Sun Communities (SUI) Financials

$122.46 -1.82 (-1.47%)

As of 12:26 PM Eastern

Annual Income Statements for Sun Communities

This table shows Sun Communities' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	137	17	65	105	160	132	380	242	-213	89	1,361
Consolidated Net Income / (Loss)	172	31	82	120	177	147	414	264	-209	107	1,430
Net Income / (Loss) Continuing Operations	172	31	82	120	177	147	414	317	-291	33	0.60
Total Pre-Tax Income	39	36	82	120	178	147	415	323	-309	-5.80	-47
Total Operating Income	150	158	73	130	140	136	285	313	-179	407	-227
Total Gross Profit	480	579	575	688	717	784	1,163	1,451	1,728	1,568	1,229
Total Revenue	675	834	983	1,127	1,264	1,398	2,273	2,970	2,284	2,261	2,306
Operating Revenue	675	834	983	1,127	1,264	1,398	2,273	2,970	2,284	2,261	2,306
Total Cost of Revenue	195	255	407	439	547	614	1,109	1,519	556	693	1,077
Operating Cost of Revenue	195	255	407	439	547	614	1,109	1,519	556	693	1,077
Total Operating Expenses	330	421	503	558	577	649	879	1,139	1,907	1,161	1,456
Selling, General & Admin Expense	72	97	96	135	93	110	181	257	214	231	237
Depreciation Expense	178	222	262	287	328	377	523	602	494	491	508
Other Operating Expenses / (Income)	60	70	136	4.88	4.70	9.40	171	4.40	832	394	104
Impairment Charge	-	-	-	0.09	-	-	0.00	3.00	376	248	387
Restructuring Charge	18	32	-	0.00	0.00	23	1.40	25	3.00	0.00	0.00
Other Special Charges / (Income)	2.80	-	8.35	131	151	130	2.20	247	-11	-202	221
Total Other Income / (Expense), net	-111	-122	8.98	-9.30	38	11	130	11	-131	-413	180
Interest & Investment Income	-	-	-	0.79	1.37	1.70	4.00	2.90	-	-	16
Other Income / (Expense), net	0.00	-	8.98	-10	37	9.30	126	12	-127	-62	163
Income Tax Expense	0.16	0.28	-0.14	0.09	0.87	-0.80	1.30	6.10	-9.20	-36	-49
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	82	74	1,430
Other Adjustments to Consolidated Net Income / (Loss)	-	0.50	-	0.00	-	-	-	-53	-	-	0.00
Preferred Stock Dividends Declared	23	14	12	6.22	7.35	6.90	12	11	12	13	13
Net Income / (Loss) Attributable to Noncontrolling Interest	10	0.15	5.06	8.44	9.77	8.90	22	11	-8.10	5.30	56
Basic Earnings per Share	$2.53	$0.27	$0.85	$1.29	$1.80	$1.34	$3.36	$2.00	($1.71)	$0.71	$10.84
Weighted Average Basic Shares Outstanding	53.69M	65.86M	76.08M	81.39M	88.46M	97.50M	112.60M	120.20M	123.40M	124.50M	124.90M
Diluted Earnings per Share	$2.52	$0.26	$0.85	$1.29	$1.80	$1.34	$3.36	$2.00	($1.72)	$0.71	$10.84
Weighted Average Diluted Shares Outstanding	53.70M	66.32M	76.71M	82.04M	88.92M	97.50M	115.10M	122.90M	123.80M	127.20M	124.90M
Weighted Average Basic & Diluted Shares Outstanding	58.39M	73.51M	79.74M	82.04M	88.92M	97.52M	115.96M	124.10M	124.41M	127.38M	123.18M

This table shows Sun Communities' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	120	-81	-27	52	289	-224	-43	1,274	8.50	122	-8.70
Consolidated Net Income / (Loss)	136	-84	-26	58	305	-231	-42	1,330	11	131	-6.30
Net Income / (Loss) Continuing Operations	129	-57	-37	33	278	-232	-23	-92	-3.70	120	-6.30
Total Pre-Tax Income	132	-64	-41	34	271	-257	-27	-118	-2.00	99	1.80
Total Operating Income	143	-11	-51	33	94	-219	-43	-189	-1.90	6.20	24
Total Gross Profit	787	-234	250	308	366	348	244	327	390	269	265
Total Revenue	983	727	469	596	680	746	470	624	697	515	508
Operating Revenue	983	727	469	596	680	746	470	624	697	515	508
Total Cost of Revenue	196	961	220	288	315	398	226	297	307	247	243
Operating Cost of Revenue	196	961	220	288	315	398	226	297	307	247	243
Total Operating Expenses	646	-224	300	276	271	567	287	515	392	262	241
Selling, General & Admin Expense	67	78	62	50	59	77	57	61	56	63	70
Depreciation Expense	163	178	121	123	124	170	124	127	126	131	133
Other Operating Expenses / (Income)	368	-730	7.20	2.30	0.80	-2.30	-	102	0.80	0.80	0.50
Impairment Charge	46	-	20	11	0.00	220	24	166	166	31	0.30
Other Special Charges / (Income)	2.00	249	90	90	88	103	82	58	43	38	38
Total Other Income / (Expense), net	-11	-53	10	1.30	177	-38	16	71	-0.10	93	-22
Interest & Investment Income	-	-	1.40	3.00	2.10	3.00	3.00	3.80	4.30	5.30	6.10
Other Income / (Expense), net	-10	-68	8.60	-1.70	175	-41	13	67	-4.40	87	-28
Income Tax Expense	2.30	-7.70	-3.80	1.40	-8.10	-25	-3.30	-26	1.70	-22	8.10
Net Income / (Loss) Discontinued Operations	-	-	11	26	27	-	-19	1,423	15	11	0.00
Preferred Stock Dividends Declared	3.40	3.30	3.20	3.20	3.20	3.20	3.10	3.20	3.20	3.10	2.70
Net Income / (Loss) Attributable to Noncontrolling Interest	12	-6.60	-1.30	3.10	13	-9.80	-1.90	54	-0.80	5.60	-0.30
Basic Earnings per Share	$0.97	($0.65)	($0.22)	$0.42	$2.31	($1.80)	($0.34)	$10.02	$0.07	$1.09	($0.07)
Weighted Average Basic Shares Outstanding	123.50M	123.40M	123.60M	123.70M	124M	124.50M	126.60M	126.40M	123.90M	124.90M	122.60M
Diluted Earnings per Share	$0.97	($0.65)	($0.22)	$0.42	$2.31	($1.80)	($0.34)	$10.02	$0.07	$1.09	($0.07)
Weighted Average Diluted Shares Outstanding	123.50M	123.80M	126.60M	123.70M	124M	127.20M	129.80M	126.40M	124.10M	124.90M	125.50M
Weighted Average Basic & Diluted Shares Outstanding	124.45M	124.41M	124.63M	124.67M	127.39M	127.38M	127.64M	125.16M	123.67M	123.18M	123.23M
Cash Dividends to Common per Share	-	-	-	-	$0.94	-	$0.94	-	$1.04	-	$1.12

This table details how cash moves in and out of Sun Communities' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-38	-34	-1.80	39	-27	58	-14	21	-49	22	571
Net Cash From Operating Activities	182	241	258	363	477	543	754	735	791	861	864
Net Cash From Continuing Operating Activities	180	241	258	363	477	562	754	735	550	610	808
Net Income / (Loss) Continuing Operations	170	31	82	120	177	147	414	264	-291	33	0.60
Consolidated Net Income / (Loss)	170	31	82	120	177	147	414	264	-209	107	1,430
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	82	74	1,430
Depreciation Expense	175	219	256	274	314	372	512	576	494	491	508
Non-Cash Adjustments To Reconcile Net Income	-142	-24	-34	13	-9.65	13	-151	101	486	90	368
Changes in Operating Assets and Liabilities, net	-12	23	-43	-36	3.70	30	-18	-206	-139	-3.20	-68
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	-	-	241	251	56
Net Cash From Investing Activities	-413	-1,615	-402	-734	-1,010	-2,487	-2,338	-3,063	-920	-267	4,926
Net Cash From Continuing Investing Activities	-413	-1,615	-402	-734	-1,010	-2,487	-2,338	-3,063	-701	-43	-603
Acquisitions	-2.26	-	-	-	-	-1,946	-1,649	-2,211	-47	-22	-462
Purchase of Investments	-	0.00	0.00	-85	-61	-47	-72	-51	-40	-22	-0.90
Sale of Property, Plant & Equipment	101	89	8.58	56	61	68	276	144	60	443	179
Sale and/or Maturity of Investments	7.50	4.71	-	-	-	-	0.00	0.00	104	0.00	0.00
Other Investing Activities, net	-2.09	3.11	-1.30	5.07	-538	-23	-893	-944	-777	-441	-319
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-	-	-	-219	-225	5,529
Net Cash From Financing Activities	193	1,339	142	410	506	2,001	1,570	2,349	80	-572	-5,219
Net Cash From Continuing Financing Activities	529	1,320	142	410	506	2,001	1,570	2,349	104	-547	372
Repayment of Debt	-632	0.00	-854	-1,759	-4,461	-1,612	-4,054	-2,940	-1,954	-3,561	-4,215
Repurchase of Common Equity	-	-	-	-	-	-	1,076	1,210	-0.60	361	-538
Payment of Dividends	162	194	-224	-243	-277	-313	-391	-434	-475	-491	-1,044
Issuance of Debt	805	2,307	846	1,793	4,805	2,078	4,965	4,533	2,524	3,131	625
Other Financing Activities, net	-	20	-25	-	0.00	-13	-28	-19	9.10	13	5,545
Net Cash From Discontinued Financing Activities	-	-	-	-	-	-	-	-	-23	-24	-5,592
Cash Interest Paid	103	125	127	129	140	140	151	223	327	342	246

This table details how cash moves in and out of Sun Communities' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-229	653	-77	-340	-213	727	-94	1,085	-518	97	-408
Net Cash From Operating Activities	223	118	243	311	189	118	244	256	198	167	269
Net Cash From Continuing Operating Activities	-	791	167	-	-	861	139	270	232	167	269
Net Income / (Loss) Continuing Operations	-	-209	0.00	-	-	107	0.00	-	-	0.60	0.00
Non-Cash Adjustments To Reconcile Net Income	-	-	-	-	-	-	0.00	-	-	-	0.00
Net Cash From Discontinued Operating Activities	-	-	76	-	-	-	105	-14	-34	-0.20	0.00
Net Cash From Investing Activities	-236	-102	-127	-193	154	-102	-27	5,344	68	-458	-140
Net Cash From Continuing Investing Activities	-236	-102	-63	-193	154	-102	20	-64	-83	-475	-140
Acquisitions	-3.20	-1.00	-15	-29	-17	4.80	-1.00	-	-5.60	-455	-39
Sale of Property, Plant & Equipment	24	3.50	1.90	-2.00	1.60	442	84	36	18	37	0.00
Other Investing Activities, net	-236	-202	-46	-161	178	-540	-63	-100	-95	-56	-101
Net Cash From Discontinued Investing Activities	-	-	-65	-	-	-	-47	5,408	151	17	0.00
Net Cash From Financing Activities	6.90	-36	-25	-147	-367	-33	-171	-4,245	-552	-252	-267
Net Cash From Continuing Financing Activities	6.90	-36	-24	-147	-367	-33	-119	1,158	-433	-234	-267
Repayment of Debt	-171	-565	-1,652	-340	-1,173	-396	-390	-3,646	-108	-72	-12
Repurchase of Preferred Equity	-	-	-	-	-	-	0.00	-	-	-	-54
Repurchase of Common Equity	-0.10	-0.30	-0.30	-0.30	362	0.10	-0.10	-203	-298	-38	-60
Payment of Dividends	-120	-121	-121	-123	-124	-125	-125	-648	-137	-135	-134
Issuance of Debt	299	653	1,756	318	568	489	356	268	-	-	0.00
Other Financing Activities, net	-0.10	-0.60	-6.30	-1.30	-0.20	-0.70	40	-0.60	5,545	7.50	-6.90
Net Cash From Discontinued Financing Activities	-	-	-1.40	-	-	-	-52	-5,403	-119	-18	0.00
Cash Interest Paid	89	87	87	82	98	74	91	-65	177	42	34
Cash Income Taxes Paid	2.70	2.80	0.60	2.00	0.40	0.40	0.10	1.10	3.40	-	2.00

This table presents Sun Communities' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	4,182	5,871	6,112	6,710	7,802	11,207	13,494	17,084	16,941	16,549	12,523
Total Current Assets	93	89	174	222	158	314	187	617	0.00	0.00	332
Accounts Receivable	48	81	163	160	158	222	-	617	-	-	332
Plant, Property, & Equipment, net	3,238	4,980	5,117	5,547	6,605	9,078	11,426	13,326	13,699	14,094	9,962
Plant, Property & Equipment, gross	4,090	6,007	6,355	6,989	8,292	11,047	13,763	16,065	16,972	14,093	13,560
Accumulated Depreciation	852	1,027	1,238	1,443	1,687	1,969	2,337	2,739	3,273	3,228	3,598
Total Noncurrent Assets	851	802	821	892	1,039	1,814	13,307	3,141	2,820	5,254	2,229
Noncurrent Note & Lease Receivables	140	144	128	107	95	-	470	0.00	56	51	43
Goodwill	-	-	-	-	67	429	495	1,018	733	9.50	9.50
Intangible Assets	-	-	-	-	-	306	307	402	370	103	102
Other Noncurrent Operating Assets	711	658	693	785	877	1,080	12,035	1,721	1,661	629	2,075
Total Liabilities & Shareholders' Equity	4,182	5,871	6,112	6,710	7,802	11,207	13,494	17,084	16,941	16,549	12,523
Total Liabilities	2,562	3,442	3,405	3,479	3,848	5,315	6,475	8,993	9,507	9,097	5,194
Total Current Liabilities	41	52	187	303	199	235	238	508	432	553	359
Accounts Payable	-	-	-	106	127	148	238	396	314	266	228
Dividends Payable	41	52	55	63	72	87	-	111	118	-	131
Total Noncurrent Liabilities	2,521	3,390	3,218	3,176	3,705	5,165	6,237	8,564	9,165	8,544	4,835
Long-Term Debt	2,150	2,920	2,909	2,944	3,373	4,757	5,672	3,218	3,479	3,263	1,787
Noncurrent Deferred Revenue	-	-	-	-	133	188	243	352	345	249	256
Other Noncurrent Operating Liabilities	371	470	309	232	199	221	323	4,994	5,342	5,031	2,793
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	-	-	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	83	67	43	64	78	-	289	203	261	260	256
Total Equity & Noncontrolling Interests	1,537	2,362	2,664	3,167	3,876	5,627	6,731	7,889	7,173	7,193	7,073
Total Preferred & Common Equity	1,456	2,296	2,598	3,107	3,820	5,525	6,624	7,810	7,083	7,082	6,956
Total Common Equity	1,456	2,296	2,598	3,107	3,820	5,790	6,624	7,810	7,083	7,082	6,956
Common Stock	2,320	3,322	3,759	4,400	5,214	7,089	8,177	9,551	9,468	9,866	9,564
Accumulated Other Comprehensive Income / (Loss)	0.00	-3.18	1.10	-4.50	-1.33	3.18	3.10	-9.90	12	-7.90	27
Other Equity Adjustments	-864	-1,023	-1,162	-1,288	-1,393	-1,302	-1,556	-1,731	-2,398	-2,776	-2,635
Noncontrolling Interest	81	67	65	60	56	16	107	79	90	110	117

This table presents Sun Communities' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	16,485	17,364	17,561	17,605	17,113	17,011	17,085	16,506	13,362	12,800	12,359
Total Current Assets	212	717	733	113	469	0.00	0.00	374	346	468	333
Accounts Receivable	-	717	733	-	469	-	-	374	346	468	333
Plant, Property, & Equipment, net	16,224	13,178	13,293	17,136	13,702	18,017	18,127	14,106	14,165	13,982	9,904
Plant, Property & Equipment, gross	16,224	16,046	16,305	17,136	17,113	18,017	18,127	14,106	14,165	13,982	13,598
Accumulated Depreciation	2,612	2,868	3,011	3,145	3,411	3,552	3,636	3,328	3,432	3,496	3,693
Total Noncurrent Assets	2,660	3,469	3,535	3,502	2,942	2,546	2,594	5,354	2,283	1,846	2,121
Noncurrent Note & Lease Receivables	511	-	-	832	57	472	547	49	47	45	42
Goodwill	982	1,093	1,104	1,084	731	732	743	9.50	9.50	9.50	9.50
Intangible Assets	403	393	385	375	362	354	351	101	102	97	98
Other Noncurrent Operating Assets	764	1,984	2,045	1,211	1,793	989	953	719	2,004	1,694	1,973
Total Liabilities & Shareholders' Equity	16,485	17,364	17,561	17,605	17,113	17,011	17,085	16,506	13,362	12,800	12,359
Total Liabilities	8,355	9,295	9,475	9,465	9,830	9,782	9,246	9,235	5,570	5,438	5,299
Total Current Liabilities	504	459	472	498	490	406	513	607	299	413	398
Accounts Payable	393	341	354	380	370	406	391	231	262	282	257
Dividends Payable	111	118	118	118	120	-	122	-	-	131	141
Total Noncurrent Liabilities	7,851	8,916	9,084	8,967	9,425	9,375	8,733	8,629	5,271	5,025	4,901
Long-Term Debt	6,711	7,462	7,614	7,665	4,350	7,853	7,325	7,348	4,284	4,272	1,787
Noncurrent Deferred Revenue	-	434	431	373	480	423	382	327	308	308	327
Other Noncurrent Operating Liabilities	1,140	1,020	1,039	929	4,594	1,099	1,025	953	680	445	2,787
Commitments & Contingencies	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	207	299	298	305	260	260	263	244	258	256	197
Total Equity & Noncontrolling Interests	7,923	7,770	7,789	7,836	7,024	6,970	7,576	7,026	7,534	7,106	6,863
Total Preferred & Common Equity	7,839	7,690	7,708	7,740	6,939	6,884	7,456	6,921	7,410	6,985	6,754
Total Common Equity	7,839	7,690	7,708	7,740	6,939	6,884	7,456	6,921	7,410	6,985	6,754
Common Stock	9,538	9,558	9,569	9,583	9,473	9,482	9,855	9,867	9,746	9,574	9,544
Accumulated Other Comprehensive Income / (Loss)	-70	7.70	38	5.20	6.70	6.00	34	-6.60	44	26	12
Other Equity Adjustments	-1,629	-1,875	-1,898	-1,848	-2,541	-2,604	-2,433	-2,939	-2,380	-2,615	-2,803
Noncontrolling Interest	84	80	80	96	85	86	121	105	124	121	109

This table displays calculated financial ratios and metrics derived from Sun Communities' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	38.99%	23.57%	17.85%	14.68%	12.18%	10.62%	62.53%	30.67%	8.58%	-0.11%	2.02%
EBITDA Growth	30.20%	16.89%	-9.35%	15.10%	25.24%	7.18%	78.00%	-2.09%	-52.50%	70.50%	-46.81%
EBIT Growth	35.54%	5.76%	-48.38%	46.24%	48.07%	-18.08%	183.71%	-21.04%	-165.99%	129.09%	-118.52%
NOPAT Growth	37.98%	5.35%	-53.62%	77.77%	7.51%	-2.04%	108.24%	8.03%	-124.31%	-76.48%	-155.82%
Net Income Growth	419.56%	-81.75%	159.98%	46.86%	47.62%	-16.90%	180.73%	-36.25%	-179.26%	151.22%	1,235.39%
EPS Growth	366.67%	-89.68%	226.92%	51.76%	39.53%	-25.56%	150.75%	-40.48%	-186.00%	141.28%	1,426.76%
Operating Cash Flow Growth	36.71%	32.48%	6.85%	40.75%	31.29%	13.96%	38.71%	-2.48%	7.57%	8.92%	0.37%
Free Cash Flow Firm Growth	-84.82%	-38.40%	86.73%	-72.70%	-219.52%	-185.97%	-325.19%	198.52%	-94.20%	-579.29%	-365.39%
Invested Capital Growth	47.42%	43.21%	4.97%	8.24%	19.84%	43.78%	126.67%	-52.60%	-7.25%	32.83%	39.91%
Revenue Q/Q Growth	6.83%	6.43%	2.44%	2.92%	2.25%	6.26%	7.48%	4.65%	1.65%	0.60%	-29.39%
EBITDA Q/Q Growth	9.37%	2.66%	-26.14%	29.70%	1.89%	-1.72%	1.82%	3.41%	-14.29%	-20.07%	31.94%
EBIT Q/Q Growth	17.05%	3.88%	-59.36%	534.53%	8.57%	-13.54%	0.77%	16.72%	-56.69%	-72.22%	81.94%
NOPAT Q/Q Growth	42.92%	4.66%	-64.21%	591.39%	-7.33%	-11.02%	11.80%	-2.36%	-19.93%	-205.16%	42.96%
Net Income Q/Q Growth	195.26%	-76.16%	12.11%	0.28%	12.72%	-12.43%	1.26%	-3.97%	-72.95%	-57.82%	33.84%
EPS Q/Q Growth	358.18%	-86.46%	16.44%	0.78%	13.21%	-15.19%	2.44%	-4.31%	-70.30%	-61.83%	36.35%
Operating Cash Flow Q/Q Growth	6.69%	6.95%	-6.97%	9.03%	3.59%	0.07%	2.55%	-6.67%	10.10%	0.05%	5.95%
Free Cash Flow Firm Q/Q Growth	32.04%	2.20%	-75.57%	-106.88%	81.52%	-18.18%	-608.98%	338.75%	144.90%	-2,363.31%	-214.89%
Invested Capital Q/Q Growth	1.34%	0.44%	-0.40%	662.57%	8.32%	10.70%	105.64%	-34.64%	-44.51%	-26.16%	-14.38%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	71.14%	69.43%	58.55%	61.02%	56.71%	56.10%	51.19%	48.87%	47.70%	47.17%	53.31%
EBITDA Margin	46.79%	44.25%	34.04%	34.17%	38.15%	36.96%	40.48%	30.33%	13.27%	22.64%	19.26%
Operating Margin	22.18%	18.98%	7.40%	11.50%	11.06%	9.70%	12.53%	10.53%	-3.30%	-2.74%	-9.84%
EBIT Margin	22.18%	18.98%	8.31%	10.60%	13.99%	10.36%	18.09%	10.93%	-6.64%	1.93%	-2.77%
Profit (Net Income) Margin	25.56%	3.77%	8.33%	10.66%	14.03%	10.54%	18.21%	8.88%	-6.48%	3.33%	62.02%
Tax Burden Percent	445.03%	87.59%	100.17%	99.93%	99.51%	100.55%	99.69%	81.60%	103.77%	149.16%	-3,017.30%
Interest Burden Percent	25.90%	22.71%	100.00%	100.66%	100.78%	101.17%	100.97%	99.60%	94.07%	115.25%	74.29%
Effective Tax Rate	0.41%	0.79%	-0.17%	0.07%	0.49%	-0.55%	0.31%	1.89%	0.00%	-49.16%	0.00%
Return on Invested Capital (ROIC)	4.72%	3.43%	1.32%	2.20%	2.07%	1.52%	1.65%	1.74%	-0.68%	-1.07%	-1.42%
ROIC Less NNEP Spread (ROIC-NNEP)	5.96%	-1.48%	1.62%	1.88%	3.28%	1.79%	2.84%	1.31%	-4.93%	3.89%	40.26%
Return on Net Nonoperating Assets (RNNOA)	8.76%	-1.87%	1.87%	1.85%	2.87%	1.55%	4.90%	1.75%	-2.01%	2.51%	20.77%
Return on Equity (ROE)	13.48%	1.55%	3.19%	4.05%	4.94%	3.08%	6.54%	3.49%	-2.69%	1.44%	19.35%
Cash Return on Invested Capital (CROIC)	-33.61%	-32.10%	-3.53%	-5.72%	-15.98%	-34.40%	-75.91%	73.12%	6.84%	-29.28%	-34.69%
Operating Return on Assets (OROA)	4.20%	3.15%	1.36%	1.86%	2.44%	1.52%	3.33%	2.12%	-1.26%	0.37%	-0.44%
Return on Assets (ROA)	4.85%	0.63%	1.37%	1.87%	2.44%	1.55%	3.35%	1.73%	-1.23%	0.64%	9.84%
Return on Common Equity (ROCE)	12.29%	1.44%	3.04%	3.89%	4.76%	3.09%	6.42%	3.34%	-2.58%	1.37%	18.38%
Return on Equity Simple (ROE_SIMPLE)	11.85%	1.37%	3.15%	3.87%	4.64%	2.67%	6.25%	3.38%	-2.95%	1.51%	0.00%
Net Operating Profit after Tax (NOPAT)	149	157	73	129	139	136	284	307	-75	-132	-159
NOPAT Margin	22.09%	18.83%	7.41%	11.49%	11.01%	9.75%	12.49%	10.33%	-2.31%	-4.08%	-6.89%
Net Nonoperating Expense Percent (NNEP)	-1.25%	4.91%	-0.30%	0.32%	-1.22%	-0.27%	-1.19%	0.43%	4.25%	-4.97%	-41.68%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	2.76%	-0.70%	-1.26%	-1.66%
Cost of Revenue to Revenue	28.86%	30.57%	41.45%	38.98%	43.29%	43.90%	48.81%	51.13%	52.30%	52.83%	46.69%
SG&A Expenses to Revenue	10.74%	11.66%	9.81%	12.00%	7.34%	7.83%	7.98%	8.67%	8.44%	9.17%	10.26%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	48.96%	50.45%	51.15%	49.52%	45.64%	46.40%	38.66%	38.34%	51.00%	49.91%	63.15%
Earnings before Interest and Taxes (EBIT)	150	158	82	119	177	145	411	325	-214	62	-64
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	316	369	334	385	482	517	920	901	428	729	444
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.05	2.01	2.41	2.48	3.20	2.37	3.44	2.14	2.28	2.21	2.20
Price to Tangible Book Value (P/TBV)	2.05	2.01	2.41	2.48	3.25	2.71	3.91	2.61	2.70	2.53	2.24
Price to Revenue (P/Rev)	4.42	5.54	6.38	6.84	9.66	9.80	10.02	5.62	5.01	4.86	6.64
Price to Earnings (P/E)	21.70	265.93	96.43	73.04	76.19	104.15	59.89	69.02	0.00	176.01	11.26
Dividend Yield	4.76%	4.11%	3.39%	3.18%	2.23%	2.27%	1.69%	2.61%	2.87%	3.06%	6.50%
Earnings Yield	4.61%	0.38%	1.04%	1.37%	1.31%	0.96%	1.67%	1.45%	0.00%	0.57%	8.88%
Enterprise Value to Invested Capital (EV/IC)	1.39	1.42	1.64	1.75	2.14	1.74	1.20	1.78	1.90	1.38	1.39
Enterprise Value to Revenue (EV/Rev)	7.78	9.19	9.44	9.51	12.43	13.15	12.61	6.80	6.19	5.99	7.88
Enterprise Value to EBITDA (EV/EBITDA)	16.62	20.77	27.73	27.82	32.60	35.58	31.15	22.43	46.68	26.46	40.91
Enterprise Value to EBIT (EV/EBIT)	35.07	48.43	113.57	89.66	88.86	126.89	69.69	62.24	0.00	309.77	0.00
Enterprise Value to NOPAT (EV/NOPAT)	35.22	48.82	127.39	82.74	112.93	134.86	100.92	65.87	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	28.79	31.74	35.96	29.50	32.97	33.84	38.02	27.49	25.26	22.41	21.02
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.57	26.70	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.33	1.20	1.07	0.91	0.85	0.85	0.81	0.40	0.47	0.44	0.34
Long-Term Debt to Equity	1.33	1.20	1.07	0.91	0.85	0.85	0.81	0.40	0.47	0.44	0.34
Financial Leverage	1.47	1.26	1.15	0.99	0.87	0.87	1.73	1.33	0.41	0.65	0.52
Leverage Ratio	2.78	2.48	2.33	2.16	2.02	1.98	1.95	2.02	2.19	2.25	1.97
Compound Leverage Factor	0.72	0.56	2.33	2.17	2.04	2.01	1.97	2.02	2.06	2.59	1.46
Debt to Total Capital	57.04%	54.59%	51.80%	47.68%	46.04%	45.81%	44.69%	28.45%	31.88%	30.45%	25.22%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	57.04%	54.59%	51.80%	47.68%	46.04%	45.81%	44.69%	28.45%	31.88%	30.45%	25.22%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.34%	2.50%	1.93%	2.01%	1.83%	0.15%	3.12%	2.49%	3.22%	3.45%	3.80%
Common Equity to Total Capital	38.62%	42.92%	46.27%	50.31%	52.13%	55.75%	52.19%	69.06%	64.90%	66.09%	70.98%
Debt to EBITDA	6.81	7.91	8.70	7.65	7.00	9.20	6.17	3.57	8.13	4.47	5.57
Net Debt to EBITDA	6.67	7.89	8.67	7.48	7.00	9.03	5.96	3.57	8.13	4.47	5.57
Long-Term Debt to EBITDA	6.81	7.91	8.70	7.65	7.00	9.20	6.17	3.57	8.13	4.47	5.57
Debt to NOPAT	14.43	18.60	39.94	22.74	24.24	34.89	19.98	10.49	-46.67	-24.80	-15.56
Net Debt to NOPAT	14.12	18.54	39.80	22.26	24.24	34.21	19.32	10.49	-46.67	-24.80	-15.56
Long-Term Debt to NOPAT	14.43	18.60	39.94	22.74	24.24	34.89	19.98	10.49	-46.67	-24.80	-15.56
Altman Z-Score	0.99	1.04	1.31	1.54	2.13	1.72	2.37	1.36	1.14	1.22	1.92
Noncontrolling Interest Sharing Ratio	8.82%	7.34%	4.71%	3.91%	3.60%	-0.29%	1.84%	4.48%	4.08%	4.85%	5.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.26	1.72	0.93	0.73	0.79	1.34	0.79	1.22	0.00	0.00	0.00
Quick Ratio	2.26	1.72	0.93	0.73	0.79	0.94	0.79	1.22	0.00	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,062	-1,470	-195	-337	-1,076	-3,078	-13,089	12,895	748	-3,585	-3,886
Operating Cash Flow to CapEx	43.78%	14.88%	64.44%	55.54%	115.90%	115.47%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-9.58	-12.02	0.00	0.00	0.00	0.00	0.00	3,070.19	226.68	0.00	0.00
Operating Cash Flow to Interest Expense	1.64	1.97	0.00	0.00	0.00	0.00	0.00	174.98	239.55	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-2.11	-11.29	0.00	0.00	0.00	0.00	0.00	209.14	258.42	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.19	0.17	0.16	0.18	0.17	0.15	0.18	0.19	0.19	0.19	0.16
Accounts Receivable Turnover	13.51	12.91	8.03	6.96	7.95	7.37	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.25	0.20	0.19	0.21	0.21	0.18	0.22	0.24	0.24	0.20	0.16
Accounts Payable Turnover	0.00	0.00	0.00	0.00	4.69	4.45	5.75	4.79	4.75	5.46	4.36
Days Sales Outstanding (DSO)	27.01	28.27	45.45	52.41	45.91	49.54	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	77.89	81.97	63.49	76.17	76.84	66.90	83.71
Cash Conversion Cycle (CCC)	27.01	28.27	45.45	52.41	-31.98	-32.43	-63.49	-76.17	-76.84	-66.90	-83.71
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,766	5,393	5,660	6,127	7,342	10,557	23,930	11,342	10,519	13,973	13,067
Invested Capital Turnover	0.21	0.18	0.18	0.19	0.19	0.16	0.13	0.17	0.30	0.26	0.21
Increase / (Decrease) in Invested Capital	1,211	1,627	268	466	1,216	3,215	13,373	-12,588	-823	3,454	3,727
Enterprise Value (EV)	5,248	7,664	9,277	10,710	15,717	18,387	28,651	20,203	19,970	19,299	18,168
Market Capitalization	2,980	4,619	6,270	7,705	12,210	13,706	22,771	16,704	16,140	15,665	15,324
Book Value per Share	$26.69	$31.43	$32.75	$35.98	$42.12	$58.91	$57.12	$63.04	$56.92	$55.59	$56.25
Tangible Book Value per Share	$26.69	$31.43	$32.75	$35.98	$41.38	$51.44	$50.20	$51.57	$48.06	$48.60	$55.35
Total Capital	3,769	5,349	5,615	6,175	7,327	10,384	12,691	11,309	10,913	10,716	9,801
Total Debt	2,150	2,920	2,909	2,944	3,373	4,757	5,672	3,218	3,479	3,263	2,472
Total Long-Term Debt	2,150	2,920	2,909	2,944	3,373	4,757	5,672	3,218	3,479	3,263	2,472
Net Debt	2,105	2,911	2,898	2,882	3,373	4,664	5,485	3,218	3,479	3,263	2,472
Capital Expenditures (CapEx)	416	1,622	400	654	411	471	-276	-144	-62	-444	-179
Debt-free, Cash-free Net Working Capital (DFCFNWC)	6.71	29	-24	-143	-41	-14	-238	110	-432	-310	-228
Debt-free Net Working Capital (DFNWC)	52	37	-14	-81	-41	79	-51	110	-432	-310	-228
Net Working Capital (NWC)	52	37	-14	-81	-41	79	-51	110	-432	-310	-228
Net Nonoperating Expense (NNE)	-23	126	-9.00	9.30	-38	-11	-130	43	135	-239	-1,589
Net Nonoperating Obligations (NNO)	2,146	2,963	2,954	2,896	3,389	4,930	16,910	3,250	3,085	6,520	5,738
Total Depreciation and Amortization (D&A)	166	211	253	266	305	372	509	576	642	667	508
Debt-free, Cash-free Net Working Capital to Revenue	0.99%	3.51%	-2.44%	-12.70%	-3.25%	-0.99%	-10.45%	3.69%	-13.39%	-9.63%	-9.89%
Debt-free Net Working Capital to Revenue	7.68%	4.49%	-1.41%	-7.18%	-3.25%	5.64%	-2.23%	3.69%	-13.39%	-9.63%	-9.89%
Net Working Capital to Revenue	7.68%	4.49%	-1.41%	-7.18%	-3.25%	5.64%	-2.23%	3.69%	-13.39%	-9.63%	-9.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.53	$0.27	$0.85	$1.29	$1.80	$1.34	$3.36	$2.00	($1.71)	$0.71	$10.84
Adjusted Weighted Average Basic Shares Outstanding	53.69M	65.86M	76.08M	81.39M	88.46M	97.52M	112.58M	120.20M	123.40M	124.50M	124.90M
Adjusted Diluted Earnings per Share	$2.52	$0.26	$0.85	$1.29	$1.80	$1.34	$3.36	$2.00	($1.72)	$0.71	$10.84
Adjusted Weighted Average Diluted Shares Outstanding	53.70M	66.32M	76.71M	82.04M	88.92M	97.52M	115.14M	122.90M	123.80M	127.20M	124.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	58.39M	73.51M	79.74M	86.38M	93.32M	107.62M	115.96M	124.10M	124.41M	127.38M	123.18M
Normalized Net Operating Profit after Tax (NOPAT)	170	189	57	260	290	202	287	577	424	379	266
Normalized NOPAT Margin	25.13%	22.63%	5.77%	23.07%	22.93%	14.45%	12.65%	19.41%	13.16%	11.78%	11.56%
Pre Tax Income Margin	5.74%	4.31%	8.31%	10.67%	14.10%	10.48%	18.27%	10.89%	-6.25%	2.23%	-2.06%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.35	1.29	0.00	0.00	0.00	0.00	0.00	77.29	-64.91	0.00	0.00
NOPAT to Interest Expense	1.34	1.28	0.00	0.00	0.00	0.00	0.00	73.02	-22.59	0.00	0.00
EBIT Less CapEx to Interest Expense	-2.41	-11.97	0.00	0.00	0.00	0.00	0.00	111.45	-46.03	0.00	0.00
NOPAT Less CapEx to Interest Expense	-2.41	-11.98	0.00	0.00	0.00	0.00	0.00	107.19	-3.71	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-94.21%	-615.61%	274.37%	202.08%	155.99%	212.42%	94.44%	164.59%	-227.83%	460.04%	73.02%
Augmented Payout Ratio	-94.21%	-615.61%	274.37%	202.08%	155.99%	212.42%	-165.51%	-293.93%	-228.12%	122.88%	110.63%

This table displays calculated financial ratios and metrics derived from Sun Communities' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	123,184,632.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	123,184,632.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.07
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.44%	7.77%	3.09%	0.07%	-4.41%	2.64%	0.21%	4.56%	2.47%	0.12%	8.02%
EBITDA Growth	-10.71%	-52.89%	26.22%	519.34%	58.78%	-191.09%	19.09%	-96.24%	-69.50%	7.43%	36.09%
EBIT Growth	-26.73%	-240.39%	37.50%	126.04%	123.57%	-229.78%	29.59%	-491.00%	-102.34%	8.46%	85.42%
NOPAT Growth	-15.61%	-166.34%	-184.48%	137.28%	-11.10%	-1,911.01%	15.64%	-519.96%	-101.37%	-96.73%	-175.82%
Net Income Growth	-23.39%	-2,205.00%	47.21%	127.52%	125.07%	-174.35%	-63.14%	2,177.91%	-96.43%	156.54%	84.86%
EPS Growth	-26.52%	-1,183.33%	38.89%	125.00%	138.14%	-176.92%	-54.55%	2,285.71%	-96.97%	160.56%	79.41%
Operating Cash Flow Growth	41.32%	160.75%	24.68%	21.89%	-15.16%	0.34%	0.58%	-17.76%	4.55%	41.10%	10.41%
Free Cash Flow Firm Growth	73.62%	-93.53%	1,089.32%	-352.41%	110.78%	-542.62%	-157.13%	207.49%	2,706.27%	-363.67%	316.33%
Invested Capital Growth	9.24%	-7.25%	-25.05%	18.40%	-0.18%	32.83%	18.67%	-17.23%	-19.35%	39.91%	-35.09%
Revenue Q/Q Growth	13.89%	-26.10%	-7.64%	28.71%	8.78%	-20.64%	-36.96%	32.60%	11.82%	-26.10%	-1.42%
EBITDA Q/Q Growth	638.32%	-66.51%	345.09%	70.47%	103.83%	-119.21%	204.67%	-93.84%	1,967.24%	86.99%	-42.82%
EBIT Q/Q Growth	160.48%	-159.59%	86.89%	286.89%	419.30%	-187.91%	88.66%	-312.20%	94.82%	1,585.71%	-104.59%
NOPAT Q/Q Growth	190.65%	-105.45%	65.43%	266.30%	116.16%	-223.19%	80.57%	-342.96%	98.99%	667.98%	-1,188.81%
Net Income Q/Q Growth	163.90%	-162.09%	80.23%	329.02%	422.60%	-175.69%	81.99%	3,297.84%	-99.18%	1,098.17%	-104.82%
EPS Q/Q Growth	157.74%	-167.01%	77.78%	290.91%	450.00%	-177.92%	81.11%	3,047.06%	-99.30%	1,457.14%	-106.42%
Operating Cash Flow Q/Q Growth	-12.69%	-47.26%	106.21%	28.37%	-39.22%	-37.63%	106.69%	4.96%	-22.73%	-15.82%	61.74%
Free Cash Flow Firm Q/Q Growth	-230.16%	155.68%	202.72%	-173.43%	105.56%	-2,385.16%	38.79%	239.46%	18.85%	-201.64%	228.42%
Invested Capital Q/Q Growth	20.44%	-44.51%	-22.24%	59.70%	1.54%	-26.16%	-0.90%	11.38%	-1.05%	-14.38%	-31.22%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	80.06%	-32.24%	46.55%	46.44%	48.66%	46.68%	51.94%	52.38%	55.92%	52.14%	52.12%
EBITDA Margin	30.00%	13.60%	20.08%	26.60%	49.84%	-12.07%	20.03%	0.93%	17.20%	43.52%	25.24%
Operating Margin	14.50%	-1.50%	-7.37%	6.85%	12.91%	-29.39%	-9.06%	-30.26%	-0.27%	1.20%	4.63%
EBIT Margin	13.46%	-10.86%	-4.54%	6.60%	31.49%	-34.88%	-6.27%	-19.50%	-0.90%	18.17%	-0.85%
Profit (Net Income) Margin	13.79%	-11.59%	-3.80%	6.76%	32.47%	-30.97%	-8.85%	213.36%	1.56%	25.35%	-1.24%
Tax Burden Percent	103.04%	130.95%	87.63%	97.33%	102.38%	89.81%	156.98%	-1,129.29%	-545.00%	132.05%	-350.00%
Interest Burden Percent	99.40%	81.50%	95.41%	105.26%	100.71%	98.85%	89.83%	96.88%	31.75%	105.66%	-41.86%
Effective Tax Rate	1.75%	0.00%	0.00%	2.67%	-2.68%	0.00%	0.00%	0.00%	0.00%	-21.84%	450.00%
Return on Invested Capital (ROIC)	2.49%	-0.31%	-1.23%	1.26%	2.24%	-5.41%	-1.60%	-4.04%	-0.04%	0.30%	-3.32%
ROIC Less NNEP Spread (ROIC-NNEP)	2.44%	-2.73%	-1.08%	1.27%	3.89%	-7.03%	-1.82%	11.32%	0.09%	3.53%	-1.54%
Return on Net Nonoperating Assets (RNNOA)	3.01%	-1.11%	-0.83%	1.58%	5.33%	-4.53%	-1.37%	14.35%	0.12%	1.82%	-0.91%
Return on Equity (ROE)	5.50%	-1.42%	-2.06%	2.84%	7.57%	-9.94%	-2.97%	10.31%	0.08%	2.12%	-4.24%
Cash Return on Invested Capital (CROIC)	-9.18%	6.84%	27.91%	-15.98%	0.84%	-29.28%	-17.96%	17.62%	19.79%	-34.69%	41.57%
Operating Return on Assets (OROA)	2.51%	-2.06%	-0.86%	1.24%	5.81%	-6.71%	-1.20%	-4.17%	-0.20%	2.88%	-0.14%
Return on Assets (ROA)	2.57%	-2.20%	-0.72%	1.27%	5.99%	-5.96%	-1.70%	45.65%	0.34%	4.02%	-0.20%
Return on Common Equity (ROCE)	5.27%	-1.36%	-1.97%	2.70%	7.20%	-9.46%	-2.83%	9.81%	0.08%	2.02%	-4.04%
Return on Equity Simple (ROE_SIMPLE)	-1.56%	0.00%	-2.68%	1.22%	3.41%	0.00%	1.31%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	140	-7.63	-35	58	125	-153	-30	-132	-1.33	7.55	-82
NOPAT Margin	14.25%	-1.05%	-5.16%	6.67%	13.25%	-20.57%	-6.34%	-21.19%	-0.19%	1.47%	-16.19%
Net Nonoperating Expense Percent (NNEP)	0.05%	2.42%	-0.15%	-0.01%	-1.65%	1.61%	0.21%	-15.36%	-0.13%	-3.23%	-1.79%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.07%	-	-	-	-1.47%	-0.21%	-1.12%	-0.01%	0.08%	-0.95%
Cost of Revenue to Revenue	19.94%	132.24%	53.45%	53.56%	51.34%	53.32%	48.06%	47.62%	44.08%	47.86%	47.88%
SG&A Expenses to Revenue	6.81%	10.77%	11.69%	7.56%	7.96%	10.28%	12.12%	9.82%	8.00%	12.17%	13.68%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	65.68%	-30.88%	53.93%	39.58%	35.76%	76.07%	61.00%	82.65%	56.20%	50.93%	47.49%
Earnings before Interest and Taxes (EBIT)	132	-79	-31	57	296	-260	-30	-122	-6.30	94	-4.30
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	295	99	135	230	468	-90	94	5.80	120	224	128
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.85	2.28	2.29	2.18	2.26	2.21	2.37	2.18	2.31	2.20	2.30
Price to Tangible Book Value (P/TBV)	2.28	2.70	2.72	2.59	2.65	2.53	2.41	2.21	2.35	2.24	2.33
Price to Revenue (P/Rev)	4.51	5.01	4.89	4.62	5.26	4.86	5.09	4.97	4.94	6.64	6.62
Price to Earnings (P/E)	0.00	0.00	0.00	234.72	72.47	176.01	222.63	12.47	15.91	11.26	11.12
Dividend Yield	3.19%	2.87%	2.92%	3.11%	2.77%	3.06%	2.92%	6.21%	6.17%	6.50%	6.54%
Earnings Yield	0.00%	0.00%	0.00%	0.43%	1.38%	0.57%	0.45%	8.02%	6.29%	8.88%	8.99%
Enterprise Value to Invested Capital (EV/IC)	1.17	1.90	1.76	1.24	1.30	1.38	1.74	1.35	1.36	1.39	1.96
Enterprise Value to Revenue (EV/Rev)	7.01	6.19	6.34	7.15	7.67	5.99	7.47	6.40	6.37	7.88	7.51
Enterprise Value to EBITDA (EV/EBITDA)	44.58	46.68	45.26	31.38	26.91	26.46	31.77	34.13	61.78	40.91	36.83
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	382.15	109.49	309.77	322.39	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	154.10	196.29	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	30.99	25.26	24.53	25.94	28.54	22.41	27.93	25.79	25.49	21.02	19.80
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	26.70	5.41	0.00	155.02	0.00	0.00	6.94	6.15	0.00	3.71
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.94	0.47	0.60	1.09	0.93	0.44	1.01	0.55	0.58	0.34	0.25
Long-Term Debt to Equity	0.94	0.47	0.60	1.09	0.93	0.44	1.01	0.55	0.58	0.34	0.25
Financial Leverage	1.23	0.41	0.77	1.24	1.37	0.65	0.75	1.27	1.25	0.52	0.59
Leverage Ratio	2.10	2.19	2.25	2.26	2.17	2.25	2.31	2.02	1.97	1.97	2.01
Compound Leverage Factor	2.08	1.79	2.14	2.38	2.19	2.22	2.08	1.96	0.62	2.08	-0.84
Debt to Total Capital	48.50%	31.88%	37.39%	52.07%	48.30%	30.45%	50.27%	35.47%	36.72%	25.22%	20.20%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	48.50%	31.88%	37.39%	52.07%	48.30%	30.45%	50.27%	35.47%	36.72%	25.22%	20.20%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.53%	3.22%	2.96%	2.29%	2.53%	3.45%	2.39%	3.17%	3.24%	3.80%	3.46%
Common Equity to Total Capital	48.97%	64.90%	59.64%	45.64%	49.17%	66.09%	47.35%	61.36%	60.04%	70.98%	76.34%
Debt to EBITDA	15.36	8.13	9.57	10.62	8.03	4.47	9.69	7.02	12.69	5.57	3.74
Net Debt to EBITDA	15.13	8.13	9.57	10.62	8.03	4.47	9.69	7.02	12.69	5.57	3.74
Long-Term Debt to EBITDA	15.36	8.13	9.57	10.62	8.03	4.47	9.69	7.02	12.69	5.57	3.74
Debt to NOPAT	-123.31	-46.67	-43.80	52.17	58.55	-24.80	-65.10	-20.28	-15.33	-15.56	-15.87
Net Debt to NOPAT	-121.50	-46.67	-43.80	52.17	58.55	-24.80	-65.10	-20.28	-15.33	-15.56	-15.87
Long-Term Debt to NOPAT	-123.31	-46.67	-43.80	52.17	58.55	-24.80	-65.10	-20.28	-15.33	-15.56	-15.87
Altman Z-Score	1.09	1.16	1.15	1.09	1.30	1.15	1.24	1.96	2.04	1.96	1.94
Noncontrolling Interest Sharing Ratio	4.25%	4.08%	4.71%	4.73%	4.91%	4.85%	4.76%	4.84%	5.01%	5.03%	4.57%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.23	0.00	0.96	0.00	0.00	0.00	0.62	1.16	1.13	0.00	0.84
Quick Ratio	0.23	0.00	0.96	0.00	0.00	0.00	0.62	1.16	1.13	0.00	0.84
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,464	815	3,866	-2,839	158	-3,607	-2,208	3,079	3,660	-3,720	4,777
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	15,565.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-1,829.74	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	278.75	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	309.25	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.19	0.19	0.19	0.19	0.18	0.19	0.19	0.21	0.22	0.16	0.16
Accounts Receivable Turnover	0.00	0.00	5.47	0.00	0.00	0.00	7.65	0.00	0.00	0.00	6.63
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.19	0.24	0.24	0.21	0.18	0.20	0.23	0.20	0.20	0.16	0.20
Accounts Payable Turnover	2.83	4.75	4.77	5.21	5.88	5.46	5.68	5.14	5.08	4.36	4.48
Days Sales Outstanding (DSO)	0.00	0.00	66.70	0.00	0.00	0.00	47.74	0.00	0.00	0.00	55.04
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	129.00	76.84	76.48	70.02	62.08	66.90	64.29	71.04	71.84	83.71	81.46
Cash Conversion Cycle (CCC)	-129.00	-76.84	-9.78	-70.02	-62.08	-66.90	-16.56	-71.04	-71.84	-83.71	-26.42
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	18,956	10,519	11,669	18,635	18,922	13,973	13,847	15,423	15,261	13,067	8,988
Invested Capital Turnover	0.17	0.30	0.24	0.19	0.17	0.26	0.25	0.19	0.19	0.21	0.21
Increase / (Decrease) in Invested Capital	1,604	-823	-3,901	2,896	-33	3,454	2,178	-3,212	-3,661	3,727	-4,859
Enterprise Value (EV)	22,252	19,970	20,571	23,196	24,558	19,299	24,083	20,811	20,794	18,168	17,610
Market Capitalization	14,299	16,140	15,876	14,998	16,849	15,665	16,386	16,145	16,145	15,324	15,516
Book Value per Share	$62.21	$56.92	$56.14	$55.24	$59.80	$55.59	$54.34	$58.05	$55.81	$56.25	$54.82
Tangible Book Value per Share	$50.48	$48.06	$47.29	$46.52	$51.03	$48.60	$53.47	$57.18	$54.96	$55.35	$53.95
Total Capital	15,805	10,913	11,634	15,082	15,164	10,716	14,618	12,076	11,634	9,801	8,847
Total Debt	7,665	3,479	4,350	7,853	7,325	3,263	7,348	4,284	4,272	2,472	1,787
Total Long-Term Debt	7,665	3,479	4,350	7,853	7,325	3,263	7,348	4,284	4,272	2,472	1,787
Net Debt	7,552	3,479	4,350	7,853	7,325	3,263	7,348	4,284	4,272	2,472	1,787
Capital Expenditures (CapEx)	-24	-3.50	-2.00	2.00	-1.60	-442	-88	-36	-18	-37	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-498	-432	-21	-406	-513	-310	-233	47	55	-228	-65
Debt-free Net Working Capital (DFNWC)	-386	-432	-21	-406	-513	-310	-233	47	55	-228	-65
Net Working Capital (NWC)	-386	-432	-21	-406	-513	-310	-233	47	55	-228	-65
Net Nonoperating Expense (NNE)	4.51	77	-9.15	-0.78	-181	78	12	-1,462	-12	-123	-76
Net Nonoperating Obligations (NNO)	10,815	3,085	4,385	11,405	11,083	6,520	6,577	7,631	7,899	5,738	1,928
Total Depreciation and Amortization (D&A)	163	178	165	173	172	170	124	127	126	131	133
Debt-free, Cash-free Net Working Capital to Revenue	-15.71%	-13.39%	-0.65%	-12.52%	-16.03%	-9.63%	-7.23%	1.45%	1.68%	-9.89%	-2.76%
Debt-free Net Working Capital to Revenue	-12.16%	-13.39%	-0.65%	-12.52%	-16.03%	-9.63%	-7.23%	1.45%	1.68%	-9.89%	-2.76%
Net Working Capital to Revenue	-12.16%	-13.39%	-0.65%	-12.52%	-16.03%	-9.63%	-7.23%	1.45%	1.68%	-9.89%	-2.76%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.31	($0.65)	($0.22)	$0.42	$2.31	($1.80)	($0.34)	$10.02	$0.07	$1.09	($0.07)
Adjusted Weighted Average Basic Shares Outstanding	123.50M	123.40M	123.60M	123.70M	124M	124.50M	126.60M	126.40M	123.90M	124.90M	122.60M
Adjusted Diluted Earnings per Share	$1.31	($0.65)	($0.22)	$0.42	$2.31	($1.80)	($0.34)	$10.02	$0.07	$1.09	($0.07)
Adjusted Weighted Average Diluted Shares Outstanding	123.50M	123.80M	126.60M	123.70M	124M	127.20M	129.80M	126.40M	124.10M	124.90M	125.50M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	124.45M	124.41M	124.63M	124.67M	127.39M	127.38M	127.64M	125.16M	123.67M	123.18M	123.23M
Normalized Net Operating Profit after Tax (NOPAT)	187	167	48	157	147	73	44	25	145	52	44
Normalized NOPAT Margin	19.04%	22.96%	7.10%	18.11%	15.60%	9.72%	9.45%	4.00%	20.79%	10.12%	8.57%
Pre Tax Income Margin	13.38%	-8.85%	-4.33%	6.94%	31.72%	-34.48%	-5.64%	-18.89%	-0.29%	19.20%	0.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	165.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	175.13	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	196.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	205.63	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-387.92%	-227.83%	-259.90%	576.51%	192.67%	460.04%	545.93%	74.99%	96.91%	73.02%	71.85%
Augmented Payout Ratio	-388.34%	-228.12%	-260.39%	577.70%	50.61%	122.88%	148.90%	63.34%	143.74%	110.63%	112.65%

Financials Breakdown Chart

Key Financial Trends

Sun Communities (NYSE: SUI) has shown meaningful activity across revenue, cash flow, and balance sheet metrics over the last four years of quarterly reports. The bullets below highlight notable trends for retail investors, focusing on what may positively or negatively impact the stock.

The quarterly dividend per common share rose to 1.04 USD in Q4 2025, signaling a stronger cash return to shareholders.
Q4 2025 net cash from continuing operating activities was about $166.7 million, indicating solid cash generation from core operations.
Q4 2025 posted a positive net change in cash & equivalents of roughly $97.3 million, reflecting improved liquidity in the latest quarter.
Operating revenue and cash flow show seasonal/quarterly variability rather than a smooth, linear growth trend, which is typical for a large, asset-heavy REIT with seasonal leasing cycles.
Total assets and total equity remained sizable and comparatively stable across 2023–2025, consistent with Sun Communities’ mature portfolio and capitalization level.
Long-term debt remains a meaningful portion of liabilities, underscoring ongoing leverage used to acquire and develop properties.
Weighted-average shares outstanding and related per-share metrics have fluctuated modestly quarter-to-quarter, contributing to earnings per share volatility.
Discontinued operations contributed variably in some periods, but the majority of earnings have come from continuing operations.
Net cash from financing activities was negative in every 2025 quarter (Q1 around -$32.7M, Q2 about -$424.5M, Q3 about -$551.9M, Q4 about -$252.3M), indicating consistent cash outflows for dividends, debt repayments, and share activity rather than financing inflows.
Investing cash flows were negative in key quarters (notably Q4 2025 around -$458.2 million), signaling ongoing capital expenditures and asset investments that pressure near-term liquidity.

05/14/26 12:03 PM ETAI Generated. May Contain Errors.

Sun Communities Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Sun Communities' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Sun Communities' net income appears to be on an upward trend, with a most recent value of $1.43 billion in 2025, rising from $172.47 million in 2015. The previous period was $107.10 million in 2024. Find out what analysts predict for Sun Communities in the coming months.

Sun Communities' total operating income in 2025 was -$227 million, based on the following breakdown:

Total Gross Profit: $1.23 billion
Total Operating Expenses: $1.46 billion

Over the last 10 years, Sun Communities' total revenue changed from $674.73 million in 2015 to $2.31 billion in 2025, a change of 241.8%.

Sun Communities' total liabilities were at $5.19 billion at the end of 2025, a 42.9% decrease from 2024, and a 102.7% increase since 2015.

Over the last 10 years, Sun Communities' book value per share changed from 26.69 in 2015 to 56.25 in 2025, a change of 110.8%.

Related Companies

Financial statements for NYSE:SUI last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Sun Communities (SUI) Financials

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Sun Communities (SUI) Financials

Annual Income Statements for Sun Communities

Quarterly Income Statements for Sun Communities

Annual Cash Flow Statements for Sun Communities

Quarterly Cash Flow Statements for Sun Communities

Annual Balance Sheets for Sun Communities

Quarterly Balance Sheets for Sun Communities

Annual Metrics And Ratios for Sun Communities

Quarterly Metrics And Ratios for Sun Communities

Financials Breakdown Chart

Key Financial Trends

Sun Communities Financials - Frequently Asked Questions

When does Sun Communities' financial year end?

How has Sun Communities' net income changed over the last 10 years?

What is Sun Communities' operating income?

How has Sun Communities' revenue changed over the last 10 years?

How much debt does Sun Communities have?

How has Sun Communities' book value per share changed over the last 10 years?

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