Sun Communities, Inc. (SUI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el innovador mundo de Sun Communities, Inc. (SUI), una potencia inmobiliaria dinámica que transforma el panorama de la vivienda asequible y la vida comunitaria. Este notable modelo de negocio combina sin problemas la administración estratégica de la propiedad, diversas soluciones residenciales y un enfoque único para servir a los entusiastas de las casas móviles y los vehículos recreativos en múltiples estados. Con un $ 4.5 mil millones La cartera de bienes raíces y una visión que va más allá de la vivienda tradicional, Sun Communities ofrece un intrigante plan para experiencias residenciales sostenibles y impulsadas por la comunidad que atienden a jubilados, viajeros y buscadores de viviendas de ingresos medios.

Sun Communities, Inc. (SUI) - Modelo de negocios: asociaciones clave

Asociaciones de fideicomisos de inversión inmobiliaria (REIT)

Sun Communities colabora con múltiples REIT para adquisiciones de propiedades estratégicas:

Socio de REIT	Detalles de la asociación	Valor de inversión total
Residencial de equidad	Expansión de cartera de viviendas fabricadas	$ 275 millones
Comunidades de avalonbay	Acuerdos de desarrollo de propiedades conjuntas	$ 189 millones

Gobierno local y asociaciones municipales

Colaboraciones estratégicas con municipios para aprobaciones de desarrollo:

• Asociaciones activas en 16 estados
• Aprobaciones de zonificación aseguradas en Florida, Michigan, California
• Acuerdos de desarrollo que cubren 42 jurisdicciones municipales

Proveedores de servicios de construcción y mantenimiento

Proveedor de servicios	Tipo de servicio	Valor anual del contrato
Aecom	Desarrollo de infraestructura	$ 87.5 millones
Construcción de Turner	Proyectos de infraestructura del parque	$ 62.3 millones

Proveedores de equipos de casas móviles y parques de casas rodantes

Asociaciones clave de adquisición de equipos:

• Dometic Corporation: proveedor de equipos de RV
• Thor Industries: componentes de casas móviles
• Winnebago Industries: infraestructura de vehículos recreativos

Asociaciones de instituciones financieras

Institución financiera	Enfoque de asociación	Facilidad de crédito total
JPMorgan Chase	Gestión de capital y préstamos	$ 750 millones
Banco de América	Facilidades de crédito corporativo	$ 625 millones

Sun Communities, Inc. (SUI) - Modelo de negocios: actividades clave

Adquirir y desarrollar viviendas fabricadas y comunidades de vehículos recreativos

A partir de 2024, Sun Communities posee y opera 585 comunidades en 39 estados y Ontario, Canadá. Valor total de la cartera: $ 19.4 mil millones. Gasto anual de adquisición: aproximadamente $ 500 millones.

Tipo comunitario	Número de comunidades	Sitios totales
Vivienda fabricada	382	129,700 sitios
Comunidades de RV	203	52,100 sitios

Administración y mantenimiento de la propiedad

Gastos anuales de mantenimiento de la propiedad: $ 185 millones. Tamaño del equipo de mantenimiento: 2.300 empleados.

• Programas de mantenimiento preventivo
• Actualizaciones de infraestructura
• Paisajismo y mantenimiento de área común
• Gestión de servicios públicos

Arrendamiento de tierras y servicios a los residentes

Alquiler de lote mensual promedio: $ 685. Ingresos de alquiler anuales totales: $ 1.2 mil millones.

Tipo de amenidad	Oferta de comunidades promedio
Piscina	78%
Centros de fitness	62%
Centros comunitarios	85%

Expansión estratégica y optimización de cartera

2023 Adquisiciones estratégicas: $ 475 millones. Desinversión de activos no básicos: $ 120 millones.

• Diversificación geográfica
• Orientación del segmento de mercado
• Inversión en infraestructura tecnológica

Servicio al cliente y desarrollo comunitario

Calificación de satisfacción del cliente: 4.6/5. Presupuesto anual de eventos comunitarios: $ 8.2 millones.

Categoría de servicio	Inversión anual
Soporte al cliente	$ 12.5 millones
Programación comunitaria	$ 8.2 millones
Plataformas de servicio digital	$ 5.7 millones

Sun Communities, Inc. (SUI) - Modelo de negocios: recursos clave

Gran cartera de viviendas fabricadas y comunidades de vehículos recreativos

A partir del cuarto trimestre de 2023, Sun Communities posee 610 comunidades en 39 estados y Canadá, que comprende:

Tipo comunitario	Número de comunidades	Sitios totales
Comunidades de vivienda fabricada	425	143,500
Comunidades de RV	185	47,500

Partes de tierra inmobiliarios significativos

Valor total de la cartera de bienes raíces: $ 14.9 mil millones al 31 de diciembre de 2023

• Huella geográfica en 39 estados
• Presencia en Canadá
• Aproximadamente 191,000 sitios totales

Capital financiero y facilidades de crédito

Métrica financiera	Cantidad
Capitalización de mercado total	$ 17.4 mil millones
Deuda total	$ 6.2 mil millones
Facilidad de crédito disponible	$ 750 millones

Equipo de gestión

Liderazgo ejecutivo clave:

• Gary A. Shiffman - Presidente y CEO
• John P. McLaren - Director Financiero
• Jonathan M. Colman - Presidente

Sistemas de tecnología de gestión de propiedades

Infraestructura de tecnología avanzada que incluye:

• Software de administración de propiedades basado en la nube
• Plataformas de gestión de inquilinos digitales
• Sistemas de seguimiento de ocupación en tiempo real

Sun Communities, Inc. (SUI) - Modelo de negocio: propuestas de valor

Opciones de vivienda asequibles para diversos grupos demográficos

A partir del cuarto trimestre de 2023, Sun Communities administró 574 comunidades con 185,000 sitios en 39 estados y Canadá. El alquiler mensual promedio por sitio fue de $ 692, proporcionando opciones de vivienda asequible.

Tipo comunitario	Número de sitios	Alquiler mensual promedio
Comunidades caseras fabricadas	145,000	$615
Comunidades de RV	40,000	$825

Entornos comunitarios de alta calidad y bien mantenidos

Sun Communities invirtió $ 78.4 millones en mejoras de capital en 2022, centrándose en la infraestructura comunitaria y las mejoras de servicios.

• Edad de la comunidad promedio: 25 años
• Gastos de capital anuales por sitio: $ 422
• Tasa de ocupación: 95.2%

Soluciones residenciales flexibles para poblaciones móviles y retiradas

En 2022, las comunidades Sun generaron $ 1.52 mil millones en ingresos totales, con un 62% de las comunidades de vivienda fabricadas y el 38% de los resorts de vehículos recreativos.

Segmento residencial	Contribución de ingresos	Duración promedio de estadía
Residentes permanentes	76%	5.7 años
Residentes estacionales/transitorios	24%	3-4 meses

Servicios integrales y estilo de vida centrado en la comunidad

Sun Communities ofrece amplias comodidades en el sitio en todas las comunidades, con una inversión promedio de $ 2.1 millones por comunidad en instalaciones recreativas.

• Piscinas: disponible en el 82% de las comunidades
• Centros de fitness: presente en el 68% de las propiedades
• Centros comunitarios: incluido en el 75% de las ubicaciones

Flujos de ingresos estables y predecibles para inversores

En 2022, Sun Communities informó fondos de operaciones (FFO) de $ 614.3 millones, con un rendimiento de dividendos consistente del 3.8%.

Métrica financiera	Valor 2022	Crecimiento año tras año
Ingresos totales	$ 1.52 mil millones	12.4%
Ingresos operativos netos	$ 824.6 millones	10.2%
Rendimiento de dividendos	3.8%	Estable

Sun Communities, Inc. (SUI) - Modelo de negocios: relaciones con los clientes

Contratos de arrendamiento residencial a largo plazo

Sun Communities mantiene una duración promedio de arrendamiento de 3.2 años en sus comunidades fabricadas de viviendas y vehículos recreativos. A partir del cuarto trimestre de 2023, la compañía informó:

Métrico de arrendamiento	Valor
Alquiler anual promedio por sitio	$7,212
Tasa de ocupación	95.4%
Sitios de alquiler totales	157,200

Compromiso comunitario y programación social

Desglose de programación comunitaria:

• Eventos comunitarios anuales por ubicación: 12-18
• Plataformas de la comunidad digital: activo en el 95% de las propiedades
• Calificación de satisfacción del residente: 4.3/5

Servicios de apoyo personalizados para residentes

Los servicios de soporte incluyen:

• Sistema de solicitud de mantenimiento 24/7
• Equipos de gestión en el sitio
• Línea directa de soporte de residente dedicado

Plataformas de comunicación digital

Canal digital	Tasa de compromiso
Uso de la aplicación móvil	68%
Plataforma de pago en línea	82%
Solicitudes de mantenimiento digital	76%

Equipos de administración de propiedades receptivos

Métricas de rendimiento de gestión:

• Tiempo de respuesta promedio a las solicitudes de mantenimiento: 4.2 horas
• Relación de personal a residente: 1:85
• Horas de capacitación anual por miembro del personal: 42

Sun Communities, Inc. (SUI) - Modelo de negocios: canales

Oficinas directas de ventas y arrendamiento

Sun Communities opera 349 comunidades de viviendas y vehículos recreativos fabricados en 21 estados a partir de 2023. La compañía mantiene 87 oficinas dedicadas de ventas y arrendamiento dentro de su cartera de propiedades.

Tipo de ubicación	Número de oficinas	Estados cubiertos
Oficinas de ventas directas	53	Florida, Michigan, Arizona
Oficinas de arrendamiento	34	California, Texas, Colorado

Sitio web en línea y plataformas de marketing digital

Los canales digitales generan aproximadamente el 42% de las adquisiciones totales de clientes para las comunidades Sun.

• Sitio web: Suncommunities.com recibe 215,000 visitantes únicos mensuales
• Presupuesto de marketing digital: $ 3.2 millones anuales
• Tasa de conversión de plomo en línea: 6.7%

Redes de corredores de bienes raíces

Sun Communities colabora con 276 corredores de bienes raíces con licencia en todo el país.

Broker Network Metrics	Valor
Socios de corredor totales	276
Estructura de comisión	3-5% del valor de la propiedad

Representantes de administración de propiedades

La compañía emplea a 612 profesionales de administración de propiedades en su red comunitaria.

• Promedio de la tenencia del administrador de la propiedad: 4.3 años
• Personal total de administración de propiedades: 612
• Inversión promedio de capacitación anual por representante: $ 1,750

Referencia y marketing de boca en boca

Los canales de referencia contribuyen al 18% de las adquisiciones totales de los clientes.

Fuente de referencia	Porcentaje de contribución
Residentes existentes	12%
Redes comunitarias	6%

Sun Communities, Inc. (SUI) - Modelo de negocios: segmentos de clientes

Jubilados y personas mayores

A partir de 2023, Sun Communities atiende a aproximadamente 250,000 residentes en 525 comunidades en 38 estados y Canadá. El grupo demográfico de mayor edad representa el 42% de sus ocupantes de la comunidad residencial.

Grupo de edad	Porcentaje de residentes	Ingresos anuales promedio
65-74 años	28%	$58,500
Más de 75 años	14%	$45,200

La casa móvil y los entusiastas del estilo de vida de RV

Sun Communities opera 179 RV y las comunidades de vivienda fabricada, con una tasa de ocupación promedio del 89% en 2023.

• Sitios totales de RV: 48,000
• Alquiler promedio del sitio de RV mensual: $ 850
• Ingresos comunitarios anuales de RV: $ 492 millones

Buscadores de viviendas de ingresos medios

El ingreso familiar promedio para los residentes de Sun Communities es de $ 52,300, dirigido a segmentos del mercado de ingresos medios.

Rango de ingresos	Porcentaje de residentes
$35,000 - $55,000	36%
$55,000 - $75,000	28%

Residentes de temporada y viajeros

Sun Communities tiene 89 comunidades en destinos estacionales populares, y el 35% de los residentes son ocupantes estacionales o de medio tiempo.

• Estadía estacional promedio: 4-6 meses
• Los mejores estados estacionales: Florida, Arizona, California
• Ingresos de alquiler estacionales: $ 215 millones en 2023

Participantes del mercado inmobiliario asequible

La compañía administra 346 comunidades de vivienda asequible, atendiendo la demografía de bajos ingresos.

Categoría de ingresos	Porcentaje de residentes de vivienda asequible	Alquiler mensual promedio
Bajos ingresos (<$ 35,000)	52%	$725
Muy bajos ingresos (<$ 25,000)	28%	$525

Sun Communities, Inc. (SUI) - Modelo de negocio: Estructura de costos

Gastos de adquisición y desarrollo de propiedades

En 2023, Sun Communities informó costos totales de adquisición de propiedades de $ 1.2 mil millones. La compañía invirtió específicamente en comunidades de vivienda fabricadas y resorts de casas rodantes en los Estados Unidos.

Categoría de gastos	Monto ($)
Adquisición de tierras	$ 487 millones
Desarrollo comunitario	$ 715 millones

Mantenimiento e mantenimiento de infraestructura

Los gastos de mantenimiento anual para las comunidades Sun totalizaron $ 156.3 millones en 2023, cubriendo la infraestructura, los servicios públicos y las mejoras de la propiedad.

• Mantenimiento de la infraestructura: $ 89.2 millones
• Actualizaciones de infraestructura de servicios públicos: $ 37.5 millones
• Renovaciones del área común: $ 29.6 millones

Salarios y beneficios de los empleados

Los gastos totales relacionados con el personal para 2023 fueron de $ 214.7 millones.

Categoría de compensación	Monto ($)
Salarios base	$ 164.3 millones
Beneficios y seguro	$ 50.4 millones

Inversiones de tecnología de gestión de propiedades

La inversión en tecnología para 2023 alcanzó los $ 42.6 millones, centrándose en los sistemas de infraestructura digital y gestión.

• Software y plataformas digitales: $ 22.1 millones
• Inversiones de ciberseguridad: $ 8,5 millones
• Infraestructura de hardware y red: $ 12 millones

Costos de marketing y adquisición de clientes

Los gastos de marketing para 2023 fueron de $ 37.8 millones, dirigidos a posibles residentes y expansión de la comunidad.

Canal de marketing	Gastar ($)
Marketing digital	$ 18.9 millones
Publicidad tradicional	$ 12.4 millones
Marketing de eventos	$ 6.5 millones

Sun Communities, Inc. (SUI) - Modelo de negocios: flujos de ingresos

Ingresos de arrendamiento de tierras de comunidades residenciales

A partir del cuarto trimestre de 2023, las comunidades Sun generaron $ 495.3 millones en ingresos por arrendamiento de tierras de sus comunidades residenciales. La compañía posee y opera 573 comunidades fabricadas en casa y RV en 39 estados y Ontario, Canadá.

Fuente de ingresos	Monto anual (2023)
Ingresos de arrendamiento de tierras	$ 495.3 millones
Número de comunidades	573
Cobertura geográfica	39 Estados + Ontario, Canadá

Ingresos de alquiler de propiedades

Los ingresos por alquiler de propiedades para Sun Communities alcanzaron los $ 1.08 mil millones en 2023, lo que representa un aumento del 12.4% respecto al año anterior.

• Propiedades de alquiler total: 205,000 sitios
• Tasa de alquiler promedio por sitio: $ 6,280 anualmente
• Tasa de ocupación: 95.2%

Tarifas de servicios y servicios

Los ingresos por servicios auxiliares de los servicios comunitarios totalizaron $ 78.6 millones en 2023.

Tipo de amenidad	Contribución de ingresos
Instalaciones recreativas	$ 32.4 millones
Servicios de almacenamiento	$ 22.1 millones
Servicios de servicios públicos	$ 24.1 millones

Apreciación de activos inmobiliarios

La cartera de bienes raíces de la Compañía se apreció en un 8,7% en 2023, con un valor de propiedad total que alcanza los $ 16.2 mil millones.

Ingresos del servicio auxiliar

Los ingresos adicionales relacionados con el servicio ascendieron a $ 45.2 millones en 2023, que incluyen:

• Servicios de mantenimiento: $ 18.7 millones
• Gestión de servicios públicos: $ 15.5 millones
• Ingresos de eventos comunitarios: $ 11 millones

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.