday park market on the south coast of England; after the transaction, the company no longer has direct exposure to this market 13.
Trends
- MH rental rate growthtailwind
Rental rate growth and occupancy in MH communities supported quarterly revenues, and guidance for 2027 points to further rate increases if demand remains solid 3.
- High occupancymixed
Occupancy in MH and RV properties remains close to its peak, which may limit volume growth but supports pricing power 23.
- Portfolio consolidationtailwind
Sales of non-core assets and the exit from the UK simplify the business model and could improve financial flexibility if reinvestment is disciplined 13.
- Cost and climate riskheadwind
Rising insurance costs and exposure to natural disasters could compress margins in areas prone to hurricanes or flooding 1.
Competitive position
The MH and RV industries are highly fragmented, with many international, national and regional competitors, and alternative housing such as apartments and site-built homes competes directly with the company's communities 1. Competition can affect occupancy and rent levels, particularly when new communities appear in the same area 1.
The company argues it can maintain its position through intensive on-site management, its rental program and a portfolio concentrated in high-demand areas 1. The advantage depends, however, on keeping service quality high against competitors with greater resources 1.
- Other US MH and RV community operators
Regional and national operators offering similar sites for manufactured homes and RVs, cited as a source of competition in the 10-K 1.
- Site-built homes and apartments
Housing alternatives that compete with MH and RV communities for the same potential residents 1.
- Independent manufactured home dealers
Local networks selling new and pre-owned homes that compete with the company's SHS services 1.
- Other real estate investors and REITs
Well-capitalized investors that can compete for property acquisitions and push purchase prices up 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report27 Oct 2026
- Current report26 Oct 2026Results of operations · Financial statements and exhibits
- Current report02 Oct 2026Material agreement · Item 3.02 · Financial statements and exhibits
- Current report23 Sept 2026Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
- Current report09 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report27 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Current report25 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report28 Jul 2026
- Current report27 Jul 2026Results of operations · Financial statements and exhibits
- Current report01 Jun 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Sun Communities, Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Sun Communities, Inc. · 28 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Sun Communities, Inc. · 26 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.