SUN COMMUNITIES INC

Listed Company

SUICIK 0000912593NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends May 13

Period

FY 2025

Revenue

$2.31B

Net Income

$1.43B

Total Assets

$12.52B

Equity

$6.96B

Shares Out

123.23M

Op. Cash Flow

$864.20M

Business

SUN COMMUNITIES INC is a fully integrated real estate investment trust that owns, operates, develops, and holds interests in manufactured housing, recreational vehicle communities, marinas, and UK holiday parks. It offers site leases, home sales and leasing through its taxable REIT subsidiary SHS, marina wet-slip and dry-storage leases, end-to-end vessel services, and resort-style amenities and short-stay rentals. The company operates through distinct MH, RV, marina, and UK holiday park segments (including home sales and property management functions). It markets and distributes services primarily across the United States, Canada, and the United Kingdom via direct management, third-party managers, and site fee license arrangements.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Real property	1,766	1,703	1,628	1,902	1,598
Home sales	334	370	420	466	280
Ancillary	134	133	138	532	352
Interest	49	20	45	35	12
Brokerage commissions and other, net	24	35	54	35	30
Total Revenues	2,306	2,261	2,284	2,970	2,273
Property operating and maintenance	596	584	556	629	501
Real estate tax	111	104	96	111	95
Home costs and selling	264	273	306	322	206
Ancillary	106	109	108	457	308
General and administrative	237	231	214	257	181
Catastrophic event-related charges, net	1	24	−3	—	—
Business combinations	0	0	3	25	1
Depreciation and amortization	508	491	494	602	523
Asset impairments	387	67	6	3	0
Goodwill impairment	0	181	370	0	0
Loss on extinguishment of debt (see Note 7)	104	1	0	4	8
Interest	221	350	326	230	159
Interest on mandatorily redeemable preferred OP units / equity	0	0	3	4	4
Total Expenses	2,534	2,414	2,477	2,661	1,988
Loss Before Other Items	−228	−153	−193	308	285
Loss on remeasurement of marketable securities	0	0	−16	−53	34
Gain / (loss) on foreign currency exchanges	27	−26	−300,000	5	−4
Gain on dispositions of properties, net	5	203	11	12	108
Other income / (expense), net	134	−7	−7	−2	−12
Loss on remeasurement of notes receivable	−2	−36	−107	−800,000	700,000
Total Income from Nonconsolidated Affiliates	16	10	16	3	4
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates	−900,000	7	−4	−3	−200,000
Current tax expense (see Note 11)	−11	−4	−14	−10	−1
Deferred tax benefit (see Note 11)	60	40	23	4	−100,000
Net Income / (Loss) from Continuing Operations	600,000	33	−291	—	—
Income from discontinued operations, net	1,430	74	82	—	—
Net Income / (Loss)	1,430	107	−209	264	414
Less: Preferred return to preferred OP units / equity interests	13	13	12	11	12
Less: Income / (loss) attributable to noncontrolling interests	56	5	−8	11	22
Net Income / (Loss) Attributable to SUI Common Shareholders - Basic	1,361	89	−213	242	380
Weighted average common shares outstanding - basic (in shares)	125	125	123	120	113
Weighted average common shares outstanding - diluted (in shares)	125	127	124	123	115
Basic earnings / (loss) per share from continuing operations (in USD per share)	−0.61	0.12	−2.38	—	—
Basic earnings per share from discontinued operations (in USD per share)	11.45	0.59	0.67	—	—
Basic earnings/(loss) per share (in USD per share)	10.84	0.71	−1.71	2	3.36
Diluted earnings / (loss) per share from continuing operations (in USD per share)	−0.61	0.12	−2.39	—	—
Diluted earnings per share from discontinued operations (in USD per share)	11.45	0.59	0.67	—	—
Diluted earnings/(loss) per share (in USD per share)	10.84	0.71	−1.72	2	3.36

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-09-30	FY 2023 2023-06-30
Land	3,503	3,462	4,278	—	—
Land improvements and buildings	9,287	9,059	11,682	—	—
Rental homes and improvements	940	834	744	—	—
Furniture, fixtures and equipment	770	739	1,012	—	—
Investment property	14,500	14,094	17,717	—	—
Accumulated depreciation	−3,598	−3,228	−3,273	—	—
Investment property, net	10,902	10,865	14,444	—	—
Cash, cash equivalents and restricted cash	636	57	36	—	—
Inventory of manufactured homes	143	130	206	—	—
Collateralized receivables, net	43	51	56	—	—
Goodwill	10	10	733	725	778
Other intangible assets, net	102	103	370	—	—
Other assets, net	356	442	669	—	—
Assets held for sale and discontinued operations, net (see Note 2)	0	4,462	—	—	—
Total Assets	12,523	16,549	16,941	17,247	17,235
Mortgage loans payable (see Note 7)	2,400	3,212	3,479	—	—
Secured borrowings on collateralized receivables	43	51	56	—	—
Unsecured debt (see Note 7)	1,787	4,089	4,243	—	—
Distributions payable	131	123	118	—	—
Advanced reservation deposits and rent	256	249	345	—	—
Accrued expenses and accounts payable	228	266	314	—	—
Other liabilities	321	819	953	929	958
Liabilities held for sale and discontinued operations, net (see Note 2)	0	287	—	—	—
Total Liabilities	5,194	9,097	9,507	9,465	9,475
Commitments and contingencies (see Note 15)	—	—	—	—	—
Temporary equity (see Note 8)	256	260	261	300	294
Common stock, $0.01 par value. Authorized: 360.0 shares; Issued and outstanding: 123.5 at December 31, 2025 and 127.4 at December 31, 2024	1	1	1	—	—
Additional paid-in capital	9,563	9,864	9,467	—	—
Accumulated other comprehensive income / (loss)	27	−8	12	16	36
Distributions in excess of accumulated earnings	−2,635	−2,776	−2,398	−2,203	−2,210
Total SUI Shareholders' Equity	6,956	7,082	7,083	7,396	7,395
Common and preferred OP units	116	110	90	86	72
Consolidated entities	400,000	700,000	0	—	—
Total noncontrolling interests	117	111	90	86	72
Total Shareholders' Equity	7,073	7,193	7,173	7,482	7,466
Total Liabilities, Temporary Equity and Shareholders' Equity	12,523	16,549	16,941	17,247	17,235

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Gain on disposition of assets	−15	−27	−9	−27	−49
(Gain) / loss on foreign currency exchanges	−27	26	300,000	−5	4
Catastrophic event-related impairment	1	24	−3	11	0
Share-based compensation	37	33	35	38	28
Depreciation and amortization	508	491	494	576	512
Loss on remeasurement of notes receivable (see Note 4)	2	36	107	800,000	−700,000
Gain on insurance proceeds related to property damage	−31	0	0	—	—
Gain on early lease termination	−52	0	−200,000	5	0
Other, net	−30	−26	12	13	—
Change in notes receivable from financed sales of inventory homes, net of repayments	−34	−48	−8	5	−1
Change in inventory, other assets and other receivables, net	146	27	−118	−274	−76
Change in other liabilities	−125	36	−11	63	47
Net cash provided by operating activities - continuing operations	808	610	550	—	—
Net cash provided by operating activities - discontinued operations	56	251	241	—	—
Net Cash Provided By Operating Activities	864	861	791	735	754
Investment in properties	−461	−470	−786	−921	−673
Acquisitions, net of cash acquired	−462	−22	−47	−2,214	−1,649
Proceeds from insurance	44	2	10	0	0
Proceeds from disposition of assets and depreciated homes, net	17	21	60	100	114
Proceeds related to disposition of properties	162	422	10	44	162
Repayments of notes and other receivables	87	8	9	13	5
Proceeds from sale of marketable securities	0	0	104	0	0
Investments in nonconsolidated affiliates	−900,000	−22	−40	−51	−37
Other investing activities	12	18	−19	—	—
Net cash used for investing activities - continuing operations	−603	−43	−701	—	—
Net cash provided by / (used for) investing activities - discontinued operations	5,529	−225	−219	—	—
Net Cash Provided By / (Used For) Investing Activities	4,926	−267	−920	−3,063	−2,338
Issuance and costs of common stock, OP units and preferred OP units, net	1	361	−600,000	—	—
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock	−12	−8	−11	−19	−18
Repurchases of common stock	−539	0	0	—	—
Borrowings on lines of credit	625	2,631	1,635	3,705	3,762
Payments on lines of credit	−2,107	−3,286	−1,776	−2,504	−3,961
Proceeds from secured borrowing	0	0	53	0	0
Proceeds from issuance of other debt	0	500	836	828	1,203
Payments on other debt	−2,093	−269	−174	−401	−77
Distributions	−1,044	−491	−475	−434	−391
Net capital transfer from consolidated affiliates	5,557	21	20	—	—
Other Financing Activities	−15	−5	−4	−8	—
Net cash provided by / (used for) financing activities - continuing operations	372	−547	104	—	—
Net cash used for financing activities - discontinued operations	−5,592	−24	−23	—	—
Net Cash Provided By / (Used For) Financing Activities	−5,219	−572	80	2,349	1,570
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2	−800,000	1	−9	−200,000
Net change in cash, cash equivalents and restricted cash	572	21	−48	12	−14
Cash paid for interest (net of capitalized interest of $3.5, $8.6, and $12.9, respectively)	246	342	327	218	147
Change in distributions declared and outstanding	9	4	8	13	11
Release of note receivable and accrued interest in relation to acquisition of real estate collateral	0	0	264	0	0
Issuance of notes and other receivables in relation to disposition of properties	0	42	111	0	0
Properties transferred in exchange for noncontrolling interests	0	0	159	0	0
Equity interest and note receivable transferred in exchange for noncontrolling interests	0	0	28	0	0
Settlement of preferred equity interests in connection with exchange for noncontrolling interests	0	0	39	0	0
Acquisitions - Common stock and OP units issued	0	36	4	38	4

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