Sun Communities, Inc. (SUI): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo inovador da Sun Communities, Inc. (SUI), uma potência imobiliária dinâmica que transforma a paisagem de moradia acessível e vida comunitária. Esse modelo de negócios notável combina perfeitamente o gerenciamento estratégico de propriedades, diversas soluções residenciais e uma abordagem única para servir entusiastas de casa e trailers móveis em vários estados. Com um US $ 4,5 bilhões Portfólio imobiliário e uma visão que vai além da moradia tradicional, as comunidades da Sun oferecem um projeto intrigante para experiências residenciais sustentáveis ​​e orientadas pela comunidade que atendem a aposentados, viajantes e candidatos a moradias de renda média.

Sun Communities, Inc. (SUI) - Modelo de negócios: Parcerias -chave

Parcerias de fundos de investimento imobiliário (REITs)

A Sun Communities colabora com vários REITs para aquisições estratégicas de propriedades:

REIT Partner	Detalhes da parceria	Valor total de investimento
Equity Residential	Expansão de portfólio de habitação fabricada	US $ 275 milhões
Comunidades Avalonbay	Acordos conjuntos de desenvolvimento de propriedades	US $ 189 milhões

Governo local e parcerias municipais

Colaborações estratégicas com municípios para aprovações de desenvolvimento:

• Parcerias ativas em 16 estados
• Aprovações de zoneamento garantidas na Flórida, Michigan, Califórnia
• Acordos de desenvolvimento cobrindo 42 jurisdições municipais

Provedores de serviços de construção e manutenção

Provedor de serviços	Tipo de serviço	Valor anual do contrato
Aecom	Desenvolvimento de infraestrutura	US $ 87,5 milhões
Turner Construction	Projetos de infraestrutura do parque	US $ 62,3 milhões

Fornecedores de equipamentos para casa e parque móvel

Principais parcerias de aquisição de equipamentos:

• Dometic Corporation: Fornecedor de equipamentos de RV
• Thor Industries: componentes domésticos móveis
• Winnebago Industries: Infraestrutura de veículos recreativos

Parcerias das Instituições Financeiras

Instituição financeira	Foco em parceria	Linha de crédito total
JPMorgan Chase	Gerenciamento de capital e empréstimos	US $ 750 milhões
Bank of America	Linhas de crédito corporativas	US $ 625 milhões

Sun Communities, Inc. (SUI) - Modelo de negócios: Atividades -chave

Adquirir e desenvolver habitações manufaturadas e comunidades de trailers

A partir de 2024, a Sun Communities possui e opera 585 comunidades em 39 estados e Ontário, Canadá. Valor total do portfólio: US $ 19,4 bilhões. Gastos anuais de aquisição: aproximadamente US $ 500 milhões.

Tipo de comunidade	Número de comunidades	Sites totais
Habitação fabricada	382	129.700 sites
Comunidades de RV	203	52.100 sites

Gerenciamento e manutenção de propriedades

Despesas anuais de manutenção de propriedades: US $ 185 milhões. Tamanho da equipe de manutenção: 2.300 funcionários.

• Programas de manutenção preventiva
• Atualizações de infraestrutura
• Paisagismo e manutenção de área comum
• Gerenciamento de utilidades

Arrendamento de terras e comodidades para os residentes

Aluguel de lote mensal médio: US $ 685. Receita anual total de aluguel: US $ 1,2 bilhão.

Tipo de comodidade	Comunidades médias de oferta
Piscinas	78%
Centros de fitness	62%
Centros comunitários	85%

Expansão estratégica e otimização de portfólio

2023 Aquisições estratégicas: US $ 475 milhões. Desinvestimento de ativos não essenciais: US $ 120 milhões.

• Diversificação geográfica
• Segmentação do segmento de mercado
• Investimento de infraestrutura de tecnologia

Atendimento ao cliente e desenvolvimento comunitário

Classificação de satisfação do cliente: 4.6/5. Orçamento anual de eventos da comunidade: US $ 8,2 milhões.

Categoria de serviço	Investimento anual
Suporte ao cliente	US $ 12,5 milhões
Programação comunitária	US $ 8,2 milhões
Plataformas de serviço digital	US $ 5,7 milhões

Sun Communities, Inc. (SUI) - Modelo de negócios: Recursos -chave

Grande portfólio de moradias manufaturadas e comunidades de RV

A partir do quarto trimestre de 2023, a Sun Communities possui 610 comunidades em 39 estados e no Canadá, compreendendo:

Tipo de comunidade	Número de comunidades	Sites totais
Comunidades habitacionais fabricadas	425	143,500
Comunidades de RV	185	47,500

Propriedades imobiliárias significativas

Valor total do portfólio imobiliário: US $ 14,9 bilhões em 31 de dezembro de 2023

• Pegada geográfica em 39 estados
• Presença no Canadá
• Aproximadamente 191.000 sites totais

Capital financeiro e linhas de crédito

Métrica financeira	Quantia
Capitalização total de mercado	US $ 17,4 bilhões
Dívida total	US $ 6,2 bilhões
Linha de crédito disponível	US $ 750 milhões

Equipe de gerenciamento

Liderança executiva -chave:

• Gary A. Shiffman - Presidente e CEO
• John P. McLaren - Diretor Financeiro
• Jonathan M. Colman - Presidente

Sistemas de Tecnologia de Gerenciamento de Propriedades

Infraestrutura de tecnologia avançada, incluindo:

• Software de gerenciamento de propriedades baseado em nuvem
• Plataformas de gerenciamento de inquilinos digitais
• Sistemas de rastreamento de ocupação em tempo real

Sun Communities, Inc. (SUI) - Modelo de Negócios: Proposições de Valor

Opções de moradia acessíveis para diversos grupos demográficos

A partir do quarto trimestre de 2023, as comunidades da Sun gerenciaram 574 comunidades com 185.000 locais em 39 estados e no Canadá. O aluguel mensal médio por site foi de US $ 692, oferecendo opções de moradias acessíveis.

Tipo de comunidade	Número de sites	Aluguel mensal médio
Comunidades domésticas fabricadas	145,000	$615
Comunidades de RV	40,000	$825

Ambientes de vida comunitária de alta qualidade e bem conservados

A Sun Communities investiu US $ 78,4 milhões em melhorias de capital em 2022, com foco na infraestrutura comunitária e atualizações de amenidades.

• Idade média da comunidade: 25 anos
• Despesas de capital anual por site: US $ 422
• Taxa de ocupação: 95,2%

Soluções residenciais flexíveis para populações móveis e aposentadas

Em 2022, as comunidades da Sun geraram US $ 1,52 bilhão em receitas totais, com 62% em comunidades habitacionais fabricadas e 38% dos resorts de RV.

Segmento residencial	Contribuição da receita	Duração média da permanência
Residentes permanentes	76%	5,7 anos
Residentes sazonais/transitórios	24%	3-4 meses

Comodidades abrangentes e estilo de vida focado na comunidade

A Sun Communities oferece extensas comodidades no local em todas as comunidades, com um investimento médio de US $ 2,1 milhões por comunidade em instalações recreativas.

• Piscinas: Disponível em 82% das comunidades
• Centros de fitness: presentes em 68% das propriedades
• Centros comunitários: incluídos em 75% dos locais

Fluxos de renda estáveis ​​e previsíveis para investidores

Em 2022, as comunidades da Sun relataram fundos de operações (FFO) de US $ 614,3 milhões, com um rendimento consistente de dividendos de 3,8%.

Métrica financeira	2022 Valor	Crescimento ano a ano
Receita total	US $ 1,52 bilhão	12.4%
Receita operacional líquida	US $ 824,6 milhões	10.2%
Rendimento de dividendos	3.8%	Estável

Sun Communities, Inc. (SUI) - Modelo de Negócios: Relacionamentos do Cliente

Acordos de arrendamento residencial de longo prazo

A Sun Communities mantém uma duração média do arrendamento de 3,2 anos em suas comunidades de habitação e RV fabricados. A partir do quarto trimestre 2023, a empresa informou:

Métrica de arrendamento	Valor
Aluguel anual médio por site	$7,212
Taxa de ocupação	95.4%
Sites de aluguel total	157,200

Engajamento da comunidade e programação social

Breakdown de programação comunitária:

• Eventos comunitários anuais por local: 12-18
• Plataformas da comunidade digital: ativo em 95% das propriedades
• Classificação de satisfação do residente: 4.3/5

Serviços personalizados de suporte residente

Os serviços de suporte incluem:

• Sistema de solicitação de manutenção 24/7
• Equipes de gerenciamento no local
• Linha direta de suporte a residente dedicado

Plataformas de comunicação digital

Canal digital	Taxa de engajamento
Uso do aplicativo móvel	68%
Plataforma de pagamento online	82%
Solicitações de manutenção digital	76%

Equipes de gerenciamento de propriedades responsivas

Métricas de desempenho de gerenciamento:

• Tempo médio de resposta às solicitações de manutenção: 4,2 horas
• Proporção de pessoal para residente: 1:85
• Horário anual de treinamento por membro da equipe: 42

Sun Communities, Inc. (SUI) - Modelo de Negócios: Canais

Escritórios diretos de vendas e leasing

A Sun Communities opera 349 comunidades de habitação e RV fabricados em 21 estados a partir de 2023. A Companhia mantém 87 escritórios dedicados de vendas e leasing em seu portfólio de propriedades.

Tipo de localização	Número de escritórios	Estados cobertos
Escritórios de vendas diretas	53	Flórida, Michigan, Arizona
Escritórios de arrendamento	34	Califórnia, Texas, Colorado

Site on -line e plataformas de marketing digital

Os canais digitais geram aproximadamente 42% do total de aquisições de clientes para as comunidades solares.

• Site: Suncommunities.com recebe 215.000 visitantes únicos mensais
• Orçamento de marketing digital: US $ 3,2 milhões anualmente
• Taxa de conversão de leads online: 6,7%

Redes de corretores imobiliários

A Sun Communities colabora com 276 corretores imobiliários licenciados em todo o país.

Métricas de rede de corretoras	Valor
Total Broker Partners	276
Estrutura da comissão	3-5% do valor da propriedade

Representantes de gerenciamento de propriedades

A empresa emprega 612 profissionais de gerenciamento de propriedades em sua rede comunitária.

• Posse média do Gerente de Propriedade: 4,3 anos
• Equipe total de gerenciamento de propriedades: 612
• Investimento médio de treinamento anual Per REPRESENTANTE: US $ 1.750

Referência e marketing boca a boca

Os canais de referência contribuem com 18% do total de aquisições de clientes.

Fonte de referência	Porcentagem de contribuição
Residentes existentes	12%
Redes comunitárias	6%

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

Aposentados e idosos

A partir de 2023, as comunidades da Sun atende a aproximadamente 250.000 residentes em 525 comunidades em 38 estados e no Canadá. A demografia da idade de mais de 65 anos representa 42% de seus ocupantes da comunidade residencial.

Faixa etária	Porcentagem de residentes	Renda média anual
65-74 anos	28%	$58,500
75 anos ou mais	14%	$45,200

Entusiastas do estilo de vida da casa móvel e RV

A Sun Communities opera 179 RV e as comunidades habitacionais fabricadas, com uma taxa média de ocupação de 89% em 2023.

• Sites de RV total: 48.000
• Aluguel médio mensal do site de RV: $ 850
• Receita anual da comunidade RV: US $ 492 milhões

Buscadores de moradias de renda média

A renda familiar média para os residentes das comunidades Sun é de US $ 52.300, visando segmentos de mercado de renda média.

Faixa de renda	Porcentagem de residentes
$35,000 - $55,000	36%
$55,000 - $75,000	28%

Residentes e viajantes sazonais

A Sun Communities possui 89 comunidades em destinos sazonais populares, com 35% dos moradores sendo ocupantes sazonais ou de meio período.

• Estadia sazonal média: 4-6 meses
• Os principais estados sazonais: Flórida, Arizona, Califórnia
• Receita sazonal de aluguel: US $ 215 milhões em 2023

Participantes do mercado imobiliário acessível

A empresa gerencia 346 comunidades habitacionais acessíveis, servindo dados demográficos de baixa renda.

Categoria de renda	Porcentagem de residentes de moradia acessíveis	Aluguel mensal médio
Baixa renda (<$ 35.000)	52%	$725
Muito baixa renda (<$ 25.000)	28%	$525

Sun Communities, Inc. (SUI) - Modelo de negócios: estrutura de custos

Despesas de aquisição e desenvolvimento de propriedades

Em 2023, a Sun Communities reportou custos totais de aquisição de propriedades de US $ 1,2 bilhão. A empresa investiu especificamente em comunidades habitacionais fabricadas e resorts de RV nos Estados Unidos.

Categoria de despesa	Valor ($)
Aquisição de terras	US $ 487 milhões
Desenvolvimento comunitário	US $ 715 milhões

Manutenção e manutenção de infraestrutura

As despesas anuais de manutenção para as comunidades Sun totalizaram US $ 156,3 milhões em 2023, cobrindo infraestrutura, serviços públicos e melhorias de propriedades.

• Manutenção de infraestrutura: US $ 89,2 milhões
• Atualizações de infraestrutura de utilidade: US $ 37,5 milhões
• Renovações da área comum: US $ 29,6 milhões

Salários e benefícios dos funcionários

As despesas totais relacionadas ao pessoal para 2023 foram de US $ 214,7 milhões.

Categoria de compensação	Valor ($)
Salários da base	US $ 164,3 milhões
Benefícios e seguro	US $ 50,4 milhões

Investimentos de Tecnologia de Gerenciamento de Propriedades

O investimento em tecnologia para 2023 atingiu US $ 42,6 milhões, concentrando -se em sistemas de infraestrutura e gerenciamento digitais.

• Software e plataformas digitais: US $ 22,1 milhões
• Investimentos de segurança cibernética: US $ 8,5 milhões
• Infraestrutura de hardware e rede: US $ 12 milhões

Custos de marketing e aquisição de clientes

As despesas de marketing para 2023 foram de US $ 37,8 milhões, visando possíveis residentes e expansão da comunidade.

Canal de marketing	Gastar ($)
Marketing digital	US $ 18,9 milhões
Publicidade tradicional	US $ 12,4 milhões
Marketing de eventos	US $ 6,5 milhões

Sun Communities, Inc. (SUI) - Modelo de negócios: fluxos de receita

Renda de arrendamento de terras de comunidades residenciais

A partir do quarto trimestre de 2023, as comunidades da Sun geraram US $ 495,3 milhões em receita de arrendamento de terras de suas comunidades residenciais. A empresa possui e opera 573 comunidades fabricadas em casa e RV em 39 estados e Ontário, Canadá.

Fonte de receita	Valor anual (2023)
Renda do arrendamento de terras	US $ 495,3 milhões
Número de comunidades	573
Cobertura geográfica	39 Estados + Ontário, Canadá

Receitas de aluguel de propriedades

As receitas de aluguel de propriedades para as comunidades Sun atingiram US $ 1,08 bilhão em 2023, representando um aumento de 12,4% em relação ao ano anterior.

• Total de propriedades de aluguel: 205.000 sites
• Taxa média de aluguel por local: US $ 6.280 anualmente
• Taxa de ocupação: 95,2%

Comodidades e taxas de serviço

As receitas de serviços auxiliares de comodidades comunitárias totalizaram US $ 78,6 milhões em 2023.

Tipo de comodidade	Contribuição da receita
Instalações recreativas	US $ 32,4 milhões
Serviços de armazenamento	US $ 22,1 milhões
Serviços de utilitário	US $ 24,1 milhões

Apreciação de ativos imobiliários

O portfólio imobiliário da empresa apreciado em 8,7% em 2023, com o valor total da propriedade atingindo US $ 16,2 bilhões.

Renda do serviço auxiliar

Receitas adicionais relacionadas ao serviço totalizaram US $ 45,2 milhões em 2023, incluindo:

• Serviços de manutenção: US $ 18,7 milhões
• Gerenciamento de utilidade: US $ 15,5 milhões
• Receitas de eventos comunitários: US $ 11 milhões

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.