NYSE : SUI
Sun Communities, Inc. — Financial statements
Real Estate · REIT - Residential · United States
Last price 113.26 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 13.79B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 1.84B | 1.77B | 1.70B | 1.63B | 1.90B | 1.60B |
| Other Revenue | 467.40M | 484.20M | 511.90M | 573.50M | 1.00B | 636.00M |
| Total Revenue | 2.34B | 2.30B | 2.24B | 2.25B | 2.94B | 2.25B |
| Property Expenses | 1.08B | 1.08B | 1.07B | 1.07B | 1.52B | 1.11B |
| Selling, General & Administrative | 250.30M | 236.70M | 230.50M | 213.50M | 257.40M | 181.30M |
| Depreciation & Amortization | 531.60M | 507.90M | 490.50M | 494.10M | 601.80M | 522.70M |
| Other Operating Expenses | -25.50M | -24.00M | -34.90M | -53.60M | -34.90M | -30.20M |
| Total Operating Expenses | 1.84B | 1.80B | 1.76B | 1.72B | 2.34B | 1.78B |
| Operating Income | 496.20M | 501.10M | 479.20M | 527.00M | 594.60M | 463.30M |
| Interest Expense | -163.40M | -221.00M | -350.30M | -329.00M | -234.00M | -162.80M |
| Currency Exchange Gain (Loss) | -8.70M | 26.70M | -25.80M | -300.00K | 5.40M | -3.70M |
| Other Non-Operating Income | 10.20M | 13.60M | -6.80M | -7.50M | 1.90M | -1.80M |
| EBT Excluding Unusual Items | 334.30M | 320.40M | 96.30M | 190.20M | 367.90M | 295.00M |
| Merger & Restructuring Charges | -3.00M | -24.70M | -1.40M | |||
| Impairment of Goodwill | -180.80M | -369.90M | ||||
| Gain (Loss) on Sale of Investments | -1.00M | -900.00K | 6.60M | -20.20M | -55.80M | 33.30M |
| Gain (Loss) on Sale of Assets | 16.20M | 5.10M | 202.90M | 11.00M | 12.20M | 108.10M |
| Total Insurance Settlements | 68.50M | 79.20M | 16.70M | |||
| Asset Writedown | -198.80M | -386.70M | -66.70M | -5.60M | -7.00M | |
| Other Unusual Items | 34.90M | -65.70M | -78.10M | -103.10M | -22.70M | -19.90M |
| Pretax Income | 254.10M | -48.60M | -3.10M | -300.60M | 269.90M | 415.10M |
| Income Tax Expense | -49.10M | -49.20M | -36.00M | -9.20M | 6.10M | 1.30M |
| Earnings From Continuing Operations | 303.20M | 600.00K | 32.90M | -291.40M | 263.80M | 413.80M |
| Earnings From Discontinued Operations | -1.08B | 1.43B | 74.20M | 82.30M | ||
| Net Income to Company | -772.80M | 1.43B | 107.10M | -209.10M | 263.80M | 413.80M |
| Minority Interest in Earnings | 14.00M | -69.00M | -18.10M | -4.20M | -21.80M | -33.60M |
| Net Income | -758.80M | 1.36B | 89.00M | -213.30M | 242.00M | 380.20M |
| Preferred Dividends & Other Adjustments | -4.30M | 7.70M | 400.00K | -1.80M | 1.40M | 2.40M |
| Net Income to Common | -754.50M | 1.35B | 88.60M | -211.50M | 240.60M | 377.80M |
| Basic Shares Outstanding | 122.20M | 124.90M | 124.50M | 123.40M | 120.20M | 112.60M |
| Diluted Shares Outstanding | 122.20M | 124.90M | 127.20M | 123.80M | 122.90M | 115.10M |
| EPS (Basic) | -6.17 | 10.84 | 0.71 | -1.71 | 2.00 | 3.36 |
| EPS (Diluted) | -6.41 | 10.84 | 0.71 | -1.72 | 2.00 | 3.36 |
| Dividend Per Share | 4.40 | 4.06 | 3.76 | 3.72 | 3.52 | 3.32 |
| Operating Margin | 21.24% | 21.80% | 21.44% | 23.46% | 20.24% | 20.62% |
| Profit Margin | -32.29% | 58.89% | 3.96% | -9.41% | 8.19% | 16.82% |
| EBITDA | 1.03B | 1.01B | 969.70M | 1.02B | 1.17B | 972.10M |
| EBITDA Margin | 43.99% | 43.90% | 43.38% | 45.45% | 39.86% | 43.27% |
| D&A For Ebitda | 531.50M | 507.90M | 490.50M | 494.10M | 576.10M | 508.80M |
| EBIT | 496.20M | 501.10M | 479.20M | 527.00M | 594.60M | 463.30M |
| EBIT Margin | 21.24% | 21.80% | 21.44% | 23.46% | 20.24% | 20.62% |
| Funds From Operations (FFO) | 906.00M | 878.50M | 836.40M | 908.70M | 854.40M | 718.30M |
| FFO Per Share | 7.12 | 6.72 | 6.42 | 7.05 | 6.80 | 6.16 |
| Adjusted Funds From Operations (AFFO) | 906.00M | 878.50M | 836.40M | 908.70M | 854.40M | 718.30M |
| AFFO Per Share | 7.14 | 6.72 | 6.42 | 7.05 | 6.80 | 6.17 |
| FFO Payout Ratio | 3.64% | 59.53% | 58.75% | 52.29% | 50.82% | 54.41% |
| Effective Tax Rate | 2.26% | 0.31% | ||||
| Revenue as Reported | 2.33B | 2.31B | 2.26B | 2.28B | 2.97B | 2.27B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 8.42B | 10.96B | 10.92B | 14.71B | 14.25B | 11.66B |
| Total Real Estate Assets | 8.42B | 10.96B | 10.92B | 14.71B | 14.25B | 11.66B |
| Cash & Equivalents | 699.30M | 569.60M | 47.90M | 29.20M | 72.80M | 65.80M |
| Accounts Receivable | 188.40M | 235.40M | 180.60M | 160.50M | 198.10M | 151.90M |
| Other Receivables | 83.30M | 95.40M | 152.20M | 182.80M | 101.30M | 23.50M |
| Investment In Debt and Equity Securities | 127.30M | 186.90M | ||||
| Goodwill | 9.50M | 9.50M | 9.50M | 733.00M | 1.02B | 495.40M |
| Other Intangible Assets | 32.40M | 101.50M | 102.50M | 369.50M | 402.00M | 306.80M |
| Loans Receivable Current | 55.10M | 44.50M | 148.50M | 134.50M | 317.90M | 294.20M |
| Restricted Cash | 66.50M | 9.20M | 13.50M | 17.60M | 12.40M | |
| Other Current Assets | 72.20M | 142.90M | 129.80M | 205.60M | 202.70M | 51.80M |
| Trading Asset Securities | 6.30M | 11.70M | 32.00M | 400.00K | ||
| Deferred Long-Term Tax Assets | 58.10M | 32.20M | 3.00M | |||
| Deferred Long-Term Charges | 9.50M | 11.60M | 13.10M | 6.40M | ||
| Other Long-Term Assets | 247.10M | 284.40M | 4.85B | 327.70M | 297.50M | 238.80M |
| Total Assets | 9.82B | 12.52B | 16.55B | 16.94B | 17.08B | 13.49B |
| Current Portion of Long-Term Debt | 534.80M | |||||
| Current Portion of Leases | 900.00K | 6.50M | ||||
| Long-Term Debt | 3.78B | 3.72B | 7.35B | 8.14B | 7.54B | 5.67B |
| Long-Term Leases | 21.10M | 43.10M | 404.60M | 173.80M | 175.30M | 133.40M |
| Accrued Expenses | 219.40M | 228.10M | 265.80M | 313.70M | 396.30M | 237.50M |
| Other Current Liabilities | 137.10M | 131.10M | 409.50M | 118.20M | 111.30M | 98.40M |
| Long-Term Deferred Tax Liabilities | 360.30M | 335.20M | 340.80M | 20.70M | ||
| Other Long-Term Liabilities | 368.70M | 782.60M | 562.30M | 682.10M | 635.10M | 601.70M |
| Total Liabilities | 4.52B | 5.45B | 9.36B | 9.77B | 9.20B | 6.76B |
| Common Stock | 1.20M | 1.20M | 1.30M | 1.20M | 1.20M | 1.20M |
| Additional Paid-In Capital | 9.31B | 9.56B | 9.86B | 9.47B | 9.55B | 8.18B |
| Distributions in Excess of Earnings | -4.09B | -2.63B | -2.78B | -2.40B | -1.73B | -1.56B |
| Comprehensive Income & Other | 100.00K | 26.50M | -7.90M | 12.20M | -9.90M | 3.10M |
| Total Common Equity | 5.22B | 6.96B | 7.08B | 7.08B | 7.81B | 6.62B |
| Minority Interest | 73.30M | 116.70M | 111.10M | 90.20M | 78.70M | 106.70M |
| Shareholders' Equity | 5.30B | 7.07B | 7.19B | 7.17B | 7.89B | 6.73B |
| Total Liabilities & Equity | 9.82B | 12.52B | 16.55B | 16.94B | 17.08B | 13.49B |
| Total Debt | 3.80B | 4.31B | 7.76B | 8.32B | 7.71B | 5.81B |
| Net Cash (Debt) | -3.10B | -3.74B | -7.70B | -8.28B | -7.61B | -5.74B |
| Net Cash Per Share | -25.36 | -29.93 | -60.57 | -66.86 | -61.90 | -49.86 |
| Filing Date Shares Outstanding | 119.37M | 123.18M | 127.38M | 124.41M | 124.10M | 115.96M |
| Total Common Shares Outstanding | 119.94M | 123.49M | 127.44M | 124.44M | 124.04M | 115.98M |
| Book Value Per Share | 43.55 | 56.33 | 55.57 | 56.92 | 62.96 | 57.11 |
| Tangible Book Value | 5.18B | 6.85B | 6.97B | 5.98B | 6.39B | 5.82B |
| Tangible Book Value Per Share | 43.20 | 55.43 | 54.69 | 48.06 | 51.51 | 50.20 |
| Land | 1.79B | 3.50B | 3.46B | 4.28B | 4.32B | 2.56B |
| Buildings | 1.02B | 940.20M | 834.10M | 744.40M | 645.20M | 591.70M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -758.80M | 1.36B | 89.00M | -213.30M | 242.00M | 380.20M |
| Depreciation & Amortization | 531.60M | 507.90M | 490.50M | 494.10M | 576.10M | 508.80M |
| Gain (Loss) on Sale of Assets | -20.00M | -20.00M | -230.00M | -20.10M | -39.50M | -157.40M |
| Gain (Loss) on Sale of Investments | 56.10M | -33.30M | ||||
| Asset Writedown | 386.70M | 386.70M | 247.50M | 375.50M | 3.00M | |
| Stock-Based Compensation | 37.40M | 37.40M | 33.10M | 35.10M | 37.60M | 28.00M |
| Income (Loss) on Equity Investments | -2.90M | 2.20M | ||||
| Change in Accounts Receivable | -33.90M | -33.90M | -47.70M | -7.90M | 5.20M | -1.20M |
| Change in Other Net Operating Assets | -124.60M | -124.60M | 35.60M | -10.70M | 62.60M | 46.50M |
| Other Operating Activities | 636.00M | -1.45B | -34.60M | 14.80M | 68.70M | 55.80M |
| Net Cash from Discontinued Operations | 82.00M | 56.20M | 250.70M | 240.60M | ||
| Operating Cash Flow | 882.70M | 864.20M | 861.00M | 790.50M | 734.90M | 753.60M |
| Acquisition of Real Estate Assets | -461.90M | -460.90M | -469.60M | -786.40M | -921.00M | -672.60M |
| Sale of Real Estate Assets | 154.30M | 178.80M | 442.90M | 69.60M | 143.50M | 275.90M |
| Net Sale / Acq. of Real Estate Assets | -307.60M | -282.10M | -26.70M | -716.80M | -777.50M | -396.70M |
| Cash Acquisition | -482.40M | -461.70M | -22.10M | -47.20M | -2.21B | -1.65B |
| Investment in Marketable & Equity Securities | -2.70M | -900.00K | -22.40M | 64.10M | -33.80M | -55.50M |
| Other Investing Activities | 1.14B | 5.67B | -196.20M | -219.60M | -37.80M | -237.30M |
| Investing Cash Flow | 345.90M | 4.93B | -267.40M | -919.50M | -3.06B | -2.34B |
| Long-Term Debt Issued | 624.50M | 3.13B | 2.52B | 4.53B | 4.96B | |
| Long-Term Debt Repaid | -4.20B | -3.56B | -1.95B | -2.90B | -4.04B | |
| Net Debt Issued (Repaid) | -799.00M | -3.58B | -425.00M | 574.30M | 1.63B | 926.90M |
| Issuance of Common Stock | 1.10M | 1.10M | 361.10M | 1.21B | 1.08B | |
| Repurchase of Common Stock | -516.50M | -551.20M | -7.80M | -11.30M | -19.30M | -18.20M |
| Common Dividends Paid | -33.00M | -523.00M | -491.40M | -475.20M | -434.20M | -390.80M |
| Total Dividends Paid | -33.00M | -523.00M | -491.40M | -475.20M | -434.20M | -390.80M |
| Other Financing Activities | 186.40M | -49.70M | -8.50M | -7.50M | -35.30M | -23.20M |
| Foreign Exchange Rate Adjustments | -1.20M | 1.60M | -800.00K | 1.00M | -8.70M | -200.00K |
| Net Cash Flow | -454.90M | 572.20M | 21.20M | -47.70M | 12.20M | -14.40M |
| Levered Free Cash Flow | 1.64B | 442.06M | 924.16M | 717.95M | 706.98M | 606.98M |
| Unlevered Free Cash Flow | 1.74B | 580.19M | 1.14B | 923.58M | 853.23M | 708.73M |
| Cash Interest Paid | 162.10M | 245.90M | 342.20M | 326.70M | 222.50M | 151.20M |
| Cash Income Tax Paid | 9.20M | 5.00M | 2.90M | 20.30M | 5.80M | 1.30M |
| Change in Working Capital | -12.20M | -12.20M | 14.80M | -136.20M | -206.20M | -30.70M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 13.79B | 15.32B | 15.67B | 16.63B | 17.72B | 25.19B |
| Enterprise Value | 16.88B | 19.31B | 23.21B | 24.53B | 24.53B | 30.04B |
| Last Close Price | 113.26 | 120.46 | 112.06 | 118.19 | 122.87 | 176.34 |
| Price/FFO Ratio | 15.57 | 17.93 | 17.46 | 16.77 | 18.07 | 28.63 |
| Price/AFFO Ratio | 15.52 | 17.92 | 17.45 | 16.77 | 18.06 | 28.60 |
| PE Ratio | 11.32 | 176.81 | 73.63 | 66.69 | ||
| PS Ratio | 5.90 | 6.67 | 7.01 | 7.40 | 6.03 | 11.22 |
| PB Ratio | 2.60 | 2.17 | 2.18 | 2.32 | 2.25 | 3.74 |
| P/OCF Ratio | 15.62 | 17.73 | 18.19 | 21.04 | 24.11 | 33.43 |
| EV/Sales Ratio | 7.23 | 8.40 | 10.38 | 10.92 | 8.35 | 13.37 |
| EV/EBITDA Ratio | 16.43 | 19.14 | 23.93 | 24.02 | 20.95 | 30.90 |
| EV/EBIT Ratio | 34.03 | 38.54 | 48.43 | 46.54 | 41.26 | 64.84 |
| Debt / Equity Ratio | 0.72 | 0.61 | 1.08 | 1.16 | 0.98 | 0.86 |
| Debt / EBITDA Ratio | 3.67 | 4.24 | 7.96 | 8.09 | 6.52 | 5.86 |
| Net Debt / Equity Ratio | 0.58 | 0.53 | 1.07 | 1.15 | 0.96 | 0.85 |
| Net Debt / EBITDA Ratio | 3.02 | 3.71 | 7.95 | 8.11 | 6.50 | 5.90 |
| Asset Turnover | 0.21 | 0.16 | 0.13 | 0.13 | 0.19 | 0.18 |
| Inventory Turnover | 9.54 | 7.90 | 6.38 | 5.22 | 11.97 | 22.70 |
| Quick Ratio | 2.72 | 1.00 | 0.57 | 0.89 | 0.80 | 0.72 |
| Current Ratio | 3.07 | 1.28 | 1.00 | 1.71 | 1.86 | 1.79 |
| Return on Equity (ROE) | 4.89% | 0.01% | 0.46% | -3.87% | 3.61% | 6.70% |
| Return on Assets (ROA) | 2.74% | 2.15% | 1.79% | 1.94% | 2.43% | 2.34% |
| Return on Invested Capital (ROIC) | 5.29% | 3.81% | 3.15% | 3.39% | 4.13% | 4.02% |
| Earnings Yield | -5.66% | 8.88% | 0.57% | -1.28% | 1.37% | 1.51% |
| Dividend Yield | 3.96% | 3.27% | 3.06% | 2.78% | 2.46% | 1.53% |
| Payout Ratio | 38.42% | 552.13% | 179.42% | 102.79% | ||
| Buyback Yield / Dilution | 3.42% | 1.81% | -2.75% | -0.73% | -6.78% | -18.05% |
| Total Shareholder Return | 7.37% | 5.08% | 0.31% | 2.05% | -4.31% | -16.52% |