SUN COMMUNITIES INC

SUI 10-Q · Q1 2026

SUI Q1 2026 request

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Income Statement

Income Statement
Metric Q1 2026 Q1 2025 YoY
Lease Income 417.2 384.4 +8.5%
Revenue From Home Sales 68.1 67.2 +1.3%
Show Business Segments breakouts
MH · Operating Segments 20 21.7 -7.8%
RV · Operating Segments 6.5 7 -7.1%
UK · Operating Segments 41.6 38.5 +8.1%
Ancillary Revenue 13.3 12.5 +6.4%
Show Business Segments breakouts
MH · Operating Segments 2.7 2.5 +8.0%
RV · Operating Segments 5.8 5.8 0.0%
UK · Operating Segments 4.8 4.2 +14.3%
Interest Income Operating 7.4 4.4 +68.2%
Brokeragecommissionsandotherincomenet 1.9 1.7 +11.8%
Revenue 507.9 470.2 +8.0%
Show Business Segments breakouts
MH · Operating Segments 292.5 273.5 +6.9%
RV · Operating Segments 122 114.7 +6.4%
UK · Operating Segments 84.1 75.9 +10.8%
Show Consolidation Items breakouts
Operating Segments 498.6 464.1 +7.4%
Cost Of Other Property Operating Expense 140.8 131.3 +7.2%
Real Estate Tax Expense 29.5 26.7 +10.5%
Show Business Segments breakouts
MH · Operating Segments 19.8 17.7 +11.9%
RV · Operating Segments 7.5 7.1 +5.6%
UK · Operating Segments 2.2 1.9 +15.8%
Cost Of Homes Sold 56.2 52.6 +6.8%
Other Cost Of Operating Revenue 16.7 15.4 +8.4%
Show Business Segments breakouts
UK · Operating Segments 1.8 1.5 +20.0%
General & Administrative 69.5 57 +21.9%
Show Consolidation Items breakouts
Material Reconciling Items 69.5 57 +21.9%
Loss From Catastrophes Net Of Recoveries 0.5 -0.1 +600.0%
Depreciation & Amortization 132.5 123.7 +7.1%
Show Consolidation Items breakouts
Material Reconciling Items 132.5 123.7 +7.1%
Other Asset Impairment Charges 0.3 24 -98.8%
Show Consolidation Items breakouts
Material Reconciling Items 0.3 24 -98.8%
Interest Expense Debt 38.4 82.1 -53.2%
Show Consolidation Items breakouts
Material Reconciling Items 38.4 82.1 -53.2%
Total Costs & Expenses 484.4 512.7 -5.5%
Income Loss From Continuing Operations Before Other Items And Taxes 23.5 -42.5 +155.3%
Foreign Currency Transaction Gain Loss Before Tax -24.5 8.7 -381.6%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 · Notes Receivable from Real Estate Developers and Operators -0.8 0.1 -900.0%
Gain Loss On Sale Of Properties 0.2 -1.1 +118.2%
Show Consolidation Items breakouts
Material Reconciling Items -0.2 1.1 -118.2%
Other Non-Operating Income (Expense) -3.8 5.7 -166.7%
Show Consolidation Items breakouts
Material Reconciling Items 3.8 -5.7 +166.7%
Gain Loss On Remeasurement Of Notes Receivable 0.1 -0.2 +150.0%
Show Consolidation Items breakouts
Material Reconciling Items 0.1 -0.2 +150.0%
Income Loss From Equity Method Investments 6.1 3 +103.3%
Show Consolidation Items breakouts
Material Reconciling Items 6.1 3 +103.3%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
GTSC 0.6 0.8 -25.0%
Sungenia JV 5.5 2.6 +111.5%
Gain Loss On Remeasurement Of Investment 0.2
Show Consolidation Items breakouts
Material Reconciling Items 0.2
Current Income Tax Expense Benefit 1.7 1.9 -10.5%
Show Consolidation Items breakouts
Material Reconciling Items -1.7 -1.9 +10.5%
Deferred Income Taxes -6.4 5.2 -223.1%
Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest -6.3 -23.1 +72.7%
Net Income -6.3 -41.6 +84.9%
Preferred Stock Dividends Income Statement Impact 2.7 3.1 -12.9%
Net Income Loss Attributable To Noncontrolling Interest -0.3 -1.9 +84.2%
Net Income Loss Available To Common Stockholders Basic -8.7 -42.8 +79.7%
Wtd Avg Shares (Basic) 122.6 126.6 -3.2%
Wtd Avg Shares (Diluted) 125.5 129.8 -3.3%
Income Loss From Continuing Operations Per Basic Share -0.07 -0.19 +63.2%
EPS (Basic) -0.07 -0.34 +79.4%
Income Loss From Continuing Operations Per Diluted Share -0.07 -0.19 +63.2%
EPS (Diluted) -0.07 -0.34 +79.4%
Cost of Revenue (Q)
Show Business Segments breakouts
UK · Operating Segments 25.6 23 +11.3%
Operating Income (Q)
Show Business Segments breakouts
MH · Operating Segments 188 175.3 +7.2%
RV · Operating Segments 49.4 45.8 +7.9%
UK · Operating Segments 18 17 +5.9%
Show Consolidation Items breakouts
Operating Segments 255.4 238.1 +7.3%
Income Tax Expense (Benefit) (Q)
Show Consolidation Items breakouts
Material Reconciling Items -6.4 5.2 -223.1%
Net Income -6.4 -41.2 +84.5%
Show Equity Components breakouts
Noncontrolling Interest -0.4 -1.5 +73.3%
Retained Earnings -6 -39.7 +84.9%
Total Equity -6.3 -41.6 +84.9%
Comprehensive Income -20.7 -38.4 +46.1%
Other Expenses (Q)
Show Business Segments breakouts
MH · Operating Segments 3 2.5 +20.0%
RV · Operating Segments 8 8.2 -2.4%
UK · Operating Segments 3.1 2.3 +34.8%
Professional Fees (Q)
Show Business Segments breakouts
MH · Operating Segments 7.5 7.6 -1.3%
RV · Operating Segments 2.9 3.2 -9.4%
UK · Operating Segments 0.3 0.4 -25.0%

Balance Sheet

Balance Sheet
Metric Q1 2026 Q1 2025 YoY
Non-Current Assets
Goodwill 9.5
Show Business Segments breakouts
RV 9.5
Total Assets 12,358.8 16,505.6 -25.1%
Show Business Segments breakouts
MH 6,184.6
RV 3,661.7
UK 2,512.5 2,691.7 -6.7%
Show Geography breakouts
GB 2,512.5 2,691.7 -6.7%
North America 9,846.3 13,813.9 -28.7%
Operating Lease Right-of-Use Assets 50.5 52.9 -4.5%
Other Assets
Land 3,489.2 3,471.8 +0.5%
Real Estate Investment Property Land Improvements And Buildings 9,345 9,043.1 +3.3%
Rental Properties 967.2 827.5 +16.9%
Furniture And Fixtures Gross 763.4 763.5 -0.0%
Real Estate Investment Property At Cost 14,564.8 14,105.9 +3.3%
Real Estate Investment Property Accumulated Depreciation -3,693.3 -3,327.7 -11.0%
Real Estate Investment Property Net 10,871.5
Show Business Segments breakouts
MH 5,275.1
RV 3,315.9
UK 2,280.5
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 497 97.4 +410.3%
Show Business Segments breakouts
MH 311.4
RV 160
UK 25.6
Inventory Finished Homes 132.8 172.4 -23.0%
Show Business Segments breakouts
MH 61.5
RV 14.8
UK 56.5 65.9 -14.3%
Accounts And Notes Receivable Net 333.1
Show Business Segments breakouts
MH 204.2
RV 90.9
UK 38
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts
Installment notes receivable on manufactured homes, net · Carrying Reported Amount Fair Value Disclosure 145.3
Installment notes receivable on manufactured homes, net · Estimate Of Fair Value Fair Value Disclosure 145.3
Notes receivable from real estate operators · Carrying Reported Amount Fair Value Disclosure 43.7
Notes receivable from real estate operators · Estimate Of Fair Value Fair Value Disclosure 43.7
Transfers Accounted For As Secured Borrowings Assets Carrying Amount 41.6
Show Business Segments breakouts
MH 41.6
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure · Fair Value Measurements Recurring 41.6
Estimate Of Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 41.6
Intangible Assets Net Excluding Goodwill 97.8 101.2 -3.4%
Show Business Segments breakouts
MH 10.1
RV 25.5
UK 62.2 67.1 -7.3%
Other Assets 375.5 449.3 -16.4%
Show Business Segments breakouts
MH 280.7
RV 45.1
UK 49.7 178.2 -72.1%
Non-Current Liabilities
Dividends Payable Current And Noncurrent 140.9 122.6 +14.9%
Accounts Payable And Accrued Liabilities Current And Noncurrent 256.9 231.4 +11.0%
Total Liabilities 5,299.1 9,235.4 -42.6%
Other Liabilities
Mortgage Term Loans 2,417.5 3,151.4 -23.3%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure · Fair Value Measurements Recurring 2,417.5 3,151.4 -23.3%
Estimate Of Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 2,237.6 2,866.7 -21.9%
Transfers Accounted For As Secured Borrowings Associated Liabilities Carrying Amount 41.6
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure · Fair Value Measurements Recurring 41.6
Estimate Of Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 41.6
Unsecured Debt 1,787.1 4,147.4 -56.9%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure · Fair Value Measurements Recurring 1,787.1 4,147.4 -56.9%
Estimate Of Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 1,639.1 4,007.2 -59.1%
Show Long-Term Debt Type breakouts
Senior Unsecured Notes 1,787.1 2,677.3 -33.2%
Senior Unsecured Notes - April 2032 Maturity 594.3 593.4 +0.2%
Senior Unsecured Notes - July 2031 Maturity - First Tranche 744.6 743.6 +0.1%
Senior Unsecured Notes - November 2028 Maturity 448.2 447.6 +0.1%
Contract With Customer Liability 327 327.3 -0.1%
Other Liabilities 328.1 830.6 -60.5%
Stockholders' Equity
Common Stock 1.2 1.3 -7.7%
Additional Paid-In Capital 9,543.1 9,865.4 -3.3%
Accumulated Other Comprehensive Income 11.8 -6.6 +278.8%
Accumulated Distributions In Excess Of Net Income -2,802.6 -2,938.7 +4.6%
Total Stockholders' Equity 6,753.5 6,921.4 -2.4%
Minority Interest 109.4 104.5 +4.7%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 6,862.9 7,025.9 -2.3%
Show Equity Components breakouts
Additional Paid In Capital 9,543.1 9,865.4 -3.3%
Aoci Including Portion Attributable To Noncontrolling Interest 11.8 -6.6 +278.8%
Common Stock 1.2 1.3 -7.7%
Noncontrolling Interest 109.4 104.5 +4.7%
Retained Earnings -2,802.6 -2,938.7 +4.6%
Total Equity 7,059.7 7,270.2 -2.9%
Total Liabilities & Equity 12,358.8 16,505.6 -25.1%
Temporary Equity 196.8 244.3 -19.4%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q1 2026 YTD Q1 2025 YoY
Operating Activities
Net Cash Provided By Used In Operating Activities Continuing Operations 269.3 139.3 +93.3%
Net Cash from Operations 269.3 243.9 +10.4%
Investing Activities
Payments For Capital Improvements And Developments Of Real Estate -107 -109.9 +2.6%
Payments To Acquire Businesses Net Of Cash Acquired -39 -1 -3800.0%
Proceeds From Payments For Sale Of Property Plant And Equipment 1.4 4.7 -70.2%
Repaymentof Notesand Other Receivables 0.8 36.9 -97.8%
Other Investing Activities 3.6 5.2 -30.8%
Net Cash Provided By Used In Investing Activities Continuing Operations -140.2 19.6 -815.3%
Net Cash from Investing -140.2 -27.4 -411.7%
Change In Distributions Declared And Outstanding 9.8 0.1 +9700.0%
Conversion Of Stock Amount Converted1 4.2 1.2 +250.0%
Financing Activities
Tax Withholding for Share Compensation -6.9 -6.7 -3.0%
Share Repurchases -60.1
Payments For Redemption Of Temporary Equity -54.2
Show Statement Class Of Stock breakouts
Series F And Series H Preferred OP Units -54.4
Repayments Of Long Term Debt -12.1 -61.7 +80.4%
Payments Of Ordinary Dividends -134 -125.4 -6.9%
Net Cash Provided By Used In Financing Activities Continuing Operations -267.3 -119 -124.6%
Net Cash from Financing -267.3 -170.7 -56.6%
Supplemental
Interest Paid 33.9 90.7 -62.6%
Income Taxes Paid 2 0.1 +1900.0%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations -0.9 0.4 -325.0%
Net Change in Cash -139.1 46.2 -401.1%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations 497 110.1 +351.4%

Values in millions USD. Source: SEC EDGAR 10-Q filing.

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