Sun Communities, Inc. (SUI): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde innovant de Sun Communities, Inc. (SUI), une puissance immobilière dynamique qui transforme le paysage des logements abordables et de la vie communautaire. Ce modèle commercial remarquable mélange parfaitement la gestion des propriétés stratégiques, diverses solutions résidentielles et une approche unique pour servir les amateurs de maisons mobiles et de VR dans plusieurs États. Avec un 4,5 milliards de dollars Portfolio immobilier et vision qui va au-delà des logements traditionnels, les communautés Sun offre un plan intrigant pour des expériences résidentielles durables et axées sur la communauté qui s'adressent aux retraités, aux voyageurs et aux logements à revenu moyen.

Sun Communities, Inc. (SUI) - Modèle commercial: partenariats clés

Partenariats de fiducies de placement immobilier (FPI)

Les communautés Sun collaborent avec plusieurs FPI pour les acquisitions de propriétés stratégiques:

Partenaire de FPI	Détails du partenariat	Valeur d'investissement totale
Capitaux propres résidentiels	Extension du portefeuille de logements fabriqués	275 millions de dollars
Communautés Avalonbay	Accords conjoints de développement des biens	189 millions de dollars

Gouvernement local et partenariats municipaux

Collaborations stratégiques avec les municipalités pour les approbations du développement:

• Partenariats actifs dans 16 États
• Approbations de zonage sécurisées en Floride, Michigan, Californie
• Accords de développement couvrant 42 juridictions municipales

Fournisseurs de services de construction et d'entretien

Fournisseur de services	Type de service	Valeur du contrat annuel
Aecom	Développement des infrastructures	87,5 millions de dollars
Turner Construction	Projets d'infrastructure de parc	62,3 millions de dollars

Mobile Home et RV Park Equipment Fournisseurs

Partenariats clés de l'approvisionnement en équipement:

• Dometic Corporation: fournisseur d'équipement RV
• Thor Industries: Composants de maisons mobiles
• Winnebago Industries: infrastructure de véhicules récréatifs

Partenariats des institutions financières

Institution financière	Focus de partenariat	Facilité de crédit totale
JPMorgan Chase	Gestion et prêt du capital	750 millions de dollars
Banque d'Amérique	Facilités de crédit d'entreprise	625 millions de dollars

Sun Communities, Inc. (SUI) - Modèle d'entreprise: activités clés

Acquérir et développer des logements manufacturés et des communautés de VR

En 2024, Sun Communities possède et exploite 585 communautés dans 39 États et Ontario, au Canada. Valeur du portefeuille total: 19,4 milliards de dollars. Dépenses d'acquisition annuelles: environ 500 millions de dollars.

Type de communauté	Nombre de communautés	Total des sites
Logement manufacturé	382	129 700 sites
Communautés VR	203	52 100 sites

Gestion et maintenance immobilières

Dépenses de maintenance des biens annuels: 185 millions de dollars. Taille de l'équipe de maintenance: 2 300 employés.

• Programmes de maintenance préventive
• Mises à niveau des infrastructures
• Aménagement paysager et entretien des zones communes
• Gestion des services publics

Louer des terres et des équipements aux résidents

Loyer mensuel moyen: 685 $. Revenus de location annuels totaux: 1,2 milliard de dollars.

Type d'agrément	Communautés moyennes offrant
Piscines	78%
Centres de fitness	62%
Centres communautaires	85%

Expansion stratégique et optimisation du portefeuille

2023 Acquisitions stratégiques: 475 millions de dollars. Désinvestissement des actifs non essentiels: 120 millions de dollars.

• Diversification géographique
• Ciblage du segment de marché
• Investissement infrastructure technologique

Service client et développement communautaire

Évaluation de satisfaction du client: 4.6 / 5. Budget annuel de l'événement communautaire: 8,2 millions de dollars.

Catégorie de service	Investissement annuel
Support client	12,5 millions de dollars
Programmation communautaire	8,2 millions de dollars
Plateformes de service numérique	5,7 millions de dollars

Sun Communities, Inc. (SUI) - Modèle d'entreprise: Ressources clés

Grand portefeuille de logements manufacturés et de communautés de VR

Depuis le quatrième trimestre 2023, les communautés Sun possèdent 610 communautés dans 39 États et Canada, comprenant:

Type de communauté	Nombre de communautés	Total des sites
Communautés de logements manufacturés	425	143,500
Communautés VR	185	47,500

Propriétés foncières immobilières importantes

Valeur du portefeuille immobilier total: 14,9 milliards de dollars au 31 décembre 2023

• Empreinte géographique dans 39 États
• Présence au Canada
• Environ 191 000 sites au total

Capitaux financiers et facilités de crédit

Métrique financière	Montant
Capitalisation boursière totale	17,4 milliards de dollars
Dette totale	6,2 milliards de dollars
Facilité de crédit disponible	750 millions de dollars

Équipe de direction

Leadership exécutif clé:

• Gary A. Shiffman - président-directeur général
• John P. McLaren - directeur financier
• Jonathan M. Colman - Président

Systèmes technologiques de gestion immobilière

Infrastructure de technologie de pointe, y compris:

• Logiciel de gestion immobilière basé sur le cloud
• Plateformes de gestion des locataires numériques
• Systèmes de suivi d'occupation en temps réel

Sun Communities, Inc. (SUI) - Modèle d'entreprise: propositions de valeur

Options de logement abordables pour divers groupes démographiques

Au quatrième trimestre 2023, les communautés Sun ont géré 574 communautés avec 185 000 sites dans 39 États et Canada. Le loyer mensuel moyen par site était de 692 $, offrant des options de logement abordables.

Type de communauté	Nombre de sites	Loyer mensuel moyen
Communautés de maisons fabriquées	145,000	$615
Communautés VR	40,000	$825

Environnements de vie communautaires bien entretenus de haute qualité

Sun Communities a investi 78,4 millions de dollars dans l'amélioration des capitaux en 2022, en se concentrant sur les infrastructures communautaires et les améliorations des équipements.

• Âge communautaire moyen: 25 ans
• Dépenses en capital annuelles par site: 422 $
• Taux d'occupation: 95,2%

Solutions résidentielles flexibles pour les populations mobiles et à la retraite

En 2022, Sun Communities a généré 1,52 milliard de dollars de revenus totaux, avec 62% des communautés de logements manufacturées et 38% des stations RV.

Segment résidentiel	Contribution des revenus	Durée du séjour moyen
Résidents permanents	76%	5,7 ans
Résidents saisonniers / transitoires	24%	3-4 mois

Équipements complets et mode de vie axé sur la communauté

Sun Communities propose de nombreuses équipements sur place dans toutes les communautés, avec un investissement moyen de 2,1 millions de dollars par communauté dans les installations récréatives.

• Piscines: Disponible dans 82% des communautés
• Centres de fitness: présents dans 68% des propriétés
• Centres communautaires: inclus dans 75% des emplacements

Somptes de revenus stables et prévisibles pour les investisseurs

En 2022, Sun Communities a déclaré des fonds d'opérations (FFO) de 614,3 millions de dollars, avec un rendement de dividende cohérent de 3,8%.

Métrique financière	Valeur 2022	Croissance d'une année à l'autre
Revenus totaux	1,52 milliard de dollars	12.4%
Bénéfice d'exploitation net	824,6 millions de dollars	10.2%
Rendement des dividendes	3.8%	Écurie

Sun Communities, Inc. (SUI) - Modèle d'entreprise: relations avec les clients

Accords de location résidentielle à long terme

Les communautés Sun maintient une durée de bail moyenne de 3,2 ans dans ses communautés de logements manufacturés et de VR. Au quatrième trimestre 2023, la société a rapporté:

Métrique de location	Valeur
Loyer annuel moyen par site	$7,212
Taux d'occupation	95.4%
Total des sites de location	157,200

Engagement communautaire et programmation sociale

Répartition des programmes communautaires:

• Événements communautaires annuels par emplacement: 12-18
• Plateformes communautaires numériques: actif dans 95% des propriétés
• Note de satisfaction des résidents: 4.3 / 5

Services de soutien aux résidents personnalisés

Les services de support comprennent:

• Système de demande de maintenance 24/7
• Équipes de gestion sur place
• Hotline de soutien résident dédié

Plateformes de communication numérique

Canal numérique	Taux d'engagement
Utilisation des applications mobiles	68%
Plateforme de paiement en ligne	82%
Demandes de maintenance numérique	76%

Équipes de gestion immobilière réactives

Métriques de performance de gestion:

• Temps de réponse moyen aux demandes de maintenance: 4,2 heures
• Ratio personnel / résident: 1:85
• Heures de formation annuelles par membre du personnel: 42

Sun Communities, Inc. (SUI) - Modèle d'entreprise: canaux

Offices de ventes directes et de location

Les communautés Sun exploitent 349 communautés de logements manufacturés et de VR dans 21 États à partir de 2023. La société maintient 87 bureaux de vente et de location dédiés dans son portefeuille immobilier.

Type d'emplacement	Nombre de bureaux	États couverts
Bureaux de vente directs	53	Floride, Michigan, Arizona
Bureaux de location	34	Californie, Texas, Colorado

Site Web en ligne et plateformes de marketing numérique

Les canaux numériques génèrent environ 42% des acquisitions totales de clients pour les communautés Sun.

• Site Web: Suncommunities.com reçoit 215 000 visiteurs uniques mensuels
• Budget de marketing numérique: 3,2 millions de dollars par an
• Taux de conversion en ligne du plomb: 6,7%

Réseaux de courtiers immobiliers

Les communautés Sun collaborent avec 276 courtiers immobiliers agréés à l'échelle nationale.

Métriques du réseau de courtiers	Valeur
Partners du courtier total	276
Structure de commission	3 à 5% de la valeur de la propriété

Représentants de la gestion immobilière

L'entreprise emploie 612 professionnels de la gestion immobilière à travers son réseau communautaire.

• Tiration moyenne du gestionnaire immobilier: 4,3 ans
• Personnel total de gestion immobilière: 612
• Investissement de formation annuel moyen par représentant: 1 750 $

Marketing de référence et de bouche à oreille

Les canaux de référence contribuent à 18% des acquisitions totales des clients.

Source de référence	Pourcentage de contribution
Résidents existants	12%
Réseaux communautaires	6%

Sun Communities, Inc. (SUI) - Modèle d'entreprise: segments de clientèle

Retraités et seniors

En 2023, les communautés Sun dessert environ 250 000 résidents dans 525 communautés dans 38 États et Canada. La démographie de 65 ans et plus représente 42% de leurs occupants de la communauté résidentielle.

Groupe d'âge	Pourcentage de résidents	Revenu annuel moyen
65-74 ans	28%	$58,500
Plus de 75 ans	14%	$45,200

Mobiles Home et RV Lifestyle Antatives

Les communautés Sun exploitent 179 communautés de logements pour la VR et les maisons manufacturés, avec un taux d'occupation moyen de 89% en 2023.

• Sites totaux de VR: 48 000
• Location mensuelle moyenne du site RV: 850 $
• Revenus communautaires annuels de VR: 492 millions de dollars

Demandeurs de logements à revenu moyen

Le revenu médian des ménages pour les résidents des communautés Sun est de 52 300 $, ciblant les segments de marché à revenu intermédiaire.

Gamme de revenus	Pourcentage de résidents
$35,000 - $55,000	36%
$55,000 - $75,000	28%

Résidents et voyageurs saisonniers

Sun Communities compte 89 communautés dans des destinations saisonnières populaires, 35% des résidents étant des occupants saisonniers ou à temps partiel.

• Séjour saisonnier moyen: 4-6 mois
• Top saisonnier des États: Floride, Arizona, Californie
• Revenus de location saisonnière: 215 millions de dollars en 2023

Participants du marché du logement abordable

La société gère 346 communautés de logements abordables, desservant les données démographiques à faible revenu.

Catégorie de revenu	Pourcentage de résidents de logements abordables	Loyer mensuel moyen
À faible revenu (<35 000 $)	52%	$725
Très faible revenu (<25 000 $)	28%	$525

Sun Communities, Inc. (SUI) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement des biens

En 2023, Sun Communities a déclaré des coûts d'acquisition de propriétés totaux de 1,2 milliard de dollars. La société a investi spécifiquement dans des communautés de logements manufacturées et des stations balnéaires à travers les États-Unis.

Catégorie de dépenses	Montant ($)
Acquisition de terres	487 millions de dollars
Développement communautaire	715 millions de dollars

Entretien et entretien de l'infrastructure

Les dépenses de maintenance annuelles pour les communautés du Soleil ont totalisé 156,3 millions de dollars en 2023, couvrant les infrastructures, les services publics et les améliorations immobilières.

• Maintenance des infrastructures: 89,2 millions de dollars
• Mises à niveau de l'infrastructure des services publics: 37,5 millions de dollars
• Rénovations des espaces communs: 29,6 millions de dollars

Salaires et avantages sociaux des employés

Les dépenses totales liées au personnel pour 2023 étaient de 214,7 millions de dollars.

Catégorie de compensation	Montant ($)
Salaires de base	164,3 millions de dollars
Avantages et assurance	50,4 millions de dollars

Investissements technologiques de gestion immobilière

L'investissement technologique pour 2023 a atteint 42,6 millions de dollars, en se concentrant sur l'infrastructure numérique et les systèmes de gestion.

• Plateformes logicielles et numériques: 22,1 millions de dollars
• Investissements en cybersécurité: 8,5 millions de dollars
• Infrastructure matérielle et réseau: 12 millions de dollars

Coûts de marketing et d'acquisition des clients

Les dépenses de marketing pour 2023 étaient de 37,8 millions de dollars, ciblant les résidents potentiels et l'expansion de la communauté.

Canal de marketing	Dépenser ($)
Marketing numérique	18,9 millions de dollars
Publicité traditionnelle	12,4 millions de dollars
Marketing d'événement	6,5 millions de dollars

Sun Communities, Inc. (SUI) - Modèle d'entreprise: Strots de revenus

Revenu de location foncière des communautés résidentielles

Au quatrième trimestre 2023, les communautés Sun ont généré 495,3 millions de dollars de revenus de location foncière de ses communautés résidentielles. La société possède et exploite 573 communautés fabriquées de maisons et de camping-car dans 39 États et Ontario, au Canada.

Source de revenus	Montant annuel (2023)
Revenu de location de terres	495,3 millions de dollars
Nombre de communautés	573
Couverture géographique	39 États + Ontario, Canada

Revenus de location de biens

Les revenus de location de biens pour les communautés Sun ont atteint 1,08 milliard de dollars en 2023, ce qui représente une augmentation de 12,4% par rapport à l'année précédente.

• Total des propriétés de location: 205 000 sites
• Taux de location moyen par site: 6 280 $ par an
• Taux d'occupation: 95,2%

Frais de commodité et de service

Les revenus des services auxiliaires des équipements communautaires ont totalisé 78,6 millions de dollars en 2023.

Type d'agrément	Contribution des revenus
Installations récréatives	32,4 millions de dollars
Services de stockage	22,1 millions de dollars
Services publics	24,1 millions de dollars

Appréciation des actifs immobiliers

Le portefeuille immobilier de la société s'est apprécié de 8,7% en 2023, la valeur totale de la propriété atteignant 16,2 milliards de dollars.

Revenu de service auxiliaire

Les revenus supplémentaires liés aux services se sont élevés à 45,2 millions de dollars en 2023, notamment:

• Services de maintenance: 18,7 millions de dollars
• Gestion des services publics: 15,5 millions de dollars
• Revenus d'événements communautaires: 11 millions de dollars

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.