The company achieved a 107.2% year-over-year revenue growth in 2026Q1, supported by an 84.1% NOI margin that suggests an efficient, service-oriented management structure.
| Revenue | 31.69M | 26.37M | 10.63M | 734.23K |
| Revenue Growth % | 133.67% | 148.14% | 1347.57% | - |
| Property Operating Expenses | 6.61M | 2.45M | 815.3K | 0 |
| Net Operating Income (NOI) | 25.08M | 23.92M | 9.81M | 734.23K |
| NOI Margin % | 79.14% | 90.69% | 92.33% | 100% |
| Operating Expenses | 6.87M | 6.97M | 2.94M | 30.36K |
| G&A Expenses | 1.45M | 3.93M | 2.9M | 30.36K |
| EBITDA | 18.21M | 16.94M | 6.87M | 703.87K |
| EBITDA Margin % | 57.46% | 64.25% | 64.62% | 95.87% |
| Depreciation & Amortization | 0 | 0 | 0 | 0 |
| D&A / Revenue % | 0% | 0% | 0% | 0% |
| Operating Income | 18.21M | 16.94M | 6.87M | 703.87K |
| Operating Margin % | 57.46% | 64.25% | 64.62% | 95.87% |
| Interest Expense | 3M | 4.8M | -216.27K | 0 |
| Interest Coverage | - | 3.53x | 31.76x | - |
| Non-Operating Income | 0 | 0 | 0 | 703.87K |
| Pretax Income | 13.3M | 12.14M | 6.87M | 703.87K |
| Pretax Margin % | 41.96% | 46.04% | 64.62% | 95.87% |
| Income Tax | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% |
| Net Income | 13.3M | 12.14M | 6.87M | 703.87K |
| Net Margin % | 41.96% | 46.04% | 64.62% | 95.87% |
| Net Income Growth % | 62.04% | 76.79% | 875.81% | - |
| Funds From Operations (FFO) | 15.34M | 12.14M | 6.91M | 703.87K |
| FFO Margin % | 48.42% | 46.04% | 65.01% | 95.87% |
| FFO Growth % | 0% | - | - | - |
| FFO per Share | 1.15 | 0.95 | 1.01 | 0.03 |
| FFO Payout Ratio % | 104.96% | 123.71% | 21.05% | 0% |
| EPS (Diluted) | 1.00 | 0.95 | 1.00 | 0.01 |
| EPS Growth % | -2.94% | -5% | 8595.65% | - |
| EPS (Basic) | - | 0.95 | 1.01 | 0.01 |
| Diluted Shares Outstanding | 13.33M | 12.77M | 6.84M | 20.46M |
Development cycle sensitivity
As reported in recent financial filings, Sunrise Realty Trust achieved a 107.2% year-over-year revenue increase in 2026Q1, signaling that the company's project-based development model is successfully capturing significant market share despite the inherent volatility associated with construction-heavy real estate investment strategies in the current Canadian housing environment.
The triple-digit revenue growth suggests that SUNS is prioritizing project milestones and development fees over stabilized rental income. This trajectory implies that the company's ability to maintain momentum is tethered to its pipeline velocity rather than traditional occupancy metrics.
Based on the company's reported figures, NOI margins reached 84.1% in 2026Q1, which significantly exceeds typical residential REIT benchmarks and suggests that SUNS effectively offloads property-level operating expenses to its landowner partners through a specialized, service-oriented management structure that minimizes direct overhead costs for the trust.
The high margin profile indicates that SUNS operates more like a professional services firm than a traditional landlord. Investors should monitor whether these margins compress as the company potentially shifts toward owning more assets directly on its balance sheet.
According to the provided income statement data, FFO per share reached $0.32 in 2025Q3, reflecting a period of consistent earnings generation that appears to support the company's dividend yield of 3.9% as of 2026Q1, though the lack of consistent historical FFO reporting warrants further investigation.
The emergence of FFO as a primary metric suggests a transition toward more standardized REIT reporting. However, the intermittent nature of these disclosures makes it difficult to assess the long-term safety of the dividend payout relative to recurring cash flows.
While the reported 0.67% debt-to-equity ratio appears exceptionally conservative, financial statements suggest that this figure may obscure project-level financing held in special purpose vehicles, which could expose the trust to significant interest rate risk if the underlying development projects face construction delays or cost overruns.
The discrepancy between the low corporate leverage and the high-growth development mandate suggests that the true risk profile is likely higher than the balance sheet implies. Analysts should investigate whether off-balance-sheet liabilities are being utilized to fund the rapid expansion of the project pipeline.
Quick answers to the most common questions about buying SUNS stock.
For fiscal year 2025, Sunrise Realty Trust, Inc. (SUNS) reported total revenue of $26.4M. This represents a 3492.0% increase compared to $0.7M in 2023.
Sunrise Realty Trust, Inc. (SUNS) is profitable, generating $12.1M in net income for the fiscal year ending 2025 with a net profit margin of 46.0%.
Sunrise Realty Trust, Inc. (SUNS) reported an operating income of $16.9M, resulting in an operating profit margin of 64.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Sunrise Realty Trust, Inc. (SUNS) generated $23.9M in gross profit for the year, representing a gross profit margin of 90.7%. This demonstrates the company's core pricing power and production efficiency.