Companies · SUI
Sun Communities
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Latest analysis
Updated Oct 27, 2026
Sun Communities completes Park Holidays UK divestiture for $1.05B, pivoting fully to North American MH/RV with 5.2% MH rent growth driving Core FFO of $2.35/share in Q3 2026.
Sun Communities closed the Park Holidays Sale on September 22, 2026, generating $1.03 billion in net cash proceeds and completing its exit from the UK, leaving a pure-play North American MH/RV portfolio of 452 communities. The MH same-property segment delivered 5.2% monthly base rent growth and 7.3% NOI growth for the nine months ended September 30, 2026, with Core FFO of $2.35 per share for Q3 2026 versus $2.28 in Q3 2025. Proceeds were deployed into $464.5 million of share repurchases, $444.5 million of mortgage debt repayment, and one MH acquisition at $17.0 million, reducing the leverage ratio to 14.9% against a 65.0% maximum covenant threshold.
Tone: bullishRevenue
$2.3B
SUI 10-K · FY 2025
Employees
3,614
Revenue FY2024
$3.2B
Founded
1975
Profile
SUI 10-K Item 1 · Feb 25, 2026Sun Communities is a fully integrated REIT that owns and operates manufactured housing (MH) and recreational vehicle (RV) communities in the U.S., Canada, and the UK. The company leases individual land sites to residents and vacationers, markets and sells new and pre-owned homes through its Sun Home Services subsidiary, and operates UK holiday parks under the Park Holidays brand. Following the 2025 divestiture of its Safe Harbor Marinas business, Sun Communities now operates exclusively within three segments: MH, RV, and UK.
Read filing description ↓ Collapse description ↑
Sun Communities, Inc. is a fully integrated real estate investment trust that owns manufactured housing and recreational vehicle communities in the United States, Canada, and the United Kingdom. The company leases individual parcels of land, or sites, with utility access for the placement of manufactured homes and RVs to MH and RV customers. MH communities are designed to offer affordable housing to individuals and families while providing amenities. RV communities are designed to offer affordable vacation opportunities complemented by a diverse selection of high-quality amenities such as restaurants, golf courses, swimming pools, and tennis courts. The company operates the majority of its RV communities under the Sun Outdoors brand. Through Sun Home Services, Inc., a taxable REIT subsidiary, the company markets, sells, and leases new and pre-owned homes to current and future residents in MH and RV communities. In the UK, communities are referred to as holiday parks and are located predominantly at irreplaceable seaside destinations in the south of England, where the company sells homes to holiday homeowners who lease a pitch through a site fee license arrangement. As of December 31, 2025, the company owned and operated a portfolio of 513 developed properties including 294 MH communities, 166 RV communities, and 53 UK communities, containing an aggregate of 178,650 developed sites. Sun Communities has been in the business of operating, acquiring, developing, and expanding MH and RV communities since 1975 and communities in the UK since 2022. Following the completed sale of Safe Harbor Marinas in 2025 for approximately $5.65 billion, the company revised its reporting structure from four segments to three, focused entirely on its core MH, RV, and UK operations.
Primary products
- MH site leases
- annual RV site leases
- transient RV sites
- UK holiday park pitch licenses
- new and pre-owned manufactured home sales
- manufactured home rentals (Rental Program)
Business segments
End markets
Geographies
“We operate the majority of our RV communities under the 'Sun Outdoors' brand, which we believe supports our competitive advantage in the outdoor market.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues from continuing operations for 2025 were $2.3 billion, described as consistent with 2024 total revenues.
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