# Sun Communities Inc. (SUI) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/SUI/thesis · /stocks/SUI/memo

## Financial Snapshot

---
ticker: SUI
step: 04
generated: 2026-05-13
source: quick-research
---

### Sun Communities Inc. (SUI) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$2.92B | $3.17B | $2.99B | -5.7% |
| Gross Margin | ~55% | ~52% | ~54% | |
| Operating Margin | ~20% | ~15% | ~18% | |
| Net Income (loss) | $242M | ($213M) | ~($50M) | |
| Core FFO/Share | $7.35 | $7.10 | ~$6.80 | -4% |

*FY2023 net loss reflects non-cash impairments and transaction costs related to strategic asset moves. FY2024 revenue decline partly reflects UK property dispositions; North American Same-Property NOI still grew 4.1%. Core FFO/share has been on a slight downward trend as expense inflation (labor, utilities, property taxes) offset revenue gains.*

*Strategic event: Sale of Safe Harbor Marinas to Blackstone for $5.65B closed April 30, 2025 — proceeds used to repay ~$3.3B debt and return $830M+ to shareholders via distributions and buybacks. FY2025+ financials reflect a smaller but more focused pure-play MH/RV portfolio.*

#### Cash Flow & Balance Sheet (FY2024, Pre-Marina Sale)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$1.1B |
| Free Cash Flow (Core AFFO) | ~$900M |
| Cash & Equivalents | ~$100M |
| Total Debt | ~$9.5B (pre-marina sale) |
| Total Debt Post-Marina Sale | ~$6.2B (est. FY2025) |

#### Key Ratios (approximate)
- P/Core FFO: ~19x | EV/EBITDA: ~22x | Dividend Yield: ~3.2%
- North American Same-Property NOI Growth (FY2024): +4.1%
- MH Occupancy: 99% (North American portfolio, record)

#### Growth Profile
Sun Communities delivered strong FFO/share growth through FY2022 but has since faced cost pressure — labor, utilities, and property taxes rose faster than rent increases, compressing margins in FY2023 and FY2024. The underlying demand story remains compelling: manufactured housing is the most affordable housing option in most U.S. markets, and near-100% occupancy reflects structural supply scarcity. The marina sale eliminates a non-core distraction and substantially reduces leverage, improving the risk profile and enabling a double-digit dividend increase in 2025.

#### Forward Estimates
- FY2026 EPS (GAAP) guidance: $2.16–$2.36 (lower than Core FFO/share — GAAP reflects depreciation and one-time items)
- FY2025 Core FFO/share: expected to step down modestly from $6.80 given smaller post-marina portfolio, partially offset by deleveraging savings
- Dividend raised 10%+ in 2025 following marina sale proceeds; special distribution paid
- 14 analysts covering; Buy consensus; 12-month target ~$141 (~10% upside)

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/SUI/fundamental

## Navigation

- Overview: /stocks/SUI
- Financials (this page): /stocks/SUI/financials
- Thesis: /stocks/SUI/thesis
- Investment Memo: /stocks/SUI/memo
- Coverage universe: /stocks