Reported Earnings • Jul 28
Second quarter 2026 earnings released: EPS: US$0.61 (vs US$1.24 loss in 2Q 2025) Second quarter 2026 results: EPS: US$0.61 (up from US$1.24 loss in 2Q 2025). Revenue: US$484.6m (down 21% from 2Q 2025). Net income: US$74.5m (up US$230.6m from 2Q 2025). Profit margin: 15% (up from net loss in 2Q 2025). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, while revenues in the Residential REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Jul 22
Sun Communities, Inc. to Report Q2, 2026 Results on Jul 27, 2026 Sun Communities, Inc. announced that they will report Q2, 2026 results After-Market on Jul 27, 2026 Recent Insider Transactions • Jul 01
Non-Executive Chairman recently sold €2.6m worth of stock On the 24th of June, Gary Shiffman sold around 25k shares on-market at roughly €106 per share. This transaction amounted to 2.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Gary's only on-market trade for the last 12 months. Upcoming Dividend • Jun 25
Upcoming dividend of US$1.12 per share Eligible shareholders must have bought the stock before 30 June 2026. Payment date: 15 July 2026. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (6.5%). Announcement • Jun 23
Sun Communities, Inc. Announces Appointment of Ileana Mcalary as General Counsel, Executive Vice President, and Secretary, Effective June 29, 2026 Sun Communities, Inc. announced the appointment of Ileana McAlary as General Counsel, Executive Vice President, and Secretary, effective June 29, 2026. An experienced enterprise legal and governance executive, Ms. McAlary joined Sun Communities from SpartanNash, where she served as Executive Vice President, Chief Legal and Compliance Officer, and Corporate Secretary. In that role, she led the company’s legal, compliance, government affairs, aviation, and food safety and quality assurance functions. Earlier in her career, Ms. McAlary served as Vice President, Associate General Counsel and Compliance Officer at Wolverine Worldwide and held senior legal roles at Meijer and Amway Corporation. Ms. McAlary earned her J.D. from Wayne State University Law School and holds a B.A. in International Relations and Business from Grand Valley State University. She is a member of the State Bar of Michigan. Declared Dividend • Jun 08
Dividend of US$1.12 announced Shareholders will receive a dividend of US$1.12. Ex-date: 30th June 2026 Payment date: 15th July 2026 Dividend yield will be 3.7%, which is about the same as the industry average. Announcement • Jun 04
Sun Communities, Inc. Declares Second Quarter 2026 Distribution, Payable on July 15, 2026 Sun Communities, Inc. announced its Board of Directors declared a quarterly distribution of $1.12 per share of common stock for the second quarter of 2026. The distribution is payable on July 15, 2026 to shareholders of record on June 30, 2026. Announcement • May 30
Sun Communities, Inc. (NYSE:SUI) announces an Equity Buyback for $1,000 million worth of its shares. Sun Communities, Inc. (NYSE:SUI) announces a share repurchase program. Under the program, the company will repurchase up to $1,000 million worth of its shares. The program will be valid till May 27, 2027. Recent Insider Transactions • May 28
CFO, Executive VP recently sold €2.5m worth of stock On the 26th of May, Fernando Castro-Caratini sold around 24k shares on-market at roughly €107 per share. This transaction amounted to 70% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Fernando's only on-market trade for the last 12 months. Announcement • Apr 29
Sun Communities, Inc. Provides Earnings Guidance for the Second Quarter Ending June 30, 2026; Updates Earnings Guidance for the Full Year Ending December 31, 2026 Sun Communities, Inc. provided earnings guidance for the second quarter ending June 30, 2026 and updated earnings guidance for the full year ending December 31, 2026. For the quarter, the company expects Diluted EPS attributable to the Consolidated Portfolio in the range of $0.62 to $0.70.
For the year full year ending December 31, 2026, the company expects Diluted EPS attributable to the Consolidated Portfolio in the range of $2.16 to $2.36. Announcement • Apr 18
Sun Communities, Inc. to Report Q1, 2026 Results on Apr 27, 2026 Sun Communities, Inc. announced that they will report Q1, 2026 results After-Market on Apr 27, 2026 Announcement • Mar 31
Sun Communities, Inc., Annual General Meeting, May 12, 2026 Sun Communities, Inc., Annual General Meeting, May 12, 2026. Announcement • Mar 10
Sun Communities, Inc. Announces Executive Changes, Effective March 9, 2026 Sun Communities, Inc. appointed John B. McLaren, age 55, the Company's current President, as its Chief Operating Officer effective March 9, 2026. In his role as Chief Operating Officer, Mr. McLaren has assumed additional responsibilities directly overseeing the Company's operations team. Mr. McLaren has served the Company in various roles for 24 years. He has been the President of the Company since November 2024. From November 2022 to November 2024, he served the Company as a senior advisor. Previously, he served as the Company's President from 2014 to 2022 and its Chief Operating Officer from 2008 to 2022. On March 9, 2026, Bruce D. Thelen departed from his role as Executive Vice President and Chief Operating Officer of the Company to focus on other opportunities. Announcement • Feb 25
Sun Communities, Inc. Provides Earnings Guidance for the First Quarter Ending March 31, 2026 and Full Year Ending December 31, 2026 Sun Communities, Inc. provided earnings guidance for the First Quarter Ending March 31, 2026 and Full Year Ending December 31, 2026. For the quarter, the company expects Diluted EPS attributable to the Consolidated Portfolio in the range of $0.14 to $0.22.
For the year, the company expects Diluted EPS attributable to the Consolidated Portfolio in the range of $2.63 to $2.83. Announcement • Feb 18
Sun Communities, Inc. Announces Increase in Quarterly Distribution and Expects First Quarter Distribution to Be Paid in April 2026 Sun Communities, Inc. announced that its Board of Directors approved an increase in its quarterly distribution rate to $1.12 per common share and unit, representing an increase of $0.08 per share, or approximately 8%, over the prior quarterly rate of $1.04 per common share and unit. The new quarterly rate equates to an annual distribution rate of $4.48 per common share and unit and is expected to commence with the first quarter distribution expected to be paid in April 2026. While the Board of Directors has adopted the new annual distribution policy, the amount of each quarterly distribution on the Company's common stock will be subject to approval by the Board of Directors. Announcement • Feb 11
Sun Communities, Inc. Announces Executive Changes, Effective February 4, 2026 Sun Communities, Inc. appointed Fernando Castro-Caratini to serve as Executive Vice President, Secretary and Treasurer of the Company on an interim basis, effective February 4, 2026. Mr. Castro-Caratini will serve as Executive Vice President, Secretary and Treasurer until a permanent Chief Financial Officer is appointed. Mr. Castro-Caratini, age 42, was serving as a senior advisor to the Company prior to his appointment. He previously served as Chief Financial Officer, Executive Vice President, Secretary and Treasurer of the Company for approximately four years. From November 2016 to May 2022, Mr. Castro-Caratini was the Company's Senior Vice President, Finance & Capital Markets. Before joining the Company, Mr. Castro-Caratini was with Citigroup in the Real Estate & Lodging Investment Banking group where he executed on a broad range of strategic and capital markets transactions for real estate and lodging clients. He received a B.A. On February 4, 2026, Mark E. Patten departed from his role as Executive Vice President, Secretary and Treasurer of the Company. His departure was a mutual decision and not due to disagreements over financial policies or practices. Announcement • Feb 03
Sun Communities, Inc. to Report Q4, 2025 Results on Feb 24, 2026 Sun Communities, Inc. announced that they will report Q4, 2025 results After-Market on Feb 24, 2026 Announcement • Dec 17
Sun Communities Announces Chief Financial Officer Transition, Effective January 5, 2026 Sun Communities, Inc. announced the appointment of Mark E. Patten as Chief Financial Officer (CFO), effective January 5, 2026. Mr. Patten will succeed Fernando Castro-Caratini, who will transition into an advisory role with the Company. Mr. Patten joins the Company from Essential Properties Realty Trust, Inc., where he serves as Executive Vice President, Chief Financial Officer, and Treasurer. Over the course of his more than 35-year career, he has held senior finance leadership roles across the real estate investment trust (REIT) and professional services sectors, including serving as Chief Financial Officer of CTO Realty Growth, Inc. and Alpine Income Property Trust, Inc., and as Senior Vice President and Chief Accounting Officer of CNL Hotels & Resorts, Inc. Mr. Patten was previously a Partner at KPMG. He holds a Bachelor of Science in Accounting from the University of Florida. Announcement • Dec 09
Sun Communities, Inc. Declares Fourth Quarter 2025 Distribution, Payable on February 2, 2026 Sun Communities, Inc. announced its Board of Directors declared a quarterly distribution of $1.04 per share of common stock for the fourth quarter of 2025. The distribution is payable on February 2, 2026 to shareholders of record on December 31, 2025. Announcement • Oct 30
Sun Communities, Inc. Provides Earnings Guidance for the Fourth Quarter and Full Year Ending December 31, 2025 Sun Communities, Inc. provided earnings guidance for the fourth quarter and full year ending December 31, 2025. For the quarter, the company expects diluted EPS attributable to the consolidated Portfolio of $0.34 to $0.42.
For the year, the company expects diluted EPS attributable to the consolidated Portfolio of $10.25 to $10.33. Announcement • Oct 10
Sun Communities, Inc. to Report Q3, 2025 Results on Oct 29, 2025 Sun Communities, Inc. announced that they will report Q3, 2025 results After-Market on Oct 29, 2025 Announcement • Sep 04
Sun Communities, Inc. Declares Third Quarter 2025 Distribution, Payable on October 15, 2025 Sun Communities, Inc. announced its Board of Directors declared a quarterly distribution of $1.04 per share of common stock for the third quarter of 2025. The distribution is payable on October 15, 2025 to shareholders of record on September 30, 2025. Announcement • Jul 16
Sun Communities, Inc. to Report Q2, 2025 Results on Jul 30, 2025 Sun Communities, Inc. announced that they will report Q2, 2025 results After-Market on Jul 30, 2025 Announcement • May 02
Sun Communities, Inc. announces special dividend, payable on May 22, 2025 Sun Communities, Inc. announced special dividend of USD 4.0000 per share payable on May 22, 2025, ex-date on May 14, 2025 and record date on May 14, 2025. Announcement • Apr 22
Sun Communities, Inc. to Report Q1, 2025 Results on May 05, 2025 Sun Communities, Inc. announced that they will report Q1, 2025 results After-Market on May 05, 2025 Announcement • Mar 21
Sun Communities, Inc. Appoints Brian Loftus as Principal Accounting Officer On March 17, 2025, the Board of Directors of Sun Communities, Inc. appointed Brian Loftus as the principal accounting officer of the Company with the title Senior Vice President and Chief Accounting Officer. Mr. Loftus will report to Fernando Castro-Caratini, the Company’s Executive Vice President, Chief Financial Officer, Secretary and Treasurer. Mr. Loftus, age 43, previously served as Senior Vice President, Corporate Controller of the Company since July 2024. Prior to joining the Company, Mr. Loftus served as Vice President and Chief Financial Officer for Unique Fabricating, Inc., a then publicly traded manufacturer of foam, rubber, and plastic components for the automotive and appliance industries, from April 2020 to November 2023. From October 2018 to April 2020, Mr. Loftus served as Corporate Controller for Wabash National Corporation, a publicly traded leader in the design and manufacturing of engineered solutions for the transportation, logistics and distribution industries. Prior to Wabash, Mr. Loftus served as Corporate Controller for Horizon Global Corporation, a then publicly traded designer, manufacturer, and distributor of towing and trailering equipment from July 2015 to October 2018. Prior to Horizon, Mr. Loftus held various positions with TriMas Corporation, a diversified industrial manufacturer, from August 2009 to June 2015, including Controller for TriMas’ then subsidiary Cequent Performance Products, Inc., Segment Financial Manager, and Corporate Audit Manager. Mr. Loftus began his career in public accounting with Deloitte and Touche LLP. Mr. Loftus earned a Bachelor of Science in Business Administration in Accounting and a Master of Business Administration from Central Michigan University. Mr. Loftus is a Certified Public Accountant in the State of Michigan. Announcement • Mar 20
Sun Communities, Inc., Annual General Meeting, May 13, 2025 Sun Communities, Inc., Annual General Meeting, May 13, 2025. Announcement • Mar 15
Sun Communities, Inc. Declares Quarterly Distribution for the First Quarter of 2025, Payable on April 15, 2025 Sun Communities, Inc. announced its Board of Directors declared a quarterly distribution of $0.94 per share of common stock for the first quarter of 2025. The distribution is payable on April 15, 2025 to shareholders of record on March 31, 2025. Announcement • Feb 19
Sun Communities, Inc. to Report Q4, 2024 Results on Feb 26, 2025 Sun Communities, Inc. announced that they will report Q4, 2024 results After-Market on Feb 26, 2025 Announcement • Dec 13
Bragar Eagel & Squire, P.C. Announces A Class Action Lawsuit Files Against Sun Communities Bragar Eagel & Squire, P.C. announced that a class action lawsuit has been filed against Sun Communities in the United States District Court for the Eastern District of Michigan on behalf of all persons and entities who purchased or otherwise acquired SUI securities between February 28, 2019 and September 24, 2024, both dates inclusive (the Class Period). Investors have until February 10, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit. The complaint alleges that defendants provided investors with material information concerning SUI’s accounting practices and internal control over financial reporting. On September 24, 2024, after market close, an investment research report emerged calling into question the integrity of SUI’s Board and the integrity of the Company’s governance, controls, and financial disclosures. Investors and analysts reacted immediately to SUI’s revelation. Announcement • Dec 12
Sun Communities, Inc. Announces Board Refreshment Sun Communities, Inc. announced several upcoming changes to its Board of Directors (the “Board”) as part of its ongoing refreshment strategy. Arthur A. Weiss informed the Board that he will retire from the Board on December 31, 2024, Stephanie W. Bergeron informed the Board that she will not stand for re-election to the Board at the Company’s 2025 Annual Meeting of Shareholders, and Clunet R. Lewis informed the Board that he intends to retire from the Board no later than the Company’s 2026 Annual Meeting of Shareholders. Each of Mr. Weiss, Ms. Bergeron and Mr. Lewis will continue to actively serve on the Board until his or her respective retirement date. The Company has retained a director search firm to assist in the identification of qualified candidates for the Board. Announcement • Dec 03
Sun Communities, Inc. Declares Fourth Quarter 2024 Distribution, Payable on January 15, 2025 Sun Communities, Inc. announced its Board of Directors declared a quarterly distribution of $0.94 per share of common stock for the fourth quarter of 2024. The distribution is payable on January 15, 2025 to shareholders of record on December 31, 2024. Announcement • Oct 25
Sun Communities, Inc. to Report Q3, 2024 Results on Nov 06, 2024 Sun Communities, Inc. announced that they will report Q3, 2024 results After-Market on Nov 06, 2024 New Risk • Oct 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Upcoming Dividend • Sep 23
Upcoming dividend of US$0.94 per share Eligible shareholders must have bought the stock before 30 September 2024. Payment date: 15 October 2024. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (5.0%). New Risk • Sep 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.4% increase in shares outstanding). New Risk • Sep 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Declared Dividend • Sep 08
Second quarter dividend of US$0.94 announced Shareholders will receive a dividend of US$0.94. Ex-date: 30th September 2024 Payment date: 15th October 2024 Dividend yield will be 2.8%, which is lower than the industry average of 3.8%. Announcement • Sep 04
Sun Communities, Inc. Declares Third Quarter 2024 Distribution, Payable on October 15, 2024 Sun Communities, Inc. announced its Board of Directors declared a quarterly distribution of $0.94 per share of common stock for the third quarter of 2024. The distribution is payable on October 15, 2024 to shareholders of record on September 30, 2024. New Risk • Aug 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.4% increase in shares outstanding). New Risk • Aug 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.4% increase in shares outstanding). New Risk • Aug 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.4% increase in shares outstanding). New Risk • Aug 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: US$0.42 (vs US$0.72 in 2Q 2023) Second quarter 2024 results: EPS: US$0.42 (down from US$0.72 in 2Q 2023). Revenue: US$864.0m (up 1.3% from 2Q 2023). Net income: US$52.1m (down 42% from 2Q 2023). Profit margin: 6.0% (down from 11% in 2Q 2023). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Residential REITs industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. New Risk • Jul 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risk Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Announcement • Jul 03
Sun Communities, Inc.(NYSE:SUI) dropped from Russell Small Cap Comp Growth Index Sun Communities, Inc.(NYSE:SUI) dropped from Russell Small Cap Comp Growth Index Announcement • Jul 02
Sun Communities, Inc. to Report Q2, 2024 Results on Jul 31, 2024 Sun Communities, Inc. announced that they will report Q2, 2024 results After-Market on Jul 31, 2024 Declared Dividend • Jun 10
First quarter dividend of US$0.94 announced Shareholders will receive a dividend of US$0.94. Ex-date: 28th June 2024 Payment date: 15th July 2024 Dividend yield will be 3.3%, which is lower than the industry average of 3.8%. Announcement • Jun 05
Sun Communities, Inc. Declares Quarterly Distribution on Common Stock for the Second Quarter of 2024, Payable on July 15, 2024 Sun Communities, Inc. announced its Board of Directors declared a quarterly distribution of $0.94 per share of common stock for the second quarter of 2024. The distribution is payable on July 15, 2024 to shareholders of record on June 28, 2024. Reported Earnings • Apr 30
First quarter 2024 earnings released: US$0.22 loss per share (vs US$0.24 loss in 1Q 2023) First quarter 2024 results: US$0.22 loss per share (improved from US$0.24 loss in 1Q 2023). Revenue: US$671.3m (up 4.6% from 1Q 2023). Net loss: US$27.4m (loss narrowed 9.3% from 1Q 2023). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Residential REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Apr 03
Sun Communities, Inc. to Report Q1, 2024 Results on Apr 29, 2024 Sun Communities, Inc. announced that they will report Q1, 2024 results After-Market on Apr 29, 2024 Upcoming Dividend • Mar 20
Upcoming dividend of US$0.94 per share Eligible shareholders must have bought the stock before 27 March 2024. Payment date: 15 April 2024. Trailing yield: 2.9%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (5.6%). Declared Dividend • Mar 11
Fourth quarter dividend of US$0.94 announced Shareholders will receive a dividend of US$0.94. Ex-date: 27th March 2024 Payment date: 15th April 2024 Dividend yield will be 2.9%, which is lower than the industry average of 3.8%. Announcement • Mar 04
Sun Communities, Inc. Declares Quarterly Distribution on Common Stock for the First Quarter of 2024, Payable on April 15, 2024 Sun Communities, Inc. announced its Board of Directors declared a quarterly distribution of $0.94 per share of common stock for the first quarter of 2024. The distribution is payable on April 15, 2024 to shareholders of record on March 29, 2024. Reported Earnings • Feb 21
Full year 2023 earnings released: US$1.73 loss per share (vs US$2.00 profit in FY 2022) Full year 2023 results: US$1.73 loss per share (down from US$2.00 profit in FY 2022). Revenue: US$3.22b (up 9.8% from FY 2022). Net loss: US$213.3m (down 189% from profit in FY 2022). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, while revenues in the Residential REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Feb 16
Sun Communities, Inc. Appoints Jerry Ehlinger and Craig Leupold to Board of Directors Sun Communities, Inc. announced that Jerry Ehlinger and Craig A. Leupold have joined the Company’s Board of Directors (the “Board”), effective immediately. In addition, the Board has established a Capital Allocation Committee to review the Company’s use and investment of capital and make recommendations to the full Board. The Committee will be comprised of Mr. Leupold and two other directors to be named. In connection with these changes to the Board, the Company has entered into a cooperation agreement with Land & Buildings, under which Land & Buildings will vote its shares in favor of all of the Board’s director nominees at the 2024 Annual Meeting of Stockholders. Under the cooperation agreement, Land & Buildings has agreed to customary standstill, voting and other provisions. The full agreement between Sun Communities and L&B will be filed on a Form 8-K with the U.S. Securities and Exchange Commission (the “SEC”). Mr. Ehlinger brings over 25 years of industry experience to the Board. Most recently he served as Global Head and CIO of Public Securities at Heitman Real Estate Investment Management, responsible for all aspects of Heitman’s global public securities business and was a Member of Heitman’s Firmwide Global Management Committee. Prior to that, he was Head of U.S. Public Securities at Heitman, responsible for the operations of the U.S. REIT business. Previously, Mr. Ehlinger served as the Head of Real Estate Securities, Americas and US Portfolio Manager for RREEF, responsible for overseeing all areas of RREEF’s REIT investment management business in the U.S. Prior to his time at RREEF, he was a U.S. Portfolio Manager and Analyst in public real estate securities at Heitman and also served in various REIT research and investment management roles at Morgan Stanley Dean Witter. He completed his undergraduate studies at University of Wisconsin – Whitewater and received a Master of Science in Finance, Investment, and Banking from the University of Wisconsin – Madison. Mr. Ehlinger is a Chartered Financial Analyst. Mr. Leupold brings over 30 years of industry experience to the Board, and is currently the CEO of GSI Capital Advisors, an investment manager with expertise in publicly traded real estate securities, based in Newport Beach, CA. Prior to that, Leupold spent 27 years at Green Street Advisors, the last twelve of which as the firm's CEO, guiding its strategic direction and overseeing its client relationships and interactions. Mr. Leupold previously served on the Board of Directors of American Campus Communities Inc., the largest developer, owner and manager of student housing communities in the United States, until the sale of the company to Blackstone. He completed his undergraduate studies at the University of California – San Diego, and received his Masters of Business Administration in Finance and Real Estate at Columbia University. Upcoming Dividend • Dec 21
Upcoming dividend of US$0.93 per share at 2.8% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 16 January 2024. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (5.7%). Announcement • Dec 02
Sun Communities, Inc. Declares Distribution for the Fourth Quarter of 2023, Payable on January 16, 2024 Sun Communities, Inc. announced its Board of Directors declared a quarterly distribution of $0.93 per share of common stock for the fourth quarter of 2023. The distribution is payable on January 16, 2024 to shareholders of record on December 29, 2023. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: US$1.32 (vs US$1.32 in 3Q 2022) Third quarter 2023 results: EPS: US$1.32 (up from US$1.32 in 3Q 2022). Revenue: US$983.2m (up 6.4% from 3Q 2022). Net income: US$163.1m (up 1.0% from 3Q 2022). Profit margin: 17% (in line with 3Q 2022). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Residential REITs industry in Europe. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 5% per year. Announcement • Oct 13
An unknown buyer agreed to acquire 10.25% stake in Ingenia Communities Group (ASX:INA) from Sun Communities, Inc. $100 million. An unknown buyer agreed to acquire 10.25% stake in Ingenia Communities Group (ASX:INA) from Sun Communities, Inc. $100 million on October 12, 2023. Sun Communities has decided to dispose of its direct holdings in Ingenia shares and to use the net proceeds to pay down debt. Announcement • Sep 26
Sun Communities, Inc. to Report Q3, 2023 Results on Oct 25, 2023 Sun Communities, Inc. announced that they will report Q3, 2023 results at 4:00 PM, US Eastern Standard Time on Oct 25, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of US$0.93 per share at 2.9% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 16 October 2023. Trailing yield: 2.9%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (6.0%). Announcement • Aug 18
Sun Communities, Inc. Declares Distribution for the Third Quarter of 2023, Payable on October 16, 2023 Sun Communities, Inc. announced its Board of Directors declared a quarterly distribution of $0.93 per share of common stock for the third quarter of 2023. The distribution is payable on October 16, 2023 to shareholders of record on September 29, 2023. Reported Earnings • Jul 27
Second quarter 2023 earnings released: EPS: US$0.73 (vs US$0.61 in 2Q 2022) Second quarter 2023 results: EPS: US$0.73 (up from US$0.61 in 2Q 2022). Revenue: US$863.5m (up 7.1% from 2Q 2022). Net income: US$89.8m (up 22% from 2Q 2022). Profit margin: 10% (up from 9.1% in 2Q 2022). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Residential REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. New Risk • Jul 25
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.9% net profit margin). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Upcoming Dividend • Jun 22
Upcoming dividend of US$0.93 per share at 2.8% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 17 July 2023. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.4%). Reported Earnings • Apr 28
First quarter 2023 earnings released: FFO per share: US$1.2 (vs US$1.36 in 1Q 2022) First quarter 2023 results: FFO per share: US$1.2 (down from US$1.36 in 1Q 2022). Revenue: US$641.5m (up 19% from 1Q 2022). Funds from operations (FFO): US$145.9m (down 6.1% from 1Q 2022). FFO margin: 23% (down from 29% in 1Q 2022). Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Residential REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Recent Insider Transactions • Mar 02
Lead Independent Director recently sold €210k worth of stock On the 27th of February, Clunet Lewis sold around 2k shares on-market at roughly €140 per share. This transaction amounted to 4.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €3.9m more than they bought in the last 12 months. Buying Opportunity • Feb 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 1.4%. The fair value is estimated to be €174, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 5.4% per annum. Earnings is also forecast to grow by 9.8% per annum over the same time period. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: US$2.01 (vs US$3.36 in FY 2021) Full year 2022 results: EPS: US$2.01 (down from US$3.36 in FY 2021). Revenue: US$2.97b (up 32% from FY 2021). Net income: US$242.0m (down 36% from FY 2021). Profit margin: 8.1% (down from 17% in FY 2021). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Jan 27
Sun Communities, Inc. Appoints Jeff Blau as an Independent Director Sun Communities, Inc. announced that Mr. Jeff Blau has joined the Company’s Board of Directors as an independent director, effective January 25, 2023. Mr. Blau is Chief Executive Officer and a partner of Related Companies, a fully-integrated real estate firm based in New York, NY. For over 33 years, he has directed and overseen new developments totaling over $60 billion in virtually every sector of the real estate industry. As CEO, he is responsible for Related Companies’ strategic direction, acquisitions and new development opportunities, and financing activities across all business platforms. Mr. Blau serves on the Board of Directors of Equinox Holdings, Inc., a New York City-based luxury fitness company that serves customers worldwide and which operates several lifestyle brands, including Equinox, Equinox Hotels, and SoulCycle; he also serves on the Board of Real Estate Roundtable, where he Chairs the Equity, Diversity and Inclusion Committee (ED&I). Mr. Blau has received numerous honors for his business, civic and philanthropic activities, including being named to Crain’s New York’s New Influentials list of 25 leaders reshaping New York, and serves on the boards of the Central Park Conservancy, the New York City Partnership Fund, Robin Hood Foundation, Trinity School, Lincoln Center, and The Mount Sinai Medical Center. Mr. Blau completed his undergraduate studies at the University of Michigan, received a Master of Business Administration from the Wharton School of the University of Pennsylvania, and serves on the Boards of both schools.