SUN COMMUNITIES INC SUI
SUN COMMUNITIES INC is a publicly traded real estate investment trust specializing in Manufactured Housing properties.
Executive Summary: SUN COMMUNITIES INC (SUI) Institutional Rating
Quantitative Verdict: SUN COMMUNITIES INC (SUI) trades at an annualized dividend yield of 3.09% with an AFFO payout ratio of 64.9%, earning a Dividend Safety Score of 91 / 100 (Very Safe). The stock currently trades at a 8.3% discount to NAV (undervalued) relative to base Net Asset Value (NAV) of $131.06, backed by an institutional portfolio of 150 commercial properties operating at 98.9% physical occupancy.
REITwave Score™ & Institutional Snowflake
The REITwave Score™ is an institutional quantitative rating model engineered specifically for commercial real estate investment trusts. Inspired by visual fundamental analysis, it synthesizes 18 SEC filings, debt covenants, and cash flow multiples into 5 key axes.
Business Model & Capital Efficiency
SEC Form 10-K Item 1Operating Profile
SUN COMMUNITIES INC operates as a Operationally Intensive in the Manufactured Housing real estate sector. The firm generates revenue through long-term commercial lease agreements, maintaining an average portfolio occupancy of 98.9%.
Labor & Overhead Efficiency
- • Total Global Employees: 3,607
- • Estimated Market Cap: $15.37 B
- • Capital Per Employee: $4.26M
- • Guidance Status: In Line
Cap-Rate to NAV Sensitivity Matrix
Net Asset Value (NAV) estimates derived across commercial real estate capitalization rate scenarios. Market implied exit yield is currently 6.54%.
| Exit Cap Rate | Implied NAV / Share | % Variance to Base | Current Price | Market Arbitrage |
|---|---|---|---|---|
| 5.04% | $170.07 | +29.8% | $120.24 | Undervalued |
| 5.54% | $154.72 | +18.1% | $120.24 | Undervalued |
| 6.04% | $141.91 | +8.3% | $120.24 | Undervalued |
| 6.54% Base Case | $131.06 | 0.0% | $120.24 | Undervalued |
| 7.04% | $121.75 | -7.1% | $120.24 | Undervalued |
| 7.54% | $113.68 | -13.3% | $120.24 | Overvalued |
| 8.04% | $106.61 | -18.7% | $120.24 | Overvalued |
Dividend Distribution & Payout Safety
| Ex-Dividend Date | Payment Date | Cash Amount | Distribution Type |
|---|---|---|---|
| Current Run-Rate | Quarterly | $0.9300 | Regular Cash Distribution |
Deep-dive safety score, AFFO payout coverage buffer, and 5-year DRIP compounding model.
Physical Real Estate Assets & Portfolio Holdings
View on Interactive Geospatial Map →Verified sample of core commercial properties extracted from SEC Form 10-K Schedule III disclosures.
| Asset Name | City, State | Gross Leasable Area | Occupancy | Major Tenant | SEC Estimated Value |
|---|---|---|---|---|---|
| SUN COMMUNITIES INC Core Physical Asset Portfolio | United States (Nationwide Footprint) | 18,000,000 sq ft (implied) | 98.9% | Diversified Commercial Tenants | SEC Schedule III Verified |
SEC EDGAR Governance & Executive Compensation
DEF 14A DisclosuresHead-to-Head Competitor Comparison: SUI vs Peers
Institutional CompsDirect peer benchmark comparing SUN COMMUNITIES INC against its top competitors in the Manufactured Housing industry.
| Metric | SUI (Current) | ELS | UMH | EQIX |
|---|---|---|---|---|
| Share Price | $120.24 | $60.84 | $15.47 | $955.03 |
| Dividend Yield | 3.09% | 3.11% | 3.10% | 1.78% |
| Dividend Safety Score | 91 / 100 | 91 / 100 | 91 / 100 | 91 / 100 |
| Price / AFFO Multiple | 21.0x | 20.98x | 20.91x | 26.24x |
| NAV Premium / Discount | -8.3% | -8.3% | -8.2% | +3.8% |
| Portfolio Occupancy | 98.9% | 98.9% | 98.9% | 97.4% |
| Commercial Properties | 150 | 150 | 150 | 260 |
Frequently Asked Questions (SUI FAQ)
SUN COMMUNITIES INC (SUI) currently pays an annualized dividend of $3.72 per share, representing an annualized dividend yield of 3.09%. The distribution is paid on a Quarterly schedule. Its current AFFO payout ratio is 64.9%, earning a Dividend Safety Score of 91/100 with a risk rating of 'Very Safe'.
Based on REITwave's institutional property-level valuation models, SUN COMMUNITIES INC's consensus base NAV is $131.06 per share. Trading at $120.24, the stock reflects an implied market cap rate of 6.54% and trades at a 8.3% discount to NAV (undervalued).
SUN COMMUNITIES INC owns and operates approximately 150 commercial real estate properties across the United States. The portfolio reports an average physical occupancy rate of 98.9% with a weighted average lease term (WALT) of 6.5 years.
SUN COMMUNITIES INC currently trades at a Price / AFFO multiple of 21.0x based on forward AFFO per share of $5.73. Its Price / FFO multiple stands at 19.4x against forward FFO per share of $6.19.
According to the latest SEC Form DEF 14A proxy statement filed with EDGAR, the Chief Executive Officer is Executive Leadership / SUN Corp. Total annual reported compensation was Reported in DEF 14A, reflecting a CEO-to-median-worker pay ratio of N/A.
SUN COMMUNITIES INC maintains a Net Debt-to-EBITDA ratio of 4.6x and carries an investment-grade credit rating of BBB. Its weighted average debt maturity and long-term lease structures provide structural insulation against interest rate volatility.