Sun Communities Inc (SUI) financial statements: income statement, balance sheet and cash flow

Sun Communities Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Sun Communities Inc reported revenue of $2.3B (-28.4% year on year) and net income of $1.4B (+1235.4% year on year).

Income statement

Sun Communities Inc income statement, fiscal years
Line itemDec 31, 2025 · FYDec 31, 2024 · FYDec 31, 2023 · FYDec 31, 2022 · FY
Real property$1.8B$2.2B$2.1B$1.9B
Home sales$333.8M$369.9M$419.9M$465.8M
Ancillary$134.0M$626.9M$638.9M$531.6M
Interest$48.5M$20.7M$45.4M$35.2M
Brokerage commissions and other, net$24.0M$40.2M$60.6M$34.9M
Total Revenues$2.3B$3.2B$3.2B$3.0B
Property operating and maintenance$595.9M$732.3M$690.5M$624.6M
Real estate tax$111.1M$125.7M$117.4M$110.6M
Home costs and selling$263.8M$273.1M$295.4M$311.2M
Ancillary$106.0M$570.7M$585.0M$472.7M
General and administrative$236.7M$295.3M$270.2M$256.8M
Catastrophic event-related charges, net$1.2M$27.1M$3.8M$17.5M
Business combinations$0$400.0K$3.0M$24.7M
Depreciation and amortization$507.9M$680.7M$660.0M$604.8M
Asset impairments$386.7M$71.4M$10.1M—
Goodwill impairment$0$180.8M$369.9M—
Loss on extinguishment of debt (see Note 7)$104.0M$1.4M$0($4.4M)
Interest$221.0M$350.4M$325.8M$229.8M
Interest on mandatorily redeemable preferred OP units / equity$0$0$3.3M$4.2M
Total Expenses$2.5B$3.3B$3.3B$2.7B
Loss Before Other Items($228.2M)($88.2M)($109.8M)$308.4M
Loss on remeasurement of marketable securities$0$0($16.0M)—
Gain / (loss) on foreign currency exchanges$26.7M($25.8M)($300.0K)$5.4M
Gain on dispositions of properties, net$5.1M$202.9M$11.0M$12.2M
Other income / (expense), net$133.9M$3.2M($7.5M)($2.1M)
Loss on remeasurement of notes receivable($1.6M)($36.4M)($106.7M)($800.0K)
Total Income from Nonconsolidated Affiliates$16.4M$9.5M$16.0M$2.9M
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates($900.0K)$6.6M($4.2M)($2.7M)
Current tax expense (see Note 11)($10.8M)($4.3M)($14.5M)($10.3M)
Deferred tax benefit (see Note 11)$60.0M$39.6M$22.9M$4.2M
Net Income / (Loss) from Continuing Operations$600.0K———
Income from discontinued operations, net$1.4B———
Net Income / (Loss)$1.4B$107.1M($209.1M)$263.8M
Less: Preferred return to preferred OP units / equity interests$12.6M$12.8M$12.3M$11.0M
Less: Income / (loss) attributable to noncontrolling interests$56.4M$5.3M($8.1M)$10.8M
Net Income / (Loss) Attributable to SUI Common Shareholders - Basic$1.4B$89.0M($213.3M)$242.0M
Weighted average common shares outstanding - basic (in shares)124.9M124.5M123.4M120.2M
Weighted average common shares outstanding - diluted (in shares)124.9M127.2M123.8M122.9M
Basic earnings / (loss) per share from continuing operations (in USD per share)-$0.61———
Basic earnings per share from discontinued operations (in USD per share)$11.45———
Basic earnings/(loss) per share (in USD per share)$10.84$0.71-$1.71$2.00
Diluted earnings / (loss) per share from continuing operations (in USD per share)-$0.61———
Diluted earnings per share from discontinued operations (in USD per share)$11.45———
Diluted earnings/(loss) per share (in USD per share)$10.84$0.71-$1.72$2.00
Sun Communities Inc income statement, quarters
Line itemJun 30, 2026 · Q2Mar 31, 2026 · Q1Sep 30, 2025 · Q3Jun 30, 2025 · Q2
Lease Income$422.7M$417.2M$517.7M$450.2M
Home sales$27.8M$68.1M$95.6M$100.1M
Ancillary$24.6M$13.3M$60.8M$42.1M
Interest$6.2M$7.4M$17.3M$16.5M
Brokerage commissions and other, net$3.3M$1.9M$5.8M$14.6M
Total Revenues$484.6M$507.9M$697.2M$623.5M
Property operating and maintenance$134.5M$140.8M$168.8M$157.9M
Real estate tax$27.6M$29.5M$28.7M$28.7M
Home costs and selling$24.5M$56.2M$71.1M$76.8M
Ancillary$17.2M$16.7M$38.7M$33.5M
General and administrative$49.9M$69.5M$55.8M$61.2M
Catastrophic event-related charges, net$800.0K$500.0K$800.0K$400.0K
Depreciation and amortization$123.9M$132.5M$126.2M$127.4M
Asset impairments (see Note 13)$17.9M$300.0K$165.9M$166.1M
Loss on extinguishment of debt$0—$1.6M$102.4M
Interest$38.1M$38.4M$41.5M$58.2M
Total Expenses$434.4M$484.4M$699.1M$812.6M
Income / (Loss) Before Other Items$50.2M$23.5M($1.9M)($189.1M)
Gain / (loss) on foreign currency exchanges$13.3M($24.5M)($22.6M)$39.4M
Loss on dispositions of properties, net($22.0M)$200.0K($1.3M)($1.3M)
Other income / (expense), net($100.0K)($3.8M)$19.1M$31.9M
Loss on remeasurement of notes receivable (see Note 4)($2.9M)$100.0K$0($1.4M)
Total Income from Nonconsolidated Affiliates$6.1M$6.1M$4.3M$3.8M
Loss on remeasurement of investment in nonconsolidated affiliates($1.7M)$200.0K$400.0K($1.5M)
Current tax expense$600.0K$1.7M$3.8M$6.1M
Deferred tax benefit / (expense)$0($6.4M)$2.1M$32.1M
Net Income / (Loss) from Continuing Operations$42.3M($6.3M)($3.7M)($92.2M)
Income / (loss) from discontinued operations, net (see Note 2)($1.1B)$0$14.6M$1.4B
Net Income / (Loss)($1.0B)($6.3M)$10.9M$1.3B
Less: Preferred stock distribution$2.5M$2.7M$3.2M$3.2M
Less: Income / (loss) attributable to noncontrolling interests($34.7M)($300.0K)($800.0K)$53.5M
Net income / (oss) attributable to SUI common shareholders($992.7M)($8.7M)$8.5M$1.3B
Weighted average common shares outstanding - basic (in shares)122.5M122.6M123.9M126.4M
Diluted weighted average common shares outstanding - diluted (in shares)127.0M125.5M124.1M126.4M
Income (Loss) from Continuing Operations, Per Basic Share$0.65($0.07)($0.05)($1.23)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share($8.71)$0$0.12$11.25
Basic earning per share (in dollars per share)-$8.06-$0.07$0.07$10.02
Income (Loss) from Continuing Operations, Per Diluted Share$0.32($0.07)($0.05)($1.23)
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share($8.4)$0$0.12$11.25
Diluted earning per share (in dollars per share)-$8.08-$0.07$0.07$10.02

Balance sheet

Sun Communities Inc balance sheet, fiscal years
Line itemDec 31, 2025 · FYDec 31, 2024 · FYDec 31, 2023 · FYDec 31, 2022 · FY
Land$3.5B$4.5B$4.3B$4.3B
Land improvements and buildings$9.3B$11.5B$11.7B$10.9B
Rental homes and improvements$940.2M$834.1M$744.4M$645.2M
Furniture, fixtures and equipment$769.8M$1.1B$1.0B$839.0M
Investment property$14.5B$17.9B$17.7B$16.7B
Accumulated depreciation($3.6B)($3.7B)($3.3B)($2.7B)
Investment property, net$10.9B$14.2B$14.4B$14.0B
Cash, cash equivalents and restricted cash$636.1M$63.9M$42.7M$90.4M
Inventory of manufactured homes$142.9M$129.8M$205.6M$202.7M
Collateralized receivables, net$43.2M$51.2M$56.2M—
Goodwill$9.5M$551.2M$733.0M$1.0B
Other intangible assets, net$101.5M$338.9M$369.5M$402.0M
Other assets, net$355.9M$757.3M$668.5M$655.1M
Assets held for sale and discontinued operations, net (see Note 2)$0———
Total Assets$12.5B$16.5B$16.9B$17.1B
Mortgage loans payable (see Note 7)$2.4B$3.2B$3.5B—
Secured borrowings on collateralized receivables$43.2M$51.2M$55.8M—
Unsecured debt (see Note 7)$1.8B$4.1B$4.2B—
Distributions payable$131.1M$122.6M$118.2M$111.3M
Advanced reservation deposits and rent$255.9M$331.0M$344.5M$352.1M
Accrued expenses and accounts payable$228.1M$310.1M$313.7M$396.3M
Other liabilities$320.6M$980.3M$953.1M$935.9M
Liabilities held for sale and discontinued operations, net (see Note 2)$0———
Total Liabilities$5.2B$9.1B$9.5B$9.0B
Temporary equity (see Note 8)$255.7M$259.8M$260.9M—
Common stock, $0.01 par value. Authorized: 360.0 shares; Issued and outstanding: 123.5 at December 31, 2025 and 127.4 at December 31, 20241.2M1.3M1.2M1.2M
Additional paid-in capital$9.6B$9.9B$9.5B$9.5B
Accumulated other comprehensive income / (loss)$26.5M($7.9M)$12.2M($9.9M)
Distributions in excess of accumulated earnings($2.6B)($2.8B)($2.4B)($1.7B)
Total SUI Shareholders' Equity$7.0B$7.1B$7.1B$7.8B
Common and preferred OP units$116.3M$110.4M$90.2M$78.7M
Consolidated entities$400.0K$700.0K—$0
Total noncontrolling interests$116.7M$111.1M$90.2M$78.7M
Total Shareholders' Equity$7.1B$7.2B$7.2B$7.9B
Total Liabilities, Temporary Equity and Shareholders' Equity$12.5B$16.5B$16.9B$17.1B
Sun Communities Inc balance sheet, quarters
Line itemJun 30, 2026Mar 31, 2026Sep 30, 2025Jun 30, 2025
Land$1.8B$3.5B$3.4B$3.4B
Land improvements and buildings$8.7B$9.3B$8.9B$9.1B
Rental homes and improvements$998.3M$967.2M$897.8M$864.9M
Furniture, fixtures and equipment$687.2M$763.4M$746.4M$779.4M
Investment property$12.2B$14.6B$14.0B$14.2B
Accumulated depreciation($3.7B)($3.7B)($3.5B)($3.4B)
Investment property, net$8.5B$10.9B$10.5B$10.7B
Cash, cash equivalents and restricted cash$165.2M$497.0M$1.2B$1.5B
Inventory of manufactured homes$75.7M$132.8M$155.1M$172.0M
Notes and other receivables, net (includes $201.4 and $183.7 at fair value, respectively, see Note 4)$282.4M$333.1M$468.4M$345.7M
Collateralized receivables, net$39.2M$41.6M$45.4M$46.6M
Goodwill$9.5M$9.5M$9.5M$9.5M
Intangible Asset, Excluding Goodwill, after Accumulated Amortization$34.0M$97.8M$97.0M$101.7M
Other assets, net$303.7M$375.5M$359.0M$369.3M
Assets held for sale and discontinued operations, net (see Note 2)$1.4B—$0$121.1M
Total Assets$10.9B$12.4B$12.8B$13.4B
Mortgage loans payable (see Note 7)$2.2B$2.4B$2.4B$2.5B
Secured borrowings on collateralized receivables$39.2M$41.6M$45.4M$46.6M
Unsecured debt$1.8B$1.8B$1.8B$1.8B
Distributions payable$139.9M$140.9M$131.4M$133.8M
Contract with Customer, Liability$199.9M$327.0M$308.3M$308.2M
Accounts Payable and Accrued Liabilities$193.3M$256.9M$282.0M$262.1M
Other liabilities$75.8M$328.1M$444.6M$545.8M
Liabilities held for sale and discontinued operations, net (see Note 2)$428.9M—$0$36.6M
Total Liabilities$5.1B$5.3B$5.4B$5.6B
Temporary equity (see Note 8)$184.0M$196.8M$256.2M$257.9M
Common stock, $0.01 par value. Authorized: 360.0 shares; Issued and outstanding: 122.5 shares at June 30, 2026 and 123.5 shares at December 31, 20251.2M1.2M1.2M1.3M
Additional paid-in capital$9.5B$9.5B$9.6B$9.7B
Accumulated other comprehensive income$2.4M$11.8M$25.9M$44.2M
Distributions in excess of accumulated earnings($4.0B)($2.8B)($2.6B)($2.4B)
Total SUI Shareholders' Equity$5.5B$6.8B$7.0B$7.4B
Noncontrolling interests$74.2M$109.4M$121.0M$124.3M
Total Shareholders' Equity$5.6B$6.9B$7.1B$7.5B
Total Liabilities, Temporary Equity and Shareholders' Equity$10.9B$12.4B$12.8B$13.4B

Cash flow statement

Sun Communities Inc cash flow statement, fiscal years
Line itemDec 31, 2025 · FYDec 31, 2024 · FYDec 31, 2023 · FYDec 31, 2022 · FY
Income / (loss) from continuing operations$600.0K———
Income from discontinued operations, net$1.4B———
Net Income / (Loss)$1.4B$107.1M($209.1M)$263.8M
Gain on disposition of assets($14.9M)($10.7M)($9.1M)($27.3M)
Gain on disposition of properties($5.1M)($202.9M)($11.0M)($12.2M)
(Gain) / loss on foreign currency exchanges($26.7M)$25.8M$300.0K—
Asset impairments$386.7M$71.4M$10.1M—
Catastrophic event-related impairment$1.2M$5.1M($700.0K)$11.2M
Goodwill impairment$0$180.8M$369.9M—
Share-based compensation$37.4M$41.6M$42.9M$37.6M
Depreciation and amortization$507.9M$667.1M$642.0M$579.1M
Deferred tax benefit (see Note 11)($60.0M)($39.6M)($22.9M)($4.2M)
Loss on extinguishment of debt (see Note 7)$104.0M—$0$4.4M
Loss on remeasurement of notes receivable (see Note 4)$1.6M$36.4M$106.7M$800.0K
Gain on insurance proceeds related to property damage($30.8M)———
Gain on early lease termination($51.8M)—$200.0K$4.9M
Other, net($29.9M)($2.7M)——
Change in notes receivable from financed sales of inventory homes, net of repayments($33.9M)($47.7M)($7.9M)$5.2M
Change in inventory, other assets and other receivables, net$146.3M$31.7M($110.3M)($274.0M)
Change in other liabilities($124.6M)$26.5M($26.2M)$62.6M
Net cash provided by operating activities - continuing operations$808.0M———
Net cash provided by operating activities - discontinued operations$56.2M———
Net Cash Provided By Operating Activities$864.2M$861.0M$790.5M$734.9M
Investment in properties($460.9M)($652.9M)($1.0B)($921.0M)
Acquisitions, net of cash acquired($461.7M)($68.8M)($53.3M)($2.2B)
Proceeds from insurance$43.7M$6.6M$10.8M—
Proceeds from disposition of assets and depreciated homes, net$16.9M$21.7M$62.3M$100.0M
Proceeds related to disposition of properties$161.9M$421.8M$9.9M$43.5M
Repayments of notes and other receivables$86.6M$8.2M$9.1M$12.5M
Proceeds from sale of marketable securities$0$0$103.6M—
Investments in nonconsolidated affiliates($900.0K)($22.4M)($39.5M)($51.1M)
Other investing activities$11.5M———
Net cash used for investing activities - continuing operations($602.9M)———
Net cash provided by / (used for) investing activities - discontinued operations$5.5B———
Net Cash Provided By / (Used For) Investing Activities$4.9B($267.4M)($919.5M)($3.1B)
Issuance and costs of common stock, OP units and preferred OP units, net$1.1M$361.1M($600.0K)$1.2B
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock($12.1M)($9.8M)($12.8M)($19.3M)
Repurchases of common stock($539.1M)———
Borrowings on lines of credit$624.5M$2.6B$1.6B$3.7B
Payments on lines of credit($2.1B)($3.3B)($1.8B)($2.5B)
Proceeds from secured borrowing$0$0$53.4M—
Proceeds from issuance of other debt$0$499.8M$835.7M$827.9M
Payments on other debt($2.1B)($269.2M)($174.3M)($400.8M)
Distributions($1.0B)($492.7M)($476.4M)($434.2M)
Net capital transfer from consolidated affiliates$5.6B———
Sun Communities Inc cash flow statement, quarters
Line itemJun 30, 2026 · YTDMar 31, 2026 · Q1Sep 30, 2025 · YTDJun 30, 2025 · YTD
Net cash provided by operating activities - continuing operations$471.2M$269.3M$641.3M$409.6M
Net cash provided by operating activities - discontinued operations$64.0M$0$56.4M$90.3M
Net Cash Provided By Operating Activities$535.2M$269.3M$697.7M$499.9M
Investment in properties($173.0M)($107.0M)($327.9M)($223.5M)
Acquisitions, net of cash acquired($21.4M)($39.0M)($1.6M)($1.0M)
Proceeds from disposition of assets and depreciated homes, net$4.6M$1.4M$13.7M$10.3M
Proceeds related to disposition of properties$0$0$142.3M$124.4M
Repayments of notes and other receivables$1.5M$800.0K$38.7M$37.6M
Distributions of capital from nonconsolidated affiliates$5.8M—$9.0M$8.9M
Other investing activities$2.8M$3.6M——
Net cash used for investing activities - continuing operations($179.7M)($140.2M)($127.9M)($44.8M)
Net cash provided by / (used for) investing activities - discontinued operations($73.0M)$0$5.5B$5.4B
Net Cash Used For Investing Activities($252.7M)($140.2M)$5.4B$5.3B
Issuance and costs of common stock, OP units and preferred OP units, net$0$0($200.0K)($100.0K)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock($7.4M)($6.9M)($8.7M)($7.3M)
Repurchases of common stock($171.2M)($60.1M)($500.3M)($202.8M)
Redemptions of preferred OP units($56.8M)($54.2M)($2.0M)($2.0M)
Borrowings on lines of credit$0$0$624.5M$624.5M
Payments on lines of credit$0$0($2.1B)($2.1B)
Payments on other debt($203.0M)($12.1M)($2.0B)($1.9B)
Distributions($277.4M)($134.0M)($909.8M)($772.9M)
Net capital transfer from / (to) consolidated affiliates($16.2M)$0$5.5B—
Net cash provided by / (used for) financing activities - continuing operations($732.0M)($267.3M)$606.4M$1.0B
Net cash provided by / (used for) financing activities - discontinued operations$13.5M$0($5.6B)($5.5B)
Net Cash Used For Financing Activities($718.5M)($267.3M)($5.0B)($4.4B)
Effect of exchange rate changes on cash, cash equivalents and restricted cash($1.4M)($900.0K)$1.5M$2.1M
Net change in cash, cash equivalents and restricted cash($437.4M)($139.1M)$1.1B$1.4B
Cash, cash equivalents and restricted cash, beginning of period$636.1M$636.1M$63.9M$63.9M
Cash, cash equivalents and restricted cash, end of period$198.7M$497.0M$1.2B$1.5B
Less: Cash, cash equivalents and restricted cash - discontinued operations($33.5M)$0$0($4.1M)
Cash, Cash Equivalents and Restricted Cash - Continuing Operations$165.2M$497.0M$1.2B$1.5B
Cash paid for interest, net$75.7M$33.9M$203.6M$26.2M
Cash paid for income taxes$5.8M$2.0M$4.6M$1.2M
Reduction in secured borrowing balance$3.4M—$5.5M$4.1M
Change in distributions declared and outstanding$8.8M$9.8M$8.9M$11.2M
Conversion of common and preferred OP units$8.8M$4.2M$3.5M$2.7M
Reduction in note receivable balance in exchange for redemption of preferred OP units$0$0$23.8M$23.8M

Sun Communities Inc score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.