Sun Communities
Land-lease REIT spanning manufactured housing, RV communities, and UK holiday parks.
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Profile
Owns and operates manufactured-housing communities, recreational-vehicle properties, and UK holiday parks, with MH and RV concentrated in North America. Revenue depends on occupied sites, rents, rates, and community operations; the completed marina exit and pending UK sale are narrowing the portfolio toward North American land-lease housing and outdoor hospitality.
Owns, operates, develops, and expands land-lease properties across three current platforms: manufactured-housing communities, recreational-vehicle communities, and UK holiday parks. The portfolio is concentrated in North America for MH and RV, with Park Holidays providing the UK presence.
Combines resident housing with outdoor-hospitality stays, earning property revenue through occupied sites and associated community operations. Repeated portfolio acquisitions and site expansion have built scale, while the completed marina sale narrowed the business back toward land-based communities.
Performance depends on occupancy, rent and rate realization, property operations, development execution, acquisitions, and access to capital. Extreme weather can disrupt properties for years, and the announced UK sale remains subject to closing conditions; until completion, those holiday parks remain inside the operating portfolio.
Company facts
Key statistics
Year to date +0.7% · Average volume (30d) 2.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 27, 2026 | Bank of America Securities | Upgrade | Underperform | Neutral | ||
| Aug 12, 2026 | Morgan Stanley | Reiterate | Equal Weight | $139 | $126 | |
| Aug 10, 2026 | Wells Fargo | Reiterate | Overweight | $141 | ||
| Jul 29, 2026 | RBC Capital | Reiterate | Outperform | $149 | $148 | |
| Jul 14, 2026 | Barclays | Reiterate | Overweight | $147 | $146 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 27, 2026Q2 FY26 | $0.66 | $0.32 | −51.7% | $623.4M | $484.6M | −22.3% | +2.18% |
| Apr 27, 2026Q1 FY26 | $1.31 | $1.40 | +6.9% | $491.0M | $507.9M | +3.5% | +0.52% |
| Feb 24, 2026Q4 FY25 | $0.39 | $0.99 | +153.0% | $504.8M | $515.2M | +2.1% | +0.97% |
| Oct 29, 2025Q3 FY25 | $2.18 | $2.28 | +4.6% | $509.4M | $697.2M | +36.9% | +2.79% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $465.8M | $607.0M | $697.2M | $515.2M | $500.5M | $484.6M | |
| Gross profit | $239.8M | $310.1M | $263.7M | $356.9M | $257.3M | $308.3M | |
| Operating income | $59.1M | $121.5M | $208.3M | $175.0M | $55.3M | $113.9M | |
| Net income | −$39.7M | $1.27B | $11.7M | $121.9M | −$6.0M | −$990.8M | |
| Diluted EPS | −$0.34 | $10.02 | $0.07 | $0.99 | −$0.07 | −$8.03 | |
| Gross margin | 51.5% | 51.1% | 37.8% | 69.3% | 51.4% | 63.6% | |
| Operating margin | 12.7% | 20.0% | 29.9% | 34.0% | 11.0% | 23.5% |
Fiscal years (4-quarter sums)FY21 $2.26B · FY22 $2.93B · FY23 $3.18B · FY24 $3.00B · FY25 $2.29B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $165.2M · Total debt $4.05B · Total assets $10.87B · Shareholders' equity $5.52B
Dividends
Raised for 31 straight years — most recently to $1.12 from $1.04 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $1.12 | |
| Mar 31, 2026 | Mar 31 | Apr 15 | $1.12 | raised from $1.04 |
| Dec 31, 2025 | Dec 31 | Feb 2 | $1.04 | |
| Sep 30, 2025 | Sep 30 | Oct 15 | $1.04 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $1.04 | raised from $0.94 |
| May 14, 2025 | May 14 | May 22 | $4.00 | special dividend |
| Mar 31, 2025 | Mar 31 | Apr 15 | $0.94 | |
| Dec 31, 2024 | Dec 31 | Jan 15 | $0.94 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 123.23M · Float 120.36M · 97.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 13.76M | 11.16% | 13F | Aug 7, 2026 |
| Cohen & Steers, Inc. | 13.40M | 10.87% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 10.26M | 8.33% | 13F | Aug 13, 2026 |
| Dodge & Cox | 9.50M | 7.71% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 5.49M | 4.46% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 24, 2026 | Gary A. Shiffman | director | −25,031 | $119.96 |
| May 26, 2026 | Fernando Castro-Caratini | officer: EVP, CFO, Sec. & Treas. | −23,750 | $124.43 |
| Mar 5, 2026 | Clunet R. Lewis | director | −7,000 | $136.07 |
| Feb 27, 2026 | Clunet R. Lewis | director | −7,000 | $136.51 |
| Dec 17, 2025 | Gary A. Shiffman | director | −156,875 | $123.53 |
Peers
- Equity LifeStyle Properties
Closest public peer across manufactured housing and RV resorts
- UMH
Manufactured-housing REIT competing for residents and communities
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Sun Communities | $122.92 | −0.04% | $15.15B | — | 41.4 | 6.9 | −20.2% |
| Equity LifeStyle Properties | $63.74 | +0.02% | $12.37B | 32.5 | 30.1 | 7.8 | +6.8% |
| UMH | $16.48 | 0.00% | $1.40B | 91.6 | 125.8 | 5.2 | +7.5% |
| Median | 62.0 | 78.0 | 6.5 | +7.1% |