Sun Communities, Inc. (SUI) 10-Year Financial Performance & Capital Metrics

SUI • • REIT / Real Estate

Real EstateResidential REITsManufactured Housing CommunitiesManufactured Home Community Operators

AboutSun Communities, Inc. is a REIT that, as of March 31, 2022, owned, operated, or had an interest in a portfolio of 603 developed MH, RV and marina properties comprising nearly 159,300 developed sites and over 45,700 wet slips and dry storage spaces in 39 states, Canada, Puerto Rico and the UK.Show more

Revenue $3.2B +0.7%
FFO $770M +72.3%
FFO/Share 6.05 +67.7%
FFO Payout 64.01% -40.0%
FFO per Share 6.05 +67.7%
NOI Margin 46.83% -0.3%
FFO Margin 24.05% +71.2%
ROE 1.24% +143.7%
ROA 0.53% +142.4%
Debt/Assets 44.43% -3.2%
Net Debt/EBITDA 6.07 -4.4%
Book Value/Share 56.55 -2.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FFO growing 199.1% TTM
✓Sustainable FFO payout ratio of 64.0%
✓Healthy dividend yield of 3.0%

✗Weaknesses

✗Weak 3Y average ROE of 0.6%
✗Profits declining 11.2% over 5 years
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y21.15%

5Y20.66%

3Y12.29%

TTM-15.74%

Profit (Net Income) CAGR

10Y12.06%

5Y-11.24%

3Y-38.37%

TTM954.56%

EPS CAGR

10Y2.77%

5Y-17.25%

3Y-40.44%

TTM329.03%

ROCE

10Y Avg4.83%

5Y Avg4.78%

3Y Avg3.98%

Latest3.67%

Peer Comparison

Manufactured Home Community Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UMHUMH Properties, Inc.	1.4B	16.42	497.58	8.88%	10.47%	2.9%	5.83%	0.67
SUISun Communities, Inc.	15.73B	127.40	179.44	0.67%	40.68%	14.37%	5.65%	1.02
ELSEquity LifeStyle Properties, Inc.	12.04B	62.13	31.70	2.07%	26.26%	21.09%	2.95%	1.76

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	658.79M	815.66M	961.39M	1.11B	1.25B	1.38B	2.26B	2.93B	3.18B	3.2B
Revenue Growth %	0.4%	0.24%	0.18%	0.15%	0.13%	0.11%	0.63%	0.3%	0.08%	0.01%
Property Operating Expenses	279.4M	355.89M	419.75M	493.05M	547.24M	613.89M	1.11B	1.52B	1.69B	1.7B
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	225.09M	285.43M	345.51M	368.69M	92.78M	109.5M	704M	859.2M	932.1M	976M
G&A Expenses	47.45M	63.66M	83.97M	81.43M	92.78M	109.62M	181.3M	257.4M	272.1M	295.3M
EBITDA+	328.89M	393.61M	454.24M	520.3M	918.54M	1.03B	969.8M	1.16B	1.22B	1.2B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	174.59M	219.27M	258.11M	276.07M	307.28M	367M	522.7M	601.8M	660M	680.7M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	154.3M	174.34M	196.13M	244.23M	611.27M	659.4M	447.1M	556.8M	560.7M	522.6M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	110.88M	122.31M	130.24M	132.78M	137.85M	133.25M	162.8M	234M	329.1M	350.4M
Interest Coverage	1.39x	1.43x	1.51x	1.84x	4.43x	4.95x	2.75x	2.38x	1.70x	1.49x
Non-Operating Income	-120.71M	20.28M	-17.13M	-10.27M	313.94M	359.7M	-130.8M	52.9M	449.1M	100.4M
Pretax Income+	164.13M	31.75M	81.68M	120.25M	178.25M	146.6M	415.1M	269.9M	-217.5M	71.8M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	1.16M	283K	-136K	88K	873K	-800K	1.3M	6.1M	-8.4M	-35.3M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	155.45M	26.32M	72.18M	107.23M	161.55M	131.61M	380.2M	242M	-213.3M	89M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	4.45%	-0.83%	1.74%	0.49%	0.51%	-0.19%	1.89%	-0.36%	-1.88%	1.42%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	1.07%	-0.26%	0.34%	0.16%	0.22%	0.06%	0.81%	-0.07%	-0.47%	0.72%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	2.52	0.26	0.85	1.31	1.83	1.34	3.36	2.00	-1.72	0.71
EPS Growth %	3.67%	-0.9%	2.27%	0.54%	0.4%	-0.27%	1.51%	-0.4%	-1.86%	1.41%
EPS (Basic)	2.53	0.27	0.85	1.32	1.83	1.34	3.36	2.00	-1.73	0.71
Diluted Shares Outstanding	53.7M	66.32M	76.71M	82.04M	88.46M	97.52M	112.6M	122.9M	123.8M	127.2M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	4.19B	5.87B	6.11B	6.71B	7.8B	11.21B	13.49B	17.08B	16.94B	16.55B
Asset Growth %	0.43%	0.4%	0.04%	0.1%	0.16%	0.44%	0.2%	0.27%	-0.01%	-0.02%
Real Estate & Other Assets+	192.1M	46.62M	47.85M	260.99M	100.83M	194.66M	11.91B	374.8M	278.6M	14.81B
PP&E (Net)	3.7B	5.47B	5.65B	6.12B	52.12M	9.79B	0	14.25B	14.71B	0
Investment Securities	0	0	0	0	0	0	0	0	1000K	1000K
Total Current Assets+	247.65M	254.84M	332.3M	366.51M	349.54M	485.66M	785.8M	1.04B	726.1M	728.8M
Cash & Equivalents	45.09M	8.16M	10.13M	50.31M	34.83M	77.34M	65.8M	72.8M	29.2M	47.4M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	0	15.3M	12.4M	17.6M	13.5M	16.4M
Intangible Assets	43.98M	99.83M	86.45M	88.3M	66.95M	305.61M	306.8M	402M	369.5M	338.9M
Total Liabilities	2.65B	3.51B	3.45B	3.54B	3.9B	5.58B	6.76B	9.2B	9.77B	9.36B
Total Debt+	2.29B	3.06B	3.04B	3.05B	3.36B	4.69B	5.6B	7.13B	7.78B	7.35B
Net Debt	2.25B	3.06B	3.03B	2.99B	3.33B	4.61B	5.54B	7.06B	7.75B	7.31B
Long-Term Debt	2.27B	2.96B	3B	2.92B	3.18B	3.49B	4.57B	5B	5.71B	5.94B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	66.98M	43.07M	41.62M	32.38M	58.2M	137.6M	174.7M	165M	176.5M
Total Current Liabilities+	65.95M	151.99M	228.69M	431.23M	516.31M	1.62B	1.61B	2.99B	2.84B	2.18B
Accounts Payable	0	0	0	106.28M	127.29M	148.44M	0	0	0	0
Deferred Revenue	0	0	132.21M	133.7M	133.42M	187.73M	242.8M	352.1M	344.5M	331M
Other Liabilities	313.56M	392.51M	90.84M	54.09M	68.69M	281.21M	582.9M	1.21B	1.21B	1.24B
Total Equity+	1.54B	2.36B	2.66B	3.17B	3.88B	5.63B	6.73B	7.89B	7.17B	7.19B
Equity Growth %	0.63%	0.54%	0.13%	0.19%	0.22%	0.45%	0.2%	0.17%	-0.09%	0%
Shareholders Equity	1.46B	2.3B	2.6B	3.11B	3.82B	5.53B	6.62B	7.81B	7.08B	7.08B
Minority Interest	80.77M	66.62M	65.26M	60.5M	56.23M	102.05M	106.7M	78.7M	90.2M	111.1M
Common Stock	584K	732K	797K	864K	932K	1.08M	1.2M	1.2M	1.2M	1.3M
Additional Paid-in Capital	2.32B	3.32B	3.76B	4.4B	5.21B	7.09B	8.18B	9.55B	9.47B	9.86B
Retained Earnings	-864.12M	-1.02B	-1.16B	-1.29B	-1.39B	-1.57B	-1.56B	-1.73B	-2.4B	-2.78B
Preferred Stock	34K	34K	43.07M	41.62M	50.91M	264.38M	288.88M	0	0	0
Return on Assets (ROA)	0.04%	0.01%	0.01%	0.02%	0.02%	0.01%	0.03%	0.02%	-0.01%	0.01%
Return on Equity (ROE)	0.13%	0.01%	0.03%	0.04%	0.05%	0.03%	0.06%	0.03%	-0.03%	0.01%
Debt / Assets	0.55%	0.52%	0.5%	0.45%	0.43%	0.42%	0.42%	0.42%	0.46%	0.44%
Debt / Equity	1.49x	1.30x	1.14x	0.96x	0.87x	0.83x	0.83x	0.90x	1.08x	1.02x
Net Debt / EBITDA	6.83x	7.76x	6.67x	5.75x	3.62x	4.49x	5.71x	6.09x	6.35x	6.07x
Book Value per Share	28.61	35.62	34.72	38.61	43.82	57.70	59.77	64.19	57.94	56.55

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	189.76M	249.92M	261.75M	363.11M	521.2M	554.03M	770.5M	752.2M	807.9M	888.8M
Operating CF Growth %	0.41%	0.32%	0.05%	0.39%	0.44%	0.06%	0.39%	-0.02%	0.07%	0.1%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	153.69M	26.43M	72.64M	106.4M	160.38M	130.82M	389.9M	251.6M	-199.2M	101.4M
Depreciation & Amortization	177.64M	221.77M	261.54M	287.26M	328.07M	376.88M	522.7M	600.3M	660M	680.7M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-122.2M	770K	-7.93M	7.96M	25.76M	19.73M	-111.4M	106.5M	491.5M	96.2M
Working Capital Changes	-19.36M	947K	-64.49M	-38.51M	6.99M	26.6M	-30.7M	-206.2M	-144.4M	10.5M
Cash from Investing+	-420.68M	-1.61B	-401.64M	-733.74M	-1.05B	-2.5B	-2.35B	-3.08B	-935M	-295.2M
Acquisitions (Net)	0	-1.49B	-120.38M	-320.27M	-472.68M	-1.95B	-1.65B	-2.21B	-51.4M	-68.8M
Purchase of Investments	-517.7M	-223.43M	-288.54M	-473.43M	-630M	-585.76M	-987.6M	-1.03B	-1.08B	-684.7M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-4.35M	2.6M	-1.3M	4.1M	-13.58M	-33.48M	0	0	10.8M	6.6M
Cash from Financing+	192.55M	1.34B	141.56M	409.9M	505.88M	2B	1.57B	2.35B	78.4M	-571.6M
Dividends Paid	-162.49M	-193.74M	-224.48M	-242.81M	-276.7M	-313.14M	-390.8M	-434.2M	-476.4M	-492.7M
Common Dividends	-162.49M	-193.74M	-224.48M	-242.81M	-276.7M	-313.1M	-390.8M	-434.2M	-476.4M	-492.7M
Debt Issuance (Net)	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K
Share Repurchases	-121.44M	0	-114.16M	-4.11M	-2.67M	-2M	0	0	-12.8M	0
Other Financing	-7.28M	-26.64M	-9.67M	-4.15M	-17.22M	-6.23M	-43.9M	-57.3M	-6.6M	-15M
Net Change in Cash+	-38.37M	-36.92M	1.96M	38.75M	-27.43M	57.81M	-14.4M	12.2M	-47.7M	21.2M
Exchange Rate Effect	0	-73K	298K	-523K	411K	189K	-200K	-1000K	1000K	-800K
Cash at Beginning	83.46M	45.09M	8.16M	23.51M	62.26M	34.83M	92.6M	78.2M	90.4M	42.7M
Cash at End	45.09M	8.16M	10.13M	62.26M	34.83M	92.64M	78.2M	90.4M	42.7M	63.9M
Free Cash Flow+	189.76M	249.92M	261.75M	363.11M	521.2M	554.03M	770.5M	752.2M	807.9M	888.8M
FCF Growth %	0.41%	0.32%	0.05%	0.39%	0.44%	0.06%	0.39%	-0.02%	0.07%	0.1%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	6.15	3.7	4.31	4.67	5.3	5.11	8.02	6.87	3.61	6.05
FFO Payout Ratio	49.23%	78.89%	67.97%	63.35%	59.02%	62.79%	43.28%	51.46%	106.65%	64.01%
NOI Margin	57.59%	56.37%	56.34%	55.42%	56.27%	55.61%	50.92%	48.25%	46.96%	46.83%
Net Debt / EBITDA	6.83x	7.76x	6.67x	5.75x	3.62x	4.49x	5.71x	6.09x	6.35x	6.07x
Debt / Assets	54.66%	52.19%	49.7%	45.48%	43.12%	41.83%	41.51%	41.72%	45.91%	44.43%
Interest Coverage	1.39x	1.43x	1.51x	1.84x	4.43x	4.95x	2.75x	2.38x	1.70x	1.49x
Book Value / Share	28.61	35.62	34.72	38.61	43.82	57.7	59.77	64.19	57.94	56.55
Revenue Growth	40.23%	23.81%	17.87%	15.04%	13.14%	10.51%	63.47%	29.82%	8.34%	0.67%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
MH	-	-	-	-	-	-	1.08B	1.47B	1.56B	1.15B
MH Growth	-	-	-	-	-	-	-	36.22%	5.64%	-26.27%
Marinas	-	-	-	-	-	-	565.41M	788.5M	940.4M	960.6M
Marinas Growth	-	-	-	-	-	-	-	39.46%	19.26%	2.15%
RV	-	-	-	-	-	-	606.47M	706.5M	726.3M	697.6M
RV Growth	-	-	-	-	-	-	-	16.49%	2.80%	-3.95%
Real Property Operations	39.7M	58.2M	78M	106.2M	1.02B	1.16B	-	-	-	-
Real Property Operations Growth	-	46.60%	34.02%	36.15%	864.72%	13.22%	-	-	-	-
Home Sales and Home Rentals	125.96M	158.29M	177.96M	219.69M	239.51M	238.34M	-	-	-	-
Home Sales and Home Rentals Growth	-	25.66%	12.43%	23.45%	9.02%	-0.49%	-	-	-	-

Frequently Asked Questions

Valuation & Price

Sun Communities, Inc. (SUI) has a price-to-earnings (P/E) ratio of 179.4x. This suggests investors expect higher future growth.

Growth & Financials

Sun Communities, Inc. (SUI) reported $2.51B in revenue for fiscal year 2024. This represents a 800% increase from $279.1M in 2011.

Sun Communities, Inc. (SUI) grew revenue by 0.7% over the past year. Growth has been modest.

Yes, Sun Communities, Inc. (SUI) is profitable, generating $1.02B in net income for fiscal year 2024 (2.8% net margin).

Dividend & Returns

Yes, Sun Communities, Inc. (SUI) pays a dividend with a yield of 3.04%. This makes it attractive for income-focused investors.

Sun Communities, Inc. (SUI) has a return on equity (ROE) of 1.2%. This is below average, suggesting room for improvement.

Industry Metrics

Sun Communities, Inc. (SUI) generated Funds From Operations (FFO) of $1.57B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Sun Communities, Inc. (SUI) offers a 3.04% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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