Sun Communities

Sun Communities is a real estate investment trust (REIT) based in Southfield, Michigan. It owns and operates manufactured housing (MH) communities and recreational vehicle (RV) communities, most of them in the United States and some in Canada. At September 30, 2026, it had 282 MH properties and 152 RV properties. Residents in MH communities usually own their homes and rent the land under them, and moving a home is costly, so residents stay for a long time.

RV communities have annual sites and short-stay transient sites. Sun also sells and leases homes in its communities. It sold its UK holiday park business, Park Holidays, in September 2026 and its marinas business, Safe Harbor, in 2025, so it now focuses on MH and RV communities in North America.

The market prices Sun for weak results in its RV business, for the losses and changes of the last two years and for higher interest rates, which lower the value of real estate. In Q3 2026, same property NOI rose 6.9% in MH but fell 1.3% in RV, and Sun lowered its 2026 RV NOI growth guidance to 0.0% to 0.8%. Sun took a non-cash charge of $1.1 billion in Q2 2026 on the sale of its UK business. It also has a new management team: Charles Young became CEO in 2025, and Robert Garechana became CFO on September 8, 2026.

For the gap to close, three things must be true. MH same property NOI must keep growing by 6% or more, with occupancy near 98%. RV results must stabilize. Sun must use the $1.03 billion of net proceeds from the UK sale well, for buybacks, debt repayment or good acquisitions.

From July 1 to October 23, 2026, Sun bought back $373.1 million of shares. The 2027 guidance in the Q4 2026 report, expected in early 2027, is the main test. Sun already expects average rent increases of 5.4% in MH and 4.4% in annual RV in 2027. If these checks pass, the gap can close over the next three to five quarters.

The main reason it may not close is that interest rates stay high, which keeps REIT values low.

1. Oct 26, 2026Failed

   Q3 2026 earnings: MH growth and RV trendsCore FFO per share within the $2.23 to $2.33 guidance and MH same property NOI growth of 6% or more pass; a cut to the 2026 guidance or a larger fall in RV fails.Outcome: Core FFO of $2.35 per share beat the guidance and MH same property NOI rose 6.9%, but RV same property NOI fell 1.3%, more than in Q2, and Sun cut its RV NOI guidance.
2. Jan 26, 2027 · est.Pending

   2026 results and the 2027 guidanceA 2027 Core FFO outlook that grows after the UK sale and a clear plan for the proceeds pass; lower guidance fails.

Every passed and failed checkpoint across all picks

• October 26, 2026Sun reported Q3 2026 results. Core FFO was $2.35 per share, up from $2.28. Same property NOI rose 3.6%, with 6.9% growth in MH and a 1.3% fall in RV. MH and annual RV sites were 98.2% occupied. Sun set 2026 Core FFO guidance of $6.97 to $7.05 per share and lowered its RV NOI growth guidance to 0.0% to 0.8%. It expects average 2027 rent increases of 5.4% in MH and 4.4% in annual RV. In Q3, it bought back 2.4 million shares for $293.3 million and sold three RV properties in Florida for $127.0 million. After the quarter, it bought two MH properties in the Pacific Northwest for $79.5 million.
• October 19, 2026Sun said that it will report Q3 2026 results after the market closes on October 26, 2026, and hold a conference call on October 27, 2026.
• October 1, 2026Sun's operating partnership issued 283,126 new Series M preferred units, worth $28.3 million at the $100 issue price, as payment for assets contributed to it. The units pay 3.2% in the first year, rising to 3.6%, and can be exchanged for common shares at $174.00 per share.

Last earnings

October 26, 2026 (8-K on sec.gov)

Next earnings

Expected about January 26, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 27, 2026 · sui-20260930
• 8-KEarnings releaseFiled October 26, 2026 · Press release and exhibits
• 8-KNew material agreementFiled October 2, 2026 · sui-20261001
• 8-KAcquisition or sale completed and Investor disclosureFiled September 23, 2026 · sui-20260922
• 8-KInvestor disclosureFiled September 9, 2026 · sui-20260909
• 8-KChange of directors or officersFiled August 27, 2026 · sui-20260821
• 8-KChange of directors or officers and Investor disclosureFiled August 25, 2026 · sui-20260824
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 28, 2026 · sui-20260630
• 8-KEarnings releaseFiled July 27, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled June 1, 2026 · sui-20260601

Every filing on SEC EDGAR (CIK 912593)

• RV results depend on travel demand and the weather. Same property NOI in RV fell 1.3% in Q3 2026, and transient demand can stay weak.
• Higher interest rates raise the cost of new debt and lower the value of real estate. Sun had $3.78 billion of debt at September 30, 2026.
• State and local rules on rent increases in manufactured housing communities can limit rent growth.
• Sun has a new CEO since 2025 and a new CFO since September 2026. Changes in strategy or in capital allocation can take time to show results.

At September 30, 2026, Sun had $3.78 billion of debt: $1.99 billion of secured debt, mostly mortgage loans, and $1.79 billion of senior unsecured notes. The weighted average interest rate was 3.3% and the weighted average maturity was 7.1 years. Read more

Yield at the current rate

3.8% (current annual rate, at today’s price)

Dividend yield

3.7% (last 12 months, at today’s price of $118.28)

Paid per share

$4.40 in the last 12 months (4 payments)

Current annual rate

$4.48 ($1.12 × 4 a year)

Payout ratio

37% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 30, 2026, $1.12 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 5.1% a year. From 2015 to 2025, the dividend grew by about 4.6% a year.

One-off payments far above the usual dividend are left out of these numbers.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.