Sun Communities, Inc. (SUI): Business Model Canvas

Tauchen Sie ein in die innovative Welt von Sun Communities, Inc. (SUI), einem dynamischen Immobilienunternehmen, das die Landschaft des bezahlbaren Wohnraums und des Gemeinschaftslebens verändert. Dieses bemerkenswerte Geschäftsmodell verbindet nahtlos strategisches Immobilienmanagement, vielfältige Wohnlösungen und einen einzigartigen Ansatz zur Betreuung von Mobilheim- und Wohnmobil-Enthusiasten in mehreren Bundesstaaten. Mit einem 4,5 Milliarden US-Dollar Mit seinem Immobilienportfolio und einer Vision, die über das traditionelle Wohnen hinausgeht, bietet Sun Communities einen faszinierenden Entwurf für nachhaltige, gemeinschaftsorientierte Wohnerlebnisse, die sich gleichermaßen an Rentner, Reisende und Wohnungssuchende mit mittlerem Einkommen richten.

Sun Communities, Inc. (SUI) – Geschäftsmodell: Wichtige Partnerschaften

Partnerschaften mit Real Estate Investment Trusts (REITs).

Sun Communities arbeitet mit mehreren REITs für strategische Immobilienerwerbe zusammen:

REIT-Partner	Einzelheiten zur Partnerschaft	Gesamtinvestitionswert
Equity Residential	Erweiterung des Fertighausportfolios	275 Millionen Dollar
AvalonBay-Gemeinschaften	Gemeinsame Immobilienentwicklungsverträge	189 Millionen Dollar

Kommunalverwaltung und kommunale Partnerschaften

Strategische Zusammenarbeit mit Kommunen für Baugenehmigungen:

• Aktive Partnerschaften in 16 Staaten
• Bebauungsgenehmigungen in Florida, Michigan, Kalifornien gesichert
• Entwicklungsvereinbarungen für 42 Kommunalbezirke

Anbieter von Bau- und Wartungsdienstleistungen

Dienstleister	Servicetyp	Jährlicher Vertragswert
AECOM	Infrastrukturentwicklung	87,5 Millionen US-Dollar
Turner-Konstruktion	Parkinfrastrukturprojekte	62,3 Millionen US-Dollar

Anbieter von Mobilheim- und Wohnmobilstellplatzausrüstung

Wichtige Partnerschaften bei der Ausrüstungsbeschaffung:

• Dometic Corporation: Anbieter von Wohnmobilausrüstung
• Thor Industries: Komponenten für Mobilheime
• Winnebago Industries: Infrastruktur für Freizeitfahrzeuge

Partnerschaften mit Finanzinstituten

Finanzinstitut	Partnerschaftsfokus	Gesamtkreditfazilität
JPMorgan Chase	Kapitalverwaltung und Kreditvergabe	750 Millionen Dollar
Bank of America	Kreditfazilitäten für Unternehmen	625 Millionen Dollar

Sun Communities, Inc. (SUI) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Entwicklung von Fertigwohnungen und Wohnmobil-Gemeinschaften

Im Jahr 2024 besitzt und betreibt Sun Communities 585 Gemeinden in 39 Bundesstaaten und Ontario, Kanada. Gesamtwert des Portfolios: 19,4 Milliarden US-Dollar. Jährliche Akquisitionsausgaben: ca. 500 Millionen US-Dollar.

Community-Typ	Anzahl der Gemeinden	Gesamtzahl der Websites
Hergestelltes Gehäuse	382	129.700 Websites
Wohnmobilgemeinschaften	203	52.100 Websites

Immobilienverwaltung und -wartung

Jährliche Ausgaben für die Instandhaltung von Immobilien: 185 Millionen US-Dollar. Größe des Wartungsteams: 2.300 Mitarbeiter.

• Vorbeugende Wartungsprogramme
• Infrastruktur-Upgrades
• Landschaftsgestaltung und Pflege von Gemeinschaftsflächen
• Versorgungsverwaltung

Vermietung von Grundstücken und Annehmlichkeiten an Bewohner

Durchschnittliche monatliche Grundstücksmiete: 685 $. Gesamte jährliche Mieteinnahmen: 1,2 Milliarden US-Dollar.

Ausstattungstyp	Durchschnittliches Community-Angebot
Schwimmbäder	78%
Fitnesszentren	62%
Gemeindezentren	85%

Strategische Erweiterung und Portfoliooptimierung

Strategische Akquisitionen 2023: 475 Millionen US-Dollar. Veräußerung von nicht zum Kerngeschäft gehörenden Vermögenswerten: 120 Millionen US-Dollar.

• Geografische Diversifizierung
• Ausrichtung auf Marktsegmente
• Investitionen in die Technologieinfrastruktur

Kundenservice und Community-Entwicklung

Kundenzufriedenheitsbewertung: 4,6/5. Jährliches Budget für Gemeinschaftsveranstaltungen: 8,2 Millionen US-Dollar.

Servicekategorie	Jährliche Investition
Kundensupport	12,5 Millionen US-Dollar
Community-Programmierung	8,2 Millionen US-Dollar
Digitale Serviceplattformen	5,7 Millionen US-Dollar

Sun Communities, Inc. (SUI) – Geschäftsmodell: Schlüsselressourcen

Großes Portfolio an Fertighäusern und Wohnmobil-Gemeinschaften

Im vierten Quartal 2023 besitzt Sun Communities 610 Gemeinden in 39 Bundesstaaten und Kanada, darunter:

Community-Typ	Anzahl der Gemeinden	Gesamtzahl der Websites
Hergestellte Wohngemeinschaften	425	143,500
Wohnmobilgemeinschaften	185	47,500

Bedeutende Immobiliengrundstücke

Gesamtwert des Immobilienportfolios: 14,9 Milliarden US-Dollar, Stand 31. Dezember 2023

• Geografische Präsenz in 39 Bundesstaaten
• Präsenz in Kanada
• Ungefähr 191.000 Websites insgesamt

Finanzkapital und Kreditfazilitäten

Finanzkennzahl	Betrag
Gesamtmarktkapitalisierung	17,4 Milliarden US-Dollar
Gesamtverschuldung	6,2 Milliarden US-Dollar
Verfügbare Kreditfazilität	750 Millionen Dollar

Management-Team

Wichtige Geschäftsführung:

• Gary A. Shiffman – Vorsitzender und CEO
• John P. McLaren – Finanzvorstand
• Jonathan M. Colman – Präsident

Technologiesysteme für die Immobilienverwaltung

Fortschrittliche Technologie-Infrastruktur, einschließlich:

• Cloudbasierte Immobilienverwaltungssoftware
• Digitale Plattformen für das Mietermanagement
• Systeme zur Belegungsverfolgung in Echtzeit

Sun Communities, Inc. (SUI) – Geschäftsmodell: Wertversprechen

Bezahlbare Wohnmöglichkeiten für unterschiedliche Bevölkerungsgruppen

Im vierten Quartal 2023 verwaltete Sun Communities 574 Communities mit 185.000 Standorten in 39 Bundesstaaten und Kanada. Die durchschnittliche monatliche Miete pro Standort betrug 692 US-Dollar und bot erschwingliche Wohnmöglichkeiten.

Community-Typ	Anzahl der Standorte	Durchschnittliche Monatsmiete
Hergestellte Wohngemeinschaften	145,000	$615
Wohnmobilgemeinschaften	40,000	$825

Hochwertige, gepflegte Gemeinschaftslebensräume

Sun Communities investierte im Jahr 2022 78,4 Millionen US-Dollar in Kapitalverbesserungen und konzentrierte sich dabei auf die Verbesserung der kommunalen Infrastruktur und der Annehmlichkeiten.

• Durchschnittliches Gemeindealter: 25 Jahre
• Jährliche Investitionsausgaben pro Standort: 422 $
• Auslastung: 95,2 %

Flexible Wohnlösungen für mobile und pensionierte Bevölkerungsgruppen

Im Jahr 2022 erwirtschaftete Sun Communities einen Gesamtumsatz von 1,52 Milliarden US-Dollar, davon 62 % aus Fertigbausiedlungen und 38 % aus Wohnmobil-Resorts.

Wohnsegment	Umsatzbeitrag	Durchschnittliche Aufenthaltsdauer
Ständige Bewohner	76%	5,7 Jahre
Saisonale/vorübergehende Bewohner	24%	3-4 Monate

Umfassende Ausstattung und gemeinschaftsorientierter Lebensstil

Sun Communities bietet umfangreiche Vor-Ort-Annehmlichkeiten in allen Gemeinden, mit einer durchschnittlichen Investition von 2,1 Millionen US-Dollar pro Gemeinde in Freizeiteinrichtungen.

• Schwimmbäder: In 82 % der Gemeinden verfügbar
• Fitnesscenter: In 68 % der Immobilien vorhanden
• Gemeindezentren: An 75 % der Standorte enthalten

Stabile und vorhersehbare Einnahmequellen für Investoren

Im Jahr 2022 meldete Sun Communities einen Funds From Operations (FFO) von 614,3 Millionen US-Dollar mit einer konstanten Dividendenrendite von 3,8 %.

Finanzkennzahl	Wert 2022	Wachstum im Jahresvergleich
Gesamtumsatz	1,52 Milliarden US-Dollar	12.4%
Nettobetriebsergebnis	824,6 Millionen US-Dollar	10.2%
Dividendenrendite	3.8%	Stabil

Sun Communities, Inc. (SUI) – Geschäftsmodell: Kundenbeziehungen

Langfristige Wohnraummietverträge

Sun Communities behält in seinen Fertighaus- und Wohnmobil-Communities eine durchschnittliche Mietdauer von 3,2 Jahren bei. Zum vierten Quartal 2023 berichtete das Unternehmen:

Mietmetrik	Wert
Durchschnittliche Jahresmiete pro Standort	$7,212
Auslastung	95.4%
Gesamtzahl der Mietstandorte	157,200

Community-Engagement und soziale Programmierung

Aufschlüsselung der Community-Programmierung:

• Jährliche Gemeinschaftsveranstaltungen pro Standort: 12–18
• Digitale Community-Plattformen: Aktiv in 95 % der Immobilien
• Bewertung der Bewohnerzufriedenheit: 4,3/5

Personalisierte Assistenzdienste für Bewohner

Zu den Supportleistungen gehören:

• 24/7-Wartungsanforderungssystem
• Managementteams vor Ort
• Spezielle Support-Hotline für Bewohner

Digitale Kommunikationsplattformen

Digitaler Kanal	Engagement-Rate
Nutzung mobiler Apps	68%
Online-Zahlungsplattform	82%
Digitale Wartungsanfragen	76%

Reaktionsschnelle Immobilienverwaltungsteams

Kennzahlen zur Managementleistung:

• Durchschnittliche Reaktionszeit auf Wartungsanfragen: 4,2 Stunden
• Personal-zu-Bewohner-Verhältnis: 1:85
• Jährliche Schulungsstunden pro Mitarbeiter: 42

Sun Communities, Inc. (SUI) – Geschäftsmodell: Kanäle

Direktverkaufs- und Leasingbüros

Sun Communities betreibt ab 2023 349 Fertighaus- und Wohnmobil-Gemeinschaften in 21 Bundesstaaten. Das Unternehmen unterhält 87 spezielle Verkaufs- und Leasingbüros in seinem Immobilienportfolio.

Standorttyp	Anzahl der Büros	Abgedeckte Staaten
Direktvertriebsbüros	53	Florida, Michigan, Arizona
Leasingbüros	34	Kalifornien, Texas, Colorado

Online-Website und digitale Marketingplattformen

Digitale Kanäle generieren etwa 42 % der gesamten Kundenakquise für Sun Communities.

• Website: suncommunities.com verzeichnet monatlich 215.000 einzelne Besucher
• Budget für digitales Marketing: 3,2 Millionen US-Dollar pro Jahr
• Online-Lead-Conversion-Rate: 6,7 %

Netzwerke von Immobilienmaklern

Sun Communities arbeitet landesweit mit 276 lizenzierten Immobilienmaklern zusammen.

Metriken des Broker-Netzwerks	Wert
Total Broker-Partner	276
Kommissionsstruktur	3-5 % des Immobilienwertes

Vertreter der Immobilienverwaltung

Das Unternehmen beschäftigt in seinem gesamten Community-Netzwerk 612 Immobilienverwaltungsfachleute.

• Durchschnittliche Betriebszugehörigkeit als Hausverwalter: 4,3 Jahre
• Gesamtzahl der Immobilienverwaltungsmitarbeiter: 612
• Durchschnittliche jährliche Schulungsinvestition pro Vertreter: 1.750 USD

Empfehlungs- und Mundpropaganda-Marketing

Empfehlungskanäle tragen 18 % zur gesamten Kundenakquise bei.

Empfehlungsquelle	Beitragsprozentsatz
Bestehende Bewohner	12%
Community-Netzwerke	6%

Sun Communities, Inc. (SUI) – Geschäftsmodell: Kundensegmente

Rentner und Senioren

Im Jahr 2023 betreut Sun Communities rund 250.000 Einwohner in 525 Gemeinden in 38 Bundesstaaten und Kanada. Die Bevölkerungsgruppe der über 65-Jährigen macht 42 % der Bewohner ihrer Wohngemeinschaft aus.

Altersgruppe	Prozentsatz der Einwohner	Durchschnittliches Jahreseinkommen
65-74 Jahre	28%	$58,500
75+ Jahre	14%	$45,200

Liebhaber des Mobilheim- und Wohnmobil-Lifestyles

Sun Communities betreibt 179 Wohnsiedlungen für Wohnmobile und Fertighäuser mit einer durchschnittlichen Auslastung von 89 % im Jahr 2023.

• Gesamtzahl der Wohnmobilstellplätze: 48.000
• Durchschnittliche monatliche Wohnmobilmiete: 850 $
• Jährlicher Umsatz der Wohnmobil-Community: 492 Millionen US-Dollar

Wohnungssuchende mit mittlerem Einkommen

Das mittlere Haushaltseinkommen der Bewohner von Sun Communities beträgt 52.300 US-Dollar und richtet sich an Marktsegmente mit mittlerem Einkommen.

Einkommensbereich	Prozentsatz der Einwohner
$35,000 - $55,000	36%
$55,000 - $75,000	28%

Saisonbewohner und Reisende

Sun Communities verfügt über 89 Gemeinden an beliebten saisonalen Reisezielen, in denen 35 % der Einwohner Saison- oder Teilzeitbewohner sind.

• Durchschnittlicher saisonaler Aufenthalt: 4-6 Monate
• Top-Saisonstaaten: Florida, Arizona, Kalifornien
• Saisonale Mieteinnahmen: 215 Millionen US-Dollar im Jahr 2023

Teilnehmer am Markt für bezahlbaren Wohnraum

Das Unternehmen verwaltet 346 bezahlbare Wohngemeinschaften und bedient einkommensschwache Bevölkerungsgruppen.

Einkommenskategorie	Prozentsatz der Bewohner bezahlbaren Wohnraums	Durchschnittliche Monatsmiete
Geringes Einkommen (<35.000 $)	52%	$725
Sehr niedriges Einkommen (<25.000 $)	28%	$525

Sun Communities, Inc. (SUI) – Geschäftsmodell: Kostenstruktur

Kosten für Immobilienerwerb und -entwicklung

Im Jahr 2023 meldete Sun Communities Gesamtkosten für den Erwerb von Immobilien in Höhe von 1,2 Milliarden US-Dollar. Das Unternehmen investierte gezielt in Fertighaussiedlungen und Wohnmobilresorts in den gesamten Vereinigten Staaten.

Ausgabenkategorie	Betrag ($)
Landerwerb	487 Millionen US-Dollar
Gemeinschaftsentwicklung	715 Millionen Dollar

Wartung und Instandhaltung der Infrastruktur

Die jährlichen Wartungskosten für Sun Communities beliefen sich im Jahr 2023 auf insgesamt 156,3 Millionen US-Dollar und decken Infrastruktur, Versorgungsleistungen und Immobilienverbesserungen ab.

• Wartung der Infrastruktur: 89,2 Millionen US-Dollar
• Modernisierung der Versorgungsinfrastruktur: 37,5 Millionen US-Dollar
• Renovierung des Gemeinschaftsbereichs: 29,6 Millionen US-Dollar

Gehälter und Leistungen der Mitarbeiter

Die gesamten personalbezogenen Ausgaben für 2023 beliefen sich auf 214,7 Millionen US-Dollar.

Vergütungskategorie	Betrag ($)
Grundgehälter	164,3 Millionen US-Dollar
Leistungen und Versicherung	50,4 Millionen US-Dollar

Investitionen in Immobilienverwaltungstechnologie

Die Technologieinvestitionen für 2023 erreichten 42,6 Millionen US-Dollar und konzentrierten sich auf digitale Infrastruktur und Managementsysteme.

• Software und digitale Plattformen: 22,1 Millionen US-Dollar
• Investitionen in Cybersicherheit: 8,5 Millionen US-Dollar
• Hardware- und Netzwerkinfrastruktur: 12 Millionen US-Dollar

Kosten für Marketing und Kundenakquise

Die Marketingausgaben für 2023 beliefen sich auf 37,8 Millionen US-Dollar und zielten auf potenzielle Bewohner und die Erweiterung der Gemeinde ab.

Marketingkanal	Ausgeben ($)
Digitales Marketing	18,9 Millionen US-Dollar
Traditionelle Werbung	12,4 Millionen US-Dollar
Eventmarketing	6,5 Millionen Dollar

Sun Communities, Inc. (SUI) – Geschäftsmodell: Einnahmequellen

Landpachteinnahmen aus Wohngemeinschaften

Im vierten Quartal 2023 erwirtschaftete Sun Communities mit seinen Wohngemeinschaften Landpachteinnahmen in Höhe von 495,3 Millionen US-Dollar. Das Unternehmen besitzt und betreibt 573 Fertighaus- und Wohnmobil-Gemeinschaften in 39 Bundesstaaten und Ontario, Kanada.

Einnahmequelle	Jährlicher Betrag (2023)
Einkünfte aus Landpacht	495,3 Millionen US-Dollar
Anzahl der Gemeinden	573
Geografische Abdeckung	39 Bundesstaaten + Ontario, Kanada

Einnahmen aus Immobilienvermietung

Die Einnahmen aus der Vermietung von Immobilien für Sun Communities erreichten im Jahr 2023 1,08 Milliarden US-Dollar, was einem Anstieg von 12,4 % gegenüber dem Vorjahr entspricht.

• Gesamtmietobjekte: 205.000 Stellplätze
• Durchschnittlicher Mietpreis pro Standort: 6.280 $ pro Jahr
• Auslastung: 95,2 %

Annehmlichkeiten und Servicegebühren

Die Einnahmen aus Nebendienstleistungen aus Gemeinschaftseinrichtungen beliefen sich im Jahr 2023 auf insgesamt 78,6 Millionen US-Dollar.

Ausstattungstyp	Umsatzbeitrag
Freizeiteinrichtungen	32,4 Millionen US-Dollar
Speicherdienste	22,1 Millionen US-Dollar
Versorgungsdienste	24,1 Millionen US-Dollar

Wertsteigerung von Immobilienvermögen

Das Immobilienportfolio des Unternehmens wertete im Jahr 2023 um 8,7 % auf, wobei der Gesamtwert der Immobilien 16,2 Milliarden US-Dollar erreichte.

Nebendiensteinkommen

Die zusätzlichen dienstleistungsbezogenen Einnahmen beliefen sich im Jahr 2023 auf 45,2 Millionen US-Dollar, darunter:

• Wartungsdienste: 18,7 Millionen US-Dollar
• Versorgungsmanagement: 15,5 Millionen US-Dollar
• Einnahmen aus Gemeinschaftsveranstaltungen: 11 Millionen US-Dollar

Sun Communities, Inc. (SUI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors and residents choose Sun Communities, Inc. (SUI). These are the tangible benefits derived from their dual focus on essential housing and leisure travel, all wrapped in a REIT structure.

Affordable, long-term housing solutions via Manufactured Housing (MH)

Sun Communities, Inc. provides stable, long-term housing, which is evident in the operational strength of the North American Manufactured Housing segment. This segment delivered same-property Net Operating Income (NOI) growth of 10.1% in the third quarter of 2025, up from 8.9% in the first quarter of 2025, showing durable demand. Occupancy for the combined MH and annual RV sites reached 99.2% as of September 30, 2025. The value proposition of long-term residency is underscored by the average resident tenure, which was approximately 21 years as of the first quarter of 2025. Furthermore, pricing power is present, with about 50% of MH residents having received their 2026 rent increase notices averaging approximately 5%.

High-quality, amenity-rich leisure and vacation experiences (Sun Outdoors)

The Sun Outdoors division offers vacation experiences, though performance shows a mix. In the third quarter of 2025, annual RV revenue increased by 8.1%. However, the transient RV revenue segment saw a decline of 7.8% in the third quarter of 2025, which management indicated was partly by design. The UK portfolio, which includes Park Holidays, showed a Same Property NOI rise of 5.4% in the third quarter of 2025.

Predictable, inflation-resistant rental income for investors (REIT structure)

As a Real Estate Investment Trust (REIT), Sun Communities, Inc. offers investors predictable income streams. The company raised its full-year 2025 Core Funds from Operations (Core FFO) per share guidance to a range of $6.59-$6.67. The quarterly distribution was increased by 10.6% in 2025, setting the new quarterly amount at $1.04 per share, alongside an announced special cash distribution of $4.00 per share. Strategic financial moves, like paying down approximately $3.3 billion of debt, are expected to drive approximately $160 million in annual interest savings. Pro forma net debt to trailing twelve-month Recurring EBITDA stood at approximately 3.6x as of late 2025.

Access to desirable coastal and retirement locations

Sun Communities, Inc. continues to invest in expanding its footprint in key markets. In October 2025, the company acquired 14 new communities for a total cash consideration of $457.0 million, including 11 manufactured housing and 3 Annual RV properties, all located in existing Sun markets. As of March 31, 2025, the UK portfolio included 16,780 sites. The company is also focused on converting UK sites to freehold by purchasing ground leases; year-to-date through Q3 2025, they purchased 28 ground leases for approximately $324 million.

Flexibility through a mix of annual, seasonal, and transient sites

The portfolio structure allows for flexibility and optimization between long-term and short-term stays. The ongoing strategic shift favors stability, with a focus on the ongoing shift toward long-term annual RV residents and higher penetration of rental homes to reduce volatility. The number of MH and annual RV revenue-producing sites increased by approximately 1,000 sites during the first nine months of 2025.

Here's a quick look at the portfolio scale and key operational metrics as of late 2025:

Metric	Value	Date/Period	Source Segment
Total Properties Owned Interests	500	June 2, 2025	Total Portfolio
North America MH & Annual RV Occupancy	99.2%	September 30, 2025	MH/Annual RV
North America MH Same Property NOI Growth	10.1%	Q3 2025	MH
Annual RV Revenue Growth	8.1%	Q3 2025	RV
Full-Year 2025 Core FFO Guidance (Midpoint)	$6.63 per share	Q3 2025 Update	Investor Income
New Quarterly Distribution Rate	$1.04 per share	2025	Investor Income
UK Sites	16,780	March 31, 2025	UK Portfolio

Sun Communities, Inc. (SUI) - Canvas Business Model: Customer Relationships

You're looking at how Sun Communities, Inc. (SUI) manages the people who live in and invest in their properties. It's a mix of hands-on service for the manufactured housing (MH) residents and strategic management for the RV guests and shareholders.

High-touch, on-site community management for MH residents

For the MH residents, the relationship is very direct. The goal is clearly to maintain very high occupancy, which is evident in the numbers coming out of 2025. Through the end of September 2025, the combined MH and annual RV sites occupancy was reported at 98.4%. That's a strong signal of resident satisfaction and stability. Furthermore, the operational strength is reflected in the rent setting; through the end of September 2025, 50% of the MH residents had received their 2026 rent increase notices, with the average increase being approximately 5%. This suggests a relationship built on consistent service delivery that supports steady, predictable rate adjustments.

Digital booking and loyalty programs for RV/UK guests

The RV segment shows a clear relationship strategy focused on converting short-term guests into long-term annual residents, which is a form of loyalty building. For instance, in Q3 2025, the company saw transient RV revenue decline by 7.8%, which management attributed to the strategy of reducing transient sites to successfully convert those guests into annual RVers. For 2026, the focus on securing those annual relationships continues, with annual RV rental rates being set with an estimated average increase of approximately 4%. This conversion focus acts as a loyalty mechanism, locking in longer-term revenue streams over the more variable transient business.

Focus on resident retention to maintain high occupancy

Retention is baked into the high occupancy figures across the board. The North America Same Property adjusted blended occupancy for both MH and RV reached 99.2% as of September 30, 2025. This level of occupancy is the ultimate metric of successful resident relationships and retention. Back in 2024, the five-year average annual turnover rate for residents whose homes remained in the community was approximately 6.3%, which management linked to high amenity levels and customer service. You can see the result of that focus in the 2025 performance.

Here's a quick look at the operational metrics underpinning these relationships as of late 2025:

Metric	Segment	Value (As of Q3 2025)
Same Property NOI Growth	Manufactured Housing (North America)	10.1%
Occupancy Rate	Manufactured Housing (North America)	98%
Same Property Annual Revenue Change	RV (North America)	Up 8.1%
Transient RV Revenue Change	RV (North America)	Down 7.8%
Same Property NOI Growth	UK Portfolio	5.4%

Investor relations for transparency with shareholders

For shareholders, the relationship is managed through clear financial communication. Sun Communities, Inc. is definitely committed to keeping investors informed, evidenced by releasing quarterly results and hosting conference calls. The company raised its full-year 2025 core FFO per share guidance to a range of $6.59 to $6.67, based on strong Q3 performance. This forward-looking guidance is a key part of that relationship. Also, the commitment to returning capital is a tangible demonstration of value sharing; in Q2 2025 alone, over $830 million was returned to shareholders via special cash distributions and share repurchases. The company's credit ratings, S&P at BBB+ and Moody's at Baa2 (both Stable), also factor into this relationship by signaling financial health to the market.

The capital actions taken in 2025 were significant for shareholder confidence:

• Completed initial closing of Safe Harbor Marinas sale for net pre-tax cash proceeds of approximately $5.25 billion.
• Announced a Special Cash Distribution of $4.00 per Share in Q2 2025.
• Increased quarterly distribution by 10.6% in 2025, to $1.04 per Share.
• Authorized a Stock Repurchase Program of up to $1.0 billion.

Community-focused programs (Sun Unity)

Sun Communities, Inc. explicitly mentions integrating social responsibility across its business through its Sun Unity Program. This program is part of the commitment to all stakeholders, including residents and communities. The focus here is on fostering a productive work environment and creating affordable housing opportunities. The program itself is a relationship-building tool aimed at the social aspect of the business model, supporting the MH resident base.

Finance: draft 13-week cash view by Friday.

Sun Communities, Inc. (SUI) - Canvas Business Model: Channels

You're looking at how Sun Communities, Inc. (SUI) gets its product-site rentals and property access-to its customers, both residents and capital providers. Here's the breakdown of the channels they use as of late 2025, grounded in their recent operational and financial disclosures.

Direct on-site sales and leasing offices at each property

This is the core channel for securing long-term occupancy. The scale of this operation is tied directly to their physical footprint. As of September 30, 2025, Sun Communities, Inc. owned, operated, or had an interest in a portfolio of 501 developed Manufactured Housing (MH), Recreational Vehicle (RV), and United Kingdom (UK) properties, totaling approximately 174,680 developed sites across the U.S., Canada, and the U.K.

The effectiveness of these on-site teams is reflected in the high occupancy figures:

• North America MH and annual RV sites occupancy was 98.4% as of September 30, 2025.
• North America Same Property adjusted blended occupancy for MH and RV reached 99.2% at September 30, 2025.
• MH and annual RV sites occupancy was 98.1% at June 30, 2025.

Sun Communities and Sun Outdoors branded websites for bookings and information

The branded websites serve as the primary digital storefront for both prospective long-term residents and transient RV guests seeking information and reservations. While specific website booking volume isn't explicitly detailed, the performance of the RV segment gives a clue to the digital channel's influence. The company is actively managing the mix of its RV business.

Third-party listing sites and travel agencies for transient rentals

This channel is used primarily for the RV transient business, which Sun Communities is strategically managing down to convert guests to annual leases. The results show a deliberate shift away from reliance on this segment:

For the quarter ended September 30, 2025, transient RV revenue declined by 7.8%, with about half of that decline attributed to the strategy of reducing transient sites to convert guests to annual RV contracts. This suggests a managed reduction in volume through third-party channels in favor of direct, long-term leasing.

Investor relations and SEC filings for capital markets access

Sun Communities, Inc. uses formal investor relations channels to access capital markets, which is critical for funding acquisitions and operations. Key balance sheet and capital activity metrics as of late 2025 reflect this channel's output:

Metric	Value as of September 30, 2025
Total Debt Outstanding	$4.3 billion
Weighted Average Interest Rate on Debt	3.4%
Weighted Average Debt Maturity	7.4 years
Net Debt to Trailing Twelve-Month Recurring EBITDA Ratio	3.3 times
Q3 2025 Share Repurchases (Shares)	Approximately 2.3 million shares
Q3 2025 Share Repurchase Total Cost	$297.5 million
Raised Full Year 2025 Core FFO per Share Guidance Midpoint	$6.63 (Range: $6.59 to $6.67)

The company also furnished an investor presentation as Exhibit 99.1 to a Form 8-K on December 1, 2025, which was made available to investors on www.suninc.com/investor-relations on December 1, 2025.

Social media and digital marketing for leisure segments

Digital marketing supports the leisure segments, particularly the RV business. The focus here is on driving high-quality, long-term annual RV revenue. For 2026, the company is setting annual RV rental rates with an estimated average increase of approximately 4%. The company's portfolio composition, with nearly 50% of properties located in Florida or Michigan near major bodies of water, targets desirable vacation spots, which is where digital marketing efforts for the transient/leisure side would concentrate.

Finance: draft 13-week cash view by Friday.

Sun Communities, Inc. (SUI) - Canvas Business Model: Customer Segments

You're looking at the core groups Sun Communities, Inc. (SUI) serves, which is now heavily focused on its core land-lease assets following the major Safe Harbor Marinas sale completed in 2025. Honestly, the customer base is segmented by the type of real estate they occupy, which dictates the revenue stream.

As of late 2025, Sun Communities, Inc. (SUI) is a REIT whose business is anchored by two primary North American segments and a significant UK presence. The overall financial split for the 2025 fiscal year is projected as follows:

• Manufactured Housing (MH): 59% of projected 2025 revenue.
• Recreational Vehicles (RV): 31% of projected 2025 revenue.
• United Kingdom (UK) Assets: 10% of projected 2025 revenue.

The company owned interests in 500 properties across the United States, Canada, and the UK as of June 2, 2025. This is down from 645 developed properties as of December 31, 2024, reflecting the strategic streamlining away from marinas.

Here's a breakdown of the key customer segments based on these asset types:

Customer Segment	Primary Asset Type	Key 2025 Statistical Data Point	Portfolio Context
Long-term Manufactured Housing residents seeking affordable homeownership	Manufactured Housing (MH) Communities	MH and annual RV sites were 98.4% occupied on September 30, 2025.	Represents the largest revenue driver at 59% of FY 2025 projected revenue.
Annual and seasonal Recreational Vehicle (RV) residents	Annual RV Sites within Sun Outdoors Resorts	MH and annual RV sites were 98.4% occupied on September 30, 2025.	Contributes to the 31% RV revenue segment; the combined MH and Annual RV sites grew by approximately 1,000 sites in the first nine months of 2025.
Transient RV travelers and vacationers	Short-term/Nightly RV Sites within Sun Outdoors Resorts	Ancillary Net Operating Income (NOI) guidance for FY 2025 was reduced by approximately $4 million at the midpoint due to lower-than-expected transient RV activity.	Part of the 31% RV revenue segment, but this specific group showed near-term softness.
UK Holiday Park owners and short-term vacation renters	Park Holidays UK Communities	UK Same Property NOI growth guidance for the quarter ending December 31, 2025, is in the range of (2.0%) - 1.0%.	Represents 10% of projected FY 2025 revenue. The UK market size was estimated at £4.7bn in 2025.
Institutional and retail real estate investment trust (REIT) investors	SUI Common Stock (NYSE: SUI)	The Board authorized a stock repurchase program of up to $1.0 billion of outstanding common stock.	Investors are focused on the post-Safe Harbor structure, with FY 2025 Core FFO per Share guidance raised to $6.51 - $6.67.

The long-term residents in manufactured housing are the bedrock. Their segment saw North America Same Property NOI growth of 5.4% for the nine months ended September 30, 2025.

For the RV segment, the annual/seasonal sites are performing better than the transient side. The RV Same-Property NOI growth was reported at -1.1% for Q2 2025, though RV revenue was up 0.9%. Still, the overall North America Same Property NOI growth guidance for FY 2025 was increased to a midpoint of 4.7%.

The UK segment, primarily serving domestic vacationers, showed resilience with Same Property NOI growth of 5.4% for the nine months ended September 30, 2025.

The investor segment is keenly watching the transition, especially after the company announced a special cash distribution of $4.00 per share following the Safe Harbor closing. This is supported by a 10.6% increase in the quarterly distribution for 2025, bringing it to $1.04 per share.

Finance: draft 13-week cash view by Friday.

Sun Communities, Inc. (SUI) - Canvas Business Model: Cost Structure

When you look at the cost structure for Sun Communities, Inc. (SUI) as of late 2025, you're really looking at the expenses required to maintain and grow a massive portfolio of manufactured housing (MH) and recreational vehicle (RV) communities across North America and the U.K. The costs are heavily weighted toward property-level operations and servicing the capital structure.

For the fiscal quarter ending September 30, 2025, the total reported Operating Expenses were $489.3M. This figure bundles several key cost components you asked about, so we need to look at the details where available.

Property operating expenses, which naturally include utilities and maintenance, are a huge part of that total. We see some specific data points related to utility costs within the same-property analysis for Q3 2025 guidance, which gives you a sense of the scale:

• North America Same Property utility revenue offset against utility expense was projected at $95.2 million for 2025 guidance.
• UK Same Property utility revenue offset against utility expense was projected at $20.1 million for 2025 guidance.

General and administrative expenses, which cover corporate overhead and running the whole show, are definitely a significant cost, though a specific dollar amount for Q3 2025 wasn't explicitly isolated from the total Operating Expenses in the immediate reports. You know these costs are necessary for selling, marketing, and general corporate functions.

Financing costs are critical for a REIT like Sun Communities, Inc. As of September 30, 2025, the total debt stood at $4.3 billion. The cost of carrying that debt is managed by a weighted average interest rate of 3.4% as of Q3 2025. Here's the quick math on the interest expense base: that rate applied to the total debt gives you an annualized interest cost base of about $146.2 million ($4.3B 0.034). What this estimate hides, of course, is the actual quarterly expense, which depends on the mix of fixed versus floating rate debt and the timing of any new issuances.

Capital expenditures and investment activity show up as costs for growth and maintenance. While we don't have the exact maintenance CapEx for the quarter, we see significant investment activity around the reporting date:

• Sun Communities, Inc. acquired 14 communities in October 2025 for a total cash consideration of $457.0 million.
• The company completed the sale of remaining Safe Harbor Marinas delayed consent properties for approximately $118 million during Q3 2025.
• A land parcel was sold in the third quarter for $18.0 million.

Finally, property taxes and insurance premiums are explicitly noted as operating costs that can increase, which you need to watch, especially given inflationary pressures. These are baked into the overall property operating expenses that make up the bulk of the $489.3M total for the quarter.

Here's a snapshot of the key financial figures related to Sun Communities, Inc.'s cost base as of late 2025:

Cost Category	Metric/Amount (Q3 2025 or latest)	Notes
Total Operating Expenses	$489.3M	For the fiscal quarter ending September 2025.
Total Debt Balance	$4.3 billion	As of September 30, 2025.
Weighted Average Interest Rate	3.4%	On total debt as of Q3 2025.
Recent Major Acquisition Cost	$457.0 million	For 14 communities acquired in October 2025.
Q3 2025 Property Dispositions Proceeds	Approx. $135.5 million	Includes Safe Harbor proceeds (approx. $118M) and land parcel sale ($18.0M).
UK Ground Lease Repurchase Cost	$101.2 million	For six UK properties repurchased during Q3 2025.

Finance: draft 13-week cash view by Friday.

Sun Communities, Inc. (SUI) - Canvas Business Model: Revenue Streams

You're looking at the core income sources for Sun Communities, Inc. (SUI) as they transition into a more focused owner and operator of manufactured housing (MH) and recreational vehicle (RV) communities following the Safe Harbor sale. The revenue streams are heavily weighted toward site rentals, which provide that stable, recurring income REIT investors look for.

The company's guidance for the full year 2025 Core Funds From Operations (Core FFO) per share is set in the range of $6.51 to $6.67 per share, with the latest reported guidance raising the top end to $6.59 to $6.67 per share as of the third quarter update. That's the bottom line we're tracking against.

Here's a breakdown of the primary rental revenue components, based on the expected 2025 estimates you mentioned, alongside some concrete operational numbers we have from the latest reports:

Revenue Stream Component	Estimated % of 2025E Rental Revenue	Supporting Real-Life Data Point (2025)
Manufactured Housing (MH) Site Rental Revenue	~59%	MH same-property NOI growth was 10.1% for Q3 2025, with occupancy at a solid 98%.
Recreational Vehicle (RV) Site Rental Revenue	~31%	Same-property annual RV revenue was up 8.1% in Q3 2025, though transient RV revenue declined 7.8% due to site conversions.
UK Holiday Park Revenue	~10%	UK same-property NOI grew 5.4% in Q3 2025, supported by 4.8% revenue growth.

The stability in the MH segment is definitely a key driver, showing strong rental rate increases. For instance, through the end of September 2025, 50% of MH residents received their 2026 rent increase notices, averaging approximately 5%.

Beyond the core site rentals, Ancillary Net Operating Income (NOI) is a smaller but important piece of the puzzle. This used to be called Service, Retail, dining, and entertainment NOI, and it reflects revenue from services and other on-site activities. We saw the Q3 2025 Ancillary NOI hit $22.1 million, up from $8.6 million in Q2 2025.

You can see the revenue stream focus clearly when you look at the portfolio composition:

• North America Same Property NOI growth for MH and RV combined was 5.4% for Q3 2025.
• North America Same Property Adjusted Blended Occupancy for MH and RV was 99.2% as of September 30, 2025.
• The company completed acquisitions of 14 communities for approximately $457 million in October 2025 using 1031 exchange proceeds.

Honestly, the shift post-Safe Harbor sale means that roughly 90% of the company's NOI is now expected to come from the core MH and RV segments, which simplifies the revenue quality story for SUI.