SUI on NYSE

Sun Communities

Real estate investment trust

Sun Communities, Inc. is a publicly traded real estate investment trust that invests in manufactured housing communities and recreational vehicle communities.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

1975Founded1

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  • TickerSUI on NYSE1
  • Industryreal estate investment trust1
  • HeadquartersSouthfield1
  • Websitewww.suncommunities.com
  • Incorporated inMD5
  • Business address27777 Franklin Road, Suite 300, Southfield, Mi 480345
  • Filer categoryLarge accelerated filer5
  • Legal formINCORPORATED4
  • LEI549300H5GEOJYN41ZG574
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O NATIONAL REGISTERED AGENTS, INC. OF MD., 21093 Lutherville Timonium, United States4
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D037022974

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Sun Communities, Inc. is a publicly traded real estate investment trust that invests in manufactured housing communities and recreational vehicle communities. As of December 31, 2025, the company owned interests in 513 such properties in the United States, Canada, and the UK.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

61.3%Net margin7
2.0%Revenue growth, 20257
20.3%Return on equity7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

MH brought in 51% of the revenue Sun Communities broke down this way in fiscal 2025.

  1. MH$1.1B751%up 2% from 2024
  2. RV$668.6M730%down 2% from 2024
  3. UK$427.2M719%up 4% from 2024
Business segments by year
Business segments202320242025
MH$1.1B$1.1B$1.1B
RV$698.8M$680.7M$668.6M
UK$382.4M$409.9M$427.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs37¢$843.0M
  • Income tax2¢$49.2M
  • Profit61¢$1.4B

Out of $2.3B in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid15¢$131.5M
  • Share buybacks62¢$539.1M
  • Kept or used elsewhere22¢$193.6M

Out of $864.2M of cash from operations.7

Financial statements

Revenue8910117$2.3B in 2025+82% since 2019
0$1.0B$2.0B$3.0B2019: $1.3B$1.3B20192020: $1.4B$1.4B2020+11%2021: $2.3B$2.3B2021+63%2022: $3.0B$3.0B2022+31%2023: $2.3B$2.3B2023−23%2024: $2.3B$2.3B2024−1%2025: $2.3B$2.3B2025+2%
Net income1210117$1.4B in 2025+775% since 2019
-$500.0M0$500.0M$1.0B$1.5B2019: $161.6M$161.6M20192020: $131.6M$131.6M2020−19%2021: $408.3M$408.3M2021+210%2022: $261.4M$261.4M2022−36%2023: -$206.9M-$206.9M20232024: $103.6M$103.6M20242025: $1.4B$1.4B2025+1265%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Real property$1.8B$1.7B$1.6B
Home sales$333.8M$369.9M$419.9M
Ancillary$134.0M$132.5M$137.6M
Interest$48.5M$20.1M$44.8M
Brokerage commissions and other, net$24.0M$34.9M$53.6M
Total Revenues$2.3B$2.3B$2.3B
Property operating and maintenance$595.9M$584.0M$555.9M
Real estate tax$111.1M$103.8M$95.7M
Home costs and selling$263.8M$273.1M$305.6M
Ancillary$106.0M$108.9M$108.3M
General and administrative$236.7M$230.5M$213.5M
Catastrophic event-related charges, net$1.2M$23.6M-$3.4M
Business combinations$0$0$3.0M
Depreciation and amortization$507.9M$490.5M$494.1M
Asset impairments$386.7M$66.7M$5.6M
Goodwill impairment$0$180.8M$369.9M
Loss on extinguishment of debt (see Note 7)$104.0M$1.4M$0
Interest$221.0M$350.3M$325.7M
Interest on mandatorily redeemable preferred OP units / equity$0$0$3.3M
Total Expenses$2.5B$2.4B$2.5B
Loss Before Other Items-$228.2M-$153.1M-$193.1M
Loss on remeasurement of marketable securities$0$0-$16.0M
Gain / (loss) on foreign currency exchanges$26.7M-$25.8M-$300.0K
Gain on dispositions of properties, net$5.1M$202.9M$11.0M
Other income / (expense), net$133.9M-$6.8M-$7.3M
Loss on remeasurement of notes receivable-$1.6M-$36.4M-$106.7M
Total Income from Nonconsolidated Affiliates$16.4M$9.5M$16.0M
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates-$900.0K$6.6M-$4.2M
Current tax expense (see Note 11)-$10.8M-$3.6M-$13.7M
Deferred tax benefit (see Note 11)$60.0M$39.6M$22.9M
Net Income / (Loss) from Continuing Operations$600.0K$32.9M-$291.4M
Income from discontinued operations, net$1.4B$74.2M$82.3M
Net Income / (Loss)$1.4B$107.1M-$209.1M
Less: Preferred return to preferred OP units / equity interests$12.6M$12.8M$12.3M
Less: Income / (loss) attributable to noncontrolling interests$56.4M$5.3M-$8.1M
Net Income / (Loss) Attributable to SUI Common Shareholders - Basic$1.4B$89.0M-$213.3M
Weighted average common shares outstanding - basic (in shares)124.9M shares124.5M shares123.4M shares
Weighted average common shares outstanding - diluted (in shares)124.9M shares127.2M shares123.8M shares
Basic earnings / (loss) per share from continuing operations (in USD per share)-$1$0-$2
Basic earnings per share from discontinued operations (in USD per share)$11$1$1
Basic earnings/(loss) per share (in USD per share)$10.84$0.71-$1.71
Diluted earnings / (loss) per share from continuing operations (in USD per share)-$1$0-$2
Diluted earnings per share from discontinued operations (in USD per share)$11$1$1
Diluted earnings/(loss) per share (in USD per share)$10.84$0.71-$1.72

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The story

The company dates to 1975. In December 1993, the company became a public company via an initial public offering. In March 1996, the company acquired 25 manufactured housing communities for $226 million. In 1996, Sun RV Resorts was established.

In June 2016, the company acquired a portfolio of 103-communities mostly located in California, Florida, and Ontario, Canada for $1.7 billion from an affiliate of Centerbridge Partners. In October 2019, the company acquired a portfolio of 31 manufactured housing communities for $343.6 million. In September 2020, the company acquired Safe Harbor Marinas for $2.11 billion. On Nov. 16, 2021, Sun RV Resorts Rebrands to Sun Outdoors.

In April 2022, the company acquired Park Holidays UK for $1.3 billion. In October 2025, Charles D. Young succeeded Gary A. Shiffman as Chief Executive Officer. Mr. Shiffman continues to serve as Chairman of the Board.

From Wikipedia’s article on Sun Communities, shared under CC BY-SA 4.0.6

Leadership

Who has led Sun Communities, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Gary A. Shiffman2006–2020
  2. Baxter Underwood2020–2025
  3. Charles D. Young2025–now

Chair

  1. Gary A. Shiffman2009–now

President

  1. Brian W. Fannon2008
  2. Gary A. Shiffman2009–2024

Chief financial officer

  1. Jeffrey P. Jorissen2006–2008
  2. Karen Dearing2008–2022
  3. Fernando Castro-Caratini2022–2026
  4. Mark E. Patten2026
  5. Robert Garechana2026–now

Chief operating officer

  1. Brian W. Fannon2006–2007
  2. Bruce Thelen2023–now
19801990200020102020
Board members and other officers (26)

Products and brands

Sun Outdoors (formerly known as Sun RV Resorts) is the RV resort division of Sun Communities, Inc. and was established in 1996. It is the owner and operator of more than 170 resorts and campgrounds across the United States and Canada.

From Wikipedia’s article on Sun Communities, shared under CC BY-SA 4.0.6

Subsidiaries and ownership

Also owns

  • recreational vehicle park

From Wikidata.1

Timeline

  1. Oct 3, 2025New chief executive Charles D. Young becomes CEO16
  2. Nov 6, 2020New chief executive Baxter Underwood becomes CEO17
  3. Mar 14, 2006New chief executive Gary A. Shiffman becomes CEO18
  4. 1975Founded Founded1

Filings

475 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 100 major events, 283 insider forms, 27 large holders, 45 other. The latest 20:

  1. Oct 2, 20264 EDGAR
  2. Oct 2, 20268-K EDGAR
  3. Sep 23, 20268-K EDGAR
  4. Sep 9, 20268-K EDGAR
  5. Sep 9, 20264 EDGAR
  6. Sep 9, 20263 EDGAR
  7. Sep 4, 2026SCHEDULE 13G/A EDGAR
  8. Aug 27, 20268-K EDGAR
  9. Aug 25, 20268-K EDGAR
  10. Aug 7, 2026SCHEDULE 13G/A EDGAR
  11. Jul 28, 202610-Q EDGAR
  12. Jul 27, 20268-K EDGAR
  13. Jul 23, 20264 EDGAR
  14. Jul 22, 20264 EDGAR
  15. Jul 22, 20264 EDGAR
  16. Jul 22, 20264 EDGAR
  17. Jul 1, 20264 EDGAR
  18. Jul 1, 20263 EDGAR
  19. Jun 25, 20264 EDGAR
  20. Jun 24, 2026144 EDGAR

The 475 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

24 open-market trades by officers, directors and large owners since October 2021: 5 buys and 19 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 24, 2026SHIFFMAN GARY ADirectorSale25,031$119.96$3.0MForm 4
May 26, 2026Castro-Caratini FernandoEVP, CFO, Sec. & Treas.Sale23,750$124.43$3.0MForm 4
Mar 5, 2026LEWIS CLUNET RDirectorSale7,000$136.07$952.5KForm 4
Feb 27, 2026LEWIS CLUNET RDirectorSale7,000$136.51$955.6KForm 4
Dec 17, 2025SHIFFMAN GARY ADirectorSale156,875$123.53$19.4MForm 4
Nov 10, 2025LEWIS CLUNET RDirectorSale4,000$126.24$505.0KForm 4
May 23, 2025BLAU JEFFDirectorBuy3,665$117.99$432.4KForm 4
Aug 5, 2024Underwood BaxterCEO - Safe Harbor Marinas, LLCSale3,000$131.43$394.3KForm 4
Mar 28, 2024Leupold CraigDirectorSale2,500$128.39$321.0KForm 4
Mar 22, 2024Underwood BaxterCEO - Safe Harbor Marinas, LLCSale4,000$131.48$525.9KForm 4
Mar 5, 2024LEWIS CLUNET RDirectorSale500$131.13$65.6KForm 4
Nov 30, 2023Underwood BaxterCEO - Safe Harbor Marinas, LLCSale2,000$128.99$258.0KForm 4
Aug 30, 2023Farrugia MarcEVP & Chief Admin. OfficerSale4,962$123.90$614.8KForm 4
Aug 22, 2023Underwood BaxterCEO - Safe Harbor Marinas, LLCBuy400$119.93$48.0KForm 4
Aug 14, 2023Underwood BaxterCEO - Safe Harbor Marinas, LLCBuy150$123.59$18.5KForm 4
May 25, 2023Underwood BaxterCEO - Safe Harbor Marinas, LLCBuy400$126.18$50.5KForm 4
Feb 27, 2023LEWIS CLUNET RDirectorSale1,500$148.51$222.8KForm 4
Aug 9, 2022Thelen BruceEVP, COOSale6,892$165.40$1.1MForm 4
Jun 15, 2022LEWIS CLUNET RDirectorSale4,400$153.39$674.9KForm 4
Apr 28, 2022McLaren John BandiniPresident and COOSale11,500$180.27$2.1MForm 4

All 24 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.13,757,945$1.6B0.0%+1,076,417
Vanguard Portfolio Management LLC10,263,766$1.2B0.1%+94,874
Dodge & Cox9,500,781$1.1B0.6%−4,765,249
Vanguard Capital Management LLC5,494,428$658.8M0.0%+41,354
Norges Bank5,439,467$652.2M0.1%New
Wellington Management Group Llp5,390,114$646.3M0.1%−452,804
State Street Corp5,008,789$606.1M0.0%−204,435
Fmr LLC4,565,468$547.4M0.0%−418,348
Geode Capital Management, LLC2,340,449$279.8M0.0%−45,428
Daiwa Securities Group Inc.1,810,684$217.1M0.5%+42,334
Dimensional Fund Advisors LP1,798,284$215.6M0.0%−14,017
Charles Schwab Investment Management Inc1,648,236$197.6M0.0%+122,128
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC1,536,249$184.2M0.0%+31,497
Citadel Advisors LLC1,465,733$175.8M0.1%+885,795
Millennium Management LLC1,421,561$170.5M0.1%+1,246,211
Canada Pension Plan Investment Board1,307,991$156.8M0.1%+277,000
Legal & General Group Plc1,023,572$122.7M0.0%−52,833
Northern Trust Corp989,742$118.7M0.0%−48,641
Morgan Stanley957,254$114.8M0.0%+150,612
Russell Investments Group, Ltd.927,049$111.2M0.1%−47,933
Deutsche Bank Ag\904,260$108.4M0.0%−331,161
Balyasny Asset Management L.P.866,101$103.9M0.2%+444,173
Jane Street Group, LLC859,712$103.1M0.1%+794,742
Jpmorgan Chase & Co807,182$97.9M0.0%−86,739
Cbre Investment Management Listed Real Assets LLC767,879$92.1M1.3%+231,133

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Sep 8, 2023Lois FrankelDemocratic, HouseSale$1,001 - $15,000+75.7%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

The numbers on this page point here. Each one links to the record it came from.

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