NYSE
5 days, 10 hours ago 
SUI
Sun Communities INC
Form 4: Sun Communities Director Jeff Blau Boosts Stake with $432K Share Purchase
Sun Communities Inc. Director Jeff Blau has acquired 3,665 shares of common stock for approximately $432,496, increasing his beneficial ownership in the company.
Better than expected
 
NYSE
12 days, 13 hours ago 
SUI
Sun Communities INC
8-K: Sun Communities Reports Strong Q1, Strategic De-leveraging, and Enhanced Shareholder Returns Post-Safe Harbor Sale
Sun Communities, Inc. announces robust first-quarter financial results, significant debt reduction, and increased capital returns to shareholders following the strategic divestment of its Safe Harbor Marinas, reinforcing its focus on core Manufactured Housing and RV communities.
Better than expected
 
Delay expected
 
NYSE
30 days, 12 hours ago 
SUI
Sun Communities INC
8-K: Sun Communities Updates Bylaws, Holds Annual Shareholder Meeting
Sun Communities approved amended bylaws and elected directors at its annual shareholder meeting on May 13, 2025.
NYSE
31 days, 17 hours ago 
SUI
Sun Communities INC
Form 4: Sun Communities Director Acquires Shares in Recent Transaction
Director Mark A. Denien acquired 1,200 shares of Sun Communities Inc. (SUI) common stock on May 13, 2025, at a price of $124.3 per share.
NYSE
39 days, 12 hours ago 
SUI
Sun Communities INC
8-K: Sun Communities Completes $5.25 Billion Sale of Safe Harbor Marinas to Blackstone, Announces Stock Repurchase Program and Special Dividend
Sun Communities finalizes the sale of Safe Harbor Marinas to Blackstone for $5.25 billion, initiating a strategic shift towards its core MH and RV portfolio, while also announcing a stock repurchase program and a special cash distribution.
Delay expected
 
NYSE
39 days, 12 hours ago 
SUI
Sun Communities INC
10-Q: Sun Communities Reports Q1 2025 Results, Announces Safe Harbor Sale Completion
Sun Communities' Q1 2025 results reflect a net loss, but the company completed the sale of Safe Harbor Marinas, setting the stage for debt reduction and strategic reinvestment.
Worse than expected
 
NYSE
40 days, 12 hours ago 
SUI
Sun Communities INC
8-K: Sun Communities Reports Q1 2025 Results, Completes Safe Harbor Sale
Sun Communities announces its first quarter 2025 results, highlighted by a net loss per diluted share of $0.34 and the completion of the Safe Harbor Marinas sale.
Delay expected
 
NYSE
74 days, 10 hours ago 
SUI
Sun Communities INC
DEFA14A: Sun Communities, Inc. Files Definitive Proxy Statement
Sun Communities, Inc. has filed a definitive proxy statement with the SEC.
NYSE
74 days, 15 hours ago 
SUI
Sun Communities INC
DEF: Sun Communities Aims to Simplify Business, Focus on Core Segments, and Strengthen Balance Sheet
Sun Communities outlines its strategic objectives for 2024, including simplifying its business, focusing on core manufactured housing and RV segments, and improving its balance sheet, highlighted by the planned sale of Safe Harbor Marinas to Blackstone Infrastructure.
Worse than expected
 
NYSE
75 days, 17 hours ago 
SUI
Sun Communities INC
Form 4: Sun Communities Inc. Executive Baxter Underwood Reports Stock Disposal
Baxter Underwood, CEO of Safe Harbor Marinas, LLC, disposed of 390 shares of Sun Communities Inc. stock to cover tax obligations.
SUI 
Sun Communities INC 
NYSE

10-Q: Sun Communities Reports Q1 2025 Results, Announces Safe Harbor Sale Completion

Sentiment:
 Quarterly Report
 6 May 2025 5:00 PM

Sun Communities' Q1 2025 results reflect a net loss, but the company completed the sale of Safe Harbor Marinas, setting the stage for debt reduction and strategic reinvestment.

Worse than expected
  The company reported a net loss attributable to common shareholders of $42.8 million, which is worse than the net loss of $27.4 million reported in the same period last year.  The company identified a material weakness in internal control over financial reporting, which is a negative indicator. 

Summary
  • Sun Communities, Inc. reported a net loss attributable to common shareholders of $42.8 million for the three months ended March 31, 2025, compared to a net loss of $27.4 million for the same period in 2024.
  • The company completed the initial closing of the Safe Harbor Sale, generating approximately $5.25 billion in pre-tax cash proceeds.
  • The company intends to use the proceeds from the Safe Harbor Sale to reduce debt and reinvest in its core MH and RV segments.
  • Total revenues were $470.2 million, slightly up from $469.2 million in the prior year.
  • Loss from continuing operations was $23.1 million, compared to $36.7 million in the prior year.
  • Loss from discontinued operations was $18.5 million, compared to income of $11.2 million in the prior year.
  • Same Property NOI increased by 4.6%, driven by an 8.9% increase in MH NOI, offset by a 9.1% decrease in RV NOI and a 5.4% decrease in UK NOI.
  • The company identified a material weakness in internal control over financial reporting related to its risk assessment process.
Sentiment

Score: 5

Explanation: The sentiment is neutral. While the Safe Harbor Sale provides a positive outlook, the net loss and identified material weakness temper the overall assessment.

Positives
  • The completion of the Safe Harbor Sale provides significant cash proceeds for debt reduction and strategic reinvestment.
  • Same Property MH NOI increased by 8.9%, indicating strong performance in the manufactured home segment.
  • The company is focused on expense management and generating strong organic cash flow growth.
  • The company is actively working to remediate the material weakness in internal control over financial reporting.
Negatives
  • The company reported a net loss attributable to common shareholders of $42.8 million.
  • RV Same Property NOI decreased by 9.1%, indicating weaker performance in the recreational vehicle segment.
  • The company identified a material weakness in internal control over financial reporting related to its risk assessment process.
  • Loss from discontinued operations was $18.5 million, primarily due to costs associated with the Safe Harbor Sale.
Risks
  • The company's ability to realize the anticipated benefits of the Safe Harbor Sale is subject to certain risks.
  • The company's ability to maintain compliance with covenants contained in its debt facilities and unsecured notes is subject to certain risks.
  • The company's ability to obtain or refinance maturing debt is subject to certain risks.
  • The company's ability to maintain effective internal control over financial reporting and disclosure controls and procedures is subject to certain risks.
  • The company's business and results of operations could be adversely affected by changes in national or global economic conditions, including inflation.
Future Outlook

The company intends to use the proceeds from the Safe Harbor Sale to reduce debt and reinvest in its core MH and RV segments, focusing on organic growth and expense management.

Industry Context

The report reflects the company's strategic shift towards its core MH and RV segments, aligning with the increasing demand for affordable housing and outdoor recreational opportunities.

Comparison to Industry Standards
  • It is difficult to compare Sun Communities directly to industry standards without knowing the specific metrics used by comparable companies.
  • However, Equity Lifestyle Properties (ELS) and UMH Properties (UMH) are two publicly traded REITs that operate in the manufactured housing space.
  • Comparing Sun Communities' Same Property NOI growth and FFO per share to those of ELS and UMH would provide a better understanding of its relative performance.
  • Additionally, comparing Sun Communities' debt metrics (e.g., debt-to-equity ratio, interest coverage ratio) to those of its peers would provide insights into its financial health and risk profile.
Stakeholder Impact
  • Shareholders will benefit from the company's focus on debt reduction and strategic reinvestment.
  • Employees may be affected by the company's streamlining of operations.
  • Customers will benefit from the company's continued investment in its MH and RV communities.
Next Steps
  • The company will continue to work on remediating the material weakness in internal control over financial reporting.
  • The company will focus on debt reduction and strategic reinvestment in its core MH and RV segments.
  • The company will selectively pursue acquisition and development opportunities that meet its underwriting criteria.
Legal Proceedings
  • The company is involved in a class action lawsuit alleging violation of federal antitrust laws by sharing and receiving competitively sensitive non-public information to maintain artificially high site rents.
Key Dates
  • 2021-06-28: Date of issuance of Senior Unsecured Notes due July 2031 Maturity First Tranche
  • 2021-10-05: Date of issuance of Senior Unsecured Notes due November 2028 Maturity
  • 2022-04-07: Date of Revolving Loan
  • 2022-04-15: Date of issuance of Senior Unsecured Notes due April 2032 Maturity
  • 2023-01-31: Date of issuance of Senior Unsecured Notes due January 2033 Maturity
  • 2023-08-31: Date of In Re Manufactured Home Lot Rents Antitrust Litigation No.123Cv06715
  • 2024-01-11: Date of issuance of Senior Unsecured Notes due January 2029 Maturity
  • 2024-02-28: Filing date of 2024 Annual Report
  • 2025-02: Entered into a definitive purchase agreement to sell Safe Harbor to Poseidon Holdco I L.P.
  • 2025-03-31: End of the quarterly period
  • 2025-04: Received net cash proceeds of $49.9 million to settle estimated property insurance receivable related to Hurricane Ian
  • 2025-04-07: Maturity date of senior credit facility
  • 2025-04-29: Number of shares of Common Stock outstanding
  • 2025-05: Settled outstanding debt balances of $1.6 billion under senior credit facility and $740.0 million of secured mortgage debt
  • 2025-05-06: Date of report
  • 2025-05-10: Planned redemption of $950.0 million in outstanding unsecured senior notes
Keywords
Safe Harbor Sale, Manufactured Home, Recreational Vehicle, Net Operating Income, Funds From Operations, Real Estate Investment Trust, Financial Results, Debt Reduction, Capital Allocation, Acquisitions
SUI 
Sun Communities INC 
NYSE
Sector: Real Estate
 
Filings with Classifications
Better than expected
9 June 2025 7:01 PM
Statement of Changes in Beneficial Ownership
  • The acquisition of shares by a director is generally perceived as a positive signal, indicating management's confidence in the company's current valuation and future prospects.
Delay expected
2 June 2025 4:08 PM
Investor Presentation
  • The company noted that as of May 30, 2025, it had closed on approximately half of the remaining value of the delayed consent properties, which are 15 marina properties representing approximately $250.0 million of value, indicating that the full sale of these properties is still pending third-party consents.
Better than expected
2 June 2025 4:08 PM
Investor Presentation
  • The company reported strong 1Q25 Core FFO per share of $1.26 and Same Property NOI growth of 4.6% in North America.
  • Credit ratings were upgraded by S&P to BBB+ and Moody's to Baa2, indicating improved financial health and lower risk perception.
  • The company successfully executed a significant debt reduction of approximately $3.3 billion and eliminated floating rate debt exposure.
  • Shareholders are receiving substantial capital return through a $4.00 per share special cash distribution and a 10.6% increase in the quarterly dividend.
Delay expected
6 May 2025 5:10 PM
Current Report (Form 8-K)
  • The sale of 15 Safe Harbor properties, valued at $250 million, is delayed pending third-party consents.
Worse than expected
6 May 2025 5:00 PM
Quarterly Report
  • The company reported a net loss attributable to common shareholders of $42.8 million, which is worse than the net loss of $27.4 million reported in the same period last year.
  • The company identified a material weakness in internal control over financial reporting, which is a negative indicator.
Delay expected
5 May 2025 4:58 PM
Earnings Press Release
  • The sales of 15 marina properties are subject to the receipt of certain third-party consents, which may delay the timing of any such sale or may prevent any such property from being sold at all.
Worse than expected
1 April 2025 2:15 PM
Proxy Statement
  • Core FFO growth was below target.
  • North America and UK Same Property combined NOI Growth MH, RV, Marina and UK was below target.
Better than expected
28 February 2025 9:10 PM
Annual Report
  • Net income attributable to SUI common shareholders improved significantly compared to the prior year.
Delay expected
28 February 2025 9:10 PM
Annual Report
  • The Safe Harbor Sale may not be completed on the anticipated timeline or at all.
Worse than expected
26 February 2025 4:43 PM
Earnings Press Release
  • The net loss for Q4 2024 was significantly worse than the net loss for the same period in 2023.
  • Core FFO per Share was lower for the full year 2024 compared to 2023.
Better than expected
24 February 2025 9:28 AM
8-K Filing
  • The sale of Safe Harbor Marinas for $5.65 billion is expected to generate a $1.3 billion book gain and significantly de-leverage the company's balance sheet, exceeding initial expectations.
Delay expected
24 February 2025 9:28 AM
8-K Filing
  • The transfer of certain properties representing approximately 10% of the total consideration may be delayed pending receipt of third-party approvals.
Worse than expected
3 January 2025 1:35 PM
SEC Form 4 Filing
  • The forfeiture of shares indicates that the company did not meet the market performance criteria required for the vesting of the restricted stock, suggesting performance was worse than expected.
Worse than expected
3 January 2025 1:31 PM
SEC Form 4 Filing
  • The forfeiture of shares indicates that the company did not meet certain market performance criteria, which is a negative signal.
Worse than expected
3 January 2025 1:18 PM
SEC Form 4 Filing
  • The forfeiture of shares indicates that the company did not meet its performance targets, which is a negative signal.
Worse than expected
3 January 2025 1:15 PM
SEC Form 4 Filing
  • The forfeiture of 51,000 performance-based restricted stock awards suggests that the company did not meet certain market performance criteria, which is a negative signal.
Worse than expected
7 November 2024 5:22 PM
Quarterly Report
  • The company's total revenue decreased in Q3 2024 compared to Q3 2023.
  • The company's home sales revenue decreased in Q3 2024 compared to Q3 2023.
  • The company's RV segment experienced a decrease in NOI compared to the same period in 2023.
Capital raise
7 November 2024 5:22 PM
Quarterly Report
  • The company has a universal shelf registration statement on Form S-3 with the SEC, providing for the registration of unspecified amounts of equity and debt securities.
  • The company has an At the Market Offering Sales Agreement (ATM) with certain sales agents and forward sellers pursuant to which it may sell, from time to time, up to an aggregate gross sales price of $1.25 billion of its common stock.
  • During the three months ended September 30, 2024, the company completed the physical settlement of 2,713,571 shares of common stock under the ATM for an aggregate gross sales price of $364.3 million.
Worse than expected
7 November 2024 12:53 PM
Executive Transition and Restructuring Announcement
  • The company's disappointing third-quarter performance is a catalyst for the restructuring, indicating that the results were worse than expected.
Worse than expected
6 November 2024 4:18 PM
Investor Presentation
  • The company has reduced its full year 2024 FFO guidance from $7.06 $7.22 to $6.76 $6.84.
  • The company has reduced its expected same property NOI growth for North America from 4.7% 5.7% to 2.6% 3.3%.
Worse than expected
6 November 2024 4:01 PM
Quarterly Report
  • The company's Core FFO per share decreased compared to the same quarter last year.
  • The company revised its full-year guidance downwards due to cost pressures and lower than expected transient revenue.
  • North America Same Property NOI growth was only 0.5% for the quarter, which is below expectations.
Worse than expected
1 August 2024 3:14 PM
Quarterly Report
  • The company's FFO and Core FFO per share decreased compared to the same period last year.
  • Home sales revenue decreased in both the second quarter and first half of 2024 compared to the same periods in 2023.
Capital raise
1 August 2024 3:14 PM
Quarterly Report
  • The company renewed its At the Market Offering Sales Agreement (ATM) in May 2024, allowing for the sale of up to $1.25 billion of common stock.
  • Through June 30, 2024, the company had entered into and settled forward sales agreements under the ATM for an aggregate gross sales price of $160.6 million, leaving $1.1 billion available for sale under the ATM.
Better than expected
31 July 2024 4:59 PM
Quarterly Report
  • The company reported a significant improvement in net income compared to the same period last year, moving from a loss to a profit.
  • The company's North America and UK Same Property NOI growth exceeded expectations.
  • The company's occupancy rates in North America increased significantly.
Better than expected
3 June 2024 4:10 PM
Investor Presentation
  • The company's North America same property NOI growth of 7.9% in 1Q24 exceeded expectations.
  • The company's UK same property NOI growth of 44.5% in 1Q24 was significantly better than expected.
  • The company's updated full-year 2024 Core FFO per share guidance was narrowed to a higher range of $7.06 to $7.22.
Better than expected
7 May 2024 4:16 PM
Investor Presentation
  • The company's North America same property NOI growth of 7.9% in Q1 2024 exceeded expectations.
  • The company's UK same property NOI growth of 44.5% in Q1 2024 was significantly better than expected.
  • The company narrowed its Core FFO per share guidance for 2024 to a range of $7.06 to $7.22, indicating increased confidence in its performance.
Capital raise
3 May 2024 4:46 PM
Capital Raise Announcement
  • The company is continuing its at-the-market offering program to sell up to $1,089,458,261 in common stock.
  • The program allows the company to sell shares over time at prevailing market prices.
  • The company has amended its sales agreement to include new sales agents and forward purchasers to facilitate the offering.
Capital raise
2 May 2024 3:01 PM
Quarterly Report
  • The company has an At the Market Offering Sales Agreement to sell up to $1.25 billion of common stock.
  • The company issued $500 million of senior unsecured notes with a 5.5% interest rate due in 2029.
Worse than expected
2 May 2024 3:01 PM
Quarterly Report
  • The company reported a net loss attributable to common shareholders of $27.4 million, which is worse than the prior year period.
  • The company experienced a loss on remeasurement of marketable securities of $19.9 million in the prior year period.
  • The company incurred a loss on extinguishment of debt of $0.6 million.
Worse than expected
29 April 2024 5:02 PM
Quarterly Report
  • Core FFO per share decreased to $1.19 from $1.23 in the same period last year.
  • The company reported a net loss of $27.4 million for the quarter.
  • Home sales revenue decreased by 20.2% year-over-year.
Delay expected
27 February 2024 8:21 PM
Annual Results
  • The document mentions delays in obtaining necessary zoning, building and other governmental permits and authorizations, which could result in increased costs and delays.
Worse than expected
27 February 2024 8:21 PM
Annual Results
  • The company reported a net loss attributable to common shareholders of $213.3 million for the year, indicating worse than expected results.
  • The identification of a material weakness in internal control over financial reporting and the subsequent restatement of interim financials also indicate worse than expected results.
  • The company recognized significant non-cash goodwill impairments of $369.9 million related to its UK operations, further contributing to worse than expected results.
Capital raise
27 February 2024 8:21 PM
Annual Results
  • The document mentions the company's ability to raise capital through future offerings of equity or equity-related securities.
  • The company has entered into an At the Market Offering Sales Agreement to sell shares of common stock, with remaining capacity to sell up to an additional $1.1 billion of common stock.
  • The company may issue to the limited partners of the Operating Partnership, up to approximately 5.3 million shares of our common stock in exchange for their OP units.
Worse than expected
20 February 2024 5:17 PM
Earnings Release
  • The company reported a net loss for both the quarter and the full year, which is worse than the net income reported in the previous year.
  • The company had to restate its interim financial statements due to a significant non-cash goodwill impairment, indicating a material error in previous reporting.
Capital raise
11 January 2024 4:25 PM
Debt Offering Announcement
  • The document details a public offering of $500 million in senior notes.
  • The net proceeds are approximately $495.4 million after deducting underwriting discounts and expenses.
  • The funds will be used to repay borrowings under the senior credit facility and for working capital and general corporate purposes.

Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.