Revenue volatility remains a primary concern, as evidenced by the 30.4% year-over-year decline in 2025Q4 and erratic NOI margins that fluctuated between 37.8% and 69.3% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 2.32B | 2.31B | 3.2B | 3.18B | 2.93B | 2.26B | 1.38B | 1.25B | 1.11B | 961.39M | 815.66M | 658.79M | 469.8M | 409.64M | 327.93M | 279.09M | 257.43M | 256.61M | 254.29M | 235.96M | 227.78M | 211.96M | 204.54M | 194.59M | 159.63M | 150.46M | 142.78M | 130.19M | 117.91M | 96.24M | 73.2M |
| Revenue Growth % | -22.51% | -27.94% | 0.67% | 8.34% | 29.82% | 63.47% | 10.51% | 13.14% | 15.04% | 17.87% | 23.81% | 40.23% | 14.69% | 24.92% | 17.5% | 8.42% | 0.32% | 0.91% | 7.77% | 3.59% | 7.46% | 3.63% | 5.12% | 21.9% | 6.1% | 5.38% | 9.67% | 10.41% | 22.52% | 31.48% | 62.3% |
| Property Operating Expenses | 1.12B | 2.09B | 1.7B | 1.69B | 1.52B | 1.11B | 613.89M | 547.24M | 493.05M | 419.75M | 355.89M | 279.4M | 206.96M | 178.14M | 141.1M | 118.33M | 108.72M | 107.49M | 105.19M | 97.27M | 63.83M | 60.05M | 56.2M | 53.72M | 33.39M | 29.02M | 27.83M | 26.57M | 25.48M | 21.11M | 15.97M |
| Net Operating Income (NOI) | 1.21B | 213.5M | 1.5B | 1.49B | 1.42B | 1.15B | 768.91M | 704.04M | 612.92M | 541.64M | 459.78M | 379.39M | 262.84M | 231.5M | 186.83M | 160.77M | 148.71M | 149.12M | 149.1M | 138.69M | 163.95M | 151.91M | 148.34M | 140.87M | 126.24M | 121.43M | 114.94M | 103.61M | 92.43M | 75.13M | 57.23M |
| NOI Margin % | 51.93% | 9.26% | 46.83% | 46.96% | 48.25% | 50.92% | 55.61% | 56.27% | 55.42% | 56.34% | 56.37% | 57.59% | 55.95% | 56.51% | 56.97% | 57.6% | 57.77% | 58.11% | 58.64% | 58.78% | 71.98% | 71.67% | 72.52% | 72.39% | 79.08% | 80.71% | 80.51% | 79.59% | 78.39% | 78.06% | 78.18% |
| Operating Expenses | 650M | -268.7M | 976M | 932.1M | 859.2M | 704M | 109.5M | 92.78M | 368.69M | 345.51M | 285.43M | 225.09M | 171.11M | 145.93M | 118.03M | 101.47M | 93.68M | 90.91M | 87.52M | 83.18M | 110.76M | 97.18M | -174.48M | -169.33M | -118.34M | 109.05M | 103.16M | 68.29M | 28.16M | 47.2M | 35.28M |
| G&A Expenses | 248.1M | 236.7M | 295.3M | 272.1M | 257.4M | 181.3M | 109.62M | 92.78M | 81.43M | 83.97M | 63.66M | 47.45M | 37.39M | 35.85M | 28.35M | 27.27M | 24.81M | 25.9M | 23.1M | 20.7M | 22.95M | 20.77M | 20.63M | 16.56M | 5.22M | 4.63M | 4.08M | 6.32M | 3.34M | 4.52M | 3.46M |
| EBITDA | 1.07B | 990.1M | 1.2B | 1.22B | 1.16B | 969.8M | 1.03B | 918.54M | 520.3M | 454.24M | 393.61M | 328.89M | 222.73M | 190.77M | 155.29M | 132.78M | 121.9M | 125.73M | 128.54M | 121.51M | 116.64M | 112.16M | 372.52M | 356.5M | 284.34M | 46.97M | 12.72M | 64.82M | 89.87M | 48.63M | 36.85M |
| EBITDA Margin % | 46.01% | 42.93% | 37.6% | 38.4% | 39.48% | 42.9% | 74.23% | 73.41% | 47.04% | 47.25% | 48.26% | 49.92% | 47.41% | 46.57% | 47.35% | 47.58% | 47.35% | 49% | 50.55% | 51.5% | 51.21% | 52.91% | 182.12% | 183.21% | 178.13% | 31.22% | 8.91% | 49.79% | 76.22% | 50.53% | 50.35% |
| Depreciation & Amortization | 512.5M | 507.9M | 680.7M | 660M | 601.8M | 522.7M | 367M | 307.28M | 276.07M | 258.11M | 219.27M | 174.59M | 131M | 105.21M | 86.49M | 73.48M | 66.87M | 67.52M | 66.96M | 66.01M | 63.45M | 57.43M | 49.7M | 46.3M | 39.76M | 34.58M | 943K | 29.5M | 25.6M | 20.7M | 14.9M |
| D&A / Revenue % | 22.05% | 22.02% | 21.27% | 20.76% | 20.51% | 23.12% | 26.54% | 24.56% | 24.96% | 26.85% | 26.88% | 26.5% | 27.89% | 25.68% | 26.37% | 26.33% | 25.98% | 26.31% | 26.33% | 27.98% | 27.85% | 27.09% | 24.3% | 23.8% | 24.91% | 22.98% | 0.66% | 22.66% | 21.71% | 21.51% | 20.36% |
| Operating Income | 557M | 482.2M | 522.6M | 560.7M | 556.8M | 447.1M | 659.4M | 611.27M | 244.23M | 196.13M | 174.34M | 154.3M | 91.72M | 85.56M | 68.8M | 59.3M | 55.03M | 58.21M | 61.58M | 55.51M | 53.2M | 54.73M | 322.82M | 310.2M | 244.59M | 12.39M | 11.78M | 35.32M | 64.27M | 27.93M | 21.95M |
| Operating Margin % | 23.96% | 20.91% | 16.33% | 17.64% | 18.97% | 19.78% | 47.69% | 48.85% | 22.08% | 20.4% | 21.37% | 23.42% | 19.52% | 20.89% | 20.98% | 21.25% | 21.38% | 22.69% | 24.22% | 23.52% | 23.35% | 25.82% | 157.82% | 159.41% | 153.22% | 8.23% | 8.25% | 27.13% | 54.51% | 29.02% | 29.99% |
| Interest Expense | 4M | 224.5M | 350.4M | 329.1M | 234M | 162.8M | 133.25M | 137.85M | 132.78M | 130.24M | 122.31M | 110.88M | 76.98M | 76.58M | 71.18M | 67.94M | 65.43M | 62.78M | 3.38M | 65.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 0.78x | 1.20x | 0.34x | 2.15x | 3.55x | 2.25x | 2.16x | 1.92x | 1.64x | 1.26x | 2.48x | 1.42x | 1.27x | 1.12x | 0.99x | 0.95x | 0.93x | 15.52x | 0.85x | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | 317.8M | 306.3M | 100.4M | 449.1M | 52.9M | -130.8M | 359.7M | 313.94M | -10.27M | -17.13M | 20.28M | -120.71M | -17.47M | -11.39M | -10.62M | -8.26M | -7.4M | 0 | 9.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 167.9M | -48.6M | 71.8M | -217.5M | 269.9M | 415.1M | 146.6M | 178.25M | 120.25M | 81.68M | 31.75M | 164.13M | 32.22M | 20.38M | 8.24M | -385K | -3M | -4.57M | -11.66M | -10.04M | -28.5M | -6.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 7.22% | -2.11% | 2.24% | -6.84% | 9.2% | 18.36% | 10.6% | 14.25% | 10.87% | 8.5% | 3.89% | 24.91% | 6.86% | 4.98% | 2.51% | -0.14% | -1.17% | -1.78% | -4.59% | -4.25% | -12.51% | -2.9% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Income Tax | 28.9M | -49.2M | -35.3M | -8.4M | 6.1M | 1.3M | -800K | 873K | 88K | -136K | 283K | 1.16M | 219K | 234K | 249K | 150K | 512K | 413K | 336K | 768K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 17.21% | 101.23% | -49.16% | 3.86% | 2.26% | 0.31% | -0.55% | 0.49% | 0.07% | -0.17% | 0.89% | 0.71% | 0.68% | 1.15% | 3.02% | -38.96% | -17.06% | -9.04% | -2.88% | -7.65% | 0% | 0% | - | - | - | - | - | - | - | - | - |
| Net Income | 1.55B | 1.37B | 89M | -213.3M | 242M | 380.2M | 131.61M | 161.55M | 107.23M | 72.18M | 26.32M | 155.45M | 28.51M | 16.67M | 5.98M | -1.09M | -2.88M | -6.3M | -34.45M | -16.64M | -24.97M | -5.45M | -40.47M | 23.71M | 13.59M | 33.91M | 33.29M | 29.09M | 26.1M | 22.25M | 11.7M |
| Net Margin % | 66.87% | 59.57% | 2.78% | -6.71% | 8.25% | 16.82% | 9.52% | 12.91% | 9.7% | 7.51% | 3.23% | 23.6% | 6.07% | 4.07% | 1.82% | -0.39% | -1.12% | -2.46% | -13.55% | -7.05% | -10.96% | -2.57% | -19.78% | 12.19% | 8.51% | 22.54% | 23.32% | 22.34% | 22.13% | 23.12% | 15.99% |
| Net Income Growth % | 1926.47% | 1443.6% | 141.73% | -188.14% | -36.35% | 188.88% | -18.53% | 50.66% | 48.55% | 174.3% | -83.07% | 445.25% | 71.06% | 178.51% | 651.01% | 62.33% | 54.25% | 81.71% | -106.98% | 33.34% | -357.96% | 86.53% | -270.65% | 74.47% | -59.92% | 1.85% | 14.46% | 11.47% | 17.26% | 90.15% | 0.03% |
| Funds From Operations (FFO) | 2.07B | 1.88B | 769.7M | 446.7M | 843.8M | 902.9M | 498.61M | 468.83M | 383.3M | 330.29M | 245.58M | 330.04M | 159.51M | 121.88M | 92.47M | 72.4M | 63.99M | 61.21M | 32.51M | 49.37M | 38.48M | 51.98M | 9.23M | 70.02M | 53.35M | 68.49M | 34.24M | 58.59M | 51.7M | 42.95M | 26.6M |
| FFO Margin % | 88.92% | 81.6% | 24.05% | 14.05% | 28.75% | 39.94% | 36.06% | 37.47% | 34.66% | 34.36% | 30.11% | 50.1% | 33.95% | 29.75% | 28.2% | 25.94% | 24.86% | 23.86% | 12.78% | 20.92% | 16.89% | 24.52% | 4.51% | 35.98% | 33.42% | 45.52% | 23.98% | 45% | 43.84% | 44.63% | 36.34% |
| FFO Growth % | 1245.07% | 144.47% | 72.31% | -47.06% | -6.55% | 81.08% | 6.35% | 22.31% | 16.05% | 34.49% | -25.59% | 106.9% | 30.88% | 31.8% | 27.73% | 13.14% | 4.53% | 88.29% | -34.14% | 28.29% | -25.97% | 462.9% | -86.81% | 31.24% | -22.11% | 100.05% | -41.56% | 13.33% | 20.35% | 61.46% | 24.32% |
| FFO per Share | 16.47 | 15.07 | 6.05 | 3.61 | 6.87 | 8.02 | 5.11 | 5.30 | 4.67 | 4.31 | 3.70 | 6.15 | 3.82 | 3.54 | 3.41 | 3.42 | 3.34 | 3.31 | 1.79 | 2.75 | 2.18 | 2.93 | 0.50 | 3.84 | 2.67 | 3.93 | 1.97 | 3.38 | 3.04 | 2.64 | 1.94 |
| FFO Payout Ratio % | 44.46% | 55.5% | 64.01% | 106.65% | 51.46% | 43.28% | 62.79% | 59.02% | 63.35% | 67.97% | 78.89% | 49.23% | 76.09% | 82.38% | 79.34% | 82.92% | 84.04% | 85.7% | 160.36% | 93.86% | 127.54% | 93.31% | 553.61% | 70.2% | 87.67% | 64.19% | 123.77% | 69.3% | 71.77% | 78.57% | 97.6% |
| EPS (Diluted) | 12.38 | 10.84 | 0.71 | -1.72 | 2.00 | 3.36 | 1.34 | 1.83 | 1.31 | 0.85 | 0.26 | 2.52 | 0.54 | 0.31 | 0.18 | -0.05 | -0.15 | -0.34 | -1.90 | -0.93 | -1.42 | -0.31 | -2.19 | 0.75 | 0.68 | 1.94 | 1.91 | 1.68 | 1.55 | 1.37 | 0.85 |
| EPS Growth % | 1675.81% | 1426.76% | 141.28% | -186% | -40.48% | 150.75% | -26.78% | 39.69% | 54.12% | 226.92% | -89.68% | 366.67% | 74.19% | 72.22% | 450.19% | 65.73% | 55.88% | 82.11% | -104.3% | 34.51% | -358.06% | 85.84% | -392% | 10.29% | -64.95% | 1.57% | 13.69% | 8.39% | 13.14% | 61.18% | -28.57% |
| EPS (Basic) | - | 10.84 | 0.71 | -1.73 | 2.00 | 3.36 | 1.34 | 1.83 | 1.32 | 0.85 | 0.27 | 2.53 | 0.54 | 0.31 | 0.19 | -0.05 | -0.15 | -0.34 | -1.90 | -0.93 | -1.42 | -0.31 | -2.22 | 0.75 | 0.68 | 1.96 | 1.92 | 1.69 | 1.55 | 1.38 | 0.85 |
| Diluted Shares Outstanding | 125.5M | 124.9M | 127.2M | 123.8M | 122.9M | 112.6M | 97.52M | 88.46M | 82.04M | 76.71M | 66.32M | 53.7M | 41.8M | 34.41M | 27.13M | 21.15M | 19.17M | 18.48M | 18.18M | 17.94M | 17.64M | 17.72M | 18.48M | 18.22M | 19.99M | 17.44M | 17.39M | 17.34M | 17.03M | 16.24M | 13.73M |
Coastal Insurance Cost Inflation
As reported in recent financial filings, Sun Communities experienced significant revenue fluctuations, including a notable 30.4% year-over-year decline in 2025Q4, suggesting that the company's reliance on transactional home sales and seasonal leisure income creates substantial top-line instability compared to traditional residential REIT peers.
The erratic revenue trajectory appears to be driven by the integration of non-core segments and the cyclical nature of home sales. Investors should monitor whether the core rental base can provide sufficient insulation against these transactional swings, as the current data suggests a decoupling from steady-state growth.
Based on the provided quarterly data, FFO per share has exhibited extreme variance, ranging from a low of -$2.09 in 2023Q4 to a peak of $11.08 in 2025Q2, indicating that non-recurring items and accounting adjustments significantly distort the company's true operational cash generation capacity.
The massive swings in FFO suggest that headline figures are heavily influenced by property dispositions or one-time gains rather than recurring rental income. Analysts should exercise caution when evaluating dividend safety, as the underlying cash flow quality appears inconsistent and potentially decoupled from the reported per-share metrics.
According to the company's income statement data, NOI margins have fluctuated wildly between 37.8% and 69.3% over the last ten quarters, reflecting the operational complexity of managing a diverse portfolio of manufactured housing, RV resorts, and marina assets across varying regulatory environments.
The lack of margin stability suggests that rising operating expenses, particularly insurance and maintenance costs in coastal regions, are exerting pressure on property-level profitability. This volatility implies that the company's cost structure may be more sensitive to external macroeconomic shocks than previously anticipated by the market.
Financial statements indicate that GAAP net income is frequently negative or highly volatile, as evidenced by the -$39.7M net loss in 2025Q1, which highlights the inherent difficulty in assessing SUI's performance through traditional accounting lenses without adjusting for significant real estate depreciation and transactional noise.
The disconnect between net income and operational reality suggests that investors should prioritize normalized FFO metrics while remaining skeptical of headline earnings. The presence of significant non-recurring charges warrants further investigation into whether these are truly one-time events or indicative of structural issues within the portfolio.
Quick answers to the most common questions about buying SUI stock.
For fiscal year 2025, Sun Communities, Inc. (SUI) reported total revenue of $2.31B. This represents a 3050.5% increase compared to $73.2M in 1996.
Sun Communities, Inc. (SUI) is profitable, generating $1.37B in net income for the fiscal year ending 2025 with a net profit margin of 59.6%.
Sun Communities, Inc. (SUI) reported an operating income of $482.2M, resulting in an operating profit margin of 20.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Sun Communities, Inc. (SUI) generated $213.5M in gross profit for the year, representing a gross profit margin of 9.3%. This demonstrates the company's core pricing power and production efficiency.